The University of Puget Sound

“Robert pohlad and christopher pohlad have a family relationship.”

“The preparation and review process for the university of puget sound's form 990 and required schedules is designed to produce a complete and accurate return filed on time with the irs. The form 990 and required schedules are prepared and reviewed by an outside cpa firm from audited financial statement data or from data provided by university personnel responsible for preparing or maintaining such information. The form and required schedules are subjected to three additional levels of review before they are filed with the irs. Two non-trustee financial officers, the associate vice-president for finance, and the chief financial officer, review the form and required schedules against supporting source documentation and/or other information. The form 990 and required schedules, along with interpretive commentary are provided to each voting member of the university's board of trustees. Any changes identified during review are made and confirmed by a non-trustee financial officer before the form 990 and required schedules are filed with the irs. The filed form 990 and required schedules are also reviewed annually by the audit committee of the board of trustees. Additionally, the compensation committee of the board of trustees conducts an annual review of compensation-related disclosures in the form 990 and required schedules.”

“The conflict of interest policy is included in board materials for new trustees, and the conflict of interest process is included in the board's bylaws. Annually the secretary reminds trustees, officers, and key employees of the policy in writing and solicits their completion of the conflict of interest questionnaire. Responses to the conflict of interest questionnaire are provided to the director of finance who works with the secretary to assure all questionnaires are completed and reported conflicts addressed (if any). Any conflicts that affect a trustee's ability to participate or vote on a matter are disclosed to the board or committee and the recusal is reflected in the meeting minutes. The university of puget sound files an informational return (form 990) annually with the internal revenue service (irs) and an annual return/report of employee benefit plan (form 5500) with the department of labor. As part of these filings, we report certain information about individuals with whom puget sound had a relationship, and transactions the individual may have with specified parties during the fiscal year.”

“The university follows the rebuttable presumption of reasonableness procedures identified in treasury regulation section 53.4958-6, which require the following three conditions to be met: 1) all elements of compensation (compensation arrangements) are approved in advance by an authorized body, which is the governing body, a committee of the governing body or other parties authorized by the governing body of the organization who do not have a conflict of interest with respect to the compensation arrangements; 2) prior to making the determination, the authorized body obtains and relies upon appropriate data as to comparability; and 3) the authorized body adequately documents the basis for its determination regarding compensation arrangements concurrently with making the decision. Officer and key employee compensation reviews are done annually.”

“The governing documents and conflict of interest policy are available to the public upon request. The financial statements of the university are available on the website and a paper format is available upon request.”

“Change in fair value of interest rate swap agreements 2,322,560. Actuarial adjustments -2,075,992. Split interest income adjustment 257,755. Change in allowance for uncollectible promises -247,000. Swap termination costs -2,240,000.”