Anderson University

“The governing body has delegated broad authority to an executive committee. This committee is comprised of seven board members including the Chair, Vice Chair, and Secretary of the board. The executive committee has all power to act for the full board during the interim periods of the meetings of the Board, and all actions of the committee are binding on the full Board.”

“The governing body of Anderson University is vested in a Board of Trustees, elected by the South Carolina Baptist Convention in the manner and for the terms prescribed in the charter of the institution, in accordance with the action of the Convention. The South Carolina Baptist Convention is an association of cooperating churches which meets annually for two days to conduct Convention business. Each church that contributes to the Cooperative Program and adheres to the Baptist Faith and Message 2000 is allowed to send a delegation of messengers to the annual meeting. Messengers register in advance and credentials are issued (including voting ballots) to qualified messengers. The Messengers elect the trustees of Anderson University.”

“Certain governance decisions are reserved to the messengers of the South Carolina Baptist Convention, including: (1) the appointment and removal of members of the Board of Trust, (2) amendments to the articles of incorporation, (3) merger or dissolution of the corporation, and (4) the disposal of assets other than in the usual and regular course of the University's activities. Further, the Executive Board of the South Carolina Baptist Convention may approve amendments to the articles of incorporation other than an amendment changing the relationship between the University and the Convention.”

“The Form 990 is prepared by an independent CPA firm. The Form 990 is then reviewed in detail by top management (Controller, Associate Controller, and Vice President/CFO) at the University. After the review is completed, Form 990 is forwarded to the Executive Committee.”

“Conflict of interest statements are signed annually by each board member and officer. The signed statements are reviewed by the Executive Assistant to the President and by the President. If a conflict of interest arises during a meeting, the Board of Trust member or the presiding officer identifies the conflict of interest, and the individual excuses themselves from discussion and vote on the matter. Transactions are monitored throughout the year by administration to ensure compliance is maintained.”

“Question 15a: The President's compensation is reviewed annually by an independent Executive Committee of the Board. A written evaluation is then completed and compared to other college Presidents at similar institutions. The compensation and related benefits provided are then approved by the full and independent board in the executive session. These deliberations are recorded in the corporate minutes. Question 15b: Annual written performance evaluations are conducted by the independent President, which becomes the basis for pay increases; the President considers comparable compensation for other similar qualified individuals. These deliberations are documented.”

“Anderson University makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 5/31/2019. The 2018 Form 990 and its associated schedules were 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 $100,855,223 Line 29 - Net assets with donor restrictions 31,764,537 Total net assets $132,619,760”

“Change in value of interest rate swap 59,727. Change in value of split interest agreements -141,827.”