| Form 990, Part IV, Line 28c Business transactions with interested persons |
Specialized and rigorous conflict-of-interest requirements apply to Dartmouth investments with firms in which related parties (e.g., Trustees or non-Trustee Investment Committee members, as well as other categories of officers and Dartmouth employees) have a financial interest. Under the New Hampshire Pecuniary Benefit Law (Revised Statutes Annotated, Chapter 7:19-a) and Dartmouth's Policy on Pecuniary Benefit Transactions and Related Party Investments, such investments are subject to substantial oversight. Before such an investment may be made, the Investment Office must submit to the Board of Trustees an analysis documenting (1) that the transaction is fair and reasonable to Dartmouth; and (2) that the terms of the investment are no less favorable to Dartmouth than the terms of other recent similar investments not involving related parties. The analysis must also document that Dartmouth's investment would not comprise more than 10% of the fund and must verify that other institutional investors have committed to participate in the same fund. Based on this information, the proposed investment is considered by both the Investment Committee and Audit and Oversight Committee of the Board of Trustees, and the full Board of Trustees when the related party is a Trustee or Dartmouth College officer. In each instance, any Trustee, non-Trustee Investment Committee member, or Dartmouth College officer associated with the firm involved in the investment must be recused from the discussion and vote. The investment may not be made unless both the Investment and Audit and Oversight Committees approve by a two-thirds majority of disinterested members, and in the instance of a related party Trustee, approval by a two-thirds majority of disinterested members of the Board of Trustees. In accordance with State law, a notice of the proposed investment, if in the amount of $5,000 or more - identifying Dartmouth, the related party, the investment firm, and the amount of the investment - is then filed with the State Attorney General's Office and published in the local daily newspaper, before the investment can occur. On an annual basis, the Chief Investment Officer must submit a report to the Audit and Oversight Committee containing information about related party investments, including a comparison of the performance of such investments with the performance of other investments during the previous fiscal year. |
| Form 990, Part VI, Line 11b Review of form 990 by governing body |
The 990 review process is as follows: A draft of the completed Form 990 is sent to the Audit and Oversight Committee and a draft of the sections concerning compensation is sent to the Governance/Nominating Committee. The Governance/Nominating Committee may contact management or the Audit and Oversight Committee with any questions or concerns on the compensation sections. The Audit and Oversight Committee then meets with senior management personnel to review the process by which the Form 990 was prepared, discuss any items of significance, and resolve any questions. The Audit and Oversight Committee then votes to accept the Form 990 based on management's representations. Prior to the return being filed, a draft of the complete Form 990 is provided to the full board. At the next meeting of the Board of Trustees, the Audit and Oversight Committee reports to the full Board on the results of its review. |
| Form 990, Part VI, Line 12c Conflict of interest policy |
Compliance with Dartmouth's institution-wide Conflict of Interest policy is required by Dartmouth policy. Compliance is monitored by the Office of General Counsel, which reviews information concerning potential conflicts solicited from approximately 360 trustees, faculty, and staff members each year. Compliance with the requirements of the policy concerning researchers engaged in externally sponsored research is enforced and monitored by the Office of the Provost, and particularly by the Office of Sponsored Projects and the Conflict of Interest Committee of the Council on Sponsored Activities which, in accordance with federal regulations, solicit information from researchers concerning financial interest that may affect or be affected by proposed research. In addition, the Office of the General Counsel and the Investment Office monitor compliance with the policy on Pecuniary Benefit Transactions and related party investments. |
| Form 990, Part VI, Line 15a Process to establish compensation of top management official |
The process for determining the compensation of Dartmouth's President and other officers and key employees is as follows: (1) Comparability data are gathered by the Director of Compensation from a compensation survey conducted by a nationally known compensation consulting firm and shared with Officials responsible for setting the compensation for the officers and key employees. (2) Recommendations for compensation adjustments for officers and key employees are prepared by the officials responsible for setting the compensation of said employees, using comparability data and a review of the employee's performance. (3) The Officials' recommendations are presented for approval to the Governance/Nominating Committee of the Board, together with the comparability data. (4) Comparability data for the President's compensation is also presented to the Governance/Nominating Committee by the Director of Compensation. The Board of Trustees' Executive Committee approves the President's compensation. The President and the Investment Committee jointly approve the compensation of the Chief Executive Officer - Investment Office. |
| Form 990, Part VI, Line 15b Process to establish compensation of other employees |
The process for determining the compensation for Dartmouth's other officers and key employees is described above. |
| Form 990, Part VI, Line 19 Required documents available to the public |
Dartmouth makes its governing document (The Charter of Dartmouth College), conflict of interest policies and financial statements available to the public by posting these documents on its website. |
| Form 990, Part VIII, Line 2f Other Program Service Revenue |
All Other - Total Revenue: 9741128, Related or Exempt Function Revenue: 9526418, Unrelated Business Revenue: 214710, Revenue Excluded from Tax Under Sections 512, 513, or 514: 0; |
| Form 990, Part XI, Line 9 Other changes in net assets or fund balances |
Net change in split interest agreement - 28003248; Net unrealized change in value of non-investment items - 74879505; |
| Schedule J Part II (B)(ii) and (iii) |
Eugene Teevens, Head Football Coach, received a performance bonus of $25,000 during calendar year 2020 and one-time compensation valued at $430,000 in the form of the transfer of a real estate deed to 11 Currier Place, Hanover, NH, pursuant to a now-discontinued joint home ownership program for Dartmouth employees and a five-year retention agreement that ended in calendar 2020. |
Attach to Form 990 or 990-EZ.