2026-04-13T09:33:49-05:00 2025-05-31 410746749 CLIFTONLARSONALLEN LLP 121 SOUTH TEJON STREET SUITE 1100 COLORADO SPRINGS CO 80903 990 2024-06-01 411607453 MINNEAPOLIS COLLEGE OF ART AND DESIGN MINN 6128743700 2501 STEVENS AVENUE MINNEAPOLIS MN 55404 MARY ALMA NOONAN CFO - VP 6128743700 2026-04-12 1 0 SARAH HINTZ P00492291 7196350330 2026-04-12 2024 2025-03-06 01:10:19Z GWENDOLYN FREED 2501 STEVENS AVENUE MINNEAPOLIS MN 55404 48345106 0 X WWW.MCAD.EDU X 1988 MN EMBOLDEN CREATIVE LEADERS TO TRANSFORM SOCIETY THROUGH EQUITY, EMPATHY, & IMAGINATION. 26 25 781 40 0 0 3150608 2119088 36101314 38811523 4085550 -812627 2491756 467494 45829228 40585478 16276209 17837086 0 0 16985199 17796150 0 0 735425 11037836 10871735 44299244 46504971 1529984 -5919493 109062799 108484637 29028070 26810482 80034729 81674155 X MCAD PROVIDES A TRANSFORMATIVE EDUCATION WITHIN A COMMUNITY OF SUPPORT FOR CREATIVE STUDENTS OF ALL BACKGROUNDS TO WORK, COLLABORATE, AND LEAD WITH CONFIDENCE IN A DYNAMIC, INTERCONNECTED WORLD. 0 0 37525203 17837086 38883147 MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE BY EDUCATING INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED GLOBAL CITIZENS. WITH A CURRICULUM THAT IS BASED ON THE BELIEF THAT TO BECOME A PROFESSIONAL ARTIST, DESIGNER, OR VISUALIZER, ONE MUST STUDY THEORY, SKILL, FORM, AND CONTENT, ALL MCAD PROGRAMS CENTER ON THE DEVELOPMENT OF STUDIO AND PROFESSIONAL SKILLS THAT ENCOURAGE STUDENTS TO THINK CONCEPTUALLY, FORMULATE CREATIVE SOLUTIONS, AND MAKE ART. ALL MCAD PROGRAMS CHALLENGE STUDENTS TO PROGRESS TO THE HIGHEST LEVELS OF ARTISTIC EXPRESSION AND INTELLECTUAL INVESTIGATION.MCAD'S FOUR-YEAR CURRICULUM INTEGRATES THE LIBERAL ARTS INTO EIGHT BACHELOR OF FINE ARTS DEGREE MAJORS IN ANIMATION, COMIC ART, CREATIVE WRITING, FINE ARTS, GRAPHIC DESIGN, MEDIA ARTS, ILLUSTRATION, AND PRODUCT AND FURNITURE DESIGN, PLUS A FOUR-YEAR BACHELOR OF SCIENCE DEGREE PROGRAM IN CREATIVE ENTREPRENEURSHIP. STUDENTS CAN MINOR IN ADVERTISING, ANIMATION, ART HISTORY, COMIC ART, CREATIVE WRITING, CURATORIAL STUDIES, ENGAGED AND PUBLIC ARTS, ENTREPRENEURSHIP, EXPERIMENTAL GAMES, GRAPHIC DESIGN, ILLUSTRATION, PRINT PAPER BOOK, SOUND, AND TEACHING ARTS.ADVANCED DEGREES OFFERED AT MCAD INCLUDE A TWO-YEAR MASTER OF FINE ARTS DEGREE PROGRAM IN VISUAL STUDIES; A 30-CREDIT ONLINE MASTER OF ARTS DEGREE PROGRAM IN SUSTAINABLE DESIGN; A 30-CREDIT ONLINE MASTER OF ARTS DEGREE PROGRAM IN GRAPHIC AND WEB DESIGN; AND A FIFTEEN-MONTH ONLINE/LOW-RESIDENCY MASTER OF ARTS DEGREE PROGRAM IN CREATIVE LEADERSHIP. MCAD ALSO OFFERS EDUCATIONAL OPPORTUNITIES TO THE GENERAL PUBLIC THROUGH ITS CONTINUING EDUCATION, ONLINE LEARNING, AND EXHIBITION PROGRAMS.IN 2023, MCAD EXPANDED ITS CAMPUS BY ACQUIRING A BUILDING ADJACENT TO THE CAMPUS TO EXPAND STUDENT HOUSING CAPACITY. MCAD NOW REQUIRES ON CAMPUS RESIDENCY FOR FIRST- AND SECOND-YEAR STUDENTS THAT IMPROVES THE STUDENT EXPERIENCE AND SENSE OF COMMUNITY. THE PEER MENTOR PROGRAM WAS UPDATED TO INCLUDE MORE ROBUST TRAINING FOR THE MENTORS AS WELL AS MORE STRUCTURE AROUND EVENTS, BRINGING FIRST YEAR STUDENTS TOGETHER. AS THE FOUNDATIONS CORE CURRICULUM CONTINUES TO EVOLVE, ALONG WITH THE RESIDENCY REQUIREMENT AND THE IMPROVED PEER MENTOR PROGRAM, THERE HAS BEEN A CLEAR POSITIVE IMPACT ON FIRST YEAR RETENTION AND OVERALL STUDENT SUCCESS. 37525203 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 1320 0 1 781 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 26 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MN X MARY ALMA NOONAN 6128743700 2501 STEVENS AVENUE MINNEAPOLIS MN 55404 SANJIT SETHI PRESIDENT 40.00 X X 378491 0 24651 CHRIS BARRY CO-CHAIR 3.00 X X 0 0 0 ME MARTHA KIRWAN CO-CHAIR 3.00 X X 0 0 0 KRISTINE ANDERSON TRUSTEE 1.00 X 0 0 0 KOBBY APPIAH TRUSTEE 1.00 X 0 0 0 LAURA AUSTRIAN TRUSTEE 1.00 X 0 0 0 BRUCE BEAN LIFE TRUSTEE 1.00 X 0 0 0 SUSAN CALMENSON LIFE TRUSTEE 1.00 X 0 0 0 MARTHA DAYTON TRUSTEE 1.00 X 0 0 0 CY DECOSSE '52 LIFE TRUSTEE 1.00 X 0 0 0 TARA DEV TRUSTEE 1.00 X 0 0 0 ELLIOT FELIX TRUSTEE 1.00 X 0 0 0 JEAN FREEMAN TRUSTEE 1.00 X 0 0 0 GREG HOFFMAN '92 TRUSTEE 1.00 X 0 0 0 WIN HORNIG TRUSTEE 1.00 X 0 0 0 HEATHER MATTERA TRUSTEE 1.00 X 0 0 0 BATALIA MCFARLANE TRUSTEE 1.00 X 0 0 0 GREG MCGEE TRUSTEE 1.00 X 0 0 0 CLINTON H MORRISON LIFE TRUSTEE 1.00 X 0 0 0 MARION PARKE TRUSTEE 1.00 X 0 0 0 MARK D PIHLSTROM IMMEDIATE PAST CHAIR 1.00 X 0 0 0 KENNETH PIPER TRUSTEE 1.00 X 0 0 0 NEIL TULI TRUSTEE 1.00 X 0 0 0 ROSEMARY UGBOAJAH TRUSTEE 1.00 X 0 0 0 GREG VAN BELLINGER TRUSTEE 1.00 X 0 0 0 HUNTER PALMER WRIGHT IMMEDIATE PAST CHAIR 1.00 X 0 0 0 MARY ALMA NOONAN CFO 40.00 X 177734 0 22193 ROBERT RANSICK VP OF ACADEMIC AFFAIRS 40.00 X 158796 0 38444 MELISSA HUYBRECHT VP OF ENROLLMENT MANAGEMENT 40.00 X 146187 0 8040 JENNIFER ZUCCOLA VP OF STUDENT AFFAIRS 40.00 X 128677 0 25117 MATTHEW HOBAN AVP TECHNOLOGY 40.00 X 119987 0 12574 ANNIE CLEVELAND VP OF COMMUNICATIONS 40.00 X 135168 0 43176 PAULA ANDERSON AVP OF FACILITIES 40.00 X 113193 0 11030 1358233 0 185225 12 0 1 0 ALERUS PO BOX 6001 GRAND FORKS ND 58206 FINANCIAL SERVICES 2002410 SELA ROOFING 4521 MN-7 SUITE A ST LOUIS PARK MN 55416 CONTRACT ROOFING SERVICES 1620075 AMERICAN FOOD & VENDING 124 METROPOLITAN PARK DRIVE SYRACUSE NY 13088 FOOD SERVICES 1201268 TIAA-CREF PO BOX 1259 CHARLOTTE NC 28201 FINANCIAL SERVICES 969030 COMPUTERSHARE TRUST COMPANY NA 1505 ENERGY PARK DRIVE SAINT PAUL MN 551085229 FINANCIAL SERVICES 828908 18 165491 1039853 913744 33430 2119088 TUITION 611710 34273430 34273430 HOUSING RENTAL INCOME 532000 3412671 3412671 AUXILIARY SERVICES 611710 1125422 1125422 38811523 564701 564701 4313360 533200 5634888 589000 -1321528 -55800 -1377328 -1377328 813651 165491 740667 72984 72984 866697 795073 71624 71624 MISCELLANEOUS INCOME 900099 322886 322886 322886 40585478 38883147 0 -416757 17837086 17837086 818602 818602 13847639 11798132 1674218 375289 456701 372116 72667 11918 1626582 1242200 344597 39785 1046626 786207 235238 25181 163348 163348 121599 121599 53434 53434 2551002 1980435 356434 214133 159366 127835 30112 1419 494994 356059 138935 1106520 799432 278228 28860 1706475 1611164 95311 246720 219919 23387 3414 36401 28698 6552 1151 1136397 1136397 2035735 2035735 437116 437116 DUES AND SUBSCRIPTIONS 213271 44856 162420 5995 EQUIPMENT REPAIR AND PU 184901 118540 47445 18916 CLASSROOM MATERIALS/ART 126964 126964 MISCELLANEOUS 95735 73803 12568 9364 1757 1757 46504971 37525203 8244343 735425 78086 64460 2381443 715195 1102867 666149 918717 1175342 91201 92845 174554 161826 332052 461624 66751065 27407445 39848571 39343620 54789627 56742224 8127199 8576976 1218482 484376 109062799 108484637 2841988 2996078 165809 108710 790916 302499 21473000 20219166 3134153 2710000 622204 474029 29028070 26810482 X 34676623 34941593 45358106 46732562 80034729 81674155 109062799 108484637 X -5919493 7109273 449646 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 0 0 1 122362 122362 0 PART II-B, LINE 1: THE MINNEAPOLIS COLLEGE OF ART AND DESIGN IS A MEMBER OF MINNESOTA PRIVATE COLLEGE COUNCIL (MPCC), AN ORGANIZATION DESCRIBED IN SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. MPCC IS AN ASSOCIATION OF PRIVATE NON PROFIT INSTITUTIONS OF HIGHER EDUCATION THAT SERVES A VARIETY OF MEMBERS' SHARED NEEDS. INCLUDING, BUT NOT ONLY, NONPARTISAN AND NON-ELECTORAL ADVOCACY FOR PUBLIC POLICY THAT MEETS STUDENTS' NEEDS AND ADVANCES THE INTERESTS OF PRIVATE HIGHER EDUCATION. THE MINNEAPOLIS COLLEGE OF ART AND DESIGN PAID MEMBERSHIP DUES OF $122,362 TO MPCC DURING THE FISCAL YEAR. A PORTION OF THIS AMOUNT, BUT NOT ALL OF IT SUPPORTED ATTEMPTS TO INFLUENCE LEGISLATION WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("LOBBYING"). THE AMOUNT OF LOBBYING EXPENSES PAID FROM THE MINNEAPOLIS COLLEGE OF ART AND DESIGN'S DUES WAS SIGNIFICANTLY LESS THAN THAT AMOUNT. 57981930 351675 5891210 2891158 61333657 50555286 438920 9993571 3005847 57981930 55064844 384253 -69221 971384 3743935 109271 50555286 62933118 497253 -5438280 1987003 940244 55064844 53301344 296062 12205515 1944895 924908 62933118 0.27192 0.72808 0.00000 1 0 1445005 1445005 59901423 23454227 36447196 5392137 3953218 1438919 12500 12500 39343620 BENEFICIAL INTEREST IN PERPENTUAL T 8576976 F 8576976 LEASE LIABILITY 48336 DEPOSITS 425693 474029 X 31789617 7109273 1985386 9094659 22694958 53434 17837086 17890520 40585478 30150191 1535740 1535740 28614451 53434 17837086 17890520 46504971 PART V, LINE 4: MCAD'S ENDOWMENT CONSISTS OF APPROXIMATELY 150 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT PROVIDES SCHOLARSHIPS TO STUDENTS AND GRANTS FOR DEPARTMENTAL NEEDS. PART X, LINE 2: THE INTERNAL REVENUE SERVICE (IRS) HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2025 AND 2024. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 449,646. FUNDRAISING EXPENSES 740,667. COST OF GOODS SOLD 795,073. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 17,837,086. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 740,667. COST OF GOODS SOLD 795,073. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 17,837,086. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 MCAD PUBLISHES ITS NON-DISCRIMINATION POLICY AS STATED ON THE ONLINE APPLICATION. IT READS: "THE MINNEAPOLIS COLLEGE OF ART AND DESIGN DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, OR ETHNIC ORIGIN IN ITS ADMISSIONS OR EDUCATIONAL POLICIES, IN SCHOLARSHIPS, FINANCIAL AID, OR LOAN PROGRAMS, IN EMPLOYMENT, OR IN ACCORDING THE RIGHTS, PRIVILEGES AND ACTIVITIES GENERALLY MADE AVAILABLE AT THIS EDUCATIONAL INSTITUTION." MCAD ALSO PUBLISHES ITS NONDISCRIMINATORY POLICY ON THE HOMEPAGE OF ITS WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE U.S. GOVERNMENT IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS THE FEDERAL PERKINS LOAN PROGRAM, FEDERAL WORK STUDY PROGRAM, PELL GRANT PROGRAM AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM. THE COLLEGE ALSO RECEIVES SUPPORT FROM THE STATE OF MINNESOTA THROUGH THE COLLEGE WORK STUDY PROGRAM AND STATE STUDENT SCHOLARSHIPS AND GRANTS. NOVEMBER ART SALE 717980 27500 690480 39150 610710 MAY ART AUCTION 261162 137991 123171 28056 62751 979142 165491 813651 67206 673461 740667 72984 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 840 17837086 N/A N/A PART I, LINE 2: ALL AID IS AWARDED BASED ON FINANCIAL AID ELIGIBILITY REQUIREMENTS IN THE FINANCIAL AID OFFICE DURING THE AWARD PROCESS. FUNDS ARE DRAWN DOWN BY THE FINANCIAL AID DIRECTOR AND ARE RECONCILED TO THE AWARD BY THE BUSINESS OFFICE CONTROLLER. THE MONEY IS DISBURSED TO THOSE APPLICABLE STUDENTS BY THE BUSINESS OFFICE BURSAR. X X X X 0 0 0 0 0 0 0 0 0 SANJIT SETHI PRESIDENT 377939 0 0 0 552 0 13314 0 11337 0 403142 0 0 0 MARY ALMA NOONAN CFO 177182 0 0 0 552 0 10010 0 12183 0 199927 0 0 0 ROBERT RANSICK VP OF ACADEMIC AFFAIRS 158244 0 0 0 552 0 9669 0 28775 0 197240 0 0 0 ANNIE CLEVELAND VP OF COMMUNICATIONS 134681 0 0 0 487 0 13969 0 29207 0 178344 0 0 0 MELISSA HUYBRECHT VP OF ENROLLMENT MANAGEMENT 145714 0 0 0 473 0 8040 0 0 0 154227 0 0 0 JENNIFER ZUCCOLA VP OF STUDENT AFFAIRS 128247 0 0 0 430 0 7324 0 17793 0 153794 0 0 0 A MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 2022-03-17 1500000 ACQUISITION OF TWO PROPERTIES 0 0 0 B MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 2023-06-01 18373000 ACQUISITION COSTS AND RELATED EXPENSES OF STUDENT HOUSING 0 0 0 C MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 60416HF74 2015-03-26 7974697 REFUNDING SERIES 6K AND 6Z 0 0 0 A 593000 1500000 1409000 91000 2022 0 0 1 1 B 18373000 17108276 1264724 2023 0 0 1 1 C 7149697 7974697 431275 148241 7395181 2015 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 05/13/2019 X 2 12500 FMV X 2 20930 FMV 0 0 0 0 PART I, COLUMN (B): COLUMN (B) IS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF THE CHAIR OR CO-CHAIRS OF THE BOARD, THE VICE-CHAIRS, THE IMMEDIATE PAST CHAIR OR CO-CHAIRS OF THE BOARD, AND THE CHAIR OR CO-CHAIRS OF EACH STANDING COMMITTEE. THE EXECUTIVE COMMITTEE SHALL -TAKE ACTION FOR THE BOARD ON EMERGENCY MATTERS THAT CANNOT OR SHOULD NOT BE DEFERRED TO THE BOARD'S NEXT SCHEDULED MEETING, EXCEPT THAT THE EXECUTIVE COMMITTEE SHALL NOT HAVE THE AUTHORITY TO: (A) ELECT OR REMOVE THE PRESIDENT/CEO; (B) ELECT OR REMOVE A TRUSTEE OR AN OFFICER; (C) CHANGE THE MISSION OR PURPOSES OF MCAD; (D) CHANGE OR AMEND THE ARTICLES OF INCORPORATION OR THE BYLAWS; (E) INCUR ANY INDEBTEDNESS ON BEHALF OF MCAD; (F) SELL OR OTHERWISE TRANSFER ANY ASSETS OF MCAD; (G) ADOPT OR AMEND THE ANNUAL BUDGET OF MCAD; OR (H) CONFER ANY DEGREES. -ASSIST THE PRESIDENT/CEO TO ADDRESS NONESSENTIAL BUSINESS BETWEEN REGULAR MEETINGS OF THE BOARD. -RECOMMEND MATTERS FOR ACTION BY THE BOARD; -REVIEW AND ASSESS THE WORK OF OTHER COMMITTEES; -REVIEW AND ASSESS MCAD'S PLANNING PROCESS AND PLANNING GOALS; AND -ANNUALLY ASSESS THE PRESIDENT/CEO'S PERFORMANCE, AND RECOMMEND TO THE BOARD THE PRESIDENT/CEO'S COMPENSATION AND TERMS OF EMPLOYMENT. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE MCAD AUDIT COMMITTEE AND APPROVED FOR SUBMISSION. A COPY OF FORM 990 WITH ALL SUPPORTING SCHEDULES EXCEPT SCHEDULE B IS PROVIDED TO EACH VOTING MEMBER OF THE GOVERNING BODY AFTER THE RETURN IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND OFFICERS ARE SUBJECT TO THE FOLLOWING PROCESS: INDIVIDUALS WHO DISCLOSE A CONFLICT OF INTEREST MUST LEAVE THE RELEVANT MEETING WHILE A DETERMINATION OF MATERIALITY OF THE CONFLICT IS MADE. IF A CONFLICT IS DETERMINED TO EXIST WITHIN THE SCOPE OF THE POLICY THOSE INDIVIDUALS MAY MAKE A PRESENTATION OF THE PROPOSED TRANSACTION OR ARRANGEMENT BUT THEN MUST LEAVE THE ROOM AND ABSTAIN FROM VOTING ON THE PROPOSED TRANSACTION OR ARRANGEMENT. A TRUSTEE SHALL BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITHIN THE SCOPE OF THE POLICY IF HE OR SHE (1) HAS EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS THAT IMPAIR OR APPEAR TO IMPAIR HIS OR HER INDEPENDENT, UNBIASED JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE; OR (2) IS AWARE THAT A MEMBER OF HIS OR HER FAMILY HAS FINANCIAL OR OTHER INTERESTS THAT WOULD IMPAIR OR APPEAR TO IMPAIR THE TRUSTEE'S INDEPENDENT JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE. FOR THE PURPOSES OF THIS PROVISION, A FAMILY MEMBER IS DEFINED AS A SPOUSE, DOMESTIC PARTNER, PARENT, SIBLING, CHILD, OR ANY OTHER RELATIVE RESIDING IN THE SAME HOUSEHOLD AS THE TRUSTEE. ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICAL TIME. FURTHER, THE TRUSTEE SHALL ABSENT HIMSELF OR HERSELF FROM DISCUSSIONS OF, AND ABSTAIN FROM VOTING ON, SUCH MATTERS UNDER CONSIDERATION BY THE BOARD OF TRUSTEES OR ITS COMMITTEES. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE WITH A CONFLICT OR POSSIBLE CONFLICT ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN AS TO WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THAT THE BOARD OF COMMITTEE RESOLVE THE QUESTION IN HIS OR HER ABSENCE BY MAJORITY VOTE. EACH TRUSTEE SHALL COMPLETE AND SIGN A CONFLICT OF INTEREST DISCLOSURE FORM PROVIDED ANNUALLY BY THE SECRETARY OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S COMPENSATION IS REVIEWED BY THE EXECUTIVE COMMITTEE ANNUALLY. THE EXECUTIVE COMMITTEE COMPARES THE COMPENSATION PROPOSED AGAINST COMPARABLE PRESIDENTS OF SIMILAR INSTITUTIONS. THE PRESIDENT'S CONTRACT WAS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES IN AN EXECUTIVE SESSION DURING THE CURRENT FISCAL YEAR. THE SENIOR DIRECTOR OF HUMAN RESOURCES DETERMINES THE COMPARABILITY DATA USED FOR THE OFFICERS. THE COMPARABILITY DATA AND COMPENSATION PROPOSED IS REVIEWED AND APPROVED BY THE PRESIDENT ANNUALLY. IN ADDITION, A SEARCH COMMITTEE IS CREATED AND/OR A CONTRACTED ORGANIZATION IS HIRED TO PERFORM THE SEARCH, PROVIDING COMPARABILITY DATA ON COMPENSATION AND A FORMAL REVIEW AND RECOMMENDATION. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 449,646. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR.