2020-03-30T14:55:29-05:00 2019-06-30 043000523 O'CONNOR & DREW PC 25 BRAINTREE HILL OFC PK SUITE 102 BRAINTREE MA 02184 990 2018-07-01 042103865 BAY PATH UNIVERSITY BAYP 4135651219 588 LONGMEADOW STREET LONGMEADOW MA 01106 MICHAEL GIAMPIETRO VP FINANCE & ADMIN SERVICES 4135651219 2020-03-18 1 DAVID A DIIULIS P00303577 6174711120 2020-03-18 108.7.66.186 2020-03-18 11:49:15 ED P 3F439B1DE957DE3096506D617336DFACE59847C4 B87812306A3E04B13792C2CC05051CF9C2B26D67 2018 2020-09-23 17:36:50Z MICHAEL GIAMPIETRO 588 LONGMEADOW STREET LONGMEADOW MA 01106 105114740 0 X WWW.BAYPATH.EDU X 1940 MA A BAY PATH UNIVERSITY EDUCATION EMPOWERS UNDERGRADUATE WOMEN AND GRADUATE WOMEN AND MEN TO BECOME LEADERS IN THEIR CAREERS AND COMMUNITIES WITH AN INNOVATIVE APPROACH TO LEARNING 35 35 1474 184 4788 6047 4915237 3273462 64269783 65401792 3063348 1024928 683418 705666 72931786 70405848 12150686 12224447 0 0 35127371 35099237 0 0 856597 22453872 21745998 69731929 69069682 3199857 1336166 116404765 116527042 31704756 29350507 84700009 87176535 X BAY PATH UNIVERSITY EDUCATION EMPOWERS UNDERGRADUATE WOMEN AND GRADUATE WOMEN AND MEN TO BECOME LEADERS IN THEIR CAREERS AND COMMUNITIES WITH AN INNOVATIVE APPROACH TO LEARNING THAT PREPARES STUDENTS TO FLOURISH IN A CONSTANTLY CHANGING WORLD. (SEE SCH O).THE BAY PATH EXPERIENCE IS NOTHING LESS THAN TRANSFORMATIONAL. OUR WOMEN-ONLY UNDERGRADUATE PROGRAMS AND OUR COEDUCATIONAL GRADUATE PROGRAMS ARE OFFERED BOTH ON-CAMPUS AND ONLINE, PROVIDING A FLEXIBLE, 21ST-CENTURY EDUCATION FOR LEARNERS AT ALL STAGES OF LIFE AND CAREER. BAY PATH STUDENTS FIND A SUPPORTIVE AND DIVERSE COMMUNITY, CLOSE MENTORING, AND RIGOROUS PREPARATION FOR SUCCESS IN A COMPLEX AND GLOBALLY INTERDEPENDENT SOCIETY. STUDENTS GRADUATE WITH THE APPLIED KNOWLEDGE, PORTABLE SKILLSET, AND CONFIDENCE TO THRIVE IN THEIR PROFESSIONS, IDENTIFY AND REALIZE THEIR DREAMS, AND MAKE A LASTING DIFFERENCE IN THE WORLD. 0 0 57178480 12224447 62331080 THE UNIVERSITY PROVIDES INSTRUCTIONS, ACADEMIC SUPPORT, STUDENT SERVICES, AND STUDENT FINANCIAL AID TO CARRY OUT ITS EXEMPT PURPOSES, SERVING APPROXIMATELY 3,400 STUDENTS. 1818444 3712907 AUXILIARY ENTERPRISES PROVIDE SERVICES FOR THE CONVENIENCE OF THE STUDENTS, FACULTY, AND STAFF. THIS INCLUDES DINING SERVICES, STUDENT HOUSING, THE BOOKSTORE, AND OTHER MISCELLANEOUS SERVICES. THE UNIVERSITY SERVED APPROXIMATELY 3,400 STUDENTS, INCLUDING APPROXIMATELY 300 RESIDENT STUDENTS. 58996924 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 1 0 1 0 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 210 0 1 1474 1 1 1 0 0 0 0 1 1 0 0 0 0 X 35 35 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X JOHN O'ROURKE III 4135651219 588 LONGMEADOW STREET LONGMEADOW MA 01106 TANIA M BARBER TRUSTEE 1.00 X 0 0 0 DELCIE D BEAN IV TRUSTEE 1.00 X 0 0 0 JONATHAN F BESSE TRUSTEE 1.00 X 0 0 0 ROBERTA B BOLDUC TRUSTEE 1.00 X 0 0 0 CINDY M BURKE TRUSTEE 1.00 X 0 0 0 CARRIE BURR TRUSTEE 1.00 X 0 0 0 MARY BUSHNELL TRUSTEE 1.00 X 0 0 0 MARTIN M CAINE TRUSTEE 1.00 X 0 0 0 ANDREW DAVIS TRUSTEE 1.00 X 0 0 0 ANN HAMMER TRUSTEE 1.00 X 0 0 0 SAMUEL HANMER TRUSTEE 1.00 X 0 0 0 JOHN F HEAPS JR TRUSTEE 1.00 X 0 0 0 GEORGE KEADY TRUSTEE 1.00 X 0 0 0 ESTELA R LOPEZ PHD TRUSTEE 1.00 X 0 0 0 GRACE MAKARI-JUDSON MD TRUSTEE 1.00 X 0 0 0 CHARLENE MAZER TRUSTEE 1.00 X 0 0 0 ANGIE B MCGINNIS TRUSTEE 1.00 X 0 0 0 ROBYN A NEWHOUSE PHD TRUSTEE 1.00 X 0 0 0 LYNN PELLERANO TRUSTEE 1.00 X 0 0 0 PATRICIA J PIERCE TRUSTEE 1.00 X 0 0 0 LORI S ROOP TRUSTEE 1.00 X 0 0 0 BARBARA SADOWSKY TRUSTEE 1.00 X 0 0 0 GLORIA SMITH TRUSTEE 1.00 X 0 0 0 MARY-ANN SPENCER CFA TRUSTEE 1.00 X 0 0 0 RICHARD B STEELE TRUSTEE 1.00 X 0 0 0 BRIAN TUOHEY TRUSTEE 1.00 X 0 0 0 HAMLINE C WILSON TRUSTEE 1.00 X 0 0 0 ANDREW LAM MD TRUSTEE 1.00 X 0 0 0 KIRK ARNOLD TRUSTEE 1.00 X 0 0 0 LAMONT CLEMENS TRUSTEE 1.00 X 0 0 0 LAURA GRONDIN TRUSTEE 1.00 X 0 0 0 ANDREA HILL-CATALDO TRUSTEE 1.00 X 0 0 0 STEFANO MARTINI TRUSTEE 1.00 X 0 0 0 WAYNE WEBSTER TRUSTEE 1.00 X 0 0 0 MICHELLE WIRTH TRUSTEE 1.00 X 0 0 0 DR CAROL A LEARY PRESIDENT 55.00 X 467965 0 308939 MICHAEL GIAMPIETRO VP OF FINANCE & ADMIN SERV 50.00 X 207905 0 43702 KATHLEEN BOURQUE VP OF UNIVERSITY RELATIONS 50.00 X 180156 0 18332 MELISSA MORRISS-OLSON PROVOST 50.00 X 222106 0 30644 AMANDA GOULD CHIEF ADMINISTRATIVE OFFICER 50.00 X 184284 0 19209 ELIZABETH FLEMING ASSOCIATE PROVOST & DEAN OF EDU. 50.00 X 161061 0 27672 CARON HOBIN VP FOR STRATEGIC ALLIANCES 50.00 X 161103 0 26899 THOMAS LOPER ASSOC PROVOST AND DEAN SCH 50.00 X 149980 0 16946 ALLISON GEARING-KALILL VP OF DEVELOPMENT & PLANNED GIVING 50.00 X 155025 0 35491 NAFIE SABA SHAPAZIAN DIRECTOR OF HEALTHCARE RECRUITMENT 50.00 X 141648 0 16946 DIANE RANALDI DEAN OF GRADUATE & INTL ADMIN 0.00 X 222234 0 0 2253467 0 544780 11 1 1 0 ARAMARK SERVICES INC 1101 MARKET STREET PHILADELPHIA PA 19107 FOOD SERVICE 1629285 GOOGLE INC PO BOX 39000 SAN FRANCISCO CA 94139 ADVERTISEMENT 1027876 REACHLOCAL 745 BOYLSTON STREET 7TH FLOOR BOSTON MA 02116 ADVERTISEMENT 738200 ENROLLMENT BUILDERS LLC 4862 HARTLAND PARKWAY LEXINGTON KY 40515 ADVERTISEMENT 686100 LAMAR ADVERTISING 32 MIDLAND STREET WINDSOR CT 06095 ADVERTISEMENT 651573 32 276521 1475629 1521312 174234 3273462 TUITION 611600 61280252 61280252 RESIDENCE AND DINING 611710 3712908 3712908 WOMEN'S CONFERENCE 611710 402090 402090 THEATER DEPARTMENT 711110 6542 6542 65401792 1434083 1434083 186930 118875 68055 68055 730 67325 34091300 34448260 52195 -356960 -52195 -409155 3075 -412230 77935 276521 89239 -11304 -11304 6060 323 5737 5737 OTHER 900099 349560 349560 FOOD SERVICE 624200 265308 264325 983 BOOKSTORE 451211 28310 28310 643178 70405848 66043987 4788 1083611 110733 110733 12015382 12015382 98332 98332 1586091 432055 1154036 27267805 23314490 3381001 572314 1925947 1646721 238803 40423 1990678 1434849 508525 47304 2328716 1991096 288743 48877 63683 63683 68262 68262 4924566 3861254 1019602 43710 4869861 4418211 451650 1631712 1367792 239561 24359 889030 825580 63450 1878036 1573166 304870 510222 457223 41930 11069 168610 152612 10878 5120 555070 444056 111014 3297311 2954720 342591 225709 225709 STUDENT BOARD 1279252 1279252 MISC 712821 121723 579958 11140 ENTERTAINMENT 484720 362042 73743 48935 MEMBERSHIPS 187133 135635 48152 3346 69069682 58996924 9216161 856597 8239837 10559123 28804 6814 968932 212342 6596437 3379028 1863964 1381851 977169 1329117 86219702 49034369 38935476 37185333 49107106 57029255 9687040 5444179 116404765 116527042 3860874 4384126 752904 752904 7932334 5649941 17097519 16501809 133908 57863 1927217 2003864 31704756 29350507 X 69246709 71142905 4580961 4667359 10872339 11366271 84700009 87176535 116404765 116527042 X 1336166 1146097 -5737 X X 0 1 X 1 1 1 X 3752705 4060212 4568258 4915237 3273462 20569874 3752705 4060212 4568258 4915237 3273462 20569874 20569874 832007 837632 1054836 1105449 1434083 5264007 3519 7633 3297 1991 1713 18153 5309 4585 6295 4475 5737 26401 25878435 0.79490 0.81700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 50579337 1335902 1979791 271733 33544 53589753 46320446 1261465 3273434 252849 23157 50579339 40824792 1171084 4575235 227107 23558 46320446 41457507 657397 -1064015 206604 19493 40824792 40865240 826440 -53727 161243 19203 41457507 0.76050 0.21120 0.02830 1 0 6096815 6096815 823599 51635991 25035939 27423651 1577708 411569 1166139 13566686 12075657 1491029 12518903 11511204 1007699 37185333 OTHER LONG TERM LIABILITIES 1831725 ANNUITY OBLIGATIONS 172139 2003864 X 59426750 1146097 -12113714 -10967617 70394367 11481 11481 70405848 57128630 172662 172662 56955968 12113714 12113714 69069682 PART IV, LINE 2B: THE UNIVERSITY HOLDS DEPOSITS FROM STUDENTS AS SECURITY FOR RESIDENTIAL DORMITORY DAMAGE, AS WELL AS TUITION DEPOSITS. IN ADDITION, THE UNIVERSITY OWNS AND RENTS RESIDENTIAL PROPERTIES NEAR THE CAMPUS. THE TENANTS' SECURITY DEPOSITS ARE MAINTAINED IN ESCROW ACCOUNTS AT A LOCAL BANK. PART X, LINE 2: THE UNIVERSITY IS AN ORGANIZATION DESCRIBED UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(C)(3) AND IS GENERALLY EXEMPT FROM INCOME TAXES UNDER SECTION 501(A) OF THE CODE AND APPLICABLE STATE LAWS. THE UNIVERSITY BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX PROVISIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS -12,113,714. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE -83,423. FUNDRAISING EXPENSE -89,239. RAFFLE INCOME 5,737. NET LOSS ON DISPOSITION -52,195. NET RETURN ON INVESTMENTS 230,601. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL PROPERTY EXPENSE 83,423. FUNDRAISING EXPENSE 89,239. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 12,113,714. SCHEDULE D, PART V, LINE 4 THE UNIVERSITY'S ENDOWMENT FUND IS AN INVESTMENT PORTFOLIO COMPRISED OF DONOR-RESTRICTED(TRUE) AND BOARD-DESIGNATED(QUASI) ENDOWMENT FUNDS. THE INTENTIONS OF THE FUND ARE TO GENERATE A TOTAL RETURN THAT PRESERVES THE LONG-TERM REAL PURCHASING POWER OF THE ENDOWMENT FUNDS AND PROVIDES A RELATIVELY PREDICTABLE AND INCREASING REVENUE STREAM TO BE USED FOR DONOR-SPECIFIED AND BOARD-DESIGNATED PURPOSES THAT SUPPORT THE MISSIONS OF THE UNIVERSITY. FOR SCHEDULE D, UNIVERSITY CONTRIBUTIONS INCLUDE FUNDS TRANSFERRED FROM DONOR RESTRICTED FUNDS TO THE UNRESTRICTED QUASI-ENDOWMENT FUND TO SUPPORT THE DONOR-RESTRICTED SCHOLARSHIPS AWARDED DURING THE YEAR FROM LIQUID, UNRESTRICTED INVESTMENTS SCHEDULE D, PART VI, LINE 1(B), COL(A) INVESTMENTS IN DIRECT REAL ESTATE OF $823,599 ARE INCLUDED HERE. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PUBLICATIONS, APPLICATIONS, REGISTRATION FORMS, NEWSPAPER ADVERTISEMENTS, AND SUMMER PROGRAMS MAKE REFERENCE TO THE UNIVERSITY'S RACIALLY NONDISCRIMINATORY POLICY. SCHEDULE E, PART I, LINE 6 ALL FEDERAL AND STATE FUNDS RECEIVED ARE EXPENDED ENTIRELY FOR STUDENT FINANCIAL AID IN ACCORDANCE WITH THE U.S. OFFICE OF MANAGEMENT AND BUDGET UNIFORM GUIDANCE FOR FEDERAL FUNDS, AND WITH SPECIFIC REQUIREMENTS APPLICABLE TO THE MASSACHUSETTS OFFICE OF STUDENT FINANCIAL ASSISTANCE PROGRAMS FOR STATE FUNDS. 1 EUROPE 0 0 PROGRAM SERVICES STUDY ABROAD 68280 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 17140 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES AGENT'S COMMISSIONS 1797 RUSSIA/INDEPENDENT STATES 0 0 GRANTS TO RECEIPIENTS 37500 EAST ASIA AND THE PACIFIC 0 0 GRANTS TO RECEIPIENTS 60832 CENTRAL AMERICA/CARIBBEAN 0 0 INVESTMENTS 5104590 0 0 0 0 0 0 5290139 0 5290139 EDUCATION RUSSIA AND NEIGHBORING STATES 3 37500 CREDIT AMOUNT EDUCATION EAST ASIA AND THE PACIFIC 5 60832 CREDIT AMOUNT 1 0 1 1 1 1 PART I, LINE 2: ALL GRANTS AND ASSISTANCE TO INDIVIDUALS OUTSIDE OF THE UNITED STATES ARE GIVEN AS SCHOLARSHIPS TOWARDS TUITION FOR FOREIGN STUDENTS TO ATTEND BAY PATH UNIVERSITY. THESE SCHOLARSHIPS ARE MONITORED BY THE UNIVERSITY'S FINANCIAL AID STAFF BASED ON THE STUDENT'S MERIT AND NEED. GALA (DINNER DANCE) 354456 276521 77935 2764 749 27720 17250 39992 354456 276521 77935 2764 749 27720 17250 39992 88475 -10540 1 TOWN OF LONGMEADOWN 20 WILLIAMS STREET LONGMEADOW MA 01106 046001204 88733 PILOT PROGRAM, QUINT FIRE TRUCK, FIRE AND POLICE TOWN OF EAST LONGMEADOW 60 CENTER SQUARE LONGMEADOW MA 01028 046001139 22000 PILOT PROGRAM AND FIRE AND POLICE 2 2 SCHOLARSHIPS AND AID TO STUDENTS 1636 12015382 FORM 990 SCHEDULE I PART (IV) BAY PATH UNIVERSITY RECEIVES GRANT MONEY FROM FEDERAL AND STATE GOVERNMENT AGENCIES FOR STUDENT FINANCIAL AID. THIS GRANT MONEY IS DISBURSED TO STUDENT ACCOUNTS AS IT IS RECEIVED BY THE UNIVERISITY. STUDENT AWARDS ARE BASED ON THE FEDERAL AND STATE GUIDELINES FOR EACH TYPE OF GRANT. GRANTS TO CHARITABLE ORGANIZATIONS ARE MADE IN ACCORDANCE WITH ESTABLISHED FINANCIAL POLICIES X X 1 1 X X X 1 0 0 0 0 0 0 1 0 DR CAROL A LEARY PRESIDENT 460325 0 0 0 7640 0 267500 0 41439 0 776904 0 0 0 MICHAEL GIAMPIETRO VP OF FINANCE & ADMIN SERV 207416 0 0 0 489 0 19913 0 23789 0 251607 0 0 0 KATHLEEN BOURQUE VP OF UNIVERSITY RELATIONS 179410 0 0 0 746 0 16114 0 2218 0 198488 0 0 0 MELISSA MORRISS-OLSON PROVOST 220843 0 0 0 1263 0 20214 0 10430 0 252750 0 0 0 AMANDA GOULD CHIEF ADMINISTRATIVE OFFICER 184063 0 0 0 221 0 16650 0 2559 0 203493 0 0 0 ELIZABETH FLEMING ASSOCIATE PROVOST & DEAN OF EDU. 160094 0 0 0 967 0 14979 0 12693 0 188733 0 0 0 CARON HOBIN VP FOR STRATEGIC ALLIANCES 160101 0 0 0 1002 0 15093 0 11806 0 188002 0 0 0 THOMAS LOPER ASSOC PROVOST AND DEAN SCH 149171 0 0 0 809 0 13573 0 3373 0 166926 0 0 0 ALLISON GEARING-KALILL VP OF DEVELOPMENT & PLANNED GIVING 154357 0 0 0 668 0 14850 0 20641 0 190516 0 0 0 NAFIE SABA SHAPAZIAN DIRECTOR OF HEALTHCARE RECRUITMENT 140839 0 0 0 809 0 13573 0 3373 0 158594 0 0 0 DIANE RANALDI DEAN OF GRADUATE & INTL ADMIN 78989 0 0 0 143245 0 0 0 0 0 222234 0 0 0 PART I, LINE 1A THE PRESIDENT'S EMPLOYMENT CONTRACT ALLOWS FOR SPOUSAL TRAVEL. THE TRAVEL IS ON A LIMITED BASIS AND TYPICALLY INVOLVES THE SPOUSE'S SERVICE AS A CHAPERONE ON THE ANNUAL HONORS STUDENTS' TRIP TO A WORLD CAPITAL. THE PRESIDENT RESIDES IN A UNIVERSITY-OWNED HOUSE NEAR THE CAMPUS AS REQUIRED IN HER CONTRACT. NUMEROUS FUNCTIONS TAKE PLACE AT THE PRESIDENT'S HOME IN SUPPORT OF THE UNIVERSITY'S MISSION. DONORS, FACULTY, STAFF, AND STUDENTS ARE WELCOMED THROUGHOUT THE YEAR. GIVEN THE VISIBILITY OF AND THE MANY EVENTS THAT TAKE PLACE AT THE PRESIDENT'S RESIDENCE, A UNIVERSITY EMPLOYEE CLEANS THE HOME AT VIRTUALLY NO EXTRA COST TO THE UNIVERSITY. THE AVAILABILITY AND APPROACHABILITY OF THE PRESIDENT IS A KEY ELEMENT TO INSTILLING THE SENSE OF COMMUNITY AND CARING THAT IS CENTRAL TO THE UNIVERSITY'S MISSION. THE VALUE OF THE PRESIDENT'S HOUSING IS $20,310 FOR THE YEAR AND IS INCLUDED IN HER SCHEDULE J,PART II, COLUMN (D) COMPENSATION. PART I, LINE 4A $143,245 OF SEVERANCE RECEIVED BY DIANE RANALDI. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY SERIES 2013 043431814 2013-12-23 19500000 CONSTRUCT/EQUIP/REFUND 2006 0 0 0 A 2885920 19500000 100000 12108657 6734874 556469 2014 1 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 1 0 0 0 0 0 1 A 1 SCHEDULE K, PART II, LINE 11 12/23/2013 $19,500,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY OTHER SPENT PROCEEDS OF $6,734,874 REPRESENTS THE AMOUNT USED TO PAY OFF THE OUTSTANDING BALANCE OF A PRIOR BOND ISSUE. X 24 174234 FMV 0 0 1 PART I, LINE 32B: THE UNIVERSITY USED A THIRD PARTY TO SELL GIFTS OF STOCK. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO THE FILING OF THE FORM 990, A COMPLETE COPY IS REVIEWED BY THE UNIVERSITY'S VICE PRESIDENT FOR FINANCE & ADMINISTRATIVE SERVICES, AS WELL AS THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. A PUBLIC DISCLOSURE COPY IS PROVIDED, VIA THE TRUSTEES INTERNET PORTAL, TO ALL MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO THE FILING DATE. AT THE JUNE MEETING OF THE FULL BOARD OF TRUSTEES, THE AUDIT COMMITTEE CHAIRPERSON DELIVERS A SUMMARY REPORT OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C IN ACCORDANCE WITH THE UNIVERSITY'S CONFLICT OF INTEREST POLICY FOR TRUSTEES, AS CONTAINED IN THE BOARD OF TRUSTEES BYLAWS, ALL TRUSTEES AND OFFICERS ARE REQUIRED TO COMPLETE AT LEAST ANNUALLY A CONFLICT OF INTEREST QUESTIONNAIRE AND SUBMIT IT TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. ADDITIONALLY, ANY POTENTIAL CONFLICT OF INTEREST WHICH ARISES MID-TERM IS REQUIRED TO BE SUBMITTED TO THE AUDIT COMMITTEE AT THE EARLIEST PRACTICAL TIME. NO TRUSTEES OR OFFICER SHALL VOTE OR PARTICIPATE IN ANY DISCUSSION ON ANY MATTER UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING, IN WHICH SUCH TRUSTEE OR OFFICER HAS A CONFLICT OF INTEREST. ANY TRUSTEE OR OFFICER WHO IS UNCERTAIN WHETHER HE/SHE HAS A CONFLICT OF INTEREST MAY REQUEST THE AUDIT COMMITTEE TO MAKE A DETERMINATION IN SUCH REGARD, AND THE AUDIT COMMITTEE MAY SEEK AN OPINION FROM COUNSEL FOR THE UNIVERSITY IN SUCH MATTER. THE UNIVERSITY ALSO REQUIRES ALL EMPLOYEES TO COMPLETE ANNUALLY A CONFLICT OF INTEREST DISCLOSURE FORM AND SUBMIT IT TO THEIR RESPECTIVE DIVISIONAL VICE PRESIDENT FOR REVIEW. IF AN EMPLOYEE DICLOSES ACTIVE OR INTENDED PARTICIPATION IN AN ACTIVITY THAT IS A POTENTIAL CONFLICT OF INTEREST, THE SUPERVISOR AND DIVISIONAL VICE PRESIDENT WILL EVALUATE THE DISCLOSURE TO DETERMINE THE APPROPRIATE ACTION TO BE TAKEN. THE EMPLOYEE MAY BE ASKED TO DISCONTINUE PARTICIPATION IN THE ACTIVITY IF IT IS DETERMINED TO BE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCES AND COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES HAS THE RESPONSIBILITY FOR REVIEWING AND RECOMMENDING THE UNIVERSITY PRESIDENT'S AND OFFICER'S/KEY EMPLOYEES' COMPENSATION TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE HUMAN RESOURCES AND COMPENSATION COMMITTEE CONSIDERS COMPARATIVE DATA GATHERED FROM PEER INSTITUTIONS BY AN EXECUTIVE COMPENSATION CONSULTING FIRM. THE COMMITTEE ALSO REVIEWS ACCOMPLISHMENTS IN COMPARISON TO PLANNED GOALS AND OBJECTIVES. THE EXECUTIVE COMMITTEE, COMPRISED OF INDEPENDENT BOARD OF TRUSTEE MEMBERS, APPROVES THE PRESIDENT'S AND OFFICER'S/KEY EMPLOYEES' COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S FORM 990 AND 990-T ARE AVAILABLE FOR PUBLIC INSPECTION AT THE OFFICE OF THE VICE PRESIDENT FOR FINANCE & ADMINISTRATIVE SERVICES UPON WRITTEN REQUEST. ADDITIONAL, THE UNIVERSITY'S FORM 990 AND MASSACHUSETTS PC, AS WELL AS AUDITED FINANCIAL STATEMENTS, ARE AVAILABLE ON THE WEBSITE OF THE MASSACHUSETTS ATTORNEY GENERAL'S OFFICE, PUBLIC CHARITIES DIVISION. AUDITED FINANICIAL STATEMENTS ARE AVAILABLE ON THE UNIVERSITY'S WEBSITE. REQUESTS FOR COPIES OF BYLAWS, AND CONFLICT OF INTEREST POLICIES, ARE DIRECTED TO THE VICE PRESIDENT FOR FINANCE & ADMINISTRATIVE SERVICES FOR A RESPONSE. FORM 990, PART XI, LINE 9: RAFFLE NET INCOME -5,737. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. PART X, LINE 10 INVESTMENTS IN DIRECT REAL ESTATE OF $823,599 ARE INCLUDED HERE.