2012-03-08T12:17:06-06:00 2011-06-30 BRUNER-COX LLP PO BOX 35429 CANTON OH 447355429 990 2010-07-01 340868798 WALSH UNIVERSITY INC WALS 3304997090 2020 EAST MAPLE ST NORTH CANTON OH 447203396 PHILIP J DANIELS 3304997131 2012-03-01 1 RONALD J MANSE 3304972000 2010 2016-02-24 21:20:13Z RICHARD JUSSEAUME 2020 EAST MAPLE ST NORTH CANTON OH 447203396 68679368 0 X WWW.WALSH.EDU X 1958 OH WALSH UNIVERSITY IS AN INDEPENDENT, COEDUCATIONAL CATHOLIC, LIBERAL ARTS AND SCIENCES INSTITUTION. FOUNDED BY THE BROTHERS OF CHRISTIAN INSTRUCTION, WALSH UNIVERSITY IS DEDICATED TO EDUCATING ITS STUDENTS TO BECOME LEADERS IN SERVICE TO OTHERS THROUGH A VALUES-BASED EDUCATION WITH AN INTERNATIONAL PERSPECTIVE IN THE JUDEO-CHRISTIAN TRADITION. WALSH UNIVERSITY BELIEVES IN THE DESIRABILITY OF A SMALL UNIVERSITY THAT PROMOTES ACADEMIC EXCELLENCE, A DIVERSE COMMUNITY AND CLOSE STUDENT-TEACHER INTERACTIONS. THE UNIVERSITY PROVIDES ITS STUDENTS A HIGHER EDUCATION THAT FOSTERS CRITICAL THINKING, EFFECTIVE COMMUNICATION, SPIRITUAL GROWTH, AND PERSONAL, PROFESSIONAL AND CULTURAL DEVELOPMENT. WALSH UNIVERSITY ENCOURAGES INDIVIDUALS TO ACT IN ACCORDANCE WITH REASON GUIDED BY THE EXAMPLE AND TEACHINGS OF JESUS CHRIST. 36 35 1681 310 0 -7308 4039632 3579892 59441237 61684254 171968 275773 305617 421044 63958454 65960963 18878063 20115119 0 0 21742128 22970107 37731 5000 853593 18154238 18619616 58812160 61709842 5146294 4251121 88954912 93229994 35343204 33679434 53611708 59550560 X WALSH UNIVERSITY IS AN INDEPENDENT, COEDUCATIONAL CATHOLIC, LIBERAL ARTS AND SCIENCES INSTITUTION. FOUNDED BY THE BROTHERS OF CHRISTIAN INSTRUCTION, WALSH UNIVERSITY IS DEDICATED TO EDUCATING ITS STUDENTS TO BECOME LEADERS IN SERVICE TO OTHERS THROUGH A VALUES-BASED EDUCATION WITH AN INTERNATIONAL PERSPECTIVE IN THE JUDEO-CHRISTIAN TRADITION. WALSH UNIVERSITY BELIEVES IN THE DESIRABILITY OF A SMALL UNIVERSITY THAT PROMOTES ACADEMIC EXCELLENCE, A DIVERSE COMMUNITY AND CLOSE STUDENT-TEACHER INTERACTIONS. THE UNIVERSITY PROVIDES ITS STUDENTS A HIGHER EDUCATION THAT FOSTERS CRITICAL THINKING, EFFECTIVE COMMUNICATION, SPIRITUAL GROWTH, AND PERSONAL, PROFESSIONAL AND CULTURAL DEVELOPMENT. WALSH UNIVERSITY ENCOURAGES INDIVIDUALS TO ACT IN ACCORDANCE WITH REASON GUIDED BY THE EXAMPLE AND TEACHINGS OF JESUS CHRIST. 0 0 54999972 20115119 61684254 THE UNIVERSITY PROVIDES APPROXIMATELY 3,000 STUDENTS ON SIX CAMPUS LOCATIONS A HIGHER EDUCATION THAT FOSTERS CRITICAL THINKING, EFFECTIVE COMMUNICATION, SPIRITUAL GROWTH, AND PERSONAL, PROFESSIONAL AND CULTURAL DEVELOPMENT. THE UNIVERSITY OFFERS THE FOLLOWING DEGREES: ASSOCIATE OF ARTS, ASSOCIATE OF SCIENCE IN COMPUTER SCIENCE, BACHELOR OF ARTS, BACHELOR OF SCIENCE, BACHELOR OF SCIENCE IN EDUCATION, BACHELOR OF SCIENCE IN NURSING, MASTER OF ARTS IN EDUCATION, MASTERS IN BUSINESS ADMINISTRATION (MBA), MASTERS OF ARTS IN COUNSELING AND HUMAN DEVELOPMENT, MASTERS OF ARTS IN THEOLOGY, DOCTOR OF NURSING PRACTICE, DOCTOR OF PHYSICAL THERAPY. WALSH UNIVERSITY IS ACCREDITED BY THE FOLLOWING: NORTH CENTRAL ASSOCIATION/HIGHER LEARNING COMMISSION, NATIONAL LEAGUE FOR NURSING ACCREDITING COMMISSION, THE COMMISSION ON ACCREDITATION IN PHYSICAL THERAPY EDUCATION, COUNCIL FOR ACCREDITATION OF COUNSELING AND RELATED EDUCATIONAL PROGRAMS, OHIO DEPARTMENT OF EDUCATION, OHIO BOARD OF COUNSELING & SOCIAL WORK, AMERICAN PHYSICAL THERAPY ASSOCIATION.WALSH UNIVERSITY'S LIBRARY HOUSES 134,414 VOLUMES, 262 PAPER SUBSCRIPTIONS, 61,193 ELECTRONIC PERIODICALS, 117,600 ELECTRONIC BOOKS, 208 ELECTRONIC DATABASES, 4,240 AUDIO VISUAL TITLES ON PHYSICAL MEDIA AND 8,228 STREAMING EDUCATIONAL VIDEOS. THE WALSH LIBRARY IS A MEMBER OF OCLC, OHIOLINK, OHIONET AND OPAL (OHIO PRIVATE ACADEMIC LIBRARIES) AND ALL LIBRARY RESOURCES ARE SEARCHABLE THROUGH THE INTERNET.THE STUDENT AFFAIRS TEAM IS A DIVERSE COLLECTION OF EDUCATORS COMMITTED TO THE HOLISTIC DEVELOPMENT OF STUDENTS, FIRMLY BELIEVING THAT ALL STUDENTS HAVE THE POTENTIAL TO BECOME VALUABLE ASSETS TO OUR WORLD COMMUNITY. MEMBERS OF THE STUDENT AFFAIRS TEAM EMBODY THE CHRISTIAN VALUES ESPOUSED IN THE UNIVERSITY MISSION STATEMENT, ENFLESHED BY OUR CARE AND CONCERN FOR STUDENTS, RELATIONSHIPS, AND THE COMMUNITY. WALSH UNIVERSITY PROVIDES OVER 1000 STUDENTS WITH HOUSING AND DINING SERVICES. SEVERAL OF THE NINE RESIDENCE HALLS ARE NEWLY CONSTRUCTED AND OFFER APARTMENT-STYLE AND SUITE-STYLE LIVING. DINING SERVICE FACILITIES INCLUDE THE SCHERVISH DINING HALL, THE BETZLER GRILLE, THE CAVALIER CAFE AND THE C-STORE OFFERING VARIOUS MEAL PLAN SELECTIONS AND DINING INNOVATIONS.WALSH UNIVERSITY'S ATHLETIC PROGRAM OFFERS 19 DIFFERENT MEN'S AND WOMEN'S ATHLETIC TEAMS. WALSH IS A MEMBER OF THE NATIONAL ASSOCIATION OF INTERCOLLEGIATE ATHLETICS AND COMPETES IN THE 20 MEMBER AMERICAN MIDEAST CONFERENCE AND THE MID-STATES FOOTBALL ASSOCIATION. THE WALSH CAVALIERS ENJOY A WINNING TRADITION, GARNERING A NATIONAL ASSOCIATION OF INTERCOLLEGIATE ATHLETICS NATIONAL CHAMPIONSHIP IN BOTH MEN'S AND WOMEN'S BASKETBALL, WINNING THE AMERICAN MIDEAST CONFERENCE CHAMPIONSHIP IN MEN'S AND WOMEN'S BASKETBALL, MEN'S AND WOMEN'S TENNIS, THE NAIA REGION IX CHAMPIONSHIP IN WOMEN'S TENNIS AND MEN'S BASEBALL AND WINNING THE WOMEN'S ALL-SPORTS AWARD FOR THE AMC. ADDITIONALLY THE WOMEN'S BASKETBALL PROGRAM REACHED THE NAIA FINAL FOUR IN SIOUX CITY, IOWA.WALSH UNIVERSITY ATHLETICS IS CURRENTLY IN THE PROCESS TO BECOME A MEMBER OF THE NCAA II AND ANTICIPATES MOVING FROM CANDIDACY YEAR II TO PROBATIONARY STATUS FOR THE 2012-1013 ACADEMIC YEAR. RECENTLY, WALSH WAS ADMITTED INTO MEMBERSHIP OF THE GREAT LAKES INTERCOLLEGIATE ATHLETIC CONFERENCE OF THE NCAA II AND WILL COMPETE FOR SOME SELECTED CONFERENCE CHAMPIONSHIPS IN 2012-2013 AND FOR ALL CONFERENCE CHAMPIONSHIPS ONCE THE ATHLETICS PROGRAM IS GRANTED FULL MEMBERSHIP INTO THE NCAA II (ANTICIPATED DATE OF JULY 2013).WALSH'S NEW BIRK CENTER FOR THE ARTS OPENED IN JANUARY 2012. THE 13,002 SQUARE FOOT STRUCTURE PROVIDES A NURTURING HOME FOR THE CREATIVE ARTS ON OUR CAMPUS, SUPPORTING ACADEMIC AND CO-CURRICULAR PROGRAMS IN MUSIC, VISUAL ART, DRAMA AND DANCE. IT WILL ALSO HOUSE NEW COMMUNITY BASED PROJECTS TO PROVIDE OUTREACH IN THE ARTS TO YOUTH AS WELL AS ADULTS. 54999972 1 1 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 97 0 1 1681 1 1 1 1 IT 0 0 0 1 1 0 0 0 0 X 36 35 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 0 0 X PHILIP J DANIELS VP FOR FINANCE & BUSINESS AFFAIRSCFO 3304907131 WALSH UNIVERSITY INC NORTH CANTON OH 447203396 BR JEROME LESSARD 2.00 X 0 0 0 GERALD WALSH 2.00 X 0 0 0 ROBERT F BELDEN 2.00 X 0 0 0 DANIEL P CUNNINGHAM 2.00 X 0 0 0 JOHN E DOWLING 2.00 X 0 0 0 BR DANIEL CARON FIC 2.00 X 0 0 0 DONALD L CASTER 2.00 X 0 0 0 THOMAS E CECCONI 2.00 X 0 0 0 DENNIS BIERY 2.00 X 0 0 0 WILLIAM W CUSHWA 2.00 X 0 0 0 GRETCHEN A GRAHAM 2.00 X 0 0 0 NANDITA DASH 2.00 X 0 0 0 JUDGE SHEILA G FARMER 2.00 X 0 0 0 MSGR JAMES CLARKE 2.00 X 0 0 0 LEONARD MILAZZO 2.00 X 0 0 0 DR JAMES F KING MD 2.00 X 0 0 0 JUDITH BARNES LANCASTER 2.00 X 0 0 0 BR MARCEL SYLVESTRE FIC 2.00 X 0 0 0 GENE LITTLE 2.00 X 0 0 0 GREGORY W LUNTZ 2.00 X 0 0 0 EDWARD KLEKOTKA 2.00 X 0 0 0 JUDGE SARA LIOI 2.00 X 0 0 0 MICHAEL A PETRECCA 2.00 X 0 0 0 BR JOSEPH POWER FIC 2.00 X 0 0 0 ALFONSO REVOLLO 2.00 X 0 0 0 EDWARD J ROTH III 2.00 X 0 0 0 SHEILA RUTT 2.00 X 0 0 0 DR MARK JOSEPH SHEPARD MD 2.00 X 0 0 0 BR GUY RODDY 2.00 X 0 0 0 NEIL WALSH 40.00 X 54099 0 15599 THEODORE STULTS 2.00 X 0 0 0 BR ROBERT SMYTH FIC 2.00 X 0 0 0 BISHOP GEORGE MURRY 2.00 X 0 0 0 FR JAMES SULLIVAN 2.00 X 0 0 0 DONALD L WALKER 2.00 X 0 0 0 PAUL L RUFLIN 2.00 X 0 0 0 ROGER DEVILLE 2.00 X 0 0 0 EDWARD A MAHONEY III 2.00 X 0 0 0 E JEFFREY ROSSI 2.00 X 0 0 0 RICHARD L JUSSEAUME 40.00 X 241271 0 77999 DR LAURENCE BOVE 40.00 X 122346 0 22496 PHILIP DANIELS 40.00 X 110531 0 23520 DALE HOWARD 40.00 X 105698 0 23452 BRIDGETTE NEISEL 40.00 X 105308 0 26913 BRETT FRESHOUR 40.00 X 103868 0 23677 LINDA LINC 40.00 X 113515 0 17487 CHRISTOPHER L PETROSINO 40.00 X 96360 0 20318 956636 0 231143 7 0 1 0 SODEXO INC & AFFILIATES 4880 PAYSPHERE CIRCLE CHICAGO IL 60674 DINING SERVICES 2547300 FRED OLIVIER CONSTRUCTION CO 6315 PROMWAY AVE NW NORTH CANTON OH 44720 CONSTRUCTION CONTRACTOR 1108297 BLACK MCCUSKEY SOUERS & ARBAUGH 220 MARKET AVE SOUTH CANTON OH 44702 LEGAL FEES 123045 CAPLEA STUDIO ARCHITECTS 11700 CLEVELAND AVE NW UNIONTOWN OH 44685 DESIGN 122280 HILSCHER-CLARKE ELECTRIC CO INC 519 4TH ST NW CANTON OH 44703 ELECTRICAL CONTRACTOR 117823 6 5446 438710 3135736 3579892 TUITION AND FEES 900099 51279902 51279902 SALES/SERVICE AUXILIAR 900099 10404352 10404352 61684254 250347 250347 400611 617930 -217319 -217319 -217319 2095550 2070124 25426 25426 25426 49680 5446 30351 19329 19329 OTHER REVENUE 900099 577979 577979 RECOVERY OF BAD DEBTS 900099 28285 28285 INTEREST INCOME STUDEN 900099 6722 6722 6048 6048 619034 65960963 61684254 0 696817 56076 56076 20059043 20059043 597848 158953 438895 18361754 16292090 1557295 512369 757215 638490 85506 33219 1801412 1574838 170751 55823 1451878 1256361 153665 41852 61294 1263 60031 168745 168745 5000 5000 1803703 1394065 401247 8391 511596 293154 212323 6119 3115534 1493811 1537483 84240 1901359 1838274 60618 2467 1463981 1369050 68757 26174 406768 406767 1 4191490 4176897 14346 247 240382 87932 152450 OTHER AUXILIARY 2578439 2485765 50985 41689 OTHER INSTRUCTIONAL EXP 979876 969033 6835 4008 OTHER ACADEMIC SUPPORT 476883 158649 307226 11008 DUES/MEMBERSHIPS/SUBSCR 325032 227945 90143 6944 BAD DEBT EXPENSE 232511 218597 13914 162023 61516 100378 129 61709842 54999972 5856277 853593 25652 89858 9832395 12672501 2920062 2629034 2378380 2369968 2431936 2456651 17864 23145 60382 62686 95449247 34200831 62373367 61248416 6058167 7550937 2548543 3794567 308164 332231 88954912 93229994 2641115 2533158 249825 278696 29625000 28125000 2827264 2742580 35343204 33679434 X 42633301 45373234 3695572 5394747 7282835 8782579 53611708 59550560 88954912 93229994 X 4251121 1687731 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 283902 X 0 8917193 2173087 1848465 290332 120126 12528287 7189514 1280315 825164 328229 49571 8917193 8003022 818304 -1582915 48897 7189514 0.27800 0.72200 0 0 1288827 1288827 67918236 16956591 50961645 1085650 528731 556919 15465719 12767275 2698444 9690815 3948234 5742581 61248416 INTEREST PAYABLE 230641 FUNDS HELD FOR OTHERS 136905 US GOVT GRANTS REFUNDABLE 1133026 INTEREST RATE SWAP 932678 TUITION DEPOSITS 309330 2742580 65960963 61709842 4251121 1627089 60642 1687731 5938852 48240042 1627089 -19996291 -18369202 66609244 -648281 -648281 65960963 42301190 650391 650391 41650799 20059043 20059043 61709842 PART III, LINE 4: WALSH UNIVERSITY OWNS THE HOOVER HISTORICAL CENTER OF WALSH UNIVERSITY, WHICH IS A SMALL MUSEUM THAT HOUSES A COLLECTION OF VACUUM CLEANERS AND OTHER ITEMS FROM THE HOOVER COMPANY. THE HOOVER HISTORICAL CENTER WAS DONATED TO WALSH UNIVERSITY IN 2004 AND NOW SUPPORTS THE MUSEUM STUDIES PROGRAM AT THE UNIVERSITY. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE MAJORITY OF THE ENDOWMENT FUNDS ARE USED FOR SCHOLARSHIPS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE UNIVERSITY IS A NONPROFIT ORGANIZATION AS DESCRIBED IN INTERNAL REVENUE CODE SECTION 501(C)(3) AND IS EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE UNIVERSITY FOLLOWS ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES TOPIC OF THE FASB ACCOUNTING STANDARDS CODIFICATION, WHICH ADDRESSES THE INFORMATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE UNIVERSITY MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE-LIKELY-THAN-NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. IN ADDITION, THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT HAS DETERMINED THAT THE EFFECTS OF THIS PRONOUNCEMENT TO BE INSIGNIFICANT, THEREFORE NO ADJUSTMENTS HAVE BEEN RECORDED AND NO FURTHER DISCLOSURES REQUIRED. WITH FEW EXCEPTIONS, THE UNIVERSITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2008. PART XI, LINE 8 - OTHER ADJUSTMENTS: GAIN/LOSS ON DERIVATIVES 75,752. UNRELATED BUSINESS LOSS REPORTED ON FORM 990-T -7,308. NET INCOME FROM KENTUCKY DERBY & FASHION SHOW FUNDRAISING EVENTS -7,802. PART XII, LINE 2D - OTHER ADJUSTMENTS: TUITION DISCOUNTS -20,059,043. INTEREST RATE SWAP 75,752. UNRELATED BUSINESS INCOME REPORTED ON FORM 990-T 12,200. REVENUE FROM KENTUCKY DERBY & FASHION SHOW FUNDRAISING EVENTS -25,200. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES SHOWN ON 990 PART VIII LN 6B -617,930. FUNDRAISING EXPENSES SHOWN ON 990 PART VIII LN 8B -30,351. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES SHOWN ON 990 PART VIII LN 6B 617,930. FUNDRAISING EXPENSES SHOWN ON 990 PART VIII LN 8B 30,351. UNRELATED BUSINESS EXPENSE REPORTED ON FORM 990-T 19,508. EXPENSES FROM KENTUCKY DERBY & FASHION SHOW FUNDRAISING EVENTS -17,398. PART XIII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS 20,059,043. 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 LOCAL NEWSPAPERS AND OTHER PRINT MEDIA OF GENERAL CIRCULATION EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 FUNDS ARE PROVIDED BY GOVERNMENT AGENCIES UNDER VARIOUS FINANCIAL ASSISTANCE PROGRAMS AND ARE LOANED TO QUALIFIED STUDENTS. THE RECEIPT OF SUCH FUNDS GENERALLY REQUIRES COMPLIANCE AUDITS SO THAT THE TERMS AND CONDITIONS OF THE GRANTOR ARE MET. EUROPE 1 4 PROGRAM SERVICES INSTRUCTIONAL 748749 1 4 0 0 1 4 748749 0 748749 0 0 0 0 0 0 LAS VEGAS NIGHT 24926 446 24480 12953 KENTUCKY DERBY 17220 3575 13645 10149 1 12980 1425 11555 7249 55126 5446 49680 30351 30351 19329 0 BROTHERS OF CHRISTIAN INSTRUCTION PO BOX 159 NOTRE DAME ALFRED ME 040020159 010212433 501(C)(3) 43150 HAITI RELIEF FUND 1 1 SCHOLARSHIPS FOR STUDENTS 1838 18161789 DISCOUNTS ON TUITION FOR STUDENTS 307 1897254 X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 RICHARD L JUSSEAUME 162336 0 25000 0 53935 0 50185 0 27814 0 319270 0 0 0 PART I, LINE 1A THE PRESIDENT'S CONTRACT INCLUDES A HOUSING ALLOWANCE THAT THE UNIVERSITY PAYS AS PART OF HIS WAGES. ALSO, COUNTRY CLUB DUES ARE PAID BY THE UNIVERSITY, AND THE PRESIDENT IS TAXED ON HIS W-2 FOR THE PERSONAL PORTION OF THOSE DUES. OHIO HIGHER EDUCATION EDUCATION FACILITY COMMISSION 346849674 2009-11-19 30000000 REFUNDING ISSUE 0 0 0 30000000 2007 1 0 1 1 0 0 1 0 1 0.00240 0.01570 0.01810 1 0 1 0 0 0 1 MCKINLEY LIFE INSURANCE COMPANY (MLIC) EDWARD ROTH III IS ON THE BOARD OF WALSH AND IS THE EXECUTIVE VP OF MLIC 726328 THE UNIVERSITY CONTRACTS WITH AULTCARE (MLIC) FOR HEALTH AND DENTAL INSURANCE AS WELL AS THE THIRD PARTY ADMINISTRATOR (AULTRA/AULTRA SELF) OF OUR HEALTH AND DEPENDENT CARE FLEXIBLE SPENDING ACCOUNTS. EDWARD J. ROTH, III IS CURRENTLY A MEMBER OF THE UNIVERSITY'S BOARD OF DIRECTORS AND IS THE PRESIDENT OF AULTMAN HEALTH FOUNDATION. THE SELECTION OF AULTCARE WAS MADE PRIOR TO MR. ROTH'S APPOINTMENT TO THE BOARD. EVERY TWO YEARS, THE UNIVERSITY RECEIVES COMPETITIVE QUOTES FROM THE RESULTS OF THE MARKET RESEARCH PERFORMED BY OUR BROKERS. IF AND WHEN ANY ISSUES CONCERNING AULTCARE ARE TAKEN TO THE BOARD, MR. ROTH WILL FOLLOW THE GUIDELINES SET BY THE CONFLICT OF INTEREST POLICY AND WILL ABSTAIN FROM VOTING. 0 FRED OLIVIERI CONSTRUCTION FRED OLIVIERI OWNS THE COMPANY AND IS A FORMER BOARD MEMBER OF WALSH 942089 SEE EXTENDED DESCRIPTION ON THE NEXT PAGE OF SCHEDULE L. 0 HUNTINGTON NATIONAL BANK GENE LITTLE IS A DIRECTOR OF HUNTINGTON BANCSHARES & IS FORMER BOARD MEMBER 2813275 ALL DEPOSITORY FUNDS ARE HELD AT HUNTINGTON NATIONAL BANK AND THE $30M TAX EXEMPT BOND. THE DECISION TO HAVE ALL DEPOSITORY ACCOUNTS HELD AT HUNTINGTON NATIONAL BANK WAS MADE PRIOR TO MR. LITTLE'S APPOINTMENT TO THE BOARD IN 2004. WHILE ON THE BOARD, MR. LITTLE FOLLOWED THE GUIDELINES SET BY THE CONFLICT OF INTEREST POLICY AND ABSTAINED FROM VOTING ON THE THREE INTEREST RATE SWAP AGREEMENTS AND THE PRIVATE BOND PLACEMENT OF $30 MILLION IN 2009. 0 AULTRA SELF EDWARD ROTH III BOARD MEMBER OF WALSH AND IS THE EXECUTIVE VP OF AULTRA SEL 266151 SEE DESCRIPTION FOR MLIC. 0 THOMAS DOWLING SON OF JACK DOWLING - BOARD MEMBER OF WALSH 26931 COMPENSATION PAID BY WALSH 0 SCHEDULE L, PART IV, COLUMN B, LINE 2 DESCRIPTION OF RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION FRED OLIVIERI CONSTRUCTION COMPANY WAS SELECTED AS THE GENERAL CONTRACTOR FOR THE CONSTRUCTION OF THE UNIVERSITY'S NEW CHAPEL (COMPLETED IN FY07) AND FOR THE RENOVATION OF THE UNIVERSITY'S FORMER STUDENT CENTER INTO A BUSINESS AND COMMUNITY CENTER (COMPLETED IN FY06). FISCAL YEAR 2006 WAS MR. ALFRED A. OLIVIERI'S, THE CEO OF FRED OLIVIERI CONSTRUCTION COMPANY, LAST YEAR AS A MEMBER OF WALSH UNIVERSITY'S BOARD OF DIRECTORS. THE SELECTION OF THE GENERAL CONTRACTOR FOR THESE PROJECTS WAS BASED UPON A SEALED BID PROCESS WITH CONTRACTORS GIVEN THE OPTION TO BID ON ONE OR BOTH OF THE PROJECTS. SEVERAL FIRMS PARTICIPATED AND FRED OLIVIERI CONSTRUCTION COMPANY CAME IN AS THE LOWEST BIDDER ON THE COMBINED PROJECTS AND WAS AWARDED THE CONTRACTS ACCORDINGLY.FRED OLIVIERI CONSTRUCTION COMPANY ALSO SERVED AS THE CONSTRUCTION MANAGER ON THE RENOVATION OF THE UNIVERSITY'S PHYSICAL EDUCATION BUILDING (COMPLETED IN FY07) AND THE TOWERS II RESIDENCE HALL (COMPLETED IN FY08). IN FY08 FRED OLIVIERI CONSTRUCTION COMPANY WAS ALSO AWARDED THE CONSTRUCTION CONTRACTS FOR THE CAMPUS SPORT COMPLEX (COMPLETED IN FY10) AND THE COMMUNITY COUNSELING CLINIC (COMPLETED IN FY09), BOTH ADDITIONS TO EXISTING BUILDINGS. FRED OLIVIERI WAS AWARDED THESE PROJECTS AS A RESULT OF THE "ECONOMIES OF SCALE" THAT WOULD BE RECOGNIZED BY THE UNIVERSITY, DUE TO FRED OLIVIERI'S KNOWLEDGE OF THE EXISTING BUILDINGS AND SAVINGS ON ARCHITECTURAL FEES. THE SELECTION WAS ALSO BASED ON THE COMPANY'S QUALIFICATIONS AND STRONG REPUTATION. IT WAS ALSO DETERMINED THAT FRED OLIVIERI CONSTRUCTION COMPANY, AS CONSTRUCTION MANAGER, WOULD BE RESPONSIBLE FOR UTILIZING A COMPETITIVE BID PROCESS IN THE SELECTION OF ALL SUBCONTRACTORS.THE UNIVERSITY BROKE GROUND ON THE CONSTRUCTION OF THE BIRK CENTER FOR THE ARTS IN MAY 2011. FRED OLIVIERI CONSTRUCTION COMPANY WAS AWARDED THE CONTRACT THROUGH A SEALED BID PROCESS. SIX CONTRACTORS WERE SOLICITED, FOUR RESPONDED AND FRED OLIVIERI CONSTRUCTION COMPANY CAME IN AS THE LOWEST BIDDER. X 6 99370 FMV DATE OF SALE X 1 1039400 APPRAISED VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 STARTING IN 2010 (FOR THE TAX YEAR ENDING JUNE 30, 2009), EACH YEAR A DRAFT OF THE FORM 990 WILL BE PRESENTED TO THE FINANCE AND AUDIT COMMITTEE FOR DISCUSSION AND APPROVAL AT THE FEBRUARY MEETING. UPON APPROVAL, THE FINANCE AND AUDIT COMMITTEE WILL RECOMMEND APPROVAL OF THE FORM 990 BY THE FULL BOARD. THE APPROVED COPY OF THE FORM 990 WILL BE MADE AVAILABLE TO ALL BOARD MEMBERS THROUGH ELECTRONIC MAIL. SCHEDULE B WILL BE REDACTED IN THE EMAILED VERSION WITH A HARD COPY MADE AVAILABLE TO THE BOARD AT THE FINANCE OFFICE. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR, THE PRESIDENT'S OFFICE SENDS OUT "CONFIDENTIAL DISCLOSURE STATEMENTS" TO ALL MEMBERS OF THE BOARD OF DIRECTORS AND THE UNIVERSITY'S OFFICERS. BY COMPLETING AND SIGNING THE STATEMENTS EACH MEMBER OR OFFICER IS CERTIFYING THAT THEY HAVE CAREFULLY READ THE WALSH UNIVERSITY BOARD OF DIRECTORS CONFLICT OF INTEREST POLICY; THAT THEY WILL ABIDE BY THE LETTER AND THE SPIRIT OF THE POLICY AND THAT THEY WILL MAKE ALL DISCLOSURES REQUIRED UNDER THE TERMS OF THE POLICY. THE COMPLETED AND SIGNED STATEMENTS ARE SENT TO THE SECRETARY OF THE BOARD OF DIRECTORS. THE SECRETARY AND THE CHAIR OF THE BOARD REVIEW THE STATEMENTS AND MAKE A DETERMINATION AS TO THE LIKELIHOOD OF ANY ACTUAL OR POTENTIAL CONFLICTS OF INTERESTS. FORM 990, PART VI, SECTION B, LINE 15A IN THE SPRING OF 2007, THE CURRENT COMPENSATION COMMITTEE WAS FORMED TO AMEND THE PRESIDENT'S CONTRACT. THE COMMITTEE CONSISTS OF THE CHAIRMAN OF THE BOARD OF DIRECTORS, THE VICE-CHAIRMAN OF THE BOARD OF DIRECTORS, THE FINANCE AND AUDIT COMMITTEE CHAIRMAN, AND THE VP OF FINANCE AND BUSINESS AFFAIRS/CFO. ADDITIONAL INPUT CAME FROM THE DIRECTOR OF HUMAN RESOURCES. THE COMMITTEE ESTABLISHED THE PRESIDENT'S CONTRACT AMENDMENT NO. 1, EFFECTIVE JULY 1, 2007, WHICH DEFINES ADDITIONAL BENEFITS. THE COMPENSATION COMMITTEE USED THE FOLLOWING INFORMATION AND SERVICES TO ESTABLISH THE AMENDMENT; THE NAICU PRESIDENTS NETWORK SALARY SURVEY, THE CUPA-HR ADMINISTRATIVE COMPENSATION SURVEY, CONSULTING AND LEGAL SERVICES. EACH YEAR THE CHAIRMAN AND VICE-CHAIRMAN OF THE BOARD APPROVE THE PRESIDENT'S BONUS. THE COMMITTEE WOULD ONLY CONVENE IF THE PRESIDENT WAS BEING AWARDED A HIGHER PERCENTAGE OF INCREASE THAN THE REST OF THE FACULTY AND STAFF OF THE UNIVERSITY. EACH YEAR ALL CONTRACT ADJUSTMENTS AND BONUS ALLOCATIONS ARE APPROVED BY THE BOARD OF DIRECTORS AT THE MAY BOARD MEETING THROUGH THE APPROVAL OF THE NEXT YEAR'S OPERATING BUDGET. FORM 990, PART VI, SECTION C, LINE 19 WALSH UNIVERSITY DOES NOT MAKE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENT AVAILABLE TO THE GENERAL PUBLIC. HOWEVER, THE UNIVERSITY WILL PROVIDE THESE DOCUMENTS TO THE GENERAL PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 1,627,089. GAIN/LOSS ON DERIVATIVES 75,752. UNRELATED BUSINESS LOSS REPORTED ON FORM 990-T -7,308. NET INCOME FROM KENTUCKY DERBY & FASHION SHOW FUNDRAISING EVENTS -7,802. TOTAL TO FORM 990, PART XI, LINE 5: 1,687,731. PART XI, LINE 2C NO CHANGES WERE MADE TO THE ORGANIZATION'S OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.