2017-04-18T15:09:29-05:00 2016-05-31 910189318 Moss Adams LLP 805 SW Broadway Ste 1200 Portland OR 97205 990 2015-06-01 930386972 Willamette University WILL 5033706974 900 State Street Salem OR 97301 Monica Rimai Senior VP Finance and Admin 5033706974 2017-04-17 1 Wendy Campos P00448102 5032421447 2017-04-17 2015 2021-01-29 14:40:06Z STEPHEN E THORSETT 900 State Street Salem OR 97301 161130564 0 X www.willamette.edu X 1842 OR Willamette University provides rigorous education in the liberal arts and selected professional fields. Teaching and learning, strengthened by scholarship and service, flourish in a vibrant campus community. A Willamette education prepares graduates to transform knowledge into action and lead lives of achievement, contribution and meaning. 34 31 2507 299 -585557 -594517 7713675 9500089 127281427 126387609 42545956 -426199 1588390 2733207 179129448 138194706 48310080 49623268 0 0 59619066 63997211 0 360000 3733119 37549270 35689815 145478416 149670294 33651032 -11475588 458860701 438379987 101221250 99894678 357639451 338485309 X Willamette University provides rigorous education in the liberal arts and selected professional fields. Teaching and learning, strengthened by scholarship and service, flourish in a vibrant campus community. A Willamette education prepares graduates to transform knowledge into action and lead lives of achievement, contribution and meaning. 0 0 122756437 49623268 109788486 Higher Education - Instruction and Support: 1,912 in the College of Liberal Arts, 310 in the College of Law, 237 in the Atkinson Graduate School of Management, and 56 in the Joint Degree JD/MBA (2,515 students). 13764379 16599123 HIGHER EDUCATION - AUXILIARY FUNCTIONS: INCLUDES ROOM & BOARD (FOR 1,480 STUDENTS) AND SUMMER CONFERENCES. 136520816 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 1 0 0 1 1 1 0 0 0 1 3264 0 1 2507 1 1 1 1 SP 0 0 0 1 1 0 0 0 0 X 34 31 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 CA CO OR WA X X X KENNETH L PIFER 5033706974 900 STATE STREET SALEM OR 97301 James F Albaugh Board Member 1.00 X 0 0 0 Robin O Brena Board Member 1.00 X 0 0 0 Donald G Brown Board Member 1.00 X 0 0 0 Truman W Collins Jr Board Member 1.00 X 0 0 0 James B Cuno Board Member 1.00 X 0 0 0 Heather K Dempsey Board Member 1.00 X 0 0 0 James A Fitzhenry Board Member 1.00 X 0 0 0 Eric M Friedenwald-Fishman Board Member 1.00 X 0 0 0 William R Haden Board Member 1.00 X 0 0 0 Melvin Henderson-Rubio Board Member 1.00 X 0 0 0 Joseph F Hoffman Board Member 1.00 X 0 0 0 Brian R Hufft Board Member 1.00 X 0 0 0 Eva M Kripalani Board Member 1.00 X 0 0 0 Konrad Chip R Kruger Board Member 1.00 X 0 0 0 Andy M Miguel Board Member 1.00 X 0 0 0 Sean B O'Hollaren board Member 1.00 X 0 0 0 Heidi A Patterson Board Member 1.00 X 0 0 0 Craig S Pesti-Strobel Board Member 1.00 X 0 0 0 Punit Renjen Board Member 1.00 X 0 0 0 Lynn E Ristig Board Member 1.00 X 0 0 0 Jacqueline C Rushing Board Member 1.00 X 0 0 0 Lynne H Saxton Board Member 1.00 X 0 0 0 Kevin R Smith Board Member 1.00 X 0 0 0 Melissa L Smith Board Member 1.00 X 0 0 0 Patricia C Smullin Board Member 1.00 X 0 0 0 Guy C Stephenson Board Member 1.00 X 0 0 0 Patrick J Waite Board Member 1.00 X 0 0 0 Roderick C Wendt Board Member 1.00 X 0 0 0 Steven E Wynne Chair 1.00 X X 0 0 0 Dale C Sause Vice Chair 1.00 X X 0 0 0 Sandra M Rowe Secretary 1.00 X X 0 0 0 Kerry R Tymchuk Assistant Secretary 1.00 X X 0 0 0 Stephen E Thorsett President 40.00 X X 420143 0 170166 Monica Rimai Senior VP of Finance and Admin/Treas 40.00 X X 288449 0 37965 Colleen Kawahara Admin Secretary/Dir office of Pres 40.00 X 77825 0 9801 James R Bauer VP for Planning/Facilities/External 40.00 X 164151 0 85992 Michael G Beseda VP of Enrollment/University Communications 40.00 X 221313 0 27778 Curtis Bridgeman Dean, College of Law 40.00 X 245804 0 48497 David A Douglass Dean of Campus Life 40.00 X 186675 0 72044 Marlene Moore Dean, College of Liberal Arts/VP ACA 40.00 X 218252 0 28725 Debra Ringold Dean of Atkinson Grad School of Mgmt 40.00 X 237188 0 34376 Dennis Bergvall VP for Advancement 40.00 X 202469 0 33860 John Launchbury Research Professor of Comp Science 40.00 X 241024 0 48526 Symeon Symeonides Parks Distinguished Professor of Law 40.00 X 263913 0 43123 Yvonne Tamayo Professor of Law/Univ Gen Counsel 40.00 X 202629 0 22879 Norman Williams Professor of Law/Assoc Dean for AA 40.00 X 206007 0 18628 3175842 0 682360 87 0 1 0 Compass Group USA (Bon Appetit) 2400 Yorkmont Rd Charlotte NC 28217 Food Service 4107235 FXG CONSTRUCTION LLC 3833 Croisan Creek Rd S Salem OR 97302 Construction 1503525 EBSCO Payment Processing Center Dallas TX 753204661 Research Materials/Subscriptions 381560 Harvey & Price Co PO Box 1910 Eugene OR 97440 Mechanical Contracting 244145 Community Counselling Serv Co LLC PO Box 824885 Philadelphia PA 191824885 Campaign support 237500 26 22790 1785570 7691729 1875296 9500089 TUITION AND FEES 611310 109788486 109788486 room and board fees 721310 15781016 15781016 auxiliary income 611710 818107 818107 126387609 -424126 -613015 188889 11099 11099 22913227 22915300 -2073 -2073 -2073 27327 22790 20558 6769 6769 Other Income 900099 2715339 27458 2687881 2715339 138194706 126387609 -585557 2892565 9000 9000 48463361 48463361 1150907 1150907 2550647 541296 1715930 293421 176058 40455 135603 45368638 40873661 2554365 1940612 3949570 3549623 231007 168940 8426675 7676215 390015 360445 3525623 3059039 307135 159449 186004 286 184884 834 147729 147729 360000 360000 1407283 1407283 2680372 1916666 685483 78223 991976 855393 122564 14019 3463505 3074691 246197 142617 1319561 1263504 43352 12705 3244682 3198163 45974 545 1832730 1430853 282375 119502 76774 54028 9418 13328 2252149 2233100 19049 5720113 5705162 14951 709048 21519 687529 Food service 3955468 3945686 9782 SPECIAL PROGRAMS 3919152 3795285 63776 60091 Books and Periodicals 940667 940667 Program/study abroad 632785 632785 2209817 2089471 111958 8388 149670294 136520816 9416359 3733119 364638 369368 26318887 23162772 4135753 2863995 2055461 6030343 7929711 7941516 369693 0 313863 490700 245790584 103006555 144571594 142784029 3409009 3472385 267536581 249409823 1855511 1855056 458860701 438379987 17394743 18014766 2721997 2802454 61102316 59780665 20002194 19296793 101221250 99894678 X 63038325 54723521 154405912 140013793 140195214 143747995 357639451 338485309 458860701 438379987 X -11475588 -7882082 203528 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 333910 5143764 0 0 X X X 0 245454444 4130352 -6353672 4015227 9195024 887384 229133489 236678165 2178723 19990691 4815105 8390249 187781 245454444 222487762 3727322 23482147 4601814 8012288 404964 236678165 213765462 2007611 20404995 4824897 8430489 434920 222487762 238639755 1798414 -12718310 4881878 8698764 373755 213765462 0.06700 0.32500 0.60800 1 0 8655297 8655297 171282040 61238304 110043736 14217407 10777043 3440364 6801071 5396047 1405024 44834769 25595161 19239608 142784029 MULTI-STRATEGY LIMITED PARTNERSHIP INVESTMENT FUND 214770338 F FIXED INCOME FUNDS 20452157 F REAL ASSETS 748368 F OTHER INVESTMENTS 13438960 F 249409823 ANNUITIES AND TRUSTS PAYABLE 12069531 GOVERNMENT ADVANCES FOR STUDENT LOANS 7227262 19296793 X 79734947 -7882082 -50284039 -58166121 137901068 927211 -633573 293638 138194706 98889090 20558 20558 98868532 927211 49874551 50801762 149670294 Part III, Line 4: Willamette University has a collection of art and cultural/historical artifacts that consists of paintings, photographs, ceramics, drawings, archaeological artifacts, textiles, sculptures, Native American woven baskets, and other media. The collection is valued at $5,143,764 and is held in the University Art Museum. The museum exists to support the liberal arts curriculum of Willamette University and to serve as an intellectual and cultural resource for the City of Salem and beyond, through the collection, preservation, exhibition and interpretation of historical and contemporary art with an emphasis on regional art. Part V, Line 4: The endowment funds held by the University are used to support operations, including financial aid, instruction and buildings. Part X, Line 2: FIN 48 (ASC 740) UNCERTAIN TAX POSITIONS FINANCIAL STATEMENT FOOTNOTE - U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES REQUIRE THE UNIVERSITY'S MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE UNIVERSITY AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE UNIVERSITY HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. MANAGEMENT HAS ANALYZED TAX POSITIONS TAKEN BY THE UNIVERSITY AND HAS CONCLUDED AS OF MAY 31, 2016, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE UNIVERSITY'S MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO FISCAL 2012. Part XI, Line 2d - Other Adjustments: Scholarships netted with revenue on financial statements -49,298,009. change in value of annuities and trusts -505,958. Pledge adjustments netted with revenue on financial statements -480,072. Part XI, Line 4b - Other Adjustments: Unrelated business income from alternative investments -613,015. Fundraising expenses netted with revenue on 990 -20,558. Part XII, Line 2d - Other Adjustments: Fundraising event expenses netted with revenue on 990 20,558. Part XII, Line 4b - Other Adjustments: Scholarships netted with revenue on financial statements 49,298,009. Noncash employee benefits not included on financial statements 96,470. Pledge Write-offs netted with revenue on financial statements 480,072. 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 posted its policy in the Oregonian newspaper during the period of solicitation for students. Schedule E, Part I, Line 6 The University receives Title IV funds for financial aid purposes, as well as federal and state grants for faculty research and programming purposes. 1 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 1 2 PROGRAM SERVICES STUDY ABROAD PROGRAM 1086000 Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 GrantMaking 15000 East Asia and the Pacific - Australia, Brunei, Burma, Cambodia, 0 0 GRANTMAKING 297000 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 GRANTMAKING 685000 Russia and Neighboring States - Armenia, Azerbijan, Belarus, 0 0 Grantmaking 37000 South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, 0 0 GRANTMAKING 107000 Sub-Saharan Africa - Angola, Benin, Botswana, Burkina, Faso, 0 0 GRANTMAKING 11000 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 INVESTMENTS 64000 1 2 0 0 1 2 2302000 0 2302000 SCHOLARSHIPS Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 1 15450 APPLIED TO STUDENT BILL TO OFFSET TUITION AND FEES SCHOLARSHIPS East Asia and the Pacific - Australia, Brunei, Burma, Cambodia, 45 296508 APPLIED TO STUDENT BILL TO OFFSET TUITION AND FEES SCHOLARSHIPS Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgiu 76 684516 APPLIED TO STUDENT BILL TO OFFSET TUITION AND FEES scholarships Russia and Neighboring States - Armenia, Azerbijan, Belarus, 3 37175 APPLIED TO STUDENT BILL TO OFFSET TUITION AND FEES SCHOLARSHIPS South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, 36 106758 APPLIED TO STUDENT BILL TO OFFSET TUITION AND FEES SCHOLARSHIPS Sub-Saharan Africa - Angola, Benin, Botswana, Burkina, Faso, 1 10500 APPLIED TO STUDENT BILL TO OFFSET TUITION AND FEES 1 0 1 1 1 0 Part I, Line 2: Scholarships/grants awarded to students who are studying abroad are applied to their student accounts. The scholarships offset tuition and fees to reduce the amount that students owe to the University. Thus, the students do not physically receive the money. Procedures do not differ from those applied to students who are attending on campus, other than verification of participation and completion of the program. The following are the procedures followed by the University for monitoring the use of scholarship/grant funds: The Business Office notifies the Financial Aid Office of amounts available to award to students each academic year. The Financial Aid Office selects recipients based upon criteria established for each type of funding. The Financial Aid Office notifies the Business Office of expenditures for each term during the academic year. At year-end, the Financial Aid Office and Business Office reconcile accounts for all funds. The Development Office provides annual reports to the donors regarding the use of donor-contributed scholarship funds (endowed or annually funded). Part I, line 3: Expenditures are accounted for under the accrual method. Part IV The University had ownership interests in foreign corporations, passive foreign investment companies and foreign partnerships through investments. However, the University does not meet the filing requirements for Forms 5471, 8621, or 8865, respectively, based upon each form's filing instructions. X X X X X X X 1 COMMUNITY COUNSELLING SERVICE CO 100 MONTGOMERY STREET STE 2270 SAN FRANCISCO CA 94104 FUNDRAISING SERVICES 0 0 360000 -360000 360000 -360000 CA CO OR WA FORE Golf Tournament 50117 22790 27327 3850 12098 2172 2438 50117 22790 27327 3850 12098 2172 2438 20558 6769 1 SCHOLARSHIPS TO STUDENTS 2405 48147101 STUDENT RESEARCH GRANTS 68 203166 FACULTY RESEARCH GRANTS 78 103444 OTHER STUDENT AWARDS AND PRIZES 15 7650 Other faculty awards and prizes 2 2000 Part I, Line 2: Procedures for monitoring of scholarships - The Business Office notifies the Financial Aid Office of amounts available to award to students each academic year. The Financial Aid Office selects recipients based upon criteria established for each type of funding. The Financial Aid Office notifies the Business Office of expenditures for each term during the academic year. At year-end, the Financial Aid Office and Business Office reconcile accounts for all funds. The Development Office provides annual reports to the donors regarding the use of donor-contributed scholarship funds (endowed or annually funded). Procedures for monitoring research grants - There are several different departments that offer research grants at Willamette. Each department has different monitoring procedures for the use of grant funds. However, the monitoring procedures typically involve the following: a written and/or verbal report on the research project must be submitted during and/or at the conclusion of the project; receipts must be submitted for reimbursement of project expenditures. Final payment of grant funds is often contingent on the aforementioned items. The Department that awards the grants handles the related monitoring of those grant funds. Procedures for monitoring other awards and prizes - Award/prize recipients are determined by criteria established by the respective departments. Departments work with the Accounting Office to make sure that the award funds are disbursed to the correct student or faculty member. X X X X 0 1 X X X X 0 1 0 0 0 0 0 0 0 Stephen E Thorsett President 412862 0 0 0 7281 0 80700 0 89466 0 590309 0 0 0 Monica Rimai Senior VP of Finance and Admin/Treas 287014 0 0 0 1435 0 28749 0 9216 0 326414 0 0 0 James R Bauer VP for Planning/Facilities/External 162696 0 0 0 1455 0 16967 0 69025 0 250143 0 0 0 Michael G Beseda VP of Enrollment/University Communic 219455 0 0 0 1858 0 21146 0 6632 0 249091 0 0 0 Curtis Bridgeman Dean, College of Law 245276 0 0 0 528 0 25272 0 23225 0 294301 0 0 0 David A Douglass Dean of Campus Life 185830 0 0 0 845 0 18603 0 53441 0 258719 0 0 0 Marlene Moore Dean, College of Liberal Arts/VP ACA 212659 0 0 0 5593 0 21305 0 7420 0 246977 0 0 0 Debra Ringold Dean of Atkinson Grad School of Mgmt 223078 0 0 0 14110 0 22697 0 11679 0 271564 0 0 0 Dennis Bergvall VP for Advancement 193812 0 0 0 8657 0 19755 0 14105 0 236329 0 0 0 John Launchbury Research Professor of Comp Science 239782 0 0 0 1242 0 25000 0 23526 0 289550 0 0 0 Symeon Symeonides Parks Distinguished Professor of Law 256948 0 0 0 6965 0 25471 0 17652 0 307036 0 0 0 Yvonne Tamayo Professor of Law/Univ Gen Counsel 200863 0 0 0 1766 0 13701 0 9178 0 225508 0 0 0 Norman Williams Professor of Law/Assoc Dean for AA 205467 0 0 0 540 0 8451 0 10177 0 224635 0 0 0 Part I, Line 1a THE UNIVERSITY PRESIDENT IS REQUIRED AS A CONDITION OF EMPLOYMENT TO MAINTAIN A PERSONAL RESIDENCE IN A HOUSE PROVIDED BY THE UNIVERSITY. THE HOUSING ARRANGEMENT IS FOR THE CONVENIENCE OF THE UNIVERSITY AND THE HOUSE IS USED FOR UNIVERSITY BUSINESS. THE PRESIDENT FLEW FIRST CLASS ON SEVEN DIFFERENT OCCASIONS DURING THE 2015-2016 FISCAL YEAR. CLUB MEMBERSHIPS WERE PROVIDED TO THE UNIVERSITY PRESIDENT AND THE DEAN OF THE GRADUATE SCHOOL OF MANAGEMENT AND ARE USED FOR UNIVERSITY BUSINESS MEETINGS. PERSONAL SERVICES CONSIST OF CUSTODIAL SERVICES FOR THE UNIVERSITY-OWNED RESIDENCE OCCUPIED BY THE PRESIDENT. NONE OF THESE BENEFITS WERE TREATED AS TAXABLE COMPENSATION TO THE RECIPIENTS. Part I, Line 1b Items noted in line 1a were provided based on employment agreements with the University President and other employees, and the University followed the provisions of these agreements regarding payment/reimbursement/ provision of these items. Part I, Line 4b The employment agreement for President Thorsett includes a longevity bonus equal to 10% of the base salary amount for each of the five years following July 1, 2011, payable upon completion of five full years of employment as President. A STATE OF OREGON - OREGON FACILITIES AUTHORITY 936001787 68608JFN6 2007-06-14 32409522 SEE SCHEDULE K, PART VI 0 0 0 B STATE OF OREGON - OREGON FACILITIES AUTHORITY 936001787 68608JMC2 2010-05-06 28540002 SEE SCHEDULE K, PART VI 0 0 0 C STATE OF OREGON - OREGON FACILITIES AUTHORITY 936001787 68608JSD4 2014-07-30 12500000 SEE SCHEDULE K, PART VI 0 0 0 A 1855000 32409522 426220 15800000 16183302 2009 0 1 1 1 B 11390000 28540002 438227 10405304 17696471 2012 0 1 1 1 C 12500000 245000 12255000 0 1 1 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 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 1 GE CAPITAL 2.500000000000 1 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 Date Rebate Computation Performed Issuer Name: STATE OF OREGON - OREGON FACILITIES AUTHORITY Date the Rebate Computation was Performed: 06/14/2012 Issuer Name: STATE OF OREGON - OREGON FACILITIES AUTHORITY Date the Rebate Computation was Performed: 04/01/2015 Issuer Name: STATE OF OREGON - OREGON FACILITIES AUTHORITY Date the Rebate Computation was Performed: 01/27/2017 Schedule K, Part I, Bond Issues: (A) ISSUER NAME: STATE OF OREGON - OREGON FACILITIES AUTHORITY 6/14/07 (F) DESCRIPTION OF PURPOSE: THE PROCEEDS OF THE Series 2007 BONDS WERE USED TO REPAY THE OUTSTANDING LINE OF CREDIT, TO FINANCE THE CONSTRUCTION OF FIVE MAJOR PROJECTS, AND TO ADVANCE REFUND $8,400,000 OF THE SERIES 2004 BONDS, WHICH WERE ISSUED ON JUNE 30, 2004. (A) ISSUER NAME: STATE OF OREGON - OREGON FACILITIES AUTHORITY 5/6/10 (F) DESCRIPTION OF PURPOSE: THE PROCEEDS OF THE Series 2010 BONDS WERE USED TO REPAY THE OUTSTANDING LINE OF CREDIT, TO ADVANCE REFUND THE REMAINING BALANCES OF THE SERIES 2004 (ISSUED JUNE 30, 2004) AND SERIES 2005 (ISSUED AUGUST 18, 2005) BONDS, TO PROVIDE FUNDING FOR SEVERAL CAPITAL PROJECTS, AND TO ASSIST WITH OTHER FACILITY UPGRADES AND IMPROVEMENTS. (A) ISSUER NAME: STATE OF OREGON - OREGON FACILITIES AUTHORITY 7/30/14 (F) DESCRIPTION OF PURPOSE: The proceeds of the Series 2014 bond were used to refund the 2010 Series A and B bonds with payments due October 1, 2014. 1090 SCHOLARSHIP TO ASSIST WITH FUNDING WILLAMETTE UNDERGRADUATE EDUCATION Rachel Dewey Thorsett Spouse of Officer Stephen Thorsett 40600 Employment 0 Jacqueline L Balzer Spouse of Officer Monica Rimai 135458 employment 0 X 47 333910 opinion of experts X 14050 comparable sales X 72 1224849 Reported market value X 4 14475 Opinion of Experts X Trust interests 8 288012 Opinion of Experts 1 0 1 0 Part I, Column (b): REPRESENTS THE NUMBER OF DONORS WHO MADE CONTRIBUTIONS FOR THE APPLICABLE CATEGORIES. Part I, Line 33: $27,867 was not included in revenue because non-art in-kind donations under $5,000 are not recorded in general ledger per policy. Form 990, Part VI, Section A, line 2 Two trustees have a family relationship. Two trustees have a business relationship. Form 990, Part VI, Section B, line 11 Form 990 and all its accompanying schedules are reviewed by the controller, the Senior Vice President for Finance and Administration, and the chair of the audit committee. The audit committee chair performs a review of Schedule B on behalf of the audit committee and reports any concerns to the committee. After their review, a revised draft (Schedule B omitted) is made available to the audit committee and reviewed at a special meeting. Board members are then notified via e-mail that form 990 is available to review on a secure website that can only be accessed by members of the board of trustees. After the form has been reviewed by all noted parties it is modified (if necessary), finalized, and submitted to the IRS. Form 990, Part VI, Section B, line 12c The conflict of interest policy is distributed and reviewed annually to those whom it applies: officers, members of the Board of Trustees, key employees, and highly compensated employees. All trustees, officers, key employees, and highly compensated employees must complete, sign and return the policy to the President or the Senior Vice President for Finance and Administration. The board's process for addressing conflicts of interest in accordance with the adopted above-referenced policy is as follows: "if an individual believes that he or she may have a conflict of interest, the individual shall promptly and fully disclose the conflict on a form to the chairman of the board of trustees or president, or the chair of any committee of the board considering the matter, and shall refrain from participating on behalf of the university in the matter to which the conflict relates until the conflict question has been waived by vote of the Board of Trustees or a committee of the board after the material facts of the transaction and the individual's interest are disclosed or known to the board or committee of the board, or otherwise resolved in compliance with the Oregon Nonprofit Corporation Act (ORS ch. 65)." The board chair, board treasurer, and administrative secretary to the board monitor compliance on an ongoing basis. Monitoring activities may include review of meeting minutes by the Administrative Secretary to identify potential/developing conflicts or conflicts that may have already occurred and informal discussions with committee chairs or board officers to raise awareness of conflicts and potential conflicts. Form 990, Part VI, Section B, line 15a An ad hoc committee of members of the Board of Trustees established the compensation for the President of the University. The committee consisted of three members who did not have a conflict of interest per IRS regulations section 53.4958-6(c)(1)(iii). In order to establish an appropriate level of compensation, the committee gathered data from similar sized private liberal arts colleges located in the northwestern United States. The data from the schools was obtained directly from each institution. In addition, a nationwide review of compensation as reported on the 990's of other similar sized private liberal arts universities was performed. Once the amount was decided upon, the information was passed on to the Executive Committee. The Executive Committee subsequently approved the compensation package. The last time this process was undertaken by the University was in August of 2014. Form 990, Part VI, Section C, line 18 The University filed for tax exemption before July 15, 1987 and did not have a copy of Form 1023 on file at that time and is therefore not required to make Form 1023 publicly available. The University instead posts a copy of its current IRS exemption letter on its website. Form 990, Part VI, Section C, line 19 Audited financial statements, bylaws and articles of incorporation are posted on the University's website. The university's conflict of interest policy is not made available to the public. Form 990, Part XI, line 9: CHANGE IN VALUE OF ANNUITIES AND TRUSTS -505,958. Unrelated business income from alternative investments 613,015. NONCASH EMPLOYEE BENEFITS NOT RECORDED ON FINANCIAL STATEMENTS 96,471. Willamette Angel Fund LLC 900 State Street Salem OR 97301 271638088 Investment OR -4692 462686 Willamette University Willamette Angel Fund Conference 2010 LLC 900 State Street salem OR 97301 273724001 Investment OR 0 10400 Willamette Angel Fund LLC Willamette Angel Fund Conference 2011 LLC 900 State Street salem OR 97301 453417723 investment OR 0 21075 Willamette Angel Fund LLC Willamette Angel Fund AthletePath LLC 900 State Street salem OR 97301 371816514 investment OR 0 32500 Willamette Angel Fund LLC WUE Investments Holdings LP 550 S Tryon Street Suite 3500 Charlotte NC 28202 331168742 Investment DE Global Endowment Management excluded 11265715 223657374 0 -542654 0 0.99980 WILLAMETTE ANGEL FUND CONFERENCE 2010 LLC 900 STATE STREET SALEM OR 97301 273724001 INvestment OR WILLAMETTE UNIVERSITY EXcluded -5626 0 1 0.50000 WILLAMETTE ANGEL FUND CONFERENCE 2011 LLC 900 STATE STREET SALEM OR 97301 453417723 INvestment OR WILLAMETTE UNIVERSITY EXcluded -4130 0 1 0.56880 WILLAMETTE ANGEL FUND ATHLETEPATH LLC 900 STATE STREET SALEM OR 97301 371816514 INvestment OR WILLAMETTE UNIVERSITY EXcluded 0 1 0.65000 CHARITABLE REMAINDER TRUSTS (34) BENEFICIAL INTEREST OR N/A 0 ESTATE TRUST (1) BENEFICIAL INTEREST OR N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 WUE Investments Holdings LP B 225760002 fair market value