2024-04-30T13:38:40-05:00 2023-06-30 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2022-07-01 240795686 LAFAYETTE COLLEGE LAFA 6103305136 730 SULLIVAN ROAD 030 MARQUIS HALL EASTON PA 180421778 ANDREA BOHN ASSISTANT VP & CONTROLLER 6103305957 2024-04-30 1 ANDREA BOHN 999009999 0 DANIEL ROMANO P00504182 2125990100 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z NICOLE FARMER HURD 730 SULLIVAN ROAD 030 MARQUIS HALL EASTON PA 180421778 554671936 0 X WWW.LAFAYETTE.EDU X 1826 PA PROVISION OF EDUCATIONAL SERVICES AS AN ACCREDITED FOUR-YEAR UNDERGRADUATE COLLEGE. 34 33 2439 4588 -2155297 0 31962079 33828877 191649866 199283679 39339968 18162776 3429516 7691583 266381429 258966915 62919311 64292294 0 0 95926766 102694396 19400 244542 5837806 82315960 91176499 241181437 258407731 25199992 559184 1574043978 1649595334 372866888 376125566 1201177090 1273469768 X IN AN ENVIRONMENT THAT FOSTERS THE FREE EXCHANGE OF IDEAS, LAFAYETTE COLLEGE SEEKS TO NURTURE THE INQUIRING MIND AND TO INTEGRATE INTELLECTUAL, SOCIAL, AND PERSONAL GROWTH. THE COLLEGE STRIVES TO DEVELOP STUDENTS SKILLS OF CRITICAL THINKING, (CONTINUED IN SCH O) VERBAL COMMUNICATION, AND QUANTITATIVE REASONING AND THEIR CAPACITY FOR CREATIVE ENDEAVOR; IT ENCOURAGES STUDENTS TO EXAMINE THE TRADITIONS OF THEIR OWN CULTURE AND THOSE OF OTHERS; TO DEVELOP SYSTEMS OF VALUES THAT INCLUDE AN UNDERSTANDING OF PERSONAL, SOCIAL, AND PROFESSIONAL RESPONSIBILITY; AND TO REGARD EDUCATION AS AN INDISPENSABLE, LIFELONG PROCESS. 0 0 184531813 64292294 159513890 LAFAYETTE COLLEGE IS A LIBERAL ARTS COLLEGE OFFERING BACHELOR OF ARTS AND BACHELOR OF SCIENCE DEGREES IN FOUR DISCIPLINES IN HUMANITIES, ENGINEERING, NATURAL SCIENCES, AND SOCIAL SCIENCES. IN FALL 2022, THE 2,729 FULL-TIME STUDENTS CAME FROM 42 STATES AND 56 COUNTRIES. THE STUDENT-TO-FACULTY RATIO AT THE COLLEGE IS APPROXIMATELY 10 TO 1. OF THE 247 FULL-TIME FACULTY, 242 HOLD A DOCTORATE OR OTHER TERMINAL DEGREE. APPROXIMATELY 56% OF THE STUDENTS ATTENDING LAFAYETTE COLLEGE RECEIVE FINANCIAL ASSISTANCE. 635 STUDENTS WERE AWARDED AN UNDERGRADUATE DEGREE. LAFAYETTE COLLEGE HAS A FOUR-YEAR GRADUATION RATE OF 80% AND SIX-YEAR GRADUATION RATE OF 88%. APPROXIMATELY 90% OF THE COLLEGE'S GRADUATES WERE EMPLOYED, IN GRADUATE SCHOOL, OR SECURED INTERNSHIPS WITHIN 6 MONTHS AFTER GRADUATION. 32555192 39769789 AS A RESIDENTIAL COLLEGE, LAFAYETTE STUDENTS COMPLEMENT THEIR ACADEMIC. SCHOLARSHIP WITH A MYRIAD OF OPPORTUNITIES TO CONNECT WITH ONE ANOTHER AND LEARN FROM THE LARGE WORLD REPRESENTED ON THE COLLEGE'S CAMPUS. AS PART OF THEIR EXPERIENCE AT A RESIDENTIAL COLLEGE, LAFAYETTE STUDENTS ARE DEEPLY ENGAGED ACADEMICALLY AND HAVE SIGNIFICANT OPPORTUNITIES TO ENGAGE IN A VAST OFFERING OF EXTRACURRICULAR AND CO-CURRICULAR POSSIBILITIES. LAFAYETTE COLLEGE OFFERS MORE THAN 150 STUDENT CLUBS AND ORGANIZATIONS, 23 NCAA DIVISION 1 ATHLETIC PROGRAMS, AND NUMEROUS EXPERIENCES IN THE FINE ARTS AND PERFORMING ARTS ALL OF WHICH ARE COMPLEMENTED BY A STRONG STUDENT LIFE PROGRAM THAT ENHANCES THE LAFAYETTE EXPERIENCE BEYOND THE CLASSROOM. 217087005 1 1 0 1 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 1 0 0 0 1 4259 0 1 2439 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 34 33 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 CA FL NH NJ NY PA WA X X ANDREA BOHN 6103303308 730 SULLIVAN ROAD 030 MARQUIS HALL EASTON PA 180421798 NICOLE F HURD PRESIDENT 50.00 0.00 X X 703898 0 165659 ROBERT E SELL CHAIR 5.00 0.00 X X 0 0 0 LINDA ASSANTE CARRASCO VICE CHAIR 5.00 0.00 X X 0 0 0 ANGEL L MENDEZ SECRETARY 5.00 0.00 X X 0 0 0 JAMES R BIRLE JR EXECUTIVE COMMITTEE 3.00 0.00 X 0 0 0 ANTONIO F FERNANDEZ EXECUTIVE COMMITTEE 3.00 0.00 X 0 0 0 SUSAN L FOX EXECUTIVE COMMITTEE 3.00 0.00 X 0 0 0 JEFFERSON W KIRBY EXECUTIVE COMMITTEE 3.00 0.00 X 0 0 0 LEO A HELMERS EXECUTIVE COMMITTEE 3.00 0.00 X 0 0 0 JUDSON C LINVILLE EXECUTIVE COMMITTEE 3.00 0.00 X 0 0 0 PAMELA S PASSMAN EXECUTIVE COMMITTEE 3.00 0.00 X 0 0 0 JB REILLY EXECUTIVE COMMITTEE 3.00 0.00 X 0 0 0 JAMES L BENJAMIN TRUSTEE 2.00 0.00 X 0 0 0 KIMBERLY W BENSTON TRUSTEE 2.00 0.00 X 0 0 0 HARRY S CHERKEN TRUSTEE 2.00 0.00 X 0 0 0 SEBASTIAN J CRAPANZANO TRUSTEE 2.00 0.00 X 0 0 0 TANUJA MAJUMDAR DEHNE TRUSTEE 2.00 0.00 X 0 0 0 LANETA J DORFLINGER TRUSTEE 2.00 0.00 X 0 0 0 JONATHAN S ELLIS TRUSTEE 2.00 0.00 X 0 0 0 JOHN A FRY TRUSTEE 2.00 0.00 X 0 0 0 MICHAEL C HEANEY TRUSTEE 2.00 0.00 X 0 0 0 HAROLD N KAMINE TRUSTEE 2.00 0.00 X 0 0 0 LISA J KASSEL TRUSTEE 2.00 0.00 X 0 0 0 BARBARA LEVY TRUSTEE 2.00 0.00 X 0 0 0 CLAUDINE D LILIEN TRUSTEE 2.00 0.00 X 0 0 0 KAMAKA R MARTIN TRUSTEE 2.00 0.00 X 0 0 0 D CHRISTIAN MCCUMBER TRUSTEE 2.00 0.00 X 0 0 0 JOSE A RODRIGUEZ TRUSTEE 2.00 0.00 X 0 0 0 DAVID M ROTH TRUSTEE 2.00 0.00 X 0 0 0 PETER S RUGGIERO TRUSTEE 2.00 0.00 X 0 0 0 WILLIAM H SPENCE TRUSTEE 2.00 0.00 X 0 0 0 LAUREN A STEINITZ TRUSTEE 2.00 0.00 X 0 0 0 WYNNE A WHITMAN TRUSTEE 2.00 0.00 X 0 0 0 ALVIN M YEARWOOD TRUSTEE 2.00 0.00 X 0 0 0 KRISHNA MEMANI CHIEF INVESTMENT OFFICER 50.00 0.00 X 838895 0 43932 KIMBERLY A SPANG VP DEVELOPMENT & COLLEGE RELATIONS 50.00 0.00 X 352942 0 63880 LESLIE F MUHLFELDER VP HUMAN RESOURCES, GENERAL COUNSEL 50.00 0.00 X 363780 0 43932 JOHN E MEIER PROVOST 50.00 0.00 X 334668 0 61471 ANNETTE DIORIO VP CAMPUS LIFE (THRU 12/2022) 50.00 0.00 X 264254 0 31189 JOHN L O'KEEFE VP & CHIEF INFORMAITON OFFICER 50.00 0.00 X 248764 0 37998 FORREST STUART VP ENROLLMENT MANAGEMENT 50.00 0.00 X 231508 0 30423 AUDRA J KAHR EVP FIN AND ADMIN (AS OF 11/2022) 50.00 0.00 X 33252 0 4399 CRAIG BECKER ASSOC VP FINANCE 50.00 0.00 X 363642 0 39038 ALMA SCOTT-BUCZAK ASSOC VP HUMAN RESOURCES 50.00 0.00 X 220643 0 31868 JOHN R DAILEY INVESTMENT DIRECTOR 50.00 0.00 X 400623 0 38989 LI ZHAO INVESTMENT DIRECTOR 50.00 0.00 X 385306 0 23317 JOHN D TROXELL HEAD COACH - FOOTBALL 50.00 0.00 X 291045 0 39097 BRUCE A MURPHY KIRBY PROFESSOR OF GOVERNMENT & LAW 50.00 0.00 X 273506 0 39468 SHERRYTA FREEMAN DIRECTOR OF ATHLETICS 50.00 0.00 X 269985 0 31313 GREGORY V MACDONALD VP ENROLLMENT MGMT (THRU 04/2022) 0.00 0.00 X 177488 0 13131 MARK EYERLY VP MARKETING & COMM (THRU 06/2022) 0.00 0.00 X 212837 0 19266 5967036 0 758370 197 1 1 0 BON APPETIT MANAGEMENT COMPANY 2400 YORKMONT ROAD CHARLOTTE NC 28217 DINING SERVICES 12689841 DELL VALLEY PROPERTIES INC 11 CHASE HOLLOW ROAD HOPEWELL NJ 08525 CONSTRUCTION 11247852 ALLIED BUILDING CORP 74 W BROAD STREET BETHLEHEM PA 18018 CONSTRUCTION 3553116 WOHLSEN CONSTRUCTION PO BOX 4612 LANCASTER PA 17604 CONSTRUCTION 3066950 BI-STATE CONSTRUCTION COMPANY INC 1500 UHLER ROAD SUITE 102 EASTON PA 18040 CONSTRUCTION 2475670 53 30745 5134006 28664126 3367728 33828877 TUITION AND FEES 611710 159513890 159513890 AUXILIARY SERVICES 611710 37880964 37880964 ATHLETIC/SPORT NETWORK 611710 1888825 1866825 22000 199283679 10075445 -2133622 12209067 894157 486643 407514 407514 407514 301737182 293649851 8087331 8087331 8087331 32839 30745 33298 -459 -459 1341227 1535229 -194002 -43675 -150327 OTHER INCOME 900099 6745904 6745904 FEES/FINES/COST RECVY. 900099 732626 732626 7478530 258966915 199261679 -2155297 28031656 65638 65638 64226656 64226656 6639370 1238081 4981929 419360 177946 161280 16666 73627442 60589032 9921863 3116547 5998269 4857218 891880 249171 10744710 8652994 1521156 570560 5506659 4269259 997713 239687 668194 73803 587348 7043 237909 237909 4383 4383 244542 244542 634456 6627 627829 12395415 10528902 1749096 117417 222859 166344 55665 850 3664319 2538192 900390 225737 3985077 621008 3349607 14462 7192248 6100647 1091601 7702620 7058321 455768 188531 2616699 1332209 916396 368094 9670770 8947589 723181 16596054 15256121 1339933 3098545 407527 2691018 AUXILIARY SERVICES 12507082 12474089 32993 NON-OFFICE SUPPLIES 5163084 4973562 189522 OTHER EXPENSES 4816785 3191134 1549846 75805 ALLOCATION OF INDIRECT 0 -649228 649228 258407731 217087005 35482920 5837806 17979 16046 84711315 78444452 13203290 18682779 2204240 4652355 245301 1405483 3874236 3252258 749408612 311213023 411238801 438195589 211665656 219637021 843670466 882529427 1719293 1451587 1493401 1328337 1574043978 1649595334 19906395 17482026 207540 0 1899869 1602421 213185787 211507848 4120227 146318 81464404 100204730 52082666 45182223 372866888 376125566 X 397255233 422137997 803921857 851331771 1201177090 1273469768 1574043978 1649595334 X 559184 68157668 3575826 X 0 1 X 1 1 1 X 31281134 20135118 20693664 31962079 33828877 137900872 31281134 20135118 20693664 31962079 33828877 137900872 7791235 130109637 1993336 8178493 9756186 13103224 33031239 3826479 2926137 1373775 3031636 7478530 18636557 189568668 200325122 0.68630 0.67550 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2018 AMOUNT: $ 3,226,945. 2019 AMOUNT: $ 2,308,327. 2020 AMOUNT: $ 900,289. 2021 AMOUNT: $ 2,148,433. 2022 AMOUNT: $ 6,745,904. FEES FINES COST RECOVERY - 2018 AMOUNT: $ 599,534. 2019 AMOUNT: $ 617,810. 2020 AMOUNT: $ 473,486. 2021 AMOUNT: $ 883,203. 2022 AMOUNT: $ 732,626. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 4383 4383 0 PART II-B, LINE 1, LOBBYING ACTIVITIES: THE COLLEGE IS A MEMBER OF THE AMERICAN COUNCIL ON EDUCATION, THE ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES OF PENNSYLVANIA, THE NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES AND THE LEHIGH VALLEY ASSOCIATION OF INDEPENDENT COLLEGES. THROUGH THESE ORGANIZATIONS, THE COLLEGE MAY, FROM TIME TO TIME, LOBBY THE CITY OF EASTON, THE COMMONWEALTH OF PENNSYLVANIA OR THE FEDERAL GOVERNMENT IN SUPPORT OF HIGHER EDUCATION ISSUES AND LEGISLATION OR IN THE ASSISTANCE IN PROCURING GRANTS. THE COLLEGE NEITHER EMPLOYS A LOBBYIST OR LOBBYING FIRM NOR INCURS LOBBYING EXPENSES FOR LEGISLATION ON THE COLLEGE'S BEHALF. THE COLLEGE EMPLOYS THE DELTA DEVELOPMENT GROUP FOR ASSISTANCE IN SECURING FEDERAL AND STATE GRANTS. 2118522 12949765 X X X X 0 0 1 X 1021802366 10018242 80229772 10633279 33999175 3150326 1064267600 1085030761 12461042 -31004600 9799641 32221359 2663837 1021802366 862906493 14744584 248378756 9542677 31456395 1085030761 861783526 18379803 26736866 8842283 32165568 2985851 862906493 870744623 18402651 16998749 8817916 32433775 3110806 861783526 0.25030 0.31130 0.43840 1 0 10041739 10041739 545494342 208034454 337459888 71827498 38907156 32920342 86906163 64271413 22634750 35138870 35138870 438195589 EVENT DRIVEN/DISTRESSED 3602014 F LONG/SHORT EQUITY 422046185 F MULTI STRATEGY/ABSOLUTE RETURN 153778972 F REAL ESTATE 4755603 F PRIVATE EQUITY 298346653 F 882529427 ANNUITIES PAYABLE 13766830 POST RETIREMENT BENEFITS 24808829 CONDITIONAL ASSET RETIREMENT OBLIGATION 1926977 INTEREST RATE SWAP AGREEMENTS 4679587 45182223 X 265389566 68157668 -63162491 4995177 260394389 627696 -2055170 -1427474 258966915 193096888 2055170 2055170 191041718 627696 66738317 67366013 258407731 PART III, LINE 4: AMONG THE RICH RESOURCES PROVIDED FOR STUDENTS IS A FINE, SMALL ART COLLECTION. THE COLLECTION INCLUDES EIGHTEENTH-THROUGH EARLY TWENTY-FIRST CENTURY AMERICAN AND EUROPEAN PAINTINGS, PRINTS, AND SCULPTURE; VINTAGE PHOTOGRAPHS; AND CONTEMPORARY AMERICAN SCULPTURE AND PAINTINGS. RECENT ACQUISITIONS BUILD ON THE STRENGTH OF THE EXISTING COLLECTIONS. THE MISSION STATEMENT FOR THE ART COLLECTIONS IS TO DOCUMENT, PRESERVE FOR FUTURE GENERATIONS, EXHIBIT, AND MAKE ACCESSIBLE THE COLLEGE'S ART COLLECTION TO THE STUDENTS, PUBLIC, AND SCHOLARS THROUGH EXHIBITIONS, PUBLICATIONS, REPRODUCTIONS, AND BY GRANTING ACCESS FOR RESEARCH PURPOSES. THE ADMINISTRATION OF THE ART COLLECTION COMPLIES WITH MUSEUM-FIELD WIDE STANDARDS OF CARE (SEE AMERICAN ALLIANCE OF MUSEUMS, AAM). STUDENTS HAVE CURATED EXHIBITIONS FROM THE COLLECTIONS; WHEN APPROPRIATE, ARTWORK IS LOANED TO OTHER INSTITUTIONS FOR EXHIBITIONS OF SCHOLARLY IMPORTANCE; IMAGES OF ARTWORK ARE READILY AVAILABLE FOR REPRODUCTIONS IN COMMERCIAL (EX: TEXT BOOKS) AND ACADEMIC-SCHOLARLY PUBLICATIONS (GENERALLY AT NO CHARGE OR A NOMINAL FEE). THE LAFAYETTE COLLEGE'S SPECIAL COLLECTIONS AND COLLEGE ARCHIVES ARE HOME TO APPROXIMATELY 20,000 RARE BOOKS AND MORE THAN 2,000 CUBIC FEET OF MANUSCRIPTS AND ARCHIVES. THE HOLDINGS INCLUDE MANUSCRIPTS, RARE BOOK COLLECTIONS ON STEPHEN CRANE, ANGLING, MINIATURE BOOKS, AND ARTISTS' BOOKS; PAPERS OF FORMER TREASURY SECRETARY WILLIAM E. SIMON, NEW JERSEY GOVERNOR ROBERT E. MEYNER AND CONGRESSWOMAN HELEN MEYNER; THE EARLY RECORDS OF THE EASTON-BASED DIXIE CUP COMPANY AND THE PAPERS OF NOTED ILLUSTRATOR AND ARTIST HOWARD CHANDLER CHRISTY. THE COLLEGE ARCHIVES SERVE AS THE REPOSITORY FOR THE RECORDS OF LAFAYETTE COLLEGE, DATING BACK TO THE FOUNDING OF THE COLLEGE IN 1824-1826. IT IS CHARGED WITH RECORDS MANAGEMENT RESPONSIBILITIES FOR CURRENT COLLEGE RECORDS. THE ARCHIVES ALSO INCLUDE MORE THAN 50,000 PHOTOGRAPHS, AUDIO-VISUAL RECORDINGS, AND OBJECTS THAT DOCUMENT THE COLLEGE'S HISTORY. THE DEPARTMENT OF GEOLOGY AND ENVIRONMENTAL GEOSCIENCE HOUSES THE COLLEGE'S MINERAL, GEM, AND FOSSIL COLLECTION THAT CONSISTS OF MORE THAN 10,000 SPECIMENS. THE COLLECTION WAS STARTED OVER A CENTURY AGO AND HAS GROWN THROUGH THE GIFTS OF MANY PRIVATE COLLECTIONS. THE COLLECTION IS HOUSED IN VAN WICKLE HALL AND A LARGE NUMBER OF SPECIMENS ARE ON DISPLAY IN THE GEOLOGY MUSEUM IN THE CENTER OF VAN WICKLE HALL. THE COLLECTION IS MANAGED BY A PROFESSIONAL CURATOR WHO WORKS PART TIME TO CURATE THE COLLECTION AND CYCLE MINERALS FROM STORAGE THROUGH THE DISPLAY CASES. THE GROWTH AND MAINTENANCE OF THE COLLECTION IS PARTIALLY SUPPORTED BY AN ENDOWED FUND GIFTED BY JOHN POHL ALONG WITH THE DONATION OF HIS MINERAL COLLECTION IN 1952. THE COLLECTION HAS GROWN SIGNIFICANTLY DURING THE PAST 10 YEARS WITH DONATIONS TOTALING MORE THAN 1,000 SPECIMENS FROM SEVERAL DONORS. THE CENTERPIECE OF THE COLLECTION IS A TWO-TON PIECE OF ORBUCULAR GRANODIORITE QUARRIED IN WESTERN AUSTRALIA. THE GRANITOID FORMED IN A MAGMA CHAMBER 2.7 BILLION YEARS AGO AND THE ORBICULAR TEXTURE EARNED IT THE INFORMAL NAME OF THE LEOPARD ROCK. THE COLLECTION IS ENJOYED BY THE LAFAYETTE COMMUNITY, ELEMENTARY AND SECONDARY STUDENTS, YOUTH GROUPS, AND THE COMMUNITY AT LARGE. PART IV, LINE 2B: THE COLLEGE MAINTAINS AGENCY FUNDS FOR THE INVESTMENT CLUB AND THE ALUMNI ASSOCIATION. PART V, LINE 4: THE INTENT OF THE COLLEGE'S INVESTMENT GUIDELINES FOR ITS ENDOWMENT IS TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO THE COLLEGE'S PROGRAMS FROM THE ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. THE COLLEGE'S ENDOWMENT CONSISTS OF APPROXIMATELY 1,560 ENDOWED FUNDS THAT ARE ESTABLISHED FOR A VARIETY OF PURPOSES. ENDOWMENT CONTRIBUTIONS INCLUDE GIFTS AS WELL AS TRANSFERS TO BOARD DESIGNATED FUNDS. EARNINGS ON ENDOWMENT FUNDS ARE DESIGNATED FOR SCHOLARSHIPS, PROFESSORSHIPS, CHAIRS, STUDENT LOANS, INSTRUCTIONAL PROGRAMS, LIBRARY PURCHASES, GENERAL OPERATIONS, AND OTHER DESIGNATED PURPOSES. PART X, LINE 2: UNCERTAIN TAX POSITIONS UNDER FIN 48 U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE COLLEGE AND RECOGNIZE A TAX LIABILITY IF THE COLLEGE HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE, AND HAS CONCLUDED THAT AS OF JUNE 30, 2023, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FELLOWSHIPS -63,594,752. CHANGE IN ESTIMATED ANNUITIES PAYABLE -582,086. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 2,509,066. CHANGE IN POSTRETIREMENT BENEFITS COST 1,648,846. INVESTMENT OFFICE EXPENSES -3,143,565. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL REVENUES TO EXTENT EXPENDED -486,643. SPECIAL FUNDRAISING EVENT DIRECT EXPENSES -33,298. COLLEGE STORE (COGS) REVENUES TO EXTENT EXPENDED -1,535,229. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL REVENUES TO EXTENT EXPENDED 486,643. SPECIAL FUNDRAISING EVENT DIRECT EXPENSES 33,298. COLLEGE STORE (COGS) REVENUES TO EXTENT EXPENDED 1,535,229. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FELLOWSHIPS 63,594,752. INVESTMENT OFFICE EXPENSES 3,143,565. 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 COLLEGE'S RACIAL NONDISCRIMINATORY POLICY IS PUBLICIZED WITHIN THE COLLEGE'S CATALOG WHICH CAN BE FOUND AT HTTP://CATALOG.LAFAYETTE.EDU/. IN ADDITION, THE COLLEGE HAS A SEPARATE DIVERSITY AND INCLUSIVENESS STATEMENT WHICH IS ALSO INCLUDED WITHIN THE COLLEGE'S CATALOG AT HTTP://CATALOG.LAFAYETTE.EDU/. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL AID AND ASSISTANCE FROM VARIOUS FEDERAL AND STATE GOVERNMENTAL AGENCIES UNDER THEIR RESPECTIVE STUDENT FINANCIAL AID ASSISTANCE PROGRAMS. FEDERAL GRANT PROGRAMS INCLUDE PELL GRANTS, DIRECT LOAN PROGRAMS, WORK-STUDY, THE PERKINS LOAN PROGRAM, AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS. STATE PROGRAMS INCLUDE THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY. IN ADDITION, THE COLLEGE IS AWARDED RESEARCH GRANTS AND OTHER PROJECT GRANTS BY VARIOUS FEDERAL AND STATE AGENCIES. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 336047305 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 37448800 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES INSTRUCTION 11264 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ACADEMIC SUPPORT 7720 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES INSTRUCTION 155844 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ACADEMIC SUPPORT 44912 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES INSTRUCTION 1987797 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDENT SERVICES 334 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES ACADEMIC SUPPORT 300 NORTH AMERICA 0 0 PROGRAM SERVICES ACADEMIC SUPPORT 10192 SOUTH AMERICA 0 0 PROGRAM SERVICES ACADEMIC SUPPORT 1300 SOUTH AMERICA 0 0 PROGRAM SERVICES INSTRUCTION 109481 SOUTH ASIA 0 0 PROGRAM SERVICES INSTRUCTION 27250 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES INSTRUCTION 169328 0 0 0 0 0 0 375703976 317851 376021827 1 0 1 1 1 0 PART I, LINE 3: THE ACCRUAL METHOD OF ACCOUNTING IS USED TO ACCOUNT FOR FOREIGN EXPENDITURES. INVESTMENTS ARE LISTED AT END OF YEAR FAIR MARKET VALUES. PART III ACCOUNTING METHOD: PART IV, LINE 3: LAFAYETTE REVIEWS THEIR INVESTMENTS AND ANY REQUIRED INTERNATIONAL FORMS ARE COMPLETED AND ATTACHED TO FORM 990-T FOR FILING AS NEEDED. X X X X X X X 1 EDUCATION ADVISORY BOARD PO BOX 79461 BALTIMORE MD 79461 ADVISORY SERVICES 0 0 22500 -22500 CHRIS MARSHALL ADVANCEMENT CONSULTING 1803 MEADOW RIDGE COURT BETHLEHEM PA 18015 STAFFING AND ORGANIZATIONAL FOCUS CONSULTATION 0 0 100000 -100000 STEEGE COMMUNICATION 230 S BROAD ST STE 200 PHILADELPHIA PA 19102 ATHLETICS CAMPAIGN COMMUNICATIONS CONSULTING 0 0 62613 -62613 PLUS DELTA PARTNERS 6965 EL CAMINO REAL SUITE 105-488 CARLSBAD CA 92009 STAFF TRAINING AND ACCESSMENT 0 0 13996 -13996 WINDFALL DATA 595 PACIFIC AVE FL 4 SAN FRANCISCO CA 94133 NET WORTH ANALYSIS 0 0 10000 -10000 DELTA DEVELOPMENT GROUP 225 GRANDVIEW AVE STE 301 CAMP HILL PA 17011 CFRG CONSULTING AND ASSISTANCE WITH GRANTS 0 0 35433 -35433 244542 -244542 PA CA FL NH NJ NY WA MAROON CLUB GOLF OUTING 63584 30745 32839 4554 26771 1973 63584 30745 32839 4554 26771 1973 33298 -459 SCHEDULE G, PART I, LINE 2B: DUE TO THE NATURE OF THE CONTRACT, IT IS DIFFICULT TO QUANTIFY AMOUNTS DIRECTLY GENERATED FROM PROFESSIONAL FUNDRAISING ACTIVITIES. THEREFORE, ONLY AMOUNTS PAID TO PROFESSIONAL FUNDRAISERS ARE REPORTED. 1 SYRACUSE UNIVERSITY 211 LYMAN HALL SYRACUSE NY 132441270 150532081 501(C)(3) 48719 0 NSF GRANT UNIVERSITY OF MARYLAND BALTIMORE COUNTY 1000 HILLTOP CIRCLE BALTIMORE MD 21250 526002933 501(C)(3) 16919 0 COLLABORATIVE RESEARCH 1 0 INSTITUTIONAL SCHOLARSHIP AWARDS 1479 63594752 N/A N/A ACADEMIC PRIZES, AWARDS, AND FELLOWSHIPS 378 631904 N/A N/A PART I, LINE 2: LAFAYETTE COLLEGE MAINTAINS A POLICY DEFINING ITS PROCEDURES FOR MONITORING THE USE OF SPONSORED FUNDS BY SUB-RECIPIENTS WHO ARE PERFORMING A PORTION OF A SPONSORED PROJECT EXTERNALLY AWARDED TO LAFAYETTE. THIS POLICY PROVIDES GUIDANCE TO ENSURE THAT SUB-RECIPIENTS CONDUCT THEIR PORTION OF SPONSORED PROJECTS IN COMPLIANCE WITH THE LAWS, REGULATIONS, TERMS AND CONDITIONS OF AWARDS AND SUB AWARDS, AND THAT REIMBURSEMENT COSTS INCURRED BY SUB-RECIPIENTS ARE ALLOWED. PART III, LINE 1: THE COLLEGE CONSIDERS THE AWARDING OF FINANCIAL AID (PRIMARILY GRANTS, SCHOLARSHIPS, LOANS, AND WORK-STUDY) TO ITS STUDENTS, INCLUDING NON-RESIDENT ALIEN STUDENTS, TO BE A U.S. BASED ACTIVITY AS STUDENTS OF THE COLLEGE ARE DEEMED TO BE LIVING IN THE UNITED STATES THROUGHOUT THEIR COMPLETION OF THE COLLEGE'S ACADEMIC CURRICULUM AND SUPPORTING PROGRAMS. THE COLLEGE AWARDS SCHOLARSHIPS AND FELLOWSHIPS ON THE BASIS OF MERIT AND/OR FINANCIAL NEED. THE SELECTION CRITERIA ARE BASED ON THE CALCULATED EXPECTED FAMILY CONTRIBUTION, WHICH IS DERIVED BY USING COMPLEX FORMULAS INVOLVING FAMILIES' INCOME, ASSETS, AND HOUSEHOLD SIZES INCLUDING, AMONG OTHER FACTORS, DEPENDENTS IN COLLEGE. THE COLLEGE'S FINANCIAL AID OFFICE ADMINISTERS AND MONITORS THESE AWARDS TO HELP ENSURE THAT THESE FUNDS ARE AWARDED TO ELIGIBLE RECIPIENTS IN ACCORDANCE WITH APPLICABLE FEDERAL, STATE, AND OTHER REQUIREMENTS, AS WELL AS RELEVANT INTERNAL COLLEGE POLICIES AND OPERATIONAL GUIDELINES. ACADEMIC PRIZES, AWARDS, FELLOWSHIP, AND INTERNSHIPS ARE AWARDED BASED ON A REVIEW BY THE APPLICABLE ACADEMIC DEPARTMENT. ALL AWARDED SCHOLARSHIPS ARE CREDITED TO THE STUDENT'S ACCOUNT AT THE COLLEGE AND ARE APPLIED TO BILLED CHARGES. X X X X X 1 1 X X X X X 1 0 0 0 0 0 0 1 0 KRISHNA MEMANI CHIEF INVESTMENT OFFICER 412500 0 412500 0 13895 0 28975 0 14957 0 882827 0 0 0 NICOLE F HURD PRESIDENT 562500 0 52500 0 88898 0 88975 0 76684 0 869557 0 0 0 JOHN R DAILEY INVESTMENT DIRECTOR 255000 0 145000 0 623 0 24225 0 14764 0 439612 0 0 0 KIMBERLY A SPANG VP DEVELOPMENT & COLLEGE RELATIONS 326286 0 15000 0 11656 0 28975 0 34905 0 416822 0 0 0 LI ZHAO INVESTMENT DIRECTOR 215000 0 170000 0 306 0 20425 0 2892 0 408623 0 0 0 LESLIE F MUHLFELDER VP HUMAN RESOURCES, GENERAL COUNSEL 346320 0 10000 0 7460 0 28975 0 14957 0 407712 0 0 0 CRAIG BECKER ASSOC VP FINANCE 349147 0 10000 0 4495 0 24539 0 14499 0 402680 0 0 0 JOHN E MEIER PROVOST 311100 0 20000 0 3568 0 28975 0 32496 0 396139 0 0 0 JOHN D TROXELL HEAD COACH - FOOTBALL 258254 0 0 0 32791 0 24392 0 14705 0 330142 0 0 0 BRUCE A MURPHY KIRBY PROFESSOR OF GOVERNMENT & LAW 270175 0 0 0 3331 0 25667 0 13801 0 312974 0 0 0 SHERRYTA FREEMAN DIRECTOR OF ATHLETICS 254695 0 10000 0 5290 0 24071 0 7242 0 301298 0 0 0 ANNETTE DIORIO VP CAMPUS LIFE (THRU 12/2022) 227171 0 10000 0 27083 0 23998 0 7191 0 295443 0 0 0 JOHN L O'KEEFE VP & CHIEF INFORMAITON OFFICER 245640 0 2500 0 624 0 23256 0 14742 0 286762 0 0 0 FORREST STUART VP ENROLLMENT MANAGEMENT 210393 0 20000 0 1115 0 15870 0 14553 0 261931 0 0 0 ALMA SCOTT-BUCZAK ASSOC VP HUMAN RESOURCES 191558 0 2000 0 27085 0 18114 0 13754 0 252511 0 0 0 MARK EYERLY VP MARKETING & COMM (THRU 06/2022) 113500 0 0 0 99337 0 12228 0 7038 0 232103 0 0 0 GREGORY V MACDONALD VP ENROLLMENT MGMT (THRU 04/2022) 65087 0 0 0 112401 0 8208 0 4923 0 190619 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - IN ACCORDANCE WITH COLLEGE POLICY, IN LIMITED INSTANCES WITH DOCUMENTATION FOR THE BUSINESS PURPOSE FULFILLED BY THE COMPANION AND ANY REQUIRED PRIOR APPROVALS, THE COLLEGE WILL PAY FOR TRAVEL EXPENSES OF A COMPANION WHEN THE COMPANION TRAVEL IS 1] FOR A BONA FIDE BUSINESS PURPOSE, AND 2] IMPORTANT TO THE ACHIEVEMENT OF THE COLLEGE'S PURPOSES THAT REQUIRE THE TRAVEL OF THE EMPLOYEE AND COMPANION. TAX INDEMNIFICATION - DURING CALENDAR YEAR 2022, A $13,596 TAX EQUALIZATION PAYMENT WAS MADE TO NICOLE FARMER HURD (PRESIDENT). THE PAYMENT IS IN ACCORDANCE WITH THE EMPLOYMENT CONTRACT AND/OR AUTHORIZATIONS FROM THE BOARD OF TRUSTEES AND ARE SPECIFIC TO THE PRESIDENT. HOUSING ALLOWANCE - AS PART OF THEIR EMPLOYMENT CONTRACT AND FOR THE CONVENIENCE OF THE COLLEGE, A COLLEGE-OWNED RESIDENCE WAS PROVIDED TO THE PRESIDENT. THE HOUSING PROVIDED IS LOCATED ON COLLEGE PROPERTY AND IS IN CONJUNCTION WITH THE OFFICER'S DUTIES. THE ESTIMATED ANNUAL VALUE OF THE HOUSING PROVIDED IS INCLUDED AS A NONTAXABLE BENEFIT IN THIS RETURN IN THE AMOUNT OF $51,639 FOR PRESIDENT NICOLE FARMER HURD. IT IS THE POLICY OF THE COLLEGE'S BOARD OF TRUSTEES THAT THE PRESIDENT RESIDE ON COLLEGE PROPERTY. THE PRESIDENT DETERMINES IF THE DUTIES OF OTHER OFFICERS REQUIRE THEM TO RESIDE ON COLLEGE PROPERTY. JOHN MEIER IS THE PROVOST FOR THE COLLEGE. AS PART OF HIS EMPLOYMENT CONTRACT HE IS REQUIRED TO RESIDE ON CAMPUS. HIS RESPONSIBILITIES AS PROVOST INCLUDE BEING AVAILABLE, IN THE ABSENCE AT ANY TIME OF THE COLLEGE'S PRESIDENT, TO STEP IN AND ASSUME THE PRESIDENT'S RESPONSIBILITIES TO HANDLE CAMPUS EMERGENCIES AND THE LIKE AS WELL AS TO FUNCTION AS THE COLLEGE'S CHIEF ACADEMIC OFFICER OVERSEEING ALL ACADEMIC DEPARTMENTS, PROGRAMS AND OPERATIONS AT THE COLLEGE. PERSONAL SERVICES - IN ACCORDANCE WITH THE POLICY OF THE COLLEGE'S BOARD OF TRUSTEES AND THE PRESIDENT'S EMPLOYMENT CONTRACT, THE PRESIDENT OF COLLEGE IS REQUIRED TO RESIDE ON COLLEGE PROPERTY. THE PRESIDENT'S HOUSE SERVES NOT ONLY AS A RESIDENCE, BUT ALSO AS A HOST LOCATION FOR MANY COLLEGE EVENTS AND THE COLLEGE PROVIDES STAFF TO MAINTAIN THE HOME. FOR CALENDAR YEAR 2022, $3,900 WAS THE PORTION OF THE HOUSEKEEPER'S SALARY DETERMINED TO BE FOR PERSONAL SERVICES AND INCLUDED AS REPORTABLE COMPENSATION. SOCIAL CLUB - THE COLLEGE MAINTAINS A SOCIAL CLUB MEMBERSHIP IN THE NAME OF THE PRESIDENT THAT IS PRIMARILY USED FOR BUSINESS PURPOSES, INCLUDING FUNDRAISING AND DONOR RELATION ACTIVITIES. PART I, LINE 3 THE COMPENSATION COMMITTEE ESTABLISHES THE PRESIDENT'S COMPENSATION. THE COMMITTEE REVIEWS DATA OBTAINED FROM ITS EXTERNAL COMPENSATION CONSULTANT ON PRESIDENTIAL SALARIES FROM COMPARABLE INSTITUTIONS AND UPDATES OR ADJUSTS THAT DATA THROUGH SURVEYS AND OTHER AVAILABLE RESOURCES. IN ADDITION, AN ANNUAL PERFORMANCE REVIEW IS CONDUCTED. PART I, LINE 4A VP MARKETING & COMMUNICATIONS - $82,855 VP OF ENROLLMENT MANAGEMENT - $90,220 PART I, LINE 7 FROM TIME TO TIME CERTAIN EMPLOYMENT CONTRACTS CONTAIN BONUS CLAUSES. THESE BONUSES ARE BASED ON METRICS SPECIFIC TO THE POSITION. IN ADDITION, FROM TIME TO TIME, THE GOVERNING BODY PROVIDES BONUSES TO OFFICERS, DIRECTORS, KEY EMPLOYEES, AND OTHER STAFF BASED ON PERFORMANCE THEY DEEM WORTHY OF THE AWARD. THESE BONUSES ARE COMPLETELY DISCRETIONAL. A NORTHAMPTON CNTY GPA (SERIES 2010 A AND B) 233007498 66353LAY3 2010-04-30 26689800 REFUND SERIES 2000, VAR. CAP. PROJECTS 0 0 0 B NORTHAMPTON CNTY GPA (SERIES 2018) 233007498 66353LDL8 2018-10-02 21520883 COLLEGE REFUNDING REVENUE BONDS; REFUNDED 2008 SERIES 0 0 0 C NORTHAMPTON CNTY GPA (SERIES 2006) 233007498 66353LAG2 2006-09-14 15100000 CONSTRUCT./RENOV. ATHLETIC FACILITIES 0 0 0 D NORTHAMPTON CNTY GPA (SERIES 2003) 233007498 66353LAA5 2003-04-02 10190000 REFUND SERIES 93 0 0 0 A 4485173 26690421 4400421 22290000 2013 1 0 1 1 B 326873 21520883 370883 21150000 2018 1 0 1 1 C 4189573 15100000 108121 10709 14981170 2007 0 0 1 1 D 15383 10190000 10190000 2003 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 D 0 0 0 0 0 0 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 1 0 0 0 1 D 0 0 0 1 1 0 0 0 1 A 1 B 1 C 1 D 1 PART I, BOND ISSUES: (F) DESCRIPTION OF PURPOSE: CONTRUCTION/PARTIAL ADVANCE REFUNDING PRIOR BOND SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: (A) ISSUER NAME: NORTHAMPTON CITY GPA (SERIES 2010 A AND B) DATE THE REBATE COMPUTATION WAS PERFORMED: 02/13/2015 (A) ISSUER NAME: NORTHAMPTON CITY GPA (SERIES 2006) DATE THE REBATE COMPUTATION WAS PERFORMED: 03/13/2015 (A) ISSUER NAME: NORTHAMPTON CITY GPA (SERIES 2003) DATE THE REBATE COMPUTATION WAS PERFORMED: 03/16/2015 ISSUER NAME: NORTHAMPTON CITY GPA (SERIES 2017) DATE THE REBATE COMPUTATION WAS PERFORMED: 06/15/2022 PART I, SUPPLEMENTAL INFORMATION: NORTHAMPTON COUNTY GPA (SERIES 2010 A AND B) IS ONE INTEGRATED STRUCTURE AS REPORTED ON IRS FORM 8038. IT IS COMPRISED OF TWO SUB-COMPONENTS, SERIES 2010 A WHICH HAD PROCEEDS OF $22,289,379 FOR THE PURPOSE OF RETIRING THE SERIES 2000 BONDS WAS STRUCTURED AS VARIABLE RATE DEBT AND SERIES 2010B WHICH HAD PROCEEDS OF $4,400,421 FOR VARIOUS CAPITAL PROJECTS AND IMPROVEMENTS WAS STRUCTURED AS FIXED RATE DEBT. PART II, LINE 3: THE DIFFERENCE FROM PART I(E) IS DUE TO INVESTMENT EARNINGS. PART III: THE COLLEGE CONTRACTS WITH A FOR-PROFIT DINING SERVICE PROVIDER FOR THE MANAGEMENT OF THE DINING OPERATIONS ON CAMPUS. THE CURRENT CONTRACT IS STRUCTURED SUCH THAT THE PREPONDERANCE OF FEES IS BASED ON A PER CAPITA CHARGE. A SMALL PORTION OF THE PROCEEDS OF THE SERIES 2008 BONDS WERE USED TO RENOVATE ONE OF THE SEVEN DINING VENUES ON CAMPUS, BUT GIVEN ITS NATURE, THE COLLEGE, WITH THE ADVICE OF COUNSEL, BELIEVES THE CONTRACT WITH THE FOR-PROFIT DINING SERVICE PROVIDER IS A QUALIFIED MANAGEMENT CONTRACT AND NOT SUBJECT TO PRIVATE USE. PART IV, LINE 4: USE OF INTEREST RATE HEDGING CONTRACTS: THE COLLEGE HAS THREE INTEREST RATE HEDGING CONTRACTS IN PLACE THAT WERE ENTERED INTO TO MITIGATE THE COLLEGE'S INTEREST RATE RISK INHERENT WITH VARIABLE RATE STRUCTURED DEBT. EACH OF THE HEDGING CONTRACTS REQUIRES THE COLLEGE TO PAY A FIXED RATE IN RETURN FOR A VARIABLE RATE LAFAYETTE COLLEGE DATE THE REBATE COMPUTATION WAS PERFORMED: 07/15/2020 24-0795686 THAT IS EXPECTED TO APPROXIMATE THE INTEREST RATE PAYABLE ON THE COLLEGE'S DEBT IN TYPICAL MARKETS. NONE OF THE INTEREST RATE HEDGING CONTRACTS ARE STRUCTURED AS "QUALIFIED" HEDGES ON THE RECORDS OF THE ISSUING AUTHORITY FOR ANY OF THE COLLEGE'S DEBT ISSUANCES, WHICH IS THE NORTHAMPTON COUNTY GENERAL PURPOSE AUTHORITY. AS SUCH, NONE OF THE INTEREST RATE HEDGES ARE INTEGRATED FOR TAX PURPOSES WITH A PARTICULAR DEBT ISSUANCE OF THE COLLEGE. A NORTHAMPTON CNTY GPA (SERIES 2017) 233007498 66353LDE4 2017-06-14 158271482 CONSTRUCTION/ PART ADV REF 2008 SERIES 0 0 0 A 7893994 158271482 1011988 80000000 77259495 2020 0 1 1 1 A 0 0 1 1 0 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 30059 TUITION REMIS 57076 TUITION GRANT X 5 2118522 FMV X 89 1236102 FMV X 1 4500 EXPERT OPINION X AUCTIONS/EVENTS 28 7810 FMV X GOODS/SERVICES 1 794 FMV 3 0 1 0 PART I, COLUMN (B): THE NUMBER REPORTED IS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1A GOVERNANCE, MANAGEMENT, AND DISCLOSURE - GOVERNING BODY AND MANAGEMENT THE EXECUTIVE COMMITTEE OF THE BOARD CONSISTS OF THE CHAIR, VICE CHAIR, AND SECRETARY OF THE BOARD, THE CHAIRS OF THE STANDING COMMITTEES OF THE BOARD, THE PRESIDENT OF THE COLLEGE, AND THE IMMEDIATE PAST CHAIR OF THE BOARD FOR THE PERIOD OF ONE YEAR NEXT ENSUING THE TERMINATION OF HIS OR HER INCUMBENCY IN THAT OFFICE IN THE EVENT HE OR SHE CONTINUES TO SERVE DURING THAT PERIOD AS A MEMBER OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE TRANSACTS SUCH BUSINESS AS MAY BE COMMITTED TO IT BY THE BOARD, AND, WHEN THE BUSINESS OF THE COLLEGE REQUIRES, IT MAY ACT FOR THE BOARD IN ALL MATTERS NOT ESPECIALLY RESERVED, SUBJECT TO APPROVAL BY THE BOARD AT ITS FIRST MEETING THEREAFTER. THE COMMITTEE HAS THE FOLLOWING RESPONSIBILITIES: DEVELOPMENT OF A LONG-RANGE MASTER PLAN FOR THE COLLEGE SUBJECT TO PERIODIC REVIEW AND REVISION; CONSIDER AND RECOMMEND POLICIES FOR FINANCIAL LONG-RANGE PLANNING, BUDGETING, PRICING AND FEES; NOMINATE CANDIDATES FOR THE BOARD. COPIES OF THE MINUTES OF ITS TRANSACTIONS ARE CIRCULATED AMONG THE MEMBERS OF THE BOARD PRIOR TO THE NEXT ENSUING MEETING OF THE BOARD, AND, WHEN APPROVED, REPORTED AS TRANSACTIONS OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 2 GOVERNANCE, MANAGEMENT, AND DISCLOSURE - BUSINESS RELATIONSHIPS FROM TIME TO TIME, VARIOUS TRUSTEES MAY HAVE RELATIONSHIPS OCCURRING IN THE NORMAL COURSE OF BUSINESS. THESE TRANSACTIONS ARE AT ARM'S LENGTH AND REPORTED TO THE COLLEGE IN COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 11B PROCESS FOR THE REVIEW OF FORM 990 THE FORM 990 RETURN IS PREPARED BY THE COLLEGE'S ADMINISTRATION AND FORWARDED TO THE COLLEGE'S OUTSIDE TAX ADVISOR FOR REVIEW AND INPUT INTO ELECTRONIC MEDIA. THE COLLEGE WILL DISCUSS THE RETURN WITH ITS OUTSIDE TAX ADVISOR AND MAKE REVISIONS PRIOR TO PRINTING THE FIRST DRAFT RETURN. THE AUDIT COMMITTEE REVIEWS THE FIRST DRAFT RETURN, RECOMMENDS CHANGES, WHICH ARE THEN INCORPORATED INTO A REVISED DRAFT RETURN. THE AUDIT COMMITTEE REVIEWS THE SECOND DRAFT RETURN TO ENSURE THE COMMITTEE'S REQUESTED CHANGES WERE MADE. THE ADMINISTRATION WILL THEN DISTRIBUTE THE SECOND DRAFT RETURN TO THE FULL BOARD OF TRUSTEES WITH A REQUEST FOR REVIEW AND COMMENT. IF ANY QUESTIONS OR COMMENTS ARE RECEIVED FROM A BOARD MEMBER AND THE RETURN IS REVISED AS A RESULT, THE ADMINISTRATION WILL ADVISE THE FULL BOARD OF THE CHANGES BEFORE FILING OF THE FINAL RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY FOR TRUSTEES, BOARD MEMBERS, OFFICERS OF THE ADMINISTRATION, AND OTHER KEY EMPLOYEES OF THE COLLEGE WAS APPROVED BY THE COLLEGE'S BOARD OF TRUSTEES ON OCTOBER 27, 1979. THIS POLICY IS PROVIDED TO ALL APPLICABLE INDIVIDUALS ANNUALLY FOR THEIR REVIEW AND DISCLOSURE OF BOTH ANY EXCEPTIONS TO THE POLICY AND ANY AFFILIATIONS FOR WHICH THE POLICY REQUIRES DISCLOSURE. THE COLLEGE REQUIRES THE SAME INDIVIDUALS TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE ANNUALLY. ALL DISCLOSURES REQUIRED UNDER THIS POLICY MUST BE DIRECTED IN WRITING TO THE SECRETARY OF THE BOARD OF TRUSTEES WHO IS RESPONSIBLE FOR THE ADMINISTRATION OF THIS POLICY. MATTERS UNDER THIS POLICY CONCERNING TRUSTEES ARE INITIALLY REPORTED TO THE CHAIRPERSON OF THE BOARD AND THE COLLEGE'S GENERAL COUNSEL FOR ACTION. MATTERS CONCERNING STAFF ARE REFERRED INITIALLY TO THE COLLEGE'S GENERAL COUNSEL AND THEN TO THE PRESIDENT. INFORMATION DISCLOSED TO THE SECRETARY (OR CHAIRPERSON OR PRESIDENT) IS HELD IN CONFIDENCE EXCEPT WHEN THE BEST INTEREST OF THE COLLEGE IS SERVED BY DISCLOSING THE INFORMATION TO THE BOARD IN EXECUTIVE SESSION. TRUSTEES, ASSOCIATES OR OFFICERS WHO HAVE DECLARED OR BEEN FOUND TO HAVE A CONFLICT OF INTEREST IN ANY MATTER BEFORE THE ADMINISTRATION OR THE BOARD SHALL REFRAIN FROM PARTICIPATING IN CONSIDERATION OF THE PROPOSED TRANSACTION, UNLESS FOR SPECIAL REASONS, THE BOARD OR ADMINISTRATION REQUESTS INFORMATION OR INTERPRETATION FROM THE PERSON OR PERSONS INVOLVED. THE PERSON OR PERSONS INVOLVED SHOULD NOT VOTE ON SUCH MATTERS AND SHOULD NOT BE PRESENT AT THE TIME OF THE VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING THE COMPENSATION OF THE OFFICERS AND KEY EMPLOYEES OF THE ADMINISTRATION: THE PROCESS FOR REVIEWING THE PRESIDENT'S COMPENSATION IS DISCLOSED ON SCHEDULE J, PART I, LINE 3 AND THE CORRESPONDING NARRATIVE ON SCHEDULE J, PART III. THE PRESIDENT RECOMMENDS THE COMPENSATION FOR OTHER OFFICERS (VICE-PRESIDENTS) AND KEY EMPLOYEES. BASED ON A WRITTEN ANNUAL PERFORMANCE SUMMARY, EACH OFFICER'S COMPENSATION IS THEN ESTABLISHED BY THE COMPENSATION COMMITTEE WHICH REVIEWS DATA OBTAINED FROM ITS EXTERNAL COMPENSATION CONSULTANT ON SALARIES OF COMPARABLE OFFICERS FROM COMPARABLE INSTITUTIONS AND ADJUSTS THAT DATA THROUGH SURVEYS AND OTHER AVAILABLE RESOURCES. THE DELIBERATION AND FINAL DETERMINATION OF THE PRESIDENT, OTHER OFFICER, AND KEY EMPLOYEE COMPENSATION IS TIMELY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST AND TO THE EXTENT THEY ARE REQUIRED BY LAW. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS 2,509,066. CHANGE IN POSTRETIREMENT BENEFITS COST 1,648,846. CHANGE IN ESTIMATED ANNUITIES PAYABLE -582,086. JOHN T GALLAHER CHARITABLE TRUST PO BOX 185 PITTSBURGH PA 15230 236215376 PERPETUAL TRUST PA 501(C)(3) PF LAFAYETTE COLLEGE 1 CHARLES W BLAIR TESTAMENTARY TRUST B 10 S DEARBORN STREET CHICAGO IL 60603 726130983 PERPETUAL TRUST IL 501(C)(3) PF 0 CHURCH PRESBYTERIAN CHURCH USA FOUNDATION - SIGLER 200 EAST TWELFTH STREET STE B JEFFERSONVILLE TN 47130 231440115 PERPETUAL TRUST TN 501(C)(3) PF 0 CHURCH PRESBYTERIAN CHURCH USA FOUNDATION - RAYMOND MUSIC 200 EAST TWELFTH STREET STE B JEFFERSONVILLE TN 47130 231440115 PERPETUAL TRUST TN 501(C)(3) PF 0 CHARITABLE REMAINDER UNITRUSTS (23) INVESTMENTS PA LAFAYETTE COLLEGE T 1.00000 1 PERPETUAL TRUST (1) INVESTMENTS NV T 0 PERPETUAL TRUST (2) INVESTMENTS NV T 0 PERPETUAL TRUST (3) INVESTMENTS PA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 CHARITABLE REMAINDER TRUSTS S 683284 FMV