2022-05-11T14:52:41-05:00 2021-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2020-07-01 240804602 KING'S COLLEGE KING 5702085900 133 NORTH RIVER STREET WILKESBARRE PA 18711 JANET KOBYLSKI VP BUSINESS AFFAIRS 5707062394 2022-05-10 1 JANET KOBYLSKI 999009999 KERRI N BOGDA CPA P00760402 7177404863 X 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JOHN J RYAN CSC 133 NORTH RIVER STREET WILKESBARRE PA 18711 123074775 0 X WWW.KINGS.EDU X 1946 PA PROVIDES STUDENTS WITH A LIBERAL ARTS EDUCATION ENABLING THEM TO LEAD MEANINGFUL & SATISFYING LIVES. 33 33 1213 100 56557 2041 7357696 10997620 94703966 94778979 5421543 12488944 50017 87892 107533222 118353435 36438257 37862894 0 0 39738326 39270186 231669 27969 1840433 26682745 26343017 103090997 103504066 4442225 14849369 231421349 274438730 77912455 76667309 153508894 197771421 X KING'S COLLEGE, A CATHOLIC COLLEGE IN THE HOLY CROSS TRADITION, PROVIDES STUDENTS WITH A BROAD-BASED LIBERAL ARTS EDUCATION WHICH OFFERS THE INTELLECTUAL, MORAL, AND SPIRITUAL PREPARATION THAT ENABLES THEM TO LEAD MEANINGFUL AND SATISFYING LIVES. 0 0 89469492 37862894 94779189 KING'S COLLEGE IS A NOT-FOR-PROFIT EDUCATIONAL INSTITUTION WHICH PROVIDES UNDERGRADUATE, GRADUATE, AND PROFESSIONAL EDUCATION TO ITS STUDENTS. THE COLLEGE WAS FOUNDED IN 1946 AND WELCOMES STUDENTS INTO ITS COMMUNITY WITHOUT REGARD TO GENDER, RACE, RELIGION, DISABILITY, OR NATIONAL ORIGIN AND SEEKS TO ASSIST TALENTED STUDENTS OF MODEST FINANCIAL MEANS.THE COLLEGE HAS APPROXIMATELY 2,300 STUDENTS, OF WHICH 1,900 ARE FULL-TIME UNDERGRADUATES. APPROXIMATELY 88% OF THE COLLEGE'S PRESENT FULL-TIME UNDERGRADUATE STUDENT BODY IS COMPRISED OF RESIDENTS FROM PENNSYLVANIA, NEW YORK, AND NEW JERSEY.CONTINUED ON SCHEDULE O.DURING THE YEAR ENDED JUNE 30, 2021, THE COLLEGE PROVIDED STUDENT FINANCIAL AID FROM INTERNAL RESOURCES OF $36,099,611. 89469492 1 1 0 1 0 0 0 0 0 1 1 1 0 1 1 1 0 1 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 2918 0 1213 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 33 33 1 1 0 0 1 1 0 1 1 0 0 1 1 1 1 1 0 1 1 0 PA X X HOLLY KULP CPA 5702085837 133 NORTH RIVER STREET WILKESBARRE PA 18711 MR THOMAS R SMITH CHAIR 3.00 X X 0 0 0 MS KATHLEEN MCCARTHY LAMBERT VICE CHAIR 3.00 X X 0 0 0 MS PATRICIA E SINEX SECRETARY 3.00 X X 0 0 0 MR RICHARD A ALLEY MD DIRECTOR 1.00 X 0 0 0 MR MICHAEL W BUKOSKY DIRECTOR 1.00 X 0 0 0 REV JOHN F DENNING CSC DIRECTOR 1.00 X 0 0 0 MR BRENDAN P DOUGHER DIRECTOR 1.00 X 0 0 0 JOHN DOWD DIRECTOR 1.00 X 0 0 0 MR EBERHARD FABER DIRECTOR 1.00 X 0 0 0 MRS JANE B FEINSTEIN DIRECTOR 1.00 X 0 0 0 MR JAMES K FOSTER DIRECTOR 1.00 X 0 0 0 MS HEIDI GERDING DIRECTOR 1.00 X 0 0 0 MAUREEN A HANLON ESQ DIRECTOR 1.00 X 0 0 0 MR SCOTT HENRY DIRECTOR 1.00 X 0 0 0 FRANCIS J HOEGEN ESQ DIRECTOR 1.00 X 0 0 0 MR JONATHAN HOSEY MD DIRECTOR 1.00 X 0 0 0 MR EDWARD F KEARNEY DIRECTOR 1.00 X 0 0 0 MR JOSEPH E KLUGER ESQ DIRECTOR 1.00 X 0 0 0 REV WILLIAM M LIES CSC PHD DIRECTOR 1.00 X 0 0 0 MR MICHAEL D MOLEWSKI DIRECTOR 1.00 X 0 0 0 MR TIMOTHY J MORRIS DIRECTOR 1.00 X 0 0 0 MR JOHN G NACKLEY DIRECTOR 1.00 X 0 0 0 MR JOHN D OBRIEN DIRECTOR 1.00 X 0 0 0 REV GERARD J OLINGER CSC JD DIRECTOR 1.00 X 0 0 0 REV MARK L POORMAN CSC PHD DIRECTOR 1.00 X 0 0 0 MR DAVID A SCHANKWEILER DIRECTOR 1.00 X 0 0 0 MR JAMES V SCHNEIDER DIRECTOR 1.00 X 0 0 0 MR DAVID J SELINGO ESQ DIRECTOR 1.00 X 0 0 0 BRO DONALD STABROWSKI CSC PHD DIRECTOR 1.00 X 0 0 0 REV ANTHONY V SZAKALY CSC DIRECTOR 1.00 X 0 0 0 MR GLENN TYRANSKI DIRECTOR 1.00 X 0 0 0 MS SUSAN E UNVARSKY DIRECTOR 1.00 X 0 0 0 REV OLIVER F WILLIAMS CSC PHD DIRECTOR 1.00 X 0 0 0 MS ELLEN C GALLAGHER DIRECTOR (UNTIL 05/2021) 1.00 X 0 0 0 MR RICHARD J PINOLA DIRECTOR (UNTIL 05/2021) 1.00 X 0 0 0 REV JOHN L YOUNG CSC MD DIRECTOR (UNTIL 05/2021) 1.00 X 0 0 0 REV JOHN J RYAN CSC PRESIDENT 40.00 X 0 0 11962 MS JANET KOBYLSKI VP BUSINESS AFFAIRS, CFO 40.00 X 166154 0 20240 MR JOSEPH M EVAN PROVOST/VP ACADEMIC AFFAIRS 40.00 X 190208 0 44114 MR FREDERICK A PETTIT ESQ VP INSTUTIONAL ADVANCEMENT 40.00 X 187808 0 15785 MS JANET E MERCINCAVAGE VP OF STUDENT AFFAIRS 40.00 X 157092 0 35075 MR BARRY H WILLIAMS ESQ DEAN, BUSINESS SCHOOL 40.00 X 147978 0 27810 MARC MARCHESE PROFESSOR OF HR MANAGEMENT 40.00 X 135610 0 34125 MR PAUL J MORAN CHIEF INFORMATION OFFICER 40.00 X 149560 0 29536 TARA SHAWVER PROFESSOR OF ACCOUNTING 40.00 X 144722 0 9696 ROBERT REESE VP ENROLLMENT MANAGEMENT 40.00 X 191564 0 9982 1470696 0 238325 45 0 1 0 COMPASS GROUP USA INC CHARTWELL DIV 2400 YORKMONT RD CHARLOTTE NC 28217 DINING SERVICES 2717435 MASERAH FOR EDUCATIONAL SERVICES LLC 39873 HWY 27 SUITE 131 DAVENPORT FL 33837 RECRUITING EXPENSES 903848 3 ENROLLMENT MARKETING 352 MAIN STREET 333 ONEONTA NY 13820 ENROLLMENT MGMT CONSULTING 183604 OTIS ELEVATOR COMPANY PO BOX 13716 NEWARK NJ 07188 MAINTENANCE SERVICES 149816 GLOBAL EDUCATION SERVICES PO BOX 4548 BETHLEHEM PA 18018 EDUCATION SERVICES 148677 9 16220 5154576 5826824 978295 10997620 STUDENT TUITION & FEES 611600 81639994 81639994 AUXILIARY (ROOM/BOARD) 721310 13043793 12985794 57999 INTERNAL PRINT REVENUE 611600 95192 95192 94778979 926078 3046 923032 147439 105859 41580 41580 -4488 46068 16165106 4602240 11562866 11562866 11562866 11950 16220 13241 -1291 -1291 REBATES AND PURCHASE DISCOUNTS 900099 42787 42787 FINES (LIBRARY & PRKG) 812930 210 210 4606 4606 47603 118353435 94721190 56557 12578068 37862894 37862894 1075484 804838 270646 27869461 23127368 3816895 925198 1803017 1465393 274541 63083 6539313 4616040 1648732 274541 1982911 1642673 280431 59807 97933 97933 109900 109900 45716 45716 27969 27969 2330433 949546 1372425 8462 581467 561790 6767 12910 3314585 2556359 708184 50042 1393511 1043051 344420 6040 2899476 2446892 416446 36138 159592 149659 3075 6858 57140 39294 15315 2531 2560427 2456400 104027 4920629 4657312 242252 21065 551046 149733 401313 FOOD 4764452 4730169 15723 18560 BAD DEBT EXPENSE 1414725 1414725 REPAIRS AND MAINTENANCE 584671 579793 4878 ATHLETIC TEAM EXPENSES 296025 296025 261289 93385 111321 56583 103504066 89469492 12194141 1840433 1641274 6082905 7995691 10663718 3847515 3268072 4619312 4563402 1858586 1596045 2 2 133368 118213 196621339 88862159 110549141 107759180 6412047 7661426 78820631 114788236 15543782 17937531 231421349 274438730 6307428 8779216 4651324 2454743 61373226 60128302 5580477 5305048 77912455 76667309 X 83543653 98088232 69965241 99683189 153508894 197771421 231421349 274438730 X 14849369 27191445 2221713 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 45716 45716 0 PART II-B, LINE 1: THE COLLEGE PAID MAVERICK STRATEGIES TO COLLABORATE WITH LEGISLATIVE REPRESENTATIVES. 87605157 2538993 40854342 2980682 1972470 126045340 86771190 946486 3767309 2715468 1164360 87605157 84545282 1600750 4368575 2632490 1110927 86771190 77806569 2787995 7444351 2354687 1138946 84545282 68256248 5174310 7660798 2191677 1093110 77806569 0.25500 0.43800 0.30700 1 0 18923551 18923551 134272468 64246872 70025596 37340728 22262441 15078287 6084592 2352846 3731746 107759180 991206 F BAY RESOURCE PARTNERS 9567 F BENEFICIAL INTERESTS IN ASSETS HELD BY OTHERS 113787463 F 114788236 RELATED PARTY RECEIVABLE 3326400 INVESTMENT IN SBM LLC 5212491 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 7850921 CASH SURRENDER VALUE 368692 OPERATING LEASE RIGHT-OF-USE ASSETS 604033 BENEFICIAL INTEREST IN CHARITABLE TRUST 574994 17937531 INTEREST RATE SWAP - FAIR VALUE 2255918 AGENCY FUNDS PAYABLE 776635 REFUNDABLE ADVANCES - GRANTS 1542702 LEASE LIABILITY 729793 5305048 X 111553344 27191445 -34110636 -6919191 118472535 -119100 -119100 118353435 67415154 405151 405151 67010003 36494063 36494063 103504066 PART V, LINE 4: THE COLLEGE'S ENDOWMENT IS USED TO PROVIDE SCHOLARSHIPS TO STUDENTS AND PROVIDE FUNDS TO OFFSET FACULTY SALARIES, DEVELOPMENT AND PROGRAM OPERATING EXPENSES. PART X, LINE 2: THE COLLEGE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD IS MET. MANAGEMENT DETERMINED THAT THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD IN 2021 AND 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTERNAL STUDENT AID NETTED TO REVENUE ON THE FINANCIALS -36,494,063. CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAPS 805,875. CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 1,399,463. CHANGE IN CHARITABLE REMAINDER TRUST 16,375. INCOME OF CONSOLIDATED RELATED PARTY -59,420. CHANGE IN NON-CONTROLLING INTEREST IN SUBSIDIARY 221,134. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -13,241. RENTAL EXPENSES -105,859. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 13,241. RENTAL EXPENSES 105,859. EXPENSES OF CONSOLIDATED RELATED PARTY 286,051. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTERNAL STUDENT AID NETTED TO REVENUE ON THE FINANCIALS 36,494,063. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 WHILE THE COLLEGE DOES NOT PUBLICIZE ITS RACIALLY NONDISCRIMINATORY POLICY THROUGH NEWSPAPER OR BROADCAST MEDIA DIRECTLY, THE NONDISCRIMINATORY POLICY IS PUBLISHED IN THE COLLEGE VIEWBOOK, FINANCIAL AID BROCHURE AND OTHER KEY PUBLICATIONS, WHICH ARE DISTRIBUTED TO EVERY APPLICANT AND AVAILABLE TO THE PUBLIC. THE POLICY IS ALSO PUBLISHED ON THE COLLEGE'S WEBSITE. IN THIS REGARD, THE COLLEGE COMPLIES WITH PARAGRAPHS B AND C, SUBSECTION 4.03 OF REV. PROC. 75-50, 1975-2 C.B. 587. SCHEDULE E, PART I, LINE 6 FINANCIAL AID IS AWARDED TO STUDENTS FROM FEDERAL AND STATE PROGRAMS (PENNSYLVANIA HIGHER EDUCATION ASSISTANCE ACT). THE COLLEGE ACTS AS THE CUSTODIAN AND DISBURSING AGENT FOR THESE FUNDS. X X X X X X X 1 MARTS & LUNDY 1200 WALL STREET WEST LYNDHURST NJ 07071 CONSULTING 0 0 27969 0 27969 GOLF TOURNAMENT 28170 16220 11950 760 11646 835 28170 16220 11950 760 11646 835 13241 -1291 1 COLLEGE AND ENDOWED SCHOLARSHIPS 1725 35345888 0 N/A N/A STUDENT EMERGENCY CARES ACT GRANTS 1648 1368830 0 N/A N/A RESIDENT ASSISTANT SCHOLARSHIPS 30 424355 0 N/A N/A SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT 291 273000 0 N/A N/A PRESIDENTIAL HOPE FUND SCHOLARSHIPS 42 212522 0 N/A N/A MCGOWAN HISPANIC OUTREACH 6 165299 0 N/A N/A APPLESEED FOUNDATION 10 42000 0 N/A N/A HOLY CROSS MISSION DEVELOPMENT SCHOLARSHIP 32 31000 0 N/A N/A PART I, LINE 2: THE COLLEGE'S FINANCIAL AID OFFICE EVALUATES EACH STUDENT'S FINANCIAL NEED, AS DETERMINED THROUGH INFORMATION PROVIDED ON THE STUDENT FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). MANAGEMENT AWARDS MERIT SCHOLARSHIPS TO INDIVIDUALS THAT QUALIFY, BASED ON DONOR STIPULATIONS (I.E. SPECIFIC MAJORS, LOCALITY, ETC.) AND AWARDS FEDERAL, STATE, AND PRIVATE NEED BASED AWARDS TO PROVIDE ADDITIONAL RESOURCES TO STUDENTS FOR THEIR HIGHER EDUCATION EXPENSES. INDIVIDUALS RECEIVING AWARDS ARE PART OF THE CAMPUS COMMUNITY AND MEET WITH FINANCIAL AID COUNSELORS TO ENSURE STUDENTS ARE RESIDENTS WITHIN THE US AND ENROLLED AT THE INSTITUTION. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 MR JOSEPH M EVAN PROVOST/VP ACADEMIC AFFAIRS 187808 0 0 0 2400 0 9390 0 34724 0 234322 0 0 0 MR FREDERICK A PETTIT ESQ VP INSTUTIONAL ADVANCEMENT 187808 0 0 0 0 0 14075 0 1710 0 203593 0 0 0 ROBERT REESE VP ENROLLMENT MANAGEMENT 191564 0 0 0 0 0 9578 0 404 0 201546 0 0 0 MS JANET E MERCINCAVAGE VP OF STUDENT AFFAIRS 157092 0 0 0 0 0 18066 0 17009 0 192167 0 0 0 MS JANET KOBYLSKI VP BUSINESS AFFAIRS, CFO 166154 0 0 0 0 0 7858 0 12382 0 186394 0 0 0 MR PAUL J MORAN CHIEF INFORMATION OFFICER 133560 0 0 0 16000 0 6678 0 22858 0 179096 0 0 0 MR BARRY H WILLIAMS ESQ DEAN, BUSINESS SCHOOL 139578 0 0 0 8400 0 26501 0 1309 0 175788 0 0 0 MARC MARCHESE PROFESSOR OF HR MANAGEMENT 110710 0 0 0 24900 0 11071 0 23054 0 169735 0 0 0 TARA SHAWVER PROFESSOR OF ACCOUNTING 116142 0 0 0 28580 0 9292 0 404 0 154418 0 0 0 PART I, LINE 1A THE COLLEGE PAID THE INITIATION FEES AND MONTHLY DUES MEMBERSHIPS FOR FR. JOHN J. RYAN, C.S.C. AND MR. FREDERICK A. PETTIT TO THE WESTMORELAND CLUB. THE WESTMORELAND CLUB IS A NON-PROFIT SOCIAL CLUB USED BY MEMBERS OF MANAGEMENT TO HOST MEETINGS WITH BUSINESS PARTNERS OF THE COLLEGE, BOARD MEMBERS, POTENTIAL DONORS, FACULTY, AND STAFF. THESE ARE TAXABLE BENEFITS AND INCLUDED IN INDIVIDUALS' W-2S. PART I, LINE 1B THE EXPENSES INCURRED AT THE WESTMORELAND CLUB ARE SUBJECT TO THE DOCUMENTATION REQUIREMENTS OF THE COLLEGE. A DALLAS AREA MUNICIPAL AUTHORITY 231746641 2014-10-10 70000000 SEE PART VI 0 0 0 B NORTHEASTERN PENNSYLVANIA HOSPITAL AND EDUCATION AUTHORITY 237394107 664551DA3 2019-05-16 50575026 SEE PART VI 0 0 0 A 58100000 70000000 269828 26879785 42850387 2016 1 0 1 1 B 1345000 50575026 551525 2012760 48010741 2019 1 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 1 1 FIRST NATIONAL BANK 10.000000000000 1 0 0 0 1 B 0 0 1 0 1 0 0 0 1 A 1 B 1 SCHEDULE K, PART I, BOND ISSUES: BOND 1: (A) ISSUER NAME: DALLAS AREA MUNICIPAL AUTHORITY (F) DESCRIPTION OF PURPOSE: TO REFUND EXISTING TAX EXEMPT DEBT OBLIGATIONS, PROVIDE FUNDING FOR PROPERTY ACQUISITION AND CAPITAL PROJECTS. BOND 2: (A) ISSUER NAME: NORTHEASTERN PENNSYLVANIA HOSPITAL AND EDUCATION AUTHORITY (F) DESCRIPTION OF PURPOSE: PROCEEDS OF THE 2019 BONDS WILL BE USED TO (I) TO REFUND THE DALLAS AREA MUNICIPAL AUTHORITY'S OUTSTANDING COLLEGE REVENUE NOTES, SERIES B OF 2014, (II) FINANCE MISCELLANEOUS CAPITAL EXPENDITURES WITH RESPECT TO THE COLLEGE'S FACILITIES, AND (III) PAY COSTS RELATED TO THE ISSUANCE OF THE 2019 BONDS. X 10 728295 CLOSING PRICE X 5 250000 APPRAISED VALUE 0 1 1 PART I, COLUMN (B): THE NUMBER IN COLUMN B REPRESENTS THE NUMBER OF DONORS. FORM 990, PART VI, SECTION A, LINE 2 DIRECTORS SCOTT HENRY AND KATHLEEN LAMBERT HAVE A FAMILIAL RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 3 THE MANAGEMENT OF THE DINING SERVICES AND CONFERENCE AND EVENTS DEPARTMENTS ARE CONTRACTED TO THE COMPASS GROUP (CHARTWELLS). EMPLOYEES OF CHARTWELLS ARE SUBJECT TO THE EMPLOYEE PAY PRACTICES AND BENEFITS OFFERED BY CHARTWELLS. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE CORPORATION OF KING'S COLLEGE INCLUDE ALL FULL-FLEDGED MEMBERS OF THE CONGREGATION OF HOLY CROSS WHOSE OFFICIAL ASSIGNMENT IS DIRECTLY RELATED TO KING'S COLLEGE. THE MEMBERS MEET AT LEAST ANNUALLY AND AS OFTEN AS DEEMED NECESSARY BY THE MEMBERS, CORPORATE OFFICERS OR BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CORPORATION, THROUGH CONSULTATION WITH VARIOUS BOARD COMMITTEES, ELECT THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS ACTS AS THE GOVERNING BODY OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 AND 990T IS PROVIDED TO THE COLLEGE'S AUDIT COMMITTEE, IN DRAFT FORM, DURING A REGULARLY SCHEDULED MEETING. THE INFORMATION PRESENTED TO THE COMMITTEE MEMBERS IS PROVIDED TO THEM PRIOR TO THE MEETING DATE FOR REVIEW AND ANALYSIS. THE COMMITTEE MEMBERS REVIEW THE FORMS INDIVIDUALLY AND RAISE QUESTIONS AND CONCERNS REGARDING THE INFORMATION PRESENTED TO MANAGEMENT DURING THE MEETING. FOLLOWING APPROVAL OF THE AUDIT COMMITTEE, THE DRAFT FORMS ARE MADE AVAILABLE TO THE ENTIRE BOARD THROUGH A SECURE BOARD PORTAL ACCESSIBLE TO ALL MEMBERS. THE BOARD CHAIR INFORMS THE DIRECTORS OF THE DRAFTS AND HOW TO ACCESS THEM DURING A REGULARLY SCHEDULED MEETING. COMMENTS REGARDING THE FORMS ARE ACCUMULATED AND ADDRESSED BY THE CONTROLLER AND ASSOCIATE VICE PRESIDENT, FINANCE DURING A SUBSEQUENT PERIOD OF NO LESS THAN 30 DAYS. THE FORMS ARE ALSO REVIEWED BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS SPECIALIZING IN NON-PROFIT TAX COMPLIANCE. AT THE CONCLUSION OF THE REVIEW PERIOD, THE BOARD OF DIRECTORS WILL AUTHORIZE MANAGEMENT TO FILE THE FORMS WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE ASSISTANT TO THE PRESIDENT OF THE COLLEGE WILL DISTRIBUTE THE CONFLICT OF INTEREST POLICY AND CERTIFICATION STATEMENT AT THE DIRECTION OF THE BOARD CHAIR. THE POLICY AND CERTIFICATION STATEMENTS ARE DISTRIBUTED PRIOR TO THE ANNUAL MEETING EACH OCTOBER. THE COMPLETED CERTIFICATIONS ARE REVIEWED BY THE CONTROLLER AND ASSOCIATE VICE PRESIDENT, FINANCE, WHO OBTAIN ADDITIONAL INFORMATION AS NECESSARY. THE BOARD CHAIR AND PRESIDENT OF THE COLLEGE MONITOR COMPLIANCE WITH THE POLICY DURING EACH BOARD MEETING WHERE VOTING ACTIONS OCCUR. INDIVIDUALS WITH IDENTIFIED CONFLICTS ARE PROHIBITED FROM PROVIDING COMMENTARY OR VOTING ON THE RELATED RESOLUTIONS RELATED TO THE CONFLICTED TRANSACTIONS. FORM 990, PART VI, SECTION B, LINE 15 THE COLLEGE'S BOARD OF DIRECTORS MAINTAINS AN EXECUTIVE COMPENSATION COMMITTEE TO DETERMINE THE COMPENSATION OF THE MEMBERS OF THE EXECUTIVE TEAM, INCLUDING ALL VICE PRESIDENTS. COMPENSATION IS BASED ON AN EVALUATION OF SALARIES PAID TO INDIVIDUALS WITH SIMILAR ROLES AT COMPARABLE INSTITUTIONS WITHIN THE GEOGRAPHIC REGION. THE PRESIDENT PREPARES ANNUAL EVALUATIONS OF THE PERFORMANCE OF EACH VICE PRESIDENT AND RECOMMENDS AN ANNUAL RAISE AND PERFORMANCE BONUS. THE EXECUTIVE'S TOTAL COMPENSATION, INCLUDING BONUSES, ARE USED TO EVALUATE THE COMPENSATION OF EACH INDIVIDUAL. THE COMPENSATION COMMITTEE REVIEWS COMPARABLE DATA IN RELATION TO THE TOTAL COMPENSATION PAID TO EACH EXECUTIVE AND APPROVES THE COMPENSATION PACKAGE. FORM 990, PART VI, SECTION C, LINE 18 THE COLLEGE MAINTAINS PUBLIC INSPECTION COPIES OF FORMS 990 AND FORM 990-T IN THE COLLEGE'S BUSINESS OFFICE DURING REGULARLY SCHEDULED HOURS. FURTHER, A COPY OF THE FORM 990 IS AVAILABLE AT WWW.GUIDESTAR.ORG. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY OR FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC. THE CONFLICT OF INTEREST STATEMENT AND BY-LAWS ARE AVAILABLE ON THE COLLEGE'S INTRANET WEBSITE TO INDIVIDUALS WITH ACCESS TO THE COLLEGE'S NETWORK. THE COLLEGE MAKES IT'S FINANCIAL STATEMENTS AVAILABLE TO COLLEGE EMPLOYEES THROUGH INDIVIDUAL REQUEST MADE TO THE COLLEGE'S CONTROLLER DURING REGULARLY SCHEDULED BUSINESS HOURS. FORM 990, PART VI, LINE 14: THE COLLEGE HAS INFORMAL PRACTICES IN PLACE FOR DOCUMENT RETENTION AND DESTRUCTION AND IS IN THE PROCESS OF FORMALIZING A WRITTEN POLICY. FORM 990, PART XI, LINE 9: CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAPS 805,875. CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 1,399,463. CHANGE IN CHARITABLE REMAINDER TRUST 16,375. EQUITY TRANSFER TO AFFILIATE 0. FORM 990, PART XII, LINE 2C: THERE HAS BEEN NO CHANGE IN THE SELECTION OR OVERSIGHT OF THE COLLEGE'S INDEPENDENT AUDITORS. THE COLLEGE'S AUDIT COMMITTEE MEETS WITH THE REPRESENTATIVES OF THE INDEPENDENT AUDITORS AT LEAST TWO TIMES PER YEAR. THE COMMITTEE REVIEWS THE QUALIFICATIONS, COMPENSATION, AND SERVICES PROVIDED BY THE INDEPENDENT AUDITING FIRM. THE AUDIT COMMITTEE REVIEWS AND EXECUTES THE ENGAGEMENT LETTERS RELATED TO THE SERVICES PROVIDED AND REVIEWS ALL COMMUNICATIONS REQUIRED BY AUDITING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. THE AUDIT COMMITTEE RECOMMENDS APPOINTMENT OF THE INDEPENDENT AUDITORS TO THE FULL BOARD FOR APPROVAL ANNUALLY. SBM HTC LLC 133 N RIVER ST WILKES BARRE PA 18711 611577658 RENTAL REAL ESTATE PA N/A 0 0 SPRING BROOK MEMORIAL LLC 133 N RIVER ST WILKES BARRE PA 18711 823759006 RENTAL REAL ESTATE PA N/A 0 0 SBM HTC HOLDINGS LLC 133 NORTH RIVER STREET WILKES BARRE PA 18711 831845393 REAL ESTATE INVESTMENT PA KING'S COLLEGE C -230981 9474944 1.00000 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0