2015-02-13T10:00:03-06:00 2014-06-30 CROWE HORWATH LLP 9600 BROWNSBORO ROAD SUITE 400 LOUISVILLE KY 402411122 990 2013-07-01 141468399 MOUNT SAINT MARY COLLEGE MOUN 8455613209 330 Powell Avenue Newburgh NY 125503412 CATHLEEN KENNY VICE PRESIDENT FOR FINANCE 2015-02-13 true Rachel Spurlock P00520729 5023263996 2013 2016-02-25 16:41:14Z CATHLEEN KENNY 330 Powell Avenue Newburgh NY 125503412 81825046 false X WWW.MSMC.EDU X 1960 NY THE COLLEGE IS AN INDEPENDENT, COEDUCATIONAL INSTITUTION COMMITTED TO PROVIDING STUDENTS WITH A LIBERAL ARTS EDUCATION TO PREPARE THEM FOR LIVES OF LEADERSHIP AND SERVICE. THROUGH A VARIETY OF MAJORS AND PROFESSIONAL PROGRAMS, STUDENTS ARE ALSO PREPARED FOR CAREER ENTRY OR GRADUATE AND PROFESSIONAL STUDIES. 24 24 1210 28 0 0 6857082 2092271 67761415 67188631 727189 2093546 -46661 -25737 75299025 71348711 14480906 16158664 0 0 29076149 29339762 23372 24157 643840 26390005 26042296 69970432 71564879 5328593 -216168 210988539 212793270 77268882 72189306 133719657 140603964 AS REFLECTED IN ITS MOTTO "DOCE ME VERITATEM" (TEACH ME THE TRUTH), MOUNT SAINT MARY COLLEGE IS AN INDEPENDENT, COEDUCATIONAL INSTITUTION COMMITTED TO PROVIDING STUDENTS WITH A LIBERAL ARTS EDUCATION TO PREPARE THEM FOR LIVES OF LEADERSHIP AND SERVICE. THROUGH A VARIETY OF MAJORS AND PROFESSIONAL PROGRAMS, STUDENTS ARE ALSO PREPARED FOR CAREER ENTRY OR GRADUATE AND PROFESSIONAL STUDIES. CONSISTENT WITH JUDEO-CHRISTIAN VALUES AND THE DOMINICAN TRADITION OF EDUCATION THAT VALUES THE INHERENT WORTH OF THE INDIVIDUAL, THE MISSION OF MOUNT SAINT MARY COLLEGE IS TO CREATE AN ENVIRONMENT WHICH FOSTERS CLOSE STUDENT-FACULTY INTERACTION THAT ENABLES STUDENTS TO REACH THEIR FULL POTENTIAL AS LIFELONG LEARNERS. MOUNT SAINT MARY COLLEGE STRIVES TO PROVIDE A STIMULATING ENVIRONMENT THAT PROMOTES THE INTELLECTUAL AND PERSONAL GROWTH OF UNDERGRADUATE, GRADUATE AND CONTINUING EDUCATION STUDENTS. false false 46219301 16158664 51275352 MOUNT SAINT MARY COLLEGE, A HIGHER EDUCATION INSTITUTION, PROVIDES UNDERGRADUATE AND GRADUATE EDUCATION FOR APPROXIMATELY 2,556 FULL AND PART TIME STUDENTS. 13440323 0 12726918 ROOM AND BOARD 2399205 0 2091343 BISHOP DUNN MEMORIAL SCHOOL - ELEMENTARY SCHOOL OPERATIONS 296565 0 1095018 OTHER SOURCES OF INCOME SUCH AS COMMUNITY EDUCATION, SUMMER CAMPS, AND INDIRECT COST RECOVERY. 296565 0 1095018 62355394 true true false true false false false false true true true false false true true true false true false true false false true true false false false true true true false false false false false false false false true false false false false false false false false false false false true 3343 0 true 1210 true false false false false false true true false false false false X 24 24 false false false false false false false true true false false true true true true true true true true false X N Mazza 8455693209 330 Powell Avenue Newburgh NY 125503412 ALBERT J GRUNER DMD CHAIRMAN 7.50 X X 0 0 0 ITA M RAHILLY CPA VICE CHAIR 5.00 X X 0 0 0 ANNA HALPINE BOARD MEMBER 2.00 X 0 0 0 CHARLES FRANK BOARD MEMBER 5.00 X 0 0 0 CHRISTOPHER J GAWLEY ESQ BOARD MEMBER 5.00 X 0 0 0 DAVID W MELBY BOARD MEMBER 1.00 X 0 0 0 DUNCAN MAXWELL ANDERSON BOARD MEMBER 3.00 X 0 0 0 ELIZABETH AILES BOARD MEMBER 1.50 X 0 0 0 FRANK A MARCHETTI BOARD MEMBER 1.50 X 0 0 0 GREG M COOPER CPA CSEP BOARD MEMBER 2.50 X 0 0 0 HARRISON H BUXTON III BOARD MEMBER 3.00 X 0 0 0 JONATHAN GATSIK BOARD MEMBER 3.00 X 0 0 0 JOSEPH A O'LOUGHLIN BOARD MEMBER 1.00 X 0 0 0 KEKUUT HOOMKWAP BOARD MEMBER 3.00 X 0 0 0 MARIANNA R KENNEDY ESQ BOARD MEMBER (PARTIAL YEAR) 2.00 X 0 0 0 ROBERT MURPHY BOARD MEMBER 5.00 X 0 0 0 SISTER ANN P STANKIEWICZ OP BOARD MEMBER 2.00 X 0 0 0 SISTER LUCY POVILONIS OP BOARD MEMBER 2.50 X 0 0 0 SISTER MADELEINE TACY OP BOARD MEMBER 1.00 X 0 0 0 SISTER MARGARET ANDERSON OP BOARD MEMBER 1.50 X 0 0 0 SR LORELLE ELCOCK OP BOARD MEMBER 1.50 X 0 0 0 SUSAN D NAJORK BOARD MEMBER 3.50 X 0 0 0 THOMAS C DONAHOE BOARD MEMBER 2.00 X 0 0 0 VERY REVEREND JOHN A LANGLOIS OP BOARD MEMBER 0.50 X 0 0 0 WENDY E LONG ESQ BOARD MEMBER 2.25 X 0 0 0 CATHLEEN KENNY VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, BOARD SECRETARY 35.00 X 160422 0 33083 ELAINE A O'GRADY DEAN OF ADMINISSIONS 35.00 X 101151 0 11307 FATHER KEVIN MACKIN PRESIDENT 35.00 X 205725 0 32694 IRIS TURKENKOPF VICE PRESIDENT FOR ACADEMIC AFFAIRS 35.00 X 130380 0 18997 JAMES RAIMO VICE PRESIDENT FOR FACILITIES AND OPERATIONS 35.00 X 142780 0 32642 JOSEPH VALENTI VICE PRESIDENT FOR COLLEGE ADVANCEMENT 35.00 X 143062 0 31434 KELLY YOUGH DEAN FOR STUDENT DEVELOPMENT 35.00 X 79814 0 24813 MARY HINTON VICE PRESIDENT OF STRATEGIC PLANNING 35.00 X 142249 0 30320 ANDREW WEISS BUSINESS DIVISION CHAIR 35.00 X 125044 0 23205 JAMES COTTER FACULTY 35.00 X 121320 0 19393 JOAN MILLER FACULTY 35.00 X 120165 0 23324 MARGARET BUSSIGEL FACULTY 35.00 X 112517 0 18806 PAUL SCHWARTZ FACULTY 35.00 X 113135 0 19410 1697764 0 319428 21 false true false KIRCHHOFF-CONSIGLI CONSTRUCTION MANAGEMENT INC 199 WEST ROAD SUITE 100 PLEASANT VALLEY NY 12569 CONSTRUCTION SERVICES 10971179 LCS FACILITY MAINTENANCE INC 36 COTTAGE STREET POUGHKEEPSIE NY 12601 FACILITY SERVICES 426152 L & M COMPANY 140 HIGHLAND STREET PORT CHESTER NY 10940 CONTRACTOR 285615 ROYALL & COMPANY 1920 EAST PARHAM ROAD RICHMOND VA 23228 ENROLLMENT MANAGEMENT 172121 SPECHT ELECTRIC INC 24 STILL HOLLOW ROAD NEWBURGH NY 12550 ELECTRICAL SERVICES 114615 5 189838 882622 1019811 16822 2092271 TUITION AND FEE INCOME 611310 51275352 51275352 DORMITORIES, FOOD, SERVICE, CAMPUS STORE 611310 12726918 12726918 ELEMENTARY SCHOOL - PRE K TO GRADE 8 611110 2091343 2091343 COMMUNITY EDUCATION 611310 465756 465756 OTHER SOURCES 611310 629262 629262 0 0 0 0 67188631 769197 769197 0 0 15200 26752 -11552 0 -11552 -11552 11681765 10357416 1324349 0 1324349 1324349 77982 189838 92167 -14185 -14185 0 0 0 0 0 0 0 0 0 0 71348711 67188631 0 2067809 0 16158664 16158664 0 0 1105584 962522 143062 23526 23526 20968021 18046497 2680370 241154 1458727 1184309 248351 26067 4097620 3326753 697629 73238 1686284 1369060 287090 30134 0 112178 112178 145471 145471 0 24157 24157 114322 114322 4929167 4271724 655202 2241 757596 493742 208522 55332 1150898 633277 486480 31141 649850 345666 304184 0 2235189 2042427 192762 507493 400029 91450 16014 0 165722 153254 11168 1300 2079125 1995156 83969 0 6056645 5744044 312601 512115 331016 181099 ELEMENTARY SCHOOL 2088783 2088783 MAINTENANCE & REPAIRS 931786 898817 32969 TUITION WAIVERS 462598 462598 SMALL EQUIPMENT 411923 98757 313166 2731435 2287295 444140 0 71564879 62355394 8565645 643840 0 8718264 9716123 8171666 7413405 1319267 1232771 0 0 0 0 576837 662944 0 1246989 920097 172371518 48600091 117596654 123771427 38028564 41447686 18187971 24681857 0 0 17142327 2946960 210988539 212793270 4713409 2194483 1461641 1199252 65454318 63649641 0 0 1369595 771807 4269919 4374123 77268882 72189306 X 118367637 126488634 10826356 9367332 4525664 4747998 133719657 140603964 210988539 212793270 X -216168 7135063 -34588 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 0 0 false Schedule C, Part II-B, Line 1, Description of the activities reported on Lines 1a through 1i THE COLLEGE DOES NOT UNDERTAKE ANY DIRECT LOBBYING ACTIVITIES. THE COLLEGE IS A MEMBER IN SEVERAL HIGHER EDUCATION ASSOCIATIONS SUCH AS NACUBO (NATIONAL ASSOCIATION OF COLLEGE UNIVERSITY BUSINESS OFFICERS) AND CICU (COMMISSION ON INDEPENDENT COLLEGES AND UNIVERSITIES) TO WHICH IT PAYS DUES. A PORTION OF THESE DUES ARE USED FOR LOBBYING PURPOSES. 4662391 222334 178733 215435 4848023 4771129 83167 69550 261455 4662391 4691673 81157 281732 283433 4771129 4452398 223584 114685 98994 4691673 3702471 790939 66846 107858 4452398 0.98000 0.02000 false false 7554493 7554493 157003756 42746615 114257141 0 7752385 5853476 1898909 60884 60884 123771427 0 0 LIMITED PARTNERSHIPS - INTERNATIONAL INVESTMENTS 12425234 F HEDGE FUNDS 3370197 F DOMESTIC EQUITY FUND 4483798 F INTERNATIONAL EQUITY FUND 4402628 F 24681857 0 DERIVATIVE LIABILITY 3481218 GOVERNMENT GRANTS REFUNDABLE 696905 CONDITIONAL ASSET RETIREMENT OBLIGATION 196000 4374123 X 62409441 7135063 84331 7219394 55190047 16158664 16158664 71348711 55525134 118919 118919 55406215 16158664 16158664 71564879 Schedule D, Part V, Line 4, Intended uses of endowment funds THE PORTION OF THE PERMANENT ENDOWMENT FUNDS THAT IS REQUIRED TO BE RETAINED BY EXPLICIT DONOR RESTRICTION IS AS FOLLOWS FOR FISCAL YEAR 2014: - RESTRICTED FOR SCHOLARSHIP SUPPORT $2,781,869 - RESTRICTED FOR INSTITUTIONAL SUPPORT $1,966,129 THE PORTION OF THE TEMPORARILY RESTRICTED ENDOWMENT FUNDS SUBJECT TO A TIME RESTRICTION IS AS FOLLOWS FOR FISCAL YEAR 2014: - RESTRICTED FOR INSTITUTIONAL SUPPORT $100,025 Schedule D, Part X, Line 2, FIN 48 (ASC 740) footnote THE COLLEGE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. U.S. GAAP PRESCRIBES RECOGNITION THRESHOLDS AND MEASUREMENT ATTRIBUTES FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. TAX BENEFITS WILL BE RECOGNIZED ONLY IF THE TAX POSITION IS CONSIDERED MORE-LIKELY-THAN-NOT TO BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. FOR TAX POSITIONS NOT MEETING THE MORE-LIKELY-THAN-NOT TEST, NO TAX BENEFIT WILL BE RECORDED. MANAGEMENT BELIEVES THE COLLEGE DOES NOT HAVE ANY TAX BENEFITS OR LIABILITIES TO BE RECOGNIZED AT JUNE 30, 2014 AND 2013. THE COLLEGE IS NO LONGER SUBJECT TO EXAMINATION BY U.S. FEDERAL TAXING AUTHORITIES AND FOR ALL STATE INCOME TAXES THROUGH 2010. THE COLLEGE DOES NOT EXPECT THE TOTAL AMOUNT OF UNRECOGNIZED TAX BENEFITS TO SIGNIFICANTLY CHANGE IN THE NEXT 12 MONTHS. THE COLLEGE WOULD RECOGNIZE INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST AND INCOME TAX EXPENSE, RESPECTIVELY. THE COLLEGE HAS NO AMOUNTS ACCRUED FOR INTEREST OR PENALTIES AS OF JUNE 30, 2014 AND 2013. Schedule D, Part XI, Line 2d, Other revenues in audited financial statements not in form 990 UNREALIZED LOSS ON INTEREST RATE SWAP - -34588; FUNDRAISING EXPENSES - 92167; RENTAL EXPENSES - 26752; Schedule D, Part XI, Line 4b, Other revenues in form 990 not in audited financial statements SCHOLARSHIPS - 16158664; Schedule D, Part XII, Line 2d, Other expenses in audited financial statements not in form 990 FUNDRAISING EXPENSES - 92167; RENTAL EXPENSES - 26752; Schedule D, Part XII, Line 4b, Other expenses in form 990 not in audited financial statements SCHOLARSHIPS - 16158664; true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3, Racially nondiscriminatory policy THE COLLEGE PUBLISHES AN ANNUAL NOTICE OF ITS NON DISCRIMINATORY POLICY IN A LOCAL NEWSPAPER DURING THE ACADEMIC YEAR. THE NOTICE COMPLIES WITH IRS GUIDELINES. Schedule E, Part I, Line 6a, Financial aid or assistance from a governmental agency THE COLLEGE RECEIVES FEDERAL PELL, WORKSTUDY, SEOG, NYS TAP AND OTHER STATE SCHOLARSHIP FUNDS. EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 425007 CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 13892000 0 0 14317007 true false true true false false Schedule F, Part I, Line 3, Method to account for expenditures on org.'s financial statements CENTRAL AMERICA AND THE CARIBBEAN: ACCRUAL EUROPE (INCLUDING ICELAND AND GREENLAND): ACCRUAL Schedule F, Part I, Line 3, Method to account for expenditures on org.'s financial statements CENTRAL AMERICA AND THE CARIBBEAN: ACCRUAL EUROPE (INCLUDING ICELAND AND GREENLAND): ACCRUAL X X X X X X X true LESTER INC 18 BUSINESS PARK DRIVE BRANDFORD CT 06405 FUNDRAISING false 60503 24157 36346 60503 24157 36346 AZ GALA 119045 102247 16798 0 2250 28512 0 0 8711 GOLF TOURNAMENT 105249 71521 33728 0 0 6269 18576 0 5948 1 43526 16070 27456 0 0 13250 385 1000 7266 267820 189838 77982 0 2250 48031 18961 1000 21925 92167 -14185 SCHEDULE G, PART I, LINE 2A, FUNDRAISING AGREEMENT THE ACCEPTED PROPOSAL FOR FUNDRAISING ACTIVITIES PROVIDES THAT THE COLLEGE IS INVOICED ON A WEEKLY BASIS, AND THAT ALL INVOICES REFLECT THE NUMBER OF CALLING AND TRAINING HOURS AND NUMBER OF DIRECT MAIL PIECES SENT. THE AGREEMENT PROVIDES THAT THE FEES FOR SET-UP, PRINTING AND PROCUREMENT OF STATIONERY AND FORMS APPEAR IN THE FIRST INVOICE. THE SETUP FEES ARE A FIXED AMOUNT. CHARGES FOR TELEPHONE CALLING, TRAINING, AND GENERAL SERVICES ARE PRICED AT AN HOURLY RATE AND DIRECT MAIL CHARGES ARE PRICED AT A PER ITEM BASIS. true SCHOLARSHIPS 2097 16158664 Schedule I, Part I, Line 2, Procedures for monitoring use of grant funds THE ORGANIZATION HAS RULES IN PLACE TO ENSURE THAT SCHOLARSHIP AID PROVIDED TO STUDENTS IS USED FOR AUTHORIZED PURPOSES. ADDITIONAL DETAIL IS AVAILABLE UPON REQUEST. X X true true X X false false false false false false false false false MARY HINTON VICE PRESIDENT OF STRATEGIC PLANNING 141949 0 0 0 300 0 15300 0 15020 0 172569 0 0 0 FATHER KEVIN MACKIN PRESIDENT 205725 0 0 0 0 0 18515 0 14179 0 238419 0 0 0 JAMES RAIMO VICE PRESIDENT FOR FACILITIES AND OPERATIONS 142096 0 0 0 684 0 14884 0 17758 0 175422 0 0 0 CATHLEEN KENNY VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, BOARD SECRETARY 159622 0 0 0 800 0 15161 0 17922 0 193505 0 0 0 JOSEPH VALENTI VICE PRESIDENT FOR COLLEGE ADVANCEMENT 142616 0 0 0 446 0 13542 0 17892 0 174496 0 0 0 Schedule J, Part I, Line 1a, Housing allowance or residence for personal use COLLEGE PROVIDES HOUSING FOR THE PRESIDENT AS PART OF HIS EMPLOYMENT CONTRACT. PURSUANT TO IRC SEC. 119, HOUSING PROVIDED TO THE PRESIDENT IS NONTAXABLE. Schedule J, Part I, Line 1a, Health or social club dues or initiation fees THE COLLEGE PROVIDES THE PRESIDENT WITH A CLUB MEMBERSHIP AS PART OF HIS EMPLOYMENT CONTRACT. THE CLUB MEMBERSHIP IS USED SOLELY FOR BUSINESS PURPOSES AND AS SUCH IS NONTAXABLE. SCHEDULE J, PART II, COLUMN (A), PRESIDENT'S COMPENSATION THE COLLEGE PAYS THE PRESIDENT'S COMPENSATION DIRECTLY TO HIS ORDER, ST FRANCIS MONASTERY FOUNDATION INC, WHICH IS AN UNRELATED ORGANIZATION. A ORANGE COUNTY FUNDING CORPORATION 273179651 2012-12-21 25465000 REFUNDING OF 2005 BOND ISSUE false false false B ORANGE COUNTY FUNDING CORPORATION 273179651 684594AT1 2012-12-21 40087992 RENOVATION OF DOMINICAN CENTER AND REFUND 2003 BOND ISSUE false false false A 720000 0 25465000 0 0 0 321542 0 0 1540528 23602930 0 2013 true false true true B 900000 0 40087992 0 0 0 576058 0 0 20388736 17205266 1917932 2013 false true true true A false false false false 0.00000 0.00000 0.00000 false false B false false true true false 0.02000 0.00000 0.02000 false false A false true true true TD BANK 30.0 false false false 0.0 false false B false true false false false false false A false B false SCHEDULE K, PART I, ORANGE COUNTY FUNDING CORPORATION: CUSIP- 684594AT1 PROCEEDS OF $17,205,265 WAS USED TO ADVANCE REFUND SERIES 2003 BOND, AND NON-REFUNDING PROCEEDS OF $22,306,668 USED FOR THE RENOVATION OF THE DOMINICAN CENTER, AND PAY OFF THE ORIGINAL LOAN FOR THE PURCHASE OF THE DOMINICAN CENTER. SCHEDULE K, PART I, ORANGE COUNTY FUNDING CORPORATION ADVANCE REFUND 2005 BOND THAT WAS REOFFERED IN 2008 BY THE DORMITORY AUTHORITY OF THE STATE OF NEW YORK SCHEDULE K, PART I, POST-ISSUANCE COMPLIANCE POLICIES & PROCEDURES APPLICABLE FOR SCHEDULE K, PART III, LINE 9; PART IV, LINE 7; PART V: THE COLLEGE DOES NOT HAVE A WRITTEN POST-ISSUANCE TAX-EXEMPT BOND COMPLIANCE POLICY. THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION HAS PRIMARY RESPONSIBILITY FOR MONITORING AND ENSURING POST ISSUANCE COMPLIANCE WITH TAX-EXEMPT BOND REGULATIONS. THIS INCLUDES, BUT IS NOT LIMITED TO ANALYZING AND REVIEWING ACTIVITIES THAT INVOLVE PRIVATE BUSINESS USE, KEEPING CURRENT WITH TAX-EXEMPT BOND DEVELOPMENTS AND CONSULTING WITH COLLEGE BOND COUNSEL AND OTHER EXPERTS ON AN AS NEEDED BASIS TO ENSURE CONTINUED COMPLIANCE WITH FEDERAL REGULATIONS. LYNN FRANK FAMILY MEMBER OF CHARLES FRANK, BOARD MEMBER 23526 COMPENSATION FOR FULL TIME EMPLOYMENT AS ADMINISTRATIVE ASSISTANT. false Form 990, Part VI, Sec A, Line 1a, Delegate broad authority to a committee ARTICLE VIII: COMMITTEES OF THE BOARD OF TRUSTEES: VIII-2-THE EXECUTIVE COMMITTEE SHALL BE COMPRISED ALL STANDING COMMITTEE CHAIRS. AT HIS DISCRETION THE CHAIR MAY APPOINT AN ADDITIONAL MEMBER OF THE BOARD TO THE EXECUTIVE COMMITTEE. SUCH EXECUTIVE COMMITTEE SHALL HAVE AND EXERCISE IN THE INTERVALS BETWEEN MEETINGS OF THE FULL BOARD ALL POWERS AND AUTHORITY VESTED IN THE FULL BOARD UNDER ARTICLE 5, SECTION 226 OF THE EDUCATION LAW, EXCEPT THOSE POWERS SPECIFICALLY WITHHELD BY SAID SECTION 226, SUB-SECTION 2. Form 990, Part VI, Sec B, Line 11b, Review of form 990 by governing body THE COMPLETED FORM 990 IS DISTRIBUTED TO THE BOARD OF TRUSTEES IN ADVANCE OF FILING FOR THEIR REVIEW. Form 990, Part VI, Sec B, Line 12c, Conflict of interest policy THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION SHARES COMPLETED CONFLICT OF INTEREST QUESTIONNAIRES WITH ALL TRUSTEES IN DECEMBER'S BOARD MEETING. CONFLICTS ARE REVIEWED AND RESOLVED BY THE MEMBERS OF THE EXECUTIVE COMMITTEE. TRUSTEES, OFFICERS, AND ALL WITH PURCHASING POWER WHO HAVE DECLARED OR BEEN FOUND TO HAVE A CONFLICT OR POTENTIAL CONFLICT OF INTEREST SHALL REFRAIN FROM VOTING ON PROPOSED TRANSACTIONS. SUCH PERSONS MAY PARTICIPATE IN DELIBERATIONS CONCERNING ANY PROPOSED TRANSACTION ONLY WITH THE CONSENT OF NO LESS THAN TWO-THIRDS OF THOSE PRESENT AT ANY MEETING WHERE SUCH MATTERS ARE BEING DISCUSSED. Form 990, Part VI, Sec B, Line 15a, Process to establish compensation of top management official THE PRESIDENT'S COMPENSATION IS SET BY THE BOARD OF TRUSTEES. HIS SALARY IS REVIEWED AND ADJUSTED IN CONNECTION WITH AN ANNUAL PERFORMANCE REVIEW. COLLEGE POLICY CALLS FOR AN ANNUAL REVIEW OF SALARIES OF OFFICERS AND KEY EMPLOYEES BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THEIR REVIEW IS DOCUMENTED IN THE COMMITTEE MINUTES AND WAS LAST DONE IN NOVEMBER 2013. Form 990, Part VI, Sec B, Line 15b, Process to establish compensation of other employees THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES IS SET BY THE BOARD OF TRUSTEES AND BASED ON A REVIEW OF PUBLISHED DATA THAT COMPARES SALARIES OF OFFICER AT SIMILAR SIZED INSTITUTIONS. COLLEGE POLICY CALLS FOR AN ANNUAL REVIEW OF SALARIES OF OFFICERS AND KEY EMPLOYEES BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THEIR REVIEW WAS DOCUMENTED IN THE NOVEMBER 2013 MINUTES. Form 990, Part VI, Sec C, Line 19, Required documents available to the public THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990 , Part XI, Line 9, Other changes in net assets or fund balances UNREALIZED LOSS ON INTEREST RATE SWAP - -34588;