2016-05-13T11:05:25-05:00 2015-06-30 PricewaterhouseCoopers LLP 101 SEAPORT BOULEVARD Boston MA 02210 990 2014-07-01 050258809 Brown University % DONALD S SCHANCK BROW 4018632716 Controllers Office Box J Providence RI 02912 BARBARA CHERNOW EXECUTIVE VP FOR FINANCE & ADMIN 4018632716 2016-05-12 true PRICEWATERHOUSECOOPERS LLP P01390592 6175305000 2014 2016-08-17 19:52:53Z CHRISTINA PAXSON BROWN UNIVERSITY BOX J PROVIDENCE RI 02912 2014253785 false X http://www.brown.edu X 1764 RI SEE SCHEDULE O 53 52 11066 24529 -6167193 -8091373 337680866 336481435 534844119 566414310 226763321 176239672 1664423 1240302 1100952729 1080375719 218375998 229319430 0 0 418296482 421516828 0 0 22100728 310101561 346640771 946774041 997477029 154178688 82898690 4896703269 5103251337 1058612544 1194413174 3838090725 3908838163 X SEE SCHEDULE O false false 522638240 450531863 INSTRUCTION/ENROLLMENT. (SEE SCHEDULE O) 229319430 229319430 STUDENT AID, FELLOWSHIPS AND SCHOLARSHIPS. (SEE SCHEDULE O) 99616098 85872450 Auxiliary Services / Activities Includes the operation of the dormitories, dining services, health services, the bookstore, etc. These services accomodate students, faculty and staff by supporting academic & cultural enrichment. 34813013 29499043 886386781 true true false true false true false true true true true true false false true false false true true true true false false false true false false false true true true false false false false false true false false false false true true false false true true true true false false true 1703 0 true 11066 true true true true false false false true true false false false false false false false X 53 52 true false false false false false false true true false false true true true true true true true true false CA X DONALD S SCHANCK 4018632716 BROWN UNIVERSITY BOX J PROVIDENCE RI 02912 Donald C Hood FELLOW/SECRETARY 2.0 0.0 X X 0 0 0 Robin A Lenhardt FELLOW 2.0 0.0 X 0 0 0 Mark S Blumenkranz FELLOW 2.0 0.0 X 0 0 0 Richard A Friedman FELLOW 2.0 0.0 X 0 0 0 Cathy Frank Halstead TRUSTEE 2.0 0.0 X 0 0 0 Samuel M Mencoff FELLOW 2.0 0.0 X 0 0 0 Jonathan M Nelson FELLOW 2.0 0.0 X 0 0 0 Theresia Gouw FELLOW 2.0 0.0 X 0 0 0 Alison S Ressler Treasurer/TRUSTEE 2.0 0.0 X X 0 0 0 ALISON K COHEN TRUSTEE 2.0 0.0 X 0 0 0 Ralph F Rosenburg TRUSTEE 2.0 0.0 X 0 0 0 Joan Wernig Sorensen TRUSTEE 2.0 0.0 X 0 0 0 Thomas J Tisch Trustee/Chancellor 2.0 0.0 X X 0 0 0 Jerome C Vascellaro Trustee/Vice Chancellor 2.0 0.0 X X 0 0 0 Peter S Voss FELLOW 2.0 0.0 X 0 0 0 Nancy F Neff TRUSTEE 2.0 0.0 X 0 0 0 Barry S Sternlicht Trustee 2.0 0.0 X 0 0 0 LAURA GELLER FELLOW 2.0 0.0 X 0 0 0 MARIA T ZUBER FELLOW 2.0 0.0 X 0 0 0 NORMAN W ALPERT TRUSTEE 2.0 0.0 X 0 0 0 ANDREA TERZI BAUM TRUSTEE 2.0 0.0 X 0 0 0 KATHERINE BURTON TRUSTEE 2.0 0.0 X 0 0 0 CRAIG M COGUT TRUSTEE 2.0 0.0 X 0 0 0 LAURENCE W COHEN TRUSTEE 2.0 0.0 X 0 0 0 TANYA GODREJ DUBASH TRUSTEE 2.0 0.0 X 0 0 0 DORSEY M JAMES TRUSTEE 2.0 0.0 X 0 0 0 PEIGE KATZ TRUSTEE 2.0 0.0 X 0 0 0 Christina Paxson PRESIDENT/FELLOW 40.0 0.0 X X 700720 0 259761 BRIAN T MOYNIHAN TRUSTEE 2.0 0.0 X 0 0 0 THOMAS E ROTHMAN TRUSTEE 2.0 0.0 X 0 0 0 JONATHAN M ROZOFF TRUSTEE 2.0 0.0 X 0 0 0 NANCY G ZIMMERMAN TRUSTEE 2.0 0.0 X 0 0 0 GEORGE H BILLINGS TRUSTEE 2.0 0.0 X 0 0 0 ROBERT CARNEY TRUSTEE 2.0 0.0 X 0 0 0 JOHN HANNAN TRUSTEE 2.0 0.0 X 0 0 0 KEVIN MUNDT TRUSTEE 2.0 0.0 X 0 0 0 STEVEN PRICE TRUSTEE 2.0 0.0 X 0 0 0 JASMINE WADDELL TRUSTEE 2.0 0.0 X 0 0 0 LAUREN ZALAZNICK TRUSTEE 2.0 0.0 X 0 0 0 Craig E Barton TRUSTEE 2.0 0.0 X 0 0 0 Jose Estabil TRUSTEE 2.0 0.0 X 0 0 0 Todd Fisher TRUSTEE 2.0 0.0 X 0 0 0 Robert P Goodman TRUSTEE 2.0 0.0 X 0 0 0 Nancy Chick Hyde TRUSTEE 2.0 0.0 X 0 0 0 Paula McNamara TRUSTEE 2.0 0.0 X 0 0 0 Srihari Naidu TRUSTEE 2.0 0.0 X 0 0 0 Ronald Perelman TRUSTEE 2.0 0.0 X 0 0 0 Alison Stewart TRUSTEE 2.0 0.0 X 0 0 0 Diana Wells TRUSTEE 2.0 0.0 X 0 0 0 O Rogeriee Thompson FELLOW 2.0 0.0 X 0 0 0 George S Barrett Trustee 2.0 0.0 X 0 0 0 Genine M Fidler Trustee 2.0 0.0 X 0 0 0 Alexander R Gordon Trustee 2.0 0.0 X 0 0 0 Elizabeth C Huidekoper EXEC VP for FINANCE and ADMIN 40.0 0.0 X 407380 0 34516 Margaret M Klawunn VP CAMPUS LIFE/STUDENT SERVICE 40.0 0.0 X 278097 0 65531 Stephen M Maiorisi VP for Facilities Management 40.0 0.0 X 253528 0 55245 KEVIN MCLAUGHLIN DEAN OF FACULTY 40.0 0.0 X 387500 0 27711 Joseph Dowling VP & Chief Investment Officer 40.0 0.0 X 1188638 0 43805 Jack Elias Dean of Medicine & Biological 40.0 0.0 X 778683 0 34767 David Savitz VP of Research 40.0 0.0 X 359026 0 27482 Vicki Colvin Provost (as of 7/1/14) 40.0 0.0 X 256356 0 40859 Kenneth M Shimberg MD - 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RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 4835 false true 38171 43006 false SCHEDULE C, PART II-B OTHER LOBBYING ACTIVITIES: CERTAIN MEMBERS OF THE UNIVERSITY'S STAFF DEVOTED A SMALL PORTION OF THEIR TIME TO PROMOTE OUR MISSION BY WORKING WITH STATE AND FEDERAL GOVERNMENT ENTITIES TO ADVOCATE FOR LEGISLATION AND POLICY INITIATIVES THAT SUPPORT HIGHER EDUCATION AND THE UNIVERSITY'S RESEARCH AGENDA. SCHEDULE C, PART II-B, LINE 1i THE UNIVERSITY ENGAGES CONSULTANTS TO PROMOTE ITS MISSION BY WORKING WITH STATE AND FEDERAL GOVERNMENT ENTITIES TO ADVOCATE FOR LEGISLATION AND POLICY INITIATIVES THAT SUPPORT HIGHER EDUCATION AND THE UNIVERSITY'S RESEARCH AGENDA. AMOUNT RELATES TO THESE CONSULTANT FEES, AS WELL AS MEMBERSHIP DUES PAID TO ORGANIZATIONS WHO LOBBY ON BEHALF OF ALL THEIR MEMBERS, INCLUDING BROWN UNIVERSITY. 2 22152016 true true X X X X Education false false true X 2984653513 69354967 152398816 36463209 105565021 6406977 3057972089 2656243716 62207596 397960872 34434610 90368573 6955488 2984653513 2462538000 61628000 273994000 32318000 89027000 6867000 2669948000 2561014000 60476000 15368000 30096000 75252000 6420000 2525090000 2211203000 67541000 387189000 28030000 70903000 5986000 2561014000 0.15550 0.40850 0.43600 false false 68726098 68726098 1524584508 728690979 795893529 57215039 28686008 28529031 165035567 84833246 80202321 973350979 COMMON STOCK 610871898 F FIXED INCOME 286720887 F HEDGED STRATEGIES 1175829154 F PRIVATE EQUITY 699562380 F REAL ASSETS 256826557 F 3029810876 0 FEDERAL STUDENT LOAN ADVANCES 24415695 LIABILITIES ASSOCIATED WITH INVESTMENTS 134127281 SPLIT INTEREST OBLIGATIONS 22613182 INTEREST RATE SWAP LIABILITY 37835871 OTHER LONG-TERM OBLIGATIONS 32924002 251916031 SCHEDULE D, PART III, LINE 1a THE UNIVERSITY'S COLLECTIONS INCLUDE WORKS OF ART, HISTORICAL TREASURES, AND ARTIFACTS THAT ARE MAINTAINED IN THE UNIVERSITY'S LIBRARIES AND MUSEUMS. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR EDUCATION AND RESEARCH PURPOSES. THE COLLECTIONS ARE NOT RECOGNIZED AS ASSETS IN THE FINANCIAL STATEMENTS OF THE UNIVERSITY. SCHEDULE D, PART III, LINE 4 THE JOHN CARTER BROWN LIBRARY CONTAINS an internationally renowned, constantly growing collection of primary historical sources pertaining to the Americas, both North and South, before ca. 1825. The John Carter Brown Library collection of 50,000 rare books (printed before ca. 1825), manuscripts, and 16,000 reference books and secondary sources (printed after ca. 1825) is distinguished in many subject areas. Most well-known, perhaps, are the Library's extensive holdings in the literature of European exploration and travel in the Western Hemisphere, from the first Latin edition of the Columbus letter of 1493, through nearly all of the contemporary narratives of Spanish, Portuguese, French, Dutch, and English discovery, exploration, and settlement. The holdings of the library are available to scholars engaged in productive research for whom access to the collection is essential for the advancement of their work. The Brown University Library, in support of the University's educational and research mission, is the local repository for and the principal gateway to current information and the scholarly record. The Brown University Library is comprised of the John D. Rockefeller, Jr. Library; the Sciences Library; the Orwig Music Library; the John Hay Library; and the Annmary Brown Memorial. The John D. Rockefeller, Jr. Library is the primary teaching and research library for the humanities, social sciences, and fine arts. The Sciences Library holds materials that support study and research in the fields of Medicine, Psychology, Neural Science, Environmental Science, Biology, Chemistry, Geology, Physics, Engineering, Computer Science, and Pure and Applied Mathematics, and provides a wide range of services to the staff, students and faculty. The Orwig Music Library houses the general music collection on campus: music books, scores, periodicals, sound recordings, video recordings, and microforms. The collection supports the curriculum of the Music Department and provides material for general use by the Brown community. The John Hay Library houses diverse collections spanning many subjects and time periods, with particularly strong collections in American literature and history, popular culture, military history and iconography, history of science and the art and history of the book. THE ANNMARY BROWN MEMORIAL HOUSES EXHIBITS OF EUROPEAN AND AMERICAN PAINTINGS FROM THE 17TH THROUGH THE 20TH CENTURIES, THE CYRIL AND HARRIET MAZANSKY BRITISH SWORD COLLECTION, AS WELL AS PERSONAL MEMENTOS OF ITS FOUNDER, GENERAL RUSH C. HAWKINS, AND THE BROWN FAMILY. THE MEMORIAL IS UTILIZED AS A RESOURCE FOR STUDENTS STUDYING EUROPEAN AND AMERICAN ART BETWEEN THE 17TH AND 20TH CENTURY. THE UNIVERSITY'S ART SLIDE LIBRARY HOUSES SLIDES AND PHOTOGRAPHS REPRESENTING ART AND ART-RELATED SUBJECTS, INCLUDING ARCHITECTURE AND ARCHAEOLOGY. STUDENTS WHO ARE WRITING PAPERS OR CREATING PROJECTS ON ART-RELATED TOPICS CAN MAKE RESEARCH CONSULTATIONS BY APPOINTMENT. THE ART SLIDE LIBRARY ALSO PROVIDES SCANNING SERVICES FOR FACULTY WHO NEED DIGITAL IMAGES OF VISUAL CULTURE FOR TEACHING. THE HAFFENREFFER MUSEUM OF ANTHROPOLOGY IS A UNIVERSITY TEACHING MUSEUM WITH COLLECTIONS OF ETHNOGRAPHIC AND ARCHAEOLOGICAL ARTIFACTS AND ACTIVE PUBLIC EXHIBITIONS AND EDUCATION PROGRAMS. A CENTRAL FEATURE OF THE MUSEUM'S MISSION IS TO INSTRUCT STUDENTS AT ALL LEVELS IN COURSES AS WELL AS THROUGH ACTIVITIES ENHANCING THE VALUE OF ITS COLLECTIONS BY RESPONSIBLE, CAREFUL FIELD-DOCUMENTED COLLECTING. SCHEDULE D, PART IV, LINE 2B THE UNIVERSITY ACTS AS THE FISCAL AGENT FOR FUNDS RELATED TO UNIVERSITY SPONSORED AND/OR AFFILIATED PROGRAMS. THE UNIVERSITY DOES NOT OWN THE FUNDS ASSOCIATED WITH THESE PROGRAMS. Schedule D, Part V, Line 1 THE VARIANCE BETWEEN THE ENDING BALANCE IN COLUMN (C) AND THE BEGINNING BALANCE IN COLUMN (B) IS FROM RECLASSIFICATION BASED ON INCREASED TRANSPARANCY AND REPORTING CAPABILITIES IN NEW FINANICAL SYSTEM. THE VARIANCE BETWEEN THE ENDING BALANCE IN COLUMN (D) AND THE BEGINNING BALANCE IN COLUMN (C) IS FROM A RECLASSIFICATION TO REFLECT THE REMOVAL OF PREVIOUSLY APPROPRIATED BUT UNSPENT RETURN ON DONOR-RESTRICTED ENDOWMENTS AND SPLIT-INTEREST AGREEMENTS OUTSIDE OF THE UNIVERSITY'S LONG TERM POOL. SCHEDULE D, PART V, LINE 4 THE UNIVERSITY'S ENDOWMENT INCOME HELPS FINANCE VITAL ACTIVITIES, INCLUDING UNDERGRADUATE STUDENT SCHOLARSHIPS, PROFESSORSHIPS, GRADUATE STUDENT FELLOWSHIPS, LIBRARY ACQUISITIONS, THE DIVISION OF BIOLOGY AND MEDICINE, ACADEMIC PROGRAMS, VARSITY SPORTS, AND BUILDING MAINTENANCE. SCHEDULE D, PART X, LINE 2 BROWN UNIVERSITY DOES NOT HAVE A FIN 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, LIABILITY RECORDED IN ITS FINANCIAL STATEMENTS. true true true true true true true false false false false false false false false true false true RACIALLY NONDISCRIMINATORY POLICY PART I, LINE 3 THE UNIVERSITY'S POLICY ON NON-DISCRIMINATION IS MADE AVAILABLE ON ITS WEBSITE. THE UNIVERSITY DOES NOT DISCRIMATE ON THE BASIS OF SEX, RACE, COLOR, RELIGION, DISABILITY, STATUS AS A VETERAN, NATIONAL OR ETHNIC ORIGIN, SEXUAL ORIENTATION, GENDER IDENTITY OR GENDER EXPRESSION, IN THE ADMINSTATION OF ITS EDUCATION POLICIES, ADMISSIONS POLICIES, SCHOLARSHIP AND LOAN PROGRAMS, OR OTHER SCHOOL-ADMINISTERED PROGRAMS. GOVERMENT FINANCIAL AID PART I, LINE 6 THE UNIVERSITY RECEIVED FUNDS FROM VARIOUS GOVERNMENTAL AGENCIES FOR THE PURPOSE OF PROVIDING FINANCIAL ASSISTANCE TO QUALIFIED RECIPIENTS AND TO SUPPORT SPONSORED RESEARCH. true Central America and the Caribbean 70 Program Services Research /Study Abroad 371671 East Asia and the Pacific 5 Fundraising 68391 East Asia and the Pacific 171 Program Services STDY ABROAD/CONF./RESE 664980 Europe (Including Iceland and Greenland) 6 Fundraising 34514 Europe (Including Iceland and Greenland) Investments 83275128 Central America and the Caribbean Investments 1634388335 Sub-Saharan Africa Investments 8515632 Europe (Including Iceland and Greenland) 632 Program Services Stdy Abroad/Conf./Rese 2178935 Middle East and North Africa 1 Fundraising 7406 Middle East and North Africa 78 Program Services Conf. / Research 250842 North America 252 Program Services Conf./ Research 378200 Russia and the Newly Independent States 21 Program Services Conf./ Research 66598 South America 3 Fundraising 6801 South America 130 Program Services Conf./Research 436482 South Asia 1 Fundraising 1639 South Asia 46 Program Services Stfy Abroad/Conf./Rese 164120 Sub-Saharan Africa 57 Program Services Conf./Research 330381 1473 1473 1731140055 1731140055 true false true true true true PART 1, LINE 3, COLUMN F THE ORGANIZATION REVIEWS ALL FOREIGN WIRE INFORMATION AND INTERNATIONAL TRAVEL EXPENSES FOR OVERSEAS PAYMENTS AND DISCUSSES WITH THE DEPARTMENTS ORIGINATING THE PAYMENTS TO DETERMINE IF THE PAYMENTS WERE FOR WORK CONDUCTED OVERSEAS. THE FOREIGN EXPENDITURES ARE CAPTURED SEPARATELY IN THE ORGANIZATION'S ACCOUNTING SYSTEM AND AMOUNTS INCLUDED ON SCHEDULE F ARE PURSUANT TO THE ORGANIZATION'S ACCOUNTING SYSTEM. BROWN BEAR GOLF 99450 84300 15150 54104 FOOTBALL GOLF 195253 155271 39982 83279 0 294703 239571 55132 137383 137383 -82251 SCHEDULE G, PART I, LINE 3 RHODE ISLAND DOES NOT REQUIRE THE UNIVERSITY TO REGISTER IN ORDER TO SOLICIT FUNDS. true UNDERGRADUATE SCHOLARSHIPS/ FELLOWSHIPS/ STIPENDS 2782 108822454 MEDICAL SCHOOL SCHOLARSHIPS/ FELLOWSHIPS/ STIPENDS 254 7438755 GRADUATE SCHOLARSHIPS/ FELLOWSHIPS/ STIPENDS 1801 113058221 Schedule I, Part I, Line 2 Grant funds are managed in accordance with both the sponsor and University rules and regulations. Expenditures are reviewed on a pre and post audit basis to ensure that the costs incurred and charged to a particular grant is in compliance with both the sponsor and University policies. Schedule I, Part III The cash grants are reflected on students' accounts. X X false true X X X X true true false false false false false true true true Ruth J Simmons PRESIDENT EMERITA 321482 0 0 0 2510 0 31200 0 3949 0 359141 0 0 0 Elizabeth C Huidekoper EXEC VP for FINANCE and ADMIN 389880 0 0 0 17500 0 26000 0 8516 0 441896 0 0 0 Clyde L Briant Former VP of Research 291492 0 0 0 0 0 31200 0 16136 0 338828 0 0 0 Edward Wing Former Dean of Med.&Bio 427980 0 0 0 17500 0 31200 0 8504 0 485184 0 0 0 Margaret M Klawunn VP CAMPUS LIFE/STUDENT SERVICE 266136 0 10000 0 1961 0 26000 0 39531 0 343628 0 0 0 Stephen M Maiorisi VP for Facilities Management 252810 0 0 0 718 0 26000 0 29245 0 308773 0 0 0 Kenneth M Shimberg MD - Priv Equity 352718 0 445102 0 20800 0 38300 0 21089 0 878009 0 208488 0 Christina Paxson PRESIDENT/FELLOW 682500 0 0 0 18220 0 220800 0 38961 0 960481 0 0 0 KEVIN MCLAUGHLIN DEAN OF FACULTY 387500 0 0 0 0 0 27450 0 261 0 415211 0 0 0 MARK S SCHLISSEL FORMER PROVOST 255513 0 0 0 9132 0 20800 0 14684 0 300129 0 0 0 Joseph Dowling VP & Chief Investment Officer 570307 0 600000 0 18331 0 20800 0 23005 0 1232443 0 0 0 Jack Elias Dean of Medicine & Biological 762970 0 0 0 15713 0 18262 0 16505 0 813450 0 0 0 David Savitz VP of Research 338567 0 0 0 20459 0 20427 0 7055 0 386508 0 0 0 Louis Rice Chair - Bio Med 585880 0 0 0 19230 0 20800 0 0 0 625910 0 0 0 Vicki Colvin Provost (as of 7/1/14) 256093 0 0 0 263 0 0 0 40859 0 297215 0 0 0 Daniel Mccollum Managing Director -Investments 346290 0 499990 0 249 0 18517 0 20085 0 885131 0 0 0 Jane Dietze Managing Director -Investments 341238 0 292529 0 665 0 12600 0 24669 0 671701 0 0 0 John Wideman Prof of Africana Studies&Liter 129172 0 0 0 414559 0 11107 0 492 0 555330 0 0 0 David I Kertzer Professor of Anthropology & It 280272 0 0 0 17500 0 31200 0 17703 0 346675 0 0 0 Rajiv Vohra Professor of Economics 410904 0 0 0 19822 0 20800 0 15418 0 466944 0 0 0 Schedule J, Part I, Line 1a RESIDENCE FOR PERSONAL USE WAS PROVIDED TO THE FOLLOWING INDIVIDUALS: PRESIDENT - AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, THE PRESIDENT IS REQUIRED TO LIVE IN UNIVERSITY HOUSING. THEREFORE, NONE OF THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION. PROVOST - AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, THE PROVOST IS REQUIRED TO LIVE IN UNIVERSITY HOUSING. THEREFORE, NONE OF THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION. SCHEDULE J, PART I, LINE 1A THE CURRENT PRESIDENT'S HOUSEHOLD SERVICES ASSISTANT PROVIDES SOME PERSONAL SERVICES FOR THE PRESIDENT. THE PRESIDENT REIMBURSES THE UNIVERSITY BY CHECK FOR THESE SERVICES. SCHEDULE J, PART I, LINE 1B IN LIEU OF A STANDARDIZED WRITTEN POLICY, SENIOR OFFICERS WERE ISSUED AN ADDENDUM TO THEIR COMPENSATION LETTER APPROVED BY THE CHANCELLOR, OUTLINING THE TREATMENT OF THE HOUSING ITEM LISTED IN PART I, LINE 1A. SCHEDULE J, PART I, LINE 4A The University made a payment to the following individuals based on the University's optional retirement incentive plan: John Wideman $413,000 SCHEDULE J, PART I, LINE 4B TERMS & CONDITIONS OF SUPPLEMENTAL RETIREMENT PLAN AND PAYMENT FOR 2014: Effective July 1, 2012 the University entered into a deferred compensation agreement with the President. Under the Plan, the organization will deposit $200,000 to the President's deferred compensation account each June 30th through June 30, 2017. Such amounts will vest over the course of the agreement so long as the President remains continuously employed by the University through each such vesting date. $200,000 was credited to the Plan in calendar year 2013 and 2014, respectively. TERMS & CONDITIONS OF DEFERRED INCENTIVE COMPENSATION PLAN FOR SENIOR INVESTMENT PROFESSIONALS AND PAYMENTS FOR 2014: IN PRIOR FISCAL YEARS, THE INVESTMENT COMMITTEE SUB-COMMITTEE ON COMPENSATION RECOMMENDED THE AMOUNT OF INCENTIVE COMPENSATION (BASED UPON A PERCENTAGE OF BASE SALARY) FOR EACH SENIOR INVESTMENT PROFESSIONAL PRIOR TO THE BEGINNING OF THE PERFORMANCE YEAR. THE ACTUAL INCENTIVE COMPENSATION GRANTED IS DETERMINED AFTER THE CLOSE OF THE PERFORMANCE YEAR, AFTER THE SUB-COMMITTEE ASSESSES THE PERFORMANCE OF THE SENIOR INVESTMENT PROFESSIONALS USING QUALITATIVE & QUANTITATIVE FACTORS. HALF OF THE INCENTIVE COMPENSATION GRANTED IS DEFERRED FOR ONE TO THREE YEARS AND INVESTED IN THE UNIVERSITY'S LONG TERM POOL. A THIRD OF THE DEFERRED AMOUNT, PLUS ANY INVESTMENT GAINS/LOSSES IS TO BE PAID OUT IN EACH OF THE SUCCEEDING THREE YEARS. THE DEFERRED AMOUNTS ARE SUBJECT TO FORFEITURE IF THE INDIVIDUAL LEAVES BROWN FOR REASONS OTHER THANM RETIREMENT, DISABILITY OR DEATH. THE FOLLOWING AMOUNTS BECAME VESTED AND WERE PAID TO THE FOLLOWING INDIVIDUAL IN CALENDAR YEAR 2014: KENNETH M. SHIMBERG $209,671. SOME OF THE AMOUNTS (LISTED IN COLUMN BII) REPRESENT PAYMENTS OF INCENTIVE COMPENSATION THAT WERE DEFERRED AND REPORTED IN A PRIOR YEAR FORM 990. Schedule J, Part I, Line 7 THE UNIVERSITY OFFERS INCENTIVE COMPENSATION TO SENIOR PROFESSIONALS IN THE INVESTMENT OFFICE BASED UPON THE UNIVERSITY'S INVESTMENT PERFORMANCE AND OTHER QUALITATIVE FACTORS. THE FOLLOWING AMOUNTS WERE PAID TO THE FOLLOWING INDIVIDUALS IN CALENDAR YEAR 2014: JANE A. DIETZE $292,529 DANIEL H. MCCOLLUM $499,990 KENNETH SHIMBERG $235,431 THE UNIVERSITY MADE A DISCRETIONARY BONUS PAYMENT TO THE FOLLOWING INDIVIDUAL BASED UPON SERVICE ACCOMPLISHMENTS DURING THE YEAR: MARGARET M. KLAWUNN $10,000 SCHEDULE J, PART I, LINE 8 THE PROVOST IS UNDER HER INITIAL CONTRACT WITH BROWN UNIVERSITY. A RI H&E CORP SERIES 2003A & 2003B 521300173 762243CA9 2003-11-13 91425000 FINANCE CAPITAL PROJECTS false false false B RI H&E BLD CORP SERIES 2005A 521300173 762243MY6 2005-10-04 85500000 FINANCE CAPITAL PROJECTS false false false C RI H&E CORP SERIES 2007 521300173 762197BP5 2007-06-27 92405058 FIN.CAP.PJT./REFUND 1998 COM.PAPER false false false D RI H&E CORP SERIES 2009 521300173 762197DT5 2009-10-01 75643750 FIN.CAP.PJT./REFUND COM. PAPER false false false A 49320000 0 91928050 0 0 0 590401 0 0 91337649 0 0 2005 false false true true B 0 0 87064981 0 0 0 526642 0 0 86538339 0 0 2006 false false true true C 2395058 0 93317470 0 0 0 718615 0 0 42912412 49686443 0 2008 true false true true D 4848750 0 75646988 0 0 0 643750 0 0 25003238 50000000 0 2011 true false true true A false false false true false 0.00128 0.00000 0.00128 false false false true B false false false true false 0.00020 0.00000 0.00020 false false false true C false false false false 0 false false false true D false false false true false 0.00026 0.00000 0.00026 false false false true A false true true true JP MORGAN 35.3 false false 0 false false B false true true true GOLDMAN SACHS 29.6 false false 0 false false C false true false false 0 false 0 false false D false true false false 0 false 0 false false A false B false C false D false SCHEDULE K, PART II, LINE 3, COLUMN A (SERIES 2003) INCLUDES $503,050 OF INVESTMENT EARNINGS. SCHEDULE K, PART II, LINE 3, COLUMN B (SERIES 2005A) INCLUDES $1,564,981 OF INVESTMENT EARNINGS. SCHEDULE K, PART II, LINE 3, COLUMN C (SERIES 2007) INCLUDES $912,413 OF INVESTMENT EARNINGS. SCHEDULE K, PART II, LINE 3, COLUMN D (SERIES 2009) INCLUDES $3,239 OF INVESTMENT EARNINGS. SCHEDULE K, PART II, LINE 3, COLUMN C (SERIES 2013) INCLUDES $1,575 OF INVESTMENT EARNINGS. SCHEDULE K, PART III, LINE 9 / PART IV, LINE 7 & PART V THE UNIVERSITY ADOPTED A POST-ISSUANCE COMPLIANCE POLICY DURING FY16 AND BEFORE THE FILING OF THE FY15 TAX RETURN. BROWN UNIVERSITY CONDUCTS AN ANALYSIS OF ACTIVITIES CONDUCTED WITHIN ITS BOND-FINANCED FACILITIES TO DETERMINE IF THERE IS ANY PRIVATE USE. A RI H&E CORP SERIES 2011 521300173 762197GR6 2011-08-24 80629956 CURRENT REFUNDING 2001 BONDS false false false B RI H&E CORP SERIES 2012 521300173 762197KD2 2012-07-19 149807220 FIN.CAP. PROJECTS/REFUND COM.PAPER false false false C RI H&E CORP SERIES 2013 521300173 762197PX3 2013-12-04 150950167 FIN.CAP.PJT./REFUND 2003A BOND/REF false false false A 21439956 0 80629956 0 0 0 506344 0 0 0 80123612 0 true false true true B 31567220 0 149807220 0 0 0 794535 0 0 99012685 50000000 0 2014 true false true true C 13085167 0 150950167 0 0 0 755226 0 0 109887521 40307420 0 true false false true A false false false false 0 false false false true B false false false true false 0.00011 0.00000 0.00011 false false false true C false false false false 0.00016 0.00000 0.00016 false false false true A false true false false 0 false 0 false false B false true false false 0 false 0 false false C false true false false 0 false 0 false false A false B false C false VICKI COLVIN PROVOST PERSONAL X 80000 27000 false false true 27000 X 1 X 426 27242676 FMV X 8 X Photographs 5 0 0 X Piano 1 0 0 X Laser instrument 1 0 0 7 false true false SCHEDULE M, PART I, COLUMN (B) THE UNIVERSITY IS REPORTING THE NUMBER OF CONTRIBUTIONS RECEIVED DURING THE YEAR. SCHEDULE M, PART I, LINE 33 NO REVENUE WAS REPORTED ON FORM 990, PART VIII, LINE 1G BECAUSE THE UNIVERSITY'S COLLECTIONS (WHICH INCLUDE WORKS OF ART, HISTORICAL TREASURES & ARTIFACTS) ARE NOT RECOGNIZED AS ASSETS IN THE FINANCIAL STATEMENTS OF THE UNIVERSITY. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR EDUCATION AND RESEARCH PURPOSES. MISSION STATEMENT TO SERVE THE COMMUNITY, THE NATION, AND THE WORLD BY DISCOVERING, COMMUNICATING, AND PRESERVING KNOWLEDGE AND UNDERSTANDING IN A SPIRIT OF FREE INQUIRY, AND BY EDUCATING AND PREPARING STUDENTS TO DISCHARGE THE OFFICES OF LIFE WITH USEFULNESS AND REPUTATION. BROWN ACCOMPLISHES THIS THROUGH A PARTNERSHIP OF STUDENTS & TEACHERS IN A UNIFIED COMMUNITY CALLED A UNIVERSITY-COLLEGE. FORM 990, PART III, LINE 4A INSTRUCTION / ENROLLMENT INCLUDES COST OF SUPPLIES, SALARIES AND BENEFITS ASSOCIATED WITH TEACHING APPROXIMATELY 8,500 STUDENTS (72% UNDERGRADUATE; 23% GRADUATE; 5% MEDICAL). A FACULTY OF APPROXIMATELY 700 (NOT INCLUDING ADJUNCT, VISITING, CLINICAL AND OTHER "NON-REGULAR" FACULTY) TEACH AND ADMINISTER PROGRAMS IN A VARIETY OF DISCIPLINES, INCLUDING THE HUMANITIES, LIFE/MEDICAL SCIENCES, PHYSICAL SCIENCES AND SOCIAL SCIENCES. THERE ARE NEARLY 100 PROGRAMS OF STUDY OFFERED BETWEEN THE THREE SCHOOLS (UNDERGRADUATE COLLEGE, GRADUATE SCHOOL AND MEDICAL SCHOOL) OF THE UNIVERSITY. IN 2015, THE UNIVERSITY AWARDED 1,641 BACCALAUREATE DEGREES AND 841 ADVANCED (MASTER AND DOCTORATE) DEGREES. FORM 990, PART III, LINE 4B STUDENT AID, FELLOWSHIPS & SCHOLARSHIPS BROWN PROVIDES 100 PERCENT OF DEMONSTRATED NEED FOR ALL AIDED UNDERGRADUATE STUDENTS THAT MATRICULATE. THE UNIVERSITY IS NEEDS-BLIND FOR DOMESTIC STUDENTS (US CITIZENS AND PERMANENT RESIDENTS) AND "NEED-AWARE" FOR INTERNATIONAL AND TRANSFER (BOTH DOMESTIC AND INTERNATIONAL) STUDENTS. INTERNATIONAL AND TRANSFER STUDENTS WHO DO NOT APPLY FOR AID AS PART OF THEIR ADMISSION APPLICATION MAY NOT RECEIVE NEED-BASED SCHOLARSHIPS FROM THE UNIVERSITY. FORTY-SEVEN PERCENT OF THE UNDERGRADUATE STUDENT BODY RECEIVES NEED-BASED FINANCIAL AID. THE AVERAGE FINANCIAL-AID PACKAGE FOR THE CLASS OF 2019 WAS $44,313. SINCE THE CLASS OF 2007, ALL DOMESTIC UNDERGRADUATES ADMITTED AS FRESHMEN AT BROWN UNIVERSITY WERE ADMITTED UNDER THE UNIVERSITY'S NEEDS-BLIND ADMISSION POLICY. FORM 990, PART III, LINE 4D OTHER PROGRAM SERVICES (EXPENSES $34,813,013) (REVENUE $30,009,997) THE UNIVERSITY ENGAGES IN RESEARCH IN PHYSICAL SCIENCES, HUMANITIES, LIFE SCIENCES AND SOCIAL SCIENCES. THE UNIVERSITY'S RESEARCH NETWORK FEATURES ADVANCED ACADEMIC INSTITUTES, CENTERS AND FACILITIES THAT MAKE OUR WORLD RENOWNED RESEARCH POSSIBLE. THESE FACILITIES, WHICH ARE MADE AVAILABLE TO FACULTY AND STUDENTS, ENCOURAGE DISCOVERY AND INNOVATION BY PROVIDING STATE-OF-THE-ART EQUIPMENT AND RESOURCES. FORM 990, PART V, LINE 4B FOREIGN ACCOUNTS THE ORGANIZATION HAS AN INTEREST IN OR A SIGNATURE OR OTHER AUTHORITY OVER A FINANCIAL ACCOUNT IN THE FOLLOWING FOREIGN COUNTRIES: 1) ITALY 2) FRANCE 3) GERMANY 4) SPAIN 5) ENGLAND 6) BERMUDA 7) LUXEMBOURG 8) BRITISH VIRGIN ISLANDS 9) CAYMAN ISLANDS 10) MAURITIUS 11) GUERNSEY, CHANNEL ISLANDS 12) JERSEY, CHANNEL ISLANDS PART VI, SECTION A, LINE 1 The Advisory & Executive Committee shall consist of the President (chair), the Chancellor, the Vice Chancellor, the Secretary, and the Treasurer, all ex officio, and at least nine additional members of the Corporation of whom at least two shall be Fellows and three Trustees. The Chairs of the Committees on Academic Affairs, Budget & Finance, Campus Life, Advancement, Facilities & Campus Planning, Audit, Medical School and Investment shall always be among the members of the Advisory & Executive Committee. Three Fellows and four Trustees shall constitute a quorum. The Committee may transact any business of the Corporation except the location of buildings and the election of Trustees, Fellows, and the President. In addition to the powers of the minor quorum, the Committee, by action of the Corporation, is authorized to appoint professors. The acts of the Advisory & Executive Committee shall be valid until the next meeting of the Corporation, and no longer unless approved by the Corporation. PART VI, SECTION A, LINE 2 STEVEN PRICE ROBERT P. GOODMAN BUSINESS RELATIONSHIP - THE INDIVIDUALS SIT ON THE BOARD OF ANOTHER ORGANIZATION. NORMAN W. ALPERT KEVIN MUNDT BUSINESS RELATIONSHIP - ONE INDIVIDUAL IS THE CO-FOUNDER/MANAGING DIRECTOR AND ONE INDIVIDUAL IS THE GENERAL PARTNER OF ANOTHER ORGANIZATION. PART VI, SECTION B, LINE 11 THE RETURN IS PREPARED BY THE UNIVERSITY AND REVIEWED BY THE UNIVERSITY'S TAX CONSULTANTS. A DRAFT VERSION OF THE FORM 990 IS PROVIDED TO THE ASSOCIATE CONTROLLER, CONTROLLER, EXECUTIVE VICE PRESIDENT FOR FINANCE & ADMINISTRATION, AND THE AUDIT COMMITTEE FOR REVIEW. CHANGES/COMMENTS ARE SUBMITTED TO MANAGEMENT AND ANY NECESSARY CHANGES ARE MADE PRIOR TO THE FINAL REVIEW AND SIGNING OF THE TAX RETURN BY THE UNIVERSITY'S INDEPENDENT AUDITORS/TAX CONSULTANTS. THE FINAL TAX RETURN IS PROVIDED TO THE BOARD PRIOR TO FILING. PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BROWN COMMUNITY ARE RESPONSIBLE FOR READING THE UNIVERSITY'S CONFLICT OF INTEREST AND COMMITMENT POLICY (COICP) AND ITS RELATED GUIDELINES AND TO DISCLOSE POTENTIAL OR ACTUAL CONFLICTS AS THEY ARISE TO THEIR SUPERVISOR OR ASSIGNED SENIOR ADMINISTRATOR. FAILURE TO DO SO WILL BE DEEMED A FAILURE TO MEET ONE'S OBLIGATIONS FOR WHICH SANCTIONS, UP TO AND INCLUDING DISMISSAL, MAY BE IMPOSED. RESPONSIBILITY FOR IMPLEMENTING THE UNIVERSITY'S COICP IS AS FOLLOWS - THE CHANCELLOR FOR MEMBERS OF THE CORPORATION AND ITS STANDING COMMITTEES; THE PRESIDENT FOR THE CABINET; AND THE PROVOST FOR OFFICERS OF INSTRUCTION AND RESEARCH. FOR ALL OTHER MEMBERS OF THE BROWN COMMUNITY, RESPONSIBILITY FOR IMPLEMENTING THE UNIVERSITY'S COICP SHALL REST WITH THE SENIOR VICE PRESIDENT FOR CORPORATION AFFAIRS AND GOVERNANCE. ALL CORPORATION MEMBERS, ALL MEMBERS OF THE CORPORATION'S STANDING COMMITTEES, ALL OFFICERS OF INSTRUCTION, ALL SENIOR OFFICERS, AND SELECTED STAFF SHALL ALSO BE RESPONSIBLE FOR SUBMITTING AN ANNUAL DISCLOSURE FORM. IF THERE ARE NO DISCLOSURES WHICH PRESENT A CONFLICT OR APPEAR TO PRESENT A CONFLICT, THE SUPERVISOR SIGNS THE FORM AND FORWARDS IT TO THE ASSIGNED SENIOR ADMINISTRATOR. IF THERE ARE DISCLOSURES WHICH PRESENT A CONFLICT OR APPEAR TO PRESENT A CONFLICT, THE SUPERVISOR IS RESPONSIBLE FOR WORKING WITH THE EMPLOYEE TO DETERMINE WHETHER A MANAGEMENT PLAN IS WARRANTED, SIGNING THE DISCLOSURE FORM TO ACKNOWLEDGE THAT IT HAS RECEIVED SUPERVISORY REVIEW, AND FORWARDING IT TO THE ASSIGNED SENIOR ADMINISTRATOR FOR THAT EMPLOYEE. FORMS THAT DISCLOSE AFFILIATIONS ARE REQUIRED TO RECEIVE SECONDARY REVIEW AND SIGNATURE BY THE ASSIGNED SENIOR ADMINISTRATOR OR, WHEN THE ASSIGNED SENIOR ADMINISTRATOR IS ALSO THE EMPLOYEE'S SUPERVISOR, BY THE ASSIGNED SENIOR ADMINISTRATOR'S SUPERVISOR. SENIOR ADMINISTRATORS, AS ASSIGNED BY THE SENIOR VICE PRESIDENT FOR CORPORATION AFFAIRS AND GOVERNANCE, ARE RESPONSIBLE FOR COLLECTING DISCLOSURE FORMS AND, IF WARRANTED, MANAGEMENT PLANS WITHIN THEIR DIVISIONS AND FORWARDING THEM TO THE OFFICE OF CORPORATION AFFAIRS AND GOVERNANCE. HUMAN RESOURCES SHALL MAINTAIN EMPLOYEES' DISCLOSURE FORMS AND RELATED MANAGEMENT PLANS, AND THE UNIVERSITY AUDITOR SHALL PERIODICALLY MONITOR THE FILE TO ENSURE COMPLIANCE WITH THE DISCLOSURE REQUIREMENTS OF THIS POLICY. THE UNIVERSITY'S INVESTMENT OFFICE ALSO HAS STRICT INVESTMENT POLICIES INTENDED TO MAINTAIN THE HIGHEST ETHICAL AND LEGAL STANDARDS AND AVOID CONFLICTS. ALL MEMBERS OF THE CORPORATION, INCLUDING THE PRESIDENT, DISCLOSE INFORMATION ANNUALLY RELATED TO CONFLICT OF INTEREST AND COMMITMENT. IF THERE IS CONSIDERATION TO HIRE A FIRM THAT COULD POTENTIALLY PRESENT A CONFLICT, THE INVESTMENT OFFICE SEEKS THE ADVICE AND CONSENT OF THE CORPORATION OFFICE AND GENERAL COUNSEL. ALL MEMBERS OF THE INVESTMENT COMMITTEE MUST RECUSE THEMSELVES AND REFRAIN FROM PARTICIPATION IN CONSIDERATION OF ANY INVESTMENT IN WHICH THEY HAVE AN INTEREST. PART VI, SECTION B, LINE 15 THE AUTHORITY TO ESTABLISH AND ADJUST COMPENSATION FOR THE PRESIDENT AND SENIOR STAFF RESTS WITH THE CORPORATION COMMITTEE ON SENIOR ADMINISTRATION. SENIOR STAFF INCLUDES OFFICERS REPORTING TO THE PRESIDENT, THE DEANS AND VICE PRESIDENTS OR THEIR EQUIVALENTS WHO REPORT TO THE PROVOST AND/OR THE EXECUTIVE VICE PRESIDENT FOR FINANCE & ADMINISTRATION, ANY OTHER UNIVERSITY EMPLOYEE WHOSE ANNUAL COMPENSATION IS IN EXCESS OF $225,000, AND OTHERS WHOSE RESPONSIBILITIES MIGHT BE DETERMINED TO REFLECT SIGNIFICANT INFLUENCE OVER THE AFFAIRS OF THE UNIVERSITY. THE COMMITTEE CONDUCTS THEIR REVIEW ANNUALLY AND, AS PART OF THEIR REVIEW PROCESS, USES DATA AND INFORMATION FROM SURVEYS REFLECTING INDUSTRY STANDARDS FOR COMPENSATION, BENEFITS, AND PREREQUISITES OF SENIOR OFFICERS EITHER AT INSTITUTIONS OF HIGHER EDUCATION OR AT COMPARABLE ENTITIES. DOCUMENTATION OF THIS REVIEW, AS WELL AS ANY DECISIONS MADE, ARE PREPARED BEFORE THE NEXT MEETING OF THE COMMITTEE ON SENIOR ADMINISTRATION, OR 60 DAYS AFTER THE FINAL ACTIONS OF THE COMMITTEE TO SET SALARIES, WHICHEVER IS LATER. THE COMMITTEE FORMALLY APPROVES THE DOCUMENTATION WITHIN A REASONABLE TIME AFTER IT IS PREPARED. PART VI, SECTION C, LINE 19 THE UNIVERSITY'S FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICIES, AND GOVERNING DOCUMENTS (CHARTER AND STATUTES) ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AND ON OUR WEBSITE. FORM 990, PART XI, LINE 9 Actuarial Gain/Loss - Split Interest ($4,468,123) Change in Pension Obligation ($6,823,447) Change in Swap Liability ($8,665,650) Change in Asset Retirement Liability ($1,066,273) Split-interest terminations 945,699 Total ($20,077,794) FORM 990, PART XII, LINE 2D BROWN UNIVERSITY'S FINANCIAL STATEMENTS INCLUDE THE ACCOUNTS OF THE JOHN NICHOLAS BROWN CENTER FOR THE STUDY OF AMERICAN CIVILIZATION, BROWN FACULTY CLUB, FARVIEW INCORPORATED (A REAL ESTATE HOLDING COMPANY), AND KARING. ALL OF WHICH ARE SEPARATE ENTITIES THAT ARE CONSOLIDATED IN THE FINANCIAL STATEMENTS. BROWN UNIVERSITY AND THESE CONSOLIDATED ENTITIES ARE COLLECTIVELY REFERRED TO HEREIN AS THE UNIVERSITY. ALL SIGNIFICANT INTER-ENTITY TRANSACTIONS AND BALANCES HAVE BEEN ELIMINATED IN CONSOLIDATION. BLH Mortgage Holdings LLC 121 South Main ST 9th FL Providence RI 02903 473252442 Investments DE BROWN BLH Mortgage Purchaser LLC 121 South Main St 9 FL Providence RI 02903 473262127 Investments DE 18415090 BROWN Brown University Research Foundation c/o Brown University Controllers O Providence RI 02912 050390989 Support Brown RI 501(c)(3) 11d BROWN true John Nicholas Brown Center c/o Brown University Controllers O Providence RI 02912 222506553 Support Brown RI 501(c)(3) 11a BROWN true Farview Inc c/o Brown University Controllers O Providence RI 02912 222665046 Support Brown RI 501(c)(2) n/a BROWN true Brown Faculty Club One Magee Street Providence RI 02912 510192393 Support Brown RI 501(c)(7) n/a BROWN true KARING 110 S MAIN STREET PROVIDENCE RI 02912 272862779 SUPPORT BROWN RI 501(c)(4) N/A BROWN true CHARITABLE GIFT ANNUITY FUND (2) SUPPORT MA NA TRUST CHARITABLE REMAINDER ANNUITY TRUST (6) SUPPORT MA NA TRUST CHARITABLE REMAINDER UNITRUST (70) SUPPORT MA NA TRUST POOLED INCOME (3) SUPPORT MA NA TRUST Brown Cayman I 121 South Main St 9th Fl Providence RI 02903 981182767 INVESTMENTS CJ BROWN C CORP 38634461 1.00000 true false true false false false false false false false false false false true true false true false false KARING Q 322917 CASH BROWN CAYMAN I B 38634461 CASH SCHEDULE R, PART IV, LINE 1 TRUSTS ARE DOMICILED IN MASSACHUSETTS. SCHEDULE R, PART IV, LINE 3 TRUSTS ARE DOMICILED IN MASSACHUSETTS. SCHEDULE R, PART V, LINE 1N & 1O FOR BROWN UNIVERSITY RESEARCH FOUNDATION, JOHN NICHOLAS BROWN CENTER, FAIRVIEW, AND THE BROWN FACULTY CLUB - THE EXPENSES FOR THESE RELATED ORGANIZATIONS ARE PAID DIRECTLY BY BROWN UNIVERSITY. THERE IS NO REIMBURSEMENT PAID BY ANY OF THESE RELATED ORGANIZATIONS TO BROWN UNIVERSITY. SCHEDULE R, PART V, LINE 1Q KARING REIMBURSED BROWN FOR EXPENSES RELATED TO CONSTRUCTION WHICH BROWN PAID DURING THE FISCAL YEAR ENDED 6/30/15. THE AMOUNTS REIMBURSED WERE BASED UPON COST OF CONSTRUCTION PAID BY BROWN UNIVERSITY.