The George Washington University

“The executive committee, during the intervals between meetings of the board of trustees, shall, to the extent not otherwise specified by the board, possess and exercise all of the powers and duties of the board of trustees, except the committee shall have no power to elect or remove trustees or the president, to amend these bylaws or a faculty code, or to approve the merger of the university with any other corporation. In addition, the committee shall have responsibility for establishing compensation policies and practices, as well as approving the compensation and employment arrangements of designated officials of the university, including the president. The president is not a member for purposes of reviewing compensation.”

“W. SCOTT AMEY AND DAVID KARLGAARD - Business relationship, NELSON A. CARBONELL, JR AND ROBERT K. TANENBAUM - Business relationship”

“Form 990 was prepared by the university's tax department and then reviewed internally by senior management and externally by pricewaterhousecoopers llp. It was then submitted to the subcommittee on audit and compliance of the university's board of trustees for review and discussion. The final form 990 was sent to each board member before filing with the internal revenue service.”

“Conflict of interest policies are monitored by the university's compliance office, which distributes an annual questionnaire. The questionnaires are collected, and the disclosures are summarized and shared with the office of the senior vp and general counsel and the board of trustees' subcommittee on audit and compliance. Any disclosure which reveals facts that indicate an actual or apparent conflict is reviewed and, when appropriate, a plan is developed and implemented to remedy, manage, or minimize such conflict. These plans are monitored and enforced through ongoing oversight, coordinated by the compliance office, including a thorough review of university payment requests that may create a conflict.”

“The executive committee (the "committee") of the university's board of trustees (excluding the president) was delegated the authority by the board to set executive compensation. The university reviews the membership of the committee for possible conflicts of interest and confirms that members do not have a conflict with respect to a compensation arrangement or property transfer under consideration. The committee, serving as the compensation committee, annually reviews and determines the compensation for the president; reviews and approves the compensation recommended by the president for the officers and key employees. In making its assessments, the committee obtains compensation information prepared by an independent compensation consulting firm that includes market data from comparable universities for comparable positions. In determining the president's compensation, the committee considers the consultant's report and market data in addition to the terms of his employment contract. The committee also takes into consideration accomplishments for the current fiscal year as well as goals for the upcoming fiscal year. When reviewing the reasonableness of the senior officials' compensation, in addition to considering the consultant's report and market data, the committee also reviews senior officials' performance, taking into account the president's recommendations and other information as it deems appropriate from time to time, such as goals and accomplishments, length of service, and prior salary history. If any senior official's compensation is above market data, the committee considers all relevant factors and, if it approves the compensation, explains its rationale and includes its explanation in the minutes. The committee keeps minutes of all final actions at each meeting.”

“The governing documents (bylaws, charter and mission statement) are available on the board of trustee's website at: http://trustees.gwu.edu/governing-documents. The faculty and non-faculty conflict of interest policies are available from the university's policies website at: www.policy.gwu.edu. The financial statements are available in the annual report, which is posted on the finance division website at: http://finance.gwu.edu/reports.”

“All trustees serve without compensation for their role as trustee. No trustee devotes full time to this position. The average number of hours each trustee devotes to his/her position on the board of trustees depends upon the trustee's leadership on the board and committees. Three board meetings and one retreat were held during the fiscal year. Each trustee serves on at least two committees.”

“The George Washington University, an independent academic institution chartered by the Congress of the United States in 1821, dedicates itself to furthering human well-being. The University values a dynamic, student-focused community stimulated by cultural and intellectual diversity and built upon a foundation of integrity, creativity, and openness to the exploration of new ideas. The George Washington University, centered in the national and international crossroads of Washington, DC, commits itself to excellence in the creation, dissemination, and application of knowledge. To promote the process of lifelong learning from both global and integrative perspectives, the University provides a stimulating intellectual environment for its diverse students and faculty. By fostering excellence in teaching, the University offers outstanding learning experiences for full-time and part-time students in undergraduate, graduate, and professional programs in Washington, DC, the nation, and abroad. As a center for intellectual inquiry and research, the University emphasizes the linkage between basic and applied scholarship, insisting that the practical be grounded in knowledge and theory. The University acts as a catalyst for creativity in the arts, the sciences, and the professions by encouraging interaction among its students, faculty, staff, alumni, and the communities it serves. The George Washington University draws upon the rich array of resources from the National Capital Area to enhance its educational endeavors. In return, the University, through its students, faculty, staff, and alumni, contributes talent and knowledge to improve the quality of life in metropolitan Washington, DC.”

“Gw did not file form 1098-c because the taxpayer identification number was not provided. Per the form 1098-c instructions, the filing is not required without the tax identification number.”

“Information technology expense includes hardware, software, and maintenance costs, as well as payments to contractors for it services.”

“THE UNIVERSITY REPORTS INDIRECT EXPENSES RECORDED IN VARIOUS COST CENTERS AS A SEPARATE LINE ITEM (LINE 24c). INDIRECT EXPENSES INCLUDE BUT ARE NOT LIMITED TO, FACILITIES OVERHEAD, POSTAGE, TELEPHONE, PRINT, AND ADVERTISING SERVICES PERFORMED BY INTERNAL DEPARTMENTS. THE RECLASSIFICATION OF INDIRECT EXPENSES TO A SEPARATE LINE PRESERVES THE OBJECT CLASSIFICATION OF EACH INDIVIDUAL EXPENSE SO THAT ONLY COSTS PAID TO THIRD PARTIES FOR GOODS AND SERVICES ARE REPORTED.”

“Change in value of charitable trusts - 2009629; Adjustment for subsidiary activity - 129344; Post retirement related charges FAS 158 - -1704000; Recoveries (losses) on pledge contributions - -2802990;”