Stetson University Inc.

“The following Board member(s) has a family relationship during fiscal year 2018-2019. J. Hyatt Brown and Cynthia R. Brown (husband and wife).”

“The Chairs of the four Advisory Boards (A&S, Music, Business, and Law) and the Alumni Association President are all ex-officio voting members of the Board of Trustees during their terms.”

“Prior to the May's Board of Trustees meeting, the University provides a draft copy of the Form 990 to the individual members of the Board of Trustees for review. The audit committee of the Board formally reviews and discusses the return, and members are given the opportunity to request or provide additional information before the return is filed.”

“The University's Conflict of Interest Policy is included in the articles of incorporation and the University's bylaws. Annually, the Board of Trustees members must complete a conflict of interest disclosure statement. The audit committee of the Board reviews the information from these forms for possible conflict issues. The audit committee is responsible for enforcement and disclosure of issues and any required action. Board members are required to recuse themselves from voting on any matter in which a conflict of interest exists. The conflict of interest policy that pertains to officers and any other employee of the University is included in the University's personnel policies manual.”

“The compensation of the President of the University is reviewed annually by the presidential development and compensation committee of the Board of Trustees for appropriateness. Any increase or adjustment to the annual compensation must be approved by the Board. The University uses comparative data from CUPA, NACUBO, and other survey and database resources to determine salary ranges and increases for officers and other key employees. Their salary must be approved by the President and documented in their permanent employee records.”

“Copies of the University's governing documents, conflict of interest policy, and financial statements are available to the public upon a formal request to the Executive Vice-President and CFO. Electronic versions of the financial statements are available on the University's website.”

“The University adopted FASB's Accounting Standards Update (ASU) 2016-14 in fiscal year 2019 and retrospectively applied the presentation to the 2018 financial statements. The impact of adoption of this standard on the previously presented 2018 consolidated financial statements was a decrease in unrestricted net assets and increase in temporarily restricted net assets of $2,371,485.”

“See above line 27.”

“Schedule O - Form 990, Part XI, Line 9 - Change in Actuarial Value Annuities (20a) of $13,135; Change in Investment in Value of Related Entity - Dana Foundation of $158,656; Change in Allowance for Uncollectible Pledges of <75,726>; Change in OPEB liability $898,253, Donor Life Insurance <$209,100>, Interfund transfer <$528>, and Refund or prior year contribution <$11,123>.”