2021-04-09T19:50:20-05:00 2020-05-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2019-06-01 420707124 BRIAR CLIFF UNIVERSITY BRIA 7122795504 3303 REBECCA STREET SIOUX CITY IA 51104 TIMM FUNK VICE PRESIDENT FOR FINANCE 7122795504 2021-04-05 1 LAWRENCE H MOHR CPA P00447603 6128764500 2021-04-05 2019 2022-09-23 18:48:47Z RACHELLE KARSTENS 3303 REBECCA STREET SIOUX CITY IA 51104 37554576 0 X WWW.BRIARCLIFF.EDU X 1963 IA POST-SECONDARY EDUCATION 17 16 603 25 0 0 5844529 6164814 31054807 29495931 470360 698183 84735 14773 37454431 36373701 13259245 13216982 0 0 14163924 13339903 0 0 859958 11121892 10475963 38545061 37032848 -1090630 -659147 41410390 42451317 15682495 16782474 25727895 25668843 X BRIAR CLIFF UNIVERSITY IS A COMMUNITY COMMITTED TO HIGHER EDUCATION WITHIN A LIBERAL ARTS AND CATHOLIC PERSPECTIVE. IN THE FRANCISCAN TRADITION OF SERVICE, CARING AND OPENNESS TO ALL, BRIAR CLIFF EMPHASIZES QUALITY EDUCATION FOR ITS STUDENTS, COMBINING A BROAD INTELLECTUAL BACKGROUND WITH CAREER DEVELOPMENT. THE UNIVERSITY CHALLENGES IT MEMBERS TO GROW IN SELF-AWARENESS AND IN THEIR RELATIONSHIPS TO OTHER AND TO GOD. 0 0 28587425 13216982 25324645 BRIAR CLIFF UNIVERSITY IS ACCREDITED AS A DEGREE-GRANTING INSTITUTION BY THE HIGHER LEARNING COMMISSION AND IS A MEMBER OF THE NORTH CENTRAL ASSOCIATION OF COLLEGES AND SCHOOLS. SINCE 1945, THE HIGHER LEARNING COMMISSION HAS GRANTED BRIAR CLIFF UNIVERSITY FULL ACCREDITATION. AS A FOUR YEAR LIBERAL ARTS INSTITUTION, BRIAR CLIFF UNIVERSITY OFFERS DOCTORATE, MASTERS AND BACCALAUREATE PROGRAMS IN 44 FIELDS OF STUDY, RESULTING IN OVER 25,000 CREDIT HOURS OF POST-SECONDARY EDUCATION. THE UNIVERSITY CURRENTLY SERVES A POPULATION OF OVER 1,200 STUDENTS FROM 42 STATES, ARMED FORCES POST OFFICE, PUERTO RICO, AND 14 FOREIGN COUNTRIES. 2561816 4123833 BRIAR CLIFF UNIVERSITY AUXILIARY SERVICES ARE COMPRISED OF RESIDENCE AND DINING HALLS, AND BOOKSTORE. DURING THE FISCAL YEAR ENDED MAY 31, 2020, RESIDENCE HALL OCCUPATION WAS APPROXIMATELY 432 STUDENTS. 31149241 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1622 0 603 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 X 17 16 0 1 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X TIMM FUNK 7122795504 3303 REBECCA STREET SIOUX CITY IA 51104 RACHELLE KARSTENS PRESIDENT, BOARD SECRETARY 40.00 0.00 X X 265688 0 46598 MARK ROSSI PROFESSOR, BUSINESS ADMINISTRATION 40.00 0.00 X 124591 0 24268 PATRICK CROSS PROGRAM DIRECTOR, DPT 40.00 0.00 X 131982 0 13155 PATRICK HAUER PROF. & ASST PROG DIRECTOR, DPT 40.00 0.00 X 102599 0 21572 LOUISE PASKEY OUTGOING VP - STUDENT DEVELOPMENT 40.00 0.00 X 98392 0 20517 TODD KNEALING VP FOR ACADEMIC AFFAIRS 40.00 0.00 X 96342 0 16194 DR DAISY HALVORSON OUTGOING VP ADMIN/FINANCE 40.00 0.00 X 97573 0 11448 TINA STROUD VP FOR UNIVERSITY RELATIONS 40.00 0.00 X 99022 0 6131 MATT THOMSEN VP FOR ENROLLMENT MANAGEMENT 40.00 0.00 X 77307 0 19855 SR PAT DOODY VP FOR MISSION AND LEADERSHIP 40.00 0.00 X 38379 0 8332 DR HAMID SHIRVANI FORMER PRESIDENT, BOARD SECRETARY 0.00 0.00 X 21442 0 2687 STEVEN FREEMAN BOARD CHAIRPERSON 1.00 0.00 X X 0 0 0 BAILEY AALFS BOARD MEMBER 0.50 0.00 X 0 0 0 KEN BEAULIEU BOARD MEMBER 0.50 0.00 X 0 0 0 GAIL BERNSTEIN BOARD MEMBER 0.05 0.00 X 0 0 0 RON BOND BOARD MEMBER 0.50 0.00 X 0 0 0 SR MARIE CIGRAND BOARD MEMBER 0.50 0.00 X 0 0 0 ANETTE HAMILTON BOARD MEMBER 0.50 0.00 X 0 0 0 SR RENAE HOHENSEE BOARD MEMBER 0.50 0.00 X 0 0 0 SR CATHY KATOSKI BOARD MEMBER 0.50 0.00 X 0 0 0 BISHOP R WALKER NICKLESS BOARD MEMBER 0.50 0.00 X 0 0 0 NICK ROTH BOARD MEMBER 0.50 0.00 X 0 0 0 MARK SCHUETT BOARD MEMBER 0.50 0.00 X 0 0 0 DAVID SIMMONS BOARD MEMBER 0.50 0.00 X 0 0 0 SR MARGE STAUDT BOARD MEMBER 0.50 0.00 X 0 0 0 MARY STERK BOARD MEMBER 0.50 0.00 X 0 0 0 DR PATRICK WALSH BOARD VICE CHAIRPERSON 0.50 0.00 X X 0 0 0 TIMM FUNK VP ADMIN & FINANCE, BOARD TREASURER 40.00 0.00 X 0 0 0 1153317 0 190757 4 1 1 0 ARAMARK SERVICES 3303 REBECCA STREET SIOUX CITY IA 51104 FOOD SERVICE 1540886 NATIONAL MANAGEMENT RESOURCES PO BOX 1224 LAGRANGE GA 30241 FACILITIES MANAGEMENT 955142 ELECTRIC INNOVATIONS 2300 7TH STREET SIOUX CITY IA 51105 IT/NETWORK MANAGEMENT/CONSULTING 423347 ELLUCIAN INC 62578 COLLECTIONS CENTER DR CHICAGO IL 60693 HIGHER EDUCATION SOFTWARE AND SERVICES 363147 BSN SPORTS INC PO BOX 660176 DALLAS TX 75266 SPORTS APPAREL 164821 8 44887 2553244 3566683 111165 6164814 STUDENT TUITION AND FEES 611310 25778755 25778755 AUXILIARY ENTERPRISES 611310 3717176 3717176 29495931 389854 389854 1432 48560 -47128 -47128 -47128 924604 616275 308329 308329 308329 8563 44887 14477 -5914 -5914 454110 501563 -47453 -47453 OTHER INCOME 611310 115268 115268 115268 36373701 29448478 0 760409 13216982 13216982 755766 272041 384703 99022 9603455 8945014 439431 219010 291921 271906 13358 6657 1957976 1823732 89592 44652 730785 680680 33439 16666 31685 31685 76409 76409 77401 77401 3606809 1987136 1552311 67362 410646 369581 41065 537721 480512 34582 22627 334024 300622 33402 865689 520541 345148 661557 593390 65715 2452 89984 89984 486547 291928 194619 1372571 823543 549028 295425 177255 118170 BAD DEBT EXPENSE 615218 615218 EQUIP RENTAL/MAINT 256665 244773 7505 4387 FUNDRAISING & SPECIAL E 251391 251391 MEMBERSHIPS & DUES 136456 59621 74851 1984 369765 246017 123748 37032848 31149241 5023649 859958 10700 10700 1058969 2727107 869909 2126652 1104517 665911 228976 224714 152390 187871 48766108 29306644 20664084 19459464 15170250 14891419 186308 533022 1964287 1624457 41410390 42451317 2741788 1634224 198286 548952 10559547 10292400 2182874 4306898 15682495 16782474 X 11367769 9362805 14360126 16306038 25727895 25668843 41410390 42451317 X -659147 632274 -32179 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 1 0 1 3694 1 0 0 3694 0 PART II-B, LINE 1: ON A LIMITED NUMBER OF OCCASIONS, THE PRESIDENT OF THE UNIVERSITY MAY CALL LEGISLATORS OR THEIR STAFF TO DISCUSS MATTERS OF INTEREST TO THE UNIVERSITY, OR MAY VISIT THEM FOR A BRIEF MEETING AS AN INCIDENTAL PART OF A BUSINESS TRIP. STUDENTS ARE ENCOURAGED TO WRITE LETTERS TO LEGISLATORS WITH CONCERNS REGARDING FINANCIAL AID AND HIGHER EDUCATION. THE UNIVERSITY'S LOBBYING EXPENSES ARE PART OF YEARLY DUES PAID TO THE IOWA ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES. 16276558 292602 1150982 616275 17921 17085946 14199125 2479816 283955 615029 71309 16276558 13015759 444376 1374248 576093 59165 14199125 12066605 365198 1236155 562017 90182 13015759 12568754 448641 -287943 601204 61643 12066605 0.29420 0.70580 0 0 895000 93975 988975 36807678 19490004 17317674 8915548 8294204 621344 2053907 1522436 531471 19459464 GOVERNMENT GRANTS REFUNDABLE 1896498 PAYCHECK PROTECTION PROGRAM LOAN 2410400 4306898 X 24670660 632274 564600 1196874 23473786 77401 12822514 12899915 36373701 24729712 564600 564600 24165112 77401 12790335 12867736 37032848 PART V, LINE 4: BRIAR CLIFF UNIVERSITY USES ITS ENDOWMENT FUNDS TO PROVIDE GRANTS AND SCHOLARSHIPS, AS WELL AS FUNDS FOR PROGRAM RELATED ACTIVITIES. PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THE UNIVERSITY IS NOT SUBJECT TO FEDERAL INCOME TAXES EXCEPT TO THE EXTENT IT DERIVES INCOME FROM CERTAIN ACTIVITIES NOT SUBSTANTIALLY RELATED TO ITS TAX-EXEMPT PURPOSES (UNRELATED TRADE OR BUSINESS ACTIVITIES). THE UNIVERSITY IS ALSO EXEMPT FROM STATE INCOME TAXES. AT MAY 31, 2020 AND 2019, THE UNIVERSITY HAD NO CURRENT OBLIGATION FOR UNRELATED BUSINESS INCOME TAX. THE UNIVERSITY FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE UNIVERSITY FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2020 AND 2019. THE UNIVERSITY'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EVENT EXPENSES 14,477. COST OF GOODS SOLD 501,563. DIRECT RENTAL EXPENSES 48,560. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 12,790,335. LOAN LOSS AND CANCELLATIONS 32,179. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EVENT EXPENSES 14,477. COST OF GOODS SOLD 501,563. DIRECT RENTAL EXPENSES 48,560. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 12,790,335. 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 UNIVERSITY'S RACIALLY NONDISCRIMINATORY POLICY IS PRINTED IN ALL STUDENT HANDBOOKS, UNIVERSITY CATALOGS, AND IS AVAILABLE ON THE UNIVERSITY WEBSITE. THE RACIALLY NONDISCRIMINATORY POLICY IS AVAILABLE TO ALL UNIVERSITY COMMUNITY MEMBERS AND PROSPECTIVE STUDENTS. SCHEDULE E, PART I, LINE 6 BRIAR CLIFF UNIVERSITY RECEIVED STUDENT FINANCIAL AID FROM BOTH FEDERAL AND STATE GOVERNMENTAL AGENCIES. BRIAR CLIFF UNIVERSITY ALSO RECEIVED TRIO GRANT MONEY FROM THE FEDERAL GOVERNMENT. CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES MISSION TRIP 13655 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES PLAYER DEVELOPMENT CAMP W/SHOUTHHAMPTON FOOTBALL CLUB 53257 SOUTH AMERICA 0 0 PROGRAM SERVICES ENVIRONMENTAL STUDY OF ANIMALS NATIVE TO THE AREA 255 0 0 0 0 0 0 67167 0 67167 0 0 0 0 0 0 PART III ACCOUNTING METHOD: BCU GOLF CLASSIC 40610 33850 6760 2711 9309 675 LUNCH W/THE CHARGERS 12840 11037 1803 1710 72 53450 44887 8563 2711 9309 1710 747 14477 -5914 1 BRIAR CLIFF ASSISTANCE 403 721084 ACADEMIC EXCELLENCE 582 5484940 CONTINUING EDUCATION AWARDS 198 1289478 BRIAR CLIFF DEPT. SCHOLARSHIPS 26 101205 MINORITY AWARDS 40 182825 BRIAR CLIFF GRANTS 459 846168 ATHLETIC SCHOLARSHIPS 515 3952506 OFF CAMPUS EMPLOYMENT 3 845 STUDENT SUPPORT SERVICE SCHOLARSHIPS 24 30000 CARES ACT STUDENT FINANCIAL ASSISTANCE 569 426647 PART I, LINE 2: THE VICE PRESIDENT FOR FINANCE COLLECTS GRANT AWARD LETTERS AND INSTRUCTIONS FROM THE GRANTING AGENCIES OF THE BRIAR CLIFF UNIVERSITY (BCU) GRANT MANAGERS. THE VICE PRESIDENT FOR FINANCE KEEPS A FISCAL FILE FOR EACH GRANT, INCLUDING AWARD LETTERS, INSTRUCTIONS, ANNUAL ACCOUNTING RECORDS, AND FINANCIAL REPORTS SUBMITTED TO THE GRANTORS. EITHER THE VICE PRESIDENT FOR FINANCE OR THE GRANT MANAGER SUBMITS REPORTS TO AGENCIES, DEPENDING ON THE GRANT. THE VICE PRESIDENT FOR FINANCE CREATES A BUDGET FOR EACH GRANT IN THE GRANTS FUND, BASED ON AWARD LETTERS AND INPUT FROM THE BCU GRANT MANAGERS. IF THE GRANT ALLOWS, GRANT MANAGERS MAY REQUEST BUDGET TRANSFERS WITHIN THEIR GRANT, WHICH THE VICE PRESIDENT FOR FINANCE OR THE ASSISTANT VICE PRESIDENT FOR FINANCE ENTER IN DATATEL. THE GRANT MANAGER SIGNS OFF ON EXPENDITURES FOR THE GRANT. THE VICE PRESIDENT FOR FINANCE REVIEWS ALL GRANT EXPENDITURES MONTHLY, WITH MORE IN-DEPTH REVIEW AS NEEDED FOR REPORTING TO GRANTORS. THE VICE PRESIDENT FOR FINANCE RECONCILES GRANT EXPENDITURES ANNUALLY FISCAL YEAR AND THE GRANT FISCAL YEAR, IF DIFFERENT FINANCIAL AID GRANTS ARE APPROVED AND REPORTED BY THE FINANCIAL AID DEPARTMENT. CHECKS FOR GRANT REVENUES ARE RECEIVED IN THE BUSINESS OFFICE: SOME AGENCIES MAIL THEM TO THE GRANT MANAGERS, WHO THEN TURN THEM IN TO THE BUSINESS OFFICE FOR DEPOSIT. SOME AGENCIES PAY BCU THROUGH DIRECT DEPOSIT INTO BCU CHECKING ACCOUNTS. THE VICE PRESIDENT FOR FINANCE DRAWS DOWN FEDERAL GRANT FUNDS ELECTRONICALLY THROUGH THE ONLINE G5 SYSTEM: DRAWDOWNS ARE USUALLY DONE MONTHLY. X X 1 1 X X X 1 0 0 0 0 0 0 0 0 RACHELLE KARSTENS PRESIDENT, BOARD SECRETARY 265688 0 0 0 0 0 12210 0 34388 0 312286 0 0 0 DR HAMID SHIRVANI FORMER PRESIDENT, BOARD SECRETARY 0 0 0 0 21442 0 987 0 1700 0 24129 0 0 0 PART I, LINE 1A THE PRESIDENT RECEIVED A HOUSING ALLOWANCE AND COUNTRY CLUB MEMBERSHIP. MEMBERSHIP DUES ARE TAXED AS REPORTABLE COMPENSATION. THE HOUSING ALLOWANCE IS VALUED AT $24,000 AND IS LISTED WITH NON-TAXABLE BENEFITS AT PART II, COLUMN (D). PART I, LINE 4A DR. HAMID SHIRVANI RECEIVED $21,442 IN SEVERANCE PAY. X 500 THRIFT SHOP VALUE X 15000 THRIFT SHOP VALUE X 3 92327 TRADE VALUE X FUNDRAISING PRIZES 21 3337 FAIR MARKET VALUE 0 0 0 1 PART I, COLUMN (B): THE NUMBER IN PART I, COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTIONS. PART I, LINE 32B: BRIAR CLIFF UNIVERSITY USES A THIRD PARTY TO PROCESS AND SELL ANY SECURITIES RECEIVED AS CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 1 THERE WILL BE AN EXECUTIVE COMMITTEE, WHICH SHALL BE MADE UP OF SEVEN MEMBERS OF THE BOARD OF TRUSTEES. THESE MEMBERS SHALL INCLUDE THE CHAIRPERSON OF THE BOARD OF TRUSTEES, THE VICE CHAIRPERSON OF THE BOARD OF TRUSTEES, THE BISHOP OF THE DIOCESE OF SIOUX CITY, THE PRESIDENT, AND THE CHAIRS OF THE FINANCE COMMITTEE, THE STUDENT DEVELOPMENT ADVISORY BOARD AND THE INSTITUTIONAL ADVANCEMENT COMMITTEE. FOUR OF THE SEVEN MEMBERS OF THE EXECUTIVE COMMITTEE SHALL BE PRESENT IN ORDER TO CONDUCT BUSINESS OF THE CORPORATION. AN EXECUTIVE COMMITTEE MEETING MAY BE CALLED ANY TIME BY THE PRESIDENT OR CHAIRPERSON OF THE BOARD. THE ACTION OR RECOMMENDATION OF THE EXECUTIVE COMMITTEE WOULD BE TAKEN TO THE FULL BOARD OF TRUSTEES AT A REGULAR OR SPECIAL BOARD OF TRUSTEES MEETING. THE EXECUTIVE COMMITTEE HAS THE POWER TO ACT FOR THE CORPORATION IN ALL RESPECTS IN EMERGENCY SITUATIONS. THE EXECUTIVE COMMITTEE SHALL ALSO BE RESPONSIBLE FOR OVERSEEING THE AUDIT FUNCTIONS ON BEHALF OF THE CORPORATION, INCLUDING, BUT NOT LIMITED TO THE APPOINTMENT, REMOVAL, COMPENSATION AND OVERSIGHT OF THE WORK OF THE INDEPENDENT AUDITOR; HOWEVER, THE PRESIDENT SHALL NOT BE ALLOWED A VOTE ON ANY MATTERS RELATING TO THIS FUNCTION. IN MEETING ITS OBLIGATIONS HEREIN, THE EXECUTIVE COMMITTEE WILL SELECT THE EXTERNAL AUDITOR WHEN THE INSTITUTION PERIODICALLY CONDUCTS THE REVIEW PROCESS. THE EXECUTIVE COMMITTEE WILL ALSO PRE-APPROVE NON-AUDIT SERVICES PERFORMED BY THE EXTERNAL AUDITOR. FORM 990, PART VI, SECTION A, LINE 3 TIMM FUNK IS CONTRACTED THROUGH CFONEXT, AN INDEPENDENT COMPANY, TO PROVIDE CHIEF FINANCIAL OFFICER SERVICES TO BRIAR CLIFF UNIVERSITY. DURING THE TAX YEAR, CFONEXT WAS PAID $62,000. FORM 990, PART VI, SECTION A, LINE 7A THE NUMBER OF TRUSTEES OF THE CORPORATION SHALL NOT BE FEWER THAN FIVE (5) NOR MORE THAN THIRTY (30). AT EACH ANNUAL MEETING OF THE TRUSTEES, THE TOTAL NUMBER OF TRUSTEES FOR THE SUCCEEDING YEAR SHALL BE SET AND THE TRUSTEES SHALL ELECT NEW TRUSTEES BY MAJORITY VOTE TO HOLD OFFICE UNTIL THE NEXT SUCCEEDING ANNUAL MEETING AND EACH TRUSTEE EXCEPT THOSE LISTED BELOW SHALL HOLD OFFICE FOR A TERM OF THREE YEARS AND MAY SUCCEED HIMSELF OR HERSELF FOR TWO TERMS ONLY. THE FOLLOWING REPRESENTATIVES SHALL AT ALL TIMES BE MEMBERS OF THE BOARD OF TRUSTEES: (1) THE PRESIDENT OF THE SISTERS OF ST. FRANCIS OF DUBUQUE, IOWA OR HER DESIGNEE. THE PRESIDENT OR HER DESIGNEE SHALL ALSO SERVE AS CHAIRPERSON OF THE BOARD OF TRUSTEES. (2) THREE ADDITIONAL SISTERS TO BE SELECTED BY THE PRESIDENT OF THE SISTERS OF ST. FRANCIS OF DUBUQUE, IOWA. (3) THE BISHOP OF THE CATHOLIC DIOCESE OF SIOUX CITY, SIOUX CITY, IOWA OR HIS DESIGNEE. (4) THE PRESIDENT OF BRIAR CLIFF UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT FIRM OF BAKER TILLY PREPARES THE FORM 990 WITH DATA FROM THE ANNUAL AUDIT AND OTHER DATA PROVIDED BY THE ASSISTANT VICE PRESIDENT FOR FINANCE. THE VICE PRESIDENT FOR FINANCE AND THE PRESIDENT THEN REVIEW THE FORM 990. AFTER THE VICE PRESIDENT FOR FINANCE AND PRESIDENT'S REVIEW, THE FORM 990 IS DISTRIBUTED TO THE BOARD OF TRUSTEES FOR THEIR REVIEW, QUESTIONS AND COMMENTS. AT THE END OF THIS PROCESS, THE FORM 990 IS ELECTRONICALLY SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BRIAR CLIFF UNIVERSITY HAS EACH MEMBER OF THE BOARD OF TRUSTEES COMPLETE AND SIGN A CONFLICT OF INTEREST STATEMENT ON AN ANNUAL BASIS. ADDITIONALLY, BRIAR CLIFF UNIVERSITY PERSONNEL WHO CONTACT VENDORS AE MADE AWARE OF BOARD RELATIONSHIPS AND PROCEED ACCORDINGLY. A TRUSTEE HAVING A CONFLICT OF INTEREST IN A MATTER BEFORE THE BOARD IS PRECLUDED FROM PARTICIPATING IN DISCUSSION OR ACTION ON THE MATTER, AND MUST EXCUSE THEMSELVES FROM THE MEETING FOR THAT AGENDA ITEM. REMAINING MEMBERS WILL DETERMINE IF THERE IS AN ACTUAL CONFLICT OF INTEREST. ACTIONS RESULTING FROM CONFLICTS OF INTEREST ARE DOCUMENTED AND RECORDED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 15 BRIAR CLIFF UNIVERSITY (BCU) HAS AN AUDIT COMMITTEE AS PART OF THE BOARD OF TRUSTEES THAT REVIEWS AND DISCUSSES THE SALARIES FOR THE PRESIDENT AND VICE PRESIDENTS. COMPARISONS ARE MADE TO OTHER IOWA ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES INSTITUTIONS TO SEE IF BCU OFFICERS ARE COMPENSATED APPROPRIATELY. SALARY RECOMMENDATIONS ARE ALSO MADE BASED ON THESE COMPARISONS. THE COMPENSATION COMMITTEE MET IN OCTOBER 2019 IN A MINUTED MEETING TO REVIEW AND DISCUSS THE SALARY AND OTHER COMPENSATORY MATTERS FOR THE PRESIDENT AND VICE PRESIDENTS. FORM 990, PART VI, SECTION C, LINE 19 BRIAR CLIFF UNIVERSITY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE UNIVERSITY'S FORM 990 IS ALSO ON GUIDESTAR'S WEB SITE. FORM 990, PART XI, LINE 9: LOAN LOSS AND CANCELLATIONS -32,179.