2015-04-09T15:03:21-05:00 2014-12-31 810385940 ANDERSON ZURMUEHLEN & CO PC 1019 EAST MAIN STE 201 BOZEMAN MT 59715 990 2014-01-01 810393444 PROPERTY AND ENVIRONMENT RESEARCH CENTER PROP 4065879591 2048 ANALYSIS DRIVE NO A BOZEMAN MT 597186829 LAWRENCE REED WATSON EXECUTIVE DIRECTOR 4065879591 2015-03-25 1 KYLA Q STAFFORD P00249110 4065566160 2015-03-25 2014 2016-03-07 17:11:31Z LAWRENCE REED WATSON 2048 ANALYSIS DRIVE NO A BOZEMAN MT 597186829 3434612 0 X WWW.PERC.ORG X 1981 MT PERC IS DEDICATED TO IMPROVING ENVIRONMENTAL QUALITY THROUGH MARKETS AND PROPERTY RIGHTS. PERC'S WORK CONSISTS OF RESEARCH, OUTREACH AND EDUCATION. PERC APPLIES ECONOMIC THINKING TO ENVIRONMENTAL PROBLEMS. 16 16 15 16 329 0 2281434 3411590 0 0 2515 2622 4819 4280 2288768 3418492 0 0 0 0 1103805 998199 0 0 142860 911268 952462 2015073 1950661 273695 1467831 4005156 5214255 293033 34301 3712123 5179954 X PERC IS DEDICATED TO IMPROVING ENVIRONMENTAL QUALITY THROUGH MARKETS AND PROPERTY RIGHTS. PERC'S WORK CONSISTS OF RESEARCH, OUTREACH AND EDUCATION. PERC APPLIES ECONOMIC THINKING TO ENVIRONMENTAL PROBLEMS. 0 0 782119 RESEARCH (SEE NARRATIVE ON SCHEDULE O) 289577 OUTREACH (SEE NARRATIVE ON SCHEDULE O) 268491 APPLIED PROGRAMS (SEE NARRATIVE ON SCHEDULE O) 1340187 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 126 0 1 15 1 1 1 0 0 0 0 0 0 0 0 0 X 16 16 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X LAWRENCE REED WATSON 4065879591 2048 ANALYSIS DRIVE NO A BOZEMAN MT 597186829 THOMAS E BEACH CHAIRMAN 1.00 X X 0 0 0 LOREN D BOUGH VICE CHAIRMAN 1.00 X X 0 0 0 THOMAS J BRAY DIRECTOR 0.00 X 0 0 0 HENRY N BUTLER DIRECTOR 0.00 X 0 0 0 TYLER DANN TREASURER 1.00 X X 0 0 0 KIMBERLY O DENNIS DIRECTOR 0.00 X 0 0 0 DEBORAH DONNER DIRECTOR 0.00 X 0 0 0 CARLOS FERNANDEZ DIRECTOR 0.00 X 0 0 0 ROBERT CLEMENT DIRECTOR 0.00 X 0 0 0 MARTIN HOSTETTLER DIRECTOR 0.00 X 0 0 0 FRED E KARLINSKY DIRECTOR 0.00 X 0 0 0 KRISTINA KENDALL DIRECTOR 0.00 X 0 0 0 DWIGHT E LEE DIRECTOR 0.00 X 0 0 0 RANKIN SMITH JR DIRECTOR 0.00 X 0 0 0 JOHN F TOMLIN DIRECTOR 0.00 X 0 0 0 BRIAN YABLONSKI DIRECTOR 0.00 X 0 0 0 MONICA GUENTHER CORPORATE SECRETARY 40.00 X 101500 0 14368 LAWRENCE REED WATSON EXECUTIVE DIRECTOR 40.00 X 123875 0 11140 TERRY ANDERSON SENIOR FELLOW; PAST PRESIDENT 40.00 X 171702 0 8585 397077 0 34093 3 0 1 0 0 3411590 3411590 2622 2622 20400 16120 4280 4280 329 3951 3418492 0 329 6573 X 431170 233865 139371 57934 429740 201782 181366 46592 18107 8378 8119 1610 47521 25177 12692 9652 71661 36289 20118 15254 8175 8175 449931 447231 2700 29235 47 29188 21077 13801 7276 5843 367 5476 154293 154293 2981 2981 55374 51771 3603 20301 20301 OUTREACH EXPENSE 144776 144776 BOARD EXPENSE 31641 31641 DUES, SUBSCRIPTIONS, AN 13286 12283 1003 TELEPHONE 7120 5696 1424 8429 1450 637 6342 1950661 1340187 467614 142860 272014 318680 1303446 2640284 784752 663000 1231 1228 7755 8692 1886752 304381 1635958 1582371 4005156 5214255 28330 27840 255000 9703 6461 293033 34301 X 2186779 2914435 1412598 2152773 112746 112746 3712123 5179954 4005156 5214255 1467831 0 X X 0 1 X 1 0 X 2501943 3060329 1668697 2281433 3411589 12923991 2501943 3060329 1668697 2281433 3411589 12923991 6416106 6507885 12695 7232 19098 19899 24591 83515 2268 1208 329 3805 13011311 0.50020 0.51170 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 112746 112746 112746 112746 114739 251 2244 112746 114243 496 114739 113878 365 114243 1.00000 0 0 115000 115000 1540427 128856 1411571 22684 5559 17125 198641 165633 33008 10000 4333 5667 1582371 CAPITAL LEASE PAYABLE 6461 6461 3434611 0 3434611 -16119 -16119 3418492 1966780 16119 16119 1950661 0 1950661 PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES SCHEDULE D, PART XI, LINE 4B RENTAL EXPENSE OF $16,119 IS REPORTED NET OF RENTAL REVENUE ON THE 990, AND INCLUDED AS EXPENSE ON THE FINANCIAL STATEMENTS. SCHEDULE D, PART XII, LINE 4B RENTAL EXPENSE OF $18,381 IS REPORTED NET OF RENTAL REVENUE ON THE 990, AND INCLUDED AS EXPENSE ON THE FINANCIAL STATEMENTS. 0 0 0 0 0 0 0 0 0 TERRY ANDERSON SENIOR FELLOW; PAST PRESIDENT 171702 0 0 0 0 0 8585 0 0 0 180287 0 0 0 FORM 990, PART III, LINE 4A RESEARCH CONFERENCES AND COLLOQUIA: PERC HOSTED SEVERAL MULTI-DAY CONFERENCES THIS YEAR FOCUSING ON HOW PROPERTY RIGHTS AND MARKETS FOSTER ENVIRONMENTAL QUALITY, ECONOMIC PROSPERITY, AND FREEDOM. THE THREE SEARLE WORKSHOPS FOCUSED SPECIFICALLY ON THE RELATIONSHIP BETWEEN ENVIRONMENTAL QUALITY AND PUBLIC HEALTH, THE FUTURE OF NATIONAL PARKS ON THEIR 100TH ANNIVERSARY (IN 2016), AND THE INTERFACE OF SCIENCE, ECONOMICS, AND POLITICS IN FOREST FIRE POLICY. THE SIX CO-SPONSORED LIBERTY FUND COLLOQUIA COVERED A WIDE VARIETY OF TOPICS, FROM MARKETS FOR ECOSYSTEM SERVICES TO ENVIRONMENTAL ENTREPRENEURSHIP IN THE DEVELOPING WORLD, WITH EACH FACILITATING PRODUCTIVE DISCUSSIONS AMONG SCHOLARS, PRACTITIONERS, AND STUDENTS. THE TWO WORKSHOPS WITH THE LAW AND ECONOMICS CENTER WERE FOCUSED PARTICULARLY ON JUDGES AND LAW PROFESSORS IN ENVIRONMENTAL LAW. LASTLY, THE LONE MOUNTAIN FORUM CONSISTED OF TWO SEPARATE COMPONENTS: ONE HELD IN PARTNERSHIP WITH THE LAW AND ECONOMICS CENTER AT GEORGE MASON UNIVERSITY WHICH FOCUSED ON AUSTRIAN ECONOMICS, LAW, AND ECOLOGY, AND THE SECOND EXPLORED THE POLICY RELEVANCE OF THE FORTHCOMING BOOK: FREE MARKET ENVIRONMENTALISM FOR THE NEXT GENERATION. BOOKS: CAMBRIDGE UNIVERSITY PRESS PUBLISHED ENVIRONMENTAL MARKETS: A PROPERTY RIGHTS APPROACH WRITTEN BY PERC SCHOLARS. THE TEXTBOOK PROVIDES A FRAMEWORK FOR THINKING ABOUT HOW PRIVATE PROPERTY RIGHTS AND MARKET EXCHANGE CAN FOSTER ENVIRONMENTAL STEWARDSHIP AND ECONOMIC GROWTH. ENERGY DEVELOPMENT AND ENVIRONMENTAL QUALITY: OUR RESEARCH ON THE POTENTIAL FOR ENERGY DEVELOPMENT ON INDIAN RESERVATIONS HAS BEEN RECOGNIZED BY TRIBAL LEADERS AND WE WILL CONTINUE DOING WORK IN THIS AREA. IN ADDITION, WE PUBLISHED THREE ARTICLES IN HOOVER'S DEFINING IDEAS JOURNAL EXPLAINING THE ENVIRONMENTAL ISSUES ASSOCIATED WITH FRACKING AND MARKET-BASED POLICY SOLUTIONS TO THE PROBLEMS. THE WEALTH OF INDIAN NATIONS: PERC SCHOLARS PRESENTED RESEARCH ON THIS TOPIC AT CONFERENCES, WRIOTE AND RELEASED A PERC POLICY SERIES, PUBLISHED OP-EDS IN NATIONAL AND LOCAL NEWSPAPERS, DRAFTED CHAPTERS FOR A DOWNLOADABLE TEXTBOOK BUILDING A COMPETITIVE FIRST NATION INVESTMENT CLIMATE IN PARTNERSHIP WITH THE TULO CENTER FOR INDIGENOUS ECONOMICS, AND IN GENERAL, MADE POLICY MAKERS AND INDIAN LEADERS MORE AWARE OF HOW PROPERTY RIGHTS AND MARKETS CAN INCREASE ECONOMIC AND ENVIRONMENTAL RETURNS FOR INDIGENOUS PEOPLE. PRIVATE CONSERVATION IN THE PUBLIC INTEREST: THIS RESEARCH PROJECT EXAMINES HOW PRIVATE LAND MANAGEMENT CAN ENHANCE ENVIRONMENTAL AMENITIES SUCH AS FISH AND WILDLIFE HABITAT, WATER QUALITY, OPEN SPACE, AND BIO-DIVERSITY. THE PURPOSE OF THIS RESEARCH IS TO UNDERSTAND HOW PRIVATE SELF-INTEREST CAN ADVANCE THE PUBLIC INTEREST IN ENVIRONMENTAL RESOURCES, THE THEORY BEING THAT WELL-DEFINED, SECURE, AND TRANSFERABLE PRIVATE PROPERTY RIGHTS ARE ABSOLUTELY ESSENTIAL. PERC SCHOLARS HAVE BEGUN RESEARCHING AND DRAFTING CASE STUDIES OF PRIVATE STREAM RESTORATION AND PUBLIC ACCESS IN MONTANA AND ENDANGERED SPECIES CONSERVATION IN TEXAS. ECONOMICS OF ENVIRONMENTAL ISSUES: THE MANUSCRIPT EXPLORES A WIDE RANGE OF CURRENT AND CONTROVERSIAL ENVIRONMENTAL TOPICS-FROM GENETICALLY MODIFIED FOODS TO WILDLIFE POLICY AND HAZARDOUS WASTES-AND RELIES ON SCIENTIFIC FACTS AND WRY WRITING TO DISPEL COMMONLY HELD MISPERCEPTIONS ABOUT ENVIRONMENTAL RESOURCES. AS A NON-ACADEMIC TEXT, THE INTENDED AUDIENCE INCLUDES LAY READERS, JOURNALISTS, AND STUDENTS. FELLOWSHIPS: PERC'S IN-HOUSE RESEARCH INITIATIVES ARE AUGMENTED BY VISITING SCHOLARS FROM UNIVERSITIES AND ORGANIZATIONS AROUND THE WORLD. EACH VISITING SCHOLAR PRESENTS A PAPER AND GIES AN ACADEMIC WORKSHOP ON THEIR RESPECTIVE RESEARCH TOPICS. FELLOWSHIPS OFFER A UNIQUE OPPORTUNITY FOR VISITORS TO ADVANCE THEIR UNDERSTANDING OF THE ROLE OF MARKETS AND PROPERTY RIGHTS IN PROTECTING AND ENHANCING ENVIRONMENTAL RESOURCES. THIS YEAR, WE HAD FOUR GRADUATE FELLOWS, THREE JULIAN SIMONS FELLOWS, AND FOURTEEN LONE MOUNTAIN FELLOWS. FORM 990, PART III, LINE 4B OUTREACH PUBLICATIONS: PERC CONTINUES TO PRODUCE IMPACTFUL PUBLICATIONS THAT CATCH THE ATTENTION OF DIVERSE AUDIENCES AND SUCCINCTLY CONVEY THE MESSAGE OF FREE MARKET ENVIRONMENTALISM. THIS YEAR WE RELEASED OUR FIRST POLICY PERSPECTIVE, TITLED "UNLOCKING THE WEALTH OF INDIAN NATIONS," RECEIVED CONSIDERABLE ATTENTION ACROSS A VARIETY OF AUDIENCES, SUCH AS ENTREPRENEURS AND POLICY MAKERS AS WELL AS ON SOCIAL MEDIA AND THE PRESS. THE REPORT LED TO AN INVITATION FROM THE U.S. GOVERNMENT ACCOUNTABILITY OFFICE TO ADVISE THEIR STAFF ON HOW THE FEDERAL GOVERNMENT CAN ALLEVIATE BURDENSOME REGULATIONS ON TRIBAL ENERGY DEVELOPMENT. PERC'S MAGAZINE, PERC REPORTS, CONTINUES TO GENERATE BUZZ ABOUT OUR RESEARCH AND PROGRAMMING. WITH A CIRCULATION OF MORE THAN 8,000 PRINT SUBSCRIBERS AND MORE THAN 5,000 ONLINE SUBSCRIBERS, PERC REPORTS HAS BECOME THE GO-TO MAGAZINE FOR FREE MARKET ENVIRONMENTALISM. ARTICLES AND OP-EDS: PERC GROWS ITS AUDIENCE BY PUBLISHING ARTICLES AND OP-EDS IN POPULAR MEDIA OUTLETS ACROSS THE COUNTRY. PERC HAS MAINTAINED AN IMPRESSIVE PACE OF OP-EDS THIS YEAR IN THE WALL STREET JOURNAL, PLACING SIX ARTICLES IN 2014 DISCUSSING HIGH-PROFILE ISSUES SUCH AS THE KEYSTONE XL PIPELINE, THE RANGE WAR OVER GRAZING RIGHTS, AND WESTERN WILDFIRES, AND HAVE DEMONSTRATED HOW FREE MARKET ENVIRONMENTALISM APPLIES TO ISSUES AT THE FOREFRONT OF NATIONAL DEBATE. THIS YEAR, PERC'S ARTICLES AND OP-EDS HAVE ALSO APPEARED IN THE WASHINGTON EXAMINER, WASHINGTON POST, NYTIMES.COM, REASON, NATIONAL REVIEW, THE HILL, FORBES, AND DOZENS OF PRINT NEWSPAPERS ACROSS THE COUNTRY. VIDEOS: IN THIS AGE OF YOUTUBE AND SOCIAL MEDIA, PERC RECOGNIZES THE IMPORTANCE OF USING THESE NEW MEDIA TOOLS TO SHARE OUR MESSAGE. IN 2014, PERC CONTINUED TO CREATE SHORT AND ACCESSIBLE VIDEOS THAT CAN EASILY BE SHARED THROUGH THESE CHANNELS. PERC PARTNERED WITH LEARN LIBERTY TO PRODUCE SEVERAL VIDEOS FEATURING PERC SCHOLARS WHICH WERE TARGETED AT YOUNGER AUDIENCES. TOGETHER WITH LEARN LIBERTY, VIDEOS HAVE BEEN RELEASED ON TOPICS SUCH AS RECYCLING, COMMON LAW, ENDANGERED SPECIES, AND FEDERAL LAND MANAGEMENT. THESE VIDEOS ARE DESIGNED TO TEACH FREE MARKET PRINCIPLES TO LARGE AUDIENCES, AND INDEED THEY HAVE, AS THE VIDEOS PERC CO-PRODUCED HAVE RECEIVED MORE THAN 70,000 VIEWS IN 2014. SOCIAL MEDIA: THROUGH SOCIAL MEDIA PLATFORMS SUCH AS FACEBOOK AND TWITTER, PERC CONNECTS WITH TENS OF THOUSANDS OF ONLINE USERS. PERC USES SOCIAL MEDIA TO TARGET AND DEVELOP RELATIONSHIPS WITH JOURNALISTS AND INFLUENTIAL PUBLIC OPINION LEADERS. BY ACTIVELY TARGETING KEY VOICES, PERC'S RESEARCH AND ARTICLES WERE FEATURED IN THE WASHINGTON POST, NEW YORK TIMES AND THE FLINT REPORT. RADIO AND TELEVISION: PERC MADE CONSIDERABLE PROGRESS DEVELOPING AND MAINTAINING RELATIONSHIPS WITH KEY PLAYERS IN THE MAINSTREAM PRESS, INCLUDING RADIO AND TELEVISION. AS A RESULT, PERC'S EXPOSURE IN THESE AREAS HAS GROWN SIGNIFICANTLY IN RECENT YEARS. PERC SCHOLARS APPEARED ON THE JOHN BATCHELOR SHOW (NATIONALLY SYNDICATED), THE JASON LEWIS SHOW (NATIONALLY SYNDICATED), THE FRANK BECKMANN SHOW (DETROIT), THE ETHAN BEARMAN SHOW (SAN FRANCISCO AND BAY AREA), VOICES OF MONTANA, CBC MORNING EDITION (CANADA), AND ECONTALK (AWARD-WINNING PODCAST). PERC SCHOLARS HAVE ALSO EARNED SEVERAL TELEVISION APPEARANCES TO DATE ON FOX BUSINESS NEWS. FORM 990, PART III, LINE 4C APPLIED PROGRAMS ENVIROPRENEUR INSTITUTE: WE SELECTED 15 FELLOWS FOR THE 2014 ENVIROPRENEUR INSTITUTE. ONE OF THE HIGHEST VALUES OF THE ENVIROPRENEUR INSTITUTE IS THE CAPACITY OF ITS ALUMNI TO DEMONSTRATE THE PRACTICAL RELEVANCE OF FREE MARKET ENVIRONMENTALISM BY LAUNCHING SUCCESSFUL CONSERVATION BUSINESSES AND MARKET-BASED POLICY INITIATIVES. ON THE TESTABLE BELIEF THAT IT IS EASIER TO EXPOSE ENTREPRENEURS TO ENVIRONMENTAL OPPORTUNITIES THAN TO TEACH ENVIRONMENTALISTS TO THINK ENTREPRENEURIALLY, WE REVISED OUR MARKETING AND RECRUITING EFFORTS THIS YEAR TO TARGET MORE ENTREPRENEURS, BUSINESS SCHOOL GRADUATES, AND POLICY INNOVATORS. WE HAVE ALSO REVISED THE CURRICULUM TO EMPHASIZE ENVIROPRENEUR SUCCESS STORIES AND BUSINESS PLAN DEVELOPMENT. CALIFORNIA WATER MARKETS: WRAPPING UP A THREE-YEAR GRANT FROM THE S. D. BECTHEL, JR. FOUNDATION, IN EARLY 2015 PERC WILL COMPLETE A FINAL REPORT, TWO PERC CASE STUDIES, AND A VIDEO, ALL PROMOTING WATER MARKETS AS THE POLICY SOLUTION FOR CALIFORNIA'S WORSENING DROUGHT AND WATER CONFLICTS. THE REPORT WILL SUMMARIZE KEY FINDINGS FROM THE FIRST AND SECOND YEAR WORKSHOPS DURING WHICH WATER USERS AND POLICY EXPERTS IDENTIFIED INSTITUTIONAL BARRIERS AND OPPORTUNITIES FOR EXPANDING CALIFORNIA'S WATER MARKETS. THE REPORT WILL ALSO SUMMARIZE THE EXTENSIVE FEEDBACK GATHERED USING AN ONLINE SURVEY ON PARTICULAR POLICY REFORMS FROM A MUCH LARGER GROUP OF WATER USERS AND MANAGERS. AMICI BRIEFS: AN AMICUS BRIEF IS A DOCUMENT PREPARED BY A NON-LITIGANT TO HELP A COURT RESOLVE A CASE. AN EFFECTIVE AMICUS BRIEF PROVIDES A COURT WITH A PERSPECTIVE NOT OFFERED BY THE LITIGANTS, OFTEN ADDRESSING BROADER POLICY ISSUES THAN THOSE RAISED BY THE LITIGANTS THEMSELVES. IN 2013, PERC FILED AMICI BRIEFS IN TWO CASES, ONE INVOLVING PUBLIC STREAM ACCESS ACROSS PRIVATE LAND IN MONTANA AND THE OTHER INVOLVING THE PRESERVATION OF COMMON LAW NUISANCE AND TRESPASS REMEDIES IN IOWA. BOTH CASES WERE DECIDED IN 2014, WITH THE PROPERTY OWNERS WINNING IN IOWA AND LOSING IN MONTANA. BOTH FILINGS GENERATED SIGNIFICANT MEDIA COVERAGE FOR PERC AND THE IOWA COURT REFERENCED OUR BRIEF IN THEIR DECISION. NATURAL RESOURCE CONTRACTING MANUAL FOR TRIBAL ORGANIZATIONS: AS PART OF THE GRANT TO EXPLORE NATURAL RESOURCE MANAGEMENT ON TRIBAL LANDS, WE DRAFTED A MANUAL FOR CONTRACTING WITH TRIBAL ORGANIZATIONS FOR CONSERVATION OUTPUTS. BY IDENTIFYING OPPORTUNITIES AND INSTITUTIONAL BARRIERS TO CONSERVATION DEALS, THE MANUAL WILL BE USEFUL TO TRIBES AS CONSERVATION PRODUCERS AND TO NON-TRIBAL ENTITIES AS CONSERVATION CONSUMERS. THE MANUAL TAKES PERC'S RESEARCH FROM ACADEMIC TO APPLICABLE AND CONTAINS CHAPTERS ON WATER, WILDLIFE, AND ENERGY RESOURCES, WITH EACH CHAPTER EXPLORING CASE STUDIES OF SUCCESS AND MISSED OPPORTUNITY. THE MANUAL WILL BE DISTRIBUTED TO TRIBAL ORGANIZATIONS AND CONSERVATION BUYERS. FORM 990, PART VI, SECTION A, LINE 2 THE ORGANIZATION'S PRESIDENT AND SECRETARY ARE MARRIED. FORM 990, PART VI, SECTION B, LINE 11 A DRAFT COPY OF THE FORM 990 IS APPROVED BY THE FINANCE COMMITTEE PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ESTABLISHED A GRIEVANCE COMMITTEE TO ESTABLISH A CORRIDOR AND ACCESS FOR PERC EMPLOYEES TO THE BOARD OF DIRECTORS SHOULD ANY CONFLICTS OF INTEREST ARISE. THE GRIEVANCE COMMITTEE CONSISTS OF ONE PERC EMPLOYEE AND 2 PERC DIRECTORS. THESE INDIVIDUALS REPORT TO THE ENTIRE BOARD AT EACH BOARD MEETING (TWICE PER YEAR). TO DATE, THIS COMMITTEE HAS HAD NOTHING TO REPORT. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMPENSATION IS REVIEWED AND ESTABLISHED ON AN ANNUAL BASIS. A NUMBER OF PERC DIRECTORS SIT ON OTHER NATIONAL NONPROFIT BOARDS AND HAVE AN ACCURATE ASSESSMENT OF CEO PAY FOR NONPROFIT LEADERS WHO HAVE SENIOR SCHOLARSHIP STATUS. THE CEO'S ANNUAL PERFORMANCE IS REVIEWED BY THE BOARD AT THE WINTER BOARD MEETING AND ANY MERIT PAY APPROVED TIES DIRECTLY TO THE PERCENTAGE GIVEN TO THE PERC STAFF AT THEIR ANNUAL YEAR-END MERIT REVIEW. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST, THESE DOCUMENTS ARE AVAILABLE FOR PUBLIC INSPECTION. FORM 990, PART IX, LINE 11G HONORARIA: PROGRAM SERVICE EXPENSES 283,930. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 283,930. RESEARCH AND FELLOWSHIPS: PROGRAM SERVICE EXPENSES 158,751. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 158,751. CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 4,550. MANAGEMENT AND GENERAL EXPENSES 2,700. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 7,250. FORM 990, PART XI, LINE 2C THE OVERSIGHT PROCESS FOR THE AUDIT OF THE FINANCIAL STATEMENTS HAS NOT CHANGED FROM THE PRIOR YEAR.