2024-04-15T15:39:56-05:00 2023-05-31 135565207 KPMG LLP 8350 BROAD STREET SUITE 900 MCLEAN VA 22102 990 2022-06-01 520591661 MARYLAND INSTITUTE MARY 4102252352 1300 MOUNT ROYAL AVENUE BALTIMORE MD 21217 DAN CRONIN INT EVP OF FIN & CFO 4102252352 2024-04-14 1 DAN CRONIN 999009999 1 BRIAN KEARNS P02061479 7032868000 2024-04-08 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MARYLAND INSTITUTE COLLEGE OF ART CECELIA MCCORMICK 1300 MOUNT ROYAL AVE BALTIMORE MD 21217 138160901 0 X WWW.MICA.EDU X 1826 MD DEGREE GRANTING COLLEGE-MARYLAND INSTITUTE COLLEGE OF ART IS A PRIVATE COLLEGE (SEE SCHEDULE O) 30 30 1865 30 22308 7300 13127072 11999422 112139288 105682457 12816303 4078360 628497 402815 138711160 122163054 39000431 35030660 0 0 54089260 53403263 27028 6893 1752768 34831277 34141050 127947996 122581866 10763164 -418812 329055533 319808678 102693819 99511371 226361714 220297307 DEGREE GRANTING COLLEGE-MARYLAND INSTITUTE COLLEGE OF ART IS A PRIVATE COLLEGE DEDICATED TO THE EDUCATION OF PROFESSIONAL ARTISTS AND THE FURTHER ADVANCEMENT OF ART IN THE COMMUNITY. 0 0 99312266 35030660 105815221 ACCREDITED COLLEGE WITH PROGRAMS IN FINE ARTS, APPLIED ARTS, AND ART EDUCATION; APPROXIMATELY 1,700 STUDENTS, GRANTS ARE DISBURSEMENTS FOR STUDENTS' FINANCIAL AID, STUDENT AWARDS, FELLOWSHIPS, AND FOR FACULTY DEVELOPMENT GRANTS. 99312266 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 272 0 1 1865 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA GA IL IN LA MA MD MT NY OR WI X DAN CRONIN 4102252352 1300 MOUNT ROYAL AVE BALTIMORE MD 21217 JOHN ANGELOS TRUSTEE 1.00 0.00 X 0 0 0 JAMES BLUE TRUSTEE 1.00 0.00 X 0 0 0 JOHN BROTHERS TRUSTEE (AS OF 02/18/2022) 1.00 0.00 X 0 0 0 AMY BRUSSELBACK TRUSTEE 1.00 0.00 X 0 0 0 JEFFREY BUNTING TREASURER 1.00 0.00 X 0 0 0 JUDITH BURTON TRUSTEE 1.00 0.00 X 0 0 0 SHARON BUTLER TRUSTEE 1.00 0.00 X 0 0 0 DIANE CHO TRUSTEE 1.00 0.00 X 0 0 0 WONHONG CHO TRUSTEE 1.00 0.00 X 0 0 0 STUART CLARKE CHAIR 1.00 0.00 X 0 0 0 STUART COOPER TRUSTEE 1.00 0.00 X 0 0 0 GWEN DAVIDSON TRUSTEE 1.00 0.00 X 0 0 0 RONALD FIDLER TRUSTEE 1.00 0.00 X 0 0 0 ANN GARFINKLE TRUSTEE 1.00 0.00 X 0 0 0 KIBEBE GIZAW TRUSTEE 1.00 0.00 X 0 0 0 FREDYE WRIGHT GROSS TRUSTEE 1.00 0.00 X 0 0 0 SCOTT HABER AS OF 102022 TRUSTEE 1.00 0.00 X 0 0 0 JULIANA HARRIS TRUSTEE 1.00 0.00 X 0 0 0 WENDY JACHMAN VICE CHAIR 1.00 0.00 X 0 0 0 ERIC JORDAHL TRUSTEE 1.00 0.00 X 0 0 0 THIBAULT MANEKIN TRUSTEE 1.00 0.00 X 0 0 0 NEIL MEYERHOFF TRUSTEE 1.00 0.00 X 0 0 0 JAMES MILLER TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL MODELL TRUSTEE 1.00 0.00 X 0 0 0 SHEELA MURTHY VICE CHAIR 1.00 0.00 X 0 0 0 ANNE PERKINS TRUSTEE 1.00 0.00 X 0 0 0 SHEILA RIGGS TO 102022 TRUSTEE 1.00 0.00 X 0 0 0 LIZA SANCHEZ SECRETARY 1.00 0.00 X 0 0 0 MARCUS STEPHENS AS OF 102022 TRUSTEE 1.00 0.00 X 0 0 0 ROBERT SHELTON TO 102022 TRUSTEE 1.00 0.00 X 0 0 0 KATHERINE SIEH-TAKATA TRUSTEE 1.00 0.00 X 0 0 0 PAUL TIBURZI TRUSTEE 1.00 0.00 X 0 0 0 DOUG TSUI TRUSTEE 1.00 0.00 X 0 0 0 DAVID WALLACK TRUSTEE 1.00 0.00 X 0 0 0 TIFFANY HOLMES TO 08042023 VP ACADEMIC AFFAIRS 40.00 0.00 X 221624 0 44871 ROB SABAL AS OF 07012023 VP ACADEMIC AFFAIRS & PROVOST 40.00 0.00 X 0 0 0 MICHAEL PATTERSON VP STUDENT AFFAIRS & DEAN OF STUDENT 40.00 0.00 X 190742 0 42060 SAMUEL HOI TO 12312023 PRESIDENT 40.00 0.00 X 644534 0 55273 SHERI PARKS TO 12172022 VP STRATEGIC INITIATIVES 40.00 0.00 X 256275 0 19176 ALEXANDRA KIM VP OPERATIONS AND TECHNOLOGY 40.00 0.00 X 280408 0 44873 DON JONES VP ADVANCEMENT 40.00 0.00 X 304383 0 40820 CHRISTIAN LALLO VP STRATEGIC COMM 40.00 0.00 X 175170 0 27183 AUDREY TANNER TO 12312022 VP, ADMISSION AND FINANCIAL AID 40.00 0.00 X 199422 0 28276 ROBERT REESE AS OF 07312023 INTERIM VP ADMISSION & FINANCIAL AID 40.00 0.00 X 0 0 0 SHANNA HINES VP OF PB&C (FORMERLY HR) 40.00 0.00 X 207413 0 29986 MARTIN LEMELLE VP OF FINANCE 40.00 0.00 X 298271 0 37435 STACEY SALAZAR VP GRADUATE STUDIES 40.00 0.00 X 169655 0 25497 COLETTE VEASEY-CULLORS INT VP-UG STUDIES (TO 5/15/2023) 40.00 0.00 X 171316 0 16595 DAVID GRACYALNY TO 12312023 VP OPEN STUDIES 40.00 0.00 X 162083 0 27869 MICHAEL WEIKERT CO-DIR OF CENTER FOR SOCIAL DESIGN 40.00 0.00 X 149182 0 25715 JOAN WALTEMATH DIR & FULL TIME FACULTY, HOFFBERGER SCHOOL OF PAIN 40.00 0.00 X 138608 0 22002 JUDITH KINNEY AVP STUDENT HEALTH AND WELL-BEING 40.00 0.00 X 159031 0 26634 TERRA SCHEHR TO 11112023 AVP EDUC. PLANNING & DEVELOPMENT 40.00 0.00 X 146562 0 23748 BILL GASKINS DIR, MFA PHOTOGRAPHIC AND ELECTRONIC 40.00 0.00 X 138263 0 20507 4012942 0 558520 55 0 1 0 ELSMERE EDUCATION INC 90 MADISON STREET STE 602 DENVER CO 80206 PROFESSIONAL SERVICES 4996732 PARKHURST DINING SERVICES PO BOX 644091 PITTSBURGH PA 15264 FOOD SERVICE 3498689 HENRY H LEWIS CONTRACTORS LLC 55 GWYNNS MILL COURT OWINGS MILLS MD 02117 CONSTRUCTION 2936056 MILLER CONTRACTING LLC 411 PLEASANT VALLEY RD WESTMINSTER MD 21158 CONSTRUCTION 1517274 WILLIS TOWERS WATSON SOUTHEAST INC PO BOX 133784 NEWARK NJ 07188 CONSTRUCTION 1410128 32 7354679 4644743 11999422 TUITION & FEES 611710 94295401 94295401 DORMITORIES 611710 7899832 7899832 AUXILIARY ENTERPRISES 611710 2648643 2633030 15613 BOOKSTORE 611710 838581 838581 105682457 2682181 6695 2675486 4315 4315 13082 13082 184120 30071 154049 154049 154049 17359640 15967776 1391864 1391864 1391864 DIGITAL PRINTING 900099 122128 122128 TICKET AND EVENT INCOME 900099 20091 20091 GRADUATE LAB 900099 3941 3941 89524 89524 235684 122163054 105792913 22308 4348411 35030660 35030660 3683205 852933 2492115 338157 39994868 31749582 7243278 1002008 2437605 1935072 441463 61070 4313345 3424112 781169 108064 2974240 2220055 662927 91258 243711 13242 254983 -24514 214430 214430 6893 6893 76962 76962 1870710 1336745 522604 11361 1929198 1634538 289245 5415 1583672 1174689 352619 56364 1877972 652716 1188084 37172 5998635 1319780 4673587 5268 801344 728050 65073 8221 474513 366161 63103 45249 3312719 3134360 178359 8016407 7441226 575181 2072801 1411254 661547 AUXILIARY-OTHER 2580256 2580256 0 0 ALL OTHER EXPENSES 1755409 1760759 -5350 BAD DEBT 428807 428807 STUDENT SERVICES 419135 214986 203409 740 484369 331090 153237 42 122581866 99312266 21516832 1752768 29995250 25678360 7570990 6278830 2908769 4139439 385026 361079 2670478 1556220 302343188 140933119 160864386 161410069 96214228 91712264 22086366 22509325 354484 354484 6005556 5808608 329055533 319808678 12218836 11371613 3904874 3719193 85659945 83755910 910164 664655 102693819 99511371 X 131403137 127426945 94958577 92870362 226361714 220297307 329055533 319808678 -418812 -5632170 -13425 0 X X 0 1 X 1 1 1 X 9486785 15132259 7759131 13127072 11999422 57504669 9486785 15132259 7759131 13127072 11999422 57504669 6669179 50835490 2868901 3573356 1656344 2202826 2879384 13180811 10446 9052 0 0 22308 41806 108551 241278 143023 358205 93465 944522 71671808 615275348 0.70930 0.78240 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: TICKET AND EVENT INCOME - 2018 AMOUNT: $ 42,257. 2019 AMOUNT: $ 47,366. 2020 AMOUNT: $ 736. 2021 AMOUNT: $ 8,523. 2022 AMOUNT: $ 3,941. DEPOSIT FORFEITURE - 2018 AMOUNT: $ 5,300. 2019 AMOUNT: $ 8,850. 2020 AMOUNT: $ 9,194. 2021 AMOUNT: $ 7,206. 2022 AMOUNT: $ 1,450. ALL OTHER REVENUE - 2018 AMOUNT: $ 60,994. 2019 AMOUNT: $ 185,062. 2020 AMOUNT: $ 133,093. 2021 AMOUNT: $ 342,476. 2022 AMOUNT: $ 88,074. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 2000 0 0 2000 0 SCHEDULE C, PART II-B, LINE 1G, COLUMN (B) THE AMOUNT REPORTED ON LINE 1G IS AN ESTIMATED AMOUNT. THE TOTAL AMOUNT IS DE MINIMIS. 0 2333352 X 0 109355771 3866920 -2504520 1886063 3502689 48691 105280728 117755151 2807047 -5959541 1765141 3426450 55295 109355771 90745429 1922650 29851879 1648321 3061167 55319 117755151 91048955 2427866 1830395 1338835 3123950 99002 90745429 90780041 5588434 -964758 1286150 3001016 67596 91048955 0.30330 0.09290 0.60380 0 0 3159679 3159679 240254049 89154187 151099862 3914846 3376887 537959 52103093 47840049 4263044 2911521 561996 2349525 161410069 PRIV EQ, LTD PSHIP & HEDGE FUNDS 22509325 F 22509325 REFUNDABLE ADVANCES FROM US GOV'T 51158 LIABILITY UNDER TRUST AGREEMENTS 96777 LEASE OBLIGATIONS 516720 664655 X 81769724 -5632170 30071 -5602099 87371823 34791231 34791231 122163054 87834131 13425 30071 43496 87790635 34791231 34791231 122581866 PART III, LINE 4: THE COLLEGE'S DONATED ARTWORK IS MAINTAINED BY THE COLLEGE IS USED TO EDUCATE STUDENTS IN FINE ARTS, APPLIED ARTS, AND ART EDUCATION. PART V, LINE 4: THE COLLEGE'S ENDOWMENT FUNDS ARE AN IMPORTANT SOURCE OF REVENUE WHICH SUPPORT SCHOLARSHIPS, GRANTS, SPECIALIZED PROGRAMS, AND GENERAL OPERATIONS OF THE COLLEGE. PART X, LINE 2: AS AN EDUCATIONAL INSTITUTION MEETING THE REQUIREMENTS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE COLLEGE IS EXEMPT FROM INCOME TAXES ON INCOME RELATED TO ITS EXEMPT PURPOSE AS PROVIDED IN SECTION 501(A), EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. THE COLLEGE REVIEWS ITS TAX POSITION ANNUALLY AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE WITH FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 30,071. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 34,791,231. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 30,071. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 34,791,231. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEE PART II SCHEDULE E, LINE 3 MICA DISPLAYS A NOTICE OF ITS RACIALLY NONDISCRIMINATORY POLICY ON ITS PRIMARY PUBLICLY ACCESSIBLE INTERNET HOMEPAGE. IN ADDITION, BECAUSE MICA DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS BOTH NATIONWIDE AND INTERNATIONALLY, THE PUBLICITY REQUIREMENT IS SATISFIED BY INCLUDING A STATEMENT OF ITS RACIALLY NONDISCRIMINATORY POLICY IN ALL ITS BROCHURES AND CATALOGS DEALING WITH STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS. THE FOLLOWING STATEMENTS APPEAR ON THE COLLEGE'S WEBSITE AND IN THE COLLEGE'S CATALOG: NOTICE OF NONDISCRIMINATION IN EDUCATION AND EMPLOYMENT THE MARYLAND INSTITUTE COLLEGE OF ART DOES NOT DISCRIMINATE AGAINST ANY INDIVIDUAL FOR REASONS OF RACE, COLOR, RELIGION, NATIONAL ORIGIN, AGE, SEX, OR HANDICAP IN ANY RELATIONSHIP WITH THE INSTITUTION OR IN ANY OF ITS PROGRAMS OR OFFERINGS, HIRING OF FACULTY AND STAFF, OR ANY TERMS AND CONDITIONS OF EMPLOYMENT. INQUIRIES CONCERNING THE APPLICATION OF THESE REGULATIONS MAY BE REFERRED TO THE AFFIRMATIVE ACTION OFFICER. THE COLLEGE RESERVES THE RIGHT IN ITS DISCRETION TO MAKE FROM TIME TO TIME CHANGES AFFECTING POLICIES, FEES, CURRICULA, OR OTHER MATTERS ANNOUNCED IN THIS CATALOG. THE STATEMENTS IN THIS CATALOG DO NOT CONSTITUTE A CONTRACT. STATEMENT OF EQUAL OPPORTUNITY AND SERVICES TO THE DISABLED IN COMPLIANCE WITH FEDERAL, STATE, AND LOCAL LAWS AND REGULATIONS, THE MARYLAND INSTITUTE COLLEGE OF ART DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, SEX, SEXUAL ORIENTATION, MARITAL STATUS, AGE, DISABILITY, AND APPLICABLE VETERAN STATUS, IN THE ADMINISTRATION OF ITS EDUCATIONAL PROGRAMS ACTIVITIES, OR WITH RESPECT TO EMPLOYMENT. IT IS THE POLICY OF THE MARYLAND INSTITUTE TO PROVIDE THOSE AUXILIARY AIDS AND SERVICES THAT MAY BE NECESSARY TO ENSURE THAT NO INDIVIDUAL WITH A DISABILITY IS EXCLUDED, DENIED SERVICES, SEGREGATED, OR OTHERWISE TREATED DIFFERENTLY THAN OTHER INDIVIDUALS. THESE SERVICES CAN BE ARRANGED THROUGH THE DEAN OF STUDENTS. THESE POLICIES APPLY TO PRESENT AND PROSPECTIVE STUDENTS AND EMPLOYEES. PRESENT OR PROSPECTIVE STUDENTS DESIRING FURTHER INFORMATION SHOULD CONTACT THE OFFICE OF THE DEAN OF THE PROGRAM IN WHICH THEY ARE INTERESTED: UNDERGRADUATE: 410-225-2222 GRADUATE: 410-225-2255 CONTINUING STUDIES: 410-225-2219 PRESENT OR PROSPECTIVE EMPLOYEES SHOULD CONTACT THE DIRECTOR OF ADMINISTRATIVE SERVICES: 410-225-2406 SCHEDULE E, LINE 6 FUNDS PROVIDED BY THE U.S. GOVERNMENT UNDER THE FEDERAL PERKINS LOAN PROGRAM ARE LOANED TO QUALIFIED STUDENTS. FEDERAL STUDENT FINANCIAL AID PROGRAMS (INCLUDING PERKINS OR GUARANTEED LOAN PROGRAMS, GRANT AND WORK-STUDY PROGRAMS) FUNDED APPROXIMATELY 24% OF TUITION AND ROOM AND BOARD REVENUES IN FY 2023. EUROPE 0 6 PROGRAM SERVICES STUDY ABROAD 178516 0 6 0 0 0 6 178516 0 178516 1 0 1 1 1 0 PART III ACCOUNTING METHOD: 1 0 0 COMPETITIVE SCHOLARSHIPS 1007 18173771 UNDERGRADUATE MICA GRANTS 812 3788022 GRADUATE SCHOLARSHIPS 157 2885609 RESTRICTED SCHOLARSHIPS & AWARDS 391 2007474 SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT 228 219000 OPEN STUDIES SCHOLARSHIP 71 51830 DEPARTMENTAL SCHOLARSHIPS 136 370883 LUCAS SCHOLARSHIPS 29 77429 OPEN STUDIES DISCOUNTS 12 1049 PRIZES AND AWARDS 44 239827 STUDENT SCHOLARSHIPS 425 7215766 PART I, LINE 2: FOR FINANCIAL AID GRANTS/SCHOLARSHIPS, THE COLLEGE AWARDS THESE TO STUDENTS EACH SEMESTER BASED ON SEVERAL FACTORS. THE AWARDS ARE APPLIED DIRECTLY TO THE STUDENT'S ACCOUNT BALANCE FOR TUITION. FOR FACULTY DEVELOPMENT GRANTS, THE COLLEGE COLLECTS A DETAILED ACCOUNTING OF ALL GRANT RELATED EXPENDITURES ALONG WITH ALL CORRESPONDING RECEIPTS. ALL EXPENDITURES ARE REVIEWED TO ENSURE THAT THEY ARE RELATED TO THE GRANT AND THERE IS PROPER DOCUMENTATION. THE GRANT RECIPIENT ALSO SUBMITS A REPORT TO ACADEMIC AFFAIRS SUMMARIZING THEIR EXPERIENCE. ENTREPRENEURSHIP GRANTS ARE AWARDED TO STUDENTS, GRADUATES AND ALUMNI WHO ARE LAUNCHING OR GROWING BUSINESSES IN BALTIMORE. A PANEL OF JUDGES DETERMINES THE AWARDEES BASED UPON SEVERAL FACTORS. ALL GRANTS ARE MONITORED THROUGH PROGRESS REPORTING WHICH INCLUDE DESCRIPTIONS OF GRANT SUPPORTED ACTIVITIES THAT HAVE BEEN UNDERTAKEN SINCE THE GRANT PERIOD START DATE. THE GRANTEE ALSO SUBMITS A FINAL REPORT DESCRIBING BUSINESS ACTIVITY INCLUDING: LOCATION AND STATUS OF BUSINESS, JOBS CREATED OR LOST, CLIENT LIST AND LOCATIONS, STRATEGIC ADVISER LIST AND PAIN POINTS FOR ANY ADDITIONAL SUPPORT NEEDED. X X X X 1 0 0 0 0 0 0 0 0 SAMUEL HOI TO 12312023 PRESIDENT 644534 0 0 0 0 0 42664 0 12609 0 699807 0 0 0 DON JONES VP ADVANCEMENT 304383 0 0 0 0 0 19544 0 21276 0 345203 0 0 0 MARTIN LEMELLE VP OF FINANCE 298271 0 0 0 0 0 28204 0 9231 0 335706 0 0 0 ALEXANDRA KIM VP OPERATIONS AND TECHNOLOGY 280408 0 0 0 0 0 23440 0 21433 0 325281 0 0 0 SHERI PARKS TO 12172022 VP STRATEGIC INITIATIVES 256275 0 0 0 0 0 12946 0 6230 0 275451 0 0 0 TIFFANY HOLMES TO 08042023 VP ACADEMIC AFFAIRS 221624 0 0 0 0 0 21520 0 23351 0 266495 0 0 0 SHANNA HINES VP OF PB&C (FORMERLY HR) 207413 0 0 0 0 0 19742 0 10244 0 237399 0 0 0 MICHAEL PATTERSON VP STUDENT AFFAIRS & DEAN OF STUDENT 190742 0 0 0 0 0 18375 0 23685 0 232802 0 0 0 AUDREY TANNER TO 12312022 VP, ADMISSION AND FINANCIAL AID 199422 0 0 0 0 0 18103 0 10173 0 227698 0 0 0 CHRISTIAN LALLO VP STRATEGIC COMM 175170 0 0 0 0 0 14451 0 12732 0 202353 0 0 0 STACEY SALAZAR VP GRADUATE STUDIES 169655 0 0 0 0 0 15983 0 9514 0 195152 0 0 0 DAVID GRACYALNY TO 12312023 VP OPEN STUDIES 162083 0 0 0 0 0 15795 0 12074 0 189952 0 0 0 COLETTE VEASEY-CULLORS INT VP-UG STUDIES (TO 5/15/2023) 171316 0 0 0 0 0 15975 0 620 0 187911 0 0 0 JUDITH KINNEY AVP STUDENT HEALTH AND WELL-BEING 159031 0 0 0 0 0 15469 0 11165 0 185665 0 0 0 MICHAEL WEIKERT CO-DIR OF CENTER FOR SOCIAL DESIGN 149182 0 0 0 0 0 10919 0 14796 0 174897 0 0 0 TERRA SCHEHR TO 11112023 AVP EDUC. PLANNING & DEVELOPMENT 146562 0 0 0 0 0 13831 0 9917 0 170310 0 0 0 JOAN WALTEMATH DIR & FULL TIME FACULTY, HOFFBERGER 138608 0 0 0 0 0 12410 0 9592 0 160610 0 0 0 BILL GASKINS DIR, MFA PHOTOGRAPHIC AND ELECTRONIC 138263 0 0 0 0 0 11174 0 9333 0 158770 0 0 0 SCHEDULE J, PART II SEVERANCE PAYOUTS FOR SEPERATION: SHERI PARKS PAYOUT DATE: 9/2022 $44,833.02 AUDREY TANNER PAYOUT DATE: 1/2023 $116,813.06 A MHHEFA BONDS 2012 520936091 5742168D2 2012-10-10 37371463 SEE PART VI 0 0 0 B MHHEFA BONDS 2016 520936091 574218F32 2016-10-06 40942422 SEE PART VI 0 0 0 C MHHEFA BONDS 2017 520936091 574218K36 2017-03-07 19920236 SEE PART VI 0 0 0 A 6510000 37371463 913803 13325756 128622 23010321 2013 1 0 1 1 B 1125000 40942422 441592 40500830 2017 1 1 1 1 C 1295000 19920236 221370 19698866 2017 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MHHEFA BONDS 2012 DATE THE REBATE COMPUTATION WAS PERFORMED: 06/01/2017 SCH K, PART I LINE C (2012) PURPOSE OF 2012 BOND ISSUE REFUNDING OF 07/22/1998 BOND ISSUE, AND ADDITIONAL FUNDS FOR CONSTRUCTION OF RESIDENCE HALL AND FOR RENOVATION OF FACILITIES ON CAMPUS. SCH K, PART I LINE C (2016) PURPOSE OF 2016 BOND ISSUE REFUNDING OF 2006 & 2007 BOND ISSUES SCH K, PART I LINE C (2017) PURPOSE OF 2017 BOND ISSUE REFUNDING OF 2007 BOND ISSUE SCH K, PART III, LINE 3A (2012, 2016, 2017) ALL MANAGEMENT CONTRACTS AND SERVICE AGREEMENTS EITHER FALL UNDER THE SAFE HARBOR PROVIDED OR INCIDENTAL EXCEPTION; THEREFORE, DO NOT CONSTITUTE PRIVATE BUSINESS USE. SCH K, PART IV, LINE 2C (2012) THE LAST REBATE CALCULATION FOR THE 2012 BOND ISSUE WAS COMPLETED ON JUNE 1, 2022. FORM 990, PART I, LINE 1 DEGREE GRANTING COLLEGE-MARYLAND INSTITUTE COLLEGE OF ART IS A PRIVATE COLLEGE DEDICATED TO THE EDUCATION OF PROFESSIONAL ARTISTS AND THE FURTHER ADVANCEMENT OF ART IN THE COMMUNITY. FORM 990, PART VI, SECTION B, LINE 11B AN ELECTRONIC COPY OF THE ORGANIZATION'S FORM 990 (INCLUDING ALL SCHEDULES), WAS PROVIDED TO EACH VOTING MEMBER OF THE ORGANIZATION'S GOVERNING BODY PRIOR TO ITS FILING WITH THE IRS. THE ORGANIZATION'S OFFICERS AND FULL BOARD OF TRUSTEES PERFORMED A HIGH-LEVEL REVIEW OF THE PREPARED FORM 990 PRIOR TO FILING IT WITH THE IRS. A MORE IN-DEPTH REVIEW WAS PERFORMED BY THE BOARD FINANCE COMMITTEE, WHICH IS COMPRISED OF TRUSTEES AND OFFICERS. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE AND OFFICER ANNUALLY SIGNS A STATEMENT THAT AFFIRMS SUCH PERSON HAS RECEIVED AND CAREFULLY READ THE CONFLICT OF INTEREST POLICY, UNDERSTANDS AND AGREES TO COMPLY WITH THE POLICY, AND FURTHER UNDERSTANDS THAT THE COLLEGE IS A CHARITABLE ORGANIZATION AND THAT IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION, IT MUST ENGAGE PRIMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX EXEMPT PURPOSES. TRUSTEES AND OFFICERS ARE COVERED UNDER THE CONFLICT OF INTEREST POLICY. TRUSTEES OR OFFICERS WHO HAVE DECLARED OR HAVE BEEN FOUND TO HAVE A CONFLICT OF INTEREST SHALL REFRAIN FROM PARTICIPATING IN THE CONSIDERATION OF ANY PROPOSED TRANSACTION, UNLESS FOR SPECIAL REASONS THE BOARD REQUESTS INFORMATION OR INTERPRETATION FROM THE PERSON OR PERSONS INVOLVED, AND SHALL NOT VOTE, OR BE PRESENT AT THE TIME OF VOTING, ON ANY MATTER UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING WHICH SUCH TRUSTEE HAS A KNOWN CONFLICT OF INTEREST. THE CHAIRMAN OF THE BOARD, WHO, TOGETHER WITH COUNSEL, SHALL BE RESPONSIBLE FOR ADMINISTRATION OF THIS POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION LEVELS FOR THE PRESIDENT AND VICE PRESIDENTS ARE BASED ON MARKET DATA AT AICAD SCHOOLS AND OTHER LIBERAL ARTS COLLEGES. THE PRESIDENT'S COMPENSATION IS REVIEWED BY AN INDEPENDENT AD HOC COMMITTEE OF THE BOARD CONSISTING OF SEVERAL PAST BOARD CHAIRS AND IS DISCUSSED WITH THE BOARD EXECUTIVE COMMITTEE. COMPENSATION LEVELS FOR THE VICE PRESIDENTS ARE ALSO REVIEWED BY THE BOARD EXECUTIVE COMMITTEE. PERIODICALLY THE COLLEGE ENGAGES AN INDEPENDENT COMPENSATION CONSULTING FIRM TO ASSESS MICA'S EXECUTIVE LEVEL SALARIES RELATIVE TO THE MARKET. THE MOST RECENT STUDY WAS DONE IN 2016 AND IT CONCLUDED THAT THE SALARIES OF MICA'S PRESIDENT AND VICE PRESIDENTS WERE ALIGNED WITH OTHER COMPARABLE COLLEGES AND UNIVERSITIES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THE PROCESS DID NOT CHANGE FROM THE PRIOR YEAR. POOLED INCOME FUND (1) ANNUITY MD T 0 CHARITABLE REMAINDER TRUSTS (4) ANNUITY MD T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0