2025-05-07T09:08:56-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 8215 GREENWAY BOULEVARD SUITE 600 MIDDLETON WI 53562 990 2023-07-01 370661496 CARTHAGE COLLEGE CART 2625518500 2001 ALFORD PARK DR KENOSHA WI 53140 VINCENTE J CEJA VP FOR FINANCE AND CFO 2625518500 2025-04-29 1 1 KIMBERLY ANDERSON CPA P00188889 6086628600 2025-04-29 2023 2025-03-06 01:10:19Z JOHN R SWALLOW 2001 ALFORD PARK DR KENOSHA WI 53140 143706748 0 X WWW.CARTHAGE.EDU X 1870 IL CARTHAGE IS A SCHOOL OF LIBERAL ARTS AND SCIENCES PROVIDING STUDENTS WITH A COLLEGE EDUCATION. CARTHAGE IS AFFILIATED WITH THE EVANGELICAL LUTHERAN CHURCH OF AMERICA. 30 28 1752 191 1913028 0 12101222 8764987 110043815 123864257 1796125 7148235 38764 -35525 123979926 139741954 46852280 51389645 0 0 40885460 41492695 29615 0 2061333 40579583 43391959 128346938 136274299 -4367012 3467655 411918213 440951784 118122718 127838822 293795495 313112962 X SEEKING TRUTH, BUILDING STRENGTH, INSPIRING SERVICE - TOGETHER 0 0 81919961 51389645 96636871 INSTRUCTION: CARTHAGE COLLEGE AWARDS THE BACHELOR OF ARTS DEGREES WITH MAJORS IN MORE THAN 54 SUBJECT AREAS AND 14 MASTER'S DEGREES. THE 2023-2024 ACADEMIC YEAR ENROLLMENT WAS 2,713 FULL TIME EQUIVALENT (FTE) STUDENTS IN THE FALL SEMESTER AND 2,499 FTE STUDENTS ENROLLED IN THE SPRING SEMESTER. OF THE TOTAL NUMBER OF STUDENTS ENROLLED IN 2023-2024 ACADEMIC YEAR, 524 MET THE UNDERGRADUATE REQUIREMENTS OF GRADUATION, 30 MET THE GRADUATE REQUIREMENTS FOR THE MASTER'S IN EDUCATION, 25 MET THE GRADUATE REQUIREMENTS FOR THE MASTER'S IN SCIENCE AND 17 MET THE GRADUATE REQUIREMENTS FOR MASTER'S IN MUSIC. 5275277 0 0 INSTITUTIONAL SUPPORT AT CARTHAGE COLLEGE IS COMPRISED OF SERVICES THAT SUPPORT ADMINISTRATIVE FUNCTIONS OF THE COLLEGE INCLUDING PRESIDENT'S OFFICE, ADVANCEMENT, COMMUNICATIONS, FINANCE & ADMINISTRATIVE SERVICES, AND GENERAL INSTITUTIONAL EXPENSES. 14722816 0 1113366 STUDENT SERVICES: CARTHAGE BOASTS A LONG-STANDING COMMITMENT TO EDUCATING THE WHOLE PERSON BY NOURISHING THE INTELLECTUAL, SPIRITUAL, EMOTIONAL, SOCIAL AND PHYSICAL DIMENSIONS OF STUDENTS' LIVES. THE COLLEGE OFFERS A CURRICULUM THAT CHALLENGES STUDENTS TO THINK CRITICALLY AND EXPRESS THEMSELVES EFFECTIVELY, A CAMPUS LIFE THAT ENCOURAGES INVOLVEMENT AND SERVICE (OVER 124 STUDENT ORGANIZATIONS), A COMMUNITY OF FAITH THAT NURTURES SPIRITUAL GROWTH AND DEVELOPS MORAL RESPONSIBILITY, AND CO-CURRICULAR ACTIVITIES THAT INSPIRE STUDENTS TO TEST THEIR OWN LIMITS AND EXPRESS THEIR INDIVIDUALITY. THE AWARD-WINNING STATE-OF-THE-ART HEDBERG LIBRARY UNITES BOOKS, PERIODICALS, ACADEMIC COMPUTING, NETWORK DATA PORTS AND MULTIMEDIA RESOURCES. 13085452 0 24200992 AUXILIARY ENTERPRISES AT CARTHAGE COLLEGE ARE COMPRISED OF 12 RESIDENCE HALLS ON CAMPUS, 7 DINING VENUES, AND A BOOKSTORE FOR STUDENTS, FACULTY AND STAFF. OF THE TOTAL STUDENT BODY, 66.6% OF ENROLLED STUDENTS LIVED ON-CAMPUS AND PARTICIPATED IN THE RESIDENT STUDENT BOARD PLAN. 1,824 STUDENTS RESIDED IN CAMPUS HOUSING DURING THE 2023-2024 ACADEMIC YEAR. 13085452 0 24200992 115003506 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 1 3714 0 1 1752 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 30 28 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X VINCENTE J CEJA 2625515763 2001 ALFORD PARK DRIVE KENOSHA WI 53140 JOHN SWALLOW PRESIDENT AND CHIEF EXECUTIVE OFFICER 50.00 X X 535965 0 78311 H JEFFREY HAMAR CHAIR 1.00 X X 0 0 0 GINA MADRIGRANO FRIEBUS FIRST VICE CHAIR 1.00 X X 0 0 0 HOYT HARPER II SECOND VICE CHAIR 1.00 X X 0 0 0 DAVID WIERS SECRETARY 1.00 X X 0 0 0 PATRICK ANDERSON TRUSTEE 1.00 X 0 0 0 MARY BISHOP TRUSTEE 1.00 X 0 0 0 LUCY BROWN TRUSTEE 1.00 X 0 0 0 RICHARD CHRISTMAN TRUSTEE 1.00 X 0 0 0 REV DR PAUL ERICKSON TRUSTEE 1.00 X 0 0 0 CHRISTINE HOBBS TRUSTEE 1.00 X 0 0 0 STEVEN HOPP TRUSTEE 1.00 X 0 0 0 TOM DUNCAN TRUSTEE 1.00 X 0 0 0 CHERIE MATTHAIDESS ROBINSON TRUSTEE 1.00 X 0 0 0 FREDERICK JOHN KRULL TRUSTEE 1.00 X 0 0 0 RICHARD LABERGE TRUSTEE 1.00 X 0 0 0 ROBERT LEE JR TRUSTEE 1.00 X 0 0 0 THOMAS MARTINEZ TRUSTEE 1.00 X 0 0 0 REV WAYNE MILLER TRUSTEE 1.00 X 0 0 0 ALAN MILLS TRUSTEE 1.00 X 0 0 0 MARIA NALYWAYKO TRUSTEE 1.00 X 0 0 0 JEFF NEUBAUER TRUSTEE 1.00 X 0 0 0 ANDREW PALMEN TRUSTEE 1.00 X 0 0 0 NICHOLAS PINCHUK TRUSTEE 1.00 X 0 0 0 LEANN PEDERSEN POPE TRUSTEE 1.00 X 0 0 0 CHARLES SUTTON TRUSTEE 1.00 X 0 0 0 BRIAN PECCARELLI TRUSTEE 1.00 X 0 0 0 LOREN SEMLER TRUSTEE 1.00 X 0 0 0 HON CYNTHIA WALKER TRUSTEE 1.00 X 0 0 0 VINCENTE CEJA VP FOR FINANCE, CFO, TREASURER 50.00 X 162516 0 23809 DAVID TIMMERMAN PROVOST AND CHIEF OPERATING OFFICER 50.00 X 231723 0 69344 ABIGAIL HANNA EXECUTIVE VICE PRESIDENT FOR ADMINISTRATION 50.00 X 184202 0 45000 MICHELE HANCOCK VICE PRESIDENT FOR COLLEGE CULTURE FOR INCLUSION 50.00 X 188637 0 9939 BRIDGET HAGGERTY VICE PRESIDENT OF ADVANCEMENT 50.00 X 188452 0 26421 KEVIN CROSBY DIRECTOR FOR THE WISCONSIN SPACE GRANT CONSORTIUM; 40.00 X 214045 0 57069 JIM PADILLA DEAN, BUSINESS SCHOOL 40.00 X 179609 0 65748 ROBERT NAGEL DIRECTOR OF ENGINEERING 40.00 X 156562 0 12127 CORINNE NESS DEAN, DIVISION OF ARTS AND HUMANITIES; PROGRAM DIR 40.00 X 141715 0 5763 ASHLEY HANSON VP OF ENROLLMENT 50.00 X 138882 0 47991 2322308 0 441522 44 0 1 0 AVAAP USA LLC 510 THORNALL STREET SUITE 250 EDISON NJ 08837 ERP IMPLEMENTATION 1275810 KOCH KUTS LLC PO BOX 734 BURLINGTON WI 53105 LANDSCAPING SERVICES 430477 IDFIVE LLC 81 MOSHER STREET 3RD FLOOR BALTIMORE MD 21217 MEDIA 392480 123 PAINTING CORP 1510 MACARTHUR DRIVE WAUKEGAN IL 60087 PAINTING SERVICES 235172 CLASSIC GARDENS 8134 HWY K FRANKSVILLE WI 53126 LANDSCAPING SERVICES 171255 8 69564 2232809 6462614 2289327 8764987 TUITION AND FEES 611710 96636871 96636871 AUX. ENTERPRISE 611710 26114020 24200992 1913028 OTHER STUDENT SERVICES 611710 1113366 1113366 123864257 3493072 3493072 21400 0 21400 21400 21400 7541832 3886669 3655163 3655163 3655163 21200 69564 78125 -56925 -56925 139741954 121951229 1913028 7112710 51389645 51389645 1754650 1322355 387822 44473 30056298 22652499 6643548 760251 1252857 944189 276913 31755 6228379 4693887 1376628 157864 2200511 1658461 486395 55655 68168 51373 15067 1728 126613 95419 27985 3209 570722 570722 4646350 3536238 1037111 73001 1470415 1108516 325107 36792 3306502 2496907 732295 77300 2123314 1600357 469354 53603 13945284 11521645 2126266 297373 4560614 3780833 720268 59513 122802 92547 27142 3113 1585937 563579 1022358 8697843 5696577 2633516 367750 1497401 1128485 330963 37953 GENERAL INSTITUTIONAL 669994 669994 136274299 115003506 19209460 2061333 5054472 2074244 4313892 4095496 58218220 70253778 3150000 3355341 1206778 1103645 1824633 3068340 305525794 111691966 191515147 193833828 146363877 162897081 185650 185650 85544 84381 411918213 440951784 6535557 5508176 1210433 1085786 58691723 66696872 48288316 51477071 800000 836800 2596689 2234117 118122718 127838822 X 166641379 169106793 127154116 144006169 293795495 313112962 411918213 440951784 X 3467655 15341204 508608 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 4066249 X X X X 0 149045261 1697588 21704928 7624470 164823307 136204897 1524703 18246257 6930596 149045261 164311119 2188928 -25883140 4412010 136204897 124578458 1319378 42314392 3901109 164311119 123918518 1308351 4414373 5062784 124578458 0.23225 0.43140 0.33635 0 0 763535 763535 235925832 72655537 163270295 57448154 37138875 20309279 11388273 1897554 9490719 193833828 ANNUITIES PAYABLE 1030887 ASSET RETIREMENT OBLIGATION 383638 INTEREST RATE SWAP LIABILITY 251638 DEPOSITS HELD IN CUSTODY FOR OTHERS 567954 2234117 X 103727523 15341205 18000 586731 15945936 87781587 570722 51389645 51960367 139741954 84410056 18000 78124 96124 84313932 570722 51389645 51960367 136274299 PART III, LINE 4: PALUMBO CIVIL WAR COLLECTION - ON SEMI-PERMANENT DISPLAY AT KENOSHA CIVIL WAR MUSEUM, AND A GEMSTONE COLLECTION. "FACE OF LINCOLN" - ON DISPLAY SAMUEL SCHOEN SOVIET ART COLLECTION, "PEONIES & STRAWBERRIES, AND OTHER SOVIET ARTWORK - IN KEEPING WITH CARTHAGE'S COMMITMENT TO PROVIDING A HIGH QUALITY EDUCATIONAL EXPERIENCE WITHIN THE LIBERAL ARTS, THE COLLEGE SEEKS TO UTILIZE ITS RECENTLY ACQUIRED COLLECTION OF SOVIET ARTWORK IN A SERIES OF EDUCATIONAL AND PUBLIC-FACING PROGRAMS THAT WOULD ENHANCE THE REPUTATION OF THE COLLEGE AS A SEAT OF THE ARTS AND HUMANITIES IN SOUTHEASTERN WISCONSIN, AND SUPPORT CONNECTIONS WITH OTHER CULTURAL INSTITUTIONS IN OUR REGION. OUR VISION FOR USE OF THE ARTWORK COLLECTION OF OVER 130 PAINTINGS RANGING FROM PERIODS OF RUSSIAN IMPRESSIONISM, SOVIET REALISM, AND THE PRE-SOVIET "WANDERING" PERIODS TO CREATE A CONVENING FORCE THAT WILL DRAW PEOPLE TO THE COLLEGE, ELEVATE THE COLLEGE'S CULTURAL OFFERINGS, AND FOSTER SCHOLARLY ACTIVITY AND SUBSTANTIVE DISCUSSION RELATED TO THE PIECES AND THE SOCIAL-HISTORICAL CONTEXT OF THEIR PRODUCTION, AS WELL AS THE MEANING OF ART IN THE CONSTRUCTION OF NATIONAL CONSCIOUSNESS AND COMMUNITY IDENTITY. OUR GOAL IS NOT MERELY TO COMMUNICATE THE HISTORY AND CONTEXT OF THE PIECES, BUT TO FOSTER NEW WAYS OF TALKING ABOUT ART AND ARTISTIC PRODUCTION AS A FULLY EMBEDDED SOCIAL-HISTORICAL PROCESS, AND TO EXAMINE THROUGH THESE AND OTHER FORMS OF ARTISTIC EXPRESSION THE MYRIAD WAYS THAT ART INTERSECTS WITH POLITICS, POLICY, COMMUNITY AND IDENTITY. THE COLLEGE HAS DEVELOPED A MULTI-YEAR PLAN THAT WILL BUILD TOWARD A NATIONALLY RECOGNIZED PROGRAM FOR OUTREACH AND EDUCATION AND WILL SUPPORT RESEARCH, SCHOLARLY PRODUCTION, CULTURAL EXPERIENCES, AND NATIONAL AND INTERNATIONAL COLLABORATIONS. PART V, LINE 4: THE ENDOWMENT FUNDS ARE USED TO FUND SCHOLARSHIPS, EDUCATIONAL PROJECTS, AND OTHER VARIOUS PURPOSES. PART X, LINE 2: THE INTERNAL REVENUE SERVICE (IRS) HAS DETERMINED THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THE COLLEGE IS NOT SUBJECT TO FEDERAL INCOME TAXES EXCEPT TO THE EXTENT IT DERIVES INCOME FROM CERTAIN ACTIVITIES NOT SUBSTANTIALLY RELATED TO ITS TAX-EXEMPT PURPOSES (UNRELATED TRADE OR BUSINESS ACTIVITIES). THE COLLEGE IS ALSO EXEMPT FROM STATE INCOME TAX. AT JUNE 30, 2024, THE COLLEGE HAD NO OBLIGATION FOR UNRELATED BUSINESS INCOME TAX. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2024. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 78,124. CHANGES IN ACTUARIAL LIABILITY 382,345. CHANGES IN VALUE OF INTEREST RATE SWAP 126,262. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS TO STUDENTS 51,389,645. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 78,124. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS TO STUDENTS 51,389,645. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 CARTHAGE COLLEGE FOLLOWS A NONDISCRIMINATORY POLICY REGARDING ALL PROGRAMS. ENROLLMENT OF STUDENTS IS WITHOUT DISCRIMINATION AS TO RACE, COLOR, RELIGION, SEX, GENDER EXPRESSION, GENDER IDENTITY, SEXUAL ORIENTATION, NATIONAL ORIGIN, PROTECTED VETERAN STATUS OR STATUS AS AN INDIVIDUAL WITH A DISABILITY. THIS POLICY IS PUBLISHED IN THE COLLEGE'S CATALOG, EMPLOYEE HANDBOOK, COMMUNITY CODE, AND ON THE COLLEGE'S WEBSITE AND RECRUITING INFORMATION. RECRUITMENT PROCEDURES ARE DESIGNED AND CARRIED OUT TO REACH ALL RACIAL SEGMENTS IN THE GEOGRAPHIC AREA SERVED. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE U.S. GOVERNMENT IN CONNECTION WITH VARIOUS PROGRAMS SUCH AS THE PERKINS STUDENT LOAN PROGRAM, FEDERAL WORK STUDY PROGRAM, PELL GRANT PROGRAM, AND SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM. STUDENTS ATTENDING CARTHAGE COLLEGE ALSO RECEIVE FINANCIAL ASSISTANCE FROM THE STATE OF WISCONSIN. CARTHAGE GOLF OUTING 90764 69564 21200 33365 26438 18322 90764 69564 21200 33365 26438 18322 78125 -56925 1 SCHOLARSHIPS AND GRANTS PROVIDED AS FINANCIAL AID TO STUDENTS 2623 46350413 FSEOG 309 149219 WI TUITION GRANT 411 1413639 PELL GRANTS 716 3476374 PART I, LINE 2: CARTHAGE COLLEGE OFFERS SCHOLARSHIPS AND GRANTS TO QUALIFIED STUDENTS TO HELP REDUCE THEIR OUT-OF-POCKET TUITION COSTS. STUDENTS RECEIVING FINANCIAL ASSISTANCE OF THIS FORM MUST MEET SPECIFIC CRITERIA SUCH AS ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND OTHER SIMILAR STANDARDS WHETHER PUT IN PLACE BY THE COLLEGE OR BY DONORS OF RESTRICTED FUNDS. X X X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 JOHN SWALLOW PRESIDENT AND CHIEF EXECUTIVE OFFICE 472006 0 60000 0 3959 0 16500 0 61811 0 614276 0 0 0 DAVID TIMMERMAN PROVOST AND CHIEF OPERATING OFFICER 231723 0 0 0 0 0 37049 0 32295 0 301067 0 0 0 KEVIN CROSBY DIRECTOR FOR THE WISCONSIN SPACE GRA 214045 0 0 0 0 0 7089 0 49980 0 271114 0 0 0 JIM PADILLA DEAN, BUSINESS SCHOOL 179609 0 0 0 0 0 14440 0 51308 0 245357 0 0 0 ABIGAIL HANNA EXECUTIVE VICE PRESIDENT FOR ADMINIS 184202 0 0 0 0 0 29510 0 15490 0 229202 0 0 0 BRIDGET HAGGERTY VICE PRESIDENT OF ADVANCEMENT 188452 0 0 0 0 0 9435 0 16986 0 214873 0 0 0 MICHELE HANCOCK VICE PRESIDENT FOR COLLEGE CULTURE F 188637 0 0 0 0 0 9104 0 835 0 198576 0 0 0 ASHLEY HANSON VP OF ENROLLMENT 138882 0 0 0 0 0 7650 0 40341 0 186873 0 0 0 VINCENTE CEJA VP FOR FINANCE, CFO, TREASURER 162516 0 0 0 0 0 8398 0 15411 0 186325 0 0 0 ROBERT NAGEL DIRECTOR OF ENGINEERING 156562 0 0 0 0 0 11628 0 499 0 168689 0 0 0 PART I, LINE 1A THE PRESIDENT OF THE ORGANIZATION IS THE ONLY RECIPIENT OF THE STATED BENEFITS APART FROM SOCIAL CLUB DUES. THE PRESIDENT AND THE DIRECTOR OF ATHLETICS ARE MEMBERS OF SOCIAL CLUBS FOR THE PURPOSE OF RAISING FUNDS FOR THE COLLEGE. THIS EXPENSE IS NOT INCLUDED IN THEIR TAXABLE BENEFITS AS ITS PURPOSE IS TO BENEFIT THE COLLEGE. THE PRESIDENT'S WIFE SOMETIMES ACCOMPANIES HIM TO FUNDRAISING EVENTS. THE COLLEGE HAS DETERMINED THAT THESE EXPENSES ARE COSTS FOR FUNDRAISING AND ARE NOT CONSIDERED TAXABLE BENEFITS. THE PRESIDENT LIVES IN COLLEGE-OWNED HOUSING AND THE COLLEGE PROVIDES REGULAR LIGHT CLEANING TO THE HOME. THE VALUE OF THE HOUSING AND THE CLEANING ARE CONSIDERED NONTAXABLE FRINGE BENEFITS. PART I, LINE 4B CONTRIBUTION TO 457F PLAN DURING THE CALENDAR YEAR 2023 WAS $25,000 FOR DAVID TIMMERMAN AND $20,000 FOR ABIGAIL HANNA. A WISCONSIN HEALTH AND EDUCATIONAL FACILITIES 391337855 2017-06-21 42500000 FINANCING OF SCIENCE CENTER 0 0 0 B WISCONSIN HEALTH AND EDUCATIONAL FACILITIES 391337855 2015-04-30 10250000 REDEEMED THE 1995 BONDS AND REFUNDED THE 1999 SERIES A BONDS 0 0 0 C WISCONSIN HEALTH AND EDUCATIONAL FACILITIES 391337855 2022-09-08 8000000 CONSTRUCTION OF THE FACILITIES MAINTENANCE BUILDING AND SOFTBALL FIELD. 0 0 0 D WISCONSIN HEALTH AND EDUCATIONAL FACILITIES 391337855 2023-12-07 6000000 CONSTRUCTION OF THE ENGINEERING DEPARTMENT AND OTHER PROJECTS 0 0 0 A 9880000 42500000 42500000 1 0 1 1 B 5125000 10250000 10250000 1 0 1 1 C 267929 8000000 8000000 1 0 1 1 D 6000000 85217 5914783 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 1 0 0 1 0 0 0 1 C 0 1 0 0 1 0 0 0 1 D 0 1 0 0 1 0 0 0 1 A 1 B 1 C 1 D 1 SEE PART V PART V PART V X 3150000 3355341 0 1 1 3355341 SCHEDULE L, PART II, LOANS TO AND FROM INTERESTED PERSONS: (A) NAME OF INTERESTED PERSON: JOHN SWALLOW(B) RELATIONSHIP WITH ORGANIZATION: PRESIDENT/CEO(C) PURPOSE OF LOAN: SPLIT DOLLAR LIFE INSURANCE POLICY X 39 2193443 FMV (NYSE OR EQUIV) X 3 3050 DONOR ESTIMATE OF FMV X PIANO 1 75000 DONOR ESTIMATE OF FM X TICKETS/ENTERTAINMENT 7 13158 DONOR ESTIMATE OF FM X BOOKS 6 3111 DONOR ESTIMATE OF FM X TOOLS 1 1565 DONOR ESTIMATE OF FM 0 0 1 1 PART I, COLUMN (B): NUMBER OF CONTRIBUTORS IS RECORDED. PART I, LINE 32B: AS NEEDED BASED ON NON-CASH CONTRIBUTION - BAIRD IS USED TO RECEIVE AND SELL STOCK CONTRIBUTED. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE REVIEWS A COMPLETE COPY OF THE 990 AND IT IS MADE AVAILABLE TO ALL GOVERNING BOARD MEMBERS BEFORE FILING EXCEPT SCHEDULE B TO PROTECT DONOR IDENTITY. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND BOARD OF TRUSTEES ARE COVERED BY THE CONFLICT OF INTEREST POLICY. ANNUALLY, ALL EMPLOYEES AND BOARD MEMBERS ARE PROVIDED A CONFLICT OF INTEREST DISCLOSURE FORM AND ASKED TO REVIEW IT TO SEE IF ANY CONFLICTS SHOULD BE NOTED. THE COLLEGE ATTORNEY DETERMINES AS TO WHETHER POSSIBLE CONFLICTS EXIST AND INFORMS THE CONTROLLER AND CFO OF SUCH POTENTIAL CONFLICTS. NO CONFLICTS HAVE ARISEN TO DATE. IF A CONFLICT WERE TO BE FOUND, THE BOARD MEMBER WITH A CONFLICT WOULD NOT BE ALLOWED TO BE PRESENT FOR OR PARTICIPATE IN THE VOTING AROUND THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE PRESIDENT IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES IN EXECUTIVE SESSION. THIS REVIEW IS PERFORMED ANNUALLY USING COMPARABILITY DATA. THE ENTIRE PROCESS IS DOCUMENTED. THE COMPENSATION OF KEY EMPLOYEE/OFFICERS IS DETERMINED BY THE PRESIDENT WITH REVIEW BY THE BOARD AS REQUESTED. ALL DECISIONS AND DELIBERATIONS ARE DOCUMENTED IN THE MEETING MINUTES. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 CARTHAGE COLLEGE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE INTERNAL DOCUMENTS AND NOT AVAILABLE TO THE PUBLIC. AUDITED FINANCIAL STATEMENTS, HOWEVER, ARE MADE AVAILABLE TO THE PUBLIC VIA CARTHAGE'S WEBSITE. FORM 990, PART XI, LINE 9: ADJUSTMENT OF ACTUARIAL LIABILITY FOR ANNUITIES 382,346. CHANGE IN VALUE OF INTEREST RATE SWAP 126,262. CHARITABLE REMAINDER ANNUITY TRUSTS (132) CHARITABLE TRUST WI N/A T 0 CHARITABLE REMAINDER UNITRUSTS (2) CHARITABLE TRUST WI N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0