2021-03-24T14:38:05-07:00 2020-05-31 990 2019-06-01 250965430 MERCYHURST UNIVERSITY MERC 8148242000 501 East 38th Street Erie PA 165460002 David Myron Vice President for Finance 8148242032 2021-03-24 2019 2022-09-23 18:48:47Z David P Myron VP Finance and Admin 501 East 38th Street Erie PA 165460002 157602309 0 X www.mercyhurst.edu X 1926 PA Mercyhurst University is a fully accredited, four-year, Catholic comprehensive institution founded by the Sisters of Mercy in 1926. The Erie (Pa.) campus offers sixty-six (66) undergraduate majors with sixty (60) minors and sixty-three (63) concentrations, as well as unique adult programs and twelve (12) graduate programs. In addition, the institution maintains one- and two-year programs at Mercyhurst North East (North East, Pa.) and two satellite campuses- Mercyhurst Corry (Corry, Pa.) and Mercyhurst at Booker T Washington (Erie). 31 25 2212 250 -10060 0 23101250 19760851 134419121 135003886 728745 1370608 366124 153210 158615240 156288555 57805710 58387053 0 0 40967559 42765940 0 0 683422 55079427 55657514 153852696 156810507 4762544 -521952 170865677 168118238 67685891 71923871 103179786 96194367 Consistent with its Catholic identity and Mercy heritage, Mercyhurst University educates men and women in a culture where faith and reason flourish together, where the beauty and power of the liberal arts combine with an appreciation for the dignity of work and a commitment to serving others. Confident in the strength of its student-faculty bonds, the university community is inspired by the image of students whose choices, in life and work, will enable them to realize the human and spiritual values embedded in everyday realities and to exercise leadership in service toward a just world. 0 0 68941258 48384863 109281484 At the fall census date during the 2019-20 academic year there were 3352 students enrolled in undergraduate, graduate, and associate degree programs at the main campus in Erie (2760) and at North East and other satellites (592). The student population was comprised of 2719 full-time and 307 part-time undergraduate students along with 193 full-time and 133 part-time graduate students. There were 178 full-time and 90 part-time faculty. During the academic year, 937 total degrees were conferred in the following categories; Baccalaureate 598, Associate 146, Masters 140, UG certificate 39 and Grad certificates 14. The University offered 12 graduate programs, 66 undergraduate majors with 60 minors and 63 concentrations on the Main campus, 15 associate degree programs on the North East campus and 5 associate degree programs at the University's two educational learning centers. Additionally, there were 4 undergraduate certificate programs, 5 advanced certificate programs and 10 graduate certificate programs. 11484137 0 20206099 Auxiliary services includes student housing, foodservice, the university bookstore and the university's conference center on the Main and North East campuses. The total student population in university housing was 1,832 on the Main campus and 185 on the North East campus for the 2019-20 fiscal year. 1,961 students had paid meal plans while many other students and employees dine in university facilities on a pay-as-you-go basis. The university maintains a bookstore on the Main campus as well as the North East campus. The university has conference center facilities at both campuses and regularly hosts outside groups and organizations. 66899040 10002190 5468060 All other program related activities. 66899040 10002190 5468060 147324435 1 1 0 1 0 0 1 1 0 1 1 0 0 0 1 1 0 1 1 1 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 1 1 1 1 0 0 1 269 0 1 2212 1 1 1 1 CJ EI 0 0 0 1 1 0 0 0 0 0 0 X 31 25 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 PA X David P Myron VP of Finance and Adm 8148242032 501 East 38th Street Erie PA 165460002 Victor Michael T President & Board 45 X X 382150 0 58371 McGill Duncan E Dean of Ridge College 45 X 175487 0 47388 Sanchack Karl H President & CEO of Innovation District 45 X 203664 0 18839 Roberts Leanne M Provost and VP of Academic Affairs & Board 45 X X 172070 0 38417 Sullivan Gary Assistant Professor of Risk Management 45 X 163000 0 44550 Myron David P VP of Finance and Administration 45 X 160765 0 36142 Upal M Afzal Assistant Professor of Intel/Data Science 45 X 153320 0 37862 Belfiore Phillip Professor of Education 45 X 122081 0 46686 Bollheimer Meredith General Counsel, VP of Legal Affairs 45 X 115462 0 33285 Kelsey Jane M Assistant VP for Finance/Treasurer 45 X 114722 0 25609 Taylor Christopher President, Faculty Senate 45 X 50377 0 11087 Staub Abigail President, Mercyhurst Student Government 2 X 7000 0 0 Bader Sister Mary Ann Board of Trustees 1 X 0 0 0 Courneen Sister JoAnne K Vice Chair of the Board 2 X 0 0 0 Durkin Rosemary D Secretary of the Board 2 X 0 0 0 Fiedler Stephen J Treasurer of the Board 2 X 0 0 0 Furr Susan K Board of Trustees 1 X 0 0 0 Garzon Paula E Board of Trustees 1 X 0 0 0 Jeffress Andrea T Board of Trustees 1 X 0 0 0 Johnson Matthew W Board of Trustees 1 X 0 0 0 Kern B Scott Board of Trustees 1 X 0 0 0 Kubiak Lev J Board of Trustees 1 X 0 0 0 Langer John H Board of Trustees 1 X 0 0 0 Lewis William G Board of Trustees 1 X 0 0 0 Lilly Brian M Board of Trustees 1 X 0 0 0 Maher Yvonne J Vice Chair of the Board 2 X 0 0 0 Marsh Christina M Board of Trustees 1 X 0 0 0 McDonald Desmond J Board of Trustees 1 X 0 0 0 Moran Daniel J Board of Trustees 1 X 0 0 0 Munch John A Board of Trustees 1 X 0 0 0 NeCastro Joseph G Chair of the Board 2 X 0 0 0 Pietraszek Margaret M Board of Trustees 1 X 0 0 0 Salvia Mark J Board of Trustees 1 X 0 0 0 Saxon John W Board of Trustees 1 X 0 0 0 Schaaf Mary E Board of Trustees 1 X 0 0 0 Titzel Melanie R President, Mercyhurst Alumni Assoc. 2 X 0 0 0 Tompkins P Kelly Board of Trustees 1 X 0 0 0 Weschler Patrick J Board of Trustees 1 X 0 0 0 Zaphiris Peter J Board of Trustees 1 X 0 0 0 1820098 0 398236 28 0 1 0 Parkhurst Dining Services 285 E Waterfront Drive Homestead PA 15120 Dining Services 7889498 Aramark Corporation PO Box 978839 Dallas TX 753977883 Maintenance 7134263 Minnesota Ice 13540 Flagstaff Ave Apple Valley MN 55124 Construction 1358855 ARO 200 W Adams St Suite 2000 Chicago IL 60606 Mailroom and Printing 394500 Ruffalo Noel Levitz PO Box 718 Des Moines IA 50303 Consulting 319395 8 0 0 92477 0 17562474 2105900 390923 19760851 Tuition & Fees 611310 109281484 109281484 0 0 Auxilliary Services 611310 20206099 20206099 0 0 Government Grants & Contracts 611310 3111788 3111788 0 0 Other Educational Related 611310 1199048 1199048 0 0 Athletics 611310 304712 304712 0 0 900755 898900 1855 0 135003886 943584 0 0 943584 0 0 0 0 500 0 0 500 323885 70615 159214 138393 164671 -67778 96893 -55863 -11915 164671 1309031 9475 891482 0 417549 9475 427024 9475 0 417549 180482 0 124665 55817 0 55817 0 0 0 0 0 0 0 0 0 0 0 0 0 156288555 134955643 -10060 1582121 X 173056 173056 58213997 58213997 0 0 0 0 1256959 97980 1062389 96590 215958 215958 0 0 29907986 27798695 1883893 225398 1205021 1079578 113031 12412 7573349 6582785 904267 86297 2606667 2359644 244505 2518 0 0 0 0 316343 0 316343 0 128529 0 128529 0 90395 0 0 90395 0 0 21828 0 21828 0 18259701 17364562 895139 0 768376 152345 616031 0 4673967 3994426 659259 20282 4034643 3252860 693005 88778 0 0 0 0 3759174 3623409 98055 37710 1895407 1789177 106230 0 0 0 0 0 1099277 814384 261851 23042 3232508 3232508 0 0 0 0 0 0 5738172 5738172 0 0 802646 70976 731670 0 Cost of Sales - Dining, Bookstore & Production 7163937 7163937 0 0 Cares Act Student Distribution 1552668 1552668 0 0 UBIT Advertising Expense 2049 2049 0 0 Bad Debts, Write-offs, and Collections 692208 692208 0 0 1425686 1359061 66625 0 156810507 147324435 8802650 683422 0 0 14053053 14816336 8752904 8503014 422328 434596 0 0 0 0 1627033 1293055 414146 343517 565909 690665 203879254 90285096 115790459 113594158 29239845 28442897 0 0 0 0 0 0 0 0 170865677 168118238 7537970 10112751 0 0 5736041 8128601 50808191 48550834 0 0 0 0 1857012 3510572 0 0 1746677 1621113 67685891 71923871 X 74211257 72372607 28968529 23821760 103179786 96194367 170865677 168118238 X -521952 -1134998 0 0 0 -5328469 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 90395 90395 161174094 161264489 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 150965 85749 97883 90395 424992 250000 250000 250000 250000 1000000 1500000 0 0 0 0 0 Schedule C, Part II-A, Line 1c Mercyhurst University retains a lobbyist that provides many services to Mercyhurst including, but not limited to, advice on government grants and contracts, access and introductions to government agencies, government leaders, and media outlets, and advocacy on behalf of Mercyhurst University. X 1 17 0 0 0 1 0 0 0 1 0 0 X X X 0 30554130 1395135 -206086 1333848 0 0 30409331 31770061 622353 -483307 1354977 0 0 30554130 30662798 275650 2270944 1439331 0 0 31770061 30961271 796159 415028 1509660 0 0 30662798 31517678 1977000 -1621453 911954 0 0 30961271 0.261 0.685 0.054 1 0 0 2724070 2724070 0 149036206 57374630 91661576 0 3916 0 3916 0 35881073 28135814 7745259 0 16233989 4774652 11459337 113594158 0 Federal Government Advance for Student Loans 972756 Student Deposits 540738 Trusts Payable 107619 1621113 X 97844890 -1134998 0 0 918666 -216332 98061222 13336 58213997 58227333 156288555 104830309 0 0 0 6247135 6247135 98583174 13336 58213997 58227333 156810507 Schedule D, Part II, Line 9 The University does not derive any revenue from this agreement beyond the original $1 it received in entering into the agreement. As stated in question 7 above, there are no expenses exclusively or directly related to the easement agreement. Being that the 16.89 acres of the easement was part of the land purchased by the University, the fair market value of the easement is included on the University's books and financial statements as property, plant and equipment. There is not a separate footnote in the University financial statements addressing the easement agreement. Schedule D, Part III, Line 1 Collections of works of art, historical treasures and similar assets are not capitalized in as much as the items are preserved and cared for continuously. Contributions of collection items are not reported in the financial statements. The University's collections consist primarily of paintings, sculptures, and other works of art, books, and antique furniture. Schedule D, Part III, Line 4 The observance and study of works of art and historical treasures are part of the educational curriculum in many disciplines. The University maintains a collection to further and enhance the educational experience in these disciplines, which is the primary reason for the University's exempt purpose. Schedule D, Part V, Line 4 The University's endowment consists of individual funds established for a variety of purposes. The endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments (board-designated endowment funds). Many of the individual funds established provide scholarships to students. Several other endowments support academic programs, the library, the performing arts center and other areas of the University. Schedule D, Part X, Line 2 The Financial Accounting Standards Board (FASB) provides guidance for how uncertain income tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the University's tax returns to determine whether the tax positions are more-likely-than-not of being sustained when challenged or when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. For the year ended May 31, 2020, management has determined there are no uncertain tax positions. Schedule D, Part XI, Line 2d This line includes various items that are recorded as part of net revenues on Schedule VIII; Loss on Disposition of Assets, Rental expenses, Fundraising expenses, and Intercompany elimination entries for MCI and Endowment. This line also includes the change in value of Beneficial Interest in Charitable Remainder Trust. Schedule D, Part XI, Line 4b Financial assistance awarded to students of the institution which is recorded as a contra-revenue in the audited financial statements. Schedule D, Part XII, Line 2d This line includes various items that are recorded as part of net revenues on Schedule VIII; Loss on Disposition of Assets, Rental expenses, Fundraising expenses and Intercompany elimination entries for MCI and Endowment. This line also included $6,066,077 of impairment of assets not recorded as part of net expenses on Schedule IX. Schedule D, Part XII, Line 4b Financial assistance awarded to students of the institution which is recorded as a contra-revenue in the audited financial statements. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The University's practice is to fully disclose our nondiscrimination policy in the course catalog and on the University's public website. Schedule E, Part I, Line 6 The University receives an Institutional Assistance Grant from the Pennsylvania Higher Education Assistance Agency (PHEAA). This aid is determined by the number of Pennsylvania state grant recipients enrolled at the University during the current academic year. Europe (including Iceland and Greenland) 1 0 Program Services Study Abroad MC Ireland 74196 Central America and the Caribbean 0 0 Investments 4571775 1 0 4645971 0 0 1 1 0 0 501 150247 76813 73434 0 0 0 14261 30375 10683 JLW Dance 40279 15664 24615 0 0 1342 1095 0 2538 3 56528 0 56528 0 2534 7685 6653 925 1558 247054 92477 154577 0 2534 9027 22009 31300 14779 79649 74928 1 Community & Economic Development Department 100 Erie Insurance Place Erie PA 16530 820709054 501(c)3 50000 Support the Erie Downtown Development Corporation Fund SafeNet 1702 French Street Erie PA 16501 251269524 501(c)3 10366 To provide services to people victimized by domestic violence and relationship abuse. 2 0 University funded financial assistance based on need and merit provided to students attending Mercyhurst University. 3403 58213997 Schedule I, Part I, Line 2 Most students receiving need-based financial aid from the University must complete an annual Free Application for Federal Student Aid (FAFSA) form and make satisfactory academic progress in order to retain their aid. Reviews are also conducted on each student to ensure that their grades, academic standing, and major continue to qualify them for the financial aid. These review processes are conducted annually at the end of the University's spring term, prior to the renewal of financial aid packages for the students. X X X 1 1 X X 0 0 0 0 0 0 0 0 0 Belfiore Phillip Professor of Education 126575 0 0 0 0 0 7866 0 34326 0 168767 0 0 0 McGill Duncan E Dean of Ridge College 175000 0 0 0 1020 0 9625 0 37230 0 222875 0 0 0 Myron David P VP of Finance and Administration 165280 0 0 0 1105 0 9075 0 21447 0 196907 0 0 0 Roberts Leanne M Provost and VP of Academic Affairs & Board 180000 0 0 0 0 0 9900 0 20587 0 210487 0 0 0 Sanchack Karl H President & CEO of Innovation District 208000 0 0 0 0 0 7627 0 6876 0 222503 0 0 0 Sullivan Gary Assistant Professor of Risk Management 163000 0 0 0 0 0 8800 0 35750 0 207550 0 0 0 Upal M Afzal Assistant Professor of Intel/Data Science 161640 0 0 0 0 0 8415 0 21127 0 191182 0 0 0 Victor Michael T President & Board 385417 0 0 0 1490 0 35400 0 18214 0 440521 0 0 0 Schedule J, Part I, Line 1a First Class or Charter Travel - The President is permitted to fly first class while certain other VPs are permitted if the trip is either cross country or international in nature. The University did not use any charter travel during the reporting period. Social Club Dues - The President, as part of his contract, and certain other VPs received social club memberships. This benefit was considered taxable and taxed accordingly. Personal Services - The President, as part of his contract, is provided a personal driver for events attending as a representative of the University. A 2016 Series CEHEBA 251536711 295435CD1 2016-12-01 25618931 See Part VI 1 0 0 B 2017 Series CEHEBA 251536711 295435CE9 2017-07-01 30485977 See Part VI 0 0 0 A 6140000 0 25716662 2161673 0 0 339088 0 0 0 0 0 1 1 1 1 B 65000 0 30830116 2805183 0 0 609708 0 0 24498146 0 0 2018 0 0 1 1 A 0 0 1 1 0 0.00001 0.00001 0.00002 0 0 1 B 0 0 1 1 0 0.00039 0 0.00039 0 0 1 A 0 1 0 1 0 0 0 1 1 B 0 1 0 1 0 0 0 0 1 A 1 B 1 Schedule K, Part I, Column f-12/01/2016 25,618,931 2016 Series CEHEBA On December 1, 2016, the University issued University Revenue Refunding Bonds through the City of Erie Higher Education Building Authority (Authority). The 2016 Bond proceeds were used to finance a project consisting of (a) current refunding of all of the 2004 Series A and B Bonds; (b) the advance refunding of all of the 2008 Bonds; (c) the funding of a debt service reserve fund; and (d) the financing of the costs relating to the issuance of the 2016 Bonds. Schedule K, Part I, Column f-07/01/2017 30,485,977 2017 Series CEHEBA On July 1, 2017, Mercyhurst Student Housing, LLC, a Pennsylvania limited liability company, issued $31,435,000 Revenue Bonds through the Authority. The 2017 Bond proceeds were used to finance a project consisting of (a) financing all or a part of the costs of acquiring, developing, constructing, furnishing, and equipping an approximately 148,000 square foot residence hall comprising approximately ninety (90) suites containing approximately 350 beds, and related student facilities, on approximately four acres of land owned by and on the Erie campus of the University, (b) funding capitalized interest, (c) funding a debt service reserve fund, and (d) pay all or a portion of the cost of issuance of the Series 2017 Bonds. Schedule K, Part II, Line 3-12/01/2016 25,618,931 2016 Series CEHEBA The difference between Part II, Line 3, A and Part I, A, column e is cumulative interest earnings on the bond trust accounts for the Fiscal Year ending May 31, 2020. Schedule K, Part II, Line 3-07/01/2017 30,485,977 2017 Series CEHEBA The difference between Part II, Line 3, B and Part I, B, column e is cumulative interest earnings, net of expenses on the bond trust accounts for the Fiscal Year ending May 31, 2020. Schedule K, Part IV, Line 2c-12/01/2016 25,618,931 2016 Series CEHEBA The date that the rebate computation was performed December 1, 2016 to May 31, 2020. As of the interim computation date of May 31, 2020, the report indicated that there was no rebate liability. The first IRS five-year computational due date is 12/01/2021 for the 2016 Series Bonds. Schedule K, Part IV, Line 2c-07/01/2017 30,485,977 2017 Series CEHEBA The date that the rebate computation was performed July 7, 2017 to May 31, 2020. As of the interim computation date of May 31, 2020, the report indicated that there was no rebate liability. The first IRS five-year computational due date is 7/01/2022 for the 2017 Series Bonds. Schedule K, Part IV, Line 6-12/01/2016 25,618,931 2016 Series CEHEBA Part of the 2016 Series Bond Issue was an advanced refunding of the 2008 Series Bonds, which were placed in a yield restricted escrow fund, until the call date of September 15, 2018. A final rebate computation was performed through the call date of September 15, 2018, which indicated no cumulative rebate liability as of the September 15, 2018 Final Rebate Computation Date. Exception for Schools Not Required 1360 Tuition Remission Financial Aid Exception for Schools Not Required 95000 Merit Based Scholarship Financial Aid H Jack Langer Heating and Plumbing Trustee John H Langer owner 106158 Heating and Plumbing Services 0 William Jeffress Spouse of Trustee 55546 Compensation and Benefits 0 Joseph Morris Spouse of Trustee and Officer 73079 Compensation and Benefits 0 Anne Zaphiris Sister of Trustee 87333 Compensation and Benefits 0 Schedule L, Part IV Trustee John H Langer is the owner of H. Jack Langer Heating and Plumbing. William Jeffress is the husband of Trustee Andrea Jeffress, M.D. and he is an employee of Mercyhurst University. Joseph Morris is the husband of Trustee and Officer Leanne Roberts and he is an employee of Mercyhurst University. Anne Zaphiris is the sister of Trustee Peter Zaphiris and she is an employee of Mercyhurst University. X 1 3800 FMV X 11 384875 FMV X Miscellaneous 2 2248 FMV 0 0 1 1 Schedule M, Part I, Line 32b Mercyhurst has an account with a financial/investment institution. When stock gifts are received they are delivered to this institution and sold by them on behalf of the University with the proceeds being deposited into our account. Form 990, Part VI, Section A, Line 2 Joseph G NeCastro (Trustee) has a family relationship with Mark J Salvia (Trustee). Form 990, Part VI, Section A, Line 4 University Bylaws were updated to include new language related to the University's relationship to the Mercy Council for Higher Education. Notwithstanding anything to the contrary contained herein, and as a condition to the Corporation's affiliation with CMHE and sponsorship by the Sisters of Mercy of the Americas, in no event shall the Board of Trustees/Directors take any of the following actions without the prior written consent of the Board of Directors of CMHE or its successor or designee (to the extent such approval is required under Canon Law): (i) approve a sale or disposition of all or substantially all of the assets, a merger, consolidation, reorganization, dissolution or liquidation of the Corporation , or other fundamental transaction contemplated within the Nonprofit Corporation Law of the State of Pennsylvania, or these Bylaws; or (ii) amend this Section 3 .01 (d) or Section 3 of the Articles of Incorporation or these Bylaws with respect to the Corporation's Roman Catholic identity or the conditions provided herein or in the Articles of Incorporation relating to the affiliation of the Corporation with CMHE or its sponsorship by the Sisters of Mercy of the Americas. Form 990, Part VI, Section B, Line 11b The Form 990 for Mercyhurst University for the current fiscal year end was reviewed in detail by the Vice President for Finance and Administration, and by an independent accounting firm prior to filing with the IRS. In addition to management's review of the Form 990, each voting member of the Mercyhurst University Board of Trustees was e-mailed a notification that the final Form 990, including all required schedules, was made available on a secured website for review. Trustees were given an opportunity to ask questions and provide feedback to management prior to the filing of the return with the IRS. Form 990, Part VI, Section B, Line 12c Mercyhurst University has a written Conflict of Interest Policy. All Trustees and members of the President's Cabinet are required to disclose to the Board of Trustees any possible conflict of interest at the earliest practical time. Further, the Trustee shall abstain from discussion of, and abstain from voting on, such matters under consideration by the Board of Trustees or its committees. Each Trustee and member of the President's Cabinet shall complete and sign by the spring Board meeting each year a conflict of interest disclosure form provided annually by the Secretary of the Board of Trustees. The annual conflict of interest disclosure forms are reviewed first by the Chair of the Board of Trustees, who also serves as Chair of the Executive Committee and by the full Executive Committee of the Board of Trustees typically at its Fall meeting. Copies of the annual conflict of interest disclosure forms are provided to the Executive Committee of the Board of Trustees, the Chair of the Board of Trustees, the Secretary of the Board of Trustees, the Chair of the Committee on Audit, the external audit firm, and the President of the University. Form 990, Part VI, Section B, Line 15 The Mercyhurst University Board of Trustees follows the recommendation of the Association of Governing Boards of Colleges and Universities among other leading authorities in our industry when dealing with presidential compensation and therefore, adheres to best practices established. The process/policy for setting presidential compensation at Mercyhurst University is the following. At Mercyhurst University, the Committee on Compensation of the Board of Trustees is responsible for the compensation-setting function of the President. The committee consists of no fewer than three trustees appointed by the chair of the board, who will also name a chair and vice chair. These trustees must be independent, without a conflict of interest as it relates to this area, and may not have been employed by Mercyhurst University in the last five years. No member may be an executive of Mercyhurst University. Continuously throughout the year, the Committee on Compensation evaluates the President's performance for the fiscal year-end and conducts a formal review at least once a year. The committee reviews the president's performance in light of the university's goals and objectives. In addition, the committee reviews the President's compensation to ensure that his compensation complies with rules governing tax-exempt universities described in the Internal Revenue Code, complies with compensation rules and regulations promulgated by any other regulatory agency or legislative authority and aligns appropriately with compensation levels at comparable universities. They use this review as the basis for recommendations on the president's compensation. The committee negotiates the terms of the (new or renewed) president's contract and increases in compensation level, elements of the compensation package, and structure. The recommendation is then presented for approval of the full board. At this time, the committee also requests the President to provide a list of goals and objectives for the institution and for the office of the president for the forthcoming year. This document provides the baseline used in evaluating the performance of the President. This request is followed up by a request of the Committee on Compensation to the President to prepare a report that assesses progress on each of the annual and standing objectives presented in the report. Form 990, Part VI, Section C, Line 19 Mercyhurst University's governing documents, conflict of interest policy, and financial statements are made available to the public upon request. Form 990, Part IX, Line 11g $5,385,241 of the expenses for other services are related to the maintenance contract with Aramark. $10,322,939 is related to contract services for Grants and Institutes. The remaining $2,551,521 is related to general contract services for the University Form 990, Part XI, Line 9 Losses related to the impairment of assets ($6,066,077) and change in value of split interest agreements ($56,581), offset by gains in the beneficial interest in charitable remainder trust $794,189. Erie Innovation District LLC 501 East 38th Street Erie PA 165460002 821351558 Economic Development PA 1099025 0 N/A Mercyhurst Student Housing LLC 501 East 38th Street Erie PA 165460002 821588242 Student Housing PA 2441123 31075509 N/A HIDTA Grant LLC 501 East 38th Street Erie PA 165460002 821368498 Assist Enforcement in High Drug Trafficing Areas PA 0 0 N/A Atlanta Carolinas HIDTA LLC 501 East 38th Street Erie PA 165460002 364910504 Assist Enforcement in High Drug Traffiing Areas PA 0 0 N/A CVC HIDTA LLC 501 East 38th Street Erie PA 165460002 371980682 Assist Enforcement in High Drug Trafficing Areas PA 0 0 N/A Mercyhurst College Ireland Dungarvan Enterprise Centre Parnell Street Dungarvan County Waterford EI X35 FX45 000510643 Advancement and Education EI Mercyhurst University C 2348 68680 1 1 Charitable Remainder Trust 706 Oak Drive Friendswood TX 775465545 Trust TX N/A T 1998191 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 Mercyhurst College Ireland p 74196 Actual Cost of Educational Programs