2014-01-06T15:20:26-06:00 2013-08-31 410746749 CLIFTONLARSONALLEN LLP 610 WEST GERMANTOWN PIKE SUITE 400 PLYMOUTH MEETING PA 19462 990 2012-09-01 131916574 NEW YORK CHIROPRACTIC COLLEGE NEWY 3155683000 PO BOX 800 2360 STATE ROUTE 89 SENECA FALLS NY 131480800 SEAN ANGLIM 3155683000 2013-12-12 1 STEVE ROSA CPA P00079667 2156433900 2012 2015-11-30 17:44:51Z DR FRANK NICCHI 2360 STATE ROUTE 89 SENECA FALLS NY 13148 30509591 0 X WWW.NYCC.EDU X 1919 NY SEE SCHEDULE O NEW YORK CHIROPRACTIC COLLEGE'S MISSION IS THE COMMITMENT TO THE ACHIEVEMENT OF ACADEMIC EXCELLENCE, QUALITY PATIENT CARE, AND PROFESSIONAL LEADERSHIP. 19 18 668 41 42600 -59286 937415 1023788 23721575 25828862 739081 927281 21284 425546 25419355 28205477 792158 848000 0 0 15913907 16435596 0 0 443470 8927871 10095813 25633936 27379409 -214581 826068 76825446 80039386 34435605 34161922 42389841 45877464 X SCHEDULE O 0 0 21463026 848000 25828862 SCHEDULE O 21463026 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 69 0 1 668 1 1 1 1 CJ 0 0 0 0 0 0 0 0 X 19 18 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X SEAN ANGLIM 3155683000 PO BOX 800 2360 STATE ROUTE 89 SENECA FALLS NY 131480800 DR FRANK NICCHI 35.00 X X 272554 0 203961 DR YUSEF BARNES 1.00 X 0 0 0 DR LEWIS BAZAKOS 1.00 X 0 0 0 DR G LANSING BLACKSHAW 1.00 X 0 0 0 MR TIM BROWN 1.00 X 0 0 0 DR ROBERT DALEY 1.00 X 0 0 0 DR THOMAS DEVITA 1.00 X 0 0 0 DR KAREN ERICKSON 1.00 X 125 0 0 DR SYLVIA HEYMAN 1.00 X 0 0 0 MR ROBERT KERNAN 1.00 X 0 0 0 DR FRANK LIZZIO 1.00 X 0 0 0 MR WALTER MCCARTHY 1.00 X 0 0 0 DR GEORGE MCCLELLAND 1.00 X 0 0 0 DR TYRAN MINCEY 1.00 X 0 0 0 MR JOHN PALMUCCI 1.00 X 0 0 0 DR JAMES POWELL 1.00 X 0 0 0 MS CATHERINE RICHARDSON 1.00 X 0 0 0 DR JOHN ROSA 1.00 X 0 0 0 MS ELIZABETH SHIAH 1.00 X 0 0 0 SERGE NERLI 1.00 X 3204 0 0 DR MICHAEL MESTAN 35.00 X 210777 0 36799 SEAN ANGLIM 35.00 X 193170 0 20836 DR MATTHEW COTE 35.00 X 130235 0 24508 DR ROBERT RUDDY 35.00 X 127457 0 22341 MS DIANE DIXON 35.00 X 115338 0 9411 DR KAREN BOBAK 35.00 X 108350 0 24876 PETER VANTYLE 35.00 X 107606 0 24181 1268816 0 366913 11 0 1 0 SODEXO INC AND AFFILIATES 1000 EAST HENRIETTA ROAD ROCHESTER NY 14623 DINING SERVICES 463387 COMPASS GROUP USA INC 2400 YORKMONT ROAD CHARLOTTE NC 28217 DINING SERVICES 268100 BOND SCHOENECK AND KING PLLC ONE LINCOLN CENTER SYRACUSE NY 13202 LEGAL SERVICES 231534 SENECA SECURITY SERVICE 4922 ROUTE 89 ROMULUS NY 14541 SECURITY SERVICES 209896 APPLE ROOFING CORP PO BOX 3105 SYRACUSE NY 13220 ROOF INSTALLATION 160506 7 6045 410004 607739 70931 1023788 TUITION & FEES 611310 23253233 23253233 HOUSING/FOOD REVENUES 721000 1284624 1284624 CLINIC REVENUES 621400 1004474 1004474 ATHLETIC CENTER 713940 199065 199065 ADVERTISING INCOME 541800 32250 32250 55216 49922 5294 25828862 279207 279207 12070 0 12070 12070 12070 2933280 11850 2297056 0 636224 11850 648074 648074 5655 6045 0 5655 5655 12114 7058 5056 5056 OTHER INCOME 900099 402765 402765 402765 28205477 26194083 42600 945006 16100 16100 831900 831900 933342 839722 93620 12506614 10538248 1766625 201741 749850 613614 123452 12784 1324207 1037309 241817 45081 921583 751889 169694 279297 279297 103316 103316 59037 59037 64981 62106 2875 409435 398668 10108 659 1008346 664250 334129 9967 177777 4530 172920 327 890558 837878 52680 621650 365568 251741 4341 35406 17500 17398 508 866864 781857 85007 2045412 1921741 123671 409242 67110 342132 MISCELLANEOUS SERVICES 1157889 1130067 26008 1814 SERVICE CONTRACTS 608821 470240 138581 0 MINOR EQUIPMENT 407544 385248 20952 1344 DUES LICENSES & PERMITS 255578 115227 140208 143 694660 451976 171543 71141 27379409 21463026 5472913 443470 6577410 7099522 377394 448476 370507 573019 1556487 1527553 830360 708397 56030456 34384215 21925730 21646241 11747744 12033020 31417420 33676923 2022394 2326235 76825446 80039386 2517926 2777871 9778178 10209050 17887551 17089836 734091 703842 3517859 3381323 34435605 34161922 X 42210831 45715614 99010 81850 80000 80000 42389841 45877464 76825446 80039386 X 826068 2811686 -134715 -15416 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 6488 0 0 0 6488 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: A PORTION OF THE DUES PAID TO THE ASSOCIATION OF CHIROPRACTIC COLLEGES MAY BE USED FOR ADVOCACY PROGRAMS. THIS PORTION IS REPORTED AS GRANTS TO OTHER ORGANIZATIONS FOR LOBBYING PURPOSES. 43099782 0 3514746 4000 800000 45810528 42999854 0 1454928 4000 1351000 43099782 39326331 810 4213767 41054 500000 42999854 38725703 810 1955318 5500 1350000 39326331 44727609 2288 -5498694 5500 500000 38725703 0.99600 0.00200 0.00200 0 0 1309001 1309001 43896604 25528316 18368288 28736 10297 18439 9569462 8049419 1520043 1226653 796183 430470 21646241 FOREIGN EQUITY SECURITIES 10249165 F HEDGE FUNDS 16875234 F REAL ASSETS 6552524 F 33676923 FEDERAL STUDENT LOANS PAYABLE 1609542 ASSET RETIREMENT OBLIGATION 1771781 3381323 30008456 2811686 -949670 1862016 28146440 59037 59037 28205477 26495530 7058 7058 26488472 59037 831900 890937 27379409 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT FUNDS THE BOARD DESIGNATED/QUASI-ENDOWMENT PORTION OF THE FUNDS ARE USED TO PROVIDE A SOURCE OF FUNDING FOR THE ANNUAL BUDGET ALONG WITH FUNDING STRATEGIC INITIATIVES. THE INCOME FROM THE PERMANENT ENDOWMENT ALONG WITH THE TERM ENDOWMENT IS USED TO PROVIDE SCHOLARSHIPS FOR STUDENTS. UNRESTRICTED FUNDS FUNCTIONING AS QUASI ENDOWMENT ARE COVERED UNDER THE BOARD OF TRUSTEES' SPENDING POLICY WHICH IS DETERMINED ANNUALLY AND IS TARGETED TO BE APPROXIMATELY 5% OF A 16 QUARTER MOVING AVERAGE OF THE FUND'S TOTAL MARKET VALUE. TEMPORARILY RESTRICTED FUNDS ARE APPROPRIATED FOR EXPENDITURE BASED ON THE DIRECTION OF THE DONOR. ENDOWMENT FUNDS ARE INVESTED TO MAXIMIZE LONG TERM RETURNS CONSISTENT WITH PRUDENT LEVELS OF RISK APPROPRIATE TO THE MANAGEMENT OF SUCH LONG TERM FUNDS. DIVERSIFICATION OF INVESTMENTS IS DESIGNED TO ENSURE A TOTAL RETURN OF INCOME PLUS CAPITAL APPRECIATION NECESSARY TO PRESERVE AND ENHANCE THE PRINCIPAL OF THE FUNDS AND AT THE SAME TIME, PROVIDE A DEPENDABLE SOURCE OF INCOME FOR CURRENT OPERATIONS AND PROGRAMS. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTERNAL SCHOLARSHIPS -831,900. TEMPORARILY RESTRICTED GIFTS 9,887. INVESTMENT EXPENSE ADJUSTMENT -134,715. COST OF INVENTORY SOLD 7,058. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF INVENTORY SOLD 7,058. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTERNAL SCHOLARSHIPS 831,900. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY - INCLUDED WITH ALL PUBLICITY AND ADVERTISEMENTS. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 STUDENT FINANCIAL AID IS RECEIVED BY THE COLLEGE. 1 FOUNDATION FOR CHIROPRACTIC PROGRESS PO BOX 560 CARMICHAEL CA 956090560 202137895 15000 0 PLEDGE TO SUPPORT THE POSITIVE PRESS CAMPAIGN TO PROMOTE CHIROPRACTIC. 1 0 VARIOUS INTERNAL SCHOLARSHIPS TO STUDENTS 316 831900 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: MERIT AND ACADEMIC SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON PREVIOUS AND CURRENT ACADEMIC ACHIEVEMENT. OTHER INTERNAL AND ENDOWED SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON CRITERIA SPECIFIC TO THE SCHOLARSHIP. SCHOLARSHIPS AWARDED ARE MONITORED BY THE FINANCIAL AID AND THE FINANCE OFFICE OF THE COLLEGE. X X X 1 1 X X X X 0 1 0 0 0 0 0 1 0 DR FRANK NICCHI 244094 0 0 0 28460 0 162500 0 41461 0 476515 0 0 0 DR MICHAEL MESTAN 189112 0 8500 0 13165 0 15620 0 21179 0 247576 0 0 0 SEAN ANGLIM 184670 0 8500 0 0 0 14923 0 5913 0 214006 0 0 0 DR MATTHEW COTE 78256 0 24318 0 27661 0 6887 0 17621 0 154743 0 0 0 PART I, LINE 1A DR. FRANK NICCHI RECEIVES (COLLEGE OWNED) HOUSING AS A CONDITION OF HIS EMPLOYMENT. THE LEASE VALUE OF THE HOUSING WAS $24,000. THE COST OF CLEANING SERVICES FOR THE HOUSING ($2,950) WAS TAXED TO HIM AS A FRINGE BENEFIT AND INCLUDED IN HIS W-2. INCLUDED IN HIS EMPLOYMENT CONTRACT IS A PROVISION FOR TRAVEL FOR HIS SPOUSE. THE COST OF SPOUSAL TRAVEL ($3,860) WAS TAXED TO HIM AS A FRINGE BENEFIT AND INCLUDED IN HIS W-2 EARNINGS. DR. FRANK NICCHI WAS TAXED AS A FRINGE BENEFIT ($828) FOR LEGAL FEES PAID BY THE COLLEGE FOR PERSONAL RETIREMENT PLANNING. PART I, LINE 4B CONTRIBUTIONS WERE MADE ON DR. FRANK NICCHI'S BEHALF INTO TWO SEPARATE 457(F) SUPPLEMENTAL RETIREMENT PLANS IN 2012 TOTALING $142,500 IN ACCORDANCE WITH HIS EMPLOYMENT CONTRACT. THE 457(F) CONTRIBUTIONS ALONG WITH THE COLLEGE'S 403(B) RETIREMENT CONTRIBUTION ARE REPORTED ON PART II COLUMN (C). PART I, LINE 7 TWO OFFICERS EACH RECEIVED A NON-FIXED BONUS PAYMENT OF $8,500 IN 2012. THE AMOUNT WAS INCLUDED IN THEIR W-2 AND SHOWN IN PART II (B)(II). A SENECA COUNTY INDUSTRIAL DEVELOPMENT AGENCY 237329915 816907AP4 2007-05-31 20134306 REFINANCING OF A COMMERCIAL LOAN 0 0 0 A 20134306 1622250 17959344 342290 210423 2007 1 0 1 1 A 0 1 1 1 0 0.01120 0.00460 0.01580 1 0 1 A 0 0 0 1 0 0 0 0 1 A 1 SCHEDULE K, PART IV, LINE 2C MOST RECENT REBATE COMPUTATION WAS PERFORMED IN MAY 2012 FOR THE FIFTH ANNIVERSARY OF THE ISSUE DATE WITH NO REBATE DUE. X EQUIPMENT 4 21529 SELLING PRICE X SUPPLIES/SUPPLEMENTS 14 42910 SELLING PRICE X EQUIP LEASE 1 6492 SELLING PRICE 0 1 0 ORGANIZATION MISSION STATEMENT FORM 990, PART III, LINE 1 NEW YORK CHIROPRACTIC COLLEGE'S MISSION IS THE COMMITMENT TO THE ACHIEVEMENT OF ACADEMIC EXCELLENCE, QUALITY PATIENT CARE, AND PROFESSIONAL LEADERSHIP. THE VISION IS TO BE RECOGNIZED AS THE LEADING INSTITUTION FOR EDUCATION AND TRAINING OF INTEGRATED AND NATURAL HEALTH CARE PROFESSIONALS AND ACADEMICIANS. DEGREE OFFERINGS INCLUDE THE DOCTOR OF CHIROPRACTIC AND MASTER OF SCIENCE DEGREES IN ACUPUNCTURE AND ORIENTAL MEDICINE, APPLIED CLINICAL NUTRITION (100% ONLINE), HUMAN ANATOMY AND PHYSIOLOGY INTRUCTION (100% ONLINE), DIAGNOSTIC IMAGING, AND CLINICAL ANATOMY. PROGRAM SERVICE STATEMENT FORM 990, PART III, LINE 4A EXEMPT PURPOSE ACHIEVEMENTS NEW YORK CHIROPRACTIC COLLEGE (NYCC), LOCATED IN SENECA FALLS, NY, IS A PRIVATE 501(C) (3), NOT-FOR-PROFIT EDUCATIONAL INSTITUTION ESTABLISHED IN 1919 THROUGH ABSOLUTE CHARTER FROM THE NEW YORK STATE BOARD OF REGENTS, OFFERING MULTIPLE ACADEMIC PROGRAMS AND HIGHLY DIVERSIFIED NATURAL HEALTHCARE INSTRUCTION. COURSEWORK AT NYCC EMPHASIZES INTEGRATIVE, NATURAL, AND COLLABORATIVE HEALTHCARE APPROACHES OFFERED THROUGH ACCREDITED, DEGREE-GRANTING PROGRAMS AS FOLLOWS: - DOCTOR OF CHIROPRACTIC - MASTER OF SCIENCE IN ACUPUNCTURE & ORIENTAL MEDICINE - THROUGH ITS FINGER LAKES SCHOOL OF ACUPUNCTURE AND ORIENTAL MEDICINE - MASTER OF SCIENCE IN APPLIED CLINICAL NUTRITION (100% ONLINE) - MASTER OF SCIENCE IN HUMAN ANATOMY AND PHYSIOLOGY INSTRUCTION (100% ONLINE) - MASTER OF SCIENCE IN DIAGNOSTIC IMAGING - MASTER OF SCIENCE IN CLINICAL ANATOMY - BACHELOR OF SCIENCE IN PROFESSIONAL STUDIES THE COLLEGE'S MISSION ENCOURAGES THE ACHIEVEMENT OF ACADEMIC EXCELLENCE, QUALITY PATIENT CARE AND PROFESSIONAL LEADERSHIP. INTEGRATIVE HEALTHCARE EDUCATION AN IMPORTANT ASPECT OF EDUCATIONAL PROGRAMMING AT NYCC INCLUDES THE OPERATION OF FOUR COMMUNITY HEALTH CENTERS IN NEW YORK STATE (SENECA FALLS, ROCHESTER, BUFFALO, AND LONG ISLAND), EACH OF WHICH PROVIDES NATURAL HEALTHCARE SERVICES AND SERVES AS AN INNOVATIVE MODEL FOR PATIENT CENTERED AND INTEGRATIVE HEALTHCARE THROUGHOUT THE COUNTRY. ADDITIONALLY, NYCC STUDENTS ENGAGE IN CLINICAL ROTATIONS WITHIN SEVERAL HOSPITALS AND OTHER CONVENTIONAL HEALTHCARE SETTINGS WHICH PROVIDE INTEGRATIVE, REAL-WORLD EXPERIENCE THAT PREPARES THEM FOR A RAPIDLY EVOLVING HEALTH CARE MARKETPLACE. UNIQUE CLINICAL PARTNERSHIPS WHICH ENABLE STUDENTS TO PARTICIPATE IN CLINICAL ROUNDS AND PROVIDE PATIENT CARE INCLUDE THE WALTER REED NATIONAL MILITARY MEDICAL CENTER IN BETHESDA MARYLAND, FIVE VETERANS HEALTH ADMINISTRATION HOSPITALS/HEALTH CENTERS, AND MONROE COMMUNITY HOSPITAL. ADDITIONALLY, UNDER FACULTY SUPERVISION, STUDENTS PROVIDE NATURAL HEALTHCARE SERVICES AT THE HEALTH CENTERS OF THE STATE UNIVERSITY OF NEW YORK SYSTEM AT BUFFALO, STONY BROOK, AND FARMINGDALE, AND AT ST. JOHN FISHER COLLEGE. FISCAL-YEAR EXEMPT PURPOSE ACHIEVEMENTS THE COLLEGE GRADUATED 288 STUDENTS DURING THE FISCAL 2013 YEAR DETAILED AS FOLLOWS: - DOCTOR OF CHIROPRACTIC (170) - MASTER OF SCIENCE IN ACUPUNCTURE AND ORIENTAL MEDICINE (19) - MASTER OF SCIENCE IN APPLIED CLINICAL NUTRITION (40) - MASTER OF SCIENCE IN HUMAN ANATOMY AND PHYSIOLOGY INSTRUCTION (38) - MASTER OF SCIENCE IN DIAGNOSTIC IMAGING (1) - MASTER OF SCIENCE IN CLINICAL ANATOMY (1) - BACHELOR OF SCIENCE IN PROFESSIONAL STUDIES (19) NYCC LAUNCHED CONNECTX THERAPY, AN INNOVATIVE TECHNIQUE IN THE FIELD OF INSTRUMENT ASSISTED SOFT TISSUE MOBILIZATION (IASTM). CONNECTX TRAINING COMPRISES A THREE MODULE PROGRAM OFFERED THROUGH NYCC'S DEPARTMENT OF POST GRADUATE AND CONTINUING EDUCATION, AND CONSISTS OF THREE COMPONENTS (TECHNIQUE, INSTRUMENT AND EMOLLIENT). A DISTINGUISHING FEATURE OF CONNECTX IS ITS UTILIZATION OF EVIDENCE-BASED RESEARCH DATA TO ENHANCE PROTOCOLS AND PROVIDE UP-TO-DATE CLINICAL APPLICATIONS ON AN ONGOING BASIS. THE COLLEGE'S ATHLETIC CENTER IS NOW CALLED THE STANDARD PROCESS HEALTH AND FITNESS CENTER - SO NAMED IN APPRECIATION FOR THE LONG STANDING SUPPORT STANDARD PROCESS, A MANUFACTURER OF WHOLE FOODS NUTRITIONAL SUPPLEMENTS, HAS SHOWN THE COLLEGE. THE COLLEGE EARNED A PLACE ON THE CHRONICLE OF HIGHER EDUCATION'S 2013 GREAT COLLEGES TO WORK FOR "2013 HONOR ROLL," A PROGRAM THAT RECOGNIZES COLLEGES AFTER SURVEYING ITS EMPLOYEES. CATEGORIES INCLUDE EXCEPTIONAL PRACTICES AND POLICIES IN SUCH AREAS AS, WORK/LIFE BALANCE, COMPENSATION, BENEFITS, FACILITIES, SAFETY, COMMUNICATION AND LEADERSHIP. THIS WAS THE FIFTH CONSECUTIVE YEAR OF RECOGNITION FOR NYCC AS A "GREAT COLLEGE TO WORK FOR" AND THE FOURTH YEAR RUNNING FOR "HONOR ROLL" STATUS. IN DECEMBER, EMPLOYER SUPPORT OF THE GUARD AND RESERVE (ESGR) PRESENTED THE PATRIOT AWARD TO NYCC AND PRESIDENT FRANK J. NICCHI, DC, IN RECOGNITION OF THE COLLEGE'S SUPPORT FOR NYCC COMMUNITY MEMBERS SERVING IN THE UNITED STATES MILITARY. IN MAY, THE COLLEGE RECEIVED THE ABOVE AND BEYOND AWARD. THIS AWARD, PRESENTED BY THE STATE COMMITTEE OF EMPLOYER SUPPORT OF THE GUARD AND RESERVE (ESGR) RECOGNIZES EMPLOYERS AT THE LOCAL LEVEL WHO HAVE GONE ABOVE AND BEYOND THE LEGAL REQUIREMENTS OF THE UNIFORMED SERVICES EMPLOYMENT AND REEMPLOYMENT RIGHTS ACT. THE COLLEGE LEARNED IT HAS BEEN NAMED A MILITARY FRIENDLY SCHOOL FOR 2014. A SURVEY ADMINISTERED BY THE PUBLISHER OF G.I. JOBS AND THE GUIDE TO MILITARY FRIENDLY SCHOOLS HAS RANKED NYCC WITHIN THE TOP 15 PERCENT OF OVER 12,000 SCHOOLS NATIONWIDE FOR RECRUITING MILITARY AND VETERAN STUDENTS AND CONTINUING TO IMPROVE ITS EFFORTS TOWARD MILITARY FRIENDLINESS EACH YEAR. STANDARD AND POOR'S AFFIRMED THE COLLEGE'S INVESTMENT GRADE, "BBB STABLE OUTLOOK" CREDIT RATING FOR ITS LONG-TERM BOND OBLIGATIONS. FORM 990, PART VI, SECTION A, LINE 2 A TRUSTEE OF THE COLLEGE, MR. ROBERT KERNAN, AND AN OFFICER OF THE COLLEGE, DR. FRANK NICCHI, BOTH SERVE ON THE BOARD OF DIRECTORS OF GENERATIONS BANK. FORM 990, PART VI, SECTION B, LINE 11 THE COLLEGE'S MANAGEMENT STAFF SUBMITS A DRAFT OF THE FORM 990 TO THE AUDIT COMMITTEE OF THE COLLEGE'S BOARD OF TRUSTEES. THE AUDIT COMMITTEE THEN REVIEWS THE DRAFTED FORM 990 AND PROVIDES ANY COMMENTS IT HAS TO THE MANAGEMENT STAFF. THE COLLEGE'S MANAGEMENT STAFF SUBMITS A DRAFT OF PART VII AND SCHEDULE J OF THE FORM 990 TO THE EXECUTIVE COMMITTEE OF THE COLLEGE'S BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE THEN REVIEWS THE DRAFTED PART VII AND SCHEDULE J OF THE FORM 990 AND PROVIDES ANY COMMENTS IT HAS TO THE MANAGEMENT STAFF. ONCE THE REVIEW PROCESS IS COMPLETE, THE FORM 990 IS PROVIDED TO EACH MEMBER OF THE FULL BOARD OF TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS WRITTEN CONFLICT OF INTEREST POLICY THROUGH A REQUIRED ANNUAL CONFLICT OF INTEREST QUESTIONNAIRE FOR TRUSTEES, OFFICERS AND/OR MANAGEMENT STAFF ("COVERED PERSONS"). FURTHER, ALL COVERED PERSONS ARE REQUIRED TO NOTIFY THE AUDIT COMMITTEE OF ANY CHANGES TO THE INFORMATION PROVIDED IN SUCH QUESTIONNAIRE DURING THE YEAR. THE AUDIT COMMITTEE REVIEWS ALL COMPLETED QUESTIONNAIRES (INCLUDING ANY SUBSEQUENT NOTIFICATION OF CHANGES) TO DETERMINE WHETHER A POTENTIAL CONFLICT EXISTS. IF THE AUDIT COMMITTEE DETERMINES THAT A POTENTIAL CONFLICT EXISTS, THE BOARD OF TRUSTEES WILL REVIEW THE POTENTIAL CONFLICT, AND MAY IMPLEMENT PROTECTIVE MEASURES, SUCH AS THE REASSIGNMENT OF THE AFFECTED COVERED PERSON'S RESPONSIBILITIES, IF DEEMED APPROPRIATE. IF A COVERED PERSON FAILS TO COMPLY WITH THE CONFLICT OF INTEREST POLICY, THE BOARD MAY TAKE CORRECTIVE ACTIONS, AS IT DEEMS APPROPRIATE, IN ACCORDANCE WITH THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 IN ACCORDANCE WITH THE COLLEGE'S EXECUTIVE COMPENSATION POLICY FOR OFFICERS, KEY EMPLOYEES AND CERTAIN OTHER COVERED PERSONS (COLLECTIVELY, "COVERED PERSONS"), THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF THE COLLEGE ("EXECUTIVE COMMITTEE") REVIEWS EACH PROPOSED COMPENSATION AND BENEFIT ARRANGEMENTS ("PROPOSED ARRANGEMENT") FOR EACH COVERED PERSON TO DETERMINE WHETHER THE PROPOSED ARRANGEMENT SATISFIES THE "REASONABLE COMPENSATION" REQUIREMENTS SET FORTH IN SECTION 4958 OF THE INTERNAL REVENUE CODE ("CODE") (E.G., A REVIEW OF RELEVANT COMPARABILITY DATA, PERFORMANCE REVIEWS AND/OR OTHER DOCUMENTATION SUPPORTING THE PROPOSED ARRANGEMENT). PRIOR TO SUCH REVIEW AND DETERMINATION, THE EXECUTIVE COMMITTEE VERIFIES THAT NONE OF ITS MEMBERS HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE APPLICABLE PROPOSED ARRANGEMENT. IF THE EXECUTIVE COMMITTEE DETERMINES THAT A PROPOSED ARRANGEMENT MEETS THE REASONABLE COMPENSATION REQUIREMENTS IT THEN DOCUMENTS THE REVIEW AND DETERMINATION PROCESS. PROPOSED ARRANGEMENTS FOR THE COLLEGE'S PRESIDENT, VP OF FINANCE AND ADMINSTRATIVE SERVICES AND EXECUTIVE VP AND PROVOST ARE REVIEWED ANNUALLY (I.E., ALL THREE PROPOSED ARRANGEMENTS FOR THE TAX YEAR WERE REVIEWED IN 2012). FORM 990, PART VI, SECTION C, LINE 19 COPIES OF THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST ON A CASE BY CASE BASIS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: TEMPORARILY RESTRICTED GIFTS 9,887. ASSETS RELEASED FROM RESTRICTIONS -25,303.