2012-05-09T13:24:10-05:00 2011-06-30 SCHNEIDER DOWNS & CO INC 1133 PENN AVENUE PITTSBURGH PA 15222 990 2010-07-01 250981156 WESTMINSTER COLLEGE WEST 7249467139 319 S MARKET STREET NEW WILMINGTON PA 16172 KENNETH J ROMIG 7249467139 2012-05-09 1 SUSAN M KIRSCH 4122613644 2010 2016-02-24 21:20:13Z DR RICHARD DORMAN 319 S MARKET STREET NEW WILMINGTON PA 16172 99826150 0 X WWW.WESTMINSTER.EDU X 1852 PA PROMOTE EDUCATION, THE DEVELOPMENT OF SKILLS, KNOWLEDGE, AND PERSONAL QUALITIES. 34 32 1212 333 0 0 5117024 7155396 50124812 53434565 2160009 4901420 215734 201917 57617579 65693298 20908200 22535889 0 0 20966818 21617433 0 0 1394875 14736579 15764736 56611597 59918058 1005982 5775240 164336301 182365693 29770409 30655211 134565892 151710482 X THE MISSION OF WESTMINSTER COLLEGE IS TO HELP MEN AND WOMEN DEVELOP COMPETENCIES, COMMITMENTS, AND CHARACTERISTICS WHICH HAVE DISTINGUISHED HUMAN BEINGS AT THEIR BEST. THE LIBERAL ARTS TRADITION IS THE FOUNDATION OF THE CURRICULUM CONTINUALLY DESIGNED TO SERVE THIS MISSION IN A RAPIDLY CHANGING WORLD. THE COLLEGE SEES THE WELL-EDUCATED PERSON AS ONE WHOSE SKILLS ARE COMPLEMENTED BY EVER DEVELOPING VALUES AND IDEALS IDENTIFIED IN THE JUDEO-CHRISTIAN TRADITION. WESTMINSTER'S QUEST FOR EXCELLENCE IS A RECOGNITION THAT STEWARDSHIP OF LIFE MANDATES THE MAXIMUM POSSIBLE DEVELOPMENT OF EACH PERSON'S CAPABILITIES. 0 0 35960652 22535889 31496228 INSTRUCTIONAL EXPENDITURES- FACULTY AND RELATED EXPENDITURES FOR COURSES OF STUDY. WESTMINSTER COLLEGE OFFERS 40 MAJORS AND SERVES 1,603 UNDERGRADUATE, GRADUATE AND ADULT STUDENTS ANNUALLY, LEADING TO BACHELOR OF ARTS, BACHELOR OF SCIENCE, BACHELOR OF MUSIC AND MASTERS OF EDUCATION DEGREES. 7367446 6452796 STUDENT SERVICES EXPENDITURES- NON-ACADEMIC SUPPORT SERVICES PROVIDED TO THE STUDENT BODY BY THE FOLLOWING DEPARTMENTS: STUDENT AFFAIRS OFFICE, REGISTRAR, DEAN OF CHAPEL, ADMISSIONS AND FINANCIAL AID, THE CAREER CENTER, ATHLETICS, HEALTH CENTER, COUNSELING CENTER, MULTI-CULTURAL AFFAIRS, THEATER PRODUCTIONS AND RADIO AND TV PRODUCTION. 5326146 4664918 ACADEMIC SUPPORT EXPENDITURES - SUPPORT FOR INSTRUCTION AND RESEARCH BY THE FOLLOWING DEPARTMENTS: DEAN OF THE COLLEGE, AUDIO VISUAL SERVICES, INFORMATION SYSTEMS, FACULTY DEVELOPMENT, ART GALLERY, LIBRARIES, HONORS PROGRAM, CHEMICAL HYGIENE, CULTURAL ARTIFACTS AND THE LEARNING CENTER. 7293220 10820623 EDUCATIONAL AND AUXILIARY ENTERPRISE EXPENDITURES- PROVIDE ROOM AND BOARD FOR RESIDENT STUDENTS, TELEPHONE SYSTEM, BOOKSTORE, SUMMER CAMPS AND ACTIVITIES AND TEMPORARY FACULTY HOUSING. 7293220 10820623 55947464 1 1 0 1 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 0 0 0 0 1 1704 0 1 1212 1 0 0 0 0 0 0 0 0 0 0 X 34 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 OH PA X KENNETH J ROMIG 7249467141 319 S MARKET STREET NEW WILMINGTON PA 16172 PETER M ANDINO 1.50 X 0 0 0 GEORGE R BERLIN 1.50 X 0 0 0 ROBERT W BUEHNER JR 1.50 X 0 0 0 GARY D BROWN 1.50 X 0 0 0 CHARLES R BURKE JR 1.50 X 0 0 0 WILLIAM L CARLTON 1.50 X 0 0 0 LEONARD M CARROLL 1.50 X 0 0 0 PAUL F DECKER 1.50 X 0 0 0 JAMES C DEWAR 1.50 X 0 0 0 CONNIE A DUNN 1.50 X 0 0 0 DEBORAH S FOSTER 1.50 X 0 0 0 ROBIN W GOOCH 1.50 X 0 0 0 BARBARA BRADEN GUFFEY 1.50 X 0 0 0 ANN H HALDEMAN 1.50 X 0 0 0 WILLIAM M HAZEN 1.50 X 0 0 0 PETER Y HERCHENROETHER 1.50 X 0 0 0 RONALD E HUSTWIT 1.50 X 0 0 0 ROBERT C JACKSON 1.50 X 0 0 0 WILLIAM N JACKSON 1.50 X 0 0 0 ROBERT JAZWINKSI 1.50 X 0 0 0 CAROLYN J JONES 1.50 X 0 0 0 DEBORA PLATT MAJORAS 1.50 X 0 0 0 THOMAS S MANSELL 1.50 X 0 0 0 DOREEN A MCCALL 1.50 X 0 0 0 WAYNE A MILLER 1.50 X 0 0 0 MARCIA E PRATT 1.50 X 0 0 0 LINDA WRIGHT SIMPSON 1.50 X 0 0 0 GLENN H THOMPSON 1.50 X 0 0 0 JULIE A WEAGRAFF 1.50 X 0 0 0 VALERIE DAY WILDEN 1.50 X 0 0 0 JEFFREY T WILEY 1.50 X 0 0 0 JOHN T WEISEL 3.50 X X 0 0 0 THOMAS A TUPITZA 2.00 X X 0 0 0 RICHARD H DORMAN 40.00 X X 260414 0 83616 KENNETH J ROMIG 40.00 X 142229 0 44964 JOEANN MILLER 40.00 X 40319 0 17070 GLORIA C CAGIGAS 40.00 X 126841 0 22609 JESSE T MANN 40.00 X 135511 0 31697 GAIL L MILLER 40.00 X 102198 0 14264 BRADLEY P TOKAR 40.00 X 103337 0 22696 DARWIN W HUEY 40.00 X 118895 0 24310 1029744 0 261226 7 0 1 0 SODEXO INC AND AFFILIATES PO BOX 905374 CHARLOTTE NC 28290 FOOD SERVICE 3292861 BRIDGES & COMPANY INC 209 PINE CREEK ROAD WEXFORD PA 15090 CONSTRUCTION SERVICES 2080537 JEEMCO INC 411 EAST NESHANNOCK AVE NEW WILMINGTON PA 16142 CONSTRUCTION SERVICES 501277 ROYALL & COMPANY 1920 EAST PARHAM ROAD RICHMOND VA 232282206 PROFESSIONAL FEES 335287 EBSCO 17-19 WASHINGTON STREET TENAFLY NJ 07670 ELECTRONIC SERVICES 316940 10 906273 6249123 956582 7155396 EDUCATIONAL SERVICES 611710 42406342 42406342 AUXILIARY SERVICES 900099 11028223 11028223 53434565 4375234 4375234 136259 105461 30798 30798 30798 33924214 32553424 844604 1370790 -844604 526186 526186 800482 629363 171119 171119 65693298 53434565 0 5103337 22535889 22535889 1094075 756190 120348 217537 15408989 14209426 679999 519564 805942 697513 59141 49288 3119119 2709640 230809 178670 1189308 1042263 80203 66842 24102 24102 78850 78850 120515 120515 1142588 1051628 21148 69812 108609 107769 840 3355278 2854908 372550 127820 350432 333568 9902 6962 2237991 2167222 42553 28216 1330664 1168924 111979 49761 32642 29378 1861 1403 789277 789277 1744693 1640450 95909 8334 273068 82918 187820 2330 FOOD SERVICE 3219873 3153315 22087 44471 PLANT FACILITIES 638087 211054 427033 OTHER 318067 406132 -111090 23025 59918058 55947464 2575719 1394875 253000 325869 13656971 15991097 147036 1004109 2021303 1730385 437626 440714 660701 1102010 92335456 22245047 67743534 70090409 20858468 59176569 58333183 32271133 224479 233398 164336301 182365693 1578651 1388595 809161 674612 16220000 18860000 11162597 9732004 29770409 30655211 X 64933718 68710230 26990638 38717711 42641536 44282541 134565892 151710482 164336301 182365693 X 5775240 11369350 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 829 0 0 829 0 X X X X 0 78557979 1160761 14976165 1547958 2236670 90910277 72362333 986409 9241879 1634064 2398578 78557979 94297415 523757 -18618513 1614590 2225736 72362333 0.14610 0.48420 0.36970 1 0 302700 302700 69995465 14680644 55314821 8014020 5603857 2410163 14023271 1960546 12062725 70090409 COMMINGLED FUNDS 18672413 F FIXED INCOME 13598720 F 32271133 DEPOSITS HELD IN CUSTODY FOR OTHERS 374797 ANNUITY PAYABLE 461611 POSTRETIREMENT BENEFIT OBLIGATIONS 6584755 GOVERNMENT STUDENT LOAN FUNDS 2310841 9732004 65693298 59918058 5775240 9882926 1486424 11369350 17144590 54499232 9882926 734824 10617750 43881482 120515 21691301 21811816 65693298 38841066 3065852 3065852 35775214 120515 24022329 24142844 59918058 PART III, LINE 1A: THE COLLEGE OWNS A NUMBER OF PIECES OF ART AND HISTORIC TREASURES, NONE OF WHICH ARE RECORDED IN THE FINANCIAL STATEMENTS. THESE ITEMS HAVE BEEN GIVEN TO THE COLLEGE OVER A NUMBER OF YEARS, ARE GENERALLY DISPLAYED IN VARIOUS LOCATIONS AROUND CAMPUS AND ARE INSURED. PART III, LINE 4: THE COLLEGE'S COLLECTION OF ARTIFACTS OF CULTURAL AND EDUCATIONAL SIGNIFICANCE RANGE FROM STONE TOOLS (6,000 B.C.) THROUGH CUNEIFORM TABLETS (2,000 B.C.), AN EGYPTIAN MUMMY (300 B.C.), COPTIC ITEMS (5TH CENTURY A.D.), JAPANESE SAMURAI ARMOR (18TH CENTURY A.D.) TO CURRENCY BEARING THE PORTRAIT OF SADDAM HUSSEIN (2003 A.D.). THE COLLECTION PROVIDES A CONNECTION TO THE PAST FOR STUDENTS OF HISTORY AND CULTURE, BOTH ON CAMPUS AND IN THE SURROUNDING COMMUNITY. IN ADDITION, SOME ITEMS IN THE COLLECTION HAVE BEEN LOANED TO MUSEUMS AND HISTORICAL SOCIETIES EXPANDING THEIR EDUCATIONAL REACH. SOME OF THE COLLECTION IS HIGHLIGHTED ONLINE ALONG WITH RESEARCH MATERIALS (CT SCANS, DESCRIPTIONS, EDUCATIONAL MATERIALS). A FORENSIC SCULPTOR RECONSTRUCTED A BUST OF THE 2,000+ YEAR-OLD MUMMY ALLOWING STUDENTS OF HISTORY TO SEE THE VISAGE OF A WOMAN WHO LIVED IN ANCIENT EGYPT. ALL OF THE ARTIFACTS ENCOURAGE RESEARCH AND STUDY BY BRINGING HISTORY TO LIFE AS STUDENTS SEE FIRSTHAND THE ITEMS ABOUT WHICH THEY READ IN CLASS. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF VARIOUS INVESTMENT FUNDS ESTABLISHED FOR SUPPORT OF THE COLLEGE'S MISSION. ITS ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS, AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF TRUSTEES HAS ELECTED TO BE GOVERNED BY THE COMMONWEALTH OF PENNSYLVANIA'S ACT 141 (ACT 141). ACT 141 IS A TOTAL RETURN POLICY THAT ALLOWS A NONPROFIT ENTITY TO CHOOSE TO TREAT A PERCENTAGE OF THE AVERAGE MARKET VALUE OF THE ENDOWMENT'S PERMANENTLY RESTRICTED INVESTMENTS AS INCOME EACH YEAR. HOWEVER, THE LONG-TERM PRESERVATION OF THE REAL VALUE OF THE ASSETS MUST BE TAKEN INTO CONSIDERATION WHEN THE BOARD ELECTS A SPENDING RATE. ON AN ANNUAL BASIS, THE BOARD OF TRUSTEES MUST ELECT, IN WRITING, A SPENDING RATE OF BETWEEN 2% AND 7%. FOR THE YEAR ENDED JUNE 30, 2011, THE COLLEGE UTILIZED A 5% SPENDING RATE, BASED ON A THREE-YEAR MOVING AVERAGE OF HISTORICAL END-OF-QUARTER ENDOWMENT MARKET VALUES. THE LAST QUARTER USED TO DETERMINE THE TRANSFER FOR THE FISCAL YEAR ENDED JUNE 30, 2011 WAS THE QUARTER ENDED DECEMBER 31, 2009. THE COLLEGE CLASSIFIES AS PERMANENTLY RESTRICTED NET ASSETS THE ORIGINAL VALUE OF GIFTS DONATED TO THE ENDOWMENT AND THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE ENDOWMENT. THE UNDISTRIBUTED AMOUNTS EARNED ARE INCLUDED IN UNRESTRICTED NET ASSETS. IN ACCORDANCE WITH ACT 141, THE COLLEGE HAS ADOPTED A WRITTEN INVESTMENT POLICY, OF WHICH A SECTION SPECIFICALLY RELATES TO THE ENDOWMENT. THE COLLEGE CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO SET A SPENDING RATE: 1. PROTECTING THE CORPUS OF THE ENDOWMENT FUND 2. PRESERVING THE SPENDING POWER OF THE ASSETS 3. OBTAINING MAXIMUM INVESTMENT RETURN WITH REASONABLE RISK AND OPERATIONAL CONSIDERATION 4. COMPLYING WITH APPLICABLE LAWS DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. EFFECTIVE FOR THE YEAR ENDED JUNE 30, 2010, THE COLLEGE IMPLEMENTED THE INCOME TAXES TOPIC OF THE ACCOUNTING STANDARDS CODIFICATION (ASC) CLARIFYING THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS. THIS TOPIC PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PRINCIPLES FOR FINANCIAL STATEMENTS DISCLOSURE OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN. THE COLLEGE HAS ASSESSED THE TAX POSITIONS IT HAS TAKEN OR EXPECTS TO TAKE IN ITS TAX RETURNS. THE IMPLEMENTATION HAD NO IMPACT ON THE FINANCIAL STATEMENTS, AND NO LIABILITY HAS BEEN RECORDED FOR UNCERTAIN TAX POSITIONS; FURTHER THE COLLEGE HAS NO UNRECOGNIZED TAX BENEFITS. PART XI, LINE 8 - OTHER ADJUSTMENTS: PENSION BENEFIT COST 1,486,424. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 629,363. RENTAL EXPENSES 105,461. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 22,535,889. LOSS ON ASSET DISPOSAL -844,604. BANK SERVICE FEES RECLASS 16. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 629,363. LOSS ON ASSET DISPOSAL 844,604. RENTAL EXPENSES 105,461. UNRECOGNIZED PENSION BENEFIT PLAN COSTS 1,486,424. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 22,535,889. BANK SERVICE FEES RECLASS 16. PENSION BENEFIT COST 1,486,424. 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 WESTMINSTER COLLEGE NONDISCRIMINATION POLICY IS INCLUDED ON THE COLLEGE WEBSITE, IN ALL OFFICIAL PUBLICATIONS, IN ALL EMPLOYEE ADVERTISING, AND IN ALL STUDENT RECRUITMENT MATERIALS. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 IN THE COURSE OF OUR BUSINESS AS A COLLEGE, THE INSTITUTION RECEIVES FEDERAL GRANTS AND PARTICIPATES IN THE FOLLOWING GOVERNMENTAL AGENCY FINANCIAL AID OR ASSISTANCE PROGRAMS: FEDERAL PELL GRANT PROGRAM; FEDERAL PERKINS LOAN PROGRAM; FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT; FEDERAL WORK STUDY GRANT; FEDERAL FAMILY EDUCATION LOAN PROGRAM; PENNSYLVANIA INSTITUTIONAL ASSISTANCE GRANT; PENNSYLVANIA NEW ECONOMY TECHNOLOGY SCHOLARSHIP (NETS); PENNSYLVANIA PARTNERSHIP FOR ACCESS TO HIGHER EDUCATION (PATH); PENNSYLVANIA ACADEMIC EXCELLENCE SCHOLARSHIP AWARD PROGRAM (AES); PENNSYLVANIA WORKFORCE ADVANCEMENT GRANT FOR EDUCATION PROGRAM (WAGE). EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES SCOTLAND MUSIC TOUR 235304 SOUTH AMERICA 0 0 PROGRAM SERVICES ECUADOR SPRING BREAK WORK TRIP 30734 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES COLLABORATIVE FACULTY/STUDENT RESEARCH-WESTERN GALILEE COLLEGE, AKKO, ISRAEL 21864 SOUTH AMERICA 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE US 2300 NORTH AMERICA 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE US 1300 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 STUDY ABROAD PROGRAM FALL 2010 AND SPRING 2011 STUDY ABROAD 30607 SOUTH AMERICA 0 0 STUDY ABROAD PROGRAM FALL 2010 AND SPRING 2011 STUDY ABROAD 3128 CENTRAL AMERICA AND THE CARIBBEAN 0 0 STUDY ABROAD PROGRAM FALL 2010 AND SPRING 2011 STUDY ABROAD 8525 EAST ASIA AND THE PACIFIC 0 0 STUDY ABROAD PROGRAM FALL 2010 AND SPRING 2011 STUDY ABROAD 1287 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS N/A 23979522 0 0 0 0 0 0 333762 23980809 24314571 1 0 1 0 0 0 1 ACADEMIC AND FINANCIAL ASSISTANCE SCHOLARSHIPS 1472 22535889 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: A LIST OF SCHOLARSHIP RECIPIENTS IS ON FILE AT THE INSTITUTION AND IS AVAILABLE UPON REQUEST. ALTHOUGH THERE MAY BE RECIPIENTS WHO ARE RELATED TO PERSONS HAVING AN INTEREST IN THE INSTITUTION, SUCH RECIPIENTS ARE SELECTED ON AN EQUAL, OBJECTIVELY DETERMINED BASIS WITH OTHER RECIPIENTS. ALL STUDENTS RECEIVING SCHOLARSHIPS ARE JUDGED WORTHY BY THE INSTITUTION'S ASSESSMENT ON THE BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED, OR OTHER SIMILAR STANDARDS. CRITERIA FOR ALL SCHOLARSHIPS IS PUBLISHED AND MADE AVAILABLE TO ALL STUDENTS AND THEIR FAMILIES. X X X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 RICHARD H DORMAN 241334 0 0 0 19080 0 48544 0 35072 0 344030 0 0 0 KENNETH J ROMIG 142139 0 0 0 90 0 11354 0 33610 0 187193 0 0 0 JESSE T MANN 135253 0 0 0 258 0 10821 0 20876 0 167208 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: FOR THE CONVENIENCE OF THE COLLEGE, THE PRESIDENT OCCUPIES THE RESIDENCE PROVIDED (MACK MANSE) AT NO CHARGE TO THE PRESIDENT. PERSONAL SERVICES(E.G., CLEANING SERVICES): THE COLLEGE MANSE IS THE PROPERTY OF WESTMINSTER, THEREFORE IT IS MAINTAINED BY THE PHYSICAL PLANT DEPARTMENT. CLUB MEMBERSHIPS: IN ORDER THAT THE PRESIDENT MAY ENTERTAIN POTENTIAL DONORS AND OTHER BUSINESS ASSOCIATES OF THE COLLEGE, THE COLLEGE PAYS OR REIMBURSES THE PRESIDENT FOR, THE INITIAL FEES AND PERIODIC DUES FOR MEMBERSHIP IN THE DUQUESNE CLUB AND THE NEW CASTLE COUNTRY CLUB. DIRECT EXPENSES FOR UTILIZATION OF THE CLUBS WILL BE THE PRESIDENT'S RESPONSIBILITY, EXCEPT WHEN ATTRIBUTABLE TO COLLEGE BUSINESS. SUPPLEMENTAL INFORMATION PART III SCHEDULE J, PART II: WESTMINSTER COLLEGE ACCOUNTED FOR THE PERSONAL USE OF VEHICLE ON BEHALF OF RICHARD H. DORMAN ON A SEPARATE 2010 FORM W-2. THE AMOUNT OF THE PERSONAL USE OF VEHICLE WAS $2,132 FOR THE 2010 CALENDAR YEAR. NEW WILMINGTON MUNICIPAL AUTHORITY-SERIES 2007 251739535 64920RAS2 2007-06-27 17102753 SEE PART V 0 0 0 NEW WILMINGTON MUNICIPAL AUTHORITY-SERIES 2011 251739535 2011-04-28 3000000 TO FUND THE CONSTRUCTION OF STUDENT HOUSING 0 0 0 17102753 1301944 12302716 207525 281203 3009365 2009 1 1 1 1 3000000 41000 2959000 2011 0 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 0 0 0 1 0 0 0 0 SCHEDULE K SUPPLENTAL INFORMATION THE ADVANCE REFUNDING OF THE AUTHORITIES COLLEGE REVENUE BONDS (WESTMINSTER COLLEGE) SERIES 1998 - THE PROCEEDS OF WHICH WERE USED TO FINANCE INSTALLATION OF A CAMPUS DATA NETWORK, INSTALLATION OF A SATELLITE AND VIDEO RESOURCES, UPGRADING TELEPHONE CAPABILITIES, AND ELECTRICAL REFURBISHMENT OF THE COLLEGE'S RESIDENCE HALLS; (II) THE CURRENT REFUNDING OF THE AUTHORITY'S WESTMINSTER COLLEGE NOTE, SERIES OF 2006, THE PROCEEDS OF WHICH WERE USED TO FINANCE THE CONSTRUCTION AND EQUIPPING OF STUDENT HOUSING FACILITIES LOCATED ON THE COLLEGE'S CAMPUS; (III) THE RENOVATION OF APPROXIMATELY EIGHT STUDENT RESIDENCE HALLS AND MCGILL LIBRARY, IMPROVEMENTS TO THE ATHLETIC FIELD AND CERTAIN MISCELLANEOUS CAPITAL EXPENDITURES; (IV) THE FUNDING OF A DEBT SERVICE RESERVE FUND; AND (V) THE PAYMENT OF THE COSTS OF ISSUING AND INSURING THE BONDS. ENROLLED STUDENT FAMILY OF BOARD MEMBER 9000 X 8 956582 FAIR MARKET VALUE X ARTIFICATS 5 0 N/A 0 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE ORGANIZATION UTILIZED AN UNRELATED THIRD PARTY BROKERAGE FIRM TO SELL GIFTS OF PUBLICLY TRADED SECURITIES. NON REPORTING OF REVENUE: PART I, LINE 33: THE COLLEGE OWNS A NUMBER OF PIECES OF ART AND HISTORIC TREASURES, NONE OF WHICH ARE RECORDED IN THE FINANCIAL STATEMENTS. THESE ITEMS HAVE BEEN GIVEN TO THE COLLEGE OVER A NUMBER OF YEARS, ARE GENERALLY DISPLAYED IN VARIOUS LOCATIONS AROUND CAMPUS AND ARE INSURED. THE VALUE OF NON-CASH CONTRIBUTIONS IS NOT DETERMINED BY THE COLLEGE AND NO GIFT CREDIT IS ISSUED TO THE DONOR. IN ORDER TO RECEIVE GIFT CREDIT, A DONOR MUST HAVE THE ITEM APPRAISED BY AN INDEPENDENT OUTSIDE APPRAISER. THIS PROCESS DOES NOT APPLY TO THE RECEIPT OF A STOCK GIFT. WHEN WESTMINSTER COLLEGE RECEIVES A STOCK GIFT, THE GIFT IS VALUED AT THE AVERAGE OF THE STOCK'S HIGH AND LOW TRADING PRICE, AS INDICATED IN THE WALL STREET JOURNAL, ON THE DATE OF TRANSFER TO THE COLLEGE. THIS METHOD PROVIDES AN OBJECTIVE DETERMINATION OF THE VALUE OF THE GIFT. FORM 990, PART VI, SECTION B, LINE 11 THE WESTMINSTER FINANCIAL MANAGEMENT TEAM REVIEWS THE FORM 990 AND SEEKS INPUT REGARDING THE SAME FROM THE PRESIDENT. THE COLLEGE'S TRUSTEES ARE PROVIDED WITH ACCESS TO A SECURE WEBSITE WHERE THEY ARE ABLE TO REVIEW THE COLLEGE'S TAX RETURN FOR THE YEAR ENDED JUNE 30, 2011. THE COLLEGE'S TRUSTEES ARE INVITED TO PARTICIPATE IN A TELECONFERENCE WITH MEMBERS OF THE COLLEGE'S ADMINISTRATION WHO ARE RESPONSIBLE FOR PREPARING THE COLLEGE'S TAX RETURN. DURING THE TELECONFERENCE, THE COLLEGE'S FINANCIAL ADMINISTRATORS REVIEW THE COMPLETE TAX RETURN. WEBSITE ACCESS TO A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO THE TRUSTEES PRIOR TO THE FILING OF THE RETURN WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS A FORMAL CONFLICT OF INTEREST POLICY. EVERY TRUSTEE, OFFICER AND EMPLOYEE OF THE COLLEGE IS REQUIRED TO ANNUALLY (1) REVIEW THE COLLEGE'S CONFLICT OF INTEREST POLICY, (2) DISCLOSE TO THE BEST OF HIS/HER KNOWLEDGE ANY BUSINESS, PERSONAL, FAMILY AND NOT-FOR-PROFIT RELATIONSHIPS THAT COULD REASONABLY GIVE RISE TO A CONFLICT OF INTEREST, (3) SUMMARIZE IN WRITING ANY POTENTIAL CONFLICT OF INTEREST AS MAY ALREADY EXIST, AND (4) ACKNOWLEDGE BY SIGNATURE ON A DISCLOSURE FORM THAT HE OR SHE ACTED IN ACCORDANCE WITH THE LETTER AND SPIRIT OF THE POLICY. THE EMPLOYEE DISCLOSURE FORMS ARE SUBMITTED TO THE COLLEGE'S DIRECTOR OF HUMAN RESOURCES AND THE DISCLOSURE FORMS FOR TRUSTEES, OFFICERS AND KEY EMPLOYEES ARE SUBMITTED TO THE CHAIR OF THE COLLEGE'S AUDIT AND COMPLIANCE COMMITTEE. THE CHAIR OF THE BOARD OF TRUSTEES AND THE CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE ARE RESPONSIBLE FOR DETERMINING WHETHER OR NOT CERTAIN RELATIONSHIPS GIVE RISE TO CONFLICTS OF INTEREST. THE CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE DELIVERS A CONFLICT OF INTEREST REPORT TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION FOR THE PRESIDENT OF THE COLLEGE WAS DETERMINED BY A SPECIALLY APPOINTED COMMITTEE OF THE BOARD OF TRUSTEES WHO WAS EMPOWERED BY THE BOARD OF TRUSTEES TO NEGOTIATE AN EMPLOYMENT CONTRACT WITH THE PRESIDENT. THE MEMBERS OF THE SPECIAL COMPENSATION COMMITTEE WERE INDEPENDENT, NONE WERE COMPENSATED BY THE COLLEGE, NOR DOES A COMPENSATION ARRANGEMENT EXIST BETWEEN THE COLLEGE AND ANY FAMILY MEMBER OF ANY OF THEM OR ANY BUSINESS IN WHICH ANY OF THEIR FAMILY MEMBERS HAVE AN INTEREST. WHEN THE PRESIDENT'S EMPLOYMENT AGREEMENT WITH WESTMINSTER COLLEGE WAS RENEWED ON NOVEMBER 1, 2010, THE COMMITTEE REVIEWED THE COMPENSATION PAID TO THE PRESIDENTS OF THE 30 COLLEGES TO WHICH WESTMINSTER REGULARLY COMPARES ITSELF WITH RESPECT TO TUITION AND FEES, ENDOWMENT RETURNS AND OTHER METRICS. BASED ON THIS DATA, THE COMMITTEE WAS SATISFIED THAT THE COMPENSATION OFFERED TO DR. DORMAN REFLECTED THE FAIR MARKET VALUE FOR THE SERVICES TO BE RENDERED TO THE COLLEGE. THE AGREEMENT EXECUTED BETWEEN WESTMISTER COLLEGE AND DR. DORMAN EXTENDED THE EMPLOYMENT OF DR. DORMAN TO SERVE THE COLLEGE PURSUANT TO TERMS AND CONDITIONS OF THE AGREEMENT AS PRESIDENT OF THE COLLEGE UNTIL JUNE 30, 2016. THE PRESIDENT'S BASE SALARY SHALL BE SUBJECT TO ANNUAL REVIEWS BY THE GOVERNANCE COMMITTEE OR ITS DESIGNEE, AND MAY BE INCREASED WITH THE APPROVAL OF THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. IN ADDITION, THE COLLEGE'S FINANCIAL STATEMENTS MAY BE VIEWED ON THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE AT HTTP://EMMA.MSRB.ORG/. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 9,882,926. PENSION BENEFIT COST 1,486,424. TOTAL TO FORM 990, PART XI, LINE 5: 11,369,350. FINANCIAL STATEMENTS AND REPORTING: FORM 990, PART XII, QUESTION 2 THE COLLEGE'S AUDIT AND COMPLIANCE COMMITTEE ASSUMES THE RESPONSIBLITY FOR OVERSIGHT OF THE AUDIT AND OF ITS FINANCIAL STATEMENTS AND ITS SELECTION OF THE INDEPENDENT AUDITORS. 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