2014-02-07T14:49:40-06:00 2013-06-30 GRANT THORNTON LLP 175 W JACKSON BLVD STE 2000 CHICAGO IL 60604 990 2012-07-01 362169157 North Central College % PAUL H LOSCHEIDER NORT 6306375680 30 N Brainard Street Suite Naperville IL 60540 PAUL H LOSCHEIDER 6306375680 2014-02-07 true Bridget T Roche 3128560200 2012 2015-11-30 17:44:51Z Troy Hammond 30 N Brainard Street Naperville IL 60540 124865211 false X www.noctrl.edu X 1861 IL North Central College is a community of learners dedicated to preparing students to be informed, involved, principled and productive citizens and leaders over their lifetime. 36 28 1977 34 272959 -48189 10865466 5441179 91290673 96701666 4065026 5368948 1786173 1672295 108007338 109184088 32365210 34969087 0 0 34328871 36126744 11650 47974 2081027 30855774 30762565 97561505 101906370 10445833 7277718 249280123 258589347 59031727 56381067 190248396 202208280 NORTH CENTRAL COLLEGE IS A COMMUNITY OF LEARNERS DEDICATED TO PREPARING STUDENTS TO BE INFORMED, INVOLVED, PRINCIPLED AND PRODUCTIVE CITIZENS AND LEADERS OVER THEIR LIFETIME. IN 2012-2013, THE COLLEGE SERVED 3,050 FULL AND PART-TIME STUDENTS. 30 STATES AND U.S. TERRITORIES AND 21 FOREIGN COUNTRIES ARE REPRESENTED IN OUR STUDENT POPULATION. OVER 1,450 STUDENTS RESIDE ON THE COLLEGE CAMPUS EACH TERM. NORTH CENTRAL COLLEGE CONFERRED 630 UNDERGRADUATE DEGREES AND 105 MASTER'S DEGREES IN THE 2012-2013 ACADEMIC YEAR. THE COLLEGE ALSO SERVED APPROXIMATELY 7,200 PEOPLE IN NON-CREDIT EDUCATIONAL AND COMMUNITY PROGRAMS. false false 67510195 34969087 83248814 Instruction, Academic Support & Financial Aid: Faculty instruction for degree candidates, community education, and master's degree programs are provided. 92% of the full-time teaching faculty members have a doctorate or terminal degree. Dean of faculty, continuing education, library services, disabilities support services, tutoring assistance, and academic computing are included in academic support. Oesterle library offers 36 million records in 82 college and university databases in addition to the 176,492 volumes in its collection. Students have on-line access to their grades, schedule, and communicate with faculty and classmates via blackboard. Faculty serve as student advisors. 12862347 0 13179893 Auxiliary Services: Auxiliary Services include residence life, student housing, and food services. Facilities include Kaufman, a full service dining hall, The Cage, a quick service cook-to-order facility, and The Boilerhouse Cafe. The bookstore, college union, commuter student gathering room, and other meeting places are also included in auxiliary service. More than 1,450 of the full-time students choose to live in college owned or leased properties. All resident students are required to purchase a meal plan. 12419015 0 0 Student Services and Athletics: Offices servicing the student body include admissions, international recruiting, financial aid adminitration expense, registrar, dean of students, ministry and service, community services, career development, the wellness center, student involvement, orientation, multicultural affairs, and athletic activities. Community service projects such as Habitat for Humanity are common pursuits during the December interim term and spring break. NCC athletics maintains 22 NCAA Division III programs. The college is compliant with Title IX standards for gender equity and has won 30 team national championships. 92791557 true true false false false false false true false true true false false false true true true false true false false false false true false false false false true true true false false false false false false true false true true true false false false false false false false false true 4206 0 true 1977 true true true false false false false true true false false false false X 36 28 true false false false false false false true true false false true true true true true true true true false X X PAUL H LOSCHEIDER 6306375678 30 N BRAINARD STREET Naperville IL 60540 Ms Esther T Benjamin 1.0 X Mr Steven Bergerson 1.0 X Ms Erin Bishop 1.0 X Mr Matthew Brill 1.0 X Mr Kevin M Gensler 1.0 X Dr John M Giannini 1.0 X Mr Thomas Gruenwald 1.0 X Mrs Nancy Hanson 1.0 X Mr Steven H Hoeft 1.0 X Dr Holly Humphrey 1.0 X Mr Peter P Jones 1.0 X Bishop Hee-Soo Jung 1.0 X Mr David W Kelsch 1.0 X Mrs Michele kenaga 1.0 X Mr ray kinney 1.0 X mrs susan koranda 1.0 X BISHOP LINDA LEE 1.0 X MR RONALD LEUPTOW 1.0 X MR JOSEPH MALLON 1.0 X MR JAMES A MCDERMET 1.0 X DR HOWARD MUELLER 1.0 X MS HOLLY I MYERS 1.0 X MR MICHAEL R NASET 1.0 X MR JOHN NOVAK 1.0 X MR JEFF OESTERLE 1.0 X MR STEVEN RUBIN 1.0 X MR STEPHEN T SELLERS 1.0 X MR DONALD SHARP 1.0 X DR JEFFREY K SWALLOW 1.0 X MR SCOTT WEHRLI 1.0 X DR HERMAN B WHITE JR 1.0 X 5000 MR ROBERT A WISLOW 1.0 X Mr Lee Woolley 1.0 X Miss Maria E Wynne 1.0 X Mrs Beth Zimmerman 1.0 X Dr Harold R Wilde 60.0 X X 450936 0 60933 Dr Troy Hammond 60.0 X X Mr James Boyne 1.0 X Bishop Sally Dyck 1.0 X Ms Lori Novak 1.0 X Mr Paul Loscheider 60.0 X 320066 0 39364 Ms Laurie Hamen 60.0 X 303456 0 20684 Dr R Devadoss Pandian 60.0 X 316211 0 35125 Mr Rick E Spencer 60.0 X 317729 0 38459 Mr Martin Sauer 50.0 X 152256 0 42456 DR RICHARD WILDERS 50.0 X 151145 0 26494 DR FRANCINE NAVAKAS 50.0 X 141686 0 30008 DR MARTI BOGART 50.0 X 127759 0 42129 DR PETER 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193530 66937283 34969087 34969087 101906370 Description of Organization's Collections Schedule D, Part III, Line 4 The North Central College archives consists of manuscripts, publications, photographs, audio-visual materials, artifacts, and other unique historical materials documenting the history of the college. The archives hold similar types of materials for two additional collections, the suburban studies archives (which seeks to document the transition of Chicago's west suburban region following World War II) and the papers of retired US Congressman Harris W Fawell. The North Central College archives' mission is to collect, organize, describe, preserve and make available for research materials on the history of the college and the local area as related to the college. The archives support the college community's need for historical information and provides reference assistance to archival researchers on and off campus. North Central College's Oesterle Library Special Collections (independent of the archives) include a collection of presidential and other famous persons signatures, a first editions collection of books, a unique collection of books on Chicago area history, and a set of books and sheet music for jazz. North Central College's art collection is on display throughout campus and includes a variety of media and artists, from Bronzes by Gustav Borglum and Christian Peterson to tapestry by aluma Helen Gamersfelder Naumann. Intended Uses of Endowment Funds Schedule D, Part V, Line 4 Permanently restricted net assets are restricted as investments in perpetuity. The College's endowment consists of various individual funds established for different purposes that all support the mission of the College. The College's endowment consists of $40,763,210 in donor-restricted endowment funds at June 30, 2013. Net assets associated with the College's endowment funds are classified and reported based on the existence of donor-imposed restrictions. The College accounts for endowment net assets by preserving the fair value of the original gift as of the gift date of the donor-restricted endowment fund absent explicit donor stipulations to the contrary. As a result, the College classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets, according to donor stipulations, until those amounts are appropriated for expenditure by the College for the donor-stipulated purpose. The College considers the following factors in making a determination either to appropriate or to accumulate donor-restricted endowment funds: 1. The duration and preservation of the fund. 2. The purposes of the College's and the donor-restricted endowment fund. 3 General economic conditions. 4. The possible effects of inflation and deflation. 5. The expected total return from income and the appreciation of investments. 6. Other resources of the College. 7. The investment policies of the College. From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor requires the College to retain as a fund of perpetual duration. Deficiencies of this nature that are reported in unrestricted net assets were $-0- in 2013 and 2012. 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. As of June 30, 2013 and 2012, endowment assets include those assets of donor-restricted funds that the College must hold in perpetuity or for donor-specified periods and Board-designated (quasi) endowment funds. Under this policy, as approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to provide adequate liquidity, maximizing returns on all funds invested and achieving full employment of all available funds as earning assets. The College has an active Investment Committee that meets regularly to ensure that the objectives of the investment policy are being met and that the strategies used to meet the objectives are in accordance with the investment policy. Supplemental Description - Other Schedule D, Part XII, Line 2d Rental Expenses $193,530 Supplemental Description - Other Schedule D, Part XII, Line 4b Student Financial Aid $34,969,087 Supplemental Description - Other Schedule D, Part XIII, Line 2d Rental Expenses $193,530 Supplemental Description - Other Schedule D, Part XIII, Line 4b Student Financial Aid $34,969,087 Organization's Liability for Uncertain Tax Positions Under FIN 48 Schedule D, Part X, Question 2 The FASB issued guidance that requires tax effects from uncertain tax positions to be recognized in the financial statements only if the position is more likely than not to be sustained if the position were to be challenged by a taxing authority. Management has determined there are no material uncertain positions that require recognition in the financial statements. Additionally, no provision for income taxes is reflected in these financial statements as the Colleges unrelated business income was offset by the expenses directly connected with the conduct of the activity creating a net operating loss. There is no interest or penalties recognized in the statements of activities or statements of financial position. The tax years ending 2010, 2011 and 2012 are still open to audit for both federal and state purposes. 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 The college's policy is one of non-discrimination with respect to the public served by the institution and with respect to the college personnel. Advertisements, brochures, publications, application for admissions, etc., contain a statement to the effect that the college does not discriminate on the basis of race, color, religion, gender, age, national origin, ancestry, marital status, sexual orientation, handicap, disability, veteran status or unfavorable discharge from military service. A classified advertisement is run once per term with the college's anti-discrimination policy. Government Assistance Schedule E, Part I, Line 6a North Central College applies for and receives educational grants, as approved on a case by case basis, from Federal and State agencies. The college also participates annually in Federal & State financial aid programs, specifically Pell, SEOG, Federal Work Study, Perkins, Federal Direct Loans, and various other state of Illinois scholarship programs for qualified students. The federal grants and loans are reported in the College's A-133 Single Audit. X X X X X X X true Wilson-Bennett Technology 206 W Plaza Blvd Cabot AR 72023 Phonathon false 118420 47974 70446 118420 47974 70446 IL true Academic Scholarships & Grants 2714 34969087 Procedure for Monitoring Use of Grant Funds Inside U.S. Schedule I, Part I, Line 2 The College provides scholarships to students matriculating at the College; all funds issued to students are required to defray the cost of tuition and no student may use the funds for other than educational purposes. Since the students have no discretion in the use of the funds, the College does not need to monitor the grants once issued. X true true X X X X X false true false false false false false false false Dr Harold R Wilde 333988 0 110000 0 6948 0 26250 0 34683 0 511869 0 0 0 Mr Paul Loscheider 176129 0 25000 0 118937 0 19511 0 19853 0 359430 0 117754 0 Ms Laurie Hamen 185052 0 25000 0 93404 0 19454 0 1230 0 324140 0 92774 0 Dr R Devadoss Pandian 187471 0 25000 0 103740 0 20195 0 14930 0 351336 0 97825 0 Mr Rick E Spencer 178832 0 25000 0 113897 0 19454 0 19005 0 356188 0 112089 0 Mr Martin Sauer 146784 0 5000 0 472 0 13945 0 28511 0 194712 0 0 0 DR RICHARD WILDERS 148585 0 0 0 2560 0 15239 0 11255 0 177639 0 0 0 DR FRANCINE NAVAKAS 137673 0 1500 0 2513 0 14982 0 15026 0 171694 0 0 0 DR MARTI BOGART 123532 0 3500 0 727 0 13342 0 28787 0 169888 0 0 0 DR PETER BARGER 125377 0 2000 0 716 0 13165 0 29616 0 170874 0 0 0 Housing allowance or residence for personal use Schedule J, Part I, Line 1a VALUE OF HOUSING PROVIDED TO THE PRESIDENT OF THE COLLEGE (NON-TAXABLE): IRS INSTRUCTIONS TO FORM 990 REQUIRE THAT THE FAIR MARKET VALUE OF HOUSING PROVIDED TO EMPLOYEES BY THEIR EMPLOYER BE REPORTED ON FORM 990, PART VII, SECTION A AND SCHEDULE J, PART II. AS A CONDITION OF EMPLOYMENT, THE PRESIDENT OF NORTH CENTRAL COLLEGE IS REQUIRED TO RESIDE ON THE CAMPUS PREMISES. THE RESIDENCE SERVES BOTH AS A PERSONAL RESIDENCE AS WELL AS A VENUE FOR REGULAR CARRYING ON OF COLLEGE BUSINESS. THE COLLEGE HAS DETERMINED THAT THE VALUE OF THE USE OF THIS PERSONAL RESIDENCE IS NOT CONSIDERED TAXABLE INCOME TO THE PRESIDENT, consistent with Internal Revenue Code Section 119(a)(2) and all related provisions. FOR TAX YEAR 2012, THE VALUE OF THE PRESIDENT'S USE OF THE RESIDENCE WAS CONSERVATIVELY ESTIMATED TO BE $22,608. THIS ESTIMATED VALUE WAS BASED ON THE FAIR RENTAL VALUE OF $1,884 PER MONTH FOR SIMILAR HOUSES IN THE AREA. DURING CALENDAR YEAR 2012, THE CURRENT PRESIDENT, DR. HAROLD R. WILDE AND HIS WIFE, MADE THE RESIDENCE THEIR HOME FOR 12 MONTHS OF THE YEAR. SCHEDULE J, PART II, COLUMN (D) INCLUDES $22,608 OF NON-TAXABLE INCOME ASSOCIATED WITH THE USE OF THE RESIDENCE PROVIDED BY THE COLLEGE. Supplemental nonqualified retirement plan Schedule J, Part I, Line 4b The Supplemental Nonqualified 457(F) Retirement Plan was discontinued by the Board of Trustees for the four (4) participating Vice Presidents in 2012. All vested benefits as of December 2012 were distributed as follows: i. Mr. Paul Loscheider, VP for Business Affairs $117,754 ii. Ms. Laurie Hamen, VP for Enrollment Management $92,774 iii. Dr. R.D. Pandian, VP for Academic Affairs $97,825 iv. Mr. Rick Spencer, VP for Institutional Advancement $112,089 In addition, coincident with his retirement in March 2013, Dr. Harold R. Wilde, President, had a Supplemental Nonqualified 457(F) Retirement Plan discontinued and thus, the final payout of all vested benefits under that plan are scheduled to be paid in 2013 and will be reported on next year's Form 990, as required. A ILLINOIS FINANCE AUTHORITY 861091967 45200FNS4 2008-10-16 17000000 See Part VI false false false B Illinois Finance Authority 861091967 452001Q86 2005-05-31 21200000 See Part VI false false true C Illinois Finance Authority 861091967 452001ZF0 2005-05-31 36500000 See Part VI false false true A 0 0 17232326 0 105630 0 289481 420342 0 16351973 64900 0 2009 false false true true B 3400000 0 21200000 0 0 21200000 0 0 0 0 0 0 2000 true false true true C 7000000 0 36500000 0 0 36500000 0 0 0 0 0 0 1999 true false true true A false false true true false 0.00000 0.00000 0.00000 false false false true B false false true true false 0.00000 0.00000 0.00000 false false false true C false false true true false 0.00000 0.00000 0.00000 false false false true A false false true true Bank of America NA 29.9 false false false 0 false false B false true true false 0 false 0 false false C false true true true Bank of America NA 20. false false false 0 false false A false B false C false Description of Purpose Schedule K, Part I, Column F, Line A THE BONDS WERE ISSUED TO FINANCE OR REIMBURSE THE COSTS OF THE ACQUISITION, CONSTRUCTION, RENOVATION, IMPROVEMENT AND EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES. Description of Purpose Schedule K, Part I, Column F, Line B The 1999 Bonds (defined below) were issued to provide funds to several Section 501(c)(3) nonprofit organizations. The bonds were issued in the amount of $21,200,000. North Central College benefitted from $10,000,000 of the proceeds of the bonds. The issuer of the bonds changed the mandatory tender provisions of the indenture governing previously issued bonds (the "1999 Bonds") thereby resulting in the Variable Rate Demand Revenue Bonds, Series 1999 (ACI/Cultural Pooled Financing Program) originally issued by the Illinois Educational Facilities Authority on July 28, 1999 to be assumed to be reissued and currently refunded for Federal income tax purposes on May 31, 2005. The portion of the proceeds of the 1999 Bonds which were borrowed by North Central College were used to finance or reimburse the costs of the acquisition, construction, renovation, improvement and equipping of educational facilities. Description of Purpose Schedule K, Part I, Column F, Line C The 1998 Bonds (defined below) were issued to provide funds to several Section 501(c)(3) nonprofit organizations. North Central College benefitted from $15,000,000 of the proceeds of the Bonds. The bonds were issued in the amount of $36,500,000. The issuer of the bonds changed the mandatory tender provisions of the indenture governing previously issued bonds (the "1998 Bonds") thereby resulting in the Variable Rate Demand Revenue Bonds, Series 1998 (ACI/Cultural Pooled Financing Program) originally issued by the Illinois Educational Facilities Authority on March 25, 1998 to be assumed to be reissued and currently refunded for Federal income tax purposes on May 31, 2005. The portion of the proceeds of the 1998 Bonds which were borrowed by North Central College were used to finance or reimburse the costs of the acquisition, construction, renovation, improvement and equipping of educational facilities. In April of 2006, North Central College paid $500,000 of principal; therefore $14,500,000 is still outstanding. Total Proceeds of issue Schedule K, Part II, Column A, Line 3 The issue price of the bonds is $17,000,000. Investment earnings through the end of the project period were $232,326. Total Proceeds of issue Schedule K, Part II, Column B, Line 3 The issuer price of the bonds is $21,200,000. North Central College benefitted from $10,000,000 of the proceeds of the bonds. The $10,000,000 amount is inadvertently listed as $9,000,000 on the Form 8038 for the 1999 bonds. Total Proceeds of issue Schedule K, Part II, Column C, Line 3 The issue price of the bonds is $36,500,000. North Central College benefitted from $15,000,000 of the proceeds of the bonds. In April of 2006, North Central College paid $500,000 of principal; therefore $14,500,000 is still outstanding. Other Spent Proceeds Schedule K, Part II, Column C, Line 11 Other spent proceeds includes LOC fees of $25,500 (paid 10/31/08 from the Project Fund), LOC fees of $19,650 (paid 7/21/09 from the Cap Interest fund), and $19,750 of Remarketing Fees (paid 11/3/09 from the Cap Interest fund). Procedures to Undertake Corrective Action Schedule K, Part V North Central College has not violated any applicable requirements for tax exempt bonds benefiting the college. The College has not established written procedures to ensure timely identification of federal tax requirements or timely correction of any identified violations, but the College is current working with bond counsel to establish procedures to implement in the near future. NA N/A 21000 Merit Based Scholarships DAVID KELSCH TRUSTEE 277289 SEE PART V false RAY KINNEY TRUSTEE 319390 SEE PART V false BRAD SPENCER FAMILY OF CURRENT OFFICER 56299 SEE PART V false MARGARET WHITE FAMILY OF CURRENT OFFICER 94595 SEE PART V false Grants or Assistance Benefiting Interested Persons Schedule L, Part III Although there may be recipients who are related to persons having an interest in the institution, such recipients are selected on an equal, objectively determinable basis with other recipients. All students receiving scholarships and fellowships are judged worthy by the institution's assessment on the basis of academic achievement, financial need and other similar standards. Any scholarship committee member who has a relationship with any potential recipient of scholarship money is not included in the selection process for that particular candidate. Business Transactions with Interested Persons Schedule L, Part IV David Kelsch is a trustee of the board of North Central College, he is also the President and CEO of Advanced Data Technologies Inc. North Central College paid Advanced Data Tech $277,289 for professional services during fiscal year 2013. The business transaction between North Central College and Advanced Data Technologies Inc was conducted at arm's length, and a fair market value price was provided to the college for the services provided. Ray Kinney is a trustee of the board of North Central College, he is also a Principal of Minuteman Press and substantial shareholder of the company. Additionally, Ray Kinney is an officer of Maclyn Group and Blooming Color. North Central College paid Minuteman Press $315,891, Maclyn Group $2,239 and Blooming Color $1,260 in fiscal year 2013 for their services, (IN AGGREGATE A TRANSACTION OF $319,390). The business transaction between North Central College, Minuteman Press, Maclyn Group and Blooming Color was conducted at arm's length, and a fair market value price was provided to the college for the services provided. The College employs Brad Spencer who is an interested person due to his family relationship with an officer of the College. His employment and resulting salary are not influenced by his relationship and are at fair value for the services provided. The College employs Margaret White who is an interested person due to her family relationship with an trustee of the college. Her employment and resulting salary are not influenced by her relationship and are at fair value for the services provided. X 31 2214887 Market Value X 1 400000 Appraised Value false true true HOW ORGANIZATION IS REPORTING CONTRIBUTIONS SCHEDULE M, PART 1, COLUMN B THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS, NOT ITEMS RECEIVED. Third Party Vendor Arrangement Schedule M, Part 1, Line 32a When North Central College receives a stock gift, the development office refers the donor to our 3rd party broker Stifel Nicolaus (70 W Madison St, Suite 5000, Chicago, IL 60602). Upon authorization from the VP of Business Affairs, the broker sells the stock and sends North Central College the proceeds less fees. Material Differences in Members' Voting Rights Form 990, Part VI, Line 1A and 1B There were 36 voting members at the beginning and end of fiscal year 2013. Three new members (James Boyne, Sally Dyck, and Lori Novak) were appointed to the board during the fiscal year. John Novak went from Active to Honorary Trustee, and Linda Lee and Howard Mueller retired from the board. Harold Wilde, the President also retired and was replaced by Troy Hammond. The President and 7 other members of the Board have a conflict based on the criteria provided. Executive Committee Membership: There shall be an Executive Committee of up to thirteen members, composed of the Chair, the four Vice-Chairs, the Secretary, the audit committee chair, the President of the College and up to five at-large members. A quorum shall consist of seven members. Duties: The Executive Committee shall transact such business as may be referred to it by the Board of Trustees, and any other business which the interests of the College may require during the intervals between meetings of the Board. It shall hold such meetings as it may deem desirable, and shall keep an accurate record of its proceedings and receive approval of these miuntes at the next regularly scheduled meeting of the Board. The Secretary of the Board shall mail the record of the proceedings of each meeting within forty-five days to all members of the Board and to such other persons as the Committee may designate. The Committee shall annually set by June 30 the salary and benefits to be provided the President of the College for the following fiscal year. Family Relationships Form 990, Part VI, Line 2 TRUSTEE JEFF OESTERLE HAS A BUSINESS RELATIONSHIP WITH TRUSTEE SCOTT WEHRLI. TRUSTEES KEVIN GENSLER, RAY KINNEY, AND SCOTT WEHRLI HAVE A BUSINESS RELATIONSHIP WITH EACH OTHER. Form 990 Review Process Form 990, Part VI, Line 11b A review was conducted prior to filing the 990 with the IRS. The Assistant VP of Finance/Comptroller and Senior Accountant gather all information from various areas of the college and submit to tax professionals for the first draft of the 990. The Assistant VP of Finance/Comptroller and Senior Accountant review and make necessary changes. The second draft was reviewed by the VP for Business Affairs and the College President. Again, updates and changes were made if necessary. A final draft was sent via email to all voting board members for their review. If any changes were required after board review, they were sent to the tax professionals for incorporation into the Form 990. Conflict of Interest Policy Monitoring & Enforcement Form 990, Part VI, Line 12c The conflict of interest statements are sent to each board member with the May board packet, which includes reading materials for the upcoming meeting. All board members are expected to return the conflict of interest statements at the May board meeting, if not sooner. A process has been established to follow up with any members who have not returned the conflict of interest statement within the given parameters. The college monitors conflicts of interest by sending out a questionnaire annually, as well as at every meeting the question is raised. If a conflict arises, that individual is prohibited from participating in the governing body's deliberations and decisions in the transaction under discussion. Process for Determining Compensation Form 990, Part VI, Line 15a The Compensation Committee (a sub-committee of the Board) is responsible for determining the President's salary and reviewing the Vice Presidents' salaries. The Compensation Committee works with Human Resources (and possibly outside consultants) to obtain comparable salary/benefit data from organizations such as College and University Personnel Association (CUPA), in order to establish appropriate salary/benefit packages. The Compensation Committee consists of the Chair of the Board and two active trustees, who are not related to the President or Vice Presidents and do not perform management-directed services to the College. The College has an annual review of their compensation process. Annually, the Executive Committee reviews the Compensation Committee's recommendations and approves the President's compensation. The Vice Presidents' compensation is brought before the Board of Trustees in an executive session at the fall meeting. Contemporaneous documentation is maintained for all compensation decisions. How Documents are Made Available to the Public Form 990, Part VI, Line 19 The conflict of interest policy and financial statements are available to the public at North Central College's website, www.noctrl.edu. Other Changes in Net Assets or Fund Balances Form 990, Part XI, Line 5 Change in fair value of interest rate swap agreement $2,140,548 Change in value of split-interest agreements $502,395 Total increase in net assets or fund balances $2,642,943