2021-05-05T10:05:57-05:00 2020-06-30 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2019-07-01 381381271 HOPE COLLEGE HOPE 6163957810 141 E 12TH STREET HOLLAND MI 49423 THOMAS BYLSMA VICE PRESIDENT, CFO 6163957810 2021-05-04 1 LISA FORT P00223532 2695674500 2021-05-04 2019 2022-09-23 18:48:47Z THOMAS BYLSMA 141 E 12TH STREET HOLLAND MI 49423 239545726 0 X WWW.HOPE.EDU X 1866 MI THE MISSION OF HOPE COLLEGE IS TO EDUCATE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE IN A GLOBAL SOCIETY THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS OF RECOGNIZED EXCELLENCE IN THE LIBERAL ARTS AND IN THE CONTEXT OF THE HISTORIC CHRISTIAN FAITH. 28 25 3399 25 1075850 0 13256649 24734587 139521119 129596428 7398672 5907063 1321036 1313091 161497476 161551169 36813008 38242920 0 0 67140447 68946213 0 0 3804866 53896485 47773886 157849940 154963019 3647536 6588150 496373575 493947019 74132228 70872669 422241347 423074350 THE MISSION OF HOPE COLLEGE IS TO EDUCATE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE IN A GLOBAL SOCIETY THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS OF RECOGNIZED EXCELLENCE IN THE LIBERAL ARTS AND IN THE CONTEXT OF THE HISTORIC CHRISTIAN FAITH. 0 0 134410806 36854389 123194978 THE ORGANIZATION PROVIDED COMPREHENSIVE LITERACY & SCIENCE COURSES OF STUDY TO APPROXIMATELY 2,967 FULL TIME EQUIVALENT STUDENTS IN THE FALL OF 2019 AND 2,783 IN THE SPRING OF 2020. THE ORGANIZATION WAS ALSO INVOLVED IN ADMINISTRATIVE, AUXILLARY OPERATIONS & STUDENT SERVICES TO SUPPORT THE CAMPUS. 5064079 1388531 4641510 THE ORGANIZATION IS INVOLVED IN RESEARCH TO MAINTAIN ONE OF THE TOP CHEMISTRY & BIOLOGY DEPTS IN THE COUNTRY, UTILIZE RESEARCH AS A TEACHING TOOL IN THE CLASSROOM & TO FACILITATE LEARNING. 139474885 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 406 0 1 3399 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MI X THOMAS BYLSMA 6163957810 141 E 12TH ST HOLLAND MI 49423 RICHARD J PUCKETT VP FOR DEVELOPMENT 45.00 0.00 X 249222 0 72618 CADY SHORT THOMPSON PROVOST 50.00 0.00 X 247340 0 69412 THOMAS BYLSMA CFO 50.00 0.00 X 209996 0 77424 CARL E HEIDEMAN DIRECTOR OF PROCESS/INNOVA 40.00 0.00 X 141987 0 100968 WILLIAM A PANNAPACKER FACULTY 40.00 0.00 X 139905 0 94807 WILLIAM VANDERBILT VP FOR ADMISSIONS 45.00 0.00 X 190029 0 37049 RICHARD A FROST VP FOR STUDENT DEVELOPMENT 45.00 0.00 X 168167 0 36580 AARON A BEST FACULTY 40.00 0.00 X 139195 0 57094 JENNIFER FELLINGER VP FOR PUBLIC AFFAIRS/MARK 45.00 0.00 X 159236 0 33445 DAVID VANWYLEN DEAN - NATURAL SCIENCE 40.00 0.00 X 148215 0 33454 TODD P STEEN FACULTY 40.00 0.00 X 142662 0 30646 MATTHEW SCOGIN PRESIDENT 50.00 0.00 X X 137876 0 38738 DENNIS VOSKUIL INTERIM PRESIDENT-FORMER 50.00 0.00 X 132388 0 16590 SONJA TRENT-BROWN TRUSTEE/PROFESSOR 40.00 0.00 X 123000 0 29638 DR VIRGINIA BEARD TRUSTEE/PROFESSOR 40.00 0.00 X 75239 0 20014 NANCY DIRKSE DEWITT SECRETARY 1.00 0.00 X X 0 0 0 KARL DROPPERS CHAIRPERSON 1.00 0.00 X X 0 0 0 SUZANNE L SHIER VICE CHAIR 1.00 0.00 X X 0 0 0 MARK VAN GENDEREN TRUSTEE 1.00 0.00 X 0 0 0 GERALD J PILLAY TRUSTEE 1.00 0.00 X 0 0 0 DAVID PAUL TRUSTEE 1.00 0.00 X 0 0 0 DAVID W LOWRY TRUSTEE 1.00 0.00 X 0 0 0 DR NATHAN HART TRUSTEE 1.00 0.00 X 0 0 0 BRIAN GIBBS TRUSTEE 1.00 0.00 X 0 0 0 SANDRA GADDY TRUSTEE 1.00 0.00 X 0 0 0 KENNETH W ERIKS TRUSTEE 1.00 0.00 X 0 0 0 BARBARA DEPREE TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS CONANT TRUSTEE 1.00 0.00 X 0 0 0 DR STEPHEN BOERIGTER TRUSTEE 1.00 0.00 X 0 0 0 DAVID M BAST TRUSTEE 1.00 0.00 X 0 0 0 JEFFREY S ALLEN TRUSTEE 1.00 0.00 X 0 0 0 TIMOTHY VANDEBUNTE TRUSTEE 1.00 0.00 X 0 0 0 TOMMY GORDON TRUSTEE 1.00 0.00 X 0 0 0 CAROL VANANDEL TRUSTEE 1.00 0.00 X 0 0 0 JIM MCFARLIN TRUSTEE 1.00 0.00 X 0 0 0 LESLIE MONDAY TRUSTEE 1.00 0.00 X 0 0 0 MATT WIXSON TRUSTEE 1.00 0.00 X 0 0 0 TIM LONG TRUSTEE 1.00 0.00 X 0 0 0 VICTORIA BRUNN TRUSTEE 1.00 0.00 X 0 0 0 MARGARET MILLER WILLIT TRUSTEE 1.00 0.00 X 0 0 0 2404457 0 748477 77 1 1 0 CREATIVE DINING SERVICE ONE ROYAL PARK DRIVE SUITE 3 ZEELAND MI 49464 FOOD SERVICE MANAGEMENT 8306347 OWEN-AMES- KIMBALL CO 300 IONIA AVE NW GRAND RAPIDS MI 49503 CONSTRUCTION SERVICES 5585170 LAKEWOOD CONSTRUCTION COMPANY 11253 JAMES STREET HOLLAND MI 49424 CONSTRUCTION SERVICES 788308 CAMBRIDGE ASSOCIATES LLC 125 HIGH STREET BOSTON MA 02110 INVESTMENT CONSULTANT 450139 MAJESTIC PAINTING AND FINISHING LLC 4162 E PONTALUNA RD FRUITPORT MI 49415 INTERIOR AND EXTERIOR REMODELING 416455 30 6451297 18283290 2665721 24734587 TUITION & FEES 611600 102938467 102938467 AUXILIARY ENTERPRISES 611600 21652523 21652523 BOOKSTORE INCOME 611600 2308083 2308083 HAWORTH CONFERENCE CTR. 721000 1180150 1180150 OTHER PROGRAM INCOME 900099 899835 899835 617370 37580 579790 129596428 5230714 -684090 5914804 78670906 77994557 676349 676349 676349 OTHER REVENUE 900099 1313091 1313091 1313091 161551169 127836488 1075850 7904244 36659201 36659201 1583719 1583719 2124001 1952007 119525 52469 52032319 45500806 4441670 2089843 4376766 3816083 380518 180165 6818586 5934714 590385 293487 3594541 3141700 310708 142133 191781 7965 183816 103850 3500 100350 1838616 1838616 2520501 2010715 330529 179257 825332 520971 214706 89655 3705215 3328437 201664 175114 1256004 1099721 137366 18917 3297531 3136778 111713 49040 2135930 1820966 99324 215640 736420 395680 334360 6380 1371809 1225025 124560 22224 10318214 9214164 1104050 575421 338568 233966 2887 FOOD SERVICE & LAUNDRY 8638775 8485128 62797 90850 TUITION WAIVERS 2991137 2652807 212446 125884 INVENTORY PURCHASES 1653700 1522760 90995 39945 OTHER MAINTENANCE & REP 1043309 997016 32171 14122 4570341 4126454 427033 16854 154963019 139474885 11683268 3804866 29926253 25503682 10250807 13504131 8711103 9607318 644528 781174 911550 950098 347757185 137647479 208225415 210109706 85123015 92120429 152580904 141370481 496373575 493947019 8541218 9847037 408835 401456 37945000 33930000 27237175 26694176 74132228 70872669 X 210908012 216236202 211333335 206838148 422241347 423074350 496373575 493947019 X 6588150 -3769467 -1985680 X X 0 1 X 1 1 1 X 14548210 11847507 16800302 13256649 24734587 81187255 14548210 11847507 16800302 13256649 24734587 81187255 4735341 76451914 1251777 1606614 2880970 2725335 5914790 14379486 1389245 1211931 1289939 1321036 1313091 6525242 102091983 672288246 0.74890 0.80340 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER REVENUE - 2015 AMOUNT: $ 1,389,245. 2016 AMOUNT: $ 1,211,931. 2017 AMOUNT: $ 1,289,939. 2018 AMOUNT: $ 1,321,036. 2019 AMOUNT: $ 1,313,091. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 755512 X X X 0 233511844 6848611 -178786 10985431 229197138 227667474 5744708 9576844 9477182 233511844 213248455 5147917 19207578 9936476 227667474 193868484 4071931 24122917 8814877 213248455 211786418 4224831 -13749987 8392778 193868484 0.16800 0.69600 0.13600 0 0 25575990 25575990 278181635 112364194 165817441 36599938 25283285 11316653 7399622 7399622 210109706 LIMITED PARTNERSHIPS AND HEDGE FUNDS 41031932 F COMMODITIES AND REAL ASSETS 11247257 F PRIVATE EQUITY, ALTERNATIVES, AND OTHER 89091292 F 141370481 ANNUITY AND TRUST PAYABLE 5891095 ACCUMULATED POST-RETIREMENT BENEFITS 6533621 REFUNDABLE FEDERAL PERKINS LOAN ADVANCES 4771427 STUDENTS AND OTHER DEPOSITS 1779065 INTEREST RATE SWAP LIABILITY 6816161 EARLY RETIREMENT BENEFIT 902807 26694176 115714487 -3769467 -1985680 -5755147 121469634 1838615 38242920 40081535 161551169 114880449 0 114880449 1838615 38243955 40082570 154963019 PART III, LINE 4: HOPE COLLEGE, THROUGH THE CONSTRUCTION (2004-05) OF THE MARTHA MILLER CENTER FOR INTERNATIONAL COMMUNICATIONS, HAS PURCHASED $79,000 IN PIECES OF ART THAT ARE ON PERMANENT DISPLAY IN THIS BUILDING. IN FALL OF 2015, HOPE COLLEGE OPENED THE KRUIZENGA ART MUSEUM. STRATEGIC PIECES OF ART WERE PURCHASED TO PUT ON DISPLAY IN THE ART GALLERY WHICH WILL ASSIST THE COLLEGE'S ART, HISTORY, AND CULTURAL HERITAGE CURRICULUM. PART V, LINE 4: THE ENDOWMENT FUND OF HOPE COLLEGE IS USED TO SUPPORT THE ONGOING MISSION OF THE COLLEGE BY PROVIDING ANNUAL RESOURCES THAT ASSIST WITH SCHOLARSHIP, FACULTY DEVELOPMENT, ACADEMIC SUPPORT, RESEARCH, STUDENT SERVICES, FACILITY MAINTENANCE, AND OTHER PROGRAM SUPPORT. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -604,118. CHANGE IN VALUE OF SWAP AGREEMENTS -2,270,562. CHANGE IN VALUE OF POSTRETIREMENT LIABILITY 889,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS & FELLOWSHIPS 38,242,920. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS & FELLOWSHIPS 38,242,920. ROUNDING ADJUSTMENT 1,035. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY STATEMENT IS INCLUDED ON VARIOUS PUBLICITY & POLICY STATEMENTS, INCLUDING OUR WEBSITE & MEDIA ADS, AS WELL AS OUR CATALOG & STUDENT HANDBOOK, WHICH IS AVAILABLE UPON REQUEST. SCHEDULE E, PART I, LINE 6 HOPE COLLEGE RECEIVES GRANTS AND FINANCIAL AID FROM VARIOUS FEDERAL AND STATE AGENCIES THAT ARE USED IN THE FURTHERANCE OF THE COLLEGE'S EXEMPT PURPOSE OF PROVIDING QUALITY EDUCATION. LINE 6: ON MARCH 11, 2020, THE WORLD HEALTH ORGANIZATION DECLARED THE OUTBREAK OF A RESPIRATORY DISEASE CAUSED BY A NEW CORONAVIRUS A PANDEMIC, NOW KNOWN AS COVID-19. IN RESPONSE TO THE COVID-19 PANDEMIC, GOVERNMENTS HAVE TAKEN PREVENTIVE OR PROTECTIVE ACTIONS, SUCH AS TEMPORARY CLOSURES OF NONESSENTIAL BUSINESSES AND SHELTER-AT-HOME GUIDELINES FOR INDIVIDUALS. AS A RESULT, THE GLOBAL ECONOMY HAS BEEN NEGATIVELY AFFECTED, AND THE COLLEGE'S OPERATIONS WERE ALSO IMPACTED. DUE TO THE SHELTER-AT-HOME GUIDELINES DURING APRIL 2020, THE COLLEGE SHIFTED TO A REMOTE ONLINE LEARNING ENVIRONMENT AND SENT STUDENTS HOME. THE COLLEGE ISSUED ROOM AND BOARD REFUNDS TO STUDENTS, DELAYED TUITION RATE INCREASES, AND POSTPONED EVENTS UNTIL THE SHELTER-AT-HOME GUIDELINES WERE REDUCED OR REMOVED, WHICH RESULTED IN LOST REVENUE FOR THE COLLEGE FOR THE YEAR ENDED JUNE 30, 2020. TO OFFSET THE FINANCIAL IMPACT TO STUDENTS AND THE LOSSES INCURRED BY THE COLLEGE DUE TO THE DISRUPTION CAUSED BY COVID-19, THE COLLEGE RECEIVED GRANTS AND OTHER RELIEF PRIMARILY FROM THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT. THE COLLEGE WAS ALLOCATED HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF) GRANTS TOTALING $2,163,878 OF WHICH 50 PERCENT WAS REQUIRED TO BE GIVEN DIRECTLY TO STUDENTS. FOR THE YEAR ENDED JUNE 30, 2020, THE COLLEGE RECOGNIZED HEERF GRANT REVENUE TOTALING $2,009,449. 1 EUROPE (INCLUDING ICELAND & GREENLAND) DIRECT FOREIGN INVESTMENT N/A 12781325 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, DIRECT FOREIGN INVESTMENT N/A 66693273 MIDDLE EAST AND NORTH AFRICA PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 582 EUROPE (INCLUDING ICELAND & GREENLAND) PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT, RESEARCH 47352 EAST ASIA AND THE PACIFIC PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 110317 CENTRAL AMERICA AND THE CARIBBEAN PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 1100 SUB-SAHARAN AFRICA PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 6718 NORTH AMERICA PROGRAM SERVICES OFF CAMPUS STUDENT ENRICHMENT, RECRUITMENT 5572 SUB-SAHARAN AFRICA SCHOLARSHIPS N/A 536962 SOUTH ASIA SCHOLARSHIPS N/A 23666 SOUTH AMERICA SCHOLARSHIPS N/A 115525 NORTH AMERICA SCHOLARSHIPS N/A 70589 EUROPE (INCLUDING ICELAND & GREENLAND) SCHOLARSHIPS N/A 101985 EAST ASIA AND THE PACIFIC SCHOLARSHIPS N/A 600135 CENTRAL AMERICA AND THE CARIBBEAN SCHOLARSHIPS N/A 134856 0 0 0 0 0 0 79646239 1583718 81229957 SCHOLARSHIP - TUITION/BOOKS CENTRAL AMERICA AND THE CARIBBEAN 3 134856 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS EAST ASIA AND THE PACIFIC 33 600135 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS EUROPE (INCLUDING ICELAND & GREENLAND) 4 101985 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS MIDDLE EAST AND NORTH AFRICA CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS NORTH AMERICA 2 70589 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS RUSSIA AND NEIGHBORING STATES CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS SOUTH AMERICA 4 115525 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS SOUTH ASIA 1 23666 CHARGE AGAINST TUITION N/A N/A SCHOLARSHIP - TUITION/BOOKS SUB-SAHARAN AFRICA 17 536962 CHARGE AGAINST TUITION N/A N/A 1 0 1 1 1 0 PART I, LINE 2: HOPE COLLEGE OFFERS MERIT-BASED ACADEMIC SCHOLARSHIPS TO INTERNATIONAL STUDENTS. THE ASSESSMENT FOR AWARDING THESE MERIT-BASED SCHOLARSHIPS IS BASED ON A REVIEW OF THE STUDENT'S APPLICATION, WITH SPECIFIC EMPHASIS ON THE STUDENT'S ACADEMIC CREDENTIALS, AS WELL AS LEADERSHIP AND VOLUNTEER ACTIVITIES. STUDENTS ARE ELIGIBLE TO RECEIVE THE SCHOLARSHIP FOR A MAXIMUM OF EIGHT (8) SEMESTERS. STUDENTS WHO COMPLETE THEIR DEGREE IN LESS THAN EIGHT (8) SEMESTERS WILL HAVE THEIR SCHOLARSHIP TERMINATED ONCE THE DEGREE REQUIREMENTS ARE MET. RENEWAL IS CONTINGENT UPON THE INTERNATIONAL STUDENT MAINTAINING FULL-TIME ENROLLMENT (12 CREDITS PER SEMESTER), AS WELL AS MAINTAINING SATISFACTORY ACADEMIC PROGRESS, AS DEFINED BY THE HOPE COLLEGE OFFICE OF FINANCIAL AID. SATISFACTORY ACADEMIC PROGRESS IS ASSESSED ANNUALLY, AT THE END OF THE SPRING SEMESTER. STUDENTS NOT MAKING SATISFACTORY PROGRESS MAY APPEAL TO HAVE THEIR SCHOLARSHIP REINSTATED. PART III ACCOUNTING METHOD: SCHEDULE F, PART I REGARDING DIRECT FOREIGN INVESTMENTS, AMOUNTS REPORTED ON PART I, LINE 3, COLUMN F ARE THE BOOK VALUE OF THE INVESTMENTS AS OF JUNE 30, 2020. 1 SCHOLARSHIP - TUITION/BOOKS 2657 36659201 N/A N/A PART I, LINE 2: HOPE SCHOLARSHIP/GRANT FUNDS ARE DISBURSED TO THE RECIPIENT UPON PROOF OF ELIGILIBITY (I.E. FINANCIAL NEED OR ACADEMIC MERIT) AND UPON PROOF OF EXPENSE INCURRED. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 RICHARD J PUCKETT VP FOR DEVELOPMENT 245382 0 0 0 3840 0 25765 0 46853 0 321840 0 0 0 CADY SHORT THOMPSON PROVOST 243500 0 0 0 3840 0 25568 0 43844 0 316752 0 0 0 THOMAS BYLSMA CFO 204484 0 0 0 5512 0 21471 0 55953 0 287420 0 0 0 CARL E HEIDEMAN DIRECTOR OF PROCESS/INNOVA 141987 0 0 0 0 0 14909 0 86059 0 242955 0 0 0 WILLIAM A PANNAPACKER FACULTY 139905 0 0 0 0 0 14690 0 80117 0 234712 0 0 0 WILLIAM VANDERBILT VP FOR ADMISSIONS 186189 0 0 0 3840 0 19550 0 17499 0 227078 0 0 0 RICHARD A FROST VP FOR STUDENT DEVELOPMENT 164327 0 0 0 3840 0 16591 0 19989 0 204747 0 0 0 AARON A BEST FACULTY 139195 0 0 0 0 0 14615 0 42479 0 196289 0 0 0 JENNIFER FELLINGER VP FOR PUBLIC AFFAIRS/MARK 155396 0 0 0 3840 0 16212 0 17233 0 192681 0 0 0 DAVID VANWYLEN DEAN - NATURAL SCIENCE 148215 0 0 0 0 0 15563 0 17891 0 181669 0 0 0 TODD P STEEN FACULTY 142662 0 0 0 0 0 14980 0 15666 0 173308 0 0 0 MATTHEW SCOGIN PRESIDENT 125000 0 0 0 12876 0 13125 0 25613 0 176614 0 0 0 DENNIS VOSKUIL INTERIM PRESIDENT-FORMER 132388 0 0 0 0 0 0 0 16590 0 148978 0 0 0 SONJA TRENT-BROWN TRUSTEE/PROFESSOR 123000 0 0 0 0 0 12915 0 16723 0 152638 0 0 0 PART I, LINE 1A THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS AS PART OF HIS EMPLOYMENT WITH THE COLLEGE. INCLUDED IN NONTAXABLE BENEFITS IS THE FAIR MARKET VALUE OF THE USAGE OF THE PRESIDENT'S HOME WHICH IS VALUED AT $31,400. THE COLLEGE PROVIDES AN ANNUAL MEMBERSHIP TO A LOCAL GOLF CLUB TO THE CFO AS A WAY TO PROMOTE THE COLLEGE. THE VALUE OF THIS MEMBERSHIP IS $7,600 AND IS SPLIT BETWEEN TAXABLE INCOME AND OTHER NON-TAXABLE INCOME ($1,672/$5,928). DUE TO THE GLOBAL PANDEMIC, THE GOLF MEMBERSHIP WAS NOT RENEWED FOR 2020 MEMBERSHIP. A MICHIGAN FINANCE AUTHORITY 800595186 NONEAVAIL 2010-12-17 10200000 SEE PART VI 0 0 0 B THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF OTTAWA 386004883 NONEAVAIL 2011-12-14 10000000 SEE PART VI 0 0 0 C MICHIGAN FINANCE AUTHORITY 800595186 NONEAVAIL 2012-03-28 11220000 SEE PART VI 0 0 0 D MICHIGAN FINANCE AUTHORITY 800595186 NONEAVAIL 2013-08-08 16255000 SEE PART VI 0 0 0 A 10200000 10200000 10200000 1 0 1 1 B 7870000 10000000 1040 9998960 0 1 1 1 C 100000 11220000 5000000 6220000 2014 1 0 1 1 D 4810000 16255000 16255000 1 0 1 1 C 0 0 1 1 0 0 0 0 A 0 0 1 0 1 0 0 0 0 B 0 0 1 0 1 0 0 0 0 C 0 0 0 1 1 0 0 0 0 D 0 0 1 0 1 0 0 0 0 A 0 B 0 C 0 D 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MICHIGAN FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 03/28/2017 PART I, ROW A(1), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON DECEMBER 17, 2020 IS TO CURRENTLY REFUND THE MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY (MHEFA), LIMITED OBLIGATION REVENUE REFUNDING BONDS (HOPE COLLEGE PROJECT), SERIES 1999, DATED MARCH 24, 1999. PART I, ROW B(1), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON DECEMBER 14, 2011 IS TO ADVANCE REFUND A PORTION OF THE MHEFA LIMITED OBLIGATION REVENUE BONDS (HOPE COLLEGE PROJECT), SERIES 2002A, DATED MAY 7, 2002 (THE SERIES 2002A BONDS). PART I, ROW C(1), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON MARCH 28, 2012 IS (A) TO CURRENTLY REFUND A PORTION OF THE SERIES 2002A BONDS, AND (B) TO PAY THE COSTS OF THE ACQUISITION, CONSTRUCTION, FURNISHING AND EQUIPPING OF STUDENT HOUSING FACILITIES AND THE RENOVATION, REFURBISHING AND RE-EQUIPPING OF DINING FACILITIES AT PHELPS HALL AND RELATED PARKING AND SITE IMPROVEMENTS. PART I, ROW D(1), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON AUGUST 8, 2013 IS TO CURRENTLY REFUND THE MHEFA VARIABLE RATE DEMAND LIMITED OBLIGATION REVENUE BONDS (HOPE COLLEGE PROJECT), SERIES 2002B, DATED MAY 7, 2002. PART I, ROD A(2), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON MAY 28, 2015 (THE SERIES 2015 BONDS) IS TO CURRENTLY REFUND THE MHEFA VARIABLE RATE DEMAND LIMITED OBLIGATION REVENUE AND REVENUE REFUNDING BONDS (HOPE COLLEGE PROJECT), SERIES 2004, DATED JULY 28, 2004 (THE SERIES 2004 BONDS). THE SERIES 2004 BONDS WERE ISSUED TO (A) CURRENTLY REFUND (I) A PORTION OF THE MHEFA LIMITED OBLIGATION REVENUE AND REVENUE REFUNDING BONDS, SERIES 1994 (HOPE COLLEGE PROJECT), DATED JUNE 16, 1994, (THE SERIES 1994 BONDS), AND (II) THE MHEFA LIMITED OBLIGATION REVENUE BONDS (HOPE COLLEGE PROJECT), SERIES 1996B, DATED JUNE 4, 1996 (THE SERIES 1996 BONDS), (B) TO PAY THE COST OF CONSTRUCTING, EQUIPPING, AND FURNISHING THE DEVOS FIELDHOUSE AND THE MARTHA MILLER CENTER FOR GLOBAL COMMUNICATIONS, AND RENOVATING GRAVES HALL, LUBBERS HALL, AND THE DOW CENTER, (C) TO PAY CAPITALIZED INTEREST ON THE NEW MONEY PORTION OF THE BONDS, AND (D) TO PAY THE COSTS OF ISSUING AND SECURING THE BONDS. PART III (1), LINE 3A(C): THERE IS A FOOD SERVICE CONTRACT THAT QUALIFIES FOR THE SAFE HARBOR UNDER REV. PROC. 97-13 PART III (2), LINE 3A(A): THERE IS A FOOD SERVICE CONTRACT THAT QUALIFIES FOR THE SAFE HARBOR UNDER REV. PROC. 97-13 PART III (1): PART III IS NOT COMPLETED FOR COLUMN A, COLUMN B, THE PORTION OF THE COLUMN C THAT IS ALLOCATED TO REFUNDING THE SERIES 2002A BONDS AND COLUMN D, ALL OF WHICH RELATE TO BONDS WHICH WERE ISSUED BEFORE 2003. PART III (2): PART III IS NOT COMPLETED FOR THE PORTION OF COLUMN A WHICH IS ALLOCATED TO THE PORTION OF THE SERIES 2015 BONDS WHICH REFUNDED THE PORTION OF THE SERIES 2004 BONDS WHICH REFUNDED THE SERIES 1994 BONDS AND THE SERIES 1996 BONDS, BOTH OF WHICH WERE ISSUED PRIOR TO 2003. PART IV (1), LINE 2C(3): ARBITRAGE REBATE CALCULATION WAS PREPARED ON MARCH 28, 2017 BY BNY-MELLON. NO REBATE WAS DUE. PART I, ROW B(1), COLUMN F: THE PURPOSE OF THE BONDS ISSUED ON DECEMBER 14, 2011 IS TO ADVANCE REFUND A PORTION OF THE MHEFA LIMITED OBLIGATION REVENUE BONDS (HOPE COLLEGE PROJECT), SERIES 2002A, DATED MAY 7, 2002 (THE SERIES 2002A BONDS). A MICHIGAN FINANCE AUTHORITY 800595186 NONEAVAIL 2015-05-25 13940000 SEE PART VI 0 0 0 A 4705000 13940000 13940000 1 0 1 1 A 0 0 1 1 0 0 0 0 A 0 0 1 1 1 0 0 0 0 A 0 X 10 113500 FMV X 998 X 46 2417755 NYSE - FMV X 1 93000 FMV X FURNITURE 1 39793 FMV X EQUIPMENT 1 675 FMV 0 1 1 PART I, COLUMN (B): THE NUMBER LISTED IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTIONS RECEIVED. PART I, LINE 32B: THE ORGANIZATION USES A STOCK BROKER TO SELL SECURITIES SHORTLY AFTER RECEIPT. FORM 990, PART VI, SECTION B, LINE 11B MEMBERS OF THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD OF TRUSTEES ARE PROVIDED WITH A REASONABLE OPPORTUNITY TO REVIEW AND COMMENT TO EXECUTIVE LEADERSHIP ON THE FORM 990 OF HOPE COLLEGE BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FURTHER, THE EXECUTIVE LEADERSHIP OF HOPE COLLEGE PROVIDES THE MINUTES OF THE AUDIT AND COMPLIANCE COMMITTEE FORM 990 REVIEW TO THE BOARD OF TRUSTEES SHOWING AN OVERVIEW OF THE HIGHLIGHTS AT THE NEXT REGULARLY SCHEDULED BOARD MEETING FOLLOWING THE FILING OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF TRUSTEES PREPARE AND SIGN CONFLICT STATEMENTS ANNUALLY. THESE STATEMENTS ARE REVIEWED AND PROVIDED TO TRUSTEE MEMBERS AT THE OCTOBER BOARD OF TRUSTEE MEETING TO ENSURE COMPLIANCE WITH THE CONFLICT POLICY. MEMBERS OF THE COMMITTEE WITH A PERSONAL INVOLVEMENT IN A PARTICULAR DECISION WILL EXCUSE THEMSELVES FROM DISCUSSION LEADING TO A DECISION AND FROM THE DECISION ITSELF, AND THIS DISCLOSURE AND ABSENCE WILL BE NOTED IN THE MINUTES OF THE MEETING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES (BOT) APPROVES A RECOMMENDED COMPENSATION INCREASE BROUGHT TO THE BOT FROM THE CFO. THE COMPENSATION INCREASE IS HIGHLY CORRELATED TO THE TUITION INCREASE APPROVED FOR THE FOLLOWING ACADEMIC YEAR. THE RATES RECOMMENDED ARE DETERMINED BY LOOKING AT THE FOLLOWING FACTORS: COST OF LIVING (CPI), CUPA (COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION) SURVEYS, AND THE LAKESHORE HUMAN RESOURCES MANAGEMENT ASSOCIATION SURVEYS - WHICH IS A CHAPTER OF THE SOCIETY OF HUMAN RESOURCES MANAGEMENT (SHRM). SINCE WE ARE NOT A UNION" SCHOOL WE DO NOT HAVE DELIBERATION BUT IF DISCUSSION DOES OCCUR DURING THE BOT APPROVAL PROCESS, IT WOULD BE DOCUMENTED IN THE BOT MINUTES FOR THAT SPECIFIC MEETING. THE CEO'S (PRESIDENT'S) COMPENSATION IS BASED UPON A RECOMMENDATION FROM THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND IS THEN APPROVED BY THE FULL BOARD OF TRUSTEES. COMPARISON DATA IS USED ALONG WITH EVALUATION OF PERFORMANCE IN THEIR DECISION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -604,118. CHANGE IN VALUE OF POSTRETIREMENT LIABILITY -2,270,562. CHANGE IN VALUE OF SWAP AGREEMENTS 889,000. FORM 990, PART XII, LINE 2C: THE OVERSIGHT PROCESS FOR THE AUDIT HAS NOT CHANGED SINCE LAST YEAR.