Arizona Christian University

“The executive committee is composed of the chair, vice chair, secretary and treasurer. The board of trustees entrusts the governing of the university between board sessions to the executive committee. The executive committee shall meet as often as deemed necessary to fulfill its responsibilities, and shall be bound to abide within the defined policies of the board of trustees.”

“The form 990 is prepared by an independent cpa firm, then reviewed in detail by the finance team before the return is provided to the finance committee and then the board of trustees prior to it being submitted to the irs.”

“Officers, trustees, and key employees are required to submit conflict of interest disclosures annually. These forms are reviewed by management as well as the audit committee. Any conflicts or potential conflicts are resolved by the audit committee and the board of trustees. All conflicted parties are required to recuse themselves from board deliberations and any subsequent vote. The results of the deliberations are documented in the board's meeting minutes.”

“The board of trustees' compensation committee reviews annual compensation studies from various higher education associations and comparable compensation packages for chief executives at other higher education institutions and nonprofits. While seeking to extend the president's contract in 2021, the committee hired an independent cpa to produce a comparability study for its review. In november 2023, the board engaged with a private, independent firm to perform a second comparability study, which concluded the president's compensation was justified. In addition to the comparability studies, the board recognizes: president munsil's performance and leadership in the university's growth from $11 million to $52 million in annual revenues between 2011 and 2024, a performance unparalleled among small colleges in america; the university achieving unprecedented regional and national awards and rankings for excellence; his role in conceiving of, initiating and negotiating a land swap enabling acu to move from a land-locked 20-acre campus to a 68-acre campus, producing a $31 million asset gain for the university; his success in generating more than $110 million of donor support, including personally soliciting multiple 7-figure-plus gifts; and his decision to stay at the university despite being recruited for and offered the presidency of a much larger university. The compensation committee determined that president munsil's performance record and marketability justified a salary in the high range of comparables. The committee also recognized that for 7 years president munsil chose to not take raises or receive the full salary in his employment contract so that other obligations could be met. While the university is not required to provide for salary not taken, the committee on its own initiative sought to restore some of that lost salary when financially able by providing additional payments during the next few years of his employment, which was extended in a new contract through 2026. One such additional payment is reflected in this year's 990. President munsil has not received a base salary increase since 2019.”

“The university makes its governing documents, conflict of interest policy, and financial statements available to the public upon written request.”

“The university expanded its academic offerings in fy24 by introducing three new graduate programs: a master of arts in education, a master of arts in christian leadership, and a master of science in marriage and family therapy.”

“Contracted services: program service expenses 5,860,149. Management and general expenses 24,492. Fundraising expenses 814,059. Total expenses 6,698,700.”

“Change in value of split-interest agreement -18,002.”

“The audit oversight process has not changed from prior year.”