2025-05-12T11:11:16-05:00 2024-06-30 450250958 Eide Bailly LLP 4585 Coleman St Ste 200 Bismarck ND 58503 990 2023-07-01 450273403 University of Mary UNIV 7012557500 7500 University Dr Bismarck ND 585049652 Matthew Zimmermann V.P. for Financial Affairs 7012557500 2025-05-11 1 1 Lisa Chaffee CPA P00193453 7012551091 2025-05-11 2023 2025-03-06 01:10:19Z Matthew Zimmermann 7500 University Dr Bismarck ND 585049652 129969373 0 X www.umary.edu X 1959 ND A private institution of higher education offering graduate and undergraduate degrees. 30 26 1321 29 28431 25081 10734468 40130947 77645636 83766878 1500029 2909644 5830624 247361 95710757 127054830 20217741 23175865 0 0 36311106 38149317 0 0 4573055 33135564 39281359 89664411 100606541 6046346 26448289 216721922 242542545 57258021 52394573 159463901 190147972 X The University of Mary exists to serve the religious, academic and cultural needs of the people in this region and beyond.(Continued on Schedule O) 0 0 23507308 68711384 Academic Divisions This area contains the curriculum and related expenses for all divisions of the college, including both post-secondary education and graduate programs. University of Mary serves approximately 4,514 students and has 431 faculty members. They have five schools with more than 61 degree programs. In addition, there are 18 graduate degree programs and five doctoral degrees. They average a placement rate of approximately 93 percent overall for their graduates. 22621193 22621193 Student Aid & Expenses University of Mary offers various types of financial assistance to students including federal, state, and private programs as well as other forms of student aid and work programs. During the current year, 2,240 students received some type of academic student aid and 335 students received athletic student aid. In addition, 77 international students received student aid. 9274824 11134980 Auxiliary Activities: Auxiliary activities includes all student housing and food services including the cost of residence halls, student apartments, and student transportation service. The University of Mary also has a university store, cafeterias, snack bar and coffee shop. 30893117 554672 4122803 Educational Plant Operations, Financial Affairs, General Institutional, Public Affairs, Enrollment Services, and all other services including General Administration, Academic Affairs, Student Development, and Student Senate. 30893117 554672 4122803 86296442 1 1 0 0 0 1 0 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 1 154 1 1 1321 1 1 1 1 IT 0 0 0 1 1 0 0 0 0 0 0 X 30 26 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 1 1 MN CO NV OK WA X Matthew Zimmermann 7013558303 7500 University Dr Bismarck ND 58504 X Dan Butler Chair 1.00 X X 0 0 0 Monsignor James P Shea President (See Sch O for details) 40.00 X X 187514 0 26760 Sister Nicole Kunze Prioress, President 1.00 40.00 X X 0 0 0 Sister Agatha Muggli Secretary 1.00 X X 0 0 0 Tim Hennessy Vice Chair 1.00 X X 0 0 0 Al Anderson Trustee 1.00 X 0 0 0 Michael Appert Trustee 1.00 X 0 0 0 Bill Daniel Trustee 1.00 X 0 0 0 Scott Davis Trustee 1.00 X 0 0 0 Sister Rosemary DeGracia Trustee 1.00 X 0 0 0 Rondi McGovern Trustee 1.00 X 0 0 0 Jonathan Reyes Trustee 1.00 X 0 0 0 Monsignor Gret Schlesselmann Trustee 1.00 X 0 0 0 Laurie Steffes Trustee 1.00 X 0 0 0 Schaan Barth Trustee 1.00 X 0 0 0 Ryan Capouch Trustee 1.00 X 0 0 0 Kevin Cramer Trustee 1.00 X 0 0 0 Tom Engelhardt Trustee 1.00 X 0 0 0 Tara Feil Trustee 1.00 X 0 0 0 Jackie Gibney Trustee 1.00 X 0 0 0 Trevor Hastings Trustee 1.00 X 0 0 0 Michael Naughton Trustee 1.00 X 0 0 0 Reed Reyman Trustee 1.00 X 0 0 0 Connie Tharaldson Trustee 1.00 X 0 0 0 Chris Baumgartner Trustee 1.00 X 0 0 0 David Ehlis Trustee 1.00 X 0 0 0 Julie Liffrig Fedorchak Trustee 1.00 X 0 0 0 Sister JoAnn Krebsbach Trustee 1.00 X 0 0 0 Sister Nancy Miller Trustee 1.00 X 0 0 0 Sister Rosanne Zastoupil Trustee 1.00 X 0 0 0 Christi Schaefbauer Vice President for Financial Affairs 40.00 X 131702 0 27583 Jerome Richter Executive Vice President 40.00 X 187127 0 35832 Diane Fladeland Vice President for Academic Affairs 40.00 X 153253 0 23451 Mary Dockter Dean of School of Health Science 40.00 X 134160 0 22173 Brenda Tufte - Associate Dean of Edu. & Behavorial Sciences 40.00 X 138581 0 20360 Karel Sovak Dean of School of Business 40.00 X 148779 0 10227 Rod Jonas-Dean of Liffrig Fam School of Edu. & Behavioral Sciences 40.00 X 133339 0 18199 1214455 0 184585 27 0 1 0 Compass Group USA Inc 5375 Creekside Place Lacrosse WI 54601 Dining Services 11198485 Dynamic Campus Solutions Inc 2806 Flintrock Trce Ste 205 Austin TX 787381746 IT Services 5430972 Weisz & Sons 3310 Hamilton St Bismarck ND 58502 Construction Services 2774059 Northwest Contracting Inc 3420 E Century Ave Bismarck ND 58503 Construction Services 2584566 I&S Group 115 E Hickory St Ste 300 Mankato MN 56001 Engineering Services 1339515 40 1205581 2829225 36096141 1242490 40130947 Student Tuition & Fees 611600 68711384 68711384 Auxiliary Enterprises 611600 11134980 11134980 Other 611600 3920514 3892083 28431 83766878 2217773 2217773 1509362 817491 691871 691871 691871 82264 1205581 98248 -15984 -15984 41930 9305 32625 32625 2220219 1989499 230720 230720 127054830 83969167 28431 2926285 554672 554672 22621193 22621193 604579 441572 163007 179638 113752 65886 29156062 27359786 397174 1399102 1687426 1573021 25248 89157 4312257 3363312 745710 203235 2209355 2063511 43853 101991 282998 282998 122350 122350 3744079 1037140 2651230 55709 1866586 413963 1452623 2372453 1359876 285931 726646 1803012 240085 1562927 2777781 2519275 258506 1471712 1469278 1508 926 644871 558219 69011 17641 1492773 1492773 5265132 4234520 1030612 43788 26198 17590 Pledge Rec. Allow/Disc. 6578730 6578730 Dining Services 5729956 5729956 Activities Expense 2962202 2313946 140608 507648 Repairs & Maintenance 925554 808913 114829 1812 1197382 915524 265293 16565 100606541 86296442 9737044 4573055 X 47811 41124 16359506 14991926 9507367 26599427 7554548 8411101 18000 28000 441799 573127 354243 906474 176688234 70435935 106440834 106252299 70172005 79507078 4204497 3590842 1621312 1641147 216721922 242542545 7673918 6638491 109926 99906 9062309 8921886 28825371 27335724 730555 499488 0 5690868 3852945 5165074 5046133 57258021 52394573 X 84017422 85923790 75446479 104224182 159463901 190147972 216721922 242542545 X 26448289 4344526 -108744 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2 0 52931 1261484 1 1 179133 X X 0 0 1 X 68580504 3165293 6041097 2624034 75162860 62775233 4313119 3940983 2448831 68580504 68726392 3969092 -7154839 2765412 62775233 55238936 2431891 13405920 2350355 68726392 56051028 944206 398691 2154989 55238936 0.06578 0.75899 0.17523 0 0 3114050 3114050 144165364 53369279 90796085 11583055 5840435 5742620 12382359 11226221 1156138 1542729 3900677 5443406 106252299 Annuities Payable 1010476 Government Grants Refundable 1564692 Unitrust Payments Due Grantors 1063836 Lease Liability - Operating Lease 965405 Lease Liability - Financing Lease 441724 5046133 X 126841102 4344526 139721 -6687474 -2203227 129044329 -1989499 -1989499 127054830 96157031 139721 1989499 2129220 94027811 6578730 6578730 100606541 Part III, Line 4: All gifts are subject to prior review and approval by the board. Gifts received help to further higher education by serving academic, religious, and cultural needs of the students. Part IV, Line 2b: University of Mary chartered clubs, student academic associations, and approved faculty and staff associations have established university agency accounts. Part V, Line 4: Permanently Restricted and Board Restricted Endowments - Income from these funds is used to help further the exempt purpose of the university. Loan Fund Endowments - Used to loan students money on a short term basis until financial aid comes through. Typically, the loans are only outstanding for a week or so. Family Fund Endowments - To benefit various non-profit organizations specified by the donor including the university. Part X, Line 2: The University believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The entities would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 2d - Other Adjustments: Actuarial Gains/(Losses) - Unitrust -4,975. Actuarial Gains/(Losses) - Annuities -103,769. Pledge Rec Allow/Disc recorded in Revenues for Financials -6,578,730. Part XI, Line 4b - Other Adjustments: Cost of Sales Expense Recorded in Revenues for Tax Return -1,989,499. Part XII, Line 2d - Other Adjustments: Cost of Sales Expense Recorded in Revenues for Tax Return 1,989,499. Part XII, Line 4b - Other Adjustments: Pledge Rec Allow/Disc recorded in Revenues for Financials 6,578,730. Schedule D, Part I: See Schedule I for additional information. 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 University has a comprehensive statement on nondiscrimination on its public website: www.umary.edu. Schedule E, Part I, Line 6 The University receives Title IV funds and trio funds and administers the use of those funds. Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 1 3 Foreign University Campus University Studies 812000 1 3 0 0 1 3 812000 0 812000 0 0 0 0 0 0 Part I, line 3: Accrual Basis Accounting Golf Tournament 28235 4715 23520 720 16560 Gala 1259610 1200866 58744 33424 33853 2074 11617 1287845 1205581 82264 720 33424 16560 33853 2074 11617 98248 -15984 41930 9305 0 41930 9305 9305 32625 ND 0 The University of Mary conducts a one time raffle and is not required to obtain a gaming license to conduct the raffle. The state of North Dakota requires that a permit be obtained to conduct raffles and University of Mary has obtained all necessary permits. 0 0 0 1.00000 Shannon Frey 7500 University Drive Bismarck ND 58504 0 Elijah Stewart 55515 Manages the sale of raffle tickets and the delivery of prizes. X 0 1 Fellowship of Catholic University Students 603 Park Point Drive Golden CO 80401 841522811 501c3 22550 0 General Operating Pontifical North American College 3211 Fourth St NE Washington DC 20017 237201921 501c3 6750 0 General Operating Bismarck Mandan Chamber Foundation 1640 Burnt Boat Dr Bismarck ND 58501 263807225 501c3 6212 0 General Operating 3 0 2023 Director's Award 6 10500 Applied Catholic Theology Masters 8 22750 Aquinas 44 87167 ASU Exchange 51 165314 Auxilliary Scholarship 8 6046 Baseball Scholarship 34 157531 Benedictine Hospitality 5 14229 St. Charles Borromeo (Catholic Bishop Scholarship) 20 62229 Business Partnership 99 89594 Capella 16 109000 Catholic Educators 53 102735 Catholic Non-Trad Scholarship 10 9200 Catholic Scholars 192 1550607 Chapel 13 64725 CHI Nursing Scholarship 56 478151 CHI St. Alexius 1 2500 CIC-Tuition Exchange Program 2 38168 Community Commitment 185 92938 COVID19 Scholarship 1 1200 Cultural Diversity Waiver 6 125204 Deans Scholarship 10 21500 Elementary Ed Online Schol 41 147250 Family Legacy 3 4611 FOCUS Scholarship 8 74325 Football 85 890462 Founders Scholarship 7 27000 Hamm School of Eng Schol 38 47875 Impact Scholarship 18 63930 LeadND (Formerly Jumpstart Schol) 1 1000 Leadership Institute Scholarship 12 28750 MBA Scolarship 7 11250 Men's Basketball Scholarship 15 303671 Men's Golf Scholaship 11 59000 Men's Track Scholarship 23 224962 Music Scholarship 110 172275 Mystic Marauder Partnership 5 3099 ND National Guard 6 12486 UM NeedBased Grant 474 1921105 Newman Academic Scholarship 74 739417 Newman Scholars 6 5400 Next Step Scholarship 32 54420 NWND GTSB Scholarship 40 104400 UMary NWND Scholarship 45 66078 Presidential Honor Scholarship 4 27000 PTK Scholarship 28 184000 Women's Softball Scholarship 21 194000 Sr. Thomas Welder Merit Schol (Presidential) 1575 11222132 SSS Book Grant 148 11035 SSS Merit Scholarship 118 44312 Student Activity Scholarshi 10 5000 TR Fellows Scholarship 69 82800 Trustee's Honor Scholarship 7 58000 UM Donated Scholarship 4 9000 UM Military Scholarship 108 385971 VITA Consecreta Scholarship 3 7500 Volleyball Scholarship 17 222561 Women's Basketball 15 300859 Women's Golf 8 50750 Women's Soccer 24 259439 Women's Swimming & Diving 15 115650 Women's Tennis 6 100018 Women's Track & Field 28 323659 Wrestling 28 189543 2+2 Scholarship 14 7000 Yellow Ribbon 4 12965 Non-endowed scholarships 91 241174 Emergency Assistance Grant 21 9820 NDDPI - ESSR 26 259182 NDDPI - PARA 10 76680 INBRE 29 47089 Part I, Line 2: The University is contributing funds to charitable oganizations in accordance with endowment agreements that govern the distribution of the underlying funds. The University also verifies that the grants given to the charitable organization are for the benefit of individual students for scholarships. Form 990, Schedule I, Part III, Column (b) and (c): Due to the timing of our year-end and the summer semester, some scholarships are refunded in one fiscal year, but were awarded in the previous fiscal year. This results in credit balances for these grants. Form 990, Schedule I, Part III: Student awards, grants and loans are awarded on basis of need. Scholarships are awarded based upon need and academic or special achievements. X X 0 1 X X X 0 0 0 0 0 0 0 0 0 Jerome Richter Executive Vice President 187127 0 0 0 0 0 15562 0 20583 0 223272 0 0 0 Monsignor James P Shea President (See Sch O for details) 187343 0 171 0 0 0 15381 0 11693 0 214588 0 0 0 Diane Fladeland Vice President for Academic Affairs 153253 0 0 0 0 0 12499 0 11259 0 177011 0 0 0 Christi Schaefbauer Vice President for Financial Affairs 131702 0 0 0 0 0 10845 0 17013 0 159560 0 0 0 Karel Sovak Dean of School of Business 148779 0 0 0 0 0 10077 0 409 0 159265 0 0 0 Brenda Tufte - Associate Dean of Edu. & Behavorial Sciences 138581 0 0 0 0 0 9206 0 11395 0 159182 0 0 0 Mary Dockter Dean of School of Health Science 134160 0 0 0 0 0 11101 0 11351 0 156612 0 0 0 Rod Jonas-Dean of Liffrig Fam School of Edu. & Behavioral Sciences 133339 0 0 0 0 0 10298 0 8165 0 151802 0 0 0 Part I, Line 1a The President is required to live in the President's House on campus. The President received various minor personal services for convenience such as automotive maintenance. These are nontaxable benefits and not reported as taxable compensation. The Board of Trustees, with the President's understanding and approval, has set his salary below market because he is a cleric. Part I, Line 1b In 2009, the Board of Trustees voted that it was in the interests and convenience of the University to maintain president's housing on campus and therefore established a residence for the president. A Burleigh County North Dakota 456002204 12139LAC6 2016-09-29 35000000 Education Facilities Revenue Bonds Series 2016 0 0 0 B Public Finance Authority 273866124 000000000 2020-11-19 5400000 School of Engineering & School of Health Sciences 0 0 0 A 11590000 35000000 2425431 1235603 795443 30543523 2017 0 0 1 1 B 750000 5400000 99500 5300500 2022 0 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 A 0 0 0 1 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 A 1 B 1 Date Rebate Computation Performed Issuer Name: Burleigh County, North Dakota Date the Rebate Computation was Performed: 05/17/2021 Dan Butler Board Chair TE Public Bond/Construction X 5400000 4650000 0 1 1 4650000 Robyn Zeltinger Robyn Zeltinger is the daughter of board member Tim Hennessy 113752 Compensation 0 Collin Engelhardt Collin Engelhardt is the son of board member Tom Engelhardt 65886 Compensation 0 Schedule L, Part II: Dan Butler, Board Chair, is the bondholder on the $5,400,000 revenue bond issued by Public Finance Authority. X 7 1120771 Avg Hi/Lo Value X 5 46400 Cost X Miscellaneous 6 75319 Cost 0 0 1 0 Form 990, Part III, Line 1: It takes its tone from the commitment of the Sisters of Annunciation Monastery. These Sisters founded the University in 1959 and continue to sponsor it today. It is Christian, it is Catholic, and it is Benedictine. We cherish our Christian, Catholic, Benedictine identity; we welcome and serve persons of all faiths. We are faithfully Christian. As a Christian university, we strive to accomplish our mission in faithfulness to the Gospel of Jesus Christ. We regard each human person as created in the image and likeness of God, gifted with life and dignity. We seek to be agents of cultural renewal in our time and place, courageous advocates for justice and peace. Our Christian commitment is born from and sustained by the encounter of the Risen Lord, who came not to be served but to serve. As He humbly washed the feet of His disciples on the night before He died, so we seek to serve one another. We are faithfully Christian. We are joyfully Catholic. As a Catholic university, we joyfully draw our life from the heart of the Church, identifying with the ancient tradition which gave rise to the first universities in medieval Europe. This Catholic intellectual tradition proposes an integrated spiritual and philosophical approach to the most enduring questions of human life. Thus we seek to advance the vital dialogue between faith and reason, while acknowledging the proper autonomy of the arts, sciences, and professions. A university is a place for the free exchange of ideas, and so we warmly welcome students and faculty of many faiths and convictions. At the same time, our common discourse ever takes place in a spirit of authentic respect for Catholic teaching and practice. We acknowledge the Catholic faith as a path to moral integrity and personal holiness. We are joyfully Catholic. We are gratefully Benedictine. As a Benedictine university, we remember with gratitude the Benedictine Sisters who came to Dakota Territory in 1878, bringing ministries of teaching and healing. This community of Sisters would become our founders and sponsors and, through them, we share in the 1500-year-old heritage of the Benedictines. Inspired by lives of prayer, community, and service, Saint Benedict and his spiritual followers through the ages have been a stable source of tremendous good in the world: renewing the Church, preserving learning, cultivating wisdom, modeling humane virtues of balance and generosity. The life of our Sisters shapes our life. We are gratefully Benedictine. Form 990, Part VI, Section A, line 1a The President of the University shall be an ex officio member of the Board of Trustees. The President shall not vote on matters concerning or related to 1) the appointment of a successor, 2) the President's compensation, or 3) matters affecting the President's own interest, in accordance with Article X, Section 2, of the University's Bylaws. The President shall cease to be a trustee when no longer holding that position. Form 990, Part VI, Section A, line 1a Standing Committees: The corporation shall establish and maintain as standing committees a Trusteeship Committee, an Audit Committee, a Public Affairs and Mission Advancement Committee, and an Executive Committee. A. Trusteeship Committee: The Trusteeship Committee shall be appointed annually by the President of the Board (prioress). The committee shall consist of four (4) trustees, which includes the president of the university as an ex-officio member of the committee. Such trusteeship committee shall recommend to the corporate membership names and qualifications for consideration to fill any positions on the board of trustees. After approval by the corporate membership, the trusteeship committee submits to the board of trustees nominees for election to the board. In addition, the committee shall recommend to the board a slate of candidates for chair, vice chair, and secretary. A majority vote of the total board of trustees currently serving is required for election of a trustee or an officer. The committee shall develop and administer a program of orientation for newly appointed trustees. B. Executive Committee: The chair of the board of trustees, in consultation with the president of the board (prioress), the president of the university, and other trustees shall appoint the executive committee at the annual meeting. The executive committee shall consist of nine (9) trustees, to include the chair of the board, the president of the board (prioress), four additional members of the corporation and three additional trustees. Serving as the principal liaison to the board of trustees, the president of the university shall be present ex officio without a vote and not to be counted for a quorum. A quorum of the executive committee is a majority of the trustees serving on the executive committee. To constitute a valid quorum, the quorum must include four (4) members of the corporation. A quorum of the executive committee is required to transact business. If a quorum is not present at a meeting, a majority of those present may adjourn the meeting without further notice. The executive committee shall meet as often as necessary to conduct its business as determined by the chair and the president of the university. There shall be at least two (2) regular meetings of the executive committee annually. In collaboration with the president of the university, the duties of the executive committee shall include the following: -Making decisions that have been delegated by the full board -Taking action on emergency matters which cannot or should not be deferred to the board's next scheduled meeting -Performing initial assessment of the President of the University annually -Performing such duties as described in its statement of operation The Executive Committee shall act on behalf of the board between meetings except on the following matters: -Selection and appointment of the President of the University -Selection of trustees and officers -Adoption of the annual budget -Conferral of degrees -Exercise of those powers reserved by the members of the corporation as provided in Article V. Section 3 of the University's bylaws Other Committees: After consultation and recommendation of the Board of Trustees, the Chair of the Board of Trustees shall designate and appoint committees to facilitate the actions of the Board of Trustees, enabling it to function more efficiently and effectively. Each committee shall have, subject to the approval of the Board of Trustees, a statement of operation prescribing the purposes, goals and responsibilities of the committee. Other committees that currently exist are: -Investment Committee -Finance Committee -Enrollment Services Committee -Academic Affairs and Student Life Committee -Public Affairs and Mission Advancement Committee Form 990, Part VI, Section A, line 6 Members - Membership of the corporation shall consist of those sisters serving in the sponsorship group as established from time to time by the monastic community known as the Benedictine Sisters of the Annunciation, BMV, who have made their perpetual monastic profession. Form 990, Part VI, Section A, line 7a Powers shared with Board of Trustees - The following reserved powers shall be exercised by the members of the corporation and the board of trustees. The power of the board to act on any of these matters is subject to the requirement that the members of the corporation shall approve such action prior to the submission of the matter to a vote of the board of trustees. A. To approve any person to be elected to serve on the board of trustees or to remove any trustee if this action is indicated. B. To approve a new candidate appointed to serve as president of the university. Form 990, Part VI, Section A, line 7b Powers Reserved to Corporation Members - Exercise of the following powers shall be reserved solely to corporation members to: A. Approve any change in the sponsorship, reserved powers or mission of the university as an institution founded on christian, catholic, and benedictine tradition. B. Approve the sale or encumbrance of all or substantially all of the assets or property of the corporation. C. Approve the merger, liquidation or dissolution of the corporation. D. Amend, alter or repeal the articles of incorporation or the bylaws of the corporation. E. Change the name of the corporation. Form 990, Part VI, Section B, line 11b Upon receipt of the draft Form 990, the organization will review the 990 and provide a public disclosure copy to the board for review. The board comments are provided to the organization and any resulting changes are included in the final Form 990. Form 990, Part VI, Section B, line 12c The board of directors completes a conflict of interest questionnaire each year. No member, trustee, officers or committee member shall be disqualified from holding any position by reason of any interest, but any conflict of interest must be disclosed to the board of trustees at the earliest practical time. A member, trustee, officer or committee member shall be considered to have a conflict of interest if such person (a) has an existing or potential financial or other interest which impairs or might reasonably appear to impair such person's independent unbiased judgment in the discharge of responsibilities to the corporation, or (b) is aware that an immediate family member or any organization in which such person, or an immediate family member, is an officer, director, employee, member, partner, trustee, or controlling stockholder has such existing or potential financial interests. A trustee does not have a conflict of interest in acting on a resolution fixing the compensation of any trustee, officer, employee, or agent of the corporation. No member, trustee or committee member shall vote on any matter under consideration in which such person has a conflict of interest, and shall not be counted as a part of the quorum for the vote on the matter. The minutes of such meeting shall reflect that a disclosure was made and that the person abstained from voting. Any member, trustee or committee member who is uncertain whether there is a conflict of interest in any matter may request the membership, the board or committee to determine whether a conflict of interest exists and resolve the question by majority vote. Form 990, Part VI, Section B, line 15a The president's salary is reviewed annually by the independent board. The University uses the Jaffe Salary Survey as well as CUPA Salary Reports (College and University Professional Association) to obtain comparable data from other midwestern universities. The information is documented in a letter noting that the board has accepted and approved the salary change. The top financial official's salary is currently reviewed and approved by the president annually. The same Jaffe Salary Survey and CUPA Salary Report is used for comparable data. The percentage increase is documented in an employment contract, but not in the board meeting minutes. Form 990, Part VI, Section C, line 19 The University provides its governing documents, conflict of interest policy and financial statements upon specific request. Form 990, Part VII - President Salary Below Market Value: The President, Monsignor James P. Shea, is required to live in a residence at the campus. The Board of Trustees, with his understanding and approval, has set his salary below market because he is a cleric. Form 990, Part X, Line 22: The Public Finance Authority bond is a $5,400,000 Revenue Bond issued by various counties in Wisconsin. The Issuer loaned the proceeds of the bond to the University of Mary pursuant to a loan agreement dated November 29, 2020. Interest on the bond is 2.00% due on May 19 and November 2019 of each year, commencing May 19, 2021. Principal on the bond in due on November 19, 2030. The note is secured by specific promises to give. The bondholder is related party. We have reclassified the related party note from line 22 to line 20, tax exempt bonds. Form 990, Part XI, line 9: Actuarial Gains/(Losses) - Unitrust -4,975. Actuarial Gain/(Losses) - Annuities -103,769. Benedictine Sisters of the Annunciation BMV 7520 University Drive Bismarck ND 58504 450261530 Religious Purposes ND 501(c)(3) Line 1 N/A 0 Ministry on the Margins 201 N 24th Street Bismarck ND 58501 813452507 Religious and Charitable Purposes ND 501(c)(3) Line 7 Benedictine Sisters of the Annunciation BMV 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0