Woodbury University

“The executive committee has power and authority to vote on certain matters.”

“Effective june 3, 2024, the organizational documents were amended to reflect the change of control resulting from the acquisition by the university of redlands. The university of redlands is the sole corporate member.”

“The organization has one sole member, university of redlands.”

“All directors are appointed by the university of redlands. One board seat shall be filled by the president of the university of redlands or their permitted designee.”

“Consent by the sole member is required in the following situations: a) sale, lease, exchange, or other disposition of all or substantially all of the organizations property; b) sale lease, exchange, or other disposition of any asset or group of similar assets in excess of $250,000; c) licensing or other transfer of intellectual property (or rights thereto) of the corporation for consideration; d) assumption or creation of any indebtedness exceeding $500,000.”

“The form 990 is reviewed in detail by university management, general counsel, and the audit and risk management committee of the board of trustees. The audit and risk management committee of the board of trustees reviews the form 990 with the independent accountant and accepts the filings. The final copy of the form 990 is distributed to all members of the board of trustees prior to filing with the irs.”

“On an annual basis, both the board of trustees and executive management prepare conflict of interest transaction forms, and any improper transactions are identified.”

“The university's compensation policy is designed to provide equitable compensation to each employee reflective of the duties and responsibilities of his/her position; to maintain an equitable relationship between salaries paid by the university and those paid externally for comparable occupational groups; to reward employees on the basis of performance and length of service, etc. In order to achieve these objectives, the program consists of position descriptions that define the content of each position, a competitive salary structure that takes into account what other organizations pay for similar work, position evaluations that place positions into appropriate salary grades within the salary structure, and salary planning that provides the basis for salary increases to recognize performance and salary movement in the external marketplace. President's compensation - the university's board of trustees reviews the president's compensation package. Their review is based on the study of comparative salary and benefits data for presidents at comparable independent colleges and universities in california. The most recent review occurred in april 2021. Because institutions are placed in categories dependent on institutional characteristics that include enrollment, endowment, numbers of full-time faculty, revenue budget, etc., the board determines its decision by studying not only those institutions in the same category as woodbury (group iva) but also those in group iii, groups ii-b and ii-a. The board also exercises final authority in terms of any across-the-board cpi increases and/or changes to the benefits package. Top management, officers & key employees - the salary administration objectives noted in the initial paragraph above utilize a point-rating job classification system that determines the relative value of all positions. The classification system defines those characteristics of "factors" that are present in all positions evaluated within the system. The degree to which each "factor" is present in a given job is determined and a point value is assigned to each factor. The sum of these point values determines the position grade that responds to a salary structure to ensure equity. The university recognizes the need for individualized salary "studies" for several top management positions whose grade assignment comprises the upper levels of the grade structure. In such instances, salaries within the salary structure that are below market and that are required to attract and retain qualified personnel who can perform the tasks necessary for the successful operation of the university are reviewed by position using the same criteria as the board utilizes for review of the president's compensation package. All full-time faculty, including full-time librarians, are compensated based on assigned rank according to a set of criteria defined in the faculty handbook. These criteria cover educational requirements, teaching experience, professional development and community service.”

“The organization's governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

“The number on part v, line 1a includes the number of forms 1098-t which were excluded from the prior year count.”

“Change in minimum pension liability 1,577,980. Perkins loan contributions returned to department of education -719,800. Pledge write-off -78.”