2011-04-05T07:57:29-04:00 2010-05-31 KPMG LLP 60 South Street Boston MA 02111 990 2009-06-01 042300472 BERKLEE COLLEGE OF MUSIC INC BERK 6177472287 1140 BOYLSTON STREET BOSTON MA 022153693 AMELIA S KOCH 2011-04-03 6179881000 2009 2016-02-24 21:20:13Z ROGER H BROWN 1140 BOYLSTON STREET BOSTON MA 022153693 190318330 false X WWW.BERKLEE.EDU X 1945 MA THE MISSION OF BERKLEE COLLEGE OF MUSIC IS TO EDUCATE, TRAIN, AND DEVELOP STUDENTS TO EXCEL IN MUSIC AS A CAREER. 39 39 2806 0 -147316 -147316 9269994 9623255 154435588 167998428 1777675 8623441 5730273 3767103 171213530 190012227 22728379 26458459 0 0 88289315 94584426 0 0 5066390 63994179 63702126 175011873 184745011 -3798343 5267216 356294801 384184087 252338610 262641571 103956191 121542516 THE MISSION OF BERKLEE COLLEGE OF MUSIC IS TO EDUCATE, TRAIN, AND DEVELOP STUDENTS TO EXCEL IN MUSIC AS A CAREER. false false 141615767 26458459 142570690 EDUCATION AND INSTRUCTION: THE PROGRAM IS PROVIDED TO DEVELOP THE SKILLS AND KNOWLEDGE OF STUDENTS SEEKING DEGREES IN MUSIC. THE COLLEGE PROVIDES OUTSTANDING FACULTY AND TEACHING FACILITIES FOR OVER 4,130 STUDENTS FROM THE US AND 80 FOREIGN COUNTRIES. 8229569 11352653 BERKLEE ONLINE: BERKLEE COLLEGE OF MUSIC OFFERS ACCREDITED PROGRAMS IN THE AREAS OF PRODUCTION, GUITAR, SONGWRITING, THEORY, HARMONY AND EAR TRAINING, AND THE MUSIC BUSINESS. CURRENTLY MORE THAN 7,879 STUDENTS PARTICIPATE IN ONLINE LEARNING. 6051264 14075085 AUXILIARY SERVICES: THE COLLEGE HAS RESIDENCE HALL FACILITIES TO PROVIDE HOUSING FOR THOSE STUDENTS THAT CHOOSE TO LIVE AT THE COLLEGE. THE COLLEGE ALSO PROVIDES MEAL PLANS FOR BOTH STUDENTS IN HOUSING AND THOSE COMMUTER STUDENTS THAT CHOOSE THIS PLAN. 155896600 true true false false false false false false true true true false true true true false false false true false false false true true true false false false false false true false false false false true false false false false false false false false true 654 0 true 2806 true true true true SP false false false true true false false false 39 39 true false false false false false false true true false false true true true true true true true true false MA X X DANA IVY 6177472287 1140 BOYLSTON ST Boston MA 022153693 DAVID C ABRAMS 1.0 X 0 0 0 LUIS ALVAREZ 1.0 X 0 0 0 VIVIAN C BEARD 1.0 X 0 0 0 ERNIE BOCH JR 1.0 X 0 0 0 PAT CASALE 1.0 X 0 0 0 DAVID CLEM 1.0 X 0 0 0 JOHN CONNAUGHTON 1.0 X 0 0 0 RONALD A CRUTCHER 1.0 X 0 0 0 MICHAEL DREESE 1.0 X 0 0 0 DAVID DYSART 1.0 X 0 0 0 MICHAEL R EISENSON 1.0 X 0 0 0 EDUARDO B GARCIA 1.0 X 0 0 0 PETER C GOTCHER 1.0 X 0 0 0 CHRISTOPHER GUEST 1.0 X 0 0 0 ELLIOT D HILLBACK 1.0 X 0 0 0 CHARLES HIRSCHHORN 1.0 X 0 0 0 WILLIAM A HOLODNAK 1.0 X 0 0 0 STEVEN H HOLTZMAN 1.0 X 0 0 0 ANN KREIS 1.0 X 0 0 0 SARA LAWRENCE-LIGHTFOOT 1.0 X 0 0 0 WILLIAM J LYNCH 1.0 X 0 0 0 JOHN J MACWILLIAMS 1.0 X 0 0 0 ALLAN T MCLEAN 1.0 X 0 0 0 ELI NEWBERGER 1.0 X 0 0 0 JAMES J PALLOTA 1.0 X 0 0 0 PHIL RAMONE 1.0 X 0 0 0 ALAN D REESE 1.0 X 0 0 0 CARMICHAEL S ROBERTS 1.0 X 0 0 0 JEFF SHAMES 1.0 X 0 0 0 HOWARD SHORE 1.0 X 0 0 0 PAUL SIMON 1.0 X 0 0 0 GARY SLAIGHT 1.0 X 0 0 0 JANET MARIE SMITH 1.0 X 0 0 0 JEFFREY C WALKER 1.0 X 0 0 0 BILL WHELAN 1.0 X 0 0 0 SUSAN WHITEHEAD 1.0 X 0 0 0 LEWIS T WILLIAMS 1.0 X 0 0 0 MARC WILLIS 1.0 X 0 0 0 ANN MARIE WILKINS 1.0 X 0 0 0 ROGER H BROWN 35.0 X 421460 0 70927 AMELIA S KOCH 35.0 X 171168 0 60574 DEBORAH GROZEN BIERI 35.0 X 216823 0 68478 DAVID KUSEK 35.0 X 319982 0 274967 DAVID S MASH 35.0 X 209601 0 80458 LAWRENCE A MONROE 35.0 X 223747 0 58191 LAWRENCE J SIMPSON 35.0 X 235291 0 65313 DAVID R HORNFISCHER 35.0 X 112011 0 0 1910083 0 678908 127 true true false ARAMARK SERVICES INC 1057 SOLUTIONS CENTER CHICAGO IL 60677 FOOD/FACILITIES SVCS 3210152 LONGWOOD SECURITY SERVICES INC 2 BROOKLINE PLACE SUITE 203 BROOKLINE MA 02445 SECURITY SERVICES 1937595 DATATEL INC 4375 FAIR LAKES COURT FAIRFAX VA 22033 CONSULTING 743954 XEROX CORPORATION PO BOX 827598 PHILADELPHIA PA 19182 COPYING SERVICES 604278 ALLEN GERRITSEN 311 ARSENAL STREET WATERTOWN MA 02472 ADVERTISING SERVICES 540150 71 1260725 8362530 1191475 9623255 TUITION & FEES 611710 136777284 136777284 ROOM & BOARD 721310 14075085 14075085 BERKLEE ONLINE 611710 11352653 11352653 PERFORMANCE CENTER 611710 734163 734163 BLPP 611710 5059243 5059243 167998428 1300097 -147316 1447413 0 0 1623130 1623130 1623130 1623130 7374176 50832 7374176 -50832 7323344 7323344 1226991 255271 971720 971720 0 0 0 INTEREST INCOME NON-SECURITIES 900099 402977 402977 BOOKSTORE 451211 366301 366301 CAPS 900099 260786 260786 142189 142189 1172253 190012227 167998428 -147316 12537860 0 26458459 26458459 0 0 724129 601594 96339 26196 0 70769714 58806529 9463051 2500134 8678731 7203347 1128235 347149 9348509 7759263 1215306 373940 5063343 4202575 723046 137722 2025879 2025879 680296 232602 447694 341973 341973 0 0 102193 102193 1668796 1236921 381713 50162 2630251 1940425 510699 179127 5166552 3066515 1829687 270350 2513628 505532 2008096 1068039 1068039 11399524 11098689 300835 1052913 662122 165775 225016 0 370032 244602 93417 32013 8412836 6898526 1261925 252385 0 8889563 7289442 1333434 266687 224868 224868 COST OF GOODS SOLD 4054309 4054309 COST OF MEALS 2775863 2739378 36485 FACILITATOR FEES 2014705 2014705 EVENT EXPENSE 1478159 895140 343682 239337 AUDITIONING 547409 547409 6284338 4344598 1773568 166172 184745011 155896600 23782021 5066390 5629575 18356575 4268983 4033721 532478 533012 571546 595867 3781307 5249699 217411760 93882430 119681085 123529330 176725144 203752923 45104683 28132960 356294801 384184087 40924276 53196026 16588351 17545692 175019662 172039496 17290000 17290000 2516321 2570357 252338610 262641571 X 75915589 89793303 10180035 12980554 17860567 18768659 103956191 121542516 356294801 384184087 X false true true X true true X false false false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 176725144 9073625 28336582 10382428 203752923 231755589 9428504 -55485620 8973329 176725144 0.89929 0.08907 0.01165 false false 17638428 17638428 142983620 59618766 83364854 13229632 5800477 7429155 34112784 23938745 10174039 9447296 4524442 4922854 123529330 OTHER ASSETS 5725772 DEPOSIT WITH BOND TRUSTEES 22407188 28132960 0 REFUNDABLE ADVANCES - U.S. GOV 2570357 2570357 190012227 184745011 5267216 19662309 -7343200 12319109 17586325 202586607 19662309 -7343200 12319109 190267498 -255271 -255271 190012227 185000282 255271 255271 184745011 184745011 ENDOWMENT FUNDS PART V, LINE 4 ENDOWMENT ASSETS ARE INTENDED TO PROVIDE A SOURCE OF INCOME FOR CURRENT OPERATIONS AND SCHOLARSHIPS WITHIN LEGAL SPENDING LIMITS. PERMANENT RESTRICTED ASSETS MUST BE HELD IN PERPETUITY. TEMPORARY RESTRICTED ASSETS ARE HELD FOR DONOR SPECIFIED TIME OR PURPOSE. OTHER ADJUSTMENTS TO NET ASSETS PART XI, LINE 8 NONOPERATING ADJUSTMENTS FOR PENSION OBLIGATION (7,343,200) OTHER REVENUE INCLUDED IN BOOKS BUT NOT ON RETURN PART XII, LINE 2D NONOPERATING ADJUSTMENTS FOR PENSION OBLIGATION (7,343,200) OTHER REVENUE INCLUDED ON RETURN BUT NOT IN BOOKS PART XII, LINE 4B RECLASS OF FUNDRAISING EXPENSE (255,271) OTHER EXPENSES INCLUDED IN BOOKS BUT NOT ON RETURN PART XIII, LINE 2D RECLASS OF FUNDRAISING EXPENSE 255,271 true true true THE COLLEGE'S POLICY OF NONDISCRIMINATION IS PUBLISHED IN ALL COLLEGE CATALOGUES AND BROCHURES, AS WELL AS ALL EMPLOYMENT ADVERTISEMENTS. true true true true false false false false false false false false true false THE COLLEGE RECEIVES FEDERAL AND STATE STUDENT FINANCIAL AID AUTHORIZED BY STUDENT LOAN PROGRAMS. true Europe (Including Iceland and Greenland) 1 2 Program Services NEW CAMPUS 711756 Europe (Including Iceland and Greenland) 0 0 Program Services STUDY ABROAD PROGRAMS 731650 1 2 1443406 ACTIVITY PER REGION PART I, LINE 3 The activity conducted in Spain is management for the initial set-up of a new campus for program services in the future. GALA 1226991 1226991 158248 22253 74770 0 1226991 1226991 158248 22253 74770 255271 971720 true INTERNALLY FUNDED SCHOLARSHIPS 2855 22592084 EXTERNALLY FUNDED SCHOLARSHIPS 233 2679061 MASSACHUSETTS STATE SCHOLARSHIPS 119 153800 SEOG FINANCIAL AID 347 514132 COLLEGE WORK STUDY - PAYROLL 543 519382 ORGANIZATION'S PROCEDURE FOR MONITORING THE USE OF GRANT FUNDS PART I, LINE 2 THE COLLEGE'S OFFICE OF FINANCIAL AID IS RESPONSIBLE FOR AWARDING AND MONITORING ALL FEDERAL AND STATE GRANT ASSISTANCE. STUDENTS APPLY FOR FINANCIAL AID BY COMPLETING A FAFSA FORM WHICH CAPTURES THE DATA REQUIRED DETERMINING ELIGIBILITY BASED ON FEDERAL AND/OR STATE REGULATIONS. DOCUMENTATION TO SUPPORT ELIGIBILITY IS KEPT FOR EACH INDIVIDUAL STUDENT ON FILE IN THE FINANCIAL AID OFFICE. WHEN FUNDS ARE AWARDED, STUDENT ELIGIBILITY IS MONITORED THROUGH THE COLLEGE'S OPERATIONAL SYSTEM AID MODULE TO ENSURE THERE ARE NO CHANGES IN STATUS THAT MIGHT AFFECT THEIR ONGOING ELIGIBILITY. TOTAL GRANT FUNDS AWARDED ARE TRACKED TO ENSURE COMPLIANCE WITH AUTHORIZED AMOUNTS FROM THE FUNDING AGENCY. THE COLLEGE ALSO IS REQUIRED TO SUBMIT TO AN ANNUAL INDEPENDENT A-133 AUDIT TO ENSURE COMPLIANCE WITH ALL FEDERAL REGULATIONS FOR GRANT ASSISTANCE. THE COLLEGE SCHOLARSHIP OFFICE IS RESPONSIBLE FOR AWARDING AND MONITORING ALL INSTITUTIONAL GRANT ASSISTANCE. STUDENTS APPLY FOR SCHOLARSHIP AID BY COMPLETING AN INTERNAL AID FORM WHICH CAPTURES THE DATA REQUIRED TO DETERMINE ELIGIBILITY BASED ON INSTITUTIONAL GUIDELINES. DOCUMENTATION TO SUPPORT ELIGIBILITY IS KEPT FOR EACH INDIVIDUAL STUDENT ON FILE IN THE SCHOLARSHIP OFFICE. WHEN FUNDS ARE AWARDED, STUDENT ELIGIBILITY IS MONITORED THROUGH THE COLLEGE'S OPERATIONAL SYSTEM SCHOLARSHIP MODULE TO ENSURE THERE ARE NO CHANGES IN STATUS THAT MIGHT AFFECT THEIR ONGOING ELIGIBILITY. TOTAL GRANT FUNDS AWARDED ARE TRACKED TO ENSURE COMPLIANCE WITH BUDGETED AMOUNTS. THE SCHOLARSHIP OFFICE REVIEWS ALL AWARDS EACH SEMESTER TO DETERMINE THAT THE STUDENT IS STILL ELIGIBLE FOR THE GRANT. X X X X true true X X X X false false false false false true false false false ROGER H BROWN 283086 0 0 0 138374 0 49208 0 21719 0 492387 0 0 0 AMELIA S KOCH 161063 0 0 0 10105 0 56161 0 4413 0 231742 0 0 0 DEBORAH GROZEN BIERI 200643 0 0 0 16180 0 48469 0 20009 0 285301 0 0 0 DAVID KUSEK 260897 0 39640 0 19445 0 254101 0 20866 0 594949 0 0 0 DAVID S MASH 194248 0 0 0 15353 0 57260 0 23198 0 290059 0 0 0 LAWRENCE A MONROE 195554 0 0 0 28193 0 41161 0 17030 0 281938 0 0 0 LAWRENCE J SIMPSON 216364 0 0 0 18927 0 54412 0 10901 0 300604 0 0 0 DAVID R HORNFISCHER 112011 0 0 0 0 0 0 0 0 0 112011 0 0 0 BENEFITS PART I, LINE 1A THESE BENEFITS ARE PROVIDED ONLY TO THE PRESIDENT AND ARE INCLUDED AS TAXABLE COMPENSATION ON HIS FORM W-2. COMPENSATION CONTINGENT ON NET EARNINGS PART I, LINE 6A THE BONUS PAYMENT RECEIVED BY THIS REPORTABLE INDIVIDUAL WAS, IN PART, INFORMED BY THE FINANCIAL RESULTS OF THE EDUCATIONAL UNIT HE LEADS. NUMEROUS OTHER QUALITATIVE AND QUANTITATIVE MEASURES WERE ALSO EVALUATED IN DETERMINING THIS BONUS PAYMENT. BOTH THE QUANTITATIVE AND QUALITATIVE METRICS USED WERE DEFINED AND AGREED UPON IN CONSULTATION WITH THE COLLEGE'S PRESIDENT. THE BONUS IS REPORTED ON THE INDIVIDUAL'S W-2 TO THE INTERNAL REVENUE SERVICE AND IS INCLUDED IN TAXABLE COMPENSATION. COMPENSATION DISCLOSURE PART II PART II, COLUMNS B (I), B(II) AND B(III) REPORT THE BREAKDOWN OF COMPENSATION AS REPORTED ON INDIVIDUAL W-2S AND/OR 1099-MISC FORMS FOR CALENDAR YEAR 2009. COLUMN B(I): REPORTS BASE COMPENSATION COLUMN B(II): REPORTS ANY BONUSES COLUMN B(III): REPORTS OTHER TAXABLE COMPENSATION SUCH AS LUMP SUM PAYMENTS FROM CERTAIN DEFINED BENEFIT PLANS, TAXABLE REIMBURSEMENTS, ALLOWANCES, ETC. COLUMN C: REPORTS DEFERRALS UNDER CERTAIN RETIREMENT PLANS INCLUDING EMPLOYEE AND EMPLOYER 403B CONTRIBUTIONS AND INCREASES IN THE VALUE OF DEFINED BENEFIT PLANS. COLUMN D: REPORTS NONTAXABLE BENEFITS SUCH AS MEDICAL REIMBURSEMENT PROGRAMS, LIFE INSURANCE, DISABILITY BENEFITS AND EDUCATIONAL ASSISTANCE. THESE ARE STANDARD BENEFITS FOR ALL COLLEGE EMPLOYEES. MHEFA REVENUE BONDS SERIES 2007A 042456011 57586CE27 2007-08-08 178014966 SEE SCHEDULE O false false 173510000 72610864 22407188 1235927 71944474 2011 true false false true false false false false false 0.00000 0.00000 0.00000 true false false false true TRANSAMERICALIFE INS 2. true false false LEE BERK DISCRETIONARY LOAN X 1665384 595867 false true true 595867 X MUSICAL INSTRUMENTS 11 96830 COST X MUSIC EQUIPMENT 10 46645 COST X ARCHIVAL RECORDS 1 22000 FMV X ACADEMIC SOFTWARE 2 1026000 COST 1 false true false ORGANIZATION'S MISSION PART III, LINE 1 *MISSION AND PHILOSOPHY* THE MISSION OF BERKLEE COLLEGE OF MUSIC IS TO EDUCATE, TRAIN, AND DEVELOP STUDENTS TO EXCEL IN MUSIC AS A CAREER. DEVELOPING THE MUSICIANSHIP OF ALL OUR STUDENTS IS THE FOUNDATION OF OUR CURRICULUM. WE BELIEVE THAT THE LESSONS AND QUALITIES DERIVED FROM THAT WORK-THE SELF-DISCIPLINE NEEDED FOR EXCELLENCE, THE EMPATHY REQUIRED OF MUSIC MAKING AND THE OPENNESS AND INQUISITIVENESS ESSENTIAL TO CREATIVITY-ARE CRITICAL TO ACHIEVEMENT IN ANY PURSUIT, MUSICAL OR OTHERWISE; AND THAT MUSIC IS A POWERFUL CATALYST FOR PERSONAL GROWTH, WHICH IS CENTRAL TO ANY COLLEGIATE EXPERIENCE. FOUNDED ON JAZZ AND POPULAR MUSIC ROOTED IN THE AFRICAN CULTURAL DIASPORA, OUR COMPREHENSIVE CURRICULUM IS DISTINCTLY CONTEMPORARY IN ITS CONTENT AND APPROACH, AND EMBRACES THE PRINCIPAL MUSICAL MOVEMENTS OF OUR TIME. THROUGH A COURSE OF SCHOLARLY AND PRACTICAL LEARNING EXPERIENCES INTEGRATING PERFORMANCE AND WRITING, OUR CURRICULUM COVERS THE VARIETY OF INFLUENTIAL STYLES, RELEVANT TECHNOLOGIES, AND CAREER OPPORTUNITIES OPEN TO TODAY'S MUSIC PROFESSIONAL. *OBJECTIVES* TO DEFINE AND REFINE THE INDIVIDUAL TALENTS OF OUR STUDENTS BY PROVIDING A BROAD RANGE OF MAJOR PROGRAMS OFFERED BY A DISTINGUISHED FACULTY, AND TO PREPARE THEM FOR CAREERS IN MUSIC THAT REFLECT THE DIVERSITY OF EXPRESSION AND OPPORTUNITIES THAT DEFINE MUSIC TODAY. TO ENABLE OUR STUDENTS TO EMPLOY THEIR MUSICAL EDUCATION IN A GLOBAL SOCIETY BY PROVIDING A COHERENT LIBERAL ARTS CURRICULUM THAT INFORMS THEIR THINKING ABOUT ISSUES THAT HAVE SHAPED OUR TIME. TO ENCOURAGE OUR STUDENTS TO APPRECIATE AND APPLY MUSIC'S ENORMOUS FORCE FOR THE ENRICHMENT OF SOCIETY AND INTERCULTURAL UNDERSTANDING. TO CULTIVATE A SUPPORTIVE LEARNING ENVIRONMENT BY ACTIVELY PROMOTING A CLIMATE OF RESPECT FOR PERSONAL AND CULTURAL DIFFERENCES, AND BY OFFERING A RANGE OF SERVICES AND ACTIVITIES TO SUPPORT THE NEEDS OF THE STUDENT MUSICIANS WHO COME TO US FROM AROUND THE WORLD. TO MAINTAIN THE VITALITY OF OUR COLLEGE COMMUNITY BY ENCOURAGING AND SUPPORTING CONTINUING PROFESSIONAL DEVELOPMENT FOR ALL OF ITS MEMBERS. TO PROVIDE AN ENVIRONMENT IN WHICH ALL KNOW THAT THEY ARE FULL AND VALUED MEMBERS OF THE COMMUNITY. TO VALUE ETHICAL BEHAVIOR IN ALL ASPECTS OF PERSONAL AND PROFESSIONAL LIFE BY ESTABLISHING A COMMUNITY THAT VALUES INTEGRITY IN ALL RELATIONSHIPS. TO RETAIN OUR LEADERSHIP POSITION IN MUSIC EDUCATION AND TO ENSURE THAT OUR CURRICULUM REMAINS RELEVANT BY PLEDGING TO VALUE ACADEMIC FREEDOM AND INNOVATION. *PHILOSOPHY* BERKLEE WAS FOUNDED ON TWO REVOLUTIONARY IDEAS: THAT MUSICIANSHIP COULD BE TAUGHT THROUGH THE MUSIC OF THE TIME; AND THAT OUR STUDENTS NEED PRACTICAL, PROFESSIONAL SKILLS FOR SUCCESSFUL, SUSTAINABLE MUSIC CAREERS. WHILE OUR BEDROCK PHILOSOPHY HAS NOT CHANGED, THE MUSIC AROUND US HAS AND REQUIRES THAT WE EVOLVE WITH IT. FOR OVER HALF A CENTURY, WE'VE DEMONSTRATED OUR COMMITMENT TO THIS APPROACH BY WHOLEHEARTEDLY EMBRACING CHANGE. WE UPDATE OUR CURRICULUM AND TECHNOLOGY TO MAKE THEM MORE RELEVANT, AND ATTRACT DIVERSE STUDENTS WHO REFLECT THE MULTIPLICITY OF INFLUENCES IN TODAY'S MUSIC. WE PREPARE OUR STUDENTS FOR A LIFETIME OF PROFESSIONAL AND PERSONAL GROWTH THROUGH THE STUDY OF THE ARTS, SCIENCES, AND HUMANITIES. AND WE ARE DEVELOPING NEW INITIATIVES TO REACH AND INFLUENCE AN EVER-WIDENING AUDIENCE. MORE THAN A COLLEGE, BERKLEE HAS BECOME THE WORLD'S SINGULAR LEARNING LAB FOR THE MUSIC OF TODAY-AND TOMORROW. WE ARE A MICROCOSM OF THE MUSIC WORLD, REFLECTING THE INTERPLAY BETWEEN MUSIC AND CULTURE; AN ENVIRONMENT WHERE ASPIRING MUSIC PROFESSIONALS LEARN HOW TO INTEGRATE NEW IDEAS, ADAPT TO CHANGING MUSICAL GENRES, AND SHOWCASE THEIR DISTINCTIVE SKILLS IN AN EVOLVING COMMUNITY. WE ARE AT THE CENTER OF A WIDENING NETWORK OF INDUSTRY PROFESSIONALS WHO USE THEIR OPENNESS, VIRTUOSITY, AND VERSATILITY TO TAKE MUSIC IN SURPRISING NEW DIRECTIONS. FAMILY AND BUSINESS RELATIONSHIPS PART VI, SECTION A, QUESTION 2 Several Trustees have engaged in a business transaction with another Trustee. These transactions occur in the ordinary course of business. Trustee William Lynch employs another Trustee, Alan McLean, in his firm. FORM 990 REVIEW PROCESS PART VI, SECTION B, QUESTION 11A THE FORM 990 IS PREPARED BY THE CONTROLLER AND REVIEWED BY THE COLLEGE'S TAX ADVISORS. UPON COMPLETION, THE DRAFT FORM 990 IS DISTRIBUTED TO THE TRUSTEE MEMBERS OF THE AUDIT & FISCAL CONTROLS COMMITTEE FOR THEIR REVIEW AND COMMENTS. ONCE THE DRAFT IS APPROVED BY THE COMMITTEE, THE FINAL FORM 990 IS DISTRIBUTED TO THE FULL BOARD. CONFLICT OF INTEREST POLICY PART VI, SECTION B, QUESTION 12C THE PURPOSE OF THE CONFLICTS OF INTEREST POLICY IS TO PROTECT THE COLLEGE'S INTEREST WHEN IT IS ENTERING INTO A TRANSACTION OR ARRANGEMENT THAT MIGHT BENEFIT THE PRIVATE INTEREST OF AN INTERESTED PERSON. AN INTERESTED PERSON IS DEFINED AS ANY PERSON WHO IS OR WAS DURING THE PREVIOUS FIVE YEARS IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE COLLEGE'S AFFAIRS, INCLUDING ANY TRUSTEE, OFFICER, SUBSTANTIAL DONOR, SENIOR MANAGER OR MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS (EACH A "FIDUCIARY"). IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, A FIDUCIARY WILL DISCLOSE ALL MATERIAL FACTS TO THE PRESIDENT OR CHAIR AT THE EARLIEST POSSIBLE TIME AFTER THE CONFLICT OF INTEREST BECOMES KNOWN TO THE FIDUCIARY. ANY CONFLICT WILL BE MADE A MATTER OF RECORD THROUGH ANNUAL OR OTHER REPORTING AND CERTIFICATION PROCEDURE AS THE TRUSTEES REQUIRE FROM TIME TO TIME. AFTER DISCLOSURE OF THE CONFLICT OF INTEREST AND AFTER ANY DISCUSSION WITH THE RELEVANT FIDUCIARY, THE TRUSTEES SHALL FINALLY DETERMINE WHETHER ANY CONFLICT OF INTEREST EXISTS. IF A CONFLICT OF INTEREST IS DETERMINED TO EXIST, THE TRUSTEES MAY TAKE ACTIONS AS DEFINED IN THE BYLAWS OF THE COLLEGE. COMPENSATION POLICY PART VI, SECTION B, QUESTION 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, SITTING AS THE COMPENSATION COMMITTEE, HAS THE AUTHORITY TO ESTABLISH FAIR AND APPROPRIATE COMPENSATION PACKAGES TO BE AWARDED TO THE PRESIDENT AND OTHER HIGHLY COMPENSATED ADMINISTRATORS OF THE COLLEGE. IN DETERMINING THE EXECUTIVE COMPENSATION PACKAGES, THE EXECUTIVE COMMITTEE CONSIDERS COMPARATIVE DATA, OBTAINED FROM PUBLISHED SOURCES OR A COMPENSATION CONSULTANT, REFLECTING THE COMPENSATION LEVELS AWARDED TO EQUIVALENTLY SITUATED INDIVIDUALS EMPLOYED BY COMPARABLE INSTITUTIONS. THE EXECUTIVE COMMITTEE REPORTS THE PROCESS AND AWARDING OF COMPENSATION PACKAGES TO THE BOARD OF TRUSTEES. WHEN THE COMPENSATION COMMITTEE IS MEETING, THE PRESIDENT DOES NOT PARTICIPATE. PUBLIC DISCLOSURE PART VI, SECTION C, QUESTION 19 THE COLLEGE MAKES THE DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS AVAILABLE UPON WRITTEN REQUEST. THE COLLEGE'S FORM 990 IS ALSO AVAILABLE ONLINE AT WWW.GUIDESTAR.ORG. PURPOSE OF BOND ISSUES SCHEDULE K, PART I PROCEEDS OF THE BONDS WERE USED AS FOLLOWS: (1) $94,351,662 FOR EQUIPMENT PURCHASES, BUILDING RENOVATIONS, ONLINE COURSE DEVELOPMENT, OTHER BUDGETED CAPITAL EXPENDITURES AT THE COLLEGE'S EXISTING FACILITIES, AND TO ACQUIRE AND RENOVATE ADDITIONAL REAL PROPERTY AND PAY FOR CAMPUS MASTER PLANNING EXPENSES. (2) $9,816,512 TO REPAY A PRIOR LOAN. (3) $72,610,864 TO REFINANCE OUTSTANDING DEBT BONDS ISSUED ON 8/14/97 AND 7/24/03. (4) $1,235,927 TO PAY FOR BOND ISSUANCE COSTS.