2013-05-14T14:50:07-05:00 2012-06-30 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2011-07-01 381381271 HOPE COLLEGE HOPE 6163957810 141 E 12TH STREET HOLLAND MI 49423 THOMAS BYLSMA 6163957810 2013-05-10 1 CAROL LALONDE CPA P00181637 2695674500 2011 2016-03-07 17:11:31Z THOMAS BYLSMA 141 E 12TH STREET HOLLAND MI 49423 220739987 0 X WWW.HOPE.EDU X 1866 MI THE MISSION OF HOPE COLLEGE IS TO EDUCATE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE IN A GLOBAL SOCIETY THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS OF RECOGNIZED EXCELLENCE IN THE LIBERAL ARTS AND IN THE CONTEXT OF THE HISTORIC CHRISTIAN FAITH. 34 31 3330 0 1499871 -130334 17968215 22428742 109565178 116230129 3445792 6712373 0 0 130979185 145371244 27644720 29233864 0 0 50958287 52612033 0 0 3880751 43996001 44366473 122599008 126212370 8380177 19158874 392694322 406720486 98681914 107623203 294012408 299097283 THE MISSION OF HOPE COLLEGE IS TO EDUCATE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE IN A GLOBAL SOCIETY THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS OF RECOGNIZED EXCELLENCE IN THE LIBERAL ARTS AND IN THE CONTEXT OF THE HISTORIC CHRISTIAN FAITH. 0 0 110995544 27856698 109325478 THE ORGANIZATION PROVIDED COMPREHENSIVE LITERACY & SCIENCE COURSES OF STUDY TO OVER 3,200 FULL TIME EQUIVALENT STUDENTS IN THE FALL OF 2011 AND 3,000 IN THE SPRING OF 2012. THE ORGANIZATION WAS ALSO INVOLVED IN ADMINISTRATIVE, AUXILLARY OPERATIONS & STUDENT SERVICES TO SUPPORT THE CAMPUS. 5487344 1377166 5404780 THE ORGANIZATION IS INVOLVED IN RESEARCH TO MAINTAIN ONE OF THE TOP CHEMISTRY & BIOLOGY DEPTS IN THE COUNTRY, UTILIZE RESEARCH AS A TEACHING TOOL IN THE CLASSROOM & TO FACILITATE LEARNING. 116482888 1 1 0 0 0 0 0 1 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 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 269 0 1 3330 1 1 1 0 0 0 0 0 0 0 0 0 X 34 31 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MI X THOMAS BYLSMA VICE-PRESIDENT CFO 6163957810 HOPE COLLEGE 141 E 12TH ST HOLLAND MI 49423 A PAUL SCHAAP 1.00 X 0 0 0 ANTHONY CASTILLO 1.00 X 0 0 0 BETH SNYDER 1.00 X 0 0 0 D SCOTT VAN OOSTENDORP 1.00 X 0 0 0 DANIEL GORDON 1.00 X 0 0 0 DAVID CHARNIN 1.00 X 0 0 0 DAVID LOWRY 1.00 X X 0 0 0 DAVID VAN ANDEL 1.00 X 0 0 0 DEAN OVERMAN 1.00 X 0 0 0 DOUGLAS RUCH 1.00 X 0 0 0 EMILIE WIERDA 1.00 X 0 0 0 GEORGE ZUIDEMA 1.00 X 0 0 0 J LINDSEY DOOD 1.00 X 0 0 0 JAMES BULTMAN 40.00 X X 286754 0 72012 JAMES JURRIES 1.00 X 0 0 0 JILL VER STEEG 1.00 X 0 0 0 JOANNE STEWART 40.00 X 92456 0 8803 JOEL BOUWENS 1.00 X X 0 0 0 KENNETH ELZINGA 1.00 X 0 0 0 LESLIE WONG 1.00 X 0 0 0 LISA GRANGER 1.00 X 0 0 0 MARY BAUMAN 1.00 X 0 0 0 MICHELLE BOMBE 40.00 X 72626 0 43687 MONICA NEWENDORP 1.00 X 0 0 0 NANCY DEWITT 1.00 X 0 0 0 PAUL MUSHERURE 1.00 X 0 0 0 PETER SEMEYN 1.00 X 0 0 0 RON HARTGERINK 1.00 X 0 0 0 SUZANNE DEVOS VANDER WEIDE 1.00 X 0 0 0 TAYLOR HOLBROOK 1.00 X 0 0 0 THEODORE ETHERIDGE 1.00 X 0 0 0 TIMOTHY BROWN 1.00 X 0 0 0 TOM CLAUS 1.00 X 0 0 0 WILLIAM BOERSMA 1.00 X 0 0 0 DAVE VANDERWEL 40.00 X 75051 0 7284 RICHARD FROST 40.00 X 128932 0 74827 RICHARD RAY 40.00 X 152550 0 27775 THOMAS BYLSMA 40.00 X 165815 0 57010 WILLIAM VANDERBILT 40.00 X 143470 0 27307 CARL HEIDEMAN 40.00 X 116753 0 24731 GREG MAYBURY 40.00 X 130258 0 69885 MOSES LEE 40.00 X 143220 0 54637 PETER SCHAKEL 40.00 X 116430 0 16893 TODD STEEN 40.00 X 117890 0 40134 SCOTT WOLTERINK 40.00 X 123377 0 17025 1865582 0 542010 27 1 1 0 CREATIVE DINING SERVICE ONE ROYAL PARK DRIVE SUITE 3 ZEELAND MI 49464 FOOD SERVICE MANAGEMENT 9266512 BLUE CROSS-BLUE SHIELD MICHIGAN 86 MONROE CENTER NW GRAND RAPIDS MI 49503 HEALTH INSURANCE ADMINISTRATION 5815810 GDK CONSTRUCTION CO 12 WEST 8TH STREET SUITE 2 HOLLAND MI 49423 CONSTRUCTION SERVICES 1702774 STANTEC ARCHITECTURE INC 13980 COLLECTIONS CENTER DR CHICAGO IL 60693 ARCHITECTURAL SERVICES 287073 EM2 DESIGN INC 260 HOWARD STREET NE ATLANTA GA 30317 WEB DESIGN CONSULTING 241605 18 2742602 19686140 1160473 22428742 TUITION & FEES 611600 86566617 86566617 AUXILIARY ENTERPRISES 611600 21465681 21465681 OTHER PROGRAM INCOME 900099 2751237 2751237 BOOKSTORE INCOME 611600 2687658 2687658 HAWORTH CONFERENCE CTR 721000 1677635 1014298 663337 1081301 244767 836534 116230129 1590936 1590936 80490180 75368743 5121437 5121437 5121437 145371244 114730258 1499871 6712373 29233864 29233864 1436358 1345323 48744 42291 39824649 35961720 2140280 1722649 3382938 3016401 199828 166709 5171083 4600277 341241 229565 2797005 2536733 137138 123134 105538 29886 75652 99750 150 99600 717961 717961 1967434 1699455 131200 136779 965107 554845 410262 4514449 4137455 107417 269577 1042072 1006416 23964 11692 3973185 3830438 76433 66314 3195150 2909890 55429 229831 519331 272857 243299 3175 2166442 1934632 196713 35097 6625253 5916350 601573 107330 940031 794277 141371 4383 FOOD SERVICE & LAUNDRY 7676403 7538765 30479 107159 TUITION WAIVERS 2464166 2198861 140080 125225 INVENTORY PURCHASES 1896611 1778294 63352 54965 OTHER MAINTENANCE & REP 1540863 1492910 26354 21599 3956727 3693089 250623 13015 126212370 116482888 5848731 3880751 25427120 39260331 39624803 43792216 16697457 9422418 1407 759372 775381 859231 910863 240442656 87393742 150958284 153048914 63338866 58858995 94020040 99874735 1009149 775226 392694322 406720486 1871065 2550718 975508 686057 62440000 64325000 33395341 40061428 98681914 107623203 X 124400006 125128683 55089434 54960793 114522968 119007807 294012408 299097283 392694322 406720486 X 19158874 -14073999 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1085595 X X X 0 166265929 4482293 -813518 6347617 163587087 147340680 2892355 22269678 6236784 166265929 136409372 7210456 9924183 6203331 147340680 169328092 6115889 -32575797 6458812 136409372 0.16900 0.71900 0.11200 0 0 19524397 19524397 190558914 69966023 120592891 24165955 17427719 6738236 6193390 6193390 153048914 LIMITED PARTNERSHIPS AND HEDGE FUNDS 69451664 F MORTGAGES, LAND CONTRACTS & OTHER 30423071 F 99874735 ANNUITIES PAYABLE & TRUSTS 9449188 ACCUMULATED POST-RETIREMENT BENEFITS 11294429 REFUNDABLE FEDERAL PERKINS LOAN ADVANCES 6093154 STUDENTS' AND OTHER DEPOSITS 1153454 ACCRUED LIABILITIES 5268195 INTERST RATE SWAP 6803008 40061428 145371244 126212370 19158874 -7571779 -6502220 -14073999 5084875 101362209 -7571779 16789 -6502220 -14057210 115419419 717961 29233864 29951825 145371244 96277334 16789 16789 96260545 717961 29233864 29951825 126212370 PART III, LINE 4: HOPE COLLEGE HOLDS THE KAWASHIMA ART COLLECTION DONATED TO HOPE IN DECEMBER 2004 AT AN APPRAISED VALUE OF $1,006,595 WITH PIECES OF THIS COLLECTION BEING DISPLAYED ON A ROTATIONAL BASIS IN THE COLLEGE'S ART GALLERY. HOPE COLLEGE, THROUGH THE CONSTRUCTION (2004-05) OF OUR MARTHA MILLER CENTER FOR INTERNATIONAL COMMUNICATIONS, HAS PURCHASED $79,000 IN OTHER PIECES OF ART THAT ARE ON PERMANENT DISPLAY IN THIS BUILDING. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - THE COLLEGE IS A NOT-FOR-PROFIT CORPORATION AND HAS BEEN RECOGNIZED AS TAX-EXEMPT PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE COLLEGE AND RECOGNIZE A TAX LIABILITY IF THE COLLEGE HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE AND HAS CONCLUDED THAT AS OF JUNE 30, 2012, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COLLEGE IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO JUNE 30, 2009. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN SPLIT VALUE INTEREST AGREEMENTS -279,833. CHANGE IN POST RETIREMENT -1,680,985. CHANGE IN VALUE OF SWAP AGREEMENTS -4,541,402. TOTAL TO SCHEDULE D, PART XI, LINE 8: -6,502,220. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGES IN VALUE OF SPLIT INTEREST AGREEMENT -279,833. CHANGE IN VALUE OF SWAP AGREEMENTS -4,541,402. CHANGE IN POST RETIREMENT -1,680,985. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS & FELLOWSHIPS 29,233,864. PART XIII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS & FELLOWSHIPS 29,233,864. 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 RACIALLY NONDISCRIMINATORY POLICY STATEMENT IS INCLUDED ON VARIOUS PUBLICITY & POLICY STATEMENTS, INCLUDING OUR WEBSITE & TELEVISION ADS, AS WELL AS OUR CATALOG & STUDENT HANDBOOK, WHICH IS AVAILABLE UPON REQUEST. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 HOPE COLLEGE RECEIVES GRANTS AND FINANCIAL AID FROM VARIOUS FEDERAL AND STATE AGENCIES THAT ARE USED IN THE FURTHERANCE OF THE COLLEGE'S EXEMPT PURPOSE OF PROVIDING QUALITY EDUCATION. 1 SCHOLARSHIP - TUITION/BOOKS 2744 29233864 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: HOPE SCHOLARSHIP/GRANT FUNDS ARE DISBURSED TO THE RECIPIENT UPON PROOF OF ELIGILIBITY (I.E. FINANCIAL NEED OR ACADEMIC MERIT) AND UPON PROOF OF EXPENSE INCURRED. X X 0 0 X X X X X 1 0 0 0 0 0 0 0 0 JAMES BULTMAN 286754 0 0 0 0 0 26021 0 45991 0 358766 0 0 0 RICHARD FROST 125332 0 0 0 3600 0 12619 0 62208 0 203759 0 0 0 RICHARD RAY 148950 0 0 0 3600 0 15640 0 12135 0 180325 0 0 0 THOMAS BYLSMA 162215 0 0 0 3600 0 17018 0 39992 0 222825 0 0 0 WILLIAM VANDERBILT 139870 0 0 0 3600 0 14686 0 12621 0 170777 0 0 0 GREG MAYBURY 126658 0 0 0 3600 0 13293 0 56592 0 200143 0 0 0 MOSES LEE 143220 0 0 0 0 0 15038 0 39599 0 197857 0 0 0 TODD STEEN 117890 0 0 0 0 0 11895 0 28239 0 158024 0 0 0 SCOTT WOLTERINK 122177 0 0 0 1200 0 5426 0 11599 0 140402 0 0 0 PART I, LINE 1A THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS AS PART OF HIS EMPLOYMENT WITH THE COLLEGE. INCLUDED IN NONTAXABLE BENEFITS IS THE FAIR MARKET VALUE OF THE USAGE OF THE PRESIDENT'S HOME WHIC IS VALUED AT $25,500. THE COLLEGE PROVIDES ANNUAL MEMBERSHIP TO A LOCAL COUNTRY CLUB AS A WAY TO PROMOTE THE COLLEGE. THIS INCLUDES 2 MEMBERSHIPS VALUED AT $7,150 EACH AND ARE INCLUDED IN NONTAXABLE BENEFITS. PART I, LINE 4A AN INDIVIDUAL INCLUDED IN PART II RECEIVED A FINAL PAYMENT OF $70,500 IN WAGES AND $7,505 OF HEALTH INSURANCE AFTER DEPARTURE. SUPPLEMENTAL INFORMATION PART III SCHEDULE J, PART II, COLUMN D: HOPE COLLEGE'S BENEFIT CHOICES REPORTED AS NONTAXABLE BENEFITS ARE UNIQUE TO EACH EMPLOYEE, BUT CAN INCLUDE THE FOLLOWING: HEALTH INSURANCE, 403B RETIREMENT, LIFE INSURANCE, DISABILITY INSURANCE, TUITION WAIVER, VALUE OF HOUSING AND VALUES OF CLUB MEMBERSHIP. MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY 521285150 594519D23 2004-07-28 25000000 SEE PART V 0 0 0 MICHIGAN FINANCE AUTHORITY 800595186 NONEAVAIL 2010-12-17 10200000 SEE PART V 0 0 0 THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF OTTAWA 386004883 NONEAVAIL 2011-12-14 10000000 SEE PART V 0 0 0 MICHIGAN FINANCE AUTHORITY 800595186 NONEAVAIL 2012-03-28 11220000 SEE PART V 0 0 0 7645000 26112952 781245 218550 135996 15398706 9578455 2006 1 0 1 1 1000000 10200000 10200000 1 0 1 1 305000 10000000 1040 9998960 0 1 1 1 11220000 6220000 5000000 1 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 1 0 1 0 0 0 0 SCHEDULE K, PART I, ROW A, COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON JULY 28, 2004 IS (A) TO CURRENTLY REFUND (I) A PORTION OF THE MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY ("MHEFA") LIMITED OBLIGATION REVENUE AND REVENUE REFUNDING BONDS, SERIES 1994 (HOPE COLLEGE PROJECT), DATED JUNE 16, 1994, AND (II) THE MHEFA LIMITED OBLIGATION REVENUE BONDS (HOPE COLLEGE PROJECT), SERIES 1996B, DATED JUNE 4, 1996, (B) TO PAY THE COSTS OF CONSTRUCTING, EQUIPPING AND FURNISHING THE DEVOS FIELD HOUSE AND THE MARTHA MILLER CENTER FOR GLOBAL COMMUNICATIONS, AND RENOVATING GRAVES HALL, LUBBERS HALL AND THE DOW CENTER, (C) TO PAY CAPITALIZED INTEREST ON THE NEW MONEY PORTION OF THE BONDS, AND (D) TO PAY THE COSTS OF ISSUING AND SECURING THE BONDS. SCHEDULE K, PART I, ROW B, COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON DECEMBER 17, 2010 IS TO CURRENTLY REFUND THE MHEFA LIMITED OBLIGATION REVENUE REFUNDING BONDS (HOPE COLLEGE PROJECT), SERIES 1999, DATED MARCH 24, 1999. SCHEDULE K, PART I, ROW C, COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON DECEMBER 14, 2011 IS TO ADVANCE REFUND A PORTION OF THE MHEFA LIMITED OBLIGATION REVENUE BONDS (HOPE COLLEGE PROJECT), SERIES 2002A, DATED MAY 7, 2002 (THE "SERIES 2002A BONDS"). SCHEDULE K, PART I, ROW D, COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON MARCH 28, 2012 IS (A) TO CURRENTLY REFUND A PORTION OF THE SERIES 2002A BONDS, AND (B) TO PAY THE COSTS OF THE ACQUISITION, CONSTRUCTION, FURNISHING AND EQUIPPING OF STUDENT HOUSING FACILITIES AND THE RENOVATION, REFURNISHING AND RE-EQUIPPING OF DINING FACILITIES AT PHELPS HALL AND RELATED PARKING AND SITE IMPROVEMENTS. SCHEDULE K, PART II, LINE 3A, COLUMN A: TOTAL PROCEEDS INCLUDES INVESTMENT PROCEEDS OF $1,112,952 FOR COLUMN A. SCHEDULE K, PART II, LINE 13, COLUMN D: THE PROJECT FINANCED WITH THE BONDS ISSUED ON MARCH 28, 2012 IS NOT YET COMPLETE. SCHEDULE K, PART III, LINE 3A, COLUMN A: THERE IS A FOOD SERVICE CONTRACT THAT QUALIFIES FOR THE SAFE HARBOR UNDER REV. PROC. 97-13. SCHEDULE K, PART III: PART III IS NOT APPLICABLE TO COLUMNS B, C, AND THE PORTION OF D THAT IS ALLOCATED TO REFUNDING THE SERIES 2002A BONDS, WHICH WERE ISSUED PRIOR TO 2003. ALSO, THE PROJECT TO BE FINANCED WITH THE PROCEEDS OF THE BONDS ISSUED ON MARCH 28, 2012 IS NOT YET COMPLETE, AND WILL NOT BE SUBJECT TO ANY MANAGEMENT CONTRACTS DURING THE PERIOD OF CONSTRUCTION. SCHEDULE K, PART IV, LINE 6, COLUMN D: IT IS NOT YET KNOWN WHETHER THE BONDS ISSUED ON MARCH 28, 2012 WILL QUALIFY FOR AN EXCEPTION TO REBATE. MICHELLE BOMBE PURCHASE OF COMPUTER X 1447 1407 0 0 1 1407 PRINTERY AND MULTI PACKAGING SOLUTIONS MR. TED ETHERIDGE IS A BOARD MEMBER OF HOPE COLLEGE AND SHAREHOLDER 255062 MR. TED ETHERIDGE IS A SHAREHOLDER OF THE PRINTERY AND MULTI PACKAGING SOLUTIONS WHICH ARE BOTH VENDORS OF THE COLLEGE. ALL PURCHASES WERE COMPETITIVELY BID. 0 CREATIVE DINING SERVICES MR. THOMAS BYLSMA IS AN OFFICER OF HOPE COLLEGE AND A BOARD MEMBER 9266512 MR. THOMAS BYLSMA IS A BOARD MEMBER OF CREATIVE DINING SERVICES. FINANCIAL ARRANGEMENT IS COMPETITIVELY PRICED. COSTS INCLUDE FOOD SERVICE MANAGEMENT OF $258,800 AND FOOD SERVICE COSTS OF $9,007,712. 0 CREATIVE DINING SERVICES MR. RICHARD FROST IS AN OFFICER OF HOPE COLLEGE AND A BOARD MEMBER 9266512 MR. RICHARD FROST IS A BOARD MEMBER OF CREATIVE DINING SERVICES. FINANCIAL ARRANGEMENT IS COMPETITIVELY PRICED. COSTS INCLUDE FOOD SERVICE MANAGEMENT OF $258,800 AND FOOD SERVICE COSTS OF $9,007,712. 0 LUMIR CORPORATION MS. EMILIE WIERDA IS A BOARD MEMBER AND THE DAUGHTER OF AN OWNER OF LUMIR 298344 MS. EMILIE WIERDA IS A BOARD MEMBER OF HOPE COLLEGE AND IS THE DAUGHTER OF ELSA PRINCE BROEKHUIZEN WHO IS THE MAJORITY OWNER OF LUMIR CORPORATION FROM WHOM THE COLLEGE RENTS STUDENT HOUSING. 0 X 7 53176 FMV X 49 1096649 NYSE - FMV X OTHER 14 10648 FMV 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES ARE PROVIDED WITH A REASONABLE OPPORTUNITY TO REVIEW AND COMMENT TO EXECUTIVE LEADERSHIP ON THE FORM 990 OF HOPE COLLEGE BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FURTHER, THE EXECUTIVE LEADERSHIP OF HOPE COLLEGE PROVIDES THE MINUTES OF THE AUDIT COMMITTEE FORM 990 REVIEW TO THE BOARD OF TRUSTEES SHOWING AN OVERVIEW OF THE HIGHLIGHTS AT THE NEXT REGULARLY SCHEDULED BOARD MEETING FOLLOWING THE FILING OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF TRUSTEES PREPARE AND SIGN CONFLICT STATEMENTS ANNUALLY. THESE STATEMENTS ARE REVIEWED AND PROVIDED TO TRUSTEE MEMBERS AT THE OCTOBER BOARD OF TRUSTEE MEETING TO ENSURE COMPLIANCE WITH THE CONFLICT POLICY. MEMBERS OF THE COMMITTEE WITH A PERSONAL INVOLVEMENT IN A PARTICULAR DECISION WILL EXCUSE THEMSELVES FROM DISCUSSION LEADING TO A DECISION AND FROM THE DECISION ITSELF, AND THIS DISCLOSURE AND ABSENCE WILL BE NOTED IN THE MINUTES OF THE MEETING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES (BOT) APPROVES A RECOMMENDED COMPENSATION INCREASE BROUGHT TO THE BOT FROM THE CFO. THE COMPENSATION INCREASE IS HIGHLY CORRELATED TO THE TUITION INCREASE APPROVED FOR THE FOLLOWING ACADEMIC YEAR. THE RATES RECOMMENDED ARE DETERMINED BY LOOKING AT THE FOLLOWING FACTORS: COST OF LIVING (CPI), CUPA (COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION) SURVEYS, AND THE LAKESHORE HUMAN RESOURCES MANAGEMENT ASSOCIATION SURVEYS - WHICH IS A CHAPTER OF THE SOCIETY OF HUMAN RESOURCES MANAGEMENT (SHRM). SINCE WE ARE NOT A "UNION" SCHOOL WE DO NOT HAVE DELIBERATION BUT IF DISCUSSION DOES OCCUR DURING THE BOT APPROVAL PROCESS, IT WOULD BE DOCUMENTED IN THE BOT MINUTES FOR THAT SPECIFIC MEETING. THE CEO'S (PRESIDENT'S) COMPENSATION IS BASED UPON A RECOMMENDATION FROM THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND IS THEN APPROVED BY THE FULL BOARD OF TRUSTEES. COMPARISON DATA IS USED ALONG WITH EVALUATION OF PERFORMANCE IN THEIR DECISION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION MAKES FORM 990 AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -7,571,779. CHANGE IN SPLIT VALUE INTEREST AGREEMENTS -279,833. CHANGE IN POST RETIREMENT -1,680,985. CHANGE IN VALUE OF SWAP AGREEMENTS -4,541,402. TOTAL TO FORM 990, PART XI, LINE 5: -14,073,999. FORM 990, PART XII, LINE 2C THE OVERSIGHT PROCESS FOR THE AUDIT HAS NOT CHANGED SINCE LAST YEAR.