2021-05-13T16:18:24-05:00 2020-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2019-07-01 231352626 CHESTNUT HILL COLLEGE CHES 2152487163 9601 GERMANTOWN AVENUE PHILADELPHIA PA 19118 DAVID R WOODFORD VP, FINANCIAL AFFAIRS 2152487163 2021-05-13 1 KERRI N BOGDA CPA P00760402 7177404863 2019 2022-09-23 18:48:47Z DAVID R WOODFORD 9601 GERMANTOWN AVENUE PHILADELPHIA PA 19118 57030954 0 X WWW.CHC.EDU X 1924 PA PRIVATE LIBERAL ARTS COLLEGE SPONSORED BY THE CONGREGATION OF THE SISTERS OF ST. JOSEPH OF PHILA. 28 28 958 38 283886 113659 4397857 8782110 46691013 45352141 297714 185627 803469 592987 52190053 54912865 16803452 18385706 0 0 17976836 18890736 0 126262 1278821 17222942 17519567 52003230 54922271 186823 -9406 64542797 66492677 31337463 33246439 33205334 33246238 X THE MISSION OF CHESTNUT HILL COLLEGE IS TO PROVIDE STUDENTS WITH HOLISTIC EDUCATION IN AN INCLUSIVE CATHOLIC COMMUNITY MARKED BY ACADEMIC EXCELLENCE, SHARED RESPONSIBILITY, PERSONAL AND PROFESSIONAL GROWTH, SERVICE TO ONE ANOTHER AND TO THE GLOBAL COMMUNITY, AND CONCERN FOR THE EARTH. 0 0 46523167 18385706 45352141 CHESTNUT HILL COLLEGE OFFERS 38 BACCALAUREATE PROGRAMS, INCLUDING BUSINESS, PSYCHOLOGY, EXERCISE SCIENCE, AND CYBERSECURITY; A BACHELOR OF SCIENCE DEGREE IN LAW AND LEGAL STUDIES WAS LAUNCHED IN FALL 2019. THE COLLEGE ALSO OFFERS A MONTERRSORI EARLY CHILDHOOD CREDENTIAL, A MASTER'S DEGREE IN SIX FIELDS, AND A DOCTORATE DEGREE IN CLINICAL PSYCHOLOGY.DURING THE 2019-2020 ACADEMIC YEAR, CHESTNUT HILL ENROLLED 1,197 UNDERGRADUATE STUDENTS AND 403 GRADUATE STUDENTS.CHESTNUT HILL COLLEGE WAS RECOGNIZED AS ONE OF THE TOP 10 COLLEGES IN PHILADELPHIA IN 2019.CHESTNUT HILL COLLEGE IS COMMITTED TO IMPROVING THE EFFICIENCY AND EFFECTIVENESS OF ITS PROGRAMS AND SERVICES. IN 2017-2018 THE COLLEGE CONDUCTED AN ACADEMIC PROGRAM REVIEW AND PRIORITIZATION OF ALL ACADEMIC PROGRAMS TO IMPROVE QUALITY AND EFFICIENCY, ASSESS BENCHMARKS, AND IDENTIFY OPPORTUNITIES FOR GROWTH AND IMPROVEMENT. SIXTEEN ACADEMIC DEPARTMENTS WERE CONSOLIDATED UNDER A FACULTY-LED PROCESS INTO SIX ACADEMIC CENTERS. THIS RECONFIGURATION HAS RESULTED IN INCREASED COLLABORATION BETWEEN FACULTY AND A REDUCTION IN ADMINISTRATIVE COSTS.CHESTNUT HILL ALSO ACQUIRED A LEARNING MANAGEMENT SYSTEM IN FY 2018-2019 TO OFFER UNDERGRADUATE COURSES IN A HYBRID/ONLINE FORMAT. ALL COURSES CONVERTED TO CANVAS IN SUMMER 2019.ACADEMIC AND STUDENT SUPPORT:FOR NEARLY 100 YEARS, CHESTNUT HILL COLLEGE HAS DEMONSTRATED ITS COMMITMENT TO PROVIDE STUDENTS WITH A HOLISTIC EDUCATION. TO THIS END, THE COLLEGE OFFERS A MYRIAD OF ACADEMIC AND STUDENT SUPPORTS PROGRAMS INCLUDING ASSISTNG STUDENTS IN DECLARING A MAJOR (ACADEMIC DISCOVERY PROGRAM), ACCESSING TECHNOLOGY AND TEXTBOOKS TO PROMOTE LEARNING, AND TO HELP THOSE EXPERIENCING FOOD INSECURITY.CHESTNUT HILL COLLEGE LAUNCHED ITS ACADEMIC DISCOVERY PROGRAM (ADP) IN 2018-2019 TO ADDRESS THE GROWING NUMBER OF UNDECLARED MAJORS. IN THIS VOLUNTARY, TWO-SEMESTER PROGRAM, STUDENTS MEET WITH A DEDICATED STUDENT SUCCESS ADVISOR, TAKE TWO COURSES FOCUSED ON ACADEMIC AND CAREER DISCOVERY, RESIDE IN A LIVING AND LEARNING COMMUNITY, PARTICIPATE IN THE COLLEGE'S CAREER READINESS CERTIFICATE PROGRAM, AND DEVELOP A 4-YEAR CAREER AND OUTLINE A PATH FOR DEGREE COMPLETION WITHIN FOUR YEARS. TWO-THIRDS OF THE PARTICIPANTS IN CHC'S PILOT ADP DECLARED A MAJOR WITHIN 10 WEEKS. THE COLLEGE ALSO LAUNCHED A LENDING LIBRARY IN FALL 2018 TO SUPPORT THE INCREASING NUMBER OF UNDERGRADUATE STUDENTS UNABLE TO AFFORD TEXTBOOKS AND COMPUTERS. THIS LIBRARY PROVIDES LAPTOPS AND TEXTBOOKS TO STUDENTS ENROLLED IN GATEWAY COURSES, INCLUDING MATH, ENGLISH, FRENCH, SPANISH, PSYCHOLOGY, LIBERAL ARTS, RELIGIOUS STUDIES, AND COMPUTER AND INFORMATION TECHNOLOGY. THE COLLEGE ALSO PARTNERED WITH THE ARCHDIOCESE OF PHILADELPHIA, SISTERS OF SAINT JOSEPH, AND WAWA TO OPEN AN ON-CAMPUS FOOD PANTRY TO ADDRESS THE GROWING ISSUE OF FOOD INSECURITY AMONG STUDENTS. ACCESSIBLE TO ALL STUDENTS, FACULTY, AND STAFF, THE PANTRY OFFERS A SELECTION OF NON-PERISHABLE AND REFRIGERATED GOODS; NO PROOF OF INCOME IS NEEDED OR REQUIRED.AUXILIARY SERVICES:AUXILIARY SERVICES INCLUDES A DIVERSE GROUP OF INTERNAL AND EXTERNAL UNITS INCLUDING RESIDENCE LIFE, FOOD SERVICES AND FACILITIES RENTALS. 46523167 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 1 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 91 0 958 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 28 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 PA AL AK AZ AR CA CO CT DC DE FL GA HI ID IL IN IA KS KY LA ME MD MN MO MS MT ND NE NH NJ NV NM NC OH OK OR RI SC SD TN TX UT VA VT WV WI WY X DAVID R WOODFORD VP FINANCIAL AFFAIRS 2152487163 9601 GERMANTOWN AVENUE PHILADELPHIA PA 191182693 CHRISTOPHER B DOUGHERTY VP ACADEMIC AFFAIRS 50.00 X 197582 0 27654 KEVIN HEARN VP ENROLLMENT MANAGEMENT 50.00 X 178836 0 42074 DAVID WOODFORD VP FINANCIAL AFFAIRS 50.00 X 174782 0 19880 CHRISTINA ABBOTT LEGAL COUNSEL & CHIEF OF STAFF 50.00 X 171683 0 19786 JOSEPH BUCCI PROFESSOR OF BUSINESS 50.00 X 154739 0 18800 LYNN ORTALE VP-STUDENT LIFE 50.00 X 132757 0 39844 CAROL JEAN VALE SSJ PRESIDENT/BOARD MEMBER 50.00 X X 0 0 0 CATHERINE LOCKYER MOULTON BOARD CHAIR 0.50 X X 0 0 0 ANNE P MYERS SSJ BOARD VICE CHAIR (DEPARTED 8/19) 0.50 X X 0 0 0 MAUREEN ERDLEN SSJ VICE CHAIR 0.50 X X 0 0 0 KATHRYN MILLER SSJ BOARD SECRETARY-NON VOTING 50.00 X 0 0 0 MARGARET MCCAFFERY BOARD MEMBER 0.50 X 0 0 0 JILL BANKS BOARD MEMBER 0.50 X 0 0 0 SALLYANN BOWMAN BOARD MEMBER 0.50 X 0 0 0 JOSEPH DENNY BOARD MEMBER 0.50 X 0 0 0 KAREN DIETRICH SSJ BOARD MEMBER 0.50 X 0 0 0 MICHAEL FITZPATRICK BOARD MEMBER 0.50 X 0 0 0 KENT GRISWOLD BOARD MEMBER (DEPARTED 8/19) 0.50 X 0 0 0 MILA HAYES BOARD MEMBER 0.50 X 0 0 0 DEBORAH HUGHES SSJ BOARD MEMBER 0.50 X 0 0 0 STEPHANIE KING BOARD MEMBER 0.50 X 0 0 0 THOMAS LYNCH RADM USN BOARD MEMBER 0.50 X 0 0 0 EILEEN MARNIEN SSJ BOARD MEMBER 0.50 X 0 0 0 JOANNE MCBRIDE BOARD MEMBER 0.50 X 0 0 0 LYN MONTGOMERY BOARD MEMBER 0.50 X 0 0 0 FRANCES PIERCE BOARD MEMBER 0.50 X 0 0 0 THOMAS QUEENAN BOARD MEMBER 0.50 X 0 0 0 JANET BROWN QUINTAL BOARD MEMBER 0.50 X 0 0 0 ROBERT RIETHMILLER JR BOARD MEMBER 0.50 X 0 0 0 JOHN SABIA BOARD MEMBER 0.50 X 0 0 0 CAROL STEINOUR BOARD MEMBER 0.50 X 0 0 0 MARYANNE WALSH BOARD MEMBER 0.50 X 0 0 0 RASHIDA WEATHER BOARD MEMBER 0.50 X 0 0 0 KENNETH WONG BOARD MEMBER 0.50 X 0 0 0 RONALD ZEMNICK BOARD MEMBER (DEPARTED 8/19) 0.50 X 0 0 0 DEBORAH FLINT BOARD MEMBER 0.50 X 0 0 0 JACK GULATI BOARD MEMBER 0.50 X 0 0 0 MARY MCFADDEN SSJ BOARD MEMBER 0.50 X 0 0 0 1010379 0 168038 14 0 1 0 CHARTWELLS COMPASS GROUP USA PO BOX 91337 CHICAGO IL 60673 DINING SERVICES 2556334 ALLIED UNIVERSAL 161 WASHINGTON STREET STE 600 CONSHOHOCKEN PA 19428 SECURITY SERVICES 1224206 EMCOR FUIDICS 9815 ROOSEVELT BLVD SUITE A PHILADELPHIA PA 19114 PHYSICAL PLANT SVCS 809515 SOUTHEAST SERVICE CORPORATION PO BOX 417632 BOSTON MA 02241 HOUSEKEEPING SERVICES 708539 CARTER MECHANICAL INC PO BOX 279 MALVERN PA 19355 CONSTRUCTION 342186 24 376554 630000 1881174 5894382 644707 8782110 TUITION 611600 41301991 41301991 ROOM AND BOARD 611600 3723570 3723570 AUXILIARY FEES 611600 318966 318966 INTEREST INCOME- STUDENT DEBT 611600 7614 7614 45352141 251069 453 250616 28152 0 28152 28152 28152 1981108 2046550 -65442 -65442 -65442 39393 376554 71059 -31666 -31666 700 480 220 220 CATERING REVENUE 722320 267005 267005 PARKING TICKETS AND FEES 611110 81940 81940 CLINICAL RECEIPTS 611110 74413 74413 172923 16428 156495 596281 54912865 45352141 283886 494728 18373342 18373342 12364 12364 195983 195983 15320434 12535932 1951784 832718 440286 363274 52881 24131 1873953 1525940 246650 101363 1060080 857614 145498 56968 432994 432994 83358 83358 126262 126262 64307 64307 1135119 522825 582742 29552 419379 419379 1253793 800878 428278 24637 645829 386887 255952 2990 3647094 2833942 813152 205286 147924 44671 12691 399231 165498 175550 58183 778624 583968 194656 1662359 1246769 415590 35700 35700 DINING SERVICES 1984883 1736773 248110 GRANT RELATED EXPENSES 1116793 1116793 SECURITY SERVICES 1038093 778570 259523 STUDENT REL. ACTIVITIES 749066 749066 1867659 1784808 73525 9326 54922271 46523167 7120283 1278821 11939 11142 2233084 1820644 408101 2668665 1996408 2103075 715276 548043 91573491 43765203 48514002 47808288 9908246 10899580 364135 239592 391606 393648 64542797 66492677 4151365 2411891 915053 931355 23087208 22260901 1000000 2500000 3285900 2183837 1856392 31337463 33246439 X 17892548 14134517 15312786 19111721 33205334 33246238 64542797 66492677 X -9406 35212 15098 X 0 1 X 1 1 1 X 2622520 5083418 4166515 4376951 8782110 25031514 2622520 5083418 4166515 4376951 8782110 25031514 221366 24810148 256545 236040 291009 311803 278768 1374165 114659 114659 713531 388834 555618 514752 352941 2525676 29046014 234836072 0.85420 0.80690 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: BOOKSTORE COMMISSIONS - 2016 AMOUNT: $ 17,160. 2017 AMOUNT: $ 54,007. 2018 AMOUNT: $ 31,567. 2019 AMOUNT: $ 29,137. FORFEITED DEPOSITS - 2015 AMOUNT: $ 17,023. 2016 AMOUNT: $ 60,429. 2017 AMOUNT: $ 64,177. 2018 AMOUNT: $ 66,755. MISC INCOME - 2015 AMOUNT: $ 67,898. 2016 AMOUNT: $ 52,844. 2017 AMOUNT: $ 30,362. 2018 AMOUNT: $ 54,003. NON-CHARITABLE FUNDRAISING - 2015 AMOUNT: $ 53,047. 2016 AMOUNT: $ 47,107. 2017 AMOUNT: $ 52,932. 2018 AMOUNT: $ 53,659. 2019 AMOUNT: $ 40,093. NOVELLI SETTLEMENT - 2015 AMOUNT: $ 479,403. PARKING TICKETS AND FEES - 2015 AMOUNT: $ 72,332. 2016 AMOUNT: $ 79,198. 2017 AMOUNT: $ 80,470. 2018 AMOUNT: $ 75,685. 2019 AMOUNT: $ 81,940. PY FINANCIAL AID - 2016 AMOUNT: $ 70,729. REIMBURSEMENTS - 2016 AMOUNT: $ 16,346. 2017 AMOUNT: $ 231,565. 2018 AMOUNT: $ 10,305. UNCLAIMED CHECKS - 2016 AMOUNT: $ 19,955. 2017 AMOUNT: $ 17,341. VENDING MACHINE COMMISSIONS - 2015 AMOUNT: $ 23,828. 2016 AMOUNT: $ 25,066. 2017 AMOUNT: $ 24,764. 2018 AMOUNT: $ 24,945. 2019 AMOUNT: $ 22,438. ATHLETIC SPONSORSHIPS - 2018 AMOUNT: $ 6,000. 2019 AMOUNT: $ 2,500. CELL TOWER REVENUE - 2018 AMOUNT: $ 10,858. 2019 AMOUNT: $ 26,926. CLINICAL RECEIPTS - 2018 AMOUNT: $ 80,535. 2019 AMOUNT: $ 74,413. REVENUE SHARING - 2018 AMOUNT: $ 61,024. 2019 AMOUNT: $ 38,925. LAUNDRY COMMISSIONS - 2018 AMOUNT: $ 7,887. 2019 AMOUNT: $ 6,423. TRANSCRIPTS - 2018 AMOUNT: $ 31,529. 2019 AMOUNT: $ 30,146. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11443150 4476327 -459840 15459637 10317363 1042027 83760 11443150 9808627 587334 -78598 10317363 9239455 379828 189344 9808627 9243392 253488 -257425 9239455 0.00000 1.00000 0.00000 1 0 10506160 10506160 65860887 32459919 33400968 11924184 11305284 618900 3282260 3282260 47808288 STUDENT DEPOSITS AND ADVANCES 923015 ADVANCES FROM FEDERAL GOVERNMENT - STUDENT LOANS 494433 ANNUITIES PAYABLE 149792 CAPITAL LEASE OBLIGATION 289152 1856392 X 36960850 35212 443770 -18502536 -18023554 54984404 -71539 -71539 54912865 36919946 443770 71539 515309 36404637 18517634 18517634 54922271 PART V, LINE 4: THE ENDOWMENT FUND IS USED PRIMARILY FOR THE AWARDING OF SCHOLARSHIPS TO STUDENTS. OTHER USES MAY INCLUDE THE FUNDING OF EDUCATION-RELATED ACTIVITIES SUCH AS PURCHASING LIBRARY RESOURCES OR THE FUNDING OF A LECTURE SERIES. PART X, LINE 2: THE COLLEGE FOLLOWS THE FASB GUIDANCE AS IT RELATES TO UNCERTAIN TAX POSITIONS. MANAGEMENT HAS REVIEWED ITS CURRENT AND PAST FEDERAL AND STATE INCOME TAX POSITIONS AND HAS DETERMINED, BASED ON CLEAR AND UNAMBIGUOUS TAX LAW AND REGULATIONS, THAT THE TAX POSITIONS TAKEN ARE CERTAIN AND THAT THERE IS NO LIKELIHOOD THAT A MATERIAL TAX ASSESSMENT WOULD BE MADE IF A RESPECTIVE GOVERNMENT AGENCY EXAMINED TAX RETURNS SUBJECT TO AUDIT. ACCORDINGLY, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS & GRANTS -18,385,706. INVESTMENT FEES -64,307. CHANGE IN LIFE INSURANCE CSV 15,098. REVENUE RECLASSED TO EXPENSES -67,621. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -71,539. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 71,539. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS & GRANTS 18,385,706. INVESTMENT FEES 64,307. REVENUE RECLASSED TO EXPENSES 67,621. 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 COLLEGE PROVIDES A STATEMENT IN ALL PUBLICATIONS AND ON ITS WEBSITE REGARDING ITS NONDISCRIMATORY POLICY. IN FISCAL YEAR 2019-2020, RACIAL/ETHNIC MINORITIES COMPRISED 46.4% OF ALL DEGREE-SEEKING UNDERGRADUATES, 59.1% WERE WOMEN, 46.4% WERE PELL ELIGIBLE, AND 33.0% WERE FIRST-GENERATION STUDENTS. SCHEDULE E, PART I, LINE 6 CHESTNUT HILL COLLEGE RECEIVES FUNDS FROM VARIOUS FEDERAL AND STATE GOVERNMENT AGENCIES UNDER THEIR RESPECTIVE STUDENT FINANCIAL AID ASSISTANCE PROGRAMS. FEDERAL PROGRAMS INCLUDE DIRECT LOANS, PELL GRANT PROGRAM, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG) PROGRAM, FEDERAL WORK STUDY PROGRAM (FWS), AND TEACH GRANT PROGRAM. THE STATE PROGRAM IS THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE (PHEAA) PROGRAM FOR STUDENTS. IN ADDITION, THE COLLEGE IS AWARDED SPONSORED PROJECT GRANTS BY FEDERAL AND STATE GOVERNMENTAL AGENCIES. GENERAL SUPPORT IS PROVIDED TO THE COLLEGE FROM THE COMMONWEALTH OF PENNSYLVANIA UNDER ITS INSTITUTIONAL ASSISTANCE GRANT (IAG) PROGRAM TO PRIVATE COLLEGES AND UNIVERSITIES IN THE STATE. 0 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD 12364 0 0 0 0 0 0 12364 0 12364 FINANCIAL AID EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 3 12364 COST 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X X X X X X 1 CHANGING OUR WORLD INC 1285 AVENUE OF THE AMERICAS 5TH FL NEW YORK NY 10019 ENDOWMENT CAMPAIGN SERVICES 0 0 126262 126262 126262 126262 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA 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 SCHOLARSHIP GALA 353282 345647 7635 42243 FALL GOLF OUTING 62665 30907 31758 25839 412 2565 415947 376554 39393 25839 412 44808 71059 -31666 1 TUITION ASSISTANCE 1322 18373342 0 N/A N/A PART I, LINE 2: CHESTNUT HILL COLLEGE DOES NOT PROVIDE GRANTS TO OTHER ORGANIZATIONS; HOWEVER, ON OCCASION DONATIONS ARE MADE TO OTHER CHARITABLE NON-PROFIT ORGANIZATIONS. SINCE THESE ARE DONATIONS, THEY ARE NOT MONITORED FOR A SPECIFIC USE. THE STUDENTS RECEIVING SCHOLARSHIPS AND FELLOWSHIPS ARE DETERMINED BY THE COLLEGE ON THE BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED AND OTHER OBJECTIVE STANDARDS. SCHOLARSHIPS AND GRANTS FOR STUDENTS ARE APPLIED DIRECTLY TO A STUDENT'S CHESTNUT HILL COLLEGE ACCOUNT AND APPLIED TO TUITION AND FEES. ALL FINANCIAL AID IS SUBJECT TO REVISION BASED ON AVAILABILITY, CHANGES IN FAMILY CONTRIBUTION AND/OR CREDIT LOAD. SATISFACTORY ACADEMIC PROGRESS MUST BE MAINTAINED ACCORDING TO STANDARDS PRESCRIBED BY CHESTNUT HILL COLLEGE. ANNUAL RENEWAL OF FINANCIAL AID IS CONTINUOUS IF STUDENT CONTINUES TO DEMONSTRATE NEED, ALL REQUIRED DOCUMENTS ARE COMPLETED BY THE PUBLISHED DEADLINE, AND SATISFACTORY ACADEMIC PROGRESS IS MAINTAINED CONSISTENT WITH CHESTNUT HILL COLLEGE POLICY. RENEWAL OF AID ALSO IS DEPENDENT ON AVAILABILITY OF FUNDS. X X 0 0 0 0 0 0 0 0 0 CHRISTOPHER B DOUGHERTY VP ACADEMIC AFFAIRS 197582 0 0 0 0 0 8644 0 19010 0 225236 0 0 0 KEVIN HEARN VP ENROLLMENT MANAGEMENT 178836 0 0 0 0 0 7824 0 34250 0 220910 0 0 0 DAVID WOODFORD VP FINANCIAL AFFAIRS 174782 0 0 0 0 0 7647 0 12233 0 194662 0 0 0 CHRISTINA ABBOTT LEGAL COUNSEL & CHIEF OF STAFF 171683 0 0 0 0 0 7511 0 12275 0 191469 0 0 0 JOSEPH BUCCI PROFESSOR OF BUSINESS 154739 0 0 0 0 0 6770 0 12030 0 173539 0 0 0 LYNN ORTALE VP-STUDENT LIFE 132757 0 0 0 0 0 5808 0 34036 0 172601 0 0 0 A PHILA AUTHORITY - INDUSTRIAL DEVELOPMENT 232237287 2014-07-30 27238000 REVENUE BOND, SERIES OF 2014 - SEE BELOW FOR DETAILS 0 0 0 A 4584000 27238000 494894 26743106 2014 1 0 1 1 A 0 1 1 1 0 0.00010 0.00000 0.00010 0 0 1 A 0 0 1 0 0 0 0 0 1 A 1 SCHEDULE K SUPPLENTAL INFORMATION THE REVENUE BOND, SERIES OF 2014 WAS ISSUED ON BEHALF OF CHESTNUT HILL COLLEGE (THE "COLLEGE") FOR THE FOLLOWING PURPOSES: (I) THE CURRENT REFUNDING OF THE OUTSTANDING PRINCIPAL AMOUNT OF THE CHELTENHAM TOWNSHIP INDUSTRIAL DEVELOPMENT AUTHORITY'S CONSTRUCTION LINE OF CREDIT/PERMANENT MORTGAGE NOTE SERIES 2005 A 1 DATED SEPTEMBER 19, 2005 (THE "CTIDA NOTE"), (II) THE CURRENT REFUNDING OF THE OUTSTANDING PRINCIPAL AMOUNT OF PAID'S TAX-EXEMPT ADJUSTABLE MODE EDUCATIONAL FACILITIES REVENUE BONDS SERIES A OF 2007 (THE "SERIES 2007A BONDS"), AND PAID'S TAX-EXEMPT ADJUSTABLE MODE EDUCATIONAL FACILITIES REVENUE BONDS SERIES B OF 2007 (THE "SERIES 2007B BONDS"), (III) THE CURRENT REFUNDING OF THE OUTSTANDING PRINCIPAL AMOUNT OF A CONSTRUCTION LOAN PROVIDED TO THE COLLEGE BY WELLS FARGO BANK, NATIONAL ASSOCIATION (THE "2009 CONSTRUCTION LOAN"), (IV) THE PAYMENT OF THE COSTS OF TERMINATING AN INTEREST RATE MANAGEMENT AGREEMENT RELATED TO THE SERIES 2007A BONDS (THE "SWAP TERMINATION"), AND (V) FINANCING CERTAIN COSTS AND EXPENSES INCURRED IN CONNECTION WITH THE ISSUANCE OF THE REVENUE BOND, SERIES OF 2014 (THE "CLOSING COSTS"). PROCEEDS OF THE DEBT/BONDS TO BE REFUNDED WERE USED BY THE COLLEGE TO FINANCE OR REFINANCE VARIOUS CAPITAL IMPROVEMENTS ON THE COLLEGE'S CAMPUS. X 7 644707 NYSE 0 0 0 0 PART I, COLUMN (B): THE NUMBER IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE ORGANIZATION ARE THE GENERAL COUNCIL OF THE CONGREGATION OF THE SISTERS OF SAINT JOSEPH. THEY HAVE THE SAME VOTING RIGHTS AS THE OTHER BOARD DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE GENERAL COUNCIL OF THE CONGREGATION OF THE SISTERS OF SAINT JOSEPH RESERVE THE RIGHT TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS MAY INITIATE AND IMPLEMENT ANY PROPOSAL WITH RESPECT TO ANY OF THE FOLLOWING, AND, IF ANY PROPOSAL WITH RESPECT TO ANY OF THE FOLLOWING IS OTHERWISE INITIATED, IT SHALL NOT BECOME EFFECTIVE UNLESS APPROVED BY THE MEMBERS: (A) TO ADOPT OR CHANGE THE MISSION, PURPOSE, PHILOSOPHY OR OBJECTIVES OF THE CORPORATION OR TO CHANGE THE GENERAL STRUCTURE OF THE OPERATION OF THE CORPORATION AS A VOLUNTARY NON-PROFIT CORPORATION FOR EDUCATION; (B) TO AMEND THE CORPORATION'S CHARTER, CERTIFICATE OR ARTICLES OF INCORPORATION, OR BYLAWS; (C) TO DISSOLVE, DIVIDE, CONVERT, LIQUIDATE OR WIND UP THE CORPORATION, OR CONSOLIDATE OR MERGE THE CORPORATION WITH ANOTHER CORPORATION OR ENTITY; (D) TO SELL ALL OR SUBSTANTIALLY ALL THE ASSETS OF THE CORPORATION; (E) TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS OF THE CORPORATION; (F) TO APPROVE PRINCIPAL OFFICERS OF THE CORPORATION; AND (G) TO EFFECT ANY TRANSFER OR ENCUMBRANCE OF CORPORATE PROPERTY WHICH REQUIRES APPROVAL PURSUANT TO CANON LAW. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 AND ALL ACCOMPANYING SCHEDULES ARE PREPARED AND REVIEWED BY THE COLLEGE'S EXTERNAL AUDIT FIRM. AFTER THE INITIAL REVIEW BY MANAGEMENT, THE FORM 990 IS THEN DISTRIBUTED TO THE AUDIT COMMITTEE MEMBERS FOR THEIR REVIEW AND APPROVAL. THE FULL BOARD OF DIRECTORS RECEIVES THE RETURN PRIOR TO THE RETURN BEING FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS A SUBSTANTIVE WRITTEN CONFLICT OF INTEREST POLICY THAT COVERS BOARD MEMBERS AND ANY OTHER INDIVIDUAL CONSIDERED AN INTERESTED PERSON. BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES SIGN AN ANNUAL CONFLICT OF INTEREST STATEMENT WHICH INCLUDES COMPREHENSIVE QUESTIONS ON FAMILY AND BUSINESS RELATIONSHIPS. ALL STATEMENTS ARE REVIEWED BY THE BOARD SECRETARY. ANY POTENTIAL OR ACTUAL CONFLICT IS FULLY DISCLOSED BY THE SECRETARY TO THE MEMBERSHIP COMMITTEE, WHO WILL DETERMINE WHETHER OR NOT THE TRANSACTION IS IN THE BEST INTEREST OF THE ORGANIZATION. THE INTERESTED PARTY IS EXCLUDED FROM ALL DISCUSSIONS AND DECISIONS RELATED TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING THE COMPENSATION FOR THE COLLEGE PRESIDENT AND THE OFFICERS IS DOCUMENTED IN THE COLLEGE'S "PROCESS FOR DETERMINING COMPENSATION" POLICY. THE PRESIDENT OF THE COLLEGE, A SISTER OF ST. JOSEPH, RECEIVES NO DIRECT COMPENSATION. A PORTION OF THE PRESIDENT'S SALARY IS REMITTED TO THE CONGREGATION OF THE SISTERS OF SAINT JOSEPH OF PHILADELPHIA. THE BOARD OF DIRECTORS APPROVES THE FISCAL YEAR BUDGET WHICH CONTAINS THE TOTAL COMPENSATION AMOUNT FOR THE YEAR. THE PRESIDENT AND SENIOR VICE PRESIDENT FOR FINANCIAL AFFAIRS DETERMINE THE SALARIES OF OFFICERS AND OTHER COLLEGE EMPLOYEES BASED ON THE BUDGET AND MARKET DATA FROM COMPARABLE INSTITUTIONS. THE ORGANIZATION USES CUPA SALARY DATA TO VERIFY ANY COMPENSATION DECISIONS ARE WITHIN FAIR MARKET RANGE FOR THE INDUSTRY. THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS PERIODICALLY REVIEWS THE COLLEGE PRESIDENT'S SALARY AND DOCUMENTS ITS REVIEW IN COMMITTEE MINUTES. SPECIFIC DISCUSSIONS ON COMPENSATION ARE NOT RECORDED IN BOARD MINUTES, HOWEVER, COMPENSATION IS A COMPONENT OF THE BUDGET WHICH IS FULLY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AT THE COLLEGE'S ACCOUNTING OFFICE. FORM 990, PART XI, LINE 9: CHANGE IN LIFE INSURANCE CSV 15,098. CONGREGATION OF THE SISTERS OF ST JOSEPH 9701 GERMANTOWN AVENUE PHILADELPHIA PA 19118 LOCAL COMMUNITIES ENGAGE IN TEACHING, HUMAN SVC AND CHARITABLE PURSUITS PA 501(C)(3) LINE 1 N/A 0 0 0 1 0 0 0 0 0 0 0 1 0 0 1 0 1 1 0 0 FORM 990, SCHEDULE R, PART V: THE COLLEGE LEASES ITS MAIN CAMPUS PROPERTY FROM THE CONVENT OF THE SISTERS OF SAINT JOSEPH, PHILADELPHIA, A PENNSYLVANIA NON-PROFIT CORPORATION. THE LEASE IS DATED JULY 28, 2014 AND IS FOR A TERM OF 25 YEARS EXPIRING JULY 30, 2039. THE RENT FOR THE ENTIRE TERM WAS $10.00. THE CONVENT AND COLLEGE'S MAIN CAMPUS ARE LOCATED ON THE SAME PROPERTY. THE TWO ENTITIES SHARE COSTS RELATED TO PHYSICAL PLANT MAINTENANCE, UTILITIES, PROPERTY INSURANCE AND OTHER PROPERTY COSTS AS NECESSARY. COSTS ARE ALLOCATED BASED ON USAGE.