2013-05-14T08:59:00-05:00 2012-06-30 420714325 MCGLADREY LLP 1185 AVENUE OF THE AMERICAS NEW YORK NY 100362602 990 2011-07-01 237227990 BROOKLYN LAW SCHOOL BROO 7186252200 250 JORALEMON STREET BROOKLYN NY 112013700 LAURIE H NEWITZ 7186252200 2013-05-14 1 MARTIN GREIF P00029738 2123721000 2011 2016-02-24 21:20:13Z JOAN G WEXLER 250 JORALEMON STREET BROOKLYN NY 112013700 191002504 0 X WWW.BROOKLAW.EDU X 1901 NY SEE SCHEDULE O FOR COMPLETE NARRATIVE 18 16 1205 1044 0 0 4921854 5190989 66990046 65285574 6167723 19167042 2775815 2979169 80855438 92622774 25896640 25630947 0 0 32570265 34010385 20000 46533 2124919 16875429 15796903 75362334 75484768 5493104 17138006 255511349 261775641 98061104 96997913 157450245 164777728 X SEE SCHEDULE O FOR COMPLETE NARRATIVE 0 0 63023303 25630947 65767769 THE EDUCATION OF STUDENTS IN PREPARATION FOR THE LEGAL PROFESSION. IN THE FALL OF ACADEMIC YEAR 2011/2012 ENROLLMENT WAS APPROXIMATELY 1,375. 63023303 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 296 0 1 1205 1 0 0 0 0 0 1 1 0 0 0 0 X 18 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X LAURIE H NEWITZ 7186252200 250 JORALEMON STREET BROOKLYN NY 11201 X STUART SUBOTNICK ESQ 1.50 X 0 0 0 HON EDWARD R KORMAN 1.00 X 0 0 0 BURNSIDE E ANDERSON III ESQ 0.30 X 0 0 0 FRANCIS J AQUILA ESQ 1.00 X 0 0 0 HON HERMAN BADILLO ESQ 0.30 X 0 0 0 DAVID M BARSE ESQ 0.80 X 0 0 0 FREDERICK COHEN ESQ 0.80 X 0 0 0 JEFFREY J FEIL ESQ 0.30 X 0 0 0 MARTIN A FISCHER ESQ 0.80 X X 0 0 0 JEFFREY D FORCHELLI ESQ 1.00 X 0 0 0 ROBERT M KAUFMAN ESQ 0.30 X 0 0 0 EILEEN T NUGENT ESQ 0.30 X 0 0 0 HON REENA RAGGI 0.30 X 0 0 0 FLORENCE SUBIN ESQ 0.30 X 0 0 0 HON RALPH K WINTER 1.00 X 0 0 0 STEVEN L ZELKOWITZ ESQ 0.80 X 0 0 0 SHANNON M HALEY ESQ 0.30 X 0 0 0 LEO KITTAY ESQ 0.30 X 0 0 0 JOAN G WEXLER ESQ 40.00 X 1209411 0 100846 MICHAEL A GERBER 40.00 X 371050 0 67551 LAURIE NEWITZ 40.00 X 271174 0 37127 BERYL R JONES-WOODIN 40.00 X 202924 0 63735 MICHAEL T CAHILL 40.00 X 189518 0 45657 HENRY W HAVERSTICK III 40.00 X 222691 0 43048 AARON TWERSKI 40.00 X 368675 0 51169 JOEL M GORA 40.00 X 281747 0 52514 ROBERTA KARMEL 40.00 X 281399 0 40898 ANITA BERNSTEIN 40.00 X 271793 0 41622 NEIL B COHEN 40.00 X 267888 0 60679 LAWRENCE M SOLAN 40.00 X 254200 0 50135 4192470 0 654981 69 1 1 0 RESTOR TECHNOLOGIES 16 NORDEN LN HUNTINGTON STATION NY 11746 STONE REPLACEMENT/REPAIR 1596694 PARIS MAINTENANCE COMPANY INCORPORATED 588 MEACHAM AVENUE ELMONT NY 11003 CLEANING SERVICES 721438 FINLAY PRINTING 44 TOBEY ROAD BLOOMFIELD CT 06002 PRINTING & DESIGN 541463 SPIEGEL CONSULTANTS LLC 104 CHARLTON STREET SUITE 1W NEW YORK NY 10014 CONTRACTOR 411020 CULIN ART 175 SUNNYSIDE BLVD PLAINVIEW NY 11803 FOOD/CATERING 323674 13 516556 5159 4669274 1101938 5190989 TUITION & FEES 900099 65179018 65179018 FINANCIAL AID PROGRAMS 900099 88589 88589 STUDENT LOAN INTEREST 900099 17967 17967 65285574 2492600 2492600 9181713 6684739 2496974 2496974 2496974 97502194 10756000 89798544 1785208 7703650 8970792 16674442 16674442 111239 516556 111239 0 RECOVERY OF BAD DEBT 900099 193277 193277 JOURNAL / PUBLICATION 900099 114558 114558 SPECIAL PROGRAMS 900099 84323 84323 90037 90037 482195 92622774 65767769 0 21664016 25630947 25630947 3122298 1913171 943007 266120 23019565 19390557 2632991 996017 2209560 1844793 302567 62200 3878716 3238395 531134 109187 1780246 1486353 243779 50114 162957 162957 95820 95820 46533 46533 382078 382078 446533 123956 301710 20867 153789 87517 33448 32824 1354832 899494 314853 140485 1202067 613942 526733 61392 2386577 2386577 255986 226770 14904 14312 833755 666555 39172 128028 4094056 3418185 560622 115249 1902263 1588227 260487 53549 323622 32557 291065 LIBRARY ACQUISTIONS/AUD 1186514 1186514 MISCELLANEOUS 438262 262672 159162 16428 SUBCRIPTIONS & PUBLICAT 171010 156106 5714 9190 MEMBERSHIPS 113442 39012 72006 2424 293340 217580 75760 75484768 63023303 10336546 2124919 1600 1600 7546946 12907113 1526166 1286400 382290 123167 408032 400524 175820086 46957994 134232324 128862092 84921789 98111756 6900845 1103143 19591357 18979846 255511349 261775641 6061823 6027972 962507 842809 82285695 80479831 8751079 9647301 98061104 96997913 X 133649420 138628812 14512412 12343144 9288413 13805772 157450245 164777728 255511349 261775641 X 17138006 -9810523 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 18000 77350 X X 0 93803704 4618824 11426408 4020245 105828691 74497250 4463795 17768679 2926020 93803704 58236720 12836051 5383548 1959069 74497250 48431267 22011434 -11193699 1012282 58236720 0.77170 0.13000 0.09830 0 0 9862360 9862360 165168862 46545149 118623713 0 711514 412845 298669 77350 77350 128862092 ACCRUED INTEREST RECEIVABLE 338890 STUDENT LOANS RECEIVABLE 2810265 ASSETS HELD BY TRUSTEE UNDER BOND INDENTURE AGREEMENT 11326252 ASSETS HELD UNDER ANNUITY AGREEMENT 1044830 DEFERRED COSTS - BOND ACQUISITION 3459609 18979846 INTEREST PAYABLE 2164244 ACCRUED POSTRETIREMENT BENEFITS PAYABLE 4547562 REFUNDABLE LOAN PROGRAM LIABILITY 2935495 9647301 92622774 75484768 17138006 -9197245 -613278 -9810523 7327483 65767005 -9197245 10400 6182700 -3004145 68771150 23851624 23851624 92622774 58439522 10400 6795978 6806378 51633144 23851624 23851624 75484768 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE LAW SCHOOL 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. ENDOWMENT ASSETS INCLUDE THOSE ASSETS OF DONOR-RESTRICTED FUNDS THAT THE LAW SCHOOL MUST HOLD IN PERPETUITY OR FOR A DONOR-SPECIFIED PERIOD(S) OR PURPOSE AS WELL AS BOARD-DESIGNATED FUNDS. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF TRUSTEES, THE OVERRIDING OBJECTIVE IS TO MAINTAIN PURCHASING POWER. NET OF SPENDING, THE OBJECTIVE IS TO GROW THE AGGREGATE PORTFOLIO VALUE AT THE RATE OF INFLATION OVER THE LAW SCHOOL'S INVESTMENT HORIZON. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -32,264. OTHER POST-RETIREMENT RELATED CHANGES OTHER THAN NET PERIODIC COSTS -581,014. TOTAL TO SCHEDULE D, PART XI, LINE 8: -613,278. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL PROPERTY EXPENSE 6,684,739. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -32,264. OTHER POST-RETIREMENT RELATED CHANGES OTHER THAN NET PERIODIC COSTS -581,014. SPECIAL EVENT EXPENSE 111,239. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP EXPENSE - NET IN REVENUE 23,851,624. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL PROPERTY EXPENSE 6,684,739. SPECIAL EVENT EXPENSE 111,239. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP EXPENSE - NET IN REVENUE 23,851,624. PART X, LINE 2 - FIN 48 DISCLOSURE: THE LAW SCHOOL FILES TAX AND INFORMATION RETURNS WITH THE INTERNAL REVENUE SERVICE AND WITH NEW YORK STATE. TAX YEARS SUBSEQUENT TO 2007 REMAIN SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT EVALUATED THE LAW SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THE LAW SCHOOL HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE LAW SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2008, WHICH IS THE STANDARD STATUTE OF LIMITATIONS LOOK-BACK PERIOD. AT JUNE 30, 2012, THE LAW SCHOOL HAS NO UNRECOGNIZED TAX BENEFITS AND HAS RECOGNIZED NO INTEREST OR PENALTIES RELATED TO TAXES DURING EITHER OF THE YEARS ENDED JUNE 30, 2012 AND 2011. 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 POLICY IS PUBLISHED ON THE BROOKLYN LAW SCHOOL WEBSITE. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 FINANCIAL AID FROM GOVERNMENT AGENCIES: 1) FEDERAL PERKINS LOAN PROGRAM 2) FEDERAL WORK STUDY PROGRAM 3) FEDERAL DIRECT LOAN PROGRAM EUROPE (INCLUDING ICELAND & GREENLAND) - 0 0 PROGRAM SERVICES INTERNATIONAL STUDY ABROAD 65184 EAST ASIA AND THE PACIFIC - 0 0 PROGRAM SERVICES INTERNATIONAL STUDY ABROAD 31724 0 0 0 0 0 0 96908 0 96908 0 0 0 0 0 0 X X X X X X X 1 PROJECTS PLUS INC 145 WEST 45TH STREET NEW YORK NY 10036 SOLICITATION FOR TICKETS TO A DINNER 0 627795 46533 581262 627795 46533 581262 DINNER 627795 516556 111239 60886 50353 627795 516556 111239 60886 50353 111239 0 1 SCHOLARSHIPS 944 23851624 FMV FELLOWSHIPS 224 567369 FMV LOAN FORGIVENESS 56 354087 FMV PRIZES AND AWARDS 100 33850 358 FMV PLAQUES, MEDALS AND LETTER OPENERS FWS - OUTSIDE MATCH 639 823659 FMV PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: BROOKLYN LAW SCHOOL DOES AWARD SCHOLARSHIPS AND FELLOWSHIPS. THESE TYPES OF ASSISTANCE ARE SET UP FOR A SPECIFIC PURPOSE AND DO NOT REQUIRE ANY PROCEDURES FOR MONITORING HOW THE FUNDS ARE USED. X X X X 1 1 X X X 0 0 0 0 0 0 0 1 0 JOAN G WEXLER ESQ 495482 0 0 0 713929 0 30625 0 70221 0 1310257 0 0 0 MICHAEL A GERBER 329836 0 0 0 41214 0 30625 0 36926 0 438601 0 0 0 LAURIE NEWITZ 265166 0 0 0 6008 0 30625 0 6502 0 308301 0 0 0 BERYL R JONES-WOODIN 198307 0 0 0 4617 0 26374 0 37361 0 266659 0 0 0 MICHAEL T CAHILL 186433 0 0 0 3085 0 24669 0 20988 0 235175 0 0 0 HENRY W HAVERSTICK III 213382 0 0 0 9309 0 27533 0 15515 0 265739 0 0 0 AARON TWERSKI 295346 0 0 0 73329 0 30625 0 20544 0 419844 0 0 0 JOEL M GORA 244301 0 0 0 37446 0 30625 0 21889 0 334261 0 0 0 ROBERTA KARMEL 245135 0 0 0 36264 0 30625 0 10273 0 322297 0 0 0 ANITA BERNSTEIN 250818 0 0 0 20975 0 30625 0 10997 0 313415 0 0 0 NEIL B COHEN 239332 0 0 0 28556 0 30625 0 30054 0 328567 0 0 0 LAWRENCE M SOLAN 218557 0 0 0 35643 0 28608 0 21527 0 304335 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS: A. REIMBURSEMENT OF TRAVEL EXPENSES FOR A COMPANION WHICH OCCURS OCCASIONALLY IS PAID ONLY IF THE TRAVEL EXPENSE QUALIFIES AS A NONTAXABLE WORKING CONDITION FRINGE BENEFIT. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: B. AS A CONDITION OF EMPLOYMENT, THE PRESIDENT IS REQUIRED TO HAVE A HOME ON THE LAW SCHOOL'S CAMPUS WHICH IS FURNISHED AND MAINTAINED AT THE LAW SCHOOL'S EXPENSE. PERSONAL SERVICE: C. THE LAW SCHOOL ALSO PROVIDES A CAR AND A DRIVER TO BE USED BY THE PRESIDENT IN CONNECTION WITH HER DUTIES. THE PRESIDENT IS RESPONSIBLE FOR ANY PERSONAL USE OF THE CAR, DRIVER AND OTHER PERSONAL EXPENSE. SUPPLEMENTAL INFORMATION PART III PART I, LINE 1A & 7: INCOME REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III) FOR PRESIDENT WEXLER INCLUDES $648,684 WHICH REPRESENTS THE VALUATION OF THE LIFE ESTATE OF $369,750 AND RELATED TAX GROSS-UP OF $278,934 FOR THE CONTINUED USE OF THE APARTMENT AT 205 STATE STREET SUBSEQUENT TO HER TENURE AS PRESIDENT OF THE LAW SCHOOL. IN AN AGREEMENT ENTERED INTO IN DECEMBER, 2011, THE LAW SCHOOL AGREED TO ALLOW PRESIDENT WEXLER TO OCCUPY THE APARTMENT FOR THE DURATION OF HER LIFETIME. DORMITORY AUTHORITY OF THE STATE OF NEW YORK 146000293 64983UUY4 2003-08-20 91001641 TO REDEEM 1991 SERIES AND FUND COST OF CONSTRUCTION 0 0 0 DORMITORY AUTHORITY OF THE STATE OF NEW YORK 146000293 649905MZ6 2009-07-22 22195460 REDEEM 2003 SERIES C 0 0 0 31380000 91014328 4979234 5528845 1095136 3876264 62573430 642896 2006 1 0 1 1 22195460 2237304 442227 4999 261093 2006 1 0 1 1 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 SCHEDULE K, PART II, LINE 3 DIFFERENCE REPRESENTS EARNINGS SCHEDULE K, PART IV, LINE 1 WE HAVE NOT BEEN REQUIRED TO FILE BECAUSE WE HAVE HAD NO REBATABLE ARBITRAGE. JOSHUA GERBER FAMILY MEMBER OF INTERIM DEAN MICHAEL GERBER 33700 SCHOLARSHIP BENJAMIN KORMAN FAMILY MEMBER OF EDWARD R. KORMAN, TRUSTEE 31106 EMPLOYEE COMPENSATION 0 STUART SUBOTNICK CHAIRMAN OF THE BOARD OF TRUSTEES 249685 REMITTANCE TO ENERGY SERVICES COMPANY WHERE HE IS AN OFFICER. 0 X 1 18000 APPRAISAL X 12 1083938 FMV 1 0 1 0 DESCRIPTION OF ORGANIZATION MISSION: FORM 990, PART I, LINE 1 THE FUNDAMENTAL MISSION OF BROOKLYN LAW SCHOOL IS TO PROVIDE ITS STUDENTS WITH THE KNOWLEDGE, SKILLS, AND ETHICAL VALUES NEEDED FOR A CAREER IN THE LAW. NUMBER OF VOLUNTEERS: FORM 990, PART I, LINE 6 200 CAREER CENTER PROGRAMS & MENTORS 65 LAW FIRM CHALLENGE REP.'S 276 ALUMNI 75 PRESIDENT'S ADVISORY COUNCIL/BOARD OF TRUSTEES 103 STUDENTS 325 SYMPOSIA/EVENTS/OTHER DESCRIPTION OF ORGANIZATION MISSION: FORM 990, PART III, LINE 1 THE FUNDAMENTAL MISSION OF BROOKLYN LAW SCHOOL IS TO PROVIDE ITS STUDENTS WITH THE KNOWLEDGE, SKILLS, AND ETHICAL VALUES NEEDED FOR A CAREER IN THE LAW. A WELL-ROUNDED LEGAL EDUCATION EXPOSES STUDENTS TO THEORY AND LEGAL DOCTRINE, AND GIVES THEM THE PRACTICAL SKILLS THAT WILL BE EXPECTED OF THEM AS LAWYERS. IN ORDER TO ACHIEVE ITS MISSION, THE LAW SCHOOL HAS CREATED, AND IS CONTINUING TO CREATE, A COMMUNITY OF OUTSTANDING LEGAL SCHOLARS AND TEACHERS AND STUDENTS WHO ARE AMONG THE BEST AND THE BRIGHTEST. BROOKLYN LAW SCHOOL IS DEDICATED TO CONTRIBUTING TO THE ADVANCEMENT OF OUR UNDERSTANDING OF LAW, LEGAL INSTITUTIONS, AND SOCIETY AT LARGE. BROOKLYN LAW SCHOOL'S FACULTY PRODUCES AN IMPRESSIVE BODY OF WORK, INCLUDING CASEBOOKS, TREATISES, AND ARTICLES IN DISTINGUISHED LAW JOURNALS. THE FACULTY'S STATURE HAS GREATLY ENHANCED THE LAW SCHOOL'S REPUTATION THROUGHOUT THE UNITED STATES AND ABROAD. BROOKLYN LAW SCHOOL BOASTS MORE THAN A CENTURY OF EXPERIENCE IN TRAINING STUDENTS TO ENGAGE IN THE PRACTICE OF LAW. FORM 990, PART VI, SECTION B, LINE 11 A DRAFT OF THE FORM 990 SHALL BE DISTRIBUTED BY THE CHIEF FINANCIAL OFFICER TO THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES FOR REVIEW PRIOR TO BEING SUBMITTED TO THE IRS. THE DRAFT FORM 990 SHALL BE DISTRIBUTED EARLY ENOUGH TO PROVIDE EACH FINANCE COMMITTEE MEMBER WITH A REASONABLE AMOUNT OF TIME FOR REVIEW AND SUBMISSION OF QUESTIONS OR COMMENTS PRIOR TO THE FILING DEADLINE. THE FINAL FORM 990 SHALL BE DISTRIBUTED TO EACH BOARD MEMBER PRIOR TO BEING FILED WITH THE IRS. THE DRAFT AND FINAL FORM 990 MAY BE DISTRIBUTED IN PERSON, BY REGULAR MAIL, E-MAIL, OR FAX. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY AND PROCEDURES IS DESIGNED TO ENSURE THAT WHENEVER A MATTER IS DISCUSSED OR A DECISION IS MADE BY THE LAW SCHOOL'S GOVERNING BOARD OR COMMITTEE, BOARD AND COMMITTEE MEMBERS FIRST ARE MADE AWARE OF THE EXISTENCE OF ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST. THE POLICY ALSO REQUIRES THE LAW SCHOOL TO GATHER INFORMATION ABOUT SUCH CONFLICTS. THIS IS DONE BY REQUIRING EACH BOARD MEMBER, OFFICER, AND KEY EMPLOYEE AND ANY OTHER PERSON WHO REGULARLY ATTENDS THE LAW SCHOOL BOARD AND COMMITTEE MEETINGS TO COMPLETE AND FILE A CONFLICT OF INTEREST DISCLOSURE STATEMENT BEFORE SERVING ON THE LAW SCHOOL BOARD OR ANY COMMITTEE. THE DISCLOSURE STATEMENT REQUIRES EACH BOARD MEMBER, OFFICER, OR KEY EMPLOYEE TO DISCLOSE ANY BUSINESS OR PERSONAL INTERESTS, DIRECT OR INDIRECT, THAT THE PERSON MAY HAVE IN ANY ENTITY THAT DOES BUSINESS WITH THE LAW SCHOOL. THE POLICY AND THE DISCLOSURE STATEMENT CONTAIN THE INFORMATION AND DEFINITIONS EACH PERSON WILL NEED TO PROPERLY COMPLETE HIS OR HER PERSONAL DISCLOSURE STATEMENT. THE PROCEDURES ARE PERFORMED ANNUALLY. EACH TRUSTEE, OFFICER, KEY EMPLOYEE, AND MEMBER OF A COMMITTEE WITH BOARD DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THAT SUCH PERSON-- A. HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY AND PROCEDURES, B. HAS READ AND UNDERSTANDS THE POLICY, C. HAS AGREED TO COMPLY WITH THE POLICY, D. UNDERSTANDS THAT THE LAW SCHOOL IS A TAX-EXEMPT ORGANIZATION AND THAT IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION, IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMPENSATION POLICY IS INTENDED TO COMPLY WITH IRS FORM 990 REPORTING AND APPLIES TO THE "COMPENSATION" OF BROOKLYN LAW SCHOOL'S "KEY EMPLOYEES" AND "OFFICERS". (A) REVIEW AND APPROVAL BY THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES: THE COMPENSATION OF ANY KEY EMPLOYEE OR OFFICER THAT FULFILLS THE CRITERIA DEFINED IN THIS POLICY SHALL BE REVIEWED AND APPROVED BY THE FINANCE COMMITTEE, PROVIDED THAT ANY PERSONS WITH CONFLICTS OF INTEREST SHALL NOT BE INVOLVED IN THE REVIEW AND APPROVAL OF THE COMPENSATION ARRANGEMENT. (1) APPLICABLE CONFLICT OF INTEREST POLICY PROVISIONS. PURSUANT TO BROOKLYN LAW SCHOOL'S CONFLICT OF INTEREST POLICY AND PROCEDURES, THE FOLLOWING RESTRICTIONS APPLY WITH RESPECT TO THE INDIVIDUALS WHO MAY REVIEW AND APPROVE EXECUTIVE COMPENSATION ARRANGEMENTS: A) A VOTING MEMBER OF THE BOARD OF TRUSTEES WHO RECEIVES COMPENSATION FOR SERVICES FROM BROOKLYN LAW SCHOOL, WHETHER DIRECTLY OR INDIRECTLY, AND ANY OTHER TRUSTEE WHO IS THAT VOTING MEMBER'S "IMMEDIATE FAMILY MEMBER," IS PRECLUDED FROM VOTING ON MATTERS PERTAINING TO THAT MEMBER'S COMPENSATION, OR THE COMPENSATION OF ANY OTHER MEMBER OF THE "INDEPENDENT EVALUATION COMMITTEE," OR ANY TRANSACTION WITH A BUSINESS IN WHICH EITHER THE MEMBER OR ANY OTHER MEMBER OF THE INDEPENDENT EVALUATION COMMITTEE HOLDS A "FINANCIAL INTEREST." B) A VOTING MEMBER OF ANY COMMITTEE WHOSE JURISDICTION INCLUDES COMPENSATION MATTERS AND WHO RECEIVES COMPENSATION FROM THE ORGANIZATION FOR SERVICES, WHETHER DIRECTLY OR INDIRECTLY, IS PRECLUDED FROM VOTING ON MATTERS PERTAINING TO HIS/HER COMPENSATION OR THE COMPENSATION OF ANY MORE SENIOR STAFF EXECUTIVE OF BROOKLYN LAW SCHOOL. (B) USE OF DATA FOR COMPARABLE COMPENSATION: PRIOR TO APPROVING THE COMPENSATION OF ANY KEY EMPLOYEE OR OFFICER, THE FINANCE COMMITTEE SHALL REVIEW AND EVALUATE HIS OR HER COMPENSATION USING DATA FOR COMPARING COMPENSATION OF SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED EDUCATIONAL INSTITUTIONS. (C) CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING: THE FINANCE COMMITTEE SHALL CONTEMPORANEOUSLY DOCUMENT AND MAINTAIN RECORDS OF ITS DELIBERATIONS AND DECISIONS REGARDING SUCH COMPENSATION ARRANGEMENTS. FORM 990, PART VI, SECTION C, LINE 19 THE LAW SCHOOL MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC UPON REQUEST. REPORTABLE COMPENSATION FORM 990, PART VII, SECTION A THE ORGANIZATION, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN PART VII, COLUMN F AND NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -9,197,245. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -32,264. OTHER POST-RETIREMENT RELATED CHANGES OTHER THAN NET PERIODIC COSTS -581,014. TOTAL TO FORM 990, PART XI, LINE 5: -9,810,523.