Centre College of Kentucky

“There shall be an executive committee of the board of trustees appointed each year by the chair of the board, and approved by vote of the board. The executive committee shall have all the powers of the board of trustees when the board is not in session, except the power to elect or remove the president of the college, to amend the charter and bylaws of the college, and to elect new trustees. The executive committee shall consist of nine or more members, including the chair of the board, the vice chair of the board and the secretary of the board. Any action of the executive committee to be effective must be authorized by at least five affirmative votes.”

“Thomas baeker, trustee and greg caudill, trustee - business relationship, watts humphrey, trustee and david grissom, trustee - business relationship”

“A draft of the form 990 and supplemental schedules is prepared by the controller with assistance from an independent accounting firm. Prior to filing, a copy is provided to the college executive officers and the board's audit committee for review. A summary report was presented on december 1, 2014 to the audit committee. The final form 990 and supplemental schedules was provided electronically to the board of trustees prior to filing with the irs.”

“All trustees and officers are surveyed annually, via an extensive questionnaire, to disclose a variety of relationships with each other or directly with the college. This survey is reviewed and maintained by college counsel, and reviewed by both the vp finance and the controller. Those found to have a potential conflict, or the appearance of such, do not participate in final related business discussions or votes.”

“The compensation committee, comprised of the board chairman, board vice chairman, and finance committee chair, determines an appropriate compensation contract for the president. An important tool used in their decision process is a comparability study conducted by an appointed board committee. The committee's recommendation, supported by the comparability study, an expansive report by the president on the drivers and goals associated with his work, and other discussion points, is presented to the board's executive committee for detailed review and approval. The contract is subsequently presented to the full board for ratification. Written documentation of contract discussions, approvals, attendance, and action taken are maintained on campus by a non-board member. The president is currently completing the fourth year of a four-year contract.”

“Audited financial statements are available on our website. Currently the conflict of interest policy and governing documents are not required to be made available by the irs.”

“(continued from part iii) centre nurtures in its students the ability to think logically and critically, to work creatively, to analyze and compare values, and to write and speak with clarity and grace. It acquaints students with the range of accomplishments of the human mind and spirit in a variety of arts and theoretical disciplines. It enables students to choose and fulfill significant responsibilities in society. In short, centre's highest priority is to prepare its students for lives of learning, leadership, and service.”

“Actuarial liability for annuity obligations - -222814; valuation change in interest rate swaps - -447836;”