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. Board of trustee member boyd l. George is cob/ceo of alex lee inc., which owns lowes foods. Lru has used lowes foods for food-related supplies. Board of trustee member margaret jackson owns the jackson group. Lru has used this business for public relations.”

“The university has four significant management contracts with outside service providers. These include management (aramark), dining services (aramark), bookstore operations (validis), and it operations (sunguard higher education). 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 board members of the finance committee reviewed the draft 990 (public inspection copy) in detail. Based on this review, they approved the 990 (public inspection copy) for filing. Subsequently, the public inspection copy was made available to each board member in advance of the filing date.”

“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.”

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

“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.”

“Hours provided to related organization: employee: neill r. Mcgeachy hours per week: 14 related organization: piedmont educational foundation piedmont educational foundation, inc. Paid 58,407 of total compensation for his services to that organization.”

“Noncash contribution -1,001. Gain on interest rate swap 50,319. Change in value of split interest agreements 144,798.”

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

“For refinancing of previous bond issue. For refinancing a portion of an outstanding line of credit with a bank, the proceeds of which were used for the renovation and rehabilitation of a campus residence hall. For paying certain expenses incurred in connection with the issuance of the bond.”