Loyola Marymount University

“The board of trustees of loyola marymount university has an executive committee which may act for and in place of the board of trustees between regular board meetings and during any recess. Only trustees can be members of the executive committee. In no event shall the executive committee consist of less than three members. Each category of membership of the board (lay persons, jesuits and sisters) shall have representation on the executive committee. The chair of the board shall chair the executive committee, and the president shall be a member, ex officio. The board executive committee shall have all of the powers of the board of trustees and exercise all of its duties, except: (i) those which require by law, the articles of incorporation or the bylaws concurrence by a greater number of members of the board than required for board approval; and (ii) those which may, from time to time, be specifically withheld from the executive committee by the board or the bylaws.”

“In conjunction with pricewaterhousecoopers, a form 990 is prepared for management review. The form 990 is then reviewed by the audit committee. A copy of the form 990 was provided to the university's governing body before it was filed.”

“The conflict of interest policy for administrative employees (including officers and key employees) is completed by those individuals who are not on the faculty when hired. It is updated annually or at a time of significant change in interest occurring thereafter by all individuals designated by the senior vice president of a division or by the president for the university as a whole. Internal audit administers the distribution and collection of the annual disclosures working with the appropriate senior vice presidents. In accordance with the policy, for matters disclosed, a written determination as to whether the matter constitutes a conflict is made by the senior vice president of the employee's division. The employee is informed of the determination. The trustees' conflict of interest policy is administered by the president's office annually, and disclosures are reviewed by the university's general counsel. If it is determined that a conflict exists, the trustee does not vote with the board of trustees on matters that relate to that conflict. A separate policy exists for faculty members who do not have budget authority (the faculty policy).”

“An independent compensation consultant completes a comprehensive study of executive compensation every other year in odd years, and uses a predetermined comparator group of universities and similar sized organizations to benchmark leadership positions. Well recognized salary survey data is used. All executives are employed "at will" but compensation at time of hire is articulated in their employment agreements. The board of trustees reviews and approves the compensation for the president and cfo annually. The members of the society of jesus, the religious of the sacred heart of mary, and the sisters of st. Joseph of orange constitute aproximately 2% of the university's full and part-time faculty and administrative staff. During the year ended may 31, 2019, the university paid these religious communities approximately $3,512,000 for their services.”

“The university's financial statements, form 990, and conflict of interest policy are all available for public review on the university's website. The university's governing documents are available for public review upon request.”

“Organization's mission loyola marymount university maintains a three-fold mission: 1) the encouragement of learning, 2) the education of the whole person, and 3) the service of faith and the promotion of justice.”

“A total of 7,583 individuals were sent forms w-2 by the university in calendar year 2018.”

“There are a number of students and alumni who volunteer their time for various purposes at the university. These volunteers, however, are not formally tracked by the university.”

“Loyola marymount university is an independent, coeducational university. In fiscal 2019, lmu provided instruction, research, student services, and academic support for 9,358 full-time equivalent students. Of these students, 6,584 were undergraduates, 1,726 were in various graduate programs, and 1,048 were enrolled at loyola law school. Full time faculty employed was 600, part-time was 584, for a total faculty of 1,184.”

“Other changes in net assets: decrease in value of interest swap agreement $1,336,390”