2017-02-14T16:39:13-06:00 2016-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1000 COMMERCE PARK DRIVE SUITE 430 WILLIAMSPORT PA 17701 990 2015-06-01 231352652 JUNIATA COLLEGE JUNI 8146413000 1700 MOORE STREET HUNTINGDON PA 16652 KARLA WISER CONTROLLER 8146413000 2017-02-08 1 RICK BAIR P00062995 5703236023 2017-02-08 2015 2021-01-29 14:40:06Z JAMES TROHA 1700 MOORE STREET HUNTINGDON PA 16652 90793354 0 X WWW.JUNIATA.EDU X 1876 PA JUNIATA COLLEGE IS A PRIVATE AMERICAN LIBERAL ARTS COLLEGE IN HUNTINGDON, PA. 35 35 1525 1212 0 0 7107544 9645511 71995717 72986246 9905097 2406728 1424082 1369825 90432440 86408310 31125556 31792376 0 0 32031163 32033367 0 0 242938 21102296 21310486 84259015 85136229 6173425 1272081 208342027 218199501 61815315 79093676 146526712 139105825 X THE COLLEGE HAS A TRADITION OF MAINTAINING THE SENSE OF PEACE, SIMPLICITY, COMMUNITY, AND SERVICE SET FORTH BY ITS CHURCH OF THE BRETHREN FOUNDERS. THROUGH ENCOURAGING PERSONAL, INTELLECTUAL, PHYSICAL, AND SOCIAL GROWTH IN EACH STUDENT AND MODELING VALUES OF MUTUAL RESPECT AND COOPERATION IN ITS CAMPUS COMMUNITY, THE COLLEGE SEEKS, THROUGH PROVIDING AN ENGAGING PERSONALIZED EDUCATIONAL EXPERIENCE, TO DEVELOP IN ITS STUDENTS THE SKILLS, KNOWLEDGE, AND VALUES THAT LEAD TO A FULFILLING LIFE OF SERVICE AND ETHICAL LEADERSHIP IN THE GLOBAL COMMUNITY. 0 0 71875794 31792376 72986246 JUNIATA COLLEGE IS A NONPROFIT EDUCATIONAL INSTITUTION ESTABLISHED IN 1876 TO PROVIDE HIGHER EDUCATION TO STUDENTS. JUNIATA COLLEGE PROVIDES SCHOLARSHIPS AND GRANTS TO STUDENTS TO HELP DEFRAY THE COST OF THEIR EDUCATION; THEY ARE BASED ON BOTH MERIT AND NEED. A SMALL PORTION OF THESE GRANTS IS MADE THROUGH THE FEDERAL SUPPLEMENTAL EQUAL OPPORTUNITY GRANT PROGRAM; ANOTHER PORTION IS FUNDED THROUGH GIFTS OR ENDOWMENT ALLOCATIONS; THE REMAINING AMOUNTS ARE SUPPORTED WITH CURRENT FUND UNRESTRICTED FUNDS. DURING THE YEAR ENDED MAY 31, 2016, THE COLLEGE PROVIDED STUDENT FINANCIAL AID FROM INTERNAL RESOURCES OF APPROXIMATELY $29,153,000, WHICH REPRESENTED 50% OF GROSS TUITION AND FEE REVENUE. DURING THE YEAR, THE COLLEGE PROVIDED STUDENT FINANCIAL AID FROM MONIES CONTRIBUTED TO THE COLLEGE BY ALUMNI AND FRIENDS OF APPROXIMATELY $2,640,000. 71875794 1 1 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 2012 0 1 1525 1 0 0 0 0 0 1 1 0 0 0 0 X 35 35 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X KARLA WISER CONTROLLER 8146413707 1700 MOORE STREET HUNTINGDON PA 16652 ROBERT N MCDOWELL CHAIR 1.00 X X 0 0 0 TIMOTHY D STATTON VICE CHAIR 1.00 X X 0 0 0 GAIL M HABECKER TREASURER 1.00 X X 0 0 0 CAROL J ELLIS SECRETARY 1.00 X X 0 0 0 NICOLE C CLOSE TRUSTEE 1.00 X 0 0 0 JAYNE K DONAHUE TRUSTEE 1.00 X 0 0 0 WILLIAM P HAYES TRUSTEE 1.00 X 0 0 0 NATHAN HEVRONY TRUSTEE 1.00 X 0 0 0 STEVEN J HOLSINGER TRUSTEE 1.00 X 0 0 0 GARY A RAYMOND TRUSTEE 1.00 X 0 0 0 CHRISTOPH SCHWEMMLEIN TRUSTEE 1.00 X 0 0 0 GEORGE P VALKO TRUSTEE 1.00 X 0 0 0 DAVID P ANDREWS TRUSTEE 1.00 X 0 0 0 DAVID C BEACHLEY TRUSTEE 1.00 X 0 0 0 PAT CHANG-LO TRUSTEE 1.00 X 0 0 0 CARL D GLAESER TRUSTEE 1.00 X 0 0 0 ETHAN J GIBBEL TRUSTEE 1.00 X 0 0 0 BARRY J HALBRITTER TRUSTEE 1.00 X 0 0 0 ELAINE V JONES TRUSTEE 1.00 X 0 0 0 FRED C MASON TRUSTEE 1.00 X 0 0 0 LINDA W MCKONLY TRUSTEE 1.00 X 0 0 0 BRUCE L MOYER TRUSTEE 1.00 X 0 0 0 RICHARD E PAULHAMUS TRUSTEE 1.00 X 0 0 0 WILLIAM A RYS TRUSTEE 1.00 X 0 0 0 HENRY F SIEDZIKOWSKI TRUSTEE 1.00 X 0 0 0 MARY M WHITE TRUSTEE 1.00 X 0 0 0 BRUCE DAVIS TRUSTEE 1.00 X 0 0 0 DAVID J FAHEY TRUSTEE 1.00 X 0 0 0 TRACY L GRAJEWSKI TRUSTEE 1.00 X 0 0 0 JOHN T HILL TRUSTEE 1.00 X 0 0 0 ERIC C JENSEN TRUSTEE 1.00 X 0 0 0 JODIE E MONGER GRAY TRUSTEE 1.00 X 0 0 0 JOHN A NAGL TRUSTEE 1.00 X 0 0 0 GAYLE W POLLOCK TRUSTEE 1.00 X 0 0 0 CHARLES W WISE III TRUSTEE 1.00 X 0 0 0 ROBERT E YELNOSKY ASST. TREASURER/VP FINANCE & OPERATIONS 40.00 X 139938 0 28194 BETHANY SHEFFIELD ASST. SECRETARY/EXEC. ASST. TO PRESIDENT 40.00 X 38703 0 15037 JAMES A TROHA PRESIDENT 40.00 X 298650 0 43466 GABRIEL J WELSCH VICE PRESIDENT FOR ADVANCEMENT & MARKETING 40.00 X 131041 0 27232 FUMIO SUGIHARA UNTIL 52316 VICE PRESIDENT FOR ENROLLMENT 40.00 X 125934 0 26640 LAUREN BOWEN PROVOST 40.00 X 165342 0 30217 LOREN K RHODES INFORMATION TECHNOLOGY ENDOWED CHAIR 40.00 X 115265 0 23354 JILL B KEENEY GOODMAN ENDOWED CHAIR BIOLOGY 40.00 X 111150 0 19796 MARLENE E BURKHARDT PROFESSOR OF ECON. & BUSINESS 40.00 X 109659 0 18334 GERALD W KRUSE DALE PROFESSOR OF IT/CS/MATH & ASST. PROVOST 40.00 X 106025 0 21552 JAMES D BORGARDT PROFESSORSHIP IN PHYSICS 40.00 X 104535 0 19396 1446242 0 273218 19 0 1 0 SODEXO INC CAMPUS BOX 936 JUNIATA COLLEGE HUNTINGDON PA 16652 FOOD SERVICES 4581714 RS MOWERY & SONS INC 1000 BENT CREEK BOULEVARD MECHANICSBURG PA 17050 CONSTRUCTION SERVICES 786065 DC GOODMAN & SONS INC PO BOX 554 HUNTINGDON PA 16652 CONSTRUCTION SERVICES 218011 LINK COMPUTER CORP STADIUM DRIVE BELLWOOD PA 16617 SOFTWARE SERVICES 187974 BCA STUDY ABROAD 605 COLLEGE AVENUE NORTH MANCHESTER IN 46962 STUDY ABROAD SERVICES 157050 12 20980 1002407 8622124 1461471 9645511 TUITION & FEES 611310 60111972 60111972 AUXILIARY ENTERPRISES 611310 12874274 12874274 72986246 2330271 2330271 265350 329528 -64178 -64178 -64178 3884380 229177 3896575 140525 -12195 88652 76457 76457 16843 20980 18416 -1573 -1573 CONFERENCES 900099 506078 506078 PARTICIPANT 900099 156954 156954 FACILITIES RENT - OTHER 900099 137948 137948 634596 634596 1435576 86408310 72986246 0 3776553 31792376 31792376 2069662 1034831 875370 159461 21008812 13420313 7588499 1714399 1106291 608108 5550155 3458563 2091592 1690339 1037809 652530 34323 34323 80463 80463 397638 397638 999443 999443 321262 321262 712360 623556 73660 15144 921465 660495 260970 1793913 1483505 303660 6748 1575293 1463024 50684 61585 1386646 1386646 3636714 3636714 374772 374772 FOOD SERVICES 3858842 3858842 PROGRAMMING 1488336 1488336 EQUIPMENT REPAIR AND MA 291733 291733 ATHLETIC SUPPLIES 183908 183908 3253375 3253375 85136229 71875794 13017497 242938 32816 34998 10202572 7365425 2639701 3287317 602786 1256347 1824945 1636808 319099 314474 640320 996219 132421099 59390790 72979133 73030309 106426382 102943620 4110382 3863993 8563891 23469991 208342027 218199501 4348666 4656047 3238074 3040251 42342942 60504369 2708636 2793336 303781 129861 1446664 702663 7426552 7267149 61815315 79093676 X 49383131 44126033 28344868 24397208 68798713 70582584 146526712 139105825 208342027 218199501 X 1272081 -3898962 -4794006 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1641732 X X X 0 0 1 X 112450993 2415570 -1677376 4764264 397638 108027285 108532152 2950655 5957556 1765872 2864286 359212 112450993 95329154 4083481 13096368 1285672 2266064 425115 108532152 78958365 6485355 13700660 1286949 2147572 380705 95329154 78968798 5097114 -1355484 1227425 2113990 410648 78958365 0.12000 0.73000 0.15000 0 0 2818978 2818978 108707311 45381169 63326142 18039073 13547645 4491428 2855737 461976 2393761 73030309 BOND ISSUANCE COSTS 558424 CASH SURRENDER VALUE OF LIFE INSURANCE 2997449 FUNDS HELD IN TRUSTS BY OTHERS 3560534 COLLECTIONS 1641732 BOND PROJECT FUND 14711852 23469991 DUE TO OTHERS 275111 DEPOSITS PAYABLE 418875 OTHER POST-EMPLOYMENT BENEFITS 6573163 7267149 X 45543744 -3898962 -36984020 -40882982 86426726 -18416 -18416 86408310 52964631 18416 18416 52946215 32190014 32190014 85136229 PART III, LINE 4: THE COLLEGE HAS MANY PAINTINGS, SCULPTURES, AND OTHER WORKS OF ART IN ITS COLLECTION. ARTWORK IS DISPLAYED THROUGHOUT THE CAMPUS, AS WELL AS IN THE COLLEGE'S ART MUSEUM. WORKS OF ART ARE STUDIED AND MAINTAINED BY STAFF AND STUDENTS. PART IV, LINE 2B: THE COLLEGE REPORTED ESCROW ACCOUNT LIABILITY ON THE BALANCE SHEET WHICH REPRESENTS THEIR PAYABLES FROM DEFERRED GIVING ACCOUNTS. PART V, LINE 4: INCOME FROM THE ENDOWMENT FUND IS USED FOR SCHOLARSHIPS AND TO SUPPORT OTHER INSTITUTIONAL FUNCTIONS. PART X, LINE 2: THE COLLEGE IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC") AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD IS MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD IN FISCAL 2016 OR 2015. THE COLLEGE'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR THE YEARS SUBSEQUENT TO MAY 31, 2012. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FMV OF FUNDS HELD IN TRUST BY OTHERS -577,452. CHANGE IN THE VALUATION OF SPLIT-INTEREST AGREEMENTS DUE TO OTHERS -298,027. LOSS ON ADVANCE REFUNDING OF BONDS PAYABLE -3,918,527. INDIVIDUAL SCHOLARSHIPS NETTED TO TUITION ON THE FINANCIAL STATEMENTS -31,792,376. INVESTMENT MANAGEMENT FEES NETTED TO REVENUES ON FINANCIAL STATEMENTS -397,638. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES -18,416. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 18,416. PART XII, LINE 4B - OTHER ADJUSTMENTS: INDIVIDUAL SCHOLARSHIPS NETTED TO TUITION ON THE FINANCIAL STATEMENTS 31,792,376. INVESTMENT MANAGEMENT FEES NETTED TO REVENUES ON FINANCIAL STATEMENTS 397,638. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NOTICE OF NONDISCRIMINATORY POLICY AS TO STUDENTS WAS ADVERTISED IN "THE DAILY NEWS," A NEWSPAPER OF GENERAL CIRCULATION IN HUNTINGDON COUNTY. THE POLICY IS ALSO NOTED IN THE BYLAWS, CATALOGS, WEBSITE, HANDBOOKS, AND JOB ANNOUNCEMENTS. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES VARIOUS GRANTS AND ASSISTANCE FROM FEDERAL AND STATE AGENCIES FOR THE FUTHERANCE OF ITS CHARITABLE PURPOSE. EAST ASIA/PACIFIC 0 0 PROGRAM SERVICES HIGHER EDUCATION - STUDY ABROAD PROGRAM 156436 EUROPE 0 0 PROGRAM SERVICES HIGHER EDUCATION - STUDY ABROAD PROGRAM 555011 NORTH AMERICA 0 0 PROGRAM SERVICES HIGHER EDUCATION - STUDY ABROAD PROGRAM 107512 SOUTH AMERICA 0 0 PROGRAM SERVICES HIGHER EDUCATION - STUDY ABROAD PROGRAM 161920 SOUTH ASIA 0 0 PROGRAM SERVICES HIGHER EDUCATION - STUDY ABROAD PROGRAM 13550 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES HIGHER EDUCATION - STUDY ABROAD PROGRAM 81856 RUSSIA 0 0 PROGRAM SERVICES HIGHER EDUCATION - STUDY ABROAD PROGRAM 21699 CENTRAL AMERICA 0 0 PROGRAM SERVICES HIGHER EDUCATION - STUDY ABROAD PROGRAM 19942 0 0 0 0 0 0 1117926 0 1117926 0 0 0 0 0 0 GOLF OUTING 37823 20980 16843 3508 14908 37823 20980 16843 3508 14908 18416 -1573 1 INSTITUTIONAL SCHOLARSHIPS AND GRANTS 1589 31792376 0 CASH PART I, LINE 2: ELIGIBILITY FOR NEED-BASED GRANTS IS DETERMINED BY THE SUBMISSION OF THE "FREE APPLICATION" FOR FEDERAL STUDENT AID. MERIT SCHOLARSHIPS AND AWARDS ARE DETERMINED BY A STUDENT'S ADMISSION APPLICATION. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 ROBERT E YELNOSKY ASST. TREASURER/VP FINANCE & OPERATI 139938 0 0 0 0 0 14484 0 13710 0 168132 0 0 0 JAMES A TROHA PRESIDENT 297791 0 0 0 859 0 29750 0 13716 0 342116 0 0 0 GABRIEL J WELSCH VICE PRESIDENT FOR ADVANCEMENT & MAR 130789 0 0 0 252 0 13546 0 13686 0 158273 0 0 0 FUMIO SUGIHARA UNTIL 52316 VICE PRESIDENT FOR ENROLLMENT 125934 0 0 0 0 0 13025 0 13615 0 152574 0 0 0 LAUREN BOWEN PROVOST 165342 0 0 0 0 0 16693 0 13524 0 195559 0 0 0 PART I, LINE 1A THE PRESIDENT OF THE COLLEGE HAS A RESIDENCE PROVIDED TO HIM AS PART OF HIS COMPENSATION PACKAGE. IN ADDITION TO THE RESIDENCE, HOUSEKEEPING SERVICES, SUCH AS CLEANING AND MAINTENANCE, ARE ALSO PROVIDED BY THE COLLEGE. LIMITED TRAVEL FOR THE PRESIDENT'S SPOUSE IS PROVIDED AS WELL. THESE BENEFITS ARE NOT TAXABLE INCOME TO THE PRESIDENT AS THEY ARE CONSIDERED ESSENTIAL TO PERFORMING HIS WORK FOR THE COLLEGE. A HUNTINGDON COUNTY GENERAL AUTHORITY 236632278 2004-11-30 6000000 SEE PART VI 0 0 0 B HUNTINGDON COUNTY GENERAL AUTHORITY 236632278 2013-04-30 8500000 SEE PART VI 0 0 0 C FULTON BANK NA 231928421 2016-05-23 5138058 SEE PART VI 0 0 0 D FULTON BANK NA 231928421 2016-05-23 7690000 SEE PART VI 0 0 0 A 1213000 6000000 6000000 2005 0 0 1 1 B 325000 8500000 8500000 2014 0 0 1 1 C 5138058 5138058 2016 1 0 1 1 D 7690000 7690000 2016 0 1 1 1 A 0 0 0 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 0 0 0.00000 0.00000 0.00000 0 0 1 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 SCHEDULE K, PART I, COLUMN F, DESCRIPTION OF PURPOSE: ISSUE A: CONSTRUCTION AND EQUIPPING CAMPUS PROJECTS ISSUE B: CONSTRUCTION AND EQUIPPING CAMPUS PROJECTS ISSUE C: CURRENTLY REFUNDING THE 2007 BONDS ISSUE D: ADVANCE REFUNDING OF THE 2010 BONDS ISSUE E: ADVANCE REFUNDING OF THE 2010 BONDS, FINANCING OF CAPITAL PROJECTS, AND PAYMENT OF BOND ISSUANCE COSTS. A HUNTINGDON COUNTY GENERAL AUTHORITY 236632278 44586SAP3 2016-05-12 34547786 SEE PART VI 0 0 0 A 34400772 147014 288148 34112624 0 1 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 44000 SEE PART V TUITION SCH L, PART III, GRANTS OR ASSISTANCE BENEFITTING INTERESTED PERSONS: (C) AMOUNT OF GRANTS $44,000(D) TYPE OF ASSISTANCE: SCHOLARSHIPS/AWARDS(E) PURPOSE OF ASSISTANCE: TUITION X 9611 DONOR COST X 12 343070 MARKET PRICE X 1 1100000 APPRAISAL X 1 766 DONOR COST X MISC GIFTS IN KIND 12 3091 DONOR COST X EQUIPMENT 4 3000 DONOR COST X GIFT CARDS 3 1481 DONOR COST X ROCKS & MINERALS 1 250 DONOR COST X DVD & BLU-RAY DISKS 3 130 DONOR COST X POSTAGE 1 72 DONOR COST 1 0 1 0 PART I, COLUMN (B): NUMBER OF CONTRIBUTIONS IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTORS OF THAT PARTICULAR ITEM. FORM 990, PART VI, SECTION A, LINE 4 THE STATEMENT OF PURPOSE, AS SET FORTH IN THE ARTICLES OF INCORPORATION, WAS CHANGED TO THE FOLLOWING: THE COLLEGE HAS A TRADITION OF MAINTAINING THE SENSE OF PEACE, SIMPLICITY, COMMUNITY AND SERVICE SET FORTH BY ITS CHURCH OF THE BRETHREN FOUNDERS. THROUGH ENCOURAGING PERSONAL, INTELLECTUAL, PHYSICAL AND SOCIAL GROWTH IN EACH STUDENT AND MODELING VALUES OF MUTUAL RESPECT AND COOPERATION IN ITS CAMPUS COMMUNITY, THE COLLEGE SEEKS, THROUGH PROVIDING AN ENGAGING PERSONALIZED EDUCATIONAL EXPERIENCE, TO DEVELOP IN ITS STUDENTS THE SKILLS, KNOWLEDGE AND VALUES THAT LEAD TO A FULFILLING LIFE OF SERVICE AND ETHICAL LEADERSHIP IN THE GLOBAL COMMUNITY. THE BY-LAWS WERE CHANGED AS FOLLOWS: THE REQUIREMENT FOR A QUORUM WAS CHANGED. PREVIOUSLY, ONE-HALF OF THE MEMBERS OF THE ENTIRE BOARD CONSTITUTED A QUORUM FOR THE TRANSACTION OF BUSINESS. UNDER THE AMENDED AND RESTATED BYLAWS, A MAJORITY OF THE VOTING MEMBERS OF THE ENTIRE BOARD NOW CONSTITUTES A QUORUM FOR THE TRANSACTION OF BUSINESS. ALSO, PROVISIONS WERE ADDED THAT PROHIBIT VOTING BY PROXY AND THAT PERMIT A MAJORITY OF VOTING MEMBERS PRESENT AT A MEETING AT WHICH A QUORUM IS NOT PRESENT TO ADJOURN THE MEETING UNTIL A QUORUM IS PRESENT. THE DUTIES OF THE EXECUTIVE COMMITTEE HAVE CHANGED. PREVIOUSLY, THE EXECUTIVE COMMITTEE HAD THE AUTHORITY TO REPRESENT THE BOARD BETWEEN BOARD MEETINGS AND TO EXERCISE "ALL THE POWERS OF THE BOARD" WHEN THE FULL BOARD WAS NOT IN SESSION. UNDER THE AMENDED AND RESTATED BYLAWS, THIS BROAD DELEGATION OF AUTHORITY HAS BEEN LIMITED BY THE INCLUSION OF TEN ACTIONS THAT THE EXECUTIVE COMMITTEE IS PROHIBITED FROM TAKING, LEAVING SUCH ACTIONS TO THE FULL BOARD OR OTHER BOARD COMMITTEES. THE VOTE REQUIRED TO AMEND THE BYLAWS HAS CHANGED. PREVIOUSLY, THE BOARD COULD AMEND THE BYLAWS WITH THE AFFIRMATIVE VOTE OF A MAJORITY OF THE VOTING MEMBERS PRESENT AT A MEETING AT WHICH A QUORUM WAS PRESENT. UNDER THE AMENDED AND RESTATED BYLAWS, A TWO-THIRDS VOTE IS NOW REQUIRED. THE PRESIDENT'S RIGHT TO SERVE ON THE AUDIT COMMITTEE HAS CHANGED. PREVIOUSLY, THE PRESIDENT WAS AN EX OFFICIO NON-VOTING MEMBER OF THE AUDIT COMMITTEE. UNDER THE AMENDED AND RESTATED BYLAWS, THE PRESIDENT HAS NO ROLE ON THE AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11 COLLEGE OFFICERS AND TRUSTEES WERE GIVEN A COPY OF THE FORM 990 IN ADVANCE OF ITS TRANSMITTAL TO THE INTERNAL REVENUE SERVICE. ANY QUESTIONS, COMMENTS, AND OTHER CONCERNS WERE ADDRESSED PRIOR TO THE E-FILING OF THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE BOARD OF TRUSTEES AND OFFICERS INDIVIDUALLY SIGN CONFLICT OF INTEREST POLICIES THAT ARE MAINTAINED IN THE OFFICIAL RECORDS OF THE COLLEGE. COMPLIANCE WITH THIS POLICY IS MONITORED BY THE DIRECTOR OF HUMAN RESOURCES WHO ENSURES THAT ALL FORMS ARE COMPLETED ANNUALLY. ANY MEMBER WITH A CONFLICT MAY PARTICIPATE IN THE DISCUSSION, BUT MUST ABSTAIN FROM VOTING ON THE MATTER RELATED TO HIS OR HER CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES APPROVES THE COMPENSATION OF THE PRESIDENT OF THE COLLEGE AFTER REVIEWING COMPARABLE INFORMATION FROM OTHER SOURCES. COMPENSATION REVIEW IS PREPARED BY USING CUPAHR DATA ON DEMAND. THE COMPARISON GROUP REVIEWED INCLUDES SCHOOLS WITH SIMILAR BUDGETS AND ENROLLMENT SIZES. THE COMPARISON GROUP INCLUDES PEERS, ASPIRANTS, US NEWS & WORLD REPORT TIER 2 SCHOOLS, LANDMARK CONFERENCE, CENTENNIAL CONFERENCE AND A SELECT GROUP OF PA SCHOOLS. THE REVIEW AND APPROVAL IS DOCUMENTED BY HUMAN RESOURCES AND MINUTES OF THE BOARD OF TRUSTEE MEETINGS. THE SAME PROCESS IS FOLLOWED FOR OTHER OFFICERS, BUT THE SALARY RECOMMENDATIONS ARE NOT APPROVED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS, AND APPLICABLE TAX DOCUMENTS AVAILABLE FOR INSPECTION OR REVIEW AT THE ADMINISTRATIVE OFFICES ON CAMPUS UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FMV OF FUNDS HELD IN TRUST BY OTHERS -577,452. CHANGE IN THE VALUATION OF SPLIT-INTEREST AGREEMENTS -298,027. LOSS ON ADVANCE REFUNDING OF BONDS PAYABLE -3,918,527.