2021-10-15T07:11:10-05:00 2020-12-31 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2020-01-01 135562321 PRACTISING LAW INSTITUTE PRAC 2128245700 1177 AVENUE OF THE AMERICAS NEW YORK NY 10036 SHARON L CRANE PRESIDENT 2128245709 2021-10-15 1 SHARON CRANE XXX-XX-XXXX DANIEL ROMANO P00504182 2125990100 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z SHARON L CRANE 1177 AVENUE OF THE AMERICAS NEW YORK NY 10036 110125857 0 X WWW.PLI.EDU X 1933 NY PRACTISING LAW INSTITUTE (THE "INSTITUTE" PROVIDES THE LEGAL COMMUNITY WITH CONTINUING PROFESSIONAL EDUCATION THROUGH LECTURE PROGRAMS, PUBLICATIONS AND EDUCATIONAL SOFTWARE. 20 20 314 3897 2846 0 0 25000 71488888 90056340 2646530 5998108 9304284 1623975 83439702 97703423 14589709 26306520 0 0 35395966 41418356 0 0 0 30376369 23363605 80362044 91088481 3077658 6614942 131421368 151296767 67379817 76377403 64041551 74919364 X PRACTISING LAW INSTITUTE IS A NONPROFIT LEARNING ORGANIZATION DEDICATED TO KEEPING ATTORNEYS AND OTHER PROFESSIONALS AT THE FOREFRONT OF KNOWLEDGE AND EXPERTISE, AS WELL AS PREPARING THEM TO FULFILL THEIR PRO BONO RESPONSIBILITIES. (SEE SCHEDULE O) 0 0 70560397 26306520 90081340 PROGRAMS: IN 2020, THE INSTITUTE PROVIDED LIVE SEMINARS, LIVE WEBCASTS, ON-DEMAND SEMINARS, AND AUDIO AND VIDEO DOWNLOADS. APPROXIMATELY 780,309 CLE AND CPE CERTIFICATES WERE PROCESSED FOR THESE PROGRAMS. 12601090 1621129 PUBLISHING SERVICES SUPPLEMENT THE SEMINARS OFFERED BY THE INSTITUTE TO PROVIDE THE MOST UP-TO-DATE, RELEVANT INFORMATION AND TECHNIQUES. ANNUALLY THE INSTITUTE PROVIDES COURSE HANDBOOKS, TREATISES, AND SUPPLEMENTS WHICH ARE IMPORTANT IN PROVIDING LEGAL COMMUNITY AND ALLIED PROFESSIONALS WITH THE TOOLS TO MAINTAIN A COMPETITIVE EDGE. IN 2020, THERE WERE 255 COURSE HANDBOOKS, 44 TREATISES AND ANSWER BOOKS, AND 83 TREATISES SUPPLEMENTS RELEASES ISSUED. 133 TREATISES WERE AVAILABLE FOR DOWNLOAD ON THE KINDLE DIGITAL READER. OTHER REVENUE INCLUDES PLI PLUS (AN ONLINE DATABASE). 83161487 1 1 0 0 0 0 0 1 0 0 1 1 0 0 1 1 1 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 247 0 1 314 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA NY X X EMILIA SIMA 2125908835 1177 AVENUE OF AMERICAS NY NY 10036 ANITA C SHAPIRO PRESIDENT (THRU 09/20) 40.00 0.00 X 737358 0 70370 CRAIG MILLER SR VP MEMSHP/ITRM PRES AS OF 9/20 40.00 0.00 X 469585 0 52048 FRANK DEVIVO TREASURER & CFO 40.00 0.00 X 371991 0 73166 CHRISTOPHER ROUSSEAU CHIEF INFORMATION OFFICER 40.00 0.00 X 362203 0 67409 GEORGE M WILSON DIRECTOR, SEC INSTITUTE 40.00 0.00 X 335530 0 63564 DAVID SMITH VP MARKETING & COMMUNICATION 40.00 0.00 X 302610 0 68738 JAMES SCAFIDI SENIOR DIRECTOR OF SALES 40.00 0.00 X 299777 0 65536 ALAN G COHEN CHIEF BUS. OFF. 40.00 0.00 X 299588 0 4356 JOAN D STERNBERG SENIOR VP HR 40.00 0.00 X 283838 0 47606 KARA O'BRIEN VP PROGRAM 40.00 0.00 X 243683 0 62335 JANET L SIEGEL DIRECTOR PROBONO SERVICES 40.00 0.00 X 240823 0 45478 MARK D DIGHTON DIRECTOR OF PATENT OFFICE 40.00 0.00 X 231291 0 38247 RICHARD E REIBEN DIRECTOR, LEGAL RESEARCH DEVELOPMENT 40.00 0.00 X 225532 0 68694 SAMANTHA GOLDSBERRY ASSISTANT TO PRESIDENT 35.00 0.00 X 69377 0 19595 ANGELA MAZZARELLI TRUSTEE THRU 4/20; CHAIR AS OF 4/20 1.00 0.00 X X 0 0 0 SAMUEL W SEYMOUR CHAIR THRU 4/20; TRUSTEE AS OF 4/20 1.00 0.00 X X 0 0 0 CAROL ANNE BEEN BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 DEVEREUX CHATILLON BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 ELLEN M COSGROVE BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 ADRIAN DOLLARD BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 PIERRE GENTIN BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 HON WILLIAM F KUNTZ II BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 MEI LIN KWAN-GETT BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 CARMEN J LAWRENCE BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 HON MARC MARMARO BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 TROY A MCKENZIE BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 TIFFANY MOLLER BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 TAMMY ROY AS OF 0420 BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 FREDERICK P SCHAFFER BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 JOHN S SIFFERT BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 HON ELIZABETH S STONG BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 GREGORY C SWINEHART BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 JOHN W WHITE BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 PHILIP BRYCE BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 4473186 0 747142 112 0 1 0 DPR CONSTRUCTION INC 945 FRONT ST SAN FRANCISCO CA 94111 CONSTRUCTION 3687180 MICROSOFT CORPORATION ONE MICROSOFT WAY REDMOND WA 98052 AZURE PIPELINES 922514 GASCH PRINTING LLC 1780 CROSSROADS DR ODENTON MD 21113 PRINTER 915243 INNODATA ISOGEN 55 CHALLENGER RD STE 202 RIDGEFIELD PARK NJ 07660 XML CONVERSION 614399 KALEIDOSCOPE LEARNING INC 287 PARK AVE SOUTH 2ND FL NEW YORK NY 10010 CONSULTING 578189 38 25000 25000 25000 PROGRAMS, SEMINARS & CONFERENCES 611600 84263491 84263491 PLI PLUS 519100 5792849 5792849 90056340 760774 760774 16563 13717 2846 2846 2846 16384877 11147543 5237334 5237334 5237334 2882303 1261174 1621129 1621129 97703423 91677469 2846 5998108 26304108 26304108 2412 2412 6208868 4231623 1977245 26228965 23577988 2650977 2047269 1796891 250378 4613033 4038058 574975 2320221 2070697 249524 1221895 1006800 215095 206417 30054 176363 220848 220848 521726 521726 1255788 1255788 870344 829445 40899 4639540 4330701 308839 657325 657325 5966519 5590538 375981 243318 234101 9217 1529138 1529138 276204 276204 3144185 3012470 131715 462194 421026 41168 OTHER POST RETIREMENT E 1256000 1132261 123739 TELECOMMUNICATION 370611 336169 34442 TRAINING 123034 105935 17099 OFFICE EQUIPMENT 93576 86812 6764 304943 304943 91088481 83161487 7926994 0 5366284 18754608 142236 193710 2597175 2717980 467626 502618 1779160 1765970 62782370 43180731 16476473 19601639 41105702 37609989 58642455 65009896 1607700 1462400 3236557 3677957 131421368 151296767 7645419 8078705 25921276 28674963 9250000 11500000 24563122 28123735 67379817 76377403 X 64041551 74919364 64041551 74919364 131421368 151296767 X 6614942 6279604 -2016733 X 0 1 X 1 0 X 25000 25000 88938232 95936327 102475290 81235977 91677469 460263295 88938232 95936327 102475290 81235977 91702469 460288295 0 0 0 460288295 874456 867047 789690 1093397 777337 4401927 874456 867047 789690 1093397 777337 4401927 5697 15793 21490 12521 16401 2275 1000000 1031197 89825209 96825472 103283048 83329374 92479806 465742909 0.98830 0.98800 0.00950 0.00960 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MAILING LIST RENTALS - 2016 AMOUNT: $ 12,521. 2017 AMOUNT: $ 16,401. 2018 AMOUNT: $ 2,275. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. GAIN FROM INSURANCE CLAIM - 2016 AMOUNT: $ 0. 2017 AMOUNT: $ 0. 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 1,000,000. 2020 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 25000 106406 0 16366226 5549962 10816264 14327774 12189730 2138044 32088370 25441039 6647331 19601639 ALTERNATIVE MUTUAL FUNDS 53077295 F HEDGE FUNDS 11932601 F 65009896 ACCRUED POST-RETIREMENT BENEFITS 18549000 DEFERRED RENT PAYABLE 9574735 28123735 X 78429672 6279604 -26306520 -20026916 98456588 521726 -1274891 -753165 97703423 65535126 1274891 1274891 64260235 521726 26306520 26828246 91088481 PART III, LINE 4: THE ARTWORK HELD BY PLI CONSISTS OF PORTRAITS OF THE FOUNDER AND FORMER BOARD MEMBERS OF PLI. THE PORTRAITS WERE PREVIOUSLY DISPLAYED IN PLI CONFERENCE ROOMS BUT ARE IN STORAGE CURRENTLY. PART X, LINE 2: THE INSTITUTE FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS ""MORE-LIKELY-THAN-NOT"" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE INSTITUTE IS EXEMPT FROM FEDERAL INCOME TAX UNDER IRC SECTION 501(C)(3), THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. PLI HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE INSTITUTE HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED FROM REVENUE -26,306,520. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -1,261,174. RENTAL EXPENSES -13,717. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 1,261,174. RENTAL EXPENSES 13,717. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED FROM REVENUE 26,306,520. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 11932601 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES 1538 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES 874 0 0 0 0 0 0 11935013 0 11935013 1 0 1 0 0 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART I, LINE 2 THE SCHOLARSHIPS ARE MONITORED BY THE INSTITUTE'S SCHOLARSHIP AND SPECIAL PROJECT MANAGEMENT AND SCHOLARSHIP COMMITTEE. APPLICATIONS ARE SUBMITTED TO THE SCHOLARSHIP COMMITTEE. APPLICATIONS ARE EVALUATED AND AWARDED BASED ON THE CRITERIA ESTABLISHED BY THE COMMITTEE. NOTIFICATIONS OF SCHOLARSHIPS ARE FORWARDED TO THE APPLICANT PRIOR TO THE START OF THE SERVICE. SCHEDULE F, PART IV THE INSTITUTE HOLDS INVESTMENTS IN VARIOUS HEDGE FUNDS THAT ARE INCORPORATED IN FOREIGN JURISDICTIONS AND VARIOUS UNITED STATES LIMITED PARTNERSHIPS THAT MAY MAKE INVESTMENTS IN FOREIGN CORPORATIONS. WHILE THE INSTITUTE DOES HAVE AN OWNERSHIP INTEREST IN A FOREIGN CORPORATION AND IS, THEREFORE, REQUIRED TO MARK QUESTION 2 YES, ITS OWNERSHIP PERCENTAGE DOES NOT REACH THE THRESHOLD REQUIRED TO FILE A FORM 5471. TO THE EXTENT THE INSTITUTE IS REQUIRED TO FILE ANY OF THE FORMS LISTED IN PART IV, THEY WILL BE ATTACHED TO A FORM 990-T FILING. 1 COURSE/PROGRAM SCHOLARSHIPS 16003 26304108 FMV PLI PRODUCTS SCHEDULE I, PART I, LINE 2 THE SCHOLARSHIPS ARE MONITORED BY THE PLI SCHOLARSHIP AND SPECIAL PROJECT MANAGEMENT AND SCHOLARSHIP COMMITTEE. APPLICATIONS ARE SUBMITTED TO THE SCHOLARSHIP COMMITTEE NO LATER THAN 4 WEEKS PRIOR TO THE START OF THE SERVICE. APPLICATIONS ARE EVALUATED AND AWARDED BASED ON THE CRITERIA ESTABLISHED BY THE COMMITTEE. NOTIFICATIONS OF SCHOLARSHIPS ARE FORWARDED TO THE APPLICANT PRIOR TO THE START OF THE SERVICE. X 1 1 X X X X X 0 1 0 1 0 0 0 1 0 ANITA C SHAPIRO PRESIDENT (THRU 09/20) 555693 0 0 0 181665 0 48381 0 21989 0 807728 0 145309 0 CRAIG MILLER SR VP MEMSHP/ITRM PRES AS OF 9/20 346978 0 122607 0 0 0 46518 0 5530 0 521633 0 0 0 FRANK DEVIVO TREASURER & CFO 371991 0 0 0 0 0 37004 0 36162 0 445157 0 0 0 CHRISTOPHER ROUSSEAU CHIEF INFORMATION OFFICER 362203 0 0 0 0 0 36386 0 31023 0 429612 0 0 0 GEORGE M WILSON DIRECTOR, SEC INSTITUTE 335530 0 0 0 0 0 28500 0 35064 0 399094 0 0 0 DAVID SMITH VP MARKETING & COMMUNICATION 302610 0 0 0 0 0 30698 0 38040 0 371348 0 0 0 JAMES SCAFIDI SENIOR DIRECTOR OF SALES 215690 0 84087 0 0 0 28500 0 37036 0 365313 0 0 0 ALAN G COHEN CHIEF BUS. OFF. 299588 0 0 0 0 0 0 0 4356 0 303944 0 0 0 JOAN D STERNBERG SENIOR VP HR 283838 0 0 0 0 0 27812 0 19794 0 331444 0 0 0 KARA O'BRIEN VP PROGRAM 243683 0 0 0 0 0 25042 0 37293 0 306018 0 0 0 JANET L SIEGEL DIRECTOR PROBONO SERVICES 240823 0 0 0 0 0 23186 0 22292 0 286301 0 0 0 MARK D DIGHTON DIRECTOR OF PATENT OFFICE 231291 0 0 0 0 0 22934 0 15313 0 269538 0 0 0 RICHARD E REIBEN DIRECTOR, LEGAL RESEARCH DEVELOPMENT 193946 0 31586 0 0 0 23180 0 45514 0 294226 0 0 0 PART I, LINE 1A SOCIAL CLUBS DUES THE INSTITUTE REIMBURSES PRESIDENT, ANITA C. SHAPIRO, FOR HER CLUB DUES. THE CLUB MEMBERSHIP IS USED FOR BUSINESS PURPOSES AND HAS BEEN APPROVED BY THE BOARD OF DIRECTORS. PART I, LINE 4B SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS ANITA C. SHAPIRO PARTICIPATED IN THE 457(F) PLAN AND RECEIVED A PAYOUT OF $176,668 IN 2020. CRISTOPHER ROUSSEAU, DAVID SMITH, AND FRANK DEVIVO ALSO PARTICIPATED IN THE 457(F) PLAN BUT DID NOT RECEIVE PAYMENTS IN 2020. PART I, LINE 5 COMPENSATION CONTINGENT ON REVENUE THE PRACTISING LAW INSTITUTE PAID ADDITIONAL COMPENSATION TO THE FOLLOWING INDIVIDUALS REPORTED ON SCHEDULE J: CRAIG MILLER, JAMES SCAFIDI AND RICHARD REIBEN. THESE ADDITIONAL COMPENSATION AMOUNTS WERE GRANTED BASED ON THE INDIVIDUALS MEETING CERTAIN SALES TARGETS AND PERFORMANCE OBJECTIVES. PART I, LINE 7 NON-FIXED PAYMENTS THE PRACITSING LAW INSTITUTE PAID ADDITIONAL COMPENSATION TO CRAIG MILLER, JAMES SCAFIDI AND RICHARD REIBEN. THESE PAYMENTS WERE GRANTED ON SALES TARGETS AND OBJECTIVE PERFORMANCE-BASED METRICS APPROVED BY THE BOARD OF TRUSTEES AND MEMORIALIZED IN THE BOARD MINUTES. NONE OF THESE INDIVIDUALS HAD ANY INPUT INTO THE PAYMENTS THAT WERE AWARDED. X 1 25000 FMV 0 0 0 PART I, COLUMN (B): PLI IS REPORTING THE NUMBER OF ITEMS RECEIVED. FORM 990, PART I, LINE 6 VOLUNTEER VOLUNTEER INSTRUCTIONAL SERVICES ARE PROVIDED BY ATTORNEYS AND OTHERS IN THE LEGAL PROFESSION. THE VALUE OF THE VOLUNTEER SERVICES HAS NOT BEEN REFLECTED IN THE FINANCIAL STATEMENTS AS THE NATURE OF THESE SERVICES DOES NOT MEET THE CRITERIA FOR RECOGNITION OF CONTRIBUTED SERVICES UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA. FORM 990, PART III, LINE 1 ORGANIZATION'S MISSION (CONTINUED) THE INSTITUTE IS CHARTERED BY THE REGENTS OF THE UNIVERSITY OF THE STATE OF NEW YORK, AND WAS FOUNDED IN 1933 BY HAROLD P. SELIGSON. THE INSTITUTE PROVIDES THE HIGHEST QUALITY, ACCREDITED, CONTINUING LEGAL AND PROFESSIONAL EDUCATION PROGRAMS IN A VARIETY OF FORMATS WHICH ARE DELIVERED BY 3,897 VOLUNTEER FACULTY INCLUDING PROMINENT LAWYERS, JUDGES, INVESTMENT BANKERS, ACCOUNTANTS, CORPORATE COUNSEL, AND U.S. AND INTERNATIONAL GOVERNMENT REGULATORS. THE INSTITUTE PUBLISHES A COMPREHENSIVE LIBRARY OF TREATISES, COURSE HANDBOOKS AND ANSWER BOOKS THAT ARE ALSO AVAILABLE THROUGH THE PLI PLUS ONLINE PLATFORM. A SIGNIFICANT PART OF THE INSTITUTE'S MISSION IS A COMMITMENT TO THE PRO BONO COMMUNITY. FORM 990, PART VI, SECTION B, LINE 11B 990 REVIEW PROCESS THE PRACTISING LAW INSTITUTE'S FORM 990 WAS PREPARED BY A NATIONALLY RENOWNED ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCIAL DEPARTMENT. A COPY OF THE DRAFT FORM 990 WAS CIRCULATED TO THE BOARD OF TRUSTEES AFTER REVIEW BY SENIOR MANAGEMENT AND THE AUDIT COMMITTEE. EACH BOARD MEMBER WAS PROVIDED AMPLE OPPORTUNITY TO COMMENT ON THE INFORMATION CONTAINED IN THE 990 PRIOR TO ITS ELECTRONIC FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT EACH TRUSTEE OF THE PRACTISING LAW INSTITUTE IS REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST THAT ARISE BY VIRTUE OF EMPLOYMENT, BOARD SERVICE, OR POSITION WITH THE ORGANIZATION. PRACTISING LAW INSTITUTE MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH AN ANNUAL QUESTIONNAIRE/DISCLOSURE STATEMENT THAT IS DISTRIBUTED TO THESE INDIVIDUALS. POTENTIAL CONFLICTS ARE INVESTIGATED IMMEDIATELY. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION PRACTISING LAW INSTITUTE UNDERTAKES A THOROUGH PROCESS TO ENSURE THAT THE EXECUTIVE COMPENSATION IT PAYS TO ITS MANAGEMENT AND ALL OF THE OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION IS REASONABLE GIVEN THE MARKET IN WHICH IT OPERATES. IN RELEVANT PART, THE BOARD OF TRUSTEES HAS ESTABLISHED A COMPENSATION COMMITTEE OF INDEPENDENT PERSONS THAT HAVE NO PERSONAL INTERESTS IN THE PROPOSED COMPENSATION AGREEMENT. THE COMPENSATION COMMITTEE UTILIZED BENCHMARK DATA, SURVEYS, AND OTHER REPORTS TO DERIVE THE PRESIDENT'S SALARY. THE PRESIDENT HAS NO DECISION-MAKING AUTHORITY WITH RESPECT TO HER OWN COMPENSATION ARRANGEMENT. THE BOARD OF TRUSTEES, BASED ON THE RECOMMENDATIONS FROM THE INSTITUTE'S COMPENSATION COMMITTEE, WHO REVIEWS COMPARABILITY DATA, WILL APPROVE ANNUAL RAISES FOR ALL OFFICERS AND KEY EMPLOYEES IN ADDITION TO A RANGE OF SALARY INCREASES FOR ALL OTHER EMPLOYEES. EMPLOYEES ARE ELIGIBLE FOR MERIT INCREASES BASED ON PERFORMANCE EVALUATIONS, WHICH ARE SUMMARIZED AND SUBMITTED TO THE INSTITUTE'S PRESIDENT AND THEN REVIEWED BY THE INSTITUTE'S PRESIDENT AND THEN REVIEWED BY THE INSTITUTE'S COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS TO THE PUBLIC THE INSTITUTE MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC BY RETAINING A COPY AT ITS PLACE OF BUSINESS. THE INSTITUTE'S FINANCIAL STATEMENTS ARE AVAILABLE ON THEIR WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC, HOWEVER, IF REQUESTED, THEY WILL BE PROVIDED AT THE INSTITUTE'S DISCRETION. FORM 990, PART XI, LINE 9: PENSION RELATED ADJUSTMENT OTHER THAN NET PERIODIC PENSION EXPENSE -2,016,733. COVID-19 PANDEMIC IMPLICATIONS IN MARCH OF 2020, THE WORLD HEALTH ORGANIZATION OFFICIALLY DECLARED COVID-19, A DISEASE CAUSED BY THE NOVEL CORONAVIRUS, A PANDEMIC. THIS CAUSED MANY LOCAL AND NATIONAL GOVERNMENTS, INCLUDING NEW YORK STATE AND THE STATE OF CALIFORNIA, TO IMPOSE RESTRICTIONS ON BUSINESS OPERATIONS, TRAVEL AND TIME SPENT OUTSIDE THE HOME. THE OUTBREAK HAS ADVERSELY IMPACTED THE LEVEL OF ECONOMIC ACTIVITY AROUND THE WORLD AND DISRUPTED NORMAL BUSINESS ACTIVITY IN EVERY SECTOR OF THE ECONOMY. THE FULL IMPACT OF THE COVID-19 OUTBREAK CONTINUES TO EVOLVE AS OF THE DATE OF THIS REPORT. EXTERNAL FACTORS, INCLUDING THE DURATION AND INTENSITY OF THE PANDEMIC, THE SHAPE OF THE ECONOMIC RECOVERY ACROSS THE GLOBE, AS WELL AS TIMING AND WIDESPREAD ADOPTION OF VACCINES, WILL ALL HAVE AN IMPACT ON THE INSTITUTE'S OPERATING RESULTS. DUE TO THE MANY UNCERTAINTIES ASSOCIATED WITH THE PANDEMIC, MANAGEMENT IS UNABLE TO DETERMINE THE FULL MAGNITUDE IT MAY HAVE ON THE INSTITUTE'S FINANCIAL CONDITION, LIQUIDITY AND FUTURE RESULTS, OR THE IMPLICATIONS ON PROGRAMS AND THE CUSTOMER EXPERIENCE. AS A RESULT OF THE PANDEMIC, THE INSTITUTE CLOSED ITS OFFICE LOCATIONS AND CONFERENCE CENTERS BEGINNING IN MID-MARCH 2020 AND OPERATED THE REMAINDER OF THE YEAR IN A REMOTE, ONLINE ENVIRONMENT. A ROBUST REMOTE LEARNING PLAN WAS ADOPTED AND IMPLEMENTED FOR THE INSTITUTE'S CUSTOMERS. IN KEEPING WITH BEST PRACTICES AND CORE PRINCIPLES, PROGRAM PARTICIPANTS RECEIVED INSTRUCTION TO SUPPORT A LEARNING EXPERIENCE THAT WAS POSITIVE AND PRODUCTIVE. TO MITIGATE THE IMPACT OF THE VIRUS, THE INSTITUTE HAS INCORPORATED ENHANCED SOCIAL DISTANCING, USE OF PERSONAL PROTECTIVE EQUIPMENT, AND A COMBINATION OF REMOTE AND IN-PERSON PROGRAMS IN 2021. THE INSTITUTE CONTINUES TO PROVIDE INSTRUCTION REMOTELY IN THE FIRST HALF OF 2021. IN THE SECOND HALF OF 2021 THE INSTITUTE ENVISIONS GRADUALLY INCREASING THE NUMBER OF IN-PERSON INSTRUCTIONAL DAYS WITH ONLY FACULTY PRESENT IN OUR CONFERENCE CENTERS IN THE BEGINNING AND WITH PARTICIPANTS ATTENDING TOWARDS THE END OF 2021.