2012-05-14T06:43:44-05:00 2011-06-30 REINSEL KUNTZ LESHER LLP 1330 BROADCASTING ROAD PO BOX 7008 WYOMISSING PA 196106008 990 2010-07-01 231522643 ALVERNIA UNIVERSITY ALVE 6107968298 400 SAINT BERNARDINE STREET READING PA 19607 DOUGLAS SMITH 6107968298 2012-05-02 1 LARRY S SHAUB 6103761595 2010 2016-02-24 21:20:13Z DOUGLAS SMITH 400 SAINT BERNARDINE STREET READING PA 19607 63742354 0 0928 X WWW.ALVERNIA.EDU X 1958 PA GUIDED BY FRANCISCAN VALUES AND THE IDEAL OF "KNOWLEDGE JOINED WITH LOVE," AND ROOTED IN THE CATHOLIC AND LIBERAL ARTS TRADITIONS, ALVERNIA IS A RIGOROUS, CARING, AND INCLUSIVE LEARNING COMMUNITY COMMITTED TO ADACEMIC EXCELLENCE AND TO BEING AND FOSTERING: BROADLY EDUCATED, LIFE-LONG LEARNERS; REFLECTIVE PROFESSIONALS AND ENGAGED CITIZENS; AND ETHICAL LEADERS WITH MORAL COURAGE. 36 36 1216 315 -179795 -179793 3258793 4174866 52776759 58148422 136850 1083237 -183114 -140245 55989288 63266280 10701145 12099763 0 0 23670281 25600021 0 0 1411727 17449108 19934750 51820534 57634534 4168754 5631746 93699097 101600962 53945413 54553763 39753684 47047199 X GUIDED BY FRANCISCAN VALUES AND THE IDEAL OF "KNOWLEDGE JOINED WITH LOVE," AND ROOTED IN THE CATHOLIC AND LIBERAL ARTS TRADITIONS, ALVERNIA IS A RIGOROUS, CARING, AND INCLUSIVE LEARNING COMMUNITY COMMITTED TO ADACEMIC EXCELLENCE AND TO BEING AND FOSTERING: BROADLY EDUCATED, LIFE-LONG LEARNERS; REFLECTIVE PROFESSIONALS AND ENGAGED CITIZENS; AND ETHICAL LEADERS WITH MORAL COURAGE. 0 0 44259135 12099763 58148422 CONDUCT, OPERATE AND MAINTAIN A COLLEGE FOR THE EDUCATION, TRAINING AND SPIRITUAL GUIDANCE OF MEN AND WOMEN, WITH THE POWER TO CONFER UPON STUDENTS, WHO HAVE SUCCESSFULLY COMPLETED THE REQUIRED COURSES, THE DEGREE OF BACHELOR OF ARTS AND THE DEGREE OF BACHELOR OF SCIENCE, AND SUCH OTHER DEGREES AS MAY BE APPROVED AND AUTHORIZED BY THE DEPARTMENT OF EDUCATION OF THE COMMONWEALTH OF PENNSYLVANIA. THE COLLEGE HAS APPROXIMATELY 3,000 STUDENTS, INCLUDING UNDERGRADUATES, GRADUATES, AND PHD STUDENTS. APPROXIMATELY 40% OF THE FULL-TIME UNDERGRADUATE STUDENTS COME FROM BERKS COUNTY, PA, 50% FROM OTHER PENNSYLVANIA AREAS, AND 10% FROM OTHER STATES AND COUNTRIES. 44259135 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 66 0 1216 1 1 1 0 0 0 0 1 1 0 0 0 0 X 36 36 0 1 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X DOUGLAS F SMITH 6107965600 400 SAINT BERNARDINE STREET READING PA 19607 KATHLEEN HERBEIN 1.00 X X 0 0 0 JOANNE M JUDGE ESQ 1.00 X X 0 0 0 SISTER DANIELLE MARIE KUBELSKY OSF 1.00 X X 0 0 0 FRANCES AITKEN CPA 1.00 X 0 0 0 CARL G ANDERSON JR 1.00 X 0 0 0 CHARLES BARBERA MD 1.00 X 0 0 0 MOST REV JOHN O BARRES 1.00 X 0 0 0 CYNTHIA BOSCOV 1.00 X 0 0 0 SISTER MARGARET CARNEY OSF STD 1.00 X 0 0 0 WILLIAM H COMBS III 1.00 X 0 0 0 MICHELLE DAVIS 1.00 X 0 0 0 STEVE ELMARZOUKY 1.00 X 0 0 0 MICHAEL FROMM 1.00 X 0 0 0 KEVIN GEORGETTI ESQ 1.00 X 0 0 0 SISTER MADONNA MARIE HARVATH OSF 1.00 X 0 0 0 CAROL HINDS PHD 1.00 X 0 0 0 SISTER MARY MARGARET JACKSON OSF 1.00 X 0 0 0 STEVEN S KEISER 1.00 X 0 0 0 KATHLEEN W KLEPPINGER 1.00 X 0 0 0 THOMAS W MARTELL 1.00 X 0 0 0 ROBERT J MCCORMACK 1.00 X 0 0 0 SISTER ROBERTA AGNES MCKELVIE OSF 1.00 X 0 0 0 MICHAEL A MULLEN 1.00 X 0 0 0 THE HONORABLE MICHAEL A O'PAKE 1.00 X 0 0 0 RICHARD A PURCELL CPA 1.00 X 0 0 0 DEANNA REUBEN 1.00 X 0 0 0 GEORGE RICE 1.00 X 0 0 0 DON SCHALK 1.00 X 0 0 0 CARL STAPLES 1.00 X 0 0 0 KEVIN F ST CYR 1.00 X 0 0 0 JAMES C SWEENEY 1.00 X 0 0 0 JOHN D WANNER CAE 1.00 X 0 0 0 ALFRED J WEBER 1.00 X 0 0 0 SUNIL Y WIDGE PHD 1.00 X 0 0 0 SISTER SHAUN KATHLEEN WILSON OSF 1.00 X 0 0 0 CATHERINE D WRIGHT 1.00 X 0 0 0 THOMAS F FLYNN PHD BASE COMP 37.50 X 259269 0 48717 THOMAS F FLYNN PHD 09-10 BONUS 37.50 X 50000 0 0 THOMAS F FLYNN PHD 10-11 PARTIAL 37.50 X 49600 0 0 THOMAS F FLYNN PHD HOUSING 37.50 X 40000 0 0 SHIRLEY J WILLIAMS PHD 37.50 X 146038 0 27356 MICHAEL PRESSIMONE 37.50 X 148321 0 85573 DOUGLAS F SMITH 37.50 X 148367 0 53086 JOHN MCCLOSKEY 37.50 X 108029 0 25072 JOE CICALA PHD 37.50 X 115709 0 18988 1065333 0 258792 6 0 1 0 ASSOCIATED CONSTRUCTION 1003 MORGANTOWN ROAD SHILLINGTON PA 196079519 CONSTRUCTION 7811377 AETNA PO BOX 88860 CHICAGO IL 606951860 HEALTH INSURANCE 5579846 ALADDIN PO BOX 17506 BALTIMORE MD 212971506 FOOD SERVICE VENDOR 4776913 NATIONAL PENN BANK PO BOX 212 READING PA 19603 BANK SERVICES, LOAN 1924769 SECURITY GUARDS INC PO BOX 6283 WYOMISSING PA 19610 SECURITY 1572051 70 5000 29961 1222837 2917068 72165 4174866 TUITION AND FEES 611710 50588223 50588223 AUXILIARY ENTERPRISES 611710 7560199 7560199 58148422 387286 387286 133004 276534 -143530 -143530 -185469 41939 695951 695951 695951 695951 26634 29961 29023 -2389 -2389 176191 170517 5674 5674 63266280 58148422 -179795 1122787 12099763 12099763 425043 425043 19039085 14860210 3582866 596009 1403503 1092698 266843 43962 4732390 3632687 917003 182700 212171 212171 71851 71851 110000 110000 137382 137382 760088 67106 692782 200 1295226 977137 274375 43714 412846 211810 201036 2376392 1653434 702777 20181 454263 279509 119743 55011 186048 139638 44160 2250 1935864 1469723 448895 17246 3511285 2696806 784345 30134 232190 183180 47197 1813 CONTRACTED SERVICES 4200397 2672900 1426022 101475 BAD DEBTS 1433769 370286 1063483 0 MISCELLANEOUS EXPENSE 530927 205962 264957 60008 EQUIPMENT AND EQUIPMENT 452185 376261 73385 2539 CATERING 359590 202047 124840 32703 1262276 642935 397559 221782 57634534 44259135 11963672 1411727 589058 2795591 779252 2967552 2304589 1653293 718601 696032 690935 242509 209350 108092437 31800246 72829156 76292191 11717265 14438144 2630405 2976934 373827 395375 93699097 101600962 3610768 4559460 44048469 44498674 3471905 3610699 939274 1874997 1884930 53945413 54553763 X 30243587 36846358 2732154 1457128 6777943 8743713 39753684 47047199 93699097 101600962 X 5631746 1661769 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 110000 110000 0 EXPLANATION OF OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: ALVERNIA WORKS WITH AN ORGANIZATION THAT HELPS THE UNIVERSITY TO OBTAIN EARMARKS THROUGH THE FEDERAL APPROPRIATIONS PROCESS. THIS ORGANIZATION ALSO HAS A GRANT DEPARTMENT THAT WORKS WITH ALVERNIA UNIVERSITY TO SEARCH FOR FUNDING SOURCES FROM PRIVATE FOUNDATIONS AND GOVERNMENT AGENCIES. 14505142 1443793 2589835 178050 12547 137383 18210790 12952472 887655 957548 186750 8292 97491 14505142 14428519 1122759 -1798098 233381 475000 92327 12952472 0.62240 0.36450 0.01310 0 0 4366954 4366954 88086407 22401980 65684427 13746085 9398266 4347819 1892991 1892991 76292191 AGENCY FUNDS 860148 FEDERAL LOAN PROGRAM ADVANCES 486672 STUDENT DEPOSITS 538110 1884930 63266280 57634534 5631746 1661768 1 1661769 7293515 53326409 1661768 22050 476074 2159892 51166517 12099763 12099763 63266280 46032895 22050 476074 498124 45534771 12099763 12099763 57634534 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ALVERNIA UNIVERSITY'S ENDOWMENT FUNDS ARE USED FOR STUDENT SCHOLARSHIPS AND CAPITAL PURCHASES INCLUDING TECHNOLOGY AND DEFERRED MAINTENANCE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: AS A NOT-FOR-PROFIT ORGANIZATION, THE UNIVERSITY IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES. THE UNIVERSITY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME. THE UNIVERSITY RECOGNIZES PENALTIES AND INTEREST ACCRUED RELATED TO INCOME TAX LIABILITIES IN THE PROVISION (BENEFIT) FOR INCOME TAXES IN ITS STATEMENTS OF PENALTIES AND INTEREST. FOR THE YEARS ENDED JUNE 30, 2011 AND 2010, THERE WERE NO ACCRUALS FOR THE PAYMENT OF PENALTIES AND INTEREST. WHEN TAX RETURNS ARE FILED, IT IS HIGHLY CERTAIN THAT SOME POSITIONS TAKEN WOULD BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES, WHILE OTHERS ARE SUBJECT TO UNCERTAINTY ABOUT THE MERITS OF THE POSITION TAKEN OR THE AMOUNT OF THE POSITION THAT WOULD BE ULTIMATELY SUSTAINED. THE BENEFIT OF A TAX POSITION IS RECOGNIZED IN THE FINANCIAL STATEMENTS IN THE PERIOD DURING WHICH, BASED ON ALL AVAILABLE EVIDENCE MANAGEMENT BELIEVES IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING THE RESOLUTION OF APPEALS OR LITIGATION PROCESSES, IF ANY. TAX POSITIONS TAKEN ARE NOT OFFSET OR AGGREGATED WITH OTHER POSITIONS. TAX POSITIONS THAT MEET THE MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD ARE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS MORE THAN 50% LIKELY OF BEING REALIZED UPON SETTLEMENT WITH THE APPLICABLE TAXING AUTHORITY. THE PORTION OF THE BENEFITS ASSOCIATED WITH TAX POSITIONS TAKEN THAT EXCEEDS THE AMOUNT MEASURED AS DESCRIBED ABOVE IS REFLECTED AS A LIABILITY FOR UNRECOGNIZED TAX BENEFITS IN THE ACCOMPANYING STATEMENTS OF FINANCIAL POSITION ALONG WITH ANY ASSOCIATED INTEREST AND PENALTIES THAT WOULD BE PAYABLE TO THE TAXING AUTHORITIES UPON EXAMINATION. THE UNIVERSITY FILES TAX RETURNS IN THE U. S. FEDERAL JURISDICTION. THE UNIVERSITY'S INCOME TAX RETURNS ARE NOT SUBJECT TO EXAMINATION THROUGH THE YEAR ENDED JUNE 30, 2007. PART XI, LINE 8 - OTHER ADJUSTMENTS: ROUNDING 1. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE 170,517. FUNDRAISING EVENTS EXPENSE 29,023. UNRELATED DEBT FINANCED RENTAL EXPENSES 276,534. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 12,099,763. PART XIII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE 170,517. FUNDRAISING EVENTS EXPENSE 29,023. UNRELATED DEBT FINANCED RENTAL EXPENSES 276,534. PART XIII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 12,099,763. 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 UNIVERSITY'S POLICY OF NON DISCRIMINATION IS INCLUDED IN ITS "UNIVERSITY CATALOG," FINANCIAL AID LITERATURE, BROCHURES, AND GENERAL ADVERTISING EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES AN INSTITUTIONAL ASSISTANCE GRANT FROM THE STATE OF PENNSYLVANIA. IT ALSO RECEIVES FUNDS FROM THE FEDERAL DEPARTMENT OF EDUCATION UNDER STUDENT FINANCIAL AID PROGRAMS. SCHLAGER GOLF OUTING 40152 24092 16060 14620 3826 BASKETBALL GOLF OUTING 16443 5869 10574 2886 1847 910 4934 56595 29961 26634 2886 16467 910 8760 29023 -2389 1 INSTITUTIONAL DISCOUNTS 587 852877 FAIR MARKET VALUE INSTITUTIONAL SCHOLARSHIPS 1292 11068836 FAIR MARKET VALUE ENDOWED SCHOLARSHIPS 125 178050 FAIR MARKET VALUE PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: INSTITUTIONAL SCHOLARSHIPS AND DISCOUNTS BY THE FINANCIAL AID OFFICE ARE RECONCILED BY THE ACCOUNTING DEPARTMENT TO VERIFY THE APPROPRIATE AMOUNT WAS CREDITED TO THE CORRECT STUDENT'S ACCOUNT EVERY SEMESTER. X X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 THOMAS F FLYNN PHD BASE COMP 259269 0 0 0 0 0 32500 0 16473 0 308242 0 0 0 THOMAS F FLYNN PHD 09-10 BONUS 0 0 50000 0 0 0 0 0 0 0 50000 0 0 0 THOMAS F FLYNN PHD 10-11 PARTIAL 0 0 49600 0 0 0 0 0 0 0 49600 0 0 0 THOMAS F FLYNN PHD HOUSING 0 0 0 0 40000 0 0 0 0 0 40000 0 0 0 SHIRLEY J WILLIAMS PHD 146038 0 0 0 0 0 15890 0 11722 0 173650 0 0 0 MICHAEL PRESSIMONE 148321 0 0 0 0 0 15529 0 70627 0 234477 0 0 0 DOUGLAS F SMITH 148367 0 0 0 0 0 15782 0 38281 0 202430 0 0 0 PART I, LINE 1A ALL PAYMENTS EXCEPT HOUSING ALLOWANCE REQUIRE DOCUMENTATION (IE. INVOICE) FOR PAYMENT. MUNICIPAL AUTHORITY OF SOUTH HEIDELBERG 364597945 NONEAVAIL 2011-04-01 9945000 REFUNDING 12-23-08 REVENUE NOTE 0 0 0 MUNICIPAL AUTHORITY OF SOUTH HEIDELBERG 364597945 NONEAVAIL 2007-12-20 10000000 CONSTRUCTION & CAPITAL RENOVATION 0 0 0 REDEVELOPMENT AUTHORITY OF COUNTY BERKS 231719387 NONEAVAIL 2006-05-17 8000000 CONSTRUCTION & CAPITAL RENOVATION 0 0 0 ROBESON TOWNSHIP MUNICIPAL AUTHORITY 236844459 NONEAVAIL 2011-05-26 8995000 REFUNDING 04-22-04 REVENUE NOTE 0 0 0 9945000 9945000 2011 1 0 1 1 50000 10000000 126605 76574 9923426 2009 0 0 1 1 463365 8000000 73408 75000 7925000 2009 0 0 1 1 8995000 8995000 2011 1 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 0 0 0 0 0 1 0.00000 0.00000 0.00000 0 0 0 0 0 1 0.00000 0.00000 0.00000 0 0 0 0 0 1 0.00000 0.00000 0.00000 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 BERNARDINE SISTERS PRIMARY SPONSOR AND FOUNDERS 340956 THIRD FRANCISCAN ORDER SISTERS ON THE BOARD OF DIRECTORS ARE MEMBERS OF THE THIRD FRANCISCAN ORDER 340956 ALVERNIA UNIVERSITY WAS FOUNDED BY THE THIRD FRANCISCAN ORDER OF SAINT FRANCIS OF READING, SISTERS ARE COMPENSATED BY THE UNIVERSITY FOR INSTRUCTIONAL AND ADMINISTRATIVE SERVICES. 0 THOMAS FLYNN PRESIDENT OF THE UNIVERSITY 52568 ALVERNIA UNIVERSITY RECEIVED THE GIFT OF CEDAR HILL FARM FROM DONORS, IT BECAME IN THE BEST INTEREST OF THE UNIVERSITY THAT THE PRESIDENT AND HIS WIFE LIVE THERE IN THE PRESIDENT'S HOUSE RATHER THAN CONTINUE TO PAY THE FLYNN'S A HOUSING ALLOWANCE FOR THEIR HOME IN EXETER TOWNSHIP. BECAUSE OF THE DRAMATIC REDUCTION IN REAL ESTATE VALUES, THE MOVE TO CEDAR HILL FARM WOULD HAVE CAUSED UNDUE FINANCIAL HARDSHIP ON THE FLYNNS, FORCING THEM TO HAVE TO TRY TO SELL THEIR HOME AT A SIGNIFICANT LOSS. THEREFORE THE BOARD OF TRUSTEES DECIDED TO PURCHASE THE FLYNNS HOME AT THE THEN MARKET APPRAISED VALUE. 0 HELEN FLYNN MARRIED TO THOMAS FLYNN, THE PRESIDENT OF THE UNIVERSITY 52568 ALVERNIA UNIVERSITY RECEIVED THE GIFT OF CEDAR HILL FARM FROM DONORS, IT BECAME IN THE BEST INTEREST OF THE UNIVERSITY THAT THE PRESIDENT AND HIS WIFE LIVE THERE IN THE PRESIDENT'S HOUSE RATHER THAN CONTINUE TO PAY THE FLYNN'S A HOUSING ALLOWANCE FOR THEIR HOME IN EXETER TOWNSHIP. BECAUSE OF THE DRAMATIC REDUCTION IN REAL ESTATE VALUES, THE MOVE TO CEDAR HILL FARM WOULD HAVE CAUSED UNDUE FINANCIAL HARDSHIP ON THE FLYNNS, FORCING THEM TO HAVE TO TRY TO SELL THEIR HOME AT A SIGNIFICANT LOSS. THEREFORE THE BOARD OF TRUSTEES DECIDED TO PURCHASE THE FLYNNS HOME AT THE THEN MARKET APPRAISED VALUE. 0 X 2 20000 FMV X 28531 FMV X 2 9009 FMV X 4 2766 X ELECTRONICS 2 500 FMV X GIFT CARDS & TICKETS 7 1236 FMV X JEWELRY 1 123 FMV X SPACE RENTAL 7 4000 FMV X HOTEL ACCOMODATIONS 4 1019 FMV X ADVERTISING 1 2016 FMV X EQUIPMENT RENTAL 1 2965 FMV 0 0 1 1 THIRD PARTY USE: PART I, LINE 32B: CONNORS INVESTOR SERVICES IS AN INVESTMENT ADVISOR FOR NON-CASH STOCK CONTRIBUTIONS RECEIVED. FORM 990, PART VI, SECTION A, LINE 3 THE UNIVERSITY OUTSOURCES ALL HUMAN RESOURCES FUNCTIONS. FORM 990, PART VI, SECTION A, LINE 6 FROM BYLAWS: "THE MEMBERS OF THE CORPORATION SHALL SERVICE IN AN EX OFFICIO CAPACITY AND SHALL CONSIST OF THE GENERAL MINISTER AND COUNCIL OF THE CONGREGATION OF BERNARDINE SISTERS OF THE THIRD ORDER OF ST. FRANCIS OF READING, PENNSYLVANIA. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS HAVE THE POWER TO DO THE FOLLOWING: -DETERMINE AND MAINTAIN THE IDENTITY, PURPOSES AND FRANCISCAN AFFILIATION OF THE CORPORATION -ADOPT, AMEND, REPEAL OR ALTER THE ARTICLES OF INCORPORATION AND BYLAWS OF THE CORPORATION -APPROVE THE SALE, PURCHASE, MORTGAGE OR ENCUMBRANCE OF ANY REAL PROPERTY TRANSACTION GREATER THAN $3,000,000 -MERGE, CONSOLIDATE, DISSOLVE OR EFFECT ANY FUNDAMENTAL CORPORATE REORGANIZATION OF THE CORPORATION -DETERMINE DISTRIBUTION OF ASSETS UPON DISSOLUTION OF THE CORPORATION -PARTICIPATE IN THE NOMINATING OF THE PRESIDENT AND BOARD TRUSTEES -APPROVE THE USE OF THE NAMES "ALVERNIA", "BERNARDINE", AND "FRANCISCAN" -APPROVE THE ARTICLES OF INCORPORATION AND BYLAWS OF ANY SUBSIDIARY OR RELATED CORPORATION FORM 990, PART VI, SECTION B, LINE 11 A DRAFT OF THE FORM 990 IS PRESENTED TO THE ADMINISTRATION FOR REVIEW AND DISCUSSION. ITEMS THAT NEED CLARIFICATION ARE THEN DISCUSSED WITH MANAGEMENT AND THE UNIVERSITY'S TAX ADVISORS/LEGAL COUNSEL. ONCE ITEMS ARE CLARIFIED AND ANSWERED, THE DRAFT FORM 990 IS PRESENTED TO THE AUDIT COMMITTEE WHERE THERE IS A DISCUSSION OF THE ENTIRE FORM, QUESTIONS ANSWERED, AND A VOTE TO APPROVE IS CAST. ONCE THE AUDIT COMMITTEE HAS APPROVED THE RETURN, THE FULL BOARD IS GIVEN ACCESS TO A SECURED FILE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD OF TRUSTEES IS REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 ALVERNIA ENGAGES COMPENSATION CONSULTANTS (YAFFE & CO.) TO REVIEW NATIONAL COMPENSATION TRENDS AND MONITORS COMPENSATION AT OUR PEER INSTITUTIONS. THIS INCLUDES UTILIZING NATIONAL SURVEYS AND DATA BASES AS WELL AS THE CONSULTANTS PROPRIETARY SURVEYS AND SPECIFIC REVIEW OF IRS FORM 990S OF PEERS. THE CONSULTANT SERVES AS AN ADVISOR TO THE PRESIDENTIAL COMPENSATION SUB-COMMITTEE (BOARD CHAIR, VICE CHAIR, AND CHAIR OF FINANCE & BUSINESS AFFAIRS COMMITTEE). THE COMPENSATION COMMITTEE MAKES ITS RECOMMENDATION TO THE BOARD OF TRUSTEES. THE PRESIDENT'S PERFORMANCE IS REVIEWED BY THE BOARD OF TRUSTEES IN EXECUTIVE SESSION ANNUALLY. THE UNIVERSITY ALSO USES THE SAME CONSULTING FIRM TO REVIEW VICE PRESIDENT'S COMPENSATION. SIMILAR COMPARISONS ARE MADE TO SURVEYS AND PEER GROUPS AS DISCUSSED ABOVE. RECOMMENDATIONS ARE THEN MADE TO THE PRESIDENT. VICE PRESIDENT'S SALARIES ARE THEN ALSO REVIEWED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY PROVIDES THE ABOVE DOCUMENTS TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 1,661,768. ROUNDING 1. TOTAL TO FORM 990, PART XI, LINE 5: 1,661,769. FORM 990, PART XI, LINE 2C THE ORGANIZATION'S PROCESS FOR APPROVING FINANCIAL STATEMENTS HAS NOT CHANGED FROM PRIOR YEARS. BERNARDINE SISTERS OF THE THIRD ORDER OF SAINT FRANCIS 460 ST BERNARDINE STREET READING PA 19607 231691743 RELIGIOUS ORDER PA 501(C)(3) LINE 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0