Dallas Theological Seminary

“From the membership of the Board of Incorporate Members (Governing Board) there are assigned members to two subsidiary boards, the Board of Regents and the Board of Trustees. The Board of Regents is entrusted with the general oversight of the faculty and the educational and spiritual functions of the Seminary. The Board of Trustees is entrusted with the direction of the property and financial interests of the Seminary, and authority is given to the Board of Trustees by the bylaws to act legally for the Board of Incorporate Members in all matters of property and finance, such actions being final.”

“The form 990 is initially reviewed by an independent audit firm. The audit committee of the Board reviews and approves the public disclosure copy of the form 990. The entire governing Board will be given the public disclosure copy after it is filed with the IRS.”

“The organization requires all officers and board members and key employees to annually complete and sign a conflict of interest questionnaire. The CFO is responsible for reviewing the signed statements and ensuring that interested persons are in compliance with the conflict of interest policy. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“The Boards Compensation and Benefits committee reviews and makes recommendation to the Board of Trustees of the salary level of the President. Comparable salary survey data is used. These decisions are documented in the committee minutes.”

“Officers who are not employees are not compensated. The compensation committee reviews the salary levels and comparative salary data of other officers and key employees. This review is documented in the committee minutes.”

“Forms 990 and 990-T and other such documents are available upon request.”

“Governing documents, conflict of interest policies and audited financial statements are available to the public upon request. Audited financial statements are also available on the DTS business office website.”

“Certain directors, officers, and key employees of the Seminary are also directors, officers, and key employees of the Seminarys affiliated foundation. The hours reflected here reflect time spent for both organizations.”

“The change in funding status of the defined benefit pension plan, excluding net periodic pension cost, is a $419,212 gain/credit. The pension plan was frozen to new employees effective January 1, 2003. Change in value of split-interest agreements was a loss $(90,697).”