2015-05-14T15:11:07-05:00 2014-06-30 410746749 CLIFTONLARSONALLEN LLP 300 CROWN COLONY DRIVE SUITE 310 QUINCY MA 02169 990 2013-07-01 042104736 MOUNT IDA COLLEGE MOUN 6179284500 777 DEDHAM STREET NEWTON MA 024593323 BARRY BROWN PRESIDENT 6179284502 2015-04-28 1 KAREN A GRIES P00078514 6179848100 2013 2016-02-25 16:41:14Z BARRY BROWN 777 DEDHAM STREET NEWTON MA 024593323 66277309 0 X WWW.MOUNTIDA.EDU X 1938 MA TO EMPOWER ALL STUDENTS TO ACHIEVE ACADEMICALLY AND CONTRIBUTE RESPONSIBLY IN A CHANGING WORLD. 18 18 823 50 0 52688 620956 509230 46516523 46436337 867496 431004 0 0 48004975 47376571 12247204 12770495 0 0 17323025 17202611 0 0 766077 17454296 18419695 47024525 48392801 980450 -1016230 58099163 75904560 46142412 57595162 11956751 18309398 X MOUNT IDA COLLEGE PROVIDES A DIVERSE COMMUNITY OF LEARNERS A CHALLENGING EDUCATION THAT BLENDS THE LIBERAL ARTS WITH PROFESSIONAL PREPARATION. WE DEDICATE OUR ENERGY, IMAGINATION, AND RESOURCES TO EMPOWERING ALL STUDENTS TO ACHIEVE ACADEMICALLY AND CONTRIBUTE RESPONSIBLY IN A CHANGING WORLD. 0 0 26232486 12770495 33678455 HIGHER EDUCATION: MOUNT IDA COLLEGE IS A MASSACHUSETTS NOT-FOR-PROFIT CORPORATION CHARTERED IN 1899. THE COLLEGE IS AN INDEPENDENT FOUR-YEAR COEDUCATIONAL INSTITUTION OF HIGHER LEARNING. ITS 70-ACRE CAMPUS IS LOCATED IN NEWTON, MASSACHUSETTS. THE COLLEGE IS ACCREDITED BY THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES, INC. APPROXIMATELY 1,400 FULL- AND PART-TIME STUDENTS ARE ENROLLED IN THE COLLEGE'S FOUR SCHOOLS THAT OFFER MORE THAN 25 AREAS OF STUDY. OVER 85% OF THE STUDENTS ARE ENROLLED IN BACCALAUREATE PROGRAMS. THE COLLEGE'S PHILOSOPHY OF BLENDING A STRONG LIBERAL ARTS FOUNDATION WITH PROFESSIONAL PREPARATION HAS SINCE BEEN ENHANCED BY THE OFFERING OF MASTER'S DEGREE STUDY. 7762514 0 10516616 AUXILIARY ENTERPRISES: THE COLLEGE PROVIDES ROOM AND BOARD FOR APPROXIMATELY 700 STUDENTS WHO RESIDE ON CAMPUS OR LIVE IN CAMPUS-SPONSORED HOUSING. THE COLLEGE ALSO PROVIDES ITS FACILITIES TO OTHER EDUCATIONAL INSTITUTIONS WHOSE MISSIONS ARE SIMILAR TO THAT OF THE COLLEGE. 7265554 0 2241266 STUDENT SERVICES: SERVING APPROXIMATELY 1,400 FULL- AND PART-TIME STUDENTS FROM MORE THAN 25 STATES AND 35 COUNTRIES, THE OFFICE OF STUDENT AFFAIRS OFFERS SUPPORT FOR THE INTELLECTUAL, SOCIAL, EMOTIONAL, SPIRITUAL, AND PHYSICAL WELL-BEING OF ALL MOUNT IDA STUDENTS. THE OFFICE OF STUDENT ACTIVITIES FOSTERS STUDENT DEVELOPMENT BY PROVIDING SOCIAL, EDUCATIONAL, AND CULTURAL CO-CURRICULAR PROGRAMS. THE COLLEGE STRIVES TO ENHANCE LEADERSHIP SKILLS BY OFFERING OPPORTUNITIES TO BECOME INVOLVED WITH STUDENT GOVERNMENT, EVENT PLANNING, AND OTHER LEADERSHIP DEVELOPMENT WORKSHOPS AND PROGRAMS. STUDENTS PARTICIPATE IN 14 NCAA DIVISION III INTERCOLLEGIATE ATHLETIC PROGRAMS, AND ARE STRONGLY ENCOURAGED TO ENGAGE IN COMMUNITY SERVICE. 41260554 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 85 0 823 1 1 1 0 0 0 0 1 1 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X X JASON POTTS INTERIM VP & CFO 6179284516 777 DEDHAM STREET NEWTON MA 024593323 MICHAEL T BURNS CPA CHAIR 1.00 X X 0 0 0 JUDITH ALLEN VICE CHAIR 1.00 X X 0 0 0 KEVIN D CROWLEY CHFC TREASURER 1.00 X X 0 0 0 CORRADO ADDONISIO TRUSTEE 1.00 X 0 0 0 JAN WOOD BEAVEN TRUSTEE 1.00 X 0 0 0 DAVID BREZNIAK TRUSTEE 1.00 X 0 0 0 KATHRYN CORBIN TRUSTEE 1.00 X 0 0 0 ROBERT DANNIN PHD TRUSTEE 1.00 X 0 0 0 RALPH FUCCILLO TRUSTEE 1.00 X 0 0 0 ROBERT GIANNINO-RACINE TRUSTEE 1.00 X 0 0 0 KATHARINE H HANSON TRUSTEE 1.00 X 0 0 0 MICHAEL KERRIGAN TRUSTEE 1.00 X 0 0 0 MARC MARGULIES TRUSTEE 1.00 X 0 0 0 AMELIA B NYCHIS TRUSTEE 1.00 X 0 0 0 CARMIN REISS TRUSTEE 1.00 X 0 0 0 JOHN ROSS TRUSTEE 1.00 X 0 0 0 KARIM SAHYOUN TRUSTEE 1.00 X 0 0 0 SYLVIA Q SIMMONS PHD TRUSTEE 1.00 X 0 0 0 THOMAS WAITE TRUSTEE 1.00 X 0 0 0 BARRY WANGER TRUSTEE 1.00 X 0 0 0 BURTON WINNICK LLB TRUSTEE 1.00 X 0 0 0 BARRY BROWN PRESIDENT 55.00 X 355434 0 50189 CHERYL ST PIERRE-SLEBODA VP FOR FINANCE & ADMINISTRATION 55.00 X 164463 0 28901 RONALD AKIE VP FOR ACADEMIC AFFAIRS 40.00 X 224987 0 23863 GRACE BELTRAME CLERK/SECRETARY 40.00 X 54287 0 5958 LAURA A DEVEAU VP FOR STUDENT AFFAIRS 40.00 X 81601 0 23373 SUZANNE GALLAGHER VP AND GENERAL COUNSEL 40.00 X 80002 0 8479 DEBORAH HIRSCH EDD VP FOR DEVELOPMENT 40.00 X 142137 0 37888 EDWARD N MOLLER CPA FORMER ASST VP FOR FINANCE AND CONTROLLER 40.00 X 94284 0 12230 MAUREEN MORIARTY FORMER VP FOR ENROLLMENT MGMT & MARKETING 40.00 X 61377 0 4564 ELIZABETH A TRUE EDD FORMER VP FOR STUDENT AFFAIRS 40.00 X 76062 0 10678 MARYELLEN BEAULIEU EDD FACULTY 40.00 X 107692 0 0 IRENE GOOD DEAN OF ACADEMIC TECHNOLOGY/LIBRARY SVCS 40.00 X 100178 0 21641 PEARL I STEINBUCH FACULTY 40.00 X 104382 0 7884 DAVID VALENTINE DIRECTOR OF TECHNOLOGY SERVICES 40.00 X 101189 0 23720 DANIEL P YOUNG FACULTY 40.00 X 110490 0 18175 1858565 0 277543 9 0 1 0 COMMODORE BUILDERS 80 BRIDGE STREET NEWTON MA 02458 CONSTRUCTION CONTRACTOR 6762540 ARAMARK SERVICES INC TWO PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING AND CUSTODIAL SERVICES 4340357 STRUCTURE TONE INC 711 ATLANTIC AVENUE BOSTON MA 02111 CONSTRUCTION CONTRACTOR 3461320 SODEXO INC AND AFFILIATES 9801 WASHINGTON BOULEVARD GAITHERSBURG MD 20878 JANITORIAL AND CUSTODIAL SERVICES 766010 BEACON ARCHITECTURAL ASSOCIATES INC 145 SOUTH STREET BOSTON MA 02111 CONSTRUCTION CONTRACTOR 567233 19 509230 201160 509230 TUITION & FEES 611600 35283350 35283350 AUXILIARY ENTERPRISES 611710 10516616 10333554 183062 GOVERNMENT FEES 611710 636371 636371 46436337 301904 301904 19029838 18814726 86012 215112 -86012 129100 129100 47376571 46253275 0 614066 12615958 12615958 154537 154537 1083746 466356 348155 269235 12603040 10682040 1716929 204071 491065 256477 220818 13770 2061840 1118145 889171 54524 962920 795290 135265 32365 363087 363087 64276 64276 38785 38785 1519846 950453 546416 22977 772715 600278 159196 13241 667673 455856 158503 53314 222263 40542 181662 59 4561409 4245188 298229 17992 454671 443795 7082 3794 98795 80930 16435 1430 1163759 1142283 21455 21 2553153 2287215 263987 1951 713143 499143 212663 1337 SUPPLIES 3259879 3124799 80688 54392 SECURITY SERVICE 953827 882404 67614 3809 BAD DEBT EXPENSE 479618 479618 STUDENT ACTIVITIES 252382 249308 2431 643 280414 169557 93705 17152 48392801 41260554 6366170 766077 467570 382120 454239 396 198944 101156 1173915 1266697 291577 413737 85183686 24567763 41913960 60615923 12644913 12591748 547302 532783 406743 0 58099163 75904560 4814598 3377826 2788351 5720708 28152517 37258654 5226015 6076125 5160931 5161849 46142412 57595162 X 10558990 16939465 516477 485618 881284 884315 11956751 18309398 58099163 75904560 X -1016230 1332852 6268354 -232329 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 X X X X 0 18944913 172570 1858869 1236819 38785 19700748 11732330 135208 7418561 302727 38459 18944913 11726565 16815 21671 32721 11732330 9989937 76256 1688430 28058 11726565 9054753 177026 894086 106768 29160 9989937 0.94190 0.04510 0.01300 0 0 7100000 81780 7181780 68230282 19282206 48948076 8784200 5285557 3498643 987424 987424 60615923 ACCRUED PENSION LIABILITY 3328240 DEFERRED COMPENSATION 809672 FINANCING OBLIGATION 552152 CAPITAL LEASE PAYABLE 438418 ANNUITY PAYMENT LIABILITY 33367 5161849 X 35967383 1332852 28455 1361307 34606076 12770495 12770495 47376571 35883090 28455 232329 260784 35622306 12770495 12770495 48392801 PART III, LINE 1A: CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES, AND SIMILAR ASSETS HELD AS PART OF A COLLECTION FOR EDUCATION, RESEARCH, OR PUBLIC EXHIBITION PURPOSES RATHER THAN FOR SALE OR FINANCIAL GAIN ARE NOT RECOGNIZED OR CAPITALIZED. PART III, LINE 4: FACULTY IN THE SCHOOL OF DESIGN MAKE USE OF VARIOUS ITEMS IN THE ART COLLECTION ON CAMPUS AS TEACHING AIDS AND EXAMPLES RELATING TO WORK THAT STUDENTS DO IN CLASSES SUCH AS AR 102 BASIC DRAWING SKILLS, AR 112 TWO- AND THREE-DIMENSIONAL DESIGN, AND AR 107 DRAWING CONCEPTS, TO NAME A FEW. STUDENTS IN BASIC DRAWING MAKE STUDIES OF SCULPTURE ON CAMPUS EACH YEAR AS PART OF THE COURSE EXPERIENCE. IN TWO- AND THREE-DIMENSIONAL DESIGN, STUDENTS ARE ASKED TO CREATE THEIR OWN SCULPTURE IN-THE-ROUND. THEY ARE ABLE TO STUDY EXAMPLES OF THIS TYPE OF SCULPTURE ON THE CAMPUS GROUNDS IN PREPARATION FOR MAKING THEIR OWN WORK. IN DRAWING CONCEPTS, VARIOUS WATERCOLOR PAINTINGS ARE USED TO DEMONSTRATE TO STUDENTS HOW LINEAR PERSPECTIVE IS USED TO CREATE ILLUSIONISTIC THREE-DIMENSIONAL SPACE ON A TWO-DIMENSIONAL SURFACE. IN GENERAL, THE ITEMS IN THE COLLECTION HELP CREATE AN ENVIRONMENT OF ART AND DESIGN ON CAMPUS FOR THOSE STUDYING IN DESIGN PROGRAMS AND SUPPORT THE COLLEGE'S MISSION OF BLENDING THE LIBERAL ARTS WITH PROFESSIONAL PREPARATION FOR ALL STUDENTS. PART V, LINE 4: THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. PART X, LINE 2: THE COLLEGE IS RECOGNIZED AS AN ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, WHEREBY ONLY UNRELATED BUSINESS INCOME, AS DEFINED BY SECTION 512(A)(1) OF THE CODE, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. STATE TAXES ARE FILED WITH THE COMMONWEALTH OF MASSACHUSETTS. THE COLLEGE'S POLICIES FOR INCOME TAXES HELP DETERMINE THE PROPER RECOGNITION, CLASSIFICATION, AND DISCLOSURE OF TAXES, INTEREST, AND PENALTIES. THE COLLEGE ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THE IMPLEMENTATION OF THIS STANDARD HAD NO EFFECT ON THE COLLEGE'S FINANCIAL STATEMENTS. MANAGEMENT BELIEVES THE COLLEGE HAS NO MATERIAL UNCERTAINTIES REGARDING INCOME TAXES. THE COLLEGE'S FEDERAL AND STATE TAX RETURNS ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES FOR THE FISCAL YEARS ENDED JUNE 30, 2011, 2012, AND 2013. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 12,770,495. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN ACCRUED PENSION LIABILITY 232,329. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 12,770,495. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 MOUNT IDA COLLEGE IS COMMITTED TO A POLICY OF NON-DISCRIMINATION IN ITS EDUCATIONAL PROGRAMS, ACTIVITIES, AND EMPLOYMENT PRACTICES. IT IS THE POLICY OF THE COLLEGE NOT TO DISCRIMINATE ON THE BASIS OF RACE, ETHNICITY, NATIONAL ORIGIN, SEXUAL ORIENTATION, COLOR, AGE, RELIGION, OR HANDICAP. THIS POLICY IS STATED IN ALL PRINTED MATERIALS AND PROPERLY DISCLOSED ON BROADCAST AND TELEVISED MEDIA. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES GRANTS IN THE FORM OF FUNDS TO BE DISTRIBUTED FOR STUDENT FINANCIAL AID OR SUPPORT OF EDUCATIONAL PROGRAMS FROM THE FOLLOWING ORGANIZATIONS: SCHOLARSHIP PAYMENTS FROM VARIOUS STATE AGENCIES ON BEHALF OF STUDENTS. UNITED STATES DEPARTMENT OF EDUCATION STUDENT FINANCIAL ASSISTANCE - CLUSTER FEDERAL PELL GRANT PROGRAM FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS FEDERAL WORK STUDY PROGRAM 1 EUROPE 0 21 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES 127000 CENTRAL AMERICA AND THE CARIBBEAN 0 22 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES 57484 EAST ASIA AND THE PACIFIC 0 14 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES; RECRUITING EXPENDITURES 27535 SOUTH AMERICA 0 6 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES 28704 EUROPE 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION N/A 10500 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION N/A 17000 SOUTH AMERICA 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION N/A 5000 EAST ASIA AND THE PACIFIC 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION N/A 122037 0 63 0 0 0 63 395260 0 395260 FINANCIAL AID EUROPE 4 10500 DIRECT APPLICATION TO STUDENT ACCOUNT 0 N/A FMV FINANCIAL AID MIDDLE EAST AND NORTH AFRICA 16 17000 DIRECT APPLICATION TO STUDENT ACCOUNT 0 N/A FMV FINANCIAL AID CENTRAL AMERICA AND THE CARIBBEAN 1 5000 DIRECT APPLICATION TO STUDENT ACCOUNT 0 N/A FMV FINANCIAL AID EAST ASIA AND THE PACIFIC 57 122037 DIRECT APPLICATION TO STUDENT ACCOUNT 0 N/A FMV 0 0 0 0 0 0 PART I, LINE 2: THE COLLEGE'S DEPARTMENT OF FINANCIAL AID REVIEWS AND APPROVES THE PROCEDURES FOR MONITORING THE FUNDS. THE CONTROLLER AND BURSAR MONITOR THE USE OF GRANT FUNDS AND APPLY GENERAL ACCOUNTING PROCEDURES IN BOOKING THE FUNDS ON FINANCIAL RECORDS. PART I, LINE 3: ACCRUAL METHOD PART III, COL (C): THE COLLEGE USED THE NUMBER OF APPROVED SCHOLARSHIP APPLICATIONS TO PROVIDE THE ESTIMATED NUMBER OF RECIPIENTS FOR FINANCIAL AID EXPENDITURES OUTSIDE OF THE UNITED STATES. 1 SCHOLARSHIPS 1275 12615958 0 N/A N/A PART I, LINE 2: THE COLLEGE'S DEPARTMENT OF FINANCIAL AID REVIEWS AND APPROVES THE PROCEDURES FOR MONITORING THE FUNDS. THE CONTROLLER AND DIRECTOR OF STUDENT ACCOUNTS MONITOR THE USE OF GRANT FUNDS AND APPLY GENERAL ACCOUNTING PROCEDURES IN BOOKING THE FUNDS ON FINANCIAL RECORDS. X 1 1 X X X X X X 0 1 0 0 0 0 0 0 0 BARRY BROWN PRESIDENT 343434 0 0 0 12000 0 42958 0 7231 0 405623 0 0 0 CHERYL ST PIERRE-SLEBODA VP FOR FINANCE & ADMINISTRATION 164463 0 0 0 0 0 16223 0 12678 0 193364 0 0 0 RONALD AKIE VP FOR ACADEMIC AFFAIRS 224987 0 0 0 0 0 11250 0 12613 0 248850 0 0 0 DEBORAH HIRSCH EDD VP FOR DEVELOPMENT 142137 0 0 0 0 0 24480 0 13408 0 180025 0 0 0 PART I, LINE 1A DISCRETIONARY SPENDING ACCOUNT: AUTO ALLOWANCE - BARRY BROWN - INCLUDED IN TAXABLE INCOME PART I, LINE 4B THE FOLLOWING INDIVIDUAL RECEIVED A CONTRIBUTION INTO A A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN (457(F) PLAN): BARRY BROWN $17,000 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2012-05-10 26000000 REFINANCE OLD DEBT, NEW FACILITY CONSTRUCTION 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2013-02-13 12500000 RENOVATE, EQUIP AND FURNISH FACILITIES 0 0 0 A 1149539 26004035 41 16685 325781 25678254 2013 1 0 1 1 B 91807 12500000 219652 12280348 2014 0 0 1 1 A 0 1 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 1 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 0 B 0 1 0 0 0 0 0 0 0 A 1 B 1 SCHEDULE K, PART I, COLUMN (E) AND PART II, LINE 3 VARIANCES THE VARIANCE BETWEEN THE ISSUE PRICES OF THE 2012 AND 2013 BOND ISSUES REPORTED IN PART I, COLUMN (E) AND THE TOTAL PROCEEDS OF THE ISSUE REPORTED IN PART II, LINE 3 RESULT FROM THE FOLLOWING: BOND A 2012: INTEREST INCOME ON FUNDS HELD BURTON WINNICK BURTON WINNICK IS A FORMER TRUSTEE AND PARTNER IN THE LAW FIRM 103388 LEGAL FEES 0 X 3 23348 FAIR MARKET VALUE X FURNITURE 2 145630 FAIR MARKET VALUE X DENTAL EQUIPM 1 25465 FAIR MARKET VALUE X SPORTS EQUIPM 1 6512 FAIR MARKET VALUE X EVENT TICKETS 2 205 LIST PRICE 0 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) IS THE NUMBER OF CONTRIBUTORS. PART I, LINE 33: CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES, AND SIMILAR ASSETS HELD AS PART OF A COLLECTION FOR EDUCATION, RESEARCH, OR PUBLIC EXHIBITION PURPOSES RATHER THAN FOR SALE OR FINANCIAL GAIN ARE NOT RECOGNIZED OR CAPITALIZED. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES CONSISTS OF THE CHAIR OF THE BOARD OF TRUSTEES, THE VICE CHAIR OF THE BOARD OF TRUSTEES BOTH AS EX-OFFICIO VOTING MEMBERS, AND THE PRESIDENT AS A NON-VOTING EX-OFFICIO MEMBER, AND NOT LESS THAN FIVE ADDITIONAL TRUSTEE MEMBERS, EXCEPT WHERE THE LARGER NUMBER IS REQUIRED BY THE LAW. THE EXECUTIVE COMMITTEE MAY MAKE RULES FOR THE CONDUCT OF ITS BUSINESS, BUT UNLESS OTHERWISE PROVIDED BY THE TRUSTEES OR IN SUCH RULES, ITS BUSINESS SHALL BE CONDUCTED AS NEARLY AS MAY BE IN THE SAME MANNER AS IT PROVIDED IN THE BY-LAWS FOR THE TRUSTEES. THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE POWERS OF THE BOARD OF TRUSTEES IN THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE COLLEGE WHEN THE BOARD IS NOT IN SESSION, TO TRANSACT ALL BUSINESS AND ON BEHALF OF THE CORPORATION AND TO GIVE THE NECESSARY INSTRUCTIONS TO THE EXECUTIVE OFFICERS ON BEHALF OF THE BOARD AND AUTHORIZE ANY OF THE OFFICERS, ON BEHALF OF THE CORPORATION, TO SIGN, AFFIX THE CORPORATE SEAL TO, AND DELIVER ANY CONTRACTS, DEEDS, RELEASE, ASSIGNMENTS, OR OTHER INSTRUMENTS IN WRITING, EXCEPT THAT THE EXECUTIVE COMMITTEE SHALL HAVE NO POWER TO ALTER OR AMEND THE ARTICLES OF ORGANIZATION OF THE COLLEGE, TO AMEND THE BY-LAWS, TO AWARD OR CONFER DEGREES, TO CHANGE THE PRINCIPAL OFFICE OF THE CORPORATION, TO ELECT OFFICERS, TO FILL ANY VACANCY IN SUCH OFFICE OR REVERSE ANY PRIOR ACTION OF THE BOARD, TO REMOVE OFFICERS OR TRUSTEES FROM OFFICE, TO AUTHORIZE A MERGER OF THE CORPORATION, TO CHANGE THE NUMBER OF THE BOARD OF TRUSTEES OR TO FILL VACANCIES ON THE BOARD OF TRUSTEES, OR AS MAY OTHERWISE BE LIMITED LAW, THE ARTICLES OF ORGANIZATION OR THESE BY-LAWS. THE EXECUTIVE COMMITTEE SHALL REPORT TO THE BOARD OF TRUSTEES ITS FINDINGS, RECOMMENDATIONS AND ACTIONS RELATING TO THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11 BEFORE THE FORM 990 WAS FILED, THE RETURN WAS REVIEWED BY THE AUDIT COMMITTEE AND THEN DISTRIBUTED TO THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE'S CONFLICT OF INTEREST POLICY COVERS TRUSTEES (INCLUDING EX-OFFICIO, HONORARY AND EMERITUS MEMBERS OF THE BOARD OF TRUSTEES), COMMITTEE MEMBERS AND EXECUTIVE OFFICERS. ALL COVERED INDIVIDUALS ARE REQUIRED TO SUBMIT AN ANNUAL DISCLOSURE TO THE FULL BOARD OF TRUSTEES IDENTIFYING POTENTIAL RELATIONSHIPS THAT MIGHT GIVE RISE TO A CONFLICT OF INTEREST, WITH UPDATES TO THE DISCLOSURES IN THE EVENT OF CHANGED CIRCUMSTANCES. POTENTIAL CONFLICTS ARE SUBJECT TO THE REVIEW AND APPROVAL OF THE BOARD OF TRUSTEES TO ENSURE THAT SUCH TRANSACTION OR RELATIONSHIP IS IN THE BEST INTERESTS OF THE COLLEGE AND COMPLIES WITH COLLEGE POLICY AND ALL APPLICABLE LEGAL AND ETHICAL GUIDELINES. ANY COVERED INDIVIDUAL HAVING A PERSONAL INTEREST IN A GIVEN TRANSACTION OR OTHER RELATIONSHIP SHALL NOT PARTICIPATE IN THE DISCUSSION OF THAT TRANSACTION OR RELATIONSHIP, EXCEPT TO RESPOND TO QUESTIONS OR INQUIRIES FROM OR PROVIDE INFORMATION REQUESTED BY THE TRUSTEES OR OTHERS, SHALL SPECIFICALLY ABSTAIN FROM VOTING ON THE TRANSACTION OR RELATIONSHIP, AND SHALL NOT BE COUNTED TOWARDS A QUORUM FOR PURPOSES OF THE VOTE. THE EXECUTIVE COMMITTEE SHALL REPORT TO THE BOARD OF TRUSTEES PERIODICALLY, AND AT LEAST ANNUALLY, ON ALL NON-DE MINIMIS TRANSACTIONS AND OTHER FINANCIAL RELATIONSHIPS BETWEEN THE COLLEGE AND COVERED PERSONS. SUCH REPORT SHALL INCLUDE A DESCRIPTION OF THE TRANSACTION OR RELATIONSHIP, THE FEES PAID OR RECEIVED BY THE COLLEGE (IF ANY), AND OTHER RELEVANT INFORMATION. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF TRUSTEES APPROVES THE CONTRACT, IF ANY, AND ALL SALARY, INCENTIVES, BONUSES, LOANS, SUBSIDIES, IN-KIND BENEFITS, EXPENSE ALLOWANCES, PAYMENTS TO BENEFIT PLANS AND RETIREMENT PLANS, SEVERANCE PAYMENTS AND ARRANGEMENTS, AND ANY OTHER COMPENSATION, BENEFITS, PAYMENTS AND PERQUISITES, FOR OR OTHERWISE ON BEHALF OF THE PRESIDENT FROM OR ON BEHALF OF THE COLLEGE. THE EXECUTIVE COMMITTEE ("THE COMMITTEE") IS RESPONSIBLE FOR THE ANNUAL REVIEW OF THE PRESIDENT'S COMPENSATION AND BENEFITS, FOLLOWING A PERFORMANCE REVIEW. THE COMMITTEE MAY DELEGATE THE PERFORMANCE REVIEW PORTION OF THIS RESPONSIBILITY TO THE CHAIR OF THE BOARD OF TRUSTEES AND TWO OR MORE MEMBERS OF THE COMMITTEE. CHANGES IN COMPENSATION OF THE PRESIDENT SHALL BE CONSISTENT WITH STANDARDS IN THE HIGHER EDUCATION COMMUNITY, WITH SPECIAL REFERENCE TO COMPARABLE INSTITUTIONS. PROPOSED CHANGES, TOGETHER WITH THE COMMITTEE'S RECOMMENDATIONS, SHALL BE SUBMITTED TO THE BOARD OF TRUSTEES FOR APPROVAL. THE COMMITTEE SHALL BE PROVIDED WITH COMPARATIVE DATA FROM NATIONAL OR STATEWIDE SURVEYS OF COMPARABLE INSTITUTIONS, OR FROM LOCAL COLLEGES REGARDED AS SIMILAR TO MOUNT IDA COLLEGE IN TERMS OF DEGREE OFFERINGS, ENROLLMENT AND BUDGET AS THE COMMITTEE MAY REQUIRE IN SATISFYING ITS RESPONSIBILITIES. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. IN ADDITION, THE COLLEGE'S FORM 990 IS MADE AVAILABLE ON THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AND AT WWW.GUIDESTAR.ORG. FORM 990, PART XI, LINE 9: CHANGE IN ACCRUED PENSION LIABILITY -232,329.