a. The College’s Mission
The legal authority and control over the College’s mission is vested in the Board of Trustees, pursuant to the provisions of Article I(A) of the College’s bylaws. The Board periodically review’s the mission statement as required by the bylaws of the institution.
The mission statement was last reviewed and subsequently redefined in 2003. This was a result of a collaborative effort involving faculty, staff, administrators, alumni and the Board as part of the College’s strategic planning efforts. This redefinition was ultimately presented to the Board of Trustees at a duly convened meeting held on February 14, 2003, and was unanimously approved.
The mission statement as approved on that date reads, in pertinent part, as follows:
“The mission of Morehouse College is to develop men with disciplined minds who will lead lives of leadership and service. A private historically black liberal arts college for men, Morehouse realizes this mission by emphasizing the intellectual and character development of its students. In addition, the College assumes special responsibility for teaching the history and culture of black people.”
b. Fiscal stability
The authority of the Board to exercise authority and operating control over the institution in fiscal matters is set forth in the College’s bylaws. Article 1 of the bylaws expressly states “the Trustees’ primary function shall be to make policy and to ensure sound resource management of the College.” These responsibilities are further expanded upon in the bylaws wherein the following powers are expressly relegated to the Board of trustees:
1. Oversight and approval of the budget process;
2. Authority to establish policy guidelines for the endowment, all investments and major fund raising efforts;
3. Authority to the incurring of debt by the College and the securing thereof by mortgage of real and/or personal property; and
4. Authority to approve changes in tuition and fees assessed by the College, which are the primary source of revenues for the institution.
The board exercises this authority through the work of several standing committees, which are charged to carry out specific responsibilities relating to ensuring the College’s financial stability. The responsibilities of these committees are set forth in the institution’s bylaws and committee charters as follows:
• The Audit Committee holds as its purpose the periodic review of the College’s (i) financial control and accounting systems, (ii) annual audited financial statements, and (iii) general affairs to ensure that the College complies with all laws and regulations necessary to qualify for and maintain its tax-exemption status. The Audit Committee reports on its activities to the Board at least twice annually. (See Audit Committee Charter.)
In addition to the audited financial statements for the institution, each year, this committee also receives the reports of the College’s internal auditor, who reviews specific departments and functional areas for compliance with internal controls. The results of these audits are reported to the president and the audit committee of the Board of Trustees. (See Audit Committee Meeting Minutes.)
• The Finance Committee reviews the College’s annual operating and capital budgets and all major financial transactions. The Committee meets at least twice annually and regularly reports on all of its activities to the Board of Trustees.
• The Investment Committee is responsible for the investment of all funds of the College, including purchases and sales or exchanges of securities and other assets of the College. The Committee considers the long- and short-term needs of the College, its present and anticipated financial requirements, expected total return in its investments price-level trends, and general economic conditions. The Committee reports changes in investments to the Board of Trustees at each Board meeting. (See Investment Committee Charter.)
c. Institutional policy, related corporate entities and auxiliary services
The College’s bylaws empower the Board of Trustees to determine the general educational and financial policies of the College and designate that it shall exercise that power through the president, who is charged with operating the institution in compliance with the Board’s policies. To that end, the Board has adopted academic (new programs, limitations on program admissions, tenure and promotion) and other polices (e.g., naming and gift acceptance) that are implemented through the administration. (See Board of Trustees Meeting Minutes.)
Corporate arrangements with related or affiliated corporations would also require Board of Trustee approval. Currently, the College does not have any such relationships.
As used herein, auxiliary services means those essential elements of support of educational programs, such as the bookstore, food service, the post office, and student housing. These services are intended to be self-supporting and are designed to be provided at or near the actual cost of the service
Some of the College’s auxiliary services are provided by corporate entities. The College contracts with Sodexho for all campus food services, with Follett Higher Education Group for operation of the campus bookstore, and Pitney Bowes for operation of its print shop and post office.
d. Related foundations
As with related entities, the Board of Trustees has the legal authority to approve foundation relationships. Currently, College has no active related foundations or other corporate entities whose purpose is to support the institution and its programs.