2024-05-08T16:54:46-05:00 2023-06-30 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2022-07-01 381381271 HOPE COLLEGE HOPE 6163957810 141 E 12TH STREET HOLLAND MI 49423 THOMAS BYLSMA VICE PRESIDENT, CFO 6163957810 2024-05-03 1 THOMAS BYLSMA 999009999 1 AMY CIMINELLO P00796388 2695674500 2024-05-03 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z THOMAS BYLSMA 141 E 12TH STREET HOLLAND MI 49423 241059880 0 X WWW.HOPE.EDU X 1866 MI THE MISSION OF HOPE COLLEGE IS TO EDUCATE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE IN A GLOBAL SOCIETY THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS OF RECOGNIZED EXCELLENCE IN THE LIBERAL ARTS AND IN THE CONTEXT OF THE HISTORIC CHRISTIAN FAITH. 25 22 3198 22 537881 0 24291385 17909562 142220228 151353838 21124715 11266701 876169 1139944 188512497 181670045 52625527 56624312 0 0 69365889 74842223 0 0 4016697 54493899 55705192 176485315 187171727 12027182 -5501682 551187354 556663135 58394179 52292539 492793175 504370596 THE MISSION OF HOPE COLLEGE IS TO EDUCATE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE IN A GLOBAL SOCIETY THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS OF RECOGNIZED EXCELLENCE IN THE LIBERAL ARTS AND IN THE CONTEXT OF THE HISTORIC CHRISTIAN FAITH. 0 0 160345130 53707175 142746440 THE ORGANIZATION PROVIDED COMPREHENSIVE LITERACY & SCIENCE COURSES OF STUDY TO APPROXIMATELY 3,123 FULL TIME EQUIVALENT STUDENTS IN THE FALL OF 2022 AND 2,890 IN THE SPRING OF 2023. THE ORGANIZATION WAS ALSO INVOLVED IN ADMINISTRATIVE, AUXILLARY OPERATIONS & STUDENT SERVICES TO SUPPORT THE CAMPUS. 8709239 2917137 7753356 THE ORGANIZATION IS INVOLVED IN RESEARCH TO MAINTAIN ONE OF THE TOP CHEMISTRY & BIOLOGY DEPTS IN THE COUNTRY, UTILIZE RESEARCH AS A TEACHING TOOL IN THE CLASSROOM & TO FACILITATE LEARNING. 169054369 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 1 0 0 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 1 332 0 1 3198 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 25 22 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MI X THOMAS BYLSMA 6163957810 141 E 12TH ST HOLLAND MI 49423 MATTHEW SCOGIN PRESIDENT 50.00 0.00 X X 254384 0 80423 DR LLENA CHAVIS TRUSTEE/FACULTY 40.00 0.00 X 80108 0 26934 DR JEANNE PETIT TRUSTEE/FACULTY 40.00 0.00 X 70433 0 26934 DR STEPHEN BOERIGHTER CHAIR 1.00 0.00 X X 0 0 0 DR MATTHEW WIXON VICE-CHAIR 1.00 0.00 X X 0 0 0 SANDRA GADDY SECRETARY 1.00 0.00 X X 0 0 0 VICTORIA BRUNN TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS CONANCT TRUSTEE 1.00 0.00 X 0 0 0 REVEREND EDDY ALEMAN TRUSTEE 1.00 0.00 X 0 0 0 BRIAN GIBBS TRUSTEE 1.00 0.00 X 0 0 0 THOMAS GORDON TRUSTEE 1.00 0.00 X 0 0 0 DR NATHAN HART TRUSTEE 1.00 0.00 X 0 0 0 LISA JOLDERSMA TRUSTEE 1.00 0.00 X 0 0 0 TIMOTHY LONG TRUSTEE 1.00 0.00 X 0 0 0 JIM MCFARLIN TRUSTEE 1.00 0.00 X 0 0 0 ANDREW OHM TRUSTEE 1.00 0.00 X 0 0 0 MARGARET MILLER WILLIT TRUSTEE 1.00 0.00 X 0 0 0 TIMOTHY VANDEBUNTE TRUSTEE 1.00 0.00 X 0 0 0 CAROL VANANDEL TRUSTEE 1.00 0.00 X 0 0 0 THE RIGHT REVEREND EUGENE SUTTON TRUSTEE 1.00 0.00 X 0 0 0 DR EDWARD JONATHAN SODERSTROM TRUSTEE 1.00 0.00 X 0 0 0 LESLIE SCHOON-MONDAY TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL PITSENBERGER TRUSTEE 1.00 0.00 X 0 0 0 DAVID PAUL TRUSTEE 1.00 0.00 X 0 0 0 LAURA PAREDES TRUSTEE 1.00 0.00 X 0 0 0 THOMAS BYLSMA VP FOR FINANCE/CFO 50.00 0.00 X 210639 0 48941 GERALD D GRIFFIN PROVOST 50.00 0.00 X 200500 0 27039 RICHARD J PUCKETT VP FOR DEVELOPMENT 45.00 0.00 X 252768 0 61625 WILLIAM VANDERBILT VICE PRESIDENT 45.00 0.00 X 191793 0 74962 JENNIFER FELLINGER VP FOR PUBLIC AFFAIRS/MARK 45.00 0.00 X 200500 0 40065 AARON BEST FACULTY 40.00 0.00 X 167303 0 54412 ROBERT A ANDERSON AVP PLANNED GIVING 40.00 0.00 X 153000 0 27901 LORI MULDER DIRECTOR OF HR 40.00 0.00 X 152971 0 21731 CHARLOTTE VANOYEN-WITVLIET FACULTY 40.00 0.00 X 150769 0 21713 SCOTT VANDERSTOEP DEAN OF SOCIAL SCIENCES 40.00 0.00 X 149830 0 27524 2234998 0 540204 84 0 1 0 CREATIVE DINING SERVICE ONE ROYAL PARK DRIVE SUITE 3 ZEELAND MI 49464 FOOD SERVICE MANAGEMENT 10502290 LAKEWOOD CONSTRUCTION COMPANY 11253 JAMES ST HOLLAND MI 49424 CONSTRUCTION SERVICES 3167317 ERHARDT CONSTRUCTION 6060 FULTON STREET EAST ADA MI 49301 CONSTRUCTION SERVICES 1722382 AMDG ARCHITECTS 25 COMMERCE AVENUE SW SUITE 300 GRAND RAPIDS MI 49503 ARCHITECTURAL SERVICES 960056 CAMBRIDGE ASSOCIATES 4100 FAIRFAX DRIVE ARLINGTON VA 22203 INVESTMENT CONSULTANT 540293 33 5073354 12836208 737795 17909562 TUITION & FEES 611600 116914161 116914161 AUXILIARY ENTERPRISES 611600 29305643 29305643 BOOKSTORE INCOME 611600 2381665 2381665 OTHER PROGRAM INCOME 611600 1392737 1392737 TENNIS CENTER INCOME 713940 854042 854042 505590 505590 151353838 4336745 -183736 4520481 2943366 3075791 -132425 -132425 -132425 63244000 56314044 6929956 6929956 6929956 GRANT OVERHEAD REIMBURSEMENT 900099 734661 734661 CO-CURRICULAR ACTIVITIES 900099 486348 486348 SALES AND SERVICE REVENUE 900099 51360 51360 1272369 181670045 150499796 537881 12722806 56466557 56466557 157755 157755 1984346 1845908 95891 42547 56854656 49865305 4736305 2253046 4485142 3892165 404944 188033 7537974 6597412 609784 330778 3980105 3497957 328363 153785 192742 1200 191542 110070 110070 3801473 3801473 3289516 2670340 371413 247763 715347 544402 101167 69778 4893110 4256525 496818 139767 3858900 3700977 108917 49006 4234300 3904721 96660 232919 140770 140270 500 1178118 1052060 106972 19086 11050781 9868346 1182435 713465 412111 298233 3121 FOOD SERVICE & LAUNDRY 11624834 11477672 64197 82965 OTHER MAINT. & REPAIRS 3019119 2780314 202761 36044 TUITION WAIVERS 2462791 2182693 177071 103027 INVENTORY PURCHASES FOR 1891269 1759367 91364 40538 2528587 1980312 523781 24494 187171727 169054369 14100661 4016697 44145001 30912525 14241623 13297430 6937448 6587668 960098 886891 1069654 1273738 372084661 160505482 210163843 211579179 101819141 113475367 171850546 178650337 551187354 556663135 11276516 9580087 275519 0 29085000 28510000 17757144 14202452 58394179 52292539 X 233303383 237834148 259489792 266536448 492793175 504370596 551187354 556663135 X -5501682 15626537 1452565 X X 0 1 X 1 1 1 X 13256649 24734587 35570514 24291385 17909562 115762697 13256649 24734587 35570514 24291385 17909562 115762697 11619333 104143364 2725335 5914790 15937547 19845379 4336745 48759796 1321036 1313091 929779 1344675 1272369 6180950 170703443 697225248 0.61010 0.60270 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GRANT OVERHEAD REIMBURSEMENT STUDENT ACTIVITIES - 2018 AMOUNT: $ 1,321,036. 2019 AMOUNT: $ 1,313,091. 2020 AMOUNT: $ 929,779. 2021 AMOUNT: $ 1,344,675. 2022 AMOUNT: $ 1,272,369. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 16955 888060 X X X 0 282642113 6943227 21235503 14171210 296649633 307166851 3765171 -15566326 12723583 282642113 229197138 14776631 74671162 11478080 307166851 233511844 6848611 -178786 10985431 229197138 227667474 5744708 9576844 9477182 233511844 0.25433 0.62647 0.11920 0 0 25719964 25719964 300330212 133121778 167208434 40883652 27383704 13499948 5150833 5150833 211579179 LIMITED PARTNERSHIPS AND HEDGE FUNDS 46462925 F COMMODITIES AND REAL ASSETS 9754681 F PRIVATE EQUITY, ALTERNATIVES, AND OTHER 122432731 F 178650337 ANNUITY AND TRUST PAYABLE 6359563 ACCUMULATED POST-RETIREMENT BENEFITS 2526277 REFUNDABLE FEDERAL PERKINS LOAN ADVANCES 1792748 STUDENTS AND OTHER DEPOSITS 2223736 INTEREST RATE SWAP LIABILITY 298192 EARLY RETIREMENT BENEFIT 1001936 14202452 141399153 15626537 1452565 17079102 124320051 3801473 53548521 57349994 181670045 129821733 3075791 3075791 126745942 3801473 56624312 60425785 187171727 PART III, LINE 4: HOPE COLLEGE, THROUGH THE CONSTRUCTION (2004-05) OF THE MARTHA MILLER CENTER FOR INTERNATIONAL COMMUNICATIONS, HAS PURCHASED $79,000 IN PIECES OF ART THAT ARE ON PERMANENT DISPLAY IN THIS BUILDING. IN FALL OF 2015, HOPE COLLEGE OPENED THE KRUIZENGA ART MUSEUM. STRATEGIC PIECES OF ART WERE PURCHASED TO PUT ON DISPLAY IN THE ART GALLERY WHICH WILL ASSIST THE COLLEGE'S ART, HISTORY, AND CULTURAL HERITAGE CURRICULUM. PART V, LINE 4: THE ENDOWMENT FUND OF HOPE COLLEGE IS USED TO SUPPORT THE ONGOING MISSION OF THE COLLEGE BY PROVIDING ANNUAL RESOURCES THAT ASSIST WITH SCHOLARSHIP, FACULTY DEVELOPMENT, ACADEMIC SUPPORT, RESEARCH, STUDENT SERVICES, FACILITY MAINTENANCE, AND OTHER PROGRAM SUPPORT. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -765,838. CHANGE IN VALUE OF SWAP AGREEMENTS 1,328,403. CHANGE IN VALUE OF POSTRETIREMENT LIABILITY 890,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS & FELLOWSHIPS 56,624,312. RENTAL EXPENSE -3,075,791. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 3,075,791. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS & FELLOWSHIPS 56,624,312. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY STATEMENT IS INCLUDED ON VARIOUS PUBLICITY & POLICY STATEMENTS, INCLUDING OUR WEBSITE & MEDIA ADS, AS WELL AS OUR CATALOG & STUDENT HANDBOOK, WHICH IS AVAILABLE UPON REQUEST. SCHEDULE E, PART I, LINE 6 HOPE COLLEGE RECEIVES GRANTS AND FINANCIAL AID FROM VARIOUS FEDERAL AND STATE AGENCIES THAT ARE USED IN THE FURTHERANCE OF THE COLLEGE'S EXEMPT PURPOSE OF PROVIDING QUALITY EDUCATION. 1 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 DIRECT FOREIGN INVESTMENT N/A 21637299 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 DIRECT FOREIGN INVESTMENT N/A 79941484 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT, RESEARCH 1713707 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 28152 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 28154 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 0 PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 4193 SOUTH AMERICA 0 0 PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 42245 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 27232 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 8611 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 0 SCHOLARSHIPS N/A 211156 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 SCHOLARSHIPS N/A 591192 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 SCHOLARSHIPS N/A 81370 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 SCHOLARSHIPS N/A 81200 RUSSIA AND NEIGHBORING STATES 0 0 SCHOLARSHIPS N/A 99700 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 0 0 SCHOLARSHIPS N/A 15000 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 SCHOLARSHIPS N/A 792647 SUB-SAHARAN AFRICA 0 0 SCHOLARSHIPS N/A 672587 0 0 0 0 0 0 103422466 2553463 105975929 SCHOLARSHIP - TUITION/BOOKS CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 16 591192 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 32 792647 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 3 81370 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 3 81200 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS RUSSIA AND NEIGHBORING STATES 2 99700 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 6 211156 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 1 15000 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 22 672587 CHARGE AGAINST TUITION N/A N/A 1 0 1 1 1 0 PART I, LINE 2: HOPE COLLEGE OFFERS MERIT-BASED ACADEMIC SCHOLARSHIPS TO INTERNATIONAL STUDENTS. THE ASSESSMENT FOR AWARDING THESE MERIT-BASED SCHOLARSHIPS IS BASED ON A REVIEW OF THE STUDENT'S APPLICATION, WITH SPECIFIC EMPHASIS ON THE STUDENT'S ACADEMIC CREDENTIALS, AS WELL AS LEADERSHIP AND VOLUNTEER ACTIVITIES. STUDENTS ARE ELIGIBLE TO RECEIVE THE SCHOLARSHIP FOR A MAXIMUM OF EIGHT (8) SEMESTERS. STUDENTS WHO COMPLETE THEIR DEGREE IN LESS THAN EIGHT (8) SEMESTERS WILL HAVE THEIR SCHOLARSHIP TERMINATED ONCE THE DEGREE REQUIREMENTS ARE MET. RENEWAL IS CONTINGENT UPON THE INTERNATIONAL STUDENT MAINTAINING FULL-TIME ENROLLMENT (12 CREDITS PER SEMESTER), AS WELL AS MAINTAINING SATISFACTORY ACADEMIC PROGRESS, AS DEFINED BY THE HOPE COLLEGE OFFICE OF FINANCIAL AID. SATISFACTORY ACADEMIC PROGRESS IS ASSESSED ANNUALLY, AT THE END OF THE SPRING SEMESTER. STUDENTS NOT MAKING SATISFACTORY PROGRESS MAY APPEAL TO HAVE THEIR SCHOLARSHIP REINSTATED. PART III ACCOUNTING METHOD: SCHEDULE F, PART I REGARDING DIRECT FOREIGN INVESTMENTS, AMOUNTS REPORTED ON PART I, LINE 3, COLUMN F ARE THE BOOK VALUE OF THE INVESTMENTS AS OF JUNE 30, 2023. 1 SCHOLARSHIP - TUITION/BOOKS 1969 56466557 N/A N/A PART I, LINE 2: HOPE SCHOLARSHIP/GRANT FUNDS ARE DISBURSED TO THE RECIPIENT UPON PROOF OF ELIGILIBITY (I.E. FINANCIAL NEED OR ACADEMIC MERIT) AND UPON PROOF OF EXPENSE INCURRED. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 MATTHEW SCOGIN PRESIDENT 254384 0 0 0 0 0 26710 0 53713 0 334807 0 0 0 RICHARD J PUCKETT VP FOR DEVELOPMENT 252768 0 0 0 0 0 26541 0 35084 0 314393 0 0 0 WILLIAM VANDERBILT VICE PRESIDENT 191793 0 0 0 0 0 20138 0 54824 0 266755 0 0 0 THOMAS BYLSMA VP FOR FINANCE/CFO 210639 0 0 0 0 0 22117 0 26824 0 259580 0 0 0 JENNIFER FELLINGER VP FOR PUBLIC AFFAIRS/MARK 200500 0 0 0 0 0 21053 0 19012 0 240565 0 0 0 GERALD D GRIFFIN PROVOST 200500 0 0 0 0 0 21053 0 5986 0 227539 0 0 0 AARON BEST FACULTY 167303 0 0 0 0 0 17388 0 37024 0 221715 0 0 0 ROBERT A ANDERSON AVP PLANNED GIVING 153000 0 0 0 0 0 14753 0 13148 0 180901 0 0 0 SCOTT VANDERSTOEP DEAN OF SOCIAL SCIENCES 149830 0 0 0 0 0 14931 0 12593 0 177354 0 0 0 LORI MULDER DIRECTOR OF HR 152971 0 0 0 0 0 14802 0 6929 0 174702 0 0 0 CHARLOTTE VANOYEN-WITVLIET FACULTY 150769 0 0 0 0 0 15787 0 5926 0 172482 0 0 0 PART I, LINE 1A THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS AS PART OF HIS EMPLOYMENT WITH THE COLLEGE. INCLUDED IN NONTAXABLE BENEFITS IS THE FAIR MARKET VALUE OF THE USAGE OF THE PRESIDENT'S HOME WHICH IS VALUED AT $34,600. THE COLLEGE PROVIDES THE CFO WITH AN ANNUAL MEMBERSHIP TO A LOCAL GOLF CLUB FOR FUNDRAISING PURPOSES. THE VALUE OF THE MEMBERSHIP IS $9,900. A MICHIGAN FINANCE AUTHORITY 800596186 NONEAVAIL 2015-05-28 13940000 SEE PART VI 0 0 0 B MICHIGAN FINANCE AUTHORITY 800596186 NONEAVAIL 2023-03-01 20940000 SEE PART VI 0 0 0 A 6370000 13940000 13940000 1 0 1 1 B 20940000 20940000 1 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 1 0 0 0 0 B 0 0 1 0 1 0 0 0 0 A 0 B 0 SCHEDULE K, PART I, BOND ISSUES: PART I, ROW A, COLUMN F: THE PURPOSE OF THE MICHIGAN FINANCE AUTHORITY HIGHER EDUCATION FACILITIES MULTI-MODAL LIMITED OBLIGATION REVENUE REFUNDING BONDS, SERIES 2015 (HOPE COLLEGE PROJECT), DATED MAY 28, 2015 AND ISSUED IN THE ORIGINAL PRINCIPAL AMOUNT OF $13,940,000 (THE "SERIES 2015 BONDS") WAS TO CURRENTLY REFUND THE MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY VARIABLE RATE DEMAND LIMITED OBLIGATION REVENUE AND REVENUE REFUNDING BONDS (HOPE COLLEGE PROJECT, SERIES 2004, DATED JULY 28, 2004 AND ISSUED IN THE ORIGINAL PRINCIPAL AMOUNT OF $25,000,000. PART I, ROW B, COLUMN F: THE PURPOSE OF THE MICHIGAN FINANCE AUTHORITY HIGHER EDUCATION FACILITIES LIMITED OBLIGATION REVENUE REFUNDING BONDS (HOPE COLLEGE PROJECT), SERIES 2023, DATED MARCH 1, 2023 AND ISSUED IN THE PRINCIPAL AMOUNT OF $20,940,000 (THE "SERIES 2023 BONDS") WAS TO (A) CURRENTLY REFUND THE MICHIGAN FINANCE AUTHORITY HIGHER EDUCATION FACILITIES MULTI-MODAL LIMITED OBLIGATION REVENUE AND REVENUE REFUNDING BONDS, SERIES 2012 (HOPE COLLEGE PROJECT) ORIGINALLY ISSUED ON MARCH 28, 2012 IN THE ORIGINAL PRINCIPAL AMOUNT OF $11,220,000 AND (B) CURRENTLY REFUND THE MICHIGAN FINANCE AUTHORITY HIGHER EDUCATION FACILITIES MULTI-MODAL LIMITED OBLIGATION REVENUE REFUNDING BONDS, SERIES 2013 (HOPE COLLEGE PROJECT) ORIGINALLY ISSUED ON AUGUST 8, 2013 IN THE ORIGINAL STATED AMOUNT OF $16,255,000. PART III IS NOT COMPLETED FOR THE PORTIONS OF COLUMNS A AND B THAT REFUNDED BONDS ISSUED PRIOR TO 2003, EITHER DIRECTLY OR THROUGH A SERIES OF REFUNDING BONDS. X 12 16955 FMV X 34 720840 NYSE - FMV 0 1 1 1 PART I, COLUMN (B): THE NUMBER LISTED IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTIONS RECEIVED. PART I, LINE 30B: ALL ART CONTRIBUTED IS RETAINED AS PART FO THE COLLEGE'S PERMANENT COLLECTION. PART I, LINE 32B: THE ORGANIZATION USES A STOCK BROKER TO SELL SECURITIES SHORTLY AFTER RECEIPT. FORM 990, PART VI, SECTION B, LINE 11B MEMBERS OF THE PROTECTING THE MISSION COMMITTEE OF THE BOARD OF TRUSTEES ARE PROVIDED WITH A REASONABLE OPPORTUNITY TO REVIEW AND COMMENT TO EXECUTIVE LEADERSHIP ON THE FORM 990 OF HOPE COLLEGE BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FURTHER, THE EXECUTIVE LEADERSHIP OF HOPE COLLEGE PROVIDES THE MINUTES OF THE PROTECTING THE MISSION COMMITTEE FORM 990 REVIEW TO THE BOARD OF TRUSTEES SHOWING AN OVERVIEW OF THE HIGHLIGHTS AT THE NEXT REGULARLY SCHEDULED BOARD MEETING FOLLOWING THE FILING OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF TRUSTEES PREPARE AND SIGN CONFLICT STATEMENTS ANNUALLY. THESE STATEMENTS ARE REVIEWED BY THE PROTECTING THE MISSION COMMITTEE, THE SECRETARY OF THE BOARD, AND THE PRESIDENT TO ENSURE COMPLIANCE WITH THE CONFLICT POLICY. MEMBERS OF THE BOARD WITH A PERSONAL INVOLVEMENT IN A PARTICULAR DECISION WILL EXCUSE THEMSELVES FROM DISCUSSION LEADING TO A DECISION AND FROM THE DECISION ITSELF, AND THIS DISCLOSURE AND ABSENCE WILL BE NOTED IN THE MINUTES OF THE MEETING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES (BOT) REVIEWS COMPENSATION ANNUALLY AND APPROVES RECOMMENDED COMPENSATION INCREASES BROUGHT TO THE BOT FROM THE CFO. THE COMPENSATION INCREASE IS HIGHLY CORRELATED TO THE TUITION INCREASE APPROVED FOR THE FOLLOWING ACADEMIC YEAR. THE RATES RECOMMENDED ARE DETERMINED BY LOOKING AT THE FOLLOWING FACTORS: COST OF LIVING (CPI), CUPA (COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION) SURVEYS, AND THE LAKESHORE HUMAN RESOURCES MANAGEMENT ASSOCIATION SURVEYS - WHICH IS A CHAPTER OF THE SOCIETY OF HUMAN RESOURCES MANAGEMENT (SHRM). SINCE HOPE COLLEGE IS NOT A UNION" SCHOOL WE DO NOT HAVE DELIBERATION BUT IF DISCUSSION DOES OCCUR DURING THE BOT APPROVAL PROCESS, IT WOULD BE DOCUMENTED IN THE BOT MINUTES FOR THAT SPECIFIC MEETING. THE CEO'S (PRESIDENT'S) COMPENSATION IS BASED UPON A RECOMMENDATION FROM THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES AND IS THEN APPROVED BY THE FULL BOARD OF TRUSTEES. COMPARISON DATA IS USED ALONG WITH EVALUATION OF PERFORMANCE IN THEIR DECISION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -765,838. CHANGE IN VALUE OF POSTRETIREMENT LIABILITY 890,000. CHANGE IN VALUE OF SWAP AGREEMENTS 1,328,403. ROUNDING ADJUSTMENT FORM 990, PART XII, LINE 2C: THE OVERSIGHT PROCESS FOR THE AUDIT HAS NOT CHANGED SINCE LAST YEAR.