2026-05-11T11:37:50-05:00 2025-06-30 450250958 Eide Bailly LLP 4585 Coleman St Ste 200 Bismarck ND 58503 990 2024-07-01 450273403 University of Mary UNIV 7012557500 7500 University Dr Bismarck ND 585049652 Matthew Zimmermann V.P. for Financial Affairs 7012557500 2026-05-11 1 1 Lisa Chaffee CPA P00193453 7012551091 2026-05-11 2024 2025-03-06 01:10:19Z Matthew Zimmermann 7500 University Dr Bismarck ND 585049652 114058100 0 X www.umary.edu X 1959 ND A private institution of higher education offering graduate and undergraduate degrees. 29 26 1397 28 17754 13851 40130947 17607500 83766878 89157234 2909644 4928019 247361 -140236 127054830 111552517 23175865 24002071 0 0 38149317 40109846 0 0 5528379 39281359 34417919 100606541 98529836 26448289 13022681 242542545 256352570 52394573 49583604 190147972 206768966 X The University of Mary exists to serve the religious, academic and cultural needs of the people in this region and beyond.(Continued on Schedule O) 1 0 24691561 73007370 Academic Divisions - This area contains the curriculum and related expenses for all divisions of the college, including both post-secondary education and graduate programs. University of Mary serves approximately 3,973 students and has 516 faculty and staff. They have five schools with more than 58 degree programs. In addition, there are 20 graduate degree programs and five doctoral degrees. They average a placement rate of approximately 96 percent overall for their graduates. 23917233 23917233 Student Aid & Expenses - University of Mary offers various types of financial assistance to students including federal, state, and private programs as well as other forms of student aid and work programs. During the current year, 2,567 students received some type of academic student aid and 361 students received athletic student aid. In addition, 107 international students received student aid. 9897826 11908867 Auxiliary Activities: Auxiliary activities includes all student housing and food services including the cost of residence halls, student apartments, and student transportation service. The University of Mary also has a university store, cafeterias, snack bar and coffee shop. 24686123 84838 4109254 Educational Plant Operations, Financial Affairs, General Institutional, Public Affairs, Enrollment Services, and all other services including General Administration, Academic Affairs, Student Development, and Student Senate. 24686123 84838 4109254 83192743 1 1 0 1 0 1 0 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 0 0 1 1 0 1 1 1 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 1 176 0 1 1397 1 1 1 1 IT 0 0 0 1 1 0 0 0 0 0 0 X 29 26 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 1 1 MN CO NV OK WA NY X Matthew Zimmermann 7013558303 7500 University Dr Bismarck ND 58504 X Matthew Dan Butler Chair 1.00 0.00 X X 0 0 0 Monsignor James P Shea President (See Sch O for details) 40.00 0.00 X X 200805 0 28813 Sister Nicole Kunze Prioress, President 1.00 40.00 X X 0 0 0 Tim Hennessy Vice Chair 1.00 0.00 X X 0 0 0 Sister Agatha Muggli Secretary 1.00 0.00 X X 0 0 0 Schaan Barth Esq Trustee 1.00 0.00 X 0 0 0 Dr Ryan Capouch Trustee 1.00 0.00 X 0 0 0 Senator Kevin Cramer Trustee 1.00 0.00 X 0 0 0 Tom Engelhardt Trustee 1.00 0.00 X 0 0 0 Dr Tara Feil Trustee 1.00 0.00 X 0 0 0 Jackie Gibney Trustee 1.00 0.00 X 0 0 0 Trevor Hastings Trustee 1.00 0.00 X 0 0 0 Dr Michael Naughton Trustee 1.00 0.00 X 0 0 0 Reed Reyman Trustee 1.00 0.00 X 0 0 0 Connie Tharaldson Trustee 1.00 0.00 X 0 0 0 Chris Baumgartner Trustee 1.00 0.00 X 0 0 0 David Ehlis Trustee 1.00 0.00 X 0 0 0 Congresswoman Julie Liffrig Fedorchak - Trustee 1.00 0.00 X 0 0 0 Sister JoAnn Krebsbach Trustee 1.00 0.00 X 0 0 0 Sister Nancy Miller Trustee 1.00 0.00 X 0 0 0 Sister Rosanne Zastoupil Trustee 1.00 0.00 X 0 0 0 Al Anderson Trustee 1.00 0.00 X 0 0 0 Sister Rosemary DeGracia Trustee 1.00 0.00 X 0 0 0 Shelly Lambertz Trustee as of May 2025 1.00 0.00 X 0 0 0 Rondi McGovern Trustee 1.00 0.00 X 0 0 0 Dr Jonathan Reyes Trustee 1.00 0.00 X 0 0 0 Monsignor Greg Schlesselmann Trustee 1.00 0.00 X 0 0 0 Laurie Steffes Trustee 1.00 0.00 X 0 0 0 Michael Appert Trustee 1.00 0.00 X 0 0 0 Bill Daniel Trustee until May 2025 1.00 0.00 X 0 0 0 Scott Davis Trustee until May 2025 1.00 0.00 X 0 0 0 Jerome Richter Executive Vice President 40.00 0.00 X 195420 0 38212 Christi Schaefbauer VP for Financial Affairs (July) 40.00 0.00 X 100736 0 17865 Brent Winiger - Interim VP for Financial Affairs (Aug-Feb) 40.00 0.00 X 57636 0 56 Matthew Zimmermann - VP for Financial Affairs (as of March) 40.00 0.00 X 0 0 0 Diane Fladeland VP of Academic Affairs 40.00 0.00 X 171013 0 25400 Mary Dockter Dean, College of Health Professions 40.00 0.00 X 144107 0 24597 Brenda Tufte - Associate Dean of Edu. & Behavioral Sciences 40.00 0.00 X 145826 0 23906 Karel Sovak - Dean Gary Tharaldson School of Business 40.00 0.00 X 152958 0 10999 Rod Jonas-Dean of Liffrig Fam School of Edu. & Behavioral Sciences 40.00 0.00 X 142420 0 19980 1310921 0 189828 54 0 1 0 Compass Group USA Inc 5375 Creekside Place Lacrosse WI 54601 Dining Services 5456259 Dynamic Campus Solutions Inc 2806 Flintrock Trce Ste 205 Austin TX 787381746 IT Services 2796341 I&S Group 115 E Hickory St Ste 300 Mankato MN 56001 Professional Services-Eng/Arch 1292727 Eide Bailly LLP 1730 Burnt Boat Lp Ste 100 Bismarck ND 585021914 Professional Services-Accountant 608447 Jenzabar Inc PO Box 845588 Boston MA 022845588 Software Maintenance 536149 20 1832240 930669 14844591 235250 17607500 Student Tuition & Fees 611600 73007370 73007370 Auxiliary Enterprises 611600 11908867 11908867 Other 611600 4240997 4223243 17754 89157234 2662052 2662052 2337872 71905 2265967 2265967 2265967 59160 1832240 99473 -40313 -40313 40320 8500 31820 31820 2193962 2325705 -131743 -131743 111552517 89007737 17754 4919526 84838 84838 23917233 23917233 620894 454798 166096 121517 121517 30736150 28801256 505054 1429840 1754565 1608440 29972 116153 4567052 3623479 727448 216125 2309668 2156108 47727 105833 332169 332169 107803 107803 6080 6080 3877851 1054773 2725830 97248 2444821 439271 2005550 2428645 1478601 297539 652505 1760493 250662 1509831 2921057 2664722 256335 1410162 1408650 610 902 579407 510886 62638 5883 1323441 1323441 5584504 4420962 1163542 46113 13744 32369 Dining Services 5934079 5934079 Activities Expense 3702069 2676664 147026 878379 Repairs & Maintenance 1001592 778461 223131 Foreign Campus 258283 258283 699350 529236 150153 19961 98529836 83192743 9808714 5528379 X 41124 43320 14991926 21044423 26599427 23634833 8411101 8096199 28000 35500 573127 716099 906474 517915 182835479 75949462 106252299 106886017 79507078 89595265 3590842 3953569 1641147 1829430 242542545 256352570 6638491 7964908 99906 9926 8921886 8551844 27335724 25961076 499488 528565 0 3852945 1958898 5046133 4608387 52394573 49583604 X 85923790 90129901 104224182 116639065 190147972 206768966 242542545 256352570 X 13022681 3726489 -128176 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 6080 0 0 6080 0 Part II-B, Line 1: Dakota Strategies (Shane Goebel) visited with state legislatures regarding bills that impact the University. 2 0 66163 1333832 1 1 179133 X X 0 0 1 X 75162860 2976433 7229503 2838541 82530255 68580504 3165293 6041097 2624034 75162860 62775233 4313119 3940983 2448831 68580504 68726392 3969092 -7154839 2765412 62775233 55238936 2431891 13405920 2350355 68726392 0.06300 0.72420 0.21280 0 0 3114050 3114050 145833096 58418403 87414693 11793764 6219130 5574634 12310102 11311929 998173 1542729 8241738 9784467 106886017 Annuities Payable 915905 Government Grants Refundable 1043022 Unitrust Payments Due Grantors 1125396 Lease Liability - operating lease 677038 Lease Liability - financing lease 847026 4608387 X 117665795 3726489 189260 -128176 3787573 113878222 -2325705 -2325705 111552517 101044801 189260 2325705 2514965 98529836 0 98529836 Part III, Line 4: All gifts are subject to prior review and approval by the board. Gifts received help to further higher education by serving academic, religious, and cultural needs of the students. Part IV, Line 2b: University of Mary chartered clubs, student academic associations, and approved faculty and staff associations have established university agency accounts. Part V, Line 4: Permanently Restricted and Board Restricted Endowments - Income from these funds is used to help further the exempt purpose of the university. Loan Fund Endowments - Used to loan students money on a short term basis until financial aid comes through. Typically, the loans are only outstanding for a week or so. Family Fund Endowments - To benefit various non-profit organizations specified by the donor including the university. Part X, Line 2: The University believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The entity would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 2d - Other Adjustments: Actuarial Gains/(Losses) - Unitrust 8,500. Actuarial Gains/(Losses) - Annuities -136,676. Part XI, Line 4b - Other Adjustments: Cost of Sales Expense Recorded in Revenues for Tax Return -2,325,705. Part XII, Line 2d - Other Adjustments: Cost of Sales Expense Recorded in Revenues for Tax Return 2,325,705. Schedule D, Part I: See Schedule I for additional information. 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 has a comprehensive statement on nondiscrimination on its public website: www.umary.edu. Schedule E, Part I, Line 6 The University receives Title IV funds and trio funds and administers the use of those funds. Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 1 3 Foreign University Campus University Studies 802000 1 3 0 0 1 3 802000 0 802000 0 0 0 0 0 0 Part I, line 3: Accrual Basis Accounting Golf Tournament 34350 9990 24360 14644 Gala 1857050 1822250 34800 31151 41533 1200 10945 1891400 1832240 59160 31151 14644 41533 1200 10945 99473 -40313 40320 8500 0 40320 8500 8500 31820 ND 0 The University of Mary conducts a one time raffle and is not required to obtain a gaming license to conduct the raffle. The state of North Dakota requires that a permit be obtained to conduct raffles and University of Mary has obtained all necessary permits. 0 0 0 1.00000 Shannon Frey 7500 University Drive Bismarck ND 58504 0 Elijah Stewart 55515 Manages the sale of raffle tickets and the delivery of prizes.Compensation reported is Elijah's full compensation for fiscal year 2025. X 0 1 Roman Catholic Church of the Diocese of Phoenix 400 E Monroe Phoenix AZ 85004 860223974 501c3 10000 0 General Operating FIRE Foundation of Denver 655 Front Range Rd Littleton CO 80120 863861726 501c3 10000 0 General Operating Bismarck Mandan Chamber Foundation 1640 Burnt Boat Dr Bismarck ND 58501 263807225 501c3 5838 0 General Operating 3 0 Volleyball 17 221569 Women's Tennis 6 95818 Women's Softball 25 228200 Football 95 912263 Wrestling 31 248583 Catholic Bishop's Scholarship 9 54301 Men's Basketball 16 311803 Women's Basketball 13 313234 Men's Track 25 263600 Women's Track 31 366357 Baseball 36 171750 Women's Soccer 30 306979 Fifth Year 5 5000 Music 106 171559 Student Activities Scholarships 6 3000 National Guard Waiver 7 14047 Military Scholarship 93 307608 Veteran's Yellow Ribbon 7 17194 Presidential 1690 12856562 Catholic Scholars 159 1210401 Honors Day 4 24245 Catholic Educators 34 89090 SSS Merit Scholarship 110 39000 Family Legacy Scholarship 2 5023 Newman Scholars Scholarship 7 6800 Phi Theta Kappa 25 164042 SSS Book Grant 133 9100 CIC - T&P 3 49850 Donated Scholarships 1 2500 Men's Golf 9 63500 Women's Golf 8 63700 Business Partnership Scholarship 56 51111 UM Need-Based Grant 395 1463773 Cultural Diversity Scholarship 6 106989 Newman Academic Scholarship 78 787055 Aquinas Scholarship 40 78334 Auxiliary Scholarship 30 6322 Community Commitment Scholarship 192 94686 Theodore Roosevelt Scholarship 58 68836 Catholic Non-Trad Graduate Scholarship 9 9468 Mystic Marauder Partnership 48 240289 Next Step Scholarship 17 17220 Vida Consecrate Scholarship 3 4000 Women's Swimming 20 124150 Capella Scholarship 19 177773 CHI Nursing Scholarship 56 563361 UMary Online Education Scholarship 36 80850 Trustees Scholarship 6 48000 Founders Scholarship 7 26000 Dean's Scholarship 11 26500 MBA Scholarship 53 210894 Applied Catholic Theology Masters 26 85500 Impact 20 86498 Hamm School of Engineering Scholarship 35 36250 Benedictine Hospitality Scholarship 4 28002 FOCUS Scholarship 9 121008 Leadership Institute Scholarship 16 61192 ASU Domestic Exchange 44 154676 2020 Directors Award 15 14500 UMary NW ND Scholarship 44 93941 NW ND GTSB Scholarship 15 27921 NAR - Scholarships 111 419154 Hope Grant 13 5742 Grant Expenses 8 560 Part I, Line 2: The University is contributing funds to charitable oganizations in accordance with endowment agreements that govern the distribution of the underlying funds. The University also verifies that the grants given to the charitable organization are for the benefit of individual students for scholarships. Form 990, Schedule I, Part III, Column (b) and (c): Due to the timing of our year-end and the summer semester, some scholarships are refunded in one fiscal year, but were awarded in the previous fiscal year. This results in credit balances for these grants. Form 990, Schedule I, Part III: Student awards, grants and loans are awarded on basis of need. Scholarships are awarded based upon need and academic or special achievements. X X 0 1 X X X 0 0 0 0 0 0 0 0 0 Jerome Richter Executive Vice President 195420 0 0 0 0 0 16232 0 22293 0 233945 0 0 0 Monsignor James P Shea President (See Sch O for details) 200664 0 141 0 0 0 16454 0 12672 0 229931 0 0 0 Diane Fladeland VP of Academic Affairs 171013 0 0 0 0 0 13457 0 12256 0 196726 0 0 0 Brenda Tufte - Associate Dean of Edu. & Behavioral Sciences 145826 0 0 0 0 0 10060 0 14095 0 169981 0 0 0 Mary Dockter Dean, College of Health Professions 144107 0 0 0 0 0 11952 0 12932 0 168991 0 0 0 Karel Sovak - Dean Gary Tharaldson School of Business 152958 0 0 0 0 0 10849 0 415 0 164222 0 0 0 Rod Jonas-Dean of Liffrig Fam School of Edu. & Behavioral Sciences 142420 0 0 0 0 0 11087 0 9163 0 162670 0 0 0 Part I, Line 1a The President is required to live in the President's House on campus. The President received various minor personal services for convenience such as automotive maintenance. These are nontaxable benefits and not reported as taxable compensation. The Board of Trustees, with the President's understanding and approval, has set his salary below market because he is a cleric. Part I, Line 1b In 2009, the Board of Trustees voted that it was in the interests and convenience of the University to maintain president's housing on campus and therefore established a residence for the president. A Burleigh County North Dakota 456002204 12139LAC6 2016-09-29 35000000 Education Facilities Revenue Bonds Series 2016 0 0 0 B Public Finance Authority 273866124 000000000 2020-11-19 5400000 School of Engineering & School of Health Sciences 0 0 0 A 12405000 35000000 2425431 1235603 795443 30543523 2017 0 0 1 1 B 1350000 5400000 99500 5300500 2022 0 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 0 0 0 1 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 A 1 B 0 Date Rebate Computation Performed Issuer Name: Burleigh County, North Dakota Date the Rebate Computation was Performed: 05/17/2021 Matthew Dan Butler Board Chair TE Public Bond/Construction X 5400000 4050000 0 1 1 4050000 Robyn Zeltinger Robyn Zeltinger is the daughter of board member Tim Hennessy 121517 Compensation 0 Schedule L, Part II: Matthew (Dan) Butler, Board Chair, is the bondholder on the $5,400,000 revenue bond issued by Public Finance Authority. X 13 156850 Avg Hi/Lo Value X 3 28250 Cost X Furniture 2 45200 Cost X Miscellaneous 4 4950 Cost 0 0 1 0 Part I, Column (b): Part I, column (b) represents the total number of contributions. Form 990, Part III, Line 1: It takes its tone from the commitment of the Sisters of Annunciation Monastery. These Sisters founded the University in 1959 and continue to sponsor it today. It is Christian, it is Catholic, and it is Benedictine. We cherish our Christian, Catholic, Benedictine identity; we welcome and serve persons of all faiths. We are faithfully Christian. As a Christian university, we strive to accomplish our mission in faithfulness to the Gospel of Jesus Christ. We regard each human person as created in the image and likeness of God, gifted with life and dignity. We seek to be agents of cultural renewal in our time and place, courageous advocates for justice and peace. Our Christian commitment is born from and sustained by the encounter of the Risen Lord, who came not to be served but to serve. As He humbly washed the feet of His disciples on the night before He died, so we seek to serve one another. We are faithfully Christian. We are joyfully Catholic. As a Catholic university, we joyfully draw our life from the heart of the Church, identifying with the ancient tradition which gave rise to the first universities in medieval Europe. This Catholic intellectual tradition proposes an integrated spiritual and philosophical approach to the most enduring questions of human life. Thus we seek to advance the vital dialogue between faith and reason, while acknowledging the proper autonomy of the arts, sciences, and professions. A university is a place for the free exchange of ideas, and so we warmly welcome students and faculty of many faiths and convictions. At the same time, our common discourse ever takes place in a spirit of authentic respect for Catholic teaching and practice. We acknowledge the Catholic faith as a path to moral integrity and personal holiness. We are joyfully Catholic. We are gratefully Benedictine. As a Benedictine university, we remember with gratitude the Benedictine Sisters who came to Dakota Territory in 1878, bringing ministries of teaching and healing. This community of Sisters would become our founders and sponsors and, through them, we share in the 1500-year-old heritage of the Benedictines. Inspired by lives of prayer, community, and service, Saint Benedict and his spiritual followers through the ages have been a stable source of tremendous good in the world: renewing the Church, preserving learning, cultivating wisdom, modeling humane virtues of balance and generosity. The life of our Sisters shapes our life. We are gratefully Benedictine. Form 990, Part III, line 2 Butler Center for Early Learning: Start date 06/01/2025. The center will accommodate approximately 70 to 80 children, from infants as young as eight weeks to children aged 12. The program will offer a high-quality, Montessori-inspired curriculum, rooted in Christian, Catholic, and Benedictine values, nurturing the mind, body, and soul of every child. Qualified Staff: The children in our care receive the attention they need from our certified teachers and caregivers. In addition, students and faculty from the University of Mary's education, behavioral sciences, and health sciences programs provide support for your child's individual needs. Our Focus: Embracing Childhood: Children journey through each stage of their development at their own pace. Using a Montessori curriculum, we provide the sensory-rich experiences children need to flourish. Partnerships with the University of Mary's Saint Gianna School of Health Sciences and the Liffrig Family School of Education and Behavioral Sciences enable us to offer on-site screening, referral, and intervention services to provide a uniquely holistic approach to early childhood education. Embracing Curiosity: The Butler Center for Early Learning promotes freedom for exploration and discovery. Our curriculum includes practical life activities, sensory experiences, math, language, literacy, art, music, and physical education. Embracing Faith: Central to our purpose is the cultivation of a personal friendship with Jesus and a deep love of learning inspired by an awe for God's Creation. Form 990, Part VI, Section A, line 1a The President of the University shall be an ex officio member of the Board of Trustees. The President shall not vote on matters concerning or related to 1) the appointment of a successor, 2) the President's compensation, or 3) matters affecting the President's own interest, in accordance with Article X, Section 2, of the University's Bylaws. The President shall cease to be a trustee when no longer holding that position. Form 990, Part VI, Section A, line 1a Standing Committees: The corporation shall establish and maintain as standing committees a Trusteeship Committee, an Audit Committee, a Public Affairs and Mission Advancement Committee, and an Executive Committee. A. Trusteeship Committee: The Trusteeship Committee shall be appointed annually by the President of the Board (prioress). The committee shall consist of four (4) trustees, which includes the president of the university as an ex-officio member of the committee. Such trusteeship committee shall recommend to the corporate membership names and qualifications for consideration to fill any positions on the board of trustees. After approval by the corporate membership, the trusteeship committee submits to the board of trustees nominees for election to the board. In addition, the committee shall recommend to the board a slate of candidates for chair, vice chair, and secretary. A majority vote of the total board of trustees currently serving is required for election of a trustee or an officer. The committee shall develop and administer a program of orientation for newly appointed trustees. B. Executive Committee: The chair of the board of trustees, in consultation with the president of the board (prioress), the president of the university, and other trustees shall appoint the executive committee at the annual meeting. The executive committee shall consist of nine (9) trustees, to include the chair of the board, the president of the board (prioress), four additional members of the corporation and three additional trustees. Serving as the principal liaison to the board of trustees, the president of the university shall be present ex officio without a vote and not to be counted for a quorum. A quorum of the executive committee is a majority of the trustees serving on the executive committee. To constitute a valid quorum, the quorum must include four (4) members of the corporation. A quorum of the executive committee is required to transact business. If a quorum is not present at a meeting, a majority of those present may adjourn the meeting without further notice. The executive committee shall meet as often as necessary to conduct its business as determined by the chair and the president of the university. There shall be at least two (2) regular meetings of the executive committee annually. In collaboration with the president of the university, the duties of the executive committee shall include the following: -Making decisions that have been delegated by the full board -Taking action on emergency matters which cannot or should not be deferred to the board's next scheduled meeting -Performing initial assessment of the President of the University annually -Performing such duties as described in its statement of operation The Executive Committee shall act on behalf of the board between meetings except on the following matters: -Selection and appointment of the President of the University -Selection of trustees and officers -Adoption of the annual budget -Conferral of degrees -Exercise of those powers reserved by the members of the corporation as provided in Article V. Section 3 of the University's bylaws Other Committees: After consultation and recommendation of the Board of Trustees, the Chair of the Board of Trustees shall designate and appoint committees to facilitate the actions of the Board of Trustees, enabling it to function more efficiently and effectively. Each committee shall have, subject to the approval of the Board of Trustees, a statement of operation prescribing the purposes, goals and responsibilities of the committee. Other committees that currently exist are: -Investment Committee -Finance Committee -Enrollment Services Committee -Academic Affairs and Student Life Committee -Public Affairs and Mission Advancement Committee Form 990, Part VI, Section A, line 6 Members - Membership of the corporation shall consist of those sisters serving in the sponsorship group as established from time to time by the monastic community known as the Benedictine Sisters of the Annunciation, BMV, who have made their perpetual monastic profession. Form 990, Part VI, Section A, line 7a Powers shared with Board of Trustees - The following reserved powers shall be exercised by the members of the corporation and the board of trustees. The power of the board to act on any of these matters is subject to the requirement that the members of the corporation shall approve such action prior to the submission of the matter to a vote of the board of trustees. A. To approve any person to be elected to serve on the board of trustees or to remove any trustee if this action is indicated. B. To approve a new candidate appointed to serve as president of the university. Form 990, Part VI, Section A, line 7b Powers Reserved to Corporation Members - Exercise of the following powers shall be reserved solely to corporation members to: A. Approve any change in the sponsorship, reserved powers or mission of the university as an institution founded on christian, catholic, and benedictine tradition. B. Approve the sale or encumbrance of all or substantially all of the assets or property of the corporation. C. Approve the merger, liquidation or dissolution of the corporation. D. Amend, alter or repeal the articles of incorporation or the bylaws of the corporation. E. Change the name of the corporation. Form 990, Part VI, Section B, line 11b Upon receipt of the draft Form 990, the organization will review the 990 and provide a public disclosure copy to the board for review. The board comments are provided to the organization and any resulting changes are included in the final Form 990. Form 990, Part VI, Section B, line 12c The board of directors completes a conflict of interest questionnaire each year. No member, trustee, officers or committee member shall be disqualified from holding any position by reason of any interest, but any conflict of interest must be disclosed to the board of trustees at the earliest practical time. A member, trustee, officer or committee member shall be considered to have a conflict of interest if such person (a) has an existing or potential financial or other interest which impairs or might reasonably appear to impair such person's independent unbiased judgment in the discharge of responsibilities to the corporation, or (b) is aware that an immediate family member or any organization in which such person, or an immediate family member, is an officer, director, employee, member, partner, trustee, or controlling stockholder has such existing or potential financial interests. A trustee does not have a conflict of interest in acting on a resolution fixing the compensation of any trustee, officer, employee, or agent of the corporation. No member, trustee or committee member shall vote on any matter under consideration in which such person has a conflict of interest, and shall not be counted as a part of the quorum for the vote on the matter. The minutes of such meeting shall reflect that a disclosure was made and that the person abstained from voting. Any member, trustee or committee member who is uncertain whether there is a conflict of interest in any matter may request the membership, the board or committee to determine whether a conflict of interest exists and resolve the question by majority vote. Form 990, Part VI, Section B, line 15a The president's salary is reviewed annually by the independent board. The University uses the Jaffe Salary Survey as well as CUPA Salary Reports (College and University Professional Association) to obtain comparable data from other midwestern universities. The information is documented in a letter noting that the board has accepted and approved the salary change. The top financial official's salary is currently reviewed and approved by the president annually. The same Jaffe Salary Survey and CUPA Salary Report is used for comparable data. The percentage increase is documented in an employment contract, but not in the board meeting minutes. Form 990, Part VI, Section C, line 19 The University provides its governing documents, conflict of interest policy and financial statements upon specific request. Form 990, Part VII - President Salary Below Market Value: The President, Monsignor James P. Shea, is required to live in a residence at the campus. The Board of Trustees, with his understanding and approval, has set his salary below market because he is a cleric. Form 990, Part X, Line 22: The Public Finance Authority bond is a $5,400,000 Revenue Bond issued by various counties in Wisconsin. The Issuer loaned the proceeds of the bond to the University of Mary pursuant to a loan agreement dated November 29, 2020. Interest on the bond is 2.00% due on May 19 and November 2019 of each year, commencing May 19, 2021. Principal on the bond in due on November 19, 2030. The note is secured by specific promises to give. The bondholder is related party. We have reclassified the related party note from line 22 to line 20, tax exempt bonds. Form 990, Part XI, line 9: Actuarial Losses - Annuities -136,676. Actuarial Gains - Unitrusts 8,500. Benedictine Sisters of the Annunciation BMV 7520 University Drive Bismarck ND 58504 450261530 Religious Purposes ND 501(c)(3) Line 1 N/A 0 Ministry on the Margins 201 N 24th Street Bismarck ND 58501 813452507 Religious and Charitable Purposes ND 501(c)(3) Line 7 Benedictine Sisters of the Annunciation BMV 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0