2022-05-16T07:41:00-05:00 2021-06-30 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2020-07-01 141338580 TRUSTEES OF UNION COLLEGE IN THE TOWN OF SCHENECTADY IN THE STATE OF NEW YORK TRUS 5183886104 807 UNION STREET SCHENECTADY NY 12308 SCOTT JONES VP FOR ADMIN AND FINANCE 5183886104 2022-05-16 1 SCOTT JONES XXX-XX-XXXX SCOTT THOMPSETT P00741490 2125990100 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z X DAVID R HARRIS 807 UNION STREET SCHENECTADY NY 12308 592114235 0 X WWW.UNION.EDU X 1795 NY UNION COLLEGE DEVELOPS EVERY STUDENT TO LEAD WITH WISDOM, EMPATHY, AND COURAGE. 38 32 2404 11 1262243 0 55767172 26460453 143552448 139827151 18200285 29117227 2728656 2399832 220248561 197804663 51674711 54288128 0 0 80927600 79630877 0 0 4529303 50672693 52145887 183275004 186064892 36973557 11739771 894925888 1010860824 200333361 204208167 694592527 806652657 X UNION COLLEGE, CHARTERED BY THE STATE OF NEW YORK IN 1795, IS ONE OF THE NATION'S OLDEST AND MOST DISTINGUISHED LIBERAL ARTS COLLEGES WITH ENGINEERING. CONSISTENTLY RANKED AMONG THE NATION'S TOP COLLEGES, UNION IS A LEADER IN EDUCATING STUDENTS (SEE SCHEDULE O) 0 0 164428705 54288128 139801406 THE UNION COLLEGE CURRICULUM EMPHASIZES COLLABORATION WITH STUDENTS AND FACULTY THROUGH SMALL CLASSES AND UNDERGRADUATE RESEARCH, INTERNATIONAL STUDY AND LEARNING THROUGH SERVICE. THROUGH ITS UNIQUE INTERDISCIPLINARY APPROACH TO THE LIBERAL ARTS, UNION COMBINES THE HUMANITIES AND SOCIAL SCIENCES WITH SCIENCE AND ENGINEERING, EMPHASIZING THE PRACTICAL APPLICATION OF IDEAS THROUGH HANDS-ON EXPERIENCE. WITH MORE THAN 40 MAJORS AND 55 MINORS TO CHOOSE FROM, UNION STUDENTS CAN PURSUE DOUBLE MAJORS; COMBINE MAJORS AND MINORS; SELECT INTERDEPARTMENTAL AND MULTIDISCIPLINARY CONCENTRATIONS, AND AREA, ETHNIC AND CULTURAL STUDIES PROGRAMS; OR DESIGN THEIR OWN MAJOR. MOST STUDENTS TAKE THREE COURSES IN EACH OF THE THREE 10-WEEK TERMS THAT COMPRISE UNION'S ACADEMIC CALENDAR SYSTEM. (SEE SCHEDULE O) 164428705 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 1 216 0 1 2404 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 38 32 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X SCOTT JONES 5183886104 807 UNION STREET SCHENECTADY NY 12308 X DAVID R HARRIS PRESIDENT/TRUSTEE EX OFFICIO 40.00 0.00 X X 670396 0 84751 STROM THACKER VP ACADEMIC AFFAIRS/DEAN FACULTY 40.00 0.00 X 245037 0 88111 MICHELE M GIBSON VP FOR ADMIN & FIN (THRU 06/30/21) 40.00 0.00 X 281363 0 49985 ERIC BENNETT HEAD MEN'S ICE HOCKEY COACH 40.00 0.00 X 228006 0 41965 MATTHEW MALATESTA VP FOR ADMISSIONS, FA & ENROLLMENT 40.00 0.00 X 215147 0 33826 SCOTT RAVA AS OF 1120 ASST. VP & CAMPAIGN DIRECTOR 40.00 0.00 X 191549 0 48049 MARYBETH KABALIAN FORMER INTERIM OFFICER 40.00 0.00 X 170847 0 60447 JAMES MCLAUGHLIN DIRECTOR OF ATHLETICS 40.00 0.00 X 193025 0 32929 FRAN'CEE BROWN-MCCLURE VP STUD AFF & DEAN STUDENTS 40.00 0.00 X 199972 0 47915 ELLEN YU CHIEF INFORMATION OFFICER 40.00 0.00 X 190178 0 23084 HANS FRIEDRICH O MUELLER THOMAS LAMONT PROF. ANCT & MDRN LIT. 40.00 0.00 X 173621 0 33973 MICHAEL VINEYARD FRANK& MARIE LOUISE BAILEY PROF. 40.00 0.00 X 171967 0 29325 THERESE MCCARTY FORMER OFFICER 40.00 0.00 X 151422 0 28891 REBECCA CORTEZ FACULTY TRUSTEE 40.00 0.00 X 138142 0 11071 DARCY CZAJKA VP AND CHIEF OF STAFF 40.00 0.00 X 139472 0 9402 ANDREW MORRIS FACULTY TRUSTEE 40.00 0.00 X 85831 0 28057 PENELOPE ADEY REGISTRAR 40.00 0.00 X 96728 0 14171 STEPHEN AINLAY FORMER OFFICER/PRESIDENT 40.00 0.00 X 89394 0 17899 BOBBIE NELSON ASSISTANT SECRETARY TO THE BOT 40.00 0.00 X 72665 0 13613 BRIAN HUANG STUDENT TRUSTEE 1.00 0.00 X 2804 0 0 SOPHIA ANDERSON STUDENT TRUSTEE 1.00 0.00 X 1685 0 0 SHARI MIDONECK-POCHAPIN CHAIR PRESIDENT'S COUNCIL 1.00 0.00 X 0 0 0 ROBERT J MOSER TERM TRUSTEE 1.80 0.00 X 0 0 0 WILLIAM PERLSTEIN TERM TRUSTEE/GENERAL COUNSEL 2.30 0.00 X X 0 0 0 ROBERT BERTAGNA TERM TRUSTEE/CHAIRMAN 3.30 0.00 X X 0 0 0 DAVID J BREAZZANO LIFE TRUSTEE 1.50 0.00 X 0 0 0 KATHLEEN R BROWNE TERM TRUSTEE 1.00 0.00 X 0 0 0 THOMAS CAULFIELD TERM TRUSTEE 1.00 0.00 X 0 0 0 THOMAS J COLEMAN TERM TRUSTEE 2.50 0.00 X 0 0 0 DENNIS M COLEMAN TERM TRUSTEE 1.00 0.00 X 0 0 0 THOMAS G CONNOLLY TERM TRUSTEE 1.00 0.00 X 0 0 0 ESTELLE COOKE-SAMPSON TERM TRUSTEE 1.00 0.00 X 0 0 0 JUDITH DEIN TERM TRUSTEE 1.00 0.00 X 0 0 0 RICHARD DELANEY TERM TRUSTEE 1.00 0.00 X 0 0 0 PETER KWETU HAVILAND-EDUAH ALUMNI TRUSTEE 1.00 0.00 X 0 0 0 NEIL M GOLUB LIFE TRUSTEE 1.00 0.00 X 0 0 0 JULIE GREIFER-SWIDLER TERM TRUSTEE 1.50 0.00 X 0 0 0 DAVID L HENLE LIFE TRUSTEE 1.50 0.00 X 0 0 0 ARTHUR HOLDEN TERM TRUSTEE 1.50 0.00 X 0 0 0 ROY JACKSON TERM TRUSTEE 1.00 0.00 X 0 0 0 JOHN K JOHNSON ALUMNI TRUSTEE 1.00 0.00 X 0 0 0 DOUGLASS KARP LIFE TRUSTEE 1.50 0.00 X 0 0 0 BRAD S KARP TERM TRUSTEE 1.50 0.00 X 0 0 0 JOHN E KELLY III TERM TRUSTEE 1.00 0.00 X 0 0 0 GUY T LOGAN TERM TRUSTEE 1.00 0.00 X 0 0 0 JAMES M LOREE TERM TRUSTEE 1.50 0.00 X 0 0 0 FRANK L MESSA LIFE TRUSTEE 1.50 0.00 X 0 0 0 BETSY MODEST BRAND ALUMNI TRUSTEE 1.00 0.00 X 0 0 0 STANLEY O'BRIEN TERM TRUSTEE/ VICE CHAIRMAN 1.80 0.00 X X 0 0 0 SARAH PONTIUS TERM TRUSTEE 1.00 0.00 X 0 0 0 ELLEN SMITH TERM TRUSTEE/SECRETARY 1.50 0.00 X X 0 0 0 JENNIFER SCONYERS LAWTON TERM TRUSTEE 1.00 0.00 X 0 0 0 KATHRYN STEFANIK BARRY ALUMNI TRUSTEE 1.00 0.00 X 0 0 0 MARK L WALSH LIFE TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM M WICKER TERM TRUSTEE 1.50 0.00 X 0 0 0 GOVERNOR ANDREW M CUOMO EX-OFFICO 0.00 0.00 X 0 0 0 3709251 0 697464 131 1 1 0 TURNER CONSTRUCTION COMPANY 1 COMPUTER DRIVE SOUTH ALBANY NY 12205 CONSTRUCTION 5802043 CRSP LLC 415 MAIN STREET CAMBRIDGE MA 021421401 COVID TESTING 2310000 BAIN & COMPANY 1101 16TH ST NW STE 700 WASHINGTON DC 20036 STRATEGIC CONSULTING 1674000 JACKSON DEMOLITION SERVICES INC 2754 AQUEDUCT ROAD NISKAYUNA NY 12309 CONSTRUCTION 946937 MLB CONST SERVICES LLC ONE STONE BREAK ROAD BALLSTON SPA NY 12020 CONSTRUCTION 553376 24 4081201 22379252 4910363 26460453 TUITION AND FEES 611710 118545415 118545415 AUXILIARY ENTERPRISES 713990 21255991 21255991 ATHLETICS 713990 25745 25745 139827151 3657831 1262243 2395588 118307 0 118307 118307 118307 418630039 393170643 25459396 25459396 25459396 1938042 1138929 799113 799113 MISCELLANEOUS REVENUE 900099 1482412 1482412 1482412 197804663 139801406 1262243 30280561 X 54288128 54288128 2920764 1392350 1273618 254796 759718 759718 54930605 49730408 2757644 2442553 5439303 4867281 303341 268681 12175663 10987516 616419 571728 3404824 2901923 298125 204776 1121331 1121331 355438 355438 265252 265252 932 932 538150 538150 5149767 778710 4361364 9693 265518 168403 35123 61992 6437011 5554359 499268 383384 3973427 3396864 317639 258924 6062736 4197130 1854143 11463 1175985 411898 719939 44148 930544 633480 285481 11583 5517467 5517467 11376924 11376924 1285784 298801 986983 COVID TESTING 2310000 2310000 TERMS ABROAD 1210481 21190 1189291 DUES AND MEMBERSHIPS 410133 173150 232333 4650 STIPENDS & HONORARIUM 175558 152908 22650 3583449 3388766 194683 186064892 164428705 17106884 4529303 29478 22275 43216328 50359960 71865988 62890238 3281384 2862344 6490431 6510765 1045035 1063012 1709206 1925839 556244730 285205855 270360338 271038875 118196639 118958965 368083099 485416880 10647962 9811671 894925888 1010860824 15982471 25459806 3517258 3777130 91411109 86670616 74048554 73045532 15373969 15255083 200333361 204208167 X 251759482 320040710 442833045 486611947 694592527 806652657 894925888 1010860824 X 11739771 101383113 -1062754 X 0 1 X 1 1 1 X 43627311 24674932 16458935 55767172 26460453 166988803 43627311 24674932 16458935 55767172 26460453 166988803 46031516 120957287 3834849 3895649 7315863 5154125 3776138 23976624 3555538 1950147 3720259 1913308 1482412 12621664 203587091 706660110 0.59410 0.59000 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE - 2016 AMOUNT: $ 3,520,220. 2017 AMOUNT: $ 1,918,005. 2018 AMOUNT: $ 1,845,624. 2019 AMOUNT: $ 1,509,416. 2020 AMOUNT: $ 1,482,412. SPECIAL EVENT INCOME - 2016 AMOUNT: $ 35,318. 2017 AMOUNT: $ 32,142. 2018 AMOUNT: $ 33,873. 2019 AMOUNT: $ 3,606. 2020 AMOUNT: $ 0. INSURANCE AND OTHER REIMBURSEMENTS - 2016 AMOUNT: $ 0. 2017 AMOUNT: $ 0. 2018 AMOUNT: $ 1,399,805. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. CONFERENCES - 2016 AMOUNT: $ 0. 2017 AMOUNT: $ 0. 2018 AMOUNT: $ 440,957. 2019 AMOUNT: $ 400,286. 2020 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 932 932 0 PART II-B, LINE 1: THE COLLEGE IS A MEMBER OF NACUBO AND PAYS ANNUAL DUES TO RETAIN THAT MEMBERSHIP. $932 OF ITS ANNUAL MEMBERSHIP DUES WAS DEEMED TO BE NON-DEDUCTIBLE AS LOBBYING EXPENDITURES AND HAS BEEN INCLUDED ON SCHEDULE C, PART II-B, LINE 1(I). X X X X EDUCATIONAL 0 478019726 16761010 128897291 8027952 16903783 598746292 470309116 9611876 21033478 6050367 16884377 478019726 456527586 8554451 27702861 5677347 16798435 470309116 427586553 4500706 48044453 5436858 18167268 456527586 389226052 4662783 49698928 5273607 10727603 427586553 0.31000 0.32000 0.37000 1 0 101 101 167912643 97786483 70126160 220452349 54260200 166192149 107708634 94011549 13697085 60171003 39147623 21023380 271038875 DISTRESSED DEBT 27267951 F GLOBAL EQUITY 100543175 F REAL ASSETS 33473834 F PRIVATE EQUITY AND VENTURE CAPITAL 96208258 F MULTISTRATEGY FUNDS 23270943 F HEDGED EQUITY FUNDS 105366544 F EMERGING MARKETS FUNDS 44242963 F INTERNATIONAL EQUITY 55043212 F 485416880 ACCRUED POSTRETIREMENT BENEFITS 9193065 POOLED INCOME & CHAR. GIFT PAYABLE 4024078 REFUNDABLE FEDERAL STUDENT LOAN FUNDS 1188707 ASSET RETIREMENT OBLIGATIONS 849233 15255083 X 246235470 101383113 101383113 144852357 538150 52414156 52952306 197804663 133112586 1138929 1138929 131973657 538150 53553085 54091235 186064892 PART III, LINE 1A: F/S FOOTNOTE FOR ART, TREASURES, ETC. THE COLLEGE'S COLLECTIONS ARE HELD FOR EDUCATIONAL, RESEARCH, SCIENTIFIC AND CURATORIAL PURPOSES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED, AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED PERIODICALLY. ALL PROCEEDS RESULTING FROM THE DEACCESSION OF OBJECTS FROM THE PERMANENT COLLECTION ARE ALLOCATED FOR THE BENEFIT OF THE COLLECTIONS. DURING THE YEARS ENDED JUNE 30, 2021 AND 2020, NO OBJECTS WERE DEACCESSIONED. PART III, LINE 4: DESCRIPTION OF ORGANIZATION COLLECTIONS & HOW IT FURTHERS EXEMPT PURPOSE THE COLLEGE'S COLLECTIONS ARE MADE UP OF APPROXIMATELY 36,000 OBJECTS AND THEIR ESTIMATED FAIR VALUE IS APPROXIMATELY $25,000,000. THE COLLEGE'S POLICY IS NOT TO CAPITALIZE ITS COLLECTIONS. THE COLLEGE'S COLLECTIONS COMPRISE OF PAINTINGS AND PORTRAITS, FURNITURE, WORKS ON PAPER, SCIENTIFIC INSTRUMENTATION, AND OTHER OBJECTS. PART V, LINE 4: INTENDED USES OF ENDOWMENT FUND THE COLLEGE'S ENDOWMENT FUNDS ARE RESERVED TO FUND STUDENT SCHOLARSHIPS AND OTHER EDUCATIONAL PROGRAMS IN ACCORDANCE WITH DONOR INTENTIONS. PART X, LINE 2: FIN 48 FOOTNOTE THE COLLEGE IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS GENERALLY EXEMPT FROM INCOME TAX ON RELATED INCOME. THE COLLEGE RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED BY THE RELEVANT TAX AUTHORITY. CHANGES IN RECOGNITION OR MEASUREMENT ARE REFLECTED IN THE PERIOD IN WHICH THE CHANGE IN JUDGMENT OCCURS. THE COLLEGE BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RE-CLASS OF SCHOLARSHIP EXPENSES 53,553,085. COSTS OF GOODS SOLD -1,138,929. PART XII, LINE 2D - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD 1,138,929. PART XII, LINE 4B - OTHER ADJUSTMENTS: RE-CLASS OF SCHOLARSHIP EXPENSES 53,553,085. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY PUBLICIZED THE COLLEGE'S RACIALLY NONDISCRIMINATORY POLICY IS PUBLICIZED THROUGH AREA NEWSPAPERS, IN STUDENT HANDBOOKS, AND ON THE COLLEGE'S WEBSITE. UNION COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, SEXUAL ORIENTATION, NATIONAL OR ETHNIC ORIGIN TO ALL THE RIGHTS, PRIVILEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS. THIS POLICY EXTENDS TO THE ADMINISTRATION OF THEIR EDUCATIONAL POLICIES, ADMISSIONS POLICIES, SCHOLARSHIP AND LOAN PROGRAMS AND ATHLETIC AND OTHER SCHOOL-ADMINISTERED PROGRAMS. SCHEDULE E, PART I, LINE 6 THE ORGANIZATION HAS RECEIVED THE FOLLOWING FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY: 1. FEDERAL CAMPUS-BASED AID, WHICH INCLUDES FEDERAL WORK-STUDY AND SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS, FROM THE U.S. DEPARTMENT OF EDUCATION. 2. NSF-STEM SCHOLARSHIPS WHICH ARE FUNDED BY THE FEDERAL GOVERNMENT. 3. TAP AWARDS, NYS MERIT SCHOLARSHIPS, TUITION/MAINTENANCE GRANTS RECEIVED FROM NYS FOR THE HEOP PROGRAM, NYS AIM SCHOLARSHIP, NYS VETERAN'S SCHOLARSHIP, NYS FOSTER INITIATIVE, NYS STEM INCENTIVE PROGRAM, NYS WORLD TRADE SCHOLARSHIP AND BUNDY AID. 4. ROTC-FEDERAL FUNDING WHICH COVERS A PORTION OF EDUCATIONAL EXPENSES FOR THE RECIPIENTS. 5. THE HEERF GRANT PROGRAM PROVIDES EMERGENCY FINANCIAL AID TO STUDENTS IMPACTED BY THE COVID-19 PANDEMIC. THE COLLEGE PROVIDED EMERGENCY FINANCIAL AID GRANTS TO STUDENTS OF $590,043 IN THE YEAR ENDING JUNE 30, 2021. 1 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 1 PROGRAM SERVICES CONFERENCES 15210 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES CONFERENCES 1974 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES MEMBERSHIP SUBSCRIPTION 242 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 0 0 PROGRAM SERVICES RECRUITING 411 RUSSIA AND NEIGHBORING STATES 0 1 PROGRAM SERVICES MODERN LANGUAGES 8740 SOUTH AMERICA 0 1 PROGRAM SERVICES ADMISSIONS 7860 NORTH AMERICA 0 0 INVESTMENTS 1127451 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 256764548 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 25580865 0 3 0 0 0 3 257926436 25580865 283507301 1 0 1 1 1 0 PART I, LINE 2: EXPLANATION FOR MONITORING USE OF FUNDS OUTSIDE U.S. TERMS ABROAD SCHOLARSHIPS ARE AWARDED BY UNION'S TERMS ABROAD OFFICE TO STUDENTS SCHEDULED TO STUDY ABROAD BASED ON FINANCIAL NEED AND CRITERIA ESTABLISHED BY THE DONOR. THE STUDENT RECEIVING THE AWARD UNDERSTANDS THAT THE FUNDS MUST BE RETURNED TO UNION IF THE STUDENT DOES NOT TRAVEL ABROAD. THE AWARD IS GENERALLY USED FOR THE STUDENT'S TRAVEL EXPENSES, WHICH ARE NOT COVERED BY UNION COLLEGE. UPON HIS/HER RETURN, THE STUDENT IS URGED TO WRITE A PERSONAL NOTE OF THANKS TO THE DONOR DESCRIBING THEIR TERMS ABROAD EXPERIENCE. PART III ACCOUNTING METHOD: PART IV, FOREIGN FORMS THE COLLEGE INVESTS IN DOMESTIC AND FOREIGN INVESTMENT VEHICLES THAT MAY OWN AN INTEREST IN A FOREIGN CORPORATION, PASSIVE FOREIGN INVESTMENT COMPANY, OR FOREIGN PARTNERSHIP. NEVERTHELESS, THE COLLEGE'S INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR FILING THE FORMS 926, 5471, 8621 OR 8865. TO THE EXTENT SUCH A FORM WAS COMPLETED, IT HAS BEEN FILED WITH THE COLLEGE'S FORM 990-T. A PORTION OF UNION COLLEGE'S ENDOWMENT IS INVESTED IN FUNDS THAT ARE DOMICILED IN OFFSHORE LOCATIONS PROVIDING OPPORTUNITIES FOR TAX-ADVANTAGED NET RETURNS TO THE ENDOWMENT. 1 HIGHER EDUCATION OPPORTUNITY PROGRAM 58 420000 UNION COLLEGE GENERAL SCHOLARSHIPS 1761 42925348 ENDOWED SCHOLARSHIPS 648 8027952 ANNUAL RESTRICTED SCHOLARSHIPS 74 1088549 WORK STUDY 842 1005269 SUPPLEMENTAL EDUCATION OPP. GRANT 302 85967 SUPPORTING SCHOLARS IN SCI. & ENG. 20 145000 HIGHER EDUCATION EMERGENCY RELIEF FUND 1007 590043 PART I, LINE 2: ALL GRANTS AWARDED ARE BASED ON NEED AND CONFORM TO FEDERAL, STATE AND INSTITUTIONAL REGULATIONS. ELIGIBILITY IS BASED ON A THOROUGH REVIEW AND VERIFICATION OF A FAMILY'S INCOME, ASSETS, SIZE AND NUMBER OF DEPENDENTS ENROLLED IN COLLEGE. ANNUAL EXPENDITURE REPORTS ARE SUBMITTED TO THE FEDERAL AND STATE GOVERNMENTS FOR REVIEW. THE FUND EXPENDITURES ARE REVIEWED FOR COMPLIANCE IN AN ANNUAL AUDIT CONDUCTED BY AN INDEPENDENT ACCOUNTING FIRM. THE COLLEGE DOES NOT FURTHER MONITOR THE USAGE OF SCHOLARSHIP FUNDS AS THESE AMOUNTS ARE CREDITED DIRECTLY AGAINST STUDENTS TUITION ACCOUNT AND THERE IS NO OPPORTUNITY FOR THE STUDENT TO DIVERT THESE FUNDS TO NON-EDUCATIONAL USES. X X 0 1 X X X 0 1 0 0 0 0 0 1 0 DAVID R HARRIS PRESIDENT/TRUSTEE EX OFFICIO 596720 0 31826 0 41850 0 37635 0 47116 0 755147 0 0 0 STROM THACKER VP ACADEMIC AFFAIRS/DEAN FACULTY 244472 0 0 0 565 0 15175 0 72936 0 333148 0 0 0 MICHELE M GIBSON VP FOR ADMIN & FIN (THRU 06/30/21) 280331 0 0 0 1032 0 17321 0 32664 0 331348 0 0 0 ERIC BENNETT HEAD MEN'S ICE HOCKEY COACH 227490 0 0 0 516 0 14121 0 27844 0 269971 0 0 0 MATTHEW MALATESTA VP FOR ADMISSIONS, FA & ENROLLMENT 207832 0 0 0 7315 0 13067 0 20759 0 248973 0 0 0 SCOTT RAVA AS OF 1120 ASST. VP & CAMPAIGN DIRECTOR 190434 0 0 0 1115 0 10790 0 37259 0 239598 0 0 0 MARYBETH KABALIAN FORMER INTERIM OFFICER 170490 0 0 0 357 0 10814 0 49633 0 231294 0 0 0 JAMES MCLAUGHLIN DIRECTOR OF ATHLETICS 191611 0 0 0 1414 0 12198 0 20731 0 225954 0 0 0 FRAN'CEE BROWN-MCCLURE VP STUD AFF & DEAN STUDENTS 199259 0 0 0 713 0 12513 0 35402 0 247887 0 0 0 ELLEN YU CHIEF INFORMATION OFFICER 189642 0 0 0 536 0 11708 0 11376 0 213262 0 0 0 HANS FRIEDRICH O MUELLER THOMAS LAMONT PROF. ANCT & MDRN LIT. 172664 0 0 0 957 0 13308 0 20665 0 207594 0 0 0 MICHAEL VINEYARD FRANK& MARIE LOUISE BAILEY PROF. 170042 0 0 0 1925 0 13737 0 15588 0 201292 0 0 0 THERESE MCCARTY FORMER OFFICER 150439 0 0 0 983 0 13307 0 15584 0 180313 0 0 0 STEPHEN AINLAY FORMER OFFICER/PRESIDENT 88376 0 0 0 1018 0 10098 0 7801 0 107293 0 0 0 PART I, LINE 1A RELEVANT INFORMATION REGARDING COMPENSATION BENEFITS LINE 1 - HOUSING ALLOWANCE THE PRESIDENT, DAVID HARRIS, UNDER THE TERMS OF HIS EMPLOYMENT AGREEMENT, RECEIVES A HOUSING ALLOWANCE IN THE FORM OF A CASH PAYMENT, WHICH IS REPORTED AS TAXABLE INCOME ON HIS W-2. THE BOARD OF TRUSTEES APPROVED THE NATURE AND AMOUNT OF THE HOUSING ALLOWANCE. THE COLLEGE REQUIRES THE VICE PRESIDENT FOR STUDENT AFFAIRS AND DEAN OF STUDENTS, FRAN'CEE BROWN-MCCLURE, TO RESIDE ON CAMPUS AS A CONDITION OF HER EMPLOYMENT FOR THE BENEFIT OF THE COLLEGE, AND COLLEGE-OWNED HOUSING IS PROVIDED FOR HER. THE VALUE OF THE EMPLOYER PROVIDED HOUSING IS DEEMED TO BE NON-TAXABLE AND NOT INCLUDED IN HER FORM W-2 AS RESIDENCE ON CAMPUS IS A NECESSARY CONDITION OF EMPLOYMENT. HOWEVER, THE TOTAL ANNUAL ESTIMATED VALUE IS INCLUDED IN NON-TAXABLE BENEFITS IN FORM 990, PART VII AND SCHEDULE J, PART II, COLUMN D. LINE 1 - HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES AS PART OF PRESIDENT DAVID HARRIS'S EMPLOYMENT CONTRACT, THE COLLEGE PAYS FOR TWO CLUB MEMBERSHIPS; THE FIRST IS TO THE MOHAWK GOLF CLUB IN SCHENECTADY AND THE OTHER MEMBERSHIP IS TO THE UNIVERSITY CLUB IN NEW YORK CITY. THE PRESIDENT UTILIZES THE SOCIAL CLUBS FOR BUSINESS PURPOSES; TO THE EXTENT THERE MAY BE ANY PERSONAL USE, THE COLLEGE WILL REVIEW THAT USAGE AND TAX THE PRESIDENT ACCORDINGLY. PART I, LINE 4B SUPPLEMENTAL RETIREMENT CURRENT PRESIDENT, DAVID HARRIS, AND VP FOR ADMIN AND FINANCE, MICHELE M. GIBSON, BOTH PARTICIPATE IN THE COLLEGE'S SECTION 457(F) NONQUALIFIED SUPPLEMENTAL RETIREMENT PLAN WHICH IS SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. PART I, LINE 7 IN RECOGNITION OF HIS TREMENDOUS SERVICE TO UNION COLLEGE, PRESIDENT, DAVID HARRIS, RECEIVED A DISCRETIONARY MERIT BONUS IN CALENDAR YEAR 2020. THE BOARD OF TRUSTEES AUTHORIZED THE MERIT BONUS BASED ON PRESIDENT HARRIS MEETING CERTAIN OBJECTIVE PERFORMANCE BASED CRITERIA ESTABLISHED BY THE BOARD. THIS BONUS IS REPORTED ON FORM 990, SCHEDULE J, PART II. COLUMN B (II). A SCHENECTADY COUNTY CAP RE 273478847 806418AT6 2012-04-26 24263434 REFINANCE PORTION SERIES 2001 1 0 0 B SCHENECTADY COUNTY CAP RE 273478847 806418BC2 2017-04-20 74702514 REFINANCE, S&E CONSTRUCTION 0 0 0 A 6336997 24287175 24263434 534426 58191675 2005 1 0 0 1 B 5701819 74702514 1027950 15482889 2020 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART VI, SUPPLEMENTAL INFORMATION BOND ISSUE 2012. UNION COLLEGE RECEIVED $24,263,434 IN PROCEEDS FROM THE SCHENECTADY COUNTY CAPITAL RESOURCE CORPORATION CIVIC TAX-EXEMPT REVENUE BONDS (UNION COLLEGE REFUNDING PROJECT), SERIES 2012A. THESE PROCEEDS WERE USED TO REFINANCE THE 2003 ISSUE AND THE REMAINING OUTSTANDING PORTION OF THE 2001 ISSUE. INITIALLY, PROCEEDS FROM THE 2003 PORTION OF THE REFUNDING WERE PLACED INTO AN ESCROW ACCOUNT. PROCEEDS WOULD REMAIN IN THE ESCROW ACCOUNT UNTIL THE BONDS COULD BE CALLED IN 2013. AS OF JUNE 30, 2020, THE 2003 DEBT HAD BEEN PAID OFF. THE CALL DATE WAS JULY 1, 2013. IN APRIL 2017, THE COLLEGE BORROWED $74,702,514 THROUGH THE SCHENECTADY COUNTY CAPITAL RESOURCE CORPORATION, UTILIZING A TAX-EXEMPT REVENUE BOND. A PORTION OF THE PROCEEDS WERE USED TO REFUND THE SERIES 2010 BONDS AND THE REMAINING AMOUNT OF THE DEBT PROCEEDS WERE USED TOWARDS THE RENOVATION/CONSTRUCTION OF THE SCIENCE AND ENGINEERING CENTER WHICH WAS PLACED IN SERVICE DURING FISCAL YEAR 2021. SCHEDULE K, PART III, LINE 4,5,6 BOND ISSUE 2012. TO CALCULATE THE PERCENTAGE ON LINES 4, 5 AND 6, THE TOTAL PROCEEDS WAS USED (INCLUDES THE 2003 AND A PORTION OF THE 2001 REFUNDED BONDS). SCHEDULE K, PART IV, LINE 2(C) THE COLLEGE COMMISSIONED ARBITRAGE REBATE CALCULATIONS ON ITS SERIES 2012A REFUNDING REVENUE BOND AND 2017 REVENUE BOND ON APRIL 26, 2022. THE REPORTS CONCLUDED THAT NO REBATE WAS DUE FOR EITHER ISSUE. 2 TRUSTEES 62909 SCHOLARSHIP TUITION DISC. MARGARET AMODEO SEE PART V 31249 SEE PART V 0 JOHN SPINELLI SEE PART V 166333 SEE PART V 0 MEGAN FERRY SEE PART V 146566 SEE PART V 0 SCHEDULE L, PART IV - INTERESTED PERSONS TRUSTEE JOHN KELLY'S SISTER, MARGARET AMODEO IS AN EMPLOYEE OF THE COLLEGE. AMOUNTS REPORTED ON SCHEDULE L REPRESENT COMPENSATION AND BENEFITS RECEIVED BY MS. AMODEO ON A FISCAL YEAR BASIS.FORMER BOARD OF TRUSTEES MEMBERS JOHN SPINELLI AND MEGAN FERRY ARE CURRENT FACULTY MEMBERS AT UNION COLLEGE: THE AMOUNTS REPORTED ON SCHEDULE L REPRESENT THE COMPENSATION AND BENEFITS RECEIVED BY VIRTUE OF EMPLOYMENT. X 124 4865837 MARKET VALUE X TREES/LANDSC. 4 44526 COST 0 1 0 LINE 32A, THIRD PARTIES TO THE EXTENT THAT THE COLLEGE RECEIVES NON-CASH CONTRIBUTIONS OF SECURITIES, ITS INVESTMENT MANAGER/BROKER IS TASKED WITH SELLING THOSE SECURITIES ON THE COLLEGE'S BEHALF. GENERAL EXPLANATORY STATEMENT REGARDING THE COVID-19 IMPACT ON THE COLLEGE IN MARCH 2020, THE WORLD HEALTH ORGANIZATION DECLARED THE SPREAD OF CORONAVIRUS DISEASE (COVID-19) A WORLDWIDE PANDEMIC. AS A RESULT, THE COLLEGE'S CAMPUS CLOSED IN MARCH 2020, AND EDUCATION DURING THE SPRING 2020 TRIMESTER WAS DELIVERED THROUGH A REMOTE LEARNING ENVIRONMENT. THE COLLEGE REFUNDED ROOM AND BOARD CHARGES FOR THE SPRING 2020 TRIMESTER. TO ADDRESS THE POTENTIAL IMPACTS ON REVENUES AND INCREMENTAL COSTS REQUIRED AS A RESULT OF COVID-19, THE COLLEGE TOOK PROACTIVE BUDGET ACTIONS IN FISCAL YEAR 2021, INCLUDING SALARY FREEZES, CERTAIN OPERATING AND PERSONNEL BUDGET REDUCTIONS, AND THE TEMPORARY PAUSE OF RETIREMENT CONTRIBUTIONS, WHICH HAVE SINCE BEEN RESTORED FOR FISCAL YEAR 2021. ALTHOUGH STUDENTS AND EMPLOYEES RETURNED TO CAMPUS BEGINNING IN THE FALL OF 2020, COVID-19 MAY CONTINUE TO IMPACT VARIOUS PARTS OF THE COLLEGE'S OPERATIONS AND FINANCIAL RESULTS, INCLUDING, BUT NOT LIMITED TO, FLUCTUATIONS IN ENROLLMENT, LOSS OF AUXILIARY REVENUES, NEGATIVE IMPACTS TO INTERNATIONAL AND OTHER PROGRAMS THAT REQUIRE TRAVEL, AND COST INCREASES RELATED TO TECHNOLOGY AND HEALTH AND SAFETY SERVICES AND SUPPLIES. OTHER ADVERSE CONSEQUENCES OF COVID-19 MAY INCLUDE IMPACTS TO FINANCIAL MARKETS AND PHILANTHROPIC DONATIONS. MANAGEMENT BELIEVES THE COLLEGE IS TAKING APPROPRIATE ACTIONS TO MITIGATE THE NEGATIVE IMPACT. HOWEVER, THE FULL IMPACT OF COVID-19 IS UNKNOWN AND CANNOT BE REASONABLY ESTIMATED AS THESE EVENTS ARE STILL DEVELOPING. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TO BE ENGAGED, INNOVATIVE AND ETHICAL CONTRIBUTORS TO A DIVERSE, GLOBAL AND TECHNOLOGICALLY COMPLEX SOCIETY. FACULTY, STAFF AND ADMINISTRATORS WELCOME DIVERSE AND TALENTED STUDENTS TO THE CAMPUS COMMUNITY, WORK CLOSELY WITH THEM TO PROVIDE A BROAD AND DEEP EDUCATION, AND GUIDE THEM IN FINDING AND CULTIVATING THEIR PASSIONS. THE COLLEGE OFFERS A WIDE RANGE OF DISCIPLINES AND INTERDISCIPLINARY PROGRAMS IN THE LIBERAL ARTS AND ENGINEERING, AS WELL AS ACADEMIC, ATHLETIC, CULTURAL AND SOCIAL ACTIVITIES, INCLUDING OPPORTUNITIES TO STUDY ABROAD AND TO PARTICIPATE IN UNDERGRADUATE RESEARCH AND COMMUNITY SERVICE. FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS: NEARLY EVERY ACADEMIC DEPARTMENT REQUIRES STUDENTS TO COMPLETE SOME FORM OF RESEARCH IN THEIR SUBJECT AREA, AND STUDENTS HAVE OPPORTUNITIES TO WORK ONE-ON-ONE WITH THEIR PROFESSORS. AT STEINMETZ SYMPOSIUM EACH SPRING, SOME 400 STUDENTS PRESENT THE RESULTS OF THEIR RESEARCH, SCHOLARLY AND CREATIVE ACTIVITIES. MANY STUDENTS CO-AUTHOR PUBLICATIONS WITH THEIR PROFESSORS AND PRESENT AT THE NATIONAL CONFERENCE ON UNDERGRADUATE RESEARCH (NCUR). MANY PARTICIPATE IN BUSINESSES, HEALTH CARE, GOVERNMENT AND SOCIAL SERVICE INTERNSHIPS. THE INTERNATIONAL EXPERIENCE IS A HALLMARK OF A UNION EDUCATION, WITH NEARLY 60 PERCENT OF STUDENTS PURSUING STUDIES, RESEARCH, INTERNSHIPS, AND OTHER PROGRAMS ABROAD. ON CAMPUS, OPPORTUNITIES FOR LEADERSHIP, DISCUSSION AND COMMUNITY ABOUND IN THE MINERVA SYSTEM, OFFERING RESIDENTIAL, ACADEMIC AND SOCIAL PROGRAMS. EVERY INCOMING STUDENT IS ASSIGNED TO ONE OF SEVEN MINERVA HOUSES, WHICH ALSO INVOLVE FACULTY AND STAFF. UNION'S BECKER CAREER CENTER HELPS STUDENTS WITH CAREER PLANNING, INTERNSHIPS AND THE GRADUATE SCHOOL AND JOB SEARCH. RECENT TRENDS SHOW THAT ABOUT A THIRD OF GRADUATING SENIORS GO DIRECTLY TO GRADUATE OR PROFESSIONAL SCHOOLS, AND UNION HAS EARNED AN EXCELLENT REPUTATION FOR PLACING GRADUATES IN MEDICAL, LAW AND BUSINESS SCHOOLS. UNION'S MORE THAN 22,000 ALUMNI INCLUDE LEADERS IN ALL FIELDS, INCLUDING ARTS, MEDICINE, SCIENCE, ENGINEERING, MEDIA, ENTERTAINMENT, LAW AND POLITICS. GRADUATES INCLUDE NOBEL PRIZE AND ACADEMY AWARD WINNERS, A NATIONAL BOOK AWARD WINNER AND A MCARTHUR FELLOW, AN OLYMPIC GOLD MEDALIST, SEVEN CABINET SECRETARIES, A SECRETARY OF STATE, 13 GOVERNORS, 200 JUDGES, 90 COLLEGE PRESIDENTS AND THE 21ST PRESIDENT OF THE UNITED STATES. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS OR FAMILY RELATIONSHIPS OF DIRECTORS, ETC. 1. NEIL GOLUB AND WILLIAM WICKER HAVE A BUSINESS RELATIONSHIP. 2. WILLIAM PERLSTEIN AND ELLEN SMITH HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE ORGANIZATION'S FORM 990 IS PREPARED IN CONJUNCTION WITH A NATIONALLY RECOGNIZED ACCOUNTING FIRM. UPON COMPLETION, THE FORM 990 IS PROVIDED TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS AND A DETAILED WALKTHROUGH OF ITS CONTENTS IS PROVIDED AT THE AUDIT COMMITTEE'S MEETING. PRIOR TO ELECTRONIC SUBMISSION OF THE 990 TO THE INTERNAL REVENUE SERVICE, THE AUDIT COMMITTEE CHAIR PROVIDES AN OVERVIEW OF THE REVIEW TO THE FULL BOARD OF TRUSTEES AND A COPY OF THE FINAL FORM 990 IS SHARED WITH THE FULL BOARD OF DIRECTORS. IN ADDITION, A COPY OF THIS FORM 990 IS AVAILABLE FOR REVIEW IN THE COLLEGE'S FINANCE OFFICE. FORM 990, PART VI, SECTION B, LINE 12C EXPLANATION OF MONITORING AND ENFORCEMENT OF CONFLICTS THE TRUSTEES OF UNION COLLEGE HAVE A WRITTEN CONFLICT OF INTEREST POLICY, WHICH REQUIRES OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES TO ANNUALLY DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS. QUESTIONNAIRES ARE SENT ANNUALLY TO MONITOR AND ENFORCE COMPLIANCE WITH THE POLICY. THE RESPONSES TO THE QUESTIONNAIRES ARE REVIEWED BY BOTH THE PRESIDENT'S OFFICE AND FINANCE FOR POTENTIAL CONFLICTS OF INTEREST THAT REQUIRE DISCLOSURE. IF A CONFLICT OF INTEREST IS NOTED, A BOARD MEMBER WOULD HAVE TO RECUSE HIMSELF FROM VOTING, IF SO REQUIRED. FORM 990, PART VI, SECTION B, LINE 15 LINE 15A - COMPENSATION REVIEW & APPROVAL PROCESS - PRESIDENT THE COLLEGE UNDERTAKES A THOROUGH AND RIGOROUS PROCESS TO DETERMINE THE PRESIDENT'S COMPENSATION. THE COLLEGE HAS ESTABLISHED AN EXECUTIVE COMPENSATION COMMITTEE THAT ACTS AS A COMMITTEE OF THE BOARD. THE EXECUTIVE COMPENSATION COMMITTEE IS COMPRISED OF THE CHAIRMAN, VICE CHAIRMAN, SECRETARY, AND GENERAL COUNSEL OF THE BOARD OF TRUSTEES. THE CHAIR OF THE BOARD SERVES AS THE CHAIR OF THE COMMITTEE. THE COMMITTEE ACTS AS THE AUTHORIZED BODY UNDER TREASURY REG. 53.4958-6, RESPONSIBLE FOR APPROVING THE COMPENSATION ARRANGEMENTS OF THE PRESIDENT. THE COMMITTEE WILL: A. REVIEW GOALS FOR THE UPCOMING YEAR AND ACCOMPLISHMENTS FOR THE YEAR JUST ENDED. B. OBTAIN APPROPRIATE ANALYSIS AND STUDIES FOR USE IN EVALUATING THE COMPENSATION OF THE PRESIDENT. C. DOCUMENT ITS DELIBERATIONS AND DECISION ESTABLISHING THE PRESIDENT'S COMPENSATION. D. REPORT TO THE EXECUTIVE COMMITTEE OF THE BOARD ANNUALLY ITS FINDINGS AND ACTIONS. LINE 15B - COMPENSATION REVIEW & APPROVAL PROCESS - OFFICERS & KEY EMPLOYEES THE COLLEGE UNDERTAKES A SIMILARLY DETAILED PROCESS TO DETERMINE THE COMPENSATION OF THE COLLEGE'S OFFICERS AND KEY EMPLOYEES (AS REPORTED ON PART VII OF THE FORM 990): A. THE COMPENSATION COMMITTEE OBTAINS APPROPRIATE ANALYSIS AND STUDIES FROM THE ADMINISTRATION TO USE AS AN AID IN EVALUATING THE COMPENSATION RECOMMENDATIONS OF THE PRESIDENT FOR THESE EMPLOYEES. B. THE COMPENSATION COMMITTEE DELIBERATES ON, AND APPROVES, ALL COMPENSATION AT A MEETING AND THE DECISIONS ARE DOCUMENTED IN COMMITTEE MINUTES. THE COLLEGE REVIEWS ALL OFFICER AND KEY EMPLOYEE COMPENSATION ON AN ANNUAL BASIS; A FORMAL COMPENSATION STUDY WAS LAST CONDUCTED IN 2018 UPON THE HIRING OF THE NEW PRESIDENT. THE COLLEGE IS CURRENTLY REFRESHING ITS COMPENSATION ANALYSIS WITH A NEW INDEPENDENT SURVEY IN FY22. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS TO THE PUBLIC THE TRUSTEES OF UNION COLLEGE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE FINANCIAL STATEMENTS ARE ALSO AVAILABLE ON THE COLLEGE'S WEBSITE WWW.UNION.EDU. FORM 990, PART VII, SECTION B: THE COLLEGE ENGAGED BAIN & COMPANY TO HELP ASSESS OPPORTUNITIES FOR IMPROVEMENT AND EFFICIENCIES IN THE COLLEGE'S ADMINISTRATIVE AND OPERATIONS FUNCTIONS. FORM 990, PART IX, LINE 11(F): UNION COLLEGE'S INVESTMENT PORTFOLIO IS COMPRISED OF BOTH TRADITIONAL PUBLICLY TRADED SECURITIES AND NON-TRADITIONAL ALTERNATIVE INVESTMENTS (HEDGE FUNDS, LIMITED PARTNERSHIPS ETC). CERTAIN ALTERNATIVE INVESTMENTS DO NOT SPECIFICALLY REPORT TO THE INVESTOR THE INVESTMENT MANAGEMENT FEES THAT ARE INCURRED, RATHER NETTING THOSE FEES AGAINST INVESTMENT RETURNS. IN ADDITION, UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, INVESTMENT INCOME IS REQUIRED TO BE REPORTED NET OF RELATED EXPENSES WITHIN THE FINANCIAL STATEMENTS AND THE DISCLOSURE OF INVESTMENT EXPENSES IS NOT REQUIRED. BASED ON THESE FACTORS, NO SEPARATE TRACKING OF MANAGEMENT FEES PAID AT THE FUND LEVEL IS UNDERTAKEN. THE AMOUNT REPORTED ON PART IX, LINE 11(F) PRIMARILY REPRESENTS FEES PAID TO OUR THIRD PARTY INDEPENDENT INVESTMENT ADVISOR. FORM 990, PART XI, LINE 9: OTHER BELOW THE LINE ADJUSTMENTS -1,062,754. ALUMNI COUNCIL OF UNION COLLEGE INC 807 UNION ST ABBE HALL SCHENECTADY NY 12308 146019466 FUNDRAISING NY 501(C)(3) 12C N/A 0 CHARITABLE REMAIN UNITRUST (3) INVESTING NY UNION COLLEGE T 0 CHARITABLE REMAIN UNITRUST (1) INVESTING MO UNION COLLEGE T 0 CHARITABLE REMAIN UNITRUST (1) INVESTING CA UNION COLLEGE T 0 CHARITABLE REMAIN UNITRUST (1) INVESTING PA UNION COLLEGE T 0 INCOME BENEFICIARY TR(2) INVESTING NY UNION COLLEGE T 0 INCOME BENEFICIARY TR(1) INVESTING NJ UNION COLLEGE T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0