2013-05-14T11:49:55-05:00 2012-06-30 MALONEY NOVOTNY LLC 1111 SUPERIOR AVENUE SUITE 700 CLEVELAND OH 44114 990 2011-07-01 340714363 OBERLIN COLLEGE % MARK R BATES OBER 4407755350 173 WEST LORAIN ST CONTROLLERS OF OBERLIN OH 44074 MARK R BATES 2013-05-13 true CHRISTOPHER B ANDERSON 2163630100 2011 2016-02-24 21:20:13Z RONALD R WATTS VP FOR FINANCE 173 WEST LORAIN STREET OBERLIN OH 44074 245163386 false X WWW.OBERLIN.EDU X 1834 OH OBERLIN COLLEGE IS A LIBERAL ARTS COLLEGE AND A CONSERVATORY OF MUSIC THAT EXISTS TO ACHIEVE - AND TO ENABLE ITS STUDENTS AND FACULTY TO ACHIEVE - ACADEMIC, ARTISTIC, AND MUSICAL EXCELLENCE. 33 31 4040 50 -820057 -820057 34010388 30469239 154445002 160771065 104332428 32173136 0 0 292787818 223413440 51909294 52619332 0 0 86140967 89808566 0 0 7030323 69417178 74719194 207467439 217147092 85320379 6266348 1091985410 1079429732 231610067 255191704 860375343 824238028 X OBERLIN COLLEGE IS A LIBERAL ARTS COLLEGE AND A CONSERVATORY OF MUSIC THAT EXISTS TO ACHIEVE - AND TO ENABLE ITS STUDENTS AND FACULTY TO ACHIEVE - ACADEMIC, ARTISTIC, AND MUSICAL EXCELLENCE. OBERLIN'S MISSION IS TO: - GRADUATE LIBERAL ARTS AND CONSERVATORY STUDENTS WHO HAVE LEARNED TO THINK WITH INTELLECTUAL RIGOR, CREATIVITY, AND INDEPENDENCE; - PROVIDE THE HIGHEST LEVEL OF CONSERVATORY EDUCATION TO EXCEPTIONALLY TALENTED YOUNG MUSICIANS; - OFFER SUPERB LIBERAL EDUCATION ACROSS THE ARTS AND SCIENCES, IN THE HUMANITIES, NATURAL AND SOCIAL SCIENCES, AND THE ARTS; - OPEN THE WORLD TO ITS STUDENTS AND DEVELOP IN THEM THE SKILLS AND KNOWLEDGE THEY WILL NEED TO ENGAGE WITH AND NAVIGATE IN HIGHLY DIVERSE COMMUNITIES AND IN A GLOBAL SOCIETY; - NURTURE STUDENTS' CREATIVITY BY PROVIDING RICH CURRICULAR AND CO-CURRICULAR OPPORTUNITIES FOR STUDYING AND MAKING ART AND MUSIC; - HELP STUDENTS CLARIFY AND INTEGRATE THEIR INTELLECTUAL STRENGTHS AND INTERESTS, SOCIAL COMMITMENTS, AND VOCATIONAL ASPIRAT false false 199481046 52619332 157368933 OBERLIN COLLEGE IS A LIBERAL ARTS INSTITUTION MADE UP OF THE COLLEGE OF ARTS AND SCIENCES AND THE CONSERVATORY OF MUSIC. THE COLLEGE SERVES 2,843 FULL-TIME EQUIVALENT UNDERGRADUATE STUDENTS, AWARDING SCHOLARSHIPS TO 2,716 OF THEM. THE AVERAGE STUDENT RECEIVES $19,374 IN FINANCIAL AID. THE COLLEGE IS ESSENTIALLY RESIDENTIAL IN NATURE WITH 2,804 FULL-TIME BOARDS AND 2,518 FULL-TIME RESIDENTS. THE BALANCE OF THE STUDENT BODY IS HOUSED IN PRIVATE OFF-CAMPUS HOUSING WITHIN THE CITY OF OBERLIN, OHIO. 199481046 true true false false false false true true true true true false false true true false true true true true false true false false false false false true true true false false false false false false true false true true true true false false false true true true false false true 593 0 true 4040 true true true true UK IT false false false false false false false false X 33 31 true false false false false false false true true false false true true true true true true true true true false OH X MARK R BATES 4407755350 173 WEST LORAIN STREET OBERLIN OH 44074 Clyde McGregor 16.0 X 0 0 0 Neil S Barsky 2.0 X 0 0 0 Amy Chen 2.0 X 0 0 0 Motoko T Deane 2.0 X 0 0 0 Thomas F Cooper 8.0 X 0 0 0 Karen Gebhart Flint 2.0 X 0 0 0 Karen Florini 2.0 X 0 0 0 Jacob A Gayle 2.0 X 0 0 0 Alan W Houseman 2.0 X 0 0 0 Edith W Clowes 2.0 X 0 0 0 Hidong Kim 2.0 X 0 0 0 Stewart Kohl 2.0 X 0 0 0 Thomas 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1807954 164527046 52620046 52620046 217147092 FINANCIAL STATEMENT FOOTNOTE REGARDING ART COLLECTION, PART III, LINE 1A: THE COLLEGE HAS ELECTED NOT TO CAPITALIZE CONTRIBUTED COLLECTIONS. ALL WORKS OF ART AND COLLECTIONS ARE HELD FOR PUBLIC EXHIBITION, EDUCATION OR RESEARCH; ARE PROTECTED, KEPT UNENCUMBERED, CARED FOR, AND PRESERVED; AND ARE SUBJECT TO POLICIES GOVERNING THEIR USE. RECOGNIZING WORKS OF ART AS AN ASSET OF THE INSTITUTION WOULD RESULT IN A MATERIAL INCREASE IN PROPERTY, PLANT AND EQUIPMENT AND A CORRESPONDING INCREASE IN NET ASSETS IN THE STATEMENTS OF FINANCIAL POSITION. DESCRIPTION OF ART COLLECTION, PART III, LINE 4: The Allen Memorial Art Museum (AMAM) is one of the finest college or university collections in the United States. Comprising nearly 14,000 works of art from virtually every culture and spanning the history of art, the AMAM's collection is a vital cultural resource for the students, faculty, and staff of Oberlin College as well as the surrounding community. The museum organizes a variety of public programs in connection with exhibitions for Oberlin College and the local community. The Museum offers educational resources for Oberlin College faculty and students as well as other colleges and universities, K-12 teachers, children, and families. CUSTODIAL FUNDS, PART IV, LINE 2B: IN ADDITION TO FUNDS FROM STUDENT ORGANIZATIONS, THE COLLEGE MAINTAINS AGENCY FUNDS FOR VARIOUS PURPOSES INCLUDING FELLOWSHIPS FUNDED BY OUTSIDE FOUNDATIONS. INTENDED USE OF ENDOWMENT FUNDS, PART V, LINE 4: OBERLIN COLLEGE'S ENDOWMENT SPENDING POLICY IS SET BY THE COLLEGE'S BOARD OF TRUSTEES. THE BOARD OF TRUSTEES TAKES GREAT CARE IN DEVELOPING THE BROAD OBJECTIVES AND SPECIFIC SPENDING METHODOLOGY, GIVING CONSIDERATION TO A NUMBER OF FACTORS, INCLUDING PRESERVATION OF THE COLLEGE'S ENDOWMENT FOR PERPETUITY, ECONOMIC CONDITIONS AND THE POSSIBLE IMPACT OF INFLATION AND DEFLATION, THE COLLEGE'S HISTORICAL TOTAL RETURN ON ENDOWMENT, THE EXPECTED TOTAL RETURNS AND THE RELATED INVESTMENT POLICIES AND TARGETED ALLOCATIONS TO ACHIEVE THE EXPECTED RETURNS, AND THE OTHER FINANCIAL RESOURCES OF THE COLLEGE. THE BROAD OBJECTIVES OF THE ENDOWMENT SPENDING POLICY ARE TO INCREASE THE REAL VALUE OF THE ENDOWMENT, TO PROVIDE A DEPENDABLE STREAM OF CURRENT EARNINGS DISTRIBUTION FROM THE ENDOWMENT POOL TO THE COLLEGE, TO RELEASE EARNINGS AT A RATE SUSTAINABLE OVER THE LONG TERM, AND TO SEEK TO PROVIDE PREDICTABILITY AND STABILITY OF ENDOWMENT SPENDING ESSENTIAL FOR LONG-RANGE PLANNING. FIN 48 (ASC 740) FOOTNOTE, PART X, LINE 2: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(c)(3). THE COLLEGE GENERATES MINOR AMOUNTS OF UNRELATED BUSINESS INCOME, ANNUALLY FILES FORM 990-T AND PAYS TAXES ON SUCH INCOME. THE COLLEGE RECOGNIZES THE TAX BENEFIT FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE COLLEGE, THE CONTINUED TAX-EXEMPT STATUS OF BONDS ISSUED BY THE COLLEGE AND VARIOUS POSITIONS RELATED TO POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME. THE COLLEGE BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AND, AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. AS OF JUNE 30, 2012, THE COLLEGE'S INCOME TAX YEARS FROM 2008 AND THEREAFTER REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES. OTHER CHANGES IN NET ASSETS, PART XI, LINE 8: CHANGE IN INTEREST RATE SWAP LIABILITY: ($8,748,648); POST-RETIREMENT BENEFIT OBLIGATION ADJUSTMENT: ($1,807,954); TOTAL ADJUSTMENT: ($10,556,602) OTHER CHANGES IN REVENUE, PART XII, LINE 2D: CHANGE IN INTEREST RATE SWAP LIABILITY: ($8,748,648); ADJUSTMENT TO FINANCIAL STATEMENT AMOUNTS WHICH WERE ROUNDED TO THE NEAREST THOUSAND DOLLARS: ($399); TOTAL ADJUSTMENT: ($8,749,047) OTHER CHANGES IN REVENUE, PART XII, LINE 4B: STUDENT FINANCIAL AID, WHICH WAS SHOWN AS A REDUCTION OF TUITION REVENUE ON FINANCIAL STATEMENTS BUT AS AN EXPENSE IN PART IX OF FORM 990: $52,619,332 OTHER CHANGES IN EXPENSES, PART XIII, LINE 2D: POST-RETIREMENT BENEFIT OBLIGATION ADJUSTMENT: $1,807,954 OTHER CHANGES IN EXPENSES, PART XIII, LINE 4B: STUDENT FINANCIAL AID, WHICH WAS SHOWN AS A REDUCTION OF TUITION REVENUE ON FINANCIAL STATEMENTS BUT AS AN EXPENSE IN PART IX OF FORM 990: $52,619,332; ADJUSTMENT TO FINANCIAL STATEMENT AMOUNTS WHICH WERE ROUNDED TO THE NEAREST THOUSAND DOLLARS: $714; TOTAL ADJUSTMENT: $52,620,046 true true true true true true true false false false false false false false false true false true PUBLICATION OF RACIALLY NONDISCRIMINATORY POLICY, LINE 3: THE COLLEGE PUBLISHES ITS RACIALLY NONDISCRIMINATORY POLICY THROUGH NEWSPAPER ADVERTISING, THE COLLEGE COURSE CATALOG, THE STUDENT REGULATIONS, POLICIES AND PROCEDURES PUBLICATION, AND EMPLOYEE HANDBOOKS. THE COLLEGE FOLLOWS A VOLUNTARY AFFIRMATIVE ACTION PLAN. FINANCIAL AID FROM A GOVERNMENTAL AGENCY, LINE 6B: OBERLIN COLLEGE PARTICIPATES IN VARIOUS STUDENT FINANCIAL AID PROGRAMS FROM THE U.S. DEPARTMENT OF EDUCATION, INCLUDING THE FOLLOWING PROGRAMS: PELL GRANTS, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS, PERKINS LOANS, AND COLLEGE WORK STUDY PROGRAMS. true Central America and the Caribbean Investments 272587831 Europe (Including Iceland and Greenland) Investments 7145919 Central America and the Caribbean 0 0 Program Services STUDY ABROAD PROGRAMS 127500 East Asia and the Pacific 0 0 Program Services STUDY ABROAD PROGRAMS 467438 Europe (Including Iceland and Greenland) 2 0 Program Services STUDY ABROAD PROGRAMS 1994822 Middle East and North Africa 0 0 Program Services STUDY ABROAD PROGRAMS 74038 North America 0 0 Program Services STUDY ABROAD PROGRAMS 27196 Russia and the Newly Independent States 0 0 Program Services STUDY ABROAD PROGRAMS 36738 South America 0 0 Program Services STUDY ABROAD PROGRAMS 329720 South Asia 0 0 Program Services STUDY ABROAD PROGRAMS 117759 Sub-Saharan Africa 0 0 Program Services STUDY ABROAD PROGRAMS 146783 2 0 2 0 283055744 283055744 SCHOLARSHIPS Cent. America/Caribbean 6 57965 CRED.TO ACCT SCHOLARSHIPS East Asia/Pacific 19 231401 CRED.TO ACCT SCHOLARSHIPS Europe/Iceland/Greenland 86 751146 CRED.TO ACCT SCHOLARSHIPS Middle East/North Africa 6 50832 CRED.TO ACCT SCHOLARSHIPS North America 1 14566 CRED.TO ACCT SCHOLARSHIPS Russia 1 3500 CRED.TO ACCT SCHOLARSHIPS South America 20 165606 CRED.TO ACCT SCHOLARSHIPS South Asia 4 40027 CRED.TO ACCT SCHOLARSHIPS Sub-Saharan Africa 7 66758 CRED.TO ACCT true false true true true false MONITORING USE OF GRANT FUNDS, PART I, LINE 2: THE COLLEGE ENSURES THAT ITS GRANTS ARE USED FOR EDUCATIONAL PURPOSES BY APPLYING THE FINANCIAL AID AWARDS DIRECTLY TO THE STUDENTS' ACCOUNTS FOR THOSE STUDENTS THAT STUDY ABROAD IN THE COLLEGE'S LONDON AND ITALY PROGRAMS. true SCHOLARSHIPS 2716 51237531 MONITORING USE OF GRANT FUNDS, PART I, LINE 2: THE COLLEGE ENSURES THAT ITS GRANTS OF STUDENT FINANCIAL AID ARE USED FOR THE INTENDED EDUCATIONAL PURPOSES BY APPLYING THE AWARDS DIRECTLY TO THE STUDENTS' TUITION BALANCES INSTEAD OF ISSUING CHECKS. X true true X X X X false false false false false false false false false Marvin Krislov 339998 0 0 0 0 0 113448 0 32172 0 485618 0 0 0 Ronald R Watts 261924 0 0 0 0 0 37313 0 37744 0 336981 0 0 0 Marcia E Miller 211435 0 0 0 0 0 27500 0 9477 0 248412 0 0 0 Mark R Bates 155582 0 0 0 0 0 19412 0 18907 0 193901 0 0 0 David H Stull 255761 0 0 0 0 0 105365 0 14168 0 375294 0 0 0 Sean M Decatur 219342 0 0 0 0 0 21395 0 14046 0 254783 0 0 0 Sandhya L Subramanian 170455 0 0 0 0 0 17650 0 5411 0 193516 0 0 0 William E Barlow 202083 0 0 0 0 0 29808 0 1449 0 233340 0 0 0 Debra J Chermonte 169121 0 0 0 0 0 21397 0 4262 0 194780 0 0 0 David W Orr 201533 0 0 0 0 0 30647 0 9764 0 241944 0 0 0 Harry N Hirsch 170141 0 0 0 0 0 26056 0 4269 0 200466 0 0 0 Michael M Nolan 166839 0 0 0 0 0 24936 0 969 0 192744 0 0 0 Clayton R Koppes 166202 0 0 0 0 0 25105 0 4241 0 195548 0 0 0 John E Bucher 159874 0 0 0 0 0 25153 0 9006 0 194033 0 0 0 EXPLANATION OF BENEFITS, PART I, LINE 1A: THE COLLEGE REQUIRES ITS PRESIDENT, MARVIN KRISLOV, TO LIVE ON-CAMPUS AND ACCORDINGLY HAS PROVIDED SUITABLE HOUSING FOR HIM. THE PRESIDENT'S HOME IS USED SUBSTANTIALLY FOR COLLEGE BUSINESS INCLUDING MEETINGS WITH STAFF AND STUDENTS, MEETINGS WITH ALUMNI AND DONORS, AND OTHER COLLEGE-RELATED MATTERS. THE COLLEGE DOES NOT TREAT THE VALUE OF THE HOUSING PROVIDED AS TAXABLE COMPENSATION TO THE PRESIDENT. OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 346846974 67756BJN1 2003-09-24 39842601 EDUCATIONAL FACILITIES false false false OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 346846974 67756BVH0 2008-04-18 40000000 EDUCATIONAL FACILITIES false false false OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 346849674 67756AP55 2009-10-01 78715883 EDUCATIONAL FACILITIES false false false 0 0 41698632 0 0 11690107 399057 0 0 29609468 0 0 2008 true false true true 0 0 40492978 0 0 0 427971 0 0 40065007 0 0 2011 false false true true 0 0 78715833 0 0 78007349 708534 0 0 0 0 0 2009 true false true true false false true true false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false true true false 0.00000 0.00000 0.00000 true true false true MORGAN STANLEY 28. false false false 0 false false false true true MORGAN STANLEY 40. false false false 0 false false false false false 0 false 0 false false 11000 MERIT AID STEWART KOHL TRUSTEE 13418970 INVESTMENT IN RIVERSIDE false THOMAS COOPER TRUSTEE 7941378 INVESTMENT IN GMO false RENEE ROMANO SPOUSE OF OFFICER 91502 PAYROLL false JESSICA DOWNS SPOUSE OF OFFICER 42688 PAYROLL false X 37 972450 APPRAISAL X 113 5686659 FMV X MUSICAL INSTRUMENTS 5 300800 COST/APPRAISAL 0 false true true USE OF THIRD PARTIES, PART I, LINE 32B: THE COLLEGE UTILIZES A SECURITIES BROKER TO SELL CERTAIN DONATED SECURITIES. THE FEES CHARGED BY THE BROKER ARE AT OR BELOW FAIR MARKET VALUE. REPORTABLE RELATIONSHIPS, FORM 990, PART VI, LINE 2: CHESLEY MADDOX-DORSEY, TRUSTEE, AND KOFI LOMOTEY, TRUSTEE, HAVE A FAMILY RELATIONSHIP. FORM 990 REVIEW, FORM 990, PART VI, LINE 11B: THE BOARD OF TRUSTEES DELEGATED THE TASK OF REVIEWING FORM 990 TO THE AUDIT COMMITTEE, PURSUANT TO THE COLLEGE'S BY-LAWS AND APPROVED VIA A VOTE OF THE ENTIRE BOARD. AN ELECTRONIC DRAFT COPY OF FORM 990 WAS PROVIDED TO THE AUDIT COMMITTEE IN ADVANCE OF ITS MEETING ON MAY 1, 2013, FOR REVIEW. FOLLOWING THE REVIEW WITH THE OUTSIDE PUBLIC ACCOUNTING FIRM, THE AUDIT COMMITTEE APPROVED FORM 990. AS AN ADDITIONAL LEVEL OF REVIEW AND APPROVAL, THE AUDIT COMMITTEE'S APPROVAL WAS DISCUSSED AT THE EXECUTIVE COMMITTEE MEETING ON MAY 3, 2013, AND THE APPROVAL PROCESS WAS RATIFIED. MONITORING AND ENFORCEMENT OF CONFLICT POLICY, FORM 990, PART VI, LINE 12C: All officers, trustees, directors, and key employees are required to disclose at least annually, and within thirty days after a material change, any relationships, positions, or circumstances that they believe could contribute to a conflict of interest, via a disclosure form that is circulated, along with the College's conflict of interest policy, to all such individuals. The General Counsel and Secretary of the College reviews and analyzes any conflicts and maintains copies of disclosure statements. Violations of the conflict of interest policy are communicated to the chair of the audit committee and the controller of the College, investigated by the College, and promptly corrected, including, where applicable, disciplinary action, up to the individual's removal from his or her position. COMPENSATION REVIEW AND APPROVAL, FORM 990, PART VI, LINE 15: Pursuant to the College's by-laws, approved via a vote of the full board, the compensation arrangements for the President and officers and key employees are approved in advance through the following process. The Compensation Subcommittee of the Board's Executive Committee organizes and conducts the review of the President as the College's Chief Executive Officer, and makes recommendations to the Executive Committee and the Board concerning the compensation of the President and officers and key employees. The Compensation Subcommittee consists of Trustees without a conflict of interest with respect to the compensation arrangement. In formulating its recommendations, the Compensation Subcommittee obtains and relies upon comparability data regarding the compensation of the President and officers and key employees at similarly situated private colleges and universities. The Subcommittee presents to the Executive Committee its written report and recommendations. The Executive Committee may approve the Subcommittee's report and recommendations or act otherwise, and the Executive Committee's action is then presented to the full Board in executive session for ratification. A written report of the approved compensation determination and the basis for that determination is subsequently filed and preserved with the College's General Counsel and Secretary. AVAILABILITY OF DOCUMENTS, FORM 990, PART VI, LINE 19: THE COLLEGE MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. ITS AUDITED FINANCIAL STATEMENTS ARE POSTED ON ITS WEB SITE. THE COLLEGE DOES NOT MAKE ITS CONFLICT POLICY AVAILABLE TO THE PUBLIC. OTHER CHANGES IN NET ASSETS, FORM 990, PART XI, LINE 5: UNREALIZED LOSS ON INVESTMENTS: ($31,847,061); CHANGE IN INTEREST RATE SWAP LIABILITY: ($8,748,648); POST-RETIREMENT BENEFIT OBLIGATION ADJUSTMENT: ($1,807,954); TOTAL ADJUSTMENT: ($42,403,663) JOINT VENTURE POLICY, FORM 990, PART VI, LINE 16B: THE COLLEGE'S PROCESS REGARDING MAKING INVESTMENTS, INITIATING CAPITAL PROJECTS, AND CREATING NEW SUBSIDIARIES REQUIRES THOROUGH BOARD REVIEW AND APPROVAL. THE COLLEGE HAS REVIEWED WITH ITS BOARD ITS PARTICIPATION IN ITS EXISTING JOINT VENTURES AND ENSURED THAT THE COLLEGE'S TAX-EXEMPT STATUS HAS NOT BEEN COMPROMISED. THE COLLEGE FORMED TWO FOR-PROFIT ENTITIES THAT ARE CURRENTLY TREATED AS "JOINT VENTURES". THESE FOR-PROFIT ENTITIES WERE FORMED TO FACILITATE THE QUALIFICATION FOR AND USE OF HISTORIC AND OTHER TAX CREDITS FOR THE COLLEGE'S APOLLO THEATER BUILDING RENOVATION. APOLLO THEATER HOLDINGS, INC. IS 100% OWNED BY THE COLLEGE, AND APOLLO THEATER, LLC IS 98.8% OWNED BY THE COLLEGE. AS SUCH, THE COLLEGE HAS SUFFICIENT CONTROL TO ENSURE THAT THE FOR-PROFIT ENTITIES OPERATE IN A MANNER THAT FURTHERS THE EXEMPT PURPOSES OF THE COLLEGE. THE COLLEGE IS IN THE PROCESS OF FORMALIZING IN A WRITTEN POLICY THESE EXISTING PROCEDURES AND PROCESSES REGARDING ITS PARTICIPATION IN JOINT VENTURES WITH FOR-PROFIT ENTITIES, AND IT WILL OBTAIN BOARD APPROVAL OF THE POLICY ONCE IT HAS BEEN FINALIZED. 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