2013-05-15T13:18:50-05:00 2012-06-30 410746749 CLIFTONLARSONALLEN LLP 300 CROWN COLONY DRIVE SUITE 310 QUINCY MA 02169 990 2011-07-01 042104736 MOUNT IDA COLLEGE MOUN 6179284500 777 DEDHAM STREET NEWTON CENTRE MA 024593323 BARRY BROWN PRESIDENT 6179284502 2013-05-14 1 P00078514 6179848100 2013-05-14 2011 2016-02-24 21:20:13Z BARRY BROWN 777 DEDHAM STREET NEWTON CENTRE MA 024593323 57899955 0 X WWW.MOUNTIDA.EDU X 1938 MA TO EMPOWER ALL STUDENTS TO ACHIEVE ACADEMICALLY AND CONTRIBUTE RESPONSIBLY IN A CHANGING WORLD. 19 19 1162 50 232122 -16651 294031 485399 48064974 47394774 1625363 405079 0 0 49984368 48285252 11635784 12176115 0 0 19341523 18428043 0 0 637568 17259604 17131369 48236911 47735527 1747457 549725 50641144 51639465 39359615 40793298 11281529 10846167 X MOUNT IDA COLLEGE PROVIDES A DIVERSE COMMUNITY OF LEARNERS A CHALLENGING EDUCATION THAT BLENDS THE LIBERAL ARTS WITH PROFESSIONAL PREPARATION. WE DEDICATE OUR ENERGY, IMAGINATION, AND RESOURCES TO EMPOWERING ALL STUDENTS TO ACHIEVE ACADEMICALLY AND CONTRIBUTE RESPONSIBLY IN A CHANGING WORLD. 0 0 29302346 12176115 33481086 HIGHER EDUCATION: MOUNT IDA COLLEGE IS A MASSACHUSETTS NOT-FOR-PROFIT CORPORATION CHARTERED IN 1899. THE COLLEGE IS AN INDEPENDENT FOUR-YEAR COEDUCATIONAL INSTITUTION OF HIGHER LEARNING. ITS 70-ACRE CAMPUS IS LOCATED IN NEWTON, MASSACHUSETTS. THE COLLEGE IS ACCREDITED BY THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES, INC. APPROXIMATELY 1,300 FULL- AND PART-TIME STUDENTS ARE ENROLLED IN THE COLLEGE'S FIVE SCHOOLS THAT OFFER MORE THAN 25 AREAS OF STUDY: ANIMAL SCIENCE, ARTS AND SCIENCES, BUSINESS, DESIGN, AND THE NEW ENGLAND INSTITUTE. OVER 85% OF THE STUDENTS ARE ENROLLED IN BACCALAUREATE PROGRAMS. THE COLLEGE'S PHILOSOPHY OF BLENDING A STRONG LIBERAL ARTS FOUNDATION WITH PROFESSIONAL PREPARATION HAS SINCE BEEN ENHANCED BY THE OFFERING OF MASTER'S DEGREE STUDY. 8444874 12731685 AUXILIARY ENTERPRISES: THE COLLEGE PROVIDES ROOM AND BOARD FOR APPROXIMATELY 900 STUDENTS WHO RESIDE ON CAMPUS OR LIVE IN CAMPUS-SPONSORED HOUSING. THE COLLEGE ALSO PROVIDES ITS FACILITIES TO OTHER EDUCATIONAL INSTITUTIONS WHOSE MISSIONS ARE SIMILAR TO THAT OF THE COLLEGE. OTHER AUXILIARY ENTERPRISES INCLUDE THE OPERATION OF LONGFELLOW PRE-SCHOOL, WHICH IS A LABORATORY OF ITS EARLY CHILDHOOD DEVELOPMENT PROGRAM, AND MOUNT IDA SUMMER DAY CAMP. LONGFELLOW PRE-SCHOOL PROVIDES A QUALITY EDUCATION EXPERIENCE, INCLUDING A TRANSITIONAL KINDERGARTEN PROGRAM, FOR A MULTI-AGE GROUP OF CHILDREN WHOSE AGES RANGE FROM THREE TO FIVE YEARS. 3731243 1182003 STUDENT SERVICES: SERVING APPROXIMATELY 1,300 FULL- AND PART-TIME STUDENTS FROM MORE THAN 25 STATES AND 35 COUNTRIES, THE OFFICE OF STUDENT AFFAIRS OFFERS SUPPORT FOR THE INTELLECTUAL, SOCIAL, EMOTIONAL, SPIRITUAL, AND PHYSICAL WELL-BEING OF ALL MOUNT IDA STUDENTS. THE OFFICE OF STUDENT ACTIVITIES FOSTERS STUDENT DEVELOPMENT BY PROVIDING SOCIAL, EDUCATIONAL, AND CULTURAL CO-CURRICULAR PROGRAMS. THE COLLEGE STRIVES TO ENHANCE LEADERSHIP SKILLS BY OFFERING OPPORTUNITIES TO BECOME INVOLVED WITH STUDENT GOVERNMENT, EVENT PLANNING, AND OTHER LEADERSHIP DEVELOPMENT WORKSHOPS AND PROGRAMS. STUDENTS PARTICIPATE IN 14 NCAA DIVISION III INTERCOLLEGIATE ATHLETIC PROGRAMS, AND ARE STRONGLY ENCOURAGED TO ENGAGE IN COMMUNITY SERVICE. 41478463 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 0 0 1 0 0 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 74 0 1162 1 1 1 0 0 0 0 1 1 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X EDWARD N MOLLER ASSISTANT VICE PRESIDENT OF FINANCE AND CONTROLLER 6179284515 777 DEDHAM STREET NEWTON CENTRE MA 024593323 CORRADO ADDONISIO 1.00 X 0 0 0 JUDITH ALLEN 1.00 X 0 0 0 MICHAEL T BURNS CPA 1.00 X 0 0 0 BLOSSOM A BURTON EDD 1.00 X 0 0 0 KATHRYN CORBIN 1.00 X 0 0 0 KEVIN D CROWLEY CHFC 1.00 X 0 0 0 PHYLLIS S FANGER 1.00 X 0 0 0 ROBERT GIANNINO-RACINE 1.00 X 0 0 0 KATHERINE H HANSON 1.00 X 0 0 0 MICHAEL KERRIGAN 1.00 X 0 0 0 ANGELYN A KONUGRES PHD 1.00 X 0 0 0 ROBERT LEWIS JR 1.00 X 0 0 0 AMELIA B NYCHIS 1.00 X 0 0 0 JOHN ROSS 1.00 X 0 0 0 ARNOLD ROTH 1.00 X 0 0 0 SYLVIA Q SIMMONS PHD 1.00 X 0 0 0 EDWARD A STETTNER PHD 1.00 X 0 0 0 THOMAS J WAITE 1.00 X 0 0 0 BARRY WANGER 1.00 X 0 0 0 BURTON WINNICK LLB 1.00 X 0 0 0 LANCE W CARLUCCIO PHD 40.00 X 219640 0 37266 CHERYL ST PIERRE-SLEBODA 40.00 X 41313 0 3597 DAVID G HEALY 40.00 X 154155 0 20309 EDWARD N MOLLER CPA 40.00 X 87783 0 1724 GRACE BELTRAME 40.00 X 49715 0 6118 MARYELLEN BEAULIEU EDD 40.00 X 79040 0 6688 PHILLIP A CONROY JR 40.00 X 43726 0 780 DEBORAH HIRSCH EDD 40.00 X 128432 0 13181 MAUREEN MORIARTY 40.00 X 122278 0 13038 ELIZABETH A TRUE EDD 40.00 X 132815 0 17626 KEVIN M KELLY 40.00 X 104298 0 2045 DANIEL P YOUNG DVM 40.00 X 109389 0 12875 JACQUELYN TAYLOR 40.00 X 109254 0 12785 1381838 0 148032 9 1 1 0 ARAMARK SERVICES INC TWO PLEASURE ISLAND ROAD WAKEFIELD MA 01880 DINING SERVICES 2399349 SODEXO INC & AFFILIATES 9801 WASHINGTON BOULEVARD GAITHERSBURG MD 20878 JANITORIAL & CUSTODIAL 892448 HARVARD MAINTENANCE LLC 800 WEST CUMMINGS PARK SUITE 1850 WOBURN MA 01801 JANITORIAL & CUSTODIAL 749106 SECURITAS SECURITY USA INC 9 WINTER STREET BOSTON MA 02108 PUBLIC SAFETY 588125 ACADEMIC PROGRAMS INTERNATIONAL 301 CAMP CRAFT ROAD AUSTIN TX 78746 STUDY ABROAD 122225 8 485399 44021 485399 TUITION & FEES 611600 34001435 33769313 232122 AUXILIARY ENTERPRISES 611710 12731685 12731685 GOVERNMENT FEES 611710 661654 661654 47394774 273017 273017 9746465 300 9581110 33593 165355 -33293 132062 132062 48285252 47294714 232122 273017 12176115 12176115 1328060 665494 398606 263960 13494802 11808387 1513054 173361 444182 363970 65393 14819 2102856 1409281 657106 36469 1058143 897270 130375 30498 138993 138993 72420 72420 32233 32233 1255508 863568 391903 37 155766 125227 21180 9359 691650 329902 330521 31227 217736 55463 162273 4718730 4493918 208510 16302 276153 242366 29889 3898 101194 84241 9836 7117 1486678 1433120 53549 9 2343021 2114376 220764 7881 603366 425221 177016 1129 SUPPLIES 3152030 3035361 86551 30118 BAD DEBT EXPENSE 749760 749760 SECURITY SERVICE 633104 539375 93729 STUDENT ACTIVITIES 295089 295089 207938 120719 75835 11384 47735527 41478463 5619496 637568 29350 326145 1004308 39154 145278 921978 804969 272461 386076 58098389 21592284 37052450 36506105 11726565 11732330 184596 339012 414590 395242 50641144 51639465 2232263 3046145 1390899 942821 25050000 25957550 1950000 5996956 8736453 4849826 39359615 40793298 X 10076457 9569449 435114 506382 769958 770336 11281529 10846167 50641144 51639465 X 549725 -985087 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 11726565 16815 21671 32721 11732330 9989937 76256 1688430 28058 11726565 9054753 177026 894086 106768 29160 9989937 10761721 37055 -1718744 25279 9054753 0.92540 0.06510 0.00950 0 0 113426 113426 48580154 16584220 31995934 8213651 5008064 3205587 1191158 1191158 36506105 ACCRUED PENSION LIABILITY 3507477 DEFERRED COMPENSATION 1157502 ANNUITY PAYMENT LIABILITY 35012 CAPITAL LEASE PAYABLE 149835 4849826 48285252 47735527 549725 -453925 -531162 -985087 -435362 35138481 -453925 -516731 -970656 36109137 12176115 12176115 48285252 35573843 14431 14431 35559412 12176115 12176115 47735527 PART III, LINE 1A: CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES, AND SIMILAR ASSETS HELD AS PART OF A COLLECTION FOR EDUCATION, RESEARCH, OR PUBLIC EXHIBITION PURPOSES RATHER THAN FOR SALE OR FINANCIAL GAIN ARE NOT RECOGNIZED OR CAPITALIZED. PART III, LINE 4: FACULTY IN THE SCHOOL OF DESIGN MAKE USE OF VARIOUS ITEMS IN THE ART COLLECTION ON CAMPUS AS TEACHING AIDS AND EXAMPLES RELATING TO WORK THAT STUDENTS DO IN CLASSES SUCH AS AR 102 BASIC DRAWING SKILLS, AR 112 TWO- AND THREE-DIMENSIONAL DESIGN, AND AR 107 DRAWING CONCEPTS, TO NAME A FEW. STUDENTS IN BASIC DRAWING MAKE STUDIES OF SCULPTURE ON CAMPUS EACH YEAR AS PART OF THE COURSE EXPERIENCE. IN TWO- AND THREE-DIMENSIONAL DESIGN, STUDENTS ARE ASKED TO CREATE THEIR OWN SCULPTURE IN-THE-ROUND. THEY ARE ABLE TO STUDY EXAMPLES OF THIS TYPE OF SCULPTURE ON THE CAMPUS GROUNDS IN PREPARATION FOR MAKING THEIR OWN WORK. IN DRAWING CONCEPTS, VARIOUS WATERCOLOR PAINTINGS ARE USED TO DEMONSTRATE TO STUDENTS HOW LINEAR PERSPECTIVE IS USED TO CREATE ILLUSIONISTIC THREE-DIMENSIONAL SPACE ON A TWO-DIMENSIONAL SURFACE. IN GENERAL, THE ITEMS IN THE COLLECTION HELP CREATE AN ENVIRONMENT OF ART AND DESIGN ON CAMPUS FOR THOSE STUDYING IN DESIGN PROGRAMS AND SUPPORT THE COLLEGE'S MISSION OF BLENDING THE LIBERAL ARTS WITH PROFESSIONAL PREPARATION FOR ALL STUDENTS. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THE IMPLEMENTATION OF THIS STANDARD HAD NO EFFECT ON THE COLLEGE'S FINANCIAL STATEMENTS. MANAGEMENT BELIEVES THAT THE COLLEGE HAS NO MATERIAL UNCERTAINITIES REGARDING INCOME TAXES. THE COLLEGE'S FEDERAL AND STATE TAX RETURNS ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES FOR THE FISCAL YEARS ENDED JUNE 30, 2008,2009, AND 2010. PART XI, LINE 8 - OTHER ADJUSTMENTS: LOSS ON MARKET VALUE OF SWAP AGREEMENT -516,731. CHANGE IN ACCRUED PENSION LIABLITY -14,431. TOTAL TO SCHEDULE D, PART XI, LINE 8: -531,162. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON MARKET VALUE SWAP AGREEMENT -516,731. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 12,176,115. PART XIII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN ACCRUED PENSION LIABILITY 14,431. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 12,176,115. 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 MOUNT IDA COLLEGE IS COMMITTED TO A POLICY OF NON-DISCRIMINATION IN ITS EDUCATIONAL PROGRAMS, ACTIVITIES, AND EMPLOYMENT PRACTICES. IT IS THE POLICY OF THE COLLEGE NOT TO DISCRIMINATE ON THE BASIS OF RACE, ETHNICITY, NATIONAL ORIGIN, SEXUAL ORIENTATION, COLOR, AGE, RELIGION,OR HANDICAP. THIS POLICY IS CLEARLY STATED IN ALL PRINTED MATERIALS AND PROPERLY DISCLOSED ON ALL BROADCAST AND TELEVISED MEDIA. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES GRANTS IN THE FORM OF FUNDS TO BE DISTRIBUTED FOR STUDENT FINANCIAL AID OR SUPPORT OF EDUCATIONAL PROGRAMS FROM THE FOLLOWING ORGANIZATIONS: SCHOLARSHIP PAYMENTS FROM VARIOUS STATE AGENCIES ON BEHALF OF STUDENTS - UNITED STATES DEPARTMENT OF EDUCATION; STUDENT FINANCIAL ASSISTANCE - CLUSTER; FEDERAL PELL GRANT PROGRAM; FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS; AND FEDERAL WORK STUDY PROGRAM. 1 EAST ASIA AND THE PACIFIC - 8 PROGRAM SERVICES STUDY ABROAD EXPENDITURES; RECRUITING EXPENDITURES 122150 EUROPE (INCLUDING ICELAND & GREENLAND) - 2 PROGRAM SERVICES STUDY ABROAD EXPENDITURES; RECRUITING EXPENDITURES 229235 CENTRAL AMERICA AND THE CARIBBEAN 1 PROGRAM SERVICES STUDY ABROAD EXPENDITURES; RECRUITING EXPENDITURES 14590 SOUTH AMERICA 1 PROGRAM STUDY ABROAD EXPENDITURES; RECRUITING EXPENDITURES 14840 0 12 0 0 0 12 380815 0 380815 FINANCIAL AID EUROPE (INCLUDING ICELAND & GREENLAND) - 5 19400 DIRECT APPLICATION TO STUDENT ACCOUNT FMV FINANCIAL AID MIDDLE EAST AND NORTH AFRICA - 6 22750 DIRECT APPLICATION TO STUDENT ACCOUNT FMV FINANCIAL AID CENTRAL AMERICA AND THE CARIBBEAN - 3 7540 DIRECT APPLICATION TO STUDENT ACCOUNT FMV FINANCIAL AID EAST ASIA AND THE PACIFIC - 23 87200 DIRECT APPLICATION TO STUDENT ACCOUNT FMV FINANCIAL AID NORTH AMERICA 2 4250 DIRECT APPLICATION TO STUDENT ACCOUNT FMV 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: THE COLLEGE'S DEPARTMENT OF FINANCIAL AID REVIEWS AND APPROVES THE PROCEDURES FOR MONITORING THE FUNDS. THE CONTROLLER AND BURSAR MONITOR THE USE OF GRANT FUNDS AND APPLY GENERAL ACCOUNTING PROCEDURES IN BOOKING THE FUNDS ON FINANCIAL RECORDS. 1 SCHOLARSHIPS/FINANCIAL AID 1256 11918933 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE'S DEPARTMENT OF FINANCIAL AID REVIEWS AND APPROVES THE PROCEDURES FOR MONITORING THE FUNDS. THE CONTROLLER AND BURSAR MONITOR THE USE OF GRANT FUNDS AND APPLY GENERAL ACCOUNTING PROCEDURES IN BOOKING THE FUNDS ON FINANCIAL RECORDS. X X 1 1 X X X X X 1 1 0 0 0 0 0 0 0 LANCE W CARLUCCIO PHD 219640 0 0 0 0 0 0 0 37266 0 256906 0 0 0 DAVID G HEALY 154155 0 0 0 0 0 7043 0 13266 0 174464 0 0 0 ELIZABETH A TRUE EDD 132815 0 0 0 0 0 4525 0 13101 0 150441 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS HOUSING ALLOWANCE - LANCE CARLUCCIO - $24,000 - NOT INCLUDED IN TAXABLE INCOME PART I, LINES 4A-B JO ANN ROONEY - 100,000(SEVERANCE) MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 NONEAVAIL 2012-05-10 26000000 REFINANCE OLD DEBT, NEW FACILITY CONSTRUCTION 0 0 0 26004035 1004308 4035 309448 24686244 1 0 0 1 0 1 1 1 0 1 X 13635 FINANCIAL AID MCCARTER AND ENGLISH LLP BURTON WINNICK IS A TRUSTEE AND PARTNER IN THE LAW FIRM 71972 CONSULTING FEES 0 X 2 15380 FAIR MARKET VALUE X 1 1401 FAIR MARKET VALUE X INSTRUCTION EQUIPMENT FOR FASHION DESIGN PROGRAM 1 18000 FAIR MARKET VALUE X CHEMICALS, CASKET LINERS, DEATH CERTIFICATES 4 3520 FAIR MARKET VALUE X MISCELLANEOUS 25 5720 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 BEFORE THE FORM 990 WAS FILED, THE RETURN WAS REVIEWED BY THE AUDIT COMMITTEE AND THEN DISTRIBUTED TO THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE'S CONFLICT OF INTEREST POLICY COVERS TRUSTEES (INCLUDING EX-OFFICIO, HONORARY AND EMERITUS MEMBERS OF THE BOARD OF TRUSTEES), COMMITTEE MEMBERS AND EXECUTIVE OFFICERS. ALL COVERED INDIVIDUALS ARE REQUIRED TO SUBMIT AN ANNUAL DISCLOSURE TO THE FULL BOARD OF TRUSTEES IDENTIFYING POTENTIAL RELATIONSHIPS THAT MIGHT GIVE RISE TO A CONFLICT OF INTEREST, WITH UPDATES TO THE DISCLOSURES IN THE EVENT OF CHANGED CIRCUMSTANCES. POTENTIAL CONFLICTS ARE SUBJECT TO THE REVIEW AND APPROVAL OF THE BOARD OF TRUSTEES TO ENSURE THAT SUCH TRANSACTION OR RELATIONSHIP IS IN THE BEST INTERESTS OF THE COLLEGE AND COMPLIES WITH COLLEGE POLICY AND ALL APPLICABLE LEGAL AND ETHICAL GUIDELINES. ANY COVERED INDIVIDUAL HAVING A PERSONAL INTEREST IN A GIVEN TRANSACTION OR OTHER RELATIONSHIP SHALL NOT PARTICIPATE IN THE DISCUSSION OF THAT TRANSACTION OR RELATIONSHIP, EXCEPT TO RESPOND TO QUESTIONS OR INQUIRIES FROM OR PROVIDE INFORMATION REQUESTED BY THE TRUSTEES OR OTHERS, SHALL SPECIFICALLY ABSTAIN FROM VOTING ON THE TRANSACTION OR RELATIONSHIP, AND SHALL NOT BE COUNTED TOWARDS A QUORUM FOR PURPOSES OF THE VOTE. THE EXECUTIVE COMMITTEE SHALL REPORT TO THE BOARD OF TRUSTEES PERIODICALLY, AND AT LEAST ANNUALLY, ON ALL NON-DE MINIMIS TRANSACTIONS AND OTHER FINANCIAL RELATIONSHIPS BETWEEN THE COLLEGE AND COVERED PERSONS. SUCH REPORT SHALL INCLUDE A DESCRIPTION OF THE TRANSACTION OR RELATIONSHIP, THE FEES PAID OR RECEIVED BY THE COLLEGE (IF ANY), AND OTHER RELEVANT INFORMATION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES APPROVES THE CONTRACT, IF ANY, AND ALL SALARY, INCENTIVES, BONUSES, LOANS, SUBSIDIES, IN-KIND BENEFITS, EXPENSE ALLOWANCES, DEFERRED COMPENSATION PAYMENTS TO BENEFIT PLANS AND RETIREMENT PLANS, PAYMENTS FOR UNUSED SABBATICAL LEAVE, SEVERANCE PAYMENTS AND ARRANGEMENTS, AND ANY OTHER COMPENSATION, BENEFITS, PAYMENTS AND PERQUISITES, FOR OR OTHERWISE IN BEHALF OF THE PRESIDENT, THE EXECUTIVE VICE PRESIDENT, THE VICE PRESIDENTS, AND THE TREASURER BY, FROM OR ON BEHALF OF THE COLLEGE. THERE SHALL BE A DISCLOSURE TO THE BOARD OF TRUSTEES OF ANY COMPENSATION, BENEFITS, PAYMENTS AND PERQUISITES WHATSOEVER PAID TO THE AFOREMENTIONED OFFICERS BY, FOR OR ON BEHALF OF ANY AFFILIATED ORGANIZATION DEFINED HEREINAFTER. THE COMPENSATION COMMITTEE ("THE COMMITTEE") IS RESPONSIBLE FOR THE ANNUAL REVIEW OF THE PRESIDENT'S COMPENSATION AND BENEFITS, FOLLOWING A PERFORMANCE REVIEW. THE COMMITTEE MAY DELEGATE THE PERFORMANCE REVIEW PORTION OF THIS RESPONSIBILITY TO THE CHAIR OF THE BOARD OF TRUSTEES AND TWO OR MORE MEMBERS OF THE COMMITTEE. CHANGES IN COMPENSATION OF THE PRESIDENT SHALL BE CONSISTENT WITH STANDARDS IN THE HIGHER EDUCATION COMMUNITY, WITH SPECIAL REFERENCE TO COMPARABLE INSTITUTIONS. PROPOSED CHANGES, TOGETHER WITH THE COMMITTEE'S RECOMMENDATIONS, SHALL BE SUBMITTED TO THE BOARD OF TRUSTEES FOR APPROVAL. THE COMMITTEE SHALL ALSO REVIEW AND, WHERE NO ACTION BY THE BOARD OF TRUSTEES IS OTHERWISE REQUIRED, APPROVE THE RECOMMENDATIONS OF THE PRESIDENT FOR CHANGES IN COMPENSATION AND BENEFITS FOR THE VICE PRESIDENTS AND TREASURER, AS WELL AS ANY ADDITIONAL SENIOR STAFF MEMBERS REPORTING DIRECTLY TO THE PRESIDENT. WHERE ACTION IS REQUIRED BY THE BOARD OF TRUSTEES, PROPOSED CHANGES, TOGETHER WITH THE COMMITTEE'S RECOMMENDATIONS, SHALL BE SUBMITTED TO THE BOARD OF TRUSTEES FOR APPROVAL. THE COMMITTEE SHALL BE PROVIDED WITH COMPARATIVE DATA FROM NATIONAL OR STATEWIDE SURVEYS OF COMPARABLE INSTITUTIONS, OR FROM LOCAL COLLEGES REGARDED AS SIMILAR TO MOUNT IDA COLLEGE IN TERMS OF DEGREE OFFERINGS, ENROLLMENT AND BUDGET AS THE COMMITTEE MAY REQUIRE IN SATISFYING ITS RESPONSIBILITIES. THIS PROCESS WAS LAST UNDERTAKEN IN 2012 DURING THE PRESIDENTIAL SEARCH. THE VICE PRESIDENT OF FINANCE, D. HEALY; THE VICE PRESIDENT OF ACADEMIC AFFAIRS, L. CARLUCCIO; THE VICE PRESIDENT OF ENROLLMENT MANAGEMENT AND MARKETING, P. CONROY; AND THE VICE PRESIDENT FOR STUDENT AFFAIRS, E. TRUE. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. IN ADDITION, THE COLLEGE'S FORM 990 IS MADE AVAILABLE ON THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AND AT WWW.GUIDESTAR.ORG. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -453,925. LOSS ON MARKET VALUE OF SWAP AGREEMENT -516,731. CHANGE IN ACCRUED PENSION LIABLITY -14,431. TOTAL TO FORM 990, PART XI, LINE 5: -985,087.