2011-05-03T18:59:24-05:00 2010-06-30 SCHNEIDER DOWNS & CO INC 1133 PENN AVENUE PITTSBURGH PA 15222 990 2009-07-01 250981156 WESTMINSTER COLLEGE WEST 7249467139 S MARKET STREET NEW WILMINGTON PA 16172 KENNETH J ROMIG 7249467139 2011-05-03 1 Susan M Kirsch 4122613644 2009 2016-02-24 21:20:13Z DR RICHARD DORMAN S MARKET STREET NEW WILMINGTON PA 16172 166500947 0 X WWW.WESTMINSTER.EDU X 1852 PA PROMOTE EDUCATION, THE DEVELOPMENT OF SKILLS, KNOWLEDGE, AND PERSONAL QUALITIES. 34 33 1267 607 0 0 4333791 5117024 46567935 50124812 -3706739 2160009 244972 215734 47439959 57617579 18533014 20908200 0 20532080 20966818 0 1397415 15280098 14736579 54345192 56611597 -6905233 1005982 156108855 164336301 30090417 29770409 126018438 134565892 THE MISSION OF WESTMINSTER COLLEGE IS TO HELP MEN AND WOMEN DEVELOP COMPETENCIES, COMMITMENTS, AND CHARACTERISTICS WHICH HAVE DISTINGUISHED HUMAN BEINGS AT THEIR BEST. THE LIBERAL ARTS TRADITION IS THE FOUNDATION OF THE CURRICULUM CONTINUALLY DESIGNED TO SERVE THIS MISSION IN A RAPIDLY CHANGING WORLD. THE COLLEGE SEES THE WELL-EDUCATED PERSON AS ONE WHOSE SKILLS ARE COMPLEMENTED BY EVER DEVELOPING VALUES AND IDEALS IDENTIFIED IN THE JUDEO-CHRISTIAN TRADITION. WESTMINSTER'S QUEST FOR EXCELLENCE IS A RECOGNITION THAT STEWARDSHIP OF LIFE MANDATES THE MAXIMUM POSSIBLE DEVELOPMENT OF EACH PERSON'S CAPABILITIES. 0 0 34102470 20908200 28979596 INSTRUCTIONAL EXPENDITURES - FACULTY AND RELATED EXPENDITURES FOR COURSES OF STUDY. WESTMINSTER COLLEGE OFFERS 40 MAJORS AND SERVES 1,582 UNDERGRADUATE, GRADUATE AND ADULT STUDENTS ANNUALLY, LEADING TO BACHELOR OF ARTS, BACHELOR OF SCIENCE, BACHELOR OF MUSIC AND MASTERS OF EDUCATION DEGREES. 5215707 4432203 ACADEMIC SUPPORT EXPENDITURES - SUPPORT FOR INSTRUCTION AND RESEARCH BY THE FOLLOWING DEPARTMENTS: DEAN OF THE COLLEGE, AUDIO VISUAL SERVICES, INFORMATION SYSTEMS, FACULTY DEVELOPMENT, ART GALLERY, LIBRARIES, HONORS PROGRAM, CHEMICAL HYGIENE, CULTURAL ARTIFACTS AND THE LEARNING CENTER. 7223887 6138715 STUDENT SERVICES EXPENDITURES - NON-ACADEMIC SUPPORT SERVICES PROVIDED TO THE STUDENT BODY BY THE FOLLOWING DEPARTMENTS: STUDENT AFFAIRS OFFICE, REGISTRAR, DEAN OF CHAPEL, ADMISSIONS AND FINANCIAL AID, THE CAREER CENTER, ATHLETICS, HEALTH CENTER, COUNSELING CENTER, MULTI-CULTURAL AFFAIRS, THEATRE PRODUCTIONS AND RADIO AND TV PRODUCTION. 7171814 10574298 EDUCATIONAL AND AUXILIARY ENTERPRISE EXPENDITURES - PROVIDE ROOM AND BOARD FOR RESIDENT STUDENTS, TELEPHONE SYSTEM, BOOKSTORE, SUMMER CAMPS AND ACTIVITIES AND TEMPORARY FACULTY HOUSING. 7171814 10574298 53713878 1 1 0 0 0 0 1 0 1 1 1 0 1 0 1 0 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 0 0 0 1 1734 0 1267 1 0 0 0 0 0 0 0 0 0 34 33 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 OH PA X KENNETH J ROMIG 7249467141 319 S MARKET STREET NEW WILMINGTON PA 16172 PETER M ANDINO 1.50 X 0 0 0 GEORGE R BERLIN 1.50 X 0 0 0 WHITNEY F BOHAN 1.50 X 0 0 0 ROBERT W BUEHNER JR 1.50 X 0 0 0 GARY D BROWN 1.50 X 0 0 0 CHARLES R BURKE JR 1.50 X 0 0 0 WILLIAM L CARLTON 1.50 X 0 0 0 LEONARD M CARROLL 1.50 X 0 0 0 PAUL F DECKER 1.50 X 0 0 0 JAMES C DEWAR 1.50 X 0 0 0 CONNIE A DUNN 1.50 X 0 0 0 WENDELL G FREELAND 1.50 X 0 0 0 BARBARA BRADEN GUFFEY 1.50 X 0 0 0 ANN H HALDEMAN 1.50 X 0 0 0 STEPHEN G HARTLE 1.50 X 0 0 0 WILLIAM M HAZEN 1.50 X 0 0 0 PETER Y HERCHENROETHER 1.50 X 0 0 0 RONALD E HUSTWIT 1.50 X 0 0 0 ROBERT C JACKSON 1.50 X 0 0 0 WILLIAM N JACKSON 1.50 X 0 0 0 ROBERT JAZWINKSI 1.50 X 0 0 0 CAROLYN J JONES 1.50 X 0 0 0 DEBORA PLATT MAJORAS 1.50 X 0 0 0 THOMAS S MANSELL 1.50 X 0 0 0 DOREEN A MCCALL 1.50 X 0 0 0 MARCIA E PRATT 1.50 X 0 0 0 WILLIAM W RANKIN 1.50 X 0 0 0 LINDA WRIGHT SIMPSON 1.50 X 0 0 0 JULIE A WEAGRAFF 1.50 X 0 0 0 VALERIE DAY WILDEN 1.50 X 0 0 0 JEFFREY T WILEY 1.50 X 0 0 0 JOHN T WEISEL 3.50 X X 0 0 0 THOMAS A TUPITZA 2.00 X X 0 0 0 RICHARD H DORMAN 40.00 X X 239333 0 49019 KENNETH J ROMIG 40.00 X 140625 0 56573 JOEANN MILLER 40.00 X 37191 0 15427 GLORIA C CAGIGAS 40.00 X 124285 0 22669 JESSE T MANN 40.00 X 135896 0 22909 GAIL L MILLER 40.00 X 104157 0 14997 781487 0 181594 5 0 1 0 SODEXO INC AND AFFILIATES PO BOX 905374 CHARLOTTE NC 28290 FOOD SERVICE 2956020 EBSCO SUBSCRIPTION SERVICE 17-19 WASHINGTON STREET TENAFLY NJ 07670 ELECTRONIC PERIODICAL SVC 298258 SODEXO INC AND AFFILIATES PO BOX 905374 CHARLOTTE NC 28290 PLANT ENGINEERING 193170 ROYALL & COMPANY 1920 EAST PARHAM ROAD RICHMOND VA 232282206 PROFESSIONAL FEES 191311 JENZABAR PO BOX 845939 BOSTON MA 022845939 PROJECT MANAGEMENT & TRAINING 173550 5 1050228 4066796 429738 5117024 TUITION, ROOM & BOARD 611710 48805917 48805917 AUXILIARY SERVICES 900099 1318895 1318895 50124812 4686553 4686553 94485 115265 -20780 -20780 -20780 105517869 108035088 9325 -2517219 -9325 -2526544 -2526544 960204 723690 236514 236514 57617579 50124812 0 2375743 20824977 20824977 83223 83223 1058373 731340 116421 210612 15182230 14033076 618773 530381 788371 684919 57835 45617 2781596 2438749 191672 151175 1156248 1016821 77948 61479 20832 20832 65629 65629 121426 121426 967566 874424 25667 67475 105229 104999 5 225 3353217 2831053 371773 150391 459744 438885 7608 13251 2288185 2189833 69032 29320 1346037 1211473 76991 57573 57055 51379 3254 2422 805482 805482 1883240 1784852 90191 8197 323077 125272 195265 2540 FOOD SERVICE 3032926 2972075 19455 41396 PLANT FACILITIES 308137 113630 194507 OTHER 302468 397416 -120309 25361 PENSION BENEFIT COST -703671 -703671 56611597 53713878 1500304 1397415 253000 12041832 13656971 567190 147036 1866876 2021303 396012 437626 724351 660701 93737425 25993891 67298894 67743534 55845510 20858468 17190069 58333183 178121 224479 156108855 164336301 1042624 1578651 16565000 16220000 12482793 11971758 30090417 29770409 X 62489776 64933718 22400474 26990638 41128188 42641536 126018438 134565892 156108855 164336301 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 72362333 829901 9241879 1634064 2242070 78557979 94297415 523757 -18618513 1614590 2225736 72362333 0.14000 0.54000 0.32000 1 0 302700 302700 69887445 13596254 56291191 13316687 10654778 2661909 10230593 1742859 8487734 67743534 COMMINGLED FUNDS 57386618 F FIXED INCOME 946565 F 58333183 deferred income 809161 annuity payable 484099 postretirement benefit obligations 7966940 government student loan funds 2309127 deposits held in custody for others 402431 11971758 57617579 56611597 1005982 7541472 7541472 8547454 44977670 7541472 838955 8380427 36597243 121426 20898910 21020336 57617579 36430216 848280 848280 35581936 121426 20908235 21029661 56611597 Part III, Line 1a: THE COLLEGE OWNS A NUMBER OF PIECES OF ART AND HISTORIC TREASURES, NONE OF WHICH ARE RECORDED IN THE FINANCIAL STATEMENTS. THESE ITEMS HAVE BEEN GIVEN TO THE COLLEGE OVER A NUMBER OF YEARS, ARE GENERALLY DISPLAYED IN VARIOUS LOCATIONS AROUND CAMPUS AND ARE INSURED. Part III, Line 4: THE COLLEGE'S COLLECTION OF ARTIFACTS OF CULTURAL AND EDUCATIONAL SIGNIFICANCE RANGE FROM STONE TOOLS (6,000 B.C.) THROUGH CUNEIFORM TABLETS (2,000 B.C.), AN EGYPTIAN MUMMY (300 B.C.), COPTIC ITEMS (5TH CENTURY A.D.), JAPANESE SAMURAI ARMOR (18TH CENTURY A.D.) TO CURRENCY BEARING THE PORTRAIT OF SADDAM HUSSEIN (2003 A.D.). THE COLLECTION PROVIDES A CONNECTION TO THE PAST FOR STUDENTS OF HISTORY AND CULTURE, BOTH ON CAMPUS AND IN THE SURROUNDING COMMUNITY. IN ADDITION, SOME ITEMS IN THE COLLECTION HAVE BEEN LOANED TO MUSEUMS AND HISTORICAL SOCIETIES EXPANDING THEIR EDUCATIONAL REACH. SOME OF THE COLLECTION IS HIGHLIGHTED ONLINE ALONG WITH RESEARCH MATERIALS (CT SCANS, DESCRIPTIONS, EDUCATIONAL MATERIALS). A FORENSIC SCULPTOR RECONSTRUCTED A BUST OF THE 2,000+ YEAR-OLD MUMMY ALLOWING STUDENTS OF HISTORY TO SEE THE VISAGE OF A WOMAN WHO LIVED IN ANCIENT EGYPT. ALL OF THE ARTIFACTS ENCOURAGE RESEARCH AND STUDY BY BRINGING HISTORY TO LIFE AS STUDENTS SEE FIRSTHAND THE ITEMS ABOUT WHICH THEY READ IN CLASS. Part V, Line 4: Description of Intended Use of Endowment Funds: THE COLLEGE'S ENDOWMENT CONSISTS OF VARIOUS INVESTMENT FUNDS ESTABLISHED FOR SUPPORT OF THE COLLEGE'S MISSION. ITS ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS, AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF TRUSTEES HAS ELECTED TO BE GOVERNED BY THE COMMONWEALTH OF PENNSYLVANIA'S ACT 141 (ACT 141). ACT 141 IS A TOTAL RETURN POLICY THAT ALLOWS A NONPROFIT ENTITY TO CHOOSE TO TREAT A PERCENTAGE OF THE AVERAGE MARKET VALUE OF THE ENDOWMENT'S PERMANENTLY RESTRICTED INVESTMENTS AS INCOME EACH YEAR. HOWEVER, THE LONG-TERM PRESERVATION OF THE REAL VALUE OF THE ASSETS MUST BE TAKEN INTO CONSIDERATION WHEN THE BOARD ELECTS A SPENDING RATE. ON AN ANNUAL BASIS, THE BOARD OF TRUSTEES MUST ELECT, IN WRITING, A SPENDING RATE OF BETWEEN 2% AND 7%. FOR THE YEAR ENDED JUNE 30, 2010, THE COLLEGE UTILIZED A 5% SPENDING RATE, BASED ON A THREE-YEAR MOVING AVERAGE OF HISTORICAL END-OF-QUARTER ENDOWMENT MARKET VALUES. THE LAST QUARTER USED TO DETERMINE THE TRANSFER FOR THE FISCAL YEAR ENDED JUNE 30, 2010 WAS THE QUARTER ENDED DECEMBER 31, 2008. THE COLLEGE CLASSIFIES AS PERMANENTLY RESTRICTED NET ASSETS THE ORIGINAL VALUE OF GIFTS DONATED TO THE ENDOWMENT AND THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE ENDOWMENT. THE UNDISTRIBUTED AMOUNTS EARNED ARE INCLUDED IN UNRESTRICTED NET ASSETS. IN ACCORDANCE WITH ACT 141, THE COLLEGE HAS ADOPTED A WRITTEN INVESTMENT POLICY, OF WHICH A SECTION SPECIFICALLY RELATES TO THE ENDOWMENT. THE COLLEGE CONSIDERS THE FOLLOWING FACTS IN MAKING A DETERMINATION TO SET A SPENDING RATE: 1. PROTECTING THE CORPUS OF THE ENDOWMENT FUND 2. PRESERVING THE SPENDING POWER OF THE ASSETS 3. OBTAINING MAXIMUM INVESTMENT RETURN WITH REASONABLE RISK AND OPERATIONAL CONSIDERATION 4. COMPLYING WITH APPLICABLE LAWS Part X: Description of Uncertain Tax Positions Under FIN 48: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. EFFECTIVE FOR THE YEAR ENDED JUNE 30, 2010, THE COLLEGE IMPLEMENTED THE INCOME TAXES TOPIC OF THE ASC CLARIFYING THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS. THIS TOPIC PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PRINCIPLES FOR FINANCIAL STATEMENTS DISCLOSURE OF TAX POSITIONS IT HAS TAKEN OR EXPECTS TO TAKE IN ITS TAX RETURNS. THE IMPLEMENTATION HAD NO IMPACT ON THE FINANCIAL STATEMENTS, AND NO LIABILITY HAS BEEN RECORDED FOR UNCERTAIN TAX POSITIONS. Part XII, Line 2d - Other Adjustments: COST OF GOODS SOLD: $723,690 RENTAL EXPENSES: $115,265 Part XII, Line 4b - Other Adjustments: SCHOLARSHIPS AND GRANTS: $20,908,200 LOSS ON SALE OF STOCK GIFTS ($9,325) BANK SERVICE FEES RECLASS: $35 Part XIII, Line 2d - Other Adjustments: COST OF GOODS SOLD: $723,690 LOSS ON SALE OF STOCK GIFTS: $9,325 RENTAL EXPENSES: $115,265 Part XIII, Line 4b - Other Adjustments: SCHOLARSHIPS AND GRANTS: $20,908,200 BANK SERVICE FEES RECLASS: $35 1 1 1 THE WESTMINSTER COLLEGE NONDISCRIMINATION POLICY IS INCLUDED ON THE COLLEGE WEBSITE, IN ALL OFFICIAL PUBLICATIONS, IN ALL EMPLOYEE ADVERTISING, AND IN ALL STUDENT RECRUITMENT MATERIALS. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 IN THE COURSE OF OUR BUSINESS AS A COLLEGE, THE INSTITUTION RECEIVES FEDERAL GRANTS AND PARTICIPATES IN THE FOLLOWING GOVERNMENTAL AGENCY FINANCIAL AID OR ASSISTANCE PROGRAMS:FEDERAL PELL GRANT PROGRAM; FEDERAL PERKINS LOAN PROGRAM; FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT; FEDERAL WORK STUDY GRANT; FEDERAL FAMILY EDUCATION LOAN PROGRAM; PENNSYLVANIA INSTITUTIONAL ASSISTANCE GRANT; PENNSYLVANIA NEW ECONOMY TECHNOLOGY SCHOLARSHIP (NETS); PENNSYLVANIA PARTNERSHIP FOR ACCESS TO HIGHER EDUCATION (PATH); PENNSYLVANIA ACADEMIC EXCELLENCE SCHOLARSHIP AWARD PROGRAM (AES); PENNSYLVANIA WORKFORCE ADVANCEMENT GRANT FOR EDUCATION PROGRAM (WAGE). 1 1 EAST ASIA AND THE PACIFIC 0 0 STUDENT FINANCIAL AID STUDY ABROAD PARTICIPANTS 26940 EUROPE 0 0 STUDENT FINANCIAL AID STUDY ABROAD PARTICIPANTS 279440 SOUTH AMERICA 0 0 STUDY ABROAD PROGRAM CHILE TRAVEL COURSE 69071 CENTRAL AMERICA AND THE CARIBBEAN 0 0 STUDY ABROAD PROGRAM BAHAMAS SPRING BREAK WORK TRIP 13779 EUROPE 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE US 10095 MIDDLE EAST 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE US 11216 NORTH AMERICA 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE US 7196 RUSSIA 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE US 1627 SOUTH AMERICA 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE US 1300 CENTRAL AMERICA AND THE CARIBBEAN 0 0 STUDY ABROAD PROGRAM FALL 2009 STUDY ABROAD 4085 EUROPE 0 0 STUDY ABROAD PROGRAM FALL 2009 AND SPRING 2010 STUDY ABROAD 59435 EUROPE 0 0 STUDY ABROAD PROGRAM WESTMINSTER AT LONDON 321302 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS N/A 0 0 805486 SCHOLARSHIP/EXCHANGE EAST ASIA AND THE PACIFIC 2 26940 APPLIED TO STUDENT ACCOUNT N/A N/A SCHOLARSHIP/EXCHANGE EUROPE 34 279440 APPLIED TO STUDENT ACCOUNT N/A N/A Procedure for Monitoring Grants Outside the U.S.: Schedule F, Part I, Line 2: A LIST OF SCHOLARSHIP RECIPIENTS IS ON FILE AT THE INSTITUTION AND IS AVAILABLE UPON REQUEST. ALTHOUGH THERE MAY BE RECIPIENTS WHO ARE RELATED TO PERSONS HAVING AN INTEREST IN THE INSTITUTION, SUCH RECIPIENTS ARE SELECTED ON AN EQUAL, OBJECTIVELY DETERMINED BASIS WITH OTHER RECIPIENTS. ALL STUDENTS RECEIVING SCHOLARSHIPS ARE JUDGED WORTHY BY THE INSTITUTION'S ASSESSMENT ON THE BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED, OR OTHER SIMILAR STANDARDS. CRITERIA FOR ALL SCHOLARSHIPS IS PUBLISHED AND MADE AVAILABLE TO ALL STUDENTS AND THEIR FAMILIES. THE SCHOLARSHIPS ARE APPLIED DIRECTLY TO THE STUDENTS' ACCOUNT AND TO HOSTING ORGANIZATION TO COVER TUITION. 0 ALEXANDER HAAS FEASIBILITY STUDY 0 0 0 55000 55000 PA OH 1 ACADEMIC AND FINANCIAL ASSISTANCE SCHOLARSHIPS 1459 20824977 N/A N/A Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: A LIST OF SCHOLARSHIP RECIPIENTS IS ON FILE AT THE INSTITUTION AND IS AVAILABLE UPON REQUEST. ALTHOUGH THERE MAY BE RECIPIENTS WHO ARE RELATED TO PERSONS HAVING AN INTEREST IN THE INSTITUTION, SUCH RECIPIENTS ARE SELECTED ON AN EQUAL, OBJECTIVELY DETERMINED BASED WITH OTHER RECIPIENTS. ALL STUDENTS RECEIVING SCHOLARSHIPS ARE JUDGED WORTHY BY THE INSTITUTION'S ASSESSMENT ON THE BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED, OR OTHER SIMILAR STANDARDS. CRITERIA FOR ALL SCHOLARSHIPS IS PUBLISHED AND MADE AVAILABLE TO ALL STUDENTS AND THEIR FAMILIES. X X X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 RICHARD H DORMAN 235380 0 0 0 3953 0 18060 0 30959 0 288352 0 0 0 KENNETH J ROMIG 140535 0 0 0 90 0 11054 0 45519 0 197198 0 0 0 JESSE T MANN 135638 0 0 0 258 0 10414 0 12495 0 158805 0 0 0 Part I, Line 1a HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: THE PRESIDENT LIVES IN THE COLLEGE MANSE AS A CONDITION OF HIS/HER EMPLOYMENT. PERSONAL SERVICES(E.G., CLEANING SERVICES): THE COLLEGE MANSE IS THE PROPERTY OF WESTMINSTER, THEREFORE IT IS MAINTAINED BY THE PHYSICAL PLANT DEPARTMENT. NEW WILMINGTON MUNICIPAL AUTHORITY 251739535 64920RAN2 2007-06-27 17102753 SEE SCHEDULE O. 0 0 17102753 1301943 488728 3009365 2009 1 1 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 0 0 ENROLLED STUDENT FAMILY OF BOARD MEMBER 9000 X 8 429738 FAIR MARKET VALUE X ARTIFACTS 2 0 0 0 1 1 Third Party Use: Part I, Line 32b: THE ORGANIZATION UTILIZED AN UNRELATED THIRD PARTY BROKERAGE FIRM TO SELL GIFTS OF PUBLICLY TRADED SECURITIES. Non Reporting of Revenue: Part I, Line 33: THE COLLEGE OWNS A NUMBER OF PIECES OF ART AND HISTORIC TREASURES, NONE OF WHICH ARE RECORDED IN THE FINANCIAL STATEMENTS. THESES ITEMS HAVE BEEN GIVEN TO THE COLLEGE OVER A NUMBER OF YEARS, ARE GENERALLY DISPLAYED IN VARIOUS LOCATIONS AROUND CAMPUS AND ARE INSURED. Form 990, Part VI, Section B, line 11 THE WESTMINSTER FINANCIAL MANAGEMENT TEAM REVIEWS THE FORM 990 AND SEEKS INPUT REGARDING THE SAME FROM THE PRESIDENT. THE COLLEGE'S TRUSTEES ARE PROVIDED WITH ACCESS TO A SECURE WEBSITE WHERE THEY ARE ABLE TO REVIEW THE COLLEGE'S TAX RETURN FOR THE YEAR ENDED JUNE 30, 2010. THE COLLEGE'S TRUSTEES ARE INVITED TO PARTICIPATE IN A TELECONFERENCE WITH MEMBERS OF THE COLLEGE'S ADMINISTRATION WHO ARE RESPONSIBLE FOR PREPARING THE COLLEGE'S TAX RETURN. DURING THE TELECONFERENCE, THE COLLEGE'S FINANCIAL ADMINISTRATORS REVIEW THE COMPLETE TAX RETURN. WEBSITE ACCESS TO A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO THE TRUSTEES PRIOR TO THE FILING OF THE RETURN WITH THE INTERNAL REVENUE SERVICE. Form 990, Part VI, Section B, line 12c THE COLLEGE HAS A FORMAL CONFLICT OF INTEREST POLICY. EVERY TRUSTEE, OFFICER AND EMPLOYEE OF THE COLLEGE IS REQUIRED TO ANNUALLY (1) REVIEW THE COLLEGE'S CONFLICT OF INTEREST POLICY, (2) DISCLOSE TO THE BEST OF HIS/HER KNOWLEDGE ANY BUSINESS, PERSONAL, FAMILY AND NOT-FOR-PROFIT RELATIONSHIPS THAT COULD REASONABLY GIVE RISE TO A CONFLICT OF INTEREST, (3) SUMMARIZE IN WRITING ANY POTENTIAL CONFLICT OF INTEREST AS MAY ALREADY EXIST, AND (4) ACKNOWLEDGE BY SIGNATURE ON A DISCLOSURE FORM THAT HE OR SHE ACTED IN ACCORDANCE WITH THE LETTER AND SPIRIT OF THE POLICY. THE EMPLOYEE DISCLOSURE FORMS ARE SUBMITTED TO THE COLLEGE'S DIRECTOR OF HUMAN RESOURCES AND THE DISCLOSURE FORMS FOR TRUSTEES, OFFICERS AND KEY EMPLOYEES ARE SUBMITTED TO THE CHAIR OF THE COLLEGE'S AUDIT AND COMPLIANCE COMMITTEE. THE CHAIR OF THE BOARD OF TRUSTEES AND THE CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE ARE RESPONSIBLE FOR DETERMINING WHETHER OR NOT CERTAIN RELATIONSHIPS GIVE RISE TO CONFLICTS OF INTEREST. THE CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE DELIVERS A CONFLICT OF INTEREST REPORT TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES ANNUALLY. Form 990, Part VI, Section B, line 15a THE COMPENSATION FOR THE PRESIDENT OF THE COLLEGE WAS DETERMINED BY A SPECIALLY APPOINTED COMMITTEE OF THE BOARD OF TRUSTEES WHO WAS EMPOWERED BY THE BOARD OF TRUSTEES TO NEGOTIATE AN EMPLOYMENT CONTRACT WITH THE PRESIDENT. THE MEMBERS OF THE SPECIAL COMPENSATION COMMITTEE WERE INDEPENDENT, NONE WERE COMPENSATED BY THE COLLEGE, NOR DOES A COMPENSATION ARRANGEMENT EXIST BETWEEN THE COLLEGE AND ANY FAMILY MEMBER OF ANY OF THEM OR ANY BUSINESS IN WHICH ANY OF THEIR FAMILY MEMBERS HAVE AN INTEREST. WHEN THE PRESIDENT WAS HIRED, THE COMMITTEE REVIEWED THE COMPENSATION PAID TO THE PRESIDENTS OF THE 20 COLLEGES TO WHICH WESTMINSTER REGULARLY COMPARES ITSELF WITH RESPECT TO TUITION AND FEES, ENDOWMENT RETURNS AND OTHER METRICS. BASED ON THIS DATA, THE COMMITTEE WAS SATISFIED THAT THE COMPENSATION OFFERED TO DR. DORMAN REFLECTED THE FAIR MARKET VALUE FOR THE SERVICES TO BE RENDERED TO THE COLLEGE. DELIBERATIONS REGARDING THE COMPENSATION WERE CONTEMPORANEOUSLY DOCUMENTED. IN 2009-10 THE PRESIDENT RECEIVED A COST OF LIVING INCREASE EQUIVALENT TO THAT RECEIVED BY ALL COLLEGE EMPLOYEES. Form 990, Part VI, Section C, line 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. IN ADDITION, THE COLLEGE'S FINANCIAL STATEMENTS MAY BE VIEWED ON THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE AT HTTP://EMMA.MSRB.ORG/. FORM 990, PART XI, QUESTION 2 FINANCIAL STATEMENTS AND REPORTING: THE COLLEGE'S AUDIT AND COMPLIANCE COMMITTEE ASSUMES THE RESPONSIBLITY FOR OVERSIGHT OF THE AUDIT AND OF ITS FINANCIAL STATEMENTS AND ITS SELECTION OF THE INDEPENDENT AUDITORS. Schedule K Supplental Information THE PROCEEDS OF THE 2007 BONDS WERE USED BY THE COLLEGE TO REPAY THE 1998 COLLEGE REVENUE BONDS AND OUTSTANDING NOTES PAYABLE, FUND A DEBT SERVICE RESERVE, PAY THE COSTS OF ISSUANCE AND FINANCE CERTAIN CAPITAL PROJECTS. THE DATES OF ISSUE FOR EACH OF THE REFUNDED ISSUES ARE 2/18/98 AND 03/06/06. THE MCKELVEY EDUCATIONAL FOUNDATION PO BOX 5299 POLAND OH 44514 300196428 SUPPORTING ORGANIZATION FOR WESTMINSTER COLLEGE OH 501(C)(3) 509(A)(3) N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0