2020-02-25T13:35:27-06:00 2019-06-30 251622758 MAHER DUESSEL CPA'S 3003 NORTH FRONT STREET SUITE 101 HARRISBURG PA 17110 990 2018-07-01 231352692 WILSON COLLEGE WILS 7172622544 1015 PHILADELPHIA AVENUE CHAMBERSBURG PA 17201 BRIAN ECKER VP FINANCE & ADMINISTRATION 7172622544 2020-02-25 1 P00168809 7172321230 209.170.230.10 2020-02-25 13:35:21 ES P D33FA7F254BC09848346BBAA17B51EB9116DA51E FDD449540A191F72DCDBC4EFDB46D46E1F50F49D 2018 2020-09-23 17:36:50Z BARBARA MISTICK 1015 PHILADELPHIA AVENUE CHAMBERSBURG PA 17201 44524113 0 X WWW.WILSON.EDU X 1869 PA WILSON COLLEGE EMPOWERS STUDENTS THROUGH AN ENGAGED, COLLABERATIVE, LIBERAL ARTS EDUCATION THAT COMBINES THE SKILLS AND FOCUSED STUDY NEEDED FOR SUCCESS IN WORK AND LIFE. WE ARE A CLOSE, SUPPORTIVE COMMUNITY THAT DEVELOPS THE MIND AND CHARACTER OF ALL STUDENTS, PREPARING THEM TO MEET THE CHALLENGES OF A GLOBAL SOCIETY. 18 18 803 651 286883 0 6487225 6045303 22186398 25542207 6116753 2363380 688171 1417067 35478547 35367957 7196807 7928982 0 0 12935722 12557711 0 0 1010647 13744735 14839202 33877264 35325895 1601283 42062 115946270 117637982 36754327 38012248 79191943 79625734 X WILSON COLLEGE EMPOWERS STUDENTS THROUGH AN ENGAGED, COLLABERATIVE, LIBERAL ARTS EDUCATION THAT COMBINES THE SKILLS AND FOCUSED STUDY NEEDED FOR SUCCESS IN WORK AND LIFE. WE ARE A CLOSE, SUPPORTIVE COMMUNITY THAT DEVELOPS THE MIND AND CHARACTER OF ALL STUDENTS, PREPARING THEM TO MEET THE CHALLENGES OF A GLOBAL SOCIETY. 0 0 24372289 7928982 25541427 WILSON UNDERSTANDS THAT SUSTAINABLE SOLUTIONS TO COMPLEX PROBLEMS WILL REQUIRE INNOVATION AND GLOBAL SAVVY - TALENTS DEVELOPED MOST FULLY THROUGH A RIGOROUS, PERSONALIZED EDUCATION IN THE LIBERAL ARTS AND A POWERFUL LEARNING/LIVING ENVIRONMENT FOR STUDENTS OF DIVERSE BACKGROUNDS. THIS IS WILSON'S COMMITMENT TO ITS STUDENTS.THE TRADITIONAL UNDERGRADUATE COLLEGE OFFERS BACCALAUREATE DEGREE PROGRAMS AND RESIDENTIAL HOUSING. THE ADULT DEGREE PROGRAM OFFERS BACCALAUREATE AND ASSOCIATE DEGREE PROGRAMS, THE TEACHER INTERN PROGRAM, AND OTHER COURSES FOR MEN AND WOMEN. WILSON OFFERS THE "SINGLE PARENT SCHOLAR" PROGRAM. THIS PROGRAM PROVIDES CAMPUS HOUSING YEAR-ROUND TO SINGLE PARENT SCHOLARS AND THEIR CHILDREN SO THAT THE PARENT CAN PURSUE A BACHELOR'S DEGREE FULL TIME. WILSON OFFERS MASTER'S DEGREE PROGRAMS IN ACCOUNTANCY, EDUCATION, FINE ARTS, HEALTHCARE ADMINISTRATION, HUMANITIES, SPECIAL EDUCATION, MASS CUSTOMIZED LEARNING, TEACHING ENGLISH AS A SECONDARY LANGUAGE, EDUCATION TECHNOLOGY, MANAGEMENT, AND NURSING. GRADUATE LEVEL CURRICULA ARE DELIVERED AS EITHER NON-RESIDENTIAL, LOW RESIDENCY, OR ONLINE PROGRAMS. 24372289 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 0 0 0 1 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 X 2470 0 1 803 1 1 1 1 CJ BD VI 0 0 0 0 0 0 0 0 0 0 X 18 18 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 PA X BRIAN ECKER VP FINANCE & ADMINISTRATION 7172622544 1015 PHILADELPHIA AVENUE CHAMBERSBURG PA 17201 BARBARA L TENNEY CHAIR 1.00 X X 0 0 0 J SAMUEL HOUSER VICE CHAIR UNTIL MAY 2019 1.00 X X 0 0 0 LISBETH S LUKA SECRETARY 1.00 X X 0 0 0 MARY JO MAYDEW TREASURER 1.00 X X 0 0 0 ROBERT M BAKER TRUSTEE 1.00 X 0 0 0 JENNIFER N BANZHOF TRUSTEE 1.00 X 0 0 0 ROBIN J BERNSTEIN ESQ TRUSTEE 1.00 X 0 0 0 LYNNE E DISTASIO TRUSTEE 1.00 X 0 0 0 CHRISTOPHER GABLE TRUSTEE UNTIL MAY 2019 1.00 X 0 0 0 JUDITH C GROVE TRUSTEE 1.00 X 0 0 0 NIRMAL JOSHI MD TRUSTEE UNTIL MAY 2019 1.00 X 0 0 0 PATRICIA C SHEA ESQ TRUSTEE 1.00 X 0 0 0 JAMES A ORSINI DVM TRUSTEE 1.00 X 0 0 0 MARGARET H DUPREY TRUSTEE 1.00 X 0 0 0 PHOEBE H STEVENSON TRUSTEE 1.00 X 0 0 0 SUE ANN COOK TRUSTEE UNTIL MAY 2019 1.00 X 0 0 0 NANCY D WASHINGTON TRUSTEE 1.00 X 0 0 0 MAXINE L GINDLESPERGER TRUSTEE 1.00 X 0 0 0 LINDA E KRACH TRUSTEE 1.00 X 0 0 0 WILLIAM P KIEHL TRUSTEE 1.00 X 0 0 0 HILLARIE FLOOD TRUSTEE AS OF MAY 2019 1.00 X 0 0 0 JUDY YOUNG TRUSTEE AS OF MAY 2019 1.00 X 0 0 0 BRIAN ECKER VP FINANCE & ADMIN 40.00 X 143750 0 23651 ELISSA HEIL VP ACADEMIC AFFAIRS 40.00 X 139647 0 22020 CAMILLA RAWLEIGH VP INSTITUTIONAL ADVANCEME 40.00 X 145290 0 11272 JOSE DIEUDONNE VP TECHNOLOGY SERVICES 40.00 X 106200 0 4382 BARBARA K MISTICK PRESIDENT 40.00 X 328308 0 53543 863195 0 114868 5 1 1 0 RS MOWERY & SONS INC 1000 BENT CREEK BOULEVARD MECHANICSBURG PA 17050 CONSTRUCTION LABOR 3600053 SAGE DINING SERVICES INC 1402 YORK ROAD SUITE 100 LUTHERVILLE MD 21093 FOOD SERVICE 1464348 NATIONAL MANAGEMENT RESOURCES CORPORATIO PO BOX 1224 LAGRANGE GA 30241 MAINTENANCE CONTRACTOR 1118638 EDUSPIRE PO BOX 2012 SOUTHEASTERN PA 19399 EDUCATIONAL SERVICES 723743 JP LILLEY & SON INC PO BOX 62280 HARRISBURG PA 171100685 TECHNOLOGY 324710 17 916700 5128603 137954 6045303 TUITION AND FEES 611710 21250861 21250861 ROOM AND BOARD 611710 4115806 4115806 BOOKSTORE 611710 97395 97395 STABLE OPERATIONS 611710 60803 60023 780 CAFE 611710 17342 17342 25542207 1565647 1565647 27795 11665 16130 16130 16130 9942224 9144491 797733 797733 797733 CHILD CARE 624410 179324 179324 CONFERENCES 611170 145818 106779 39039 FEES AND FINES 900099 32240 32240 1043555 1043555 1400937 35367957 25541427 286883 3494344 7476872 7476872 452110 452110 600309 414099 156342 29868 9690390 6776314 2427176 486900 548388 353434 161351 33603 968513 588368 348390 31755 750111 513613 200124 36374 2833793 1238296 1579706 15791 86202 86202 47045 47045 328627 328627 928315 310145 545052 73118 329905 64114 265791 1064910 607740 361544 95626 481777 9964 471813 824132 573905 226429 23798 480934 380538 78199 22197 291348 130807 146350 14191 1868172 1300949 513277 53946 2993283 1738591 1254692 363061 252827 99750 10484 MAINTENANCE/PLANT FACIL 1233362 858883 338864 35615 BAD DEBT EXPENSE 134751 134751 SELF-STUDY 36697 36697 BANK SERVICE CHARGES 24792 24792 488096 294023 146692 47381 35325895 24372289 9942959 1010647 4000 3802 7840726 12499188 921179 483666 567729 712997 1813917 1609866 122296 94345 657832 698780 84753694 38256416 43630229 46497278 34748732 31193450 14265853 12587678 135000 135000 11238777 11121932 115946270 117637982 1726636 2250767 501242 678938 31011931 33895263 3514518 1187280 36754327 38012248 X 31922261 30798311 4575177 48827423 42694505 0 79191943 79625734 115946270 117637982 X 42062 204781 186948 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 48650 X X X 0 46838106 2393432 1671607 1239449 5447934 44215762 45297837 6062786 2245456 1406116 5361857 46838106 47351535 1501560 3851425 1358786 6047897 45297837 56020994 1320610 -2375278 1185718 6429073 47351535 60305876 1829943 1231855 1095657 6251023 56020994 0.28450 0.71550 1 0 575546 575546 69785594 30272195 39513399 10550771 7984221 2566550 3841783 3841783 46497278 LIFE INSURANCE POLICIES CASH SURRENDER VALUE 27148 F ALTERNATIVE INVESTMENTS 12560530 F 12587678 ASSETS HELD IN TRUST UNDER SPLIT INTEREST AGREEMENTS 11121932 11121932 FUNDS HELD IN CUSTODY FOR OTHERS 281451 CAPITAL LEASE OBLIGATIONS 349369 ADVANCES FROM US GOVERNMENT FOR STUDENT LOANS 556460 1187280 X 27513742 204781 -8070661 -7865880 35379622 -11665 -11665 35367957 27079951 11665 11665 27068286 328627 7928982 8257609 35325895 PART X, LINE 2: THE COLLEGE IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD IS MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD IN FISCAL 2019 AND 2018. THE COLLEGE'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: CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS -116,288. CHANGE IN FAIR VALUE OF INTEST RATE SWAP 303,236. STUDENT FINANCIAL AID (NETTED AGAINST TUITION ON FINANCIAL STATEMENTS) -7,928,982. INVESTMENT FEES (NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS) -328,627. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -11,665. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 11,665. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID (NETTED AGAINST TUITION ON FINANCIAL STATEMENTS) 7,928,982. PART III, LINE 4: THE HANKEY CENTER SERVES AS COLLEGE ARCHIVES, WHICH INLCUDES THE C ELIZABETH BOYD ('33) ARCHIVES AND THE BARRON BLEWETT HUNNICUTT CLASSICS GALLERY. THE HANKEY CENTER IS NAMED IN HONOR OF JOAN HANKEY ('59), THE DONOR THAT HAS MADE IT POSSIBLE FOR WILSON TO KEEP ALIVE THE HISTORY OF WOMEN AT WILSON AND TO FURTHER THE ADVANCEMENT AND EDUCATION OF WOMEN AND GIRLS GLOBALLY. PART V, LINE 4: INCOME FROM ENDOWMENT FUNDS ARE TO PROVIDE SCHOLARSHIPS, SUPPORT FACULTY/STAFF DEVELOPMENT, AND TO SUPPORT OPERATIONS OF THE COLLEGE. 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 ORGANIZATION'S NONDISCRIMINATION POLICY IS IN ALL OF ITS PUBLICATIONS, INCLUDING THE SCHOOL'S CATALOG AND COURSE ROSTER. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES VARIOUS FEDERAL GRANTS DIRECTLY FROM THE U.S. DEPARTMENT OF EDUCATION. THESE GRANTS INCLUDE SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, COLLEGE WORK-STUDY FUNDING, AND PELL GRANTS. THE COLLEGE ALSO RECEIVES GRANTS FROM THE COMMONWEALTH OF PENNSYLVANIA, THE MOST SIGNIFICANT OF WHICH IS THE INSTITUTIONAL ASSISTANCE GRANT. 0 0 0 0 0 0 0 0 0 0 SCHOLARSHIP/TUITION REMISSION SUB-SAHARAN AFRICA 3 56090 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, 2 64275 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 9 134695 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 5 81940 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION SOUTH AMERICA 3 38534 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION SOUTH ASIA 5 76576 OTHER - APPLIED AGAINST TUITION N/A 0 0 0 0 0 0 1 STUDENT WORK-STUDY 85 258195 N/A N/A TUITION EXCHANGE AND REMISSION STUDENTS ENROLLED 68 477333 N/A N/A INSTITUTIONAL SCHOLARSHIPS AND GRANTS 704 5932453 N/A N/A ENDOWED SCHOLARSHIPS 309 808891 N/A N/A N/A PART 1, LINE 2 SCHOLARSHIP FUNDS ARE AWARDED TO STUDENTS WHO MEET THE FINANCIAL REQUIREMENTS AS DEMONSTRATED BY THE RESULTS FROM FEDERAL FREE APPLICATION FOR FEDERAL STUDENT AID. ENDOWED SCHOLARSHIP RECIPIENTS ALSO MEET THE SPECIFIC CRITERIA AS IDENTIFIED BY THE DONORS. INSTITUTIONAL FINANCIAL AID IS ALSO AWARDED TO STUDENTS WHO MEET SPECIFIC MERIT OR AFFILIATION CRITERIA. RECIPIENTS OF TUITION REMISSION AND EXCHANGE PROGRAMS FOR WILSON COLLEGE EMPLOYEES ARE VERIFIED FIRST BY THE DIRECTOR OF HUMAN RESOURCES. RECIPIENTS OF TUITION EXCHANGE PROGRAMS FROM OTHER COLLEGES AND UNIVERSITIES ARE VERIFIED FIRST BY THE FINANCIAL AID DEPARTMENT. X X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 BRIAN ECKER VP FINANCE & ADMIN 136250 0 0 0 7500 0 10781 0 12870 0 167401 0 0 0 ELISSA HEIL VP ACADEMIC AFFAIRS 139167 0 0 0 480 0 10438 0 11582 0 161667 0 0 0 CAMILLA RAWLEIGH VP INSTITUTIONAL ADVANCEME 137350 0 0 0 7940 0 10864 0 408 0 156562 0 0 0 BARBARA K MISTICK PRESIDENT 275808 0 34000 0 18500 0 23236 0 30307 0 381851 0 0 0 PART I, LINE 1A BARBARA MISTICK, PRESIDENT, HAS ON CAMPUS HOUSING AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS HOUSING. THEREFORE, NONE OF THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION. ADDITIONALLY, THE COLLEGE HOUSING IS USED FOR FUNDRAISING AND CAMPUS RELATED EVENTS. THE COLLEGE PAYS COUNTRY CLUB DUES AS WELL AS SOCIAL CLUB DUES FOR THE PRESIDENT. BECAUSE THESE DUES ARE RELATED TO FUNDRAISING EFFORTS, THEY WERE NOT TREATED AS TAXABLE COMPENSATION. PART I, LINE 7 BONUS OF $34,000 BASED ON ENROLLMENT/LIQUIDITY. PART II, LINE 1 & 3 BRIAN ECKER AND CAMILLA RAWLEIGH RECEIVED $7,500 IN ADDITIONAL COMPENSATION FOR THE CURRENT YEAR AS COMPENSATION FOR PERFORMING ADDITIONAL DUTIES IN RELATION TO THE ROLE OF THE PRESIDENT WHILE ON SABBATICAL/LEAVE. A MUNICIPAL AUTHORITY BOROUGH OF CHAMBERSBURG 251742939 158042AA9 2007-11-08 31180000 CONSTRUCTION OF SCIENCE CENTER BUILDING 0 0 0 B MUNICIPAL AUTHORITY BOROUGH OF CHAMBERSBURG 251742939 157881AE3 2018-10-31 35210000 CONSTRUCTION OF SCIENCE CENTER BUILDING 0 0 0 A 31180000 2009 1 0 1 1 B 35210000 938346 31237209 2934600 2009 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 1 1 BANK OF AMERICA SWAP 0 1 0 0 1 B 0 0 0 1 0 0 0 0 0 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MUNICIPAL AUTHORITY BOROUGH OF CHAMBERSBURG DATE THE REBATE COMPUTATION WAS PERFORMED: 11/01/2007 SCHEDULE K, PART 1, BOND ISSUES: (A) ISSUER NAME: MUNICIPAL BOND AUTHORITY BOROUGH OF CHAMBERSBURG (F) DESCRIPTION OF PURPOSE: CONSTRUCTION OF SCIENCE CENTER BUILDING SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: (A) ISSUER NAME: MUNICIPAL AUTHORITY BOROUGH OF CHAMBERSBURG DATE THE REBATE COMPUTATION WAS PERFORMED: 11/28/2012 X 989 FAIR MARKET VALUE X 16 62833 FAIR MARKET VALUE X 13 828 FAIR MARKET VALUE X HORSES 3 64500 FAIR MARKET VALUE X SERVICES/MATERIALS 6 8528 FAIR MARKET VALUE X GIFT CERTIFICATES/GIVEAWAYS 2 276 FAIR MARKET VALUE 0 1 1 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS IN COLUMN B IS THE NUMBER OF DONORS WHO CONTRIBUTED PER CATEGORY. PART I, LINE 32B: THE COLLEGE USES HANOVER CAPITAL MANAGEMENT TO SELL STOCK THAT IS RECEIVED AS A CONTRIBUTION. FORM 990, PART VI, SECTION A, LINE 3 THE COLLEGE OUTSOURCED ITS PHYSICAL PLANT, FOOD SERVICES, CAMPUS SAFETY, AND CONFERENCES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED FIRST BY THE PRESIDENT AND CABINET (MANAGEMENT REVIEW). PURSUANT TO THE BOARD'S DELEGATION OF AUTHORITY, THE FORM 990 WAS SUBMITTED TO THE AUDIT COMMITTEE FOR REVIEW AND APPROVAL. FOLLOWING THE AUDIT COMMITTEE'S REVIEW AND APPROVAL, THE FORM 990 WAS PROVIDED TO EACH TRUSTEE PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE WILSON COLLEGE CONFLICT OF INTEREST POLICY PROTECTS THE INTERESTS OF THE COLLEGE IN CONNECTION WITH ANY TRANSACTION OR ARRANGEMENT THAT MIGHT BENEFIT THE PRIVATE INTERESTS OF ANY COVERED PERSON. A "COVERED PERSON" INCLUDES EACH OF THE COLLEGES TRUSTEES, OFFICERS, MEMBERS OF ANY COMMITTEE OF THE COLLEGE'S BOARD OF TRUSTEES WITH AUTHORITY TO ACT ON BEHALF OF THE TRUSTEES, AND THE COLLEGE'S EXECUTIVE EMPLOYEES AND ANY OTHER MANAGER OR SUPERVISOR IDENTIFIED BY THE BOARD OF TRUSTEES OR THE PRESIDENT AS EXERCISING SUBSTANTIAL INFLUENCE OVER THE OPERATIONS OF THE COLLEGE. EACH COVERED PERSON IS REQUIRED TO SIGN A STATEMENT THAT AFFIRMS THAT THEY READ, UNDERSTAND, AND AGREE TO COMPLY WITH THE POLICY. THEY ARE ALSO REQUIRED TO SUBMIT, ON AN ANNUAL BASIS, A QUESTIONNAIRE DISCLOSING THEIR ACTUAL AND POTENTIAL CONFLICTS OF INTEREST. POTENTIAL CONFLICTS OF INTEREST IDENTIFIED THROUGH THE REVIEW OF THE QUESTIONNAIRE BY THE SECRETARY OR VICE PRESIDENT, OR OTHER POTENTIAL CONFLICTS OF INTEREST ARISING DURING CONSIDERATION OF A TRANSACTION OR ARRANGEMENT ARE REPORTED TO THE BOARD'S AUDIT COMMITTEE. THE AUDIT COMMITTEE WILL EVALUATE THE DISCLOSURES AND THE MATERIAL FACTS AND DETERMINE WHETHER THERE IS A CONFLICT OF INTEREST. THE AUDIT COMMITTEE MAY REFER THE MATTER TO THE BOARD FOR SUCH A DETERMINATION. IF IT IS DETERMINED THAT NO CONFLICT OF INTEREST EXISTS, THE COVERED PERSON MAY PARTICIPATE FULLY IN THE DISCUSSION OF AND VOTE ON THE PROPOSED TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 A SEPARATE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS CURRENT SALARY, EVALUATION RESULTS FOR THE PRESIDENT, AND DATA FROM THE FOLLOWING SOURCES: SALARIES OF PEER AND ASPIRANT COLLEGES; FORMS 990 FROM OTHER INSTITUTIONS; GUIDESTAR INFORMATION; AND RELEVANT SALARY SURVEYS, INCLUDING BUT NOT LIMITED TO, THE ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES OF PENNSYLVANIA (AICUP) AND THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA), TO ENSURE THAT COMPENSATION DOES NOT EXCEED FAIR MARKET VALUE. THE RECOMMENDATION OF THE COMPENSATION COMMITTEE (IN EXECUTIVE SESSION) AND THE ENTIRE BOARD VOTES ON THE COMPENSATION RECOMMENDATION. THIS IS DOCUMENTED VIA COMMITTEE MINUTES. COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS BASED ON MARKET SURVEY INFORMATION AND AUTHORIZED/APPROVED BY THE PRESIDENT. THE COMPENSATION IS ULTIMATELY APPROVED BY THE BOARD OF TRUSTEES AS PART OF THE ANNUAL BUDGET PROCESS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS IN THE FORM OF THE 990 AND 990-T ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUST - -116,288. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP - 303,236.