Centre College of Kentucky

“Material differences in voting rights 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.”

“Process of the review of form 990 a draft of the form 990 and supplemental schedules are prepared by an independent accounting firm and reviewed by management. The final form 990 and supplemental schedules are provided electronically to the board of trustees prior to filing with the irs.”

“Organization's practice for monitoring compliance 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.”

“Compensation review process for the president the board of trustees has a committee on compensation and performance evaluation, composed of eight members of the board, which review performance of the president on an annual basis. As part of the evaluation of the president, the committee reviews an expansive report written by the president on the drivers and goals associated with his work, and also reviews objective institutional data. In setting the compensation of the president in the president's current contract, the committee employs an independent consultant who provides an assessment of compensation from comparable presidents at comparable colleges. For the current contract, the consultant provided recommendations to the committee, which then made recommendations to the entire board of trustees. The board of trustees approves the base salary for the president under the current contract and has established a maximum percentage for any annual incentive compensation. Each year, in connection with the evaluation of the president, the committee makes recommendations on any incentive compensation for which the president is eligible, subject to the approval of the board of trustees. Written documentation of contract discussions, approvals, attendance, and actions taken are maintained on campus by a non-board member. The president has completed the fifth year of a five-year contract.”

“Compensation determination for officers or key employees the university president reviews and approves compensation of officers and key employees.”

“Governing documents, conflict of interest, and financial statements the organization's governing documents, conflict of interest policy, and audited financial statements are available upon request and on its website.”

“Other changes in net assets valuation change in interest rate swaps: 6,417,244. Adjustment for actuarial liability for annuity obligations: (424,756). Total: 5,992,488.”