2017-05-11T13:03:03-05:00 2016-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2015-07-01 340714689 NOTRE DAME COLLEGE NOTR 2163811680 4545 COLLEGE ROAD SOUTH EUCLID OH 44121 JOHN TORTELLI VICE PRESIDENT 2163811680 2017-05-10 1 CHRISTOPHER B ANDERSON P00226559 2163630100 2015 2021-01-29 14:40:06Z THOMAS G KRUCZEK 4545 COLLEGE ROAD SOUTH EUCLID OH 44121 50754600 0 0928 X WWW.NOTREDAMECOLLEGE.EDU X 1922 OH NOTRE DAME COLLEGE, A CATHOLIC INSTITUTION IN THE TRADITION OF THE SISTERS OF NOTRE DAME, EDUCATES A DIVERSE POPULATION IN THE LIBERAL ARTS FOR PERSONAL, PROFESSIONAL AND GLOBAL RESPONSIBILITY. 28 27 1250 53 0 0 3298797 2035257 46655374 46940764 279813 247857 316289 176461 50550273 49400339 18479126 18853070 0 0 15163652 15473477 0 0 967030 16013241 16834020 49656019 51160567 894254 -1760228 46889277 43803485 30563530 31761767 16325747 12041718 NOTRE DAME COLLEGE, A CATHOLIC INSTITUTION IN THE TRADITION OF THE SISTERS OF NOTRE DAME, EDUCATES A DIVERSE POPULATION IN THE LIBERAL ARTS FOR PERSONAL, PROFESSIONAL AND GLOBAL RESPONSIBILITY. 0 0 48279094 18853070 47055560 HIGHER EDUCATION: NOTRE DAME COLLEGE PROVIDES INSTRUCTION AND RELATED AUXILIARY SERVICES TO APPROXIMATELY 2,000 ENROLLED STUDENTS DURING THE ACADEMIC YEAR. AS A NON-PROFIT EDUCATIONAL INSTITUTION, THE COLLEGE EMPLOYS A REGULAR FACULTY AND MAINTAINS AN UP-TO-DATE CURRICULUM. 48279094 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 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 3288 0 1 1250 1 0 0 0 0 0 1 1 0 0 0 0 X 28 27 1 0 0 0 1 0 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X JOHN TORTELLI 2163811680 4545 COLLEGE ROAD SOUTH EUCLID OH 44121 MAUREEN BIHN TRUSTEE 1.00 X 0 0 0 MARK BRANDT TRUSTEE 1.00 X 0 0 0 BRIAN BRENNAN TRUSTEE 1.00 X 0 0 0 THOMAS P CHAMBERS TRUSTEE 1.00 X 0 0 0 DANIEL CLARK TRUSTEE 1.00 X 0 0 0 SR MARY ANTOINETTE DERSHAW TRUSTEE 1.00 X 0 0 0 MAC M DONLEY TRUSTEE 1.00 X 0 0 0 JIM DROZDOWSKI TRUSTEE 1.00 X 0 0 0 RICHARD GARCIA CHAIR 1.00 X 0 0 0 SR MARGARET GORMAN TRUSTEE 1.00 X 0 0 0 ANN HAWKINS VICE CHAIR 1.00 X 0 0 0 SHERILYN HRIBAR TRUSTEE 1.00 X 0 0 0 SANJIV K KAPUR TRUSTEE 1.00 X 0 0 0 SR MICHELLE MARIE KELLY TRUSTEE 1.00 X 0 0 0 M JOAN MCCARTHY TRUSTEE 1.00 X 0 0 0 BARBARA MILLER TRUSTEE 1.00 X 0 0 0 SR MARY JOANNE MILLER TRUSTEE 1.00 X 0 0 0 SAMUEL H MILLER TRUSTEE 1.00 X 0 0 0 JACK MYSLENSKI TRUSTEE 1.00 X 0 0 0 SR MARY LISA NOVAK TRUSTEE 1.00 X 0 0 0 GEOFFREY J RITTS TRUSTEE 1.00 X 0 0 0 CHRIS RONAYNE TRUSTEE 1.00 X 0 0 0 JOSEPH SCAMINACE TRUSTEE 1.00 X 0 0 0 MICHAEL R SHAUGHNESSY TRUSTEE 1.00 X 0 0 0 BROOKE SPECTORSKY TRUSTEE 1.00 X 0 0 0 SR MARY FRANCES TAYMANS TRUSTEE 1.00 X 0 0 0 DR MARY L WYKLE TRUSTEE 1.00 X 0 0 0 THOMAS KRUCZEK PRESIDENT 40.00 X X 282807 0 23553 JOHN TORTELLI VICE PRESIDENT 40.00 X 108427 0 23553 ANDREW ROTH FORMER PRESIDENT 0.00 X 125810 0 6037 517044 0 53143 3 1 1 0 NORMANDY CATERING INC 30310 PALISADES PARKWAY WICKLIFFE OH 44092 FOOD SERVICE 2403570 THE LEARNING HOUSE INC 427 SFOURTH ST 300 LOUISVILLE KY 40202 ONLINE COURSE MGMT. 1551248 ALL FOR YOU JANITORIAL INC 802 ROME ROCK CREEK ROAD ROAMING SHORES OH 44085 CLEANING SERVICES 444000 JENZABAR PO BOX 55018 BOSTON MA 02205 SOFTWARE SERVICES 443488 ANDERSON COACH & TRAVEL ONE ANDERSON PLAZA GREENVILLE PA 16125 ATHLETIC TRANSPORTATION 412544 17 114401 207753 1713103 100718 2035257 STUDENT TUITION 900099 40417140 40417140 AUXILIARY OPERATIONS 900099 6523624 6523624 46940764 288121 288121 60734 0 60734 60734 60734 1263986 1304250 -40264 -40264 -40264 50942 114401 50011 931 931 MISC INCOME 900099 114796 114796 114796 49400339 47055560 0 309522 18853070 18853070 449879 449879 12539910 11536082 451457 552371 75071 75071 1463846 1369188 53381 41277 944771 840914 63669 40188 27727 27727 48700 45941 1833 926 37812 35670 1423 719 566493 519245 46344 904 345035 300101 5293 39641 1958301 1832224 43814 82263 1271641 1199597 47866 24178 986530 975945 7033 3552 1553834 1534897 14378 4559 439562 351524 75481 12557 1034052 1023487 7019 3546 1857365 1752137 69913 35315 335253 335253 CONTRACT SERVICES 5139819 4946993 97395 95431 MAINTENANCE EQUIP. 488476 481089 4908 2479 SPECIAL FUNCTIONS 409632 362745 19806 27081 BAD DEBT 300000 300000 33788 18245 15500 43 51160567 48279094 1914443 967030 434334 388525 1297323 991238 1732892 1609352 3044204 1875874 720003 636666 60964040 30396761 31477668 30567279 7724620 7367768 285992 276555 172241 90228 46889277 43803485 1247022 1223851 1557890 1222345 19415000 19270000 3649800 3306621 4693818 6738950 30563530 31761767 X 9178156 5510932 3015805 2312893 4131786 4217893 16325747 12041718 46889277 43803485 X -1760228 -511846 -2011955 X 0 1 X 1 1 1 X 2471697 2039062 2523198 3298797 2035257 12368011 2471697 2039062 2523198 3298797 2035257 12368011 1156942 11211069 203914 231421 256223 366179 288121 1345858 129419 106159 262069 241228 165738 904613 14618482 230466338 0.76690 0.74650 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPEV EVENT REVENUE - 2011 AMOUNT: $ 83,153. 2012 AMOUNT: $ 61,555. 2013 AMOUNT: $ 78,264. 2014 AMOUNT: $ 22,378. 2015 AMOUNT: $ 50,942. OTHER INCOME - 2011 AMOUNT: $ 46,266. 2012 AMOUNT: $ 44,604. 2013 AMOUNT: $ 183,805. 2014 AMOUNT: $ 218,850. 2015 AMOUNT: $ 114,796. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7342105 215138 -300201 355000 6902042 7279375 205785 206945 350000 7342105 6660335 54101 914939 350000 7279375 5991212 107518 561605 0 6660335 7451658 83308 12399 1556153 5991212 0.36450 0.58790 0.04760 0 0 4000000 4000000 41004596 18672611 22331985 3780 3780 0 10241450 9445874 795576 5714214 2274496 3439718 30567279 LIFE INCOME ANNUITY OBLIG. 11015 FAIR VALUE OF INTEREST RATE SWAP 6314737 REFUNDABLE LOAN PROGRAMS 413198 6738950 X 27687547 -511846 -2011955 -2523801 30211348 35921 19153070 19188991 49400339 31971576 0 31971576 35921 19153070 19188991 51160567 PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE - TAX STATUS: THE COLLEGE IS A NON-PROFIT ORGANIZATION EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT ON NET INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES. THE COLLEGE RECOGNIZES THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE COLLEGE, THE CONTINUED TAX-EXEMPT STATUS OF BONDS ISSUED BY THE COLLEGE AND VARIOUS POSITIONS RELATED TO POTENTIAL SOURCES OF UNRELATED BUSINESS INCOME. THE COLLEGE BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AND, AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. AS OF JUNE 30, 2016, THE COLLEGE'S TAX YEARS FROM 2012 AND THEREAFTER REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP -2,039,005. CHANGE IN VALUE OF BENEFICIAL INTEREST IN UNITRUST AND LIFE INC.ANNUITIES 27,050. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS TO STUDENTS WHICH WERE NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE ON FORM 990 18,853,070. BAD DEBT EXPENSE WHICH WAS NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 300,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS TO STUDENTS WHICH WERE NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE ON FORM 990 18,853,070. BAD DEBT EXPENSE WHICH WAS NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 300,000. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NOTRE DAME COLLEGE ANNUALLY PUBLISHES A NOTICE OF ITS RACIALLY NON-DISCRIMINATORY POLICY IN THE NEWSPAPER WHICH SERVES THE GENERAL COMMUNITY. NOTRE DAME COLLEGE HAS BEEN RECOGNIZED BY U.S. NEWS & WORLD REPORT AS ONE OF THE MOST DIVERSE COMPREHENSIVE COLLEGES IN OHIO. SCHEDULE E, PART I, LINE 6 NOTRE DAME COLLEGE RECEIVES FEDERAL ASSISTANCE THROUGH THE FOLLOWING PROGRAMS: THE U.S. DEPARTMENT OF EDUCATION FEDERAL PELL GRANT PROGRAM, THE FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT PROGRAM, THE FEDERAL WORK STUDY PROGRAM, THE FEDERAL PERKINS LOAN PROGRAM, THE FEDERAL TEACH GRANT PROGRAM, AND THE DIRECT LOAN PROGRAM. GOLF OUTING 61517 42403 19114 1500 15600 2014 GOLF OUTING 65450 45798 19652 1200 89 14397 3035 3 38376 26200 12176 7324 1101 3751 165343 114401 50942 1200 8913 31098 8800 50011 931 1 SCHOLARSHIPS 1368 18853070 PART I, LINE 2: MONITORING USE OF GRANT FUNDS - THE COLLEGE'S FINANCIAL AID, DEVELOPMENT, AND BUSINESS OFFICES TOGETHER ARE RESPONSIBLE FOR MONITORING THE USE OF GRANT FUNDS. THREE DIFFERENT OFFICES ARE INVOLVED IN THE PROCESS FOR ADEQUATE CHECKS AND BALANCES. THE FINANCIAL AID OFFICE VERIFIES STUDENT ELIGIBILITY FOR GRANTS AND AWARDS THE GRANT FUNDS. THE DEVELOPMENT OFFICE CLOSELY MONITORS THE RESTRICTIONS PLACED ON THE GRANT FUNDS FROM THIRD PARTIES. THE DEVELOPMENT OFFICE ENSURES THAT THE GRANTEES SELECTED BY THE FINANCIAL AID OFFICE FULFILL THROUGHOUT THE SEMESTER THE RESTRICTIONS ON THESE GRANTS. THE DEVELOPMENT OFFICE USES INTERNAL REPORTS PROVIDED BY THE FINANCIAL AID OFFICE TO ASSIST WITH THIS PROCESS. THESE INTERNAL REPORTS PROVIDE BASIC DATA ON STUDENT ELIGIBILITY, SUCH AS MAJOR, GPA, AND EXTRACURRICULAR ACTIVITIES. THE DEVELOPMENT OFFICE REPORTS BACK TO THE APPROPRIATE GRANTORS CONCERNING THE USE OF THE GRANT FUNDS. THE BUSINESS OFFICE POSTS THE DISBURSEMENT OF GRANT FUNDS TO THE GENERAL LEDGER UPON RECEIVING CONFIRMATION FROM THE FINANCIAL AID AND DEVELOPMENT OFFICES. ALL GRANT INFORMATION IS KEPT ON A SECURE DATABASE. THIS DATABASE INCLUDES THE NAMES OF THE STUDENTS RECEIVING GRANTS, THE AMOUNT OF THE GRANTS, THE CRITERIA USED TO AWARD GRANTS, AND THE APPLICABLE SEMESTER AND ACADEMIC YEAR. X X X 1 1 X X X 1 0 0 0 0 0 0 0 0 THOMAS KRUCZEK PRESIDENT 224607 0 15000 0 43200 0 2500 0 21053 0 306360 0 0 0 ANDREW ROTH FORMER PRESIDENT 125810 0 0 0 0 0 0 0 6037 0 131847 0 0 0 PART I, LINE 1A BENEFITS PROVIDED TO CERTAIN INDIVIDUALS - THE COLLEGE PROVIDES NONTAXABLE REIMBURSEMENT OF SPOUSAL TRAVEL EXPENSES AND SOCIAL MEMBERSHIP AND RELATED REASONABLE ENTERTAINMENT EXPENSES IN CONNECTION WITH THE DUTIES OF THE PRESIDENT OF THE COLLEGE. THE COLLEGE REQUIRES SUBSTANTIATION OF THE BUSINESS PURPOSE PRIOR TO REIMBURSEMENT. THE COLLEGE PROVIDED A TEMPORARY RESIDENCE FOR THE PRESIDENT DURING THE PERIOD OF HIS RELOCATION. THE HOUSING IS LOCATED ON THE BUSINESS PREMISE OF THE COLLEGE, WAS GIVEN FOR THE CONVENIENCE OF THE EMPLOYER, AND WAS REQUIRED AS A CONDITION OF EMPLOYMENT. THE BENEFIT WAS NOT TREATED AS TAXABLE COMPENSATION. PART I, LINE 4A SEVERANCE PAYMENT - THE COLLEGE MADE A SEVERANCE PAYMENT TO DR. ANDREW ROTH OF $125,810. A OHIO HIGHER EDUCATIONAL FACILITY COMMISSION 346849674 67756BWS5 2008-08-21 20000000 SEE PART VI 0 0 0 A 730000 20000000 600000 889723 3272295 398597 14739385 2009 0 0 1 1 A 0 0 1 1 0 0.02000 0.02000 1 0 0 A 0 0 0 1 1 1 BANK OF AMERICA 30.000000000000 0 0 0 0 0 A 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: OHIO HIGHER EDUCATIONAL FACILITY COMMISSION DATE THE REBATE COMPUTATION WAS PERFORMED: 10/15/2013 PART I, LINE A, COL.F - PURPOSE OF BONDS: BOND PROCEEDS WERE USED FOR THE FOLLOWING PURPOSES: CONSTRUCTING, EQUIPPING, FURNISHING, AND OTHERWISE IMPROVING TWO NEW STUDENT HOUSING FACILITIES; RENOVATIONS AND IMPROVEMENTS TO EXISTING CAMPUS DINING HALL; CONSTRUCTION OF PARKING FACILITIES; INFRASTRUCTURE AND VARIOUS BUILDING IMPROVEMENTS; FUNDING OF A PORTION OF CONSTRUCTION PERIOD INTEREST; FUNDING OF RESERVE FUND; AND COSTS OF ISSUING BONDS. X 5 100718 FMV 0 1 1 PART I, LINE 32B: USE OF THIRD PARTIES - THE COLLEGES USES A SECURITIES BROKER TO SELL DONATED SECURITIES. THE FEES CHARGED BY THE BROKER FOR THESE SERVICES ARE AT OR BELOW THE FAIR MARKET VALUE OF SUCH SERVICES. FORM 990, PART VI, SECTION A, LINE 2 REPORTABLE RELATIONSHIPS - BARBARA MILLER AND SAMUEL MILLER HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE CORPORATION - THE MEMBERS OF THE CORPORATION ARE THE PROVINCIAL SUPERIOR OF THE CONGREGATION OF THE SISTERS OF NOTRE DAME, CHARDON PROVINCE, CLEVELAND, OHIO, AND THE COUNCIL TO THE PROVINCIAL SUPERIOR. SEE THE EXPLANATION FOR QUESTION 7B FOR THE POWERS RESERVED TO MEMBERS. ALL OTHER POWERS AND AUTHORITY FOR THE CONDUCT AND MANAGEMENT OF THE AFFAIRS OF THE COLLEGE ARE DELEGATED AND TRANSFERRED TO THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7B POWERS RESERVED BY THE MEMBERS - THE MEMBERS OF THE CORPORATION ARE THE PROVINCIAL SUPERIOR OF THE CONGREGATION OF THE SISTERS OF NOTRE DAME, CHARDON PROVINCE, CLEVELAND, OHIO, AND THE COUNCIL TO THE PROVINCIAL SUPERIOR. APPROVAL OF THE MEMBERS IS REQUIRED: A. TO MAKE ANY CHANGES IN THE MISSION OF THE COLLEGE CORPORATION AS DEFINED BY THE SISTERS OF NOTRE DAME; B. TO SELL, MORTGAGE, PURCHASE, LEASE OR CONVEY OR OTHERWISE DISPOSE OF THE CORPORATION'S PERSONAL PROPERTY (HAVING A VALUE IN EXCESS OF $100,000) AND ALL OF THE CORPORATION'S REAL PROPERTY; C. TO AMEND THE ARTICLES OF INCORPORATION AND TO CHANGE THE BYLAWS; D. TO MAKE LOANS EXCEEDING $500,000 IN THE AGGREGATE AT ANY ONE TIME; AND E. TO APPROVE THE SELECTION OF CANDIDATES TO BE INTERVIEWED FOR THE OFFICE OF THE PRESIDENT OF THE COLLEGE, FOLLOWING THE PRESENTATION OF THE NAMES AND CURRICULUM VITAE OF SUCH PROPOSED CANDIDATES FOR THE OFFICE. EACH MEMBER OF THE CORPORATION HAS ONE VOTE WITH A QUORUM BEING ONE LESS THAN THE TOTAL NUMBER OF MEMEBRS. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 REVIEW - DATA FOR FORM 990 IS INTERNALLY PREPARED UNDER THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION WITH REVIEW BY THE PRESIDENT OF THE COLLEGE. THIS DATA IS REVIEWED BY THE OUTSIDE TAX PROFESSIONAL FROM THE AUDIT FIRM OF THE COLLEGE, AND FORM 990 IS PREPARED. FORM 990 IS E-MAILED TO THE AUDIT COMMITTEE OF THE BOARD TO COMPLETE A REVIEW. THIS REVIEW TYPICALLY TAKES PLACE IN MAY. FORM 990, PART VI, SECTION B, LINE 11 DISTRIBUTION OF FORM 990 TO THE BOARD - THE BOARD OF TRUSTEES RECEIVES A COPY OF FORM 990 BEFORE IT IS FILED, BUT DONOR NAMES AND ADDRESSES ARE REDACTED FROM SCHEDULE B. THE COLLEGE BELIEVES THAT DONOR INFORMATION IS CONFIDENTIAL, AND SOME DONORS REQUEST THAT THEIR GIFTS REMAIN ANONYMOUS. AS SUCH, WE ARE REQUIRED TO ANSWER THE QUESTION ON LINE 11A "NO" EVEN THOUGH THE BOARD RECEIVES A COPY OF FORM 990 WITH INFORMATION REDACTED FROM SCHEDULE B. FORM 990, PART VI, SECTION B, LINE 12C MONITORING AND ENFORCEMENT OF CONFLICT POLICY - THE CONFLICT OF INTEREST POLICY COVERS THE TRUSTEES, OFFICERS, AND OTHER KEY EMPLOYEES. THE TRUSTEES, OFFICERS, AND KEY EMPLOYEES COMPLETE A STATEMENT ONCE A YEAR TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. ANY POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED BY THE EXECUTIVE COMMITTEE OF THE BOARD OR THE PRESIDENT OF THE COLLEGE. THE COLLEGE PRESIDENT OR BOARD SHALL DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS AND, IF SO, AUTHORIZE OR REJECT THE TRANSACTION OR TAKE ANY OTHER ACTION DEEMED NECESSARY TO ADDRESS THE CONFLICT AND PROTECT NOTRE DAME COLLEGE'S BEST INTERESTS. AN INDIVIDUAL WITH A CONFLICT OF INTEREST IS PROHIBITED FROM VOTING ON ANY MATTER THAT DEALS WITH THE CONFLICT AND FROM PARTICIPATING IN ANY DECISIONS THAT RELATE TO THE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION REVIEW AND APPROVAL - THE COMPENSATION PACKAGE FOR THE PRESIDENT OF THE COLLEGE IS A MULTI-YEAR CONTRACT CONSISTING OF A 3-YEAR TERM. THE CONTRACT IS ESTABLISHED BASED ON COMPARABILITY DATA OF PRESIDENTS AT SIMILARLY-SIZED COLLEGES AND REVIEW BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE MEMBERS ARE INDEPENDENT OF THE PRESIDENT. THE PRESIDENT'S CONTRACT IS FOR THE PERIOD FROM JULY 1, 2014 THROUGH JUNE 30, 2017. THE COMPENSATION OF OTHER OFFICERS OF THE COLLEGE IS ESTABLISHED BY THE PRESIDENT ANNUALLY WITH REVIEW BY THE BOARD AS PART OF THE ANNUAL BUDGET PROCESS. AS A SMALL COLLEGE WITH LIMITED RESOURCES, THE COMPENSATION LEVEL OF OTHER OFFICERS DOES NOT RISE TO A LEVEL TO NECESSITATE COMPARABILITY DATA. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS - THE COLLEGE DOES NOT MAKE ITS FINANCIAL STATEMENTS, CONFLICT POLICY OR ORGANIZING DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP -2,039,005. CHANGE IN VALUE OF BENEFICIAL INTEREST IN UNITRUST AND LIFE INC. ANNUITIES 27,050.