Lebanese American University

“The form 990 was forwarded to the internal audit department for review and clearance. The final form 990 was then reviewed and cleared by the president cabinet. Upon clearance, copies of the final form 990 were circulated to all board members, except for details of executives' compensation which were disclosed to the chairman of the board and the chair of the audit committee. During the board meeting, the executives' compensation details were circulated to all the members of the audit committee, the final form 990 was reviewed and discussed by the audit committee in the board meeting. The executives' compensation details were collected at the end of the audit committee meeting.”

“Questionnaires are circulated yearly to officers, directors, trustees, or key employees and a report is issued in this regard and audited by the external auditors. Conflict of interest discussions regularly occur at board meetings and are documented in the meeting minutes. Board members who are considered interested persons to any potential conflict of interest transaction must recuse himself or herself from the discussion, deliberation, and voting of the applicable conflict of interest, and physically remove himself or herself from any board meeting when a vote on any related matter is taken.”

“The appointment of the president is subject to a formal search process undertaken by a search committee comprised of selected board of trustees members while employing the services of a professional recruiting agency. The appointment and setting of compensation is approved by the board of trustees. The compensation is set based on the compensation of previous presidents, market assessment and advice of the recruiting agency. The president's compensation is annually reviewed by the legal and compensation committee of the board of trustees (comprised of selected board of trustees members) whose recommendation is ultimately approved by the full board of trustees. Salaries of vice presidents are determined by the president based on the compensation of previous vps, qualifications and availability and subject to market norms and averages. Salaries of the deans are recommended by the provost, based on the compensation of previous deans, qualifications and availability and subject to market norms and averages, and are approved by the president.”

“All governing documents including constitution, bylaws, conflict of interest and other policies are approved by the board of trustees and are made public through the university web page. The university's financial statements are made available to any external party upon request.”

“Some of the individuals listed on part vii and schedule j do not receive a form w-2 because they are foreign individuals. Their compensation has been reported in the column b on schedule j and column d on part vii per the irs instructions.”

“The average hours worked per week listed for the board members is an estimate. The board members are unpaid volunteers that meet formally twice per year in full board sessions. They meet occasionally through board committee meetings during the year and provide consultation to the president as and when needed.”

“Foreign exchange translation gain 764,297. Impairment loss -792,360.”

“The number of employees listed on part i, line 5 is the number of employees that received a w-2. The majority of the employees of the university are not citizens, and therefore do not receive form w-2. The number of employees employed outside the united states was 1,990 at its highest point during the year.”

“There were no changes in oversight of the selection of an independent accountant from the prior year.”

“The university does not sponsor donor advised funds, therefore these questions are not applicable.”