2012-03-02T09:54:34-06:00 2011-05-31 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST STE 2300 MINNEAPOLIS MN 55402 990 2010-06-01 411607453 MINNEAPOLIS COLLEGE OF ART & DESIGN MINN 6128743700 2501 STEVENS AVE S MINNEAPOLIS MN 55404 DANIEL SJOQUIST 6128743700 2012-03-01 1 LAWRENCE H MOHR CPA 6128764500 2010 2016-02-24 21:20:13Z DANIEL SJOQUIST 2501 STEVENS AVE S MINNEAPOLIS MN 55404 28699052 0 X WWW.MCAD.EDU X 1988 MN THE MINNEAPOLIS COLLEGE OF ART & DESIGN'S (MCAD) MISSION STATEMENT IS: THE MCAD EDUCATES INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED, GLOBAL CITIZENS. THE VISION IS: THE MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE. THE VALUES ARE: WE, THE MCAD COMMUNITY, SHAPE OUR WORK AND OUR INTERACTIONS WITH OTHERS BY HONORING THE FOLLOWING VALUES: STUDENTS FIRST, ACADEMIC AND INSTITUTIONAL EXCELLENCE, CREATIVITY AND INNOVATION, COMMUNITY, AND ENGAGEMENT. 17 16 935 0 0 0 909285 1732156 22517308 22734995 212518 987095 318049 229212 23957160 25683458 5387380 6070387 0 0 12239147 12283060 0 0 701418 8185479 8028227 25812006 26381674 -1854846 -698216 58724280 64192110 17107411 15812148 41616869 48379962 X THE MINNEAPOLIS COLLEGE OF ART & DESIGN'S (MCAD) MISSION STATEMENT IS: THE MCAD EDUCATES INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED, GLOBAL CITIZENS. THE VISION IS: THE MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE. THE VALUES ARE: WE, THE MCAD COMMUNITY, SHAPE OUR WORK AND OUR INTERACTIONS WITH OTHERS BY HONORING THE FOLLOWING VALUES: STUDENTS FIRST, ACADEMIC AND INSTITUTIONAL EXCELLENCE, CREATIVITY AND INNOVATION, COMMUNITY, AND ENGAGEMENT. 0 0 14397689 6006419 13802905 ACADEMIC AFFAIRS: - COMPLETED REWRITE OF BACHELOR OF SCIENCE CURRICULUM INCLUDING NEW COURSE NUMBERS, LEARNING OBJECTIVES, AND CLASS METHODOLOGIES.- COMPLETED REPORT AND PREPARATIONS FOR A SITE VISIT FROM THE HIGHER LEARNING COMMISSION NORTH CENTRAL ASSOCIATION OF COLLEGES AND SCHOOLS.- CREATED NEW EXCHANGE PROGRAM WITH ROYAL ACADEMY OF ART, THE HAGUE, NETHERLANDS.- OPENED NEW INTERNSHIP PROGRAM WITH BEJING RAINBOW LEARNING. 2591492 63968 2485624 STUDENT AFFAIRS:- A NEW EXCHANGE PROGRAM WITH KABK (ROYAL ACADEMY) IN THE NETHERLANDS WAS PILOTED. DURING SPRING 2011 MCAD HOSTED ONE VISITING STUDENT AND SENT ONE GRAPHIC DESIGN MAJOR TO THE EXCHANGE SITE. - MCAD SUCCESSFULLY UNDERWENT A SEVIS REVIEW AND RECERTIFICATION PROGRAM.- MCAD RECEIVED A GRANT FROM PARK NICOLLET THAT ALLOWED US TO HIRE AN ALUM TO PRODUCE CUSTOM VIDEOS FOR STUDENT HEALTH 101, AN ONLINE DIGITAL MAGAZINE. WE SUBSTANTIALLY INCREASED READERSHIP FROM THE PRIOR YEAR.- THE STUDENT ADVISORY COUNCIL, MCAD'S STUDENT GOVERNMENT, RENAMED THEMSELVES STUDENT UNION (SU). THEY EXAMINED THE STRUCTURE OF THE GROUP AND EXPLORED WAYS THAT SU AND ITS EXECUTIVE BOARD COULD BETTER SERVE/ADVOCATE FOR THE STUDENT BODY.- THE RECORDS OFFICE WORKED WITH ACADEMIC AFFAIRS AND CONTINUING STUDIES TO RENUMBER ALL MFA, BSC AND SUSTAINABLE DESIGN CLASSES. CLASSES ARE NOW IN TIER GROUPS THAT REFLECT AREA OF INTEREST AND CLASS LEVEL. - THE STUDENT AFFAIRS AND RECORDS OFFCES WERE BOTH RESTRUCTURED IN ORDER TO PROVIDE MORE BENCH STRENGTH AND CONTINUITY IN SERVICES. THE ACADEMIC ADVISING COORDINATOR BECAME THE ASSOCIATE DIRECTOR OF STUDENT AFFAIRS AND THE ASSISTANT TO THE REGISTRAR BECAME THE ASSISTANT REGISTRAR. 1937840 1856759 ACADEMIC SUPPORT:- COMPLETED PLANS FOR REMODELING MCAD MEDIA WING.- OVERSAW ALL OPERATIONS SURROUNDING THE ANNUAL ART SALE.- FACILITATED USE OF MCAD FACILITIES BY OVER 20 COMMUNITY GROUPS, INCLUDING: ITALIAN CULTURAL SOCIETY, NOTHERN LIGHTS, ADOBE INDESIGN USERS GROUP, ETC. 5011814 4806000 OTHER:- WE REPLACED A CHILLER IN OUR HVAC SYSTEM, COSTING APPROXIMATELY $350,000.- WE UPGRADED SOME E-CLASSROOMS, COSTING APPROXIMATELY $135,000.- WE BEGAN A PROJECT TO MODERNIZE OUR ELEVATORS, SPENDING APPROXIMATELY $135,000.- WE BEGAN A PROJECT TO WATERPROOF THE MORRISON BUILDING, SPENDING APPROXIMATELY $80,000 .- WE REDESIGNED OUR WEB SITE, COSTING APPROXIMATELY $380,000. 5011814 4806000 23938835 1 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 1 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 213 0 1 935 1 0 0 0 0 0 1 1 0 0 0 0 X 17 16 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X KATHERINE BENGSTON 6128743700 2501 STEVENS AVE S MINNEAPOLIS MN 55404 JAY COOGAN 35.00 X X 276734 0 29858 DAVID HARTWELL 1.00 X X 0 0 0 DAVID ANDREAS 1.00 X 0 0 0 BRUCE BEAN 1.00 X 0 0 0 URI CAMARENA 1.00 X 0 0 0 DR NATHAN DAVIS 1.00 X 0 0 0 MIKE KEEFE 1.00 X 0 0 0 MARY ASH LAZARUS 1.00 X X 0 0 0 CY DECOSSE 1.00 X 0 0 0 BETSY MASSIE 1.00 X 0 0 0 CLINTON MORRISON 1.00 X 0 0 0 CLINTON H MORRISON 1.00 X 0 0 0 CRAIG RICE 1.00 X 4120 0 0 JULIE SNOW 1.00 X 0 0 0 ROBERT TESLOW 1.00 X 0 0 0 MISSY STAPLES THOMPSON 1.00 X 0 0 0 BILL THORBURN 1.00 X 0 0 0 DAN SJOQUIST 35.00 X 95692 0 9990 PAMELA NEWSOME-PROCHNIAK 35.00 X 100260 0 13014 VINCENT LEO 35.00 X 105856 0 10787 SUSAN CALMENSON 35.00 X 86146 0 8641 WILLIAM MULLEN 35.00 X 83976 0 15185 JOAN OLSON 35.00 X 146270 0 10091 899054 0 97566 4 0 1 0 JE DUNN CONSTRUCTION 9855 WEST 78TH STREET SUITE 270 EDEN PRAIRIE MN 55344 PARKING LOT CONTRACTOR 928486 SHEFFIELD OLSON & MCQUEEN INC ABC 119 PO BOX 9192 MINNEAPOLIS MN 554809192 BENEFITS ADMINISTRATOR & PREMIUMS 699131 LITTLE & COMPANY 920 SECOND AVE S STE 1400 MINNEAPOLIS MN 55402 WEB DESIGN 345194 ARTHUR J GALLAGHER RISK MGM SVC PO BOX 71965 CHICAGO IL 606941965 INSURANCE PROVIDER 184682 MINNEAPOLIS INSTITUTE OF ARTS 2400 3RD AVE S MINNEAPOLIS MN 55404 PHYSICAL PLANT SERVICES 166607 7 4800 136434 1590922 32351 1732156 TUITION AND FEES 611710 20504159 20504159 HOUSING RENTAL INCOME 611710 1055945 1055945 SALE OF OTHER SERVICES 611710 590675 590675 SALES BOOKSTORE 611710 584216 584216 22734995 852194 852194 2846258 2711357 134901 134901 134901 317156 4800 304237 12919 12919 MISCELLANEOUS 900099 216293 216293 216293 25683458 22951288 0 1000014 6006419 6006419 63968 63968 1065833 947041 80923 37869 9132226 8114394 693364 324468 657961 584628 49956 23377 692918 615689 52610 24619 734122 652300 55738 26084 74408 74408 65819 65819 102313 102313 543167 482628 41240 19299 147684 131224 11213 5247 1082700 962028 82204 38468 1002975 891189 76151 35635 828684 736323 62918 29443 189728 168582 14405 6741 254831 226429 19348 9054 577018 512706 43810 20502 747206 663926 56732 26548 183053 162651 13898 6504 OPERATION AND MAINTENAN 1528895 1358492 116081 54322 GRANT SPENDING 327144 327144 MISCELLANEOUS 208981 185689 15867 7425 EXHIBITION EXPENSES 163621 145385 12423 5813 26381674 23938835 1741421 701418 1383325 2254799 1982039 414036 272400 727088 128707 145965 965451 781093 281850 298144 71441 66580 25214103 10937907 13949531 14276196 37458542 43747560 11232 11232 2219762 1469417 58724280 64192110 3213132 2332270 705833 772367 387205 454255 12665000 12150000 136241 103256 17107411 15812148 X 17261385 19227697 10396637 14240798 13958847 14911467 41616869 48379962 58724280 64192110 X -698216 7461309 X X 0 1 1 X 1 1 X SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: THE ORGANIZATION IS DIVERSELY SUPPORTED BY MULTIPLE INDIVIDUAL, CORPORATE, PRIVATE FOUNDATION, AND PUBLIC CHARITY DONORS. ACCORDINGLY, IT ALSO WOULD QUALIFY AS A PUBLIC CHARITY THAT MEETS THE 33 1/3% SUPPORT TEST UNDER THE 509(A)(1)/170(B)(1)(A)(VI) REGULATIONS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 31052261 162436 8224280 1215245 532228 15603 37675901 26312151 116180 6499349 1300701 573636 1082 31052261 38730827 175624 -10717426 1399731 476061 1082 26312151 0.30000 0.40000 0.30000 0 0 943378 943378 23097759 10937907 12159852 1161168 1161168 11798 11798 14276196 ADVANCE DEPOSITS 88032 ACTUARIAL LIABILITY ON ANNUITIES PAYABLE 15224 103256 25683458 26381674 -698216 7462391 -1082 7461309 6763093 27341354 7462391 304237 7766628 19574726 102313 6006419 6108732 25683458 20578261 305319 305319 20272942 102313 6006419 6108732 26381674 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: MCAD'S ENDOWMENT CONSISTS OF APPROXIMATELY 130 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT PROVIDES SCHOLARSHIPS TO STUDENTS AND GRANTS FOR DEPARTMENTAL NEEDS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2011. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR THE CURRENT YEAR AS WELL AS FISCAL YEARS 2008 THROUGH 2010 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: ACTUARIAL ADJUSTMENT -1,082. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT EXPENSES FROM FUNDRAISING & SPECIAL EVENTS 304,237. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP AND GRANTS 6,006,419. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 304,237. ACTUARIAL ADJUSTMENT 1,082. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 6,006,419. 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 MCAD PUBLISHES ITS NON-DISCRIMINATION POLICY AS STATED ON THE ONLINE APPLICATION. IT READS: "THE MINNEAPOLIS COLLEGE OF ART AND DESIGN DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, OR ETHNIC ORIGIN IN ITS ADMISSIONS OR EDUCATIONAL POLICIES, IN SCHOLARSHIPS, FINANCIAL AID, OR LOAN PROGRAMS, IN EMPLOYMENT, OR IN ACCORDING THE RIGHTS, PRIVILEGES AND ACTIVITIES GENERALLY MADE AVAILABLE AT THIS EDUCATIONAL INSTITUTION." EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE U.S. GOVERNMENT IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS THE FEDERAL PERKINS LOAN PROGRAM, FEDERAL WORK STUDY PROGRAM, PELL GRANT PROGRAM AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM. THE COLLEGE ALSO RECEIVES SUPPORT FROM THE STATE OF MINNESOTA THROUGH THE COLLEGE WORK STUDY PROGRAM AND STATE STUDENT SCHOLARSHIPS AND GRANTS. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES TRAVEL ABROAD PROGRAM FOR STUDENTS 63968 0 1 0 0 0 1 63968 0 63968 EUROPE (INCLUDING ICELAND & GREENLAND) TUITION EXPENSE 57239 WIRE TRANSFER FMV EUROPE (INCLUDING ICELAND & GREENLAND) TUITION EXPENSE 6729 WIRE TRANSFER FMV 0 2 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: THE COLLEGE MAINTAINS RECORDS OF FUNDS GRANTED. THE FUND RECIPIENTS ARE ORGANIZATIONS WITH AN EDUCATIONAL/PROGRAM RELATIONSHIP WITH MCAD. ART SALE 314975 4800 310175 6695 295646 WAI ART SALE 6981 6981 1896 321956 4800 317156 6695 297542 304237 12919 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 706 6006419 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ALL FEDERAL AID IS AWARDED BASED ON FINANCIAL AID ELIGIBILITY REQUIREMENTS IN THE FINANCIAL AID OFFICE DURING THEIR AWARD PROCESS. FUNDS ARE DRAWN DOWN BY THE CONTROLLER IN THE BUSINESS OFFICE AND ARE RECONCILED TO THE AWARD. THE MONEY IS DISBURSED TO THOSE APPLICABLE STUDENTS BY THE BUSINESS OFFICE BURSAR. 1 X X X X 0 0 0 0 0 0 0 0 0 JAY COOGAN 244903 0 0 0 31831 0 20825 0 9033 0 306592 0 0 0 JOAN OLSON 144810 0 0 0 1460 0 0 0 10091 0 156361 0 0 0 MHEFA SERIES 6-K 410988525 60416HHA5 2006-07-01 7670000 IMPROVEMENTS 0 0 0 MHEFA SERIES 6-Z 410988525 60416HHA5 2009-11-24 2660000 PARKING LOT 0 0 0 7670000 613250 59494 6997256 2006 0 0 1 1 2660000 70021 2589979 2010 0 0 1 1 0 0 0 0 1 1 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 X 3 32351 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE HAS DELEGATED AUTHORITY. IT IS COMPRISED OF ALL OF THE CHAIRS OF THE STANDING COMMITTEES OF THE BOARD EXCEPT FOR THE PRESIDENT, WHO SHALL BE EX-OFFICIO WITHOUT VOTE AND NOT BE COUNTED AS PART OF A QUORUM FOR THE PURPOSE OF TRANSACTING BUSINESS, THE OFFICERS OF THE BOARD, AND THE IMMEDIATE PAST BOARD CHAIR. THE SCOPE OF THE COMMITTEE'S AUTHORITY IS THAT IT SHALL SERVE AT THE PLEASURE OF THE BOARD AS ITS AGENT IN HELPING THE PRESIDENT TO ADDRESS NONESSENTIAL BUSINESS BETWEEN REGULAR BOARD MEETINGS, AND IT SHALL SUGGEST BOARD MEETING AGENDA ITEMS AND PERIODICALLY ASSESS THE QUALITY OF COMMITTEE WORK. THE COMMITTEE SHALL HAVE AUTHORITY ON ALL MATTERS EXCEPT FOR THE FOLLOWING: PRESIDENTIAL SELECTION AND TERMINATION; TRUSTEE AND BOARD-OFFICER ELECTION; CHANGES IN INSTITUTIONAL MISSION AND PURPOSES; CHANGES TO THE CHARTER OR ARTICLES OF INCORPORATION; INCURRING OF CORPORATE INDEBTEDNESS; SALE OF COLLEGE ASSETS OR TANGIBLE PROPERTY; ADOPTION OF THE ANNUAL BUDGET; AND CONFERRAL OF DEGREES.THERE MAY BE BYLAWS OR BOARD POLCIES THAT MAY RESERVE OTHER POWERS FOR THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION A, LINE 2 CLINTON MORRISON, TRUSTEE, AND CLINTON H. MORRISON, TRUSTEE: FAMILY RELATIONSHIP. DAVID HARTWELL, BOARD CHAIR, AND DAVID ANDREAS, TRUSTEE: BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE COLLEGE CHANGED ITS MISSION WITH A NEW STRATEGIC PLAN. FORM 990, PART VI, SECTION B, LINE 11 THIS 990 WAS REVIEWED BY TAX COUNSEL AND THE FINANCE COMMITTEE WITH MANAGEMENT. PRIOR TO FILING, THE COMPLETED 990 IS PROVIDED TO THE BOARD OF TRUSTEES. IT IS SUBSEQUENTLY ON THE AGENDA AT THE NEXT REGULAR BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND OFFICERS ARE SUBJECT TO THE FOLLOWING PROCESS: INDIVIDUALS WHO DISCLOSE A CONFLICT OF INTEREST MUST LEAVE THE RELEVANT MEETING WHILE A DETERMINATION OF MATERIALITY OF THE CONFLICT IS MADE. IF A CONFLICT IS DETERMINED TO EXIST WITHIN THE SCOPE OF THE POLICY THOSE INDIVIDUALS MAY MAKE A PRESENTATION OF THE PROPOSED TRANSACTION OR ARRANGEMENT BUT THEN MUST LEAVE THE ROOM AND ABSTAIN FROM VOTING ON THE PROPOSED TRANSACTION OR ARRANGEMENT. AN TRUSTEE SHALL BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITHIN THE SCOPE OF THE POLICY IF HE OR SHE (1) HAS EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS THAT IMPAIR OR APPEAR TO IMPAIR HIS OR HER INDEPENDENT, UNBIASED JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE; OR (2) IS AWARE THAT A MEMBER OF HIS OR HER FAMILY HAS FINANCIAL OR OTHER INTERESTS THAT WOULD IMPAIR OR APPEAR TO IMPAIR THE TRUSTEE'S INDEPENDENT JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE. FOR THE PURPOSES OF THIS PROVISION, A FAMILY MEMBER IS DEFINED AS A SPOUSE, DOMESTIC PARTNER, PARENT, SIBLING, CHILD, OR ANY OTHER RELATIVE RESIDING IN THE SAME HOUSEHOLD AS THE TRUSTEE. ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICAL TIME. FURTHER, THE TRUSTEE SHALL ABSENT HIMSELF OR HERSELF FROM DISCUSSIONS OF, AND ABSTAIN FROM VOTING ON, SUCH MATTERS UNDER CONSIDERATION BY THE BOARD OF TRUSTEES OR ITS COMMITTEES. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE WITH A CONFLICT OR POSSIBLE CONFLICT ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN AS TO WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THAT THE BOARD OF COMMITTEE RESOLVE THE QUESTION IN HIS OR HER ABSENCE BY MAJORITY VOTE. EACH TRUSTEE SHALL COMPLETE AND SIGN A CONFLICT OF INTEREST DISCLOSURE FORM PROVIDED ANNUALLY BY THE SECRETARY OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15A THE PRESIDENT'S COMPENSATION IS REVIEWED BY THE EXECUTIVE COMMITTEE ANNUALLY. THEY COMPARE THE COMPENSATION PROPOSED AGAINST COMPARABLE PRESIDENTS OF SIMILAR INSTITUTIONS. THE PRESIDENT'S CONTRACT WAS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES IN EXECUTIVE SESSION DURING THE 2010-11 FISCAL YEAR. THE VP OF ADMINISTRATION HAS DONE THE COMPARABILITY DATA FOR THE OFFICERS. THIS WAS REVIEWED AND APPROVED BY THE PRESIDENT ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THEY ARE AVAILABLE UPON REQUEST IN THE FINANCE OFFICE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 7,462,391. ACTUARIAL ADJUSTMENT -1,082. TOTAL TO FORM 990, PART XI, LINE 5: 7,461,309. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESS FOR THE AUDIT OF THE FINANCIAL STATEMENTS HAS NOT CHANGED FROM THE PRIOR YEAR.