2014-04-09T07:48:12-05:00 2013-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 1361 S WILCOX DRIVE KINGSPORT TN 37660 990 2012-06-01 620535755 MILLIGAN COLLEGE INC MILL 4234618686 P O BOX 750 MILLIGAN COLLEGE TN 37682 JACQUELINE R STEADMAN 4234618686 2014-04-08 1 CHAD KISNER P00738241 4232461725 2014-04-06 2012 2015-11-30 17:44:51Z JACQUELINE R STEADMAN 1 BLOWERS BOULEVARD MILLIGAN COLLEGE TN 37682 34185071 0 X WWW.MILLIGAN.EDU X 1882 TN THE ORGANIZATION IS A CHRISTIAN LIBERAL ARTS COLLEGE. 29 25 841 0 0 26429 7571980 3710995 28770562 29607445 619812 866631 0 0 36962354 34185071 9439344 9814434 0 0 974484 11751301 0 0 1385441 19781340 9340785 30195168 30906520 6767186 3278551 57443014 71395938 7457287 15480988 49985727 55914950 AS A CHRISTIAN LIBERAL ARTS COLLEGE, MILLIGAN COLLEGE SEEKS TO HONOR GOD BY EDUCATING MEN AND WOMEN TO BE SERVANT-LEADERS. 0 0 24172174 9814434 25221960 OPERATION OF CHRISTIAN LIBERAL ARTS COLLEGE 24172174 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 1 97 0 1 841 1 1 1 0 0 0 0 1 1 0 0 0 0 X 29 25 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X JACQUELINE R STEADMAN 4234618686 1 BLOWERS BOULEVARD MILLIGAN COLLEGE TN 37682 CHARLES ALLCOTT III 1.00 X X 0 0 0 W SCOTT KENT 1.00 X X 0 0 0 RONALD G DOVE JR 1.00 X X 0 0 0 DENNY MAYES 1.00 X X 0 0 0 JOHN K BANKS 1.00 X 0 0 0 THOMAS J BURLESON 1.00 X 0 0 0 DAVID CLARK 1.00 X 0 0 0 WILLIAM R CLEM 1.00 X 0 0 0 TAMMY W ELDRIDGE 1.00 X 0 0 0 HARRY E FONTAINE JR 1.00 X 0 0 0 JAMES FRASURE MD 1.00 X 0 0 0 BRENDA GREEN 1.00 X 0 0 0 JAMES EARL GREEN 1.00 X 0 0 0 PATRICIA GREEN 1.00 X 0 0 0 W B GREENE JR 1.00 X 0 0 0 DAVID HAMILTON 1.00 X 0 0 0 DAVID O HAMLIN 1.00 X 0 0 0 MARSHALL W HAYDEN 1.00 X 0 0 0 C DANNY JOHNSON 1.00 X 0 0 0 GREG JOHNSON 1.00 X 0 0 0 TIMOTHY J LANZER 1.00 X 0 0 0 LEROY LAWSON 1.00 X 0 0 0 DANIEL W MCMAHAN 1.00 X 0 0 0 JOHN MEDING MD 1.00 X 0 0 0 KENNETH OOSTING 1.00 X 0 0 0 CAMERON PERRY 1.00 X 0 0 0 GARY PORTER 1.00 X 0 0 0 JAMES R RICE MD 1.00 X 0 0 0 JO ANN RICHARDSON 1.00 X 0 0 0 RICK RUSAW 1.00 X 0 0 0 J DONALD SAMS 1.00 X 0 0 0 RONALD F SEWELL 1.00 X 0 0 0 MARVIN SWINEY 1.00 X 0 0 0 MARK H WEBB 1.00 X 0 0 0 JOHN J WIGGINS 1.00 X 0 0 0 CALVIN L WILSON JR 1.00 X 0 0 0 DENNIS A BRATTON 1.00 X 0 0 0 W EDWARD FINE 1.00 X 0 0 0 OMER HAMLIN 1.00 X 0 0 0 DONALD B MARSHALL 1.00 X 0 0 0 N JEANNE STARKEY 1.00 X 0 0 0 WILLIAM B GREER 40.00 X 180479 0 20454 R GARLAND YOUNG 40.00 X 79983 0 12655 MARK P FOX 40.00 X 85471 0 6025 JACQUELINE R STEADMAN 40.00 X 97067 0 6837 A LEE FIERBAUGH 40.00 X 82379 0 8846 JACK SIMPSON 40.00 X 84542 0 14810 609921 0 69627 1 0 1 0 BURLESON CONSTRUCTION COMPANY P O BOX 1735 JOHNSON CITY TN 37605 CONTRACTOR 4250798 PIONEER CATERERS INC 303 GLENROSE AVENUE NASHVILLE TN 37210 CAFETERIA SERVICE 1396089 THOMAS CONTRUCTION COMPANY INC 9 WESLEY COURT JOHNSON CITY TN 37601 CONTRACTOR 1193138 BEESON LUSK AND STREET INC P O BOX 1909 JOHNSON CITY TN 37605 ARCHITECT SERVICES 264663 COUNCIL FOR CHRISTIAN COLLEGES AND UNIVE 321 8TH STREET NE WASHINGTON DC 20002 STUDY ABROAD PROGRAM 126625 6 3710995 128325 3710995 TUITION AND FEES 611710 25121325 25121325 AUXILIARY ENTERPRISES 611710 3783594 3783594 SUMMER CAMPS 611710 382267 382267 OTHER INCOME 611710 212286 212286 STUDENT AID 611710 100635 100635 7338 7338 29607445 866631 866631 34185071 25221960 0 5252116 9814434 9814434 694973 46975 483382 164616 9155486 7060951 1713776 380759 414707 346822 48868 19017 829140 629605 163053 36482 656995 447192 168082 41721 4496 4496 70700 70700 1364518 1232850 106139 25529 215295 9592 205703 760506 387464 273851 99191 408506 102126 306380 982709 589625 294813 98271 540543 445487 29226 65830 19737 14721 5016 291314 291314 1319997 791998 395999 132000 344100 206460 103230 34410 OTHER EXPENSES 2859883 1715930 857965 285988 DUES AND SUBSCRIPTIONS 158481 38628 118226 1627 30906520 24172174 5348905 1385441 5430852 4557452 2583516 6650047 419765 478420 867482 1015581 757258 647982 276408 221304 64589 53962 51915204 20407077 23847178 31508127 23165856 26188252 30110 74811 57443014 71395938 23240 600425 495845 791842 4630210 11766743 2307992 2321978 7457287 15480988 X 23042890 27146319 9250951 9839402 17691886 18929229 49985727 55914950 57443014 71395938 X 3278551 2686714 -36042 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 20575559 1217414 3414034 -625126 24581881 21587356 721994 -1463516 -270275 20575559 15862911 2316476 3634060 -226091 21587356 12715413 1726463 1474982 -53947 15862911 15785267 1076919 -3668787 -447986 12715413 0.00530 0.76700 0.22770 0 0 1273480 1273480 36362819 16189195 20173624 3978136 2902364 1075772 10300769 1315518 8985251 31508127 STOCKS AND MUTUAL FUNDS 25690366 F CORPORATE BONDS 70596 F CASH AND CASH EQUIVALENTS HELD FOR LONG-TERM INVESTMENT 427290 F 26188252 ACCRUED SALARIES AND WAGES 952625 ADVANCES FROM FEDERAL GOVT FOR STUDENT LOANS 905843 OTHER ACCRUED LIABILITIES AND PAYABLES 216970 ANNUITY PAYMENT LIABILITIES 246540 2321978 X 27021309 2686714 -36042 2650672 24370637 9814434 9814434 34185071 21092086 0 21092086 9814434 9814434 30906520 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS IS FOR SCHOLARSHIPS, TECHNOLOGY, CHAIRS AND OTHER. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: NOTE 1(L) - UNCERTAIN TAX POSITIONS THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE FINANCIAL STATEMENTS. THE COLLEGE FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION (FASB ASC), WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF MAY 31, 2013, THE COLLEGE HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COLLEGE'S FINANCIAL STATEMENTS. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE FINANCIAL STATEMENTS. NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEAR ENDED MAY 31, 2013. GENERALLY, THE TAX YEARS BEFORE 2010 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: NET ADJUSTMENT OF ANNUITY PAYMENT LIABILITY -36,042. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 9,814,434. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 9,814,434. 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 THE COLLEGE'S RACIALLY NONDISCRIMINATORY POLICY IS PUBLICIZED THROUGH RADIO ADVERTISEMENTS, PRINT PUBLICATIONS SUCH AS THE COLLEGE CATALOG, AND FINANCIAL AID AND RELATED MATERIALS, AND ADS FOR EMPLOYMENT. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FOR STUDENT FINANCIAL AID PROGRAMS SUCH AS THE FEDERAL PELL GRANT PROGRAM, AND MANY OTHERS FROM THE UNITED STATES DEPARTMENT OF EDUCATION. THE COLLEGE ALSO RECEIVES STUDENT FINANCIAL ASSISTANCE FROM THE STATE OF TENNESSEE IN THE FORM OF VARIOUS GRANTS AND LOTTERY SCHOLARSHIPS. 1 CASH SCHOLARSHIPS FOR STUDENTS ATTENDING MILLIGAN COLLEGE IN CARTER COUNTY, TENNESSEE 791 9814434 0 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE DOES NOT GIVE ANY NON-CASH SCHOLARSHIPS. SCHOLARSHIPS ARE DISBURSED TO STUDENTS THROUGH CREDITING THEIR STUDENT ACCOUNTS. IF THE STUDENT HAS ANY EXCESS SCHOLARSHIP FUNDS OVER THEIR CHARGES, THESE FUNDS ARE DISBURSED TO THE STUDENT BY CHECK. THE COLLEGE'S PROCEDURES FOR MONITORING GRANT FUNDS IN THE U.S. ARE AS FOLLOWS: THE COLLEGE HAS APPOINTED DIRECTORS, WHO REPORT TO THE APPROPRIATE VICE PRESIDENTS, OVER ALL FEDERAL GRANT PROGRAMS. THESE DIRECTORS ARE CHARGED WITH PERFORMING ALL GRANT-RELATED ACTIVITIES INCLUDING APPLICATION, MONITORING OF EXPENDITURES AND REPORTING, WITH THE EXCEPTION OF DRAW-DOWNS OF FEDERAL FUNDS. DRAW-DOWNS ARE PERFORMED BY THE COLLEGE'S CONTROLLER AFTER REQUESTS ARE MADE BY THE DIRECTOR TO THE CONTROLLER. THE CONTROLLER REVIEWS THE REQUESTS FOR DRAW-DOWNS, WHICH INCLUDE DOCUMENTATION OF ALL DIRECT AND INDIRECT PROGRAM EXPENSES, BEFORE MAKING THE DRAW-DOWNS. A SINGLE AUDIT IS PERFORMED ANNUALLY BY THE COLLEGE'S INDEPENDENT AUDITORS. X 0 1 X X 0 1 0 0 0 0 0 0 0 WILLIAM B GREER 180479 0 0 0 0 0 12132 0 8322 0 200933 0 0 0 PART I, LINE 1A FOR THE YEAR ENDED 05/31/13, THE COLLEGE PAID FOR SOME MEALS AND AIRFARE FOR THE PRESIDENT'S WIFE WHEN SHE TRAVELED WITH HIM ON COLLEGE BUSINESS. PART I, LINE 1B APPROVAL FOR COMPANION TRAVEL EXPENSES WAS GIVEN BY THE BOARD OF TRUSTEES AND DOCUMENTED IN THE MINUTES. PART I, LINE 4B THE COLLEGE ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN IN 2011. THE FIRST CONTRIBUTION WAS MADE IN MARCH, 2012 ON BEHALF OF WILLIAM B. GREER, PRESIDENT. A CONTRIBUTION OF $502 WAS MADE ON FEBRUARY 11, 2013. A HEALTH & EDUCATIONAL FACILITIES BD OF THE CITY OF ELIZABETHTON TN 626000283 2005-12-05 5500000 CONSTRUCTION AND EQUIPPING OF EDUCATIONAL FACILITIES 0 0 0 B INDUSTRIAL DEVELOPMENT BOARD OF CARTER COUNTY TN 461322210 2012-12-07 7500000 ACQUISITION, CONSTRUCTION AND EQUIPPING OF STUDENT RESIDENT FACILITIES 0 0 0 A 1078883 5500000 38851 5461149 2007 0 0 1 1 B 154374 7500000 47840 5891502 1560658 2013 0 0 0 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 A 1 B 1 DR WILLIAM B GREER PRESIDENT OF MILLIGAN COLLEGE 25735 GRANT FOR A CHILD OF DR. WILLIAM B. GREER TUITION GRANT JACQUELINE R STEADMAN VICE PRESIDENT FOR BUSINESS AND FINANCE OF MILLIGAN COLLEGE 25735 GRANT FOR A CHILD OF JACQUELINE R. STEADMAN TUITION GRANT MR JOHN K BANKS MEMBER OF THE BOARD OF TRUSTEES 11652 MR. JOHN K. BANKS, THE COLLEGE'S ATTORNEY, IS A MEMBER OF THE BOARD OF TRUSTEES. MR. BANKS IS NOT PAID CASH FOR HIS SERVICES AS THE COLLEGE'S ATTORNEY. HOWEVER, FOR THE YEAR ENDED MAY 31, 2013, THE COLLEGE DID GIVE FREE TUITION TO TWO OF HIS RELATIVES. THE VALUE OF THIS TUITION WAS $11,652. 0 DR W B GREENE MEMBER OF THE BOARD OF TRUSTEES 22491397 DR. W. B. GREENE, OWNER OF CARTER COUNTY BANK, IS A MEMBER OF THE BOARD OF TRUSTEES. THE COLLEGE HAS NUMEROUS CHECKING ACCOUNTS AT THE BANK, WHOSE DEPOSITS AT MAY 31, 2013 TOTALED APPROXIMATELY $9,442,247. THE COLLEGE HAS A $1,000,000 LINE OF CREDIT AT THE BANK WITH NO DRAWS FOR THE YEAR ENDED MAY 31, 2013. ON DECEMBER 5, 2005, THE COLLEGE OBTAINED A $5,500,000 TAX-EXEMPT BOND FROM THE BANK, WHICH IS SECURED BY THE ELIZABETH LEITNER GREGORY CENTER FOR THE LIBERAL ARTS. AT MAY 31, 2013, THE BALANCE OF THE LOAN WAS $4,421,117, AND THE INTEREST EXPENSE PAID FOR THE YEAR THEN ENDED WAS $201,751.ON DECEMBER 7, 2012, THE COLLEGE OBTAINED A $7,500,000 TAX-EXEMPT BOND FROM THE BANK, WHICH IS SECURED BY THE VILLAGE STUDENT RESIDENT HALLS. AT MAY 31, 2013, THE BALANCE OF THE LOAN WAS $7,345,626, AND THE INTEREST EXPENSE PAID FOR THE YEAR THEN ENDED WAS $80,656. 0 MR CALVIN L WILSON JR MEMBER OF THE BOARD OF TRUSTEES 8060033 MR. CALVIN L. WILSON, JR., A SENIOR INVESTMENT ADVISOR WITH UBS FINANCIAL SERVICES, INC. (UBS), IS A MEMBER OF THE BOARD OF TRUSTEES. HE ALSO SERVES AS AN ADVISOR TO THE COLLEGE'S INVESTMENT COMMITTEE, BUT HE IS NOT A VOTING MEMBER OF THIS COMMITTEE. AT MAY 31, 2013, THE COLLEGE HAS APPROXIMATELY SEVENTY FIVE PERCENT ($20,421,635) OF ITS INVESTMENTS WITH UBS. FEES CHARGED BY UBS ARE COMPATIBLE WITH OTHER COMPANIES. FEES AVERAGE ABOUT 0.45% PER TRANSACTION. FOR THE CALENDAR YEAR ENDED DECEMBER 31, 2012, FEES CHARGED WERE $60,033. THE COLLEGE'S LINE OF CREDIT AT UBS, WHICH IS COLLATERALIZED BY INVESTED FUNDS, WAS $8,000,000. THE BALANCE OUTSTANDING FOR THE ENTIRE FISCAL YEAR ENDED MAY 31, 2013 WAS ZERO. THE LINE OF CREDIT WAS CLOSED IN MAY, 2013. 0 MR TOMMY BURLESON MEMBER OF THE BOARD OF TRUSTEES 4250798 MR. TOMMY BURLESON, OWNER OF BURLESON CONSTRUCTION, IS A MEMBER OF THE BOARD OF TRUSTEES. THE COLLEGE HAS USED BURLESON CONSTRUCTION FOR SEVERAL CONSTRUCTION PROJECTS IN THE PAST. BURLESON CONSTRUCTION IS SERVING AS THE GENERAL CONTRACTOR FOR THE CONSTRUCTION OF THE RESIDENCE VILLAGE WHICH WAS STARTED IN JUNE 2012 AND IS SCHEDULED FOR COMPLETION IN AUGUST 2013. BURLESON CONSTRUCTION WAS PAID $4,250,798 FOR THE YEAR ENDED MAY 31, 2013. 0 DR MARSHALL W HAYDEN MEMBER OF THE BOARD OF TRUSTEES 52165 DR. MARSHALL W. HAYDEN IS A MEMBER OF THE BOARD OF TRUSTEES. HIS SISTER, LINDA LAWSON, IS EMPLOYED BY THE COLLEGE. HER GROSS SALARY FOR THE 2012 CALENDAR YEAR WAS $52,165. 0 MR DANIEL W MCMAHAN MEMBER OF THE BOARD OF TRUSTEES 560790 MR. DANIEL W. MCMAHAN IS A MEMBER OF THE BOARD OF TRUSTEES. HE IS A SENIOR VICE-PRESIDENT OF BB&T (FORMERLY OLD COLONY INSURANCE) LOCATED IN LOUISVILLE, KENTUCKY. FOR THE YEAR ENDED MAY 31, 2013, MILLIGAN COLLEGE PAID BB&T $280,395 FOR INSURANCE SERVICES (GENERAL LIABILITY COVERAGE). THE COLLEGE PAID HARTFORD INSURANCE $280,395. BB&T REPRESENTS THE COLLEGE WITH HARTFORD INSURANCE. 0 X 3 117832 CLOSING STOCK PRICES 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 BRENDA GREEN, A MEMBER OF THE BOARD OF TRUSTEES, IS A SISTER-IN-LAW OF JAMES EARL GREEN, A MEMBER OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11 A COMPLETE COPY OF THE COLLEGE'S FINAL FORM 990 (INCLUDING ALL REQUIRED SCHEDULES), AS ULTIMATELY FILED WITH THE INTERNAL REVENUE SERVICE, WAS PROVIDED TO EACH PERSON WHO WAS A VOTING MEMBER OF THE GOVERNING BODY AT THE TIME THE FORM 990 WAS PROVIDED, WHETHER IN PAPER OR ELECTRONIC FORM, BEFORE ITS FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH MEMBER OF THE BOARD OF TRUSTEES SUBMITS A SIGNED CONFLICT OF INTEREST AGREEMENT. AT THIS TIME, ANY KNOWN CONFLICTS OR POTENTIAL CONFLICTS OF INTEREST ARE DISCLOSED TO THE GOVERNING BODY. SHOULD THE POTENTIAL OF A CONFLICT OF INTEREST ARISE, THE SUBJECT WILL BE DISCLOSED AND THE GOVERNING BOARD MEMBER WILL EXCUSE THEMSELVES FROM VOTING ON THE MATTER IN QUESTION. FORM 990, PART VI, SECTION B, LINE 15 PRESIDENT: THE BOARD OF TRUSTEES APPROVED THE SALARY OF THE PRESIDENT OF THE COLLEGE AND DID COMPARE THAT INFORMATION WITH PEER INSTITUTIONS AT THE TIME THE SALARY WAS DETERMINED OR HIRE DATE. THE BOARD OF TRUSTEES ALSO PASSED A RESOLUTION THAT THE PRESIDENT WOULD RECEIVE THE SAME PERCENTAGE INCREASE AS OTHER STAFF OF THE COLLEGE ON AN ANNUAL BASIS. THE SALARY OF THE PRESIDENT IS APPROVED AS PART OF THE BUDGETING PROCESS BY THE BOARD OF TRUSTEES ANNUALLY. OTHER OFFICERS OR KEY EMPLOYEES: SALARY INCREASES FOR OFFICERS ARE THE SAME PERCENTAGE GIVEN TO OTHER STAFF OF THE ORGANIZATION. THE PRESIDENT OF THE COLLEGE REVIEWS SALARIES OF OTHER OFFICERS AND COMPARES THEM WITH DATA FROM PEER INSTITUTIONS. THE PRESIDENT MAY RECOMMEND INCREASES OVER AND ABOVE THE PERCENTAGE INCREASES BASED ON MERIT OR TO MOVE SALARIES INTO MEDIAN RANGE OF PEER INSTITUTIONS. THE PRESIDENT HAS DISCRETION TO AWARD INCREASES BASED ON MERIT. THE PRESIDENT PRESENTS THESE RECOMMENDATIONS TO THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. THE SALARIES OF ALL OFFICERS ARE APPROVED AS PART OF THE BUDGETING PROCESS BY THE BOARD OF TRUSTEES ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: NET ADJUSTMENT OF ANNUITY PAYMENT LIABILITY -36,042. FINANCIAL STATEMENTS AND REPORTING FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FIANNCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THAT OF THE PRIOR YEAR.