2021-04-28T15:16:13-05:00 2020-06-30 363168081 SIKICH LLP 3201 W WHITE OAKS DR STE 102 SPRINGFIELD IL 62704 990 2019-07-01 370673513 KNOX COLLEGE KNOX 3093417213 2 E SOUTH STREET GALESBURG IL 614014999 PAUL EISENMENGER VP FINANCE AND ADMIN SERVICES 3093417213 2021-03-26 1 JILL M BOYLE CPA P01246734 2177933363 2021-03-26 2019 2022-09-23 18:48:47Z TERESA L AMOTT 2 E SOUTH STREET GALESBURG IL 614014999 98410189 0 X WWW.KNOX.EDU X 1837 IL TO PROVIDE A LIBERAL ARTS EDUCATION TO STUDENTS FROM DIVERSE BACKGROUNDS. 42 41 1549 600 88258 6222 16438482 13767456 70650257 65314384 6464102 9697757 899301 874297 94452142 89653894 39021610 38956673 0 0 30075086 29170716 0 0 3251053 20921216 19073766 90017912 87201155 4434230 2452739 251720323 257828933 54417660 58050557 197302663 199778376 X KNOX COLLEGE IS DEDICATED TO PROVIDING A LIBERAL ARTS EDUCATION TO STUDENTS FROM DIVERSE BACKGROUNDS. OUR MISSION IS CARRIED OUT THROUGH: OUR CURRICULUM, THE CHARACTER OF OUR LEARNING ENVIRONMENT, OUR RESIDENTIAL CAMPUS CULTURE, AND OUR COMMUNITY. 0 0 77579642 38956673 66092626 HIGHER EDUCATION: OUR MISSION IS CARRIED OUT THROUGH OUR CURRICULUM, THE CHARACTER OF OUR LEARNING ENVIRONMENT, OUR RESIDENTIAL CAMPUS CULTURE, AND OUR COMMUNITY. KNOX COLLEGE HAS A TRADITION OF FREE INQUIRY, INDEPENDENT THOUGHT, AND DIVERSE PERSPECTIVES. OUR STUDENTS CHOOSE THEIR OWN PATH TOWARDS A DEGREE, GUIDED BY SCHOLAR TEACHERS WHO ENCOURAGE THEM TO EXPLORE IDEAS AND PLACES, STRETCH THEIR INTELLECT AND THEIR TALENTS, BLEND THOUGHT WITH ACTION, AND FUSE IMAGINATION WITH INITIATIVE. FOUNDED IN 1837 BY SOCIAL REFORMERS STRONGLY OPPOSED TO SLAVERY, KNOX WAS ONE OF THE FIRST COLLEGES IN THE UNITED STATES OPEN TO BOTH WOMEN AND PEOPLE OF COLOR. IT WAS ON OUR CAMPUS THAT ABRAHAM LINCOLN CHOSE TO DENOUNCE SLAVERY ON MORAL TERMS FOR THE FIRST TIME, DURING THE 1858 LINCOLN-DOUGLAS DEBATE. WITH A CAMPUS POPULATION THAT INCLUDES STUDENTS FROM 48 STATES AND 51 COUNTRIES, 25% U.S STUDENTS OF COLOR, AND INDIVIDUALS FROM EVERY IMAGINABLE RELIGIOUS AND SOCIOECONOMIC BACKGROUND. MEMBERS OF THE KNOX COMMUNITY ARE ACTIVELY CHALLENGED TO BROADEN THEIR POINTS OF VIEW. KNOX COLLEGE IS A COLLEGE THAT CHANGES LIVES (1,229 STUDENTS). 77579642 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1730 0 1549 1 1 1 1 UK 0 0 0 1 1 0 0 0 0 0 0 X 42 41 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 X PAUL W EISENMENGER 3093417212 2 E SOUTH STREET GALESBURG IL 614014999 DR TERESA L AMOTT PRESIDENT AND EX OFFICIO TRUSTEE 55.00 X X 319432 0 22367 PAUL EISENMENGER VP OF FINANCE AND ADMIN 40.00 X 191310 0 21638 BEVERLY HOLMES VP FOR ADVANCEMENT 40.00 X 156932 0 15317 ANNE EHRLICH VP FOR STUDENT DEVELOPMENT 40.00 X 144644 0 22481 PAUL STEENIS VP FOR ENROLLMENT 40.00 X 144555 0 19662 MICHAEL SCHNEIDERFROM 61719 PROVOST AND DEAN OF THE COLLEGE 40.00 X 148135 0 9108 MARK J WILSON ASSOCIATE VP OF MAJOR GIFTS 40.00 X 137853 0 8482 STEVEN HALL VP AND CHIEF INFORMATION OFFICER 40.00 X 111085 0 21442 DANIELLA IRLE DIRECTOR OF ATHLETICS 40.00 X 103238 0 14987 BOBBY JO MAURER UNTIL 22820 RETIRED CONTROLLER/ASST. TREASURER 40.00 X 103835 0 13677 VICKY S JONES BUDGET COORD./EXEC ASST. VP FINANCE 40.00 X 68289 0 4257 PEGGY WARE EXEC. ASST. TO PRESIDENT/SECRETARY 40.00 X 58901 0 758 JOHN M KAWAUCHI FROM 102819 VP FOR COMMUNICATIONS 40.00 X 25210 0 17136 SARA A KING FROM 2172020 CONTROLLER AND ASST. TREASURER 40.00 X 0 0 0 MS VALERIE J BELVINS PAST PRES. ALUM. COUN. & EX OFF. TR 2.00 X 0 0 0 MR JOSEPH C BASTIAN TR. CHAIR OF COMMITTEE ON TRUSTEES 2.00 X 0 0 0 MR TONY ETZ TR. CHAIR OF CAMPUS LIFE & ATHLETICS 2.00 X 0 0 0 MR JOHN T LAWLER TRUSTEE CHAIR FOR BUDGET SUBCOMMITTEE 2.00 X 0 0 0 MR PATRICK ST A LYN TRUSTEE CHAIR OF FINANCE 2.00 X 0 0 0 DR KEITH E MASKUS TRUSTEE CHAIR OF ACADEMIC AFFAIRS 2.00 X 0 0 0 MS LAURA M ROSENE TRUSTEE VICE CHAIR OF THE BOARD 2.00 X 0 0 0 MR TINO H SCHULER TR. CHAIR OF ADMISSIONS & FIN. AID 2.00 X 0 0 0 MR CHARLES F SMITH TRUSTEE CHAIR OF BOARD 2.00 X 0 0 0 MR R KYLE WINNING TR. CHAIR FACILITY & INFRASTRUCTURE 2.00 X 0 0 0 MS SUSAN HAERR ZUCKER TRUSTEE CHAIR OF ADVANCEMENT 2.00 X 0 0 0 MS CELINDA K DAVIS ALUMNI TRUSTEE 1.00 X 0 0 0 GWEN LEXOW ALUMNI TRUSTEE 1.00 X 0 0 0 MS AMY OLSEN ALUMNI TRUSTEE 1.00 X 0 0 0 DR BARBARA A BAIRD GENERAL TRUSTEE 1.00 X 0 0 0 DR DOUGLAS L BAYER GENERAL TRUSTEE 1.00 X 0 0 0 MR NYERERE K BILLUPS SR GENERAL TRUSTEE 1.00 X 0 0 0 MS SUSAN A BLEW GENERAL TRUSTEE 1.00 X 0 0 0 MR MICHAEL CHUBRICH GENERAL TRUSTEE 1.00 X 0 0 0 MS CAROL BOVARD CRAIG GENERAL TRUSTEE 1.00 X 0 0 0 DR DEBORAH S DEGRAFF GENERAL TRUSTEE 1.00 X 0 0 0 MR DONALD F HARMON GENERAL TRUSTEE 1.00 X 0 0 0 MS ELZELIEN HARTOG GENERAL TRUSTEE 1.00 X 0 0 0 MR KEITH Y LEE GENERAL TRUSTEE 1.00 X 0 0 0 MS HELEN LIN GENERAL TRUSTEE 1.00 X 0 0 0 MR ROBERT C LONG GENERAL TRUSTEE 1.00 X 0 0 0 MR DAVID MITCHELL GENERAL TRUSTEE 1.00 X 0 0 0 MR LAURENCE J MSALL GENERAL TRUSTEE 1.00 X 0 0 0 DR DEREK F PAPP GENERAL TRUSTEE 1.00 X 0 0 0 MS SUSAN C PLOMIN GENERAL TRUSTEE 1.00 X 0 0 0 MR JAMES R POTTER GENERAL TRUSTEE 1.00 X 0 0 0 MS JULIE RADEMAKER GENERAL TRUSTEE 1.00 X 0 0 0 MR DAVID A SCHULZ GENERAL TRUSTEE 1.00 X 0 0 0 MS JANICE V SHARRY ESQ GENERAL TRUSTEE 1.00 X 0 0 0 MR DAN J SPAULDING GENERAL TRUSTEE 1.00 X 0 0 0 MS JULIANA TIOANDA GENERAL TRUSTEE 1.00 X 0 0 0 MR ADAM VITALE GENERAL TRUSTEE 1.00 X 0 0 0 DR GERALD F VOVIS GENERAL TRUSTEE 1.00 X 0 0 0 MR SCOTT L WESTERMAN GENERAL TRUSTEE 1.00 X 0 0 0 MRS NANCY B CARLIN TRUSTEE 1.00 X 0 0 0 MR EUGENE A PROCKNOW TRUSTEE 1.00 X 0 0 0 1713419 0 191312 10 0 1 0 PJ HOERR INC 107 NORTH COMMERCE PLACE PEORIA IL 61060 CONTRACTOR/CONSTRUCTION 5300877 BON APPETIT 2400 YORKMONT ROAD CHARLOTTE NC 28217 DINING MANAGEMENT 2474230 LAMAIR-MURDOCK-CONDON COMPANY SUITE 200 4200 UNIVERSITY AVENUE WEST DES MOINES IA 502665945 INSURANCE 803645 AMP ELECTRICAL SERVICES 3075 GRAND AVENUE GALESBURG IL 61401 CONTRACTOR/ELECTRICAL 688862 IES 33 WEST MONROE STREET SUITE 2300 CHICAGO IL 606035405 STUDENT PROGRAMS 277550 24 1911325 11856131 1795305 13767456 TUITION AND FEES 611310 57642140 57642140 AUXILIARY ENTERPRISES - PROGRAM 611710 7576189 7576189 AUXILIARY ENTERPRISES - CATERING 722320 96055 96055 65314384 3941440 -7797 3949237 14512612 8756295 5756317 5756317 5756317 MISCELLANEOUS REVENUE 900099 874297 874297 874297 89653894 66092626 88258 9705554 38956673 38956673 1817481 1471904 190087 155490 20872766 16903998 2183049 1785719 767738 621760 80296 65682 4186097 3390148 437817 358132 1526634 1236358 159668 130608 164575 164575 107919 15127 92792 2317560 1271598 766947 279015 135354 116724 18630 4709162 4504370 31622 173170 195045 195045 1527073 704998 822075 1457303 1264321 68269 124713 1578246 1255652 322594 4174243 3272563 723156 178524 508423 199540 308883 AUXILIARY ENTERPRISES - 2198863 2198863 87201155 77579642 6370460 3251053 2373458 6853565 2001736 1191528 1528903 1736018 1353248 2071691 126873 222424 878405 796880 149400652 83217108 63959734 66183544 160871855 161056919 18626111 17716364 251720323 257828933 8347653 4370452 303084 1007521 32633908 38399261 13133015 14273323 54417660 58050557 X 42432769 38500482 154869894 161277894 197302663 199778376 251720323 257828933 X 2452739 2346010 -2323036 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 170174020 2969481 12347467 13096690 763078 171631200 160083659 4707188 14888234 10915192 -1410131 170174020 143246261 4898986 19806367 7546000 321955 160083659 123722376 7666658 19832005 7747149 227629 143246261 127782026 4197693 -1437254 6647903 172186 123722376 0.11480 0.64670 0.23850 1 0 12317554 12317554 107976914 61430513 46546401 25571137 21786595 3784542 3535047 3535047 66183544 BENEFICIAL INTEREST IN PERPETUAL INTEREST 14954502 STUDENT LOANS RECEIVABLE 2761862 17716364 STUDENT DEPOSITS 524050 ANNUITY PAYABLE 834068 POSTRETIREMENT BENEFIT OBLIGATION 3368889 FEDERAL EQUITY IN LOAN PROGRAMS 2073083 INTEREST RATE SWAPS LIABILITY 7180609 CAPITAL LEASE OBLIGATION PAYABLE 292624 14273323 X 53043231 2346010 2346010 50697221 38956673 38956673 89653894 48244482 0 48244482 38956673 38956673 87201155 PART III, LINE 1A: THE COLLEGE HAS COLLECTIONS OF VALUABLE ARTWORK, PAPERS, AND OTHER MEMORABILIA THAT WERE DONATED TO THE COLLEGE. THESE ITEMS ARE ON DISPLAY AND ARE USED BY EDUCATORS, RESEARCHERS, HISTORIANS, AND OTHERS. THESE CONTRIBUTED COLLECTIONS ARE NOT REFLECTED ON THE FINANCIAL STATEMENTS. HOWEVER, ALL PROCEEDS FROM ANY SALES OF COLLECTIONS, OR ITEMS IN A COLLECTION, MUST BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. AS OF JUNE 30, 2020 AND 2019, THERE WERE NO UNSPENT PROCEEDS FROM THE SALE OF COLLECTIONS. PART III, LINE 4: THE COLLEGE HAS COLLECTIONS OF VALUABLE ARTWORK, PAPERS, AND OTHER MEMORABILIA THAT WERE DONATED TO THE COLLEGE. THESE ITEMS ARE ON DISPLAY AND ARE USED BY EDUCATORS, RESEARCHERS, HISTORIANS, AND OTHERS. PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF SEVERAL INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES: SCHOLARSHIPS, PROFESSORSHIPS, LIBRARY, LECTURESHIPS, RESEARCH, PRIZES, AND DONOR SPECIFIED EDUCATIONAL ACTIVITIES. INCLUDED IN THESE FUNDS ARE BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. PART X, LINE 2: THE COLLEGE IS A NOT-FOR-PROFIT ENTITY AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE IRC AND SIMILAR PROVISIONS OF THE STATE TAX CODE. THE COLLEGE IS NOT CLASSIFIED AS A PRIVATE FOUNDATION. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID AND SCHOLARSHIPS 38,956,673. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID AND SCHOLARSHIPS 38,956,673. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 KNOX COLLEGE'S NONDISCRIMINATION POLICY IS CLEARLY STATED IN THE COLLEGE CATALOG, WEBSITE, ADMISSIONS MATERIALS, APPLICATIONS, AND OTHER PUBLICATIONS. SCHEDULE E, PART I, LINE 6 FOR THE FISCAL YEAR, KNOX COLLEGE RECEIVED AWARDS FROM THE FOLLOWING FEDERAL PROGRAMS: FEDERAL WORK STUDY, FEDERAL DIRECT LOAN PROGRAM, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM, FEDERAL PELL GRANT, FEDERAL PERKINS LOANS PROGRAM, STUDENT SUPPORT SERVICES PROGRAM, MCNAIR POST - BACCALAUREATE ACHIEVEMENT; CHAPTER 33 POST 911 GI BILL, NATIONAL SCIENCE FOUNDATION AND NATIONAL ENDOWMENT FOR THE ARTS. EUROPE (INCLUDING ICELAND & GREENLAND) 1 1 PROGRAM SERVICES SPAIN BARCELONA KNOX, IN COOPERATION WITH THE UNIVERSITY OF BARCELONA, OFFERS ACADEMIC STUDY IN LANGUAGE, THE HUMANITIES AND THE SOCIAL SCIENCES. STUDENTS PURSUE A COMBINATION OF COURSES, ALL TAUGHT IN SPANISH BY PROFESSORS FROM THE UNIVERSITY OF BARCELONA. SOME OF THE COURSES ARE FITTED TO THE PARTICULAR NEEDS OF PROGRAM STUDENTS, OTHER COURSES ARE FROM THE REGULAR UNIVERSITY CURRICULUM OFFERED TO SPANISH STUDENTS. ALL STUDENTS LIVE IN THE HOMES OF SPANISH FAMILIES IN BARCELONA. THE PROGRAM HAS A TWO-WEEK TRIP THROUGHOUT SOUTHERN SPAIN DURING WINTER BREAK AS WELL AS OTHER SHORTER EDUCATIONAL FIELD TRIPS. 153749 1 1 0 0 1 1 153749 0 153749 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 1 INDIVIDUAL GIFT AID (GRANTS AND/OR SCHOLARSHIPS TO STUDENTS) 1278 38956673 PART I, LINE 2: FINANCIAL AID AND SATISFACTORY ACADEMIC PROGRESS STANDARDS: TO REMAIN AT KNOX, ALL DEGREE-SEEKING STUDENTS ARE EXPECTED TO MAKE SATISFACTORY ACADEMIC PROGRESS. SATISFACTORY PROGRESS IS DEFINED BOTH IN TERMS OF THE ACCUMULATION OF CREDITS TOWARDS A DEGREE, AND THE MAINTENANCE OF A GRADE POINT AVERAGE CONSISTENT WITH GRADUATION REQUIREMENTS. THE FINANCIAL AID OFFICE FOLLOWS THE DECISION OF THE ACADEMIC STANDING COMMITTEE IN DETERMINING WHETHER A STUDENT IS MEETING THE COLLEGE'S SATISFACTORY ACADEMIC PROGRESS STANDARDS. X X 1 1 X X 0 0 0 0 0 0 0 0 0 DR TERESA L AMOTT PRESIDENT AND EX OFFICIO TRUSTEE 319432 0 0 0 0 0 16800 0 5567 0 341799 0 0 0 PAUL EISENMENGER VP OF FINANCE AND ADMIN 191310 0 0 0 0 0 0 0 21638 0 212948 0 0 0 BEVERLY HOLMES VP FOR ADVANCEMENT 156932 0 0 0 0 0 9750 0 5567 0 172249 0 0 0 ANNE EHRLICH VP FOR STUDENT DEVELOPMENT 144644 0 0 0 0 0 8262 0 14219 0 167125 0 0 0 PAUL STEENIS VP FOR ENROLLMENT 144555 0 0 0 0 0 8597 0 11065 0 164217 0 0 0 MICHAEL SCHNEIDERFROM 61719 PROVOST AND DEAN OF THE COLLEGE 148135 0 0 0 0 0 8873 0 235 0 157243 0 0 0 PART I, LINE 1A OCCASIONALLY THE PRESIDENT'S HUSBAND WILL ACCOMPANY THE PRESIDENT ON COLLEGE FUNDRAISING EVENTS. THE COLLEGE PROVIDES FUNDING FOR HIS TRAVEL COSTS. THESE TRAVEL COSTS ARE NOT CONSIDERED COMPENSATION AS HE IS PARTICIPATING IN FUNDRAISING FOR THE COLLEGE. REIMBURSEMENTS FOR TRAVEL COST MUST FOLLOW THE COLLEGE'S PURCHASING AND ACCOUNTS PAYABLE POLICIES. THESE POLICIES INCLUDE REQUIREMENTS FOR DOCUMENTATION AND RECEIPTS. THE PRESIDENT IS PROVIDED HOUSING BY THE COLLEGE. THE PRESIDENT'S HOUSE IS CONSIDERED A PART OF THE COLLEGE'S CAMPUS AND IS USED FOR COLLEGE EVENTS AND ENTERTAINING. THE PRESIDENT'S HOUSING IS CONSIDERED NONTAXABLE AS IT IS PROVIDED FOR THE CONVENIENCE OF THE COLLEGE. PART I, LINE 3 COMPENSATION IS REVIEWED ANNUALLY. THIS REVIEW INCLUDES COST OF LIVING STATISTICS, COMPENSATION PAID FOR SIMILAR POSITIONS AT OTHER SIMILAR COLLEGES, AND COMPENSATION PAID LOCALLY FOR LIKE POSITIONS. A STANDARD ACHIEVEMENT INCREASE IS DETERMINED AND IS APPROVED BY THE BOARD OF TRUSTEES DURING THE JUNE MEETING IN CONJUNCTION WITH THE APPROVAL OF THE FOLLOWING YEAR'S BUDGET. ALL STAFF INCREASES ARE REVIEWED BY THE PRESIDENT, VICE PRESIDENTS, AND HEADS OF DEPARTMENTS. THE BOARD OF TRUSTEES FOLLOWS THE PRINCIPAL AND POLICIES OUTLINED IN KNOX'S EXECUTIVE COMPENSATION PROGRAM AS APPROVED MAY 2, 2016. COMPENSATION FOR EXECUTIVES OF THE COLLEGE IS DETERMINED BY EVALUATION OF A VARIETY OF FACTORS, INCLUDING THE SKILLS, TENURE, EXPERIENCE AND PERFORMANCE OF THE EXECUTIVE; THE DIFFICULTY OF REPLACING THE EXECUTIVE AND THE IMPORTANCE OF THE POSITION TO THE COLLEGE; AND HISTORICAL COMPENSATION LEVELS AND INTERNAL PAY EQUITY ISSUES. ALL COMPENSATION AND OTHER FINANCIAL BENEFITS FOR COLLEGE EMPLOYEES WHO ARE DISQUALIFIED PERSONS ARE TO BE APPROVED IN ADVANCE OF PAYMENT OR AGREEMENT FOR PAYMENT BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. X 42 1795305 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI SECTION B, LINE 14 THE COLLEGE DOES NOT HAVE A WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY. THE RECORD RETENTION AND DESTRUCTION POLICIES ARE DEVELOPED, AS NEEDED, BY EACH DEPARTMENT TO ADDRESS THEIR SPECIFIC TYPE(S) OF RECORDS. DEPARTMENTS FOLLOW INDUSTRY IRS STANDARDS THAT ARE APPROPRIATE FOR THEIR SPECIFIC TYPE(S) OF RECORDS. IN CONJUNCTIONS WITH RECORD DESTRUCTION FOR CONFIDENTIAL RECORDS, THE COLLEGE CONTRACTED WITH A VENDOR TO PROVIDE LOCKED BINS FOR DEPARTMENTAL USE AND THE SECURE DESTRUCTION OF THESE RECORDS. FORM 990, PART VI SECTION C, LINE 17 THE COLLEGE IS NOT REQUIRED TO FILE A COPY OF FORM 990 WITH THE STATE OF ILLINOIS OR ANY OTHER STATE. FORM 990, PART VI, SECTION B, LINE 11B THE 990 WAS REVIEWED BY THE CHAIR OF THE AUDIT SUBCOMMITTEE AND THE CHAIR OF THE COMMITTEE ON FINANCE. THE 990 IS MADE AVAILABLE TO ALL COLLEGE TRUSTEES FOR REVIEW BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C OFFICER'S CONFLICT OF INTEREST (FROM BYLAWS OF KNOX COLLEGE): ANY CONFLICT OF INTEREST ON THE PART OF AN OFFICER OF THE COLLEGE DESIGNATED IN THIS ARTICLE, OR MEMBERS OF SUCH OFFICER'S IMMEDIATE FAMILY, SHALL BE DISCLOSED BY THE OFFICER IN WRITING TO THE BOARD OF TRUSTEES AT LEAST ANNUALLY AND MADE A MATTER OF RECORD. WHEN ANY SUCH INTEREST BECOMES RELEVANT TO ANY SUBJECT REQUIRING ADMINISTRATION OR BOARD OF TRUSTEES' ACTION, THE OFFICER HAVING A CONFLICT SHALL CALL IT TO THE ATTENTION OF THE PRESIDENT AND, IF THE MATTER IS BEING CONSIDERED BY THE BOARD OF TRUSTEES OR ONE OF ITS COMMITTEES, TO THE ATTENTION OF THE CHAIR OR SUCH COMMITTEE. THE OFFICER SHALL NOT PARTICIPATE IN THE DISCUSSION OF THE SUBJECT OR MAKE ANY RECOMMENDATIONS REGARDING THE SUBJECT IN WHICH THE OFFICER OR A MEMBER OF THE OFFICER'S IMMEDIATE FAMILY HAS A CONFLICT OF INTEREST, AND SHALL NOT USE PERSONAL INFLUENCE TO AFFECT THE DECISION WITH RESPECT TO SUCH SUBJECT. AN OFFICER OF THE COLLEGE WHO IS EXCLUDED FROM PARTICIPATING IN DISCUSSIONS OR MAKING RECOMMENDATIONS REGARDING THE SUBJECT BECAUSE OF SUCH CONFLICT OF INTEREST SHALL, HOWEVER, BRIEFLY STATE THE NATURE OF THE CONFLICT AND SHALL BE ENCOURAGED TO ANSWER PERTINENT QUESTIONS OF THE TRUSTEES WHEN THE OFFICER'S KNOWLEDGE OF THE SUBJECT WILL ASSIST THE BOARD OF TRUSTEES, ANY OF ITS COMMITTEES, OR THE ADMINISTRATION. THE MINUTES OF ANY MEETING ATTENDED BY THE INTERESTED OFFICER AT WHICH THE SUBJECT IS DISCUSSED SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE INTERESTED OFFICER ABSTAINED FROM THE DISCUSSION EXCEPT TO THE EXTENT PROVIDED ABOVE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS REVIEWED ANNUALLY. THIS REVIEW INCLUDES COST OF LIVING STATISTICS, COMPENSATION PAID FOR SIMILAR POSITIONS AT OTHER SIMILAR COLLEGES, AND COMPENSATION PAID LOCALLY FOR LIKE POSITIONS. A STANDARD ACHIEVEMENT INCREASE IS DETERMINED AND IS APPROVED BY THE BOARD OF TRUSTEES DURING THE JUNE MEETING IN CONJUNCTION WITH THE APPROVAL OF THE FOLLOWING YEAR'S BUDGET. THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S SALARY AND APPROVES ANY CHANGES. ALL STAFF INCREASES ARE REVIEWED BY THE PRESIDENT, VICE PRESIDENTS, AND HEADS OF DEPARTMENTS FORM 990, PART VI, SECTION C, LINE 19 THE BYLAWS OF THE COLLEGE ARE AVAILABLE UPON REQUEST. EACH FALL, CONFLICT OF INTEREST FORMS ARE DISTRIBUTED TO TRUSTEES, OFFICERS, AND DEPARTMENT HEADS. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST IN THE TREASURER'S OFFICE. ALL TRUSTEES ARE PROVIDED COPIES OF THE FINANCIAL STATEMENTS EACH YEAR. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS -1,991,274. POSTRETIREMENT BENEFITS RELATED CHANGES -725,523. ADJUSTMENTS OF AMOUNTS DUE UNDER ANNUITY AND LIFE INCOME AGREEMENTS -85,670. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 479,431.