2018-02-26T15:23:47-06:00 2017-06-30 GRANT THORNTON LLP 2001 MARKET STREET SUITE 700 PHILADELPHIA PA 19103 990 2016-07-01 231352668 University of the Sciences in Philadelphia % BRIGID K ISACKMAN UNIV 2155968862 600 South 43rd Street Philadelphia PA 191044495 VALERIE WEIL COO 2155968862 2018-02-23 true Frank Giardini P00532355 2155614200 209.220.136.124 23695320180575000000 2018-02-26 P AA918D8483008E32154F6CC583B06457B9AF9E42 04723B140884A68F403C8436F180167607B0B333 2016 2021-01-29 14:40:06Z Paul Katz 600 South 43rd Street Philadelphia PA 191044495 139586889 false X www.Usciences.edu X 1821 PA UNIVERSITY OF THE SCIENCES PREPARES STUDENTS TO BECOME LEADERS, INNOVATORS, AND SKILLED PRACTITIONERS IN THE SCIENCES, THE HEALTH PROFESSIONS, AND RELATED DISCIPLINES. 19 19 1838 231 145703 9619120 5562770 112387949 110608620 7899612 5695963 1204406 -2146100 131111087 119721253 32599011 30073587 0 0 52111283 54804631 0 0 2003947 39410328 38888068 124120622 123766286 6990465 -4045033 351623468 429039347 149652743 217779967 201970725 211259380 X UNIVERSITY OF THE SCIENCES PREPARES STUDENTS TO BECOME LEADERS, INNOVATORS, AND SKILLED PRACTITIONERS IN THE SCIENCES, THE HEALTH PROFESSIONS, AND RELATED DISCIPLINES. WE DELIVER EXCELLENCE IN TEACHING, RESEARCH, AND SERVICE THROUGH A SAFE AND SUPPORTIVE ENVIRONMENT IN WHICH OUR STUDENTS LIVE, LEARN, AND SUCCEED. false false 56519250 30073587 0 The mission of University of the Sciences (USciences) is to educate students to become leaders and innovators in the sciences, the health professions, and emerging related disciplines by providing excellence in teaching, research, and service. The University positions students to enter the marketplace straight from graduation or seek higher degrees. Fully accredited by the Middle States Commission on Higher Education, USciences was founded in 1821 as Philadelphia College of Pharmacy, the first college of pharmacy in North America. The institution changed its name in 1998 to reflect the broader range of academic opportunities the University currently offers. From treating, researching, and studying diseases and cures on a molecular level to the medicines that improve the lives of people worldwide, USciences is about moving life forward. Today, approximately 2,359 (1,981 undergraduate students, 378 graduate students) students are enrolled in top majors such as (with the highest enrollment) pharmacy, physical therapy, biology, and occupational therapy. The University student body is 47% non-white and 62% female. Students enjoy a student/faculty ratio of 9:1 and access to more than 100 laboratories and computer labs and over 69 clubs and campus organizations. Throughout its history, the University has been, and continues to be, an incubator for a thriving alumni network who share a passion for exploration and discovery in pharmacy, science, and healthcare as well as for governmental, business, and administrative professions. The results of a USciences education are rewarding, well-paying careers and discoveries across the pharmaceutical, medical, healthcare, and biotech spectrums worldwide. The U.S. Department of Educations College Scorecard ranks USciences No. 1 for highest earnings among PA, NJ, and DE graduates with a median annual income of $91,800 a decade after students enrolled and also ranks USciences No. 3 in the Mid-Atlantic Region and No. 7 in the U.S., when compared with graduates from four-year U.S. colleges and universities (U.S. Department of Educations College Scorecard https://collegescorecard.ed.gov); 96% of USciences students are employed or accepted for an advanced degree within six months of graduation (Class of 2015 postgraduation survey); the graduation rate is 10-15 percent higher than the national average (NCES 2015 Institutional Retention and Graduation Rates for Undergraduate Students); USciences acceptance rate into medical school was 94% (USciences' five-year retrospective of 2010-2014 matriculants and applicants); USciences prepares students for health professions that rank among the 25 best jobs in the U.S. including dentist, pharmacist, physician, physical therapist, market research analyst, marketing manager, and occupational therapist (U.S. News and World Report 2016); and nearly 97% of USciences students were in good standing when it comes to repaying their student loans, besting the national average was only 89 (U.S. Department of Education http://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr.html). The University campus is located on a 36-acre site comprised of 23 buildings in the University City section of Philadelphia, home to more than 40,000 college students each year. Among USciences newest buildings is the Integrated Professional Education Complex a 57,000-square-foot, three-story building opened in 2014 which showcases an interprofessional education model that permits students from several disciplines, including pharmacy, physical therapy, occupational therapy, exercise science, psychology, and healthcare business and policy, to obtain traditional and hands-on experience. 17978778 0 0 Academic Support - University of the Sciences provides comprehensive student centered learning assistance programs, services and resources for all students to succeed. Students receive one-on-one tutoring assistance for numerous lower-level and upper-level courses. Additionally, student success workshops are designed to help students develop effective study skills and utilize effective strategies. The Library provides access to scholarly materials and instruction in their use. The Writing Center provides one-on-one tutoring for anyone in the university community working on any kind of writing in any stage of development. The Honors Program at University of the Sciences offers exceptional students the opportunity for specialized, intensive learning experiences both inside and outside the classroom. 9604136 0 0 Student Services - University of the Sciences seeks to enrich the students experiences academically, culturally, and socially. The student services units are designed to support student success in the areas of campus engagement and holistic wellness through providing developmental opportunities from enrollment to graduation we support the student through quality student-centered programming and services that support the emotional, intellectual, personal and ethical growth of the individual student by promoting success. This support starts with programs at Orientation and continues with programs in Intercollegiate Athletics, Greek Life, Student Government, Residence Life, International Student Services, Health and Counseling, and Career Services. The University offers many intercollegiate sports competing at the NCAA division II level. Our Student Health and Counseling Center offers a full range of clinical services accessible to all of our students. Career Services facilitates the process of career planning and hosts opportunities for students to explore career opportunities (i.e., Career Fair, Networking Events). Student Life engages student leaders through a program designed to help students develop leadership skills while at the University and beyond. Academic Advising supports student success through an intentional advising model that focuses on developing student holistically. 13815802 Institutional Support 5955474 8106789 Auxiliary Enterprises 4859266 782984 Research 167056 Scholarships 24797598 8889773 108899762 true true false true false false false false true true true false true true true true false true false true false false false false false false false true true true false false false false false false true false false false false false false false true false true false false false true 3391 0 true 1838 true true true false false false false true true false true true false X 19 19 true false false false false false false true true false false true true true true true true true true false PA X BRIGID K ISACKMAN 2155968701 600 SOUTH 43RD STREET PHILADELPHIA PA 191044495 Marvin Samson Chair of The Board 10.0 0.0 X 0 0 0 Kathleen R Mayes Co-Vice Chair of the Board 5.0 0.0 X 0 0 0 Kenneth L Murtha Co-Vice Chair of the Board 2.0 0.0 X 0 0 0 John M Daly Board Member 1.0 0.0 X 0 0 0 Andrew J Ferrara Board Member (end 5/31/17) 2.0 0.0 X 0 0 0 Carla Hendricks Board Member 1.0 0.0 X 0 0 0 Richard Howard Treasurer of the Board 2.0 0.0 X 0 0 0 Rose Mary B Hoy Board Member 1.0 0.0 X 0 0 0 Leonard S Jacob Board Member 1.0 0.0 X 0 0 0 Cedric H Jones Board Member 1.0 0.0 X 0 0 0 Robin L Keyack Board Member 1.0 0.0 X 0 0 0 Rajiv Lakhanpal Board Member (end 5/31/17) 1.0 0.0 X 0 0 0 Kent E Lieginger Board Member 1.0 0.0 X 0 0 0 Ludmilla Malmberg Board Member 1.0 0.0 X 0 0 0 Mark Oley Board Member 1.0 0.0 X 0 0 0 Donald JM Phillips Board Member 1.0 0.0 X 0 0 0 James J Rivard Board Member 1.0 0.0 X 0 0 0 Col S Rogers Wetherill Board Member 1.0 0.0 X 0 0 0 David E Loder Trustee- BOD Sec/Gen Counsel 1.0 0.0 X 0 0 0 Michael C Hemsley Board Member 1.0 0.0 X 0 0 0 Michael J Sofia Board Member 1.0 0.0 X 0 0 0 Peter Miller Provost & VP Academic Affairs 40.0 0.0 X 185017 0 24089 Teresa Winslow VP Inst. Advance (end 3/31/17) 40.0 0.0 X 296278 0 0 David L Forde VP for Comm. & Govt Affairs 40.0 0.0 X 103655 0 5714 Paul Katz President - start 9/1/16 40.0 0.0 X 177181 0 19301 Valerie Weil CFO & COO - start 9/1/16 40.0 0.0 X 102038 0 15264 Patricia Vanston VP BusDev.&Enroll. Start 9/16 40.0 0.0 X 69543 0 5551 William Cunningham Dean of Students 40.0 0.0 X 156907 0 32553 Mark Nestor Chief Information Officer 40.0 0.0 X 158093 0 31626 Michelle Cohen Dean, Health Sciences 40.0 0.0 X 187730 0 30875 Andrew Peterson Dean, Mayes College 40.0 0.0 X 203621 0 77632 Lisa Lawson Gibson Dean of Pharmacy 40.0 0.0 X 244557 0 19392 Suzanne Murphy Dean, Misher College Arts/Sci 40.0 0.0 X 177871 0 30235 Peter Berget Chair of Biology 40.0 0.0 X 152181 0 32576 Marvin Schulte Chair Pharm Sciences 40.0 0.0 X 151702 0 32298 Cathy Poon Chair of Pharm Practice 40.0 0.0 X 204125 0 23355 Anthony Acquavella Med. Dir./PA Prog. Dir. 40.0 0.0 X 204714 0 22425 Andrew Armitage Associate Provost for Admin 40.0 0.0 X 211984 0 17475 John Vitale Former VP Fin,CFO(end 6/17/16) 40.0 0.0 X 129620 0 17881 3116817 0 438242 101 true true false Sodexo Inc 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 Dinning Services 3404200 Lorenzon Brothers Company 220 East Springfield Avenue PHILADELPHIA PA 19118 General Contractor 2169480 Design Collective Inc 601 E Pratt Street Suite 300 BALTIMORE MD 21202 Architects 1389238 ALOYSIUS BUTLER CLARK PO Box 672 WILMINGTON DE 19899 Advertising 798808 OfficeMax 7231 Roosevelt Blvd PHILADELPHIA PA 19149 Supplies 742724 55 782984 4779786 5562770 TUITION AND FEES 900099 102501831 102501831 AUXILIARY SERVICES 900099 8106789 8106789 110608620 10256803 10256803 0 0 57030 25065 31017 26013 25065 51078 51078 15273779 19834619 -4560840 -4560840 2178 -4563018 0 0 0 0 0 0 0 0 0 SALES & SERVICES 900099 90933 90933 INCOME FROM LP INVESTMENTS 900099 1514 1514 BOOKSTORE REVENUE 900099 20329 20329 -2309954 -2309954 -2197178 119721253 110608620 145703 3404160 0 30073587 30073587 0 0 2574480 1463186 815805 295489 0 40371576 36387903 3268821 714852 2763494 2355897 326770 80827 6051260 4968300 867752 215208 3043821 3043821 382523 382523 451017 156834 294183 142931 142931 60000 60000 0 190602 190602 3727162 2955843 619247 152072 2454923 2355327 91486 8110 2007738 1770359 210005 27374 380792 301991 78226 575 0 3399629 2345744 815911 237974 1014446 873506 93825 47115 0 282477 267648 8634 6195 4990683 4335067 655616 0 6996328 5851029 1075336 69963 564524 15209 549315 SVCS AND OUTSIDE CONTRACTORS 6466303 5801488 581020 83795 LIBRARY AND PERIODICALS 1078200 1027367 42696 8137 PRINTING/DUPLICATING 227627 161115 48341 18171 EQUIPMENT 623901 401227 215269 7405 3446262 1414189 2001388 30685 123766286 108899762 12862577 2003947 0 0 21910280 17032171 1531340 1316065 4591420 6599526 0 0 0 0 5158902 4736643 0 0 1327605 1739170 230314352 84427677 139425273 145886675 81199065 83041697 96196129 103444420 0 0 0 0 283454 65242980 351623468 429039347 7848647 11572381 5427344 5317757 11196523 12528903 124746231 188015504 0 0 0 0 0 0 0 0 433998 345422 149652743 217779967 X 139585535 147975020 14125887 14658307 48259303 48626053 201970725 211259380 351623468 429039347 X -4045033 13297534 36154 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 60000 60000 false SCHEDULE C, PART II-B, LINE 1I PAYMENT TO THIRD PARTY LOBBYING FIRM. 158661548 242886 17804997 9000000 -76434 167785865 168614089 4108034 -5060645 9000000 -70 158661548 174496430 539666 -129843 6600000 -307836 168614089 157964494 540945 22285151 6309970 -15810 174496430 147881261 714557 15668676 882190 5417810 157964494 0.65000 0.29000 0.06000 true false 11328778 11328778 189632600 75812559 113820041 18007998 8615118 9392880 11344976 11344976 145886675 BENEFICIAL INTEREST IN TRUSTS 547914 F ASSET ALLOCATION 51782018 F PRIVATE EQUITY 15602604 F HEDGE FUNDS 17951603 F INFLATION HEDGE FUNDS 8375330 F ABSOLUTE 9184951 F 103444420 UNEXPENDED BOND PROCEEDS 65242980 65242980 0 ANNUITY LIABILITIES 160960 OTHER LIABILITIES 184462 345422 X 103012371 13297534 -30037433 -16739899 119752270 -31017 -31017 119721253 93723716 31017 31017 93692699 30073587 30073587 123766286 INTENDED USES OF ENDOWMENT FUNDS SCHEDULE D, PART V, LINE 4 THE UNIVERSITY'S ENDOWMENT IS INTENDED TO PROVIDE BOTH A SOURCE OF OPERATING FUNDS AS WELL AS LONG-TERM FINANCIAL STABILITY FOR THE UNIVERSITY. LIABILITY FOR UNCERTAIN TAX POSITION (ASC 740) SCHEDULE D, PART X, LINE 2 THE UNIVERSITY HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE, EXCEPT FOR TAXES ON INCOME FROM ACTIVITIES UNRELATED TO ITS EXEMPT PURPOSE. ACCORDINGLY, THE UNIVERSITY IS NOT SUBJECT TO INCOME TAXES EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. NO PROVISIONS FOR INCOME TAXES HAVE BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS FOR 2017 OR 2016. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE UNIVERSITY AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE UNIVERSITY HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. THE UNIVERSITY USES A THRESHOLD OF MORE LIKELY THAN NOT RECOGNITION AND DERECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. AS OF JUNE 30, 2017 AND 2016, THE UNIVERSITY DOES NOT HAVE ANY UNCERTAIN TAX POSITION OR ANY UNRELATED BUSINESS INCOME TAX LIABILITY WHICH WOULD HAVE A MATERIAL IMPACT ON ITS FINANCIAL STATEMENTS. SCHEDULE D, PART XI, LINE 2D SCHOLARSHIPS ($30,073,587) CHANGE IN PENSION COST ($13,603) ANNUITY ADJUSTMENT 49,757 TOTAL.......................(30,037,433) SCHEDULE D, PART XI, LINE 4B RECLASS OF EXPENSES - RENT (31,017) TOTAL....................$ (31,017) SCHEDULE D, PART XII, LINE 2D RECLASS OF EXPENSES - RENT 31,017 TOTAL....................$ 31,017 SCHEDULE D, PART XII, LINE 4B SCHOLARSHIPS $30,073,587 TOTAL.......................$30,073,587 true true true true true true true false false false false false false false false true false true PUBLICATION OF RACIALLY NONDISCRIMINATORY POLICY SCHEDULE E, PART I, LINE 3 AN AFFIRMATIVE ACTION STATEMENT IS CONTAINED IN ALL ADMISSIONS MATERIALS AND IN THE UNIVERSITY CATALOG. THE UNIVERSITY CATALOG IS AVAILABLE ON THE UNIVERSITY WEBSITE. GOVERNMENT ASSISTANCE SCHEDULE E, PART I, LINE 6A THE UNIVERSITY OF THE SCIENCES IN PHILADELPHIA RECEIVED $782,984 IN GOVERNMENT GRANTS FOR THE YEAR ENDED JUNE 30, 2017. Europe (Including Iceland and Greenland) 7 Program Services Relations Building 27573 Central America and the Caribbean 4 Program Services Relations Building 15602 East Asia and the Pacific 2 Program Services Relations Building 4670 North America 1 Program Services Relations Building 2970 Central America and the Caribbean Investments 9102350 14 14 9153165 9153165 true false false false false false Accounting Method Used Schedule F, Part I, Line 3, Column (F) The expenditures, per region, are presented on the accrual basis of accounting. true INSTITUTIONAL SCHOLARSHIP AWARDED 2188 30073587 FINANCIAL AID PROCEDURE FOR MONITORING USE OF GRANT FUNDS INSIDE U.S. SCHEDULE I, PART I, LINE 2 THE UNIVERSITY GRANT POLICY IS CONTAINED IN ALL ADMISSIONS MATERIAL, IN THE UNIVERSITY CATALOG, AND CAN ALSO BE FOUND ON THE UNIVERSITY'S WEBSITE. THE UNIVERSITY USES A MATRIX MODEL TO AWARD MERIT-BASED SCHOLARSHIPS AID AT THE TIME A STUDENT IS ADMITTED TO THE UNIVERSITY. THE AMOUNT AWARDED IS BASED ON THE STUDENT'S HIGHEST SAT OR ACT SCORES AND WEIGHTED CUMULATIVE GRADE POINT AVERAGE. ADDITIONAL FINANCIAL AID AWARDS ARE DETERMINED IN CONJUNCTION WITH A STUDENT'S ACADEMIC AND THE FAMILY'S FINANCIAL INFORMATION TO DETERMINE THE EXACT SIZE AND COMPOSITION OF THE FINAL FINANCIAL AID PACKAGES. THE TYPICAL FINANCIAL AID PACKAGE CONSISTS OF SCHOLARSHIPS, GRANTS, LOANS, AND AN OPPORTUNITY TO PARTICIPATE IN A WORK STUDY PROGRAM WHICH SUPPLEMENTS EACH FAMILY'S CONTRIBUTION TO THE TOTAL COST OF EDUCATION. THE AWARDS ARE DETERMINED BASED UPON THE RESULTS OF THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) CONTAINING INFORMATION PROVIDED BY THE STUDENT AND PARENTS. X X true true X X false false false false false false false false false Peter Miller Provost & VP Academic Affairs 185017 0 0 0 0 0 14961 0 9128 0 209106 0 0 0 Teresa Winslow VP Inst. Advance (end 3/31/17) 295489 0 0 0 789 0 0 0 0 0 296278 0 0 0 Peter Berget Chair of Biology 152181 0 0 0 0 0 12393 0 20183 0 184757 0 0 0 William Cunningham Dean of Students 156199 0 0 0 708 0 12928 0 19625 0 189460 0 0 0 Mark Nestor Chief Information Officer 149965 0 0 0 8128 0 12362 0 19264 0 189719 0 0 0 Marvin Schulte Chair Pharm Sciences 151702 0 0 0 0 0 12898 0 19400 0 184000 0 0 0 Michelle Cohen Dean, Health Sciences 187730 0 0 0 0 0 15184 0 15691 0 218605 0 0 0 Andrew Peterson Dean, Mayes College 202736 0 0 0 885 0 16789 0 60843 0 281253 0 0 0 Lisa Lawson Gibson Dean of Pharmacy 244557 0 0 0 0 0 19392 0 0 0 263949 0 0 0 Cathy Poon Chair of Pharm Practice 204125 0 0 0 0 0 16524 0 6831 0 227480 0 0 0 Suzanne Murphy Dean, Misher College Arts/Sci 177163 0 0 0 708 0 14544 0 15691 0 208106 0 0 0 Anthony Acquavella Med. Dir./PA Prog. Dir. 195389 0 0 0 9325 0 15594 0 6831 0 227139 0 0 0 Andrew Armitage Associate Provost for Admin 123886 0 87390 0 708 0 10262 0 7213 0 229459 0 0 0 John Vitale Former VP Fin,CFO(end 6/17/16) 129266 0 0 0 354 0 10313 0 7568 0 147501 0 0 0 Paul Katz President - start 9/1/16 176791 0 390 0 0 0 13877 0 5424 0 196482 0 0 0 FIRST-CLASS OR CHARTER TRAVEL SCHEDULE J, PART I, LINE 1A 1. Transportation o Airfare: The policy on air travel is to fly coach for domestic travel and international travel less than 10 hours by the lowest applicable fare routing. Interim stops, change of planes or layovers less than two hours should be considered when potential savings is $100.00 or more. o Business class travel is permitted if the following criteria are met: 1. It is an international trip of 10 hours or longer one-way; 2. It has been approved by the appropriate Dean or Vice President. o First class travel is permitted for travelers at the Cabinet level or higher and if the following criteria are met: 1. It is a trip of 6 hours or longer one-way and the traveler has immediate business once departing the plane; 2. It has been approved by the appropriate supervisor. 2. UPGRADES OR ENHANCEMENTS ARE NOT REIMBURSED. 3. THE EXECUTIVES MAY MAKE AIR AND OTHER TRAVEL ARRANGEMENTS THROUGH THEIR RESPECTIVE UNIVERSITY OFFICES. EVERY ATTEMPT SHOULD BE MADE TO ACQUIRE ADVANCED PURCHASE TICKETS. WHEN IT IS NECESSARY TO CHANGE AN ADVANCED PURCHASED TICKET, CHANGE FEES AND ADDITIONAL SERVICE CHARGES ARE REIMBURSABLE. 4. TAX GROSS UP PAYMENTS ARE MADE WHEN APPLICABLE. NON-FIXED PAYMENTS SCHEDULE J, PART I, LINE 7 ALL BONUS PAYMENTS WERE FIXED IN CALENDAR YEAR 2016. A PHILADELPHIA HIGHER EDUCATION FINANCING AUTHORITY 232243852 70917RQY2 2012-09-12 31000000 IPEX Building false false false B PHILADELPHIA HIGHER EDUCATION FINANCING AUTHORITY 232243852 70917RQY2 2015-02-20 83760000 Redeem 2005 and 2008 bonds false false false C PHILA AUTHORITY FOR INDUSTRIAL DEVELOPMENT 71781XCY7 2017-04-26 62280000 U1/U2 Residential Housing Project false false false A 0 0 31000000 0 0 0 413773 0 0 31000000 0 0 2014 false false true true B 0 0 83760000 0 0 0 838359 0 0 0 0 0 2015 true true true true C 0 0 62280000 0 0 0 854978 0 0 60000000 0 0 2019 false false false true A false false false true false true 0 false false false true B false true false true false true 0.00920 0.00920 false false false true C false false false true false true 0 false false false true A false true false false false false 0 false 0 false true B false false true false false false 0 false 0 false true C false true false false false false 0 false 0 false true A true B true C true 87390 tuition doctorate studies FAMILY RELATIONSHIPS FORM 990, PART VI, LINE 2 CARLA HENDRICKS AND ANDREW Ferrara HAVE A FAMILY RELATIONSHIP. FORM 990 REVIEW PROCESS FORM 990, PART VI, LINE 11B THE 990 IS PREPARED BY OUTSIDE INDEPENDENT TAX ADVISORS AND REVIEWED BY THE UNIVERSITY. IT IS REVIEWED BY THE AUDIT COMMITTEE. IT IS MADE AVAILABLE TO THE BOARD OF TRUSTEES PRIOR TO THE FILING DEADLINE. CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT FORM 990, PART VI, LINE 12C THE BOARD OF TRUSTEES, OFFICERS AND KEY EMPLOYEES OF THE UNIVERSITY, BY VIRTUE OF THEIR OFFICES, HAVE A FIDUCIARY RELATIONSHIP WITH THE UNIVERSITY WHICH REQUIRES THAT THEY ACT IN GOOD FAITH AND WITH FIDELITY TO THE UNIVERSITY'S BEST INTERESTS. THE UNIVERSITY HAS WRITTEN CONFLICT OF INTEREST POLICIES WHICH ARE INTENDED TO PERMIT THE UNIVERSITY AND ITS TRUSTEES, OFFICERS AND OTHER KEY EMPLOYEES TO IDENTIFY, EVALUATE AND ADDRESS ANY CONFLICT OF INTEREST THAT MIGHT CALL INTO QUESTION THIS FIDUCIARY DUTY TO THE UNIVERSITY. EACH TRUSTEE, OFFICER AND KEY EMPLOYEE IS REQUIRED TO REPORT ANY CONFLICTS OF INTEREST TO THE UNIVERSITY AS SOON AS PRACTICAL AFTER THEY BECOME AWARE OF SUCH A CONFLICT. EACH TRUSTEE, OFFICER AND KEY EMPLOYEE SHALL ALSO ANNUALLY COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THE UNIVERSITY MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICIES BY REVIEW OF THE ANNUAL CONFLICT OF INTEREST QUESTIONNAIRES BY THE OFFICE OF THE PRESIDENT. IF CONFLICTS OF INTEREST EXIST FOR OFFICERS AND KEY EMPLOYEES, THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES IS NOTIFIED AND DETERMINES THE CORRECTIVE MEASURE, IF ANY, TO BE TAKEN TO RESOLVE THE CONFLICT, OR WILL IMPOSE APPROPRIATE RESTRICTIONS, IF ANY ON THE PERSON WITH THE CONFLICT. FOR CONFLICTS OF INTEREST INVOLVING THE TRUSTEES, THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES WILL BE NOTIFIED OF THE CONFLICT AND WILL RECOMMEND TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES THE CORRECTIVE MEASURE, IF ANY, TO THE TAKEN TO RESOLVE THE CONFLICT OR APPROPRIATE RESTRICTIONS, IF ANY TO BE IMPOSED ON THE PERSON WITH THE CONFLICT. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, EXCLUDING SUCH CONFLICTED PERSON, HAS THE FINAL APPROVAL OF ANY RECOMMENDED CORRECTIVE MEASURES OR IMPOSED RESTRICTIONS. SUCH RESTRICTIONS REQUIRE EXCLUDING CONFLICTED PERSONS FROM DISCUSSION AND APPROVAL OF TRANSACTIONS BENEFITTING THEM, DIRECTLY OR INDIRECTLY. PROCESS FOR DETERMINING COMPENSATION FORM 990, PART VI, LINE 15A PURPOSE - TO ESTABLISH THE PARAMETERS REGARDING EXECUTIVE COMPENSATION, WITH THE OBJECTIVE OF PROVIDING TOTAL COMPENSATION TO THE PRESIDENT AND HIS EXECUTIVE LEADERSHIP TEAM WHICH WILL SERVE TO MAINTAIN A COMPETITIVE MARKET POSITION AND RECOGNIZE THE ACHIEVEMENT OF ESTABLISHED FINANCIAL, QUALITY AND STRATEGIC GOALS FOR THE UNIVERSITY AND TO RECOGNIZE INDIVIDUAL PERFORMANCE, CONSISTENT WITH THE LAWS, REGULATIONS AND PRINCIPLES GOVERNING NON-PROFIT COMPENSATION. AS USED HEREIN, "EXECUTIVES" SHALL BE THE PRESIDENT'S EXECUTIVE LEADERSHIP TEAM. PROCEDURE - TO ESTABLISH A LEVEL OF COMPENSATION REQUIRED TO RECRUIT AND RETAIN EXECUTIVES, THE UNIVERSITY SHALL GIVE PRIMARY CONSIDERATION TO DATA ON EXECUTIVE COMPENSATION FOR COMPARABLE POSITIONS. AS A GENERAL RULE, "COMPARABLE POSITIONS" ARE THOSE LIKE POSITIONS WITHIN HIGHER EDUCATION THAT ARE SIMILAR TO THE UNIVERSITY IN TERMS OF REVENUE, NUMBER OF STUDENTS, SIZE OF ENDOWMENT, NUMBER OF EMPLOYEES AND/OR GEOGRAPHIC AREA. THE EXECUTIVE COMMITTEE OF THE UNIVERSITY BOARD OF TRUSTEES (EXECUTIVE COMMITTEE) SHALL APPROVE THE PRESIDENT'S COMPENSATION, INCLUDING WITHOUT LIMITATION, BASE COMPENSATION, INCENTIVE COMPENSATION, DEFERRED COMPENSATION, FRINGE AND OTHER BENEFITS. EACH EXECUTIVE COMMITTEE MEMBER VOTING ON THE PRESIDENT'S COMPENSATION ARRANGEMENT SHALL ENSURE THAT (S)HE HAS NO CONFLICT OF INTEREST, INCLUDING THAT (S)HE (A) DOES NOT ECONOMICALLY BENEFIT FROM PROPOSED EMPLOYEE; (B) DOES NOT RECEIVE COMPENSATION SUBJECT TO THE APPROVAL OF THE PROPOSED EMPLOYEE; AND (C) HAS NO MATERIAL FINANCIAL INTEREST AFFECTED BY THE TRANSACTION. THE DECISIONS OF THE EXECUTIVE COMMITTEE REGARDING THE PRESIDENT'S COMPENSATION AND THE DECISIONS OF THE PRESIDENT REGARDING THE EXECUTIVES COMPENSATION IS TO BE DOCUMENTED. THIS PROCESS WAS LAST UNDERTAKEN IN 2012. PROCESS FOR DETERMINING COMPENSATION FORM 990, PART VI, LINE 15B THE PRESIDENT SHALL APPROVE ALL EXECUTIVE COMPENSATION FOR THE EXECUTIVE LEADERSHIP TEAM, WHICH SHALL INCLUDE ALL COMPENSATION COMPONENTS, INCLUDING WITHOUT LIMITATION, BASE COMPENSATION, INCENTIVE COMPENSATION, DEFERRED COMPENSATION, FRINGE AND OTHER BENEFITS. THE PRESIDENT AND THE EXECUTIVE COMMITTEE SHALL USE COMPARABILITY DATA PROVIDED BY THE UNIVERSITY'S HUMAN RESOURCES DEPARTMENT, WHICH MAY INCLUDE INDUSTRY SURVEYS, EXPERT COMPENSATION STUDIES, DOCUMENTED COMPENSATION OF PERSONS HOLDING SIMILAR POSITIONS, OR OTHER COMPARABLE DATA IN APPROVING ANY COMPENSATION CHANGES. THE PRESIDENT AND THE EXECUTIVE COMMITTEE SHALL PERIODICALLY RETAIN THE SERVICES OF A COMPENSATION CONSULTANT TO PROVIDE AN EXTERNAL ASSESSMENT OF THE UNIVERSITY'S COMPENSATION ANALYSIS. IT SHOULD BE NOTED THAT THIS INFORMATION IS USED TO ARRIVE AT A REASONABLE AND ARM'S LENGTH DETERMINATION OF TOTAL COMPENSATION. HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC FORM 990, PART VI, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY POSTING THE INFORMATION ON THE ORGANIZATION'S WEBSITE. RECONCILIATION OF NET ASSETS AND FUND BALANCES FORM 990, PART XI, LINE 9 ANNUITY ADJUSTMENT $ 49,757 CHANGE IN PENSION COST (13,603) ---------- TOTAL OTHER CHANGES IN NET ASSETS $ 36,154 ========== 4605 Chester Realty LLC 600 SOUTH 43RD STREET PHILADELPHIA PA 19104 Inactive PA 0 0 Usciences 4107 Chester Realty LLC 600 SOUTH 43RD STREET PHILADELPHIA PA 19104 Inactive PA 0 0 Usciences 4203 Chester Realty LLC 600 SOUTH 43RD STREET PHILADELPHIA PA 19104 Inactive PA 0 0 Usciences 4300 Chester Realty LLC 600 SOUTH 43RD STREET PHILADELPHIA PA 19104 Inactive PA 0 0 Usciences Kingsessing Realty LLC 600 South 43rd Street Philadelphia PA 19104 233067213 Real Estate PA 30089 2370958 USciences