2020-05-18T15:31:07-05:00 2019-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2018-07-01 043293659 SEVEN HILLS FOUNDATION SEVE 5087552340 81 HOPE AVENUE WORCESTER MA 01603 JOSEPH TOSCHES SENIOR VP/CFO 5087552340 2020-05-14 1 BARBARA E KING P00005629 5087557107 2020-05-14 64.92.68.66 2020-05-14 15:28:46 ED P 572F2072D963F6946FC1DF8BF874B65DB477EE7A C06835ABCAABAEEA325C3B5FC21946FDAB5E74BC 2018 2020-09-23 17:36:50Z MICHAEL MATTHEWS 81 HOPE AVENUE WORCESTER MA 01603 32878853 0 3444 X WWW.SEVENHILLS.ORG X 1953 MA TO PROVIDE MANAGEMENT AND OVERSIGHT TO THE TWENTY-ONE AFFILIATES UNDER COMMON CONTROL. 15 14 4532 500 23549 70942 758171 1736562 11416310 12022372 2203884 3850258 902622 1074884 15280987 18684076 0 0 0 0 7172343 7964086 0 0 132824 6131184 6647747 13303527 14611833 1977460 4072243 181740540 181182796 130792873 126765600 50947667 54417196 TO PROVIDE MANAGEMENT AND OVERSIGHT TO THE TWENTY-ONE AFFILIATES UNDER COMMON CONTROL. 0 0 14479009 13482515 TO PROVIDE MANAGEMENT AND OVERSIGHT TO THE TWENTY-ONE AFFILIATES UNDER COMMON CONTROL. 14479009 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 1 0 0 0 1 472 25 1 4532 1 1 1 0 0 0 0 0 0 0 0 0 X 15 14 1 0 0 0 0 1 0 1 1 0 1 1 1 1 1 1 1 1 1 0 1 1 MA X MICHAEL MATTHEWS SR VPCFO 5089832900 81 HOPE AVENUE WORCESTER MA 01603 JOHN N ALTOMARE ESQ CHAIR 2.00 X X 0 0 0 DAVID SIMON DIRECTOR 2.00 X 0 0 0 DR DAVID PAYDARFAR DIRECTOR 2.00 X 0 0 0 DR TAMMY MURRAY DIRECTOR 2.00 X 0 0 0 FRANCES POLITO DIRECTOR 2.00 X 0 0 0 JOHN PROSSER DIRECTOR 2.00 X 0 0 0 MARIANNE E ROGERS DIRECTOR 2.00 X 0 0 0 MAUREEN BINIENDA DIRECTOR 2.00 X 0 0 0 PETER STANTON DIRECTOR 2.00 X 0 0 0 ROBERT ORIOL DIRECTOR 2.00 X 0 0 0 CLAIRE M SWAN MEMBER-AT-LARGE 2.00 X 0 0 0 DEBORAH J NEEDLEMAN SECRETARY/CLERK 2.00 X X 0 0 0 ROBERT L MAHAR TREASURER 2.00 X X 0 0 0 DR CHARLES P CONROY VICE CHAIR 2.00 X X 0 0 0 ALLEN KRAUSE TRUSTEE 2.00 X 0 0 0 ARLENE BETTERIDGE TRUSTEE 2.00 X 0 0 0 ARLENE LIAN TRUSTEE 2.00 X 0 0 0 BETH CASAVANT TRUSTEE 2.00 X 0 0 0 BERNIE STEPHENS TRUSTEE 2.00 X 0 0 0 CHRISTINA CIOCIOLO TRUSTEE 2.00 X 0 0 0 CHRISTOPHER MURPHY TRUSTEE 2.00 X 0 0 0 DALE DUCASSE TRUSTEE 2.00 X 0 0 0 DARLENE A MOORE TRUSTEE 2.00 X 0 0 0 DAVID GREENWOOD TRUSTEE 2.00 X 0 0 0 DAVID J STRACHMAN ESQ TRUSTEE 2.00 X 0 0 0 DAVID MASIELLO TRUSTEE 2.00 X 0 0 0 DEBORAH PENTA TRUSTEE 2.00 X 0 0 0 DEBRA HOKKANEN TRUSTEE 2.00 X 0 0 0 DIANE BRAZELTON TRUSTEE 2.00 X 0 0 0 DOROTHY HARGROVE TRUSTEE 2.00 X 0 0 0 DOUGLAS RUSSELL JR TRUSTEE 2.00 X 0 0 0 DR BENJAMIN NWOSU TRUSTEE 2.00 X 0 0 0 DR CAMILLE ROBERTS TRUSTEE 2.00 X 0 0 0 DR JENNIFER SCHOTT TRUSTEE 2.00 X 0 0 0 DR PETER RUGG TRUSTEE 2.00 X 0 0 0 ELLEN AMADIO-AUBUCHON TRUSTEE 2.00 X 0 0 0 ELLEN HONEYMAN TRUSTEE 2.00 X 0 0 0 PALL KALMANSSON TRUSTEE 2.00 X 0 0 0 HANNAH KANE TRUSTEE 2.00 X 0 0 0 HONORABLE MATTHEW BEATON TRUSTEE 2.00 X 0 0 0 HONORABLE RICHARD T MOORE TRUSTEE 2.00 X 0 0 0 JAMES BUSS TRUSTEE 2.00 X 0 0 0 JO-ANN WHELAN TRUSTEE 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2.00 X 0 0 0 STEPHEN F WALSH TRUSTEE 2.00 X 0 0 0 STEVE NELSON TRUSTEE 2.00 X 0 0 0 TODD S SOLAR TRUSTEE 2.00 X 0 0 0 W ROBERT BENTLEY TRUSTEE 2.00 X 0 0 0 WAYNE GRIFFIN TRUSTEE 2.00 X 0 0 0 WILLIAM G O'BRIEN III TRUSTEE 2.00 X 0 0 0 JEANNE ANTONUCCI TRUSTEE 2.00 X 0 0 0 MARJORIE COHEN TRUSTEE 2.00 X 0 0 0 RUTHANN MELANCON TRUSTEE 2.00 X 0 0 0 DOROTHY DUDLEY TRUSTEE 2.00 X 0 0 0 THE HONORABLE JENNIFER FLANAGAN TRUSTEE 2.00 X 0 0 0 MICHAEL NOCKUNAS TRUSTEE 2.00 X 0 0 0 ELIZABETH DABEK VELLA TRUSTEE 2.00 X 0 0 0 DAVID WOODBURY TRUSTEE 2.00 X 0 0 0 BILL DAVIS TRUSTEE 2.00 X 0 0 0 DR CATHERINE JONES TRUSTEE 2.00 X 0 0 0 PAUL LAVALLEE TRUSTEE 2.00 X 0 0 0 DR DAVID A JORDAN DHA PRESIDENT 40.00 X 385669 0 537597 DR JOSEPH L TOSCHES DBA EXECUTIVE VP/C0O 40.00 X 400496 0 151147 RICHARD NECKES SENIOR VP/CHIEF PROGRAM OFFICER 40.00 X 201824 0 38532 DR KATHLEEN JORDAN DHA EXECUTIVE VP/CEO 40.00 X 239174 0 141247 MICHAEL P MATTHEWS SENIOR VP/CFO 40.00 X 171834 0 67147 DOMENIC SMARRA VP IT 40.00 X 114461 0 0 KATHLEEN MYSHRALL VP ADVANCEMENT 40.00 X 109595 0 31934 WILLIAM STOCK VP GOVERNMENT RELATIONS 40.00 X 142392 0 22814 MARILYN LOPEZ-HADDAD VP HUMAN RESOURCES 40.00 X 105177 0 14611 MITZI AROCHO FORMER VP HR 40.00 X 103670 0 0 1974292 0 1005029 10 0 1 0 NETSMART TECHNOLOGIES PO BOX 823519 PHILADELPHIA PA 19182 IT/SOFTWARE 625967 1 1736562 327000 1736562 PROGRAM SERVICES 623990 12022372 12022372 12022372 1187581 1187581 183760 0 183760 183760 183760 14381747 1171809 12567266 323613 1814481 848196 2662677 848196 1814481 1622163 1303898 318265 62637 255628 OTHER REVENUE 623990 611947 611947 MANAGEMENT FEE 900099 20000 20000 LLC/S-CORP TAXABLE INCOME 900099 -59088 -59088 572859 18684076 13482515 23549 3441450 1398997 1398997 4031233 4031233 2139548 2139548 394308 394308 356920 356920 214985 214985 60808 60808 288815 288815 800866 800866 674704 674704 591222 591222 818642 818642 174907 174907 MISCELLANEOUS 673270 673270 CONSULTANTS 600418 600418 CLIENT TRANSPORTATION 397308 397308 SUPPLIES 346881 346881 648001 515177 132824 14611833 14479009 0 132824 385640 343174 15000 147400 41442 35463 173359143 54766712 123207522 118592431 39635470 42670849 2079451 2533397 16376015 16860082 181740540 181182796 99677080 93247340 9938853 12015541 21176940 21502719 130792873 126765600 X 50947667 54417196 50947667 54417196 181740540 181182796 X 4072243 -340603 -262111 X 0 1 X 1 1 1 X 761759 740603 814267 727090 1736562 4780281 10231173 14261463 12233315 12485473 13146199 62357623 10992932 15002066 13047582 13212563 14882761 67137904 233000 361000 325000 303000 290000 1512000 0 233000 361000 325000 303000 290000 1512000 65625904 645474 675570 698778 1032446 1352633 4404901 645474 675570 698778 1032446 1352633 4404901 59995 43920 182779 136459 26498 449651 11698401 15721556 13929139 14381468 16261892 71992456 0.91160 0.93750 0.06120 0.05560 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 34181223 2035948 2809226 33407945 26232553 5860170 2360419 271919 34181223 19878664 6613942 260053 26232553 20176216 331432 628984 19878664 20172549 305502 301835 20176216 0.74270 0.25730 0 0 17204115 17204115 137962984 41112920 96850064 16694613 13653792 3040821 1497431 1497431 118592431 OTHER ASSETS 16860082 16860082 DEFERRED COMPENSATION LIABILITY 8330972 DUE TO AFFILIATES 13171747 21502719 X 19419152 -340603 1077399 736796 18682356 60808 -59088 1720 18684076 15854923 1303898 1303898 14551025 60808 60808 14611833 PART V, LINE 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF BOTH INDIVIDUAL DONOR RESTRICTED FUNDS AND FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. ENDOWMENT FUNDS INCLUDE INVESTED GIFTS AND CASH. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE FOUNDATION CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED AS NON-EXPENDABLE NET ASSETS IS CLASSIFIED AS EXPENDABLE NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE FOUNDATION IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE FOUNDATION MAY CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE FOUNDATION AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE FOUNDATION; AND THE INVESTMENT POLICIES OF THE FOUNDATION. THE FOUNDATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS BOARD-DESIGNATED AND OTHER ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE ENDOWMENT ASSETS ARE INVESTED IN SUCH A MANNER THAT THE INVESTMENTS WILL PROVIDE A SPENDABLE RETURN CONSISTENT WITH A LONG-TERM GOAL OF PRESERVING THE FUNDS IN REAL TERMS. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. THE STETSON HOME, INC. AFFILIATE HAS A SPENDING POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR 7% OF ITS BEGINNING OF THE YEAR RESTRICTED BALANCES. AMOUNTS APPROPRIATED FOR EXPENDITURE WERE $282,912 AND $271,919 IN 2019 AND 2018, RESPECTIVELY. THE CHILDREN'S FRIEND, INC. AFFILIATE HAS A SPENDING POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR 5% OF THE ENDOWMENT FUND'S TWELVE QUARTER MOVING AVERAGE OF MARKET VALUE, CALCULATED QUARTERLY. THERE WERE NO WITHDRAWALS FOR APPROPRIATION IN 2019 AND 2018. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE FOUNDATION RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST, DIVIDENDS AND NET RENTAL INCOME). THE FOUNDATION HAS INVESTED IN DEBT AND EQUITY SECURITIES THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE FOUNDATION TO RETAIN AS A FUND OF PERPETUAL DURATION. THERE WERE NO SUCH DEFICIENCIES AS OF JUNE 30, 2019 AND JUNE 30, 2018. PART X, LINE 2: MANAGEMENT ANNUALLY REVIEWS FOR UNCERTAIN TAX POSITIONS ALONG WITH ANY RELATED INTEREST AND PENALTIES AND BELIEVES THAT THE FOUNDATION HAS NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL ADVERSE EFFECT, INDIVIDUALLY OR IN THE AGGREGATE UPON THE FOUNDATION'S STATEMENTS OF FINANCIAL POSITION, OR THE RELATED STATEMENTS OR ACTIVITIES, OR CASH FLOWS. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS ON HEDGING INSTRUMENT -273,849. BOOK/TAX LOSS FROM PASSTHROUGH INVESTMENTS 47,350. GAMING EXPENSES 1,303,898. PART XI, LINE 4B - OTHER ADJUSTMENTS: TAX LOSS ON INVESTMENTS -59,088. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAMING EXPENSES 1,303,898. 1536630 1064678 216324 1 1.00000 85533 22896 1 1.00000 1622163 1087574 216324 1303898 318265 MA 1 0 0 0 1.00000 JOSEPH TOSCHES SEVEN HILLS FOUNDATION 81 HOPE AVEN WORCESTER MA 01603 0 JOSEPH TOSCHES MANAGER OF EVENTS X 1 243450 X X X X 0 1 0 0 0 0 0 0 0 DR DAVID A JORDAN DHA PRESIDENT 376722 0 0 0 8947 0 519368 0 18229 0 923266 0 0 0 DR JOSEPH L TOSCHES DBA EXECUTIVE VP/C0O 392795 0 0 0 7701 0 132918 0 18229 0 551643 0 0 0 RICHARD NECKES SENIOR VP/CHIEF PROGRAM OFFICER 197449 0 0 0 4375 0 22077 0 16455 0 240356 0 0 0 DR KATHLEEN JORDAN DHA EXECUTIVE VP/CEO 238249 0 0 0 925 0 141247 0 0 0 380421 0 0 0 MICHAEL P MATTHEWS SENIOR VP/CFO 171834 0 0 0 0 0 67147 0 0 0 238981 0 0 0 WILLIAM STOCK VP GOVERNMENT RELATIONS 142392 0 0 0 0 0 19820 0 2994 0 165206 0 0 0 PART I, LINE 4B DAVID A. JORDAN, DHA - DEFINED BENEFIT PLAN & DEFERRED COMPENSATION $519,368 JOSEPH L. TOSCHES - DEFINED BENEFIT PLAN - $132,918 DR KATHLEEN JORDAN, DHA - DEFINED BENEFIT PLAN $141,247 RICHARD NECKES - DEFERRED COMPENSATION - $22,077 MICHAEL MATTHEWS - DEFINED BENEFIT PLAN $67,147 WILLIAM STOCK - DEFERRED COMPENSATION $19,820 MITZI AROCHO - DEFERRED COMPENSATION $14,000 THE EMPLOYER CONTRIBUTES THESE DEFERRED COMPENSATION PAYMENTS TO A NON QUALIFIED INELIGIBLE 457(F) PLAN. THESE AMOUNTS CONTRIBUTED INTO THE 457(F) PLAN ARE NOT VESTED AND ARE SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE IN THE EVENT THAT EMPLOYEES DO NOT FULFIL THEIR OBLIGATIONS OF THEIR EMPLOYMENT WITH THE ORGANIZATION. A MASS DEVELOPMENT FINANCE AGENCY 043431814 2008-09-01 12000000 FINANCE/REFINANCE CAPITAL PROJECTS 0 0 0 B MASS DEVELOPMENT FINANCE AGENCY 043431814 2008-09-01 5500000 FINANCE/REFINANCE CAPITAL PROJECTS 0 0 0 C MASS DEVELOPMENT FINANCE AGENCY 043431814 2011-12-29 8051000 FINANCE/REFINANCE CAPITAL PROJECTS 0 0 0 D RI HEALTH & EDUCATIONAL BUILDING CORP 000052919 2012-06-01 3555000 FINANCE/REFINANCE CAPITAL PROJECTS 0 0 0 A 12000000 284980 11715020 2010 0 0 1 1 B 5500000 194288 5305712 2010 0 0 1 1 C 8051000 161096 7075135 2013 0 0 1 1 D 3555000 71100 3197063 2013 0 0 1 1 A 0 0 0 0 0 1 0.17490 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 1 0.00000 0 1 A 0 1 1 1 1 1 TD BANK 5.000000000000 0 0 0 0 1 B 0 1 1 1 1 1 TD BANK 10.000000000000 0 0 0 0 1 C 0 1 1 1 1 1 TD BANK 4.000000000000 0 0 0 0 1 D 0 1 1 1 1 0 0 0 1 A 1 B 1 C 1 D 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 10/03/2014 ISSUER NAME: MASS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 10/03/2014 ISSUER NAME: MASS HEFA REVENUE BONDS DATE THE REBATE COMPUTATION WAS PERFORMED: 11/19/2014 A RI HEALTH & EDUCATIONAL BUILDING CORP 000052919 2013-06-01 1655000 FINANCE/REFINANCE CAPITAL PROJECTS 0 0 0 B MASS HEFA REVENUE BONDS 042456011 2004-11-19 11653000 CONSOLIDATE LOANS 0 0 0 C MASS DEVELOPMENT FINANCE AGENCY 043431814 57583U6N3 2015-04-09 55835000 FINANCE/REFINANCE CAPITAL PROJECTS 0 0 0 D MASS DEVELOPMENT FINANCE AGENCY 043431814 2017-10-31 20000000 FINANCE/REFINANCE CAPITAL PROJECTS 0 0 0 A 1655000 23414 1606835 2014 0 0 1 1 B 11653000 159840 11493160 2004 0 0 1 1 C 55835000 3401881 447673 59260474 2015 1 0 1 1 D 20000000 297179 19702820 2017 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 1 0.11650 0 1 D 0 0 0 0 0 1 0.00800 0 1 A 0 1 1 1 1 0 0 0 1 B 0 1 1 1 1 1 TD BANK 10.000000000000 0 0 0 0 1 C 0 1 1 1 1 0 0 0 1 D 0 1 1 1 1 0 0 0 1 A 1 B 1 C 1 D 1 LOUISE PERRY CO-OWNER OF GROUP 7 DE SISTER OF JOSEPH TOSCHES 20000 MANAGEMENT FEE EXPENSE 0 LOUISE PERRY CO-OWNER OF GROUP 7 DE SISTER OF JOSEPH TOSCHES 184148 ARCHITECTURAL SERVICES 0 X 4 327000 FMV - CONDOMINIUMS 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 DAVID JORDAN, THE PRESIDENT IS MARRIED TO KATHLEEN JORDAN WHO IS THE SR. VICE PRESIDENT/CEO. FORM 990, PART VI, SECTION A, LINE 7A A NOMINATING COMMITTEE MEETS TO REVIEW PROSPECTIVE CANDIDATES FOR SEVEN HILLS FOUNDATION DIRECTOR OR TRUSTEE POSITIONS. THE LIST OF NOMINATED CANDIDATES IS THEN PRESENTED TO THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. ELECTED DIRECTORS AND TRUSTEES SERVE FOR A 3-YEAR TERM. BOARD OFFICERS SERVE A 1-YEAR TERM. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS, CEO, CFO, AND COO WILL REVIEW IT PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS THE ORGANIZATION'S CONFLICT OF INTEREST POLICY ANNUALLY IN ORDER TO ENSURE THAT THE ORGANIZATION'S BOARD OF DIRECTORS, OFFICERS, AND EMPLOYEES ARE REGULARLY AND CONSISTENTLY MONITORING AND ENFORCING IT. FORM 990, PART VI, SECTION B, LINE 15A INDEPENDENT COMPENSATION REVIEW IS COMPLETED EVERY TWO YEARS CONDUCTED BY AN OUTSIDE SPECIALIST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON HEDGING INSTRUMENT -273,849. BOOK/TAX DIFFERENCE OF VARIOUS PASSTHROUGH ENTITIES 11,738. 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