2026-05-15T15:50:51-05:00 2025-06-30 420714325 RSM US LLP 30 SOUTH WACKER DR SUITE 3300 CHICAGO IL 606063392 990 2024-07-01 370673513 KNOX COLLEGE KNOX 3093417212 2 E SOUTH STREET GALESBURG IL 614014999 SCOTT JONES VP FINANCE & CFO 3093417212 2026-05-15 1 1 REBEKUH ELEY P01247672 3126343400 2026-05-15 2024 2025-03-06 01:10:19Z C ANDREW MCGADNEY 2 E SOUTH STREET GALESBURG IL 614014999 127404994 0 X WWW.KNOX.EDU X 1837 IL TO PROVIDE A LIBERAL ARTS EDUCATION TO STUDENTS FROM DIVERSE BACKGROUNDS. 38 37 1317 473 21661 13843 18540168 18636826 62546329 73898588 15111028 10710339 1367497 602763 97565022 103848516 36881871 45883731 0 0 33666777 37105080 0 0 4928688 28270823 30244735 98819471 113233546 -1254449 -9385030 274878074 286131504 55747878 70531627 219130196 215599877 X KNOX COLLEGE IS DEDICATED TO PROVIDING A LIBERAL ARTS EDUCATION TO STUDENTS FROM DIVERSE BACKGROUNDS. OUR MISSION IS CARRIED OUT THROUGH: OUR CURRICULUM, THE CHARACTER OF OUR LEARNING ENVIRONMENT, OUR RESIDENTIAL CAMPUS CULTURE, AND OUR COMMUNITY. 0 0 94570914 45883731 74501351 HIGHER EDUCATION: OUR MISSION IS CARRIED OUT THROUGH OUR CURRICULUM, THE CHARACTER OF OUR LEARNING ENVIRONMENT, OUR RESIDENTIAL CAMPUS CULTURE, AND OUR COMMUNITY. KNOX COLLEGE HAS A TRADITION OF FREE INQUIRY, INDEPENDENT THOUGHT, AND DIVERSE PERSPECTIVES. OUR STUDENTS CHOOSE THEIR OWN PATH TOWARDS A DEGREE, GUIDED BY SCHOLAR TEACHERS WHO ENCOURAGE THEM TO EXPLORE IDEAS AND PLACES, STRETCH THEIR INTELLECT AND THEIR TALENTS, BLEND THOUGHT WITH ACTION, AND FUSE IMAGINATION WITH INITIATIVE. FOUNDED IN 1837 BY SOCIAL REFORMERS STRONGLY OPPOSED TO SLAVERY, KNOX WAS ONE OF THE FIRST COLLEGES IN THE UNITED STATES OPEN TO BOTH WOMEN AND PEOPLE OF COLOR. IT WAS ON OUR CAMPUS WHERE ABRAHAM LINCOLN CHOSE TO DENOUNCE SLAVERY ON MORAL TERMS FOR THE FIRST TIME DURING THE 1858 LINCOLN-DOUGLAS DEBATE. WITH A CAMPUS POPULATION THAT INCLUDES STUDENTS FROM 42 STATES AND 56 COUNTRIES, 38% U.S. STUDENTS OF COLOR, AND INDIVIDUALS FROM EVERY IMAGINABLE RELIGIOUS AND SOCIOECONOMIC BACKGROUND. MEMBERS OF THE KNOX COMMUNITY ARE ACTIVELY CHALLENGED TO BROADEN THEIR POINTS OF VIEW. KNOX COLLEGE IS A COLLEGE THAT CHANGES LIVES (1,127 STUDENTS) 94570914 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1503 0 1 1317 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 38 37 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 X X SCOTT JONES 3093417212 2 E SOUTH STREET GALESBURG IL 614014999 DR C ANDREW MCGADNEY PRESIDENT & EX OFFCIO TRUSTEE 55.00 X X 515643 0 108635 MR TONY ETZ BOARD CHAIR (UNTIL 3/10/25) 2.00 X X 0 0 0 DR BARBARA A BAIRD BOARD VICE CHAIR 2.00 X X 0 0 0 MR JOHN T LAWLER BOARD CHAIR CHAIR COLLEGE OF FINANCES COMMITTEE 2.00 X X 0 0 0 MR ROBERT C LONG VICE CHAIR OF THE COMMITTEE ON COLLEGE FINANCES 2.00 X 0 0 0 MR ANTHONY J TEDESCHI CHAIR OF THE COMMITTEE ON AUDIT AND RISK 2.00 X 0 0 0 MS APRIL J MORGAN VICE CHAIR OF THE COMMITTEE ON AUDIT AND RISK 2.00 X 0 0 0 MS JANICE V SHARRY ESQ CHAIR OF COMMITTEE ON GOVERNANCE 2.00 X 0 0 0 MS JULIE RADEMAKER VICE CHAIR OF COMMITTEE ON GOVERNANCE 2.00 X 0 0 0 MR E JAMES MASON CHAIR OF ADMISSION AND ADVANCEMENT 2.00 X 0 0 0 MR NYERERE K BILLUPS SR VICE CHAIR OF ADMISSION AND ADVANCEMENT 2.00 X 0 0 0 DR AKWASI ASABERE ALUMNI TRUSTEE 1.00 X 0 0 0 MS TOMILOLA OLOTU ALUMNI TRUSTEE 1.00 X 0 0 0 MS XINYUE VELA LU ALUMNI TRUSTEE 1.00 X 0 0 0 MS SARA JANE AHMED GENERAL TRUSTEE 1.00 X 0 0 0 MR JOSEPH C BASTIAN GENERAL TRUSTEE 1.00 X 0 0 0 MS SUSAN A BLEW GENERAL TRUSTEE 1.00 X 0 0 0 DR MICHAEL CHUBRICH GENERAL TRUSTEE 1.00 X 0 0 0 MS CAROL BOVARD CRAIG GENERAL TRUSTEE 1.00 X 0 0 0 MR MARK D DRAPER GENERAL TRUSTEE 1.00 X 0 0 0 MR DONALD F HARMON GENERAL TRUSTEE 1.00 X 0 0 0 MR MAURICE HARRIS GENERAL TRUSTEE 1.00 X 0 0 0 MR MARK KLEINE GENERAL TRUSTEE 1.00 X 0 0 0 MS HELEN H LIN GENERAL TRUSTEE 1.00 X 0 0 0 MR PATRICK ST A LYN GENERAL TRUSTEE 1.00 X 0 0 0 MS SONYA MALUNDA GENERAL TRUSTEE 1.00 X 0 0 0 DR KEITH E MASKUS GENERAL TRUSTEE 1.00 X 0 0 0 MR DONOVAN PEPPER GENERAL TRUSTEE 1.00 X 0 0 0 MS SUSAN C PLOMIN GENERAL TRUSTEE 1.00 X 0 0 0 MR JAMES R POTTER GENERAL TRUSTEE 1.00 X 0 0 0 MS LAURA M ROSENE GENERAL TRUSTEE 1.00 X 0 0 0 MR TINO H SCHULER GENERAL TRUSTEE 1.00 X 0 0 0 DR DAVID A SCHULZ GENERAL TRUSTEE 1.00 X 0 0 0 MR DAN J SPAULDING GENERAL TRUSTEE 1.00 X 0 0 0 MS JULIANA TIOANDA GENERAL TRUSTEE 1.00 X 0 0 0 MR FREDERICK A VEAGUE GENERAL TRUSTEE 1.00 X 0 0 0 MR ADAM G VITALE GENERAL TRUSTEE 1.00 X 0 0 0 MR SCOTT L WESTERMAN GENERAL TRUSTEE 1.00 X 0 0 0 MS SUSAN HAERR ZUCKER GENERAL TRUSTEE 1.00 X 0 0 0 DR MICHAEL SCHNEIDER PROVOST & DEAN OF THE COLLEGE 40.00 X 197548 0 33374 HEATHER BUMPS VP FOR STRATEGIC INITIATES 40.00 X 214950 0 53300 ALEC GUROFF VP FINANCE AND CFO, TREASURER 40.00 X 194575 0 45692 NATHAN AMENT VP FOR ENROLLMENT 40.00 X 203790 0 34643 BRAD NOLDEN VP FOR ADMINISTRATION 40.00 X 192121 0 28683 DR MARQUITA BARKER VP FOR STUDENT DEVELOPMENT 40.00 X 165292 0 45312 MONICA KEITH VP FOR ADVANCEMENT 40.00 X 188309 0 53316 MEGAN SCOTT VP OF COMMUNICATIONS 40.00 X 133860 0 8252 ANGIE HOPPING CONTROLLER, ASSISTANT TREASURER 40.00 X 113479 0 45606 ROBERT BARKER SECRETARY OF THE COLLEGE 40.00 X 85465 0 40 ANNA JO CLARK DIR OF INSTITUTIONAL RESEARCH 40.00 X 65469 0 12603 J MARK WILSON ASSOCIATE VP, PRINCIPAL GIFTS 40.00 X 145261 0 12683 SANDRA GRAY ASST. VP FOR ADVANCEMENT 40.00 X 108014 0 15396 JAMES STEVENS CHIEF INFORMATION OFFICER 40.00 X 112063 0 8558 MARY CRAWFORD ASSOCIATE DEAN OF THE COLLEGE 40.00 X 117808 0 34680 2753647 0 540773 14 0 1 0 ESTES CONSTRUCTION 131 W 2ND STREET SUITE 400 DAVENPORT IA 52801 CONSTRUCTION CONTRACTOR 6435922 BON APPETIT MANAGEMENT COMPANY PO BOX 417632 BOSTON MA 02241 DINING MANAGEMENT 3677435 COLLEGIS LLC 1415 W 22ND STREET SUITE 220 OAK BROOK IL 60523 IT MANAGEMENT 1122000 EAB GLOBAL 2445 M STREET NW WASHINGTON DC 20037 ADMISSIONS SUPPORT 783875 THE PIPCO COMPANIES LTD 1409 W ALTORFER DRIVE PEORIA IL 61615 CONSTRUCTION CONTRACTOR 778806 26 1147686 17489140 1698462 18636826 TUITION AND FEES 611310 62800967 62800967 AUXILIARY ENTERPRISES - PROGRAM 611710 11075960 11075960 AUXILIARY ENTERPRISES - CATERING 722320 21661 21661 73898588 5147279 5147279 29119538 23556478 5563060 5563060 5563060 MISCELLANEOUS REVENUE 611310 602763 602763 602763 103848516 74479690 21661 10710339 45883731 45883731 2556906 1822576 523639 210691 25330705 18055856 5187577 2087272 738540 526435 151249 60856 6667207 4752419 1365404 549384 1811722 1291405 371030 149287 1437932 1437932 285537 285537 462419 462419 4534383 3883048 188865 462470 230072 230072 4977479 4378608 598871 918118 918118 2214445 918218 1296227 3159904 2262459 386614 510831 1232701 582463 595567 54671 4924576 3979203 701018 244355 1240721 459855 780866 AUXILIARY ENTERPRISES 4300312 4300312 BAD DEBT EXPENSE 178050 178050 TAXES/LICENSES/FEES 148086 148086 113233546 94570914 13733944 4928688 9722499 4339885 326319 260772 4730277 6384071 3193619 1800004 209208 203896 1258522 2497381 175371989 106227038 59708298 69144951 172767612 171449663 22961720 30050881 274878074 286131504 6914635 8026499 1389523 1155565 43598106 56713993 0 1665671 3845614 2969899 55747878 70531627 X 32364765 26476930 186765431 189122947 219130196 215599877 274878074 286131504 X -9385030 4308250 1546461 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 174514569 3776761 13191809 14845967 176637172 164675942 6606960 23270951 20082039 -42755 174514569 162511490 4005136 14934670 10162074 6613280 164675942 211136074 9519261 -25564397 9241692 23337756 162511490 171631200 2370496 45184129 9014746 -964995 211136074 0.10397 0.60648 0.28956 1 0 1174250 15171216 16345466 119982580 79194105 40788475 30716933 27032933 3684000 8327010 8327010 69144951 BENFICIAL INTEREST IN PERPETUAL TRUST 17964418 STUDENT LOANS RECEIVABLE 627606 DEPOSITS HELD IN TRUST FOR CAPITAL PROJECTS 11458857 30050881 STUDENT DEPOSITS 77740 ANNUITIES PAYABLE 1156610 POSTRETIREMENT BENEFIT OBLIGATION 1482902 FEDERAL EQUITY IN LOAN PROGRAMS 252316 FINANCE LEASE LIABILITIES 331 2969899 X 61810616 4308250 -45883731 -41575481 103386097 462419 462419 103848516 66887396 0 66887396 462419 45883731 46346150 113233546 PART III, LINE 1A: THE COLLEGE HAS COLLECTIONS OF VALUABLE ARTWORK, PAPERS, AND OTHER MEMORABILIA THAT WERE DONATED TO THE COLLEGE. THESE ITEMS ARE ON DISPLAY AND ARE USED BY EDUCATORS, RESEARCHERS, HISTORIANS, AND OTHERS. THESE CONTRIBUTED COLLECTIONS ARE NOT REFLECTED ON THE FINANCIAL STATEMENTS. HOWEVER, ALL PROCEEDS FROM ANY SALES OF COLLECTIONS, OR ITEMS IN A COLLECTION, MUST BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS OR TO MAINTAIN THE COLLECTIONS. AS OF JUNE 30, 2025 AND 2024, THERE WERE NO UNSPENT PROCEEDS FROM THE SALE OF COLLECTIONS. PART III, LINE 4: THE COLLEGE HAS COLLECTIONS OF VALUABLE ARTWORK, PAPERS, AND OTHER MEMORABILIA THAT WERE DONATED TO THE COLLEGE. THESE ITEMS ARE ON DISPLAY AND ARE USED BY EDUCATORS, RESEARCHERS, HISTORIANS, AND OTHERS. PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF SEVERAL INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES: SCHOLARSHIPS, PROFESSORSHIPS, LIBRARY, LECTURESHIPS, RESEARCH, PRIZES, AND DONOR SPECIFIED EDUCATIONAL ACTIVITIES. INCLUDED IN THESE FUNDS ARE BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. PART X, LINE 2: THE COLLEGE IS A NOT-FOR-PROFIT ENTITY AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE IRC AND SIMILAR PROVISIONS OF THE STATE TAX CODE. THE COLLEGE IS NOT CLASSIFIED AS A PRIVATE FOUNDATION. THE COLLEGE EVALUATES ITS UNCERTAIN TAX POSITIONS ON AN ANNUAL BASIS, AND THERE HAVE BEEN NO RECORDED UNCERTAIN TAX POSITIONS RECORDED IN 2025, 2024 OR 2023. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. THE COLLEGE FILES VARIOUS FEDERAL OR STATE NON-PROFIT TAX RETURNS. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT AID AND SCHOLARSHIPS -45,883,731. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID AND SCHOLARSHIPS 45,883,731. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 KNOX COLLEGE'S NONDISCRIMINATORY POLICY IS CLEARLY STATED IN THE COLLEGE CATALOG, WEBSITE, ADMISSIONS MATERIALS, APPLICATIONS, AND OTHER PUBLICATIONS. SCHEDULE E, PART I, LINE 6 FOR THE FISCAL YEAR, KNOX COLLEGE RECEIVED AWARDS FROM THE FOLLOWING FEDERAL PROGRAMS: FEDERAL WORK STUDY, FEDERAL DIRECT LOAN PROGRAM, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM, FEDERAL PELL GRANT, FEDERAL PERKINS LOANS PROGRAM, STUDENT SUPPORT SERVICES PROGRAM, MCNAIR POST BACCALAUREATE ACHIEVEMENT, NATIONAL SCIENCE FOUNDATION AND NATIONAL ENDOWMENT FOR THE HUMANITIES 1 INDIVIDUAL GIFT AID (GRANTS AND/OR SCHOLARSHIP TO STUDENTS) 1153 45883731 PART I, LINE 2: FINANCIAL AID AND SATISFACTORY ACADEMIC PROGRESS STANDARDS: TO REMAIN AT KNOX, ALL DEGREE-SEEKING STUDENTS ARE EXPECTED TO MAKE SATISFACTORY ACADEMIC PROGRESS. SATISFACTORY PROGRESS IS DEFINED BOTH IN TERMS OF THE ACCUMULATION OF CREDITS TOWARDS A DEGREE, AND THE MAINTENANCE OF A GRADE POINT AVERAGE CONSISTENT WITH GRADUATION REQUIREMENTS. THE FINANCIAL AID OFFICE FOLLOWS THE DECISION OF THE ACADEMIC STANDING COMMITTEE IN DETERMINING WHETHER A STUDENT IS MEETING THE COLLEGE'S SATISFACTORY ACADEMIC PROGRESS STANDARDS. X X 1 1 X X 0 0 0 0 0 0 0 0 0 DR C ANDREW MCGADNEY PRESIDENT & EX OFFCIO TRUSTEE 459984 0 0 0 55659 0 27786 0 80849 0 624278 0 0 0 HEATHER BUMPS VP FOR STRATEGIC INITIATES 195550 0 0 0 19400 0 11873 0 41427 0 268250 0 0 0 MONICA KEITH VP FOR ADVANCEMENT 188309 0 0 0 0 0 12822 0 40494 0 241625 0 0 0 ALEC GUROFF VP FINANCE AND CFO, TREASURER 194575 0 0 0 0 0 4222 0 41470 0 240267 0 0 0 NATHAN AMENT VP FOR ENROLLMENT 201887 0 0 0 1903 0 0 0 34643 0 238433 0 0 0 DR MICHAEL SCHNEIDER PROVOST & DEAN OF THE COLLEGE 197548 0 0 0 0 0 33110 0 264 0 230922 0 0 0 BRAD NOLDEN VP FOR ADMINISTRATION 192121 0 0 0 0 0 26511 0 2172 0 220804 0 0 0 DR MARQUITA BARKER VP FOR STUDENT DEVELOPMENT 165292 0 0 0 0 0 10269 0 35043 0 210604 0 0 0 ANGIE HOPPING CONTROLLER, ASSISTANT TREASURER 103479 0 0 0 10000 0 6851 0 38755 0 159085 0 0 0 J MARK WILSON ASSOCIATE VP, PRINCIPAL GIFTS 145261 0 0 0 0 0 0 0 12683 0 157944 0 0 0 MARY CRAWFORD ASSOCIATE DEAN OF THE COLLEGE 117808 0 0 0 0 0 7138 0 27542 0 152488 0 0 0 PART I, LINE 1A OCCASIONALLY THE PRESIDENT'S WIFE WILL ACCOMPANY THE PRESIDENT ON COLLEGE FUNDRAISING EVENTS. THE COLLEGE PROVIDES FUNDING FOR HER TRAVEL COSTS. THESE TRAVEL COSTS ARE NOT CONSIDERED COMPENSATION AS SHE IS PARTICIPATING IN FUNDRAISING FOR THE COLLEGE. REIMBURSEMENTS FOR TRAVEL COST MUST FOLLOW THE COLLEGE'S PURCHASING AND ACCOUNTS PAYABLE POLICIES. THESE POLICIES INCLUDE REQUIREMENTS FOR DOCUMENTATION AND RECEIPTS. THE PRESIDENT IS PROVIDED HOUSING BY THE COLLEGE. THE PRESIDENT'S HOUSE IS CONSIDERED A PART OF THE COLLEGE'S CAMPUS AND IS USED FOR COLLEGE EVENTS AND ENTERTAINING. THE PRESIDENT'S HOUSING IS CONSIDERED NONTAXABLE AS IT IS PROVIDED FOR THE CONVENIENCE OF THE COLLEGE. PART I, LINE 3 COMPENSATION IS REVIEWED ANNUALLY. THIS REVIEW INCLUDES COST OF LIVING STATISTICS, COMPENSATION PAID FOR SIMILAR POSITIONS AT OTHER SIMILAR COLLEGES, AND COMPENSATION PAID LOCALLY FOR LIKE POSITIONS. A STANDARD ACHIEVEMENT INCREASE IS DETERMINED AND IS APPROVED BY THE BOARD OF TRUSTEES DURING THE JUNE MEETING IN CONJUNCTION WITH THE APPROVAL OF THE FOLLOWING YEAR'S BUDGET. ALL STAFF INCREASES ARE REVIEWED BY THE PRESIDENT, VICE PRESIDENTS, AND HEADS OF DEPARTMENTS. THE BOARD OF TRUSTEES FOLLOWS THE PRINCIPAL AND POLICIES OUTLINED IN KNOX'S EXECUTIVE COMPENSATION PROGRAM AS APPROVED MAY 2, 2016. COMPENSATION FOR EXECUTIVES OF THE COLLEGE IS DETERMINED BY EVALUATION OF A VARIETY OF FACTORS, INCLUDING THE SKILLS, TENURE, EXPERIENCE AND PERFORMANCE OF THE EXECUTIVE; THE DIFFICULTY OF REPLACING THE EXECUTIVE AND THE IMPORTANCE OF THE POSITION TO THE COLLEGE; AND HISTORICAL COMPENSATION LEVELS AND INTERNAL PAY EQUITY ISSUES. ALL COMPENSATION AND OTHER FINANCIAL BENEFITS FOR COLLEGE EMPLOYEES WHO ARE DISQUALIFIED PERSONS ARE TO BE APPROVED IN ADVANCE OF PAYMENT OR AGREEMENT FOR PAYMENT BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. A CITY OF GALESBURG KNOX COUNTY ILLINOIS REVENUE BONDS SERIES 2021A 376001160 363433BB8 2021-12-01 41079400 REPAYMENT OF 1996 AND 1999 BONDS, AND NEW MONEY CONSTRUCTION 0 0 0 B CITY OF GALESBURG KNOX COUNTY ILLINOIS REVENUE BONDS SERIES 2025A 376001160 363433BH5 2025-06-04 11684690 TO BE USED TOWARDS THE CONSTRUCTION OF EDUCATIONAL FACILITIES 0 0 0 A 475000 41574528 701234 1 1 0 1 B 11684690 233693 0 0 0 1 A 0 0 0 0 1 0 0 B 0 0 0 0 1 0 1 A 1 0 0 0 0 0 B 0 1 0 0 0 0 0 0 0 A 1 B 1 PART II, LINE 3: THE TOTAL PROCEEDS OF THE 2021A BOND ISSUE RECEIVED IS DIFFERENT THAN THE AMOUNT REPORTED ON PART I, COLUMN (E) BECAUSE OF INVESTMENT EARNINGS. X 18 1698462 FMV 0 0 1 0 PART I, COLUMN (B): REPORTING THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 2 ROBERT BARKER, SECRETARY OF THE COLLEGE, IS MARRIED TO DR. MARQUITA BARKER, VP FOR STUDENT DEVELOPMENT OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11B THE 990 WAS REVIEWED BY THE CHAIR OF THE AUDIT SUBCOMMITTEE AND THE CHAIR OF THE COMMITTEE ON FINANCE. THE 990 IS MADE AVAILABLE TO ALL COLLEGE TRUSTEES FOR REVIEW BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C OFFICER'S CONFLICT OF INTEREST (FROM BYLAWS OF KNOX COLLEGE): ANY CONFLICT OF INTEREST ON THE PART OF AN OFFICER OF THE COLLEGE DESIGNATED IN THIS ARTICLE, OR MEMBERS OF SUCH OFFICER'S IMMEDIATE FAMILY, SHALL BE DISCLOSED BY THE OFFICER IN WRITING TO THE BOARD OF TRUSTEES AT LEAST ANNUALLY AND MADE A MATTER OF RECORD. WHEN ANY SUCH INTEREST BECOMES RELEVANT TO ANY SUBJECT REQUIRING ADMINISTRATION OR BOARD OF TRUSTEES' ACTION, THE OFFICER HAVING A CONFLICT SHALL CALL IT TO THE ATTENTION OF THE PRESIDENT AND, IF THE MATTER IS BEING CONSIDERED BY THE BOARD OF TRUSTEES OR ONE OF ITS COMMITTEES, TO THE ATTENTION OF THE CHAIR OR SUCH COMMITTEE. THE OFFICER SHALL NOT PARTICIPATE IN THE DISCUSSION OF THE SUBJECT OR MAKE ANY RECOMMENDATIONS REGARDING THE SUBJECT IN WHICH THE OFFICER OR A MEMBER OF THE OFFICER'S IMMEDIATE FAMILY HAS A CONFLICT OF INTEREST, AND SHALL NOT USE PERSONAL INFLUENCE TO AFFECT THE DECISION WITH RESPECT TO SUCH SUBJECT. AN OFFICER OF THE COLLEGE WHO IS EXCLUDED FROM PARTICIPATING IN DISCUSSIONS OR MAKING RECOMMENDATIONS REGARDING THE SUBJECT BECAUSE OF SUCH CONFLICT OF INTEREST SHALL, HOWEVER, BRIEFLY STATE THE NATURE OF THE CONFLICT AND SHALL BE ENCOURAGED TO ANSWER PERTINENT QUESTIONS OF THE TRUSTEES WHEN THE OFFICER'S KNOWLEDGE OF THE SUBJECT WILL ASSIST THE BOARD OF TRUSTEES, ANY OF ITS COMMITTEES, OR THE ADMINISTRATION. THE MINUTES OF ANY MEETING ATTENDED BY THE INTERESTED OFFICER AT WHICH THE SUBJECT IS DISCUSSED SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE INTERESTED OFFICER ABSTAINED FROM THE DISCUSSION EXCEPT TO THE EXTENT PROVIDED ABOVE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS REVIEWED ANNUALLY. THIS REVIEW INCLUDES COST OF LIVING STATISTICS, COMPENSATION PAID FOR SIMILAR POSITIONS AT OTHER SIMILAR COLLEGES, AND COMPENSATION PAID LOCALLY FOR LIKE POSITIONS. A STANDARD ACHIEVEMENT INCREASE IS DETERMINED AND IS APPROVED BY THE BOARD OF TRUSTEES DURING THE JUNE MEETING IN CONJUNCTION WITH THE APPROVAL OF THE FOLLOWING YEAR'S BUDGET. THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S SALARY AND APPROVES ANY CHANGES. ALL STAFF INCREASES ARE REVIEWED BY THE PRESIDENT, VICE PRESIDENTS, AND HEADS OF DEPARTMENTS. FORM 990, PART VI, SECTION C, LINE 19 THE BYLAWS OF THE COLLEGE ARE AVAILABLE UPON REQUEST. EACH FALL, CONFLICT OF INTEREST FORMS ARE DISTRIBUTED TO TRUSTEES, OFFICERS, AND DEPARTMENT HEADS. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST IN THE TREASURER'S OFFICE. ALL TRUSTEES ARE PROVIDED COPIES OF THE FINANCIAL STATEMENTS EACH YEAR. FORM 990, PART XI, LINE 9: NET PERIODIC BENEFIT COST 137,677. ADJUSTMENTS OF AMOUNTS DUE UNDER ANNUITY AND LIFE INCOME AGREEMENTS -173,937. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 1,266,066. OTHER COMPONENTS OF NET PERIODIC BENEFIT COST 316,655.