2024-05-10T10:00:09-05:00 2023-06-30 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2022-07-01 381366958 SIENA HEIGHTS UNIVERSITY SIEN 5172647108 1247 EAST SIENA HEIGHTS DRIVE ADRIAN MI 49221 DEBORA ANDREWS CFO 5172647108 2024-05-07 1 DEBORA ANDREWS 999009999 1 DORI J EGGETT P00645252 2695674500 2024-05-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DOUGLAS B PALMER PHD 1247 EAST SIENA HEIGHTS DRIVE ADRIAN MI 49221 61135145 0 X WWW.SIENAHEIGHTS.EDU X 1919 MI TO PROVIDE STUDENTS WITH A LIBERAL ARTS EDUCATION WITH THE PURPOSE OF ASSISTING PEOPLE IN BECOMING MORE COMPETENT, PURPOSEFUL AND ETHICAL THROUGH A TEACHING AND LEARNING ENVIRONMENT WHICH RESPECTS THE DIGNITY OF ALL. 26 25 816 25 -4520 0 17262652 13490855 44003407 47267858 121775 89257 259371 81267 61647205 60929237 21474369 20462467 0 0 21266047 20020262 0 0 746503 23245830 19810093 65986246 60292822 -4339041 636415 91816643 84578079 26486011 16670001 65330632 67908078 THE MISSION OF SIENA HEIGHTS UNIVERSITY, A CATHOLIC UNIVERSITY FOUNDED AND SPONSORED BY THE ADRIAN DOMINICAN SISTERS, IS TO ASSIST PEOPLE TO BECOME MORE COMPETENT, PURPOSEFUL, AND ETHICAL THROUGH A TEACHING AND LEARNING ENVIRONMENT WHICH RESPECTS THE DIGNITY OF ALL. 0 0 48397236 20462467 47241944 SIENA HEIGHTS UNIVERSITY IS A MICHIGAN PRIVATE NON-PROFIT CORPORATION FOR POSTSECONDARY EDUCATION. THE UNIVERSITY PROVIDES EDUCATION WITH A MAIN CAMPUS, SATELLITE CAMPUSES, AND ONLINE FOR BOTH TRADITIONAL AND NONTRADITIONAL STUDENTS OFFERING BACHELOR AND MASTER DEGREE PROGRAMS. THE MAIN CAMPUS ALSO OFFERS AUXILIARY SERVICES IN THE FORM OF HOUSING, MEAL PLANS, AND BOOKSTORE SERVICES. THE UNIVERSITY IS PRIMARILY SUPPORTED THROUGH TUITION, FEDERAL AND STATE GRANTS, AND CONTRIBUTIONS FOR OPERATIONS AND SCHOLARSHIPS. 48397236 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 1 0 1 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 108 0 1 816 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 25 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X DEBORA ANDREWS 5172647108 1247 EAST SIENA HEIGHTS DRIVE ADRIAN MI 49221 SR PEG ALBERT OP PHD PRESIDENT 40.00 0.00 X X 280984 0 45785 DUSTY STEELE CHAIRPERSON 1.00 0.00 X X 0 0 0 FRANCINE PARKER VICE CHAIRPERSON 1.00 0.00 X X 0 0 0 BEN NEGRON SECRETARY 1.00 0.00 X X 0 0 0 LEE BENISH TRUSTEE 1.00 0.00 X 0 0 0 BETTY CUMMINGS TRUSTEE 1.00 0.00 X 0 0 0 SR MARIANNE FAHLMAN TRUSTEE 1.00 0.00 X 0 0 0 TIM FORTESCUE TRUSTEE 1.00 0.00 X 0 0 0 STEVE FUTRELL TRUSTEE 1.00 0.00 X 0 0 0 DOUG GRAY TRUSTEE 1.00 0.00 X 0 0 0 RICHARD HALLER TRUSTEE 1.00 0.00 X 0 0 0 MARGARET HARTMAN TRUSTEE 1.00 0.00 X 0 0 0 FRANK JOHNSON TRUSTEE 1.00 0.00 X 0 0 0 RUTH LAFONTAINE TRUSTEE 1.00 0.00 X 0 0 0 STEVE LINVILLE TRUSTEE 1.00 0.00 X 0 0 0 HAROLD LOVE TRUSTEE 1.00 0.00 X 0 0 0 SR FRANCES NADOLNY OP PHD TRUSTEE 1.00 0.00 X 0 0 0 HONORABLE MARGARET MS NOE TRUSTEE 1.00 0.00 X 0 0 0 LISA OBERLIN TRUSTEE 1.00 0.00 X 0 0 0 IQBAL ROSHD TRUSTEE 1.00 0.00 X 0 0 0 SR ANNELIESE SINNOTT TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL SMITH TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL C SMITH TRUSTEE 1.00 0.00 X 0 0 0 SR MARY SOHER OP TRUSTEE 1.00 0.00 X 0 0 0 SR JOAN WEITHMAN OP TRUSTEE 1.00 0.00 X 0 0 0 KIMARIE YOWELL TRUSTEE 1.00 0.00 X 0 0 0 J LEE JOHNSON CPA PHD TREASURER/VP OF FINANCE 40.00 0.00 X 148869 0 40019 DANIEL PENA VP FOR ADVANCEMENT 40.00 0.00 X 132334 0 24496 GEORGE WOLF VP FOR ENROLLMENT 40.00 0.00 X 104010 0 48209 CHERI BETZ VICE PRESIDENT 40.00 0.00 X 135422 0 1479 801619 0 159988 5 0 1 0 CHARTWELLS DINING SERVICES PO BOX 9133 CHICAGO IL 60693 FOOD SERVICE PROVIDER 2073004 KRIEGHOFF LENAWEE CONSTRUCTION PO BOX 100 ADRIAN MI 49221 CONSTRUCTION MGMT 1119230 EDDY HOLDINGS 4922C BURKEWOOD CT SYLVANIA OH 43560 MARKETING - ADMISSIONS 819449 EAB PO BOX 603519 CHARLOTTE NC 28260 MARKETING 460043 NATIONAL TRAILS LLC 11940 MERRIMAN LIVONIA OH 48150 TRANSPORTATION 425619 8 218937 3596400 1217012 8458506 3189 13490855 TUITION AND FEES 611710 36926795 36926795 AUXILIARY 611710 10315149 10315149 CONFERENCES & CAMPS 721210 25914 25914 47267858 30909 30909 63407 94156 -30749 -30749 -30749 60456 0 2108 60456 -2108 58348 315 58033 16336 218937 96081 -79745 -79745 33787 13563 20224 20224 HOUSING MANAGEMENT 721310 171537 171537 171537 60929237 47241944 -4520 200958 X 19283381 19283381 1179086 1179086 1038989 127177 539244 372568 14396171 11440816 2858179 97176 276281 217266 59015 3231565 2489140 742425 1077256 836051 241205 130233 130233 115694 115694 51104 51104 8546302 5309352 3225854 11096 1068264 776221 249322 42721 475534 309555 109102 56877 234593 214411 20182 6754 6754 1584520 204240 1378184 2096 737005 668464 46529 22012 639318 556207 76718 6393 3391458 2950568 406975 33915 461855 164850 297005 ACTIVITIES 1532637 1359628 81709 91300 REPAIRS AND MAINTENANCE 391227 150852 240375 DUES AND SUBSCRIPTIONS 314195 153217 150629 10349 BAD DEBT 129400 129400 60292822 48397236 11149083 746503 2517600 384956 1723273 1167853 1062175 1288358 725114 1051039 111494287 46251126 67629512 65243161 17219189 14155727 939780 1286985 91816643 84578079 5085297 2777522 1154358 1219249 18061934 12537804 2043196 0 141226 135426 26486011 16670001 X 44214168 49150410 21116464 18757668 65330632 67908078 91816643 84578079 X 636415 1549672 391359 X X 0 1 X 1 1 1 X 10633827 9270112 16627863 17262652 13490855 67285309 10633827 9270112 16627863 17262652 13490855 67285309 15280919 52004390 397880 88005 383 725 30909 517902 1405 8025 315 9745 292230 214791 222312 300929 221660 1251922 69064878 233428593 0.75300 0.77740 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2018 AMOUNT: $ 47,367. 2019 AMOUNT: $ 8,069. 2020 AMOUNT: $ 14,646. 2021 AMOUNT: $ 11,690. 2022 AMOUNT: $ 16,336. MISCELLANEOUS - 2018 AMOUNT: $ 201,608. 2019 AMOUNT: $ 177,138. 2020 AMOUNT: $ 180,961. 2021 AMOUNT: $ 237,998. 2022 AMOUNT: $ 171,537. GAMING - 2018 AMOUNT: $ 43,255. 2019 AMOUNT: $ 29,584. 2020 AMOUNT: $ 26,705. 2021 AMOUNT: $ 51,241. 2022 AMOUNT: $ 33,787. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1829858 X X X 16835335 1055846 -4151803 541300 -95638 13293716 18913918 754948 -2009092 504338 320101 16835335 13355233 82048 4083653 469330 -1862314 18913918 12849400 153143 326074 453781 -480397 13355233 11840756 342224 1164521 427367 70734 12849400 0.10880 0.69760 0.19360 0 0 2978795 2978795 77163972 23549039 53614933 29521662 22702087 6819575 1829858 1829858 65243161 ANNUITIES PAYABLE 9174 CONDITIONAL ASSET RETIREMENT OBLIGATION 126252 135426 42560497 1549672 595159 2144831 40415666 51104 20462467 20513571 60929237 39983051 203800 203800 39779251 51104 20462467 20513571 60292822 PART III, LINE 4: SIENA HEIGHTS UNIVERSITY RECEIVED $1,829,858 OF INDEPENDENTLY APPRAISED SCULPTURES THAT ARE PERMANENT FIXTURES ON DISPLAY ON CAMPUS. THE UNIVERSITY'S ART COLLECTION SERVES AS POINT OF DISCOVERY FOR STUDENTS AND VISITORS TO THE UNIVERSITY AND AS EDUCATIONAL MATERIAL FOR RELEVANT UNIVERSITY COURSES. PART V, LINE 4: THIS ENDOWMENT IS USED BY THE ORGANIZATION TO PROVIDE SCHOLARSHIPS TO QUALIFIED INDIVIDUALS AND PROGRAM ACTIVITIES SUCH AS ENDOWED LECTURE SERIES, FACULTY DEVELOPMENT, AND OTHER PROGRAM ACTIVITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS ON INTEREST RATE SWAP 334,362. CHANGE IN FAIR VALUE OF PLEDGES RECEIVABLE 56,997. FUNDRAISING EXPENSE NETTED AGAINST REVENUE 96,081. RENTAL EXPENSE NETTED AGAINST REVENUE 94,156. GAMING EXPENSE NETTED AGAINST REVENUE 13,563. PART XI, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID 20,462,467. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE NETTED AGAINST REVENUE 96,081. RENTAL EXPENSE NETTED AGAINST REVENUE 94,156. GAMING EXPENSE NETTED AGAINST REVENUE 13,563. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID 20,462,467. 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 POLICY IS PUBLICIZED ON ADMISSIONS BROCHURES AND COURSE CATALOGS, AS WELL AS ON THE UNIVERSITY'S WEBSITE WHICH IS AVAILABLE TO THE PUBLIC. SCHEDULE E, PART I, LINE 6 SIENA HEIGHTS UNIVERSITY RECEIVES DEPARTMENT OF EDUCATION FINANCIAL AID GRANTS FOR STUDENTS, DEPARTMENT OF EDUCATION FUNDS FOR TWO TRIO PROGRAMS, DEPARTMENT OF EDUCATION HEERF FUNDS FOR STUDENTS AND INSTITUTIONAL SUPPORT, NATIONAL ENDOWMENT FOR HUMANITIES FOR DIVERSITY & INCLUSION, AND NATIONAL SCIENCE FOUNDATION FUNDS FOR S-STEM. 1 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 SCHOLARSHIPS N/A 29546 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 SCHOLARSHIPS N/A 18000 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 SCHOLARSHIPS N/A 224660 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 SCHOLARSHIPS N/A 193116 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 0 SCHOLARSHIPS N/A 682264 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 SCHOLARSHIPS N/A 31500 0 0 0 0 0 0 1179086 0 1179086 SCHOLARSHIP - TUITION/BOOKS CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 3 29546 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 2 18000 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 8 224660 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 1 31500 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 7 193116 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 33 682264 APPLIED AGAINST STUDENTS TUITION ACCOUNT 1 0 0 0 0 0 PART I, LINE 2: IN THE AGREEMENTS, THE USE OF FUND AND REPORTING REQUIREMENTS ARE SPECIFIED AND MONITORED. PART III ACCOUNTING METHOD: GOLF OUTING 35851 19515 16336 3189 11763 1839 2084 SR PEG FAREWELL 199422 199422 22377 33094 5346 16389 235273 218937 16336 3189 34140 34933 5346 18473 96081 -79745 33787 6500 7063 0 1.00000 33787 6500 7063 13563 20224 MI 1 0 1 0 0.80000 0.20000 PAMELA HOWARD 1247 EAST SIENA HEIGHTS DRIVE ADRIAN MI 49221 0 PAMELA HOWARD MAKE SURE LICENSE IS OBTAINED, ENSURES RAFFLE FOLLOWS STATE GUIDELINES, ENSURES RECORDING OF RAFFLE IS PROPERLY COMPLETED X 0 1 SCHOLARSHIP - TUITION/BOOKS 1579 19283381 PART I, LINE 2: SIENA HEIGHTS UNIVERSITY PROVIDES FUNDING FOR STUDENT SCHOLARSHIPS AND TUITION DISCOUNTS BASED ON MERIT, FINANCIAL NEED, SPECIAL CRITERIA BASED ON RESTRICTED FUND ENDOWMENTS AND DONOR CRITERIA, AND INFORMATION PROVIDED BY THE STUDENT ON THE SCHOLARSHIP APPLICATION. X X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 SR PEG ALBERT OP PHD PRESIDENT 280984 0 0 0 0 0 0 0 45785 0 326769 0 0 0 J LEE JOHNSON CPA PHD TREASURER/VP OF FINANCE 148869 0 0 0 0 0 0 0 40019 0 188888 0 0 0 DANIEL PENA VP FOR ADVANCEMENT 132334 0 0 0 0 0 0 0 24496 0 156830 0 0 0 GEORGE WOLF VP FOR ENROLLMENT 104010 0 0 0 0 0 0 0 48209 0 152219 0 0 0 PART I, LINE 1A - THE PRESIDENT OF THE UNIVERSITY LIVES IN A HOUSE THAT IS OWNED BY THE UNIVERSITY AND HAS A DISCRETIONARY SPENDING ACCOUNT. ALL EXPENSES, INCLUDING UTILITIES AND HOUSEKEEPING, ARE PAID BY THE UNIVERSITY. THE PRESIDENT IS TAX-EXEMPT DUE TO HER RELIGIOUS STATUS. - LEE JOHNSON RECEIVED TAX INDEMNIFICATION AND GROSS-UP PAYMENTS THAT WERE TREATED AS TAXABLE COMPENSATION. A ECONOMIC DEVELOPMENT CORP OF THE COUNTY OF LENAWEE SERIES 2009 521302758 526010ADF 2009-04-28 8700000 TO FINANCE REFUNDING FOR SERIES 2006 BONDS 0 0 0 B ECONOMIC DEVELOPMENT CORP OF THE COUNTY OF LENAWEE SERIES 2010 521302758 NONEAVAIL 2010-12-21 15434000 CONSTRUCTION 0 0 0 C ECONOMIC DEVELOPMENT CORP OF THE COUNTY OF LENAWEE SERIES 2016 521302758 NONEAVAIL 2016-12-23 8000000 CONSTRUCTION 0 0 0 D ECONOMIC DEVELOPMENT CORP OF THE COUNTY OF LENAWEE SERIES 2019 521302758 NONEAVAIL 2019-12-17 8700000 PROJECTS AND IMPROVEMENTS 0 0 0 A 5720000 8700000 169240 85060 8445700 2009 1 0 1 1 B 11727442 12275127 12275127 2013 0 0 1 1 C 4262175 7931335 91335 7840000 2020 0 0 1 1 D 833429 6588799 120000 6468799 2020 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 1 1 0 0.01000 0.00000 0.01000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 1 1 1 FIRST AMERICAN BANK 10.000000000000 0 0 0 0 1 B 0 0 1 0 1 0 0 0 1 C 0 0 1 0 1 0 0 0 1 D 0 0 1 0 1 0 0 0 1 A 1 B 1 C 1 D 1 PART I, LINE A, COLUMN (F): THE PROCEEDS FROM THE SALE OF THE SERIES 2009 BONDS WERE LOANED BY THE EDC TO THE UNIVERSITY AND USED BY THE UNIVERSITY, TOGETHER WITH OTHER AVAILABLE FUNDS, TO (I) CURRENTLY REFUND THE PORTION OF THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF LENAWEE'S VARIABLE RATE DEMAND REVENUE AND REVENUE REFUNDING BONDS, SERIES 2006 (SIENA HEIGHTS UNIVERSITY PROJECT), DATED MARY 10, 2006, (II) TO PAY A TERMINATION PAYMENT REQUIRED TO BE MADE IN CONNECTION WITH A QUALIFIED HEDGE RELATING TO THE SERIES 2006 BONDS AND (III) TO PAY A PORTION OF THE COSTS OF ISSUING THE SERIES 2009 BONDS. PART I, LINE B, COLUMN (F): THE PROCEEDS FROM THE SALE OF THE SERIES 2009 BONDS WERE LOANED BY THE EDC TO THE UNIVERSITY TO DEFRAY ALL OR A PORTION OF THE COST OF THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF THE ATHLETIC COMPLEX, THE UNIVERSITY CENTER, THE ATHLETIC BUILDING, AND THE BASEBALL STADIUM. PART I, LINE C, COLUMN (F): THE PROCEEDS FROM THE SALE OF THE BONDS WERE LOANED BY THE EDC TO THE UNIVERSITY AND USED BY THE UNIVERSITY, TOGETHER WITH OTHER AVAILABLE FUNDS, TO (I) FINANCE (A) COMPLETION OF THE CONSTRUCTION, FURNISHING AND EQUIPPING OF THE PERFORMING ARTS CENTER (THE "PAC"); (B) RELOCATION AND RECONSTRUCTION OF A MAINTENANCE BARN; (C) DESIGN AND CONSTRUCTION OF A NEW CAMPUS QUADRANGLE, INCLUDING REMOVAL OF AN INTERIOR CAMPUS ROADWAY AND THE CONSTRUCTION OF SITE IMPROVEMENTS ADJACENT TO THE PAC; (D) RENOVATION, FURNISHING AND EQUIPPING OF ST. JOSEPH HALL; (E) COMPLETION OF IMPROVEMENTS TO THE WOMEN'S SOFTBALL STADIUM AND FACILITIES (PHASES II AND III); AND (F) DEMOLITION OF SAGE HALL AND POST-DEMOLITION SITE IMPROVEMENTS; AND (G) THE CONSTRUCTION AND/OR INSTALLATION OF CERTAIN ENERGY SAVINGS IMPROVEMENTS AND (II) PAY THE COSTS OF ISSUING THE SERIES 2016 BONDS. PART I, LINE D, COLUMN (F): PROCEEDS FROM THE SALE OF THE BONDS WERE LOANED BY THE EDC TO THE UNIVERSITY AND USED BY THE UNIVERSITY, TOGETHER WITH OTHER AVAILABLE FUNDS, TO (I) FINANCE (A) PURCHASE OF THE STUDENT HOUSING FACILITIES COMMONLY KNOWN AS CAMPUS VILLAGE AT SIENA, LOCATED AT 915 E. SIENA HEIGHTS DRIVE, ADRIAN, MICHIGAN; (B) DEVELOPMENT AND IMPLEMENTATION OF AN ENTERPRISE SOFTWARE INFORMATION SYSTEM TO BE USED FOR THE ADMINISTRATION OF UNIVERSITY SERVICES AND FUNCTIONS; AND (C) ACQUISITION AND INSTALLATION OF NEW HEATING, VENTILATION AND AIR CONDITIONING SYSTEMS TO SERVICE THE MAIN AREA OF THE UNIVERSITY'S FIELDHOUSE AND THE MEN'S AND WOMEN'S LOCKER ROOMS, TOGETHER WITH RELATED ELECTRICAL SERVICE AND CONTROL UNIT UPGRADES AND (II) PAY THE COSTS OF ISSUING THE SERIES 2019 BONDS. PART II, LINE 3, COLUMN (B): THE $15,434,000 THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF LENAWEE VARIABLE RATE DEMAND REVENUE BONDS, SERIES 2010 (SIENA HEIGHTS UNIVERSITY PROJECT) WERE ISSUED AS DRAW DOWN BONDS. PURSUANT TO TREAS. REG. 1.150-1 (C)(4)(I), BECAUSE THE AMOUNT SO DISBURSED ON THE ISSUE DATE WAS EQUAL TO THE LESSER OF $50,000 OR 5% OF THE AGGREGATE MAXIMUM ISSUE PRICE OF THE BONDS, THE BONDS WERE DEEMED TO BE ISSUED ON THE DATE HEREOF FOR PURPOSES OF FEDERAL INCOME TAXATION. THE TOTAL PROCEEDS DISBURSED FOR THE BONDS WAS $12,275,127. THIS IS WHY THE AMOUNT IN PART II, ROW 3, COLUMN B DOES NOT EQUAL THE ISSUE PRICE STATED IN PART 1, ROW B, COLUMN (E). PART II, LINE 3, COLUMN (C): THE $8,000,000 THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF LENAWEE VARIABLE RATE LIMITED OBLIGATION REVENUE BONDS, SERIES 2016 (SIENA HEIGHTS UNIVERSITY PROJECT) WERE ISSUED AS DRAW DOWN BONDS. PURSUANT TO TREAS. REG. 1.150-1 (C)(4)(I), BECAUSE THE AMOUNT SO DISBURSED ON THE ISSUE DATE WAS EQUAL TO THE LESSER OF $50,000 OR 5% OF THE AGGREGATE MAXIMUM ISSUE PRICE OF THE BONDS, THE BONDS WERE DEEMED TO BE ISSUED ON THE DATE HEREOF FOR PURPOSES OF FEDERAL INCOME TAXATION. THE TOTAL DISBURSED FOR THE BONDS WAS $7,931,335. THIS IS WHY THE AMOUNT IN PART II, ROW 3, COLUMN C DOES NOT EQUAL THE ISSUE PRICE STATED IN PART 1, ROW C, COLUMN (E). PART II, LINE 3, COLUMN (D): THE $8,700,000 IN PRINCIPAL AMOUNT THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF LENAWEE VARIABLE RATE LIMITED OBLIGATION REVENUE BONDS, SERIES 2019 (SIENA HEIGHTS UNIVERSITY PROJECT) WERE ISSUED AS DRAW DOWN BONDS. PURSUANT TO TREAS. REG. 1.150-1 (C)(4)(I), BECAUSE THE AMOUNT SO DISBURSED ON THE ISSUE DATE WAS EQUAL TO THE LESSER OF $50,000 OR 5% OF THE AGGREGATE MAXIMUM ISSUE PRICE OF THE BONDS, THE BONDS WERE DEEMED TO BE ISSUED ON THE DATE HEREOF FOR PURPOSES OF FEDERAL INCOME TAXATION. THE TOTAL DISBURSED FOR THE BONDS WAS $6,588,799. THIS IS WHY THE AMOUNT IN PART II, ROW 3, COLUMN D DOES NOT EQUAL THE ISSUE PRICE STATED IN PART 1, ROW D, COLUMN (E). FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE CORPORATION IS ADRIAN DOMINICAN SISTERS. FORM 990, PART VI, SECTION A, LINE 7A THE ADRIAN DOMINICAN SISTERS HAVE THE EXCLUSIVE RIGHT TO ELECT TRUSTEES TO THE BOARD OF TRUSTEES AND REMOVE ANY TRUSTEE AT ANY TIME IF THEY BELIEVE IT IS IN THE BEST INTEREST OF THE CORPORATION TO DO SO. FORM 990, PART VI, SECTION A, LINE 7B THE ADRIAN DOMINICAN SISTERS HAVE THE EXCLUSIVE RIGHT TO EXERCISE THE RESERVED POWERS BESTOWED UPON THEM PURSUANT TO THE SIENA HEIGHTS UNIVERSITY BYLAWS. THESE RESERVED POWERS INCLUDE THE FOLLOWING: (A)APPROVE THE MISSION, PURPOSES AND PHILOSOPHY OF THE CORPORATION; (B)ELECT TRUSTEES TO THE BOARD OF TRUSTEES IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN ARTICLE V, SECTION 3; (C)REMOVE ANY TRUSTEE AT ANY TIME IF THEY BELIEVE IT IS IN THE BEST INTEREST OF THE CORPORATION TO DO SO; (D)REVIEW AND COMMENT ON ALL ANNUAL OPERATING AND CAPITAL BUDGETS DEVELOPED BY THE BOARD OF TRUSTEES PRIOR TO THEIR ADOPTION BY THE BOARD, AND ALL NON-BUDGETED OPERATING EXPENSES AND CAPITAL EXPENDITURES IN EXCESS OF AN AMOUNT DETERMINED FROM TIME TO TIME BY THE MEMBERS; (E)AUTHORIZE AND/OR APPROVE ANY INCURRENCE, ASSUMPTION, OR GUARANTEE OF DEBT IN EXCESS OF AN AMOUNT DETERMINED FROM TIME TO TIME BY THE MEMBERS; (F)AUTHORIZE AND/OR APPROVE THE ENCUMBRANCE, SALE, LEASE OR OTHER DISPOSITION OF ANY REAL ESTATE OR THE SALE OF ALL OR SUBSTANTIALLY ALL OF THE CORPORATION'S ASSETS; (G)AUTHORIZE AND/OR APPROVE CONTRACTS THAT CALL FOR EXPENDITURES OF SUMS IN EXCESS OF AN AMOUNT DETERMINED FROM TIME TO TIME BY THE MEMBERS; (H)AUTHORIZE AND/OR APPROVE THE MERGER OR CONSOLIDATION OF THE CORPORATION WITH OR INTO ANOTHER ENTITY; (I)APPOINT AND REAPPOINT THE PRESIDENT, AND REMOVE THE PRESIDENT IF THEY BELIEVE IT IS IN THE BEST INTEREST OF THE CORPORATION TO DO SO; (J)REMOVE OTHER OFFICERS OF THE CORPORATION IF THEY BELIEVE IT IS IN THE BEST INTEREST OF THE CORPORATION TO DO SO; (K)AUTHORIZE AND/OR APPROVE THE CREATION OF SUBSIDIARIES OR AFFILIATES OF THE CORPORATION OR THE CORPORATION'S PARTICIPATION IN JOINT VENTURES; (L)AUTHORIZE AND/OR APPROVE ANY AMENDMENTS TO THE CORPORATION'S ARTICLES OF INCORPORATION AND/OR BYLAWS AFTER CONSULTING WITH THE BOARD OF TRUSTEES; AND (M)AUTHORIZE AND/OR APPROVE THE DISSOLUTION OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WAS PRESENTED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO BEING SUBMITTED TO THE IRS. QUESTIONS AND COMMENTS WERE SOLICITED FROM THE BOARD TO ENSURE THE COMPLETENESS AND ACCURACY OF THIS FORM. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES COMPLETE WRITTEN CONFLICTS ANNUALLY. DIFFERENT STANDING COMMITTEES OF THE BOARD OF TRUSTEES MONITOR AND REVIEW CONFLICTS OF INTEREST FOR KEY EMPLOYEES AND TRUSTEES ANNUALLY. IF A CONFLICT ARISES, THE TRUSTEE SHALL ABSTAIN FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE PRESIDENT IS DETERMINED BY A SUB-COMMITTEE (COMPENSATION COMMITTEE) OF THE BOARD OF TRUSTEES. THIS COMMITTEE MEETS AFTER THE PERFORMANCE REVIEW IS COMPLETED FOR THE PRESIDENT. IF A RAISE IS WARRANTED, THE PRESIDENT CAN DECLINE BASED ON UNIVERSITY DETERMINATION OF INCREASES FOR THE ENTIRE STAFF. COMPENSATION FOR ALL EMPLOYEES IS COMPARED TO CUPA STANDARDS AND ANNUAL RAISES FOR THE COMMUNITY AT-LARGE IS DETERMINED BY THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. FISCAL YEAR 2023 WAS THE MOST RECENT YEAR THIS PROCESS WAS UNDERTAKEN. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ORGANIZATIONAL DOCUMENTS AVAILABLE AT THE SIENA HEIGHTS UNIVERSITY LIBRARY AND THROUGH THE UNIVERSITY'S WEBSITE. FURTHER, ALL ORGANIZATIONAL DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACTED LABOR: PROGRAM SERVICE EXPENSES 5,309,352. MANAGEMENT AND GENERAL EXPENSES 3,225,854. FUNDRAISING EXPENSES 11,096. TOTAL EXPENSES 8,546,302. FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON VALUE OF INTEREST RATE SWAPS 334,362. CHANGE IN FAIR VALUE OF PLEDGED RECEIVABLES 56,997. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. ADRIAN DOMINICAN SISTERS 1257 E SIENA HEIGHTS DR ADRIAN MI 49221 CATHOLIC RELIGIOUS ORDER MI 501(C)(3) LINE 1 N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 ADRIAN DOMINICAN SISTERS P 77933 ACTUAL EXPENSES INCURRED ADRIAN DOMINICAN SISTERS C 3596400 ACTUAL DONATION RECEIVED