2019-05-13T16:14:27-05:00 2018-06-30 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2017-07-01 381381271 HOPE COLLEGE HOPE 6163957810 141 E 12TH STREET HOLLAND MI 49423 DOUGLAS VANDYKEN VICE PRESIDENT, CFO 6163957810 2019-05-10 1 VICKI L VANDENBERG CPA P00100422 2695674587 2019-05-10 67.59.56.31 2019-05-10 11:30:27 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 58F74DC53CB874483B207ADF23CD6921384352E9 2017 2019-02-21 02:37:17Z THOMAS BYLSMA 141 E 12TH STREET HOLLAND MI 49423 230427173 0 X WWW.HOPE.EDU X 1866 MI THE MISSION OF HOPE COLLEGE IS TO EDUCATE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE IN A GLOBAL SOCIETY THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS OF RECOGNIZED EXCELLENCE IN THE LIBERAL ARTS AND IN THE CONTEXT OF THE HISTORIC CHRISTIAN FAITH. 33 29 3395 29 2686884 -795074 11847507 16800302 134053726 133748548 658051 12097584 1211931 1289939 147771215 163936373 33569536 35145979 0 0 66854891 64530205 0 0 3837679 52063042 55245634 152487469 154921818 -4716254 9014555 478936261 490988344 83144661 74414564 395791600 416573780 THE MISSION OF HOPE COLLEGE IS TO EDUCATE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE IN A GLOBAL SOCIETY THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS OF RECOGNIZED EXCELLENCE IN THE LIBERAL ARTS AND IN THE CONTEXT OF THE HISTORIC CHRISTIAN FAITH. 0 0 134424300 33647939 125113777 THE ORGANIZATION PROVIDED COMPREHENSIVE LITERACY & SCIENCE COURSES OF STUDY TO APPROXIMATELY 3,033 FULL TIME EQUIVALENT STUDENTS IN THE FALL OF 2017 AND 2,849 IN THE SPRING OF 2018. THE ORGANIZATION WAS ALSO INVOLVED IN ADMINISTRATIVE, AUXILLARY OPERATIONS & STUDENT SERVICES TO SUPPORT THE CAMPUS. 5984706 1498040 5570192 THE ORGANIZATION IS INVOLVED IN RESEARCH TO MAINTAIN ONE OF THE TOP CHEMISTRY & BIOLOGY DEPTS IN THE COUNTRY, UTILIZE RESEARCH AS A TEACHING TOOL IN THE CLASSROOM & TO FACILITATE LEARNING. 140409006 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 377 0 1 3395 1 1 1 0 0 0 0 1 1 0 0 0 0 X 33 29 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MI X THOMAS BYLSMA VICE-PRESIDENT CFO 6163957810 HOPE COLLEGE 141 E 12TH ST HOLLAND MI 49423 KARL DROPPERS CHAIRPERSON 1.00 0.00 X X 0 0 0 TIMOTHY VANDEBUNTE VICE CHAIRPERSON 1.00 0.00 X X 0 0 0 DENNIS VOSKUIL INTERIM PRESIDENT 40.00 0.00 X X 139778 0 17502 NANCY DIRKSE DEWITT SECRETARY 1.00 0.00 X X 0 0 0 JEFFREY S ALLEN TRUSTEE 1.00 0.00 X 0 0 0 DAVID M BAST TRUSTEE 1.00 0.00 X 0 0 0 MARY V BAUMAN TRUSTEE 1.00 0.00 X 0 0 0 DR STEPHEN BOERIGTER TRUSTEE 1.00 0.00 X 0 0 0 DAVID B CHARNIN TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS CONANT TRUSTEE 1.00 0.00 X 0 0 0 BARBARA DEPREE TRUSTEE 1.00 0.00 X 0 0 0 J LINDSEY DOOD TRUSTEE 1.00 0.00 X 0 0 0 KENNETH W ERIKS TRUSTEE 1.00 0.00 X 0 0 0 SANDRA GADDY TRUSTEE 1.00 0.00 X 0 0 0 BRIAN GIBBS TRUSTEE 1.00 0.00 X 0 0 0 DANIEL GORDON TRUSTEE 1.00 0.00 X 0 0 0 LISA C GRANGER TRUSTEE 1.00 0.00 X 0 0 0 DR NATHAN HART TRUSTEE 1.00 0.00 X 0 0 0 BRENT KRUEGER TRUSTEE/PROFESSOR 40.00 0.00 X 85250 0 24420 DAVID W LOWRY TRUSTEE 1.00 0.00 X 0 0 0 MONICA NEWENDORP TRUSTEE 1.00 0.00 X 0 0 0 DAVID PAUL TRUSTEE 1.00 0.00 X 0 0 0 GERALD J PILLAY TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS C RUCH TRUSTEE 5.00 0.00 X 25236 0 0 A PAUL SCHAAP TRUSTEE 1.00 0.00 X 0 0 0 MATTHEW SCOGIN TRUSTEE 1.00 0.00 X 0 0 0 SUZANNE L SHIER TRUSTEE 1.00 0.00 X 0 0 0 BETH A SNYDER TRUSTEE 1.00 0.00 X 0 0 0 SONJA TRENT-BROWN TRUSTEE/PROFESSOR 40.00 0.00 X 102882 0 25067 MARK VAN GENDEREN TRUSTEE 1.00 0.00 X 0 0 0 D SCOTT VAN OOSTENDORP TRUSTEE 1.00 0.00 X 0 0 0 JILL VER STEEG TRUSTEE 1.00 0.00 X 0 0 0 MARGARET MILLER WILLIT TRUSTEE 1.00 0.00 X 0 0 0 THOMAS BYLSMA CFO 40.00 0.00 X 202640 0 73558 CADY SHORT THOMPSON PROVOST 40.00 0.00 X 162580 0 7442 WILLIAM VANDERBILT VP FOR ADMISSIONS 40.00 0.00 X 183232 0 35334 RICHARD A FROST VP FOR STUDENT DEVELOPMENT 40.00 0.00 X 160534 0 34034 RICHARD J PUCKETT VP FOR DEVELOPMENT 40.00 0.00 X 240259 0 73237 JENNIFER FELLINGER VP FOR PUBLIC AFFAIRS/MARKETING 40.00 0.00 X 152590 0 31714 GREG MAYBURY DIRECTOR OF PHYSICAL PLANT 40.00 0.00 X 148631 0 33805 WILLIAM A PANNAPACKER FACULTY 40.00 0.00 X 141911 0 30119 DAVID VANWYLEN DEAN - NATURAL SCIENCE 40.00 0.00 X 140939 0 31486 JOHN C KNAPP FORMER PRESIDENT 0.00 0.00 X 191561 0 71077 KAREN NORDELL-PEARSON FORMER INTERIM-PROVOST 0.00 0.00 X 133850 0 22049 2211873 0 510844 58 1 1 0 CREATIVE DINING SERVICE ONE ROYAL PARK DRIVE SUITE 3 ZEELAND MI 49464 FOOD SERVICE MANAGEMENT 10797164 GRANGER CONSTRUCTION 940 MONROE AVE NW SUITE 142 GRAND RAPIDS MI 49503 CONSTRUCTION SERVICES 1199929 MAJESTIC PAINTING AND FINISHING LLC 4162 E PONTALUNA RD FRUITPORT MI 49415 INTERIOR AND EXTERIOR REMODELING 437347 CAMBRIDGE ASSOCIATES LLC 125 HIGH STREET BOSTON MA 02110 INVESTMENT CONSULTANT 430644 MIDWEST COLLABORATIVE FOR LIBRARY SERVIC 1407 RENSEN ST SUITE 1 LANSING MI 48910 LIBRARY SERVICES 331087 21 4389025 12411277 576701 16800302 TUITION & FEES 611600 98856707 98856707 AUXILIARY ENTERPRISES 611600 26415623 26415623 BOOKSTORE INCOME 611600 2670488 2670488 HAWORTH CONFERENCE CTR. 721000 2521760 2521760 OTHER PROGRAM INCOME 900099 2294489 2294489 989481 446662 526768 16051 133748548 2880970 -361644 3242614 75707414 66490800 9216614 9216614 9216614 OTHER REVENUE 900099 1289939 1289939 1289939 163936373 130683969 2686884 13765218 33698921 33698921 1447058 1447058 1279489 1183872 63767 31850 50053668 44168236 3866021 2019411 3968188 3463212 314970 190006 5800350 5081300 473290 245760 3428510 3030120 262533 135857 113209 110 113099 109200 13200 96000 1862645 1862645 2836428 2317834 335214 183380 892061 517405 199718 174938 3723763 3358853 222541 142369 1423204 1284329 123941 14934 4048622 3865987 121800 60835 4051535 3698831 86069 266635 639939 332031 303872 4036 1666937 1488574 151358 27005 9641356 8609730 1031626 587906 367099 217551 3256 FOOD SERVICE & LAUNDRY 12074197 11876620 78565 119012 TUITION WAIVERS 3398650 3028264 227590 142796 INVENTORY PURCHASES 2027126 1875655 101017 50454 OTHER MAINTENANCE & REP 1641918 1579173 43629 19116 4506938 4122592 378317 6029 154921818 140409006 10675133 3837679 25103193 32570969 13556269 13676110 8607056 11220877 753024 624821 1299608 1427893 331681378 123341625 211897373 208339753 68700086 76805330 148943020 146321203 76632 1388 478936261 490988344 4033984 6558323 108071 256504 45412723 41850000 33589883 25749737 83144661 74414564 X 201896556 207825213 50774569 61558263 143120475 147190304 395791600 416573780 478936261 490988344 X 9014555 9653061 2114564 X X 0 1 X 1 1 1 X 18350086 16512580 14548210 11847507 16800302 78058685 18350086 16512580 14548210 11847507 16800302 78058685 3944661 74114024 1663374 1958591 1251777 1606614 2880970 9361326 40247 -238783 -267567 -237384 -795074 -1498561 1647170 1690880 1389245 1211931 1289939 7229165 93150615 664162624 0.79560 0.78170 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER REVENUE - 2013 AMOUNT: $ 1,647,170. 2014 AMOUNT: $ 1,690,880. 2015 AMOUNT: $ 1,389,245. 2016 AMOUNT: $ 1,211,931. 2017 AMOUNT: $ 1,289,939. 647552 X X X 0 213248455 5147917 19211320 9936476 227671216 193868484 4071931 24122917 8814877 213248455 211786418 4224831 -13749987 8392778 193868484 206199053 5730924 7702829 7846388 211786418 175036306 9937514 28400349 7175116 206199053 0.17570 0.64520 0.17910 0 0 25475740 25475740 270030116 99139456 170890660 35333418 24202169 11131249 842104 842104 208339753 LIMITED PARTNERSHIPS AND HEDGE FUNDS 42575912 F MORTGAGES, LAND CONTRACTS & OTHER 20852630 F PRIVATE EQUITY, ALTERNATIVES, OTHER 82892661 F 146321203 ANNUITIES PAYABLE & TRUSTS 6776160 ACCUMULATED POST-RETIREMENT BENEFITS 8040532 REFUNDABLE FEDERAL PERKINS LOAN ADVANCES 5696225 STUDENTS AND OTHER DEPOSITS 2497947 INTEREST RATE SWAP 2738873 25749737 138719272 9653061 25898 2112564 11791523 126927749 1862645 35145979 37008624 163936373 117939092 25898 25898 117913194 1862645 35145979 37008624 154921818 PART III, LINE 4: HOPE COLLEGE, THROUGH THE CONSTRUCTION (2004-05) OF THE MARTHA MILLER CENTER FOR INTERNATIONAL COMMUNICATIONS, HAS PURCHASED $79,000 IN PIECES OF ART THAT ARE ON PERMANENT DISPLAY IN THIS BUILDING. IN FALL OF 2015, HOPE COLLEGE OPENED THE KRUIZENGA ART MUSEUM. STRATEGIC PIECES OF ART WERE PURCHASED TO PUT ON DISPLAY IN THE ART GALLERY WHICH WILL ASSIST THE COLLEGE'S ART, HISTORY, AND CULTURAL HERITAGE CURRICULUM. PART V, LINE 4: THE ENDOWMENT FUND OF HOPE COLLEGE IS USED TO SUPPORT THE ONGOING MISSION OF THE COLLEGE BY PROVIDING ANNUAL RESOURCES THAT ASSIST WITH SCHOLARSHIP, FACULTY DEVELOPMENT, ACADEMIC SUPPORT, RESEARCH, STUDENT SERVICES, FACILITY MAINTENANCE, AND OTHER PROGRAM SUPPORT. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -629,621. CHANGE IN VALUE OF SWAP AGREEMENTS 1,677,810. CHANGE IN VALUE OF POSTRETIREMENT LIABILITY 1,065,546. ROUNDING ADJUSTMENT TO TIE WITH AUDIT -1,171. PART XI, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS & FELLOWSHIPS 35,145,979. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS & FELLOWSHIPS 35,145,979. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY STATEMENT IS INCLUDED ON VARIOUS PUBLICITY & POLICY STATEMENTS, INCLUDING OUR WEBSITE & MEDIA ADS, AS WELL AS OUR CATALOG & STUDENT HANDBOOK, WHICH IS AVAILABLE UPON REQUEST. SCHEDULE E, PART I, LINE 6 HOPE COLLEGE RECEIVES GRANTS AND FINANCIAL AID FROM VARIOUS FEDERAL AND STATE AGENCIES THAT ARE USED IN THE FURTHERANCE OF THE COLLEGE'S EXEMPT PURPOSE OF PROVIDING QUALITY EDUCATION. 0 EAST ASIA & PACIFIC 0 0 PROGRAM SERVICES OFF CAMPUS ENRICHMENT, RECRUITMENT 89291 EUROPE 0 0 PROGRAM SERVICES OFF CAMPUS ENRICHMENT, RESEARCH 434623 NORTH AMERICA 0 0 PROGRAM SERVICES OFF CAMPUS ENRICHMENT 26299 SOUTH AMERICA 0 0 PROGRAM SERVICES OFF CAMPUS ENRICHMENT 9626 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES OFF CAMPUS ENRICHMENT 24404 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 DIRECT FOREIGN INVESTMENT N/A 687156 CENTRAL AMERICA AND THE CARIBBEAN 0 0 SCHOLARSHIPS N/A 136926 EAST ASIA AND THE PACIFIC 0 0 SCHOLARSHIPS N/A 560480 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 SCHOLARSHIPS N/A 104618 MIDDLE EAST AND NORTH AFRICA 0 0 SCHOLARSHIPS N/A 44185 NORTH AMERICA 0 0 SCHOLARSHIPS N/A 35675 RUSSIA AND NEIGHBORING STATES 0 0 SCHOLARSHIPS N/A 25000 SOUTH AMERICA 0 0 SCHOLARSHIPS N/A 79490 SOUTH ASIA 0 0 SCHOLARSHIPS N/A 39000 SUB-SAHARAN AFRICA 0 0 SCHOLARSHIPS N/A 421684 0 0 0 0 0 0 1968805 749652 2718457 SCHOLARSHIP - TUITION/BOOKS CENTRAL AMERICA AND THE CARIBBEAN 4 136926 SCHOLARSHIPS N/A SCHOLARSHIP - TUITION/BOOKS EAST ASIA AND THE PACIFIC 36 560480 SCHOLARSHIPS N/A SCHOLARSHIP - TUITION/BOOKS EUROPE (INCLUDING ICELAND & GREENLAND) 6 104618 SCHOLARSHIPS N/A SCHOLARSHIP - TUITION/BOOKS MIDDLE EAST AND NORTH AFRICA 1 44185 SCHOLARSHIPS N/A SCHOLARSHIP - TUITION/BOOKS NORTH AMERICA 1 35675 SCHOLARSHIPS N/A SCHOLARSHIP - TUITION/BOOKS RUSSIA AND NEIGHBORING STATES 1 25000 SCHOLARSHIPS N/A SCHOLARSHIP - TUITION/BOOKS SOUTH AMERICA 3 79490 SCHOLARSHIPS N/A SCHOLARSHIP - TUITION/BOOKS SOUTH ASIA 2 39000 SCHOLARSHIPS N/A SCHOLARSHIP - TUITION/BOOKS SUB-SAHARAN AFRICA 15 421684 SCHOLARSHIPS N/A 1 0 1 0 1 0 1 SCHOLARSHIP - TUITION/BOOKS 2664 33698921 N/A SCHOLARSHIPS PART I, LINE 2: HOPE SCHOLARSHIP/GRANT FUNDS ARE DISBURSED TO THE RECIPIENT UPON PROOF OF ELIGILIBITY (I.E. FINANCIAL NEED OR ACADEMIC MERIT) AND UPON PROOF OF EXPENSE INCURRED. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DENNIS VOSKUIL INTERIM PRESIDENT 139778 0 0 0 0 0 0 0 17502 0 157280 0 0 0 THOMAS BYLSMA CFO 197000 0 0 0 5640 0 20685 0 52873 0 276198 0 0 0 CADY SHORT THOMPSON PROVOST 160500 0 0 0 2080 0 0 0 7442 0 170022 0 0 0 WILLIAM VANDERBILT VP FOR ADMISSIONS 179392 0 0 0 3840 0 18836 0 16498 0 218566 0 0 0 RICHARD A FROST VP FOR STUDENT DEVELOPMENT 156694 0 0 0 3840 0 15829 0 18205 0 194568 0 0 0 RICHARD J PUCKETT VP FOR DEVELOPMENT 236419 0 0 0 3840 0 24824 0 48413 0 313496 0 0 0 JENNIFER FELLINGER VP FOR PUBLIC AFFAIRS/MARKETING 148750 0 0 0 3840 0 15619 0 16095 0 184304 0 0 0 GREG MAYBURY DIRECTOR OF PHYSICAL PLANT 144791 0 0 0 3840 0 15203 0 18602 0 182436 0 0 0 WILLIAM A PANNAPACKER FACULTY 141911 0 0 0 0 0 14848 0 15271 0 172030 0 0 0 DAVID VANWYLEN DEAN - NATURAL SCIENCE 140939 0 0 0 0 0 14746 0 16740 0 172425 0 0 0 JOHN C KNAPP FORMER PRESIDENT 189653 0 0 0 1908 0 16538 0 54539 0 262638 0 0 0 KAREN NORDELL-PEARSON FORMER INTERIM-PROVOST 133850 0 0 0 0 0 14044 0 8005 0 155899 0 0 0 PART I, LINE 1A THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS AS PART OF HIS EMPLOYMENT WITH THE COLLEGE. INCLUDED IN NONTAXABLE BENEFITS IS THE FAIR MARKET VALUE OF THE USAGE OF THE PRESIDENT'S HOME WHICH IS VALUED AT $29,390. THE COLLEGE PROVIDES ANNUAL MEMBERSHIPS TO A LOCAL MARINA AND GOLF CLUB TO THE PRESIDENT AND CFO AS A WAY TO PROMOTE THE COLLEGE. THE VALUES OF THESE MEMBERSHIPS ARE $4,769 AND $7,200 RESPECTIVELY AND ARE SPLIT BETWEEN TAXABLE INCOME AND OTHER NON-TAXABLE INCOME ($1,908/$2,861) AND ($1,800/$5,400). A MICHIGAN FINANCE AUTHORITY 800595186 NONEAVAIL 2010-12-17 10200000 SEE PART VI 0 0 0 B THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF OTTAWA 386004883 NONEAVAIL 2011-12-14 10000000 SEE PART VI 0 0 0 C MICHIGAN FINANCE AUTHORITY 800595186 NONEAVAIL 2012-03-28 11220000 SEE PART VI 0 0 0 D MICHIGAN FINANCE AUTHORITY 800595186 NONEAVAIL 2013-08-08 16255000 SEE PART VI 0 0 0 A 7650000 10200000 10200000 1 0 1 1 B 5835000 10000000 1040 9998960 0 1 1 1 C 70000 11220000 5000000 6220000 2014 1 0 1 1 D 3315000 16255000 16255000 1 0 1 1 C 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 1 0 0 0 0 B 0 0 1 0 1 0 0 0 0 C 0 0 0 1 1 0 0 0 0 D 0 0 1 0 1 0 0 0 0 A 0 B 0 C 0 D 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MICHIGAN FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 03/28/2017 PART I, ROW A(1), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON DECEMBER 17, 2010 IS TO CURRENTLY REFUND THE MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY ("MHEFA") LIMITED OBLIGATION REVENUE REFUNDING BONDS (HOPE COLLEGE PROJECT), SERIES 1999, DATED MARCH 24, 1999. PART I, ROW B(1), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON DECEMBER 14, 2011 IS TO ADVANCE REFUND A PORTION OF THE MHEFA LIMITED OBLIGATION REVENUE BONDS (HOPE COLLEGE PROJECT), SERIES 2002A, DATED MAY 7, 2002 (THE "SERIES 2002A BONDS"). PART I, ROW C(1), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON MARCH 28, 2012 IS (A) TO CURRENTLY REFUND A PORTION OF THE SERIES 2002A BONDS, AND (B) TO PAY THE COSTS OF THE ACQUISITION, CONSTRUCTION, FURNISHING AND EQUIPPING OF STUDENT HOUSING FACILITIES AND THE RENOVATION, REFURNISHING AND RE-EQUIPPING OF DINING FACILITIES AT PHELPS HALL AND RELATED PARKING AND SITE IMPROVEMENTS. PART I, ROW D(1), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON AUGUST 8, 2013 IS TO CURRENTLY REFUND THE MHEFA VARIABLE RATE DEMAND LIMITED OBLIGATION REVENUE BONDS (HOPE COLLEGE PROJECT), SERIES 2002B, DATED MAY 7, 2002. PART I, ROW A(2), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON MAY 28, 2015 (THE "SERIES 2015 BONDS") IS TO CURRENTLY REFUND THE MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY ("MHEFA") VARIABLE RATE DEMAND LIMITED OBLIGATION REVENUE AND REVENUE REFUNDING BONDS (HOPE COLLEGE PROJECT), SERIES 2004, DATED JULY 28, 2004 (THE "SERIES 2004 BONDS"). THE SERIES 2004 BONDS WERE ISSUED (A) TO CURRENTLY REFUND (I) A PORTION OF THE MHEFA LIMITED OBLIGATION REVENUE AND REVENUE REFUNDING BONDS, SERIES 1994 (HOPE COLLEGE PROJECT), DATED JUNE 16,1994 (THE "SERIES 1994 BONDS"), AND (II) THE MHEFA LIMITED OBLIGATION REVENUE BONDS (HOPE COLLEGE PROJECT), SERIES 1996B, DATED JUNE 4, 1996 (THE "SERIES 1996 BONDS"), (B) TO PAY THE COST OF CONSTRUCTING, EQUIPPING, AND FURNISHING THE DEVOS FIELD HOUSE AND THE MARTHA MILLER CENTER FOR GLOBAL COMMUNICATIONS, AND RENOVATING GRAVES HALL, LUBBER HALL AND THE DOW CENTER, (C) TO PAY CAPITALIZED INTEREST ON THE NEW MONEY PORTION OF THE BONDS, AND (D) TO PAY THE COSTS OF ISSUING AND SECURING THE BONDS. PART III(1), LINE 3A(C): THERE IS A FOOD SERVICE CONTRACT THAT QUALIFIES FOR THE SAFE HARBOR UNDER REV. PROC. 97-13. PART III(2), LINE 3A(A): THERE IS A FOOD SERVICE CONTRACT THAT QUALIFIES FOR THE SAFE HARBOR UNDER REV. PROC. 97-13. PART III(1): PART III IS NOT COMPLETED FOR COLUMN A, COLUMN B, THE PORTION OF THE COLUMN C THAT IS ALLOCATED TO REFUNDING THE SERIES 2002A BONDS AND COLUMN D, ALL OF WHICH RELATE TO BONDS WHICH WERE ISSUED BEFORE 2003 OR REFUNDED BONDS ISSUED BEFORE 2003. PART III(2): PART III IS NOT COMPLETED FOR THE PORTION OF COLUMN A WHICH IS ALLOCATED TO THE PORTION OF THE SERIES 2015 BONDS WHICH REFUNDED THE PORTION OF THE SERIES 2004 BONDS WHICH REFUNDED THE SERIES 1994 BONDS AND THE SERIES 1996 BONDS, BOTH OF WHICH WERE ISSUED PRIOR TO 2003. PART IV(1), LINE 2C(3): ARBITRAGE REBATE CALCULATION WAS PREPARED ON MARCH 28, 2017 BY BNY-MELLON. NO REBATE WAS DUE. A MICHIGAN FINANCE AUTHORITY 800595186 NONEAVAIL 2015-05-25 13940000 SEE PART VI 0 0 0 A 2895000 13940000 13940000 1 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 1 1 0 0 0 0 A 0 X 7 232770 FMV X 71 423639 NYSE - FMV X OTHER 3 21400 FMV X WATERFOWL COLLECTION 1 4485 FMV X TRAVEL EXPENSES 2 764 FMV 0 1 1 PART I, COLUMN (B): THE NUMBER LISTED IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTIONS RECEIVED. PART I, LINE 32B: THE ORGANIZATION USES A STOCK BROKER TO SELL SECURITIES SHORTLY AFTER RECEIPT. FORM 990, PART VI, SECTION B, LINE 11B MEMBERS OF THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD OF TRUSTEES ARE PROVIDED WITH A REASONABLE OPPORTUNITY TO REVIEW AND COMMENT TO EXECUTIVE LEADERSHIP ON THE FORM 990 OF HOPE COLLEGE BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FURTHER, THE EXECUTIVE LEADERSHIP OF HOPE COLLEGE PROVIDES THE MINUTES OF THE AUDIT AND COMPLIANCE COMMITTEE FORM 990 REVIEW TO THE BOARD OF TRUSTEES SHOWING AN OVERVIEW OF THE HIGHLIGHTS AT THE NEXT REGULARLY SCHEDULED BOARD MEETING FOLLOWING THE FILING OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF TRUSTEES PREPARE AND SIGN CONFLICT STATEMENTS ANNUALLY. THESE STATEMENTS ARE REVIEWED AND PROVIDED TO TRUSTEE MEMBERS AT THE OCTOBER BOARD OF TRUSTEE MEETING TO ENSURE COMPLIANCE WITH THE CONFLICT POLICY. MEMBERS OF THE COMMITTEE WITH A PERSONAL INVOLVEMENT IN A PARTICULAR DECISION WILL EXCUSE THEMSELVES FROM DISCUSSION LEADING TO A DECISION AND FROM THE DECISION ITSELF, AND THIS DISCLOSURE AND ABSENCE WILL BE NOTED IN THE MINUTES OF THE MEETING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES (BOT) APPROVES A RECOMMENDED COMPENSATION INCREASE BROUGHT TO THE BOT FROM THE CFO. THE COMPENSATION INCREASE IS HIGHLY CORRELATED TO THE TUITION INCREASE APPROVED FOR THE FOLLOWING ACADEMIC YEAR. THE RATES RECOMMENDED ARE DETERMINED BY LOOKING AT THE FOLLOWING FACTORS: COST OF LIVING (CPI), CUPA (COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION) SURVEYS, AND THE LAKESHORE HUMAN RESOURCES MANAGEMENT ASSOCIATION SURVEYS - WHICH IS A CHAPTER OF THE SOCIETY OF HUMAN RESOURCES MANAGEMENT (SHRM). SINCE WE ARE NOT A UNION" SCHOOL WE DO NOT HAVE DELIBERATION BUT IF DISCUSSION DOES OCCUR DURING THE BOT APPROVAL PROCESS, IT WOULD BE DOCUMENTED IN THE BOT MINUTES FOR THAT SPECIFIC MEETING. THE CEO'S (PRESIDENT'S) COMPENSATION IS BASED UPON A RECOMMENDATION FROM THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND IS THEN APPROVED BY THE FULL BOARD OF TRUSTEES. COMPARISON DATA IS USED ALONG WITH EVALUATION OF PERFORMANCE IN THEIR DECISION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION MAKES FORM 990 AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -629,621. CHANGE IN VALUE OF POSTRETIREMENT LIABILITY 1,065,546. CHANGE IN VALUE OF SWAP AGREEMENTS 1,677,810. ROUNDING ADJUSTMENT 829. FORM 990, PART XII, LINE 2C: THE OVERSIGHT PROCESS FOR THE AUDIT HAS NOT CHANGED SINCE LAST YEAR.