2011-04-13T10:49:27-07:00 2010-05-31 990 2009-06-01 060653264 CULINARY INSTITUTE OF AMERICA CULI 8454511478 1946 CAMPUS DRIVE HYDE PARK NY 12538 CHARLES O'MARA 8454511285 2011-04-13 2009 2016-02-24 21:20:13Z CHARLES A O'MARA 1946 CAMPUS DRIVE HYDE PARK NY 12538 145591609 0 X WWW.CIACHEF.EDU X 1946 NY COLLEGE DEDICATED TO PROVIDING OUR STUDENTS WITH THE WORLD'S BEST CULINARY EDUCATION 25 25 1115 1 0 0 7275842 10308089 128126998 131513294 -8157532 2476849 275515 328384 127520823 144626616 15949386 16500487 0 64469304 66461792 0 2284464 53079198 50959961 133497888 133922240 -5977065 10704376 289180862 303276038 141190550 139147257 147990312 164128781 COLLEGE DEDICATED TO PROVIDING OUR STUDENTS WITH THE WORLD'S BEST CULINARY EDUCATION 0 0 108948123 16500487 131513294 THE CULINARY INSTITUTE OF AMERICA IS A PRIVATE NOT FOR PROFIT COLLEGE DEDICATED TO PROVIDING THE WORLD'S BEST PROFESSIONAL CULINARY EDUCATION. EXCELLENCE, LEADERSHIP, PROFESSIONALISM, ETHICS AND RESPECT FOR DIVERSITY ARE THE CORE VALUES THAT GUIDE OUR EFFORTS. WE TEACH OUR STUDENTS THE GENERAL KNOWLEDGE AND SPECIFIC SKILLS NECESSARY TO LIVE SUCCESSFUL LIVES AND TO GROW INTO POSITIONS OF INFLUENCE AND LEADERSHIP IN THEIR CHOSEN PROFESSION. 0 0 0 108948123 1 1 0 0 0 0 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 195 0 1 1115 1 0 1 CJ 0 0 0 1 1 0 0 0 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA NY TX X STEVEN STROM 8454511552 1946 CAMPUS DRIVE HYDE PARK NY 12538 ROBERT BERENSON 1.15 X 0 0 0 ELIZABETH BLAU 1.15 X 0 0 0 RICHARD BRADLEY 1.15 X 0 0 0 FRED CARL JR 1.15 X 0 0 0 CARLA COOPER 1.15 X 0 0 0 LORI DANIEL 1.15 X 0 0 0 PATRICIA DAILEY 1.15 X 0 0 0 JAMES DOHERTY 1.15 X 0 0 0 LORNA DONATONE 1.15 X 0 0 0 FRANK J FAHRENKOPF JR 1.15 X 0 0 0 BURTON HOBSON 1.15 X 0 0 0 MICHAEL S KAUFMAN 1.15 X 0 0 0 TED J KLEISNER 1.15 X 0 0 0 TAKESHI KOHJIMA 1.15 X 0 0 0 BARBARA LAWRENCE 1.15 X 0 0 0 JON LUTHER 1.15 X 0 0 0 ARTHUR MAXWELL 1.15 X 0 0 0 RICHARD MAZER 1.15 X 0 0 0 CHARLES MERINOFF II 1.15 X 0 0 0 CAMERON M MITCHELL 1.15 X 0 0 0 ROBERT MUH 1.15 X 0 0 0 CHARLES PALMER 1.15 X 0 0 0 MELINDA R RICH 1.15 X 0 0 0 HAROLD O ROSSER 1.15 X 0 0 0 ROY YAMAGUCHI 1.15 X 0 0 0 LAWRENCE T RYAN 37.5 X 531439 0 103600 MARK ERICKSON 37.5 X 303732 0 79668 BRUCE HILLENBRAND 37.5 X 288420 0 77005 PETER RAINSFORD 37.5 X 259057 0 60015 CHARLES A OMARA 37.5 X 256484 0 55586 NANCY HARVIN 37.5 X 202500 0 61757 DAVE JASKIEWICZ 37.5 X 202479 0 59509 DRUSILLA BLACKMAN 37.5 X 169381 0 56264 CHARLES HENNING 37.5 X 209588 0 42786 VICTOR GIELISSE 37.5 X 211672 0 48002 KATHY MERGET 37.5 X 171826 0 43660 GREGORY DRESCHER 37.5 X 166885 0 44378 RICHARD COPPEDGE 37.5 X 161599 0 38355 JAMES HEISEY 37.5 X 163066 0 32285 3298128 0 802870 81 0 1 0 Healthy Buildings Construction Group Napa CA 94559 Construction 2789557 Sodexho 2555 Main Street St Helena CA 94574 Custodial Services 2065798 Ultramar Travel Management 707A 4th Street Santa Rosa CA 95404 Travel Agency 1150705 Pavarini Construction 111 Summer Street Stamford CT 06905 Construction 832310 LCS Facility Group 381 Main Street Poughkeepsie NY 12601 Custodial Services 815809 36 0 0 326511 0 1298843 8682735 926306 10308089 TUITION AND FEES 611310 116411623 116411623 0 0 EDUCATIONAL SERVICES 611310 10147690 10147690 0 0 BOOKSTORE/FOOD SALES 611710 3991698 0 0 3991698 PUBLISHING/ROYALTIES 611600 900933 0 0 900933 PLACEMENT/ CAREER WEEKS 900099 61350 0 0 61350 0 0 0 0 131513294 2300740 0 0 2300740 0 0 0 0 0 0 0 0 51941 0 0 0 51941 0 51941 0 0 51941 660271 0 484162 0 176109 0 176109 0 0 176109 283448 326511 480831 -197383 0 0 -197383 CASH DISC. ON PURCHASES 900099 2421 0 0 2421 ALUMNI INCOME 900099 4205 0 0 4205 467200 0 0 467200 473826 144626616 126559313 0 7759214 0 0 16500487 16500487 0 0 0 0 2944434 909803 1776877 257754 0 0 0 0 46997597 38055393 7775966 1166238 2990580 2349293 558186 83101 10024888 8014787 1861726 148375 3504293 2813281 610055 80957 0 0 0 0 432670 12086 351335 69249 176955 0 176955 0 0 0 0 0 0 0 201824 0 201824 0 9058141 6847132 2044895 166114 1388737 369388 1019238 111 2971082 2569976 394319 6787 902459 0 902459 0 0 0 0 0 3795696 3076538 709078 10080 1319172 960786 231711 126675 0 0 0 0 86169 74673 6888 4608 4346113 3940371 400378 5364 0 0 0 0 7499329 6049553 1363312 86464 693901 172913 520988 0 FOOD COSTS 9026005 8733346 277603 15056 STUDENT SUPPLIES 4388377 4387898 252 227 EQUIPMENT 1680071 1287210 383100 9761 NON FOOD COSTS OF GOODS SOLD 1250839 1163163 87426 250 PRINTING/ PUBLICATIONS 322516 151930 146798 23788 1419905 508116 888284 23505 133922240 108948123 22689653 2284464 5844352 7547919 936296 11050571 8337405 6841209 5014540 2710794 0 0 0 0 2038439 1971893 2512966 2395188 1416435 1981123 280083914 92081221 181029378 188002693 0 62131090 65587595 1617000 1100000 0 18302961 14087053 289180862 303276038 5927221 6505840 1625288 1658066 16577843 15499010 104675000 101700000 0 0 0 0 0 0 0 0 12385198 13784341 141190550 139147257 X 111747757 128503264 13522480 12601367 22720075 23024150 147990312 164128781 289180862 303276038 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 65209048 564457 8553845 1424480 0 0 72902870 86567388 1873572 -21249091 1982821 0 0 65209048 0.665 0.31 0.025 0 0 7373865 0 7373865 214784945 0 48493569 166291376 0 0 0 0 53590561 0 43587652 10002909 4334543 0 0 4334543 188002693 6941593 F 58117659 F CAMBRIA LTD PARTNERSHIP 437014 F US SAVINGS BONDS 8000 F SECURITY DEPOSIT FOR INSURANCE TRUST 83329 F 65587595 LAND ( DONATED) 1100000 F 1100000 AMOUNTS DUE FROM GOVERNMENT AGENCIES 126739 OTHER RECEIVABLES 1837851 DEPOSITS WITH BOND TRUSTEES 7756809 BOND ISSUANCE COSTS 4365654 14087053 0 ACCRUED LIABILITIES 5645019 ANNUITY LIFE INCOME OBLIGATION 696428 CURRENT VALUE OF DERIVATIVE 7442894 13784341 144626616 133922240 10704376 5850186 0 0 0 -416093 5434093 16138469 133839228 5850186 0 0 -16916580 -11066394 144905622 201824 -480830 -279006 144626616 117700759 0 0 0 -16500487 -16500487 134201246 201824 -480830 -279006 133922240 SchD_P05_S00_L04 Schedule D, Part V, Line 4 THE INSTITUTE HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR A PERCENTAGE OF ITS ENDOWMENT FUND BASED ON THE FUND'S AVERAGE FAIR VALUE OVER THE PRIOR 12 QUARTERS. THE SPENDING RATE IS 5% FOR FISCAL YEAR 2009-2010. ENDOWNMENT SPENDING IS PRIMARILY USED, TO FUND STUDENT SCHOLARSHIPS AND SOME OPERATING EXPENDITURES. SchD_P10_S00_L00 Schedule D, Part X BEGINNING WITH THE ADOPTION OF FASB INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (FIN 48), THE INSTITUTE 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. PRIOR TO THE ADOPTION OF FIN 48, THE INSTITUTE RECOGNIZED THE EFFECT OF INCOME TAX POSITIONS ONLY IF SUCH POSITIONS WERE PROBABLE OF BEING SUSTAINED. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 DEPRECIATION IN FAIR VALUE OF DERIVATIVE SchD_P12_S00_L02d Schedule D, Part XII, Line 2d SCHOLARSHIP AND GRANTS TO STUDENTS ( $16,500,487)..DEPRECIATION IN FAIR VALUE OF DERIVATIVE ( $416,093) SchD_P12_S00_L04b Schedule D, Part XII, Line 4b FUNDRAISING EVENT EXPENSES SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d SCHOLARSHIPS AND GRANTS TO STUDENTS SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b FUNDRAISING EVENT EXPENSES 1 1 1 RESPECT FOR DIVERSITY IS ONE OF THE INSTITUTE'S FIVE CORE VALUES. THE INSTITUTE'S RACIAL NONDISCRIMINATORY POLICY IS CLEARLY EXPRESSED ON ALL MATERIALS WHICH ARE USED IN THE SOLICITATION OF PROSPECTIVE STUDENTS. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 THE INSTITUTE RECEIVES VARIOUS FEDERAL FUNDS AND STATE GRANTS TO SUBSIDIZE THE STUDENT EDUCATIONAL COSTS. 1 East Asia and the Pacific 1 3 Program Services STARTUP EXPENSES FOR A CULINARY EDUCATIONAL PROGRAM IN THE COUNTRY OF SINGAPORE. 217977 Europe (including Iceland and Greenland) 0 0 Program Services INTERNATIONAL COURSES FOR STUDENTS MATRICULATED IN THE INSTITUTE'S FOUR YEAR BACHELOR'S PROGRAM STUDIES. AS PART OF THE STUDENT'S EDUCATIONAL EXPERIENCE, THEY ARE TAKEN ON A 3 WEEK TRIP TO EITHER SPAIN OR ITALY. 1285795 East Asia and the Pacific 0 0 Program Services INTERNATIONAL COURSES FOR STUDENTS MATRICULATED IN THE INSTITUTE'S FOUR YEAR BACHELOR'S PROGRAM STUDIES. AS PART OF THE STUDENT'S EDUCATIONAL EXPERIENCE, THEY ARE TAKEN ON A 3 WEEK TRIP TO CHINA 150372 Central America and the Caribbean 0 0 Investments INVESTMENT ACCOUNT IN THE CAYMAN ISLANDS. 0 1 3 1654144 GALA EVENTS 511172 311871 199301 0 0 0 0 0 288235 OTHER EVENTS 98787 14640 84147 0 0 0 0 0 192596 0 609959 326511 283448 0 0 0 0 0 480831 480831 -197383 1 STUDENT SCHOLARSHIPS AND GRANTS. NUMBER OF RECIPIENTS IS ESTIMATED AS FOLLOWS; TOTAL NUMBER OF STUDENTS (2,161) X ESTIMATED PERCENTAGE OF STUDENTS WHO RECEIVE SCHOLARSHIPS AND GRANTS (72%). 1556 16500487 0 BASED ON TUITION COSTS SchI_P01_S00_L02 Schedule I, Part I, Line 2 WHEN DETERMINING THE DISTRIBUTION OF GRANTS AND LOANS TO STUDENTS, THE CULINARY INSTITUTE OF AMERICA COMPLIES WITH THE GUIDELINES OF THE U.S. DEPT. OF EDUCATION - TITLE IV REGULATIONS, NY STATE BOARD OF REGENTS AND THE ACCREDITING COMMISSION OF CAREER SCHOOLS AND COLLEGES OF TECHNOLOGY (ACCSCT) AND MIDDLE STATES ASSOCIATION COMMISSION ON HIGHER EDUCATION. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 LAWRENCE T RYAN 485481 0 0 0 45958 0 71991 0 31610 0 635040 0 0 0 MARK ERICKSON 277813 0 0 0 25919 0 51224 0 28444 0 383400 0 0 0 BRUCE HILLENBRAND 254615 0 0 0 33805 0 48904 0 28101 0 365425 0 0 0 PETER RAINSFORD 249231 0 0 0 9826 0 48366 0 11650 0 319073 0 0 0 CHARLES A OMARA 230309 0 0 0 26175 0 45004 0 10582 0 312070 0 0 0 NANCY HARVIN 202500 0 0 0 0 0 39443 0 22314 0 264257 0 0 0 DAVE JASKIEWICZ 188870 0 0 0 13609 0 36717 0 22793 0 261989 0 0 0 DRUSILLA BLACKMAN 154270 0 0 0 15111 0 29797 0 26468 0 225646 0 0 0 VICTOR GIELISSE 208365 0 3307 0 0 0 19779 0 28223 0 259674 0 0 0 CHARLES HENNING 209588 0 0 0 0 0 19901 0 22884 0 252373 0 0 0 KATHY MERGET 171826 0 0 0 0 0 16125 0 27534 0 215485 0 0 0 GREGORY DRESCHER 166885 0 0 0 0 0 15631 0 28747 0 211263 0 0 0 RICHARD COPPEDGE 161599 0 0 0 0 0 15103 0 23252 0 199954 0 0 0 JAMES HEISEY 158049 0 3496 0 1520 0 14748 0 17537 0 195350 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a THE PRESIDENT IS PROVIDED WITH RESIDENTIAL HOUSING ON CAMPUS, FOR THE CONVENIENCE OF THE COLLEGE. FOR PERSONAL SERVICES, A INDEPENDENT CONTRACTOR IS USED TO MAINTAIN AND CLEAN THE PRESIDENT'S RESIDENCE, WHICH IS INSTITUTE PROPERTY. ANY ITEMS THAT ARE FOR THE BENEFIT OF THE COLLEGE ARE NOT INCLUDED IN THE PRESIDENT'S WAGES. ITEMS WHICH ARE FOR THE BENEFIT OF THE PRESIDENT ARE INCLUDED IN HIS WAGES. SchJ_P01_S00_L03 Schedule J, Part I, Line 3 THE BOARD OF TRUSTEES HAS THE OVERALL RESPONSIBILITY FOR THE COMPENSATION REVIEW OF THE PRESIDENT. THE REVIEW IS BASED ON THREE FACTORS, SUMMATIVE PERFORMANCE APPRAISAL FOCUSED ON ANNUAL GOALS WITH CONSIDERATION OF THE RESULTS OF AN EVALUATION CONDUCTED, MARKET ANALYSIS, (ESPECIALLY PEER AND OTHER INSTITUTIONS BENCHMARK DATA), AND INSTITUTIONAL NEEDS. THE PRESIDENT SUBMITS A STATUS REPORT ON THE CURRENT YEAR'S GOALS, YEAR END RESULTS AND PROPOSED GOALS FOR THE UPCOMING YEAR. THE BOARD CHAIR WILL ALSO RECEIVE APPROPRIATE PEER AND BENCHMARK DATA FROM THE HUMAN RESOURCES OFFICE. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES WILL REVIEW THE PRESIDENT'S PERFORMANCE AND DISCUSS THEIR CONCLUSIONS ORALLY WITH THE PRESIDENT TO ENSURE THE ACCURATE AND FAIRNESS OF JUDGEMENTS. THE EXECUTIVE COMMITTEE WILL THEN DISCUSS ITS CONCLUSIONS AND COMPENSATION RECOMMENDATION WITH THE PRESIDENT. THE PRESIDENT HAS A WRITTEN EMPLOYMENT CONTRACT. THE PRESIDENT HAS THE OVERALL RESPONSIBILITY FOR THE COMPENSATION REVIEW OF THE VICE PRESIDENTS. A MARKET ANALYSIS IS DONE BY THE HUMAN RESOURCES OFFICE WHICH ALSO INCLUDES PEER AND BENCHMARK DATA. THIS ANALYSIS IS THEN USED AS A TOOL FOR DETERMINING SALARY CHANGES AND IS REVIEWED WITH THE EXECUTIVE COMMITTEE PRIOR TO IMPLEMENTATION. THE SCHEDULE J ALSO DETAILS THE TOTAL COMPENSATION PAID TO THE INSTITUTE'S OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES. THE ABOVE SCHEDULE J, ALSO INCLUDES AMOUNTS CONTRIBUTED AND DISTRIBUTED FROM THE INSTITUTE'S EXECUTIVE COMPENSATION PLAN. ON JUNE 1ST OF EACH YEAR, THE INSTITUTE DEPOSITS AND INVESTS 10% OF EACH EXECUTIVE OFFICER'S BASE PAY INTO A DEFERRED COMPENSATION ASSET PLAN. THE INITIAL VALUE OF THESE DEPOSITS ARE INCLUDED IN THE "DEFERRED COMPENSATION" COLUMN ON SCHEDULE J. VESTING OCCURS 3 YEARS FOLLOWING THE INITIAL DEPOSIT. EVEN THOUGH THIS SCHEDULE RECOGNIZES DEFERRED COMPENSATION AS WAGES EARNED, THIS TYPE OF COMPENSATION MAY BE FORFEITED, IF THE OFFICER IS NO LONGER EMPLOYED AT THE INSTITUTE. YEARLY, THE VESTED DEPOSITS AND ANY ASSOCIATED REALIZED GAINS OR LOSSES WILL BE DISTRIBUTED TO EACH EXECUTIVE OFFICER. THESE DISTRIBUTIONS ARE INCLUDED IN THE " OTHER COMPENSATION" COLUMN IN SCHEDULE J. EFFECTIVELY, THE VALUE OF THE ORIGINAL DEPOSITS ARE BEING REPORTED AS COMPENSATION TWICE ON THE SCHEDULE J. DORM AUTHORITY OF THE STATE OF NEW YORK SERIES 2004A 146000293 64893U4R8 2004-02-11 9663022 REFUNDING 0 0 DORM AUTHORITY OF THE STATE OF NEW YORK SERIES 2004B AND 2004C 146003293 64983U7TI 2004-02-11 33452056 CONSTRUCTION 0 0 DORM AUTHORITY OF THE STATE OF NEW YORK SERIES 2004D 146000293 64893TZS5 2004-07-22 19000000 CONSTRUCTION 0 0 DORM AUTHORITY OF THE STATE OF NEW YORK SERIES 2006 146000293 64983Q000 2006-08-31 15125000 CONSTRUCTION 0 0 CALIFORNIA STATEWIDE COMMISSION DEVELOPMENT AUTHORITY-SERIES 2008 680164610 130795ZR1 2008-11-18 18200000 CONSTRUCTION AND REFUNDING 0 0 9663022 412237 8788808 0 461977 0 0 1998 0 1 1 1 33452056 935541 0 0 1515995 0 31000520 2006 0 0 1 1 19000000 576398 0 0 776660 0 17646942 2006 0 0 1 1 15125000 439385 0 0 677689 0 14007926 2007 0 0 1 1 18200000 0 11776083 0 418542 0 6005375 2009 1 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 X 365 279146 COST X CAPITAL EQUIPMENT 12 647160 COST 0 0 1 0 F990_P06_S0B_L11 Form 990, Part VI, Section B, Line 11 THE INSTITUTE'S FORM 990 IS PRIMARILY PREPARED BY THE INSTITUTE'S CONTROLLER. ONCE COMPLETED, IT IS THOROUGHLY REVIEWED BY THE SENIOR V.P. OF FINANCE AND INSTITUTE'S INDEPENDENT ACCOUNTING FIRM. AFTER REVISIONS ARE MADE, THE FORM IS THEN PRESENTED TO THE PRESIDENT AND AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. AFTER THE AUDIT COMMITTEE COMPLETES ITS REVIEW, THE FORM 990 IS THEN PRESENTED TO THE BOARD OF TRUSTEES FOR APPROVAL. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c CONFLICTS OF INTEREST FOR BOARD MEMBERS ARE CLEARLY DEFINED BY THE INSTITUTE'S BOARD OF TRUSTEES POLICY MANUAL. TRUSTEES ARE REQUIRED TO DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST, AND TO ABSTAIN FROM VOTING ON ANY MATTERS, IN WHICH THEY HAVE A CONFLICT OF INTEREST. INDIVIDUAL TRUSTEES, AND MEMBERS OF THEIR FAMILY OR ANY ORGANIZATION IN WHICH A TRUSTEE OR MEMBER OF HIS OR HER FAMILY IS A STOCKHOLDER, MAY NOT HAVE EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS THAT MIGHT IMPAIR THEIR INDEPENDENT, UNBIASED JUDGMENT IN THE DISCHARGE OF THEIR RESPONSIBILITIES TO THE COLLEGE . THE COLLEGE MAINTAINS A CURRENT COMPLETED CONFLICT OF INTEREST STATEMENT FOR ALL TRUSTEES. THIS REVIEW IS DONE ANNUALLY FOR EACH BOARD MEMBER. THE INSTITUTE'S AUDIT COMMITTEE MONITORS TO ENSURE THAT THEIR IS COMPLIANCE WITH THE POLICY. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 THE BOARD OF TRUSTEES HAS THE OVERALL RESPONSIBILITY FOR THE COMPENSATION REVIEW OF THE PRESIDENT. THE REVIEW IS BASED ON THREE FACTORS, SUMMATIVE PERFORMANCE APPRAISAL FOCUSED ON ANNUAL GOALS WITH CONSIDERATION OF THE RESULTS OF AN EVALUATION CONDUCTED, MARKET ANALYSIS, (ESPECIALLY PEER AND OTHER INSTITUTIONS BENCHMARK DATA), AND INSTITUTIONAL NEEDS. THE PRESIDENT SUBMITS A STATUS REPORT ON THE CURRENT YEAR'S GOALS, YEAR END RESULTS AND PROPOSED GOALS FOR THE UPCOMING YEAR. THE BOARD CHAIR WILL ALSO RECEIVE APPROPRIATE PEER AND BENCHMARK DATA FROM THE HUMAN RESOURCES OFFICE. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES WILL REVIEW THE PRESIDENT'S PERFORMANCE AND DISCUSS THEIR CONCLUSIONS ORALLY WITH THE PRESIDENT TO ENSURE THE ACCURATE AND FAIRNESS OF JUDGEMENTS. THE EXECUTIVE COMMITTEE WILL THEN DISCUSS ITS CONCLUSIONS AND COMPENSATION RECOMMENDATION WITH THE PRESIDENT. THE PRESIDENT HAS THE OVERALL RESPONSIBILITY FOR THE COMPENSATION REVIEW OF THE VICE PRESIDENTS. A MARKET ANALYSIS IS DONE BY THE HUMAN RESOURCES OFFICE WHICH ALSO INCLUDES PEER AND BENCHMARK DATA. THIS ANALYSIS IS THEN USED AS A TOOL FOR DETERMINING SALARY CHANGES AND IS REVIEWED WITH THE EXECUTIVE COMMITTEE PRIOR TO IMPLEMENTATION. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 THE FORM 990 AND THE ACCOMPANYING FINANCIAL STATEMENTS ARE READILY AVAILABLE TO THE PUBLIC AS REQUIRED. THESE DOCUMENTS CAN BE OBTAINED UPON REQUEST BY THE PUBLIC OR IS READILY AVAILABLE ON THE INTERNET (WWW. GUIDESTAR.COM). SchK_P02_S00_L05 Schedule K, Part II, Line 5 CREDIT ENHANCEMENT FEES FOR EACH BOND ISSUE ARE AS FOLLOWS; $271,032 (SERIES 2004A), $ 1,088,859 (SERIES 2004B & 2004C), $557,205 (SERIES 2004D), $435,587 (SERIES 2006) AND $82,794 (SERIES 2008). OTHER BOND ISSUE COSTS FOR EACH BOND ISSUE ARE AS FOLLOWS; $190,945 (SERIES 2004A), $ 427,136 (SERIES 2004B & 2004C), $219,455 (SERIES 2004D), $242,102 (SERIES 2006) AND $335,748(SERIES 2008). EXTENSION WERE GRANTED FOR THE DELAYED FILING