2015-05-06T14:29:08-05:00 2014-06-30 GRANT THORNTON LLP 101 CALIFORNIA STREET SUITE 2700 SAN FRANCISCO CA 94111 990 2013-07-01 941156566 Mills College % ROBERT P ALLISON MILL 5104302255 5000 MacArthur Blvd Suite Oakland CA 94613 Robert Allison Interim VP of Finance & Admin 5104302223 2015-04-24 true BETHANN LONDYNSKY P00847678 5104302223 2013 2016-02-25 16:41:14Z Alecia A DeCoudreaux 5000 MacArthur Blvd Oakland CA 94613 108424297 false X www.mills.edu X 1852 CA SEE ATTACHMENT 1 35 32 1588 464 171795 -96679 18705565 16192337 64118722 67123544 6601310 7680866 1243292 1419920 90668889 92416667 23075414 24698938 0 0 43662536 45201393 37250 27459 2591913 26545043 25200783 93320243 95128573 -2651354 -2711906 320289518 337220254 45701674 46454438 274587844 290765816 X Founded in 1852, Mills College (the "College") is an independent liberal arts college for women, with graduate programs for both women and men. The college provides education and training services for undergraduate women and graduate women and men, and performs training and other programs under grants, contracts, and similar agreements with its sponsors, primarily departments and agencies of the United States government, and private donors. The College educates its students to think critically and communicate responsibly and effectively, to accept the challenges of their creative visions, and to acquire the knowledge and skills necessary to understand the natural world and effect thoughtful changes in society. The College encourages openness to experimentation and change in the context of established academic disciplines. The curriculum combines the traditional liberal arts with new educational initiatives that recognize the value of cultural, racial, and ethnic diversity. false false 61346767 24695588 54077991 The College provides instruction, research, public service, and academic support to 997 undergraduate students and to 611 graduate students. In addition, the college provides financial aid, scholarships, and fellowships to undergraduate and graduate students. 20437694 3350 13045553 The College provides auxiliary services, including student housing, food services, and other student services. 81784461 true true false true false false false true false true true true false false true true true false true false true false true true false false false true true true true true false false false false false false false true true true true false false false false false false false true 350 0 true 1588 true true true false false false false false false false false false X 35 32 true false false false false false false true true false false false true true true true true true true true true AK CA KY MD OK OR WI X ROBERT P ALLISON 5104302089 5000 MACARTHUR BLVD Oakland CA 94613 X Alecia A DeCoudreaux President and Board Trustee 60.0 0.0 X X 401408 0 109183 Alexandra Moses Board Trustee 1.0 0.0 X 0 0 0 Alma Robinson Board Trustee 1.0 0.0 X 0 0 0 Barbara A Wolfe Vice Chair 2.0 0.0 X X 0 0 0 Diana Odermatt Board Trustee 1.0 0.0 X 0 0 0 Eric Roberts Board Trustee 1.0 0.0 X 0 0 0 Glenn Voyles Board Trustee 2.0 0.0 X 0 0 0 Gordon Chong Board Trustee 2.0 0.0 X 0 0 0 Helen Drake Muirhead Board Trustee 1.0 0.0 X 0 0 0 Irene Panagopoulos Board Trustee 1.0 0.0 X 0 0 0 James Fowler Board Trustee 1.0 0.0 X 0 0 0 John McDonnell Board Trustee 2.0 0.0 X 0 0 0 Karen May Board Trustee 1.0 0.0 X 0 0 0 Katherine Schapiro Board Trustee 2.0 0.0 X 0 0 0 Kathleen Burke Board Chairperson 5.0 0.0 X X 0 0 0 Katie Sanborn Board Trustee 1.0 0.0 X 0 0 0 Linda Cohen Turner Board Trustee 1.0 0.0 X 0 0 0 Liz Parker Board Trustee 2.0 0.0 X 0 0 0 Lyn Flanigan Board Trustee 1.0 0.0 X 0 0 0 Margaret Wilkerson Board Trustee 2.0 0.0 X 0 0 0 Maribelle Leavitt Board Trustee 1.0 0.0 X 0 0 0 Marjan Soleimanieh Board Trustee 1.0 0.0 X 0 0 0 Maryellen Cattani Herringer Board Trustee 3.0 0.0 X 0 0 0 Mei Kwong Board Trustee 1.0 0.0 X 0 0 0 Melissa Stevenson Dile Board Trustee 1.0 0.0 X 0 0 0 Modesta Tamayo Board Trustee 1.0 0.0 X 0 0 0 Molly Fannon Williams Board Trustee 1.0 0.0 X 0 0 0 Muffy Thorne Board Trustee 1.0 0.0 X 0 0 0 NT Lucy Do Board Trustee 1.0 0.0 X 0 0 0 Nan Gefen Board Trustee 1.0 0.0 X 0 0 0 Richard Barrett Board Trustee 1.0 0.0 X 0 0 0 Roselyne Swig Board Trustee 1.0 0.0 X 0 0 0 Sandra Hernandez Board Trustee 2.0 0.0 X 0 0 0 Troy Duster Board Trustee 1.0 0.0 X 0 0 0 Wendy Brody Board Trustee 2.0 0.0 X 0 0 0 Tammi D Jackson V.P. Finance & Admin/Treasurer 50.0 0.0 X 197743 0 25945 Marianne Buroff Sheldon Board Secretary 40.0 0.0 X 156018 0 26800 Carrie Hall Board Assistant Secretary 40.0 0.0 X 67109 0 14257 Kimberley Phillips Provost & Dean of the Faculty 50.0 0.0 X 129979 0 11885 Cynthia Brandt Stover VP, Institutional Advancement 50.0 0.0 X 184179 0 17802 Renee I Jadushlever Chief of Staff & VP Operations 50.0 0.0 X 190660 0 34345 Sandra C Greer Prof of Chemistry/Fmr. Provost 40.0 0.0 X 216044 0 30845 Deborah Merrill-Sands Dean of the School of Business 40.0 0.0 X 253390 0 28232 Cynthia Scheinberg Dean of Grad Literary Studies 40.0 0.0 X 153867 0 23950 Katherine Schultz Dean of School of Education 40.0 0.0 X 181145 0 34434 Bruce B Williams Fletcher Jones Sociology Prof. 40.0 0.0 X 160551 0 20513 Jamie L Nickel Former Int. VP Finance/Treas. 40.0 0.0 X 116123 0 34858 2408216 0 413049 71 true true false Bon Appetit Compass Group PO Box 59184 BOULDER CO 80322 Food Svc Provider 3215360 MAI Industries Inc 50 Bonaventura Drive SAN JOSE CA 95134 Construction 1096509 The Permanente Medical Group Inc 1950 Franklin St 18th Floor OAKLAND CA 94612 On-Campus Med Ctr 516593 ABM Janitorial Services 420 Taylor St 2nd Floor SAN FRANCISCO CA 94102 Janitorial Services 474359 Altura Construction PO Box 2307 NAPA CA 94558 Construction 347156 17 3509340 12682997 7253462 16192337 TUITION AND FEES 900099 54077991 54077991 AUXILIARY SERVICES 611710 13045553 13045553 67123544 1585870 -21666 1607536 0 0 0 0 0 22102626 16007630 6094996 6094996 6094996 0 0 0 MISCELLANEOUS 611710 1104851 1104851 SWIMMING POOL 713940 315069 193461 121608 1419920 92416667 67123544 171795 8928991 828974 828974 23826177 23826177 43787 43787 0 1538313 457912 1006989 73412 467763 178251 174028 115484 33928206 28695164 3783176 1449866 2124145 1769734 253176 101235 4796820 4004738 614550 177532 2346146 1966378 281058 98710 0 337069 279073 49758 8238 180296 180296 0 27459 27459 994214 994214 6418306 5581961 667035 169310 386425 219394 167031 3784986 3140776 556423 87787 987032 483066 482426 21540 0 2312015 2136331 139989 35695 754649 645526 79988 29135 0 257203 119491 129863 7849 1538755 1349884 149270 39601 0 4769750 4184299 462699 122752 714950 356661 348201 10088 HOSPITALITY - FOOD/CATERING 657411 452382 204982 47 INDIRECT GRANT COSTS 499905 499905 COLLEGE/STUDENT EVENTS 193011 191080 1925 6 BAD DEBT EXPENSE 141401 141401 273405 232116 25122 16167 95128573 81784461 10752199 2591913 36494 34959 10517050 11777460 14641976 19205166 1420558 1332093 120576 0 0 0 2605200 2599501 349798 123142 1925814 2374620 203506433 91962703 114891883 111543730 63421756 67010960 110358413 121218623 0 0 0 0 0 0 320289518 337220254 6208279 6700742 0 0 0 0 32676910 31887792 0 0 0 0 0 0 0 0 6816485 7865904 45701674 46454438 X 77577541 77170190 62726527 72984710 134283776 140610916 274587844 290765816 320289518 337220254 X -2711906 17497207 1392671 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false false false Influence on Legislative Matters Schedule C, Part I-A, Line 1 and Part II-B: The organization may, to an insubstantial degree, make comments or statements concerning legislation which may impact the education industry. The organization has not intervened in any political campaign. The organization will possibly engage in telephone conversations and/or write letters to various federal, state, and local officials regarding matters which affect the industry as a whole. The amount of time and money involved in these activities is negligible. 168150 2965743 X X X X false 174542793 1670346 25159942 4059999 7030591 994214 189288277 165767934 3125839 18534132 4287902 7364780 1232430 174542793 183397312 1916397 -1633727 4407597 12632706 871745 165767934 165376656 3368961 28685789 4566223 8642775 825096 183397312 156570854 2679071 19398573 4227765 8523852 520225 165376656 0.04300 0.70060 0.25640 false false 291686 291686 103843217 39001079 64842138 63938105 21812876 42125229 32467682 31148748 1318934 2965743 2965743 111543730 LIMITED PARTNERSHIPS 43432966 F INTERNATIONAL EQUITY FUNDS 77619581 F REITS 166076 F 121218623 0 ANNUITY AND LIFE INCOME PAYABLE 2134425 LINE OF CREDIT 4600000 GOV'T ADVANCES FOR STUDENT LOANS 1131479 7865904 X 87434736 17497207 -21484924 -3987717 91422453 994214 994214 92416667 71256764 71256764 994214 22877595 23871809 95128573 Collections of Art, Historical Treasures or Other Similar Assets Schedule D, Part III, Line 4: Collection items are acquired by donation and include works of art, rare books, and documents. Collections are held for the purposes of enhancing curriculum and for public exhibition for educational purposes or research. They are not for financial gain. Collections are protected, cared for, and preserved. Intended Use of Endowment Funds Schedule D, Part V, Line 4: Endowment Funds are managed and used for the purpose of ensuring continued support for the college's long term educational purposes. The long term financial goal for the endowment investment portfolio is to provide a relatively stable stream of expendable revenue that increases over time, at least as fast as the general rate of inflation. FIN 48 (ASC 740) Footnote Schedule D, Part X, Line 2: The College has identified and evaluated significant tax positions in its significant tax jurisdictions which are the federal and California state tax jurisdictions. The College has also determined that the open tax years are generally three years for federal and four years for California tax purposes. Thus, the general open tax years are the years ended June 30, 2011 through June 30, 2014 for federal purposes and the years ended June 30, 2010 through June 30, 2014 for California purposes. For both federal and California, there is an unrelated business income net operating loss carryover of approximately $1,343,371 and $1,260,294 as of June 30, 2013 and June 30, 2012, to utilize for the tax years ended June 30, 2014 and June 30, 2013, respectively. The carryover extends the statute of limitations and thus the open tax years for purposes of the net operating loss only are the years ended June 30, 2005 through June 30, 2007 and June 30, 2009 to June 30, 2010 for federal purposes and the years ended June 30, 2005 through June 30, 2007 and June 30, 2009 for California purposes. The net operating loss carryover will begin to expire June 30, 2025 for federal purposes and June 30, 2015 for California purposes. The College applies ASC 740-10-25, Accounting for Uncertainty in Income Taxes, to all tax positions for which the statute of limitations remained open and determined there were no material unrecognized tax benefits as of the year ended June 30, 2014 and the year ended June 30, 2013, nor are any changes anticipated in the twelve months following June 30, 2014. A net operating loss can only be reflected as a benefit (deferred tax asset) on the statement on financial position when it is likely that the loss would be utilized against taxable income in another tax year. Since there is not presently a likelihood of taxable income in another tax year, the College does not have a deferred tax asset on the statement of financial position and there have been no related tax penalties or interest, which would be classified as tax expense in the statement of activities. Reconciliation of Revenue per Audited Financial Statements with Return Schedule D, Part XI, Line 2d: Student Financial Aid $(22,877,595) Actuarial Adjustment $1,392,671 ------------- Total $(21,484,924) Reconciliation of Expenses per Audited Financial Statements with Return Schedule D, Part XII, Line 4b: Student Financial Aid $22,877,595 true true true true true true true false false false false false false false false true false true Publication of Racially Nondiscriminatory Policy Schedule E, Part I, Line 3: Mills College draws students from a large geographic region and enrolls students of racial minority groups in meaningful numbers. Mills College was ranked one of the top 20 most diverse liberal arts colleges in the nation by U.S. News and World Report. In the academic year 2013-2014, 50% of the undergraduate students and 40% of the graduate students were of color, including students that identified themselves as multi-ethnic. Mills College includes a statement of its racially nondiscriminatory policy in its catalog, student application, and in the majority of its brochures and other written admissions communications. The policy is included on the college web page. Financial Aid from Government Agency Schedule E, Part I, Line 6a: The College receives financial aid from the U.S. Department of Justice, The National Science Foundation, the County of Marin, the Oakland Unified School District, and the Institute of Museum and Library Science. true East Asia and the Pacific Program Services Professional Develop. 1438 East Asia and the Pacific Program Services Student Recruitment 5586 Europe (Including Iceland and Greenland) Program Services Faculty Research 1200 Europe (Including Iceland and Greenland) Program Services Marketing 7374 North America Program Services Professional Develop. 2458 Central America and the Caribbean Investments 44902931 Europe (Including Iceland and Greenland) Investments 14200344 Central America and the Caribbean Grantmaking 2000 East Asia and the Pacific Grantmaking 33787 Europe (Including Iceland and Greenland) Grantmaking 2000 Middle East and North Africa Grantmaking 2000 Sub-Saharan Africa Grantmaking 4000 59165118 59165118 Scholarship to Study Abroad Central America and the Caribbean 1 2000 Acct Credit Scholarship to Study Abroad East Asia and the Pacific 2 33787 Acct Credit Scholarship to Study Abroad Europe (Including Iceland and Greenland) 1 2000 Acct Credit Scholarship to Study Abroad Middle East and North Africa 1 2000 Acct Credit Scholarship to Study Abroad Sub-Saharan Africa 1 4000 Acct Credit true false true true true false Procedures for Monitoring Grant Funds Outside the United States Schedule F, Part I, Line 2: Grants are accounted for an in a separate and unique fund and the expenditures are monitored against the proposal and the award. The College manages an extensive financial aid program to ensure that a highly qualified and diverse population is able to matriculate and continue to graduation. The assistance programs take two major forms: merit scholarships and need-based financial aid. The Financial Aid Department of the College monitors the amounts given by grants. Foreign Individuals Schedule F, Part III, Line 1: Foreign individuals are defined as those living outside the U.S. at the time the aid was awarded. The amounts reported is a best estimate based on certain assumptions regarding where the persons were living when the aid was awarded. X X X X X X true Bentz Whaley Flessner Inc 7251 Ohms Lane Minneapolis MN 55439 Consulting false 24181 24181 AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY true Math Horizon LLC 3411 Spinnaker Way Ackworth GA 30102 205352863 50000 Review and Translate Materials Lesson Study Alliance 4801 S Kenwood Ave Chicago IL 60615 273869694 501(c)(3) 58400 Review and Translate Materials Global Education Resources LLC 37 Station Road Madison NJ 07940 223835977 45600 Review and Translate Materials Oakland Unified School District 1025 2nd Avenue Oakland CA 94605 946000385 115 73574 EXPERTISE University of Southern California 3502 Watt Way Los Angeles CA 90089 951642394 501(c)(3) 264579 CONDUCT RESEARCH & INTERVIEWS Harvard University 350 Massachusetts Ave Cambridge MA 02138 042103580 501(c)(3) 125017 CONDUCT RESEARCH & INTERVIEWS Princeton University 1 Nassau Hall Princeton NJ 08540 210634988 501(c)(3) 16209 CONDUCT RESEARCH & INTERVIEWS University of Arizona 888 N Euclid Ave Rm 510 Tuscon AZ 85719 742652689 115 94313 CONDUCT RESEARCH & INTERVIEWS University of Chicago 6054 Sout Drexel Ave Chicago IL 60637 362177139 501(c)(3) 73365 CONDUCT RESEARCH & INTERVIEWS Alameda County Office of Education 313 West Winton Ave Hayward CA 94544 946002421 115 27917 EXPERTISE 8 2 Prize and Research Awards 242 158234 Students Services 3 3350 Financial Aid 1476 23186979 Instruction, Research, Support 154 402506 Research Stipend 31 75108 Procedure for Monitroing Grant Funds in the United States Schedule I, Part I, Line 2: Grants are put into a separate and unique fund and the expenditures are monitored against the proposal and award. The College manages an extensive financial aid program to ensure that a highly qualified and diverse population is able to matriculate and continue to graduation. The assistance programs take two major forms: merit scholarships and need-based financial aid. The financial aid department monitors the amounts given by the grant. X X X true true X X X X false false false false false false false false false Alecia A DeCoudreaux President and Board Trustee 401408 0 0 0 0 0 33014 0 76169 0 510591 0 0 0 Cynthia Brandt Stover VP, Institutional Advancement 179884 0 0 0 4295 0 16657 0 1145 0 201981 0 0 0 Sandra C Greer Prof of Chemistry/Fmr. Provost 198114 0 0 0 17930 0 18133 0 12712 0 246889 0 0 0 Tammi D Jackson V.P. Finance & Admin/Treasurer 197743 0 0 0 0 0 17910 0 8035 0 223688 0 0 0 Renee I Jadushlever Chief of Staff & VP Operations 190660 0 0 0 0 0 18000 0 16345 0 225005 0 0 0 Deborah Merrill-Sands Dean of the School of Business 223985 0 0 0 29405 0 20244 0 7988 0 281622 0 0 0 Jamie L Nickel Former Int. VP Finance/Treas. 116123 0 0 0 0 0 11385 0 23473 0 150981 0 0 0 Cynthia Scheinberg Dean of Grad Literary Studies 153867 0 0 0 0 0 14122 0 9828 0 177817 0 0 0 Katherine Schultz Dean of School of Education 181145 0 0 0 0 0 14438 0 19996 0 215579 0 0 0 Marianne Buroff Sheldon Board Secretary 156018 0 0 0 0 0 14398 0 12402 0 182818 0 0 0 Bruce B Williams Fletcher Jones Sociology Prof. 160551 0 0 0 0 0 12223 0 8290 0 181064 0 0 0 Questions Regarding Compensation Schedule J, Part I, Line 1: Discretionary Spending Account: The College Vice President for Institutional Advancement received a discretionary spending acccount in the form of an automobile allowance during calendar year 2013. The allowance is included in other reportable compensation in Schedule J, Part II, Column (B)(iii). Housing Allowance or Residence for Personal Use: The College provided the President with housing as a condition of her employment. The housing is on campus and furnished for the benefit and convenience to the college to conduct fundraising and other college-related business. The value of the housing is excludable from the President's taxable income under IRS code section 119(d) and was included in her nontaxable benefits reported on Schedule J, Part II, Column D. The Provost/Dean of Faculty and the Dean of the School of Business receive on campus housing as part of their employment contract. The current Professor of Chemistry held the position of Provost/Dean of the Faculty until 7/1/2013. The value of the housing was included in other reportable compensation in Schedule J, Part II, Column (B)(iii) for these individuals. Personal Services: On occasion, college employees perform routine cleaning and yard service for the President's on-campus residence related to college business. If required, the applicable amounts for the above items are reported as taxable compensation. Severance Arrangements Schedule J, Part I, Line 4a: The College has entered into an employment arrangement with its President which includes a severance provision for compensation of up to one-year's salary upon severance without cause if certain conditions are met. there is no provision for change-in-control. No payments were made this year under this provision. Form 990, Schedule J: Compensation for certain individuals includes supplemental income related to services performed outside of the school year for research and other grant funded projects as provided by the grant source. Form 990, Schedule J and Form 990, Part VII: Compensation for officers, directors, key employees and the top five highest compensated employees is reported on both Schedule J and Form 990, Part VII. As required by the instructions for Form 990, column (b) of Schedule J, Part II reports the compensation reported on the individual's Form W-2 for the 2013 calendar year. In addition, column (c) of Schedule J, Part II reports deferred compensation earned by each individual during the 2013 calendar year, whether the individual actually received this compensation or not. Column (D) of Schedule J, Part II reports the non-taxable benefits received by the individual during the 2013 calendar year. Lastly, column (e) of Schedule J, Part II reports the total compensation received by the individual during the 2013 calendar year. A CEFA - Series 2005 A Notes 521705592 1301756Q0 2005-06-16 25842797 CAPITAL PROJECTS false false false B CEFA - Series 2005 B Notes 521705592 1301757F3 2005-09-07 3020154 Refinance 1995 Bonds false false false A 0 0 26566462 0 0 0 496991 0 0 26069471 0 0 2009 false false true true B 0 0 3020198 0 0 0 58019 0 0 22566 2939613 0 2007 true false true true A false false false false 0 false false false true B false false false false 0.00000 0.00000 0.00000 false false false true A false true false false 0 true trinity plus funding 3. true true true B false true false false 0 false 0 false true A true B true SCHEDULE K, PART I, COLUMN E THE DIFFERENCE IN THE ISSUE PRICE REPORTED IN PART I, COLUMN E AND TOTAL PROCEEDS REPORTED IN PART II, LINE 3 RELATES TO PROCEEDS USED TO REFUND PRIOR ISSUANCES AND INVESTMENT EARNINGS ON NET PROCEEDS. SCHEDULE K, PART IV, LINE 2C THE DATE OF THE REBATE COMPUTATION FOR SERIES 2005A and SERIES 2005B BONDS WAS COMPLETED AS OF AUGUST 5, 2010. 0 SEE PART V Form 990, Schedule L, Part IV: Board trustee Gordon Chong's child is employed by Mills College in an arms-length arrangement. Compensation plus benefits paid for fiscal year-ended June 30, 2014 was $115,484. Board trustee Maryellen Cattani Herringer is the non-executive Chairman of ABM Industries Inc. In an arms-length arrangement, ABM Industries Inc. provided janitorial services to Mills College during the year ended June 30, 2014 in the amount of $474,359. She receives no compensation from Mills College related to the arrangement and did not participate in any discussion or approval of the arrangement. In addition, she receives no compensation from ABM Industries Inc. with respect to the janitorial services contract with Mills College. In addition, Ms. Herringer is a Board Director of PG&E Corporation, which supplies electricity and gas to Mills College. She receives no compensation from PG&E with respect to the contract with Mills College. X 111 168150 Opinions of Experts X 70 971790 Market Quotation X Pledge Receivable 33 6113522 Stated Value 0 false true false Form 990 Review Process Form 990, Part VI, Section B, Line 11b: Grant Thornton LLP and Mills College finance staff worked together in gathering the required tax information necessary to complete the tax returns. Grant Thornton LLP and the college President, the college Vice President for Finance and Administration and Treasurer reviewed the Form 990 draft for accuracy and completeness. The audit committee members were sent the completed Form 990 draft, while the remaining board members were sent the Form 990 with Schedule B redacted. After a review period, the audit committee members met with Mills College management and Grant Thornton LLP representatives to review the draft in detail. After this review, the final Form 990 was filed. In addition, a copy of the Mills College audited financial statements was provided to the full board of trustees. Monitoring and Enforcement of Conflict of Interest Policy Form 990, Part VI, Section B, Line 12c: The conflict of interest policy is regularly and consistently enforced by the Audit Committee with the advice and assistance of the Vice President for Finance and Administration and Treasurer. The Audit Committee requires each college trustee, officer, and key employee to complete annually a conflict of interest questionnaire. The questionnaires are filed with the Vice President for Finance and Administration and Treasurer and reviewed by the Audit Committee, which makes recommendations about the potential conflicts of interests to the full Board. The Committee and the Board maintain minutes and other documentation to record their review of actual or potential conflicts. College trustees, officers, and key employees are also aware of the duty to disclose any potential conflicts of interest during the year. These additional disclosures by an individual covered by the policy are submitted to the Audit Committee Chair and the Vice President for Finance and Administration and Treasurer. The Audit Committee will review the potential conflicts and make recommendations to the full board. At regularly scheduled meetings of the audit committee and the full board, the Audit Committee reports on any actual or potential conflicts of interest and their resolution or recommendation. The Audit Committee reviews the operation of the policy and makes recommendations to the board of trustees regarding any proposed changes. The Vice President for Finance and Administration and Treasurer (or his or her representative) attends all relevant meetings and assists in preparing the minutes. Process for Determining Compensation of President and Key Employees Form 990, Part I, Section B, Lines 15a and 15b: The Mills College Board of Trustees has approved the executive compensation policy. The Mills College Board of Trustees Executive Compensation Committee has oversight of all elements of executive compensation and is responsible for recommending the compensation of the College President, other college officers, and key executives for approval by the board. The Executive Compensation Committee, as well as any third parties providing professional advice to the committee, must be independent. The Executive Compensation Committee annually conducts a review of the College President's, other college officers', and key executives' compensation. Timely minutes of all final recommendations and actions by the executive compensation committee and board regarding the College President's compensation are recorded. The policy provides that executive compensation arrangements should fall within the bounds of market practice for comparable positions at comparable organizations. Factors that are reviewed in determining comparability include: (1) Compensation levels paid by similarly situated organizations, both taxable and tax-exempt, for functionally comparable positions; (2) The availability of similar services in the geographic area of the organization; (3) Current compensation surveys compiled by independent firms; and (4) Actual written offers from similar institutions competing for the services of the affected person. Compensation packages and contracts for college officers and key executives are reviewed for internal consistency and equity as well as comparability with external market data. Other employees' compensation is recommended during the annual budget process by the College officers and key executives and reviewed and recommended for approval by the College's human resource department. Documents Made Available to the Public Form 990, Part VI, Section C, Line 19: The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Questions Regarding Compensation Form 990, Part VII and Schedule J, Part II: Until June 30, 2013, the current Professor of Chemistry had served as Provost & Dean of the Faculty. The compensation reported on Form 990, Part VII and Schedule J reflects 6 months of compensation in her former position and 6 months of compensation in her current position. Other Changes in Net Assets Form 990, Part XI, Line 9: The other changes in net assets or fund balances is comprised of the following: Actuarial Adjustment: $1,392,671