2012-06-15T13:11:51-05:00 2011-07-31 BURR PILGER MAYER INC 600 CALIFORNIA STREET SUITE 1300 SAN FRANCISCO CA 94108 990 2010-08-01 942650833 MATHEMATICAL SCIENCES RESEARCH INSTITUTE MATH 5106420143 17 GAUSS WAY BERKLEY CA 94720 PHYLLIS CARTER 5106420143 2012-06-14 1 MAGA KISRIEV 4154215757 2010 2016-02-24 21:20:13Z PHYLLIS CARTER 17 GAUSS WAY BERKLEY CA 94720 10632663 0 X WWW.MSRI.ORG X 1980 CA MSRI FOSTERS MATHEMATICAL RESEARCH BY BRINGING TOQETHER THE FOREMOST MATHEMATICAL SCIENTISTS FROM AROUND THE WORLD IN AN ENVIRONMENT THAT PROMOTES CREATIVE AND EFFECTIVE COLLABORATION. 36 36 31 10 0 0 2668794 9233905 369017 364150 79164 7415 4860 10381 3121835 9615851 2841458 2259460 0 0 1991231 2301638 0 0 476550 2587110 4091631 7419799 8652729 -4297964 963122 24272636 24884416 152944 324596 24119692 24559820 X THE MATHEMATICAL SCIENCES RESEARCH INSTITUTE (MSRI) EXIST TO FURTHER THE ADVANCEMENT AND COMMUNICATION OF FUNDAMENTAL KNOWLEDGE IN MATHEMATICS AND THE MATHEMATICAL SCIENCES, THE DEVELOPMENT OF HUMAN CAPITAL FOR THE GROWTH AND USE OF SUCH KNOWLEDGE, AND THE CULTIVATION IN THE LARGER SOCIETY OF AWARENESS AND APPRECIATION OF THE BEAUTY, POWER AND IMPORTANCE OF MATHEMATICAL IDEAS AND WAYS OF UNDERSTANDING THE WORLD. 0 0 5070164 2259460 364150 SCIENTIFIC PROGRAMS: MSRI CONDUCTS BROADLY-BASED RESEARCH PROGRAMS IN THE MATHEMATICAL SCIENCES AND CLOSELY RELATED FIELDS.IN ANY GIVEN YEAR, MSRI CONDUCTS BETWEEN TWO AND FOUR THEMATIC RESEARCH PROGRAMS, EACH LASTING EITHER 4 MONTHS OR 10 MONTHS. EACH SUCH PROGRAM HOSTS 40-100 MATHEMATICAL SCIENTISTS FROM ALL OVER THE WORLD WHOSE RESEARCH CENTERS ON THE PROGRAM'S THEME, DURING WHICH TIME, THEY COLLABORATE ON RESEARCH, CONDUCT SEMINARS AND WORKSHOPS, AND TRAIN AND MENTOR POSTDOCTORAL FELLOWS IN THE DISCIPLINE.MSRI ALSO HOSTS, EACH YEAR, SEVERAL STAND-ALONE WORKSHOPS ON SPECIAL TOPICS, EACH ONE LASTING FOR A PERIOD BETWEEN ONE DAY AND TWO WEEKS AND BRINGING TO MSRI BETWEEN 40 AND 150 PARTICIPANTS. MSRI ALSO COLLABORATES WITH OTHER MATHEMATICS INSTITUTES IN SCIENTIFIC PROGRAMS AND IN ITS EFFORTS TO ENCOURAGE A DIVERSE POPULATION TO PARTICIPATE IN MATHEMATICS RESEARCH PROGRAMS. 1289159 MATH AND SOCIETY PROGRAMS: MSRI SPONSORS A LARGE NUMBER OF PROGRAMS AND ACTIVITIES WHOSE GOAL IS TO ENHANCE K-12 MATHEMATICS EDUCATION AND TEACHER TRAINING. THESE INCLUDE SUPPORTING SEVERAL MATH CIRCLES (AFTERSCHOOL ACTIVITIES IN MATHEMATICS FOR SCHOOL CHILDREN) IN THE BAY AREA; THE NATIONAL ASSOCIATION OF MATH CIRCLES (WHICH PROMOTES A MATH CIRCLES NATIONWIDE; MATHEMATICS RELATED EVENTS FOR CHILDREN (JULIA ROBINSON MATHEMATICS FESTIVAL, THE BAY AREA MATHEMATICS OLYMPIAD); CIRCLE ON THE ROAD (A PROGRAM TO FOSTER ESTABLISHMENT OF NEW MATH CIRCLES); CRITICAL ISSUES IN MATHEMATICS EDUCATION (A FORUM FOR EXCHANGE OF IDEAS BETWEEN MATHEMATICS RESEARCHERS AND EDUCATORS); AND THE MATHEMATICS PROFESSIONAL DEVELOPMENT INSTITUTE (TRAINING FOR TEACHERS OF MATHEMATICS).IN ADDITION, EACH YEAR, A SERIES OF FILMS, AND PUBLIC LECTURES AND OTHER EVENTS ARE HOSTED AT MSRI FOR THE PUBLIC. THAT HELPS THE INTERESTED LAY PERSON TO UNDERSTAND THE IMPORTANCE OF MATHEMATICS AND ITS APPLICATIONS IN OUR SOCIETY AND CULTURE AND TO APPRECIATE THE SIGNIFICANT RECENT ADVANCES IN THE DISCIPLINE. 802511 COMPUTING AND COMMUNICATION: MSRI PROVIDES INFORMATION TECHNOLOGY (IT) RESOURCES AND SERVICES TO ITS RESEARCHERS AND THE BROADER MATH COMMUNITY WORLDWIDE. MSRI MAINTAINS AN IT PLATFORM THAT FEATURES THE MOST ADVANCED MATHEMATICAL SOFTWARE AND THAT GRANTS ACCESS TO AND SUPPORTS VIRTUAL COLLABORATIVE RESEARCH AMONGST MATHEMATICIANS AT THE INSTITUTE. MSRI DEVELOPS AND MAINTAINS A VMATH WEBSITE THAT STREAMS VIDEOS OF PAST PROGRAM LECTURES FOR MATHEMATICIANS AND THE GENERAL PUBLIC. ALSO, MSRI DEVELOPED AND CURRENTLY MAINTAINS AND PROMOTES THE NATIONAL ASSOCIATION OF MATH CIRCLES WEBSITE, ENABLING A NATIONWIDE NETWORK OF MATH CIRCLES TO SHARE ONLINE MATH RESOURCES AND TOOLS AND FOR USE IN MATH CIRCLE AFTER-SCHOOL PROGRAMS AND CHILDHOOD EDUCATION. IN ADDITION, MSRI PRODUCES AND DISTRIBUTES DIGITAL VERSIONS OF ITS MOST POPULAR SCIENTIFIC AND PUBLIC EVENTS. 7161834 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 172 0 1 31 1 0 0 0 0 0 0 0 0 0 0 X 36 36 1 0 1 0 0 0 0 1 1 0 0 1 1 1 0 1 1 1 1 0 AL AK AZ AR CA CT FL GA IL KS KY MA MD ME MI MN MS NC ND NH NJ NM NY OH OK OR PA RI SC TN UT VA WA WI WV X PHYLLIS CARTER 5106438321 17 GAUSS WAY BERKELEY CA 947205070 EDWARD BAKER 1.00 X 0 0 0 DEBORAH LOEWENBERG BALL 1.00 X 0 0 0 GEORGE BENKART 1.00 X 0 0 0 ELWYN BERLEKAMP 1.00 X 0 0 0 SUN-YUNG ALICE CHANG 1.00 X 0 0 0 RUTH CHARNEY 1.00 X 0 0 0 JENNIFER CHAYES 1.00 X 0 0 0 NIEL CHRIS 1.00 X 0 0 0 MAY CHU 1.00 X 0 0 0 DAVID EISENBUD 1.00 X 0 0 0 CHARLES FEFFERMAN 1.00 X 0 0 0 JERRY FIDDLER 1.00 X 0 0 0 DAN FREED 1.00 X 0 0 0 JEFF GOODBY 1.00 X 0 0 0 PHILLIP G GRIFFITHS 1.00 X 0 0 0 SANFORD GROSSMAN 1.00 X 0 0 0 MARIA M KLAWE 1.00 X 0 0 0 JULIUS R KREVANS 1.00 X 0 0 0 HENRY LAUFER 1.00 X 0 0 0 TOM LEIGHTON 1.00 X 0 0 0 DUSA MCDUFF 1.00 X 0 0 0 PRABHAKAR RAGHAVAN 1.00 X 0 0 0 PETER SARNAK 1.00 X 0 0 0 JAMES H SIMONS 1.00 X 0 0 0 HUGO SONNENSCHEIN 1.00 X 0 0 0 ROGER A STRAUCH 1.00 X 0 0 0 SANDOR STRAUS 1.00 X 0 0 0 ANDREW VITERBI 1.00 X 0 0 0 ANDREI OKOUNKOV 1.00 X 0 0 0 RICK SCHOEN 1.00 X 0 0 0 MORRIS KALKA 1.00 X 0 0 0 VICTOR MOLL 1.00 X 0 0 0 DAVID SCOTT 1.00 X 0 0 0 JOSE SCHEINKMAN 1.00 X 0 0 0 ROBERT BRYANT 40.00 X X 82830 0 8336 HELENE BARCELO 40.00 X X 158760 0 33917 DAVID AUCKLY 40.00 X 130823 0 46085 PHYLLIS CARTER 40.00 X 44365 0 2960 JIM SOTORIS 40.00 X 116392 0 21384 416778 0 91298 3 0 1 0 0 5689143 3544762 47206 9233905 ACADEM. SVC FEES & OTH 900099 364150 364150 364150 74280 74280 7843 7843 949947 1016812 -66865 -66865 -66865 OTHER REVENUE 900099 2538 2538 2538 9615851 366688 0 15258 39000 39000 2220460 2220460 645852 390711 176818 78323 1292896 785814 350690 156392 88192 62006 14882 11304 142582 71965 53722 16895 132116 88859 26061 17196 36008 56 35952 42230 42230 108393 48398 15595 44400 72592 19372 8356 44864 140629 124238 14769 1622 67931 49138 7083 11710 622280 547606 68451 6223 15275 10346 4811 118 MEMBER SALARIES AND LIV 681471 681471 WORKSHOPS LESS GRANTS T 626805 584134 4100 38571 PURCHASED SERVICES 407725 338765 42242 26718 RESEARCH PROFESSORS 398965 398965 POSTDOCTORAL FELLOWSHIP 365006 364986 20 506321 335544 148563 22214 8652729 7161834 1014345 476550 321615 1523725 2071622 2420721 2710496 664 15293 47808 21030 16368446 4971001 11541260 11397445 8416843 8668530 0 0 0 24272636 24884416 152943 324596 1 152944 324596 X 12636292 12411155 3364816 1797358 8118584 10351307 24119692 24559820 24272636 24884416 X 963122 -522994 X X 0 1 1 X 1 1 X 1633596 9376734 3563559 2668794 9233905 26476588 1633596 9376734 3563559 2668794 9233905 26476588 5419871 21056717 151039 246078 112726 84024 82123 675990 27152578 0.77550 0.73780 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8515267 2207723 150534 10873524 8386968 86633 44561 2895 8515267 6863715 44561 73190 6981466 0.01900 0.95200 0.02900 0 0 13041218 2789195 10252023 3327228 2181806 1145422 11397445 9615851 8652729 963122 150655 -673649 -522994 440128 9777796 150655 11290 161945 9615851 0 9615851 8664019 11290 11290 8652729 0 8652729 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENTS ARE HELD TO SUPPORT THE WORK OF RESEARCH PROFESSORS,POSTDOCTORAL SCHOLARS, AND MATHEMATICS CIRCLE PROGRAMS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: FOLLOWING THE ACCOUNTING GUIDANCE FOR UNCERTAIN TAX POSITIONS, MANAGEMENT CONCLUDED THERE ARE NO UNCERTAIN TAX POSITIONS AT JUNE 30, 2011 AND 2010. 1 X STIPENDS, PER DIEM AND TRAVEL REIMBURSMENT 599 2220460 FMV PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: MSRI REGUIRES SUBMISSION OF HOTEL AND TRAVEL RECEIPTS BEFORE REIMBURSING THE GRANTEES' EXPENSES. IN ADDITION, FOR NATIONAL SECURITY GRANTS, VERIFICATION OF THE RECEPIENTS' UNITED STATE CITIZENSHIP IS OBTAINED. X 0 0 X X X X 0 0 0 0 0 0 0 0 0 HELENE BARCELO 158760 0 0 0 0 0 16038 0 17879 0 192677 0 0 0 DAVID AUCKLY 130823 0 0 0 0 0 11492 0 34593 0 176908 0 0 0 SUPPLEMENTAL INFORMATION PART III MSRI OFFERS A MONETARY HOUSING ALLOWANCE TO INCENT SUCCESSFUL JOB CANDIDATES TO ACCEPT THEIR OFFER. THE COST OF LIVING IS VERY HIGH IN THE CA BAY AREA. IN ADDITION, THE ASSOCIATE DIRECTOR POSITION IS A TWO-YEAR POSITION. THE ANNUAL VALUE OF THE HOUSING ALLOWANCE RECEIVED WAS $21,600. X BOOKS 47206 FMV 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 SOME OF THE DIRECTORS HAVE CAREERS AS INVESTORS AND FELLOW DIRECTORS HOLD INVESTMENTS IN FUNDS THEY MANAGE. FORM 990, PART VI, SECTION A, LINE 4 THE NUMBER, COMPOSITION, QUALIFICATIONS, AUTHORITY, OR DUTIES OF THE GOVERNING BODY'S VOTING MEMBERS; OLD BYLAWS: THE CORPORATION SHALL HAVE A MINIMUM OF 16 AND A MAXIMUM OF 35 ELECTED TRUSTEES AND, IN ADDITION, THE FOLLOWING WILL SERVE AS EX OFFICIO TRUSTEES: THE DIRECTOR, THE DEPUTY DIRECTOR, THE CHAIR OF THE COMMITTEE OF ACADEMIC SPONSORS, AND, IF THEY ARE NOT ALREADY ELECTED TRUSTEES, THE CHAIR OF THE SCIENTIFIC ADVISORY COMMITTEE AND THE CHAIR OF THE HUMAN RESOURCES ADVISORY COMMITTEE. NEW BYLAWS: THE CORPORATION SHALL HAVE A MINIMUM OF 16 AND A MAXIMUM OF 35 ELECTED TRUSTEES AND, IN ADDITION, THE FOLLOWING WILL SERVE AS EX OFFICIO TRUSTEES IF THEY ARE NOT ALREADY ELECTED TRUSTEES: THE CHAIR, THE VICE-CHAIR, THE SECRETARY, THE TREASURER, THE DIRECTOR, THE DEPUTY DIRECTOR, AND THE CHAIRS OF THE COMMITTEE OF ACADEMIC SPONSORS, THE SCIENTIFIC ADVISORY COMMITTEE, THE HUMAN RESOURCES ADVISORY COMMITTEE, AND THE EDUCATIONAL ADVISORY COMMITTEE. THE NUMBER, COMPOSITION, QUALIFICATIONS, AUTHORITY, OR DUTIES OF THE ORGANIZATION'S OFFICERS OR KEY EMPLOYEES; OLD BYLAWS: THE BOARD OF TRUSTEES HAS A CHAIR, A VICE-CHAIR, A SECRETARY, AND A TREASURER, EACH ELECTED FOR A 3-YEAR TERM. IN ADDITION, THE CORPORATION HAS FOUR OFFICERS: A DIRECTOR, A DEPUTY DIRECTOR, A SECRETARY, AND A CHIEF FINANCIAL OFFICER. NEW BYLAWS: THE OFFICERS OF THE CORPORATION ARE THE CHAIR, VICE-CHAIR, SECRETARY, TREASURER, A DIRECTOR, A DEPUTY DIRECTOR, AND A CHIEF FINANCIAL OFFICER. NEITHER THE SECRETARY, THE TREASURER, NOR THE CHIEF FINANCIAL OFFICER MAY SERVE CONCURRENTLY AS THE CHAIR. OLD BYLAWS: THE CHIEF FINANCIAL OFFICER IS ELECTED BY THE BOARD OF TRUSTEES. NEW BYLAWS: THE CHIEF FINANCIAL OFFICER IS HIRED BY THE STEERING COMMITTEE. OLD BYLAWS: NO DUTIES SPECIFIED FOR THE BOARD SECRETARY OR TREASURER. NEW BYLAWS: THE (ONE) SECRETARY OVERSEES THE KEEPING OF THE RECORD OF PROCEEDINGS OF THE BOARD, THE GIVING OF NOTICES AS MAY BE NECESSARY, AND THE KEEPING OF THE MINUTE BOOKS OF THE CORPORATION. THE TREASURER ADVISES THE CHIEF FINANCIAL OFFICER AND SERVES AS THE CHAIR OF THE FINANCE COMMITTEE. IN ADDITION TO THE DUTIES OF THE CHIEF FINANCIAL OFFICER UNDER THE OLD BYLAWS, THE CHIEF FINANCIAL OFFICER SERVES ON THE FINANCE COMMITTEE. NEW BYLAWS: THE DIRECTOR MUST FURNISH AN ANNUAL WRITTEN REPORT TO ALL THE TRUSTEES THAT PROVIDES INFORMATION ON (A) THE ASSETS AND LIABILITIES OF THE CORPORATION, (B) THE PRINCIPAL CHANGES IN ASSETS AND LIABILITIES, (C) THE REVENUE OR RECEIPTS OF THE CORPORATION, (D) THE EXPENSES OR DISBURSEMENTS OF THE CORPORATION, AND (E) ANY TRANSACTION INVOLVING MORE THAN $50,000 BETWEEN THIS CORPORATION AND ANY OF ITS TRUSTEES OR OFFICERS. THIS REPORT WILL BE ACCOMPANIED BY A REPORT THEREON OF INDEPENDENT ACCOUNTANTS. NEW BYLAWS: THE BOARD OF TRUSTEES (OR A BOARD COMMITTEE) SHALL REVIEW ANY COMPENSATION PACKAGES (INCLUDING ALL BENEFITS) OF THE DIRECTOR, DEPUTY DIRECTOR, AND CHIEF FINANCIAL OFFICER. THE QUORUM, VOTING RIGHTS, OR VOTING APPROVAL REQUIREMENTS OF THE GOVERNING BODY MEMBERS OR THE ORGANIZATION'S STOCKHOLDERS OR MEMBERSHIP; OLD BYLAWS: A QUORUM IS A MAJORITY OF THE TRUSTEES IN OFFICE (BUT NO FEWER THAN 8 TRUSTEES). NEW BYLAWS: A QUORUM IS A MAJORITY OF THE TRUSTEES IN OFFICE (BUT NO FEWER THAN EITHER 8 TRUSTEES OR ONE-FIFTH OF THE AUTHORIZED NUMBER OF TRUSTEES). THE COMMITTEES OF THE ORGANIZATION; OLD BYLAWS: THERE WERE TWO STANDING COMMITTEES: THE SCIENTIFIC ADVISORY COMMITTEE AND THE HUMAN RESOURCES ADVISORY COMMITTEE NEW BYLAWS: THERE ARE BOARD COMMITTEES (ONLY TRUSTEES CAN BE MEMBERS) AND ADVISORY COMMITTEES. THE STANDING BOARD COMMITTEE IS THE STEERING COMMITTEE. THE STANDING ADVISORY COMMITTEES ARE THE AUDIT COMMITTEE, THE SCIENTIFIC ADVISORY COMMITTEE, THE HUMAN RESOURCES COMMITTEE, AND THE EDUCATIONAL ADVISORY COMMITTEE. THE COMPOSITION OR PROCEDURES CONTAINED WITHIN THE ORGANIZING DOCUMENT OR BYLAWS OF AN AUDIT COMMITTEE. OLD BYLAWS: NO MENTION OF AN AUDIT COMMITTEE NEW BYLAWS: FOR ANY TAX YEAR IN WHICH THIS CORPORATION HAS GROSS REVENUES OF $2 MILLION OR MORE, THIS CORPORATION SHALL HAVE AN AUDIT COMMITTEE WHOSE MEMBERS SHALL BE APPOINTED BY THE BOARD OF TRUSTEES TO FOUR-YEAR TERMS, AND WHO MAY INCLUDE BOTH TRUSTEES AND NON-TRUSTEES, SUBJECT TO THE FOLLOWING LIMITATIONS: (A) MEMBERS OF THE FINANCE COMMITTEE, IF ANY, SHALL CONSTITUTE LESS THAN ONE-HALF OF THE MEMBERSHIP OF THE AUDIT COMMITTEE; (B) THE CHAIR OF THE AUDIT COMMITTEE MAY NOT BE A MEMBER OF THE FINANCE COMMITTEE, IF ANY; (C) THE AUDIT COMMITTEE MAY NOT INCLUDE ANY MEMBER OF THE STAFF, INCLUDING THE DIRECTOR OR CHIEF FINANCIAL OFFICER; (D) THE AUDIT COMMITTEE MAY NOT INCLUDE ANY PERSON WHO HAS A MATERIAL FINANCIAL INTEREST IN ANY ENTITY DOING BUSINESS WITH THIS CORPORATION; AND (E) AUDIT COMMITTEE MEMBERS SHALL NOT BE COMPENSATED FOR THEIR SERVICE AS AUDIT COMMITTEE MEMBERS. THE BOARD OF TRUSTEES SHALL SELECT THE CHAIR OF THE AUDIT COMMITTEE, WHOSE TERM SHALL BE FOUR YEARS, AND WHO SHALL BE A MEMBER OF THE AUDIT COMMITTEE BY VIRTUE OF SERVING AS AUDIT COMMITTEE CHAIR. THE AUDIT COMMITTEE SHALL: (1) RECOMMEND TO THE FULL BOARD OF TRUSTEES FOR APPROVAL THE RETENTION AND, WHEN APPROPRIATE, THE TERMINATION OF AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT TO SERVE AS AUDITOR, (2) SUBJECT TO APPROVAL OF THE FULL BOARD, NEGOTIATE THE COMPENSATION OF THE AUDITOR ON BEHALF OF THE BOARD, (3) CONFER WITH THE AUDITOR TO SATISFY THE AUDIT COMMITTEE MEMBERS THAT THE FINANCIAL AFFAIRS OF THIS CORPORATION ARE IN ORDER, (4) REVIEW AND DETERMINE WHETHER TO ACCEPT THE AUDIT, AND (5) APPROVE PERFORMANCE OF ANY NON-AUDIT SERVICES PROVIDED TO THIS CORPORATION BY THE AUDITOR'S FIRM. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS DISTRIBUTED TO THE FINANCE COMMITTEE FOR REVIEW. COMMITTEE MEMBERS PROVIDE FEEDBACK AND CHANGES TO CONTENT IN THE FORM 990 DIRECTLY TO THE CFO/CAO. ALL CHANGES ARE REFLECTED IN THE FORM 990 BY THE CFO/CAO PRIOR TO FILING THE FORM 990 WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12 CONFLICT OF INTEREST STATEMENTS ARE PROVIDED TO THE BOARD OF TRUSTEES AT THE ANNUAL TRUSTEE MEETING. THE BOARD OF TRUSTEES SIGN AND RETURN THE COMPLETED FORMS FOR REVIEW. CONFLICTS OF INTERESTED THAT ARE IDENTIFIED ARE ADDRESSED AT THAT TIME. FORM 990, PART VI, SECTION B, LINE 15 THE CFO/CAO PREPARES AND SUBMITS A COMPARATIVE SALARY ANALYSIS FOR EACH OFFICER LEVEL POSITION TO THE COMPENSATION COMMITTEE FOR REVIEW. BASED ON REVIEW, THE STEERING COMMITTEE SUBMITS A RECOMMENDATION FOR APPROVAL OF OFFICER COMPENSATION BY THE BOARD OF TRUSTEE. KEY EMPLOYEE COMPENSATION IS AUTHORIZED BY THE DIRECTOR AND APPROVED BY THE BOARD OF TRUSTEES IN THE ANNUAL BUDGETING PROCESS. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE MADE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 150,655. PRIOR PERIOD ADJUSTMENTS: -673,649. TOTAL TO FORM 990, PART XI, LINE 5: -522,994. FORM 990, PART XII, LINE 2C NO CHANGE IN THE AUDIT COMMITTEE'S OVERSIGHT PROCESS.