2022-05-16T09:19:53-05:00 2021-06-30 450250958 Eide Bailly LLP 1730 Burnt Boat Loop Ste 100 Bismarck ND 585030886 990 2020-07-01 450273403 University of Mary UNIV 7012557500 7500 University Dr Bismarck ND 585049652 Christi Schaefbauer V.P. for Financial Affairs 7012557500 2022-05-13 1 Christi Schaefbauer 999009999 Lisa Chaffee CPA P00193453 7012551091 2022-05-13 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z Christi Schaefbauer 7500 University Dr Bismarck ND 585049652 118403843 0 X www.umary.edu X 1959 ND A private institution of higher education offering graduate and undergraduate degrees. 31 29 1190 31 9523 8219 3968566 12974343 72676507 74614070 2615911 5563567 357462 2264621 79618446 95416601 18407065 18359695 0 0 32891087 33316937 0 0 3849160 28105311 27692825 79403463 79369457 214983 16047144 188008414 217782844 70544961 75477070 117463453 142305774 X The University of Mary exists to serve the religious, academic and cultural needs of the people in this region and beyond.(Continued on Schedule O) 0 0 19093719 63345674 Academic Divisions: This area contains the curriculum and related expenses for all divisions of the college, including both post-secondary education and graduate programs. University of Mary serves approximately 3,700 students and has 501 faculty members. They have five schools with more than 53 degree programs. In addition, there are 16 graduate degree programs and four doctoral degrees. They average a placement rate of approximately 94 percent overall for their graduates. 18210645 18210645 Student Aid & Expenses : University of Mary offers various types of financial assistance to students including federal, state, and private programs as well as other forms of student aid and work programs. During the current year, 1,951 students received some type of academic student aid and 343 students received athletic student aid. In addition, 46 international students received student aid. 8359471 8655762 Auxiliary Activities: Auxiliary activities includes all student housing and food services including the cost of residence halls, student apartments, and student transportation service. The University of Mary also has a university store, cafeterias, snack bar and coffee shop. 19398958 149050 2793835 Educational Plant Operations, Financial Affairs, General Institutional, Public Affairs, Enrollment Services, and all other services including General Administration, Academic Affairs, Student Development, and Student Senate. 19398958 149050 2793835 65062793 1 1 0 1 0 1 0 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 1 140 3 1 1190 1 1 1 1 IT 0 0 0 1 1 0 0 0 0 0 0 X 31 29 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 1 1 MN NY OK X Christi Schaefbauer 7013558303 7500 University Dr Bismarck ND 58504 X Monsignor James P Shea President (See Sch O for detail) 40.00 0.00 X X 163681 0 20928 Dan Butler Chair 1.00 0.00 X X 0 0 0 Sister Nicole Kunze Prioress, President 1.00 40.00 X X 0 0 0 Tim Hennessy Vice Chair 1.00 0.00 X X 0 0 0 Sister Patricia Schap Secretary 1.00 0.00 X X 0 0 0 Alan Anderson Trustee 1.00 0.00 X 0 0 0 Michael Appert Trustee 1.00 0.00 X 0 0 0 Chris Baumgartner Trustee 1.00 0.00 X 0 0 0 Kevin Cramer Trustee 1.00 0.00 X 0 0 0 Bill Daniel Trustee 1.00 0.00 X 0 0 0 Scott Davis Trustee 1.00 0.00 X 0 0 0 Sister Rosemary DeGarcia Trustee 1.00 0.00 X 0 0 0 Pauline Economon Trustee 1.00 0.00 X 0 0 0 David Ehlis Trustee 1.00 0.00 X 0 0 0 Tom Engelhardt Trustee 1.00 0.00 X 0 0 0 Julie Fedorchak Trustee 1.00 0.00 X 0 0 0 Kathleen Gaddie Trustee 1.00 0.00 X 0 0 0 Mikey Hoeven Trustee 1.00 0.00 X 0 0 0 Nicole Kivisto Trustee 1.00 0.00 X 0 0 0 Sister Joann Krebsbach Trustee 1.00 0.00 X 0 0 0 Abbot Daniel Maloney Trustee 1.00 0.00 X 0 0 0 Kathy Miller Trustee 1.00 0.00 X 0 0 0 Sister Agatha Muggli Trustee 1.00 0.00 X 0 0 0 Michael Naughton Trustee 1.00 0.00 X 0 0 0 Sister Agnes Reinert Trustee 1.00 0.00 X 0 0 0 Dr Jonathan Reyes Trustee 1.00 0.00 X 0 0 0 Monsignor Greg Schlesselmann Trustee 1.00 0.00 X 0 0 0 Kurt Schley Trustee 1.00 0.00 X 0 0 0 Bill Simmons Trustee 1.00 0.00 X 0 0 0 Laurie Steffes Trustee 1.00 0.00 X 0 0 0 Dr Gary Watts Trustee 1.00 0.00 X 0 0 0 Jerome Richter Executive Vice President 40.00 0.00 X 175171 0 34148 Christi Schaefbauer Vice President for Financial Affairs 40.00 0.00 X 124170 0 25843 Diane Fladeland Vice President for Academic Affairs 40.00 0.00 X 145444 0 20664 Mary Dockter Dean of School of Health Science 40.00 0.00 X 127012 0 21291 Karel Sovak Dean of School of Business 40.00 0.00 X 126477 0 7241 Janeene Sibla Associate Dean of School of Health Sciences 40.00 0.00 X 121649 0 9826 Rodney Jonas Dean of School of Edu and Behavioral Sci. 40.00 0.00 X 121465 0 18301 1105069 0 158242 24 0 1 0 Compass Group USA Inc 5375 Creekside Place LaCrosse WI 54601 Dining Services 5029356 Weisz and Sons Inc PO Box 1756 Bismarck ND 58502 Contracted Services 3074565 Dynamic Campus Solutions Inc 2806 Flintrock Trace Suite 205 Austin TX 787381746 IT Services 2191244 Northwest Contracting Inc 3420 E Century Ave Bismarck ND 58503 Contracted Services 1710167 Alpha Video & Audio Inc 7690 Golden Triangle Dr Eden Prairie MN 55344 Contracted Services 822191 7 5856786 7117557 156930 12974343 Student Tuition & Fees 611600 63345674 63345674 Auxiliary Enterprises 611600 8655762 8655762 Other 611600 2612634 2603111 9523 74614070 1337579 1337579 25587419 21361431 4225988 4225988 4225988 28960 11296 17664 17664 56460 7000 49460 49460 1788716 1607515 181201 181201 Insurance Proceeds 900099 2016296 2016296 2016296 95416601 74785748 9523 7646987 149050 149050 18210645 18210645 545758 508818 36940 171782 171782 25093797 23557644 286109 1250044 1440669 1349709 19517 71443 4133005 2987600 964744 180661 1931926 1780902 57815 93209 347786 85 347701 89604 89604 7400 7400 3527472 807156 2665954 54362 1434912 86213 92483 1256216 2632801 1429764 697343 505694 1325123 212962 1112161 2509716 2240250 262266 7200 529579 527423 1505 651 353530 315710 4354 33466 2260011 2260011 4852040 4107571 744469 32235 9021 23214 Dining Services 5139940 5139940 Activities Expense 1352800 882890 145828 324082 Repairs & Maintenance 817994 703784 114210 Dues and Memberships 135001 92267 42734 344881 300425 16664 27792 79369457 65062793 10457504 3849160 X 12636202 204076 102779 24329093 13833224 12371758 1939431 3895685 11000 8180 364012 453061 86421 151156 161236014 56920797 100932899 104315217 54981827 68658032 2971057 3247722 149562 148864 188008414 217782844 6779426 7306789 11700 11700 10138332 13895770 33442964 38209667 542267 696209 0 10101145 9465677 5000000 4529127 5891258 70544961 75477070 X 53527844 68359670 63935609 73946104 117463453 142305774 188008414 217782844 X 16047144 8677796 -23078 140459 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 7400 0 0 7400 0 Part II-B, Line 1: Odney Consulting visited with state legislatures regarding bills that impacted the University. 2 444694 43307 1377799 1 1 179133 X X 0 0 1 X 55238936 2431891 13405920 2350355 68726392 56051028 944206 398691 2154989 55238936 54459778 1756384 1811288 1976422 56051028 50825073 1918917 2667330 201893 749649 54459778 48866791 857051 2621291 268326 1251734 50825073 0.07115 0.68913 0.23972 0 0 3114050 3114050 130715157 39651273 91063884 10882424 4795967 6086457 14358233 12473557 1884676 1742729 423421 2166150 104315217 Annuities Payable 1457142 Government Grants Refundable 3103848 Unitrust Payments Due Grantors 1330268 5891258 X 105849370 8677796 140459 8818255 97031115 -1614514 -1614514 95416601 81007049 23078 1614514 1637592 79369457 0 79369457 Part III, Line 4: All gifts are subject to prior review and approval by the board. Gifts received help to further higher education by serving academic, religious, and cultural needs of the students. Part IV, Line 2b: University of Mary chartered clubs, student academic associations, and approved faculty and staff associations have established university agency accounts. Part V, Line 4: Permanently Restricted and Board Restricted Endowments - Income from these funds is used to help further the exempt purpose of the university. Loan Fund Endowments - Used to loan students money on a short term basis until financial aid comes through. Typically, the loans are only outstanding for a week or so. Family Fund Endowments - To benefit various non-profit organizations specified by the donor including the university. Part X, Line 2: The University believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The entities would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 2d - Other Adjustments: Actuarial Gains/(Losses) - Unitrust 81,591. Actuarial Gains/(Losses) - Annuities 58,868. Part XI, Line 4b - Other Adjustments: Cost of Sales Expense Recorded in Revenues for Tax Return -1,607,514. Gaming Expenses Recorded in Revenues for Tax Return -7,000. Part XII, Line 2d - Other Adjustments: Cost of Sales Expense Recorded in Revenues for Tax Return 1,607,514. Gaming Expenses Recorded in Revenues for Tax Return 7,000. Schedule D, Part I: See Schedule I for additional information. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 0 Schedule E, Part I, Line 3 The University does routinely publicize its policy through newspaper including job opening advertisements. The University does make the policy accessible to the public through its website. The University does not routinely publicize its policy through broadcast media currently, but it plans to in the future. Schedule E, Part I, Line 6 The University receives Title IV funds and trio funds and administers the use of those funds. Schedule E, Part I, Line 7 4.03 - The University does not publicize its policy through newspaper or broadcast media. EUROPE 1 4 Foreign University Campus University Studies 96000 1 4 0 0 1 4 96000 0 96000 0 0 0 0 0 0 Part I, line 3: Accrual Basis Accounting Part III Accounting Method: MaraudersFest 2020 28960 28960 2225 8320 751 28960 28960 2225 8320 751 11296 17664 56460 7000 0 56460 7000 7000 49460 0 0 0 0 1.00000 Collin Engelhardt 7500 University Drive Bismarck ND 58504 0 Kevin Becker 76147 Manages the sale of raffle tickets and the delivery of prizes. X 0 1 Benedictine Ministries 7520 University Drive Bismarck ND 58504 813452507 501c3 6586 General Operating Bismarck Mandan Chamber Foundation 1640 Burnt Boat Dr Bismarck ND 58501 263807225 501c3 20000 General Operating Bismarck Parks & Recreation 400 E Front Ave Bismarck ND 58504 450409352 government 5000 General Operating God's Child Project PO Box 1843 Bismarck ND 58502 450422423 501c3 6586 General Operating Light of Christ Catholic Schools of Excellence 1025 N 2nd St Bismarck ND 58501 460581758 501c3 5000 General Operating Minot Catholic Schools Foundation 316 11th Ave NW Minot ND 58701 450340749 501c3 6421 General Operating Minot State University 500 University Ave W Minot ND 58707 456002481 government 6421 General Operating Napa Institute 2532 Dupont Dr Irvine CA 92612 453733093 501c3 6000 General Operating Pontifical North American Coll 3211 4th St NE Washington DC 20017 237201921 501c3 5000 General Operating St Mary's Central High School 1025 N 2nd St Bismarck ND 58501 450230427 501c3 13173 General Operating 8 2 Student Work Contracts 316 381463 Volleyball 17 223318 Women's Tennis 7 77607 Women's Softball 19 175700 Football 94 834511 Wrestling 26 154688 Catholic Bishop's Scholarship 6 9903 Men's Basketball 17 273646 Women's Basketball 15 272377 Men's Track 19 164003 Women's Track 34 304011 Baseball 33 147254 Men's Soccer 5 31697 Women's Soccer 25 239027 Fifth Year 5 7500 Music 100 135399 Restart Scholarship 13 13800 Thank You Scholarship 44 71040 National Guard Waiver 5 11126 Military Scholarship 155 524967 Veteran's Yellow Ribbon 3 11353 Presidential 1770 8065973 Catholic Scholars 268 1576973 Honors Day 3 44000 Catholic Educators 30 94131 SSS Merit Scholarship 111 39350 Family Legacy Scholarship 1 675 Jump Start Scholarship 3 750 Phi Theta Kappa 31 176625 SSS Book Grant 138 9580 CIC - T&P 2 20680 Donated Scholarships 2 6000 Men's Golf 3 26000 Women's Golf 8 27500 Business Partnership Scholarship 219 222204 UM Need-Based Grant 547 1307798 Student Teacher Training 14 15049 Cultural Diversity Scholarship 3 32797 Newman Academic Scholarship 117 613312 Aquinas Scholarship 51 85437 Auxiliary Scholarship 2 8900 Spring to Summer Scholarship 27 5125 Community Commitment Scholarship 210 88875 Catholic Non-Trad Graduate Scholarship 5 7577 Next Step Scholarship 27 39050 Women's Swimming 16 126169 CHI Nursing Scholarship 53 457794 Trustees Scholarship 7 24000 Founders Scholarship 7 31000 Dean's Scholarship 15 26000 15K MBA 33 250069 UM - NAELP 35 61523 Impact 16 38150 FOCUS Scholarship 14 169486 Leadership Institute Scholarship 18 48500 ASU Domestic Exchange 32 103552 2020 Directors Award 73 87250 Student Assistance Fund 616 208401 Part I, Line 2: The University is contributing funds to charitable oganizations in accordance with endowment agreements that govern the distribution of the underlying funds. The University also verifies that the grants given to the charitable organization are for the benefit of individual students for scholarships. Form 990, Schedule I, Part III, Column (b) and (c): Due to the timing of our year-end and the summer semester, some scholarships are refunded in one fiscal year, but were awarded in the previous fiscal year. This results in credit balances for these grants. Form 990, Schedule I, Part III: Student awards, grants and loans are awarded on basis of need. Scholarships are awarded based upon need and academic or special achievements. X X 0 1 X X X 0 0 0 0 0 0 0 0 0 Jerome Richter Executive Vice President 175171 0 0 0 0 0 14553 0 19867 0 209591 0 0 0 Monsignor James P Shea President (See Sch O for detail) 163456 0 225 0 0 0 13174 0 8067 0 184922 0 0 0 Diane Fladeland Vice President for Academic Affairs 145444 0 0 0 0 0 11710 0 9245 0 166399 0 0 0 Christi Schaefbauer Vice President for Financial Affairs 124170 0 0 0 0 0 10160 0 15943 0 150273 0 0 0 Part I, Line 1a The President is required to live in the President's House on campus. The President receive various minor personal services for convenience such as automotive maintenance. These are nontaxable benefits and not reported as taxable compensation. The Board of Trustees, with the President's understanding and approval, has set his salary below market because he is a cleric. Part I, Line 1b In 2009, the Board of Trustees voted that it was in the interests and convenience of the University to maintain president's housing on campus and therefore established a residence for the president. A Burleigh County North Dakota 456002204 12139LAC6 2016-09-29 35000000 Education Facilities Revenue Bonds Series 2016 0 0 0 B Public Finance Authority 273866124 000000000 2020-11-19 5400000 School of Engineering & School of Health Sciences 0 0 0 A 1345000 35000000 2425431 1235603 795443 30543523 2017 0 0 1 1 B 5400000 63000 99500 5300500 0 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 A 1 B 1 Date Rebate Computation Performed Issuer Name: Burleigh County, North Dakota Date the Rebate Computation was Performed: 05/17/2021 Dan Butler Board Chair TE Public Bond/Construction X 5400000 5400000 0 1 1 5400000 Robyn Zeltinger Robyn Zeltinger is the daughter of board member Tim Hennessy 77833 Compensation 0 Collin Engelhardt Collin Engelhardt is the son of board member Tom Engelhardt 93949 Compensation 0 Schedule L, Part II: Dan Butler, Board Chair, is the bondholder on the $5,400,000 revenue bond issued by Public Finance Authority. X 1 6926 Avg Hi/Lo Value X 1 25600 FMV X 1 18000 Cost X Miscellaneous Donations 24 56084 Cost X Tools 1 25320 Cost X Grand Piano 1 25000 Cost 0 0 1 0 Form 990, Part III, Line 1: It takes its tone from the commitment of the Sisters of Annunciation Monastery. These Sisters founded the University in 1959 and continue to sponsor it today. It is Christian, it is Catholic, and it is Benedictine. We cherish our Christian, Catholic, Benedictine identity; we welcome and serve persons of all faiths. We are faithfully Christian. As a Christian university, we strive to accomplish our mission in faithfulness to the Gospel of Jesus Christ. We regard each human person as created in the image and likeness of God, gifted with life and dignity. We seek to be agents of cultural renewal in our time and place, courageous advocates for justice and peace. Our Christian commitment is born from and sustained by the encounter of the Risen Lord, who came not to be served but to serve. As He humbly washed the feet of His disciples on the night before He died, so we seek to serve one another. We are faithfully Christian. We are joyfully Catholic. As a Catholic university, we joyfully draw our life from the heart of the Church, identifying with the ancient tradition which gave rise to the first universities in medieval Europe. This Catholic intellectual tradition proposes an integrated spiritual and philosophical approach to the most enduring questions of human life. Thus we seek to advance the vital dialogue between faith and reason, while acknowledging the proper autonomy of the arts, sciences, and professions. A university is a place for the free exchange of ideas, and so we warmly welcome students and faculty of many faiths and convictions. At the same time, our common discourse ever takes place in a spirit of authentic respect for Catholic teaching and practice. We acknowledge the Catholic faith as a path to moral integrity and personal holiness. We are joyfully Catholic. We are gratefully Benedictine. As a Benedictine university, we remember with gratitude the Benedictine Sisters who came to Dakota Territory in 1878, bringing ministries of teaching and healing. This community of Sisters would become our founders and sponsors and, through them, we share in the 1500-year-old heritage of the Benedictines. Inspired by lives of prayer, community, and service, Saint Benedict and his spiritual followers through the ages have been a stable source of tremendous good in the world: renewing the Church, preserving learning, cultivating wisdom, modeling humane virtues of balance and generosity. The life of our Sisters shapes our life. We are gratefully Benedictine. Form 990, Part VI, Section A, line 1 The President of the University shall be an ex officio member of the Board of Trustees. The President shall not vote on matters concerning or related to 1) the appointment of a successor, 2) the President's compensation, or 3) matters affecting the President's own interest, in accordance with Article X, Section 2, of the University's Bylaws. The President shall cease to be a trustee when no longer holding that position. Form 990, Part VI, Section A, line 1 Standing Committees: The corporation shall establish and maintain as standing committees a Trusteeship Committee, an Audit Committee, a Public Affairs and Mission Advancement Committee, and an Executive Committee. A. Trusteeship Committee: The Trusteeship Committee shall be appointed annually by the President of the Board (prioress). The committee shall consist of four (4) trustees, which includes the president of the university as an ex-officio member of the committee. Such trusteeship committee shall recommend to the corporate membership names and qualifications for consideration to fill any positions on the board of trustees. After approval by the corporate membership, the trusteeship committee submits to the board of trustees nominees for election to the board. In addition, the committee shall recommend to the board a slate of candidates for chair, vice chair, and secretary. A majority vote of the total board of trustees currently serving is required for election of a trustee or an officer. The committee shall develop and administer a program of orientation for newly appointed trustees. B. Executive Committee: The chair of the board of trustees, in consultation with the president of the board (prioress), the president of the university, and other trustees shall appoint the executive committee at the annual meeting. The executive committee shall consist of nine (9) trustees, to include the chair of the board, the president of the board (prioress), four additional members of the corporation and three additional trustees. Serving as the principal liaison to the board of trustees, the president of the university shall be present ex officio without a vote and not to be counted for a quorum. A quorum of the executive committee is a majority of the trustees serving on the executive committee. To constitute a valid quorum, the quorum must include four (4) members of the corporation. A quorum of the executive committee is required to transact business. If a quorum is not present at a meeting, a majority of those present may adjourn the meeting without further notice. The executive committee shall meet as often as necessary to conduct its business as determined by the chair and the president of the university. There shall be at least two (2) regular meetings of the executive committee annually. In collaboration with the president of the university, the duties of the executive committee shall include the following: -Making decisions that have been delegated by the full board -Taking action on emergency matters which cannot or should not be deferred to the board's next scheduled meeting -Performing initial assessment of the President of the University annually -Performing such duties as described in its statement of operation The Executive Committee shall act on behalf of the board between meetings except on the following matters: -Selection and appointment of the President of the University -Selection of trustees and officers -Adoption of the annual budget -Conferral of degrees -Exercise of those powers reserved by the members of the corporation as provided in Article V. Section 3 of the University's bylaws Other Committees: After consultation and recommendation of the Board of Trustees, the Chair of the Board of Trustees shall designate and appoint committees to facilitate the actions of the Board of Trustees, enabling it to function more efficiently and effectively. Each committee shall have, subject to the approval of the Board of Trustees, a statement of operation prescribing the purposes, goals and responsibilities of the committee. Other committees that currently exist are: -Investment Committee -Finance Committee -Enrollment Services Committee -Academic Affairs and Student Life Committee -Public Affairs and Mission Advancement Committee Form 990, Part VI, Section A, line 6 Members - Membership of the corporation shall consist of those sisters serving in the sponsorship group as established from time to time by the monastic community known as the Benedictine Sisters of the Annunciation, BMV, who have made their perpetual monastic profession. Form 990, Part VI, Section A, line 7a Powers shared with Board of Trustees - The following reserved powers shall be exercised by the members of the corporation and the board of trustees. The power of the board to act on any of these matters is subject to the requirement that the members of the corporation shall approve such action prior to the submission of the matter to a vote of the board of trustees. A. To approve any person to be elected to serve on the board of trustees or to remove any trustee if this action is indicated. B. To approve a new candidate appointed to serve as president of the university. Form 990, Part VI, Section A, line 7b Powers Reserved to Corporation Members - Exercise of the following powers shall be reserved solely to corporation members to: A. Approve any change in the sponsorship, reserved powers or mission of the university as an institution founded on christian, catholic, and benedictine tradition. B. Approve the sale or encumbrance of all or substantially all of the assets or property of the corporation. C. Approve the merger, liquidation or dissolution of the corporation. D. Amend, alter or repeal the articles of incorporation or the bylaws of the corporation. E. Change the name of the corporation. Form 990, Part VI, Section B, line 11b Upon receipt of the draft Form 990, the organization will review the 990 and provide a public disclosure copy to the board for review. The board comments are provided to the organization and any resulting changes are included in the final Form 990. Form 990, Part VI, Section B, line 12c The board of directors completes a conflict of interest questionnaire each year. No member, trustee, officers or committee member shall be disqualified from holding any position by reason of any interest, but any conflict of interest must be disclosed to the board of trustees at the earliest practical time. A member, trustee, officer or committee member shall be considered to have a conflict of interest if such person (a) has an existing or potential financial or other interest which impairs or might reasonably appear to impair such person's independent unbiased judgment in the discharge of responsibilities to the corporation, or (b) is aware that an immediate family member or any organization in which such person, or an immediate family member, is an officer, director, employee, member, partner, trustee, or controlling stockholder has such existing or potential financial interests. A trustee does not have a conflict of interest in acting on a resolution fixing the compensation of any trustee, officer, employee, or agent of the corporation. No member, trustee or committee member shall vote on any matter under consideration in which such person has a conflict of interest, and shall not be counted as a part of the quorum for the vote on the matter. The minutes of such meeting shall reflect that a disclosure was made and that the person abstained from voting. Any member, trustee or committee member who is uncertain whether there is a conflict of interest in any matter may request the membership, the board or committee to determine whether a conflict of interest exists and resolve the question by majority vote. Form 990, Part VI, Section B, line 15a The president's salary is reviewed annually by the independent board. The University uses the Jaffe Salary Survey as well as CUPA Salary Reports (College and University Professional Association) to obtain comparable data from other midwestern universities. The information is documented in a letter noting that the board has accepted and approved the salary change. The top financial official's salary is currently reviewed and approved by the president annually. The same Jaffe Salary Survey and CUPA Salary Report is used for comparable data. The percentage increase is documented in an employment contract, but not in the board meeting minutes. Form 990, Part VI, Section C, line 19 The University provides its governing documents, conflict of interest policy and financial statements upon specific request. Form 990, Part VII - President Salary Below Market Value: The President, Monsignor James P. Shea, is required to live in a residence at the campus. The Board of Trustees, with his understanding and approval, has set his salary below market because he is a cleric. Form 990, Part X, Line 22: The Public Finance Authority bond is a $5,400,000 Revenue Bond issued by various counties in Wisconsin. The Issuer loaned the proceeds of the bond to the University of Mary pursuant to a loan agreement dated November 29, 2020. Interest on the bond is 2.00% due on May 19 and November 2019 of each year, commencing May 19, 2021. Principal on the bond in due on November 19, 2030. The note is secured by specific promises to give. The bondholder is related party. We have reclassified the related party note from line 22 to line 20, tax exempt bonds. Form 990, Part XI, line 9: Actuarial Gains/(Losses) - Unitrust 81,591. Actuarial Gain/(Losses) - Annuities 58,868. Benedictine Sisters of the Annunciation BMV 7520 University Drive Bismarck ND 58504 450261530 Religious Purposes ND 501(c)(3) Line 1 N/A 0 Benedictine Ministries 7520 University Drive Bismarck ND 58504 813452507 Religious Purposes ND 501(c)(3) Line 7 Benedictine Sisters of the Annunciation BMV 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0