2012-11-09T17:06:04-06:00 2011-12-31 BKD LLP 111 South Tejon Suite 800 Colorado Springs CO 809039848 990 2011-01-01 841481641 The Catholic Foundation No Colorado % THE ORGANIZATION CATH 3034689885 3801 EAST FLORIDA AVE DENVER CO 80210 GERALD J LABER 2012-11-15 true Rita F Worster CPA 7194714290 2011 2016-02-24 21:20:13Z GERALD J LABER 3801 EAST FLORIDA AVE STE 725 DENVER CO 80210 30611898 false X WWW.THECATHOLICFOUNDATION.COM X 1998 CO THE CATHOLIC FDN, AN INDEPENDENT COMMUNITY FDN, INSPIRES CHARITABLE GIVING & PLANNING THAT SPREADS THE GOSPEL, TEACHES OUR CHILDREN, PREPARES OUR PRIESTS, CARES FOR OUR POOR & STRENGTHENS OUR PARISHES. 21 21 7 25 370682 1916257 6002246 0 0 1403320 3462018 0 0 3319577 9464264 5145849 5984191 0 0 700517 673775 0 407500 715862 964387 1223492 6810753 8288958 -3491176 1175306 99895371 97820106 22583897 22721613 77311474 75098493 X THE FOUNDATION IS CALLED BY JESUS CHRIST: TO PROMOTE THE MISSION OF THE CHURCH IN NORTHERN COLORADO BY ENCOURAGING FINANCIAL STEWARDSHIP; TO FAITHFULLY STEWARD AND DISTRIBUTE FUNDS ENTRUSTED TO THE FOUNDATION; AND TO COOPERATE WITH PARISHES AND OTHER CATHOLIC ORGANIZATIONS TO DEVELOP ADDITIONAL RESOURCES AND SUPPORT. false false 1073226 1033316 THE CATHOLIC FOUNDATION PREPARES PRIESTS THROUGH GRANTS, SUPPORTING THE OPERATIONS AND NEEDS OF ST. JOHN VIANNEY THEOLOGICAL SEMINARY AND REDEMPTORIS MATER MISSIONARY SEMINARIES. 1327198 1277843 COMMITTED TO TEACHING OUR CHILDREN, THE CATHOLIC FOUNDATION AWARDS GRANTS TO CATHOLIC SCHOOLS ACROSS NORTHERN COLORADO TO BENEFIT SCHOLARSHIP PROGRAMS, PROVIDE INTERPARISH TUITION ASSISTANCE, AND ENABLE THE SCHOOLS TO PROVIDE A JUST WAGE TO THEIR TEACHERS. 2115508 2036838 THROUGH THE FUNDING OF RELIGIOUS EDUCATION, CATECHIST TRAINING, AND CURRICULUM DEVELOPMENT, THE FOUNDATION HELPS SPREAD THE GOSPEL. 1699389 1636194 SEE DETAIL ON ATTACHMENT 1 SCH O 1699389 1636194 6215321 true true false false false true false false false true true true false false true false true false false false true true false true false false false true false true false false false false false false false false true false false false false false false false false false true 5 0 true 7 true true true true CJ VI false false false false false false false false false false false X 21 21 false false true false false false false true true false false true true true true true false true true false X THE ORGANIZATION 3034689885 3801 EAST FLORIDA AVENUE STE 725 DENVER CO 80210 SUZAN BOYD 1.0 X ARCHBISHOP CHARLES J CHAPUT OFM 1.0 X BISHOP JAMES CONLEY STL 1.0 X REV MSGR THOMAS S FRYAR VG 1.0 X THOMAS D HUELE 2.0 X X LOU JAHDE 1.0 X KEVIN KOPP 1.0 X SONNY LUBICK 1.0 X TERRY POLAKOVIC 1.0 X KEN SCHULTZ 1.0 X MATTHEW J TYNAN 2.0 X X JOE TALARICO 1.0 X WILLIAM WAGNER 1.0 X PAUL ZAKOVICH 1.0 X FRAN COMBS 1.0 X MARK SALVATO 1.0 X MARGUERITE HUNTER 1.0 X SUZAN LAVELLE 1.0 X TONY CHURCH 1.0 X MICHAEL JANSEN 1.0 X JAMES KONTNY 1.0 X WILLIAM LEER 1.0 X EDWARD ROUTZON 1.0 X ROBERT ZARLENGO 1.0 X STEVE MARKEL 1.0 X MICHAELANN MARTIN 1.0 X GERALD LABER 40.0 X 135720 0 21747 MARY MORRONI 40.0 X 124031 0 11933 DAVE FANTZ 40.0 X 80074 0 47658 339825 0 81338 2 false true false COMMUNITY COUNSELING SVC CO LLC PO BOX 27462 NEW YORK NY 10087 FUNDRAISING 407500 1 6002246 370399 6002246 0 474541 48683 425858 0 0 24135111 21147634 2987477 2987477 321999 2665478 0 0 0 0 9464264 370682 3091336 5882941 5882941 0 101250 101250 0 421163 421163 0 183744 183744 8194 8194 23151 23151 37523 37523 0 34174 983 33191 43500 43500 0 407500 407500 255996 255996 30720 24420 6300 98200 98200 47318 21932 25386 31343 19521 11822 0 31547 31547 113356 113356 0 15672 525 15147 473862 231130 242732 0 16765 16765 8543 8543 GIFTS 4673 4673 MISCELLANEOUS 13053 12863 190 DEVELOPMENT MARKETING 4770 4770 8288958 6215321 1357775 715862 0 0 3056917 7046741 10631169 12946713 0 0 0 0 0 0 0 0 0 0 15136 15020 123358 95490 30637 27868 18017035 17452122 68144477 60221642 0 0 0 0 0 110000 99895371 97820106 184286 156382 1014159 945661 0 0 0 0 0 0 0 0 10016667 9508334 0 0 11368785 12111236 22583897 22721613 X 52147236 48040601 24928980 26822634 235258 235258 77311474 75098493 99895371 97820106 X 1175306 -3388287 X false true true X false X 1296647 7164455 2275075 1916257 6002246 18654680 1296647 7164455 2275075 1916257 6002246 18654680 6314855 12339825 609836 703224 642801 504957 474541 2935359 21590039 0.57155 0.40346 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 30 1677490 3578674 32806393 true true 27672185 4122619 -147522 2083619 0 29563663 24598458 2074601 2833992 1834866 0 27672185 23805438 1465577 4579284 5232883 18958 24598458 25949769 7546732 -7134851 2556212 23805438 0.08476 0.00796 0.90728 false false 123358 95490 27868 27868 ABSOLUTE RETURN 21687836 F HEDGED EQUITY 12710055 F AND OTHER 27950 F INTERNATIONAL EQUITIES 8573148 F DOMESTIC EQUITIES 17222653 F 60221642 0 INVESTMENTS HELD IN TRUST 9417373 INVESTMENTS HELD AS AGENCY END 2693863 12111236 9464264 8288958 1175306 -3388287 -3388287 -2212981 5819981 -3388287 -3388287 9208268 255996 255996 9464264 8032962 8032962 255996 255996 8288958 DESCRIBE THE INTENDED USES OF THE ORGANIZATION'S ENDOWMENT FUNDS PART V, LINE 4 Temporarily restricted net assets are those whose use by the Foundation has been limited by donors to a specific time period or purpose. Permanently restricted net assets have been restricted by donors to be maintained by the Foundation in perpetuity. Endowments have been restricted for the use of the following: Caring for our poor, teaching our children, spreading the Gospel, strengthening our parishes, preparing our priests, and time restriction. ORGANIZATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS PART X, LINE 2 MANAGEMENT HAS EVALUATED ITS INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON ITS REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. true South America 0 0 Grantmaking N/A 41000 Sub-Saharan Africa 0 0 Grantmaking n/a 50000 Europe (Including Iceland and Greenland) 0 0 Grantmaking N/A 5250 South Asia 0 0 Grantmaking N/A 5000 Central America and the Caribbean 0 0 Program Services passive investments 34950181 0 0 0 0 35051431 35051431 Cent. America/Caribbean 41000 CHECK Sub-Saharan Africa CARING COMMUNITY 50000 Wire 2 0 false false true true false false Procedures for monitoring the use of grant funds outside the US Part I, Line 2 From the Foundation's Policy Statement Regarding International Grantmaking and the Making of Grants to Certain Other Organizations, Projects and Initiatives: Project Monitoring: The proposed project must include meaningful processes by which the committee or individual designated may assess the project in terms of meeting stated goals, including regular accounting for use of grant funds by the foreign organization recipient and possibly including field investigations after the grant is made. This corporation shall retain the right to withdraw approval of a grant and to receive a refund of any unexpended grant funds in the event that it is determined by said committee or individual that the project is not meeting its stated goals, or that any of the preconditions set forth in the grant are not being satisfied. Wherever feasible, grant funds will be released for specific projects on a "as needed" basis. Purpose of Grant Sch. F, Part II, Col. D Purpose of Grant: Funding for social services for the poor in India, for the construction of a school in nigeria, for the formation of seminarians studying in peru, and specific charitable aid projects of the Holy Father. DETAIL OF FOREIGN INVESTMENTS SCHEDULE F, PART I, LINE 3, COLUMN F FAIR MARKET VALUE OF INVESTMENTS 34,397,891 INVESTMENT MANAGEMENT FEES 552,290 TOTAL 34,950,181 Grants to US organization for foreign activity Parts I and II Some grants are carried through other U.S. organizations for foreign activities and are reported on Schedule F, Part I, line 3, Schedule F, Part II, line 1, as well as on schedule I, part II, line 1. The grants are included on line 3 of Part IX, Statement of Functional Expenses. The total amount of grants is 50,000. X X true Community Counseling SVC CO LLC PO Box 27462 New York NY 10087 CAMPAIGN MGMT. false 2898423 407500 2490923 2898423 407500 2490923 CO true Annunciation Catholic School 3536 Lafayette Street Denver CO 80205 840522064 501(C)(3) 145500 Teaching children Archdiocese of Denver 1300 South Steele St Denver CO 80210 840499858 501(C)(3) 689622 Strengthen parishes Arrupe Jesuit High School 4343 Utica st Denver CO 80212 020628872 501(C)(3) 19733 Teaching children Assumption School 2341 E 78th Ave Denver CO 80229 840449275 501(C)(3) 50000 Teaching children Augustine Institute 3001 S Federal Boulevard Denver CO 80236 202349108 501(C)(3) 1158580 Spreading the gospel Bishop Machebeuf HS 458 N Uinta way Denver CO 80230 841490220 501(C)(3) 169895 Teaching children Blessed Sacrament 1973 Elm St Denver CO 80220 840402673 501(C)(3) 40000 Teaching children Catholic Charities 4045 Pecos Street Denver CO 80211 840686679 501(C)(3) 413920 Caring Community Catholic Leadership Institute 440 East Swedesford Road Wayne PA 19087 232661414 501(C)(3) 50000 Spreading the gospel Catholic News Agency 1060 St Francis Way Denver CO 80204 200196438 501(C)(3) 40000 Spreading the gospel Christian Life Movement 1060 St Francis Way Denver CO 80204 841487058 501(C)(3) 82500 Spreading the gospel CATHOLIC RELIEF SERVICES 228 W LEXINGTON ST BALTIMORE MD 20201 135563422 501(C)(3) 50000 Caring Community CENTRO SAN JUAN DIEGO 2830 LAWRENCE ST DENVER CO 80205 840499858 501(C)(3) 14000 CARING COMMUNITY Cross International 370 W Camino Gardens Boca Raton FL 33432 651156061 501(C)(3) 7500 Caring Community ENDOW 1300 South Steele St Denver CO 80210 840567786 501(C)(3) 28500 Spreading the gospel Escuela de Guadalupe 3401 Pecos Street Denver CO 80211 311652842 501(C)(3) 20000 Teaching children Families of Character 5241 S Race St Littleton CO 80121 271083135 501(C)(3) 6000 CARING COMMUNITY FOCUS 11990 Grant Street Denver CO 80233 841522811 501(C)(3) 218200 Spreading the gospel Franciscan University 1235 University Blvd Steubenville OH 43952 340714818 501(C)(3) 25000 Spreading the gospel Guardian Angels School 1843 W 52nd Ave Denver CO 80221 840518957 501(C)(3) 85000 Teaching children Holy Family High School 5195 West 144th aVe Broomfield CO 80020 841490222 501(C)(3) 9733 Teaching children JK Mullen High School 3601 South Lowell blvd Denver CO 80236 846005720 501(C)(3) 10233 Teaching children Lighthouse 4240 E Plum Court Littleton CO 80121 352381151 501(C)(3) 26800 CARING COMMUNITY Loras College 1450 Alta Vista St Dubuque IA 52001 420680412 501(C)(3) 70000 CARING COMMUNITY Nat'l Catholic Bioethics Ctr 6399 Drexel Road Philadelphia PA 19151 042871526 501(C)(3) 50000 CARING COMMUNITY Office of Catholic Schools 1300 S Steele Street Denver CO 80210 840499858 501(C)(3) 15000 Teaching children Papal Foundation 150 Monument Road Bala Cynwdpa PA 19004 232511991 501(C)(3) 16869 Caring Community Presentation of Our Lady 660 Julian St Denver CO 80204 840404270 501(C)(3) 8850 Strengthen parishes PROJECT CURE 10377 E GEDDES AVe ENGLEWOOD CO 80112 841568566 501(C)(3) 17500 Caring Community Regis Jesuit High School 6400 S Lewiston Way Aurora CO 80016 840791593 501(C)(3) 169733 Teaching children Regis Jesuit HS - Girls 6300 S Lewiston Way Aurora CO 80016 742918866 501(C)(3) 9733 Teaching children SAINT CATHERINE OF SIENA 4200 FEDERAL BLVD Denver CO 80211 840438235 501(C)(3) 5400 TEACHING CHILDREN Saint Bernadette School 1100 Upham St Lakewood CO 80215 840431890 501(C)(3) 40000 Teaching children Saint Claire of Assisi School 31622 Hwy 6 Edwards CO 81632 841237387 501(C)(3) 23797 Teaching children Saint Francis de Sales 235 S Sherman St Denver CO 80209 840404268 501(C)(3) 91000 Teaching children ST JOHN VIANNEY SEMINARY 1300 SOUTH STEELE ST Denver CO 80210 841495066 501(C)(3) 988001 preparing priests Saint Louis Catholic Church 3310 South Sherman St Englewood CO 80113 840406817 501(C)(3) 85000 Teaching children Saint Mary's Littleton 6853 S Prince St Littleton CO 80120 840436373 501(C)(3) 10000 Strengthen parishes Saint Rose of Lima 1345 W Dakota Ave Denver CO 80223 840465591 501(C)(3) 15000 Teaching children Saint Stephen Catholic 414 S Hyland Park Dr Glenwd Spgs CO 81601 840539250 501(C)(3) 40000 Teaching children Saint Therese School Aur 1200 Kenton St Aurora CO 80010 840539250 501(C)(3) 80000 Teaching children Saint Thomas Aquinas 904 14th Street Boulder CO 80302 840430715 501(C)(3) 99500 Spreading the gospel Seeds of Hope 1300 S Steele St Denver CO 80210 841437053 501(C)(3) 26000 CARING COMMUNITY The Alpha Center 1212 S College Ave Ft Collins CO 80524 742481573 501(C)(3) 7500 CARING COMMUNITY Wyoming Catholic College 163 Leedy Drive Lander WY 82520 830434307 501(C)(3) 105000 Spreading the gospel CAPUCHIN FRANCISCAN FRIARS 3613 WYANDOT DENVER CO 80211 530196617 501(C)(3) 10000 SPREADING THE GOSPEL CATHEDRAL OF THE IMMACULATE 1530 LOGAN ST DENVER CO 80203 840421938 501(C)(3) 47339 SPREADING THE GOSPEL SAINT LOUIS CATHOLIC SCHOOL 3301 S SHERMAN ST ENGLEWOOD CO 80110 840406817 501(C)(3) 40000 TEACHing CHILDREN SAINT PIUS X SCHOOL 13680 EAST 14TH PLACE AURORA CO 80011 840457083 501(C)(3) 19000 TEACHING CHILDREN SAINT THOMAS MORE 7071 EAST OTERO AVENUE CENTENNIAL CO 80112 840642458 501(C)(3) 28750 TEACHING CHILDREN ST VINCENT DE PAUL CHURCH 2375 E ARIZONA AVENUE DENVER CO 80210 840439603 501(C)(3) 15000 STRENGTHEN PARISHES CAMP ST MALO RETREAT 10758 HIGHWAY 7 ALLENSPARK CO 80510 841490221 501(C)(3) 82463 SPREADING THE GOSPEL UNIV OF DENVER ATHLETICS 2201 EAST ASBURY AVE DENVER CO 80208 840404231 501(C)(3) 10000 TEACHING CHILDREN CATHOLIC ASSOC OF LATINO 2718 W WOODLAWN AVE SAN ANTONIO TX 78228 261135065 501(C)(3) 25000 SPREADING THE GOSPEL BOYS HOPE GIRLS HOPE 7060 E HAMPDEN AVE 203 DENVER CO 80224 510182614 501(C)(3) 10000 TEACHING CHILDREN SAINT JAMES CATHOLIC SCHOOL 1250 NEWPORT STREET DENVER CO 80220 840402708 501(C)(3) 55000 TEACHING CHILDREN CO VINCENTIAN VOLUNTEERS 1732 PEARL STREET DENVER CO 80203 841286894 501(C)(3) 28000 CARING COMMUNITY ALTERNATIVES PREGNANCY CTR 1440 BLAKE ST SUITE 200 DENVER CO 80202 742218129 501(C)(3) 15200 CARING COMMUNITY SAFE 2 TELL INC PO BOX 49296 COLORADO SPRINGS CO 80949 208987664 501(C)(3) 10000 CARING COMMUNITY BENEDICTINE COLLEGE 1020 2ND STREET ATCHISON KS 66002 480777079 501(C)(3) 25000 SPREADING THE GOSPEL MISSIONARIES OF THE POOR PO BOX 29893 ATLANTA GA 30359 204553442 501(C)(3) 50000 CARING COMMUNITY LALMBA 7685 QUARTZ STREET ARVADA CO 80007 466057338 501(C)(3) 21600 CARING COMMUNITY Handmaids of the Holy Child Jesus PO Box 740099 Houston TX 77274 411737743 501(c)(3) 50000 Caring Community 62 Procedures for Monitoring the use of grant funds to U.S. Sch. I, Part I, Question 2 Following approval of a grant, a grant award letter and general grant terms, conditions, and understandings, together with the award check is sent to each recipient. The grant award letter and terms and conditions (which together constitute the grant agreement) outline the specific award stipulations including the purpose for which the funds are to be used, the length of the grant period, and required expenditure reporting after the close of the grant period, if any. Grantee deposit of the award check indicates acceptance of the grant's terms and conditions, and affirm their tax-exempt status. The terms and conditions of accepting Foundation grant funds also require grant recipients to report any change to their tax exempt status during the grant term. Furthermore, recipients must submit written requests in advance to change the grant purpose or if the funds are unexpended within the grant period. Reports on the expenditure of grant funds in compliance with the terms and conditions of the grant award are due 45-days after the end of the grant period and are generally required. Grant report reminders and past-due notices are sent to recipients. The Foundation may withhold as appropriate new grant authorizations to organizations until any outstanding reports from prior grants are received. Upon receipt of the grant report, the Grant Administrator reviews the report for compliance with the grant terms and conditions and then closes the file accordingly. X true true X X false false false false false false false false true true GERALD LABER 135720 0 0 0 0 0 8148 0 13599 0 157467 0 0 0 Schedule J Part I, Question 8 Initial Contract Exception Gerald Laber's 2011 compensation is covered by his initial contract of December 2007. Please see Schedule O for Part VI, Question 15a for more information. Schedule J, Part I, Question 1a Health or Social Club Dues The Organization has a membership to a country club which is used for business purposes and the President has some personal use. The personal use of the membership is paid by the president. X 12 260399 SALES PRICE X 1 110000 APPRAISAL 1 false true false NON-CASH CONTRIBUTIONS SCHEUDLE M, LINE 9, COLUMN B THE NUMBER INDICATED IN COLUMN B IS THE TOTAL NUMBER OF CONTRIBUTIONS. DESCRIPTION OF OTHER PROGRAM SERVICES FORM 990, PART III, QUESTION 4D THE CATHOLIC FOUNDATION CARES FOR THE COMMUNITY BY MAKING GRANTS TO CHARITABLE ORGANIZATIONS HELPING TO BRING THE LIGHT OF CHRIST TO THE POOR AND BROKEN IN OUR WORLD. EXPENSES OF $877,029 INCLUDING GRANTS OF $844,415. THE FOUNDATION STRENGTHENS PARISHES THROUGHOUT NORTHERN COLORADO, THROUGH GRANTS PROVIDING OPERATING SUPPORT AND MEETING EMERGENCY CAPITAL NEEDS, AS WELL AS THE ESTABLISHMENT OF PARISH FUNDS TO FACILITATE THEIR PLANNED GIVING EFFORTS. EXPENSES OF $770,211 INCLUDING GRANTS OF $741,569. PROCESS TO REVIEW THE FORM 990 FORM 990, PART VI, QUESTION 11B The 990 is completed by the Foundation's tax firm, BKD, in cooperation with the Foundation's staff. The return is initially reviewed by management at the Foundation and then by the audit committee. The return is then circulated via email to the Board of Trustees. PROCESS FOR MONITORING COMPLIANCE WITH CONFLICT OF INTEREST POLICY FORM 990, PART VI, QUESTION 12C The Board of Trustees of The Catholic Foundation adopted a written Conflict of Interest Policy on March 7, 2005. In addition to trustees and officers, the policy applies to all employees, committee members and volunteers who may be in a position to exercise substantial influence over the affairs of the Foundation. The policy identifies and defines interested parties, the nature of potential conflicts, including use of confidential information for personal gain and a prohibition against loans by/to the Foundation to any trustee or officer as well as procedures for disclosure, review, and action on conflicts of interest as they arise. Additionally, the policy requires annual completion of a Conflict of Interest Disclosure Statement by those in a position to exercise substantial influence over the affairs of the Foundation. The Conflict of Interest Policy together with the Conflict of Interest Disclosure Statement and Gift Policy and Disclosure Form are distributed annually to officers, trustees, and key employees. These individuals are asked to review the policy and complete and return both the Conflict of Interest Disclosure Statement and the Gift Policy and Disclosure Form to the Vice President. The Vice President tracks response and reviews the disclosures. REVIEW OF CEO OR TOP MGMT OFFICIAL COMPENSATION FORM 990, PART VI, QUESTION 15A Pursuant to I.R.C. 4958, compensation is independently determined by disinterested board members (i.e. the chair of the board in consultation with other trustees). In making this determination, the chair relies on appropriate comparability data and then documents the decision. In December of 2007, the Board hired Gerald Laber as President of the Foundation. Mr. Laber's initial contract was negotiated and agreed to by the Executive Committee at that time. There have not been any material changes to this initial contract. As such, Mr. Laber's contract continues to fall within the initial contract exception to I.R.C. 4958. REVIEW OF OTHER OFFICER OR KEY EMPLOYEES COMPENSATION FORM 990, PART VI, QUESTION 15B The compensation of other officers and key employees is determined by the President with the approval of the board chair. In making this determination, the President relies on appropriate comparability data and documents the decision. GOVERNING DOCUMENTS MADE AVAILABLE TO THE PUBLIC FORM 990, PART VI, QUESTION 19 The Foundation's governing documents, conflict of interest policy and financial statements are available upon request. Additionally, the Foundation's Articles of Incorporation are available on the website of the Colorado Secretary of State and the Foundation's financial statements are available on the Foundation's website. OTHER CHANGES IN NET ASSETS FORM 990, PART XI, LINE 5 UNREALIZED GAIN $(3,388,287) WRITTEN DOCUMENT RETENTION & DESTRUCTION POLICY FORM 990, PART VI, QUESTION 14 The organization has a written policy covering document destruction. The procedures in place for document retention are not in a written policy. CHANGES TO ORGANIZATIONAL DOCUMENTS SINCE PRIOR 990 FORM 990, PART VI, QUESTION 4 THE BYLAWS HAVE BEEN AMENDED TO CHANGE THE TERM FOR THE CHAIR OF THE BOARD TO BE COMPATIBLE WITH THE OFFICE HELD. IN ADDITION, THE BYLAWS HAVE ALSO BEEN AMENDED TO READ UPON COMPLETION OF TWO TERMS AND FOLLOWING A TWO-YEAR ABSENCE FROM THE BOARD, A TRUSTEE SHALL BE ELIGIBLE FOR UP TO TWO ADDITIONAL THREE-YEAR TERMS.