2014-05-05T19:02:10-05:00 2013-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 100174057 990 2012-07-01 141442493 Marist College % JOHN PECCHIA CFO VP OF BA MARI 8455753000 3399 North Road Suite Poughkeepsie NY 12601 JOHN PECCHIA 8455753000 2014-05-05 true 2125990100 2012 2015-11-30 17:44:51Z Dennis J Murray President 3399 North Road Poughkeepsie NY 12601 319421285 false X marist.edu X 1946 NY MARIST IS DEDICATED TO HELPING STUDENTS DEVELOP THE INTELLECT, CHARACTER AND SKILLS REQUIRED FOR ENLIGHTENED, ETHICAL, AND PRODUCTIVE LIVES IN THE GLOBAL COMMUNITY OF THE 21ST CENTURY. 29 28 3669 241 336175 -6725 8301820 12689352 184406332 197631366 5228393 15071306 3221352 3521623 201157897 228913647 40985940 43525302 0 0 83592897 86792438 0 0 1583070 56940648 64861634 181519485 195179374 19638412 33734273 457992335 517047632 135006099 147629812 322986236 369417820 X MARIST COLLEGE ("MARIST") IS A COMPREHENSIVE, LIBERAL ARTS-BASED INSTITUTION WITH ITS 168 ACRE MAIN CAMPUS IN THE HUDSON RIVER VALLEY OF NEW YORK; A BRANCH CAMPUS IN FLORENCE, ITALY; THE RAYMOND A. RICH INSTITUTE FOR LEADERSHIP DEVELOPMENT IN ESOPUS, NY; EXTENSION CENTERS THROUGHOUT NEW YORK; AND EDUCATIONAL OFFERINGS AROUND THE WORLD THROUGH ITS ONLINE PROGRAMS. MARIST IS DISTINGUISHED BY ITS HIGH- QUALITY FACULTY, INNOVATIVE PROGRAM OFFERINGS, BEAUTIFUL CAMPUS, AND A TECHNOLOGICAL PLATFORM THAT IS COMPARABLE TO THE BEST RESEARCH UNIVERSITIES IN THE WORLD. FOR THE 11TH YEAR IN A ROW, MARIST WAS NAMED ONE OF "THE 378 BEST COLLEGES" IN AMERICA BY THE PRINCETON REVIEW, WHICH ALSO NAMED MARIST'S SCHOOL OF MANAGEMENT ONE OF "THE TOP 295 BUSINESS SCHOOLS". IN ADDITION, KIPLINGER'S PERSONAL FINANCE MAGAZINE AGAIN NAMED MARIST ONE OF THE "BEST VALUES" IN PRIVATE COLLEGE EDUCATION IN THE U.S. MARIST WAS NAMED TO THE LIST BECAUSE IT OFFERS A HIGH-QUALITY COMPREHENSIVE EDUCATION AT A REASONABLE false false 151197869 157306014 Marist College is a highly selective, comprehensive liberal arts-based institution noted for its leadership in the use of technology in and out of the classroom. Marist is chartered by the State of New York and fully accredited by the Middle States Commission on Higher Education (MSCHE). Marist's student body is comprised of 5,560 undergraduate students and 817 graduate students with 43 bachelor's programs, 12 master's programs and 21 certificate programs. Founded in 1929, Marist's 228-acre campus overlooks the Hudson River in the heart of the historic Hudson Valley and is situated midway between New York City and Albany, the state capital. What started as a school for the training of future Marist Brothers has developed into one of the most selective colleges in the nation. Marist is ecumenical in character and reflects the ideals of the Marist Brothers' founder, St. Marcellin Champagnat: commitment to excellence in education, the importance of community, and dedication to the principle of service. Marist is dedicated to the development of the whole person in a way that will prepare our graduates to lead enlightened, ethical, and productive lives in the global community of the 21st century. 28674202 40325352 Marist College provides a variety of auxiliary services to both its students and employees in support of its educational mission. As part of the student experience, Marist offers a variety of college housing to over 3,200 students in corridor, suite, apartment, and townhouse-style residences. The residential life program at Marist is based upon the philosophy of providing students with a safe, healthy, and attractive living-learning environment that supports and supplements the educational mission of the College. Students are housed using a "rites of passage" philosophy, which recognizes that a student's development should be supported by his/her living environment. Another large auxiliary function includes food service through both a resident and retail dining program. The resident dining operation provides food on a daily basis to over 1,500 participants. The campus's six retail cafes, catering to an additional 1,800 participants, offer a wide selection of hot and cold drinks, soups, salads, sandwiches, and snacks. The campus dining experience is focused on culinary expertise, fresh local and regional ingredients, healthy options, and a shared sense of environmental and social responsibility. Other campus auxiliary services include a bookstore, computer store, and a campus/community debit card account known as Marist Money. Throughout all of the College's auxiliary services, an emphasis is placed on promoting sustainable practices where applicable and include, but are not limited to, educating faculty, staff, and students about the impact of their actions on the environment; identifying, establishing, and publicizing sustainability principles, goals, and best practices; providing a framework for guiding sustainable procedures, programs, and initiatives; and monitoring and reporting progress on campus sustainability initiatives. 179872071 true true false false false false false true false true true false false false true true false true true true true false false false true true false true true true true false false false false false true false false false false true true false false true true true false false false true X 6814 1 true 3669 true true true true SP IT false false false true true false false false false X 29 28 false false false false false false false true true false false true true true true true true true true false NY X JOHN PECCHIA CFO VP OF BA 8455753000 3399 NORTH ROAD POUGHKEEPSIE NY 12601 ROBERT R DYSON 1.0 X 0 ELLEN M HANCOCK 2.0 X 0 THOMAS J WARD 1.0 X 0 ROSS A MAURI 1.0 X 0 ELIZABETH M WOLF 1.0 X 0 JAMES A CANNAVINO 1.0 X 0 JAMES M BARNES 1.0 X 0 JAMES R BARNES 1.0 X 0 TIMOTHY G BRIER 1.0 X 0 BRENDAN T BURKE 1.0 X 0 GERARD E DAHOWSKI 1.0 X 0 MARK V DENNIS 1.0 X 0 MICHAEL C DUFFY 1.0 X 0 STEVEN EFFRON 1.0 X 0 MICHAEL G GARTLAND 1.0 X 0 DR STANLEY E HARRIS 1.0 X 0 DANIEL G HICKEYSR 1.0 X 0 JAMES P HONAN 1.0 X 0 BRO JAMES P KEARNEY 1.0 X 0 PATRICK M LAVELLE 1.0 X 0 CHRISTOPHER G MCCANN 1.0 X 0 GENINE MCCORMICK 1.0 X 0 JOHN P O'SHEA 1.0 X 0 PATRICE M CONNOLLY PANTELLO 1.0 X 0 BRO SEAN SAMMON 1.0 X 0 TIM TENNEY 1.0 X 0 0 DR DENNIS J MURRAY 50.0 0.0 X X 659455 0 150668 DR SUSAN L COHEN 1.0 X LAUREEN DEJONG 1.0 X DRGEOFFREY L BRACKETT 50.0 X 336895 85909 JOHN PECCHIA 50.0 X 223367 27771 SEAN P KAYLOR 50.0 X 235799 50103 DR THOMAS WERMUTH 50.0 X 247197 35542 DEBORAH A DICAPRIO 50.0 X 207131 46436 WILLIAM T THIRSK 50.0 X 209126 22535 CHRISTOPHER DELGIORNO 50.0 X 214057 38214 DR JOHN RITSCHDORFF 50.0 X 180844 37773 JOSE MARTIN 50.0 X 233982 39466 DR ROGER NORTON 50.0 X 215521 42165 brian giorgis 50.0 X 176807 50336 DR LEE MIRINGHOFF 50.0 X 296187 89397 DR BARBARA CARVALHO 50.0 X 251084 74143 DR ROY HMEROLLI 0.0 0.0 X 204816 0 25891 3892268 0 816349 95 true true false SODEXO INC AND AFFILIATES FOOD SERVICE 7699957 RESIDENCE INN STUDENT HOUSING 1730271 ROBERT AM STERN ARCHITECTS ARCHITECTS 1603953 Daniel O'Connells Sons Incorporatio Construction 11908095 COMMERCIAL INDUSTRIAL CONSTRUCTION CONSTRUCTION 1382898 64 13833 2745556 9929963 2732769 12689352 TUITION & FEES 611710 157306014 157306014 ROOM & BOARD 721310 40325352 40325352 197631366 3298282 3298282 245 245 0 0 0 0 102186045 36970 90195600 254636 11990445 -217666 11772779 11772779 32270 13833 39539 -7269 -7269 95381 17863 77518 77518 0 STUDENT CLUB ACTIVITIES 900099 667523 667523 ATHLETICS 611600 1058108 1058108 SUMMER CAMP ACTIVITIES 611600 336175 336175 1389568 1389568 3451374 228913647 197631366 336175 18256754 130000 130000 43395302 43395302 0 0 2753633 830585 1420346 502702 0 60438100 55140542 4732243 565315 6390405 4899626 1434813 55966 12017626 10131428 1775568 110630 5192674 5002870 142286 47518 5742985 5742985 312897 11184 301713 311037 891 310146 0 0 379886 379886 1945584 1389468 551610 4506 2335919 2273126 61317 1476 4000304 3844373 19887 136044 5482631 5261650 220981 701278 676984 24294 9606325 9588129 16215 1981 4012109 3535249 428658 48202 0 583814 525655 56853 1306 2742283 2658402 76838 7043 0 11655477 10712484 942993 1279548 1117860 161688 INTERNATIONAL STUDIES 7130008 7130008 ATHLETICS 1554137 1554137 HOSPITALITY 1888417 1308461 479575 100381 STUDENT MAINTENANCE EXPENSES 1624406 1624406 1572589 1386266 186323 195179374 179872071 13724233 1583070 12139648 1216644 39764288 48146113 2631703 3931133 4449723 3690475 52975 48748 0 0 5869738 5836494 351352 332393 2417816 3215841 404817020 147673901 239783368 257143119 136464977 162771224 10637947 23347471 0 0 0 0 3428800 7367977 457992335 517047632 16342130 19448925 0 0 6786143 7894218 85670509 98563134 0 0 0 0 0 0 23148 0 26184169 21723535 135006099 147629812 X 264243441 306481107 33694436 36276283 25048359 26660430 322986236 369417820 457992335 517047632 X 33734273 8668558 4028753 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2391100 7118455 X X X false 42888844 1626123 2606865 467278 -47500 46702054 44454456 572432 -1462091 395479 280474 42888844 39159130 777180 4921221 403075 44454456 29991135 7771725 1597729 451459 -250000 39159130 30178049 840568 -248421 481103 261958 36000 29991135 0.15970 0.57080 0.26950 false false 7433461 7433461 212065429 72256146 139809283 98231027 28062464 70168563 55376602 45077847 10298755 31710501 2277444 29433057 257143119 0 ACCRUED POST-RETIREMENT BENEFI 8474177 CAPITAL LEASE OBLIGATIONS 778864 ANNUITIES PAYABLE 492920 US GOV'T GRANTS REFUNDABLE 5206629 OTHER LIABILITIES 6770945 21723535 X 198819525 8668558 4632622 13301180 185518345 43395302 43395302 228913647 151898777 114705 114705 151784072 43395302 43395302 195179374 Part III, Line 4 Collection of artworks College holds a culturally and historically diverse collection. Various artworks and archives serve primarily as learning and research resources for faculty and students. Part V, Line 4 Endowment Funds Endowment funds are intended to be used for scholarships and to support academic programs of the College. Part X, Line 2 FIN 48 Disclosure Tax effects from an uncertain tax position are recognized in the consolidated 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. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the position might be challenged. The College is exempt from income tax under IRC Section 501(c)(3), though it is subject to tax on income unrelated to its exempt purposes, unless that income is otherwise excluded by the Code. The tax years ending June 30, 2010, 2011, 2012 and 2013 are still open to audit for both Federal and State purposes. Part XI, Line 2d CHANGE IN VALUE INTEREST RATE SWAP $3,885,963 FASB 158 ADJUSTMENT 746,659 ------------------- $4,632,622 Part XI, Line 4b SCHOLARSHIPS 43,395,302 Part XII, Line 2d MRPS DEPRECIATION 114,705 Part XII, Line 4b SCHOLARSHIPS 43,395,302 true true true true true true true false false false false false false false false true false true SCHEDULE E, LINE 3 The college publicizes its racially nondiscriminatory policy on its WEBSITE to make the policy known to all parts of the general community it serves. SCHEDULE E, LINE 6A THE COLLEGE RECEIVES FINANCIAL AID AND OTHER GRANTS FROM FEDERAL AND STATE agencies. Europe (Including Iceland and Greenland) 2 5 Program Services Admin & Education 8538281 Central America and the Caribbean Investments Hedge Funds 11920631 Central America/Caribbean Program Services Educational 191411 East Asia and the Pacific Program Services Educational 730323 South America Program Services Educational 31278 Middle East and North Africa Program Services Educational 6400 Sub-Sharan Africa Program Services Educational 168312 2 5 2 5 21586636 21586636 false false false false false false Red Fox Golf 25535 7113 18422 1600 2334 4140 3652 1128 Alumni Golf 13474 4234 9240 9869 9236 1028 1 7094 2486 4608 5821 731 46103 13833 32270 1600 12203 13376 9473 2887 39539 -7269 95381 1500 12090 4273 true 1.00000 95381 1500 12090 4273 17863 77518 NY true false false false 1.00000 TRAVIS TELLITOCCI 3399 NORTH ROAD POUGHKEEPSIE NY 12601 false TIM MURRAY 0 OVERSEES ALL ASPECTS OF GAMING ACTIVITIES X false true Fairview Fire District 258 Violet Avenue Poughkeepsie NY 12601 146000328 Gov 130000 1 INSTITUTIONAL SCHOLARSHIP 6602 43395302 ORGANIZATION'S PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS PART 1, LINE 2 The College provides scholarships and financial aids to students based on need and academic performance. The funds are credited directly to the student's account. Records are maintained in accordance with College's policies. The College's finanical aid office adheres strictly to all federal and state regulations and is subject to the compliance and internal controls of OMB A-133. X X X X X true true X X X X X false true false false false false false true false DR DENNIS J MURRAY 433865 0 175000 50590 104663 46005 810123 0 DR ROY HMEROLLI 158482 0 46334 24048 1843 230707 0 DRGEOFFREY L BRACKETT 300223 15000 21672 57920 27989 422804 JOHN PECCHIA 195311 15000 13056 15938 11833 251138 SEAN P KAYLOR 216694 15000 4105 26687 23416 285902 DR THOMAS WERMUTH 229827 15000 2370 27000 8542 282739 DEBORAH A DICAPRIO 175621 15000 16510 23447 22989 253567 WILLIAM T THIRSK 186173 15000 7953 14844 7691 231661 DR JOHN RITSCHDORFF 160060 5000 15784 19488 18285 218617 JOSE MARTIN 224025 9957 16477 22989 273448 DR ROGER NORTON 198335 15000 2186 24360 17805 257686 brian giorgis 136354 15500 24953 41503 8833 227143 DR LEE MIRINGHOFF 274564 15000 6623 69165 20232 385584 DR BARBARA CARVALHO 237355 12500 1229 64310 9833 325227 CHRISTOPHER DELGIORNO 191468 10000 12589 15225 22989 252271 SCHEDULE J, PART I, Line 1a Schedule J, Part I, Question 1A - First Class or Charter Travel - The general policy for all executives is that they fly coach. Exceptions may be made for health and/or extremely long flights. In such cases, executives are permitted to fly business class if available, but not first class. Schedule J, Part I, Question 1A - Travel for Companion is very limited and always includes a clear business purpose for the companion and must be pre-approved by the President. Schedule J, Part I, Question 1a. - Housing Allowance or Residence for Personal Use - The President of the College is provided with housing in close proximity to the campus in order for him to attend to emergent situations on a 24/7 basis. The housing is provided as a condition of his employment, is used for college business and entertainment purposes and as a convenience to the college to enable him to perform his duties. The fair market value of the President's residence was estimated to be $26,700 based on the value of property, property taxes, and maintenance expenses and is reported in column D on Schedule J. Schedule J, Part I, Question 1a. - Health or Social Club Dues or Initiation Fees - The College pays club membership fees for four executives, which are intended to be used exclusively for the College's business entertainment or college sponsored events and to the extent there is any personal use of these privileges the individual executives are taxed on the value of the use. Only one of the four executives is taxed on personal use of the membership. The other three executives use the membership exclusively for business purposes. Schedule J, Part I, Question 1a. - Tax indemnification and gross-up payments - The College provided $23,000 additional gross-up payment to fund the President's pension plan, this amount is included in box Biii on Schedule J. Schedule J, Part I, Question 7. - Non-fixed payments - Annually, variable pay awards were given in recognition of employees contributions to the overall success of the College. Any variable pay awards in future years will be contingent on individual performance and the continued success of the College. Schedule J, Part I, Question 4b Supplemental nonqualified retirement plan EFFECTIVE JULY 1, 2011, THE COLLEGE PUT IN PLACE A NON-QUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) FOR THE PRESIDENT OF THE COLLEGE. The annual accruals for these benefits have been reported despite being subject to a substantial risk of forfeiture and contingent upon the president's continued employment at the College. The value of the accrual for calendar year 2012 is included in the Deferred Compensation column (Column C) of Schedule J. The College has in place a Non-qualified Deferred Compensation Plan for the Executive Vice President and several key employees of the College. The annual accruals for these benefits have been reported despite being subject to a substantial risk of forfeiture and contingent upon the executive's continued employment at the College. The value of the accrual for calendar year 2012 is included in the Deferred Compensation column (Column C) of Schedule J. SCHEDULE J, PART 1, LINE 3 SCHEDULE J, PART 1, LINE 3- COMPENSATION COMMITTEE AND INDEPENDENT COMPENSATION CONSULTANT, NO NEW EXECUTIVES WERE HIRED IN FY13 REQUIRING THE COMMITTEE OR CONSULTANT to perform any services. A DUTCHESS COUNTY IDA 141613685 267041FJ5 2005-03-23 20000000 STUDENT HOUSING FULTON false false false B DUTCHESS COUNTY IDA 141613685 267041GN5 2008-01-25 20000000 STUDENT HOUSING FULTON false false false C DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION 273106797 267045BL5 2012-05-17 15415962 REFUND 2003 BONDS (90&92 BONDS) false false false D DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION 273106797 267045Cv2 2013-03-28 15262546 Student Center Addition/Renovation false false false A 2915000 0 20000000 0 0 0 263450 50000 0 19686550 0 0 2006 false false true true B 2045000 0 20167954 0 0 0 301631 81184 0 19785140 0 0 2008 false false true true C 0 0 15415962 0 0 0 116944 0 0 0 15229018 0 2012 true false true true D 0 0 15262711 0 0 0 165781 0 0 15096930 0 0 2014 false false true true A false false false false 0.00000 0.00000 0.00000 false false 0.00000 false true B false false false false 0.00000 0.00000 0.00000 false false 0.00000 false true C false false 0.00000 0.00000 0.00000 0.00000 D false false false false 0.00000 0.00000 0.00000 false false 0.00000 false true A false true true false 0 false 0 false true B false true true false 0 false 0 false true C false true false false 0 false 0 false true D false true false false 0 false 0 false true A true B true C true D true Part II, Line 1, All Columns 0 AMOUNTS RETIRED AS OF 06/30/2013 Part II, Lines 3 and 10, All Columns 0 Any discrepancy between the amounts listed on line 3 and the issue price (part I, column e) are attributable to investment earnings during the construction period. Investment earnings, if any, were applied to finance eligible expenditures (line 10) within the applicable temporary period. Part II, Line 6, Column C 0 The 2012 bonds were applied to purchase U.S. treasury securities - state and local government securities ("SLGS"). Such amounts were used to redeem the 2003 bonds within 90 days of the issue date of the 2012 bonds. part II, line 7, column d 0 The college financed a portion of the costs of issuance with a post-issue date equity contribution and applied the additional proceeds to finance project costs. The post-issuance equity contribution caused the actual amount of bond-financed issuance costs to be less than the amount reported on the form 8038. part II, line 10, all columns 0 Amounts listed include capitalized delivery date expenses not subject to the 2 percent limitation in section 147(g) of the code. JOSE MARTIN MORTGAGE X 75000 48748 false false true 48748 LOANS TO AND/OR FROM INTERESTED PERSON SCHEDULE L, PART II THE PURPOSE OF THE LOAN WAS TO ASSIST MR. MARTIN WITH THE DOWN PAYMENT ON THE PURCHASE OF A LOCAL RESIDENCE. THE TERMS OF THE PROMISSORY NOTE ARE FIVE YEARS AT A RATE OF 5% PER ANNUM. X 2 2391100 APPRAISAL VALUE X 2008 EST. MARKET VALUE X 20 173095 AVG. PRICE DOT X EQUIPMENT 2 165931 EST. MARKET VALUE X SUPPLIES 2 635 EST. APPRAISAL VALUE 0 false true true THIRD PARTY TO SOLICIT, PROCESS AND SELL NONCASH CONTRIBUTIONS PART I, LINE 32B MERRILL LYNCH IS THE COLLEGE'S BROKER THAT HANDLES ALL TRANSACTIONS FOR DONATED SECURITIES. EXPLANATION OF NONCASH CONTRIBUTIONS COLUMN B MARIST COLLEGE REPORTS THE NUMBER OF CONTRIBUTIONS RECEIVED IN COLUMN B, NOT THE NUMBER OF ITEMS. ORGANIZATION'S REVIEW PROCESS OF FORM 990 FORM 990, PART VI, LINE 11B THE 990 WAS prepared Internally, APPROVED BY THE CFO and then provided to an independent accounting firm for review. THE 990 WAS then PRESENTED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES FOR REVIEW AND APPROVAL. COPIES OF THE complete 990 ARE PROVIDED TO ALL BOARD MEMBERS FOR REVIEW AND DISCUSSION PRIOR TO FILING. ENFORCEMENT AND COMPLIANCE OF CONFLICTS OF INTEREST POLICY FORM 990, PART VI, LINE 12C As an on-going practice and as required by our Code of Ethics, all trustees are required to complete Conflict of Interest Statements on an annual basis in which they are asked to discuss any business relationships they or a member of their families have with the College. Our Code of Ethics requires that all cabinet members and staff who engage in significant business dealings for the College (e.g., Director of Physical Plant) complete a Conflict of Interest Statement annually. Completed statements that indicate a potential conflict of interest are reviewed by the Chief Financial Officer, Associate Vice President for Human Resources, and the Executive Vice President. If a conflict exists, appropriate action is taken to ensure full disclosure or termination of the arrangement. COMPENSATION PROCESS FOR TOP MANAGEMENT OFFICIAL FORM 990, PART VI, LINE 15A THE COMPENSATION AND RETIREMENT PROGRAM FOR THE PRESIDENT WAS BASED ON A COMPREHENSIVE ANALYSIS CONDUCTED BY AN INDEPENDENT executive compensation consulting firm. THE PRESIDENT'S CONTRACT WAS RECOMMENDED BY THE BOARD COMMITTEE ON PRESIDENTAL REVIEW AND COMPENSATION (RESPONSIBLE FOR PRESIDENTIAL EVALUATION AND COMPENSATION), AND APPROVED BY THE FULL BOARD OF TRUSTEES. THE PRESIDENT'S PERFORMANCE IS REVIEWED ON AN ANNUAL BASIS BY THE COMMITTEE ON PRESIDENTAL REVIEW AND COMPENSATION AND CHANGES IN COMPENSATION ARE RECOMMENDED TO THE FULL BOARD FOR APPROVAL. THE COMMITTEE ON PRESIDENTIAL REVIEW AND COMPENSATION BASES ITS RECOMMENDATIONS FOR ADJUSTMENTS ON PERFORMANCE AND A REVIEW OF APPROPRIATE COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION (CUPA) DATA ON PRESIDENTIAL COMPENSATION AND THE PROCESS AND DECISION IS CONTEMPORANEOUSLY DOCUMENTED IN THE MINUTES. COMPENSATION PROCESS FOR OFFICERS AND KEY EMPLOYEES FORM 990, PART VI, LINE 15B SENIOR OFFICER COMPENSATION IS ESTABLISHED AFTER A REVIEW OF COMPENSATION DATA FROM CUPA AT PRIVATE INSTITUTIONS OF HIGHER EDUCATION BASED ON ANNUAL BUDGET SIZE AND ENROLLMENT. IN ADDITION TO SALARY COMPARABILITY AT OTHER INSTITUTIONS, PERFORMANCE AND YEARS OF SERVICE IN THE POSITION ARE ALSO FACTORS CONSIDERED BY THE PRESIDENT IN DETERMINING A SENIOR OFFICER'S ANNUAL SALARY. ONCE THE PRESIDENT HAS COMPLETED HIS REVIEW OF SENIOR OFFICER COMPENSATION, THE PRESIDENT'S RECOMMENDATIONS ARE BROUGHT TO THE BOARD'S TRUSTEESHIP COMMITTEE FOR REVIEW AND APPROVAL. GOVERNING DOCUMENTS DISCLOSURE FORM 990, PART VI, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE OFFICE OF THE CHIEF FINANCIAL OFFICER. THE FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE ON THE COLLEGE'S WEBSITE AT MARIST.EDU. Other Changes in Net Assets Form 990, Part XI, Line 9 Change in Fair Value of Interest Rate Swap Obligations $3,885,963 Pension & Post-Retirement Related Changes 746,659 MRPS Net change in Fixed Assets -603,869 -------------- $4,028,753 VAYU LLC 3399 NORTH ROAD POUGHKEEPSIE NY 12601 EDUCATIONAL NY 14834602 MARIST COL MARIST REAL PROPERTY SERVICES INC 3399 NORTH ROAD POUGHKEEPSIE NY 12601 141785087 REAL PROP NY 501(c)(3) 11A MARIST COL false MARIST REAL PROPERTY SERVICES TWO INC 3399 NORTH ROAD POUGHKEEPSIE NY 12601 141825215 REAL Prop NY MARIST COL C Corp 175000 1.00000 false false false false false false false false false false false false true true false false false false