2025-04-15T12:02:24-05:00 2024-05-31 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2023-06-01 411607453 MINNEAPOLIS COLLEGE OF ART AND DESIGN MINN 6128743700 2501 STEVENS AVENUE MINNEAPOLIS MN 55404 MARY ALMA NOONAN CHIEF FINANCIAL OFFICER 6128743700 2025-04-14 1 0 SARAH HINTZ P00492291 3037795710 2025-04-14 2023 2025-03-06 01:10:19Z SANJIT SETHI 2501 STEVENS AVENUE MINNEAPOLIS MN 55404 46673622 0 X WWW.MCAD.EDU X 1988 MN EMBOLDEN CREATIVE LEADERS TO TRANSFORM SOCIETY THROUGH EQUITY, EMPATHY, & IMAGINATION. 24 23 804 40 0 0 2178978 3150608 33959845 36101314 -177055 4085550 117615 2491756 36079383 45829228 15526051 16276209 0 0 16629086 16985199 0 0 993790 10544273 11037836 42699410 44299244 -6620027 1529984 86888481 109062799 12210554 29028070 74677927 80034729 X MCAD PROVIDES A TRANSFORMATIVE EDUCATION WITHIN A COMMUNITY OF SUPPORT FOR CREATIVE STUDENTS OF ALL BACKGROUNDS TO WORK, COLLABORATE, AND LEAD WITH CONFIDENCE IN A DYNAMIC, INTERCONNECTED WORLD. 0 0 35479703 16276209 36146898 MCAD TRANSFORMS THE WORLD THROUGH CREATIVITY AND PURPOSE BY EDUCATING INDIVIDUALS TO BE PROFESSIONAL ARTISTS AND DESIGNERS, PIONEERING THINKERS, CREATIVE LEADERS, AND ENGAGED GLOBAL CITIZENS. WITH A CURRICULUM THAT IS BASED ON THE BELIEF THAT IN ORDER TO BECOME A PROFESSIONAL ARTIST, DESIGNER, OR VISUALIZER, ONE MUST STUDY THEORY, SKILL, FORM, AND CONTENT, ALL MCAD PROGRAMS CENTER ON THE DEVELOPMENT OF STUDIO AND PROFESSIONAL SKILLS THAT ENCOURAGE STUDENTS TO THINK CONCEPTUALLY, FORMULATE CREATIVE SOLUTIONS, AND MAKE ART. ALL MCAD PROGRAMS CHALLENGE STUDENTS TO PROGRESS TO THE HIGHEST LEVELS OF ARTISTIC EXPRESSION AND INTELLECTUAL INVESTIGATION.MCAD'S FOUR-YEAR CURRICULUM INTEGRATES THE LIBERAL ARTS INTO EIGHT BACHELOR OF FINE ARTS DEGREE MAJORS IN ANIMATION, COMIC ART, FINE ARTS, GRAPHIC DESIGN, MEDIA ARTS, ILLUSTRATION AND PRODUCT AND FURNITURE DESIGN, PLUS A FOUR-YEAR BACHELOR OF SCIENCE DEGREE PROGRAM IN CREATIVE ENTREPRENEURSHIP. STUDENTS CAN MINOR IN ADVERTISING, ANIMATION, ART HISTORY, CREATIVE WRITING, CURATORIAL STUDIES, ENGAGED AND PUBLIC ARTS, ENTREPRENEURSHIP, EXPERIMENTAL GAMES, GRAPHIC DESIGN, PRINT PAPER BOOK, AND TEACHING ARTS.ADVANCED DEGREES OFFERED AT MCAD INCLUDE A TWO-YEAR MASTER OF FINE ARTS DEGREE PROGRAM IN VISUAL STUDIES; A 30-CREDIT ONLINE MASTER OF ARTS DEGREE PROGRAM IN SUSTAINABLE DESIGN; A 30-CREDIT ONLINE MASTER OF ARTS DEGREE PROGRAM IN GRAPHIC AND WEB DESIGN; AND A FIFTEEN-MONTH ONLINE/LOW-RESIDENCY MASTER OF ARTS DEGREE PROGRAM IN CREATIVE LEADERSHIP. MCAD ALSO OFFERS EDUCATIONAL OPPORTUNITIES TO THE GENERAL PUBLIC THROUGH ITS CONTINUING EDUCATION, ONLINE LEARNING, AND EXHIBITION PROGRAMS.A STRATEGIC MILESTONE WAS ACHIEVED IN 2023 WHEN MCAD EXPANDED ITS CAMPUS BY ACQUIRING A BUILDING ADJACENT TO THE CAMPUS TO EXPAND STUDENT HOUSING CAPACITY. THE ABILITY TO RESIDE ON CAMPUS FOR AT LEAST TWO YEARS IS ALREADY CONTRIBUTING IMPROVED STUDENT EXPERIENCE AND OUTCOMES. ON THE ACADEMIC SIDE, MCAD HAS IMPLEMENTED A FOUNDATIONS CURRICULUM FOR FIRST YEAR STUDENTS WHICH PREPARES THEM FOR SUCCESSFUL OVERALL PERFORMANCE AND RETENTION. THE REIMAGINED CREATIVE ENTREPRENEURSHIP CLASSES ARE ATTRACTING STUDENTS FROM ALL DISCIPLINES WANTING TO DEVELOP THE KNOWLEDGE AND SKILLS NEEDED IN THEIR FUTURE PROFESSIONAL ENDEAVORS. 35479703 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 1 1295 0 1 804 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MN X MARY ALMA NOONAN 6128743700 2501 STEVENS AVENUE MINNEAPOLIS MN 55404 SANJIT SETHI PRESIDENT 40.00 X X 377717 0 29673 CHRIS BARRY CO-CHAIR 3.00 X X 0 0 0 ME MARTHA KIRWAN CO-CHAIR 3.00 X X 0 0 0 GREG HEINEMANN IMMEDIATE PAST CO-CHAIR 1.00 X 0 0 0 HUNTER PALMER WRIGHT IMMEDIATE PAST CO-CHAIR 1.00 X 0 0 0 KOBBY APPIAH TRUSTEE 1.00 X 0 0 0 LAURA AUSTRIAN TRUSTEE 1.00 X 0 0 0 BRUCE BEAN LIFE TRUSTEE 1.00 X 0 0 0 SUSAN CALMENSON LIFE TRUSTEE 1.00 X 0 0 0 MARTHA DAYTON TRUSTEE 1.00 X 0 0 0 CY DECOSSE '52 LIFE TRUSTEE 1.00 X 0 0 0 TARA DEV TRUSTEE 1.00 X 0 0 0 ELLIOT FELIX TRUSTEE 1.00 X 0 0 0 GREG HOFFMAN '92 TRUSTEE 1.00 X 0 0 0 BATALIA MCFARLANE TRUSTEE 1.00 X 0 0 0 CLINTON H MORRISON LIFE TRUSTEE 1.00 X 0 0 0 MARION PARKE TRUSTEE 1.00 X 0 0 0 TODD PAULSON TRUSTEE 1.00 X 0 0 0 MARK D PIHLSTROM TRUSTEE 1.00 X 0 0 0 KENNETH PIPER TRUSTEE 1.00 X 0 0 0 RAJIV TANDON TRUSTEE 1.00 X 0 0 0 NEIL TULI TRUSTEE 1.00 X 0 0 0 ROSEMARY UGBOAJAH TRUSTEE 1.00 X 0 0 0 GREG VAN BELLINGER TRUSTEE 1.00 X 0 0 0 MARY ALMA NOONAN CFO 40.00 X 182019 0 19991 EMILY KESSLER VP OF INSTITUTIONAL ADVANCEMENT 40.00 X 150346 0 28081 ROBERT RANSICK VP OF ACADEMIC AFFAIRS 40.00 X 188218 0 34156 ANNIE CLEVELAND VP OF COMMUNICATIONS 40.00 X 143123 0 36028 MELISSA HUYBRECHT VP OF ENROLLMENT MANAGEMENT 40.00 X 146237 0 7992 BROCK RASMUSSEN VP OF OPERATIONS AND TECHNOLOGY 40.00 X 130382 0 7167 CYNTHIA THEIS SR. GIFTS OFFICER/VP OF INST. ADV. 35.00 X 144303 0 17918 JENNIFER ZUCCOLA VP OF STUDENT AFFAIRS 40.00 X 129370 0 20511 1591715 0 201517 11 0 1 0 ALERUS PO BOX 6001 GRAND FORKS ND 58206 FINANCIAL SERVICES 696248 AMERICAN FOOD & VENDING 124 METROPOLITAN PARK DRIVE SYRACUSE NY 13088 FOOD SERVICES 425110 SALO 701 N WASHINGTON AVE STE 500 MINNEAPOLIS MN 55401 CONTRACT LABOR SUPPORT 314961 JE DUNN CONSTRUCTION 800 WASHINGTON AVE N STE 600 MINNEAPOLIS MN 55401 CONSTRUCTION SERVICES 281821 UNIQUE FOOD SOLUTIONS 2851 TOLEDO AVE SO ST LOUIS PARK MN 55416 FOOD SERVICES 217622 16 90000 752305 2308303 28355 3150608 TUITION 611710 31950927 31950927 HOUSING RENTAL INCOME 532000 3276013 3276013 AUXILIARY SERVICES 611710 874374 874374 36101314 470347 470347 2960045 -937891 282733 3897936 -282733 3615203 3615203 851029 90000 688469 162560 162560 856667 811083 45584 45584 INSURANCE PROCEEDS 900099 1621957 1621957 MISCELLANEOUS INCOME 900099 661655 661655 2283612 45829228 36146898 0 6531722 16276209 16276209 912350 912350 13277076 11365743 1439250 472083 442396 390628 34241 17527 1329324 1092661 187637 49026 1024053 820679 166552 36822 67399 1455 65944 161948 161948 106840 106840 1794522 923605 535797 335120 189144 147472 38695 2977 487473 400741 86732 832294 491350 316887 24057 2740276 2632999 107277 260350 224905 25341 10104 24804 14063 3008 7733 1185460 1185460 1832913 1832913 377418 377418 EQUIPMENT REPAIR AND PU 494383 450992 24885 18506 DUES AND SUBSCRIPTIONS 204959 42232 160681 2046 CLASSROOM MATERIALS/ART 159245 158185 801 259 MISCELLANEOUS 118408 45784 55094 17530 44299244 35479703 7825751 993790 26624 78086 1467866 2381443 30593 1102867 746782 918717 127790 91201 136476 174554 91738 332052 65273469 25424898 25405388 39848571 50538275 54789627 7203341 8127199 1113608 1218482 86888481 109062799 3255392 2841988 190731 165809 849040 790916 2300709 21473000 4920000 3134153 694682 622204 12210554 29028070 X 33048309 34676623 41629618 45358106 74677927 80034729 86888481 109062799 X 1529984 2902959 923859 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 0 0 1 119328 119328 0 PART II-B, LINE 1: THE MINNEAPOLIS COLLEGE OF ART AND DESIGN IS A MEMBER OF MINNESOTA PRIVATE COLLEGE COUNCIL (MPCC), AN ORGANIZATION DESCRIBED IN SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. MPCC IS AN ASSOCIATION OF PRIVATE NONPROFIT INSTITUTIONS OF HIGHER EDUCATION THAT SERVES A VARIETY OF ITS MEMBERS' SHARED NEEDS, INCLUDING, BUT NOT ONLY, NONPARTISAN AND NON-ELECTORAL ADVOCACY FOR PUBLIC POLICY THAT MEETS STUDENTS' NEEDS AND ADVANCES THE INTERESTS OF PRIVATE HIGHER EDUCATION. THE MINNEAPOLIS COLLEGE OF ART AND DESIGN PAID THIS FIGURE IN MEMBERSHIP DUES TO MPCC DURING THE TAXABLE YEAR. A PORTION OF THIS AMOUNT, BUT NOT ALL OF IT, SUPPORTED ATTEMPTS TO INFLUENCE LEGISLATION WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("LOBBYING").THE AMOUNT OF LOBBYING EXPENSES PAID FROM THE MINNEAPOLIS COLLEGE OF ART AND DESIGN'S DUES WAS SIGNIFICANTLY LESS THAN THAT AMOUNT. 50555286 438920 9993571 3005847 57981930 55064844 384253 -69221 971384 3743935 109271 50555286 62933118 497253 -5438280 1987003 940244 55064844 53301344 296062 12205515 1944895 924908 62933118 53550620 204146 2275824 1845148 884098 53301344 0.27002 0.72998 0.00000 1 0 1445005 1445005 57911598 22102031 35809567 5333930 3322867 2011063 582936 582936 39848571 BENEFICIAL INTEREST IN PERPETUAL TRUST 8127199 F 8127199 LEASE LIABILITY 211711 DEPOSITS 410493 622204 X 34772549 2902959 2423411 5326370 29446179 106840 16276209 16383049 45829228 29415747 1499552 1499552 27916195 106840 16276209 16383049 44299244 PART V, LINE 4: MCAD'S ENDOWMENT CONSISTS OF APPROXIMATELY 150 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT PROVIDES SCHOLARSHIPS TO STUDENTS AND GRANTS FOR DEPARTMENTAL NEEDS. PART X, LINE 2: THE INTERNAL REVENUE SERVICE (IRS) HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2024 AND 2023. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 923,859. FUNDRAISING EXPENSES 688,469. COST OF GOODS SOLD 811,083. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 16,276,209. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 688,469. COST OF GOODS SOLD 811,083. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 16,276,209. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 MCAD PUBLISHES ITS NON-DISCRIMINATION POLICY AS STATED ON THE ONLINE APPLICATION. IT READS: "THE MINNEAPOLIS COLLEGE OF ART AND DESIGN DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, OR ETHNIC ORIGIN IN ITS ADMISSIONS OR EDUCATIONAL POLICIES, IN SCHOLARSHIPS, FINANCIAL AID, OR LOAN PROGRAMS, IN EMPLOYMENT, OR IN ACCORDING THE RIGHTS, PRIVILEGES AND ACTIVITIES GENERALLY MADE AVAILABLE AT THIS EDUCATIONAL INSTITUTION." MCAD ALSO PUBLISHES ITS NONDISCRIMINATORY POLICY ON THE HOMEPAGE OF ITS WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE U.S. GOVERNMENT IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS THE FEDERAL PERKINS LOAN PROGRAM, FEDERAL WORK STUDY PROGRAM, PELL GRANT PROGRAM AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM. THE COLLEGE ALSO RECEIVES SUPPORT FROM THE STATE OF MINNESOTA THROUGH THE COLLEGE WORK STUDY PROGRAM AND STATE STUDENT SCHOLARSHIPS AND GRANTS. NOVEMBER ART SALE 678866 20000 658866 38743 536714 MAY ART AUCTION 262163 70000 192163 36508 76504 941029 90000 851029 75251 613218 688469 162560 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 833 16276209 0 N/A N/A PART I, LINE 2: ALL AID IS AWARDED BASED ON FINANCIAL AID ELIGIBILITY REQUIREMENTS IN THE FINANCIAL AID OFFICE DURING THE AWARD PROCESS. FUNDS ARE DRAWN DOWN BY THE FINANCIAL AID DIRECTOR AND ARE RECONCILED TO THE AWARD BY THE BUSINESS OFFICE CONTROLLER. THE MONEY IS DISBURSED TO THOSE APPLICABLE STUDENTS BY THE BUSINESS OFFICE BURSAR. X X X 1 0 0 0 0 0 0 0 0 SANJIT SETHI PRESIDENT 377115 0 0 0 602 0 20844 0 8829 0 407390 0 0 0 ROBERT RANSICK VP OF ACADEMIC AFFAIRS 172616 0 15000 0 602 0 10347 0 23809 0 222374 0 0 0 MARY ALMA NOONAN CFO 181442 0 0 0 577 0 10006 0 9985 0 202010 0 0 0 ANNIE CLEVELAND VP OF COMMUNICATIONS 142610 0 0 0 513 0 7856 0 28172 0 179151 0 0 0 EMILY KESSLER VP OF INSTITUTIONAL ADVANCEMENT 124062 0 0 0 26284 0 8264 0 19817 0 178427 0 0 0 CYNTHIA THEIS SR. GIFTS OFFICER/VP OF INST. ADV. 143796 0 0 0 507 0 7933 0 9985 0 162221 0 0 0 MELISSA HUYBRECHT VP OF ENROLLMENT MANAGEMENT 145714 0 0 0 523 0 7992 0 0 0 154229 0 0 0 PART I, LINE 4A EMILY KESSLER - SEVERANCE PAYMENT - $12,923 A MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 2022-03-17 1500000 ACQUISITION OF TWO PROPERTIES 0 0 0 B MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 2023-06-01 18373000 ACQUISITION COSTS AND RELATED EPENSES OF STUDENT HOUSING 0 0 0 C MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 60416HF74 2015-03-26 7974697 REFUNDING SERIES 6K AND 6Z 0 0 0 A 20000 1500000 1409000 91000 2022 0 0 1 1 B 18373000 17108276 1264724 2023 0 0 1 1 C 6354697 7974697 431275 148241 7395181 2015 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 05/13/2019 CRISTIN SETHI SPOUSE OF THE PRESIDENT 28859 EMPLOYEE COMPENSATION 0 X 1 1600 FMV X 5 24186 FMV X PHOTOGRAPHY SUPPLIES 1 2569 FMV 0 0 0 0 PART I, COLUMN (B): COLUMN (B) IS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF THE CHAIR OR CO-CHAIRS OF THE BOARD, THE VICE-CHAIRS, THE IMMEDIATE PAST CHAIR OR CO-CHAIRS OF THE BOARD, AND THE CHAIR OR CO-CHAIRS OF EACH STANDING COMMITTEE. THE EXECUTIVE COMMITTEE SHALL -TAKE ACTION FOR THE BOARD ON EMERGENCY MATTERS THAT CANNOT OR SHOULD NOT BE DEFERRED TO THE BOARD'S NEXT SCHEDULED MEETING, EXCEPT THAT THE EXECUTIVE COMMITTEE SHALL NOT HAVE THE AUTHORITY TO: (A) ELECT OR REMOVE THE PRESIDENT/CEO; (B) ELECT OR REMOVE A TRUSTEE OR AN OFFICER; (C) CHANGE THE MISSION OR PURPOSES OF MCAD; (D) CHANGE OR AMEND THE ARTICLES OF INCORPORATION OR THE BYLAWS; (E) INCUR ANY INDEBTEDNESS ON BEHALF OF MCAD; (F) SELL OR OTHERWISE TRANSFER ANY ASSETS OF MCAD; (G) ADOPT OR AMEND THE ANNUAL BUDGET OF MCAD; OR (H) CONFER ANY DEGREES. -ASSIST THE PRESIDENT/CEO TO ADDRESS NONESSENTIAL BUSINESS BETWEEN REGULAR MEETINGS OF THE BOARD. -RECOMMEND MATTERS FOR ACTION BY THE BOARD; -REVIEW AND ASSESS THE WORK OF OTHER COMMITTEES; -REVIEW AND ASSESS MCAD'S PLANNING PROCESS AND PLANNING GOALS; AND -ANNUALLY ASSESS THE PRESIDENT/CEO'S PERFORMANCE, AND RECOMMEND TO THE BOARD THE PRESIDENT/CEO'S COMPENSATION AND TERMS OF EMPLOYMENT. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990, WITH INDIVIDUAL CONTRIBUTOR NAMES REDACTED, IS REVIEWED BY ITS AUDIT COMMITTEE AND IS PROVIDED TO EACH VOTING MEMBER OF ITS GOVERNING BODY BEFORE FILING THE FORM. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND OFFICERS ARE SUBJECT TO THE FOLLOWING PROCESS: INDIVIDUALS WHO DISCLOSE A CONFLICT OF INTEREST MUST LEAVE THE RELEVANT MEETING WHILE A DETERMINATION OF MATERIALITY OF THE CONFLICT IS MADE. IF A CONFLICT IS DETERMINED TO EXIST WITHIN THE SCOPE OF THE POLICY THOSE INDIVIDUALS MAY MAKE A PRESENTATION OF THE PROPOSED TRANSACTION OR ARRANGEMENT BUT THEN MUST LEAVE THE ROOM AND ABSTAIN FROM VOTING ON THE PROPOSED TRANSACTION OR ARRANGEMENT. A TRUSTEE SHALL BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITHIN THE SCOPE OF THE POLICY IF HE OR SHE (1) HAS EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS THAT IMPAIR OR APPEAR TO IMPAIR HIS OR HER INDEPENDENT, UNBIASED JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE; OR (2) IS AWARE THAT A MEMBER OF HIS OR HER FAMILY HAS FINANCIAL OR OTHER INTERESTS THAT WOULD IMPAIR OR APPEAR TO IMPAIR THE TRUSTEE'S INDEPENDENT JUDGMENT IN THE DISCHARGE OF HIS OR HER RESPONSIBILITIES TO THE COLLEGE. FOR THE PURPOSES OF THIS PROVISION, A FAMILY MEMBER IS DEFINED AS A SPOUSE, DOMESTIC PARTNER, PARENT, SIBLING, CHILD, OR ANY OTHER RELATIVE RESIDING IN THE SAME HOUSEHOLD AS THE TRUSTEE. ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICAL TIME. FURTHER, THE TRUSTEE SHALL ABSENT HIMSELF OR HERSELF FROM DISCUSSIONS OF, AND ABSTAIN FROM VOTING ON, SUCH MATTERS UNDER CONSIDERATION BY THE BOARD OF TRUSTEES OR ITS COMMITTEES. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE WITH A CONFLICT OR POSSIBLE CONFLICT ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN AS TO WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THAT THE BOARD OF COMMITTEE RESOLVE THE QUESTION IN HIS OR HER ABSENCE BY MAJORITY VOTE. EACH TRUSTEE SHALL COMPLETE AND SIGN A CONFLICT OF INTEREST DISCLOSURE FORM PROVIDED ANNUALLY BY THE SECRETARY OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S COMPENSATION IS REVIEWED BY THE EXECUTIVE COMMITTEE ANNUALLY. THE EXECUTIVE COMMITTEE COMPARES THE COMPENSATION PROPOSED AGAINST COMPARABLE PRESIDENTS OF SIMILAR INSTITUTIONS. THE PRESIDENT'S CONTRACT WAS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES IN AN EXECUTIVE SESSION DURING THE CURRENT FISCAL YEAR. THE REVIEW IS DOCUMENTED IN THE MEETING MINUTES. THE SENIOR DIRECTOR OF HUMAN RESOURCES DETERMINES THE COMPARABILITY DATA USED FOR THE OFFICERS. THE COMPARABILITY DATA AND COMPENSATION PROPOSED IS REVIEWED AND APPROVED BY THE PRESIDENT ANNUALLY. IN ADDITION, A SEARCH COMMITTEE IS CREATED AND/OR A CONTRACTED ORGANIZATION IS HIRED TO PERFORM THE SEARCH, PROVIDING COMPARABILITY DATA ON COMPENSATION AND A FORMAL REVIEW AND RECOMMENDATION. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 923,859. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR.