2019-04-11T08:31:52-05:00 2018-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2017-06-01 411607453 MINNEAPOLIS COLLEGE OF ART & DESIGN MINN 6128743700 2501 STEVENS AVE MINNEAPOLIS MN 55404 JOY E BRATHWAITE VICE PRESIDENT/CFO 6128743700 2019-04-09 1 LAWRENCE H MOHR CPA P00447603 6128764500 38.88.188.75 2019-04-09 13:56:10 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 42991B41A32A13F77B110C5B470B2D73D8292482 2017 2019-02-21 02:37:17Z KAREN WIRTH 2501 STEVENS AVE MINNEAPOLIS MN 55404 61210089 0 X WWW.MCAD.EDU X 1988 MN SEE SCHEDULE O. 23 22 862 22 0 11117 2196887 1925357 29703195 30099216 2440359 4791121 39303 106357 34379744 36922051 11758694 11965175 0 0 13168442 13874127 0 0 528518 7847424 7963298 32774560 33802600 1605184 3119451 87682659 93984466 12827462 15598360 74855197 78386106 X SEE SCHEDULE O. 0 0 22550353 11965175 27209145 ACADEMIC AFFAIRS:-SUCCESSFUL ACCREDITATION SITE VISIT BY NATIONAL ASSOCIATION OF SCHOOLS OF ART AND DESIGN (NASAD); REACCREDITATION APPROVED-ENGAGED AND PUBLIC ART MINOR LAUNCHED-SUCCESSFUL SEARCHES FOR NEW DIRECTOR OF MFA PROGRAM AND FULL TIME ILLUSTRATION FACULTY-PARTICIPATED IN AICAD POST-SECONDARY TEACHING FELLOWSHIP TO DIVERSIFY FACULTY POOL-FIRST MATRICULATED STUDENTS FOR NEW MA IN GRAPHIC AND WEB DESIGN ONLINE-CONTINUING EDUCATION OFFERING NEW CERTIFICATE PROGRAMS 3066023 1574905 STUDENT AFFAIRS:- 35 STUDENTS GRADUATED IN DECEMBER 2017 (31 UNDERGRADUATE, 4 GRADUATE STUDENTS). THE CEREMONY HELD ON CAMPUS IN AUD 150.- THERE WERE 120 STUDENTS GRADUATED IN MAY 2018 (100 UNDERGRADUATE AND 20 GRADUATE STUDENTS). THE CEREMONY WAS HELD AT THE CHILDREN'S THEATRE.- CONTINUED TO UPDATE AND IMPLEMENT NEW STUDENT FORMS FOR RECORDS OFFICE; UPDATED AND IMPLEMENTED THE RETENTION POLICY FOR STUDENT RECORDS.- INTERNSHIP REGISTRATION WAS STREAMLINED.- STUDENTS MEETING AND REQUESTING DISABILITY ACCOMMODATIONS WERE UP: 15% OF ENROLLED STUDENTS DISCLOSED A DISABILITY.- PEER MENTOR WAS A SUCCESS, WITH MORE ACTIVITIES AND COMMUNITY BUILDING.- THERE WERE 46 STUDENT RUN CLUBS.- MANY COMMUNITY ENGAGED STUDENT EVENTS INCLUDING "MARCH FOR OUR LIVES", GUN CONTROL AND THE PARKLAND SHOOTING, AND DIVERSITY, EQUITY, AND INCLUSION WORKSHOPS.- MCAD SENT 16 STUDENTS OFF CAMPUS TO STUDY IN SPRING 2018.- THERE WERE 10 BFA AND 12 MFA INTERNATIONAL DEGREE-SEEKING STUDENTS.- RE-STARTED THE BURREN, IRELAND STUDY ABROAD PROGRAM. ALSO STARTED THE BEZELEL, JERUSALEM EXCHANGE PROGRAM.- FURNISHED ADDITIONAL APARTMENTS ON CAMPUS, MAKING LIVING ON-CAMPUS MUCH EASIER FOR STUDENTS.- CREATED A FINANCIAL AND SCHEDULE PLAN TO REPLACE FLOORING IN APARTMENTS.-THERE WAS AN INCREASE IN THE NUMBER OF STUDENTS WHO HAD INDIVIDUAL COUNSELING SESSIONS FROM 138 THE PREVIOUS YEAR TO 163 THIS YEAR.- THE COUNSELING STAFF OFFERED A GROUP COUNSELING SESSION TO MUCH SUCCESS.- A STUDENT WELLNESS INTERN WAS HIRED FOR THE YEAR. THIS STUDENT WAS A LIAISON BETWEEN STUDENT AFFAIRS AND STUDENTS REGARDING HEALTH AND WELLNESS ISSUES, AND TOPICS TO ADDRESS, AND ALSO PROMOTED A HEALTHY LIFESTYLE.- $2070 WAS GIVEN TO STUDENTS FROM THE ETERNAL OPTIMIST FUND TO ASSIST STUDENTS WHO HAD FINANCIAL EMERGENCIES.-$2200 FROM THE MCAD FOOD FUND WAS GIVEN TO STUDENTS WHO WERE FOOD INSECURE. 2060293 759751 ACADEMIC SERVICES:-SUCCESSFUL SEARCH FOR FULL TIME CAREER DEVELOPMENT DIRECTOR, FULL TIME SUPPORT STAFF MEMBER-NEW SUPPORT STAFF HIRED FOR 3D SHOP-GALLERY INCREASED PROGRAMMING OF UNDERREPRESENTED COMMUNITIES-ACADEMIC SERVICES REVIVED ANNUAL SELF-PORTRAIT COMPETITION 2089261 555415 -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. 2089261 555415 29765930 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 1 235 0 862 1 1 1 0 0 0 0 1 1 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 0 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 362956 0 31341 BRUCE W BEAN LIFE TRUSTEE & CHAIR 1.00 X X 0 0 0 DAVID MOORE VICE-CHAIR 1.00 X X 0 0 0 BILL THORBURN TRUSTEE & VICE CHAIR 1.00 X X 0 0 0 LESLIE BERKSHIRE TRUSTEE 1.00 X 0 0 0 HOWARD RUBIN TRUSTEE 1.00 X 0 0 0 TA-COUMBA AIKEN TRUSTEE 1.00 X 0 0 0 URI CAMARENA TRUSTEE 1.00 X 0 0 0 NANCY CARLSON TRUSTEE 1.00 X 0 0 0 SUSAN CALMENSON TRUSTEE 1.00 X 0 0 0 ANNE CASHILL TRUSTEE 1.00 X 0 0 0 MARK D PIHLSTROM TRUSTEE 1.00 X 0 0 0 CY DECOSSE LIFE TRUSTEE 1.00 X 0 0 0 TARA DEV TRUSTEE 1.00 X 0 0 0 JOSEPH DONNELLY TRUSTEE 1.00 X 0 0 0 MILES Q FITERMAN TRUSTEE 1.00 X 0 0 0 GREG C HEINEMANN TRUSTEE 1.00 X 0 0 0 GARY M SURDEL TRUSTEE 1.00 X 0 0 0 MITZI MAGID TRUSTEE 1.00 X 0 0 0 CLINTON H MORRISON LIFE TRUSTEE 1.00 X 0 0 0 ELIZABETH NIENTIMP TRUSTEE 1.00 X 0 0 0 TODD PAULSON TRUSTEE 1.00 X 0 0 0 MARY BOWMAN RAE TRUSTEE 1.00 X 0 0 0 JOY E BRATHWAITE VICE PRESIDENT, FINANCE / CFO 35.00 X 75454 0 16448 KAREN WIRTH VICE PRESIDENT, ACADEMIC AFFAIRS 35.00 X 147929 0 17549 PAMELA NEWSOME - PROCHNIAK VICE PRESIDENT, ADMINISTRATION 35.00 X 129594 0 14084 CYNTHIA THEIS AVP, INSTL. ADVANCEMENT 35.00 X 133851 0 16279 MELISSA HUYBRECHT VICE PRESIDENT, ENROLLMENT MANAGEMENT 35.00 X 100620 0 5580 950404 0 101281 5 0 1 0 JE DUNN CONSTRUCTION 800 WASHINGTON AVE N SUITE 600 MINNEAPOLIS MN 55401 CONSTRUCTION SERVICES 2160401 MINNEAPOLIS INSTITUTE OF ARTS 2400 3RD AVE S MINNEAPOLIS MN 55404 PHYSICAL PLANT SERVICES 351289 SELA ROOFING & REMODELING - COMMERCIAL D 1743 COUNTRY RD F EAST WHITE BEAR LAKE MN 55110 ROOFING & REMODELING SERVICES 251096 LARKIN HOFFMAN DALY & LINDREN 8300 NORMAN CENTER DR SUITE 1000 BLOOMINGTON MN 55437 LEGAL SERVICES 139892 4 182454 114274 1628629 117651 1925357 TUITION AND FEES 611710 27368424 27368424 HOUSING RENTAL INCOME 611710 1384271 1384271 SALE OF OTHER SERVICES 611710 907333 907333 SALES BOOKSTORE 611710 439188 439188 30099216 2241118 2241118 14400 14400 26385922 23850319 2535603 2535603 2535603 544076 182454 437719 106357 106357 36922051 30099216 0 4897478 11965175 11965175 1076513 275832 800681 10691872 9430444 929614 331814 364957 347781 4493 12683 917240 849345 37643 30252 823545 726383 71604 25558 189906 189906 69721 69721 98860 98860 81080 81080 1461198 898719 557342 5137 211156 179956 30905 295 1005893 839738 95275 70880 463384 390059 55166 18159 1109225 1043066 66023 136 474320 420157 36456 17707 59333 34555 16470 8308 277092 258582 18510 1142413 1119108 23305 EQUIPMENT REPAIRS & PUR 579194 399047 179864 283 ADMINISTRATIVE FEES 49064 16498 29918 2648 691459 571485 115316 4658 33802600 29765930 3508152 528518 41064 125182 4499912 2328885 1246014 741590 199867 352380 770252 707570 214527 208756 381837 164334 38083874 17213225 18709402 20870649 54210778 57319705 6651144 6896592 757862 4268823 87682659 93984466 3037436 3044863 667527 700185 401630 408171 8512369 7546440 3643000 208500 255701 12827462 15598360 X 31754255 35137257 23547029 23116736 19553913 20132113 74855197 78386106 87682659 93984466 X 3119451 167849 243609 X 0 1 X 1 1 1 X 0 0 0 0 0 0 0 0 1 98860 98860 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. 52831665 388634 4795438 1646083 799984 55569670 47917297 543128 6662862 1538826 752796 52831665 51217622 332564 -1572974 1364104 695811 47917297 49350276 504758 3188284 1207332 618364 51217622 43097975 724631 7166374 1079414 559290 49350276 0.28350 0.35420 0.36230 1 0 1445005 1445005 33861401 16207576 17653825 2056518 1005649 1050869 720950 720950 20870649 BENEFICIAL INTEREST IN TRUSTS 6896592 F 6896592 ADVANCE DEPOSITS 255701 255701 X 25734306 167849 9333 683167 860349 24873957 81080 11967014 12048094 36922051 22203397 9333 437719 447052 21756345 81080 11965175 12046255 33802600 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, 2018 AND 2017. 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 437,719. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 245,448. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AND GRANTS 11,965,175. ACTUARIAL ADJUSTMENT 1,839. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING & SPECIAL EVENTS 437,719. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 11,965,175. 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 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 30416 0 0 0 0 0 0 30416 0 30416 0 0 0 0 0 0 PART I, LINE 3: ACCRUAL NOVEMBER ART SALE 442177 34330 407847 7730 357516 MAY ART AUCTION 284353 148124 136229 1773 70700 726530 182454 544076 9503 428216 437719 106357 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 701 11965175 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 X X 0 0 0 0 0 0 0 0 0 JAY COOGAN EX-OFFICIO PRESIDENT 336696 0 25000 0 1260 0 13500 0 17841 0 394297 0 0 0 KAREN WIRTH VICE PRESIDENT, ACADEMIC AFFAIRS 147449 0 0 0 480 0 7617 0 9932 0 165478 0 0 0 CYNTHIA THEIS AVP, INSTL. ADVANCEMENT 122831 0 10000 0 1020 0 6872 0 9407 0 150130 0 0 0 A MHEFA SERIES 7-N 410988525 60416HXR0 2012-04-26 3222823 REFUNDING OF SERIES 5K (ISSUED 8/1/01) 0 0 0 B MHEFA SERIES 8-D 410988525 60416HF74 2015-03-26 7974697 REFUNDING OF SERIES 6K (ISSUED 7/20/06) AND SERIES 6Z (ISSUED 11/24/09) 0 0 0 A 1497823 3222823 321500 64456 2836061 806 2012 1 0 1 1 B 1970372 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 1 0 0 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 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 5/1/2019 X 21 37385 APPRAISAL X 18000 FAIR MARKET VALUE X 8 14856 FAIR MARKET VALUE X 1 12000 FAIR MARKET VALUE X PAINTING AND ADS 2 21833 FAIR MARKET VALUE X COMPUTERS 10 13550 FAIR MARKET VALUE X CAMERA 1 27 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 WORKS OF ART 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. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE. FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT -1,839. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 245,448.