2012-12-14T09:51:44-06:00 2012-07-31 611129886 KELLEY GALLOWAY & CO PSC PO BOX 990 ASHLAND KY 411050990 990 2011-08-01 610492351 ALICE LLOYD COLLEGE ALIC 6063682101 100 PURPOSE ROAD PIPPA PASSES KY 41844 DAVID JOHNSON 6063682101 2012-12-14 1 KELLEY GALLOWAY CO PSC P00846508 6063291811 2011 2016-02-24 21:20:13Z DAVID JOHNSON 100 PURPOSE ROAD PIPPA PASSES KY 41844 27935956 0 X WWW.ALC.EDU X 1922 KY ALICE LLOYD COLLEGE PROVIDES A FOUR YEAR LIBERAL ARTS EDUCATION TO APPROXIMATELY 590 STUDENTS EACH YEAR. THE MAJORITY OF THESE STUDENTS COME FROM APPALACHIAN AREAS OF KENTUCKY, OHIO, TENNESSEE, VIRGINIA, AND WEST VIRGINIA. FOR SOME, ALICE LLOYD COLLEGE IS THE ONLY HOPE TO PULL THEM AND/OR THEIR FAMILY FROM A LIFE OF POVERTY. ALICE LLOYD COLLEGE HAS BEEN A BEACON OF HOPE FOR OVER 80 YEARS. 19 19 226 49 0 0 4816381 5323528 7501540 7605749 1805988 1513634 268633 222346 14392542 14665257 1835480 1600271 0 0 6481422 6773796 0 0 1343637 4622625 5105378 12939527 13479445 1453015 1185812 58925766 59967601 1162731 1258079 57763035 58709522 X THE MISSION OF ALICE LLOYD COLLEGE IS TO PROVIDE MOUNTAIN STUDENTS A QUALITY, CHARACTER-BASED EDUCATION, REGARDLESS OF THEIR FINANCIAL ABILITY, AND TO PREPARE THEM FOR LEADERSHIP AND SERVICE IN THE APPALACHIAN REGION. NO STUDENT HAS EVER BEEN TURNED AWAY BECAUSE OF AN ABILITY TO PAY. 0 0 2394572 334183 INSTRUCTIONALICE LLOYD COLLEGE (ALC) HAS AN ENROLLMENT OF 591 STUDENTS. FULL-TIME STUDENTS FROM OUR 108-COUNTY SERVICE AREA (INCLUDES PARTS OF KY, OH, TN, VA, AND WV) ARE GUARANTEED ABSOLUTELY NO OUT OF POCKET COSTS FOR TUITION. ALC IS ONE OF ONLY SEVEN WORK COLLEGES IN THE NATION REQUIRING ALL FULL-TIME STUDENTS TO WORK AS A CONDITION FOR ENROLLMENT. EACH YEAR, THE COLLEGE SUPPORTS MANY ALUMNI AT GRADUATE AND PROFESSIONAL SCHOOLS THROUGH ITS CANEY SCHOLARS PROGRAM. FORTY-EIGHT STUDENTS ARE BEING ASSISTED THROUGH THE PROGRAM DURING THE 2012-2013 ACADEMIC YEAR, INCLUDING 17 ENROLLED IN THE MEDICAL FIELD. ALC PROVIDED INSTITUTIONAL LEADERSHIP GRANTS TOTALING $1,373,182, WHICH INCLUDED $7,238 IN MINORITY GRANTS DURING THE 2011-2012 FISCAL YEAR. THE PROGRAM SERVICE ACCOMPLISHMENTS: 2012 GRADUATION CLASS OF 95 STUDENTS, 61% HAD NO STUDENT LOAN DEBT, WHILE THE OTHER 39% HAD AN AVERAGE DEBT OF $6,753 WHILE ATTENDING ALICE LLOYD COLLEGE.ALICE LLOYD COLLEGE RENOVATED THE MCGAW LIBRARY IN 2012 TO INCLUDE A FUTURE ENTREPRENEURIAL PROGRAM SCHEDULED TO BEGIN IN THE 2013-2014 ACADEMIC YEAR. THE ENTREPRENEURIAL PROGRAM WILL INCLUDE COLLABORATIVE LEARNING BETWEEN STUDENTS AND COMMUNITY TO PROMOTE SMALL BUSINESS AND TEACH STUDENTS ABOUT INNOVATION IN BUSINESS STARTUPS. ACADEMICS WILL ALSO ADD AN ACCOUNTING MAJOR IN 2013-2014 ALONG WITH A SPECIAL EDUCATION EMPHASIS IN THE EDUCATION DEPARTMENT. 2085564 232326 AUXILIARYCOLLEGE HOUSING AND MEAL PLAN, ALONG WITH THE CAMPUS BOOKSTORE AND CAFE, ARE PRIMARILY PART OF THE AUXILIARY SERVICES. THE CAMPUS HAS THE CAPACITY TO HOUSE NEARLY 500 FULL-TIME STUDENTS. THE BOOKSTORE OFFERS STUDENTS A CENTRALIZED AND CONVENIENT LOCATION TO PURCHASE TEXTBOOKS AND SUPPLIES, WHILE THE CAFE OFFERS FACULTY, STAFF AND STUDENTS A PLACE TO GATHER AND SOCIALIZE WHILE OFFERING AN AFFORDABLE MENU. THE COLLEGE ALSO OPERATES A CHILD DEVELOPMENT CENTER AND A K-12 COLLEGE PREPARATORY SCHOOL (THE JUNE BUCHANAN SCHOOL). JBS HAS AN ENROLLMENT OF 110 STUDENTS THIS YEAR. ALL JBS HIGH SCHOOL STUDENTS ARE REQUIRED TO PARTICIPATE IN COMMUNITY SERVICE EVENTS. 1120203 306844 STUDENT SERVICESSTUDENT SERVICES PROGRAMS INCLUDE LEADERSHIP EDUCATION, ATHLETICS, INTRAMURALS, COUNSELING, CAREER PLACEMENT, STUDENT ACTIVITIES BOARD (WHICH PLANS A STUDENT ACTIVITIES CALENDAR EACH SEMESTER), DINING FACILITIES, DORMITORY FACILITIES, BRIDGE PROGRAM (WHICH HELPS STUDENTS MAKE THE TRANSITION FROM HIGH SCHOOL TO COLLEGE), CONVOCATION SERIES, POLICE DEPARTMENT, SUMMER AND FALL ORIENTATIONS (WHICH HELPS STUDENTS MEET FELLOW STUDENTS AND FACULTY MEMBERS AND BECOME ACQUAINTED WITH COLLEGE GUIDELINES AND REGULATIONS).PROJECTS WERE STARTED AND COMPLETED TO ENHANCE STUDENT LIFE IN 2012. STUDENT SERVICES RENOVATED LILLY DORM FOR WOMEN IN 2012 WITH NEW FLOORING, PAINTING WITH WINDOWS AND ROOFING SCHEDULED TO BE COMPLETED IN 2013. CANEY COTTAGE RENOVATION WAS COMPLETE IN 2012 WITH STRUCTURAL, BATHROOM AND PLUMBING, FLOORING, WINDOWS, DRAINAGE, ROOFING AND EXTERIOR BEING THE MAJOR AREAS OF IMPROVEMENT. NEW FURNITURE WAS PURCHASED FOR THE DORM AS WELL IN 2012. CANEY COTTAGE SERVES THE GRADUATE STUDENTS FROM ALICE LLOYD COLLEGE ATTENDING THE UNIVERSITY OF KENTUCKY AND EASTERN KENTUCKY UNIVERSITY.IN ADDITION, A TENNIS COURT IS BEING ADDED THIS FALL TO ACCOMMODATE THE INCREASED INTEREST IN THE SPORT. AN ATHLETIC PRACTICE FACILITY WILL BE BUILT IN 2013 TO INCLUDE SOFTBALL AND BASEBALL PARTICIPANTS. THE STUDENTS ARE INVOLVED IN MANY COMMUNITY OUTREACH ACTIVITIES SUCH AS THE STUDENT GOVERNMENT ASSOCIATION AND RESIDENT ADVISORS CLOTHING DRIVE FOR THE HOMELESS SHELTER, A FOOD DRIVE FOR THE NEEDY, AND PARTICIPATION IN THE OPERATION CHRISTMAS CHILD PROGRAM. ACADEMIC SERVICE PROJECTS INCLUDED SERVING ON THE APPALACHIAN ADVISORY BOARD AND OPENING THE MARIE STEWART CRAFTS GALLERY. IN ADDITION, FACULTY, STAFF AND STUDENTS WERE INVOLVED IN THE WALK FOR BREAST CANCER AWARENESS WHICH FUNDS WERE RAISED BY PBL (BUSINESS PROGRAM). STUDENTS AND STAFF WERE INVOLVED IN 2 SERVICE PROJECTS TO ASSIST TORNADO VICTIMS IN WEST LIBERTY. STAFF AND STUDENTS ALONG WITH PIONEER FOOD SERVICE FEED THE FIRST RESPONDERS AND FAMILIES AND LATER PROVIDED HELP CLEANING DEBRIS AND DONATING SUPPLIES.ADDITIONAL COMMUNITY OUTREACH WAS PROVIDED THROUGH THE BAPTIST COLLEGIATE MINISTRIES (BCM).ALC HAS AN ACTIVE BAPTIST COLLEGIATE MINISTRIES CHAPTER THAT IS OPEN TO ALL DENOMINATIONS. BCM PARTICIPATED IN MANY SERVICE ACTIVITIES LAST YEAR INCLUDING OPERATION CHRISTMAS CHILD KNOTT COUNTY DISTRIBUTION CENTER HOST, KNOTT DRUG ABUSE COUNCILS CHRISTMAS TOY DRIVE, OPERATION UNITES TAKE BACK PILL DAY, AND WINTER COAT DISTRIBUTION. BCM ALSO PARTICIPATED IN MISSION TRIPS TO SERVE THE NEEDY BY ROOFING HOMES IN NEW JERSEY, MINISTERING IN ALASKA, SERVING HOMELESS SHELTERS IN LOUISVILLE, AND SERVICE WORK IN ECUADOR. 1617879 1617879 STUDENT AID 582318 103621 ACADEMIC 451197 51313 ADMISSIONS 884109 71056 JUNE BUCHANAN 3535503 1843869 9135842 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 93 0 226 1 0 0 0 0 0 0 1 1 0 0 0 0 0 X 19 19 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 KY X DAVID JOHNSON ALICE LLOYD COLLEGE 6063686031 100 PURPOSE ROAD PIPPA PASSES KY 41844 ROBERT M DUNCAN 2.00 X X 0 0 0 JOE STEPP 70.00 X X 137080 0 53997 DWIGHT J BAUM 0.00 X 0 0 0 OLIVER CAUDILL 0.00 X 0 0 0 ROBERT MICHAEL DUNCAN JR 0.00 X 0 0 0 ROBERT W FINLEY SR 0.00 X 0 0 0 WILLIAM G FRANCIS 0.00 X 0 0 0 MARK T JOHNSON 0.00 X 0 0 0 JANICE L KNOPP 0.00 X 0 0 0 HILDA G LEGG 2.00 X X 0 0 0 LARRY M LESLIE MD 2.00 X X 0 0 0 MR JERRY L EDWARDS 0.00 X 0 0 0 J SCOTT JENNINGS 0.00 X 0 0 0 LOWELL D MARTIN MD 0.00 X 0 0 0 RACHEL D MULLINAX 0.00 X 0 0 0 GEORGE NICHOLS III 0.00 X 0 0 0 WILLIAM J REIK JR 0.00 X 0 0 0 KAREN R SELLERS 0.00 X 0 0 0 HENRY WEBB 0.00 X 0 0 0 DAVID JOHNSON 50.00 X 70028 0 22846 LINDA EASTLAND 40.00 X 0 0 0 207108 0 76843 1 0 1 0 PIONEER COLLEGE CATERERS INC 12351 WEST 96TH TER STE LENEXA KS 66215 CATERING 706768 THE BOELTER COMPANIES INC N22 W23685 RIVERVIEW PARKWAY WEST WAUKESHA WI 53188 CAFETERIA EQUIPMENT 167963 SOUTHEAST MAIL SERVICES INC 2528 PALUMBO DRIVE LEXINGTON KY 40509 MAILING 163622 COMPUTER INFORMATION SYSTEMS 565 SOUTH MAIN STREET CORBIN KY 40701 COMPUTER MAINTENANCE 148168 JRA INC 3225 SUMMIT SQUARE PLACE LEXINGTON KY 40509 ARCHITECTS 144339 6 942052 4381476 5323528 STUDENT TUITION & FEES 611710 5227419 5227419 ROOM & BOARD 611710 2057113 2057113 JUNE BUCHANAN SCHOOL 611710 208444 208444 FAC./STAFF HOUSING 611710 77184 77184 PRE-SCHOOL TUITION 611710 35589 35589 7605749 1526416 1526416 12874477 12887259 -12782 -12782 -12782 492483 383440 109043 109043 OTHER INCOME 611710 99792 99792 OTHER AUXILIARY INCOME 611710 13511 13511 113303 14665257 7815313 0 1526416 1600271 1600271 440771 156360 207108 77303 5037047 3766662 770687 499698 280407 141011 105615 33781 715804 504945 129889 80970 299767 211061 54028 34678 89938 89938 32605 32605 17594 17594 76909 76909 382011 12655 2951 366405 24467 18307 6160 572938 194873 378065 212380 67691 45072 99617 1295713 1209558 86155 184918 184918 SUPPLIES 670933 224120 406797 40016 FOOD COSTS 600932 600932 TELEPHONE 284988 284988 SPECIAL EVENTS 283205 109125 168434 5646 375847 300677 52716 22454 13479445 9135842 2999966 1343637 2571804 1323607 126222 296001 9103 6259 115157 81074 309558 316938 44284411 23482794 20613962 20801617 34791226 36694218 388734 447887 58925766 59967601 677228 700735 32818 36123 452685 521221 1162731 1258079 X 36461974 37126342 1488390 1283528 19812671 20299652 57763035 58709522 58925766 59967601 X 1185812 -239325 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5231 ORGANIZATIONS DIRECT AND INDIRECT POLITICAL CAMPAIGN ACTIVITIES: PART I-A, LINE 1: THE COLLEGE IS A MEMBER OF THE WORK COLLEGES CONSORTIUM. EACH YEAR THE COLLEGE PAYS ASSESSMENTS TO THE CONSORTIUM TO FUND VARIOUS FUNCTIONS AS A GROUP. PART OF THE PAYMENTS INVOLVES LOBBYING BY THE WORK COLLEGE CONSORTIUM ON BEHALF OF ALL MEMBERS. FEDERAL LOBBYING EXPENSES BY THE CONSORTIUM FOR 2011-2012 WAS $5,231.29. THE PRORATED AMOUNT APPLIED TO ALICE LLOYD COLLEGE. THE CONSORTIUM IS NOT A 501(C)(3) ORGANIZATION. 28203004 587410 1286013 1124162 28952265 25786632 479552 3008641 1071821 28203004 22699250 670316 3471627 1054561 25786632 24271492 429481 -2001721 22699252 0.34300 0.65700 0 0 1276015 1276015 31621028 13602055 18018973 10713928 9880739 833189 673440 673440 20801617 SECURITIES 36694218 F 36694218 ANNUITY AND GOV. STDN. ADVANCES 98266 ANNUITY LIABILITY 422955 521221 14665257 13479445 1185812 -120628 -118697 -239325 946487 14928069 -120628 383440 262812 14665257 0 14665257 13981582 502137 502137 13479445 0 13479445 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ALICE LLOYD PROVIDES A LIBERAL ARTS EDUCATION TO STUDENTS FROM A 108 COUNTY AREA IN APPALACHIA. A MAJORITY OF STUDENTS ATTENDING ALICE LLOYD COLLEGE ARE FIRST GENERATION STUDENTS WITH LIMITED RESOURCES TO ATTEND INSTITUTIONS OF HIGHER EDUCATION. ALICE LLOYD COLLEGE DEPENDS UPON DONATIONS AND THE ENDOWMENT TO HELP STUDENTS FINANCIALLY THROUGH THE COLLEGE LEADERSHIP SCHOLARHSIP. STUDENTS ATTENDING ALICE LLOYD COLLEGE FROM THE 108 COUNTY AREA IN APPALACHIA PAY $0 TUITION. THE COLLEGE ENDOWMENT IS USED PREDOMINANTLY TO COVER THE COST OF TUITION OF WHICH DURING FISCAL YEAR 2011-2012 WAS IN EXCESS OF $1.3 MILLION. THE ENDOWMENT ALLOWS ALICE LLOYD COLLEGE TO ASSIST STUDENTS IN MAINTAINING A LOW GRADUATION DEBT. THE LAST SEVERAL YEARS ALICE LLOYD COLLEGE HAS RANKED AT OR NEAR THE TOP NATIONALLY IN LOW STUDENT DEBT. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE COLLEGE AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE COLLEGE HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE, AND HAS CONCLUDED THAT AS OF JULY 31, 2012, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COLLEGE IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2008. PART XI, LINE 8 - OTHER ADJUSTMENTS: ANNUITY PAYMENTS -118,697. 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 COLLEGE CATALOG; PUBLISHED IN AREA NEWSPAPERS, RADIO AND TELEVISION ADVERTISEMENT; POLICIES ARE ALSO PUBLISHED AT SUMMER ORIENTATION FOR STUDENTS AND FAMILIES. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL AID FOR ITS STUDENTS UNDER TITLE IV FINANCIAL AID PROGRAMS: PELL, FCWS, SEOG, AND PERKINS LOAN FUNDS. THE COLLEGE ADHERES TO ALL POLICIES AND PROCEDURES FOR THE RECORDING AND DISBURSEMENT OF SUCH FUNDS. 1 FEDERAL PELL GRANT PROGRAM 327 1258103 FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT PROGRAM (SEOG) 57 120739 TEACH 6 19855 KENTUCKY TUITION GRANT 339 1199824 INSTITUTIONAL GRANTS 492 1373182 KEES 355 483824 RCB SCHOLAR 1 600 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: STUDENT FINANCIAL AID PROCEDURES TYPICALLY FOLLOWED BY COLLEGES IN THE UNITED STATES USING FAFSA AND THE COLLEGE'S FINANCIAL AID APPLICATION CRITERIA. FEDERAL GRANTS ARE SUBJECT TO THE SINGLE AUDIT ACT OF THE UNITED STATES. X X 0 1 X 0 0 0 0 0 0 0 0 0 JOE STEPP 137080 0 0 0 0 0 22163 0 31834 0 191077 0 0 0 PART I, LINE 1B PAGE 7 OF THE COLLEGE EMPLOYEE HANDBOOK REGARDING TRAVEL TO PROFESSIONAL MEETINGS AND CONFERENCES APPLIES TO ALL EMPLOYEES INCLUDING ADMINISTRATION. ALL TRAVEL VOUCHERS ARE SUPPORTED BY RECEIPTS FOR EXPENDITURES AS REFERENCED ON PAGE 15 - TRAVEL ADVANCE. HOUSING IS PROVIDED TO COLLEGE FACULTY AND MOST ADMINISTRATIVE STAFF INCLUDING THE PRESIDENT AND VICE PRESIDENT FOR BUSINESS AFFAIRS AS A CONDITION OF EMPLOYMENT. PAGE 23 OF THE EMPLOYEE HANDBOOK CONTAINS THE HOUSING POLICY. SCHEDULE J - 4(B) THE BOARD OF TRUSTEES ESTABLISHED A 457(B) PLAN FOR THE PRESIDENT IN 2005 WITH AN ANNUAL CONTRIBUTION TO THE PLAN BY THE BOARD. ROBERT FINLEY - OPPENHEIMER & COMPANY BOARD MEMBER ROBERT FINLEY IS A PAID BROKER/INVESTMENT ADVISOR FOR THE COLLEGE THROUGH OPPENHEIMER & COMPANY. ROBERT FINLEY, BOARD MEMBER, IS AN EMPLOYEE OF OPPENHEIMER & COMPANY WHO HANDLES THE COLLEGE'S INVESTMENTS. 0 JAMES O STEPP EXECUTIVE VICE PRESIDENT JAMES O. STEPP RECEIVES TAXABLE COMPENSATION FROM THE COLLEGE AS THE EXECUTIVE VICE PRESIDENT AND HAS BEEN EMPLOYED WITH THE COLLEGE SINCE 1985 AND IS THE BROTHER TO THE PRESIDENT, JOE A. STEPP. W-2 WAGES FOR 2011 WERE $77,303.40. 0 X 2 131783 NYSE AND NASDAQ X 1 82000 BELOW FMV APPRAISAL X MAINTENANCE SUPPLIES 1 73458 DONOR COST OR ADJUSTED BASIS. 1 0 0 1 THIRD PARTY USE: PART I, LINE 32B: SOLD: DONATED RESIDENTIAL CONDOMINIUM AT 750 SHAKER DR., LEXINGTON, KY 40504, UNIT 1016. REALTOR: KATHY BOLTON, ALL-STAR REALTY, 868 WEST MAIN ST., LEXINGTON, KY 40508. FORM 990, PART VI, SECTION A, LINE 2 THE PRESIDENT JOE STEPP AND EXECUTIVE VICE-PRESIDENT ARE BROTHERS. FORM 990, PART VI, SECTION B, LINE 11 MANAGEMENT APPOINTED TO REVIEW THE FORM 990. THE GOVERNING BODY WILL RECEIVE A COPY OF THE FORM 990 IN DECEMBER WITH A LETTER ASKING THAT ANY QUESTIONS BE DIRECTED TO THE VICE PRESIDENT FOR BUSINESS AFFAIRS. THE 990 IS REVIEWED INTERNALLY BY THE PRESIDENT, EXECUTIVE SECRETARY, VICE PRESIDENT FOR BUSINESS AFFAIRS, AND CONTROLLER. VARIOUS PARTS ARE PREPARED AND EDITED BY THE DIRECTOR OF INSTITUTION DEVELOPMENT, ACADEMIC DEAN, FINANCIAL AID DIRECTOR WITH INFORMATION FROM ALL DEPARTMENTS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS A CONFLICT OF INTEREST POLICY, AS WELL AS A CONFLICT OF INTEREST DISCLOSURE DOCUMENT THAT TRUSTEES AND EXECUTIVE DIRECTORS ARE ASKED TO SIGN, AND HAVE THEIR SIGNATURE WITNESSED EACH YEAR. THE DISCLOSURE DOCUMENT IS GIVEN TO THE TRUSTEES IN OCTOBER. THE SECRETARY TO THE PRESIDENT FOLLOWS UP WITH THOSE WHO DO NOT RETURN THEIR DOCUMENT WITHIN A REASONABLE PERIOD OF TIME. BEGINNING WITH THE JANUARY 2010 EXECUTIVE REPORT UNDER COLLEGE GOVERNANCE, THE CONFLICT OF INTEREST POLICY WILL BE REVIEWED ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S SALARY IS SET BY THE BOARD OF TRUSTEES, UPON THE RECOMMENDATION OF THE EXECUTIVE COMMITTEE. THE PRESIDENT MAKES A RECOMMENDATION TO THE EXECUTIVE COMMITTEE, AND BOARD, FOR PAY INCREASES FOR LINE OFFICERS AND OTHER EMPLOYEES OF THE COLLEGE. THE PRESIDENT WILL PERIODICALLY (EVERY 2-3 YEARS) REQUEST A COMPARATIVE SALARY LIST FROM THE ASSOCIATION OF INDEPENDENT KENTUCKY COLLEGES AND UNIVERSITIES (AIKCU). FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -120,628. ANNUITY PAYMENTS -118,697. TOTAL TO FORM 990, PART XI, LINE 5: -239,325. THE BUSINESS AFFAIRS COMMITTEE IS APPOINTED TO REVIEW THE AUDIT. FORM 990, PART XI, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.