Lenoir-Rhyne University

“Hickory is a relatively small town, and many members on the board (or a family member) operate a business in town that others may patronize in the normal course of business. Specifically, lenoir-rhyne university has a business relationship with custom design group, the company of dewyone king, trustee.”

“The university has four significant management contracts with outside service providers. These include management (aramark), dining services (aramark), bookstore operations (follett higher education group), and it operations (ellucian co., lp). In all of these instances the university has a detailed contract with the vendor that clearly delineates the authority these organizations and their employees have to provide management and other services.”

“The members of the board of trustees are elected by the organization's governing body with the exception of the bishop of the nc synod. The bishop of the nc synod is elected by the delegates to the synod convention and he/she holds an ex-officio voting position on the board of trustees.”

“The 990 is reviewed by the business office staff. Then it is reviewed by the audit committee. The 990 is then provided digitally to the board of trustees for review prior to being filed with the irs.”

“The chair of the board of trustees and the president of the university request that all trustees, officers, senior managers and department managers review the conflict of interest policy and complete the disclosure form on an annual basis.”

“The executive committee of the board conducts an annual performance appraisal of the president. This committee then approves changes in compensation and/or the employment contract of the president based on a review of historical compensation data compiled regarding the compensation of the presidents of similar organizations in north carolina and throughout the united states.”

“Financial statements, conflict of interest policy, and governing documents are available upon request for the same period of disclosure as set forth in section 6104(d).”

“The organization, in a full transparency posture to reporting, is reporting all benefits in full in column f, part vii and is not applying the $10,000 per item exception for certain benefits.”

“Lenoir-rhyne university provides programs of undergraduate, graduate and continuing study committed to the liberal arts and sciences. The university awards bachelors and master degrees.”

“Change in value of perpetual trusts and split-interest agreements $494,018 Gain on Loan forgiveness $506,301 ------------ Total Other changes in net assets $1,000,319”

“The audit committee's process of oversight and selection has not changed since the prior year.”