2016-05-10T16:50:05-07:00 2015-06-30 990 2014-07-01 111797182 MOLLOY COLLEGE MOLL 5163233000 1000 Hempstead Avenue PO Box 5002 Rockville Centre NY 115715002 Michael A McGovern Vice President - Finance 5163233033 2016-05-10 2014 2016-08-17 19:52:53Z Dr Drew Bogner 1000 Hempstead Avenue PO Box 5002 Rockville Centre NY 11571 143120592 0 0928 X www.molloy.edu X 1955 NY Molloy College, an independent Catholic college, rooted in the Dominican tradition of study, spirituality, service, and community, is committed to academic excellence with respect for each person. 28 27 1944 130 596908 -139056 6881817 4344586 107350977 113977397 2355174 1708378 743061 1021562 117331029 121051923 19292926 20761898 0 0 62544473 65055090 0 0 1558016 28252439 30608642 110089838 116425630 7241191 4626293 146858121 186458259 67131066 102882981 79727055 83575278 Molloy College, an independent, Catholic College, rooted in the Dominican tradition of study, spirituality, service, and community, is committed to academic excellence with respect for each person. Through transformative education, Molloy promotes a lifelong search for truth and the development of ethical leadership. 0 0 95330698 20761898 113977397 Founded in 1955 by the Dominican Sisters of Amityville, Molloy College (the "College" or "Molloy") is an independent Catholic college, rooted in the Dominican tradition of study, spirituality, service, and community, and committed to academic excellence with respect for each person. Through transformative education, Molloy promotes a lifelong search for truth and the development of ethical leadership. The College provides a student-centered learning experience which enhances the intellectual, ethical, spiritual and social development of every student, and strives to enhance the quality of its academic programs, faculty, and teaching learning environment. The College continues to identify, recruit and educate students who demonstrate leadership qualities, understand the need for civic engagement and aspire to serve the community. The College operates with the understanding that both immediate and long-term financial stability is needed in order to achieve these goals. For the fall term of the 2014-2015 school year, the College enrolled 3,336 undergraduate, 1,119 graduate, and 42 Ph.D. students. For the spring term of the 2014-2015 school year, the College enrolled 3,198 undergraduate, 1,198 graduate, and 39 Ph.D. students. For the 2014-2015 academic year, 802 undergraduate, 345 graduate and 4 Ph.D. degrees were conferred. The College is located on approximately 30 acres in Rockville Centre, NY and includes classrooms, laboratories, offices, a gymnasium, theater, cafeteria and library. The College is a dynamic learning institution with outstanding faculty, state-of-the-art-technology and distinguished academic programs. Notably, Molloy's Nursing program is among the largest nursing programs in the northeast region and in the country. The College has diversified the curriculum from its historic strengths in Nursing and Education to include a wide-range of highly respected programs, significantly increasing the number of undergraduate programs since 2000. The College offers two associate and four baccalaureate degrees in 50 areas of concentration in diverse fields, as well as 58 minors. On the graduate level, seven master's degree and three doctoral programs are offered. Additionally, a Bachelor of Social Work ("B.S.W.") and Master of Social Work ("M.S.W.") is offered through a partnership with Fordham University. Since 2010 numerous programs have been approved by the New York State Education Department ("NYSED"). In 2010, the State Regents approved the College's proposal to offer its first Ph.D. degree in Nursing. The NYSED approved and registered the following programs in the Business division: Bachelor of Science ("B.S.") in Finance; Master of Business Administration ("M.B.A.") in Finance; and the B.S./M.B.A. dual degree in Finance. In 2011, the American Speech-Language Hearing Association voted to award candidacy status to the Master's Program in Communication Sciences and Disorders for a period of five years. In 2012, the NYSED approved the College's Bachelor of Arts ("B.A") degree in Communications: New Media. In 2013, the NYSED approved B.S. programs in Nuclear Medicine Technology and Respiratory Care. Also approved at that time were (a) a curriculum change to the registered B.S. degree in Biology which now offers three separate study tracks: pre-professional medical programs/graduate studies; pre-allied medical programs and general biological sciences; (b) a B.A. in English with an additional Writing Concentration track; (c) an M.B.A. in Healthcare Administration and the M.S. Nursing Administration and Informatics/MBA in Healthcare Administration dual degree; and (d) a B.S., M.B.A. Dual Degree in Marketing. In 2014, the NYSED approved the following: (a) the Initial Professional Certification in Teachers of Students with Speech and Language Disabilities that allows students already registered in the College's Communication Sciences and Disorders program to receive a second certification; (b) the M.S. Program in Clinical Mental Health Counseling; and (c) the Doctorate of Nurse Practice degree in Family Nurse Practitioner, Adult-Gerontology Nurse Practitioner, Pediatric Nurse Practitioner and Family Psychiatric Mental Health Practitioner. In 2015, NYSED approved the Ed.D. in Educational Leadership for Diverse Learning Communities, the College's third doctoral program. The College is accredited by the Board of Regents of the University of the State of New York, State Education Department and the Middle States Association of Colleges and Schools, as well as several discipline accreditations. Over the last several years, the College has grown from a predominately undergraduate institution into a comprehensive graduate granting institution with over 1100 graduate students in 40 programs in the disciplines of Nursing; Education; Business; Criminal Justice; Music Therapy; Communication Sciences and Disorders; and Clinical Mental Health Counseling. Three doctoral programs: the Ph.D. in Nursing, the Doctor of Nurse Practice and the Ed.D. in Education are offered by the College. In the areas of academic and student affairs, the College has built a comprehensive multi-faceted collegiate experience for students that includes service learning, international education and, an extensive range of internships and clinical experiences, as well as, an un-paralleled campus life with over 50 clubs and 1000 activities per year. Residential students have resided on campus since 2010. The physical layout of the campus has changed with the addition of several quads and new buildings including the Maria Regina Residence Hall, as well as, a number of major renovations. The Hagan Center, currently under construction and scheduled to open for the January 2016 semester, will be the fifth new building added to the campus within the past ten years. Recent rankings from various organizations illustrate Molloy's standing among its competitors. For example, * The College was ranked among the Best Regional Universities (Masters) in the U.S. News and World Report - America's Best Colleges rankings. The rankings referenced the College's average freshmen retention rate of 89% (unaudited), among the highest in the country. Molloy's graduation rate was 13 percentage points higher (unaudited) than the predicted rate, based on student criteria, such as test scores and those receiving Pell grants. * The College's Nursing Program and the Communication Sciences and Disorders Programs were also nationally ranked by U.S. News and World Report. Molloy was also highly ranked as one of the best colleges for veterans. * A new ranking in Money Magazine named Molloy the highest ranked comprehensive Long Island school, the second year in a row that Molloy has been named a best value school. Molloy College is more embedded in the fabric of the Long Island community evidenced by the dramatic increase in the number of students in the community in clinical placements, internships, practicums, a state of the art Speech Clinic and the Rebecca Center for Music Therapy. Approximately 6,000 students participated in the continuing education programs last year. In addition, Molloy hosts programs offered by College institutes such as the Siena Women's Center, the Center for Interfaith Dialogue, the Sustainability Institute, Energia, and the Center for Environmental Research in Coastal Oceans Monitoring (CERCOM), as well as, the dynamic programming offered in the Madison Theatre. The College is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and a similar provision of the New York State income tax laws. Accordingly, no provision for income taxes has been reflected in the accompanying financial statements. 0 0 0 95330698 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 0 1 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 289 0 1 1944 1 1 1 0 0 0 0 1 1 0 0 0 0 X 28 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Michael A McGovern 5163233000 1000 Hempstead Avenue Post Office Box 5002 Rockville Centre NY 115715002 Drew Bogner President (ex officio voting member of Board) 35 0 X X 593371 0 143721 Daniel T Henry Chairperson 1 0 X X 0 0 0 Laura A Cassell Vice Chairperson 1 0 X X 0 0 0 Theresa P Ahlstrom Trustee 1 0 X 0 0 0 Susan Santoro Bevilacqua Trustee 1 0 X 0 0 0 Msgr Francis Caldwell CSW Trustee 1 0 X 0 0 0 Salvatore P Ciampo Trustee 1 0 X 0 0 0 John F Coghlan Trustee 1 0 X 0 0 0 Michael Comerford Trustee 1 0 X 0 0 0 Marianne Dolan Weber Trustee 1 0 X 0 0 0 Raymond E Farrell Trustee 1 0 X 0 0 0 Jeffrey H Greenfield Trustee 1 0 X 0 0 0 Gerald Kaiser Trustee 1 0 X 0 0 0 S Anne Marie Kirmse Trustee 1 0 X 0 0 0 Brendan Lavelle Trustee 1 0 X 0 0 0 William K Lloyd Trustee 1 0 X 0 0 0 Welquis Ray Lopez Trustee 1 0 X 0 0 0 John P McEntee Trustee 1 0 X 0 0 0 Daniel T McGowan Trustee 1 0 X 0 0 0 Edward M Milarsky Trustee 1 0 X 0 0 0 S Mary Pat Neylon Trustee 1 0 X 0 0 0 Heather M Palmore Trustee 1 0 X 0 0 0 Kenneth J Pritchard Trustee 1 0 X 0 0 0 James S Rowen Trustee 1 0 X 0 0 0 Robert S Salvatico Trustee 1 0 X 0 0 0 Kathleen Sideli Trustee 1 0 X 0 0 0 S Kathleen Sullivan Trustee 1 0 X 0 0 0 Phillipa G Woodriffe Trustee 1 0 X 0 0 0 Michael A McGovern Vice President Finance and Treasurer 35 0 X 237852 0 38379 Diane K Fornieri Secretary 35 0 X 96068 0 30288 Valerie Collins Vice President Academic Affairs 35 0 X 248431 0 31043 Edward J Thompson Vice President Office of Advancement 35 0 X 227978 0 43828 Linda Albanese Vice President Enrollment Management 35 0 X 194734 0 17142 Robert Houlihan Vice President Student Affairs 35 0 X 196319 0 15188 Michael Torres Vice President Office of Technology 35 0 X 106948 0 34446 Robert L Paterson Vice President Office of Technology (thru 10/2014) 35 0 X 182268 0 24269 Jeannine D Muldoon Dean of Nursing 35 0 X 222192 0 23046 Veronica D Feeg Associate Dean and Director of PhD Program 35 0 X 178905 0 30505 John Carpente Director of Rebecca Center 35 0 X 188049 0 10247 A Nicholas Fargnoli Dean of Humanities 35 0 X 168113 0 23263 Kathleen Maurer Smith Associate Dean Graduate Affairs 35 0 X 155113 0 34480 2996341 0 499845 96 0 1 0 Axis Construction Corp 125 Laser Court Hauppauge NY 11788 Construction 23897356 Austin & Williams 125 Kennedy Suite 100 Hauppauge NY 117884015 Media Services 1052743 Butler Rogers Baskett Architects PC 330 W 34th Street New York NY 10001 Architectural and Engineering Services 1024488 JL Media Inc 1600 Route 22 Union NJ 07083 Advertising 946054 Chartwells Dining Services 303 Crossways Park Drive Woodbury NY 11797 Dining and Catering Services 320891 16 0 0 413728 0 2058294 1872564 315900 4344586 Student Tuition and Fees 900099 110639565 110639565 0 0 Auxiliary Services Revenue 611710 3337832 3216137 0 121695 0 0 0 0 113977397 1233303 0 4761 1228542 0 0 0 0 0 0 0 0 132429 0 0 0 132429 0 132429 0 132429 0 22230418 0 21755343 0 475075 0 475075 0 0 475075 431396 413728 307229 124167 0 124167 62325 6097 56228 0 0 56228 0 0 0 0 0 0 Bad Debt Recovery 900099 95698 0 0 95698 Theatre Ticket Sales 900099 274437 0 274437 0 Forfeited Deposits 900099 41409 0 0 41409 297194 0 185281 111913 708738 121051923 113855702 596908 2254727 0 0 20761898 20761898 0 0 0 0 2364279 841115 1392192 130972 0 0 0 0 46444870 40339324 5421144 684402 3029847 2617150 366436 46261 9712571 8435777 1133672 143122 3503523 3026306 423723 53494 0 0 0 0 172016 0 172016 0 114129 0 114129 0 0 0 0 0 0 0 176797 0 176797 0 472765 48197 358229 66339 2249959 0 2249959 0 1101105 900086 187068 13951 1113140 406687 696751 9702 0 0 0 0 1576133 1416065 145979 14089 195305 146459 45206 3640 0 0 0 0 1562484 1451176 103092 8216 2781928 0 2781928 0 0 0 0 0 5247578 4830396 379000 38182 1100475 508954 591521 0 Third Party Course Fee 2476996 2476996 0 0 Graduation and Special Events 1335311 887341 353065 94905 Contracted Services 1160897 856416 251323 53158 Bad Debt Expense 1038450 784644 253806 0 6733174 4595711 1939880 197583 116425630 95330698 19536916 1558016 3909317 4927003 12600000 17000000 3907919 3450460 1518123 1828449 0 0 0 0 2551646 2743064 0 0 798832 748053 146895060 48579370 84209754 98315690 31227488 23774292 1952385 10663830 0 0 0 0 4182657 23007418 146858121 186458259 11150554 16339855 1575333 1599050 1656311 1868884 48602213 80170108 0 0 0 0 1700000 0 0 253776 2446655 2651308 67131066 102882981 X 68920927 72703271 7007645 6930732 3798483 3941275 79727055 83575278 146858121 186458259 4626293 -778070 0 0 0 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 129066 0 0 X 0 32511243 177920 941758 100613 162557 0 33367751 29745681 273393 3330343 130086 708088 0 32511243 27717347 161512 2096366 112909 116635 0 29745681 26771471 124575 1095684 160280 114103 0 27717347 23728049 354046 2908546 185915 33255 0 26771471 0.86 0.12 0.02 0 0 0 3273630 3273630 0 99725545 25833404 73892141 0 3831752 1646844 2184908 0 25476679 21099122 4377557 0 14587454 0 14587454 98315690 10638830 F State of Israel Bonds 25000 F 10663830 Funds Held with Trustee 20385680 Net Cost of Issuance 1815049 Cash Surrender Value of Donated Life Insurance 806689 23007418 0 Student Credit Balances and Deposits 968255 Conditional Asset Retirement Obligation 1683053 2651308 X 99648484 -778070 0 0 0 -778070 100426554 176797 20448572 20625369 121051923 95800261 0 0 0 0 0 95800261 176797 20448572 20625369 116425630 Schedule D, Part III, Line 4 The College maintains an artwork collection in various buildings for the enjoyment of students, employees, and visitors to its campus. Schedule D, Part V, Line 4 The College's endowment fund is intended to support the College's educational mission. The endowment consists of approximately 105 individual funds. The endowment earnings are used to fund the College's daily operations, including scholarships, student programs, and other campus activities. The Board of Trustees, through its approved investment policy guidelines, has interpreted the New York Prudent Management of Institutional Funds (NYPMIFA) to allow the College to spend below the historical dollar value of its endowment unless specific donors have stipulated to the contrary. Schedule D, Part X, Line 2 The College follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The College is exempt from federal income tax under IRC section 501(c)(3), though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code. The College has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it was nexus; and to identify and evaluate other matters that may be considered tax positions. The tax years ended June 30, 2012, 2013, 2014, and 2015 are still open to audit for both federal and state purposes. The College has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. Schedule D, Part XI, Line 4b Institutional aid totaling $20,761,898 is shown as an expense on Form 990 Part IX but is netted against revenues in the financial statements. Fundraising expenses totaling $307,229 is shown as a reduction of net income from fundraising on Form 990 Part VIII and is shown as an expense in the financial statements. Gaming expenses totaling $6,097 is shown as a reduction of net income from gaming on Form 990 Part VIII and is shown as an expense in the financial statements. Schedule D, Part XII, Line 4b Institutional aid totaling $20,761,898 is shown as an expense on Form 990 Part IX but is netted against revenues in the financial statements. Fundraising expenses totaling $307,229 is shown as a reduction of net income from fundraising on Form 990 Part VIII and is shown as an expense in the financial statements. Gaming expenses totaling $6,097 is shown as a reduction of net income from gaming on Form 990 Part VIII and is shown as an expense in the financial statements. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Nondiscrimination policies are furnished in catalogs and publications as well as on the College website. Schedule E, Part I, Line 6 The College receives Federal funding primarily from the United States Department of Education through the Student Financial Assistance Cluster. Central America and the Caribbean 0 0 Investments 5934021 0 0 5934021 1 0 1 0 1 0 Schedule F, Part IV, Line 1 The College invests in domestic and foreign limited partnerships that may own an interest in a foreign corporation or foreign partnership. To the extent that those investments resulted in transfers that exceeded the applicable filing thresholds, the Forms 926, 5471, and 8865 accompanied the filing of the College's Form 990-T. Annual Gala 377139 163874 213265 0 1018 0 72948 48364 25459 Molloy Golf Outing 287101 115536 171565 0 16714 82230 234 0 12445 2 180884 134317 46567 0 5248 15700 17789 0 9081 845124 413727 431397 0 22980 97930 90971 48364 46985 307230 124167 0 0 62325 0 6097 0 62325 0 6097 0 0 6097 56228 NY 1 0 0 0 1 0 Michael A McGovern 1000 Hempstead Avenue PO Box 5002 Rockville Centre NY 115715002 0 Edward Thompson 0 The College does not employ a gaming manager. The individual listed is the Vice President of Advancement and is responsible for the fundraising component of revenues along with the Director of Athletics who raises funds for the athletics department. X 0 0 1 Institutional aid and scholarships 1980 20761898 Schedule I, Part I, Line 2 The College follows federal, state, and institutional policies and regulations to monitor grants and funds: (1) the student applies for the grant; (2) grants are awarded from the various funding sources depending on need and/or academic standing; (3) the students eligibility is verified through federal, state, and institutional requirements, matriculation, registration, attendance, and academic progress; (4) grants and awards are processed onto the student's account; (5) where loans are involved, the College follows up with the regulatory requirements after graduation. The Free Application for Federal Student Aid (FAFSA) is an integral part of this process. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 Drew Bogner President (ex officio voting member of Board) 386816 0 70000 0 136555 0 127809 0 15912 0 737092 0 60000 0 Michael A McGovern Vice President Finance and Treasurer 237852 0 0 0 0 0 20558 0 17821 0 276231 0 0 0 Diane K Fornieri Secretary 96068 0 0 0 0 0 8921 0 21367 0 126356 0 0 0 Valerie Collins Vice President Academic Affairs 248431 0 0 0 0 0 22886 0 8157 0 279474 0 0 0 Edward J Thompson Vice President Office of Advancement 222428 0 0 0 5550 0 20144 0 23684 0 271806 0 0 0 Linda Albanese Vice President Enrollment Management 194734 0 0 0 0 0 17142 0 0 0 211876 0 0 0 Robert Houlihan Vice President Student Affairs 193466 0 0 0 2853 0 15188 0 0 0 211507 0 0 0 Michael Torres Vice President Office of Technology 106948 0 0 0 0 0 9868 0 24578 0 141394 0 0 0 Robert L Paterson Vice President Office of Technology 182268 0 0 0 0 0 15799 0 8470 0 206537 0 0 0 Jeannine D Muldoon Dean of Nursing 222192 0 0 0 0 0 14728 0 8318 0 245238 0 0 0 Veronica D Feeg Associate Dean and Director of PhD Program 178905 0 0 0 0 0 14594 0 15911 0 209410 0 0 0 John Carpente Director of Rebecca Center 188049 0 0 0 0 0 10247 0 0 0 198296 0 0 0 A Nicholas Fargnoli Dean of Humanities 168113 0 0 0 0 0 14954 0 8309 0 191376 0 0 0 Kathleen Maurer Smith Associate Dean Graduate Affairs 155113 0 0 0 0 0 13806 0 20674 0 189593 0 0 0 Schedule J, Part I, Line 1a The President of the College is permitted certain perquisites by virtue of his position at the College. By contract, the President is entitled to a housing allowance and reimbursement for social club dues incurred in the course of conducting College business. The President's housing allowance is a taxable benefit and is included in the President's "other reportable compensation" column (b)(iii) in Schedule J. The President uses the social club solely in a business capacity and therefore, this is a non-taxable fringe benefit. The compensation of the President is approved by the Board of Trustees. Schedule J, Part I, Line 4 The President of the College is a participant in a Section 457(f) and 457(b) plans and received employer funded contributions in the amount of $97,500 for 2014. A Town of Hempstead Local Development Corporation 112798949 424682BG6 2009-11-13 49827973 To finance the costs of certain facilities on the College's campus. 0 0 0 B Town of Hempstead Local Development Corporation 112798949 424682GE6 2014-11-14 32574808 To finance the cost of a new academic building. 0 0 0 A 895000 0 49824973 0 3805165 0 1243285 0 0 0 43986519 0 2011 0 0 1 1 B 0 0 32574808 16764851 1480180 0 584543 0 0 9751893 4000000 0 2016 0 0 0 1 A 0 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 0 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 Schedule K, Part II, Line 3-11/13/2009 49,827,973 Town of Hempstead Local Development Corporation The proceeds from the Series 2009 bonds were used to finance the cost of (i) an approximately 36,000 square foot residence hall; (ii) an approximately 54,000 square foot campus center and associated parking; (iii) an approximately 6,000 square foot two story maintenance building; and (iv) the renovation and improvement of various walkways, parking areas, landscaped areas, and courtyards on the campus. The residence hall and campus center opened in 2011. The campus center hosted a grand opening in the Madison Performing Arts Center with the annual Molloy ball. The performing arts center continues to host major theatrical events, as well as in-house departmental events. The campus center also contains the bookstore, a coffee bar, a Subway sandwich store, certain academic offices, an internet accessible work area, and other facilities that encourage educational and social interaction. Schedule K, Part II, Line 3-11/14/2014 32,574,808 Town of Hempstead Local Development Corporation The proceeds from the Series 2014 Bonds were used to finance the costs of certain facilities located on portions of the College's campus, consisting of (i) the construction, furnishing and equipping of an approximately 50,000 square foot academic building for the nursing program, (ii) reimbursing the College for certain costs of the renovation and improvement of an existing approximately 24,000 square foot faculty residence into a student residence, and (iii) related site work and other renovations and improvements on the Campus. Schedule K, Part IV, Line 1-11/14/2014 32,574,808 Town of Hempstead Local Development Corporation Pursuant to the five year arbitrage rules, the College has recently contracted with an outside organization to complete the calculation. Schedule K, Part IV, Line 2c-11/13/2009 49,827,973 Town of Hempstead Local Development Corporation Pursuant to the five year arbitrage rules, the College had contracted an outside organization to complete the calculation and it was determined on November 13, 2014 that no rebate was due. X 5 315900 Market Value Date of Donation 0 0 0 1 Schedule M, Part I, Line 32b As part of its capital campaign program and its regular fundraising efforts, the College solicits donations from many sources. In those instances where non-cash assets are acquired, generally in the form of donated publicly traded securities, the securities are transferred to our outside investment manager and received into an account set up to receive such donations. The College requests from the donor a statement asserting that the securities can be liquidated. The investment manager then liquidates the securities and the cash is transferred to the appropriate cash account for its intended use. Form 990, Part VI, Section B, Line 11b It is the policy of the College to review the details of the Form 990 with the Fiscal Affairs and Audit Committee of the Board to obtain approval of the Committee prior to filing the return. Additionally, Form 990 was reviewed by the College's independent auditors prior to the review by the Fiscal Affairs and Audit Committee. The results of these reviews, along with a copy of the completed Form 990, are reported to the full Board prior to the time of issuance at which time any unusual items or areas of concern had been highlighted and discussed. Form 990, Part VI, Section B, Line 12c The conflict of interest statement is required to be completed annually for all Board members, officers and key employees. Any transactions or business relationships between the College and a trustee or family member is subject to review and approval of disinterested members of the Board of Trustees to ensure that such transactions or relationships are in the best interest of the College and complies with College policy and all applicable legal and ethical guidelines. The Executive Committee of the Board shall report to the full Board periodically, at least annually, on any significant transactions and relationships. Form 990, Part VI, Section B, Line 15 Compensation of the President of the College and its key employees are approved by the Board of Trustees. The compensation is based on several factors including data collected from and compared to various colleges and universities. Increases in salaries and benefits that are in excess of that approved by the Board as part of the budget process are presented to the Executive Committee of the Board for consideration and approval. Form 990, Part VI, Section C, Line 19 The College does not post its financial statements on any website. Copies are made available upon request. The Form 990 tax return is posted on Guidestar and is made available in the College's finance office. Bylaws and other governing documents are maintained on the premises and are also available upon request.