2024-05-15T14:31:08-05:00 2023-06-30 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2022-07-01 381359081 ALBION COLLEGE ALBI 5176290289 611 EAST PORTER STREET ALBION MI 49224 W SCOTT ROBERTS CONTROLLER 5176290289 2024-05-15 1 W SCOTT ROBERTS 999009999 0 AMY CIMINELLO P00796388 2695674500 2024-05-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JOSEPH CALVARUSO 611 EAST PORTER STREET ALBION MI 49224 133956350 0 X WWW.ALBION.EDU X 1835 MI ALBION COLLEGE IS AN UNDERGRADUATE, LIBERAL ARTS INSTITUTION COMMITTED TO ACADEMIC EXCELLENCE. WE ARE LEARNING-CENTERED AND RECOGNIZE THAT VALUABLE LEARNING TAKES PLACE IN AND OUTSIDE OF THE CLASSROOM, ON AND OFF THE CAMPUS. 26 25 1385 26 97690 85184 11128688 6221497 93756520 93973079 17506299 3317018 547691 343778 122939198 103855372 60390797 59500943 0 0 36060823 34155755 0 0 3169580 29401392 30752583 125853012 124409281 -2913814 -20553909 296474631 273211461 78411887 75980637 218062744 197230824 X ALBION COLLEGE IS AN UNDERGRADUATE, LIBERAL ARTS INSTITUTION COMMITTED TO ACADEMIC EXCELLENCE. WE ARE LEARNING-CENTERED AND RECOGNIZE THAT VALUABLE LEARNING TAKES PLACE IN AND OUTSIDE OF THE CLASSROOM, ON AND OFF THE CAMPUS. 0 0 99178732 59500942 77874021 INSTRUCTIONAL - ALBION COLLEGE IS A PRIVATE, SELECTIVE, COEDUCATIONAL, RESIDENTIAL INSTITUTION OF HIGHER EDUCATION AFFILIATED WITH THE UNITED METHODIST CHURCH, BUT NON-SECTARIAN IN PRACTICE. THE COLLEGE PRINCIPALLY OFFERS ACADEMIC COURSES AND PROGRAMS LEADING TO A BACHELORS DEGREE IN LIBERAL ARTS. APPROXIMATELY 1,431 STUDENTS ARE ENROLLED IN THE COLLEGE. 6271873 0 6593785 AUXILIARY - DINING SERVICES - ALBION COLLEGE IS A RESIDENTIAL INSTITUTION AND THE PRIMARY FUNCTION OF THE DINING AND HOSPITALITY SERVICES, MANAGED BY METZ MANAGEMENT COMPANY, IS TO PROVIDE FOOD FOR OUR STUDENTS, FACULTY, STAFF, AND GUESTS. WE STRIVE TO PROVIDE A WIDE SELECTION OF HIGH QUALITY PRODUCTS AND SERVICES THROUGH A VARIETY OF EXPERIENCES. THESE EXPERIENCES REFLECT OUR COMMITMENT TO BEING RESPONSIVE TO THE CHANGING NEEDS AND DESIRES OF OUR DIVERSE AUDIENCE. OPERATIONS INCLUDE AN ALL-YOU-CAN-EAT DINING HALL, QUICK-SERVE RESTAURANT, A COFFEE SHOP, LODGING, CATERING SERVICES, FACULTY/STAFF LUNCH BUFFET AND CONFERENCE AND EVENT SERVICES. 1261615 0 8728178 AUXILIARY - RESIDENCE HALLS - ALBION COLLEGE IS A COLLEGE COMMUNITY INSTITUTION THAT EMPHASIZES COMMUNITY AND INCLUSION THROUGH EDUCATION IN AND OUT OF THE CLASSROOM. ALBION COLLEGE STRIVES TO PROVIDE OUR STUDENTS WITH QUALITY HOUSING THAT ENHANCES A STUDENT'S LEARNING EXPERIENCE. 2049481 0 777095 VARIOUS OTHER PROGRAM SERVICES RELATING TO THE ORGANIZATION'S MISSION. (KELLOGG CTR, CONF SERVICES, EQUESTRIAN CTR, W&G ROOM RENTAL) 2049481 0 777095 108761701 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 0 1 1 0 1 0 1 0 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 1 254 0 1 1385 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 25 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X W SCOTT ROBERTS 5176290289 611 EAST PORTER STREET ALBION MI 49224 JOSEPH S CALVARUSO TRUSTEE - INTERIM PRESIDENT 42.31 0.00 X X 343286 0 1056 AUSTIN BAIDAS TRUSTEE 3.08 0.00 X 0 0 0 DAVID A BARD TRUSTEE 3.08 0.00 X 0 0 0 KATE HAO TRUSTEE 3.08 0.00 X 0 0 0 PAUL HUTH TRUSTEE 3.08 0.00 X 0 0 0 KEITH JAMES TRUSTEE 3.08 0.00 X 0 0 0 THOMAS L LUDINGTON TRUSTEE 3.85 0.00 X 0 0 0 ALLISON MAKI TRUSTEE 3.08 0.00 X 0 0 0 JEFFREY A OTT TRUSTEE 3.08 0.00 X 0 0 0 SAMUEL J SHAHEEN TRUSTEE 3.08 0.00 X 0 0 0 STEVE SHECKELL TRUSTEE 3.08 0.00 X 0 0 0 MICHAEL E WILLIAMS TRUSTEE 3.08 0.00 X 0 0 0 TIMOTHY WYMAN TRUSTEE 3.08 0.00 X 0 0 0 JEFFREY YOULE TRUSTEE 3.08 0.00 X 0 0 0 KEVIN F ASHER TRUSTEE - AUDIT CHAIR 3.85 0.00 X X 0 0 0 LAWRENCE B SCHOOK TRUSTEE - CHAIR ACADEMIC AFFAIRS 3.85 0.00 X 0 0 0 JOANNE MILLER TRUSTEE - CHAIR OF ENROLLMENT/MARKETING 3.85 0.00 X 0 0 0 MAE OLA DUNKLIN TRUSTEE - CHAIR OF INFRASTRUCTURE 3.85 0.00 X 0 0 0 BRIAN MCPHEELY TRUSTEE - CHAIR OF STUDENT DEVELOPMENT 3.85 0.00 X 0 0 0 JEFFREY D WEEDMAN TRUSTEE - CHAIR TRUSTEESHIP 3.85 0.00 X 0 0 0 IRENE CORONA-AVILA TRUSTEE 3.08 0.00 X 0 0 0 ELEANOR DEBO TRUSTEE 3.08 0.00 X 0 0 0 ARTHUR GRAY TRUSTEE 3.08 0.00 X 0 0 0 JOSEPH GREEN TRUSTEE 3.08 0.00 X 0 0 0 LEROY WRIGHT VP FOR STUDENT DEVELOPMENT 46.15 0.00 X 192867 0 20774 GARY R BLACK CFO - PART YEAR 44.23 0.00 X 173837 0 26987 MARC A NEWMAN VP FOR INSTITIONAL ADV 42.31 0.00 X 170408 0 21374 JAMIE M KRUEGER CHIEF EM OFFICER - PART YEAR 21.15 0.00 X 152805 0 17837 RON B MOURAD PROVOST - PART YEAR 44.23 0.00 X 104684 0 40045 LISA B LEWIS PROVOST, VP FOR FACULTY 46.15 0.00 X 109282 0 18787 AMANDA DUBIEL VP FOR ENROLLMENT 42.31 0.00 X 108071 0 16938 KELLY D FINN CHIEF OF STAFF 42.31 0.00 X 85059 0 14209 KEENA S WILLIAMS CHIEF BELONGING OFFICER - PART YEAR 20.00 0.00 X 44695 0 4048 DEAN SCHESKE INTERIM CFO 30.77 0.00 X 31750 0 0 VICKI L BAKER FACULTY MEMBER 40.00 0.00 X 145962 0 16550 AMY L ROUTHIER ADVANCEMENT OFFICER 40.00 0.00 X 116378 0 14487 ASHLEY N WOODSON ADVANCEMENT OFFICER 40.00 0.00 X 108567 0 20313 CONNIE L O'BRIEN FACULTY MEMBER 40.00 0.00 X 100874 0 22928 SUELLYN M HENKE FACULTY MEMBER 40.00 0.00 X 102761 0 6369 DR MATHEW JOHNSON PRESIDENT-FORMER 0.00 0.00 X 399335 0 56003 2490621 0 318705 14 1 1 0 METZ CULINARY MANAGEMENT 2 WOODLAND DRIVE DALLAS PA 18612 FOOD SERVICE 5558427 HES INTERMEDIATE HOLDINGS LLC 9232 S NORTHSHORE DRIVE SUITE 202 KNOXVILLE TN 37922 CUSTODIAL SERVICES 1070176 WG CONSTRUCTION SERVICES LLC 101 S MONROE ST ALBION MI 49224 CONSTRUCTION SERVICES 570100 TRANE COMPANY 5005 CORPORATE EXCHANGE BLVD SE GRAND RAPIDS MI 49512 CONSTRUCTION SERVICES 537706 WAYBETTER MARKETING INC 4010 CHATHAM ROAD ELLICOTT CITY MD 21042 MARKETING 393250 33 1031126 5190371 683198 6221497 TUITION AND FEES 611600 77874021 77874021 RESIDENCE HALLS 611600 8728178 8728178 DINING SERVICES 611600 6593785 6593785 AUXILIARY REVENUE 900099 777095 777095 93973079 4463989 97690 4366299 7274 7274 70000 0 70000 70000 70000 28712458 237549 29773947 323031 -1061489 -85482 -1146971 -1146971 38430 4000 34430 34430 ENERGY REBATES 900099 61332 61332 FARM INCOME 900099 37800 37800 BOOKSTORE 900099 37125 37125 95817 95817 232074 103855372 93973079 97690 3563106 48388 48388 58940395 58940395 512160 512160 2117563 702916 1167480 247167 24070084 20228813 2468158 1373113 1806870 1553247 190217 63406 4251724 3082255 712438 457031 1909514 1641483 201023 67008 793848 16190 776956 702 189410 189410 7602 7013 468 121 6643228 4755380 1540526 347322 59011 7420 50591 1000 2366105 2096665 223143 46297 2995089 2651083 261082 82924 1198891 1115495 54056 29340 2116857 1397568 694094 25195 2583685 3326 2580223 136 4946092 4346618 501277 98197 645076 10056 634630 390 FOOD 5224937 4969132 47041 208764 SOFTWARE 982752 676098 185187 121467 124409281 108761701 12478000 3169580 9822959 6143665 9931248 8749146 6344166 5114193 3082736 1419093 4375 1250 863484 970760 224960632 129500135 96660271 95460497 57967811 52256668 107549024 97637648 4248557 5458541 296474631 273211461 8627486 7242526 283612 550784 58313535 57446396 9090445 9000000 2096809 1740931 78411887 75980637 X 46641127 29810252 171421617 167420572 218062744 197230824 296474631 273211461 X -20553909 -1018871 740860 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 176126976 642498 1959113 5224209 13891239 -2220311 161833450 199245697 3697775 -3017813 5143191 18944972 -289481 176126976 162423187 -124757 47026102 5106495 5078790 -106450 199245697 173856393 5568341 -2447969 16455065 -1901487 162423187 177207527 8471036 5306500 7929609 8094009 1105052 173856393 0.00670 0.34350 0.64980 1 0 4050262 4050262 131246993 89785879 41461114 57094682 12861606 44233076 32568695 26852650 5716045 95460497 GLOBAL MULTI-ASSET EQUITY 59894892 F PARTNERSHIPS 34124954 C REAL ESTATE 3617802 C 97637648 REFUNDABLE PERKINS LOAN PROGRAM 1355899 REFUNDABLE STUDENT DEPOSITS 385032 1740931 PART III, LINE 1A: THE COLLEGE DOES NOT RECOGNIZE OR CAPITALIZE THE COLLECTIONS OF RARE BOOKS, ORIGINAL PAINTINGS, VALUABLE PRINTS, AND OTHER ORIGINAL WORKS OF ART THAT HAVE BEEN RECEIVED AS DONATIONS OVER THE YEARS. COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, ARE PROTECTED, CARED FOR, AND PRESERVED AND ARE SUBJECT TO POLICY THAT REQUIRES PROCEEDS FROM SALE OF ITEMS TO ACQUIRE OTHER ITEMS FOR THE COLLECTIONS. PART III, LINE 4: ART COLLECTION - A MISSION OF THE DEPARTMENT IS TO EXPOSE OUR STUDENTS AND THE COMMUNITY TO FINE ARTS OF THE PAST AND PRESENT. TO THIS END, WE TEACH CLASSES AND CREATE EXHIBITIONS, DRAWING UPON OUR COLLECTION AND OF OUR CONTEMPORARIES. OUR TWO GALLERIES ARE THE VENUE FOR TWELVE EXHIBITIONS PER ACADEMIC YEAR WHICH ARE OPEN TO THE COLLEGE AND THE GENERAL PUBLIC. LIBRARY COLLECTION - THE LIBRARY COLLECTIONS HAVE THEIR ROOTS IN THE HISTORY OF ALBION COLLEGE. THEY FORM A VALUABLE ACADEMIC RESOURCE THAT SUPPORT OUR CENTRAL LIBERAL ARTS MISSION. THE COLLECTIONS ARE OPEN TO STUDENTS FOR STUDY AND RESEARCH AND PROVIDE A UNIQUE EXPERIENCE IN UNDERSTANDING LITERATURE, HISTORY AND THE HISTORY OF SCIENCE AND NATURAL HISTORY. PART V, LINE 4: ENDOWMENTS SUPPORT THE EDUCATIONAL PURPOSES OF THE COLLEGE. PART V: CHANGES IN ENDOWMENT NET ASSETS FOR THE FISCAL YEAR ENDED JUNE 30, 2023 WITHOUT WITH DONOR RESTRICTIONS DONOR RESTRICTIONS ENDOWMENT NET ASSETS AT JULY 1, 2022 $9,823,468 $166,303,509 CONTRIBUTIONS - 642,497 INVESTMENT INCOME 3,882,580 - INVESTMENT GAINS (LOSSES) 343,958 (2,267,425) RELEASED FROM RESTRICTION FOR ENDOWMENT DRAWS 8,835,832 (8,835,832) RECLASSIFICATION OF ENDOWMENT (4,124,477) 4,124,477 REGULAR APPROPRIATION FROM TRUE ENDOWMENTS FOR OPERATIONS (10,167,488) - EXTRA APPROPRIATION FROM TRUE ENDOWMENTS FOR OPERATIONS (2,541,843) - REGULAR APPROPRIATION AND LIQUIDATION OF FUNDS FUNCTIONING AS QUASI ENDOWMENTS (6,406,117) - OTHER TRANSFERS AND ADJUSTMENTS 1,430,868 789,443 ENDOWMENT NET ASSETS AT JUNE 30, 2023 $1,076,781 $160,756,669 ASSETS WITHOUT DONOR RESTRICTIONS THESE REPRESENT FUNDS WHICH THE GOVERNING BOARD OF THE INSTITUTION HAVE ESTABLISHED TO FUNCTION AS AN ENDOWMENT IN THAT THE PRINCIPAL IS TO BE RETAINED AND INVESTED. HOWEVER, THE ENTIRE PRINCIPAL AND INCOME MAY BE SPENT AT ANY TIME AT THE DISCRETION OF THE GOVERNING BOARD. ASSETS WITH DONOR RESTRICTIONS REPRESENT FUNDS WHICH HAVE BEEN DONATED TO THE INSTITUTION FOR WHICH THE EARNINGS ARE MEANT TO BE USED FOR OPERATIONS, PROGRAMS OR SCHOLARSHIPS CONSISTENT WITH RESTRICTIONS PLACED ON IT BY THE DONOR. THESE FUNDS CAN BE SPENDING RESTRICTED (TERM ENDOWMENTS), OR HELD IN PERPETUITY (TRUE ENDOWMENTS). EARNINGS ARE DRAWN IN ACCORDANCE WITH BOTH THE INSTITUTION'S INVESTMENT POLICIES AND MI UPMIFA STATUTES. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ALL PAMPHLETS, BROCHURES AND RECRUITING MATERIALS CONTAIN THE FOLLOWING LANGUAGE, "ALBION COLLEGE IS COMMITTED TO A POLICY OF EQUAL OPPORTUNITY AND NON-DISCRIMINATION ON THE BASIS OF SEXUAL ORIENTATION AND OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, AGE OR DISABILITY, AS PROTECTED BY LAW, IN ALL EDUCATIONAL PROGRAMS AND ACTIVITIES, ADMISSION OF STUDENTS AND CONDITIONS OF EMPLOYMENT." THE COLLEGE PROMOTES A COMMUNITY OF BELONGING. SCHEDULE E, PART I, LINE 6 TITLE IV AID FROM THE FEDERAL DEPARTMENT OF EDUCATION (SEOG, PELL, PERKINS LOANS, AND DIRECT LENDING LOANS) AND MICHIGAN GIFT AND MICHIGAN PROMISE FROM THE STATE OF MICHIGAN. 1 0 0 0 0 0 0 0 0 0 SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 3 100234 CHARGE AGAINST TUITION 0 N/A N/A SCHOLARSHIPS NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 3 125486 CHARGE AGAINST TUITION 0 N/A N/A SCHOLARSHIPS SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 2 67922 CHARGE AGAINST TUITION 0 N/A N/A SCHOLARSHIPS RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, 3 164108 CHARGE AGAINST TUITION 0 N/A N/A SCHOLARSHIPS SUB-SAHARAN AFRICA 1 54410 CHARGE AGAINST TUITION 0 N/A N/A 1 0 0 0 0 0 PART I, LINE 2: GRANT FUNDS ARE NOT USED OUTSIDE THE UNITED STATES WITH THE POSSIBLE EXCEPTION OF TRAVEL COSTS INCURRED BY RESEARCHERS COLLABORATING WITH PEERS IN FOREIGN COUNTRIES. PART III, COL (C): ADMISSIONS MAINTAINS DATA TO TRACK RECIPIENTS BY COUNTRY. PART III ACCOUNTING METHOD: 38430 4000 1 1.00000 38430 4000 4000 34430 MI 1 0 0 0 1.00000 0.00000 ERIC SCOTT 415 S HANNAH ALBION MI 48801 0 ERIC SCOTT ERIC SCOTT IS THE ASSOCIATE ATHLETIC DIRECTOR FOR THE COLLEGE AND DOES NOT RECEIVE ANY ADDITIONAL COMPENSATION FOR RUNNING THE RAFFLE. X 0 1 FRIENDS OF THE BOHM THEATRE 201 S SUPERIOR STREET ALBION MI 49224 461255472 501(C)(3) 48388 0 N/A N/A SUPPORT OF LOCAL THEATER 1 0 SCHOLARSHIPS 1354 58940395 N/A N/A PART I, LINE 2: GRANTS ARE PROCURED BY FACULTY WITH THE ASSISTANCE OF THE COLLEGE'S GRANT MANAGER. MONITORING IS DONE BY GRANTEE, GRANT MANAGER AND SENIOR ACCOUNTANT FOR COMPLIANCE. ACTIVITY IS AUDITED AND REPORTED ANNUALLY IN THE COLLEGE'S FINANCIAL STATEMENTS. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 DR MATHEW JOHNSON PRESIDENT-FORMER 399335 0 0 0 0 0 45978 0 10025 0 455338 0 0 0 JOSEPH S CALVARUSO TRUSTEE - INTERIM PRESIDENT 343286 0 0 0 0 0 0 0 1056 0 344342 0 0 0 LEROY WRIGHT VP FOR STUDENT DEVELOPMENT 192867 0 0 0 0 0 11630 0 9144 0 213641 0 0 0 GARY R BLACK CFO - PART YEAR 173837 0 0 0 0 0 17948 0 9039 0 200824 0 0 0 MARC A NEWMAN VP FOR INSTITIONAL ADV 170408 0 0 0 0 0 10310 0 11064 0 191782 0 0 0 JAMIE M KRUEGER CHIEF EM OFFICER - PART YEAR 152805 0 0 0 0 0 13037 0 4800 0 170642 0 0 0 VICKI L BAKER FACULTY MEMBER 145962 0 0 0 0 0 6639 0 9911 0 162512 0 0 0 PART I, LINE 1A THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT. THIS IS NOT TREATED AS A TAXABLE BENEFIT. THE PRESIDENT RECEIVES HOUSEKEEPING SERVICES BECAUSE OF SCHOOL RELATED FUNCTIONS CONDUCTED IN THE RESIDENCE. THIS IS NOT TREATED AS A TAXABLE BENEFIT. A MICHIGAN FINANCE AUTHORITY LIMITED OBLIGATION REVENUE AND REVENUE REFUNDING 800596186 594476HL4 2022-01-12 57001616 REFINANCE PRIOR BOND & FINANCE CAPITAL FACILITIES 0 0 0 A 47639809 57001616 657810 2024 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 0 1 0 0 0 0 0 A 0 X 1 21600 APPRAISAL X 7 256598 ESTIMATED FMV X HORSES 3 405000 APPRAISAL 0 1 1 PART I, COLUMN (B): THE ORGANIZATION REPORTS THE NUMBER OF CONTRIBUTIONS RECEIVED NOT THE NUMBER OF ITEMS. PART I, LINE 32B: THE ORGANIZATION SEEKS PROFESSIONAL ASSISTANCE, AS NEEDED, TO SELL NON-CASH CONTRIBUTIONS. PART I, LINE 33: THE ORGANIZATION DOES NOT REPORT REVENUES OR CORRESPONDING EXPENSE FOR COLLECTIONS OF ART OR BOOKS. FORM 990, PART VI, SECTION A, LINE 2 SAMUEL SHAHEEN AND JUDD LEGAL SERVICES (J OTT) HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B MEMBERS OF THE BUSINESS OFFICE PROCESS AND FORWARD THE 990 PREPARATION INFORMATION TO AN ELECTRONIC PREPARER AND THE DRAFT FORM 990 IS SENT TO ALL MEMBERS OF THE BOARD OF TRUSTEES AND ALL COLLEGE OFFICERS. THE FORM 990 REVIEW COMMITTEE, COMPRISED OF THE AUDIT AND COMPLIANCE COMMITTEE AND OTHER BOARD MEMBERS AS APPROPRIATE, CONDUCT A RIGOROUS REVIEW OF THE FORM 990. OTHER BOARD MEMBERS MAY SUBMIT REVIEW STATEMENTS TO THE FORM 990 REVIEW COMMITTEE. THIS COMMITTEE REPORTS CHANGES AND CLARIFICATIONS TO THE BUSINESS OFFICE AS NECESSARY. PRIOR TO SUBMISSION OF THE FORM 990 TO THE IRS, ALL MEMBERS OF THE BOARD OF TRUSTEES AND ALL COLLEGE OFFICERS RECEIVE A COPY OF THE FINAL VERSION OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST DOCUMENT IS APPROVED BY THE AUDIT AND COMPLIANCE SUBCOMMITTEE ANNUALLY. THE APPROVED DOCUMENT IS THEN DISTRIBUTED TO BOARD MEMBERS, FACULTY, AND STAFF, AND ALL DOCUMENTS ARE COLLECTED PRIOR TO FINAL RELEASE OF THE 990 TO THE IRS. MEMBERS OF THE BOARD, PRESIDENT'S ADMINISTRATIVE COMMITTEE, FACULTY, AND STAFF WHO HAVE A CONFLICT OF INTEREST IN ANY MATTER SHALL REFRAIN FROM PARTICIPATING IN THE CONSIDERATION OF THE PROPOSED TRANSACTION. THE PERSON OR PERSONS INVOLVED WILL NOT VOTE ON SUCH MATTERS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE PRESIDENT IS REVIEWED ANNUALLY. COMPENSATION DETERMINATION PROCESS INCLUDED 1) REVIEW OF GROUP COMPENSATION, 2) ADVISEMENT FROM INDEPENDENT SEARCH CONSULTANT, 3) DISCUSSIONS OF PRESIDENTIAL SEARCH SUB-COMMITTEE OF THE BOARD OF DIRECTORS. OTHER OFFICERS AND KEY EMPLOYEES' COMPENSATION IS REVIEWED AT HIRING DATE. COMPENSATION DETERMINATION PROCESS INCLUDED 1) REVIEW OF PEER GROUP COMPENSATION, 2) ADVISEMENT FROM INDEPENDENT SEARCH CONSULTANTS, AND 3) CONSULTATION WITH PRESIDENTS OF OTHER HIGHER EDUCATION INSTITUTIONS. THE PRESIDENT'S COMPENSATION WAS LAST REVIEWED IN FISCAL YEAR ENDED 2023. FORM 990, PART VI, SECTION C, LINE 19 REQUESTS ARE FORWARDED TO THE ALBION COLLEGE BUSINESS OFFICE WHERE A PAPER COPY IS PROVIDED TO THE REQUESTEE WITHIN A FEW DAYS. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF REMAINDER TRUSTS 70,551. PENSION-RELATED CHANGES OTHER THAN NET PERIODIC PENSION COST 280,263. CHANGE IN VALUE OF ANNUNITIES 119,825. AMORTIZATION OF BOND PREMIUM 270,221. FORM 990, PART XII, LINE 2C: THE OVERSIGHT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. PART XII, LINE 3B ALBION COLLEGE HAS UNDERGONE THE SINGLE AUDIT AND FINANCIAL STATEMENT AUDIT REQUIREMENTS FOR FISCAL YEAR ENDED JUNE 30, 2023. REPORTS ARE ANTICIPATED TO BE COMPLETED AND ISSUED BY JUNE 30, 2024. BRITON INVESTMENTS LLC 611 EAST PORTER STREET ALBION MI 49224 271782807 REAL ESTATE HOLDING MI 0 489168 ALBION COLLEGE COLCHESTER PROPERTIES INC 611 EAST PORTER STREET ALBION MI 49224 382025320 REAL ESTATE HOLDING MI 501(C)(2) N/A ALBION COLLEGE 1 DOWNTOWN ALBION HOTEL 200 S SUPERIOR STREET ALBION MI 49224 472316965 HOTEL MI ALBION COLLEGE PARTNERSHIP 367569 593500 0 0 0.53000 BRITON ACRES INC 611 EAST PORTER STREET ALBION MI 49224 381361836 REAL ESTATE HOLDING MI ALBION COLLEGE C 1.00000 1 WG CONSTRUCTION SERVICES LLC 101 S MONROE ALBION MI 49224 862086670 CONSTRUCTION MI ALBION COLLEGE C 415394 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 WG CONSTRUCTION SERVICES LLC M 668756 CASH PAID