2018-05-14T06:45:29-05:00 2017-06-30 390859910 Baker Tilly Virchow Krause LLP 1650 Market Street Suite 4500 Philadelphia PA 191037341 990 2016-07-01 221487164 Drew University DREW 9734083501 36 Madison Avenue Madison NJ 07940 John Vitali Vice President Finance & Admin 9734083501 2018-05-11 1 Julius C Green CPA P00350393 2159720701 96.89.178.154 2018-05-11 08:53:06 ED P DE17CE2927617F2361F49D5621C531FD5B4B384A 9D0D8DD59390B7764A3ECE0F40BBFE3618018605 2016 2021-01-29 14:40:06Z Dr Maryann Baenninger 36 Madison Avenue Madison NJ 07940 176030295 0 X WWW.DREW.EDU X 1868 NJ The University offers graduate and undergraduate studies and is comprised of the college of liberal arts, the theological school, and the caspersen school of graduate studies. 30 27 1675 30 47451 -66053 11449080 6910245 91577768 96557767 34302038 36095202 2281124 2553954 139610010 142117168 39790787 42997724 0 0 49417637 53803298 0 0 3461248 41272011 43678548 130480435 140479570 9129575 1637598 327961391 308325805 102574147 100043770 225387244 208282035 X To offer its diverse community of learners a challenging and individualized education shaped by a deep-rooted culture of mentoring, thoughtful engagement with the world beyond its campus, and a steadfast commitment to lifelong cultivation of the whole person.Through its distinctive emphasis on the reciprocity of knowledge, experience, and service, drew prepares its students to flourish both personally and professionally as they add to the world's good by responding to the urgent challenges of our time with rigorous, independent, and imaginative thought. 0 0 67122258 37427607 67752624 The Drew University college of liberal arts affirms a commitment to its founding vision to offer its students a liberal arts education of the highest quality through a rigorous course of study. The college challenges students to explore the arts, natural sciences, social sciences, humanities, and interdisciplinary fields in depth and to develop their capacities for critical thought, problem solving, effective communication, creativity, self discipline, and empathy. As the college prepares students for academic and professional achievement, it provides them with essential skills for living and continuing to learn and to grow in an increasingly diverse and complex world. 8782705 3501586 4867771 Drew Theological school empowers leadership for a global christianity of justice, ecumenism, and the integrity of creation. Its pastoral, spiritual, and conceptual disciplines grow within an intimate liturgical and communal contest, one that sustains multiple relations of difference. Through its particular historical commitments to African, Asian, African-American, hispanic, and women's ministries, the theological school remains faithfully rooted in its methodist heritage. Continued on Schedule O.Drew nurtures christian practices through vital partnership with local churches and international networks of education. Trans-disciplinary interpretation of text, tradition, and experience energizes its scholarly vigor. Drew engenders theologies responsible to the complex realities of an interconnected world. Into that world, Drew sends pastors, preachers and prophets, deacons, activists, and teachers. 4608283 2068531 3095529 The Caspersen school of graduate studies was founded on the principle of the importance of interdisciplinary study in the humanities. The goal of the school's founders was to foster broadly educated people who have expertise in a field of thought but who are also familiar with and articulate in a range of humanistic studies. Continued on Schedule O.This mission continues to distinguish the Caspersen school among institutions with doctoral programs in the humanities. our intent is to train persons who are properly prepared not only in specific recognized fields but also in interdisciplinary dialogue. We celebrate the joy of learning as we prepare able, well informed graduates who pursue careers in higher education, in the religious and medical communities, and in the broader intellectual world. As such, we are well positioned to meet the increasing call for interdisciplinary approaches both in the academy and in the wider world. Integral to our mission is encouraging our faculty and students alike to pursue creative research in the humanities and to make the results of their work available through teaching, participation in scholarly meetings, various forms of publication and intellectual discourse; to that end we continue to explore new possibilities of enhancing interdisciplinary studies in the humanities. 41003257 0 23427300 Other program expenses reflect educational program expenses not directly related to one of the schools described above. It includes an allocated method of program, auxiliary, and student service expenses. Other program activities also include expenses and revenues from the university's continuing education and summer programs. 41003257 0 23427300 121516503 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 1 0 0 1 380 0 1 1675 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 X 30 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 0 X John Vitali CFO & VP Finance 9734083501 36 Madison Avenue Madison NJ 07940 Dean T Criares Chair 1.00 X X 0 0 0 William M Freeman Vice Chair 1.00 X X 0 0 0 Fredrick Fuest Vice Chair 1.00 X X 0 0 0 Gary S Stein Secretary 1.00 X X 0 0 0 MaryAnn Baenninger President (non-voting) 50.00 X X 563273 0 73880 Bishop Thomas J Bickerton Trustee 1.00 X 0 0 0 Judith E Campbell Trustee 1.00 X 0 0 0 William M Cicchino Trustee 1.00 X 0 0 0 D Stuart Dunnan Trustee 1.00 X 0 0 0 J Anthony Ehinger Trustee 1.00 X 0 0 0 Emilia A Fabricant Trustee 1.00 X 0 0 0 Robert Franek Trustee 1.00 X 0 0 0 Angela B Gerken Trustee 1.00 X 0 0 0 Bruce Hartman Trustee 1.00 X 0 0 0 Bishop Peggy A Johnson Trustee 1.00 X 0 0 0 William T Knox Trustee 1.00 X 0 0 0 William W Landis III Trustee 1.00 X 0 0 0 Hwain C Lee Trustee 1.00 X 0 0 0 Betsy S Michel Trustee 1.00 X 0 0 0 Edward Moed Trustee 1.00 X 0 0 0 Lawrence G Morris Trustee 1.00 X 0 0 0 Jeffrey B Noss Trustee 1.00 X 0 0 0 Joseph C Noto Trustee 1.00 X 0 0 0 Eric Purcell Trustee 1.00 X 0 0 0 DeAndre M Salter Trustee 1.00 X 0 0 0 Bishop John Schol Trustee 1.00 X 0 0 0 Chris Smith Trustee 1.00 X 0 0 0 Suzanne Mertz Spero Trustee 1.00 X 0 0 0 Vanessa L Van Brunt Trustee 1.00 X 0 0 0 Jennifer Velez Trustee 1.00 X 0 0 0 Pauline Wardell-Sankoh Trustee 1.00 X 0 0 0 John Vitali VP Finance & Administration 50.00 X 144110 0 20269 Robert Massa VP Enrollment Man. 50.00 X 262682 0 28148 Kira Poplowski VP Communications 50.00 X 168756 0 24562 Sara Waldron VP Student Life 50.00 X 209106 0 25989 Kenneth Alexo VP Advancement 50.00 X 214442 0 28223 Marti Winer Chief of Staff 50.00 X 227164 0 15260 Renee Lischin AVP Finance/Controller 50.00 X 179025 0 121 Michael Groener Former CFO & VP Finance 0.00 X 274043 0 19962 2242601 0 236414 80 1 1 0 LEEGIS GROUP INC 2333 US HIGHWAY 22 UNION NJ 07083 CONSTRUCTION 10349643 ARAMARK CORPORATION 135 NEW ROAD MADISON NJ 07940 FOOD SERVICE 5718764 ARAMARK HIGHER EDUCATION 24818 NETWORK PL CHICAGO IL 60673 facilitieS MAINTENANCE 1766795 GREENWOOD ABATEMENT CONSULTANTS 511 MAIN ST BUTLER NJ 074051095 ASBESTOS ABATEMENT 1331506 BRAVO BUILDING SERVICES INC 29 KING GEORGE RD GREENBROOK NJ 08812 CLEANING MAINTENANCE 1267501 44 119049 1095958 5695238 187708 6910245 tuition and fees 611310 75715924 75715924 auxiliary income 721310 20841843 20827658 14185 96557767 1316741 33266 1283475 68598900 33820439 34778461 34778461 34778461 47000 119049 92688 -45688 -45688 ENDOWMENT TRUST INCOME 900099 851540 851540 Vehicle Registration Fees 900099 149521 149521 Shakespeare Income 900099 116020 116020 1482561 1482561 2599642 142117168 98142163 47451 37017309 42997724 42997724 1168704 547847 546813 74044 72801 72801 39461149 32501971 5116920 1842258 2284961 1858828 318531 107602 8092067 6582941 1137702 371424 2723616 2215676 379681 128259 157329 157329 262179 262179 58242 58242 1367604 1367604 2460010 229392 2160758 69860 736226 388178 132793 215255 1981274 1788696 176342 16236 10634483 9825143 752011 57329 1183054 1050621 22085 110348 1067709 997404 42791 27514 2350981 2350981 9494958 8969602 468006 57350 640266 628118 12148 FOOD EXPENSES 4798986 4657309 4509 137168 EQUIPMENT RENTAL & MAIN 1805926 633010 1111287 61629 SUPPLIES 1687263 1312355 210443 164465 LIBRARY MATERIALS 911595 911595 0 0 2080463 1697230 374874 8359 140479570 121516503 15501819 3461248 3874570 5749978 13635388 9149279 5529444 3530655 2133856 2346770 1926799 1624579 69201 171001 1120606 538339 310840511 158962003 152289256 151878508 30077628 22754218 110116359 103715860 7188284 6866618 327961391 308325805 7638842 10197047 6676468 10610356 62281922 56291264 25976915 22945103 102574147 100043770 X 53032166 31621582 72753282 77149366 99601796 99511087 225387244 208282035 327961391 308325805 X 1637598 -22169401 3426594 X 0 1 X 1 1 1 X 8665687 9708469 14081795 11449080 6910245 50815276 8665687 9708469 14081795 11449080 6910245 50815276 50815276 1193604 1166666 1780800 1785590 1316741 7243401 1001061 1001061 59059738 473711484 0.86040 0.84590 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 58242 58242 0 Part II-B, Line 1: Winning Strategies Washington works on behalf of Drew University to advocate and advance funding and policy fixes from their inception to conclusion through the legislative, appropriations, and regulatory processes. Specifically, it has a strong understanding of what strategies work best in gaining the interest and support of members of congress, especially with regard to working effectively with members of the New Jersey delegation on behalf of the University. In addition, the University is a member of and pays annual dues to the following consortium groups: The Association of Independent Colleges and Universities in New Jersey (AICUNJ) The National Association of Independent Colleges and Universities (NAICU) The University works together with these groups to make an impact on common ideas/goals, especially with government. Each year, the groups lobby for an increase or at least a stabilization of government funds for student aid and other issues in which Drew University is very interested. The University's goal is to secure as much funding as possible to assist in the mission. 155871000 586000 12550000 8957000 160050000 197261000 1095000 2689000 10768000 29028000 155871000 199411000 4985000 3266000 10401000 197261000 187328000 1982000 20152000 10051000 199411000 175774000 1074000 21595000 11115000 187328000 0.15480 0.50610 0.33910 0 0 2494457 2494457 254259302 130966226 123293076 21364199 14013060 7351139 32722553 13982717 18739836 151878508 Alternative Investments 77599929 F Perpetual trusts held by third parties 17416271 F Pooled Income Funds 6231321 F Bond Proceeds held by trustees 2468339 F 103715860 Student security deposits 766382 Annuity liability 1179340 asset retirement obligations 2475167 post retirement benefits 17319063 federal student loan funds 1106658 obligations under capital lease 98493 22945103 X Part V, Line 4: Endowment funds are to be held in perpetuity and to provide for the generation of investment income through strategic investing as approved by the board of trustees investment committee. This investment income is used to provide support of the University's mission statement, commensurate with the donor and board specific instructions on how the funds are to be used. Part X, Line 2: There are certain transactions that could be deemed unrelated business income and would result in a tax liability. Management reviews transactions to estimate potential tax liabilities using a threshold of more likely than not. It is management's estimation that there are no material tax liabilities that need to be recorded. 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 university has publicized its non-discriminatory policy through recruiting materials sent to students. the university's affirmative action/eeo policy is as follows: Drew University is committed to seeking academic excellence while striving continuously to be a welcoming, diverse, and socially-just campus. We aspire to provide an education that in content, scope, and pedagogy embraces difference and promotes respect that extends beyond the classroom to all university spaces and to local and global communities. DIversity encompasses multiple dimensions, including, but not limited to, race, culture, nationality, ethinicity, geographic origin, class, sexual orientation, gender, disabilities, age, and religion. Continued below Schedule E, Part I, Line 6 The university received funds from the federal government and state of new jersey in the form of federal pell grants, federal work study programs, and federal direct loan programs (all of which fall under student assistance). Additionally, the university received funds from various research and development funds such as national science foundation, national aeronautics and space administration, and the department of health and human services. Line 3 continued: OUR INTENT IS TO ACHIEVE A LEARNING ENVIRONMENT IN WHICH STUDENTS, FACULTY, AND STAFF UNDERSTAND THE CHALLENGES, ACCOMPLISHMENTS, AND PERSPECTIVES OF VARIOUS GROUPS OF PEOPLE, THUS GAINING A FULLER UNDERSTANDING OF THEMSELVES AS WELL AS HOW TO ENGAGE IN CONVERSATION SPANNING DIFFERENCES AND COMMONALITIES. ACHIEVING THIS VISION IS A FUNDAMENTAL COMMITMENT CRITICAL TO DREW UNIVERSITY'S MISSION AS AN INSTITUTION OF HIGHER LEARNING. Central America and the Caribbean 0 0 Investments 38035394 Europe (Including Iceland & Greenland) 0 0 Program Services Study Abroad Program 276173 Sub-Saharan Africa 0 0 Program Services Study Abroad Program 117182 South America 0 0 Program Services Study Abroad Program 59485 East Asia and the Pacific 0 0 Program Services Study Abroad Program 138617 Central America and the Caribbean 0 0 Program Services Study Abroad Program 42632 Middle East and North Africa 0 0 Program Services Study Abroad Program 14700 0 0 0 0 0 0 38684183 0 38684183 1 0 1 1 1 1 Green Golf 82550 42550 40000 56060 8529 CRCC Gala 83499 76499 7000 5000 103 5719 4595 1984 10698 166049 119049 47000 5000 103 61779 4595 1984 19227 92688 -45688 1 Scholarships & Financial Aid 1699 35736710 Endowed Scholarships 195 7261014 Part I, Line 2: Drew University granted funds to students in the form of scholarships, fellowships, student loans, as well as other financial aid. Financial aid is granted to students based on eligibility guidelines as defined by the federal department of education as well as the state of New Jersey. If a student is not eligible to receive federal or state based financial aid, the aid will not be applied to the student's account. In addition, Drew University grants funds to students in the form of institutional aid based on merit and need criteria. X 1 1 X X X 1 0 0 0 0 0 0 0 0 MaryAnn Baenninger President (non-voting) 547685 0 0 0 15588 0 21200 0 52680 0 637153 0 0 0 John Vitali VP Finance & Administration 142365 0 0 0 1745 0 11000 0 9269 0 164379 0 0 0 Robert Massa VP Enrollment Man. 249383 0 0 0 13299 0 20100 0 8048 0 290830 0 0 0 Kira Poplowski VP Communications 167493 0 0 0 1263 0 13840 0 10722 0 193318 0 0 0 Sara Waldron VP Student Life 207918 0 0 0 1188 0 16844 0 9145 0 235095 0 0 0 Kenneth Alexo VP Advancement 213254 0 0 0 1188 0 16884 0 11339 0 242665 0 0 0 Marti Winer Chief of Staff 225976 0 0 0 1188 0 1224 0 14036 0 242424 0 0 0 Renee Lischin AVP Finance/Controller 179025 0 0 0 0 0 0 0 121 0 179146 0 0 0 Michael Groener Former CFO & VP Finance 110090 0 0 0 163953 0 9200 0 10762 0 294005 0 0 0 Part I, Line 1a The University provides a housing allowance when the duties and responsibilites of the employee require their services on a 24-hour basis throughout the year. This benefit is provided on a non-tax basis as a condition of their employment in order for them to accomplish their required and continuous duties and responsibilities on campus. Amounts are included on schedule J, part II, column (d), as applicable. This benefit is provided to the following individual: * Maryann Baenninger The following employees are provided campus housing, but it is not a condition of their employment and as such is included in taxable income and reported on schedule J, Part II, column (b)(iii), as applicable: * Michael Groener The automobile allowance for the following employees is part of their compensation agreement and is reflected in their taxable income: * Maryann Baenninger * Robert Massa Part I, Line 4a Severance payments were made as follows during the year: Michael Groener - $145,296 A NJ Edu Fac Auth - 2003 Series C 221829511 64605ldz8 2003-05-29 22872229 Capital Improvements 1 0 0 B NJ Edu Fac Auth - 2007 Series D 221829511 646065cw0 2007-04-12 30557236 Advance Refunding & New Money 1 0 0 C NJ Edu Fac Auth - 2008 Series I 221829511 2011-06-27 24000000 Capital Improvements 0 0 0 D NJ Edu Fac Auth - 2010 Series C1 C2 C3 221829511 2010-11-15 15580000 Advance Refunding & New Money 0 0 0 A 7080000 18465000 2298084 843950 391128 269853 71738 19794335 2006 0 0 1 1 B 3460000 28145648 1454477 1139956 353000 23600375 6522767 2015 0 1 1 1 C 10434956 20271137 59460 11954000 2015 0 0 1 1 D 850000 9008684 164190 5090000 3915376 0 1 0 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 D 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 1 0 0 0 1 D 0 0 0 1 1 0 0 0 1 A 1 B 1 C 1 D 1 Schedule K, Part II, Column B, Line 3 New Jersey Educational Facilities Authority 2003 Series C, 2007 Series D, 2008 Series I and 2010 Series C1, C2, & C3 - Line 3 differs from part I as a result of bond premiums. Schedule K, Part IV, Line 2c: Arbitrage rebate calculation An arbitrage rebate calculation was completed during fiscal year 2014 for the following bond issues: 2007 Series D AND 2008 Series I. An Arbitrage rebate calculation was completed during fiscal year 2013 for the following bond issues: 2010 Series C1, C2, & C3. Schedule K, Part I, Column I Pooled financing issue In January 2014, New Jersey Educational Facilites authority issued "higher education equipment leasing fund program issue, series 2014 B" The issue price was $8,131,497 and Drew University's portion of the issue was $703,754. In April 2014, New Jersey Educational Facilities authority issued "Revenue Bonds, Higher Ed. Capital Improvement fund issue, series 2014 B" The issue price was $19,369,367 and Drew University's portion of the issue was $3,203,000. In July 2016, New Jersey Educational Facilities Authority issued advanced refunding bonds totaling $956,444; Drew University's portion of the issue was $482,165. Schedule K, Part II, Line 17: Final allocation has not been made for the following: NJ Edu Fac Auth 2010 C1, C2, C3 NJ Edu Fac Auth ELF Series 2014B NJ Edu Fac Auth CIF Series 2014B 2016 Series A A NJ Edu Fac Auth - ELF 221829511 6460658j4 2014-01-30 8131497 Capital Improvements 0 0 0 B NJ Edu Fac Auth - CIF 221829511 6946066dg 2014-04-29 19369367 Advance Refunding 0 0 0 C NJ EDU FACILITIES AUTHORITY 2016 SERIES A 221829511 2016-07-26 956444 ADVANCE REFUNDING AND NEW MONEY 0 0 0 A 42356 703754 4773 698981 0 0 0 1 B 102891 3203000 3203000 0 1 0 1 C 86863 482165 482165 0 1 0 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 C 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 John S Norton see part v 52166 See part v 0 Kenneth Alexo See Part V 242666 See Part V 0 Jessica Appicelli See part v 15016 See Part V 0 Schedule L, Part IV (A) NAME OF INTERESTED PERSON: JOHN S. NORTON(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND THE ORGANIZATION: JOHN S. NORTON IS AN EMPLOYEE OF DREW UNIVERSITY AND THE BROTHER-IN-LAW OF SUZANNE MERTZ SPERO, A TRUSTEE ON THE BOARD.(D) DESCRIPTION OF TRANSACTION: THE AMOUNT OF THE TRANSACTION IS THE COMENSATION PAID BY THE UNIVERSITY FOR EMPLOYMENT.(A) NAME OF INTERESTED PERSON: KENNETH ALEXO(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND THE ORGANIZATION: KENNETH ALEXO IS AN EMPLOYEE OF DREW UNIVERSITY AND THE SON-IN-LAW OF FREDERICK FUEST, A TRUSTEE ON THE BOARD.(D) DESCRIPTION OF TRANSACTION: THE AMOUNT OF THE TRANSACTION IS THE COMENSATION PAID BY THE UNIVERSITY FOR EMPLOYMENT.(A) NAME OF INTERESTED PERSON: JESSICA APPICELLI(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND THE ORGANIZATION: JESSICA APPICELLI IS AN EMPLOYEE OF DREW UNIVERSITY AND THE WIFE OF ERIC PURCELL, A TRUSTEE ON THE BOARD.(D) DESCRIPTION OF TRANSACTION: THE AMOUNT OF THE TRANSACTION IS THE COMENSATION PAID BY THE UNIVERSITY FOR EMPLOYMENT X 7 148808 FMV X SCIENTIFIC EQUIPMENT 1 38900 Cost 0 0 1 0 Part I, Column (b): The number of contributions or items contributed in column B represents the number of contributors. Form 990, Part VI, Section B, line 11b All members of the board of trustees were provided with a copy of the form 990 via the trustee web-site prior to its filing with the IRS. Form 990, Part VI, Section B, line 12c All decisions of the board of trustees, officers, and employees of Drew University are to be made solely on the basis of a desire to promote the best interests of the university. It is, therefore, the policy of the board and the university that: (1) all activities or behavior which conflict with the best interests of the university are prohibited. This could include but would not be limited to (a) use of university resources - for a university trustee, officer, or employee to make improper use of any university resources, including the services of university employees, for his or her own personal benefit, (b) compliance with rules - for a university trustee, officer, or employee to fail to comply with the university's duly established rules, regulations, or standards of personal behavior (c) disclosure of confidential information - for a university trustee, officer, or employee, without proper authority, to give or release to anyone not authorized to receive such information, any data of a confidential nature secured through his or her relationship to the university (d) acceptance of gifts - for a university trustee, officer or employee, or any dependent member of his or her immediate family to accept from any organization or person that they know to be doing or seeking to do business with the university, a loan or a gift or favor of more than nominal value. This paragraph shall not be deemed to prohibit loans made in the normal course of business with the terms standard for such loans from banks or financial institutions that may have or expect to have relations with the University (e) competition with the university - for a university trustee or officer, directly or through a corporation in which he or she has a substantial interest, to engage in, for remuneration, any other activity which is in direct competition with the university, except with the knowledge and written consent of the president or the president's designee. If the activity is that of the president, such consent must be given by the chair of the board. (2) Involving the university and a member of the board or any officer of the university (or a member of his or her immediate family), or an organization with which a member of the board or any officer of the university is "affiliated," such trustee or officer, as soon as he or she has knowledge of the transaction, shall (a) disclose fully the precise nature of his or her interest or involvement in such transaction and/or such organization, and (b) refrain from participation in the university's consideration of the proposed transaction for the purposes of this conflict of interest policy, a trustee or officer is "affiliated" with any organization of which he or she (or a member of his or her immediate family) is an employee, general partner, member of the board of directors, trustee, or in which he or she (or a member of his or her immediate family) owns 10% or more of the outstanding stock. (3) That the following persons disclose to the university on a continuing basis all their relationships and business affiliations that reasonably could give rise to a conflict of interest, or the appearance of a conflict of interest, involving the university - the trustees (including the president), the vice presidents of the university, the deans, and such other officers as the president shall designate as being officers from whom, because of their respective duties and responsibilities, the university should receive a continuing disclosure of such outside relationships and business affiliations. All disclosures required to be made hereunder must be directed in writing to the executive committee of the board of trustees which shall have, with the assistance of the vice president of administration and of the vice president for finance and business affairs, the responsibility for monitoring of this policy, including the administration and enforcement thereof. The executvie committee shall be advised immediately of any disputes or other issues arising out of the application of this policy so that it can determine what, if any, action is appropriate. Form 990, Part VI, Section B, line 15 Compensation for the president, other officers, and key employees is determined by the Drew board of trustees on the recommendation of the board's executive compensation committee. No individuals with a conflict of interest may be involved in the compensation determination process. Comparability data for similarly qualified persons in functionally comparable positions at similar organizations is prepared by the organization and reviewed by the board's executive compensation committee. The minutes of the board of trustees and its executive compensation committee document the board's and committee's deliberations and decisions regarding compensation. Compensation reviews take place in May of each year. The benchmark data is derived from a custom report of about 68 institutions that are similar to Drew in size, scope, and operating budget. Mean and median salaries for positions that are comparable to Drew's administrative officers are derived from the data provided by cupa and used to determine the benchmark. The benchmark is used by the committee to determine the appropriateness of current salaries, salary increases, and salaries of new executive hires. 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: Change in fair value of trusts, pooled income fund, and gift annuities 1,273,759. Postretirement related changes other than net periodic postretirement cost 2,021,731. rECLASS pERKINS lOAN NET ACTIVITY FROM FUND BALANCE TO LIABILITIES 108,261. OTHER CHANGES 22,843. University Housing Project Corporation 36 Madison Ave Madison NJ 07940 222970182 Developing Housing NJ 501(c)(3) Line 12a, I Drew University 1 Copper Beech Condominium Association 36 Madison Ave Madison NJ 07940 223094649 Real Estate NJ University Housing Project C 106987 396488 0.54150 1 Charitable Remainder Trusts (2) trusts NJ 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 University Housing Project Corporation A 190931 cost University Housing Project Corporation Q 441318 cost Copper Beech Condominium Association D 53082 cost Copper Beech Condominium Association Q 176730 cost