2022-05-13T07:25:51-05:00 2021-06-30 366055558 GRANT THORNTON 75 STATE STREET 13TH FLOOR BOSTON MA 02109 990 2020-07-01 951644026 UNIVERSITY OF LA VERNE UNIV 9095933511 1950 THIRD STREET LA VERNE CA 917504401 AVEDIS KECHICHIAN CFO 9095933511 2022-05-13 1 AVEDIS KECHICHIAN 999009999 ERIN COUTURE P01390592 6177237900 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z DEVORAH A LIEBERMAN 1950 THIRD STREET LA VERNE CA 917504401 296721105 0 X WWW.LAVERNE.EDU X 1891 CA TO PROVIDE OPPORTUNITIES FOR STUDENTS TO ACHIEVE EDUCATIONAL GOALS AND BECOMING CONTRIBUTING CITIZENS TO THE GLOBAL COMMUNITY. 31 28 2282 30 0 0 10475159 16563404 200245049 190977581 7309329 8493362 1353013 770054 219382550 216804401 55922700 66141603 0 0 95457914 85492037 0 0 3045029 57548579 51084126 208929193 202717766 10453357 14086635 435518690 489778337 157944761 167847630 277573929 321930707 X 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. 0 0 165506547 66141603 191582217 SEE SCHEDULE OUNIVERSITY 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 ENCOURAGES 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 9,995 UNDERGRADUATE, GRADUATE, LAW, AND DOCTORAL STUDENTS. 165506547 1 1 0 0 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 0 0 0 0 1 0 0 0 1 200 0 1 2282 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 31 28 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 40.00 0.00 X X 537405 0 195667 LUIS FAURA CHAIRMAN 1.00 0.00 X X 0 0 0 STEVEN N REENDERS VICE CHAIR 1.00 0.00 X X 0 0 0 SUSAN M SEARING SECRETARY 1.00 0.00 X 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 ANTHONY REVIER TRUSTEE 1.00 0.00 X 0 0 0 JOSEPH V FENGLER TRUSTEE 1.00 0.00 X 0 0 0 MARK HICKS TRUSTEE/ADJUNCT 24.00 0.00 X 59699 0 285 WENDY LAU ESQ TRUSTEE 1.00 0.00 X 0 0 0 ALEX LESTER ESQ TRUSTEE 1.00 0.00 X 0 0 0 KENNETH D LITTLE TRUSTEE 1.00 0.00 X 0 0 0 MARY ANN MELLEBY TRUSTEE 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 DEBORAH PROCTOR TRUSTEE 1.00 0.00 X 0 0 0 VALERIE C ROMERO TRUSTEE 1.00 0.00 X 0 0 0 CLIFFORD DANIELS TRUSTEE 1.00 0.00 X 0 0 0 DAVID D SHIVELY DDS TRUSTEE 1.00 0.00 X 0 0 0 FRANK LIZARRAGA TRUSTEE 1.00 0.00 X 0 0 0 OWEN RAY SKELTON TRUSTEE 1.00 0.00 X 0 0 0 EMMETT L TERRELL TRUSTEE 1.00 0.00 X 0 0 0 REGGIE WEBB TRUSTEE 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 AVEDIS KECHICHIAN CHIEF FINANCIAL OFFICER 40.00 0.00 X 285022 0 95734 JONATHAN REED PROVOST 40.00 0.00 X 257746 0 22110 DOAJO HICKS GENERAL COUNSEL 40.00 0.00 X 219193 0 59251 SHERRI MYLOTT VP, UNIVERSITY ADVANCEMENT 40.00 0.00 X 222370 0 50734 IBRAHIM HELOU DEAN, COLLEGE OF BUSINESS 40.00 0.00 X 219308 0 45435 KEVIN MARSHALL PROF/INT DEAN, COLLEGE OF LAW 40.00 0.00 X 206956 0 43795 KIMBERLY WHITE-SMITH DEAN, COLLEGE OF EDUCATION 40.00 0.00 X 179748 0 46633 TODD BRITTON CHIEF INFORMATION OFFICER, AVP 40.00 0.00 X 184021 0 22502 BRIAN CLOCKSIN VICE PROVOST FOR STRATEGIC HEALTH INITIATIVE & PRO 40.00 0.00 X 164507 0 37408 MARY AGUAYO VP, STRATEGIC ENROLLMENT MGMT 40.00 0.00 X 164161 0 37319 NELLY KAZMAN INTERIM DEAN OF ROC 40.00 0.00 X 167131 0 16072 MICHAEL P O'CONNOR PROFESSOR OF LAW 40.00 0.00 X 279010 0 23374 DIANE K UCHIMIYA PROFESSOR OF LAW 40.00 0.00 X 263367 0 20117 SUSAN EXON PROFESSOR OF LAW 40.00 0.00 X 258999 0 16658 H RANDALL RUBIN PROFESSOR OF LAW 40.00 0.00 X 198585 0 42335 ROBERT EARHART ASSOC VP OF ADVANCEMENT 40.00 0.00 X 207546 0 22131 4074774 0 797560 172 0 1 0 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DR CHICAGO IL 60693 LICENSE, MAINTENANCE & SUPPORT 974754 CALL & JENSEN APC 610 NEWPORT CENTER DR STE 700 NEWPORT BEACH CA 92660 LEGAL 289959 ROTH STAFFING COMPANIES LP ULTIMATE STA 450 N STATE COLLEGE BLVD ORANGE CA 92868 STAFFING 218486 DUESENBERG INVESTMENT COMP 300 ESPLANADE DR STE 260 OXNARD CA 93036 INVESTMENT 180986 THOMSON REUTERS PO BOX 6292 CAROL STREAM IL 60197 MEDIA 164596 8 214155 10004344 6344905 679719 16563404 TUITION & FEES 611310 188862427 188862427 AUXILIARY ENTERPRISES 611310 1902081 1902081 SPONSORED PROGRAMS 900099 164468 164468 TICKET SALES & EVENTS 900099 28526 28526 BOOKSTORE 900099 20079 20079 190977581 3141418 3141418 29 29 28068 0 28068 28068 28068 85153741 79801826 5351915 5351915 5351915 252228 214155 114878 137350 137350 CONTRACT REVENUE 900099 188125 188125 USE OF FACILITIES 900099 50008 50008 STUDENT PROJECT SALES 900099 48716 48716 317787 317787 604636 216804401 191582217 0 8658780 66141603 66141603 3105234 1964861 771119 369254 341613 274011 57627 9975 62984138 51045935 10377593 1560610 5381169 4146188 1048692 186289 8990953 7293589 1538792 158572 4688930 3827251 726194 135485 809772 12092 797207 473 139354 139354 9041744 4209088 4474282 358374 1488277 40548 1376656 71073 3110207 1309688 1660958 139561 4619560 1391718 3188309 39533 4288002 2855155 1432847 88066 48615 34742 4709 65777 37006 22553 6218 5377613 4224763 1152850 10025827 6826672 3199155 2792693 1627782 1164911 CONTRACTED TEACHING SER 5977594 5977594 EQUIP. RENTAL & MAINT. 936783 395199 537400 4184 CONTRACTED FOOD SERVICE 709386 708667 719 DOUBTFUL ACCOUNTS 611307 611307 1002164 537215 464949 202717766 165506547 34166190 3045029 45320 77900 67441648 58252590 2057433 2290735 6584136 5222307 3795117 37395 40564 2302795 2014705 315849711 135006860 189740282 180842851 145766419 201614855 17388269 19060845 4154993 0 16565868 435518690 489778337 13316512 32592761 14382122 10552097 124732820 119973139 882009 830727 4631298 3898906 157944761 167847630 X 181982868 186291439 95591061 135639268 277573929 321930707 435518690 489778337 X 14086635 30524032 -253889 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 109253175 2072230 37183708 1955968 -7415 146560560 109371185 506836 1372780 1956344 41282 109253175 103743414 2969582 4537094 1878905 109371185 98125425 2143095 5353097 1878203 103743414 78806047 6459868 11813492 -1256266 210248 98125425 0.30000 0.70000 0 0 263105 26438026 26701131 159201812 58332512 100869300 63363628 21063841 42299787 65815344 55131912 10683432 767796 478595 289201 180842851 ANNUITIES PAYABLE 2265979 FEDERAL STUDENT LOAN FUNDS 1632927 3898906 X 181247814 30524032 -66080619 -35556587 216804401 0 216804401 136891036 314873 314873 136576163 66141603 66141603 202717766 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 4.75% 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 MAINLINING PURCHASING POWER, THE ENDOWMENT'S ANNUAL RATE OF RETURN MUST EQUAL THE ANNUAL DISTRIBUTION, PLUS INFLATION, PLUS MANAGEMENT, CUSTODIAL AND ADMINISTRATIVE FEES. THE DISTRIBUTION TO THE UNIVERSITY IS BASED ON A 12 QUARTER MOVING AVERAGE OF THE MARKET VALUE. THIS SPENDING METHOD PROTECTS THE UNIVERSITY'S DISTRIBUTION FROM THE INCREASED VOLATILITY IN THE MARKETS. DISTRIBUTIONS ARE PROVIDED TO STUDENTS FOR SCHOLARSHIPS, VARIOUS COLLEGES, AND PROGRAMS IN ACCORDANCE WITH DONOR DESIGNATIONS. THE DISTRIBUTIONS ARE REFLECTED IN THE NET ASSETS OF THE ENDOWMENT FUND. 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 -66,141,603. MATURED ANNUITY INCOME 60,984. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET ASSET CHANGE IN ACTUARIAL OBLIGATIONS 14,873. NET LOSS ON DISPOSAL OF ASSETS 300,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 66,141,603. 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 AND THE CARIBBEAN 0 0 INVESTMENTS 6646083 0 0 0 0 0 0 6646083 0 6646083 0 0 1 0 0 0 PART III ACCOUNTING METHOD: 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 222038 8279 213759 16759 GALA 244345 205876 38469 24515 719 2050 70835 466383 214155 252228 24515 719 2050 87594 114878 137350 1 SCHOLARSHIPS/GRANTS FOR STUDENTS 6806 61020445 HEERF CARES STUDENT GRANTS 4172 5121158 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. SCHEDULE I, PART III: AS PART OF THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT), THE UNIVERSITY RECEIVED A FEDERAL GRANT AS PART OF THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF). OF THAT AMOUNT $5,121,158 WAS GRANTED TO 4,172 STUDENTS FOR THE REFUNDING OF STUDENT ROOM AND BOARD. X X X 1 1 X X X 1 1 0 0 0 0 0 0 0 DEVORAH A LIEBERMAN PRESIDENT 493737 0 0 0 43668 0 160808 0 34859 0 733072 0 0 0 AVEDIS KECHICHIAN CHIEF FINANCIAL OFFICER 282293 0 0 0 2729 0 69328 0 26406 0 380756 0 0 0 MICHAEL P O'CONNOR PROFESSOR OF LAW 107001 0 0 0 172009 0 8557 0 14817 0 302384 0 0 0 DIANE K UCHIMIYA PROFESSOR OF LAW 98675 0 0 0 164692 0 8224 0 11893 0 283484 0 0 0 JONATHAN REED PROVOST 257746 0 0 0 0 0 22008 0 102 0 279856 0 0 0 DOAJO HICKS GENERAL COUNSEL 219193 0 0 0 0 0 19684 0 39567 0 278444 0 0 0 SUSAN EXON PROFESSOR OF LAW 94512 0 0 0 164487 0 8224 0 8434 0 275657 0 0 0 SHERRI MYLOTT VP, UNIVERSITY ADVANCEMENT 222370 0 0 0 0 0 19436 0 31298 0 273104 0 0 0 IBRAHIM HELOU DEAN, COLLEGE OF BUSINESS 219308 0 0 0 0 0 19424 0 26011 0 264743 0 0 0 KEVIN MARSHALL PROF/INT DEAN, COLLEGE OF LAW 206956 0 0 0 0 0 18455 0 25340 0 250751 0 0 0 H RANDALL RUBIN PROFESSOR OF LAW 196171 0 0 0 2414 0 17466 0 24869 0 240920 0 0 0 ROBERT EARHART ASSOC VP OF ADVANCEMENT 118937 0 0 0 88609 0 8861 0 13270 0 229677 0 0 0 KIMBERLY WHITE-SMITH DEAN, COLLEGE OF EDUCATION 179748 0 0 0 0 0 16236 0 30397 0 226381 0 0 0 TODD BRITTON CHIEF INFORMATION OFFICER, AVP 183842 0 0 0 179 0 14433 0 8069 0 206523 0 0 0 BRIAN CLOCKSIN VICE PROVOST FOR STRATEGIC HEALTH IN 164366 0 0 0 141 0 13347 0 24061 0 201915 0 0 0 MARY AGUAYO VP, STRATEGIC ENROLLMENT MGMT 164161 0 0 0 0 0 15013 0 22306 0 201480 0 0 0 NELLY KAZMAN INTERIM DEAN OF ROC 167131 0 0 0 0 0 13221 0 2851 0 183203 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). SOCIAL CLUB DUES WERE PAID ON BEHALF OF AN INDIVIDUAL LISTED IN SCHEDULE J, PART II. THE SOCIAL CLUB WAS USED FOR BUSINESS PURPOSES AND AMOUNTS WERE TREATED AS NONTAXABLE. PART I, LINES 4A-B FOUR LISTED INDIVIDUALS RECEIVED SEVERANCE PAYMENTS IN CALENDAR YEAR 2020. THESE AMOUNTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (B) (III). THE PRESIDENT AND CFO 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 ACCRUED FOR CALENDAR YEAR 2020 ARE INCLUDED IN SCHEDULE J, PART II, COLUMN C. NO AMOUNTS WERE PAID OUT UNDER THE AGREEMENTS IN CALENDAR YEAR 2020. A CALIFORNIA MUNICIPAL FINANCE AUTHORITY 201563466 13048T2U6 2017-04-20 130743561 CONSTRUCTION & REFUND PRIOR BONDS 0 0 0 A 11880000 131200732 29456916 1309010 44885483 55542700 6623 2018 1 1 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 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 98912 COMPENSATION FOR EMPLOYMENT 0 MICHELLE KECHICHIAN FAMILY MEMBER OF CFO 196625 COMPENSATION FOR EMPLOYMENT AND ALSO INCLUDES THREE FAMILY MEMBER'S TUITION REMISSION 0 LISA LESTER FAMILY MEMBER OF TRUSTEE 46077 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 1 4999 FMV X 18 553977 SELLING PRICE X 1 36918 FMV X HAND SANITIZER 2 31464 FMV X WORLD'S FAIR ITEMS 1 28732 FMV X STEINWAY PIANO 1 10500 FMV X MISCELLANEOUS SMALL ITEMS 3 5270 FMV X GIFT BASKET 1 5150 FMV X ULV BASEBALL PROGRAM ITEMS 17 2709 FMV 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 VI, SECTION A, LINE 1 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 DIRECTOR OF ACCOUNTING. 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 ACCOUNTING FIRM GRANT THORNTON LLP TO PREPARE THE FORM 990. ONCE COMPLETED, THE FORM 990 IS FORWARDED TO THE DIRECTOR OF ACCOUNTING 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 (HTTP://SITES.LAVERNE.EDU/FINANCE/). 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: CHANGE IN ACTUARIAL OBLIGATIONS -14,873. LOSS ON DISPOSAL OF ASSETS -300,000. MATURED ANNUITIES INCOME 60,984. COVID-19 DISCLOSURE IN MARCH 2020, THE WORLD HEALTH ORGANIZATION DECLARED THE NOVEL CORONAVIRUS ("COVID-19") A GLOBAL PANDEMIC. THE RELATED ADVERSE PUBLIC HEALTH DEVELOPMENTS, INCLUDING ORDERS TO SHELTER-IN-PLACE, TRAVEL RESTRICTIONS, AND MANDATED BUSINESS CLOSURES, HAVE ADVERSELY AFFECTED WORKFORCES, ORGANIZATIONS, THEIR CUSTOMERS, ECONOMIES, AND FINANCIAL MARKETS GLOBALLY, LEADING TO INCREASE MARKET VOLATILITY AND DISRUPTION IN NORMAL BUSINESS OPERATIONS, INCLUDING THE UNIVERSITY'S OPERATIONS. THE UNIVERSITY TRANSITIONED ITS STUDENTS TO ONLINE LEARNING AND ALMOST ALL OF ITS EMPLOYEES TO REMOTE WORK IN MID-MARCH OF 2020. THE STATE OF CALIFORNIA AND LOS ANGELES COUNTY DEPARTMENT OF PUBLIC HEALTH OFFICIALS MUST APPROVE PLANS FOR BRINGING EMPLOYEES AND STUDENTS BACK TO IN-PERSON INSTRUCTION. RESTRICTIONS ON THE STUDENT HOUSING HAVE HAD THE MOST SIGNIFICANT IMPACT TO REVENUES. THE UNIVERSITY REFUNDED APPROXIMATELY $2.6 MILLION OF STUDENT ROOM AND BOARD AND MEAL PLANS IN APRIL AND MAY 2020. ON MARCH 27, 2020, THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITIES ("CARES") ACT WAS SIGNED INTO LAW. AMONG OTHER THINGS, THE CARES ACT ALLOCATED $14 BILLION TO HIGHER EDUCATION THROUGH THE CREATION OF THE EDUCATION STABILIZATION FUND. FIFTY PERCENT OF THE EMERGENCY FUNDS RECEIVED BY INSTITUTIONS MUST GO DIRECTLY TO STUDENTS IN THE FORM OF EMERGENCY FINANCIAL AID GRANTS TO COVER EXPENSES RELATED TO THE DISRUPTIONS OF CAMPUS OPERATIONS DUE TO COVID-19. INSTITUTIONS MAY USE REMAINING EMERGENCY FUNDS NOT GIVEN TO STUDENTS ON COSTS ASSOCIATED WITH SIGNIFICANT CHANGES TO THE DELIVERY OF INSTRUCTION DUE TO COVID-19. SUBSEQUENT AND SIMILAR TO THE CARES ACT, THE HIGHER EDUCATION EMERGENCY RELIEF FUND II (HEERF II) WAS AUTHORIZED BY THE CORONAVIRUS RESPONSE AND RELIEF SUPPLEMENTAL APPROPRIATIONS ACT, 2021 (CRRSAA) AND SIGNED INTO LAW ON DECEMBER 27, 2020. $81.88 BILLION WAS AUTHORIZED IN SUPPORT FOR EDUCATION, IN ADDITION TO THE $30.75 BILLION PROVIDED LAST SPRING THROUGH THE CARES ACT. IN ADDITION, THE AMERICAN RESCUE PLAN (ARP) AUTHORIZED THE HIGHER EDUCATION EMERGENCY RELIEF FUND III (HEERF III) SIGNED INTO LAW ON MARCH 11, 2021, PROVIDING $39.6 BILLION IN SUPPORT TO INSTITUTIONS OF HIGHER EDUCATION TO SERVE STUDENTS AND ENSURE LEARNING CONTINUES DURING THE COVID-19 PANDEMIC. ARP FUNDS ARE IN ADDITION TO FUNDS AUTHORIZED BY CRRSAA, AND CARES. EMERGENCY FUNDS AVAILABLE TO INSTITUTIONS AND THEIR STUDENTS UNDER ALL EMERGENCY FUNDS TOTAL $76.2 BILLION. AS OF JUNE 30, 2021 THE UNIVERSITY RECEIVED A TOTAL OF $33,414,013 IN EMERGENCY FUNDS WITH $14,294,808 EARMARKED TO GO DIRECTLY TO STUDENTS. $18,063,694 EARMARKED FOR TECHNOLOGY AND OTHER COSTS REQUIRED FOR REMOTE LEARNING AND THE EVENTUAL SAFE RETURN TO CAMPUS, AND $1,055,511 FOR MINORITY SERVING INSTITUTIONS, FOR EMERGENCY FUNDS FOR STUDENTS. CHARITABLE REMAINDER UNITRUSTS (10) FUNDRAISING CA T 0 CHARITABLE REMAINDER ANNUITY TRUST (1) FUNDRAISING CA T 0 NET INCOME WITH MAKE-UP CRUT (4) FUNDRAISING CA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0