2021-03-18T11:26:45-05:00 2020-06-30 420714325 RSM US LLP 201 FIRST ST SE SUITE 800 CEDAR RAPIDS IA 52401 990 2019-07-01 426081293 PALMER COLLEGE FOUNDATION PALM 5638845000 1000 BRADY STREET DAVENPORT IA 52803 JENNIFER RANDAZZO VICE CHANCELLOR FOR FINANCE 5638845871 2021-03-18 1 CARLEY LANE P00982177 3192985333 2021-03-18 2019 2022-09-23 18:48:47Z PALMER COLLEGE OF CHIROPRACTIC DENNIS MARCHIORI DC 1000 BRADY STREET DAVENPORT IA 52803 74112916 0 X WWW.PALMER.EDU X 1907 IA THE MISSION OF PALMER COLLEGE OF CHIROPRACTIC IS TO PROMOTE LEARNING, DELIVER HEALTH CARE, ENGAGE OUR COMMUNITIES AND ADVANCE KNOWLEDGE THROUGH RESEARCH. 13 12 1128 304 12303 911 4668197 3757718 64014974 64896756 2993447 2568993 2009563 1859104 73686181 73082571 2743270 3265967 0 0 33636263 34573210 40374 78696 255523 28293082 26597087 64712989 64514960 8973192 8567611 199586182 216517203 36344845 44441355 163241337 172075848 X THE MISSION OF PALMER COLLEGE OF CHIROPRACTIC, BASED UPON THE PALMER TENETS, IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC QUALIFIED TO SERVE AS DIRECT ACCESS TO PRIMARY HEALTH CARE PROVIDERS AND CLINICIANS, COMPETENT IN WELLNESS PROMOTION, HEALTH ASSESSMENT, DIAGNOSIS AND THE CHIROPRACTIC MANAGEMENT OF THE PATIENT'S HEALTH CARE NEEDS. PALMER IS COMMITTED TO ADVANCING THE UNDERSTANDING OF CHIROPRACTIC THROUGH RESEARCH; TO PROVIDING SERVICE TO THE FIELD OF CHIROPRACTIC, INCLUDING CONTINUING EDUCATION; AND TO SERVING HUMANITY THROUGH PATIENT CARE AND COMMUNITY EDUCATION. 0 0 41508941 3265967 64451622 TEACHING THE ART OF CHIROPRACTIC AND OTHER ACTIVITIES RELATED TO EDUCATION. ENROLLMENT CONSISTS OF 1,742 FULL TIME AND 22 PART TIME STUDENTS AS OF 6/30/2020. 2927805 445134 AUXILIARY ENTERPRISES AND ACTIVITIES RELATED TO OPERATION OF BOOKSTORE, CAFETERIA, PRINT SHOP, AND CONTINUING EDUCATION PROGRAMS. 44436746 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 0 1 1 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 1 2237 0 1 1128 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 13 12 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 AK CA MD NH OR SC WA X JENNIFER RANDAZZO 5638845141 1000 BRADY STREET DAVENPORT IA 52803 DENNIS MARCHIORI DC CEO/CHANCELLOR 30.00 10.00 X 499110 0 63883 DAN WEINERT DC EXECUTIVE VICE PRESIDENT 30.00 10.00 X 240504 0 54530 PETER MARTIN DC CAMPUS PRESIDENT 40.00 X 252160 0 36333 WILLIAM MEEKER DC CAMPUS PRESIDENT 0.00 40.00 X 234201 0 39708 KEVIN CUNNINGHAM DC VICE CHANCELLOR 40.00 X 192292 0 45986 ROBERT PERCUOCO DC VICE CHANCELLOR 40.00 X 195519 0 48886 CYNTHIA LONG DC DEAN OF RESEARCH 40.00 X 193760 0 22918 BARBARA MELBOURNE VICE CHANCELLOR 40.00 X 195098 0 20369 JENNIFER RANDAZZO VICE CHANCELLOR FINANCE/TREASURER 30.00 10.00 X 174500 0 35820 JAMES O'CONNOR VICE CHANCELLOR 40.00 X 169620 0 36515 IAN MCLEAN DIRECTOR CLINICAL RADIOLOGY 40.00 X 162491 0 35596 LYNNE LINDSTROM EXECUTIVE DIRECTOR OF BOARD AFFAIRS 30.00 10.00 X 83205 0 28632 THOMAS TIEMEIER FORMER TREASURER 20.00 10.00 X 101454 0 6113 KENT PILCHER BOARD MEMBER 1.00 1.00 X 1981 0 0 PAUL VANDUYNE PE DC VICE CHAIRPERSON 5.00 2.00 X X 1900 0 0 VICKIE A PALMER HCD SECRETARY GENERAL 1.00 1.00 X X 1590 0 0 DONNA CRAFT DC BOARD MEMBER 1.00 1.00 X 1458 0 0 DON BETZ PHD BOARD MEMBER 1.00 1.00 X 1418 0 0 BARRY L MCALPINE DC FORMER BOARD MEMBER 1.00 1.00 X 1369 0 0 DONALD DOUCETTE PHD BOARD MEMBER 1.00 1.00 X 1318 0 0 KENNETH R KOUPAL BOARD MEMBER 1.00 1.00 X 1161 0 0 SUSAN HATFIELD PHD BOARD MEMBER 1.00 1.00 X 1093 0 0 MICHAEL CHANCE DC BOARD MEMBER 1.00 1.00 X 947 0 0 KENT M FORNEY HCD FORMER VICE CHAIRPERSON 5.00 2.00 X X 0 0 0 PATRICIA HARDAWAY JD BOARD MEMBER 1.00 1.00 X 0 0 0 NATHAN HINKELDEY DC DACRB BOARD MEMBER 1.00 1.00 X 0 0 0 TREVOR V IRELAND DC CHAIRPERSON 20.00 10.00 X X 0 0 0 CHARLES KELLER DC MA BOARD MEMBER 1.00 1.00 X 0 0 0 2708149 0 475289 61 0 1 0 ESTES COMPANY PO BOX 3608 DAVENPORT IA 52808 CONSTRUCTION 2537532 RYAN AND ASSOCIATES 10955 160TH STREET DAVENPORT IA 52809 CONSTRUCTION 1277743 FBG SERVICE CORPORATION 407 S 27TH AVENUE OMAHA NE 68131 JANITORIAL & LAWN CARE 838510 STUDIO 483 ARCHITECTURE LLC 124 ARTS ALLEY ROCK ISLAND IL 61201 DESIGN 833219 ARAMARK 1101 MARKET STREET PHILADELPHIA PA 19107 FOOD SERVICE 819684 22 2383122 1374596 42101 3757718 TUITION AND FEES 611600 63078637 63078637 CLINIC REVENUE 611710 1372985 1372985 AUXILIARY ENTERPRISES 611600 445134 445134 64896756 2616591 2616591 973020 0 973020 973020 973020 1321 5521 0 54440 1321 -48919 -47598 -47598 1154443 975905 178538 178538 RESEARCH EXP RECOVERY 900099 262474 262474 INT ON LOANS RECEIVABLE 900099 225667 225667 SUNDRY INCOME 900099 160809 160809 58596 12303 46293 707546 73082571 64896756 12303 4415794 X 26000 26000 3239967 3239967 2001913 71842 1930071 25240030 19759316 5480714 7331267 5400420 1930847 211752 211752 123850 123850 78696 78696 7436755 4064387 3207276 165092 650234 518901 131333 828347 157397 669082 1868 3889818 2722873 1166945 488790 259603 225248 3939 371470 120019 245703 5748 457513 457513 5162897 5162897 1320123 9334 1310789 UNRELATED BUS INC TAX 116 116 SUPPLIES 1707501 399990 1307331 180 CAMPUS SECURITY 767709 767709 STUDENT AID 736568 736568 2443644 1329603 1114041 64514960 44436746 19822691 255523 553506 483686 17005123 29295963 4928500 3492831 998508 1136875 867696 947161 744285 623554 169588393 71784367 91427921 97804026 73100021 74061747 6562355 5295642 3398267 3375718 199586182 216517203 5358897 10412933 8107141 3986107 2051250 1985243 19253147 20429414 627698 417227 6256000 946712 954431 36344845 44441355 X 116430951 128482032 46810386 43593816 163241337 172075848 199586182 216517203 X 8567611 1951196 -1684296 X X 0 1 X 1 1 1 X 4358376 6590344 8984394 4668197 3757718 28359029 4358376 6590344 8984394 4668197 3757718 28359029 6583337 21775692 1614443 2110713 2666551 4257692 3589611 14239010 5244 1911 7155 849636 918821 744690 670559 695243 3878949 46484143 321361276 0.46850 0.47490 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 500 302580 X X 0 58558426 369124 3507212 959282 1093443 60382037 55188850 1294687 3192228 672214 445125 58558426 52337295 516493 3746605 879016 532527 55188850 42769224 5645310 5323192 943290 457141 52337295 43206945 1403826 -142091 1268750 430706 42769224 0.38000 0.62000 0.00000 0 0 5655553 5655553 123531772 50821913 72709859 11628516 8090456 3538060 20396398 12871998 7524400 8376154 8376154 97804026 ANNUITIES PAYABLE 337000 CONDITIONAL ASSET RETIREMENT OBLIGATION 617431 954431 X 72919155 1951196 811030 2762226 70156929 2925642 2925642 73082571 64090344 2501026 2501026 61589318 2925642 2925642 64514960 PART III, LINE 4: THE ART IS A COLLECTION OF ORIENTAL ART, SCULPTURES AND ARTIFACTS ACQUIRED BY THE PALMER FAMILY IN ITS TRAVELS IN THE EARLY 20TH CENTURY. THE COLLECTION WAS LATER DONATED TO THE COLLEGE BY THE FAMILY. THE CHIROPRACTIC PROFESSION WAS FOUNDED BY D.D. PALMER AND DEVELOPED BY FUTURE GENERATIONS OF PALMERS. IN THOSE EARLY YEARS THE DEVELOPMENT OF THE PROFESSION WAS CLOSELY LINKED TO THE FAMILY HISTORY. TO OUR STUDENTS WHO STUDY THE PHILOSOPHY, SCIENCE AND ART OF CHIROPRACTIC, THIS COLLECTION IS TANGIBLE EVIDENCE OF THE HISTORY OF THE CHIROPRACTIC PROFESSION. PART V, LINE 4: ENDOWMENT FUNDS ARE USED FOR STUDENT SCHOLARSHIPS, EDUCATIONAL ACTIVITIES SUPPORT, GENERAL INSTITUTIONAL SUPPORT AND PLANT. PART X, LINE 2: THE FOUNDATION AND COLLEGE ARE RECOGNIZED AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE FOUNDATION AND COLLEGE MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAXES ON ANY NET INCOME FROM UNRELATED BUSINESS ACTIVITIES. THE FOUNDATION AND COLLEGE FILE A FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY AND UNRELATED BUSINESS INCOME (UBI) IS REPORTED ON FORM 990-T, AS APPROPRIATE. MANAGEMENT HAS EVALUATED THEIR MATERIAL TAX POSITIONS, WHICH INCLUDE SUCH MATTERS AS THE TAX EXEMPT STATUS OF EACH ENTITY AND VARIOUS POSITIONS RELATIVE TO POTENTIAL SOURCES OF UBI. AS OF JUNE 30, 2020 AND 2019, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED WITH REVENUES 975,905. EXPENSES NETTED WITH REVENUE -168,538. ATHLETIC TRUST REVENUE 3,663. PART XI, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL GRANTS 2,925,642. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED WITH REVENUES 975,905. REVENUE RECLASSIFIED AS EXPENSES -168,538. GAIN ON INTEREST RATE SWAP 1,684,296. ATHLETIC TRUST EXPENSES 9,363. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL GRANTS 2,925,642. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PALMER COLLEGE OF CHIROPRACTIC PUBLISHES ITS EQUAL OPPORTUNITY STATEMENT IN PRINTED MATERIALS THROUGHOUT THE STUDENT RECRUITMENT AND ORIENTATION PERIOD. PALMER COLLEGE OF CHIROPRACTIC DOES NOT ROUTINELY USE NEWSPAPER OR BROADCAST MEDIA IN ITS STUDENT RECRUITMENT EFFORTS. HOWEVER, THE COLLEGE DOES PUBLICIZE ITS RACIALLY NONDISCRIMINATORY POLICY IN A WAY THAT MAKES THE POLICY KNOWN TO PROSPECTIVE STUDENTS BY PUBLISHING THE COLLEGE'S EQUAL OPPORTUNITY STATEMENT IN PRINTED MATERIALS PROVIDED THROUGHOUT THE STUDENT RECRUITMENT PERIOD. IN ADDITION, THE FOUNDATION'S EQUAL OPPORTUNITY STATEMENT IS PROVIDED TO CURRENT STUDENTS AND THE GREATER COLLEGE COMMUNITY IN THE COLLEGE CATALOG, WHICH IS AVAILABLE IN PRINT AND ON THE PALMER WEBSITE, AS WELL AS IN THE STUDENT HANDBOOK, WHICH IS DISTRIBUTED TO ALL STUDENTS DURING THE STUDENT ORIENTATION PROGRAM. SCHEDULE E, PART I, LINE 6 FINANCIAL AID OR ASSISTANCE IS RECEIVED FROM THE FOLLOWING GOVERNMENTAL AGENCIES: PELL GRANT PROGRAM SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (SEOG) FEDERAL WORK STUDY PROGRAMS (FWS) PERKINS LOAN PROGRAM DEPARTMENT OF HEALTH AND HUMAN SERVICES (HHS) NATIONAL INSTITUTE OF HEALTH (NIH) HEALTH RESOURCES AND SERVICES ADMINISTRATION (HRSA) X X X X X X 1 GONSER GERBER 1776 LEGACY CIRCLE STE 100 NAPERVILLE IL 60563 FUNDRAISING CONSULTING 0 0 52696 -52696 WASTYN & ASSOCIATES 1300 LAKESIDE CT PORT BYRON IL 61275 FUNDRAISING CONSULTING 0 0 26000 -26000 78696 -78696 AK AZ MD NH OR WA AL AR CA CT DE DC FL GA HI ID IL IN IA KS KY ME MN MS MO MT NE NV NJ NM NC ND OH OK PA RI SD TN TX UT VA VT WV WI WY SC LA 1 FOUNDATION FOR CHIROPRACTIC PROGRESS PO BOX 560 CARMICHAEL CA 95609 202137895 501(C)(6) 26000 N/A N/A GENERAL FUND - TO SUPPORT MISSION OF EDUCATING THE PUBLIC ON CHIROPRACTIC HEALTHCARE 0 1 EDUCATIONAL GRANTS 1577 2263733 N/A N/A SCHOLARSHIPS 401 976234 N/A N/A PART I, LINE 2: THE FOUNDATION MONITORS ELIGIBILITY FOR THESE AWARDS BY ASSESSING STUDENT RECORDS, FINANCIAL NEED AND ACADEMIC PERFORMANCE. THE SCHOLARSHIP COMMITTEE REVIEWS APPLICATIONS FOR AWARDS. X X 1 1 X X X X 0 1 0 0 0 0 0 1 0 DENNIS MARCHIORI DC CEO/CHANCELLOR 407869 0 84050 0 7191 0 31105 0 32778 0 562993 0 0 0 DAN WEINERT DC EXECUTIVE VICE PRESIDENT 209269 0 30000 0 1235 0 22412 0 32118 0 295034 0 0 0 PETER MARTIN DC CAMPUS PRESIDENT 244455 0 2000 0 5705 0 18956 0 17377 0 288493 0 0 0 WILLIAM MEEKER DC CAMPUS PRESIDENT 227684 0 3000 0 3517 0 18670 0 21038 0 273909 0 0 0 KEVIN CUNNINGHAM DC VICE CHANCELLOR 179671 0 9000 0 3621 0 17555 0 28431 0 238278 0 0 0 ROBERT PERCUOCO DC VICE CHANCELLOR 182691 0 11000 0 1828 0 15485 0 33401 0 244405 0 0 0 CYNTHIA LONG DC DEAN OF RESEARCH 151971 0 40000 0 1789 0 12469 0 10449 0 216678 0 0 0 BARBARA MELBOURNE VICE CHANCELLOR 173309 0 20000 0 1789 0 17600 0 2769 0 215467 0 0 0 JENNIFER RANDAZZO VICE CHANCELLOR FINANCE/TREASURER 159326 0 15000 0 174 0 13080 0 22740 0 210320 0 0 0 JAMES O'CONNOR VICE CHANCELLOR 160429 0 8000 0 1191 0 14977 0 21538 0 206135 0 0 0 IAN MCLEAN DIRECTOR CLINICAL RADIOLOGY 159674 0 0 0 2817 0 10580 0 25016 0 198087 0 0 0 PART I, LINE 1A FIRST CLASS OR CHARTER TRAVEL - FIRST CLASS TRAVEL IS ONLY PERMITTED BY THE CURRENT CHAIRMAN OF THE BOARD OF TRUSTEES SINCE HE IS LOCATED IN ANCHORAGE, ALASKA. CHARTER TRAVEL IS ALLOWED IF IT IS LESS EXPENSIVE THAN INDIVIDUAL AIRFARE WHEN A GROUP IS TRAVELING. THESE BENEFITS ARE NOT TREATED AS TAXABLE INCOME. TRAVELS FOR COMPANIONS - FOR ONE BOARD MEETING A YEAR, SPOUSES OF BOARD MEMBERS ARE INVITED TO ATTEND A BOARD MEETING. THE COLLEGE DOES REIMBURSE THE BOARD MEMBER FOR THE SPOUSE'S TRAVEL AND EACH BOARD MEMBER IS PROVIDED AN IRS FORM 1099 FOR THE COST OF THAT TRAVEL. ON A LESS FREQUENT BASIS, SPOUSES OF EXECUTIVES ARE INVITED TO BOARD MEETINGS. THE COST OF THAT TRAVEL IS ADDED TO AN EMPLOYEE'S IRS FORM W-2. PART I, LINE 4B THE ORGANIZATION MAINTAINS A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE PLAN PROVIDES FOR THE ORGANIZATION TO MAKE CONTRIBUTIONS FOR ELIGIBLE EMPLOYEES. CONTRIBUTIONS DURING THE YEAR TOTALED $12,751 FOR DENNIS MARCHIORI, $5,000 FOR DAN WEINERT, $2,000 FOR KEVIN CUNNINGHAM, $2,000 FOR JAMES O'CONNOR AND $5,000 FOR BARBARA MELBOURNE. PART I, LINE 7 EXECUTIVE ADMINISTRATORS REPORTING DIRECTLY AND PRIMARILY TO THE CHANCELLOR ARE AWARDED BONUSES ON A DISCRETIONARY BASIS DETERMINED BY THE CHANCELLOR USING A REVIEW OF DIFFERENT FACTORS SUCH AS COLLEGE, DIVISION AND DEPARTMENT OUTCOMES. THE FUNDS USED FOR THESE BONUSES ARE DETERMINED BY THE CHANCELLOR AND VICE CHANCELLOR OF FINANCE BASED ON A REVIEW OF FINANCES AND GENERAL ACCOMPLISHMENTS OF THE ADMINISTRATION. ADMINISTRATORS AND STAFF BELOW THE ORGANIZATIONAL LEVEL ARE ALSO ELIGIBLE FOR DISCRETIONARY BONUSES REVIEWED BY THE EXECUTIVE ADMINISTRATION TEAM. PART II WILLIAM MEEKER IS EMPLOYED BY PALMER COLLEGE FOUNDATION, HOWEVER, HIS SERVICES ARE PERFORMED FOR PALMER COLLEGE OF CHIROPRACTIC WEST AND HIS FULL COMPENSATION IS REIMBURSED BY WEST TO THE FOUNDATION. A IOWA HIGHER EDUCATION LOAN AUTHORITY 421235696 000000000 2019-06-28 21500000 RENOVATION OF BUILDINGS - DAVENPORT CAMPUS 0 0 0 B CITY OF PORT ORANGE FLORIDA 596000412 000000000 2019-06-28 18460000 SEE PART VI 0 0 0 A 21500000 100000 895019 20504981 2021 0 0 0 1 B 858334 18460000 110400 18349600 2005 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 1 US BANK 5.000000000000 0 0 0 0 1 B 0 1 0 0 1 1 US BANK 5.000000000000 0 0 0 0 1 A 1 B 1 PART I, LINE B(F) REFUND SERIES 2010 NOTE - ALLOCATED TO REFUNDING LOANS I) CURRENTLY REFUND PRIOR PORT ORANGE BONDS IN AGGREGATE PRINCIPAL AMOUNT OF $13,020,000 ISSUED 8/15/2002 USED FOR CONSTRUCTION OF EDUCATIONAL FACILITIES LOCATED IN PORT ORANGE, FL, II) CURRENTLY REFUND PRIOR IHELA BONDS IN AGGREGATE PRINCIPAL AMOUNT OF $8,325,000 ISSUED 1/1/1997 USED FOR CONSTRUCTION OF EDUCATIONAL FACILITIES IN DAVENPORT, IA, III) USED TO REFINANCE COLLEGE'S LOAN FROM QUAD CITY BANK IN THE PRINCIPAL AMOUNT OF $2,259,190 USED FOR IMPROVEMENTS TO EDUCATIONAL FACILITIES LOCATED IN PORT ORANGE, FL. PART II, LINE 3A ONGOING PROJECT - FULL PROCEEDS TO BE DRAWN DOWN BY JULY, 2021. ESTES CONSTRUCTION KENT PILCHER, BOARD MEMBER IS > 35% OWNER OF ESTES CONSTRUCTION 2537532 PALMER COLLEGE FOUNDATION ENGAGED WITH ESTES CONSTRUCTION FOR SERVICES. THE COLLEGE PARTICIPATES IN A COMPETITIVE BIDDING PROCESS AND REVIEWS BIDS RECEIVED FOR BOTH VENDOR WORK QUALITY AND COST. IN BOARD MATTERS RELATED TO DECISIONS FOR CONSTRUCTION SERVICES IN WHICH ESTES CONSTRUCTION IS INVOLVED, MR. PILCHER ABSTAINS FROM THE VOTE. THE BOARD APPROVES ALL CONTRACTS WITH ESTES CONSTRUCTION. 0 X 1 900 FMV X 500 FMV X 3 36806 FMV X EQUIPMENT AND SUPPLIES 3 3895 FMV 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS FORM 990, PART VI, SECTION A, LINE 4 ARTICLE IV, #10 AND #11 WERE UPDATED RELATING TO THE REAPPOINTMENT OF THE VICE CHAIRPERSON. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS ONE CLASS OF MEMBERS, DENOMINATED AS "CERTIFICATE HOLDERS." THE MEMBERS MEET AT LEAST ANNUALLY. SEE ADDITIONAL EXPLANATION OF RIGHTS AND DUTIES IN RESPONSE TO FORM 990, PART VI, LINES 7A AND 7B. FORM 990, PART VI, SECTION A, LINE 7A TRUSTEES SHALL BE CHOSEN BY BALLOT BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE MEMBERS, WITH THE MEMBERS VOTING EITHER IN PERSON OR BY PROXY. NOMINEES FOR CANDIDACY AS A TRUSTEE TO BE VOTED UPON BY MEMBERS SHALL BE PROVIDED TO THE MEMBERS BY THE TRUSTEE AND GOVERNANCE COMMITTEE OF THE BOARD OF TRUSTEES IN ACCORDANCE WITH THE FOLLOWING PROCEDURE: (A) THE EXECUTIVE DIRECTOR OF THE BOARD OF AFFAIRS AND ASSISTANT SECRETARY SHALL ON MAY 1ST AND NOT AFTER MAY 10TH IN EACH YEAR, NOTIFY EACH MEMBER OF THE BOARD OF TRUSTEES AND EACH MEMBER BY CERTIFIED MAIL OF THE NUMBER OF VACANCIES TO BE FILLED ON THE BOARD OF TRUSTEES AT THE ANNUAL MEETING OF MEMBERS. (B) EACH MEMBER OF THE BOARD OF TRUSTEES AND EACH MEMBER SHALL BE ENTITLED TO NOMINATE AS MANY NOMINEES AS THERE ARE VACANCIES ON THE BOARD OF TRUSTEES. (C) ALL PERSONS WHOSE NAMES HAVE BEEN PROVIDED SHALL BE EVALUATED BY THE TRUSTEE AND GOVERNANCE COMMITTEE. (D) THE NAMES OF ALL NOMINEES WHO HAVE BEEN PROPERLY SUBMITTED TO THE TRUSTEE AND GOVERNANCE COMMITTEE SHALL BE PRESENTED TO THE MEMBERS FOR CONSIDERATION. (E) AT THE ANNUAL MEETING OF THE MEMBERS, THE MEMBERS SHALL ELECT TRUSTEES FOR THE TERMS DETERMINED BY MEMBERS UPON A MAJORITY VOTE OF ALL THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B THOSE PROVISIONS OF THE ARTICLES OF INCORPORATION AND/OR THE BYLAWS OF THE CORPORATION THAT AFFECT THE RIGHTS, POWERS AND/OR DUTIES OF THE MEMBERS, INCLUSIVE OF THE RIGHT TO ELECT MEMBERS AND TRUSTEES AND/OR DISSOLVE THE CORPORATION OR SELL ALL OF ITS ASSETS OR EFFECT A MERGER OR CONSOLIDATION, MUST BE APPROVED BY A MAJORITY VOTE OF ALL THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B AFTER COMPLETION OF THE DRAFT OF THE FORM 990 BY AN EXTERNAL ACCOUNTING FIRM, THE FORM 990 DRAFT IS SHARED WITH THE VICE CHANCELLOR FOR FINANCE AND HER STAFF FOR THEIR REVIEW AND CORRECTION OF ANY ERRORS. ONCE THOSE CORRECTIONS HAVE BEEN MADE, THE FORM 990 DRAFT IS SHARED WITH THE AUDIT COMMITTEE OF THE FOUNDATION'S BOARD OF TRUSTEES. THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES HAS BEEN DESIGNATED AS THE COMMITTEE TO REVIEW THE FORM 990 BEFORE IT IS FILED. THE AUDIT COMMITTEE AND VICE CHANCELLOR FOR FINANCE WILL MEET TO REVIEW THE DRAFT FORM 990 WITH REPRESENTATIVES OF THE ACCOUNTING FIRM WHO COMPLETED THE DRAFT FORM 990, IF CONSIDERED NECESSARY. ONCE THE DRAFT HAS BEEN REVIEWED AND ANY CORRECTIONS MADE, COPIES OF THE FORM 990 WILL BE PROVIDED TO THE FULL BOARD OF TRUSTEES. ONCE BOARD RECEIPT HAS BEEN DETERMINED, THE VICE CHANCELLOR FOR FINANCE WILL SIGN AND FILE THE 990 WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE'S CONFLICT OF INTEREST POLICY FOR OFFICERS, DIRECTORS, AND TRUSTEES IS MANAGED BY THE TRUSTEE, GOVERNANCE & BOARD AFFAIRS CHAIRPERSON IN CONJUNCTION WITH THE EXECUTIVE COMMITTEE OR THE TRUSTEE, GOVERNANCE AND BOARD AFFAIRS COMMITTEE. THE POLICY IS DISCUSSED ANNUALLY AT THE SPRING MEETING AND THEN TRUSTEES COMPLETE AN ANNUAL DISCLOSURE FORM AND SUBMIT IT TO THE BOARD SECRETARY, WHO COMPILES THE LISTING OF ANY CONFLICTS AND PROVIDES A SUMMARY REPORT TO THE FULL BOARD AT THE JUNE MEETING. THOSE WHO HAVE DECLARED A CONFLICT REFRAIN FROM PARTICIPATING IN RELATED DISCUSSIONS OR VOTING WHEN THAT CONFLICT ARISES. IN THE EVENT OF VIOLATION, THE EXECUTIVE OR THE TRUSTEE, GOVERNANCE AND BOARD AFFAIRS COMMITTEE ADVISE THE TRUSTEE OR OFFICER OF THE STEPS THAT SHOULD BE TAKEN TO RECTIFY THE SITUATION. IN THE EVENT OF ANY CONFLICT DETERMINED BY THE BOARD TO BE SIGNIFICANT, IT MAY RESULT IN THE TRUSTEE/OFFICER BEING ASKED TO STOP AND DESIST PARTICIPATION IN THE RELATIONSHIP OR SEVER THEIR RELATIONSHIP WITH PALMER COLLEGE. ALL COMPLETED FORMS ARE SUBMITTED TO THE BOARD SECRETARY AND BOARD LEGAL COUNSEL ANNUALLY AND KEPT ON FILE. FOR KEY EMPLOYEES, CONFLICTS OF INTEREST ARE HANDLED BY THE COLLEGE'S COMPLIANCE DEPARTMENT. THE COLLEGE REQUIRES DISCLOSURE OF ANY CONFLICT (WHETHER ACTUAL, POTENTIAL OR PERCEIVED). IT IS THE RESPONSIBILITY OF ALL EMPLOYEES TO SELF-DISCLOSE COIC'S DURING THE ANNUAL COLLECTION PERIOD OR ANY TIME PRIOR TO THE EXISTENCE OF A CONFLICT. THE COLLEGE'S COIC COMMITTEE REVIEWS ALL DISCLOSURES AND CAREFULLY EVALUATES ALL CIRCUMSTANCES RELATED TO THE DISCLOSURES. WHERE A CONFLICT EXISTS, THE COIC COMMITTEE DETERMINES IF THE CONFLICT IS ACCEPTABLE OR NOT. THE COLLEGE MAY ALSO REQUIRE THE DEVELOPMENT OF A WRITTEN MANAGEMENT PLAN. SUCH A PLAN WILL SPECIFY HOW THE INDIVIDUAL WILL MANAGE OR RESOLVE THE CONFLICT. BECAUSE EACH CONFLICT MAY PRESENT UNIQUE CIRCUMSTANCES, THE CONTENT OF EACH PLAN MAY VARY. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD CONSIDERS SEVERAL SOURCES IN DETERMINING COMPENSATION FOR SENIOR ADMINISTRATORS SUCH AS THE ACC SURVEYS, CHRONICLE OF HIGHER EDUCATION SURVEYS, GUIDANCE FROM PROFESSIONAL COMPENSATION CONSULTANTS AND ALSO WITH SURVEYS CONDUCTED BY OUR HUMAN RESOURCES DEPARTMENT. THE BOARD OF TRUSTEES' EXECUTIVE COMMITTEE MEETS PERIODICALLY DURING THE YEAR TO REVIEW THE CHANCELLOR'S PERFORMANCE AND SETS THE CHANCELLOR'S COMPENSATION. THESE DISCUSSIONS ARE DOCUMENTED IN THE BOARD MINUTES. THE CHANCELLOR SETS THE SENIOR ADMINISTRATORS SALARIES USING THE SURVEYS LISTED ABOVE AS GUIDANCE. PERIODICALLY, THE CHANCELLOR REPORTS TO THE APPROPRIATE BOARD COMMITTEE TO REVIEW SALARIES OF THE SENIOR ADMINISTRATORS. FORM 990, PART VI, SECTION C, LINE 19 PALMER COLLEGE DOES NOT MAKE ITS POLICIES, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G OUTSIDE SERVICES: PROGRAM SERVICE EXPENSES 4,064,387. MANAGEMENT AND GENERAL EXPENSES 3,207,276. FUNDRAISING EXPENSES 165,092. TOTAL EXPENSES 7,436,755. FORM 990, PART XI, LINE 9: LOSS ON INTEREST RATE SWAP -1,684,296. FORM 990, PART IV, LINE 12 AND PART XI, LINES 2B AND 2C-AUDITED FINL STMTS THE ORGANIZATION IS INCLUDED IN A CONSOLIDATED ENTITY AUDIT AND RECEIVES CONSOLIDATED GAAP FINANACIAL STATEMENTS ON AN ANNUAL BASIS FROM INDEPENDENT AUDITORS. THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. PALMER COLLEGE OF CHIROPRACTIC WEST 90 E TASMAN SAN JOSE CA 95134 942515428 EDUCATION CA 501(C)(3) LINE 2 PALMER COLLEGE FOUNDATION 1 DR DAVID D PALMER ATHLETIC TRUST 1000 BRADY STREET DAVENPORT IA 52803 274313852 FUND RAISING IA 501(C)(3) LINE 12A, I PALMER COLLEGE FOUNDATION 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 PALMER COLLEGE OF CHIROPRACTIC WEST Q 2015015 CASH