2025-05-08T11:16:08-05:00 2024-06-30 991856619 GRANT THORNTON ADVISORS LLC 53 STATE STREET SUITE 1600 BOSTON MA 02109 990 2023-07-01 951644026 UNIVERSITY OF LA VERNE UNIV 9095933511 1950 THIRD STREET LA VERNE CA 917504401 LORI GORDIEN ASSOCIATE VP OF FINANCE 9095933511 2025-05-08 1 1 ERIN COUTURE P01390592 6177237900 2023 2025-03-06 01:10:19Z DR RISA DICKSON 1950 THIRD STREET LA VERNE CA 917504401 281460877 0 X WWW.LAVERNE.EDU X 1891 CA SEE SCHEDULE O 30 30 2198 30 0 0 20376472 6632841 183466993 195695832 4998919 8933177 1356563 3154386 210198947 214416236 64103292 72954642 0 0 84924476 83471588 0 0 3130479 61279223 56545704 210306991 212971934 -108044 1444302 455580567 459151303 148560444 135346129 307020123 323805174 X SEE SCHEDULE O 0 0 172284812 72954642 198708483 SEE SCHEDULE O 172284812 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 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 1 0 0 0 1 313 0 1 2198 1 0 1 CJ 0 0 0 1 1 0 0 0 0 1 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X LORI GORDIEN CASE 9095933511 1950 THIRD STREET LA VERNE CA 917504401 DEVORAH A LIEBERMAN PRESIDENT (THRU 08/23) 40.00 0.00 X X 793956 0 54179 PARDIS MAHDAVI PRESIDENT (FROM 06/23 THRU 06/24) 40.00 0.00 X X 235015 0 25807 ANTHONY REVIER CHAIRMAN 1.00 0.00 X X 0 0 0 VALERIE C ROMERO VICE CHAIRMAN 1.00 0.00 X X 0 0 0 SUSAN M SEARING SECRETARY 1.00 0.00 X X 0 0 0 LUIS FAURA TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL A ABRAHAM TRUSTEE 1.00 0.00 X 0 0 0 KIM J BURCHIEL MD TRUSTEE 1.00 0.00 X 0 0 0 KIM BOWEN TRUSTEE 1.00 0.00 X 0 0 0 ANN QUAY DAVIS TRUSTEE 1.00 0.00 X 0 0 0 ROBERT DYER TRUSTEE 1.00 0.00 X 0 0 0 PETER ECKEL TRUSTEE 1.00 0.00 X 0 0 0 JOSEPH V FENGLER TRUSTEE 1.00 0.00 X 0 0 0 WENDY LAU ESQ TRUSTEE 1.00 0.00 X 0 0 0 ALEX LESTER ESQ TRUSTEE (THRU 05/23) 1.00 0.00 X 0 0 0 KENNETH D LITTLE TRUSTEE 1.00 0.00 X 0 0 0 MARY ANN MELLEBY TRUSTEE (THRU 05/23) 1.00 0.00 X 0 0 0 PAUL MOSELEY TRUSTEE 1.00 0.00 X 0 0 0 MIKE BROWN TRUSTEE 1.00 0.00 X 0 0 0 CLIFFORD DANIELS TRUSTEE 1.00 0.00 X 0 0 0 FRANK LIZARRAGA TRUSTEE 1.00 0.00 X 0 0 0 EMMETT L TERRELL TRUSTEE 1.00 0.00 X 0 0 0 REGGIE WEBB TRUSTEE (THRU 03/24) 1.00 0.00 X 0 0 0 DAVID LIZARRAGA TRUSTEE 1.00 0.00 X 0 0 0 ZOILA ESCOBAR TRUSTEE 1.00 0.00 X 0 0 0 MARTHA DANIEL TRUSTEE 1.00 0.00 X 0 0 0 JOHN RAFFOUL TRUSTEE 1.00 0.00 X 0 0 0 OWEN RAY SKELTON TRUSTEE 1.00 0.00 X 0 0 0 LUPE DE LA CRUZ TRUSTEE 1.00 0.00 X 0 0 0 PETER HIDALGO TRUSTEE 1.00 0.00 X 0 0 0 CHRIS PIERCE TRUSTEE 1.00 0.00 X 0 0 0 RUPERT GRANT TRUSTEE 1.00 0.00 X 0 0 0 REBECCA TUROWETZ LALLY TRUSTEE (AS OF 08/23) 1.00 0.00 X 0 0 0 ANDREW WONG TRUSTEE 1.00 0.00 X 0 0 0 WALTER WORTHY TRUSTEE 1.00 0.00 X 0 0 0 AVEDIS KECHICHIAN CHIEF FINANCIAL OFFICER 40.00 0.00 X 785413 0 51602 ROY KWON VICE PROVOST (THRU 06/24) 40.00 0.00 X 243842 0 15981 KEROP JANOYAN PROVOST (THRU 07/23) 40.00 0.00 X 119341 0 9576 MARK HICKS AS OF 0624 ADJUNCT FACULTY/ACTING PRESIDENT 24.00 0.00 X 60341 0 886 SHERRI MYLOTT VP, UNIVERSITY ADVANCEMENT 40.00 0.00 X 271459 0 43555 ERIC BISHOP INTERIM VP OF ENROLLMENT MANAGEMENT 40.00 0.00 X 241311 0 16718 MD HAQUE DEAN OF COLLEGE OF EDUCATION 40.00 0.00 X 217031 0 40668 SHANNON MATHEWS DEAN, COLLEGE OF ARTS AND SCIENCES 40.00 0.00 X 195941 0 55691 KEVIN MARSHALL DEAN, COLLEGE OF LAW 40.00 0.00 X 206024 0 44588 TODD BRITTON CHIEF INFORMATION OFFICER, AVP 40.00 0.00 X 198694 0 33622 EMMELINE DE PILLIS DEAN, COLLEGE OF BUSINESS 40.00 0.00 X 211057 0 21073 JUAN REGALADO CHIEF STUDENT AFFAIRS OFFICER 40.00 0.00 X 177894 0 14311 IBRAHIM HELOU PROFESSOR OF FINANCE 40.00 0.00 X 225812 0 38635 LORI GORDIEN ASSOCIATE VP OF FINANCE 40.00 0.00 X 198459 0 44127 KEEOK PARK ASSOCIATE DEAN COLLEGE OF BUSINESS 40.00 0.00 X 199075 0 37296 ANN SCHULTZ PROFESSOR/DIRECTOR PA PROGRAM 40.00 0.00 X 197876 0 17240 ISSAM GHAZAWI ASSOCIATE PROFESSOR OF MANAGEMENT 40.00 0.00 X 186137 0 28803 JONATHAN REED FORMER PROVOST 0.00 0.00 X 116004 0 11802 MARY AGUAYO FORMER VP, STR. ENROLL MANAGEMENT 0.00 0.00 X 114285 0 2169 5194967 0 608329 191 1 1 0 BON APPETIT 201 REDWOOD SHORES PKWY SUITE 100 REDWOOD SHORES CA 94065 FOOD SERVICE 3786917 PROFESSIONAL DEVELOPMENT COURSES 1930 MARKET ST MOUNT VERNON WA 98273 CORRESPONDENT WORK 1169235 GO ARCHITECTS INC 276 N 2ND AVE UPLAND CA 91786 ARCHITECTURE 1155482 CONVERZE MEDIA GROUP LLC 17011 BEACH BLVD SUITE 600 HUNTINGTON BEACH CA 92647 ADVERTISING 1138858 SODEXO INC & AFFILIATES 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 HOUSEKEEPING SERVICES 1108129 46 60975 3967093 2604773 110313 6632841 TUITION & FEES 611310 182798967 182798967 AUXILIARY ENTERPRISES 611310 12560597 12560597 SPONSORED PROGRAMS 900099 216699 216699 TICKET SALES & EVENTS 900099 106343 106343 BOOKSTORE 900099 13226 13226 195695832 7559848 7559848 201578 4194 197384 197384 197384 68333677 66960348 1373329 1373329 1373329 24450 60975 80099 -55649 -55649 USE OF FACILITIES 900099 231180 231180 STUDENT PROJECT SALES 900099 70504 70504 STAFF PARKING FEES 900099 14500 14500 2696467 2696467 3012651 214416236 198708483 0 9074912 72954642 72954642 4908634 2611412 1994533 302689 371429 145448 225981 63289226 51882949 9681338 1724939 3981996 3167124 690171 124701 6129811 4665342 1315591 148878 4790492 3925964 730561 133967 1884487 10720 1873767 207505 207505 9231 9231 272355 272355 14659459 9388632 4939853 330974 881496 138997 700544 41955 3568277 2168664 1273424 126189 4251564 1281774 2933661 36129 6145185 3209100 2936022 63 1624205 1284021 267367 72817 181801 137680 31194 12927 4862927 3855824 1007103 10011263 7027002 2984261 3268486 1383019 1885467 LEGAL SETTLEMENTS 986000 986000 DUES AND MEMBERSHIPS 878992 504199 335924 38869 AGENCY SUPPORT 777041 770470 6571 OTHER EXPENSES 704533 696709 7824 1370897 1075120 268219 27558 212971934 172284812 37556643 3130479 15204 22927 43609418 23311840 951834 214507 6729239 5443135 3150036 4488053 21119 397978 2083004 1625153 326937571 164529781 166878333 162407790 200668965 240461237 17853368 12173176 0 0 4372007 3860036 9248040 4745471 455580567 459151303 23225007 18721200 0 0 8207833 7370588 109866219 105450258 4241496 1135063 3019889 2669020 148560444 135346129 X 187401533 194681384 119618590 129123790 307020123 323805174 455580567 459151303 X 1444302 15572184 -231435 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 0 0 1 0 1 9231 9231 0 PART II-B, LINE 1J DURING THE TAX YEAR, THE UNIVERSITY INCURRED LOBBYING EXPENSES RELATED TO THE LEGISLATIVE ACTION SURROUNDING CAL GRANTS. THREE STUDENTS ACCOMPANIED UNIVERSITY MANAGEMENT OFFICIALS TO EXPRESS THE CONTINUED NEED FOR CAL GRANTS, WHICH PROVIDES GRANTS TO LOW-AND MODERATE-INCOME COLLEGE STUDENTS IN CALIFORNIA. 131197961 337518 15962866 649606 -110835 146959574 122161420 242029 13748355 4966191 -12348 131197961 146560560 2833396 -21706450 5461418 64668 122161420 109253175 2072230 37183708 1955968 -7415 146560560 109371185 506836 1372780 1956344 41282 109253175 0.37000 0.31000 0.32000 0 0 1595030 26116705 27711735 218934253 95310027 123624226 4563767 4153863 409904 70710473 64267711 6442762 5017343 798180 4219163 162407790 ACTUARIAL LIABILITY FOR ANNUITY OBLIGATIONS 1843866 FEDERAL STUDENT LOAN FUNDS 825154 2669020 X 159027799 15572184 -70768365 -55196181 214223980 272355 -80099 192256 214416236 142242748 311534 311534 141931214 272355 70768365 71040720 212971934 PART V, LINE 4: THE BOARD MEMBERS OF THE UNIVERSITY, IN SETTING THE ENDOWMENT SPENDING POLICY, CONSIDERED THE FOLLOWING FACTORS: 1) PRESERVATION OF ASSET VALUES; 2) PRESERVATION OF PURCHASING POWER; AND 3) CONSISTENCY OF SPENDING OVER TIME. THE UNIVERSITY'S BOARD ADOPTED A SPENDING POLICY OF 4.50% OF THE TWELVE-QUARTER MOVING AVERAGE MARKET VALUE OF THE ENDOWMENT POOL FOR THE YEAR ENDED JUNE 30, 2023 WITH A VIEW TOWARD BALANCING THE NEED FOR EXPENDABLE FUNDS FOR UNIVERSITY PROGRAMS AGAINST THE NEED TO PRESERVE THE ENDOWMENT AGAINST INFLATION. IN ORDER TO ACHIEVE THE OBJECTIVE OF MAINTAINING PURCHASING POWER, THE ENDOWMENT'S ANNUAL RATE OF RETURN MUST EQUAL THE ANNUAL DISTRIBUTION, PLUS INFLATION, PLUS MANAGEMENT, CUSTODIAL AND ADMINISTRATIVE FEES. TWELVE-QUARTER MOVING AVERAGE OF THE PORTFOLIO'S MARKET VALUE PROTECTS THE UNIVERSITY'S DISTRIBUTION FROM MARKET VOLATILITY. DISTRIBUTIONS ARE PROVIDED TO STUDENTS FOR SCHOLARSHIPS, VARIOUS COLLEGES, AND PROGRAMS IN ACCORDANCE WITH DONOR DESIGNATIONS. PART X, LINE 2: THE UNIVERSITY FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE UNIVERSITY HAS ALSO BEEN RECOGNIZED BY THE CALIFORNIA FRANCHISE TAX BOARD AS EXEMPT FROM CALIFORNIA FRANCHISE AND INCOME TAXES UNDER SECTION 23701(D) OF THE CALIFORNIA REVENUE AND TAXATION CODE. THE UNIVERSITY HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE UNIVERSITY HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID -70,768,365. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE -80,099. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET CHANGE IN ACTUARIAL OBLIGATIONS 231,435. FUNDRAISING EXPENSE 80,099. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 70,768,365. PART IX, RIGHT-OF-USE ASSETS THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") IMPLEMENTED A NEW LEASE ACCOUNTING STANDARD THAT BECAME EFFECTIVE IN THE YEAR ENDING JUNE 30, 2021. THIS ACCOUNTING STANDARD WAS EFFECTUATED TO IMPROVE THE TRANSPARENCY SURROUNDING KEY INFORMATION PERTAINING TO AN EXEMPT ORGANIZATION'S LEASING ARRANGEMENTS (AND TO ENSURE THAT ALL ORGANIZATIONS WERE RECORDING THE TRANSACTIONS UNIFORMLY ON THEIR BALANCE SHEETS). 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PUBLICATION OF RACIALLY NONDISCRIMINATORY POLICY THE UNIVERSITY CUSTOMARILY DRAWS STUDENTS FROM THE LOCAL COMMUNITIES. THE UNIVERSITY FOLLOWS A RACIALLY NONDISCRIMINATORY POLICY AND ENROLLS STUDENTS OF RACIAL MINORITY GROUPS IN MEANINGFUL NUMBERS. THE RACIALLY NONDISCRIMINATORY POLICY IS PUBLISHED ON THE UNIVERSITY'S WEBSITE. LINE 6 - EXPLANATION OF GOVERMENT FINANCIAL AID: THE UNIVERSITY RECEIVES ASSISTANCE FROM THE U.S. DEPARTMENT OF EDUCATION, THE U.S. SMALL BUSINESS ADMINISTRATION, AND THE CALIFORNIA COMMISSION ON TEACHING CREDENTIALING. CENTRAL AMERICA 0 0 INVESTMENTS 7781461 0 0 0 0 0 0 7781461 0 7781461 0 0 1 0 0 0 SCHEDULE F, PART I, LINE 3(F): THE INVESTMENTS FOR EACH REGION ARE RECORDED USING THE ACCRUAL METHOD OF ACCOUNTING. SCHEDULE F, PART IV: THE SCHOOL INVESTS DIRECTLY IN VARIOUS ALTERNATIVE INVESTMENTS THAT MAY BE ORGANIZED AS EITHER FOREIGN CORPORATIONS OR PARTNERSHIPS. IN ADDITION, THE SCHOOL INVESTS IN DOMESTIC LIMITED PARTNERSHIP THAT MAY IN TURN INVEST IN FOREIGN CORPORATION OR PARTNERSHIPS. NEVERTHELESS, THE INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR THE FILING OF FORMS 926, 5471, OR 8865. TO THE EXTENT THAT THE SCHOOL IS REQUIRED TO COMPLETE ONE (OR MORE) OF THESE FOREIGN FORMS, IT IS FILED WITH THE SCHOOL'S FORM 990-T. GOLF TOURNAMENT 85425 60975 24450 42618 4077 33404 85425 60975 24450 42618 4077 33404 80099 -55649 1 STUDENT FINANCIAL AID 5550 70768365 STUDENT TUITION REMISSION 108 2186277 PART I, LINE 2: STUDENTS WHO RECEIVE GRANTS FROM THE UNIVERSITY ARE DETERMINED IN ACCORDANCE WITH THE UNIVERSITY'S STANDARD POLICIES AND PROCEDURES. IN SUMMARY, A STUDENT IS REQUIRED TO COMPLETE A FAFSA TO BE CONSIDERED FOR FINANCIAL AID ASSISTANCE. UPON COMPLETION OF THE FAFSA, THE UNIVERSITY IS PROVIDED THE STUDENT'S ESTIMATED FAMILY CONTRIBUTIONS (EFC). BASED ON THE EFC AND OTHER CRITERIA (I.E. ENROLLMENT STATUS, ACADEMIC STANDING, ETC.), THE OFFICE OF FINANCIAL AID MAY AWARD A STUDENT AN INSTITUTIONAL GRANT. THERE ARE SYSTEMIC PROCEDURES IN PLACE TO ENSURE THAT THE GRANT IS APPLIED AGAINST TUITION AND MEETS THE REQUIREMENTS OF THE SPECIFIC GRANT. STUDENT ACCOUNTS AND THE OFFICE OF FINANCIAL AID ARE RESPONSIBLE FOR MONITORING THE STUDENT'S FINANCIAL AID STATUS WHILE AT THE UNIVERSITY. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 DEVORAH A LIEBERMAN PRESIDENT (THRU 08/23) 444249 0 0 0 349707 0 26400 0 27779 0 848135 0 25000 0 AVEDIS KECHICHIAN CHIEF FINANCIAL OFFICER 342612 0 0 0 442801 0 26400 0 25202 0 837015 0 155625 0 SHERRI MYLOTT VP, UNIVERSITY ADVANCEMENT 271459 0 0 0 0 0 20693 0 22862 0 315014 0 0 0 IBRAHIM HELOU PROFESSOR OF FINANCE 225812 0 0 0 0 0 13379 0 25256 0 264447 0 0 0 PARDIS MAHDAVI PRESIDENT (FROM 06/23 THRU 06/24) 210686 0 0 0 24329 0 14397 0 11410 0 260822 0 0 0 ROY KWON VICE PROVOST (THRU 06/24) 243795 0 0 0 47 0 15584 0 397 0 259823 0 0 0 ERIC BISHOP INTERIM VP OF ENROLLMENT MANAGEMENT 241311 0 0 0 0 0 16080 0 638 0 258029 0 0 0 MD HAQUE DEAN OF COLLEGE OF EDUCATION 217031 0 0 0 0 0 15276 0 25392 0 257699 0 0 0 SHANNON MATHEWS DEAN, COLLEGE OF ARTS AND SCIENCES 195941 0 0 0 0 0 16277 0 39414 0 251632 0 0 0 KEVIN MARSHALL DEAN, COLLEGE OF LAW 206024 0 0 0 0 0 17214 0 27374 0 250612 0 0 0 LORI GORDIEN ASSOCIATE VP OF FINANCE 194375 0 0 0 4084 0 16282 0 27845 0 242586 0 0 0 KEEOK PARK ASSOCIATE DEAN COLLEGE OF BUSINESS 199075 0 0 0 0 0 14444 0 22852 0 236371 0 0 0 TODD BRITTON CHIEF INFORMATION OFFICER, AVP 198191 0 0 0 503 0 15553 0 18069 0 232316 0 0 0 EMMELINE DE PILLIS DEAN, COLLEGE OF BUSINESS 211057 0 0 0 0 0 17141 0 3932 0 232130 0 0 0 ANN SCHULTZ PROFESSOR/DIRECTOR PA PROGRAM 197876 0 0 0 0 0 15887 0 1353 0 215116 0 0 0 ISSAM GHAZAWI ASSOCIATE PROFESSOR OF MANAGEMENT 183952 0 0 0 2185 0 10232 0 18571 0 214940 0 0 0 JUAN REGALADO CHIEF STUDENT AFFAIRS OFFICER 177894 0 0 0 0 0 14215 0 96 0 192205 0 0 0 JONATHAN REED FORMER PROVOST 116004 0 0 0 0 0 11706 0 96 0 127806 0 0 0 MARY AGUAYO FORMER VP, STR. ENROLL MANAGEMENT 114285 0 0 0 0 0 142 0 2027 0 116454 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE AND PERSONAL SERVICES THE UNIVERSITY PROVIDES THE PRESIDENT WITH OFF-CAMPUS HOUSING. PERSONAL USE OF THE HOUSE, INCLUDING RENTAL VALUE, HOUSEKEEPING, UTILITIES IS CALCULATED AND REFLECTED IN OTHER REPORTABLE COMPENSATION ON SCHEDULE J, PART II, COLUMN B(III). PART I, LINE 4B THE PRESIDENT AND CHIEF FINANCIAL OFFICER EACH PARTICIPATE IN A NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENT. IN ORDER TO RECEIVE AMOUNTS DEFERRED UNDER THE ARRANGEMENT, THE INDIVIDUAL MUST BE EMPLOYED ON THE VESTING DATE. AMOUNTS PAID UNDER THE PLAN ARE INCLUDED ON SCHEDULE J, PART II, COLUMN (B)(III). NO AMOUNTS WERE ACCURED UNDER THE PLAN IN 2023. AMOUNTS PREVIOUSLY DISCLOSED AS ACCRUED IN SCHEDULE J, PART II, COLUMN (C) ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (F). CERTAIN LISTED INDIVIDUALS PARTICIPATED IN AN EARLY RETIREMENT INCENTIVE PLAN. PAYMENTS MADE UNDER THE PLAN IN 2023 ARE INCLUDED IN SCHEDULE J, COLUMN (B)(III). A CALIFORNIA MUNICIPAL FINANCE AUTHORITY 201563466 13048T2U6 2017-04-20 130743561 CONSTRUCTION & REFUND PRIOR BONDS 0 0 0 A 25290000 131200732 29456916 1309010 44885483 55549323 2018 1 1 1 1 A 0 0 0 0 0 0 1 A 0 1 0 1 0 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CALIFORNIA MUNICIPAL FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 01/05/2023 PART II, LINE 3, COLUMN A THE CMFA 2015A AND 2010A BONDS WERE REFINANCED TO THE CMFA 2017 A&B BOND ISSUE. THE CMFA 2010A AND CMFA 2015 BONDS WERE COLLATERALIZED BY PARCELS OF LAND, AND HAD VARIOUS DEBT COVENANTS. THE CMFA 2017 A&B BONDS ARE UNSECURED AND HAVE NO FINANCIAL DEBT COVENANTS. IN ADDITION TO REFINANCING PRIOR BONDS, THE CMFA 2017 A&B BONDS, PROVIDED AN ADDITIONAL $42,000,000 OF FUNDS. THE FUNDS WERE MOSTLY UTILIZED TOWARD THE CONSTRUCTION OF A NEW RESIDENCE AND DINING HALL. DUE TO INTEREST EARNINGS OF $457,171 ON THE CMFA A&B BOND ISSUE, THE TOTAL PROCEEDS OF ISSUE ON LINE 3 OF $131,200,732 WILL NOT RECONCILE BACK TO THE TOTAL ISSUE PRICE IN PART I, ROW A, COLUMN E OF $130,743,561. ANKINE KECHICHIAN FAMILY MEMBER OF CFO 141632 COMPENSATION FOR EMPLOYMENT 0 MICHELLE KECHICHIAN FAMILY MEMBER OF CFO 167221 COMPENSATION FOR EMPLOYMENT 0 LISA LESTER FAMILY MEMBER OF TRUSTEE 94580 COMPENSATION FOR EMPLOYMENT 0 SCHEDULE L, PART IV: THE EMPLOYMENT AND CONSULTING CONTRACTS BETWEEN THE UNIVERSITY AND THE INDIVIDUALS LISTED ARE INDEPENDENT OF THEIR FAMILY RELATIONSHIP WITH THE INTERESTED PERSONS OF THE UNIVERSITY. ALL TRANSACTIONS ARE DEEMED ARM'S LENGTH. X 2 2300 FMV X 3375 FMV X 24559 SELLING PRICE X 4 50509 FMV X 5 1414 FMV X 4 712 COST X SPORT EXPERIENCES 11 13962 COST X GETAWAYS/TOURS 5 4618 COST X COMPUTER 1 3174 COST X MUSIC INSTRUMENT 1 3000 FMV X EXAM TABLE 1 2150 FMV X JEWELRY 3 540 COST 0 1 1 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING BOTH THE NUMBERS OF CONTRIBUTORS AND NUMBERS OF ITEMS RECEIVED ON SCHEDULE M, PART I, COLUMN (B). PART I, LINE 32B: THE UNIVERSITY MAY UTILIZE ORGANIZATIONS TO LIQUIDATE NON-CASH CONTRIBUTIONS IF IT IS DETERMINED THAT IT DOES NOT WANT TO MAINTAIN THE CONTRIBUTION AND THE DONOR RESTRICTIONS ALLOW FOR SUCH LIQUIDATION. THE THIRD-PARTY ORGANIZATION SELECTED DEPENDS ON THE TYPE OF CONTRIBUTION RECEIVED AND THE MARKET IN WHICH IT CAN BE LIQUIDATED. FOR EXAMPLE, THE UNIVERSITY MAY UTILIZE A PROPERTY MANAGEMENT FIRM TO POST AVAILABLE PROPERTIES OF REAL ESTATE. FORM 990, PART I, LINE 1 TO PROVIDE OPPORTUNITIES FOR STUDENTS TO ACHIEVE EDUCATIONAL GOALS AND BECOMING CONTRIBUTING CITIZENS TO THE GLOBAL COMMUNITY. FORM 990, PART III, LINE 1 THE UNIVERSITY OF LA VERNE OFFERS A DISTINCTIVE AND RELEVANT EDUCATIONAL EXPERIENCE TO A DIVERSE POPULATION OF TRADITIONAL-AGE, ADULT, AND GRADUATE LEARNERS, PREPARING THEM FOR SUCCESSFUL CAREERS AND A COMMITMENT TO LIFE-LONG LEARNING ACROSS THE LIBERAL ARTS AND PROFESSIONAL PROGRAMS. FORM 990, PART III, LINE 4A UNIVERSITY OF LA VERNE OFFERS HIGH QUALITY DEGREE PROGRAMS TO BOTH TRADITIONAL-AGE AND ADULT LEARNERS: PROVIDING LIBERAL ARTS AND PROFESSIONAL PROGRAMS FORM UNDERGRADUATE TO DOCTORAL LEVELS, AND DELIVERING PROGRAMS TO STUDENTS AT THE CENTRAL LA VERNE CAMPUS AS WELL AS REGIONAL CAMPUSES AND SATELLITE CLASS LOCATIONS THROUGHOUT CALIFORNIA. THE UNIVERSITY PROVIDES A STUDENT-CENTERED, VALUES-BASED, AND DIVERSE LEARNING ENVIRONMENT. IT TAKES PRIDE IN OFFERING SMALL CLASS SIZES IN A HIGHLY PERSONALIZED SETTING. THE UNIVERSITY ENCOURAGE EFFECTIVE TEACHING, RESEARCH, SCHOLARLY CONTRIBUTIONS, AND SERVICE TO THE GREATER COMMUNITY BY SHARING ITS ACADEMIC, PROFESSIONAL, AND INDIVIDUAL RESOURCES. UNIVERSITY OF LA VERNE PROVIDES EDUCATIONAL SERVICES TO 5,596 UNDERGRADUATE, GRADUATE, LAW, AND DOCTORAL STUDENTS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL CONSIST OF NO FEWER THAN SEVEN (7) OR MORE THAN TWELVE (12) TRUSTEES. THE MEMBERS OF THE EXECUTIVE COMMITTEE SHALL BE COMPRISED OF THE PRESIDENT OF THE UNIVERSITY, BOARD CHAIR, VICE-CHAIR, SECRETARY, COMMITTEE CHAIRS, AND ONE AT-LARGE MEMBER RECOMMENDED BY THE BOARD CHAIR AND ELECTED BY THE MEMBERS OF THE BOARD OF TRUSTEES. THE EXECUTIVE BOARD OF THE BOARD OF TRUSTEES SHALL ALSO SERVE AS THE OFFICERS OF THE EXECUTIVE COMMITTEE. THE CHIEF FINANCIAL OFFICER SHALL SERVE AS AN EX-OFFICIO MEMBER OF THIS COMMITTEE, WITHOUT THE POWER TO VOTE, AND S/HE SHALL NOT BE COUNTED AS A MEMBER OF THE COMMITTEE FOR ANY PURPOSE. BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE SHALL HAVE THE FULL AUTHORITY OF THE BOARD WITH THE FOLLOWING EXCEPTIONS: I. FILL VACANCIES ON THE BOARD OF TRUSTEES OR IN ANY COMMITTEE WHICH HAS THE AUTHORITY OF THE BOARD; II. AMEND OR REPEAL THESE BYLAWS OR ADOPT NEW BYLAWS; III. AMEND OR REPEAL ANY RESOLUTION OF THE BOARD WHICH BY ITS EXPRESS TERMS IS NOT SO AMENDABLE OR REPEALABLE; IV. APPOINT COMMITTEES OF THE BOARD OR THE MEMBERS THEREOF; V. APPROVE OF ANY SELF-DEALING TRANSACTION EXCEPT AS PROVIDED BY LAW; OR VI. ANY OTHER ACTIONS PROHIBITED BY CALIFORNIA CORPORATIONS CODE SECTION 5212 (A). IN ADDITION, THE EXECUTIVE COMMITTEE MAY NOT AWARD DEGREES OR APPOINT OR REMOVE THE PRESIDENT OF THE UNIVERSITY UNLESS SPECIFICALLY EMPOWERED BY THE BOARD OF TRUSTEES TO DO SO. FORM 990, PART VI, SECTION B, LINE 11B THE INFORMATION/DATA FOR THE 990 IS PRIMARILY GATHERED, CALCULATED, AND COMPILED BY THE UNIVERSITY'S EXECUTIVE DIRECTOR OF ACCOUNTING AND TREASURY. UPON COMPLETING THESE STEPS, THE INFORMATION IS FORWARDED TO THE ASSOCIATE VICE PRESIDENT OF FINANCE FOR REVIEW AND APPROVAL. ONCE APPROVED THE INFORMATION/DATA IS SENT TO THE TAX ADVISOR, GRANT THORNTON, TO PREPARE THE FORM 990. ONCE COMPLETED, THE FORM 990 IS FORWARDED TO THE EXECUTIVE DIRECTOR OF ACCOUNTING AND TREASURY TO ENSURE THAT THE INFORMATION THAT HAD BEEN ORIGINALLY PROVIDED WAS ENTERED CORRECTLY ONTO THE FORM. THE ASSOCIATE VICE PRESIDENT OF FINANCE ALSO PERFORMS A REVIEW OF THE RETURN, AFTER WHICH IT IS FORWARDED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES FOR REVIEW, COMMENTS, AND APPROVAL. THE FULL FILING COPY OF THE APPROVED FORM 990 IS MADE AVAILABLE TO THE FULL BOARD OF TRUSTEES THROUGH THE POSTING ON A SECURE WEBSITE PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C TO ENSURE COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY, THERE ARE ANNUAL SIGNED STATEMENTS OBTAINED FROM OFFICERS, TRUSTEES AND KEY EMPLOYEES. THE ASSOCIATE VICE PRESIDENT OF FINANCE REVIEWS THE STATEMENTS FOR DISCLOSURE OF ANY POTENTIAL CONFLICTS. IN ADDITION, THE OFFICE OF GENERAL COUNSEL REVIEWS ALL CONTRACTS THAT INVOLVE THE UNIVERSITY AND EMPLOYEES (OR A FAMILY MEMBER), TRUSTEE (OR FAMILY MEMBER), FOR ANY CONFLICTS OF INTEREST. REVEALED CONFLICTS ARE REPORTED ON THE FORM 990, AND REVIEWED BY MEMBERS OF THE BOARD AND AUDIT COMMITTEE TO DETERMINE ANY FURTHER ACTION IF NECESSARY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES ESTABLISHES THE SALARY OF THE PRESIDENT, AND THE PRESIDENT ESTABLISHES THE SALARIES FOR THE UNIVERSITY'S VICE PRESIDENTS. THE HUMAN RESOURCES DEPARTMENT REVIEWS THE UNIVERSITY'S SALARIES & COMPENSATION AND COMPARES THE INFORMATION TO BOTH NATIONAL AND LOCAL COMPARABILITY DATA TO ENSURE THE UNIVERSITY'S PAY RATES ARE CONSISTENT WITH OTHER COMPARABLE INSTITUTIONS. IN ADDITION, THE UNIVERSITY IS SUBSCRIBED TO SURVEYS THAT ARE RECEIVED AND REVIEWED ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S FINANCIAL STATEMENTS ARE AVAILABLE ON THE WEBPAGE OF THE FINANCE OFFICE (HTTPS://LAVERNE.EDU/ABOUT/FINANCIAL-STATEMENTS-TAX-RETURNS/). ADDITIONALLY, THE AUDITED FINANCIAL STATEMENTS ARE POSTED TO THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE (WWW.EMMA.MSRB.ORG). THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE, AND IT IS ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE UNDER THE HUMAN RESOURCES PAGE. GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE. FORM 990, PART XI, LINE 9: NET CHANGE IN ACTUARIAL OBLIGATIONS -231,435. CHARITABLE REMAINDER UNITRUSTS (18) FUNDRAISING CA T 0 CHARITABLE REMAINDER ANNUITY TRUST (1) FUNDRAISING CA T 0 NET INCOME WITH MAKE-UP CRUT (1) FUNDRAISING CA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0