William Peace University

“The excecutive committee is comprised of the board chair, vice-chair, past chair, secretary, university president, and chairs of each organizational committee (business operations committee, academic affairs committee, advancement committee, student engagement and enrollment committee, and nominating and governance committee). The executive committee reserves the right to act on behalf of the entire governing body when necessary and will report to the remaining board members via regular meeting minutes.”

“The irs form 990 is required to be reviewed by the university board of trustees each year prior to being filed. A draft version of the form is reviewed first by the assistant controller, controller, cfo, and vice president for administration. The cfo and vice president for administration are responsible for submitting the draft version of the form 990 to members of the business operations committee of the board of trustees of the university. Committee members are requested to review the form 990 and submit questions and/or other feedback to the administration. The full board reviews the form 990 on a high level prior to it being filed. The assistant controller coordinates with the university's tax preparers for filing after the review period.”

“All board members receive a conflict of interest form annually where they disclose any relationships they have with parties related to the university. All relationships noted are reviewed for appropriateness and further action is taken if necessary.”

“The university obtained the services of a reputable law firm to review the reasonableness of the president's compensation and render their opinion. Their work included reviewing the employment agreement between the university and the president, bylaws, minutes, related irs code sections, and related tax cases dealing with compensation. They also compared the salary to the current president's former salary and to the former president's salary. They rendered an opinion that the compensation is reasonable defined by the code, treasury regulations, and relevant judicial decisions. For other key members of management, the human resources office uses comparability studies to determine reasonable salary levels. The president approves the salary before offers are made. The process described here was last completed in 2024.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available upon request.”

“Intercompany eliminations 52,531.”

“The process for oversight and selection of an independent accountant has not changed from the prior year.”