Newberry College

“The Executive Committee shall have six (6) members, all of whom shall be voting Trustees, except for the President who shall be ex officio without vote and not counted as part of a quorum for the purpose of transacting business. The Chair, Vice Chair, Secretary and Treasurer of the Board of Trustees shall be members. The purpose of the Executive Committee is twofold: 1) It shall serve at the pleasure of the Board as its agent, to address the business of the Board between Board meetings; and 2) It shall assist the Chair and the President in their joint responsibility to help the Board to function effectively and efficiently by suggesting Board meeting agenda items and periodically assessing the quality of Board Committees work. The Executive Committee shall have authority to act for the Board of Trustees on all matters except for the following which shall be reserved for the Board: presidential selection and termination; Trustee and Board officer selection; changes in institutional mission and purposes; changes to the Charter, Constitution or these Bylaws; incurring of corporate indebtedness; sale of College assets or tangible property; adoption of the annual budget; and conferral of degrees. These Bylaws or other Board policy may reserve other powers for the Board of Trustees. In addition to its authority to take action on emergency matters which cannot or should not be deferred to the Board's next scheduled meeting, the Executive Committee shall oversee the work of Board Committees, the College's planning process or progress on planning goals, the Board's responsibility to support the President and assess his or her performance, and review annually the President's compensation and conditions of employment.”

“The organization documented changes to the purpose and responsibilites of the audit committee.”

“Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of directors prior to filing with the IRS.”

“The organization requires all officers and board members to annually complete and sign a conflict of interest questionnaire. The Chairman of the Board of Trustees, President, CFO, Vice Chairman of the Board of Trustees, and Treasury of the Board of Trustees is responsible for reviewing signed statements and ensuring that interested persons are in compliance with the conflict of interest policy. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“The independent Board of Trustees determines the compensation for the President. The approval process is documented. The President sets the compensation for the other officers and informs the Board of the compensation, he is independent.”

“The College's bylaws, constitution, and conflict of interest policy are made available to the public upon request. The financial statements are not made available to the public.”

“Food services: Program service expenses 2,052,219. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,052,219. Security: Program service expenses 130,456. Management and general expenses 0. Fundraising expenses 0. Total expenses 130,456. Other services: Program service expenses 150,785. Management and general expenses 556,165. Fundraising expenses 37,299. Total expenses 744,249. Sports medicine contract: Program service expenses 100,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 100,000. Student services: Program service expenses 652,623. Management and general expenses 394,929. Fundraising expenses 0. Total expenses 1,047,552. Program instruction: Program service expenses 269,129. Management and general expenses 0. Fundraising expenses 0. Total expenses 269,129. Public service: Program service expenses 101,232. Management and general expenses 0. Fundraising expenses 0. Total expenses 101,232. Facilities: Program service expenses 980,843. Management and general expenses 204,282. Fundraising expenses 0. Total expenses 1,185,125.”

“Newberry College has elected to early adopt the principles of FASB ASU No. 2016-14 (ASC 958) for its audited financial statements for the period ended June 30, 2018 and 2017. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have included the net asset categories in our audited financial statements on existing Form 990, Part X, Lines 27-29 as follows: Net assets without donor restrictions $ 6,568,413 Net assets with donor restrictions 14,682,742 Total net assets $21,251,155 Unrestricted net assets $ 6,568,413 Temporarily restricted net assets 4,447,170 Permanently restricted net assets 10,235,572 Total net assets $21,251,155”

“Change in value of perpetual trusts 39,816.”

“The organization's Board assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year.”