2014-11-13T15:27:38-06:00 2014-06-30 363168081 SIKICH LLP 1415 W DIEHL RD SUITE 400 NAPERVILLE IL 605632349 990 2013-07-01 362166964 AURORA UNIVERSITY AURO 6308926431 347 SOUTH GLADSTONE AVENUE AURORA IL 60506 ANDREW P MANION PHD EXECUTIVE VICE PRESIDENT 6308926431 2014-11-11 1 ANDREW T TWARDOWSKI CPA P00377357 6305668400 2013 2015-11-30 17:44:51Z DR REBECCA SHERRICK 347 SOUTH GLADSTONE AVENUE AURORA IL 60506 129031938 0 X WWW.AURORA.EDU X 1899 IL TO PROVIDE POST-SECONDARY UNDERGRADUATE AND GRADUATE EDUCATION. 33 33 1818 125 277460 -102913 16923072 20434128 80497156 87256521 1368849 5945484 168702 467365 98957779 114103498 30337876 34609132 0 0 38918296 41049197 0 0 1699704 23931451 25339739 93187623 100998068 5770156 13105430 149718319 164038098 48323285 49070539 101395034 114967559 X THE PRIMARY PURPOSE OF AURORA UNIVERSITY IS TO PROVIDE POST-SECONDARY UNDERGRADUATE AND GRADUATE EDUCATION SHAPED BY ITS LONG-STANDING COMMITMENT TO EDUCATIONAL EXCELLENCE AND COMMUNITY PARTNERSHIP. THE UNIVERSITY IS GUIDED BY ITS MISSION TO BE AN INCLUSIVE COMMUNITY DEDICATED TO THE TRANSFORMATIVE POWER OF LEARNING AND CONTINUES TO UPHOLD ITS VALUES OF INTEGRITY, CITIZENSHIP, CONTINUOUS LEARNING, AND EXCELLENCE. 0 0 80098256 34354962 78369406 AURORA UNIVERSITY PROVIDES POST-SECONDARY EDUCATION AND RELATED ACTIVITIES AND SUPPORT SERVICES TO 3,718 UNDERGRADUATE STUDENTS AND 2,415 GRADUATE STUDENTS ON ITS THREE LOCATIONS IN AURORA, ILLINOIS, WILLIAMS BAY, WISCONSIN AND WOODSTOCK, ILLINOIS, AS WELL AS ON-LINE AND VARIOUS OTHER LOCATIONS. DURING THE YEAR, AU GRADUATED 746 STUDENTS WITH BACHELOR OF ARTS AND BACHELOR OF SCIENCE DEGREES AND 677 STUDENTS WITH GRADUATE DEGREES IN EDUCATION, SOCIAL WORK, BUSINESS, RECREATION AND NURSING. AS PART OF ITS MISSION, THE UNIVERSITY OFFERS CULTURAL AND EDUCATIONAL OPPORTUNITIES TO ITS STUDENTS, FACULTY, STAFF AND THE NEIGHBORING COMMUNITY. 7074586 254170 7667472 AURORA UNIVERSITY HAS RESIDENCE HALL CAPACITY OF 759 BEDS ON ITS AURORA CAMPUS, AS WELL AS, OFFERING HOUSING SERVICES FOR ITS GRADUATE AND UNDERGRADUATE STUDENTS ON ITS WISCONSIN CAMPUS. FOOD SERVICE FOR STUDENTS AND STAFF IS PROVIDED AT THREE LOCATIONS ON THE AURORA CAMPUS AND A DINING HALL ON THE WISCONSIN CAMPUS. ADDITIONALLY, A BOOKSTORE ON THE AURORA CAMPUS SELLS TEXTBOOKS, SUPPLIES AND MISCELLANEOUS CONVENIENCE ITEMS TO STUDENTS, FACULTY AND STAFF. 1707063 944800 GEORGE WILLIAMS COLLEGE CAMPUS PROVIDES FOOD SERVICES, LODGING AND MEETING ROOMS FOR ALL INDIVIDUALS PARTICIPATING IN A CONFERENCE OR SEMINAR. THE PROGRAM ANNUALLY PROVIDES SERVICES TO OVER 114 SCHOOLS, CHURCHES, HUMAN SERVICE ORGANIZATIONS AND RETREAT/PROGRAM GROUPS. 88879905 1 1 0 1 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 235 0 1 1818 1 1 1 1 CJ 0 0 1 1 1 1 0 0 0 0 X 33 33 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL WI X SHARON MAXWELL CPA 6308445630 347 S GLADSTONE AVENUE AURORA IL 605064808 JOHN D AMMONS TRUSTEE 1.00 X 0 0 0 DELBERT W ARSENAULT TRUSTEE 2.00 X 0 0 0 DAVID R BERGMAN TRUSTEE 1.00 X 0 0 0 HILARY K BRENNAN VICE CHAIR 2.00 X X 0 0 0 PHILIP S CALI VICE CHAIR 2.00 X X 0 0 0 DONALD A CHURCHILL TRUSTEE 1.00 X 0 0 0 CHAD A DE KING TRUSTEE 1.00 X 0 0 0 CHARLES B DOSS TRUSTEE 1.00 X 0 0 0 FARRELL L FRENTRESS TRUSTEE 1.00 X 0 0 0 JOANNE HANSEN VICE CHAIR 2.00 X X 0 0 0 RICHARD G HAWKS TRUSTEE 1.00 X 0 0 0 RONALD M HEM CHAIR 2.00 X X 0 0 0 SHAWN E JEFFERS TRUSTEE 1.00 X 0 0 0 CHRISS JOHNS TRUSTEE 2.00 X 0 0 0 MICHAEL K KEEFE TRUSTEE 1.00 X 0 0 0 DR DONALD E KIESO TRUSTEE 2.00 X 0 0 0 KYLE MATTHEWS TRUSTEE 1.00 X 0 0 0 RUTH MENDIUS TRUSTEE 2.00 X 0 0 0 DR CALVIN R MYERS TRUSTEE 1.00 X 0 0 0 GERALD PALMER TRUSTEE 1.00 X 0 0 0 SCOTT PALMER TRUSTEE 2.00 X 0 0 0 MYRON J RESNICK TRUSTEE 1.00 X 0 0 0 JOHN M ROESCH TRUSTEE 1.00 X 0 0 0 DONALD A SCHINDLBECK TRUSTEE 1.00 X 0 0 0 THOMAS R SCOTT TRUSTEE 1.00 X 0 0 0 JOHN D SIMMS JR TRUSTEE 1.00 X 0 0 0 MICHELLE P SIMMS TRUSTEE 1.00 X 0 0 0 DAVID K STONE TRUSTEE 2.00 X 0 0 0 THOMAS T STUHLEY TRUSTEE 2.00 X 0 0 0 RONALD THOMAS TRUSTEE 1.00 X 0 0 0 ROGER A TUCKER TRUSTEE 1.00 X 0 0 0 FRANK K VORIS TRUSTEE 1.00 X 0 0 0 LINNEA WINDEL TRUSTEE 1.00 X 0 0 0 WALTER ALEXANDER TRUSTEE EMERITUS 1.00 X 0 0 0 JAMES E BENSON TRUSTEE EMERITUS 1.00 X 0 0 0 TELL COFFEY TRUSTEE EMERITUS 1.00 X 0 0 0 W A GREENE TRUSTEE EMERITUS 1.00 X 0 0 0 FLORENCE S HART TRUSTEE EMERITUS 1.00 X 0 0 0 RONALD KINNAMON TRUSTEE EMERITUS 1.00 X 0 0 0 JOHN F MCKEE TRUSTEE EMERITUS 1.00 X 0 0 0 FR MILLER TRUSTEE EMERITUS 1.00 X 0 0 0 CALVIN R THELIN TRUSTEE EMERITUS 1.00 X 0 0 0 REBECCA L SHERRICK PHD PRESIDENT 60.00 X 450323 0 29861 BETH REISSENWEBER PHD CPA TREASURER 60.00 X 219408 0 22869 MARGARET E SHARRER SECRETARY 60.00 X 112137 0 12004 MARILYN D CAMPBELL CPA ASSISTANT TREASURER 60.00 X 101041 0 11329 ANDREW P MANION PHD EXECUTIVE VICE PRESIDENT 60.00 X 231193 0 24191 THEODORE C PARGE EXECUTIVE VICE PRESIDENT-ADVANCEMENT 60.00 X 232306 0 13664 LORA L DELACEY PHD VP-STUDENT LIFE 60.00 X 197510 0 16361 DONNA M DESPAIN EDD VP-ENROLLMENT/EXEC DEAN ADULT/GRAD 60.00 X 212298 0 20173 STEVEN M MCFARLAND VP-UNIVERSITY COMMUNICATIONS & ADMIN 60.00 X 163277 0 19990 1919493 0 170442 9 0 1 0 SODEXO INC 9801 WASHINGTONIAN BOULEVARD GAITHERSBURG MD 20878 FACILITIES & FOOD SERVICE MGMT 6613721 THE BOLDT COMPANY 2525 N ROEMER ROAD APPLETON WI 54911 CONSTRUCTION 3542144 CORDOGAN CLARK & ASSOCIATES 960 RIDGEWAY AVE AURORA IL 60506 ARCHITECTURAL SERVICE 786578 DOUGLAS FLOOR COVERING INC 111 S LINCOLNWAY SUITE A PO BOX 2 NORTH AURORA IL 60542 FLOOR COVERING 353203 WILLS BURKE KELSEY ASSOCIATES SUITE 201 116 WEST MAIN ST ST CHARLES IL 60174 ENGINEERING 206324 6 17503625 2930503 418150 20434128 STUDENT TUITION & FEES 611310 77709359 77709359 AUXILIARY REVENUE 611310 8139923 8065338 74585 CULTURAL EDUCATION 611310 1036535 889113 147422 ATHLETIC EVENTS 611310 212808 212808 RENTAL INCOME 611310 105060 105060 52836 52836 87256521 1051463 1051463 5297 5297 64793 7232 57561 57561 57561 19815229 14921208 4894021 4894021 4894021 MISCELLANEOUS REVENUE 900099 384347 384347 OTHER REVENUE 900099 16732 2617 14115 ROYALTY INCOME-TELEPHONE SERVICE 900099 3428 3428 404507 114103498 86981678 277460 6410232 34609132 34609132 2018687 392730 1250577 375380 32042148 27365537 3789538 887073 1333721 1284242 35421 14058 2892335 2733804 128605 29926 2762306 2573916 155645 32745 129617 129617 96500 96500 48000 48000 244735 244735 9621179 8444914 1109248 67017 604352 488539 95373 20440 3398668 2368385 961334 68949 638011 128695 442407 66909 1563108 1407972 146362 8774 801083 677334 72315 51434 146877 122917 16462 7498 478872 478872 5417630 4767723 600341 49566 557801 32053 525467 281 COST OF GOODS SOLD 774701 774701 BAD DEBT EXPENSE 349639 349639 DUES, MEMBERSHIPS, & SU 225495 195729 23101 6665 ENTERTAINMENT 170086 96730 60367 12989 73385 65213 8172 100998068 88879905 10418459 1699704 5095021 3279429 5370787 1967571 3878657 2122583 1785660 1599860 242662 239638 1288919 1192520 161020679 57722663 87302297 103298016 41312187 46635158 3203625 3483382 238504 219941 149718319 164038098 4382223 8073502 5634778 4645880 25200000 25200000 9780642 8218895 3325642 2932262 48323285 49070539 X 60354332 66981238 20891044 27538467 20149658 20447854 101395034 114967559 149718319 164038098 X 13105430 2585188 24723 -2142816 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 48000 0 0 48000 0 PART II-B, LINE 1: THE UNIVERSITY HIRED A FIRM TO RESEARCH AND CONTACT LEGISLATORS, STAFF AND OTHER GOVERNMENT OFFICIALS FOR POSSIBLE GRANT OPPORTUNITIES TO BENEFIT THE UNIVERSITY. MORE SPECIFICALLY FOR FY2014, THE UNIVERSITY UTILIZED THE SERVICES OF PROFESSIONAL LOBBYISTS TO BUILD RELATIONSHIPS WITH ELECTED OFFICIALS IN SUPPORT OF THE STEM PARTNERSHIP SCHOOL. 1554667 X X X 0 41510518 295890 5861228 824790 825926 46016920 38525229 783105 3880334 633834 1044316 41510518 45755712 310346 -764276 752447 6024106 38525229 39149947 484977 7990363 677748 1191827 45755712 33428029 4113747 3802646 557485 1636990 39149947 0.39000 0.61000 0 0 4738917 4738917 100745858 33456355 67289503 154994 127420 27574 23619224 15826858 7792366 31761686 8312030 23449656 103298016 DEPOSITS 305344 RETIREMENT BENEFIT OBLIGATION 848407 ANNUITIES PAYABLE 687987 GOVT. ADVANCES FOR STUDENT LOANS 637537 OTHER LIABILITIES 140086 FAIR VALUE OF INTEREST RATE SWAPS 312901 2932262 X 79977226 2585188 1813930 4399118 75578108 38525390 38525390 114103498 66404701 1627682 1627682 64777019 36221049 36221049 100998068 PART III, LINE 4: 1. COLLECTIONS HELD BY THE UNIVERSITY INCLUDE THE SCHINGOETHE COLLECTION OF NATIVE AMERICAN MATERIALS AND ARTIFACTS. TYPICALLY EACH YEAR, THE SCHINGOETHE CENTER HOSTS A VARIETY OF EVENTS AND PROGRAMS DESIGNED TO HELP INFORM ABOUT MANY ASPECTS OF NATIVE AMERICAN CULTURES, BOTH IN HISTORICAL AND CONTEMPORARY CONTEXTS; HOWEVER, THE SCHINGOETHE COLLECTION WAS IN STORAGE IN FY2014 AS IT IS IN THE PROCESS OF BEING RELOCATED TO A NEW SPACE ON CAMPUS THAT IS UNDER CONSTRUCTION AND IS EXPECTED TO RE-OPEN IN FY2015. 2. THE JENKS COLLECTION OF ADVENTIST MATERIAL IS THE SECOND LARGEST COLLECTION OF HISTORIC ADVENT CHRISTIAN BOOKS, MURALS, PHOTOGRAPHS, AND OTHER MATERIALS THAT ARE AVAILABLE FOR RESEARCH. THE JENKS COLLECTION IS MANAGED WITHIN THE PHILLIPS LIBRARY. PART V, LINE 4: THE ENDOWMENT FUNDS OF THE UNIVERSITY PROVIDE SCHOLARSHIP, OPERATIONAL AND FACILITIES SUPPORT TO THE UNIVERSITY AND ITS THREE CAMPUSES LOCATED IN AURORA, ILLINOIS, WILLIAMS BAY, WISCONSIN AND WOODSTOCK, ILLINOIS. MANY OF THE FUNDS ARE RESTRICTED TO SCHOLARSHIP PURPOSES, HOWEVER A SUBSTANTIAL AMOUNT OF FUNDS ARE BOARD DESIGNATED, OR QUASI-ENDOWMENT FUNDS PROVIDING STRATEGIC FINANCIAL RESOURCES TO THE UNIVERSITY. PART X, LINE 2: THE UNIVERSITY FOLLOWS AUTHORITATIVE GUIDANCE ISSUED BY THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS NOT BEEN MET. THIS GUIDANCE ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE, AND TRANSITION. THE UNIVERSITY CONDUCTS BUSINESS SOLELY IN THE UNITED STATES OF AMERICA AND FILES EXEMPT ORGANIZATION TAX RETURNS FOR THE UNITED STATES, ILLINOIS, AND WISCONSIN. IN THE NORMAL COURSE OF BUSINESS, THE UNIVERSITY IS SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. THE UNIVERSITY'S TAX RETURNS FOR YEARS SUBSEQUENT TO FISCAL 2010 ARE OPEN, BY STATUTE, FOR REVIEW BY AUTHORITIES. HOWEVER, AT PRESENT, THERE ARE NO ONGOING INCOME TAX AUDITS OR UNRESOLVED DISPUTES WITH THE VARIOUS TAX AUTHORITIES THAT THE SCHOOL CURRENTLY FILES OR HAS FILED WITH. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE 1,620,450. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 186,248. RENTAL EXPENSE 7,232. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND AID 24,262,558. GOVERNMENT GRANT EXPENSE 11,713,756. ADJUSTMENT OF ANNUITY 67,360. NET INVESTMENT INCOME FROM PASSTHROUGH 2,261,704. INVESTMENT EXPENSES 220,012. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 7,232. FINANCIAL AID EXPENSE 1,620,450. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND AID 24,262,558. GOVERNMENT GRANT EXPENSE 11,713,756. INVESTMENT EXPENSES 220,012. INVESTMENT EXPENSES FROM PASSTHROUGH 24,723. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT INDICATING THE UNIVERSITY'S NONDISCRIMINATORY POLICY IS INCLUDED IN ALL BROCHURES, CATLOGUES AND ANNOUNCEMENTS DEALING WITH STUDENT ADMISSIONS, PROGRAMS AND SCHOLARSHIPS, AND IS PRESENT ON THE UNIVERSITY'S WEBSITE. SCHEDULE E, PART I, LINE 6 AURORA UNIVERSITY RECEIVED FINANCIAL AID FROM GOVERNMENTAL AGENCIES WHICH INCLUDE THE DEPARTMENT OF EDUCATION. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 574429 0 0 0 0 0 0 574429 0 574429 0 0 0 1 0 0 1 SCHOLARSHIPS 3595 34609132 PART I, LINE 2: THE FINANCIAL AID OFFICE CLOSELY MONITORS ANY CHANGES IN THE STATUS OF FINANCIAL AWARD RECIPIENTS THAT WOULD RESULT IN A CORRESPONDING CHANGE IN THE AMOUNT OF AID AWARDED. ANY SUCH CHANGES ARE AUTOMATICALLY DETECTED AND REPORTED BY A SERIES OF SPECIAL REPORTS THAT ARE RUN ON A REGULAR BASIS. MOREOVER, THE OFFICE OF STUDENT ACCOUNTS ENSURES THAT THE CHARGES TO WHICH THE FINANCIAL AID AWARDS ARE APPLIED ARE CONSISTENT WITH THE INTENDED USE OF THE AWARDS. X 1 1 X X X X X X 0 0 0 0 0 0 0 1 0 REBECCA L SHERRICK PHD PRESIDENT 347790 0 60000 0 42533 0 18359 0 11502 0 480184 0 0 0 BETH REISSENWEBER PHD CPA TREASURER 198948 0 20000 0 460 0 11937 0 10932 0 242277 0 0 0 ANDREW P MANION PHD EXECUTIVE VICE PRESIDENT 220748 0 7500 0 2945 0 13245 0 10946 0 255384 0 0 0 THEODORE C PARGE EXECUTIVE VICE PRESIDENT-ADVANCEMENT 220748 0 8000 0 3558 0 13245 0 419 0 245970 0 0 0 LORA L DELACEY PHD VP-STUDENT LIFE 187103 0 10000 0 407 0 11226 0 5135 0 213871 0 0 0 DONNA M DESPAIN EDD VP-ENROLLMENT/EXEC DEAN ADULT/GRAD 191859 0 20000 0 439 0 11512 0 8661 0 232471 0 0 0 STEVEN M MCFARLAND VP-UNIVERSITY COMMUNICATIONS & ADMIN 152500 0 10000 0 777 0 9150 0 10840 0 183267 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE PROVIDED IS TREATED AS TAXABLE COMPENSATION. PART I, LINE 7 A MERIT BONUS WAS PAID A CITY OF AURORA KANE DUPAGE WILL AND KENDALL COUNTIES ILLINOIS 366005778 051648BC6 2004-11-01 12000000 TO FINANCE VARIOUS CAPITAL EXPENDITURES 0 0 0 A 12441259 167587 9572 12264100 2006 0 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 1 1 BMO CAPITAL MARKETS 2.100000000000 0 0 0 0 0 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CITY OF AURORA, KANE, DUPAGE, WILL AND KENDALL COUNTIES, ILLIN DATE THE REBATE COMPUTATION WAS PERFORMED: 01/07/2010 RONALD M HEM TRUSTEE 4100 RONALD M. HEM (BOARD OF TRUSTEES) IS A MEMBER OF THE LAW FIRM ALSCHULER, SIMANTZ, AND HEM, LLC TO WHICH THE UNIVERSITY PAID $4,100 FOR LEGAL COUNSEL PROVIDED REGARDING REAL ESTATE TRANSACTIONS. 0 DR DOUGLAS W KIESO SON OF TRUSTEE - DR. DONALD E. KIESO 100693 DR. DOUGLAS W. KIESO (SON OF TRUSTEE - DR. DONALD E. KIESO) IS EMPLOYED AS PROFESSOR OF CRIMINAL JUSTICE AND CHAIR OF FACULTY SENATE FOR WHICH HE RECEIVED $100,693 IN COMPENSATION AND BENEFITS FROM THE UNIVERSITY. 0 AMY S MANION WIFE OF EXECUTIVE VICE PRESIDENT - DR. ANDREW MANION 52876 AMY S MANION (WIFE OF EXECUTIVE VICE PRESIDENT - DR. ANDREW MANION) IS EMPLOYED AS THE INFORMATION SERVICES LIBRARIAN FOR WHICH SHE RECEIVED $52,876 IN COMPENSATION AND BENEFITS FROM THE UNVERSITY. 0 SCOTT VORIS SON OF TRUSTEE - FRANK K. VORIS 160153 SCOTT VORIS (SON OF TRUSTEE - FRANK K. VORIS) IS THE PRESIDENT AND CEO OF KELMSCOTT COMMUNICATIONS WHO RECEIVED $160,153 FOR PROVIDING MARKETING SERVICES FOR THE STUDENT SEARCH PROGRAM. 0 JEFF CALI SON OF TRUSTEE - PHILIP S. CALI 134022 JEFF CALI (SON OF TRUSTEE PHILIP S. CALI) IS EMPLOYED AS THE ASSISTANT VICE PRESIDENT ADMINISTRATION FOR WHICH HE RECEIVED $134,022 IN COMPENSATION AND BENEFITS FROM THE UNIVERSITY. 0 X 6 95150 AVERAGE STOCK PRICE X 1 323000 SALES PRICE 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 RONALD H. HEM (CHAIR) IS A PARTNER IN THE LAW FIRM TO WHICH THE UNIVERSITY PAID FOR LEGAL COUNSEL REGARDING REAL ESTATE TRANSACTIONS. JOHN D. SIMMS, JR. (TRUSTEE) AND MICHELLE P. SIMMS (TRUSTEE) ARE MARRIED. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE CHANGED AS FOLLOWS: ARTICLE II, SECTION 2: THE BOARD OF TRUSTEES WAS CHANGED TO CONSIST OF NOT LESS THAN 33 NOR MORE THAN 38 VOTING MEMBERS. TRUSTEES SHALL BE ORGANIZED INTO THREE (3) CLASSES AND SHALL BE ELECTED BY A MAJORITY OF THE TRUSTEES IN OFFICE AT THE ANNUAL MEETING OF THE BOARD. EACH CLASS MAY INCLUDE ALSO A RECENT RECIPIENT OF THE UNIVERSITY'S SPARTAN AWARD AND THE LINCOLN LAUREATE AWARD. THE PRESIDENT OR ACTING PRESIDENT OF THE UNIVERSITY MAY SERVE ALSO AS AN ADDITIONAL EX-OFFICIO VOTING MEMBER OF THE BOARD OF TRUSTEES. ARTICLE II, SECTION 4: VOTING MEMBERS (EXCEPT FOR THE PRESIDENT OR ACTING PRESIDENT) SHALL BE ELECTED FOR TERMS OF THREE YEARS AT THE ANNUAL MEETING OF THE BOARD ON A ROTATING BASIS IN THREE CLASSES OF APPROXIMATELY EQUAL SIZE. EACH CLASS MAY INCLUDE RECIPIENTS OF THE UNIVERSITY'S SPARTAN AWARD AND THE LINCOLN LAUREATE AWARD. BOTH RECIPIENTS WOULD BE ELECTED TO ONE TWO-YEAR TERM. ARTICLE V, SECTION 3: THE EXCECUTIVE COMMITTEE SHALL MEET A MINIMUM OF TWO TIMES ANNUALLY AND SHALL MAKE REGULAR REPORTS TO THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11 AUDIT COMMITTEE MEMBERS AND THE CHAIRS OF THE TRUSTEE AND COMPENSATION COMMITTEES, AND CHAIRMAN OF THE BOARD OF TRUSTEES ARE RESPONSIBLE FOR REVIEWING THE DRAFT FORM 990 PRIOR TO FILING. THE DRAFT FORM 990 IS AVAILABLE TO ALL BOARD MEMBERS FOR THEIR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE SECRETARY OF THE BOARD OF TRUSTEES IS CHARGED WITH CONTACTING ALL BOARD MEMBERS TO COMPLETE THE ANNUAL CONFLICT OF INTEREST FORM. FOLLOW-UP REQUESTS ARE MADE UNTIL THE FORM HAS BEEN COMPLETED. FOR STAFF, THE VICE PRESIDENT FOR FINANCE SENDS A REQUEST TO ALL STAFF WHO ARE REQUIRED TO COMPLETE THE ANNUAL CONFLICT OF INTEREST FORM. FOLLOW-UP REQUESTS ARE MADE UNTIL THE FORM HAS BEEN COMPLETED. THE CHAIR OF THE TRUSTEE COMMITTEE REVIEWS ALL CONFLICT OF INTEREST STATEMENTS SUBMITTED BY ALL TRUSTEES. IF CONFLICTS REQUIRE ADDITIONAL REVIEW, THE UNIVERSITY BY-LAWS PROVIDES FOR A SPECIAL COMMITTEE TO BE FORMED TO ADDRESS SUCH CONFLICTS. IN ADDITION, CONFLICTS OF INTEREST DISCUSSION IS ON ALL MEETING AGENDAS. FORM 990, PART VI, SECTION B, LINE 15 THE SALARIES OF KEY EMPLOYEES ARE REVIEWED EACH YEAR BY THE PRESIDENT. A SCAN OF COMPARABLE MARKET SALARIES FOR EQUIVALENT POSITIONS IS DONE TO ASSESS APPROPRIATE COMPENSATION LEVELS. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE PRESIDENT'S COMPENSATION ON AN ANNUAL BASIS. THE CHAIRPERSON OF THE EXECUTIVE COMMITTEE, THE IMMEDIATE PAST CHAIR OF THE BOARD OF TRUSTEES, CURRENT CHAIR OF THE BOARD OF TRUSTEES AND VICE CHAIRS ARE MEMBERS OF THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 SUCH DOCUMENTS ARE AVAILABLE UPON REQUEST GIVEN REQUISITE NEED. FORM 990, PART XI, LINE 9: ADJUSTMENT OF ANNUITIES -67,360. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 186,248. INVESTMENT ACTIVITY FROM PASSTHROUGH -2,261,704.