2011-06-06T14:29:14-05:00 2010-08-31 KPMG LLP 345 Park Avenue New York NY 101540102 990 2009-09-01 135604699 WAGNER COLLEGE WAGN 7184204264 ONE CAMPUS ROAD STATEN ISLAND NY 10301 RICHARD GUARASCI 7183903131 2011-06-06 true 2127589700 2009 2016-02-24 21:20:13Z RICHARD GUARASCI ONE CAMPUS ROAD STATEN ISLAND NY 10301 126334663 false X WWW.WAGNER.EDU X 1883 NY WAGNER COLLEGE PREPARES STUDENTS FOR LIFE, AS WELL AS FOR CAREERS, BY EMPHASIZING SCHOLARSHIP, ACHIEVEMENT, LEADERSHIP, AND CITIZENSHIP. SEE SCHEDULE O. 28 27 1544 27 40000 -1971 8677711 7485465 81434660 82181869 -3469257 3427924 874369 1326843 87517483 94422101 22796622 24823377 0 0 34522677 35267826 0 0 2700227 26747409 27307271 84066708 87398474 3450775 7023627 161830596 161987498 95527503 89521026 66303093 72466472 SEE SCHEDULE O. false false 45612231 24823377 67666760 INSTRUCTIONAL, SERVING 2100+ STUDENTS - PROGRAMS IN HUMANITIES, PERFORMING AND VISUAL ARTS, PROFESSIONAL PROGRAMS, SCIENCE AND SOCIAL SCIENCES - CONFERRING FOLLOWING DEGREES: B.A., B.S., B.S. - EDUCATION, M.B.A., M.S. - EDUCATION, M.S. ACCOUNTING, M.S. - NURSING, M.S. - MICROBIOLOGY, M.S. - ADVANCED PHYSICIAN ASSISTANT, EXECUTIVE M.B.A. 11437478 14607424 AUXILIARY SERVICES FOR 2100+ STUDENTS, INCLUDING DINING SERVICES AND ROOM AND BOARD FOR APPROXIMATELY 80% OF THE STUDENT POPULATION, ATHLETIC SERVICES CONSISTING OF 8 MEN'S SPORTS TEAMS AND 10 WOMEN'S SPORTS TEAMS, AS WELL AS A VARIETY OF SUMMER CONFERENCES. 7477453 STUDENT SERVICES FOR 2100+ STUDENTS, INCLUDING DEAN OF STUDENTS, ACADEMIC ADVISEMENT, ADMISSIONS, CHAPLAIN, CAREER PLANNING, HEALTH SERVICES, FINANCIAL AID, ORIENTATION, REGISTRAR COUNSELING, STUDENT GOVERNMENT, STUDENT ACTIVITIES BOARD, CAMPUS LIFE, AND SECURITY 4574380 69101542 true true false false false false false false true true true false true false false false false false true false false false true true true false false false false false false false false true false true false false false false false false false false true 217 0 true 1544 true true true false false false false true true false false false 28 27 true false false false false false false true true false false true true true true true true true true false X JOHN A CARRESCIA 7184204264 ONE CAMPUS ROAD STATEN ISLAND NY 10301 WALTER H BAUMHOFF 1.0 X 0 0 0 NANCI Z KAUFFMAN 1.0 X 0 0 0 PETER KNUDSEN 1.0 X 0 0 0 ROBERT BONVINO 1.0 X 0 0 0 JOHN J CAMPI 1.0 X 0 0 0 ANDREW CORTESE 1.0 X 0 0 0 ALETTA KIPP DIAMOND 1.0 X 0 0 0 MICHAEL F TADROO 1.0 X 0 0 0 JEFFREY D FORCHELLI 1.0 X 0 0 0 DONALD M FOX 1.0 X 0 0 0 DAVID M FRIEDMAN 1.0 X 0 0 0 PAUL HADDAD 1.0 X 0 0 0 JAY P HARTIG 1.0 X 0 0 0 RICHARD HERBURGER 1.0 X 0 0 0 JACK IRVING 1.0 X 0 0 0 LOUISE KAUFMAN 1.0 X 0 0 0 HOWARD G MEYERS JR 1.0 X 0 0 0 POLLY PECK MOLES 1.0 X 0 0 0 DONNA MOLLICA NEW 1.0 X 0 0 0 ALFRED PALLADINO 1.0 X 0 0 0 DIANE POWERS 1.0 X 0 0 0 WARREN R PROCCI 1.0 X 0 0 0 MAUREEN ROBINSON 1.0 X 0 0 0 KIMBERLY SPIRO 1.0 X 0 0 0 FRED C WILLIAMSON JR 1.0 X 0 0 0 DONALD W SPIRO 1.0 X 0 0 0 HOWARD BRAREN 1.0 X 0 0 0 RICHARD GUARASCI 40.0 X X 333333 0 112112 MYRA GARCIA 40.0 X 210499 0 38343 THOMAS C CARROLL 40.0 X 184298 0 34693 ANGELO G ARAIMO 40.0 X 151881 0 15556 JOSEPH F ROMANO 40.0 X 132302 0 11907 DEVORAH LIEBERMAN 40.0 X 187346 0 79467 WALTER C HAMELINE 40.0 X 193071 0 19414 SEYMOUR LACHMAN 40.0 X 148850 0 13397 DONALD L CROOKS 40.0 X 123655 0 19337 JAMES PATTERSON 40.0 X 126074 0 17443 FRANKLIN YOUNG 40.0 X 123851 0 16809 1915160 0 378478 26 false true false GILBANE BUILDING COMPANY 7 JACKSON WALKWAY PROVIDENCE RI 02940 CONSTRUCTION MGMT 14708723 CHARTWELLS PO BOX 91337 CHICAGO IL 60693 FOOD SERVICES 4924143 OXFORD HEALTH PLANS 48 MONROE TURNPIKE TRUMBULL CT 06611 INSURANCE 1445141 EIIA INC PO BOX 1702 NEW YORK NY 10116 INSURANCE 775155 AETNA US HEALTHCARE PO BOX 88874 CHICAGO IL 60695 INSURANCE 666568 44 30400 963222 6491843 232540 7485465 TUITION & FEES 900099 67666760 67666760 SALES AND AUXILIARY SERVICES 511190 14515109 14475109 40000 82181869 1461999 1461999 0 0 92315 0 92315 92315 92315 33848778 31882853 1965925 1965925 1965925 22324 30400 29709 -7385 -7385 0 0 MIBA SETTLEMENT 900099 284342 284342 EARLY CHILDHOOD CENTER 900099 477254 477254 THEATRE 711110 191910 191910 288407 288407 1241913 94422101 82903348 40000 3993288 0 24823377 24823377 0 0 1199659 339227 649933 210499 60045 60045 23223980 17321790 4958827 943363 2090038 1504827 480709 104502 6880276 4953799 1582463 344014 1813828 1305956 417180 90692 0 73338 73338 185592 185592 0 0 0 460750 299055 140620 21075 0 10477023 7543457 2409715 523851 633793 316897 316896 0 3284558 2364882 755448 164228 1474830 1167651 207593 99586 0 0 1406873 1406873 0 3663443 2637679 842592 183172 936372 160833 775539 DINING 3896362 3896362 BAD DEBT EXPENSE 298299 298299 SUBSCRIPTIONS 263114 241517 9442 12155 MEMBERSHIPS 189542 100806 85646 3090 LIBRARY 63382 63382 87398474 69101542 15596705 2700227 11565320 11464414 14871291 16156653 1200459 1597309 2368518 2319543 377365 445023 118034184 47947053 59517395 70087131 45553089 51100643 26377159 8816782 161830596 161987498 4527881 2128897 16989011 14633610 43235000 42305000 25833196 24443258 4942415 6010261 95527503 89521026 X 18397403 21764374 17157218 19251298 30748472 31450800 66303093 72466472 161830596 161987498 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 38462317 840752 2409745 7000 97921 41607893 30840911 352444 -275298 169585 30748472 0.24000 0.72000 0.04000 false false 4393475 4393475 95276129 35886874 59389255 13450554 10238425 3212129 4914026 1821754 3092272 70087131 OTHER REC-GAIN ON MIBA SETTLE. 3393337 AMOUNTS HELD BY BOND TRUSTEES 3390683 BOND ISSUANCE COSTS 2032762 8816782 0 REFUNDABLE FEDERAL GRANTS 2671589 ASSET RETIREMENT OBLIGATIONS 1643228 POSTRETIREMENT BENEFIT 142227 STUDENT DEPOSITS 374586 AMOUNTS HELD FOR OTHERS 175853 OBLIG. UNDER DERIVATIVE INSTRUMENTS 1002778 6010261 94422101 87398474 7023627 218365 -1078613 -860248 6163379 68738476 218365 -1078613 -860248 69598724 24823377 24823377 94422101 62575097 62575097 24823377 24823377 87398474 ENDOWMENT FUNDS ROLLFORWARD SCHEDULE D, PART V, ENDOWMENT FUNDS, LINES 1A-1G THE PRIOR YEAR ENDING ENDOWMENT FUND BALANCE DOES NOT TIE TO THE CURRENT YEAR BEGINNING BALANCE, DUE TO THE FACT THAT IN THE PRIOR YEAR (FISCAL YEAR ENDING 8/31/2009), THE COLLEGE WAS UNABLE TO ACCOUNT FOR ALL ENDOWMENT ACTIVITY ON A FUND BY FUND BASIS. THIS ACTIVITY INCLUDED ADDITIONS TO FUNDS THROUGH NEW CONTRIBUTIONS AND INVESTMENT INCOME, AS WELL AS DEDUCTIONS FROM FUNDS DUE TO SPENDING. THEREFORE, IN THE FISCAL YEAR ENDING 8/31/2009, THE COLLEGE WAS UNABLE TO PROVIDE COMPLETE DISCLOSURES IN THE FINANCIAL STATEMENTS. HOWEVER, IN THE CURRENT YEAR (FISCAL YEAR ENDING 8/31/2010), THE COLLEGE COMPLETED AN ENDOWMENT ROLLFORWARD BY NET ASSET TYPE, AND WAS ABLE TO DETERMINE ALL CONTRIBUTION, INVESTMENT INCOME, AND SPENDING FIGURES. ADJUSTMENTS WERE MADE IN THE CURRENT YEAR TO CORRECT THE BEGINNING ENDOWMENT FUND BALANCE, AND GOING FORWARD, THE COLLEGE WILL HAVE A COMPLETE AND ACCURATE ENDOWMENT ROLLFORWARD. USE OF ORGANIZATION'S ENDOWMENT FUNDS SCHEDULE D, PART V, ENDOWMENT FUNDS, LINE 4 WAGNER COLLEGE MAINTAINS AN ENDOWMENT FUND FOR ALL CONTRIBUTIONS TO THE COLLEGE THAT ARE PERMANENTLY RESTRICTED BY THE DONOR. PERMANENTLY RESTRICTED CONTRIBUTIONS ARE ALL GIFTS GIVEN TO THE COLLEGE FOR WHICH THE DONOR INSTRUCTS THE COLLEGE NEVER TO SPEND THE ORIGINAL GIFT. OFTEN, WHEN CONTRIBUTORS GIVE PERMANENTLY RESTRICTED GIFTS TO THE COLLEGE, THEY WILL ALLOW THE INCOME EARNED ON THE FUNDS TO BE USED FOR VARIOUS PURPOSES. SUCH INCOME IS CLASSIFIED AS TEMPORARILY RESTRICTED ENDOWMENT NET ASSETS; THESE ASSETS ARE PRINCIPALLY USED FOR PLANT PROJECTS, LAND IMPROVEMENTS, AND VARIOUS PROGRAM SUPPORT. SOME OF THESE ASSETS MAY ALSO BE TIME RESTRICTED. THE COLLEGE'S ENDOWMENT CONSISTS OF 196 INDIVIDUAL DONOR-RESTRICTED FUNDS, EACH ESTABLISHED FOR A SPECIFIC PURPOSE. THE COLLEGE'S ENDOWMENT TOTALS $41,607,893 AS OF AUGUST 31, 2010, OF WHICH $29,824,669 IS CLASSIFIED AS PERMANENTLY RESTRICTED NET ASSETS, $1,800,721 IS CLASSIFIED AS TEMPORARILY RESTRICTED NET ASSETS, AND $9,982,503 IS CLASSIFIED AS UNRESTRICTED NET ASSETS. ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES SCHEDULE D, PART X, OTHER LIABILITIES, LINE 2 THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE). THE COLLEGE RECOGNIZES INCOME TAX POSITIONS WHEN IT IS MORE-LIKELY-THAN-NOT THAT THE POSITION WILL BE SUSTAINABLE BASED ON THE MERITS OF THE POSITION. MANAGEMENT HAS CONCLUDED THAT THERE ARE NO MATERIAL TAX LIABILITIES THAT HAD TO BE RECORDED. RECONCILIATION OF CHANGE IN NET ASSETS FROM FORM 990 TO AUDITED FS SCHEDULE D, PART XI, LINE 8 $(1,078,613) REPRESENTS THE TOTAL LOSS ON THE COLLEGE'S DERIVATIVE INSTRUMENTS (ONE INTEREST RATE SWAP AND TWO INTEREST RATE CAPS) FOR THE FISCAL YEAR. RECONCILIATION OF REVENUE PER AUDITED FS WITH REVENUE PER FORM 990 SCHEDULE D, PART XII, LINE 2D AND 4B LINE 2D: $(1,078,613) REPRESENTS THE TOTAL LOSS ON THE COLLEGE'S DERIVATIVE INSTRUMENTS (ONE INTEREST RATE SWAP AND TWO INTEREST RATE CAPS) FOR THE FISCAL YEAR. LINE 4B: $24,823,377 REPRESENTS TOTAL SCHOLARSHIPS AND FELLOWSHIPS FOR THE FISCAL YEAR. RECONCILIATION OF EXPENSES PER AUDITED FS WITH EXPENSES PER FORM 990 SCHEDULE D, PART XIII, LINE 4B $24,823,377 REPRESENTS TOTAL SCHOLARSHIPS AND FELLOWSHIPS FOR THE FISCAL YEAR. true true true THE FOLLOWING POLICY APPEARS IN THE ADMISSIONS SECTION OF THE WAGNER COLLEGE BULLETIN - "WAGNER COLLEGE ADMITS STUDENTS OF ANY RACE, AGE, SEX, RELIGION, OR ETHNIC AND NATIONAL ORIGIN." true true true true false false false false false false false false true false THE COLLEGE RECEIVES GRANTS FROM GOVERNMENT AGENCIES TO SUPPORT ITS OPERATIONS AND THE EDUCATIONAL PROGRAMS OF THE ORGANIZATION. true GOLF CLASSIC 52724 30400 22324 23198 6511 0 52724 30400 22324 23198 6511 29709 -7385 true SCHOLARSHIPS & FELLOWSHIPS 1890 24823377 FMV TUITION CREDIT MONITORING THE USE OF GRANT FUNDS IN U.S. SCHEDULE I, PART I, LINE 2 WAGNER COLLEGE MONITORS THE USE OF SCHOLARSHIP FUNDS IN THE UNITED STATES BY ENSURING THAT ALL STUDENTS WHO RECEIVE SCHOLARSHIP MONIES ARE ALWAYS REGISTERED AS STUDENTS OF THE COLLEGE. MANY DEPARTMENTS WITHIN THE COLLEGE WORK IN CONJUNCTION TO ENSURE THAT SCHOLARSHIP FUNDS ARE MONITORED EFFICIENTLY AND EFFECTIVELY. THE ADMISSIONS OFFICE REVIEWS ALL STUDENT APPLICATIONS, AND DETERMINES WHO IS ELIGIBLE TO RECEIVE SCHOLARSHIPS. THE FINANCE AND BUSINESS OFFICE DRAWS DOWN FUNDS FOR SCHOLARSHIPS AND GRANTS. THE FINANCIAL AID OFFICE AWARDS SCHOLARSHIPS AND GRANTS TO STUDENTS, AND THE REGISTRAR'S OFFICE MONITORS AND MAINTAINS ALL RECORDS REGARDING THE REGISTERED STATUS OF STUDENTS. X true true X X X X false false false false false false false true false RICHARD GUARASCI 304977 0 24000 0 4356 0 33333 0 78779 0 445445 0 0 0 MYRA GARCIA 199533 0 10000 0 966 0 18945 0 19398 0 248842 0 0 0 THOMAS C CARROLL 171220 0 12250 0 828 0 16587 0 18106 0 218991 0 0 0 ANGELO G ARAIMO 137368 0 14110 0 403 0 15188 0 368 0 167437 0 0 0 DEVORAH LIEBERMAN 173750 0 12100 0 1496 0 18735 0 60732 0 266813 0 0 0 WALTER C HAMELINE 187192 0 4566 0 1313 0 19307 0 107 0 212485 0 0 0 SEYMOUR LACHMAN 143334 0 2550 0 2966 0 13397 0 0 0 162247 0 0 0 COMPENSATION SCHEDULE J, PART 1, LINE 1A WAGNER COLLEGE PROVIDES HOUSING ON ITS BUSINESS PREMISES FOR BOTH RICHARD GUARASCI (PRESIDENT) AND DEVORAH LIEBERMAN (PROVOST) THAT THEY ARE REQUIRED TO ACCEPT AS A CONDITION OF THEIR EMPLOYMENT AT COLLEGE. THIS BENEFIT WAS NOT TREATED AS TAXABLE COMPENSATION TO EITHER RECIPIENT. ADDITIONAL INFORMATION REGARDING BREAKDOWN OF TOTAL COMPENSATION SCHEDULE J, PART II SCHEDULE J, COLUMN B (BREAKDOWN OF W-2 COMPENSATION) INCLUDES EACH EMPLOYEE'S BASE COMPENSATION IN COLUMN B(i). COLUMN B(ii) INCLUDES A CAMPUS-WIDE 3% BONUS AWARDED IN 2009, AS WELL AS A MERIT BONUS FOR CERTAIN INDIVIDUALS. COLUMN B(iii) INCLUDES AMOUNTS FOR TAXABLE GROUP TERM LIFE INSURANCE. SCHEDULE J, COLUMN C (RETIREMENT AND OTHER DEFERRED COMPENSATION) INCLUDES EMPLOYER CONTRIBUTIONS TO RETIREMENT PLANS FOR ALL INDIVIDUALS LISTED. SCHEDULE J, COLUMN D (NONTAXABLE BENEFITS) IS COMPRISED OF A VARIETY OF BENEFITS, INCLUDING EMPLOYEE HEALTH PLAN, NONTAXABLE PORTION OF AUTOMOBILE AND PHONE USAGE, AND TUITION REMISSION. ALSO INCLUDED IN THIS TOTAL AS A CONDITION OF EMPLOYMENT, IS THE VALUE OF THE HOUSING PROVIDED BY THE COLLEGE TO THE PRESIDENT, RICHARD GUARASCI, AND THE PROVOST, DEVORAH LIEBERMAN, AS WELL AS THE COSTS OF ORDINARY HOME UTILITIES (ELECTRIC, GAS, WATER, AND CABLE). SCHEDULE J, PART I, LINE 7 WAGNER COLLEGE PROVIDED MERIT BONUSES TO VARIOUS EMPLOYEES OF THE COLLEGE FOR THE FISCAL YEAR ENDED AUGUST 31, 2010. MERIT BONUSES FOR THE EMPLOYEES WERE DETERMINED AND AGREED UPON, BY THE PRESIDENT AND THE EXECUTIVE COMMITTEE OF THE COLLEGE. ADDITIONALLY, ALL OFFICERS OF WAGNER COLLEGE WERE AMONG THOSE EMPLOYEES WHO RECEIVED A MERIT BONUS. THE MERIT BONUSES FOR THE OFFICERS OF WAGNER COLLEGE WERE APPROVED BY THE EXECUTIVE COMMITTEE OF THE COLLEGE. DORMITORY AUTHORITY OF THE STATE OF NEW YORK 146000293 6499037Q8 2009-01-28 30500000 FINANCE NEW DORMITORY false false 30500000 1085576 1275271 28139153 2010 false false true true false false false false false true false true true MORGAN STANLEY 3. false false false CARIN GUARASCI PRESIDENT'S SPOUSE 60045 INSTRUCTOR/ADMINISTRATOR false X 7 232540 SELLING PRICE 0 false false true THIRD PARTY FINANCIAL SERVICES SCHEDULE M, PART I, LINE 32B WAGNER COLLEGE USES MORGAN STANLEY, A THIRD PARTY FINANCIAL SERVICES COMPANY, TO SELL NONCASH CONTRIBUTIONS GIVEN TO THE COLLEGE. WHEN WAGNER RECEIVES A STOCK CONTRIBUTION FROM A DONOR, MORGAN STANLEY WILL GENERALLY SELL THE STOCK, AND SUBSEQUENTLY WIRE THE PROCEEDS FROM THE COLLEGE'S MORGAN STANLEY ACCOUNT TO WAGNER'S MAIN BANK ACCOUNT. ORGANIZATION'S MISSION FORM 990, PART I, LINE 1 AND PART III, LINE 1 WAGNER COLLEGE PREPARES STUDENTS FOR LIFE, AS WELL AS FOR CAREERS, BY EMPHASIZING SCHOLARSHIP, ACHIEVEMENT, LEADERSHIP, AND CITIZENSHIP. WAGNER COLLEGE OFFERS A COMPREHENSIVE EDUCATIONAL PROGRAM THAT IS ANCHORED IN THE LIBERAL ARTS, EXPERIENTIAL AND CO-CURRICULAR LEARNING, INTERCULTURALISM, INTERDISCIPLINARY STUDIES, AND SERVICE TO SOCIETY, AND THAT IS CULTIVATED BY A FACULTY DEDICATED TO PROMOTING INDIVIDUAL EXPRESSION, REFLECTIVE PRACTICE, AND INTEGRATIVE LEARNING. PROGRAM SERVICES ACCOMPLISHMENTS FORM 990, PART III, LINE 4D DESCRIPTION: ACADEMIC SUPPORT FOR 2100+ STUDENTS, INCLUDING ACADEMIC AFFAIRS, LEARNING, TECHNOLOGY SERVICES, LIBRARY, LANGUAGE LAB, MEDIA SERVICES, NURSING LAB, AND SPIRO COMPUTER LAB. EXPENSES: $4,574,380. RELATIONSHIPS FORM 990, PART VI, SECTION A. GOVERNING BODY AND MANAGEMENT, LINE 2 MS. POLLY PECK MOLES IS A VOTING MEMBER OF THE BOARD OF TRUSTEES, AND IS MARRIED TO DR. THOMAS G. MOLES, WHO IS A LIFETIME TRUSTEE (DOES NOT HAVE VOTING RIGHTS). BOARD REVIEW OF FORM 990 FORM 990, PART VI, SECTION B. POLICIES, LINE 11A WAGNER COLLEGE'S 990 IS PREPARED INTERNALLY BY THE COLLEGE'S FINANCE & BUSINESS OFFICE. WAGNER THEN SENDS A DRAFT OF THE RETURN TO AN INDEPENDENT TAX GROUP AT KPMG LLP FOR REVIEW. THE 990 IS THEN BROUGHT TO THE AUDIT COMMITTEE FOR DISCUSSION, AND LASTLY IS BROUGHT TO THE BOARD OF TRUSTEES DURING A BOARD MEETING FOR REVIEW BEFORE THE 990 CAN BE FILED. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B. POLICIES, LINE 12C WAGNER COLLEGE HAS A CONFLICT OF INTEREST POLICY IN PLACE, AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH SUCH POLICY. EACH YEAR, CONFLICT OF INTEREST STATEMENTS ARE SENT OUT TO ALL MEMBERS OF THE BOARD OF TRUSTEES, WHO THEN MUST SIGN AND RETURN THE POLICY TO THE COLLEGE. TO DATE, NO CONFLICTS HAVE ARISEN. IF A CONFLICT DID ARISE, THE COLLEGE WOULD REQUEST THAT THE MEMBER COME BACK INTO COMPLIANCE WITH THE POLICY. IN THE UNUSUAL SITUATION WHERE A MEMBER DID NOT COME BACK INTO COMPLIANCE, THE MEMBER WOULD BE REMOVED FROM THE BOARD. COMPENSATION REVIEW FORM 990, PART VI, SECTION B. POLICIES, LINE 15A AND 15B WAGNER COLLEGE'S EXECUTIVE COMMITTEE, WHICH IS COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD OF TRUSTEES, DETERMINES THE COMPENSATION OF THE COLLEGE'S PRESIDENT, AND REVIEWS AND APPROVES THE COMPENSATION OF ALL SENIOR OFFICERS. BOTH THE EXECUTIVE COMMITTEE AND THE BOARD MUST REVIEW AND APPROVE COMPENSATION. WRITTEN EMPLOYMENT AGREEMENTS ARE USED FOR THESE INDIVIDUALS AS WELL. COMPENSATION IS DETERMINED THROUGH REVIEW OF THE FORM 990 OF OTHER COMPARABLE AND LIKE-SIZE ORGANIZATIONS. THE EXECUTIVE COMMITTEE ALSO REFERS TO COMPARABLES AND SALARY SURVEYS, MAINLY CUPA, TO DETERMINE THE REASONABLENESS OF THE PROPOSED COMPENSATION AMOUNTS. ANY COMPENSATION DETERMINATIONS OF THE EXECUTIVE COMMITTEE ARE RECORDED CONTEMPORANEOUSLY IN THE MINUTES OF THE COMMITTEE. PUBLIC DISCLOSURE FORM 990, PART VI, SECTION C. DISCLOSURE, LINE 19 WAGNER COLLEGE MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE COLLEGE ALSO PROVIDES A LINK TO THE ANNUAL REPORT ON THE COLLEGE WEBSITE (WWW.WAGNER.EDU), WHICH INCLUDES THE BALANCE SHEET AND OTHER FINANCIAL INFORMATION. BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS SCHEDULE L, PART IV CARIN GUARASCI, THE SPOUSE OF THE PRESIDENT, WAS PAID APPROXIMATELY $60,045 IN COMPENSATION FOR SERVICES PROVIDED AS AN INSTRUCTOR, ADMINISTRATOR IN THE EDUCATION DEPARTMENT, AND FOR SERVICES PROVIDED TO INSTITUTIONAL ADVANCEMENT. BALANCE SHEET FORM 990, PART X, LINES 9 AND 25 THE PRIOR YEAR'S ENDING BALANCES OF "PREPAID EXPENSES" AND "OTHER LIABILITIES" DO NOT TIE TO THE CURRENT YEAR'S BEGINNING BALANCES OF "PREPAID EXPENSES" AND "OTHER LIABILITIES". THIS IS DUE TO A RECLASS THAT WAS MADE TO THE CURRENT YEAR BEGINNING BALANCES TO CORRECTLY REFLECT THE NEGATIVE FAIR VALUE OF THE COLLEGE'S INTEREST RATE SWAP AT AUGUST 31, 2009. THE NEGATIVE FAIR VALUE OF THE SWAP WAS MOVED OUT OF PREPAID EXPENSES ON THE COLLEGE'S AUDITED BALANCE SHEET, AND MOVED INTO OTHER LIABILITIES.