2022-05-16T09:37:03-05:00 2021-06-30 410746749 CLIFTONLARSONALLEN LLP 4334 MUNSON STREET SUITE 200 CANTON OH 44718 990 2020-07-01 250965438 CARLOW UNIVERSITY CARL 4125786000 3333 FIFTH AVENUE PITTSBURGH PA 15213 DR KATHY W HUMPHREY PRESIDENT 4125786000 2022-05-09 1 DR KATHY W HUMPHREY 999009999 JENNIFER COLEMAN P00743188 3304972000 2022-05-09 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z DR KATHY W HUMPHREY 3333 FIFTH AVENUE PITTSBURGH PA 15213 61230759 0 X WWW.CARLOW.EDU X 1929 PA TRANSFORMATIONAL HIGHER EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY. 34 33 999 132 0 0 7476397 9411290 49829819 49987178 4330475 1393869 960092 413052 62596783 61205389 13607203 13084542 0 0 29936920 29557319 0 0 1081554 19357629 20539283 62901752 63181144 -304969 -1975755 105247078 109959970 34970718 34053290 70276360 75906680 X FOUNDED BY THE SISTERS OF MERCY IN 1929, CARLOW UNIVERSITY PROVIDES A PERSONALIZED ENVIRONMENT, FACULTY FOCUSED ON TEACHING EXCELLENCE, AND EXPERIENTIAL LEARNING. OUR HERITAGE OF SOCIAL JUSTICE AND MISSION TO TRANSFORM LIVES CONTINUES TO MAKE SIGNIFICANT IMPACT IN THE COMMUNITY AND BEYOND. 0 0 53780903 13084542 50422600 LOCATED IN OAKLAND, THE HEART OF PITTSBURGH'S "EDS, MEDS, AND TECH" DISTRICT, CARLOW UNIVERSITY IS A PRIVATE, CO-EDUCATIONAL, CATHOLIC UNIVERSITY FOUNDED IN 1929 BY THE SISTERS OF MERCY. OFFERING AN INTIMATE, PERSONALIZED ENVIRONMENT AND FACULTY FOCUSED ON TEACHING EXCELLENCE AND EXPERIENTIAL LEARNING, CARLOW IS KNOWN FOR ITS STRONG COMMITMENT TO SOCIAL JUSTICE, ETHICAL FORWARD-THINKING LEADERSHIP AND MEANINGFUL SERVICES THAT MAKE A POSITIVE IMPACT IN THE COMMUNITY AND BEYOND. APPROXIMATELY 44% OF CARLOW'S STUDENT POPULATION IS PELL-ELIGIBLE, 26% ARE STUDENTS OF COLOR, AND CARLOW RANKS 3RD IN PENNSYLVANIA ON SOCIAL MOBILITY. THIS IS CONSISTENT WITH CARLOW'S TRADITION OF HELPING THOSE, WHO OTHERWISE MAY NOT HAVE HAD OPPORTUNITY, EARN A CERTIFICATE OR DEGREE, THEREBY CHANGING THE COURSE OF THEIR LIFE AND TRANSFORMING THE LIVES OF GENERATIONS TO FOLLOW. CARLOW UNIVERSITY IS UNIQUE IN SERVING BABIES TO AGE THREE THROUGH ITS EARLY CHILDHOOD EDUCATION CENTER, CHILDREN PREK TO K-8 AT ITS CAMPUS LAB SCHOOL, AND STUDENTS FROM HIGH SCHOOL TO AGE 66 THROUGH ITS CAMPUS NETWORK AND ONLINE EDUCATIONAL OFFERINGS. FROM UNDERGRADUATE DEGREE PROGRAMS TO MORE THAN 50 GRADUATE, DOCTORAL AND CERTIFICATE PROGRAMS, CARLOW STUDENTS GRADUATE READY TO MEET TODAY'S WORKFORCE DEMANDS FOR SPECIALIZED KNOWLEDGE AND SKILLS. APPROXIMATELY, 96% OF CARLOW UNDERGRADUATE ALUMNI ARE ENROLLED IN AN ADVANCED DEGREE PROGRAM OR EMPLOYED WITHIN SIX MONTHS OF GRADUATION. FOR THE SEVENTH YEAR IN A ROW CARLOW UNIVERSITY BSN (BACHELOR OF SCIENCE IN NURSING) GRADUATES HAVE THE HIGHEST NCLEX PASS RATE IN PITTSBURGH (95.51%). THIS IS PARTICULARLY REMARKABLE BECAUSE THEY COMPLETED THEIR FINAL YEAR OF EDUCATION DURING THE PANDEMIC. DESPITE THE PANDEMIC, THE CAREER OUTCOMES FOR THE GRADUATING CLASS OF 2019-2020 REMAINED STRONG. FOR THE SECOND CONSECUTIVE YEAR, THE CARLOW GRADUATES' KNOWLEDGE RATE WAS 86%. ADDITIONALLY, THE OVERALL CAREER OUTCOME RATE FOR JOB SEEKERS AND GRADUATES SEEKING CONTINUING EDUCATION WAS 98%. MOST NOTABLE WAS THAT 100% OF GRADUATE STUDENTS REPORTED POSITIVE JOB AND CONTINUING EDUCATION OUTCOMES. ADDITIONALLY, 91% OF STUDENTS GRADUATING WITH A BACHELOR'S DEGREE COMPLETED AT LEAST ONE PROFESSIONAL WORK EXPERIENCE (INTERNSHIP, RESEARCH, ETC.). DURING THEIR TIME AT CARLOW. CARLOW ALSO SERVES THE COMMUNITY AT-LARGE THROUGH A VARIETY OF OUTREACH PROGRAMS. STUDENTS ALONG WITH THEIR FACULTY MEMBERS HAVE BEEN ACTIVELY INVOLVED IN COMMUNITY EVENTS TO PROVIDE FREE HEALTH SCREENINGS FOR THE PRO BONO CLINIC THAT ALSO BEGAN THIS FALL. LOCATED ON THE 4TH FLOOR OF CARLOW'S UNIVERSITY COMMONS BUILDING, THE CLINIC WELCOMED THE FIRST PATIENTS AND QUICKLY FILLED IN THE AVAILABLE APPOINTMENTS. THIS COLLABORATIVE ENDEAVOR IS PROVIDING OUR STUDENTS WITH VALUABLE EDUCATIONAL PREPARATION UNDER THE SUPERVISION OF THEIR FACULTY MEMBERS AND SERVICE TO OUR COMMUNITIES. THEY ALSO SERVED THE CARLOW COMMUNITY BY OFFERING A FREE HEARING CLINIC TO EMPLOYEES AND STUDENTS THIS FALL. CARLOW'S SOCIAL JUSTICE INSTITUTES (SJI) LEAD COMMUNITY WIDE ANTI-RACISM BOOK DISCUSSION GROUPS, DISSECTING AND ENGAGING FACULTY, STAFF, AND COMMUNITY READERS IN MICHELLE ALEXANDER'S "THE NEW JIM CROW AND ANGIE THOMAS' "THE HATE U GIVE," ANALYZING ELEMENTS OF SYSTEMIC RACISM AND POLICE BRUTALITY IN BLACK AND BROWN COMMUNITIES. AS K-12 STUDENTS FOUND THEMSELVES RELEGATED TO REMOTE LEARNING DURING THE PANDEMIC, MANY STUDENTS OF COLOR AND THOSE LIVING IN ECONOMICALLY CHALLENGED NEIGHBORHOODS DID NOT HAVE ACCESS TO THE MONITORING AND ACADEMIC SUPPORT THAT IN-PERSON EDUCATION ALLOWS. A UNIQUE COLLABORATION BETWEEN ASSET AND CARLOW UNIVERSITY PROVIDED ONE-ON-ONE CONNECTIONS BETWEEN STUDENTS AND EDUCATORS THAT HELPED CURB LEARNING LOSS DURING THE TRYING TIMES OF THE PAST TWO YEARS AND GAVE TEACHERS-IN-TRAINING INVALUABLE WORKFORCE EXPERIENCE. THROUGH THIS PARTNERSHIP, APPROXIMATELY 100 PRE-SERVICE TEACHERS WERE DEPLOYED TO SUPPORT APPROXIMATELY 150 PITTSBURGH LEARNERS VIA REMOTE TUTORING THIS YEAR. 53780903 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 173 0 999 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 34 33 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CO MA MD MI NH PA SC X X DAVID J MEADOWS VP FINANCE & ADMIN 4125788842 3333 FIFTH AVENUE PITTSBURGH PA 15213 DORTHY A DAVIS ESQUIRE CHAIR 2.00 X X 0 0 0 SISTER HELEN MARIE BURNS RSM VICE CHAIR, MISSION 2.00 X X 0 0 0 BRYAN DILUCENTE VICE CHAIR 2.00 X X 0 0 0 JAMES H MCTIERNAN TREASURER 2.00 X X 0 0 0 MARCIA MARTIN SECRETARY 2.00 X X 0 0 0 SUZANNE K MELLON PHD PRESIDENT 50.00 X X 331572 0 41535 MARGARET ARMEN TRUSTEE 2.00 X 0 0 0 THE HONORABLE MARY C MCGINLEY TRUSTEE 2.00 X 0 0 0 STEVEN MASSARO TRUSTEE 2.00 X 0 0 0 BART GABLER JD MBA TRUSTEE 2.00 X 0 0 0 CAROLINA VELEZ JD TRUSTEE 2.00 X 0 0 0 LOURDES SANCHEZ-RIDGE JD TRUSTEE 2.00 X 0 0 0 MARTY LAMAR TRUSTEE 2.00 X 0 0 0 DEBORAH RICE JOHNSON TRUSTEE 2.00 X 0 0 0 LARRY KARNOFF JD TRUSTEE 2.00 X 0 0 0 HOLLY LORENZ RN MSN TRUSTEE 2.00 X 0 0 0 CAITLIN MCLAUGHLIN TRUSTEE 2.00 X 0 0 0 ANA MARIA MIELES TRUSTEE 2.00 X 0 0 0 ARLENE MORRIS TRUSTEE 2.00 X 0 0 0 SUZANNE PAONE MBA DHA RHIA TRUSTEE 2.00 X 0 0 0 MORTON STANFIELD TRUSTEE 2.00 X 0 0 0 NANCY L STUEVER EDD RN TRUSTEE 2.00 X 0 0 0 ANNA BAMONTE TORRANCE ESQUIRE TRUSTEE 2.00 X 0 0 0 SISTER JULIA UPTON RSM PHD TRUSTEE 2.00 X 0 0 0 GUHAN VENKATU TRUSTEE 2.00 X 0 0 0 SISTER SUSAN WELSH RSM TRUSTEE 2.00 X 0 0 0 SISTER LINDA WERTHMAN RSM PHD TRUSTEE 2.00 X 0 0 0 REPRESENTATIVE JAKE WHEATLEY JR TRUSTEE 2.00 X 0 0 0 MICHELE R ATKINS TRUSTEE 2.00 X 0 0 0 PATRICIA G DONOHOE TRUSTEE 2.00 X 0 0 0 SISTER MARY FANNING RSM PHD TRUSTEE 2.00 X 0 0 0 THERESA SCOTTI TRUSTEE 2.00 X 0 0 0 THE HONORABLE KATHERINE A FREDRIKSE TRUSTEE 2.00 X 0 0 0 DAVID MEADOWS SVP FINANCE/ADMINISTRATION 50.00 X 186638 0 33644 SIBDAS GHOSH VP/PROVOST 40.00 X 188228 0 41292 KIMBERLEY HAMMER VP ADVANCEMENT - FORMER 40.00 X 129050 0 47828 LYNN GEORGE-SCHRINER DEAN HEALTH & WELLNESS 40.00 X 159579 0 41064 TIMOTHY PHILLIPS VP FOR STUDENT AFFAIRS AND 40.00 X 139986 0 35889 MARY CECERE VP ENROLLMENT/MARKETING 40.00 X 146421 0 52575 MATTHEW GORDLEY DEAN OF LEARNING & INNOVAT 40.00 X 130415 0 18856 1411889 0 312683 8 0 1 0 CULINART 2400 YORKMONT ROAD CHARLOTTE NC 28217 FOOD 1988611 ELLUCIAN COMPANY LP 62814 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 TECHNOLOGY 780223 UPMC SCHOOL OF PERFUSION 532 S AIKEN AVENUE SUITE 214 PITTSBURGH PA 15232 ACADEMIC OPERATIONS 765184 DAGASTINO ELECTRONIC SERVICES 600 MIFFLIN ROAD PITTSBURGH PA 15207 TECHNOLOGY 418655 FRANJO CONSTRUCTION 335 EAST 7TH AVENUE HOMESTEAD PA 15120 CONSTRUCTION 339150 19 5845292 3565998 44804 9411290 TUITION AND FEES 611600 44178068 44178068 RESIDENCE HALLS & BOARD 611600 3007526 3007526 CARLOW CAMPUS SCHOOL 721310 2435391 2435391 EARLY LEARNING CENTER 624410 228372 228372 AUXILIARY PROGRAMS 900099 137821 137821 49987178 1000716 1000716 22370 -22370 -22370 -22370 396153 0 3000 396153 -3000 393153 393153 MISC 900099 357532 357532 PARKING PERMIT FEES 900099 40124 40124 BOOKSTORE COMMISSIONS 900099 37766 37766 435422 61205389 50422600 0 1371499 13084542 13084542 853279 657025 196254 22504045 18903398 2925526 675121 19459 16345 2530 584 4398914 3607110 703826 87978 1781622 1514378 213795 53449 158557 122089 36468 134587 103632 30955 80610 80610 160686 160686 5830783 4606318 1166157 58308 645648 497149 148499 1689939 1250555 304189 135195 1477594 1108195 325071 44328 1745828 1344288 401540 350158 266120 70032 14006 61250 39200 9800 12250 1273924 980921 293003 3891872 2996741 895131 306846 236271 70575 CARES EXPENSES 900084 900084 AUXILIARY EXPENSES 658436 506996 151440 STUDENT EMERGENCY FUNDS 562978 562978 BAD DEBT 380011 292608 87403 229492 183960 45197 335 63181144 53780903 8318687 1081554 5911407 3512210 1117355 1372007 2176077 2567510 2466198 2150953 1399681 1359059 962826 1327039 111166458 57338741 54675162 53827717 36538372 42992709 0 850766 105247078 109959970 3877322 3609781 2539263 1231760 8271140 7961930 17842185 18603479 2440808 2646340 34970718 34053290 X 29954155 22716447 40322205 53190233 70276360 75906680 105247078 109959970 -1975755 7606075 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 80610 80610 0 PART II-B, LINE 1: BUCHANAN INGERSOLL & ROONEY PROVIDES STATE LEVEL LOBBYING, GRANT WRITING AND GRANT ADMINISTRATION SERVICES FOR CARLOW UNIVERSITY. THE AMOUNTS PAID FOR THESE LOBBYING SERVICES FOR THE FISCAL YEAR JUNE 30, 2021 WERE $80,610. 36091455 844687 7442980 635542 776773 42966807 32440448 829421 4116947 582912 712449 36091455 31308302 517538 1794774 531075 649091 32440448 29570590 761188 2052215 484060 591631 31308302 26292840 1592930 2701347 464745 551782 29570590 0.07730 0.61580 0.30690 0 0 1835555 1835555 91884937 45284477 46600460 16242853 12054264 4188589 1203113 1203113 53827717 STUDENT DEPOSITS 74251 FEDERAL LOAN ADVANCES 2572089 2646340 X 59258118 7606075 160686 7766761 51491357 9714032 9714032 61205389 53627798 160686 160686 53467112 9714032 9714032 63181144 PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 185 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. PART X, LINE 2: THE UNIVERSITY QUALIFIES AS A TAX-EXEMPT, NONPROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THERE IS NO PROVISION FOR FEDERAL OR STATE INCOME TAXES. THE UNIVERSITY FOLLOWS THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THE STANDARD PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PRINCIPLE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. AS A RESULT OF THE APPLICATION, THE UNIVERSITY EVALUATED ITS TAX POSITIONS AND DETERMINED THAT IT HAD NO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2021 OR 2020. THE UNIVERSITY'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT EXPENSES 160,686. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID NETTED ON FINANCIAL STATEMENTS 9,691,662. RENTAL EXPENSES 22,370. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT EXPENSES 160,686. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID NETTED ON FINANCIAL STATEMENTS 9,691,662. RENTAL EXPENSES 22,370. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 CERTAIN RECRUITING PUBLICATIONS AND COLLEGE CATALOGS CONTAIN EXPRESS STATEMENTS THAT THE COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, CREED, SEX OR RELIGION. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY DISTRIBUTES STUDENT FINANCIAL ASSISTANCE FUNDS ON BEHALF OF FEDERAL AND STATE GOVERNMENTS. THIS ASSISTANCE INCLUDED FEDERAL AID FROM PELL GRANT AWARDS OF $2,494,279; SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT AWARDS OF $287,438; AND COLLEGE WORK STUDY AWARDS OF $90,517. THE UNIVERSITY ALSO RECEIVED STATE AID FROM THE PA HIGHER EDUCATION ASSISTANCE AUTHORITY IN THE AMOUNT OF $1,784,307. 1 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES INTERNATIONAL TRAVEL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PART I, LINE 2: THE UNIVERSITY'S USE OF GRANTS AND OTHER ASSISTANCE OUTSIDE OF THE UNITED STATES IS MONITORED THROUGH THE FINANCE OFFICE, WHICH REQUIRES THE APPROPRIATE SUPPORTING DOCUMENTATION AND AUTHORIZATION IN CONNECTION WITH THE UNIVERSITY'S PURCHASING POLICY. PART III ACCOUNTING METHOD: 1 STUDENT SCHOLARSHIPS 975 12451746 CAMPUS SCHOOL STUDENT SCHOLARSHIPS 68 632796 PART I, LINE 2: GRANT FUNDS ARE MONITORED BY THE FINANCIAL AID OFFICE AND ACCOUNTING OFFICES. X X 0 0 X X 0 1 0 0 0 0 0 0 0 SUZANNE K MELLON PHD PRESIDENT 251961 0 0 0 79611 0 30235 0 11300 0 373107 0 0 0 SIBDAS GHOSH VP/PROVOST 179265 0 0 0 8963 0 29815 0 11477 0 229520 0 0 0 DAVID MEADOWS SVP FINANCE/ADMINISTRATION 177750 0 0 0 8888 0 30274 0 3370 0 220282 0 0 0 LYNN GEORGE-SCHRINER DEAN HEALTH & WELLNESS 159579 0 0 0 0 0 11968 0 29096 0 200643 0 0 0 MARY CECERE VP ENROLLMENT/MARKETING 146421 0 0 0 0 0 18340 0 34235 0 198996 0 0 0 KIMBERLEY HAMMER VP ADVANCEMENT - FORMER 129050 0 0 0 0 0 19387 0 28441 0 176878 0 0 0 TIMOTHY PHILLIPS VP FOR STUDENT AFFAIRS AND 138600 0 0 0 1386 0 17360 0 18529 0 175875 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE PAID AND INCLUDED AS GROSS WAGES ON W-2 FORM FOR THE PRESIDENT ONLY. DUQUESNE CLUB DUES PAID BY CARLOW UNIVERSITY THROUGH ACCOUNTS PAYABLE. NOT TAXED TO AN INDIVIDUAL. PART I, LINE 4B THE PRESIDENT, DR. SUZANNE K. MELLON, PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN IN FY 2020 AND CONTRIBUTED A TOTAL OF $40,322. A AUTHORITY IMPROVEMENTS MUNICIPALITY 251196358 052674AD0 2018-04-26 5175000 ST. JOE'S AND CURRAN HALL RENOVATIONS 0 0 0 B AUTHORITY IMPROVEMENTS MUNICIPALITY 251196358 2018-07-12 3500000 FOR THE RENOVATION OF CERTAIN EDUCATIONAL FACILITIES AND ISSUANCE COSTS 0 0 0 A 115000 5175000 235538 5175000 2019 0 0 1 1 B 3500000 55960 3444040 2019 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 1 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 A 1 B 1 X 3 40304 FAIR MARKET VALUE X VARIOUS ITEMS 2 4500 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE UNIVERSITY IS THE CONFERENCE FOR MERCY HIGHER EDUCATION WHICH EXERCISES RESERVED CANONICAL POWERS DELEGATED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS AND AS OUTLINED IN THE UNIVERSITY'S BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A UP TO SIX OF THE TOTAL TRUSTEES (EX-OFFICIO AND ELECTED TRUSTEES) SHALL BE PROFESSED SISTERS OF THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS OR ITS CANONICAL SUCCESSOR. THERE SHALL BE THREE EX-OFFICIO TRUSTEES, WHO SHALL BE VOTING MEMBERS OF THE BOARD OF TRUSTEES AND INCLUDED IN THE TOTAL NUMBER OF TRUSTEES, AND SUCH EX-OFFICIO TRUSTEES SHALL CONSIST OF ONE SISTER OF MERCY, APPOINTED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS, THE PRESIDENT OF THE UNIVERSITY, AND THE BISHOP OF THE DIOCESE OF PITTSBURGH OR HIS DESIGNEE. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER HAS THE RIGHT TO APPROVE THE FOLLOWING ACTIONS TO THE EXTENT SUCH ACTIONS ARE TAKEN BY THE BOARD OF TRUSTEES: AMENDMENTS TO THE ARTICLES OF INCORPORATION, IF THEY RELATE TO THE RESERVED POWERS DELEGATED TO THE CONFERENCE FOR MERCY HIGHER EDUCATION, THE ADOPTION OR AMENDMENT TO THE MISSION OF THE UNIVERSITY, THE INCURRENCE BY THE UNIVERSITY OF ANY DEBT, AND ANY SALE, TRANSFER, LONG-TERM LEASE OR EMCUMBRANCE OF ANY REAL OR PERSONAL PROPERTY, TANGIBLE OR INTANGIBLE, OF THE UNIVERSITY OUTSIDE THE ORDINARY COURSE OF BUSINESS ONLY TO THE EXTENT SUCH APPROVAL IS REQUIRED UNDER CANON LAW, ANY MERGER, CONSOLIDATION, DISSOLUTION, TRANSFER OF SUBSTANTIALLY ALL THE ASSETS, OR OTHER FUNDAMENTAL TRANSACTION WITHIN THE CONTEMPLATION OF THE PENNSYLVANIA NONPROFIT CORPORATION LAW, OF OR BY THE UNIVERSITY TO THE EXTENT SUCH APPROVAL IS REQUIRED BY CANON LAW. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. FORM 990 IS REVIEWED BY MANAGEMENT AND SUBMITTED TO THE AUDIT COMMITTEE FOR REVIEW AND APPROVAL, ONCE THE AUDIT COMMITTEE APPROVES THE SUBMITTED FORM 990; IT IS SUBMITTED TO THE BOARD OF TRUSTEES PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL "COVERED PERSONS" AS DEFINED IN THE POLICY. EACH COVERED PERSON IS GIVEN A COPY OF THE POLICY, REQUIRED TO SIGN A STATEMENT ACKNOWLEDGING THAT HE OR SHE HAS RECEIVED A COPY OF THE POLICY, UNDERSTANDS IT, AND AGREES TO COMPLY WITH IT. THE COVERED PERSON IS ALSO REQUIRED TO COMPLETE A COVERED PERSON'S QUESTIONNAIRE ON AN ANNUAL BASIS. EACH COVERED PERSON SHALL DISCLOSE ALL ACTUAL AND POTENTIAL CARLOW UNIVERSITY 25-0965438 CONFLICTS AS SET OUT IN THE POLICY. COMPLIANCE WITH THIS POLICY IS MONITORED AND ENFORCED BY THE FOLLOWING PROCEDURE: - EACH YEAR THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, OR HIS DESIGNEE, UNDER THE SUPERVISION OF THE CHAIR OF THE AUDIT COMMITTEE, PREPARES A LIST OF COVERED PERSONS. - A COVERED PERSON QUESTIONNAIRE IS DISTRIBUTED TO EACH PERSON ON THE LIST - FORMS ARE COMPLETED AND SIGNED BY EACH COVERED PERSON - COMPLETED FORMS FOR ALL TRUSTEES ARE REVIEWED BY THE CHAIR OF THE AUDIT COMMITTEE TO DETERMINE IF ANY ACTUAL OR POTENTIAL CONFLICTS EXIST - COMPLETED FORMS FOR ALL COVERED PERSONS WHO ARE MEMBERS OF STAFF OR FACULTY ARE REVIEWED BY THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION, OR HIS DESIGNEE. - THE CHAIR OF THE AUDIT COMMITTEE ASKS AT A MINIMUM OF TWO BOARD MEETINGS IF ANY TRUSTEE IS AWARE OF ANY CONFLICTS AND IT IS DOCUMENTED IN THE BOARD MINUTES DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICTS - DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICT OF INTEREST MUST BE DISCLOSED AT THE TIME THEY BECOME A COVERED PERSON, OR AT THE TIME A POTENTIAL OR ACTUAL CONFLICT ARISES AND AT THE TIME OF THE COMPLETION OF THE ANNUAL QUESTIONNAIRE. - ALL DISCLOSURES DETERMINED TO BE A CONFLICT OF INTEREST ACCORDING TO THE POLICY ARE DISCUSSED WITH THE CHAIR OF THE AUDIT COMMITTEE AND BROUGHT FORWARD TO THE NEXT BOARD OF TRUSTEE MEETING. - ANY IDENTIFIED CONFLICT SHALL BE REFLECTED IN THE MINUTES OF THE BOARD OF TRUSTEE MEETINGS ALONG WITH THE NATURE OF SUCH CONFLICT. - THE MINUTES SHALL ALSO REFLECT ALL PERSONS PRESENT AT THE MEETING WHERE ANY VOTING TOOK PLACE ON AN ITEM RELATED TO THE DISCLOSED CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE IS THE AUTHORIZED COMMITTEE OF THE BOARD OF TRUSTEES TO REVIEW COMPENSATION OF THE PRESIDENT. THE EXECUTIVE COMMITTEE CREATED A COMPENSATION COMMITTEE (THE SUBCOMMITTEE) TO PERFORM ANNUAL PERFORMANCE REVIEWS AND SET THE PRESIDENT'S ANNUAL SALARY, IN ACCORDANCE WITH THE EXECUTIVE COMPENSATION PHILOSOPHY, POLICIES AND PROCEDURES APPROVED BY THE BOARD. NO MEMBER OF THE GOVERNANCE COMMITTEE MAY HAVE A CONFLICT OF INTEREST WITHIN THE MEANING OF THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. THE GOVERNANCE COMMITTEE SHALL DOCUMENT ITS DECISIONS WITH RESPECT TO COMPENSATION AS REQUIRED BY THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. THE ACTIONS OF THE GOVERNANCE COMMITTEE ARE INTENDED TO QUALIFY UNDER THE REBUTTABLE PRESUMPTION PROVISIONS IN SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. OTHER SENIOR EXECUTIVE COMPENSATION: NO PROSPECTIVE SALARY ADJUSTMENTS WERE ANTICIPATED FOR OTHER SENIOR LEVEL EXECUTIVES. COMPARABILITY DATA AND ANALYSIS WAS PROVIDED TO THE PRESIDENTIN THIS FISCAL YEAR. REPORT TO THE BOARD OF TRUSTEES: THE PROCEDURE STATES THAT, THE GOVERNANCE COMMITTEE SHALL PROVIDE A WRITTEN REPORT TO THE BOARD OF TRUSTEES NO LATER THAN THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD FOLLOWING THE GOVERNANCE COMMITTEE ACTION ON THE COMPENSATION OF SENIOR EXECUTIVES. THE REPORT SHALL REFLECT BASE SALARY CARLOW UNIVERSITY 25-0965438 AND ALL OTHER ELEMENTS FOR SENIOR EXECUTIVES' COMPENSATION, AS WELL AS A SUMMARY OF THE CRITERIA AND PROCESSES USED TO MAKE THE COMPENSATION DECISIONS AND TO ASSURE THAT THE COMPENSATION IS "REASONABLE AND NOT "EXCESSIVE" WITHIN IRS POLICY AND CRITERIA. RELIANCE ON COMPARABILITY DATA DERIVED FROM MARKET REVIEW AND SELECTION OF PEER INSTITUTIONS: IN DETERMINING AND APPROVING COMPENSATION, THE GOVERNANCE COMMITTEE SHALL RELY ON COMPARABILITY DATA DERIVED FROM A REVIEW OF THE MOST CURRENT INFORMATION AVAILABLE AS TO COMPENSATION LEVELS FOR COMPARABLE SENIOR EXECUTIVES AT PEER INSTITUTIONS, TAKING INTO ACCOUNT THAT AVAILABLE INFORMATION IS GENERALLY FOR THE PRIOR FISCAL OR ACADEMIC YEARS. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST BY THE PUBLIC AT THE CORPORATE ADDRESS. FORM 990, PART XII, QUESTION 2C THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTING FIRM. IN ADDITION, THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND ITS SELECTION OF THE INDEPENDENT AUDITOR. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.