2023-04-03T19:24:43-05:00 2022-06-30 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2021-07-01 231365953 CEDAR CREST COLLEGE CEDA 6106064666 100 COLLEGE DRIVE ALLENTOWN PA 181046196 ELIZABETH M MEADE PRESIDENT 6106064666 2023-02-14 1 ELIZABETH MEADE XXX-XX-XXXX LAWRENCE H MOHR CPA P00447603 6128764500 2023-02-14 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z ELIZABETH M MEADE 100 COLLEGE DRIVE ALLENTOWN PA 181046196 67835229 0 X WWW.CEDARCREST.EDU X 1867 PA LIBERAL ARTS COLLEGE PRIMARILY FOR WOMEN DEDICATED TO EDUCATING THE NEXT GENERATION OF LEADERS. 25 23 485 28 81071 3357 13935796 9765698 43732656 45494485 2366688 5278989 2263208 2627206 62298348 63166378 17513685 19913055 0 0 20344973 20288311 0 0 967006 14835418 15771432 52694076 55972798 9604272 7193580 109003293 102627983 25464371 24602905 83538922 78025078 X CEDAR CREST COLLEGE IS A LIBERAL ARTS COLLEGE PRIMARILY FOR WOMEN DEDICATED TO THE EDUCATION OF THE NEXT GENERATION OF LEADERS. THE COLLEGE PREPARES STUDENTS FOR LIFE IN A GLOBAL COMMUNITY BY EDUCATING THE WHOLE STUDENT AT ALL STAGES OF LIFE AND EXPERIENCE. 0 0 46503923 19913055 45494485 THE COLLEGE CAMPUS, WITH 19 PRIMARY BUILDINGS, IS LOCATED IN THE WESTERN RESIDENTIAL SECTION OF THE CITY OF ALLENTOWN, PENNSYLVANIA IN THE LEHIGH VALLEY, WHICH HAS A COMBINED POPULATION OF APPROXIMATELY 820,000. THE COLLEGE IS WITHIN 55 MILES OF PHILADELPHIA AND 90 MILES OF NEW YORK CITY. THE COLLEGE SERVES APPROXIMATELY 1,400 STUDENTS AND HAS A 10:1 STUDENT-FACULTY RATIO. THE COLLEGE IS ACCREDITED BY THE MIDDLE STATES COMMISSION ON HIGHER EDUCATION.THE VISION OF A WOMEN'S COLLEGE IN ALLENTOWN, PENNSYLVANIA, CAME FIRST THROUGH THE FATHERS OF THE UNITED CHURCH OF CHRIST, WHO, IN 1867, ESTABLISHED A PROGRAM FOR THEIR DAUGHTERS TO ACHIEVE EDUCATION BEYOND HIGH SCHOOL. THE VISION WAS THEN SUPPORTED MORE THAN 100 YEARS LATER WHEN THE COLLEGE ALUMNAE CAME FORWARD WITH PASSION AND MIGHT TO DERAIL A POTENTIAL MERGER WITH A CO-ED COLLEGE.CEDAR CREST HAS BEEN A PLACE WHERE STUDENTS DEVELOP LEADERSHIP SKILLS. THROUGH ACADEMIC COURSES, STUDENT-LIFE PROGRAMMING, ATHLETICS, ACTIVITIES, AND PRE-PROFESSIONAL PRACTICES, THE COLLEGE HAS BEEN A PLACE TO GROW STUDENTS INTO LEADERS. THE WOMEN'S COLLEGE STATUS HAS ENSURED THAT STUDENTS HAVE MORE LEADERSHIP OPPORTUNITIES, MORE OF A CHANCE TO TRULY PRACTICE LEADERSHIP, AND A GREATER EXPECTATION OF LEADING PLACED UPON THEM BY FACULTY AND STAFF. IT HAS BEEN LEADERSHIP BY ABSORPTION IN SOME WAYS, AND IT HAS BEEN SUCCESSFUL. THE COLLEGE REMAINS PASSIONATE ABOUT ITS MISSION AND IS FOCUSED ON ITS FUTURE. IN THE FALL OF 2021, THE COLLEGE LAUNCED ITS NEWEST DOCTORAL PROGRAM IN OCCUPATIONAL THERAPY. THIS PROGRAM IS THE FIRST PROGRAM IN THE LEHIGH VALLEY AND ENROLLED STUDENTS FROM ACROSS THE COUNTRY. OUTFITTED WITH STATE-OF-THE-ART SIMULATION THROUGH AN ANATOMAGE TABLE, NEW PEDIATRIC AND LIFE SKILLS LABORATORIES ONSITE, THE STUDENTS IN THIS PROGRAM WILL ALSO RECEIVE CLINICAL EXPERIENCES THROUGHOUT THE REGION. INVESTMENT OF RESOURCES IN INSTRUCTION AND STUDENT SERVICES REMAIN A HIGH PRIORITY FOR THE COLLEGE. SIGNIFICANT INVESTMENTS IN THE COLLEGES INFRASTRUCTURE AND EQUIPMENT WILL ALLOW IT TO DELIVER QUALITY AND MISSION-BASED PROGRAMS TO ITS STUDENTS AT EACH FACET OF THEIR EDUCATION. 46503923 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 85 0 485 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 25 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X ELIZABETH M MEADE 6106064666 100 COLLEGE DRIVE ALLENTOWN PA 181046196 DR ELIZABETH MEADE PRESIDENT 40.00 X X 300751 0 91310 LAWRENCE QUARINO TRUSTEE/PROFESSOR 40.00 X 121887 0 20683 SYLVIA BETZ GARDENER CHAIR 1.00 X X 0 0 0 DR JULIE ENGLUND VICE CHAIR 1.00 X X 0 0 0 ROBIN INGRAM VICE CHAIR 1.00 X X 0 0 0 BARBARA BIGELOW TRUSTEE 1.00 X 0 0 0 BRIAN WANAMAKER TRUSTEE 1.00 X 0 0 0 CAROLYN STENNET TRUSTEE 1.00 X 0 0 0 DR LORRAINE SOISSON TRUSTEE 1.00 X 0 0 0 DR MICHAEL PASQUALE TRUSTEE 1.00 X 0 0 0 JANET MOORE TRUSTEE 1.00 X 0 0 0 JENNIFER KROEBER TSE TRUSTEE 1.00 X 0 0 0 JOHN ZEMBRON TRUSTEE 1.00 X 0 0 0 JONI J BERNER TRUSTEE 1.00 X 0 0 0 KENDAL NICHOLS TRUSTEE 1.00 X 0 0 0 KIM JORDAN TRUSTEE 1.00 X 0 0 0 MEG SCHOENEMANN TRUSTEE 1.00 X 0 0 0 NANCY YANUZZI CLEFF TRUSTEE 1.00 X 0 0 0 PATTI LEHR TRUSTEE 1.00 X 0 0 0 REAR ADMIRAL DAVID P KELLER TRUSTEE 1.00 X 0 0 0 STEPHANIE KOBAL TRUSTEE 1.00 X 0 0 0 SUE ANN GLOWER TRUSTEE 1.00 X 0 0 0 TRACY BROOMALL TRUSTEE 1.00 X 0 0 0 WENDY BODY TRUSTEE 1.00 X 0 0 0 WILLIAM MOYER TRUSTEE 1.00 X 0 0 0 AUDRA KAHR CFO/COO/TREASURER 40.00 X 179970 0 22862 ROBERT WILSON PROVOST 40.00 X 148297 0 17544 ERIKA DAVIS VP ENROLLMENT MANAGEMENT 40.00 X 140275 0 9134 VALERIE DOWNING VP INSTITUTIONAL ADVANCEMENT 40.00 X 139716 0 25914 MEGHAN GRADY SECRETARY 40.00 X 44769 0 255 WILLIAM WRIGHTSMAN DIRECTOR, ASSISTANT PROFESSOR 40.00 X 128650 0 15580 WENDY ROBB DEAN OF THE SCHOOL OF NURSING 40.00 X 140330 0 18977 THOMAS BRETTELL CHAIR, PROFESSOR 40.00 X 126684 0 6658 JOSHUA HARRINGTON CHAIR, ASSOCIATE PROFESSOR 40.00 X 127739 0 11633 SCOTT HOKE DIRECTOR, ASSOCIATE PROFESSOR 40.00 X 121463 0 433 1720531 0 240983 25 0 1 0 PARKHURST DINING SERVICES PO BOX 644091 PITTSBURGH PA 152644091 FOOD SERVICE 1748262 HT LYONS INC 7165 AMBASSADOR DRIVE ALLENTOWN PA 18106 GENERAL CONTRACTING SERVICES 440708 SCHOENEN MARKETING LLC 5491 ASHLEY DR LAURYS STATION PA 18059 MARKETING 386789 HEALTHWORKS 400 NORTH 17TH STREET SUITE 207 ALLENTOWN PA 18104 HEALTH SERVICES 326810 JENZABAR INC PO BOX 55018 BOSTON MA 022055018 SOFTWARE AND SUPPORT 277111 17 136980 6480193 3148525 207878 9765698 TUITION AND FEES 611600 42812456 42812456 RESIDENCE FEES 611600 2316318 2316318 SWIM & SAFETY PROGRAMS 611600 350411 350411 FORTIFIED STUDENT DEPO 611600 14150 14150 INTEREST INCOME ON STU 611600 1150 1150 45494485 756481 6445 750036 65269 65269 495932 308084 187848 187848 187848 8825708 4195 4299005 8390 4526703 -4195 4522508 4522508 52336 136980 53372 -1036 -1036 DINING FEES 611600 2187986 2187986 SUMMER CAMPS 611600 74626 74626 BOOKSTORE 611600 26952 26952 85561 85561 2375125 63166378 45494485 81071 7825124 19913055 19913055 1230723 444277 631833 154613 15183462 12775004 2000837 407621 521024 436815 69959 14250 2192832 1792185 319388 81259 1160270 917623 197659 44988 41469 41469 70401 70401 244951 244951 1132693 904964 189300 38429 668407 29182 639065 160 2187608 1097506 931391 158711 201325 129896 49766 21663 1627457 1045489 581968 863008 831409 27516 4083 72350 64489 7626 235 438443 295872 142571 3890827 2584292 1306535 388722 29225 359497 AUXILIARY ENTERPRISES 1940990 1940990 PROGRAM EXPENSE 1359341 839176 499811 20354 MEMBERSHIP FEES 190189 57481 132279 429 DINING SERVICES 155116 130010 20533 4573 298135 244983 37514 15638 55972798 46503923 8501869 967006 7000 7000 8256319 8160684 137162 1370703 1993263 4335844 260969 400482 95414894 63416981 33797093 31997913 38373250 33487889 10021664 7796792 2433606 2076571 13722967 12994105 109003293 102627983 1058699 1130753 1812122 1876411 18170210 17018123 4423340 4577618 25464371 24602905 X 33207653 34072533 50331269 43952545 83538922 78025078 109003293 102627983 X 7193580 -12386339 -321085 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 841405 X X X X 0 1 3342170 3342170 0 0 42076762 659032 -6231367 1489434 305992 244950 34464051 32892693 543744 9984280 1304345 -189289 228899 42076762 32528475 1159882 546773 1358895 -225536 209078 32892693 30623441 2312988 1510705 1320393 288473 200277 32637991 31961793 1723778 2165439 1096692 111976 4018901 30623441 0.08000 0.82000 0.10000 1 0 751331 751331 57117552 34397225 22720327 23405281 18716549 4688732 14140730 10303207 3837523 31997913 ASSETS OF POOLED INCOME FUND 82206 F HIRTLE CALLAGHAN TOTAL RETURN 817654 F HIRTLE CALLAGHAN PE OFFSHORE 554467 F HC SELECT EQUITY FUND LP 6342465 F 7796792 ASSETS HELD IN CHARITABLE REMAINDER 6150000 BENEFICIAL INTEREST IN REMAINDER TRUST 6844105 12994105 STUDENT DEPOSITS 181696 AGENCY FUNDS 204989 REFUNDABLE ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 832684 LIABILITIES UNDER SPLIT-INTEREST AGREEMENTS 2875090 CAPITALIZED LEASE OBLIGATIONS PAYABLE 483159 4577618 X 32662962 -12386339 38300 361456 -11986583 44649545 244951 18271882 18516833 63166378 38176806 38300 361456 399756 37777050 244951 17950797 18195748 55972798 PART III, LINE 4: THE COLLEGE COLLECTIONS ARE USED FOR PUBLIC EXHIBITION, STUDENT RESEARCH AND CLASSROOM STUDY. THE COLLEGE ALSO HAS SEVERAL COLLECTIONS ON LOAN. THE COLLEGE USES THESE COLLECTIONS AS TOOLS FOR INSTRUCTION. PART IV, LINE 1B: EACH YEAR THE COLLEGE BEGINS THE NEW ACADEMIC YEAR WITH ZERO FUNDING. ALL FUNDING FROM FEDERAL & STATE AGENCIES IS DISBURSED TO STUDENTS WITHIN THE ACADEMIC YEAR. PART V, LINE 4: THE INCOME GENERATED FROM THE COLLEGE'S ENDOWMENT IS PRIMARILY UTILIZED FOR SCHOLARSHIP AID AND FUNDING OF EDUCATIONAL PROGRAMS. PART X, LINE 2: THE IRS HAS RULED THAT THE COLLEGE IS TAX-EXEMPT AS A NOT-FOR-PROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE COLLEGE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD IS MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD AT JUNE 30, 2022 AND 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 308,084. FUNDRAISING EXPENSES 53,372. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCES 17,781,201. CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS 490,681. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 308,084. FUNDRAISING EXPENSES 53,372. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCES 17,781,201. RECOVERY OF COSTS 169,596. SCHEDULE D, PART V, COLUMN (D), LINE 1A: DUE TO A CHANGE IN PRESENTATION OF THE FINANCIAL STATEMENTS, THE BEGINNING BALANCE IN COLUMN (C), LINE 1A DIFFERS FROM THE ENDING BALANCE FROM COLUMN (D), LINE 1G. THE BEGINNING BALANCE IN PART V FOR FY20 ACCURATELY REPRESENTS THE COLLEGE'S TRUE ENDOWMENT FUND BALANCE AS THIS PRESENTATION HAS BEEN CHANGED. 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 NON-DISCRIMINATION POLICY IS LISTED ON PAGE 1 OF THE ACADEMIC CATALOG WHICH IS PROVIDED TO EACH STUDENT TO USE DURING REGISTRATION AND ADVISING. SCHEDULE E, PART I, LINE 6 THE COLLEGE ADMINISTERS TITLE IV GRANT AND LOAN PROGRAMS AND STATE GRANT ASSISTANCE THROUGH PENNSYLVANIA AND RECIPROCAL STATES. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 1449510 EUROPE (INCLUDING ICELAND & GREENLAND) 0 16 PROGRAM SERVICES PAN EUROPEAN MASTERS IN FINE ARTS - CREATIVE WRITING 74743 EUROPE (INCLUDING ICELAND & GREENLAND) 0 3 PROGRAM SERVICES STUDY ABROAD 88804 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD 50749 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD 23335 CENTRAL AMERICA AND THE CARIBBEAN 0 1 PROGRAM SERVICES STUDY ABROAD 346576 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD 305596 0 20 0 0 0 20 2339313 0 2339313 1 0 1 1 1 0 PART I, LINE 2: ALL FINANCIAL AID IS TREATED AS A REDUCTION TO TUITION. PART I, LINE 3: ACCRUAL PART III ACCOUNTING METHOD: PART I: THE EXPENSES FOR THE STUDY ABROAD PROGRAMS MAY INCLUDE EXPENSES RELATED TO SPECIFIC STUDY ABROAD TOURS. THE COLLEGE COLLECTS ALL FUNDS FROM STUDENTS AND REMITS THESE FUNDS TO FOREIGN PROGRAMS ON BEHALF OF STUDENTS. THERE ARE NO ADDITIONAL COSTS TO THE COLLEGE RELATED TO THESE TRIPS. SCHOLARSHIPS - THESE FUNDS RELATE TO PROGRAMS FOR WHICH STUDENTS ARE RESPONSIBLE TO REMIT TO THE PROGRAM DIRECTLY. STUDENTS MAY APPLY FOR FEDERAL AND STATE LOANS/GRANTS THROUGH THE COLLEGE TO ASSIST WITH PROGRAM FEES. SCHOLARSHIPS, LOANS/GRANTS THAT STUDENTS APPLY FOR THROUGH THE COLLEGE ARE THEN ISSUED AS REFUND CHECKS FOR THE STUDENTS TO HANDLE THEMSELVES. THE AMOUNT OF "REFUNDS" GIVEN TO STUDENTS IS REPRESENTED ON THE SCHEDULE FOR FINANCIAL AID TO FOREIGN INDIVIDUALS OF THAT REGION. PART IV, LINES 3, 4, AND 5: THE ORGANIZATION HAS OWNERSHIP INTERESTS IN CERTAIN FOREIGN CORPORATIONS AND PARTNERSHIPS, HOWEVER, NO OWNERSHIP INTERESTS EXCEEDED THE THRESHOLD FOR REQUIRING THE FILING OF FORMS 5471, 8621 OR 8865. SCHOLARSHIP DINNER 60105 57735 2370 442 8458 140 974 GOLF CLASSIC 129211 79245 49966 482 18830 19627 4419 189316 136980 52336 924 18830 28085 140 5393 53372 -1036 1 INSTITUTIONAL & FEDERAL AID 829 17781201 STUDENT AID EXPENSE 87 127794 EMERGENCY GRANTS TO STUDENTS 1084 2004060 PART I, LINE 2: THE OFFICE OF STUDENT FINANCIAL SERVICES ADMINISTERS, RECONCILES, AND REPORTS ALL AID TO STUDENTS IN ACCORDANCE WITH GRANT AGENCY PROCEDURES. FUNDS ARE VERIFIED, REVIEWED, AND RECONCILED TO ENSURE APPROPRIATE RECORDING. PART III, EMERGENCY GRANTS TO STUDENTS: EMERGENCY GRANTS TO STUDENTS REPRESENTS THE HIGHER EDUCATION RELIEF FUNDING PROVIDED BY THE CARES ACT FOR DIRECT DISTRIBUTION TO STUDENTS. X X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 DR ELIZABETH MEADE PRESIDENT 292419 0 0 0 8332 0 33136 0 58174 0 392061 0 0 0 AUDRA KAHR CFO/COO/TREASURER 176585 0 0 0 3385 0 11126 0 11736 0 202832 0 0 0 ROBERT WILSON PROVOST 141249 0 0 0 7048 0 8666 0 8878 0 165841 0 0 0 VALERIE DOWNING VP INSTITUTIONAL ADVANCEMENT 137087 0 0 0 2629 0 8333 0 17581 0 165630 0 0 0 WENDY ROBB DEAN OF THE SCHOOL OF NURSING 116833 0 0 0 23497 0 7541 0 11436 0 159307 0 0 0 PART I, LINE 1A THE COLLEGE PRESIDENT IS REQUIRED, AS A CONDITION OF EMPLOYMENT, TO LIVE AT THE COLLEGE'S PRESIDENTIAL RESIDENCE. THIS BENEFIT WAS NOT INCLUDED IN TAXABLE COMPENSATION AS IT MET THE REQUIREMENTS FOR EXCLUSION UNDER INTERNAL REVENUE CODE SECTION 119(D): IT WAS REQUIRED AS A CONDITION OF EMPLOYMENT, FOR THE CONVENIENCE OF THE EMPLOYER, AND ON OR NEAR THE CAMPUS. THE COLLEGE PROVIDES COUNTRY CLUB DUES AND RESIDENCE AID FOR THE COLLEGE PRESIDENT. THESE AMOUNTS ARE INCLUDED IN TAXABLE COMPENSATION. PART I, LINE 7 THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES RECOMMENDS THE PRESIDENT'S BONUS TO THE FULL BOARD FOR APPROVAL. THE BONUS IS AWARDED BASED ON METRICS THAT NEEDED TO BE ACHIEVED DURING THE YEAR WHICH IS BEING EVALUATED. BONUSES FOR SENIOR OFFICERS ARE DETERMINED BY THE PRESIDENT BASED UPON PERFORMANCE TO ESTABLISHED GOALS IDENTIFIED AT THE BEGINNING OF THE YEAR. EACH CABINET MEMBER'S PERFORMANCE IS EVALUATED AND DOCUMENTED VIA THE PERFORMANCE APPRAISAL PROCESS AND THE ALLOCATION OF BONUSES UPON AVAILABLE RESOURCES. NO BONUSES WERE AWARDED DURING THE YEAR. A MUNICIPAL AUTHORITY OF CUMRU 236000288 2014-12-16 10741394 FINANCE THE REFUNDING OF A PORTION OF THE 2006 LCGPA REVENUE BOND 0 0 0 B MUNICIPAL AUTHORITY OF CUMRU 236000288 2015-06-10 8815494 FINANCE REFUNDING OF A PORTION OF THE 2006, 2007 & 2009 LCGPA REVENUE BONDS 0 0 0 C MUNICIPAL AUTHORITY OF CUMRU 236000288 2017-11-21 5200000 FINANCE RENOVATIONS IN STEINBRIGHT AND TCC STUDENT UNION BULIDING 0 0 0 A 3090000 10741394 102510 10638884 2014 1 0 1 1 B 2480000 8815494 83224 8732270 2015 1 0 1 1 C 950000 5200000 72876 5127124 2019 0 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 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: MUNICIPAL AUTHORITY OF CUMRU DATE THE REBATE COMPUTATION WAS PERFORMED: 01/01/2018 23000 FINANCIAL AID FINANCIAL AID X 5000 COST X 9 194496 FMV X SUPPLIES 3 8182 COST X SPECIAL EVENT PRIZE 1 200 COST 0 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL BE COMPRISED OF THE FOLLOWING: THE CHAIRPERSON OF THE BOARD, VICE CHAIRPERSON OF THE BOARD, PRESIDENT OF THE COLLEGE, PRESIDENT OF THE ALUMNAE ASSOCIATION, AND CHAIRS OF THE FOLLOWING COMMITTEES: ACADEMIC AFFAIRS, ADVANCEMENT, AUDIT, ENROLLMENT AND STUDENT AFFAIRS, AND FINANCE AND ENDOWMENT. IN ADDITION, THE CHAIRPERSON OF THE BOARD MAY APPOINT UP TO TWO AD HOC MEMBERS TO SERVE ON THE EXECUTIVE COMMITTEE. THE CHAIRPERSON MAY INVITE OTHER BOARD MEMBERS TO ATTEND EXECUTIVE COMMITTEE MEETINGS AS NEEDED WHEN RELEVANT EXPERTISE IS REQUIRED. THE CHAIRPERSON OF THE BOARD SHALL BE THE CHAIR OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL POSSESS AND EXERCISE ALL EXECUTIVE AND SUPERVISORY POWERS OF THE BOARD OF TRUSTEES IN THE INTERVALS BETWEEN MEETINGS OF THE BOARD, SUBJECT, HOWEVER, TO THE REGULATIONS, INSTRUCTIONS AND AUTHORIZATIONS AS MAY FROM TIME TO TIME BE MADE AND GIVEN BY THE BOARD. MEETINGS MAY BE CONVENED TO SET THE AGENDA FOR THE COMING ACADEMIC YEAR OR TO ADVISE THE PRESIDENT AND BOARD CHAIR. SPECIAL MEETINGS MAY BE CALLED BY THE CHAIRPERSON OF THE BOARD OR UPON THE REQUEST OF ANY TWO MEMBERS OF THE EXECUTIVE COMMITTEE. AT LEAST THREE (3) DAYS NOTICE OF THE CONVENING OF A SPECIAL MEETING OF THE EXECUTIVE COMMITTEE SHALL BE GIVEN BY THE SECRETARY, EXCEPT IN CASES OF EXTREME EMERGENCY. MINUTES OF THE PROCEEDINGS OF THE EXECUTIVE COMMITTEE AND A REPORT OF ITS ACTIONS SHALL BE DISTRIBUTED BY THE SECRETARY TO TRUSTEE MEMBERS IN ADVANCE OF THE NEXT CONVENED MEETING OF THE BOARD AND ACCORDING TO ESTABLISHED PROCEDURES. FORM 990, PART VI, SECTION B, LINE 11B THE CONTROLLER COORDINATES THE PREPARATION OF THE FORM 990 BY THE COLLEGE'S ACCOUNTING FIRM. THE FORM IN ITS ENTIRETY IS REVIEWED BY THE CHIEF FINANCIAL OFFICER/TREASURER. A DRAFT OF THE FULL FORM 990 IS PROVIDED TO MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES AND REVIEWED BY THE AUDIT COMMITTEE AT A MEETING WITH BAKER TILLY, THE INDEPENDENT AUDITORS OF THE COLLEGE. FOLLOWING THAT REVIEW, THE FULL DISCLOSURE COPY OF FORM 990 IS PROVIDED TO EACH TRUSTEE OF THE COLLEGE PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF TRUSTEES AND MEMBERS OF COMMITTEES THEREOF, INCLUDING OFFICERS AND KEY EMPLOYEES, ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY. THE CONFLICT OF INTEREST STATEMENTS ARE MAINTAINED AND MONITORED WITHIN THE OFFICE OF THE PRESIDENT AT THE COLLEGE. IN ADDITION, THE CABINET MUST SIGN THE COLLEGE'S STAFF HANDBOOK ANNUALLY THAT DEALS WITH CONFLICT OF INTEREST AS A MATTER OF POLICY. THE SIGNED DOCUMENT IS STORED WITHIN THE HR DEPARTMENT. POTENTIAL CONFLICTS IDENTIFIED ARE PRESENTED TO THE CHAIR OF THE BOARD OF TRUSTEES WHO CONSULTS WITH THE PRESIDENT AND THE CHIEF FINANCIAL OFFICER AT THE COLLEGE WHO REVIEWS THE INFORMATION PROVIDED. ADDITIONAL INFORMATION IS REQUESTED WHEN NECESSARY. ALL NEW TRUSTEES ARE EVALUATED BY THE FULL BOARD OF TRUSTEES, THE PRESIDENT AND THE CFO FOR POTENTIAL CONFLICTS. ANY IDENTIFIED CONFLICTS ARE ADDRESSED IMMEDIATELY. BOARD MEMBERS WILL ABSTAIN FROM VOTING ON SUCH MATTERS IN WHICH THEY HAVE IDENTIFIED A CONFLICT. THE POLICY EXPRESSLY STATES THAT FAMILY AND BUSINESS RELATIONSHIPS MAY BE SOURCES OF POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE PRESIDENT WAS SET IN 2017 AFTER AN INDEPENDENT CONSULTANT, AGB-CES, CONDUCTED A COMPENSATION STUDY, INCLUDING A REVIEW OF PEER INSTITUTIONS. THE REPORT WAS UTILIZED BY THE TRUSTEE COMPENSATION COMMITTEE IN SETTING THE SALARY FOR THE PRESIDENT. IN 2018, THE COLLEGE APPOINTED DR. ELIZABETH MEADE AS PRESIDENT WITH A 5 YEAR CONTRACT. COMPENSATION OF THE SR. OFFICERS/CABINET IS CALCULATED BY BENCHMARKING THE SALARIES OF THOSE SIMILAR POSITIONS WITHIN OUR GROUP OF PEERS AND CURRENT PAY SCALES. THE COLLEGE USES SEVERAL COMPENSATION TOOLS TO APPROPRIATELY BENCHMARK THESE SALARIES, SUCH AS CUPA, PAYSCALE, AND SALARIES.COM. THE SALARY COMPARISON IS PERFORMED BY THE HUMAN RESOURCES OFFICE AND PROVIDED TO THE PRESIDENT. THE PRESIDENT REVIEWS THE INFORMATION AND THE COMPENSATION IS DETERMINED. THE COMPENSATION POLICY IS DOCUMENTED IN THE BOARD AND COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC THROUGH THE FOLLOWING VEHICLES: DUN & BRADSTREET; BLOOMBERG MUNICIPAL REPOSITORY AND FT INTERACTIVE DATA ATTN: NRMSIR. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS -490,681. RECOVERY OF COSTS 169,596.