2020-04-15T09:40:43-05:00 2019-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2018-06-01 411607453 MINNEAPOLIS COLLEGE OF ART & DESIGN MINN 6128743700 2501 STEVENS AVE MINNEAPOLIS MN 55404 JOY E BRATHWAITE VICE PRESIDENT/CFO 6128743700 2020-04-13 1 LAWRENCE H MOHR CPA P00447603 6128764500 97.116.9.158 2020-04-13 14:51:48 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 E632B65106FB8D3C1D979C8D7E6021F52E275CBE 2018 2020-09-23 17:36:50Z SANJIT SETHI 2501 STEVENS AVE MINNEAPOLIS MN 55404 45776751 0 X WWW.MCAD.EDU X 1988 MN SEE SCHEDULE O. 25 24 813 25 0 0 1925357 1742115 30099216 32118335 4791121 2956975 106357 80336 36922051 36897761 11965175 13132232 0 0 13874127 13287013 0 0 735906 7963298 9266160 33802600 35685405 3119451 1212356 93984466 91825327 15598360 14289835 78386106 77535492 X SEE SCHEDULE O. 0 0 24479926 13132232 28945995 ACADEMIC AFFAIRS:-SUCCESSFUL LAUNCH OF NEW ADVERTISING MINOR-SUCCESSFUL SEARCHES FOR ASSISTANT VICE PRESIDENT OF ACADEMIC AFFAIRS, DIRECTOR OF ASSESSMENT AND ACCREDITATION, FULL TIME LIBERAL ARTS FACULTY, FULL TIME COMIC FACULTY, AND FULL TIME ILLUSTRATION FACULTY-CONTINUED PARTICIPATION IN AICAD POST-SECONDARY TEACHING FELLOWSHIP TO INCREASE DIVERSITY OF FACULTY-SUCCESSFULLY PILOTED AN ALTERNATIVE LEARNING MANAGEMENT SYSTEM-FACILITATED AND SUPPORTED LEADERSHIP CHANGE IN THE MFA PROGRAM-IMPLEMENTATION OF A FORMAL STUDENT COMPLAINT SYSTEM-THE GRAPHIC DESIGN FOUNDATIONS CURRICULUM HAS BEEN REVISED AND TWO PROGRAMS, CREATIVE WRITING AND FILM, HAVE UNDERGONE EXTERNAL REVIEW-SEVERAL NEW CLASSES HAVE BEEN INTRODUCED, THREE IN LIBERAL ARTS AND ONE IN FINE ARTS 3213918 1827181 STUDENT AFFAIRS:-INCREASED THE NUMBER OF MENTAL HEALTH COUNSELORS AVAILABLE TO STUDENTS-OFFERED MORE STUDENT WELLNESS EVENTS AND INFORMATION AVAILABLE TO STUDENTS THROUGHOUT THE SEMESTER. -DEVELOPED PLAN TO ADDRESS INTERNSHIP REGISTRATION-SUCCESSFULLY MANAGED AN INCREASE IN EMOTIONAL SUPPORT ANIMALS IN CAMPUS HOUSING-UPDATED THE FITNESS CENTER-PARTICIPATED IN THE FIRST STUDY MN COLLEGE FAIR TO INCREASE NEW STUDENT INTEREST-LAUNCHED AN OFF-CAMPUS AMBASSADOR INSTAGRAM ACCOUNT WHICH WAS A SUCCESS-OFFERED MORE WEB RESOURCES FOR STUDENTS WITH DISABILITIES-HELD A NUMBER OF WELL -ATTENDED SOFTWARE WORKSHOPS-STUDENTS WERE PARTICIPANTS IN THE COLLEGE CENTER REDESIGN, THE PRESIDENTIAL SEARCH, AND THE DEI (DIVERSITY, EQUITY, AND INCLUSION) COMMITTEES ON CAMPUS. -THERE WERE 55 REGISTERED STUDENT CLUBS.-GALLERY 148 HOSTED EIGHT STUDENT SHOWS-THERE WERE 765 PERSONAL COUNSELING SESSIONS OFFERED AND 185 INDIVIDUAL STUDENTS SEEN-DECEMBER COMMENCEMENT WAS HELD AT THE MINNEAPOLIS INSTITUTE OF ARTS AND THERE WERE 65 GRADUATES.-MAY COMMENCEMENT WAS HELD AT THE CHILDREN'S THEATRE AND THERE WERE 134 GRADUATES. 2216566 1230504 ACADEMIC SERVICES:-SUPPORTED SUCCESSFUL ART SALE AND AUCTION-NEW SUPPORT STAFF HIRED FOR ACADEMIC SERVICES-SUCCESSFUL MIGRATION TO NEW LIBRARY CATALOG SYSTEM, MCATALOG-COMPLETED RENOVATION OF M109 DRAWING STUDIO-LINKED 3D SHOP'S 3D PRINTERS TO PAPERCUT 1905736 114655 -CONSTRUCTION OF THE ENTREPRENEURIAL STUDIES INFILL AND RENOVATION DURING THE SUMMER OF 2017.-COMPLETED THE FINAL DESIGN AND BIDDING FOR THE MORRISON ROOF REHABILITATION PROJECT. (COMPLETED SUMMER OF 2018).-THREE ROOF REPLACEMENTS THAT INCLUDED APARTMENT 150, MAINTENANCE BUILDING, AND A PORTION OF THE LIBRARY ROOF.-INSTALLATION AND IMPLEMENTATION OF CARD ACCESS ON THE EXTERIOR DOORS OF EVERY APARTMENT BUILDING ON CAMPUS.-DESIGN AND PLANNING FOR RENOVATING SPACE FOR A NEW PRODUCT DESIGN PROGRAM. (CONSTRUCTION IS PLANNED FOR THE SUMMER OF 2019).-UPDATED THE FACILITIES MASTER PLAN INCLUDING A SPACE OPTIMIZATION ANALYSIS. FINAL APPROVAL OF THE MASTER PLAN IS ANTICIPATED IN THE SPRING OF 2019.-UPDATED THE ANNUAL DEFERRED MAINTENANCE ANALYSIS WHICH CATALOGS THE OVERALL BUILDING CONDITIONS AND CAPITAL RENEWAL BACKLOG OF ALL CAMPUS PROPERTIES.-MANAGED THE DESIGN AND PLANNING FOR RENOVATING THE LIBRARY AND ADDING TWO ADDITIONAL E-CLASSROOMS. THIS PLANNING WILL BE INCORPORATED INTO A FINAL MASTER PLAN. -DEVELOPED A DESIGN PROCESS AND DESIGN SCHEDULE TO ANALYZE AND RENOVATE THE STUDENT CENTER AND CAFETERIA. FURTHER DESIGN AND PLANNING IS SCHEDULED FOR THE FALL OF 2018.-VARIOUS ENERGY PROJECTS WERE CONDUCTED THAT RESULTED IN ENERGY SAVINGS AND ENERGY REBATES. 1905736 114655 31816146 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 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 1 250 0 813 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 25 24 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 0 0 MN X JAYCIE JENDRO 6128743700 2501 STEVENS AVE MINNEAPOLIS MN 55404 JAY COOGAN EX-OFFICIO PRESIDENT 35.00 X X 292265 0 22388 GREG C HEINEMANN TRUSTEE-CHAIR 1.00 X X 0 0 0 MITZI MAGID TRUSTEE-VICE CHAIR 1.00 X X 0 0 0 DAVID MOORE TRUSTEE-VICE CHAIR 1.00 X X 0 0 0 CHRIS BARRY TRUSTEE 1.00 X 0 0 0 BRUCE W BEAN LIFE TRUSTEE 1.00 X 0 0 0 LESLIE BERKSHIRE TRUSTEE 1.00 X 0 0 0 SUSAN CALMENSON TRUSTEE 1.00 X 0 0 0 URI CAMARENA TRUSTEE 1.00 X 0 0 0 ANNE CASHILL TRUSTEE 1.00 X 0 0 0 CY DECOSSE '52 LIFE TRUSTEE 1.00 X 0 0 0 TARA DEV TRUSTEE 1.00 X 0 0 0 MILES Q FITERMAN TRUSTEE 1.00 X 0 0 0 DAVID HARTWELL LIFE TRUSTEE 1.00 X 0 0 0 CHRISTOPHER HERMANN TRUSTEE 1.00 X 0 0 0 GREG HOFFMAN TRUSTEE 1.00 X 0 0 0 CLINTON H MORRISON LIFE TRUSTEE 1.00 X 0 0 0 TODD PAULSON TRUSTEE 1.00 X 0 0 0 MARK D PIHLSTROM TRUSTEE 1.00 X 0 0 0 MARY BOWMAN RAE TRUSTEE 1.00 X 0 0 0 HOWARD RUBIN TRUSTEE 1.00 X 0 0 0 ELIZABETH SARQUIS TRUSTEE 1.00 X 0 0 0 GARY M SURDEL TRUSTEE 1.00 X 0 0 0 GREG VAN BELLINGER TRUSTEE 1.00 X 0 0 0 KAREN WIRTH TRUSTEE 1.00 X 0 0 0 HUNTER PALMER WRIGHT TRUSTEE 1.00 X 0 0 0 JOY E BRATHWAITE VP, FINANCE/CFO 35.00 X 153061 0 8830 KAREN WIRTH VP, ACADEMIC AFFAIRS/INT. PRESIDENT 35.00 X 185726 0 16214 PAMELA NEWSOME - PROCHNIAK VP, ADMINISTRATION 35.00 X 106891 0 10293 CYNTHIA THEIS AVP, INSTL. ADVANCEMENT 35.00 X 132172 0 13375 MELISSA HUYBRECHT VP, ENROLLMENT MANAGEMENT 35.00 X 108019 0 6135 978134 0 77235 6 0 1 0 JE DUNN CONSTRUCTION 800 WASHINGTON AVE N SUITE 600 MINNEAPOLIS MN 55401 CONSTRUCTION SERVICES 1724753 MINNEAPOLIS INSTITUTE OF ARTS 2400 3RD AVE S MINNEAPOLIS MN 55404 PHYSICAL PLANT SERVICES 316190 LARKIN HOFFMAN DALY & LINDREN 8300 NORMAN CENTER DR SUITE 1000 BLOOMINGTON MN 55437 LEGAL SERVICES 226046 JAMES DAYTON DESIGN LTD 1515 CENTRAL AVE NE SUITE150 MINNEAPOLIS MN 55413 ARCHITECTUAL SERVICES 178986 CUNINGHAM GROUP ARCHITECTURE INC 201 MAIN ST SE SUITE 325 MINNEAPOLIS MN 55414 MASTER PLANNING & ARCHITECTURE SERVICES 161547 7 145424 142819 1453872 311502 1742115 TUITION AND FEES 611710 29362764 29362764 HOUSING RENTAL INCOME 611710 1395303 1395303 SALE OF OTHER SERVICES 611710 924245 924245 SALES BOOKSTORE 611710 436023 436023 32118335 2907734 2907734 57079 57079 8477401 100 8485339 0 -7938 100 -7838 -7838 473987 145424 393651 80336 80336 36897761 32118335 0 3037311 13132232 13132232 614667 108621 506046 10581009 9263472 977259 340278 401425 350539 37990 12896 854078 765741 47710 40627 835834 729882 79099 26853 177066 177066 69213 69213 100769 100769 61516 61516 1104487 905265 12079 187143 191638 183893 7245 500 966904 895753 18445 52706 573717 424972 104816 43929 2632452 2307546 318194 6712 557124 466216 70795 20113 42353 26387 11817 4149 377249 313117 64132 1239233 1028563 210670 258492 258492 CLASSROOM MATERIALS/ART 490047 490047 EQUIPMENT REPAIRS & PUR 423900 423900 35685405 31816146 3133353 735906 125182 282629 2328885 2057368 741590 378068 352380 314051 707570 573298 208756 198564 164334 156362 40810218 18377036 20870649 22433182 57319705 56317405 6896592 6622504 4268823 2491896 93984466 91825327 3044863 2954979 700185 706994 408171 387986 7546440 6507640 3643000 3520000 255701 212236 15598360 14289835 X 35137257 36152980 23116736 0 20132113 41382512 78386106 77535492 93984466 91825327 X 1212356 -1786901 -276069 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 100769 100769 0 PART II-B, LINE 1: MINNEAPOLIS COLLEGE OF ART AND DESIGN IS A MEMBER OF MINNESOTA PRIVATE COLLEGE COUNCIL (MPCC), AN ORGANIZATION DESCRIBED IN SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. MPCC IS AN ASSOCIATION OF PRIVATE NONPROFIT INSTITUTIONS OF HIGHER EDUCATION THAT SERVES A VARIETY OF ITS MEMBERS' SHARED NEEDS, INCLUDING, BUT NOT ONLY, NONPARTISAN AND NON-ELECTORAL ADVOCACY FOR PUBLIC POLICY THAT MEETS STUDENTS' NEEDS AND ADVANCES THE INTERESTS OF PRIVATE HIGHER EDUCATION. MINNEAPOLIS COLLEGE OF ART AND DESIGN PAID THIS FIGURE IN MEMBERSHIP DUES TO MPCC DURING THE TAXABLE YEAR. A PORTION OF THIS AMOUNT, BUT NOT ALL OF IT, SUPPORTED ATTEMPTS TO INFLUENCE LEGISLATION WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("LOBBYING"). THE AMOUNT OF LOBBYING EXPENSES PAID FROM MINNEAPOLIS COLLEGE OF ART AND DESIGN'S DUES WAS SIGNIFICANTLY LESS THAN THAT AMOUNT. 55569670 136524 417404 1736997 835980 53550621 52831665 388634 4795438 1646083 799984 55569670 47917297 543128 6662862 1538826 752796 52831665 51217622 332564 -1572974 1364104 695811 47917297 49350276 504758 3188284 1207332 618364 51217622 0.28310 0.71690 0.00000 1 0 1445005 1445005 36340345 16730497 19609848 2555127 1646539 908588 469741 469741 22433182 BENEFICIAL INTEREST IN TRUSTS 6622504 F 6622504 ADVANCE DEPOSITS 212236 212236 X 22034694 -1786901 119562 -1667339 23702033 61516 13134212 13195728 36897761 22885308 393651 393651 22491657 61516 13132232 13193748 35685405 PART V, LINE 4: MCAD'S ENDOWMENT CONSISTS OF APPROXIMATELY 150 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT PROVIDES SCHOLARSHIPS TO STUDENTS AND GRANTS FOR DEPARTMENTAL NEEDS. PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2019 AND 2018. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING & SPECIAL EVENTS 393,651. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -274,089. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AND GRANTS 13,132,232. ACTUARIAL ADJUSTMENT 1,980. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING & SPECIAL EVENTS 393,651. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 13,132,232. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 MCAD PUBLISHES ITS NON-DISCRIMINATION POLICY AS STATED ON THE ONLINE APPLICATION. IT READS: "THE MINNEAPOLIS COLLEGE OF ART AND DESIGN DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, OR ETHNIC ORIGIN IN ITS ADMISSIONS OR EDUCATIONAL POLICIES, IN SCHOLARSHIPS, FINANCIAL AID, OR LOAN PROGRAMS, IN EMPLOYMENT, OR IN ACCORDING THE RIGHTS, PRIVILEGES AND ACTIVITIES GENERALLY MADE AVAILABLE AT THIS EDUCATIONAL INSTITUTION." SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE U.S. GOVERNMENT IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS THE FEDERAL PERKINS LOAN PROGRAM, FEDERAL WORK STUDY PROGRAM, PELL GRANT PROGRAM AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM. THE COLLEGE ALSO RECEIVES SUPPORT FROM THE STATE OF MINNESOTA THROUGH THE COLLEGE WORK STUDY PROGRAM AND STATE STUDENT SCHOLARSHIPS AND GRANTS. EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES STUDY ABROAD PROGRAM 14612 NORTH AMERICA (CANANDA & MEXICO- BUT NOT THE UNITED STATES) 0 1 PROGRAM SERVICES ONLINE EDUCATION 9300 0 2 0 0 0 2 23912 0 23912 0 0 0 0 0 0 PART I, LINE 3: ACCRUAL NOVEMBER ART SALE 356607 14510 342097 7792 307975 MAY ART AUCTION 262804 130914 131890 15380 62504 619411 145424 473987 23172 370479 393651 80336 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 734 13132232 0 PART I, LINE 2: ALL FEDERAL AID IS AWARDED BASED ON FINANCIAL AID ELIGIBILITY REQUIREMENTS IN THE FINANCIAL AID OFFICE DURING THE AWARD PROCESS. FUNDS ARE DRAWN DOWN BY THE FINANCIAL AID DIRECTOR AND ARE RECONCILED TO THE AWARD BY THE BUSINESS OFFICE CONTROLLER. THE MONEY IS DISBURSED TO THOSE APPLICABLE STUDENTS BY THE BUSINESS OFFICE BURSAR. X 0 0 0 0 0 0 0 0 0 JAY COOGAN EX-OFFICIO PRESIDENT 291320 0 0 0 945 0 15013 0 7375 0 314653 0 0 0 JOY E BRATHWAITE VP, FINANCE/CFO 149801 0 2000 0 1260 0 7767 0 1063 0 161891 0 0 0 KAREN WIRTH VP, ACADEMIC AFFAIRS/INT. PRESIDENT 185246 0 0 0 480 0 9493 0 6721 0 201940 0 0 0 A MHEFA SERIES 7-N 410988525 60416HXR0 2012-04-26 3222823 REFUND SERIES 5K 0 0 0 B MHEFA SERIES 8-D 410988525 60416HF74 2015-03-26 7974697 REFUND SERIES 6K AND 6Z 0 0 0 A 1822823 3222823 321500 64456 2836061 806 2012 1 0 1 1 B 2739697 7974697 431275 148241 7391028 4153 2015 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MHEFA SERIES 7-N DATE THE REBATE COMPUTATION WAS PERFORMED: 05/01/2016 ISSUER NAME: MHEFA SERIES 8-D DATE THE REBATE COMPUTATION WAS PERFORMED: 05/13/2019 SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: NEXT REBATE CALC DATE FOR SERIES 7-N IS 5/1/2021 NEXT REBATE CALC DATE FOR SERIES 8-D IS 5/1/2024 X 148545 APPRAISAL X 7 47078 FAIR MARKET VALUE X EQUIPMENT/PRINTER 1 107059 FAIR MARKET VALUE X COMPUTERS 6 8820 FAIR MARKET VALUE 1 0 1 0 PART I, COLUMN (B): THE NUMBER PRESENTED IN PART I, COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. THE NUMBER PRESENTED IN PART I, COLUMN (B) FOR DONATED COMPUTERS AND EQUIPMENT REPRESENTS THE NUMBER OF ITEMS RECEIVED. FORM 990, PART I AND PART III: THE MINNEAPOLIS COLLEGE OF ART & DESIGN'S (MCAD) MISSION STATEMENT IS: MCAD EDUCATES INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED, GLOBAL CITIZENS. THE VISION IS: MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE. THE VALUES ARE: WE, THE MCAD COMMUNITY, SHAPE OUR WORK AND OUR INTERACTIONS WITH OTHERS BY HONORING THE FOLLOWING VALUES: STUDENTS FIRST, ACADEMIC AND INSTITUTIONAL EXCELLENCE, CREATIVITY AND INNOVATION, COMMUNITY INVOLVEMENT, AND ENGAGEMENT. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990, WITH INDIVIDUAL CONTRIBUTOR NAMES REDACTED, IS REVIEWED BY ITS AUDIT COMMITTEE AND IS PROVIDED TO EACH VOTING MEMBER OF ITS GOVERNING BODY BEFORE FILING THE FORM. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND OFFICERS ARE SUBJECT TO THE FOLLOWING PROCESS: INDIVIDUALS WHO DISCLOSE A CONFLICT OF INTEREST MUST LEAVE THE RELEVANT MEETING WHILE A DETERMINATION OF MATERIALITY OF THE CONFLICT IS MADE. IF A CONFLICT IS DETERMINED TO EXIST WITHIN THE SCOPE OF THE POLICY THOSE INDIVIDUALS MAY MAKE A PRESENTATION OF THE PROPOSED TRANSACTION OR ARRANGEMENT BUT THEN MUST LEAVE THE ROOM AND ABSTAIN FROM VOTING ON THE PROPOSED TRANSACTION OR ARRANGEMENT. A TRUSTEE SHALL BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITHIN THE SCOPE OF THE POLICY IF HE OR SHE (1) HAS EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS THAT IMPAIR OR APPEAR TO IMPAIR HIS OR HER INDEPENDENT, UNBIASED JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE; OR (2) IS AWARE THAT A MEMBER OF HIS OR HER FAMILY HAS FINANCIAL OR OTHER INTERESTS THAT WOULD IMPAIR OR APPEAR TO IMPAIR THE TRUSTEE'S INDEPENDENT JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE. FOR THE PURPOSES OF THIS PROVISION, A FAMILY MEMBER IS DEFINED AS A SPOUSE, DOMESTIC PARTNER, PARENT, SIBLING, CHILD, OR ANY OTHER RELATIVE RESIDING IN THE SAME HOUSEHOLD AS THE TRUSTEE. ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICAL TIME. FURTHER, THE TRUSTEE SHALL ABSENT HIMSELF OR HERSELF FROM DISCUSSIONS OF, AND ABSTAIN FROM VOTING ON, SUCH MATTERS UNDER CONSIDERATION BY THE BOARD OF TRUSTEES OR ITS COMMITTEES. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE WITH A CONFLICT OR POSSIBLE CONFLICT ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN AS TO WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THAT THE BOARD OF COMMITTEE RESOLVE THE QUESTION IN HIS OR HER ABSENCE BY MAJORITY VOTE. EACH TRUSTEE SHALL COMPLETE AND SIGN A CONFLICT OF INTEREST DISCLOSURE FORM PROVIDED ANNUALLY BY THE SECRETARY OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15A THE PRESIDENT'S COMPENSATION IS REVIEWED BY THE EXECUTIVE COMMITTEE ANNUALLY. THE EXECUTIVE COMMITTEE COMPARES THE COMPENSATION PROPOSED AGAINST COMPARABLE PRESIDENTS OF SIMILAR INSTITUTIONS. THE PRESIDENT'S CONTRACT WAS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES IN AN EXECUTIVE SESSION DURING THE CURRENT FISCAL YEAR. THE VP OF ADMINISTRATION DETERMINES THE COMPARABILITY DATA USED FOR THE OFFICERS. THE COMPARABILITY DATA AND COMPENSATION PROPOSED IS REVIEWED AND APPROVED BY THE PRESIDENT ANNUALLY. IN ADDITION, A SEARCH COMMITTEE IS CREATED AND/OR A CONTRACTED ORGANIZATION IS HIRED TO PERFORM THE SEARCH, PROVIDING COMPARABILITY DATA ON COMPENSATION AND A FORMAL REVIEW AND RECOMMENDATION. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC JAY COOGAN (EX-OFFICIO) - 152 ARNOLD AVE, CRANSTON, RI 02905-3816. FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT -1,980. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -274,089.