2019-02-21T10:32:02-06:00 2018-06-30 251622758 MAHER DUESSEL CPA'S 3003 NORTH FRONT STREET SUITE 101 HARRISBURG PA 17110 990 2017-07-01 231352692 WILSON COLLEGE WILS 7172622544 1015 PHILADELPHIA AVENUE CHAMBERSBURG PA 17201 BRIAN ECKER VP FINANCE & ADMINISTRATION 7172622544 2019-02-21 1 P00168809 7172321230 209.170.230.10 2019-02-21 10:30:52 ES P 4869E5F49B9973F149F13A18DEB0F85868CD0247 BB12664BE1E3D4BC08488640412F20C0F7A39D48 2017 2019-02-21 02:37:17Z BARBARA MISTICK 1015 PHILADELPHIA AVENUE CHAMBERSBURG PA 17201 43812364 0 X WWW.WILSON.EDU X 1869 PA WILSON COLLEGE EMPOWERS STUDENTS THROUGH AN ENGAGED, COLLABERATIVE, LIBERAL ARTS EDUCATION THAT COMBINES THE SKILLS AND FOCUSED STUDY NEEDED FOR SUCCESS IN WORK AND LIFE. WE ARE A CLOSE, SUPPORTIVE COMMUNITY THAT DEVELOPS THE MIND AND CHARACTER OF ALL STUDENTS, PREPARING THEM TO MEET THE CHALLENGES OF A GLOBAL SOCIETY. 21 21 709 644 251526 -76616 4895783 6487225 19213160 22186398 1198612 6116753 778544 688171 26086099 35478547 6266267 7196807 0 0 12005967 12935722 0 0 1191837 12885792 13744735 31158026 33877264 -5071927 1601283 113101241 115946270 37454763 36754327 75646478 79191943 X WILSON COLLEGE EMPOWERS STUDENTS THROUGH AN ENGAGED, COLLABERATIVE, LIBERAL ARTS EDUCATION THAT COMBINES THE SKILLS AND FOCUSED STUDY NEEDED FOR SUCCESS IN WORK AND LIFE. WE ARE A CLOSE, SUPPORTIVE COMMUNITY THAT DEVELOPS THE MIND AND CHARACTER OF ALL STUDENTS, PREPARING THEM TO MEET THE CHALLENGES OF A GLOBAL SOCIETY. 0 0 22792310 7196807 22184970 WILSON UNDERSTANDS THAT SUSTAINABLE SOLUTIONS TO COMPLEX PROBLEMS WILL REQUIRE INNOVATION AND GLOBAL SAVVY - TALENTS DEVELOPED MOST FULLY THROUGH A RIGOROUS, PERSONALIZED EDUCATION IN THE LIBERAL ARTS AND A POWERFUL LEARNING/LIVING ENVIRONMENT FOR STUDENTS OF DIVERSE BACKGROUNDS. THIS IS WILSON'S COMMITMENT TO ITS STUDENTS.THE TRADITIONAL UNDERGRADUATE COLLEGE OFFERS BACCALAUREATE DEGREE PROGRAMS AND RESIDENTIAL HOUSING. THE ADULT DEGREE PROGRAM OFFERS BACCALAUREATE AND ASSOCIATE DEGREE PROGRAMS, THE TEACHER INTERN PROGRAM, AND OTHER COURSES FOR MEN AND WOMEN. WILSON OFFERS THE "SINGLE PARENT SCHOLAR" PROGRAM. THIS PROGRAM PROVIDES CAMPUS HOUSING YEAR-ROUND TO SINGLE SCHOLARS AND THEIR CHILDREN SO THAT THE PARENT CAN PURSUE A BACHELOR'S DEGREE FULL TIME. WILSON OFFERS MASTER'S DEGREE PROGRAMS IN ACCOUNTANCY, EDUCATION, FINE ARTS, HEALTHCARE ADMINISTRATION, HUMANITIES, SPECIAL EDUCATION, MASS CUSTOMIZED LEARNING, TEACHING ENGLISH AS A SECONDARY LANGUAGE, EDUCATION TECHNOLOGY, MANAGEMENT, AND NURSING. GRADUATE LEVEL CURRICULA ARE DELIVERED AS EITHER NON-RESIDENTIAL, LOW RESIDENCY, OR ONLINE PROGRAMS. 22792310 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 0 0 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 X 2331 0 1 709 1 1 1 1 CJ BD VI 0 0 0 0 0 0 0 0 X 21 21 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 0 PA X BRIAN ECKER VP FINANCE & ADMINISTRATION 7172622544 1015 PHILADELPHIA AVENUE CHAMBERSBURG PA 17201 BARBARA L TENNEY CHAIR 1.00 X X 0 0 0 J SAMUEL HOUSER VICE CHAIR (AS OF MAY 2018) 1.00 X X 0 0 0 LISBETH S LUKA SECRETARY (AS OF MAY 2018) 1.00 X X 0 0 0 JAMES A SMELTZER TREASURER (UNTIL MAY 2018) 1.00 X X 0 0 0 ROBERT M BAKER TRUSTEE 1.00 X 0 0 0 JENNIFER N BANZHOF TRUSTEE 1.00 X 0 0 0 ROBIN J BERNSTEIN ESQ TRUSTEE 1.00 X 0 0 0 MARY F CRAMER TRUSTEE (UNTIL MAY 2018) 1.00 X 0 0 0 LYNNE E DISTASIO TRUSTEE 1.00 X 0 0 0 CHRISTOPHER GABLE TRUSTEE 1.00 X 0 0 0 SHELDON GOETTEL TRUSTEE (UNTIL MAY 2018) 1.00 X 0 0 0 JUDITH C GROVE TRUSTEE 1.00 X 0 0 0 NIRMAL JOSHI MD TRUSTEE 1.00 X 0 0 0 PAMELA FRANCIS KIEHL TRUSTEE (UNTIL MAY 2018) 1.00 X 0 0 0 PATRICIA C SHEA ESQ TRUSTEE 1.00 X 0 0 0 MARY JO MAYDEW TRUSTEE 1.00 X 0 0 0 JAMES A ORSINI DVM TRUSTEE 1.00 X 0 0 0 MARGARET H DUPREY TRUSTEE 1.00 X 0 0 0 PHOEBE H STEVENSON TRUSTEE 1.00 X 0 0 0 SUE ANN COOK TRUSTEE (AS OF OCT 2017) 1.00 X 0 0 0 NANCY D WASHINGTON TRUSTEE 1.00 X 0 0 0 SARA R WILSON TRUSTEE (UNTIL OCT 2017) 1.00 X 0 0 0 MAXINE L GINDLESPERGER TRUSTEE (AS OF MAY 2018) 1.00 X 0 0 0 LINDA E KRACH TRUSTEE (AS OF MAY 2018) 1.00 X 0 0 0 WILLIAM P KIEHL TRUSTEE (AS OF MAY 2018) 1.00 X 0 0 0 BRIAN ECKER VP FINANCE & ADMIN 40.00 X 131875 0 23453 BARBARA K MISTICK PRESIDENT 40.00 X 302200 0 130747 ELISSA HEIL VP ACADEMIC AFFAIRS 40.00 X 134980 0 21229 CAMILLA RAWLEIGH VP INSTITUTIONAL ADVANCEME 40.00 X 133397 0 10361 702452 0 185790 4 0 1 0 SAGE DINING SERVICES INC 1402 YORK ROAD SUITE 100 LUTHERVILLE MD 21093 FOOD SERVICE 1340744 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 MAINTENANCE CONTRACTOR 781809 EDUSPIRE PO BOX 2012 SOUTHEASTERN PA 19399 EDUCATIONAL SERVICES 441065 RS MOWERY & SONS INC 1000 BENT CREEK BOULEVARD MECHANICSBURG PA 17050 CONSTRUCTION LABOR 328538 HUMPHREY'S GROUP LLP 1720 WAZEE STREET UNIT 5E DENVER CO 80202 REAL ESTATE SERVICES 239125 14 779739 5707486 105510 6487225 TUITION AND FEES 611710 18514659 18514659 ROOM AND BOARD 611710 3466728 3466728 BOOKSTORE 611710 90719 90719 STABLE OPERATIONS 611710 64074 62646 1428 CAFE 611710 50218 50218 22186398 1312243 1312243 100 100 27555 10387 17168 17168 17168 13127940 8323430 4804510 4804510 4804510 CHILD CARE 624410 195861 195861 CONFERENCES 611170 107554 54237 53317 FEES AND FINES 900099 43336 43336 324152 324152 670903 35478547 22184970 251526 6554826 7089965 7089965 106842 106842 602044 385726 184318 32000 9993159 6708261 2726522 558376 541937 334803 168211 38923 1010016 546481 423984 39551 788566 505372 240610 42584 2254505 1215167 1023281 16057 91316 91316 63450 63450 352027 352027 938856 236573 604169 98114 392508 149482 243026 1031545 538353 399033 94159 341776 26145 315631 803254 475803 291089 36362 474300 377938 65903 30459 240811 131798 103501 5512 2220818 1315490 804796 100532 2876743 1716242 1160501 347151 205633 125803 15715 MAINTENANCE/PLANT FACIL 739596 438096 268020 33480 SELF-STUDY 30798 30798 BAD DEBT EXPENSE 29489 29489 BANK SERVICE CHARGES 26887 26887 488905 257342 181550 50013 33877264 22792310 9893117 1191837 3150 4000 3617262 7840726 1800049 921179 805975 567729 1572952 1813917 104566 122296 511035 657832 78924161 35293932 44677647 43630229 32831150 34748732 15916260 14265853 135000 135000 11126195 11238777 113101241 115946270 1426340 1726636 625120 501242 31003248 31011931 4400055 3514518 37454763 36754327 X 30932664 31922261 4108299 4575177 40605515 42694505 75646478 79191943 113101241 115946270 X 1601283 661634 1282548 X X 0 1 X 1 1 1 X 48650 X X X 0 45297837 6062786 2245456 1406116 5361857 46838106 47351535 1501560 3851425 1358786 6047897 45297837 56020994 1320610 -2375278 1185718 6429073 47351535 60305876 1829943 1231855 1095657 6251023 56020994 60028290 1174012 8947734 938033 8906127 60305876 0.32920 0.66740 0.00340 1 0 575546 575546 68052233 28282688 39769545 9702291 7011244 2691047 594091 594091 43630229 LIFE INSURANCE POLICIES CASH SURRENDER VALUE 29848 F ALTERNATIVE INVESTMENTS 14236005 F 14265853 ASSETS HELD IN TRUST UNDER SPLIT INTEREST AGREEMENTS 11238777 11238777 FUNDS HELD IN CUSTODY FOR OTHERS 235077 CAPITAL LEASE OBLIGATIONS 394945 OBLIGATIONS UNDER INTEREST-RATE SWAP AGREEMENTS 2328036 ADVANCES FROM US GOVERNMENT FOR STUDENT LOANS 556460 3514518 X 30123407 661634 -6266286 -5604652 35728059 -249512 -249512 35478547 26577942 249512 249512 26328430 352027 7196807 7548834 33877264 PART X, LINE 2: THE COLLEGE IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING 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 IS MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD IN FISCAL 2017 AND 2016. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 113,654. CHANGE IN FAIR VALUE OF INTEST RATE SWAP 1,168,894. STUDENT FINANCIAL AID (NETTED AGAINST TUITION ON FINANCIAL STATEMENTS) -7,196,807. INVESTMENT FEES (NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS) -352,027. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -10,387. COMMISSION FEES ON MINERAL RIGHTS SALE -239,125. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 10,387. COMMISSION FEES ON MINERAL RIGHTS SALE 239,125. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID (NETTED AGAINST TUITION ON FINANCIAL STATEMENTS) 7,196,807. PART III, LINE 4: THE HANKEY CENTER SERVES AS COLLEGE ARCHIVES, WHICH INLCUDES THE C ELIZABETH BOYD ('33) ARCHIVES AND THE BARRON BLEWETT HUNNICUTT CLASSICS GALLERY. THE HANKEY CENTER IS NAMED IN HONOR OF JOAN HANKEY ('59), THE DONOR THAT HAS MADE IT POSSIBLE FOR WILSON TO KEEP ALIVE THE HISTORY OF WOMEN AT WILSON AND TO FURTHER THE ADVANCEMENT AND EDUCATION OF WOMEN AND GIRLS GLOBALLY. PART V, LINE 4: INCOME FROM ENDOWMENT FUNDS ARE TO PROVIDE SCHOLARSHIPS, SUPPORT FACULTY/STAFF DEVELOPMENT, AND TO SUPPORT OPERATIONS OF THE COLLEGE. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE ORGANIZATION'S NONDISCRIMINATION POLICY IS IN ALL OF ITS PUBLICATIONS, INCLUDING THE SCHOOL'S CATALOG AND COURSE ROSTER. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES VARIOUS FEDERAL GRANTS DIRECTLY FROM THE U.S. DEPARTMENT OF EDUCATION. THESE GRANTS INCLUDE SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, COLLEGE WORK-STUDY FUNDING, AND PELL GRANTS. THE COLLEGE ALSO RECEIVES GRANTS FROM THE COMMONWEALTH OF PENNSYLVANIA, THE MOST SIGNIFICANT OF WHICH IS THE INSTITUTIONAL ASSISTANCE GRANT. 0 0 0 0 0 0 0 0 0 0 SCHOLARSHIP/TUITION REMISSION MIDDLE EAST AND NORTH AFRICA 1 17364 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION RUSSIA AND NEIGHBORING STATES 2 62488 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION EAST ASIA AND THE PACIFIC 1 12341 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION EUROPE (INCLUDING ICELAND & GREENLAND) 1 14649 OTHER - APPLIED AGAINST TUITION N/A 0 0 0 0 0 0 1 STUDENT WORK-STUDY 85 256126 N/A N/A TUITION EXCHANGE AND REMISSION STUDENTS ENROLLED 62 307831 N/A N/A INSTITUTIONAL SCHOLARSHIPS AND GRANTS 522 5791008 N/A N/A ENDOWED SCHOLARSHIPS 231 735000 N/A N/A N/A PART 1, LINE 2: SCHOLARSHIP FUNDS ARE AWARDED TO STUDENTS WHO MEET THE FINANCIAL REQUIREMENTS AS DEMONSTRATED BY THE RESULTS FROM FEDERAL FREE APPLICATION FOR FEDERAL STUDENT AID. ENDOWED SCHOLARSHIP RECIPIENTS ALSO MEET THE SPECIFIC CRITERIA AS IDENTIFIED BY THE DONORS. INSTITUTIONAL FINANCIAL AID IS ALSO AWARDED TO STUDENTS WHO MEET SPECIFIC MERIT OR AFFILIATION CRITERIA. RECIPIENTS OF TUITION REMISSION AND EXCHANGE PROGRAMS FOR WILSON COLLEGE EMPLOYEES ARE VERIFIED FIRST BY THE DIRECTOR OF HUMAN RESOURCES. RECIPIENTS OF TUITION EXCHANGE PROGRAMS FROM OTHER COLLEGES AND UNIVERSITIES ARE VERIFIED FIRST BY THE FINANCIAL AID DEPARTMENT. X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 BRIAN ECKER VP FINANCE & ADMIN 131875 0 0 0 0 0 9891 0 13562 0 155328 0 0 0 BARBARA K MISTICK PRESIDENT 264600 0 20100 0 17500 0 21352 0 109395 0 432947 0 0 0 ELISSA HEIL VP ACADEMIC AFFAIRS 134500 0 0 0 480 0 10088 0 11141 0 156209 0 0 0 PART I, LINE 1A BARBARA MISTICK, PRESIDENT, HAS ON CAMPUS HOUSING AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS HOUSING. THEREFORE, NONE OF THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION. ADDITIONALLY, THE COLLEGE HOUSING IS USED FOR FUNDRAISING AND CAMPUS RELATED EVENTS. THE COLLEGE PAYS COUNTRY CLUB DUES AS WELL AS SOCIAL CLUB DUES FOR THE PRESIDENT. BECAUSE THESE DUES ARE RELATED TO FUNDRAISING EFFORTS, THEY WERE NOT TREATED AS TAXABLE COMPENSATION. PART I, LINE 7 BONUS OF $17,500 BASED ON ENROLLMENT/LIQUIDITY. A MUNICIPAL AUTHORITY BOROUGH OF CHAMBERSBURG 251742939 158042AA9 2007-11-08 31180000 CONSTRUCTION OF SCIENCE CENTER BUILDING 0 0 0 A 31315687 237534 27342384 3735769 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 1 1 BANK OF AMERICA SWAP 19.400000000000 0 0 0 0 1 A 1 SCHEDULE K, PART IV, ARBITRAGE, LINE 2C: (A) ISSUER NAME: MUNICIPAL AUTHORITY BOROUGH OF CHAMBERSBURG DATE THE REBATE COMPUTATION WAS PERFORMED: 11/28/2012 SCHEDULE K, PART II, LINE 3: TOTAL PROCEEDS REPORTED ON LINE 3 OF PART II EXCEEDS BOND PROCEEDS IN PART I DUE TO INVESTMENT EARNINGS OF $135,687. SCHEDULE K, PART IV, LINE 3: THE COLLEGE ENTERED INTO THREE INTEREST RATE SWAP AGREEMENTS IN CONNECTION WITH ITS SERIES 2007 BONDS WITH BANK OF AMERICA. THE TERMS OF THE SWAP AGREEMENTS EXPIRE AS FOLLOWS: NOVEMBER 2018, NOVEMBER 2037, AND NOVEMBER 2037. SCHEDULE K, PART I, BOND ISSUES: (A) ISSUER NAME: MUNICIPAL AUTHORITY BOROUGH OF CHAMBERSBURG (F) DESCRIPTION OF PURPOSE: CONSTRUCTION OF SCIENCE CENTER BUILDING X 3 2411 FAIR MARKET VALUE X 2275 FAIR MARKET VALUE X 1477 78131 FAIR MARKET VALUE X 13 864 FAIR MARKET VALUE X FURNITURE AND EQUIPMENT 5 13444 FAIR MARKET VALUE X GIFT CERTIFICATES/GIVEAWAYS 23 6714 FAIR MARKET VALUE X SERVICES/MATERIALS 16 1671 FAIR MARKET VALUE 0 1 1 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS IN COLUMN B IS THE NUMBER OF DONORS WHO CONTRIBUTED PER CATEGORY. PART I, LINE 32B: THE COLLEGE USES HANOVER CAPITAL MANAGEMENT TO SELL STOCK THAT IS RECEIVED AS A CONTRIBUTION. FORM 990, PART VI, SECTION A, LINE 3 THE COLLEGE OUTSOURCED ITS PHYSICAL PLANT, FOOD SERVICES, CAMPUS SAFETY, AND CONFERENCES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED FIRST BY THE PRESIDENT AND CABINET (MANAGEMENT REVIEW). PURSUANT TO THE BOARD'S DELEGATION OF AUTHORITY, THE FORM 990 WAS SUBMITTED TO THE AUDIT COMMITTEE FOR REVIEW AND APPROVAL. FOLLOWING THE AUDIT COMMITTEE'S REVIEW AND APPROVAL, THE FORM 990 WAS PROVIDED TO EACH TRUSTEE PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE WILSON COLLEGE CONFLICT OF INTEREST POLICY PROTECTS THE INTERESTS OF THE COLLEGE IN CONNECTION WITH ANY TRANSACTION OR ARRANGEMENT THAT MIGHT BENEFIT THE PRIVATE INTERESTS OF ANY COVERED PERSON. A "COVERED PERSON" INCLUDES EACH OF THE COLLEGES TRUSTEES, OFFICERS, MEMBERS OF ANY COMMITTEE OF THE COLLEGE'S BOARD OF TRUSTEES WITH AUTHORITY TO ACT ON BEHALF OF THE TRUSTEES, AND THE COLLEGE'S EXECUTIVE EMPLOYEES AND ANY OTHER MANAGER OR SUPERVISOR IDENTIFIED BY THE BOARD OF TRUSTEES OR THE PRESIDENT AS EXERCISING SUBSTANTIAL INFLUENCE OVER THE OPERATIONS OF THE COLLEGE. EACH COVERED PERSON IS REQUIRED TO SIGN A STATEMENT THAT AFFIRMS THAT THEY READ, UNDERSTAND, AND AGREE TO COMPLY WITH THE POLICY. THEY ARE ALSO REQUIRED TO SUBMIT, ON AN ANNUAL BASIS, A QUESTIONNAIRE DISCLOSING THEIR ACTUAL AND POTENTIAL CONFLICTS OF INTEREST. POTENTIAL CONFLICTS OF INTEREST IDENTIFIED THROUGH THE REVIEW OF THE QUESTIONNAIRE BY THE SECRETARY OR VICE PRESIDENT, OR OTHER POTENTIAL CONFLICTS OF INTEREST ARISING DURING CONSIDERATION OF A TRANSACTION OR ARRANGEMENT ARE REPORTED TO THE BOARD'S AUDIT COMMITTEE. THE AUDIT COMMITTEE WILL EVALUATE THE DISCLOSURES AND THE MATERIAL FACTS AND DETERMINE WHETHER THERE IS A CONFLICT OF INTEREST. THE AUDIT COMMITTEE MAY REFER THE MATTER TO THE BOARD FOR SUCH A DETERMINATION. IF IT IS DETERMINED THAT NO CONFLICT OF INTEREST EXISTS, THE COVERED PERSON MAY PARTICIPATE FULLY IN THE DISCUSSION OF AND VOTE ON THE PROPOSED TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 A SEPARATE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS CURRENT SALARY, EVALUATION RESULTS FOR THE PRESIDENT, AND DATA FROM THE FOLLOWING SOURCES: SALARIES OF PEER AND ASPIRANT COLLEGES; FORMS 990 FROM OTHER INSTITUTIONS; GUIDESTAR INFORMATION; AND RELEVANT SALARY SURVEYS, INCLUDING BUT NOT LIMITED TO, THE ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES OF PENNSYLVANIA (AICUP) AND THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA), TO ENSURE THAT COMPENSATION DOES NOT EXCEED FAIR MARKET VALUE. THE RECOMMENDATION OF THE COMPENSATION COMMITTEE (IN EXECUTIVE SESSION) AND THE ENTIRE BOARD VOTES ON THE COMPENSATION RECOMMENDATION. THIS IS DOCUMENTED VIA COMMITTEE MINUTES. COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS BASED ON MARKET SURVEY INFORMATION AND AUTHORIZED/APPROVED BY THE PRESIDENT. THE COMPENSATION IS ULTIMATELY APPROVED BY THE BOARD OF TRUSTEES AS PART OF THE ANNUAL BUDGET PROCESS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS IN THE FORM OF THE 990 AND 990-T ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUST - 113,654. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP - 1,168,894. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.