2019-04-07T12:04:09-05:00 2018-05-31 621199757 LBMC PC PO BOX 1869 BRENTWOOD TN 370241869 990 2017-06-01 620485733 LIPSCOMB UNIVERSITY LIPS 6159661000 ONE UNIVERSITY PARK DRIVE NASHVILLE TN 372043951 DANNY H TAYLOR SENIOR VP FOR FINANCE & ADMIN. 6159661000 2019-04-06 1 JILL HUDSON P00061190 6153774600 2019-04-06 8.42.53.250 2019-04-06 15:47:04 CD P BEFE3065362E30D76240FA0243E207E550C4EA8B 95534A0BA9297747066E4B9FC69D32EA61E4423D 2017 2019-02-21 02:37:17Z LIPSCOMB UNIVERSITY DANNY H TAYLOR ONE UNIVERSITY PARK DR NASHVILLE TN 37204 322414006 0 X WWW.LIPSCOMB.EDU X 1891 TN LIPSCOMB UNIVERSITY DELIVERS A COMPLETE EDUCATION CHARACTERIZED BY INTEGRATION OF CHRISTIAN FAITH AND PRACTICE WITH ACADEMIC EXCELLENCE. THIS COMPLETE EDUCATION, WHICH INCLUDES LIBERAL ARTS STUDIES AND PROFESSIONAL PREPARATION, DOES NOT SUGGEST A FINISHED EDUCATION. RATHER, IT REFLECTS LIPSCOMB'S COMMITMENT TO THE COMPREHENSIVE DEVELOPMENT OF EACH STUDENT - SPIRITUALLY, INTELLECTUALLY, SOCIALLY, AND PHYSICALLY - AS LIPSCOMB PREPARES ITS GRADUATES FOR A LIFE OF LEARNING, LEADING, AND SERVING. LIPSCOMB ALSO SEEKS TO MAKE A POSITIVE DIFFERENCE IN THE COMMUNITY. 29 28 2912 200 0 0 20515885 24827340 165079607 169313535 1848867 9720742 1155891 1422334 188600250 205283951 35805844 38270286 0 0 74026418 75934593 0 0 4699141 67731575 70307028 177563837 184511907 11036413 20772044 329062002 352295152 148400399 152478518 180661603 199816634 X LIPSCOMB UNIVERSITY DELIVERS A COMPLETE EDUCATION CHARACTERIZED BY INTEGRATION OF CHRISTIAN FAITH AND PRACTICE WITH ACADEMIC EXCELLENCE. THIS COMPLETE EDUCATION, WHICH INCLUDES LIBERAL ARTS STUDIES AND PROFESSIONAL PREPARATION, DOES NOT SUGGEST A FINISHED EDUCATION. RATHER, IT REFLECTS LIPSCOMB'S COMMITMENT TO THE COMPREHENSIVE DEVELOPMENT OF EACH STUDENT - SPIRITUALLY, INTELLECTUALLY, SOCIALLY, AND PHYSICALLY - AS LIPSCOMB PREPARES ITS GRADUATES FOR A LIFE OF LEARNING, LEADING, AND SERVING. LIPSCOMB SEEKS TO BE ENGAGED IN THE COMMUNITY AND TO BE A GOOD NEIGHBOR AS IT CONTINUES TO GROW. 0 0 96560408 38270286 148528125 INSTRUCTIONAL EXPENSES:CLASSROOM AND ONLINE AND GLOBAL INSTRUCTION IN A COLLABORATIVE CHRISTIAN LIBERAL ARTS LEARNING ENVIRONMENT FROM PRE-KINDERGARTEN THROUGH THE DOCTORAL LEVEL. 23517495 STUDENT SERVICES:ENGAGING STUDENT LIFE IN A DYNAMIC AND DIVERSE COMMUNITY THAT GIVES STUDENTS THE OPPORTUNITY TO BE REAL WITH THEMSELVES AND EACH OTHER WHILE PROVIDING OPPORTUNITIES FOR SPIRITUAL FAITH DEVELOPMENT THROUGH SERVICE AND LEARNING. 14852070 20785410 AUXILIARY ENTERPRISES:PROVIDES STUDENTS WITH THE ENGAGING ON-CAMPUS LIPSCOMB EXPERIENCE. STUDENTS WHO LIVE ON CAMPUS TYPICALLY EXPERIENCE A STRONG SENSE OF POSITIVE COMMUNITY. 13610643 ACADEMIC SUPPORT:INCLUDES ACADEMIC COUNSELING & TESTING SERVICES, ACADEMIC PROGRAM DEVELOPMENT, UNIVERSITY DEANS, INSTRUCTIONAL TECHNOLOGY, LIBRARY SERVICES, AND OTHER AREAS DESIGNED TO ENHANCE A STUDENT'S LEARNING EXPERIENCE AND THE OVERALL QUALITY OF A STUDENT'S EDUCATION. 1863750 PUBLIC SERVICES:INCLUDES COMMUNITY OUTREACH ACTIVITIES, SPIRITUAL FORMATION ACTIVITIES, AND SUSTAINABILITY WHERE LIPSCOMB CAN POSITIVELY IMPACT COMMUNITIES AND THE ENVIRONMENT. RESEARCH:INCLUDES POTENTIAL DISCOVERIES OF NEW OUTCOMES WITH A GOAL OF ADVANCING PROGRESS BOTH INSTITUTIONALLY AND GLOBALLY. 15474393 150404366 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 1 1 1 1 0 0 0 0 0 0 0 0 1 7462 0 1 2912 1 0 1 UK 0 0 0 1 1 0 0 0 0 X 29 28 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X DANNY H TAYLOR SVP FOR FINANCE & ADMINISTRATION 6159667650 ONE UNIVERSITY PARK DRIVE NASHVILLE TN 37204 J ADDISON BARRY BOARD MEMBER 1.00 X 0 0 0 BUDDY BELL BOARD MEMBER 1.00 X 0 0 0 MAJOR BOGLIN BOARD MEMBER 1.00 X 0 0 0 ROBERT A BRACKETT BOARD MEMBER 1.00 X 0 0 0 GERALD COGGIN BOARD MEMBER 1.00 X 0 0 0 JERRY COVER BOARD MEMBER 1.00 X 0 0 0 RICHARD G COWART BOARD MEMBER 1.00 X 0 0 0 DIANE CREEL BOARD MEMBER 1.00 X 0 0 0 SALLIE DEAN BOARD MEMBER 1.00 X 0 0 0 JAMES GRIFFITH BOARD MEMBER 1.00 X 0 0 0 PETE T GUNN III BOARD MEMBER 1.00 X 0 0 0 BART HARPER BOARD MEMBER 1.00 X 0 0 0 PAULA HARRIS BOARD MEMBER 1.00 X 0 0 0 VAN HENLEY BOARD MEMBER 1.00 X 0 0 0 WILLIAM R HUSTON BOARD MEMBER 1.00 X 0 0 0 JOHN LITTLE BOARD MEMBER 1.00 X 0 0 0 BILLY LONG BOARD MEMBER 1.00 X 0 0 0 JW PITTS JR BOARD MEMBER 1.00 X 0 0 0 DAVID SCOBEY BOARD MEMBER 1.00 X 0 0 0 KENNETH SHUMARD BOARD MEMBER 1.00 X 0 0 0 CICELY SIMPSON BOARD MEMBER 1.00 X 0 0 0 NEIKA B STEPHENS BOARD MEMBER 1.00 X 0 0 0 ROBERT E WOOD BOARD MEMBER 1.00 X 0 0 0 MARK H YOKLEY BOARD MEMBER 1.00 X 0 0 0 MITCH EDGEWORTH VICE CHAIR 1.00 X 0 0 0 MARTY KITTRELL TREASURER 1.00 X 0 0 0 VICKI SENSING SMITH SECRETARY 1.00 X 0 0 0 DAVID L SOLOMON CHAIR 1.00 X 0 0 0 RANDY R LOWRY III BOARD MEMBER/PRESIDENT 40.00 X 628513 0 118161 W CRAIG BLEDSOE PROVOST 40.00 X 191357 0 13849 WALT C LEAVER III VICE PRESIDENT 40.00 X 113981 0 22275 DANNY H TAYLOR SR VP FOR FINANCE & ADMIN/CFO 40.00 X 211619 0 26810 PHILIP N HUTCHESON ASSISTANT VICE PRESIDENT 40.00 X 163363 0 26873 GREG J GLENN HEAD OF SCHOOL 40.00 X 168682 0 24959 MICHAEL WINEGEART ASSISTANT PROFESSOR 40.00 X 104808 0 24533 PHILLIP W ELLENBURG VP OF ALUMNI RELATIONS 40.00 X 128875 0 25844 SUSAN C GALBREATH SR VP FOR STRATEGY/PROFESSOR 40.00 X 153071 0 26345 MICHAEL C GREEN VICE PRESIDENT & CIO 40.00 X 179171 0 24356 JOHN R LOWRY VP DEVELOPMENT & EXTERNAL AFFAIRS 40.00 X 177893 0 27402 THOMAS CAMPBELL ASSOC. DEAN - PHARMACY 40.00 X 203091 0 30089 MATT PADEN CHIEF OF STAFF 40.00 X 121103 0 24730 WILLIAM TURNER DISTINGUISHED PROFESSOR 40.00 X 119989 0 20953 SCOTT SAGER VP OF CHURCH SERVICES 40.00 X 48762 0 86805 DAVID G WILSON UNIVERSITY ATTORNEY 40.00 X 156047 0 28976 CHARLES R ELDRIDGE DEAN OF COLLEGE OF BUSINESS 40.00 X 196881 0 13729 STEPHEN H HEFFINGTON ASST PROF/MED DIR PA PROG 40.00 X 174072 0 24991 JOHN THOMPSON PROFESSOR 40.00 X 172101 0 24789 CASEY B ALEXANDER COACH 40.00 X 253956 0 34659 ROGER DAVIS DEAN OF COLLEGE OF PHARMACY 40.00 X 244784 0 27124 3912119 0 678252 120 0 1 0 SODEXO INC AND AFFILIATES 1 UNIVERSITY PARK DR NASHVILLE TN 372043956 FOOD SERVICE 5711428 SOLOMON BUILDERS INC 4539 TROUSDALE DR NASHVILLE TN 372044513 CONSTRUCTION 5613937 US BANK PO BOX 86 MINNEAPOLIS MN 554860086 FINANCIAL MANAGEMENT 3989350 CASE RESTORATION CO PO BOX 171053 NASHVILLE TN 37217 CONSTRUCTION 3088637 AMERICAN CONSTRUCTORS INC PO BOX 120129 NASHVILLE TN 372120129 CONSTRUCTION 1852522 99 26163 1724275 23076902 3104869 24827340 TUITION AND FEES 611710 140626536 140626536 AUXILIARY REVENUE 611710 20785410 20785410 MISCELLANEOUS INCOME 611710 7901589 7901589 169313535 2108790 2108790 2105611 675727 1429884 1429884 1429884 123022027 1018941 115939924 489092 7082103 529849 7611952 7611952 17762 26163 25312 -7550 -7550 205283951 169313535 0 11143076 177352 177352 38092934 38092934 3375346 3375346 60022358 52594005 5087101 2341252 2437892 2128086 207121 102685 5773490 4460719 1321433 -8662 4325507 3602889 563185 159433 59672 15196 44476 100450 100450 305099 305099 7663156 6525177 926344 211635 1450662 6000 1317910 126752 6736682 4076677 2371515 288490 2470253 991832 1091940 386481 3283408 2781097 452893 49418 7700180 6644383 863520 192277 738155 643951 69333 24871 4865450 4865450 7426659 4482670 2943989 5443144 5170506 11684 260954 PLANT OPERATIONS 11643572 11214248 -43838 473162 SPECIAL PROJECTS 3522569 2183722 1338528 319 GENERAL EXPENSES 2324098 1214915 1109183 MISCELLANEOUS 1958185 1863649 94536 2615634 1534358 991202 90074 184511907 150404366 29408400 4699141 12012432 11143349 25247982 33307850 4377850 6697737 1159973 993512 324451869 118593283 197015806 205858586 7981129 959674 79145393 91171529 2121437 2162915 329062002 352295152 32151294 28200947 1852785 2060871 98229002 105407503 8703648 8145714 7463670 8663483 148400399 152478518 X 83422834 94629850 45880300 50586126 51358469 54600658 180661603 199816634 329062002 352295152 X 20772044 -2386887 769874 X X 0 1 X 1 1 1 X 0 1 0 0 0 0 1 43294 0 0 43294 0 SCHEDULE C, PART II-B LIPSCOMB UNIVERSITY EMPLOYS AN INDIVIDUAL WHOSE POSITION INCLUDES MEETING AND CORRESPONDING WITH THE STATE REPRESENTATIVES TO ADVOCATE FOR INCREASED FUNDING FOR THE ORGANIZATION IN THE STATE BUDGET. THE EMPLOYEE ALSO MEETS AND CORRESPONDS WITH LOCAL GOVERNMENT OFFICIALS TO INFLUENCE AGENDAS THAT ARE IMPORTANT TO THE UNIVERSITY. X X X 79025131 3248324 6277943 2564561 950000 85036837 68759762 3765632 10082529 2332792 1250000 79025131 71442976 3711150 -2690186 2204178 1500000 68759762 68330588 2518125 4031315 1937052 1500000 71442976 62274543 3445347 5825495 1714797 1500000 68330588 0.23840 0.64120 0.12040 0 0 17617184 264842542 104057809 178401917 36994936 14535474 22459462 4997207 4997207 205858586 INVESTMENTS - SHORT TERM/MUTUAL FUNDS 42996730 F INVESTMENTS - LIMITED PARTNERSHIP INTERESTS 20815875 F INVESTMENTS - COMMON TRUST FUNDS 27358924 F 91171529 ACCRUED PENSION BENEFIT LIABILITY 245609 ACCRUED POSTRETIREMENT BENEFIT OBLIGATION 6451293 FEDERAL STUDENT LOANS REFUNDABLE 1966581 8663483 X 165015044 -2386887 1466013 -920874 165935918 305099 39042934 39348033 205283951 145860020 696146 696146 145163874 305099 39042934 39348033 184511907 PART V, LINE 4: THE ENDOWMENT FUNDS ARE USED TO PROVIDE FUNDS FOR PROFESSORSHIPS, CHAIRS AND SCHOLARSHIPS FOR STUDENTS AND GENERAL SUPPORT FOR OPERATIONS. PART X, LINE 2: THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF INTERNAL REVENUE CODE 501(C)(3) AND, ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS INCLUDED IN THE FINANCIAL STATEMENTS. AS OF MAY 31, 2018, THE UNIVERSITY HAS ACCRUED NO INTEREST AND NO PENALTIES RELATED TO UNCERTAIN TAX POSITIONS. IT IS THE UNIVERSITY'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO INCOME TAX MATTERS IN INCOME TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXP INCLUDE IN EXP ON F/S AND RECLASSED TO INCOME FOR TAX RETURN 25,312. RENTAL EXP. NETTED W/ 990 REVENUE 675,727. FUNDRAISING EXPENSE ACCOUNTS NETTED WITH MISCELLANOUS REVENUE ON F/S -452. GAIN ON INTEREST RATE SWAP AGREEMENTS (UNREAL) 2,077,846. UNREALIZED CHANGE IN CASH VALUE LIFE INS 139,843. ADJ OF ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE -164,122. CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION -1,131,050. CHANGE IN DEFINED BENEFIT RETIREMENT PLAN OBLIGATION -45,053. ADJUSTMENT FOR RETIREMENT PLAN MINIMUM CONTRIBUTION -112,660. ADJUSTMENTS OF ACTUARIAL LIABILITY FOR ANNUITIES 5,061. DIFFERENCE IN OTHER INCOME -4,439. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON F/S 38,092,934. F/S INVESTMENT RECLASS 950,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXP INCLUDE IN EXP ON F/S AND RECLASSED TO INCOME FOR TAX RETURN 25,312. RENTAL EXP. NETTED W/ 990 REVENUE 675,727. FUNDRAISING EXPENSE ACCOUNTS NETTED WITH MISCELLANOUS REVENUE ON F/S -452. DIFFERENCE IN OTHER INCOME -4,439. ROUNDING -2. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON F/S 38,092,934. F/S INVESTMENT RECLASS 950,000. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 LIPSCOMB UNIVERSITY PUBLISHES ITS NOTICE OF NONDISCRIMINATORY POLICY" IN BROCHURES, STUDENT HANDBOOKS, CATALOGS, ON THEIR WEBSITE AS WELL AS THEIR JOB POSTING ADS. SCHEDULE E, PART I, LINE 6 GOVERNMENT GRANTS TOTALED $1,724,275 FOR PERIOD ENDING MAY 31, 2018. EUROPE (FLORENCE, ITALY) 1 1 PROGRAM SERVICES GLOBAL INSTRUCTION 833981 EUROPE (VIENNA, AUSTRIA) 1 1 PROGRAM SERVICES GLOBAL INSTRUCTION 636689 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 0 PROGRAM SERVICES GLOBAL INSTRUCTION 505803 EUROPE (LONDON, ENGLAND) 0 0 PROGRAM SERVICES GLOBAL INSTRUCTION 276167 2 2 0 0 2 2 2252640 0 2252640 0 0 0 0 0 0 ACADEMY ART EVENT 43925 26163 17762 25312 0 43925 26163 17762 25312 25312 -7550 1 SCHOLARSHIPS 3252 38092934 FMV NONE PART I, LINE 2: LIPSCOMB UNIVERSITY HAS AN ANNUAL AUDIT OF ITS FINANCIAL STATEMENTS AND AN ANNUAL AUDIT OF ITS FINANCIAL AID AWARDING PROCESS (CALLED THE THE UNIFORM GUIDANCE AUDIT). IN ADDITION, FINANCIAL AID COUNSELORS ATTEND CONFERENCES AND TRAINING SESSIONS ON FINANCIAL AID AWARDING POLICIES, PROCEDURES, AND CONTROLS. X X X X X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 RANDY R LOWRY III BOARD MEMBER/PRESIDENT 606623 0 0 0 21890 0 17150 0 101011 0 746674 0 0 0 W CRAIG BLEDSOE PROVOST 173395 0 0 0 17962 0 13087 0 762 0 205206 0 0 0 DANNY H TAYLOR SR VP FOR FINANCE & ADMIN/CFO 197128 0 0 0 14491 0 14491 0 12319 0 238429 0 0 0 PHILIP N HUTCHESON ASSISTANT VICE PRESIDENT 152261 0 0 0 11102 0 11102 0 15771 0 190236 0 0 0 GREG J GLENN HEAD OF SCHOOL 156635 0 0 0 12047 0 12047 0 12912 0 193641 0 0 0 PHILLIP W ELLENBURG VP OF ALUMNI RELATIONS 119401 0 0 0 9474 0 9474 0 16370 0 154719 0 0 0 SUSAN C GALBREATH SR VP FOR STRATEGY/PROFESSOR 134145 0 0 0 18926 0 10526 0 15819 0 179416 0 0 0 MICHAEL C GREEN VICE PRESIDENT & CIO 167134 0 0 0 12037 0 12037 0 12319 0 203527 0 0 0 JOHN R LOWRY VP DEVELOPMENT & EXTERNAL AFFAIRS 159026 0 0 0 18867 0 11667 0 15735 0 205295 0 0 0 THOMAS CAMPBELL ASSOC. DEAN - PHARMACY 188495 0 0 0 14596 0 14596 0 15493 0 233180 0 0 0 DAVID G WILSON UNIVERSITY ATTORNEY 137895 0 0 0 18152 0 10952 0 18024 0 185023 0 0 0 CHARLES R ELDRIDGE DEAN OF COLLEGE OF BUSINESS 176348 0 0 0 20533 0 13333 0 396 0 210610 0 0 0 STEPHEN H HEFFINGTON ASST PROF/MED DIR PA PROG 161446 0 0 0 12626 0 9476 0 15515 0 199063 0 0 0 JOHN THOMPSON PROFESSOR 159799 0 0 0 12302 0 12302 0 12487 0 196890 0 0 0 CASEY B ALEXANDER COACH 237277 0 0 0 16679 0 16679 0 17980 0 288615 0 0 0 ROGER DAVIS DEAN OF COLLEGE OF PHARMACY 228067 0 0 0 16717 0 16717 0 10407 0 271908 0 0 0 A THE HEALTH AND EDUCATION BOARD OF THE METROPOLITAN GOVERNMENT OF NASHVILLE 626139016 2013-11-26 5050000 SERIES 2013 BONDS 0 0 0 B THE HEALTH AND EDUCATION BOARD OF THE METROPOLITAN GOVERNMENT OF NASHVILLE 626139016 2016-03-10 42350000 SERIES 2016 B BONDS 0 0 0 C LIPSCOMB UNIVERSITY 620485733 592041WB9 2016-02-24 62650000 SERIES 2016 A BONDS 0 0 0 A 50000 0 0 0 1 B 191654 0 0 0 1 C 849292 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 1 1 SUNTRUST ROBINSON HUMPHREY 12.000000000000 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 SCHEDULE K SUPPLENTAL INFORMATION SERIES 2013 BONDS AND SERIES 2016 B BONDS HAVE BEEN REPORTED AS ONE BOND ISSUANCE FOR FORM 8038. RHONDA LOWRY PRESIDENT'S SPOUSE 63382 UNIVERSITY EMPLOYEE 0 JOHN LOWRY PRESIDENT'S SON 177893 UNIVERSITY EMPLOYEE 0 MELISSA LOWRY PRESIDENT'S DAUGHTER-IN-LAW 18296 UNIVERSITY EMPLOYEE 0 DAVID SOLOMON BOARD MEMBER 15500 RENTAL REAL PROPERTY 0 HARRIETTE SHIVERS EX-BOARD MEMBER 37805 RENTAL REAL PROPERTY 0 X 3784 FAIR MARKET VALUE X 1 10872 FAIR MARKET VALUE X 40 854355 FMV AT DATE OF SALE X 1 2229000 FAIR MARKET VALUE X EQUIMENT 1 5773 FAIR MARKET VALUE X GIFT CERTIF. 4 886 FAIR MARKET VALUE X FURNITURE 1 200 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 UNIVERSITY PRESIDENT RANDY LOWRY IS THE FATHER OF JOHN LOWRY VICE PRESIDENT FOR COMMUNITY & GOVERNMENT RELATIONS. FORM 990, PART VI, SECTION B, LINE 11B BOARD DELEGATES THIS RESPONSIBILITY TO THE AUDIT COMMITTEE OF THE BOARD. ONCE THE AUDIT COMMITTEE HAS APPROVED FORM 990, IT IS POSTED ON THE LIPSCOMB TRUSTEE WEBSITE PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C RELATED PARTY CONFIRMATIONS ARE REVIEWED AND FOLLOWED UP BY THE SENIOR VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, AS WELL AS THE UNIVERSITY'S INDEPENDENT ACCOUNTING FIRM, LBMC, ON AN ANNUAL BASIS. ALSO, THE AUDIT COMMITTEE OF THE BOARD REVIEWS RELATED PARTY RELATIONSHIPS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD SETS THE PRESIDENT'S SALARY ANNUALLY BASED ON HIS CONTRACT. HIS INITIAL COMPENSATION WAS ESTABLISHED BASED ON A REVIEW OF MARKET DATA AND THE NEGOTIATION PROCESS. THIS SAME PROCESS OCCURS WITH OTHER OFFICERS AND KEY EMPLOYEES. SALARY POOL INCREASES ARE ALSO A COMPENENT OF ANNUAL COMPENSATION BASED ON APPROVED BUDGET FUNDING. FORM 990, PART VI, SECTION C, LINE 18 THE UNIVERSITY MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAP AGREEMENTS 2,077,846. UNREALIZED - CHANGE IN CASH VALUE OF LIFE INSURANCE 139,843. CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION -1,131,050. ADJUSTMENTS OF ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE -164,122. ADJUSTMENTS OF ACTUARIAL LIABILITY FOR ANNUITIES 5,061. CHANGE IN DEFINED BENEFIT RETIREMENT PLAN OBLIGATION -45,053. ADJUSTMENT FOR RETIREMENT PLAN MINIMUM CONTRIBUTION -112,660. ROUNDING 9. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED SINCE PRIOR YEAR.