Ferrum College

“Four ex-officio trustees shall serve with the vote - they are 1) president of ferrum college alumni association, 2) presiding bishop of the virginia annual conference of the united methodist church or designee, 3) the district superintendent of the danville district of the virginia annual conference of the united methodist church or designee, and 4) the president of the united women in faith of the virginia annual conference of the united methodist church or designee (ex-officio); the remainder of the voting trustees are elected by the board of trustees.”

“The audit committee of the board of trustees accepts responsibility for detailed review of the 990 and after their review, the 990 is made available for the full board of trustees for review prior to filing.”

“Ferrum college has policies for regularly and consistently monitoring potential conflicts of interest for the governing board and employees. In both cases, at a minimum board members and employees are required to complete conflict of interest forms which require notice of potential conflict of interest if it should arise within the annual reporting period. This notice would be provided to the chair of the board if from a trustee or the director of human resources if an employee. The audit committee of the board of trustees reviews the conflict of interest policy as it relates to the board of trustees to ensure that potential conflicts are adequately resolved and documented. They also review related party transaction of board members. The president has delegated the responsibility of oversight of the employee conflict of interest policy to the director of human resources and the vice presidents for the functional areas of the college. If a board member is deemed to have a conflict of interest he or she shall be disqualified from voting on any matter that presents a conflict unless such disqualification has been waived by the executive committee of the board of trustees.”

“In establishing compensation for the president, the executive committee of the board obtains comparative data from similar institutions, conducts an annual review of performance, and may use a firm specializing in the compensation and benefits for executive officers. Notes regarding compensation discussions are made by the chair of the board, a member of the executive committee, and presented verbally during an executive session in which the executive committee votes for/against the compensation package. This process last occurred in july 2024. The senior leadership team receives normal budgeted increases. However, there were no budgeted increases in fy 2023-2024. If the president determines that an additional increase is deserved based on additional responsibilities, exceptional performance, or other factors, she reviews comparable salary data prepared by yaffee & company when establishing an amount. She reports any changes to the senior leadership team's compensation to the executive committee at the next executive committee meeting following the compensation adjustment.”

“No such documents were made available to the public.”

“Government grants (contributions) include the covid-19 stimulus funding that is comprised of student aid and institutional aid. The college is accounting for these funds as conditional contributions, recording revenue as qualifying expenses are incurred. The student aid portion totaled $0. The institutional portion totaled $623,277.”

“There were no changes to this process.”

“The college received higher education emergency relief funds (heerf) of $623,277, of which $623,277 of expenses were incurred for covid-19 related expenses. $0 of those expenses were for the student aid portion of the grant, and the remaining $623,277 were for the institutional portion of the grant.”