2019-03-28T16:28:37-05:00 2018-06-30 Grant Thornton LLP 1000 WILSON BLVD SUITE 1400 ARLINGTON VA 22209 990 2017-07-01 521836384 National Student Clearinghouse % MICHAEL KETCHAM NATI 7037334130 2300 Dulles Station Blvd Suite 220 Herndon VA 201716350 MICHAEL KETCHAM CFO 7037334130 2019-03-28 true MARY TORRETTA P00847851 7038477500 209.220.136.124 54681420190875000003 2019-03-28 P AA918D8483008E32154F6CC583B06457B9AF9E42 93B6A5B2B9E73C0D543A64C04FD842B0CEFC817E 2017 2019-02-21 02:37:17Z Ricardo Torres 2300 Dulles Station Blvd No 220 Herndon VA 201716350 63085532 false X www.studentclearinghouse.org X 1993 VA The mission of NSC is to serve the education and workforce communities and all learners with access to trusted data, related services, and insights. 15 15 303 15 0 0 114306 0 53622576 56416193 561726 1094258 1138052 1912586 55436660 59423037 78797 63184 0 0 34414856 37624280 0 0 0 18023930 21225939 52517583 58913403 2919077 509634 43255219 50272077 17711267 23879202 25543952 26392875 X The mission of the National Student Clearinghouse is to serve the education and workforce communities and all learners with access to trusted data, related services, and insights. false false 12913636 12745738 SEE SCHEDULE O 14371613 897253 SEE SCHEDULE O 9133639 32439564 SEE SCHEDULE O 7436264 7835162 RESEARCH SERVICES 687478 2498476 ENROLLMENT VERIFICATION SERVICES 1909366 Research services - Cost sharing agreement 63184 63184 grants 10096292 63184 10333638 46515180 false false false false false false false false false true false false true true true false true false false false false false false false false false true false true false false false false false false false false false false false false false true true false false true X 36 0 true 303 true false false false false false false X 15 15 false false false false false false false true true false false true true true true true true true true false X MICHAEL KETCHAM 7037334130 2300 DULLES STATION BLVD NO 220 Herndon VA 201716350 X DR STEVEN BROOKS DIRECTOR 1.0 0.0 X 0 0 0 JOANN BARTOLETTI DIRECTOR 1.0 0.0 X 0 0 0 DR R EILEEN BACCAS DIRECTOR 1.0 0.0 X 0 0 0 DR SANDY BAUM DIRECTOR 1.0 1.0 X 0 0 0 DR HEATHER KIM DIRECTOR 1.0 1.0 X 0 0 0 NATALIE KRAWITZ DIRECTOR 1.0 0.0 X 0 0 0 V SHELBY STANFIELD DIRECTOR 1.0 1.0 X 0 0 0 DR MONTY SULLIVAN DIRECTOR 1.0 1.0 X 0 0 0 JON VEENIS DIRECTOR 1.0 0.0 X 0 0 0 DR ANNE BRYANT DIRECTOR 1.0 0.0 X 0 0 0 DR BELLE S WHEELAN DIRECTOR 1.0 1.0 X 0 0 0 DR ARCHIE CUBARRUBIA DIRECTOR 1.0 1.0 X 0 0 0 VINCENT GRIMARD DIRECTOR 1.0 0.0 X 0 0 0 MARY KENNARD SMITH DIRECTOR 1.0 0.0 X 0 0 0 PATRICK PERRY DIRECTOR 1.0 0.0 X 0 0 0 RICARDO D TORRES PRESIDENT AND CEO 40.0 0.0 X 672714 0 45427 DOUGLAS FALK VP & CHIEF INFORMATION OFFICER 40.0 0.0 X 303253 0 34572 MICHAEL KETCHAM VP & CHIEF FINANCIAL OFFICER 35.0 5.0 X 313087 0 31711 GEORGE LEVATHES VP, COMPLIANCE & EDUCATION 40.0 0.0 X 265693 0 45372 LAWRENCE HATCH VP, INDUSTRY & WORKFORCE SERV 40.0 0.0 X 250163 0 43235 MARY CHAPIN VP & CHIEF LEGAL OFFICER 35.0 5.0 X 291185 0 29902 JONELL SANCHEZ VP, EDUCATION SERVICES 40.0 0.0 X 334940 0 45959 ROBERTA HYLAND CHIEF OF STAFF 40.0 0.0 X 251458 0 35391 BRIDGET SEDLOCK MNG DIR, CORP SVCS 40.0 0.0 X 248347 0 27303 ROBERT ROMANO DIRECTOR, INFORMATION TECH 40.0 0.0 X 205943 0 37594 WILLIAM D PELHAM MANAGING DIR, FNDN RELATIONS 40.0 0.0 X 204246 0 37341 DAVID G LANDRY DIRECTOR, DATA EXCHANGE SVCS 40.0 0.0 X 245023 0 35863 LAN QIAN ENTERPRISE APP ARCHITECT 40.0 0.0 X 210168 0 40096 ADRIENE DORAY-FRANKLIN DIRECTOR, TS SIS STRATEGY 40.0 0.0 X 201306 0 17050 TRACIE MACMAHON CHIEF OPERATING Officer 0.0 0.0 X 216666 0 0 4214192 0 506816 105 true true false Aptude Inc 1601 North Bond Street 301 NAPERVILLE IL 60563 IT Consulting 950478 Micore Solutions Inc 10740 Parkridge Blvd Suite 610 RESTON VA 20191 IT CONSULTING 889373 ALYX Technologies Inc VIRBHADRA NAGAR ROAD BANER PUNE 0 IN 411045 IT CONSULTING 827567 Celerity 8401 Greensboro Drive Suite 500 MCLEAN VA 22102 IT CONSULTING 516810 Talascend LLC 5700 Crooks Road Suite 450 DETROIT MI 48098 IT CONSULTING 449141 10 0 DEGREE VERIFICATION SERVICES 518210 32439564 32439564 ED DATA EXCHANGE SERVICES 518210 12745738 12745738 RESEARCH SERVICES 518210 7835162 7835162 ENROLLMENT VERIFICATION SERVICES 518210 2498476 2498476 LOAN VERIFICATION SERVICES 518210 897253 897253 56416193 374688 374688 0 0 0 0 0 4121200 260865 3662495 458705 260865 719570 719570 0 0 0 0 0 0 0 0 0 SUPPORTING SERVICES 999999 1909366 1909366 LATE FEES & OTHER MISC REV 999999 3220 3220 1912586 59423037 56416193 3006844 63184 63184 0 0 0 0 0 29320717 24181883 5138834 2790459 2301395 489064 3601506 2970296 631210 1911598 1576566 335032 0 405949 334801 71148 91049 75091 15958 0 0 0 3721678 3332599 389079 1004008 1004008 950566 783967 166599 4233893 3491849 742044 0 2017561 353604 1663957 1389902 1018065 371837 0 767879 633298 134581 95230 78540 16690 0 3039242 2291431 747811 343018 282900 60118 PERSONNEL & DEVELOPMENT 245352 202351 43001 STRATEGIC INITIATIVES 220447 220447 STATE & LOCAL PROPERTY 138585 138585 BAD DEBT RESERVE 10000 10000 2551580 2394775 156805 58913403 46515180 12398223 0 0 0 3540788 987474 0 0 7617183 9632926 0 0 0 0 0 0 0 0 2406037 2737466 36211323 27299834 6316124 8911489 16004954 17001358 0 0 0 0 427082 364584 6943051 10636780 43255219 50272077 10791071 12702424 0 0 3737712 4243179 0 0 0 0 0 0 0 0 0 0 3182484 6933599 17711267 23879202 X 25543952 26392875 0 0 0 0 25543952 26392875 43255219 50272077 509634 339289 X false true X true false 4062402 0 4062402 73810 65942 7868 32075111 27233892 4841219 8911489 DUE FROM NSCRC 8841887 OTHER ASSETS 1794893 10636780 0 DEFERRED RENT 5147336 OTHER LIABILITIES 1786263 6933599 X LIABILITY FOR UNCERTAIN TAX POSITIONS SCHEDULE D, PART X, LINE 2 THE CLEARINGHOUSE FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO CONSOLIDATED FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE NATIONAL STUDENT CLEARINGHOUSE IS INCORPORATED AS A NONPROFIT CORPORATION. SUBSEQUENT TO JUNE 30, 2016, THE NATIONAL STUDENT CLEARINGHOUSE RECEIVED DETERMINATION FROM THE INTERNAL REVENUE SERVICE (IRS) ACCEPTING ITS REQUEST TO CHANGE ITS EXEMPTION FROM FEDERAL INCOME TAX UNDER 501(C)(6) TO SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. THE CLEARINGHOUSE HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE TAX YEARS ENDING JUNE 30, 2015, 2016, 2017 AND 2018 ARE STILL OPEN TO AUDIT FOR BOTH FEDERAL AND STATE PURPOSES. THE CLEARINGHOUSE HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. true Arrow Education Foundation PO Box 730 Watertown SD 57201 460453170 501(c)(3) 15000 In honor of Board member retirement The University of Texas Foundation PO Box 250 Austin TX 78767 741587488 501(c)(3) 15000 In honor of Board member retirement 2 Procedure for Monitoring Use of Grants SCHEDULE I, PART I, LINE 2 EDUCATIONAL INSTITUTIONS MUST BE PRIMARY, SECONDARY OR HIGHER EDUCATION INSTITUTIONS OR A SCHOLARSHIP PROGRAM MANAGED BY A NON-PROFIT ORGANIZATION. CHARITABLE ORGANIZATIONS MUST BE RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS TAX-EXEMPT AND DESIGNATED A PUBLIC CHARITY UNDER SECTION 501(C)(3) OF THE IRS CODE OR AS AN INSTRUMENTALITY OF A STATE OR LOCAL GOVERNMENT AS PROVIDED BY 170(C)(1) OF THE CODE. IT IS THE INTENT FOR THE CLEARINGHOUSE TO SUPPORT SECULAR CHARITIES; HOWEVER, CHARITABLE ORGANIZATIONS AND EDUCATIONAL INSTITUTIONS THAT MEET THE ABOVE CRITERIA AND HAVE RELIGIOUS AFFILIATIONS MAY BE INCLUDED. HOUSES OF WORSHIP OR ORGANIZATIONS WHOSE POLICIES VIOLATE THE CLEARINGHOUSE'S NON-DISCRIMINATION POLICIES DO NOT QUALIFY. X true true X X X X X true true false false false false false true false RICARDO D TORRES PRESIDENT AND CEO 402420 0 155000 0 115294 0 29500 0 15927 0 718141 0 0 0 DOUGLAS FALK VP & CHIEF INFORMATION OFFICER 249214 0 37500 0 16539 0 18067 0 16505 0 337825 0 0 0 MICHAEL KETCHAM VP & CHIEF FINANCIAL OFFICER 259268 0 51424 0 2395 0 29425 0 2286 0 344798 0 0 0 GEORGE LEVATHES VP, COMPLIANCE & EDUCATION 232452 0 18000 0 15241 0 29343 0 16029 0 311065 0 0 0 LAWRENCE HATCH VP, INDUSTRY & WORKFORCE SERV 198583 0 50000 0 1580 0 26730 0 16505 0 293398 0 0 0 MARY CHAPIN VP & CHIEF LEGAL OFFICER 241831 0 48000 0 1354 0 27616 0 2286 0 321087 0 0 0 JONELL SANCHEZ VP, EDUCATION SERVICES 237345 0 97000 0 595 0 29500 0 16459 0 380899 0 0 0 ROBERTA HYLAND CHIEF OF STAFF 208336 0 28000 0 15122 0 20712 0 14679 0 286849 0 0 0 BRIDGET SEDLOCK MNG DIR, CORP SVCS 209962 0 37500 0 885 0 24154 0 3149 0 275650 0 0 0 ROBERT ROMANO DIRECTOR, INFORMATION TECH 203521 0 0 0 2422 0 23445 0 14149 0 243537 0 0 0 WILLIAM D PELHAM MANAGING DIR, FNDN RELATIONS 200557 0 0 0 3689 0 22662 0 14679 0 241587 0 0 0 DAVID G LANDRY DIRECTOR, DATA EXCHANGE SVCS 208130 0 19900 0 16993 0 21236 0 14627 0 280886 0 0 0 LAN QIAN ENTERPRISE APP ARCHITECT 191764 0 5865 0 12539 0 24169 0 15927 0 250264 0 0 0 ADRIENE DORAY-FRANKLIN DIRECTOR, TS SIS STRATEGY 139348 0 60000 0 1958 0 15004 0 2046 0 218356 0 0 0 TRACIE MACMAHON CHIEF OPERATING Officer 0 0 0 0 216666 0 0 0 0 0 216666 0 0 0 TRAVEL FOR COMPANIONS SCHEDULE J, PART I, LINE 1A The Clearinghouse travel policy indicates that Board members may receive reimbursement for travel expenses for their spouse to attend one Board meeting each year. Board Member Joanne Bartoletti received $448.60 for companion airfare in 2017. SEVERANCE PAYMENTS SCHEDULE J, PART I, LINE 4A THE FOLLOWING EMPLOYEE RECEIVED A SEVERANCE PAYMENT: TRACIE MACMAHON $216,666 SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS SCHEDULE J, PART I, LINE 4B THE FOLLOWING EMPLOYEE PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN 457(F): RICARDO D. TORRES - $100,000 This contribution to the nonqualified retirement plan is part of Mr. Torres' total compensation and is evaluated as part of the Board's procedures related to the reasonableness of total compensation. It is included IN COLUMN(C) OF SCHEDULE J, PART II. BONUS Awards SCHEDULE J, PART II, Line 7 BONUSES ARE PAID OUT BASED ON COMPLETION OF GOALS. ANNUALLY GOALS ARE SET JOINTLY BY THE EXECUTIVE AND CEO. THE EXECUTIVE PREPARES AN ASSESSMENT OF THEIR PERFORMANCE AGAINST THOSE GOALS AT THE END OF THE PERFORMANCE YEAR AND THAT IS PROVIDED TO THE CEO WHO THEN EVALUATES HIS OR HER ASSESSMENT OF THEIR PERFORMANCE AGAINST THOSE GOALS. THE CEO PRESENTS A RECOMMENDATION TO THE BOARD ON SALARY INCREASE AND BONUSES FOR EACH EXECUTIVE FOR THEM TO REVIEW AND APPROVE PRIOR TO PAYMENT BASED ON THE ASSESSMENT OF PERFORMANCE IN RELATION TO SET GOALS. The value of any bonuses or pay increases are evaluated as part of the individual's total compensation package for reasonableness by the Board of Directors. PROGRAM SERVICE 1 FORM 990, PART III, LINE 4A Education data exchange services: On behalf of participating post-secondary institutions, the Clearinghouse provides a central authenticated data exchange platform among participating educational institutions to meet their collective need for the secure and confidential transfer and access to academic data. The clearinghouse provides a transcript ordering platform, which is available to all participating institutions, which processed orders for over 4.6 million transcripts from the institution's students to: 1) Other post-secondary institutions for consideration of student enrollment applications. 2) Employers so that participating institutions can support the transition of students to gainful employment and preserve the integrity of the education system by eliminating fraud. PROGRAM SERVICE 2 FORM 990, PART III, LINE 4B Loan verification services: On behalf of participating post-secondary institutions enrolling 97% of the U.S. student population, the Clearinghouse completed all required student loan enrollment verification activities. All related student verification records were reported to the U.S. Department of Education, all state and non-profit guarantee agencies, and the student loan servicing organizations. PROGRAM SERVICE 3 FORM 990, PART III, LINE 4C Degree verification services: On behalf of participating post-secondary institutions and for the purpose of preserving the integrity of the education system by enhancing the accuracy of education information and eliminating fraud, the clearinghouse is authorized to maintain a comprehensive degree database and is authorized as their agent to provide limited access in the portions of these data verifying degree attainment for: 1) Other post-secondary institutions and higher education organizations so that they could comply with the U.S. Department of Education mandated performance reporting. 2) Employers so that institutions can support the transition of student and graduates to gainful employment. 3) Providers of benefits to graduates dependent on graduate status. OTHER PROGRAM SERVICES FORM 990, PART III, LINE 4D Research services: On behalf of participating post-secondary institutions, the clearinghouse is authorized to maintain a database of the college enrollment and degree data for more than 3,600 participating colleges and universities which enables administrators at high schools, colleges and universities, and other education organizations to access student data to perform educational research and analyses. Research services also performs analysis on these data based on customer- defined requirements to further the assessments made regarding the success of various academic programs at the local, state, and national levels; enable mandatory state and federal outcomes reporting; and facilitate improvement to the quality of the k-20 education system. Enrollment verification services: On behalf of participating post- secondary institutions, the clearinghouse is authorized to maintain a comprehensive enrollment database and is authorized as their agent to provide limited access in the portions of these data verifying student records to providers of benefits to students and graduates dependent on enrollment status to preserve the integrity of the education system by eliminating fraud. Forms W-3 FORM 990, PART V, LINE 2A NSC REPORTED ISSUING 303 FORMS W2 ON ITS 2017 FORM W3; HOWEVER, OF THIS AMOUNT, 9 EMPLOYEES WERE ASSIGNED TO WORK FOR NSC RESEARCH CENTER, A RELATED ENTITY. EXECUTIVE COMMITTEE FORM 990, PART VI, SECTION A, LINE 1A WHEN THE BOARD OF DIRECTORS IS NOT IN SESSION, THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE POWERS OF THE BOARD OF DIRECTORS, EXCEPT TO THE EXTENT, IF ANY, THAT SUCH AUTHORITY SHALL BE LIMITED BY RESOLUTION OF THE ENTIRE BOARD OF DIRECTORS; PROVIDED, HOWEVER, THAT NEITHER THE EXECUTIVE COMMITTEE NOR ANY OTHER COMMITTEE SHALL HAVE THE POWER TO AMEND THE ARTICLES OF INCORPORATION OR THESE BYLAWS OF THE CORPORATION, OR TO ELECT OR REMOVE ANY DIRECTOR OR OFFICER, OR TO AMEND OR REPEAL ANY RESOLUTION OF THE BOARD OF DIRECTORS (OR COMMITTEE THEREOF) UNLESS BY ITS TERMS SUCH RESOLUTION MAY BE AMENDED OR REPEALED. FORM 990 REVIEW PROCESS Form 990, Part VI, Section B, Line 11b FORM 990 IS PREPARED BY THE FINANCE DEPARTMENT AND REVIEWED BY INDEPENDENT TAX ADVISORS. IN ACCORDANCE WITH NSCS POLICY, a COMPLETE FORM 990 IS PRESENTED TO THE FULL BOARD OF DIRECTORS FOR REVIEW. FORM 990 IS REVIEWED BY ALL MEMBERS OF THE BOARD PRIOR TO THE SUBMISSION OF THE FORM TO THE INTERNAL REVENUE SERVICE. Conflict of Interest Policy FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE PROVIDED WITH THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS AND REQUIRED TO COMPLETE A FORM ACKNOWLEDGING THE POLICY AND DISCLOSING ANY CONFLICTS. THE POLICY INCLUDES A REQUIREMENT THAT ANY NEW CONFLICTS THAT MAY ARISE DURING THE COURSE OF THE YEAR BE REPORTED TO THE CHAIRMAN OF THE BOARD. PROCEDURES FOR EVALUATING POTENTIAL CONFLICTS ARE INCORPORATED IN THE POLICY. ANY DIRECTOR WHO MAY BE INVOLVED IN A CLEARINGHOUSE BUSINESS TRANSACTION IN WHICH THERE IS A POSSIBLE CONFLICT OF INTEREST SHALL PROMPTLY NOTIFY THE CHAIRMAN OF THE BOARD. THE CHAIRMAN, OR AT THE DIRECTION OF THE CHAIRMAN, THE PRESIDENT OF THE CLEARINGHOUSE SHALL PROMPTLY INFORM THE ENTIRE BOARD OF SUCH POTENTIAL CONFLICT. THE AFFECTED DIRECTOR SHALL NOT VOTE ON ANY SUCH TRANSACTION, PARTICIPATE IN DELIBERATIONS CONCERNING IT, OR USE PERSONAL INFLUENCE IN ANY WAY IN THE MATTER. THE DIRECTOR WILL BE EXCUSED FROM THE PORTION OF ANY MEETING DISCUSSING THE TRANSACTION AND THE DIRECTORS PRESENCE MAY NOT BE COUNTED IN DETERMINING THE QUORUM FOR ANY VOTE WITH RESPECT TO A CLEARINGHOUSE BUSINESS TRANSACTION IN WHICH HE OR SHE HAS A POSSIBLE CONFLICT OF INTEREST. FURTHERMORE, THE DIRECTOR, OR THE CHAIRMAN IN THE DIRECTORS ABSENCE, SHALL NOTE A POTENTIAL CONFLICT OF INTEREST TO THE OTHER DIRECTORS BEFORE ANY VOTE ON A CLEARINGHOUSE BUSINESS TRANSACTION AND SUCH DISCLOSURE SHALL BE RECORDED IN THE MINUTES OF THE MEETING AT WHICH IT WAS MADE. IN THE EVENT OF POTENTIAL CONFLICT INVOLVES THE CHAIRMAN OF THE BOARD, THE VICE CHAIRMAN SHALL ACT IN THE PLACE OF THE CHAIRMAN FOR THE PURPOSES OF THIS POLICY. ANY BOARD OF DIRECTORS SHALL NOT APPROVE ANY TRANSACTION WHICH INVOLVES A POTENTIAL CONFLICT OF INTEREST WITH A DIRECTOR UNLESS AND UNTIL THE BOARD OF DIRECTORS HAS SPECIFICALLY AND IN GOOD FAITH DETERMINED AFTER REASONABLE INVESTIGATION (INCLUDING A REVIEW OF THE TERMS UPON WHICH OTHER COMPARABLE ORGANIZATIONS ENTER TRANSACTIONS OR ARRANGEMENTS SIMILAR TO THE ONE UNDER CONSIDERATION) THAT: A. THE BOARD IS AWARE OF ALL MATERIAL FACTS CONCERNING THE TRANSACTION AND THE DIRECTOR OR OFFICERS INTEREST IN THE TRANSACTION; B. THE CLEARINGHOUSE IS ENTERING INTO THE TRANSACTION FOR ITS OWN BENEFIT; C. THE TRANSACTION IS FAIR AND REASONABLE AS TO THE CLEARINGHOUSE; D. THE CLEARINGHOUSE COULD NOT HAVE OBTAINED A MORE ADVANTAGEOUS ARRANGEMENT WITH REASONABLE EFFORT UNDER THE CIRCUMSTANCES. MANAGEMENT SHALL BE RESPONSIBLE FOR PROVIDING THE BOARD WITH SUFFICIENT INFORMATION SO THAT THE BOARD CAN ASSESS THE FAIRNESS AND REASONABLENESS OF THE COMPENSATION INVOLVED. Process for Determining Compensation FORM 990, PART VI, SECTION B, LINES 15A & 15B THE BOARD OF DIRECTORS CONDUCTS AN INDEPENDENT OUTSIDE COMPENSATION ANALYSIS FOR THE CEO EACH YEAR THAT IS USED TO MONITOR THE APPROPRIATENESS OF HIS COMPENSATION. A SIMILAR PROCESS IS COMPLETED BY THE MANAGING DIRECTOR OF CORPORATE SERVICES FOR THE OTHER EXECUTIVES. PERIODICALLY, NSC HIRES AN OUTSIDE FIRM TO CONDUCT A COMPENSATION ANALYSIS FOR THE NON-EXECUTIVE EMPLOYEE POSITIONS. ANOTHER FIRM THAT COMPLETES OUR AFFIRMATIVE ACTION PLAN ALSO COMPARES COMPENSATION AMONG ETHNICITY AND GENDER TO ASSESS FAIRNESS. AT MERIT INCREASE TIME, THE MANAGING DIRECTOR OF CORPORATE SERVICES DOES A REVIEW OF COMPENSATION BY WORKGROUP TO DETERMINE WHETHER ANY ADJUSTMENTS ARE REQUIRED TO BRING PEOPLE WITH LIKE POSITIONS AND EXPERIENCE TO A COMPARABLE COMPENSATION LEVEL. THE BOARD APPROVES THE COMPENSATION OF THE CEO AND OTHER OFFICERS. DELIBERATIONS AND DECISIONS ARE DOCUMENTED CONTEMPORANEOUSLY IN THE MINUTES OF THE BOARD OF DIRECTORS. A group of independent persons who serve on the Board of Directors evaluate external compensation data from comparable institutions, discuss their review, and contemporaneously document their conclusion that the total compensation paid to such persons is reasonable. Governing documents available to the public FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, INCLUDING THE CONFLICT OF INTEREST POLICY, ARE AVAILABLE TO THE PUBLIC BY REQUEST TO THE CORPORATE SECRETARY. FINANCIAL STATEMENTS ARE AVAILABLE TO PARTICIPANTS IN OUR SERVICES UNDER THE TERMS OF OUR CONTRACTS WITH THEM AND TO INDIVIDUALS BY REQUEST TO THE TREASURER. 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