2016-05-12T22:42:47-05:00 2015-06-30 410746749 CLIFTONLARSONALLEN LLP 300 CROWN COLONY DRIVE SUITE 310 QUINCY MA 02169 990 2014-07-01 042104736 MOUNT IDA COLLEGE MOUN 6179284500 777 DEDHAM STREET NEWTON CENTRE MA 024593323 JASON D POTTS VP, CFO & TREASURER 6179284502 2016-05-12 1 KAREN A GRIES P00078514 6179848100 2014 2016-08-17 19:52:53Z JASON D POTTS 777 DEDHAM STREET NEWTON CENTRE MA 024593323 82914328 0 X WWW.MOUNTIDA.EDU X 1938 MA TO EMPOWER ALL STUDENTS TO ACHIEVE ACADEMICALLY AND CONTRIBUTE RESPONSIBLY IN A CHANGING WORLD. 18 17 844 50 176529 26801 509230 350469 46436337 47515994 431004 332493 0 0 47376571 48198956 12770495 14886112 0 0 17202611 18429442 0 0 569793 18419695 21302842 48392801 54618396 -1016230 -6419440 75904560 75455290 57595162 61151622 18309398 14303668 X MOUNT IDA COLLEGE PROVIDES A DIVERSE COMMUNITY OF LEARNERS A CHALLENGING EDUCATION THAT BLENDS THE LIBERAL ARTS WITH PROFESSIONAL PREPARATION. WE DEDICATE OUR ENERGY, IMAGINATION, AND RESOURCES TO EMPOWERING ALL STUDENTS TO ACHIEVE ACADEMICALLY AND CONTRIBUTE RESPONSIBLY IN A CHANGING WORLD. 0 0 29726205 14886112 35260994 HIGHER EDUCATION: MOUNT IDA COLLEGE IS A MASSACHUSETTS NOT-FOR-PROFIT CORPORATION CHARTERED IN 1899. THE COLLEGE IS AN INDEPENDENT FOUR-YEAR COEDUCATIONAL INSTITUTION OF HIGHER LEARNING. ITS 70-ACRE CAMPUS IS LOCATED IN NEWTON, MASSACHUSETTS. THE COLLEGE IS ACCREDITED BY THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES, INC. APPROXIMATELY 1,400 FULL- AND PART-TIME STUDENTS ARE ENROLLED IN THE COLLEGE'S FOUR SCHOOLS THAT OFFER MORE THAN 25 AREAS OF STUDY. OVER 85% OF THE STUDENTS ARE ENROLLED IN BACCALAUREATE PROGRAMS. THE COLLEGE'S PHILOSOPHY OF BLENDING A STRONG LIBERAL ARTS FOUNDATION WITH PROFESSIONAL PREPARATION HAS SINCE BEEN ENHANCED BY THE OFFERING OF MASTER'S DEGREE STUDY. 8919393 10185468 AUXILIARY ENTERPRISES: THE COLLEGE PROVIDES ROOM AND BOARD FOR APPROXIMATELY 700 STUDENTS WHO RESIDE ON CAMPUS OR LIVE IN CAMPUS-SPONSORED HOUSING. THE COLLEGE ALSO PROVIDES ITS FACILITIES TO OTHER EDUCATIONAL INSTITUTIONS WHOSE MISSIONS ARE SIMILAR TO THAT OF THE COLLEGE. 8028549 1893003 STUDENT SERVICES: SERVING APPROXIMATELY 1,400 FULL- AND PART-TIME STUDENTS FROM MORE THAN 25 STATES AND 35 COUNTRIES, THE OFFICE OF STUDENT AFFAIRS OFFERS SUPPORT FOR THE INTELLECTUAL, SOCIAL, EMOTIONAL, SPIRITUAL, AND PHYSICAL WELL-BEING OF ALL MOUNT IDA STUDENTS. THE OFFICE OF STUDENT ACTIVITIES FOSTERS STUDENT DEVELOPMENT BY PROVIDING SOCIAL, EDUCATIONAL, AND CULTURAL CO-CURRICULAR PROGRAMS. THE COLLEGE STRIVES TO ENHANCE LEADERSHIP SKILLS BY OFFERING OPPORTUNITIES TO BECOME INVOLVED WITH STUDENT GOVERNMENT, EVENT PLANNING, AND OTHER LEADERSHIP DEVELOPMENT WORKSHOPS AND PROGRAMS. STUDENTS PARTICIPATE IN 14 NCAA DIVISION III INTERCOLLEGIATE ATHLETIC PROGRAMS, AND ARE STRONGLY ENCOURAGED TO ENGAGE IN COMMUNITY SERVICE. 46674147 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 0 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 88 0 844 1 1 1 0 0 0 0 1 1 0 0 0 0 X 18 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X JASON D POTTS VPCFO & TREASURER 6179284516 777 DEDHAM STREET NEWTON CENTRE MA 024593323 MICHAEL T BURNS CPA CHAIR 1.00 X X 0 0 0 JUDITH ALLEN VICE CHAIR 1.00 X X 0 0 0 AMELIA B NYCHIS TRUSTEE 1.00 X 0 0 0 BARRY WANGER TRUSTEE 1.00 X 0 0 0 CARMIN REISS TRUSTEE 1.00 X 0 0 0 CORRADO ADDONISIO TRUSTEE 1.00 X 0 0 0 DAVID BREZNIAK TRUSTEE 1.00 X 0 0 0 DAVID JOHST TRUSTEE 1.00 X 0 0 0 JAN WOOD BEAVEN TRUSTEE 1.00 X 0 0 0 JOHN ROSS TRUSTEE 1.00 X 0 0 0 KARIM SAHYOUN TRUSTEE 1.00 X 0 0 0 KATHARINE H HANSON TRUSTEE 1.00 X 0 0 0 KEVIN D CROWLEY CHFC CLU TRUSTEE 1.00 X 0 0 0 MARC MARGULIES TRUSTEE 1.00 X 0 0 0 MICHAEL KERRIGAN TRUSTEE 1.00 X 0 0 0 RALPH FUCCILLO TRUSTEE 1.00 X 0 0 0 ROBERT DANNIN PHD TRUSTEE 1.00 X 0 0 0 SYLVIA Q SIMMONS PHD TRUSTEE 1.00 X 0 0 0 BARRY BROWN PRESIDENT 55.00 X 335347 0 25361 RONALD AKIE VP FOR ACADEMIC AFFAIRS 40.00 X 226384 0 25313 LAURA A DEVEAU VP FOR STUDENT AFFAIRS 40.00 X 108269 0 28772 SUZANNE GALLAGHER VP & GENERAL COUNSEL 40.00 X 114423 0 16723 OMAIRA ROY VP FOR ADMINISTRATION 40.00 X 108462 0 22525 GRACE BELTRAME CLERK & SECRETARY 40.00 X 57574 0 9524 CHERYL ST PIERRE-SLEBODA VP FOR FINANCE & ADMINISTRATION 40.00 X 250410 0 25320 DEBORAH HIRSCH EDD VP FOR DEVELOPMENT 40.00 X 159100 0 21187 JASON D POTTS VP, CFO & TREASURER 40.00 X 138500 0 0 JEFF CUTTING VP FOR ENROLLMENT MGT 40.00 X 116538 0 20268 DANIEL YOUNG VP FOR ACADEMIC AFFAIRS 40.00 X 112647 0 22071 JASON DONATI DEAN OF SCHOOL OF DESIGN 40.00 X 110677 0 21556 IRENE GOOD DEAN OF ACADEMIC TECH-LIBRARY SERVICE 40.00 X 105403 0 9760 DAVID VALENTINE DIRECTOR OF INFORMATION TECHNOLOGY 40.00 X 104680 0 21739 2048414 0 270119 16 0 1 0 ARAMARK CORP TWO PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING & FACILITIES SERVICES 5835477 COMMODORE BUILDERS 80 BRIDGE STREET NEWTON MA 02458 CONSTRUCTION CONTRACTOR 2750705 STRUCTURE TONE INC 711 ATLANTIC AVENUE BOSTON MA 02111 CONSTRUCTION CONTRACTOR 2427727 REILLY ELECTRICAL CONTRACTORS INC 14 NORFOLK AVENUE EASTON MA 02375 ELECTRICAL CONTRACTOR 526698 MECHANICAL AIR OF NE INC 1 ALDEN AVENUE GREENLAND NH 03840 HVAC CONTRACTOR 288173 23 350469 170291 350469 TUITION & FEES 611600 36573896 36573896 AUXILIARY ENTERPRISES 611710 10361997 10185468 176529 GOVERNMENT CONTRACTS 611710 580101 580101 47515994 182460 182460 34844680 20725 34704607 10765 140073 9960 150033 150033 48198956 47339465 176529 332493 14886112 14886112 1073727 446436 515509 111782 13521527 11595619 1746370 179538 627323 496401 115794 15128 2170605 1088801 1034675 47129 1036260 858514 159013 18733 176523 176523 93504 93504 26246 26246 1838412 734503 1016539 87370 166537 148200 18337 530671 428631 73369 28671 132185 35979 96206 6125485 5452528 672597 360 368402 343458 19747 5197 111982 96363 14865 754 1497835 1245552 252283 2996541 2574728 421154 659 712066 298262 413804 SUPPLIES EXPENSE 4349410 4045077 269689 34644 SECURITY SERVICE 1382731 1382291 0 440 STUDENT ACTIVITIES 288346 281730 15 6601 OTHER EXPENSES 264703 211195 52822 686 241263 23767 185395 32101 54618396 46674147 7374456 569793 382120 1871611 396 101156 1266697 1100091 413737 214038 83328481 27534603 60615923 55793878 12591748 15952578 532783 523094 75904560 75455290 3377826 3165532 5720708 6532773 37258654 40287823 6076125 5527133 5161849 5638361 57595162 61151622 X 16939465 12870527 485618 519296 884315 913845 18309398 14303668 75904560 75455290 X -6419440 3927241 -1513531 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 19691748 44977 4249775 8007842 26080 15952578 18944913 172570 1858869 1236819 47785 19691748 11732330 135208 7418561 302727 38459 18944913 11726565 16815 21671 32721 11732330 9989937 76256 1688430 28058 11726565 0.92700 0.05730 0.01570 0 0 81780 81780 72789898 21315963 51473935 8823547 5711917 3111630 1633256 506723 1126533 55793878 ACCRUED PENSION LIABILITY 4122176 DEFERRED COMPENSATION 764275 FINANCING OBLIGATION 399761 CAPITAL LEASE PAYABLE 329338 ANNUITY PAYMENT LIABILITY 22811 5638361 X 37279063 3927241 38978 3966219 33312844 14886112 14886112 48198956 41284793 38978 1513531 1552509 39732284 14886112 14886112 54618396 PART III, LINE 1A: CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES, AND SIMILAR ASSETS HELD AS PART OF A COLLECTION FOR EDUCATION, RESEARCH, OR PUBLIC EXHIBITION PURPOSES RATHER THAN FOR SALE OR FINANCIAL GAIN ARE NOT RECOGNIZED OR CAPITALIZED. PART III, LINE 4: FACULTY IN THE SCHOOL OF DESIGN MAKE USE OF VARIOUS ITEMS IN THE ART COLLECTION ON CAMPUS AS TEACHING AIDS AND EXAMPLES RELATING TO WORK THAT STUDENTS DO IN CLASSES SUCH AS AR 102 BASIC DRAWING SKILLS, AR 112 TWO- AND THREE-DIMENSIONAL DESIGN, AND AR 107 DRAWING CONCEPTS, TO NAME A FEW. STUDENTS IN BASIC DRAWING MAKE STUDIES OF SCULPTURE ON CAMPUS EACH YEAR AS PART OF THE COURSE EXPERIENCE. IN TWO- AND THREE-DIMENSIONAL DESIGN, STUDENTS ARE ASKED TO CREATE THEIR OWN SCULPTURE IN-THE-ROUND. THEY ARE ABLE TO STUDY EXAMPLES OF THIS TYPE OF SCULPTURE ON THE CAMPUS GROUNDS IN PREPARATION FOR MAKING THEIR OWN WORK. IN DRAWING CONCEPTS, VARIOUS WATERCOLOR PAINTINGS ARE USED TO DEMONSTRATE TO STUDENTS HOW LINEAR PERSPECTIVE IS USED TO CREATE ILLUSIONISTIC THREE-DIMENSIONAL SPACE ON A TWO-DIMENSIONAL SURFACE. IN GENERAL, THE ITEMS IN THE COLLECTION HELP CREATE AN ENVIRONMENT OF ART AND DESIGN ON CAMPUS FOR THOSE STUDYING IN DESIGN PROGRAMS AND SUPPORT THE COLLEGE'S MISSION OF BLENDING THE LIBERAL ARTS WITH PROFESSIONAL PREPARATION FOR ALL STUDENTS. PART V, LINE 4: THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. PART X, LINE 2: THE COLLEGE IS RECOGNIZED AS AN ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, WHEREBY ONLY UNRELATED BUSINESS INCOME, AS DEFINED BY SECTION 512(A)(1) OF THE CODE, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. STATE TAXES ARE FILED WITH THE COMMONWEALTH OF MASSACHUSETTS. THE COLLEGE'S POLICIES FOR INCOME TAXES HELP DETERMINE THE PROPER RECOGNITION, CLASSIFICATION, AND DISCLOSURE OF TAXES, INTEREST, AND PENALTIES. THE COLLEGE ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THE IMPLEMENTATION OF THIS STANDARD HAD NO EFFECT ON THE COLLEGE'S FINANCIAL STATEMENTS. MANAGEMENT BELIEVES THE COLLEGE HAS NO MATERIAL UNCERTAINTIES REGARDING INCOME TAXES. THE COLLEGE'S FEDERAL AND STATE TAX RETURNS ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES FOR THE FISCAL YEARS ENDED JUNE 30, 2012, 2013, AND 2014. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS OF FINANCIAL AID 14,886,112. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN ACCRUED PENSION LIABILITY 1,513,531. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASS OF FINANCIAL AID 14,886,112. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 MOUNT IDA COLLEGE IS COMMITTED TO A POLICY OF NON-DISCRIMINATION IN ITS EDUCATIONAL PROGRAMS, ACTIVITIES, AND EMPLOYMENT PRACTICES. IT IS THE POLICY OF THE COLLEGE NOT TO DISCRIMINATE ON THE BASIS OF RACE, ETHNICITY, NATIONAL ORIGIN, SEXUAL ORIENTATION, COLOR, AGE, RELIGION, OR HANDICAP. THIS POLICY IS STATED IN ALL PRINTED MATERIALS AND PROPERLY DISCLOSED ON BROADCAST AND TELEVISED MEDIA. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES GRANTS IN THE FORM OF FUNDS TO BE DISTRIBUTED FOR STUDENT FINANCIAL AID OR SUPPORT OF EDUCATIONAL PROGRAMS FROM THE FOLLOWING ORGANIZATIONS: - SCHOLARSHIP PAYMENTS FROM VARIOUS STATE AGENCIES ON BEHALF OF STUDENTS - UNITED STATES DEPARTMENT OF EDUCATION - STUDENT FINANCIAL ASSISTANCE - CLUSTER - FEDERAL PELL GRANT PROGRAM - FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS - FEDERAL WORK STUDY PROGRAM 1 EUROPE 0 21 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES 92595 EAST ASIA AND THE PACIFIC 0 14 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES; RECRUITING EXPENDITURES 74726 SOUTH AMERICA 0 6 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES 47791 CENTRAL AMERICA AND THE CARIBBEAN 0 22 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES 47791 EUROPE 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION N/A 8312 EAST ASIA AND THE PACIFIC 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION N/A 116850 SOUTH AMERICA 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION N/A 16000 MIDDLE EAST AND AFRICA 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION N/A 41250 0 63 0 0 0 63 445315 0 445315 FINANCIAL AID EUROPE 4 8312 DIRECT APPLICATION TO STUDENT ACCOUNT 0 N/A FMV FINANCIAL AID EAST ASIA AND THE PACIFIC 58 116850 DIRECT APPLICATION TO STUDENT ACCOUNT 0 N/A FMV FINANCIAL AID CENTRAL AMERICA AND THE CARIBBEAN 4 16000 DIRECT APPLICATION TO STUDENT ACCOUNT 0 N/A FMV FINANCIAL AID MIDDLE EAST AND NORTH AFRICA 21 41250 DIRECT APPLICATION TO STUDENT ACCOUNT 0 N/A FMV 0 0 0 0 0 0 PART I, LINE 2: THE COLLEGE'S DEPARTMENT OF FINANCIAL AID REVIEWS AND APPROVES THE PROCEDURES FOR MONITORING THE FUNDS. THE CONTROLLER AND DIRECTOR OF STUDENT ACTIVITIES MONITOR THE USE OF GRANT FUNDS AND APPLY GENERAL ACCOUNTING PROCEDURES IN BOOKING THE FUNDS ON FINANCIAL RECORDS. PART I, LINE 3: ACCRUAL METHOD PART III, COL (C): THE COLLEGE USED THE NUMBER OF APPROVED SCHOLARSHIP APPLICATIONS TO PROVIDE THE ESTIMATED NUMBER OF RECIPIENTS FOR FINANCIAL AID EXPENDITURES OUTSIDE OF THE UNITED STATES. 1 SCHOLARSHIPS 1286 14124802 0 N/A FINANCIAL AID PART I, LINE 2: THE COLLEGE'S DEPARTMENT OF FINANCIAL AID REVIEWS AND APPROVES THE PROCEDURES FOR MONITORING THE FUNDS. THE CONTROLLER AND DIRECTOR OF STUDENT ACCOUNTS MONITOR THE USE OF GRANT FUNDS AND APPLY GENERAL ACCOUNTING PROCEDURES IN BOOKING THE FUNDS ON FINANCIAL RECORDS. X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 BARRY BROWN PRESIDENT 323347 0 0 0 12000 0 7530 0 17831 0 360708 0 0 0 RONALD AKIE VP FOR ACADEMIC AFFAIRS 226384 0 0 0 0 0 6792 0 18521 0 251697 0 0 0 CHERYL ST PIERRE-SLEBODA VP FOR FINANCE & ADMINISTRATION 187052 0 0 0 63358 0 5611 0 19709 0 275730 0 0 0 DEBORAH HIRSCH EDD VP FOR DEVELOPMENT 105023 0 0 0 54077 0 3151 0 18036 0 180287 0 0 0 PART I, LINE 1A DISCRETIONARY SPENDING ACCOUNT: PRESIDENT, BARRY BROWN, HAS AN AUTO ALLOWANCE WHICH IS INCLUDED IN HIS COMPENSATION. PART I, LINE 4A SEVERANCE PAYMENT: FORMER VP FOR DEVELOPMENT, DEBORAH HIRSCH, RECEIVED A SEVERANCE PAYMENT OF $54,077 WHICH IS REPORTED IN HER COMPENSATION AS OTHER REPORTABLE COMPENSATION. FORMER VP FOR FINANCE & ADMINISTRATION, CHERYL ST. PIERRE-SLEBODA RECEIVED A SEVERANCE PAYMENT OF $63,358 WHICH IS REPORTED IN HER COMPENSATION AS OTHER REPORTABLE COMPENSATION. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2012-05-10 26000000 REFINANCE OLD DEBT, NEW FACILITY CONSTRUCTION 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2013-02-13 12500000 RENOVATE, EQUIP AND FURNISH FACILITIES 0 0 0 A 26004035 454239 16685 325781 25207330 2013 1 0 1 1 B 12500000 219652 12280348 2014 0 0 1 1 A 0 1 0 0 0 0 1 B 0 1 0 0 0 0 1 A 0 0 1 0 0 0 0 0 0 B 0 1 0 0 0 0 0 0 0 A 1 B 1 SCHEDULE K, PART I, COLUMN (E) AND PART II, LINE 3 VARIANCES THE VARIANCE BETWEEN THE ISSUE PRICES OF THE 2012 AND 2013 BOND ISSUES REPORTED IN PART I, COLUMN (E) AND THE TOTAL PROCEEDS OF THE ISSUE REPORTED IN PART II, LINE 3 RESULT FROM THE FOLLOWING: BOND A 2012: INTEREST INCOME ON FUNDS HELD X 2015 FMV X 2 44068 FMV X FURNITURE 2 102458 FMV X SUPPLIES 2 16350 FMV X PLEDGES 4 1510 NPV X SPORTS EQUIPMENT 1 1476 FMV X EVENT TICKETS 8 1047 LIST PRICE X DENTAL EQUIPMENT 2 667 FMV X ANIMALS 1 300 FMV X CAR RENTALS 1 300 FMV X GIFT CARDS 2 100 LIST PRICE 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) IS THE NUMBER OF CONTRIBUTIONS DURING THE YEAR. PART I, LINE 33: CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES, AND SIMILAR ASSETS HELD AS PART OF A COLLECTION FOR EDUCATION, RESEARCH, OR PUBLIC EXHIBITION PURPOSES RATHER THAN FOR SALE OR FINANCIAL GAIN ARE NOT RECOGNIZED OR CAPITALIZED. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES CONSISTS OF THE CHAIR OF THE BOARD OF TRUSTEES, THE VICE CHAIR OF THE BOARD OF TRUSTEES BOTH AS EX-OFFICIO VOTING MEMBERS, AND THE PRESIDENT AS A NON-VOTING EX-OFFICIO MEMBER, AND NOT LESS THAN FIVE ADDITIONAL TRUSTEE MEMBERS, EXCEPT WHERE THE LARGER NUMBER IS REQUIRED BY THE LAW. THE EXECUTIVE COMMITTEE MAY MAKE RULES FOR THE CONDUCT OF ITS BUSINESS, BUT UNLESS OTHERWISE PROVIDED BY THE TRUSTEES OR IN SUCH RULES, ITS BUSINESS SHALL BE CONDUCTED AS NEARLY AS MAY BE IN THE SAME MANNER AS IT PROVIDED IN THE BY-LAWS FOR THE TRUSTEES. THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE POWERS OF THE BOARD OF TRUSTEES IN THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE COLLEGE WHEN THE BOARD IS NOT IN SESSION, TO TRANSACT ALL BUSINESS AND ON BEHALF OF THE CORPORATION AND TO GIVE THE NECESSARY INSTRUCTIONS TO THE EXECUTIVE OFFICERS ON BEHALF OF THE BOARD AND AUTHORIZE ANY OF THE OFFICERS, ON BEHALF OF THE CORPORATION, TO SIGN, AFFIX THE CORPORATE SEAL TO, AND DELIVER ANY CONTRACTS, DEEDS, RELEASE, ASSIGNMENTS, OR OTHER INSTRUMENTS IN WRITING, EXCEPT THAT THE EXECUTIVE COMMITTEE SHALL HAVE NO POWER TO ALTER OR AMEND THE ARTICLES OF ORGANIZATION OF THE COLLEGE, TO AMEND THE BY-LAWS, TO AWARD OR CONFER DEGREES, TO CHANGE THE PRINCIPAL OFFICE OF THE CORPORATION, TO ELECT OFFICERS, TO FILL ANY VACANCY IN SUCH OFFICE OR REVERSE ANY PRIOR ACTION OF THE BOARD, TO REMOVE OFFICERS OR TRUSTEES FROM OFFICE, TO AUTHORIZE A MERGER OF THE CORPORATION, TO CHANGE THE NUMBER OF THE BOARD OF TRUSTEES OR TO FILL VACANCIES ON THE BOARD OF TRUSTEES, OR AS MAY OTHERWISE BE LIMITED LAW, THE ARTICLES OF ORGANIZATION OR THESE BY-LAWS. THE EXECUTIVE COMMITTEE SHALL REPORT TO THE BOARD OF TRUSTEES ITS FINDINGS, RECOMMENDATIONS AND ACTIONS RELATING TO THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11 THE COLLEGE HAS A STRUCTURED REVIEW PROCESS OF THE FORM 990. THE FORM IS PREPARED BY THE INDEPENDENT AUDITOR USING INFORMATION GATHERED BY THE ACCOUNTING AND FINANCE TEAM FROM THE FINANCIAL RECORDS THAT HAVE BEEN AUDITED AND COMPILED FOR THE FISCAL YEAR END FINANCIAL STATEMENTS. THE COLLEGE CONTROLLER ASSEMBLES THE INFORMATION AND GIVES IT TO THE INDEPENDENT AUDITORS. THE INDEPENDENT AUDITORS PREPARE THE FORM 990 AND THERE IS A 2ND REVIEW BY THE VP, CFO & TREASURER AND PRESIDENT. THE DRAFT FORM 990 IS THEN PROVIDED TO THE AUDIT COMMITTEE IN ORDER THAT A CONSCIENTIOUS REVIEW CAN BE UNDERTAKEN. ONCE THE AUDIT COMMITTEE REVIEW IS COMPLETE, ACCESS TO THE FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD THROUGH A SECURE PORTAL OF THE COLLEGE'S WEBSITE ALLOWING TIME FOR QUESTIONS AND CONCERNS TO BE RAISED AND REVISIONS MADE PRIOR TO THE FILING DEADLINE. IF THE BOARD HAS NO CHANGES, THE VP, CFO & TREASURER SIGNS THE DOCUMENT AND SENDS IT TO THE INDEPENDENT AUDITOR TO BE SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE'S CONFLICT OF INTEREST POLICY COVERS TRUSTEES (INCLUDING EX-OFFICIO, HONORARY AND EMERITUS MEMBERS OF THE BOARD OF TRUSTEES), COMMITTEE MEMBERS AND EXECUTIVE OFFICERS. ALL COVERED INDIVIDUALS ARE REQUIRED TO SUBMIT AN ANNUAL DISCLOSURE TO THE FULL BOARD OF TRUSTEES IDENTIFYING POTENTIAL RELATIONSHIPS THAT MIGHT GIVE RISE TO A CONFLICT OF INTEREST, WITH UPDATES TO THE DISCLOSURES IN THE EVENT OF CHANGED CIRCUMSTANCES. POTENTIAL CONFLICTS ARE SUBJECT TO THE REVIEW AND APPROVAL OF THE BOARD OF TRUSTEES TO ENSURE THAT SUCH TRANSACTION OR RELATIONSHIP IS IN THE BEST INTERESTS OF THE COLLEGE AND COMPLIES WITH COLLEGE POLICY AND ALL APPLICABLE LEGAL AND ETHICAL GUIDELINES. ANY COVERED INDIVIDUAL HAVING A PERSONAL INTEREST IN A GIVEN TRANSACTION OR OTHER RELATIONSHIP SHALL NOT PARTICIPATE IN THE DISCUSSION OF THAT TRANSACTION OR RELATIONSHIP, EXCEPT TO RESPOND TO QUESTIONS OR INQUIRIES FROM OR PROVIDE INFORMATION REQUESTED BY THE TRUSTEES OR OTHERS, SHALL SPECIFICALLY ABSTAIN FROM VOTING ON THE TRANSACTION OR RELATIONSHIP, AND SHALL NOT BE COUNTED TOWARDS A QUORUM FOR PURPOSES OF THE VOTE. THE EXECUTIVE COMMITTEE SHALL REPORT TO THE BOARD OF TRUSTEES PERIODICALLY, AND AT LEAST ANNUALLY, ON ALL NON-DE MINIMIS TRANSACTIONS AND OTHER FINANCIAL RELATIONSHIPS BETWEEN THE COLLEGE AND COVERED PERSONS. SUCH REPORT SHALL INCLUDE A DESCRIPTION OF THE TRANSACTION OR RELATIONSHIP, THE FEES PAID OR RECEIVED BY THE COLLEGE (IF ANY), AND OTHER RELEVANT INFORMATION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES APPROVES THE CONTRACT, IF ANY, AND ALL SALARY, INCENTIVES, BONUSES, LOANS, SUBSIDIES, IN-KIND BENEFITS, EXPENSE ALLOWANCES, PAYMENTS TO BENEFIT PLANS AND RETIREMENT PLANS, SEVERANCE PAYMENTS AND ARRANGEMENTS, AND ANY OTHER COMPENSATION, BENEFITS, PAYMENTS AND PERQUISITES, FOR OR OTHERWISE ON BEHALF OF THE PRESIDENT FROM OR ON BEHALF OF THE COLLEGE. THE EXECUTIVE COMMITTEE ("THE COMMITTEE") IS RESPONSIBLE FOR THE ANNUAL REVIEW OF THE PRESIDENT'S COMPENSATION AND BENEFITS, FOLLOWING A PERFORMANCE REVIEW. THE COMMITTEE MAY DELEGATE THE PERFORMANCE REVIEW PORTION OF THIS RESPONSIBILITY TO THE CHAIR OF THE BOARD OF TRUSTEES AND TWO OR MORE MEMBERS OF THE COMMITTEE. CHANGES IN COMPENSATION OF THE PRESIDENT SHALL BE CONSISTENT WITH STANDARDS IN THE HIGHER EDUCATION COMMUNITY, WITH SPECIAL REFERENCE TO COMPARABLE INSTITUTIONS. PROPOSED CHANGES, TOGETHER WITH THE COMMITTEE'S RECOMMENDATIONS, SHALL BE SUBMITTED TO THE BOARD OF TRUSTEES FOR APPROVAL. THE COMMITTEE SHALL BE PROVIDED WITH COMPARATIVE DATA FROM NATIONAL OR STATEWIDE SURVEYS OF COMPARABLE INSTITUTIONS, OR FROM LOCAL COLLEGES REGARDED AS SIMILAR TO MOUNT IDA COLLEGE IN TERMS OF DEGREE OFFERINGS, ENROLLMENT AND BUDGET AS THE COMMITTEE MAY REQUIRE IN SATISFYING ITS RESPONSIBILITIES. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. IN ADDITION, THE COLLEGE'S FORM 990 IS MADE AVAILABLE ON THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AND AT WWW.GUIDESTAR.ORG. FORM 990, PART XI, LINE 9: CHANGE IN ACCRUED PENSION LIABILITY -1,513,531.