2017-05-12T09:08:43-00:00 2016-06-30 KPMG LLP 755 Main Street Hartford CT 06103 990 2015-07-01 042103558 Trustees of the College of the Holy Cross TRUS 5087933497 1 College Street Worcester MA 016102395 Dorothy Hauver VP and Treasurer 2017-05-12 true Mary-Evelyn Antonetti 8602976085 2017-05-12 2015 2021-01-29 14:40:06Z College of the Holy Cross Philip Boroughs SJ 1 College Street Worcester MA 016102395 407259458 false X holycross.edu X 1905 MA College of the Holy Cross, the College is a private, Jesuit, liberal arts college dedicated to the pursuit of excellence in teaching, learning, service of faith and promotion of justice. 39 38 3369 1500 1440498 90605654 38853240 176433683 181335688 40518794 8020247 144173 195711 307702304 228404886 49267556 51077176 0 100904353 104333680 101138 601932 9173007 66355544 66457856 216628591 222470644 91073713 5934242 1088802644 1100921095 185239929 235627372 903562715 865293723 To educate students who, as leaders in business, professional, and civic life, will live by the highest intellectual and ethical standards by creating an environment in which integrated learning is a shared responsibility leading all members to make the best of their own talents, to work together, to serve others, and to seek justice. false false 189054943 51020860 180304197 The primary program is undergraduate instruction in the liberal arts leading to a Bachelor of Arts degree. The curriculum includes programs in the arts, sciences, social sciences and humanities. The program emphasize academic breadth and depth supported by essential foundational skills, such as critical thinking, clear communication, and careful analysis and synthesis of information, that are relevant in every line of work and study. Of the 6,595 applicants who applied for admission to the Class of 2019, 37 percent were accepted and 738 enrolled. Approximately 24 percent of the class is African-American, Latin American, Asian-American and Native American. Students come from 35 states and 10 countries. Men represent 48 percent of the class and women 52 percent with a total full time enrollment of 2,885 with 699 of those students graduating in May 2016. 1031491 56316 1031491 Basic research in chemistry, physics, psychology and biology. The research is funding by private grants and the US government. 190086434 true true false true false false true true true true true true false false true true true false true true true false true true true false false true true true true false false false false false false false false true false true true false false true true true true false false true 4630 0 true 3369 true true true true GK false false false true true false false false false X 39 38 false false false false false false false true true false false true true true true true true true true false false CA MA NH X Charlene Bellows 5087933497 1 College Street Worcester MA 016102395 Philip L Boroughs SJ President 045.00 X X 0 0 0 John J Mahoney Jr Trustee/Chair 003.00 X X 0 0 0 Thomas H Carey Trustee/Vice Chair 003.00 X X 0 0 0 Douglas M Baker Jr Trustee 003.00 X 0 0 0 Michael G Barrett Trustee 003.00 X 0 0 0 Helen W Boucher Trustee 003.00 X 0 0 0 Susan Power Curtin Trustee 003.00 X 0 0 0 William M Doran Jr Trustee 003.00 X 0 0 0 Susan F Feitelberg Trustee 003.00 X 0 0 0 Maria Eugenia Ferre Rangel Trustee 003.00 X 0 0 0 Anne M Fink Trustee 003.00 X 0 0 0 John B Fisher Trustee 003.00 X 0 0 0 Kevin T Fitzgerald SJ Trustee 003.00 X 0 0 0 James G Gartland SJ Trustee 003.00 X 0 0 0 Michael Carl Gilson SJ Term Beg Spt Trustee 003.00 X 0 0 0 Stuart E Graham Trustee 003.00 X 0 0 0 Michael Greene Trustee 003.00 X 0 0 0 Thomas Greene SJ Term Beg Sept 2015 Trustee 003.00 X 0 0 0 Thomas P Joyce Jr Term Beg Sept 201 Trustee 003.00 X 0 0 0 Brian P Kelley Trustee 003.00 X 0 0 0 Kathleen McLaughlin LaCroix Trustee 003.00 X 0 0 0 Linda M LeMura Term Beg Sept 2015 Trustee 003.00 X 0 0 0 Mark S Massa SJ Trustee 003.00 X 0 0 0 Ann McElaney-Johnson Trustee 003.00 X 0 0 0 Edwin J McLaughlin Jr Term Beg Sept Trustee 003.00 X 0 0 0 John D Milner Term Beg Sept 2015 Trustee 003.00 X 0 0 0 James F Mooney III Trustee 003.00 X 0 0 0 Robert F Moriarty Trustee 003.00 X 0 0 0 Robert S Morrison Trustee 003.00 X 0 0 0 John P MullmanTerm Beg Sept 2015 Trustee 003.00 X 0 0 0 Andrew J O'Brien Trustee 003.00 X 0 0 0 Richard H Patterson Trustee 003.00 X 0 0 0 William J Phelan Trustee 003.00 X 0 0 0 Cornelius B Prior Jr Trustee 003.00 X 0 0 0 Carolyn M Risoli Trustee 003.00 X 0 0 0 Francine Rosado-Cruz Term Beg Sept Trustee 003.00 X 0 0 0 Nancy M Taylor Trustee 003.00 X 0 0 0 William J Teuber Jr Trustee 003.00 X 0 0 0 Yarlennys K Villaman Term Beg Sept Trustee 003.00 X 0 0 0 Ronald Amoit SJ Term ended Sept 201 Trustee 003.00 X 0 0 0 Michael Daniels Term ended Sept 201 Trustee 003.00 X 0 0 0 Brian Linnane SJ Term ended Sept 20 Trustee 003.00 X 0 0 0 Nicholas Pelletier Term ended Sept Trustee 003.00 X 0 0 0 Mary Murphy Westover Term ended Spt Trustee 003.00 X 0 0 0 John Baldovin SJ Term ended Sept 20 Trustee 003.00 X 0 0 0 David Grain Term ended Sept 2015 Trustee 003.00 X 0 0 0 Frank Vellaccio Senior Vice President 045.00 X 303424 0 55404 Dorothy A Hauver Vice President and Treasurer 045.00 X 246571 0 53772 Elizabeth Dionne Term Beg Sept 2015 Director of Finance and Asst Treasurer 045.00 X 68567 0 22911 Timothy Jarry Chief Investment Officer and Asst Treasurer 045.00 X 409383 0 133336 Jane E Corr Special Asst to the President and Secretary 045.00 X 141075 0 16899 Lori A Blackwell Executive Asst to the President and Asst. Secretary 040.00 X 68384 0 73991 Tracy Barlok Vice President for Advancement 045.00 X 312641 0 75805 Margaret Freije Vice President for Academic Affairs 045.00 X 247119 0 75803 William Campbell SJ Vice President for Mission 045.00 X 0 0 0 Jacqueline Peterson Dean of Students 045.00 X 197437 0 46499 Elizabeth Small General Counsel 040.00 X 18739 0 2384 Robert Cording Professor 040.00 X 299531 0 25581 William Conley Jr Dir of Adm Svcs 040.00 X 209457 0 15349 Milan Brown Head Bskball Coach 040.00 X 505000 0 16104 Nathan Pine Dir of Athletics 040.00 X 245689 0 52403 William Carmody Head Bskball Coach 040.00 X 285348 0 52209 3558365 718450 128 false true false Diller Scofidio Renfro LLC 601 W 26th Street No 1815 New York NY 10001 Architect 1906429 Sasaki Associates 64 Pleasant Street Waltham MA 02472 Architect 1415204 Lamoureux Pagano Assoc Inc 108 Grove Street Worcester MA 01605 Architect 579278 Cambridge Associates 125 High Street Boston MA 02110 Investment Consulting 503025 OHO Interactive Corp 55 Davis Square Somerville MA 02144 Marketing Consulting 410322 11 311770 38541470 6745230 38853240 Tuition and fees 611600 137352336 137352336 Room and board 611710 31196054 31196054 Sales of auxiliary services 722320 5895427 4473208 1422219 Athletics 611710 2322305 2322305 Grants and student aid revenue 611710 2545141 2545141 2024425 2024425 181335688 3619478 18279 3601199 19989 19989 204984 204984 204984 204984 183091374 178710594 4380780 4380780 4380780 134705 311770 143978 -9273 -9273 228404886 179913469 1440498 8197679 371316 371316 48197641 48197641 2508219 2508219 0 2681166 598712 1665217 417237 47823 47823 73718957 60998148 9319797 3401012 6174415 5046214 826769 301432 16312615 13160242 2336264 816109 5398704 4316238 802704 279762 0 746816 2556 741251 3009 259000 259000 0 601932 601932 2043415 2043415 4114561 2303439 1463288 347834 381514 237175 143607 732 7108482 5189098 501592 1417792 2506744 350916 2090294 65534 0 7939907 7177247 741973 20687 4309284 3821822 252657 234805 0 755699 667771 69297 18631 6230464 5683755 546709 0 13096042 11796526 1299516 1001387 30823 888916 81648 Study abroad expenses 5090120 5090120 Food for dining operations and functions 5197889 4240716 271111 686062 Library collection 1721782 1721782 Other costs 3954750 2940874 933688 80188 0 3587261 -3985862 398601 222470644 190086434 23211203 9173007 X 12424 12424 56836991 55663143 80769847 80577918 232218 256823 7398484 7379278 581059 459406 610487 786473 486854333 246432580 209147436 240421753 80172464 83558161 649171143 604903576 3870091 26902140 1088802644 1100921095 22448053 35458566 5449511 4312205 137968324 161963370 746457 967129 18627584 32926102 185239929 235627372 X 405086019 391784449 306824860 275793243 191651836 197716031 903562715 865293723 1088802644 1100921095 X 5934242 -28349581 -15853653 X false true X true true true X 29655695 25142412 53747383 90605654 38853240 238004384 29655695 25142412 53747383 90605654 38853240 238004384 77195685 160808699 5926032 7899689 6619806 7241717 3844451 31531695 108009 69850 36976 214835 269750914 847941734 0.59610 0.64240 X 0.00000 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2037 2037 3056 185 185 9 9 14 II-A The College pays dues to some educational associations. A portion of these dues may or may not be attributable to lobbying on behalf of the association members. The College is unable to determine what portion of the dues, if any, is related to lobbying. For these organizations the College paid annual dues of 25,650 to the Association of Jesuit Colleges and Universities, 19,920 to the Association of Independent Colleges and Universities and 4,936 to the National Association of College and University Business Officers. X 1 1 false true 396755 1249660 X X X false false true X 721309725 10357509 -20182207 7556453 18979029 3956872 680992673 726052159 7853248 16284080 6834421 18597329 3448012 721309725 634912204 18820480 99769028 6107435 17903295 3438823 726052159 589769388 13139372 57900198 5726411 16737983 3432360 634912204 607712688 6853564 -831072 5509500 15738086 2718206 589769388 0.47000 0.27000 0.26000 false false 3987759 3987759 377990037 170968587 207021450 60347330 50676078 9671252 44529207 24787915 19741292 240421753 Financial derivatives and other financial products Closely-held equity interests Global bonds 51829965 F Global equity 290616419 F Real assets 55732509 F Other investments 3890149 F Private equity 67821102 F Hedge fund absolute return 109284470 F Commodities 25728962 F 604903576 Federal income taxes Interest rate swap 11966479 US government refundable advances 4931800 Annuity obligations 3756018 Accrued pension obligation 12271805 32926102 X 132385436 -28349581 -15853653 -44203234 176588670 4353546 47462670 51816216 228404886 170654428 170654428 4353546 47462670 51816216 222470644 III 4 Through both contemporary and historical exhibitions, the Iris and B. Gerald Cantor Art Gallery the Gallery at Holy Cross educates the College and Worcester communities about the fundamental intellectual, cultural, spiritual and aesthetic issues encountered through visual art. Open free to the public, the Gallery seeks to promote and support the intellectual and cultural life of the College through the presentation and discussion of a diversity of visual arts. The Gallery has special responsibility for integrating the liberal art values of the College and the classroom by linking exhibitions to the broader curriculum and community. IV 2b Agency funds are held by the College as custodian or fiscal agent. Funds may be held for recognized faculty, staff, student or alumni organizations that are collected from activity fees, dues or fundraising. The funds are deposited with the College for safekeeping to be used or withdrawn by the depositor upon proper authorization and documentation. Expenditures from the fund are used primarily to fund student activites, trips and projects of interest to the students or to support College programs. Each agency fund is provied a unique cost center established in the College financial records. These cost centers provide a safe, secure and convenient method of accounting for and administering these funds. All custodial funds follow the expenditure procedures outlined by the College. V 4 The Colleges endowment consists of approximately 800 individual funds established for a variety of purposes including donor restricted endowment funds and funds designated by the Board of Trustees to function as endowment. The Colleges endowment fund supports the following areas financial aid for students, teaching, academic support, student services and athletic programs. X 2 The College is a tax exempt organization as defined in Section 501c3 of the Internal Revenue Code and is generally exempt from federal and state income taxes under Section 501a of the code and applicable state law. The College believes it has taken no significant uncertain tax positions. XI 4b and Part XII Line 4b Other adjustments include intra-departmental revenues reported as expense offset in 990 -3,252,293, scholarships of 50,705,860, direct fundraising expenses of 143,978 and net miscellanous activity totaling -134,875. Total for line 4b is 47,462,670. II 9 The College has not received any gift of property subject to a conservation easement and therefore does not report a conservation easement in its revenue and expense statement or balance sheet. Two of the Colleges buildings that are used for academic and administrative purposes were built in the late 1800s and are included on the historic register. XI 2d The College is a counterparty to an interest rate swap agreement. The fair market value adjustment for this financial instrument was a loss of 3,004,189. The College sponsors a defined benefit pension plan. The adjustment to the benefit obligation was a loss of 11,755,806. The College also refinanced certain bonds during the year and recorded a loss of 1,093,658 on the defeasance. Total line 2d is a loss of 15,853,653. true true true true true true true false false false false false false false false true false true 6a The College participates in the Title IV program for campus work study, supplemental educational opportunity grants and the Perkins loan fund, direct lending and PELL grant programs. The College is also participating in grants with the National Science Foundation to provide STEM grants to students studying math or sciences as a major. true Central America and the Caribbean Program services Attend College Abroad 198825 East Asia and the Pacific 1 Program services Attend College Abroad 516254 Europe Including Iceland and Greenland 18 Program services Attend College Abroad 3977876 South America 4 Program services Attend College Abroad 347148 Russia and the Neighboring States 2 Program services Attend College Abroad 41871 Middle East and North Africa Program services Attend College Abroad 8147 Europe Including Iceland and Greenland Investments 3758662 Central America and the Caribbean Investments 208072203 Europe Including Iceland and Greenland Scholarships Attend College Abroad 1975494 Central America and the Caribbean Scholarships Attend College Abroad 53775 East Asia and the Pacific Scholarships Attend College Abroad 241950 South America Scholarships Attend College Abroad 237000 25 25 219429205 219429205 Scholarship Europe Including Iceland and Greenland 81 1975494 Credit applied to student account Scholarship Central America and the Caribbean 4 53775 Credit applied to student account Scholarship East Asia and the Pacific 14 241950 Credit applied to student account Scholarship South America 11 237000 Credit applied to student account true false true true true false Part I Line 2 The College manages all relationships with international host institutions directly and conducts periodic evaluations of the programs. Students are billed tuition by the College. The College manages all aspects of the program and its costs providing for adivisors, linquistic support and tutorial assistance. Program cost, other than scholarships, are tracked by program location. Scholarships are provided to students attending programs abroad using the same methodology that is applied to students who attend clases in the United States as described on Form 990, Schedule I, Part IV. Part III Line 1 This aid is provided to resident and non-resident students attending a study abroad program. X X X X X X X true Educe LLC 111 Eighth Avenue New York NY 10011 Consultant false 466618 Ronald Joyce 309 Oakwood Dr Yarmouth ME 04096 Consultant false 27169 Carter Halliday Associates 107 South St 5D Boston MA 02111 Professional Services false 27445 Give Campus Inc 903 G St SE Washington DC 20003 Professional Services true 655361 18000 637361 Embryo Creative LLC 30 Newbury St 3rd FL Boston MA 02116 Professional Services false 40200 Michael Grinley PO Box 611 Goshen MA 01032 Professional Services false 22500 655361 601932 637361 CA MA NH New York Council 369490 262770 106720 118556 Hockey Golf Outing 53350 34850 18500 24440 1 23635 14150 9485 982 446475 311770 134705 143978 143978 -9273 Part I Line 2 Fundraising payees are paid for consulting services not directly related to fundraising revenues. true Worcester State University 486 Chandler Street Worcester MA 01602 042760551 501c3 38168 Research City of Worcester 455 Main Street Worcester MA 01606 046001418 115 250000 Community Book Mobile operation Rensselaer Polytechnic Institute 110 Eight Street Troy NY 12180 141340095 501c3 18148 Research Adopt a Student 49 Elm Street Worcester MA 01610 046665080 501c3 10000 Scholarship Worceser Public Library Foundation 455 Main Street Worcester MA 01606 046001418 115 10000 Public Library Support Blackstone River Valley National Heritage 1 Depot Square Woonsocket RI 02890 273086245 501c3 45000 Community Visitor Center 6 Scholarships 1497 48197641 Credit applied to student account Part I Line 1 The College provides grants to certain charitable organizations within the Worcester area. These grants are closely tied to promoting the Colleges charitable and educational mission and contribute to the enrichment of the greater Worcester area. Part I Line 2 The College supports a need based financial aid policy that is representative of its academic and spiritual goals as an undergraduate, Jesuit, liberal arts college. The College accepts students regardless of their ability to pay needs-blind admission and meets their full demonstrated need, as calculated according to nationally recognized financial aid criteria. All students are encouraged to apply regardless of their socio-economic background. Over 50 of all students admitted receive some form of financial assistance. Students are require to maintain satisfactory adademic progress to receive aid. X X X X X true true false false false false false true false Frank Vellaccio Senior Vice President 300376 3048 28326 27078 358828 Dorothy A Hauver Vice President and Treasurer 246211 360 27930 25842 300343 Timothy Jarry Chief Investment Officer and Asst Treasurer 314661 94506 216 108694 24642 542719 54322 Jane E Corr Special Asst to the President and Secretary 140631 444 14452 2447 157974 Tracy Barlok Vice President for Advancement 284156 28485 28326 47479 388446 Margaret Freije Vice President for Academic Affairs 246087 1032 27886 47917 322922 Jacqueline Peterson Dean of Students 195853 1584 21858 24641 243936 Robert Cording Professor 102311 197220 10461 15120 325112 William Conley Jr Dir of Adm Svcs 153295 56162 14430 919 224806 Milan Brown Head Bskball Coach 151587 353413 9366 6738 521104 Nathan Pine Dir of Athletics 245473 216 46355 6048 298092 William Carmody Head Bskball Coach 284292 1056 28326 23883 337557 Part I Line 7 The College implemented a performance based incentive plan to motivate and reward persons within the investment office for achieving the Colleges long-term financial objectives. A committee appointed by the President of the College administers the incentive plan. The committee determines each participants annual incentive opportunities which vary based upon achievement of specified levels of performance for the plan year. Factors for determining incentive opportunities include benchmarking endowment returns, ranking against endowment pools of comparable organizations, net return on the endowment pool, completion of annual goals, leadership competencies and overall performance in major areas of responsibility. Timothy Jarry earned 80,368 in deferred compensation as part of the incentive plan which is included in Part II column C. Part I Line 4b The College has established a voluntary early retirement program for tenured faculty members who have completed fifteen years of service and attained the age of sixty-two. Eligible faculty members are entitled to a percentage payout that decreases with age. In addition, eligible faculty members are able to remain enrolled in the Colleges available medical health plans. Robert Cording retired in August 2015 and received 197,220 in other reportable compensation as part of the Colleges early retirement program. There are no other amounts to be paid. Part II Members of the Society of Jesus take a vow of poverty. Compensation is paid directly to their order which is exempt under Section 501c3. Under Rev. Rul. 77-290 members of a religious order providing services to a Catholic organization will be considered for tax purposes to be an agent of their order provided the religious order is subject to a vow of poverty, the religious order is providing services for a Catholic organization listed in the official Catholic Directory at the discretion of their superior and the full amount of compensation is remitted to their order which is exempt from tax. Part 1 Line 4a William Conley,Jr. separated from the College in October 2015 and was paid severance until May 2016. Milan Brown separated from the College in April 2015 and was eligible to be paid the balance of his contract. This sum 353,413 was paid in June 2015. A Massachusetts Development Finance 2007B 043431814 57583RLM5 2007-05-03 30306021 Refunding 1998 Issue false false false B Massachusetts Development Finance 2008A 043431814 57583RUZ6 2008-05-08 45340000 Refunding 2006 Issue false false false C Massachusetts Development Finance 2008B 043431814 57583RVU6 2008-05-08 71076481 Refunding 2007 Issue true false false D Massachusetts Development Finance 2016A 043431814 57584XLE9 2016-04-06 42545003 Refunding 2008 Issue and construction false false false A 11010000 30306021 258981 169240 29877800 1998 false true true true B 7300000 45340000 181594 158406 45000000 2006 true false true true C 21775000 10970000 71076481 503481 70573000 2007 true false true true D 42545003 476785 7595241 12063658 22409319 true A false false true false true false false true B false false true false true 0.00910 0.00910 false false true C false true true false true 0.02810 0.02810 false false true D false false true false false false false true A false false false true false false false false true B false false false true true true Bank of America LLC 0000000028.300000000000 false false false false true C false false false true false false false false true D false true false false false false false false true A true B true C true D true Part IV Line 2C No rebate was due as of the rebate calculation performed on 4/22/2013 for MDFA 2008A. Part IV Line 2C No rebate was due as of the rebate calculation performed on 4/22/2013 for MDFA 2008B. Part IV Line 2C The MDFA 2007B bond was issued a no arbitrage certificate under Treasury Regulation 1.148-2b2i dated May 3, 2007 and a rebate calculation was performed on September 12, 2010 which indicated no rebate due. Part III Line 2 The College has a lease agreement with a barber, who provides styling services to the students and some staff, located in property funded by MDFA 2007. Part III Line 3A B The College has service contracts with an elevator repair company as well as cleaning services for some property. The College is confident that these contracts will not result in private business use as they fall under the incidental exception provided by the IRS. Part II Line 11 The other spent proceeds for the MDFA 2007B was used to refund the 1998 bond issue. The other spent proceeds from the MDFA 2008A was used to refund the 2006 bond issue. The other spent proceeds from the MDFA 2008B was used to refund the 2007A bond issue. Part II Line 12 A portion of the proceeds from the MDFA 2016A Issue were used to legally defease a portion of the MDFA 2008B bonds. Terry Blackwell Lori Blackwell, Officer 47823 Compensation false Part IV Line 1 Terry Blackwell, an employee of the College is related to an officer and received compensation for his services totaling 47,823 during calendar year 2015. X 2 29250 Appraisal X 118 6234575 Average FMV X 1 367505 Appraisal X Piano 3 113900 Appraisal 6 false true false Part I Line 32b The College uses a registered broker to sell securities that are gifted to the College. Part I Line 9 Column B represents the number of contributions made to the College. Form 990, Part XI, Line 9 The College is a counterparty to an interest rate swap agreement. The fair market value adjustment for this financial instrument was a loss of 3,004,189. The College sponsors a defined benefit pension plan. The adjustment to the benefit obligation was a loss of 11,755,806. The College also refinanced certain bonds during the year and recorded a loss of 1,093,658 on the defesance. Total line 9 is a loss of 15,853,653. Form 990, Part VI, Section B, Line 11A Management of the College is responsible for drafting the Federal Form 990. The completed draft Form 990 is submitted for review to the Colleges tax advisor. Recommended changes are discussed with management and incorporated into the return. The draft Form 990 is then provided to the Audit Committee of the Board of Trustees sufficiently in advance of the filing deadline to enable a detailed and conscientious review by all members of the committee with management and the Colleges tax advisor. All questions and concerns of the Audit Committee members are addressed and incorporated into the Form 990 as appropriate. After the Audit Committee review, all members of the Board of Trustees are provided with the completed Form 990 in advance of the filing deadline via a dedicated College website. All questions and concerns of the members of the Board of Trustees are addressed by the College Treasurer and incorporated into the Form 990 as appropriate. After all of the input from the Board of Trustees and the Audit Committee has been appropriately addressed, the Treasurer of the College is authorized to file the Form 990. Form 990, Part VI, Section B, Line 12C All officers, trustees and key employees assume responsibility for considering possible conflicts of interest that arise during service with the College. To help officers, trustees, and key employees identify possible conflicts of interest, the College has developed a disclosure form that must be completed and updated at least annually during the course of their service. Officers, trustees, and key employees must also disclose any conflict of interest as soon as they become aware of any conflict. The Colleges General Counsel will review the disclosures and report conflicts of interest to the Chairman of the Board of Trustees and the Audit Committee. The Audit Committee considers the best interests of the College and the nature of the conflict. The Audit Committee evaluates the circumstances of the issue or transaction to ensure that it is reasonable and that they have considered any potential implications of entering into a transaction or deciding an issue where a conflict exists. The Audit Committee may consider whether advice from legal counsel or other independent advisors is necessary in particular instances. The Audit Committee will deliberate the reported conflict and vote to make one of two determinations that no material conflict of interest exists and that no action is necessary or that a material conflict of interest does exist and determine how to address the identified conflict. These findings will be communicated to the Chairman of the Board of Trustees and the board meeting minutes shall reflect the nature of the conflict and the Audit Committees determination with respect to the specific procedures the member will follow regarding the issue or transaction. Form 990, Part VI, Section B, Line 15A B The bylaws Article 2, Section 6 of the College establish that the Board of Trustees has the authority to hire, employ, and set the renumeration of the President and officers of the corporation. The Executive Committee, an independent authorized body of the Board of Trustees, has been assigned the responsibility for evaluating compensation reasonableness for all offices and highly paid employees. The Executive Committee is composed of five to six members and includes the President who is ex-officio chair and a member of the committee. The Executive Committee reviews the entire compensation package including benefits by assessing the nature and scope of each position, assessing the individuals holding each position including their unique background, experience, personal skills, performance and by obtaining appropriate and comparable compensation market data from similarly situated organizations both for-profit and tax exempt for functionally comparable positions including comparative data from other colleges and universities market surveys and independent compensation surveys by nationally recognized independant firms. In addition, the Executive Committee retains an independent compensation consultant annually, to review executive compensation. The Executive Committee deliberates the information provided and relative contribution of each individual before voting on a compensation package. Compensation for the President, a member of the Society of Jesus, is paid directly to his order. Records of the Executive Committee are adequately documented. Form 990, Part VI, Section C, Line 19 The Colleges governing documents, articles of incorporation and bylaws may be found on the College website under the Office of the General Counsel. The conflict of interest policy is also available on the College website. Form 990, Part VI, Section A, Line 1a The Colleges Executive Committee is subordinate to the Board of Trustees. However, between meetings of the Board of Trustees the Executive Committee has all the powers and duties of the Board of Trustees except to approve or authorize changes in the articles of incorporation or bylaws to remove or elect officers of the corporation or the President of the College to effect any major change in the nature of the operations of the College to authorize any mortgage or encumbrance on all or any substantial part of the property of the corporation or to confer honors or degrees. Executive Committee members are members of the Board of Trustees. The Committee for the year ended June 2016 included Philip L. Boroughs S.J., John J. Mahoney, Jr., Thomas H. Carey, Anne M. Fink and James G. Gartland, S.J. Form 990, Part X, Line 11 12 On the Form 990, the College includes in the category of publicly traded securities certain investments valued using net asset value as the practical expedient when the underlying investments are publicly traded. These assets may be held in private equity funds or other similar vehicles. Alchemy Plan LP Trafalgar Court Les Banques St Peter Port GK GY13QL 980376083 Investing GK NA Excluded -887241 4148756 true false 0.99500 false false false false false false false false false false false false false false false false false true true Alchemy Plan LP r 54422 FMV Alchemy Plan LP s 887241 FMV