2022-06-14T13:50:28-05:00 2021-07-31 135565207 KPMG LLP 550 SOUTH HOPE STREET SUITE 1500 LOS ANGELES CA 90071 990 2020-08-01 951644037 PEPPERDINE UNIVERSITY PEPP 8187021364 24255 PACIFIC COAST HWY MALIBU CA 902634497 GREG G RAMIREZ CHIEF FINANCIAL OFFICER 8187021370 2022-06-13 1 GREG RAMIREZ XXX-XX-XXXX DAVID M HIGHFILL P01517891 2139724000 2022-05-27 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z JAMES A GASH 24255 PACIFIC COAST HWY MALIBU CA 902634497 913619334 0 X WWW.PEPPERDINE.EDU X 1937 CA PEPPERDINE UNIVERSITY IS A CHRISTIAN UNIVERSITY (CONTINUED ON SCHEDULE O) 28 22 4518 27 9398893 7335 55834209 67242887 465020833 453290634 49222083 200652214 10097077 3032929 580174202 724218664 135876149 170790233 0 0 219172425 204219817 0 0 8551829 200373680 184562947 555422254 559572997 24751948 164645667 2047744709 2401385933 687224852 733935558 1360519857 1667450375 X PEPPERDINE UNIVERSITY IS A CHRISTIAN UNIVERSITY COMMITTED TO THE HIGHEST STANDARDS OF EXCELLENCE AND CHRISTIAN VALUES, WHERE STUDENTS ARE STRENGTHENED FOR LIVES OF PURPOSE, SERVICE, AND LEADERSHIP. SEE SCHEDULE O FOR MORE INFORMATION. 0 0 201567484 135505061 9638878 STUDENT SERVICES, INCLUDING SCHOLARSHIPS TO ENROLLED STUDENTS - THERE ARE MANY AUXILIARY SERVICES OFFERED TO THE STUDENTS TO PROMOTE THEIR INTELLECTUAL, EMOTIONAL, AND SPIRITUAL DEVELOPMENT. PEPPERDINE UNIVERSITY MAINTAINS MULTIPLE DINING AND HOUSING FACILITIES, A BOOKSTORE, BANKING SERVICES, PARKING FACILITIES LOCATED ALL OVER CAMPUS, TRANSPORTATION SERVICES, RECREATIONAL FIELDS, AND MAIL SERVICES. IN ADDITION TO THESE FACILITIES AND SERVICES, PEPPERDINE UNIVERSITY OFFERS APPROXIMATELY 88% OF ITS TOTAL STUDENT BODY FINANCIAL AID IN THE FORM OF VARIOUS SCHOLARSHIPS, GRANTS, AND LOANS. 130494138 35226547 559083 ACADEMIC SUPPORT - PEPPERDINE UNIVERSITY EQUIPS STUDENTS WITH ACADEMIC SUPPORT TO ENSURE STUDENTS REACH THEIR EDUCATIONAL GOALS. UNIVERSITY SERVICES SUCH AS THE LIBRARY, TECH CENTRAL, PEPPERDINE COUNSELING CENTER, THE HEALTH CENTER, AND ONE STOP, THE PRIMARY ACADEMIC ADVISING CENTER, ASSIST IN THE WELL-BEING AND ACADEMIC PROGRESS OF THE UNIVERSITY'S STUDENTS. 120473419 58625 442813441 INSTRUCTION & RESEARCH - PEPPERDINE UNIVERSITY IS A TOP CHRISTIAN INSTITUTION FOR HIGHER EDUCATION, AND SERVES APPROXIMATELY 3,500 UNDERGRADUATE STUDENTS AND 6,100 GRADUATE STUDENTS. IN ADDITION TO THE UNIVERSITY'S CAMPUSES IN CALIFORNIA, PEPPERDINE UNIVERSITY MAINTAINS SEVERAL STUDENT LEARNING PROGRAMS IN LOCATIONS SUCH AS EUROPE, ASIA (PROGRAM ENDED IN FY21), SOUTH AMERICA, AND WASHINGTON D.C. NOTABLY, PEPPERDINE UNIVERSITY PURCHASED CHATEAU D'HAUTEVILLE IN FY20. THE UNIVERSITY PLANS TO TRANSITION ITS LAUSANNE, SWITZERLAND INTERNATIONAL PROGRAM TO THE CHATEAU IN FY23. SEE SCH. O. 19433359 0 279232 PUBLIC SERVICE - THE UNIVERSITY OFFERS NUMEROUS SERVICES TO THE GENERAL PUBLIC, INCLUDING ART EXHIBITS, CONCERTS, PRODUCTIONS, AND OTHER PUBLIC BENEFIT ACTIVITIES. 19433359 0 279232 471968400 1 1 0 1 0 1 0 1 1 1 1 1 0 1 1 0 0 1 1 1 1 0 0 0 1 0 0 1 1 1 1 1 0 0 0 0 1 0 0 1 0 1 1 0 0 1 1 1 1 0 0 1 X 11423 0 1 4518 1 1 1 1 AR CH GM IT SZ UK 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 28 22 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA KY MA MD MI NH OR SC X X LAURA PONDER CONTROLLER 8187021370 24255 PACIFIC COAST HIGHWAY MALIBU CA 902634497 JAMES GASH PRESIDENT & CEO 40.00 3.00 X X 440146 0 268530 DEE ANNA SMITH CHAIR, REGENT 1.00 0.00 X X 0 0 0 TERRY GILES VICE CHAIR, REGENT 1.00 1.00 X X 0 0 0 FREDERICK RICKER VICE CHAIR, REGENT 1.00 0.00 X X 0 0 0 TIMOTHY PHILLIPS SECRETARY, REGENT 1.00 1.00 X X 0 0 0 MICHELLE HIEPLER ASSISTANT SECRETARY, REGENT 1.00 0.00 X X 0 0 0 ALAN BEARD REGENT 1.00 0.00 X 0 0 0 EDWIN BIGGERS REGENT 1.00 0.00 X 0 0 0 M BRETT BIGGS REGENT 1.00 0.00 X 0 0 0 SHEILA BOST REGENT 1.00 0.00 X 0 0 0 DALE BROWN REGENT 1.00 0.00 X 0 0 0 NANCY DE LIBAN REGENT 1.00 0.00 X 0 0 0 SHELLE ENSIO REGENT 1.00 0.00 X 0 0 0 SETH HAYE REGENT 1.00 0.00 X 0 0 0 ERIC JOHNSON REGENT 1.00 0.00 X 0 0 0 JEREMY JOHNSON REGENT AS OF 06/21 1.00 0.00 X 0 0 0 PETER JOHNSON JR REGENT 1.00 0.00 X 0 0 0 DENNIS LEWIS REGENT 1.00 0.00 X 0 0 0 JOHN LEWIS REGENT 1.00 1.00 X 0 0 0 KIMBERLY LINDLEY REGENT 1.00 0.00 X 0 0 0 FAYE MCCLURE REGENT 1.00 0.00 X 0 0 0 VIRGINIA MILSTEAD REGENT 1.00 0.00 X 0 0 0 MICHAEL OKABAYASHI REGENT 1.00 0.00 X 0 0 0 T DANNY PHILLIPS REGENT 1.00 1.00 X 0 0 0 JOHN PLUEGER REGENT 1.00 0.00 X 0 0 0 HAROLD SMETHILLS REGENT 1.00 3.00 X 0 0 0 ROSA MERCADO SPIVEY REGENT THRU 06/21 1.00 0.00 X 0 0 0 STEPHEN STEWART REGENT 1.00 0.00 X 0 0 0 AUGUSTUS TAGLIAFERRI REGENT THRU 03/21 1.00 0.00 X 0 0 0 MARTA TOOMA REGENT THRU 04/21 1.00 0.00 X 0 0 0 JAY WELKER REGENT 1.00 1.00 X 0 0 0 RICK MARRS PROVOST & CHIEF ACADEMIC OFF 40.00 0.00 X 433779 0 255499 CHARLES PIPPIN SVP FOR INVESTMENTS & CIO 40.00 3.00 X 533390 0 65648 GARY HANSON EXECUTIVE VP 40.00 0.00 X 489137 0 70475 PHIL PHILLIPS SVP FOR ADMINISTRATION & COO 40.00 0.00 X 201007 0 255024 SAMUEL HINKLE - SVP ADV CDO THRU 12/20; SVC AS OF 01/21 40.00 1.00 X 274152 0 162688 LARRY PERRIN SVP STRATEGIC IMPLEMENTATION 40.00 0.00 X 292468 0 74021 SARA YOUNG JACKSON CHANCELLOR 40.00 0.00 X 325124 0 33049 DANIEL DEWALT VP & CHIEF OF STAFF 40.00 3.00 X 265503 0 38071 RICK GIBSON - VP PUBLIC AFFAIRS CMO THRU 08/20; SVC AS OF 08/20 40.00 0.00 X 167943 0 135439 CONNIE HORTON VP FOR STUDENT AFFAIRS 40.00 0.00 X 143307 0 159792 SARA COSENTINO - VP CAMPUS OPS & HR THRU 12/20; VP ADV AS OF 01/21 40.00 0.00 X 220076 0 73062 GREG RAMIREZ CHIEF FINANCIAL OFFICER 40.00 1.00 X 248978 0 24114 NICOLLE TAYLOR VP & CHIEF BUSINESS OFFICER 40.00 0.00 X 213361 0 34357 J GOOSBY SMITH - VP COMM BELONG & CDO AS OF 06/21 40.00 0.00 X 0 0 0 DERYCK JANSE VAN RENSBURG DEAN, GRAZIADIO BUSINESS SCHOOL 40.00 0.00 X 471077 0 76820 PAUL CARON DEAN, CARUSO SCHOOL OF LAW 40.00 0.00 X 243596 0 191800 MICHAEL FELTNER DEAN & PROF, SEAVER COLLEGE 40.00 0.00 X 292042 0 76255 JONATHAN SEE CHIEF INFORMATION OFFICER 40.00 0.00 X 227586 0 101005 HELEN WILLIAMS DEAN, GRADUATE SCHOOL OF EDUCA 40.00 0.00 X 178336 0 122384 LEE KATS VICE PROVOST & PROFESSOR 40.00 0.00 X 266284 0 31298 JEFFREY ROHDE MANAGING DIRECTOR INVESTMENTS 40.00 1.00 X 243356 0 35553 MICHAEL NICKS DIRECTOR OF INVESTMENTS 40.00 0.00 X 175515 0 67850 FAYE HOLTON DIRECTOR OF INVESTMENTS 35.00 7.00 X 199217 0 36473 LAURA PONDER CONTROLLER 40.00 1.00 X 195754 0 15695 LORENZO ROMAR HEAD COACH, BASKETBALL 40.00 0.00 X 769468 0 46414 ANDREW BENTON PRESIDENT EMERITUS 5.00 0.00 X 632050 0 69474 DAVID SMITH ASSOC. PROFESSOR & ASSOC. PROV 40.00 0.00 X 361504 0 100330 MARK CHUN EXEC DIR & ASSOC PROFESSOR 40.00 0.00 X 390890 0 38245 EDWARD LARSON DARLING CHAIR IN LAW & PROFESS 40.00 0.00 X 340219 0 73396 9235265 0 2732761 437 0 1 0 2U INC 7900 HARKINS ROAD LANHAM MD 20706 E-LEARNING 42396504 THE PENTA BUILDING GROUP LLC 181 EAST WARM SPRINGS ROAD LAS VEGAS NV 89119 CONSTRUCTION 13973852 CLUNE CONSTRUCTION COMPANY LP 10 S RIVERSIDE PLZ STE 2200 CHICAGO IL 60606 CONSTRUCTION 7417456 ENVIRONMENTAL CONTRACTING CORPORATION 880 EAST 1ST STREET LOS ANGELES CA 90012 CONSTRUCTION 7002303 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 152516170 CATERING 3183791 103 759116 2747433 10845270 52891068 2654020 67242887 STUDENT TUITION & FEES 611710 445433079 445433079 ROOM AND BOARD 611710 5143686 5143686 OTHER REVENUE 611710 2505683 2505683 SALES AND SERVICES 611710 208186 208186 453290634 80136518 1672544 78463974 885494 0 885494 885494 20370 865124 309649447 189133751 120515696 120515696 7595581 112920115 103145 759116 265863 -162718 -162718 4960 1056 3904 3904 SALES AND SERVICES 611710 1557599 110398 1447201 INSURANCE SETTLEMENT 900099 632989 632989 OTHER REVENUE 900099 115661 115661 2306249 724218664 453290634 9398893 194286250 35225547 35225547 135564686 135564686 7930665 2327519 4336018 1267128 2383538 1265861 589429 528248 150759398 114957004 31366962 4435432 4810977 3367685 1284728 158564 27426395 25576860 734935 1114600 10908844 7717762 2812215 378867 468544 121507 345528 1509 764648 3133 761515 34640 34640 6616885 6616885 54841604 50369104 4321030 151470 5198178 4738239 431040 28899 6546081 2997367 3429558 119156 2033543 1933658 99780 105 13176663 9602156 3569747 4760 2841212 2502879 282786 55547 13552388 12935744 595760 20884 19569435 16683018 2804837 81580 28662010 22806204 5744284 111522 3869316 81973 3787343 EQUIP RENTAL & MAINT 2926807 1277468 1649314 25 CONSTRUCTION & EQUIP 2450902 637172 1808627 5103 LIBRARY EXPENSES 2158069 2152555 5514 STUDENT MEALS 860664 165016 695648 17991358 16958283 944645 88430 559572997 471968400 79052768 8551829 3007646 103626997 125999205 31080619 57697009 43232399 7700482 12347112 1005550 1215813 0 0 5562335 5672540 0 0 4810727 5832878 813885430 289645400 521166834 524240030 556027466 505640951 566808653 851015243 16014162 14446806 0 0 181944640 303034545 2047744709 2401385933 62001347 40531149 0 0 19045050 22208201 217696552 213972474 32384949 34374218 0 0 0 0 0 0 356096954 422849516 687224852 733935558 X 823004296 988419065 537515561 679031310 1360519857 1667450375 2047744709 2401385933 X 164645667 143217354 -932503 X 0 1 X 1 1 1 X 30223377 39372267 34179043 55834209 67242887 226851783 30223377 39372267 34179043 55834209 67242887 226851783 7851068 219000715 10336144 15603552 36177416 32284428 81022012 175423552 0 1796710 0 0 0 1796710 328499 5893348 8953777 10453585 2414354 28043563 432115608 2163023312 0.50680 0.57090 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS GAMING - 2016 AMOUNT: $ 328,499. 2017 AMOUNT: $ 433,508. 2018 AMOUNT: $ 468,457. 2019 AMOUNT: $ 401,056. 2020 AMOUNT: $ 108,105. GAIN ON EXTINGUISHMENT OF DEBT - 2016 AMOUNT: $ 0. 2017 AMOUNT: $ 0. 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 1,076,454. 2020 AMOUNT: $ 0. OTHER INCOME - 2016 AMOUNT: $ 0. 2017 AMOUNT: $ 0. 2018 AMOUNT: $ 3,065,529. 2019 AMOUNT: $ 6,599,958. 2020 AMOUNT: $ 748,650. SALES AND SERVICES - 2016 AMOUNT: $ 0. 2017 AMOUNT: $ 5,459,840. 2018 AMOUNT: $ 5,419,791. 2019 AMOUNT: $ 2,376,117. 2020 AMOUNT: $ 1,557,599. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 2341 0 0 1 32299 34640 0 PART II-B, LINE 1: LINE 1F, GRANTS TO OTHER ORGANIZATIONS FOR LOBBYING PURPOSES: THE UNIVERSITY PAID MEMBERSHIP DUES TO THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS AND THE ASSOCIATION OF INDEPENDENT CALIFORNIA COLLEGES AND UNIVERSITIES, A PORTION OF WHICH WAS USED BY THE ORGANIZATIONS TO LOBBY FOR HIGHER EDUCATION INITIATIVES. LINE 1I, OTHER ACTIVITIES: THE UNIVERSITY HIRED A LOBBYING FIRM IN CONNECTION WITH LAND USE ISSUES. 6 96069 217000 1364291 1 1 10098844 X X X 0 0 1 X 908307875 23371272 273594646 15474077 44508896 1145290820 917551019 53457004 -15420363 15036229 32243556 908307875 904143256 20848280 38449008 45889525 917551019 860333000 13743769 69227350 0 39160863 904143256 781341000 4519000 112756000 0 38283000 860333000 0.53084 0.36522 0.10394 1 1 1 28613150 28613150 32726731 692172494 272698541 452200684 41112345 16757259 24355086 19260710 189600 19071110 524240030 ALTERNATIVE INVESTMENTS 849333583 F LIMITED PARTNERSHIPS 1049912 F OTHER INVESTMENTS 631748 F 851015243 ASSETS HELD AS TRUSTEE 135635743 INVESTMENTS IN SUBSIDIARIES 108312182 RIGHT OF USE ASSETS 59086620 303034545 U.S. GOVERNMENT STUDENT LOANS 7660145 TAXABLE BOND LIABILITIES 347109245 LEASE LIABILITY 68080126 422849516 X 689362987 143217354 -665628 142551726 546811261 6616885 170790518 177407403 724218664 382432469 266875 266875 382165594 6616885 170790518 177407403 559572997 PART III, LINE 4: COLLECTION OF ART AND OTHER SIMILAR ASSETS: COLLECTIONS CONSIST OF ITEMS ACQUIRED BY THE UNIVERSITY'S LIBRARY THAT REQUIRE SPECIAL HANDLING DUE TO THEIR RARITY, VALUE, AND/OR PHYSICAL CONDITION. THE UNIVERSITY ALSO MAINTAINS AN ARCHIVAL COLLECTION OF OFFICIAL DOCUMENTS, PAPERS, PUBLICATIONS, AND ARTIFACTS OF PEPPERDINE UNIVERSITY AND PERSONS CONNECTED WITH THE UNIVERSITY. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR EDUCATION, RESEARCH, AND PUBLIC EXHIBITION. PART IV, LINE 2B: ESCROW AND CUSTODIAL ARRANGEMENTS: PEPPERDINE UNIVERSITY RECORDS A CUSTODIAL LIABILITY FOR CHARITABLE GIFT ANNUITIES, CHARITABLE REMAINDER TRUSTS, AND LIFE ESTATES THAT ARE SUBJECT TO LIFE INTERESTS OF THE BENEFICIARIES. NO SIGNIFICANT FINANCIAL BENEFIT CAN BE REALIZED UNTIL THE CONTRACTUAL OBLIGATIONS ARE RELEASED. THE UNIVERSITY ALSO ACTS AS THE FISCAL AGENT FOR FUNDS RELATED TO UNIVERSITY SPONSORED AND/OR AFFILIATED PROGRAMS, AS WELL AS STUDENT GROUPS. THE UNIVERSITY DOES NOT OWN THE FUNDS ASSOCIATED WITH THESE GROUPS. PART V, LINE 4: USE OF ENDOWMENT FUNDS: THE INTENT OF PEPPERDINE UNIVERSITY'S ENDOWMENT FUND IS TO GENERATE REVENUES NECESSARY TO SUPPORT THE UNIVERSITY'S EXEMPT PURPOSE, INCLUDING EDUCATION, RESEARCH, AND SCHOLARSHIP. PART X, LINE 2: LIABILITY FOR UNCERTAIN TAX POSITIONS: AS A NOT-FOR-PROFIT EDUCATIONAL INSTITUTION, THE UNIVERSITY IS EXEMPT FROM FEDERAL AND CALIFORNIA INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND SECTION 23701(D) OF THE CALIFORNIA REVENUE AND TAXATION CODE (EXCEPT FOR TAXES ON UNRELATED BUSINESS INCOME). SINCE THE UNIVERSITY'S UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JULY 31, 2021 AND 2020 WAS IMMATERIAL, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENT OF TRUST OBLIGATIONS 2,972,214. GROSS-UP FOR GAMING PRIZE 1,012. FUNDRAISING EXP REPORTED AS FUNCTIONAL EXP ON FS 265,863. CHANGE IN VALUE OF BENEFICIAL INTEREST -4,551,704. ADOPTION OF ASU 2016-02, LEASES 646,987. PART XI, LINE 4B - OTHER ADJUSTMENTS: GROSS-UP NON-OPERATING EXP REPORTED NET ON FINANCIALS 285. GROSS-UP WSI TRANSFER 35,225,547. GROSS-UP FINANCIAL AID REPORTED NET ON FINANCIALS 135,564,686. PART XII, LINE 2D - OTHER ADJUSTMENTS: GROSS-UP FOR GAMING PRIZE 1,012. FUNDRAISING EXP REPORTED NET OF REVENUE ON FORM 990 265,863. PART XII, LINE 4B - OTHER ADJUSTMENTS: GROSS-UP NON-OPERATING EXP REPORTED NET ON FINANCIALS 285. GROSS-UP WSI TRANSFER 35,225,547. GROSS-UP FINANCIAL AID REPORTED NET ON FINANCIALS 135,564,686. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PEPPERDINE UNIVERSITY DISPLAYS A NOTICE OF ITS RACIALLY NONDISCRIMINATORY POLICY ON ITS PRIMARY, PUBLICLY ACCESSIBLE INTERNET HOMEPAGE AT ALL TIMES IN ACCORDANCE WITH REV. PROC. 2019-22. SCHEDULE E, PART I, LINE 6 PEPPERDINE UNIVERSITY IS AWARDED GRANTS FROM GOVERNMENT AGENCIES TO PROVIDE FINANCIAL AID TO STUDENTS. THESE GOVERNMENT AGENCIES INCLUDE, BUT ARE NOT LIMITED TO, THE U.S. DEPARTMENT OF EDUCATION, THE CALIFORNIA STUDENT AID COMMISSION, AND THE CORPORATION FOR NATIONAL AND COMMUNITY SERVICE. 1 CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 235557944 EUROPE (INCLUDING ICELAND AND GREENLAND) INVESTMENTS 14436736 EUROPE (INCLUDING ICELAND AND GREENLAND) 4 115 PROGRAM SERVICES EDUCATIONAL PROGRAMS 3541479 SOUTH AMERICA 1 26 PROGRAM SERVICES EDUCATIONAL PROGRAMS 596896 EAST ASIA AND THE PACIFIC 1 4 PROGRAM SERVICES EDUCATIONAL PROGRAMS 1705620 6 145 0 0 6 145 255838675 0 255838675 1 0 1 1 1 0 PART I, LINE 2: MONITORING OF FUNDS: PEPPERDINE UNIVERSITY MAINTAINS AN OFFICE OF RESEARCH AND SPONSORED PROGRAMS THAT OVERSEES THE ADMINISTRATION OF ALL GRANTS, DOMESTIC AND INTERNATIONAL, TO ENSURE COMPLIANCE WITH GRANT REQUIREMENTS, AS WELL AS LAWS AND REGULATIONS. FURTHER OVERSIGHT IS PROVIDED BY THE UNIVERSITY'S FINANCE OFFICE. PART III ACCOUNTING METHOD: PART I, LINE 3(F): ACCOUNTING BASIS: EXPENDITURES REPORTED IN COLUMN (F) ARE THE REGIONAL EXPENDITURES INCURRED BY THE UNIVERSITY IN U.S. DOLLARS, AND BASED ON THE ACCRUAL BASIS OF ACCOUNTING. PART III, LINE 3: PEPPERDINE UNIVERSITY PROVIDED NO GRANTS OR OTHER ASSISTANCE TO INDIVIDUALS OUTSIDE OF THE UNITED STATES SINCE THE UNIVERSITY'S INTERNATIONAL PROGRAMS WERE SUSPENDED AS A RESULT OF THE ONGOING COVID-19 PANDEMIC. GIVE2PEPP 384105 384105 GOLF TOURNAMENT 309634 213374 96260 154173 4 168522 161637 6885 102 10270 75 101243 862261 759116 103145 102 10270 75 255416 265863 -162718 1 WAVE SERVICES INC 24255 PACIFIC COAST HIGHWAY MALIBU CA 90263 954315778 501(C)(3) 35225547 BOOK COMM PROP & STOCK SUPPORT 1 0 SCHOLARSHIPS / FINANCIAL AID PAID 8196 135564686 N/A N/A PART I, LINE 2: MONITORING USE OF FUNDS: GRANTS ARE PROVIDED ON THE BASIS OF VERIFIED FINANCIAL NEED OR MERIT. THE UNIVERSITY DOES NOT UNLAWFULLY DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONAL OR ETHNIC ORIGIN, RELIGION, AGE, SEX, DISABILITY, OR PRIOR MILITARY SERVICE. FINANCIAL ASSISTANCE IS MONITORED SO THAT IT IS IN COMPLIANCE WITH AWARDING TERMS AND CONDITIONS. EXPENDITURES ARE REVIEWED FOR PERMISSIBILITY AND COMPLIANCE. STUDENTS ARE REQUIRED TO SUBMIT APPROPRIATE DOCUMENTS PRIOR TO APPROVAL. PART-III LINE (B): NUMBER OF RECIPIENTS: CASH GRANTS ARE CREDITS TO STUDENT ACCOUNTS. THE NUMBER OF RECIPIENTS REPRESENTS ONLY THE NUMBER OF STUDENTS RECEIVING INSTITUTIONAL FUNDING AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS. OUTSIDE GRANTS, OR APPLICATIONS OF FUNDS PROVIDED BY OUTSIDE ORGANIZATIONS, ARE NOT INCLUDED. X X X X X X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 LORENZO ROMAR HEAD COACH, BASKETBALL 713817 0 25000 0 30651 0 11400 0 35014 0 815882 0 0 0 JAMES GASH PRESIDENT & CEO 436250 0 0 0 3896 0 26567 0 241963 0 708676 0 0 0 ANDREW BENTON PRESIDENT EMERITUS 485855 0 0 0 146195 0 28500 0 40974 0 701524 0 128480 0 RICK MARRS PROVOST & CHIEF ACADEMIC OFF 317556 0 0 0 116223 0 52246 0 203253 0 689278 0 88837 0 CHARLES PIPPIN SVP FOR INVESTMENTS & CIO 402148 0 0 0 131242 0 24817 0 40831 0 599038 0 108842 0 GARY HANSON EXECUTIVE VP 374152 0 0 0 114985 0 24804 0 45671 0 559612 0 95640 0 DERYCK JANSE VAN RENSBURG DEAN, GRAZIADIO BUSINESS SCHOOL 463055 0 0 0 8022 0 27615 0 49205 0 547897 0 0 0 DAVID SMITH ASSOC. PROFESSOR & ASSOC. PROV 239054 0 0 0 122450 0 19217 0 81113 0 461834 0 0 0 PHIL PHILLIPS SVP FOR ADMINISTRATION & COO 182946 0 0 0 18061 0 41800 0 213224 0 456031 0 0 0 SAMUEL HINKLE - SVP ADV CDO THRU 12/20; SVC AS OF 01/21 186995 0 0 0 87157 0 52250 0 110438 0 436840 0 67792 0 PAUL CARON DEAN, CARUSO SCHOOL OF LAW 221160 0 0 0 22436 0 45667 0 146133 0 435396 0 0 0 MARK CHUN EXEC DIR & ASSOC PROFESSOR 224906 0 0 0 165984 0 17580 0 20665 0 429135 0 0 0 EDWARD LARSON DARLING CHAIR IN LAW & PROFESS 274729 0 0 0 65490 0 21445 0 51951 0 413615 0 0 0 MICHAEL FELTNER DEAN & PROF, SEAVER COLLEGE 284957 0 0 0 7085 0 21909 0 54346 0 368297 0 0 0 LARRY PERRIN SVP STRATEGIC IMPLEMENTATION 288115 0 0 0 4353 0 21900 0 52121 0 366489 0 0 0 SARA YOUNG JACKSON CHANCELLOR 311405 0 0 0 13719 0 22425 0 10624 0 358173 0 0 0 JONATHAN SEE CHIEF INFORMATION OFFICER 225405 0 0 0 2181 0 17263 0 83742 0 328591 0 0 0 DANIEL DEWALT VP & CHIEF OF STAFF 233434 0 0 0 32069 0 17813 0 20258 0 303574 0 0 0 RICK GIBSON - VP PUBLIC AFFAIRS CMO THRU 08/20; SVC AS OF 08/20 150645 0 0 0 17298 0 36250 0 99189 0 303382 0 0 0 CONNIE HORTON VP FOR STUDENT AFFAIRS 117766 0 0 0 25541 0 55950 0 103842 0 303099 0 0 0 HELEN WILLIAMS DEAN, GRADUATE SCHOOL OF EDUCA 156130 0 0 0 22206 0 37683 0 84701 0 300720 0 0 0 LEE KATS VICE PROVOST & PROFESSOR 262042 0 0 0 4242 0 19910 0 11388 0 297582 0 0 0 SARA COSENTINO - VP CAMPUS OPS & HR THRU 12/20; VP ADV AS OF 01/21 216447 0 0 0 3629 0 17406 0 55656 0 293138 0 0 0 JEFFREY ROHDE MANAGING DIRECTOR INVESTMENTS 228220 0 0 0 15136 0 18391 0 17162 0 278909 0 0 0 GREG RAMIREZ CHIEF FINANCIAL OFFICER 248582 0 0 0 396 0 18750 0 5364 0 273092 0 0 0 NICOLLE TAYLOR VP & CHIEF BUSINESS OFFICER 212569 0 0 0 792 0 16196 0 18161 0 247718 0 0 0 MICHAEL NICKS DIRECTOR OF INVESTMENTS 174067 0 0 0 1448 0 14025 0 53825 0 243365 0 0 0 FAYE HOLTON DIRECTOR OF INVESTMENTS 197375 0 0 0 1842 0 15239 0 21234 0 235690 0 0 0 LAURA PONDER CONTROLLER 193272 0 2000 0 482 0 6500 0 9195 0 211449 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL PURSUANT TO A WRITTEN POLICY AND APPROPRIATE APPROVAL, FIRST CLASS TRAVEL IS PERMITTED FOR CERTAIN OFFICERS AND EMPLOYEES FOR BUSINESS PURPOSES. TRAVEL FOR BUSINESS PURPOSES IS NOT INCLUDED IN TAXABLE WAGES. FIVE OFFICERS AND ONE HIGHEST COMPENSATED EMPLOYEES LISTED ON FORM 990, PART VII FLEW FIRST CLASS FOR BUSINESS PURPOSES DURING CALENDAR YEAR 2020. TRAVEL FOR COMPANIONS PURSUANT TO A WRITTEN POLICY AND APPROPRIATE APPROVAL, CERTAIN OFFICERS AND EMPLOYEES' SPOUSES ARE PERMITTED TO TRAVEL ON OCCASION, WHEN NECESSARY FOR BUSINESS PURPOSES. TRAVEL FOR BUSINESS PURPOSES IS NOT INCLUDED IN TAXABLE WAGES. TWO OFFICERS AND ONE HIGHEST COMPENSATED EMPLOYEE LISTED ON FORM 990, PART VII WERE PROVIDED WITH COMPANION TRAVEL FOR BUSINESS PURPOSES DURING CALENDAR YEAR 2020. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS THE UNIVERSITY PROVIDES TAX INDEMNIFICATION AND GROSS-UP PAYMENTS TO EMPLOYEES THAT PROVIDE LATE SUBSTANTIATION OF EXPENSES UNDER ACCOUNTABLE PLAN RULES FOR ORDINARY AND NECESSARY BUSINESS EXPENSES. IN SOME CASES, TAX INDEMNIFICATION OR GROSS-UP PAYMENTS ARE ALSO PROVIDED FOR THE REIMBURSEMENT OF CERTAIN TAXABLE MOVING EXPENSES. ADDITIONALLY, AS PART OF THE MINISTERIAL HOUSING PROGRAM, THE UNIVERSITY ALSO PROVIDES ADDITIONAL COMPENSATION TO PARTICIPANTS FOR WAGE WITHHOLDING, IN AN AMOUNT EQUAL TO THE EMPLOYER'S SHARE OF THE PARTICIPANTS' SELF-EMPLOYMENT TAX. SIX OFFICERS AND FOUR KEY EMPLOYEES LISTED ON FORM 990, PART VII WERE PROVIDED TAX INDEMNIFICATION OR GROSS-UP PAYMENTS DURING CALENDAR YEAR 2020. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE SUBJECT TO EXECUTIVE APPROVAL, THE UNIVERSITY PROVIDES A MINISTERIAL HOUSING ALLOWANCE TO EMPLOYEES WHO ARE MINISTERS. THE ALLOWANCE IS INCLUDED IN THE NONTAXABLE BENEFITS OF SUCH EMPLOYEES. FIVE OFFICERS AND THREE KEY EMPLOYEES LISTED ON FORM 990, PART VII WERE PROVIDED A MINISTERIAL HOUSING ALLOWANCE DURING CALENDAR YEAR 2020. ADDITIONALLY, ON-CAMPUS HOUSING PROVIDED AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER IS NOT INCLUDED IN TAXABLE WAGES. THREE OFFICERS LISTED ON FORM 990, PART VII WERE PROVIDED ON-CAMPUS HOUSING AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER DURING CALENDAR YEAR 2020. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES EXPENDITURES FOR BUSINESS PURPOSES ARE APPROVED PURSUANT TO THE UNIVERSITY'S REIMBURSEMENT POLICIES. SUCH REIMBURSEMENTS ARE NOT INCLUDED IN TAXABLE WAGES. FOUR OFFICERS AND ONE HIGHEST COMPENSATED EMPLOYEE LISTED ON FORM 990, PART VII RECEIVED REIMBURSEMENTS FOR EXPENDITURES ASSOCIATED WITH HEALTH OR SOCIAL CLUB MEMBERSHIPS USED FOR BUSINESS PURPOSES DURING CALENDAR YEAR 2020. PERSONAL SERVICES EXPENDITURES FOR BUSINESS PURPOSES ARE APPROVED PURSUANT TO THE UNIVERSITY'S REIMBURSEMENT POLICIES. SUCH REIMBURSEMENTS ARE NOT INCLUDED IN TAXABLE WAGES. TWO OFFICERS LISTED ON FORM 990, PART VII WERE PROVIDED CLEANING SERVICES IN CONNECTION WITH BUSINESS RELATED EVENTS DURING CALENDAR YEAR 2020. ONE OFFICER WAS PROVIDED CHAUFFEUR / CAR SERVICES FOR BUSINESS RELATED TRANSPORTATION DURING CALENDAR YEAR 2020. PART I, LINE 7 NONFIXED PAYMENTS DISCRETIONARY BONUSES MAY BE AWARDED UPON ACHIEVEMENT OF CERTAIN GOALS. PART I, LINE 4B: SUPPLEMENTAL NONQUALIFIED PLANS: PEPPERDINE UNIVERSITY HAS AN INCENTIVE COMPENSATION PLAN FOR CERTAIN KEY EXECUTIVES. UNDER THE PLAN, UPON ACHIEVEMENT OF CERTAIN EXPECTATIONS AND GOALS, AND AT THE DISCRETION OF THE BOARD OF REGENTS, THE PARTICIPANT WILL RECEIVE A UNIVERSITY CONTRIBUTION TO THE PLAN FOR THAT PLAN YEAR. UNIVERSITY CONTRIBUTIONS TO THE PLAN BECOME GRADUALLY VESTED BEGINNING WITH THE LAST DAY OF THE THIRD PLAN YEAR FOLLOWING THE CONTRIBUTION, AND VEST FULLY AT THE COMPLETION OF THE SEVENTH PLAN YEAR FOLLOWING THE AWARD. WHEN THE EMPLOYEE HAS ATTAINED THE AGE OF 62, THE ACCOUNT FULLY VESTS AND IS FULLY PAID OUT TO THE EMPLOYEE. THE VESTING SCHEDULE IS THEN ACCELERATED SUCH THAT THE EMPLOYEE IS FULLY VESTED AFTER AGE 62. THIS INCENTIVE COMPENSATION PLAN WILL SUNSET EFFECTIVE AUGUST 1, 2022. NO AMOUNTS WERE AWARDED DURING CALENDAR YEAR 2020. THE FOLLOWING AMOUNTS WERE VESTED AND INCLUDED IN THE EMPLOYEES' COMPENSATION DURING CALENDAR YEAR 2020: GARY HANSON - $95,640 SAMUEL HINKLE - $67,792 CHARLES PIPPIN - $108,842 RICK MARRS - $88,837 ANDREW BENTON - $128,480 PART II, COLUMN (F): REPORTED AS DEFERRED IN PRIOR YEAR: AMOUNTS REPORTED ON SCHEDULE J, PART II, COLUMN (F) WERE PREVIOUSLY REPORTED ON THE UNIVERSITY'S FORM 990 FOR PRIOR YEARS AS AMOUNTS AWARDED UNDER THE INCENTIVE COMPENSATION PLAN DISCLOSED IN RESPONSE TO SCHEDULE J, PART I, LINE 4B. A CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 521705592 130179AX2 2015-09-03 87786387 REFUND 2005A & 2005B BONDS 0 0 0 B CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 521705592 130179FV1 2016-03-17 117753105 REFUND 2010 BONDS, CONSTRUCTION & FACILITIES 0 0 0 C CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 521705592 130179LU6 2017-12-21 24514680 REFUND 2012 BONDS 0 0 0 A 6510000 87786387 717742 87068645 2015 1 0 1 1 B 2165000 117753105 868673 99395549 17488883 2016 0 1 1 1 C 24514680 22330335 298224 1946000 2017 0 1 1 1 A 0 0 0 0 0.00000 0.00010 0.00010 0 0 1 B 0 0 0 0 0.00000 0.00060 0.00060 0 0 1 C 0 0 0 0 0.00000 0.00280 0.00280 0 0 1 A 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 1 1 C 0 0 1 0 0 0 0 1 A 1 B 1 C 1 SCHEDULE K, PART I, LINE A, COLUMN (F) - DESCRIPTION OF PURPOSE REFUND 2005A AND 2005B BONDS ORIGINALLY ISSUED ON 08/03/2005 AND 09/06/2005, RESPECTIVELY. SCHEDULE K, PART I, LINE B, COLUMN (F) - DESCRIPTION OF PURPOSE REFUND 2010 BONDS ORIGINALLY ISSUED ON 04/28/2010, AND CONSTRUCTION AND FACILITIES. SCHEDULE K, PART I, LINE C, COLUMN (F) - DESCRIPTION OF PURPOSE REFUND 2012 BONDS ORIGINALLY ISSUED ON 06/05/2012. MICHAEL NICKS KEY EMPLOYEE CONTINGENT INTEREST LOAN X 320000 340569 0 0 1 HELEN WILLIAMS KEY EMPLOYEE CONTINGENT INTEREST LOAN X 200000 211672 0 0 1 JEFFREY ROHDE KEY EMPLOYEE CONTINGENT INTEREST LOAN X 350000 361114 0 0 1 LARRY PERRIN OFFICER CONTINGENT INTEREST LOAN X 100000 101967 0 0 1 DANIEL DEWALT OFFICER CONTINGENT INTEREST LOAN X 100000 100247 0 0 1 SARA COSENTINO OFFICER CONTINGENT INTEREST LOAN X 100000 100244 0 0 1 1215813 JEREMY MARRS SON OF OFFICER 172615 EMPLOYMENT - COMPENSATION & BENEFITS 0 NICOLE MARRS DAUGHTER-IN-LAW OF OFFICER 163489 EMPLOYMENT - COMPENSATION & BENEFITS 0 JENNIFER AKAMINE PHILLIPS DAUGHTER-IN-LAW OF REGENT 66262 EMPLOYMENT - COMPENSATION & BENEFITS 0 LANDON PHILLIPS SON OF REGENT 72894 EMPLOYMENT - COMPENSATION & BENEFITS 0 RONALD PHILLIPS FATHER OF OFFICER 343153 EMPLOYMENT - COMPENSATION & BENEFITS 0 SHANNON PHILLIPS SISTER-IN-LAW OF OFFICER 191936 EMPLOYMENT - COMPENSATION & BENEFITS 0 PHILIP CHO SON-IN-LAW OF OFFICER 87290 EMPLOYMENT - COMPENSATION & BENEFITS 0 AGNES GIBSON SPOUSE OF OFFICER 71512 EMPLOYMENT - COMPENSATION & BENEFITS 0 CASSANDRA HORTON DAUGHTER OF OFFICER 87941 EMPLOYMENT - COMPENSATION & BENEFITS 0 JENNA DEWALT DAUGHTER OF OFFICER 71026 EMPLOYMENT - COMPENSATION & BENEFITS 0 STEPHEN BOST SON OF REGENT 95625 EMPLOYMENT - COMPENSATION & BENEFITS 0 SHARON BEARD SPOUSE OF REGENT 109409 EMPLOYMENT - COMPENSATION & BENEFITS 0 REBECCA SMITH DAUGHTER OF REGENT 54833 EMPLOYMENT - COMPENSATION & BENEFITS 0 EMILY HIEPLER DAUGHTER-IN-LAW OF REGENT 31091 EMPLOYMENT - COMPENSATION & BENEFITS 0 X 3 3 RETAIL COST X 6 RETAIL COST X 52 RETAIL COST X 41 2194696 AVG PRICE/DONATE DAY X 1 363187 APPRAISAL X 6 48640 APPRAISAL X 1 1 RETAIL COST X AIR TRAVEL TICKETS 1 29640 RETAIL COST X OTHER 9 6242 RETAIL COST X GIFT CERTIFICATES 3 6052 RETAIL COST X SPORT EVENTS TICKETS 2 5501 RETAIL COST 1 1 1 0 PART I, LINE 30B: GIFT OF COLLECTIBLE STAMP COLLECTION AND GIFT OF RESIDENTIAL REAL ESTATE. SCHEDULE M, PART I, COLUMN (B): NUMBER OF CONTRIBUTIONS: THE UNIVERSITY REPORTS THE NUMBER OF CONTRIBUTIONS RECEIVED, NOT THE INDIVIDUAL NUMBER OF ITEMS INCLUDED IN THOSE CONTRIBUTIONS. FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: COMMITTED TO THE HIGHEST STANDARDS OF EXCELLENCE AND CHRISTIAN VALUES, WHERE STUDENTS ARE STRENGTHENED FOR LIVES OF PURPOSE, SERVICE, AND LEADERSHIP. THE UNIVERSITY ENROLLS APPROXIMATELY 9,600 STUDENTS IN ITS FIVE COLLEGES AND SCHOOLS. SEAVER COLLEGE, THE UNIVERSITY'S UNDERGRADUATE LIBERAL ARTS COLLEGE, THE CARUSO SCHOOL OF LAW, AND THE SCHOOL OF PUBLIC POLICY ARE HEADQUARTERED ON 830 ACRES IN THE SANTA MONICA MOUNTAINS OVERLOOKING THE PACIFIC OCEAN IN MALIBU, CALIFORNIA. THE GRADUATE SCHOOL OF EDUCATION AND PSYCHOLOGY AND THE PEPPERDINE GRAZIADIO BUSINESS SCHOOL ARE HEADQUARTERED AT THE UNIVERSITY'S WEST LOS ANGELES, CALIFORNIA GRADUATE CAMPUS. FORM 990, PART I, LINE 6, NUMBER OF VOLUNTEERS: THERE ARE A NUMBER OF STUDENTS AND ALUMNI THAT VOLUNTEER THEIR TIME FOR VARIOUS PURPOSES AT THE UNIVERSITY. THESE VOLUNTEERS, HOWEVER, ARE NOT FORMALLY TRACKED BY THE UNIVERSITY. ACCORDINGLY, THE NUMBER OF VOLUNTEERS REPRESENTS THE NUMBER OF VOLUNTEER REGENTS ON THE BOARD OF REGENTS AS OF THE END OF THE TAX YEAR. FORM 990, PART III, LINE 1, ORGANIZATION'S MISSION: THE UNIVERSITY ENROLLS APPROXIMATELY 9,600 STUDENTS IN ITS FIVE COLLEGES AND SCHOOLS. SEAVER COLLEGE, THE UNIVERSITY'S UNDERGRADUATE LIBERAL ARTS COLLEGE, THE CARUSO SCHOOL OF LAW, AND THE SCHOOL OF PUBLIC POLICY ARE HEADQUARTERED ON 830 ACRES IN THE SANTA MONICA MOUNTAINS OVERLOOKING THE PACIFIC OCEAN IN MALIBU, CALIFORNIA. THE GRADUATE SCHOOL OF EDUCATION AND PSYCHOLOGY AND THE PEPPERDINE GRAZIADIO BUSINESS SCHOOL ARE HEADQUARTERED AT THE UNIVERSITY'S WEST LOS ANGELES, CALIFORNIA GRADUATE CAMPUS. FORM 990, PART III, LINE 4C, PROGRAM SERVICE ACCOMPLISHMENTS: THE CHATEAU WILL ALSO SERVE AS PEPPERDINE UNIVERSITY'S INTERNATIONAL PROGRAM EUROPEAN HEADQUARTERS, AND AN INTERNATIONAL CONFERENCE CENTER. PEPPERDINE UNIVERSITY BELIEVES IN A LOW STUDENT-FACULTY RATIO (13:1) AND HAS AN AVERAGE CLASS SIZE OF 19. THE UNIVERSITY OFFERS 60 MAJORS THAT UNDERGRADUATES CAN PURSUE, AS WELL AS 36 GRADUATE DEGREES, INCLUDING FIVE DOCTORAL DEGREES. PART IV, LINE 16, GRANTS: PEPPERDINE UNIVERSITY PROVIDED NO GRANTS OR OTHER ASSISTANCE TO INDIVIDUALS OUTSIDE OF THE UNITED STATES SINCE THE UNIVERSITY'S INTERNATIONAL PROGRAMS WERE SUSPENDED AS A RESULT OF THE ONGOING COVID-19 PANDEMIC. FORM 990, PART V, LINE 2A, NUMBER OF EMPLOYEES: THE NUMBER OF EMPLOYEES INCLUDES STUDENT WORKERS. FORM 990, PART VI, SECTION A, LINE 1 GOVERNING BODY VOTING MEMBERS: THE BOARD OF REGENTS OF PEPPERDINE UNIVERSITY HAS AN EXECUTIVE COMMITTEE, WHICH MAY ACT FOR AND IN PLACE OF THE BOARD OF REGENTS BETWEEN REGULAR BOARD MEETINGS. ONLY REGENTS CAN BE MEMBERS OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE HAS THE POWER TO TRANSACT BUSINESS ON BEHALF OF THE BOARD OF REGENTS, SUBJECT TO ANY LIMITATIONS IMPOSED BY THE BOARD OF REGENTS, THE BYLAWS, OR APPLICABLE LAW. FORM 990, PART VI, SECTION A, LINE 4 SIGNIFICANT CHANGES TO GOVERNING DOCUMENTS: THE UNIVERSITY'S ARTICLES OF INCORPORATION AND BYLAWS WERE AMENDED TO CHANGE THE NUMBER OF AUTHORIZED PERSONS CONSTITUTING THE ENTIRE BOARD OF REGENTS TO BE NO LESS THAN ONE AND NO MORE THAN 40. PREVIOUSLY, THE AUTHORIZED NUMBER OF REGENTS WAS 40. THE BYLAWS CONTINUE TO REQUIRE A QUORUM FOR THE TRANSACTION OF BUSINESS AS ONE-THIRD OF THE NUMBER OF REGENTS THEN IN OFFICE, BUT NOW SETS THE MINIMUM QUORUM REQUIREMENT AT NO LESS THAN SEVEN REGENTS (PREVIOUSLY, NO LESS THAN EIGHT); AND, THE BYLAWS REQUIRE THAT NO MORE THAN 20% OF THE REGENTS BE INTERESTED PERSONS (PREVIOUSLY, NO MORE THAN 49%). ADDITIONALLY, THE BYLAWS WERE UPDATED TO LIMIT BOARD OFFICERS TO A TWO-YEAR TERM, WITH THE POSSIBILITY OF RE-ELECTION. PREVIOUSLY, BOARD OFFICERS WERE ELECTED ANNUALLY. FINALLY, THE BYLAWS WERE UPDATED TO STATE THAT THE PURPOSES OF THE UNIVERSITY MAY ONLY BE AMENDED OR REPEALED BY VOTE OF NINE-TENTHS OF THE REGENTS IN OFFICE. FORM 990, PART VI, SECTION B, LINE 11B PROCESS TO REVIEW FORM 990: INFORMATION IS SUPPLIED BY THE UNIVERSITY TO THE PAID PREPARER TO PREPARE THE RETURN. A DRAFT VERSION OF THE FORM 990 IS PROVIDED TO SENIOR MANAGEMENT AND THE AUDIT COMMITTEE OF THE BOARD OF REGENTS FOR REVIEW. CHANGES AND COMMENTS ARE SUBMITTED TO MANAGEMENT, AND ANY NECESSARY CHANGES ARE MADE PRIOR TO THE FINAL REVIEW AND SIGNING OF THE TAX RETURN. A FULL COPY OF THE FORM 990 IS MADE AVAILABLE TO THE BOARD OF REGENTS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY ENFORCEMENT: EACH REGENT, OFFICER, AND KEY EMPLOYEE IS REQUIRED TO ANNUALLY DISCLOSE, IN WRITING, ANY FINANCIAL OR BUSINESS RELATIONSHIPS THAT HE OR SHE, OR ANY FAMILY MEMBER, HAS WITH PEPPERDINE UNIVERSITY. THE REGENT DISCLOSURES ARE REVIEWED BY THE GOVERNANCE COMMITTEE AND THE BOARD CHAIR. ALL DISCLOSURES BY SENIOR ADMINISTRATION ARE REVIEWED BY THE AUDIT COMMITTEE AND THE BOARD OF REGENTS. SENIOR ADMINISTRATION INCLUDES THE PRESIDENT, THE CHANCELLOR, THE VICE CHANCELLORS, ALL PROVOSTS, ALL VICE PRESIDENTS, THE GENERAL COUNSEL, THE CHIEF FINANCIAL OFFICER, AND THE CONTROLLER. ALL OTHER EMPLOYEE DISCLOSURES ARE REVIEWED BY GENERAL COUNSEL AND THE EXECUTIVE VICE PRESIDENT. ALL CONFLICT SITUATIONS ARE RESOLVED DURING THE REVIEW PROCESS IN ACCORDANCE WITH THE UNIVERSITY'S CONFLICT OF INTEREST POLICY. IF AN ACTUAL CONFLICT IS FOUND FOR A REGENT, THE REGENT IS ASKED TO RECUSE HIM OR HERSELF FROM THE MATTER. RESOLUTION OF CONFLICTS FOR SENIOR ADMINISTRATORS AND OTHER EMPLOYEES ARE OVERSEEN BY GENERAL COUNSEL. FORM 990, PART VI, SECTION B, LINE 15 PRESIDENT & CEO COMPENSATION: THE GOVERNANCE COMMITTEE OF PEPPERDINE UNIVERSITY'S BOARD OF REGENTS REVIEWS THE TOTAL COMPENSATION FOR THE PRESIDENT AND CHIEF EXECUTIVE OFFICER ON AN ANNUAL BASIS. THE INDIVIDUALS ON THE GOVERNANCE COMMITTEE THAT CONDUCT THIS REVIEW ARE INDEPENDENT WITH RESPECT TO COMPENSATION DETERMINATIONS. THIS REVIEW INCLUDES CONSIDERATION OF A BENCHMARKING REPORT PROVIDED ANNUALLY BY THE UNIVERSITY'S HUMAN RESOURCES DEPARTMENT. IN ADDITION TO THE ANNUAL BENCHMARKING REPORT, THE UNIVERSITY REGULARLY REVIEWS BENCHMARKING PRACTICES BY UNDERGOING AN EVALUATION WITH A THIRD PARTY. THE UNIVERSITY IS CURRENTLY UNDERGOING AN EXECUTIVE COMPENSATION ANALYSIS CONDUCTED BY AN EXTERNAL CONSULTANT. THE ANALYSIS INCLUDES A PEER GROUP EVALUATION FOR TOTAL COMPENSATION, AS WELL AS A REVIEW OF ANNUAL MERIT INCREASES. ANY DELIBERATIONS FROM THE GOVERNANCE COMMITTEE ARE REFLECTED IN A TRANSACTION REPORT THAT SUMMARIZES DECISIONS AND RECOMMENDATIONS. OTHER OFFICERS AND KEY EMPLOYEES: THE GOVERNANCE COMMITTEE OF PEPPERDINE UNIVERSITY'S BOARD OF REGENTS REVIEWS THE TOTAL COMPENSATION FOR SELECT SENIOR ADMINISTRATORS, ON AN ANNUAL BASIS. THE INDIVIDUALS ON THE GOVERNANCE COMMITTEE THAT CONDUCT THIS REVIEW ARE INDEPENDENT WITH RESPECT TO COMPENSATION DETERMINATIONS. THIS REVIEW INCLUDES CONSIDERATION OF A BENCHMARKING REPORT PROVIDED ANNUALLY BY THE UNIVERSITY'S HUMAN RESOURCES DEPARTMENT. IN ADDITION TO THE ANNUAL BENCHMARKING REPORT, THE UNIVERSITY REGULARLY REVIEWS BENCHMARKING PRACTICES BY UNDERGOING AN EVALUATION WITH A THIRD PARTY. THE UNIVERSITY IS CURRENTLY UNDERGOING AN EXECUTIVE COMPENSATION ANALYSIS CONDUCTED BY AN EXTERNAL CONSULTANT. THE ANALYSIS INCLUDES A PEER GROUP EVALUATION FOR TOTAL COMPENSATION, AS WELL AS A REVIEW OF ANNUAL MERIT INCREASES. ANY DELIBERATIONS FROM THE GOVERNANCE COMMITTEE ARE REFLECTED IN A TRANSACTION REPORT THAT SUMMARIZES DECISIONS AND RECOMMENDATIONS. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS AVAILABLE FOR PUBLIC INSPECTION: PEPPERDINE UNIVERSITY'S FINANCIAL STATEMENTS ARE MADE AVAILABLE VIA THE UNIVERSITY'S WEBSITE. THE UNIVERSITY DOES NOT MAKE ITS CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT 2,972,214. LOSS ON VALUATION OF BENEFICIAL INTEREST -4,551,704. ADOPTION OF ASU 2016-02, LEASES 646,987. 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