2016-05-12T12:28:00-05:00 2015-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 20 STANWIX ST STE 800 PITTSBURGH PA 15222 990 2014-07-01 250965438 CARLOW UNIVERSITY CARL 4125786000 3333 FIFTH AVENUE PITTSBURGH PA 15213 PATRICK J CUNNINGHAM PRESIDENT 4125786000 2016-05-03 1 JEFFREY J SPENGLER CPA P00109764 4126976400 2014 2016-08-17 19:52:53Z DR SUZANNE K MELLON 3333 FIFTH AVENUE PITTSBURGH PA 15213 58249266 0 X WWW.CARLOW.EDU X 1929 PA TRANSFORMATIONAL HIGHER EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY. 32 31 1126 291 0 0 4682793 8222912 47932311 48189369 626923 1353376 406897 370162 53648924 58135819 9080551 9079100 0 0 25191706 27430898 37578 0 1316333 16849313 15382087 51159148 51892085 2489776 6243734 80067263 88995954 23321443 26807390 56745820 62188564 CARLOW UNIVERSITY, ROOTED IN ITS CATHOLIC IDENTITY AND EMBODYING THE HERITAGE AND VALUES OF THE SISTERS OF MERCY, OFFERS TRANSFORMATIONAL EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY OF LEARNERS AND EMPOWERS THEM TO EXCEL. 0 0 43729473 9079100 48189369 CARLOW UNIVERSITY, A CATHOLIC, WOMEN-CENTERED, LIBERAL ARTS INSTITUTION EMBODYING THE HERITAGE AND VALUES OF THE SISTES OF MERCY, ENGAGES ITS DIVERSE COMMUNITY IN A PROCESS OF LIFE-LONG LEARNING, SCHOLARSHIP, AND RESEARCH. THIS ENGAGEMENT EMPOWERS INDIVIDUALS TO THINK CLEARLY AND CREATIVITY, TO ACTIVELY PURSUE INTELLECTUAL ENDEAVORS, TO DISCOVER, CHALLENGE, OR AFFIRM CULTURAL AND AESTHETIC VALUES, TO RESPOND REVERENTLY TO GOD AND OTHERS, AND TO EMBRACE AN ETHIC OF SERVICE FOR A JUST AND MERCIFUL WORLD. CARLOW OFFERS UNDERGRADUATE DEGREE PROGRAMS IN THE ARTS AND SCIENCES, EDUCATION, MANAGEMENT, AND HEALTH CARE PROFESSIONS AND GRADUATE PROGRAMS IN BUSINESS ADMINISTRATION AND MANAGEMENT, HEALTH CARE, LEADERSHIP, AND PROFESSIONAL COUNSELING. 43729473 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 4240 0 1 1126 1 0 0 0 0 0 1 1 0 0 0 0 X 32 31 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 1 0 PA AK CO MA MD NH SC MI X X DAVID MEADOWS 4125788842 3333 FIFTH AVENUE PITTSBURGH PA 15213 MICHELE R ATKINS CHAIR 2.00 X X 0 0 0 THERESA A SCOTTI VICE CHAIR 2.00 X X 0 0 0 PATRICIA MARY HESPELEIN RSM VICE CHAIR, MISSION 2.00 X X 0 0 0 JOHN K GISLESON SECRETARY 2.00 X X 0 0 0 PAULA J HASBACH TREASURER 2.00 X X 0 0 0 DEBORAH L ACKLIN BOARD MEMBER 2.00 X 0 0 0 SISTER GILMARY BAUER BOARD MEMBER 2.00 X 0 0 0 JOYCE A BENDER BOARD MEMBER 2.00 X 0 0 0 KATHLEEN W BUECHEL BOARD MEMBER 2.00 X 0 0 0 STEPHEN CASEY BOARD MEMBER 2.00 X 0 0 0 JOANNE COURNEEN RSM BOARD MEMBER 2.00 X 0 0 0 DOROTHY DAVIS BOARD MEMBER 2.00 X 0 0 0 JOHN R DENNY JR BOARD MEMBER 2.00 X 0 0 0 JACKIE DIXON BOARD MEMBER 2.00 X 0 0 0 WILLIAM J GATTI BOARD MEMBER 2.00 X 0 0 0 JEANNE GLEASON BOARD MEMBER 2.00 X 0 0 0 DEBORAH F GRAVER BOARD MEMBER 2.00 X 0 0 0 DONNA HUDSON BOARD MEMBER 2.00 X 0 0 0 MARY BETH JENKINS BOARD MEMBER 2.00 X 0 0 0 LARRY KARNOFF BOARD MEMBER 2.00 X 0 0 0 LOUISE R MALAKOFF JD BOARD MEMBER 2.00 X 0 0 0 DIANE C MATJE RSM BOARD MEMBER 2.00 X 0 0 0 MILDRED S MYERS DA BOARD MEMBER 2.00 X 0 0 0 HELENE E PAHARIK BOARD MEMBER 2.00 X 0 0 0 GEORGE L PRY BOARD MEMBER 2.00 X 0 0 0 WILLIAM SCHENCK BOARD MEMBER 2.00 X 0 0 0 SUSAN SHIPLEY BOARD MEMBER 2.00 X 0 0 0 JANET SIMON PHD BOARD MEMBER 2.00 X 0 0 0 JUDITH STOJHOVIC RSM BOARD MEMBER 2.00 X 0 0 0 NANCY STUEVER BOARD MEMBER 2.00 X 0 0 0 GEORGE R WHITMER BOARD MEMBER 2.00 X 0 0 0 SUZANNE K MELLON PHD PRESIDENT 50.00 X X 331723 0 44254 MARGARET MCLAUGHLIN PROVOST/VP ACADEMIC AFFAIRS 50.00 X 87587 0 7933 PATRICK J CUNNINGHAM VP FINANCE AND ADMINSTRATION 50.00 X 160754 0 29588 DEANNE D'EMILIO PROVOST/VP ACADEMIC AFFAIRS 40.00 X 67618 0 13694 JAMES FREY INTERIM VP FOR ADVANCEMENT 40.00 X 135750 0 0 AMY NEIL VP UNIVERSITY COMMUNICATIONS 40.00 X 120123 0 24518 CAROL DESCAK VP FOR ENROLLMENT MANAGEMENT 40.00 X 119285 0 2845 CLARE HOPKINS DEAN 40.00 X 115049 0 19112 DIANE MATTHEWS PROFESSOR 40.00 X 101851 0 32666 1239740 0 174610 11 0 1 0 MASSARO CORPORATION 120 DELTA DRIVE PITTSBURGH PA 15238 CONSTRUCTION 12169251 VOLPLATT CONTRUCTION 100 CASTLE VIEW ROAD PITTSBURGH PA 15213 CONSTRUCTION 3065648 ALADDIN FOOD MANAGEMENT SERVICES 16567 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 FOOD 1978096 MACLACHLAN CORNELIUS & FILONI 307 FOURTH AVENUE 200 THE BANK TOW PITTSBURGH PA 15222 ARCHITECT 678991 ELLUCIAN INC 62814 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 TECHNOLOGY 408561 23 11606 601432 7609874 435019 8222912 TUITION AND FEES 611600 40291267 40291267 RESIDENCE HALLS & BOARD 611600 4185561 4185561 CARLOW CAMPUS SCHOOL 721310 3082227 3082227 AUXILIARY PROGRAMS 900099 324959 324959 EARLY LEARNING CENTER 624410 305355 305355 48189369 408075 408075 19330 0 19330 19330 19330 1037952 199 0 92850 1037952 -92651 945301 945301 23983 11606 20597 3386 3386 PARKING PERMIT FEES 900099 309394 309394 BOOKSTORE COMMISSIONS 900099 38052 38052 347446 58135819 48189369 0 1723538 9079100 9079100 1993550 1397011 417289 179250 18848129 15975918 2219360 652851 795746 680336 89035 26375 4381408 3538586 719354 123468 1412065 1178189 175692 58184 36614 28193 8421 28038 21589 6449 56480 43490 12990 67251 67251 63962 49251 14711 508390 432502 36378 39510 899101 697907 198159 3035 1803255 1339701 361931 101623 2134306 1673483 431647 29176 940 724 216 1560911 1181945 372252 6714 647193 508153 115857 23183 289744 177432 39348 72964 1204792 927690 277102 2758265 2123864 634401 331613 255555 76058 AUXILIARY 1599631 1231716 367915 0 MISCELLANEOUS 447822 379151 68671 0 ENROLLMENT & REGISTRAR 403496 310692 92804 0 STUDENT PROGRAMS 368163 297512 70651 0 172120 132532 39588 51892085 43729473 6846279 1316333 11147884 3592287 1031011 968369 6566372 5186659 867054 957579 2041713 1924266 1057394 969108 85217050 39988651 29713996 45228399 21651399 28683126 5250 5250 5985190 1480911 80067263 88995954 2912136 6213121 17719969 17550190 300000 2689338 2744079 23321443 26807390 X 26308272 27234691 13208773 16197977 17228775 18755896 56745820 62188564 80067263 88995954 6243734 -800990 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 67251 0 0 67251 0 PART II-B, LINE 1: THE LOBBYING FEES WERE PAID TO MALADY & WOOTEN. 23116528 1527121 563590 783717 24423522 20654506 335259 2878139 751376 23116528 19392305 171220 1666207 575226 20654506 17705011 2586048 -369931 249643 279180 19392305 13271664 2409867 2518714 273587 221647 17705011 0.09670 0.76800 0.13530 0 0 1256517 1256517 50376365 31413424 18962941 14423485 8575227 5848258 19160683 19160683 45228399 STUDENT DEPOSITS 138847 FEDERAL LOAN ADVANCES 2530468 CAPITAL LEASES 74764 2744079 X 48849380 -800990 -8495066 -9296056 58145436 -9617 -9617 58135819 43406636 9617 9617 43397019 62984 8432082 8495066 51892085 PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 150 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. PART X, LINE 2: THE UNIVERSITY ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES 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 HAS BEEN MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD AT JUNE 30, 2015 AND 2014. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT FEES -62,984. SCHOLARSHIPS -8,432,082. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -20,597. RENTAL INCOME NETTED AGAINST EXPENSES 10,980. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 20,597. RENTAL INCOME NETTED AGAINST EXPENSES -10,980. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 8,432,082. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 CERTAIN RECRUITING PUBLICATIONS AND COLLEGE CATALOGS CONTAINS EXPRESS STATEMENTS THAT THE COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, CREED, SEX OR RELIGION. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY DISTRIBUTES STUDENT FINANCIAL ASSISTANCE FUNDS ON BEHALF OF FEDERAL AND STATE GOVERNMENTS. THIS ASSISTANCE INCLUDED FEDERAL AID FROM PELL GRANT AWARDS OF $2,861,578, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT AWARDS OF $172,543, AND COLLEGE WORK STUDY AWARDS OF $182,982. THE UNIVERSITY ALSO RECEIVED STATE AID FROM THE PA HIGHER EDUCATION ASSISTANCE AUTHORITY IN THE AMOUNT OF $2,263,339. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICE STUDY ABROAD 144913 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 39012 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 15095 NORTH AMERICA 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 2000 0 0 0 0 0 0 201020 0 201020 0 0 0 0 0 0 ALUMNI SCHOLARSHIP BENEFIT LUNCHEON 35589 11606 23983 10775 5697 500 3625 35589 11606 23983 10775 5697 500 3625 20597 3386 1 STUDENT SCHOLARSHIPS 951 8806433 CAMPUS SCHOOL STUDENT SCHOLARSHIPS 144 272667 PART I, LINE 2: GRANT FUNDS ARE MONITORED BY THE FINANCIAL AID OFFICE AND ACCOUNTING OFFICES. X X 1 1 X X 0 1 0 0 0 0 0 0 0 SUZANNE K MELLON PHD PRESIDENT 279723 0 10000 0 42000 0 37311 0 6943 0 375977 0 0 0 PATRICK J CUNNINGHAM VP FINANCE AND ADMINSTRATION 160754 0 0 0 0 0 7462 0 22126 0 190342 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE PAID AND INCLUDED AS GROSS WAGES ON W-2 FORM FOR PRESIDENT. DUQUESNE CLUB DUES PAID BY CARLOW UNIVERSITY THROUGH ACCOUNTS PAYABLE. NOT TAXED TO AN INDIVIDUAL. PART I, LINE 4B THE FOLLOWING EMPLOYEES PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN IN FY 2015: SUZANNE MELLON - $24,500 A ALLEGHENY COUNTY HIGHER EDUCATION BUILDING AUTHORITY 251650137 01728RHT9 2011-06-09 18052311 REFUNDING AND CAPITAL IMPROVEMENT 0 0 0 A 18052311 1480902 292824 8801488 7479448 1 0 0 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 0 A 0 X 3 435019 FMV 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS OF SECURITES EQUALS THE NUMBERS OF DONORS. FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE UNIVERSITY IS THE CONFERENCE FOR MERCY HIGHER EDUCATION WHICH EXERCISES RESERVED CANONICAL POWERS DELEGATED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS AND AS OUTLINED IN THE UNIVERSITY'S BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A UP TO SIX OF THE TOTAL TRUSTEES (EX-OFFICIO AND ELECTED TRUSTEES) SHALL BE PROFESSED SISTERS OF THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS OR ITS CANONICAL SUCCESSOR. THERE SHALL BE THREE EX-OFFICIO TRUSTEES, WHO SHALL BE VOTING MEMBERS OF THE BOARD OF TRUSTEES AND INCLUDED IN THE TOTAL NUMBER OF TRUSTEES, AND SUCH EX-OFFICIO TRUSTEES SHALL CONSIST OF ONE SISTER OF MERCY, APPOINTED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS, THE PRESIDENT OF THE UNIVERSITY, AND THE BISHOP OF THE DIOCESE OF PITTSBURGH OR HIS DESIGNEE. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER HAS THE RIGHT TO APPROVE THE FOLLOWING ACTIONS TO THE EXTENT SUCH ACTIONS ARE TAKEN BY THE BOARD OF TRUSTEES: AMENDMENTS TO THE ARTICLES OF INCORPORATION, IF THEY RELATE TO THE RESERVED POWERS DELEGATED TO THE CONFERENCE FOR MERCY HIGHER EDUCATION, THE ADOPTION OR AMENDMENT TO THE MISSION OF THE UNIVERSITY, THE INCURRENCE BY THE UNIVERSITY OF ANY DEBT, AND ANY SALE, TRANSFER, LONG-TERM LEASE OR EMCUMBRANCE OF ANY REAL OR PERSONAL PROPERTY, TANGIBLE OR INTANGIBLE, OF THE UNIVERSITY OUTSIDE THE ORDINARY COURSE OF BUSINESS ONLY TO THE EXTENT SUCH APPROVAL IS REQUIRED UNDER CANON LAW, ANY MERGER, CONSOLIDATION, DISSOLUTION, TRANSFER OF SUBSTANTIALLY ALL THE ASSETS, OR OTHER FUNDAMENTAL TRANSACTION WITHIN THE CONTEMPLATION OF THE PENNSYLVANIA NONPROFIT CORPORATION LAW, OF OR BY THE UNIVERSITY TO THE EXTENT SUCH APPROVAL IS REQUIRED BY CANON LAW. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. FORM 990 IS REVIEWED BY MANAGEMENT AND SUBMITTED TO THE AUDIT COMMITTEE FOR REVIEW AND APPROVAL, ONCE THE AUDIT COMMITTEE APPROVES THE SUBMITTED FORM 990; IT IS SUBMITTED TO THE BOARD OF TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL "COVERED PERSONS" AS DEFINED IN THE POLICY. EACH COVERED PERSON IS GIVEN A COPY OF THE POLICY, REQUIRED TO SIGN A STATEMENT ACKNOWLEDGING THAT HE OR SHE HAS RECEIVED A COPY OF THE POLICY, UNDERSTANDS IT, AND AGREES TO COMPLY WITH IT. THE COVERED PERSON IS ALSO REQUIRED TO COMPLETE A COVERED PERSON'S QUESTIONNAIRE ON AN ANNUAL BASIS. EACH COVERED PERSON SHALL DISCLOSE ALL ACTUAL AND POTENTIAL CONFLICTS AS SET OUT IN THE POLICY. COMPLIANCE WITH THIS POLICY IS MONITORED AND ENFORCED BY THE FOLLOWING PROCEDURE: - EACH YEAR THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, OR HIS DESIGNEE, UNDER THE SUPERVISION OF THE CHAIR OF THE AUDIT COMMITTEE, PREPARES A LIST OF COVERED PERSONS. - A COVERED PERSON QUESTIONNAIRE IS DISTRIBUTED TO EACH PERSON ON THE LIST - FORMS ARE COMPLETED AND SIGNED BY EACH COVERED PERSON - COMPLETED FORMS FOR ALL TRUSTEES ARE REVIEWED BY THE CHAIR OF THE AUDIT COMMITTEE TO DETERMINE IF ANY ACTUAL OR POTENTIAL CONFLICTS EXIST - COMPLETED FORMS FOR ALL COVERED PERSONS WHO ARE MEMBERS OF STAFF OR FACULTY ARE REVIEWED BY THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION, OR HIS DESIGNEE. - THE CHAIR OF THE AUDIT COMMITTEE ASKS AT A MINIMUM OF TWO BOARD MEETINGS IF ANY TRUSTEE IS AWARE OF ANY CONFLICTS AND IT IS DOCUMENTED IN THE BOARD MINUTES DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICTS - DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICT OF INTEREST MUST BE DISCLOSED AT THE TIME THEY BECOME A COVERED PERSON, OR AT THE TIME A POTENTIAL OR ACTUAL CONFLICT ARISES AND AT THE TIME OF THE COMPLETION OF THE ANNUAL QUESTIONNAIRE. - ALL DISCLOSURES DETERMINED TO BE A CONFLICT OF INTEREST ACCORDING TO THE POLICY ARE DISCUSSED WITH THE CHAIR OF THE AUDIT COMMITTEE AND BROUGHT FORWARD TO THE NEXT BOARD OF TRUSTEE MEETING. - ANY IDENTIFIED CONFLICT SHALL BE REFLECTED IN THE MINUTES OF THE BOARD OF TRUSTEE MEETINGS ALONG WITH THE NATURE OF SUCH CONFLICT. - THE MINUTES SHALL ALSO REFLECT ALL PERSONS PRESENT AT THE MEETING WHERE ANY VOTING TOOK PLACE ON AN ITEM RELATED TO THE DISCLOSED CONFLICT. FORM 990, PART VI, SECTION B, LINE 15B THE EXECUTIVE COMMITTEE IS THE AUTHORIZED COMMITTEE OF THE BOARD OF TRUSTEES TO REVIEW COMPENSATION OF THE PRESIDENT. THE EXECUTIVE COMMITTEE CREATED A COMPENSATION COMMITTEE (THE SUBCOMMITTEE) TO PERFORM ANNUAL PERFORMANCE REVIEWS AND SET THE PRESIDENT'S ANNUAL SALARY, IN ACCORDANCE WITH THE EXECUTIVE COMPENSATION PHILOSOPHY, POLICIES AND PROCEDURES APPROVED BY THE BOARD. NO MEMBER OF THE GOVERNANCE COMMITTEE MAY HAVE A CONFLICT OF INTEREST WITHIN THE MEANING OF THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. THE GOVERNANCE COMMITTEE SHALL DOCUMENT ITS DECISIONS WITH RESPECT TO COMPENSATION AS REQUIRED BY THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. THE ACTIONS OF THE GOVERNANCE COMMITTEE ARE INTENDED TO QUALIFY UNDER THE REBUTTABLE PRESUMPTION PROVISIONS IN SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. OTHER SENIOR EXECUTIVE COMPENSATION: NO PROSPECTIVE SALARY ADJUSTMENTS WERE ANTICIPATED FOR OTHER SENIOR LEVEL EXECUTIVES. COMPARABILITY DATA AND ANALYSIS WAS PROVIDED TO THE PRESIDENT IN THIS FISCAL YEAR. REPORT TO THE BOARD OF TRUSTEES: THE PROCEDURE STATES THAT, THE GOVERNANCE COMMITTEE SHALL PROVIDE A WRITTEN REPORT TO THE BOARD OF TRUSTEES NO LATER THAN THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD FOLLOWING THE GOVERNANCE COMMITTEE ACTION ON THE COMPENSATION OF SENIOR EXECUTIVES. THE REPORT SHALL REFLECT BASE SALARY AND ALL OTHER ELEMENTS FOR SENIOR EXECUTIVES' COMPENSATION, AS WELL AS A SUMMARY OF THE CRITERIA AND PROCESSES USED TO MAKE THE COMPENSATION DECISIONS AND TO ASSURE THAT THE COMPENSATION IS "REASONABLE AND NOT "EXCESSIVE" WITHIN IRS POLICY AND CRITERIA. RELIANCE ON COMPARABILITY DATA DERIVED FROM MARKET REVIEW AND SELECTION OF PEER INSTITUTIONS: IN DETERMINING AND APPROVING COMPENSATION, THE GOVERNANCE COMMITTEE SHALL RELY ON COMPARABILITY DATA DERIVED FROM A REVIEW OF THE MOST CURRENT INFORMATION AVAILABLE AS TO COMPENSATION LEVELS FOR COMPARABLE SENIOR EXECUTIVES AT PEER INSTITUTIONS, TAKING INTO ACCOUNT THAT AVAILABLE INFORMATION IS GENERALLY FOR THE PRIOR FISCAL OR ACADEMIC YEARS. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST BY THE PUBLIC AT THE CORPORATE ADDRESS. FORM 990, PART XII, QUESTION 2C: THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTING FIRM. IN ADDITION, THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND ITS SELECTION OF THE INDEPENDENT AUDITOR. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.