2019-05-13T21:00:17-05:00 2018-06-30 350921680 CROWE LLP 330 E Jefferson Blvd PO Box 7 South Bend IN 466240007 990 2017-07-01 350868152 Saint Joseph's College SAIN 2198666000 1027 S College Ave Rensselaer IN 47978 Father Larry Hemmelgarn CHAIR/TREASURER 2019-05-13 true Kenneth J Keber P00240883 5742323992 2017 2019-02-21 02:37:17Z Father Larry Hemmelgarn 1027 S College Ave Rensselaer IN 47978 18099671 false X www.saintjoe.edu X 1889 IN Saint Joseph's College is a liberal arts college striving to prepare men and women to lead successful professional and personal lives consistent with Gospel values. (Continued in Schedule O) 10 10 422 45 0 0 3224364 622437 29298459 0 1363575 1428913 2418282 3451990 36304680 5503340 13992521 0 0 0 12664876 2936486 0 0 65599 14552912 3610918 41210309 6547404 -4905629 -1044064 88857020 90088909 34806579 34614649 54050441 55474260 X As of 6/30/2017, the College has suspended all academic operations due to financial challenges. The College continues to evaluate all potential future revenue-generating activities which could enable it to resume educational activities at some future date. (Continued in Schedule O) false true 3772823 0 1090388 The activities of the College during FYE 6/30/2018 consisted primarily of closing school operations, exploring potential future revenue-generating opportunities, and handling administrative duties. Due to financial challenges, the College suspended all operations as of June 30, 2017, voluntarily resigning its accreditation status and thus making it ineligible to continue to participate in federal student financial aid programs. The College worked with other colleges and universities to help current students complete their academic careers. The College did not enroll any new students subsequent to the spring semester 2017. (CONTINUED IN SCHEDULE O) 3772823 true true false false true true false false true true false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false true 65 0 422 true true true false false false false false true false false false false false false X 10 10 false false false false true false true true true false false true true true true true true false false false IN X Father Larry Hemmelgarn 2198666000 1027 S College Ave Rensselaer IN 47978 Benedict J Sponseller Chair (through Oct 2017) 1.0 X X 0 0 0 Fr Larry Hemmelgarn CPPS Chair/Treasurer (beginning Nov 2017) 1.0 X X 0 0 0 Stephen Ruff Co-Chair (through Oct 2017) 1.0 X X 0 0 0 Michael Van Eekeren Vice Chair (beginning Nov 2017) 1.0 X X 0 0 0 John Nichols PhD Secretary/Professor (through Oct 2017) 20.0 X X 0 0 0 Fr William Stang Trustee/Religious Advisor to the President 40.0 X X 0 0 0 Mara Davis Trustee 1.0 X 0 0 0 Ned Tonner Trustee 1.0 X 0 0 0 Peter Ippolito Trustee 1.0 X 0 0 0 Bishop Timothy Doherty Trustee 1.0 X 0 0 0 Carol Wood Trustee (through Oct 2017) 1.0 X 0 0 0 David Owens Trustee (through Oct 2017) 1.0 X 0 0 0 Larry Laudick Trustee (through Oct 2017) 1.0 X 0 0 0 Patricia Mulcahy-Shanahan Trustee (through Oct 2017) 1.0 X 0 0 0 John Gause Trustee (through Oct 2017) 1.0 X 0 0 0 Mary Pat Wesche Trustee (through Oct 2017) 1.0 X 0 0 0 Todd Rokita Trustee (through Oct 2017) 1.0 X 0 0 0 Edwin Langhenry Trustee (through Oct 2017) 1.0 X 0 0 0 Catherine Tymkow Trustee (through Oct 2017) 1.0 X 0 0 0 Stephen Dos Santos Trustee 1.0 X 0 0 0 Paul Misniak Trustee (through Oct 2017) 1.0 X 0 0 0 Kris Sakelaris Trustee/ADJUNCT FACULTY (through Oct 2017) 1.0 X 0 0 0 Edward Habrowski Trustee/ADJUNCT FACULTY (through Oct 2017) 1.0 X 0 0 0 Jim Boler Trustee (through Oct 2017) 1.0 X 0 0 0 Mark Peres CPPS Trustee 1.0 X 0 0 0 Margaret Guccione Trustee (through Oct 2017) 1.0 X 0 0 0 Fr William O'Donnell CPPS Trustee 1.0 X 0 0 0 Lou Offer Trustee (through Oct 2017) 1.0 X 0 0 0 Cassian Cheung Trustee (through Oct 2017) 1.0 X 0 0 0 Chad Pulver VP for Academic Affairs (Through 4/9/2018) 40.0 X 107172 0 24951 Fr Barry Fischer RECTOR 40.0 X 0 0 0 Spencer Conroy VP for Business Affairs & Treasurer (Through 12/31/2017) 40.0 X 169607 0 12678 Robert C Pfaff Teacher (through 8/31/2017) 40.0 X 101682 0 6706 Robert V Monfort Teacher (through 9/28/2017) 40.0 X 103720 0 1900 William Alan White Teacher (through 8/31/2017) 40.0 X 111573 0 5405 Robert Pastoor President (through 5/12/2017) 0.0 X 212791 0 11878 806545 0 63518 6 true true false Sodexo Inc and Affiliates PO Box 360170 Pittsburgh PA 152516170 FOOD SERVICE 905014 Barnes Thornburg 888 S Harrison Street Suite 600 Fort Wayne IN 468022206 legal services 218910 The Free Enterprise System One Sodrel Drive Jefferson IN 47130 Charter Bus Rental 195527 Benchmark Mechanical Inc 318 E Monroe St Kokomo IN 46901 REPAIR/MAINTENANCE 136742 Crowe LLP PO Box 71570 Chicago IL 606941570 Professional Services 125446 6 622437 19294 622437 0 0 0 0 0 134058 134058 2754315 373631 2380684 0 2380684 2380684 12216852 1281621 12203618 13234 1281621 1294855 1294855 19082 -19082 -19082 Debt Forgiveness 900099 1083059 1083059 Miscellaneous 900099 7329 7329 0 0 0 0 1090388 5503340 1090388 0 3790515 211520 68289 143231 2083038 1883242 172988 26808 108712 94226 13147 1339 533216 455869 70934 6413 195288 195288 2307 2307 22361 22361 200487 14288 186199 0 109712 65085 39090 5537 10622 9768 854 508842 474152 34690 31181 30848 333 153671 153671 268337 268337 Bank Fees 1818789 1818789 Membership dues & subscriptions 79256 53623 131 25502 Professional development and recruiting 100 100 Bad debts 5545 5545 204420 195780 8640 0 6547404 3772823 2708982 65599 1538242 2623917 1446187 3387073 1406651 718433 301979 197774 3472 0 0 0 1883894 1709764 4870 0 110445 249817 133219948 55215042 75584918 78004906 5821047 2474438 691275 722787 0 64040 0 88857020 90088909 4090960 3983572 1026100 1343807 0 0 26738290 26473791 2951229 2813479 34806579 34614649 X -24218621 -23026442 3057280 3164972 75211782 75335730 54050441 55474260 88857020 90088909 X -1044064 1245227 1222656 X false true X true true true X 3830880 3471088 3255339 3224364 622437 14404108 0 0 3830880 3471088 3255339 3224364 622437 14404108 0 14404108 2395354 2814774 3029971 2378583 2514742 13133424 0 0 0 0 0 0 526178 454379 432400 286542 1090388 2789887 30327419 119586922 0.4750 0.5104 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - FUNDRAISING INCOME, COLUMN A - 40140.0, COLUMN B - 29801.0, COLUMN C - 20021.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 89962.0; DESCRIPTION - GAMING INCOME, COLUMN A - 20993.0, COLUMN B - 21099.0, COLUMN C - 24386.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 66478.0; DESCRIPTION - SALES OF INVENTORY, COLUMN A - 211419.0, COLUMN B - 188930.0, COLUMN C - 172929.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 573278.0; DESCRIPTION - OTHER INCOME, COLUMN A - 253626.0, COLUMN B - 214549.0, COLUMN C - 215064.0, COLUMN D - 286542.0, COLUMN E - 7329.0, COLUMN F - 977110.0; DESCRIPTION - DEBT FORGIVENESS, COLUMN A - 0.0, COLUMN B - 0.0, COLUMN C - 0.0, COLUMN D - 0.0, COLUMN E - 1083059.0, COLUMN F - 1083059.0; 1 0 0 1394784 false false X X 2 345.0 1 0 0 1 false 1.0 0 13531590 0 1341863 0 1870949 13002504 19564536 81246 -360510 2459560 2470099 824023 13531590 24158521 103345 -697936 2850617 855835 292942 19564536 24856806 49943 224291 628072 195576 148871 24158521 24313179 275881 2578622 626467 1539654 144755 24856806 0.1872 0.5923 0.2205 false false 75825288 44582 75869870 49185996 47287960 1898036 2004239 1965830 38409 6159843 5961252 198591 78004906 annuity contracts payable 88379 asset retirement obligations 900000 U.S. government advances 1825100 2813479 X 8073876 1245227 92571 1222656 2560454 5513422 9000 -19082 -10082 5503340 6650057 92571 0 92571 6557486 9000 -19082 -10082 6547404 Schedule D, Part II, Line 9 Conservation easements financial reporting The revenues and expenses associated with the properties subject to a conservation easement are netted together on the income statement within the appropriate revenue line. Schedule D, Part V, Line 4 Intended uses of endowment funds THE PURPOSE OF THE ENDOWMENT FUND IS TO PROVIDE FUNDS TO UNDERWRITE THE EDUCATIONAL NEEDS OF CURRENT AND FUTURE GENERATIONS OF STUDENTS WHILE ENHANCING THE WELL-BEING OF THE COLLEGE. TO SATISFY ITS LONG-TERM RATE OF RETURN OBJECTIVES, THE COLLEGE COMBINES THE GOAL OF TOTAL RETURN AND PRESERVATION OF CAPITAL WITH PRUDENT RISK TOLERANCE IN ORDER TO ALLOW INVESTMENT MANAGERS THE OPPORTUNITY TO ACHIEVE INVESTMENT RESULTS CONSISTENT WITH THE CATHOLIC VALUES OF THE COLLEGE. THE COLLEGE TARGETS A DIVERSIFIED ASSET ALLOCATION IN ORDER TO MANAGE DOWNSIDE VOLATILITY AND RISK WHILE ACHIEVING THE ENDOWMENT'S RETURN OBJECTIVES. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE COLLEGE HAS RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE INDICATING THAT THE COLLEGE IS A TAX-EXEMPT ORGANIZATION AS PROVIDED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986 AND, EXCEPT FOR TAXES PERTAINING TO UNRELATED BUSINESS INCOME, IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES. NO PROVISION HAS BEEN MADE FOR INCOME TAXES IN THE ACCOMPANYING FINANCIAL STATEMENTS, AS THE COLLEGE HAS HAD NO SIGNIFICANT UNRELATED BUSINESS INCOME. U.S. GAAP PRESCRIBES RECOGNITION THRESHOLDS AND MEASUREMENT ATTRIBUTES FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. TAX BENEFITS WILL BE RECOGNIZED ONLY IF THE TAX POSITION IS MORE-LIKELY-THAN-NOT SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED WILL BE THE LARGEST AMOUNT OF TAX BENEFIT THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED ON EXAMINATION. FOR TAX POSITIONS NOT MEETING THE MORE-LIKELY-THAN-NOT TEST, NO TAX BENEFIT WILL BE RECORDED. MANAGEMENT HAS CONCLUDED THAT THEY ARE UNAWARE OF ANY TAX BENEFITS OR LIABILITIES TO BE RECOGNIZED AT JUNE 30, 2018 AND 2017. THE COLLEGE WOULD RECOGNIZE INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST AND INCOME TAX EXPENSE, RESPECTIVELY. THE COLLEGE HAS NO AMOUNTS ACCRUED FOR INTEREST OR PENALTIES AS OF JUNE 30, 2018 AND 2017. THE COLLEGE PLANS TO FILE AS A PUBLIC CHARITY FOR THE YEAR ENDED JUNE 30, 2018 AND MANAGEMENT BELIEVES THE COLLEGE HAS MET THE APPLICABLE INTERNAL REVENUE CODE REQUIREMENTS FOR PUBLIC CHARITIES. THE COLLEGE ANTICIPATES FILING AS A PUBLIC CHARITY FOR THE FORESEEABLE FUTURE. IF THE COLLEGE NEEDS TO, BASED UPON FACTS AND CIRCUMSTANCES, IT WOULD ELECT TO CHANGE FROM A PUBLIC CHARITY TO A SUPPORTING ORGANIZATION TO RETAIN ITS EXEMPT TAX STATUS. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 UNREALIZED GAIN ON PERMANENTLY RESTRICTED FARM LAND HELD AS INVESTMENT - 1175308 UNREALIZED GAIN ON CONTRIBUTION RECEIVABLE - 47348 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Cost of Goods Sold - -19082 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements COST OF GOODS SOLD - -19082 X X true true X X true false false false false false false false false Spencer Conroy VP for Business Affairs & Treasurer (Through 12/31/2017) 169498 0 0 0 109 0 4507 0 8171 0 182285 0 0 0 Robert Pastoor President (through 5/12/2017) 84734 0 0 0 128057 0 2872 0 9006 0 224669 0 0 0 Schedule J, Part I, Line 1a Housing allowance or residence for personal use The contract for President of the College includes a monthly housing allowance and a monthly vehicle allowance. These allowances are taxable and were included on Schedule J, Part II, Column B(iii) . Schedule J, Part I, Line 1a Health or social club dues or initiation fees IN THE PRESIDENT'S CONTRACT, THERE IS A SECTION THAT STATES THAT THE PRESIDENT WILL HAVE DUES PAID TO CERTAIN SOCIAL CLUBS WHICH HE IS REQUIRED TO USE TO CONDUCT NETWORKING EVENTS FOR THE COLLEGE. THIS INCLUDES MEMBERSHIPS DUES FOR CURTIS CREEK COUNTRY CLUB IN RENSSELAER, SANDY PINES GOLF COURSE IN DEMOTTE, AND THE COLUMBIA CLUB IN INDIANAPOLIS, BUT NOT PERSONAL EXPENSES INCURRED AT THESE CLUBS. SINCE THE PAYMENT OF THESE EXPENSES IS ENTIRELY FOR BUSINESS PURPOSES, THE AMOUNTS ARE NOT CONSIDERED TAXABLE INCOME TO THE PRESIDENT. Schedule J, Part I, Line 4a Severance or change-of-control payment THE FOLLOWING PAYMENTS WERE MADE UNDER A SEPARATION AGREEMENT VOLUNTARILY ENTERED INTO BY THE PARTIES: Robert Pastoor - $102,000 Form 990, Part I, Line 1 ORGANIZATION'S MISSION (CONTINUED FROM PART I LINE 1) As of 6/30/2017, the College has suspended all academic operations due to financial challenges. The College continues to evaluate all potential future revenue-generating activities which could enable it to resume educational activities at some future date. Subsequent to the year ended 6/30/2018, the College has launched a fundraising campaign anticipated to generate nearly $4 million in contributions over the next three years. This campaign has been launched in the hopes of allowing the College to continue furthering the mission that it has faithfully upheld for over 100 years of providing an education that strives to prepare men and women to lead successful processional and personal lives consistent with gospel values. Form 990, Part III, Line 1 ORGANIZATION'S MISSION (CONTINUED FROM PART III LINE 1) Subsequent to the year ended 6/30/2018, the College has launched a fundraising campaign anticipated to generate nearly $4 million in contributions over the next three years. This campaign has been launched in the hopes of allowing the College to continue furthering the mission that it has faithfully upheld for over 100 years of providing an education that strives to prepare men and women to lead successful processional and personal lives consistent with gospel values. Prior to suspending operations on 6/30/2017, and subsequent to the College's re-opening in the future should the current capital campaign be successful, the mission of Saint Joseph's College was and will be as follows: Saint Joseph's College (Indiana), a primarily undergraduate Catholic college, founded and sponsored by the Missionaries of the Precious Blood, pledges itself to a tradition of excellence and to a liberal education that is a united endeavor of intelligence and faith. THE COLLEGE PLACES EXCEPTIONAL EMPHASIS ON THE EDUCATION OF THE WHOLE PERSON. ITS NATIONALLY KNOWN CORE CURRICULUM COMPLEMENTS UP-TO-DATE CAREER PREPARATION IN THE MAJOR. THESE ACADEMIC PROGRAMS ENRICH AND ARE ENRICHED BY PROGRAMS OF SPIRITUAL DEVELOPMENT, RESIDENCE EDUCATION, AND ATHLETICS. THE COLLEGE SERVES A DIVERSE STUDENT BODY COMPOSED OF MEN AND WOMEN OF ALL RACES, CREEDS, AND SOCIO-ECONOMIC BACKGROUNDS WHO CAN THRIVE ACADEMICALLY, SPIRITUALLY, AND SOCIALLY IN THIS INCLUSIVE COMMUNITY. SAINT JOSEPH'S COLLEGE IS A LIBERAL ARTS COLLEGE STRIVING TO PREPARE MEN AND WOMEN TO LEAD SUCCESSFUL PROFESSIONAL AND PERSONAL LIVES CONSISTENT WITH GOSPEL VALUES. TO FULFILL THIS MISSION, THE COLLEGE PLEDGES: 1. TO FORM GRADUATES WHO ARE COMPETENT PROFESSIONALS, CAPABLE OF ASSUMING LEADERSHIP ROLES IN THE WORLD, WHO WILL EMBODY GOSPEL VALUES IN THEIR PERSONAL LIVES AND PROFESSIONAL CAREERS. 2. TO CONDUCT THE CORE CURRICULUM AND, THROUGH IT, ALL COLLEGE PROGRAMS WITHIN THE CONCEPTUAL FRAMEWORK AND VALUE COMMITMENTS OF "CHRISTIAN HUMANISM" THAT STEM FROM OUR JUDEO-CHRISTIAN AND GRAECO-ROMAN TRADITIONS AND FROM OUR VATICAN II INSPIRATION. 3. TO GIVE WITNESS IN A SPECIAL WAY, IN ALL ASPECTS OF CAMPUS LIFE, ACADEMICALLY AND EXISTENTIALLY, TO THE CHRISTIAN HUMANIST VALUES OF JUSTICE AND LOVE AND ITS COMMITMENT TO HUMAN SOLIDARITY AND INTERDEPENDENCE ON NATIONAL AND GLOBAL LEVELS. 4. TO ADD TO THE EMPHASIS TO EDUCATE THE WHOLE STUDENT -- INTELLECTUALLY, PHYSICALLY, SOCIALLY, AND SPIRITUALLY -- AN ABIDING CONCERN TO PROVIDE PERSONALIZED AND INDIVIDUALIZED CARE. 5. TO STEWARD ALL THE RESOURCES OF THE COLLEGE IN TRUTH, IN LOVING JUSTICE, AND WITH CONCERN FOR THE NEEDS OF THE INDIVIDUAL. 6. TO EXTEND PERSONAL AND PROFESSIONAL SERVICES AS CHURCH AND PUBLIC NEEDS MAY REQUIRE. Form 990, Part III, Line 4a PROGRAM SERVICE ACCOMPLISHMENTS (CONTINUED FROM PART III LINE 4A) The College is continually evaluating all future revenue-generating opportunities and long-term sustainable business models which could enable it to resume educational activities at some future date. Subsequent to the year ended 6/30/2018, the College has launched "Core 128" fundraising campaign to provide operational support for the College. Prior to suspending operations on 6/30/17, the College's programs and activities were conducted as follows: AT SAINT JOSEPH'S COLLEGE, WE CARRY ON THE CATHOLIC INTELLECTUAL TRADITION -- AN INTEGRAL PART OF OUR MISSION. NOT ONLY DO WE TEACH FACTS AND CONCEPTS, BUT WE ALSO FURNISH STUDENTS WITH THE TOOLS TO APPLY THOSE IDEAS TO THE WORKPLACE AND TO THEIR LIVES. THROUGH THIS, WE PROVIDE STUDENTS THE RESOURCES TO SPEAK AND WRITE EFFECTIVELY AND GIVE THEM A SOLID BASIS FOR HOW WE LEARN, LIVE, AND WORK AS A SOCIETY ACCORDING TO GOSPEL VALUES. HERE AT SAINT JOSEPH'S COLLEGE, WE ARE CREATING NEW ACADEMIC PROGRAMS TO RESPOND TO THE NEEDS OF TODAY'S STUDENTS. WE ARE ALSO CREATING NEW PARTNERSHIPS WITH BUSINESSES, OTHER COLLEGES, AND REGIONAL HIGH SCHOOLS. ALL IN ALL, WE ARE STRIVING TO ENSURE THAT SAINT JOSEPH'S COLLEGE WILL REMAIN THE HIGH-QUALITY CATHOLIC HIGHER EDUCATION INSTITUTION THAT STUDENTS, ALUMNI, PARENTS, AND FRIENDS HAVE KNOWN SINCE 1889. THE COLLEGE SERVES A DIVERSE STUDENT BODY OF APPROXIMATELY 1,000 MEN AND WOMEN OF ALL RACES, CREEDS, AND SOCIO-ECONOMIC BACKGROUNDS. THE COLLEGE STRIVES TO FORM GRADUATES WHO ARE COMPETENT PROFESSIONALS, CAPABLE OF ASSUMING LEADERSHIP ROLES IN THE WORLD, AND WHO WILL EMBODY GOSPEL VALUES IN THEIR PERSONAL LIVES AND PROFESSIONAL CAREERS. Due to financial challenges, the College suspended all operations as of June 30, 2017, voluntarily resigning its accreditation status and thus making it ineligible to continue to participate in federal student financial aid programs. The College entered into teach out agreements with other colleges and universities willing to help current students complete their academic careers. The College did not enroll any new students subsequent to the spring semester 2017. The College is continually evaluating all future revenue-generating opportunities and long-term sustainable business models which could enable it to resume educational activities at some future date. Subsequent to the year ended 6/30/2018, the College has launched "Core 128" fundraising campaign to provide operational support for the College. Form 990, Part III, Line 3 Significant changes in program services Over the last ten years, the College has struggled to remain competitive in a challenging higher education marketplace. Shifting demographics, increasing competition, and deteriorating facilities have resulted in high levels of institutional aid in order to attract students in similar number to prior years. Net tuition revenues were roughly the same as ten years ago while expenses have increased at a steady rate. The combined impact of stagnating revenue and steadily increasing expenses resulted in the deterioration of cash reserves and the use of board designated endowment assets to fund annual expenditures. In 2016, the College exhausted the last of its available assets to fund annual deficits. The Board evaluated potential sources of revenue and liquidity such as fundraising, borrowing, and asset liquidation vis-a-vis the College's short-term and long-term strategic and tactical challenges including continued availability of student financial aid funds, accreditation probation, debt covenant violations, and an anticipated future lack of liquidity. Accordingly, after evaluating all of these factors and after much deliberation, in February 2017 the Board made the decision to suspend all academic operations effective at the conclusion of the spring semester 2017. While there was hope to retain select programs needed to support certain potential academic partnerships that are being considered in the future, these efforts were ultimately unsuccessful. Therefore, as of June 30, 2017 the College suspended all academic operations, voluntarily resigning its accreditation status and thus making it ineligible to continue to participate in federal student financial aid programs. The College entered into teach out agreements with other colleges and universities willing to help current students complete their academic careers. The College did not enroll any new students subsequent to the spring semester 2017. The College is continually evaluating all future opportunities including potential academic partnerships, granting opportunities, feasibility of relaunching educational operations, long-term sustainable business models, and other revenue generating activities which could enable it to resume educational activities at some future date. Subsequent to the year ended 6/30/2018, the College has launched "Core 128" fundraising campaign to provide operational support for the College in the amount of $1,330,000 per year for the next three years. Pledges, intentions to give, and contributed dollars total over one million dollars for this $3,990,000 campaign. Form 990, Part VI, Line 15b PROCESS USED TO ESTABLISH COMPENSATION OF OTHER OFFICERS FOR OTHER INCOMING EXECUTIVES, COMPENSATION IS SET AFTER PERFORMING SIMILAR BENCHMARKING AND APPROVED BY THE PRESIDENT. ON AN ANNUAL BASIS, EXECUTIVE COMPENSATION IS TYPICALLY ADJUSTED IN A MANNER SIMILAR TO OTHER EMPLOYEES OF THE COLLEGE. FROM TIME TO TIME, AN ADJUSTMENT MAY BE MADE TO AN INDIVIDUAL EXECUTIVE'S COMPENSATION OUTSIDE OF THE NORMAL SALARY ADJUSTMENTS APPROVED BY THE BOARD. THIS WOULD OCCUR AFTER SIMILAR BENCHMARKING AGAINST PEER INSTITUTIONS. Form 990, Part VI, Line 15a PROCESS TO ESTABLISH COMPENSATION OF TOP MANAGEMENT OFFICIAL Compensation of the President was last evaluated by the Board of Trustees during May through July 2016. The President's employment with the College ended in May 2017. Subsequent to the President's departure, Father Barry Fischer (Rector) assumed the role of Top Management Official. Father Barry receives a stipend and other reimbursements in exchange for the services he provides to the College. As a member of clergy who has made a promise comparable to a strict vow of poverty, all income received by Father Barry is property of The Society of the Precious Blood, Cincinnati Province, Inc. Form 990, Part VI, Line 1a Delegate broad authority to a committee THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE FOLLOWING: - THE CHAIR OF THE BOARD - THE VICE CHAIR OF THE BOARD - THE PROVINCIAL DIRECTOR OR HIS DESIGNEE - THE PRESIDENT - THE CHAIRS OF THE STANDING COMMITTEES - SUCH OTHER MEMBERS OF THE BOARD AS MAY BE DESIGNATED BY THE CHAIR THE EXECUTIVE COMMITTEE SHALL ACT FOR THE BOARD IN THE INTERVALS BETWEEN MEETINGS OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE SHALL MEET ONLY AT THE DISCRETION OF THE CHAIR. THE EXECUTIVE COMMITTEE MAY EXERCISE ALL THE POWER AND AUTHORITY OF THE BOARD OF TRUSTEES, BUT SHALL NOT HAVE THE POWER TO ELECT OR REMOVE ANY OFFICER OR APPROVE THE BUDGET, AND SHALL REPORT TO THE BOARD AT ITS NEXT MEETING. Form 990, Part VI, Line 6 Classes of members or stockholders The organization's members are those persons holding the offices of the Provincial Director and those serving on the Provincial Council of the Society of the Precious Blood (C.PP.S.), Cincinnati Province, a Roman Catholic society of apostolic life. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders The following powers are reserved to the Members: A. To adopt the amendment, alteration, modification, or repeal of the Articles of Incorporation as proposed by the Board of Trustees; B. To adopt the amendment, alteration, modification, or repeal of the Bylaws of the Corporation as proposed by the Board of Trustees; C. To dissolve or terminate the existence of the Corporation and to determine the distribution of assets upon such termination or dissolution as proposed by the Board of Trustees; D. To merge, consolidate, or affiliate the Corporation with another corporation, organization, or program as proposed by the Board of Trustees; E. To approve the Mission Statement of the College or any change to the Mission Statement as proposed by the Board of Trustees. The Members also have the right to prohibit any organization or policy at the College that are inconsistent with the Catholic identity of the College. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED IN DETAIL BY MANAGEMENT. Subsequent to management's review, A FINAL DRAFT OF THE FULL FORM 990, INCLUDING ALL APPLICABLE SCHEDULES, IS PROVIDED TO EACH MEMBER OF THE Board of Directors for review and commentary prior to filing with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy ANNUAL DISCLOSURE IS PROVIDED TO EACH OFFICER AND BOARD MEMBER. EACH PERSON COMPLETES AN ANNUAL CONFLICT OF INTEREST QUESTIONNAIRE. ONCE THE QUESTIONNAIRES ARE COMPLETED, THE PRESIDENT'S ASSISTANT REVIEWS THE RESPONSES AND DETERMINES WHETHER OR NOT THERE ARE ANY POTENTIAL CONFLICTS OF INTEREST. IF THERE IS A POTENTIAL CONFLICT OF INTEREST, THE PRESIDENT, TREASURER, AND CONTROLLER REVIEW THE CORRESPONDING ISSUE AND DETERMINE IF THERE IS AN ACTUAL CONFLICT OF INTEREST. IF AN ACTUAL CONFLICT OF INTEREST IS DETERMINED TO EXIST, THAT PERSON IS EXCLUDED FROM ANY DISCUSSIONS CONCERNING THE CONFLICTING ISSUE AND IS NOT PERMITTED TO VOTE ON ANY DECISIONS REGARDING THE CONFLICTING ISSUE. ANY PURCHASES AND/OR BUDDING PROPOSALS ARE ALSO REVIEWED FOR ANY POTENTIAL CONFLICTS OF INTEREST PRIOR TO SUBMITTING BIDS OR MAKING PURCHASES. THE CONTROLLER ATTENDS THE BOARD MEETINGS TO ENSURE THAT COMPLIANCE WITH THESE GUIDELINES IS FOLLOWED. Form 990, Part VI, Line 19 Required documents available to the public GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES, AND FINANCIAL STATEMENTS ARE NOT REQUIRED DISCLOSURES PURSUANT TO INTERNAL REVENUE CODE (IRC) SECTION 6104. THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC AT THIS TIME. Form 990, Part XI, Line 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES THE FAIR VALUE OF FARM LAND WAS DETERMINED BY MANAGEMENT USING APPRAISALS, QUOTED MARKET PRICES FOR SIMILAR ASSETS OR OTHER MARKET DATA, SUCH AS THE PURDUE AGRICULTURAL ECONOMICS REPORT, WHICH IS A REPORT THAT SUMMARIZES THE RESULTS OF AN ANNUAL SURVEY OF NUMEROUS PROFESSIONALS KNOWLEDGEABLE ABOUT INDIANA'S FARMLAND MARKET. THIS REPORT SERVES TO PROVIDE INFORMATION REGARDING FARMLAND VALUES AND CASH RENT. UNREALIZED GAINS AND LOSSES ARE INCLUDED IN THE CHANGE IN NET ASSETS. Form 990, Part XI, Line 9 Other changes in net assets or fund balances UNREALIZED GAIN ON PERMANENTLY RESTRICTED FARM LAND HELD AS AN INVESTMENT - 1175308; UNREALIZED GAIN ON CONTRIBUTION RECEIVABLE - 47348;