2019-05-10T14:52:47-05:00 2018-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1650 MARKET STREET SUITE 4500 PHILADELPHIA PA 191037341 990 2017-07-01 231352626 CHESTNUT HILL COLLEGE CHES 2152487163 9601 GERMANTOWN AVENUE PHILADELPHIA PA 19118 CAROL JEAN VALE SSJ PRESIDENT 2152487163 2019-05-10 1 JULIUS GREEN CPA P00350393 2159720701 X 96.89.178.186 2019-05-10 11:15:15 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 BF90B4BE16E9AE312C0D8383967EBAED4A365E8B 2017 2019-02-21 02:37:17Z CAROL JEAN VALE SSJ 9601 GERMANTOWN AVENUE PHILADELPHIA PA 19118 56994140 0 X WWW.CHC.EDU X 1924 PA PRIVATE LIBERAL ARTS COLLEGE SPONSORED BY THE CONGREGATION OF THE SISTERS OF ST. JOSEPH OF PHILA. 31 31 840 41 250882 0 5083418 4166515 48209670 48457062 390033 635470 534202 774373 54217323 54033420 16918212 17145974 0 0 18655379 19011358 0 0 1052016 17335413 17194689 52909004 53352021 1308319 681399 64771635 65840224 32751494 33179419 32020141 32660805 X CHESTNUT HILL COLLEGE, FOUNDED IN 1924, IS AN INDEPENDENT, CATHOLIC INSTITUTION THAT FOSTERS EQUALITY THROUGH EDUCATION. THE COLLEGE ESPOUSES THE BELIEFS AND VALUES INHERENT IN THE JUDEO-CHRISTIAN TRADITION WHILE IT RESPECTS THE CONTRIBUTIONS MADE BY OTHER FAITH TRADITIONS IN THE DEVELOPMENT OF THE WHOLE PERSON. THE COLLEGE NURTURES A SENSE OF INTEGRITY, SPIRITUALITY, AND SOCIAL JUSTICE IN ALL. THE MISSION OF THE COLLEGE IS TO PROVIDE STUDENTS WITH A HOLISTIC EDUCATION IN AN INCLUSIVE CATHOLIC COMMUNITY MARKED BY ACADEMIC EXCELLENCE, SHARED RESPONSIBILITY, PERSONAL AND PROFESSIONAL GROWTH, SERVICE TO ONE ANOTHER AND TO THE GLOBAL COMMUNITY, AND CONCERN FOR THE EARTH. 0 0 45393208 17145974 48457062 BASED ON A STRONG LIBERAL ARTS TRADITION, THE COLLEGE OFFERS ACADEMIC PROGRAMS OF EXCELLENCE IN THE AREAS OF UNDERGRADUATE, GRADUATE, AND CONTINUING & PROFESSIONAL STUDIES. UNDERGRADUATE STUDENTS MAY STUDY TOWARDS BACHELOR'S DEGREES IN ONE OF TWO SCHOOLS OF THE COLLEGE. THE SCHOOL OF UNDERGRADUATE STUDIES OFFERS A RIGOROUS LIBERAL ARTS EDUCATION THAT PROVIDES STUDENTS WITH A BROAD BACKGROUND IN THE HUMANITIES, SOCIAL SCIENCES, AND NATURAL SCIENCES. THE SCHOOL OF CONTINUING & PROFESSIONAL STUDIES (AN ACCELERATED PROGRAM) EXTENDS OPPORTUNITIES FOR UNDERGRADUATE STUDY TO MATURE MEN AND WOMEN DURING EVENING AND WEEKEND HOURS. IN THE SCHOOL OF GRADUATE STUDIES, STUDENTS MAY PURSUE MASTERS DEGREES IN THE FOLLOWING AREAS: INSTRUCTIONAL TECHNOLOGY, COUNSELING AND CLINICAL PSYCHOLOGY, EDUCATION, AND HUMAN SERVICES. AN APA-ACCREDITED DOCTORAL PROGRAM IN COUNSELING PSYCHOLOGY IS ALSO OFFERED. THE COLLEGE'S TOTAL ENROLLMENT AS MEASURED IN THE FALL 2017 SEMESTER WAS 1,854 STUDENTS COMPRISED AS FOLLOWS IN EACH OF THE THREE SCHOOLS OF STUDY: SCHOOL OF UNDERGRADUATE STUDIES = 926; SCHOOL OF CONTINUING AND PROFESSIONAL STUDIES = 437; SCHOOL OF GRADUATE STUDIES = 491. 45393208 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 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 1 0 0 0 1 121 0 840 1 1 1 0 0 0 0 1 1 0 0 0 0 X 31 31 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X DAVID R WOODFORD VP FINANCIAL AFFAIRS 2152487163 9601 GERMANTOWN AVENUE PHILADELPHIA PA 191182693 MARGARET MCCAFFERY BOARD MEMBER 0.50 X 0 0 0 ANNE P MYERS SSJ BOARD VICE CHAIR 0.50 X X 0 0 0 CAROL JEAN VALE SSJ PRESIDENT/BOARD MEMBER 50.00 X X 0 0 0 REGINA BELL SSJ BOARD MEMBER 0.50 X 0 0 0 JOSEPH DENNY BOARD MEMBER 0.50 X 0 0 0 KAREN DIETRICH SSJ BOARD MEMBER 0.50 X 0 0 0 MICHAEL F DUNLEAVY BOARD MEMBER 0.50 X 0 0 0 MAUREEN ERDLEN SSJ BOARD MEMBER 0.50 X 0 0 0 J MICHAEL FITZPATRICK BOARD MEMBER 0.50 X 0 0 0 STEPHEN GARDNER BOARD MEMBER (RES. AUG. '17) 0.50 X 0 0 0 GEORGE J HARTNETT BOARD MEMBER 0.50 X 0 0 0 STEPHANIE KING BOARD MEMBER 0.50 X 0 0 0 THOMAS LYNCH RADM USN BOARD MEMBER 0.50 X 0 0 0 EILEEN MARNIEN SSJ BOARD MEMBER 0.50 X 0 0 0 JOANNE MCBRIDE BOARD MEMBER 0.50 X 0 0 0 MARGARET MCGREAL BOARD MEMBER 0.50 X 0 0 0 LYN MONTGOMERY BOARD MEMBER 0.50 X 0 0 0 CATHERINE LOCKYER MOULTON BOARD CHAIR 0.50 X X 0 0 0 JOELLEN PARSONS BOARD MEMBER 0.50 X 0 0 0 FRANCES PIERCE BOARD MEMBER 0.50 X 0 0 0 JANET BROWN QUINTAL BOARD MEMBER 0.50 X 0 0 0 ROBERT RIETHMILLER JR BOARD MEMBER 0.50 X 0 0 0 JOHN SABIA BOARD MEMBER 0.50 X 0 0 0 TERESA SHAW SSJ BOARD MEMBER 0.50 X 0 0 0 CAROL STEINOUR BOARD MEMBER 0.50 X 0 0 0 MARYANNE WALSH BOARD MEMBER 0.50 X 0 0 0 RONALD ZEMNICK BOARD MEMBER 0.50 X 0 0 0 KENT GRISWOLD BOARD MEMBER 0.50 X 0 0 0 FRANK REYNOLDS BOARD MEMBER 0.50 X 0 0 0 RASHIDA WEATHERS BOARD MEMBER 0.50 X 0 0 0 MILA HAYES BOARD MEMBER 0.50 X 0 0 0 SALLYANN BOWMAN BOARD MEMBER 0.50 X 0 0 0 KATHRYN MILLER SSJ BOARD SECRETARY-NON VOTING 50.00 X 0 0 0 DAVID WOODFORD VP FIN AFFAIRS 50.00 X 159750 0 16959 SUSANNAH COLEMAN VP INSTITUTIONAL ADVANCEMENT 50.00 X 175883 0 17714 JOSEPH BUCCI PROFESSOR OF BUSINESS 50.00 X 143875 0 16052 LYNN ORTALE VP STUDENT LIFE 50.00 X 135407 0 21234 JOSEPH MICUCCI PROFESSOR OF PSYCHOLOGY 50.00 X 126973 0 15235 KATHLEEN ANDERSON VP ACADEMIC AFFAIRS 50.00 X 176927 0 17338 918815 0 104532 10 0 1 0 CHARTWELLS HIGHER EDUCATION DINING SERVI COMPASS GROUP USA PO BOX 91337 CHICAGO IL 60673 DINING SERVICES 2397472 ARAMARK CORPORATION 24818 NETWORK PLACE CHICAGO IL 60673 PHYSICAL PLANT SVCS 1366839 ALLIED UNIVERSAL 161 WASHINGTON STREET STE 600 CONSHOHOCKEN PA 19428 SECURITY SERVICES 1205145 160OVER90 LLC ONE SOUTH BROAD STREET 10TH FLOOR PHILADELPHIA PA 19107 MARKETING / COMM 738845 GUY M COOPER INC 300 DAVISVILLE ROAD WILLOW GROVE PA 19090 CONSTRUCTION 387647 12 264372 105000 704756 3092387 485794 4166515 TUITION 611600 43039670 43039670 ROOM AND BOARD 611600 4819780 4819780 AUXILIARY FEES 611600 597612 597612 48457062 265545 755 264790 80026 7039 72987 72987 46768 26219 3266015 2896090 369925 369925 369925 52932 264372 57591 -4659 -4659 REIMBURSEMENTS 611110 231565 231565 CATERING REVENUE 722320 203359 203359 PARKING TICKETS AND FEES 611110 80470 80470 190651 190651 706045 54033420 48457062 250882 1158961 17145974 17145974 177080 177080 15582288 12889541 1979237 713510 424847 352370 52971 19506 1773998 1459108 234120 80770 1053145 862129 143292 47724 612812 612812 69306 69306 36100 36100 66252 66252 915707 617362 250335 48010 634740 6830 627910 1153395 835709 262582 55104 448933 294075 154858 3535644 2742746 792898 214013 140813 42950 30250 375539 209556 116686 49297 827365 620524 206841 1781569 1336177 445392 36426 36426 DINING SERVICES 2326598 2035773 290825 OTHER 1264442 1213533 43064 7845 SECURITY SERVICES 1205145 903859 301286 STUDENT REL. ACTIVITIES 889216 889216 801487 801487 53352021 45393208 6906797 1052016 4409 3870 3462724 3690672 527629 617854 2284731 2078261 473851 535799 86550640 40467421 46748593 46083219 10478460 12066310 442260 387900 348978 376339 64771635 65840224 3400545 4615988 1457445 972792 24662824 23887516 1000000 1500000 2230680 2203123 32751494 33179419 X 17983773 16898619 6096895 7235379 7939473 8526807 32020141 32660805 64771635 65840224 X 681399 -63103 22368 X 0 1 X 1 1 1 X 4769601 3732099 2622520 5083418 4166515 20374153 4769601 3732099 2622520 5083418 4166515 20374153 1872246 18501907 345813 335423 256545 236040 291009 1464830 237084 226829 713531 388834 555618 2121896 23960879 239071692 0.77220 0.76460 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: NON-CHARITABLE FUNDRAISING - 2013 AMOUNT: $ 50,535. 2014 AMOUNT: $ 96,219. 2015 AMOUNT: $ 53,047. 2016 AMOUNT: $ 47,107. 2017 AMOUNT: $ 52,932. VENDING MACHINE COMMISSIONS - 2013 AMOUNT: $ 24,740. 2014 AMOUNT: $ 24,749. 2015 AMOUNT: $ 23,828. 2016 AMOUNT: $ 25,066. 2017 AMOUNT: $ 24,764. PARKING TICKETS AND FEES - 2013 AMOUNT: $ 52,468. 2014 AMOUNT: $ 46,084. 2015 AMOUNT: $ 72,332. 2016 AMOUNT: $ 79,198. 2017 AMOUNT: $ 80,470. MISC INCOME - 2013 AMOUNT: $ 73,813. 2014 AMOUNT: $ 59,777. 2015 AMOUNT: $ 67,898. 2016 AMOUNT: $ 52,844. 2017 AMOUNT: $ 30,362. GAS CONVERSION REBATE - 2013 AMOUNT: $ 35,528. NOVELLI SETTLEMENT - 2015 AMOUNT: $ 479,403. FORFEITED DEPOSITS - 2015 AMOUNT: $ 17,023. 2016 AMOUNT: $ 60,429. 2017 AMOUNT: $ 64,177. UNCLAIMED CHECKS - 2016 AMOUNT: $ 19,955. 2017 AMOUNT: $ 17,341. PY FINANCIAL AID - 2016 AMOUNT: $ 70,729. REIMBURSEMENTS - 2016 AMOUNT: $ 16,346. 2017 AMOUNT: $ 231,565. BOOKSTORE COMMISSIONS - 2016 AMOUNT: $ 17,160. 2017 AMOUNT: $ 54,007. 0 0 0 0 0 0 0 0 1 36100 36100 0 PART II-B, LINE 1: DURING THE YEAR, THE COLLEGE HAS RETAINED THE SERVICES OF LOBBYING FIRMS FOR THE PURPOSE OF DEVELOPING RELATIONSHIPS WITH LEGISLATORS, WHICH MAY INCLUDE LOBBYING ACTIVITIES TO OBTAIN GOVERNMENT FUNDS. 9808627 587334 -78598 10317363 9239455 379828 189344 9808627 9243392 253488 -257425 9239455 8807893 760108 -324609 9243392 7434904 447617 925372 8807893 0.00000 0.82700 0.17300 1 0 10506160 10506160 60579449 29800908 30778541 11414736 10666513 748223 4050295 4050295 46083219 STUDENT DEPOSITS AND ADVANCES 1228041 ADVANCES FROM FEDERAL GOVERNMENT - STUDENT LOANS 496631 ANNUITIES PAYABLE 191605 CAPITAL LEASE OBLIGATION 286846 2203123 X 37553382 -63103 708293 -17189858 -16544668 54098050 -64630 -64630 54033420 36912718 708293 64630 772923 36139795 17212226 17212226 53352021 PART V, LINE 4: THE ENDOWMENT FUND IS USED PRIMARILY FOR THE AWARDING OF SCHOLARSHIPS TO STUDENTS. OTHER USES MAY INCLUDE THE FUNDING OF EDUCATION-RELATED ACTIVITIES SUCH AS PURCHASING LIBRARY RESOURCES OR THE FUNDING OF A LECTURE SERIES. PART X, LINE 2: THE COLLEGE FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") GUIDANCE, AS IT RELATES TO UNCERTAIN TAX POSITIONS. MANAGEMENT HAS REVIEWED ITS CURRENT AND PAST FEDERAL AND STATE INCOME TAX POSITIONS AND HAS DETERMINED, BASED ON CLEAR AND UNAMBIGUOUS TAX LAW AND REGULATIONS, THAT THE TAX POSITIONS TAKEN ARE CERTAIN AND THAT THERE IS NO LIKELIHOOD THAT A MATERIAL TAX ASSESSMENT WOULD BE MADE IF A RESPECTIVE GOVERNMENT AGENCY EXAMINED TAX RETURNS SUBJECT TO AUDIT. ACCORDINGLY, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS & GRANTS -17,145,974. INVESTMENT FEES -66,252. CHANGE IN LIFE INSURANCE CSV 22,368. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -57,591. RENTAL EXPENSES -7,039. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 57,591. RENTAL EXPENSES 7,039. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS & GRANTS 17,145,974. INVESTMENT FEES 66,252. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE PROVIDES A STATEMENT IN ALL PUBLICATIONS AND ON ITS WEBSITE REGARDING ITS NONDISCRIMINATORY POLICY. THE COLLEGE IS SIGNIFICANTLY DIVERSE IN THAT THE PERCENTAGES OF AMERICAN INDIAN, ASIAN, AFRICAN-AMERICAN, AND LATIN STUDENTS CONSTITUTE .1%, 2.40%, 31.10% AND 8.40% OF THE TOTAL STUDENT POPULATION, AS MEASURED IN THE FALL OF 2017 RESPECTIVELY. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVED $60,102 IN EDUCATION RELATED GRANTS FROM FEDERAL GOVERNMENT AGENCIES AND $644,654 FROM STATE GRANTS. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD 7266 0 0 0 0 0 0 7266 0 7266 0 0 0 0 0 0 SCHOLARSHIP GALA 259274 225167 34107 1221 13971 750 13308 FALL GOLF OUTING 58030 39205 18825 718 11945 8543 7135 317304 264372 52932 1939 11945 22514 750 20443 57591 -4659 1 TUITION ASSISTANCE 1928 17145974 PART I, LINE 2: THE STUDENTS RECEIVING SCHOLARSHIPS AND FELLOWSHIPS ARE DETERMINED BY THE COLLEGE ON THE BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED AND OTHER OBJECTIVE STANDARDS. ALL AWARDED FUNDS ARE TREATED AS REDUCTIONS TO TUITION. NO FUNDS ARE DISBURSED TO INDIVIDUALS. X 0 0 X X 0 0 0 0 0 0 0 0 0 DAVID WOODFORD VP FIN AFFAIRS 159750 0 0 0 0 0 6989 0 9970 0 176709 0 0 0 SUSANNAH COLEMAN VP INSTITUTIONAL ADVANCEMENT 175883 0 0 0 0 0 7695 0 10019 0 193597 0 0 0 JOSEPH BUCCI PROFESSOR OF BUSINESS 143875 0 0 0 0 0 6295 0 9757 0 159927 0 0 0 LYNN ORTALE VP STUDENT LIFE 135407 0 0 0 0 0 5924 0 15310 0 156641 0 0 0 KATHLEEN ANDERSON VP ACADEMIC AFFAIRS 176927 0 0 0 0 0 7740 0 9598 0 194265 0 0 0 PART I, LINE 1A THE COLLEGE PROVIDES A PLACE OF RESIDENCE ON THE SUGARLOAF CAMPUS IN WHICH THE VICE PRESIDENT FOR STUDENT LIFE, LYNN ORTLALE, RESIDES. BECAUSE OF HER POSITION AT THE COLLEGE, THIS IS A CONDITION OF HER EMPLOYMENT AND IS FOR THE CONVENIENCE OF THE ORGANIZATION. THE COLLEGE OWNS THIS PROPERTY AND DOES NOT PAY RENT FOR IT BUT DOES, HOWEVER, PAY THE UTILITIES FOR THE RESIDENCE. NO PART OF THIS INCOME IS TAXABLE TO MS. ORTALE. THIS AMOUNT IS INCLUDED AS A NONTAXABLE BENEFIT AS REPORTED ON PART VII AND SCHEDULE J. A PHILA AUTHORITY - INDUSTRIAL DEVELOPMENT 232237287 2014-07-30 27238000 REVENUE BOND, SERIES OF 2014 - SEE BELOW FOR DETAILS 0 0 0 A 2916000 27238000 494894 26743106 2014 1 0 1 1 A 0 1 1 1 0 0.00010 0.00000 0.00010 0 0 1 A 0 0 1 0 0 0 0 0 1 A 1 SCHEDULE K SUPPLENTAL INFORMATION THE REVENUE BOND, SERIES OF 2014 WAS ISSUED ON BEHALF OF CHESTNUT HILL COLLEGE (THE "COLLEGE") FOR THE FOLLOWING PURPOSES: (I) THE CURRENT REFUNDING OF THE OUTSTANDING PRINCIPAL AMOUNT OF THE CHELTENHAM TOWNSHIP INDUSTRIAL DEVELOPMENT AUTHORITY'S CONSTRUCTION LINE OF CREDIT/PERMANENT MORTGAGE NOTE SERIES 2005 A 1 DATED SEPTEMBER 19, 2005 (THE "CTIDA NOTE"), (II) THE CURRENT REFUNDING OF THE OUTSTANDING PRINCIPAL AMOUNT OF PAID'S TAX-EXEMPT ADJUSTABLE MODE EDUCATIONAL FACILITIES REVENUE BONDS SERIES A OF 2007 (THE "SERIES 2007A BONDS"), AND PAID'S TAX-EXEMPT ADJUSTABLE MODE EDUCATIONAL FACILITIES REVENUE BONDS SERIES B OF 2007 (THE "SERIES 2007B BONDS"), (III) THE CURRENT REFUNDING OF THE OUTSTANDING PRINCIPAL AMOUNT OF A CONSTRUCTION LOAN PROVIDED TO THE COLLEGE BY WELLS FARGO BANK, NATIONAL ASSOCIATION (THE "2009 CONSTRUCTION LOAN"), (IV) THE PAYMENT OF THE COSTS OF TERMINATING AN INTEREST RATE MANAGEMENT AGREEMENT RELATED TO THE SERIES 2007A BONDS (THE "SWAP TERMINATION"), AND (V) FINANCING CERTAIN COSTS AND EXPENSES INCURRED IN CONNECTION WITH THE ISSUANCE OF THE REVENUE BOND, SERIES OF 2014 (THE "CLOSING COSTS"). PROCEEDS OF THE DEBT/BONDS TO BE REFUNDED WERE USED BY THE COLLEGE TO FINANCE OR REFINANCE VARIOUS CAPITAL IMPROVEMENTS ON THE COLLEGE'S CAMPUS. X 11 485794 NYSE 0 0 0 0 PART I, COLUMN (B): THE NUMBER IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE ORGANIZATION ARE THE GENERAL COUNCIL OF THE CONGREGATION OF THE SISTERS OF SAINT JOSEPH. THEY HAVE THE SAME VOTING RIGHTS AS THE OTHER BOARD DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE GENERAL COUNCIL OF THE CONGREGATION OF THE SISTERS OF SAINT JOSEPH RESERVE THE RIGHT TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS MAY INITIATE AND IMPLEMENT ANY PROPOSAL WITH RESPECT TO ANY OF THE FOLLOWING, AND, IF ANY PROPOSAL WITH RESPECT TO ANY OF THE FOLLOWING IS OTHERWISE INITIATED, IT SHALL NOT BECOME EFFECTIVE UNLESS APPROVED BY THE MEMBERS: (A) TO ADOPT OR CHANGE THE MISSION, PURPOSE, PHILOSOPHY OR OBJECTIVES OF THE CORPORATION OR TO CHANGE THE GENERAL STRUCTURE OF THE OPERATION OF THE CORPORATION AS A VOLUNTARY NON-PROFIT CORPORATION FOR EDUCATION; (B) TO AMEND THE CORPORATION'S CHARTER, CERTIFICATE OR ARTICLES OF INCORPORATION, OR BYLAWS; (C) TO DISSOLVE, DIVIDE, CONVERT, LIQUIDATE OR WIND UP THE CORPORATION, OR CONSOLIDATE OR MERGE THE CORPORATION WITH ANOTHER CORPORATION OR ENTITY; (D) TO SELL ALL OR SUBSTANTIALLY ALL THE ASSETS OF THE CORPORATION; (E) TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS OF THE CORPORATION; (F) TO APPROVE PRINCIPAL OFFICERS OF THE CORPORATION; AND (G) TO EFFECT ANY TRANSFER OR ENCUMBRANCE OF CORPORATE PROPERTY WHICH REQUIRES APPROVAL PURSUANT TO CANON LAW. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 AND ALL ACCOMPANYING SCHEDULES ARE PREPARED AND REVIEWED BY THE COLLEGE'S EXTERNAL AUDIT FIRM. AFTER THE INITIAL REVIEW BY MANAGEMENT, THE FORM 990 IS THEN DISTRIBUTED TO THE AUDIT COMMITTEE MEMBERS FOR THEIR REVIEW AND APPROVAL. THE FULL BOARD OF DIRECTORS RECEIVES THE RETURN PRIOR TO THE RETURN BEING FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS A SUBSTANTIVE WRITTEN CONFLICT OF INTEREST POLICY THAT COVERS BOARD MEMBERS AND ANY OTHER INDIVIDUAL CONSIDERED AN INTERESTED PERSON. BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES SIGN AN ANNUAL CONFLICT OF INTEREST STATEMENT WHICH INCLUDES COMPREHENSIVE QUESTIONS ON FAMILY AND BUSINESS RELATIONSHIPS. ALL STATEMENTS ARE REVIEWED BY THE BOARD SECRETARY. ANY POTENTIAL OR ACTUAL CONFLICT IS FULLY DISCLOSED BY THE SECRETARY TO THE MEMBERSHIP COMMITTEE, WHO WILL DETERMINE WHETHER OR NOT THE TRANSACTION IS IN THE BEST INTEREST OF THE ORGANIZATION. THE INTERESTED PARTY IS EXCLUDED FROM ALL DISCUSSIONS AND DECISIONS RELATED TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING THE COMPENSATION FOR THE COLLEGE PRESIDENT AND THE OFFICERS IS DOCUMENTED IN THE COLLEGE'S "PROCESS FOR DETERMINING COMPENSATION" POLICY. THE PRESIDENT OF THE COLLEGE, A SISTER OF ST. JOSEPH, RECEIVES NO DIRECT COMPENSATION. A PORTION OF THE PRESIDENT'S SALARY IS REMITTED TO THE CONGREGATION OF THE SISTERS OF SAINT JOSEPH OF PHILADELPHIA. THE BOARD OF DIRECTORS APPROVES THE FISCAL YEAR BUDGET WHICH CONTAINS THE TOTAL COMPENSATION AMOUNT FOR THE YEAR. THE PRESIDENT AND SENIOR VICE PRESIDENT FOR FINANCIAL AFFAIRS DETERMINE THE SALARIES OF OFFICERS AND OTHER COLLEGE EMPLOYEES BASED ON THE BUDGET AND MARKET DATA FROM COMPARABLE INSTITUTIONS. THE ORGANIZATION USES CUPA SALARY DATA TO VERIFY ANY COMPENSATION DECISIONS ARE WITHIN FAIR MARKET RANGE FOR THE INDUSTRY. THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS PERIODICALLY REVIEWS THE COLLEGE PRESIDENT'S SALARY AND DOCUMENTS ITS REVIEW IN COMMITTEE MINUTES. SPECIFIC DISCUSSIONS ON COMPENSATION ARE NOT RECORDED IN BOARD MINUTES, HOWEVER, COMPENSATION IS A COMPONENT OF THE BUDGET WHICH IS FULLY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AT THE COLLEGE'S ACCOUNTING OFFICE. FORM 990, PART XI, LINE 9: CHANGE IN LIFE INSURANCE CSV 22,368. CONGREGATION OF THE SISTERS OF ST JOSEPH 9701 GERMANTOWN AVENUE PHILADELPHIA PA 19118 LOCAL COMMUNITIES ENGAGE IN TEACHING, HUMAN SVC AND CHARITABLE PURSUITS PA 501(C)(3) LINE 1 N/A 0 0 0 1 0 0 0 0 0 0 0 1 0 0 1 0 1 1 0 0 FORM 990, SCHEDULE R, PART V THE COLLEGE LEASES ITS MAIN CAMPUS PROPERTY FROM THE CONVENT OF THE SISTERS OF SAINT JOSEPH, PHILADELPHIA, A PENNSYLVANIA NON-PROFIT CORPORATION. THE LEASE IS DATED JULY 28, 2014 AND IS FOR A TERM OF 25 YEARS EXPIRING JULY 30, 2039. THE RENT FOR THE ENTIRE TERM WAS $10.00. THE CONVENT AND COLLEGE'S MAIN CAMPUS ARE LOCATED ON THE SAME PROPERTY. THE TWO ENTITIES SHARE COSTS RELATED TO PHYSICAL PLANT MAINTENANCE, UTILITIES, PROPERTY INSURANCE AND OTHER PROPERTY COSTS AS NECESSARY. COSTS ARE ALLOCATED BASED ON USAGE.