2023-05-15T13:50:37-05:00 2022-06-30 363168081 SIKICH LLP 3051 HOLLIS DRIVE 3RD FLOOR SPRINGFIELD IL 62704 990 2021-07-01 370673513 KNOX COLLEGE KNOX 3093417213 2 E SOUTH STREET GALESBURG IL 614014999 ALEC GUROFF VP FINANCE & CFO 3093417213 2023-05-15 1 ALEC GUROFF 999009999 JILL M BOYLE CPA P01246734 2177933363 2023-05-15 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z C ANDREW MCGADNEY 2 E SOUTH STREET GALESBURG IL 614014999 100023900 0 X WWW.KNOX.EDU X 1837 IL TO PROVIDE A LIBERAL ARTS EDUCATION TO STUDENTS FROM DIVERSE BACKGROUNDS. 42 41 1221 500 60621 54850 15332020 23004896 61492524 65179906 12361363 8710083 1218844 723655 90404751 97618540 36908620 39311874 0 0 26426430 28901575 0 0 3193832 19550727 24400185 82885777 92613634 7518974 5004906 294322347 266274982 50272505 54295833 244049842 211979149 X KNOX COLLEGE IS DEDICATED TO PROVIDING A LIBERAL ARTS EDUCATION TO STUDENTS FROM DIVERSE BACKGROUNDS. OUR MISSION IS CARRIED OUT THROUGH: OUR CURRICULUM, THE CHARACTER OF OUR LEARNING ENVIRONMENT, OUR RESIDENTIAL CAMPUS CULTURE, AND OUR COMMUNITY. 0 0 80987304 39311874 65886215 HIGHER EDUCATION: OUR MISSION IS CARRIED OUT THROUGH OUR CURRICULUM, THE CHARACTER OF OUR LEARNING ENVIRONMENT, OUR RESIDENTIAL CAMPUS CULTURE, AND OUR COMMUNITY. KNOX COLLEGE HAS A TRADITION OF FREE INQUIRY, INDEPENDENT THOUGHT, AND DIVERSE PERSPECTIVES. OUR STUDENTS CHOOSE THEIR OWN PATH TOWARDS A DEGREE, GUIDED BY SCHOLAR TEACHERS WHO ENCOURAGE THEM TO EXPLORE IDEAS AND PLACES, STRETCH THEIR INTELLECT AND THEIR TALENTS, BLEND THOUGHT WITH ACTION, AND FUSE IMAGINATION WITH INITIATIVE. FOUNDED IN 1837 BY SOCIAL REFORMERS STRONGLY OPPOSED TO SLAVERY, KNOX WAS ONE OF THE FIRST COLLEGES IN THE UNITED STATES OPEN TO BOTH WOMEN AND PEOPLE OF COLOR. IT WAS ON OUR CAMPUS THAT ABRAHAM LINCOLN CHOSE TO DENOUNCE SLAVERY ON MORAL TERMS FOR THE FIRST TIME, DURING THE 1858 LINCOLN-DOUGLAS DEBATE. WITH A CAMPUS POPULATION THAT INCLUDES STUDENTS FROM 48 STATES AND 51 COUNTRIES, 25% U.S STUDENTS OF COLOR, AND INDIVIDUALS FROM EVERY IMAGINABLE RELIGIOUS AND SOCIOECONOMIC BACKGROUND. MEMBERS OF THE KNOX COMMUNITY ARE ACTIVELY CHALLENGED TO BROADEN THEIR POINTS OF VIEW. KNOX COLLEGE IS A COLLEGE THAT CHANGES LIVES (1,140 STUDENTS). 80987304 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1534 0 1221 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 42 41 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 X X ALEC GUROFF 3093417213 2 E SOUTH STREET GALESBURG IL 614014999 DR C ANDREW MCGADNEY B 721 PRESIDENT AND EX OFFICIO TRUSTEE 55.00 X X 230668 0 9884 PAUL EISENMENGER E 1722 VP OF FINANCE AND ADMIN 40.00 X 189691 0 23808 DR TERESA L AMOTT END 63021 FORMER PRESIDENT 55.00 X 210288 0 2752 MICHAEL SCHNEIDER PROVOST AND DEAN OF THE COLLEGE 40.00 X 195116 0 3859 BEVERLY HOLMES END 33022 VP FOR ADVANCEMENT 40.00 X 159943 0 8651 PAUL STEENIS VP FOR ENROLLMENT 40.00 X 147662 0 14505 LISA VAN RIPER EXECUTIVE DIRECTOR OF COMMUNICATIONS 40.00 X 145323 0 14547 MARK J WILSON ASSOCIATE VP OF MAJOR GIFTS 40.00 X 142133 0 5659 DANIELLA IRLE DIRECTOR OF ATHLETICS 40.00 X 107448 0 2413 HEATHER BUMPS BEGIN 7121 VP FOR STRATEGIC INITIATIVES 40.00 X 98106 0 9885 SCOTTI MAUST DIRECTOR OF FACILITY SERVICES 40.00 X 100409 0 5054 STEVEN HALL END 10121 VP AND CHIEF INFORMATION OFFICER 40.00 X 93904 0 11329 SARA A KING END 21322 CONTROLLER AND ASST. TREASURER 40.00 X 95589 0 9462 PEGGY WARE EXEC. ASST. TO PRESIDENT/SECRETARY 40.00 X 74187 0 613 VICKY S JONES END 93021 BUDGET COORD./EXEC ASST. VP FINANCE 40.00 X 70554 0 1732 ANNA JO CLARK DIR OF INSTITUTIONAL RESEARCH 40.00 X 42721 0 21276 MARQUITA BARKER BEG 11022 VP FOR STUDENT DEVELOPMENT 40.00 X 0 0 0 MR JOSEPH C BASTIAN TR. CHAIR OF COMMITTEE ON TRUSTEES 2.00 X 0 0 0 MR TONY ETZ TR. CHAIR OF CAMPUS LIFE & ATHLETICS 2.00 X 0 0 0 MR JOHN T LAWLER TRUSTEE CHAIR FOR BUDGET SUBCOMMITTEE 2.00 X 0 0 0 MR PATRICK ST A LYN TRUSTEE CHAIR OF FINANCE 2.00 X 0 0 0 DR KEITH E MASKUS TRUSTEE CHAIR OF ACADEMIC AFFAIRS 2.00 X 0 0 0 MS LAURA M ROSENE TRUSTEE VICE CHAIR OF THE BOARD 2.00 X 0 0 0 MR TINO H SCHULER TR. CHAIR OF ADMISSIONS & FIN. AID 2.00 X 0 0 0 MR R KYLE WINNING TR. CHAIR FACILITY & INFRASTRUCTURE 2.00 X 0 0 0 MS SUSAN HAERR ZUCKER TRUSTEE CHAIR OF ADVANCEMENT 2.00 X 0 0 0 DR AKWASI ASABERE ALUMNI TRUSTEE 1.00 X 0 0 0 DR BARBARA A BAIRD GENERAL TRUSTEE 1.00 X 0 0 0 DR DOUGLAS L BAYER GENERAL TRUSTEE 1.00 X 0 0 0 MR NYERERE K BILLUPS SR GENERAL TRUSTEE 1.00 X 0 0 0 MS SUSAN A BLEW GENERAL TRUSTEE 1.00 X 0 0 0 DR MICHAEL CHUBRICH GENERAL TRUSTEE 1.00 X 0 0 0 MR GEORGE W COLE JR GENERAL TRUSTEE 1.00 X 0 0 0 MS CAROL BOVARD CRAIG GENERAL TRUSTEE 1.00 X 0 0 0 MS CELINDA K DAVIS ALUMNI TRUSTEE 1.00 X 0 0 0 MR MARK D DRAPER GENERAL TRUSTEE 1.00 X 0 0 0 MR MARTIN E GLICKMAN GENERAL TRUSTEE 1.00 X 0 0 0 MR DONALD F HARMON GENERAL TRUSTEE 1.00 X 0 0 0 MR KEITH Y LEE GENERAL TRUSTEE 1.00 X 0 0 0 DR GWEN L LEXOW ALUMNI TRUSTEE 1.00 X 0 0 0 MS HELEN H LIN GENERAL TRUSTEE 1.00 X 0 0 0 MR ROBERT C LONG GENERAL TRUSTEE 1.00 X 0 0 0 MR E JAMES MASON GENERAL TRUSTEE 1.00 X 0 0 0 MR DAVID S MITCHELL GENERAL TRUSTEE 1.00 X 0 0 0 MR LAURENCE J MSALL GENERAL TRUSTEE 1.00 X 0 0 0 MS AMY OLSEN ALUMNI TRUSTEE 1.00 X 0 0 0 MS SUSAN C PLOMIN GENERAL TRUSTEE 1.00 X 0 0 0 MR JAMES R POTTER GENERAL TRUSTEE 1.00 X 0 0 0 MS JULIE RADEMAKER GENERAL TRUSTEE 1.00 X 0 0 0 DR DAVID A SCHULZ GENERAL TRUSTEE 1.00 X 0 0 0 MS JANICE V SHARRY ESQ GENERAL TRUSTEE 1.00 X 0 0 0 MR DAN J SPAULDING GENERAL TRUSTEE 1.00 X 0 0 0 MR ANTHONY J TEDESCHI GENERAL TRUSTEE 1.00 X 0 0 0 MS JULIANA TIOANDA GENERAL TRUSTEE 1.00 X 0 0 0 MR FREDRICK A VEAGUE GENERAL TRUSTEE 1.00 X 0 0 0 MR ADAM G VITALE GENERAL TRUSTEE 1.00 X 0 0 0 DR GERALD F VOVIS GENERAL TRUSTEE 1.00 X 0 0 0 MR SCOTT L WESTERMAN GENERAL TRUSTEE 1.00 X 0 0 0 2103742 0 145429 10 1 1 0 BON APPETIT 2400 YORKMONT ROAD CHARLOTTE NC 28217 DINING MANAGEMENT 2982624 AMALGAMATED BANK OF CHICAGO PO BOX 800 CHICAGO IL 60690 FINANCIAL INSTITUTION 522453 FIELDTURF USA INC 175 NORTH INDUSTRIAL BLVD NE CALHOUN GA 30701 ATHLETICS 480832 PJ HOERRR INC 107 NORTH COMMERCE PLACE PEORIA IL 61604 CONTRACTOR/CONSTRUCTION 383963 IES 33 WEST MONROE ST STE 2300 CHICAGO IL 60603 CONTRACTOR/ENGINEERING 330482 23 5124646 17880250 1644226 23004896 TUITION AND FEES 611310 55857128 55857128 AUXILIARY ENTERPRISES - PROGRAM 611710 9305432 9305432 AUXILIARY ENTERPRISES - CATERING 722320 17346 17346 65179906 6628912 43275 6585637 4486531 2405360 2081171 2081171 2081171 MISCELLANEOUS REVENUE 611310 723655 723655 723655 97618540 65886215 60621 8666808 39311874 39311874 2030757 1640648 224602 165507 21389005 17278109 2366687 1744209 632764 511198 69991 51575 3338162 2696837 369238 272087 1510887 1220616 167121 123150 169875 169875 250925 7696 243229 3746582 2260336 1159798 326448 304490 294035 10455 6671163 5838111 651112 181940 219324 219324 1811851 639059 1172792 1516109 1237037 186617 92455 1360682 829393 531289 4549541 3628756 684324 236461 765488 340120 425368 AUXILIARY ENTERPRISES - 3034155 3034155 92613634 80987304 8432498 3193832 13102203 6773697 640803 654990 1643398 640385 1323903 3010467 141862 177329 835495 857098 154539352 92230822 64591680 62308530 191356548 170007589 20686455 21844897 294322347 266274982 3771042 4199769 443570 670180 35258033 44970146 10799860 4455738 50272505 54295833 X 67264694 53596219 176785148 158382930 244049842 211979149 294322347 266274982 X 5004906 -34761015 -2314584 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 211136074 9095686 -29126918 9702000 -751662 182154504 171631200 2370496 45184129 9014746 -964995 211136074 170174020 2969481 12347467 13096690 763078 171631200 160083659 4707188 14888234 10915192 -1410131 170174020 143246261 4898986 19806367 7546000 321955 160083659 0.19650 0.58870 0.21480 1 0 3228789 3228789 123217968 68490466 54727502 27588235 23740356 3847879 504360 504360 62308530 BENEFICIAL INTEREST IN PERPETUAL INTEREST 15213758 STUDENT LOANS RECEIVABLE 1619173 DEPOSITS HELD IN TRUST FOR CAPTIAL PROJECTS 5011966 21844897 STUDENT DEPOSITS 530757 ANNUITY PAYABLE 1256695 POSTRETIREMENT BENEFIT OBLIGATION 1609377 FEDERAL EQUITY IN LOAN PROGRAMS 923231 CAPITAL LEASE OBLIGATION PAYABLE 135678 4455738 X 23545651 -34761015 -34761015 58306666 39311874 39311874 97618540 53301760 0 53301760 39311874 39311874 92613634 PART III, LINE 1A: THE COLLEGE HAS COLLECTIONS OF VALUABLE ARTWORK, PAPERS, AND OTHER MEMORABILIA THAT WERE DONATED TO THE COLLEGE. THESE ITEMS ARE ON DISPLAY AND ARE USED BY EDUCATORS, RESEARCHERS, HISTORIANS, AND OTHERS. THESE CONTRIBUTED COLLECTIONS ARE NOT REFLECTED ON THE FINANCIAL STATEMENTS. HOWEVER, ALL PROCEEDS FROM ANY SALES OF COLLECTIONS, OR ITEMS IN A COLLECTION, MUST BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. AS OF JUNE 30, 2022 THERE WERE NO UNSPENT PROCEEDS FROM THE SALE OF COLLECTIONS. PART III, LINE 4: THE COLLEGE HAS COLLECTIONS OF VALUABLE ARTWORK, PAPERS, AND OTHER MEMORABILIA THAT WERE DONATED TO THE COLLEGE. THESE ITEMS ARE ON DISPLAY AND ARE USED BY EDUCATORS, RESEARCHERS, HISTORIANS, AND OTHERS. PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF SEVERAL INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES: SCHOLARSHIPS, PROFESSORSHIPS, LIBRARY, LECTURESHIPS, RESEARCH, PRIZES, AND DONOR SPECIFIED EDUCATIONAL ACTIVITIES. INCLUDED IN THESE FUNDS ARE BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. PART X, LINE 2: THE COLLEGE IS A NOT-FOR-PROFIT ENTITY AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE IRC AND SIMILAR PROVISIONS OF THE STATE TAX CODE. THE COLLEGE IS NOT CLASSIFIED AS A PRIVATE FOUNDATION. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID AND SCHOLARSHIPS 39,311,874. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID AND SCHOLARSHIPS 39,311,874. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 KNOX COLLEGE'S NONDISCRIMINATION POLICY IS CLEARLY STATED IN THE COLLEGE CATALOG, WEBSITE, ADMISSIONS MATERIALS, APPLICATIONS, AND OTHER PUBLICATIONS. SCHEDULE E, PART I, LINE 6 FOR THE FISCAL YEAR, KNOX COLLEGE RECEIVED AWARDS FROM THE FOLLOWING FEDERAL PROGRAMS: FEDERAL WORK STUDY, FEDERAL DIRECT LOAN PROGRAM, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM, FEDERAL PELL GRANT, FEDERAL PERKINS LOANS PROGRAM, STUDENT SUPPORT SERVICES PROGRAM, MCNAIR POST - BACCALAUREATE ACHIEVEMENT; CHAPTER 33 POST 911 GI BILL, NATIONAL SCIENCE FOUNDATION AND NATIONAL ENDOWMENT FOR THE ARTS. 1 INDIVIDUAL GIFT AID (GRANTS AND/OR SCHOLARSHIPS TO STUDENTS) 1169 39311874 PART I, LINE 2: FINANCIAL AID AND SATISFACTORY ACADEMIC PROGRESS STANDARDS: TO REMAIN AT KNOX, ALL DEGREE-SEEKING STUDENTS ARE EXPECTED TO MAKE SATISFACTORY ACADEMIC PROGRESS. SATISFACTORY PROGRESS IS DEFINED BOTH IN TERMS OF THE ACCUMULATION OF CREDITS TOWARDS A DEGREE, AND THE MAINTENANCE OF A GRADE POINT AVERAGE CONSISTENT WITH GRADUATION REQUIREMENTS. THE FINANCIAL AID OFFICE FOLLOWS THE DECISION OF THE ACADEMIC STANDING COMMITTEE IN DETERMINING WHETHER A STUDENT IS MEETING THE COLLEGE'S SATISFACTORY ACADEMIC PROGRESS STANDARDS. X X 1 1 X X 0 0 0 0 0 0 0 0 0 DR C ANDREW MCGADNEY B 721 PRESIDENT AND EX OFFICIO TRUSTEE 230668 0 0 0 0 0 0 0 9884 0 240552 0 0 0 PAUL EISENMENGER E 1722 VP OF FINANCE AND ADMIN 189691 0 0 0 0 0 4040 0 19768 0 213499 0 0 0 DR TERESA L AMOTT END 63021 FORMER PRESIDENT 210288 0 0 0 0 0 0 0 2752 0 213040 0 0 0 MICHAEL SCHNEIDER PROVOST AND DEAN OF THE COLLEGE 195116 0 0 0 0 0 3600 0 259 0 198975 0 0 0 BEVERLY HOLMES END 33022 VP FOR ADVANCEMENT 159943 0 0 0 0 0 3450 0 5201 0 168594 0 0 0 PAUL STEENIS VP FOR ENROLLMENT 147662 0 0 0 0 0 3166 0 11339 0 162167 0 0 0 LISA VAN RIPER EXECUTIVE DIRECTOR OF COMMUNICATIONS 145323 0 0 0 0 0 0 0 14547 0 159870 0 0 0 PART I, LINE 1A OCCASIONALLY THE PRESIDENT'S WIFE WILL ACCOMPANY THE PRESIDENT ON COLLEGE FUNDRAISING EVENTS. THE COLLEGE PROVIDES FUNDING FOR HER TRAVEL COSTS. THESE TRAVEL COSTS ARE NOT CONSIDERED COMPENSATION AS SHE IS PARTICIPATING IN FUNDRAISING FOR THE COLLEGE. REIMBURSEMENTS FOR TRAVEL COST MUST FOLLOW THE COLLEGE'S PURCHASING AND ACCOUNTS PAYABLE POLICIES. THESE POLICIES INCLUDE REQUIREMENTS FOR DOCUMENTATION AND RECEIPTS. THE PRESIDENT IS PROVIDED HOUSING BY THE COLLEGE. THE PRESIDENT'S HOUSE IS CONSIDERED A PART OF THE COLLEGE'S CAMPUS AND IS USED FOR COLLEGE EVENTS AND ENTERTAINING. THE PRESIDENT'S HOUSING IS CONSIDERED NONTAXABLE AS IT IS PROVIDED FOR THE CONVENIENCE OF THE COLLEGE. PART I, LINE 3 COMPENSATION IS REVIEWED ANNUALLY. THIS REVIEW INCLUDES COST OF LIVING STATISTICS, COMPENSATION PAID FOR SIMILAR POSITIONS AT OTHER SIMILAR COLLEGES, AND COMPENSATION PAID LOCALLY FOR LIKE POSITIONS. A STANDARD ACHIEVEMENT INCREASE IS DETERMINED AND IS APPROVED BY THE BOARD OF TRUSTEES DURING THE JUNE MEETING IN CONJUNCTION WITH THE APPROVAL OF THE FOLLOWING YEAR'S BUDGET. ALL STAFF INCREASES ARE REVIEWED BY THE PRESIDENT, VICE PRESIDENTS, AND HEADS OF DEPARTMENTS. THE BOARD OF TRUSTEES FOLLOWS THE PRINCIPAL AND POLICIES OUTLINED IN KNOX'S EXECUTIVE COMPENSATION PROGRAM AS APPROVED MAY 2, 2016. COMPENSATION FOR EXECUTIVES OF THE COLLEGE IS DETERMINED BY EVALUATION OF A VARIETY OF FACTORS, INCLUDING THE SKILLS, TENURE, EXPERIENCE AND PERFORMANCE OF THE EXECUTIVE; THE DIFFICULTY OF REPLACING THE EXECUTIVE AND THE IMPORTANCE OF THE POSITION TO THE COLLEGE; AND HISTORICAL COMPENSATION LEVELS AND INTERNAL PAY EQUITY ISSUES. ALL COMPENSATION AND OTHER FINANCIAL BENEFITS FOR COLLEGE EMPLOYEES WHO ARE DISQUALIFIED PERSONS ARE TO BE APPROVED IN ADVANCE OF PAYMENT OR AGREEMENT FOR PAYMENT BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. A CITY OF GALESBURG KNOX COUNTY ILLINOIS REVENUE BONDS SERIES 2021A 2021-12-01 41079400 REPAYMENT OF 1996 AND 1999 BONDS, AND NEW MONEY CONSTRUCTION 0 0 0 A 41079400 701234 1 1 0 1 A 0 0 0 0 1 0 0 A 1 0 0 0 0 0 A 1 X 23 1644226 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI SECTION B, LINE 14 THE COLLEGE DOES NOT HAVE A WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY. THE RECORD RETENTION AND DESTRUCTION POLICIES ARE DEVELOPED, AS NEEDED, BY EACH DEPARTMENT TO ADDRESS THEIR SPECIFIC TYPE(S) OF RECORDS. DEPARTMENTS FOLLOW INDUSTRY IRS STANDARDS THAT ARE APPROPRIATE FOR THEIR SPECIFIC TYPE(S) OF RECORDS. IN CONJUNCTIONS WITH RECORD DESTRUCTION FOR CONFIDENTIAL RECORDS, THE COLLEGE CONTRACTED WITH A VENDOR TO PROVIDE LOCKED BINS FOR DEPARTMENTAL USE AND THE SECURE DESTRUCTION OF THESE RECORDS. FORM 990, PART VI SECTION C, LINE 17 THE COLLEGE IS NOT REQUIRED TO FILE A COPY OF FORM 990 WITH THE STATE OF ILLINOIS OR ANY OTHER STATE. FORM 990, PART VI, SECTION B, LINE 11B THE 990 WAS REVIEWED BY THE CHAIR OF THE AUDIT SUBCOMMITTEE AND THE CHAIR OF THE COMMITTEE ON FINANCE. THE 990 IS MADE AVAILABLE TO ALL COLLEGE TRUSTEES FOR REVIEW BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C OFFICER'S CONFLICT OF INTEREST (FROM BYLAWS OF KNOX COLLEGE): ANY CONFLICT OF INTEREST ON THE PART OF AN OFFICER OF THE COLLEGE DESIGNATED IN THIS ARTICLE, OR MEMBERS OF SUCH OFFICER'S IMMEDIATE FAMILY, SHALL BE DISCLOSED BY THE OFFICER IN WRITING TO THE BOARD OF TRUSTEES AT LEAST ANNUALLY AND MADE A MATTER OF RECORD. WHEN ANY SUCH INTEREST BECOMES RELEVANT TO ANY SUBJECT REQUIRING ADMINISTRATION OR BOARD OF TRUSTEES' ACTION, THE OFFICER HAVING A CONFLICT SHALL CALL IT TO THE ATTENTION OF THE PRESIDENT AND, IF THE MATTER IS BEING CONSIDERED BY THE BOARD OF TRUSTEES OR ONE OF ITS COMMITTEES, TO THE ATTENTION OF THE CHAIR OR SUCH COMMITTEE. THE OFFICER SHALL NOT PARTICIPATE IN THE DISCUSSION OF THE SUBJECT OR MAKE ANY RECOMMENDATIONS REGARDING THE SUBJECT IN WHICH THE OFFICER OR A MEMBER OF THE OFFICER'S IMMEDIATE FAMILY HAS A CONFLICT OF INTEREST, AND SHALL NOT USE PERSONAL INFLUENCE TO AFFECT THE DECISION WITH RESPECT TO SUCH SUBJECT. AN OFFICER OF THE COLLEGE WHO IS EXCLUDED FROM PARTICIPATING IN DISCUSSIONS OR MAKING RECOMMENDATIONS REGARDING THE SUBJECT BECAUSE OF SUCH CONFLICT OF INTEREST SHALL, HOWEVER, BRIEFLY STATE THE NATURE OF THE CONFLICT AND SHALL BE ENCOURAGED TO ANSWER PERTINENT QUESTIONS OF THE TRUSTEES WHEN THE OFFICER'S KNOWLEDGE OF THE SUBJECT WILL ASSIST THE BOARD OF TRUSTEES, ANY OF ITS COMMITTEES, OR THE ADMINISTRATION. THE MINUTES OF ANY MEETING ATTENDED BY THE INTERESTED OFFICER AT WHICH THE SUBJECT IS DISCUSSED SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE INTERESTED OFFICER ABSTAINED FROM THE DISCUSSION EXCEPT TO THE EXTENT PROVIDED ABOVE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS REVIEWED ANNUALLY. THIS REVIEW INCLUDES COST OF LIVING STATISTICS, COMPENSATION PAID FOR SIMILAR POSITIONS AT OTHER SIMILAR COLLEGES, AND COMPENSATION PAID LOCALLY FOR LIKE POSITIONS. A STANDARD ACHIEVEMENT INCREASE IS DETERMINED AND IS APPROVED BY THE BOARD OF TRUSTEES DURING THE JUNE MEETING IN CONJUNCTION WITH THE APPROVAL OF THE FOLLOWING YEAR'S BUDGET. THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S SALARY AND APPROVES ANY CHANGES. ALL STAFF INCREASES ARE REVIEWED BY THE PRESIDENT, VICE PRESIDENTS, AND HEADS OF DEPARTMENTS FORM 990, PART VI, SECTION C, LINE 19 THE BYLAWS OF THE COLLEGE ARE AVAILABLE UPON REQUEST. EACH FALL, CONFLICT OF INTEREST FORMS ARE DISTRIBUTED TO TRUSTEES, OFFICERS, AND DEPARTMENT HEADS. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST IN THE TREASURER'S OFFICE. ALL TRUSTEES ARE PROVIDED COPIES OF THE FINANCIAL STATEMENTS EACH YEAR. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS 589,044. POSTRETIREMENT BENEFITS RELATED CHANGES 410,485. ADJUSTMENTS OF AMOUNTS DUE UNDER ANNUITY AND LIFE INCOME AGREEMENTS -352,806. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST -3,392,063. OTHER COMPONENTS OF NET PERIODIC BENEFIT COST 430,756.