2020-05-15T18:01:48-05:00 2019-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 20 STANWIX STREET PITTSBURGH PA 15222 990 2018-07-01 250965438 CARLOW UNIVERSITY CARL 4125786000 3333 FIFTH AVENUE PITTSBURGH PA 15213 DR SUZANNE K MELLON PRESIDENT 4125786000 2020-05-07 1 JEFFREY J SPENGLER CPA P00109764 4126976400 2020-05-07 X 72.77.28.141 2020-05-07 14:59:43 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 17526E37094213D746F397C282E1624873085213 2018 2021-01-29 14:40:06Z DR SUZANNE K MELLON 3333 FIFTH AVENUE PITTSBURGH PA 15213 60517233 0 X WWW.CARLOW.EDU X 1929 PA TRANSFORMATIONAL HIGHER EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY. 34 33 1114 220 0 0 6269008 4867806 52183858 54253682 1018302 872879 295608 491997 59766776 60486364 11976358 13404989 0 0 27661463 28346921 0 0 1148559 19313025 18098278 58950846 59850188 815930 636176 100824689 107730337 29531072 34639700 71293617 73090637 X CARLOW UNIVERSITY, ROOTED IN ITS CATHOLIC IDENTITY AND EMBODYING THE HERITAGE AND VALUES OF THE SISTERS OF MERCY, OFFERS TRANSFORMATIONAL EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY OF LEARNERS AND EMPOWERS THEM TO EXCEL IN THEIR CHOSEN WORK AS COMPASSIONATE, RESPONSIBLE LEADERS IN THE CREATION OF A JUST AND MERCIFUL WORLD. 0 0 50935607 13404989 54253682 CARLOW IS A PRIVATE, CO-EDUCATIONAL, CATHOLIC UNIVERSITY LOCATED IN THE HEART OF PITTSBURGH'S "TECH, EDS, AND MEDS" DISTRICT. FOUNDED BY THE SISTERS OF MERCY, CARLOW'S GRADUATES, CURRICULUM, AND PARTNERSHIPS REFLECT ITS STRONG COMMITMENT TO SOCIAL JUSTICE; ETHICAL, FORWARD-THINKING AND RESPONSIBLE LEADERSHIP; AND SERVICE TO THE COMMUNITY THAT HAS A MEANINGFUL IMPACT. UNDERGRADUATE AND GRADUATE DEGREES ARE OFFERED IN THREE MAJOR AREAS: HEALTH AND WELLNESS, LEADERSHIP AND SOCIAL CHANGE, AND INNOVATION AND LEARNING. CARLOW GRADUATES ARE IN DEMAND FOR THEIR PROFESSIONAL EXPERTISE, IN FIELDS RANGING FROM NURSING AND THE SCIENCES TO COUNSELING, EDUCATION, AND PROJECT MANAGEMENT; THEIR ENTREPRENEURIAL SPIRIT AND CREATIVE MINDSET; AND THEIR ABILITY TO MANAGE CHANGE. OUR STUDENT-ATHLETES COMPETE ON THIRTEEN DIFFERENT TEAMS, INCLUDING MEN'S BASKETBALL AND MEN'S AND WOMEN'S GOLF-AND OUR MASCOT IS SHAMMY, THE FRIENDLY GREEN SHAMROCK THAT IS A REFLECTION OF THE UNIVERSITY'S IRISH HERITAGE AND ROOTS. 50935607 1 1 0 0 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 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 3673 0 1114 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 34 33 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CO MA MD MI NH PA SC X X DAVID J MEADOWS VP FINANCE ADMI 4125788842 3333 FIFTH AVENUE PITTSBURGH PA 15213 DOROTHY A DAVIS ESQUIRE CHAIR 2.00 X X 0 0 0 SISTER HELEN MARIE BURNS RSM PHD VICE CHAIR, MISSION 2.00 X X 0 0 0 A WILLIAM SCHENCK III VICE CHAIR 2.00 X X 0 0 0 BRYAN DILUCENTE TREASURER 2.00 X X 0 0 0 MARY C MCGINLEY ESQUIRE SECRETARY 2.00 X X 0 0 0 SUZANNE K MELLON PHD PRESIDENT 50.00 X X 336833 0 7752 MARGARET ARMEN TRUSTEE 2.00 X 0 0 0 ROSARIO RUSS CAGGIANO TRUSTEE 2.00 X 0 0 0 STEPHEN CASEY TRUSTEE 2.00 X 0 0 0 BART GABLER JD MBA TRUSTEE 2.00 X 0 0 0 WILLIAM J GATTI TRUSTEE 2.00 X 0 0 0 JOHN K GISLESON ESQUIRE TRUSTEE 2.00 X 0 0 0 JEANNE GLEASON TRUSTEE 2.00 X 0 0 0 DEBORAH RICE JOHNSON TRUSTEE 2.00 X 0 0 0 LARRY KARNOFF JD TRUSTEE 2.00 X 0 0 0 HOLLY LORENZ RN MSN TRUSTEE 2.00 X 0 0 0 MARCIA MARTIN TRUSTEE 2.00 X 0 0 0 CAITLIN MCLAUGHLIN TRUSTEE 2.00 X 0 0 0 JAMES H MCTIERNAN TRUSTEE 2.00 X 0 0 0 ANA MARIA MIELES TRUSTEE 2.00 X 0 0 0 ARLENE MORRIS TRUSTEE 2.00 X 0 0 0 THOMAS J NIST TRUSTEE 2.00 X 0 0 0 SUZANNE PAONE MBA DHA RHIA TRUSTEE 2.00 X 0 0 0 JANET SIMON PHD TRUSTEE 2.00 X 0 0 0 MORTON STANFIELD TRUSTEE 2.00 X 0 0 0 NANCY L STUEVER EDD RN TRUSTEE 2.00 X 0 0 0 ANNA BAMONTE TORRANCE ESQUIRE TRUSTEE 2.00 X 0 0 0 SISTER JULIA UPTON RSM PHD TRUSTEE 2.00 X 0 0 0 GUHAN VENKATU TRUSTEE 2.00 X 0 0 0 SUSAN WELSH RSM TRUSTEE 2.00 X 0 0 0 LINDA WERTHMAN RSM PHD TRUSTEE 2.00 X 0 0 0 REPRESENTATIVE JAKE WHEATLEY JR TRUSTEE 2.00 X 0 0 0 GEORGE R WHITMER TRUSTEE 2.00 X 0 0 0 LOIS WHOLEY ESQUIRE TRUSTEE 2.00 X 0 0 0 SENATOR MICHELE BROOKS TRUSTEE (UNTIL 12/18) 2.00 X 0 0 0 SISTER JOANNE COURNEEN RSM TRUSTEE (UNTIL 12/18) 2.00 X 0 0 0 DAVID MEADOWS VP FINANCE/ADMINISTRATION 50.00 X 155250 0 8733 SIBDAS GHOSH VP/PROVOST 40.00 X 128648 0 8388 KIMBERLY HAMMER VP ADVANCEMENT 40.00 X 151500 0 29488 LYNN GEORGE-SCHRINER DEAN HEALTH & WELLNESS 40.00 X 151450 0 26893 TAWANA PURNELL EXECUTIVE DIRECTOR CS/ELC 40.00 X 153000 0 11645 MARY CECERE VP ENROLLMENT/MARKETING 40.00 X 142955 0 7508 MATTHEW GORDLEY DEAN LEARNING & INNOVATION 40.00 X 113925 0 25455 J ANN SPENCE ASSISTANT PROFESSOR 40.00 X 113187 0 25181 1446748 0 151043 14 0 1 0 FRANJO CONSTRUCTION 335 EAST 7TH AVENUE HOMESTEAD PA 15120 CONSTRUCTION 6895316 ALADDIN FOOD MANAGEMENT SERVICES 16567 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 FOOD 2446720 CULINART 2400 YORKMONT ROAD CHARLOTTE NC 28217 FOOD 1278591 FACILITY SUPPORT SERVICES 5475 WILLIAM FLYNN HIGHWAY GIBSONIA PA 15044 CONSTRUCTION 892911 UPMC SCHOOL OF PERFUSION 532 S AIKEN AVENUE SUITE 214 PITTSBURGH PA 15232 ACADEMIC OPERATIONS 742720 23 9454 17928 418129 4422295 127502 4867806 TUITION AND FEES 611600 45308321 45308321 RESIDENCE HALLS & BOARD 611600 5121732 5121732 CARLOW CAMPUS SCHOOL 721310 3099219 3099219 EARLY LEARNING CENTER 624410 374597 374597 AUXILIARY PROGRAMS 900099 349813 349813 54253682 737491 737491 142693 3555 139138 139138 139138 135388 0 135388 135388 135388 5355 17928 27314 -21959 -21959 PARKING PERMIT FEES 900099 306926 306926 BOOKSTORE COMMISSIONS 900099 67892 67892 374818 60486364 54253682 0 1364876 13404989 13404989 915685 705077 210608 20814579 17547464 2621268 645847 922811 773586 122876 26349 4207298 3425510 694026 87762 1486548 1257500 181048 48000 22683 17466 5217 329070 253384 75686 67075 51648 15427 66949 66949 2526018 2016798 495356 13864 553567 427392 124545 1630 2091044 1543607 384746 162691 1320760 994323 284944 41493 1418449 1091853 325039 1557 838326 639241 167384 31701 371197 238382 57801 75014 966556 744248 222308 3234118 2490271 743847 349421 269055 80366 UBIT 1830 1830 AUXILIARY EXPENSES 1935991 1490713 445278 BAD DEBT EXPENSE 735551 566374 169177 STUDENT PROGRAMS 377824 294483 83341 891849 690413 188785 12651 59850188 50935607 7766022 1148559 8184145 6934777 516884 972765 3289508 1909061 2198052 1986033 1741351 1612137 788485 842518 104975323 49925245 44757183 55050078 34820795 38422968 5250 4523036 0 100824689 107730337 3036090 4765288 806102 817323 5175000 8560003 18079046 17939705 87500 2347334 2557381 29531072 34639700 X 25291181 37419591 21763267 9625104 24239169 26045942 71293617 73090637 100824689 107730337 636176 1160844 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 31308302 517538 1794774 531075 649091 32440448 29570590 761188 2052215 484060 591631 31308302 26292840 1592930 2701347 464745 551782 29570590 24423522 3129155 -392639 867198 26292840 23116528 1527121 563590 783717 24423522 0.07000 0.80280 0.12720 0 0 1256517 1256517 87277637 38820629 48457008 14545700 11104616 3441084 1895469 1895469 55050078 STUDENT DEPOSITS 183694 FEDERAL LOAN ADVANCES 2373687 2557381 X 49911162 1160844 -11558937 -10398093 60309255 66949 110160 177109 60486364 48114142 -110160 -110160 48224302 66949 11558937 11625886 59850188 PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 170 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. PART X, LINE 2: THE UNIVERSITY ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD AT JUNE 30, 2019 AND 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT AID NETTED TO TUITION ON FINANCIAL STATEMENTS -11,503,536. CONSTRUCTION EXPENSES NETTED TO CONTRIBUTION RECEIPTS ON FINANCIAL STATEMENT -55,401. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL REVENUE NETTED TO EXPENSES ON FINANCIAL STATEMENTS 141,029. FUNDRAISING EXPENSES -27,314. RENTAL EXPENSES -3,555. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL REVENUE NETTED TO EXPENSES ON FINANCIAL STATEMENTS -141,029. FUNDRAISING EXPENSES 27,314. RENTAL EXPENSES 3,555. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID NETTED TO TUITION ON FINANCIAL STATEMENTS 11,503,536. CONSTRUCTION EXPENSES NETTED TO CONTRIBUTION RECEIPTS ON FINANCIAL STATEMENT 55,401. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 CERTAIN RECRUITING PUBLICATIONS AND COLLEGE CATALOGS CONTAIN EXPRESS STATEMENTS THAT THE COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, CREED, SEX OR RELIGION. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY DISTRIBUTES STUDENT FINANCIAL ASSISTANCE FUNDS ON BEHALF OF FEDERAL AND STATE GOVERNMENTS. THIS ASSISTANCE INCLUDED FEDERAL AID FROM PELL GRANT AWARDS OF $2,786,164; SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT AWARDS OF $240,561; AND COLLEGE WORK STUDY AWARDS OF $156,645. THE UNIVERSITY ALSO RECEIVED STATE AID FROM THE PA HIGHER EDUCATION ASSISTANCE AUTHORITY IN THE AMOUNT OF $1,970,010. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 133376 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 2117 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 1193 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 961 0 0 0 0 0 0 137647 0 137647 0 0 0 0 0 0 PART I, LINE 2: THE UNIVERSITY'S USE OF GRANTS AND OTHER ASSISTANCE OUTSIDE OF THE UNITED STATES IS MONITORED THROUGH THE FINANCE OFFICE, WHICH REQUIRES THE APPROPRIATE SUPPORTING DOCUMENTATION AND AUTHORIZATION IN CONNECTION WITH THE UNIVERSITY'S PURCHASING POLICY. THE ROSIE 13258 9253 4005 7580 7573 KENTUCKY DERBY EVE 10025 8675 1350 5363 525 6273 23283 17928 5355 12943 525 13846 27314 -21959 1 STUDENT SCHOLARSHIPS 1027 13030506 CAMPUS SCHOOL STUDENT SCHOLARSHIPS 77 374483 PART I, LINE 2: GRANT FUNDS ARE MONITORED BY THE FINANCIAL AID OFFICE AND ACCOUNTING OFFICES. X X 1 1 X X 0 1 0 0 0 0 0 0 0 SUZANNE K MELLON PHD PRESIDENT 257472 0 0 0 79361 0 0 0 7752 0 344585 0 0 0 DAVID MEADOWS VP FINANCE/ADMINISTRATION 155250 0 0 0 0 0 7763 0 970 0 163983 0 0 0 KIMBERLY HAMMER VP ADVANCEMENT 151500 0 0 0 0 0 7575 0 21913 0 180988 0 0 0 LYNN GEORGE-SCHRINER DEAN HEALTH & WELLNESS 151450 0 0 0 0 0 7573 0 19320 0 178343 0 0 0 TAWANA PURNELL EXECUTIVE DIRECTOR CS/ELC 153000 0 0 0 0 0 4080 0 7565 0 164645 0 0 0 MARY CECERE VP ENROLLMENT/MARKETING 142955 0 0 0 0 0 6646 0 862 0 150463 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE PAID AND INCLUDED AS GROSS WAGES ON W-2 FORM FOR THE PRESIDENT ONLY. DUQUESNE CLUB DUES PAID BY CARLOW UNIVERSITY THROUGH ACCOUNTS PAYABLE. NOT TAXED TO AN INDIVIDUAL. PART I, LINE 4B THE PRESIDENT, DR. SUZANNE K. MELLON, PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN IN FY 2019 AND CONTRIBUTED A TOTAL OF $14,611. A AUTHORITY IMPROVEMENTS MUNICIPALITY 251196358 052674AD0 2018-04-26 5175000 SEE PART VI 0 0 0 B AUTHORITY IMPROVEMENTS MUNICIPALITY 251196358 2018-07-12 3500000 SEE PART VI 0 0 0 A 115000 5175000 235538 5175000 2019 0 0 0 1 B 3500000 55960 3444040 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 1 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART I, BOND ISSUES: ISSUE A: (A) ISSUER NAME: AUTHORITY IMPROVEMENTS MUNICIPALITY (F) DESCRIPTION OF PURPOSE: ST. JOE'S AND CURRAN HALL RENOVATIONS ISSUE B: (A) ISSUER NAME: AUTHORITY IMPROVEMENTS MUNICIPALITY (F) DESCRIPTION OF PURPOSE: FOR THE RENOVATION OF CERTAIN EDUCATIONAL FACILITIES AND ISSUANCE COSTS. X 3 800 FAIR MARKET VALUE X 4 95648 FAIR MARKET VALUE X TICKETS, PASSES, GIFT CARDS & VOUCHERS 92 25327 FAIR MARKET VALUE X VARIOUS ITEMS 14 3446 FAIR MARKET VALUE X TRAVEL/ACCOMODATIONS 7 2281 FAIR MARKET VALUE 0 1 0 PART I, COLUMN (B): THE NUMBER REPORTED ABOVE IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE UNIVERSITY IS THE CONFERENCE FOR MERCY HIGHER EDUCATION WHICH EXERCISES RESERVED CANONICAL POWERS DELEGATED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS AND AS OUTLINED IN THE UNIVERSITY'S BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A UP TO SIX OF THE TOTAL TRUSTEES (EX-OFFICIO AND ELECTED TRUSTEES) SHALL BE PROFESSED SISTERS OF THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS OR ITS CANONICAL SUCCESSOR. THERE SHALL BE THREE EX-OFFICIO TRUSTEES, WHO SHALL BE VOTING MEMBERS OF THE BOARD OF TRUSTEES AND INCLUDED IN THE TOTAL NUMBER OF TRUSTEES, AND SUCH EX-OFFICIO TRUSTEES SHALL CONSIST OF ONE SISTER OF MERCY, APPOINTED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS, THE PRESIDENT OF THE UNIVERSITY, AND THE BISHOP OF THE DIOCESE OF PITTSBURGH OR HIS DESIGNEE. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER HAS THE RIGHT TO APPROVE THE FOLLOWING ACTIONS TO THE EXTENT SUCH ACTIONS ARE TAKEN BY THE BOARD OF TRUSTEES: AMENDMENTS TO THE ARTICLES OF INCORPORATION, IF THEY RELATE TO THE RESERVED POWERS DELEGATED TO THE CONFERENCE FOR MERCY HIGHER EDUCATION, THE ADOPTION OR AMENDMENT TO THE MISSION OF THE UNIVERSITY, THE INCURRENCE BY THE UNIVERSITY OF ANY DEBT, AND ANY SALE, TRANSFER, LONG-TERM LEASE OR EMCUMBRANCE OF ANY REAL OR PERSONAL PROPERTY, TANGIBLE OR INTANGIBLE, OF THE UNIVERSITY OUTSIDE THE ORDINARY COURSE OF BUSINESS ONLY TO THE EXTENT SUCH APPROVAL IS REQUIRED UNDER CANON LAW, ANY MERGER, CONSOLIDATION, DISSOLUTION, TRANSFER OF SUBSTANTIALLY ALL THE ASSETS, OR OTHER FUNDAMENTAL TRANSACTION WITHIN THE CONTEMPLATION OF THE PENNSYLVANIA NONPROFIT CORPORATION LAW, OF OR BY THE UNIVERSITY TO THE EXTENT SUCH APPROVAL IS REQUIRED BY CANON LAW. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. FORM 990 IS REVIEWED BY MANAGEMENT AND SUBMITTED TO THE AUDIT COMMITTEE FOR REVIEW AND APPROVAL, ONCE THE AUDIT COMMITTEE APPROVES THE SUBMITTED FORM 990; IT IS SUBMITTED TO THE BOARD OF TRUSTEES PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL "COVERED PERSONS" AS DEFINED IN THE POLICY. EACH COVERED PERSON IS GIVEN A COPY OF THE POLICY, REQUIRED TO SIGN A STATEMENT ACKNOWLEDGING THAT HE OR SHE HAS RECEIVED A COPY OF THE POLICY, UNDERSTANDS IT, AND AGREES TO COMPLY WITH IT. THE COVERED PERSON IS ALSO REQUIRED TO COMPLETE A COVERED PERSON'S QUESTIONNAIRE ON AN ANNUAL BASIS. EACH COVERED PERSON SHALL DISCLOSE ALL ACTUAL AND POTENTIAL CONFLICTS AS SET OUT IN THE POLICY. COMPLIANCE WITH THIS POLICY IS MONITORED AND ENFORCED BY THE FOLLOWING PROCEDURE: - EACH YEAR THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, OR HIS DESIGNEE, UNDER THE SUPERVISION OF THE CHAIR OF THE AUDIT COMMITTEE, PREPARES A LIST OF COVERED PERSONS. - A COVERED PERSON QUESTIONNAIRE IS DISTRIBUTED TO EACH PERSON ON THE LIST - FORMS ARE COMPLETED AND SIGNED BY EACH COVERED PERSON - COMPLETED FORMS FOR ALL TRUSTEES ARE REVIEWED BY THE CHAIR OF THE AUDIT COMMITTEE TO DETERMINE IF ANY ACTUAL OR POTENTIAL CONFLICTS EXIST - COMPLETED FORMS FOR ALL COVERED PERSONS WHO ARE MEMBERS OF STAFF OR FACULTY ARE REVIEWED BY THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION, OR HIS DESIGNEE. - THE CHAIR OF THE AUDIT COMMITTEE ASKS AT A MINIMUM OF TWO BOARD MEETINGS IF ANY TRUSTEE IS AWARE OF ANY CONFLICTS AND IT IS DOCUMENTED IN THE BOARD MINUTES DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICTS - DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICT OF INTEREST MUST BE DISCLOSED AT THE TIME THEY BECOME A COVERED PERSON, OR AT THE TIME A POTENTIAL OR ACTUAL CONFLICT ARISES AND AT THE TIME OF THE COMPLETION OF THE ANNUAL QUESTIONNAIRE. - ALL DISCLOSURES DETERMINED TO BE A CONFLICT OF INTEREST ACCORDING TO THE POLICY ARE DISCUSSED WITH THE CHAIR OF THE AUDIT COMMITTEE AND BROUGHT FORWARD TO THE NEXT BOARD OF TRUSTEE MEETING. - ANY IDENTIFIED CONFLICT SHALL BE REFLECTED IN THE MINUTES OF THE BOARD OF TRUSTEE MEETINGS ALONG WITH THE NATURE OF SUCH CONFLICT. - THE MINUTES SHALL ALSO REFLECT ALL PERSONS PRESENT AT THE MEETING WHERE ANY VOTING TOOK PLACE ON AN ITEM RELATED TO THE DISCLOSED CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE IS THE AUTHORIZED COMMITTEE OF THE BOARD OF TRUSTEES TO REVIEW COMPENSATION OF THE PRESIDENT. THE EXECUTIVE COMMITTEE CREATED A COMPENSATION COMMITTEE (THE SUBCOMMITTEE) TO PERFORM ANNUAL PERFORMANCE REVIEWS AND SET THE PRESIDENT'S ANNUAL SALARY, IN ACCORDANCE WITH THE EXECUTIVE COMPENSATION PHILOSOPHY, POLICIES AND PROCEDURES APPROVED BY THE BOARD. NO MEMBER OF THE GOVERNANCE COMMITTEE MAY HAVE A CONFLICT OF INTEREST WITHIN THE MEANING OF THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. THE GOVERNANCE COMMITTEE SHALL DOCUMENT ITS DECISIONS WITH RESPECT TO COMPENSATION AS REQUIRED BY THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. THE ACTIONS OF THE GOVERNANCE COMMITTEE ARE INTENDED TO QUALIFY UNDER THE REBUTTABLE PRESUMPTION PROVISIONS IN SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. OTHER SENIOR EXECUTIVE COMPENSATION: NO PROSPECTIVE SALARY ADJUSTMENTS WERE ANTICIPATED FOR OTHER SENIOR LEVEL EXECUTIVES. COMPARABILITY DATA AND ANALYSIS WAS PROVIDED TO THE PRESIDENT IN THIS FISCAL YEAR. REPORT TO THE BOARD OF TRUSTEES: THE PROCEDURE STATES THAT, THE GOVERNANCE COMMITTEE SHALL PROVIDE A WRITTEN REPORT TO THE BOARD OF TRUSTEES NO LATER THAN THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD FOLLOWING THE GOVERNANCE COMMITTEE ACTION ON THE COMPENSATION OF SENIOR EXECUTIVES. THE REPORT SHALL REFLECT BASE SALARY AND ALL OTHER ELEMENTS FOR SENIOR EXECUTIVES' COMPENSATION, AS WELL AS A SUMMARY OF THE CRITERIA AND PROCESSES USED TO MAKE THE COMPENSATION DECISIONS AND TO ASSURE THAT THE COMPENSATION IS "REASONABLE AND NOT "EXCESSIVE" WITHIN IRS POLICY AND CRITERIA. RELIANCE ON COMPARABILITY DATA DERIVED FROM MARKET REVIEW AND SELECTION OF PEER INSTITUTIONS: IN DETERMINING AND APPROVING COMPENSATION, THE GOVERNANCE COMMITTEE SHALL RELY ON COMPARABILITY DATA DERIVED FROM A REVIEW OF THE MOST CURRENT INFORMATION AVAILABLE AS TO COMPENSATION LEVELS FOR COMPARABLE SENIOR EXECUTIVES AT PEER INSTITUTIONS, TAKING INTO ACCOUNT THAT AVAILABLE INFORMATION IS GENERALLY FOR THE PRIOR FISCAL OR ACADEMIC YEARS. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST BY THE PUBLIC AT THE CORPORATE ADDRESS. FORM 990, PART XII, QUESTION 2C: THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTING FIRM. IN ADDITION, THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND ITS SELECTION OF THE INDEPENDENT AUDITOR. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.