2019-05-14T14:32:04-05:00 2018-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 20 STANWIX STREET PITTSBURGH PA 15222 990 2017-07-01 250965438 CARLOW UNIVERSITY CARL 4125786000 3333 FIFTH AVENUE PITTSBURGH PA 15213 DR SUZANNE K MELLON PRESIDENT 4125786000 2019-05-10 1 JEFFREY J SPENGLER CPA P00109764 4126976400 38.140.44.123 2019-05-10 11:16:09 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 17526E37094213D746F397C282E1624873085213 2017 2019-02-21 02:37:17Z DR SUZANNE K MELLON 3333 FIFTH AVENUE PITTSBURGH PA 15213 59937822 0 X WWW.CARLOW.EDU X 1929 PA TRANSFORMATIONAL HIGHER EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY. 37 35 1108 220 0 8405 6096786 6269008 52404156 52183858 451158 1018302 399431 295608 59351531 59766776 11642950 11976358 0 0 28462905 27661463 0 0 1118609 15972078 19313025 56077933 58950846 3273598 815930 92769694 100824689 22829970 29531072 69939724 71293617 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 47939940 11976358 52183858 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. 47939940 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 4200 0 1 1108 1 1 1 0 0 0 0 1 1 0 0 0 0 X 37 35 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 LARRY KARNOFF JD BOARD MEMBER 2.00 X 0 0 0 DOROTHY DAVIS JD CHAIR 2.00 X X 0 0 0 SUZANNE K MELLON PHD PRESIDENT 50.00 X X 333662 0 6743 MARGARET ARMEN BOARD MEMBER 2.00 X 0 0 0 SISTER HELEN MARIE BURNS RSM PHD VICE CHAIR 2.00 X X 0 0 0 STEPHEN CASEY BOARD MEMBER 2.00 X 0 0 0 SISTER JOANNE COURNEEN RSM BOARD MEMBER 2.00 X 0 0 0 BRIAN DILUCENTE TREASURER 2.00 X X 0 0 0 WILLIAM J GATTI BOARD MEMBER 2.00 X 0 0 0 JOHN K GISLESON JD BOARD MEMBER 2.00 X 0 0 0 DEBORAH F GRAVER BOARD MEMBER 2.00 X 0 0 0 DEBORAH RICE JOHNSON BOARD MEMBER 2.00 X 0 0 0 MARCIA MARTIN BOARD MEMBER 2.00 X 0 0 0 MARY C MCGINLEY ESQ SECRETARY 2.00 X X 0 0 0 ANA MARIA MIELES BOARD MEMBER 2.00 X 0 0 0 ARLENE MORRIS BOARD MEMBER 2.00 X 0 0 0 THOMAS NIST BOARD MEMBER 2.00 X 0 0 0 WILLIAM SCHENCK III VICE CHAIR 2.00 X X 0 0 0 JANET SIMON PHD BOARD MEMBER 2.00 X 0 0 0 MORTON STANFIELD BOARD MEMBER 2.00 X 0 0 0 NANCY STUEVER EDD BOARD MEMBER 2.00 X 0 0 0 ANNA TORRANCE BOARD MEMBER 2.00 X 0 0 0 SISTER JULIA UPTON RSM PHD BOARD MEMBER 2.00 X 0 0 0 SUSAN WELSH BOARD MEMBER 2.00 X 0 0 0 GEORGE R WHITMER BOARD MEMBER 2.00 X 0 0 0 ROSARIO CAGGIANO BOARD MEMBER 2.00 X 0 0 0 JEANNE GLEASON BOARD MEMBER 2.00 X 0 0 0 HOLLY LORENZ RN MSN BOARD MEMBER 2.00 X 0 0 0 JAMES MCTIERNAN BOARD MEMBER 2.00 X 0 0 0 REPRESENTATIVE JAKE WHEATLEY JR BOARD MEMBER 2.00 X 0 0 0 CAITLIN MCLAUGHLIN BOARD MEMBER 2.00 X 0 0 0 SENATOR MICHELE BROOKS BOARD MEMBER 2.00 X 0 0 0 BART GABLER ESQ BOARD MEMBER 2.00 X 0 0 0 SUZANNE PAONE BOARD MEMBER 2.00 X 0 0 0 GUHAN VENKATU BOARD MEMBER 2.00 X 0 0 0 LINDA WERTHMAN BOARD MEMBER 2.00 X 0 0 0 LOIS WHOLEY ESQ BOARD MEMBER 2.00 X 0 0 0 DAVID MEADOWS VP FINANCE & ADMINSTRATION 50.00 X 152500 0 5925 DEANNE D'EMILIO JD PROVOST/VP ACADEMIC AFFAIR 40.00 X 108743 0 9996 KIMBERLY HAMMER VP ADVANCEMENT 40.00 X 150000 0 7500 CAROL DESCAK VP FOR ENROLLMENT MANAGEME 40.00 X 115927 0 9934 LYNN GEORGE-SCHRINER DEAN 40.00 X 146450 0 22313 ALLYSON LOWE DEAN 40.00 X 111100 0 13464 RACHEL AFOLABI DEAN 40.00 X 112977 0 17502 JEFFREY DEVLIN CIO 40.00 X 112918 0 23866 1344277 0 117243 17 0 1 0 ALADDIN FOOD MANAGEMENT SERVICES 16567 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 FOOD 2481707 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 TECHNOLOGY 684786 MACLACHLAN CORNELIUS & FILONI 200 THE BANK TOWER PITTSBURGH PA 15222 CONSTRUCTION 449259 UPMC SCHOOL OF PERFUSION 532 S AIKEN AVENUE SUITE 214 PITTSBURGH PA 15232 ACADEMIC OPERATIONS 295452 GOLON INC 1334 STREETS RUN RD PITTSBURGH PA 15236 CONSTRUCTION 280999 23 166595 870610 5231803 219986 6269008 TUITION AND FEES 611600 43190070 43190070 RESIDENCE HALLS & BOARD 611600 4705831 4705831 CARLOW CAMPUS SCHOOL 721310 3612584 3612584 EARLY LEARNING CENTER 624410 375510 375510 AUXILIARY PROGRAMS 900099 299863 299863 52183858 580220 580220 27023 3485 23538 23538 23538 497258 0 59176 497258 -59176 438082 438082 22720 166595 108385 -85665 -85665 PARKING PERMIT FEES 900099 317125 317125 BOOKSTORE COMMISSIONS 900099 40610 40610 357735 59766776 52183858 0 1313910 11976358 11976358 730598 562560 168038 20454038 17293578 2504532 655928 969931 814111 127697 28123 4079103 3322458 670927 85718 1427793 1207798 173892 46103 129892 100017 29875 70000 53900 16100 66546 51240 15306 1809365 1444615 354819 9931 613077 473338 137934 1805 1537536 1135008 282902 119626 1290091 971235 278327 40529 2453080 1888260 562126 2694 693717 528972 138512 26233 363371 233358 56581 73432 1149938 885452 264486 3102259 2388739 713520 366442 282161 84281 LOSS ON ADVANCED REFUND 2592501 0 2592501 0 AUXILIARY 1951084 1502334 448750 0 MISCELLANEOUS 387671 254027 105157 28487 ENROLLMENT & REGISTRAR 380936 293321 87615 0 355519 277100 78419 58950846 47939940 9892297 1118609 5804957 8184145 599473 516884 3501267 3289508 1700770 2198052 1807597 1741351 593278 788485 91461038 46703855 45248370 44757183 32022906 34820795 5250 5250 1485826 4523036 92769694 100824689 3032823 3036090 0 806102 17146703 23254046 168750 87500 2481694 2347334 22829970 29531072 X 27627289 25291181 18834454 21763267 23477981 24239169 69939724 71293617 92769694 100824689 X 815930 1109873 -571910 X X 0 1 X 1 1 1 X 29570590 761188 2052215 484060 591631 0 31308302 26292840 1592930 2701347 464745 551782 29570590 24423522 3129155 -392639 867198 26292840 23116528 1527121 563590 783717 24423522 20654506 335259 2878139 751376 23116528 0.07270 0.77420 0.15310 0 0 1256517 1256517 73452084 37479843 35972241 13999263 9224012 4775251 2753174 2753174 44757183 STUDENT DEPOSITS 162335 FEDERAL LOAN ADVANCES 2184999 2347334 X 50206023 1109873 -10715950 -9606077 59812100 66546 -111870 -45324 59766776 48280220 111870 111870 48168350 66546 10715950 10782496 58950846 PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 160 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, 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS -10,715,950. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -108,385. RENTAL EXPENSES -3,485. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 108,385. RENTAL EXPENSES 3,485. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 10,715,950. 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 $2,759,198, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT AWARDS OF $208,956, AND COLLEGE WORK STUDY AWARDS OF $166,427. THE UNIVERSITY ALSO RECEIVED STATE AID FROM THE PA HIGHER EDUCATION ASSISTANCE AUTHORITY IN THE AMOUNT OF $2,271,289. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 119421 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 12520 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 13230 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 1000 0 0 0 0 0 0 146171 0 146171 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. WOMEN OF SPIRIT 127630 116155 11475 6500 24621 4234 32564 MARIANNE CORNETTI CONCERT 49700 43425 6275 5150 3522 19433 1 11985 7015 4970 6150 6212 189315 166595 22720 17800 28143 4234 58209 108386 -85666 1 STUDENT SCHOLARSHIPS 1008 11577401 CAMPUS SCHOOL STUDENT SCHOLARSHIPS 97 398957 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 254923 0 0 0 78739 0 0 0 6743 0 340405 0 0 0 DAVID MEADOWS VP FINANCE & ADMINSTRATION 150000 0 0 0 2500 0 5000 0 925 0 158425 0 0 0 LYNN GEORGE-SCHRINER DEAN 146450 0 0 0 0 0 7323 0 14990 0 168763 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 2018 AND CONTRIBUTED A TOTAL OF $25,199. A AUTHORITY IMPROVEMENTS MUNICIPALITY 251196358 052674AT5 2018-04-26 18810000 TAXABLE REFUNDING OF 2011 REVENUE BONDS 1 0 0 B AUTHORITY IMPROVEMENTS MUNICIPALITY 251196358 052674AD0 2018-04-26 5175000 ST. JOE'S AND CURRAN HALL RENOVATIONS 0 0 0 A 16790000 16790000 18810000 67970 1 1 1 1 B 5175000 235538 5175000 2019 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 1 0 0 0 0 1 B 1 0 0 0 0 1 A 1 B 1 X 4 107668 FMV X EQUIPMENT 1 90086 DONOR COST X STATUE 1 17500 DONOR COST X MISCELLANEOUS 4 2023 DONOR COST X GIFT CARDS 17 1200 DONOR COST X TICKETS/PASSES 11 794 DONOR COST X HOTEL STAY/TRAVEL 2 639 DONOR COST X WINE 3 76 DONOR COST 0 1 0 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. 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 XI, LINE 9: ADJUSTMENT FOR ADOPTION OF ASC 606 -571,910. 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.