2016-10-03T10:05:12-05:00 2015-12-31 521511275 RAFFA PC 1899 L STREET NW SUITE 850 WASHINGTON DC 20036 990 2015-01-01 840399006 THE ASPEN INSTITUTE INC ASPE 2027361074 ONE DUPONT CIRCLE NW NO 700 WASHINGTON DC 200361133 NAMITA KHASAT EVP FIN.& ADMIN./CFO/TREASURER 2027361074 2016-10-03 1 FRANK H SMITH P00639053 2028225000 2016-10-03 2015 2017-02-10 21:41:12Z WALTER ISAACSON ONE DUPONT CIRCLE NW NO 700 WASHINGTON DC 200361133 322809953 0 X WWW.ASPENINSTITUTE.ORG X 1949 CO VALUES-BASED LEADERSHIP IN NEUTRAL AND BALANCED VENUE FOR DISCUSSING CRITICAL ISSUES. 65 64 472 292 9941123 -2295871 68633372 111928714 28384520 30455451 -632796 239875 79121 230486 96464217 142854526 6053050 8484499 0 0 35680382 41445856 0 0 2823236 49629398 51448762 91362830 101379117 5101387 41475409 232206093 278242256 16794826 19264679 215411267 258977577 X THE INSTITUTE'S MISSION IS TO FOSTER LEADERSHIP BASED ON ENDURING VALUES AND TO PROVIDE A NONPARTISAN VENUE FOR DEALING WITH CRITICAL ISSUES THROUGH: (SEE SCHEDULE O)1. IDEAS - SPARK INTELLECTUAL INQUIRY AND EXCHANGE, CONNECTING NEW CONCEPTS TO TIMELESS VALUES. 2. LEADERSHIP - CREATE A DIVERSE WORLDWIDE COMMUNITY OF LEADERS COMMITTED TO THE GREATER GOOD.3. ACTION - PROVIDE A NONPARTISAN FORUM FOR REACHING SOLUTIONS ON VITAL PUBLIC POLICY ISSUES. 0 0 43593545 8241495 5746942 POLICY PROGRAM: THE INSTITUTE'S PROGRAMS ADVANCE PUBLIC AND PRIVATE-SECTOR KNOWLEDGE ON SIGNIFICANT POLICY ISSUES CONFRONTING CONTEMPORARY SOCIETY. THEY CONVENE LEADERS AND EXPERTS TO SEEK CONSTRUCTIVE SOLUTIONS TO CRITICAL PROBLEMS. WHILE EACH PROGRAM IS UNIQUE IN SUBSTANCE AND APPROACH THEY ALL SHARE A COMMITMENT TO ADVANCING BETTER POLICY BY BRINGING DIVERSE PERSPECTIVES TOGETHER IN PURSUIT OF INFORMED DIALOGUE AND EFFECTIVE SOLUTIONS. 15963005 0 10184467 CAMPUS ACTIVITIES: THE INSTITUTE CARRIES OUT MUCH OF ITS WORK ON ITS TWO CAMPUSES. IN ASPEN, COLORADO AND ON THE WYE RIVER, ON MARYLAND'S EASTERN SHORE WHERE NATURAL BEAUTY AND QUIET SURROUNDINGS ENCOURAGES THOUGHTFUL REFLECTION AND REFRESHES THE MIND, BODY AND SPIRIT. 11249145 207504 11112238 PUBLIC PROGRAMS: THE INSTITUTE'S PUBLIC PROGRAMS OPEN THE INSTITUTE UP TO THE PUBLIC, OFFERING OPPORTUNITIES TO ENGAGE IN THOUGHTFUL, NONPARTISAN INQUIRY. OUR MAJOR EVENTS INCLUDE THE ASPEN, DC AND NEW YORK IDEAS FESTIVALS, SPOTLIGHT HEALTH AND THE ASPEN SECURITY FORUM AND THE ASPEN WORDS PROGRAM. THESE AND OUR OTHER PUBLIC FORUMS ENGAGE OVER 15,000 MEMBERS OF THE GENERAL PUBLIC ANNUALLY. 5455206 35000 1426068 ASPEN GLOBAL LEADERSHIP NETWORK 2233644 500 340949 OTHER RESTRICTED PROGRAMS 974521 0 1644787 SEMINARS 8663371 35500 3411804 79469066 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 1 1 0 0 0 1 1 1 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 562 0 1 472 1 1 1 0 0 0 0 1 1 0 0 0 0 X 65 64 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AK AZ AR CA CO CT FL GA IL KS KY ME MD MA MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI X X ASPEN INSTITUTENAMITA KHASAT 2027362520 ONE DUPONT CIRCLE NW NO 700 WASHINGTON DC 200361133 ROBERT K STEEL CHAIRMAN 1.00 X X 0 0 0 JAMES SCHINE CROWN VICE CHAIR 0.30 X X 0 0 0 WILLIAM E MAYER CHAIRMAN EMERITUS 0.30 X X 0 0 0 MADELEINE K ALBRIGHT CHAIR 0.30 X 0 0 0 PAUL F ANDERSON TRUSTEE 0.30 X 0 0 0 MERCEDES BASS TRUSTEE 0.30 X 0 0 0 MIGUEL MIKE BEZOS TRUSTEE 0.30 X 0 0 0 RICHARD BRADDOCK TRUSTEE 0.30 X 0 0 0 BETH BROOKE-MARCINIAK TRUSTEE 0.30 X 0 0 0 WILLIAM D BUDINGER TRUSTEE 0.30 X 0 0 0 STEPHEN L CARTER TRUSTEE 0.30 X 0 0 0 CESAR R CONDE TRUSTEE 0.30 X 0 0 0 ANDREA CUNNINGHAM TRUSTEE 0.30 X 0 0 0 KENNETH L DAVIS MD TRUSTEE 0.30 X 0 0 0 JOHN DOERR TRUSTEE 0.30 X 0 0 0 THELMA DUGGIN TRUSTEE 0.30 X 0 0 0 SYLVIA A EARLE TRUSTEE 0.30 X 0 0 0 MICHAEL D EISNER TRUSTEE 0.30 X 0 0 0 L BROOKS ENTWISTLE TRUSTEE 0.30 X 0 0 0 HENRIETTA HOLSMAN FORE TRUSTEE 0.30 X 0 0 0 ANN B FRIEDMAN TRUSTEE 0.30 X 0 0 0 HENRY LOUIS GATES JR TRUSTEE 0.30 X 0 0 0 DAVID GERGEN TRUSTEE 0.30 X 0 0 0 GERALD GREENWALD TRUSTEE 0.30 X 0 0 0 PATRICK W GROSS TRUSTEE 0.30 X 0 0 0 ARJUN GUPTA TRUSTEE 0.30 X 0 0 0 JANE HARMAN TRUSTEE 0.30 X 0 0 0 HAYNE HIPP TRUSTEE 0.30 X 0 0 0 MARK S HOPLAMAZIAN TRUSTEE 0.30 X 0 0 0 GERALD D HOSIER TRUSTEE 0.30 X 0 0 0 ANN FRASHER HUDSON TRUSTEE 0.30 X 0 0 0 ROBERT HURST TRUSTEE 0.30 X 0 0 0 SALMAN KHAN TRUSTEE 0.30 X 0 0 0 MICHAEL KLEIN TRUSTEE 0.30 X 0 0 0 DAVID KOCH TRUSTEE 0.30 X 0 0 0 TIMOTHY K KRAUSKOPF TRUSTEE 0.30 X 0 0 0 LAURA LAUDER TRUSTEE 0.30 X 0 0 0 RODERICK VON LIPSEY TRUSTEE 0.30 X 0 0 0 YO-YO MA TRUSTEE 0.30 X 0 0 0 FREDERIC V MALEK TRUSTEE 0.30 X 0 0 0 JAMES M MANYIKA TRUSTEE 0.30 X 0 0 0 BONNIE PALMER MCCLOSKEY TRUSTEE 0.30 X 0 0 0 DAVID MCCORMICK TRUSTEE 0.30 X 0 0 0 ANNE WELSH MCNULTY TRUSTEE 0.30 X 0 0 0 DIANE L MORRIS TRUSTEE 0.30 X 0 0 0 KARLHEINZ MUHR TRUSTEE 0.30 X 0 0 0 CLARE MUNANA TRUSTEE 0.30 X 0 0 0 JERRY MURDOCK TRUSTEE 0.30 X 0 0 0 MARC B NATHANSON TRUSTEE 0.30 X 0 0 0 WILLIAM A NITZE TRUSTEE 0.30 X 0 0 0 HER MAJESTY QUEEN NOOR TRUSTEE 0.30 X 0 0 0 JACQUELINE NOVOGRATZ TRUSTEE 0.30 X 0 0 0 OLARA A OTUNNU TRUSTEE 0.30 X 0 0 0 ELAINE PAGELS TRUSTEE 0.30 X 0 0 0 MARGOT L PRITZKER TRUSTEE 0.30 X 0 0 0 LYNDA RESNICK TRUSTEE 0.30 X 0 0 0 CONDOLEEZZA RICE TRUSTEE 0.30 X 0 0 0 JAMES E ROGERS TRUSTEE 0.30 X 0 0 0 RICARDO SALINAS TRUSTEE 0.30 X 0 0 0 ISAAC SHONGWE TRUSTEE 0.30 X 0 0 0 ANNA DEAVERE SMITH TRUSTEE 0.30 X 0 0 0 MICHELLE SMITH TRUSTEE 0.30 X 0 0 0 LAURIE M TISCH TRUSTEE 0.30 X 0 0 0 VIN WEBER TRUSTEE 0.30 X 0 0 0 WALTER ISAACSON PRESIDENT/CEO 40.00 X X 864658 0 74709 AMY MARGERUM EXEC. VP/CORPORATE SECRETARY 40.00 X 378794 0 63804 ELLIOT GERSON EXECUTIVE VP 40.00 X 375814 0 74714 PETER REILING EXECUTIVE VP 40.00 X 375566 0 74687 DOLORES GORGONE CFO - UNTIL 11/2015 40.00 X 319580 0 43086 RAJIV VINNAKOTA EXECUTIVE VP 40.00 X 87383 0 8726 NAMITA KHASAT EVP FIN. & ADMN./CFO/TREASURER 40.00 X 85579 0 295 CHARLIE FIRESTONE EXEC. DIR. C&S 40.00 X 348993 0 63838 DAN GLICKMAN ED CONGRESSIONAL PROGRAM 40.00 X 339072 0 35393 MICKEY EDWARDS DIRECTOR RODEL FELLOWSHIPS 40.00 X 326654 0 52382 STACE LINDSAY DIRECTOR 40.00 X 315184 0 58902 ANNE MOSLE VICE PRES. EXEC. DIRECTOR 40.00 X 281730 0 69184 4099007 0 619720 117 0 1 0 FIRSTBORN MULTIMEDIA CORP 32 AVE OF THE AMER 5TH FLOOR NEW YORK NY 10013 WEBSITE DEVELOPMENT 527942 SITE SELECTION SERVICES 6404 RUBY WAY CARLSBAD CA 92011 CONFERENCE SERVICES / LODGING 418979 BURNESS COMMUNICATIONS 7910 WOODMONT AVENUE BETHESDA MD 20814 COMMUNICATIONS CONSULTING 351905 HOTEL JEROME 330 E MAIN STREET ASPEN CO 81611 CONFERENCE SERVICES / LODGING 297581 STAY ASPEN SNOWMASS 425 RIO GRANDE PLACE ASPEN CO 81611 CONFERENCE SERVICES / LODGING 296678 24 1794724 1374672 108759318 3988155 111928714 CONTRACT REVENUE 900099 10411357 10411357 CONF./FACILITY FEES 531390 10182338 10182338 SEMINAR AND EVENT FEES 900099 9835735 9835735 BOOK SALES 900099 26021 26021 30455451 268197 -512268 780465 98306 49712 48594 48594 48594 179297074 179325396 -28322 -28322 -28322 80386 1794724 580319 -499933 -499933 OTHER INCOME 900099 395329 395329 ADVERTISING INCOME 541800 271053 271053 SUBLEASE INCOME 900099 15443 15443 681825 142854526 20273113 9941123 711576 8088424 8088424 142751 142751 253324 253324 2827404 598990 2095635 132779 29807887 22184639 6245871 1377377 2776102 2069579 556826 149697 3882070 2856846 857352 167872 2152393 1535652 499803 116938 14376991 14376991 81056 36390 44666 167465 167465 32011 32011 5818181 5135281 682900 98704 88046 4615 6043 4478277 1935230 2261037 282010 1376114 462706 903825 9583 3309108 2355035 844139 109934 11541100 10707292 621050 212758 750163 750163 2065177 2065177 4000 4000 2761455 2761455 294434 294434 PUBLICATIONS 1495670 1344329 147278 4063 AUDIO/VISUAL 1202921 1131666 37009 34246 PROGRAM COSTS 1076094 1076094 PHOTOGRAPHY 311776 274434 20312 17030 208065 27 5132 202906 101379117 79469066 19086815 2823236 2523 20706 15933981 15314831 43373779 70701619 3062934 1885671 100074 131455 1255976 1125418 93687725 43036052 51625857 50651673 9845055 19602145 106896418 118715385 109496 93353 232206093 278242256 6445740 6781875 725376 2323397 5571367 6015991 4052343 4143416 16794826 19264679 X 83804671 80698001 81654997 123871918 49951599 54407658 215411267 258977577 232206093 278242256 41475409 2090901 0 X 0 1 X 1 1 1 X 49664114 71686768 68204184 68633372 111928714 370117152 49664114 71686768 68204184 68633372 111928714 370117152 39314897 330802255 479603 347151 334358 133656 894214 2188982 402809 485061 398612 190216 395329 1872027 374178161 84095098 0.88410 0.89210 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2011 AMOUNT: $ 402,809. 2012 AMOUNT: $ 485,061. 2013 AMOUNT: $ 398,612. 2014 AMOUNT: $ 190,216. 2015 AMOUNT: $ 395,329. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 250.38 0 0 0 1 1 100000 959345 0 0 X 0 80203349 16298057 1451696 2720562 95232540 75351962 4417778 2668734 2235125 80203349 59703811 12128542 5470942 1951333 75351962 44873360 12703802 3285463 2299326 58563299 43483211 4713266 -393566 2929551 44873360 0.22490 0.57150 0.20360 0 0 10627664 10627664 67089103 31081056 36008047 976700 454662 522038 5291066 4509406 781660 9703192 6990928 2712264 50651673 INVESTMENT CONTRACT 635083 F LIMITED PARTNERSHIPS 118080302 F 118715385 CAPITAL LEASE OBLIGATIONS 158544 DEFERRED COMPENSATION 3402311 DEFERRED RENT AND LEASE INCENTIVE 582561 4143416 X 145633371 2090901 89924 2180825 143452546 32011 -630031 -598020 142854526 102067061 89924 89924 101977137 32011 -630031 -598020 101379117 PART II, LINE 5: THE INSTITUTE CONTINUES TO COMPLY WITH TERMS OF CONTRACT GOVERNING THE CONSERVATION EASEMENT HELD, WHICH INCLUDES PROTECTION OF NATURAL HABITAT. PART II, LINE 9: THE INSTITUTE HOLDS A CONSERVATION EASEMENT ON THE BALANCE SHEET AND THE CONTRIBUTED PARCEL OF LAND WAS BOOKED AS REVENUE FOR THE YEAR IT WAS GIFTED. PART III, LINE 4: AT OUR ASPEN MEADOWS CAMPUS, ASPEN, COLORADO, WE HAVE A LARGE COLLECTION OF ART THAT IS ON DISPLAY BOTH IN GALLERIES AND PUBLIC SPACES. IT IS ENJOYED BY GUESTS WHO VISIT AND STAY AT OUR RESORT. THIS ART COLLECTION IS MADE UP OF PHOTOS FROM FRANZ BERKO, OFFICIAL PHOTOGRAPHER FOR THE INSTITUTE, AS WELL AS ART IN VARIOUS MEDIUMS BY HERBERT BAYER. BAYER WAS THE ARCHITECT FOR OUR CAMPUS, AND ALSO DESIGNED SEVERAL OF THE LAND FORMS THROUGHOUT OUR PROPERTY. ONE GALLERY ON PROPERTY IS DEDICATED SOLELY TO THE WORK OF BAYER. PART V, LINE 4: 4.5% OF A 12 QUARTER ROLLING AVERAGE OF THE FUNDS ARE USED TO FUND PROGRAMMATIC WORK OF THE INSTITUTE. PART X, LINE 2: THE INSTITUTE PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS FOR THE YEAR ENDED DECEMBER 31, 2015, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -49,712. SPECIAL EVENT EXPENSES -580,319. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -49,712. SPECIAL EVENT EXPENSES -580,319. 1 CENTRAL AMERICA AND THE CARIBBEAN - 0 0 PROGRAM SERVICES AND GRANTS TO RECIPIENTS LOCATED IN REGION. GRANTS, MEETINGS AND PROGRAMMATIC ACTIVITIES. 41939 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES AND GRANTS TO RECIPIENTS LOCATED IN REGION. GRANTS, MEETINGS AND PROGRAMMATIC ACTIVITIES. 765 EUROPE (INCLUDING ICELAND & GREENLAND) - 0 0 PROGRAM SERVICES AND GRANTS TO RECIPIENTS LOCATED IN REGION. GRANTS, MEETINGS AND PROGRAMMATIC ACTIVITIES. 544713 MIDDLE EAST AND NORTH AFRICA - 0 0 PROGRAM SERVICES AND GRANTS TO RECIPIENTS LOCATED IN REGION. GRANTS, MEETINGS AND PROGRAMMATIC ACTIVITIES. 15224 NORTH AMERICA - CANADA AND MEXICO, BUT 0 0 PROGRAM SERVICES AND GRANTS TO RECIPIENTS LOCATED IN REGION. GRANTS, MEETINGS AND PROGRAMMATIC ACTIVITIES. 189099 SOUTH AMERICA - ARGENTINA, BOLIVIA, 0 0 PROGRAM SERVICES AND GRANTS TO RECIPIENTS LOCATED IN REGION. GRANTS, MEETINGS AND PROGRAMMATIC ACTIVITIES. 206863 SOUTH ASIA - AFGHANISTAN, BANGLADESH, 0 0 PROGRAM SERVICES AND GRANTS TO RECIPIENTS LOCATED IN REGION. GRANTS, MEETINGS AND PROGRAMMATIC ACTIVITIES. 215930 SUB-SAHARAN AFRICA - ANGOLA, 0 0 PROGRAM SERVICES AND GRANTS TO RECIPIENTS LOCATED IN REGION. GRANTS, MEETINGS AND PROGRAMMATIC ACTIVITIES. 257353 0 0 0 0 0 0 1471886 0 1471886 EUROPE (INCLUDING ICELAND & GREENLAND) TO SUPPORT ONLINE SALES, DIGITIZATION, CULTURAL PROMOTION, AND WAREHOUSING 20000 WIRE TRANSFER EUROPE (INCLUDING ICELAND & GREENLAND) SMALL BUSINESS DEVELOPMENT TO COMMISSION ARTISANS AND LOCAL ARTISANAL COPPERATIVES TO CREATE PRODUCTS FOR TRIA, ETC. 20000 WIRE TRANSFER MIDDLE EAST AND NORTH AFRICA SUPPORT CHAPTER OPERATIONS 54000 WIRE TRANSFER NORTH AMERICA SUPPORT CHAPTER OPERATIONS 20000 WIRE TRANSFER SOUTH AMERICA SUPPORT CHAPTER OPERATIONS 60500 WIRE TRANSFER SOUTH AMERICA TO FINISH THE BUILDING AND INSTALLATION OF A TRADITIONAL HOME WEAVERS EXHIBITION 20000 WIRE TRANSFER SOUTH ASIA SUPPORT CHAPTER OPERATIONS 27000 WIRE TRANSFER SUB-SAHARAN AFRICA SUPPORT CHAPTER OPERATIONS 10000 WIRE TRANSFER 0 8 AWARDS SOUTH AMERICA 5 18700 WIRE TRANSFER AWARDS NORTH AMERICA 1 1536 WIRE TRANSFER AWARDS MIDDLE EAST AND NORTH AFRICA 1 5000 WIRE TRANSFER AWARDS SUB-SAHARAN AFRICA 1 10000 WIRE TRANSFER 0 0 0 0 0 1 PART I, LINE 2: FROM TIME TO TIME THE INSTITUTE ENGAGES OTHER ENTITIES TO FURTHER THE OBJECTIVES SET FORTH IN OUR GRANT AGREEMENTS. THIS IS TYPICALLY DONE VIA SUB-AWARDS OR RE-GRANTS THAT RUN CONCURRENTLY WITH THE PRIME AWARD IN WHICH THE SUB RECIPIENTS ARE ADVISED OF ALL APPLICABLE LAWS AND REGULATIONS, AND ALL APPROPRIATE FLOW-DOWN PROVISIONS FROM THE PRIME AGREEMENT. ALL SUB GRANTEES OR SERVICE PROVIDERS MUST ALSO CERTIFY THAT THEY DO NOT AND WILL NOT KNOWINGLY PROVIDE MATERIAL SUPPORT OR RESOURCES TO ANY INDIVIDUAL OR ENTITY INVOLVED WITH TERRORISM (INCLUDING ANY INDIVIDUALS, ENTITIES, OR GROUPS SUBJECT TO OFAC SANCTIONS) OR TO ANYONE WHO ACTS AS AN AGENT FOR SUCH AN INDIVIDUAL OR ENTITY. ANY VIOLATION OF THIS CERTIFICATION MUST BE GROUNDS FOR IMMEDIATE TERMINATION OF THE LETTER OF AGREEMENT AND RETURN OF ALL GRANT FUNDS. THE FREQUENCY AND SCOPE OF THE RESEARCH PROGRAM'S MONITORING PROCEDURES ARE DETERMINED JOINTLY BY THE RESPONSIBLE PROGRAM MANAGER AND RESPECTIVE GRANT ADMINISTRATOR/FINANCIAL ANALYST. THIS INCLUDES THE ROUTINE RECEIPT AND REVIEW OF THE NARRATIVE AND FINANCIAL REPORTS, A REVIEW OF EXPENSES TO BUDGET, THE OPTION TO PERFORM AUDITS, AND ALLOWS FOR THE PERFORMANCE OF SITE VISITS IF NECESSARY. THE INSTITUTE SHOULD BE NOTIFIED WHENEVER PROBLEMS, DELAYS OR OTHER CONDITIONS DEVELOP WHICH WOULD HAVE SIGNIFICANT IMPACT UPON THE PROJECT. BUDGET REVISIONS ARE ALLOWED WITHIN THE PARAMETERS SET FORTH IN EACH SUB AWARD. THE PAYMENT SCHEDULE AND THE DECREE OF FLEXIBILITY OFFERED MAY DEPEND ON PREVIOUS EXPERIENCE WITH THE RECIPIENT, THE DEGREE OF EXTERNAL OVERSIGHT BY OTHER PARTIES, AND THE SOPHISTICATION OF THE RECIPIENT'S ADMINISTRATIVE SYSTEMS. PARTICIPANTS ARE EXPECTED TO COMPLY WITH ALL RELEVANT U.S. LAWS. PRIOR TO ISSUING AWARDS TO FOREIGN ENTITIES, THE PROGRAMS ARE BEING ASKED TO COMPLETE A DUE DILIGENCE CHECKLIST, WHICH INCLUDES ADDITIONAL INFORMATION ABOUT THE SUB RECIPIENT INCLUDING: ANY REASONABLY AVAILABLE HISTORICAL INFORMATION ABOUT THE GRANTEE THAT ASSURES THE INSTITUTE OF THE GRANTEE'S IDENTITY AND INTEGRITY SUCH AS THE JURISDICTION IN WHICH A GRANTEE ORGANIZATION IS INCORPORATED OR FORMED; COPIES OF INCORPORATING OR OTHER GOVERNING INSTRUMENTS; INFORMATION ON THE INDIVIDUALS WHO FORMED AND OPERATE THE ORGANIZATION; AND INFORMATION RELATING TO THE GRANTEE'S OPERATING HISTORY; THE GRANTEE OR SERVICE PROVIDER'S NAME IN ENGLISH, AND THE LANGUAGE OF ORIGIN, AND ANY ACRONYM OR OTHER NAMES USED TO IDENTIFY THE GRANTEE; THE JURISDICTIONS IN WHICH A GRANTEE OR SERVICE PROVIDER MAINTAINS A PHYSICAL PRESENCE; THE GRANTEE OR SERVICE PROVIDER'S POSTAL, EMAIL AND WEBSITE ADDRESSES AND PHONE NUMBERS FOR EACH PLACE OF BUSINESS. THE INSTITUTE ALSO CONDUCTS A REASONABLE SEARCH OF PUBLICLY AVAILABLE INFORMATION TO DETERMINE WHETHER THE GRANTEE OR SERVICE PROVIDER IS SUSPECTED OF ACTIVITY RELATING TO TERRORISM, INCLUDING TERRORIST FINANCING OR OTHER SUPPORT. SCHEDULE F, PART IV, NO. 6 THE STEVENS INITIATIVE IS A $6M COLLABORATION BETWEEN THE GOVERNMENTS OF THE UNITED STATES, UNITED ARAB EMIRATES, QATAR, ALGERIA AND MOROCCO, AND MICROSOFT, MOZILLA AND GOPRO. THE PARTNERSHIP IS DESIGNED TO INCREASE PEOPLE-TO-PEOPLE EXCHANGE BETWEEN YOUTH IN THE UNITED STATES AND THE MIDDLE EAST AND NORTH AFRICA. THE STEVENS INITIATIVE WILL SUPPORT ORGANIZATIONS THAT RUN VIRTUAL AND PHYSICAL EXCHANGE PROGRAMS TO DEEPEN THE IMPACT AND SCALE UP THE REACH OF THEIR PROGRAMS IN THE UNITED STATES AND IN THE MIDDLE EAST AND NORTH AFRICA. MIDDLE EAST LEADERSHIP INITIATIVE IS A FELLOWSHIP FOR LEADERS ACROSS THE MIDDLE EAST TO TACKLE IMPORTANT SOCIETAL CHALLENGES FACING THEIR COUNTRIES AND REGIONS. CASH DISBURSEMENTS TO AFFECTED COUNTRIES WERE MINIMAL AND INCLUDED REIMBURSEMENT FOR TRAVEL FOR A MODERATOR FOR THE ASPEN ACTION FORUM AND AN INDIVIDUAL CONSULTANT SUPPORTING THE GLOBAL HEALTH & DEVELOPMENT'S PROGRAM THE ALLIANCE FOR ARTISAN ENTERPRISES. ANNUAL DINNER 1097895 1059345 38550 5356 98291 184854 SUMMER CELEBRATION 461760 436180 25580 3804 1507 155953 2 315455 299199 16256 1692 2656 126206 1875110 1794724 80386 10852 102454 467013 580319 -499933 1 EMORY UNIVERSITY 1300 CLIFTON ROAD NE ATLANTA GA 30322 580566256 501(C)(3) 1011452 TO SUPPORT GALI GLOBAL ACCELERATOR LEARNING INITIATIVE THE DISTRICT BOARD OF TRUSTEES OF SANTA FE COLLEGE 3000 NW 83RD STREET GAINESVILLE FL 32606 591207627 501(C)(3) 820500 2015 ASPEN PRIZE AWARD FUNDS EMPLOYINDY 115 W WASHINGTON STREET SUITE 450 SOUTH INDIANAPOLIS IN 46204 351569069 501(C)(3) 649092 TO LEAD THE DESIGN AND IMPLEMENTATION OF THE URBAN MATHEMATICS LEADERSHIP NEWTORK AND THE URBAN DISTRICTS LEADERSHIP NETWORK CORPORATION FOR A SKILLED WORKFORCE 1100 VICTORS WAY SUITE 10 ANN ARBOR MI 48108 382991143 501(C)(3) 590331 TO SUPPORT "REIMAGINING RETAIL JOBS AND WORKER ADVANCEMENT" THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY 3145 PORTER DRIVE PALO ALTO CA 94304 941156365 501(C)(3) 482653 ASPEN FELLOWSHIP - STANFORD COLLABORATION EQUAL MEASURE 1528 WALNUT STREET SUITE 805 PHILADELPHIA PA 19102 232694572 501(C)(3) 350585 EVALUATION OF OPPORTUNITY YOUTH INCENTIVE FUND SITES THRIVE CHICAGO 205 N MICHIGAN AVENUE CHICAGO IL 60601 472478889 501(C)(3) 350000 OPPORTUNITY YOUTH AWARD AND OPPORTUNITIES CHICAGO MISSION EDGE SAN DIEGO INC PO BOX 12319 SAN DIEGO CA 92112 272938491 501(C)(3) 200000 OPPORTUNITY YOUTH AWARD ALLIANCE FOR CHILDRENS RIGHTS 3333 WILSHIRE BOULEVARD LOS ANGELES CA 90010 954358213 501(C)(3) 200000 OPPORTUNITY YOUTH AWARD JOBSFIRSTNYC 11 PARK PLACE NEW YORK NY 10007 412242653 501(C)(3) 200000 OPPORTUNITY YOUTH AWARD BOSTON PRIVATE INDUSTRY COUNCIL 2 OLIVER STREET BOSTON MA 02109 042676661 501(C)(3) 200000 OPPORTUNITY YOUTH AWARD WORKFORCE SOLUTIONS CAPITAL AREA WORKFORCE 6505 AIRPORT BOULEVARD AUSTIN TX 78752 742327454 501(C)(3) 200000 OPPORTUNITY YOUTH AWARD URBAN STRATEGIES COUNCIL 1720 BROADWAY AVENUE OAKLAND CA 94612 943044453 501(C)(3) 200000 OPPORTUNITY YOUTH AWARD UNITED WAY OF TUCSON AND SOUTHERN ARIZONA 330 N COMMERCE PARK LOOP TUCSON AZ 85745 860098932 501(C)(3) 200000 OPPORTUNITY YOUTH AWARD ADMINISTRATORS OF THE TULANE EDUCATION FUND 6823 ST CHARLES AVENUE NEW ORLEANS LA 70118 720423889 501(C)(3) 200000 OPPORTUNITY YOUTH AWARD PLANNED PARENTHOOD MAR MONTE INC 1691 THE ALAMEDA SAN JOSE CA 95126 941583439 501(C)(3) 200000 OPPORTUNITY YOUTH AWARD FUSION PARTNERSHIPS 1601 GUILFORD AVENUE BALTIMORE MD 21202 522148413 501(C)(3) 200000 OPPORTUNITY YOUTH AWARD ROSE COMMUNITY FOUNDATION 600 S CHERRY STREET DENVER CO 80246 840920862 501(C)(3) 199850 OPPORTUNITY YOUTH AWARD MARICOPA COUNTY 301 W JEFFERSON AVENUE PHOENIX AZ 85003 866000472 501(C)(3) 150000 MARICOPA COUNTY EDUCATION SERVICE AGENCY OYIF UNITED WAY OF METROPOLITAN ATLANTA PO BOX 692 ATLANTA GA 30301 580566194 501(C)(3) 150000 OPPORTUNITY YOUTH AWARD HUMBOLDT AREA FOUNDATION 363 INDIANOLA AVENUE BAYSIDE CA 95524 237310660 501(C)(3) 115000 OPPORTUNITY YOUTH AWARD WATERTOWN SCHOOL DISTRICT 14-4 PO BOX 730 WATERTOWN SD 57201 466001273 501(C)(3) 110500 2015 ASPEN PRIZE AWARD FUNDS PADUCAH JUNIOR COLLEGE INC 4810 ALBEN BARKLEY DRIVE PADUCAH KY 42002 616001156 501(C)(3) 100000 2015 ASPEN PRIZE AWARD FUNDS BOARD OF TRUSTEES OF COMMUNITY COLLEGE DISTRICT NO 508 6301 S HALSTED STREET CHICAGO IL 60621 362606236 501(C)(3) 100000 2015 ASPEN PRIZE AWARD FUNDS THE HOPI FOUNDATION PO BOX 301 KYKOTSMOVI AZ 86039 742488628 501(C)(3) 100000 OPPORTUNITY YOUTH AWARD UNIVERSITY OF SOUTHERN MAINE PO BOX 9300 PORTLAND ME 04104 016000769 501(C)(3) 100000 OPPORTUNITY YOUTH AWARD UNIVERSITY OF NORTH CAROLINA CHAPEL HILL 104 AIRPORT DRIVE SUTE 2200 CHAPEL HILL NC 27599 566001393 501(C)(3) 87709 TO SUPPORT "REIMAGINING RETAIL JOBS AND WORKER ADVANCEMENT" PORTLAND STATE UNIVERSITY PO BOX 751-SPA PORTLAND OR 97207 364776757 501(C)(3) 77801 TO SUPPORT THE CWFA REGIONAL MANUFACTURING INITIATIVE WORLD AFFAIRS COUNCIL OF NORTHERN CALIFORNIA 213 SUTTER STREET SUITE 200 SAN FRANCISCO CA 94108 941156356 501(C)(3) 60000 TO COMPENSATE FOR THE DESIGN, PLANNING AND EXECUTION OF THE ANNUAL MEETING AND SUPPORT RESEARCH DETROIT EMPLOLYMENT SOLUTIONS CORPORATION 707 W MILWAUKEE DETROIT MI 48202 383353746 501(C)(3) 50000 OPPORTUNITY YOUTH AWARD LOCAL INITIATIVE SUPPORT CORPORATION 501 SEVENTH AVENUE NEW YORK NY 10018 133030229 501(C)(3) 50000 OPPORTUNITY YOUTH AWARD HIGHER HEIGHTS CONSULTING & TRAINING INC 11436 ENCORE DRIVE SILVER SPRING MD 20901 522336787 501(C)(3) 39874 2G HEIGHTS/MURRELL PARTNERSHIP/FEES & EXPENSES RENTON TECHNICAL COLLEGE 3000 NE FOURTH STREET RENTON WA 98056 911522175 501(C)(3) 31500 2015 ASPEN PRIZE AWARD FUNDS DC PUBLIC EDUCATION FUND 3407 14TH STREET NW WASHINGTON DC 20010 261607955 501(C)(3) 30240 CHALLENGE TEAM/TEACHER AWARDS SKILLS FOR CHICAGOLAND 191 N WACKER DRIVE SUITE 1150 CHICAGO IL 60606 451287418 501(C)(3) 27000 TO SUPPORT EFFORTS THAT PRODUCE DEMONSTRABLE RESULTS TOWARDS SKILLS FOR AMERICA'S FUTURE HUMAN NEEDS PROJECT 36 PROFESSIONAL CENTRE PARKWAY SAN RAFAEL CA 94903 274583288 501(C)(3) 25000 ASPEN IDEAS AWARD US GREEN BUILDING COUNCIL 2101 L STREET NW WASHINGTON DC 20037 521822816 501(C)(3) 25000 ASPEN IDEAS AWARD LOS ANGELES FUND FOR PUBLIC EDUCATION 10250 CONSTELLATION BOULEVARD LOS ANGELES CA 90067 452443162 501(C)(3) 18764 CHALLENGE TEAM/TEACHER AWARDS VALENCIA COLLEGE PO BOX 3028 ORLANDO FL 32802 591216316 501(C)(3) 17500 2015 ASPEN PRIZE AWARD FUNDS BRAZOSPORT COLLEGE 500 COLLEGE DRIVE LAKE JACKSON TX 77566 741587881 501(C)(3) 17000 2015 ASPEN PRIZE AWARD FUNDS THE CHICAGO COMMUNITY FOUNDATION 225 N MICHIGAN AVENUE SUITE 2200 CHICAGO IL 60601 363432023 501(C)(3) 15000 APPRENTICESHIP RESEARCH EFFORTS AND OUTREACH EFFORTS OF WORKFORCE MATTERS INSTITUTE FOR WORK 70 E LAKE STREET SUITE 1700 CHICAGO IL 60601 364389954 501(C)(3) 14000 TO SUPPORT SKILLS FOR AMERICAS FUTURE INCLUDING IDENTIFYING A TEAM OF INNOVATORS IN "EARN AND LEARN" POLICIES LH TARRYTOWN OPERATING LLC 49 E SUNNYSIDE LANE TARRYTOWN NY 10591 202373966 501(C)(3) 14000 ANDE ANNUAL CONFERENCE SCHOLARSHIP GARRETT COUNTY COMMUNITY ACTION COMMITTEE INC 104 E CENTER STREET OAKLAND MD 21550 520820662 501(C)(3) 10750 TA MENTAL WELLNESS MISSISSIPPI GULF COAST COMMUNITY COLLEGE PO BOX 609 PERKINSTON MS 39573 646000964 501(C)(3) 10000 2015 ASPEN PRIZE AWARD FUNDS BAKER COMMUNICATIONS INC 7623 E BATES DRIVE DENVER CO 80231 841251243 501(C)(3) 9000 HONORARIUM CHANGE MANAGEMENT INDIAN RIVER STATE COLLEGE FOUNDATION INC 3209 VIRGINIA AVENUE FORT PIERCE FL 34981 591105591 501(C)(3) 7000 2015 ASPEN PRIZE AWARD FUNDS MIAMI DADE COLLEGE 11011 SW 104TH STREET MIAMI FL 33176 591210485 501(C)(3) 7000 2015 ASPEN PRIZE AWARD FUNDS 48 0 HONORARIA 13 67001 AWARDS 6 65000 SCHOLARSHIPS 3 10750 PART I, LINE 2: FROM TIME TO TIME THE INSTITUTE ENGAGES OTHER ENTITIES TO FURTHER THE OBJECTIVES SET FORTH IN OUR GRANT AGREEMENTS. THIS IS TYPICALLY DONE VIA SUB-AWARDS OR RE-GRANTS THAT RUN CONCURRENTLY WITH THE PRIME AWARD IN WHICH THE SUB RECIPIENTS ARE ADVISED OF ALL APPLICABLE LAWS AND REGULATIONS, AND ALL APPROPRIATE FLOW-DOWN PROVISIONS FROM THE PRIME AGREEMENT. ALL SUB GRANTEES OR SERVICE PROVIDERS MUST ALSO CERTIFY THAT IT DOES NOT AND WILL NOT KNOWINGLY PROVIDE MATERIAL SUPPORT OR RESOURCES TO ANY INDIVIDUAL OR ENTITY INVOLVED WITH TERRORISM (INCLUDING ANY INDIVIDUALS ENTITIES OR GROUPS SUBJECT TO OFAC SANCTIONS) OR TO ANYONE WHO ACTS AS AN AGENT FOR SUCH AN INDIVIDUAL OR ENTITY, ANY VIOLATION OF THIS CERTIFICATION MUST BE GROUNDS FOR IMMEDIATE TERMINATION OF THE LETTER OF AGREEMENT AND RETURN OF ALL GRANT FUNDS. THE FREQUENCY AND SCOPE OF RESEARCH PROGRAM'S MONITORING PROCEDURES ARE DETERMINED JOINTLY BY THE RESPONSIBLE PROGRAM MANAGER AND RESPECTIVE GRANT ADMINISTRATOR/FINANCIAL ANALYST. THIS INCLUDES THE ROUTINE RECEIPT AND REVIEW OF THE NARRATIVE AND FINANCIAL REPORTS, A REVIEW OF EXPENSES TO BUDGET, THE OPTION TO PERFORM AUDITS, AND ALLOWS FOR THE PERFORMANCE OF SITE VISITS IF NECESSARY. THE INSTITUTE SHOULD BE NOTIFIED WHENEVER PROBLEMS DELAYS OR OTHER CONDITIONS DEVELOP WHICH WOULD HAVE SIGNIFICANT IMPACT UPON THE PROJECT. BUDGET REVISIONS ARE ALLOWED WITHIN THE PARAMETERS SET FORTH IN EACH SUB AWARD. THE PAYMENT SCHEDULE AND THE DECREE OF FLEXIBILITY OFFERED MAY DEPEND ON PREVIOUS EXPERIENCE WITH THE RECIPIENT, THE DEGREE OF EXTERNAL OVERSIGHT BY OTHER PARTIES, AND THE SOPHISTICATION OF THE RECIPIENT'S ADMINISTRATIVE SYSTEMS. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 WALTER ISAACSON PRESIDENT/CEO 860648 0 0 0 4010 0 39750 0 34959 0 939367 0 0 0 AMY MARGERUM EXEC. VP/CORPORATE SECRETARY 375074 0 0 0 3720 0 39750 0 24054 0 442598 0 0 0 ELLIOT GERSON EXECUTIVE VP 371804 0 0 0 4010 0 39750 0 34964 0 450528 0 0 0 PETER REILING EXECUTIVE VP 372954 0 0 0 2612 0 39750 0 34937 0 450253 0 0 0 DOLORES GORGONE CFO - UNTIL 11/2015 315570 0 0 0 4010 0 39750 0 3336 0 362666 0 0 0 CHARLIE FIRESTONE EXEC. DIR. C&S 336478 0 0 0 12515 0 39750 0 24088 0 412831 0 0 0 DAN GLICKMAN ED CONGRESSIONAL PROGRAM 324093 0 0 0 14979 0 31800 0 3593 0 374465 0 0 0 MICKEY EDWARDS DIRECTOR RODEL FELLOWSHIPS 314139 0 0 0 12515 0 39750 0 12632 0 379036 0 0 0 STACE LINDSAY DIRECTOR 313985 0 0 0 1199 0 23952 0 34950 0 374086 0 0 0 ANNE MOSLE VICE PRES. EXEC. DIRECTOR 280369 0 0 0 1361 0 34246 0 34938 0 350914 0 0 0 PART I, LINE 1A THE ASPEN INSTITUTE FOLLOWS A POLICY GOVERNING EXPENSE REIMBURSEMENT AND COMPLIES WITH TRAVEL GUIDELINES APPLICABLE TO ALL EMPLOYEES. X 2 100000 APPRAISAL X 42 3879556 FMV X FOOD/BEVERAGES 2 4303 FMV X USER LICENSES 1 3600 FMV X ELECTRONICS 2 696 FMV 2 0 1 0 PART I, LINE 32B: THE INSTITUTE HAS A WRITTEN GIFT ACCEPTANCE POLICY. IF A DONOR WANTS TO GIVE A GIFT OUTSIDE OF THAT POLICY, IT WILL BE REVIEWED BY SENIOR MANAGEMENT AND, IF NECESSARY, REFERRED TO THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11 THE FEDERAL FORM 990 OF THE INSTITUTE IS PREPARED BY AN EXTERNAL ACCOUNTING FIRM USING INFORMATION OBTAINED FROM INSTITUTE'S STAFF. ONCE THE INITIAL DRAFT IS PREPARED IT IS REVIEWED BY SR. FINANCE/ACCOUNTING STAFF. IF NECESSARY, CHANGES ARE MADE AND ANOTHER DRAFT IS ISSUED. THE SECOND DRAFT FORM 990 IS REVIEWED BY AN APPOINTED MEMBER OF THE AUDIT COMMITTEE ALONG WITH THE EVP FINANCE & ADMINISTRATION AND VP OF FINANCE. IF NECESSARY, CHANGES ARE MADE AND ANOTHER DRAFT IS ISSUED. THE FINAL DRAFT FORM 990 IS PROVIDED TO ALL MEMBERS OF THE AUDIT COMMITTEE. ONCE APPROVED, COPIES ARE THEN DISTRIBUTED TO ALL BOARD MEMBERS BEFORE THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ALL ASPEN INSTITUTE TRUSTEES AND EMPLOYEES ARE REQUIRED ANNUALLY TO COMPLETE AND SIGN A DISCLOSURE AND ACKNOWLEDGEMENT FORM RELATED TO THE INSTITUTE'S CONFLICT OF INTEREST POLICY. SPECIFICALLY, ALL TRUSTEES AND EMPLOYEES ARE REQUIRED TO ACKNOWLEDGE THAT THEY HAVE READ, UNDERSTOOD, AND ARE COMMITTED TO ABIDING BY THE INSTITUTE'S CONFLICT OF INTEREST POLICY, AND TO MAKE CERTAIN DISCLOSURES ABOUT THEIR ACTIVITIES OUTSIDE OF WORK AND FINANCES TO HELP IDENTIFY POSSIBLE CONFLICTS OF INTEREST. ALL EMPLOYEE FORMS ARE SUBMITTED TO THE HUMAN RESOURCES DEPARTMENT, WHICH REVIEWS THEM AND HAS DISCRETION, IN COORDINATION WITH THE GENERAL COUNSEL AND SENIOR MANAGEMENT, TO MAKE RECOMMENDATIONS OR RAISE CONCERNS WITH AFFECTED INDIVIDUALS AS APPROPRIATE. ALL TRUSTEE FORMS ARE SUBMITTED TO THE OFFICE OF THE CORPORATE SECRETARY, WHICH REVIEWS THEM ALONG WITH THE GENERAL COUNSEL. MAJOR CONFLICT OF INTEREST ISSUES INVOLVING TRUSTEES AND/OR SENIOR MANAGEMENT ARE REFERRED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES FOR RESOLUTION. THE CORPORATE SECRETARY, GENERAL COUNSEL AND SENIOR MANAGEMENT REGULARLY CONFER WITH THE CHAIR OF THE AUDIT COMMITTEE REGARDING THE INSTITUTE'S CONFLICT OF INTEREST POLICY AND ANY CONFLICT OF INTEREST ISSUES. FORM 990, PART VI, SECTION B, LINE 15 THE INSTITUTE CONTRACTS WITH AN EXTERNAL COMPENSATION FIRM TO PERFORM A MARKET ANALYSIS TO SET THE SALARY RANGES FOR ALL OF OUR POSITIONS ANNUALLY. THE COMPENSATION FIRM ANALYZES SALARIES FROM LIKE ORGANIZATIONS TO DETERMINE THE APPROPRIATE SALARY RANGE FOR EACH POSITION IN THE INSTITUTE. THE INSTITUTE'S COMPENSATION PHILOSOPHY IS THAT WE GENERALLY TARGET THE 50TH PERCENTILE OF THE MARKET FOR OUR POSITIONS. IN ADDITION TO THE ANNUAL MARKET ANALYSIS FOR ALL POSITIONS, WE CONTRACT WITH AN EXTERNAL COMPENSATION CONSULTANT BI-ANNUALLY TO CONDUCT AN IN-DEPTH ANALYSIS FOR OUR PRESIDENT/CEO AND EACH OF OUR EXECUTIVE OFFICERS. EACH EXECUTIVE'S TOTAL COMPENSATION IS BENCHMARKED AGAINST SIMILAR POSITIONS IN COMPARABLE ORGANIZATIONS IN LABOR MARKETS IN WHICH THE INSTITUTE COMPETES FOR EXECUTIVE TALENT. THE RECOMMENDATIONS OF THE CONSULTANT ARE PRESENTED TO THE EXECUTIVE COMMITTEE OF THE BOARD FOR THEIR REVIEW AND ENDORSEMENT. THE PRESIDENT/CEO'S SALARY IS THEN PRESENTED TO THE FULL BOARD FOR FINAL APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FEDERAL FORM 1023 ARE MADE AVAILABLE UPON REQUEST. THE FEDERAL FORM 990 AND THE AUDITED FINANCIAL STATEMENTS ARE MADE PUBLIC ON THE INSTITUTE'S WEBSITE. FORM 990, PART I, LINE 19: A LARGE PORTION OF ASPEN'S REVENUE COMES IN THE FORM OF MULTI-YEAR GIFTS AND GRANTS. THIS REVENUE IS ALL RECOGNIZED IN THE YEAR AWARDED ACCORDING TO GAAP STANDARDS. HOWEVER, THE PLANNED RECEIPT AND SPENDING OF THE FUNDS IS OVER FUTURE YEARS. THIS MULTI-YEAR FUNDING STRUCTURE CAN CREATE LARGE INCREASES AND DECREASES IN THE INSTITUTE'S ANNUAL CHANGE IN NET ASSETS.