2013-04-30T12:52:57-05:00 2012-06-30 KPMG LLP 1676 INTERNATIONAL DRIVE MCLEAN VA 22102 990 2011-07-01 520705392 STEVENSON UNIVERSITY % MELANIE EDMONDSON STEV 4104867000 1525 GREENSPRING VALLEY ROAD STEVENSON MD 21153 KEVIN J MANNING 2013-04-09 true 7032868000 2011 2016-03-07 17:11:31Z KEVIN J MANNING 1525 GREENSPRING VALLEY RD STEVENSON MD 21153 121448195 false X WWW.STEVENSON.EDU X 1959 MD THE UNIVERSITY IS AN INDEPENDENT COEDUCATIONAL FOUR-YEAR UNIVERSITY, WHICH OFFERS MASTER'S, BACHELOR'S, AND ASSOCIATE'S DEGREES TO APPROX. 3,330 FULL-TIME EQUIVALENT STUDENTS IN A VARIETY OF ACADEMIC PROGRAMS. 26 25 1797 125 651205 -451624 9592727 12745016 89791317 103749424 3757961 2639804 1245478 864315 104387483 119998559 25858792 30908789 0 0 37512661 42930253 0 0 1549321 35578363 39267129 98949816 113106171 5437667 6892388 245933541 244525006 162372458 161744278 83561083 82780728 X THE UNIVERSITY IS AN INNOVATIVE, COEDUCATIONAL, INDEPENDENT INSTITUTION OFFERING UNDERGRADUATE AND GRADUATE STUDENTS A CAREER-FOCUSED EDUCATION MARKED BY INDIVIDUALIZED ATTENTION, CIVILITY, AND RESPECT FOR DIFFERENCE. THE UNIVERSITY BLENDS THE LIBERAL ARTS WITH CAREER EXPLORATION AND PLANNING, COMPLEMENTING A TRADITIONAL EDUCATION WITH APPLIED LEARNING BEYOND THE CLASSROOM. THE UNIVERSITY MEETS STUDENTS WHERE THEY ARE AND SUPPORTS AND CHALLENGES THEM TO BECOME REFLECTIVE AND ACCOMPLISHED INDIVIDUALS COMMITTED TO A LIFETIME OF LEARNING AND CONTRIBUTION. STUDENTS GRADUATE WITH THE COMPETENCE AND CONFIDENCE NEEDED TO ADDRESS CREATIVLEY THE OPPORTUNITIES AND PROBLEMS FACING THEIR COMMUNITIES, THE NATION AND THE WORLD. false false 56446128 0 103957450 STEVENSON UNIVERSITY IS A FOUR YEAR UNIVERSITY PROVIDING EDUCATIONAL SERVICES TO APPROXIMATELY 3,201 FULL TIME, 671 PART TIME AND 445 GRADUATE STUDENTS. 30908789 30908789 0 THE NUMBER OF STUDENTS RECEIVING GRANTS IS AS FOLLOWS: PELL 1,330, SEOG 152, WORK STUDY 109, PERKINS 4, FEDERAL DIRECT SUB 2,415, FEDERAL DIRECT UNSUB 2,693, FEDERAL DIRECT PARENT 916 AND STEVENSON GRANTS AND SCHOLARSHIPS 3,201 87354917 true true false true false false false false false true true false false false true true true false true false true false true false true false false false true true true false false false false false false false false false true false false false false true false false false false false true 226 0 true 1797 true true true false false false false true true false false false false X 26 25 false false false false false false false true true false false true true true true true false true true false MD X MELANIE EDMONDSON 4433342272 1525 GREENSPRING VALLEY RD STEVENSON MD 21153 X WALTER G AMPREY PHD 1.0 X 0 0 0 BARRY B BONDROFF CPA 1.0 X 0 0 0 THOMAS F BRADY 1.0 X 0 0 0 MARC G BUNTING 1.0 X 0 0 0 KEVIN G BYRNES 1.0 X 0 0 0 MARY CLAIRE CHESSHIRE ESQ 1.0 X 0 0 0 SAMUEL M DELL III 1.0 X 0 0 0 HENRY D FELTON IV 1.0 X 0 0 0 JAMES T BRADY 1.0 X 0 0 0 JANET D KELLY 1.0 X 0 0 0 TIMOTHY F MALONEY ESQ 1.0 X 0 0 0 THE HONORABLE EDWARD P MURPHY 1.0 X 0 0 0 SHEELA MURTHY ESQ 1.0 X 0 0 0 MARSHALL B PAUL ESQ 1.0 X 0 0 0 T SCOTT PUGATCH 1.0 X 0 0 0 FRANCIS X PUGH ESQ 1.0 X 0 0 0 WILLIAM T RILEY JR CPA 1.0 X 0 0 0 ANNA L SMITH 1.0 X 0 0 0 JAMES B STRADTNER CFA 1.0 X 0 0 0 W DANIEL WHITE 1.0 X 0 0 0 BONNIE CASLOW ALLAN 1.0 X 0 0 0 ERIC D BROTMAN CFP AEP MSFS 1.0 X 0 0 0 RONALD M CAUSEY CPA 1.0 X 0 0 0 GARY A PYNE 1.0 X 0 0 0 MARGARET SHEETZ 1.0 X 0 0 0 ROBERT C BRENNAN 1.0 X 0 0 0 KEVIN J MANNING 40.0 X 612058 0 29488 TIMOTHY M CAMPBELL 40.0 X 296694 0 61369 MARK HERGAN 40.0 X 154942 0 21426 PAUL D LACK 40.0 X 280068 0 29252 STEVENSON W CLOSE 40.0 X 223456 0 53087 BRENDA BALZER 40.0 X 147513 0 13201 PAUL CANTABENE 40.0 X 133172 0 44129 GLENDA LEGENDRE 40.0 X 143432 0 11907 MELANIE EDMONDSON 40.0 X 142051 0 11903 CLAIRE MOORE 40.0 X 129333 0 17233 2262719 0 292995 28 false true false SODEXO 1525 GREENSPRING VALLEY ROAD STEVENSON MD 21153 FOOD SERVICE 4797454 CAREFIRST BLUECROSS BLUESHIELD PO BOX 79051 BALTIMORE MD 21279 HEALTH INSURANCE 3016776 PMM COMPANIES 3811 FEAR AVENUE BALTIMORE MD 212155533 CLEANING SERVICES 1580460 ALPHA MAINTENANCE SERVICES PO BOX 1013 POTTSTOWN PA 19464 GROUNDS REPAIRS 544621 RCMD 555 FAIRMONT AVE BALTIMORE MD 21286 OPERATING INSURANCE 488369 49 23840 11691272 1029904 12745016 TUITION & FEES 900099 82229499 82229499 STUDENT HOUSING 611710 13650360 13650360 FOOD SERVICE 611710 5751073 5751073 BOOK STORE 451211 2009123 2009123 VENDOR COMMISSIONS 531120 109369 77763 31606 103749424 556036 -2582 558618 0 0 633921 633921 633921 622181 11740 3483860 1400092 2083768 2083768 2083768 40306 23840 49544 -9238 -9238 0 0 ATHLETICS 900099 90615 90615 DEPARTMENT REVENUE 900099 106032 106032 PARKING 812930 35075 35075 7910 7910 239632 119998559 103957450 651205 2644888 0 30664083 30664083 244706 244706 0 2081707 547706 1237350 296651 0 33235385 28083183 4371762 780440 1415792 1146354 223234 46204 3860511 2106285 1662992 91234 2336858 1966266 314919 55673 0 82323 17585 63145 1593 129578 129578 0 0 239693 239693 0 1017375 171975 845246 154 1287188 1205848 76513 4827 2390653 998686 1374165 17802 0 6180056 5971151 207138 1767 5896410 5793468 87954 14988 0 313098 221232 85268 6598 4728251 4728251 0 6011199 6011199 488016 171093 316923 MERCHANDISE FOR RESALE 2185232 1612555 572677 EQUIPMENT RENTAL & MAINTENANCE 1353677 1154577 199100 EVENTS 1347645 979003 291277 77365 PRINTING & PUBLICATIONS 834987 663161 116742 55084 4781748 3636000 1046807 98941 113106171 87354917 24201933 1549321 0 0 2751390 2482926 1087424 745766 2914660 1614044 0 0 0 0 0 0 0 0 983623 3129008 227975998 48122766 164961122 179853232 46916916 48047278 7460461 8263344 0 0 0 0 18857945 389408 245933541 244525006 6220244 4001319 0 0 2404562 2354826 140294912 141555496 0 0 0 0 5173706 0 0 0 8279034 13832637 162372458 161744278 X 72382034 71584568 5824150 5576287 5354899 5619873 83561083 82780728 245933541 244525006 X 6892388 -7672743 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 67917 67917 false LOBBYING EXPENDITURES SCHEDULE C, PART II-B, LINE 1I IN JUNE 2009 STEVENSON UNIVERSITY HIRED TIMOTHY M. PERRY OF GORDON, FEINBLATT, ROTHMAN AS COUNSEL FOR THE UNIVERSITY REGARDING THE ACQUISITION OF STATE OWNED PROPERTY ON THE ROSEWOOD CAMPUS. THE UNIVERSITY PAID $67,916.72 FOR THESE SERVICES IN THE CURRENT YEAR. 53965937 3045925 527012 1299760 239693 55999421 44452567 2213859 10265686 2711151 255024 53965937 39684423 2646139 6355812 4014974 218833 44452567 53891309 650004 -12614999 2022419 219472 39684423 0.83000 0.10000 0.07000 false false 43774220 43774220 155021568 26602786 128418782 28311155 21519980 6791175 869055 869055 179853232 0 SWAP LIABILITIES 13173771 REFUNDABLE ADVANCES-US GOV'T 322848 OTHER LIABILITIES 336018 13832637 119998559 113106171 6892388 -1944513 -5728230 -7672743 -780355 86905564 -1944513 -1944513 88850077 239693 30908789 31148482 119998559 87685919 5728230 5728230 81957689 239693 30908789 31148482 113106171 INCOME TAX STATUS SCHEDULE D, PART X AS AN EDUCATIONAL INSTITUTION MEETING THE REQUIREMENTS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE UNIVERSITY IS EXEMPT FROM INCOME TAXES ON INCOME, AS PROVIDED IN SECTION 501 (A), EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. NO PROVISION FOR INCOME TAXES WAS REQUIRED FOR 2012 AND 2011. THE UNIVERSITY HAD NO LIABILITY FOR UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2012. SCHEDULE D, PARTS XI, XII AND XIII PART XI, LINE 8 AMOUNT REPRESENTS THE CHANGE IN THE FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS. PART XII, LINE 4B AMOUNT REPRESENTS STUDENT FINANCIAL AID, WHICH IS NETTED AGAINST TUITION & FEES REVENUE FOR FINANCIAL STATEMENT PURPOSES. PART XIII, LINE 2D AMOUNT REPRESENTS THE CHANGE IN THE FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS. PART XIII, LINE 4B AMOUNT REPRESENTS STUDENT FINANCIAL AID, WHICH IS NETTED AGAINST TUITION & FEES REVENUE FOR FINANCIAL STATEMENT PURPOSES. SCHEDULE D, PART V INTENDED USES OF ENDOWMENT FUNDS THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 40 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. true true true true true true true false false false false false false false false true false true RACIALLY NONDISCRIMINATORY POLICY SCHEDULE E, PART I LINE 3 THE UNIVERSITY'S RACIALLY NON-DISCRIMINATORY POLICY IS PUBLICIZED IN RADIO AND NEWSPAPER ADVERTISEMENTS AND THE UNIVERSITY'S WEBSITE. FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY SCHEDULE E, PART I LINE 6A STEVENSON UNIVERSITY PARTICIPATES IN SEVERAL FINANCIAL AID PROGRAMS ADMINISTERED BY THE US DEPARTMENT OF EDUCATION AND BY THE STATE OF MARYLAND. true Europe (Including Iceland and Greenland) Program Services Students study abroad Sub-Saharan Africa Program Services Students study abroad Sub-Saharan Africa Grantmaking 16860 South Asia Grantmaking 152756 Central America and the Caribbean Grantmaking 5250 Europe (Including Iceland and Greenland) Grantmaking 48250 East Asia and the Pacific Grantmaking 1680 North America Grantmaking 6000 Russia and the Newly Independent States Grantmaking 13910 244706 244706 STUDENT FINANCIAL AID Sub-Saharan Africa 3 16860 STUDENT FINANCIAL AID South Asia 12 152756 STUDENT FINANCIAL AID Cent. America/Caribbean 1 5250 STUDENT FINANCIAL AID Europe/Iceland/Greenland 4 62160 STUDENT FINANCIAL AID East Asia and the pacifi 1 1680 STUDENT FINANCIAL AID North America 1 6000 STUDENT FINANCIAL AID Russia 1 13910 true false true false false false STUDENT FINANCIAL AID SCHEDULE F, PART I, LINE 2 THE UNIVERSITY PROVIDES FINANCIAL AID TO ELIGIBLE STUDENTS, GENERALLY IN A "PACKAGE" THAT INCLUDES LOANS, COMPENSATION UNDER WORK-STUDY PROGRAMS, AND/OR GRANT AND SCHOLARSHIP AWARDS. THE LOANS ARE PROVIDED PRIMARILY THROUGH PROGRAMS OF THE UNITED STATES GOVERNMENT (INCLUDING DIRECT AND GUARANTEED LOAN PROGRAMS) UNDER WHICH THE UNIVERSITY IS RESPONSIBLE ONLY FOR CERTAIN ADMINISTRATIVE DUTIES. THE GRANTS AND SCHOLARSHIPS INCLUDE AWARDS PROVIDED THROUGH GIFTS AND GRANTS FROM PRIVATE DONORS OR FROM INCOME EARNED ON ENDOWMENT FUNDS RESTRICTED FOR STUDENT AID, AS WELL AS GENERAL FUNDS SCHOLARSHIP AWARDS. ROUGHLY NINETY PERCENT OF STEVENSON UNIVERSITY STUDENTS RECEIVE SOME SORT OF FINANCIAL AID. ALL INDIVIDUALS RECEIVING DISBURSEMENTS FROM STEVENSON UNIVERSITY QUALIFY TO RECEIVE SUCH PAYMENTS BASED ON SCHOLASTIC ACHIEVEMENT AND/OR FINANCIAL NEED. THE UNIVERSITY PROVIDES NEED-BASED GRANT, WHICH IS DETERMINED BASED ON THE STUDENTS'S FAFSA SCORE. THE STUDENT MUST MAINTAIN A GPA OF 2.0 OR GREATER AND BE A FULL-TIME STUDENT. DISBURSEMENTS TAKE THE FORM OF SCHOLARSHIP OR GRANTS. GRANTS ARE DISBURSED BASED ON THE GUIDELINES SET FORTH BY THE PARTY FUNDING THE GRANT. MD GOLF TOURNAMENT 43420 23840 19580 17578 CRAB FEAST 10556 10556 17047 4 10170 10170 14919 64146 23840 40306 49544 49544 -9238 true STUDENT FINANCIAL AID 3179 30664083 STUDENT FINANCIAL AID SCHEDULE I, PART I, LINE 2 THE UNIVERSITY PROVIDES FINANCIAL AID TO ELIGIBLE STUDENTS, GENERALLY IN A "PACKAGE" THAT INCLUDES LOANS, COMPENSATION UNDER WORK-STUDY PROGRAMS, AND/OR GRANT AND SCHOLARSHIP AWARDS. THE LOANS ARE PROVIDED PRIMARILY THROUGH PROGRAMS OF THE UNITED STATES GOVERNMENT (INCLUDING DIRECT AND GUARANTEED LOAN PROGRAMS) UNDER WHICH THE UNIVERSITY IS RESPONSIBLE ONLY FOR CERTAIN ADMINISTRATIVE DUTIES. THE GRANTS AND SCHOLARSHIPS INCLUDE AWARDS PROVIDED THROUGH GIFTS AND GRANTS FROM PRIVATE DONORS OR FROM INCOME EARNED ON ENDOWMENT FUNDS RESTRICTED FOR STUDENT AID, AS WELL AS GENERAL FUNDS SCHOLARSHIP AWARDS. ROUGHLY NINETY PERCENT OF STEVENSON UNIVERSITY STUDENTS RECEIVE SOME SORT OF FINANCIAL AID. ALL INDIVIDUALS RECEIVING DISBURSEMENTS FROM STEVENSON UNIVERSITY QUALIFY TO RECEIVE SUCH PAYMENTS BASED ON SCHOLASTIC ACHIEVEMENT AND/OR FINANCIAL NEED. THE UNIVERSITY PROVIDES NEED-BASED GRANT, WHICH IS DETERMINED BASED ON THE STUDENTS'S FAFSA SCORE. THE STUDENT MUST MAINTAIN A GPA OF 2.0 OR GREATER AND BE A FULL-TIME STUDENT. DISBURSEMENTS TAKE THE FORM OF SCHOLARSHIP OR GRANTS. GRANTS ARE DISBURSED BASED ON THE GUIDELINES SET FORTH BY THE PARTY FUNDING THE GRANT. X X X true false X X X X X false true false false false false false false false KEVIN J MANNING 337058 0 275000 0 0 0 18375 0 11113 0 641546 0 0 0 TIMOTHY M CAMPBELL 196694 0 100000 0 0 0 48375 0 12994 0 358063 0 0 0 BRENDA BALZER 142513 0 5000 0 0 0 11278 0 1923 0 160714 0 0 0 PAUL CANTABENE 98172 0 35000 0 0 0 35206 0 8923 0 177301 0 0 0 GLENDA LEGENDRE 138432 0 5000 0 0 0 10323 0 1584 0 155339 0 0 0 MELANIE EDMONDSON 137051 0 5000 0 0 0 10652 0 1251 0 153954 0 0 0 MARK HERGAN 154942 0 0 0 0 0 11872 0 9553 0 176367 0 0 0 PAUL D LACK 200068 0 80000 0 0 0 18375 0 10877 0 309320 0 0 0 STEVENSON W CLOSE 178456 0 45000 0 0 0 42247 0 10840 0 276543 0 0 0 HOUSING STIPEND SCHEDULE J, PART I, LINE 1A DR. KEVIN MANNING PURCHASED HIS OWN RESIDENCE BUT RECEIVES A HOUSING ALLOWANCE OF $35,000 PER YEAR FROM THE UNIVERSITY. ADDITIONALLY, THE UNIVERSITY PAYS A MEMBERSHIP FEE FOR THE PRESIDENT TO BE A MEMBER OF THE CENTER CLUB AND THE BALTIMORE COUNTRY CLUB IN BALTIMORE, MARYLAND. THE CLUBS ARE UTILIZED BY THE PRESIDENT FOR VARIOUS BUSINESS MEETINGS AND EVENTS. THE EXECUTIVE VICE PRESIDENT OF FINANCE, THE VICE PRESIDENT OF INSTITUTIONAL ADVANCEMENT, THE EXECUTIVE VICE PRESIDENT FOR ACADEMIC AFFAIRS AND THE ASSOCIATE DIRECTOR OF ATHLETICS RECEIVE AN EXPENSE ALLOWANCE OF $7,500 PER YEAR. ALL OF THESE AMOUNTS ARE REPORTED AS TAXABLE COMPENSATION ON SCHEDULE J AND PART VII. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN SCHEDULE J, PART I, LINE 4B TIMOTHY CAMPBELL, MARK HERGAN, STEVENSON CLOSE AND PAUL CANTABENE PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) SPONSORED BY THE UNIVERSITY. DEFERRED COMPENSATION EARNED UNDER THIS PLAN IS REPORTED ON SCHEDULE J, PART II, COLUMN C ALONG WITH THE 403(B) PLAN INSTITUTIONAL PAYMENTS. SERP CONTRIBUTIONS WERE AS FOLLOWS: TIM CAMPBELL $30,000 STEVENSON CLOSE $25,000 PAUL CANTABENE $25,000 MARK HERGAN $10,000 MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AU 520936091 574217VR3 2005-12-15 95560000 CONSTRUCT ACADEMIC AND STUDENT false false false MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AU 520936091 574217Y58 2008-07-24 23500000 CONSTRUCT GYM AND STUDENT HOUS false false false MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AU 520936091 5742178A6 2010-12-16 33250000 CONSTRUCT DORMS, STADIUM, SHIRE false false false 0 0 95560000 0 0 39923862 622450 0 0 55013688 0 0 2006 true false true true 0 0 23500000 0 0 11033000 328197 0 0 12138803 0 0 2009 false false true true 0 0 33250000 0 0 620847 0 0 0 32629153 0 0 2010 false false true true false false false false false false 0.00000 0.00000 0.00000 true false false false false false false 0.00000 0.00000 0.00000 true false false false false false false 0.00000 0.00000 0.00000 true true true true BANK OF AMERICA 25. false false true MORGAN STANLEY 2.2 true false true false true true BANK OF AMERICA 25. false false false 0 false false false true true BANK OF AMERICA 25. false false false 0 false false CONSTELLATION ENERGY THOMAS BRADY WAS OFFICER 1291088 UTILITY PROVIDER SEE PART V BUSINESS TRANSACTION INVOLVING INTERESTED PERSONS SCHEDULE L, PART IV THOMAS BRADY, A TRUSTEE OF STEVENSON UNIVERSITY, IS ALSO ON THE EXECUTIVE BOARD OF CONSTELLATION ENERGY. CONSTELLATION ENERGY IS THE PRIMARY ENERGY PROVIDER FOR THE STATE OF MARYLAND. FORM 990, PART VI, LINE 11 THE 990 INFORMATION IS COMPILED BY THE UNIVERSITY'S FINANCE OFFICE AND REVIEWED BY THE INDEPENDENT ACCOUNTING FIRM OF KPMG. THE DRAFT RETURN IS THEN PRESENTED TO AND REVIEWED BY THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE IS COMPRISED OF SIX MEMBERS SELECTED FROM THE UNIVERSITY'S CURRENT BOARD OF TRUSTEES. THE FORM 990 IS THEN EMAILED TO ALL MEMBERS OF THE BOARD OF TRUSTEES VIA A PASSWORD PROTECTED DOCUMENT. THE COMMITTEE MEMBERS HAVE A TWO WEEK PERIOD OF TIME WHERE THEY ARE ENCOURAGED TO REVIEW AND COMMENT ON THE DOCUMENT PRIOR TO ITS FILING. FORM 990, PART VI, LINE 12 IT IS THE POLICY OF STEVENSON UNIVERSITY THAT THE MEMBERS OF ITS BOARD OF TRUSTEES AVOID ETHICAL, LEGAL, FINANCIAL AND OTHER CONFLICTS OF INTEREST AND TO ENSURE THAT THEIR ACTIVITIES AND INTERESTS DO NOT CONFLICT WITH THEIR OBLIGATIONS TO THE UNIVERSITY AND ITS WELFARE. THIS POLICY COVERS MATTERS RELATING TO THE BOARD MEMBER OR ANY RELATED PERSON. A RELATED PERSON IS DEFINED AS A MEMBER OF THE IMMEDIATE FAMILY OF THE BOARD MEMBER, ANY ENTITY OF WHICH THE BOARD MEMBER IS AN OFFICER, DIRECTOR OR TRUSTEE OR WITH RESPECT TO WHICH THE BOARD MEMBER HOLDS A SIMILAR POSITION, ANY ENTITY IN WHICH THE BOARD MEMBER HAS A MATERIAL FINANCIAL INTEREST; AND ANY OTHER PERSON OR ENTITY WITH WHOM THE BOARD MEMBER HAS A PERSONAL RELATIONSHIP THAT MIGHT REASONABLY BE EXPECTED TO AFFECT THE BOARD MEMBER'S JUDGMENT IN THE PARTICULAR MATTER. ON AN ANNUAL BASIS EACH MEMBER OF THE BOARD OF TRUSTEES WILL SUBMIT TO THE SECRETARY OF THE BOARD, AN ANNUAL SIGNED CONFLICT OF INTEREST REPORT. IF DURING THE COURSE OF THE YEAR, AN ACTUAL OR POTENTIAL CONFLICT ARISES, BOARD MEMBERS ARE REQUIRED TO DISCLOSE THEM TO THE SECRETARY OF THE BOARD BEFORE ANY BOARD ACTION WITH RESPECT TO THE MATTER IS TAKEN. ANY BOARD MEMBER WHO IS AWARE OF AN EXISTING OR POTENTIAL CONFLICT OF INTEREST WITH RESPECT TO A MATTER COMING BEFORE THE BOARD OR COMMITTEE OF THE BOARD SHALL NOT BE PRESENT FOR ANY DISCUSSION OR VOTE IN CONNECTION WITH THE MATTER, AND THE AFFIRMATIVE VOTE OF A MAJORITY OF THE DISINTERESTED BOARD MEMBERS OR COMMITTEE MEMBERS, AS THE CASE MAY BE, SHALL BE REQUIRED IN ORDER TO APPROVE, RATIFY OR AUTHORIZE THE MATTER. THE BOARD MEMBER WHO HAS AN INTEREST IN THE MATTER SHALL NOT BE COUNTED FOR THE PURPOSE OF DETERMINING THE PRESENCE OF A QUORUM AT THE MEETING AT WHICH THE MATTER IS CONSIDERED. COMPENSATION REVIEW PROCESS PART VI, LINE 15 ON AN ANNUAL BASIS THE EXECUTIVE COMMITTEE, WHICH IS COMPRISED OF SIX MEMBERS SELECTED FROM OUR CURRENT BOARD OF TRUSTEES, MEETS TO EVALUATE THE PERFORMANCE OF THE PRESIDENT, CHIEF FINANCIAL OFFICER, EXECUTIVE VICE PRESIDENT FOR ACADEMIC AFFAIRS AND VICE PRESIDENT FOR UNIVERSITY ADVANCEMENT. DURING THIS MEETING, THE SALARIES ARE EVALUATED BY REVIEWING RESULTS OF COMPENSATION STUDIES PERFORMED BY AN INDEPENDENT ORGANIZATION. THE ORGANIZATION COMPILES THE WAGE INFORMATION OF TEN PEER COLLEGES AND UNIVERSITIES FROM THEIR FORM 990S FILED WITH THE IRS. THIS ENSURES THAT COMPENSATION LEVELS AT STEVENSON UNIVERSITY ARE WITHIN REASONABLE LEVELS TO OTHER INSTITUTIONS. MEETINGS OF THE EXECUTIVE COMMITTEE TAKE PLACE FOUR TIMES A YEAR. MINUTES ARE TAKEN AND RETAINED BY THE OFFICE OF THE PRESIDENT. IN JUNE OF EACH YEAR, THE COMMITTEE MEETS TO DISCUSS AND AUTHORIZE EXECUTIVE COMPENSATION FOR THE KEY EMPLOYEES LISTED ABOVE. FOR ALL OTHER ADMINISTRATIVE PERSONNEL EACH POSITION OR STATUS CHANGE IS BENCHMARKED AGAINST CUPA SALARY SURVEY COMPENSATION STANDARDS BY THE VICE PRESIDENT OF HUMAN RESOURCES TO ENSURE REASONABLE LEVELS OF COMPENSATION. GOVERNING DOCUMENTS PART VI, LINE 19 THE UNIVERSITY MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC VIA ITS WEBSITE. COPIES OF THE AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. OTHER CHANGES IN NET ASSETS PART XI, LINE 5 NET UNREALIZED GAINS.............................$(1,944,513) CHANGE IN FAIR VALUE OF INTEREST RATE SWAP.......$(5,728,230) ____________ TOTAL OTHER CHANGES IN NET ASSETS $(7,672,743) Boulevard Realty No 2 LLC 1525 Greenspring Valley Road Stevenson MD 21153 520705392 student dorms MD 13763841