2026-05-11T10:52:37-05:00 2025-06-30 881478669 CBIZ ADVISORS LLC 1899 L STREET NW 850 WASHINGTON DC 20036 990 2024-07-01 520591421 ST JOHN'S COLLEGE STJO 4102632371 60 COLLEGE AVENUE ANNAPOLIS MD 21401 ALLY GONTANG-HIGHFIELD VP OF FINANCE & OPS, CFO 4106262514 2026-05-11 1 1 AARON FOX P01365820 2022274000 2024 2025-03-06 01:10:19Z J WALTER STERLING 60 COLLEGE AVENUE ANNAPOLIS MD 21401 119878453 0 X WWW.SJC.EDU X 1784 MD TO PROVIDE POST-SECONDARY EDUCATION. 35 32 1008 210 -41096 0 68638739 23249765 49070302 51597910 14225878 43922363 29592 161757 131964511 118931795 20734580 22773471 0 0 35266248 36862468 0 0 4490289 26557043 28117997 82557871 87753936 49406640 31177859 494322668 508831924 53641814 50782860 440680854 458049064 X ST. JOHN'S DISTINCTIVE LIBERAL ARTS CURRICULUM AND EDUCATIONAL PRACTICES HAVE LONG GIVEN IT A HIGHLY RESPECTED PLACE AMONG AMERICAN COLLEGES AND UNIVERSITIES. ITS STRONG COMMITMENT TO COLLABORATIVE INQUIRY AND TO THE STUDY OF ORIGINAL TEXTS MAKES ST. JOHN'S COLLEGE A PARTICULARLY VIBRANT COMMUNITY OF LEARNING. THROUGH CLOSE ENGAGEMENT WITH THE WORKS OF SOME OF THE WORLD'S GREATEST WRITERS AND THINKERS, UNDERGRADUATE AND GRADUATE STUDENTS AT ST. JOHN'S COLLEGE GRAPPLE WITH FUNDAMENTAL QUESTIONS THAT CONFRONT US AS HUMAN BEINGS. 0 0 69237084 22773471 51747012 GRADUATE & UNDERGRADUATE COURSE OF STUDY FOR APPROXIMATELY 1,000 STUDENTS. 69237084 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 1 0 0 0 1 X 306 0 1 1008 1 1 1 1 CJ 0 0 0 0 0 0 0 0 0 0 X 35 32 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD NM X ALLY GONTANG-HIGHFIELD 4106262514 60 COLLEGE AVENUE ANNAPOLIS MD 21401 J WALTER STERLING PRESIDENT - SANTA FE 35.00 X X 166749 0 77129 NORA DEMLEITNER PRESIDENT - ANNAPOLIS UNTIL 05/25 35.00 X X 312706 0 171665 SUSAN PAALMAN DEAN AN UNTIL 06/25, INT. PRESIDENT - ANNAPOLIS 35.00 X X 150874 0 47608 SARAH DAVIS DEAN - SANTA FE 35.00 X X 144143 0 66706 WARREN J SPECTOR CHAIR 1.00 X 0 0 0 PAMELA SAUNDERS-ALBIN VICE CHAIR 1.00 X 0 0 0 JOEL KLEIN SECRETARY 1.00 X 0 0 0 MARTI ACOSTA MEMBER 1.00 X 0 0 0 RODINO ANDERSON MEMBER 1.00 X 0 0 0 ALICIA DONDO MEMBER 1.00 X 0 0 0 CARLA ECHEVARRIA MEMBER 1.00 X 0 0 0 RONALD FIELDING MEMBER 1.00 X 0 0 0 JOHN L GRAY MEMBER 1.00 X 0 0 0 JOAN HARATANI MEMBER 1.00 X 0 0 0 GINGER KENNEY MEMBER 1.00 X 0 0 0 JACK KINZIE MEMBER 1.00 X 0 0 0 TOM KRAUSE MEMBER 1.00 X 0 0 0 RICHARD LINCER MEMBER 1.00 X 0 0 0 PETER MARBER MEMBER 1.00 X 0 0 0 ROB MASS MEMBER 1.00 X 0 0 0 KELSEY MURRAY MEMBER 1.00 X 0 0 0 TIA PAUSIC MEMBER 1.00 X 0 0 0 ELIZABETH POWERS MEMBER 1.00 X 0 0 0 KAREN PRITZKER MEMBER 1.00 X 0 0 0 DANIEL RAIZEN MEMBER 1.00 X 0 0 0 ZACH RASMUSON MEMBER 1.00 X 0 0 0 ANDY REEHER MEMBER 1.00 X 0 0 0 KEN RESNICK MEMBER 1.00 X 0 0 0 JOSHUA ROGERS MEMBER 1.00 X 0 0 0 SARAH SHEPHERD MEMBER - UNTIL 09/24 1.00 X 0 0 0 SARAH SMART MEMBER 1.00 X 0 0 0 ADRIAN TREVISAN MEMBER 1.00 X 0 0 0 MARC WALL MEMBER 1.00 X 0 0 0 JOHANNA WILSON MEMBER 1.00 X 0 0 0 DAVID WIPPMANN MEMBER 1.00 X 0 0 0 DELORES E WOLF MEMBER 1.00 X 0 0 0 KATARINA WONG MEMBER 1.00 X 0 0 0 RIMA ALLY GONTANG-HIGHFIELD VP OF FINANCE & OPS, CFO 35.00 X 178500 0 41690 BENJAMIN BAUM VP OF ENROLLMENT 35.00 X 170500 0 10745 PHELOSHA M COLLAROS VP BOARD GOV. & STRAT. 35.00 X 143213 0 27027 CAROL CARPENTER VP OF COMMUNICATIONS 35.00 X 121263 0 17597 SCOTT GREATOREX VP ADVANCEMENT AND ALUMNI RELATIONS - UNTIL 12/24 35.00 X 156913 0 19799 DAVID TOWNSEND TUTOR (AN) 35.00 X 134648 0 24167 EMILY LANGSTON TUTOR (AN) 35.00 X 132408 0 43283 DANIELLE LICO VP FOR STUDENT AFFAIRS (AN) 35.00 X 129970 0 35954 CHRISTINE L GUEVARA VP FOR STUDENT ENGAGEMENT (SF) 35.00 X 141019 0 8415 GRANT FRANKS TUTOR (SF) 35.00 X 124392 0 45951 MARK ROOSEVELT FORMER PRESIDENT - SANTA FE 35.00 X 337723 0 129794 2545021 0 767530 46 1 1 0 AMERESCO PO BOX 419135 BOSTON MA 02241 CAMPUS IMPROVEMENT 17768460 WHITING-TURNER CONTRACTING COMPANY 300 E JOPPA ROAD 8TH FLOOR TOWSON MD 21286 CAMPUS IMPROVEMENT 9691886 BON APPETIT PO BOX 417632 BOSTON MA 02241 DINING SERVICES 2520892 SAGE DINING SERVICES 1402 YORK ROAD LUTHERVILLE MD 21093 DINING SERVICES 2495817 OCTOBER CONTRACTING LLC 326 FIRST STREET SUITE 200 ANNAPOLIS MD 21403 CAMPUS IMPROVEMENT 586152 31 26965 4273286 18949514 620727 23249765 TUITION AND FEES 611710 38605293 38605293 ROOM AND BOARD FEES 611710 10925572 10925572 OTHER PROGRAM SERVICES 611710 1705488 1705488 AUXILIARY ENTERPRISES 611710 361557 361557 51597910 11284675 -41096 11325771 27710 5188 22522 22522 22522 32943992 306304 32637688 32637688 32637688 233880 26965 243747 -9867 -9867 540521 391419 149102 149102 118931795 51747012 -41096 43976114 4000 4000 19361847 19361847 3407624 3407624 2525514 592894 1804958 127662 25776192 20936839 3157704 1681649 1204629 990272 143669 70688 5512430 3796016 1349068 367346 1843703 1419961 296185 127557 342671 25560 282979 34132 312739 312739 883110 883110 5803793 3361025 1015701 1427067 349175 245403 103772 1738876 1079892 526422 132562 2024866 208976 1757985 57905 1691583 1650882 35676 5025 440462 305529 89591 45342 584267 334950 175082 74235 1041451 2739 1038712 5896324 5743873 128013 24438 627145 6538 620607 DINING HALL 4776438 4776438 OTHER 824160 591743 209488 22929 DEBT EXPENSE 409663 394083 13600 1980 LECTURES, EVENTS & REL. 371274 185274 186000 87753936 69237084 14026563 4490289 52335 52357 12651089 11446595 67764764 13353073 147014 216122 3552178 3618264 501422 491620 1334749 1305631 244046139 102714045 123136179 141332094 168264043 222357558 115244993 112941449 1673902 1717161 494322668 508831924 22490180 20314632 32690 0 2527268 2917322 28305181 27355880 286495 195026 53641814 50782860 X 50251722 63321089 390429132 394727975 440680854 458049064 494322668 508831924 X 31177859 -17666769 3857120 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1161249 X X X RARE AND OLD LIBRARY BOOKS 0 322782935 1842078 28444360 8517244 12428996 332123133 261914460 41835512 32124985 5965916 7126106 322782935 246868711 6048481 23411314 6086291 8327755 261914460 283938163 7157367 -31272878 5215208 7738733 246868711 234012897 15235593 48129730 4690486 8749571 283938163 0.00849 0.82513 0.16638 1 0 4886667 4886667 224969368 91933225 133036143 13028855 10780820 2248035 1161249 1161249 141332094 GLOBAL EQUITY FUNDS 29013703 F HEDGE FUNDS 32548222 F PRIVATE EQUITY FUNDS 50146520 F CHARITABLE REMAINDER TRUSTS 1233004 F 112941449 DEFERRED BOND ISSUANCE COSTS -380264 UNAMORTIZED BOND DISCOUNT -582715 ASSET RETIREMENT OBLIGATIONS 1158005 195026 X 83572214 -17666769 5959769 -11707000 95279214 883110 22769471 23652581 118931795 65116958 1015603 1015603 64101355 883110 22769471 23652581 87753936 PART III, LINE 4: SANTA FE THE COLLEGE'S ARTWORK COLLECTION, AS WELL AS ITS LIBRARY BOOK COLLECTION, FURTHERS THE MISSION OF THE COLLEGE BY EXPOSING STUDENTS TO NEW IDEAS AND CONCEPTS THROUGH BOTH THE VISUAL AND WRITTEN FORM. THE COLLECTION MODELS FOR OUR STUDENTS THE EXCELLENCE, DEPTH OF THOUGHT, AND CREATIVITY THAT IS CELEBRATED BY THE ST. JOHN'S COMMUNITY. ANNAPOLIS THE COLLECTION IS AN ECLECTIC ASSEMBLAGE OF FINE AND DECORATIVE ART OBJECTS THAT HAVE BEEN GIVEN TO THE COLLEGE OVER THE YEARS. THIS COLLECTION RANGES FROM UNFRAMED REPRODUCTION POSTERS TO FINE CHINESE SILK PAINTINGS. MANY OF THESE OBJECTS ARE ON DISPLAY THROUGHOUT CAMPUS AND ENRICH CLASSROOM, COMMON, AND OFFICE SPACES. PART V, LINE 4: ENDOWMENT FUNDS ARE DONOR RESTRICTED AND ARE USED TO FUND FACULTY AND STUDENT FINANCIAL AID. PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE AND HAS CONCLUDED THAT AS OF JUNE 30, 2025, THERE WERE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OR DISCLOSURE IN THE ACCOMPANYING FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: DISTRIBUTION FROM QUASI FUND 5,032,942. COST OF GOODS SOLD 391,419. INTERCOMPANY EXPENSE 286,473. SPECIAL EVENTS EXPENSES 243,747. RENTAL EXPENSES 5,188. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 22,769,471. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 391,419. INTERCOMPANY EXPENSE 286,473. SPECIAL EVENTS EXPENSES 243,747. DISTRIBUTION FROM QUASI FUND 88,776. RENTAL EXPENSES 5,188. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 22,769,471. 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 ST. JOHN'S COLLEGE NONDISCRIMINATION POLICY CAN BE FOUND IN BOTH ITS RECRUITMENT MATERIALS AND IN ITS STUDENT HANDBOOK. THE HANDBOOK IS DISTRIBUTED TO STUDENTS AS PART OF THE REGISTRATION PROCESS. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FUNDING FROM THE FOLLOWING SOURCES: PELL, COLLEGE WORK STUDY, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT, GUARANTEED STUDENT LOAN, THE STATE OF MARYLAND, AND THE STATE OF NEW MEXICO. ALL ASSISTANCE IS PROVIDED TO STUDENTS BASED ON FINANCIAL NEED. 0 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 47198093 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING 1190417 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING 626010 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 46072 NORTH AMERICA 0 0 GRANTMAKING 167779 RUSSIA AND NEIGHBORING STATES 0 0 GRANTMAKING 372857 SOUTH AMERICA 0 0 GRANTMAKING 76189 SOUTH ASIA 0 0 GRANTMAKING 591417 SUB-SAHARAN AFRICA 0 0 GRANTMAKING 336884 0 0 0 0 0 0 50268834 336884 50605718 SCHOLARSHIPS & ASSISTANCE EAST ASIA AND THE PACIFIC 46 1190417 OTHER OTHER SCHOLARSHIPS & ASSISTANCE EUROPE (INCLUDING ICELAND & GREENLAND) 24 626010 OTHER OTHER SCHOLARSHIPS & ASSISTANCE MIDDLE EAST AND NORTH AFRICA 1 46072 OTHER OTHER SCHOLARSHIPS & ASSISTANCE NORTH AMERICA 7 167779 OTHER OTHER SCHOLARSHIPS & ASSISTANCE RUSSIA AND NEIGHBORING STATES 12 372857 OTHER OTHER SCHOLARSHIPS & ASSISTANCE SOUTH AMERICA 4 76189 OTHER OTHER SCHOLARSHIPS & ASSISTANCE SOUTH ASIA 20 591417 OTHER OTHER SCHOLARSHIPS & ASSISTANCE SUB-SAHARAN AFRICA 10 336884 OTHER OTHER 1 0 0 0 1 0 PART I, LINE 2: THE COLLEGE MONITORS THE USE OF GRANT FUNDS TO INTERNATIONAL STUDENTS IN THE FINANCIAL AID OFFICE. PERSONNEL REVIEW STUDENT NEED ON A YEARLY BASIS AND AWARD GRANTS BASED ON NEED AND ELIGIBILITY. CROQUET - AN CAMPUS 199075 26965 172110 79796 2000 12922 75326 HOMECOMING WEEKEND - AN CAMPUS 35950 0 35950 4321 11017 28545 1 25820 0 25820 9864 625 19331 260845 26965 233880 84117 22881 42092 94657 243747 -9867 1 SJC GRANTS (UNDERGRADUATE) 707 16335300 SJC GRANTS (GRADUATE) 194 1255421 FEDERAL PELL GRANT PROGRAM 244 1453589 SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS 132 214371 MARYLAND STATE SCHOLARSHIP 19 101166 NEW MEXICO STATE INCENTIVE GRANTS 1 2000 PART I, LINE 2: THE COLLEGE MONITORS THE USE OF GRANT FUNDS IN THE FINANCIAL AID OFFICE. PERSONNEL REVIEW STUDENT NEED ON A YEARLY BASIS AND AWARD GRANTS BASED ON NEED AND ELIGIBILITY. X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 NORA DEMLEITNER PRESIDENT - ANNAPOLIS UNTIL 05/25 312706 0 0 0 0 0 25438 0 146227 0 484371 0 0 0 MARK ROOSEVELT FORMER PRESIDENT - SANTA FE 314000 0 0 0 23723 0 19855 0 109939 0 467517 0 0 0 J WALTER STERLING PRESIDENT - SANTA FE 166749 0 0 0 0 0 16199 0 60930 0 243878 0 0 0 RIMA ALLY GONTANG-HIGHFIELD VP OF FINANCE & OPS, CFO 178500 0 0 0 0 0 11590 0 30100 0 220190 0 0 0 SARAH DAVIS DEAN - SANTA FE 144143 0 0 0 0 0 19837 0 46869 0 210849 0 0 0 SUSAN PAALMAN DEAN AN UNTIL 06/25, INT. PRESIDENT - ANNAPOLIS 150874 0 0 0 0 0 21424 0 26184 0 198482 0 0 0 BENJAMIN BAUM VP OF ENROLLMENT 170500 0 0 0 0 0 10401 0 344 0 181245 0 0 0 SCOTT GREATOREX VP ADVANCEMENT AND ALUMNI RELATIONS - UNTIL 12/24 156099 0 814 0 0 0 9760 0 10039 0 176712 0 0 0 EMILY LANGSTON TUTOR (AN) 132408 0 0 0 0 0 18525 0 24758 0 175691 0 0 0 GRANT FRANKS TUTOR (SF) 108622 0 0 0 15770 0 14442 0 31509 0 170343 0 0 0 PHELOSHA M COLLAROS VP BOARD GOV. & STRAT. 143213 0 0 0 0 0 9150 0 17877 0 170240 0 0 0 DANIELLE LICO VP FOR STUDENT AFFAIRS (AN) 124156 0 814 0 5000 0 8150 0 27804 0 165924 0 0 0 DAVID TOWNSEND TUTOR (AN) 103147 0 0 0 31501 0 14442 0 9725 0 158815 0 0 0 PART I, LINE 1A THE PRESIDENTS OF THE ANNAPOLIS (NORA DEMLEITNER) AND SANTA FE (MARK ROOSEVELT UNTIL 06/30/24, THEN WALTER STERLING) CAMPUSES ARE PROVIDED WITH HOUSING FOR THE CONVENIENCE OF THE COLLEGE AND IS A CONDITION OF EMPLOYMENT (PER EMPLOYMENT CONTRACT) THAT THE PRESIDENT RESIDE IN THE HOUSE PROVIDED. THE PRESIDENTS' HOMES ARE USED FOR MANY COLLEGE ACTIVITIES INCLUDING HOSTING EVENTS FOR STUDENTS, FACULTY, AND COLLEGE SUPPORTERS. THE CALCULATED NONTAXABLE BENEFIT RECEIVED BY EACH PRESIDENT FOR THE PERSONAL USE OF THE HOUSING AMOUNTED TO $97,905 AND $56,212 ($37,475 AND $18,737, RESPECTIVELY) FOR ANNAPOLIS AND SANTA FE, RESPECTIVELY. IN ADDITION, PERSONAL SERVICES SUCH AS LANDSCAPING AND CLEANING SERVICES ARE PROVIDED TO MAINTAIN THE UPKEEP ON THE RESIDENCE. PART I, LINE 7 ST. JOHN'S COLLEGE PAID DISCRETIONARY BONUSES DURING THE TAX YEAR 2024 AS REPORTED IN PART II OF SCHEDULE J. A PUBLIC FINANCE AUTHORITY 273866124 74442PCE3 2016-05-10 23866212 REFUNDED 1998, 2007B, AND 2011 SERIES BONDS, NEW MONEY 0 0 0 B MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AUTHORITY 520936091 57421CAS3 2020-07-27 8816046 REFUNDED 2007A&B BONDS, NEW MONEY, REFINANCE 0 0 0 A 3635000 23866212 7820877 477324 8629341 6976916 2018 0 0 0 1 B 1640000 8816046 653400 3506230 77619 5000000 2023 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 PART IV - NO REBATE DUE BOND A THE REBATE COMPUTATION FOR THE CITY OF ANNAPOLIS MARYLAND SERIES A&B BOND WAS PERFORMED ON JUNE 7, 2013. BOND B THE REBATE COMPUTATION FOR THE 2016 PUBLIC FINANCE AUTHORITY BOND WAS PERFORMED ON APRIL 30, 2019 AND NO REBATE LIABILITY EXISTS. 40146 GRANT TUITION ASSISTANCE SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 3268471 CAMPUS IMPROVEMENTS 0 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 238160 ARCHITECTURAL DESIGN SERVICES 0 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 187767 LEGAL SERVICES 0 X 27 619978 AVERAGE OF HIGH/LOW X EVENT SUPPLIES 2 749 RETAIL PRICE 0 1 0 PART I, COLUMN (B): THE TOTAL REPRESENTS THE TOTAL NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART V, LINE 2A, EMPLOYEES REPORTED ON FORM W-3: THE TOTAL NUMBER OF ISSUED FORMS W-2 INCLUDE STUDENT WORKERS ON BOTH CAMPUSES. FORM 990, PART VI, SECTION A, LINE 4 AMENDMENTS TO BOARD ELECTION, COMPOSITION, AND TENURE INCLUDE: - CLARIFIED DEFINITION OF EX-OFFICIO BOARD MEMBER FOR GOVERNORS OF MARYLAND AND NEW MEXICO. - EXPANDED DEFINITION OF EX-OFFICIO BOARD MEMBER FOR PRESIDENT OF THE ST. JOHN'S COLLEGE ALUMNI ASSOCIATION. - NUMBER OF BOARD MEMBERS ELECTED BY THE ENTIRE BOARD AND BY THE ALUMNI OF THE COLLEGE. - UPDATED TERM START AND END DATES FOR BOARD MEMBERS ELECTED BY THE ENTIRE BOARD AND BY THE ALUMNI OF THE COLLEGE. - ADDED PROVISIONS FOR REMOVAL OF BOARD MEMBERS. AMENDMENTS TO PROCEDURES FOR AMENDING GOVERNING DOCUMENTS INCLUDE: - UPDATE TO REQUIREMENTS FOR AMENDING ITEMS RELATED TO BOARD POLICIES AND FACULTY POLICIES (NOW SEPARATELY STATED IN BOARD BYLAWS AND FACULTY CONSTITUTION, RESPECTIVELY). - UPDATE TO THE QUORUM REQUIRED FOR AMENDMENTS TO THE POLITY. AMENDMENT TO THE PROCEDURE FOR VOTE OF THE FULL BOARD PROVIDES THAT AN ELECTRONIC VOTE IS A FINAL VOTE WITHOUT REQUIRING IN-PERSON RATIFICATION. THE PROCEDURES FOR APPOINTMENT OF ADDITIONAL OFFICERS AND CREATION OF NEW OFFICER POSITIONS WERE AMENDED. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE COMPLETED FULL FORM 990 IS FURNISHED TO THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD. THE COMMITTEE WILL CONDUCT A REVIEW OF THE 990. UPON DISCUSSION AND REVIEW, THE COMMITTEE WILL MOTION AND APPROVE THE ACCEPTANCE OF THE FORM 990 AND POST A COPY OF THE COMPLETED 990 (EXCLUDING SCHEDULE B) ON A SECURE PORTAL FOR FULL BOARD REVIEW. THE AUDIT AND COMPLIANCE COMMITTEE WILL ALSO GRANT THE CHIEF FINANCIAL OFFICER PERMISSION TO PROCEED WITH SIGNING AND FILING THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS MONITORED AND COMPLIANCE IS ENFORCED THROUGH A YEARLY STATEMENT ALONG WITH THE COLLEGE'S POLICY BEING DISTRIBUTED TO ALL BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES FOR REVIEW AND SIGNATURE. THE SIGNED STATEMENTS ARE RETURNED TO BOTH THE PRESIDENT OF THE ANNAPOLIS CAMPUS AND THE PRESIDENT OF THE SANTA FE CAMPUS FOR REVIEW AND FOLLOW-UP. ANY POTENTIAL CONFLICTS ARE DISCUSSED BETWEEN THE PARTIES AND A RESOLUTION IS MADE TO RESOLVE THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 WITH RESPECT TO THE DETERMINATION OF COMPENSATION OF THE COLLEGE OFFICERS (VICE PRESIDENTS AND CFO), THE PRESIDENTS ARE ADVISED BY THE HUMAN RESOURCE DIRECTORS, WHO GATHER RELEVANT POSITION INFORMATION FOR CONSIDERATION SUCH AS SALARY HISTORY AND COMPETITIVE MARKET DATA. NEWLY CREATED OR ADJUSTED POSITION DESCRIPTIONS ARE EVALUATED IN THE COLLEGE'S HRIS, COMPEASE, WHICH INDICATES APPROPRIATE PAY GRADE. STARTING SALARY OFFERS ARE APPROPRIATE TO POSITION DESCRIPTION AND PAY GRADE. SALARIES FOR THE DEANS OF THE COLLEGE ARE BASED ON A FORMULA CALCULATED AND APPROVED HISTORICALLY BY THE FACULTY COMPENSATION COMMITTEE, WHICH IS AN ESTABLISHED COMMITTEE COMPRISED OF ELECTED FACULTY PEERS PER THE COLLEGE POLITY (CHARTER). THE DEAN'S SALARY IS CALCULATED BASED ON AN APPROVED FACTOR OF STARTING FACULTY BASE RATE. ASSISTANT AND ASSOCIATE DEAN POSITION COMPENSATION IS CALCULATED ON A FORMULA THAT INCLUDES BOTH YEARS OF SERVICE AND FACULTY BASE SALARY RATE. SALARY FORMULAS FOR THESE POSITIONS CAN BE FOUND IN THE COLLEGE TUTOR HANDBOOK. ALL COMPENSATION ADJUSTMENTS FOR THESE POSITIONS ARE APPROVED BY THE CAMPUS PRESIDENT. SALARIES AND BENEFITS FOR PRESIDENTIAL POSITIONS ARE REVIEWED AND APPROVED BY THE BOARD CHAIR AND VICE-CHAIR AND THE CHAIR OF THE FINANCE COMMITTEE (WHICH CONSTITUTES THE COMPENSATION COMMITTEE FOR THESE PURPOSES) AFTER RECEIVING REPORTS CONCERNING THE PERFORMANCE OF THE PRESIDENTS FROM THE PRESIDENTIAL REVIEW COMMITTEE. IN THE CASE OF A NEWLY HIRED PRESIDENT, THOSE SALARIES AND BENEFITS ARE REVIEWED AND APPROVED BY THE PRESIDENTIAL SEARCH COMMITTEE BASED ON INPUT FROM THE THIRD PARTY SEARCH FIRM FOR EXTERNAL HIRES OR, IN THE CASE OF INTERNAL HIRES, ARE REVIEWED AND APPROVED BY THE BOARD CHAIR AND VICE-CHAIR AND THE CHAIR OF THE FINANCE COMMITTEE IN LIGHT OF THE NEW PRESIDENT'S CURRENT COMPENSATION AND EXPERIENCE AND THE COMPENSATION OF THE PRESIDENT SHE OR HE IS SUCCEEDING. VICE PRESIDENT COMPENSATION PACKAGES ARE EVALUATED UPON HIRE DATE AND UPON ASSUMPTION OF SIGNIFICANT ADDITIONAL DUTIES AND RESPONSIBILITIES THEREAFTER. PRESIDENTIAL COMPENSATION IS ALSO EVALUATED UPON HIRE DATE, CONTRACT RENEWAL DATE-OR FOR PARITY CONSIDERATIONS, BETWEEN THE TWO CAMPUSES, FOR NEW PRESIDENTIAL HIRES. FORM 990, PART VI, SECTION C, LINE 19 FORM 1023, FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. IN ADDITION, THE FORM 990 IS AVAILABLE ON GUIDESTAR (CANDID) AND THE CONFLICT OF INTEREST POLICY IS PUBLISHED ANNUALLY IN THE STAFF HANDBOOK. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 518,872. NET PERIODIC BENEFIT CREDIT OTHER THAN SERVICE COST 1,550,861. POSTRETIREMENT CHANGES OTHER THAN NET PERIODIC BENEFIT CREDIT -3,156,779. DISTRIBUTION FROM QUASI FUND 4,944,166. CHARITABLE REMAINDER UNITRUSTS (3) INVESTMENT MD N/A T 0 CHARITABLE REMAINDER UNITRUSTS (3) INVESTMENT NM N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0