2024-05-14T15:04:27-05:00 2023-06-30 366055558 GRANT THORNTON LLP 75 STATE ST 13TH FLOOR BOSTON MA 02109 990 2022-07-01 951644026 UNIVERSITY OF LA VERNE UNIV 9095933511 1950 THIRD STREET LA VERNE CA 917504401 AVEDIS KECHICHIAN ASSOCIATE VP OF FINANCE 9095933511 2024-05-14 1 AVEDIS KECHICHIAN 999009999 0 ERIN COUTURE P01390592 6177237900 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR PARDIS MAHDAVI 1950 THIRD STREET LA VERNE CA 917504401 274238780 0 X WWW.LAVERNE.EDU X 1891 CA TO PROVIDE OPPORTUNITIES FOR STUDENTS TO ACHIEVE EDUCATIONAL GOALS AND BECOMING CONTRIBUTING CITIZENS TO THE GLOBAL COMMUNITY. 31 28 2252 30 0 0 24234937 20376472 187902359 183466993 8323621 4998919 1471996 1356563 221932913 210198947 64461816 64103292 0 0 83565374 84924476 0 0 3772940 66987777 61279223 215014967 210306991 6917946 -108044 450756910 455580567 156506068 148560444 294250842 307020123 X THE UNIVERSITY OF LA VERNE OFFERS A DISTINCTIVE AND RELEVANT EDUCATIONAL EXPERIENCE TO A DIVERSE POPULATION OF TRADITIONAL-AGE, ADULT, AND GRADUATE LEARNERS, PREPARING THEM FOR SUCCESSFUL CAREERS AND A COMMITMENT TO LIFE-LONG LEARNING ACROSS THE LIBERAL ARTS AND PROFESSIONAL PROGRAMS. 0 0 170426802 64103292 185091551 SEE SCHEDULE OUNIVERSITY OF LA VERNE OFFERS HIGH QUALITY DEGREE PROGRAMS TO BOTH TRADITIONAL-AGE AND ADULT LEARNERS: PROVIDING LIBERAL ARTS AND PROFESSIONAL PROGRAMS FORM UNDERGRADUATE TO DOCTORAL LEVELS, AND DELIVERING PROGRAMS TO STUDENTS AT THE CENTRAL LA VERNE CAMPUS AS WELL AS REGIONAL CAMPUSES AND SATELLITE CLASS LOCATIONS THROUGHOUT CALIFORNIA. THE UNIVERSITY PROVIDES A STUDENT-CENTERED, VALUES-BASED, AND DIVERSE LEARNING ENVIRONMENT. IT TAKES PRIDE IN OFFERING SMALL CLASS SIZES IN A HIGHLY PERSONALIZED SETTING. THE UNIVERSITY ENCOURAGES EFFECTIVE TEACHING, RESEARCH, SCHOLARLY CONTRIBUTIONS, AND SERVICE TO THE GREATER COMMUNITY BY SHARING ITS ACADEMIC, PROFESSIONAL, AND INDIVIDUAL RESOURCES. UNIVERSITY OF LA VERNE PROVIDES EDUCATIONAL SERVICES TO 6,422 UNDERGRADUATE, GRADUATE, LAW, AND DOCTORAL STUDENTS. 170426802 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 1 0 0 0 1 264 1 1 2252 1 0 0 CJ 0 0 0 1 1 0 0 0 0 0 0 X 31 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X LORI GORDIEN CASE 9095933511 1950 THIRD STREET LA VERNE CA 917504401 DEVORAH A LIEBERMAN PRESIDENT 40.00 0.00 X X 593292 0 57587 MARK HICKS TRUSTEE/ADJUNCT FACULTY 24.00 0.00 X 64368 0 1166 ANTHONY REVIER CHAIRMAN 1.00 0.00 X X 0 0 0 VALERIE C ROMERO VICE CHAIRMAN 1.00 0.00 X X 0 0 0 SUSAN M SEARING SECRETARY 1.00 0.00 X X 0 0 0 LUIS FAURA TRUSTEE 1.00 0.00 X 0 0 0 STEVEN N REENDERS TRUSTEE (THRU 06/22) 1.00 0.00 X 0 0 0 MICHAEL A ABRAHAM TRUSTEE 1.00 0.00 X 0 0 0 KIM J BURCHIEL MD TRUSTEE 1.00 0.00 X 0 0 0 KIM BOWEN TRUSTEE 1.00 0.00 X 0 0 0 ANN QUAY DAVIS TRUSTEE 1.00 0.00 X 0 0 0 ROBERT DYER TRUSTEE 1.00 0.00 X 0 0 0 PETER ECKEL TRUSTEE 1.00 0.00 X 0 0 0 JOSEPH V FENGLER TRUSTEE 1.00 0.00 X 0 0 0 WENDY LAU ESQ TRUSTEE 1.00 0.00 X 0 0 0 ALEX LESTER ESQ TRUSTEE 1.00 0.00 X 0 0 0 KENNETH D LITTLE TRUSTEE 1.00 0.00 X 0 0 0 MARY ANN MELLEBY TRUSTEE 1.00 0.00 X 0 0 0 PAUL MOSELEY TRUSTEE 1.00 0.00 X 0 0 0 MIKE BROWN TRUSTEE 1.00 0.00 X 0 0 0 CLIFFORD DANIELS TRUSTEE 1.00 0.00 X 0 0 0 FRANK LIZARRAGA TRUSTEE 1.00 0.00 X 0 0 0 EMMETT L TERRELL TRUSTEE 1.00 0.00 X 0 0 0 REGGIE WEBB TRUSTEE 1.00 0.00 X 0 0 0 DAVID LIZARRAGA TRUSTEE 1.00 0.00 X 0 0 0 ZOILA ESCOBAR TRUSTEE 1.00 0.00 X 0 0 0 MARTHA DANIEL TRUSTEE 1.00 0.00 X 0 0 0 JOHN RAFFOUL TRUSTEE 1.00 0.00 X 0 0 0 OWEN RAY SKELTON TRUSTEE 1.00 0.00 X 0 0 0 LUPE DE LA CRUZ TRUSTEE (AS OF 07/22) 1.00 0.00 X 0 0 0 PETER HIDALGO TRUSTEE (AS OF 07/22) 1.00 0.00 X 0 0 0 CHRIS PIERCE TRUSTEE (AS OF 07/22) 1.00 0.00 X 0 0 0 AVEDIS KECHICHIAN CHIEF FINANCIAL OFFICER 40.00 0.00 X 343258 0 95414 KEROP JANOYAN PROVOST 40.00 0.00 X 265444 0 50397 DOAJO HICKS GENERAL COUNSEL (THRU 09/22) 40.00 0.00 X 256076 0 50162 SHERRI MYLOTT VP, UNIVERSITY ADVANCEMENT 40.00 0.00 X 259223 0 44988 KEVIN MARSHALL DEAN, COLLEGE OF LAW 40.00 0.00 X 206421 0 48616 MARY AGUAYO THRU 0523 VP, STRATEGIC ENROLLMENT MGMT 40.00 0.00 X 194686 0 47518 SHANNON MATHEWS DEAN, COLLEGE OF ARTS AND SCIENCES 40.00 0.00 X 177433 0 58362 TODD BRITTON CHIEF INFO. OFFICER, AVP 40.00 0.00 X 196865 0 35992 EMMELINE DE PILLIS DEAN, COLLEGE OF BUSINESS 40.00 0.00 X 207691 0 24187 BRIAN CLOCKSIN INTERIM PROVOST (THRU 03/23) 40.00 0.00 X 185891 0 41618 MD HAQUE INTERIM DEAN OF COLLEGE OF EDUCATION 40.00 0.00 X 180121 0 33557 JUAN REGALADO DEAN OF STUDENTS 40.00 0.00 X 162534 0 15180 IBRAHIM HELOU PROFESSOR OF FINANCE 40.00 0.00 X 221947 0 45756 LORI GORDIEN ASSOC VP OF FINANCE 40.00 0.00 X 192498 0 47684 KEEOK PARK ASSOC DEAN COLLEGE OF BUSINESS 40.00 0.00 X 190939 0 40063 PLACIDO GOMEZ PROFESSOR OF LAW 40.00 0.00 X 180919 0 44565 ISSAM GHAZAWI ASSOC PROFESSOR OF MGMT 40.00 0.00 X 187101 0 29908 JONATHAN REED PROVOST (THRU 06/21) 40.00 0.00 X 224964 0 20994 RODNEY LEVEQUE AS. VP FOR STGIC. COM. (THRU 01/23) 40.00 0.00 X 146268 0 13926 KIMBERLY WHITE-SMITH DEAN, COLLEGE OF EDU. (THRU 06/22) 40.00 0.00 X 130957 0 26728 4768896 0 874368 192 1 1 0 PROFESSIONAL DEVELOPMENT COURSES 1930 MARKET ST MOUNT VERNON WA 98273 CORRESPONDENT WORK 5748581 BON APPETIT 201 REDWOOD SHORES PKWY STE 100 REDWOOD SHORES CA 94065 FOOD SERVICES 3536691 CONVERZE MEDIA GROUP LLC 17011 BEACH BLVD STE 600 HUNTINGTON BEACH CA 92647 ADVERTISING 2474675 SODEXOI NC & AFFILIATES 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 HOUSEKEEPING SERVICES 1887082 CALL & JANSEN APC 610 NEWPORT CENTER DRIVE STE 700 NEWPORT BEACH CA 92660 LEGAL SERVICES 1007301 47 554646 17538085 2283741 212959 20376472 TUITION & FEES 611310 171986149 171986149 AUXILIARY ENTERPRISES 611310 11275539 11275539 SPONSORED PROGRAMS 900099 108087 108087 BOOKSTORE 900099 63241 63241 TICKET SALES & EVENTS 900099 33977 33977 183466993 5771141 5771141 125801 0 125801 125801 125801 62645273 63417495 -772222 -772222 -772222 228542 554646 622338 -393796 -393796 USE OF FACILITIES 900099 240428 240428 STUDENT PROJECT SALES 900099 66336 66336 STAFF PARKING FEES 900099 15575 15575 1302219 1302219 1624558 210198947 185091551 0 4730924 64103292 64103292 4347221 2782889 1012019 552313 279766 109381 170385 65271749 52685557 10626355 1959837 4278880 3248528 889577 140775 5884950 4609929 1074643 200378 4861910 3967608 741935 152367 141715 10516 131199 219863 219863 273447 273447 18052568 12753115 5012809 286644 1497765 107296 1335045 55424 3567298 1878704 1579115 109479 4358025 1337611 2921763 98651 5918494 3213608 2700778 4108 1446584 1228713 130750 87121 194805 147339 41926 5540 4939742 3882483 1057259 9835750 6778382 3057368 2917505 1291997 1625508 SCHOLARSHIP ALLOCATIONS 3212005 3212005 LEGAL SETTLEMENTS 1253395 1253395 MEMBERSHIP/SUBSCRIPTION 1167134 820360 300821 45953 EQUIPMENT RENTAL & MAIN 721202 245055 394389 81758 1561926 2012434 -443100 -7408 210306991 170426802 36107249 3772940 11653 15204 39080746 43609418 2247674 951834 5296826 6729239 3431512 3150036 12929 21119 2615792 2083004 321555088 154676755 174053311 166878333 192531335 200668965 17267710 17853368 0 0 0 4372007 14207422 9248040 450756910 455580567 29886350 23225007 0 0 7462353 8207833 114982179 109866219 779444 4241496 3395742 3019889 156506068 148560444 X 178246213 187401533 116004629 119618590 294250842 307020123 450756910 455580567 X -108044 13303447 -426122 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 122161420 242029 13748355 4966191 -12348 131197961 146560560 2833396 -21706450 5461418 64668 122161420 109253175 2072230 37183708 1955968 -7415 146560560 109371185 506836 1372780 1956344 41282 109253175 103743414 2969582 4537094 1878905 109371185 0.38000 0.35000 0.27000 0 0 1595030 26116705 27711735 217940163 88595708 129344455 4532367 4020891 511476 69741218 61270458 8470760 1629605 789698 839907 166878333 ANNUITIES PAYABLE 2003347 FEDERAL STUDENT LOAN FUNDS 1016542 3019889 X 162181947 13303447 -61669338 -48365891 210547838 273447 -622338 -348891 210198947 149412666 1048460 1048460 148364206 273447 61669338 61942785 210306991 PART V, LINE 4: THE BOARD MEMBERS OF THE UNIVERSITY, IN SETTING THE ENDOWMENT SPENDING POLICY, CONSIDERED THE FOLLOWING FACTORS: 1) PRESERVATION OF ASSET VALUES; 2) PRESERVATION OF PURCHASING POWER; AND 3) CONSISTENCY OF SPENDING OVER TIME. THE UNIVERSITY'S BOARD ADOPTED A SPENDING POLICY OF 4.50% OF THE TWELVE-QUARTER MOVING AVERAGE MARKET VALUE OF THE ENDOWMENT POOL FOR THE YEAR ENDED JUNE 30, 2022 WITH A VIEW TOWARD BALANCING THE NEED FOR EXPENDABLE FUNDS FOR UNIVERSITY PROGRAMS AGAINST THE NEED TO PRESERVE THE ENDOWMENT AGAINST INFLATION. IN ORDER TO ACHIEVE THE OBJECTIVE OF MAINTAINING PURCHASING POWER, THE ENDOWMENT'S ANNUAL RATE OF RETURN MUST EQUAL THE ANNUAL DISTRIBUTION, PLUS INFLATION, PLUS MANAGEMENT, CUSTODIAL AND ADMINISTRATIVE FEES. THE TWELVE-QUARTER MOVING AVERAGE OF THE PORTFOLIO'S MARKET VALUE PROTECTS THE UNIVERSITY'S DISTRIBUTION FROM MARKET VOLATILITY. DISTRIBUTIONS ARE PROVIDED TO STUDENTS FOR SCHOLARSHIPS, VARIOUS COLLEGES, AND PROGRAMS IN ACCORDANCE WITH DONOR DESIGNATIONS. PART X, LINE 2: THE UNIVERSITY FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE UNIVERSITY HAS ALSO BEEN RECOGNIZED BY THE CALIFORNIA FRANCHISE TAX BOARD AS EXEMPT FROM CALIFORNIA FRANCHISE AND INCOME TAXES UNDER SECTION 23701(D) OF THE CALIFORNIA REVENUE AND TAXATION CODE. THE UNIVERSITY HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE UNIVERSITY HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID -61,669,338. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE -622,338. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET CHANGE IN ACTUARIAL OBLIGATIONS 207,228. NET LOSS ON DISPOSAL OF FIXED ASSETS 218,894. FUNDRAISING EXPENSE 622,338. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 61,669,338. PART IX, RIGHT-OF-USE ASSETS THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") IMPLEMENTED A NEW LEASE ACCOUNTING STANDARD THAT BECAME EFFECTIVE IN THE YEAR ENDING JUNE 30, 2021. THIS ACCOUNTING STANDARD WAS EFFECTUATED TO IMPROVE THE TRANSPARENCY SURROUNDING KEY INFORMATION PERTAINING TO AN EXEMPT ORGANIZATION'S LEASING ARRANGEMENTS (AND TO ENSURE THAT ALL ORGANIZATIONS WERE RECORDING THE TRANSACTIONS UNIFORMLY ON THEIR BALANCE SHEETS). 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PUBLICATION OF RACIALLY NONDISCRIMINATORY POLICY THE UNIVERSITY CUSTOMARILY DRAWS STUDENTS FROM THE LOCAL COMMUNITIES. THE UNIVERSITY FOLLOWS A RACIALLY NONDISCRIMINATORY POLICY AND ENROLLS STUDENTS OF RACIAL MINORITY GROUPS IN MEANINGFUL NUMBERS. THE RACIALLY NONDISCRIMINATORY POLICY IS PUBLISHED ON THE UNIVERSITY'S WEBSITE. LINE 6 - EXPLANATION OF GOVERMENT FINANCIAL AID: THE UNIVERSITY RECEIVES ASSISTANCE FROM THE U.S. DEPARTMENT OF EDUCATION, THE U.S. SMALL BUSINESS ADMINISTRATION, AND THE CALIFORNIA COMMISSION ON TEACHING CREDENTIALING. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 7171301 0 0 0 0 0 0 7171301 0 7171301 0 0 1 0 0 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART I, LINE 3(F): THE INVESTMENTS FOR EACH REGION ARE RECORDED USING THE ACCRUAL METHOD OF ACCOUNTING. SCHEDULE F, PART IV: THE SCHOOL INVESTS DIRECTLY IN VARIOUS ALTERNATIVE INVESTMENTS THAT MAY BE ORGANIZED AS EITHER FOREIGN CORPORATIONS OR PARTNERSHIPS. IN ADDITION, THE SCHOOL INVESTS IN DOMESTIC LIMITED PARTNERSHIP THAT MAY, IN TURN INVEST IN FOREIGN CORPORATION OR PARTNERSHIPS. NEVERTHELESS, THE INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR THE FILING OF FORMS 926, 5471, OR 8865. TO THE EXTENT THAT THE SCHOOL IS REQUIRED TO COMPLETE ONE (OR MORE) OF THESE FOREIGN FORMS, IT IS FILED WITH THE SCHOOL'S FORM 990-T. GOLF TOURNAMENT 61995 40605 21390 21351 23412 5134 27704 GALA 721193 514041 207152 399274 3877 78320 63266 783188 554646 228542 420625 27289 83454 90970 622338 -393796 1 SCHOLARSHIPS/GRANTS FOR STUDENTS 5750 61669337 0 STUDENT TUITION REMISSION 115 2433955 PART I, LINE 2: STUDENTS WHO RECEIVE GRANTS FROM THE UNIVERSITY ARE DETERMINED IN ACCORDANCE WITH THE UNIVERSITY'S STANDARD POLICIES AND PROCEDURES. IN SUMMARY, A STUDENT IS REQUIRED TO COMPLETE A FAFSA TO BE CONSIDERED FOR FINANCIAL AID ASSISTANCE. UPON COMPLETION OF THE FAFSA, THE UNIVERSITY IS PROVIDED THE STUDENT'S ESTIMATED FAMILY CONTRIBUTIONS (EFC). BASED ON THE EFC AND OTHER CRITERIA (I.E. ENROLLMENT STATUS, ACADEMIC STANDING, ETC.), THE OFFICE OF FINANCIAL AID MAY AWARD A STUDENT AN INSTITUTIONAL GRANT. THERE ARE SYSTEMIC PROCEDURES IN PLACE TO ENSURE THAT THE GRANT IS APPLIED AGAINST TUITION AND MEETS THE REQUIREMENTS OF THE SPECIFIC GRANT. STUDENT ACCOUNTS AND THE OFFICE OF FINANCIAL AID ARE RESPONSIBLE FOR MONITORING THE STUDENT'S FINANCIAL AID STATUS WHILE AT THE UNIVERSITY. X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 DEVORAH A LIEBERMAN PRESIDENT 526821 0 0 0 66471 0 29650 0 27937 0 650879 0 0 0 AVEDIS KECHICHIAN CHIEF FINANCIAL OFFICER 320029 0 0 0 23229 0 26826 0 68588 0 438672 0 0 0 KEROP JANOYAN PROVOST 265444 0 0 0 0 0 27240 0 23157 0 315841 0 0 0 DOAJO HICKS GENERAL COUNSEL (THRU 09/22) 256076 0 0 0 0 0 20442 0 29720 0 306238 0 0 0 SHERRI MYLOTT VP, UNIVERSITY ADVANCEMENT 259223 0 0 0 0 0 24303 0 20685 0 304211 0 0 0 IBRAHIM HELOU PROFESSOR OF FINANCE 221947 0 0 0 0 0 20367 0 25389 0 267703 0 0 0 KEVIN MARSHALL DEAN, COLLEGE OF LAW 206421 0 0 0 0 0 20930 0 27686 0 255037 0 0 0 JONATHAN REED PROVOST (THRU 06/21) 224964 0 0 0 0 0 20892 0 102 0 245958 0 0 0 MARY AGUAYO THRU 0523 VP, STRATEGIC ENROLLMENT MGMT 194686 0 0 0 0 0 20804 0 26714 0 242204 0 0 0 LORI GORDIEN ASSOC VP OF FINANCE 190462 0 0 0 2036 0 19666 0 28018 0 240182 0 0 0 SHANNON MATHEWS DEAN, COLLEGE OF ARTS AND SCIENCES 177433 0 0 0 0 0 18737 0 39625 0 235795 0 0 0 TODD BRITTON CHIEF INFO. OFFICER, AVP 196865 0 0 0 0 0 18034 0 17958 0 232857 0 0 0 EMMELINE DE PILLIS DEAN, COLLEGE OF BUSINESS 207691 0 0 0 0 0 20486 0 3701 0 231878 0 0 0 KEEOK PARK ASSOC DEAN COLLEGE OF BUSINESS 190939 0 0 0 0 0 16964 0 23099 0 231002 0 0 0 BRIAN CLOCKSIN INTERIM PROVOST (THRU 03/23) 185452 0 0 0 439 0 17516 0 24102 0 227509 0 0 0 PLACIDO GOMEZ PROFESSOR OF LAW 180919 0 0 0 0 0 17046 0 27519 0 225484 0 0 0 ISSAM GHAZAWI ASSOC PROFESSOR OF MGMT 184923 0 0 0 2178 0 12433 0 17475 0 217009 0 0 0 MD HAQUE INTERIM DEAN OF COLLEGE OF EDUCATION 180121 0 0 0 0 0 10268 0 23289 0 213678 0 0 0 JUAN REGALADO DEAN OF STUDENTS 162534 0 0 0 0 0 15078 0 102 0 177714 0 0 0 RODNEY LEVEQUE AS. VP FOR STGIC. COM. (THRU 01/23) 146268 0 0 0 0 0 13824 0 102 0 160194 0 0 0 KIMBERLY WHITE-SMITH DEAN, COLLEGE OF EDU. (THRU 06/22) 130957 0 0 0 0 0 11461 0 15267 0 157685 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE AND PERSONAL SERVICES THE UNIVERSITY PROVIDES THE PRESIDENT WITH OFF-CAMPUS HOUSING. PERSONAL USE OF THE HOUSE, INCLUDING RENTAL VALUE, HOUSEKEEPING, UTILITIES IS CALCULATED AND REFLECTED IN OTHER REPORTABLE COMPENSATION ON SCHEDULE J, PART II, COLUMN B(III). SOCIAL CLUB DUES WERE PAID ON BEHALF OF AN INDIVIDUAL LISTED IN SCHEDULE J, PART II. THE SOCIAL CLUB WAS USED FOR BUSINESS PURPOSES AND AMOUNTS WERE TREATED AS NONTAXABLE. PART I, LINE 4B THE PRESIDENT AND CFO EACH PARTICIPATE IN A NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENT. IN ORDER TO RECEIVE AMOUNTS DEFERRED UNDER THE ARRANGEMENT, THE INDIVIDUAL MUST BE EMPLOYED ON THE VESTING DATE. AMOUNTS ACCRUED FOR CALENDAR YEAR 2022 ARE INCLUDED IN SCHEDULE J, PART II, COLUMN C. NO AMOUNTS WERE PAID OUT UNDER THE AGREEMENTS IN CALENDAR YEAR 2022. A CALIFORNIA MUNICIPAL FINANCE AUTHORITY 201563466 13048T2U6 2017-04-20 130743561 CONSTRUCTION & REFUND PRIOR BONDS 0 0 0 A 21245000 131200732 29456916 1309010 44885483 55542700 6623 2018 1 1 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 0 0 0 0 1 A 1 PART II, LINE 3, COLUMN A THE CMFA 2015A AND 2010A BONDS WERE REFINANCED TO THE CMFA 2017 A&B BOND ISSUE. THE CMFA 2010A AND CMFA 2015 BONDS WERE COLLATERALIZED BY PARCELS OF LAND, AND HAD VARIOUS DEBT COVENANTS. THE CMFA 2017 A&B BONDS ARE UNSECURED AND HAVE NO FINANCIAL DEBT COVENANTS. IN ADDITION TO REFINANCING PRIOR BONDS, THE CMFA 2017 A&B BONDS, PROVIDED AN ADDITIONAL $42,000,000 OF FUNDS. THE FUNDS WERE MOSTLY UTILIZED TOWARD THE CONSTRUCTION OF A NEW RESIDENCE AND DINING HALL. DUE TO INTEREST EARNINGS OF $457,171 ON THE CMFA A&B BOND ISSUE, THE TOTAL PROCEEDS OF ISSUE ON LINE 3 OF $131,200,732 WILL NOT RECONCILE BACK TO THE TOTAL ISSUE PRICE IN PART I, ROW A, COLUMN E OF $130,743,561. ANKINE KECHICHIAN FAMILY MEMBER OF CFO 125077 COMPENSATION FOR EMPLOYMENT 0 MICHELLE KECHICHIAN FAMILY MEMBER OF CFO 108662 COMPENSATION FOR EMPLOYMENT 0 LISA LESTER FAMILY MEMBER OF TRUSTEE 57679 COMPENSATION FOR EMPLOYMENT 0 CYTELLIX CORPORATION TRUSTEE IS A GREATER THAN 35% SHAREHOLDER 64383 TRUSTEE COMPANY 0 SCHEDULE L, PART IV: THE EMPLOYMENT AND CONSULTING CONTRACTS BETWEEN THE UNIVERSITY AND THEINDIVIDUALS LISTED ARE INDEPENDENT OF THEIR FAMILY RELATIONSHIP WITH THE INTERESTED PERSONS OF THE UNIVERSITY. ALL TRANSACTIONS ARE DEEMED ARM'S LENGTH. X 5 195522 FMV X MISCELLANEOUS 27 17437 FMV 0 1 1 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING BOTH THE NUMBERS OF CONTRIBUTORS AND NUMBERS OF ITEMS RECEIVED ON SCHEDULE M, PART I, COLUMN (B). PART I, LINE 32B: THE UNIVERSITY MAY UTILIZE ORGANIZATIONS TO LIQUIDATE NON-CASH CONTRIBUTIONS IF IT IS DETERMINED THAT IT DOES NOT WANT TO MAINTAIN THE CONTRIBUTION AND THE DONOR RESTRICTIONS ALLOW FOR SUCH LIQUIDATION. THE THIRD-PARTY ORGANIZATION SELECTED DEPENDS ON THE TYPE OF CONTRIBUTION RECEIVED AND THE MARKET IN WHICH IT CAN BE LIQUIDATED. FOR EXAMPLE, THE UNIVERSITY MAY UTILIZE A PROPERTY MANAGEMENT FIRM TO POST AVAILABLE PROPERTIES OF REAL ESTATE. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL CONSIST OF NO FEWER THAN SEVEN (7) OR MORE THAN TWELVE (12) TRUSTEES. THE MEMBERS OF THE EXECUTIVE COMMITTEE SHALL BE COMPRISED OF THE PRESIDENT OF THE UNIVERSITY, BOARD CHAIR, VICE-CHAIR, SECRETARY, COMMITTEE CHAIRS, AND ONE AT-LARGE MEMBER RECOMMENDED BY THE BOARD CHAIR AND ELECTED BY THE MEMBERS OF THE BOARD OF TRUSTEES. THE EXECUTIVE BOARD OF THE BOARD OF TRUSTEES SHALL ALSO SERVE AS THE OFFICERS OF THE EXECUTIVE COMMITTEE. THE CHIEF FINANCIAL OFFICER SHALL SERVE AS AN EX-OFFICIO MEMBER OF THIS COMMITTEE, WITHOUT THE POWER TO VOTE, AND S/HE SHALL NOT BE COUNTED AS A MEMBER OF THE COMMITTEE FOR ANY PURPOSE. BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE SHALL HAVE THE FULL AUTHORITY OF THE BOARD WITH THE FOLLOWING EXCEPTIONS: I. FILL VACANCIES ON THE BOARD OF TRUSTEES OR IN ANY COMMITTEE WHICH HAS THE AUTHORITY OF THE BOARD; II. AMEND OR REPEAL THESE BYLAWS OR ADOPT NEW BYLAWS; III. AMEND OR REPEAL ANY RESOLUTION OF THE BOARD WHICH BY ITS EXPRESS TERMS IS NOT SO AMENDABLE OR REPEALABLE; IV. APPOINT COMMITTEES OF THE BOARD OR THE MEMBERS THEREOF; V. APPROVE OF ANY SELF-DEALING TRANSACTION EXCEPT AS PROVIDED BY LAW; OR VI. ANY OTHER ACTIONS PROHIBITED BY CALIFORNIA CORPORATIONS CODE SECTION 5212 (A). IN ADDITION, THE EXECUTIVE COMMITTEE MAY NOT AWARD DEGREES OR APPOINT OR REMOVE THE PRESIDENT OF THE UNIVERSITY UNLESS SPECIFICALLY EMPOWERED BY THE BOARD OF TRUSTEES TO DO SO. FORM 990, PART VI, SECTION B, LINE 11B THE INFORMATION/DATA FOR THE 990 IS PRIMARILY GATHERED, CALCULATED, AND COMPILED BY THE UNIVERSITY'S DIRECTOR OF ACCOUNTING. UPON COMPLETING THESE STEPS, THE INFORMATION IS FORWARDED TO THE ASSOCIATE VICE PRESIDENT OF FINANCE FOR REVIEW AND APPROVAL. ONCE APPROVED THE INFORMATION/DATA IS SENT TO THE ACCOUNTING FIRM GRANT THORNTON LLP TO PREPARE THE FORM 990. ONCE COMPLETED, THE FORM 990 IS FORWARDED TO THE DIRECTOR OF ACCOUNTING TO ENSURE THAT THE INFORMATION THAT HAD BEEN ORIGINALLY PROVIDED WAS ENTERED CORRECTLY ONTO THE FORM. THE ASSOCIATE VICE PRESIDENT OF FINANCE ALSO PERFORMS A REVIEW OF THE RETURN, AFTER WHICH IT IS FORWARDED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES FOR REVIEW, COMMENTS, AND APPROVAL. THE FULL FILING COPY OF THE APPROVED FORM 990 IS MADE AVAILABLE TO THE FULL BOARD OF TRUSTEES THROUGH THE POSTING ON A SECURE WEBSITE PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C TO ENSURE COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY, THERE ARE ANNUAL SIGNED STATEMENTS OBTAINED FROM OFFICERS, TRUSTEES AND KEY EMPLOYEES. THE ASSOCIATE VICE PRESIDENT OF FINANCE REVIEWS THE STATEMENTS FOR DISCLOSURE OF ANY POTENTIAL CONFLICTS. IN ADDITION, THE OFFICE OF GENERAL COUNSEL REVIEWS ALL CONTRACTS THAT INVOLVE THE UNIVERSITY AND EMPLOYEES (OR A FAMILY MEMBER), TRUSTEE (OR FAMILY MEMBER), FOR ANY CONFLICTS OF INTEREST. REVEALED CONFLICTS ARE REPORTED ON THE FORM 990, AND REVIEWED BY MEMBERS OF THE BOARD AND AUDIT COMMITTEE TO DETERMINE ANY FURTHER ACTION IF NECESSARY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES ESTABLISHES THE SALARY OF THE PRESIDENT, AND THE PRESIDENT ESTABLISHES THE SALARIES FOR THE UNIVERSITY'S VICE PRESIDENTS. THE HUMAN RESOURCES DEPARTMENT REVIEWS THE UNIVERSITY'S SALARIES & COMPENSATION AND COMPARES THE INFORMATION TO BOTH NATIONAL AND LOCAL COMPARABILITY DATA TO ENSURE THE UNIVERSITY'S PAY RATES ARE CONSISTENT WITH OTHER COMPARABLE INSTITUTIONS. IN ADDITION, THE UNIVERSITY IS SUBSCRIBED TO SURVEYS THAT ARE RECEIVED AND REVIEWED ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S FINANCIAL STATEMENTS ARE AVAILABLE ON THE WEBPAGE OF THE FINANCE OFFICE (HTTPS://LAVERNE.EDU/ABOUT/FINANCIAL-STATEMENTS-TAX-RETURNS/). ADDITIONALLY, THE AUDITED FINANCIAL STATEMENTS ARE POSTED TO THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE (WWW.EMMA.MSRB.ORG). THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE, AND IT IS ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE UNDER THE HUMAN RESOURCES PAGE. GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE. FORM 990, PART XI, LINE 9: NET CHANGE IN ACTUARIAL OBLIGATIONS -207,228. NET LOSS ON DISPOSAL OF FIXED ASSETS -218,894. COVID-19 DISCLOSURE IN MARCH 2020, THE WORLD HEALTH ORGANIZATION DECLARED THE NOVEL CORONAVIRUS ("COVID-19") A GLOBAL PANDEMIC. THE RELATED ADVERSE PUBLIC HEALTH DEVELOPMENTS, INCLUDING ORDERS TO SHELTER-IN-PLACE, TRAVEL RESTRICTIONS, AND MANDATED BUSINESS CLOSURES, HAVE ADVERSELY AFFECTED WORKFORCES, ORGANIZATIONS, THEIR CUSTOMERS, ECONOMIES, AND FINANCIAL MARKETS GLOBALLY, LEADING TO INCREASED MARKET VOLATILITY AND DISRUPTION IN NORMAL BUSINESS OPERATIONS, INCLUDING THE UNIVERSITY'S OPERATIONS. THE UNIVERSITY TRANSITIONED ITS STUDENTS TO ONLINE LEARNING AND ALMOST ALL OF ITS EMPLOYEES TO REMOTE WORK IN MID-MARCH OF 2020. THE STATE OF CALIFORNIA AND LOS ANGELES COUNTY DEPARTMENT OF PUBLIC HEALTH OFFICIALS MUST APPROVE PLANS FOR BRINGING EMPLOYEES AND STUDENTS BACK TO IN-PERSON INSTRUCTION. RESTRICTIONS ON THE STUDENT HOUSING HAVE HAD THE MOST SIGNIFICANT IMPACT TO REVENUES; THESE RESTRICTIONS STOOD THROUGH JUNE 30, 2022. AS OF JUNE 30, 2023 THE UNIVERSITY WAS AWARDED $34,489,422 FROM FEDERAL EMERGENCY FUNDS. THE UNIVERSITY UTILIZED ALL OF IT'S AWARDED FUNDS AS FOLLOWS; $15,390,559 TOWARD LOSSED REVENUE, $15,442,022 TOWARD STUDENT AWARDS, AND $3,656,740 FOR ALLOWABLE EXPENSES FOR TECHNOLOGY AND SAFE RETURN TO CAMPUS NEEDS. CHARITABLE REMAINDER UNITRUSTS (10) FUNDRAISING CA T 0 CHARITABLE REMAINDER ANNUITY TRUST (1) FUNDRAISING CA T 0 NET INCOME WITH MAKE-UP CRUT (4) FUNDRAISING CA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0