Randolph-Macon College

“Process for reviewing 990: the treasurer, controller and president consult to determine that a draft of the 990 form is accurate to the best of their knowledge. The draft is then made available to all members of the board of trustees (bot) electronically. Corrections, comments and suggestions from all members are compiled and, as appropriate, incorporated into the return, and, by charter manadate, the audit committee of the bot reviews the draft before final filing.”

“Annually each fall the assistant secretary to the board of trustees distributes the conflict of interest disclosure statements to the trustees and to covered employees. She is responsible for ensuring that all distributed statements are completed and returned and reviewed for potential conflicts. The vice president for finance and administration reports the results of the questionnaires to the audit committee of the board. The audit committee reports conflicts to the full board for appropriate resolution.”

“Line 15a: a committee appointed by the chair of the board of trustees, chaired by a member of the board of trustees, and consisting in majority of trustees, worked with and was advised by a professional search consultant to select and hire a new president of the college whose contract was negotiated in 2005. Annually thereafter, the president's performance was evaluated and his compensation reviewed by a special committee of trustees appointed for that express purpose by the chair of the board of trustees. Their deliberations included review of data from the 990s of other institutions and of surveys on presidential compensation available through multiple sources. In early 2013, during negotiations for a new contract, this compensation committee deliberated terms for the college, referencing multiple comparable presidential salary surveys with assistance from attorneys familiar with executive contracts and from a college and university presidential search consultant familiar with contracts and compensation. The president was represented by independent counsel, and negotiations culminated in a contract ratified by the board of trustees in 2013.”

“UPON REQUEST”

“UPON REQUEST”

“The college changed its method of accounting for contributions restricted to acquire long-lived assets. The effect of this change in accounting principle was an increase in temporarily restricted net assets and a decrease in unrestricted net assets at june 30, 2014 of $35,713,802. The total net assets at june 30, 2014 did not change.”

“Change in value of interest rate swap -90,509.”

“The audit committee process has not changed from the prior year.”

“Advertising and promotion expenses include, but are not limited to, the printing and publication of materials to make potential students aware of the college's programs and opportunities. This line also includes the expenses of publicizing events and activities sponsored by alumni relations, office of advancement, athletics and other departments on campus to students, faculty, staff, alumni and the general public.”