2017-05-11T15:24:54-05:00 2016-06-30 410746749 CLIFTONLARSONALLEN LLP 300 CROWN COLONY DRIVE SUITE 310 QUINCY MA 02169 990 2015-07-01 042104736 MOUNT IDA COLLEGE MOUN 6179284500 777 DEDHAM STREET NEWTON CENTRE MA 024593323 JASON D POTTS VP, CFO & TREASURER 6179284502 2017-05-11 1 JUDY DALEY P01294075 6179848100 2017-04-26 2015 2021-01-29 14:40:06Z JASON D POTTS 777 DEDHAM STREET NEWTON CENTRE MA 024593323 63833294 0 X WWW.MOUNTIDA.EDU X 1938 MA MOUNT IDA COLLEGE BLENDS CAREER-RELEVANT EDUCATION WITH BROAD-BASED LEARNING IN THE ARTS, SCIENCES AND HUMANITIES TO PREPARE STUDENTS TO SUCCEED IN A CHANGING WORLD. 20 19 823 50 173633 -78992 350469 8653512 47515994 51745648 332493 13316 0 0 48198956 60412476 14886112 18645121 0 0 18429442 20587760 0 0 887496 21302842 22943312 54618396 62176193 -6419440 -1763717 75455290 83235440 61151622 66802554 14303668 16432886 MOUNT IDA COLLEGE BLENDS CAREER-RELEVANT EDUCATION WITH BROAD-BASED LEARNING IN THE ARTS, SCIENCES AND HUMANITIES TO PREPARE STUDENTS TO SUCCEED IN A CHANGING WORLD. 0 0 52118392 18645121 51572015 HIGHER EDUCATION & OTHER PROGRAMS: MOUNT IDA COLLEGE IS A MASSACHUSETTS NOT-FOR-PROFIT CORPORATION CHARTERED IN 1899. THE COLLEGE IS AN INDEPENDENT FOUR-YEAR COEDUCATIONAL INSTITUTION OF HIGHER LEARNING. ITS 70-ACRE CAMPUS IS LOCATED IN NEWTON, MASSACHUSETTS. THE COLLEGE IS ACCREDITED BY THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES, INC. APPROXIMATELY 1,400 FULL- AND PART-TIME STUDENTS ARE ENROLLED IN THE COLLEGE'S FOUR SCHOOLS THAT OFFER MORE THAN 25 AREAS OF STUDY. OVER 85% OF THE STUDENTS ARE ENROLLED IN BACCALAUREATE PROGRAMS. THE COLLEGE'S PHILOSOPHY OF BLENDING A STRONG LIBERAL ARTS FOUNDATION WITH PROFESSIONAL PREPARATION HAS SINCE BEEN ENHANCED BY THE OFFERING OF MASTER'S DEGREE STUDY. 52118392 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 105 0 823 1 1 1 0 0 0 0 1 1 0 0 0 0 X 20 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X JASON D POTTS VPCFO & TREASURER 6179284516 777 DEDHAM STREET NEWTON CENTRE MA 024593323 BARRY BROWN PRESIDENT 40.00 X X 412082 0 33839 MICHAEL T BURNS CPA CHAIR 1.00 X X 0 0 0 CORRADO ADDONISIO TRUSTEE 1.00 X 0 0 0 JUDITH ALLEN TRUSTEE 1.00 X 0 0 0 JAN WOOD BEAVEN TRUSTEE 1.00 X 0 0 0 DAVID BREZNIAK TRUSTEE 1.00 X 0 0 0 KEVIN D CROWLEY CHFC CLU TRUSTEE 1.00 X 0 0 0 ROBERT DANNIN PHD TRUSTEE 1.00 X 0 0 0 RALPH FUCCILLO TRUSTEE 1.00 X 0 0 0 KATHARINE H HANSON TRUSTEE 1.00 X 0 0 0 DAVID JOHST TRUSTEE 1.00 X 0 0 0 MICHAEL KERRIGAN TRUSTEE 1.00 X 0 0 0 MARC MARGULIES TRUSTEE 1.00 X 0 0 0 AMELIA NYCHIS TRUSTEE 1.00 X 0 0 0 SHAJU PUTHUSSERY TRUSTEE 1.00 X 0 0 0 CARMIN REISS TRUSTEE 1.00 X 0 0 0 DR STEPHEN RENO TRUSTEE 1.00 X 0 0 0 KARIM SAHYOUN TRUSTEE 1.00 X 0 0 0 SYLVIA Q SIMMONS PHD TRUSTEE 1.00 X 0 0 0 BARRY WANGER TRUSTEE 1.00 X 0 0 0 GRACE BELTRAME CLERK & SECRETARY 40.00 X 64108 0 10007 RONALD AKIE VP FOR ACADEMIC AFFAIRS 40.00 X 230777 0 30725 JEFF CUTTING VP FOR ENROLLMENT MGT 40.00 X 148386 0 25723 LAURA A DEVEAU VP FOR STUDENT AFFAIRS 40.00 X 102749 0 32170 SUZANNE GALLAGHER VP & GENERAL COUNSEL 40.00 X 149678 0 25441 JILL WIERBICKI ABRAHAMS VP FOR ADVANCEMENT 40.00 X 170308 0 15618 JASON D POTTS VP, CFO & TREASURER 40.00 X 111141 0 0 SHARON MCKECHNIE DEAN OF SCHOOL OF BUSINESS & GRADUATE STUDIES 40.00 X 146225 0 14364 REEMA ZEINELDIN DEAN OF SCHOOL OF APPLIED SCIENCES 40.00 X 126922 0 25542 JASON DONATI DEAN OF SCHOOL OF DESIGN 40.00 X 114079 0 24618 DANIEL YOUNG PROFESSOR 40.00 X 113697 0 26084 BRAD HASTINGS DEAN OF SCHOOL OF SOCIAL SCIENCES & HUMAN 40.00 X 107206 0 0 1997358 0 264131 12 0 1 0 ARAMARK CORP TWO PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING & FACILITIES SERVICES 6610624 COMMODORE BUILDERS 80 BRIDGE STREET NEWTON MA 02458 CONSTRUCTION CONTRACTOR 1231519 STRUCTURE TONE INC 711 ATLANTIC AVENUE BOSTON MA 02111 CONSTRUCTION CONTRACTOR 430525 REILLY ELECTRICAL CONTRACTORS INC 14 NORFOLK AVENUE EASTON MA 02375 ELECTRICAL CONTRACTOR 164142 MECHANICAL AIR OF NE INC 1 ALDEN AVENUE GREENLAND NH 03840 HVAC CONTRACTOR 157905 5 8653512 11131 8653512 TUITION & FEES 611600 50754219 50754219 AUXILIARY ENTERPRISES 611710 911207 737574 173633 GOVERNMENT CONTRACTS 611710 80222 80222 51745648 7543 7543 1404393 2022198 1401120 2019698 3273 2500 5773 5773 60412476 51572015 173633 13316 18645121 18645121 1577670 701171 727986 148513 14549222 12303778 2009600 235844 1026255 822787 171156 32312 2088699 970772 1100818 17109 1345914 1141354 170172 34388 152543 152543 122299 122299 1851547 952456 771742 127349 242031 221956 20000 75 1211431 952996 219942 38493 603695 431517 164228 7950 5004324 3831358 1080846 92120 814935 753607 42110 19218 124751 111072 11933 1746 1546618 1260355 286142 121 2985540 2537157 445053 3330 817049 385588 425900 5561 SUPPLIES EXPENSE 4578448 4194546 338626 45276 SECURITY SERVICE 1248075 958724 263819 25532 OTHER EXPENSES 880883 597632 245529 37722 BAD DEBT EXPENSE 337692 337692 421451 344445 62169 14837 62176193 52118392 9170305 887496 1871611 4001764 1100091 539465 214038 502935 84441183 30435150 55793878 54006033 15952578 23526670 523094 658573 75455290 83235440 3165532 3643781 6532773 5265449 40287823 39353139 5527133 12518376 5638361 6021809 61151622 66802554 X 12870527 14527692 519296 628349 913845 1276845 14303668 16432886 75455290 83235440 X -1763717 4603306 -710371 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 15952578 4360000 4614122 1400000 30 23526670 19691748 44977 4249775 8007842 26080 15952578 18944913 172570 1858869 1236819 47785 19691748 11732330 135208 7418561 302727 38459 18944913 11726565 16815 21671 32721 11732330 0.93500 0.05430 0.01070 0 0 81780 81780 73470935 23374220 50096715 9779926 6602040 3177886 1108542 458890 649652 54006033 ACCRUED PENSION LIABILITY 5006629 DEFERRED COMPENSATION 528744 FINANCING OBLIGATION 241773 CAPITAL LEASE PAYABLE 223351 ANNUITY PAYMENT LIABILITY 21312 6021809 X 46370661 4603306 -18645121 -14041815 60412476 0 60412476 44241443 710371 710371 43531072 18645121 18645121 62176193 PART III, LINE 1A: CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES, AND SIMILAR ASSETS HELD AS PART OF A COLLECTION FOR EDUCATION, RESEARCH, OR PUBLIC EXHIBITION PURPOSES RATHER THAN FOR SALE OR FINANCIAL GAIN ARE NOT RECOGNIZED OR CAPITALIZED. PART III, LINE 4: FACULTY IN THE SCHOOL OF DESIGN MAKE USE OF VARIOUS ITEMS IN THE ART COLLECTION ON CAMPUS AS TEACHING AIDS AND EXAMPLES RELATING TO WORK THAT STUDENTS DO IN CLASSES SUCH AS AR 102 BASIC DRAWING SKILLS, AR 112 TWO- AND THREE-DIMENSIONAL DESIGN, AND AR 107 DRAWING CONCEPTS, TO NAME A FEW. STUDENTS IN BASIC DRAWING MAKE STUDIES OF SCULPTURE ON CAMPUS EACH YEAR AS PART OF THE COURSE EXPERIENCE. IN TWO- AND THREE-DIMENSIONAL DESIGN, STUDENTS ARE ASKED TO CREATE THEIR OWN SCULPTURE IN-THE-ROUND. THEY ARE ABLE TO STUDY EXAMPLES OF THIS TYPE OF SCULPTURE ON THE CAMPUS GROUNDS IN PREPARATION FOR MAKING THEIR OWN WORK. IN DRAWING CONCEPTS, VARIOUS WATERCOLOR PAINTINGS ARE USED TO DEMONSTRATE TO STUDENTS HOW LINEAR PERSPECTIVE IS USED TO CREATE ILLUSIONISTIC THREE-DIMENSIONAL SPACE ON A TWO-DIMENSIONAL SURFACE. IN GENERAL, THE ITEMS IN THE COLLECTION HELP CREATE AN ENVIRONMENT OF ART AND DESIGN ON CAMPUS FOR THOSE STUDYING IN DESIGN PROGRAMS AND SUPPORT THE COLLEGE'S MISSION OF BLENDING CAREER-RELEVANT EDUCATION WITH BROAD-BASED LEARNING IN THE ARTS, SCIENCES AND HUMANITIES TO PREPARE STUDENTS TO SUCCEED IN A CHANGING WORLD. PART V, LINE 4: THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. PART X, LINE 2: THE COLLEGE IS RECOGNIZED AS AN ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, WHEREBY ONLY UNRELATED BUSINESS INCOME, AS DEFINED BY SECTION 512(A)(1) OF THE CODE, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. STATE TAXES ARE FILED WITH THE COMMONWEALTH OF MASSACHUSETTS. THE COLLEGE'S POLICIES FOR INCOME TAXES HELP DETERMINE THE PROPER RECOGNITION, CLASSIFICATION, AND DISCLOSURE OF TAXES, INTEREST, AND PENALTIES. THE COLLEGE ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THE IMPLEMENTATION OF THIS STANDARD HAD NO EFFECT ON THE COLLEGE'S FINANCIAL STATEMENTS. MANAGEMENT BELIEVES THE COLLEGE HAS NO MATERIAL UNCERTAINTIES REGARDING INCOME TAXES. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASS OF FINANCIAL AID -18,645,121. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN ACCRUED PENSION LIABILITY 710,371. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASS OF FINANCIAL AID 18,645,121. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 MOUNT IDA COLLEGE IS COMMITTED TO A POLICY OF NON-DISCRIMINATION IN ITS EDUCATIONAL PROGRAMS, ACTIVITIES, AND EMPLOYMENT PRACTICES. IT IS THE POLICY OF THE COLLEGE NOT TO DISCRIMINATE ON THE BASIS OF RACE, ETHNICITY, NATIONAL ORIGIN, SEXUAL ORIENTATION, COLOR, AGE, RELIGION, OR HANDICAP. THIS POLICY IS STATED IN ALL PRINTED MATERIALS AND PROPERLY DISCLOSED ON BROADCAST AND TELEVISED MEDIA. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES GRANTS IN THE FORM OF FUNDS TO BE DISTRIBUTED FOR STUDENT FINANCIAL AID OR SUPPORT OF EDUCATIONAL PROGRAMS FROM THE FOLLOWING ORGANIZATIONS: - SCHOLARSHIP PAYMENTS FROM VARIOUS STATE AGENCIES ON BEHALF OF STUDENTS - UNITED STATES DEPARTMENT OF EDUCATION - STUDENT FINANCIAL ASSISTANCE - CLUSTER - FEDERAL PELL GRANT PROGRAM - FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS - FEDERAL WORK STUDY PROGRAM 1 SCHOLARSHIPS 1687 15158143 0 N/A FINANCIAL AID PART I, LINE 2: THE COLLEGE'S DEPARTMENT OF FINANCIAL AID REVIEWS AND APPROVES THE PROCEDURES FOR MONITORING THE FUNDS. THE CONTROLLER AND DIRECTOR OF STUDENT ACCOUNTS MONITOR THE USE OF GRANT FUNDS AND APPLY GENERAL ACCOUNTING PROCEDURES IN BOOKING THE FUNDS ON FINANCIAL RECORDS. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 BARRY BROWN PRESIDENT 390082 0 10000 0 12000 0 13250 0 20589 0 445921 0 0 0 RONALD AKIE VP FOR ACADEMIC AFFAIRS 230777 0 0 0 0 0 11522 0 19203 0 261502 0 0 0 JEFF CUTTING VP FOR ENROLLMENT MGT 148386 0 0 0 0 0 7000 0 18723 0 174109 0 0 0 SUZANNE GALLAGHER VP & GENERAL COUNSEL 149678 0 0 0 0 0 6548 0 18893 0 175119 0 0 0 JILL WIERBICKI ABRAHAMS VP FOR ADVANCEMENT 170308 0 0 0 0 0 4907 0 10711 0 185926 0 0 0 SHARON MCKECHNIE DEAN OF SCHOOL OF BUSINESS & GRADUAT 146225 0 0 0 0 0 7284 0 7080 0 160589 0 0 0 REEMA ZEINELDIN DEAN OF SCHOOL OF APPLIED SCIENCES 126922 0 0 0 0 0 6620 0 18922 0 152464 0 0 0 PART I, LINE 1A DISCRETIONARY SPENDING ACCOUNT: PRESIDENT, BARRY BROWN, HAS AN AUTO ALLOWANCE OF $12,000 WHICH IS INCLUDED IN HIS COMPENSATION AS OTHER COMPENSATION. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2012-05-10 26000000 REFINANCE OLD DEBT, NEW FACILITY CONSTRUCTION 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2013-02-13 12500000 RENOVATE, EQUIP AND FURNISH FACILITIES 0 0 0 A 26004035 454239 16685 325781 25207330 2013 1 0 1 1 B 12500000 219652 12280348 2014 0 0 1 1 A 0 1 0 0 0 0 1 B 0 1 0 0 0 0 1 A 0 0 1 0 0 0 0 0 0 B 0 1 0 0 0 0 0 0 0 A 1 B 1 SCHEDULE K, PART I, COLUMN (E) AND PART II, LINE 3 VARIANCES THE VARIANCE BETWEEN THE ISSUE PRICES OF THE 2012 AND 2013 BOND ISSUES REPORTED IN PART I, COLUMN (E) AND THE TOTAL PROCEEDS OF THE ISSUE REPORTED IN PART II, LINE 3 RESULT FROM THE FOLLOWING: BOND A 2012: INTEREST INCOME ON FUNDS HELD MARGULIES PERRUZZI ARCHITECTS INC TRUSTEE 66416 ARCHITECT SERVICES 1 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES CONSISTS OF THE CHAIR OF THE BOARD OF TRUSTEES, THE VICE CHAIR OF THE BOARD OF TRUSTEES BOTH AS EX-OFFICIO VOTING MEMBERS, AND THE PRESIDENT AS A NON-VOTING EX-OFFICIO MEMBER, AND NOT LESS THAN FIVE ADDITIONAL TRUSTEE MEMBERS, EXCEPT WHERE THE LARGER NUMBER IS REQUIRED BY THE LAW. THE EXECUTIVE COMMITTEE MAY MAKE RULES FOR THE CONDUCT OF ITS BUSINESS, BUT UNLESS OTHERWISE PROVIDED BY THE TRUSTEES OR IN SUCH RULES, ITS BUSINESS SHALL BE CONDUCTED AS NEARLY AS MAY BE IN THE SAME MANNER AS IT PROVIDED IN THE BY-LAWS FOR THE TRUSTEES. THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE POWERS OF THE BOARD OF TRUSTEES IN THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE COLLEGE WHEN THE BOARD IS NOT IN SESSION, TO TRANSACT ALL BUSINESS AND ON BEHALF OF THE CORPORATION AND TO GIVE THE NECESSARY INSTRUCTIONS TO THE EXECUTIVE OFFICERS ON BEHALF OF THE BOARD AND AUTHORIZE ANY OF THE OFFICERS, ON BEHALF OF THE CORPORATION, TO SIGN, AFFIX THE CORPORATE SEAL TO, AND DELIVER ANY CONTRACTS, DEEDS, RELEASE, ASSIGNMENTS, OR OTHER INSTRUMENTS IN WRITING, EXCEPT THAT THE EXECUTIVE COMMITTEE SHALL HAVE NO POWER TO ALTER OR AMEND THE ARTICLES OF ORGANIZATION OF THE COLLEGE, TO AMEND THE BY-LAWS, TO AWARD OR CONFER DEGREES, TO CHANGE THE PRINCIPAL OFFICE OF THE CORPORATION, TO ELECT OFFICERS, TO FILL ANY VACANCY IN SUCH OFFICE OR REVERSE ANY PRIOR ACTION OF THE BOARD, TO REMOVE OFFICERS OR TRUSTEES FROM OFFICE, TO AUTHORIZE A MERGER OF THE CORPORATION, TO CHANGE THE NUMBER OF THE BOARD OF TRUSTEES OR TO FILL VACANCIES ON THE BOARD OF TRUSTEES, OR AS MAY OTHERWISE BE LIMITED LAW, THE ARTICLES OF ORGANIZATION OR THESE BY-LAWS. THE EXECUTIVE COMMITTEE SHALL REPORT TO THE BOARD OF TRUSTEES ITS FINDINGS, RECOMMENDATIONS AND ACTIONS RELATING TO THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11 THE COLLEGE HAS A STRUCTURED REVIEW PROCESS OF THE FORM 990. THE FORM IS PREPARED BY THE INDEPENDENT AUDITOR USING INFORMATION GATHERED BY THE ACCOUNTING AND FINANCE TEAM FROM THE FINANCIAL RECORDS THAT HAVE BEEN AUDITED AND COMPILED FOR THE FISCAL YEAR END FINANCIAL STATEMENTS. THE COLLEGE CONTROLLER ASSEMBLES THE INFORMATION AND GIVES IT TO THE INDEPENDENT AUDITORS. THE INDEPENDENT AUDITORS PREPARE THE FORM 990 AND THERE IS A 2ND REVIEW BY THE VP, CFO & TREASURER AND PRESIDENT. THE DRAFT FORM 990 IS THEN PROVIDED TO THE AUDIT COMMITTEE IN ORDER THAT A CONSCIENTIOUS REVIEW CAN BE UNDERTAKEN. ONCE THE AUDIT COMMITTEE REVIEW IS COMPLETE, ACCESS TO THE FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD THROUGH A SECURE PORTAL OF THE COLLEGE'S WEBSITE ALLOWING TIME FOR QUESTIONS AND CONCERNS TO BE RAISED AND REVISIONS MADE PRIOR TO THE FILING DEADLINE. IF THE BOARD HAS NO CHANGES, THE VP, CFO & TREASURER SIGNS THE DOCUMENT AND SENDS IT TO THE INDEPENDENT AUDITOR TO BE SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE'S CONFLICT OF INTEREST POLICY COVERS TRUSTEES (INCLUDING EX-OFFICIO, HONORARY AND EMERITUS MEMBERS OF THE BOARD OF TRUSTEES), COMMITTEE MEMBERS AND EXECUTIVE OFFICERS. ALL COVERED INDIVIDUALS ARE REQUIRED TO SUBMIT AN ANNUAL DISCLOSURE TO THE FULL BOARD OF TRUSTEES IDENTIFYING POTENTIAL RELATIONSHIPS THAT MIGHT GIVE RISE TO A CONFLICT OF INTEREST, WITH UPDATES TO THE DISCLOSURES IN THE EVENT OF CHANGED CIRCUMSTANCES. POTENTIAL CONFLICTS ARE SUBJECT TO THE REVIEW AND APPROVAL OF THE BOARD OF TRUSTEES TO ENSURE THAT SUCH TRANSACTION OR RELATIONSHIP IS IN THE BEST INTERESTS OF THE COLLEGE AND COMPLIES WITH COLLEGE POLICY AND ALL APPLICABLE LEGAL AND ETHICAL GUIDELINES. ANY COVERED INDIVIDUAL HAVING A PERSONAL INTEREST IN A GIVEN TRANSACTION OR OTHER RELATIONSHIP SHALL NOT PARTICIPATE IN THE DISCUSSION OF THAT TRANSACTION OR RELATIONSHIP, EXCEPT TO RESPOND TO QUESTIONS OR INQUIRIES FROM OR PROVIDE INFORMATION REQUESTED BY THE TRUSTEES OR OTHERS, SHALL SPECIFICALLY ABSTAIN FROM VOTING ON THE TRANSACTION OR RELATIONSHIP, AND SHALL NOT BE COUNTED TOWARDS A QUORUM FOR PURPOSES OF THE VOTE. THE EXECUTIVE COMMITTEE SHALL REPORT TO THE BOARD OF TRUSTEES PERIODICALLY, AND AT LEAST ANNUALLY, ON ALL NON-DE MINIMIS TRANSACTIONS AND OTHER FINANCIAL RELATIONSHIPS BETWEEN THE COLLEGE AND COVERED PERSONS. SUCH REPORT SHALL INCLUDE A DESCRIPTION OF THE TRANSACTION OR RELATIONSHIP, THE FEES PAID OR RECEIVED BY THE COLLEGE (IF ANY), AND OTHER RELEVANT INFORMATION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES APPROVES THE CONTRACT, IF ANY, AND ALL SALARY, INCENTIVES, BONUSES, LOANS, SUBSIDIES, IN-KIND BENEFITS, EXPENSE ALLOWANCES, PAYMENTS TO BENEFIT PLANS AND RETIREMENT PLANS, SEVERANCE PAYMENTS AND ARRANGEMENTS, AND ANY OTHER COMPENSATION, BENEFITS, PAYMENTS AND PERQUISITES, FOR OR OTHERWISE ON BEHALF OF THE PRESIDENT FROM OR ON BEHALF OF THE COLLEGE. THE EXECUTIVE COMMITTEE ("THE COMMITTEE") IS RESPONSIBLE FOR THE ANNUAL REVIEW OF THE PRESIDENT'S COMPENSATION AND BENEFITS, FOLLOWING A PERFORMANCE REVIEW. THE COMMITTEE MAY DELEGATE THE PERFORMANCE REVIEW PORTION OF THIS RESPONSIBILITY TO THE CHAIR OF THE BOARD OF TRUSTEES AND TWO OR MORE MEMBERS OF THE COMMITTEE. CHANGES IN COMPENSATION OF THE PRESIDENT SHALL BE CONSISTENT WITH STANDARDS IN THE HIGHER EDUCATION COMMUNITY, WITH SPECIAL REFERENCE TO COMPARABLE INSTITUTIONS. PROPOSED CHANGES, TOGETHER WITH THE COMMITTEE'S RECOMMENDATIONS, SHALL BE SUBMITTED TO THE BOARD OF TRUSTEES FOR APPROVAL. THE COMMITTEE SHALL BE PROVIDED WITH COMPARATIVE DATA FROM NATIONAL OR STATEWIDE SURVEYS OF COMPARABLE INSTITUTIONS, OR FROM LOCAL COLLEGES REGARDED AS SIMILAR TO MOUNT IDA COLLEGE IN TERMS OF DEGREE OFFERINGS, ENROLLMENT AND BUDGET AS THE COMMITTEE MAY REQUIRE IN SATISFYING ITS RESPONSIBILITIES. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. ADDITIONALLY, THE COLLEGE'S FORM 990 IS MADE AVAILABLE ON THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AND AT WWW.GUIDESTAR.ORG. FORM 990, PART XI, LINE 9: CHANGE IN ACCRUED PENSION LIABILITY -710,371.