2013-05-10T08:31:59-05:00 2012-06-30 232932984 PARENTEBEARD LLC 1650 MARKET STREET SUITE 4500 PHILADELPHIA PA 19103 990 2011-07-01 231365953 CEDAR CREST COLLEGE CEDA 6106064666 100 COLLEGE DRIVE ALLENTOWN PA 181046196 AUDRA J KAHR 6106064666 2013-04-17 1 JULIUS GREEN CPA P00350393 2159720701 2011 2016-02-24 21:20:13Z AUDRA J KAHR 100 COLLEGE DRIVE ALLENTOWN PA 181046196 41474254 0 X WWW.CEDARCREST.EDU X 1867 PA A LIBERAL ARTS COLLEGE FOR WOMEN DEDICATED TO THE EDUCATION OF THE NEXT GENERATION OF LEADERS. 27 24 535 1 0 0 3643755 5371997 35091211 33098310 764811 780728 320834 300392 39820611 39551427 9822656 8551191 0 0 19344547 19205755 0 0 1381055 11525852 11625748 40693055 39382694 -872444 168733 61373032 60901518 26395340 26466688 34977692 34434830 X CEDAR CREST IS A LIBERAL ARTS COLLEGE FOR WOMEN DEDICATED TO THE EDUCATION OF THE NEXT GENERATION OF LEADERS. CEDAR CREST COLLEGE PREPARES WOMEN FOR LIFE IN A GLOBAL COMMUNITY BY EDUCATING THE WHOLE STUDENT. 1 0 31447723 8551191 33098310 THE COLLEGE CAMPUS, WITH 17 PRIMARY BUILDINGS, IS LOCATED IN THE WESTERN RESIDENTIAL SECTION OF THE CITY OF ALLENTOWN, PENNSYLVANIA IN THE LEHIGH VALLEY, WHICH HAS A COMBINED POPULATION OF APPROXIMATELY 640,000. THE COLLEGE IS WITHIN 55 MILES OF PHILADELPHIA AND 90 MILES OF NEW YORK CITY. THE COLLEGE SERVES APPROXIMATELY 1,700 STUDENTS AND HAS A 10:1 STUDENT-FACULTY RATIO. THE COLLEGE IS ACCREDITED BY THE MIDDLE STATES COMMISSION ON HIGHER EDUCATION.THE VISION OF A WOMEN'S COLLEGE IN ALLENTOWN, PENNSYLVANIA, CAME FIRST THROUGH THE FATHERS OF THE UNITED CHURCH OF CHRIST, WHO, IN 1867, ESTABLISHED A PROGRAM FOR THEIR DAUGHTERS TO ACHIEVE EDUCATION BEYOND HIGH SCHOOL. THE VISION WAS THEN SUPPORTED MORE THAN 100 YEARS LATER WHEN THE COLLEGE ALUMNAE CAME FORWARD WITH PASSION AND MIGHT TO DERAIL A POTENTIAL MERGER WITH A CO-ED COLLEGE.CEDAR CREST HAS BEEN A PLACE WHERE STUDENTS DEVELOP LEADERSHIP SKILLS. THROUGH ACADEMIC COURSES, STUDENT-LIFE PROGRAMMING, ATHLETICS, ACTIVITIES, AND PRE-PROFESSIONAL PRACTICES, THE COLLEGE HAS BEEN A PLACE TO GROW STUDENTS INTO LEADERS. THE WOMEN'S COLLEGE STATUS HAS ENSURED THAT STUDENTS HAVE MORE LEADERSHIP OPPORTUNITIES, MORE OF A CHANCE TO TRULY PRACTICE LEADERSHIP, AND A GREATER EXPECTATION OF LEADING PLACED UPON THEM BY FACULTY AND STAFF. IT HAS BEEN LEADERSHIP BY ABSORPTION IN SOME WAYS, AND IT HAS BEEN SUCCESSFUL. 31447723 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 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 50 0 1 535 1 0 0 0 0 0 0 0 0 0 0 X 27 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 PA X AUDRA KAHR 6106064666 100 COLLEGE DRIVE ALLENTOWN PA 181046196 SUSAN E HUDGINS 20.00 X X 0 0 0 JANE ISSACS LOW 20.00 X X 0 0 0 CARMEN TWILLIE AMBAR ESQ 40.00 X X 320552 0 56615 ROXANNE AMICO 1.00 X 0 0 0 JOHN BASSLER JR 1.00 X 0 0 0 MARY BETH BIRCHBY 1.00 X 0 0 0 TERRY CAPUANO 1.00 X 0 0 0 DR RONALD FELDMAN 1.00 X 0 0 0 SYLVIA BETZ GARDNER 1.00 X 0 0 0 PHYLLIS GRUBE 1.00 X 0 0 0 DAVID P KELLER 1.00 X 0 0 0 LUCIE LAPOVSKY PHD 1.00 X 0 0 0 VIRGINIA PITYO MIHALIK 1.00 X 0 0 0 LYNN C MINELLA 1.00 X 0 0 0 HERBERT MOREY 1.00 X 0 0 0 CYNTHIA D NEWMAN 1.00 X 0 0 0 DR LORRAINE SOISSON 1.00 X 0 0 0 KAREN WAGNER 1.00 X 0 0 0 HELENE M WHITAKER 1.00 X 0 0 0 DR BLENDA J WILSON 1.00 X 0 0 0 LINDA OLEKSIAK ZEMBRON 1.00 X 0 0 0 DAVID FINN 1.00 X 0 0 0 EDWARD L JONES JR 1.00 X 0 0 0 DR ALICE ANNE MILLER 1.00 X 0 0 0 DR ROLAND L SIGAL 1.00 X 0 0 0 DR CHARLES D SNELLING 1.00 X 0 0 0 DR ANNE OKAL WINKLER 1.00 X 0 0 0 CHERYL WENNER 40.00 X 0 0 0 KIMBERLY OWENS 40.00 X 133521 0 16981 PATRICIA MORAN 40.00 X 179283 0 20630 AUDRA KAHR 40.00 X 116282 0 16406 ELIZABETH MEADE 40.00 X 90112 0 8117 MAYNARD CRESSMAN 40.00 X 119325 0 11083 WENDY ROBB 40.00 X 120449 0 15228 CAROL PULHAM 40.00 X 105517 0 18714 JAMES WARD 40.00 X 105137 0 14068 SUZANNE WEAVER 40.00 X 104933 0 12243 BETTY POWELL 40.00 X 158944 0 19281 1554055 0 209366 10 1 1 0 PARKHURST DINING SERVICES PO BOX 644091 PITTSBURGH PA 15264 FOOD SERVICES 1150975 A & S HVAC INC 304 SMITH ROAD BATH PA 18014 A/C UNIT INSTALLATION 329124 HEALTHWORKS 400 N 17TH ST STE 207 ALLENTOWN PA 18104 STUDENT HEALTH SERVICES 220854 NCS PEARSON INC 13036 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 E-COLLEGE COURSE FEES 159268 REGIS UNIVERSITY C/O NEW VENTURES 500 EAST 84TH AVE THORTON CO 80229 ONLINE CONSORTIUM OF INDEPENDENT COLLEGE 155400 13 8850 1579846 3783301 40832 5371997 TUITION AND FEES 611600 29089842 29089842 RESIDENCE FEES 611600 1897888 1897888 DINING FEES 611600 1405869 1405869 SWIM & SAFETY PROGRAMS 611600 624680 624680 BOOKSTORE 611600 53929 53929 26102 26102 33098310 612255 612255 13936 13936 336127 96966 239161 239161 239161 1991168 1822695 168473 168473 168473 300 8850 3166 -2866 -2866 COMMISSIONS 900099 19823 19823 LOAN FEES 900099 17384 17384 FINES & CHARGES 900099 12954 12954 50161 39551427 33098310 0 1081120 8551191 8551191 1136724 426956 509855 199913 14761281 11907586 2089724 763971 404145 369533 16925 17687 1917000 1493193 297199 126608 986605 753202 163676 69727 168474 168474 102410 102410 123771 123771 1170235 658133 489773 22329 428628 43524 385104 1785593 1113987 573678 97928 159466 121325 36346 1795 1372751 938446 434305 277679 208279 42719 26681 70137 50326 12443 7368 946191 946191 2255698 1489591 766107 59409 6052 53357 AUXILIARY ENTERPRISES 1362840 1362840 RELATED PROGRAM SERVICE 797811 567850 220987 8974 MEMBERSHIP FEES 171309 50863 115336 5110 DINING SERVICES 142224 106901 30833 4490 231122 157983 44665 28474 39382694 31447723 6553916 1381055 2304709 1587780 5096464 6528074 1273577 1515053 613430 604538 59727428 33774599 26688418 25952829 20097101 19510235 4443479 4400262 855854 802747 61373032 60901518 921453 1107308 1185085 1385436 20323452 19868397 3965350 4105547 26395340 26466688 X 10513742 8234381 7398303 7386961 17065647 18813488 34977692 34434830 61373032 60901518 X 168733 -711595 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 841405 X X X X 0 19792792 398166 -204193 -922663 -123771 18940331 16117560 588407 3901173 -695066 -119282 19792792 14474384 721889 1746074 -746353 -78434 16117560 18134478 532262 -3272809 -341838 -473668 -104041 14474384 0.16000 0.84000 0.00000 1 0 739300 739300 41828508 20458073 21370435 9802851 8093138 1709713 7356769 5223388 2133381 25952829 ASSETS OF POOLED INCOME FUND 132992 F ASSETS HELD IN CHARITABLE REMAINDER 3895000 F BENEFICIAL INTEREST IN REMAINDER TRUST 372270 F 4400262 STUDENT DEPOSITS 154894 AGENCY FUNDS 74848 REFUNDABLE ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 948993 DEFERRED COMPENSATION 247975 LIABILITIES UNDER SPLIT-INTEREST AGREEMENTS 2395428 CAPITALIZED LEASE OBLIGATIONS PAYABLE 283409 4105547 39551427 39382694 168733 -975488 263893 -711595 -542862 30077362 -975488 -8474938 -9450426 39527788 123771 -100132 23639 39551427 30620224 -165042 -165042 30785266 123771 8473657 8597428 39382694 PART III, LINE 4: THE COLLEGE COLLECTIONS ARE USED FOR PUBLIC EXHIBITION, STUDENT RESEARCH AND CLASSROOM STUDY. THE COLLEGE ALSO HAS SEVERAL COLLECTIONS ON LOAN. THE COLLEGE USES THESE COLLECTIONS AS A TOOL FOR INSTRUCTION. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE INCOME GENERATED FROM THE COLLEGE'S ENDOWMENT IS MAINLY UTILIZED FOR SCHOLARSHIP AID AND FUNDING OF EDUCATIONAL PROGRAMS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD IS MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD. THE COLLEGE'S ORGANIZATION EXEMPT FROM INCOME TAX RETURNS FOR 2010, 2009, AND 2008 REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS -1,281. RECOVERY OF COST 265,174. TOTAL TO SCHEDULE D, PART XI, LINE 8: 263,893. PART XII, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCES -8,473,657. CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS -1,281. INVESTMENT FEES PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -96,966. FUNDRAISING EXPENSES -3,166. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 96,966. RECOVERY OF COSTS -265,174. FUNDRAISING EXPENSES 3,166. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCES 8,473,657. 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 THE NON-DISCRIMINATION POLICY IS LISTED ON PAGE 1 OF THE ACADEMIC CATALOG WHICH IS PROVIDED TO EACH STUDENT TO USE DURING REGISTRATION AND ADVISING. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE ADMINISTERS HRSA SDS GRANT FUNDS, NSF GRANT FUNDS, NIH GRANT FUNDS, TITLE III, AND TITLE IV GRANT & LOAN PROGRAMS, AS WELL AS STATE GRANT ASSISTANCE THROUGH PENNSYLVANIA & RECIPROCAL STATES. 1 INSTITUTIONAL & FEDERAL AID 721 8473657 STUDENT AID EXPENSE 120 77534 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ALL GRANT EXPENDITURES ARE APPROVED BY THE PROJECT INITIATOR (PI) ON EACH GRANT. THOSE EXPENDITURES ARE THEN REVIEWED FOR REASONABLENESS UNDER THE GRANT BY THE FINANCE OFFICE. UNALLOWABLE COSTS ARE NOT SUBMITTED FOR REIMBURSEMENT. ALL OTHER ALLOWABLE COSTS ARE SUBMITTED FOR REIMBURSEMENT AFTER THEY ARE REVIEWED. IN ADDITION, THE COLLEGE PREPARES QUARTERLY SUMMARIES OF GRANT FUNDS THAT ARE DISTRIBUTED TO THE PI ON EACH GRANT FOR REVIEW. X X X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 CARMEN TWILLIE AMBAR ESQ 313036 0 0 0 7516 0 20000 0 36615 0 377167 0 0 0 KIMBERLY OWENS 133274 0 0 0 247 0 0 0 16981 0 150502 0 0 0 PATRICIA MORAN 173483 0 0 0 5800 0 0 0 20630 0 199913 0 0 0 BETTY POWELL 156583 0 0 0 2361 0 0 0 19281 0 178225 0 0 0 PART I, LINE 1A THE COLLEGE PRESIDENT IS REQUIRED, AS A CONDITION OF EMPLOYMENT, TO LIVE AT THE COLLEGE'S PRESIDENTIAL RESIDENCE. THIS BENEFIT WAS NOT INCLUDED IN TAXABLE COMPENSATION AS IT QUALIFIED FOR EXCLUSION UNDER INTERNAL REVENUE CODE SECTION 119(D) INCLUDING REQUIRED AS A CONDITION OF EMPLOYMENT, FOR THE CONVENIENCE OF THE EMPLOYER AND ON OR NEAR THE CAMPUS. THE COLLEGE PROVIDES COUNTRY CLUB DUES AND A RESIDENCE HOME MANAGER FOR THE COLLEGE PRESIDENT AND A CAR ALLOWANCE FOR THE VP OF INSTITUTIONAL ADVANCEMENT. THESE BENEFITS ARE INCLUDED IN TAXABLE COMPENSATION. LEHIGH COUNTY GENERAL PURPOSE AUTHORITY 911886539 5248053G1 2006-04-01 17496547 FINANCE DANCE STUDIO & FACULTY OFFICE SPACE CONSTRUCTION, REFUND PY BONDS 0 0 0 LEHIGH COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232244109 2007-02-15 3100000 FINANCE ACQUISITION OF HAMILTON BLVD BUILDING 0 0 0 LEHIGH COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232244109 2009-08-31 1940521 FINANCE THE RENOVATION OF THE BISTRO 0 0 0 1795000 17496547 1438945 838096 15219506 2006 0 0 1 1 245840 3100000 29115 2211087 2007 0 0 1 1 239706 1940521 44950 510247 1385324 2009 0 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 X 8 40832 FMV 0 1 1 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): SCHEDULE M, PART I, COLUMN (B): THE NUMBER OF CONTRIBUTORS REPORTED IS BASED ON THE FOLLOWING: SECURITIES - NUMBER OF CONTRIBUTORS. THIRD PARTY USE: PART I, LINE 32B: THE ORGANIZATIONS USES AN INVESTMENT MANAGER TO SELL DONATIONS OF STOCK. NEW PROGRAM SERVICES FORM 990, PART III, LINE 2 THE NEW MEDIA PROGRAM ALLOWS STUDENTS TO ADAPT TO NEW TECHNOLOGY AND TRENDS WHILE STILL MAINTAINING THE TRADITIONAL SKILLS AND WORK ETHICS OF PROFESSIONAL REPORTERS, JOURNALISTS, ARTISTS AND DESIGNERS. THE NEW MEDIA STUDIES PROGRAM HELPS STUDENTS DISCOVER HOW PEOPLE EXPERIENCE AND UNDERSTAND MEDIA CONTENT, AND EXPLORE THE ROLES OF THE MEDIA IN OUR RAPIDLY EVOLVING SOCIETY. STUDENTS ALSO LEARN HOW TO ANALYZE AND CRITIQUE MEDIA TEXTS, INCLUDING THOSE IN NEWSPAPERS, MAGAZINES, FILM, ADVERTISEMENTS AND NEW MEDIA AND CREATE WRITTEN, ORAL, AND VISUAL MEDIA. FORM 990, PART VI, SECTION B, LINE 11 THE MANAGER OF ACCOUNTING COORDINATES THE PREPARATION OF THE FORM 990 BY THE COLLEGE'S ACCOUNTING FIRM. THE FORM IN ITS ENTIRETY IS REVIEWED BY THE CHIEF FINANCIAL OFFICER/TREASURER. THE FORM IS THEN PRESENTED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES & ANY QUESTIONS ARE ADDRESSED BY THE CFO. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF TRUSTEES AND MEMBERS OF COMMITTEES THEREOF ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY. THE CONFLICT OF INTEREST STATEMENTS ARE MAINTAINED AND MONITORED WITHIN THE OFFICE OF THE PRESIDENT AT THE COLLEGE. POTENTIAL CONFLICTS IDENTIFIED ARE PRESENTED TO THE CHAIR OF THE BOARD OF TRUSTEES WHO CONSULTS WITH THE PRESIDENT AND THE CHIEF FINANCIAL OFFICER AT THE COLLEGE WHO REVIEWS THE INFORMATION PROVIDED. ADDITIONAL INFORMATION IS REQUESTED WHEN NECESSARY. ALL NEW TRUSTEES ARE EVALUATED BY THE FULL BOARD OF TRUSTEES, THE PRESIDENT AND THE CFO FOR POTENTIAL CONFLICTS. ANY IDENTIFIED CONFLICTS ARE ADDRESSED IMMEDIATELY. BOARD MEMBERS WILL OBSTAIN FROM VOTING ON SUCH MATTERS IN WHICH THEY HAVE IDENTIFIED A CONFLICT. FORM 990, PART VI, SECTION B, LINE 14: THE COLLEGE IS CURRENTLY IN THE PROCESS OF DEVELOPING A RECORDS RETENTION POLICY. THEY EXPECT THIS TO BE COMPLETED DURING 2013. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE PRESIDENT WAS SET IN 2008 AFTER AN INDEPENDENT CONSULTANT, CORPORATE COMPENSATION PARTNERS, LLC, CONDUCTED A COMPENSATION STUDY, INCLUDING A REVIEW OF PEER INSTITUTIONS. THE REPORT WAS UTILIZED BY THE TRUSTEE COMPENSATION COMMITTEE IN SETTING THE SALARY FOR THE PRESIDENT. CABINET MEMBERS' COMPENSATION IS REVIEWED INTERNALLY AND COMPARED TO PEERS IN SIMILAR CATEGORIES. A FULL COMPENSATION STUDY IS NOT REQUIRED OR NECESSARY AS IN THE CASE WITH THE PRESIDENT. WHEN NATIONAL SEARCHES ARE COMPLETED, THE COLLEGE SPEAKS WITH THE CONSULTANTS AS WELL TO REVIEW SALARY REQUIREMENTS AND ENSURE THEY ARE IN LINE WITH THE GOING RATE FOR SUCH POSITION. COMPENSATION MUST BE APPROVED BY THE PRESIDENT. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC THROUGH THE FOLLOWING VEHICLES: DUN & BRADSTREET; BLOOMBERG MUNICIPAL REPOSITORY AND FT INTERACTIVE DATA ATTN: NRMSIR. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -975,488. CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS -1,281. RECOVERY OF COST 265,174. TOTAL TO FORM 990, PART XI, LINE 5: -711,595. FORM 990, PART VI, SECTION A, LINE 1A: THE EXECUTIVE COMMITTEE SHALL BE COMPRISED OF THE FOLLOWING: THE CHAIRPERSON, VICE CHAIRPERSON TO THE BOARD, PRESIDENT TO THE COLLEGE, PRESIDENT OF THE ALUMNI ASSOCIATION, AND CHAIRS OF THE FOLLOWING COMMITTEES: COMPENSATION, ACADEMIC AFFAIRS, ADVANCEMENT, ENROLLMENT MANAGEMENT AND STUDENT LIFE, FINANCE AND ENDOWMENT. IN ADDITION, THE CHAIRPERSON OF THE BOARD MAY APPOINT UP TO TWO AD HOC MEMBERS TO SERVE ON THE EXECUTIVE COMMITTEE. THE CHAIRPERSON MAY INVITE OTHER BOARD MEMBERS TO ATTEND EXECUTIVE COMMITTEE MEETINGS AS NEEDED WHEN RELEVANT EXPERTISE IS REQUIRED. THE CHAIRPERSON OF THE BOARD SHALL BE THE CHAIR OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL POSSESS AND EXERCISE ALL EXECUTIVE AND SUPERVISORY POWERS OF THE BOARD OF TRUSTEES IN THE INTERVALS BETWEEN MEETINGS OF THE BOARD, SUBJECT, HOWEVER, TO THE REGULATIONS, INSTRUCTIONS AND AUTHORIZATIONS AS MAY FROM TIME TO TIME BE MADE AND GIVEN BY THE BOARD. MEETINGS MAY BE CONVENED TO SET THE AGENDA FOR THE COMING ACADEMIC YEAR OR TO ADVISE THE PRESIDENT AND BOARD CHAIR. SPECIAL MEETINGS MAY BE CALLED BY THE CHAIRPERSON OF THE BOARD OR UPON THE REQUEST OF ANY TWO MEMBERS OF THE EXECUTIVE COMMITTEE. AT LEAST THREE (3) DAYS NOTICE OF THE CONVENING OF A SPECIAL MEETING OF THE EXECUTIVE COMMITTEE SHALL BE GIVEN BY THE SECRETARY, EXCEPT IN CASES OF EXTREME EMERGENCY. MINUTES OF THE PROCEEDINGS OF THE EXECUTIVE COMMITTEE AND A REPORT OF ITS ACTIONS SHALL BE DISTRIBUTED BY THE SECRETARY TO TRUSTEE MEMBERS IN ADVANCE OF THE NEXT CONVENED MEETING OF THE BOARD AND ACCORDING TO ESTABLISHED PROCEDURES.