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        <NamePerson>DR ROGER NORTON</NamePerson>
        <BaseCompensationFilingOrg>192622</BaseCompensationFilingOrg>
        <BonusFilingOrg>15000</BonusFilingOrg>
        <DeferredCompFilingOrg>23400</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>14597</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>245619</TotalCompensationFilingOrg>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>brian giorgis</NamePerson>
        <BaseCompensationFilingOrg>123703</BaseCompensationFilingOrg>
        <BonusFilingOrg>21777</BonusFilingOrg>
        <OtherCompensationFilingOrg>22695</OtherCompensationFilingOrg>
        <DeferredCompFilingOrg>40453</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>7253</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>215881</TotalCompensationFilingOrg>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DR LEE MIRINGHOFF</NamePerson>
        <BaseCompensationFilingOrg>221707</BaseCompensationFilingOrg>
        <BonusFilingOrg>15000</BonusFilingOrg>
        <OtherCompensationFilingOrg>997</OtherCompensationFilingOrg>
        <DeferredCompFilingOrg>17173</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>14502</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>269379</TotalCompensationFilingOrg>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DR BARBARA CARVALHO</NamePerson>
        <BaseCompensationFilingOrg>184613</BaseCompensationFilingOrg>
        <BonusFilingOrg>15000</BonusFilingOrg>
        <DeferredCompFilingOrg>13097</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>7253</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>219963</TotalCompensationFilingOrg>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>CHRISTOPHER DELGIORNO</NamePerson>
        <BaseCompensationFilingOrg>136333</BaseCompensationFilingOrg>
        <BonusFilingOrg>5000</BonusFilingOrg>
        <OtherCompensationFilingOrg>6545</OtherCompensationFilingOrg>
        <DeferredCompFilingOrg>10000</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>14132</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>172010</TotalCompensationFilingOrg>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <Identifier>SCHEDULE J, PART I, Line 1a</Identifier>
        <Explanation>Schedule J, Part I, Question 1a. - Housing Allowance or Residence for Personal Use - The President of the College is provided off campus housing as a condition of his employment. The fair market value of the President's residence was estimated to be $21,335 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 social club membership fees for three 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. Schedule J, Part I, Question 1a. - Tax indemnification and gross-up payments - The College provided $22,650 additional gross-up payment to fund the President's pension plan, this amount is included in box Biii on Schedule J.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <Identifier>Schedule J, Part I, Question 4b</Identifier>
        <ReturnReference>Supplemental nonqualified retirement plan</ReturnReference>
        <Explanation>THE COLLEGE HAS IN PLACE A NON-QUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) FOR THE PRESIDENT OF THE COLLEGE, WHO BY THE AGE OF 65 WILL HAVE PROVIDED 33 YEARS OF SERVICE TO THE COLLEGE, AS ITS PRESIDENT. THE DESIGN OF THE BENEFIT IS INTENDED TO PROVIDE THE PRESIDENT WITH A COMBINED TARGET RETIREMENT INCOME REPLACEMENT RATIO OF 75% OF HIS FINAL THREE YEAR AVERAGE SALARY, INCORPORATING ADDITIONAL ELEMENTS OF RETIREMENT FUNDED BY THE COLLEGE OVER THE COURSE OF HIS TENURE THROUGH THE BROAD BASED DEFINED CONTRIBUTION PLAN (WHICH IS SUBJECT TO IRS IMPOSED LIMITS ON RECOGNIZED COMPENSATION) AND THE SERP IS SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE THROUGH JUNE 30, 2011. UNDER THE GUIDANCE OF OUR LEGAL COUNSEL, THE CURRENT BENEFIT WHICH WAS FULLY VESTED, WAS PAID DURING 2011 IN THE AMOUNT OF $1,935,935. THE AMOUNT WAS REPORTED IN BOX Biii ON SCHEDULE J. EFFECTIVE JULY 1, 2011, THE COLLEGE PUT IN PLACE A NEW 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 2011 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 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 2011 is included in the Deferred Compensation column (Column C) of Schedule J.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <Identifier>SCHEDULE J, PART 1, LINE 3</Identifier>
        <Explanation>SCHEDULE J, PART 1, LINE 3- COMPENSATION COMMITTEE AND INDEPENDENT COMPENSATION CONSULTANT, NO NEW EXECUTIVES WERE HIRED IN FY12 REQUIRING THE COMMITTEE OR CONSULTANT.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="IRS990ScheduleK">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>DUTCHESS COUNTY IDA</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>141613685</IssuerEIN>
        <CUSIPNumber>267041FJ5</CUSIPNumber>
        <DateIssued>2005-03-23</DateIssued>
        <IssuePrice>20000000</IssuePrice>
        <DescriptionOfPurpose>STUDENT HOUSING FULTON</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>DUTCHESS COUNTY IDA</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>141613685</IssuerEIN>
        <CUSIPNumber>267041GN5</CUSIPNumber>
        <DateIssued>2008-01-25</DateIssued>
        <IssuePrice>20000000</IssuePrice>
        <DescriptionOfPurpose>STUDENT HOUSING FULTON</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>273106797</IssuerEIN>
        <CUSIPNumber>267045BL5</CUSIPNumber>
        <DateIssued>2012-05-17</DateIssued>
        <IssuePrice>15415962</IssuePrice>
        <DescriptionOfPurpose>REFUND 2003 BONDS (90&amp;92 BONDS)</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <AmountRetired>0</AmountRetired>
        <AmountBondDefeased>0</AmountBondDefeased>
        <TotalProceeds>20000000</TotalProceeds>
        <AmountInReserveFund>0</AmountInReserveFund>
        <CapitalizedInterest>0</CapitalizedInterest>
        <RefundingEscrow>0</RefundingEscrow>
        <IssuanceCostsFromProceeds>540012</IssuanceCostsFromProceeds>
        <CreditEnhancement>50000</CreditEnhancement>
        <WorkingCapitalExpenditures>0</WorkingCapitalExpenditures>
        <CapitalExpenditures>18801024</CapitalExpenditures>
        <OtherSpentProceeds>359000</OtherSpentProceeds>
        <AmountUnspent>0</AmountUnspent>
        <YearOfSubstCompletion>2006</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <AmountRetired>0</AmountRetired>
        <AmountBondDefeased>0</AmountBondDefeased>
        <TotalProceeds>20000000</TotalProceeds>
        <AmountInReserveFund>0</AmountInReserveFund>
        <CapitalizedInterest>0</CapitalizedInterest>
        <RefundingEscrow>0</RefundingEscrow>
        <IssuanceCostsFromProceeds>504756</IssuanceCostsFromProceeds>
        <CreditEnhancement>81184</CreditEnhancement>
        <WorkingCapitalExpenditures>0</WorkingCapitalExpenditures>
        <CapitalExpenditures>19414060</CapitalExpenditures>
        <OtherSpentProceeds>0</OtherSpentProceeds>
        <AmountUnspent>0</AmountUnspent>
        <YearOfSubstCompletion>2008</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <AmountRetired>0</AmountRetired>
        <AmountBondDefeased>0</AmountBondDefeased>
        <TotalProceeds>15415962</TotalProceeds>
        <AmountInReserveFund>0</AmountInReserveFund>
        <CapitalizedInterest>0</CapitalizedInterest>
        <RefundingEscrow>0</RefundingEscrow>
        <IssuanceCostsFromProceeds>116944</IssuanceCostsFromProceeds>
        <CreditEnhancement>0</CreditEnhancement>
        <WorkingCapitalExpenditures>0</WorkingCapitalExpenditures>
        <CapitalExpenditures>0</CapitalExpenditures>
        <OtherSpentProceeds>52804</OtherSpentProceeds>
        <AmountUnspent>0</AmountUnspent>
        <YearOfSubstCompletion>2012</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>true</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <PrcntgePrvtBusinessUseByOthers>0</PrcntgePrvtBusinessUseByOthers>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <PrcntgePrvtBusinessUseByOthers>0</PrcntgePrvtBusinessUseByOthers>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <PrcntgePrvtBusinessUseByOthers>0</PrcntgePrvtBusinessUseByOthers>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>true</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>true</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>MORGAN STANLEY</BusinessNameLine1>
        </NameOfHedgeProvider>
        <TermOfHedge>28.</TermOfHedge>
        <HedgeTerminated>false</HedgeTerminated>
        <NameOfGICProvider>
          <BusinessNameLine1>0</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>true</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>0</BusinessNameLine1>
        </NameOfHedgeProvider>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>0</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>0</BusinessNameLine1>
        </NameOfHedgeProvider>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>0</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartVI>
        <Identifier>PART V - PROCEDURES TO UNDERTAKE CORRECTIVE ACTION</Identifier>
        <ReturnReference>0</ReturnReference>
        <Explanation>MARIST COLLEGE IS IN THE PROCESS OF ESTABLISHING A WRITTEN REMEDIATION POLICY.</Explanation>
      </Form990ScheduleKPartVI>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="IRS990ScheduleL">
      <LoanTable>
        <NamePerson>JOSE MARTIN</NamePerson>
        <PurposeOfLoan>MORTGAGE</PurposeOfLoan>
        <LoanFromOrganization>X</LoanFromOrganization>
        <OriginalPrincipalAmount>75000</OriginalPrincipalAmount>
        <BalanceDue>52975</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>false</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <TotalBalanceDue>52975</TotalBalanceDue>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>M GARTLAND</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>TRUSTEE</Relationship>
        <AmountOfTransaction>187175</AmountOfTransaction>
        <DescriptionOfTransaction>LEGAL SERVICE</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartV>
        <Identifier>LOANS TO AND/OR FROM INTERESTED PERSON</Identifier>
        <ReturnReference>SCHEDULE L, PART II</ReturnReference>
        <Explanation>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.</Explanation>
      </Form990ScheduleLPartV>
      <Form990ScheduleLPartV>
        <Identifier>BUSINESS TRANSACTIONS</Identifier>
        <ReturnReference>SCHEDULE L, PART IV</ReturnReference>
        <Explanation>THE LAW FIRM OF CORBALLY, GARTLAND &amp; RAPPLEYEA (CGR) PROVIDES COUNSEL FOR THE COLLEGE ON SOME LEGAL MATTERS. THE COLLEGE USES THE SERVICES OF FOUR ATTORNEYS AT CGR WITH MR. MICHAEL GARTLAND, WHO SERVES ON OUR BOARD OF TRUSTEES, BEING ONE OF THE FOUR. MR. GARTLAND'S SERVICES GENERALLY PERTAIN TO BOND ISSUES AND ASSOCIATED LETTERS OF CREDIT, AND OCCASIONAL PROPERTY TRANSACTIONS. IT SHOULD BE NOTED THAT THE COLLEGE USES THREE OTHER LEGAL FIRMS FOR ASSISTANCE IN SUCH AREAS AS EMPLOYEE RELATIONS, ENVIRONMENTAL,AND ATHLETIC MATTERS. Mr. Gartland DISCLOSED THE PRECISE NATURE OF HIS INTEREST OR INVOLVEMENT IN THE TRANSACTION, REFRAINED FROM PARTICIPATING IN CONSIDERATION OF THE PROPOSED TRANSACTION, AND WAS PROHIBITED FROM DISCUSSING THE ISSUE WITH THE OFFICERS OF THE COLLEGE OR VOTING ON THE MATTER.</Explanation>
      </Form990ScheduleLPartV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="IRS990ScheduleM">
      <WorksOfArt />
      <ArtHistoricalTreasures>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>6412</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>APPRAISAL VALUE</MethodOfDeterminingRevenues>
      </ArtHistoricalTreasures>
      <ArtFractionalInterest />
      <BooksAndPublications />
      <ClothingAndHouseholdGoods />
      <CarsAndOtherVehicles />
      <BoatsAndPlanes />
      <IntellectualProperty />
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>18</NumberOfContributions>
        <NoncashContribsRptdF990>49680</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>AVG. PRICE DOT</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <SecuritiesCloselyHeldStock />
      <SecuritiesPrtnrshpTrustIntrsts />
      <SecuritiesMiscellaneous />
      <QualifiedContribHistStruct />
      <QualifiedContribOther />
      <RealEstateResidential />
      <RealEstateCommercial />
      <RealEstateOther />
      <Collectibles />
      <FoodInventory />
      <DrugsAndMedicalSupplies />
      <Taxidermy />
      <HistoricalArtifacts />
      <ScientificSpecimens />
      <ArchaeologicalArtifacts />
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>EQUIPMENT</Description>
        <NumberOfContributions>3</NumberOfContributions>
        <NoncashContribsRptdF990>141011</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>EST. MARKET VALUE</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>FURNITURE</Description>
        <NumberOfContributions>2</NumberOfContributions>
        <NoncashContribsRptdF990>90347</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>EST. APPRAISAL VALUE</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <NumberOf8283Received>1</NumberOf8283Received>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>true</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>true</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>THIRD PARTY TO SOLICIT, PROCESS AND SELL NONCASH CONTRIBUTIONS</Identifier>
        <ReturnReference>PART I, LINE 32B</ReturnReference>
        <Explanation>MERRILL LYNCH IS THE COLLEGE'S BROKER THAT HANDLES ALL TRANSACTIONS FOR DONATED SECURITIES.</Explanation>
      </Form990ScheduleMPartII>
      <Form990ScheduleMPartII>
        <Identifier>EXPLANATION OF NONCASH CONTRIBUTIONS</Identifier>
        <ReturnReference>COLUMN B</ReturnReference>
        <Explanation>MARIST COLLEGE REPORTS THE NUMBER OF CONTRIBUTIONS RECEIVED IN COLUMN B, NOT THE NUMBER OF ITEMS.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S REVIEW PROCESS OF FORM 990</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 11B</ReturnReference>
        <Explanation>THE 990 WAS REVIEWED 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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ENFORCEMENT AND COMPLIANCE OF CONFLICTS OF INTEREST POLICY</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 12C</ReturnReference>
        <Explanation>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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR TOP MANAGEMENT OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 15A</ReturnReference>
        <Explanation>THE COMPENSATION AND RETIREMENT PROGRAM FOR THE PRESIDENT WAS BASED ON A COMPREHENSIVE ANALYSIS CONDUCTED BY THE HAY GROUP, A PROMINENT 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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR OFFICERS AND KEY EMPLOYEES</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 15B</ReturnReference>
        <Explanation>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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 19</ReturnReference>
        <Explanation>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.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Other Changes in Net Assets</Identifier>
        <ReturnReference>Form 990, Part XI, Line 5</ReturnReference>
        <Explanation>Net Unrealized Gains on Investments (8,714,982) Net Loss on Redemption of Bonds (704,991) Change in Fair Value of Interest Rate Swap Obligations (5,300,952) Pension &amp; Post-Retirement Related Changes 17,583,685 Other Non-Operating Changes Related to Change in Fixed Assets (1,027,276) ----------- 1,835,484</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR">
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>VAYU LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>3399 NORTH ROAD</AddressLine1>
          <City>POUGHKEEPSIE</City>
          <State>NY</State>
          <ZIPCode>12601</ZIPCode>
        </AddressUS>
        <PrimaryActivities>EDUCATIONAL</PrimaryActivities>
        <LegalDomicileState>NY</LegalDomicileState>
        <TotalIncome>0</TotalIncome>
        <EOYAssets>15146872</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>MARIST COL</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>MARIST REAL PROPERTY SERVICES INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>3399 NORTH ROAD</AddressLine1>
          <City>POUGHKEEPSIE</City>
          <State>NY</State>
          <ZIPCode>12601</ZIPCode>
        </AddressUS>
        <EIN>141785087</EIN>
        <PrimaryActivities>REAL PROP</PrimaryActivities>
        <LegalDomicileState>NY</LegalDomicileState>
        <ExemptCodeSection>501 (C)(3)</ExemptCodeSection>
        <PublicCharityStatus>11A</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>MARIST COL</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>MARIST REAL PROPERTY SERVICES TWO INC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>3399 NORTH ROAD</AddressLine1>
          <City>POUGHKEEPSIE</City>
          <State>NY</State>
          <ZIPCode>12601</ZIPCode>
        </AddressUS>
        <EIN>141825215</EIN>
        <PrimaryActivity>REAL Prop</PrimaryActivity>
        <LegalDomicileState>NY</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>MARIST COL</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>C Corp</TypeOfEntity>
        <ShareOfTotalIncome>0</ShareOfTotalIncome>
        <ShareOfEOYAssets>175000</ShareOfEOYAssets>
        <PercentageOwnership>1.00000</PercentageOwnership>
      </Form990ScheduleRPartIV>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>true</SharingOfFacilities>
      <SharingOfPaidEmployees>true</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>