2017-01-11T10:05:56-06:00 2016-08-31 410746749 CLIFTONLARSONALLEN LLP 610 W GERMANTOWN PIKE STE 400 PLYMOUTH MEETING PA 19462 990 2015-09-01 131916574 NEW YORK CHIROPRACTIC COLLEGE NEWY 3155683000 2360 STATE ROUTE 89 SENECA FALLS NY 13148 SEAN ANGLIM VP OF FINANCE & ADMIN SERVICES 3155683000 2017-01-09 1 DAVID JACOBSON P01685411 2156433900 2015 2017-02-10 21:41:12Z DR FRANK NICCHI 2360 STATE ROUTE 89 SENECA FALLS NY 13148 30922830 0 X WWW.NYCC.EDU X 1919 NY SEE SCHEDULE O NEW YORK CHIROPRACTIC COLLEGE'S MISSION IS THE COMMITMENT TO THE ACHIEVEMENT OF ACADEMIC EXCELLENCE, QUALITY PATIENT CARE, AND PROFESSIONAL LEADERSHIP. 15 14 673 38 40871 -7237 1050745 917513 27533458 27276501 1837871 925638 16736 -1946 30438810 29117706 903993 1015744 0 0 17271550 17498124 0 0 347918 10548269 10246239 28723812 28760107 1714998 357599 82927234 81461893 33107732 31277574 49819502 50184319 X SCHEDULE O 0 0 22139088 1015744 29117706 SCHEDULE O 22139088 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 85 0 1 673 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 X 15 14 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X SEAN ANGLIM 3155683000 2360 STATE ROUTE 89 SENECA FALLS NY 13148 DR FRANK NICCHI PRESIDENT 40.00 X X 367737 0 112459 DR YUSEF BARNES TRUSTEE 1.00 X 0 0 0 DR G LANSING BLACKSHAW TRUSTEE 1.00 X 0 0 0 MR TIM BROWN TRUSTEE 1.00 X 0 0 0 DR THOMAS DEVITA TRUSTEE 1.00 X 0 0 0 DR KAREN ERICKSON TRUSTEE 1.00 X 0 0 0 DR VINCENT JUSTINO TRUSTEE 1.00 X 0 0 0 MR ROBERT KERNAN TRUSTEE 1.00 X 0 0 0 DR FRANK LIZZIO TRUSTEE 1.00 X 0 0 0 MR WALTER MCCARTHY TRUSTEE 1.00 X 0 0 0 MR JOHN PALMUCCI TRUSTEE 1.00 X 0 0 0 DR JAMES POWELL TRUSTEE 1.00 X 0 0 0 MS M CATHERINE RICHARDSON TRUSTEE 1.00 X 0 0 0 DR JOHN ROSA TRUSTEE 1.00 X 0 0 0 DR JULIE SCARANO TRUSTEE 1.00 X 0 0 0 MS ELIZABETH SHIAH TRUSTEE 1.00 X 0 0 0 DR CHARLES VENTRESCA TRUSTEE 1.00 X 0 0 0 DR MICHAEL MESTAN EXECUTIVE VP AND PROVOST 40.00 X 248860 0 39891 MR SEAN ANGLIM VP OF FINANCE & ADMIN. SVC 40.00 X 243966 0 26211 DR DAVID ODIORNE VP OF INSTITUTIONAL ADVANC 40.00 X 139115 0 28470 DR ROBERT RUDDY ASSISTANT PROFESSOR 40.00 X 134772 0 27425 DR HUNTER MOLLIN ASSOCIATE PROFESSOR 40.00 X 131994 0 7795 MS KAREN QUEST CONTROLLER 40.00 X 120971 0 10060 RICHARD WORDEN ASSOCI. VP OF ADMIN SERVICES 40.00 X 123663 0 16278 1511078 0 268589 22 0 1 0 CHARTWELLS DINING SERVICES PO BOX 417632 BOSTON MA 02241 DINING SERVICES 896227 BOND SCHOENECK AND KING PLLC ONE LINCOLN CENTER SYRACUSE NY 13202 LEGAL SERVICES 270928 SENECA SECURITY SERVICE 4922 ROUTE 89 ROMULUS NY 14541 SECURITY SERVICES 238928 ELLIANCE INC 600 RIVER AVENUE 201 PITTSBURGH PA 15212 MARKETING SERVICES 230599 SENECA PIPE & PAVING 184 OVID STREET SENECA FALLS NY 13148 PAVING 138610 7 4800 360845 551868 49714 917513 TUITION & FEES 611310 24843508 24843508 HOUSING/FOOD REVENUES 721000 1324395 1324395 CLINIC REVENUES 621400 818513 818513 ATHLETIC CENTER 713940 166087 166087 ADVERTISING INCOME 541800 37355 37355 86643 86643 27276501 544103 544103 11849 0 11849 11849 11849 2148824 5550 1610907 161932 537917 -156382 381535 381535 8020 4800 25331 -17311 -17311 10470 6954 3516 3516 29117706 27239146 40871 920176 17725 17725 998019 998019 1101304 992462 108842 13137820 10868137 2120222 149461 793605 634960 150671 7974 1503341 1138878 323738 40725 962054 768822 193232 216678 216678 65960 65960 62991 62991 46998 46998 484937 478281 5978 678 999738 661408 330284 8046 215935 6790 208744 401 663835 623074 40761 410830 271513 134350 4967 41943 20192 21333 418 653693 587452 66241 2279061 2011011 268050 512494 75533 436961 MISCELLANEOUS SERVICES 1571490 1484216 87211 63 SERVICE CONTRACTS 617556 457525 160031 REPAIRS 498506 468512 29994 MINOR EQUIPMENT 206455 183179 21593 1683 697139 336863 335616 24660 28760107 22139088 6273101 347918 7165603 6637563 232600 309681 30000 15000 707201 499132 1794334 1631117 88550 94276 664293 224191 58090743 38250459 20677458 19840284 14394047 15837138 34411788 34972772 2761360 1400739 82927234 81461893 3796494 3391815 9676251 10022128 15399405 13630531 631242 591993 3604340 3641107 33107732 31277574 X 49665892 50027424 73610 76895 80000 80000 49819502 50184319 82927234 81461893 X 357599 1029324 -106152 -915954 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 1 6832 1 4946 0 0 11778 0 PART II-B, LINE 1: F. A PORTION OF THE DUES PAID TO THE ASSOCIATION OF CHIROPRACTIC COLLEGES MAY BE USED FOR ADVOCACY PROGRAMS. THIS PORTION IS REPORTED AS GRANTS TO OTHER ORGANIZATIONS FOR LOBBYING PURPOSES. THE COLLEGE PRESIDENT, PROVOST, AND STUDENT REPRESENTATIVES SPOKE WITH LEGISLATORS TO SUPPORT LEGISLATION THAT WOULD BENEFIT THE CHIROPRACTIC PROFESSION. 48900635 2005150 4000 50901785 52450383 -2845748 4000 700000 48900635 45810528 6643855 4000 52450383 43099782 3514746 4000 800000 45810528 42999854 1454928 4000 1351000 43099782 0.99700 0.00200 0.00100 0 0 1309001 1309001 45636014 29764298 15871716 26062 9674 16388 9427122 7470138 1956984 1692544 1006349 686195 19840284 FOREIGN EQUITY SECURITIES 9079721 F HEDGE FUNDS 18375105 F REAL ASSETS 7517946 F 34972772 FEDERAL STUDENT LOANS PAYABLE 1612286 ASSET RETIREMENT OBLIGATION 2028821 3641107 X 29019452 1029324 -1064587 -35263 29054715 62991 62991 29117706 28647635 948538 948538 27699097 62991 998019 1061010 28760107 PART V, LINE 4: ENDOWMENT FUNDS THE BOARD DESIGNATED/QUASI-ENDOWMENT PORTION OF THE FUNDS ARE USED TO PROVIDE A SOURCE OF FUNDING FOR THE ANNUAL BUDGET ALONG WITH FUNDING STRATEGIC INITIATIVES. THE INCOME FROM THE PERMANENT ENDOWMENT ALONG WITH THE TERM ENDOWMENT IS USED TO PROVIDE SCHOLARSHIPS FOR STUDENTS. UNRESTRICTED FUNDS FUNCTIONING AS QUASI ENDOWMENT ARE COVERED UNDER THE BOARD OF TRUSTEES' SPENDING POLICY WHICH IS DETERMINED ANNUALLY AND IS TARGETED TO BE APPROXIMATELY 5% OF A 16 QUARTER MOVING AVERAGE OF THE FUND'S TOTAL MARKET VALUE. TEMPORARILY RESTRICTED FUNDS ARE APPROPRIATED FOR EXPENDITURE BASED ON THE DIRECTION OF THE DONOR. ENDOWMENT FUNDS ARE INVESTED TO MAXIMIZE LONG TERM RETURNS CONSISTENT WITH PRUDENT LEVELS OF RISK APPROPRIATE TO THE MANAGEMENT OF SUCH LONG TERM FUNDS. DIVERSIFICATION OF INVESTMENTS IS DESIGNED TO ENSURE A TOTAL RETURN OF INCOME PLUS CAPITAL APPRECIATION NECESSARY TO PRESERVE AND ENHANCE THE PRINCIPAL OF THE FUNDS AND AT THE SAME TIME, PROVIDE A DEPENDABLE SOURCE OF INCOME FOR CURRENT OPERATIONS AND PROGRAMS. PART X, LINE 2: THE COLLEGE EVALUATES ITS INCOME TAX POSITIONS EACH FISCAL YEAR TO DETERMINE WHETHER THE COLLEGE'S TAX POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF EXAMINED BY THE APPLICABLE TAXING AUTHORITY. THE REVIEW OF INCOME TAX POSITIONS HAD NO IMPACT ON THE COLLEGE'S FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTERNAL SCHOLARSHIPS -998,019. TEMPORARILY RESTRICTED GIFTS 7,300. INVESTMENT EXPENSE ADJUSTMENT -106,153. COST OF INVENTORY SOLD 6,954. FUNDRAISING DIRECT EXPENSES 25,331. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF INVENTORY SOLD 6,954. FUNDRAISING DIRECT EXPENSES 25,331. LOSS ON BOND DEFEASMENT 916,253. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTERNAL SCHOLARSHIPS 998,019. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY - INCLUDED WITH ALL PUBLICITY AND ADVERTISEMENTS. SCHEDULE E, PART I, LINE 6 STUDENT FINANCIAL AID IS RECEIVED BY THE COLLEGE. NORTH AMERICA (INCLUDING CANADA) 0 0 PROGRAM SERVICES ONLINE TEACHING 9281 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS MARKET VALUE OF INVESTMENTS 12046257 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD TRIP 21651 0 0 0 0 0 0 12077189 0 12077189 0 0 0 0 0 0 1 FFOUNDATION FOR CHIROPRACTIC PROGRESS PO BOX 560 CARMICHAEL CA 956090560 202137895 10000 PLEDGE TO SUPPORT THE POSITIVE PRESS CAMPAIGN TO PROMOTE CHIROPRACTIC. 1 VARIOUS INTERNAL SCHOLARSHIPS TO STUDENTS 336 998019 PART I, LINE 2: MERIT AND ACADEMIC SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON PREVIOUS AND CURRENT ACADEMIC ACHIEVEMENT. OTHER INTERNAL AND ENDOWED SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON CRITERIA SPECIFIC TO THE SCHOLARSHIP. SCHOLARSHIPS AWARDED ARE MONITORED BY THE FINANCIAL AID AND THE FINANCE OFFICE OF THE COLLEGE. X X 1 1 X X X X 0 1 0 1 0 0 0 1 0 DR FRANK NICCHI PRESIDENT 340256 0 0 0 27481 0 66981 0 45478 0 480196 0 0 0 DR MICHAEL MESTAN EXECUTIVE VP AND PROVOST 238140 0 10000 0 720 0 19676 0 20215 0 288751 0 0 0 MR SEAN ANGLIM VP OF FINANCE & ADMIN. SVC 233246 0 10000 0 720 0 18849 0 7362 0 270177 0 0 0 DR DAVID ODIORNE VP OF INSTITUTIONAL ADVANC 134395 0 4000 0 720 0 11284 0 17186 0 167585 0 0 0 DR ROBERT RUDDY ASSISTANT PROFESSOR 81759 0 47728 0 5285 0 7169 0 20256 0 162197 0 0 0 PART I, LINE 1A INCLUDED IN DR. FRANK NICCHI'S EMPLOYMENT CONTRACT IS A PROVISION FOR TRAVEL FOR HIS SPOUSE. THE COST OF SPOUSAL TRAVEL ($1,044) WAS TAXED TO HIM AS A FRINGE BENEFIT, AND INCLUDED IN HIS W-2 EARNINGS. THE COST OF CLEANING SERVICES FOR THE COLLEGE OWNED HOUSE HE IS REQUIRED TO LIVE IN AS A CONDITION OF HIS EMPLOYMENT AND FOR THE BENEFIT OF THE COLLEGE ($2,463) WAS TAXED TO HIM AS A FRINGE BENEFIT, AND INCLUDED IN HIS W-2. PART I, LINE 4B AMOUNTS WERE CREDITED ON DR. FRANK NICCHI'S BEHALF TO TWO SEPARATE 457(F) DEFERRED COMPENSATION PLANS IN 2015 AS APPROVED BY THE COLLEGE'S BOARD OF TRUSTEES AND SPECIFIED IN HIS EMPLOYMENT CONTRACT. THE 457(F) PRORATA ALLOCATION ATTRIBUTABLE TO TAX YEAR 2015 WAS $45,781. THIS AMOUNT, ALONG WITH THE COLLEGE'S 403(B) RETIREMENT CONTRIBUTIONS, ARE REPORTED IN PART II, COLUMN (C) OF THIS SCHEDULE J. PART I, LINE 5 THE ASSISTANT PROFESSOR RECEIVED ADDITIONAL COMPENSATION BASED ON A PERCENTAGE OF COLLECTIONS FROM PATIENTS HE PROVIDED SERVICES TO IN THE COLLEGE'S HEALTH CENTER. PART I, LINE 7 A NON-FIXED BONUS PAYMENT WAS MADE TO THE EXECUTIVE VP AND PROVOST ($10,000), THE VP OF FINANCE AND ADMINISTRATIVE SERVICES ($10,000) AND THE VP OF INSTITUTIONAL ADVANCEMENT ($4,000) IN 2015. THE AMOUNT WAS INCLUDED IN THEIR W-2'S, AND SHOWN IN PART II (B) (II) OF THIS SCHEDULE J. SCHEDULE J, PART II, COLUMN D: INCLUDED IN NON-TAXABLE BENEFITS FOR PRESIDENT NICCHI, IN ACCORDANCE WITH THE APPLICABLE TAX REQUIREMENTS, IS THE LEASE VALUE OF THE COLLEGE-OWNED HOUSING ($28,800) HE RECEIVES AS A CONDITION OF HIS EMPLOYMENT AND PROVIDED FOR THE CONVENIENCE OF THE COLLEGE. COLUMN E- THE $480,196 FIGURE FOR THE PRESIDENT INCLUDES PAYMENTS AND BENEFITS TO THE PRESIDENT IN THE 2015 CALENDAR YEAR, AS WELL AS PAYMENTS THAT WILL BE MADE IN FUTURE CALENDAR YEARS AS LONG AS HE CONTINUES TO PERFORM SUBSTANTIAL SERVICES FOR THE COLLEGE THROUGH SPECIFIED DATES IN THOSE FUTURE YEARS. BEFORE APPROVING THE PRESIDENT'S TOTAL COMPENSATION AND BENEFIT PACKAGE, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF THE COLLEGE REVIEWED COMPENSATION AND BENEFIT DATA FOR COMPARABLE INSTITUTIONS, AND VERIFIED THAT THE TOTAL COMPENSATION AND BENEFITS PACKAGE OF THE PRESIDENT WAS REASONABLE IN LIGHT OF SUCH DATA. A SENECA COUNTY FUNDING CORPORATION 811899993 2016-06-02 13915181 REFINANCING OF A PRIOR BOND ISSUE 0 0 0 A 13915181 13624651 215530 75000 2016 0 1 1 1 A 0 1 1 1 0 0.01420 0.00390 0.01810 1 0 1 A 0 0 0 1 0 0 0 0 1 A 1 SCHEDULE K, PART IV, LINE 2C 06/02/2016 13,195,181 SENECA COUNTY FUNDING CORPORATION - 100% OF BOND PROCEEDS SPENT AT DATE OF ISSUE, THEREFORE NO REBATE DUE. X SUPPLIES/SUPPLEMENTS 10 24656 SELLING PRICE X SOFTWARE MAINTENANCE 1 18000 SELLING PRICE X EQUIPMENT LEASE 1 7058 SELLING PRICE 0 1 0 PART I, COLUMN (B): THE COLLEGE IS REPORTING CONTRIBUTIONS BASED ON THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART III, LINE 1 NEW YORK CHIROPRACTIC COLLEGE'S MISSION IS THE COMMITMENT TO THE ACHIEVEMENT OF ACADEMIC EXCELLENCE, QUALITY PATIENT CARE, AND PROFESSIONAL LEADERSHIP. THE VISION IS TO BE RECOGNIZED AS THE LEADING INSTITUTION FOR EDUCATION AND TRAINING OF NATURAL HEALTH CARE PROFESSIONALS AND ACADEMICIANS WHO EMBRACE INTERPROFESSIONAL COLLABORATION. DEGREE OFFERINGS INCLUDE THE DOCTOR OF CHIROPRACTIC AND MASTER OF SCIENCE DEGREES IN ACUPUNCTURE AND ORIENTAL MEDICINE, APPLIED CLINICAL NUTRITION (100% ONLINE), HUMAN ANATOMY AND PHYSIOLOGY INTRUCTION (100% ONLINE), DIAGNOSTIC IMAGING, AND CLINICAL ANATOMY. FORM 990, PART III, LINE 4A EXEMPT PURPOSE ACHIEVEMENTS NEW YORK CHIROPRACTIC COLLEGE (NYCC), LOCATED IN SENECA FALLS, NY, IS A PRIVATE 501(C) (3), NOT-FOR-PROFIT EDUCATIONAL INSTITUTION ESTABLISHED IN 1919 THROUGH ABSOLUTE CHARTER FROM THE NEW YORK STATE BOARD OF REGENTS, OFFERING MULTIPLE ACADEMIC PROGRAMS AND HIGHLY DIVERSIFIED NATURAL HEALTHCARE INSTRUCTION. COURSEWORK AT NYCC EMPHASIZES INTEGRATIVE, NATURAL, AND COLLABORATIVE HEALTHCARE APPROACHES OFFERED THROUGH ACCREDITED, DEGREE-GRANTING PROGRAMS AS FOLLOWS: -DOCTOR OF CHIROPRACTIC -MASTER OF SCIENCE IN ACUPUNCTURE -MASTER OF SCIENCE IN ACUPUNCTURE & ORIENTAL MEDICINE -MASTER OF SCIENCE IN APPLIED CLINICAL NUTRITION (100% ONLINE) -MASTER OF SCIENCE IN HUMAN ANATOMY AND PHYSIOLOGY INSTRUCTION (100% ONLINE) -MASTER OF SCIENCE IN DIAGNOSTIC IMAGING -MASTER OF SCIENCE IN CLINICAL ANATOMY -BACHELOR OF SCIENCE IN PROFESSIONAL STUDIES THE COLLEGE'S MISSION ENCOURAGES THE ACHIEVEMENT OF ACADEMIC EXCELLENCE, QUALITY PATIENT CARE AND PROFESSIONAL LEADERSHIP. INTEGRATIVE HEALTHCARE EDUCATION NEW YORK CHIROPRACTIC COLLEGE OPERATES FOUR COMMUNITY HEALTH CENTERS IN NEW YORK STATE (SENECA FALLS, ROCHESTER, BUFFALO, AND LONG ISLAND), PROVIDING NATURAL HEALTHCARE SERVICES IN AN INNOVATIVE MODEL FOR PATIENT CENTERED, INTEGRATIVE HEALTHCARE. STUDENTS ENGAGE IN CLINICAL ROTATIONS WITHIN SEVERAL HOSPITALS AND OTHER CONVENTIONAL HEALTHCARE SETTINGS, PROVIDING AN INTEGRATIVE EXPERIENCE THAT PREPARES THEM FOR THE HEALTH CARE MARKETPLACE. UNIQUE CLINICAL PARTNERSHIPS INCLUDE THE WALTER REED NATIONAL MILITARY MEDICAL CENTER IN BETHESDA MARYLAND, SIX VETERANS HEALTH ADMINISTRATION HOSPITALS/HEALTH CENTERS, AND MONROE COMMUNITY HOSPITAL. ADDITIONALLY, STUDENTS PROVIDE NATURAL HEALTHCARE SERVICES AT THE HEALTH CENTERS OF THE STATE UNIVERSITY OF NEW YORK SYSTEM AT BUFFALO, STONY BROOK,OLD WESTBURY AND FARMINGDALE, ST. JOHN FISHER COLLEGE AND HOBART AND WILLIAM SMITH COLLEGES. FISCAL-YEAR EXEMPT PURPOSE ACHIEVEMENTS THE COLLEGE GRADUATED 327 STUDENTS DURING THE FISCAL 2016 YEAR DETAILED AS FOLLOWS: -DOCTOR OF CHIROPRACTIC (167) -MASTER OF SCIENCE IN ACUPUNCTURE AND ORIENTAL MEDICINE (9) -MASTER OF SCIENCE IN ACUPUNCTURE (27) -MASTER OF SCIENCE IN APPLIED CLINICAL NUTRITION (67) -MASTER OF SCIENCE IN HUMAN ANATOMY AND PHYSIOLOGY INSTRUCTION (28) -MASTER OF SCIENCE IN DIAGNOSTIC IMAGING (1) -MASTER OF SCIENCE IN CLINICAL ANATOMY (1) -BACHELOR OF SCIENCE IN PROFESSIONAL STUDIES (27) IN JULY, 2016, FOR THE EIGHTH STRAIGHT YEAR, NEW YORK CHIROPRACTIC COLLEGE EARNED A POSITION ON THE CHRONICLE OF HIGHER EDUCATION'S "GREAT COLLEGES TO WORK FOR" LIST AND MADE ITS COVETED "HONOR ROLL" FOR THE SEVENTH CONSECUTIVE TIME. THE COLLEGE WAS RECOGNIZED AS A "MILITARY FRIENDLY SCHOOL" THROUGHOUT 2016 FOR ITS EFFORTS IN RECRUITING MILITARY AND VETERAN STUDENTS. DURING 2016, BOTH MIDDLE STATES COMMISSION ON HIGHER EDUCATION AND THE COUNCIL ON CHRIOPRACTIC COLLEGE EDUCATION REAFFIRMED THE COLLEGE'S ACCREDITATION. IN OCTOBER 2015, STANDARD AND POOR'S UPGRADED THE COLLEGE'S CREDIT RATING TO "BBB+" "STABLE OUTLOOK" FOR ITS LONG-TERM BOND OBLIGATIONS. FORM 990, PART VI, SECTION A, LINE 1 THE BY-LAWS ("BY-LAWS") OF NEW YORK CHIROPRACTIC COLLEGE ("COLLEGE") DELEGATE CERTAIN AUTHORITY OF THE BOARD OF TRUSTEES OF THE COLLEGE ("BOARD") TO AN EXECUTIVE COMMITTEE OF THE BOARD ("EXECUTIVE COMMITTEE") THAT CONSISTS OF THE CHAIR OF THE BOARD, THE CHAIR-ELECT OF THE BOARD (WHEN APPROPRIATE), THE VICE CHAIR OF THE BOARD, THE PRESIDENT OF THE COLLEGE, AND TWO ADDITIONAL TRUSTEES OF THE BOARD. THE EXECUTIVE COMMITTEE SHALL HAVE THE AUTHORITY OF THE BOARD BETWEEN MEETINGS OF THE BOARD OTHER THAN (1) THE ELECTION OR REMOVAL OF TRUSTEES, (2) THE AMENDMENT OR REPEAL OF ANY BY-LAW OR THE ADOPTION OF NEW BY-LAWS, (3) THE APPROVAL OR GRANTING OF HONORARY DEGREES, OR (4) THE TAKING OF ANY ACTION THAT THE EXECUTIVE COMMITTEE IS PROHIBITED FROM TAKING BY APPLICABLE NEW YORK LAW, THE BY-LAWS, OR A BOARD RESOLUTION. THE EXECUTIVE COMMITTEE IS RESPONSIBLE FOR EVALUATING THE PERFORMANCE OF THE PRESIDENT AND REVIEWING THE COMPENSATION OF THE PRESIDENT AND THE OFFICERS OF THE COLLEGE TO ENSURE THAT THEIR COMPENSATION LEVELS ARE REASONABLE WITHIN APPROPRIATE COLLEGE COMPARATIVE BENCHMARKS. FORM 990, PART VI, SECTION A, LINE 2 A TRUSTEE OF THE COLLEGE, MR. ROBERT KERNAN, AND AN OFFICER OF THE COLLEGE, DR. FRANK NICCHI, BOTH SERVE ON THE BOARD OF DIRECTORS OF GENERATIONS BANK. IN SEPTEMBER 2013, THE COLLEGE ENTERED INTO A LOAN WITH GENERATIONS BANK. AT THAT TIME THE BOARD OF TRUSTEES REVIEWED ALL OF THE COLLEGE'S LOAN OPTIONS AND DETERMINED THAT THE LOAN FROM GENERATIONS BANK WAS THE BEST CHOICE FOR THE COLLEGE. IN ACCORDANCE WITH THE COLLEGE'S CONFLICT OF INTEREST POLICY, MR. KERNAN AND DR. NICCHI DID NOT PARTICIPATE IN THAT DECISION. FORM 990, PART VI, SECTION A, LINE 4 NUMEROUS CHANGES WERE MADE TO THE COLLEGE'S BY-LAWS, INCLUDING CHANGES IN THE REQUIREMENT REGARDING (1) THE ELECTION OF TRUSTEES AND TERMS OF TRUSTEES, (2) QUORUMS OF TRUSTEES, (3) TRUSTEE VACANCIES, (4) THE TERMS OF OFFICE FOR BOARD OFFICERS, AND (5) VARIOUS REQUIREMENTS REGARDING THE COMMITTEES OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11 THE COLLEGE'S MANAGEMENT STAFF SUBMITS A DRAFT OF THE FORM 990 TO THE AUDIT COMMITTEE OF THE COLLEGE'S BOARD OF TRUSTEES. THE AUDIT COMMITTEE THEN REVIEWS THE DRAFT FORM 990 AND PROVIDES ANY COMMENTS IT HAS TO THE MANAGEMENT STAFF. THE COLLEGE'S MANAGEMENT STAFF SUBMITS A DRAFT OF PART VII AND SCHEDULE J OF THE FORM 990 TO THE EXECUTIVE COMMITTEE OF THE COLLEGE'S BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE THEN REVIEWS THE DRAFTED PART VII AND SCHEDULE J OF THE FORM 990 AND PROVIDES ANY COMMENTS IT HAS TO THE MANAGEMENT STAFF. ONCE THE REVIEW PROCESS IS COMPLETE, THE FORM 990 IS PROVIDED TO EACH MEMBER OF THE FULL BOARD OF TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS WRITTEN CONFLICT OF INTEREST POLICY THROUGH A REQUIRED ANNUAL CONFLICT OF INTEREST QUESTIONNAIRE FOR TRUSTEES, OFFICERS AND/OR MANAGEMENT STAFF ("COVERED PERSONS"). FURTHER, ALL COVERED PERSONS ARE REQUIRED TO NOTIFY THE AUDIT COMMITTEE OF ANY CHANGES TO THE INFORMATION PROVIDED IN SUCH QUESTIONNAIRE DURING THE YEAR. THE AUDIT COMMITTEE REVIEWS ALL COMPLETED QUESTIONNAIRES (INCLUDING ANY SUBSEQUENT NOTIFICATION OF CHANGES) TO DETERMINE WHETHER A POTENTIAL CONFLICT EXISTS. IF THE AUDIT COMMITTEE DETERMINES THAT A POTENTIAL CONFLICT EXISTS, THE BOARD OF TRUSTEES WILL REVIEW THE POTENTIAL CONFLICT, AND MAY IMPLEMENT PROTECTIVE MEASURES, SUCH AS THE REASSIGNMENT OF THE AFFECTED COVERED PERSON'S RESPONSIBILITIES, IF DEEMED APPROPRIATE. IF A COVERED PERSON FAILS TO COMPLY WITH THE CONFLICT OF INTEREST POLICY, THE BOARD MAY TAKE CORRECTIVE ACTIONS, AS IT DEEMS APPROPRIATE, IN ACCORDANCE WITH THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 IN ACCORDANCE WITH THE COLLEGE'S EXECUTIVE COMPENSATION POLICY FOR OFFICERS, KEY EMPLOYEES AND CERTAIN OTHER COVERED PERSONS (COLLECTIVELY, "COVERED PERSONS"), THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF THE COLLEGE ("EXECUTIVE COMMITTEE") REVIEWS EACH PROPOSED COMPENSATION AND BENEFIT ARRANGEMENT ("PROPOSED ARRANGEMENT") FOR EACH COVERED PERSON TO DETERMINE WHETHER THE PROPOSED ARRANGEMENT SATISFIES THE "REASONABLE COMPENSATION" REQUIREMENTS SET FORTH IN SECTION 4958 OF THE INTERNAL REVENUE CODE ("CODE") (E.G., A REVIEW OF RELEVANT COMPARABILITY DATA, PERFORMANCE REVIEWS AND/OR OTHER DOCUMENTATION SUPPORTING THE PROPOSED ARRANGEMENT). PRIOR TO SUCH REVIEW AND DETERMINATION, THE EXECUTIVE COMMITTEE VERIFIES THAT NONE OF ITS MEMBERS HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE APPLICABLE PROPOSED ARRANGEMENT. IF THE EXECUTIVE COMMITTEE DETERMINES THAT A PROPOSED ARRANGEMENT MEETS THE REASONABLE COMPENSATION REQUIREMENTS, IT THEN DOCUMENTS THE REVIEW AND DETERMINATION PROCESS. PROPOSED ARRANGEMENTS FOR THE COLLEGE'S PRESIDENT, VP OF FINANCE AND ADMINISTRATIVE SERVICES AND EXECUTIVE VP AND PROVOST ARE REVIEWED ANNUALLY (I.E., ALL THREE PROPOSED ARRANGEMENTS FOR THE TAX YEAR WERE REVIEWED IN 2015). FORM 990, PART VI, SECTION C, LINE 19 COPIES OF THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST ON A CASE BY CASE BASIS. FORM 990, PART XI, LINE 9: TEMPORARILY RESTRICTED GIFTS 7,300. ASSETS RELEASED FROM RESTRICTIONS -7,000. LOSS ON BOND DEFEASANCE -916,251. ROUNDING -3. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.