2011-05-16T18:13:45-04:00 2010-06-30 KPMG LLP 345 Park Avenue New York NY 101540102 990 2009-07-01 221487164 DREW UNIVERSITY DREW 9734083501 36 MADISON AVENUE MADISON NJ 07940 HOWARD BUXBAUM 9734083501 2011-05-03 true KPMG LLP 2127589700 2009 2016-02-24 21:20:13Z Robert Weisbuch President 36 Madison Avenue Madison NJ 07940 201556357 false X www.drew.edu X 1868 NJ THE UNIVERSITY OFFERS GRADUATE AND UNDERGRADUATE STUDIES AND IS COMPRISED OF THE COLLEGE OF LIBERAL ARTS, THE THEOLOGICAL SCHOOL, AND THE CASPERSEN SCHOOL OF GRADUATE STUDIES. 41 37 1945 0 143004 -102120 8275021 14221033 83557088 92526029 -37333000 33060600 1016913 1486022 55516022 141293684 27839818 31575918 0 0 45181000 45575006 0 0 3592261 37419570 38358860 110440388 115509784 -54924366 25783900 331596000 350472000 102691000 106769000 228905000 243703000 DREW UNIVERSITY'S PRIMARY EXEMPT PURPOSE IS EDUCATION. THE UNIVERSITY OFFERS GRADUATE AND UNDERGRADUATE STUDIES AND IS COMPRISED OF THE COLLEGE OF LIBERAL ARTS, THE THEOLOGICAL SCHOOL, AND THE CASPERSEN SCHOOL OF GRADUATE STUDIES. false false 55093482 26690966 65563555 The Drew University College of Liberal Arts affirms a commitment to its founding vision: to offer its students a liberal arts education of the highest quality. Through a rigorous course of study, the College challenges students to explore the arts, natural sciences, social sciences, humanities, and interdisciplinary fields in depth and to develop their capacities for critical though, problem solving, effective communication, creativity, self discipline and empathy. As the College prepares students for academic and professional achievement, it provides them with essential skills for living and continuing to learn and to grow in an increasingly diverse and complex world. 9869878 3827433 5677731 Drew Theological School - See Attachment 1 4084490 1057520 3571729 The Caspersen School of Graduate Studies - See Attachment 1 30141473 99189323 true true false true false false false false true true false true true false false false false true true false false false true true true false false false false false false false true true true true false false false false true false false false true 1889 0 true 1945 true true true true CJ UK ER false false false true true false false false 41 37 true false true false false false false true true false false false true true true true true true true false NJ X HOWARD BUXBAUM 9734083501 36 MADISON AVENUE MADISON NJ 07940 Joseph Beneducci Jr 1.0 X 0 0 0 Marilyn Callander 1.0 X 0 0 0 Judith E Campbell 1.0 X 0 0 0 William E Clark 1.0 X 0 0 0 C Rory Corrigan 1.0 X 0 0 0 John H Crawford 1.0 X 0 0 0 Dean T Criares 1.0 X 0 0 0 Hugh A D'Andrade 1.0 X 0 0 0 Sudarshana Devadhar 1.0 X 0 0 0 Derek M Di Risio 1.0 X 0 0 0 Donald L Drakeman 1.0 X 0 0 0 D Stuart Dunnan 1.0 X 0 0 0 Louis Eccleston 1.0 X 0 0 0 Robert Edgar 1.0 X 0 0 0 John A Ehinger 1.0 X 0 0 0 Gayle E Fitzpatrick 1.0 X 0 0 0 William M Freeman 1.0 X 0 0 0 Fredrick Fuest 1.0 X 0 0 0 Jordan M Glatt 1.0 X 0 0 0 Gates H Hawn 1.0 X 0 0 0 William R Huff 1.0 X 0 0 0 Peggy A Johnson 1.0 X 0 0 0 William T Knox 1.0 X 0 0 0 William W Landis III 1.0 X 0 0 0 Kevin H Marino 1.0 X 0 0 0 Elizabeth H Marsh 1.0 X 0 0 0 Champ Meyercord 1.0 X 0 0 0 Frank Carnabuci 1.0 X 0 0 0 Betsy S Michel 1.0 X 0 0 0 Christopher A Mickel 1.0 X 0 0 0 Pamela J Moed 1.0 X 0 0 0 Jeffrey B Noss 1.0 X 0 0 0 Randolph W Nugent 1.0 X 0 0 0 Laura Overdeck 1.0 X 0 0 0 Jeremiah J Park 1.0 X 0 0 0 Suzanne Mertz Spero 1.0 X 0 0 0 Gary S Stein 1.0 X 0 0 0 Charles H Straut 1.0 X 0 0 0 Mary A Stringfield 1.0 X 0 0 0 Marvin J Suomi 1.0 X 0 0 0 Steven A Tasher 1.0 X 0 0 0 Jennifer Velez 1.0 X 0 0 0 Robert Weisbuch 1.0 X 0 0 0 Lewis D Andrews Jr 1.0 X 0 0 0 C W Carson Jr 1.0 X 0 0 0 Barbara Morris Caspersen 1.0 X 0 0 0 Raymond G Chambers 1.0 X 0 0 0 John H Evans 1.0 X 0 0 0 Robert B Goodwin 1.0 X 0 0 0 Philip H Haselton Sr 1.0 X 0 0 0 Barbara T Howell 1.0 X 0 0 0 Ernest S Lyght 1.0 X 0 0 0 Heath B McLendon 1.0 X 0 0 0 Eugene I Meyers 1.0 X 0 0 0 Henry G Parker III 1.0 X 0 0 0 Nancy W Priest 1.0 X 0 0 0 Donald E Procknow 1.0 X 0 0 0 B P Russell 1.0 X 0 0 0 Nancy S Schaenen 1.0 X 0 0 0 Robert D Simpson 1.0 X 0 0 0 Shirley Sugerman 1.0 X 0 0 0 Ross E Traphagen 1.0 X 0 0 0 Edward J Wynne Jr 1.0 X 0 0 0 Jeanne T Zenker 1.0 X 0 0 0 Michele Fabrizio 1.0 X 0 0 0 Hwain Lee 1.0 X 0 0 0 Emilia diMayorca Fabricant 1.0 X 0 0 0 ROBERT WEISBUCH 35.0 X 352736 0 115216 PAMELA GUNTER SMITH 35.0 X 186835 0 84208 HOWARD BUXBAUM 35.0 X 196956 0 36192 MARGARET HOWARD 35.0 X 222191 0 20225 RONALD ROSS 35.0 X 158856 0 26973 JONATHAN LEVIN 35.0 X 151784 0 80492 MAXINE BEACH 35.0 X 194999 0 28742 MARY BETH CAREY 35.0 X 130625 0 13133 ANDREW SCRIMGEOUR 35.0 X 123973 0 27512 DAVID MUHA 35.0 X 113490 0 16411 CARLOS YORDAN 35.0 X 76046 0 6132 VIRGINIA SAMUEL CETUK 35.0 X 120852 0 8442 Richard GREENWALD 35.0 X 119325 0 10350 Alyssa McCloud 35.0 X 39594 0 2533 Kenneth Alexo 35.0 X 122023 0 26282 Christopher Biehn 35.0 X 88391 0 10656 Paolo Cucchi 35.0 X 158494 0 35881 Christophr Van Wyk 35.0 X 157209 0 38805 Joseph Kelly 35.0 X 156509 0 35901 Christine Kinealy 35.0 X 142638 0 22074 Alan Candiotti 35.0 X 144207 0 21516 3157733 0 667676 70 false true false Haverstick-Borthwick 300 Stenton Avenue PLYMOUTH MEETING PA 19462 Construction 3391726 Sodexo Operations 9801 Washington Blvd GAITHERSBURG MD 20878 Contractor 2818168 Leegis Group 2333 US Highway UNION NJ 07083 Construction 1884329 Aramark Facility Services 135 New Road MADISON CT 06443 Contractor 751562 JRD Construction Inc 34 Tice Rd Ste 2 FARMINGDALE NJ 07727 Construction 508983 24 58033 1988000 12175000 754444 14221033 TUITION & FEES 900099 74813015 74813015 AUXILIARY INCOME 531110 17679189 17589785 89404 SUMMER APPLICATION & LAB FEES 900099 33825 33825 92526029 14329600 53600 14276000 0 0 78815600 60084600 18731000 18731000 18731000 77641 58033 178073 -100432 -100432 0 0 VEHICLE REGISTRATION FEES 900099 147002 147002 SHAKESPEARE INCOME 900099 116020 116020 METHODIST REVENUE 900099 155354 155354 1168078 1168078 1586454 141293684 92436625 143004 34493022 0 31575918 31575918 0 0 2354165 878092 1139219 336854 63111 63111 33871236 27388507 4808049 1674680 2320256 1851655 338651 129950 4514201 3596035 665794 252372 2452037 1953305 361648 137084 0 271166 135 271031 0 224605 224605 0 0 0 0 1214326 252341 850559 111426 0 0 1706755 1515355 155229 36171 0 11082046 10012725 1037436 31885 1194408 1076478 49989 67941 0 875646 593355 60531 221760 2850302 2850302 0 0 0 0 7349760 6929640 356769 63351 606929 24521 582408 0 FOOD EXPENSE 2890360 2887337 3023 0 LIBRARY MATERIALS 975215 975215 0 0 POST RETIREMENT HEALTH BENEFIT 936253 745824 138087 52342 SUPPLIES 946965 810249 85165 51551 MISCELLANEOUS 2097751 1359086 580493 158172 3136373 1913248 956403 266722 115509784 99189323 12728200 3592261 5252000 1021000 4354000 6337000 3563000 7551000 3617000 2668000 3778000 4037000 354000 345000 1678000 1714000 245092000 98433000 145264000 146659000 108970000 95653000 54201000 83767000 565000 720000 331596000 350472000 6784000 6065000 6660000 7217000 66934000 68397000 22313000 25090000 102691000 106769000 X 75156000 75957000 74305000 85301000 79444000 82445000 228905000 243703000 331596000 350472000 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 161776 161776 false Schedule C Part II-B line 1i Winning strategies Washington works on behalf of Drew University to advocate and advance funding and policy fixes from their inception to conclusion through the legislative, appropriations and regulatory processes. Specifically, we have a strong understanding of what strategies work best in gaining the interest and support of Members of Congress, especially with regard to working effectively with Members of the New Jersey delegation. In addition, AICUNJ and NAICU are consortium groups, of which Drew is a member institution, that work together to make an impact on their common ideas/goals, especially with government agencies. Each year they lobby for an increase or at least a stabilization of government funds for student aid, of which we are very interested. Our goal is to get as much funding as possible. 160633000 713000 21829000 13692000 169483000 221297000 1967000 -48518000 14113000 160633000 0.26109 0.39379 0.34512 false false 10725000 10725000 202446000 85026335 117419665 20362000 8551941 11810059 11559000 4854724 6704276 146659000 ALTERNATIVE INVESTMENTS 61554000 F PARTIES 13363000 F POOLED INCOME FUNDS 5631000 BOND PROCEEDS HELD BY TRUSTEES 3219000 F 83767000 0 STUDENT SECURITY DEPOSITS 1814000 ANNUITY LIABILITY 1436000 ASSET RETIREMENT OBLIGATIONS 5150000 POSTRETIREMENT BENEFITS 12979000 FEDERAL STUDENT LOAN FUNDS 2428000 OBLIGATIONS UNDER CAPITAL LEAS 1283000 25090000 141293684 115509784 25783900 -10805000 -180865 -10985865 14798035 99191000 -10805000 168098 -10636902 109827902 31465782 31465782 141293684 84487999 554133 554133 83933866 31575918 31575918 115509784 Schedule D, PART XII, Line 2d Revenue on books but not on return Income from related entities 459,098 Gain on change in fair value of trust, pooled income funds & gift annuities & related distributions 1,431,000 Effect of the adoption of FAS 158 (1,722,000) --------------- Total 168,098 =============== Schedule D, Part XII, Line 4b Revenue on Form 990, but not on Financial Statements Scholarships and financial aid 31,575,918 Special Event Direct Expenses (178,073) Income from Partnership 53,600 Other 14,337 ------------- Total 31,465,782 ============= Schedule D, Part XIII, Line 2d Expenses on books but not on return Expenses from related entities 554,133 Schedule D, Part XIII, Line 4b Expenses on Form 990, but not on Financial Statements Scholarships and financial aid 31,575,918 Schedule D, PART XI, Line 8 Reconciliation of Net assets Effect of Adoption of FAS 158 (1,722,000) Gain on change in fair value of trust, Pooled Income Funds & gift annuities and related distributions 1,431,000 Sp Event Direct Expenses 178,073 Income from Partnership (53,600) Other (14,338) -------------- Total (180,865) ============== Schedule D, Part X FIN 48 Drew University and it wholly owned subsidiary, UHP, are exempt from Federal income taxes under Section 501(c)(3) of the internal Revenue Code. CBCA is exempt under the New Jersey Nonprofit Corporation Act, Title 15A of the New Jersey Status Annotated. Accordingly, no provision for income taxes has been reflected in the accompanying consolidated financial statements. In September 2009, the FASB issued Accounting Standards Update (ASU) 2009-6, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments of Nonpublic Entities (ASU 2009-6). ASU 2009-6 modifies the guidance on uncertain tax positions in FASB Accounting Standards Codification 740 (ASC 740), Income Taxes. ASC 740 addresses the accounting for uncertainties in income taxes recognized in an organization's financial statements and prescribes a threshold of more-likely-than-not for recognition and de-recognition of tax positions taken or expected to be taken in a tax return. ASU 2009-6 provides implementation guidance that is applicable for all entities and amends the disclosure requirements for nonpublic entities by elimination certain disclosures. There was no impact to the Companies' financial statements as a result of the adoption of ASU 2009-6 in fiscal year 2010. Schedule D, PART V, Line 4 Intended Uses of Endowment Funds The intended use of Drew University endowment funds is principally to accomplish the following. Endowment funds are to be held in perpetuity and to provide for the generation of investment income through strategic investing as approved by the Board of Trustees Investment Committee. This investment income is used to provide support of the university's education mission statement as described on page two, part III of form 990, commensurate with the donor and board specific instructions on how the funds are to be used. true true true PUBLICIZE NON-DISCRIMINATORY POLICY THROUGH RECRUITING MATERIALS SENT STUDENTS. true true true true false false false false false false false false true false FINANCIAL AID IS RECEIVED FROM THE US DEPARTMENT OF EDUCATION, AS WELL FROM THE STATE OF NEW JERSEY. Golf Event 89830 33630 56200 0 0 0 0 0 65706 Holocaust Cente 23391 1950 21441 0 0 0 0 0 7286 2 22453 22453 0 0 0 0 0 0 105081 135674 58033 77641 0 0 0 0 0 178073 178073 -100432 true SCHOLARSHIP & FINANCIAL AID 27646508 ENDOWED SCHOLARSHIPS 3910792 OUTSTANDING SCHOLARSHIP 16618 MICKEL SCHOLARSHIP 1000 GRAYBEAL SCHOLARSHIP 1000 VAN HOUTEN SCHOLARSHIP Schedule I Part IV, Line 2 Monitoring the use of grants For the period July 1, 2009 through June 30, 2010, Drew University granteY funds to students in the form or scholarships, fellowships, student loans as well as other financial aid. Financial aid is granted to students based on eligibility guidelines as defined by the Federal Department of Education as well as the State of New Jersey. If a student is not eligible to receive federal or state based financial aid, the aid will not be applied to the student's account. In addition, Drew University grants funds to students in the form of institutional aid based on merit and need criteria. X X true true X false false false false false false false false false ROBERT WEISBUCH 339467 0 0 0 13269 0 66500 0 51384 0 470620 0 0 0 PAMELA GUNTER SMITH 186118 0 0 0 717 0 17100 0 67725 0 271660 0 0 0 HOWARD BUXBAUM 196239 0 0 0 717 0 16650 0 20151 0 233757 0 0 0 MARGARET HOWARD 206560 0 0 0 15631 0 18725 0 2146 0 243062 0 0 0 RONALD ROSS 158139 0 0 0 717 0 14647 0 12900 0 186403 0 0 0 JONATHAN LEVIN 151739 0 0 0 45 0 14850 0 71088 0 237722 0 0 0 MAXINE BEACH 193419 0 0 0 1580 0 17706 0 11664 0 224369 0 0 0 ANDREW SCRIMGEOUR 123973 0 0 0 0 0 11588 0 16129 0 151690 0 0 0 Paolo Cucchi 156914 0 0 0 1580 0 12960 0 23403 0 194857 0 0 0 Christophr Van Wyk 156972 0 0 0 237 0 14744 0 24637 0 196590 0 0 0 Joseph Kelly 156272 0 0 0 237 0 14744 0 21733 0 192986 0 0 0 Christine Kinealy 142420 0 0 0 218 0 10348 0 12199 0 165185 0 0 0 Alan Candiotti 142938 0 0 0 1269 0 13163 0 8901 0 166271 0 0 0 Form 990, SCH J University Housing and Automobile Allowances Housing Allowance As part of the following employees Condition of Employment, where the duties and responsibilities of these employees require their services on a twenty four hour basis throughout the year. The University provides campus housing to them to accomplish their required and continuous duties and responsibilities on campus. The following employees are provided campus housing as a condition of their employment and therefore not included in taxable income: Pamela Gunter-Smith Jonathan Levin The following employees are provided campus housing but is not a condition of their employment therefore it is included in taxable income: Mary Beth Carey Alyssa McCloud Christopher Biehn Automobile Allowance The automobile allowance for the following employees is part of their compensation agreement and is reflected in as part of taxable income and included as taxable income on their form W-2, box 1,3 and 5: Robert Weisbuch Margaret Howard Mary Beth Carey Alyssa McCloud Golf Membership Fees Drew University paid golf membership fees on behalf of Robert Weisbuch, President in the amount of $2,361.50. Such amount was inadvertently excluded from ROBERT WEISBUCH' 2009 W-2. A system has been put into place to insure proper treatment for next year. NJ EDU FAC AUTH DREW 2003 SERIES C 221829511 64605LDZ8 2003-05-29 22872229 Capital Improvements false false NJ EDU FAC AUTH DREW 2007 SERIES D 221829511 646065CWO 2007-04-12 30557236 Advance refunding and new money false false NJ EDU FAC AUTH DREW 2008 SERIES B 221829511 646065CEO 2008-04-04 11353764 Current Refunding false false NJ EDU FAC AUTH DREW 2008 SERIES I 221829511 2008-06-26 12000000 Capital Improvements false false NJEFA CAPITAL IMPROV BONDS 2006 SERIES A 221829511 65605LZ43 2006-10-26 215447 Advance Refunding false false 23658009 469382 0 0 660981 77738 21180038 2006 false false true true 29252014 0 0 891701 789514 0 27435648 false true true true 14298521 0 0 0 227730 0 0 1998 true false true true 12000000 0 0 0 64085 0 11935915 false false true true 556936 0 2096375 0 3535878 0 0 2002 false true true true false false true false true 0.00000 0.00000 0.00000 true false false true false true 0.00000 0.00000 0.00000 true 0.00000 0.00000 0.00000 false false true false true 0.00000 0.00000 0.00000 true 0.00000 0.00000 0.00000 false false false false true false false false false false true false false false false false false false false true false false false false false false false false false William Huff Trustee 150000 Investment Fees - See SCH O false Jeffrey Noss Trustee 15956 Investment Fees - See SCH O false Frederick Fuest Trustee 49263 See SCH O for details Don Drakeman Trustee 13848 See SCH O for details X 29 379444 X 1 375000 false true false Form 990, SCH M, Part I, Line 31 Gift Acceptance Policy Drew University has a Gift Acceptance Policy in place. The Policy requires the review of any non-standard contributions. Form 990, Part V, Question 7B Drew University notifies the donor of the breakout between any goods and services received and their donation amount. If No goods and service were received we then notify the donor of that too. Form 990, Part VI, Question 2 and SCH L, Part IV Trustee relationship with the University As a result of the Universities conflict of interest tax questionnaire, it has found the following relationships exist between the University and Trustees. Trustee conflicts of Interest Identified: Trustee name Description 1. Frederick Fuest Trustee Daughter is employed as the Director of Theological School Advancement 2. Don Drakeman Trustee Daughter is employed as the Major Gift Officer 3. Betsy Michel Is also a Trustee of the Dodge Foundation, who has an interest at Drew. The Dodge Foundation is an organization exempt from income tax under section 501(c) 4. Laura Overdeck Trustee is also a Vice Chair of the Governors School, a program hosted by Drew University. The Governors School is an organization exempt from income tax under section 501(c) 5. Jeffrey Noss Trustee's employer is one of the custodians of the Drew Endowment 6. William Huff Trustee who is the Operating Officer of the Huff Fund, which the University invests in. Form 990, Part VI, Question 11 Reviewing the From 990. During the October 2009 and the February 2010 Audit Committee meeting, management presented and updated the audit committee on the new regulations for the newly revised form 990. Additionally, the committee was advised that there was now a requirement that the Trustees on the committee review the process and return, which was presented at the May 2010 meeting. During the May 2011 Audit Committee meeting, form 990 was presented. As part of this process the Audit Committee reviewed the key governance policies and practices in addition to the financial data contained in the core form pages one thru eleven. The following key governance and policy topics were reviewed by Audit Committee: 1. The Statement of Revenue and Balance Sheet, including the reconciliation to the annual financial statements. 2. Governance and policy review: a. Compensation review process and results b. Whistleblower policy c. Review in detail the results of the Conflict of Interest Questionnaire d. Lobbying activity e. Tax Exempt bond Disclosures The Chairman of the Audit Committee then provides a summarization of key Form 990 topics discussed and any reportable issues to the full Board of Trustees. All members of the Board of Trustees were provided with a copy of an initial draft of Form 990 via the Trustee web-site prior to its filing with the IRS. Form 990, Part VI, Question 12 CONFLICT-OF-INTEREST POLICY FOR TRUSTEES AND OFFICERS OF ADMINISTRATION All decisions of the Board of Trustees, Officers and employees of Drew University are to be made solely on the basis of a desire to promote the best interests of the University. It is therefore the policy of the Board and the University: 1. That all activities or behavior which conflict with the best interests of the University are prohibited. This could include but would not be limited to: a) Use of University Resources. For a University Trustee, Officer or employee to make improper use of any University resources, including the services of University employees, for his or her own personal benefit. b) Compliance with Rules. For a University Trustee, Officer, or employee to fail to comply with the University's duly established rules, regulations or standards of personal behavior. c) Disclosure of Confidential Information. For a University Trustee, officer, or employee, without proper authority, to give or release to anyone not authorized to receive such information, any data of a confidential nature secured through his or her relationship to the University. d) Acceptance of Gifts. For a University Trustee, Officer or employee, or any dependent member of his or her immediate family to accept from any organization or person that they know to be doing or seeking to do business with the University, a loan or a gift or favor of more than nominal value. This paragraph shall not be deemed to prohibit loans made in the normal course of business with the terms standard for such loans from banks or financial institutions that may have or expect to have relations with the University. e) Competition with the University. For a University Trustee or Officer, directly or through a corporation in which he or she has a substantial interest, to engage in for remuneration any other activity which is in direct competition with the University, except with the knowledge and written consent of the President or the President's designee. If the activity is that of the President such consent must be given by the chair of the Board. 2. That, in the event that the Board or a University Officer shall be called upon to consider a transaction involving the University and (i) a member of the Board or any Officer of the University (or a member of his or her immediate family), or (ii) an organization with which a member of the Board or any Officer of the University is "affiliated," such Trustee or Officer, as soon as he or she has knowledge of the transaction, shall: (a) Disclose fully the precise nature of his or her interest or involvement in such transaction and/or such organization; and (b) Refrain from participation in the University's consideration of the proposed transaction. For the purposes of this conflict-of-interest policy, a Trustee or Officer is "affiliated" with any organization of which he or she (or a member of his or her immediate family) is an employee, general partner, member of the Board of Directors, Trustee, or in which he or she (or a member of his or her immediate family) owns 10% or more of the outstanding stock. 3. That the following persons disclose to the University on a continuing basis all their relationships and business affiliations that reasonably could give rise to a conflict of interest, or the appearance of a conflict of interest, involving the University: the Trustees (including the President); the Vice Presidents of the University; the Deans; and such other Officers as the President shall designate as being Officers from whom, because of their respective duties and responsibilities, the University should receive a continuing disclosure of such outside relationships and business affiliations. All disclosures required to be made hereunder must be directed in writing to the Executive Committee of the Board of Trustees which shall have, with the assistance of the Vice President of Administration and of the Vice President for Finance and Business Affairs, the responsibility for monitoring of this policy, including the administration and enforcement thereof. The Executive Committee shall be advised immediately of any disputes or other issues arising out of the application of this policy so that it can determine what, if any, action is appropriate. Vice President for Finance and Business Affairs, the responsibility for monitoring of this policy, including the administration and enforcement thereof. The Executive Committee shall be advised immediately of any disputes or other issues arising out of the application of this policy so that it can determine what, if any, action is appropriate. Form 990, Part VI, Question 15a & 15b COMPENSATION Compensation for the officers, executive director and key employees is determined by the drew board of directors on the recommendation of the compensation committee. No individuals with a conflict of interest may be involved in the compensation determination process. Comparability data for similarity qualified persons in functionally comparable positions at similarity situated organizations is prepared by the organization and reviewed by the board of directors. the minutes of the board of directors and the compensation committee document the board's and committee's deliberations and decisions regarding compensation. The benchmark data is derived from a custom report provided by the College and University Personnel Association (CUPA). The University maintains a list of about 50 institutions that are similar to Drew in size, scope and mission. Mean and median salaries for positions that are comparable to our Cabinet are derived from the data provided by CUPA and adjusted by a cost of living factor to determine the benchmark. The benchmark is used by the committee to determine the appropriateness of salaries, salary increases and salaries of new executive hires." Form 990, Part VI, Question 19 Disclosure Drew University makes its governing documents available to the public in the following manner.. 1. Governing documents such as the conflict of interest policy, University Charter, University Mission Statement, Whistle Blower Policy, Travel and entertainment, purchasing, signature authority are made available to the public through the University web-site. The web-site is available on demand to the public at www.Drew.edu 2. The University tax filing form 990 is available at www.guidestar.org 3. The University financial statements are also available on the web-site and available upon demand by the public. 4. Any changes that are made to the governing documents once ratified, are updated to the University web-site instantly, thereby making the web-site an up to date and live environment for the University's documents. Form 990, Part III, Question 4b Drew Theological School Drew Theological School empowers leadership for a global Christianity of justice, ecumenism, and the integrity of creation. Its pastoral, spiritual, and conceptual disciplines grow within an intimate liturgical and communal context, one that sustains multiple relations of difference. Through its particular historical commitments to African, Asian, African-American, Hispanic and women's ministries, the Theological School remains faithfully rooted in its Methodist heritage. Drew nurtures Christian practices through vital partnership with local churches and international networks of education. Trans-disciplinary interpretation of text, tradition, and experience energizes its scholarly rigor. Drew engenders theologies responsible to the complex social realities of an interconnected world. Into that world Drew sends pastors, preachers and prophets, deacons, activists, and teachers. Form 990, Part III, Question 4c The Caspersen School of Graduate Studies The Caspersen School of Graduate Studies was founded on the principle of the importance of interdisciplinary study in the Humanities. The goal of the School's founders was to foster broadly educated people who have expertise in a field of thought but who are also familiar with and articulate in a range of humanistic studies. This mission continues to distinguish The Caspersen School among institutions with doctoral programs in the Humanities. Our intent is to train persons who are properly prepared not only in specific recognized fields but also in interdisciplinary dialogue. We celebrate the joy of learning as we prepare able, well informed graduates who pursue careers in higher education, in the religious and medical communities, and in the broader intellectual world. As such, we are well positioned to meet the increasing call for interdisciplinary approaches both in the academy and in the wider world. Integral to our mission is encouraging our faculty and students alike to pursue creative research in the Humanities and to make the results of their work available through teaching, participation in scholarly meetings, various forms of publication and intellectual discourse. To that end we continue to explore new possibilities of enhancing interdisciplinary studies in the humanities. Form 990, Part VI, Question 4 Changes in By-Laws Article II, Section 26 (e) At any meeting of the Board, other than any of the three (3) regularly scheduled Board meetings each year, or at a meeting of a committee of the Board, the person who is Chair of the Board or Chair of the committee at that meeting, can authorize the telephonic participation of all or some of the members of the Board or of the committee. Unless prohibited by these Bylaws, a member's participation by telephone shall count for purposes of constituting a quorum of the Board or the committee at that meeting and shall entitle the participant to vote on any issues coming up for vote at the meeting. There may also be instances where the Board or a committee may find it necessary or advisable to have one or more members, who are entitled to vote, cast the vote by electronic means, such as e-mail or by fax. Such vote shall be a proper vote and counted in the balloting if authorized by the Chair of the Board (other than any of the three (3) regularly scheduled Board meetings each year) or the Chair of the committee, respectively . Article II, Section 25 (a) One third of the members of the Board of Trustees shall constitute a quorum of said Board, competent to act at all meetings thereof, except as herein and otherwise stated. Article IX These Bylaws may be amended or changed at any regular or special meeting of the Board of Trustees provided written notice of the substance of the proposed amendment is sent to all Trustees at least ten (10) days before the meeting. The amendment shall be adopted by a vote of at least two-thirds of the entire Board. Article II Section 19 - Compensation Committee At the annual meeting the Board shall elect a Compensation Committee consisting of not fewer than six members in addition to the Chair of the Board, The committee shall have the responsibility for evaluating the performance, and determining the compensation (including contractual benefits, deferred compensation plans, perquisites, and other compensatory benefits), of the President. The President shall consult the Committee on evaluations of the performance and the compensation (including contractual benefits, deferred compensation plans, perquisites, and other compensatory benefits) of the Administrative and Academic Officers and other members of the administrative staff who report directly to the President. The committee may directly engage the services of compensation consultants to obtain market information and advice. Section 26-Trustees and Committees b) A quorum of the Executive Committee and of any committee elected or appointed by the Board shall consist of one-third of the Committee members. Form 990, SCH K Bond Issue A Schedule K Parts I through IV The information provided about proceeds, issue price and rebate for bond issue A is from the 8038 and the rebate reports for the issue. Form 990, SCH K Bond Issues B and C Schedule K Parts 1 through IV Bond issues B and C were sold at the same time and are treated as a single issue for arbitrage purposes. Bond issue B advance refunded part of the New Jersey Educational Facilities Authority's Drew University Issue 1998 C Series Bonds and financed capital improvements for the University. Bond Issue C was sold in a forward sale and currently refunded the remaining outstanding 1998 C Bonds. Information about issue, price proceeds and rebate are from the 8038's, rebate reports and arbitrage certificates for these bonds. Total proceeds listed for both these series include investment earnings and transferred proceeds. Form 990, SCH K Bond Issue D - Schedule K Parts 1 through IV Bond Issue D was a direct placement. Information about issue price, costs of issuance and capital expenditures are from the 8038 and the Rebate Report for this issue. 2008 SERIES I - New Jersey Educational Facility Authority - no CUSIP number has been entered as there is no CUSIP number for a bank purchased bond. Form 990, SCH K Bond Issue E - Schedule K Parts I through IV Bond Issue E was issued pursuant to a New Jersey State program to finance capital improvements for New Jersey colleges and universities. Under this program, debt service on the bonds is payable by the State subject to appropriation. Each college or university is required to reimburse the State for half of the debt service on the bonds allocated to that institution. Drew received a grant from bonds issued in 2000 which were among the bonds partially advance refunded by Bond Issue E. An 8038 was filed for the bonds of Issue E allocated to the private institutions like Drew and an 8038 - G was filed for the bonds of Issue E allocated to the public institutions. Each 8038 allocated an amount of the refunding bonds to each college or university that received a grant from a refunded issue. Drew's allocation on the 8038 was $214,000. This represents 0.0179 of the aggregate refunding bonds allocated to private institutions and 0.0139 of the total proceeds allocated to all colleges and universities. The information provided about issue price. total proceeds and other proceeds represents 0.0179 X issue price and costs of issuance shown on the 8038 filed for private institutions and 0.0139 x the information about total proceeds provided in the rebate report. Form 990, SCH L, Part IV Interested persons The nature of the transactions with the interested person William Huff is as follows: The university is a limited partner/investor in the Huff Energy Fund. The university has a 10 million dollar commitment to invest in the fund. The university pays a management and incentive fees to the fund for the management of the fund. All transactions are conducted at arms length, meaning they are executed in accordance with the investment agreement. Due diligence was conducted by independent external investment consultants that are retained by the university. The university measures investment performance on a quarterly basis, conducts portfolio reviews and on site visits on an annual basis and reports results to the investment committee. The nature of the transactions with the interested person Jeffrey Noss is as follows: Mr. Jeffrey Noss is an employee of Bank of New York Mellon Wealth Management as a Managing Director. He is a Trustee and Chairman of the Finance Committee for the university. The university's transactions with BNY/Mellon are, BNY/Mellon is custodian for separately managed account assets of the endowment funds. The selection of BNY/Mellon was made through a competitive bid process. All transactions are conducted at an arm length. The university measures BNY's custodial performance and related fees on a annual basis. The university continues to evaluate custodial performance and reports on any changes and exceptions that may occur. University Housing Project Corporation 36 Madison Ave Madison NJ 07940 222970182 DVLPM HOUSING NJ 501(c)(3) 2 Drew Univer Copper Beach Condominium Association CBC 36 Madison Ave Madison NJ 07940 223094649 Real estate mgt NJ Drew University Condo Assoc. 103634 101703 0.59700 true false false true false false false false false false false false false false false true false false UNIVERSITY HOUSING PROJECT a 193944 UNIVERSITY HOUSING PROJECT d 4561976 COPPER BEECH CONDOMINIUM ASSOCIATION d 80173 PAYMENTS ON BEHALF OF UHP & CBC BY DREW UNV p 305928