2025-04-15T15:21:33-05:00 2024-05-31 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2023-06-01 953075415 INSTITUTE FOR SHIPBOARD EDUCATION INST 9702364319 2243 CENTRE AVENUE 300 FORT COLLINS CO 80526 BOBBY BARBER CFO/VP OF FINANCE 9702364319 2025-04-14 1 1 MELANIE MCPEAK P01346034 7043771678 2023 2025-03-06 01:10:19Z BOBBY BARBER 2243 CENTRE AVENUE 300 FORT COLLINS CO 80526 43134691 0 X SEMESTERATSEA.ORG X 1971 DE SEE SCHEDULE O 18 17 194 21 0 0 4056817 4490628 34194282 35826355 1060570 1949642 159392 266218 39471061 42532843 5914804 5269841 0 0 6210270 6747266 31340 16055 962092 26543955 29314247 38700369 41347409 770692 1185434 57956921 55953158 26784316 21633128 31172605 34320030 JOURNEYS OF DISCOVERY THAT SPARK BOLD SOLUTIONS TO GLOBAL CHALLENGES. 0 0 25583037 5269841 36223760 THE INSTITUTE DELIVERS TWO VOYAGE SEMESTERS EACH YEAR - A FALL VOYAGE AND A SPRING VOYAGE. THESE VOYAGES TYPICALLY LAST BETWEEN 100-110 DAYS. UNDERGRAD, GAP YEAR, AND GRADUATE STUDENTS TAKE COLLEGE LEVEL COURSES THAT ARE TAUGHT BY ESTEEMED FACULTY AND SPONSORED BY OUR ACADEMIC PARTNER COLORADO STATE UNIVERSITY. EACH VOYAGE TYPICALLY WILL TRAVEL TO 10-12 COUNTRIES AND VISIT MULTIPLE CONTINENTS. 8951780 135220 EVERY FEW YEARS, THE INSTITUTE WILL OPERATE ALUMNI VOYAGE EVENTS BETWEEN ITS TRADITIONAL VOYAGE SEMESTERS. THESE TEND TO BE SHORTER CRUISES RANGING FROM 1 TO 10 DAYS TO ENGAGE OUR ALUMNI, STAFF, AND FRIENDS OF THE PROGRAM. 34534817 1 1 0 0 0 0 0 0 0 1 1 0 1 1 1 1 0 1 1 0 1 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 37 0 1 194 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA AL AK AZ AR CA CO CT FL GA HI IL KS KY ME MD MA MI MN MO MS NH NJ NM NY NC ND OH OK OR PA RI SC TN UT WA WV WI X X X BOBBY BARBER 9704918818 2243 CENTRE AVENUE 300 FORT COLLINS CO 80526 SCOTT MARSHALL TRUSTEE, PRESIDENT AND CEO 40.00 0.00 X X 301709 0 50669 DAN GARVEY TRUSTEE, CHAIR 0.50 0.00 X X 0 0 0 LYNN JOHNSON TRUSTEE, VICE CHAIR 0.50 0.00 X X 0 0 0 LORI BARKER TRUSTEE 0.50 0.00 X 0 0 0 KRISTINA BELFIORE TRUSTEE 0.50 0.00 X 0 0 0 LISA BRAUN GLAZER TRUSTEE 0.50 0.00 X 0 0 0 GREG CHAPMAN TRUSTEE 0.50 0.00 X 0 0 0 CEDRIC DARK TRUSTEE 0.50 0.00 X 0 0 0 JAMES DEUTSCH TRUSTEE 0.50 0.00 X 0 0 0 CHRIS FOREMAN TRUSTEE 0.50 0.00 X 0 0 0 DENNIS GERTMENIAN TRUSTEE 0.50 0.00 X 0 0 0 CONRAD HERRMANN TRUSTEE 0.50 0.00 X 0 0 0 MARISA HUBER TRUSTEE 0.50 0.00 X 0 0 0 JENNY LEWIS TRUSTEE 0.50 0.00 X 0 0 0 EMILY POAGUE TRUSTEE 0.50 0.00 X 0 0 0 MARJORIE SEAWELL TRUSTEE 0.50 0.00 X 0 0 0 KAREN SIMON TRUSTEE 0.50 0.00 X 0 0 0 LIZ ZAVODSKY TRUSTEE 0.50 0.00 X 0 0 0 BOBBY BARBER CFO/VP OF FINANCE 40.00 0.00 X 215934 0 45241 JASON HUGHES VP OF MARKETING AND RECRUITMENT 40.00 0.00 X 184732 0 42398 LAURA STROHMINGER CPO/VP OF STUDENT AFFAIRS 40.00 0.00 X 160903 0 22095 MICHELLE NORMOYLE-DIETZ VP OF HUMAN RESOURCES 40.00 0.00 X 143245 0 33678 JONELL ASHBROOK CONTROLLER 40.00 0.00 X 116708 0 37384 SANJAY ADVANI IT MANAGER 40.00 0.00 X 116697 0 28731 1239928 0 260196 10 0 1 0 CRUISE MANAGEMENT INTERNATIONAL 4770 BISCAYNE BLVD MIAMI FL 33137 SHIP TECHNICAL AND HOTEL MANAGEMENT 7696670 BERNHARD SCHULTE CRUISE SERVICES GMBH & VORSETZEN 54 HAMBURG GM 20459 SHIP TECHNICAL MANAGEMENT 7140958 SHIP MANAGEMENT GROUP LLC 10980 PASSAGE WAY PARKLAND FL 330764833 SHIP HOTEL MANAGEMENT 2048425 COLORADO STATE UNIVERSITY 6024 CAMPUS DELIVERY FORT COLLINS CO 80523 ACADEMIC AND ADMINISTRATIVE SUPPORT 781145 VEDDER PRICE 1633 BROADWAY 31ST FLOOR NEW YORK NY 10019 LEGAL 515915 21 4490628 241197 4490628 PROGRAM FEES 611600 35662255 35662255 APPLICATION FEES 611710 164100 164100 35826355 1315534 1315534 580829 471010 213128 204603 367701 266407 634108 266407 367701 251848 184117 67731 67731 REFUNDS AND CANCELLATIONS 611600 198487 198487 198487 42532843 36358980 0 1683235 3466593 3466593 1803248 1803248 622089 362736 206623 52730 4718093 2751090 1567085 399918 250202 145891 83103 21208 719151 415417 243219 60515 437731 255238 145390 37103 493390 69168 385911 38311 104101 14594 81424 8083 16055 16055 15276 15276 1036193 350718 616561 68914 3085 577 2225 283 654579 90396 514924 49259 765533 53679 698876 12978 118453 8306 108139 2008 227566 142177 18235 67154 64738 11719 47328 5691 70274 34118 27953 8203 2944618 2586605 358013 325828 22847 297457 5524 VESSEL OPERATIONS 17582273 17582273 VOYAGE EXPENSE 4709014 4341566 289714 77734 LEGAL SETTLEMENTS 43304 6071 33871 3362 AUXILIARY EVENTS 17467 17467 138555 19790 109173 9592 41347409 34534817 5850500 962092 8171701 5254810 2243769 2303857 203564 659734 126202 119281 1796812 951892 2937819 1979146 1163745 958673 23805896 27950147 7088804 7088804 13356428 10665960 57956921 55953158 2441302 1366251 5246623 3930980 2000000 2131764 17096391 14204133 26784316 21633128 X 13444959 14611207 17727646 19708823 31172605 34320030 57956921 55953158 X 1185434 1957097 664 4230 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11482198 1213485 1611016 394200 13912499 9992055 1616819 246874 373550 11482198 10383487 390483 -440065 341850 9992055 8719369 160871 1714537 211290 10383487 5746676 2715210 257483 8719369 0.00000 1.00000 0.00000 0 0 2937819 1979146 958673 958673 INVESTMENT IN DELOS CRUISE HOLDINGS LLC 7088804 C 7088804 OTHER CURRENT ASSETS 6710 RIGHT-OF-USE ASSET 10659250 10665960 OTHER CURRENT LIABILITIES 260838 CAPITAL LEASE 12942661 DEFERRED GAIN ON SALE LEASEBACK OF VESSEL 1000634 14204133 X 39393834 1957097 664 -5265611 -3307850 42701684 15276 -184117 -168841 42532843 36246409 184117 184117 36062292 15276 5269841 5285117 41347409 PART V, LINE 4: THE INSTITUTE'S ENDOWMENT CONSISTS OF FUNDS ESTABLISHED AND SPENT PER THE GUIDELINES OF ITS ENDOWMENT SPENDING POLICY. THE ENDOWMENT CONSISTS OF FUNDS FOR A VARIETY OF PROGRAM RELATED PURPOSES SUCH AS NEED SCHOLARSHIPS, MERIT SCHOLARSHIPS, FINANCIAL ACCESS, ACADEMIC PROGRAM DESIGN, SHIP IMPROVEMENTS, AND OPERATIONAL COST OFFSETS. THE PERCENTAGE REPORTED FOR THE INSTITUTE'S ENDOWMENTS INCLUDES CORPUS AMOUNTS AS WELL AS ACCUMULATED EARNINGS NOT APPROPRIATED FOR PAYOUT THAT MUST BE MAINTAINED IN PERPETUITY PER OUR ENDOWMENT SPENDING POLICY PART X, LINE 2: MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GAAP ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT THE INSTITUTE CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AS OF THE CURRENT FISCAL YEAR END. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND HAS DETERMINED THAT THE INSTITUTE HAS NO UNCERTAIN INCOME TAX POSITIONS AS OF THE MOST RECENT FISCAL YEAR END. THE INSTITUTE IS SUBJECT TO AUDIT BY ALL TAXING JURISDICTIONS IN WHICH IT DOES BUSINESS. HOWEVER, THERE ARE NO CURRENT AUDITS FOR TAX PERIODS IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON FOREIGN CURRENCY TRANSACTIONS -943. FINANCIAL AID AND DISCOUNTS -5,269,841. UNREALIZED LOSS ON FUEL HEDGES 7,811. ALLOWANCE ON PLEDGES -2,638. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED NET OF REVENUES -184,117. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED NET OF REVENUES 184,117. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND DISCOUNTS 5,269,841. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 INCLUSION AND INTERCONNECTED ARE AMONG THE INSTITUTE'S VALUES. THE INSTITUTE HAS AN ENTIRE PAGE ON ITS WEBSITE TO SUPPORT ITS STATEMENTS ON DIVERSITY, EQUITY, AND INCLUSION. THE EMPLOYEE HANDBOOK, VOYAGER HANDBOOK, AND JOB POSTINGS ALL CONTAIN NON DISCRIMINATORY LANGUAGE. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 0 11 PROGRAM SERVICES FIELD EXCURSION 705586 MIDDLE EAST AND NORTH AFRICA 0 1 PROGRAM SERVICES FIELD EXCURSION 146927 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 0 2 PROGRAM SERVICE FIELD EXCURSION 408264 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 1 PROGRAM SERVICE FIELD EXCURSION 661 EAST ASIA AND THE PACIFIC 0 0 PROGRAM-RELATED INVESTMENT 7088084 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING SCHOLARSHIPS FOR COLLEGE EDUCATION 74100 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING SCHOLARSHIPS FOR COLLEGE EDUCATION 252635 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING SCHOLARSHIPS FOR COLLEGE EDUCATION 479420 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTMAKING SCHOLARSHIPS FOR COLLEGE EDUCATION 90350 NORTH AMERICA 0 0 GRANTMAKING SCHOLARSHIPS FOR COLLEGE EDUCATION 159568 RUSSIA AND NEIGHBORING STATES 0 0 GRANTMAKING SCHOLARSHIPS FOR COLLEGE EDUCATION 113850 SOUTH AMERICA 0 0 GRANTMAKING SCHOLARSHIPS FOR COLLEGE EDUCATION 295325 SOUTH ASIA 0 0 GRANTMAKING SCHOLARSHIPS FOR COLLEGE EDUCATION 59550 SUB-SAHARAN AFRICA 0 0 GRANTMAKING SCHOLARSHIPS FOR COLLEGE EDUCATION 278450 0 15 0 0 0 15 9155677 997093 10152770 SCHOLARSHIPS FOR COLLEGE EDUCATION CENTRAL AMERICA AND THE CARIBBEAN 4 74100 TUITION REDUCTION BOOK SCHOLARSHIPS FOR COLLEGE EDUCATION EAST ASIA AND THE PACIFIC 17 252635 TUITION REDUCTION BOOK SCHOLARSHIPS FOR COLLEGE EDUCATION EUROPE (INCLUDING ICELAND & GREENLAND) 32 479420 TUITION REDUCTION BOOK SCHOLARSHIPS FOR COLLEGE EDUCATION MIDDLE EAST AND NORTH AFRICA 7 90350 TUITION REDUCTION BOOK SCHOLARSHIPS FOR COLLEGE EDUCATION NORTH AMERICA 16 159568 TUITION REDUCTION BOOK SCHOLARSHIPS FOR COLLEGE EDUCATION RUSSIA AND NEIGHBORING STATES 5 113850 TUITION REDUCTION BOOK SCHOLARSHIPS FOR COLLEGE EDUCATION SOUTH AMERICA 16 295325 TUITION REDUCTION BOOK SCHOLARSHIPS FOR COLLEGE EDUCATION SOUTH ASIA 5 59550 TUITION REDUCTION BOOK SCHOLARSHIPS FOR COLLEGE EDUCATION SUB-SAHARAN AFRICA 11 278450 TUITION REDUCTION BOOK 0 0 1 0 0 0 PART I, LINE 2: THE INSTITUTE'S FOREIGN PROGRAM EXPENSES ARE RELATED TO FIELD EXCURSIONS AND ACADEMIC FIELD CLASSES AS ORGANIZED BY THE INSTITUTE WORKING WITH FIELD TOUR OPERATORS FROM ACROSS THE GLOBE. THE INSTITUTE VETS ALL OF OUR TOUR OPERATORS FOR HEALTH, SAFETY, AND ORGANIZATIONAL STRENGTH AND IS CONFIDENT IN THE REPUTATION OF EACH OPERATOR WHICH IT PARTNERS WITH. SAS RETURNS TO MANY PORTS EACH YEAR AND HAS DEVELOPED LONG TERM RELATIONSHIPS WITH MANY OF THESE OPERATORS. THE INSTITUTE WILL UTILIZE DEPOSITS FROM TIME TO TIME FOR LARGE OR OVERNIGHT EXCURSIONS ORGANIZED BY THESE TOUR OPERATORS. HOWEVER, THE MAJORITY OF THESE PAYMENTS ARE MADE AFTER THE EXCURSION HAS BEEN COMPLETED TO SATISFACTION. THE INSTITUTE TAKES SEVERAL STEPS TO SAFEGUARD ITS PAYMENTS TO THESE FOREIGN TOUR OPERATORS. 1.) THE INSTITUTE ESTIMATES AND TRACKS EXPECTED PAYMENTS BASED ON PRELIMINARY NUMBERS AND PRO-FORMA TRACKING 2.) DEPOSITS ARE USED FROM TIME TO TIME, BUT FULL PAYMENT IS NOT MADE UNTIL THE SATISFACTORY COMPLETION OF THE ORGANIZED EXCURSION 3.) THE INSTITUTE UTILIZED LIASONS ON EACH EXCURSION TO ENSURE SAFETY AND QUALITY OF EXCURSIONS 4.) THE INSTITUTE STAYS IN CONTRACT WITH ALL OPERATORS ON EACH TRIP TO ENSURE SAFETY AND SATISFACTORY COMPLETION AND THAT ALL FUNDING IS REMITTED. FINANCIAL AID AWARDS ARE ADMINISTERED BY THE INSTITUTE AND ARE USED TO OFFSET CHARGES TO STUDENT ACCOUNTS. NO EXCHANGE OF FUNDS OCCURS, THE AWARD IS SIMPLY A CREDIT TOWARDS THE STUDENTS' TUITION BALANCES. X X X X X X 1 THE PARISI GROUP 30 N GOULD ST STE R SHERIDAN WY 82801 FUNDRAISING CONSULTING 0 0 16055 -16055 16055 -16055 AL AK AR CA CO CT DE DC FL GA HI IL KS KY LA ME MD MA MI MN MS MO NV NH NJ NM NY NC ND OH OK OR PA RI SC TN TX UT VA WA WV WI 1 SCHOLARSHIPS FOR COLLEGE EDUCATION 450 3466593 BOOK TUITION REDUCTION PART I, LINE 2: FINANCIAL AID AWARDS ARE ADMINISTERED BY THE INSTITUTE AND ARE USED TO OFFSET CHARGES TO STUDENT ACCOUNTS. NO EXCHANGE OF FUNDS OCCURS, THE AWARD IS SIMPLY A CREDIT TOWARDS THE STUDENTS' TUITION BALANCES. X 1 1 X X X 0 0 0 0 0 0 0 0 0 SCOTT MARSHALL TRUSTEE, PRESIDENT AND CEO 300000 0 0 0 1709 0 21000 0 29669 0 352378 0 0 0 BOBBY BARBER CFO/VP OF FINANCE 214225 0 0 0 1709 0 14996 0 30245 0 261175 0 0 0 JASON HUGHES VP OF MARKETING AND RECRUITMENT 182875 0 0 0 1857 0 12801 0 29597 0 227130 0 0 0 LAURA STROHMINGER CPO/VP OF STUDENT AFFAIRS 159049 0 0 0 1854 0 11133 0 10962 0 182998 0 0 0 MICHELLE NORMOYLE-DIETZ VP OF HUMAN RESOURCES 141626 0 0 0 1619 0 9914 0 23764 0 176923 0 0 0 JONELL ASHBROOK CONTROLLER 114714 0 0 0 1994 0 8030 0 29354 0 154092 0 0 0 PART I, LINE 1A TRAVEL FOR THE PRESIDENT'S SPOUSE MAY BE AUTHORIZED WHEN THE SPOUSE'S PRESENCE IS EXPECTED OR IS APPROPRIATE FOR THE PURPOSES OF THE TRAVEL. TO OBTAIN AUTHORIZATION FOR THE SPOUSE'S TRAVEL, THE PRESIDENT IS REQUIRED TO WRITE A BRIEF MEMORANDUM TO THE CHAIR OF THE BOARD OF TRUSTEES REQUESTING THE TRAVEL. IF APPROVED, THE CHAIR OF THE BOARD SHALL SIGN THE MEMORANDUM. SINCE EXPENSES FOR SPOUSAL TRAVEL WOULD ONLY BE APPROVED IN CIRCUMSTANCES WHERE THERE IS A BUSINESS PURPOSE FOR SUCH TRAVEL, THE PAYMENT OF SUCH EXPENSES WOULD BE TREATED AS A NONTAXABLE BENEFIT. X 21 241197 FMV 0 0 0 0 PART I, COLUMN (B): LINE 9, COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: THE MISSION OF THE INSTITUTE FOR SHIPBOARD EDUCATION / SEMESTER AT SEA ("THE INSTITUTE") IS TO "PROVIDE JOURNEYS OF DISCOVERY THAT SPARK BOLD SOLUTIONS TO GLOBAL CHALLENGES!". OUR AIM IS TO GIVE OUR PARTICIPANTS THE GLOBAL UNDERSTANDING NECESSARY TO ADDRESS THE CHALLENGES OF OUR INTERDEPENDENT WORLD. THIS IS ACHIEVED THROUGH AN EXPERIENTIAL LEARNING STUDY ABROAD PROGRAM THAT CIRCUMNAVIGATES THE GLOBE VISITING 10-12 COUNTRIES AND MULTIPLE CONTINENTS ON A CRUISE VESSEL THAT HAS BEEN CONVERTED TO A FLOATING UNIVERSITY. THIS ALLOWS OUR PARTICIPANTS TO EMBRACE VARIOUS COUNTRIES AND CULTURES VERSUS THE TRADITIONAL IMMERSION PROGRAM. THE INSTITUTE OFFERS TWO TRADITIONAL 100-110 DAY VOYAGE SEMESTERS (FALL & SPRING). STUDENTS TAKE COLLEGE LEVEL COURSES APPROVED BY OUR ACADEMIC PARTNER, COLORADO STATE UNIVERSITY. OUR MAIN FOCUS IS ON OUR UNDERGRADUATE, GAP YEAR, AND GRADUATE PROGRAMS. HOWEVER, OUR LIFELONG LEARNING PROGRAM IS OPEN TO THOSE WHO SEEK CONTINUING EDUCATION IN A COLLEGE-LIKE SETTING WHILE TRAVELING THE WORLD. INTERCONNECTEDNESS AND INCLUSION ARE TWO OF THE INSTITUTE'S VALUES. THE CLOSE COMMUNITY FORMED ON EVERY VOYAGE SEMESTER AMONG OUR STUDENTS, LIFELONG LEARNERS, FACULTY, STAFF, AND CREW ARE PART OF WHAT MAKES THIS THE MOST UNIQUE STUDY ABROAD EXPERIENCE FOR OUR PARTICIPANTS AND PASSIONATE ALUMNI. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM. A DRAFT IS SUBMITTED TO MANAGEMENT FOR THEIR REVIEW. UPON APPROVAL BY MANAGEMENT, THE 990 IS SUBMITTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE INSTITUTE FOR SHIPBOARD EDUCATION (ISE) DEVOTES THREE PAGES OF ITS EMPLOYEE POLICY MANUAL TO THE AREA OF "CONFLICT OF INTEREST AND BUSINESS ETHICS." EVERY FULL TIME EMPLOYEE OF ISE RECEIVES A COPY OF THIS MANUAL WHEN THEY ARE HIRED AND MUST BE ACCOUNTABLE AND ADHERE TO ALL POLICIES DURING THE EMPLOYMENT TENURE. EACH DEPARTMENT VICE PRESIDENT IS RESPONSIBLE TO ENSURE THAT ALL ISE POLICIES ARE FOLLOWED IN THEIR SPECIFIC DEPARTMENT. IN THE EVENT OF A POTENTIAL CONFLICT, THE INTERESTED PERSON REFRAINS FROM ALL DISCUSSIONS AND VOTE ON THE MATTER. ISE BOARD MEMBERS ARE REQUIRED TO FILL OUT A CONFLICT OF INTEREST QUESTIONNAIRE ON A ROUTINE BASIS. THE BOARD THEN REVIEWS ANY CONFLICTS OF INTEREST AND THE PARTY WITH A CONFLICT IS ABSTAINED FROM VOTING IN ANY MATTERS RELATED. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR THE PRESIDENT INCLUDES THE BOARD OF TRUSTEES CHAIR (IN COLLABORATION WITH GOVERNING COMMITTEE), PERFORMING AN ANALYSIS BASED ON VARIOUS SALARY SURVEY PUBLICATIONS, SUCH AS COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION, CHRONICLES OF HIGHER EDUCATION, AND/OR LOCAL OR NATIONAL NON-PROFITS SURVEYS BASED ON GEOGRAPHIC LOCATION. PERFORMANCE IS ALSO CONSIDERED AS PART OF THE SALARY PROCESS FOR THE PRESIDENT. THE PRESIDENT'S CONTRACT WAS FORMALIZED BY AN EMPLOYMENT ATTORNEY WHO SPECIALIZES IN EXECUTIVE CONTRACTS. ALL OTHER EMPLOYEE SALARIES ARE DETERMINED BASED ON MARKET RATES USING LOCAL OR NATIONAL NON-PROFIT SURVEYS AND JOB FACTORING. ALL SALARY INCREASES MUST BE APPROVED BY THE PRESIDENT. THESE MAY INCLUDE, BUT NOT LIMITED TO, MARKET ADJUSTMENTS, COST OF LIVING ADJUSTMENTS, SENIORITY ADJUSTMENTS, MERIT INCREASES, AND VARIOUS BONUS TYPES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION PROVIDES COPIES OF ITS GOVERNING INSTRUMENTS, CONFLICT OF INTEREST POLICY AND OTHER MATTERS TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: LOSS ON FOREIGN CURRENCY TRANSACTIONS -943. ALLOWANCE ON PLEDGES -2,638. UNREALIZED LOSS ON FUEL HEDGES 7,811. EXPLORER MARITIME LLC 2410 OLD IVY ROAD CHARLOTTESVILLE VA 22903 261598279 DORMANT ENTITY DE 0 0 INSITUTE FOR SHIPBOARD EDUCATION