2024-05-08T09:19:27-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP TWO INTERNATIONAL PLACE 22ND FLOOR BOSTON MA 02110 990 2022-07-01 231526668 CABRINI UNIVERSITY CABR 6109028415 610 KING OF PRUSSIA ROAD RADNOR PA 19087 LYNDA BUZZARD TREASURER & VP FINANCE & ADMIN 6109028415 2024-05-07 1 LYNDA BUZZARD 999009999 1 LAURA J KENNEY P00202198 6177170831 2024-05-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z HELEN DRINAN 610 KING OF PRUSSIA ROAD RADNOR PA 19087 75750419 0 0928 X WWW.CABRINI.EDU X 1957 PA CATHOLIC INSTITUTION OF HIGHER EDUCATION DEDICATED TO ACADEMIC EXCELLENCE, LEADERSHIP DEVELOPMENT, AND A COMMITMENT TO SOCIAL JUSTICE. 17 16 733 25 31155 0 9883803 8216138 57247491 52816539 907597 2415308 410976 864275 68449867 64312260 27165296 23163018 0 0 23300507 21900665 116115 21250 1307156 25220030 27596688 75801948 72681621 -7352081 -8369361 118667361 107534814 56497406 53566187 62169955 53968627 X SEE SCHEDULE O.EDUCATION OF THE HEART: CABRINI UNIVERSITY IS A CATHOLIC INSTITUTION OF HIGHER EDUCATION DEDICATED TO ACADEMIC EXCELLENCE, LEADERSHIP DEVELOPMENT, AND A COMMITMENT TO SOCIAL JUSTICE. THE UNIVERSITY WELCOMES LEARNERS OF ALL FAITHS, CULTURES AND BACKGROUNDS AND PREPARES THEM TO BECOME ENGAGED CITIZENS OF THE WORLD. 0 1 36738912 23163018 43930519 INSTRUCTION:CABRINI OFFERS MORE THAN 50 ACADEMIC MAJORS AND MINORS TO UNDERGRADUATE STUDENTS. THE UNIVERSITY ALSO OFFERS GRADUATE, DOCTORAL, AND PROFESSIONAL PROGRAMS IN FACE-TO-FACE, ON-LINE, HYFLEX AND HYBRID MODALITIES. THE UNIVERSITY HAS BEEN A NATIONAL LEADER AMONG HIGHER EDUCATION INSTITUTIONS IN INTEGRATING WORK FOR SOCIAL JUSTICE INTO A COLLEGE EDUCATION.DURING THE 2022-23 ACADEMIC YEAR, CABRINI ENROLLED APPROXIMATELY 1,100 UNDERGRADUATE STUDENTS AND 400 GRADUATE STUDENTS. MORE THAN 350 STUDENTS EARNED BACHELORS AND MASTER'S DEGREES IN 2023. THE UNIVERSITY COUNTS MORE THAN 17,000 ALUMNI OF RECORD. 8565321 0 8886020 AUXILIARY ENTERPRISES:AUXILIARY SERVICES INCLUDE RESIDENCE LIFE, FOOD SERVICES AND RENTAL ACTIVITIES. THE UNIVERSITY HAD MORE THAN 600 FULL TIME UNDERGRADUATE RESIDENTS IN THE FALL 2022 SEMESTER. 7452640 0 0 ACADEMIC SUPPORT AND STUDENT SERVICES:FOUNDED IN 1957 BY THE MISSIONARY SISTERS OF THE SACRED HEART OF JESUS (MSC) AS CABRINI COLLEGE, THE INSTITUTION BECAME CABRINI UNIVERSITY ON JULY 1, 2016. THE CHANGEOVER ALSO MARKED THE IMPLEMENTATION OF NEW ACADEMIC CENTERS FOR DEDICATED RESEARCH AND SCHOLARSHIP IN THE AREAS OF DOMESTIC VIOLENCE, IMMIGRATION, GLOBAL LEARNING, AND URBAN EDUCATION. A NEW CENTER FOR STUDENT SUCCESS WAS ALSO PUT IN PLACE TO BETTER SERVE AN INCREASINGLY DIVERSE STUDENT BODY. CABRINI OFFERS MORE THAN 50 STUDENT CLUBS AND ORGANIZATIONS IN ACADEMIC FIELDS, SPORTS, THE ARTS, INTERNATIONAL AND MULTICULTURAL ACTIVITIES, COMMUNITY SERVICE, STUDENT GOVERNMENT, PUBLICATIONS AND MEDIA, AND OTHER AREAS.(CONTINUED ON SCHEDULE O.)CABRINI IS A NCAA DIVISION III INSTITUTION THAT SPONSORS 19 VARSITY ATHLETIC PROGRAMS. CABRINI STUDENTS SECURE INTERNSHIP EXPERIENCES LOCALLY AND THROUGHOUT THE UNITED STATES AT MANY LEADING ORGANIZATIONS. 52756873 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1974 0 1 733 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 17 16 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 PA X X LYNDA BUZZARD TREASURER AND VP FINANCE & ADMINISTRATION 6109028159 610 KING OF PRUSSIA ROAD RADNOR PA 19087 DR DONALD TAYLOR FORMER PRES. TO MAY 2022 (OFFICER) 35.00 X 222543 0 73982 BRIAN EURY VP COM/CHIEF OF STAFF TO DEC 2022 35.00 X 201768 0 33889 CHIOMA UGOCHUKWU VP ACAD AFFAIRS/PROVOST TO DEC 2022 35.00 X 194530 0 21890 HELEN DRINAN INTERIM PRESIDENT 35.00 X X 178750 0 27000 ANGELA CAMPBELL VP MISSION, DEI & BELONGING 35.00 X 175707 0 22239 JAMES COOPER VP FINANCE & ADMIN, TREASURER 35.00 X 174525 0 20415 STEPHEN HIGHSMITH VP INSTITUTIONAL ADV TO NOV 2022 35.00 X 178036 0 8208 TIMOTHY MANTZ DEAN, SCHOOL OF BUS & PROF STUDIES 35.00 X 142963 0 19197 TODD MATTHEWS FACULTY, ORG. DEVELOPMENT 35.00 X 152585 0 8224 AMY LAMBERT CHAIR 1.00 X X 0 0 0 MARY BETH SENKEWICZ VICE CHAIR 1.00 X X 0 0 0 ANDREA KELLIHER SECRETARY 1.00 X X 0 0 0 GEORGE BADEY III ESQ TRUSTEE 1.00 X 0 0 0 ANDREW BRADY TRUSTEE 1.00 X 0 0 0 SISTER CATHERINE GARRY MSC TRUSTEE 1.00 X 0 0 0 HERNAN GUARACAO TRUSTEE 1.00 X 0 0 0 MICHAEL KAZANJIAN TRUSTEE 1.00 X 0 0 0 MICHAEL KUBACKI TRUSTEE 1.00 X 0 0 0 SISTER DIANE OLMSTEAD MSC TRUSTEE 1.00 X 0 0 0 SISTER PIETRINA RACCULGIA MSC TRUSTEE 1.00 X 0 0 0 DAVID REGN TRUSTEE 1.00 X 0 0 0 RACHEL SLAUGHTER TRUSTEE 1.00 X 0 0 0 SISTER LUCILLE SOUZA MSC TRUSTEE 1.00 X 0 0 0 ERIC TIDWELL TRUSTEE 1.00 X 0 0 0 PATRICK J WARD TRUSTEE 1.00 X 0 0 0 FRANK FOX TRUSTEE TO DEC 2022 1.00 X 0 0 0 JAMES THOMPSON TRUSTEE TO OCT 2022 1.00 X 0 0 0 1621407 0 235044 28 1 1 0 SODEXO INC & AFFILIATES 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 FOOD SERVICES 3054566 COLLEGIS EDUCATION 1415 22ND ST 220 OAK BROOK IL 60523 INFORMATION TECH- NOLOGY MANAGEMENT 2624714 CSI INTERNATIONAL INC 6700 N ANDREWS AVENUE FORT LAUDERDALE FL 33309 JANITORIAL SERVICES 1143392 ALLIED UNIVERSAL SECURITY SERVICES 161 WASHINGTON ST 600 CONSHOHOCKEN PA 19428 SECURITY SERVICES 1045135 LOON CALL MEDIA LLC 315 NEW STREET UNIT 614 PHILADELPHIA PA 19106 MARKETING SERVICES 409200 20 61756 4562619 3591763 8216138 TUITION AND FEES 611310 43930519 43930519 ROOM AND BOARD 611310 8474177 8474177 CHILDREN'S SCHOOL TUITION 611310 357933 357933 DIXON ATHLETIC CENTER 611310 31119 31119 BOOKSTORE 611310 22791 22791 52816539 685328 685328 260351 55428 136445 29049 123906 26379 150285 26379 123906 12965873 11235893 1729980 1729980 1729980 16770 61756 36772 -20002 -20002 REBATES 900099 4966 4966 729026 4776 724250 733992 64312260 52816539 31155 3248428 23163018 23163018 961260 961260 16479907 11652690 4278489 548728 788519 557550 204714 26255 2471823 1905885 448755 117183 1199156 847905 311323 39928 304488 652 303836 215834 215834 1116 1116 21250 21250 38834 38834 4939891 2445644 2412136 82111 641164 641164 1329860 878909 372451 78500 3382742 303340 3041306 38096 1946826 1473748 442018 31060 762185 626425 114567 21193 192314 105945 72843 13526 2193950 1646122 511881 35947 4904660 3679970 1144330 80360 731827 731827 FOOD SERVICES 2726529 2726529 BAD DEBT WRITE-OFFS 2198230 2198230 EVENTS AND PROGRAMS 390158 330823 37227 22108 RESIDENT ASSISTANTS 288284 288284 407796 123434 133451 150911 72681621 52756873 18617592 1307156 51478 988670 4830324 3990793 714748 3436789 4072781 95135 95304 660746 381633 152626428 84412695 72737964 68213733 33515738 27439382 516530 219891 2107909 2132627 118667361 107534814 4814242 3768797 1185503 715773 49272340 48149278 1225321 932339 56497406 53566187 X 41825705 32961459 20344250 21007168 62169955 53968627 118667361 107534814 -8369361 168033 0 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 1116 1116 0 PART II-B, LINE 1: THE UNIVERSITY BELONGS TO HIGHER EDUCATION MEMBERSHIP ORGANIZATIONS TO WHICH WE PAY DUES. PARTS OF THESE DUES ARE FOR EITHER DIRECT OR INDIRECT LOBBYING ACTIVITIES. THE ESTIMATED COST FOR THESE SERVICES TO THE UNIVERSITY IS $1,116. 39117750 734590 2583341 438978 10191907 31804796 48000292 822280 -4515580 394340 4794902 39117750 41953130 121253 10031155 266253 3838993 48000292 43765365 123210 802083 201391 2536137 41953130 46351413 1156203 2488218 168218 6062251 43765365 0.41706 0.43510 0.14784 0 0 5787202 5787202 136910514 80562455 56348059 9928712 3850240 6078472 68213733 CONDITIONAL ASSET RETIREMENT OBLIGATION 820878 REFUNDABLE GOVERNMENT LOAN FUNDS 111461 932339 X 45740169 168033 2886431 3054464 42685705 21626555 21626555 64312260 53941497 2886431 2886431 51055066 21626555 21626555 72681621 PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT FUND IS TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS AND SCHOLARSHIPS SUPPORTED BY ITS ENDOWMENT AND FOR LONG-TERM FINANCIAL STABILITY. PROGRAMS SUPPORTED INCLUDE CENTERS THAT SUPPORT OUR MISSION, FACULTY DEVELOPMENT, AND INTERNATIONAL EXPERIENCES FOR OUR STUDENTS. PART X, LINE 2: THE UNIVERSITY HAS RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE INDICATING IT IS A TAX EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS SUBJECT TO FEDERAL AND STATE INCOME TAX ONLY ON NET UNRELATED BUSINESS INCOME. THE UNIVERSITY ENGAGES IN ACTIVITIES THAT ARE CONSIDERED UNRELATED TO ITS EXEMPT PURPOSE. THESE ACTIVITIES ARE SUBJECT TO FEDERAL AND STATE INCOME TAX. NO LOSS WAS GENERATED FROM THE ACTIVITIES IN FISCAL 2023 AND 2022. HOWEVER, THE UNIVERSITY HAS A NET OPERATING LOSS CARRY FORWARD OF $1,855,131 AVAILABLE TO OFFSET ANY TAXABLE INCOME FROM THESE UNRELATED ACTIVITIES. ACCORDINGLY, NO FEDERAL OR STATE TAX PROVISION IS REQUIRED. THE NET OPERATING LOSSES BEGAN TO EXPIRE IN 2021. THE UNIVERSITY IS REQUIRED TO DETERMINE WHETHER A TRANSACTION OR EVENT MUST BE REPORTED IN A TAX RETURN AND TO EVALUATE WHETHER A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A "MORE LIKELY THAN NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. NO ADJUSTMENTS TO THE FINANCIAL STATEMENTS WERE REQUIRED AS A RESULT OF THIS REVIEW. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE REPORTED NET WITH REVENUE ON FINANCIAL STATEMENTS 21,626,555. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE REPORTED NET WITH REVENUE ON FINANCIAL STATEMENTS 21,626,555. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE UNIVERSITY'S WEBSITE CONTAINS THE NON-DISCRIMINATORY POLICY, WHICH IS AVAILABLE TO ALL PUBLIC INDIVIDUALS. OUR WEBSITE IS THE MAIN POINT OF CONTACT WITH THE PUBLIC AND THE VISITS TO THIS SITE FAR EXCEED THE REACH OF PRINT PUBLICATIONS. THE POLICY CAN BE FOUND ON THE UNIVERSITY'S WEBSITE AT HTTPS://WWW.CABRINI.EDU/ABOUT/DEPARTMENTS/POLICIES/EQUAL-OPPORTUNITY-STATEM ENT. SCHEDULE E, PART I, LINE 6 CABRINI UNIVERSITY RECEIVES FUNDS FROM VARIOUS FEDERAL AND STATE GOVERNMENT AGENCIES UNDER THEIR RESPECTIVE STUDENT FINANCIAL AID ASSISTANCE PROGRAMS. FEDERAL PROGRAMS INCLUDE THE PELL GRANT PROGRAM, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM, COLLEGE WORK STUDY PROGRAM, TEACH GRANT PROGRAM, AND THE PERKINS LOAN PROGRAM. THE STATE PROGRAM IS THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE PROGRAM FOR STUDENTS. IN ADDITION, THE UNIVERSITY IS AWARDED SPONSORED RESEARCH AND OTHER PROJECT GRANTS BY FEDERAL AND STATE GOVERNMENTAL AGENCIES. GENERAL SUPPORT IS PROVIDED TO THE UNIVERSITY FROM THE STATE OF PENNSYLVANIA UNDER ITS INSTITUTIONAL ASSISTANCE GRANT PROGRAM TO PRIVATE COLLEGES AND UNIVERSITIES. DURING THE COVID-19 PANDEMIC, THE UNIVERSITY RECEIVED HIGHER EDUCATION EMERGENCY RELIEF FUNDS. SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES BRIDGES TO ZAMBIA CULTURAL IMMERSION AND EDUCATION PROGRAM 74106 0 0 0 0 0 0 74106 0 74106 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X X X X X X 1 LOUIS TILLEY 13 WOODSTREAM DRIVE CHESTERBROOK PA 19087 COMMUNICATION PROGRAMMING ADVISOR & PROJECT CONSULTANT 0 0 21250 0 21250 PA GOLF OUTING 78526 61756 16770 6469 16124 14179 78526 61756 16770 6469 16124 14179 36772 -20002 1 SCHOLARSHIPS 1329 23163018 PART I, LINE 2: SCHOLARSHIPS AND GRANTS FOR STUDENTS ARE APPLIED DIRECTLY TO THE STUDENT'S CABRINI UNIVERSITY ACCOUNT AND APPLIED TO TUITION AND FEES. ALL FINANCIAL AID IS SUBJECT TO REVISION BASED ON AVAILABILITY, CHANGES IN FAMILY CONTRIBUTION AND/OR CREDIT LOAD. SATISFACTORY ACADEMIC PROGRESS MUST BE MAINTAINED ACCORDING TO STANDARDS PRESCRIBED BY CABRINI UNIVERSITY. ANNUAL RENEWAL OF FINANCIAL AID IS CONTINUOUS IF STUDENT CONTINUES TO DEMONSTRATE NEED, ALL REQUIRED DOCUMENTS ARE COMPLETED BY THE PUBLISHED DEADLINE, AND SATISFACTORY ACADEMIC PROGRESS IS MAINTAINED CONSISTENT WITH THE CABRINI UNIVERSITY POLICY. RENEWAL OF AID IS ALSO DEPENDENT ON THE AVAILABILITY OF FUNDS. SCHOLARSHIPS AND GRANTS ARE PROVIDED IN AN OBJECTIVE AND NONDISCRIMINATORY MANNER. X 1 1 X X X 1 1 0 0 0 0 0 0 1 1 DR DONALD TAYLOR FORMER PRES. TO MAY 2022 (OFFICER) 211222 0 0 0 11321 0 37804 0 36178 0 296525 0 0 0 BRIAN EURY VP COM/CHIEF OF STAFF TO DEC 2022 201768 0 0 0 0 0 13300 0 20589 0 235657 0 0 0 CHIOMA UGOCHUKWU VP ACAD AFFAIRS/PROVOST TO DEC 2022 194530 0 0 0 0 0 13633 0 8257 0 216420 0 0 0 HELEN DRINAN INTERIM PRESIDENT 171895 0 0 0 6855 0 0 0 27000 0 205750 0 0 0 ANGELA CAMPBELL VP MISSION, DEI & BELONGING 175707 0 0 0 0 0 10027 0 12212 0 197946 0 0 0 JAMES COOPER VP FINANCE & ADMIN, TREASURER 174525 0 0 0 0 0 12250 0 8165 0 194940 0 0 0 STEPHEN HIGHSMITH VP INSTITUTIONAL ADV TO NOV 2022 153325 0 0 0 24711 0 7547 0 661 0 186244 0 0 0 TIMOTHY MANTZ DEAN, SCHOOL OF BUS & PROF STUDIES 142963 0 0 0 0 0 9870 0 9327 0 162160 0 0 0 TODD MATTHEWS FACULTY, ORG. DEVELOPMENT 152585 0 0 0 0 0 7747 0 477 0 160809 0 0 0 PART I, LINE 1A HELEN DRINAN, INTERIM PRESIDENT - RESIDENCE FOR PERSONAL USE: THE UNIVERSITY REQUIRES ITS INTERIM PRESIDENT TO LIVE IN A RESIDENCE ON CAMPUS. THE RESIDENCE IS NOT TREATED AS TAXABLE COMPENSATION TO THE INTERIM PRESIDENT. THE ANNUAL VALUE OF THE RESIDENCE IS INCLUDED IN THE AMOUNT REPORTED ON SCHEDULE J, PART II, COLUMN (D). PART I, LINES 4A-B FORM 990, SCHEDULE J, PART I, LINE 4A: STEPHEN HIGHSMITH, VP INSTITUTIONAL ADVANCEMENT, WAS PAID $17,811 IN 2022 UNDER A SEVERANCE AGREEMENT. THIS AMOUNT WAS REPORTED AS TAXABLE INCOME AND IS INCLUDED IN THE AMOUNT REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III). FORM 990, SCHEDULE J, PART I, LINE 4B: DR. DONALD TAYLOR, FORMER PRESIDENT - SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN: PER EMPLOYMENT CONTRACT, THE UNIVERSITY CONTRIBUTED 10% OF BASE SALARY TO A 457(F) PLAN. IN CALENDAR YEAR 2022, A CONTRIBUTION OF $22,238 WAS MADE TO THE 457(F) PLAN. UPON HIS DEPARTURE FROM THE UNIVERSITY IN JUNE 2022, DR. TAYLOR FORFEITED HIS RIGHTS TO THE ACCUMULATED CONTRIBUTIONS MADE BY THE UNIVERSITY TO THE 457(F) PLAN. PART I, LINE 8 HELEN DRINAN, INTERIM PRESIDENT, ENTERED INTO AN EMPLOYMENT AGREEMENT WITH THE UNIVERSITY ON MAY 6, 2022, EFFECTIVE JUNE 1, 2022 TO MAY 31, 2023. ON FEBRUARY 22, 2023, THIS AGREEMENT WAS EXTENDED TO ALLOW FOR TERMINATION AT ANY TIME BY EITHER PARTY WITH SIXTY (60) DAYS NOTICE IN WRITING TO THE OTHER PARTY, EFFECTIVE JUNE 1, 2023. A DELAWARE COUNTY AUTHORITY 231973437 245913MP0 2017-06-20 52991164 REFUND OUTSTANDING 1999, 2003, 2007 AND OTHER CAPITAL PROJECTS 0 0 0 A 7016164 52991164 592856 25983057 26415251 2019 0 1 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 1 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: DELAWARE COUNTY AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/20/2022 FUTURE PLANS: ON JUNE 23, 2023, THE INTERIM PRESIDENT AND THE CHAIR OF THE BOARD OF TRUSTEES OF CABRINI UNIVERSITY ANNOUNCED THAT THE BOARD OF TRUSTEES AND LEADERSHIP TEAM OF CABRINI, TOGETHER WITH THE MISSIONARY SISTERS OF THE SACRED HEART OF JESUS, HAD DETERMINED THAT THERE WAS NO CREDIBLE PATH FORWARD THAT WOULD ALLOW CABRINI TO CONTINUE OPERATIONS BEYOND 2024 AND THAT THE 2023-2024 ACADEMIC YEAR WOULD BE THE LAST, AFTER WHICH THE UNIVERSITY WOULD FORMALLY CONCLUDE THEIR OPERATIONS. ON NOVEMBER 1, 2023, VILLANOVA UNIVERSITY AND CABRINI UNIVERSITY ENTERED INTO AN ASSET PURCHASE AGREEMENT, THROUGH WHICH VILLANOVA AGREED TO ACQUIRE CERTAIN ASSETS OF CABRINI, INCLUDING CERTAIN REAL ESTATE OWNED BY CABRINI AND THE MISSIONARY SISTERS OF THE SACRED HEART. THE PARTIES ANTICIPATE THAT THE TRANSACTIONS WILL BE CONSUMMATED UPON, AMONG OTHER THINGS, THE RECEIPT OF A NUMBER OF REGULATORY AND OTHER APPROVALS, WHICH ARE EXPECTED TO BE RECEIVED OVER THE COMING MONTHS. FORM 990, PART III, LINE 3 ON JUNE 23, 2023, THE INTERIM PRESIDENT AND THE CHAIR OF THE BOARD OF TRUSTEES OF CABRINI UNIVERSITY ANNOUNCED THAT THE BOARD OF TRUSTEES AND LEADERSHIP TEAM OF CABRINI, TOGETHER WITH THE MISSIONARY SISTERS OF THE SACRED HEART OF JESUS, HAD DETERMINED THAT THERE WAS NO CREDIBLE PATH FORWARD THAT WOULD ALLOW CABRINI TO CONTINUE OPERATIONS BEYOND 2024 AND THAT THE 2023-2024 ACADEMIC YEAR WOULD BE THE LAST, AFTER WHICH THE UNIVERSITY WOULD FORMALLY CONCLUDE THEIR OPERATIONS. ON NOVEMBER 1, 2023, VILLANOVA UNIVERSITY AND CABRINI UNIVERSITY ENTERED INTO AN ASSET PURCHASE AGREEMENT, THROUGH WHICH VILLANOVA AGREED TO ACQUIRE CERTAIN ASSETS OF CABRINI, INCLUDING CERTAIN REAL ESTATE OWNED BY CABRINI AND THE MISSIONARY SISTERS OF THE SACRED HEART. THE PARTIES ANTICIPATE THAT THE TRANSACTIONS WILL BE CONSUMMATED UPON, AMONG OTHER THINGS, THE RECEIPT OF A NUMBER OF REGULATORY AND OTHER APPROVALS, WHICH ARE EXPECTED TO BE RECEIVED OVER THE COMING MONTHS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF THE PRESIDENT, THE BOARD CHAIR, THE BOARD VICE CHAIR, THE CHAIRS OF THE OTHER STANDING COMMITTEES AND SUCH OTHER TRUSTEES AS THE BOARD MY DESIGNATE BY RESOLUTION. THE CHAIR OF THE BOARD SHALL BE THE CHAIR OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL HAVE AND EXERCISE ALL OF THE POWERS AND AUTHORITY OF THE BOARD, EXCEPT THAT IT SHALL NOT HAVE ANY POWER OR AUTHORITY AS THE THE FOLLOWING: (A) THE GRANTING OF DEGREES; (B) THE AUTHORIZATION OF THE UNIVERSITY TO INCUR INDEBTEDNESS OR TO MAKE EXTRAORDINARY AND UNBUDGETED EXPENDITURES IN EXCESS OF SUCH AMOUNT AS IS SET FROM TIME TO TIME BY THE BOARD OF TRUSTEES; (C) THE ENTERING INTO OF ANY MATERIAL COMMITMENT AFFECTING THE CAPITAL ASSETS OF THE UNIVERSITY, UNLESS SPECIFICALLY AUTHORIZED TO DO SO BY RESOLUTION OF THE BOARD; (D) THE SUBMISSION TO THE MEMBERS OF ANY ACTION REQUIRING APPROVAL OF MEMBERS UNDER NON-PROFIT CORPORATION LAWS; (E) THE CREATION OR FILING OF VACANCIES IN THE BOARD; (F) THE ADOPTION, AMENDMENT OR REPEAL OF THE BYLAWS; (G) THE AMENDMENT OR REPEAL OF ANY RESOLUTION OF THE BOARD THAT BY ITS TERMS IS AMENDABLE OR REPEAL-ABLE ONLY BY THE BOARD; (H) ACTION ON MATTERS COMMITTED BY THE BYLAWS OR A RESOLUTION OF THE BOARD EXCLUSIVELY TO ANOTHER COMMITTEE OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 4 ON APRIL 28, 2023, THE BOARD OF TRUSTEES APPROVED THE BYLAWS AMENDMENTS INCLUDING A REDUCTION IN THE MINIMUM NUMBER OF TRUSTEES FROM 15 TO 12 AND AN ALLOWANCE FOR TRUSTEES TO BE ELECTED FOR AN ADDITIONAL THREE YEARS, IN ONE-YEAR INCREMENTS, AFTER SERVING NINE CONSECUTIVE YEARS, BY AN AFFIRMATIVE VOTE OF BOTH THE MEMBERS AND THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION A, LINE 6 ALL THOSE SERVING IN THE OFFICE OF PROVINCIAL (CLASS A MEMBER) AND OF PROVINCIAL COUNCILOR (CLASS B MEMBERS) OF 'THE MISSIONARY SISTERS OF SACRED HEART OF JESUS, GUADALUPE PROVINCE' (MSC), ARE THE MEMBERS OF CABRINI UNIVERSITY. FORM 990, PART VI, SECTION A, LINE 7A THE PROVINCIAL OF MSC (OR HER DESIGNEE) IS A REQUIRED EX-OFFICIO VOTING TRUSTEE. ALL OTHER ELECTED VOTING TRUSTEES MUST BE AFFIRMED BY A VOTE OF THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS MUST APPROVE THE FOLLOWING: (A) ANY CHANGES RECOMMENDED BY THE BOARD OF TRUSTEES IN THE PHILOSOPHY, OBJECTIVES AND PURPOSE OF THE UNIVERSITY; (B) THE SALE OR OTHER DISPOSITION OF ASSETS OR THE CREATION OF ANY LIEN ON ASSETS; (C) THE MERGER OR CONSOLIDATION OF THE UNIVERSITY; (D) THE DISSOLUTION OF THE UNIVERSITY; (E) ANY CHANGES TO THE ARTICLES OF INCORPORATION OR THE BYLAWS; (F) THE FINALISTS FOR THE OFFICE OF PRESIDENT; AND (G) THE USE OF THE NAME OF THE MISSIONARY SISTERS OF THE SACRED HEART OF JESUS IN CONNECTION WITH ANY INDEBTEDNESS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM WITH INFORMATION PROVIDED BY MANAGEMENT AND REVIEWED IN ITS ENTIRETY BY MEMBERS OF MANAGEMENT AND THE AUDIT, RISK, LEGAL, AND COMPLIANCE COMMITTEE OF THE BOARD (ARLC). FOLLOWING COMMITTEE REVIEW AND APPROVAL, THE PUBLIC INSPECTION COPY OF THE FORM 990 WAS PRESENTED IN WRITTEN FORM TO THE ENTIRE BOARD. AFTER APPROVAL BY THE BOARD, THE FORM 990 WAS FORMALLY FILED WITH THE FEDERAL GOVERNMENT. FORM 990, PART VI, LINE 11A: THIS QUESTION IS REQUIRED TO BE ANSWERED NO BASED ON THE IRS INSTRUCTIONS, BECAUSE THOUGH THE FULL BOARD DOES RECEIVE AND REVIEW A COPY OF THE FORM 990 PRIOR TO THE RETURN BEING FILED, THE SCHEDULE B INFORMATION HAS BEEN REDACTED FROM THE COPY THEY ARE PROVIDED. THIS REDACTION IS CABRINI'S GOOD FAITH EFFORT TO COMPLY AND RESPECT DONOR CONFIDENTIALITY REQUESTS. IF A MEMBER OF THE BOARD WERE TO REQUEST ACCESS TO THE REDACTED INFORMATION, IT WOULD BE PROVIDED TO THEM. FORM 990, PART VI, SECTION B, LINE 12C THE TRUSTEES, OFFICERS, VICE-PRESIDENTS, AND OTHER KEY PERSONNEL ARE ALL SUBJECT TO THE CONFLICT OF INTEREST (COI) POLICY AND MUST COMPLETE ANNUAL COI DISCLOSURE STATEMENTS. THE PRESIDENT OF THE UNIVERSITY DETERMINES WHO SHOULD BE CONSIDERED 'OTHER KEY PERSONNEL'. THE SECRETARY OF THE BOARD (SECRETARY) REVIEWS THE ANNUAL DISCLOSURE STATEMENTS TO DETERMINE WHETHER A MATERIAL FINANCIAL INTEREST HAS BEEN DISCLOSED. IF A MATERIAL FINANCIAL INTEREST HAS BEEN DISCLOSED, THE SECRETARY SHALL PROMPTLY SUBMIT TO THE CHAIR OF THE AUDIT, RISK, LEGAL COMPLIANCE COMMITTEE (ARLC) OR, IF THE INTERESTS INVOLVE THE CHAIR OF THE ARLC, ANOTHER MEMBER OF THE ARLC, SUCH DISCLOSURE FORMS TOGETHER WITH ANY ADDITIONAL INFORMATION ABOUT THE CURRENT OR PROPOSED TRANSACTION OR BUSINESS RELATIONSHIP THAT MAY GIVE RISE TO A CONFLICT OF INTEREST. THE ARLC SHALL REVIEW THE MATTER AND DETERMINE WHETHER THERE IS A CONFLICT OF INTEREST. IF THE ARLC DETERMINES A CONFLICT EXISTS, THERE WILL BE A FINAL REVIEW AND DECISION MADE BY THE ENTIRE BOARD. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, SECTION B, LINE 15A: COMPENSATION FOR CABRINI UNIVERSITY'S INTERIM PRESIDENT IS DETERMINED AFTER A THOROUGH COMPENSATION COMPARATIVE ANALYSIS OF THE SPECIFIED JOB SCOPE IS CONDUCTED. THE DATA SOURCES USED FOR COMPILATION OF SALARY STRUCTURES ARE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA) ADMINISTRATIVE SALARY SURVEYS, COMPARISON OF SALARIES TO ASPIRANT SCHOOLS, CHRONICLE OF HIGHER EDUCATION SALARY SURVEYS, BUREAU OF LABOR STATISTICS, AND OTHER INDEPENDENT COMPENSATION CONSULTANTS IF NEEDED. DUE TO EXTRAORDINARY CIRCUMSTANCES IN 2020 AND BEYOND, THE PRESIDENT'S TOTAL COMPENSATION METHODOLOGY WAS ALTERED USING THE SAME COMPARATIVE DATA. THE EXECUTIVE COMPENSATION COMMITTEE AND THE PRESIDENT HAVE PRESENTED THIS ADJUSTMENT TO THE BOARD FOR APPROVAL. THE PRESIDENT'S SALARY AND OTHER COMPENSATION REQUIRES APPROVAL BY THE FULL BOARD. COMPENSATION DECISIONS FOR THE INTERIM PRESIDENT ARE DOCUMENTED IN THE MINUTES OF THE EXECUTIVE COMPENSATION COMMITTEE AND/OR BOARD MINUTES. THIS PROCESS LAST OCCURRED IN 2022. FORM 990, PART VI, SECTION B, LINE 15B: COMPENSATION FOR OTHER CABRINI UNIVERSITY OFFICERS AND KEY EMPLOYEES IS DETERMINED AFTER A THOROUGH COMPENSATION COMPARATIVE ANALYSIS OF THE SPECIFIED JOB SCOPE IS CONDUCTED. THE DATA SOURCES USED FOR COMPILATION OF SALARY STRUCTURES ARE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA) ADMINISTRATIVE SALARY SURVEYS, COMPARISON OF SALARIES TO ASPIRANT SCHOOLS, CHRONICLE OF HIGHER EDUCATION SALARY SURVEYS, BUREAU OF LABOR STATISTICS, AND OTHER INDEPENDENT COMPENSATION CONSULTANTS IF NEEDED. IN ADDITION, COMPENSATION FOR THESE EMPLOYEES IS BASED ON HOW THEIR PERFORMANCE MEASURES AGAINST THEIR ANNUAL OBJECTIVES. ONCE THE SALARY SURVEY DATA IS PRESENTED, THE PRESIDENT REVIEWS THE DATA AND APPROVES THE FINAL PAY STRUCTURE OF THE SPECIFIED POSITION. THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD REVIEWS THE PRESIDENT'S RECOMMENDATIONS BUT DOES NOT APPROVE THESE EMPLOYEE'S SALARY OR OTHER COMPENSATION. THIS PROCESS LAST OCCURRED IN 2020. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. HOWEVER, THE CONFLICT OF INTEREST POLICY IS ON THE UNIVERSITY'S WEBSITE VIA THE UNIVERSITY EMPLOYEE HANDBOOK.