2025-05-14T16:37:42-05:00 2024-06-30 991856619 GRANT THORNTON ADVISORS LLC 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2023-07-01 141338580 TRUSTEES OF UNION COLLEGE IN THE TOWN OF SCHENECTADY IN THE STATE OF NEW YORK TRUS 5183886104 807 UNION STREET SCHENECTADY NY 12308 SCOTT JONES VP FOR ADMIN & FINANCE 5183886104 2025-05-14 1 0 SCOTT THOMPSETT P00741490 2125990100 2023 2025-03-06 01:10:19Z DAVID R HARRIS 807 UNION STREET SCHENECTADY NY 12308 619775651 0 X WWW.UNION.EDU X 1795 NY UNION COLLEGE DEVELOPS EVERY STUDENT TO LEAD WITH WISDOM, EMPATHY, AND COURAGE. 36 30 2303 56 748623 0 19167226 50804061 157670694 165299642 20931299 31672445 3861448 3548515 201630667 251324663 67529368 74782807 0 0 85486513 85834108 0 0 5165739 62755480 66831993 215771361 227448908 -14140694 23875755 917945737 985737430 204604453 223758730 713341284 761978700 X UNION COLLEGE, CHARTERED BY THE STATE OF NEW YORK IN 1795, IS ONE OF THE NATION'S OLDEST AND MOST DISTINGUISHED LIBERAL ARTS COLLEGES WITH ENGINEERING. CONSISTENTLY RANKED AMONG THE NATION'S TOP COLLEGES, UNION IS A LEADER IN EDUCATING STUDENTS (SEE SCHEDULE O) 0 0 201533445 74782807 165299642 THE UNION COLLEGE CURRICULUM EMPHASIZES COLLABORATION WITH STUDENTS AND FACULTY THROUGH SMALL CLASSES AND UNDERGRADUATE RESEARCH, INTERNATIONAL STUDY AND LEARNING THROUGH SERVICE. THROUGH ITS UNIQUE INTERDISCIPLINARY APPROACH TO THE LIBERAL ARTS, UNION COMBINES THE HUMANITIES AND SOCIAL SCIENCES WITH SCIENCE AND ENGINEERING, EMPHASIZING THE PRACTICAL APPLICATION OF IDEAS THROUGH HANDS-ON EXPERIENCE. WITH MORE THAN 40 MAJORS AND 55 MINORS TO CHOOSE FROM, UNION STUDENTS CAN PURSUE DOUBLE MAJORS; COMBINE MAJORS AND MINORS; SELECT INTERDEPARTMENTAL AND MULTIDISCIPLINARY CONCENTRATIONS, AND AREA, ETHNIC AND CULTURAL STUDIES PROGRAMS; OR DESIGN THEIR OWN MAJOR. MOST STUDENTS TAKE THREE COURSES IN EACH OF THE THREE 10-WEEK TERMS THAT COMPRISE UNION'S ACADEMIC CALENDAR SYSTEM. (SEE SCHEDULE O)NEARLY EVERY ACADEMIC DEPARTMENT REQUIRES STUDENTS TO COMPLETE SOME FORM OF RESEARCH IN THEIR SUBJECT AREA, AND STUDENTS HAVE OPPORTUNITIES TO WORK ONE-ON-ONE WITH THEIR PROFESSORS. AT STEINMETZ SYMPOSIUM EACH SPRING, SOME 400 STUDENTS PRESENT THE RESULTS OF THEIR RESEARCH, SCHOLARLY AND CREATIVE ACTIVITIES. MANY STUDENTS CO-AUTHOR PUBLICATIONS WITH THEIR PROFESSORS AND PRESENT AT THE NATIONAL CONFERENCE ON UNDERGRADUATE RESEARCH (NCUR). MANY PARTICIPATE IN BUSINESSES, HEALTH CARE, GOVERNMENT AND SOCIAL SERVICE INTERNSHIPS.THE INTERNATIONAL EXPERIENCE IS A HALLMARK OF A UNION EDUCATION, WITH MORE THAN 50 PERCENT OF STUDENTS PURSUING STUDIES, RESEARCH, INTERNSHIPS, AND OTHER PROGRAMS ABROAD. ON CAMPUS, OPPORTUNITIES FOR LEADERSHIP, DISCUSSION AND COMMUNITY ABOUND IN THE MINERVA SYSTEM, OFFERING RESIDENTIAL, ACADEMIC AND SOCIAL PROGRAMS. EVERY INCOMING STUDENT IS ASSIGNED TO ONE OF SEVEN MINERVA HOUSES, WHICH ALSO INVOLVE FACULTY AND STAFF.UNION'S BECKER CAREER CENTER HELPS STUDENTS WITH CAREER PLANNING, INTERNSHIPS AND THE GRADUATE SCHOOL AND JOB SEARCH. RECENT TRENDS SHOW THAT ABOUT A THIRD OF GRADUATING SENIORS GO DIRECTLY TO GRADUATE OR PROFESSIONAL SCHOOLS, AND UNION HAS EARNED AN EXCELLENT REPUTATION FOR PLACING GRADUATES IN MEDICAL, LAW AND BUSINESS SCHOOLS. UNION'S MORE THAN 22,000 ALUMNI INCLUDE LEADERS IN ALL FIELDS, INCLUDING ARTS, MEDICINE, SCIENCE, ENGINEERING, MEDIA, ENTERTAINMENT, LAW AND POLITICS. GRADUATES INCLUDE NOBEL PRIZE AND ACADEMY AWARD WINNERS, A NATIONAL BOOK AWARD WINNER AND A MCARTHUR FELLOW, AN OLYMPIC GOLD MEDALIST, SEVEN CABINET SECRETARIES, A SECRETARY OF STATE, 13 GOVERNORS, 200 JUDGES, 90 COLLEGE PRESIDENTS AND THE 21ST PRESIDENT OF THE UNITED STATES.AS ONE OF THE PRE-EMINENT LIBERAL ARTS COLLEGES IN THE UNITED STATES, THE COLLEGE OFFERS:- 2,031 FULL-TIME UNDERGRADUATES FROM 40 STATES AND TERRITORIES AND 50 COUNTRIES- 26% DOMESTIC STUDENTS OF COLOR- 11% INTERNATIONAL- 9:1 STUDENT-FACULTY RATIO- 219 FACULTY MEMBERS; 97% HAVE EARNED A PH.D. OR THE HIGHEST DEGREE IN THEIR FIELD- $60 MILLION IN UNION COLLEGE SCHOLARSHIPS AND GRANTS ARE AWARDED EACH YEAR- MORE THAN 50% OF UNION STUDENTS RECEIVE NEED-BASED FINANCIAL SCHOLARSHIP ASSISTANCE TO ATTEND UNION AND OVER 30% RECEIVE MERIT SCHOLARSHIPS. 201533445 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 1 401 0 1 2303 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 36 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X SCOTT JONES 5183886104 807 UNION STREET SCHENECTADY NY 12308 DAVID R HARRIS VOTING PRESIDENT/TRUSTEE EX OFFICO 40.00 0.00 X X 782595 0 115266 JENNIFER CURREY FACULTY TRUSTEE (AS OF 05/2024) 40.00 0.00 X 139126 0 48206 CHAD ORZEL FACULTY TRUSTEE (THRU 05/2024) 1.00 0.00 X 106684 0 46421 KRISSANA SCHEITER FACULTY TRUSTEE 40.00 0.00 X 85928 0 36101 EASTWOOD YEBOAH STUDENT TRUSTEE (THRU 05/2024) 1.00 0.00 X 2939 0 0 JONATHAN ANDERSON STUDENT TRUSTEE (AS OF 05/2024) 1.00 0.00 X 2816 0 0 EMILY STEIN STUDENT TRUSTEE (THRU 05/2024) 1.00 0.00 X 1736 0 0 AJAY GONCALVES STUDENT TRUSTEE (AS OF 05/2024) 1.00 0.00 X 1680 0 0 JULIE GREIFER-SWIDLER TERM TRUSTEE / CHAIR 3.30 0.00 X X 0 0 0 GUY T LOGAN TERM TRUSTEE / VICE CHAIR 3.30 0.00 X X 0 0 0 KATHRYN STEFANIK BARRY TERM TRUSTEE / SECRETARY 3.30 0.00 X X 0 0 0 WILLIAM PERLSTEIN TERM TRUSTEE / GENERAL COUNSEL 2.30 0.00 X X 0 0 0 LINDA ABRIOLA TERM TRUSTEE 1.00 0.00 X 0 0 0 ROBERT BERTAGNA TERM TRUSTEE 1.00 0.00 X 0 0 0 KATHLEEN R BROWNE TERM TRUSTEE 1.00 0.00 X 0 0 0 THOMAS CAULFIELD TERM TRUSTEE 1.00 0.00 X 0 0 0 THOMAS J COLEMAN TERM TRUSTEE 2.50 0.00 X 0 0 0 DENNIS M COLEMAN TERM TRUSTEE 1.00 0.00 X 0 0 0 THOMAS G CONNOLLY TERM TRUSTEE 1.00 0.00 X 0 0 0 ESTELLE COOKE-SAMPSON TERM TRUSTEE (THRU 05/2024) 1.00 0.00 X 0 0 0 JUDITH DEIN TERM TRUSTEE 1.00 0.00 X 0 0 0 RICHARD DELANEY TERM TRUSTEE 1.00 0.00 X 0 0 0 DANIEL GILBERT TERM TRUSTEE (AS OF 05/2024) 1.00 0.00 X 0 0 0 PAUL D GINSBERG TERM TRUSTEE 1.00 0.00 X 0 0 0 ARTHUR HOLDEN TERM TRUSTEE 1.50 0.00 X 0 0 0 BRAD S KARP TERM TRUSTEE 1.50 0.00 X 0 0 0 JASON KELLMAN TERM TRUSTEE 1.00 0.00 X 0 0 0 KENYA LENOIR MESSER TERM TRUSTEE 1.00 0.00 X 0 0 0 JEFF LIPSITZ TERM TRUSTEE 1.00 0.00 X 0 0 0 ROBERT J MOSER TERM TRUSTEE 1.00 0.00 X 0 0 0 SARAH PONTIUS TERM TRUSTEE 1.00 0.00 X 0 0 0 JENNIFER SCONYERS LAWTON TERM TRUSTEE 1.00 0.00 X 0 0 0 JAY FREELAND CHAIR PRESIDENT'S COUNCIL 1.00 0.00 X 0 0 0 DAVID J BREAZZANO LIFE TRUSTEE 1.50 0.00 X 0 0 0 NEIL M GOLUB LIFE TRUSTEE (THRU 05/2024) 1.50 0.00 X 0 0 0 DOUGLASS KARP LIFE TRUSTEE 1.50 0.00 X 0 0 0 JOHN E KELLY III LIFE TRUSTEE 1.50 0.00 X 0 0 0 PETER KWETU HAVILAND-EDUAH ALUMNI TRUSTEE 1.00 0.00 X 0 0 0 JOHN K JOHNSON ALUMNI TRUSTEE 1.00 0.00 X 0 0 0 VINCENT MATTONE ALUMNI TRUSTEE (THRU 05/2024) 1.00 0.00 X 0 0 0 PETER RAYMOND ALUMNI TRUSTEE 1.00 0.00 X 0 0 0 TESS SKOLLER ALUMNI TRUSTEE (AS OF 05/2024) 1.00 0.00 X 0 0 0 GOVERNOR KATHY HOCHUL EX-OFFICIO 1.00 0.00 X 0 0 0 MICHELLE ANGRIST VP ACADEMIC AFFAIRS/DEAN FACULTY 40.00 0.00 X 267382 0 101315 SCOTT JONES VP FOR ADMINISTRATION & FINANCE 40.00 0.00 X 280166 0 71027 MAURA MACK HISGEN - INTERIM VP FOR COLLEGE RELATIONS/ASST. SEC. 40.00 0.00 X 231952 0 43974 DARCY CZAJKA VP AND CHIEF OF STAFF 40.00 0.00 X 184203 0 28186 BLAIR RAYMOND ASST. SECRETARY 40.00 0.00 X 114464 0 82604 SARAH FARSAD REGISTRAR 40.00 0.00 X 116464 0 47646 MATTHEW MALATESTA VP FOR ADMISSIONS, FA & ENROLLMENT 40.00 0.00 X 227387 0 95878 ANNETTE DIORIO VP STUD AFF & DEAN STUDENTS 40.00 0.00 X 246422 0 49469 ELLEN YU CHIEF INFORMATION OFFICER 40.00 0.00 X 205041 0 77437 JAMES MCLAUGHLIN DIRECTOR OF ATHLETICS 40.00 0.00 X 207162 0 92575 MARK LAND VP FOR COMMUNICATION AND MARKETING 40.00 0.00 X 227877 0 52009 JOSHUA J HAUGE MEN'S HOCKEY COACH 40.00 0.00 X 216638 0 62782 SCOTT RAVA ASST. VP & CAMPAIGN DIRECTOR 40.00 0.00 X 185725 0 66104 ASHRAF GHALY CARL B JANSEN PROF OF ENGINEERING 40.00 0.00 X 190272 0 53525 4024659 0 1170525 159 0 1 0 CONSIGLI CONSTRUCTION 72 SUMMER STREET MILFORD MA 01757 CONSTRUCTION 4164777 ACCENTURE LLP 500 W MADISON STREET CHICAGO IL 60661 CONSULTING/TECHNOLOGY SERVICES 4125000 TURNER CONSTRUCTION COMPANY 1 COMPUTER DRIVE SOUTH ALBANY NY 12205 CONSTRUCTION 3069479 MID-STATE INDUSTRIES LTD 1105 CATALYN STREET SCHENECTADY NY 12303 CONSTRUCTION 2361515 TAMBELLINI GROUP LLC PO BOX 685 IRVINGTON VA 22480 CONSULTING/NEGOTIATING 1899494 45 84500 3311567 47407994 4185409 50804061 TUITION AND FEES 611710 134941295 134941295 AUXILIARY ENTERPRISE 713990 30358347 30358347 165299642 7823932 691748 7132184 291084 0 291084 291084 291084 391047312 44239 367218388 24650 23828924 19589 23848513 23848513 12919 0 12919 12919 1917879 1207950 709929 709929 INTER COLLEGIATE ATHLETICS 900099 864898 864898 STUDENT ATHLETICS AND EVENTS 713990 508530 48059 460471 APPLICATION FEES 900099 165038 165038 996117 8816 987301 2534583 251324663 165299642 748623 34472337 X 87725 87725 74695082 74695082 3730230 1809087 1921143 194371 194371 60177318 50640179 6744049 2793090 6164288 5105553 741845 316890 10601440 8798735 1271195 531510 4966461 4106670 639409 220382 600000 600000 1432515 873690 558825 306754 306754 1690 1690 703255 703255 6204080 5361606 833544 8930 365622 274478 38632 52512 4307749 3657027 319270 331452 4005520 1770396 2028898 206226 14501133 12679450 1715352 106331 3033792 2644708 256222 132862 2211044 1550904 200686 459454 8244245 8244245 12488259 12488259 2395443 316473 2078970 LIBRARY SUBSCRIPTIONS 2327152 2327152 STUDENT TERMS ABROAD 2176441 2176441 DUES & MEMBERSHIPS 527092 325925 195821 5346 STIPENDS & HONORARIUM 211847 211847 788360 593442 194164 754 227448908 201533445 20749724 5165739 74831 22926 158312 37575922 55287976 77594982 7049870 4107068 5506778 5693292 826034 801316 2418613 7554092 416501531 139358723 271975078 277142808 152594803 166367307 396139871 398679401 25913571 10198316 917945737 985737430 20941618 16600820 2629676 4271860 97529774 131545533 70975371 49527403 10000000 12528014 11813114 204604453 223758730 X 273291437 264425329 440049847 497553371 713341284 761978700 917945737 985737430 X 23875755 24472968 288693 X 0 1 X 1 1 1 X 55767172 26460453 38832123 19167226 50804061 191031035 55767172 26460453 38832123 19167226 50804061 191031035 90866056 100164979 5154125 3776138 4087466 5518402 7423268 25959399 818092 49418 562005 1429515 1913308 1482412 2616656 2274227 2490627 10777230 229197179 757358447 0.43700 0.55850 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECIAL EVENT INCOME - 2019 AMOUNT: $ 3,606. STUDENT ATHLETICS AND EVENTS - 2021 AMOUNT: $ 1,331,148. 2022 AMOUNT: $ 537,798. 2023 AMOUNT: $ 460,471. CONFERENCES - 2019 AMOUNT: $ 400,286. ANCILLARY STUDENT AMENITIES - 2021 AMOUNT: $ 454,289. 2022 AMOUNT: $ 702,859. MISCELLANEOUS REVENUE - 2019 AMOUNT: $ 1,509,416. 2020 AMOUNT: $ 1,482,412. 2021 AMOUNT: $ 618,789. 2022 AMOUNT: $ 819,510. 2023 AMOUNT: $ 987,301. APPLICATION FEES - 2021 AMOUNT: $ 212,430. 2022 AMOUNT: $ 208,407. 2023 AMOUNT: $ 165,038. GROSS INCOME FROM GAMING ACTIVITIES - 2022 AMOUNT: $ 5,653. 2023 AMOUNT: $ 12,919. INTER COLLEGE ATHELTICS - 2023 AMOUNT: $ 864,898. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 1690 1690 0 PART II-B, LINE 1: THE COLLEGE IS A MEMBER OF NACUBO AND PAYS ANNUAL DUES TO RETAIN THAT MEMBERSHIP. $1,690 OF ITS ANNUAL MEMBERSHIP DUES WAS DEEMED TO BE NON-DEDUCTIBLE AS LOBBYING EXPENDITURES AND HAS BEEN INCLUDED ON SCHEDULE C, PART II-B, LINE 1(I). 27573468 X X X X EDUCATIONAL 0 522125163 14396033 57500690 25559702 994528 567467656 501796213 14506242 33360875 26319458 1218709 522125163 598746292 17698258 -87303755 25929717 1414865 501796213 478019726 16761010 128897291 8027952 16903783 598746292 470309116 9611876 21033478 6050367 16884377 478019726 0.27470 0.30150 0.42380 1 0 101 101 137895885 78226624 59669260 211619759 42682626 168937134 28029085 14266929 13762157 38956701 4182544 34774156 277142808 PRIVATE EQUITY AND VENTURE CAPITAL 90448847 F HEDGED EQUITY FUNDS 77341304 F GLOBAL EQUITY 97040292 F INTERNATIONAL EQUITY 18967032 F MULTISTRATEGY FUNDS 36886611 F REAL ASSETS 38087803 F EMERGING MARKETS FUNDS 18037284 F RECEIVABLE FOR INVESTMENTS SOLD 21870228 F 398679401 ACCRUED POSTRETIREMENT BENEFITS 6373168 POOLED INCOME & CHAR. GIFT PAYABLE 3813966 REFUNDABLE FEDERAL STUDENT LOAN FUNDS 39763 ASSET RETIREMENT OBLIGATIONS 1146990 OPERATING LEASE OBLIGATION 439227 11813114 X 201920937 24472968 288693 24761661 177159276 703255 73462132 74165387 251324663 153283521 1207950 1207950 152075571 703255 74670082 75373337 227448908 PART III, LINE 1A: AUDITED FINANCIAL STATEMENTS FOOTNOTE FOR ART, TREASURES, ETC. THE COLLEGE'S COLLECTIONS ARE HELD FOR EDUCATIONAL, RESEARCH, SCIENTIFIC, AND CURATORIAL PURPOSES. EACH OF THE ITEMS IS CATALOGUED, PRESERVED, AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED PERIODICALLY. ALL PROCEEDS RESULTING FROM THE DEACCESSION OF OBJECTS FROM THE PERMANENT COLLECTION ARE ALLOCATED FOR THE BENEFIT OF THE COLLECTIONS. DURING THE YEARS ENDED JUNE 30, 2024 AND 2023, NO OBJECTS WERE DEACCESSIONED. PART III, LINE 4: DESCRIPTION OF ORGANIZATION COLLECTIONS & HOW IT FURTHERS EXEMPT PURPOSE THE COLLEGE'S COLLECTIONS ARE MADE UP OF APPROXIMATELY 36,500 OBJECTS AND THEIR ESTIMATED FAIR VALUE IS APPROXIMATELY $27,573,468. THE COLLEGE'S POLICY IS NOT TO CAPITALIZE ITS COLLECTIONS. THE COLLEGE'S COLLECTIONS COMPRISE OF PAINTINGS AND PORTRAITS, FURNITURE, WORKS ON PAPER, SCIENTIFIC INSTRUMENTATION, AND OTHER OBJECTS. PART V, LINE 4: INTENDED USES OF ENDOWMENT FUND THE COLLEGE'S ENDOWMENT FUNDS ARE RESERVED TO FUND STUDENT SCHOLARSHIPS AND OTHER EDUCATIONAL PROGRAMS IN ACCORDANCE WITH DONOR INTENTIONS. PART X, LINE 2: FIN 48 FOOTNOTE THE COLLEGE IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS GENERALLY EXEMPT FROM INCOME TAX ON RELATED INCOME. THE COLLEGE RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED BY THE RELEVANT TAX AUTHORITY. CHANGES IN RECOGNITION OR MEASUREMENT ARE REFLECTED IN THE PERIOD IN WHICH THE CHANGE IN JUDGMENT OCCURS. THE COLLEGE BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 208,619. POSTRETIREMENT BENEFITS 317,015. LOSS ON DEFEASANCE OF DEBT -236,941. PART XI, LINE 4B - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD -1,207,950. RECLASS OF SCHOLARSHIP EXPENSES 74,670,082. PART XII, LINE 2D - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD 1,207,950. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASS OF SCHOLARSHIP EXPENSES 74,670,082. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY PUBLICIZED THE COLLEGE'S RACIALLY NONDISCRIMINATORY POLICY IS PUBLICIZED THROUGH AREA NEWSPAPERS, IN STUDENT HANDBOOKS, AND ON THE COLLEGE'S WEBSITE. UNION COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, SEXUAL ORIENTATION, NATIONAL OR ETHNIC ORIGIN TO ALL THE RIGHTS, PRIVILEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS. THIS POLICY EXTENDS TO THE ADMINISTRATION OF THEIR EDUCATIONAL POLICIES, ADMISSIONS POLICIES, SCHOLARSHIP AND LOAN PROGRAMS AND ATHLETIC AND OTHER SCHOOL-ADMINISTERED PROGRAMS. LINE 6 - EXPLANATION OF GOVERNMENT FINANCIAL AID: THE ORGANIZATION HAS RECEIVED THE FOLLOWING FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY: 1. FEDERAL CAMPUS-BASED AID, WHICH INCLUDES FEDERAL WORK-STUDY AND SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS, FROM THE U.S. DEPARTMENT OF EDUCATION. 2. NSF-STEM SCHOLARSHIPS WHICH ARE FUNDED BY THE FEDERAL GOVERNMENT. 3. TAP AWARDS, NYS MERIT SCHOLARSHIPS, TUITION/MAINTENANCE GRANTS RECEIVED FROM NYS FOR THE HEOP PROGRAM, NYS AIM SCHOLARSHIP, NYS VETERAN'S SCHOLARSHIP, NYS FOSTER INITIATIVE, NYS STEM INCENTIVE PROGRAM, NYS WORLD TRADE SCHOLARSHIP AND BUNDY AID. 4. ROTC-FEDERAL FUNDING WHICH COVERS A PORTION OF EDUCATIONAL EXPENSES FOR THE RECIPIENTS. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 152333790 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 27194293 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 INVESTMENTS 4096086 CENTRAL AMERICA & THE CARIBBEAN 0 0 PROGRAM SERVICES RESEARCH 469 EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES CONFERENCES 407 EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES RESEARCH 2659 EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 1126 EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 39566 EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES SUBSCRIPTIONS 1 EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES EDUCATIONAL ACTIVITY 455 EUROPE 0 0 PROGRAM SERVICES CONFERENCES 5528 EUROPE 0 0 PROGRAM SERVICES RESEARCH 16824 EUROPE 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 7727 EUROPE 0 0 PROGRAM SERVICES SUBSCRIPTIONS 1740 EUROPE 0 0 PROGRAM SERVICES STUDY ABROAD 95079 EUROPE 0 0 PROGRAM SERVICES EDUCATIONAL ACTIVITY 4794 EUROPE 0 0 PROGRAM SERVICES RECRUITING/ATHLETICS 5096 NORTH AMERICA 0 0 PROGRAM SERVICES CONFERENCES 1486 NORTH AMERICA 0 0 PROGRAM SERVICES MEMBERSHIPS 22 NORTH AMERICA 0 0 PROGRAM SERVICES RESEARCH 6137 NORTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD 73 NORTH AMERICA 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 1066 NORTH AMERICA 0 0 PROGRAM SERVICES EDUCATIONAL ACTIVITY 424 NORTH AMERICA 0 0 PROGRAM SERVICES RECRUITING/ATHLETICS 30423 SOUTH AMERICA 0 0 PROGRAM SERVICES RESEARCH 2636 SOUTH AMERICA 0 0 PROGRAM SERVICES CONFERENCES 13 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD 26229 SOUTH AMERICA 0 0 PROGRAM SERVICES EDUCATIONAL ACTIVITY 1574 0 0 0 0 0 0 183668396 207327 183875723 1 0 1 1 1 0 PART I, LINE 2: EXPLANATION FOR MONITORING USE OF FUNDS OUTSIDE U.S. TERMS ABROAD SCHOLARSHIPS ARE AWARDED BY UNION'S TERMS ABROAD OFFICE TO STUDENTS SCHEDULED TO STUDY ABROAD BASED ON FINANCIAL NEED AND CRITERIA ESTABLISHED BY THE DONOR. THE STUDENT RECEIVING THE AWARD UNDERSTANDS THAT THE FUNDS MUST BE RETURNED TO UNION IF THE STUDENT DOES NOT TRAVEL ABROAD. THE AWARD IS GENERALLY USED FOR THE STUDENT'S TRAVEL EXPENSES, WHICH ARE NOT COVERED BY UNION COLLEGE. UPON HIS/HER RETURN, THE STUDENT IS URGED TO WRITE A PERSONAL NOTE OF THANKS TO THE DONOR DESCRIBING THEIR TERMS ABROAD EXPERIENCE. PART IV, FOREIGN FORMS: THE COLLEGE INVESTS IN DOMESTIC AND FOREIGN INVESTMENT VEHICLES THAT MAY OWN AN INTEREST IN A FOREIGN CORPORATION, PASSIVE FOREIGN INVESTMENT COMPANY, OR FOREIGN PARTNERSHIP. NEVERTHELESS, THE COLLEGE'S INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR FILING THE FORMS 926, 5471, 8621 OR 8865. TO THE EXTENT SUCH A FORM WAS COMPLETED, IT HAS BEEN FILED WITH THE COLLEGE'S FORM 990-T. A PORTION OF UNION COLLEGE'S ENDOWMENT IS INVESTED IN FUNDS THAT ARE DOMICILED IN OFFSHORE LOCATIONS PROVIDING OPPORTUNITIES FOR TAX-ADVANTAGED NET RETURNS TO THE ENDOWMENT. 1 ALUMNI COUNCIL OF UNION COLLEGE 807 UNION STREET SCHENECTADY NY 12308 146019466 501(C)(3) 87725 0 TO COVER EVENTS AND EXPENSES 1 0 HIGHER EDUCATION OPPORTUNITY PROGRAM 62 641709 0 UNION COLLEGE GENERAL SCHOLARSHIPS 1910 61357022 0 ENDOWED SCHOLARSHIPS 699 9111480 0 ANNUAL RESTRICTED SCHOLARSHIPS 169 2022828 0 WORK STUDY 749 1155463 0 SUPPLEMENTAL EDUCATION OPP. GRANT 302 406581 0 PART I, LINE 2: ALL GRANTS AWARDED ARE BASED ON NEED AND CONFORM TO FEDERAL, STATE AND INSTITUTIONAL REGULATIONS. ELIGIBILITY IS BASED ON A THOROUGH REVIEW AND VERIFICATION OF A FAMILY'S INCOME, ASSETS, SIZE AND NUMBER OF DEPENDENTS ENROLLED IN COLLEGE. ANNUAL EXPENDITURE REPORTS ARE SUBMITTED TO THE FEDERAL AND STATE GOVERNMENTS FOR REVIEW. THE FUND EXPENDITURES ARE REVIEWED FOR COMPLIANCE IN AN ANNUAL AUDIT CONDUCTED BY AN INDEPENDENT ACCOUNTING FIRM. THE COLLEGE DOES NOT FURTHER MONITOR THE USAGE OF SCHOLARSHIP FUNDS AS THESE AMOUNTS ARE CREDITED DIRECTLY AGAINST STUDENTS TUITION ACCOUNT AND THERE IS NO OPPORTUNITY FOR THE STUDENT TO DIVERT THESE FUNDS TO NON-EDUCATIONAL USES. IN ADDITION TO ITS SCHOLARSHIP PROGRAMS, THE COLLEGE MAKES ONE GRANT TO THE ALUMNI COUNCIL OF UNION COLLEGE, INC. (WHICH WAS FORMED TO PROVIDE STRUCTURE FOR THE ALUMNI OF THE COLLEGE TO PARTICIPATE IN AND ADVANCE THE INTEREST OF THE COLLEGE). THE COLLEGE PROVIDED SUPPORT FOR VARIOUS COUNCIL EVENTS IN FISCAL 2024 AND REQUIRED NO FURTHER MONITORING ON THE USAGE OF THE FUNDS. X X 1 1 X X X 0 1 0 0 0 0 0 1 0 DAVID R HARRIS VOTING PRESIDENT/TRUSTEE EX OFFICO 683889 0 35750 0 62956 0 78650 0 36616 0 897861 0 0 0 MICHELLE ANGRIST VP ACADEMIC AFFAIRS/DEAN FACULTY 266830 0 0 0 552 0 30704 0 70611 0 368697 0 0 0 SCOTT JONES VP FOR ADMINISTRATION & FINANCE 279134 0 0 0 1032 0 32230 0 38797 0 351193 0 0 0 MATTHEW MALATESTA VP FOR ADMISSIONS, FA & ENROLLMENT 221080 0 0 0 6307 0 25724 0 70154 0 323265 0 0 0 JAMES MCLAUGHLIN DIRECTOR OF ATHLETICS 205326 0 0 0 1836 0 24014 0 68561 0 299737 0 0 0 ANNETTE DIORIO VP STUD AFF & DEAN STUDENTS 219358 0 25000 0 2064 0 26153 0 23316 0 295891 0 0 0 ELLEN YU CHIEF INFORMATION OFFICER 201234 0 3000 0 807 0 23050 0 54387 0 282478 0 0 0 MARK LAND VP FOR COMMUNICATION AND MARKETING 222870 0 0 0 5007 0 25875 0 26134 0 279886 0 0 0 JOSHUA J HAUGE MEN'S HOCKEY COACH 216428 0 0 0 210 0 25121 0 37661 0 279420 0 0 0 MAURA MACK HISGEN - INTERIM VP FOR COLLEGE RELATIONS/ASST. SEC. 231289 0 0 0 663 0 22813 0 21161 0 275926 0 0 0 SCOTT RAVA ASST. VP & CAMPAIGN DIRECTOR 184595 0 0 0 1130 0 19866 0 46238 0 251829 0 0 0 ASHRAF GHALY CARL B JANSEN PROF OF ENGINEERING 189335 0 0 0 937 0 18699 0 34826 0 243797 0 0 0 DARCY CZAJKA VP AND CHIEF OF STAFF 183853 0 0 0 350 0 20527 0 7659 0 212389 0 0 0 BLAIR RAYMOND ASST. SECRETARY 112878 0 0 0 1586 0 13916 0 68688 0 197068 0 0 0 JENNIFER CURREY FACULTY TRUSTEE (AS OF 05/2024) 138356 0 0 0 770 0 13487 0 34719 0 187332 0 0 0 SARAH FARSAD REGISTRAR 115106 0 500 0 858 0 12075 0 35571 0 164110 0 0 0 CHAD ORZEL FACULTY TRUSTEE (THRU 05/2024) 105567 0 0 0 1117 0 12700 0 33721 0 153105 0 0 0 PART I, LINE 1A RELEVANT INFORMATION REGARDING COMPENSATION BENEFITS LINE 1 - HOUSING ALLOWANCE THE PRESIDENT, DAVID HARRIS, UNDER THE TERMS OF HIS EMPLOYMENT AGREEMENT, RECEIVES A HOUSING ALLOWANCE IN THE FORM OF A CASH PAYMENT, WHICH IS REPORTED AS TAXABLE INCOME ON HIS W-2. THE BOARD OF TRUSTEES APPROVED THE NATURE AND AMOUNT OF THE HOUSING ALLOWANCE. THE COLLEGE REQUIRES THE VICE PRESIDENT FOR STUDENT AFFAIRS AND DEAN OF STUDENTS, FRAN'CEE BROWN-MCCLURE, TO RESIDE ON CAMPUS AS A CONDITION OF HER EMPLOYMENT FOR THE BENEFIT OF THE COLLEGE, AND COLLEGE-OWNED HOUSING IS PROVIDED FOR HER. THE VALUE OF THE EMPLOYER PROVIDED HOUSING IS DEEMED TO BE NON-TAXABLE AND NOT INCLUDED IN HER FORM W-2 AS RESIDENCE ON CAMPUS IS A NECESSARY CONDITION OF EMPLOYMENT. LINE 1 - HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES AS PART OF PRESIDENT DAVID HARRIS'S EMPLOYMENT CONTRACT, THE COLLEGE PAYS FOR TWO CLUB MEMBERSHIPS; THE FIRST IS TO THE MOHAWK GOLF CLUB IN SCHENECTADY AND THE OTHER MEMBERSHIP IS TO THE UNIVERSITY CLUB IN NEW YORK CITY. THE PRESIDENT UTILIZES THE SOCIAL CLUBS FOR BUSINESS PURPOSES. PART I, LINE 4B SUPPLEMENTAL RETIREMENT PLAN: CURRENT PRESIDENT, DAVID HARRIS, PARTICIPATES IN THE COLLEGE'S SECTION 457(F) NONQUALIFIED SUPPLEMENTAL RETIREMENT PLAN WHICH IS SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. THE COLLEGE CONTRIBUTED $42,349 TO PRESIDENT HARRIS' 457(F) PLAN; THIS AMOUNT IS REPORTED IN SCHEDULE J, PART II, COLUMN (C). PART I, LINE 7 THE COLLEGE PROVIDED NON-FIXED DISCRETIONARY BONUSES TO CERTAIN EMPLOYEES WHO MET PERFORMANCE BASED GOALS IN CALENDAR YEAR 2023. BONUSES FOR THESE EMPLOYEES ARE DETERMINED AND APPROVED BY AN EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. PART II, COLUMN D - NONTAXABLE BENEFITS: AS PERMITTED UNDER SECTION 117 OF THE INTERNAL REVENUE CODE, THE COLLEGE (AS AN ELIGIBLE EDUCATIONAL INSTITUTION) PROVIDES FREE OR REDUCED TUITION TO ITS EMPLOYEES, AND THEIR DEPENDENTS, ON A NON-TAXABLE BASIS. THE VALUE OF THIS TUITION ASSISTANCE IS INCLUDED SCHEDULE J, PART II, COLUMN (B)(III) FOR THE FOLLOWING EMPLOYEES REPORTED IN THE FORM 990: - MICHELLE ANGRIST, VP OF ACADEMIC AFFAIRS - MATTHEW MALATESTA, VP FOR ADMISSIONS - JAMES MCLAUGHLIN, DIRECTOR OF ATHLETICS - ELLEN YU, CHIEF INFORMATION OFFICER - SCOTT RAVA, ASST. VP & CAMPAIGN DIRECTOR - BLAIR RAYMOND - ASST. SECRETARY A SCHENECTADY COUNTY CAPITAL RESOURCE CORPORATION 273478847 806418BC2 2017-04-20 74702514 REFINANCE, S&E CONSTRUCTION 0 0 0 B SCHENECTADY COUNTY CAPITAL RESOURCE CORPORATION 273478847 806418BF5 2022-06-09 36139936 REFUND 2012 BOND & BUILDING RENOVATIONS 0 0 0 C SCHENECTADY COUNTY CAPITAL RESOURCE CORPORATION 273478847 806418BF6 2024-06-27 25312615 CAPITAL IMPROVEMENTS 0 0 0 A 33867514 74702514 1027950 58191675 15482889 2020 1 0 1 1 B 3654936 36139936 533044 15685892 19921000 1 0 0 1 C 3257615 25312615 267642 19940116 116503 4988354 0 1 0 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 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: SCHENECTADY COUNTY CAPITAL RESOURCE CORPORATION DATE THE REBATE COMPUTATION WAS PERFORMED: 04/06/2022 ISSUER NAME: SCHENECTADY COUNTY CAPITAL RESOURCE CORPORATION DATE THE REBATE COMPUTATION WAS PERFORMED: 08/21/2024 SCHEDULE K, PART VI, SUPPLEMENTAL INFORMATION: IN APRIL 2017, THE COLLEGE BORROWED $74,702,514 THROUGH THE SCHENECTADY COUNTY CAPITAL RESOURCE CORPORATION, UTILIZING A TAX-EXEMPT REVENUE BOND. $50,000,000 OF THE DEBT WILL BE USED TOWARD THE FINANCING OF THE RENOVATION/CONSTRUCTION OF THE SCIENCE AND ENGINEERING CENTER. $15,300,000 WAS USED TO REFUND SERIES 2010 BONDS. THE REMAINING AMOUNT OF THE DEBT PROCEEDS WAS USED TO FUND THE CAPITALIZED INTEREST FUND IN THE AMOUNT OF $7,900,000, AS WELL AS COSTS OF ISSUANCE. THE FINAL MATURITY OF THE BOND WILL BE JANUARY 1, 2047. THE BONDS WERE ISSUED AT A PREMIUM OF APPROXIMATELY $10,000,000. THIS BOND WAS PARTIALLY REFUNDED IN JUNE 2024 IN CONNECTION WITH THE $24,880,000 BOND ISSUANCE. IN JUNE 2022, THE COLLEGE BORROWED $32,485,000 THROUGH THE SCHENECTADY COUNTY CAPITAL RESOURCE CORPORATION, UTILIZING A TAX-EXEMPT REVENUE BOND. $19,921,000 OF THE DEBT WILL BE USED FOR THE PROJECT COSTS OF VARIOUS BUILDING RENOVATION AND DEFERRED MAINTENANCE. APPROXIMATELY 15,558,000 WAS USED TO REFUND THE SERIES 2012 BONDS, WHICH INCLUDED THE OUTSTANDING PRINCIPAL BALANCE AND ACCRUED INTEREST. THE REMAINING AMOUNT OF THE DEBT PROCEEDS WAS USED FOR COSTS OF ISSUANCE. THE FINAL MATURITY OF THE BOND WILL BE JULY 1, 2052. THE BONDS WERE ISSUED AT A PREMIUM OF APPROXIMATELY $3,655,000. IN JUNE 2024, THE COLLEGE BORROWED $22,055,000 THROUGH THE SCHENECTADY COUNTY CAPITAL RESOURCE CORPORATION, UTILIZING A TAX-EXEMPT REVENUE BOND. $5,000,000 OF THE DEBT WILL BE USED TO FINANCE CERTAIN CAPITAL IMPROVEMENT PROJECTS ON THE COLLEGE'S CAMPUS AND CERTAIN FUTURE LEASE PAYMENTS WITH RESPECT TO THE MOHAWK HARBOR HOCKEY ARENA. APPROXIMATELY, $19,928,000 OF THE TAX-EXEMPT DEBT WAS USED TO REFUND THE SERIES 2015A BONDS, WHICH INCLUDED OUTSTANDING PRINCIPAL BALANCE AND ACCRUED INTEREST. THE REMAINING AMOUNT OF THE DEBT PROCEEDS WAS USED FOR COST OF ISSUANCE. THE FINAL MATURITY OF THE BOND WILL BE JULY 1, 2038. THE BONDS WERE ISSUED AT A PREMIUM OF APPROXIMATELY $3,258,000. SCHEDULE K, PART II, COLUMN C, LINE 11: OTHER SPENT PROCEEDS REFLECT $113,914 OF AN UNDERWRITER'S DISCOUNT AND $2,589 OF ADDITIONAL CASH PROCEEDS NOT IDENTIFIED ELSEWHERE ON THE SCHEDULE K. SCHEDULE K, PART IV, LINE 2(C), 2017 BOND: THE COLLEGE COMMISSIONED AN ARBITRAGE REBATE CALCULATION ON ITS SERIES 2017 REVENUE BOND ON APRIL 26, 2022. THE REPORT CONCLUDED THAT NO REBATE WAS DUE FOR THIS ISSUE. SCHEDULE K, PART IV, LINE 2(C), 2022 BOND: THE COLLEGE COMMISSIONED AN ARBITRAGE REBATE CALCULATION ON ITS SERIES 2022 REVENUE BOND ON AUGUST 21, 2024. THE REPORT CONCLUDED THAT NO REBATE WAS DUE FOR THIS ISSUE. SCHEDULE K, PART II, LINE 10 - BOND B: THE COLLEGE SPENT $15,557,851 TO REFUND THE SERIES 2012 BONDS, (WHICH INCLUDES OUTSTANDING PRINCIPAL AND ACCRUED INTEREST). THE ADDITIONAL $19,921,000 REPORTED ON LINE 10 REPRESENTS AMOUNTS THE COLLEGE HAS SPENT ON BUILDING RENOVATIONS AND OTHER CAPITAL IMPROVEMENTS. 3 TRUSTEES 256719 SCHOLARSHIP TUITION DISC. MARGARET AMODEO SEE PART V 54994 SEE PART V 0 SCHEDULE L, PART IV - INTERESTED PERSONS TRUSTEE JOHN KELLY'S SISTER, MARGARET AMODEO IS AN EMPLOYEE OF THE COLLEGE. AMOUNTS REPORTED ON SCHEDULE L REPRESENT COMPENSATION AND BENEFITS RECEIVED BY MS. AMODEO ON A FISCAL YEAR BASIS. X 61 4166872 MARKET VALUE X MISCELLANEOUS 9 15537 COST X EQUIPMENT 1 3000 COST 0 1 0 LINE 32A, THIRD PARTIES: TO THE EXTENT THAT THE COLLEGE RECEIVES NON-CASH CONTRIBUTIONS OF SECURITIES, ITS INVESTMENT MANAGER/BROKER IS TASKED WITH SELLING THOSE SECURITIES ON THE COLLEGE'S BEHALF. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TO BE ENGAGED, INNOVATIVE AND ETHICAL CONTRIBUTORS TO A DIVERSE, GLOBAL AND TECHNOLOGICALLY COMPLEX SOCIETY. FACULTY, STAFF AND ADMINISTRATORS WELCOME DIVERSE AND TALENTED STUDENTS TO THE CAMPUS COMMUNITY, WORK CLOSELY WITH THEM TO PROVIDE A BROAD AND DEEP EDUCATION, AND GUIDE THEM IN FINDING AND CULTIVATING THEIR PASSIONS. THE COLLEGE OFFERS A WIDE RANGE OF DISCIPLINES AND INTERDISCIPLINARY PROGRAMS IN THE LIBERAL ARTS AND ENGINEERING, AS WELL AS ACADEMIC, ATHLETIC, CULTURAL AND SOCIAL ACTIVITIES, INCLUDING OPPORTUNITIES TO STUDY ABROAD AND TO PARTICIPATE IN UNDERGRADUATE RESEARCH AND COMMUNITY SERVICE. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS OR FAMILY RELATIONSHIPS OF DIRECTORS, ETC. WILLIAM PERLSTEIN AND JOHN KELLY, III HAVE A BUSINESS RELATIONSHIP. RICHARD DELANEY AND SARAH PONTIUS AND HAVE A BUSINESS RELATIONSHIP. DOUGLASS KARP AND THOMAS COLEMAN HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE ORGANIZATION'S FORM 990 IS PREPARED IN CONJUNCTION WITH A NATIONALLY RECOGNIZED ACCOUNTING FIRM. UPON COMPLETION, THE FORM 990 IS PROVIDED TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS AND A DETAILED WALKTHROUGH OF ITS CONTENTS IS PROVIDED AT THE AUDIT COMMITTEE'S MEETING. PRIOR TO ELECTRONIC SUBMISSION OF THE 990 TO THE INTERNAL REVENUE SERVICE, THE AUDIT COMMITTEE CHAIR PROVIDES AN OVERVIEW OF THE REVIEW TO THE FULL BOARD OF TRUSTEES AND A COPY OF THE FINAL FORM 990 IS SHARED WITH THE FULL BOARD OF DIRECTORS. IN ADDITION, A COPY OF THIS FORM 990 IS AVAILABLE FOR REVIEW IN THE COLLEGE'S FINANCE OFFICE. FORM 990, PART VI, SECTION B, LINE 12C EXPLANATION OF MONITORING AND ENFORCEMENT OF CONFLICTS THE TRUSTEES OF UNION COLLEGE HAVE A WRITTEN CONFLICT OF INTEREST POLICY, WHICH REQUIRES OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES TO ANNUALLY DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS. QUESTIONNAIRES ARE SENT ANNUALLY TO MONITOR AND ENFORCE COMPLIANCE WITH THE POLICY. THE RESPONSES TO THE QUESTIONNAIRES ARE REVIEWED BY BOTH THE PRESIDENT'S OFFICE AND FINANCE FOR POTENTIAL CONFLICTS OF INTEREST THAT REQUIRE DISCLOSURE. IF A CONFLICT OF INTEREST IS NOTED, A BOARD MEMBER WOULD HAVE TO RECUSE HIMSELF FROM VOTING, IF SO REQUIRED. FORM 990, PART VI, SECTION B, LINE 15 LINE 15A - COMPENSATION REVIEW & APPROVAL PROCESS - PRESIDENT THE COLLEGE UNDERTAKES A THOROUGH AND RIGOROUS PROCESS TO DETERMINE THE PRESIDENT'S COMPENSATION. THE COLLEGE HAS ESTABLISHED AN EXECUTIVE COMPENSATION COMMITTEE THAT ACTS AS A COMMITTEE OF THE BOARD. THE EXECUTIVE COMPENSATION COMMITTEE IS COMPRISED OF THE CHAIRMAN, VICE CHAIRMAN, SECRETARY, AND GENERAL COUNSEL OF THE BOARD OF TRUSTEES. THE CHAIR OF THE BOARD SERVES AS THE CHAIR OF THE COMMITTEE. THE COMMITTEE ACTS AS THE AUTHORIZED BODY UNDER TREASURY REG. 53.4958-6, RESPONSIBLE FOR APPROVING THE COMPENSATION ARRANGEMENTS OF THE PRESIDENT. THE COMMITTEE WILL: A. REVIEW GOALS FOR THE UPCOMING YEAR AND ACCOMPLISHMENTS FOR THE YEAR JUST ENDED. B. OBTAIN APPROPRIATE ANALYSIS AND STUDIES FOR USE IN EVALUATING THE COMPENSATION OF THE PRESIDENT. C. DOCUMENT ITS DELIBERATIONS AND DECISION ESTABLISHING THE PRESIDENT'S COMPENSATION. D. REPORT TO THE EXECUTIVE COMMITTEE OF THE BOARD ANNUALLY ITS FINDINGS AND ACTIONS. LINE 15B - COMPENSATION REVIEW & APPROVAL PROCESS - OFFICERS & KEY EMPLOYEES THE COLLEGE UNDERTAKES A SIMILARLY DETAILED PROCESS TO DETERMINE THE COMPENSATION OF THE COLLEGE'S OFFICERS AND KEY EMPLOYEES (AS REPORTED ON PART VII OF THE FORM 990): A. THE COMPENSATION COMMITTEE OBTAINS APPROPRIATE ANALYSIS AND STUDIES FROM THE ADMINISTRATION TO USE AS AN AID IN EVALUATING THE COMPENSATION RECOMMENDATIONS OF THE PRESIDENT FOR THESE EMPLOYEES. B. THE COMPENSATION COMMITTEE DELIBERATES ON, AND APPROVES, ALL COMPENSATION AT A MEETING AND THE DECISIONS ARE DOCUMENTED IN COMMITTEE MINUTES. THE COLLEGE REVIEWS ALL OFFICER AND KEY EMPLOYEE COMPENSATION ON AN ANNUAL BASIS AND PARTICIPATES IN THE ANNUAL CUPA SURVEY (COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION). THE COLLEGE IS IN THE PROCESS OF COMMISSIONING A NEW COMPENSATION STUDY WITHIN THE NEXT TWO YEARS. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS TO THE PUBLIC THE TRUSTEES OF UNION COLLEGE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE FINANCIAL STATEMENTS ARE ALSO AVAILABLE ON THE COLLEGE'S WEBSITE WWW.UNION.EDU. FORM 990, PART IX, LINE 11(F): UNION COLLEGE'S INVESTMENT PORTFOLIO IS COMPRISED OF BOTH TRADITIONAL PUBLICLY TRADED SECURITIES AND NON-TRADITIONAL ALTERNATIVE INVESTMENTS (HEDGE FUNDS, LIMITED PARTNERSHIPS ETC). CERTAIN ALTERNATIVE INVESTMENTS DO NOT SPECIFICALLY REPORT TO THE INVESTOR THE INVESTMENT MANAGEMENT FEES THAT ARE INCURRED, RATHER NETTING THOSE FEES AGAINST INVESTMENT RETURNS. IN ADDITION, UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, INVESTMENT INCOME IS REQUIRED TO BE REPORTED NET OF RELATED EXPENSES WITHIN THE FINANCIAL STATEMENTS AND THE DISCLOSURE OF INVESTMENT EXPENSES IS NOT REQUIRED. BASED ON THESE FACTORS, NO SEPARATE TRACKING OF MANAGEMENT FEES PAID AT THE FUND LEVEL IS UNDERTAKEN. THE AMOUNT REPORTED ON PART IX, LINE 11(F) PRIMARILY REPRESENTS FEES PAID TO OUR THIRD PARTY INDEPENDENT INVESTMENT ADVISOR. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 208,619. POSTRETIREMENT BENEFITS 317,015. LOSS ON DEFEASANCE OF DEBT -236,941. ALUMNI COUNCIL OF UNION COLLEGE INC 807 UNION ST ABBE HALL SCHENECTADY NY 12308 146019466 FUNDRAISING NY 501(C)(3) 12C N/A 0 CHARITABLE REMAIN UNITRUST (3) INVESTING NY UNION COLLEGE T 0 CHARITABLE REMAIN UNITRUST (1) INVESTING CA UNION COLLEGE T 0 CHARITABLE REMAIN UNITRUST (1) INVESTING PA UNION COLLEGE T 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 ALUMNI COUNCIL OF UNION COLLEGE B 87725 FMV ALUMNI COUNCIL OF UNION COLLEGE C 84500 FMV