Midway University Inc

“Policy for reviewing 990: the board reviewed the 990 at a meeting prior to filing the 990.”

“A conflict of interest form is completed annually and monitored by the board of trustees liason. If any member of the board of trustees becomes directly interested to his or her personal financial gain in any contract with or claim against midway college or has what is known in popular usage as a "conflict of interest", he or she shall make this situation known as soon as possible to the chair of the board, who shall in turn inform the executive committee at its next meeting. At this time the situation shall be examined and appropriate action taken. If any conflict of interest as described above involving any board member comes to the attention of a board member not so involved, that member should report this to the chair of the board. If such member is the chair, it should be reported to the next executive committee meeting. At this time the situation shall be examined and appropriate action taken. The executive committee shall review all these situations of which it is aware annually at its first meeting following the annual meeting.”

“The president's compensation is determined by the executive committee of the board of trustees, an independent body. Annually, at the may meeting of the board of trustees, the executive committee deliberates upon their evaluation of the president's performance and presidential compensation data on comparable institutions from the administrative compensation survey published by the college and university professional association for human resources (cupa-hr) to establish a compensation level for the coming academic year. Deliberations were documented prior to providing compensation. All other executives and key employee's compensation is determined by the president. Performance evaluations are conducted annually by department directors and vice-president in-charge. The evaluations including compensation increases are then forwarded to the president. The board of trustees in their annual budget process sets a pool for compensation increases. The president reviews the evaluations and suggested compensation increases then determines each employee's compensation increase so as to conform in total with the pool set by the board of trustees.”

“The organization's 990, 990-t, and governing documents may be available upon request. The financial statements are not available to the public.”

“The amounts of other compensation from the university in column f include a non-taxable housing benefit for president dr. John p. Marsden of $50,828. This value represents the annual fair rental value of the property per irc section 119(d) plus direct utilities and other expenses of the property.”

“Annuity liability adjustment -32,185. Decrease in assets held in trust 871,033.”

“The process has not changed from the prior year for oversight of the audit or selection of the auditors.”