2026-01-15T09:23:17-06:00 2025-06-26 135565207 KPMG LLP 550 SOUTH HOPE STREET SUITE 1500 LOS ANGELES CA 90071 990 2024-07-01 330579971 CALIFORNIA STATE UNIVERSITY INSTITUTE CALI 5629514627 401 GOLDEN SHORE FIFTH FLOOR LONG BEACH CA 90802 JENI KITCHELL CONTROLLER 5629514627 2026-01-07 1 0 CHAD D FRANKS P01071312 2139724000 2026-01-14 2024 2025-03-06 01:10:19Z X MILDRED GARCIA 401 GOLDEN SHORE LONG BEACH CA 90802 6183586 0 X WWW.CALSTATE.EDU/FT/CSU-INSTITUTE X 1993 CA OPERATION OF A COMMERCIAL PAPER PROGRAM FOR THE BENEFIT OF CALIFORNIA STATE UNIVERSITY (CSU) TO ENHANCE THE CAPITAL FINANCING FOR PROJECTS, EQUIPMENT, AND FACILITIES SERVING CSU. X 0 0 0 0 0 0 0 0 9088658 5877235 372900 306351 0 0 9461558 6183586 0 4081404 0 0 0 0 0 0 0 8586633 6540990 8586633 10622394 874925 -4438808 176925896 0 172487088 0 4438808 0 X THE CALIFORNIA STATE UNIVERSITY INSTITUTE'S PURPOSE IS TO FURTHER THE MISSION OF THE CSU BY FACILITATING CENTRALIZED FINANCING AND INVESTMENT PROGRAMS ON BEHALF OF THE CSU SYSTEM, PRINCIPALLY THE COMMERCIAL PAPER PROGRAM OF THE CSU. 0 1 10564762 4081404 5877235 THE TRUSTEES OF THE CALIFORNIA STATE UNIVERSITY (THE "BOARD") UTILIZE A COMMERCIAL PAPER ("CP") PROGRAM FOR VARIOUS FINANCING ACTIVITIES THROUGH THE CSU INSTITUTE (THE "INSTITUTE"), AN AUXILIARY ORGANIZATION OF THE CSU.TO FUND CAPITAL IMPROVEMENTS DURING CONSTRUCTION PERIODS, THE INSTITUTE INITIALLY ISSUES COMMERCIAL PAPER TO FINANCE VARIOUS CAMPUS AND AUXILIARY CAPITAL OUTLAY PROJECTS. DURING THIS FISCAL YEAR, THE INSTITUTE FACILITATED SHORT-TERM FINANCING OF $71.1 MILLION. IN JANUARY 2025, CSU BOARD OF TRUSTEE APPROVED CHANGES OF THE CSU COMMERCIAL PAPER PROGRAM, AND STARTING MARCH 2025, THE CSU BEGAN ISSUING COMMERCIAL PAPER DIRECTLY RATHER THAN THROUGH THE INSTITUTE. IN JUNE 2025, INSTITUTE BOARD OF DIRECTORS APPROVED THE DISSOLUTION OF THE INSTITUTE, AND THE REMAINING CASH RELATED THE COMMERCIAL PAPER WAS TRANSFFERED TO THE CSU. THE LOSS ON DISSOLUTION HAS BEEN REPORTED AS A SPECIAL ITEM IN THE INSTITUTE'S 2025 FINANCIAL STATEMENTS IN ACCORDANCE WITH GASB STATEMENT NO. 69. 10564762 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 1 2 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 0 0 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 CA X ALICE KIM 5629514627 401 GOLDEN SHORE 5TH FLOOR LONG BEACH CA 90802 STEVEN RELYEA TREASURER (THRU 6/2025) 1.00 57.00 X X 0 404927 131913 MILDRED GARCIA CHAIRWOMAN 1.00 70.00 X X 0 970045 149098 DILCIE PEREZ SECRETARY 1.00 57.00 X X 0 358060 117453 LEORA FREEDMAN BOARD MEMBER (THRU 7/2024) 1.00 57.00 X 0 333967 89654 GREG SAKS BOARD MEMBER 1.00 57.00 X 0 406301 130632 ROBERT EATON BOARD MEMBER (AS OF 10/2024) 1.00 57.00 X 0 263551 127279 0 2736851 746029 0 0 1 0 STATE STREET BANK AND TRUST COMPANY 100 HUNTINGTON AVENUE BOSTON MA 02116 FINANCIAL SRVC 859417 ORRICK HERRINGTON & SUTCLIFFE LLP PO BOX 848066 LOS ANGELES CA 90084 LEGAL SRVC 219792 2 INTEREST RECOVERY 611710 4518196 4518196 PROGRAM COST RECOVERY 611710 1359039 1359039 5877235 306351 306351 6183586 5877235 0 306351 X 4081404 4081404 45000 45000 3740 3740 1087631 1087631 4518196 4518196 8492 8492 ADMIN/OVERHEAD REIMBURS 627740 627740 BOND ISSUANCE COSTS 249791 249791 TAXES AND LICENSES 400 400 10622394 10564762 57632 0 0 0 0 0 0 0 0 0 0 0 0 0 171877000 0 0 0 23250 0 0 0 0 0 4515496 0 0 0 0 0 0 0 510150 0 176925896 0 99938 0 0 0 0 0 171877000 0 0 0 0 0 0 0 0 0 510150 0 172487088 0 X 0 0 0 0 4438808 0 4438808 0 176925896 0 -4438808 0 X 0 1 X 1 0 X X 1 THE CALIFORNIA STATE UNIVERSITY 954601267 6 1 4081404 6540990 1 4081404 6540990 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 6179846 0 6179846 3740 3740 6183586 10618654 0 10618654 3740 3740 10622394 1 CALIFORNIA STATE UNIVERSITY 401 GOLDEN SHORE FIFTH FLOOR LONG BEACH CA 90802 954601267 STATE OF CA 4081404 0 N/A N/A UNIVERSITY SUPPORT 1 0 PART I, LINE 2 THE DISBURSEMENT OF FUNDS REPRESENTED THE REMAINING CASH OF THE INSTITUTE TO ITS SUPPORTED ORGANIZATION. SINCE THE INSTITUTE IS DISSOLVED, NO ADDITIONAL MONITORING IS DEEMED NECESSARY. 0 0 0 0 0 0 0 0 0 MILDRED GARCIA CHAIRWOMAN 0 790166 0 0 0 179879 0 131600 0 17498 0 1119143 0 0 GREG SAKS BOARD MEMBER 0 339762 0 0 0 66539 0 101624 0 29008 0 536933 0 0 STEVEN RELYEA TREASURER (THRU 6/2025) 0 387983 0 0 0 16944 0 115931 0 15982 0 536840 0 0 DILCIE PEREZ SECRETARY 0 357922 0 0 0 138 0 105124 0 12329 0 475513 0 0 LEORA FREEDMAN BOARD MEMBER (THRU 7/2024) 0 224112 0 0 0 109855 0 69383 0 20271 0 423621 0 0 ROBERT EATON BOARD MEMBER (AS OF 10/2024) 0 263155 0 0 0 396 0 82107 0 45172 0 390830 0 0 PART I, LINE 3 COMPENSATION POLICY FORM 990, SCH J, PART I, LINE 3 GUIDING PRINCIPLES THE CSU INSTITUTE BOARD OF DIRECTORS (THE "BOARD") MEMBERS RECEIVE COMPENSATION FROM THE CALIFORNIA STATE UNIVERSITY, A RELATED ORGANIZATION. THIS COMPENSATION IS SET BY THE CALIFORNIA STATE UNIVERSITY BOARD OF TRUSTEES ("TRUSTEES"). THE BOARD MEMBERS PER SE RECEIVE NO COMPENSATION FROM THE CSU INSTITUTE. IT IS THE INTENT OF THE TRUSTEES TO COMPENSATE ALL CSU EMPLOYEES IN A MANNER THAT IS FAIR, REASONABLE, COMPETITIVE, AND FISCALLY PRUDENT IN RESPECT TO SYSTEM BUDGET AND STATE FUNDING. THE GOAL OF THE CSU CONTINUES TO BE TO ATTRACT, MOTIVATE, AND RETAIN THE MOST HIGHLY QUALIFIED INDIVIDUALS TO SERVE AS FACULTY, STAFF, AND EXECUTIVES, WHOSE KNOWLEDGE, EXPERIENCE, AND CONTRIBUTIONS CAN ADVANCE THE UNIVERSITY'S MISSION. THE CSU ADHERES TO COMPENSATION PRACTICES THAT ARE FAIR AND EQUITABLE IN DESIGN, APPLICATION, AND DELIVERY. IMPLEMENTATION THE CSU WILL CONSISTENTLY EVALUATE COMPETITIVE AND FAIR COMPENSATION FOR ALL EMPLOYEES BASED ON PERIODIC MARKET COMPARISON SURVEYS AND THE DEPTH OF SKILL AND EXPERIENCE OF AN INDIVIDUAL EMPLOYEE. IN ADDITION, THE CSU WILL MAINTAIN AND UPDATE ANNUALLY A TIERED LIST OF CSU COMPARISON INSTITUTIONS FOR APPLICABLE EMPLOYEE GROUPS. THE LIST MAY TAKE INTO ACCOUNT GEOGRAPHIC LOCATION, ENROLLMENT, PERCENT OF PELL ELIGIBLE STUDENTS, BUDGET, RESEARCH FUNDING, AND SUCH OTHER VARIABLES AS DEEMED APPROPRIATE. COMPENSATION WILL BE GUIDED WITH REFERENCE TO THE MEAN AND/OR MEDIAN OF THE APPROPRIATE TIER OF COMPARISON INSTITUTIONS, TOGETHER WITH AN INDIVIDUAL'S REPUTATION, AND LENGTH, DEPTH AND EFFECTIVENESS OF APPLICABLE EXPERIENCE, AND OTHER MERITORIOUS ACHIEVEMENT AND CONTRIBUTIONS TO THE SUCCESS OF THE CSU. THE COMPENSATION SYSTEM FOR THE CSU SHALL (A) BE ADMINISTERED IN A MANNER THAT COMPLIES WITH ALL APPLICABLE FEDERAL, STATE, AND LOCAL REGULATIONS AND LAWS, AND (B) BE CONSISTENT WITH APPLICABLE ADMINISTRATIVE POLICIES, RULES AND COLLECTIVE BARGAINING AGREEMENTS. PRESIDENTIAL COMPENSATION WHEN A PRESIDENTIAL VACANCY OCCURS, THE SUCCESSOR PRESIDENT'S SALARY SHOULD NOT EXCEED THE INCUMBENT'S SALARY BY MORE THAN 10%. ANY AMOUNT IN EXCESS OF THE INCUMBENT'S SALARY SHALL BE BASED UPON CRITERIA SUCH AS EXTRAORDINARY CIRCUMSTANCES, KNOWLEDGE AND/OR EXPERIENCE OR ABILITY TO CONTRIBUTE AND ADVANCE THE UNIVERSITY'S MISSION. A PRESIDENT'S SALARY MAY ONLY BE FUNDED WITH STATE FUNDS. THE CHANCELLOR SHALL HAVE AUTHORITY TO NEGOTIATE RECOMMENDED STARTING SALARIES FOR PRESIDENTS. THE CHANCELLOR SHALL PRESENT THE RECOMMENDED SALARY TO THE TRUSTEES FOR APPROVAL. PRESIDENTIAL SALARY ASSESSMENT: CURRENTLY, THE POLICIES AND PROCEDURES FOR REVIEW OF PRESIDENTS REQUIRE ANNUAL REVIEWS WITH THE CHANCELLOR AND TRIENNIAL REVIEWS BY THE BOARD OF TRUSTEES. IN THESE REVIEWS, THE PRESIDENT'S PERFORMANCE IS REVIEWED AGAINST THE GOALS AND CRITERIA FOR LEADERSHIP EXPECTATIONS. EFFECTIVE WITH BOARD OF TRUSTEES REVIEWS OCCURRING IN 2020 AND BEYOND, A PRESIDENTIAL SALARY ASSESSMENT WILL ALSO BE CONDUCTED THAT CONSIDERS PRESIDENTIAL PERFORMANCE, THE MARKET DATA AND MAKES RECOMMENDATIONS TO THE TRUSTEES IF A COMPENSATION ADJUSTMENT MAY BE WARRANTED. A SALARY ADJUSTMENT DURING TRIENNIAL PERFORMANCE REVIEWS DOES NOT PROHIBIT THE INCUMBENT FROM BEING ELIGIBLE FOR THE ANNUAL MERIT INCREASE PROGRAM AS PROVIDED TO OTHER NON-REPRESENTED EMPLOYEES. THE BOARD RETAINS THE RIGHT TO MAKE ADJUSTMENTS AS NECESSARY AT OTHER TIMES FOR A PRESIDENT WHEN A SIGNIFICANT EQUITY OR RETENTION ISSUE IS IDENTIFIED. THE CHANCELLOR SHALL RECOMMEND PRESIDENTIAL SALARY ADJUSTMENTS TO THE TRUSTEES FOR APPROVAL. CASH 2025-06-28 4081404 FMV 954601267 CALIFORNIA STATE UNIVERSITY 401 GOLDEN SHORE LONG BEACH CA 90802 STATE OF CA 0 0 0 0 1 1 1 1 1 1 PART I, LINE 6C: IN MARCH 2025, THE BONDS THAT WERE OUTSTANDING WERE TRANSFERRED TO CSU AND CSU STARTED DIRECTLY ISSUING CP (COMMERCIAL PAPER). FORM 990, PART III, LINE 3 ON JUNE 2025, THE INSTITUTE BOARD OF DIRECTORS APPROVED THE DISSOLUTION OF THE INSTITUTE, AND THE REMAINING CASH RELATED THE COMMERCIAL PAPER WAS TRANSFFERED TO THE CSU. FORM 990, PART VI, SECTION A, LINE 4 SIGNIFICANT CHANGES IN GOVERNING DOCUMENTS ON JUNE 2025, THE INSTITUTE BOARD OF DIRECTORS APPROVED THE DISSOLUTION OF THE INSTITUTE, AND THE REMAINING CASH RELATED THE COMMERCIAL PAPER WAS TRANSFFERED TO THE CSU. FORM 990, PART VI, SECTION B, LINE 11B PROCESS OF REVIEWING FORM 990 THE BOARD OF DIRECTORS ("THE BOARD") HAS DELEGATED RESPONSIBILITY FOR REVIEWING THE FORM 990 TO THE CONTROLLER. THE SENIOR DIRECTOR AND SENIOR FINANCIAL REPORTING MANAGER OF SYSTEMWIDE FINANCIAL STANDARDS & REPORTING AT THE CHANCELLOR'S OFFICE WORKS CLOSELY WITH THE EXTERNAL ACCOUNTING FIRM, KPMG, WHICH IS ENGAGED TO PREPARE THE RETURN. AFTER THE RETURN IS PREPARED, THE CONTROLLER CONDUCTS THE FINAL REVIEW AND THE COMPLETED FORM 990 IS THEN MADE AVAILABLE TO THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C MONITORING AND ENFORCEMENT OF THE CONFLICT OF INTEREST POLICY THE AUDIT COMMITTEE REVIEWS AND, AS NECESSARY, RECOMMENDS ACTIONS RELATED TO SIGNIFICANT CONFLICTS OF INTEREST AND RELATED PARTY TRANSACTIONS. PURSUANT TO THE CONFLICTS OF INTEREST POLICY UPDATED AND APPROVED FEBRUARY 2014, AN ANNUAL CONFLICT OF INTEREST FORM, AIMED AT DETERMINING ANY FAMILY AND BUSINESS RELATIONSHIPS AND TRANSACTIONS OR OTHER TRANSACTIONS THAT MAY POSE A POTENTIAL CONFLICT, IS DISTRIBUTED TO ALL COVERED PERSONS (I.E., BOARD MEMBERS, SENIOR FINANCIAL OFFICERS.) THE PROCEDURES FOR ADDRESSING ANY CONFLICT OF INTEREST INCLUDES, BUT IS NOT LIMITED TO, THE FOLLOWING: (1) THE CONFLICTING INTEREST IS FULLY DISCLOSED TO THE BOARD; (2) THE BOARD DISCUSSES THE MATTER IN OPEN SESSION, ALLOWING THE DIRECTOR WHOSE CONDUCT IS AT ISSUE TO PROVIDE EXPLANATION; (3) THE PERSON WITH THE CONFLICT OF INTEREST IS EXCLUDED FROM THE DISCUSSION AND APPROVAL OF SUCH TRANSACTION; (4) THE BOARD TAKES ACTION REGARDING THE MATTER BY MAJORITY VOTE; AND (5) SUCH ACTION MAY INCLUDE VALIDATION OF THE TRANSACTION WITH CONDITIONS, CENSURE OR REMOVAL OF THE DIRECTOR, RESCISSION OF THE TRANSACTION, OR ANY OTHER ACTION DEEMED APPROPRIATE BY THE BOARD. ANY CONFLICTS THAT ARE IDENTIFIED ARE ENTERED INTO THE BOARD MINUTES IN ADDITION TO ANY RESOLUTION TO THE CONFLICT WHICH HAS BEEN TAKEN. FORM 990, PART VI, SECTION C, LINE 19 DISCLOSURE OF DOCUMENTS WHILE FEDERAL TAX LAWS DO NOT MANDATE THAT THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, WHISTLEBLOWER POLICY, RECORDS AND RETENTION AND DESTRUCTION POLICY, AND FINANCIAL STATEMENTS BE MADE AVAILABLE FOR PUBLIC INSPECTION, THE ORGANIZATION MAKES THEM AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G LETTER OF CREDIT FEES: PROGRAM SERVICE EXPENSES 911,542. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 911,542. COMM PAPER DEALER FEES: PROGRAM SERVICE EXPENSES 74,710. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 74,710. COMM PAPER RATING AGENCY FEES: PROGRAM SERVICE EXPENSES 73,250. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 73,250. ISSUING AND PAYING AGENT FEES: PROGRAM SERVICE EXPENSES 28,129. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 28,129. THE CALIFORNIA STATE UNIVERSITY 401 GOLDEN SHORE LONG BEACH CA 90802 954601267 EDUCATION CA STATE OF CA N/A N/A 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 CALIFORNIA STATE UNIVERSITY B 4081404 CASH PAID