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 adddressed. 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 resources department.”

“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.”

“As stated in the response to question 15a, independent consultants review and analyze three officers' salaries annually.”

“Furman university makes its governing documents, conflict of interest policy, and financial statements available upon request. Additionally, the university's consolidated financial statements and form 990 can be found on the furman website.”

“The primary mission of furman as a liberal arts institution is to provide a distinctive undergraduate education encompassing humanities, fine arts, social sciences, mathematics and the natural sciences, and selected professional disciplines. Furman also offers graduate programs in education and chemistry, and provides a continuing education program for the larger greenville sc community.”

“The university generated commission income from various on-campus service providers including food services, the bookstore, and other services and events. The university incurred expenses in hosting outdoor concerts that are open to the community and providing grants to local and domestic organizations.”

“Change in split interest agreement 256,258 csv life insurance -1,862,680 interest rate exchange agrmt. -217,619 misc adj -233 total -1,824,274”

“Furman university has an audit committee comprised of 5 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 election and retainment of the independent audit firm. There have been no changes in the oversight process or the selection process during the tax year.”