2023-07-17T08:28:14-05:00 2022-07-31 941254756 HOOD & STRONG LLP 60 SO MARKET ST STE 200 SAN JOSE CA 95113 990 2021-08-01 942340692 PALO ALTO UNIVERSITY INC PALO 8008186136 1791 ARASTRADERO ROAD PALO ALTO CA 94304 MAUREEN O'CONNOR PRESIDENT 8008186136 2023-07-13 1 MAUREEN OCONNOR 999009999 MAGA E KISRIEV P01008919 4089988400 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z MAUREEN O'CONNOR 1791 ARASTRADERO ROAD PALO ALTO CA 94304 40882741 0 X WWW.PALOALTOU.EDU X 1975 CA TO PROVIDE UNDERGRADUATE AND GRADUATE LEVEL EDUCATION IN THE FIELD OF PSYCHOLOGY. 24 23 560 23 0 0 1932931 1678187 36256323 37492705 260260 230182 0 425000 38449514 39826074 1460087 1347795 0 0 22181028 24191124 0 0 254954 11739219 13027172 35380334 38566091 3069180 1259983 37743432 39165769 14007223 14730927 23736209 24434842 X THROUGH EDUCATION, RESEARCH, AND TRAINING IN PSYCHOLOGY AND COUNSELING, PALO ALTO UNIVERSITY PREPARES ITS STUDENTS TO ADDRESS PRESSING AND EMERGING ISSUES THAT EQUITABLY MEET THE NEEDS OF OUR EVER-CHANGING HUMAN CONDITION. 0 0 4052852 221143 6796906 PSY.D. CLINICAL PSYCHOLOGY:THE UNIVERSITY OFFERS A FIVE-YEAR ONSITE DOCTORAL PROGRAM IN CLINICAL PSYCHOLOGY, LEADING TO A DOCTOR OF PSYCHOLOGY DEGREE (PSY.D). THIS PROGRAM IS IMPLEMENTED IN COLLABORATION WITH THE STANFORD SCHOOL OF MEDICINE DEPARTMENT OF PSYCHIATRY AND BEHAVIORAL SCIENCES AND WAS APPROVED BY WASC IN 2002. THE PROGRAM, THE PGSP-STANFORD PSY.D. CONSORTIUM, WAS FIRST ACCREDITED BY APA IN 2006, RE-ACCREDITED IN 2013 BY APA FOR SEVEN YEARS, AND CURRENTLY PREPARING FOR ITS NEXT APA SELF-STUDY.DURING THE 21-22 ACADEMIC YEAR, THIS PROGRAM WELCOMED A NEW COHORT OF 30 STUDENTS, GRADUATED 30 STUDENTS, AND EXPERIENCED 2 WITHDRAWALS OF THE 161 STUDENTS IN THE PROGRAM (1.2% ATTRITION). ADDITIONAL OUTCOMES DATA IS REPORTED ANNUALLY TO WASC, THE DEPARTMENT OF EDUCATION, THE AMERICAN PSYCHOLOGICAL ASSOCIATION, AND OTHER INSTITUTIONS. THE UNIVERSITY MAINTAINS A DETAILED PUBLIC ACCOUNTING OF ATTRITION, TIME TO COMPLETION, INTERNSHIP MATCH RATES AND MORE AT WWW.PALOALTOU.EDU/GRADUATE-PROGRAMS/PGSP-PSYD-STANFORD-CONSORTIUM/STUDENT-ADMISSIONS-OUTCOMES-AND-OTHER-DATA 1543294 0 282903 THE GRONOWSKI CENTER:THE GRONOWSKI CENTER IS A PSYCHOLOGY TRAINING CLINIC DEDICATED TO PROVIDING COMPASSIONATE COUNSELING, PSYCHOTHERAPY AND ASSESSMENT SERVICES TO ADULTS, OLDER ADULTS, COUPLES, ADOLESCENTS, CHILDREN AND FAMILIES IN SANTA CLARA COUNTY AND SAN MATEO COUNTY.THE CLINIC OFFERS SERVICES ON A SLIDING SCALE BASIS AS A PART OF ITS COMMUNITY MISSION. SERVICES ARE PROVIDED BY DOCTORAL LEVEL PSYCHOLOGY STUDENTS UNDER THE SUPERVISION OF LICENSED PSYCHOLOGISTS. 1309977 790415 16015739 PH.D. CLINICAL PSYCHOLOGY:THE UNIVERSITY HAS OFFERED A FIVE-YEAR ONSITE DOCTORAL PROGRAM IN CLINICAL PSYCHOLOGY, LEADING TO A DOCTOR OF PSYCHOLOGY (PH.D.) SINCE 1975. THE PH.D. PROGRAM WAS ACCREDITED BY THE AMERICAN PSYCHOLOGICAL ASSOCIATION (APA) IN 1988 AND WAS RE-ACCREDITED IN 2016 BY APA FOR SEVEN YEARS.DURING THE 21-22 ACADEMIC YEAR, THIS PROGRAM WELCOMED A NEW COHORT OF 94 STUDENTS, GRADUATED 95 STUDENTS, AND EXPERIENCED 13 WITHDRAWALS OF THE 471 STUDENTS IN THE PROGRAM (2.8% ATTRITION). ADDITIONAL OUTCOMES DATA IS REPORTED ANNUALLY TO WASC, THE DEPARTMENT OF EDUCATION, THE AMERICAN PSYCHOLOGICAL ASSOCIATION, AND OTHER INSTITUTIONS. THE UNIVERSITY MAINTAINS A DETAILED PUBLIC ACCOUNTING OF ATTRITION, TIME TO COMPLETION, INTERNSHIP MATCH RATES AND MORE AT WWW.PALOALTOU.EDU/GRADUATE-PROGRAMS/PHD-PROGRAMS/PHD-CLINICAL-PSYCHOLOGY/STUDENT-ADMISSIONS-OUTCOMES-AND-OTHER-DATA. 21493279 336237 14822157 PAU MASTER'S PROGRAMS: M.A. IN COUNSELING: THIS PROGRAM OFFERS A MASTER OF ARTS IN COUNSELING IN ONE OF TWO AREAS OF EMPHASIS: "MARRIAGE, FAMILY AND CHILD", OR "CLINICAL MENTAL HEALTH". BOTH EMPHASIS AREAS ARE CACREP ACCREDITED SINCE JANUARY 2017, AND PREPARE STUDENTS TO PURSUE LICENSURE IN COUNSELING. THE PROGRAM HAS BEEN WASC ACCREDITED SINCE 2009 FOR DISTANCE LEARNING, AND SINCE 2011 FOR THE RESIDENTIAL VERSION. DURING THE 21-22 ACADEMIC YEAR, THIS PROGRAM WELCOMED A NEW COHORT OF 163 STUDENTS, GRADUATED 198 STUDENTS, EXPERIENCED 32 WITHDRAWALS OF THE 511 STUDENTS IN THE PROGRAM (6.3% ATTRITION).M.S. IN PSYCHOLOGY: THE M.S. IN PSYCHOLOGY IS PRIMARILY A PREPARATORY PROGRAM FOR STUDENTS SEEKING ENTRANCE TO THE PH.D. PROGRAM. PAU WAS GRANTED WASC ACCREDITATION FOR A DISTANCE EDUCATION M.S. IN PSYCHOLOGY DEGREE PROGRAM IN 2000. DURING THE 21-22 ACADEMIC YEAR, THIS PROGRAM WELCOMED A NEW COHORT OF 39 STUDENTS, GRADUATED 16 STUDENTS, EXPERIENCED 9 WITHDRAWALS OF THE 71 STUDENTS IN THE PROGRAM (12.7% ATTRITION).PAU UNDERGRADUATE PROGRAMS:PAU OFFERS TWO SEPARATE DEGREE COMPLETION PROGRAMS AT THE UNDERGRADUATE LEVEL. ENTERING STUDENTS ARE REQUIRED TO HAVE COMPLETED FRESHMAN AND SOPHOMORE GENERAL EDUCATION REQUIREMENTS AT ANOTHER ACCREDITED INSTITUTION. B.S. IN PSYCHOLOGY AND SOCIAL ACTION:PAU WAS GRANTED WASC APPROVAL FOR A BACHELOR OF SCIENCE IN PSYCHOLOGY AND SOCIAL ACTION ONSITE DEGREE PROGRAM IN 2006, FOLLOWED BY APPROVAL TO OFFER A DISTANCE EDUCATION VERSION STARTING IN 2011. DURING THE 21-22 ACADEMIC YEAR, THIS PROGRAM WELCOMED A NEW COHORT OF 20 STUDENTS, GRADUATED 27 STUDENTS, EXPERIENCED 7 WITHDRAWALS OF THE 56 STUDENTS IN THE PROGRAM (12.5% ATTRITION).B.S. IN BUSINESS PSYCHOLOGY:PAU WAS GRANTED WASC APPROVAL FOR A BACHELOR OF SCIENCE IN BUSINESS PSYCHOLOGY ONSITE DEGREE PROGRAM IN 2009, FOLLOWED BY APPROVAL TO OFFER A DISTANCE EDUCATION VERSION STARTING IN 2011. DURING THE 21-22 ACADEMIC YEAR, THIS PROGRAM WELCOMED A NEW COHORT OF 0 STUDENTS (NONE), GRADUATED 9 STUDENTS, EXPERIENCED 1 WITHDRAWAL OF THE 14 STUDENTS IN THE PROGRAM (7.1% ATTRITION). 21493279 336237 14822157 28399402 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 1 1469 0 1 560 1 0 0 0 0 0 0 0 0 0 0 0 0 X 24 23 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X MAYA RAMAKRISHNAN 8008186136 1791 ARASTRADERO ROAD PALO ALTO CA 94304 MAUREEN O'CONNOR PRESIDENT 40.00 X X 410439 0 138788 CAROL BOBBY TRUSTEE 3.00 X 0 0 0 NICHOLAS COCHRAN TRUSTEE 3.00 X 0 0 0 MARTIN DODD TRUSTEE 3.00 X 0 0 0 JEFF GEE TRUSTEE 3.00 X 0 0 0 JAMES IOANNIDIS TRUSTEE 3.00 X 0 0 0 MICHAEL KERNER TRUSTEE 3.00 X 0 0 0 DANIEL KOSTENBAUDER TRUSTEE 3.00 X 0 0 0 MATT LEVINE TRUSTEE 3.00 X 0 0 0 DANIELE LEVY TRUSTEE 3.00 X 0 0 0 MARILYN MANNING LONERGAN TRUSTEE 3.00 X 0 0 0 RICHARD LONERGAN TRUSTEE 3.00 X 0 0 0 DEREK MINNO TRUSTEE 3.00 X 0 0 0 JAMES OTIENO TRUSTEE 3.00 X 0 0 0 ISRAEL NIV TRUSTEE 3.00 X 0 0 0 KATHRYN PRYOR TRUSTEE 3.00 X 0 0 0 SARA EISNER RICHTER TRUSTEE 3.00 X 0 0 0 KAREN SCUSSEL TRUSTEE 3.00 X 0 0 0 JORGE WONG TRUSTEE 3.00 X 0 0 0 TOM YEH TRUSTEE 3.00 X 0 0 0 CYNTHIA JAMES TRUSTEE 3.00 X 0 0 0 JIM BEALL TRUSTEE 3.00 X 0 0 0 MARY ANN DEWAN TRUSTEE 3.00 X 0 0 0 KY LE TRUSTEE 3.00 X 0 0 0 JUNE KLEIN VP BUS AFFAIRS/CFO (THRU 12/31/21) 40.00 X 281702 0 14838 PATRICIA ZAPF VP OF CONTINUING & PROF. STUDIES 40.00 X 285313 0 74500 JAMES BRECKENRIDGE CHIEF OF STAFF 40.00 X 268891 0 13169 CAMILLE WATSON VP OF EXTERNAL AFFAIRS 25.00 X 150470 0 18165 MELANIE MORRISON SECR., DIR OF BOARD & PRES OPS 40.00 X 131660 0 15815 ERIKA CAMERON PROVOST, VP ACAD AFFAIRS 40.00 X 170482 0 17195 JOYCE MOORE PROFESSOR 40.00 X 278907 0 19736 RICARDO MUNOZ DISTINGUISHED PROFESSOR 40.00 X 262922 0 13217 KIMBERLY BALSAM PROFESSOR 40.00 X 241814 0 24853 WILLIAM FROMING PROFESSOR 40.00 X 232637 0 30058 ROWENA GOMEZ PROFESSOR 40.00 X 203293 0 10652 RISA DICKSON FR INT VP ACAD AFF (THRU 6/30/21) 0.00 X 140000 0 27600 3058530 0 418586 75 1 1 0 STANFORD UNIVERSITY 401 QUARRY ROAD RM 3208 STANFORD CA 94035 CONSORTIUM 3145947 PACIFIC RIDGE BUILDERS 904 WEDDELL CT SUNNYVALE CA 94089 CONSTRUCTION SERVICES 895657 SCELC 5161 LANKERSHIM BLVD SUITE 250 NORTH HOLLYWOOD CA 91601 LIBRARY CONSORTIUM 210877 REGISTRY FOR COLLEGE & UNIVERSITY PRESID 3 CENTENNIAL DR 320 PEABODY MA 01960 EDUCATIONAL CONSULTING 189583 AMERICAN ACADEMY OF FORENSIC PSYCHOLOGY 3000 OLD 75 HIGHWAY BUTNER NC 27509 CONSULTING SERVICES 165987 11 1123019 555168 85374 1678187 TUITION 611600 31480706 31480706 COURSE FEES 611600 4081758 4081758 CLINIC INCOME 611710 1709792 1709792 OTHER PROGRAM INCOME 611710 220449 220449 37492705 185888 185888 1100961 1056667 44294 44294 44294 LEASE TERMINATION 900099 425000 425000 425000 39826074 37917705 0 230182 1347795 1347795 1991426 1568201 405817 17408 19138276 15151428 3825685 161163 799476 612158 179645 7673 859752 654697 195434 9621 1402194 1114949 275598 11647 115203 115203 105900 105900 1876307 830039 1029546 16722 497823 121707 376116 523863 63016 453100 7747 1233353 919784 313569 240855 240855 1936854 705896 1229914 1044 124122 108917 14955 250 53776 44152 9624 738010 572012 165145 853 333618 333618 CONSORTIUM PAYMENTS 3460860 3460860 AWARDS/ACKNOWLEDGMENTS 570740 229069 341671 PROF DUES & LICENSE 177045 123099 53346 600 BAD DEBT EXPENSE 124135 124135 914708 530768 363714 20226 38566091 28399402 9911735 254954 5328942 4193326 9994770 10060459 674313 647450 7650096 8989431 1060197 1216475 17375855 8009133 8412330 9366722 3790448 3537430 69525 69525 573000 573000 189811 511951 37743432 39165769 3481269 3600035 10111350 10595248 414604 535644 14007223 14730927 X 21605145 22568988 2131064 1865854 23736209 24434842 37743432 39165769 1259983 -561350 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3936749 48500 -121096 0 3864153 3252856 22650 778743 117500 3936749 2835341 206500 250984 39969 3252856 2790449 127755 -70568 12295 2835341 2618430 18939 176443 23363 2790449 0.82599 0.17401 0.00000 0 0 2950000 2950000 5855884 1655113 4200771 4078797 3434944 643853 4491174 2919076 1572098 9366722 LEASE PAYABLE 417644 CONTINGENT CONSIDERATION LIABILITY 118000 535644 X 37916929 -561350 -1347795 -1909145 39826074 0 39826074 37218296 0 37218296 1347795 1347795 38566091 PART V, LINE 4: THE UNIVERSITY'S ENDOWMENTS CONSIST OF ELEVEN INDIVIDUAL FUNDS, ALL ESTABLISHED TO GENERATE SUPPORT FOR THE UNIVERSITY'S GENERAL OPERATIONS, TUITION ASSISTANCE AND PROGRAMS. ITS ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. PART X, LINE 2: THE UNIVERSITY IS RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS AN ORGANIZATION EXEMPT FROM INCOME TAXES ON RELATED ACTIVITIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE. AS OF JULY 31, 2022 AND 2021, MANAGEMENT EVALUATED THE UNIVERSITY'S TAX POSITIONS AND CONCLUDED THAT THE UNIVERSITY HAD MAINTAINED ITS TAX-EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS -1,347,795. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS 1,347,795. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THIS INFORMATION IS INCLUDED IN THE STUDENT HANDBOOK, ON PAU WEBSITE AND IN ALL RECRUITMENT MATERIALS FOR PROSPECTIVE STUDENTS. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FEDERAL AID UNDER TITLE IV OF THE STUDENT FINANCIAL ASSISTANCE PROGRAM. THE PROGRAMS THAT THE UNIVERSITY PARTICIPATES IN ARE THE WILLIAM D. FORD FEDERAL DIRECT LOAN PROGRAM, THE FEDERAL WORK STUDY PROGRAM, THE FEDERAL PELL GRANT PROGRAM, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM, AND THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY GRANT PROGRAM. 1 SCHOLARSHIPS, GRANTS AND FINANCIAL AIDS 215 1347795 0 PART I, LINE 2: THE ORGANIZATION PROVIDES FINANCIAL AID ONLY TO QUALIFIED STUDENTS ENROLLED AT THE UNIVERSITY. THE DIVISION OF ACADEMIC & STUDENT AFFAIRS IS RESPONSIBLE FOR MANAGING THE FELLOWSHIP AND SCHOLARSHIP ALLOCATION FOR NEW STUDENTS. THE FACULTY AND THE STAFF AT ACADEMIC & STUDENT AFFAIRS DIVISION WORK TOGETHER TO AWARD FELLOWSHIPS OR SCHOLARSHIPS TO NEW STUDENTS. X 1 1 X X X X X 0 1 0 1 0 0 0 1 0 MAUREEN O'CONNOR PRESIDENT 407439 0 3000 0 0 0 47350 0 91438 0 549227 0 0 0 PATRICIA ZAPF VP OF CONTINUING & PROF. STUDIES 267238 0 18075 0 0 0 14500 0 60000 0 359813 0 0 0 JOYCE MOORE PROFESSOR 207794 0 3000 0 68113 0 13233 0 6503 0 298643 0 0 0 JUNE KLEIN VP BUS AFFAIRS/CFO (THRU 12/31/21) 278102 0 3000 0 600 0 13964 0 874 0 296540 0 0 0 JAMES BRECKENRIDGE CHIEF OF STAFF 265291 0 3000 0 600 0 13039 0 130 0 282060 0 0 0 RICARDO MUNOZ DISTINGUISHED PROFESSOR 254576 0 3600 0 4746 0 13087 0 130 0 276139 0 0 0 KIMBERLY BALSAM PROFESSOR 148620 0 3500 0 89694 0 11255 0 13598 0 266667 0 0 0 WILLIAM FROMING PROFESSOR 229637 0 3000 0 0 0 11500 0 18558 0 262695 0 0 0 ROWENA GOMEZ PROFESSOR 170626 0 4700 0 27967 0 10522 0 130 0 213945 0 0 0 ERIKA CAMERON PROVOST, VP ACAD AFFAIRS 130482 0 40000 0 0 0 3500 0 13695 0 187677 0 0 0 CAMILLE WATSON VP OF EXTERNAL AFFAIRS 148170 0 1875 0 425 0 7504 0 10661 0 168635 0 0 0 RISA DICKSON FR INT VP ACAD AFF (THRU 6/30/21) 140000 0 0 0 0 0 0 0 27600 0 167600 0 0 0 PART I, LINE 1A MAUREEN O'CONNOR, PRESIDENT, PATRICIA A ZAPF, VP, CONTINUING & PROFESSIONAL STUDIES, AND RISA DICKSON, FORMER INTERIM VP FOR ACADEMIC AFFAIRS RECEIVED HOUSING ALLOWANCE AS PART OF THEIR COMPENSATION AGREEMENT, WHICH IS PAID DIRECTLY BY THE SCHOOL. THE BENEFIT WAS TREATED AS NONTAXABLE COMPENSATION. PART I, LINE 4B MAUREEN O'CONNOR, PRESIDENT, PARTICIPATED IN A 457(F) DEFERRED COMPENSATION ARRANGEMENT. IN 2021, THE UNIVERSITY CONTRIBUTED $33,000 TO THE 457 TRUST ACCOUNT WHICH WAS TREATED AS DEFERRED COMPENSATION. PART I, LINE 5 THE UNIVERSITY PAID $15,075 TO PATRICIA ZAPF, VICE PRESIDENT FOR CONTINUING & PROFESSIONAL STUDIES. THE PAYMENTS ARE DETERMINED BASED ON THE SALE OF THE UNIVERSITY'S ON-DEMAND PROGRAMS. PART I, LINE 7 THE PRESIDENT, IN CONSULTATION WITH THE INTERIM CFO AND DIRECTOR OF HUMAN RESOURCES, DECIDED TO GIVE ALL FULL-TIME EMPLOYEES A BONUS OF $3,000. THE BONUS AMOUNT WAS ADJUSTED FOR EMPLOYEES WHO WERE LESS THAN FULL-TIME. MELANIE MORRISON, SECRETARY AND DIRECTOR OF BOARD AND PRESIDENTIAL OPERATIONS, RECEIVED AN ADDITIONAL $25,000 BONUS FOR SERVICES PERFORMED RELATING TO THE TERMINATION OF THE 5150 CAMPUS AS WELL AS THE OVERSIGHT OF THE RENOVATION AND REMODELING OF THE 1172 CASTRO STREET CAMPUS. THE PRESIDENT, IN CONSULTATION WITH THE DIRECTOR OF HUMAN RESOURCES, EXERCISED DISCRETION ON THE PAYMENT. PATRICIA ZAPF OFFICER 265031 THE PAYMENT WAS FOR BALANCE OF THE PURCHASE PRICE OF AN LLC OWNED BY PATRICIA ZAPF, VICE PRESIDENT FOR CONTINUING & PROFESSIONAL STUDIES. PER TERMS OF THE AGREEMENT, THE PAYOUT CALCULATION IS BASED ON REVENUE TARGETS FOR CONTINUING AND PROFESSIONAL STUDIES AND IS DONE EACH YEAR, AT THE END OF FISCAL YEAR. 1 X 2 85374 FMV 0 0 1 0 PART I, COLUMN (B): THIS COLUMN REFLECTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 2 RICHARD LONERGAN, TRUSTEE, AND MARILYN MANNING LONERGAN, TRUSTEE, HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 WAS REVIEWED BY THE CONTROLLER. AFTER THE CONTROLLER REVIEWED, THE INTERIM CFO REVIEWED. ANY CHANGES WERE GIVEN TO THE ACCOUNTING FIRM. THE REVISED FORM 990 WAS REVIEWED BY THE BOARD OF TRUSTEES BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, DIRECTORS/TRUSTEES AND KEY EMPLOYEES ARE REQUIRED TO REVIEW AND SIGN THE CONFLICT OF INTEREST POLICY ANNUALLY. THE ORGANIZATION'S GOVERNING BODY DETERMINES WHETHER A CONFLICT EXISTS. OFFICERS, DIRECTORS/TRUSTEES AND KEY EMPLOYEES AND THE ORGANIZATION'S GOVERNING BODY MONITOR FOR CONFLICT. IF THERE IS A CONFLICT, RESTRICTIONS ARE IMPOSED ON A CASE BY CASE BASIS WITH DIRECTION FROM THE LEGAL COUNSEL. FORM 990, PART VI, SECTION B, LINE 15 PAU CONDUCTED ANNUAL CEO AND CFO COMPENSATION REVIEW BASED ON MARKET COMPENSATION REVIEW DATA. THIS RESULTS IN THE PREPARATION OF A COMPENSATION REPORT AND UPDATE TO THE COMPENSATION PLAN. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE ON PALO ALTO UNIVERSITY WEBSITE AND AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF TIME SET FORTH IN SEC. 6104(D).