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Spertus Institute for Jewish Learning and Leadership is committed to accountability and transparency. It is therefore our pleasure to share the following information for our donors, students, and constituents.
- Board of Trustees
- By-Laws (PDF)
- Conflict of Interest Policy (PDF)
- Records Retention Policy (PDF)
- Whistleblower Policy (PDF)
- Audited Financials (PDF)
- Guidestar Nonprofit Report
Annual Security Report
This report contains policy statements and crime statistics for Spertus Institute. Required by federal law, it addresses the policies, procedures, and programs concerning safety and security, for example, policies for responding to emergency situations and sexual offenses. Three years’ worth of statistics are included for specific types of crimes reported to have occurred on campus, in or on off-campus buildings or property owned or controlled by the school, as well as on public property within or immediately adjacent to the campus. This report is sent annually to students, faculty, and employees, and is available here. You may request a paper copy from our Operations Office at 312.322.1797. DOWNLOAD>
Ratios and Financial Health
For several years Spertus Institute has been classified as an institution under “heightened cash monitoring” by the Department of Education, in connection with its Title IV Federal Student loan program. As noted in a recent article in Inside Higher Education, there are a range of reasons why institutions are classified this way and, in fact, some experts have argued that the methodology of calculating such ratios does not provide a full picture of an institution’s financial health.
For the sake of transparency, the Department of Education recently released a list of all institutions of higher education under heightened cash monitoring as of March 1, 2015. Institutions classified in this way must meet certain reporting standards and maintain a letter of credit on file with the Department of Education to guarantee their financial position and ability to adequately and appropriately administer federal student loan funds. In the case of Spertus, the reason for this designation was the debt associated with the Spertus building.
Spertus has maintained that its financial ratios were in fact within the acceptable range, because a significant project endowment fund was held for the benefit of Spertus by the Jewish Federation of Metropolitan Chicago as part of the agreements related to the capital campaign in support of the Spertus building project. However, since these substantial funds are held by the Jewish Federation and do not appear on Spertus Institute’s audited statements, the Department of Education has been unable to include them when calculating financial ratios.
Recently, as a result of Spertus Institute’s ongoing financial stabilization along with additional funds raised to meet debt service requirements, our financial ratios have risen and are now well within the acceptable range. We have been informed by the Department of Education that Spertus is no on heightened cash monitoring and will be removed from the current Department of Education list of institutions on heightened cash monitoring when that list is updated.
Dean Phillip Bell
PhD Provost and Vice President, Spertus Institute