2012-10-11T15:16:30-05:00 2012-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 440 EAST SULLIVAN STREET KINGSPORT TN 37660 990 2011-06-01 620535755 MILLIGAN COLLEGE INC MILL 4234618686 P O BOX 750 MILLIGAN COLLEGE TN 37682 JACQUELINE R STEADMAN 4234618686 2012-10-02 1 CHAD KISNER P00738241 4232461725 2012-10-02 2011 2016-02-24 21:20:13Z JACQUELINE R STEADMAN 1 BLOWERS BOULEVARD MILLIGAN COLLEGE TN 37682 36962354 0 X WWW.MILLIGAN.EDU X 1882 TN THE ORGANIZATION IS A CHRISTIAN LIBERAL ARTS COLLEGE. 29 24 815 0 0 0 4920712 7571980 26294808 28770562 429404 619812 0 0 31644924 36962354 8461682 9439344 0 0 739337 974484 0 0 728646 19144858 19781340 28345877 30195168 3299047 6767186 53034632 57443014 7758008 7457287 45276624 49985727 AS A CHRISTIAN LIBERAL ARTS COLLEGE, MILLIGAN COLLEGE SEEKS TO HONOR GOD BY EDUCATING MEN AND WOMEN TO BE SERVANT-LEADERS. 0 0 21609204 9439344 24760841 OPERATION OF CHRISTIAN LIBERAL ARTS COLLEGE 21609204 1 1 0 0 0 0 0 0 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 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 98 0 1 815 1 0 0 0 0 0 1 1 0 0 0 0 X 29 24 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X JACQUELINE R STEADMAN 4234618686 1 BLOWERS BOULEVARD MILLIGAN COLLEGE TN 37682 CHARLES ALLCOTT III 1.00 X 0 0 0 JOHN K BANKS 1.00 X 0 0 0 THOMAS J BURLESON 1.00 X 0 0 0 DAVID CLARK 1.00 X 0 0 0 WILLIAM R CLEM 1.00 X 0 0 0 RONALD G DOVE JR 1.00 X X 0 0 0 TAMMY W ELDRIDGE 1.00 X 0 0 0 HARRY E FONTAINE JR 1.00 X 0 0 0 JAMES FRASURE MD 1.00 X 0 0 0 BRENDA GREEN 1.00 X 0 0 0 JAMES E GREEN 1.00 X 0 0 0 PATRICIA GREEN 1.00 X 0 0 0 W B GREENE JR 1.00 X 0 0 0 DAVID HAMILTON 1.00 X X 0 0 0 DAVID O HAMLIN 1.00 X 0 0 0 MARSHALL W HAYDEN 1.00 X 0 0 0 C DANNY JOHNSON 1.00 X 0 0 0 GREG JOHNSON 1.00 X 0 0 0 SCOTT KENT 1.00 X X 0 0 0 TIMOTHY J LANZER 1.00 X 0 0 0 LEROY LAWSON 1.00 X 0 0 0 DENNY MAYES 1.00 X X 0 0 0 DANIEL W MCMAHAN 1.00 X 0 0 0 JOHN MEDING MD 1.00 X 0 0 0 KENNETH OOSTING 1.00 X 0 0 0 CAMERON PERRY 1.00 X 0 0 0 GARY PORTER 1.00 X 0 0 0 JAMES R RICE MD 1.00 X 0 0 0 JO ANN RICHARDSON 1.00 X 0 0 0 RICK RUSAW 1.00 X 0 0 0 J DONALD SAMS 1.00 X 0 0 0 RONALD F SEWELL 1.00 X 0 0 0 MARVIN SWINEY 1.00 X 0 0 0 MARK H WEBB 1.00 X 0 0 0 JOHN J WIGGINS 1.00 X 0 0 0 CALVIN L WILSON JR 1.00 X 0 0 0 WILLIAM B GREER 40.00 X 137402 0 29668 DONALD R JEANES 40.00 X 149181 0 33051 R GARLAND YOUNG 40.00 X 60765 0 18519 MARK A MATSON 40.00 X 96506 0 30661 MARK P FOX 40.00 X 82657 0 15807 JACQUELINE R STEADMAN 40.00 X 91028 0 12822 A LEE FIERBAUGH 40.00 X 77856 0 15919 JACK SIMPSON 40.00 X 70477 0 21618 765872 0 178065 2 0 1 0 PIONEER CATERERS INC 303 GLENROSE AVENUE NASHVILLE TN 37210 CAFETERIA SERVICE 1327232 COUNCIL FOR CHRISTIAN COLLEGE AND UNIVER 321 8TH STREET NE WASHINGTON DC 20002 STUDY ABROAD PROGRAM 226215 WORKSPACE INTERIORS INC P O BOX 809 KINGSPORT TN 37660 INTERIOR DESIGN 130199 SUNGARD HIGHER EDUCATION 14083 COLLECTIONS CENTER CHICAGO IL 60693 SOFTWARE LICENSE AGREEMENTS 121954 APPALACHIAN COLLEGE ASSOCIATION 210 CENTER STREET BEREA KY 40403 LIBRARY SERVICES 116085 6 7571980 1101790 7571980 TUITION AND FEES 611710 24760841 24760841 AUXILIARY ENTERPRISES 611710 3708440 3708440 SUMMER CAMPS 611710 230688 230688 OTHER INCOME 611710 48052 48052 MARRIED STUDENT HOUSIN 611710 22541 22541 28770562 619812 619812 36962354 24760841 0 4629533 9439344 9439344 974484 316536 657948 904590 530392 374198 217199 127351 89848 1287080 754660 532420 INSTRUCTION 5999851 5999851 INSTITUTION SUPPORT 3787623 3058977 728646 STUDENT SERVICES 3585686 3585686 AUXILIARY ENTERPRISES 2776985 2776985 1222326 855384 366942 30195168 21609204 7857318 728646 2919837 5430852 449439 2583516 1737240 419765 1070796 867482 843392 757258 263906 276408 118272 64589 42982623 19135445 23860029 23847178 21739669 23165856 32052 30110 53034632 57443014 42566 23240 559138 495845 4837117 4630210 2319187 2307992 7758008 7457287 X 21323170 23042890 6926448 9250951 17027006 17691886 45276624 49985727 53034632 57443014 X 6767186 -2058083 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 21587356 721994 -1463516 -270275 20575559 15862911 2316476 3634060 -226091 21587356 12715413 1726463 1474982 -53947 15862911 15785267 1076919 -3668787 -447986 12715413 0.00640 0.85620 0.13740 0 0 1273480 1273480 36096398 15260111 20836287 3743061 2639154 1103907 1869684 1236180 633504 23847178 MUTUAL FUNDS AND ANNUITIES 19346785 F CERTIFICATES OF DEPOSIT AND SAVINGS ACCOUNT 3819071 F 23165856 ACCRUED SALARIES AND WAGES 914221 ADVANCES FROM FEDERAL GOVT FOR STUDENT LOANS 918081 OTHER ACCRUED LIABILITIES AND PAYABLES 215231 ANNUITY PAYMENT LIABILITIES 260459 2307992 36962354 30195168 6767186 -2058083 -2058083 4709103 25464927 -2058083 -2058083 27523010 9439344 9439344 36962354 20755824 0 20755824 9439344 9439344 30195168 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: NOTE 1(L) - UNCERTAIN TAX POSITIONS THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE FINANCIAL STATEMENTS. THE COLLEGE FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION (FASB ASC), WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF MAY 31, 2012, THE COLLEGE HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COLLEGE'S FINANCIAL STATEMENTS. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE FINANCIAL STATEMENTS. NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEAR ENDED MAY 31, 2012. GENERALLY, THE TAX YEARS BEFORE 2009 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 9,439,344. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 9,439,344. 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 COLLEGE'S RACIALLY NONDISCRIMINATORY POLICY IS PUBLICIZED THROUGH RADIO ADVERTISEMENTS, PRINT PUBLICATIONS SUCH AS THE COLLEGE CATALOG, AND FINANCIAL AID AND RELATED MATERIALS, AND ADS FOR EMPLOYMENT. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FOR STUDENT FINANCIAL AID PROGRAMS SUCH AS THE FEDERAL PELL GRANT PROGRAM, AND MANY OTHERS FROM THE UNITED STATES DEPARTMENT OF EDUCATION. THE COLLEGE ALSO RECEIVES STUDENT FINANCIAL ASSISTANCE FROM THE STATE OF TENNESSEE IN THE FORM OF VARIOUS GRANTS AND LOTTERY SCHOLARSHIPS. 1 CASH SCHOLARSHIPS FOR STUDENTS ATTENDING MILLIGAN COLLEGE IN CARTER COUNTY, TENNESSEE 826 9439344 0 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE DOES NOT GIVE ANY NON-CASH SCHOLARSHIPS. SCHOLARSHIPS ARE DISBURSED TO STUDENTS THROUGH CREDITING THEIR STUDENT ACCOUNTS. IF THE STUDENT HAS ANY EXCESS SCHOLARSHIP FUNDS OVER THEIR CHARGES, THESE FUNDS ARE DISBURSED TO THE STUDENT BY CHECK. THE COLLEGE'S PROCEDURES FOR MONITORING GRANT FUNDS IN THE U.S. ARE AS FOLLOWS: THE COLLEGE HAS APPOINTED DIRECTORS, WHO REPORT TO THE APPROPRIATE VICE PRESIDENTS, OVER ALL FEDERAL GRANT PROGRAMS. THESE DIRECTORS ARE CHARGED WITH PERFORMING ALL GRANT-RELATED ACTIVITIES INCLUDING APPLICATION, MONITORING OF EXPENDITURES AND REPORTING, WITH THE EXCEPTION OF DRAW-DOWNS OF FEDERAL FUNDS. DRAW-DOWNS ARE PERFORMED BY THE COLLEGE'S CONTROLLER AFTER REQUESTS ARE MADE BY THE DIRECTOR TO THE CONTROLLER. THE CONTROLLER REVIEWS THE REQUESTS FOR DRAW-DOWNS, WHICH INCLUDE DOCUMENTATION OF ALL DIRECT AND INDIRECT PROGRAM EXPENSES, BEFORE MAKING THE DRAW-DOWNS. A SINGLE AUDIT IS PERFORMED ANNUALLY BY THE COLLEGE'S INDEPENDENT AUDITORS. X 0 1 X X 0 1 0 0 0 0 0 0 0 WILLIAM B GREER 137402 0 0 0 0 0 23543 0 6125 0 167070 0 0 0 DONALD R JEANES 149181 0 0 0 0 0 21318 0 11733 0 182232 0 0 0 PART I, LINE 1A FOR THE YEAR ENDED 05/31/12, THE COLLEGE PAID FOR SOME MEALS AND AIRFARE FOR THE PRESIDENT'S WIFE WHEN SHE TRAVELED WITH HIM ON COLLEGE BUSINESS. PART I, LINE 1B APPROVAL FOR COMPANION TRAVEL EXPENSES WAS GIVEN BY THE BOARD OF TRUSTEES AND DOCUMENTED IN THE MINUTES. PART I, LINE 4B THE COLLEGE ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN IN 2011. THE FIRST CONTRIBUTION WAS MADE IN MARCH, 2012 ON BEHALF OF WILLIAM B. GREER, PRESIDENT. PART I, LINE 5 PART I, LINE 8 THE HEALTH & EDUCATIONAL FACILITIES BD OF THE CITY OF ELIZABETHTON TN 626000283 2005-12-05 5500000 CONSTRUCTION AND EQUIPPING OF EDUCATIONAL FACILITIES 0 0 0 869790 5500000 38851 5461149 2007 0 0 1 1 0 0 0 0 1 0 0 0 0 0 1 DR WILLIAM B GREER PRESIDENT OF MILLIGAN COLLEGE 48720 TUITION GRANTS FOR THE CHILDREN OF DR. WILLIAM B. GREER DR DONALD R JEANES FORMER PRESIDENT OF MILLIGAN COLLEGE, EFFECTIVE 07/15/11 1000000 DR. DONALD R. JEANES HAS BEEN A MEMBER OF THE MOUNTAIN STATES HEALTH ALLIANCE (MSHA) BOARD OF DIRECTORS FOR NINE YEARS. HE HAS BEEN AN OFFICER FOR FOUR OF THE NINE YEARS. HE BEGAN HIS TENURE AS CHAIRMAN OF THE BOARD IN JULY, 2004. DR. JEANES COMPLETED A TWO YEAR TERM AS CHAIRMAN JUNE 30, 2006 AND CONTINUED TO SERVE ON THE BOARD AS PAST PRESIDENT UNTIL JULY, 2008 AND AGAIN IN 2009-2010. HIS TERM ON THE FULL BOARD ENDED JUNE 30, 2010. MILLIGAN COLLEGE IS RECEIVING A MULTI-YEAR PLEDGE OF $1,000,000 FROM MSHA FOR THE NURSING PROGRAM, WHICH IS CONTINGENT UPON MEETING CERTAIN BENCHMARKS. MSHA PAID THE FINAL PAYMENT OF $100,000 DURING THE 2011 - 2012 FISCAL YEAR; THUS THE PLEDGE IS PAID IN FULL AS OF MAY 31, 2012. 0 DR WILLIAM B GREER PRESIDENT OF MILLIGAN COLLEGE, EFFECTIVE 07/16/11 1000000 DR. WILLIAM B. GREER, WAS A MEMBER OF THE FOLLOWING ORGANIZATIONS SINCE JANUARY 1, 2011: MEMBER, BOARD OF DIRECTORS OF BLUE RIDGE MEDICAL MANAGEMENT CORPORATION, THE FOR-PROFIT ARM OF MOUNTAIN STATES HEALTH ALLIANCE (MSHA) . MILLIGAN COLLEGE IS RECEIVING A MULTI-YEAR PLEDGE OF $1,000,000 FROM MSHA FOR THE NURSING PROGRAM CONTINGENT UPON MEETING CERTAIN BENCHMARKS. MSHA PAID THE FINAL PAYMENT OF $100,000 DURING THE 2011 - 2012 FISCAL YEAR, THUS THE PLEDGE IS PAID IN FULL AS OF MAY 31, 2012. MEMBER, MSHA FINANCE COMMITTEEMEMBER, MSHA WORKFORCE COMMITTEE 0 MR JOHN K BANKS MEMBER OF THE BOARD OF TRUSTEES 28750 MR. JOHN K. BANKS, THE COLLEGE'S ATTORNEY, IS A MEMBER OF THE BOARD OF TRUSTEES. MR. BANKS IS NOT PAID CASH FOR HIS SERVICES AS THE COLLEGE'S ATTORNEY. HOWEVER, FOR THE YEAR ENDED MAY 31, 2012, THE COLLEGE DID GIVE FREE TUITION TO TWO OF HIS RELATIVES. THE VALUE OF THIS TUITION WAS $28,750. 0 DR W B GREENE MEMBER OF THE BOARD OF TRUSTEES 19203840 DR. W. B. GREENE, OWNER OF CARTER COUNTY BANK, IS A MEMBER OF THE BOARD OF TRUSTEES. THE COLLEGE HAS NUMEROUS CHECKING ACCOUNTS AT THE BANK, WHOSE BALANCES AT MAY 31, 2012 TOTALED APPROXIMATELY $6,369,694. THE COLLEGE HAS A $1,000,000 LINE OF CREDIT AT THE BANK WITH NO DRAWS FOR THE YEAR ENDED MAY 31, 2012. ON DECEMBER 5, 2005, THE COLLEGE OBTAINED A $5,500,000 LOAN FROM THE BANK, WHICH IS SECURED BY THE ELIZABETH LEITNER GREGORY CENTER FOR THE LIBERAL ARTS. AT MAY 31, 2012, THE BALANCE OF THE LOAN WAS $4,630,210, AND THE INTEREST EXPENSE PAID FOR THE YEAR THEN ENDED WAS 203,936. 0 MR CALVIN L WILSON JR MEMBER OF THE BOARD OF TRUSTEES 8049214 MR. CALVIN L. WILSON, JR., A SENIOR INVESTMENT ADVISOR WITH UBS FINANCIAL SERVICES, INC. (UBS), IS A MEMBER OF THE BOARD OF TRUSTEES. HE ALSO SERVES AS AN ADVISOR TO THE COLLEGE'S INVESTMENT COMMITTEE, BUT HE IS NOT A VOTING MEMBER OF THIS COMMITTEE. AT MAY 31, 2012, THE COLLEGE HAS APPROXIMATELY SEVENTY FIVE PERCENT ($17,720,974) OF ITS INVESTMENTS WITH UBS. FEES CHARGED BY UBS ARE COMPATIBLE WITH OTHER COMPANIES. FEES AVERAGE ABOUT 0.45% PER TRANSACTION. FOR THE CALENDAR YEAR ENDED DECEMBER 31, 2011, FEES CHARGED WERE $49,214. THE COLLEGE INCREASED ITS LINE OF CREDIT AT UBS, WHICH IS COLLATERALIZED BY INVESTED FUNDS, DURING THE FISCAL YEAR FROM $1,800,000 TO $8,000,000. THE BALANCE OUTSTANDING FOR THE ENTIRE FISCAL YEAR WAS ZERO. 0 MR TOMMY BURLESON MEMBER OF THE BOARD OF TRUSTEES 100000 MR. TOMMY BURLESON, OWNER OF BURLESON CONSTRUCTION, IS A MEMBER OF THE BOARD OF TRUSTEES. THE COLLEGE HAS USED BURLESON CONSTRUCTION FOR SEVERAL CONSTRUCTION PROJECTS IN THE PAST. BURLESON CONSTRUCTION IS SERVING AS THE GENERAL CONTRACTOR FOR THE CONSTRUCTION OF THE RESIDENCE VILLAGE WHICH WAS STARTED IN JUNE 2012. BURLESON CONSTRUCTION ALSO DID THE CONSTRUCTION WORK ON TWO OTHER PROJECTS DURING THE 2011 - 2012 YEAR: FOUNTAIN AND NEW FOOTBRIDGE. BURLESON CONSTRUCTION WAS PAID IN EXCESS OF $100,000 FOR THE YEAR ENDED MAY 31, 2012, AND HAD SINGLE TRANSACTIONS IN EXCESS OF $10,000. 0 DR MARSHALL W HAYDEN MEMBER OF THE BOARD OF TRUSTEES 49351 DR. MARSHALL W. HAYDEN IS A MEMBER OF THE BOARD OF TRUSTEES. HIS SISTER, LINDA LAWSON, IS EMPLOYED BY THE COLLEGE. HER GROSS SALARY FOR THE 2011 CALENDAR YEAR WAS $49,351. DR. HAYDEN IS ON ROTATION DURING THE 2012 CALENDAR YEAR, AND NOT ON THE LIST OF ACTIVE TRUSTEES AS THE LAST DAY OF THE FISCAL YEAR, 05/31/12. 0 MR DANIEL W MCMAHAN MEMBER OF THE BOARD OF TRUSTEES 249944 MR. DANIEL W. MCMAHAN IS A MEMBER OF THE BOARD OF TRUSTEES. HE IS A SENIOR VICE-PRESIDENT OF BB&T - OLD COLONY INSURANCE. MR. MCMAHAN BECAME A MEMBER OF THE BOARD OF TRUSTEES JUNE 1, 2002. HE ROTATED OFF THE BOARD FOR ONE YEAR DURING CALENDAR YEAR 2008, AND IS BACK ON THE BOARD IN 2009 - 2012. FOR THE YEAR ENDED MAY 31, 2012, THE COLLEGE PAID BB&T - OLD COLONY INSURANCE $249,944 FOR INSURANCE SERVICES (GENERAL LIABILITY COVERAGE). 0 X 9 1101790 CLOSING STOCK PRICES 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 MR. KENNETH W. OOSTING, II, A MEMBER OF THE BOARD OF TRUSTEES OF MILLIGAN COLLEGE, SERVES AS CHAIRMAN OF THE BOARD AND CHIEF TECHNOLOGY OFFICER OF INSPIRED SURGICAL TECHNOLOGIES, INC. AND INSPIRED SOLAR TECHNOLOGIES, INC. AS OF MAY 31, 2012, MR. JAMES EARL GREEN, A MEMBER OF THE BOARD OF TRUSTEES OF MILLIGAN COLLEGE, SERVES AS THE CHIEF EXECUTIVE OFFICER OF INSPIRED SURGICAL TECHNOLOGIES, INC. AND INSPIRED SOLAR TECHNOLOGIES, INC. AS OF MAY 31, 2012, MR. OOSTING AND MR. GREEN COMBININED OWN A CONTROLLING INTEREST IN BOTH COMPANIES. FOR THE YEAR ENDED MAY 31, 2012, THERE WERE NO BUSINESS TRANSACTIONS BETWEEN MILLIGAN COLLEGE AND INSPIRED SURGICAL TECHNOLOGIES, INC. OR INSPIRED SOLAR TECHNOLOGIES, INC. FORM 990, PART VI, SECTION B, LINE 11 A COMPLETE COPY OF THE COLLEGE'S FINAL FORM 990 (INCLUDING ALL REQUIRED SCHEDULES), AS ULTIMATELY FILED WITH THE INTERNAL REVENUE SERVICE, WAS PROVIDED TO EACH PERSON WHO WAS A VOTING MEMBER OF THE GOVERNING BODY AT THE TIME THE FORM 990 WAS PROVIDED, WHETHER IN PAPER OR ELECTRONIC FORM, BEFORE ITS FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH MEMBER OF THE BOARD OF TRUSTEES SUBMITS A SIGNED CONFLICT OF INTEREST AGREEMENT. AT THIS TIME, ANY KNOWN CONFLICTS OR POTENTIAL CONFLICTS OF INTEREST ARE DISCLOSED TO THE GOVERNING BODY. SHOULD THE POTENTIAL OF A CONFLICT OF INTEREST ARISE, THE SUBJECT WILL BE DISCLOSED AND THE GOVERNING BOARD MEMBER WILL EXCUSE THEMSELVES FROM VOTING ON THE MATTER IN QUESTION. FORM 990, PART VI, SECTION B, LINE 15 PRESIDENT: THE BOARD OF TRUSTEES APPROVED THE SALARY OF THE PRESIDENT OF THE COLLEGE AND DID COMPARE THAT INFORMATION WITH PEER INSTITUTIONS AT THE TIME THE SALARY WAS DETERMINED OR HIRE DATE. THE BOARD OF TRUSTEES ALSO PASSED A RESOLUTION THAT THE PRESIDENT WOULD RECEIVE THE SAME PERCENTAGE INCREASE AS OTHER STAFF OF THE COLLEGE ON AN ANNUAL BASIS. THE SALARY OF THE PRESIDENT IS APPROVED AS PART OF THE BUDGETING PROCESS BY THE BOARD OF TRUSTEES ANNUALLY. OTHER OFFICERS OR KEY EMPLOYEES: SALARY INCREASES FOR OFFICERS ARE THE SAME PERCENTAGE GIVEN TO OTHER STAFF OF THE ORGANIZATION. THE PRESIDENT OF THE COLLEGE REVIEWS SALARIES OF OTHER OFFICERS AND COMPARES THEM WITH DATA FROM PEER INSTITUTIONS. THE PRESIDENT MAY RECOMMEND INCREASES OVER AND ABOVE THE PERCENTAGE INCREASES BASED ON MERIT OR TO MOVE SALARIES INTO MEDIAN RANGE OF PEER INSTITUTIONS. THE PRESIDENT PRESENTS THESE RECOMMENDATIONS TO THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. THE SALARIES OF ALL OFFICERS ARE APPROVED AS PART OF THE BUDGETING PROCESS BY THE BOARD OF TRUSTEES ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -2,058,083. OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FIANNCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THAT OF THE PRIOR YEAR.