University of La Verne

“The executive committee shall consist of no fewer than seven (7) or more than twelve (12) trustees. The members of the executive committee shall be comprised of the president of the university, board chair, vice-chair, secretary, committee chairs, and one at-large member recommended by the board chair and elected by the members of the board of trustees. The executive board of the board of trustees shall also serve as the officers of the executive committee. The chief financial officer shall serve as an ex-officio member of this committee, without the power to vote, and s/he shall not be counted as a member of the committee for any purpose. Between meetings of the board of trustees, the executive committee shall have the full authority of the board with the following exceptions: i. Fill vacancies on the board of trustees or in any committee which has the authority of the board; ii. Amend or repeal these bylaws or adopt new bylaws; iii. Amend or repeal any resolution of the board which by its express terms is not so amendable or repealable; iv. Appoint committees of the board or the members thereof; v. Approve of any self-dealing transaction except as provided by law; or vi. Any other actions prohibited by california corporations code section 5212 (a). In addition, the executive committee may not award degrees or appoint or remove the president of the university unless specifically empowered by the board of trustees to do so.”

“The information/data for the 990 is primarily gathered, calculated, and compiled by the university's director of accounting. Upon completing these steps, the information is forwarded to the associate vice president of finance for review and approval. Once approved the information/data is sent to the accounting firm grant thornton llp to prepare the form 990. Once completed, the form 990 is forwarded to the director of accounting to ensure that the information that had been originally provided was entered correctly onto the form. The associate vice president of finance also performs a review of the return, after which it is forwarded to the audit committee of the board of trustees for review, comments, and approval. The full filing copy of the approved form 990 is made available to the full board of trustees through the posting on a secure website prior to filing with the irs.”

“To ensure compliance with the conflict of interest policy, there are annual signed statements obtained from officers, trustees and key employees. The associate vice president of finance reviews the statements for disclosure of any potential conflicts. In addition, the office of general counsel reviews all contracts that involve the university and employees (or a family member), trustee (or family member), for any conflicts of interest. Revealed conflicts are reported on the form 990, and reviewed by members of the board and audit committee to determine any further action if necessary.”

“The board of trustees establishes the salary of the president, and the president establishes the salaries for the university's vice presidents. The human resources department reviews the university's salaries & compensation and compares the information to both national and local comparability data to ensure the university's pay rates are consistent with other comparable institutions. In addition, the university is subscribed to surveys that are received and reviewed on an annual basis.”

“The university's financial statements are available on the webpage of the finance office (https://laverne.edu/about/financial-statements-tax-returns/). Additionally, the audited financial statements are posted to the electronic municipal market access website (www.emma.msrb.org). The conflict of interest policy is available upon request from the finance office, and it is also available on the university's website under the human resources page. Governing documents are available upon request from the finance office.”

“Change in actuarial obligations -790,153.”

“This return is timely filed under the guidance of irs notice ca-2023-02, which provides an extension of time to file to october 16, 2023 for various california taxpayers with filing dadlines falling on or after december 27, 2022.”

“In march 2020, the world health organization declared the novel coronavirus ("covid-19") a global pandemic. The related adverse public health developments, including orders to shelter-in-place, travel restrictions, and mandated business closures, have adversely affected workforces, organizations, their customers, economies, and financial markets globally, leading to increase market volatility and disruption in normal business operations, including the university's operations. Workforces, organizations, their customers, economies, and financial markets globally, leading to increase market volatility and disruption in normal business operations, including the university's operations. The university transitioned its students to online learning and almost all of its employees to remote work in mid-march of 2020. The state of california and los angeles county department of public health officials must approve plans for bringing employees and students back to in-person instruction. Restrictions on the student housing have had the most significant impact to revenues. As of fall of 2021, due to decreased county restrictions the university of la verne began a transition to increase in-person instruction, and staff presence on campus while maintaining a hybrid model. Over the next twelve months the university intends to further increase on-campus activities. On march 27, 2020, the coronavirus aid, relief, and economic securities ("cares") act was signed into law. Among other things, the cares act allocated $14 billion to higher education through the creation of the education stabilization fund. Fifty percent of the emergency funds received by institutions must go directly to students in the form of emergency financial aid grants to cover expenses related to the disruptions of campus operations due to covid-19. Institutions may use remaining emergency funds not given to students on costs associated with significant changes to the delivery of instruction due to covid-19. Subsequent and similar to the cares act, the higher education emergency relief fund ii (heerf ii) was authorized by the coronavirus response and relief supplemental appropriations act, 2021 (crrsaa) and signed into law on december 27, 2020. $81.88 billion was authorized in support for education, in addition to the $30.75 billion provided spring of 2020 through the cares act. In addition, the american rescue plan (arp) authorized the higher education emergency relief fund iii (heerf iii) signed into law on march 11, 2021, providing $39.6 billion in support to institutions of higher education to serve students and ensure learning continues during the covid-19 pandemic. Arp funds are in addition to funds authorized by crrsaa, and cares. Emergency funds available to institutions and their students under all emergency funds total $76.2 billion. As of june 30, 2022 the university received a total of $34,489,322 in emergency funds with $14,294,808 earmarked to go directly to students. $18,063,694 earmarked for technology and other costs required for remote learning and the eventual safe return to campus, and $2,130,820 for minority serving institutions, for emergency funds for students.”