2024-03-18T17:03:22-05:00 2023-06-30 366055558 GRANT THORNTON LLP 75 STATE ST 13TH FLOOR BOSTON MA 02109 990 2022-07-01 953127273 WESTERN UNIVERSITY OF HEALTH SCIENCES WEST 9096236116 309 E SECOND STREET POMONA CA 917661854 JOSHUA MCFARLEN CFO 9096236116 2024-03-18 1 JOSHUA MCFARLEN 999009999 0 ERIN COUTURE P01390592 6177237900 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ROBIN FARIAS-EISNER 309 E SECOND STREET POMONA CA 917661854 612375366 0 X WWW.WESTERNU.EDU X 1977 CA TO PRODUCE, IN A HUMANISTIC TRADITION, HEALTH CARE PROFESSIONALS AND (CONT. ON SCH. O) BIOMEDICAL KNOWLEDGE THAT WILL ENHANCE AND EXTEND THE QUALITY OF LIFE IN OUR COMMUNITIES. 19 19 1918 240 76233 54012 23101352 22653134 214911228 221382172 12802069 3909724 2802327 5379732 253616976 253324762 6197818 5207031 0 0 142725234 150930929 0 0 2794072 73916387 80265766 222839439 236403726 30777537 16921036 538844634 546254576 286874319 267045391 251970315 279209185 TO PRODUCE, IN A HUMANISTIC TRADITION, HEALTH CARE PROFESSIONALS AND BIOMEDICAL KNOWLEDGE THAT WILL ENHANCE AND EXTEND THE QUALITY OF LIFE IN OUR COMMUNITIES. 0 0 174905791 5207031 209991386 WESTERN UNIVERSITY OF HEALTH SCIENCES IS ONE OF THE LARGEST GRADUATE UNIVERSITIES FOR THE HEALTH PROFESSIONS IN THE WESTERN UNITED STATES. WESTERN UNIVERSITY CONFERS DEGREES FOR PHYSICIANS, PHARMACISTS, NURSES, PHYSICIAN ASSISTANTS, PHYSICAL THERAPISTS, VETERINARIANS, DENTISTS, PODIATRISTS, OPTOMETRISTS, AND RESEARCHERS. 15262067 15751633 WESTERNU HEALTH CLINICS WERE FOUNDED BY WESTERN UNIVERSITY OF HEALTH SCIENCES IN 2008 AS ACADEMIC MEDICAL CENTERS. AS A TEACHING FACILITY, WESTERNU HEALTH SERVES RESIDENTS AS WELL AS TEACHING STAFF AND STUDENTS IN SOUTHERN CALIFORNIA AND PORTLAND AREAS. WESTERNU HEALTH WAS ESTABLISHED TO PROVIDE TEACHING, MEDICAL SERVICES, AND RESEARCH IN SPECIALTY AREAS INCLUDING EYE CARE, DENTAL CARE, PHARMACY, AND MANY MORE. 190167858 1 1 0 1 0 0 0 1 0 1 1 1 0 1 1 1 0 1 1 0 0 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 1 1 1 0 0 1 973 0 1 1918 1 1 1 0 0 0 0 1 1 0 0 0 0 1 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA OR X X JOSHUA MCFARLEN 9096236116 309 EAST SECOND STREET POMONA CA 917661854 ROBIN FARIAS-EISNER PRESIDENT 40.00 0.00 X 1141578 0 22915 DANIEL WILSON PROFESSOR 40.00 0.00 X 993569 0 42573 DEVENDRA AGRAWAL DIR. TRANSLATIONAL RESEARCH/PROF. 40.00 0.00 X 497398 0 37797 DAVID BARON PROFESSOR 40.00 0.00 X 431407 0 38640 CLIVE HOUSTON-BROWN COO 40.00 0.00 X 416959 0 43811 PAULA CRONE PROVOST & CHIEF ACADEMIC OFFICER 40.00 0.00 X 417321 0 38566 DAVID CONNETT ACTING DEAN COMP 40.00 0.00 X 403678 0 33762 JEFFREY ELO PROF/ADVANCED CLINICAL SERVICES 40.00 0.00 X 355748 0 48551 ROBERT WARREN ASC. PRVST CLNCL AFFAIRS/ASC. PROF 40.00 0.00 X 350538 0 36395 STEPHEN FRIEDRICHSEN DEAN COL OF DENTISTRY (THRU 08/2022) 40.00 0.00 X 351744 0 28911 PHILIP NELSON DEAN VETERINARY MED (THRU 08/2022) 40.00 0.00 X 308545 0 33315 SUNIL PRABHU DEAN PHARMACY 40.00 0.00 X 294815 0 36436 DIANE ABRAHAM SVP UNIV. ADVANCEMENT (THRU 09/2022) 40.00 0.00 X 294215 0 30426 JOSHUA MCFARLEN CFO & TREASURER 40.00 0.00 X 269646 0 29222 BRADLEY HENSON INTERIM SVP RESEARCH 40.00 0.00 X 265256 0 30858 ELIZABETH ANDREWS DEAN COL OF DENTISTRY (AS OF 08/2022) 40.00 0.00 X 255898 0 29990 JOHN TEGZES INTERIM DEAN VET MED (AS OF 09/2022) 40.00 0.00 X 252873 0 25612 DANIEL ROBINSON PROFESSOR (THRU 06/2022) 40.00 0.00 X 166072 0 15598 ART ANTIN MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 DAN G ALDRICH III PHD MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 RICHARD BOND MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 THE HON CONSUELO CALLAHAN MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 TONY CHAN MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 MIN CUI PHD MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 KELLY G DAY MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 JOHN FORBING MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 JAMES LALLY DO MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 MICHAEL A OKATY JD LLM MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 NATE OUBRE MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 DIANNE PHILIBOSIAN PHD MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 ROB RICHARDSON DO MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 SEAN P STANTON MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 ELIZABETH ZAMORA MEMBER-AT-LARGE 1.00 0.00 X 0 0 0 JEFFREY HEATHERINGTON SECRETARY(AS OF 8/2022) 1.00 0.00 X 0 0 0 MICHAEL COWGILLESQ MEMBER-AT-LARGE(AS OF 10/2022) 1.00 0.00 X 0 0 0 CATHERINE MATER MEMBER-AT-LARGE(AS OF 10/2022) 1.00 0.00 X 0 0 0 HEATHER MCDANIEL MEMBER-AT-LARGE(AS OF 10/2022) 1.00 0.00 X 0 0 0 7467260 0 603378 427 1 1 0 NHPPMB LP 10350 ORMBSY PARK PLACE SUITE 300 LOUISVILLE KY 40223 LEASE MANAGEMENT 3588423 SAMARITAN HEALTH SERVICES INC 801 N HARBOR BLVD ANAHEIM CA 92805 LEASE MANAGEMENT 2489958 ABM SERVICES INC 165 TECHNOLOGY AVE IRVINE CA 92618 JANITORIAL 1385146 JSB BUILDERS 17910 SKY PARK CIRCLE SUITE 200 IRVINE CA 92614 CONSTRUCTION 1208260 NELSON HCS INC 1340 REYNOLDS AVE IRVINE CA 92614 CONSTRUCTION 1064144 137 8672911 13980223 97485 22653134 TUITION REVENUE 611710 205630538 205630538 MEDICAL CLINIC REVENUE 621400 11635551 11635551 BOOKSTORE REVENUE 621400 2149738 2149738 STUDENT FEES 611710 1966345 1966345 221382172 4588416 4588416 1018885 0 1018885 1018885 1018885 358371912 359050604 -678692 -678692 76233 -754925 OUTSIDE REVENUE 058633 2169287 2169287 OTHER EDUCATIONAL REV. 900099 1153368 1153368 CONTINUING EDUCATION 611710 151199 151199 886993 886993 4360847 253324762 225743019 76233 4852376 5207031 5207031 5129957 2452822 2677135 1448984 460727 988257 114936112 97458167 15809858 1668087 7277799 6011479 1166415 99905 13833298 11426337 2217066 189895 8304779 6859767 1331009 114003 1520088 94054 1426034 473292 473292 79829 26554 53275 445500 445500 10502899 6317454 4045201 140244 1588998 472522 1101843 14633 2056555 1387380 609066 60109 4845321 3169878 1596019 79424 12496029 10327977 1996346 171706 3382320 2760439 583541 38340 1404120 1085239 303766 15115 4489506 3694883 743879 50744 8425892 6931050 1399374 95468 2110392 1444 2108948 ROTATIONS EXPENSE 7654857 7654857 MED/LAB/STDNT SUPPLIES 4299728 4295708 3905 115 REPAIRS AND MAINTENANCE 4149058 3015944 1097642 35472 COST OF GOODS SOLD 3109033 3109033 7232349 5947112 1264425 20812 236403726 190167858 43441796 2794072 8788565 6578942 326399 313424 7594724 5287196 41490644 44990378 848802 711697 3462952 2551717 261945202 123632943 138652364 138312259 112732596 126791876 151477264 155810932 73470324 64906155 538844634 546254576 34952337 33492940 26289631 26278457 87435901 83126589 138196450 124147405 286874319 267045391 X 222802286 240231045 29168029 38978140 251970315 279209185 538844634 546254576 X 16921036 4815652 5502182 X 0 1 X 1 1 1 X 7925299 11319398 11944496 23101352 22653134 76943679 7925299 11319398 11944496 23101352 22653134 76943679 14292205 62651474 5656565 5309574 2321362 7221957 5607301 26116759 791014 456410 24610 1366895 3207481 5846410 108906848 1052768106 0.57530 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OUTSIDE REVENUE - 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 2,169,287. STAFF PARKING - 2018 AMOUNT: $ 415,278. 2019 AMOUNT: $ 405,635. 2020 AMOUNT: $ 24,610. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 263,191. GAIN ON INVOLUNTARY COVERSION - 2018 AMOUNT: $ 293,161. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. GROSS FUNDRAISING - 2018 AMOUNT: $ 82,575. 2019 AMOUNT: $ 50,775. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. ALL OTHER REVENUE - 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 1,366,895. 2022 AMOUNT: $ 775,003. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 79829 79829 0 PART II-B, LINE 1: THE UNIVERSITY PAID LOBBYING EXPENSES THROUGH MEMBERSHIP DUES OR SERVICES PAID TO OUTSIDE ORGANIZATIONS. THE LOBBYING EXPENSES WERE USED TO EXPAND OSTEOPATHIC AND/OR OTHER MEDICAL AWARENESS. X 0 59131707 826738 3674621 764196 332300 62536570 64037245 5540733 -9445336 686968 313967 59131707 50437222 1266665 13217394 647525 236511 64037245 48347507 2771703 2276494 619175 2339307 50437222 43205253 5025701 2630892 421743 2092596 48347507 0.66000 0.24000 0.10000 0 0 3002960 6914148 9917108 126397754 44192683 82205071 58912375 26136893 32775482 64055667 51325112 12730555 2662298 1978255 684043 138312259 CORPORATE AND GOVERNMENT BONDS 153779605 F CERTIFICATE OF DEPOSITS 1634050 F CASH SURRENDER VALUE OF LIFE INS. 358677 F EQUITIES 38600 F 155810932 LEASE RIGHT-OF-USE ASSETS 62448380 NET CAMPUS NETWORK INSTALLATION 2457775 64906155 CAPITAL LEASE OBLIGATION 68107609 FEDERAL STUDENT LOAN FUNDS 46809543 BOND ISSUE SWAP LIABILITY 7605884 LIABILITY ON SPLIT-INTEREST AGREEMENT 619928 DEPOSITS FOR AGENCY FUNDS 663521 ACCRUED BOND INTEREST PAYABLE 340920 124147405 X PART III, LINE 4: COLLECTIONS OF ART, HISTORICAL TREASURES, OR OTHER SIMILAR ASSETS WESTERNU HAS RECEIVED DISNEY COLLECTIBLE ITEMS, WHICH ARE MAINTAINED AT ONE OF THEIR CAMPUSES AS PUBLIC DISPLAY ITEMS. PART V, LINE 4: INTENDED USES OF ORGANIZATION'S ENDOWMENT FUNDS THE INVESTMENT OBJECTIVES FOR THE MANAGEMENT OF ENDOWMENT ASSETS ARE TO MANAGE CONTRIBUTIONS IN A MANNER THAT WILL MAXIMIZE THE BENEFIT INTENDED BY THE DONOR, TO PRODUCE CURRENT INCOME TO SUPPORT THE PROGRAMS OF THE UNIVERSITY, DONOR OBJECTIVES, AND TO ACHIEVE GROWTH OF BOTH PRINCIPAL VALUE AND INCOME OVER TIME SUFFICIENT TO PRESERVE OR INCREASE THE PURCHASING POWER OF THE ASSETS, THUS PROTECTING THE ASSETS AGAINST INFLATION. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE UNIVERSITY HAS BEEN RECOGNIZED BY THE CALIFORNIA FRANCHISE TAX BOARD AS A UNIVERSITY THAT IS EXEMPT FROM CALIFORNIA FRANCHISE AND INCOME TAXES UNDER SECTION 23701(D) OF THE CALIFORNIA REVENUE AND TAXATION CODE AND IS ALSO EXEMPT FROM OREGON INCOME TAXES UNDER THE RELATED STATE PROVISIONS. THE UNIVERSITY HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE UNIVERSITY HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE UNIVERSITY FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. 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 RACIALLY NON-DISCRIMINATORY POLICY IS CLEARLY STATED ON WESTERN UNIVERSITY'S WEBSITE IN THE UNIVERSITY CATALOG. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES STUDENT FINANCIAL AID FUNDS WHICH ARE PASSED THROUGH TO THE STUDENT TO BE USED FOR TUITION AND OTHER QUALIFYING COSTS. THE UNIVERSITY ALSO RECEIVES VARIOUS RESEARCH GRANTS FROM STATE AND FEDERAL AGENCIES TO CONDUCT MEDICAL RESEARCH ACTIVITIES, WHICH ARE WITHIN THE SCOPE OF THEIR EXEMPT PURPOSE. 1 SCHOLARSHIPS 440 5207031 PART I, LINE 2: PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS GRANTS ARE PUT INTO A SEPARATE AND UNIQUE FUND AND THE EXPENDITURES ARE MONITORED AGAINST THE PROPOSAL AND AWARD. WESTERN UNIVERSITY MANAGES AN EXTENSIVE FINANCIAL AID PROGRAM TO ENSURE THAT A HIGHLY QUALIFIED AND DIVERSE POPULATION IS ABLE TO MATRICULATE AND CONTINUE TO GRADUATION. THE ASSISTANCE PROGRAMS TAKE TWO MAJOR FORMS: MERIT SCHOLARSHIPS AND NEED-BASED FINANCIAL AID. THE STUDENT FIRST APPLIES FOR ASSISTANCE, AND THEN BASED ON THE GRANT CRITERIA (FINANCIAL AND ENROLLMENT), THE FINANCIAL AID DEPARTMENT MONITORS THE AMOUNTS GIVEN BY THE GRANT. GRANT AND SCHOLARSHIP AWARD COMMITTEES AWARD THE RECIPIENTS. 1 X X X X X 0 1 0 0 0 0 0 1 0 ROBIN FARIAS-EISNER PRESIDENT 1070000 0 42872 0 28706 0 22251 0 664 0 1164493 0 0 0 DANIEL WILSON PROFESSOR 706020 0 0 0 287549 0 22875 0 19698 0 1036142 0 250000 0 DEVENDRA AGRAWAL DIR. TRANSLATIONAL RESEARCH/PROF. 480395 0 13269 0 3734 0 22875 0 14922 0 535195 0 0 0 DAVID BARON PROFESSOR 427673 0 0 0 3734 0 22875 0 15765 0 470047 0 0 0 CLIVE HOUSTON-BROWN COO 413225 0 0 0 3734 0 22875 0 20936 0 460770 0 0 0 PAULA CRONE PROVOST & CHIEF ACADEMIC OFFICER 416057 0 0 0 1264 0 22875 0 15691 0 455887 0 0 0 DAVID CONNETT ACTING DEAN COMP 398481 0 1213 0 3984 0 22875 0 10887 0 437440 0 0 0 JEFFREY ELO PROF/ADVANCED CLINICAL SERVICES 345157 0 10000 0 591 0 22875 0 25676 0 404299 0 0 0 ROBERT WARREN ASC. PRVST CLNCL AFFAIRS/ASC. PROF 349862 0 0 0 676 0 22875 0 13520 0 386933 0 0 0 STEPHEN FRIEDRICHSEN DEAN COL OF DENTISTRY (THRU 08/2022) 278882 0 0 0 72862 0 22875 0 6036 0 380655 0 0 0 PHILIP NELSON DEAN VETERINARY MED (THRU 08/2022) 304811 0 0 0 3734 0 22875 0 10440 0 341860 0 0 0 SUNIL PRABHU DEAN PHARMACY 293559 0 0 0 1256 0 22773 0 13663 0 331251 0 0 0 DIANE ABRAHAM SVP UNIV. ADVANCEMENT (THRU 09/2022) 234591 0 0 0 59624 0 22251 0 8175 0 324641 0 0 0 JOSHUA MCFARLEN CFO & TREASURER 219421 0 50000 0 225 0 3473 0 25749 0 298868 0 0 0 BRADLEY HENSON INTERIM SVP RESEARCH 264829 0 0 0 427 0 20425 0 10433 0 296114 0 0 0 ELIZABETH ANDREWS DEAN COL OF DENTISTRY (AS OF 08/2022 253715 0 500 0 1683 0 19579 0 10411 0 285888 0 0 0 JOHN TEGZES INTERIM DEAN VET MED (AS OF 09/2022) 251182 0 0 0 1691 0 19117 0 6495 0 278485 0 0 0 DANIEL ROBINSON PROFESSOR (THRU 06/2022) 121250 0 0 0 44822 0 12342 0 3256 0 181670 0 0 0 PART I, LINE 4B THE PRESIDENT EMERTIUS, DANIEL WILSON RECEIVED A PAYMENT FROM A 457(F) DEFERRED COMPENSATION ARRANGEMENT. THIS AMOUNT IS INCLUDED IN SCHEDULE J, PART I, COLUMN (B)(III). AMOUNTS PREVIOUSLY DEFERRED UNDER THE PLAN ARE INCLUDED IN SCHEDULE J, PART I, COLUMN (F). PART I, LINE 7: THE PRESIDENT, ROBIN FARIAS-EISNER RECEIVED A BONUS AS PART OF HIS EMPLOYMENT CONTRACT. THE CFO & TREASURER, JOSHUA MCFARLEN, RECEIVED A BONUS FOR RETENTION AND PERFORMANCE INCENTIVES. OTHER LISTED INDIVIDUAL RECEIVED BONUSES BASED ON PERFORMANCE AND OTHER FACTORS. BONUSES WERE REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES AND ARE REPORT IN SCHEDULE J, PART II, COLUMN B(II). A CA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY 680164610 13080SK52 2007-10-17 104900000 SEE PART VI 0 0 0 A 105350895 3904806 1914207 1648135 69450895 28432852 2009 1 1 1 1 A 0 0 1 1 0 0.00000 0.00000 0 0 1 A 0 0 0 1 1 1 WELLS FARGO BANK 30.600000000000 1 0 0 0 0 A 1 PART 1, LINE 1: THE PROCEEDS FROM THE BONDS ISSUED ON 10/17/2007 WERE USED BY THE UNIVERSITY FOR THE PURPOSES OF FINANCING THE ACQUISITION, CONSTRUCTIONS, IMPROVEMENT, EXPANSION AND EQUIPPING OF VARIOUS EDUCATIONAL FACILITIES, DEFEASANCE OF CERTAIN OUTSTANDING TAX EXEMPT BONDS AND PAYING COSTS IN CONNECTION WITH THE ISSUANCE OF THE BONDS. THE DATES IN WHICH THE REFUNDED BONDS WERE ISSUED ARE: 04/01/1995 (1995 SERIES A); 05/01/1998 (1998 SERIES A); 06/08/2000 (2000 SERIES B): AND 10/30/2002 (SERIES 2002). PART I, COLUMN E: THE DIFFERENCE IN THE ISSUE PRICE REPORTED IN PART I, COLUMN E AND TOTAL PROCEEDS IN PART II, LINE 3 RELATES TO INVESTMENT EARNINGS ON NET PROCEEDS. PART IV, LINE 2C: THE REBATE COMPUTATION WAS LAST PERFORMED IN APRIL 2020. WE HAVE NOTED THE BOND WAS REFINANCED AND ASSUME BASED ON NOTED BOND COUNSEL REVIEW THAT THIS REFINANCING DID NOT CONSTITUTE A REISSUANCE REQUIRING AN 8038. X 3 97485 FMV 0 1 0 PART I, LINE 33: ITEMS OF A DE-MINIMUS OF LESS THAN $10,000, SUCH AS GIFT BASKETS, DOOR PRIZE AWARDS, AND AUCTION ITEMS, ARE NOT REPORTED AS REVENUE. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE CHAIR OF THE BOARD AND SUCH OTHER MEMBERS OF THE BOARD AS MAY BE SELECTED AT THE ANNUAL MEETING. BETWEEN MEETINGS OF THE BOARD, THE EXECUTIVE COMMITTEE SHALL EXERCISE THE FULL AUTHORITY OF THE BOARD, EXCEPT THAT IT SHALL NOT HAVE THE AUTHORITY TO DO ANY OF THE FOLLOWING: (A) FILL VACANCIES ON THE BOARD OF TRUSTEES OR ON ANY COMMITTEE OF THE BOARD; (B) FIX COMPENSATION OF THE TRUSTEES FOR SERVING ON THE BOARD OR ON ANY COMMITTEE OF THE BOARD; (C) AMEND OR REPEAL BYLAWS OR ADOPT NEW BYLAWS; (D) AMEND OR REPEAL ANY RESOLUTION OF THE BOARD OF TRUSTEES WHICH BY ITS EXPRESS TERMS IS NOT AMENDABLE OR REPEALABLE; (E) APPOINT ANY OTHER COMMITTEES OF THE BOARD OR THE MEMBERS OF THOSE COMMITTEES; (F) APPROVE ANY TRANSACTION IN WHICH THE UNIVERSITY IS A PARTY AND ONE OR MORE TRUSTEES HAVE A MATERIAL FINANCIAL INTEREST; BETWEEN THE UNIVERSITY AND ONE OR MORE OF ITS TRUSTEES; OR BETWEEN THE UNIVERSITY OR ANY PERSON IN WHICH ONE OR MORE OF ITS TRUSTEES HAVE A MATERIAL FINANCIAL INTEREST. IN ADDITION, THE EXECUTIVE COMMITTEE SHALL HAVE THE PRIMARY RESPONSIBILITY FOR IDENTIFYING, RECRUITING AND VETTING POTENTIAL CANDIDATES TO SERVE ON THE BOARD OF TRUSTEES. NOMINATIONS AND OTHER RECOMMENDATIONS MADE BY THE EXECUTIVE COMMITTEE RELATING TO NEW BOARD MEMBERS SHALL BE REFERRED TO THE BOARD OF TRUSTEES FOR ITS CONSIDERATION. FORM 990, PART VI, SECTION B, LINE 11B THE UNIVERSITY'S PROCESS INVOLVING THE DISTRIBUTION AND REVIEW OF THE FORM 990 IS AS FOLLOWS: THE BOARD OF TRUSTEES APPROVED FOR THE AUDIT COMMITTEE TO REVIEW AND APPROVE THE FORM 990 THROUGH A TELECONFERENCE THIS YEAR. THE FINAL COMPLETE FORM 990 IS DISTRIBUTED TO THE UNIVERSITY'S AUDIT COMMITTEE OF THE BOARD PRIOR TO ITS FILING WITH THE INTERNAL REVENUE SERVICE. A FULL REVIEW OF THE ENTIRE FORM 990 IS REVIEWED AND DISCUSSED WITH EACH BOARD OF TRUSTEE MEMBER THAT SERVES ON THE FULL BOARD OF TRUSTEE APPOINTED AUDIT COMMITTEE OF THE BOARD. AFTER FULL REVIEW AND DISCUSSION OF INFORMATION REFLECTED IN THE FORM 990, THE COMMITTEE ACCEPTS THE DOCUMENT AND APPROVES ITS FILING TO THE INTERNAL REVENUE SERVICE. THE FORM 990 IS THEN SIGNED BY THE UNIVERSITY'S CHIEF FINANCIAL OFFICER AND ELECTRONICALLY FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE UNIVERSITY MONITORS AND ENFORCES ITS CONFLICT OF INTEREST POLICY ON A CONTINUOUS BASIS THAT INVOLVES CONSIDERATION OF ALL POTENTIAL INTERESTED PERSONS. A COMPREHENSIVE REVIEW AND DISCUSSION OF THE ADOPTED POLICY IS HELD ANNUALLY WITH ALL UNIVERSITY BOARD OF TRUSTEE MEMBERS. AT THIS MEETING, THE UNIVERSITY'S LEGAL COUNSEL REVIEWS IN DETAIL THE CURRENT POLICY TO ASSURE UNDERSTANDING AND COMPLIANCE WITH THE DISCLOSURE PROCESS. BOARD MEMBERS ARE REQUIRED TO SUBMIT NECESSARY DISCLOSURE FORMS INDICATING WHETHER A CONFLICT EXISTS, AND IF YES, ALL RELATED DETAILS INVOLVING THE POTENTIAL CONFLICT. AN INDEPENDENT REVIEW OF THE DISCLOSURE FORMS IS PERFORMED BY THE UNIVERSITY'S LEGAL COUNSEL, AND IF NECESSARY, FOLLOW UP REQUESTS FOR ADDITIONAL INFORMATION IS MADE. THROUGHOUT THE YEAR, AT BOARD OF TRUSTEE MEETINGS, THE UNIVERSITY'S LEGAL COUNSEL MONITORS COMPLIANCE BY REFERENCING THE CONFLICT OF INTEREST POLICY AND COMMUNICATES REQUIRED STEPS TO BE TAKEN IN THE EVENT OF A POTENTIAL CONFLICT OF INTEREST THAT MAY ARISE AT ANY TIME. THIS PROCESS INCLUDES THE UNIVERSITY'S OFFICERS AS WELL. FOR KEY EMPLOYEES, MEETINGS ARE HELD AT THE DEAN'S COUNCIL AND OPERATIONS GROUP LEVEL THAT DISCUSS THE DETAILS OF THE CONFLICT OF INTEREST POLICY (IF ANY) AND THE NECESSARY STEPS TO BE TAKEN TO DISCLOSE AND REPORT ANY POTENTIAL CONFLICTS. FOR POTENTIAL TRANSACTIONS, AGREEMENTS, AND AFFILIATIONS, ETC. THAT MAY INVOLVE ANY UNIVERSITY EMPLOYEE, A THOROUGH REVIEW IS CONDUCTED BY UNIVERSITY'S LEGAL COUNSEL AND OTHER MEMBERS OF EXECUTIVE MANAGEMENT. IN THE EVENT OF ANY POTENTIAL CONFLICT OF INTEREST EXPOSURE, REQUIRED INFORMATION IS REQUESTED AND REVIEWED ON AN INDEPENDENT BASIS. THE INTERESTED PERSON IS EXCUSED FROM PARTICIPATING IN ANY DISCUSSION OR DECISIONS THAT INVOLVE THE OUTCOME OF ANY RELATED TRANSACTIONS. IN ADDITION, DURING THE EMPLOYEE ORIENTATION PROCESS, THE UNIVERSITY REQUIRES ALL NEW EMPLOYEES TO REVIEW THE CONFLICT OF INTEREST POLICY AND COMPLETE A CONFLICT OF INTEREST DISCLOSURE FORM. IF ANY POTENTIAL CONFLICTS OF INTERESTS ARE DISCLOSED, A COMPLETE REVIEW OF INFORMATION IS COMPLETED BY UNIVERSITY'S LEGAL COUNSEL TO DETERMINE THE NATURE, IF ANY, OF POTENTIAL FINANCIAL INTERESTS. IF ANY CONFLICT OF INTEREST IS DISCLOSED, THEN DOCUMENTATION IS PREPARED OUTLINING THE NATURE OF THE CONFLICT, DISCUSSIONS ARE HELD WITH THOSE INVOLVED IN THE CONFLICT, STEPS TAKEN TO REMOVE ACTIVITIES CAUSING THE CONFLICT, AND THERE IS FUTURE FOLLOW UP AND MONITORING OF THE POTENTIAL CONFLICT ACTIVITY. FORM 990, PART VI, SECTION B, LINE 15 THE ANNUAL DETERMINATION AND APPROVAL OF THE COMPENSATION FOR THE PRESIDENT OF THE UNIVERSITY IS MADE BY THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD AND THE FULL BOARD OF TRUSTEES. THE UNIVERSITY'S OFFICERS' COMPENSATION IS DETERMINED BY THE PRESIDENT AND APPROVED BY THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD AND FULL BOARD OF TRUSTEES. THE KEY EMPLOYEES' COMPENSATION LEVELS ARE DETERMINED BY THEIR RESPECTIVE SUPERVISORS AND APPROVED BY THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD. ALTHOUGH THE UNIVERSITY'S BOARD OF TRUSTEES HAS GIVEN FULL AUTHORITY TO THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD TO APPROVE KEY EMPLOYEE COMPENSATION, A FULL REVIEW OF THESE COMPENSATION LEVELS IS CONDUCTED ANNUALLY PRIOR TO THE EMPLOYEE'S RECEIPT OF APPROVED COMPENSATION. ON AN ANNUAL BASIS, THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD CONDUCTS A MEETING TO REVIEW PROPOSED COMPENSATION LEVELS FOR THE UNIVERSITY'S PRESIDENT, OFFICERS, AND KEY EMPLOYEES. THIS PROCESS INCLUDES THE HIRING OF AN INDEPENDENT CONSULTANT THAT HAS A COMPREHENSIVE UNDERSTANDING AND ABILITY TO ASSESS REASONABLE COMPENSATION LEVELS FOR HIGHLY COMPENSATED EMPLOYEES IN THE HIGHER EDUCATION INDUSTRY. THE INDEPENDENT CONSULTANT ADVISES THE COMMITTEE ON ISSUES SUCH AS ECONOMIC CONDITIONS, COMPARABLE SALARIES, CHARACTER AND CONDITION OF THE UNIVERSITY, EMPLOYEES' ROLE IN THE UNIVERSITY, PREVAILING RATES OF COMPENSATION FOR COMPARABLE POSITIONS IN COMPARABLE ORGANIZATIONS, ETC. THE INDEPENDENT REPORT DISCLOSES WHAT IS CONSIDERED REASONABLE COMPENSATION AND MAXIMUM ALLOWABLE COMPENSATION. THE COMMITTEE ALSO REVIEWS INTERNALLY PREPARED EMPLOYEE PERFORMANCE AND QUALIFICATION EVALUATIONS TO ASSESS VALUE AND BENEFIT TO THE UNIVERSITY. AFTER A THOROUGH REVIEW AND DISCUSSION OF ALL TYPES OF COMPENSATION AND BENEFITS BEING PROPOSED FOR ALL OFFICERS AND KEY EMPLOYEES, THE COMMITTEE DETERMINES THE REASONABLENESS OF COMPENSATION LEVELS. ONCE IT IS ASSURED THAT THE COMMITTEE IS COMPOSED ENTIRELY OF INDIVIDUALS WHO DO NOT HAVE A CONFLICT OF INTEREST AND ARE UNRELATED TO THE SUBJECT EMPLOYEES, AND INFORMATION SUPPORTING THE COMPENSATION DATA IS INDEPENDENT AND APPROPRIATE, THE COMMITTEE FORMALLY APPROVES AND DOCUMENTS ITS DETERMINATION OF THE COMPENSATION AMOUNTS. DOCUMENTATION OF THIS COMMITTEE PROCESS INCLUDES THE TERMS OF THE TRANSACTION THAT WAS APPROVED AND THE DATE APPROVED. IT ALSO DISCLOSES COMMITTEE MEMBERS PRESENT, AS WELL AS ACTIONS TAKEN BY ANYONE ON THE COMMITTEE IN THE EVENT OF A CONFLICT OF INTEREST. THE INFORMATION AND DECISIONS MADE BY THE COMMITTEE ARE THEN FORWARDED TO THE FULL BOARD OF TRUSTEES FOR ACCEPTANCE AND APPROVAL, AS CONSIDERED NECESSARY. FORM 990, PART VI, SECTION C, LINE 19 THE CONFLICT OF INTEREST POLICY, FORM 990, AND FINANCIAL STATEMENTS ARE POSTED ON THE WEBSITE AND ARE MADE WIDELY AVAILABLE TO THE PUBLIC. THE SCHOOL'S GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: DIFFERENTIAL IN VALUE OF SWAP CONTRACT 4,704,002. CHANGE IN SPLIT INTEREST AGREEMENTS 1,381,153. SUBSIDIARY ACTIVITY -582,973. PARK HOSPITAL INC 309 E SECOND STREET POMONA CA 91766 951624418 INVESTMENTS CA WESTERNU C -415 641340 0.83440 1 COMP ENTERPRISES INC 309 E SECOND STREET POMONA CA 91766 954066063 INACTIVE CA WESTERNU C 1.00000 1 WESTERNU MEDICAL GROUP LLC 5909 SE 92ND AVENUE PORTLAND OR 97266 364899044 CLINIC SERVICES OR WESTERNU C 1 CHARITABLE REMAINDER ANNUITIES (8) PRSNL ESTATE CA WESTERNU T 1 CHARITABLE REMAINDER TRUSTS (5) PRSNL ESTATE CA WESTERNU T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 WESTERN MEDICAL GROUP LLC P 31227 FMV