2015-05-13T14:39:27-05:00 2014-06-30 KPMG LLP 1676 International Drive Mclean VA 22102 990 2013-07-01 520591421 ST JOHN'S COLLEGE % J SMOLSKIS AND B VALENTINE STJO 4102632371 60 COLLEGE AVENUE Suite ANNAPOLIS MD 21401 JOSEPH SMOLSKIS TREASURER 4106262514 2015-05-13 true WHITNEY E BLAIR P01226647 4106262514 2013 2016-02-25 16:41:14Z CHRISTOPHER NELSON 60 COLLEGE AVENUE ANNAPOLIS MD 21401 110522975 false X www.sjc.edu X 1784 MD TO PROVIDE POST-SECONDARY EDUCATION. 38 34 1003 150 516227 5300 19137442 21591852 48627174 48942015 4755908 12684839 37356 11669 72557880 83230375 18739329 20318957 0 0 31829260 30736915 0 0 2864591 18573563 20692069 69142152 71747941 3415728 11482434 241718703 261838294 50749301 54760820 190969402 207077474 X ST JOHN'S COLLEGE IS A COMMUNITY DEDICATED TO LIBERAL EDUCATION. SUCH EDUCATION SEEKS TO FREE MEN AND WOMEN FROM THE TYRANNIES OF UNEXAMINED OPINIONS AND INHERITED PREJUDICES. IT ALSO ENDEAVORS TO ENABLE THEM TO MAKE INTELLIGENT, FREE CHOICES CONCERNING THE ENDS AND MEANS OF BOTH PUBLIC AND PRIVATE LIFE. AT ST JOHN'S, FREEDOM IS PURSUED MAINLY THROUGH THOUGHTFUL CONVERSATION ABOUT GREAT BOOKS OF THE WESTERN TRADITION. THE BOOKS THAT ARE AT THE HEART OF LEARNING AT ST JOHN'S STAND AMONG THE ORIGINAL SOURCES OF OUR INTELLECTUAL TRADITION. THEY ARE TIMELESS AND TIMELY; THEY NOT ONLY ILLUMINATE THE PERSISTING QUESTIONS OF HUMAN EXISTENCE, BUT ALSO HAVE GREAT RELEVANCE TO CONTEMPORARY PROBLEMS. THEY CHANGE OUR MINDS, MOVE OUR HEARTS, AND TOUCH OUR SPIRITS. false false 59226570 20318957 48435386 GRADUATE & UNDERGRADUATE COURSE OF STUDY FOR APPROXIMATELY 910 STUDENTS. 59226570 true true false false false false false true false true true true false false true true true true true false true false true false true false false false true true true false false false false false true true false false false true false false false false true false false false true 1476 0 true 1003 true true true true CJ false false false false false false false false X 38 34 false false false false false false false true true false false false true true true true true true true false MD NM X J SMOLSKIS AND B VALENTINE 4106262514 60 COLLEGE AVENUE ANNAPOLIS MD 21401 Joanne Aitken Member 1.0 0.0 X 0 0 0 Pamela Saunders Albin Member 1.0 0.0 X 0 0 0 Elizabeth A Bassan Member 1.0 0.0 X 0 0 0 Robert Bienenfeld Secretary 1.0 0.0 X X 0 0 0 Sharon Bishop Member 1.0 0.0 X 0 0 0 Steven J Bohlin Member 1.0 0.0 X 0 0 0 Claiborne B Booker Member 1.0 0.0 X 0 0 0 Jana H Carey Member 1.0 0.0 X 0 0 0 Phelosha Collaros Ex Officio 1.0 0.0 X 0 0 0 R Weston Donehower Member 1.0 0.0 X 0 0 0 Jerome P Downey Member 1.0 0.0 X 0 0 0 Michele Farquhar Member 1.0 0.0 X 0 0 0 Stephen L Feinberg Member 1.0 0.0 X 0 0 0 Ronald Fielding Member 1.0 0.0 X 0 0 0 Stephen Forman Member 1.0 0.0 X 0 0 0 Erwin L Greenberg Member 1.0 0.0 X 0 0 0 Stewart Greenfield Member 1.0 0.0 X 0 0 0 Richard Groenendyke Member 1.0 0.0 X 0 0 0 Joan Haratani Member 1.0 0.0 X 0 0 0 Harold Hughes Member 1.0 0.0 X 0 0 0 Pamela Kraus Dean - ANNAPOLIS 35.0 0.0 X X 149167 0 31050 Thomas Krause Member 1.0 0.0 X 0 0 0 Perry Lerner Chair 1.0 0.0 X X 0 0 0 Austin Ligon Member 1.0 0.0 X 0 0 0 Susana Martinez Ex Officio 1.0 0.0 X 0 0 0 Robert Mass Member 1.0 0.0 X 0 0 0 Douglas K Mayer Member 1.0 0.0 X 0 0 0 Christopher Nelson PRESIDENT - ANNAPOLIS 35.0 0.0 X X 295614 0 178614 Martin O'Malley EX OFFICIO 1.0 0.0 X X 0 0 0 Michael Peters President - Santa Fe 35.0 0.0 X X 257018 0 90502 JAMES H POLK Member 1.0 0.0 X 0 0 0 Theodore C Rogers Vice Chair 1.0 0.0 X 0 0 0 Warren Spector Member 1.0 0.0 X 0 0 0 Walter Sterling Dean - Santa Fe 35.0 0.0 X X 146070 0 34096 Jill Cooper Udall Member 1.0 0.0 X 0 0 0 Michael Uremovich Member 1.0 0.0 X 0 0 0 Leslie Jump Walker Member 1.0 0.0 X 0 0 0 Delores Wolf Member 1.0 0.0 X 0 0 0 Fred Billups Interim Treasurer - Annapolis 35.0 0.0 X 42167 0 21413 Barbara Goyette Vice President - Annapolis 35.0 0.0 X 151211 0 34491 Bronte Jones Treasurer - Annapolis 35.0 0.0 X 110849 0 22622 Victoria Mora Vice President - Santa Fe 35.0 0.0 X 138073 0 42783 Bryan Valentine Treasurer - Santa Fe 35.0 0.0 X 143233 0 28570 David Carl Director of G.I. 35.0 0.0 X 129589 0 28145 Sarah Morse Director of Admissions 35.0 0.0 X 116768 0 36094 John Verdi Tutor 35.0 0.0 X 118992 0 53137 David Townsend Tutor 35.0 0.0 X 120181 0 36261 Jeff Black Director of Grad Institute 35.0 0.0 X 113533 0 35340 2032465 0 673118 13 false true false Bon Appetit B File782783 POBox 417632 Boston MA 022417632 Food Service 2073502 ARAMARK 1160 Camino Cruz Blanca Santa Fe MN 87505 Food Service 1492015 Sodexo Inc Affilates PO Box 536922 Atlanta GA 30353 Maintainence 1229920 Siegelvision 9 East 40th St New York NY 10016 Consltg/Prof Srvs 444420 Enrollment Intelligence PO Box 114 Roanoke VA 21202 Consltg/Prof Srvs 252754 19 45566 2285559 19260727 1867860 21591852 TUITION FEES 611600 39190133 39190133 Room & Board fees 611710 6746711 6746711 Auxiliary Enterprises 611710 1418872 912243 506629 Other program service revenue 611710 1586299 1586299 48942015 1544328 9598 1534730 0 0 0 0 0 38382475 27241964 11140511 11140511 11140511 62305 45566 50636 11669 11669 0 0 0 83230375 48435386 516227 12686910 0 0 16638684 16638684 3680273 3680273 0 1763908 363739 1037037 363132 0 20920468 16837543 2688853 1394072 1867475 1727631 108883 30961 4623952 3237286 1143838 242828 1561112 1205366 246597 109149 0 129894 129894 153492 153492 0 0 115840 115840 2049124 1378142 608615 62367 669947 453277 75986 140684 2447113 1409303 799321 238489 433384 116800 284072 32512 0 1446041 1446041 403090 232259 81943 88888 0 158617 146950 11667 1511740 1284192 227548 0 3324382 1997862 1306008 20512 402399 3524 398875 AUXILIARY ENTERPRISES 2685409 2685409 STUDENT ACTIVITIES 1459467 1340640 34845 83982 BAD DEBT EXPENSE 350986 209797 141189 COST OF SALES 425592 425592 2525552 2406260 62277 57015 71747941 59226570 9656780 2864591 4122804 6233416 5063850 2011897 7584958 11768820 1346619 1139394 125387 126741 0 0 6029421 5794536 472898 434306 951981 799332 140102035 62407406 80102105 77694629 3312704 8849795 129188796 143040286 0 0 0 0 3417180 3945142 241718703 261838294 26031669 27943155 1416209 1421920 2177316 2523739 19311303 21100971 0 0 0 0 81437 38948 0 0 1731367 1732087 50749301 54760820 X 42735292 39611529 46777608 55317034 101456502 112148911 190969402 207077474 241718703 261838294 X 11482434 4324625 301013 X X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X RARE AND OLD LIBRARY BOOKS false 133402108 8241514 16527771 2931189 4288246 150951958 124887763 2783231 13182146 2913354 4537678 133402108 129941910 3669718 296988 3766298 5254555 124887763 114498800 4331083 19218072 3098672 5007373 129941910 104269100 2946192 14302735 2699391 4319836 114498800 0.05400 0.67800 0.26800 true false 4879087 4879087 120577189 51043246 69533943 0 0 0 9315251 8282076 1033175 5330508 3082084 2248424 77694629 CASH AND CASH EQUIVALENTS 4059370 F TOTAL RETURN FUNDS 88159264 F HEDGE FUNDS 39500271 F PRIVATE EQUITY FUNDS 9179415 F FOUNDATIONS, TRUSTS, AND OTHER 2141966 F 143040286 0 UNAMORTIZED BOND PREMIUM 187514 ASSET RETIREMENT OBLIGATIONS 1544573 1732087 X 66754354 4324625 -20318957 -15994332 82748686 481689 481689 83230375 50258176 50258176 21489765 21489765 71747941 PURPOSE OF COLLECTIONS Part III, Line 4 SANTA FE - THE ARTWORK PLACED AROUND CAMPUS, AS WELL AS LIBRARY BOOK COLLECTION, FURTHER THE PURPOSE OF THE COLLEGE BY EXPOSING STUDENTS TO FINE WORKS OF ART, IN BOTH THE WRITTEN AND SCULPTED FORM THE EXCELLENCE AND DEPTH OF THOUGHT AND CREATIVITY EXPECTED OF OUR STUDENTS. ANNAPOLIS - THE COLLECTION IS AN ECLECTIC ASSEMBLAGE OF FINE AND DECORATIVE ART OBJECTS THAT HAVE BEEN GIVEN TO THE COLLEGE OVER THE YEARS. THIS COLLECTION RANGES FROM UNFRAMED REPRODUCTION POSTERS TO FINE CHINESE SILK PAINTING. MANY OF THESE OBJECTS ARE ON DISPLAY THROUGHOUT CAMPUS AND ENRICH CLASSROOM, COMMON, AND OFFICE SPACES. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS Part V, Line 4 THE COLLEGE INTENDS TO USE THE ENDOWMENT FUNDS TO SUPPLEMENT THE ANNUAL OPERATIONS OF THE COLLEGE AS WELL AS FULFILL DONOR RESTRICTIONS PLACED ON ENDOWMENTS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48 Part X, Line 2 THE COLLEGE FOLLOWS THE GUIDANCE OF ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR THE RECOGNITION AND MEASUREMENT OF THE BENEFITS OF INDIVIDUAL TAX POSITIONS IN THE FINANCIAL STATEMENTS, INCLUDING THOSE OF NON-PROFIT COLLEGES. TAX POSITIONS MUST MEET A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT IN ORDER FOR THE BENEFIT OF THOSE TAX POSITIONS TO BE RECOGNIZED IN THE COLLEGES FINANCIAL STATEMENTS. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE AND HAS CONCLUDED THAT AS OF JUNE 30, 2014, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OR DISCLOSURE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE COLLEGE IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIOD IN PROGRESS. RECONCILIATION OF REVENUE Part XI, Line 2d FINANCIAL AID (20,318,957) Part XI, Line 4b INVESTMENT GAINS IN EXCESS OF ENDOWMENT DISTRIBUTION FOR OPERATIONS 481,689 RECONCILIATION OF EXPENSES Part XII, Line 4b FINANCIAL AID 20,318,957 CHANGES IN POST RETIREMENT BENEFITS 833,897 SABBATICAL LEAVE LIABILITY CHANGES 336,911 ----------- TOTAL 21,489,765 true true true true true true true false false false false false false false false true false true EXPLANATION OF NONDISCRIMNATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE STUDENT HANDBOOK DESCRIBES THIS POLICY; THIS HANDBOOK IS DISTRIBUTED TO STUDENTS AS PART OF THE REGISTRATION PROCESS. EXPLANATION OF GOVERNMENTAL FINANCIAL ASSISTANCE SCHEDULE E, Part I, Line 6a THE COLLEGE RECEIVES FUNDING FROM THE FOLLOWING SOURCES: PELL, COLLEGE WORK STUDY, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT, GUARANTEED STUDENT LOAN, THE STATE OF MARYLAND, AND THE STATE OF NEW MEXICO. ALL ASSISTANCE IS PROVIDED TO STUDENTS BASED ON FINANCIAL NEED. true Central America and the Caribbean Investments 4270000 North America Grantmaking 13546 South America Grantmaking 126680 Sub-Saharan Africa Grantmaking 1604128 Europe (Including Iceland and Greenland) Grantmaking 403194 Russia and the Newly Independent States Grantmaking 162300 East Asia and the Pacific Grantmaking 824843 Central America and the Caribbean Grantmaking 37800 South Asia Grantmaking 507782 7950273 7950273 31900 12000 25800 12000 37800 44500 40700 29000 25800 12000 29000 25800 12000 45800 41700 24000 5500 12000 37800 35000 29000 13000 35000 37800 35000 35000 27500 23000 36400 5500 12000 25800 12000 12000 42800 11500 6000 35000 33600 25800 12000 35000 13200 12000 23000 12000 9500 12000 42600 35000 37200 40000 5300 12000 12000 18800 11500 6000 32000 Scholarships & Assistance North America 1 13546 OTHER Scholarships & Assistance South America 4 126680 OTHER Scholarships & Assistance Sub-Saharan Africa 54 1604128 OTHER Scholarships & Assistance Europe (Including Iceland and Greenland) 10 403194 OTHER Scholarships & Assistance Russia and the Newly Independent States 4 162300 OTHER Scholarships & Assistance East Asia and the Pacific 28 824843 OTHER Scholarships & Assistance Central America and the Caribbean 1 37800 OTHER Scholarships & Assistance South Asia 12 507782 OTHER true false false false false false PROCEDURE FOR MONITORING GRANTS TO INTERNATIONAL STUDENTS SCHEDULE F, PART I, LINE 2 THE COLLEGE MONITORS THE USE OF GRANT FUNDS TO INTERNATIONAL STUDENTS IN THE FINANCIAL AID OFFICE. PERSONNEL REVIEW STUDENT NEED ON A YEARLY BASIS AND AWARD GRANTS BASED ON NEED AND ELIGIBILITY. In Vino Veritas 54671 24456 30215 13493 11686 Mitchell Gall 53201 21111 32090 3854 21604 0 107872 45567 62305 17347 33290 50637 11668 true MD State Scholarship 26 77900 Cost Supplemental Educational Opportunity Grants 202 285295 Cost Federal Pell Grant Program 243 1036220 Cost SJC Grants (Undergraduate) 670 14100182 Cost SJC Endowed GI Grants 21 165000 Cost SJC Grants (Graduates) 129 969068 Cost New Mexico Grants 5 5019 Cost PROCEDURE FOR MONITORING GRANTS IN THE US SCHEDULE I, PART I, LINE 2 THE COLLEGE MONITORS THE USE OF GRANT FUNDS IN THE FINANCIAL AID OFFICE. PERSONNEL REVIEW STUDENT NEED ON A YEARLY BASIS AND AWARD GRANTS BASED ON NEED AND ELIGIBILITY. X X true true X X X X false false false false false false false false false Pamela Kraus Dean - ANNAPOLIS 149167 0 0 0 0 0 20138 0 10912 0 180217 0 0 0 Christopher Nelson PRESIDENT - ANNAPOLIS 280000 0 0 0 15614 0 30625 0 147989 0 474228 0 0 0 Michael Peters President - Santa Fe 256824 0 0 0 194 0 26000 0 64502 0 347520 0 0 0 Walter Sterling Dean - Santa Fe 146070 0 0 0 0 0 15513 0 18583 0 180166 0 0 0 Barbara Goyette Vice President - Annapolis 144000 0 0 0 7211 0 18000 0 16491 0 185702 0 0 0 Victoria Mora Vice President - Santa Fe 138073 0 0 0 0 0 16875 0 25908 0 180856 0 0 0 Bryan Valentine Treasurer - Santa Fe 143233 0 0 0 0 0 19686 0 8884 0 171803 0 0 0 David Carl Director of G.I. 129589 0 0 0 0 0 14157 0 13988 0 157734 0 0 0 Sarah Morse Director of Admissions 116438 0 0 0 330 0 13310 0 22784 0 152862 0 0 0 John Verdi Tutor 100550 0 0 0 18442 0 13574 0 39563 0 172129 0 0 0 David Townsend Tutor 98616 0 0 0 21565 0 13313 0 22948 0 156442 0 0 0 HOUSING ALLOWANCE AND PERSONAL SERVICES Part I, Line 1a THE PRESIDENTS OF THE ANNAPOLIS (CHRISTOPHER NELSON) AND SANTA FE CAMPUS (MICHAEL PETERS) ARE PROVIDED WITH HOUSING FOR THE CONVENIENCE OF THE COLLEGE AND IS A CONDITION OF EMPLOYMENT (PER EMPLOYMENT CONTRACT) THAT THE PRESIDENT RESIDE IN THE HOUSE PROVIDED. THE PRESIDENTS' HOMES ARE USED FOR MANY COLLEGE ACTIVITIES INCLUDING HOSTING EVENTS FOR STUDENTS, FACULTY, AND COLLEGE SUPPORTERS. THE CALCULATED NONTAXABLE BENEFIT RECEIVED BY EACH PRESIDENT FOR THE PERSONAL USE OF THE HOUSING AMOUNTED TO $127,785 AND $39,899 FOR ANNAPOLIS AND SANTA FE, RESPECTIVELY. IN ADDITION, PERSONAL SERVICES SUCH AS LANDSCAPER AND MAIDS ARE PROVIDED TO MAINTAIN THE UPKEEP ON THE RESIDENCE. A CITY OF ANNAPOLIS MARYLAND SERIES A 526000764 035779CN5 2007-06-08 4755000 DEFEASE PORTION-PRIOR BONDS false false B CITY OF ANNAPOLIS MARYLAND SERIES B 526000764 035779CN5 2007-06-08 8690000 DEFEASE PORTION OF PRIOR BONDS; P false false C CITY OF SANTA FE NEW MEXICO SERIES 2011 856000168 999999999 2011-07-21 8310000 CONSTRUCTION OF NEW DORMITORY FAC false false A 4817240 309750 0 0 91980 0 0 0 0 0 0 0 2008 false false true true B 8872343 698250 0 0 164615 3473744 4583635 0 0 0 0 0 2009 false false true true C 0 0 4865854 442672 0 0 251721 0 0 4614133 0 0 2012 false false false true A false false false false 0 false false false true B false false false false 0 false false false true C false false false false 0 false false false true A false false false true false false 0 false 0 false true B false false false true false false 0 false 0 false true C false true false true false false 0 false 0 false true A false B false C false SCHEDULE K, PART I (A) ISSUER NAME: CITY OF ANNAPOLIS, MARYLAND SERIES A (F) DESCRIPTION OF PURPOSE: DEFEASE PORTION OF PRIOR BONDS; PROVIDE FUNDS FOR NEW HEATING SYSTEM (A) ISSUER NAME: CITY OF ANNAPOLIS, MARYLAND SERIES B (F) DESCRIPTION OF PURPOSE: DEFEASE PORTION OF PRIOR BONDS; PROVIDE FUNDS FOR NEW HEATING SYSTEM (A) ISSUER NAME: CITY OF SANTA FE, NEW MEXICO SERIES 2011 (F) DESCRIPTION OF PURPOSE: CONSTRUCTION OF NEW DORMITORY FACILITIES ON THE SANTA FE, NEW MEXICO CAMPUS SCHEDULE K, PART IV, LINE 2C THE REBATE COMPUTATION FOR THE BONDS WAS PERFORMED ON THE FOLLOWING DATES: CITY OF ANNAPOLIS MARYLAND SERIES A: 6/07/2013 CITY OF ANNAPOLIS MARYLAND SERIES B: 6/07/2013 CITY OF SANTA FE NEW MEXICO SERIES 2011: 7/31/2013 Bronte Jones OFFICER HOME LOAN X 150000 126741 false true true 126741 VICTORIA MORA OFFICER 13621 GRANT DEPENDENT TUITION X 26 1867860 Avg of high/low 0 false true false REVIEW PROCESS FOR FORM 990 Form 990, Part VI, SECTION B, Line 11 A COPY OF THE COMPLETED FULL FORM 990 IS FURNISHED TO THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD. THE COMMITTEE WILL CONDUCT A REVIEW OF THE 990. UPON DISCUSSION AND REVIEW, THE COMMITTEE WILL MOTION AND APPROVE THE ACCEPTANCE OF THE FORM 990 AND POST A COPY OF THE COMPLETED 990 (EXCLUDING SCHEDULE B) ON A SECURE PORTAL FOR FULL BOARD REVIEW. THE AUDIT AND COMPLIANCE COMMITIEE WILL ALSO GRANT THE ANNAPOLIS CAMPUS TREASURER PERMISSION TO PROCEED WITH SIGNING AND FILING THE FORM 990. ENFORCEMENT OF CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS MONITORED AND COMPLIANCE IS ENFORCED THROUGH A YEARLY STATEMENT ALONG WITH THE COLLEGE'S POLICY BEING DISTRIBUTED TO ALL BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES FOR REVIEW AND SIGNATURE. THE SIGNED STATEMENTS ARE RETURNED TO THE PRESIDENT OF THE ANNAPOLIS CAMPUS FOR REVIEW AND FOLLOW-UP. ANY POTENTIAL CONFLICTS ARE DISCUSSED BETWEEN THE PARTIES AND A RESOLUTION IS MADE TO RESOLVE THE CONFLICT. EXECUTIVE COMPENSATION POLICIES FORM 990, PART VI, SECTION B, LINE 15 WITH RESPECT TO THE COMPENSATION OF THE DEANS, VICE PRESIDENTS AND TREASURERS, THE PRESIDENTS CONSULTED WITH AN INDEPENDENT CONSULTING FIRM WHICH SPECIALIZES IN PROVIDING EXECUTIVE COMPENSATION ADVICE TO COLLEGES AND UNIVERSITIES. ONE OF THE PRIMARY PURPOSES OF ENGAGING AN OUTSIDE FIRM WAS TO ASSURE COMPLIANCE WITH IRS REGULATORY REQUIREMENTS REGARDING THE REASONABLENESS OF EXECUTIVE COMPENSATION IN 501(c)(3) ORGANIZATIONS. THE EXECUTIVE COMMITTEE HAS ESTABLISHED WHAT IS KNOWN AS A REBUTTABLE PRESUMPTION OF THE REASONABLENESS OF COMPENSATION BY SATISFYING THREE REGULATORY REQUIREMENTS: (1) COMPENSATION RECOMMENDATIONS HAVE BEEN DEVELOPED BY AN INDEPENDENT COMMITTEE OF THE BOARD, (2) APPROPRIATE COMPARABILITY DATA HAS BEEN USED (PROVIDED BY THE CONSULTANT BASED ON ITS SURVEY), AND (3) THE PROCESS HAS BEEN ADEQUATELY DOCUMENTED THROUGH THE MINUTES OF THE EXECUTIVE COMMITTEE. THAT COMMITTEE CONSIDERS THE RECOMMENDATIONS OF THE PRESIDENTS RELATIVE TO THE VICE-PRESIDENTS AND TREASURERS, AND CONSIDERS THE PROJECTED FORMULA-BASED SALARIES OF THE DEANS, ALL IN LIGHT OF THE EXTERNAL COMPARISONS PROVIDED BY THE CONSULTANT. THE COMMITTEE ALSO CONSIDERS THE BENEFITS PROVIDED TO THE OFFICERS THAT MAKE UP A PART OF THE TOTAL COMPENSATION PACKAGE. THE EXECUTIVE COMMITTEE MAKES THE FINAL DECISIONS AS TO EACH INDIVIDUAL'S COMPENSATION. AS FOR THE RECOMMENDATIONS RELATIVE TO THE PRESIDENTS, THOSE SALARIES AND BENEFITS ARE REVIEWED BY THE EXECUTIVE COMMITTEE IN THE ABSENCE OF THE PRESIDENTS AND AFTER RECEIVING REPORTS FROM THE BOARD CHAIR CONCERNING THE PERFORMANCE OF THE PRESIDENTS UPON REVIEW BY THE PRESIDENTIAL REVIEW COMMITTEE. THE EXECUTIVE COMMITTEE REVIEWS THE SAME DATA AND COMPARISONS PROVIDED BY THE CONSULTANT FOR THE OTHER OFFICERS. THE EXECUTIVE COMMITTEE MAKES ITS RECOMMENDATION TO THE FULL BOARD, ACTING IN EXECUTIVE SESSION, WHICH ACTS AFTER GETTING THE FULL REPORT FROM THE COMMITTEE. AVAILABILITY OF GOVERNING DOCUMENTS FORM 990, PART VI, SECTION C, LINE 19 FORM 1023, FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. IN ADDITION, THE FORM 990 IS AVAILABLE ON GUIDESTAR AND THE CONFLICT OF INTEREST POLICY IS PUBLISHED ANNUALLY IN THE STAFF HANDBOOK. OTHER CHANGES IN NET ASSETS OR FUND BALANCES FORM 990, PART XI, LINE 9 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 782,702 INVESTMENT GAINS IN EXCESS OF ENDOWMENT DISTRIBUTION FOR OPERATIONS (481,689) ------------ Total 301,013 Charitable Remainder Unitrusts (3) Investment MD NA Trust false Charitable remainder Unitrusts (3) Investment NM NA Trust false