Trevecca Nazarene University

“The Executive Committee shall be composed of the President of the University, the Chair of the Board, the Vice-Chair of the Board, and the Secretary of the Board - all of whom shall serve ex officio - and nine additional members. The Executive Committee shall act for the Trustees in all matters not otherwise provided for in the interim between meetings, and shall care for all other duties as may be assigned to them by the entire Board of Trustees and shall through its Secretary report all business transactions to the meetings of the Board of Trustees.”

“The University is the official university for the Church of the Nazarene in the southeastern United States. The University is governed by a board of trustees elected by the various districts of the Church of the Nazarene in the Southeast Educational Region. Guided by the Church of the Nazarene's Articles of Faith and the Covenant of Christian Conduct, the University welcomes students of all religious affiliations who subscribe to its ideals and standards.”

“The Form 990 is prepared by an independent CPA firm and reviewed in detail by the CFO. The reviewed Form 990 is then forwarded to the Audit Committee prior to filing.”

“Board members and employees shall be required to file on an annual basis a Disclosure and Compliance Statement disclosing their personal interest, direct or indirect, in any University transaction during the previous year and affirming that (i) the Employee has read Trevecca Nazarene University's Conflict of Interest Policy, and (ii) the Employee will avoid participating in any University decision in which the Employee or any affiliate could be said to have any personal financial or other stake in the decision or where other outside influences could influence the Employee's independent judgment. Copies of all Disclosure and Compliance Statements are reviewed by the VP of Finance and kept as a matter of record in the Human Resources Department. If a conflict were to arise during the course of a board meeting, the individual with the potential conflict would abstain from voting.”

“The President's compensation is reviewed by the Board's compensation committee in light of the annual compensation survey. The Audit Committee reviews the compensation of the other officers annually. They use compensation surveys to determine if pay is reasonable and in-line with similar organizations. This process is documented in the board/committee minutes upon approval.”

“Trevecca Nazarene University makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Compensation reported in Part VII, column D and Schedule J, Part II, column B is the amount reported on the individual's W-2, box 1 or 5 (whichever amount is greater) per the IRS instructions. In the case of minister's compensation when box 5 of the W-2 is not applicable, box 1 compensation is used. Employee deferrals to qualified retirement plans are normally captured in box 5, not box 1 of Form W-2. For reporting purposes we have included the minister's retirement plan deferrals in Part VII, column F and Schedule J, Part II, column C.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 6/30/2019. The 2018 Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Net assets without donor restrictions Line 27 - Unrestricted net assets $56,106,795 Net assets with donor restrictions Line 28 - Temporarily restricted net assets $11,546,329 Line 29 - Permanently restricted net assets $19,098,290 Subtotal $30,644,619 Total net assets $86,751,414”

“Change in value of split-interest agreements 35,536.”

“The University's Audit Committee assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year.”