2011-02-15T12:39:01-06:00 2010-06-30 KPMG LLP 515 Broadway 4th Floor Albany NY 122072974 990 2009-07-01 141338580 Trustees of Union College TRUS 5183886104 807 UNION STREET Schenectady NY 12308 Diane Blake 2011-02-11 5184274600 2011-02-11 2009 2016-02-24 21:20:13Z Stephen Ainlay 807 Union Street Schenectady NY 12308 311278710 false X www.union.edu X 1795 NY See Attachment 3 36 31 2355 56 987146 -525165 17618336 16047681 101955792 104836947 -23502073 11506314 2616075 3689238 98688130 136080180 30705141 32861431 0 0 59740362 63105056 0 0 5141967 43061257 42521319 133506760 138487806 -34818630 -2407626 479591958 502130927 97985672 100171078 381606286 401959849 UNION COLLEGE, FOUNDED IN 1795, IS A SCHOLARLY COMMUNITY DEDICATED TO SHAPING THE FUTURE AND TO UNDERSTANDING THE PAST. FACULTY, STAFF AND ADMINISTRATORS WELCOME DIVERSE AND TALENTED STUDENTS INTO OUR COMMUNITY, WORK CLOSELY WITH THEM TO PROVIDE A BROAD AND DEEP EDUCATION, AND GUIDE THEM IN FINDING AND CULTIVATING THEIR PASSIONS. WE DO THIS WITH A WIDE RANGE OF DISCIPLINES AND INTERDISCIPLINARY PROGRAMS IN THE LIBERAL ARTS AND ENGINEERING, AS WELL AS ACADEMIC, ATHLETIC, CULTURAL, AND SOCIAL ACTIVITIES, INCLUDING OPPORTUNITIES TO STUDY ABROAD AND TO PARTICIPATE IN UNDERGRADUATE RESEARCH AND COMMUNITY SERVICE. WE DEVELOP IN OUR STUDENTS THE ANALYTIC AND REFLECTIVE ABILITIES NEEDED TO BECOME ENGAGED, INNOVATIVE, AND ETHICAL CONTRIBUTORS TO AN INCREASINGLY DIVERSE, GLOBAL AND TECHNOLOGICALLY COMPLEX SOCIETY. false false 125673384 32861431 85198768 Providing higher education to support approximately 2,200 full-time equivalent students under a four year program leading to a bachelor's degree 125673384 true true false true false false true false true true true false true false true false false false true false false false true true true false false false false false false true true true true true true false false false true false false false true 339 0 true 2355 true true true false false false false false false false false false false false 36 31 true false true false false true false true true false true true false true true true true true true true false NY X DIANE BLAKE 5183886104 807 UNION STREET Schenectady NY 12308 David B Chapnick 0.5 X 0 0 0 Stephen J Ciesinski 0.5 X 0 0 0 Robert DeMichele 0.5 X 0 0 0 Neil M Golub 0.5 X 0 0 0 Robert D Bertagna 0.5 X 0 0 0 David J Breazzano 0.5 X 0 0 0 John J Castellani 0.5 X 0 0 0 William J Curtin 0.5 X 0 0 0 Nancy Eppler Wolff 0.5 X 0 0 0 David Henle 0.5 X 0 0 0 Valerie Hoffman 0.5 X X 0 0 0 Adrian Maclean Jay 0.5 X 0 0 0 Douglass karp 0.5 X 0 0 0 John E Kelly III 0.5 X 0 0 0 Paul LeClerc 0.5 X 0 0 0 Kathy E Magliato 0.5 X 0 0 0 Frank L Messa 0.5 X X 0 0 0 Stanley O Brien 0.5 X 0 0 0 Lawrence Pedowitz 0.5 X X 0 0 0 Stephen W Ritterbush 0.5 X 0 0 0 James W Taylor 0.5 X 0 0 0 David A Viniar 0.5 X 0 0 0 Mark Walsh 0.5 X X 0 0 0 Kelly M Williams 0.5 X 0 0 0 Robert A Danziger 0.5 X 0 0 0 Michael F Newell 0.5 X 0 0 0 Jason Oshins 0.5 X 0 0 0 John R Vero 0.5 X 0 0 0 James M Kenney 0.5 X 0 0 0 Gabriel Harris 0.5 X 0 0 0 Robert T Abbe 0.5 X 0 0 0 Gerald Barandes 0.5 X 0 0 0 Philip R Beuth 0.5 X 0 0 0 Arnold I Burns 0.5 X 0 0 0 William G Burns 0.5 X 0 0 0 Lee L Davenport 0.5 X 0 0 0 Robert B EnemarK 0.5 X 0 0 0 Joseph M Hinchey 0.5 X 0 0 0 Norton H Reamer 0.5 X 0 0 0 John S Wold 0.5 X 0 0 0 James M Lippman 0.5 X 0 0 0 William M Wicker 0.5 X 0 0 0 Leo Fleishman 0.5 X 0 0 0 Anthony Perez 0.5 X 0 0 0 Stephen Ainlay 40.0 X 374782 0 96756 Diane Blake 40.0 X 198084 0 29247 Kathryn L Quinn 40.0 X 90034 0 10025 Therese McCarty 40.0 X 183946 0 28077 Penelope Adey 40.0 X 79521 0 13272 Stephen Dare 40.0 X 198549 0 63164 Matthew Malatesta 40.0 X 167596 0 22915 Valerie Barr 40.0 X 145011 0 23230 Alan Taylor 40.0 X 168556 0 23490 Peter Heinegg 40.0 X 140496 0 23469 Hilary Tann 40.0 X 139102 0 22904 Harold Fried 40.0 X 137970 0 41361 2023647 0 397910 70 false true false FPI Mechanical 11 Green Mountain Drive COHOES NY 12047 CONSTRUCTION 560441 AJ Martini Inc 5 Lowell Avenue WINCHESTER MA 01890 construction 3814327 Elliott Associates PO BOX 484 STRATHVALE HOUSE NORTH CHRUCH STREET GEORGE TOWN CJ Investment Managemen 879713 Einhorn Yaffee Prescott PO Box 617 ALBANY NY 12201 Consulting 1406538 SEG Parters Offshore ROYAL TRUST TOWER 77 KING STREET W SUITE 3400, PO BOX 38 TORONTO,ONTARIO CA Investment Managemen 608617 34 97703 2705441 13244537 1106133 16047681 TUITION & FEES 611710 85217375 85217375 ATHLETICS 713990 148060 148060 AUXILIARY ENTERPRISE 713990 19210657 729795 18480862 RENT BOOKSTORE 611710 52125 52125 AUXILIARY ICE RINK 713990 208730 208730 104836947 2746891 9201 2737690 250857 250857 0 39420 39420 39420 39420 180901439 172392873 8508566 8508566 8508566 75421 97703 94028 -18607 -18607 0 4085900 2711629 1374271 1374271 MISC OPER REV 900099 2294154 2294154 2294154 136080180 85198768 987146 33846585 0 0 32861431 32861431 0 0 0 1601097 543107 788422 269568 0 44183224 40000344 1848827 2334053 5018856 4558739 203371 256746 8987621 8271305 281115 435201 3314258 2928732 192051 193475 393509 393509 279621 21243 258378 128551 0 128551 48159 0 0 48159 0 1183481 0 1183481 0 1540070 1168326 214382 157362 398280 258782 43887 95611 7215333 6271141 370421 573771 2135804 2043934 54891 36979 0 0 0 0 7642667 7040421 476506 125740 2528137 2232491 73707 221939 0 0 0 0 1949627 1462826 120520 366281 3186129 3167904 18225 0 0 0 0 0 9797976 9797976 647371 144441 502589 341 OTHER EXPENSES 3446604 2506732 913131 26741 138487806 125673384 7672455 5141967 297519 409435 12740965 18597155 11642839 12303132 3290416 4781029 7453567 6864246 937973 1028097 787109 588467 311205612 174625765 127618688 136579847 147415463 124703023 152104408 175832865 15303011 20443631 479591958 502130927 10921503 12997066 1227687 910152 65266208 65643704 20570274 20620156 97985672 100171078 X 233510820 248710433 14149753 16942585 133945713 136306831 381606286 401959849 479591958 502130927 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 48159 48159 false false Part II-B question i Union retains a lobbying firm in Washington DC to obtain funding for the college through the federal appropriations process. X X X X Educational false 291305120 6635723 37872215 5109830 28774697 4850000 297078531 399538866 6328854 -88958538 4643118 17721944 3239000 291305120 0.27000 0.65000 0.01000 true false 101 101 0 132797936 60943480 71854456 50687813 22911274 27776539 75875628 64728402 11147226 51844135 26042609 25801526 136579848 COMMON STOCKS AND MUTUAL FUNDS 14907768 F INTERNATIONAL PRIVATE EQUITY 1572264 F VENTURE CAPITAL 2507045 F PRIVATE EQUITY 18482810 F MORTGAGE & OTHER 1516 F ABSOLUTE RETURN FUNDS 736209 F HEDGED EQUITY FINDS 90882283 F EMERGING MARKETS 16598841 F DISTRESSED DEBT 30144129 F 175832865 0 ASSET RETIREMENT OBLIGATIONS 1729500 FEDERAL STUDENT LOAN FUNDS 2547396 ACCRUED POST RETIREMENT BENEFIT 10595486 PLIF & CGA 5747774 20620156 136080180 138487806 -2407626 22761190 22761190 20353564 161622274 22761190 69275 22830465 138791809 -2711629 -2711629 136080180 141268710 2780904 2780904 138487806 138487806 Part III, Line 4 The College's collections are made up of approximately 3,000 objects and their estimated fair value is approximately $14,500,000. The College's policy is not to capitalize its collections. The College's collections comprise paintings and portraits, furniture, works on paper, scientific instrumentation, and other objects. During the year one of the collection items was reappraised at a lower value. The College's collections are held for educational, research, scientific, and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed periodically. All proceeds resulting from the deaccessioning of objects from the permanent collection are allocated for the benefit of the collections. During the years ended June 30, 2010 and 2009, no objects were deaccessioned. Part V, line 4 The intended use of the organization's endowment funds are to be used for programs and other educational purposes in accordance with donor intentions for the use of funds. Part X, line 2 The College is a not-for-profit organization as described in Section 501(c)(3) of the Internal Revenue Code and is generally exempt from income tax on related income. The College recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Part XII, line 2d Athletic Fundraising Expense 69,275 Part XII, line 4b Bookstore COGS, Part VIII, line 10b ($2,711,629) Part XIII, line 2d Bookstore COGS/Athletics Fundraising exp. $2,711,627 Athletic Fundraising Expense 69,275 ---------- Total $2,780,902 ========== true true true RACIALLY NONDISCRIMINATORY POLICY IS PUBLICIZED THROUGH AREA NEWSPAPER UNION COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF AGE, SEX, RACE, RELIGION, HANDICAP OR NATIONAL ORIGIN. THE COLLEGE'S POLICY OF NONDISCRIMINATION EXTENDS TO ALL AREAS OF COLLEGE OPERATIONS, INCLUDINg BUT NOT LIMITED TO ADMISSIONS, STUDENT AID, ATHLETICS, EMPLOYMENT AND EDUCATIONAL PROGRAMS. ALL THE RIGHTS, PRIVILEGES, PROGRAMS AND ACTIVITies GENERALLY ACCORDED TO ALL FULL-TIME MATRICULATED STUDENTS OF THE COLLEGE ARE ACCORDED ON A NONDISCRIMINATORY BASIS. true true true true false false false false false false false false true false THE ORGANIZATION HAS RECEIVED THE FOLLOWING: 1. FEDERAL CAMPUS-BASED AID, WHICH INCLUDES FEDERAL WORK-STUDY, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS, AND FEDERAL PERKINS LOANS FROM THE U.S. DEPARTMENT OF EDUCATION. 2. THE NSF - STEM SCHOLARSHIPS WHICH ARE ALSO FUNDED BY THE FEDERAL GOVERNMENT. 3. TAP AWARDS, NYS MERIT SCHOLARSHIPS, AS WELL AS THE TUITION/MAINTENAnce GRANTS RECEIVED FROM NYS FOR THE HEOP PROGRAM. true North America Program Services Study abroad 21022 South Asia Program Services Study abroad 43428 East Asia and the Pacific 5 Program Services Study abroad 720245 South America 1 Program Services Study abroad 232746 Central America and the Caribbean Program Services Study abroad 27485 Europe (Including Iceland and Greenland) 7 Program Services Study abroad 1470339 Middle East and North Africa Program Services Study abroad 102534 Sub-Saharan Africa Program Services Study abroad 18930 North America Investments N/A Central America and the Caribbean Investments N/A Europe (Including Iceland and Greenland) Investments N/A East Asia and the Pacific Investments N/A South Asia Investments N/A Middle East and North Africa Investments N/A Sub-Saharan Africa Investments N/A Russia and the Newly Independent States Investments N/A 13 2636729 Golf Outing 42282 31122 11160 0 2175 7664 0 0 6837 Garnet Blades 38489 23974 14515 0 8440 16720 0 0 1000 6 89340 42607 46733 0 340 22064 0 0 36794 170111 97703 72408 0 10955 46448 0 0 44631 102034 -29626 true Higher Education Opportunity Program 76 154476 Book Cr to Student's a/c Union College General Scholarships 1379 26158851 Book Cr to Student's a/c Endowed Scholarships 529 4765695 Book Cr to Student's a/c Annual Restricted Scholarships 98 8150 574570 BOOK Cr to Student's a/c Work Study 641 437711 Supplemental Educational Opportunity Grant 355 393465 Book Cr to Student's a/c ROTC Scholarship 7 283668 Scholarships cr to student's a/c Supporting Scholars in Science And Engineering 355 106610 Book Cr to Student's a/c Davis UWC Scholars Program 15 263333 Scholarships cr to student's a/c Part I, Line 2 HEOP: Higher Education Opportunity Program - This is funded from NYS, and there are certain guidelines that students must meet to qualify for the program. These include academic and financial guidelines established by NYS for academically and financially disadvantaged families. These students cannot be admissible to the College under standard guidelines. These students must be NY residents. The Financial Aid Department completes these packages by receiving a list of those who may be eligible from the AOP Office (working with Admissions). These students usually receive in their package the maximum TAP award available, maximum SEOG and Pell available, and then receive $2,500 from the state for HEOP. These students may also receive $1,500 in work study and $1,500 in loan (usually Perkins, sometimes Stafford) for the first 2 years and then receive $1,500 in work study and $2,000 in loan for the second 2 years. All books are covered as well as fees (i.e. terms abroad and any health insurance fees not waived) through a Union College scholarship. Internal Controls 1. The Financial Aid Department using the awarding policy issued by the State of New York when packaging NY Tap. 2. The Financial Aid Department loads the TAP roster into Datatel for processing after the add/drop for each term. Based on the output from this procedure, Tap funds are either certified or decertified according to the requirements outlined above. 3. The Financial Aid Department reviews student eligibility for HEOP, AOP and POSSE using the program criteria listed above. Internal Audit Procedures For the audit sample selected each record will be tested as follows: 1. Students were awarded TAP at the correct levels according to the NY State TAP requirements. 2. The Financial Aid Department certified and decertified NY Tap within the time period prescribed by the state of NY census date for TAP which is approximately 10 day after the start of each term. 3. HEOP, AOP and POSSE were awarded according to program requirements. I. OTHER STATE GRANT PROGRAMS Regulatory Overview Students who are residents of other states may qualify for an award under their respective state grant program. Generally, the state agency will forward a copy of a roster of eligible students. Depending on the award criteria, the financial aid office will certify eligibility and return the roster to the agency. Upon approval, the funds are then forwarded to the college and applied to individual student accounts. POLICY The College will follow state grant processing policies when a student is able to benefit from such grants while in attendance at Union College. II. INSTITUTIONAL GRANT PROGRAMS Overview Union College awards merit-based scholarships offered through the Admissions Department as part of the admissions process, need-based grants, and merit and other-based scholarships through endowed and restricted funds. The Admissions Merit-Based Scholarship Criteria is established on an annual basis by admissions and financial aid. It becomes available mid November. (a) Scholarships International Students International students are not eligible for federal awards so these students receive $2,000 in Union College work and the balance of need in Union College scholarship. "P" - Preferential Packaging for any group of students Any student that has been enrolled at the College for a variety of reasons (i.e. special talents academically, etc.) are identified as a "P" by Admissions. Financial Aid reviews the file in the same manner as other files, but in these cases, the student will receive $1,800 federal work study first and then the remaining need is covered through Union College scholarship (after all federal and/or state aid is given). Presidential Scholarships Presidential scholarships can be either merit or need based. These scholarships are offered to perspective freshman based on the Packaging Matrix determined by the Admissions consultant. The amount of the Presidential scholarship offered is based on rating and need. However, the student could exhibit no need and still receive a Presidential award. Presidential awards are guaranteed for 4 years - the same amount every year. If the student qualifies for more after the freshman year, the student will receive a Union College scholarship. (b) Need-Based Scholarships/Grants Union College Scholarship These scholarships are need based. To award, Financial Aid reviews the FAFSA and profile. Self help and other aid/loans are included in the package and then Union College scholarship is awarded to fulfill need. Financial Services runs transmittal and these scholarships are posted to the student's account. If the student meets the requirements of an endowed scholarship, the Union College scholarship is substituted with the endowed scholarship dollar for dollar. (c) Need-Based Restricted Scholarships and Awards Annual Restricted Scholarships Annual restricted scholarships are those in which the gift instrument states what is allowed to be spent on an annual basis. When a gift comes in from a donor that specifically states the gift is for an annual restricted scholarship, the Records Department receives the check and deposits into the cashier's office to an already existing general ledger account or a newly established account if none exists. With each financial forecast done by Financial Reporting (Fall, Winter, Spring), included with the Financial Aid forecast request is also a detailed report which lists each annual restricted scholarship (name and account number) and the amount available in the account to award. The goal is to award as much as possible from these gifts to relieve the College's overall budget. The same report is sent to the Assistant to the VP of College Relations. Because of the nature of the account, Financial Aid does not award these scholarships unless directed to do so by the Assistant VP of College Relations. She directs the Assistant Director of Financial Aid as to how much to award to how many students. The Assistant Director of Financial Aid then establishes an account number in the Datatel system corresponding to the account created in Bi-Tech, the general ledger system, and enters the spending amount as the budget in Datatel and notes the restrictions on the account in the comments section of the screen. The Assistant Director of Financial Aid receives a copy of the description of the restrictions from College Relations. A query is done by the Assistant Director of Financial Aid to find students that qualify for the scholarships. In most cases, these scholarships are awarded at the end of the fiscal year (as that is usually when the annual gifts are received). Therefore, when awarding these annual restricted scholarships, the Assistant Director of Financial Aid swaps the annual restricted scholarship for the Union College Scholarship previously given to the student. The amount of the annual scholarship is entered onto the student's account in Datatel and the amount of Union College scholarship given originally is reduced. The system displays error messages if the annual scholarship was overawarded or if the amount of aid given to the student exceeds the calculated need. Every Friday, the Senior Director of Financial Services runs transmittal, which posts these entries from Datatel onto the general ledger. The Assistant Director of Financial Aid sends a spreadsheet to the Assistant to the VP of College Relations detailing the students who received these awards. The Assistant to the VP of College Relations reviews the spreadsheet verifying student information, award amount, and criteria. Any discrepancies are resolved with the Assistant Director of Financial Aid. The Assistant to the VP of College Relations then sends out a letter to the donors (if stewardship is required) giving them information on the student and amount of the award given. A copy of this letter is sent by the Assistant to the VP of College Relations to the Assistant Director of Financial Aid for their records. The Assistant Director of Financial Aid then sends a letter to the student explaining that there has been a swap in Union College scholarship for the restricted scholarship and urges the student to write a letter of thanks to the donor describing themselves and how appreciative they are to receive the scholarship. Because of the timing of these swaps, the annual restricted scholarships do not appear on the student bill during the year, but rather appear as Union College scholarship. (d) Endowed Scholarships Each year, around April or May, the Director of Financial Reporting and Analysis sends to the Director of Financial Aid the list of endowed scholarship accounts and the amounts to award for the following year. The same list is sent to the Assistant to the VP for College Relations as well. The spending amount is calculated by the Director of Financial Reporting and Analysis using the spending formula, which uses a three year average of June 30 market val X X false false X X X X false true false false false false false false false Stephen Ainlay 308653 0 25000 0 41129 0 38280 0 58476 0 471538 0 0 0 Diane Blake 173088 0 0 0 24996 0 22000 0 7247 0 227331 0 0 0 Therese McCarty 145446 0 0 0 38500 0 20900 0 7177 0 212023 0 0 0 Valerie Barr 137011 0 0 0 8000 0 16024 0 7206 0 168241 0 0 0 Alan Taylor 146556 0 0 0 22000 0 18966 0 4524 0 192046 0 0 0 Peter Heinegg 129375 0 0 11121 0 13905 0 9564 0 163965 0 0 0 Stephen Dare 187743 0 0 0 10806 0 22000 0 41164 0 261713 0 0 Matthew Malatesta 155596 0 0 0 12000 0 18700 0 4215 0 190511 0 0 Hilary Tann 123784 0 0 0 15318 0 15482 0 7422 0 162006 0 0 Harold Fried 123430 0 0 0 14540 0 14540 0 26821 0 179331 0 0 Part I - Line 1a, 1b Line 1 - Housing Allowance Per their employment contracts, the College provides housing for the President, Vice President for College Relations, Vice President for Student Affairs and Resident Directors & Advisors. Of this group, only the President, Stephen Ainlay, and the Vice President for College Relations, Stephen Dare, are required to be disclosed on Schedule J. We have estimated the value of housing to be approximately $2,000 per month. Line 1 - Health or Social Club Dues or Initiation Fees Stephen Ainlay, President, has an employment contract which states that the College will pay for two club memberships as required by his employment. The first is to the Mohawk Golf Club in Schenectady and the other membership is to the University Club in New York City. Additionally, as part of his employment contract the Vice President for College Relations, Stephen Dare, is entitled to a membership at the Mohawk Golf Club which is paid for by the College. No formal written policy is available as the memberships are considered to be job requirements for these particular employees. This is not considered a taxable benefit because it is used solely for business entertaining and not personal use. Part I, line 4b President Stephen Ainlay has a 457(f) plan in which the College contributed $11,330 in 2009. City of Schenectady Industrial Development 141699509 64985wz31 2003-11-25 16348589 Acquired and renovate 450 Nott Str false false County of Schenectady Industrial Development 141699509 2005-12-22 6150000 Renovate the College's Fitness Cen false false City of Schenectady Industrial Development 141699509 806476BX4 2006-11-22 33356354 Refinance the Series 1999 Industri true false 16348589 0 678629 15669940 2005 false false true true 6150000 0 98447 6051333 2009 false false true true 33356354 15613272 410663 17332419 2005 false true true true false false false false true 0.03710 0.01940 0.05650 true false false false false true 0.00000 0.01600 0.01600 true false false false false true 0.01200 0.01200 true false false false NONE 0. false false false false true true Bank of America 8.4 false false false false NONE 0. false false false David Breazzano Trustee 10000 Scholarship Diane Blake Officer 59339 Brother-in-law college employe false Stephen Ainlay President Officer 30252 Spouse - College employee false Kelly Williams Trustee 110822 mgmt fees paid to CS false X 18815 Opinions of experts X 6295 Opinions of experts X 81 820603 Market value X 1 140000 Appraisal X 3 530 Opinions of experts X 20 870 Cost X Computer Equipment 75 56675 cost X Athletic Broadcasts/Events - Other 26 22232 selling price X campus events 11 29132 selling price X miscellaneous 29 10982 cost false true false Column B Column B represents the number of contributions made for each specified category and NOT the number of items contributed to Union College. Part VI-A, Question 1 There are 44 trustees listed on Part VII, Section A; however only 36 of these trustees have voting rights. Of the 44 trustees, 10 are trustees emeriti which do not have voting rights. In addition, the Governor of the State of New York and the President of the College have voting rights as described in the College's By-Laws; however are not considered trustees and are therefore not listed on Part VII, Section A. Part VI-A, Question 2 1. Stephen Ritterbush & Kathy Magliato - Business Relationship 2. Norton Reamer & Kelly Williams - Business Relationship 3. David Breazzano & James Taylor - Business Relationship 4. William Curtin & Valerie Hoffman - Business Relationship 5. Frank Messa & David Viniar - Business Relationship Part VI-A, Question 4 In October 2009, The Union College Board of Trustees adopted revisions to the College's Bylaws to address Board governance provisions and to adopt provisions governing institutional policies with respect to the Board. Modifications to Board governance provisions included: (i) clarifying the general duties of the Board of Trustees, (ii) refining and updating the duties of Administrative Officers (President, Vice President for Academic Affairs, and Vice President for Administration and Finance), and (iii) reconstituting certain Standing Committees of the Board. Adoption of provisions governing institutional policies with respect to the Board included approving and updating the Conflict of Interest provision and the Indemnification provision. The Board also updated the Bylaws to allow participation by Trustees through telephone conference in regular and special meetings. Part VI-A, Question 7a 1. Faculty Trustees - Full voting rights 2. Student Trustees - Full voting rights Part VI-B, Question 10a The Trustees of Union College is affiliated with the following entities: * Union Graduate College * Alumni Council of Union College, Inc. * Union College Gift Foundation, Inc. Part VI-B, Question 10b There are written policies and procedures governing the activities of Union Graduate College and Alumni Council. There are no written policies and procedures governing the activities of the Union College Gift Foundation, Inc.; however this entity was dissolved on April 1, 2010. Part VI-B, Question 11 The College is responsible for providing a copy of the Form 990 to the College's governing body before it is filed. Although the College does not provide a copy to all Board members, it does provide a copy of the 990 to the Audit Committee prior to submission. Part VI-B, Question 12c The Trustees of Union College has a written conflict of interest policy, which requires officers, directors, trustees and key employees to annually disclose interests that could give rise to conflicts. Questionnaires are sent annually to monitor and enforce compliance with the policy. The responses to the questionnaires are reviewed by both the President's Office and Finance for potential conflicts of interest that require disclosure. If a conflict of interest is noted, potentially a Board member would have to recuse himself from voting, if so required. Part VI-B, Question 15b The Executive Compensation Committee shall act as a committee of the Board, consisting of the Chairman, Vice Chairman, Secretary, and General Counsel of the Board of Trustees. The Chair of the Board shall serve as the Chair of the Committee. The Committee shall act as the authorized body under Treasury Reg. 53.4958-6, responsible for approving the compensation arrangements of the President and certain key employees, as defined from time to time by the Internal Revenue Service. Regarding the President, the Committee will: a. Review goals for the upcoming year and accomplishments for the year just ended. b. Obtain appropriate analysis and studies for use in evaluating the compensation of the President. c. Document its deliberations and decision establishing the President's compensation. d. Report to the Executive Committee of the Board annually its findings and actions. Regarding key employees, the Committee will: a. Review the analysis and studies used by the President and/or administration in evaluating the recommended compensation of the key employees. b. Document its deliberations and decisions as to the reasonableness of the compensation recommendations for key employees. c. Report to the Executive Committee of the Board annually its findings and actions. Currently defined as those employees, other than officers or Trustees, who: had reportable compensation of $150,000 or greater on a calendar year basis; had or shared organization-wide control or influence similar to that of an officer or Trustee, or managed or had authority or control over at least 10% percent of the College's activities; and were within that group of the College's top 20 highest paid persons for the year who satisfied both of the foregoing two tests. Part VI-C, Question 19 The Trustees of Union College's governing documents, conflict of interest policy and financial statements are available to the public upon request. The financial statements are also available on the College's website www.union.edu. Part VII, Column B The following individuals listed in Part VII, Column A also devote hours to the following related organizations: -John Vero, Trustee - Alumni Council; .25 hours per week -Stephen Dare, Key Employee - Alumni Council (ex-officio); .25 hours per week & Union College Gift Foundation; .25 hours per week -David Henle, Trustee - Union College Gift Foundation, .25 hours per week -Mark Walsh, Trustee - Union College Gift Foundation, .25 hours per week -Diane Blake, Officer - Union College Gift Foundation, .25 hours per week -Stephen Ainlay, Officer - Union College Gift Foundation, .25 hours per week; Union Graduate College (ex-officio), .1 hours per week -Robert DeMichele, Trustee - Union College Gift Foundation, .25 hours per week -William Curtin, Trustee - Union College Gift Foundation, .25 hours per week On April 1, 2010 the Union College Gift Foundation, Inc. was dissolved. Schedule K, Part II Union College received $33,356,354 in proceeds from the City of Schenectady Industrial Development Agency Civic Facility Refunding Revenue Bonds (Union College Project), Series 2006. These proceeds were used to refinance the 1999 issue and a portion of the 2001 issue. Initially, all proceeds (with the exception of proceeds used for costs of issuance) were placed into an escrow account. Proceeds would remain in the escrow account until the bonds could be called, which was 10 years from the date of issue. As of June 30, 2010, the 1999 debt had been paid off and only the escrow set up to pay off the 2001 debt remains. The escrow account has a market value of $15,613,272 as of June 30, 2010. The capital expenditures from proceeds represent expenditures made using bond proceeds from the previous issues (1999 & 2001). The date of substantial completion, 2005, represents the year in which the projects related to the 2001 debt (that was refinanced by the 2006 debt) were substantially complete. Schedule K, Part II, Line 5 For the Civic Facility Insured Revenue Bonds (Union College Project Series 2003A), the College paid $286,508 for credit enhancement fees. Union College Gift Foundation Inc 807 Union Street Schenectady NY 12308 200163689 Supporting Or NY 501(c)(3) 11A NA Union Graduate College 80 Nott Terrace Schenectady NY 12308 200258004 Higher Edu. NY 501(c)(3) 2 NA Alumni Council of Union College Inc 807 Union St Abbe Hall Schenectady NY 12308 146019466 Supporting Or NY 501(c)(3) 11C NA James E Enright CRUT 807 Union Street Schenectady NY 12308 141338580 Investing NY Union College Trust 0 563209 0.75000 Hinchey BB 5TC15 STD CRUT - Union 211 North Broadway Suite 1000 St Louis MO 63102 061445090 Investing CT Union College Trust 4453 90316 0.98000 Juengling HB 5 CRUT FBO - Union 211 North Broadway Suite 1000 St Louis MO 63102 061389744 Investing CT Union College Trust 4150 43504 0.62000 Warren O Kamm CRUT - Union 221 North Broadway Suite 1000 St Louis MO 63102 066463750 Investing CT Union College Trust 0 83141 0.55000 Romana Obenzinger CRUT 807 Union Street Schenectady NY 12308 141338580 Investing FL Union College Trust 0 900857 0.92000 The Nathan and Romana Obenzinger CLD 670 West End Ave No 9D New York NY 10025 141338580 INvesting NY Union College Trust 0 714514 0.68000 Frank E Pepe Unitrust - Union 211 North Broadway Suite 1000 St Louis MO 63102 206822068 Investing MO Union College Trust 3875 54670 0.67000 Stanley G Peschel CRAT One Constitution Plaza CTHM-M08P Hartford CT 06115 141338580 Investing CT Union College Trust 0 545618 0.67000 Kenneth B & Kathleen Kelly Sharpe CRUT 20 Rue Villars Newport Beach CA 92660 141338580 Investing CA Union College Trust 0 462731 0.65000 John H Smith & Winifred S Smith CRT 4 Almeria Drive Clifton Park NY 12065 141338580 Investing NY Union College Trust 0 78143 0.67000 Thyra Joan Smith Trust PO Box 380 Schenectady NY 12301 141338580 Investing NY Union College Trust 0 427426 0.61000 CRAT uW Dante Venditti fbo Theresa L 777 Main Street Hartford CT 06115 141338580 Investing CT Union College Trust 0 295229 0.93000 Herbert B Volk Trust 807 Union Street Schenectady NY 12308 141338580 Investing NY Union College Trust 0 35578 0.64000 William D Williams CRUT 807 Union Street Schenectady NY 12308 141338580 Investing NY Union College Trust 0 86902 0.70000 false true false false false false false false true false true false false false false true false false