University of Lynchburg

“The Tax Form 990 is internally prepared by the Senior Accountant - Endowment and Investments and reviewed by the Controller and VP for Business and Finance. The Form 990 is then sent to be reviewed by the following Trustees: Chair of the Board, Chair of the Budget and Finance Committee, and all members of the Audit Committee. They read over the document and notify the Business Office of their approval within three business days. The completed Tax Form 990 is then emailed (or sent overnight) to all Trustees. The Business Office executes and submits the 990 to the IRS. Schedule B, Schedule of Contributors, is not included in the information sent to the Trustees in order to maintain confidentiality for the College's donors.”

“As outlined in the College's By-Laws, the Board prohibits conflict of interest by its Trustees and College Officers in particular matters under consideration by the Board, in accordance with the Conflict-of-Interest policy for Trustees and College Officers. Each Trustee and College Officer is asked to 1) review the Conflict-of-Interest policy annually, 2) disclose any possible personal, familial or business relationships that reasonably could give rise to a conflict involving the College, 3) acknowledge by his or her signature that he or she is in compliance with the letter and spirit of the policy. If a conflict is suspected or confirmed, the matter shall be discussed between the committee chair, the board chair, and the trustee in question, to determine if any specific vote by the trustee should be recanted and if said trustee should be involved in any future discussion on that topic. Should the matter not be resolved by the committee chair, the board chair, and trustee in question, ultimate enforcement of any conflict will be determined by the Executive Committee as may be appropriate. The completed Conflict-of-Interest forms are monitored and maintained in the President's Office.”

“The compensation for all faculty and staff (except the College President) is set on an annual basis in keeping with the College's salary plan that was adopted after a year-long study in 2005-06. The President's salary is set by the College's Compensation Committee. The committee is led by the Board Chair and includes several other Board members who have been appointed to the committee by the Board Chair. The purpose of the committee is to review the President's job performance and determine the appropriate salary to recommend to the full Board of Trustees. The Trustees meet in Executive session during the annual May meeting to receive the report of the compensation committee and act on their recommendation. The actions of the Board of Trustees while in Executive session are documented in the minutes of the meeting. In October 2010, the College obtained the service of an independent consultant to analyze the President's compensation package with Presidential compensation data from approximately ten (10) to fifteen (15) comparator colleges.”

“The documents are made available to the public upon request to the President of the College or the Vice President for Business and Finance.”

“Includes Tax Forms 1099-MISC (138), 1099-R (51) and 1098-T (3567).”

“For FY 2014-15, Information Technology (IT) salaries and wages were included in Line 7. On previous years' Form 990, these salaries had been included on Line 14.”

“Change in Value of Split Interest Agreements (-$224,096).”