University of Holy Cross

“Prior to filing the form 990, the tax return is reviewed by the v.p. For finance. It is then forwarded to the chair of the finance committee for review. The university of holy cross administration responds to the board's concerns and revises the form as necessary. Once reviewed and submitted to the irs, a copy of the filed form 990 is forwarded to the chair of the finance committee for record-keeping.”

“During the first board of trustees' meeting of each year, the university's conflict of interest policy is reviewed with its members, and they are asked to sign a document disclosing any conflict of interest with university business matters. If a conflict should arise, the board member will recuse himself or herself from votes relative to the affected subject matter. Any discussion of potential conflict and recusals are substantiated in the minutes of the board meetings.”

“The current president of the university was chosen by the governing board. The salary for the position was based upon salaries paid to presidents serving in institutions comparable in size and structure. The president's compensation was approved by the board of trustees and documented in a fully executed contract. The president is evaluated on an annual basis by independent members of the university's board of trustees. Documentation of the selection of the president and the contracted amount of compensation is retained in the records of the selection committee and in board minutes. For all other employees, salaries are determined at the initial point of hiring for the position primarily based upon the position's budgeted compensation. Additional factors are considered, such as the credentials and level of experience that the newly hired employee brings to the organization and analysis of salaries for the same or similar positions at comparable institutions. On an annual basis, the established salary may be adjusted for the increase in cost of living. Documentation of salary analysis is retained in the records of the selection committee and within the board minutes.”

“All governing documents, the conflict of interest policy, and financial data are made available to the public upon request.”

“There have been no changes from the prior year in the oversight or selection processes for the audit that the organization's committee uses.”