2024-05-13T11:51:59-05:00 2023-06-30 WITHUMSMITHBROWNPC 155 SEAPORT BOULEVARD BOSTON MA 02210 990 2022-07-01 042103865 BAY PATH UNIVERSITY % JOHN O'ROURKE BAYP 4135651219 588 LONGMEADOW STREET LONGMEADOW MA 01106 MICHAEL GIAMPIETRO SR VP FIN. & ADMIN. 4135651219 2024-05-10 true MICHAEL GIAMPIETRO 999009999 RICHARD RUVELSON P00234075 6172273333 2 2022 2023-04-26 12:10:37Z MICHAEL GIAMPIETRO 588 LONGMEADOW STREET LONGMEADOW MA 01106 101369405 false X www.baypath.edu X 1940 MA A BAY PATH UNIVERSITY EDUCATION EMPOWERS UNDERGRADUATE WOMEN AND GRADUATE WOMEN AND MEN TO BECOME LEADERS IN THEIR CAREERS AND COMMUNITIES 30 30 1049 39 1739 761 9357422 5404609 55761871 54755472 1359476 899106 158195 622638 66636964 61681825 15308008 17347924 0 0 30800349 30100582 20000 0 674954 18638449 14466648 64766806 61915154 1870158 -233329 122407846 126885753 23649904 23304017 98757942 103581736 X BAY PATH UNIVERSITY EDUCATION EMPOWERS UNDERGRADUATE WOMEN AND GRADUATE WOMEN AND MEN TO BECOME LEADERS IN THEIR CAREERS AND COMMUNITIES WITH AN INNOVATIVE APPROACH TO LEARNING THAT PREPARES STUDENTS TO FLOURISH IN A CONSTANTLY CHANGING WORLD. (SEE SCH O). false false 50782194 12632822 52396006 THE UNIVERSITY PROVIDES INSTRUCTION, ACADEMIC SUPPORT, STUDENT SERVICES, AND STUDENT FINANCIAL AID TO CARRY OUT ITS EXEMPT PURPOSES, SERVING APPROXIMATELY 2,500 STUDENTS. 2564580 2604680 AUXILIARY ENTERPRISES PROVIDE SERVICES FOR THE CONVENIENCE OF THE STUDENTS, FACULTY, AND STAFF. THIS INCLUDES DINING SERVICES, STUDENT HOUSING, THE BOOKSTORE, AND OTHER MISCELLANEOUS SERVICES.THE UNIVERSITY SERVED APPROXIMATELY 2,500 STUDENTS, INCLUDING APPROXIMATELY 225 RESIDENT STUDENTS. 53346774 true true false false false false false false true true true true false false true true true false true false false false true false false false false true true true true false false false false false false false false false false true false false false false false false false false true 255 0 true 1049 true true true false false false false false false false false false false false X 30 30 false false false false false false false true true false false true true true true true true true true false MA X JOHN O'ROURKE 4135651219 588 LONGMEADOW STREET LONGMEADOW MA 01106 X Sandra Doran President 55.0 0.0 X 455780 0 57256 Michael Giampietro Senior VP Finance & Admin Svcs 50.0 0.0 X 260334 0 39305 Frank Rojas Vice President of Enrollment M 50.0 0.0 X 227513 0 28556 Kathleen Bourque VP for University Relations 50.0 0.0 X 224139 0 12807 Melissa Morriss-Olsen Distinguished Prof HELOS & Fou 50.0 0.0 X 181410 0 18592 Michael Gerg Program Dtr Occupational Thera 50.0 0.0 X 180152 0 18153 Crystal Neuhauser Vice President of Institutiona 50.0 0.0 X 155582 0 23589 Thomas Loper Assoc Provost and Dean School 50.0 0.0 X 164874 0 10707 Linda Adams-Wendling Chief Nurse Admin & Program Di 50.0 0.0 X 162992 0 3047 Andrew Anderlonis Trustee 1.0 0.0 X 0 0 0 Kirk Arnold Trustee 1.0 0.0 X 0 0 0 Tania Barber Trustee 1.0 2.0 X 0 0 0 Delcie Bean TRUSTEE 1.0 0.0 X 0 0 0 Daniel Bishop Jr TRUSTEE 1.0 0.0 X 0 0 0 Carrie Burr TRUSTEE 1.0 0.0 X 0 0 0 Mary Bushnell TRUSTEE 1.0 0.0 X 0 0 0 Julia Byers PhD TRUSTEE 1.0 0.0 X 0 0 0 Andrea Cataldo TRUSTEE 1.0 0.0 X 0 0 0 Lamont Clemons TRUSTEE 1.0 0.0 X 0 0 0 Miranda Dal Zovo TRUSTEE 1.0 0.0 X 0 0 0 Jo-Ann W Davis Esq TRUSTEE 1.0 0.0 X 0 0 0 Laura Grondin TRUSTEE 1.0 0.0 X 0 0 0 Ann Hammer TRUSTEE 1.0 0.0 X 0 0 0 Pia Kumar TRUSTEE 1.0 0.0 X 0 0 0 Andrew Lam TRUSTEE 1.0 0.0 X 0 0 0 Eric Lesser TRUSTEE 1.0 0.0 X 0 0 0 Grace Makari-Judson TRUSTEE 1.0 0.0 X 0 0 0 Stefano Martini TRUSTEE 1.0 0.0 X 0 0 0 Rodger Metzger TRUSTEE 1.0 0.0 X 0 0 0 Robyn Newhouse TRUSTEE 1.0 0.0 X 0 0 0 Lori Roop TRUSTEE 1.0 0.0 X 0 0 0 Mary Ann Spencer TRUSTEE 1.0 0.0 X 0 0 0 Kathleen Schuster TRUSTEE 1.0 0.0 X 0 0 0 Brian Tuohey TRUSTEE 1.0 0.0 X 0 0 0 Wayne Webster TRUSTEE 1.0 0.0 X 0 0 0 Jeanette Weldon TRUSTEE 1.0 0.0 X 0 0 0 Danielle Williams TRUSTEE 1.0 0.0 X 0 0 0 Ham Wilson TRUSTEE 1.0 0.0 X 0 0 0 Michelle Wirth TRUSTEE 1.0 0.0 X 0 0 0 2012776 0 212012 11 false true false GOOGLE INC 1600 AMPHITHEATRE PKWY MOUNTAIN VIEW CA 94043 ADVERTISEMENT 2100000 ARAMARK SERVICES INC 588 LONGMEADOW STREET LONGMEADOW MA 01106 FOOD SERVICE 1140000 451 MARKETING LLC 100 N WASHINGTON STREET BOSTON MA 021142128 MARKETING 648000 Lamar Advertising 32 Midland Street WINDSOR CT 06095 Advertisement 622191 Arthur J Gallagher Risk Management 500 Victory Road PO BOX 71164 QUINCY MA 02171 Management 402153 20 3550364 1854245 336796 5404609 TUITION 611600 51669133 51669133 RESIDENCE AND DINING 611710 2604680 2604680 WOMEN'S CONFERENCE 611710 481659 481659 54755472 888280 888280 0 0 192410 120115 72295 0 72295 72295 39298280 280011 39526356 41109 -228076 238902 10826 10826 0 0 0 0 0 0 0 0 0 OTHER 900099 519330 214201 1739 303390 FOOD SERVICE 624200 18848 18848 BOOKSTORE 451211 12165 12165 550343 61681825 55000686 1739 1274791 77158 77158 17270766 17270766 0 0 1397019 461265 935754 0 24057811 19658871 3935266 463674 1059901 837772 202822 19307 1501941 1227313 245681 28947 2083910 1647174 398776 37960 183356 179551 3805 50543 50543 74110 74110 0 0 0 3901214 3376617 440511 84086 2962030 2908938 53092 567986 490539 52067 25380 852717 850096 2621 0 1114429 878580 235849 104987 82042 19990 2955 0 70032 56698 13334 465224 465224 0 2233102 1972611 260491 348842 348842 STUDENT BOARD 995530 995530 MEMBERSHIPS 413622 267865 138450 7307 ENTERTAINMENT 22245 15203 1704 5338 OTHER EXPENSES 106679 92185 14494 61915154 53346774 7893426 674954 12741373 8676057 0 0 356640 52842 1042007 2038587 0 0 0 0 1074508 867245 0 0 961794 1004747 87844734 57325448 31719053 30519286 61658745 76677347 12853726 6919038 0 0 0 0 0 130604 122407846 126885753 3312366 2485678 271185 182564 3229726 4271279 14594757 13895827 14433 8760 0 0 0 0 0 0 2227437 2459909 23649904 23304017 X 73021772 76256498 25736170 27325238 98757942 103581736 122407846 126885753 -233329 5057123 X false true X true true true X 3273462 6226327 5806972 9357422 5404609 30068792 0 0 3273462 6226327 5806972 9357422 5404609 30068792 1872224 28196568 1434083 1205583 868987 649146 888280 5046079 1713 0 0 0 1739 3452 5737 4129 0 131237 245214 386317 35504640 0.79417 0.84532 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 63497710 978961 3377661 525131 8710 67320491 74121880 575749 -10868929 330990 0 63497710 55345804 854445 18234993 293716 19646 74121880 53589753 1496730 592650 311643 21686 55345804 50579337 1335902 1979791 271733 33544 53589753 0.66770 0.29190 0.04040 true false 6209643 6209643 1124437 53463665 31643319 22944783 42185 24693 17492 13563383 12366518 1196865 13441421 13290918 150503 30519286 PRIVATE EQUITY 191052 F HEDGE FUNDS 6727986 F 6919038 0 OTHER LONG TERM LIABILITIES 2215113 ANNUITY OBLIGATIONS 114192 LEASE LIABILITY 130604 2459909 X 55302419 5057123 -12632822 -7575699 62878118 -1196293 -1196293 61681825 49433230 150898 150898 49282332 12632822 12632822 61915154 PART IV, LINE 2B: THE UNIVERSITY HOLDS TUITION DEPOSITS RECEIVED FROM STUDENTS. IN ADDITION, THE UNIVERSITY OWNS AND RENTS RESIDENTIAL PROPERTIES NEAR THE CAMPUS. THE TENANTS' SECURITY DEPOSITS ARE MAINTAINED IN ESCROW ACCOUNTS AT A LOCAL BANK. PART X, LINE 2: The University is a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code. As a not-for-profit entity exempt from income taxes, the University may, however, be subject to tax on unrelated business income. Tax positions taken or expected to be taken in the course of preparing the University's tax returns, including the position that the University qualifies as a tax-exempt organization, are required to be evaluated to determine whether the tax positions are more likely than not to be upheld under regulatory review. The University has assessed its tax-exempt status, its tax filings, and related tax positions and determined that there are no uncertain tax positions. The University's tax filings from 2020 through 2023 are open for examination by the tax authorities. Any tax assessed upon examination would be recorded as expense in the statement of activities. statement of activities. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS $(12,632,822). PART XI, LINE 4B - OTHER ADJUSTMENTS: NET RETURN ON INVESTMENTS $(1,116,266). RENTAL EXPENSE (80,027). ----------- TOTAL TO SCHEDULE D, PART XI, LINE 4B $(1,196,293). PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL PROPERTY EXPENSE $ 80,027. other expenses $ 70,871. -------- TOTALTO SCHEDULE D, PART XII, LINE 2D $150,898. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS $12,632,822. SCHEDULE D, PART V, LINE 4 THE UNIVERSITY'S ENDOWMENT FUND IS AN INVESTMENT PORTFOLIO COMPRISED OF DONOR-RESTRICTED(TRUE) AND BOARD-DESIGNATED(QUASI) ENDOWMENT FUNDS. THE INTENTIONS OF THE FUND ARE TO GENERATE A TOTAL RETURN THAT PRESERVES THE LONG-TERM REAL PURCHASING POWER OF THE ENDOWMENT FUNDS AND PROVIDES A RELATIVELY PREDICTABLE AND INCREASING REVENUE STREAM TO BE USED FOR DONOR-SPECIFIED AND BOARD DESIGNATED PURPOSES THAT SUPPORT THE MISSIONS OF THE UNIVERSITY. FOR SCHEDULE D, UNIVERSITY CONTRIBUTIONS INCLUDE FUNDS TRANSFERRED FROM DONOR RESTRICTED FUNDS TO THE UNRESTRICTED QUASI-ENDOWMENT FUND TO SUPPORT THE DONOR-RESTRICTED SCHOLARSHIPS AWARDED DURING THE YEAR FROM LIQUID, UNRESTRICTED INVESTMENTS SCHEDULE D, PART VI, LINE 1(B), COL(A) INVESTMENTS IN DIRECT REAL ESTATE OF $1,124,437 ARE INCLUDED HERE. true true true true true true true false false false false false false false false true false true LINE 3 PUBLICATIONS, APPLICATIONS, REGISTRATION FORMS, NEWSPAPER ADVERTISEMENTS, AND SUMMER PROGRAMS MAKE REFERENCE TO THE UNIVERSITY'S RACIALLY NONDISCRIMINATORY POLICY. LINE 6 - EXPLANATION OF GOVERNMENT FINANCIAL AID: ALL FEDERAL AND STATE FUNDS RECEIVED ARE EXPENDED ENTIRELY FOR STUDENT FINANCIAL AID IN ACCORDANCE WITH THE U.S. OFFICE OF MANAGEMENT AND BUDGET UNIFORM GUIDANCE FOR FEDERAL FUNDS, AND WITH SPECIFIC REQUIREMENTS APPLICABLE TO THE MASSACHUSETTS OFFICE OF STUDENT FINANCIAL ASSISTANCE PROGRAMS FOR STATE FUNDS. Europe (Including Iceland and Greenland) 0 Program Services Consulting Assessment 2000 North America 0 Program Services Marketing Services 22250 Central America and the Caribbean Investments 6727986 0 0 6752236 6752236 true false true true true false true TOWN OF LONGMEADOW 20 WILLIAMS STREET LONGMEADOW MA 01106 046001204 55158 PILOT PROGRAM AND Senior Center TOWN OF EAST LONGMEADOW 60 CENTER SQUARE LONGMEADOW MA 01028 046001139 22000 PILOT PROGRAMS (TOWN, Fire, Police) 0 2 SCHOLARSHIPS AND AID TO STUDENTS 1481 17270766 FORM 990 SCHEDULE I PART (IV) BAY PATH UNIVERSITY RECEIVES GRANT MONEY FROM FEDERAL AND STATE GOVERNMENT AGENCIES FOR STUDENT FINANCIAL AID. THIS GRANT MONEY IS DISBURSED TO STUDENTS' ACCOUNTS AS IT IS RECEIVED BY THE UNIVERISITY. STUDENTS' AWARDS ARE BASED ON THE FEDERAL AND STATE GUIDELINES FOR EACH TYPE OF GRANT. GRANTS TO CHARITABLE ORGANIZATIONS ARE MADE IN ACCORDANCE WITH ESTABLISHED FINANCIAL POLICIES. X X true true false false false false false false false true false Sandra Doran President 452031 0 0 0 3749 0 15498 0 41758 0 513036 0 0 0 Michael Giampietro Senior VP Finance & Admin Svcs 259535 0 0 0 799 0 10855 0 28450 0 299639 0 0 0 Frank Rojas Vice President of Enrollment M 198936 0 0 0 28577 0 2677 0 25879 0 256069 0 0 0 Kathleen Bourque VP for University Relations 207613 0 0 0 16526 0 8713 0 4094 0 236946 0 0 0 Melissa Morriss-Olsen Distinguished Prof HELOS & Fou 180314 0 0 0 1096 0 7998 0 10594 0 200002 0 0 0 Michael Gerg Program Dtr Occupational Thera 166345 0 0 0 13807 0 0 0 18153 0 198305 0 0 0 Thomas Loper Assoc Provost and Dean School 159307 0 0 0 5567 0 7119 0 3588 0 175581 0 0 0 Linda Adams-Wendling Chief Nurse Admin & Program Di 162113 0 0 0 879 0 2338 0 709 0 166039 0 0 0 Crystal Neuhauser Vice President of Institutiona 155209 0 0 0 373 0 4800 0 18789 0 179171 0 0 0 PART I, LINE 1A: THE PRESIDENT'S EMPLOYMENT CONTRACT ALLOWS FOR SPOUSAL TRAVEL. THE TRAVEL IS ON A LIMITED BASIS. THE PRESIDENT RESIDES IN A UNIVERSITY-OWNED HOUSE NEAR THE CAMPUS AS REQUIRED IN HER CONTRACT. NUMEROUS FUNCTIONS TAKE PLACE AT THE PRESIDENT'S HOME IN SUPPORT OF THE UNIVERSITY'S MISSION. DONORS, FACULTY, STAFF, AND STUDENTS ARE WELCOMED THROUGHOUT THE YEAR. GIVEN THE VISIBILITY OF AND THE MANY EVENTS THAT TAKE PLACE AT THE PRESIDENT'S RESIDENCE, A UNIVERSITY EMPLOYEE CLEANS THE HOME AT VIRTUALLY NO EXTRA COST TO THE UNIVERSITY. THE AVAILABILITY AND APPROACHABILITY OF THE PRESIDENT IS A KEY ELEMENT TO INSTILLING THE SENSE OF COMMUNITY AND CARING THAT IS CENTRAL TO THE UNIVERSITY'S MISSION. THE VALUE OF THE PRESIDENT'S HOUSING IS $29,748 FOR THE YEAR AND IS INCLUDED IN HER SCHEDULE J, PART II, COLUMN (D) COMPENSATION. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY SER 2013 2013-12-23 19500000 CONSTRUC/EQUIP/RE FUND 2006 false false false A 2885920 0 19500000 0 0 0 100000 0 0 12108657 6734874 556469 2014 true true true A false false false false false false 0.00000 0.00000 0.00000 false false 0.00000 false true A false true true false false false 0 false 0 false true A true X 15 336796 FMV false false false SCHEDULE M, LINE 32B: THE UNIVERSITY USED A THIRD PARTY TO SELL GIFTS OF STOCK. FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: A BAY PATH UNIVERSITY EDUCATION EMPOWERS UNDERGRADUATE WOMEN AND GRADUATE WOMEN AND MEN TO BECOME LEADERS IN THEIR CAREERS AND COMMUNITIES WITH AN INNOVATIVE APPROACH TO LEARNING THAT PREPARES STUDENTS TO FLOURISH IN A CONSTANTLY CHANGING WORLD. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: THE BAY PATH EXPERIENCE IS NOTHING LESS THAN TRANSFORMATIONAL. OUR WOMEN-ONLY UNDERGRADUATE PROGRAMS AND OUR COEDUCATIONAL GRADUATE PROGRAMS ARE OFFERED BOTH ON-CAMPUS AND ONLINE, PROVIDING A FLEXIBLE, 21ST-CENTURY EDUCATION FOR LEARNERS AT ALL STAGES OF LIFE AND CAREER. BAY PATH STUDENTS FIND A SUPPORTIVE AND DIVERSE COMMUNITY, CLOSE MENTORING, AND RIGOROUS PREPARATION FOR SUCCESS IN A COMPLEX AND GLOBALLY INTERDEPENDENT SOCIETY. STUDENTS GRADUATE WITH THE APPLIED KNOWLEDGE, PORTABLE SKILLSET, AND CONFIDENCE TO THRIVE IN THEIR PROFESSIONS, IDENTIFY AND REALIZE THEIR DREAMS, AND MAKE A LASTING DIFFERENCE IN THE WORLD. FORM 990, PART VI, SECTION B, LINE 11B: PRIOR TO THE FILING OF THE FORM 990, A COMPLETE COPY IS REVIEWED BY THE UNIVERSITY'S VICE PRESIDENT FOR FINANCE & ADMINISTRATIVE SERVICES, AS WELL AS THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. A PUBLIC DISCLOSURE COPY IS PROVIDED, VIA THE TRUSTEES INTERNET PORTAL, TO ALL MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO THE FILING DATE. FORM 990, PART VI, SECTION B, LINE 12C: IN ACCORDANCE WITH THE UNIVERSITY'S CONFLICT OF INTEREST POLICY FOR TRUSTEES, AS CONTAINED IN THE BOARD OF TRUSTEES BYLAWS, ALL TRUSTEES AND OFFICERS ARE REQUIRED TO COMPLETE AT LEAST ANNUALLY A CONFLICT OF INTEREST QUESTIONNAIRE AND SUBMIT IT TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. ADDITIONALLY, ANY POTENTIAL CONFLICT OF INTEREST WHICH ARISES MID-TERM IS REQUIRED TO BE SUBMITTED TO THE AUDIT COMMITTEE AT THE EARLIEST PRACTICAL TIME. NO TRUSTEES OR OFFICER SHALL VOTE OR PARTICIPATE IN ANY DISCUSSION ON ANY MATTER UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING, IN WHICH SUCH TRUSTEE OR OFFICER HAS A CONFLICT OF INTEREST. ANY TRUSTEE OR OFFICER WHO IS UNCERTAIN WHETHER HE/SHE HAS A CONFLICT OF INTEREST MAY REQUEST THE AUDIT COMMITTEE TO MAKE A DETERMINATION IN SUCH REGARD, AND THE AUDIT COMMITTEE MAY SEEK AN OPINION FROM COUNSEL FOR THE UNIVERSITY IN SUCH MATTER. THE UNIVERSITY ALSO REQUIRES ALL EMPLOYEES TO COMPLETE ANNUALLY A CONFLICT OF INTEREST DISCLOSURE FORM AND SUBMIT IT TO THEIR RESPECTIVE DIVISIONAL VICE PRESIDENT FOR REVIEW. IF AN EMPLOYEE DISCLOSES ACTIVE OR INTENDED PARTICIPATION IN AN ACTIVITY THAT IS A POTENTIAL CONFLICT OF INTEREST, THE SUPERVISOR AND DIVISIONAL VICE PRESIDENT WILL EVALUATE THE DISCLOSURE TO DETERMINE THE APPROPRIATE ACTION TO BE TAKEN. THE EMPLOYEE MAY BE ASKED TO DISCONTINUE PARTICIPATION IN THE ACTIVITY IF IT IS DETERMINED TO BE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15: THE HUMAN RESOURCES AND COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES HAS THE RESPONSIBILITY FOR REVIEWING AND RECOMMENDING THE UNIVERSITY PRESIDENT'S AND OFFICER'S/KEY EMPLOYEES' COMPENSATION TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE HUMAN RESOURCES AND COMPENSATION COMMITTEE CONSIDERS COMPARATIVE DATA GATHERED FROM PEER INSTITUTIONS BY AN EXECUTIVE COMPENSATION CONSULTING FIRM. THE COMMITTEE ALSO REVIEWS ACCOMPLISHMENTS IN COMPARISON TO PLANNED GOALS AND OBJECTIVES. THE EXECUTIVE COMMITTEE, COMPRISED OF INDEPENDENT BOARD OF TRUSTEE MEMBERS, APPROVES THE PRESIDENT'S AND OFFICER'S/KEY EMPLOYEES' COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19: THE UNIVERSITY'S FORM 990 AND 990-T ARE AVAILABLE FOR PUBLIC INSPECTION AT THE OFFICE OF THE VICE PRESIDENT FOR FINANCE & ADMINISTRATIVE SERVICES UPON WRITTEN REQUEST. ADDITIONAL, THE UNIVERSITY'S FORMS 990 AND MASSACHUSETTS PC, AS WELL AS AUDITED FINANCIAL STATEMENTS, ARE AVAILABLE ON THE WEBSITE OF THE MASSACHUSETTS ATTORNEY GENERAL'S OFFICE, PUBLIC CHARITIES DIVISION. REQUESTS FOR COPIES OF BYLAWS, CONFLICT OF INTEREST POLICIES, AND FINANCIAL STATEMENTS ARE DIRECTED TO THE VICE PRESIDENT FOR FINANCE & ADMINISTRATIVE SERVICES FOR A RESPONSE. FORM 990, PART X, LINE 10 INVESTMENTS IN DIRECT REAL ESTATE OF $1,124,437 ARE INCLUDED HERE. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.