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.”

“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 2,208,317. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,208,317. Security: Program service expenses 126,736. Management and general expenses 0. Fundraising expenses 0. Total expenses 126,736. Other services: Program service expenses 92,981. Management and general expenses 391,733. Fundraising expenses 54,894. Total expenses 539,608. Sports medicine contract: Program service expenses 150,627. Management and general expenses 0. Fundraising expenses 0. Total expenses 150,627. Student services: Program service expenses 0. Management and general expenses 593,548. Fundraising expenses 0. Total expenses 593,548. Public service: Program service expenses 48,743. Management and general expenses 0. Fundraising expenses 0. Total expenses 48,743. Facilities: Program service expenses 1,102,044. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,102,044.”

“Newberry College has elected to early adopt the principles of FASB ASU No. 2016-14 (ASC 958) for audited financial statement purposes 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 reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $ 7,760,773 Line 29 - Net assets with donor restrictions 14,073,737 Total net assets $21,834,510”

“Change in value of perpetual trusts -25,995.”

“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.”