Florida Southern College

“Steve buck and sarah mckay - family relationship”

“Florida southern college has one member, which is the florida conference of the united methodist church.”

“The sole member, florida conference of the united methodist church elects up to thirty-seven trustees for a term of three years each. Three positions on the board are held by individuals based on their positions with other organizations. The bishop and lay leader of the florida conference of the united methodist church are members of the college's board. The president of the college's alumni association is a member of the board based on such a position.”

“Any amendment to the college's charter must be approved by the florida conference of the united methodist church.”

“The college's finance team prepared the supporting documentation for the form 990 following the annual audit of the financial statements. The form is prepared by an independent public accounting firm. The finance team lead by the vp of finance & administration conducted a thorough detailed review of the draft form 990 and addressed any questions with the accounting firm. The college's audit committee was provided the draft form 990 that was presented by the accounting firm. The audit committee had the opportunity to ask questions and provide changes. Following the audit committee's review, the revised public inspection copy of the form 990 was distributed to each member of the board before it was filed with the internal revenue service. Form 990, part vi, line 11a is not answered yes solely on the basis that the donor information was redacted from schedule b to protect donor privacy.”

“Prior to taking a position on the board, each member must submit in writing to the president and chairman of the board a list of all businesses or other organizations that may cause conflicts of interest. Each written statement is resubmitted with any necessary changes each year. In conjunction with a signed conflict of interest questionnaire, the audit committee reviews the conflict of interest statements of all board members, and any potential conflicts are explored thoroughly. The audit committee also reviews the conflict of interest statements filed by the president and the officers and key employees of the college. If any conflicts of interest exist, the affected board member shall make known the potential conflict and shall withdraw from the meeting for so long as the matter shall continue under discussion. Should the matter be brought to a vote, the affected board member shall abstain from voting. During the course of the year, transactions are reviewed by the finance staff and all contracts are reviewed by the vp of finance and administration. Potential conflicts requiring approval are brought to the audit committee of the board by the vp.”

“The college maintains a compensation committee comprised of independent members of the board of trustees that reviews and recommends the compensation package for the college president. The recommendation is voted on by the full board. The compensation committee uses comparability data to ensure the compensation of the president is reasonable. The decision of the committee and the board is documented in the meeting minutes. This process is undertaken on an annual basis. The college president uses comparability data to review and recommend compensation of the other officers and key employees. The salaries are reviewed and approved by the chairman of the board. The decisions are documented by the president and board chair. This process is undertaken on an annual basis.”

“The college does not make its governing documents, conflict of interest policy, nor the financial statements available to the public at this time pursuant to internal revenue code section 6104.”

“Actuarial change in annuity obligations 569,284. Actuarial change in postretirement benefit plan obligation 239,620.”