2015-05-13T16:32:05-05:00 2014-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 20 STANWIX ST STE 800 PITTSBURGH PA 15222 990 2013-07-01 250965438 CARLOW UNIVERSITY CARL 4125786000 3333 FIFTH AVENUE PITTSBURGH PA 15213 PATRICK J CUNNINGHAM VP FINANCE AND ADMINISTRATION 4125786000 2015-05-12 1 JEFFREY J SPENGLER CPA P00109764 4126976400 2013 2016-02-25 16:41:14Z DR SUZANNE K MELLON 3333 FIFTH AVENUE PITTSBURGH PA 15213 55636437 0 X WWW.CARLOW.EDU X 1929 PA TRANSFORMATIONAL HIGHER EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY. 26 25 1062 540 0 0 5071512 4682793 47226310 47932311 62262 626923 5376 406897 52365460 53648924 8575443 9080551 0 0 25209260 25191706 50000 37578 1264832 15784633 16849313 49619336 51159148 2746124 2489776 75771703 80067263 23836157 23321443 51935546 56745820 X CARLOW UNIVERSITY, ROOTED IN ITS CATHOLIC IDENTITY AND EMBODYING THE HERITAGE AND VALUES OF THE SISTERS OF MERCY, OFFERS TRANSFORMATIONAL EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY OF LEARNERS AND EMPOWERS THEM TO EXCEL IN THEIR CHOSEN WORK AS COMPASSIONATE, RESPONSIBLE LEADERS IN THE CREATION OF A JUST AND MERCIFUL WORLD. 0 0 43136024 9080551 47932311 CARLOW UNIVERSITY, A CATHOLIC, WOMEN-CENTERED, LIBERAL ARTS INSTITUTION EMBODYING THE HERITAGE AND VALUES OF THE SISTES OF MERCY, ENGAGES ITS DIVERSE COMMUNITY IN A PROCESS OF LIFE-LONG LEARNING, SCHOLARSHIP, AND RESEARCH. THIS ENGAGEMENT EMPOWERS INDIVIDUALS TO THINK CLEARLY AND CREATIVITY, TO ACTIVELY PURSUE INTELLECTUAL ENDEAVORS, TO DISCOVER, CHALLENGE, OR AFFIRM CULTURAL AND AESTHETIC VALUES, TO RESPOND REVERENTLY TO GOD AND OTHERS, AND TO EMBRACE AN ETHIC OF SERVICE FOR A JUST AND MERCIFUL WORLD. CARLOW OFFERS UNDERGRADUATE DEGREE PROGRAMS IN THE ARTS AND SCIENCES, EDUCATION, MANAGEMENT, AND HEALTH CARE PROFESSIONS AND GRADUATE PROGRAMS IN BUSINESS ADMINISTRATION AND MANAGEMENT, HEALTH CARE, LEADERSHIP, AND PROFESSIONAL COUNSELING. 43136024 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 1 0 1 1 1 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 4416 0 1 1062 1 0 0 0 0 0 0 0 0 0 0 X 26 25 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 1 0 PA AK CO MA MD NH SC X X PATRICK J CUNNINGHAM 4125788842 3333 FIFTH AVENUE PITTSBURGH PA 15213 X DEBORAH L ACKLIN BOARD MEMBER 2.00 X 0 0 0 JOYCE A BENDER BOARD MEMBER 2.00 X 0 0 0 KATHLEEN W BUECHEL BOARD MEMBER 2.00 X 0 0 0 JOANNE COURNEEN RSM BOARD MEMBER 2.00 X 0 0 0 JOHN R DENNY JR BOARD MEMBER 2.00 X 0 0 0 JACKIE DIXON BOARD MEMBER 2.00 X 0 0 0 JEANNE GLEASON BOARD MEMBER 2.00 X 0 0 0 DEBORAH F GRAVER BOARD MEMBER 2.00 X 0 0 0 MARY BETH JENKINS BOARD MEMBER 2.00 X 0 0 0 KAREN DUNN KELLEY BOARD MEMBER 2.00 X 0 0 0 LOUISE R MALAKOFF JD BOARD MEMBER 2.00 X 0 0 0 DIANE C MATJE RSM BOARD MEMBER 2.00 X 0 0 0 CECILIA MURPHY RSM BOARD MEMBER 2.00 X 0 0 0 MILDRED S MYERS DA BOARD MEMBER 2.00 X 0 0 0 HELENE E PAHARIK BOARD MEMBER 2.00 X 0 0 0 GEORGE L PRY BOARD MEMBER 2.00 X 0 0 0 THERESA A SCOTTI BOARD MEMBER 2.00 X 0 0 0 SUSAN SHIPLEY BOARD MEMBER 2.00 X 0 0 0 JANET SIMON PHD BOARD MEMBER 2.00 X 0 0 0 JUDITH STOJHOVIC RSM BOARD MEMBER 2.00 X 0 0 0 MICHELE R ATKINS CHAIR 2.00 X X 0 0 0 JOHN K GISLESON SECRETARY 2.00 X X 0 0 0 PAULA J HASBACH TREASURER 2.00 X X 0 0 0 PATRICIA MARY HESPELEIN RSM VICE CHAIR, MISSION 2.00 X X 0 0 0 GEORGE R WHITMER VICE CHAIR 2.00 X X 0 0 0 SUZANNE K MELLON PHD PRESIDENT (TERM BEGIN 7/1/13) 50.00 X X 183979 0 7476 MARY HINES PRESIDENT (TERM END 7/31/13) 50.00 X 358587 0 20602 MARGARET MCLAUGHLIN PROVOST/VP ACADEMIC AFFAIRS 50.00 X 175676 0 15444 PATRICK J CUNNINGHAM VP FINANCE AND ADMINSTRATION 50.00 X 160628 0 31050 KAREN GALENTINE VP OF ADVANCEMENT 40.00 X 124599 0 7146 AMY NEIL VP UNIVERSITY COMMUNICATIONS 40.00 X 113693 0 22733 CLARE HOPKINS INTERIM DEAN 40.00 X 113782 0 19133 MARILYN LLEWELLYN INTERIM DEAN 40.00 X 101615 0 17131 1332559 0 140715 8 0 1 0 ALADDIN FOOD MANAGEMENT 16567 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 FOOD 2046484 ELLUCIAN INC 62814 COLLETIONS CENTER DRIVE CHICAGO IL 60693 INFORMATION TECHNOLOGY CONSULTING 1686938 MACLACHLAN CORNELIUS & FILONI 307 FOURTH AVE 200 THE BANK TOWER PITTSBURGH PA 15222 ARCHITECT FEES 623310 BLACKBOARD INC PO BOX 200154 PITTSBURGH PA 15251 INFORMATION TECHNOLOGY CONSULTING & SOFT 255361 UPMC SCHOOL OF PERFUSION 532 S AIKEN AVE STE 214 PITTSBURGH PA 15232 TUITION EXCHANGE 184186 14 7347 659759 4015687 316773 4682793 TUITION AND FEES 611600 40167896 40167896 RESIDENCE HALLS & BOARD 611600 4022609 4022609 CARLOW CAMPUS SCHOOL 721310 3041195 3041195 AUXILIARY PROGRAMS 900099 400341 400341 EARLY LEARNING CENTER 624410 300270 300270 47932311 387068 387068 2545 0 2545 2545 2545 2203608 4750 1963298 5205 240310 -455 239855 239855 26668 7347 19010 7658 7658 PARKING PERMIT FEES 900099 336547 336547 BOOKSTORE COMMISSIONS 900099 60147 60147 396694 53648924 47932311 0 1033820 9062551 9062551 18000 18000 1881545 1333145 398212 150188 17794434 15172017 2059695 562722 761368 655725 82911 22732 3427893 2802607 515722 109564 1326466 1119081 158485 48900 108205 82702 24703 800 119452 91978 27474 8173 8173 37578 37578 47047 36226 10821 892907 736918 115367 40622 959692 724677 213682 21333 1675686 1251267 338959 85460 2821761 2223255 594741 3765 1374 1058 316 2421671 1840676 541078 39917 644726 499995 110239 34492 329307 181661 40887 106759 1194287 919601 274686 2755055 2121392 633663 497452 383038 114414 AUXILIARY 1444333 1110191 334142 0 STUDENT PROGRAMS 256148 206263 49885 0 ENROLLMENT & REGISTRAR 217589 167578 50011 0 LIBRARY 149643 115225 34418 0 304805 271024 33781 51159148 43136024 6758292 1264832 8197929 11147884 1829084 1031011 6960610 6566372 1101290 867054 2063483 2041713 770747 1057394 67684628 37970632 30860292 29713996 17854971 21651399 5250 5250 6128047 5985190 75771703 80067263 3333486 2912136 17743678 17719969 13838 2745155 2689338 23836157 23321443 X 24921741 26308272 10120289 13208773 16893516 17228775 51935546 56745820 75771703 80067263 2489776 2320498 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 8173 0 0 8173 0 PART II-B, LINE 1: THE LOBBYING FEES WERE PAID TO MALADY & WOOTEN, WHO PROVIDED 50% LOBBYING AND 50% NON LOBBYING FOR THE FISCAL YEAR. TOTAL FEES WERE $16,345. 20654506 335259 2878139 751376 23116528 19392305 171220 1666207 575226 20654506 17705011 2586048 -369931 249643 279180 19392305 13271664 2409867 2518714 273587 221647 17705011 13000739 -456725 1232915 292406 212859 13271664 0.10560 0.74530 0.14910 0 0 1256517 1256517 49957773 30560506 19397267 13859278 7410126 6449152 2611060 2611060 29713996 UNDISTRIBUTED BOND PROCEEDS 5985190 5985190 STUDENT DEPOSITS 120888 FEDERAL LOAN ADVANCES 2568450 2689338 X 47840532 2320498 -8147900 -5827402 53667934 -19010 -19010 53648924 43030258 19010 19010 43011248 47047 8100853 8147900 51159148 PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 135 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. PART X, LINE 2: THE UNIVERSITY ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD AT JUNE 30, 2014 AND 2013. THE UNIVERSITY'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR THE YEARS SUBSEQUENT TO JUNE 30, 2010. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT FEES -47,047. SCHOLARSHIPS -8,100,853. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -19,010. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 19,010. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 8,100,853. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 CERTAIN RECRUITING PUBLICATIONS AND COLLEGE CATALOGS CONTAINS EXPRESS STATEMENTS THAT THE COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, CREED, SEX OR RELIGION. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY DISTRIBUTES STUDENT FINANCIAL ASSISTANCE FUNDS ON BEHALF OF FEDERAL AND STATE GOVERNMENTS. THIS ASSISTANCE INCLUDED FEDERAL AID FROM PELL GRANT AWARDS OF $2,861,272, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT AWARDS OF $195,095, AND COLLEGE WORK STUDY AWARDS OF $214,611. THE UNIVERSITY ALSO RECEIVED STATE AID FROM THE PA HIGHER EDUCATION ASSISTANCE AUTHORITY IN THE AMOUNT OF $2,579,800. 0 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICE STUDY ABROAD 172985 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICE SCHOLARSHIPS 18000 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 41068 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 10612 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 4574 0 0 0 0 0 0 247239 0 247239 STUDENT SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 6 18000 CREDIT TO STUDENT ACCOUNT FMV 0 0 0 0 0 0 X X X X X X X 1 DEE JAY OSHRY 1532 ASBURY PLACE PITTSBURGH PA 15217 CAMPAIGN SUPPORT 0 0 37578 -37578 37578 -37578 AK AL AR CA CT DC FL GA HI IL KS ME MD MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WV WI ALUMNI SCHOLARSHIP BENEFIT LUNCHEON 34015 7347 26668 350 11747 5018 1895 34015 7347 26668 350 11747 5018 1895 19010 7658 1 STUDENT SCHOLARSHIPS 903 8845552 CAMPUS SCHOOL STUDENT SCHOLARSHIPS 125 216999 PART I, LINE 2: GRANT FUNDS ARE MONITORED BY THE FINANCIAL AID OFFICE AND ACCOUNTING OFFICES. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 SUZANNE K MELLON PHD PRESIDENT (TERM BEGIN 7/1/13) 160183 0 0 0 23796 0 4083 0 3393 0 191455 0 0 0 MARY HINES PRESIDENT (TERM END 7/31/13) 330244 0 0 0 28343 0 8155 0 12447 0 379189 0 0 0 MARGARET MCLAUGHLIN PROVOST/VP ACADEMIC AFFAIRS 175676 0 0 0 0 0 7956 0 7488 0 191120 0 0 0 PATRICK J CUNNINGHAM VP FINANCE AND ADMINSTRATION 160628 0 0 0 0 0 7490 0 23560 0 191678 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE PAID AND INCLUDED AS GROSS WAGES ON W-2 FORM FOR PRESIDENT. DUQUESNE CLUB DUES PAID BY CARLOW UNIVERSITY THROUGH ACCOUNTS PAYABLE. NOT TAXED TO AN INDIVIDUAL. PART I, LINE 4B THE FOLLOWING EMPLOYEES PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN IN FY 2014: MARY HINES - $18,940 A ALLEGHENY COUNTY HIGHER EDUCATION BUILDING AUTHORITY 251650137 01728RHT9 2011-06-09 18052311 REFUNDING AND CAPITAL IMPROVEMENT 0 0 0 A 18052311 1480750 292824 4296782 7479448 4504396 1 0 0 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 0 A 0 X 1 12000 FMV X 7 301802 FMV X VARIOUS GIFTS 15 2971 FMV 0 1 0 FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE UNIVERSITY IS THE CONFERENCE FOR MERCY HIGHER EDUCATION WHICH EXERCISES RESERVED CANONICAL POWERS DELEGATED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS AND AS OUTLINED IN THE UNIVERSITY'S BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A UP TO SIX OF THE TOTAL TRUSTEES (EX-OFFICIO AND ELECTED TRUSTEES) SHALL BE PROFESSED SISTERS OF THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS OR ITS CANONICAL SUCCESSOR. THERE SHALL BE THREE EX-OFFICIO TRUSTEES, WHO SHALL BE VOTING MEMBERS OF THE BOARD OF TRUSTEES AND INCLUDED IN THE TOTAL NUMBER OF TRUSTEES, AND SUCH EX-OFFICIO TRUSTEES SHALL CONSIST OF ONE SISTER OF MERCY, APPOINTED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS, THE PRESIDENT OF THE UNIVERSITY, AND THE BISHOP OF THE DIOCESE OF PITTSBURGH OR HIS DESIGNEE. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER HAS THE RIGHT TO APPROVE THE FOLLOWING ACTIONS TO THE EXTENT SUCH ACTIONS ARE TAKEN BY THE BOARD OF TRUSTEES: AMENDMENTS TO THE ARTICLES OF INCORPORATION, IF THEY RELATE TO THE RESERVED POWERS DELEGATED TO THE CONFERENCE FOR MERCY HIGHER EDUCATION, THE ADOPTION OR AMENDMENT TO THE MISSION OF THE UNIVERSITY, THE INCURRENCE BY THE UNIVERSITY OF ANY DEBT, AND ANY SALE, TRANSFER, LONG-TERM LEASE OR EMCUMBRANCE OF ANY REAL OR PERSONAL PROPERTY, TANGIBLE OR INTANGIBLE, OF THE UNIVERSITY OUTSIDE THE ORDINARY COURSE OF BUSINESS ONLY TO THE EXTENT SUCH APPROVAL IS REQUIRED UNDER CANON LAW, ANY MERGER, CONSOLIDATION, DISSOLUTION, TRANSFER OF SUBSTANTIALLY ALL THE ASSETS, OR OTHER FUNDAMENTAL TRANSACTION WITHIN THE CONTEMPLATION OF THE PENNSYLVANIA NONPROFIT CORPORATION LAW, OF OR BY THE UNIVERSITY TO THE EXTENT SUCH APPROVAL IS REQUIRED BY CANON LAW. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. FORM 990 IS REVIEWED BY MANAGEMENT AND SUBMITTED TO THE AUDIT COMMITTEE FOR REVIEW AND APPROVAL, ONCE THE AUDIT COMMITTEE APPROVES THE SUBMITTED FORM 990; IT IS SUBMITTED TO THE BOARD OF TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL "COVERED PERSONS" AS DEFINED IN THE POLICY. EACH COVERED PERSON IS GIVEN A COPY OF THE POLICY, REQUIRED TO SIGN A STATEMENT ACKNOWLEDGING THAT HE OR SHE HAS RECEIVED A COPY OF THE POLICY, UNDERSTANDS IT, AND AGREES TO COMPLY WITH IT. THE COVERED PERSON IS ALSO REQUIRED TO COMPLETE A COVERED PERSON'S QUESTIONNAIRE ON AN ANNUAL BASIS. EACH COVERED PERSON SHALL DISCLOSE ALL ACTUAL AND POTENTIAL CONFLICTS AS SET OUT IN THE POLICY. COMPLIANCE WITH THIS POLICY IS MONITORED AND ENFORCED BY THE FOLLOWING PROCEDURE: - EACH YEAR THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, OR HIS DESIGNEE, UNDER THE SUPERVISION OF THE CHAIR OF THE AUDIT COMMITTEE, PREPARES A LIST OF COVERED PERSONS. - A COVERED PERSON QUESTIONNAIRE IS DISTRIBUTED TO EACH PERSON ON THE LIST - FORMS ARE COMPLETED AND SIGNED BY EACH COVERED PERSON - COMPLETED FORMS FOR ALL TRUSTEES ARE REVIEWED BY THE CHAIR OF THE AUDIT COMMITTEE TO DETERMINE IF ANY ACTUAL OR POTENTIAL CONFLICTS EXIST - COMPLETED FORMS FOR ALL COVERED PERSONS WHO ARE MEMBERS OF STAFF OR FACULTY ARE REVIEWED BY THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION, OR HIS DESIGNEE. - THE CHAIR OF THE AUDIT COMMITTEE ASKS AT A MINIMUM OF TWO BOARD MEETINGS IF ANY TRUSTEE IS AWARE OF ANY CONFLICTS AND IT IS DOCUMENTED IN THE BOARD MINUTES DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICTS - DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICT OF INTEREST MUST BE DISCLOSED AT THE TIME THEY BECOME A COVERED PERSON, OR AT THE TIME A POTENTIAL OR ACTUAL CONFLICT ARISES AND AT THE TIME OF THE COMPLETION OF THE ANNUAL QUESTIONNAIRE. - ALL DISCLOSURES DETERMINED TO BE A CONFLICT OF INTEREST ACCORDING TO THE POLICY ARE DISCUSSED WITH THE CHAIR OF THE AUDIT COMMITTEE AND BROUGHT FORWARD TO THE NEXT BOARD OF TRUSTEE MEETING. - ANY IDENTIFIED CONFLICT SHALL BE REFLECTED IN THE MINUTES OF THE BOARD OF TRUSTEE MEETINGS ALONG WITH THE NATURE OF SUCH CONFLICT. - THE MINUTES SHALL ALSO REFLECT ALL PERSONS PRESENT AT THE MEETING WHERE ANY VOTING TOOK PLACE ON AN ITEM RELATED TO THE DISCLOSED CONFLICT. FORM 990, PART VI, SECTION B, LINE 15B THE EXECUTIVE COMMITTEE IS THE AUTHORIZED COMMITTEE OF THE BOARD OF TRUSTEES TO REVIEW COMPENSATION OF THE PRESIDENT. THE EXECUTIVE COMMITTEE CREATED A COMPENSATION COMMITTEE (THE SUBCOMMITTEE) TO PERFORM ANNUAL PERFORMANCE REVIEWS AND SET THE PRESIDENT'S ANNUAL SALARY, IN ACCORDANCE WITH THE EXECUTIVE COMPENSATION PHILOSOPHY, POLICIES AND PROCEDURES APPROVED BY THE BOARD. NO MEMBER OF THE GOVERNANCE COMMITTEE MAY HAVE A CONFLICT OF INTEREST WITHIN THE MEANING OF THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. THE GOVERNANCE COMMITTEE SHALL DOCUMENT ITS DECISIONS WITH RESPECT TO COMPENSATION AS REQUIRED BY THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. THE ACTIONS OF THE GOVERNANCE COMMITTEE ARE INTENDED TO QUALIFY UNDER THE REBUTTABLE PRESUMPTION PROVISIONS IN SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. OTHER SENIOR EXECUTIVE COMPENSATION: NO PROSPECTIVE SALARY ADJUSTMENTS WERE ANTICIPATED FOR OTHER SENIOR LEVEL EXECUTIVES. COMPARABILITY DATA AND ANALYSIS WAS PROVIDED TO THE PRESIDENT IN THIS FISCAL YEAR. REPORT TO THE BOARD OF TRUSTEES: THE PROCEDURE STATES THAT, THE GOVERNANCE COMMITTEE SHALL PROVIDE A WRITTEN REPORT TO THE BOARD OF TRUSTEES NO LATER THAN THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD FOLLOWING THE GOVERNANCE COMMITTEE ACTION ON THE COMPENSATION OF SENIOR EXECUTIVES. THE REPORT SHALL REFLECT BASE SALARY AND ALL OTHER ELEMENTS FOR SENIOR EXECUTIVES' COMPENSATION, AS WELL AS A SUMMARY OF THE CRITERIA AND PROCESSES USED TO MAKE THE COMPENSATION DECISIONS AND TO ASSURE THAT THE COMPENSATION IS "REASONABLE" AND NOT "EXCESSIVE" WITHIN IRS POLICY AND CRITERIA. RELIANCE ON COMPARABILITY DATA DERIVED FROM MARKET REVIEW AND SELECTION OF PEER INSTITUTIONS: IN DETERMINING AND APPROVING COMPENSATION, THE GOVERNANCE COMMITTEE SHALL RELY ON COMPARABILITY DATA DERIVED FROM A REVIEW OF THE MOST CURRENT INFORMATION AVAILABLE AS TO COMPENSATION LEVELS FOR COMPARABLE SENIOR EXECUTIVES AT PEER INSTITUTIONS, TAKING INTO ACCOUNT THAT AVAILABLE INFORMATION IS GENERALLY FOR THE PRIOR FISCAL OR ACADEMIC YEARS. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST BY THE PUBLIC AT THE CORPORATE ADDRESS. FORM 990, PART VII: THE FOLLOWING INDIVIDUALS SERVE AS EMERITUS TRUSTEES OF CARLOW UNIVERSITY WITH NO VOTING POWERS: PRESIDENTS EMERITAE: GRACE ANN GEIBEL, RSM, PH.D.; MARY HINES, PH.D.; AND JANE SCULLY, RSM TRUSTEES EMERITAE: JUDITH M. DAVENPORT, DMD; ANNA MARIE GOETZ, RSM; HELEN HANNA CASEY; ELSIE H. HILLMAN; KEVIN P. KEARNS, PH.D.; EILEEN MCCONOMY; JANE SCULLY, RSM; MARY ANN SESTILI, PH.D.; REGINA D. STOVER; PATRICIA WHALEN, RSM; DAVID R. WILLIAMS; AND JUDITH WORDEN, RSM FORM 990, PART XII, QUESTION 2C: THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTING FIRM. IN ADDITION, THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND ITS SELECTION OF THE INDEPENDENT AUDITOR. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.