2013-12-11T15:11:02-06:00 2013-07-31 611129886 KELLEY GALLOWAY & CO PSC PO BOX 990 ASHLAND KY 411050990 990 2012-08-01 610492351 ALICE LLOYD COLLEGE ALIC 6063682101 100 PURPOSE ROAD PIPPA PASSES KY 41844 DAVID JOHNSON 6063682101 2013-12-05 1 KELLEY GALLOWAY CO PSC P00846508 6063291811 2012 2015-11-30 17:44:51Z DAVID JOHNSON 100 PURPOSE ROAD PIPPA PASSES KY 41844 30578967 0 X WWW.ALC.EDU X 1922 KY ALICE LLOYD COLLEGE PROVIDES A FOUR YEAR LIBERAL ARTS EDUCATION TO APPROXIMATELY 600 STUDENTS EACH YEAR. THE MAJORITY OF THESE STUDENTS COME FROM APPALACHIAN AREAS OF KENTUCKY, OHIO, TENNESSEE, VIRGINIA, AND WEST VIRGINIA. FOR SOME, ALICE LLOYD COLLEGE IS THE ONLY HOPE TO PULL THEM AND/OR THEIR FAMILY FROM A LIFE OF POVERTY. ALICE LLOYD COLLEGE HAS BEEN A BEACON OF HOPE FOR OVER 80 YEARS. 22 22 279 49 0 0 5323528 5793635 7605749 8538987 1513634 1622065 222346 365785 14665257 16320472 1600271 1948687 0 0 6773796 6945242 0 0 1415284 5105378 5217309 13479445 14111238 1185812 2209234 59967601 63548059 1258079 1229492 58709522 62318567 X THE MISSION OF ALICE LLOYD COLLEGE IS TO PROVIDE MOUNTAIN STUDENTS A QUALITY, CHARACTER-BASED EDUCATION, REGARDLESS OF THEIR FINANCIAL ABILITY, AND TO PREPARE THEM FOR LEADERSHIP AND SERVICE IN THE APPALACHIAN REGION. NO STUDENT HAS EVER BEEN TURNED AWAY BECAUSE OF AN ABILITY TO PAY. 0 0 2526177 377049 INSTRUCTIONALICE LLOYD COLLEGE (ALC) HAS AN ENROLLMENT OF 631 STUDENTS FOR THE FALL 2013 SEMESTER. FULL-TIME STUDENTS FROM OUR 108-COUNTY SERVICE AREA (INCLUDES PARTS OF KY, OH, TN, VA, AND WV) ARE GUARANTEED ABSOLUTELY NO OUT OF POCKET COSTS FOR TUITION. ALC IS ONE OF ONLY SEVEN WORK COLLEGES IN THE NATION REQUIRING ALL FULL-TIME STUDENTS TO WORK AS A CONDITION FOR ENROLLMENT. EACH YEAR, THE COLLEGE SUPPORTS MANY ALUMNI AT GRADUATE AND PROFESSIONAL SCHOOLS THROUGH ITS CANEY SCHOLARS PROGRAM. FORTY-FIVE STUDENTS ARE BEING ASSISTED THROUGH THE PROGRAM DURING THE 2013-2014 ACADEMIC YEAR, INCLUDING 35 ENROLLED IN MEDICAL RELATED FIELDS. ALC PROVIDED INSTITUTIONAL LEADERSHIP GRANTS TOTALING $1,705,448, WHICH INCLUDED $27,125 IN MINORITY GRANTS DURING THE 2012-2013 FISCAL YEAR.THE PROGRAM SERVICE ACCOMPLISHMENTS: 2013 GRADUATING CLASS OF 87 STUDENTS, 38% HAD NO STUDENT LOAN DEBT, WHILE 62% HAD AN AVERAGE DEBT OF $9,679 WHILE ATTENDING ALICE LLOYD COLLEGE. DURING THE FALL 2013 SEMESTER ALICE LLOYD COLLEGE BEGAN ITS ENTREPRENEURIAL PROGRAM WITH THE COMPLETION MCGAW LIBRARY RENOVATION. ACADEMICS NOW OFFERS THREE NEW MAJORS BEGINNING DURING THE FALL 2013 SEMESTER: LIBERAL ARTS, DUAL DEGREE NURSING, AND ACCOUNTING/BUSINESS MANAGEMENT. AN AGREEMENT HAS BEEN REACHED WITH THE UNIVERSITY OF KENTUCKY GUARANTEEING ACCEPTANCE OF TWO QUALIFIED DUAL DEGREE NURSING MAJORS FROM ALC EACH FALL. AN AGREEMENT WITH EASTERN KENTUCKY UNIVERSITY GUARANTEES ADMISSION OF 10 QUALIFIED ALC DUAL DEGREE NURSING MAJORS EACH FALL. THE ALC EDUCATION DEPARTMENT HAS SUBMITTED A PROPOSAL TO ADOPT A SPECIAL EDUCATION PROGRAM TO THE KENTUCKY PROFESSIONAL STANDARDS BOARD AS WELL AS TO SACS FOR REVIEW AND APPROVAL. 2076579 211804 AUXILIARYCOLLEGE HOUSING AND MEAL PLAN, ALONG WITH THE CAMPUS BOOKSTORE AND CAFE, ARE PRIMARILY PART OF THE AUXILIARY SERVICES. THE CAMPUS HAS THE CAPACITY TO HOUSE NEARLY 525 STUDENTS WITH 501 LIVING IN THE DORMS FOR FALL 2013. THE BOOKSTORE OFFERS STUDENTS A CENTRALIZED AND CONVENIENT LOCATION TO PURCHASE TEXTBOOKS AND SUPPLIES. WHILE THE CAFE OFFERS FACULTY, STAFF AND STUDENTS A PLACE TO GATHER AND SOCIALIZE WHILE OFFERING AN AFFORDABLE MENU. THE COLLEGE ALSO OPERATES A CHILD DEVELOPMENT CENTER AND A K-12 COLLEGE PREPARATORY SCHOOL (THE JUNE BUCHANAN SCHOOL). THE JUNE BUCHANAN SCHOOL (JBS) HAS AN ENROLLMENT OF APPROXIMATELY 137 STUDENTS FOR THE 2013-2014 FISCAL YEAR. ALL JBS HIGH SCHOOL STUDENTS ARE REQUIRED TO PARTICIPATE IN COMMUNITY SERVICE EVENTS.DURING THE 2012-2013 SCHOOL YEAR JBS STUDENTS PARTICIPATED IN THE FOLLOWING COMMUNITY SERVICE PROJECTS: SUPPORT BREAST CANCER AWARENESS MONTH WITH DONATION, FOOD DRIVE FOR LOCAL CHARITIES IN THE COMMUNITY, COLLECT COLORING BOOKS AND CRAYONS FOR NEEDY STUDENTS, ST. JUDE HOSPITAL TRIKE-A-THON, AND ADDITIONAL EVENTS TO RAISE FUNDS FOR THE LOCAL COMMUNITY. JBS GRADES 9-12 PARTICIPATED IN APPROXIMATELY 675 HOURS OF COMMUNITY SERVICE DURING THE 2012-2013 SCHOOL YEAR. 1222037 383459 STUDENT SERVICESSTUDENT SERVICES PROGRAMS INCLUDE LEADERSHIP EDUCATION, ATHLETICS, INTRAMURALS, COUNSELING, CAREER PLACEMENT, STUDENT ACTIVITIES BOARD (WHICH PLANS A STUDENT ACTIVITIES CALENDAR EACH SEMESTER), DINING FACILITIES, DORMITORY FACILITIES, BRIDGE PROGRAM (WHICH HELPS STUDENTS MAKE THE TRANSITION FROM HIGH SCHOOL TO COLLEGE), CONVOCATION SERIES, POLICE DEPARTMENT, SUMMER AND FALL ORIENTATIONS (WHICH HELPS STUDENTS MEET FELLOW STUDENTS AND FACULTY MEMBERS AND BECOME ACQUAINTED WITH COLLEGE GUIDELINES AND REGULATIONS).PROJECTS COMPLETED DURING THE 2012-2013 SCHOOL YEAR WAS RENOVATION OF LILLY HALL DORM FOR WOMEN WHICH HOUSES 220 STUDENTS. AN ATHLETIC FACILITY FOR BASEBALL AND WOMENS SOFTBALL WAS COMPLETED ALONG WITH A NEW TENNIS COURT. THE STUDENTS WERE INVOLVED IN MANY COMMUNITY OUTREACH ACTIVITIES. STUDENT GOVERNMENT PARTICIPATED IN THE CHARITY WALK FOR ST. JUDES HOSPITAL, A HOLIDAY FOOD DRIVE, AND OPERATION CHRISTMAS CHILD. ACADEMICS INCLUDING FACULTY AND STUDENTS WERE INVOLVED IN VOLUNTEER SERVICES INVOLVING GODS PANTRY. STUDENTS PARTICIPATED IN PACKING BOXES AND DISTRIBUTING BOXES OF FOOD FOR THE NEEDY. MEMBERS OF PHI BETA LAMBDA PLANNED, ORGANIZED, AND PARTICIPATED IN BREAST CANCER AWARENESS EVENTS, OPERATION CHRISTMAS CHILD, CHRISTMAS WITH KENNYS KIDS SERVING FOOD TO NEEDY FAMILIES AND DONATING TOYS, CANDY AND GIFTS, AND MARCH OF DIMES EVENTS. COLLEGE STUDENTS HAVE VOLUNTEERED HOURS AT THE LOCAL ANIMAL SHELTER.ALC HAS AN ACTIVE BAPTIST COLLEGIATE MINISTRIES (BCM) CHAPTER THAT IS OPEN TO ALL DENOMINATIONS. BCM PARTICIPATED IN SAMARITANS PURSE AND COLLECTED GIFT FILLED SHOE BOXES FOR THE MISSION PROJECT UTILIZING 375 VOLUNTEER HOURS. BCM ALSO PARTICIPATED IN INNER CITY PROJECTS IN CINCINNATI, OH WHERE STUDENTS SPENT A WEEKEND DOING INNER CITY MINISTRY WORKING IN HOMELESS SHELTERS, SOUP KITCHENS, PAINTING HOUSES, AND VARIOUS OTHER SERVICE PROJECTS. 1969663 1969663 STUDENT AID 614661 99535 ACADEMIC 491855 63789 ADMISSIONS 828005 66751 JUNE BUCHANAN 3904184 2199738 9728977 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 1 106 0 1 279 1 0 0 0 0 0 0 0 0 0 0 0 0 X 22 22 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 KY X DAVID JOHNSON ALICE LLOYD COLLEGE 6063686031 100 PURPOSE ROAD PIPPA PASSES KY 41844 ROBERT M DUNCAN 2.00 X X 0 0 0 JOE STEPP 70.00 X X 140455 0 52768 DWIGHT J BAUM 0.00 X 0 0 0 OLIVER CAUDILL 0.00 X 0 0 0 ROBERT MICHAEL DUNCAN JR 0.00 X 0 0 0 ROBERT W FINLEY SR 0.00 X 0 0 0 WILLIAM G FRANCIS 0.00 X 0 0 0 MARK T JOHNSON 0.00 X 0 0 0 JANICE L KNOPP 0.00 X 0 0 0 HILDA G LEGG 2.00 X X 0 0 0 LARRY M LESLIE MD 2.00 X X 0 0 0 JULIE DAVIS HOPKINS 0.00 X 0 0 0 J SCOTT JENNINGS 0.00 X 0 0 0 LOWELL D MARTIN MD 0.00 X 0 0 0 RACHEL D MULLINAX 0.00 X 0 0 0 GEORGE NICHOLS III 0.00 X 0 0 0 WILLIAM J REIK JR 0.00 X 0 0 0 KAREN R SELLERS 0.00 X 0 0 0 HENRY WEBB 0.00 X 0 0 0 JERRY L EDWARDS 0.00 X 0 0 0 BEN PARK 0.00 X 0 0 0 KEVIN SMITH 0.00 X 0 0 0 DAVID JOHNSON 50.00 X 72397 0 29982 LINDA EASTLAND 40.00 X 0 0 0 212852 0 82750 1 0 1 0 ALLIANCE CORPORATION 2014 KY RT 321 PRESTONSBURG KY 41653 CONSTRUCTION 939178 PIONEER COLLEGE CATERERS INC 12351 WEST 96TH TER STE 204 LENEXA KS 66215 FOOD SERVICE 759850 BLUE GRASS MAILING SERVICES PO BOX 11816 LEXINGTON KY 40578 MAILING 233361 ROBINSON CONSTRUCTION INC 270 ABBOT CREET ROAD PRESTONSBURG KY 41653 CONSTRUCTION 159767 CONTEMPORARY GALLERIES PO BOX 289 CHARLESTON WV 25330 FURNITURE 146276 7 902783 4890852 5793635 STUDENT TUITION & FEES 611710 5769154 5769154 ROOM & BOARD 611710 2397961 2397961 JUNE BUCHANAN SCHOOL 611710 249695 249695 FAC./STAFF HOUSING 611710 83029 83029 PRE-SCHOOL TUITION 611710 39148 39148 8538987 1007877 1007877 14485539 13871351 614188 614188 614188 511849 387144 124705 124705 OTHER INCOME 611710 111229 111229 ANNUITY INCOME 611710 107773 107773 OTHER AUXILIARY INCOME 611710 22078 22078 241080 16320472 9518960 0 1007877 1948687 1948687 453393 160330 212852 80211 5200838 3888705 794629 517504 242687 155453 54547 32687 738024 492834 150907 94283 310300 219309 55626 35365 46354 46354 54674 54674 27282 27282 100098 26280 73818 421946 3513 3250 415183 24164 22997 917 250 595506 160626 434880 180572 62117 40200 78255 1314816 1227391 87425 200316 200316 FOOD COSTS 668039 668039 SUPPLIES 547198 219306 275681 52211 SPECIAL EVENTS 354244 124552 223995 5697 TELEPHONE 264642 264642 417458 347836 39802 29820 14111238 9728977 2966977 1415284 1323607 1943851 296001 280060 6259 0 81074 105614 316938 161841 46240300 24706435 20801617 21533865 36694218 39136668 447887 386160 59967601 63548059 700735 722471 36123 47913 521221 459108 1258079 1229492 X 37126342 40296481 1283528 1426476 20299652 20595610 58709522 62318567 59967601 63548059 X 2209234 1480934 -81122 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7767 ORGANIZATIONS DIRECT AND INDIRECT POLITICAL CAMPAIGN ACTIVITIES: PART I-A, LINE 1: THE COLLEGE IS A MEMBER OF THE WORK COLLEGES CONSORTIUM. EACH YEAR THE COLLEGE PAYS ASSESSMENTS TO THE CONSORTIUM TO FUND VARIOUS FUNCTIONS AS A GROUP. PART OF THE PAYMENTS INVOLVES LOBBYING BY THE WORK COLLEGE CONSORTIUM ON BEHALF OF ALL MEMBERS. FEDERAL LOBBYING EXPENSES BY THE CONSORTIUM FOR 2012-2013 WAS $7,767.22. THE PRORATED AMOUNT APPLIED TO ALICE LLOYD COLLEGE. THE CONSORTIUM IS NOT A 501(C)(3) ORGANIZATION. 28952265 712870 3232693 1045612 31852216 28203004 587410 1286013 1124162 28952265 25786632 479552 3008641 1071821 28203004 22699250 670316 3471627 1054561 25786632 24271492 429481 -2001721 22699252 0.39530 0.60470 0 0 1361015 1361015 32094192 14441025 17653167 10977854 10265410 712444 1807239 1807239 21533865 SECURITIES 39136668 F 39136668 ANNUITY AND GOV. STDN. ADVANCES 100131 ANNUITY LIABILITY 358977 459108 X 18188550 1480934 387144 1868078 16320472 0 16320472 14579505 468266 468266 14111239 0 14111239 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ALICE LLOYD PROVIDES A LIBERAL ARTS EDUCATION TO STUDENTS FROM A 108 COUNTY AREA IN APPALACHIA. A MAJORITY OF STUDENTS ATTENDING ALICE LLOYD COLLEGE ARE FIRST GENERATION STUDENTS WITH LIMITED RESOURCES TO ATTEND INSTITUTIONS OF HIGHER EDUCATION. ALICE LLOYD COLLEGE DEPENDS UPON DONATIONS AND THE ENDOWMENT TO HELP STUDENTS FINANCIALLY THROUGH THE COLLEGE LEADERSHIP SCHOLARHSIP. STUDENTS ATTENDING ALICE LLOYD COLLEGE FROM THE 108 COUNTY AREA IN APPALACHIA PAY $0 TUITION. THE COLLEGE ENDOWMENT IS USED PREDOMINANTLY TO COVER THE COST OF TUITION OF WHICH DURING FISCAL YEAR 2012-2013 WAS IN EXCESS OF $1.7 MILLION. THE ENDOWMENT ALLOWS ALICE LLOYD COLLEGE TO ASSIST STUDENTS IN MAINTAINING A LOW GRADUATION DEBT. THE LAST SEVERAL YEARS ALICE LLOYD COLLEGE HAS RANKED AT OR NEAR THE TOP NATIONALLY IN LOW STUDENT DEBT. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: 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 (OR ASSET) IF THE COLLEGE HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE, AND HAS CONCLUDED THAT AS OF JULY 31, 2013, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) 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 2009. PART XI, LINE 2D - OTHER ADJUSTMENTS: BOOKSTORE COST OF GOODS SOLD PART XII, LINE 2D - OTHER ADJUSTMENTS: BOOKSTORE COST OF GOODS SOLD CHANGE IN FAIR VALUE OF ANNUITY LIABILITY 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 COLLEGE CATALOG; PUBLISHED IN AREA NEWSPAPERS, RADIO AND TELEVISION ADVERTISEMENT; POLICIES ARE ALSO PUBLISHED AT SUMMER ORIENTATION FOR STUDENTS AND FAMILIES. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL AID FOR ITS STUDENTS UNDER TITLE IV FINANCIAL AID PROGRAMS: PELL, FCWS, SEOG, AND DIRECT LOAN FUNDS. THE COLLEGE ADHERES TO ALL POLICIES AND PROCEDURES FOR THE RECORDING AND DISBURSEMENT OF SUCH FUNDS. 1 FEDERAL PELL GRANT PROGRAM 361 1527828 FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT PROGRAM (SEOG) 50 120739 CAP 221 378712 KENTUCKY TUITION GRANT 309 849577 INSTITUTIONAL GRANTS 508 1678374 KEES 358 517867 KY DTD 11 11800 CANEY BAPTIST STUDENT MINISTRIES 1 5000 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: STUDENT FINANCIAL AID PROCEDURES TYPICALLY FOLLOWED BY COLLEGES IN THE UNITED STATES USING FAFSA AND THE COLLEGE'S FINANCIAL AID APPLICATION CRITERIA. FEDERAL GRANTS ARE SUBJECT TO THE SINGLE AUDIT ACT OF THE UNITED STATES. ALICE LLOYD COLLEGE DONATED $5,000 TO CANEY BAPTIST STUDENT MINISTRIES IN MARCH, 2013. X X 0 1 X 0 0 0 0 0 0 0 0 0 JOE STEPP 140455 0 0 0 0 0 21803 0 30965 0 193223 0 0 0 PART I, LINE 1B PAGE 7 OF THE COLLEGE EMPLOYEE HANDBOOK REGARDING TRAVEL TO PROFESSIONAL MEETINGS AND CONFERENCES APPLIES TO ALL EMPLOYEES INCLUDING ADMINISTRATION. ALL TRAVEL VOUCHERS ARE SUPPORTED BY RECEIPTS FOR EXPENDITURES AS REFERENCED ON PAGE 15 - TRAVEL ADVANCE. HOUSING IS PROVIDED TO COLLEGE FACULTY AND MOST ADMINISTRATIVE STAFF INCLUDING THE PRESIDENT AND VICE PRESIDENT FOR BUSINESS AFFAIRS AS A CONDITION OF EMPLOYMENT. PAGE 23 OF THE EMPLOYEE HANDBOOK CONTAINS THE HOUSING POLICY. SCHEDULE J - 4(B) THE BOARD OF TRUSTEES ESTABLISHED A 457(B) PLAN FOR THE PRESIDENT IN 2005 WITH AN ANNUAL CONTRIBUTION TO THE PLAN BY THE BOARD. ROBERT FINLEY - OPPENHEIMER & COMPANY BOARD MEMBER ROBERT FINLEY IS A PAID BROKER/INVESTMENT ADVISOR FOR THE COLLEGE THROUGH OPPENHEIMER & COMPANY. ROBERT FINLEY, BOARD MEMBER, IS AN EMPLOYEE OF OPPENHEIMER & COMPANY WHO HANDLES THE COLLEGE'S INVESTMENTS. 0 JAMES O STEPP EXECUTIVE VICE PRESIDENT JAMES O. STEPP RECEIVES TAXABLE COMPENSATION FROM THE COLLEGE AS THE EXECUTIVE VICE PRESIDENT AND HAS BEEN EMPLOYED WITH THE COLLEGE SINCE 1985 AND IS THE BROTHER TO THE PRESIDENT, JOE A. STEPP. W-2 WAGES FOR 2012 WERE $80,211.25. 0 X 2 115508 NYSE AND NASDAQ X 1 85000 BELOW FMV APPRAISAL 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 THE PRESIDENT JOE STEPP AND EXECUTIVE VICE-PRESIDENT ARE BROTHERS. FORM 990, PART VI, SECTION B, LINE 11 MANAGEMENT APPOINTED TO REVIEW FORM 990. THE GOVERNING BODY WILL RECEIVE A COPY OF THE FORM 990 IN DECEMBER WITH A LETTER ASKING THAT ANY QUESTIONS BE DIRECTED TO THE VICE PRESIDENT FOR BUSINESS AFFAIRS. THE 990 IS REVIEWED INTERNALLY BY THE PRESIDENT, EXECUTIVE SECRETARY, EXECUTIVE VICE PRESIDENT, VICE PRESIDENT FOR BUSINESS AFFAIRS, CONTROLLER, AND DIRECTOR OF HUMAN RESOURCES. VARIOUS PARTS ARE PREPARED AND EDITED BY THE DIRECTOR OF INSTITUTIONAL DEVELOPMENT, ACADEMIC DEAN, FINANCIAL AID DIRECTOR WITH INFORMATION FROM ALL DEPARTMENTS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS A CONFLICT OF INTEREST POLICY, AS WELL AS A CONFLICT OF INTEREST DISCLOSURE DOCUMENT THAT TRUSTEES AND EXECUTIVE DIRECTORS ARE ASKED TO SIGN, AND HAVE THEIR SIGNATURE WITNESSED EACH YEAR. THE DISCLOSURE DOCUMENT IS GIVEN TO THE TRUSTEES IN OCTOBER. THE SECRETARY TO THE PRESIDENT FOLLOWS UP WITH THOSE WHO DO NOT RETURN THEIR DOCUMENT WITHIN A REASONABLE PERIOD OF TIME. BEGINNING WITH THE JANUARY 2010 EXECUTIVE REPORT UNDER COLLEGE GOVERNANCE, THE CONFLICT OF INTEREST POLICY WILL BE REVIEWED ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENTS SALARY IS SET BY THE BOARD OF TRUSTEES, UPON THE RECOMMENDATION OF THE EXECUTIVE COMMITTEE. THE PRESIDENT MAKES A RECOMMENDATION TO THE EXECUTIVE COMMITTEE, AND BOARD, FOR PAY INCREASES FOR LINE OFFICERS AND OTHER EMPLOYEES OF THE COLLEGE. THE PRESIDENT WILL PERIODICALLY (EVERY 2-3 YEARS) REQUEST A COMPARATIVE SALARY LIST FROM THE ASSOCIATION OF INDEPENDENT KENTUCKY COLLEGES AND UNIVERSITIES (AIKCU). FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: ANNUITY PAYMENTS -81,122. THE BUSINESS AFFAIRS COMMITTEE IS APPOINTED TO REVIEW THE AUDIT. FORM 990, PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.