The Master'S University and Seminary

“The organization has an Executive Committee which functions on behalf of the Board at such times as the Board is not in session. The Chairman of the Board shall serve as the Chairman of the Committee. The Executive Committee shall consist of the officers of the Board, and the President. The Executive Vice Presidents of the University and Seminary shall convene with the Executive Committee at the pleasure of the Chairman. Additional members may be designated by the Chairman as long as the total number does not exceed twelve (12). A majority of the members of the Executive Committee shall constitute a quorum for the transaction of business. Special meetings may be called by the Chairman of the Board or by any three members through the Chairman of the Board. Conference telephone meetings are permissible in emergencies, but any action taken must be ratified at the next stated meeting of the Board. The Executive Committee shall: 1. Conduct Director business between regular Board meetings if necessary. 2. Act in emergency situations. 3. Present nominations for election to the Board and for officers of the Board. 4. Annually review salaries of executive staff members.”

“The Form 990 is prepared by an independent CPA firm and is reviewed in detail by the VP of Finance and Controller. The reviewed 990 is then sent to the board of directors for review prior to filing.”

“The Conflict of Interest Policy is signed annually by all board members and corporate officers. The Finance Committee reviews all documents and recommends any necessary action. The Finance Committee follows up during the year to ensure the policy is enforced. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“Annual compensation evaluations for the President as well as other officers and key employees are done by the Finance Committee, which is made up of independent persons, using comparative data obtained from outside sources. The results of the evaluations are documented in the Finance Committee minutes.”

“The organization makes its articles of incorporation, bylaws, conflict of interest policy, annual audited financial statements, and Form 990 (except for donor information) available to all individuals or companies when requested through the accounting office.”

“Three ministers on the board of directors are paid as adjunct faculty for the seminary, teaching classes involving pastoral ministries.”

“Net change in split interest agreements 459,204. Unrealized Gain on Interest Rate Swap 252,731.”

“The organization's Board assumes responsibility of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year.”

“Investment management fees are deducted from gross investment income prior to the recording of investment income. The fees deducted this reported year were $187,174.”