Furman University

“Daniel s. Sanders daniel s. Sanders jr. Trustee trustee father/son”

“Furman university amended and restated its bylaws effective may 12, 2018. The amendment and restatement includes changes to the board of trustees' committee structure, including changes to the university's audit committee. The committee has expanded from at least three members to at least five members. In addition, the audit committee's responsibilities have been more clearly defined to include the following: (a) confirm that generally accepted accounting principles are being consistently applied in the university's financial statements, and periodically review and assess the financial control and accounting systems of the university and recommend any changes it deems appropriate; (b) recommend each year the independent auditor (the "auditor") to be engaged by the university; (c) cause to be prepared and submitted annually to the board the audited financial statements of the university for each fiscal year; and (d) review, monitor and assess, on an ongoing basis, the university's risks and its risk management programs, practices and protocols and report thereon to the board. Furthermore, the amended and restated bylaws address that the executive committee shall also function as a de facto strategic planning committee of the board by helping to coordinate the work of the trustees with regard to overall institutional planning. In such role, the executive committee shall review periodically the planning process of the university and furman's statement of purpose, taking into account any changing responsibilities of the university to its constituencies, and the executive committee shall ensure that long-range and strategic plans for the university are updated in a timely fashion and submitted to the board for approval.”

“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 can be found on the furman website.”

“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 interest rate exc agreement 458,517”