2016-05-16T11:31:55-05:00 2015-06-30 PricewaterhouseCoopers LLP 101 SEAPORT BOULEVARD Boston MA 02210 990 2014-07-01 050258956 Rhode Island School of Design % SAMUEL B SOLOMON CFO RHOD 4014546766 TWO COLLEGE STREET PROVIDENCE RI 02903 SAMUEL B SOLOMON CFO 4014546766 2016-05-09 true ERIN COUTURE P01390592 6175305000 2014 2016-08-17 19:52:53Z ROSANNE SOMERSON TWO COLLEGE ST PROVIDENCE RI 02903 393302457 false X WWW.RISD.EDU X 1877 RI SEE SCHEDULE O. 27 26 3496 40 758304 93917 9550572 12894987 134428953 139998096 174297 5059177 560548 502440 144714370 158454700 19681781 19974273 0 0 78316440 79715759 0 0 2556878 52787935 56031415 150786156 155721447 -6071786 2733253 592035613 592921948 209941643 202334352 382093970 390587596 X SEE SCHEDULE O. false false 123430596 19974273 138969047 EDUCATION - PROVIDE EDUCATIONAL SERVICES TO APPROXIMATELY 2,481 FULLTIME STUDENTS, 2,076 SUMMER 2014 STUDENTS AND 2,366 EXTENSION SCHOOL STUDENTS. 8453844 1029049 MUSEUM - THE RISD MUSEUM EDUCATES AND INSPIRES STUDENTS AND THE PUBLIC THROUGH EXHIBITIONS, LECTURES, TOURS, WORKSHOPS AND PUBLICATIONS. 131884440 true true false true false false false true false true true true false false true false false true true true true false false false false false false false true true true false false false false false false false false false false true true false false true true true true false false true 2935 0 true 3496 true true true true IT false false false false false false false false X 27 26 false false true false false true false true true false false true true true true true false true true false CA X SAMUEL B SOLOMON CFO 4014546766 2 COLLEGE ST PROVIDENCE RI 029032790 X ROSANNE SOMERSON INT PRES(UNTIL 2/15)/PRESIDENT 50.0 1.0 X X 493078 0 66955 MICHAEL SPALTER TRUSTEE/CHAIR OF BOARD 2.0 0.0 X X 0 0 0 LISA PEVAROFF-COHN TRUSTEE/VICE CHAIR OF BOARD 2.0 0.0 X X 0 0 0 DAVID C BARCLAY TRUSTEE/VICE CHAIR OF BOARD 2.0 0.0 X X 0 0 0 V DUNCAN JOHNSON SEC OF BD(UNTIL 10/14)/TRUSTEE 2.0 0.0 X X 0 0 0 MICHAEL D ALLEN TRUSTEE 2.0 1.0 X 0 0 0 LOUIS BEAL LIFE TRUSTEE 2.0 0.0 X 0 0 0 JOHN BEUG TRUSTEE 2.0 0.0 X 0 0 0 ERICA DI BONA TRUSTEE 2.0 0.0 X 0 0 0 SUSAN DRYFOOS TRUSTEE 2.0 0.0 X 0 0 0 JOSEPH GEBBIA TRUSTEE 2.0 0.0 X 0 0 0 ROBERT W GLASS TRUSTEE 2.0 0.0 X 0 0 0 RICHARD W HAINING SR TRUSTEE 2.0 0.0 X 0 0 0 JON KAMEN TRUSTEE 2.0 0.0 X 0 0 0 AMY KORENVAES TRUSTEE 2.0 0.0 X 0 0 0 MARY LOVEJOY TRUSTEE 2.0 0.0 X 0 0 0 STEPHEN A METCALF TRUSTEE 2.0 0.0 X 0 0 0 NICOLE J MILLER TRUSTEE (AS OF 05/01/2014) 2.0 0.0 X 0 0 0 SUSAN B MONTGOMERY TRUSTEE 2.0 0.0 X 0 0 0 STEVEN PERELMAN TRUSTEE 2.0 0.0 X 0 0 0 MERRILL W SHERMAN TRUSTEE/CHAIR EMERITA 2.0 0.0 X 0 0 0 SANDRA P SMITH TRUSTEE 2.0 0.0 X 0 0 0 PETER D A STEIN TRUSTEE 2.0 0.0 X 0 0 0 WILLIAM G TSIARAS MD TRUSTEE 2.0 0.0 X 0 0 0 MARGARET A WILLIAMS Trustee 2.0 0.0 X 0 0 0 JEFFREY YAN TRUSTEE 2.0 0.0 X 0 0 0 MEGHAN REILLY MICHAUD TRUSTEE 2.0 0.0 X 0 0 0 JEAN EDDY COO 50.0 0.0 X 331314 0 49707 SAMUEL B SOLOMON CFO (AS OF 03/24/2014) 50.0 1.0 X 183267 0 35760 JOHN W SMITH MUSEUM DIRECTOR 50.0 0.0 X 241912 0 35071 PRADEEP SHARMA PROVOST 50.0 0.0 X 250432 0 27291 ERIC GRAAGE til 1014 VP INSTITUTIONAL ENGAGEMENT 50.0 0.0 X 257504 0 45536 EDWARD DWYER PROFESSOR (until 06/30/2014) 50.0 0.0 X 263225 0 16622 THEODORE WELLER PROFESSOR (until 06/30/2014) 50.0 0.0 X 263082 0 20002 RANDA NEWLAND Professor (until 06/30/2014) 50.0 0.0 X 242741 0 11046 ELINOR NACHEMAN PROFESSOR (UNTIL 06/30/2014) 50.0 0.0 X 204583 0 8946 2731138 0 316936 106 false true false SHAWMUT DESIGN CONSTRUCTION 560 HARRISON AVENUE BOSTON MA 02118 CONSTRUCTION SVCS 10359576 SITE SPECIFIC LLC 45 DIKE STREET PROVIDENCE RI 02909 CONSTRUCTION SVCS 2644699 HV COLLINS COMPANY 99 GANO STREET PROVIDENCE RI 02906 CONSTRUCTION SVCS 995283 SUMMIT ROCK 9 WEST 57TH STREET 12TH FLOOR NEW YORK NY 10019 INVESTMENT MGMT 759147 BINGHAM MCCUTCHEN LLP ONE FEDERAL STREET BOSTON MA 02110 LEGAL SVCS 480494 25 2328441 10566546 2660077 12894987 TUITION/ROOM/BOARD 900099 135653251 135653251 MUSEUM 900099 582344 582344 BOOK/SUPPLY STORE 451211 3762501 3762501 139998096 6907668 219198 6688470 0 0 0 0 0 232999266 232570145 2277612 429121 -2277612 -1848491 36666 -1885157 0 0 0 RISD WORKS 453220 446705 446705 OUTSIDE CATERING 722320 41859 41859 ALL OTHER REVENUE 711120 13876 13876 502440 158454700 136235595 758304 8565814 0 19974273 19974273 0 0 1823578 634025 1013996 175557 0 60744405 55616076 3669668 1458661 3863719 3562222 289891 11606 8934758 8237552 670367 26839 4349299 4009910 326324 13065 0 418177 418177 291421 291421 0 0 1108750 1108750 2424731 1314150 975501 135080 297430 293294 4136 13072761 11432834 1392503 247424 5728359 5350489 337478 40392 0 6264553 1639517 4625036 3734714 3518364 46278 170072 0 0 3905765 3600987 293046 11732 0 10349380 9541787 776505 31088 674690 674690 WORKS OF ART 644467 644467 OTHER RENTAL EXPENSES 825394 641797 145502 38095 MAINTENANCE SERVICES 2272434 1103960 1003563 164911 OTHER 4018389 94046 3896123 28220 155721447 131884440 21280129 2556878 22312935 22013444 21001647 13002652 2534401 2897894 2543524 3079606 0 0 0 0 4004160 4524877 1585962 1492116 1533710 1985120 369456539 170556026 195035672 198900513 152047419 136407334 169549738 188547238 0 0 0 0 19886445 20071154 592035613 592921948 11353129 9767003 0 0 7380957 6404484 166213656 162303782 0 0 0 0 0 0 0 0 24993901 23859083 209941643 202334352 X 274793449 277046934 69529090 69340182 37771431 44200480 382093970 390587596 592035613 592921948 X 2733253 5525283 1335 233755 X false true X true true true X 6151095 8514731 8423113 9550572 12894987 45534498 0 0 6151095 8514731 8423113 9550572 12894987 45534498 3809379 41725119 2720888 2103612 4731876 6722679 6688470 22967525 1580669 1129612 263231 94917 3068429 18905 22118 41023 71611475 628445767 0.58266 0.60580 X SCHEDULE A, PART II, LINE 10 OTHER INCOME FOR 2012 AND 2013 - FUNDRAISING EVENTS RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true false SCHEDULE C, PART II-B, LINE 1I RISD PAYS MEMBERSHIP DUES TO A NUMBER OF ARTS-AND-EDUCATION-RELATED AND PROFESSIONAL ORGANIZATIONS, SOME OF WHICH MAY ENGAGE IN LOBBYING ACTIVITIES ON BEHALF OF ALL MEMBERS. TOTAL MEMBERSHIP DUES PAID BY RISD DURING THE FISCAL YEAR WAS $253,700. WE ARE UNABLE TO DETERMINE THE SPECIFIC AMOUNT OF THAT TOTAL DEVOTED TO LOBBYING, BUT WE BELIEVE IT TO BE A RELATIVELY SMALL AND IMMATERIAL PORTION. X X X X X EDUCATION OF ARTISTS & DESIGNERS false 321597157 6119731 12626450 3141377 11138739 1108750 324954472 298532484 3344013 38668235 3620096 14358116 969363 321597157 283497893 1829515 28464383 2469703 11572971 1216633 298532484 304478607 1827786 -4647750 2498635 14660280 1001835 283497893 274542669 4782494 36731182 2404861 8011101 1161776 304478607 0.69900 0.12800 0.17300 false false 9675598 9675598 295893126 117706110 178187016 54617384 48684990 5932394 9270431 4164926 5105505 198900513 ALTERNATIVE INVESTMENTS 188547238 F 188547238 0 US GOVERNMENT LOAN FUNDS 4467199 INTEREST RATE SWAP 7097571 ASSET RETIREMENT OBLIGATION 4348443 CAPITAL LEASE OBLIG - LONG-TER 7945870 23859083 143671748 5525283 774788 6300071 137371677 1108750 19974273 21083023 158454700 135181394 542970 542970 134638424 1108750 19974273 21083023 155721447 COLLECTIONS OF ART, HISTORICAL TREASURERS OR OTHER ASSETS SCHEDULE D, PART III, LINE 1A THE MAJORITY OF THE SCHOOL'S COLLECTIONS RESIDES IN THE MUSEUM AND CONSISTS OF ARTIFACTS OF HISTORICAL SIGNIFICANCE, ART OBJECTS AND BOOKS THAT ARE HELD FOR EDUCATIONAL, RESEARCH AND CURATORIAL PURPOSES. EACH OF THE ITEMS ARE CATALOGUED, PRESERVED AND CARED FOR AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED PERIODICALLY. THE COLLECTIONS ARE SUBJECT TO A POLICY THAT REQUIRES PROCEEDS FROM THEIR SALES TO BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. THE SCHOOL EXPENDED $638,429 AND $497,343 FOR ACQUISITIONS DURING THE YEARS ENDED JUNE 30, 2015 AND 2014, RESPECTIVELY. SCHEDULE D, PART III, LINE 4 THE MUSEUM OF ART, ALSO KNOWN AS THE RISD MUSEUM, IS RHODE ISLAND'S LEADING MUSEUM OF FINE AND DECORATIVE ART, HOUSING A COLLECTION OF 92,895 OBJECTS OF INTERNATIONAL SIGNIFICANCE IN SEVEN CURATORIAL COLLECTIONS. IT IS SOUTHEASTERN NEW ENGLAND'S ONLY COMPREHENSIVE ART MUSEUM AND IS ACCREDITED BY THE AMERICAN ASSOCIATION OF MUSEUMS. THE RISD MUSEUM STRIVES TO BE A VITAL CULTURAL RESOURCE BY EDUCATING AND INSPIRING A WIDE VARIETY OF AUDIENCES: FAMILIES AND INDIVIDUALS, SCHOLARS AND RESEARCHERS, ARTISTS AND DESIGNERS, AND STUDENTS OF ALL AGES. THE MUSEUM MAINTAINS AN ACTIVE PROGRAM OF EXHIBITIONS, LECTURES, TOURS, WORKSHOPS AND PUBLICATIONS DEDICATED TO THE INTERPRETATION OF ART AND DESIGN FROM DIVERSE CULTURES RANGING FROM ANCIENT TIMES TO THE PRESENT. ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 THE INTENT OF THE ENDOWMENT FUND IS TO GENERATE INVESTMENT EARNINGS AS A SOURCE OF REVENUE FOR FUNDING THE SCHOOL'S GENERAL OPERATING ACTIVITIES AND FOR FUNDING SPECIFIC PURPOSES, EITHER RESTRICTED BY DONORS OR INTERNALLY DESIGNATED BY THE BOARD OF TRUSTEES. EXAMPLES OF SPECIFIC PURPOSES INCLUDE SCHOLARSHIP FOR STUDENTS, FACILITIES UPKEEP, RESEARCH, AND SUPPORT FOR THE MUSEUM AND OTHER ACADEMIC OPERATIONS. OTHER LIABILITIES SCHEDULE D, PART X, LINE 2 THE RHODE ISLAND SCHOOL OF DESIGN DOES NOT HAVE A FIN 48 (ASC 740) STATEMENT. SCHEDULE D, PART XI, LINE 2D UNREALIZED APPRECIATION ON SWAP VALUATION $233,755 RISD HOLDINGS REVENUE NET OF ELIMINATING ENTRIES $541,033 -------------- TOTAL SCHEDULE D, PART XI, LINE 2D $774,788 SCHEDULE D, PART XI, LINE 4B SCHOLARSHIPS $19,974,273 SCHEDULE D, PART XII, LINE 2D RISD HOLDINGS EXPENSE NET OF ELIMINATING ENTRIES $542,970 SCHEDULE D, PART XII, LINE 4B SCHOLARSHIPS $19,974,273 true true true true true true true false false false false false false false false true false true SCHEDULE E, LINE 3 THE SCHOOL'S RACIALLY NONDISCRIMINATORY POLICY CAN BE FOUND IN THE RHODE ISLAND SCHOOL OF DESIGN CATALOG AND STUDENT HANDBOOK. THE POLICY CAN ALSO BE FOUND AT HTTP://WWW.RISD.EDU/ABOUT/DIVERSITY. SCHEDULE E, LINE 6 FINANCIAL AID IS RECEIVED FROM THE US DEPARTMENT OF EDUCATION IN THE FORM OF FEDERAL COLLEGE WORK STUDY, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS, FEDERAL PELL GRANTS, FEDERAL PERKINS LOANS, FEDERAL DIRECT LOANS AND FEDERAL PLUS LOANS WHICH ARE ADMINISTERED THROUGH THE DIRECT LOAN PROGRAM. IN ADDITION, THE COLLEGE RECEIVES FINANCIAL AID FROM VARIOUS STATE SCHOLARSHIP PROGRAMS AND OTHER FEDERAL AGENCIES, E.G. VETERANS ADMINISTRATION AND BUREAU OF INDIAN AFFAIRS. Europe (Including Iceland and Greenland) 1 35 Program Services INDEPENDENT STUDY 1582195 South Asia 1 Program Services INDEPENDENT STUDY 9692 East Asia and the Pacific 7 Program Services INDEPENDENT STUDY 188539 South America 2 Program Services INDEPENDENT STUDY 27669 Middle East and North Africa 11 Program Services INDEPENDENT STUDY 1537424 Central America and the Caribbean Investments 195696545 1 56 1 56 199042064 199042064 true false true true true true SCHEDULE F, LINE 3, COLUMN F RHODE ISLAND SCHOOL OF DESIGN TRACKS EXPENSES FOR EACH INTERNATIONAL PROGRAM USING SEPARATE ACCOUNT NUMBERS. true SCHOLARSHIPS/GRANTS 1143 19974273 BOOK TUITION/FEES MONITORING USE OF GRANTS FINANCIAL AID IS CREDITED TO THE STUDENTS' ACCOUNTS TO COVER ANY OUTSTANDING INSTITUTIONAL CHARGES. ANY CREDIT BALANCE IS REFUNDED TO THE STUDENT TO BE USED FOR OTHER EDUCATIONAL-RELATED EXPENSES. STUDENTS RECEIVING FEDERAL AND/OR STATE AID MUST COMPLETE THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). BY SIGNING THE FAFSA, THE STUDENT AGREES THAT HE OR SHE "WILL USE FEDERAL AND/OR STATE STUDENT FINANCIAL AID ONLY TO PAY THE COST OF ATTENDING AN INSTITUTION OF HIGHER EDUCATION." X X false true X X X X X true false false false false false false true true true ROSANNE SOMERSON INT PRES(UNTIL 2/15)/PRESIDENT 421012 0 40000 0 32066 0 42950 0 24005 0 560033 0 0 0 JEAN EDDY COO 318395 0 5000 0 7919 0 37950 0 11757 0 381021 0 0 0 SAMUEL B SOLOMON CFO (AS OF 03/24/2014) 173115 0 10000 0 152 0 19068 0 16692 0 219027 0 0 0 JOHN W SMITH MUSEUM DIRECTOR 241032 0 0 0 880 0 26035 0 9036 0 276983 0 0 0 PRADEEP SHARMA PROVOST 245432 0 5000 0 0 0 8406 0 18885 0 277723 0 0 0 ERIC GRAAGE til 1014 VP INSTITUTIONAL ENGAGEMENT 213244 0 0 0 44260 0 22498 0 23038 0 303040 0 0 0 EDWARD DWYER PROFESSOR (until 06/30/2014) 73945 0 0 0 189280 0 6460 0 10162 0 279847 0 0 0 THEODORE WELLER PROFESSOR (until 06/30/2014) 58677 0 0 0 204405 0 6460 0 13542 0 283084 0 0 0 RANDA NEWLAND Professor (until 06/30/2014) 59348 0 0 0 183393 0 6165 0 4881 0 253787 0 0 0 ELINOR NACHEMAN PROFESSOR (UNTIL 06/30/2014) 44287 0 0 0 160296 0 4498 0 4448 0 213529 0 0 0 COMPENSATION INFORMATION SCHEDULE J, PART I, LINES 1A AND 1B HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE - THE SCHOOL PROVIDED A HOUSING ALLOWANCE in 2014 TO INTERIM PRESIDENT ROSANNE SOMERSON WHICH IS INCLUDED IN TAXABLE COMPENSATION. THIS IS REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III). HEALTH OR SOCIAL CLUB DUES - THE SCHOOL PAYS SOCIAL CLUB DUES FOR BUSINESS USE BY THE MUSEUM DIRECTOR AND THE COO. THESE AMOUNTS ARE NOT INCLUDED IN TAXABLE COMPENSATION. SCHEDULE J, PART I, LINE 4A Certain eligible full-time faculty and Librarians accepted RISD's offer to participate in a voluntary retirement program. The following participants in this program met the threshold for being reported as the highest compensated employees for 2014 in Part VII because of this special circumstance. Retirement Incentive payments were made to the following individuals during 2014: Edward Dwyer $189,193 Theodore Weller $204,193 Randa Newland $183,310 Elinor Nacheman $160,239 ERIC GRAAGE RECEIVED SEVERANCE payments of $44,260 during 2014, which represented two months of severance. He also received health benefits. SCHEDULE J, PART I, LINE 7 ON OCCASION CERTAIN INDIVIDUALS RECEIVE A BONUS OR OTHER FORM OF NON-FIXED PAYMENT IN RECOGNITION OF EXCELLENT JOB PERFORMANCE, AS A SIGN-ON BONUS OR OTHER ONE-TIME PAYMENT. THE AMOUNT OF SUCH BONUSES ARE SHOWN ON SCHEDULE J, PART II, COLUMN (B)(II). SCHEDULE J, PART I, LINE 8 RISD ENTERED INTO AN EMPLOYMENT CONTRACT WITH SAMUEL B. SOLOMON IN FEBRUARY 2014. THE TERMS OF HIS CONTRACT INCLUDE BASE SALARY, CERTAIN INCENTIVES, BENEFITS AND SEVERANCE PROVISIONS. A RHODE ISLAND HEALTH AND EDUC BUILDING CORP 2008AB 521300173 762197CG4 2008-03-27 93780000 SEE PART VI false false false B RHODE ISLAND HEALTH AND EDUC BUILDING CORP 2012 521300173 762197KB6 2012-03-28 28791988 2001 BOND REFUNDING false false false C RHODE ISLAND HEALTH AND EDUC BUILDING CORP 2012B 521300173 762197KZ3 2012-08-29 57055694 2004D BOND REFUND false false false A 11635000 0 93780000 0 0 0 692102 87898 0 1935724 91064276 0 2008 true false true true B 2005000 0 28791988 0 0 0 329659 0 0 0 28462329 0 2012 true false true true C 2980000 0 57055694 0 0 0 446745 0 0 0 56608949 0 2012 false true true true A false true false false 0.00200 0.00200 false false false true B 0 C 0 A false false true false true true BARCLAYS 26.5 false false false 0 false true B false true false false false false 0 false 0 false true C false true false false false false 0 false 0 false true A true B true C true PURPOSE OF BOND SCHEDULE K, PART I, COLUMN F A. 2008AB BOND - FACILITY AQUIS/CONST/EQUIP/RENOV; REFUNDING OF 2004A, 2004B, 2006A, AND 2006B BONDS. SCHEDULE K, PART IV, LINE 2B, COLUMN A BOND PROCEEDS WERE SPENT IN ACCORDANCE WITH THE APPROVED SPENDING REQUIREMENTS, THUS NO REBATE PORTION. X 392 X 28 2660077 FMV X 1 X Educational Supplies 3 0 0 1 false true false SCHEDULE M, PART I, COLUMN B THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS. SCHEDULE M, PART I, LINE 16 THE ORGANIZATION RECEIVED CERTAIN COMMERCIAL PROPERTY IN CONNECTION WITH A BARGAIN SALE. SCHEDULE M, PART I, LINE 33 RHODE ISLAND SCHOOL OF DESIGN DOES NOT CAPITALIZE OR ASSIGN A VALUE TO ITS MUSEUM COLLECTIONS, BOOKS AND PUBLICATIONS, OR TO ANY INSIGNIFICANT ITEMS RECEIVED. THESE ITEMS ARE NOT RECOGNIZED AS ASSETS NOR AS REVENUE ON THE SCHOOL'S FINANCIAL STATEMENTS. ALSO SEE DESCRIPTION FOR SCHEDULE D, PART III, LINE 4. ORGANIZATION'S MISSION FORM 990, PARTS I & III, LINE 1 THE MISSION OF RHODE ISLAND SCHOOL OF DESIGN, THROUGH ITS COLLEGE AND MUSEUM, IS TO EDUCATE ITS STUDENTS AND THE PUBLIC IN THE CREATION AND APPRECIATION OF WORKS OF ART AND DESIGN, TO DISCOVER AND TRANSMIT KNOWLEDGE AND TO MAKE LASTING CONTRIBUTIONS TO A GLOBAL SOCIETY THROUGH CRITICAL THINKING, SCHOLARSHIP AND INNOVATION. GOVERNING BODY AND MANAGEMENT FORM 990, PART VI, LINE 1a The Executive Committee shall have and exercise all the authority of the Board between meetings of the Board, except for the authority to amend, alter, or repeal these bylaws; elect, appoint, or remove any Officer of the Board or of the College or any member of any committee of the Board; amend or restate the Colleges articles of incorporation; adopt a plan of merger or a plan of consolidation with another corporation; authorize the sale, lease, exchange, or mortgage of all or substantially all of the property and assets of the College; authorize the voluntary dissolution of the College or revoke proceedings for such dissolution; adopt a plan for the distribution of the assets of the College; or amend, alter, or repeal any resolution of the Board that by its terms provides that it shall not be amended, altered, or repealed by the Executive Committee. GOVERNANCE CHANGES FORM 990, PART VI, LINE 4 IN OCTOBER 2014, THE BOARD APPROVED THE FOLLOWING GOVERNANCE CHANGES: 1. CONSOLIDATION OF THE ACADEMIC AFFAIRS AND STUDENT AFFAIRS COMMITTEES INTO A SINGLE NEW COMMITTEE TO BE NAMED THE ACADEMIC AND STUDENT AFFAIRS COMMITTEE. 2. CHANGE IN THE STATUS OF THE INVESTMENT COMMITTEE FROM A STANDING COMMITTEE TO A SUBCOMMITTEE OF THE FINANCE COMMITTEE. 3. REDUCTION IN SIZE OF THE EXECUTIVE COMMITTEE TO INCLUDE THE FOLLOWING POSITIONS: CHAIR OF THE BOARD; VICE CHAIR(S); CHAIR(S) OF THE FOLLOWING COMMITTEES: ACADEMIC AND STUDENT AFFAIRS, FINANCE, INSTITUTIONAL ENGAGEMENT, AND TRUSTEES AND GOVERNANCE; AND CHAIR OF THE EXECUTIVE COMMITTEE, MUSEUM BOARD OF GOVERNORS. 4. CONSOLIDATION OF THE DUTIES OF THE CORPORATE SECRETARY INTO A STAFF POSITION APPOINTED BY THE BOARD. 5. ELIMINATION OF THE REQUIREMENT TO ELECT HONORARY TRUSTEES EVERY FIVE YEARS AFTER THEIR INITIAL ELECTION. FORM 990, PART VI, LINE 7A RISD ALUMNI COUNCIL'S PRESIDENT AND IMMEDIATE PAST PRESIDENT SERVE FOR 2 YEARS AFTER TERM AS EX-OFFICIO TRUSTEES. WRITTEN POLICIES AND PROCEDURES 990 REVIEW PROCESS Form 990, Part VI, Line 11b The process for the FY 2015 Form 990 includes review by senior management, the audit committee, and the independent external tax consultants. The audit committee is presented with a complete draft of the return for its review. The full board receives a final copy of Form 990 before it is filed. CONFLICT OF INTEREST FORM 990, PART VI, LINE 12C ON AN ANNUAL BASIS, THE SCHOOL'S TRUSTEES' OFFICE DISTRIBUTES A SURVEY TO ALL OF THE TRUSTEES AND SENIOR ADMINISTRATORS REQUESTING INFORMATION ON MATTERS RELATING TO THE SCHOOL'S CONFLICT OF INTEREST POLICY. THERE ARE FOLLOW UP PROCEDURES TO ENSURE THAT SURVEYS ARE COMPLETED AND RETURNED FOR REVIEW. THE GENERAL COUNSEL'S OFFICE PROVIDES ASSISTANCE TO TRUSTEES AND SENIOR ADMINISTRATORS BY RESPONDING TO ANY QUESTIONS THEY MAY HAVE. IN ACCORDANCE WITH THE CONFLICT OF INTEREST POLICY, RESULTS OF THE COMPLETED SURVEYS ARE PRESENTED TO THE CHAIRS OF THE AUDIT COMMITTEE AND THE COMMITTEE ON TRUSTEES AND GOVERNANCE, AND THEN TO BOTH OF THOSE COMMITTEES FOR FINAL REVIEW. IN ADDITION TO THE ANNUAL SURVEY, THE TRUSTEES AND SENIOR ADMINISTRATORS ARE REQUIRED TO DISCLOSE ANY ADDITIONAL CONFLICTS THAT MAY ARISE DURING THE COURSE OF THE YEAR. BEGINNING IN 2015, PERIODIC REMINDERS ARE SENT OUT. FURTHER, WHENEVER ANY MATTER INVOLVING A CONFLICT OF INTEREST ON THE PART OF ANY TRUSTEE IS DISCUSSED OR PROPOSED FOR ACTION AT BOARD OR COMMITTEE MEETINGS, SUCH CONFLICT SHALL BE DISCLOSED TO OTHER TRUSTEES PRESENT, AND THE TRUSTEE HAVING SUCH CONFLICT SHALL NOT VOTE OR USE HIS OR HER PERSONAL INFLUENCE ON THE MATTER. DOCUMENT RETENTION AND DESTRUCTION FORM 990, PART VI, LINE 14 THE SCHOOL HAS A WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY IN PLACE. HOWEVER, THE BOARD HAS NOT YET APPROVED THE DOCUMENT RETENTION AND DESTRUCTION POLICY. APPROVAL IS EXPECTED AT A FUTURE DATE. COMPENSATION PROCESS FORM 990, PART VI, LINE 15 THE SCHOOL'S PROCESS FOR DETERMINING COMPENSATION FOR ITS OFFICERS (INCLUDING THE PRESIDENT) AND KEY EMPLOYEES INCLUDES: 1. PREPARING A DESCRIPTION OF THE POSITION AND REQUIREMENTS VIA A FORMAL JOB DESCRIPTION, JOB SUMMARY, OR ADVERTISEMENT. 2. DEVELOPING AN UNDERSTANDING OF THE EXTERNAL MARKET FOR SIMILAR POSITIONS AND REQUIREMENTS VIA VARIOUS SOURCES SUCH AS: COMPENSATION SURVEYS (E.G., YAFFEE, SNE CUPA, THE SURVEY GROUP); OTHER ORGANIZATIONS' FORM 990 DATA; DIALOG WITH SEARCH FIRMS; AND KNOWLEDGE OF APPLICANT POOL AND CURRENT EARNINGS. 3. CONSIDERING THE EXTERNAL MARKET DATA LISTED ABOVE IN LIGHT OF INTERNAL OPERATING BUDGET AND INTERNAL EQUITY FACTORS. 4. UNDERSTANDING THE CANDIDATE'S PREVIOUS SALARY HISTORY, CURRENT EARNINGS POTENTIAL AND SKILL SET AS RELATED TO THE POSITION'S REQUIREMENTS AND THE COLLEGE'S NEEDS. 5. ENGAGING AN INDEPENDENT COMPENSATION CONSULTANT TO DETERMINE AND VERIFY REASONABLENESS OF THE COMPENSATION LEVELS FOR THE INDIVIDUAL. 6. PRESENTING A RECOMMENDED HIRING RANGE (OFFER) TO RISD'S OFFICERS AND BOARD OF TRUSTEES, AS APPROPRIATE, FOR APPROVAL. 7. GENERATING AN OFFER LETTER OR CONTRACT. RISD has a compensation committee of the board of trustees. The committee assists the board in establishing AND REVIEWING THE COMPENSATION OF RISD'S SENIOR ADMINISTRATIVE STAFF ON AN ONGOING BASIS. THE SUBCOMMITTEE CONSISTS OF THE CHAIR OF THE BOARD, THE VICE CHAIR(S) OF THE BOARD AND THE CHAIR OF THE FINANCE COMMITTEE OF THE BOARD, AND WILL BE ASSISTED BY THE SECRETARY, THE PRESIDENT, THE VICE PRESIDENT FOR HUMAN RESOURCES, AND/OR THE GENERAL COUNSEL WHEN APPROPRIATE. THE SUBCOMMITTEE REVIEWS EACH INITIAL OFFER, EACH ANNUAL ADJUSTMENT, AND ANY OTHER ADJUSTMENTS. IN SO DOING, THE SUBCOMMITTEE REVIEWS CURRENT COMPARABLE DATA WITH THE ASSISTANCE OF AN INDEPENDENT COMPENSATION CONSULTANT AND DOCUMENTS ITS DECISIONS IN ITS MINUTES. ORGANIZATION DOCUMENTS AVAILABILITY TO PUBLIC FORM 990, PART VI, LINE 19 RISD MAKES AVAILABLE TO THE PUBLIC ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND CONSOLIDATED FINANCIAL STATEMENTS BY POSTING THESE DOCUMENTS ON WWW.RISD.EDU AND ALSO BY REQUEST. RECONCILIATION OF NET ASSETS FORM 990, PART XI, LINE 9 UNREALIZED APPRECIATION ON SWAP VALUATION: $233,755 TECHNOLOGY AND DESIGN BUILDINGS LLC 2 COLLEGE STREET PROVIDENCE RI 02903 050258956 REAL ESTATE RI 24365 0 RISD RISD HOLDINGS INC 2 COLLEGE STREET PROVIDENCE RI 02903 050508151 REAL ESTATE RI 501(C)(25) RISD true CHARITABLE REMAINDER TRUSTS (9) FUNDRAISING MA NA TRUST false true false false true false false false false false false true true false false true false true false false RISD HOLDINGS INC A 260004 CASH RISD HOLDINGS INC D 5200000 CASH RISD HOLDINGS INC K 99733 CASH RISD HOLDINGS INC O 105085 CASH RISD HOLDINGS INC Q 631460 CASH SCHEDULE R, PART IV, LINE 1 CHARITABLE REMAINDER TRUSTS ARE DOMICILED IN MASSACHUSETTS, MARYLAND, CALIFORNIA, RHODE ISLAND, AND CONNECTICUT.