2017-05-10T10:29:50-05:00 2016-06-30 GRANT THORNTON LLP 757 THIRD AVE 2ND FLOOR NEW YORK NY 100172013 990 2015-07-01 141442493 Marist College % JOHN PECCHIA CFO VP OF BA MARI 8455753000 3399 North Road Poughkeepsie NY 12601 JOHN PECCHIA CFO, VP OF B.A. 2125990100 2017-05-08 true Daniel Romano P00504182 2125990100 2017-05-08 2015 2021-01-29 14:40:06Z Dennis J Murray PRESIDENT 3399 North Road Poughkeepsie NY 12601 359574340 false X www.marist.edu X 1946 NY MARIST IS DEDICATED TO HELPING STUDENTS DEVELOP THE INTELLECT, CHARACTER AND SKILLS REQUIRED FOR ENGLIGHTENED, ETHICAL, AND PRODUCTIVE LIVES IN THE GLOBAL COMMUNITY. 30 29 4010 205 983361 9562509 11601928 218020003 228342854 7645685 2892602 4039421 4686610 239267618 247523994 49963211 52426497 0 0 96652073 101205277 0 0 1568190 71417825 75863232 218033109 229495006 21234509 18028988 675461146 675898618 239143473 236987367 436317673 438911251 X MARIST IS DEDICATED TO HELPING STUDENTS DEVELOP THE INTELLECT, CHARACTER AND SKILLS REQUIRED FOR ENGLIGHTENED, ETHICAL, AND PRODUCTIVE LIVES IN THE GLOBAL COMMUNITY. false false 179019230 52426497 182810975 Marist College is a highly selective, comprehensive institution noted for its leadership in the use of technology in and out of the classroom. Marist is chartered by the State of New York and its Poughkeepsie and Florence campuses are fully accredited by the Middle States Commission on Higher Education (MSCHE). Marist's student body is comprised of 5,616 undergraduate students and 953 graduate students with 47 bachelor's programs, 14 master's programs and 14 certificate programs. Over 50% of undergraduate students have studied a semester abroad. Founded in 1929, Marist's 228-acre campus overlooks the Hudson River in the heart of the historic Hudson Valley and is situated midway between New York City and Albany, the state capital. What started as a school for the training of future Marist Brothers has developed into one of the most selective colleges in the nation. Marist is ecumenical in character and reflects the ideals of the Marist Brothers' founder, St. Marcellin Champagnat: commitment to excellence in education, the importance of community, and dedication to the principle of service. Marist is dedicated to the development of the whole person in a way that will prepare our graduates to lead enlightened, ethical, and productive lives in the global community of the 21st century. 31301807 0 45531879 Marist College provides a variety of auxiliary services to both its students and employees in support of its educational mission. As part of the student experience, Marist offers a variety of college housing to over 3,200 students in corridor, suite, apartment, and townhouse-style residences. The residential life program at Marist is based upon the philosophy of providing students with a safe, healthy, and attractive living-learning environment that supports and supplements the educational mission of the College. Students are housed using a "rites of passage" philosophy, which recognizes that a student's development should be supported by his/her living environment. Another large auxiliary function includes food service through both a resident and retail dining program. The resident dining operation provides food on a daily basis to over 1,500 participants. The campus's six retail cafes, catering to an additional 1,900 participants, offer a wide selection of hot and cold drinks, soups, salads, sandwiches, and snacks. The campus dining experience is focused on culinary expertise, fresh local and regional ingredients, healthy options, and a shared sense of environmental and social responsibility. Other campus auxiliary services include a bookstore, computer store, and a campus/community debit card account known as Marist Money. Throughout all of the College's auxiliary services, an emphasis is placed on promoting sustainable practices where applicable and include, but are not limited to, educating faculty, staff, and students about the impact of their actions on the environment; identifying, establishing, and publicizing sustainability principles, goals, and best practices; providing a framework for guiding sustainable procedures, programs, and initiatives; and monitoring and reporting progress on campus sustainability initiatives. 210321037 true true false false false false false true false true true true false true true true false true true true true false false false true true false true true true true false false false false false false false false false false true true false false true true true true false false true X 398 1 true 4010 true true true true SP FR IT false false false true true false false false false X 30 29 false false false false false false false true true false true true true true true true true true true true false X X JOHN PECCHIA CFO VP OF BA 8455753000 3399 NORTH ROAD POUGHKEEPSIE NY 12601 Dr Dennis J Murray President 50.0 0.0 X X 1268387 0 260653 Ellen M Hancock Chair 2.0 0.0 X X 0 0 0 Ross A Mauri Vice Chair 1.0 0.0 X X 0 0 0 Thomas J Ward Treasurer 1.0 0.0 X X 0 0 0 James R Barnes Secretary 1.0 0.0 X X 0 0 0 Elizabeth M Wolf Assistant Secretary 1.0 0.0 X X 0 0 0 Robert R Dyson Trustee 1.0 0.0 X 0 0 0 James M Barnes Trustee 1.0 0.0 X 0 0 0 Timothy G Brier Trustee 1.0 0.0 X 0 0 0 Steven Effron Trustee 1.0 0.0 X 0 0 0 Michael G Gartland Trustee 1.0 0.0 X 0 0 0 Dr Stanley E Harris Trustee 1.0 0.0 X 0 0 0 Daniel G Hickey Sr Trustee 1.0 0.0 X 0 0 0 James P Honan Trustee 1.0 0.0 X 0 0 0 Bro John Klein Trustee 1.0 0.0 X 0 0 0 Suresh Kothapalli Trustee 1.0 0.0 X 0 0 0 Patrick M Lavelle Trustee 1.0 0.0 X 0 0 0 Christopher G McCann Trustee 1.0 0.0 X 0 0 0 James A Cannavino Trustee 1.0 0.0 X 0 0 0 Lisa M Cathie Trustee 1.0 0.0 X 0 0 0 Susan L Cohen Trustee 1.0 0.0 X 0 0 0 Laureen DeJong Trustee 1.0 0.0 X 0 0 0 Mark V Dennis Trustee 1.0 0.0 X 0 0 0 Michael C Duffy Trustee 1.0 0.0 X 0 0 0 Genine McCormick Trustee 1.0 0.0 X 0 0 0 John P O'Shea Trustee 1.0 0.0 X 0 0 0 Patrice m Connolly Pantello Trustee 1.0 0.0 X 0 0 0 Bro Sean Sammon Trustee 1.0 0.0 X 0 0 0 Tim Tenney Trustee 1.0 0.0 X 0 0 0 NEIL BENDER TRUSTEE 1.0 0.0 X 0 0 0 GERARD E DAHOWSKI TRUSTEE (ENDED 11/15) 1.0 0.0 X 0 0 0 Dr Geoffrey L Brackett Executive Vice President 50.0 1.0 X 543386 0 92395 Dr Thomas Wermuth VP of Academic Affairs 50.0 0.0 X 277279 0 41762 Sean P Kaylor VP of Admissions & Enrollment 50.0 0.0 X 259676 0 56302 John Pecchia VP of Business Affairs, CFO 50.0 1.0 X 282509 0 40601 Christopher DelGiorno VP of College Advancement 50.0 0.0 X 233995 0 43864 William T Thirsk VP of Information Tech, CIO 50.0 0.0 X 240177 0 44607 Deborah DiCaprio VP/Dean of Student Affairs 50.0 0.0 X 223753 0 52466 Dr John Ritschdorff Assoc. VP of Academic Affairs 50.0 0.0 X 245309 0 42936 Deborah Raikes-Colbert Assoc. VP of Human Resources 50.0 0.0 X 164069 0 15714 JUSTIN BUTWELL DIRECTOR OF PHYSICAL PLANT 50.0 1.0 X 181663 0 46611 Dr Lee Miringoff Director of MIPO 50.0 0.0 X 291663 0 46778 Dr Barbara Carvalho Director of Marist Poll 50.0 0.0 X 229867 0 29246 Lawrence Singleton Dean, School of Management 50.0 0.0 X 241893 0 48891 Dr Roger Norton Dean, Computer Science & Math 50.0 0.0 X 241959 0 48176 MICHAEL MAKER HEAD COACH, MEN'S BASKETBALL 50.0 0.0 X 230293 0 44274 Dr Roy H Merolli Former Executive VP 0.0 0.0 X 150501 0 17428 5306379 0 972704 122 true true false Daniel O'Connells Sons Incorporatio 480 Hampden Street HOLYOKE MA 01040 Construction 26254815 Sodexo Inc and Affiliates 9801 Washington Blvd GAITHERSBURG MD 20878 Food Service 9117127 Pike Company Inc 1 Circle Street ROCHESTER NY 14607 Construction 8205722 Kirchoff-Consigli Construction Mgmt 199 W RD 100 PLEASANT VALLEY NY 12569 Construction 2672751 Robert A M Stern Architects 460 W 34TH ST NEW YORK NY 10001 ARCHITECTS 1591764 61 172929 3072690 8356309 1026712 11601928 TUITION & FEES 611710 182810975 182810975 ROOM & BOARD 721310 45531879 45531879 228342854 1585110 1585110 0 0 0 0 0 112996791 92880 109759462 2022717 3237329 -1929837 1307492 1307492 149637 172929 244481 -94844 -94844 96824 23686 73138 73138 0 ATHLETICS 711210 1055513 1055513 STUDENT CLUB ACTIVITIES 900099 663543 663543 CLOUD COMPUTING 541511 666924 666924 2322336 316437 2005899 4708316 247523994 228342854 983361 6595851 250000 250000 52176497 52176497 0 0 4936515 2334436 1963583 638496 0 66692137 61129296 5056140 506701 7198878 6170430 981484 46964 16795052 14730281 1912494 152277 5582695 4926421 614788 41486 6910362 6910362 429422 7640 421782 321970 321970 0 0 1026410 1026410 2647454 2330812 312605 4037 2112414 2031119 81295 4207247 4115552 91695 5547597 4892356 655241 827742 796937 28379 2426 10315107 9980234 331622 3251 3781186 3709463 43746 27977 0 665847 591616 64964 9267 5202394 5157767 44627 0 13568453 12400916 1167537 1513589 1240996 272593 INTERNATIONAL PROGRAM 7465385 7465385 HOSPITALITY 2792507 2017509 731427 43571 ATHLETICS 1893923 1613727 280196 STUDENT MAINTENANCE 1081046 1081046 3553177 2260239 1292896 42 229495006 210321037 17605779 1568190 X 542714 538309 59808288 73319903 2685898 3672661 5729603 2727691 0 0 0 0 6165965 6178423 361786 366685 944597 1672931 523222315 178255109 290151164 344967206 92405852 62490277 134355435 153950027 0 0 0 0 82309844 26014505 675461146 675898618 19890359 24059571 0 0 11481707 11010420 180924086 175935073 0 0 0 0 0 0 0 0 26847321 25982303 239143473 236987367 X 365711991 368018445 42072294 39063803 28533388 31829003 436317673 438911251 675461146 675898618 X 18028988 -15715203 279793 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 7794176 X X X false 56960149 3523439 -3181025 711072 139993 56451498 55302924 1202226 1069336 614337 56960149 46702054 680865 8207375 547770 -260400 55302924 42888844 1626123 2606865 467278 -47500 46702054 44454456 572432 -1462091 395479 280474 42888844 0.15640 0.56380 0.27980 false false 7979427 7979427 239004190 85020175 153984015 149174714 37466039 111708675 65702431 53148023 12554408 61361553 2620872 58740681 344967206 OTHER ALTERNATIVE INVESTMENTS 77988576 F DIRECT FOREIGN INVESTMENTS 75961451 F 153950027 0 ACCRUED POST RETIREMENT-BENEFITS 11242747 INTEREST RATE SWAP OBLIGATION 8919285 US GOV'T GRANTS REFUNDABLE 5530242 ANNUITIES PAYABLE 290029 25982303 X 180780818 -15715203 1148524 -14566679 195347497 52176497 52176497 247523994 177472892 154383 154383 177318509 52176497 52176497 229495006 Part III, Line 4 Collection of artworks The College holds a culturally and historically diverse collection of artwork, books, sculptures, archives, film reels and various media that serve primarily as learning and research resources for faculty and students. PART V, LINE 4 Endownment Funds Endowment funds are intended to be used for scholarships and to support Academic programs of the college. Part X, Line 2 FIN 48 Disclosure Tax effects from an uncertain tax position are recognized in the consolidated financial statements only if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the position might be challenged. The College is exempt from income tax under IRC Section 501(c)(3), though it is subject to tax on income unrelated to its exempt purposes, unless that income is otherwise excluded by the Code. The tax years ending June 30, 2013, 2014, 2015 and 2016 are still open to audit for both Federal and State purposes. Part XI, Line 2d NET LOSS ON REDEMPTION OF BOND $(247,706) CHANGE IN VALUE INTEREST RATE SWAP $(2,228,071) PAYMENT TO BENEFICIARIES $(87) PENSION & POST RETIREMENT CHANGES $ 3,624,388 ______________________ Total $ 1,148,524 Part XI, Line 4b SCHOLARSHIPS $52,176,497 Part XII, Line 2d MRPS DEPRECIATION $154,383 PART XII, LINE 4B SCHOLARSHIPS $52,176,497 true true true true true true true false false false false false false false false true false true SCHEDULE E, LINE 3 The college publicizes its racially nondiscriminatory policy on its website (marist.edu) to make the policy known to all parts of the general community it serves. SCHEDULE E, LINE 6A The college receives financial aid and other grants from federal and state agencies. Europe (Including Iceland and Greenland) 2 5 Program Services ADMIN & EDUCATION 8636718 Central America and the Caribbean Investments 72499172 Europe (Including Iceland and Greenland) Investments 3462279 Central America and the Caribbean Program Services EDUCATIONAL 131055 East Asia and the Pacific Program Services EDUCATIONAL 916527 South Asia Program Services EDUCATIONAL 18158 Middle East and North Africa Program Services EDUCATIONAL 19945 South America Program Services EDUCATIONAL 40527 Sub-Saharan Africa Program Services EDUCATIONAL 33950 South Asia 6 Program Services ADMIN & EDUCATION 197500 2 11 2 11 85955831 85955831 true false true false true false Schedule F, Part IV MARIST COLLEGE INVESTS IN DOMESTIC AND FOREIGN LIMITED PARTNERSHIPS THAT MAY OWN AN INTEREST IN A FOREIGN CORPORATION, PASSIVE FOREIGN INVESTMENT COMPANY, OR FOREIGN PARTNERSHIP. NEVERTHELESS, THE College's INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR FILING THE FORMS 926, 5471, 8621 OR 8865. TO THE EXTENT SUCH A FORM WAS completed, it has been filed with the college's form 990-T. Lifetime Excel 186595 124711 61884 9238 6950 66570 7417 16420 Murray Tribute 87500 35043 52457 39090 26809 40211 3 48471 13175 35296 1500 1604 7141 16680 4851 322566 172929 149637 1500 10842 14091 122340 34226 61482 244481 -94844 96824 1000 16790 5896 true 1.00000 96824 1000 16790 5896 23686 73138 NY true false false false 1.00000 Amanda Rogerson 3399 North Rd Poughkeepsie NY 12601 false Tim Murray Oversees all aspects of gaming activities X false SCHEDULE G, PART III, LINE 16 THE INDIVIDUAL IN CHARGE OF OVERSEEING THE FOUNDATION'S GAMING Activities is NOT COMPENSATED FOR THAT JOB RESPONSIBILITY; HE UNDERTAKES THIS ROLE AS PART OF HIS ORDINARY BUSINESS ENDEAVORS. true FAIRVIEW FIRE DISTRICT 258 VIOLET AVENUE POUGHKEEPSIE NY 12601 146000328 501 (A) 250000 COMMUNITY ASSISTANCE 1 INSTITUTIONAL SCHOLARSHIP 7257 52176497 ORGANIZATION'S PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS PART I, LINE 2 The College provides scholarships and financial aid to students based on need and academic performance. The funds are credited directly to the student's account. Records are maintained in accordance with College's policies. The College's financial aid office adheres strictly to all federal and state regulations and is subject to the compliance and internal controls reports as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and Government Auditing Standards and related information (formerly OMB A-133). Part II, Line 1D Marist College voluntarily contributes to the Fairview Fire District's annual fundraising campaign and contributes funds for capital improvements. X X X X true true X X X X X false true false false false false false true false Dr Dennis J Murray President 487541 0 325000 0 455846 0 211918 0 48735 0 1529040 0 0 Dr Geoffrey L Brackett Executive Vice President 506062 0 17500 0 19824 0 62873 0 29522 0 635781 0 100000 Dr Thomas Wermuth VP of Academic Affairs 259641 0 17500 0 138 0 31350 0 10412 0 319041 0 0 Sean P Kaylor VP of Admissions & Enrollment 240323 0 17500 0 1853 0 29330 0 26972 0 315978 0 0 John Pecchia VP of Business Affairs, CFO 264613 0 17500 0 396 0 19695 0 20906 0 323110 0 0 Christopher DelGiorno VP of College Advancement 216134 0 15000 0 2861 0 16892 0 26972 0 277859 0 0 William T Thirsk VP of Information Tech, CIO 222539 0 17500 0 138 0 23701 0 20906 0 284784 0 0 Deborah DiCaprio VP/Dean of Student Affairs 208357 0 15000 0 396 0 25494 0 26972 0 276219 0 0 Dr John Ritschdorff Assoc. VP of Academic Affairs 242047 0 2500 0 762 0 21190 0 21746 0 288245 0 0 Deborah Raikes-Colbert Assoc. VP of Human Resources 148307 0 15000 0 762 0 11700 0 4014 0 179783 0 0 JUSTIN BUTWELL DIRECTOR OF PHYSICAL PLANT 149073 0 32500 0 90 0 18559 0 28052 0 228274 0 0 Dr Lee Miringoff Director of MIPO 268452 0 17500 0 5711 0 24474 0 22304 0 338441 0 0 Dr Barbara Carvalho Director of Marist Poll 212109 0 17500 0 258 0 17634 0 11612 0 259113 0 0 Lawrence Singleton Dean, School of Management 236497 0 5000 0 396 0 25435 0 23456 0 290784 0 0 Dr Roger Norton Dean, Computer Science & Math 224063 0 17500 0 396 0 27270 0 20906 0 290135 0 0 MICHAEL MAKER HEAD COACH, MEN'S BASKETBALL 228203 0 0 0 2090 0 17423 0 26851 0 274567 0 0 Dr Roy H Merolli Former Executive VP 139914 0 0 0 10587 0 15916 0 1512 0 167929 0 0 Schedule J, Part I, QUESTION 1A Travel - Travel for companions is very limited and always includes a business purpose for the companion and must be pre-approved by the President. President's companion travel is approved by the Chair of Board of Trustees. SCHEDULE J, PART I, QUESTION 1A Housing allowance or residence for personal use - the President of the college is provided with housing in close proximity to the campus in order for him to attend to emergent situations on a 24/7 basis. The housing is provided as a condition of his employment, is used for college business and entertainment purposes and as a convenience to the college to enable him to perform his duties. The fair market value of the president's residence is shown in column D. it is based on the value of property, property taxes, and maintenance expenses and is reported in column d on schedule J. SCHEDULE J, PART I, QUESTION 1A Health or social club dues or initiation fees - the college pays club membership fees for four executives, which are intended to be used exclusively for the college's business entertainment or college-sponsored events. to the extent there is any personal use of these privileges, the individual executives are taxed on the value of the use. Only one of the four executives is taxed on personal use of the membership. The other three executives use the membership exclusively for business purposes. SCHEDULE J, PART I, QUESTION 1A Tax indemnification and gross-up payments - the college provided $24,550 additional gross-up payment to fund the president's pension plan, this amount is included in box B(iii) on Schedule J. Schedule J, Part I, LINE 3 Compensation committee and independent compensation consultant - Compensation committee and independent compensation consultants were used to evaluate salaries and compensation for executives during FY16. Schedule J, Part I, Question 4b Effective July 1, 2011, the college put in place a non-qualified supplemental executive retirement plan ("SERP") for the president of the college. The annual accruals for these benefits have been reported despite being subject to a substantial risk of forfeiture and contingent upon the president's continued employment at the college. The value of the accrual for calendar year 2015 is included in the deferred compensation column (column c) of schedule J. The college has in place a non-qualified deferred compensation plan for the executive vice president, a head coach and 2 directors of MIPO. The annual accruals for these benefits have been reported despite being subject to a substantial risk of forfeiture and contingent upon the executive's continued employment at the college. The value of the accrual for calendar year 2015 is included in the deferred compensation column (column c) of Schedule J. In calendar year 2015, the executive vice president received a payout of his deferred compensation as required by employment contract. The amount is included in base compensation, Part II (b)(i). Schedule J, Part I, Question 7 Non-fixed payments - Annually, pay awards were given in recognition of EMPLOYEES contributions to the overall success of the college. Any variable pay awards in future years will be contingent on individual performance and the continued success of the college. Schedule J, Part II, Column B(iii) The President's Other Reportable Compensation amount increased due to a cash surrender value of life insurance. A Dutchess County IDA 141613685 267041GN5 2008-01-25 20000000 Student housing, parking lot, RDW. false false false B Dutchess County LDC 273106797 267045BL5 2012-05-17 15415962 Refund bonds issued on 3/7/03 false false false C Dutchess County LDC 273106797 267045CV2 2013-03-28 15262546 Addition and renov. of student ctr false false false D Dutchess County LDC 273106797 267045FF4 2015-06-25 90557609 Allied SC bldg N Campus housing false false false A 2970000 532083 20000000 0 0 0 301631 81184 0 19617186 0 0 2009 false false true true B 2410000 1625000 15415962 0 0 0 169748 0 0 0 15246214 0 2004 true false true true C 565000 295000 15262546 0 0 0 259259 0 0 15003287 0 0 2014 false false true true D 0 0 90557609 20278822 0 0 851534 0 0 89706075 0 0 2016 false false false true A false false false false 0 false false false true B false false false false 0 false false false true C false false false false 0 false false false true D false false false false 0 false false false true A true true true true true false 0 false false false 0 false true B false true false false false false 0 false false false 0 false true C false true false false false false 0 false false false 0 false true D false true false false false false 0 false false false 0 false true A true B true C true D true part II, line 7, Student Center Addition/renovation The college financed a portion of the costs of issuance with a post-issue date equity contribution and applied the additional proceeds to finance project costs. The post-issuance equity contribution caused the actual amount of bond-financed issuance costs to be less than the amount reported on the form 8038. part II, line 10, columns A & B Amounts listed include capitalized delivery date expenses not subject to the 2 percent limitation in section 147(g) of the code. scheudle K An Asset Management firm performed an Arbitrage Rebate & Yield Restriction Liability Calculation for Marist College. It was completed on 11/12/15. Based on their findings, The College was found to be compliant. A Dutchess County LDC 273106797 2013-09-12 33045000 2013B 1-3 Refunding 1998,1999&2005 false false false B Dutchess County LDC 273106797 2016-04-01 13560000 Refunding 2000A bonds false false false A 2766957 0 33045000 0 0 0 272449 0 0 0 32772551 0 2006 true false true true B 0 0 13560000 0 0 0 218884 0 0 0 13341116 0 2001 true false true true A false false false false 0 false false false true B false false false false 0 false false false true A false true false false false false 0 false false false 0 false true B false true false false false false 0 false false false 0 false true A true B true X 260 EST MARKET VALUE X 21 438789 AVG PRICE DOT X 1 445000 APPRAISAL VALUE X EQUIPMENT 2 130663 EST MARKET VALUE X FLOWERS 1 5000 MARKET VALUE X FIXTURES-ECLIPSE AWNING 1 4500 MARKET VALUE X CLINIC/COURSE 1 2500 MARKET VALUE 2 false true false EXPLANATION OF NONCASH CONTRIBUTIONS MARIST COLLEGE REPORTS THE NUMBER OF CONTRIBUTIONS RECEIVED IN COLUMN B, NOT THE NUMBER OF ITEMS. Amount Reported in Box 3 of Form 1096 FORM 990, PART V, LINE 1A Marist College is reporting the number from Form 1096, Box 3, less the amount of Forms 1098-T provided to students during the year. For 2015, there were 6,186 Forms 1098-T issued. ORGANIZATION'S REVIEW PROCESS OF FORM 990 FORM 990, PART VI, LINE 11B The organization's Form 990 is presented to the audit committee by the independent accounting firm and reviewed by the Board of Trustees prior to filing. ENFORCEMENT AND COMPLIANCE OF CONFLICTS OF INTEREST POLICY FORM 990, PART VI, LINE 12C As an on-going practice and as required by our Code of Ethics, all trustees are required to complete Conflict of Interest Statements on an annual basis in which they are asked to discuss any business relationships they or a member of their families have with the College. The audit committee reviews these statements for compliance annually. Our Code of Ethics also requires that all executives, deans and selected staff with fiscal responsibilities for the College complete a Conflict of Interest Statement annually. Completed statements that indicate a potential conflict of interest are reviewed by the Chief Financial Officer, Associate Vice President for Human Resources, and the Executive Vice President. If a conflict exists, appropriate action is taken to ensure full disclosure or termination of the arrangement. COMPENSATION PROCESS FOR TOP MANAGEMENT OFFICIAL FORM 990, PART VI, LINE 15A The compensation and retirement program for the president was based on a comprehensive analysis conducted by an independent executive compensation consulting firm. The president's contract was recommended by the board committee on presidential review and compensation (responsible for presidential evaluation and compensation), and approved by the full board of trustees. The president's performance is reviewed on an annual basis by the committee on presidential review and compensation and changes in compensation are recommended to the full board for approval. The committee on presidential review and compensation bases its recommendations for adjustments on performance and a review of appropriate college and university personnel association (cupa) data on presidential compensation and the process and decision is contemporaneously documented in the minutes. COMPENSATION PROCESS FOR OFFICERS AND KEY EMPLOYEES FORM 990, PART VI, LINE 15B Senior officer compensation is established after a review of compensation data from cupa at private institutions of higher education based on annual budget size and enrollment. In addition to salary comparability at other institutions, performance and years of service in the position are also factors considered by the president in determining a senior officer's annual salary. Once the president has completed his review of senior officer compensation, the president's recommendations are brought to the board of trustees for review and approval. GOVERNING DOCUMENTS DISCLOSURE FORM 990, PART VI, LINE 19 The college's governing documents are available upon request from the office of the Chief Financial Officer. The financial statements and conflict of interest policy are available on the college's website at marist.edu. Balance Sheet Form 990, Part X, lines 9 & 20 In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. The ASU requires that deferred bond issuance costs be presented net of related debt on the statements of financial position. The ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted and applied retrospectively. Management has elected to early adopt the ASU, effective for the year ended June 30, 2016 and has applied the guidance retroactively for all periods presented. Bond issuance costs continue to be amortized over the lives of the respective bonds to which they pertain. Other Changes in Net Assets Form 990, Part XI, Line 9 Mrps net change in fixed assets (714,348) Change in interest rate swap obligation, other (2,228,071) Pension & post retirement changes 3,624,388 MRPS Depreciation (154,383) Net loss on bond redemption (247,706) Payment to beneficiaries (87) ______________ 279,793 VAYU LLC 3399 NORTH ROAD POUGHKEEPSIE NY 12601 EDUCATIONAL NY 14769292 MARIST COL Marist Real Property Services Inc 3399 North Road Poughkeepsie NY 12601 141785087 Real Prop NY 501(C)(3) 11A Marist Coll true MARIST REAL PROPERTY SERVICES TWO INC 3399 NORTH ROAD POUGHKEEPSIE NY 12601 141825215 REAL PROP NY MARIST COL C Corp 175000 1.00000 true false false false false false false false false false false false false false true true false false false false