Occidental College

“Change in composition of the governing body's voting members: as a significant percentage of trustees are alumni of the college, the nominating & governance committee (formerly trustee affairs and governance committee), following consultation with the alumni board of governors, introduced changes to the bylaws removing the designation of alumni-selected trustees. Those changes were approved by the executive committee and then by the full board, as required by the bylaws. The four trustees who were serving as alumni-selected trustees were converted to board elected trustees. [ajose, hunter, kaplan, woods]”

“The college provides the form 990 information to the independent tax preparer. Once they have completed the form 990, they return a draft to the college. The associate vice president for finance and vice president and chief operating officer perform a thorough review of the draft return. All necessary corrections are made to the form 990. The audit committee reviews the draft public disclosure copy of the form 990 (schedule b does not include donor names and addresses). The full draft form 990 is reviewed by the audit committee chair. The independent tax preparer presents the draft public disclosure copy of the return to the audit committee and allows for questions and discussion. Any changes that are identified by the audit committee are made to the form 990. At that point,the public inspection copy of the form 990 is made available to the full board of trustees. The form 990 is signed by the independent tax preparer and submitted to the internal revenue service by the due date.”

“Every year the college sends the conflict of interest questionnaire to appropriate persons. Responses are followed up on to ensure we receive 100% of all questionnaires. Responses are reviewed by the office of the vice president and chief operating officer. Any conflicts that have not been brought to the audit committee previously are brought to the audit committee to discuss. If a conflict exists, the individual will recuse himself/herself from involvement in the matter.”

“The college's process in fiscal year 2021 for determining the president and coo's compensation is 1) obtaining comparison data, 2) comparison data is considered when compensation is determined, 3) compensation is approved by the executive compensation committee, and 4) the executive compensation committee's deliberation and decision making process regarding these two position's compensation is contemporaneously substantiated. All other officer and key employee compensation is recommended by the president, reviewed for reasonableness and pay equity by human resources and reviewed and approved by the executive compensation committee of the board of trustees.”

“The college makes its financial statements available to the public on the college's website which is accessible to the public. The governing documents and conflict of interest policy are not available for public inspection.”

“Change in fair value of assets held in trust by others 1,438,104. Annuities adjustment -2,849,050. Net income from k-1s 1,088,841. Pledge write off -82,513.”