2022-05-16T12:45:23-05:00 2021-06-30 BDO USA LLP 800 RED BROOK BLVD 300 OWINGS MILLS MD 21117 990 2020-07-01 520705392 Stevenson University % MARY BETH SCHWENKE STEV 4104867000 100 CAMPUS CIRCLE OWINGS MILLS MD 21117 ELLIOT L HIRSHMAN PRESIDENT 4433342050 2022-05-15 true ELLIOT L HIRSHMAN 999009999 Brian Ray P01278507 4103633200 2020 2022-09-23 18:48:47Z ELLIOT L HIRSHMAN 1525 GREENSPRING VALLEY ROAD STEVENSON MD 21153 182811712 false X WWW.STEVENSON.EDU X 1947 MD THE UNIVERSITY IS AN INDEPENDENT COEDUCATIONAL FOUR-YEAR UNIVERSITY, WHICH OFFERS MASTER'S, BACHELOR'S, AND ASSOCIATE'S DEGREES TO APPROX. 3,000 FULL TIME EQUIV STUDENTS. 24 24 1544 125 8688 0 15426193 23241194 124289559 120973588 6582290 10848833 152415 1500 146450457 155065115 57306154 61813719 0 0 44500248 39987678 0 0 795737 38637130 36958711 140443532 138760108 6006925 16305007 302752205 353792351 151610986 167475471 151141219 186316880 X THE UNIVERSITY IS AN INNOVATIVE, COEDUCATIONAL, INDEPENDENT INSTITUTION OFFERING UNDERGRADUATE AND GRADUATE STUDENTS A CAREER-FOCUSED EDUCATION MARKED BY INDIVIDUALIZED ATTENTION, CIVILITY, AND RESPECT FOR DIFFERENCE. THE UNIVERSITY BLENDS THE LIBERAL ARTS WITH CAREER EXPLORATION AND PLANNING, COMPLEMENTING A TRADITIONAL EDUCATION WITH APPLIED LEARNING BEYOND THE CLASSROOM. THE UNIVERSITY MEETS STUDENTS WHERE THEY ARE AND SUPPORTS AND CHALLENGES THEM TO BECOME REFLECTIVE AND ACCOMPLISHED INDIVIDUALS COMMITTED TO A LIFETIME OF LEARNING AND CONTRIBUTION. STUDENTS GRADUATE WITH THE COMPETENCE AND CONFIDENCE NEEDED TO ADDRESS CREATIVELY THE OPPORTUNITIES AND PROBLEMS FACING THEIR COMMUNITIES, THE NATION AND THE WORLD. false false 60796143 0 120973586 STEVENSON UNIVERSITY IS A FOUR-YEAR UNIVERSITY PROVIDING EDUCATIONAL SERVICES TO APPROXIMATELY 2,680 FULL TIME, 347 PART TIME AND 465 GRADUATE STUDENTS. 61813719 61813719 0 THE NUMBER OF STUDENTS RECEIVING GRANTS IS AS FOLLOWS: PELL 932, SEOG 217, WORK STUDY 91, FEDERAL DIRECT SUB 1,187, FEDERAL DIRECT UNSUB 1,834, PARENT LOANS 638, HEERF 1,286 AND STEVENSON GRANTS AND SCHOLARSHIPS 3,566. 122609862 true true false true false false false true false true true false false true false true false true true false true false true false false false false false true true true false false false false false false false false false false true false false false true false false false false true 5082 0 true 1544 true true true false false false false true true false false false false false false X 24 24 false false false false false false false true true false false true true true true true false true true false MD X MARY BETH SCHWENKE 4433342050 1525 GREENSPRING VALLEY ROAD STEVENSON MD 21153 X Elliot L Hirshman President 40.0 0.0 X 416648 0 124248 Christopher Vaughan VP University Advancement 40.0 0.0 X 219679 0 14553 Susan Gorman EVP of Academic Affairs/Provos 40.0 0.0 X 181752 0 30106 Mark Hergan VP Enrollment Management 40.0 0.0 X 180807 0 30281 Melanie Edmondson VP of Admin & Finance, CFO 40.0 0.0 X 188673 0 14665 Tiffany Sanchez VP Student Affairs 40.0 0.0 X 160540 0 40886 Michael Stanton VP of Admin & Finance, CFO 40.0 0.0 X 177271 0 11881 Brian Fodrey Chief Information Officer 40.0 0.0 X 149212 0 27328 Meredith Durmowicz Dean SOS & Vice Provost SPR 40.0 0.0 X 138771 0 26640 Paul Cantabene Head Coach, Men's Lacrosse 40.0 0.0 X 134264 0 22674 David Jordan VP Human Resources 40.0 0.0 X 137069 0 10743 John Buettner VP MARKETING/DIGITAL COMMUN 40.0 0.0 X 130512 0 10256 Anna L Smith Secretary 1.0 0.0 X X 0 0 0 Robert C Brennan Treasurer 1.0 0.0 X X 0 0 0 Arthur F Bell JR CPA Trustee 1.0 0.0 X 0 0 0 Sandra R Berman Trustee 1.0 0.0 X 0 0 0 Robert D Biagiotti PE Trustee 1.0 0.0 X 0 0 0 Barbara Bozzuto Trustee 1.0 0.0 X 0 0 0 Eric D Brotman CFP AEP MSF Trustee 1.0 0.0 X 0 0 0 David A Burrows JR Trustee 1.0 0.0 X 0 0 0 Ronald M Causey CPA Trustee 1.0 0.0 X 0 0 0 Anthony Davis Trustee 1.0 0.0 X 0 0 0 Samuel M Dell III Trustee 1.0 0.0 X 0 0 0 Karen P Gibbs Trustee 1.0 0.0 X 0 0 0 Herbert J Hoelter Trustee 1.0 0.0 X 0 0 0 Nancy C Hubble Trustee 1.0 0.0 X 0 0 0 Brenda Bowe Johnson PHD Trustee 1.0 0.0 X 0 0 0 Donna L Kahoe Trustee 1.0 0.0 X 0 0 0 Robert D Kunisch Jr Trustee 1.0 0.0 X 0 0 0 Meredith A Mowen Trustee 1.0 0.0 X 0 0 0 Sheela Murthy Esq Trustee 1.0 0.0 X 0 0 0 Peter B Orthwein JR Trustee 1.0 0.0 X 0 0 0 T Scott Pugatch Trustee 1.0 0.0 X 0 0 0 Jennifer Ward Reynolds CFA Trustee 1.0 0.0 X 0 0 0 Paul Mark Sandler ESQ Trustee 1.0 0.0 X 0 0 0 Margaret Sheetz Trustee 1.0 0.0 X 0 0 0 Kathleen Sher Trustee 1.0 0.0 X 0 0 0 Judith S Waranch Esq Trustee 1.0 0.0 X 0 0 0 2215198 0 364261 32 false true false SODEXO OPERATIONS 1525 GREENSPRING VALLEY ROAD STEVENSON MD 21153 FOOD SERVICE 3961741 PROFESSIONAL MAINTENANCE MANAGEMENT 15938 DERWOOD ROAD ROCKVILLE MD 20855 CLEANING SERVICE 2340678 ALPHA LANDSCAPE CONTRACTORS 2823 SLINSTONE ROAD MILLERS MD 21102 GROUND REPAIRS 1204887 FLO-TRON CONTRACTING INC 10604 BEAVER DAM ROAD COCKEYSVILLE MD 21030 HVAC CONTRACTOR 497676 3P HEALTH LLC BRIGHTSTAR 6 N PARK DRIVE 110 COCKEYSVILLE MD 21030 NURSING SERVICES 447975 35 19051383 4189811 1581563 23241194 TUITION AND FEES 900099 105651090 105651090 STUDENT HOUSING 611710 9878980 9878980 FOOD SERVICE 611710 4396818 4396818 BOOKSTORE 451211 684688 684688 VENDOR COMMISSIONS 531120 109348 109348 252664 252664 120973588 3514917 8688 3506229 0 0 1500 1500 0 1500 1500 35080513 27746597 7333916 7333916 7333916 0 0 0 0 0 0 0 0 0 0 155065115 120973588 8688 10841645 0 61129739 61129739 683980 683980 0 1869330 699239 930562 239529 0 30685273 26425392 3906566 353315 1578101 1319430 232601 26070 3633980 1940197 1644562 49221 2220994 1910657 284101 26236 0 83291 11806 71485 277579 277579 0 0 444360 444360 0 1577396 185274 1392122 642260 617596 24003 661 2523487 759006 1729498 34983 0 6298983 6234656 64224 103 4660572 4654841 4562 1169 0 68314 53778 13911 625 5340173 4090705 1249468 0 6024410 4614848 1409562 830166 409863 420303 EQUIP RENTAL & MAINTENANCE 1547735 1366207 181528 MERCHANDISE FOR RESALE 718027 650907 67120 ATHLETIC FEES/OFFICIALS/OTHE 624502 608439 16063 PAYROLL/BANK FEES/INVESTMENT 307695 307695 0 4989761 4243302 682634 63825 138760108 122609862 15354509 795737 0 0 15068191 22640698 2368808 1470383 1210482 1407669 0 0 0 0 0 0 0 0 2999537 3701222 279213547 103353768 176220657 175859779 89653154 109460598 15231376 17552607 0 0 0 0 0 21699395 302752205 353792351 8767225 9091324 0 0 5506848 2591565 127874125 141013582 0 0 0 0 0 14779000 0 0 9462788 0 151610986 167475471 X 120655565 148365786 30485654 37951094 151141219 186316880 302752205 353792351 X 16305007 17009867 1860787 X false true X true true true X 18671203 12459847 13031952 15426193 23241194 82830389 0 0 18671203 12459847 13031952 15426193 23241194 82830389 2715225 80115164 2284837 2093990 2172109 2709260 3516417 12776613 0 0 95607002 634773447 0.83796 0.85650 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 60300 60300 false LOBBYING EXPENDITURES SCHEDULE C, PART II-B, LINE 1I STEVENSON UNIVERSITY UTILIZES TIMOTHY M. PERRY OF PERRY, WHITE, ROSS & JACOBSON AS COUNSEL FOR THE UNIVERSITY REGARDING THE ACQUISITION OF STATE OWNED POROPERTY ON THE ROSEWOOD CAMPUS. THE UNIVERSITY PAID $60,300 FOR THESE SERVICES IN THE CURRENT YEAR. X false 104505779 224036 27823383 638877 4997294 444360 126472667 98041012 316957 9954872 3400502 406560 104505779 89674033 879410 11023000 3208880 326551 98041012 82545452 -1636386 12178269 3091280 322022 89674033 69431235 6153276 10250013 2986553 302519 82545452 0.75760 0.09410 0.14830 false false 51783147 51783147 180964110 64545439 116418671 41707247 38808329 2898918 4759043 4759043 175859779 DEPOSITS WITH BOND TRUSTEE 21699395 21699395 0 0 X 111677690 17009867 1860787 18870654 92807036 444360 61813719 62258079 155065115 76502029 76502029 444360 61813719 62258079 138760108 SCHEDULE D, PART III, LINE 4: STEVENSON HOLDS A COLLECTION OF SCULPTURES AND A COLLECTION OF CIVIL WAR MEMORABILIA THAT FURTHERS RESEARCH, STUDY AND PROMOTES LEARNING IN THE ARTS AND PUBLIC HISTORY. SCHEDULE D, PART V, LINE 4: INTENDED USES OF ENDOWMENT FUNDS THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 79 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. SCHEDULE D, PART X: INCOME TAX AS AN EDUCATIONAL INSTITUTION MEETING THE REQUIREMENTS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE UNIVERSITY IS EXEMPT FROM INCOME TAXES ON INCOME, AS PROVIDED IN SECTION 501 (A), EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. NO PROVISION FOR INCOME TAXES WAS REQUIRED FOR 2021 AND 2020. MANAGEMENT HAS ANALYZED ITS TAX POSITIONS, AND HAS CONCLUDED THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. SCHEDULE D, PART XI, LINE 2D: CHANGE IN THE FAIR VALUE OF INTEREST RATE SWAP: $1,842,038 GAIN ON CHARITABLE ANNUITY : $18,749 TOTAL : $1,860,787 SCHEDULE D, PART XI, LINE 4B: AMOUNT REPRESENTS STUDENT FINANCIAL AID, WHICH IS NETTED AGAINST TUITION & FEES REVENUE FOR FINANCIAL STATEMENT PURPOSES. SCHEDULE D, PART XII, LINE 4B: AMOUNT REPRESENTS STUDENT FINANCIAL AID, WHICH IS NETTED AGAINST TUITION & FEES REVENUE FOR FINANCIAL STATEMENT PURPOSES. true true true true true true true false false false false false false false false true false true RACIALLY NONDISCRIMINATORY POLICY SCHEDULE E, PART I LINE 3 THE UNIVERSITY'S RACIALLY NON-DISCRIMINATORY POLICY IS PUBLICIZED IN RADIO AND PRINT ADVERTISEMENTS AND THE UNIVERSITY'S WEBSITE. FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY SCHEDULE E, PART I LINE 6A STEVENSON UNIVERSITY PARTICIPATES IN SEVERAL FINANCIAL AID PROGRAMS ADMINISTERED BY THE US DEPARTMENT OF EDUCATION AND BY THE STATE OF MARYLAND. true Central America and the Caribbean 0 0 Grantmaking 20500 East Asia and the Pacific 0 0 Grantmaking 27500 Europe (Including Iceland and Greenland) 0 Grantmaking 41300 Middle East and North Africa 0 0 Grantmaking 11650 North America 0 0 Grantmaking 124700 Russia and the Newly Independent States 0 0 Grantmaking 18800 South America 0 0 Grantmaking 35204 South Asia 0 0 Grantmaking 225573 Sub-Saharan Africa 0 0 Grantmaking 178753 Central America and the Caribbean 0 0 Investments 4508927 0 0 0 0 5192907 5192907 STUDENT FINANCIAL AID Central America and the Caribbean 1 20500 STUDENT FINANCIAL AID East Asia and the Pacific 2 27500 STUDENT FINANCIAL AID Europe (Including Iceland and Greenland) 2 41300 STUDENT FINANCIAL AID Middle East and North Africa 1 11650 STUDENT FINANCIAL AID North America 5 124700 STUDENT FINANCIAL AID Russia and the Newly Independent States 1 18800 STUDENT FINANCIAL AID South America 1 35204 STUDENT FINANCIAL AID South Asia 11 225573 STUDENT FINANCIAL AID Sub-Saharan Africa 8 178753 false false true true true false STUDENT FINANCIAL AID SCHEDULE F, PART I, LINE 2 THE UNIVERSITY PROVIDES FINANCIAL AID TO ELIGIBLE STUDENTS, GENERALLY IN A "PACKAGE" THAT INCLUDES LOANS, COMPENSATION UNDER WORK-STUDY PROGRAMS, AND/OR GRANT AND SCHOLARSHIP AWARDS. THE LOANS ARE PROVIDED PRIMARILY THROUGH PROGRAMS OF THE UNITED STATES GOVERNMENT (INCLUDING DIRECT AND GUARANTEED LOAN PROGRAMS) UNDER WHICH THE UNIVERSITY IS RESPONSIBLE ONLY FOR CERTAIN ADMINISTRATIVE DUTIES. THE GRANTS AND SCHOLARSHIPS INCLUDE AWARDS PROVIDED THROUGH GIFTS AND GRANTS FROM PRIVATE DONORS OR FROM INCOME EARNED ON ENDOWMENT FUNDS RESTRICTED FOR STUDENT AID, AS WELL AS GENERAL FUNDS SCHOLARSHIP AWARDS. ROUGHLY 85 PERCENT OF STEVENSON UNIVERSITY STUDENTS RECEIVE SOME SORT OF FINANCIAL AID. ALL INDIVIDUALS RECEIVING DISBURSEMENTS FROM STEVENSON UNIVERSITY QUALIFY TO RECEIVE SUCH PAYMENTS BASED ON SCHOLASTIC ACHIEVEMENT AND/OR FINANCIAL NEED. THE UNIVERSITY PROVIDES NEED-BASED GRANTS, WHICH ARE DETERMINED BASED ON THE STUDENTS' FAFSA SCORE. THE STUDENT MUST MAINTAIN A GPA OF 2.0 OR GREATER AND BE A FULL-TIME STUDENT. DISBURSEMENTS TAKE THE FORM OF SCHOLARSHIP OR GRANTS. GRANTS ARE DISBURSED BASED ON THE GUIDELINES SET FORTH BY THE PARTY FUNDING THE GRANT. true STUDENT FINANCIAL AID 2724 61129739 STUDENT FINANCIAL AID SCHEDULE I, PART I, LINE 2 THE UNIVERSITY PROVIDES FINANCIAL AID TO ELIGIBLE STUDENTS, GENERALLY IN A "PACKAGE" THAT INCLUDES LOANS, COMPENSATION UNDER WORK-STUDY PROGRAMS, AND/OR GRANT AND SCHOLARSHIP AWARDS. THE LOANS ARE PROVIDED PRIMARILY THROUGH PROGRAMS OF THE UNITED STATES GOVERNMENT (INCLUDING DIRECT AND GUARANTEED LOAN PROGRAMS) UNDER WHICH THE UNIVERSITY IS RESPONSIBLE ONLY FOR CERTAIN ADMINISTRATIVE DUTIES. THE GRANTS AND SCHOLARSHIPS INCLUDE AWARDS PROVIDED THROUGH GIFTS AND GRANTS FROM PRIVATE DONORS OR FROM INCOME EARNED ON ENDOWMENT FUNDS RESTRICTED FOR STUDENT AID, AS WELL AS GENERAL FUNDS SCHOLARSHIP AWARDS. ROUGHLY 93 PERCENT OF STEVENSON UNIVERSITY STUDENTS RECEIVE SOME SORT OF FINANCIAL AID. ALL INDIVIDUALS RECEIVING DISBURSEMENTS FROM STEVENSON UNIVERSITY QUALIFY TO RECEIVE SUCH PAYMENTS BASED ON SCHOLASTIC ACHIEVEMENT AND/OR FINANCIAL NEED. THE UNIVERSITY PROVIDES NEED-BASED GRANTS, WHICH ARE DETERMINED BASED ON THE STUDENTS'S FAFSA SCORE. THE STUDENT MUST MAINTAIN A GPA OF 2.0 OR GREATER AND BE A FULL-TIME STUDENT. DISBURSEMENTS TAKE THE FORM OF SCHOLARSHIP OR GRANTS. GRANTS ARE DISBURSED BASED ON THE GUIDELINES SET FORTH BY THE PARTY FUNDING THE GRANT. X true true X X X X X X false true false true false false false false false Elliot L Hirshman President 381648 0 0 0 35000 0 123063 0 1185 0 540896 0 0 0 Melanie Edmondson VP of Admin & Finance, CFO 188673 0 0 0 0 0 14111 0 554 0 203338 0 0 0 Michael Stanton VP of Admin & Finance, CFO 163271 0 14000 0 0 0 11337 0 544 0 189152 0 0 0 Susan Gorman EVP of Academic Affairs/Provos 181752 0 0 0 0 0 14543 0 15563 0 211858 0 0 0 Christopher Vaughan VP University Advancement 186225 0 33454 0 0 0 13918 0 635 0 234232 0 0 0 Mark Hergan VP Enrollment Management 180807 0 0 0 0 0 14335 0 15946 0 211088 0 0 0 Tiffany Sanchez VP Student Affairs 160540 0 0 0 0 0 32119 0 8767 0 201426 0 0 0 Brian Fodrey Chief Information Officer 149112 0 100 0 0 0 11814 0 15514 0 176540 0 0 0 Meredith Durmowicz Dean SOS & Vice Provost SPR 138671 0 100 0 0 0 11219 0 15421 0 165411 0 0 0 Paul Cantabene Head Coach, Men's Lacrosse 108115 0 26149 0 0 0 8763 0 13911 0 156938 0 0 0 HOUSING STIPEND SCHEDULE J, PART I, LINE 1A DR. ELLIOT HIRSHMAN PURCHASED HIS OWN RESIDENCE BUT RECEIVED A HOUSING ALLOWANCE OF $35,000 THIS YEAR FROM THE UNIVERSITY. THIS AMOUNT IS REPORTED AS TAXABLE COMPENSATION ON SCHEDULE J AND PART VII. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN SCHEDULE J, PART I, LINE 4B ELLIOT HIRSHMAN AND TIFFANY SANCHEZ ARE ELIGIBLE TO PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) SPONSORED BY THE UNIVERSITY. DEFERRED COMPENSATION EARNED UNDER THIS PLAN IS REPORTED ON SCHEDULE J, PART I, COLUMN C ALONG WITH THE 403(B) PLAN INSTITUTIONAL PAYMENTS. SERP CONTRIBUTIONS WERE AS FOLLOWS: ELLIOT HIRSHMAN $100,000 TIFFANY SANCHEZ $20,000 SCHEDULE J, PART I, LINE 5A CHRISTOPHER VAUGHAN, VP UNIVERSITY ADVANCEMENT RECEIVED A BONUS BASED ON FUNDRAISING OUTCOMES. A MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AU 520936091 57421CCL6 2021-01-28 142606548 SEE PART VI false false false A 0 0 142606548 7687750 0 119648924 1263201 0 0 0 0 14006672 true false false true A false false true true false 0 false false false false A false true false false false false 0 false 0 false true A false PART I, LINE A, COLUMN F DESCRIPTION OF PURPOSE: REFINANCE AND FUND NEW CONSTRUCTION X 13 180148 Mean Trading Price X 1 1388720 Appraisal X Lacrossse Equipment 2 12695 Donee Supplied 0 false true false FORM 990 REVIEW PROCESS FORM 990 PART VI LINE 11B THE 990 INFORMATION IS COMPILED BY THE UNIVERSITY'S FINANCE OFFICE AND REVIEWED BY THE INDEPENDENT ACCOUNTING FIRM. THE DRAFT RETURN IS THEN PRESENTED TO AND REVIEWED BY THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE IS COMPRISED OF EIGHT MEMBERS SELECTED FROM THE UNIVERSITY'S CURRENT BOARD OF TRUSTEES AND THE PRESIDENT. A COMPLETE COPY OF THE FORM 990 IS THEN EMAILED TO ALL MEMBERS OF THE BOARD OF TRUSTEES VIA A PASSWORD PROTECTED DOCUMENT. THE COMMITTEE MEMBERS ARE ENCOURAGED TO REVIEW AND COMMENT ON THE DOCUMENT PRIOR TO ITS FILING. CONFLICT OF INTEREST POLICY FORM 990 PART VI LINE 12C IT IS THE POLICY OF STEVENSON UNIVERSITY THAT THE MEMBERS OF ITS BOARD OF TRUSTEES AVOID ETHICAL, LEGAL, FINANCIAL AND OTHER CONFLICTS OF INTEREST AND TO ENSURE THAT THEIR ACTIVITIES AND INTERESTS DO NOT CONFLICT WITH THEIR OBLIGATIONS TO THE UNIVERSITY AND ITS WELFARE. THIS POLICY COVERS MATTERS RELATING TO THE BOARD MEMBER OR ANY RELATED PERSON. A RELATED PERSON IS DEFINED AS A MEMBER OF THE IMMEDIATE FAMILY OF THE BOARD MEMBER, ANY ENTITY OF WHICH THE BOARD MEMBER IS AN OFFICER, DIRECTOR OR TRUSTEE OR WITH RESPECT TO WHICH THE BOARD MEMBER HOLDS A SIMILAR POSITION, ANY ENTITY IN WHICH THE BOARD MEMBER HAS A MATERIAL FINANCIAL INTEREST; AND ANY OTHER PERSON OR ENTITY WITH WHOM THE BOARD MEMBER HAS A PERSONAL RELATIONSHIP THAT MIGHT REASONABLY BE EXPECTED TO AFFECT THE BOARD MEMBER'S JUDGMENT IN THE PARTICULAR MATTER. ON AN ANNUAL BASIS EACH MEMBER OF THE BOARD OF TRUSTEES WILL SUBMIT TO THE SECRETARY OF THE BOARD, AN ANNUAL SIGNED CONFLICT OF INTEREST REPORT. IF DURING THE COURSE OF THE YEAR, AN ACTUAL OR POTENTIAL CONFLICT ARISES, BOARD MEMBERS ARE REQUIRED TO DISCLOSE THEM TO THE SECRETARY OF THE BOARD BEFORE ANY BOARD ACTION WITH RESPECT TO THE MATTER IS TAKEN. ANY BOARD MEMBER WHO IS AWARE OF AN EXISTING OR POTENTIAL CONFLICT OF INTEREST WITH RESPECT TO A MATTER COMING BEFORE THE BOARD OR COMMITTEE OF THE BOARD SHALL NOT BE PRESENT FOR ANY DISCUSSION OR VOTE IN CONNECTION WITH THE MATTER, AND THE AFFIRMATIVE VOTE OF A MAJORITY OF THE DISINTERESTED BOARD MEMBERS OR COMMITTEE MEMBERS, AS THE CASE MAY BE, SHALL BE REQUIRED IN ORDER TO APPROVE, RATIFY OR AUTHORIZE THE MATTER. THE BOARD MEMBER WHO HAS AN INTEREST IN THE MATTER SHALL NOT BE COUNTED FOR THE PURPOSE OF DETERMINING THE PRESENCE OF A QUORUM AT THE MEETING AT WHICH THE MATTER IS CONSIDERED. COMPENSATION REVIEW PROCESS FORM 990 PART VI LINE 15A & 15B ON AN ANNUAL BASIS THE EXECUTIVE COMMITTEE, WHICH IS COMPRISED OF EIGHT INDEPENDENT MEMBERS SELECTED FROM OUR CURRENT BOARD OF TRUSTEES, MEETS TO EVALUATE THE PERFORMANCE OF THE PRESIDENT, CHIEF FINANCIAL OFFICER, EXECUTIVE VICE PRESIDENT FOR ACADEMIC AFFAIRS AND VICE PRESIDENT FOR UNIVERSITY ADVANCEMENT. IT IS THE UNIVERSITY'S EXPECTATION THAT COMPENSATION SETTING PROCEDURES WOULD MEET THE REBUTTABLE PRESUMPTION OF REASONABLENESS. DURING THIS MEETING, THE SALARIES ARE EVALUATED BY REVIEWING RESULTS OF COMPENSATION STUDIES PERFORMED BY AN INDEPENDENT ORGANIZATION. THE ORGANIZATION COMPILES THE WAGE INFORMATION OF TEN PEER COLLEGES AND UNIVERSITIES FROM THEIR FORM 990S FILED WITH THE IRS. THIS ENSURES THAT COMPENSATION LEVELS AT STEVENSON UNIVERSITY ARE WITHIN REASONABLE LEVELS TO OTHER INSTITUTIONS. MEETINGS OF THE EXECUTIVE COMMITTEE TAKE PLACE FOUR TIMES A YEAR. MINUTES ARE TAKEN AND RETAINED BY THE OFFICE OF THE PRESIDENT. IN JUNE OF EACH YEAR, THE COMMITTEE MEETS TO DISCUSS AND AUTHORIZE EXECUTIVE COMPENSATION FOR THE KEY EMPLOYEES LISTED ABOVE. FOR ALL OTHER ADMINISTRATIVE PERSONNEL EACH POSITION OR STATUS CHANGE IS BENCHMARKED AGAINST CUPA SALARY SURVEY COMPENSATION STANDARDS BY THE VICE PRESIDENT OF HUMAN RESOURCES TO ENSURE REASONABLE LEVELS OF COMPENSATION. GOVERNING DOCUMENTS FORM 990 PART VI LINE 19 THE UNIVERSITY MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC VIA ITS WEBSITE. COPIES OF THE AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. OTHER CHANGE IN NET ASSETS PART XI, LINE 9 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS: $1,842,038 GAIN ON CHARITABLE ANUITY: $ 18,749 TOTAL: $1,860,787 BOULEVARD REALTY NO 2 LLC 100 CAMPUS CIRCLE OWINGS MILLS MD 21117 520705392 STUDENT DORMS MD 10660165 STEVENSON UN OWINGS MILLS EAST LLC 100 CAMPUS CIRCLE OWINGS MILLS MD 21117 520705392 ATHLT FIELDS MD 5458884 STEVENSON UN