2022-04-11T13:43:13-05:00 2021-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 801B SUNSET DRIVE JOHNSON CITY TN 376043033 990 2020-06-01 620535755 MILLIGAN UNIVERSITY MILL 4234618686 P O BOX 750 MILLIGAN TN 37682 JACQUELINE R STEADMAN VP FOR BUSINESS AND FINANCE 4234618686 2022-04-08 1 JACQUELINE STEADMAN 999009999 SARAH PRESNELL P01269151 4232824511 2022-04-08 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z X JACQUELINE R STEADMAN 1 BLOWERS BOULEVARD MILLIGAN TN 37682 47397752 0 X WWW.MILLIGAN.EDU X 1882 TN THE ORGANIZATION IS A CHRISTIAN LIBERAL ARTS UNIVERSITY. 26 23 806 1 0 0 5807942 5460783 38385465 39903017 2354217 2033952 0 0 46547624 47397752 15603072 16859122 0 0 15675495 16327950 0 0 1015261 12701641 12173241 43980208 45360313 2567416 2037439 111462499 124762471 19338014 18287939 92124485 106474532 AS A CHRISTIAN LIBERAL ARTS UNIVERSITY, MILLIGAN UNIVERSITY SEEKS TO HONOR GOD BY EDUCATING MEN AND WOMEN TO BE SERVANT-LEADERS. 0 0 38838356 16859122 39637920 OPERATION OF CHRISTIAN LIBERAL ARTS UNIVERSITY 38838356 1 1 0 0 0 0 0 1 0 1 1 0 1 0 1 1 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1912 0 1 806 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 26 23 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X JACQUELINE R STEADMAN 4234618686 1 BLOWERS BOULEVARD MILLIGAN TN 37682 DENNY MAYES MEMBER 1.00 X 0 0 0 CHARLES ALLCOTT III MEMBER 1.00 X 0 0 0 TOM BANKS MEMBER 1.00 X 0 0 0 TOMMY BURLESON MEMBER 1.00 X 0 0 0 DAVID CLARK MEMBER 1.00 X 0 0 0 DALE CLAYTON MEMBER 1.00 X 0 0 0 MARK COX MEMBER 1.00 X 0 0 0 ERIC DEATON MEMBER 1.00 X 0 0 0 RONALD G DOVE JR TRUSTEE ROTATION 1.00 X 0 0 0 JIM FRASURE MEMBER 1.00 X 0 0 0 JAMES EARL GREEN MEMBER 1.00 X 0 0 0 WILLIAM B GREENE JR MEMBER 1.00 X 0 0 0 DAVID HAMILTON TRUSTEE ROTATION 1.00 X 0 0 0 DAVID O HAMLIN MEMBER 1.00 X 0 0 0 GREG JOHNSON MEMBER 1.00 X 0 0 0 JOHN MEDING MD MEMBER 1.00 X 0 0 0 STEPHEN MOORE MEMBER 1.00 X 0 0 0 LOTTIE RYANS MEMBER 1.00 X 0 0 0 JOHN J WIGGINS MEMBER 1.00 X 0 0 0 CALVIN L WILSON JR MEMBER 1.00 X 0 0 0 MARSHALL W HAYDEN MEMBER 1.00 X 0 0 0 WILLIAM R CLEM MEMBER 1.00 X 0 0 0 BRENDA GREEN MEMBER 1.00 X 0 0 0 MARK H WEBB DDS MEMBER 1.00 X 0 0 0 BEN CACHIARAS TRUSTEE ROTATION 1.00 X 0 0 0 RONALD F SEWELL SECRETARY 1.00 X X 0 0 0 SCOTT KENT TREASURER 1.00 X X 0 0 0 RICHARD W PHILLIPS OD VICE CHAIR 1.00 X X 0 0 0 TAMMY ELDRIDGE CHAIR 1.00 X X 0 0 0 WILLIAM B GREER PRESIDENT 40.00 X 231483 0 27874 R GARLAND YOUNG VP FOR ACADEMIC AFFAIRS 40.00 X 101209 0 11147 MARK P FOX VP FOR STUDENT DEVELOPMENT 40.00 X 98166 0 10165 JACQUELINE R STEADMAN VP FOR BUSINESS & FINANCE 40.00 X 120106 0 12452 A LEE HARRISON VP OF MARKETING, ENROLLMEN 40.00 X 100695 0 17433 RHAJON SMITH VP FOR INST ADVANCEMENT 40.00 X 89483 0 6482 ANDREW HULL DIRECTOR-PHYSICIAN ASSISTN 40.00 X 138345 0 17302 CHRISTY ISBELL DIRECTOR-OCCUPATIONAL THERAPY PROGRAM 40.00 X 106480 0 7787 CHRISTOPHER LAYNE HEAD CROSS-COUNTRY AND TRACK AND FIELD COACH 40.00 X 102500 0 244 1088467 0 110886 7 0 1 0 PIONEER COLLEGE CATERERS 303 GLENROSE AVENUE NASHVILLE TN 37210 FOOD SERVICES 970003 BURLESON CONSTRUCTION CO PO BOX 1735 JOHNSON CITY TN 37605 CONSTRUCTION 353885 CLARK HIGHER ED 2 WESTSIDE DRIVE ASHEVILLE NC 28806 EDUCATION SERVICES 182536 CENTRAL TECHNOLOGIES PO BOX 23346 KNOXVILLE TN 37933 INFORMATION TECHNOLOGY 137912 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 INFORMATION TECHNOLOGY 129393 6 5460783 641761 5460783 TUITION AND FEES 611710 34737260 34737260 AUXILIARY ENTERPRISES 611710 4337613 4337613 STUDENT HOUSING 611710 400853 400853 OTHER INCOME 611710 265097 265097 STUDENT AID 611710 141590 141590 20604 20604 39903017 2033952 2033952 47397752 39637920 0 2299049 27250 27250 16831872 16831872 852142 57757 619322 175063 12650409 10283099 1987554 379756 1915470 1544036 300466 70968 909929 703474 169833 36622 18565 18565 87200 87200 132071 132071 1553857 1375607 167950 10300 358155 220354 137801 900518 532553 279072 88893 826649 352142 418232 56275 1098370 1034616 58996 4758 861957 823133 31024 7800 13639 9963 3676 496589 496589 2384654 2224882 147849 11923 416890 70203 346687 ALL OTHER EXPENSES 1729035 1037421 518711 172903 COVID INSTITUTIONAL EXP 789230 789230 COVID STUDENT GRANTS 371377 371377 DUES AND SUBSCRIPTIONS 134485 52798 81687 45360313 38838356 5506696 1015261 9185650 8438212 4745703 7314540 4253822 4197192 2058844 1222166 713656 507034 277827 277949 113233 79970 81062644 40916626 41347951 40146018 47043499 60853105 1722314 1726285 111462499 124762471 1935826 1939486 1300087 1368995 7702714 7043804 0 7236236 6936004 1163151 999650 19338014 18287939 X 35233507 36208370 56890978 70266162 92124485 106474532 111462499 124762471 X 2037439 12369681 -57073 X X 0 1 X 1 1 1 X 4350508 5080628 6194870 5807942 5460783 26894731 4350508 5080628 6194870 5807942 5460783 26894731 26894731 1472742 1938462 2669285 2235566 1901150 10217205 70006 64071 134077 37246013 180834873 0.72210 0.72170 X SCHEDULE A, PART I, LINES 2 AND 7 MILLIGAN COLLEGE RECEIVED AN IRS DETERMINATION LETTER APRIL 3, 1947 STATING THAT THE ORGANIZATION WAS RECOGNIZED AS AN ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ADDITIONALLY, THE ORGANIZATION WAS ALSO DETERMINED NOT TO BE A PRIVATE FOUNDATION AS DEFINED IN SECTION 509(A) OF THE CODE BECAUSE IT WAS AN ORGANIZATION DESCRIBED IN SECTION 509(A)(1) AND SECTION 170(B)(1)(A)(II), WHICH IS IDENTIFIED IN SCHEDULE A, PART I, LINE 2, AS A SCHOOL. IT IS AN EDUCATIONAL ORGANIZATION WHICH NORMALLY MAINTAINS A REGULAR FACULTY AND CURRICULUM AND NORMALLY HAS A REGULARLY ENROLLED BODY OF PUPILS OR STUDENTS IN ATTENDANCE AT THE PLACE WHERE ITS EDUCATIONAL ACTIVITIES ARE REGULARLY CARRIED ON. PER THE 2013 INSTRUCTIONS FOR SCHEDULE B, SCHEDULE OF CONTRIBUTORS, THE INTERNAL REVENUE SERVICE HAS CLARIFIED THAT IN ORDER FOR THE COLLEGE TO REPORT ITS CONTRIBUTIONS UNDER THE SPECIAL RULE, THE ORGANIZATION MUST NOW CHECK BOX 7 OF SCHEDULE A, PART I, AND COMPLETE SCHEDULE A, PART II, SUPPORT SCHEDULE FOR ORGANIZATIONS DESCRIBED IN SECTIONS 170(B)(1)(A)(IV) AND 170(B)(1)(A)(VI). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 96 96 0 PART II-B, LINE 1: PAYMENT TO THE TENNESSEE INDEPENDENT COLLEGES AND UNIVERSITIES ASSOCIATION FOR ANNUAL DUES INCLUDED A $96 PORTION FOR LOBBYING EXPENSES. 1506161 X X 0 47721320 718911 13751543 1598572 60593202 45269781 1057254 1963244 568959 47721320 46039821 893610 216835 1880485 45269781 42946290 1263858 3488059 1527231 131155 46039821 38922910 719020 4901403 1414661 182382 42946290 0.60752 0.39248 0 0 2991093 2991093 69367226 33861513 35505713 7114915 5535137 1579778 1589410 1519976 69434 40146018 MUTUAL FUNDS 46681954 F EXCHANGE-TRADED AND CLOSED-END FUNDS 10467980 F CASH AND CASH EQUIVALENTS HELD FOR LONG-TERM INVESTMENTS 3703171 F 60853105 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 549808 ANNUITY PAYMENT LIABILITIES 431262 REMAINDER TRUST LIABILITY 18580 999650 X 42746417 12369681 -57073 12312608 30433809 132071 16831872 16963943 47397752 28396370 0 28396370 132071 16831872 16963943 45360313 PART III, LINE 4: COLLLECTION - CHRISTIAN EDUCATION LIBRARY: THIS COLLECTION WAS ACQUIRED THRU THE MERGER OF EMMANUEL CHRISTIAN SEMINARY AND MILLIGAN UNIVERSITY ON JULY 1, 2015. THE VALUE OF THIS COLLECTION WAS $1,506,161 AS OF MAY 31, 2021. THE UNIVERSITY'S COLLECTION CONSISTS OF ARTIFACTS OF HISTORICAL SIGNIFICANCE, INCLUDING CHRISTIAN EDUCATION LITERATURE AND VARIOUS OTHER DOCUMENTS AND ITEMS. THE COLLECTION HAS BEEN CAPITALIZED USING COST OF ITEMS ACQUIRED OR ESTIMATED COST IF APPLICABLE. EACH OF THE ITEMS IS CATALOGUED FOR EDUCATION, RESEARCH, AND CURATORIAL PURPOSES, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS IS FOR GENERAL USE; SCHOLARSHIPS; TECHNOLOGY, CHAIRS AND OTHER. PART X, LINE 2: NOTE 1(P) - UNCERTAIN TAX POSITIONS THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE FINANCIAL STATEMENTS. THE UNIVERSITY FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION (FASB ASC), WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF MAY 31, 2021 AND 2020, THE UNIVERSITY HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE UNIVERSITY'S FINANCIAL STATEMENTS. THE UNIVERSITY'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE FINANCIAL STATEMENTS. NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEARS ENDED MAY 31, 2021 AND 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: NET ADJUSTMENT OF ANNUITY PAYMENT LIABILITY -57,073. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST STUDENT TUITION AND FEES 16,831,872. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST STUDENT TUITION AND FEES 16,831,872. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE UNIVERSITY'S RACIALLY NONDISCRIMINATORY POLICY IS PUBLICIZED THROUGH RADIO ADVERTISEMENTS, PRINT PUBLICATIONS SUCH AS THE UNIVERSITY CATALOG, AND FINANCIAL AID AND RELATED MATERIALS, AND ADS FOR EMPLOYMENT. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FINANCIAL ASSISTANCE FOR STUDENT FINANCIAL AID PROGRAMS SUCH AS THE FEDERAL PELL GRANT PROGRAM, AND MANY OTHERS FROM THE UNITED STATES DEPARTMENT OF EDUCATION. THE UNIVERSITY ALSO RECEIVES STUDENT FINANCIAL ASSISTANCE FROM THE STATE OF TENNESSEE IN THE FORM OF VARIOUS GRANTS AND LOTTERY SCHOLARSHIPS. 1 ETSU FOUNDATION PO BOX 70734 JOHNSON CITY TN 37614 501C3 20000 SCHOLARSHIP FOR COACHING EXCELLENCE FUND CASH SCHOLARSHIPS FOR STUDENTS ATTENDING THE MILLIGAN UNIVERSITY CAMPUS IN CARTER COUNTY, TENNESSEE, U.S. 961 16831872 N/A N/A PART I, LINE 2: THE UNIVERSITY DOES NOT GIVE ANY NON-CASH SCHOLARSHIPS. SCHOLARSHIPS ARE DISBURSED TO STUDENTS THROUGH CREDITING THEIR STUDENT ACCOUNTS. IF THE STUDENT HAS ANY EXCESS SCHOLARSHIP FUNDS OVER THEIR CHARGES, THESE FUNDS ARE DISBURSED TO THE STUDENT BY CHECK. THE UNIVERSITY'S PROCEDURES FOR MONITORING GRANT FUNDS IN THE U.S. ARE AS FOLLOWS: THE UNIVERSITY HAS APPOINTED DIRECTORS, WHO REPORT TO THE APPROPRIATE VICE PRESIDENTS, OVER ALL FEDERAL GRANT PROGRAMS. THESE DIRECTORS ARE CHARGED WITH PERFORMING ALL GRANT-RELATED ACTIVITIES INCLUDING APPLICATION, MONITORING OF EXPENDITURES AND REPORTING, WITH THE EXCEPTION OF DRAW-DOWNS OF FEDERAL FUNDS. DRAW-DOWNS ARE PERFORMED BY THE UNIVERSITY'S ACCOUNTING MANAGER AFTER REQUESTS ARE MADE BY THE DIRECTOR TO THE ACCOUNTING MANAGER. THE ACCOUNTING MANAGER REVIEWS THE REQUESTS FOR DRAW-DOWNS, WHICH INCLUDE DOCUMENTATION OF ALL DIRECT AND INDIRECT PROGRAM EXPENSES, BEFORE MAKING THE DRAW-DOWNS. A SINGLE AUDIT IS PERFORMED ANNUALLY BY THE UNIVERSITY'S INDEPENDENT AUDITORS. X X X 0 1 X X 0 1 0 0 0 0 0 0 0 WILLIAM B GREER PRESIDENT 231483 0 0 0 0 0 16508 0 11366 0 259357 0 0 0 ANDREW HULL DIRECTOR-PHYSICIAN ASSISTN 138345 0 0 0 0 0 10063 0 7239 0 155647 0 0 0 PART I, LINE 1A FOR THE YEAR ENDED 05/31/21, THE UNIVERSITY PAID FOR SOME MEALS AND AIRFARE FOR THE PRESIDENT'S WIFE WHEN SHE TRAVELED WITH HIM ON UNIVERSITY BUSINESS. A HOME WAS DONATED TO THE UNIVERSITY IN DECEMBER, 2013 TO BE USED AS THE PRESIDENT'S HOME. THE PRESIDENT AND HIS WIFE MOVED INTO THE HOME IN JANUARY, 2014. LANDSCAPING SERVICES ARE PROVIDED BY THE UNIVERSITY AT THE HOME. ONE TIME PER MONTH, THE UNIVERSITY PROVIDES HOUSEKEEPING SERVICES FOR THE HOME. PART I, LINE 1B APPROVAL FOR COMPANION TRAVEL EXPENSES WAS GIVEN BY THE BOARD OF TRUSTEES. MINUTES ARE AVAILABLE. APPROVAL FOR THE PRESIDENT TO LIVE IN THE HOME WAS GIVEN BY THE BOARD OF TRUSTEES. MINUTES ARE AVAILABLE. PART I, LINE 3 COMPENSATION SURVEYS FOR UNIVERSITY PRESIDENTS ARE OBTAINED FROM THIRD PARTY SOURCES. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE COMPENSATION SURVEYS INFORMATION AND PRESENTS SALARY RECOMMENDATIONS TO THE ENTIRE BOARD OF TRUSTEES FOR APPROVAL. THE BOARD OF TRUSTEES CONSIDERS THE DATA FROM THE COMPARATIVE COMPENSATION SURVEYS AS WELL AS RESULTS OF PERFORMANCE EVALUATIONS IN MAKING THEIR RECOMMENDATIONS FOR SALARY INCREASES. PART I, LINE 4B THE UNIVERSITY ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN IN 2011. THE FIRST CONTRIBUTION WAS MADE IN MARCH, 2012 ON BEHALF OF WILLIAM B. GREER, PRESIDENT. THE CONTRIBUTION MADE FOR THE YEAR ENDED MAY 31, 2021 WAS $0. PART I, LINE 5 NOT APPLICABLE PART I, LINE 6 NOT APPLICABLE PART I, LINE 7 NOT APPLICABLE PART I, LINE 8 NOT APPLICABLE A THE HEALTH & EDUCATIONAL FACILITIES BD OF THE CITY OF ELIZABETHTON TN 626000283 2005-12-05 5500000 CONSTRUCTION AND EQUIPPING OF EDUCATIONAL FACILITIES 0 0 0 B THE INDUSTRIAL DEVELOPMENT BOARD OF CARTER COUNTY TN 461322210 2012-12-07 7500000 ACQUISITION, CONSTRUCTION AND EQUIPPING OF STUDENT RESIDENCE FACILITIES 0 0 0 A 3181380 5500000 38851 5461149 2007 0 0 1 1 B 2774816 7500000 47840 7452160 2013 0 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 A 1 B 1 WILLIAM B GREENE TRUSTEE BUSINESS AND ENERGY UPGRADES X 3600000 1195792 0 1 1 WILLIAM B GREENE TRUSTEE BUSINESS AND ENERGY UPGRADES X 1430000 1430000 0 1 1 WILLIAM B GREENE TRUSTEE BUSINESS AND OPERATING LOAN X 1867869 1705112 0 1 1 4330904 DR WILLIAM B GREER PRESIDENT OF MILLIGAN UNIVERSITY IN MAY 2014, DR. WILLIAM B. GREER, THE PRESIDENT OF MILLIGAN UNIVERSITY, WAS APPOINTED TO THE BOARD OF DIRECTORS OF CARTER COUNTY BANK WHICH HOLDS A LINE OF CREDIT, TWO TAX-EXEMPT BONDS, 3 NOTES PAYABLE ($4,330,904) AND MOST OF THE UNIVERSITY'S CHECKING ACCOUNTS ($15,473,003). 0 WILLIAM B GREENE TRUSTEE WILLIAM B GREENE IS THE MAJORITY SHAREHOLDER AND CHAIRMAN OF BANK OF TENNESSEE. CARTER COUNTY BANK IS A DIVISION OF THE BANK OF TENNESSEE. MILLIGAN HAS THE MAJORITY OF ITS BANK DEPOSITS AT CARTER COUNTY BANK TOTALING $15,473,003 AS OF 5/31/2021.IN ADDITION, THE BANK HOLDS TWO TAX-EXEMPT BONDS. BOND ISSUED FOR THE CONSTRUCTION OF THE LIBERAL ARTS FACILITY ($5,500,000), THE INSTITUTION PAID $304,044 IN PRINCIPAL AND $106,800 IN INTEREST DURING 2020-2021. THE BALANCE OF THE BOND AT YEAR END WAS $2,318,620. THE SECOND TAX-EXEMPT BOND WAS ISSUED TO CONSTRUCT NEW RESIDENCE HALLS AND TOTALED $7,500,000. MILLIGAN PAID $354,865 IN PRINCIPAL AND $115,195 IN INTERSET DURING 2020-2021 AND THE BALANCE AT YEAR END WAS $4,725,184. 0 MR RONALD G DOVE JR TRUSTEE MR. RONALD G. DOVE, JR. IS MEMBER OF THE BOARD OF TRUSTEES. HIS SISTER IS EMPLOYED BY THE UNIVERSITY. HER GROSS SALARY FOR THE 2020 CALENDAR YEAR WAS $47,602. 0 MR TOMMY BURLESON TRUSTEE TRUSTEE PROVIDED SERVICES AS CONTRACTOR DURING 2020-2021 AND WAS PAID $353,885. 0 MR THOMAS BANKS TRUSTEE TOM BANKS IS A TRUSTEE OF THE UNIVERSITY AND HIS DAUGHTER-IN-LAW IS EMPLOYED BY MILLIGAN. HER GROSS SALARY WAS $26,068 IN CALENDAR YEAR 2020. 0 X 12 641761 CLOSING STOCK PRICES 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 BRENDA GREEN, A MEMBER OF THE BOARD OF TRUSTEES, IS A SISTER-IN-LAW OF JAMES EARL GREEN, A MEMBER OF THE BOARD OF TRUSTEES. WILLIAM B. GREER, PRESIDENT OF MILLIGAN COLLEGE, IS A DIRECTOR ON THE BANK OF TENNESSEE'S BOARD OF DIRECTORS. WILLIAM B. GREENE, JR., A TRUSTEE OF MILLIGAN COLLEGE, IS THE OWNER OF THE BANK OF TENNESSEE. FORM 990, PART VI, SECTION B, LINE 11B A COMPLETE COPY OF THE UNIVERSITY'S FINAL FORM 990 (INCLUDING ALL REQUIRED SCHEDULES), AS ULTIMATELY FILED WITH THE INTERNAL REVENUE SERVICE, WAS PROVIDED TO EACH PERSON WHO WAS A VOTING MEMBER OF THE GOVERNING BODY AT THE TIME THE FORM 990 WAS PROVIDED, WHETHER IN PAPER OR ELECTRONIC FORM, BEFORE ITS FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH MEMBER OF THE BOARD OF TRUSTEES SUBMITS A SIGNED CONFLICT OF INTEREST AGREEMENT. AT THIS TIME, ANY KNOWN CONFLICTS OR POTENTIAL CONFLICTS OF INTEREST ARE DISCLOSED TO THE GOVERNING BODY. SHOULD THE POTENTIAL OF A CONFLICT OF INTEREST ARISE, THE SUBJECT WILL BE DISCLOSED AND THE GOVERNING BOARD MEMBER WILL EXCUSE THEMSELVES FROM VOTING ON THE MATTER IN QUESTION. FORM 990, PART VI, SECTION B, LINE 15 PRESIDENT: THE BOARD OF TRUSTEES APPROVED THE SALARY OF THE PRESIDENT OF THE UNIVERSITY AT HIRE DATE BASED ON REVIEW OF HISTORICAL DATA AND PEER INSTITUTIONS. AT LEAST EVERY THREE YEARS, THE BOARD CONDUCTS AN EVALUATION OF THE PRESIDENT; DURING THIS PROCESS, COMPARATIVE SALARY DATA WITH PEER INSTITUTIONS IS REVIEWED. SALARY INCREASES CAN BE APPROVED AT THIS TIME. THE BOARD OF TRUSTEES ALSO PASSED A RESOLUTION THAT THE PRESIDENT WOULD RECEIVE THE SAME PERCENTAGE INCREASE AS OTHER STAFF OF THE UNIVERSITY ON AN ANNUAL BASIS. THE SALARY OF THE PRESIDENT IS APPROVED AS PART OF THE BUDGETING PROCESS BY THE BOARD OF TRUSTEES ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: NET ADJUSTMENT OF ANNUITY PAYMENT LIABILITY -57,073. FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THAT OF THE PRIOR YEAR.