Saint Martin'S University

“Per the saint martin's university bylaws, a capitular of the religious house, known as the monastic community known as saint martin's abbey, has the right to participate in the university's governance even though they are not a member of the board of trustees. Some of the decisions a capitular votes on are to establish the philosophy and mission according to which the university operates; to amend the articles of incorporation or bylaws; to convey an interest in real property, to incur indebtedness secured by any real or personal property owned by the university; and to appoint a certain number of capitulars to the board of trustees.”

“The chancellor, the secretary, and the treasurer, as members of the abbey, are deemed member-trustees. The members of the abbey may elect additional members of the abbey to serve as member-trustees in such number as the members determine.”

“During this tax year, the capitulars elected new members to the board of trustees.”

“The audit committee of the board of trustees reviews and approves the 990, and then they forward the 990 to the entire board of trustees for final approval. The full board receives a copy of the 990, via a secure internet portal, prior to submission of the return. The vice president of business affairs & cfo reviews the return in a group forum with all available members.”

“Members of the university's board of trustees and senior management may, from time to time, be associated either directly or indirectly with companies doing business with the university. For senior management, the university requires annual disclosure of significant financial interests in, or employment or consulting relationships with, entities doing business with the university. These annual disclosures cover both senior management and their immediate family members. When such relationships exist, measures are taken to appropriately manage the actual or perceived conflict in the best interests of the university. The university has a written conflict of interest policy that requires, among other things, that no member of the board of trustees can participate in any decision in which they (or an immediate family member) has a material financial interest. When such relationships exist, measures are taken to mitigate any actual or perceived conflict, including requiring that such transactions be conducted at arm's length, for good and sufficient consideration, based on terms that are fair and reasonable to and for the benefit of the university, and in accordance with applicable conflict of interest laws. No such associations are considered to be significant.”

“Saint martin's university has a compensation committee that meets quarterly to review compensation and benefits for the president. The board has to approve the president's salary on a salary survey done by the associate vp for human resources. The president's salary is reviewed yearly.”

“Saint martin's university makes its financial information available to the public by posting the audited financial statements on the university website. Other documents are available upon request.”

“Unrealized gain(loss) on interest rate swap 358,324. Change in value of split-interest agreements -555,292.”