2014-05-14T11:19:43-05:00 2013-06-30 PricewaterhouseCoopers LLP 125 High Street Boston MA 02110 990 2012-07-01 042104229 STONEHILL COLLEGE INC % JEANNE M FINLAYSON VP FINAN STON 5085651345 320 WASHINGTON STREET Suite EASTON MA 02357 JEANNE M FINLAYSON 5085651345 2014-05-14 true GWEN SPENCER 6175305000 2012 2015-11-30 17:44:51Z REV MARK CREGAN 320 WASHINGTON STREET EASTON MA 023576262 143464278 false X HTTP://WWW.STONEHILL.EDU X 1934 MA SEE SCHEDULE O 35 34 1850 987 88968 11856 4306912 15076972 114103580 123664594 3510945 1980730 44959 -91945 121966396 140630351 30196413 35701992 0 0 50020355 52952696 33727 35746 2502253 37629175 40337140 117879670 129027574 4086726 11602777 322559453 348909919 117697502 113903619 204861951 235006300 X SEE SCHEDULE O false false 108254278 35701992 123664594 STONEHILL IS A SELECTIVE CATHOLIC COLLEGE LOCATED NEAR BOSTON ON A BEAUTIFUL 375-ACRE CAMPUS IN EASTON, MASSACHUSETTS. WITH A STUDENT:FACULTY RATIO OF 12:7, THE COLLEGE ENGAGES 2,602 STUDENTS IN 80+ RIGOROUS ACADEMIC PROGRAMS IN THE LIBERAL ARTS, SCIENCES, AND PRE-PROFESSIONAL FIELDS. THE STONEHILL COMMUNITY HELPS STUDENTS TO DEVELOP THE KNOWLEDGE, SKILLS, AND CHARACTER TO MEET THEIR PROFESSIONAL GOALS AND TO LIVE LIVES OF PURPOSE AND INTEGRITY. 108254278 true true false true false false false true false true true true false false true false true false true false true false false true true false false false true true true false false false false false false false false false true true false false false false true false false false true 345 0 true 1850 true true true false false false false true true false false false false X 35 34 true false false false true true false true true false false true true true true true true true true false MA X JEANNE M FINLAYSON VP FINAN 5085651337 320 WASHINGTON STREET EASTON MA 023576262 REV MARK CREGAN CSC 35.0 X X 0 0 42838 VICKI C BALSAMO 1.0 X JOSEPH J BASILE JR 1.0 X THOMAS F BOGAN 1.0 X PATRICK D BURKE 1.0 X JAMES J CLARK 1.0 X DANIEL J COUGHLIN JR 1.0 X REV WILLIAM R DAILEY CSC 1.0 X MARY MARGARET FLATLEY DARLING 1.0 X DANIEL P DEVASTO 1.0 X WILLIAM F DEVIN 1.0 X JOHN E DREW MSSS 1.0 X BRO THOMAS A DZIEKAN CSC 1.0 X REV ANTHONY R GRASSO CSC PHD 1.0 X PATRICK W GRIFFIN 1.0 X ELIZABETH G HAYDEN MED 1.0 X MICHAEL W HERLIHY 1.0 X REV DANIEL J ISSING CSC MDVSTL 1.0 X REV PAUL V KOLLMAN CSC 1.0 X REV THOMAS P LOONEY CSC 1.0 X THOMAS J MAY 1.0 X SHERILYN S MCCOY 1.0 X REV JAMES E MACDONALD CSC JD 1.0 X LEO J MEEHAN III 1.0 X KATHLEEN MILLER 1.0 X 0 0 0 DR MARSHA A MOSES PHD 1.0 X REV THOMAS J O'HARA CSC 1.0 X REV HUGH R PAGE JR PHD 1.0 X BRO JOHN RHODES PAIGE CSC PHD 1.0 X REV MARK L POORMAN CSC PHD 1.0 X ROBERT F RIVERS 1.0 X REV JOHN J RYAN CSC PHD 1.0 X LAWRENCE SALAMENO JD 1.0 X THERESA A SALAMENO 1.0 X CARMEL A SHIELDS ESQ MBA 1.0 X JEANNE M FINLAYSON 35.0 X 217967 0 82889 THOMAS V FLYNN 35.0 X 144435 0 38659 CRAIG BINNEY 35.0 X 170200 0 111285 SHEILA CONBOY 35.0 X 218332 0 80123 FRANCIS DILLON 35.0 X 194723 0 32026 JOSEPH FAVAZZA 35.0 X 182534 0 94677 CHRISTOPHER LYDON 35.0 X 202514 0 58303 JAMES B LEE 35.0 X 146638 0 39119 ROBERT ROSENTHAL 35.0 X 136910 0 24284 TAMARA ANDERSON 35.0 X 141147 0 74540 JOHN SCHATZEL 35.0 X 128989 0 30344 ROBERT CARVER 35.0 X 129719 0 34930 2014108 0 744017 69 false true false SODEXO INC AFFILIATES C/O DINING SERVICES 320 WASHINGTON NORTH EASTON MA 02357 FOOD SERVICE 5757049 CONGREGATION OF THE HOLY CROSS PO BOX 774 NOTRE DAME IN 46556 ADMIN & INSTRCTN SVC 1583975 GLOBAL STUDENT EXPERIENCE 17752 SKYPARK CIRCL STE 235 IRVINE CA 92614 EDUCATIONAL SERVICES 890737 API 107 E HOPKINS SAN MARCOS TX 78666 EDUCATIONAL SERVICES 804425 AUBURN CONSTRUCTION CO INC PO BOX 287 1207 AUBURN STREET WHITMAN MA 02382 CONSTRUCTION 799282 68 282523 647389 14147060 255936 15076972 TUITION AND FEES 900099 89861970 89861970 AUXILLARY SERVICES 900099 31740448 31740448 OTHER EDUCATIONAL REVENUE 900099 2062176 2004676 57500 123664594 1432753 31468 1401285 0 0 0 0 0 3156978 2609001 547977 547977 547977 132981 282523 224926 -91945 -91945 0 0 0 140630351 123607094 88968 1857317 0 35701992 35701992 0 0 1172404 427000 553782 191622 0 39355362 29475040 8705651 1174671 3137308 2349674 693992 93642 6295640 4715094 1392635 187911 2991982 2240857 661824 89301 0 94199 94199 223777 223777 16250 16250 35746 35746 0 1797460 1202084 595376 569472 27464 541508 500 1862196 920132 774769 167295 217689 213976 3713 0 4421613 4067884 309513 44216 2180792 1826916 289216 64660 0 1392312 979009 320866 92437 1643501 1589923 53578 0 6832648 6482431 175697 174520 495236 479091 16145 STUDENT DINING SERVICES 4892297 4892162 135 STUDY ABROAD/INTERN PRG FEES 3822472 3822472 RENTALS/VEHICLES/MAINTENANCE 3098560 2000974 1082678 14908 BOOKS/PERIODICALS/VIDEOS/DUES 1011149 845655 112521 52973 5765517 3994448 1653218 117851 129027574 108254278 18271043 2502253 16364601 16780569 2173223 6941184 2383258 3943031 217119 285424 0 0 0 0 1733072 1684925 107226 78733 1362884 1688933 214438217 77096429 139015475 137341788 49164079 56057427 108309738 122235907 0 0 0 0 1728778 1871998 322559453 348909919 4899739 2043364 0 0 3178373 1312772 89294341 86125090 0 0 0 0 890805 5653085 0 0 19434244 18769308 117697502 113903619 X 164290497 184464406 15428488 19537159 25142966 31004735 204861951 235006300 322559453 348909919 X 11602777 17482546 -1883642 2942668 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 16250 16250 false SCHEDULE C, PART II-B, LINE 1I: STONEHILL COLLEGE PAYS MEMBERSHIP DUES TO MEMBER ORGANIZATIONS WHICH MAY ENGAGE IN LOBBYING ACTIVITES ON BEHALF OF THEIR MEMBERS. THEREFORE A PORTION OF THE DUES PAID TO THESE ORGANIZATIONS MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES. THE COLLEGE PAID A LOBBYING FIRM $16,250 TO WORK ON AICUM ISSUES ON BEHALF OF THE COLLEGE. X X false 146701998 13257076 17455290 1126028 5065543 171222793 151225567 1240466 251946 1057906 4958075 146701998 127606414 2337595 26967478 1092638 4593282 151225567 115788047 2173378 15313989 786065 4882935 127606414 151026653 830098 -30211676 887993 4969035 115788047 0.76400 0.23200 0.00400 false false 752119 752119 159804326 49612313 110192013 485032 320413 164619 34947018 19206705 15740313 18449723 7956999 10492724 137341788 FINANCIAL DERIVATIVES & OTHER 122235907 F 122235907 0 INTEREST RATE SWAP AGREEMENTS 8382940 INTEREST & ACCRUED LIABILITIES 4943849 GOVERNMENT ADV. FOR STUD LOANS 1086079 ACCRUED PAYROLL AND OTHER BENEFITS 4058527 ANNUITY OBLIGATIONS 297913 18769308 123694857 17482546 1283952 18766498 104928359 35701992 35701992 140630351 93550508 224926 224926 93325582 35701992 35701992 129027574 SCHEDULE D, PART III, LINE 1A & LINE 4: STONEHILL COLLEGE RECORDS ITEMS OF COLLECTIONS AS A GIFT AT NOMINAL VALUE. THEY ARE RECEIVED FOR EDUCATIONAL PURPOSES AND GENERALLY DISPLAYED THROUGHOUT STONEHILL COLLEGE. THEY ARE NOT DISPOSED OF FOR FINANCIAL GAIN OR OTHERWISE ENCUMBERED IN ANY MANNER. SCHEDULE D, PART V, LINE 4: ENDOWMENT FUNDS ARE SPENT IN ACCORDANCE WITH DONOR RESTRICTIONS. THE FUNDS ARE INVESTED TO PRESERVE STONEHILL'S PURCHASING POWER WHILE PROVIDING A CONTINUING AND STABLE FUNDING SOURCE TO SUPPORT THE MISSION OF THE COLLEGE. SCHEDULE D, PART X, LINE 2: STONEHILL COLLEGE'S AUDITED FINANCIAL STATEMENTS DO NOT CONTAIN A FOOTNOTE REGARDING FIN 48. SCHEDULE D, PART XI, LINE 2D: NET GAIN ON INTEREST RATE SWAP $2,942,668 FUNDRAISING EXPENSES $224,926 INVESTMENT EXPENSES ($1,883,642) ------------ TOTAL $1,283,952 SCHEDULE D, PART XI, LINE 4B: SCHOLARSHIPS AND OTHER AWARDS $35,701,992 SCHEDULE D, PART XII, LINE 2D: FUNDRAISING EXPENSES $224,926 SCHEDULE D, PART XII, LINE 4B: SCHOLARSHIPS AND OTHER AWARDS $35,701,992 true true true true true true true false false false false false false false false true false true SCHEDULE E, LINE 3: THE FOLLOWING STATEMENT IS INCLUDED IN ALL BROCHURES, CATALOGUES, AND OTHER COMMUNICATIONS WITH THE PUBLIC DEALING WITH STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS: "STONEHILL COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, GENDER, DISABILITY, AGE, MARITAL STATUS, RELIGION, COLOR, SEXUAL ORIENTATION, OR NATIONAL ORIGIN, IN ADMISSIONS TO, ACCESS TO, TREATMENT IN OR EMPLOYMENT IN ITS PROGRAMS AND ACTIVITIES, EXCEPT WHERE SUCH CONDITIONS MAY CONSTITUTE BONA FIDE QUALIFICATIONS FOR THE PROGRAM OR ACTIVITIES IN QUESTION." SCHEDULE E, LINE 6A: THIS INSTITUTION AND ITS STUDENTS PARTICIPATE IN THE FOLLOWING FEDERAL FUNDED PROGRAMS: FEDERAL PELL GRANT, FEDERAL PERKINS LOAN, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT AND FEDERAL WORK STUDY. Europe (Including Iceland and Greenland) Program Services STUDY ABROAD East Asia and the Pacific Program Services STUDY ABROAD Middle East and North Africa Program Services STUDY ABROAD South America Program Services STUDY ABROAD Sub-Saharan Africa Program Services STUDY ABROAD North America Program Services STUDY ABROAD Central America and the Caribbean Program Services STUDY ABROAD true false true true true false SCHEDULE F, PART I, LINE 3: THE ORGANIZATION DOES NOT CURRENTLY TRACK FOREIGN EXPENDITURES FOR EACH PROGRAM SEPARATELY. THEREFORE, PURSUANT TO IRS GUIDANCE, DISCLOSURE IN THIS COLUMN IS NOT REQUIRED IN THE CURRENT YEAR. X X X X X X true KATHY MILLER AND ASSOCIATES LLC FUNDRAISING CONSULTING false 60560 19392 41168 WASHBURN MCGOLDRICK INC FUNDRAISING CONSULTING false 16652 60560 36044 41168 MA GOLF TOURNAMENT 147346 96061 51285 2263 57896 9266 DINNER 103500 74300 29200 68221 20648 7 164658 112162 52496 66632 415504 282523 132981 2263 124528 68221 29914 224926 -91945 SCHEDULE G, PART I: SERVICES PROVIDED BY WASHBURN & MCGOLDRICK, INC. WERE NOT ASSOCIATED WITH ANY SPECIFIC FUNDRAISING EVENT. true TUITION ASSISTANCE 2241 35701992 SCHEDULE I, PART I, LINE 2: THE COLLEGE AWARDS GRANTS ON A FISCAL YEAR BASED ACCORDING TO THE OVERALL YEARLY BUDGET. INDIVIDUAL AWARDS ARE PACKAGED BASED ON AN OVERALL COLLEGE STRATEGY EMPLOYING NEED AND MERIT CRITERIA. THE COLLEGE'S FINANCIAL AID OFFICE WORKS WITH OUTSIDE CONSULTANTS TO PREPARE PACKAGES. THE FINANCIAL AID OFFICE WORKS WITH STUDENTS TO ACCEPT AND/OR ADJUST INDIVIDUAL GRANTS. SCHEDULE I, PART III: CASH GRANTS ARE CREDITS TO STUDENT ACCOUNTS. X true true X X X false false false false false false false true false JEANNE M FINLAYSON 207528 0 10000 439 26067 0 56822 0 300856 0 0 0 THOMAS V FLYNN 139327 0 5000 108 15737 0 22922 0 183094 0 0 0 CRAIG BINNEY 166878 0 3000 322 19481 0 91804 0 281485 0 0 0 SHEILA CONBOY 207889 0 10000 443 25978 0 54145 0 298455 0 0 0 FRANCIS DILLON 186152 0 7500 1071 22121 0 9905 0 226749 0 0 0 JOSEPH FAVAZZA 176854 0 5000 680 21541 0 73136 0 277211 0 0 0 JAMES B LEE 145233 0 0 1405 15766 0 23353 0 185757 0 0 0 ROBERT ROSENTHAL 136204 0 0 706 15277 0 9007 0 161194 0 0 0 TAMARA ANDERSON 137664 0 3000 483 16233 0 58307 0 215687 0 0 0 CHRISTOPHER LYDON 187135 0 15000 379 22565 0 35738 0 260817 0 0 0 JOHN SCHATZEL 128359 0 0 630 13834 0 16510 0 159333 0 0 0 ROBERT CARVER 129345 0 0 374 12761 0 22169 0 164649 0 0 0 SCHEDULE J, PART I: STONEHILL COLLEGE PAID FOR PROFESSIONAL SERVICES BASED ON MARKET COMPENSATION AND BENEFITS, TOTALING $1,253,151 TO THE CONGREGATION OF THE HOLY CROSS FOR INSTRUCTIONAL, ADMINISTRATIVE, AND INSTITUTIONAL SERVICES. INDIVIDUAL MEMBERS OF THE CONGREGATION ADHERE TO THE VOW OF POVERTY. SCHEDULE J, PART I, LINES 1A & 1B: AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF STONEHILL COLLEGE, THE PRESIDENT RECEIVED HOUSING ON CAMPUS. SCHEDULE J, PART I, LINE 7: THE COLLEGE HAS A PERFORMANCE-BASED BONUS PROGRAM TO RECOGNIZE EXTRAORDINARY ACHIEVEMENT. EMPLOYEES ARE NOMINATED AND MUST BE REVIEWED AND APPROVED BY THE PRESIDENT TO RECEIVE A BONUS. FORM 990, PART VII & SCHEDULE J, PART II: THE AMOUNT OF $42,838 REPORTED IN PART VII OF FORM 990 FOR THE PRESIDENT, REV. MARK CREGAN, INCLUDES HEALTHCARE, AN AUTO, AND THE VALUE OF HOUSING, WHICH IS PROVIDED BOTH AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF STONEHILL COLLEGE. A MHEFA SERIES H 042456011 57585K7D4 2003-08-27 12263861 REFINANCE SERIES E 3/1/92 false false false B MHEFA SERIES K 042456011 57586CV77 2008-04-03 68920000 REFINANCE SERIES I, J, PARTIAL G false false false C MHEFA SERIES L 042456011 57586ELC3 2009-08-05 22197354 CONSTRUCT 250 BED RESIDENCE HALL false false false A 6665000 0 12263861 0 0 0 244504 0 0 0 12019357 0 1992 true false true true B 8575000 0 68920000 0 0 0 352549 34777 0 0 68532674 0 2009 true false true true C 1645000 0 22197354 0 0 0 385520 0 0 21811834 0 0 2010 false false true true A 0 B false true false false 0.00016 0.00968 0.00984 false false false true C false false false false 0 false false false true A false false true false false false 0 false 0 false true B false false true false true true BANK OF AMERICA NA false false false 0 true true C false true false false false false 0 false 0 false true A true B true C true SCHEDULE K, PART II, LINE 13: 0 YEAR OF SUBSTANTIAL COMPLETION - FOR BOND ISSUE A AND BOND ISSUE B, YEAR OF SUBSTANTIAL COMPLETION REFERS TO THE PROJECTS FINANCED BY PROCEEDS OF THE REFUNDED BONDS. SCHEDULE K, PART III: IN ACCORDANCE WITH THE INSTRUCTIONS FOR SCHEDULE K (FORM 990), PART III HAS NOT BEEN COMPLETED FOR BOND ISSUE A SINCE BOND ISSUE A REFUNDED PRE-2003 BONDS. SCHEDULE K, PART IV, COLUMN B, LINE 4C: THERE ARE 3 TERMS TO THE INTEREST RATE SWAP: 20.2 YEARS 20.1 YEARS 29.1 YEARS SCHEDULE K, PART V: AS OF DECEMBER 2012, STONEHILL HAS IMPLEMENTED WRITTEN PROCEDURES TO ENSURE THAT VIOLATIONS OF FEDERAL TAX REQUIREMENTS ARE TIMELY IDENTIFIED AND CORRECTED THROUGH THE VOLUNTARY CLOSING AGREEMENT PROGRAM IF SELF-REMEDIATION IS NOT AVAILABLE UNDER APPLICABLE REGULATIONS. WB MASON TRUSTEE IS CEO 913073 OFFICE PRODUCTS false X 13 255936 FMV 0 false true false SCHEDULE M, PART I, COLUMN B: AMOUNTS REPORTED IN PART I, COLUMN B, REPRESENT THE TOTAL NUMBER OF CONTRIBUTIONS. FORM 990, PART III, LINE 1: ORGANIZATION'S MISSION: STONEHILL COLLEGE, A CATHOLIC INSTITUTION OF HIGHER LEARNING FOUNDED BY THE CONGREGATION OF THE HOLY CROSS, IS A COMMUNITY OF SCHOLARSHIP AND FAITH, ANCHORED BY A BELIEF IN THE INHERENT DIGNITY OF EACH PERSON. THROUGH ITS CURRICULUM OF LIBERAL ARTS AND SCIENCES AND PRE-PROFESSIONAL PROGRAMS, STONEHILL COLLEGE PROVIDES AN EDUCATION OF THE HIGHEST CALIBER THAT FOSTERS CRITICAL THINKING, FREE INQUIRY AND THE INTERCHANGE OF IDEAS. STONEHILL COLLEGE EDUCATES THE WHOLE PERSON SO THAT EACH STONEHILL GRADUATE THINKS, ACTS, AND LEADS WITH COURAGE TOWARD THE CREATION OF A MORE JUST AND COMPASSIONATE WORLD. FORM 990, PART VI - SECTION A, LINE 1A: THE BOARD OF TRUSTEES MAY APPOINT AN EXECUTIVE COMMITTEE AND MAY DELEGATE TO ANY SUCH COMMITTEE SOME OR ALL OF THEIR POWERS EXCEPT THOSE WHICH BY LAW, THE ARTICLES OF INCORPORATION, OR THE BYLAWS THEY MAY NOT DELEGATE. FORM 990, PART VI - SECTION A, LINE 2: LARRY SALAMENO AND THERESA SALAMENO HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI - SECTION A, LINES 6 & 7A: STONEHILL COLLEGE HAS TWO CLASSES OF MEMBERS: INCORPORATORS AND FELLOWS. THE INCORPORATORS CONSIST OF THE UNITED STATES PROVINCE OF PRIESTS AND BROTHERS, EX-OFFICIO, AND ALL PERPETUALLY PROFESSED RELIGIOUS OF THE CONGREGATION OF THE HOLY CROSS SERVING FROM TIME TO TIME AT STONEHILL COLLEGE. THE FELLOWS ARE MADE UP OF INDIVIDUALS WHO ARE INCORPORATORS, FACULTY, PART OF THE PRESIDENT'S COUNCIL, ALUMNI, AND STUDENTS. THE FELLOWS' SOLE POWER AND AUTHORITY IS TO ELECT THE BOARD OF TRUSTEES. FORM 990, PART VI - SECTION B, LINE 11B: THE FORM 990 IS PREPARED AND SIGNED BY PRICEWATERHOUSECOOPERS LLP AS PAID PREPARER. THE FORM 990 IS FIRST REVIEWED BY STONEHILL COLLEGE'S INTERNAL MANAGEMENT. FOLLOWING THAT REVIEW, STONEHILL COLLEGE'S INTERNAL MANAGEMENT AND PAID PREPARER PRESENT THE FORM 990 TO THE AUDIT COMMITTEE FOR REVIEW AND COMMENT. THE COMPLETED FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO THE FORM BEING FILED WITH THE IRS. FORM 990, PART VI - SECTION B, LINE 12C: THE COLLEGE REQUIRES ALL BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. QUESTIONNAIRES ARE COLLECTED AND REVIEWED BY THE OFFICE OF THE GENERAL COUNSEL. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AT ANY LEVEL AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IF THE GOVERNING BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION WHICH IS DETERMINED ON A CASE BY CASE BASIS. FORM 990, PART VI - SECTION B, LINE 15A & 15B: STONEHILL COLLEGE ANNUALLY REVIEWS THE SALARIES OF ITS EXECUTIVE LEVEL MANAGEMENT WITH THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. THE HUMAN RESOURCE OFFICE PROVIDES COMPARABLE MARKET DATA ON THESE POSITIONS AT SIMILAR SIZE INSTITUTIONS. THE COLLEGE PRESIDENT MAKES SALARY RECOMMENDATIONS FOR HIS (HER) TOP MANAGEMENT REPORTS AND THE CHAIRMAN OF THE BOARD OF TRUSTEES MAKES A RECOMMENDATION ON THE PRESIDENT'S SALARY TO BE PAID TO THE CONGREGATION OF THE HOLY CROSS. COMPENSATION RECOMMENDATIONS ARE VOTED UPON BY THE BOARD. STONEHILL COLLEGE'S PRESIDENT IS A MEMBER OF THE CONGREGATION OF THE HOLY CROSS AND HAS TAKEN A VOW OF POVERTY, ALONG WITH OTHER MEMBERS OF THE HOLY CROSS COMMUNITY WHO PROVIDE SERVICES TO STONEHILL COLLEGE. TOTAL PAYMENT TO THE CONGREGATION OF THE HOLY CROSS IN FY '13 WAS $1,253,151. FORM 990, PART VI - SECTION C, LINE 19: AT THIS TIME, STONEHILL COLLEGE DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. THE COLLEGE POSTS ITS FINANCIAL STATEMENTS TO THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE AT HTTP://EMMA.MSRB.ORG, WHERE THEY ARE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS: UNREALIZED GAIN ON INTEREST RATE SWAPS $2,942,668 CHARITABLE REMAINDER TRUSTS (2) FUNDRAISING MA T true false false false true false false false false false false false false false false false false false false false CHARITABLE REMAINDER TRUSTS (2) D 52000 FMV