2011-05-13T13:51:27-05:00 2010-06-30 ParenteBeard LLC 46 Public Square Suite 400 WilkesBarre PA 18701 990 2009-07-01 240795453 MARYWOOD UNIVERSITY MARY 5703486222 2300 ADAMS AVENUE SCRANTON PA 185091598 JOSEPH X GARVEY JR CPA 5703486222 2011-05-12 1 Julius Green CPA 5708200100 2009 2016-02-24 21:20:13Z JOSEPH GARVEY JR CPA 2300 ADAMS AVENUE SCRANTON PA 185091598 97116079 0 X www.marywood.edu X 1915 PA To provided an education in the IHM tradition of academic excellence. 30 30 2110 22 377900 -6020 6280816 6910945 75714594 80145888 1245123 957999 4980787 5211579 88221320 93226411 24684436 27336504 0 36364988 37710488 94671 81675 1451710 23132801 23430470 84276896 88559137 3944424 4667274 157238724 167778134 62817034 65971071 94421690 101807063 A Catholic university sponsored by the Congregation of the Sisters, Servants of the Immaculate Heart of Mary, Marywood University roots itself in the principle of justice and a belief that education empowers people. Enacting its ideals, marywood offers students a welcoming and supportive community that encourages men and women of all backgrounds to shape their lives as leaders in service to others. Proud of its liberal arts tradition and host of professional disciplines, Marywood challenges students to broaden their understanding of global issues and to make decisions based on spiritual, ethical, and religious values. Marywood calls upon students to seek their full potential and invites all to engage in a lifelong process of learning. Witnessing the efficacy of teaching and scholarship, Marywood educates students to live responsibly in a diverse and interdependent world. 0 0 59363730 27336504 55867827 INSTRUCTION AND SCHOLARSHIPS - PROVIDED UNDERGRADUATE AND GRADUATE INSTRUCTION TO 2,722 FULL-TIME AND 757 PART-TIME STUDENTS. ALSO OFFERED NON-CREDIT WORKSHOPS FOR CONTINUING EDUCATION PURPOSES. 7963123 7494178 RESEARCH AND ACADEMIC SUPPORT - PROVIDED STUDENT SERVICES TO SUPPORT INSTRUCTION NOTED ABOVE. THIS INCLUDES LIBRARY, MEDIA, COMPUTER, ATHLETICS, HEALTH SERVICES, AND MORE. 10166970 9568242 AUXILIARY SERVICES - PROVIDED DORMITORY AND FOOD SERVICES TO 1,013 RESIDENT STUDENTS AND FOOD SERVICES TO COMMUTER STUDENTS AND CAMPUS STAFF. ALSO OPERATED THE CAMPUS BOOKSTORE AND DAY CARE CENTER. 77493823 1 1 0 1 0 0 1 0 1 1 1 1 1 0 1 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 152 0 1 2110 1 1 1 0 0 0 0 0 0 0 0 30 30 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X X Kevin J May CPA 5709614779 2300 ADAMS AVENUE Liberal Arts SCRANTON PA 185091598 Richard R Beasley 1.00 X 0 0 0 Lorraine R Breen 1.00 X 0 0 0 Sr Ann M Bubser IHM 1.00 X 0 0 0 Michael E Bugno 1.00 X 0 0 0 Joseph Matthias Cosgrove 1.00 X 0 0 0 Lee A Dehihns III 1.00 X 0 0 0 Frank A Epifano 1.00 X 0 0 0 Patricia J Glinsky 1.00 X 0 0 0 David Hawk 1.00 X 0 0 0 Sr Nancy Hawkins IHM 1.00 X 0 0 0 Sr Angela Kim IHM 1.00 X 0 0 0 David L Kirtland 1.00 X 0 0 0 Frank E LaVerghetta 1.00 X 0 0 0 William R Lynett 1.00 X 0 0 0 Dorothy L Magnotta 1.00 X 0 0 0 Sr Mary E Merrick IHM 1.00 X 0 0 0 Marion Munley 1.00 X 0 0 0 Mary C Murray 1.00 X 0 0 0 Catherine G Quinnan 1.00 X 0 0 0 john p sweeney sr 1.00 X 0 0 0 Msgr David L Tressler 1.00 X 0 0 0 Patrick brier 1.00 X 0 0 0 mary ellen mcdonough 1.00 X 0 0 0 michael insalaco 1.00 X 0 0 0 virginia p shields 1.00 X 0 0 0 sister mary persico IHM 1.00 X 0 0 0 sister anne munley ihm 1.00 X 0 0 0 Antonia M Schierling 1.00 X 0 0 0 Richard P Kane 1.00 X 0 0 0 Joan Banick Brooks 1.00 X 0 0 0 Sr Anne Munley IHM 35.00 X 0 0 31479 Dr Peter Cimbolic 35.00 X X 188848 0 21150 Joseph X Garvey Jr 35.00 X 137920 0 24177 Dr Clayton N Pheasant 35.00 X 143414 0 25170 Dr Raymond P Heath 35.00 X 139029 0 15935 Sr Dolores Filicko IHM 35.00 X 0 0 12986 Dr Michael Alan Foley 35.00 X 109162 0 21045 Dr Alan Levine 35.00 X 112761 0 13857 David Skica 35.00 X 119833 0 13993 Dr Samir P Dagher 35.00 X 101284 0 20609 Ann Boland - Chase 35.00 X 103946 0 16534 Terrance E O'Brien 35.00 X 112800 0 17060 1268997 0 233995 10 1 1 0 CHARTWELLS COMPASS GROUP USA PO Box 91337 CHICAGO IL 60693 Campus Food Service 4251135 G Weinberger Company 231 Oak Street OLD FORGE PA 18518 Mechanical/Plumbing Contractors 1737105 RE Lesniak Inc RR 9 Box 9237 MOSCOW PA 18444 Electrical Contractor 834971 Atlas Tracks Inc 19495 SW Teton Ave Tualatin OR 97062 Sport Surface Contractor 715771 J Slater & Sons Inc PO Box 705 MoscoW PA 18444 General Contractor 715023 5 2334703 4576242 6910945 TUITION & FEES 611600 72382548 72382548 SALES & SVCS-AUX ENTER 721310 7215641 377900 6837741 SALES & SVCS-EDUCATION 611710 299736 299736 EDUCATION RELATED SVCS 611710 247963 247963 80145888 766591 766591 2832958 2641550 191408 191408 191408 6013791 1248118 4765673 4765673 PARKING & TRAFFIC FINE 900099 191980 191980 BAD DEBT RECOVERIES 900099 105592 105592 DEPOSITS, ADJUSTMENTS, 900099 89008 89008 59326 59326 445906 93226411 72930247 377900 13007319 27336504 27336504 693313 693313 27686206 23034105 3872393 779708 2078191 1666344 337864 73983 5355152 4084804 1161966 108382 1897626 1554252 285174 58200 201679 201679 20000 20000 103040 103040 66882 66882 81675 81675 19587 19587 4614480 3761563 671258 181659 299788 239474 58814 1500 4120664 3213540 883062 24062 241368 132544 102708 6116 2440124 2433466 6658 979216 762849 135344 81023 2128368 2128368 4315335 3669762 645573 329862 281185 48677 FOOD SERVICE 2189532 2189532 ENTERTAINMENT 501605 303358 148720 49527 EDUCATION AND ACTIVITIE 312629 303017 9612 BAD DEBT 290421 290421 registration fees 74784 53863 15556 5365 181106 143614 36982 510 88559137 77493823 9613604 1451710 16320 17923 21541187 17440918 6256370 6104768 1818317 2905913 280653 327000 1523907 1689955 159126096 55230773 96988706 103895323 25199102 32070756 1141177 878259 2472985 2447319 157238724 167778134 7112238 5964577 600725 43873222 43395681 5830532 10067276 6001042 5942812 62817034 65971071 X 74438468 80391973 3754874 3956207 16228348 17458883 94421690 101807063 157238724 167778134 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 66882 0 0 66882 0 Part II-B, Line 1i: Explanation of Other Lobbying Activities: The University paid Arent Fox, PLLC, and Providence Consulting for services including contacting Pennsylvania Congressional delegation, along with members of the Senate and House Appropriations Committee(s) in support of Marywood University's requests for federal funding through appropriations legislation and competitive grants offered by USDA, HHS, EPA, and USDE. In conjunction with these services, Marywood University submitted appropriation requests to Congress and competitive grant applications to these agencies. 17800 X X X 0 23948313 1106115 4063280 844000 15599 28258109 28287988 3526665 -6352063 1363000 151277 23948313 0.62000 0.38000 0.00000 1 0 1358579 1358579 143580340 55070133 88510207 274924 274924 13912253 160640 13751613 103895323 STUDENT DEPOSITS 3398811 REFUNDABLE ADVANCES FOR FEDERAL STUDENT LOANS 1777365 ASSET RETIREMENT OBLIGATION 480597 INTEREST RATE SWAP 286039 5942812 93226411 88559137 4667274 3002564 -249193 -35272 2718099 7385373 70566860 3002564 136077 -27046310 -23907669 94474529 -1248118 -1248118 93226411 62932294 136077 1248118 1384195 61548099 27011038 27011038 88559137 Part III, Line 4: Marywood University Art Galleries strive to present exhibitions and programs that provide opportunities for life long learning and contribute to the visual literacy of both the institution and greater community. The Art Galleries committed to complementing and broadening the availability of contemporary and historical visual arts for the academic community with outreach and collaborative programming. All exhibitions, receptions, and accompanying events are free of charge and open to the Marywood community and the general public. Current, future, and past exhibitions, as well as over 50 objects from the permanent collection, can be viewed on the Art Galleries' web page at www.marywood.edu/galleries. The Suraci Gallery maintains Marywood's permanent collection of fine and decorative arts. The Asian Collection consists of paintings, furniture, ivories, tapestries, and ceramics. Bronze and marble sculptures, furniture, and paintings comprise the 19th Century Collection. In addition, European ceramics, glass, and other decorative arts are displayed. Feature exhibitions that showcase regional, national, and international artists, as well as recent work by art faculty are highlighted during the year in a recently renovated exhibition space. Part V, Line 4: Description of Intended Use of Endowment Funds: The University's endowment consists of approximately 100 individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments. As required by accounting principles generally accepted in the United States of America, net assets associated with endowment funds, including funds designated by the Board of Trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. The Board of Trustees of the University has interpreted Pennsylvania law as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the University classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as either temporarily restricted or unrestricted net assets based on the existence of donor restrictions or by law. The University considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: 1. The duration and preservation of the fund 2. The purposes of the University and the donor-restricted endowment fund 3. General economic conditions 4. The possible effect of inflation and deflation 5. The expected total return from income and the appreciation of investments 6. Other resources of the University 7. The investment policies of the University The University has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the University must hold in perpetuity or for a donor-specified period(s) as well as board-designated funds. Under this policy, as approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to produce results that exceed the price and yield results of the S&P 500 index while assuming a moderate level of investment risk. The University expects its endowment funds, over time, to provide an average rate of return of approximately 9 percent annually. Actual returns in any given year may vary from this amount. To satisfy its long-term rate-of-return objectives, the University relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The University targets a diversified asset allocation that places a greater emphasis on equity-based investments to achieve its long-term return objectives within prudent risk constraints. The University has a policy of appropriating for distribution each year 3.5 to 5 percent of its endowment funds' average fair value over the prior 12 quarters through the calendar year-end proceeding the fiscal year in which the distribution is planned. In establishing this policy, the University considered the long-term expected return on its endowment. Accordingly, over the long term, the University expects the current spending policy to allow its endowment to grow at an average of 4 percent annually. This is consistent with the University's objective to maintain the purchasing power of the endowment assets held in perpetuity or for a specified term as well as to provide additional real growth through new gifts and investment return. Part X: Description of Uncertain Tax Positions Under FIN 48: Part X: The University is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes is included in the accompanying financial statements. The University's policy is to recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The University's Form 990, Return of Organization Exempt from Income Tax for the tax years ended June 30, 2010, 2009, 2008 and 2007 remain subject to examination by the Internal Revenue Service. Part XI, Line 8 - Other Adjustments: Change in split interest agreements: 120506. OTHER UNREALIZED LOSS ON INTEREST RATE SWAP: -155778. Part XII, Line 2d - Other Adjustments: SCHOLARSHIPS: -27011038. CHANGE IN SPLIT INTEREST AGREEMENTS: 120506. UNREALIZED LOSS ON INTEREST RATE SWAP: -155778. Part XII, Line 4b - Other Adjustments: COST OF GOODS SOLD: -1248118. Part XIII, Line 2d - Other Adjustments: COST OF GOODS SOLD: 1248118. Part XIII, Line 4b - Other Adjustments: SCHOLARSHIPS: 27011038. 1 1 1 CLEARLY STATED ON MOST ADMISSIONS ADVERTISEMENTS AND PUBLICATIONS. ALSO DISCLOSED ON THE SUPPLEMENTAL MATERIAL CREATED BY THE MARKETING AND COMMUNCATIONS OFFICE 1 1 1 1 0 0 0 0 0 0 0 0 1 0 SCHOLARSHIPS/GRANTS ARE AWARDED TO STUDENTS BASED UPON THE ACADEMIC PROFILE OF THE STUDENT AND DEMONSTRATED FINANCIAL NEED. IN DETERMINING FINANCIAL NEED, THE U.S. DEPARTMENT OF EDUCATION'S APPROVED NEEDS ANALYSIS SYSTEM (CONGRESSIONAL METHODOLOGY) IS UTILIZED TO ENSURE INSTITUTIONAL COMPLIANCE WITH ALL APPLICABLE FEDERAL REGULATIONS (TITLE IV PROGRAMS), STATE GUIDELINES, AND UNIVERSITY POLICY IN THE DISTRIBUTION OF FINANCIAL AID. 1 African Countries: Kenya, Tanzania, Uganda, Nigeria, and Ghana 0 10 Program Services During the three-year phase of the Sisters Leadership Development Initiative ("SLDI") pilot project in Africa, there will be a series of two-week sequential workshops focused on management and leadership capacity building. Curriculum specialists at the ASEC colleges will develop the scope and sequence of the offerings. In addition to instructional programs offered by ASEC colleges, SLDI participants will have the opportunity to attend sessions coordinated by such African-based organizations as CORAT Africa, which facilitates in-country client determined courses, workshops and seminars. Long range plans for SLDI include increased use of technology and the Internet to access distance education. This will permit Sisters to remain in their countries while pursuing professional preparation and/or degree work in business and management. 494845 0 10 494845 X Procedure for Monitoring Grants Outside the U.S.: Schedule F, Part I, Line 2: The program evaluation will be an objectives-oriented evaluation providing both formative and summative information. The program evaluation plan will be developed collaboratively by the principal investigator in collaboration with the project director and project coordinators. The program evaluation will measure the achievement of the desired impact and project objectives by assessing: (1) Project Outcomes; (2) Project Outputs; (3) Curriculum Objectives; and (4) Participant Skills and Knowledge. (1) Project Outcomes will be assessed by the evaluation of the impact of the project on the Sisters' ministry identified by both the participants and the Major Superiors. (2) Program Outputs will be collected during the Sessions and recorded by participants or coordinator. (3) Curriculum Objectives will be assessed by syllabus content review and the results of the measures of participant skills and knowledge. (4) Participant Skills and Knowledge will be assessed pre- and post-training. X X X X 1 Ruffalo Cody Phonathon Agent 0 233014 81675 233014 233014 81675 233014 PA 1 SPONSORED SCHOLARSHIPS 968100 CASH NON-SPONSORED SCHOLARSHIPS 26042938 CASH STUDENT AID 325466 cash Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: All students applying for federal funds are required to submit the FAFSA. The office reviews the results of the FAFSA, which dictates what and how much federal funding the individual student is eligible for. If the student is determined to be in compliance with all federal regulations, as determined by the Department of Education, the aid office awards the student the appropriate funding. Student files regarding the eligibility are maintained by the student financial aid office. X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 Dr Peter Cimbolic 188848 0 0 0 0 0 19073 0 2077 0 209998 0 0 0 Joseph X Garvey Jr 137920 0 0 0 0 0 14300 0 9877 0 162097 0 0 0 Dr Clayton N Pheasant 143414 0 0 0 0 0 15203 0 9967 0 168584 0 0 0 Dr Raymond P Heath 139029 0 0 0 0 0 14002 0 1933 0 154964 0 0 0 Terrance E O'Brien 112800 0 0 0 0 0 11468 0 5592 0 129860 0 0 0 Part I, Line 1a Marywood's president, Sr. Anne Munley, lives in housing owned by Marywood, specifically for the president. Because Sister's Congreagation takes a vow of poverty, all of her income related to her work for Marywood goes directly to the Congregation, and is therefore not taxable to Sister Anne. Part I, Line 4a Terrance E. O'Brien, Director - Project Office PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY 232243852 70917NU77 2005-02-03 9105000 SERIES A OF 2005 - TO ADVNC-REF'D O/S BAL OF 2000 BONDS & TO PAY ISS COSTS 0 0 PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY 232243852 70917N4Q4 2005-04-15 11447049 SERIES B OF 2005 - TO REF'D 1999 D4 BNDS; FIN CONSTR OF ATH FAC; FND DBT SVC 0 0 PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY 232243852 70917RAZ8 2005-12-15 12567509 SERIES C OF 2005 - TO FIN RENOV OF RES HALL; FIN VAR CAP IMP; FND DBT SVC 0 0 THE ABINGTON TOWNSHIP MUNICIPAL AUTHORITY 231708665 003642AH8 2007-01-04 14991657 SERIES OF 2007 - TO FIN RENOV OF RESIDENCE HALL & OTHER CAP IMPROVMENTS 0 0 10268152 167834 60924 2005 1 1 1 1 11466757 502964 484407 9759679 2006 1 0 1 1 12590428 542640 517998 11506871 2007 0 0 1 1 14997303 624583 479988 13887085 2008 0 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00400 0.00400 1 0 0 0 0 1 0.00000 0.00170 0.00170 1 0 1 0 0 0 0 0 0 0 1 AIG 1 0 1 0 0 0 1 AIG 1 0 1 0 0 0 1 AIG 1 0 1 Patrick A Fricchione Jr Former Board Member; President and CEO, SIMPLEX INDUSTRIES, INC. 757350 Purchase and Finishing Work for Woodlands III, a Marywood dormitory, from Simplex Industries. 0 X 2 17800 FMV X 14785 FMV X 7 377407 FMV X COMPUTER EQUIPMENT 1 21347 FMV X Plane Equipment 2 16000 FMV 0 0 0 Form 990, Part VI, Section A, line 3 Marywood contracts with Chartwells to provide food service to the University campus. Form 990, Part VI, Section A, line 6 THE MEMBERS OF THE MARYWOOD UNIVERSITY CORPORATION ARE SIX MEMBERS OF THE SISTERS, SERVANTS OF THE IMMACULATE HEART OF MARY. ARTICLE I, SECTION 4 OF THE MARYWOOD UNIVERSITY BYLAWS STATES: "THE MEMBERS OF THE CORPORATION SHALL HAVE THE RIGHT, BY MAJORITY VOTE, TO ELECT TRUSTEES. THEY SHALL HAVE THE RIGHT OF APPROVAL, BY MAJORITY VOTE, OF ACTIONS OF THE BOARD OF TRUSTEES RELATING TO CHANGES IN INSTITUTIONAL PURPOSE AND PHILOSOPHY;APPOINTMENT OF THE PRESIDENT OF THE UNIVERSITY; ACQUISITION, DISPOSITION,ENCUMBRANCE, OR LEASE OF REAL PROPERTY OF THE INSTITUTION; CONSTRUCTION OF NEW BUILDINGS; DISSOLUTION, MERGER, OR CONSOLIDATION OF THE INSTITUTION WITH ANOTHER CORPORATION; AMENDMENTS TO THE BYLAWS; AND DISPOSITION OF PROPERTY UPON DISSOLUTION." Form 990, Part VI, Section A, line 7a The President of the Congregation of Sisters Servants of the Immaculate Heart of Mary, Scranton, PA, and her councilors are Members of the Marywood University Corporation with certain reserved powers. Additional information is included in Article I, section 4 of the University's Bylaws. Form 990, Part VI, Section A, line 7b Nominations are made by the Board of Trustees. The Members of the Marywood University shall have the right, by majority vote, to elect trustees. They shall have the right of approval, by majority vote, of actions of the Board of Trustees relating to changes in institutional purpose and philosophy; appointment of the President of the University; acquisition, disposition, encumbrance, or lease of real property of the institution; construction of new buildings; dissolution, merger, or consolidation of the institution with another corporation; amendments to the Bylaws; and disposition of property upon dissolution. For 2006 to 2010, the (six) Members of the Marywood University Corporation were Sister Mary Persico, President of the IHM Congregation Sister Mary Jo Gallagher, Vice President of the IHM Congregation Sister Kathryn Clauss, Councilor Sister Susan Hadzima, Councilor Barbara Jablonski, Councilor Amy Zychal, Councilor For 2010 to 2014, the (five) Members of the Marywood University Corporation are Sister Therese O'Rourke, President of the IHM Congregation Sister Ellen Carney, Vice President of the IHM Congregation Sister Rosemary Goulet, Councilor Sister Christine Koellhoffer, Councilor Sister Ellen Carney, Councilor Form 990, Part VI, Section B, line 11 For the current fiscal year and going forward, Marywood University will submit the draft of the Form 990 to the Audit Committee for their approval. The Audit Committee will then report to the full Board that they have reviewed the Form 990 prior to its filing with the Internal Revenue Service. Form 990, Part VI, Section B, line 12c Conflict of Interest forms are distributed at the annual meeting, in April, of the Board of Trustees. The Secretary of the University assures that a Conflict of Interest Statement is received from each member by the following July 1. The file of forms is kept in the office of the Secretary of the University. Article XIV of the University's Bylaws requires that the minutes of any meeting in which a trustee may have a conflict of interest must reflect that a disclosure of such conflict was made, and that the trustee having said conflict abstained from voting. Form 990, Part VI, Section B, line 15 After performing due diligence in studying comparative salaries and other economic factors, an independent consulting firm recommends a salary amount for the President of the University to the Executive Officers of the Board of Trustees; this Committee of Executive Officers, after deliberation and consideration, approves the President's salary. The President of the University then sets the salaries of the Senior Administrative Officers, with approval of the Executive Officers of the Board. Form 990, Part VI, Section C, line 19 The organization makes its governing documents, conflict of interest policy and financial statements available to governmental agencies who require them, and to the Executive Committee of the Board of Trustees. Moreover, the Financial Statements are made available through the NACUBO website and through the EMMA system, as required by certain bond documents. Schedule G, Part I, Line 2b, Column (v) Explanation of Fundraising Payments The University paid Ruffalo Cody to act as our Annual Fund phonathon agents during FY 2009-2010. As such, Ruffalo Cody contacted alumni, parents, and friends of the University soliciting pledges of financial support of our institutional mission. In particular, they sought gifts in support for the Marywood Scholarship Fund to provide resources to underwrite financial aid and scholarship awards made by the University to deserving students. In the course of their work, Ruffalo Cody advised these supporters of new and exciting changes to programs and facilities at Marywood. In addition, they obtained information concerning changes to biographic and demographic information of the individuals called. Ruffalo Cody acted strictly in the role of our agent in securing pledges of support. The processing of all pledge payments and credit card transactions were handled by University employees. Form 990, Part VII: Certain Officers ARE NOT DIRECTLY COMPENSATED BY THE UNIVERSITY. THE UNIVERSITY PAYS THE CONGREGATION OF THE SISTERS, SERVANTS OF IMMACULATE HEART OF MARY ("IHM") ON BEHALF OF SISTER ANNE MUNLEY, PRESIDENT AND SISTER DOLORES FILICKO, SECRETARY. MARYWOOD UNIVERSITY PAid IHM $242,096 ON BEHALF OF SISTER ANNE MUNLEY for HER ROLE AS PRESIDENT AND $64,977 ON BEHALF OF SISTER DOLORES FILICKO for her rold as Secretary. Schedule K, Part IV, Line 4: The debt service reserve funds were invested in a GIC. The GIC's were terminated due to a downgrade in AIG's investment rating on September 16, 2008. The debt service reserve fund's were subsequently re-invested in certificate's of deposit with M&T Bank. Schedule K, Part IV, Line 6: The proceeds were invested in SLUGS, which earned less than the bond issue interest rate, and therefore no arbitrage was earned. Congregation of the Sisters Servants of the Immaculate Heart IHM Center 2300 Adams Avenue Scranton PA 18509 Religious PA 501(c)(3) 1 N/A Marywood Aviation 2300 Adams Ave Scranton PA 18509 271573065 Aviation Education PA 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0