2020-04-21T07:44:47-05:00 2019-05-31 410746749 CLIFTONLARSONALLEN LLP 901 N GLEBE ROAD SUITE 200 ARLINGTON VA 22203 990 2018-06-01 530259954 NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS NATI 2028612500 1110 VERMONT AVENUE NW NO 800 WASHINGTON DC 20005 TIA JEFFRESS SENIOR DIRECTOR 2028612500 2020-04-16 1 J ANDREW SMITH P00635175 5712279500 2020-03-30 67.137.57.251 2020-04-16 08:27:19 ED P 88FC096EEAA4AA34D2309BD4BFC487DBE06F0B48 88FC096EEAA4AA34D2309BD4BFC487DBE06F0B48 2018 2020-09-23 17:36:50Z SUSAN JOHNSTON 1110 VERMONT AVENUE NW NO 800 WASHINGTON DC 20005 25762950 0 X WWW.NACUBO.ORG X 1956 IL TO IMPROVE FINANCIAL AND ADMINISTRATIVE MANAGEMENT AT INSTITUTIONS OF HIGHER EDUCATION. 21 21 70 21 533431 119691 9186943 9356592 5900788 6043288 887339 680945 931707 1019096 16906777 17099921 20588 12703 0 0 8462793 8497199 0 0 856427 9042685 9612051 17526066 18121953 -619289 -1022032 22646484 21244611 12456234 12940043 10190250 8304568 X THE USUAL PUBLIC ACTIVITIES OF THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS (NACUBO) ARE TO DEVELOP, PROMOTE, AND IMPROVE BUSINESS AND FINANCIAL PRINCIPLES AND PRACTICES IN THE ADMINISTRATION OF INSTITUTIONS OF HIGHER EDUCATION AND TO FOSTER AMONG MEMBER INSTITUTIONS PROFESSIONAL IDEALS AND STANDARDS IN BUSINESS AND FINANCIAL ADMINISTRATION.NACUBO'S CORE MISSION IS TO IMPROVE FINANCIAL AND ADMINISTRATIVE MANAGEMENT AT INSTITUTIONS OF HIGHER EDUCATION. TO THIS END, NACUBO MARSHALS EXPERTISE, SHARES KNOWLEDGE, PROVIDES TECHNICAL ASSISTANCE, AND ENCOURAGES INNOVATION IN BUSINESS PRACTICES. AREAS OF FOCUS INCLUDE ACCOUNTING AND FINANCIAL MANAGEMENT INCLUDING ENDOWMENTS AND DEBT, TAXATION, STUDENT FINANCIAL SERVICES, AND BUSINESS OPERATIONS INCLUDING INFORMATION TECHNOLOGY AND FACILITIES MANAGEMENT. 0 0 7329291 533431 MEMBER SERVICES:UNIVERSITIES - THE ASSOCIATION KEEPS MEMBERS INFORMED OF FEDERAL ACTIONS, SOLICITS MEMBER OPINIONS AND CONCERNS, AND ADVOCATES FOR THE BEST INTERESTS OF COLLEGES AND UNIVERSITIES WITH CONGRESS AND FEDERAL AGENCIES. THE ASSOCIATION'S ADVOCACY EFFORTS WERE COORDINATED WITH A NUMBER OF OTHER ASSOCIATION'S REPRESENTING VARIOUS HIGHER EDUCATION CONSTITUENCIES. IN ADDITION, NACUBO IS THE VOICE FOR HIGHER EDUCATION WITH THE VARIOUS BODIES THAT SET STANDARDS FOR ACCOUNTING PRACTICES, SUCH AS THE FINANCIAL ACCOUNTING STANDARDS BOARD, THE ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS, AND THE U.S. GENERAL ACCOUNTING OFFICE.RESEARCH - NACUBO UNDERTAKES BOTH ON-GOING LONGITUDINAL STUDIES IMPORTANT TO THE HIGHER EDUCATION INDUSTRY SUCH AS THE ASSOCIATION'S ANNUAL STUDY OF COLLEGE AND UNIVERSITY ENDOWMENTS AND SHORT SURVEYS OR RESEARCH ON SPECIFIC ISSUES OF CONCERN.REGIONAL ASSOCIATIONS AND PARTNERSHIPS - NACUBO MANAGES AN ASSOCIATION MANAGEMENT SYSTEM THAT SERVES THE JOINT MEMBERSHIP OF THE NATIONAL ASSOCIATION AND ITS FOUR REGIONAL AFFILIATED ASSOCIATIONS (CACUBO, EACUBO, SACUBO AND WACUBO). THE SYSTEM CAPTURES A VARIETY OF DATA POINTS THAT ENABLE IMPROVED TRACKING OF INDIVIDUAL MEMBER ACTIVITY AND DUES BILLING AND COLLECTION PROCESSES. THIS DATABASE IS LINKED TO BOTH A CONTENT MANAGEMENT SYSTEM AND THE ASSOCIATION WEBSITE IMPROVING MEMBER SERVICE.AWARDS PROGRAM - NACUBO RECOGNIZES INSTITUTIONAL AND INDIVIDUAL EXCELLENCE THROUGH ITS AWARDS PROGRAM. THESE AWARDS WERE PRESENTED TO INDIVIDUALS WHO SHOWED OUTSTANDING ACHIEVEMENT AND EXEMPLARY PERFORMANCE IN THE AREAS OF FINANCIAL MANAGEMENT, ENDOWMENT MANAGEMENT, PROFESSIONAL DEVELOPMENT AND MORE. INSTITUTIONS WERE RECOGNIZED THAT DEMONSTRATED INNOVATION IN THE AREAS OF PROCESS IMPROVEMENT AND RESOURCE ENHANCEMENT. 6076162 12703 5509857 CONFERENCES, WORKSHOPS, AND SEMINARS:THE NACUBO ANNUAL MEETING IS THE MOST IMPORTANT PROFESSIONAL DEVELOPMENT EVENT OF THE YEAR FOR COLLEGE AND UNIVERSITY BUSINESS OFFICERS AND THEIR STAFF. THE CONFERENCE WAS HELD IN AUSTIN, TX FOR THE 2019 FISCAL YEAR. SESSION TOPICS INCLUDED ADVANCING TECHNOLOGY, ENHANCING THE BUILT ENVIRONMENT, FINANCING THE ENTERPRISE, IMPLEMENTING AND LEADING CHANGE, IMPROVING THE STUDENT EXPERIENCE, PLANNING & BUDGETING, AND MANY OTHER TECHNICAL, MANAGERIAL AND LEADRSHIP ISSUES. (CONTINUE ON SCHEDULE O).NACUBO PRESENTS WEB CASTS FROM THE ASSOCIATION'S STUDIO DURING THE YEAR.THE WEB CASTS COVERED "HOT TOPICS" IN HIGHER EDUCATION BUSINESS AND ADMINISTRATION. THIS DEPARTMENT ADMINISTERS A CONTINUING PROFESSIONAL EDUCATION (CPE) CREDIT PROGRAM FOR CERTIFIED PUBLIC ACCOUNTANTS. NACUBO IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. PROFESSIONAL DEVELOPMENT (PDC) -NACUBO CREATES AND DELIVERS A BROAD RANGE OF PROGRAMS, SERVICES, AND PRODUCTS THAT ARE DESIGNED TO STRENGTHEN THE ABILITIES AND KNOWLEDGE OF CAMPUS ADMINISTRATORS AT ALL LEVELS. TO MEET THE CHANGING NEEDS OF HIGHER EDUCATION, NACUBO HAS DEVELOPED A VARIETY OF WORKSHOPS AND MATERIALS COVERING TOPICS IN THE FIELDS OF ACCOUNTING, HIGHER EDUCATION FINANCE, LEADERSHIP AND MANAGEMENT, TAX, STUDENT FINANCIAL SERVICES, CAMPUS OPERATIONS, AND TECHNOLOGY. 752694 241839 PUBLICATIONS AND OTHER PRODUCTS:NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS REMAIN A SOURCE OF PROFESSIONAL INFORMATION FOR MEMBERS. CIRCULATION OF THE MONTHLY BUSINESS OFFICER MAGAZINE HAS GROWN TO 25,000. NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS SELLS APPROXIMATELY 48 PUBLICATION TITLES, INCLUDING FOUR ANNUAL SUBSCRIPTION SERVICES. 14158147 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 46 0 70 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 1 0 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X TIA JEFFRESS 2028612500 1110 VERMONT AVENUE NW SUITE 800 WASHINGTON DC 20005 LYNN SCHAEFER CHAIR 1.00 X X 0 0 0 LYNN VALENTER VICE CHAIR 1.00 X X 0 0 0 MARY LOU MERKT PAST CHAIR 1.00 X X 0 0 0 ROBERT G MOORE SECRETARY 1.00 X X 0 0 0 ARCH ASAWA DIRECTOR 1.00 X 0 0 0 DAVID BEA DIRECTOR 1.00 X 0 0 0 TERESA CONSTANTINIDIS DIRECTOR 1.00 X 0 0 0 GREG DEPPONG DIRECTOR 1.00 X 0 0 0 RUSS HANNAH DIRECTOR 1.00 X 0 0 0 THOMAS HERBERT DIRECTOR 1.00 X 0 0 0 DIANA KUHLMANN DIRECTOR 1.00 X 0 0 0 MARY LAGRANGE DIRECTOR 1.00 X 0 0 0 KEITH MCINTOSH DIRECTOR 1.00 X 0 0 0 SHERRI NEWCOMB DIRECTOR 1.00 X 0 0 0 ELIZABETH L PAUL DIRECTOR 1.00 X 0 0 0 WILMA PHILLIPS DIRECTOR 1.00 X 0 0 0 SUSAN SCROGGINS DIRECTOR 1.00 X 0 0 0 NICOLE TRUFANT DIRECTOR 1.00 X 0 0 0 PATRICK WAMSLEY DIRECTOR 1.00 X 0 0 0 MATTHEW WARD DIRECTOR 1.00 X 0 0 0 MITCHELL WEIN DIRECTOR 1.00 X 0 0 0 SUSAN JOHNSTON PRESIDENT/CEO 50.00 X 264366 0 22252 ELBERT OUZTS VICE PRESIDENT, BUSINESS OPERATIONS 50.00 X 201617 0 37074 MARTA PEREZ-DRAKE SR. VP, PROFESSIONAL DEVELOPMENT 50.00 X 218096 0 61140 MATT HAMILL SR. VP, ADVOCACY & ISSUE ANALYSIS 50.00 X 257441 0 45628 JACALYN ASKIN SR. FELLOW, FINANCE AND CAMPUS MGMT 35.00 X 189068 0 27020 ELIZABETH CLARK SR. DIRECTOR, FEDERAL AFFAIRS 35.00 X 167613 0 24428 KELLEE EDMONDS SR. DIRECTOR, COMMUNICATIONS & MKT 35.00 X 160842 0 31126 SUSAN MENDITTO SR. DIRECTOR, ACCOUNTING POLICY 35.00 X 160794 0 32932 LAURA WAMSTED SR. DIRECTOR, BUSINESS DEVELOPMENT 35.00 X 146674 0 36395 1766511 0 317995 22 0 1 0 SMG FOOD AND BEVERAGE LLC 300 E OCEAN BLVD LONG BEACH CA 90802 FOOD & BEVERAGE FOR ANNUAL MEETING 526461 AQUAIRAN LLC 752-C WALKER ROAD GREAT FALLS VA 22066 AV PRODUCTION 383645 MINDSHIFT 500 COMMACK ROAD SUITE 140 COMMACK NY 11725 IT SUPPORT 324075 360 LIVE MEDIA 1717 RHODE ISLAND AVENUE NW SUITE WASHINGTON DC 20036 CONSULTING 316961 VISION CREATIVE 8245-E BACKLICK ROAD LORTON VA 22079 AV PRODUCTION 287571 20 8209647 1146945 9356592 CONFERENCES, WORKSHOPS & SEMINARS 900099 5509857 5509857 ADVERTISING 541800 503704 503704 JOB BANK 900099 29727 29727 6043288 581798 581798 8762176 8663029 99147 99147 99147 241839 0 241839 241839 CONSULTING FEES 900099 632294 632294 MAILING LIST 900099 931 931 144032 144032 777257 17099921 5751696 533431 1458202 X 12703 12703 1287686 968880 318806 5490954 4129242 921476 440236 702220 526564 119763 55893 582134 434807 105341 41986 434205 326313 78913 28979 82869 15381 67488 41345 41345 37800 37800 43538 43538 2409306 1465853 844684 98769 83712 68045 11815 3852 903737 790020 88787 24930 15099 11296 2949 854 1070358 815613 187299 67446 750840 695494 40845 14501 947563 929109 9072 9382 39107 39107 348511 260730 68062 19719 107520 81676 25844 FOOD & BEVERAGES 1828257 1800229 20525 7503 PUBLICATIONS & PRINTING 434909 426057 5259 3593 DATABASE/BOOKS SUBSCRIP 326523 248039 58283 20201 UBI TAXES 55293 55293 85764 59003 8178 18583 18121953 14158147 3107379 856427 3424788 3621981 119123 4019557 410648 310244 45677 51619 2051814 2003166 3985380 2923966 1291126 1061414 15303308 10176630 22646484 21244611 1870385 1829910 9230467 9704110 1355382 1406023 12456234 12940043 X 10134702 8237201 7048 18867 48500 48500 10190250 8304568 22646484 21244611 -1022032 -863650 0 X 0 1 X 1 0 X 1025463 1120007 1019680 9186943 9356592 21708685 13301922 13032112 13503629 5474188 5751696 51063547 14327385 14152119 14523309 14661131 15108288 72772232 933800 1084300 1036595 1035005 867451 4957151 0 933800 1084300 1036595 1035005 867451 4957151 67815081 894701 588031 439016 465929 581798 2969475 580665 526602 567688 655072 533431 2863458 1475366 1114633 1006704 1121001 1115229 5832933 306927 509738 708523 713847 777257 3016292 16109678 15776490 16238536 16495979 17000774 81621457 0.83080 0.89280 0.07150 0.07570 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: CONSULTING FEES - 2016 AMOUNT: $ 504,131. 2017 AMOUNT: $ 600,617. 2018 AMOUNT: $ 632,294. JOB BANK - 2014 AMOUNT: $ 264,475. 2015 AMOUNT: $ 384,548. SALES RETURNS AND ALLOWANCES - 2016 AMOUNT: $ 22,707. REFUNDS - 2017 AMOUNT: $ 83,951. MAILING LIST - 2017 AMOUNT: $ 3,818. 2018 AMOUNT: $ 931. OTHER INCOME - 2014 AMOUNT: $ 42,452. 2015 AMOUNT: $ 125,190. 2016 AMOUNT: $ 181,685. 2017 AMOUNT: $ 25,461. 2018 AMOUNT: $ 144,032. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 117121 117121 17818740 17935861 1000000 250000 0 0 949549 982263 1000000 1000000 3931812 5897718 106810 133692 160018 117121 517641 237387 245566 250000 250000 982953 1474430 55548 -575 1719 53254 61495 3984 9931 55548 0.91070 0.08930 0 0 935031 198799 736232 1264398 1185426 78972 1785951 1539741 246210 1061414 DEFERRED RENT 1406023 1406023 X 16927733 -863650 735000 -128650 17056383 43538 43538 17099921 18813415 735000 735000 18078415 43538 43538 18121953 PART V, LINE 4: EARNINGS ON THE PERMANENTLY RESTRICTED ENDOWMENT NET ASSETS ARE AVAILABLE FOR NACUBO AWARDS PROGRAMS AND INSTITUTIONAL CAPACITY DEVELOPMENT. PART X, LINE 2: NACUBO IS EXEMPT FROM THE PAYMENT OF TAXES ON INCOME OTHER THAN NET UNRELATED BUSINESS INCOME UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. NACUBO RECEIVED UNRELATED BUSINESS INCOME FROM ADVERTISING REVENUE THAT IS SUBJECT TO UNRELATED BUSINESS INCOME TAX. UNRELATED INCOME TAX EXPENSE WAS $55,293 AND $50,138, FOR THE YEARS ENDED MAY 31, 2019 AND 2018 RESPECTIVELY. NACUBO'S INCOME TAX RETURN IS SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. NACUBO IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. 1 LONG BEACH UNIFIED SCHOOL DISTRICT 1515 HUGHES WAY LONG BEACH CA 90810 501(C)(3) 12673 COMMUNITY SERVICE GREEN HOUSE PROJECT. 1 0 X 1 1 X X X 0 0 0 0 0 0 0 0 0 SUSAN JOHNSTON PRESIDENT/CEO 189366 0 75000 0 0 0 18487 0 3765 0 286618 0 0 0 ELBERT OUZTS VICE PRESIDENT, BUSINESS OPERATIONS 201617 0 0 0 0 0 29439 0 7635 0 238691 0 0 0 MARTA PEREZ-DRAKE SR. VP, PROFESSIONAL DEVELOPMENT 218096 0 0 0 0 0 33670 0 27470 0 279236 0 0 0 MATT HAMILL SR. VP, ADVOCACY & ISSUE ANALYSIS 257441 0 0 0 0 0 37993 0 7635 0 303069 0 0 0 JACALYN ASKIN SR. FELLOW, FINANCE AND CAMPUS MGMT 189068 0 0 0 0 0 27020 0 0 0 216088 0 0 0 ELIZABETH CLARK SR. DIRECTOR, FEDERAL AFFAIRS 167613 0 0 0 0 0 24428 0 0 0 192041 0 0 0 KELLEE EDMONDS SR. DIRECTOR, COMMUNICATIONS & MKT 160842 0 0 0 0 0 23491 0 7635 0 191968 0 0 0 SUSAN MENDITTO SR. DIRECTOR, ACCOUNTING POLICY 160794 0 0 0 0 0 23896 0 9036 0 193726 0 0 0 LAURA WAMSTED SR. DIRECTOR, BUSINESS DEVELOPMENT 146674 0 0 0 0 0 21979 0 14416 0 183069 0 0 0 PART I, LINE 1A JOSEPH JOHNSTON - TRAVEL FOR COMPANIONS - $1,028 INCLUDED IN TAXABLE COMPENSATION FORM 990, PART VI, SECTION A, LINE 6 NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS HAS THE FOLLOWING TYPES OF MEMBERS: REGULAR, ASSOCIATE, PROVISIONAL, SUBSCRIBER, AFFILIATE, GOVERNING BOARD AND STUDENT/RETIREE. FORM 990, PART VI, SECTION A, LINE 7B DUES INCREASES ARE SUBJECT TO MEMBER APPROVAL. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEES HAVE THE AUTHORITY TO ACT ON BEHALF OF THE FULL BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE AND AUDIT COMMITTEE WILL REVIEW AND APPROVE THE 990 BEFORE IT IS FILED. THE ENTIRE BOARD WILL BE PROVIDED ACCESS TO REVIEW THE 990 BEFORE THE FORM 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE HR MONITORS COMPLIANCE WITH CONFLICT OF INTEREST POLICY. EACH EMPLOYEE HAS A DUTY TO PLACE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS' INTERESTS FOREMOST IN ANY PERSONAL DEALINGS WITH NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS AND HAS A CONTINUING RESPONSIBILITY TO COMPLY WITH THE REQUIREMENTS OF THIS POLICY. THE CONDUCT OF PERSONAL BUSINESS BETWEEN ANY EMPLOYEE AND NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS IS PROHIBITED WITHOUT WRITTEN APPROVAL OF THE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS, AFTER FULL DISCLOSURE BY THE EMPLOYEE. EACH EMPLOYEE MUST SIGN THE CONFLICT OF INTEREST DISCLOSURE STATEMENT FOR PURPOSES OF PROVIDING THE EMT WITH THE INFORMATION NEEDED TO IMPLEMENT THIS POLICY. EMPLOYEE DISCLOSURE STATEMENTS WILL BE REVIEWED BY THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS PRESIDENT, WHO WILL RESOLVE ANY ACTUAL OR POTENTIAL CONFLICT(S). EACH EMPLOYEE SHALL ANNUALLY SIGN A DISCLOSURE STATEMENT WHICH AFFIRMS THAT SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, B. HAS READ AND UNDERSTANDS THE POLICY, C. HAS AGREED TO COMPLY WITH THE POLICY. THE DISCLOSURE STATEMENT WILL ALSO PROVIDE AN OPPORTUNITY TO DISCLOSE OR DISCLAIM SPECIFIC FINANCIAL INTERESTS. THIS POLICY APPLIES TO THE BOARD OF DIRECTORS AS WELL AS ALL EMPLOYEES. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION USES AN INDEPENDENT COMPENSATION CONSULTANT AND COMPENSATION SURVEYS AND STUDIES TO DETERMINE THE APPROPRIATE COMPENSATION AMOUNTS. ONCE APPROVED BY THE COMPENSATION COMMITTEE, A WRITTEN EMPLOYMENT CONTRACT IS WRITTEN FOR THE PRESIDENT/CHIEF EXECUTIVE OFFICER AND THE EXECUTIVE MANAGEMENT TEAM. THIS PROCESS LAST TOOK PLACE IN 2018. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC VIA ITS WEBSITE. IT DOES NOT MAKE ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G SERVICE CENTER FEES: PROGRAM SERVICE EXPENSES 746,437. MANAGEMENT AND GENERAL EXPENSES 430,127. FUNDRAISING EXPENSES 50,295. TOTAL EXPENSES 1,226,859. HONORARIA: PROGRAM SERVICE EXPENSES 42,315. MANAGEMENT AND GENERAL EXPENSES 24,384. FUNDRAISING EXPENSES 2,851. TOTAL EXPENSES 69,550. CONSULTANTS: PROGRAM SERVICE EXPENSES 627,179. MANAGEMENT AND GENERAL EXPENSES 361,406. FUNDRAISING EXPENSES 42,259. TOTAL EXPENSES 1,030,844. AGENCY TEMPORARIES: PROGRAM SERVICE EXPENSES 49,922. MANAGEMENT AND GENERAL EXPENSES 28,767. FUNDRAISING EXPENSES 3,364. TOTAL EXPENSES 82,053.