2012-04-17T16:44:07-05:00 2011-06-30 PARENTEBEARD LLC 46 PUBLIC SQUARE SUITE 400 WILKESBARRE PA 18701 990 2010-07-01 240804602 KING'S COLLEGE KING 5702085837 133 NORTH RIVER STREET WILKESBARRE PA 18711 LISA MARIE MCCAULEY EDD CPA 5702085837 2012-04-19 1 JULIUS GREEN CPA 5708200100 2010 2016-02-24 21:20:13Z THOMAS J O'HARA CSC 133 NORTH RIVER STREET WILKESBARRE PA 18711 78442821 0 X WWW.KINGS.EDU X 1946 PA PROVIDES STUDENTS WITH A LIBERAL ARTS EDUCATION ENABLING THEM TO LEAD MEANINGFUL & SATISFYING LIVES. 38 32 1549 125 136208 -38879 6017100 3273777 66859151 70407280 3264710 3554825 77469 66953 76218430 77302835 21466528 24295903 0 0 32959570 33917858 40923 22299 1319263 18861646 19439915 73328667 77675975 2889763 -373140 143045975 147006226 48129789 47807016 94916186 99199210 X KING'S COLLEGE, A CATHOLIC COLLEGE IN THE HOLY CROSS TRADITION, PROVIDES STUDENTS WITH A BROAD-BASED LIBERAL ARTS EDUCATION WHICH OFFERS THE INTELLECTUAL, MORAL, AND SPIRITUAL PREPARATION THAT ENABLES THEM TO LEAD MEANINGFUL AND SATISFYING LIVES. 0 0 67645681 24295903 70283477 KING'S COLLEGE IS A NOT-FOR-PROFIT EDUCATIONAL INSTITUTION WHICH PROVIDES UNDERGRADUATE, GRADUATE AND PROFESSIONAL EDUCATION TO ITS STUDENTS. THE COLLEGE WAS FOUNDED IN 1946 AND WELCOMES STUDENTS INTO ITS COMMUNITY WITHOUT REGARD TO GENDER, RACE, RELIGION, DISABILITY OR NATIONAL ORIGIN, AND SEEKS TO ASSIST TALENTED STUDENTS OF MODEST FINANCIAL MEANS.THE COLLEGE HAS APPROXIMATELY 2,645 STUDENTS, OF WHOM 1,999 ARE FULL-TIME UNDERGRADUATES. APPROXIMATELY 94% OF THE COLLEGE'S PRESENT FULL-TIME UNDERGRADUATE STUDENT BODY IS COMPRISED OF RESIDENTS FROM PENNSYLVANIA, NEW YORK, AND NEW JERSEY.DURING THE YEAR ENDED JUNE 30, 2011, THE COLLEGE PROVIDED STUDENT FINANCIAL AID FROM INTERNAL RESOURCES OF APPROXIMATELY $23,290,311. 67645681 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 X 57 0 1549 1 1 1 1 EI SW CJ BD 0 0 0 1 0 0 0 0 0 0 0 X 38 32 1 1 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X THOMAS GRABER CPA 5702085837 133 NORTH RIVER STREET WILKESBARRE PA 187110801 MR RICHARD A ALLEY MD 1.00 X 0 0 0 REV THOMAS E CHAMBERS 1.00 X 0 0 0 BRO RICHARD DALY CSC 1.00 X 0 0 0 REV JOHN F DENNING 1.00 X 0 0 0 MR JAMES M DEPOLO 1.00 X 0 0 0 MRS JANE B FEINSTEIN 1.00 X 0 0 0 SR JANE LOUISE FORKIN 1.00 X 0 0 0 MR ROBERT C FRIEDMAN 1.00 X 0 0 0 MR JAMES F GETZ 1.00 X 0 0 0 MR SCOTT HENRY 1.00 X 0 0 0 JOSEPH E KLUGER ESQ 1.00 X 0 0 0 MS KATHLEEN MCCARTHY LAMBERT 1.00 X 0 0 0 REV THOMAS P LOONEY CSC 1.00 X 0 0 0 GERTRUDE C MCGOWAN ESQ 1.00 X 0 0 0 MR MICHAEL D MOLEWSKI 1.00 X 0 0 0 MR TIMOTHY J MORRIS 1.00 X 0 0 0 MR JOHN G NACKLEY 1.00 X 0 0 0 MR JOHN D O'BRIEN 1.00 X 0 0 0 MR JAMES T O'HARA ESQ 1.00 X 0 0 0 MR CHARLES E PARENTE 1.00 X 0 0 0 MR RICHARD J PINOLA 1.00 X 0 0 0 REV MARK L POORMAN CSC PHD 1.00 X 0 0 0 REV JAMES L REBETA 1.00 X 0 0 0 DAVID A SCHANKWEILER 1.00 X 0 0 0 MS CATHERINE J SERAFIN ESQ 1.00 X 0 0 0 MR BENJAMIN W SHOVAL 1.00 X 0 0 0 MS PATRICIA E SINEX 1.00 X 0 0 0 BRO DONALD STABROWSKI 1.00 X 0 0 0 MS LINDA A STESNEY 1.00 X 0 0 0 MR WALTER TISCHER 1.00 X 0 0 0 REV DAVID T TYSON CSC 1.00 X 0 0 0 DR BARBARA E WALL 1.00 X 0 0 0 REV OLIVER F WILLIAMS 1.00 X 0 0 0 REV JOHN L YOUNG CSC 1.00 X 0 0 0 MR EBERHARD FABER 1.00 X 0 0 0 MRS MADGE K BENOVITZ 1.00 X 0 0 0 MR JOSEPH A FRANK SR 1.00 X 0 0 0 MR ALLEN M KLUGER ESQ 1.00 X 0 0 0 ANTHONY J PANAWAY ESQ 1.00 X 0 0 0 JAMES L PURCELL ESQ 1.00 X 0 0 0 MR JOHN M RANDOLPH JR 1.00 X 0 0 0 MR Y JUDD SHOVAL 1.00 X 0 0 0 MR JESSE J WATKINS 1.00 X 0 0 0 MR THOMAS R SMITH 1.00 X X 0 0 0 MR MARK DECESARIS 1.00 X X 0 0 0 MRS KAREN KEEFER 1.00 X X 0 0 0 REV THOMAS O'HARA CSC 40.00 X 0 0 30241 DR LISA MARIE MCCAULEY 40.00 X 134273 0 20530 MR JOSEPH BALZ 32.00 X 39921 0 283 DR BERNARD HEALEY 40.00 X 128111 0 11109 DR NICHOLAS HOLODICK 40.00 X 149318 0 15747 DR WILLIAM LUTES 40.00 X 111923 0 14667 MS JANET MERCINCAVAGE 40.00 X 113686 0 18182 DR FRANK OLIVER 40.00 X 121189 0 14114 798421 0 124873 6 0 1 0 EASTERN PROVINCE OF HOLY CROSS 835 CLINTON AVENUE BRIDGEPORT CT 06604 ADMINISTRATIVE & FACULTY 690088 PANZITTA ENTERPRISES 72 GEORGE AVENUE WILKESBARRE PA 18705 CONSTRUCTION SERVICES 533890 ELITE BROKERAGE SERVICES 191 SHEREE BLVD SUITE 201 EXTON PA 19341 ACTUARIAL VALUATIONS AND SUPPLEMENTAL IN 378616 SODEXHO 4880 PAYSPHERE CIRCLE CHICAGO IL 60674 FACILITIES AND DINING SERVICE MANAGEMENT 331862 DATATEL 4375 FAIR LAKES COURT FAIRFAX VA 22033 TECHNICAL SUPPORT 293656 20 6169 32935 1360958 1873715 3273777 STUDENT TUITION & FEES 611600 58921408 58921408 AUXILIARY (ROOM/BOARD) 721310 11472590 11322911 149679 SPORTS TEAM INCOME 711210 8072 8072 THEATRE ADMISSION 711110 5210 5210 70407280 3227791 3227791 116150 68973 47177 47177 -13471 60648 1383958 1056924 327034 327034 327034 7989 32935 14089 -6100 -6100 MISCELLANEOUS 900009 23945 23945 FINES (LIBRARY & PRKG) 812930 1931 1931 25876 77302835 70283477 136208 3609373 24295903 24295903 225248 225248 25667818 21461391 3517412 689015 1873774 1582149 242313 49312 4299323 3483438 658178 157707 1851695 1553942 249320 48433 331862 331862 42580 42580 97700 97700 22299 22299 1127302 729955 390033 7314 348295 325062 21033 2200 3283194 2099550 1092379 91265 844622 601272 226573 16777 1095 1095 3700027 3205785 454778 39464 646495 574281 35170 37044 120196 86041 27264 6891 1314300 1296660 17640 3656286 3254095 365629 36562 490127 173298 316829 FOOD 2053548 1889859 65099 98590 ATHLETIC TEAM EXPENSES 375022 375022 DUES AND SUBSCRIPTIONS 333583 208536 119540 5507 REPAIRS AND MAINTENANCE 332400 311918 20482 341281 136429 193969 10883 77675975 67645681 8711031 1319263 176113 130866 2521036 1607522 6357476 5132588 1826507 2111596 2488108 2585777 48231 29474 316315 354334 126700272 47688086 80506495 79012186 28767224 34169292 14171041 15000835 0 5867429 6871756 143045975 147006226 5250934 3885115 1897924 1671500 34930000 33480000 240000 180000 3000000 5810931 5590401 48129789 47807016 X 51991609 53141048 16142033 17273966 26782544 28784196 94916186 99199210 143045975 147006226 X -373140 4656164 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 48432886 1085136 7869667 2071914 55315775 44686604 1508921 4500781 2263420 48432886 61779947 1610755 -16834873 1869225 44686604 0.27000 0.73000 1 0 16150494 16150494 82083383 28826347 53257036 27476467 18328957 9147510 989928 532782 457146 79012186 7633845 F HIGHBRIDGE CAPITAL 3748985 F BAY RESOURCE PARNTERS 1539712 F EAST ADVISORS OFFSHORE FUND 47720 F ONE WILLIAM ST. OFFHORE FD 1483200 F GRAMERCY EMERGING MARKETS 547373 F 15000835 AGENCY FUNDS PAYABLE 449182 BOND PREMIUM 273835 REFUNDABLE ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 1952479 INTEREST RATE SWAP 2914905 5590401 77302835 77675975 -373140 3693912 962252 4656164 4283024 58737661 3693912 -22328059 -18634147 77371808 -68973 -68973 77302835 54454637 68973 68973 54385664 23290311 23290311 77675975 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: PART V, LINE 4: THE COLLEGE'S ENDOWMENT IS USED TO PROVIDE SCHOLARSHIPS TO STUDENTS AND PROVIDE FUNDS TO OFFSET FACULTY SALARIES AND DEVELOPMENT COSTS. 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 OF THE RECOGNITION THRESHOLD IS MET. MANAGEMENT HAS DETERMINED THAT THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD IN FISCAL YEAR 2011 AND 2010. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. THE COLLEGE'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR THE YEARS ENDED JUNE 30, 2010, 2009, AND 2008 REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAPS 42,742. CHANGES IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 919,510. PART XII, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS ON INTEREST RATE SWAPS 42,742. CHANGES IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 919,510. INSTITUTIONALLY FUNDED FINANCIAL AID -23,290,311. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -68,973. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 68,973. PART XIII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONALLY FUNDED FINANCIAL AID 23,290,311. 1 1 0 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 COLLEGE'S BROADCAST ADVERTISEMENTS DO NOT SPECIFICALLY INCLUDE ITS NONDISCRIMINATION POLICIES. THESE POLICIES ARE EXPLICITLY STATED IN ALL PRINTED BROCHURES, CATALOGS, AND ON THE COLLEGE'S WEBSITE. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 KING'S COLLEGE RECEIVES OPERATING FUNDS DESIGNATED BY GOVERNMENT FUNDING AGENCIES FOR PARTICULAR OPERATING PURPOSES. CERTAIN STUDENTS OF THE COLLEGE WERE RECIPIENTS OF GRANTS UNDER THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE ACT. THE COLLEGE ACTS AS THE CUSTODIAN AND DISBURSING AGENT FOR THESE FUNDS. X X X X X X 1 RICHARD LEISER 325 EAST GRAVERS LANE PHILADELPHIA PA 19118 CONSULTING 0 0 20000 -20000 20000 -20000 PA FATHER FARBER GOLF TOURNAMENT 40924 32935 7989 0 4642 1944 4563 2940 40924 32935 7989 4642 1944 4563 2940 14089 -6100 1 COLLEGE ENDOWED SCHOLARSHIPS 1651 24013428 FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT 270 282475 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE'S FINANCIAL AID OFFICE EVALUATES EACH STUDENT'S FINANCIAL NEED, AS DETERMINED THROUGH INFORMATION PROVIDED ON THE STUDENT FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). MANAGEMENT AWARDS MERIT SCHOLARSHIPS TO INDIVIDUALS THAT QUALIFY, BASED ON DONOR STIPULATIONS (I.E. SPECIFIC MAJORS, LOCALITY, ETC.) AND AWARDS FEDERAL, STATE, AND PRIVATE NEED BASED AWARDS TO PROVIDE ADDITIONAL RESOURCES TO STUDENTS FOR THEIR HIGHER EDUCATION. INDIVIDUALS RECEIVING AWARDS ARE ON CAMPUS AND MEET WITH FINANCIAL AID COUNSELORS TO ENSURE STUDENTS ARE IN FACT WITHIN THE U.S. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DR LISA MARIE MCCAULEY 134273 0 0 0 0 0 13685 0 6845 0 154803 0 0 0 DR NICHOLAS HOLODICK 149318 0 0 0 0 0 13702 0 2045 0 165065 0 0 0 PART I, LINE 1A PART I, LINE 1A: THE COLLEGE PAYS THE INITIATION FEES AND MONTHLY DUES MEMBERSHIPS FOR FR. THOMAS O'HARA, C.S.C., DR. NICHOLAS HOLODICK, DR. LISA MARIE MCCAULEY, AND DR. FRANK OLIVER TO THE WESTMORELAND CLUB. THE WESTMORELAND CLUB IS A NON-PROFIT SOCIAL CLUB USED BY MEMBERS OF MANAGEMENT TO HOST MEETINGS WITH BUSINESS PARTNERS OF THE COLLEGE, BOARD MEMBERS, POTENTIAL DONORS, FACULTY AND STAFF. PART I, LINE 1B PART I, LINE 1B: THE EXPENSES INCURRED AT THE WESTMORELAND CLUB ARE SUBJECT TO THE DOCUMENTATION REQUIREMENTS OF THE COLLEGE. PA HIGHER EDUCATIONAL FACILITIES AUTHORITY 232243852 70917NVQ4 2003-06-01 10500000 TO FINANCE CLOSNG OF N FRNKLN ST, MISC CAPITAL PROJ, PAY ISS COSTS, ADV RFND 0 0 0 CITY OF WILKES-BARRE FINANCE AUTHORITY 205684698 968250AA8 2007-05-01 12000000 TO FINANCE RENOV OF STUDENT RES HALLS & GYM, ACQ OF CAP EQPT, SITE IMPRVMTS 0 0 0 11036340 9893131 120606 1024962 2003 1 0 1 1 12000000 167205 12018547 2008 0 0 1 1 0 1 1 0 1 1 0 1 1 0 1 1 1 1 0 0 0 1 1 1 0 0 0 1 MR CHARLES PARENTE DIRECTOR 180251 LACKAWANNA AMERICAN INSURANCE (LAI) MAINTAINS THE COLLEGE'S WORKERS COMPENSATION POLICY. LAI IS A WHOLLY OWNED SUBSIDIARY OF LACKAWANNA CASUALTY COMPANY (LCC). LCC IS OWNED BY PAGNOTTI ENTERPRISES. MR. PARENTE IS A MINORITY OWNER AND OFFICER OF PAGNOTTI ENTERPRISES.ALL TRANSACTIONS WITH LACKAWANNA CASUALTY COMPANY AND PAGNOTTI ENTERPRISES WERE CONDUCTED AT ARM'S LENGTH. 0 GERTRUDE C MCGOWAN ESQ DIRECTOR 248074 MS. MCGOWAN IS A VICE PRESIDENT OF FIRST PRIORITY HEALTH. FIRST PRIORITY PROCESSES MEDICAL CLAIMS ON BEHALF OF THE COLLEGE. THE PAYMENT AMOUNT REPRESENTS AN ADMINISTRATIVE FEE PAID. THE COLLEGE IS SELF INSURED AND PAYS ALL MEDICAL CLAIMS.ALL TRANSACTIONS WITH FIRST PRIORITY HEALTH WERE CONDUCTED AT ARM'S LENGTH. 0 MR SCOTT HENRY DIRECTOR 118000 MR. HENRY IS THE OWNER OF MARTZ TRAILWAYS. THE COLLEGE PAID MARTZ TRAILWAYS FOR TRANSPORTATION SERVICES. ALL TRANSACTIONS WITH MARTZ TRAILWAYS WERE CONDUCTED AT ARM'S LENGTH. 0 FORM 990, PART VI, SECTION A, LINE 2 ATTY. JOE KLUGER (BOARD MEMBER) IS THE SON OF ATTY. ALLAN KLUGER (DIRECTOR EMERITUS). MARK DECESARIS (VICE CHAIRMAN) IS THE MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER OF W.P. CAREY, LLC. W.P. CAREY IS AN INVESTMENT COMPANY, SPECIALIZING IN REAL ESTATE. THE COMPANY IS PUBLICLY TRADED ON THE NYSE. CURRENTLY, EBERHARD FABER AND CHARLES PARENTE ARE BOARD MEMBERS OF W.P. CAREY, LLC. REV. THOMAS LOONEY, C.S.C. IS THE PROVINCIAL OF THE EASTERN PROVINCE OF HOLY CROSS. THE PRESIDENT OF KING'S COLLEGE, FR. THOMAS O'HARA, C.S.C. (ALONG WITH ALL OTHER PRIESTS AND BROTHERS ON CAMPUS) ARE MEMBERS OF THE EASTERN PROVINCE OF HOLY CROSS. THE PRIESTS THAT ARE MEMBERS OF THE BOARD OF DIRECTORS MAY ALSO BE MEMBERS OF THE EASTERN PROVINCE. MR. JAMES T. O'HARA, ESQ. (BOARD MEMBER), IS THE BROTHER OF REV. THOMAS J. O'HARA (PRESIDENT). MR. BENJAMIN SHOVAL (BOARD MEMBER), IS THE SON OF Y. JUDD SHOVAL (DIRECTOR EMERITUS). FORM 990, PART VI, SECTION A, LINE 3 THE MANAGEMENT OF THE DINING SERVICES AND FACILITIES DEPARTMENTS ARE CONTRACTED OUT TO SODEXO. THE RESPECTIVE MANAGERS FROM SODEXO REPORT TO THE COLLEGE'S CFO AND ULTIMATE DECISION MAKING RESTS WITH THE CFO, INCLUDING PERSONNEL DECISIONS. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE CORPORATION OF KING'S COLLEGE INCLUDE ALL FULL-FLEDGED MEMBERS OF THE CONGREGATION OF HOLY CROSS WHOSE OFFICIAL ASSIGNMENT IS DIRECTLY RELATED TO KING'S COLLEGE. THE MEMBERS MEET AT LEAST ANNUALLY AND AS OFTEN AS DEEMED NECESSARY BY THE MEMBERS, CORPORATE OFFICERS OR BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CORPORATION, THROUGH CONSULTATION WITH VARIOUS BOARD COMMITTEES, ELECT THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS ACTS AS THE GOVERNING BODY OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PROVIDED TO THE COLLEGE'S AUDIT COMMITTEE, IN DRAFT FORM, DURING A REGULARLY SCHEDULED MEETING. THE INFORMATION PRESENTED TO THE COMMITTEE MEMBERS IS PROVIDED TO THEM ONE WEEK PRIOR TO THE MEETING DATE. THE COMMITTEE MEMBERS REVIEW THE 990 INDIVIDUALLY AND RAISE QUESTIONS AND CONCERNS REGARDING THE INFORMATION PRESENTED TO MANAGEMENT DURING THE MEETING. FOLLOWING DISCUSSION, MEMBERS OF THE COMMITTEE VOTE TO AUTHORIZE THE COLLEGE'S MANAGEMENT TO SUBMIT THE FORM 990, AS PRESENTED OR WITH IDENTIFIED CHANGES. FOLLOWING THE APPROVAL BY THE AUDIT COMMITTEE THE FINAL FORM 990 IS DISTRIBUTED TO EACH BOARD MEMBER AND ANY CONCERNS ARE ADDRESSED AS NECESSARY. FORM 990, PART VI, SECTION B, LINE 12C THE ASSISTANT SECRETARY OF THE BOARD DISTRIBUTES, EXPLAINS, AND COLLECTS COMPLETED CONFLICT OF INTEREST STATEMENTS. THESE STATEMENTS ARE REVIEWED BY THE ASSISTANT SECRETARY WHO OBTAINS ADDITIONAL INFORMATION, IF REQUIRED. THE ASSISTANT SECRETARY ATTENDS ALL BOARD MEETINGS WHERE ACTIONS ARE VOTED ON TO ENSURE INDIVIDUALS WITH POTENTIAL CONFLICTS OF INTEREST DO NOT PROVIDE COMMENTARY OR PARTICIPATE IN THE EVALUATION OF THE TRANSACTION. THESE INDIVIDUALS ARE ALSO FORBIDDEN TO VOTE ON ACTIONS WHERE POTENTIAL CONFLICTS ARE PRESENT. FORM 990, PART VI, SECTION B, LINE 15 THE COLLEGE'S BOARD OF DIRECTORS CONTAINS AN EXECUTIVE COMPENSATION COMMITTEE TO DETERMINE THE COMPENSATION OF THE CEO AND VARIOUS VICE PRESIDENTS. COMPENSATION IS BASED ON AN EVALUATION OF SALARIES PAID TO INDIVIDUALS AT COMPARABLE INSTITUTIONS OF HIGHER EDUCATION, WITHIN SIMILAR GEOGRAPHICAL REGIONS. THIS INFORMATION IS ACCUMULATED THROUGH DATA PUBLISHED BY THE EASTERN ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS (EACUBO). FOLLOWING REVIEW OF COMPARABLE DATA, THE CEO PREPARES PERFORMANCE EVALUATIONS ON THE VARIOUS VICE PRESIDENTS WITHIN THE COLLEGE, BASED ON ESTABLISHED CRITERIA. THE CEO SUBMITS SALARY RECOMMENDATIONS FOR THESE POSITIONS TO THE BOARD'S EXECUTIVE COMPENSATION COMMITTEE FOR ULTIMATE APPROVAL. THE CEO PERFORMANCE EVALUATION IS PERFORMED BY THE EXECUTIVE COMPENSATION COMMITTEE AND A SALARY RECOMMENDATION IS PRESENTED AND APPROVED FOLLOWING THAT PROCESS. FORM 990, PART VI, SECTION C, LINE 18 FORM 990, PART VI, SECTION C, LINE 18: THE COLLEGE MAINTAINS PUBLIC INSPECTION COPIES OF FORMS 990 AND FORM 990-T IN THE COLLEGE'S BUSINESS OFFICE DURING REGULARLY SCHEDULED HOURS. FURTHER, A COPY OF THE FORM 990 IS AVAILABLE ON THE WORLD WIDE WEB AT WWW.GUIDESTAR.ORG. FORM 990, PART VI, SECTION C, LINE 19 FORM 990, PART VI, SECTION C, LINE 19: THE COLLEGE DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 3,693,912. UNREALIZED GAIN ON INTEREST RATE SWAPS 42,742. CHANGES IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 919,510. TOTAL TO FORM 990, PART XI, LINE 5: 4,656,164. FORM 990, PART XI, LINE 2C: THERE HAS BEEN NO CHANGE IN THE SELECTION OR OVERSIGHT OF THE INDEPENDENT AUDITORS. THE COLLEGE PUBLICLY BID THEIR AUDIT SERVICES DURING THE SPRING OF 2006. AT THAT TIME, THE EXISTING AUDITOR WAS RETAINED AS THE INDEPENDENT AUDITORS OF THE COLLEGE BASED ON RECOMMENDATION OF THE COMMITTEE. THE AUDIT COMMITTEE MEETS THREE TIMES A YEAR. FORM 990, SCHEDULE B: THE ORGANIZATION HAS HISTORICALLY REPORTED SCHEDULE B ON A CASH BASIS. UPON CLARIFICATION OF THE FORM 990 INSTRUCTIONS, THE ORGANIZATION REPORTED SCHEDULE B FOR THE YEAR ENDED 06/30/11 ON THE ACCRUAL BASIS, AS NOTED ON PART XII, LINE 1, AS THE BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS. FORM 990, PART V, LINE 7B: THE COLLEGE OPERATES AN ANNUAL GOLF TOURNAMENT TO RAISE MONEY FOR AN ENDOWED SCHOLARSHIP FUND IN THE NAME OF REV. PAUL J. FARBER, C.S.C.; A FORMER COLLEGE ADMINISTRATOR. DURING THE MOST RECENT REVIEW OF THE OPERATIONS OF THE TOURNAMENT, MANAGEMENT DETERMINED THAT THE BENEFIT TO THE PARTICIPANTS EXCEEDED THE LIMITS IMPOSED BY IRS PUBLICATION 1771. AS A RESULT OF THE ANALYSIS, MANAGEMENT HAS RECONFIGURED TOURNAMENT LITERATURE AND PUBLICATIONS TO INCLUDE THE DISCLOSURES REQUIRED BY IRS PUBLICATION 1771. THIS CHANGE WILL BE EFFECTIVE FOR THE COLLEGE'S ANNUAL TOURNAMENT HELD IN JUNE 2012.