2016-02-12T11:24:52-06:00 2015-06-30 363168081 SIKICH LLP 1415 W DIEHL RD SUITE 400 NAPERVILLE IL 605632349 990 2014-07-01 362166964 AURORA UNIVERSITY AURO 6308926431 347 SOUTH GLADSTONE AVENUE AURORA IL 60506 DAVID W EISINGER DBA CFA VICE PRESIDENT FOR FINANCE 6308926431 2016-02-03 1 BRYAN PAUTSCH P00034913 6305668400 2016-02-03 2014 2016-08-17 19:52:53Z DR REBECCA SHERRICK 347 SOUTH GLADSTONE AVENUE AURORA IL 60506 132340310 0 X WWW.AURORA.EDU X 1899 IL TO PROVIDE POST-SECONDARY UNDERGRADUATE AND GRADUATE EDUCATION. 28 25 1786 374 325061 -264664 20434128 19079365 87256521 90729927 5945484 2267348 467365 183129 114103498 112259769 34609132 35927000 0 0 41049197 44221122 0 0 1305009 25339739 26400080 100998068 106548202 13105430 5711567 164038098 170939068 49070539 51891641 114967559 119047427 X THE PRIMARY PURPOSE OF AURORA UNIVERSITY IS TO PROVIDE POST-SECONDARY UNDERGRADUATE AND GRADUATE EDUCATION SHAPED BY ITS LONG-STANDING COMMITMENT TO EDUCATIONAL EXCELLENCE AND COMMUNITY PARTNERSHIP. THE UNIVERSITY IS GUIDED BY ITS MISSION TO BE AN INCLUSIVE COMMUNITY DEDICATED TO THE TRANSFORMATIVE POWER OF LEARNING AND CONTINUES TO UPHOLD ITS VALUES OF INTEGRITY, CITIZENSHIP, CONTINUOUS LEARNING, AND EXCELLENCE. 0 0 85494451 35633165 82377773 AURORA UNIVERSITY PROVIDES POST-SECONDARY EDUCATION AND RELATED ACTIVITIES AND SUPPORT SERVICES TO 3,722 UNDERGRADUATE STUDENTS AND 2,374 GRADUATE STUDENTS ON ITS THREE LOCATIONS IN AURORA, ILLINOIS, WILLIAMS BAY, WISCONSIN AND WOODSTOCK, ILLINOIS, AS WELL AS ON-LINE AND VARIOUS OTHER LOCATIONS. DURING THE YEAR, AU GRADUATED 803 STUDENTS WITH BACHELOR OF ARTS AND BACHELOR OF SCIENCE DEGREES AND 554 STUDENTS WITH GRADUATE DEGREES IN EDUCATION, SOCIAL WORK, BUSINESS, RECREATION, AND NURSING. AS PART OF ITS MISSION, THE UNIVERSITY OFFERS CULTURAL AND EDUCATIONAL OPPORTUNITIES TO ITS STUDENTS, FACULTY, STAFF AND THE NEIGHBORING COMMUNITY. 7358518 293836 7608324 AURORA UNIVERSITY HAS RESIDENCE HALL CAPACITY OF 759 BEDS ON ITS AURORA CAMPUS, AS WELL AS, OFFERING HOUSING SERVICES FOR ITS GRADUATE AND UNDERGRADUATE STUDENTS ON ITS WISCONSIN CAMPUS. FOOD SERVICE FOR STUDENTS AND STAFF IS PROVIDED AT THREE LOCATIONS ON THE AURORA CAMPUS AND A DINING HALL ON THE WISCONSIN CAMPUS. ADDITIONALLY, A BOOKSTORE ON THE AURORA CAMPUS SELLS TEXTBOOKS, SUPPLIES AND MISCELLANEOUS CONVENIENCE ITEMS TO STUDENTS, FACULTY AND STAFF. 1474495 473152 GEORGE WILLIAMS COLLEGE CAMPUS PROVIDES FOOD SERVICES, LODGING AND MEETING ROOMS FOR ALL INDIVIDUALS PARTICIPATING IN A CONFERENCE OR SEMINAR. THE PROGRAM ANNUALLY PROVIDES SERVICES TO OVER 74 SCHOOLS, CHURCHES, HUMAN SERVICE ORGANIZATIONS AND RETREAT/PROGRAM GROUPS. 94327464 1 1 0 1 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 158 0 1786 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 X 28 25 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X SHARON MAXWELL CPA 6308445630 347 S GLADSTONE AVENUE AURORA IL 605064808 JOHN D AMMONS TRUSTEE 1.00 X 0 0 0 DAVID R BERGMAN TRUSTEE 1.00 X 0 0 0 HILARY K BRENNAN VICE CHAIR 2.00 X 0 0 0 PHILIP S CALI VICE CHAIR 2.00 X 0 0 0 DONALD A CHURCHILL TRUSTEE 1.00 X 0 0 0 CHAD A DE KING TRUSTEE 1.00 X 0 0 0 CHARLES B DOSS TRUSTEE 1.00 X 0 0 0 FARRELL FRENTRESS TRUSTEE 1.00 X 0 0 0 JOANNE HANSEN VICE CHAIR 2.00 X 0 0 0 RONALD M HEM CHAIR 2.00 X 0 0 0 SHAWN E JEFFERS TRUSTEE 1.00 X 0 0 0 CHRISS JOHNS TRUSTEE 2.00 X 0 0 0 MICHAEL K KEEFE TRUSTEE 1.00 X 0 0 0 DR DONALD E KIESO TRUSTEE 1.00 X 0 0 0 RUTH MENDIUS TRUSTEE 2.00 X 0 0 0 DR CALVIN R MYERS TRUSTEE 1.00 X 0 0 0 GERALD PALMER TRUSTEE 1.00 X 0 0 0 SCOTT B PALMER TRUSTEE 2.00 X 0 0 0 MYRON J RESNICK TRUSTEE 2.00 X 0 0 0 DONALD A SCHINDLBECK TRUSTEE 1.00 X 0 0 0 THOMAS R SCOTT TRUSTEE 1.00 X 0 0 0 JOHN D SIMMS JR TRUSTEE 1.00 X 0 0 0 MICHELLE P SIMMS TRUSTEE 1.00 X 0 0 0 DAVID K STONE TRUSTEE 2.00 X 0 0 0 THOMAS T STUHLEY TRUSTEE 2.00 X 0 0 0 RONALD THOMAS TRUSTEE 1.00 X 0 0 0 ROGER A TUCKER TRUSTEE 1.00 X 0 0 0 LINNEA WINDEL TRUSTEE 1.00 X 0 0 0 DELBERT W ARSENAULT TRUSTEE EMERITUS 1.00 X 0 0 0 JAMES E BENSON TRUSTEE EMERITUS 1.00 X 0 0 0 TELL COFFEY TRUSTEE EMERITUS 1.00 X 0 0 0 WA GREENE TRUSTEE EMERITUS 1.00 X 0 0 0 FLORENCE S HART TRUSTEE EMERITUS 1.00 X 0 0 0 RONALD KINNAMON TRUSTEE EMERITUS 1.00 X 0 0 0 JOHN F MCKEE TRUSTEE EMERITUS 1.00 X 0 0 0 FR FRANK MILLER TRUSTEE EMERITUS 1.00 X 0 0 0 JOHN M ROESCH TRUSTEE EMERITUS 1.00 X 0 0 0 CALVIN R THELIN TRUSTEE EMERITUS 1.00 X 0 0 0 FRANK K VORIS TRUSTEE EMERITUS 1.00 X 0 0 0 REBECCA L SHERRICK PHD PRESIDENT 60.00 X 453224 0 28171 DAVID W EISINGER DBA CFA TREASURER 60.00 X 0 0 0 MARGARET E SHARRER SECRETARY 60.00 X 110830 0 11873 MARILYN D CAMPBELL CPA ASSISTANT TREASURER 60.00 X 121216 0 12735 ANDREW P MANION PHD EXECUTIVE VICE PRESIDENT 60.00 X 236250 0 24915 THEODORE C PARGE EXECUTIVE VICE PRESIDENT FOR ADVANCEMENT 60.00 X 231251 0 13654 DESPAIN DONNA M SENIOR VICE PRESIDENT FOR ENROLLMENT/EXECUTIVE DEA 60.00 X 218303 0 21332 DELACEY LORA L SENIOR VICE PRESIDENT FOR STUDENT LIFE 60.00 X 218104 0 18126 MCFARLAND STEVEN M VICE PRESIDENT FOR UNIVERSITY COMMUNICATIONS AND A 60.00 X 180500 0 21264 BETH REISSENWEBER PHD CPA FORMER TREASURER 60.00 X 113368 0 12265 1883046 0 164335 48 1 1 0 THE BOLDT COMPANY 2525 N ROEMER ROAD APPLETON WI 54911 CONSTRUCTION 19961659 SODEXO INC 9801 WASHINGTONIAN BOULEVARD GAITHERSBURG MD 20878 FACILITIES & FOOD SERVICE MGMT 6350854 THE LEARNING HOUSE INC 427 SOUTH FOURTH ST SUITE 300 LOUISVILLE KY 40202 ONLINE CLASS MANAGEMENT 1054437 SCHERRER CONSTRUCTION CO INC 601 BLACKHAWK DRIVE BURLINGTON WI 53105 CONSTRUCTION 697780 CORDOGAN CLARK & ASSOCIATES 960 RIDGEWAY AVE AURORA IL 60506 ARCHITECTURAL SERVICE 654067 10 14358860 4720505 1732128 19079365 STUDENT TUITION & FEES 611310 81758699 81758699 AUXILIARY REVENUE 611310 7898064 7819895 78169 CULTURAL EDUCATION 611310 867676 675168 192508 ATHLETIC EVENTS 611310 178821 178821 RENTAL INCOME 611310 26667 26667 90729927 865128 -2863 867991 2892 2892 72990 21882 51108 51108 34272 16836 21427265 33614 19743823 314836 1683442 -281222 1402220 1402220 MISCELLANEOUS REVENUE 900099 125143 22975 102168 ROYALTY INCOME-TELEPHONE SERVICE 900099 3986 3986 129129 112259769 90459250 325061 2396093 20311 20311 35906689 35906689 813572 647411 166161 35500619 30602259 4244393 653967 1475292 1377333 83649 14310 3640981 3399219 206444 35318 2790658 2605359 158230 27069 135766 135766 87000 87000 134000 134000 218770 218770 9539544 8258209 1149465 131870 659759 532816 122694 4249 3438848 2395408 978074 65366 799178 241116 478873 79189 1869705 1617353 240280 12072 798819 675261 77258 46300 139394 120607 17401 1386 430268 430268 6037754 5153050 828691 56013 614813 27227 587303 283 COST OF GOODS SOLD 731692 731692 BAD DEBT EXPENSE 349437 349437 DUES, MEMBERSHIPS, & SU 204153 176770 20679 6704 ENTERTAINMENT 157478 91729 60997 4752 53702 45619 8083 106548202 94327464 10915729 1305009 3279429 4232379 1967571 910755 2122583 514725 1599860 2321109 239638 394184 1192520 1965855 178763244 63611145 103298016 115152099 46635158 41536937 3483382 3714466 219941 196559 164038098 170939068 8073502 7069547 4645880 6337206 25200000 25200000 8218895 10164766 2932262 3120122 49070539 51891641 X 66981238 78848431 27538467 19206027 20447854 20992969 114967559 119047427 164038098 170939068 X 5711567 -1082104 -549595 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 134000 0 0 134000 0 PART II-B, LINE 1: THE UNIVERSITY HIRED A FIRM TO RESEARCH AND CONTACT LEGISLATORS, STAFF AND OTHER GOVERNMENT OFFICIALS FOR POSSIBLE GRANT OPPORTUNITIES TO BENEFIT THE UNIVERSITY. MORE SPECIFICALLY FOR FY2015, THE UNIVERSITY UTILIZED THE SERVICES OF PROFESSIONAL LOBBYISTS TO SECURE PAYMENT OF REMAINING FUNDS AWARDED TO THE UNIVERSITY UNDER THE ILLINOIS INDEPENDENT COLLEGES CAPITAL PROGRAM. 1591091 X X X 0 46016920 453578 1208285 777135 1465987 45435661 41510518 295890 5861228 824790 825926 46016920 38525229 783105 3880334 633834 1044316 41510518 45755712 310346 -764276 752447 6024106 38525229 39149947 484977 7990363 677748 1191827 45755712 0.33660 0.44810 0.21530 1 0 5070464 5070464 118973842 36615510 82358332 152538 66827 85711 26208696 17363761 8844935 28357704 9565047 18792657 115152099 DEPOSITS 282472 RETIREMENT BENEFIT OBLIGATION 755219 ANNUITIES PAYABLE 615656 GOVT. ADVANCES FOR STUDENT LOANS 636124 FAIR VALUE OF INTEREST RATE SWAPS 276651 ASSET RETIREMENT OBLIGATION 554000 3120122 X 74798017 -1082104 1407429 325325 74472692 37787077 37787077 112259769 70718149 1371179 1371179 69346970 37201232 37201232 106548202 PART III, LINE 4: 1. COLLECTIONS HELD BY THE UNIVERSITY INCLUDE THE SCHINGOETHE COLLECTION OF NATIVE AMERICAN MATERIALS AND ARTIFACTS. TYPICALLY EACH YEAR, THE SCHINGOETHE CENTER HOSTS A VARIETY OF EVENTS AND PROGRAMS DESIGNED TO HELP INFORM ABOUT MANY ASPECTS OF NATIVE AMERICAN CULTURES, BOTH IN HISTORICAL AND CONTEMPORARY CONTEXTS; HOWEVER, THE SCHINGOETHE COLLECTION WAS IN STORAGE FOR FY2014 AND FY2015 AS THE COLLECTION WAS IN THE PROCESS OF BEING RELOCATED TO A NEWLY CONSTRUCTED BUILDING ON CAMPUS. THE SCHINGOETHE CENTER OPENED IN THE FALL OF FY2016. 2. THE JENKS COLLECTION OF ADVENTIST MATERIAL IS THE SECOND LARGEST COLLECTION OF HISTORIC ADVENT CHRISTIAN BOOKS, MURALS, PHOTOGRAPHS, AND OTHER MATERIALS THAT ARE AVAILABLE FOR RESEARCH. THE JENKS COLLECTION IS MANAGED WITHIN THE PHILLIPS LIBRARY. PART V, LINE 4: THE ENDOWMENT FUNDS OF THE UNIVERSITY PROVIDE SCHOLARSHIP, OPERATIONAL AND FACILITIES SUPPORT TO THE UNIVERSITY AND ITS FOUR LOCATIONS AURORA, ILLINOIS, WILLIAMS BAY, WISCONSIN AND WOODSTOCK, ILLINOIS. MANY OF THE FUNDS ARE RESTRICTED TO SCHOLARSHIP PURPOSES, HOWEVER A SUBSTANTIAL AMOUNT OF FUNDS ARE BOARD DESIGNATED, OR QUASI-ENDOWMENT FUNDS PROVIDING STRATEGIC FINANCIAL RESOURCES TO THE UNIVERSITY. PART X, LINE 2: THE UNIVERSITY FOLLOWS AUTHORITATIVE GUIDANCE ISSUED BY THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS NOT BEEN MET. THIS GUIDANCE ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE, AND TRANSITION. THE UNIVERSITY CONDUCTS BUSINESS SOLELY IN THE UNITED STATES OF AMERICA AND FILES EXEMPT ORGANIZATION TAX RETURNS FOR THE UNITED STATES, ILLINOIS, AND WISCONSIN. IN THE NORMAL COURSE OF BUSINESS, THE UNIVERSITY IS SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. THE UNIVERSITY'S TAX RETURNS FOR YEARS SUBSEQUENT TO FISCAL 2011 ARE OPEN, BY STATUTE, FOR REVIEW BY AUTHORITIES. HOWEVER, AT PRESENT, THERE ARE NO ONGOING INCOME TAX AUDITS OR UNRESOLVED DISPUTES WITH THE VARIOUS TAX AUTHORITIES THAT THE SCHOOL CURRENTLY FILES OR HAS FILED WITH. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE 1,349,297. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 36,250. RENTAL EXPENSE 21,882. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND AID 25,177,558. GOVERNMENT GRANT EXPENSE 11,804,904. ADJUSTMENT OF ANNUITY 31,845. INVESTMENT EXPENSES 218,770. CHANGE IN ASSET RETIREMENT OBLIGATION 554,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 21,882. FINANCIAL AID EXPENSE 1,349,297. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND AID 25,177,558. GOVERNMENT GRANT EXPENSE 11,804,904. INVESTMENT EXPENSES 218,770. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT INDICATING THE UNIVERSITY'S NONDISCRIMINATORY POLICY IS INCLUDED IN ALL BROCHURES, CATALOGS AND ANNOUNCEMENTS DEALING WITH STUDENT ADMISSIONS, PROGRAMS AND SCHOLARSHIPS, AND IS PRESENT ON THE UNIVERSITY'S WEBSITE. SCHEDULE E, PART I, LINE 6 AURORA UNIVERSITY RECEIVED FINANCIAL AID FROM GOVERNMENTAL AGENCIES WHICH INCLUDE THE DEPARTMENT OF EDUCATION. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 457599 0 0 0 0 0 0 457599 0 457599 0 0 0 1 0 0 1 COMMUNITIES IN SCHOOLS OF AURORA INC 433 PRAIRIE ST AURORA IL 60506 363909467 501C3 20311 FEDERAL WORK STUDY PROGRAM 1 SCHOLARSHIPS 3767 35906689 PART I, LINE 2: THE FINANCIAL AID OFFICE CLOSELY MONITORS ANY CHANGES IN THE STATUS OF FINANCIAL AWARD RECIPIENTS THAT WOULD RESULT IN A CORRESPONDING CHANGE IN THE AMOUNT OF AID AWARDED. ANY SUCH CHANGES ARE AUTOMATICALLY DETECTED AND REPORTED BY A SERIES OF SPECIAL REPORTS THAT ARE RUN ON A REGULAR BASIS. MOREOVER, THE OFFICE OF STUDENT ACCOUNTS ENSURES THAT THE CHARGES TO WHICH THE FINANCIAL AID AWARDS ARE APPLIED ARE CONSISTENT WITH THE INTENDED USE OF THE AWARDS. X 1 1 X X X X X X 0 0 0 0 0 0 0 1 0 REBECCA L SHERRICK PHD PRESIDENT 352710 0 60000 0 40514 0 15919 0 12252 0 481395 0 0 0 ANDREW P MANION PHD EXECUTIVE VICE PRESIDENT 223107 0 10000 0 3143 0 13575 0 11340 0 261165 0 0 0 THEODORE C PARGE EXECUTIVE VICE PRESIDENT FOR ADVANCE 221128 0 5000 0 5123 0 13575 0 79 0 244905 0 0 0 DESPAIN DONNA M SENIOR VICE PRESIDENT FOR ENROLLMENT 209797 0 8000 0 506 0 12618 0 8714 0 239635 0 0 0 DELACEY LORA L SENIOR VICE PRESIDENT FOR STUDENT LI 209598 0 8000 0 506 0 12606 0 5520 0 236230 0 0 0 MCFARLAND STEVEN M VICE PRESIDENT FOR UNIVERSITY COMMUN 169836 0 8000 0 2664 0 10350 0 10914 0 201764 0 0 0 BETH REISSENWEBER PHD CPA FORMER TREASURER 113113 0 0 0 255 0 6802 0 5463 0 125633 0 0 0 PART I, LINE 1A THE TOTAL PRESIDENTIAL COMPENSATION PACKAGE INCLUDES A HOUSING ALLOWANCE. THE HOUSING ALLOWANCE IS TREATED AS TAXABLE COMPENSATION. PART I, LINE 7 CERTAIN EMPLOYEES RECEIVED DISCRETIONARY MERIT BONUSES BASED ON THEIR PERFORMANCE. A CITY OF AURORA KANE DUPAGE WILL AND KENDALL COUNTIES ILLINOIS 366005778 051648BC6 2004-11-01 12000000 TO FINANCE VARIOUS CAPITAL EXPENDITURES 0 0 0 A 12441259 167587 9572 12264100 2006 0 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 1 1 BMO CAPITAL MARKETS 2.100000000000 0 0 0 0 0 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CITY OF AURORA, KANE, DUPAGE, WILL AND KENDALL COUNTIES, ILLIN DATE THE REBATE COMPUTATION WAS PERFORMED: 01/07/2010 RONALD M HEM TRUSTEE 51888 RONALD M. HEM (BOARD OF TRUSTEES) IS A MEMBER OF THE LAW FIRM ALSCHULER, SIMANTZ, AND HEM, LLC TO WHICH THE UNIVERSITY PAID $51,888 FOR LEGAL COUNSEL PROVIDED REGARDING REAL ESTATE TRANSACTIONS. 0 DR DOUGLAS W KIESO SON OF TRUSTEE - DR. DONALD E. KIESO 101780 DR. DOUGLAS W. KIESO (SON OF TRUSTEE - DR. DONALD E. KIESO) IS EMPLOYED AS PROFESSOR OF CRIMINAL JUSTICE AND CHAIR OF FACULTY SENATE FOR WHICH HE RECEIVED $101,780 IN COMPENSATION AND BENEFITS FROM THE UNIVERSITY. 0 AMY S MANION WIFE OF EXECUTIVE VICE PRESIDENT - DR. ANDREW MANION 50772 AMY S MANION (WIFE OF EXECUTIVE VICE PRESIDENT - DR. ANDREW MANION) IS EMPLOYED AS THE INFORMATION SERVICES LIBRARIAN FOR WHICH SHE RECEIVED $50,772 IN COMPENSATION AND BENEFITS FROM THE UNVERSITY. 0 JEFF CALI SON OF TRUSTEE - PHILIP S. CALI 137120 JEFF CALI (SON OF TRUSTEE PHILIP S. CALI) IS EMPLOYED AS THE ASSISTANT VICE PRESIDENT ADMINISTRATION FOR WHICH HE RECEIVED $137,120 IN COMPENSATION AND BENEFITS FROM THE UNIVERSITY. 0 X 9 480128 AVERAGE STOCK PRICE X 1 177000 SALES PRICE X 1 1075000 APPRAISAL 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 JOHN D. SIMMS, JR. (TRUSTEE) AND MICHELLE P. SIMMS (TRUSTEE) ARE MARRIED. FORM 990, PART VI, SECTION B, LINE 11 AUDIT COMMITTEE MEMBERS AND THE CHAIRS OF THE TRUSTEE AND COMPENSATION COMMITTEES, AND CHAIRMAN OF THE BOARD OF TRUSTEES ARE RESPONSIBLE FOR REVIEWING THE DRAFT FORM 990 PRIOR TO FILING. THE DRAFT FORM 990 IS AVAILABLE TO ALL BOARD MEMBERS FOR THEIR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE SECRETARY OF THE BOARD OF TRUSTEES IS CHARGED WITH CONTACTING ALL BOARD MEMBERS TO COMPLETE THE ANNUAL CONFLICT OF INTEREST FORM. FOLLOW-UP REQUESTS ARE MADE UNTIL THE FORM HAS BEEN COMPLETED. FOR STAFF, THE VICE PRESIDENT FOR FINANCE SENDS A REQUEST TO ALL STAFF WHO ARE REQUIRED TO COMPLETE THE ANNUAL CONFLICT OF INTEREST FORM. FOLLOW-UP REQUESTS ARE MADE UNTIL THE FORM HAS BEEN COMPLETED. THE CHAIR OF THE TRUSTEE COMMITTEE REVIEWS ALL CONFLICT OF INTEREST STATEMENTS SUBMITTED BY ALL TRUSTEES. IF CONFLICTS REQUIRE ADDITIONAL REVIEW, THE UNIVERSITY BY-LAWS PROVIDES FOR A SPECIAL COMMITTEE TO BE FORMED TO ADDRESS SUCH CONFLICTS. IN ADDITION, CONFLICTS OF INTEREST DISCUSSION IS ON ALL MEETING AGENDAS. FORM 990, PART VI, SECTION B, LINE 15 THE SALARIES OF KEY EMPLOYEES ARE REVIEWED EACH YEAR BY THE PRESIDENT. A SCAN OF COMPARABLE MARKET SALARIES FOR EQUIVALENT POSITIONS IS DONE TO ASSESS APPROPRIATE COMPENSATION LEVELS. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE PRESIDENT'S COMPENSATION ON AN ANNUAL BASIS. THE CHAIRPERSON OF THE EXECUTIVE COMMITTEE, THE IMMEDIATE PAST CHAIR OF THE BOARD OF TRUSTEES, CURRENT CHAIR OF THE BOARD OF TRUSTEES AND VICE CHAIRS ARE MEMBERS OF THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 SUCH DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ADJUSTMENT OF ANNUITIES -31,845. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 36,250. CHANGE IN ASSET RETIREMENT OBLIGATION -554,000.