2022-11-07T11:55:38-06:00 2022-06-30 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2021-07-01 410693856 DUNWOODY COLLEGE OF TECHNOLOGY DUNW 6123745800 818 DUNWOODY BOULEVARD MINNEAPOLIS MN 55403 TAMMY MCGEE CFO 6123745800 2022-11-02 1 TAMMY MCGEE XXX-XX-XXXX SARAH HINTZ P00492291 3037795710 2022-11-02 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z TAMMY MCGEE 818 DUNWOODY BOULEVARD MINNEAPOLIS MN 55403 59142388 0 X WWW.DUNWOODY.EDU X 1914 MN DUNWOODY OFFERS ONE, TWO, AND FOUR YEAR DEGREES THAT LEAD TO IMMEDIATE JOBS AND GREAT CAREERS. 26 25 348 575 0 0 10350133 21510459 27345452 31167263 2155354 858919 218512 -4872 40069451 53531769 3589585 5074803 0 0 18960710 19590547 111704 85431 1606127 11039968 13074312 33701967 37825093 6367484 15706676 65895900 75471326 7277606 7714681 58618294 67756645 X SEE SCHEDULE ODUNWOODY COLLEGE OF TECHNOLOGY CHANGES LIVES BY BUILDING OPPORTUNITIES FOR GRADUATES TO HAVE SUCCESSFUL CAREERS, TO DEVELOP INTO LEADERS AND ENTREPRENEURS, AND TO ENGAGE IN "THE BETTER PERFORMANCE OF LIFE'S DUTIES." QUOTE IS FROM THE LAST WILL AND TESTAMENT OF WILLIAM HOOD DUNWOODY. 1 1 28123774 5074803 31167263 SEE SCHEDULE OFOUNDED IN 1914, DUNWOODY COLLEGE OF TECHNOLOGY IS THE ONLY PRIVATE, NOT-FOR-PROFIT TECHNICAL COLLEGE IN THE UPPER MIDWEST. HAVING PROVIDED HANDS-ON, APPLIED TECHNICAL EDUCATION TO MORE THAN 250,000 INDIVIDUALS, DUNWOODY IS THE COLLEGE FOR EXPERIMENTERS AND MAKERS, A PLACE WHERE THE CURIOUS AND THE CONFIDENT LEARN BY DOING. LOCATED IN MINNEAPOLIS, DUNWOODY OFFERS A UNIQUE CAMPUS EXPERIENCE IN DEDICATED LABS, STUDIOS, AND SHOPS THAT TREATS STUDENTS LIKE FUTURE PROFESSIONALS FROM DAY ONE. DUNWOODY CHALLENGES STUDENTS TO COME DETERMINED AND GRADUATE DESTINED.DUNWOODY IS ACCREDITED BY THE HIGHER LEARNING COMMISSION, AN INSTITUTIONAL ACCREDITATION AGENCY RECOGNIZED BY THE U.S. DEPARTMENT OF EDUCATION. THE COMMISSION'S WEB ADDRESS AND PHONE NUMBER ARE: WWW.HLCCOMMISSION.ORG AND 312-263-0456.DUNWOODY IS COMMITTED TO PREPARING STUDENTS FOR GREAT CAREERS IN HIGH-DEMAND, STEM-RELATED FIELDS. SINCE ITS FOUNDING 108 YEARS AGO, DUNWOODY'S GRADUATES HAVE GONE ON TO REWARDING CAREERS AS OUTSTANDING TECHNICIANS, SUCCESSFUL ENTREPRENEURS, AND INDUSTRY LEADERS. DUNWOODY COLLEGE TEACHES PROBLEM SOLVING AND CRITICAL THINKING ALONG WITH PRACTICAL, REAL-WORLD SKILLS THAT ARE SOUGHT AFTER BY BUSINESS AND INDUSTRY. LOCATED ON THE WESTERN EDGE OF DOWNTOWN MINNEAPOLIS, DUNWOODY OFFERS MORE THAN 40 CERTIFICATE, ASSOCIATE'S DEGREE AND BACHELOR'S DEGREE PROGRAMS IN THE AREAS OF AUTOMOTIVE, BUSINESS MANAGEMENT, COMPUTER TECHNOLOGY, CONSTRUCTION SCIENCES & BUILDING TECHNOLOGY, ARCHITECTURE, DESIGN, ENGINEERING, RADIOLOGIC TECHNOLOGY, AND ROBOTICS & MANUFACTURING.INSTRUCTION AT DUNWOODY IS STRUCTURED ON A 16-WEEK SEMESTER. AN ACADEMIC YEAR INCLUDES TWO 16-WEEK SEMESTERS WITH A NINE-WEEK SUMMER SESSION. PROGRAMS OF INSTRUCTION MAY LEAD TO A CERTIFICATE, ASSOCIATE OF APPLIED SCIENCE (A.A.S.) DEGREE, A BACHELOR OF SCIENCE (B.S.) DEGREE, OR A BACHEOR OF ARCHITECTURE (B.ARCH.) DEGREE. IT IS DUNWOODY'S GOAL THAT GRADUATING STUDENTS WILL BECOME RESPONSIBLE, CONTRIBUTING CITIZENS AS WELL AS ABLE TECHNICIANS AND LEADERS IN THEIR PROFESSIONS. DUNWOODY ALSO OFFERS TRAINING OPPORTUNITIES TO BOTH INDIVIDUALS AND COMPANIES THROUGH WORKFORCE TRAINING & CONTINUING EDUCATION.AS OF FALL SEMESTER 2021, DUNWOODY HAD AN ENROLLMENT OF 1,382 STUDENTS. FOR THE 2020-21 ACADEMIC YEAR, DUNWOODY CAREER SERVICES REPORTS A PLACEMENT RATE OF 95 PERCENT AND AN AVERAGE OF 13.8 JOB INQUIRIES PER GRADUATE. 28123774 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 2035 0 1 348 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 X 26 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 MN X ACCOUNTING ATTN JEFF WILHELMI 6123745800 818 DUNWOODY BOULEVARD MINNEAPOLIS MN 55403 RICHARD WAGNER PRESIDENT 40.00 X X 320640 0 130469 MARK G SHERRY BOARD CHAIR 1.00 X X 0 0 0 NANCY M DAHL VICE CHAIR 1.00 X X 0 0 0 CINDY W ROBIN SECRETARY 1.00 X X 0 0 0 PAUL W GRUNAU TREASURER THRU 1/2022 1.00 X X 0 0 0 THEODORE J CHRISTIANSON TREASURER AS OF 3/2022 1.00 X X 0 0 0 BERNARD P ALDRICH TRUSTEE 1.00 X 0 0 0 HUTCHINS B COBURN TRUSTEE 1.00 X 0 0 0 JAMES D ENGELSMA TRUSTEE 1.00 X 0 0 0 CLAIRE M FERRARA TRUSTEE 1.00 X 0 0 0 MATTHEW M FURMAN TRUSTEE THRU 3/2022 1.00 X 0 0 0 LAURA K GRAF TRUSTEE 1.00 X 0 0 0 BJORN GUNNERUD TRUSTEE THRU 10/2021 1.00 X 0 0 0 ANDREW R HECKER TRUSTEE 1.00 X 0 0 0 VICTORIA M HOLT TRUSTEE 1.00 X 0 0 0 KAREN A ISAACSON TRUSTEE 1.00 X 0 0 0 ARTHUR W JOHNSON TRUSTEE 1.00 X 0 0 0 THOMAS M KIEFFER TRUSTEE 1.00 X 0 0 0 MICHAEL L LEJEUNE TRUSTEE 1.00 X 0 0 0 DAVID M LYMAN TRUSTEE 1.00 X 0 0 0 WILLIAM J MATEIKIS TRUSTEE 1.00 X 0 0 0 BONNIE SPEER MCGRATH TRUSTEE 1.00 X 0 0 0 DALE A NORDQUIST TRUSTEE 1.00 X 0 0 0 JULIE A OWEN TRUSTEE 1.00 X 0 0 0 DARRIN E PETERSON TRUSTEE THRU 5/2022 1.00 X 0 0 0 JON L REISSNER TRUSTEE 1.00 X 0 0 0 HILLERY SHAY TRUSTEE 1.00 X 0 0 0 STEVEN A SONNENBERG TRUSTEE 1.00 X 0 0 0 GREGG E STEDRONSKY TRUSTEE 1.00 X 0 0 0 ROBERT W STROM TRUSTEE THRU 10/2021 1.00 X 0 0 0 GREGORY P THEIS TRUSTEE 1.00 X 0 0 0 TAMMY HUDDLE-MCGEE VP OF ADMIN SERVICES AND CFO 40.00 X 196626 0 35642 SCOTT STALLMAN PROVOST 40.00 X 168186 0 32425 BRIAN NELSON VP OF INSTITUTIONAL ADVANCEMENT 40.00 X 164623 0 36963 CYNTHIA OLSON VP OF ENROLLMENT MANAGEMENT 40.00 X 142897 0 35444 PATRICIA EDMAN VP OF HUMAN RESOURCES 40.00 X 143341 0 34130 WILLIAM HUDSON ACADEMIC DEAN 40.00 X 124692 0 59340 COLLEEN J NORTON SENIOR DIRECTOR OF DEVELOPMENT 40.00 X 126642 0 35168 JONATHAN D AURAND ASSOCIATE PROFESSOR 40.00 X 116435 0 52520 1504082 0 452101 23 0 1 0 TRUEMEDIA LLC 500 BUSINESS LOOP 70 W COLUMBIA IA 65203 MARKETING/ADVERTISING 435351 PERISCOPE 921 WASHINGTON AVE SOUTH MINNEAPOLIS MN 55415 MARKETING/ADVERTISING 427000 MODERN CLEANING 822 15TH AVE NORTH SOUTH ST PAUL FL 55075 CLEANING 361196 UNIVERSAL PROTECTION SERVICE 1395 UNIVERSITY BLVD JUPITER MN 33458 SECURITY 285594 CLIFTONLARSONALLEN LLP 200 SOUTH 6TH ST 145 MINNEAPOLIS MN 55402 ACCOUNTING 234928 15 100160 461814 3780126 17168359 10136971 21510459 TUITION & RELATED INCO 611600 30995234 30995234 OTHER PROGRAM REVENUE 900099 172029 172029 31167263 560554 560554 5862902 5405971 158566 456931 -158566 298365 298365 41210 100160 46082 -4872 -4872 53531769 31167263 0 854047 5048803 5048803 26000 26000 965292 217271 570539 177482 15563845 12675981 2000502 887362 420990 420990 1395352 964285 379912 51155 1245068 993694 174082 77292 116105 59318 56787 84516 84516 6000 6000 85431 85431 260815 260815 625355 111214 512932 1209 1675157 23150 1584165 67842 1741544 1501384 165620 74540 1830955 1150286 644905 35764 2960368 2711313 220741 28314 83017 59601 11778 11638 757627 423984 320215 13428 132563 132563 1663603 1517829 127552 18222 MISC EXPENSE 909558 639661 193449 76448 BAD DEBT EXPENSE 227129 227129 37825093 28123774 8095192 1606127 9711484 13844617 1706651 10013674 852347 301020 233469 310718 461116 476295 61442939 41728523 19425519 19714416 21812924 21500311 11692390 9310275 65895900 75471326 2308478 3386516 753340 345573 3655088 3413216 560700 569376 7277606 7714681 X 25071208 34256160 33547086 33500485 58618294 67756645 65895900 75471326 X 15706676 -6147783 -420542 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 1 6000 0 0 6000 0 PART II-B, LINE 1: THE COLLEGE PAID A TOTAL OF $6,000 IN RETAINER FEES TO A CONSULTING FIRM FOR LOBBYING ACTIVITY DURING THE YEAR. 29277919 10114443 -4016108 801517 34574737 24533032 360684 4930188 545985 29277919 23311212 1328191 482261 588632 24533032 22614773 533451 846745 683757 23311212 22264353 157790 871509 122512 556368 22614773 0.27718 0.52173 0.20109 0 0 828504 828504 37538279 23426728 14111551 22392335 18301795 4090540 683821 683821 19714416 BENEFICIAL INTEREST IN PERPETUAL TRUST 8389940 F SPLIT-INTEREST AGREEMENTS 920335 F 9310275 ANNUITY OBLIGATIONS 59860 ENVIRONMENTAL REMEDIATION 360341 CAPITAL LEASES 110260 CAPITAL LEASES, CURRENT PORTION 38915 569376 X 52080453 -6147783 2210647 -420542 -4357678 56438131 260815 -3167177 -2906362 53531769 36768850 2210647 2210647 34558203 260815 3006075 3266890 37825093 PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO PROVIDE SCHOLARSHIPS AND TO FUND COLLEGE OPERATIONS. PART X, LINE 2: THE COLLEGE FOLLOWS THE GUIDANCE IN THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARD FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THE COLLEGE HAS NO CURRENT OBLIGATION FOR UNRELATED BUSINESS INCOME TAX. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE IN BENEFICIAL TRUST -420,542. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT INCOME GREATER THAN SPENDING RATE -6,173,252. SCHOLARSHIPS 3,210,723. LOSS ON DISPOSAL OF FIXED ASSETS -158,566. SPECIAL EVENTS EXPENSES -46,082. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,210,723. SPECIAL EVENTS EXPENSES -46,082. LOSS OF DISPOSAL OF FIXED ASSETS -158,566. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 WRITTEN MATERIALS RELATED TO THE COLLEGE'S POLICIES ARE GIVEN TO STUDENTS AT ORIENTATION. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES PELL, SEOG, FEDERAL WORK STUDY, VETERANS BENEFITS, AND VARIOUS GOVERNMENT-BACKED LOANS AND RELATED STATE FUNDS. 0 0 0 0 0 0 0 0 0 0 SCHOLARSHIP SUB-SAHARAN AFRICA 2 16000 OTHER N/A N/A SCHOLARSHIP SOUTH ASIA 1 10000 OTHER N/A N/A 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X X X X X X 1 BENTZ WHALEY FLESSNER 7900 XERXES AVE SOUTH SUITE 980 MINNEAPOLIS MN 55431 CAMPAIGN FUNDRAISING CONSULTANT 0 17305732 45489 17260243 KAUL CONSULTING LLC 3466 ST CROIX TRAIL SOUTH AFTON MN 55001 GRANT WRITING 0 920635 28750 891885 ARIA COMMUNICATIONS 717 W ST GERMAIN ST ST CLOUD MN 56301 PHONE SOLICITATION 0 11883 11192 691 18238250 85431 18152819 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY KATE DUNWOODY LUNCHEON 99880 75320 24560 13365 10917 GOLF FUNDRAISER 41490 24840 16650 20570 1230 141370 100160 41210 33935 12147 46082 -4872 1 SCHOLARSHIP AWARDS 640 3184723 N/A N/A CARES ACT STUDENT SCHOLARSHIPS 1397 1864080 N/A N/A PART I, LINE 2: ENDOWED AND ANNUAL SCHOLARSHIPS ARE AWARDED BASED ON CERTAIN CRITERIA SET BY THE INSTITUTION (DUNWOODY) AND DONORS. STUDENTS APPLY FOR SCHOLARSHIPS AUTOMATICALLY BY COMPLETING THEIR FAFSA STARTING THE SPRING SEMESTER OF THE PREVIOUS SCHOOL YEAR. ALL SCHOLARSHIP CRITERIA IS PROVIDED TO FINANCIAL AID AND AWARDS ARE MADE BASED ON FINANCIAL NEED AND DATE SUBMITTED. STUDENTS ARE NOTIFIED BY THE FINANCIAL AID OFFICE OF THEIR AWARDS WHICH THEN BECOME PART OF THEIR FINANCIAL AID PACKAGE. SCHOLARSHIPS ARE DISBURSED TO THE STUDENT ACCOUNT AS A CREDIT ON A SEMIANNUAL BASIS WHICH REDUCES THEIR TUITION. SOMETIMES STUDENTS ARE REQUIRED TO WRITE THANK YOU NOTES TO DONORS OF SCHOLARSHIPS OR ATTEND DONOR EVENTS SHOWING THEIR APPRECIATION. IF A THANK YOU NOTE IS REQUIRED AND NOT WRITTEN, THE STUDENT DOES NOT RECEIVE THE SCHOLARSHIP. SCHOLARSHIPS ARE MONITORED BY THE FINANCIAL AID OFFICE. X 1 1 X X X X 0 0 0 0 0 1 0 0 0 RICHARD WAGNER PRESIDENT 266540 0 54100 0 0 0 101912 0 28557 0 451109 0 0 0 TAMMY HUDDLE-MCGEE VP OF ADMIN SERVICES AND CFO 187217 0 9409 0 0 0 22935 0 12707 0 232268 0 0 0 BRIAN NELSON VP OF INSTITUTIONAL ADVANCEMENT 156136 0 8487 0 0 0 7788 0 29175 0 201586 0 0 0 SCOTT STALLMAN PROVOST 160186 0 8000 0 0 0 11682 0 20743 0 200611 0 0 0 WILLIAM HUDSON ACADEMIC DEAN 124692 0 0 0 0 0 30235 0 29105 0 184032 0 0 0 CYNTHIA OLSON VP OF ENROLLMENT MANAGEMENT 135747 0 7150 0 0 0 8669 0 26775 0 178341 0 0 0 PATRICIA EDMAN VP OF HUMAN RESOURCES 136268 0 7073 0 0 0 21437 0 12693 0 177471 0 0 0 JONATHAN D AURAND ASSOCIATE PROFESSOR 116435 0 0 0 0 0 23415 0 29105 0 168955 0 0 0 COLLEEN J NORTON SENIOR DIRECTOR OF DEVELOPMENT 126642 0 0 0 0 0 23454 0 11714 0 161810 0 0 0 PART I, LINE 1A COMPANION TRAVEL WAS FOR A BONA FIDE BUSINESS PURPOSE AND BENEFITTED THE COLLEGE. B. THE PRESIDENT'S WIFE, VALERIE, TRAVELED TO ARIZONA AND FLORIDA TO ATTEND THE ANNUAL ALUMNI EVENTS WHICH BENEFITTED THE COLLEGE. PART I, LINE 6 THE BOARD HAS ELECTED TO PROVIDE A SHORT TERM INCENTIVE PLAN AS PART OF THE CABINET'S COMPENSATION AND BENEFITS PACKAGE. ITS PURPOSE IS TO CREATE A CLEAR LINE OF SIGHT BETWEEN INDIVIDUAL AND ORGANIZATIONAL GOALS AND THE ATTAINMENT OF AGREED UPON FINANCIAL METRICS. X 2 17814 FAIR MARKET VALUE X 4 10063426 STOCK MARKET QUOTES X 3D PRINTER 1 55731 FAIR MARKET VALUE 1 0 1 0 PART I, COLUMN (B): COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART III, LINE 2 IN FALL 2021, THE COLLEGE BEGAN OFFERING ONLINE-ONLY LEARNING OPTIONS FOR A NUMBER OF PROGRAMS, INCLUDING: BACHELOR OF ARCHITECTURE, BUSINESS MANAGEMENT & LEADERSHIP, CONSTRUCTION MANAGEMENT, COMPUTER NETWORKING SYSTEMS, AND WEB PROGRAMMING & DATABASE DEVELOPMENT. THE COLLEGE ALSO REORGANIZED ITS ACADEMIC DEPARTMENTS, CREATING A NEW SCHOOL OF DESIGN HOUSING ARCHITECTURE, ARCHIECTURAL DRAFTING & DESIGN, GRAPHIC DESIGN & PRODUCTION, AND INTERIOR DESIGN. FORM 990, PART III, LINE 3 IN FALL 2021, THE COLLEGE RETURNED TO IN-PERSON INSTRUCTION, FOLLOWING A YEAR OF OPERATION UNDER THE HYBRID MODEL, WHICH WAS IN PLACE DUE TO THE COVID-19 GLOBAL PANDEMIC. THE COLLEGE ALSO CEASED OFFERING THE CONCENTRATION IN MANAGEMENT INFORMATION SYSTEMS AS PART OF ITS BUSINESS MANAGEMENT & LEADERSHIP DEGREE PROGRAM. FORM 990, PART VI, SECTION A, LINE 1A THERE SHALL BE AN EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF THE CORPORATION CONSISTING OF NO FEWER THAN FIVE (5) MEMBERS, INCLUDING THE CHAIR OF THE BOARD, PRESIDENT, AND SUCH OTHER PERSONS ELECTED BY THE BOARD OF TRUSTEES BY RESOLUTION. ALL OF THE MEMBERS OF THE EXECUTIVE COMMITTEE SHALL BE TRUSTEES. THE EXECUTIVE COMMITTEE SHALL ACT ONLY DURING INTERVALS BETWEEN MEETINGS OF THE BOARD OF TRUSTEES AND SHALL AT ALL TIMES BE SUBJECT TO THE CONTROL AND DIRECTION OF THE BOARD OF TRUSTEES. DURING SUCH INTERVALS AND SUBJECT TO SUCH CONTROL AND DIRECTION, THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE AUTHORITY AND POWERS OF THE BOARD OF TRUSTEES IN THE MANAGEMENT OF THE AFFAIRS OF THE CORPORATION, SUBJECT TO SUCH LIMITATIONS AS THE BOARD OF TRUSTEES MAY IMPOSE. THE EXECUTIVE COMMITTEE SHALL KEEP REGULAR MINUTES OF ITS PROCEEDINGS AND REPORT THE SAME TO THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B INFORMATION FOR THE FORM 990 IS COMPILED BY COLLEGE PERSONNEL INCLUDING THE EXECUTIVE DIRECTOR OF MARKETING, DIRECTOR OF FINANCIAL AID, THE CHIEF OF STAFF AND THE VICE PRESIDENT OF HUMAN RESOURCES AMONG OTHERS AND SUBMITTED TO THE COLLEGE AUDIT FIRM, WHO PREPARES A DRAFT OF THE FORM. THIS DRAFT IS REVIEWED BY THE COLLEGE'S CONTROLLER, VP OF ADMINISTRATIVE SERVICES & CFO AND THE VP OF ADVANCEMENT. ONCE A FINAL DRAFT OF THE FORM (WITH SCHEDULE B INFORMATION REDACTED) IS READY, EACH MEMBER OF THE AUDIT COMMITTEE IS SENT A COPY AND WILL BE OPEN FOR REVIEW BY THE FULL BOARD FOR AFFIRMATION OF THE AUDIT COMMITTEE'S APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE'S CONFLICT OF INTEREST POLICY APPLIES TO ALL OFFICERS, TRUSTEES AND COMMITTEE MEMBERS. IF AN INDIVIDUAL HAS A POTENTIAL OR ACTUAL CONFLICT OF INTEREST, THEY ARE REQUIRED TO DISCLOSE THE MATERIAL FACTS TO THE BOARD OR COMMITTEE BEFORE THE TRANSACTION IN QUESTION IS CONSIDERED. AFTER PRESENTING THE MATERIAL FACTS, THE INTERESTED PERSON IS REQUIRED TO LEAVE THE ROOM FOR THE DISCUSSION AND VOTE ON THE MATTER. TO INVESTIGATE ALTERNATIVES, THE BOARD OR COMMITTEE MAY REQUEST COMPARABILITY DATA AND/OR APPOINT A DISINTERESTED PERSON. IF A MORE ADVANTAGEOUS TRANSACTION IS NOT REASONABLY ATTAINABLE, THE DISINTERESTED BOARD OR COMMITTEE MEMBERS DETERMINE, BY MAJORITY VOTE, WHETHER TO ENTER INTO THE TRANSACTION. ALL RELEVANT INFORMATION IS RECORDED IN THE MINUTES OF THE MEETING. EACH OFFICER, TRUSTEE AND COMMITTEE IS REQUIRED TO ANNUALLY REVIEW THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15A WHEN DETERMINING THE COMPENSATION OF THE PRESIDENT, THE CHAIR OF THE BOARD AND THE EXECUTIVE COMMITTEE USE SALARY BENCHMARKING DATA TO RECOMMEND THE PRESIDENT'S COMPENSATION. AN INDEPENDENT OUTSIDE FIRM PREPARED BENCHMARK DATA FROM MULTIPLE SOURCES. THE EXECUTIVE COMMITTEE REVIEWED THE DATA AND THE SALARY DETERMINATION WAS COMPLETED IN AUGUST 2021. WHEN DETERMINING THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES, THE H.R. VICE PRESIDENT PROVIDES SALARY BENCHMARKING DATA TO THE PRESIDENT WHO DETERMINES THEIR COMPENSATION. SALARY INCREASE GUIDELINES ARE PROVIDED BY THE FINANCE DEPARTMENT BASED ON BUDGET CONSTRAINTS. THIS PROCESS WAS LAST UNDERTAKEN IN AUGUST 2021. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL TRUST -420,542. KATE L DUNWOODY TRUST PO BOX 64713 ST PAUL MN 55164 416014903 PERPETUAL TRUST MN 501(C)(3) PF N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 KATE L DUNWOODY TRUST C 461814 CASH TRANSFERRED