2021-04-06T13:07:24-05:00 2020-06-30 KPMG LLP 8350 BROAD STREET SUITE 900 MCLEAN VA 22102 990 2019-07-01 520705392 Stevenson University % MARY BETH SCHWENKE STEV 4104867000 100 CAMPUS CIRCLE OWINGS MILLS MD 21117 ELLIOT L HIRSHMAN President 4104867000 2021-04-05 true RAYMOND LY P01205643 7032868000 2021-04-01 2019 2022-09-23 18:48:47Z X ELLIOT L HIRSHMAN 100 CAMPUS CIRCLE STEVENSON MD 21153 178174935 false X WWW.STEVENSON.EDU X 1947 MD THE UNIVERSITY IS AN INDEPENDENT COEDUCATIONAL FOUR-YEAR UNIVERSITY, WHICH OFFERS MASTER'S, BACHELOR'S, AND ASSOCIATE'S DEGREES TO APPROX. 3,100 FULL TIME EQUIV STUDENTS. 24 24 1804 150 4580 0 13031952 15426193 126455145 124289559 5522665 6582290 57511 152415 145067273 146450457 52606032 57306154 0 0 47021316 44500248 0 0 1009857 42604435 38637130 142231783 140443532 2835490 6006925 293599595 302752205 150476471 151610986 143123124 151141219 X THE UNIVERSITY IS AN INNOVATIVE, COEDUCATIONAL, INDEPENDENT INSTITUTION OFFERING UNDERGRADUATE AND GRADUATE STUDENTS A CAREER-FOCUSED EDUCATION MARKED BY INDIVIDUALIZED ATTENTION, CIVILITY, AND RESPECT FOR DIFFERENCE. THE UNIVERSITY BLENDS THE LIBERAL ARTS WITH CAREER EXPLORATION AND PLANNING, COMPLEMENTING A TRADITIONAL EDUCATION WITH APPLIED LEARNING BEYOND THE CLASSROOM. THE UNIVERSITY MEETS STUDENTS WHERE THEY ARE AND SUPPORTS AND CHALLENGES THEM TO BECOME REFLECTIVE AND ACCOMPLISHED INDIVIDUALS COMMITTED TO A LIFETIME OF LEARNING AND CONTRIBUTION. STUDENTS GRADUATE WITH THE COMPETENCE AND CONFIDENCE NEEDED TO ADDRESS CREATIVELY THE OPPORTUNITIES AND PROBLEMS FACING THEIR COMMUNITIES, THE NATION AND THE WORLD. false false 64986826 124289559 STEVENSON UNIVERSITY IS A FOUR YEAR UNIVERSITY PROVIDING EDUCATIONAL SERVICES TO APPROXIMATELY 2,724 FULL TIME, 383 PART TIME AND 472 GRADUATE STUDENTS. 57306154 57306154 THE NUMBER OF STUDENTS RECEIVING GRANTS IS AS FOLLOWS: PELL 956, SEOG 182, WORK STUDY 218,FEDERAL DIRECT SUB 1,486, FEDERAL DIRECT UNSUB 2,802, PARENT LOANS 728, AND STEVENSON GRANTS AND SCHOLARSHIPS 3,451. 122292980 true true false true false false false true false true true true false false true true false true true false true false true false true false false false true true true false false false false false false false false false false true false false false true false false false false true 256 0 true 1804 true true true false false false false true true false false false false false false X 24 24 false false false false false false false true true false false true true true true true false true true false MD X MARY BETH SCHWENKE 4433342050 1525 GREENSPRING VALLEY ROAD STEVENSON MD 21153 Elliot L Hirshman President 40.0 0.0 X 539148 0 122259 Mark Hergan VP of Enrollment 40.0 0.0 X 219644 0 30785 Timothy M Campbell Exec VP of Finance 40.0 0.0 X 212059 0 19662 Christopher Vaughan VP university Advancement 40.0 0.0 X 211811 0 15867 Tiffany Sanchez VP Student Affairs 40.0 0.0 X 173496 0 44516 Susan Gorman EVP of Academic Affairs/Provos 40.0 0.0 X 201117 0 16653 Brian Fodrey Chief Information Officer 40.0 0.0 X 156544 0 23169 Melanie Edmondson Assoc VP of Finance 40.0 0.0 X 162583 0 12693 Alan Carswell Interim Dean School of Busines 40.0 0.0 X 144796 0 11268 Deborah Kraft Dean School of Education 40.0 0.0 X 133257 0 22595 David Jordan VP for Human Resources 40.0 0.0 X 145020 0 10788 John Buettner VP Marketing/Digital Commun 40.0 0.0 X 137249 0 10754 Amanda Hostalka Dean School of Design 40.0 0.0 X 136167 0 10675 Michael Stanton VP of Finance 40.0 0.0 X 123257 0 8736 Arthur F Bell JR CPA Trustee 1.0 0.0 X 0 0 0 Sandra R Berman Trustee 1.0 0.0 X 0 0 0 Robert D Biagiotti PE Trustee 1.0 0.0 X 0 0 0 James T Brady Trustee 1.0 0.0 X 0 0 0 Robert C Brennan Treasurer 1.0 0.0 X X 0 0 0 Eric D Brotman CFP AEP MSF Trustee 1.0 0.0 X 0 0 0 David A Burrows JR Trustee 1.0 0.0 X 0 0 0 Ronald M Causey CPA Trustee 1.0 0.0 X 0 0 0 Shevonne R Cherry Trustee 1.0 0.0 X 0 0 0 Anthony Davis Trustee 1.0 0.0 X 0 0 0 Samuel M Dell III Trustee 1.0 0.0 X 0 0 0 Karen P Gibbs Trustee 1.0 0.0 X 0 0 0 Herbert J Hoelter Trustee 1.0 0.0 X 0 0 0 Nancy C Hubble Trustee 1.0 0.0 X 0 0 0 Brenda Bowe Johnson PHD Trustee 1.0 0.0 X 0 0 0 Donna L Kahoe Trustee 1.0 0.0 X 0 0 0 Robert D Kunisch Jr Trustee 1.0 0.0 X 0 0 0 Sheela Murthy Esq Trustee 1.0 0.0 X 0 0 0 Peter B Orthwein JR Trustee 1.0 0.0 X 0 0 0 T Scott Pugatch Chair of the Board 3.0 0.0 X 0 0 0 Gary A Pyne Trustee 1.0 0.0 X 0 0 0 Jennifer Ward Reynolds CFA Trustee 1.0 0.0 X 0 0 0 Paul Mark Sandler ESQ Trustee 1.0 0.0 X 0 0 0 Margaret Sheetz Trustee 1.0 0.0 X 0 0 0 Kathleen Sher Trustee 1.0 0.0 X 0 0 0 Jane Frankel Sims ESQ Trustee 1.0 0.0 X 0 0 0 Anna L Smith Secretary 1.0 0.0 X X 0 0 0 James B Stradtner CPA Trustee 1.0 0.0 X 0 0 0 Judith S Waranch ESQ Trustee 1.0 0.0 X 0 0 0 2696148 0 360420 41 false true false SODEXO OPERATIONS LLC 1525 GREENSPRING VALLEY ROAD STEVENSON MD 21153 FOOD SERVICE 4827474 PROFESSIONAL MAINTENANCE MANAGEMENT 15938 DERWOOD ROAD ROCKVILLE MD 20855 CLEANING SERVICES 1960948 ALPHA MAINTENANCE SERVICES INC 2823 FLINSTONE ROAD MILLERS MD 21102 GROUND REPAIRS 1006724 FLO-TRON CONTRACTING INC 10604 BEAVER DAM ROAD COCKEYSVILLE MD 21030 HVAC CONTRACTOR 569188 ELLUCIAN COMPANY LP 4375 FAIR LAKES CT FAIRFAX WA 22033 Security Services 450633 29 21671 10827834 4576688 491830 15426193 TUITION AND FEES 900099 106106256 106106256 STUDENT HOUSING 611710 11274009 11274009 FOOD SERVICE 611710 5286050 5286050 BOOKSTORE 451211 895555 895555 VENDOR COMMISSIONS 531120 153677 143790 9887 574012 574012 124289559 2567980 -5472 2573452 0 0 141280 165 141280 165 141445 0 165 141280 35715299 31700989 4014310 4014310 4014310 34459 21671 23489 10970 10970 0 0 0 0 0 0 0 146450457 124279672 4580 6740012 0 57053061 57053061 253093 253093 0 2318311 740872 1352995 224444 0 33640177 29042736 4102445 494996 1762913 1473181 258670 31062 4363231 2151129 2147296 64806 2415616 2089175 290999 35442 0 551351 179113 372238 168661 168661 0 0 406560 406560 0 1277775 189874 1087901 867704 829736 35476 2492 2354136 797299 1531810 25027 0 5897269 5841133 55225 911 5775984 5751291 14519 10174 0 93526 86031 5790 1705 5887414 4482109 1405305 0 6192068 4697002 1495066 760690 386536 374154 EQUIP RENTAL & MAINTENANCE 1622398 1433833 188465 100 MERCHANDISE FOR RESALE 1182214 798726 383488 ATHLETIC FEES/OFFICIALS/OTHER 998557 988712 9845 PAYROLL/BANK FEES/INVESTMENT 743010 743010 3857813 3028338 710777 118698 140443532 122292980 17140695 1009857 0 0 9390236 15068191 1990113 2368808 1469531 1210482 0 0 0 0 0 0 0 0 2018383 2999537 273550015 97329358 180454245 176220657 84112294 89653154 14164793 15231376 0 0 0 0 0 0 293599595 302752205 7948367 8767225 0 0 3357259 5506848 131145010 127874125 0 0 0 0 0 0 0 0 8025835 9462788 150476471 151610986 X 116442232 120655565 26680892 30485654 143123124 151141219 293599595 302752205 X 6006925 3448123 -1436953 X false true X true true true X 17172955 18671203 12459847 13031952 15426193 76762150 0 0 17172955 18671203 12459847 13031952 15426193 76762150 1367945 75394205 2001499 2284837 2093990 2172109 2709260 11261695 0 0 88023845 637143618 0.85652 0.86410 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 60000 60000 false LOBBYING EXPENDITURES Schedule C, PART II-B, LINE 1I STEVENSON UNIVERSITY UTILIZES TIMOTHY M. PERRY OF PERRY, WHITE, ROSS & JACOBSON AS COUNSEL FOR THE UNIVERSITY REGARDING THE ACQUISITION OF STATE OWNED PROPERTY ON THE ROSEWOOD CAMPUS. THE UNIVERSITY PAID $60,000 FOR THESE SERVICES IN THE CURRENT YEAR. X false 98041012 316957 9954872 3400502 406560 104505779 89674033 879410 11023000 3208880 326551 98041012 82545452 -1636386 12178269 3091280 322022 89674033 69431235 6153276 10250013 2986553 302519 82545452 78668884 883759 -899984 8916465 304959 69431235 0.77000 0.11000 0.12000 false false 48876937 48876937 180906932 59999814 120907118 40945381 37329544 3615837 2820765 2820765 176220657 LIMITED P-SHIPS & HEDGE FUNDS 15231376 F 15231376 0 SWAP LIABILITIES 9253038 REFUNDABLE ADVANCES - US GOV'T 209750 9462788 90748913 3448123 -1436953 2011170 88737743 406560 57306154 57712714 146450457 82730818 82730818 406560 57306154 57712714 140443532 SCHEDULE D, PART III, LINE 4 STEVENSON HOLDS A COLLECTION OF SCULPTURES AND A COLLECTION OF CIVIL WAR MEMORABILIA THAT FURTHERS BOTH RESEARCH, STUDY AND PROMOTES LEARNING IN THE ARTS AND PUBLIC HISTORY. SCHEDULE D, PART X INCOME TAX AS AN EDUCATIONAL INSTITUTION MEETING THE REQUIREMENTS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE UNIVERSITY IS EXEMPT FROM INCOME TAXES ON INCOME, AS PROVIDED IN SECTION 501 (A), EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. NO PROVISION FOR INCOME TAXES WAS REQUIRED FOR 2020 AND 2019. MANAGEMENT HAS ANALYZED ITS TAX POSITIONS, AND HAS CONCLUDED THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. SCHEDULE D, PARTS XI, XII AND XIII PART XI, LINE 2D AMOUNT REPRESENTS THE CHANGE IN THE FAIR VALUE OF INTEREST RATE SWAP. PART XI, LINE 4B AMOUNT REPRESENTS STUDENT FINANCIAL AID, WHICH IS NETTED AGAINST TUITION & FEES REVENUE FOR FINANCIAL STATEMENT PURPOSES. PART XII, LINE 4B AMOUNT REPRESENTS STUDENT FINANCIAL AID, WHICH IS NETTED AGAINST TUITION & FEES REVENUE FOR FINANCIAL STATEMENT PURPOSES. SCHEDULE D, PART V INTENDED USES OF ENDOWMENT FUNDS THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 76 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. true true true true true true true false false false false false false false false true false true RACIALLY NONDISCRIMINATORY POLICY SCHEDULE E, PART I LINE 3 THE UNIVERSITY'S RACIALLY NON-DISCRIMINATORY POLICY IS PUBLICIZED IN RADIO AND NEWSPAPER ADVERTISEMENTS AND THE UNIVERSITY'S WEBSITE. FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY SCHEDULE E, PART I LINE 6A STEVENSON UNIVERSITY PARTICIPATES IN SEVERAL FINANCIAL AID PROGRAMS ADMINISTERED BY THE US DEPARTMENT OF EDUCATION AND BY THE STATE OF MARYLAND. true Europe (Including Iceland and Greenland) Program Services STUDY ABROAD 372502 East Asia and the Pacific Program Services STUDY ABROAD 16450 South America Program Services STUDY ABROAD 129730 North America Grantmaking 43500 Europe (Including Iceland and Greenland) Grantmaking 64500 Sub-Saharan Africa Grantmaking 101099 South Asia Grantmaking 25000 Russia and the Newly Independent States Grantmaking 16500 Central America and the Caribbean Grantmaking 2494 Central America and the Caribbean Investments 4897734 5669509 5669509 STUDENT FINANCIAL AID Europe (Including Iceland and Greenland) 3 64500 STUDENT FINANCIAL AID South Asia 1 25000 STUDENT FINANCIAL AID Sub-Saharan Africa 4 101099 STUDENT FINANCIAL AID North America 2 43500 STUDENT FINANCIAL AID Central America and the Caribbean 1 2494 STUDENT FINANCIAL AID Russia and the Newly Independent States 1 16500 true false true true true false STUDENT FINANCIAL AID SCHEDULE F, PART I, LINE 2 THE UNIVERSITY PROVIDES FINANCIAL AID TO ELIGIBLE STUDENTS, GENERALLY IN A "PACKAGE" THAT INCLUDES LOANS, COMPENSATION UNDER WORK-STUDY PROGRAMS, AND/OR GRANT AND SCHOLARSHIP AWARDS. THE LOANS ARE PROVIDED PRIMARILY THROUGH PROGRAMS OF THE UNITED STATES GOVERNMENT (INCLUDING DIRECT AND GUARANTEED LOAN PROGRAMS) UNDER WHICH THE UNIVERSITY IS RESPONSIBLE ONLY FOR CERTAIN ADMINISTRATIVE DUTIES. THE GRANTS AND SCHOLARSHIPS INCLUDE AWARDS PROVIDED THROUGH GIFTS AND GRANTS FROM PRIVATE DONORS OR FROM INCOME EARNED ON ENDOWMENT FUNDS RESTRICTED FOR STUDENT AID, AS WELL AS GENERAL FUNDS SCHOLARSHIP AWARDS. ROUGHLY 85 PERCENT OF STEVENSON UNIVERSITY STUDENTS RECEIVE SOME SORT OF FINANCIAL AID. ALL INDIVIDUALS RECEIVING DISBURSEMENTS FROM STEVENSON UNIVERSITY QUALIFY TO RECEIVE SUCH PAYMENTS BASED ON SCHOLASTIC ACHIEVEMENT AND/OR FINANCIAL NEED. THE UNIVERSITY PROVIDES NEED-BASED GRANTS, WHICH ARE DETERMINED BASED ON THE STUDENTS'S FAFSA SCORE. THE STUDENT MUST MAINTAIN A GPA OF 2.0 OR GREATER AND BE A FULL-TIME STUDENT. DISBURSEMENTS TAKE THE FORM OF SCHOLARSHIP OR GRANTS. GRANTS ARE DISBURSED BASED ON THE GUIDELINES SET FORTH BY THE PARTY FUNDING THE GRANT. X X X X false HC Golf Tourn 33269 17650 15619 540 5600 6570 2218 LAX Alum Golf 22861 4021 18840 5122 780 2659 0 56130 21671 34459 540 10722 7350 4877 23489 10970 true STUDENT FINANCIAL AID 3516 57053061 STUDENT FINANCIAL AID SCHEDULE I, PART I, LINE 2 THE UNIVERSITY PROVIDES FINANCIAL AID TO ELIGIBLE STUDENTS, GENERALLY IN A "PACKAGE" THAT INCLUDES LOANS, COMPENSATION UNDER WORK-STUDY PROGRAMS, AND/OR GRANT AND SCHOLARSHIP AWARDS. THE LOANS ARE PROVIDED PRIMARILY THROUGH PROGRAMS OF THE UNITED STATES GOVERNMENT (INCLUDING DIRECT AND GUARANTEED LOAN PROGRAMS) UNDER WHICH THE UNIVERSITY IS RESPONSIBLE ONLY FOR CERTAIN ADMINISTRATIVE DUTIES. THE GRANTS AND SCHOLARSHIPS INCLUDE AWARDS PROVIDED THROUGH GIFTS AND GRANTS FROM PRIVATE DONORS OR FROM INCOME EARNED ON ENDOWMENT FUNDS RESTRICTED FOR STUDENT AID, AS WELL AS GENERAL FUNDS SCHOLARSHIP AWARDS. ROUGHLY 93 PERCENT OF STEVENSON UNIVERSITY STUDENTS RECEIVE SOME SORT OF FINANCIAL AID. ALL INDIVIDUALS RECEIVING DISBURSEMENTS FROM STEVENSON UNIVERSITY QUALIFY TO RECEIVE SUCH PAYMENTS BASED ON SCHOLASTIC ACHIEVEMENT AND/OR FINANCIAL NEED. THE UNIVERSITY PROVIDES NEED-BASED GRANTS, WHICH ARE DETERMINED BASED ON THE STUDENTS'S FAFSA SCORE. THE STUDENT MUST MAINTAIN A GPA OF 2.0 OR GREATER AND BE A FULL-TIME STUDENT. DISBURSEMENTS TAKE THE FORM OF SCHOLARSHIP OR GRANTS. GRANTS ARE DISBURSED BASED ON THE GUIDELINES SET FORTH BY THE PARTY FUNDING THE GRANT. X X true true X X X X X X false true false true false false false true false Elliot L Hirshman President 449148 55000 35000 121000 0 1259 0 661407 0 0 Timothy M Campbell Exec VP of Finance 167059 45000 11368 0 8294 0 231721 0 0 Mark Hergan VP of Enrollment 198735 20909 15682 0 15103 0 250429 0 0 Melanie Edmondson Assoc VP of Finance 162583 12153 0 540 0 175276 0 0 Susan Gorman EVP of Academic Affairs/Provos 201117 15986 0 667 0 217770 0 0 Christopher Vaughan VP university Advancement 203691 8120 15225 0 642 0 227678 0 0 Tiffany Sanchez VP Student Affairs 173496 33322 0 11194 0 218012 0 0 Brian Fodrey Chief Information Officer 156544 8250 0 14919 0 179713 0 0 David Jordan VP for Human Resources 145020 10313 0 475 0 155808 0 0 Alan Carswell Interim Dean School of Busines 144796 10791 0 477 0 156064 0 0 Deborah Kraft Dean School of Education 133257 10429 0 12166 0 155852 0 0 HOUSING STIPEND SCHEDULE J, PART I, LINE 1A DR. ELLIOT HIRSHMAN PURCHASED HIS OWN RESIDENCE BUT RECEIVES A HOUSING ALLOWANCE OF $35,000 THIS YEAR FROM THE UNIVERSITY. THIS AMOUNT IS REPORTED AS TAXABLE COMPENSATION ON SCHEDULE J AND PART VII. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN SCHEDULE J, PART I, LINE 4B ELLIOT HIRSHMAN AND TIFFANY SANCHEZ ARE ELIGIBLE TO PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) SPONSORED BY THE UNIVERSITY. DEFERRED COMPENSATION EARNED UNDER THIS PLAN IS REPORTED ON SCHEDULE J, PART II, COLUMN C ALONG WITH THE 403(B) PLAN INSTITUTIONAL PAYMENTS. SERP CONTRIBUTIONS WERE AS FOLLOWS: ELLIOT HIRSHMAN $100,000 TIFFANY SANCHEZ $40,000 SCHEDULE J, PART I, LINE 5A At the discretion of the president of the university, mark hergan, vice president of enrollment management, received a 10% bonus of $20,909 as reported in part VII. The bonus was based on the achievement of certain recruitment outcomes including freshmen fall recruits, and spring and fall transfers in the 2018/ 2019 academic year. A MARYLAND HEALTH AND HIGHER EDUCATION FACILITIES AU 520936091 999999999 2013-10-15 147670000 See PART VI false false false A 0 0 147670000 0 0 132350000 671511 0 0 0 14648489 0 2017 true false true true A false false true true false 0 false false false false A false false false true true true BANK OF AMERPNC 20. false false false 0 false true A false Part I, Line A, Column F Description of Purpose: Refinance and Fund New Construction PART IV, LINE 2C, COLUMN A A CALCULATION WAS COMPLETED 8/27/18 FOR THE ENDING DATE 7/1/2018. X 12 489410 MEAN TRADING VALUE X TENNIS EQUIPMENT 5 2420 DONEE SUPPLIED false true true SCHEDULE M, PART I, LINE 32B THE UNIVERSITY USES A BROKER TO SELL DONATED SHARES OF PUBLICLY TRADED STOCK. FORM 990 REVIEW PROCESS FORM 990 PART VI LINE 11B THE 990 INFORMATION IS COMPILED BY THE UNIVERSITY'S FINANCE OFFICE AND REVIEWED BY THE INDEPENDENT ACCOUNTING FIRM OF KPMG. THE DRAFT RETURN IS THEN PRESENTED TO AND REVIEWED BY THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE IS COMPRISED OF EIGHT MEMBERS SELECTED FROM THE UNIVERSITY'S CURRENT BOARD OF TRUSTEES AND THE PRESIDENT. A COMPLETE COPY OF THE FORM 990 IS THEN EMAILED TO ALL MEMBERS OF THE BOARD OF TRUSTEES VIA A PASSWORD PROTECTED DOCUMENT. THE COMMITTEE MEMBERS HAVE A TEN DAY PERIOD OF TIME WHERE THEY ARE ENCOURAGED TO REVIEW AND COMMENT ON THE DOCUMENT PRIOR TO ITS FILING. DOCUMENT RETENTION AND DESTRUCTION POLICY FORM 990 PART VI LINE 14 THE UNIVERSITY'S POLICY COMMITTEE IS IN THE PROCESS OF DEVELOPING A WRITTEN POLICY FOR DOCUMENT RETENTION AND DESTRUCTION. WHILE THE UNIVERSITY CURRENTLY DOES NOT HAVE A WRITTEN POLICY THE VARIOUS DEPARTMENTS OF THE UNIVERSITY FOLLOW THE POLICIES OR GUIDELINES ESTABLISHED BY THE APPLICABLE GOVERNING AGENCIES AND/OR PROFESSIONAL ORGANIZATIONS. FOR EXAMPLE, THE OFFICE OF FINANCIAL AFFAIRS COMPLIES WITH THE RETENTION POLICIES OF THE INTERNAL REVENUE SERVICE. THE OFFICE OF SPONSORED PROGRAMS AND RESEARCH FOLLOW THE REQUIREMENTS OF THE GRANT AGENCIES. CONFLICT OF INTEREST POLICY FORM 990 PART VI LINE 12C IT IS THE POLICY OF STEVENSON UNIVERSITY THAT THE MEMBERS OF ITS BOARD OF TRUSTEES AVOID ETHICAL, LEGAL, FINANCIAL AND OTHER CONFLICTS OF INTEREST AND TO ENSURE THAT THEIR ACTIVITIES AND INTERESTS DO NOT CONFLICT WITH THEIR OBLIGATIONS TO THE UNIVERSITY AND ITS WELFARE. THIS POLICY COVERS MATTERS RELATING TO THE BOARD MEMBER OR ANY RELATED PERSON. A RELATED PERSON IS DEFINED AS A MEMBER OF THE IMMEDIATE FAMILY OF THE BOARD MEMBER, ANY ENTITY OF WHICH THE BOARD MEMBER IS AN OFFICER, DIRECTOR OR TRUSTEE OR WITH RESPECT TO WHICH THE BOARD MEMBER HOLDS A SIMILAR POSITION, ANY ENTITY IN WHICH THE BOARD MEMBER HAS A MATERIAL FINANCIAL INTEREST; AND ANY OTHER PERSON OR ENTITY WITH WHOM THE BOARD MEMBER HAS A PERSONAL RELATIONSHIP THAT MIGHT REASONABLY BE EXPECTED TO AFFECT THE BOARD MEMBER'S JUDGMENT IN THE PARTICULAR MATTER. ON AN ANNUAL BASIS EACH MEMBER OF THE BOARD OF TRUSTEES WILL SUBMIT TO THE SECRETARY OF THE BOARD, AN ANNUAL SIGNED CONFLICT OF INTEREST REPORT. IF DURING THE COURSE OF THE YEAR, AN ACTUAL OR POTENTIAL CONFLICT ARISES, BOARD MEMBERS ARE REQUIRED TO DISCLOSE THEM TO THE SECRETARY OF THE BOARD BEFORE ANY BOARD ACTION WITH RESPECT TO THE MATTER IS TAKEN. ANY BOARD MEMBER WHO IS AWARE OF AN EXISTING OR POTENTIAL CONFLICT OF INTEREST WITH RESPECT TO A MATTER COMING BEFORE THE BOARD OR COMMITTEE OF THE BOARD SHALL NOT BE PRESENT FOR ANY DISCUSSION OR VOTE IN CONNECTION WITH THE MATTER, AND THE AFFIRMATIVE VOTE OF A MAJORITY OF THE DISINTERESTED BOARD MEMBERS OR COMMITTEE MEMBERS, AS THE CASE MAY BE, SHALL BE REQUIRED IN ORDER TO APPROVE, RATIFY OR AUTHORIZE THE MATTER. THE BOARD MEMBER WHO HAS AN INTEREST IN THE MATTER SHALL NOT BE COUNTED FOR THE PURPOSE OF DETERMINING THE PRESENCE OF A QUORUM AT THE MEETING AT WHICH THE MATTER IS CONSIDERED. COMPENSATION REVIEW PROCESS FORM 990 PART VI LINE 15A ON AN ANNUAL BASIS THE EXECUTIVE COMMITTEE, WHICH IS COMPRISED OF SEVEN INDEPENDENT MEMBERS SELECTED FROM OUR CURRENT BOARD OF TRUSTEES, MEETS TO EVALUATE THE PERFORMANCE OF THE PRESIDENT, CHIEF FINANCIAL OFFICER, EXECUTIVE VICE PRESIDENT FOR ACADEMIC AFFAIRS AND VICE PRESIDENT FOR UNIVERSITY ADVANCEMENT. IT IS THE UNIVERSITY'S EXPECTATION THAT COMPENSATION SETTING PROCEDURES WOULD MEET THE REBUTTABLE PRESUMPTION OF REASONABLENESS. DURING THIS MEETING, THE SALARIES ARE EVALUATED BY REVIEWING RESULTS OF COMPENSATION STUDIES PERFORMED BY AN INDEPENDENT ORGANIZATION. THE ORGANIZATION COMPILES THE WAGE INFORMATION OF TEN PEER COLLEGES AND UNIVERSITIES FROM THEIR FORM 990S FILED WITH THE IRS. THIS ENSURES THAT COMPENSATION LEVELS AT STEVENSON UNIVERSITY ARE WITHIN REASONABLE LEVELS TO OTHER INSTITUTIONS. MEETINGS OF THE EXECUTIVE COMMITTEE TAKE PLACE FOUR TIMES A YEAR. MINUTES ARE TAKEN AND RETAINED BY THE OFFICE OF THE PRESIDENT. IN JUNE OF EACH YEAR, THE COMMITTEE MEETS TO DISCUSS AND AUTHORIZE EXECUTIVE COMPENSATION FOR THE KEY EMPLOYEES LISTED ABOVE. FOR ALL OTHER ADMINISTRATIVE PERSONNEL EACH POSITION OR STATUS CHANGE IS BENCHMARKED AGAINST CUPA SALARY SURVEY COMPENSATION STANDARDS BY THE VICE PRESIDENT OF HUMAN RESOURCES TO ENSURE REASONABLE LEVELS OF COMPENSATION. GOVERNING DOCUMENTS FORM 990 PART VI LINE 19 THE UNIVERSITY MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC VIA ITS WEBSITE. COPIES OF THE AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. Other Change in Net Assets PART XI, LINE 9 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS: $(1,436,953) BOULEVARD REALTY NO 2 LLC 1525 GREENSPRING VALLEY ROAD STEVENSON MD 21153 520705392 STUDENT DORMS MD 10944488 STEVENSON UN OWINGS MILLS EAST LLC 1525 GREENSPRING VALLEY ROAD STEVENSON MD 21153 520705392 Athlt Fields MD 0 STEVENSON UN