2024-04-13T13:31:29-05:00 2023-05-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2022-06-01 411607453 MINNEAPOLIS COLLEGE OF ART & DESIGN MINN 6128743700 2501 STEVENS AVE MINNEAPOLIS MN 55404 SANJIT SETHI PRESIDENT 6128743700 2024-04-11 1 SANJIT SETHI XXX-XX-XXXX 1 KAREN A GRIES P00078514 6128764500 2024-04-10 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z SANJIT SETHI 2501 STEVENS AVE MINNEAPOLIS MN 55404 44533021 0 X WWW.MCAD.EDU X 1988 MN SEE SCHEDULE O. 22 21 832 21 0 0 5750887 2178978 32713664 33959845 2645805 -177055 212035 117615 41322391 36079383 15722794 15526051 0 0 15693696 16629086 0 0 1340593 10041853 10544273 41458343 42699410 -135952 -6620027 94159332 86888481 12719604 12210554 81439728 74677927 X SEE SCHEDULE O. 0 0 36936363 15526051 33959845 THE MINNEAPOLIS COLLEGE OF ART AND DESIGN IS THE PREEMINENT ARTS EDUCATOR IN MINNESOTA AND THE REGION, AND A STRONG NATIONAL LEADER IN AREAS SUCH AS GRAPHIC DESIGN, COMIC ARTS AND FURNITURE DESIGN. FOR 125 YEARS MCAD HAS PLAYED A LEADERSHIP ROLE IN THE SHAPING OF THE ART AND DESIGN COMMUNITY, PUTTING ITS STUDENTS AT THE CUTTING EDGE OF CREATIVITY AND SERVING AS A THOUGHT LEADER FOR THE CREATIVE ECONOMY. MCAD'S MISSION IS TO EDUCATE INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, EFFECTIVE LEADERS, AND ACTIVE CITIZENS AND, THROUGH THIS WORK AND OTHER ACTIVITIES, ADVANCE THE CULTURAL LIFE OF ITS COMMUNITY. TO ACHIEVE THIS MISSION, MCAD CHALLENGES STUDENTS TO ACHIEVE THE HIGHEST LEVEL OF ARTISTIC CREATIVITY AND EXPRESSION, INTELLECTUAL UNDERSTANDING, AND PROFESSIONAL DEVELOPMENT; PROVIDES A RIGOROUS STUDIO-BASED AND LIBERAL STUDIES PROGRAM FOR DEDICATED UNDERGRADUATE AND GRADUATE STUDENTS; OFFERS CONTINUING EDUCATION AND SPONSORS FELLOWSHIPS FOR PROFESSIONALS; AND PRESENTS EXHIBITIONS, LECTURES AND ENRICHMENT COURSES IN ART AND DESIGN FOR PEOPLE OF ALL AGES. MCAD OFFERS BFA, BSC, AND MFA DEGREE PROGRAMS AND ONLINE MASTER'S PROGRAMS IN GRAPHIC DESIGN, SUSTAINABLE DESIGN, AND CREATIVE LEADERSHIP. MCAD ALSO OFFERS A POST-BACCALAUREATE CERTIFICATE, ONLINE LEARNING OPPORTUNITIES, AND PUBLIC PROGRAMS SUCH AS FILM SCREENINGS, LECTURES, AND CONTINUING STUDIES. MCAD'S STRENGTHS INCLUDE ITS RIGOROUS CURRICULUM, COMMITMENT TO STUDENTS, EXPERIENCED AND DEDICATED FACULTY, SMALL CLASS SIZES THAT OFFER PERSONALIZED INSTRUCTION, AND STATE-OF-THE-ART FACILITIES. AT MCAD, STUDENTS RECEIVE THE EDUCATION, FEEDBACK, AND SUPPORT THEY NEED TO EXPLORE THEIR IDEAS, STRENGTHEN THEIR SKILLS, AND EXPAND THEIR CREATIVE AND ARTISTIC EXPRESSION. 36936363 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 264 0 1 832 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 22 21 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MN X MARY ALMA NOONAN 6128743700 2501 STEVENS AVE MINNEAPOLIS MN 55404 SANJIT SETHI EX-OFFICIO PRESIDENT 40.00 X X 379383 0 26844 HUNTER PALMER WRIGHT TRUSTEE-CHAIR 1.00 X X 0 0 0 MARK D PIHLSTROM TRUSTEE- CHAIR 1.00 X X 0 0 0 CHRIS BARRY TRUSTEE-VICE CHAIR 1.00 X X 0 0 0 TARA DEV TRUSTEE-VICE CHAIR 1.00 X X 0 0 0 GREG C HEINEMANN TRUSTEE-IMMEDIATE PAST CHAIR 1.00 X X 0 0 0 BRUCE W BEAN LIFE TRUSTEE 1.00 X 0 0 0 CLINTON H MORRISON LIFE TRUSTEE 1.00 X 0 0 0 CY DECOSSE '52 LIFE TRUSTEE 1.00 X 0 0 0 ELLIOT FELIX TRUSTEE 1.00 X 0 0 0 GARY M SURDEL TRUSTEE 1.00 X 0 0 0 GREG HOFFMAN '92 TRUSTEE 1.00 X 0 0 0 GREG VAN BELLINGER TRUSTEE 1.00 X 0 0 0 LAURA AUSTRIAN TRUSTEE 1.00 X 0 0 0 LIZ BARRERE TRUSTEE 1.00 X 0 0 0 ME KIRWAN TRUSTEE 1.00 X 0 0 0 MARION PARKE TRUSTEE 1.00 X 0 0 0 MARTHA DAYTON TRUSTEE 1.00 X 0 0 0 RAJIV TANDON TRUSTEE 1.00 X 0 0 0 ROSEMARY UGBOAJAH TRUSTEE 1.00 X 0 0 0 SUSAN CALMENSON LIFE TRUSTEE 1.00 X 0 0 0 TODD PAULSON TRUSTEE 1.00 X 0 0 0 MARY YANG THAO INTERIM VP OF FINANCE/CFO 40.00 X 104274 0 12724 CHARLES SMITH CFO (TERM. 11/2022) 40.00 X 78161 0 5000 MARY ALMA NOONAN CFO 40.00 X 69234 0 5415 ROBERT RANSICK VP OF ACADEMIC AFFAIRS 40.00 X 177608 0 18132 ANNIE CLEVELAND VP OF COMMUNICATIONS 40.00 X 144393 0 18829 MELISSA HUYBRECHT VP OF ENROLLMENT MANAGEMENT 40.00 X 150122 0 8073 CYNTHIA THEIS VP OF INSTL. ADVANCEMENT 35.00 X 139913 0 13677 BROCK RASMUSSEN VP OF OPERATIONS AND TECHNOLOGY 40.00 X 142395 0 7814 1385483 0 116508 12 0 1 0 CUNNINGHAM GROUP ARCHITECTURE 201 MAIN ST SE STE 325 MINNEAPOLIS MN 55414 ARCHITECT - STUDENT HOUSING DESIGN 851324 RT LONDON COMPANY 1642 BROADWAY NW GRAND RAPIDS MI 49504 FURNITURE SUPPLIER 769452 SHI INTERNATIONAL 290 DAVIDSON AVE SOMERSET NJ 08873 COMPUTER EQUIPMENT 613465 MINNEAPOLIS INSTITUTE OF ARTS 2400 3RD AVE S MINNEAPOLIS MN 55404 PHYSICAL PLANT SERVICES 509903 UNIQUE FOOD SOLUTIONS 2851 TOLEDO AVE SO ST LOUIS PARK MN 55416 PHYSICAL PLANT SERVICES 449241 22 54088 149315 1975575 2178978 TUITION AND FEES 611710 31248132 31248132 HOUSING RENTAL INCOME 611710 1405898 1405898 SALE OF OTHER SERVICES 611710 989499 989499 SALES BOOKSTORE 611710 316316 316316 33959845 397494 397494 6110 6110 7199269 7071394 708534 127875 -708534 -580659 -580659 791325 54088 673710 117615 117615 36079383 33959845 0 -59440 15526051 15526051 568974 568974 13434350 11923597 1005577 505176 578435 531812 21958 24665 1006106 925013 38192 42901 1041221 957298 39525 44398 171260 171260 86118 86118 115900 115900 74458 74458 1062408 252212 303724 506472 216592 143556 73036 636586 325027 229459 82100 1101798 705055 343973 52770 3233631 2715585 508486 9560 125190 102231 6813 16146 241564 222313 -33254 52505 332059 332059 1566040 1562140 3900 322344 322344 EQUIPMENT REPAIRS & PUR 658295 517874 140421 CLASSROOM MATERIALS/ART 600030 526599 73431 42699410 36936363 4422454 1340593 111565 26624 1274084 1467866 365592 30593 1179536 746782 33318 127790 171466 136476 137658 91738 49064717 23659329 25694601 25405388 56349678 50538275 7611961 7203341 480289 355986 749584 757622 94159332 86888481 3083379 3255392 89198 190731 363872 849040 3417954 2300709 4947000 4920000 818201 694682 12719604 12210554 X 38108976 33048309 43330752 41629618 81439728 74677927 94159332 86888481 X -6620027 266846 -408620 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 115900 115900 0 PART II-B, LINE 1: THE MINNEAPOLIS COLLEGE OF ART AND DESIGN IS A MEMBER OF MINNESOTA PRIVATE COLLEGE COUNCIL (MPCC), AN ORGANIZATION DESCRIBED IN SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. MPCC IS AN ASSOCIATION OF PRIVATE NONPROFIT INSTITUTIONS OF HIGHER EDUCATION THAT SERVES A VARIETY OF ITS MEMBERS' SHARED NEEDS, INCLUDING, BUT NOT ONLY, NONPARTISAN AND NON-ELECTORAL ADVOCACY FOR PUBLIC POLICY THAT MEETS STUDENTS' NEEDS AND ADVANCES THE INTERESTS OF PRIVATE HIGHER EDUCATION. THE MINNEAPOLIS COLLEGE OF ART AND DESIGN PAID THIS FIGURE IN MEMBERSHIP DUES TO MPCC DURING THE TAXABLE YEAR. A PORTION OF THIS AMOUNT, BUT NOT ALL OF IT, SUPPORTED ATTEMPTS TO INFLUENCE LEGISLATION WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("LOBBYING").THE AMOUNT OF LOBBYING EXPENSES PAID FROM THE MINNEAPOLIS COLLEGE OF ART AND DESIGN'S DUES WAS SIGNIFICANTLY LESS THAN THAT AMOUNT. 55064844 384253 -69221 971384 3743935 109271 50555286 62933118 497253 -5438280 1987003 940244 55064844 53301344 296062 12205515 1944895 924908 62933118 53550620 204146 2275824 1845148 884098 53301344 55569670 136524 417404 1736997 835980 53550621 0.24600 0.75400 0.00000 1 0 1445005 1445005 41658917 20378094 21280823 4830617 3281235 1549382 1130178 1130178 25405388 BENEFICIAL INTEREST IN TRUSTS 7203341 F 7203341 ADVANCE DEPOSITS 338696 LEASE LIABILITY 355986 694682 X 21010811 266846 265091 531937 20478874 74458 15526051 15600509 36079383 27772612 673711 673711 27098901 74458 15526051 15600509 42699410 PART V, LINE 4: MCAD'S ENDOWMENT CONSISTS OF APPROXIMATELY 150 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT PROVIDES SCHOLARSHIPS TO STUDENTS AND GRANTS FOR DEPARTMENTAL NEEDS. PART X, LINE 2: THE INTERNAL REVENUE SERVICE (IRS) HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE COLLEGE 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 COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2023 AND 2022. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING & SPECIAL EVENTS 673,711. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -408,620. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AND GRANTS 15,526,051. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING & SPECIAL EVENTS 673,711. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 15,526,051. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 MCAD PUBLISHES ITS NON-DISCRIMINATION POLICY AS STATED ON THE ONLINE APPLICATION. IT READS: "THE MINNEAPOLIS COLLEGE OF ART AND DESIGN DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, OR ETHNIC ORIGIN IN ITS ADMISSIONS OR EDUCATIONAL POLICIES, IN SCHOLARSHIPS, FINANCIAL AID, OR LOAN PROGRAMS, IN EMPLOYMENT, OR IN ACCORDING THE RIGHTS, PRIVILEGES AND ACTIVITIES GENERALLY MADE AVAILABLE AT THIS EDUCATIONAL INSTITUTION." SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE U.S. GOVERNMENT IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS THE FEDERAL PERKINS LOAN PROGRAM, FEDERAL WORK STUDY PROGRAM, PELL GRANT PROGRAM AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM. THE COLLEGE ALSO RECEIVES SUPPORT FROM THE STATE OF MINNESOTA THROUGH THE COLLEGE WORK STUDY PROGRAM AND STATE STUDENT SCHOLARSHIPS AND GRANTS. X X X X X X X 0 NOVEMBER ART SALE 609927 23000 586927 24926 523295 ART AUCTION 235486 31088 204398 27150 98339 845413 54088 791325 52076 621634 673710 117615 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 775 15526051 PART I, LINE 2: ALL FEDERAL AID IS AWARDED BASED ON FINANCIAL AID ELIGIBILITY REQUIREMENTS IN THE FINANCIAL AID OFFICE DURING THE AWARD PROCESS. FUNDS ARE DRAWN DOWN BY THE FINANCIAL AID DIRECTOR AND ARE RECONCILED TO THE AWARD BY THE BUSINESS OFFICE CONTROLLER. THE MONEY IS DISBURSED TO THOSE APPLICABLE STUDENTS BY THE BUSINESS OFFICE BURSAR. 1 X X 0 0 0 0 0 0 0 0 0 SANJIT SETHI EX-OFFICIO PRESIDENT 378975 0 0 0 408 0 20844 0 6000 0 406227 0 0 0 ROBERT RANSICK VP OF ACADEMIC AFFAIRS 177200 0 0 0 408 0 9732 0 8400 0 195740 0 0 0 ANNIE CLEVELAND VP OF COMMUNICATIONS 144057 0 0 0 336 0 6829 0 12000 0 163222 0 0 0 MELISSA HUYBRECHT VP OF ENROLLMENT MANAGEMENT 149772 0 0 0 350 0 8073 0 0 0 158195 0 0 0 CYNTHIA THEIS VP OF INSTL. ADVANCEMENT 139589 0 0 0 324 0 7677 0 6000 0 153590 0 0 0 BROCK RASMUSSEN VP OF OPERATIONS AND TECHNOLOGY 142065 0 0 0 330 0 7814 0 0 0 150209 0 0 0 A MHEFA SERIES 7-N 410988525 60416HXR0 2012-04-26 3222823 REFUND SERIES 5K 0 0 0 B MHEFA SERIES 8-D 410988525 60416HF74 2015-03-26 7974697 REFUND SERIES 6K AND 6Z 0 0 0 A 3222823 3222823 64456 2836061 2012 1 0 1 1 B 5594697 7974697 148241 7391028 2015 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MHEFA SERIES 7-N DATE THE REBATE COMPUTATION WAS PERFORMED: 05/01/2021 ISSUER NAME: MHEFA SERIES 8-D DATE THE REBATE COMPUTATION WAS PERFORMED: 05/13/2019 CRISTIN SETHI PRESIDENT'S SPOUSE 11072 FACULTY 0 FORM 990, PART I AND PART III: VISION: MCAD EMBOLDENS CREATIVE LEADERS TO COLLABORATIVELY TRANSFORM SOCIETY THROUGH EQUITY, EMPATHY, AND IMAGINATION. MISSION: MCAD PROVIDES A TRANSFORMATIVE EDUCATION WITHIN A COMMUNITY OF SUPPORT FOR CREATIVE STUDENTS OF ALL BACKGROUNDS TO WORK, COLLABORATE, AND LEAD WITH CONFIDENCE IN A DYNAMIC, INTERCONNECTED WORLD. MCAD STUDENTS BECOME: - ACCOMPLISHED MAKERS AND SCHOLARS - EQUITY-MINDED PROBLEM SOLVERS - CRITICAL, CONCEPTUAL THINKERS - INCLUSIVE, COLLABORATIVE PARTNERS - EMPATHIC LISTENERS - CREATIVE STORYTELLERS - ENGAGED CITIZENS WITHIN A GLOBAL CONTEXT VALUES: - TRANSFORMATIONAL IDEAS AND ACTIONS THAT EMERGE FROM THE INTERSECTION OF CREATIVITY, CULTURE, AND EQUITY. - COLLABORATIVE COMMUNITY THAT SUPPORTS BOTH INDEPENDENT ACHIEVEMENTS AND COLLECTIVE SUCCESSES. - EMPATHETIC LEADERSHIP THAT INTEGRATES HUMILITY, INCLUSIVITY, CURIOSITY, AND FORESIGHT TO FUEL CHANGE. - MULTIFACETED AND COMPLEX IDENTITIES THAT EMBODY DIVERSE SOCIAL, CULTURAL, AND ECONOMIC BACKGROUNDS. - EXPERIENTIAL LEARNING THAT EMBRACES GENERATIVE PROCESSES, CRITICAL DISCOURSE, AND AN ITERATIVE METHODOLOGY TO ACHIEVE ACADEMIC, INSTITUTIONAL, AND INDIVIDUAL EXCELLENCE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990, IS REVIEWED BY THE AUDIT COMMITTEE WITH PUBLIC ACCOUNTING FIRM TAX STAFF AND IS APPROVED FOR FILING. A COPY OF THE #990 AND RELATED SCHEDULES WITH THE SCHEDULE B (OMITTED) IS PROVIDED TO THE TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND OFFICERS ARE SUBJECT TO THE FOLLOWING PROCESS: INDIVIDUALS WHO DISCLOSE A CONFLICT OF INTEREST MUST LEAVE THE RELEVANT MEETING WHILE A DETERMINATION OF MATERIALITY OF THE CONFLICT IS MADE. IF A CONFLICT IS DETERMINED TO EXIST WITHIN THE SCOPE OF THE POLICY THOSE INDIVIDUALS MAY MAKE A PRESENTATION OF THE PROPOSED TRANSACTION OR ARRANGEMENT BUT THEN MUST LEAVE THE ROOM AND ABSTAIN FROM VOTING ON THE PROPOSED TRANSACTION OR ARRANGEMENT. A TRUSTEE SHALL BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITHIN THE SCOPE OF THE POLICY IF HE OR SHE (1) HAS EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS THAT IMPAIR OR APPEAR TO IMPAIR HIS OR HER INDEPENDENT, UNBIASED JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE; OR (2) IS AWARE THAT A MEMBER OF HIS OR HER FAMILY HAS FINANCIAL OR OTHER INTERESTS THAT WOULD IMPAIR OR APPEAR TO IMPAIR THE TRUSTEE'S INDEPENDENT JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE. FOR THE PURPOSES OF THIS PROVISION, A FAMILY MEMBER IS DEFINED AS A SPOUSE, DOMESTIC PARTNER, PARENT, SIBLING, CHILD, OR ANY OTHER RELATIVE RESIDING IN THE SAME HOUSEHOLD AS THE TRUSTEE. ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICAL TIME. FURTHER, THE TRUSTEE SHALL ABSENT HIMSELF OR HERSELF FROM DISCUSSIONS OF, AND ABSTAIN FROM VOTING ON, SUCH MATTERS UNDER CONSIDERATION BY THE BOARD OF TRUSTEES OR ITS COMMITTEES. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE WITH A CONFLICT OR POSSIBLE CONFLICT ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN AS TO WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THAT THE BOARD OF COMMITTEE RESOLVE THE QUESTION IN HIS OR HER ABSENCE BY MAJORITY VOTE. EACH TRUSTEE SHALL COMPLETE AND SIGN A CONFLICT OF INTEREST DISCLOSURE FORM PROVIDED ANNUALLY BY THE SECRETARY OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S COMPENSATION IS REVIEWED BY THE EXECUTIVE COMMITTEE ANNUALLY. THE EXECUTIVE COMMITTEE COMPARES THE COMPENSATION PROPOSED AGAINST COMPARABLE PRESIDENTS OF SIMILAR INSTITUTIONS. THE PRESIDENT'S CONTRACT WAS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES IN AN EXECUTIVE SESSION DURING THE CURRENT FISCAL YEAR. THE SENIOR DIRECTOR OF HUMAN RESOURCES DETERMINES THE COMPARABILITY DATA USED FOR THE OFFICERS. THE COMPARABILITY DATA AND COMPENSATION PROPOSED IS REVIEWED AND APPROVED BY THE PRESIDENT ANNUALLY. IN ADDITION, A SEARCH COMMITTEE IS CREATED AND/OR A CONTRACTED ORGANIZATION IS HIRED TO PERFORM THE SEARCH, PROVIDING COMPARABILITY DATA ON COMPENSATION AND A FORMAL REVIEW AND RECOMMENDATION. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -408,620.