2016-11-11T14:15:49-06:00 2016-06-30 420714325 RSM US LLP 201 FIRST ST SE SUITE 800 CEDAR RAPIDS IA 52401 990 2015-07-01 426081293 PALMER COLLEGE FOUNDATION PALM 5638845871 1000 BRADY STREET DAVENPORT IA 52803 J AARON CHRISTOPHER VICE CHANCELLOR ADMINISTRATION 5638845871 2016-11-10 1 CARLEY UMSTEAD P00982177 3192985333 2015 2017-02-10 21:41:12Z PALMER COLLEGE OF CHIROPRACTIC DENNIS MARCHIORI DC 1000 BRADY STREET DAVENPORT IA 52803 69484420 0 X WWW.PALMER.EDU X 1907 IA THE MISSION OF THE COLLEGES OF THE PALMER COLLEGE SYSTEM IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC QUALIFIED TO SERVE AS PRIMARY CONTACT HEALTH CARE PROVIDERS; TO ADVANCE THE UNDERSTANDING OF CHIROPRACTIC THROUGH RESEARCH; AND TO SERVE HUMANITY THROUGH PATIENT CARE AND COMMUNITY EDUCATION. 11 10 1084 344 9523 0 2848668 4358376 57997940 60464085 1686122 1991869 1188290 1566708 63721020 68381038 2316936 3394189 0 0 33077275 33660023 47211 77440 23442 23869423 24135942 59310845 61267594 4410175 7113444 161031090 165008256 42511549 41809216 118519541 123199040 X THE MISSION OF PALMER COLLEGE OF CHIROPRACTIC, BASED UPON THE PALMER TENETS, IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC QUALIFIED TO SERVE AS DIRECT ACCESS TO PRIMARY HEALTH CARE PROVIDERS AND CLINICIANS, COMPETENT IN WELLNESS PROMOTION, HEALTH ASSESSMENT, DIAGNOSIS AND THE CHIROPRACTIC MANAGEMENT OF THE PATIENT'S HEALTH CARE NEEDS. PALMER IS COMMITTED TO ADVANCING THE UNDERSTANDING OF CHIROPRACTIC THROUGH RESEARCH; TO PROVIDING SERVICE TO THE FIELD OF CHIROPRACTIC, INCLUDING CONTINUING EDUCATION; AND TO SERVING HUMANITY THROUGH PATIENT CARE AND COMMUNITY EDUCATION. 0 0 41870570 3394189 59503913 TEACHING THE ART OF CHIROPRACTIC AND OTHER ACTIVITIES RELATED TO EDUCATION. ENROLLMENT CONSISTS OF 1,791 FULL TIME AND 26 PART TIME STUDENTS AS OF 6/30/2016. 2480639 960172 AUXILIARY ENTERPRISES AND ACTIVITIES RELATED TO OPERATION OF BOOKSTORE, CAFETERIA, PRINT SHOP, AND CONTINUING EDUCATION PROGRAMS. 44351209 1 1 0 0 0 0 0 1 0 1 1 0 1 0 1 1 0 1 1 0 1 0 0 1 0 0 0 1 1 1 0 0 0 0 1 0 0 1 0 0 0 0 0 1 1 1 0 0 1 2226 0 1 1084 1 1 1 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CA MD NH OR X ALEXIS VANDER HORN 5638845102 1000 BRADY STREET DAVENPORT IA 528035214 TREVOR V IRELAND DC CHAIRPERSON 5.00 2.00 X X 0 0 0 KENT M FORNEY HCD VICE CHAIRPERSON 5.00 2.00 X X 0 0 0 VICKIE A PALMER HCD SECRETARY GENERAL 1.00 1.00 X X 0 0 0 MICHAEL CHANCE DC BOARD MEMBER 1.00 1.00 X 0 0 0 SUSAN HATFIELD PHD BOARD MEMBER 1.00 1.00 X 1854 0 0 CHARLES KELLER DC MA BOARD MEMBER 1.00 1.00 X 0 0 0 KENNETH R KOUPAL BOARD MEMBER 1.00 1.00 X 0 0 0 BARRY L MCALPINE DC BOARD MEMBER 1.00 1.00 X 733 0 0 WILLIAM E MORGAN DC BOARD MEMBER (PART-YEAR) 1.00 1.00 X 2152 0 0 KENT PILCHER BOARD MEMBER 1.00 1.00 X 730 0 0 PAUL VANDUYNE PE DC BOARD MEMBER 1.00 1.00 X 700 0 0 WILLIAM L WILKE BOARD MEMBER 1.00 1.00 X 0 0 0 DENNIS MARCHIORI DC CEO/CHANCELLOR 30.00 10.00 X 449216 0 42397 THOMAS TIEMEIER CFO/TREASURER 30.00 10.00 X 207316 0 32789 LYNNE LINDSTROM EXEC DIR OF BOARD AFFAIRS 30.00 10.00 X 76585 0 14931 CHRISTINE GOERTZ DC VICE CHANCELLOR 40.00 X 258853 0 38504 WILLIAM MEEKER DC PRESIDENT 1.00 40.00 X 211541 0 39342 PETER MARTIN DC PRESIDENT 40.00 X 228077 0 33350 DAN WEINERT DC PROVOST 40.00 X 198170 0 38811 ROBERT PERCUOCO DC VICE CHANCELLOR 40.00 X 185178 0 33051 KEVIN CUNNINGHAM DC VICE CHANCELLOR 40.00 X 177045 0 34957 THOMAS STEMPEK VICE CHANCELLOR 40.00 X 169193 0 23319 JAMES O'CONNOR VICE CHANCELLOR 40.00 X 168419 0 11986 IAN MCLEAN DC DIRECTOR 40.00 X 165067 0 26712 CYNTHIA LONG DIRECTOR 40.00 X 155919 0 11850 DANA LAWRENCE SENIOR DIRECTOR 40.00 X 142316 0 25586 MARUTI GUDAVALLI PROFESSOR 40.00 X 139103 0 32605 MICKEY BURT EXECUTIVE DIRECTOR 40.00 X 139092 0 23122 3077259 0 463312 47 0 1 0 TRANE 4801 GRAND AVE DAVENPORT IA 52807 CONSTRUCTION 2900759 ESTES COMPANY PO BOX 3608 DAVENPORT IA 52808 CONSTRUCTION 1331452 PER MAR SECURITY SERVICES PO BOX 1101 DAVENPORT IA 52805 SECURITY SERVICES 786090 XEROX PO BOX 650361 DALLAS TX 72565 COPY & PRINTING SERVICES 765489 COMMERCIAL CONSTRUCTION 7 SUNSHINE BLVD ORMOND BEACH FL 32174 CONSTRUCTION 744292 26 33670 1798437 2526269 20736 4358376 TUITION AND FEES 611600 58056891 58056891 CLINIC REVENUE 611710 1447022 1447022 AUXILIARY ENTERPRISES 611600 960172 960172 60464085 1165846 1165846 448597 0 448597 448597 448597 555693 307111 0 36781 555693 270330 826023 826023 1323026 1066601 256425 256425 RESEARCH EXP RECOVERY 900099 327620 327620 INT ON LOANS RECEIVABLE 900099 226884 226884 SUNDRY INCOME 900099 174642 174642 132540 9523 123017 861686 68381038 60464085 9523 3549054 307745 307745 3086444 3086444 2711037 464514 2246523 24504930 20737694 3767236 6444056 5546893 897163 1085680 1085680 106600 106600 77440 77440 4925884 2504487 2477857 -56460 656510 485094 171236 180 741052 216477 524564 11 2591053 1813737 777316 912133 591961 318912 1260 833488 380446 453042 640400 640400 3662809 3662809 1009247 43814 965433 EQUIPMENT RENTAL & MAIN 1636469 487854 1148615 SUPPLIES 1405339 848563 555765 1011 CAMPUS SECURITY 944139 944139 STUDENT AID 639636 639636 2345503 1892641 452862 61267594 44351209 16892943 23442 1086271 1658339 23557348 27791723 1400908 1300343 2820954 1770022 851029 830646 805554 401403 126023326 57211038 66709012 68812288 49823934 49189691 11944 11944 10420167 9588523 3543969 3653334 161031090 165008256 9033314 8916228 8012374 8107141 1620970 2233835 22830000 21531497 1014891 1020515 42511549 41809216 X 84815144 88800080 19900676 19191413 13803721 15207547 118519541 123199040 161031090 165008256 X 7113444 -1942970 60340 -551315 X X 0 1 X 1 1 1 X 4698432 6188220 3300612 2848668 4358376 21394308 4698432 6188220 3300612 2848668 4358376 21394308 2252185 19142123 1705038 1555462 1143873 1264599 1614443 7283415 939509 1036177 1323307 870286 849636 5018915 33696638 296369337 0.56810 0.59080 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 302580 X X 0 43206945 1403826 -142091 1268750 430706 42769224 43058325 192890 1166372 727328 483314 43206945 37960137 153364 5826343 644722 236797 43058325 32008721 3716989 3260084 642356 383301 37960137 31285769 539752 1152992 535262 434530 32008721 0.28000 0.36000 0.36000 0 0 3742098 3742098 97424647 40834476 56590171 1659544 769866 889678 13777354 10434470 3342884 9419683 5172226 4247457 68812288 STUDENT LOANS 9588523 F 9588523 ANNUITIES PAYABLE 369000 CONDITIONAL ASSET RETIREMENT OBLIGATION 651515 1020515 X 64103380 -1942970 1126941 -816029 64919409 3461629 3461629 68381038 59423881 1617925 1617925 57805956 3461638 3461638 61267594 PART III, LINE 4: THE ART IS A COLLECTION OF ORIENTAL ART, SCULPTURES AND ARTIFACTS ACQUIRED BY THE PALMER FAMILY IN ITS TRAVELS IN THE EARLY 20TH CENTURY. THE COLLECTION WAS LATER DONATED TO THE COLLEGE BY THE FAMILY. THE CHIROPRACTIC PROFESSION WAS FOUNDED BY D.D. PALMER AND DEVELOPED BY FUTURE GENERATIONS OF PALMERS. IN THOSE EARLY YEARS THE DEVELOPMENT OF THE PROFESSION WAS CLOSELY LINKED TO THE FAMILY HISTORY. TO OUR STUDENTS WHO STUDY THE PHILOSOPHY, SCIENCE AND ART OF CHIROPRACTIC, THIS COLLECTION IS TANGIBLE EVIDENCE OF THE HISTORY OF THE CHIROPRACTIC PROFESSION. PART V, LINE 4: ENDOWMENT FUNDS ARE USED FOR STUDENT SCHOLARSHIPS, EDUCATIONAL ACTIVITIES SUPPORT, GENERAL INSTITUTIONAL SUPPORT AND PLANT. PART X, LINE 2: THE FOUNDATION AND THE COLLEGE ARE RECOGNIZED AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE FOUNDATION AND COLLEGE MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAXES ON ANY NET INCOME FROM UNRELATED BUSINESS ACTIVITIES. THE FOUNDATION AND COLLEGE FILE A FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY AND UNRELATED BUSINESS INCOME (UBI) IS REPORTED ON FORM 990-T, AS APPROPRIATE. MANAGEMENT HAS EVALUATED THEIR MATERIAL TAX POSITIONS, WHICH INCLUDE SUCH MATTERS AS THE TAX EXEMPT STATUS OF EACH ENTITY AND VARIOUS POSITIONS RELATIVE TO POTENTIAL SOURCES OF UBI. AS OF JUNE 30, 2016 AND 2015, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. FORMS 990 AND 990-T FILED BY THE FOUNDATION AND COLLEGE ARE NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR THE FISCAL YEARS ENDED JUNE 30, 2012 AND PRIOR. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED WITH REVENUES 1,066,601. PRIOR PERIOD ADJUSTMENT 60,340. PART XI, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL GRANTS 3,086,444. EXPENSES RECLASSIFIED AS REVENUE 354,449. NON CASH CONTRIBUTIONS 20,736. PART XII, LINE 2D - OTHER ADJUSTMENTS: COGS EXPENSES NETTED WITH REVENUES 1,066,601. LOSS ON INTEREST RATE SWAP 551,324. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL GRANTS 3,086,444. EXPENSES RECLASSIFIED AS REVENUE 354,449. OTHER GRANTS TO ORGANIZATIONS 20,745. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 PALMER COLLEGE OF CHIROPRACTIC PUBLISHES ITS EQUAL OPPORTUNITY STATEMENT IN PRINTED MATERIALS THROUGHOUT THE STUDENT RECRUITMENT AND ORIENTATION PERIOD. PALMER COLLEGE OF CHIROPRACTIC DOES NOT ROUTINELY USE NEWSPAPER OR BROADCAST MEDIA IN ITS STUDENT RECRUITMENT EFFORTS. HOWEVER, THE COLLEGE DOES PUBLICIZE ITS RACIALLY NONDISCRIMINATORY POLICY IN A WAY THAT MAKES THE POLICY KNOWN TO PROSPECTIVE STUDENTS BY PUBLISHING THE COLLEGE'S EQUAL OPPORTUNITY STATEMENT IN PRINTED MATERIALS PROVIDED THROUGHOUT THE STUDENT RECRUITMENT PERIOD. IN ADDITION, THE FOUNDATION'S EQUAL OPPORTUNITY STATEMENT IS PROVIDED TO CURRENT STUDENTS AND THE GREATER COLLEGE COMMUNITY IN THE COLLEGE CATALOG, WHICH IS AVAILABLE IN PRINT AND ON THE PALMER WEBSITE, AS WELL AS IN THE STUDENT HANDBOOK, WHICH IS DISTRIBUTED TO ALL STUDENTS DURING THE STUDENT ORIENTATION PROGRAM. SCHEDULE E, PART I, LINE 6 FINANCIAL AID OR ASSISTANCE IS RECEIVED FROM THE FOLLOWING GOVERNMENTAL AGENCIES: PELL GRANT PROGRAM SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (SEOG) FEDERAL WORK STUDY PROGRAMS (FWS) PERKINS LOAN PROGRAM DEPARTMENT OF HEALTH AND HUMAN SERVICES (HHS) NATIONAL INSTITUTE OF HEALTH (NIH) HEALTH RESOURCES AND SERVICES ADMINISTRATION (HRSA) DEPARTMENT OF DEFENSE CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 1162000 0 0 0 0 0 0 1162000 0 1162000 0 0 0 0 0 0 X X X X X X 1 RONALD MULDER 2372 CARDINAL DR HOLLAND MI 49424 FUNDRAISING CONSULTING 0 0 77440 -77440 77440 -77440 AK AZ MD NH OR WA AL AR CA CT DE DC FL GA HI ID IL IN IA KS KY ME MN MS MO MT NE NV NJ NM NC ND OH OK PA RI SD TN TX UT VA VT WV WI WY 1 FOUNDATION FOR CHIROPRACTIC PROGRESS PO BOX 560 CARMICHAEL CA 95609 202137895 501(C)(6) 20000 N/A N/A GENERAL FUND - TO SUPPORT MISSION OF EDUCATING THE PUBLIC ON CHIROPRACTIC HEALTHCARE QUAD CITIES RUNNING CLUB INC 733 15TH AVE EAST MOLINE IL 61244 460467219 501(C)(3) 20000 N/A N/A SPONSORSHIP - MARATHON ROAD RUNNERS CLUB OF AMERICA 315 E GEORGE WASHINGTON BLVD DAVENPORT IA 52803 930708918 501(C)(3) 10745 N/A N/A SPONSORSHIP - BIX RACE & EXPO THE SPINE INSTITUTE FOR QUALITY INC 2440 E RIVER DRIVE DAVENPORT IA 52803 811861578 501(C)(3) 255000 N/A N/A SUPPORT FOR START-UP 3 1 EDUCATIONAL GRANTS 273 800092 N/A N/A SCHOLARSHIPS 476 2075328 N/A N/A BENEFITS (GRANTS) 7 211024 N/A N/A PART I, LINE 2: THE FOUNDATION MONITORS ELIGIBILITY FOR THESE AWARDS BY ASSESSING STUDENT RECORDS, FINANCIAL NEED AND ACADEMIC PERFORMANCE. THE SCHOLARSHIP COMMITTEE REVIEWS APPLICATIONS FOR AWARDS. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DENNIS MARCHIORI DC CEO/CHANCELLOR 361910 0 82351 0 4955 0 21200 0 21197 0 491613 0 0 0 THOMAS TIEMEIER CFO/TREASURER 192737 0 12500 0 2079 0 15441 0 17348 0 240105 0 0 0 CHRISTINE GOERTZ DC VICE CHANCELLOR 227128 0 31000 0 725 0 18574 0 19930 0 297357 0 0 0 WILLIAM MEEKER DC PRESIDENT 207623 0 0 0 3918 0 17190 0 22152 0 250883 0 0 0 PETER MARTIN DC PRESIDENT 220357 0 3000 0 4720 0 17799 0 15551 0 261427 0 0 0 DAN WEINERT DC PROVOST 184587 0 12500 0 1083 0 15445 0 23366 0 236981 0 0 0 ROBERT PERCUOCO DC VICE CHANCELLOR 175343 0 6600 0 3235 0 14404 0 18647 0 218229 0 0 0 KEVIN CUNNINGHAM DC VICE CHANCELLOR 168825 0 6600 0 1620 0 13810 0 21147 0 212002 0 0 0 THOMAS STEMPEK VICE CHANCELLOR 142059 0 25200 0 1934 0 8838 0 14481 0 192512 0 0 0 JAMES O'CONNOR VICE CHANCELLOR 149479 0 18000 0 940 0 11958 0 28 0 180405 0 0 0 IAN MCLEAN DC DIRECTOR 125085 0 36551 0 3431 0 7434 0 19278 0 191779 0 0 0 CYNTHIA LONG DIRECTOR 143300 0 6000 0 6619 0 11822 0 28 0 167769 0 0 0 DANA LAWRENCE SENIOR DIRECTOR 124017 0 4500 0 13799 0 11105 0 14481 0 167902 0 0 0 MARUTI GUDAVALLI PROFESSOR 123058 0 0 0 16045 0 11364 0 21241 0 171708 0 0 0 MICKEY BURT EXECUTIVE DIRECTOR 127838 0 7500 0 3754 0 10073 0 13049 0 162214 0 0 0 PART I, LINE 1A FIRST CLASS OR CHARTER TRAVEL - THERE IS A TRAVEL POLICY. FIRST CLASS TRAVEL IS NOT ADDRESSED AS IT IS NORMALLY NOT PERMITTED UNDER THAT POLICY. HOWEVER, THE CURRENT CHAIRMAN OF THE BOARD OF TRUSTEES IS A RESIDENT OF ANCHORAGE, ALASKA. THE RESPONSIBILITIES OF THIS POSITION REQUIRE MORE TRAVEL THAN REGULAR BOARD MEMBERS. FLIGHT SCHEDULES AND THE TIME ZONE DIFFERENCES ATTENDING REQUIRED MEETINGS OFTEN LEAVE LITTLE TIME FOR RECOVERY FROM THE FLIGHT AND MEETING PREPARATION. THEREFORE, AS APPROVED BY THE FULL BOARD OF TRUSTEES, THE CHAIRMAN AND ONLY THE CHAIRMAN IS ALLOWED TO FLY FIRST CLASS. CHARTER TRAVEL IS ALSO NOT ADDRESSED IN THE POLICY AS AIRLINE TRAVEL IS REIMBURSED AT THE LOWEST (COACH) FARE FOR A TRIP. HOWEVER, IF MULTIPLE INDIVIDUALS ARE TRAVELING TO THE SAME LOCATION FOR THE SAME MEETING AND CHARTER TRAVEL IS LESS EXPENSIVE THAN INDIVIDUAL AIRFARES THEN CHARTER TRAVEL IS ALLOWED. IN NORMAL YEARS, CHARTER TRAVEL IS ONLY ALLOWED ONCE OR TWICE A YEAR. TRAVELS FOR COMPANIONS - FOR ONE BOARD MEETING A YEAR, SPOUSES OF BOARD MEMBERS ARE INVITED TO ATTEND A BOARD MEETING. IF A SPOUSE ATTENDS, THE COLLEGE DOES REIMBURSE THE BOARD MEMBER FOR THE SPOUSE'S TRAVEL. HOWEVER, EACH BOARD MEMBER IS PROVIDED AN IRS FORM 1099 FOR THE COST OF THAT TRAVEL. 1099S WERE ISSUED DURING THE CURRENT YEAR. ON A LESS FREQUENT BASIS, SPOUSES OF EXECUTIVES ARE INVITED TO BOARD MEETINGS. THE COST OF THAT TRAVEL IS ADDED TO AN EMPLOYEE'S IRS FORM W-2. PART I, LINE 1B SEE EXPLANATION FOR PART 1A NOT APPLICABLE NOT APPLICABLE 98104 SCHOLARSHIPS EDUCATIONAL ASSISTANCE ESTES CONSTRUCTION KENT PILCHER IS A BOARD MEMBER OF PALMER COLLEGE AND OFFICER/OWNER OF ESTES 301249 ESTES CONSTRUCTION PROVIDED SERVICES TO PALMER COLLEGE FOUNDATION 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS ONE CLASS OF MEMBERS, DENOMINATED AS "CERTIFICATE HOLDERS." THE MEMBERS MEET AT LEAST ANNUALLY. SEE ADDITIONAL EXPLANATION OF RIGHTS AND DUTIES IN RESPONSE TO FORM 990, PART VI, LINES 7A AND 7B. FORM 990, PART VI, SECTION A, LINE 7A TRUSTEES SHALL BE CHOSEN BY BALLOT BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE MEMBERS, WITH THE MEMBERS VOTING EITHER IN PERSON OR BY PROXY. NOMINEES FOR CANDIDACY AS A TRUSTEE TO BE VOTED UPON BY MEMBERS SHALL BE PROVIDED TO THE MEMBERS BY THE TRUSTEE AND GOVERNANCE COMMITTEE OF THE BOARD OF TRUSTEES IN ACCORDANCE WITH THE FOLLOWING PROCEDURE: (A) THE EXECUTIVE DIRECTOR OF THE BOARD OF AFFAIRS AND ASSISTANT SECRETARY SHALL ON MAY 1ST AND NOT AFTER MAY 10TH IN EACH YEAR, NOTIFY EACH MEMBER OF THE BOARD OF TRUSTEES AND EACH MEMBER BY CERTIFIED MAIL OF THE NUMBER OF VACANCIES TO BE FILLED ON THE BOARD OF TRUSTEES AT THE ANNUAL MEETING OF MEMBERS. (B) EACH MEMBER OF THE BOARD OF TRUSTEES AND EACH MEMBER SHALL BE ENTITLED TO NOMINATE AS MANY NOMINEES AS THERE ARE VACANCIES ON THE BOARD OF TRUSTEES. (C) ALL PERSONS WHOSE NAMES HAVE BEEN PROVIDED SHALL BE EVALUATED BY THE TRUSTEE AND GOVERNANCE COMMITTEE. (D) THE NAMES OF ALL NOMINEES WHO HAVE BEEN PROPERLY SUBMITTED TO THE TRUSTEE AND GOVERNANCE COMMITTEE SHALL BE PRESENTED TO THE MEMBERS FOR CONSIDERATION. (E) AT THE ANNUAL MEETING OF THE MEMBERS, THE MEMBERS SHALL ELECT TRUSTEES FOR THE TERMS DETERMINED BY MEMBERS UPON A MAJORITY VOTE OF ALL THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B THOSE PROVISIONS OF THE ARTICLES OF INCORPORATION AND/OR THE BYLAWS OF THE CORPORATION THAT AFFECT THE RIGHTS, POWERS AND/OR DUTIES OF THE MEMBERS, INCLUSIVE OF THE RIGHT TO ELECT MEMBERS AND TRUSTEES AND/OR DISSOLVE THE CORPORATION OR SELL ALL OF ITS ASSETS OR EFFECT A MERGER OR CONSOLIDATION, MUST BE APPROVED BY A MAJORITY VOTE OF ALL THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11 AFTER COMPLETION OF THE DRAFT OF THE FORM 990 BY AN EXTERNAL ACCOUNTING FIRM, THE FORM 990 DRAFT IS SHARED WITH THE VICE CHANCELLOR FOR ADMINISTRATION AND HIS STAFF FOR THEIR REVIEW AND CORRECTION OF ANY ERRORS. ONCE THOSE CORRECTIONS HAVE BEEN MADE, THE FORM 990 DRAFT IS SHARED WITH THE AUDIT COMMITTEE OF THE FOUNDATION'S BOARD OF TRUSTEES. THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES HAS BEEN DESIGNATED AS THE COMMITTEE TO REVIEW THE FORM 990 BEFORE IT IS FILED. THE AUDIT COMMITTEE AND VICE CHANCELLOR FOR ADMINSTRATION WILL MEET TO REVIEW THE DRAFT FORM 990 WITH REPRESENTATIVES OF THE ACCOUNTING FIRM WHO COMPLETED THE DRAFT FORM 990, IF CONSIDERED NECESSARY. ONCE THE DRAFT HAS BEEN REVIEWED AND ANY CORRECTIONS MADE, COPIES OF THE FORM 990 WILL BE PROVIDED TO THE FULL BOARD OF TRUSTEES. ONCE BOARD RECEIPT HAS BEEN DETERMINED, THE VICE CHANCELLOR FOR ADMINISTRATION WILL SIGN AND FILE THE 990 WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C PALMER COLLEGE REQUIRES OFFICERS, DIRECTORS AND KEY EMPLOYEES TO COMPLETE AN ANNUAL FORM TO COMPLY WITH ITS CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CONSIDERS SEVERAL SOURCES IN DETERMINING COMPENSATION FOR SENIOR ADMINISTRATORS SUCH AS THE ACC SURVEYS, CHRONICLE OF HIGHER EDUCATION SURVEYS, GUIDANCE FROM PROFESSIONAL COMPENSATION CONSULTANTS AND ALSO WITH SURVEYS CONDUCTED BY OUR HUMAN RESOURCES DEPARTMENT. THE BOARD OF TRUSTEES' EXECUTIVE COMMITTEE WHO, PERIODICALLY, DURING THE YEAR, MEETS TO REVIEW THE CHANCELLOR'S PERFORMANCE AND SETS THE CHANCELLOR'S COMPENSATION. ANNUALLY, THE CHANCELLOR MEETS WITH THE EXECUTIVE COMMITTEE OF THE BOARD TO REVIEW SALARIES OF THE SENIOR ADMINISTRATORS. THE CHANCELLOR SETS SENIOR ADMINISTRATORS' SALARIES WITH OVERSIGHT FROM THE BOARD OF TRUSTEES. DECISIONS ARE CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 PALMER COLLEGE DOES NOT MAKE ITS POLICIES, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: LOSS ON INTEREST RATE SWAP -551,324. NON CASH CONTRIBUTIONS -20,736. OTHER GRANTS TO ORGANIZATIONS RECORDED AS PREPAID EXPENSE 20,745. FORM 990, PART IV, LINE 12 AND PART XI, LINES 2B AND 2C-AUDITED FINL STMTS THE ORGANIZATION IS INCLUDED IN A CONSOLIDATED ENTITY AUDIT AND RECEIVES CONSOLIDATED GAAP FINANACIAL STATEMENTS ON AN ANNUAL BASIS FROM INDEPENDENT AUDITORS. THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. PALMER COLLEGE OF CHIROPRACTIC WEST 90 E TASMAN SAN JOSE CA 95134 942515428 EDUCATION CA 501(C)(3) LINE 2 PALMER COLLEGE FOUNDATION 1 PERRY HILL PROPERTIES ASSOCIATION 1000 BRADY STREET DAVENPORT IA 52803 421502549 HOUSING FOR STUDENTS IA 501(C)(3) LINE 9 PALMER COLLEGE FOUNDATION 1 DR DAVID D PALMER ATHLETIC TRUST 1000 BRADY STREET DAVENPORT IA 52803 274313852 FUND RAISING IA 501(C)(3) LINE 11A, I PALMER COLLEGE FOUNDATION 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 PALMER COLLEGE OF CHIROPRACTIC WEST Q 1413392 CASH DAVID D PALMER ATHLETIC TRUST C 33670 CASH