Furman University

“The university's Audit Committee of the Board of Trustees reviewed the prepared Form 990 prior to filing with the IRS. Specific issues and/or questions that arose during the review process were addressed. The public disclosure copy of Form 990 was provided to the remaining voting members of the University's Board of Trustees.”

“The Conflict of Interest Policy for the Board of Trustees is included in Section 9 of the Furman University By-Laws. Each member of the Board of Trustees is required to complete a Conflict of Interest Disclosure Form at the first meeting of each academic year. Each Trustee shall disclose to the Board Chair any additional potential conflicts of interest at the earliest practical time. Additionally, the University has a Conflict of Interest Policy for Employees with Executive or Administrative Responsibilities as the University recognizes that such employees have a duty of loyalty and fidelity in carrying out their responsibilities. This policy applies to those employees designated by the President as having executive or administrative responsibilities. Each such employee is required, at least annually, to complete the Questionnaire. This questionnaire requires disclosure of any potential conflicts of interest and is administered by the Human Resoures Department.”

“Furman University makes its governing documents, conflict of interest policy, and financial statements available upon request. Additionally, the University's consoldiated financial statements and Form 990 can be found on the Furman website. The consolidated financial statements are included on the NACUBO website.”

“The compensation of the University's President is determined annually by the Executive Committee of the Board of Trustees. The committee commissioned studies of peer institutions' executive compensation conducted by independent consultants. Final compensation is approved by the Executive Committee on an annual basis. The President's employment is guided by a written employment contract,signed by both parties. Additionally, the independent consultants review and analyze three of the officers' salaries annually. The three officers' salaries are selected by the independent consultants and are selected on a rotation basis. Executive Committee meetings are documented.”

“Furman University has an annual audit and issues consolidated financial statements of the University and the Furman University Foundation.”

“The Upcountry History Museum is a 501(c)(3) tax exempt organization. Furman University provides operating support. Hollingsworth Funds, Inc.is a tax-exempt supporting organization under Section 509(a)(3) of the Internal Revenue Code, whose purpose is to support Furman University and other Greenville, SC based charities. For the year ended June 30, 2014 The Hollingsworth Funds made a cash grant of $2,636,034 to the University. The grant provided funding for The Hollingsworth Scholars Program, two endowed professorships in the departments of Economics and Business and Accounting, and specific needs of the Departments of Business and Accounting and Economics. The Furman University Foundation (FUF) accepts gifts of real property on behalf of Furman University. FUF sold two real estate gifts during fiscal year 2014, and the net proceeds were granted to Furman University. Furman University applied the sale proceeds as directed by the donors to partially fund the construction of Furman's softball pressbox and to partially fund the construction of the soccer fieldhouse.”

“Furman University has an Audit Committee comprised of five members of the Board of Trustees. The Audit Committee assumes responsibility for oversight of the audit of the consolidated financial statements of the University. Additionally, the Audit Committee is responsible for the selection and retainment of the independent audit firm.”

“170,917 Change in interest rate swap 95,212 Change in split interest agreement 88,623 Change in cash surrender value life insurance _______ 354,752”