Franciscan Missionaries of Our Lady

“Our lady of the lake hospital, inc. (an irc section 501(c)(3) organization) is the sole member of franciscan missionaries of our lady university.”

“Our lady of the lake hospital, inc., as member of franciscan missionaries of our lady university, must provide written authorization for the following actions: a. Amending the articles of incorporation or the bylaws to change the purpose of the university; b. Dissolving or liquidating the university, the consolidation, merger, affiliation or joint venture of the university with or into another entity or any transfer by any means of all of the university's assets, whether as part of a single transaction or multiple transactions; c. The approval of a sale of an asset over one hundred thousand dollars ($100,000), a merger, consolidation, reorganzation, dissolution or liquidation with respect to the university; d. Setting up, investing in, or owning all or a portion of the shares, securities, or equity interest in another entity outside of normal investments in publicly traded entities; e. Capital expenditures exceeding 10% of the university's total annual operating budget, and not to exceed two million dollars; f. Any borrowing wherein the principle amount to be borrowed exceeds 10% of the university's total annual operating budget, and not to exceed two million dollars; g. Ratification of trustees as selected by the nominating committee and appointed by the university board of trustees.”

“After preparation of the form 990 by kpmg llp, management reviewed the form 990. A copy of the form 990 was provided to the organization's governing body before it was filed with the irs.”

“Franciscan missionaries of our lady university has a comprehensive conflict of interest policy that requires each officer, trustee, board committee member and employee to complete a conflict of interest disclosure statement annually. Completed disclosure forms are reviewed and maintained by the chief compliance officer. If any trustee, board committee member or senior manager has a potential conflict, the executive committee of the board determines whether action needs to be taken and communicates any such action to the individual. A potential conflict of any other employee is reviewed by the ceo or his designee. The executive committee, ceo or designee, as applicable, determines if a conflict of interest exists or creates the appearance of impropriety. If such a determination is made, the individual will be excused from participating in the business decision. During the year, any change to the information in the disclosure statement must be disclosed promptly to the chief compliance officer, who takes appropriate action. The process also requires affirmation from each individual that he or she (a) has received a copy of the conflict of interest policy; (b) has read and understands the policy; (c) has agreed to comply with the policy; and (d) understands that fmol university is a charitable organization and that, in order to maintain its federal tax exemption, it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. In addition to the above, fmol university provides mechanisms for confidential reporting of compliance issues. These mechanisms include an anonymous hotline and web site where individuals may raise issues, seek clarification, and report possible conflicts of interest or other concerns. These reports of possible conflicts of interest are reviewed and investigated by the corporate compliance department and appropriate action is taken.”

“The board of trustees designates the executive committee, made up of independent board members to review and set the compensation annually of the president. The executive committee obtains and reviews the compensation of other college presidents of similarly sized colleges in the southern region. After soliciting input from the entire board of trustees, the executive committee reviews the compensation package, the president's annual performance review, and the comparable data. Appropriate compensation is then determined and approved. The basis for determination is contemporaneously documented by the executive committee.”

“The organization makes its governing documents, conflict of interest policy and financial statements available upon request. Section 1.263(a)-1(f) - de minimis safe harbor election franciscan missionaries of our lady university has applicable financial statements for the year of the election, and intends to apply the de minimis safe harbor election. This election permits the taxpayer to deduct for tax purposes any item under its book policy that does not exceed $5,000 per invoice (or per item as substantiated by the invoice) or items having an economic useful life of twelve months or less as described in section 1.263(a)-1(f)(1)(ii). Section 1.263(a)-3(n) election - book conformity election franciscan missionaries of our lady university is making the election under treas. Reg. 1.263(a)-3(n) to capitalize repair and maintenance costs treated as capital improvements on its books and records for the tax year ended june 30, 2024.”

“The mission of franciscan missionaries of our lady university is to educate and form franciscan servant leaders of all faiths. We honor and preserve the legacy of our founders by preparing highly skilled professionals, integrated thinkers, and faith-filled citizens. Inspired by the franciscan missionaries of our lady to be a living witness to jesus christ and the gospel message, the university is in communion with the teachings of the catholic church.”

“Capital transfers 4,434,397.”