2026-04-07T18:10:53-05:00 2025-05-31 481292483 HENJES CONNER & WILLIAMS PC PO BOX 1937 DAKOTA DUNES SD 57049 990 2024-06-01 420707124 BRIAR CLIFF UNIVERSITY BRIA 7122795504 3303 REBECCA STREET SIOUX CITY IA 51104 JOHN ROBERTSON VICE PRESIDENT OF FINANCE 7122795504 2026-03-29 1 1 LORI K SHAFFER P01333422 6052423900 2026-03-29 2024 2025-03-06 01:10:19Z JOHN ROBERTSON 3303 REBECCA STREET SIOUX CITY IA 51104 38739836 0 X WWW.BRIARCLIFF.EDU X 1963 IA POST-SECONDARY EDUCATION 21 20 461 27 0 0 10937822 7697528 27350238 27783880 2217793 1441911 475674 593768 40981527 37517087 13763621 13654079 0 0 14446005 14576822 0 0 1341615 11940418 12239010 40150044 40469911 831483 -2952824 50637836 45238145 24442532 22218194 26195304 23019951 X BRIAR CLIFF UNIVERSITY IS A COMMUNITY COMMITTED TO HIGHER EDUCATION WITHIN A LIBERAL ARTS AND CATHOLIC PERSPECTIVE. IN THE FRANCISCAN TRADITION OF SERVICE, CARING AND OPENNESS TO ALL, BRIAR CLIFF EMPHASIZES QUALITY EDUCATION FOR ITS STUDENTS, COMBINING A BROAD INTELLECTUAL BACKGROUND WITH CAREER DEVELOPMENT. THE UNIVERSITY CHALLENGES IT'S MEMBERS TO GROW IN SELF-AWARENESS AND IN THEIR RELATIONSHIPS TO OTHERS AND TO GOD. 0 0 31665008 13654079 23628775 BRIAR CLIFF UNIVERSITY IS ACCREDITED AS A DEGREE-GRANTING INSTITUTION BY THE HIGHER LEARNING COMMISSION AND IS A MEMBER OF THE NORTH CENTRAL ASSOCIATION OF COLLEGES AND SCHOOLS. SINCE 1945, THE HIGHER LEARNING COMMISSION HAS GRANTED BRIAR CLIFF UNIVERSITY FULL ACCREDITATION. AS A FOUR YEAR LIBERAL ARTS INSTITUTION, BRIAR CLIFF UNIVERSITY OFFERS DOCTORATE, MASTERS AND BACCALAUREATE PROGRAMS IN 44 FIELDS OF STUDY, RESULTING IN OVER 25,000 CREDIT HOURS OF POST-SECONDARY EDUCATION. THE UNIVERSITY CURRENTLY SERVES A POPULATION OF OVER 1,200 STUDENTS FROM 42 STATES, ARMED FORCES POST OFFICE, PUERTO RICO, AND 14 FOREIGN COUNTRIES. 4239142 4124991 BRIAR CLIFF UNIVERSITY AUXILIARY SERVICES ARE COMPRISED OF RESIDENCE AND DINING HALLS, AND BOOKSTORE. DURING THE FISCAL YEAR ENDED MAY 31, 2025, RESIDENCE HALL OCCUPATION WAS APPROXIMATELY 360 STUDENTS. 35904150 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 59 0 1 461 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 20 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X JOHN ROBERTSON 7122795504 3303 REBECCA STREET SIOUX CITY IA 51104 STEVE STOUFFER CHAIR 1.00 X X 0 0 0 GAIL BERNSTEIN TRUSTEE 0.50 X 0 0 0 LISA BERTRAND VICE CHAIR 0.50 X X 0 0 0 TERRY FRIEDMAN TRUSTEE 0.50 X 0 0 0 SR RENAE HOHENSEE TRUSTEE 0.50 X 0 0 0 DARRELL JESSE TRUSTEE 0.50 X 0 0 0 SR CATHY KATOSKI TRUSTEE 0.50 X 0 0 0 SR KATHY KNIPPER TRUSTEE 0.50 X 0 0 0 KATHY LAFAVOR TRUSTEE 0.50 X 0 0 0 DAN MOORE TRUSTEE 0.50 X 0 0 0 REVERAND WALKER NICKLESS TRUSTEE 0.50 X 0 0 0 NICK ROTH TRUSTEE 0.50 X 0 0 0 MARK SCHUETT TRUSTEE 0.50 X 0 0 0 JANE SHEY TRUSTEE 0.50 X 0 0 0 STEVE DEVOE TRUSTEE 0.50 X 0 0 0 GREG HOFFMAN TRUSTEE 0.50 X 0 0 0 BEN SITZMANN TRUSTEE 0.50 X 0 0 0 DR KATHLEEN WAGNER TRUSTEE 0.50 X 0 0 0 MATTHEW DRAUD PRESIDENT 40.00 X X 127608 0 4471 STEVE FREEMAN INTERIM PRESIDENT 40.00 X X 13065 0 0 THOMAS PADGETT TRUSTEE 0.50 X 0 0 0 BISHOP JOHN E KEEHNER TRUSTEE 0.50 X 0 0 0 SUZANNE FISCHER VP FOR UNIVERSITY RELATION 40.00 X 136492 0 16928 MARK ROSSI PROVOST 40.00 X 170463 0 21488 JOHN ROBERTSON VP FINANCE & ADMINISTRATIO 40.00 X 169204 0 12376 TIM JAGER EXECUTIVE DIRECTOR OF ATHL 40.00 X 107193 0 12172 CORI KOOPMAN VP OF ADVANCEMANT 40.00 X 125399 0 0 PATRICK CROSS PROGRAM DIRECTOR, DPT 40.00 X 151295 0 7132 PARTICK HAUER PROFESSOR, DPT 40.00 X 132824 0 8942 MICHAEL HARMAN PROFESSOR, DPT 40.00 X 130004 0 7132 SANDRA BURNS PROFESSOR, DPT 40.00 X 109344 0 8054 CORTNI KRUEMARK PROGRAM DIRECTOR, OTD 40.00 X 109114 0 21888 1482005 0 120583 16 0 1 0 ARAMARK SERVICES 27310 NETWORK PLACE CHICAGO IL 60673 FOOD SERVICE 1810429 ENCOURA LLC 1108 LAVACA ST AUSTIN TX 78701 RECRUITING/ADVERTISING 415071 STEIER GROUP INC 10844 OLD MILL ROAD OMAHA NE 68154 FUNDRAISING 290183 THOMPSON SOLUTIONS GROUP 2300 7TH STREET SIOUX CITY IA 51105 IT SERVICES 247052 SALEM PROPERTY MANAGEMENT 4280 SERGEANT ROAD SIOUX CITY IA 51106 PROPERTY RENT 155034 17 1370275 6327253 279669 7697528 STUDENT TUITION/FEES 611310 23658889 23658889 AUXILIARY ENTERPRISES 611310 4124991 4124991 27783880 302253 302253 29299 0 29299 29299 29299 2214968 1075310 1139658 1139658 1139658 117325 147439 -30114 -30114 OTHER REVENUE 611310 594583 594583 594583 37517087 27753766 0 2065793 13654079 13654079 678960 407376 271584 11368306 10154425 789210 424671 220738 200323 19437 978 1577459 1435809 140307 1343 731359 664568 64398 2393 35063 35063 113991 113991 69082 69082 1363284 985876 55569 321839 230709 139475 91234 2311007 1951174 344286 15547 710600 662235 20913 27452 190677 182347 8330 481917 301072 180679 166 892306 743521 130879 17906 2051169 1739242 274580 37347 407224 278157 129067 ALL OTHER EXPENSES 2997641 2150170 357672 489799 BAD DEBT EXPENSE 265421 159253 106168 MEMBERSHIP & DUES 118919 95048 21697 2174 40469911 35904150 3224146 1341615 1384149 41932 1990362 758697 8209740 6451974 587045 883000 148022 259498 58742550 37328344 23416192 21414206 12230264 12323915 1073691 996609 1598371 2108314 50637836 45238145 4481616 1877533 961061 1072868 14383402 14938423 4616453 4329370 24442532 22218194 X 4691551 -907523 21503753 23927474 26195304 23019951 50637836 45238145 X -2952824 -234801 12272 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 1 0 1 11208 1 0 0 11208 0 PART II-B, LINE 1: ON A LIMITED NUMBER OF OCCASIONS, THE PRESIDENT OF THE UNIVERSITY MAY CALL LEGISLATORS OR THEIR STAFF TO DISCUSS MATTERS OF INTEREST TO THE UNIVERSITY, OR MAY VISIT THEM FOR A BRIEF MEETING AS AN INCIDENTAL PART OF A BUSINESS TRIP. STUDENTS ARE ENCOURAGED TO WRITE LETTERS TO LEGISLATORS WITH CONCERNS REGARDING FINANCIAL AID AND HIGHER EDUCATION. THE UNIVERSITY'S LOBBYING EXPENSES ARE PART OF YEARLY DUES PAID TO THE IOWA ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES. 23114395 362957 1138009 850000 23765361 20479147 1003293 2556955 925000 23114395 21130677 604736 121709 1377975 20479147 20565457 1640576 -575356 500000 21130677 17085946 640022 4084643 1195106 50048 20565457 0.31185 0.55982 0.12833 0 0 93975 93975 48735330 27980466 20754864 8116061 7947933 168128 1797184 1399945 397239 21414206 STUDENT DEPOSITS AND CREDIT BALANCES 270875 GOVERNMENT GRANTS REFUNDABLE 988779 SERVICE CONCESSION ARRANGEMENT 1927731 OPERATING LEASE LIABILITY 1141985 4329370 X 23718835 -234801 147438 -87363 23806198 69082 13641807 13710889 37517087 26894188 147438 147438 26746750 69082 13654079 13723161 40469911 PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THE UNIVERSITY IS NOT SUBJECT TO FEDERAL INCOME TAXES EXCEPT TO THE EXTENT IT DERIVES FROM CERTAIN ACTIVITIES NOT SUBTANTIALLY RELATED TO ITS TAX-EXEMPT PURPOSES (UNRELATEDTRADE OR BUSINESS ACTIVITIES). THE UNIVERSITY IS ALSO EXEMPT FROM STATE INCOME TAXES. AT MAY 31, 2025 AND 2024, THE UNIVERSITY HAD NO CURRENT OBLIGATION FOR UNRELATED BUSINESS INCOME TAX. THE UNIVERSITY FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE UNIVERSITY FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2025 AND 2024. THE UNIVERSITY'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS LOAN LOSS AND CANCELLATIONS PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS PART V, LINE 4: BRIAR CLIFF UNIVERSITY USES ITS ENDOWMENT FUNDS TO PROVIDE GRANTS AND SCHOLARSHIPS, AS WELL AS FUNDS FOR PROGRAM RELATED ACTIVITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE UNIVERSITY'S RACIALLY NONDISCRIMINATROY POLICY IS PRINTED IN ALL STUDENT HANDBOOKS, UNIVERSITY CATALOGS, AND IS AVAILABLE ON THE UNIVERSITY WEBSITE. THE RACIALLY NONDISCRIMINATORY POLICY IS AVAILABLE TO ALL UNIVERSITY COMMUNITY MEMBERS AND PROSPECTIVE STUDENTS. SCHEDULE E, PART I, LINE 6 BRIAR CLIFF UNIVERSITY RECEIVED STUDENT FINANCIAL AID FROM BOTH FEDERAL AND STATE GOVERNMENTAL AGENCIES. BRIAR CLIFF UNIVERSITY ALSO RECEIVED TRIO GRANT MONEY FROM THE FEDERAL GOVERNMENT. 0 ACADEMIC EXCELLENCE 1090 5776033 CONTINUING EDUCATION AWARDS 227 953821 BRIAR CLIFF DEPT SCHOLARSHIPS 42 93062 MINORITY AWARDS 121 832125 BRIAR CLIFF GRANTS 754 291722 ATHLETIC SCHOLARSHIPS 825 5159669 BCC SCHOLARSHIP 347 522647 PART I, LINE 2 THE VICE PRESIDENT FOR FINANCE COLLECTS GRANT AWARD LETTERS AND INSTRUCTIONS FROM THE GRANTING AGENCIES OF THE BRIAR CLIFF UNIVERSITY (BCU) GRANT MANAGERS. THE VICE PRESIDENT FOR FINANCE KEEPS A FISCAL FILE FOR EACH GRANT, INCLUDING AWARD LETTERS, INSTRUCTIONS, ANNUAL ACCOUNTING RECORDS, AND FINANCIAL REPORTS SUBMITTED TO THE GRANTORS. EITHER THE VICE PRESIDENT FOR FINANCE OR THE GRANT MANAGER SUBMITS REPORTS TO AGENCIES, DEPENDING ON THE GRANT. THE VICE PRESIDENT FOR FINANCE CREATES A BUDGET FOR EACH GRANT IN THE GRANTS FUND, BASED ON AWARD LETTERS AND INPUT FROM THE BCU GRANT MANAGERS. IF THE GRANT ALLOWS, GRANT MANAGERS MAY REQUEST MAY REQUEST BUDET TRANSFERS WITHIN THEIR GRANT, WHICH THE VICE PRESIDENT FOR FINANCE OR THE ASSISTANT VICE PRESIDENT FOR FINANCE ENTER IN DATATEL. THE GRANT MANAGER SIGNS OFF ON EXPENDITURES FOR THE GRANT. THE VICE PRESIDENT FOR FINANCE REVIEWS ALL GRANT EXPENDITURES MONTHLY, WITH MORE IN-DEPTH REVIEW AS NEEDED FOR REPORTING TO GRANTORS. THE VICE PRESIDENT FOR FINANCE RECONCILES GRANT EXPENDITURES ANNUALLY ANNUALY FISCAL YEAR AND THE GRANT FISCAL YEAR, IF DIFFERENT FINANCIAL AID GRANTS ARE APPROVED AND REPORTED BY THE FINANCIAL AID DEPARTMENT. CHECKS FOR THE GRANT REVENUES ARE RECEIVED IN THE BUSINESS OFFICE: SOME AGENCIES MAIL THEM TO GRANT MANAGERS, WHO THEN TURN THEM IN TO THE BUSINESS OFFICE FOR DEPOSIT. SOME AGENCIES PAY BCU THROUGH DIRECT DEPOSIT INTO BCU CHECKING ACCOUNTS. THE VICE PRESIDENT FOR FINANCE DRAWS DOWN FEDERAL GRANT FUNDS ELECTRONICALLY THROUGH THE ONLING G5 SYSTEM: DRAWDOWNS ARE USUALLY DONE MONTHLY. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 MARK ROSSI PROVOST 170463 0 0 0 0 0 0 0 21488 0 191951 0 0 0 JOHN ROBERTSON VP FINANCE & ADMINISTRATIO 169204 0 0 0 0 0 0 0 12376 0 181580 0 0 0 PATRICK CROSS PROGRAM DIRECTOR, DPT 151295 0 0 0 0 0 0 0 7132 0 158427 0 0 0 SUZANNE FISCHER VP FOR UNIVERSITY RELATION 136492 0 0 0 0 0 0 0 16928 0 153420 0 0 0 PART I, LINE 1A THE PRESIDENT RECEIVED A HOUSING ALLOWANCE AND COUNTRY CLUB MEMBERSHIP. BOTH WERE INCLUDED AS PART OF THEIR TAXABLE INCOME ON THEIR W-2. X 2 251331 FAIR MARKET VALUE X OTHER 6 28338 THRIFT SHOP VALUE 0 0 0 FORM 990, PART VI, SECTION A, LINE 7A THE NUMBER OF TRUSTEES OF THE CORPORATION SHALL NOT BE FEWER THAN FIVE (5) NOR MORE THAN THIRTY (30). AT EACH ANNUAL MEETING OF THE TRUSTEES, THE TOTAL NUMBER OF TRUSTEES FOR THE SUCCEEDING YEAR SHALL BE SET AND THE TRUSTEES SHALL ELECT NEW TRUSTEES BY MAJORITY VOTE TO HOLD OFFICE UNTIL THE NEXT SUCCEEDING ANNUAL MEETING AND EACH TRUSTEE EXCEPT THOSE LISTED BELOW SHALL HOLD OFFICE FOR A TERM OF THREE YEARS AND MAY SUCCEED HIMSELF OR HERSELF FOR TWO TERMS ONLY. THE FOLLOWING REPRESENTATIVES SHALL AT ALL TIMES BE MEMBERS OF THE BOARD OF TRUSTEES: (1) THE PRESIDENT OF THE SISTERS OF ST. FRANCIS OF DUBUQUE, IOWA OR HER DESIGNEE. THE PRESIDENT OR HER DESIGNEE SHALL ALSO SERVE AS CHAIRPERSON OF THE BOARD OF TRUSTEES. (2) THREE ADDITIONAL SISTERS TO BE SELECTED BY THE PRESIDENT OF THE SISTERS OF ST. FRANCIS OF DUBUQUE, IOWA. (3) THE BISHOP OF THE CATHOLIC DIOCESE OF SIOUX CITY, SIOUX CITY, IOWA OR HIS DESIGNEE. (4) THE PRESIDENT OF BRIAR CLIFF UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT FIRM OF HENJES, CONNER & WILLIAMS, P.C. PREPARES THE 990 WITH DATA FROM THE ANNUAL AUDIT AND OTHER DATA PROVIDED BY THE VICE PRESIDENT FOR FINANCE. THE VICE PRESIDENT FOR FINANCE AND THE PRESIDENT THEN REVIEW THE FORM 990. AFTER THE VICE PRESIDENT FOR FINANCE AND THE PRESIDENT'S REVIEW, THE FORM 990 IS DISTRIBUTED TO THE BOARD OF TRUSTEES FOR THE REVIEW, QUESTIONS AND COMMENTS. AT THE END OF THIS PROCESS THE FORM 990 IS ELECTRONICALLY SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BRIAR CLIFF UNIVERSITY HAS EACH MEMBER OF THE BOARD OF TRUSTEES COMPLETE AND SIGN A CONFLICT OF INTEREST STATMENT ON AN ANNUAL BASIS. ADDITIONALLY, BRIAR CLIFF UNIVERSITY PERSONNEL WHO CONTACT VENDORS ARE MADE AWARE OF BOARD RELATIONSHIPS AND PROCEED ACCORDINGLY. A TRUSTEE HAVING A CONFLICT OF INTEREST IN A MATTER BEFORE THE BOARD IS PRECLUDED FROM PARTICIPATING IN DISCUSSION OR ACTION ON THE MATTER, AND MUST EXCUSE THEMSELVES FROM THE MEETING FOR THAT AGENDA ITEM. REMAINING MEMBERS WILL DETERMINE IF THERE IS AN ACTUAL CONFLICT OF INTEREST. ACTIONS RESULTING FROM CONFLICTS OF INTEREST ARE DOCUMENTED AND RECORDED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 15 BRIAR CLIFF UNIVERSITY (BCU) HAS AN AUDIT COMMITTEE AS PART OF THE BOARD OF TRUSTEES THAT REVIEWS AND DISCUSSES THE SALARIES FOR THE PRESIDENT AND VICE PRESIDENTS. COMPARISONS ARE MADE TO OTHER IOWA ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES INSTITUTIONS TO SEE IF BCU OFFICERS ARE COMPENSATED APPROPRIATELY. SALARY RECOMMENDATIONS ARE ALSO MADE BASED ON THESE COMPARISONS. THE COMPENSATION COMMITTEE MEETS AT LEAST ANNUALLY TO REVIEW AND DISCUSS THE SALARY AND OTHER COMPENSATORY MATTERS FOR THE PRESIDENT AND VICE PRESIDENTS. FORM 990, PART VI, SECTION C, LINE 19 BRIAR CLIFF UNIVERSITY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE UNIVERSITY'S FORM 990 IS ALSO ON GUIDESTAR'S WEBSITE. FORM 990, PART XI, LINE 9: LOAN LOSS AND CANCELLATIONS 12,272. FORM 990, PART XII, LINE 2C THERE WILL BE AN EXECUTIVE COMMITTEE, WHICH SHALL BE MADE UP OF SEVEN MEMBERS OF THE BOARD OF TRUSTEES. THESE MEMBERS SHALL INCLUDE CHAIRPERSON OF THE BOARD OF TRUSTEES, THE VICE CHAIRPERSON OF THE BOARD OF TRUSTEES, THE BISHOP OF THE DIOCESE OF SIOUX CITY, THE PRESIDENT, AND THE CHAIRS OF THE FINANCE COMMITTEE, THE STUDENT DEVELOPMENT ADVISORY BOARD AND THE INSTITUTIONAL ADVANCEMENT COMMITTEE. FOUR OF THE SEVEN MEMBERS OF THE EXECUTIVE COMMITTEE SHALL BE PRESENT IN ORDER TO CONDUCT BUSINESS OF THE CORPORATION. AN EXECUTIVE COMMITTEE MEETING MAY BE CALLED ANY TIME BY THE PRESIDENT OR CHAIRPERSON OF THE BOARD. THE ACTION OR RECOMMENDATION OF THE EXECUTIVE COMMITTEE WOULD BE TAKEN TO THE FULL BOARD OF TRUSTEES AT A REGULAR OR SPECIAL BOARD OF TRUSTEES MEETING. THE EXECUTIVE MEETING COMMITTEE SHALL ALSO BE RESPONSIBLE FOR OVERSEEING THE AUDIT FUNCTION ON BEHALF OF THE CORPORATION, INCLUDING BUT NOT LIMITED TO THE APPOINTMENT, REMOVAL, COMPENSATION AND OVERSIGHTOF THE WORK OF THE INDEPENDENT AUDITOR; HOWEVER THE PRESIDENT SHALL NOT BE ALLOWED A VOTE ON ANY MATTERS RELATING TO THIS FUNCTION. IN MEETING ITS OBLIGATIONS HEREIN, THE EXECUTIVE COMMITTEE WILL SELECT THE EXTERNAL AUDITOR WHEN THE INSTITUTION PERIODICALLY CONDUCTS THE REVIEW PROCESS. THE EXECUTIVE COMMITTEE WILL ALSO PRE-APPROVE NON-AUDIT SERVICES PERFORMED BY THE EXTERNAL AUDITOR.