Furman University

“There shall be an executive committee, of which the members shall be the chair of the board, the vice chair of the board (who shall serve as the chair of the executive committee), the respective chairs of the other standing committees, up to three (3) "at large" trustees, and the president of the university (with the latter being an ex officio, non-voting member). The specific number of "at large" trustees to be appointed as members of the executive committee for a particular fiscal year shall be determined annually by the board (acting with due consideration of any recommendation thereon from the committee on trusteeship) at a meeting held prior to the beginning of such fiscal year. During the interim between meetings of the board, the executive committee shall have the authority to make decisions and take actions on behalf of the board, and to do all acts and perform all duties and services necessary to the operation of the university; provided that the executive committee (i) shall report all such actions to the board, at the next regular or special meeting of the board, for the board's review, criticism and advice, and when and if necessary or prudent, for the board's ratification; (ii) may not elect, appoint or remove trustees or fill vacancies on the board or on any board committee (unless the latter is permitted pursuant to section 1(e)); (iii) may not approve or definitively recommend the dissolution of the university or the sale, pledge or transfer of all or substantially all of the university's assets; (iv) may not authorize distributions; and (v) may not adopt, amend or repeal the university's articles of incorporation or the bylaws.”

“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 resources department. No trustee shall vote on any matter in which such trustee has a conflict of interest; and the chair shall report to the board that the trustee has reported the conflict of interest prior to taking a vote.”

“The compensation of the university's president is determined and approved annually by the executive committee of the board of trustees. The president's employment is guided by a written employment contract signed by both parties. Executive committee meetings are documented. For other officers of the university, a compensation comparability study is done during the search process. Subsequent years' salary increases are based on the university's standard compensation adjustment pool for the fiscal year as approved by the board of trustees during the annual budget process. The deliberation and decision is documented in the board minutes. The process described here was last completed in 2023.”

“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.”

“Change in value of split interest agreements 230,041. Change in csv life insurance 51,722. Other 274,233.”

“The process for oversight and selection of an independent accountant has not changed from the prior year.”