2017-05-15T14:15:25-05:00 2016-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 20 STANWIX ST STE 800 PITTSBURGH PA 15222 990 2015-07-01 250965438 CARLOW UNIVERSITY CARL 4125786000 3333 FIFTH AVENUE PITTSBURGH PA 15213 DR SUZANNE K MELLON PRESIDENT 4125786000 2017-05-11 1 JEFFREY J SPENGLER CPA P00109764 4126976400 2015 2021-01-29 14:40:06Z DR SUZANNE K MELLON 3333 FIFTH AVENUE PITTSBURGH PA 15213 57570747 0 X WWW.CARLOW.EDU X 1929 PA TRANSFORMATIONAL HIGHER EDUCATIONAL OPPORTUNITIES FOR A DIVERSE COMMUNITY. 35 34 1071 221 0 0 8222912 5496753 48189369 50856893 1353376 515119 370162 298924 58135819 57167689 9079100 10701870 0 0 27430898 27347748 0 0 1128553 15382087 16163804 51892085 54213422 6243734 2954267 88995954 91050182 26807390 26742115 62188564 64308067 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 45932099 10701870 50856893 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. 45932099 1 1 0 1 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 4454 0 1 1071 1 0 0 0 0 0 1 1 0 0 0 0 X 35 34 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 MICHELE R ATKINS CHAIR 2.00 X X 0 0 0 JEANNE GLEASON VICE CHAIR 2.00 X X 0 0 0 SISTER PATRICIA MARY HESPELEIN RSM VICE CHAIR, MISSION 2.00 X X 0 0 0 DOROTHY DAVIS JD SECRETARY 2.00 X X 0 0 0 PAULA J HASBACH TREASURER 2.00 X X 0 0 0 SUZANNE K MELLON PHD PRESIDENT 50.00 X X 345829 0 50294 DEBORAH L ACKLIN BOARD MEMBER 2.00 X 0 0 0 MARGARET ARMEN BOARD MEMBER 2.00 X 0 0 0 SISTER GILMARY BAUER RSM BOARD MEMBER 2.00 X 0 0 0 GREGORY BEARD BOARD MEMBER 2.00 X 0 0 0 KATHLEEN W BUECHEL BOARD MEMBER 2.00 X 0 0 0 SISTER HELEN MARIE BURNS RSM PHD BOARD MEMBER 2.00 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 JOHN R DENNY JR BOARD MEMBER 2.00 X 0 0 0 BRIAN DILUCENTE BOARD MEMBER 2.00 X 0 0 0 JACKIE DIXON BOARD MEMBER 2.00 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 DONNA HUDSON BOARD MEMBER 2.00 X 0 0 0 MARY BETH JENKINS BOARD MEMBER 2.00 X 0 0 0 DEBORAH RICE JOHNSON BOARD MEMBER 2.00 X 0 0 0 LARRY KARNOFF JD BOARD MEMBER 2.00 X 0 0 0 MARCIA MARTIN BOARD MEMBER 2.00 X 0 0 0 MILDRED S MYERS DA BOARD MEMBER 2.00 X 0 0 0 HELENE E PAHARIK BOARD MEMBER 2.00 X 0 0 0 GEORGE L PRY BOARD MEMBER 2.00 X 0 0 0 WILLIAM SCHENCK BOARD MEMBER 2.00 X 0 0 0 THERESA A SCOTTI BOARD MEMBER 2.00 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 SISTER JULIA UPTON RSM PHD BOARD MEMBER 2.00 X 0 0 0 GEORGE R WHITMER BOARD MEMBER 2.00 X 0 0 0 PATRICK J CUNNINGHAM VP FINANCE & ADMINSTRATION (TERM 11/15) 50.00 X 151918 0 22797 DAVID MEADOWS VP FINANCE & ADMINSTRATION (BEGIN 5/16) 50.00 X 0 0 0 DEANNE D'EMILIO JD PROVOST/VP ACADEMIC AFFAIRS 40.00 X 164062 0 23394 CAROL DESCAK VP FOR ENROLLMENT MANAGEMENT 40.00 X 144203 0 9678 HOWARD STERN ASSOCIATE PROFESSOR 40.00 X 100585 0 20429 ALLYSON LOWE DEAN 40.00 X 104517 0 11776 DIANE MATTHEWS PROFESSOR 40.00 X 100391 0 24898 JEFFREY DEVLIN CHIEF INFORMATION OFFICER 40.00 X 100451 0 21486 1211956 0 184752 12 0 1 0 MASSARO CORPORATION 120 DELTA DRIVE PITTSBURGH PA 15238 CONSTRUCTION 4324587 ALADDIN FOOD MANAGEMENT SERVICES 16567 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 FOOD 2375006 PHOENIX ROOFING INC PO BOX 65 MOON TWP PA 15108 CONSTRUCTION 516170 SOUND COM CORPORATION 227 DEPOT ST BEREA OH 44017 TECHNOLOGY 497430 JORDAN TAX SERVICE INC 102 RAHWAY RD MCMURRAY PA 15317 TAX 343586 23 109765 594729 4792259 197759 5496753 TUITION AND FEES 611600 42229049 42229049 RESIDENCE HALLS & BOARD 611600 4815709 4815709 CARLOW CAMPUS SCHOOL 721310 3176457 3176457 AUXILIARY PROGRAMS 900099 329021 329021 EARLY LEARNING CENTER 624410 306657 306657 50856893 528216 528216 22417 7464 14953 14953 14953 287842 3500 304439 0 -16597 3500 -13097 -13097 24050 109765 91155 -67105 -67105 PARKING PERMIT FEES 900099 309898 309898 BOOKSTORE COMMISSIONS 900099 41178 41178 351076 57167689 50856893 0 814043 10701870 10701870 724804 558099 166705 20294302 17011519 2596490 686293 865319 731678 104136 29505 4050069 3284468 627178 138423 1413254 1186135 178589 48530 11200 8624 2576 111831 86110 25721 93348 71878 21470 37090 37090 64442 49620 14822 640071 506256 72271 61544 1077859 837876 237629 2354 1750516 1307251 361188 82077 2063745 1579770 465391 18584 945 728 217 2108633 1616862 481730 10041 731408 568339 137927 25142 321078 239857 55161 26060 1203488 926686 276802 3402726 2620099 782627 325366 250612 74754 AUXILIARY 586063 451269 134794 0 ENROLLMENT & REGISTRAR 419742 323201 96541 0 STUDENT PROGRAMS 351687 287547 64140 0 MEMBERSHIP DUES 180508 180508 0 0 682058 508147 173911 54213422 45932099 7152770 1128553 3592287 5809614 968369 644376 5186659 3983340 957579 1351446 1924266 1863572 969108 829901 89640966 43273104 45228399 46367862 28683126 28713209 5250 5250 1480911 1481612 88995954 91050182 6213121 3504231 17550190 17448447 3000000 300000 250000 2744079 2539437 26807390 26742115 X 27234691 27312432 16197977 15110584 18755896 21885051 62188564 64308067 88995954 91050182 2954267 -834764 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 37090 0 0 37090 0 PART II-B, LINE 1: THE LOBBYING FEES WERE PAID TO MALADY & WOOTEN. 24423522 3129155 -392639 867198 26292840 23116528 1527121 563590 783717 24423522 20654506 335259 2878139 751376 23116528 19392305 171220 1666207 575226 20654506 17705011 2586048 -369931 249643 279180 19392305 0.08280 0.83230 0.08490 0 0 1256517 1256517 71653299 33456585 38196714 14835681 9816519 5019162 1895469 1895469 46367862 STUDENT DEPOSITS 118841 FEDERAL LOAN ADVANCES 2383103 CAPITAL LEASES 37493 2539437 X 46894013 -834764 -9517524 -10352288 57246301 -78612 -78612 57167689 44774510 78612 78612 44695898 64291 9453233 9517524 54213422 PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 150 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, 2016 AND 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT FEES -64,291. SCHOLARSHIPS -9,254,299. SALARIES NETTED IN REVENUE -198,934. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -91,155. RENTAL INCOME NETTED AGAINST EXPENSES 20,007. RENTAL EXPENSES -7,464. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 91,155. RENTAL INCOME NETTED AGAINST EXPENSES -20,007. RENTAL EXPENSES 7,464. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 9,254,299. SALARIES NETTED IN REVENUE 198,934. 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 $2,924,234 SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT AWARDS OF $172,543, AND COLLEGE WORK STUDY AWARDS OF $198,934. THE UNIVERSITY ALSO RECEIVED STATE AID FROM THE PA HIGHER EDUCATION ASSISTANCE AUTHORITY IN THE AMOUNT OF $2,367,833. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICE STUDY ABROAD 49588 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 50206 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE INTERNATIONAL TRAVEL 5192 0 0 0 0 0 0 104986 0 104986 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 115206 103606 11600 1323 6200 33911 900 36990 ALUMNI SCHOLARSHIP BENEFIT 18609 6159 12450 7722 350 3759 133815 109765 24050 1323 6200 41633 1250 40749 91155 -67105 1 STUDENT SCHOLARSHIPS 1010 10349155 CAMPUS SCHOOL STUDENT SCHOLARSHIPS 85 352715 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 345829 0 0 0 0 0 43884 0 6410 0 396123 0 0 0 PATRICK J CUNNINGHAM VP FINANCE & ADMINSTRATION (TERM 11/ 151918 0 0 0 0 0 7697 0 15100 0 174715 0 0 0 DEANNE D'EMILIO JD PROVOST/VP ACADEMIC AFFAIRS 164062 0 0 0 0 0 7000 0 16394 0 187456 0 0 0 CAROL DESCAK VP FOR ENROLLMENT MANAGEMENT 144203 0 0 0 0 0 3698 0 5980 0 153881 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 FOLLOWING EMPLOYEES PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN IN FY 2016: DR. SUZANNE K. MELLON - $24,500 A ALLEGHENY COUNTY HIGHER EDUCATION BUILDING AUTHORITY 251650137 01728RHT9 2011-06-09 18052311 REFUNDING AND CAPITAL IMPROVEMENT 0 0 0 A 603864 18052311 1481612 292824 8801488 7479448 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 0 A 0 X 6 183212 FMV X TICKETS/PASSES 33 7511 FMV X MISCELLANEOUS 10 4029 FMV X GIFT CARDS 40 2765 FMV X WINE 9 242 FMV 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN B REFERS TO 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 11 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 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.