2014-05-13T15:29:35-05:00 2013-06-30 KPMG LLP 1676 International Drive Mclean VA 22102 990 2012-07-01 520591421 ST JOHN'S COLLEGE % FRED BILLUPS/BRYAN VALENTINE STJO 4102632371 60 College Avenue Suite Annapolis MD 21401 FRED A BILLUPS 4102632371 2014-05-12 true 7032868000 2012 2015-11-30 17:44:51Z X CHRISTOPHER NELSON 60 COLLEGE AVENUE ANNAPOLIS MD 21401 81120086 false X www.stjohnscollege.edu X 1784 MD TO PROVIDE POST-SECONDARY EDUCATION 39 35 1012 150 537563 1916 11179860 19137442 49095812 48627174 4271605 4755908 -319 37356 64546958 72557880 18786751 18739329 0 0 35116750 31829260 0 0 3041911 15956263 18573563 69859764 69142152 -5312806 3415728 225833869 241718703 47203510 50749301 178630359 190969402 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 55689928 18739329 48092619 GRADUATE & UNDERGRADUATE COURSE OF STUDY FOR APPROXIMATELY 1,100 STUDENTS 55689928 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 false false false false true false false false false true false false false false true 1444 0 true 1012 true true true true CJ false false false false false false false false X 39 35 false false false false false false false true true false false false true true true true true true true false MD NM X FRED BILLUPSBRYAN VALENTINE 4106262514 60 COLLEGE AVENUE ANNAPOLIS MD 21401 JOANNE AITKEN 1.0 0.0 X 0 0 0 M BROWNELL ANDERSON 1.0 0.0 X 0 0 0 SHEILA BOBBS ARMSTRONG 1.0 0.0 X 0 0 0 ROBERT BIENENFELD 1.0 0.0 X X 0 0 0 SHARON BISHOP 1.0 0.0 X STEVEN J BOHLIN 1.0 0.0 X 0 0 0 CLAIBORNE B BOOKER 1.0 0.0 X 0 0 0 JANA H CAREY 1.0 0.0 X 0 0 0 THOMAS M CARNES 1.0 0.0 X 0 0 0 PAMELA S CARTER 1.0 0.0 X 0 0 0 RAY C CAVE 1.0 0.0 X 0 0 0 GREG CURTIS 1.0 0.0 X 0 0 0 BRAD DAVIDSON 1.0 0.0 X 0 0 0 R WESTON DONEHOWER 1.0 0.0 X 0 0 0 JEROME P DOWNEY 1.0 0.0 X 0 0 0 MICHELE FARQUHAR 1.0 0.0 X 0 0 0 STEPHEN L FEINBERG 1.0 0.0 X 0 0 0 RONALD FIELDING 1.0 0.0 X 0 0 0 STEPHEN FORMAN 1.0 0.0 X 0 0 0 LEE KATHERINE GOLDSTEIN 1.0 0.0 X 0 0 0 ANNA GREENBERG 1.0 0.0 X 0 0 0 ERWIN L GREENBERG 1.0 0.0 X 0 0 0 STEWART GREENFIELD 1.0 0.0 X 0 0 0 RICHARD GROENENDYKE 1.0 0.0 X 0 0 0 JOAN HARATANI 1.0 0.0 X 0 0 0 ALLAN HOFFMAN 1.0 0.0 X 0 0 0 HAROLD HUGHES 1.0 0.0 X 0 0 0 PAMELA KRAUS 35.0 0.0 X X 147393 0 31050 THOMAS KRAUSE 1.0 0.0 X 0 0 0 PERRY LERNER 1.0 0.0 X X 0 0 0 AUSTIN LIGON 1.0 0.0 X 0 0 0 SUSANA MARTINEZ 1.0 0.0 X 0 0 0 DOUGLAS K MAYER 1.0 0.0 X 0 0 0 MICHAEL G MILLER 1.0 0.0 X 0 0 0 CHARLES NELSON 1.0 0.0 X 0 0 0 CHRISTOPHER NELSON 35.0 0.0 X X 294996 0 197514 MARTIN O'MALLEY 1.0 0.0 X 0 0 0 MICHAEL PETERS 35.0 0.0 X X 258413 0 81580 JAMES H POLK 1.0 0.0 X 0 0 0 THEODORE C ROGERS 1.0 0.0 X X 0 0 0 BRUCE C SANBORN 1.0 0.0 X 0 0 0 WARREN SPECTOR 1.0 0.0 X 0 0 0 WALTER STERLING JR 35.0 0.0 X X 146721 0 34803 JILL COOPER UDALL 1.0 0.0 X 0 0 0 MICHAEL UREMOVICH 1.0 0.0 X 0 0 0 HARRIET WARREN 1.0 0.0 X 0 0 0 JULIA WILKINSON 1.0 0.0 X 0 0 0 WARREN P WINIARSKI 1.0 0.0 X 0 0 0 DELORES WOLF 1.0 0.0 X 0 0 0 BARBARA GOYETTE 35.0 0.0 X 148506 0 37211 BRONTE JONES 35.0 0.0 X 158304 0 25111 VICTORIA MORA 35.0 0.0 X 107936 0 39348 BRYAN VALENTINE 35.0 0.0 X 142624 0 35559 DAVID CARL 35.0 0.0 X 115902 0 25696 SARAH MORSE 35.0 0.0 X 114464 0 32915 DAVID TOWNSEND 35.0 0.0 X 111843 0 58006 WILLIAM PASTILLE 35.0 0.0 X 111189 0 31140 JEFF BLACK 35.0 0.0 X 110992 0 36107 1969283 0 666040 24 false true false Bon Appetit B File782783 POBox 417632 BOSTON MA 022417632 Food Service 1820038 ARAMARK 1160 Camino Cruz Blanca SANTA FE NM 87505 Food Service 1464011 Brown Contracting Co Inc 800 E College Parkway ANNAPOLIS MD 21409 Construction 1244333 AR Marani Inc 7500 Harford Rd BALTIMORE MD 21234 Construction 1032988 Art Science Group LLC 300 East Lomard St Suite 610 BALTIMORE MD 21202 CONSLTG/PROF SRVS 358358 14 64789 3654892 15417761 2006861 19137442 TUITION AND FEES 611600 32792355 32792355 ROOM & BOARD FEES 611710 6484942 6484942 AUXILIARY ENTERPRISES 611710 7937710 7400867 536843 OTHER PROGRAM SERVICE REVENUE 611710 1412167 1412167 48627174 1594176 720 1593456 0 0 0 0 0 11671164 8509432 3161732 3161732 3161732 90130 64789 52774 37356 37356 0 0 0 72557880 48090331 537563 4792544 0 18739329 18739329 0 0 0 1782473 503156 1095202 184115 0 21670071 17282182 2799821 1588068 1785976 1433356 290941 61679 4878187 3446122 1130053 302012 1712553 1340231 247993 124329 0 99256 99256 63588 63588 0 0 0 1739544 1034028 649927 55589 743853 458567 122050 163236 2682519 -146657 2591671 237505 375038 18809 308406 47823 0 1291183 1291183 314522 192520 46562 75440 0 157888 127851 29751 286 1509791 1471283 24517 13991 0 4915215 4759946 101758 53511 293030 1106 291924 AUXILIARY ENTERPRISES 2579077 2579077 STUDENT ACTIVITIES 1056870 947681 17178 92011 BAD DEBT EXPENSE 412133 412133 COST OF SALES 461701 461701 -121645 -251543 87582 42316 69142152 55689928 10410313 3041911 3516971 4122804 9339285 5063850 3521630 7584958 1387488 1346619 131087 125387 0 0 6279048 6029421 480722 472898 653382 951981 139269006 59166901 80674209 80102105 3091216 3312704 115503902 129188796 0 0 0 0 1254929 3417180 225833869 241718703 24879251 26031669 1394237 1416209 1776423 2177316 18825854 19311303 0 0 0 0 123925 81437 0 0 203820 1731367 47203510 50749301 X 44873343 42735292 38853877 46777608 94903139 101456502 178630359 190969402 225833869 241718703 X 3415728 8471158 -57466 509623 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 124887763 2783231 13182146 2913354 4537678 133402108 129941910 3669718 296988 3766298 5254555 124887763 114498800 4331083 19218072 3098672 5007373 129941910 104269100 2946192 14302735 2699391 4319836 114498800 125411610 5588015 -17828549 3598099 5303877 104269100 0.06158 0.69256 0.24586 true false 4703193 4703193 120155512 48296583 71858929 9188955 8228304 960651 5221346 2642014 2579332 80102105 CASH AND CASH EQUIVALENTS 5466872 F CORPORATE BOND 31080 F TOTAL RETURN FUNDS 95429634 F HEDGE FUNDS 16141527 F PRIVATE EQUITY FUNDS 10223436 F FOUNDATIONS, TRUSTS, AND OTHER 1896247 F 129188796 0 UNAMORTIZED BOND PREMIUM 195667 ASSET RETIREMENT OBLIGATIONS 1535700 1731367 X 62418065 8471158 128356 -18739329 -10139815 72557880 72557880 51330661 128356 799482 927838 50402823 18739329 18739329 69142152 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, 2013, 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 (18,739,329) RECONCILIATION OF EXPENSES PART XII, LINE 2D CHANGES IN POST RETIREMENT BENEFITS 314,549 SABBATICAL LEAVE LIABILITY CHANGES 484,933 ------- TOTAL 799,482 ======= PART XII, LINE 4B FINANCIAL AID 18,739,329 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, LINE 6 THE COLLEGE RECEIVES FUNDING FROM THE FOLLOWING SOURCES: PELL, COLLEGE WORK STUDY, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT, GUARANTEED STUDENT LOANS, ACADEMIC COMPETITIVENESS GRANT, AND NATIONAL SCIENCE AND MATHEMATICS ACCESS TO RETAIN TALENT GRANTS. ALL ASSISTANCE IS PROVIDED TO STUDENTS BASED ON FINANCIAL NEED. true Central America and the Caribbean Investments 7358294 Central America and the Caribbean Grantmaking 12100 East Asia and the Pacific Grantmaking 1532724 Europe (Including Iceland and Greenland) Grantmaking 440921 North America Grantmaking 2000 Russia and the Newly Independent States Grantmaking 132548 South America Grantmaking 44003 South Asia Grantmaking 686371 Sub-Saharan Africa Grantmaking 261740 10470701 10470701 Scholarships & Assistance Central America and the Caribbean 1 12100 Other Scholarships & Assistance East Asia and the Pacific 45 1532724 Other Scholarships & Assistance Europe (Including Iceland and Greenland) 12 440921 Other Scholarships & Assistance North America 1 2000 Other Scholarships & Assistance Russia and the Newly Independent States 3 132548 Other Scholarships & Assistance South America 1 44003 Other Scholarships & Assistance South Asia 16 686371 Other Scholarships & Assistance Sub-Saharan Africa 6 261740 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. MD In Vino Veritas 82907 35839 47068 16531 10197 Mitchel Gallery 72012 28950 43062 670 25376 0 154919 64789 90130 17201 35573 52774 37356 true MARYLAND STATE SCHOLARSHIPS 28 71910 Cost SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS 212 285295 Cost FEDERAL PELL GRANT PROGRAM 247 1054582 Cost SJC Grants (Undergraduates) 617 16192738 Cost SJC Endowed GI Grants 19 153349 Cost SJC Grants (Graduates) 107 960907 Cost New Mexico Grants 12 20548 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 147393 0 0 0 0 0 20138 0 10912 0 178443 0 0 0 CHRISTOPHER NELSON 278628 0 0 0 16368 0 30625 0 166889 0 492510 0 0 0 MICHAEL PETERS 258146 0 0 0 267 0 26000 0 55580 0 339993 0 0 0 WALTER STERLING JR 146721 0 0 0 0 0 15513 0 19290 0 181524 0 0 0 BARBARA GOYETTE 144895 0 0 0 3611 0 18000 0 19211 0 185717 0 0 0 BRONTE JONES 143636 0 7000 0 7668 0 15036 0 10075 0 183415 0 0 0 BRYAN VALENTINE 142624 0 0 0 0 0 19686 0 15873 0 178183 0 0 0 DAVID TOWNSEND 97925 0 0 0 13918 0 13220 0 44786 0 169849 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' HOME IS USED FOR MANY COLLEGE ACTIVITIES INCLUDING HOSTING EVENTS FOR STUDENTS, FACULTY, AND COLLEGE SUPPORTERS. THE CALCULATED NONTAXABLE BENEFIT RECIEVED BY THE PRESIDENTS 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 OF PRIOR BONDS; P false false false B CITY OF ANNAPOLIS MARYLAND SERIES B 526000764 035779DC8 2007-06-08 8690000 DEFEASE PORTION OF PRIOR BONDS; P false false false C CITY OF SANTA FE NEW MEXICO SERIES 2011 856000168 999999999 2011-07-21 8310000 CONSTRUCTION OF NEW DORMITORY FAC false false false A 4817240 309750 0 0 91980 0 0 0 0 0 0 0 2008 false false true true B 88723443 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 BOND ISSUES 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 NO REBATE DUE 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 125387 false true true 125387 SCHEDULE L, PART II, LOANS TO AND FROM INTERESTED PERSONS (A) NAME OF PERSON: BRONTE JONES (B) RELATIONSHIP WITH ORGANIZATION = OFFICER (C) PURPOSE OF LOAN: HOME LOAN TO ASSIST EMPLOYEE WITH PURCHASE OF RESIDENCE (D) LOAN TO OR FROM ORGANIZATION? = FROM (E) ORIGINAL PRINCIPAL AMOUNT $ 150,000. (F) BALANCE DUE $ 125,387 (G) LOAN IN DEFAULT? = NO (H) APPROVED BY BOARD OR COMMITTEE? = YES (I) WRITTEN AGREEMENT? = YES X 21 229873 HIGH/LOW AVG VALUE X 1 1776988 FMV 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 ALL EIGHT OFFICERS, AND BEFORE MAKING A RECOMMENDATION TO THE EXECUTIVE COMMITTEE OF THE BOARD, THE COMPENSATION REVIEW COMMITTEE CONSULTED WITH YAFFE & COMPANY, INC., 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 COMPENSATION 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 COMMITIEE OF THE BOARD, (2) APPROPRIATE COMPARABILITY DATA HAS BEEN USED (PROVIDED BY YAFFE BASED ON ITS SURVEY), AND (3) THE PROCESS HAS BEEN ADEQUATELY DOCUMENTED THROUGH THE MINUTES OF THE COMPENSATION REVIEW AND EXECUTIVE COMMITTEES. THAT COMMITTEE CONSIDERS THE RECOMMENDATIONS FOR 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 YAFFE. THE COMMITTEE ALSO CONSIDERS THE BENEFITS PROVIDED TO THE OFFICERS THAT MAKE UP A PART OF THE TOTAL COMPENSATION PACKAGE. THE COMMITTEE THEN ACTS TO MAKE A RECOMMENDATION WITH RESPECT TO THESE SIX OFFICERS TO THE EXECUTIVE COMMITTEE, WHICH IN TURN MAKES THE FINAL DECISIONS AS TO EACH AFTER REVIEWING ALL OF THE MATERIAL CONSIDERED BY THE COMPENSATION COMMITTEE. AS FOR THE RECOMMENDATIONS RELATIVE TO THE PRESIDENTS, THOSE SALARIES AND BENEFITS ARE REVIEWED BY THE COMPENSATION REVIEW 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 RECOMMENDATION IS MADE AFTER A REVIEW OF THE SAME DATA AND COMPARISONS PROVIDED BY YAFFE. THIS RECOMMENDATION GOES TO THE EXECUTIVE COMMITTEE, WHICH IN TURN CONSIDERS ALL THE CONSIDERATIONS MADE BY THE COMPENSATION REVIEW COMMITTEE AND MAKES ITS OWN RECOMMENDATION TO THE FULL BOARD, ACTING IN EXECUTIVE SESSION, WHICH ACTS AFTER GETTING THE FULL REPORT FROM THE TWO COMMITTEES. 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 $ 509,623 CHARITABLE REMAINDER UNITRUSTS (3) INVESTMENT MD NA TRUST false CHARITABLE REMAINDER UNITRUSTS (3) INVESTMENT NM NA TRUST false