2019-05-13T07:36:42-05:00 2018-06-30 111986323 MARCUM LLP 1899 L STREET NW SUITE 850 WASHINGTON DC 20036 990 2017-07-01 520591421 ST JOHN'S COLLEGE STJO 4102632371 60 COLLEGE AVENUE ANNAPOLIS MD 21401 ALLY GONTANG-HIGHFIELD TREASURER AND CFO 4102632371 2019-05-13 1 FRANK H SMITH P00639053 2022274000 2019-05-09 47.19.127.190 2019-05-13 07:36:36 ED P F4B843D58018D4E274BD13B958C4F1564BC9D3F6 D0A660CE6712EE0CCB975CEA23282D1665B78CA0 2017 2019-02-21 02:37:17Z PETER KANELOS 60 COLLEGE AVENUE ANNAPOLIS MD 21401 130758037 0 X WWW.SJC.EDU X 1784 MD TO PROVIDE POST-SECONDARY EDUCATION. 31 27 1012 150 372507 -176303 56419122 13874342 52463592 53036376 1333461 6621025 0 163550 110216175 73695293 26806190 28877558 0 0 35341384 31918685 0 0 3741349 18813222 19611506 80960796 80407749 29255379 -6712456 314798425 310891244 68970971 65286142 245827454 245605102 X ST. JOHN'S COLLEGE IS A COMMUNITY COLLEGE DEDICATED TO LIBERAL EDUCATION, WHICH AIMS TO FREE US FROM PREJUDICE AND UNEXAMINED OPINION, PREPARE US TO MEET THE KNOWN AND UNKNOWN CHALLENGES THE FUTURE WILL PRESENT, AND ENABLE US TO MAKE THOUGHTFUL CHOICES IN PUBLIC AND PRIVATE LIFE, AND TO ACHIEVE PERSONAL AND PROFESSIONAL SUCCESS. 0 0 65316646 28877558 52838304 GRADUATE & UNDERGRADUATE COURSE OF STUDY FOR APPROXIMATELY 900 STUDENTS. 65316646 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 1 0 0 0 1 297 0 1 1012 1 1 1 1 CJ 0 0 0 0 0 0 0 0 X 31 27 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD NM X ALLY GONTANG-HIGHFIELD 4106262514 60 COLLEGE AVENUE ANNAPOLIS MD 21401 RONALD H FIELDING CHAIR 1.00 X 0 0 0 PAM SAUNDERS-ALBIN VICE CHAIR 1.00 X 0 0 0 ROBERT MASS SECRETARY 1.00 X 0 0 0 SAMUEL B DAVIDOFF MEMBER 1.00 X 0 0 0 CHRISTOPHER DENNY MEMBER - UNTIL 06/2018 1.00 X 0 0 0 MICHELE C FARQUHAR MEMBER 1.00 X 0 0 0 STEPHEN L FEINBERG MEMBER - UNTIL 06/2018 1.00 X 0 0 0 STEPHEN J FORMAN MEMBER 1.00 X 0 0 0 JOHN L GRAY MEMBER 1.00 X 0 0 0 ERWIN L GREENBERG MEMBER 1.00 X 0 0 0 JOAN M HARATANI MEMBER 1.00 X 0 0 0 LAWRENCE J HOGAN EX-OFFICIO - UNTIL 06/2018 1.00 X 0 0 0 HAROLD L HUGHES MEMBER 1.00 X 0 0 0 LESLIE JUMP MEMBER 1.00 X 0 0 0 LESLIE M KAY MEMBER 1.00 X 0 0 0 THOMAS R KRAUSE MEMBER 1.00 X 0 0 0 DONALD R LEOPOLD MEMBER 1.00 X 0 0 0 PERRY A LERNER MEMBER 1.00 X 0 0 0 SUSANA MARTINEZ EX-OFFICIO 1.00 X 0 0 0 DOUGLAS K MAYER MEMBER 1.00 X 0 0 0 TERESA PAUSIC EX-OFFICIO 1.00 X 0 0 0 LYDIA F POLGREEN MEMBER 1.00 X 0 0 0 JOSHUA D ROGERS MEMBER 1.00 X 0 0 0 SUSAN SHAMOS MEMBER 1.00 X 0 0 0 WARREN J SPECTOR MEMBER 1.00 X 0 0 0 LINDA STABLER-TALTY MEMBER 1.00 X 0 0 0 DELORES E WOLF MEMBER 1.00 X 0 0 0 SHARON BISHOP VISITOR EMERTIUS 1.00 X 0 0 0 RAY C CAVE VISITOR EMERTIUS 1.00 X 0 0 0 GREGORY D CURTIS VISITOR EMERTIUS 1.00 X 0 0 0 STEWART H GREENFIELD VISITOR EMERTIUS 1.00 X 0 0 0 CHARLES A NELSON VISITOR EMERTIUS 1.00 X 0 0 0 HARRIET H WARREN VISITOR EMERTIUS 1.00 X 0 0 0 JULIA M WILKINSON VISITOR EMERTIUS 1.00 X 0 0 0 WARREN P WINIARSKI VISITOR EMERTIUS 1.00 X 0 0 0 M BROWNELL ANDERSON HONORARY MEMBER 1.00 X 0 0 0 THOMAS M CARNES HONORARY MEMBER 1.00 X 0 0 0 ANNA E GREENBERG HONORARY MEMBER 1.00 X 0 0 0 ALLAN P HOFFMAN HONORARY MEMBER 1.00 X 0 0 0 JILL COOPER UDALL HONORARY MEMBER 1.00 X 0 0 0 MARK ROOSEVELT PRESIDENT - SANTA FE 35.00 X X 281176 0 69100 MATT DAVIS DEAN - SANTA FE - UNTIL 05/2018 35.00 X X 145643 0 66256 JOSEPH MACFARLAND DEAN - ANNAPOLIS 35.00 X X 144225 0 61584 PANAYIOTIS PETER KANELOS PRESIDENT - ANNAPOLIS - AS OF 07/17 35.00 X X 134314 0 69132 WALTER STERLING DEAN - SANTA FE - AS OF 06/2018 35.00 X X 25854 0 24315 KELLY BROWN VP OF ADVANCE. - ANNAPOLIS - AS OF 06/18 35.00 X 0 0 0 LAURIE REINHARDT-PLOTNIK VP ADVANCE. - ANNAPOLIS - UNTIL 03/18 35.00 X 172584 0 31707 PHELOSHA M COLLAROS VP OF ADVANCEMENT - SANTA FE 35.00 X 139694 0 22274 MICHAEL DURAN TREASURER - SANTA FE & CFO 35.00 X 125299 0 26023 JOESPH SMOLSKIS TREASURER - ANNAPOLIS - UNTIL 07/17 35.00 X 106515 0 27307 RIMA ALLY GONTANG-HIGHFIELD TREASUER - ANNAPOLIS 35.00 X 22275 0 2580 CHRISTOPHER NELSON TUTOR - AS OF 07/2017 35.00 X 190173 0 116191 DAVID MCDONALD ASSOCIATE DEAN - GI (SF) 35.00 X 148888 0 37947 JAMES CAREY TUTOR - SANTA FE 35.00 X 134537 0 38467 DAVID TOWNSEND TUTOR - ANNAPOLIS 35.00 X 125041 0 24951 EMILY LANGSTON ASSOCIATE DEAN (GI) - ANNAPOLIS 35.00 X 123330 0 62729 2019548 0 680563 41 0 1 0 BON APPETIT PO BOX 417632 BOSTON MA 02241 DINING SERVICES 1856140 VANTAGE CONSTRUCTION CORPORATION 22636 DAVIS DRIVE SUITE 125 STERLING VA 20164 CONSTRUCTION SERVICES 1479679 A'VIAND'S LLC PO BOX 1450 MINNEAPOLIS MN 55485 DINING SERVICES 1335744 SODEXO INC & AFFILIATES PO BOX 536922 ATLANTA GA 30353 FACILITIES MANAGEMENT 461898 COLE & DENNY ARCHITECTS 333 N FAIRFAX STREET ALEXANDRIA VA 22314 ARCHITECT SERVICES 406827 31 79383 2201552 11593407 4162874 13874342 TUITION AND FEES 611710 43420118 43420118 ROOM AND BOARD FEES 611710 7148379 7148379 OTHER PROGRAM SERVICES 611710 1888768 1888768 AUXILIARY ENTERPRISES 611710 579111 183744 395367 53036376 3330405 -22860 3353265 59751137 56460517 3290620 3290620 3290620 224927 79383 258672 -33745 -33745 540850 343555 197295 197295 73695293 52838304 372507 6610140 21427977 21427977 7449581 7449581 1831812 839842 643955 348015 21702960 17379604 2707619 1615737 1184336 878810 248689 56837 5604163 4072545 1219593 312025 1595414 1156085 349219 90110 178428 178428 261210 261210 1383474 1383474 2712187 1430686 633499 648002 524279 302121 222158 2305618 1480097 598400 227121 521911 131553 371844 18514 1287495 1287495 467009 335099 75141 56769 113911 113908 3 3454698 3246094 197309 11295 375463 5152 370311 DINING HALL 3076926 3076926 0 DEBT EXPENSE 2041565 440109 1601456 LECTURES, EVENTS & REL. 907332 521767 272463 113102 PLANT ALLOCATIONS 0 -258805 237144 21661 80407749 65316646 11349754 3741349 10341682 2637023 0 6063961 48062587 41605903 161070 68059 56938 47405 0 0 6301993 5996128 396225 395144 324332 302423 156138805 75439195 76164887 80699610 23502304 37229287 145405915 131724713 4080492 4121588 314798425 310891244 32022464 31079468 1295362 1203947 1317851 1431828 28070000 27605000 0 0 0 0 0 0 5250000 3000000 1015294 965899 68970971 65286142 X 19301729 17430499 62412549 57755443 164113176 170419160 245827454 245605102 314798425 310891244 X -6712456 3655289 2834815 X 0 1 X 1 1 1 X X X X RARE AND OLD LIBRARY BOOKS 0 168543520 5386015 7763088 3886220 4657462 173148941 152003716 4973352 22283111 4512710 6203949 168543520 157294564 12025935 -7562178 3850362 5904243 152003716 150951958 11525232 2908649 3176238 4915037 157294564 133402108 2783231 16527771 2931189 4288246 145493675 0.03060 0.79180 0.17760 1 0 2260155 2260155 142476990 66275978 76201012 10557930 9163217 1394713 843730 843730 80699610 GLOBAL EQUITY FUNDS 64328364 C HEDGE FUNDS 49375486 C PRIVATE EQUITY FUNDS 16416277 C CHARITABLE REMINDER TRUSTS 1604586 C 131724713 UNAMORTIZED BOND PREMIUM -776863 DEFERRED BOND ISSUE COSTS -389391 ASSET RETIREMENT OBLIGATIONS 2132153 965899 X 50526592 3655289 3437042 7092331 43434261 1383474 28877558 30261032 73695293 50748944 602227 602227 50146717 1383474 28877558 30261032 80407749 PART III, LINE 4: SANTA FE THE ARTWORK PLACED AROUND CAMPUS, AS WELL AS LIBRARY BOOK COLLECTION, FURTHER THE PURPOSE OF THE COLLEGE BY EXPOSING STUDENTS TO FINE WORKS OF ART, IN BOTH THE WRITTEN AND SCULPTED FORM THE EXCELLENCE AND DEPTH OF THOUGHT AND CREATIVITY EXPECTED OF OUR STUDENTS. ANNAPOLIS THE COLLECTION IS AN ECLECTIC ASSEMBLAGE OF FINE AND DECORATIVE ART OBJECTS THAT HAVE BEEN GIVEN TO THE COLLEGE OVER THE YEARS. THIS COLLECTION RANGES FROM UNFRAMED REPRODUCTION POSTERS TO FINE CHINESE SILK PAINTING. MANY OF THESE OBJECTS ARE ON DISPLAY THROUGHOUT CAMPUS AND ENRICH CLASSROOM, COMMON, AND OFFICE SPACES. PART V, LINE 4: ENDOWMENT FUNDS ARE DONOR RESTRICTED AND ARE USED TO FUND FACULTY AND STUDENT FINANCIAL AID. PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE AND HAS CONCLUDED THAT AS OF JUNE 30, 2018 THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OR DISCLOSURE IN THE ACCOMPANYING FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: POSTRETIREMENT CHANGES OTHER THAN NET PERIODIC BENEFIT COST 1,244,914. COGS 343,555. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 1,115,761. CHANGE IN ACCRUED SABBATICAL LEAVE 474,140. SPECIAL EVENTS EXPENSES 258,672. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 28,877,558. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 343,555. SPECIAL EVENTS EXPENSES 258,672. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 28,877,558. 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 ST. JOHN'S COLLEGE NONDISCRIMINATION POLICY CAN BE FOUND IN BOTH ITS RECRUITMENT MATERIALS AND IN ITS STUDENT HANDBOOK. THE HANDBOOK IS DISTRIBUTED TO STUDENTS AS PART OF THE REGISTRATION PROCESS. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FUNDING FROM THE FOLLOWING SOURCES: PELL, COLLEGE WORK STUDY, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT, GUARANTEED STUDENT LOAN, THE STATE OF MARYLAND, AND THE STATE OF NEW MEXICO. ALL ASSISTANCE IS PROVIDED TO STUDENTS BASED ON FINANCIAL NEED. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 447712 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING 110466 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING 3539547 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 570213 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTMAKING 48400 NORTH AMERICA 0 0 GRANTMAKING 273422 RUSSIA AND NEIGHBORING STATES 0 0 GRANTMAKING 172706 SOUTH AMERICA 0 0 GRANTMAKING 126119 SOUTH ASIA 0 0 GRANTMAKING 1570578 SUB-SAHARAN AFRICA 0 0 GRANTMAKING 1038130 0 0 0 0 0 0 5288585 2608708 7897293 SCHOLARSHIPS & ASSISTANCE CENTRAL AMERICA AND THE CARIBBEAN 3 110466 SCHOLARSHIPS & ASSISTANCE EAST ASIA AND THE PACIFIC 107 3539547 SCHOLARSHIPS & ASSISTANCE EUROPE (INCLUDING ICELAND & GREENLAND) 15 570213 SCHOLARSHIPS & ASSISTANCE MIDDLE EAST AND NORTH AFRICA 1 48400 SCHOLARSHIPS & ASSISTANCE NORTH AMERICA 8 273422 SCHOLARSHIPS & ASSISTANCE RUSSIA AND NEIGHBORING STATES 4 172706 SCHOLARSHIPS & ASSISTANCE SOUTH AMERICA 3 126119 SCHOLARSHIPS & ASSISTANCE SOUTH ASIA 35 1570578 SCHOLARSHIPS & ASSISTANCE SUB-SAHARAN AFRICA 22 1038130 1 0 0 0 1 0 PART I, LINE 2: THE COLLEGE MONITORS THE USE OF GRANT FUNDS TO INTERNATIONAL STUDENTS IN THE FINANCIAL AID OFFICE. PERSONNEL REVIEW STUDENT NEED ON A YEARLY BASIS AND AWARD GRANTS BASED ON NEED AND ELIGIBILITY. X X X X X X 0 CROQUET 137728 11320 126408 7707 39679 350 17198 MUSIC ON THE HILL 68063 68063 15862 2737 13276 25710 5 98519 98519 19222 74439 1200 41292 304310 79383 224927 42791 116855 14826 84200 258672 -33745 1 MARYLAND STATE SCHOLARSHIP 13 73760 SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS 205 334606 FEDERAL PELL GRANT PROGRAM 209 963034 SJC GRANTS (UNDERGRADUATE) 604 18987913 SJC ENDOWED GI GRANTS 15 131452 SJC GRANTS (GRADUATE) 104 929074 NEW MEXICO GRANTS 4 8138 PART I, LINE 2: THE COLLEGE MONITORS THE USE OF GRANT FUNDS IN THE FINANCIAL AID OFFICE. PERSONNEL REVIEW STUDENT NEED ON A YEARLY BASIS AND AWARD GRANTS BASED ON NEED AND ELIGIBILITY. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 MARK ROOSEVELT PRESIDENT - SANTA FE 268505 0 0 0 12671 0 22673 0 46427 0 350276 0 0 0 MATT DAVIS DEAN - SANTA FE - UNTIL 05/2018 145643 0 0 0 0 0 15532 0 50724 0 211899 0 0 0 JOSEPH MACFARLAND DEAN - ANNAPOLIS 144225 0 0 0 0 0 15532 0 46052 0 205809 0 0 0 PANAYIOTIS PETER KANELOS PRESIDENT - ANNAPOLIS - AS OF 07/17 120402 0 0 0 13912 0 7473 0 61659 0 203446 0 0 0 LAURIE REINHARDT-PLOTNIK VP ADVANCE. - ANNAPOLIS - UNTIL 03/18 172584 0 0 0 0 0 14576 0 17131 0 204291 0 0 0 PHELOSHA M COLLAROS VP OF ADVANCEMENT - SANTA FE 139694 0 0 0 0 0 11821 0 10453 0 161968 0 0 0 MICHAEL DURAN TREASURER - SANTA FE & CFO 125299 0 0 0 0 0 9819 0 16204 0 151322 0 0 0 CHRISTOPHER NELSON TUTOR - AS OF 07/2017 181497 0 0 0 8676 0 22304 0 93887 0 306364 0 0 0 DAVID MCDONALD ASSOCIATE DEAN - GI (SF) 144260 0 0 0 4628 0 12512 0 25435 0 186835 0 0 0 JAMES CAREY TUTOR - SANTA FE 134537 0 0 0 0 0 12711 0 25756 0 173004 0 0 0 EMILY LANGSTON ASSOCIATE DEAN (GI) - ANNAPOLIS 123330 0 0 0 0 0 12872 0 49857 0 186059 0 0 0 PART I, LINE 1A THE PRESIDENTS OF THE ANNAPOLIS (PETER KANELOS) AND SANTA FE (MARK ROOSEVELT) CAMPUSES ARE PROVIDED WITH HOUSING FOR THE CONVENIENCE OF THE COLLEGE AND IS A CONDITION OF EMPLOYMENT (PER EMPLOYMENT CONTRACT) THAT THE PRESIDENT RESIDE IN THE HOUSE PROVIDED. THE PRESIDENTS' HOMES ARE USED FOR MANY COLLEGE ACTIVITIES INCLUDING HOSTING EVENTS FOR STUDENTS, FACULTY, AND COLLEGE SUPPORTERS. THE CALCULATED NONTAXABLE BENEFIT RECEIVED BY EACH PRESIDENT FOR THE PERSONAL USE OF THE HOUSING AMOUNTED TO $75,502 AND $21,071 FOR ANNAPOLIS AND SANTA FE, RESPECTIVELY. IN ADDITION, PERSONAL SERVICES SUCH AS LANDSCAPER AND MAIDS ARE PROVIDED TO MAINTAIN THE UPKEEP ON THE RESIDENCE. A CITY OF ANNAPOLIS MARYLAND SERIES 2007A&B 526000764 035779CN5 2007-06-02 13689584 REFUNDED A PORTION OF 1998 BONDS 1 0 0 B PUBLIC FINANCE AUTHORITY 273866124 74442PCE3 2016-05-10 23866212 REFUNDED 1998, 2007B, AND 2011 SERIES BONDS, NEW MONEY 0 0 0 A 2173707 7820877 13689584 526850 265780 8171693 4725261 2008 0 1 1 1 B 550000 23866212 7820877 477324 6706316 6976916 1884779 2018 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 1 0 0 0 0 1 A 1 B 1 PART IV - NO REBATE DUE BOND A THE REBATE COMPUTATION FOR THE CITY OF ANNAPOLIS MARYLAND SERIES A&B BOND WAS PERFORMED ON JUNE 7, 2013. BRONTE JONES FORMER OFFICER HOME LOAN X 150000 47405 0 1 1 47405 MATT DAVIS DEAN OF SANTA FE CAMPUS 25600 GRANT TUITION ASSISTANCE JOSEPH MCFARLAND DEAN OF ANNNAPOLIS CAMPUS 25599 GRANT TUITION ASSISTANCE X 40 4162874 AVERAGE OF HIGH/LOW 0 1 0 PART I, COLUMN (B): THE TOTAL REPRESENTS THE TOTAL NUMBER OF CONTRIBUTIONS REVEIVED. FORM 990, PART VI, SECTION A, LINE 2 CHARLES AND CHRIS NELSON HAVE A FAMILY RELATIONSHIP. CHARLES IS CHRIS NELSON'S FATHER. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE COMPLETED FULL FORM 990 IS FURNISHED TO THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD. THE COMMITTEE WILL CONDUCT A REVIEW OF THE 990. UPON DISCUSSION AND REVIEW, THE COMMITTEE WILL MOTION AND APPROVE THE ACCEPTANCE OF THE FORM 990 AND POST A COPY OF THE COMPLETED 990 (EXCLUDING SCHEDULE B) ON A SECURE PORTAL FOR FULL BOARD REVIEW. THE AUDIT AND COMPLIANCE COMMITTEE WILL ALSO GRANT THE CHIEF FINANCIAL OFFICER PERMISSION TO PROCEED WITH SIGNING AND FILING THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS MONITORED AND COMPLIANCE IS ENFORCED THROUGH A YEARLY STATEMENT ALONG WITH THE COLLEGE'S POLICY BEING DISTRIBUTED TO ALL BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES FOR REVIEW AND SIGNATURE. THE SIGNED STATEMENTS ARE RETURNED TO BOTH THE PRESIDENT OF THE ANNAPOLIS CAMPUS AND THE PRESIDENT OF THE SANTA FE CAMPUS FOR REVIEW AND FOLLOW-UP. ANY POTENTIAL CONFLICTS ARE DISCUSSED BETWEEN THE PARTIES AND A RESOLUTION IS MADE TO RESOLVE THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 WITH RESPECT TO THE COMPENSATION OF THE DEANS, VICE PRESIDENTS AND TREASURERS, THE PRESIDENTS CONSULTED WITH AN INDEPENDENT CONSULTING FIRM WHICH SPECIALIZES IN PROVIDING EXECUTIVE COMPENSATION ADVICE TO COLLEGES AND UNIVERSITIES. ONE OF THE PRIMARY PURPOSES OF ENGAGING AN OUTSIDE FIRM WAS TO ASSURE COMPLIANCE WITH IRS REGULATORY REQUIREMENTS REGARDING THE REASONABLENESS OF EXECUTIVE COMPENSATION IN 501(C)(3) ORGANIZATIONS. THE EXECUTIVE COMMITTEE HAS ESTABLISHED WHAT IS KNOWN AS A REBUTTABLE PRESUMPTION OF THE REASONABLENESS OF COMPENSATION BY SATISFYING THREE REGULATORY REQUIREMENTS: (1) COMPENSATION RECOMMENDATIONS HAVE BEEN DEVELOPED BY AN INDEPENDENT COMMITTEE OF THE BOARD, (2) APPROPRIATE COMPARABILITY DATA HAS BEEN USED (PROVIDED BY THE CONSULTANT BASED ON ITS SURVEY), AND (3) THE PROCESS HAS BEEN ADEQUATELY DOCUMENTED THROUGH THE MINUTES OF THE EXECUTIVE COMMITTEE. THAT COMMITTEE CONSIDERS THE RECOMMENDATIONS OF THE PRESIDENTS RELATIVE TO THE VICE PRESIDENTS AND TREASURERS, AND CONSIDERS THE PROJECTED FORMULA-BASED SALARIES OF THE DEANS, ALL IN LIGHT OF THE EXTERNAL COMPARISONS PROVIDED BY THE CONSULTANT. THE COMMITTEE ALSO CONSIDERS THE BENEFITS PROVIDED TO THE OFFICERS THAT MAKE UP A PART OF THE TOTAL COMPENSATION PACKAGE. THE EXECUTIVE COMMITTEE MAKES THE FINAL DECISIONS AS TO EACH INDIVIDUAL'S COMPENSATION. AS FOR THE RECOMMENDATIONS RELATIVE TO THE PRESIDENTS, THOSE SALARIES AND BENEFITS ARE REVIEWED BY THE EXECUTIVE COMMITTEE IN THE ABSENCE OF THE PRESIDENTS AND AFTER RECEIVING REPORTS FROM THE BOARD CHAIR CONCERNING THE PERFORMANCE OF THE PRESIDENTS UPON REVIEW BY THE PRESIDENTIAL REVIEW COMMITTEE. THE EXECUTIVE COMMITTEE REVIEWS THE SAME DATA AND COMPARISONS PROVIDED BY THE CONSULTANT FOR THE OTHER OFFICERS. THE EXECUTIVE COMMITTEE MAKES ITS RECOMMENDATION TO THE FULL BOARD, ACTING IN EXECUTIVE SESSION, WHICH ACTS AFTER GETTING THE FULL REPORT FROM THE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 FORM 1023, FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. IN ADDITION, THE FORM 990 IS AVAILABLE ON GUIDESTAR (CANDID) AND THE CONFLICT OF INTEREST POLICY IS PUBLISHED ANNUALLY IN THE STAFF HANDBOOK. FORM 990, PART XI, LINE 9: POSTRETIREMENT CHANGES OTHER THAN NET PERIODIC BENEFIT COST 1,244,914. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 1,115,761. CHANGE IN ACCRUED SABBATICAL LEAVE 474,140. CHARITABLE REMAINDER UNITRUSTS (3) INVESTMENT MD N/A T 0 CHARITABLE REMAINDER UNITRUSTS (3) INVESTMENT NM N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0