2026-05-05T08:09:18-05:00 2025-06-30 251408703 SCHNEIDER DOWNS & CO INC ONE PPG PLACE SUITE 1700 PITTSBURGH PA 15222 990 2024-07-01 250965438 CARLOW UNIVERSITY CARL 4125786000 3333 FIFTH AVENUE PITTSBURGH PA 15213 DR KATHY HUMPHREY PRESIDENT 4125786000 2026-04-24 1 0 SARAH R PIOT P01358891 4122613644 2024 2025-03-06 01:10:19Z DR KATHY HUMPHREY 3333 FIFTH AVENUE PITTSBURGH PA 15213 113324594 0 X WWW.CARLOW.EDU X 1929 PA TRANSFORMATIONAL HIGHER EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY. 26 25 1137 175 0 0 9216193 26419696 64545401 69347954 2319968 2357788 64053 69843 76145615 98195281 17049257 25173329 0 0 35178765 37927362 0 0 1307656 29524287 29223582 81752309 92324273 -5606694 5871008 121909309 135507063 45571057 48587155 76338252 86919908 X SEE SCHEDULE O.CARLOW UNIVERSITY, ROOTED IN ITS CATHOLIC IDENTITY AND EMBODYING THE HERITAGE AND VALUES OF THE SISTERS OF MERCY, OFFERS TRANSFORMATIONAL EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY OF LEARNERS AND EMPOWERS THEM TO EXCEL IN THEIR CHOSEN WORK AS COMPASSIONATE, RESPONSIBLE LEADERS IN THE CREATION OF A JUST AND MERCIFUL WORLD. 0 0 79848225 25173329 69347954 AT CARLOW UNIVERSITY, WE STRIVE TO CREATE AN EXPERIENCE THAT IS NOT ONLY LIFE-CHANGING, BUT WORLD-CHANGING. CARLOW GRADUATES ARE PREPARED TO BE PIONEERS IN WORKFORCE DEVELOPMENT, HEALTHCARE, EDUCATION, BUSINESS, THE ARTS, AND MORE. THEY ARE PART OF A NEARLY ONE-HUNDRED-YEAR TRADITION OF ETHICAL LEADERS WITH THE EMPATHY AND SPIRIT TO MAKE A MEANINGFUL IMPACT. ROOTED IN UNITY AND LED BY COMPASSION, WE ARE REDEFINING WHAT A LEADER LOOKS LIKE, AND IT LOOKS LIKE A CARLOW GRADUATE.SEE SCHEDULE O FOR CONTINUATION.HERE, OUR WORLD-CLASS FACULTY HELPS STUDENTS GROW INTO HIGH-ACHIEVING, COMPASSIONATE LEADERS IN THEIR RESPECTIVE FIELDS. OUR STUDENTS ARE SHAPED INTELLECTUALLY, SOCIALLY, AND SPIRITUALLY THROUGH A SERVICE-CENTERED BRAND OF EDUCATION, PREPARING THEM TO ETHICALLY PROSPER IN OUR EVER-CHANGING WORLD. CARLOW'S MISSION IS REFLECTED NOT ONLY IN WHAT WE TEACH, BUT IN WHO WE SERVE AND HOW STUDENTS SUCCEED. IN 2024-25, THE UNIVERSITY SERVED 2,419 STUDENTS ACROSS UNDERGRADUATE AND GRADUATE PROGRAMS, INCLUDING 1,358 UNDERGRADUATE STUDENTS AND 1,061 GRADUATE STUDENTS. CARLOW CONTINUES TO ADVANCE EDUCATIONAL ACCESS AND UPWARD MOBILITY THROUGHOUT THE REGION: 50% OF UNDERGRADUATE STUDENTS ARE PELL RECIPIENTS, 54% ARE FIRST-GENERATION, AND 41% ARE ADULT LEARNERS. STUDENT SUCCESS REMAINS A PRIORITY, WITH AN 84% RETENTION RATE FOR FIRST-TIME, FULL-TIME DEGREE-SEEKING UNDERGRADUATES. CARLOW ALSO STRENGTHENED PATHWAYS INTO HIGH-NEED PROFESSIONS, INCLUDING SUPPORTING 26 STUDENTS COMPLETING THE LICENSED PRACTICAL NURSE (LPN) PROGRAM, AND EXPANDING CREDENTIAL OPPORTUNITIES FOR PARENTING STUDENTS THROUGH GRANT-SUPPORTED INITIATIVES.WHETHER THROUGH ADVANCING UPWARD MOBILITY, CHAMPIONING COMMUNITY, OR SIMPLY SUPPORTING PEOPLE, EVERY INITIATIVE REFLECTS CARLOW'S MISSION TO BE A FORCE FOR POSITIVE GOOD. WE BELIEVE IN THE POWER OF CONNECTION AND GROWTH, ENSURING THAT EVERY VOICE FINDS SUPPORT AND EVERY EFFORT INSPIRES CHANGE. TOGETHER, WE'RE CREATING A BRIGHTER FUTURE; A MORE JUST AND MERCIFUL WORLD. 79848225 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 4881 0 1 1137 1 0 0 0 0 0 0 0 0 0 0 0 0 X 26 25 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X MARK T SULECKI VICE PRESIDENT OF 4125788745 3333 FIFTH AVENUE PITTSBURGH PA 15213 KATHY W HUMPHREY PHD PRESIDENT 50.00 X X 527645 0 75934 JAMES H MCTIERNAN TREASURER 2.00 X X 0 0 0 SISTER JULIA UPTON RSMPHDMPH VICE CHAIR 2.00 X X 0 0 0 SISTER HELEN MARIE BURNS RSM VICE CHAIR, MISSION (EXIT 06/25) 2.00 X X 0 0 0 BRYAN DILUCENTE CHAIR 2.00 X X 0 0 0 ROBERT ALTHOZ TRUSTEE 2.00 X 0 0 0 DEBRA CAPLAN TRUSTEE 2.00 X 0 0 0 ANITA COURCOULAS TRUSTEE (EXIT 06/25) 2.00 X 0 0 0 CONNIE CIBRONE TRUSTEE 2.00 X 0 0 0 JOHN DENNY TRUSTEE 2.00 X 0 0 0 PATRICIA G DONOHOE TRUSTEE 2.00 X 0 0 0 AMIE DOWNS TRUSTEE 2.00 X 0 0 0 SISTER MARY M FANNING RSM PHD TRUSTEE 2.00 X 0 0 0 BART GABLER JD MBA TRUSTEE 2.00 X 0 0 0 STEVEN MASSARO TRUSTEE 2.00 X 0 0 0 CAITLIN MCLAUGHLIN TRUSTEE 2.00 X 0 0 0 MARIBETH MCLAUGHLIN TRUSTEE 2.00 X 0 0 0 SABRINA SAUNDERS MOSBY TRUSTEE 2.00 X 0 0 0 NORM MITRY TRUSTEE 2.00 X 0 0 0 JO ELLEN PARKER TRUSTEE 2.00 X 0 0 0 JESSICA PRISELAC TRUSTEE 2.00 X 0 0 0 ALEX RODRIGUEZ TRUSTEE 2.00 X 0 0 0 LOURDES SANCHEZ RIDGE ESQ TRUSTEE (EXIT 06/25) 2.00 X 0 0 0 ANNA BAMONTE TORRANCE ESQ TRUSTEE 2.00 X 0 0 0 CAROLINA VELEZ JD TRUSTEE 2.00 X 0 0 0 LARA WASHINGTON TRUSTEE 2.00 X 0 0 0 SISTER SUSAN J WELSH RSM TRUSTEE 2.00 X 0 0 0 SISTER LINDA WERTHMAN RSM PHD TRUSTEE 2.00 X 0 0 0 LATASHA WILSON-BATCH TRUSTEE 2.00 X 0 0 0 RHONDA MANEVAL DEAN COLLEGE HEALTH/WELLNESS & INTERIM PROVOST 50.00 X 226086 0 12811 MATTHEW GORDLEY DEAN COLLEGE OF ARTS/SCIENCE & INTERIM PROVOST 50.00 X 168235 0 11166 JOHN LEA VP OF FIN BUS DEV./UNIV. TREAS. (EXIT 05/25) 50.00 X 162435 0 9191 ERRIKA FEARBRY JONES CHIEF OF STAFF/UNIVERSITY SECRETARY 50.00 X 122563 0 799 GAYLE TISSUE VP FOR ADVANCEMENT 40.00 X 170539 0 1056 JAMES SANTUCCI OPERATIONS SERGEANT 40.00 X 152683 0 35525 MARY CERCERE VP FOR ENROLLMENT MGMT 40.00 X 151257 0 39690 TIMOTHY PHILLIPS VP OF STUDENT AFFAIRS 40.00 X 146545 0 37897 ALISON WIX INSTRUCTOR, PA PROGRAM 40.00 X 154728 0 8200 JASON KRALL ASST PROVOST ONLINE & ACADEMIC AFFAIRS 40.00 X 129708 0 10390 2112424 0 242659 35 0 1 0 CHARTWELLSCOMPASS GROUP USA PO BOX 417632 BOSTON MA 02241 DINING SERVICES 3202121 RISEPOINT 700 N PEARL ST STE 600 DALLAS TX 75201 ONLINE EDUCATIONAL PARTNER 1211239 FIREWATER RESPONSE 1130 LEBANON ROAD PITTSBURGH PA 15122 WATER DAMAGE RESTORATION 1049811 UPMC SCHOOL OF PERFUSION 532 S AIKEN AVE STE 214 PITTSBURGH PA 15232 HVAC/MECHANICAL CONTRACTOR 771950 ELLUCIAN COMPANY LP 4 COUNTRY VIEW ROAD MALVERN PA 19355 SOFTWARE SERVICE 678439 26 11220289 15199407 253618 26419696 TUITION AND FEES 611310 59118050 59118050 RESIDENCE HALLS & BOARD 721310 5196349 5196349 CARLOW CAMPUS SCHOOL 721310 2955787 2955787 ST. VINCENT NURSING PROGRAM 900099 772920 772920 EARLY LEARNING CENTER 624410 501755 501755 803093 803093 69347954 3041043 3041043 74553 4710 69843 69843 69843 14441348 15124603 -683255 -683255 -683255 98195281 69347954 0 2427631 X 25173329 25173329 1490540 1252053 208676 29811 27979008 23502367 3637271 839370 1138164 956058 159343 22763 5325252 4473212 745535 106505 1994398 1695238 259272 39888 282657 217646 65011 149326 114981 34345 69540 69540 347919 347919 9827185 8004347 1799022 23816 402775 310137 92638 1557930 1184026 296007 77897 2520418 1902876 526147 91395 4390868 3379885 1010983 997655 758218 189554 49883 112462 71976 16869 23617 1870069 1496055 374014 3851684 3081347 770337 442022 353618 88404 BAD DEBT 1122061 897649 224412 AUXILIARY EXPENSES 1007908 806326 201582 271103 216881 51511 2711 92324273 79848225 11168392 1307656 6502790 12978882 696390 533331 1520670 5934439 3866499 3503116 1265040 1641509 79146 93223 120234663 73204050 49938218 47030613 56854027 62954945 1186529 837005 121909309 135507063 8590271 7691503 3653207 4232871 7081444 6752111 24337215 27893803 1908920 2016867 45571057 48587155 X 13867598 8350114 62470654 78569794 76338252 86919908 121909309 135507063 5871008 4710648 0 X X 0 1 X 1 1 1 X 9411290 14332324 27582596 9216193 26419696 86962099 9411290 14332324 27582596 9216193 26419696 86962099 14047602 72914497 1000716 1158623 2588293 2390338 3115596 10253566 97215665 291459818 0.75000 0.72600 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 69540 69540 0 PART II-B, LINE 1: BUCHANAN INGERSOLL & ROONEY PROVIDES STATE LEVEL LOBBYING, GRANT WRITING AND GRANT ADMINISTRATION SERVICES FOR CARLOW UNIVERSITY. THE AMOUNTS PAID FOR THESE LOBBYING SERVICES FOR THE FISCAL YEAR JUNE 30, 2025 WERE $69,540. 54863712 1947213 6121170 845246 1191479 60895370 51132666 1203861 6494651 885360 3082106 54863712 37743958 12081334 4967197 761561 2898262 51132666 42966807 1146852 -4743579 731755 894367 37743958 36091455 844687 7442980 635542 776773 42966807 0.00427 0.00000 0.99573 0 0 1835555 1835555 98237306 66473898 31763408 19349378 6730152 12619226 812424 812424 47030613 STUDENT DEPOSITS 145017 FEDERAL LOAN ADVANCES 1871850 2016867 X 77631559 4710648 4710 4715358 72916201 347919 24931161 25279080 98195281 67049903 4710 4710 67045193 347919 24931161 25279080 92324273 PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 185 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY AUTHORITATIVE GUIDANCE, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. PART X, LINE 2: THE UNIVERSITY QUALIFIES AS A TAX-EXEMPT, NONPROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THERE IS NO PROVISION FOR FEDERAL OR STATE INCOME TAXES. 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 JUNE 30, 2025 AND 2024. THE UNIVERSITY IS NO LONGER SUBJECT TO EXAMINATION OF ITS TAX RETURNS FOR YEARS BEFORE 2022. THE UNIVERSITY'S POLICY IS TO RECOGNIZE ANY INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES WITHIN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 4,710. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID 24,931,161. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 4,710. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID 24,931,161. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 CERTAIN RECRUITING PUBLICATIONS AND COLLEGE CATALOGS CONTAIN EXPRESS STATEMENTS THAT THE COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, CREED, SEX, OR RELIGION. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY DISTRIBUTES STUDENT FINANCIAL ASSISTANCE FUNDS ON BEHALF OF FEDERAL AND STATE GOVERNMENTS. THIS ASSISTANCE INCLUDED FEDERAL AID FROM PELL GRANT AWARDS OF $4,201,258; SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT AWARDS OF $244,188; AND COLLEGE WORK STUDY AWARDS OF $120,938. THE UNIVERSITY ALSO RECEIVED STATE AID FROM THE PA HIGHER EDUCATION ASSISTANCE AUTHORITY IN THE AMOUNT OF $2,342,152. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICE STUDY ABROAD 306427 0 0 0 0 0 0 306427 0 306427 0 0 0 0 0 0 1 STUDENT FINANCIAL AID 788 13142853 N/A N/A CAMPUS SCHOOL STUDENT SCHOLARSHIPS 68 620646 0 N/A N/A OTHER STUDENT SCHOLARSHIPS 483 1473925 0 N/A N/A FUNDED SCHOLARSHIPS 629 2778970 0 N/A N/A OTHER GRANTS 1748 7156935 0 N/A N/A PART I, LINE 2: GRANT FUNDS ARE MONITORED BY THE FINANCIAL AID AND ACCOUNTING OFFICES. X X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 KATHY W HUMPHREY PHD PRESIDENT 468645 0 25000 0 34000 0 49504 0 26430 0 603579 0 0 0 RHONDA MANEVAL DEAN COLLEGE HEALTH/WELLNESS & INTERIM PROVOST 226086 0 0 0 0 0 11220 0 1591 0 238897 0 0 0 MARY CERCERE VP FOR ENROLLMENT MGMT 151257 0 0 0 0 0 9602 0 30088 0 190947 0 0 0 JAMES SANTUCCI OPERATIONS SERGEANT 152683 0 0 0 0 0 3884 0 31641 0 188208 0 0 0 TIMOTHY PHILLIPS VP OF STUDENT AFFAIRS 146545 0 0 0 0 0 8269 0 29628 0 184442 0 0 0 MATTHEW GORDLEY DEAN COLLEGE OF ARTS/SCIENCE & INTERIM PROVOST 168235 0 0 0 0 0 10159 0 1007 0 179401 0 0 0 JOHN LEA VP OF FIN BUS DEV./UNIV. TREAS. (EXIT 05/25) 162435 0 0 0 0 0 8160 0 1031 0 171626 0 0 0 GAYLE TISSUE VP FOR ADVANCEMENT 170539 0 0 0 0 0 0 0 1056 0 171595 0 0 0 ALISON WIX INSTRUCTOR, PA PROGRAM 154728 0 0 0 0 0 7396 0 804 0 162928 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE IS PAID AND INCLUDED AS GROSS WAGES ON FORM W-2 FOR THE PRESIDENT ONLY. SOCIAL CLUB DUES - THE PRESIDENT BELONGS TO A LOCAL SOCIAL CLUB IN WHICH DUES ARE REQUIRED. IN ORDER THAT THE PRESIDENT MAY ENTERTAIN POTENTIAL DONORS AND OTHER BUSINESS ASSOCIATES OF THE UNIVERSITY, THE UNIVERSITY PAYS OR REIMBURSES FOR, THE PERIODIC DUES FOR MEMBERSHIP IN THE LOCAL SOCIAL CLUB. DIRECT EXPENSES FOR UTILIZATION OF THE CLUB IS THE PRESIDENT'S RESPONSIBILITY, EXCEPT WHEN ATTRIBUTABLE TO UNIVERSITY BUSINESS. PART I, LINE 3 COMPENSATION FOR THE PRESIDENT AND THE TOP EXECUTIVES IS DETERMINED BY A COMPENSATION SUBCOMMITTEE OF THE BOARD OF TRUSTEES BASED ON INTERNAL COMPENSATION DATA BENCHMARKED AGAINST COMPENSATION STUDIES AND HIGHER EDUCATION METRICS SUCH AS AICUP AND CUPA. A WRITTEN EMPLOYMENT CONTRACT WAS ESTABLISHED UPON APPROVAL BY THE BOARD. PART I, LINE 4B THE PRESIDENT PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN IN FY 2025. $42,432 WAS ACCRUED ON 6/30/2025. PART I, LINE 7 THE PRESIDENT RECEIVED A BONUS IN 2024. A AUTHORITY IMPROVEMENTS MUNICIPALITY 251196358 052674AD0 2018-04-26 5175000 ST. JOE'S AND CURRAN HALL RENOVATIONS 0 0 0 B AUTHORITY IMPROVEMENTS MUNICIPALITY 251196358 2023-06-29 2840000 FOR THE RENOVATION OF CERTAIN EDUCATION FACILITIES 0 0 0 A 5175000 235538 5175000 2019 0 0 1 1 B 2840000 49677 2790323 2023 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 1 0 0 0 0 1 B 0 0 0 0 1 0 0 0 1 A 1 B 1 X 6 253618 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER REPORTED IN COLUMN (B) IS THE NUMBER OF CONTRIBUTORS DURING THE FISCAL YEAR ENDED JUNE 30, 2025. FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE UNIVERSITY IS THE CONFERENCE FOR MERCY HIGHER EDUCATION WHICH EXERCISES RESERVED CANONICAL POWERS DELEGATED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS AND AS OUTLINED IN THE UNIVERSITY'S BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A UP TO SIX OF THE TOTAL TRUSTEES (EX-OFFICIO AND ELECTED TRUSTEES) SHALL BE PROFESSED SISTERS OF THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS OR ITS CANONICAL SUCCESSOR. THERE SHALL BE THREE EX-OFFICIO TRUSTEES, WHO SHALL BE VOTING MEMBERS OF THE BOARD OF TRUSTEES AND INCLUDED IN THE TOTAL NUMBER OF TRUSTEES, AND SUCH EX-OFFICIO TRUSTEES SHALL CONSIST OF ONE SISTER OF MERCY, APPOINTED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS, THE PRESIDENT OF THE UNIVERSITY, AND THE BISHOP OF THE DIOCESE OF PITTSBURGH OR HIS DESIGNEE. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER HAS THE RIGHT TO APPROVE THE FOLLOWING ACTIONS TO THE EXTENT SUCH ACTIONS ARE TAKEN BY THE BOARD OF TRUSTEES: AMENDMENTS TO THE ARTICLES OF INCORPORATION, IF THEY RELATE TO THE RESERVED POWERS DELEGATED TO THE CONFERENCE FOR MERCY HIGHER EDUCATION, THE ADOPTION OR AMENDMENT TO THE MISSION OF THE UNIVERSITY, THE INCURRENCE BY THE UNIVERSITY OF ANY DEBT, AND ANY SALE, TRANSFER, LONG-TERM LEASE OR EMCUMBRANCE OF ANY REAL OR PERSONAL PROPERTY, TANGIBLE OR INTANGIBLE, OF THE UNIVERSITY OUTSIDE THE ORDINARY COURSE OF BUSINESS ONLY TO THE EXTENT SUCH APPROVAL IS REQUIRED UNDER CANON LAW, ANY MERGER, CONSOLIDATION, DISSOLUTION, TRANSFER OF SUBSTANTIALLY ALL THE ASSETS, OR OTHER FUNDAMENTAL TRANSACTION WITHIN THE CONTEMPLATION OF THE PENNSYLVANIA NONPROFIT CORPORATION LAW, OF OR BY THE UNIVERSITY TO THE EXTENT SUCH APPROVAL IS REQUIRED BY CANON LAW. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. THE FORM 990 IS REVIEWED BY MANAGEMENT AND SUBMITTED TO THE AUDIT COMMITTEE FOR REVIEW AND APPROVAL. ONCE THE AUDIT COMMITTEE APPROVES THE SUBMITTED FORM 990; IT IS SUBMITTED TO THE BOARD OF TRUSTEES PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL "COVERED PERSONS" AS DEFINED IN THE POLICY. EACH COVERED PERSON IS GIVEN A COPY OF THE POLICY, REQUIRED TO SIGN A STATEMENT ACKNOWLEDGING THAT HE OR SHE HAS RECEIVED A COPY OF THE POLICY, UNDERSTANDS IT, AND AGREES TO COMPLY WITH IT. THE COVERED PERSON IS ALSO REQUIRED TO COMPLETE A COVERED PERSON'S QUESTIONNAIRE ON AN ANNUAL BASIS. EACH COVERED PERSON SHALL DISCLOSE ALL ACTUAL AND POTENTIAL CONFLICTS AS SET OUT IN THE POLICY. COMPLIANCE WITH THIS POLICY IS MONITORED AND ENFORCED BY THE FOLLOWING PROCEDURE: - EACH YEAR THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, OR HIS DESIGNEE, UNDER THE SUPERVISION OF THE CHAIR OF THE AUDIT COMMITTEE, PREPARES A LIST OF COVERED PERSONS - A COVERED PERSON QUESTIONNAIRE IS DISTRIBUTED TO EACH PERSON ON THE LIST - FORMS ARE COMPLETED AND SIGNED BY EACH COVERED PERSON - COMPLETED FORMS FOR ALL TRUSTEES ARE REVIEWED BY THE CHAIR OF THE AUDIT COMMITTEE TO DETERMINE IF ANY ACTUAL OR POTENTIAL CONFLICTS EXIST - COMPLETED FORMS FOR ALL COVERED PERSONS WHO ARE MEMBERS OF STAFF OR FACULTY ARE REVIEWED BY THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION, OR HIS DESIGNEE - THE CHAIR OF THE AUDIT COMMITTEE ASKS AT A MINIMUM OF TWO BOARD MEETINGS IF ANY TRUSTEE IS AWARE OF ANY CONFLICTS AND IT IS DOCUMENTED IN THE BOARD MINUTES DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICTS - DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICT OF INTEREST MUST BE DISCLOSED AT THE TIME THEY BECOME A COVERED PERSON, OR AT THE TIME A POTENTIAL OR ACTUAL CONFLICT ARISES AND AT THE TIME OF THE COMPLETION OF THE ANNUAL QUESTIONNAIRE - ALL DISCLOSURES DETERMINED TO BE A CONFLICT OF INTEREST ACCORDING TO THE POLICY ARE DISCUSSED WITH THE CHAIR OF THE AUDIT COMMITTEE AND BROUGHT FORWARD TO THE NEXT BOARD OF TRUSTEE MEETING - ANY IDENTIFIED CONFLICT SHALL BE REFLECTED IN THE MINUTES OF THE BOARD OF TRUSTEE MEETINGS ALONG WITH THE NATURE OF SUCH CONFLICT - THE MINUTES SHALL ALSO REFLECT ALL PERSONS PRESENT AT THE MEETING WHERE ANY VOTING TOOK PLACE ON AN ITEM RELATED TO THE DISCLOSED CONFLICT FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE IS THE AUTHORIZED COMMITTEE OF THE BOARD OF TRUSTEES TO REVIEW COMPENSATION OF THE PRESIDENT. THE EXECUTIVE COMMITTEE CREATED A COMPENSATION COMMITTEE (THE SUBCOMMITTEE) TO PERFORM ANNUAL PERFORMANCE REVIEWS AND SET THE PRESIDENT'S ANNUAL SALARY, IN ACCORDANCE WITH THE EXECUTIVE COMPENSATION PHILOSOPHY, POLICIES AND PROCEDURES APPROVED BY THE BOARD. AS REQUIRED BY THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986, NO MEMBER OF THE GOVERNANCE COMMITTEE MAY HAVE A CONFLICT OF INTEREST. IN ADDITION, THE GOVERNANCE COMMITTEE DOCUMENTS ITS DECISIONS WITH RESPECT TO COMPENSATION. IN DETERMINING AND APPROVING COMPENSATION, THE GOVERNANCE COMMITTEE RELIES ON COMPARABILITY DATA DERIVED FROM A REVIEW OF THE MOST CURRENT INFORMATION AVAILABLE AS TO COMPENSATION LEVELS FOR COMPARABLE SENIOR EXECUTIVES AT PEER INSTITUTIONS, TAKING INTO ACCOUNT THAT AVAILABLE INFORMATION IS GENERALLY FOR THE PRIOR FISCAL OR ACADEMIC YEARS. OTHER SENIOR EXECUTIVE COMPENSATION: THE PRESIDENT REVIEWS AND RECOMMENDS CHANGES TO OTHER OFFICERS' SALARIES USING DATA FROM THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES. THE DOCUMENTATION FOR THE FINAL DECISION IS KEPT ON FILE. REPORT TO THE BOARD OF TRUSTEES: THE PROCEDURE STATES THAT, THE GOVERNANCE COMMITTEE SHALL PROVIDE A WRITTEN REPORT TO THE BOARD OF TRUSTEES NO LATER THAN THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD FOLLOWING THE GOVERNANCE COMMITTEE ACTION ON THE COMPENSATION OF SENIOR EXECUTIVES. THE REPORT SHALL REFLECT BASE SALARY AND ALL OTHER ELEMENTS FOR SENIOR EXECUTIVES' COMPENSATION, AS WELL AS A SUMMARY OF THE CRITERIA AND PROCESSES USED TO MAKE THE COMPENSATION DECISIONS AND TO ASSURE THAT THE COMPENSATION IS "REASONABLE AND NOT "EXCESSIVE" WITHIN IRS POLICY AND CRITERIA. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST BY THE PUBLIC AT THE CORPORATE ADDRESS. FORM 990, PART IX, LINE 11G MARKETING CONSULTING SERVICES: PROGRAM SERVICE EXPENSES 487,261. MANAGEMENT AND GENERAL EXPENSES 123,357. FUNDRAISING EXPENSES 6,168. TOTAL EXPENSES 616,786. OTHER CONTRACTS: PROGRAM SERVICE EXPENSES 1,648,023. MANAGEMENT AND GENERAL EXPENSES 413,016. FUNDRAISING EXPENSES 4,037. TOTAL EXPENSES 2,065,076. ACADEMIC SUPPORT SERVICES: PROGRAM SERVICE EXPENSES 782,515. MANAGEMENT AND GENERAL EXPENSES 198,105. FUNDRAISING EXPENSES 9,905. TOTAL EXPENSES 990,525. DINING SERVICES: PROGRAM SERVICE EXPENSES 2,228,645. MANAGEMENT AND GENERAL EXPENSES 393,290. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,621,935. ONLINE PROGRAM: PROGRAM SERVICE EXPENSES 1,750,857. MANAGEMENT AND GENERAL EXPENSES 437,714. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,188,571. PERFUSION PROGRAM: PROGRAM SERVICE EXPENSES 637,690. MANAGEMENT AND GENERAL EXPENSES 159,423. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 797,113. SECURITY & HOUSEKEEPING: PROGRAM SERVICE EXPENSES 292,762. MANAGEMENT AND GENERAL EXPENSES 74,117. FUNDRAISING EXPENSES 3,706. TOTAL EXPENSES 370,585. STUDENT SERVICES: PROGRAM SERVICE EXPENSES 176,594. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 176,594.