Averett University

“A complete copy of form 990 is provided to and approved by the entire board of trustees before it is filed with the irs.”

“A "conflict of interest" arises when a person in a position of authority over an organization, such as a trustee or officer, may benefit personally from a decision he or she could make. Interested person includes any trustee, principal officer, or member of committee with governing board delegated powers, who has a direct or indirect financial interest, as defined below, in an interested person. A person has a financial interest if the person has, directly or indirectly, through business, investment, or family: a. An ownership or investment interest in any entity with which averett has a transaction or arrangement, b. A compensation arrangement with averett or with any entity or individual with which averett has a transaction or arrangement, or c. A potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which averett is negotiating a transaction or arrangement. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the board or executive committee considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the meeting during the board or executive committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or executive committee members shall decide if a conflict of interest exists. In addition, any trustee may recuse themselves at any time from involvement in any decision or discussion in which the trustee believes they he/she have or may have a conflict of interest, without going through the process for determining whether a conflict of interest exists. If the board or executive committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the board or executive committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. The minutes of the board and all committees with board delegated powers shall contain: a. The names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the board's or executive committee's decision as to whether a conflict of interest in fact existed. B. The names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the proposed transaction or arrangement, and a record of any votes taken in connection with the proceedings.”

“The executive committee (an independent body) reviews comparable data with peer institutions and approves the president's employement contract. The process is documented in the executive committee minutes.”

“The university complies with public disclosure requirements and makes these documents available upon request.”

“Change in value of swap agreement 80,846. Change in value of split interest agreements 2,373. Change in value of beneficial interest in perpetual trusts 98,037. Bad debt - pledge receivables -39,871.”