Parker University

“Process for board review of form 990: prior to filing, the university distributes the form 990 to the board of trustees, requesting each member to review the return and forward any questions or comments to management. University, (2) amend the bylaws, (3) elect or remove from membership a trustee or officer, or (4) approve major unbudgeted expenditures.”

“Significant changes to governing documents: the bylaws were amended may 2021. Changes included adding certain board officers to the executive committee, defining the duties of the vice chair and modifying the ability to vote in absentia.”

“CORRECTION OF SIGNIFICANT DIVERSION OF ASSETS: During the tax year, a wire transfer was fraudulently diverted from its intended recipient as the result of an email spoofing scheme. Internal processes identified the diverted amount shortly after the single occurrence. Appropriate law enforcement agencies were consulted as part of the University's response. No wrongdoing was identified by anyone affiliated with the University. The University has strengthened its security awareness training and conducts frequent attack simulations to reinforce the training. Employees that fail to meet a minimum standard of proficiency are removed from sensitive business processes. Insurance coverage has reimbursed $200,000 of the $948,467 wire transfer.”

“Process for board review of form 990: prior to filing, the university distributes the form 990 to the board of trustees, requesting each member to review the return and forward any questions or comments to management.”

“Monitoring compliance with conflict of interest policy: annually, each trustee is required to complete a conflict of interest disclosure statement, declaring the presence or absence of a conflict. The board is the arbiter of any identified conflict and must document its decision regarding such matter. Employees must comply with the conflict of interest policy set forth in the university's handbook. Such policy prohibits the employee's involvement with financial transactions in which the employee or an immediate family member has a material financial interest. Employees are required to report potential conflicts immediately upon their discovery.”

“Review of officer compensation: the compensation committee of the board of trustees conducts at least annually a review of the compensation of the university's president. Such review is documented in the meeting minutes. As a basis for determining compensation during the current tax year, the committee reviewed data supplied by an independent consultant and comparability data compiled and published by a professional association.”

“Availability of documents: the university's governing documents, conflict of interest policy, and financial statements are not made available to the public during the tax year.”