2026-02-24T14:10:01-06:00 2025-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2024-07-01 510107088 WILMINGTON UNIVERSITY INC WILM 3023566915 320 NORTH DUPONT HIGHWAY NEW CASTLE DE 19720 LLOYD A RICKETTS SR. VICE PRESIDENT AND CFO 3023566915 2026-02-12 1 1 LYNNE JOHNSON P00757336 6179129000 2026-02-12 2024 2025-03-06 01:10:19Z LLOYD A RICKETTS 320 NORTH DUPONT HIGHWAY NEW CASTLE DE 19720 156456220 0 X WWW.WILMU.EDU X 1968 DE ESTABLISHED IN 1968, WILMINGTON UNIVERSITY, INC. IS AN OPEN ACCESS PRIVATE INSTITUTION OF HIGHER EDUCATION WITH LOCATIONS IN DELAWARE OFFERING UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREES. 16 13 2030 17 0 0 13954255 15534034 125342011 118633466 16966395 8090549 318583 99609 156581244 142357658 18571332 21364784 0 0 82130175 83332222 0 0 386800 32772335 31340149 133473842 136037155 23107402 6320503 371599373 384874339 68179433 66321242 303419940 318553097 X WILMINGTON UNIVERSITY IS COMMITTED TO EXCELLENCE IN TEACHING, RELEVANCY OF THE CURRICULUM, AND INDIVIDUAL ATTENTION TO STUDENTS. AS AN INSTITUTION WITH ADMISSIONS POLICIES THAT PROVIDE ACCESS FOR ALL, IT OFFERS OPPORTUNITY FOR HIGHER EDUCATION TO STUDENTS OF VARYING AGES, INTERESTS AND ASPIRATIONS.THE UNIVERSITY PROVIDES A RANGE OF EXEMPLARY CAREER-ORIENTED UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREE PROGRAMS FOR A GROWING AND DIVERSE STUDENT POPULATION. IT DELIVERS THESE PROGRAMS AT LOCATIONS AND TIMES CONVENIENT TO STUDENTS AND AT AN AFFORDABLE PRICE. A HIGHLY QUALIFIED FULL-TIME FACULTY WORKS CLOSELY WITH PART-TIME FACULTY DRAWN FROM THE WORKPLACE TO ENSURE THAT THE UNIVERSITY'S PROGRAMS PREPARE STUDENTS TO BEGIN OR CONTINUE THEIR CAREER, IMPROVE THEIR COMPETITIVENESS IN THE JOB MARKET, AND ENGAGE IN LIFELONG LEARNING. 0 0 106159867 21364784 114877643 WILMINGTON UNIVERSITY IS COMMITTED TO BEING A UNIVERSITY WHERE RESPECT FOR EACH OTHER IS PARAMOUNT, INTEGRITY GUIDES ALL OF OUR CHOICES, PROVIDING EDUCATIONAL OPPORTUNITY IS OUR PRIMARY PURPOSE, AND RESPONSIVENESS TO COMMUNITY NEEDS IS KEY. IN DESIGNING ACADEMIC PROGRAMS AND STUDENT SERVICES, WE SUPPORT INNOVATION AND ACTIVELY SEEK FACULTY WITH EXPERIENCE IN THEIR FIELDS WHO CAN PROVIDE STUDENTS WITH AN EDUCATION FOCUSED ON PRACTICAL APPLICATION.WILMINGTON UNIVERSITY IS CLASSIFIED BY THE CARNEGIE COMMISSION AS A DOCTORAL/RESEARCH UNIVERSITY. THE UNIVERSITY OFFERS DEGREE PROGRAMS AT THE ASSOCIATE'S, BACHELOR'S, MASTER'S AND DOCTORAL LEVELS. THE UNIVERSITY OFFERS DEGREE PROGRAMS IN THE COLLEGE OF BUSINESS, THE COLLEGE OF EDUCATION AND LIBERAL ARTS, THE COLLEGE OF HEALTH PROFESSIONS AND NATURAL SCIENCES, THE COLLEGE OF SOCIAL AND BEHAVIORAL SCIENCES, THE COLLEGE OF TECHNOLOGY AND THE SCHOOL OF LAW. THE UNIVERSITY SERVED 18,982 (UNDUPLICATED) STUDENTS DURING FISCAL 2025, OFFERING PROGRAMS AT MULTIPLE LOCATIONS THROUGHOUT DELAWARE AS WELL AS PROVIDING AN ONLINE MODALITY.THE UNIVERSITY'S ACADEMIC ACCOMPLISHMENTS DURING FISCAL 24/25 WERE AS FOLLOWS:WILMINGTON UNIVERSITY HAS BEEN RECOGNIZED BY THE CARNEGIE FOUNDATION AND THE AMERICAN COUNCIL ON EDUCATION AS AN OPPORTUNITY COLLEGE AND UNIVERSITY. THIS INSTITUTIONAL CLASSIFICATION REFLECTS THAT WE ARE THE ONLY INSTITUTE OF HIGHER EDUCATION IN THE STATE OF DELAWARE THAT AFFORDS "HIGH ACCESS AND HIGH EARNINGS" TO FOSTER STUDENT SUCCESS. WE REFLECT THE COMMUNITY WE SERVE AND OUR GRADUATES EXPERIENCE COMPETITIVE WAGES. WE JOIN 479 INSTITUTIONS NATIONALLY WHO HAVE EARNED THIS DESIGNATION AND NOW SERVE AS A MODEL TO OTHER COLLEGES AND UNIVERSITIES.IN COLLABORATION WITH THE DEPARTMENT OF EDUCATION, THESCHOOLHOUSE302, PARTNERSHIPS AND COMMUNITY AFFAIRS, AND PROFESSIONAL AND CONTINUING EDUCATION, THE COLLEGE SUCCESSFULLY LAUNCHED THE SECOND ANNUAL NEW SCHOOL ADMINISTRATOR INDUCTION PROGRAM TO SUPPORT NEWLY APPOINTED PUBLIC SCHOOL PRINCIPALS.THE COUNCIL ON ACCREDITATION OF NURSE ANESTHESIA EDUCATIONAL PROGRAMS (COA) CONDUCTED AN ONSITE CAPABILITY/ACCREDITATION REVIEW OF THE DELAWARE NURSE ANESTHESIOLOGY PROGRAM AT CHRISTIANACARE AND WILMINGTON UNIVERSITY. THE REVIEW TEAM COMMENDED THE HIGH-QUALITY SELF-STUDY AND ROBUST EVIDENCE OF COMPLIANCE. ALL EIGHT STANDARDS, INCLUSIVE OF 156 CRITERIA WERE FOUND TO BE "IN COMPLIANCE." PENDING AN OFFICIAL ACCREDITATION DECISION IN OCTOBER 2025, THE FIRST COHORT BEGINS IN JANUARY 2026.FORBES ADVISOR EDUCATION RECOGNIZED WILMINGTON UNIVERSITY'S WELL-ROUNDED BIOLOGY DEGREE PROGRAM AS A TOP 10 BEST ONLINE BIOLOGY DEGREE PROGRAM. STUDENTS CAN EARN THEIR DEGREE IN PERSON AT BRANDYWINE AND NEW CASTLE LOCATIONS OR 100% ONLINE USING INNOVATIVE AT-HOME LAB KITS.THE LEGAL STUDIES CONCENTRATION IN THE LAW POLICY AND POLICY AND POLITICAL SCIENCE DEGREE EARNED A FAVORABLE AMERICAN BAR ASSOCIATION RECOMMENDED APPROVAL.THE COLLEGE OF TECHNOLOGY LAUNCHED A NEW MASTER OF SCIENCE IN COMPUTER SCIENCE PROGRAM WITH AN INAUGURAL COHORT OF 25 STUDENTS. WE ARE ESPECIALLY COMMITTED TO CARING FOR OUR STUDENTS AS CUSTOMERS AND PARTNERS AS SUCH THE UNIVERSITY SERVED A TOTAL OF 18,982 STUDENTS INCLUDING 12,265 UNDERGRADUATE, 6,017 GRADUATE, 654 DOCTORAL STUDENTS, AND 46 SCHOOL OF LAW STUDENTS DURING FISCAL 2025. THE UNIVERSITY AWARDED 3,972 TOTAL DEGREES, INCLUDING 1,703 UNDERGRADUATE, 2,106 GRADUATE AND 163 DOCTORAL DEGREES DURING FISCAL 2025. 106159867 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 1 258 0 1 2030 1 0 0 0 0 0 1 1 0 0 0 0 1 0 X 16 13 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD ID SC X LLOYD A RICKETTS SENIOR VICE PRESIDENT & CFO 3023566915 320 NORTH DUPONT HIGHWAY NEW CASTLE DE 19720 ROBERT C COLE JR TRUSTEE 1.00 0.00 X 0 0 0 ALAN D ELLINGSWORTH TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL J FARNAN TRUSTEE 1.00 0.00 X 0 0 0 LARRY D GEHRKE TRUSTEE 1.00 0.00 X 0 0 0 MARIAM KOOHDARY TRUSTEE (AS OF 2/1/25) 1.00 0.00 X 0 0 0 DAVID F MARVIN TRUSTEE 1.00 0.00 X 0 0 0 LAWRENCE H MILLER TRUSTEE 1.00 0.00 X 0 0 0 EDMUND PRIBITKIN TRUSTEE 1.00 0.00 X 0 0 0 JOHN J RAY III TRUSTEE 1.00 0.00 X 0 0 0 DANA P ROBINSON TRUSTEE 1.00 0.00 X 0 0 0 SUE L ROBINSON TRUSTEE 1.00 0.00 X 0 0 0 ALLEN L SAMUELS TRUSTEE 1.00 0.00 X 0 0 0 TRACY T WOODSON TRUSTEE 1.00 0.00 X 0 0 0 MELISSA A ZEBLEY TRUSTEE 1.00 0.00 X 0 0 0 JOSEPH J FARNAN JR CHAIRMAN 1.00 0.00 X X 0 0 0 THOMAS E LEIPOLD VICE CHAIRMAN 1.00 0.00 X X 0 0 0 LAVERNE T HARMON PRESIDENT 40.00 0.00 X 1352188 0 62079 LLOYD RICKETTS SR. VICE PRESIDENT, CFO & TREASURER 40.00 0.00 X 597481 0 70420 ERIN J DIMARCO SR. VICE PRESIDENT & COO 40.00 0.00 X 661182 0 85846 DENISE WELLS VICE PRESIDENT 40.00 0.00 X 285247 0 42020 HEATHER O'CONNELL VICE PRESIDENT (THRU 2/29/24) 40.00 0.00 X 2360641 0 23822 JAMES WILSON JR PROFESSOR 40.00 0.00 X 442728 0 116992 PHILLIP CLOSIUS DEAN 40.00 0.00 X 532336 0 64953 CHRISTIAN TROWBRIDGE VICE PRESIDENT 40.00 0.00 X 435817 0 26737 JACQUELINE VARSALONA VICE PRESIDENT 40.00 0.00 X 406785 0 39228 CAROLE D PITCHER FORMER VICE PRESIDENT 0.00 0.00 X 592858 0 0 7667263 0 532097 155 1 1 0 FREEDOM MECHANICAL INC 48 AUSTINS WAY ELKTON MD 21921 MECHANICAL CONTRACTOR 625708 FEARN-CLENDANIEL ARCHITECTS INC 6 LARCH AVENUE SUITE 398 WILMINGTON DE 19804 ARCHITECTUAL 479623 BARNES & THORNBURG LLP 11 SOUTH MERIDIAN INDIANAPOLIS IN 46204 LEGAL & PROFESSIONAL SERVICES 297881 SHURE-LINE ELECTRIC INC 100 ARTISAN DRIVE SMYRNA DE 19977 ELECTRICAL SERVICES 223075 JC CONTRACTORS LLC 318 WHITE PINE DRIVE MIDDLETOWN DE 19709 REMODELING AND REPAIRS 208177 10 42550 14797255 694229 52547 15534034 TUITION AND FEES 611310 114701020 114701020 SALES OF AUXILIARY SVCS 611310 3755823 3755823 ATHLETICS 900099 176623 176623 118633466 9098238 9098238 900 0 900 900 900 7353413 5634360 6765643 7229819 587770 -1595459 -1007689 -1007689 136965 42550 103100 33865 33865 PELL ALLOWANCE 900099 15645 15645 SETTLEMENT INCOME 900099 8426 8426 VENDING INCOME 900099 8005 8005 32768 32768 64844 142357658 114877643 0 11945981 308345 308345 21056439 21056439 3318240 384656 2933584 816549 816549 64746989 55595199 8876480 275310 2521393 1984513 522729 14151 7193245 5570796 1546171 76278 4735806 4047549 667196 21061 250727 250727 127319 127319 67000 67000 199663 199663 2949324 1574624 1374700 3059718 2916721 142997 3650733 1429544 2221189 4422888 3392043 1030845 4469847 959808 3510039 1117573 1034643 82930 525427 282653 242774 3755939 2373547 1382392 869968 869968 AUXILIARY ENTERPRISES 3139140 3139140 STUDENT ACTIVITIES 989546 989546 COMMENCEMENT 743813 743813 LIBRARY MEDIA 690413 690413 311111 8466 302645 136037155 106159867 29490488 386800 21619 22023 91221044 58286938 522851 1153335 15484001 19306617 100000 100000 268201 254877 2454709 4167392 180656131 63872012 92085957 116784119 168808914 184152001 632077 647037 371599373 384874339 11821027 15882714 6868213 5714293 44639997 44580504 4470378 379818 143731 68179433 66321242 X 301096639 317042579 2323301 1510518 303419940 318553097 371599373 384874339 X 6320503 8821083 -8429 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 67000 0 0 67000 0 PART II-B, LINE 1: WILMINGTON UNIVERSITY, INC. HAS RETAINED THE SERVICES OF LAIRD STABLER & ASSOCIATES, LLC OF MONTCHANIN, DELAWARE AND PRINCETON PUBLIC AFFAIRS GROUP OF TRENTON, NEW JERSEY FOR THE PURPOSE OF MONITORING AND INFORMING THE UNIVERSITY OF STATE LEGISLATIVE ACTIONS THAT MAY IMPACT THE UNIVERSITY. THE TOTAL EXPENSE INCURRED IN CONNECTION WITH THIS ACTIVITY WAS $27,000 TO LAIRD STABLER & ASSOCIATES, $40,000 TO PRINCETON PUBLIC AFFAIRS GROUP. 168243172 15183277 569 183425880 164474609 2750 3765813 168243172 155137083 2500 9335026 164474609 159778975 3007370 -7649262 155137083 119991912 2006825 37780238 159778975 1.00000 0.00000 0.00000 0 0 20807249 20807249 81424434 38004744 43419690 26616924 22978351 3638573 51807524 2888917 48918607 116784119 RIGHT OF USE LIABILITY 143731 143731 X 137078329 8821083 -8429 8812654 128265675 199663 13892320 14091983 142357658 121945172 0 121945172 199663 13892320 14091983 136037155 PART V, LINE 4: THE INTENDED USE OF THE UNIVERSITY'S ENDOWMENT FUNDS ARE TO SUPPORT THE UNIVERSITY'S MISSION ON AN AS NEEDED BASIS. PART X, LINE 2: FOR THE YEARS ENDED JUNE 30, 2025 AND 2024, THE UNIVERSITY HAS DETERMINED IT DID NOT HAVE A MATERIAL TAX LIABILITY FOR UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: PENSION ADJUSTMENT -8,429. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON FINANCIAL STATEMENTS 13,995,420. FUNDRAISING EVENT EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -103,100. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON FINANCIAL STATEMENTS 13,995,420. FUNDRAISING EVENT EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -103,100. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE UNIVERSITY PUBLISHES ITS ANNUAL NOTICE OF NON-DISCRIMINATION ON ITS WEBSITE. SCHEDULE E, PART I, LINE 6 WILMINGTON UNIVERSITY RECEIVES FUNDS ON BEHALF OF STUDENTS FROM VARIOUS FEDERAL ANGENCIES UNDER THEIR RESPECTIVE STUDENT FINANCIAL AID ASSISTANCE PROGRAMS. FEDERAL PROGRAMS INCLUDE, THE PELL GRANT PROGRAM, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT (SEOG), FEDERAL-WORK STUDY (FWS) PROGRAM, FEDERAL DIRECT STUDENT LOAN PROGRAMS AND TEACHER EDUCATION ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION (TEACH) PROGRAM. THESE PROGRAMS ALLOW NUMEROUS STUDENTS TO ATTEND THE UNIVERSITY AT A LOW COST OF ATTENDANCE. SOUTH ASIA 0 7 RECRUITING 181764 EAST ASIA AND THE PACIFIC 0 2 RECRUITING 92295 0 9 0 0 0 9 274059 0 274059 0 0 0 0 0 0 GREEN & WHITE GALA 96900 26350 70550 14666 11164 19590 20463 GOLF CLASSIC 82615 16200 66415 24950 4042 1000 7225 179515 42550 136965 39616 15206 20590 27688 103100 33865 1 BOYS & GIRLS CLUB OF DELAWARE 669 S UNION STREET WILMINGTON DE 19805 510068712 501C3 8480 0 SPONSORSHIP OF GOLF CLASSIC AND YOUTH OF THE YEAR EVENT DELAWARE STATE CHAMBER OF COMMERCE PO BOX 671 WILMINGTON DE 19899 510007780 501C3 15670 0 SPONSORSHIP OF VARIOUS EVENTS DELAWARE TECHNICAL & COMMUNITY COLLEGE PO BOX 897 DOVER DE 19903 510246178 501C3 5500 0 SPONSORSHIP OF VARIOUS EVENTS DUFFY'S HOPE 100 WEST 10TH STREET SUITE 9 WILMINGTON DE 19801 061652976 501C3 5700 0 SPONSORSHIP OF VARIOUS EVENTS EASTER SEALS 61 CORPORATE CIRCLE NEW CASTLE DE 19720 510066728 501C3 5200 0 DONATION GRAND OPERA HOUSE 818 N MARKET STREET WILMINGTON DE 19801 510116569 501C3 13000 0 SPONSORSHIP OF ANNUAL GALA AND GOLF CLASSIC JUNIOR ACHIEVEMENT OF DE INC 522 WALNUT STREET WILMINGTON DE 19801 510078199 501C3 8000 0 SPONSORSHIP OF VARIOUS EVENTS NEW CASTLE CHAMBER OF COMMERCE 920 JUSTISON STREET WILMINGTON DE 19801 510098307 501C3 13750 0 SPONSORSHIP OF VARIOUS EVENTS PENN ACRES SWIM CLUB INC PO BOX 694 NEW CASTLE DE 19720 510097316 501C7 12500 0 DONATION RONALD MCDONALD HOUSE 1901 ROCKLAND ROAD WILMINGTON DE 19803 510295320 501C3 6000 0 SPONSORSHIP OF 5K SERIES AND WINE WOMEN & SHOES EVENT THE MARY CAMPBELL CENTER 4641 WELDIN ROAD WILMINGTON DE 19803 237089122 501C3 6000 0 SPONSORSHIP OF GOLF INVITATIONAL WILMINGTON BLUE ROCKS LP 801 SHIPYARD DRIVE WILMINGTON DE 19801 510344185 501C3 8000 0 SPONSORSHIP OF THE 2025 SEASON ZIP CODE WILMINGTON INC 1007 N ORANGE STREET FLOOR FOUR WILMINGTON DE 19801 473853334 501C3 5500 0 10TH ANNIVERSARY INNOVATION SPONSOR 12 1 FEDERAL FINANCIAL AID (PELL, SEOG, & TEACH) 3041 14587920 UNIVERSITY FUNDED & DONOR DESIGNATED SCHOLARSHIPS 2722 6468519 BOOK CREDIT TO STUDENT ACCOUNTS PART I, LINE 2: THE UNIVERSITY'S PROCEDURES FOR MONITORING THE USE OF SCHOLARSHIPS AND FEDERAL FINANCIAL AID AWARDED TO STUDENTS ARE BASED UPON GUIDELINES PROVIDED BY THE U.S. DEPARTMENT OF EDUCATION. 1 X X X X X 1 1 0 0 0 0 0 1 0 HEATHER O'CONNELL VICE PRESIDENT (THRU 2/29/24) 60359 0 206360 0 2093922 0 15418 0 8404 0 2384463 0 1141049 0 LAVERNE T HARMON PRESIDENT 618261 0 715600 0 18327 0 20700 0 41379 0 1414267 0 0 0 ERIN J DIMARCO SR. VICE PRESIDENT & COO 376227 0 275040 0 9915 0 42848 0 42998 0 747028 0 0 0 LLOYD RICKETTS SR. VICE PRESIDENT, CFO & TREASURER 347263 0 240000 0 10218 0 34921 0 35499 0 667901 0 0 0 PHILLIP CLOSIUS DEAN 379278 0 140000 0 13058 0 20700 0 44253 0 597289 0 0 0 CAROLE D PITCHER FORMER VICE PRESIDENT 0 0 0 0 592858 0 0 0 0 0 592858 0 0 0 JAMES WILSON JR PROFESSOR 273098 0 158100 0 11530 0 78803 0 38189 0 559720 0 0 0 CHRISTIAN TROWBRIDGE VICE PRESIDENT 284068 0 143640 0 8109 0 25145 0 1592 0 462554 0 0 0 JACQUELINE VARSALONA VICE PRESIDENT 253078 0 143640 0 10067 0 23636 0 15592 0 446013 0 0 0 DENISE WELLS VICE PRESIDENT 221998 0 50000 0 13249 0 13875 0 28145 0 327267 0 0 0 PART I, LINES 4A-B CAROLE PITCHER, FORMER VICE PRESIDENT AND HEATHER O'CONNELL, VICE PRESIDENT RECEIVED A SEVERANCE PAYMENT OF $409,300 AND $340,000, RESPECTIVELY DURING CALENDAR YEAR 2024 REPORTED IN COL. B(III) OF SCHEDULE J. EFFECTIVE JULY 1, 2003, THE UNIVERSITY ADOPTED THE SUPPLEMENTAL RETENTION AND RETIREMENT PLAN (SERRP), AN UNFUNDED DEFINED BENEFIT RETIREMENT PLAN FOR SENIOR EXECUTIVES. THE PURPOSE OF THE PLAN IS TO REWARD PERFORMANCE, LOYALTY AND CONTINUOUS SERVICE OF THOSE INDIVIDUALS SELECTED AS PARTICIPANTS IN THE PLAN. UNDER THE TERMS OF THE PLAN, THE UNIVERSITY WILL PAY PARTICIPANTS THE LUMP SUM EQUIVALENT VALUE OF A LIFE ANNUITY PAYING 60% OF THE AVERAGE OF THE PARTICIPANT'S THREE FINAL CALENDAR YEARS OF BASE SALARY AND ANNUAL INCENTIVE COMPENSATION. THE BENEFIT IS OFFSET FOR EMPLOYER CONTRIBUTIONS (AND RELATED EARNINGS) TO THE 403(B) SAVINGS PLAN AS WELL AS THE EMPLOYER-PROVIDED PORTION OF SOCIAL SECURITY. SERRP BENEFITS VEST UPON A PARTICIPANT ATTAINING AGE 65 WITH 25 YEARS OF SERVICE. ANY PARTICIPANT WHO LEAVES THE SERVICE OF THE UNIVERSITY BEFORE REACHING BOTH OF THESE MILESTONES IS NOT ELIGIBLE TO RECEIVE A BENEFIT FROM THE PLAN. EFFECTIVE DECEMBER 31, 2014, THE ACTUARIAL EQUIVALENT LUMP SUM BENEFIT PAYABLE AT AGE 65 WAS SET AT A FIXED AMOUNT. WHILE THE CHANGE IN THE PRESENT VALUE INCLUDES CHANGES IN THE DISCOUNT RATE USED FOR ACCOUNTING PURPOSES, THE ACTUAL LUMP SUM IS BASED ON A FIXED INTEREST RATE OF 6%. THE AMOUNTS REPORTED IN THIS FORM 990 REPRESENT THE INCREASE/(DECREASE) IN THE PRESENT VALUE OF THE ACCRUED BENEFIT (WITHOUT REGARD TO VESTING). THE NET INCREASE/(DECREASE) IN THE PRESENT VALUE OF THE ACCRUED BENEFIT BY PARTICIPANTS INCLUDED ON SCHEDULE J IS: ERIN DIMARCO, $4,172, AND JAMES WILSON, JR. $52,790. HEATHER O'CONNELL PARTICIPATED IN THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AND RECEIVED $1,531,758 DURING CALENDAR YEAR 2024. THIS AMOUNT WAS THE FULL AND FINAL LUMP SUM BENEFIT PAYMENT THAT HAD BEEN ACCRUED AND THE VESTED AMOUNT IS REPORTED IN COL. B(III). PART I, LINE 7 THE UNIVERSITY PROVIDES BONUSES TO THE INDIVIDUALS LISTED ON SCHEDULE J. IT UTILIZES A NUMBER OF PERFORMANCE OBJECTIVES TO DETERMINE THE BONUS AMOUNTS. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES MEETS TO SPECIFICALLY DISCUSS EXECUTIVE BONUS AMOUNTS. THE COMMITTEE UTILIZES AN INDEPENDENT COMPENSATION CONSULTANT THAT PROVIDES INFORMATION FROM A VARIETY OF COMPENSATION STUDIES AND SURVEYS INCLUDING 990'S. THE COMMITTEE FOLLOWED THE PROCESS TO ESTABLISH THE PRESUMPTION THAT COMPENSATION PAID TO THE ORGANIZATION'S PRESIDENT AND OTHER TOP MANAGEMENT FOR PURPOSES OF SECTION 4958 BY RELYING ON PROFESSIONAL ADVICE IN THE WRITTEN OPINION OF REASONABLENESS FROM THE INDEPENDENT COMPENSATION CONSULTANT. ONCE ALL OF THIS INFORMATION IS GATHERED AND REVIEWED, THE COMMITTEE APPROVES THE BONUS FOR EACH EXECUTIVE. ALL COMPENSATION, INCLUDING COMPENSATION COMMITTEE APPROVED BONUSES, ARE REPORTED TO THE FULL BOARD OF TRUSTEES. A THE DELAWARE ECONOMIC DEVELOPMENT AUTHORITY 510269736 2023-05-25 45000000 SEE PART VI 0 0 0 A 45000000 142110 38991177 225000 5641713 0 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 0 0 0 0 1 A 1 PART I, COLUMN F, DESCRIPTION OF PURPOSE: REVENUE BOND (WILMINGTON UNIVERSITY PROJECT) SERIES 2023. TO PARTIALLY FINANCE THE EXPANSION OF ITS BRANDYWINE CAMPUS THAT INCLUDES CONSTRUCTION OF THREE-STORY LAW SCHOOL BUILDING AND TWO-STORY CONVOCATION CENTER BUILDING. LAVERNE HARMON EMPLOYEE SPLIT DOLLAR LIFE POLICY X 75000 100000 0 1 1 100000 LAURA MORRIS FAMILY MEMBER OF TRUSTEE, THOMAS E. LEIPOLD. 158895 EMPLOYMENT 0 ROBERT MILLER FAMILY MEMBER OF TRUSTEE, LAWRENCE H. MILLER 264068 EMPLOYMENT 0 LUCIA NEMETH FAMILY MEMBER OF TRUSTEE, DANA P. ROBINSON 159684 EMPLOYMENT 0 JESSICA MILLER FAMILY MEMBER OF TRUSTEE, LAWRENCE H. MILLER 21849 EMPLOYMENT 0 TYLER WELLS FAMILY MEMBER OF KEY EMPLOYEE, DENISE WELLS 212052 EMPLOYMENT 0 X 3 52547 FMV 0 0 0 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS IS BASED ON THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 2 JOSEPH J. FARNAN, JR, TRUSTEE AND MICHAEL J. FARNAN, TRUSTEE HAVE A FAMILIAL RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED AND REVIEWED BY AN EXTERNAL ACCOUNTING FIRM. FOLLOWING THIS EXTERNAL REVIEW, THE UNIVERSITY'S CFO, PRESIDENT, AND FINANCE & AUDIT COMMITTEE CONDUCT THE INTERNAL REVIEW. SUBSEQUENTLY, A COPY OF THE FORM 990 IS DISTRIBUTED TO EACH BOARD MEMBER FOR REVIEW BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE UNIVERSITY'S CONFLICTS OF INTEREST POLICY APPLIES TO ALL MEMBERS OF THE GOVERNING BODY, OFFICERS, AND KEY EMPLOYEES. POTENTIAL CONFLICTS ARE IDENTIFIED THROUGH ANNUAL DISCLOSURES AND AS SITUATIONS ARISE. DETERMINATIONS OF WHETHER A CONFLICT EXISTS ARE MADE BY MANAGEMENT, AND ACTUAL CONFLICTS ARE REVIEWED BY THE GOVERNING BODY OR A DESIGNATED BOARD COMMITTEE. INDIVIDUALS WITH A CONFLICT ARE PROHIBITED FROM PARTICIPATING IN DELIBERATIONS AND DECISIONS RELATED TO THE MATTER AND MAY BE ASKED TO RECUSE THEMSELVES FROM MEETINGS DURING THOSE DISCUSSIONS. THE ORGANIZATION PERIODICALLY REVIEWS COMPLIANCE AND MAINTAINS PROCEDURES TO ADDRESS AND RESOLVE ANY IDENTIFIED CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION FOR THE ORGANIZATION'S PRESIDENT AND OTHER TOP MANAGEMENT IS MODELED AFTER THE REQUIREMENTS IN INTERNAL REVENUE CODE 4958 TO ESTABLISH THE PRESUMPTION OF REASONABLE COMPENSATION. THE BOARD OF TRUSTEES DELEGATES THE AUTHORITY TO REVIEW AND APPROVE THE PRESIDENTS AND OTHER TOP MANAGEMENTS COMPENSATION TO A COMPENSATION COMMITTEE (THE COMMITTEE). THE COMMITTEE IS COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD OF TRUSTEES AND MEETS AT LEAST TWICE A YEAR. BY ENGAGING AN INDEPENDENT COMPENSATION CONSULTANT, THE COMMITTEE CONSIDERED COMPARABLE MARKET DATA FROM PUBLISHED SURVEYS AND FORM 990 OF COMPARABLE ORGANIZATIONS IN EVALUATING THE COMPENSATION FOR EACH INDIVIDUAL. THE COMMITTEE CONDUCTED A REVIEW OF THIS COMPARABILITY DATA AND DOCUMENTED ITS DELIBERATION AND DISCUSSION IN MINUTES THAT ARE RETAINED WITH OTHER GOVERANCE MATERIALS OF THE ORGANIZATION. THE COMMITTEE FOLLOWED THE PROCESS TO ESTABLISH THE PRESUMPTION THAT COMPENSATION PAID TO THE ORGANIZATION'S PRESIDENT AND OTHER TOP MANAGEMENT FOR PURPOSES OF SECTION 4958 BY RELYING ON PROFESSIONAL ADVICE IN THE WRITTEN OPINION OF REASONABLENESS FROM THE INDEPENDENT COMPENSATION CONSULTANT. THE COMMITTEE INFORMS THE BOARD OF ITS DECISIONS AT THE NEXT BOARD MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY PROVIDES GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS, AND FORM 990 WITHOUT SCHEDULE B UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: PENSION RELATED CHANGES -8,429. FORM 990, PART XII, LINE 2C, PROCESS FOR OVERSIGHT OF THE AUDIT: THE PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.