2015-05-15T13:50:33-05:00 2014-06-30 560574444 CHERRY BEKAERT LLP P O BOX 1119 LYNCHBURG VA 245051119 990 2013-07-01 540534105 SWEET BRIAR INSTITUTE SWEE 4343816324 PO BOX 1051 SWEET BRIAR VA 245951051 SCOTT C SHANK VP FOR FINANCE & ADMIN 4343816324 2015-05-14 1 SAMUEL E JOHNSON P00019699 4348476643 2015-05-14 2013 2016-03-07 17:11:31Z SCOTT C SHANK PO BOX 1051 SWEET BRIAR VA 245951051 53586237 0 X WWW.SBC.EDU X 1901 VA SWEET BRIAR PREPARES WOMEN (AND AT THE GRADUATE LEVEL, MEN AS WELL) TO BE PRODUCTIVE, RESPONSIBLE MEMBERS OF A WORLD COMMUNITY. IT FOCUSES ON PERSONAL AND PROFESSIONAL ACHIEVEMENT THROUGH A CUSTOMIZED EDUCATIONAL PROGRAM THAT COMBINES THE LIBERAL ARTS, PREPARATION FOR CAREERS AND INDIVIDUAL DEVELOPMENT. THE FACULTY AND STAFF GUIDE STUDENTS TO BECOME ACTIVE LEARNERS, TO REASON CLEARLY, TO SPEAK AND WRITE PERSUASIVELY AND TO LEAD WITH INTEGRITY. THEY DO SO BY CREATING AN EDUCATIONAL ENVIRONMENT THAT IS BOTH INTENSE AND SUPPORTIVE AND WHERE LEARNING OCCURS IN MANY DIFFERENT VENUES, INCLUDING THE CLASSROOM, THE COMMUNITY AND THE WORLD. 24 23 924 850 447219 -29008 7640014 7159858 29161909 30022242 4179632 5380774 487932 566988 41469487 43129862 10754460 12831691 0 0 18228326 18811313 0 0 2260259 15478975 15718034 44461761 47361038 -2992274 -4231176 160636400 163702110 30729670 29492658 129906730 134209452 X TO PROVIDE A LIBERAL ARTS EDUCATION TO STUDENTS. 0 0 13599164 21928231 INSTRUCTION: TO PROVIDE A LIBERAL ARTS EDUCATION FOR ALL STUDENTS. BENEFITS APPROXIMATELY 700 STUDENTS. 6368977 7498027 AUXILIARY ENTERPRISES: TO PROVIDE STUDENTS WITH HOUSING, FOOD SERVICES, RECREATION AND INSTRUCTIONAL MATERIALS. BENEFITS APPROXIMATELY 700 STUDENTS. 12831691 12831691 SCHOLARSHIPS: TO PROVIDE SCHOLARSHIPS FOR STUDENTS. BENEFITED APPROXIMATELY 589 DOMESTIC AND 37 FOREIGN STUDENTS. 7550471 715753 STUDENT SERVICES: TO PROVIDE VARIOUS SERVICES SUCH AS ADMISSIONS, FINANCIAL AID, CAREER PLANNING, CHAPLAIN, DEAN, HEALTH CENTER AND REGISTRAR. PROGRAM REVENUE IS FROM MULTIPLE SOURCES INCLUDING ADMISSIONS, LATES FEES, SALES & SERVICE, ALUMNAE ASSOCIATION REVENUE, AND ON CAMPUS CATERING. BENEFITS APPROXIMATELY 700 STUDENTS. RESEARCH: TO PROVIDE GRANTS FOR FACULTY. ACADEMIC SUPPORT: TO PROVIDE ACADEMIC SERVICES SUCH AS LIBRARY, AUDIO-VISUAL & ACADEMIC DEAN. 7550471 715753 40350303 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 0 1 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 946 0 1 924 1 1 1 1 FR SP 0 0 0 0 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X SWEET BRIAR COLLEGE 4343816324 PO BOX 1051 SWEET BRIAR VA 245951051 MS CHRISTINE BOULWARE DIRECTOR 4.00 1.00 X 0 0 0 MS HILARY BOWIE DIRECTOR 4.00 1.00 X 0 0 0 MS WINIFRED DAVIS DIRECTOR 4.00 1.00 X 0 0 0 MS SUSAN EWING DIRECTOR 4.00 1.00 X 0 0 0 DR MARSHA T HORTON DIRECTOR 4.00 1.00 X 0 0 0 MS DANELLE HOUCK DIRECTOR 4.00 1.00 X 0 0 0 MS ANNE S KLING DIRECTOR 4.00 1.00 X 0 0 0 MR RICHARD E LESLIE DIRECTOR 4.00 1.00 X 0 0 0 MS SARAH M LINDEMANN DIRECTOR 4.00 1.00 X 0 0 0 MS ANNE POULET DIRECTOR 4.00 1.00 X 0 0 0 MS YOLANDA SAUNDERS DIRECTOR 4.00 1.00 X 0 0 0 MS SUSAN SCANLAN DIRECTOR 4.00 1.00 X 0 0 0 MS JULIA SUTHERLAND DIRECTOR 4.00 1.00 X 0 0 0 MS SANDRA TAYLOR DIRECTOR 4.00 1.00 X 0 0 0 DR EUGENE TOBIN EXECUTIVE COMMITTEE 4.00 1.00 X 0 0 0 DR DAVID W BRENEMAN EXECUTIVE COMMITTEE 4.00 1.00 X 0 0 0 MS DIANE B DALTON EXECUTIVE COMMITTEE 4.00 1.00 X 0 0 0 MS JUDITH GRANT EXECUTIVE COMMITTEE 4.00 1.00 X 0 0 0 MS JO ANN KRAMER EXECUTIVE COMMITTEE 4.00 1.00 X 0 0 0 MS KAREN MEYER EXECUTIVE COMMITTEE 4.00 1.00 X 0 0 0 MR PAUL G RICE CHAIR, BOARD OF DIRECTORS 4.00 1.00 X X 0 0 0 MS ELIZABETH HSWYATT VICE CHAIR 4.00 1.00 X X 0 0 0 MRS ELVIRA MCMILLAN MANNELLY SECRETARY 4.00 1.00 X X 0 0 0 DR JO ELLEN PARKER PRESIDENT 40.00 2.00 X X 274780 0 57365 MR SCOTT C SHANK VICE PRESIDENT OF FINANCE 40.00 2.00 X 153599 0 38738 MRS HEIDI MCCRORY VICE PRESIDENT FOR DEVELOP 40.00 0.00 X 131487 0 22672 DR AMY JESSEN-MARSHALL DEAN OF COLLEGE, VP ACAD A 40.00 0.00 X 129326 0 26945 DR JAMES ALOUF PROFESSOR 40.00 0.00 X 114103 0 5424 DR JILL GRANGER PROFESSOR 40.00 0.00 X 106715 0 23354 DR MARGARET SCOUTEN DIRECTOR JR. YR IN FRANCE 40.00 0.00 X 101886 0 10897 1011896 0 185395 8 0 1 0 CL LEWIS & COMPANY INC PO BOX 10728 LYNCHBURG VA 24506 CONSTRUCTION CONTRACTOR 4437658 ARAMARK EDUCATIONAL SERVICES LLC 1101 MARKET STREET PHILADELPHIA PA 19107 CONTRACTED FOOD SERVICES 1960992 WA LYNCH ROOFING CO OF LYNCHBURG INC 4728 SOUTH AMHERST HIGHWAY MADISON HEIGHTS VA 24572 ROOFING CONTRACTOR 147399 FIRST ACTION SYSTEMS PO BOX 15113 LYNCHBURG VA 24502 ENVIRONMENTAL SERVICES 103348 ENROLLMENT INTELLIGENCE 2770 ELECTRIC ROAD SUITE C ROANOKE VA 24018 MARKETING AND CONSULTING 101500 5 1393639 5766219 393882 7159858 TUITION AND FEES 611710 21928231 21928231 STUDENT SERVICES 611710 7498027 7498027 ADMIN. REVENUE 611710 494521 494521 SALES & SERVICES 611710 82097 82097 LATE FEES & FINES 611710 19366 19366 30022242 2236896 2236896 13307203 293050 9786778 669597 3520425 -376547 3143878 3143878 FLORENCE ELSTON INN 721000 399544 399544 ALUMNAE ASSOCIATION 611710 119769 119769 FARM AND CELL TOWER 611710 47675 47675 566988 43129862 30142011 447219 5380774 12196367 12196367 635324 635324 524482 524482 14692674 12231896 1221225 1239553 637660 562522 12446 62692 1901898 1679205 35549 187144 1054599 900343 53914 100342 81710 2240 61470 18000 85400 8110 77290 607448 607448 2928928 2417851 317803 193274 67458 39736 820 26902 1364473 1039129 166014 159330 597182 436352 149901 10929 1468975 1468975 621976 485489 66754 69733 544114 435349 72036 36729 1067064 1067064 2309749 2209463 100286 160366 91865 68501 ADMINISTRATIVE EXPENSES 1349223 1349218 5 REPAIR AND MAINTENANCE 793883 623468 132293 38122 SUPPLIES 337973 337973 OTHER LIBRARY 327920 327920 1004192 871508 15180 117504 47361038 40350303 4750476 2260259 1332945 1910024 3878876 3802005 678659 545899 1857255 2077447 150375 128371 169230 191319 95288293 38184905 55234421 57103388 36547877 35551269 48251076 51325857 3529971 1130073 9005715 9936458 160636400 163702110 1500219 1414925 1089878 1099707 686689 524475 26777955 25857309 674929 596242 30729670 29492658 X 37756882 48655393 29063130 21028984 63086718 64525075 129906730 134209452 160636400 163702110 X -4231176 8041268 492630 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 90055806 1173373 12758228 1164980 6167731 705551 95949145 86575650 2163197 9509670 1104556 6388046 700109 90055806 96207845 607707 -2303383 875538 6450381 610600 86575650 85269954 1504007 15264875 1124587 4077021 629383 96207845 74352610 4834394 8750377 777236 1290637 599554 85269954 0.29820 0.56660 0.13520 0 0 72406257 27631361 44774896 2739891 2457785 282106 12415723 8095759 4319964 7726422 7726422 57103388 INTERNATIONAL EQUITIES 27671196 F COMMODITIES 8206163 F HEDGE FUNDS 15448498 F 51325857 DIVIDENDS AND INTEREST RECEIVABLE 1024 DEFERRED CHARGES 268425 CONTRIBUTIONS RECEIVABLE 1579590 BENEFICIAL INTEREST IN PERPETUAL TRUST 8010929 AMOUNT DUE FROM JUNIOR YR IN SPAIN 76490 9936458 ANNUITIES PAYABLE 534610 ASSET RETIREMENT OBLIGATION 61632 596242 X 39876827 8041268 1537387 9578655 30298172 12831690 12831690 43129862 35440654 911306 911306 34529348 12831690 12831690 47361038 PART III, LINE 1A: THE INSTITUTE OWNS A COLLECTION OF VARIOUS OBJECTS OF ART. THESE ITEMS ARE HELD FOR PUBLIC EXHIBITION RATHER THAN FOR FINANCIAL GAIN AND ARE KEPT PROTECTED AND PRESERVED. IT IS THE INSTITUTE'S POLICY TO USE ANY PROCEEDS FROM THE SALE OF COLLECTION ITEMS TO ACQUIRE OTHER ITEMS FOR THE COLLECTION. ACCORDINGLY, THE INSTITUTE DOES NOT RECOGNIZE CONTRIBUTIONS OF WORKS OF ART, NOR ARE WORKS OF ART CAPITALIZED AND RECORDED ON THE STATEMENTS OF FINANCIAL POSITION. PART III, LINE 4: THE ART COLLECTIONS AND ANTIQUITIES SUPPORT THE EDUCATIONAL PURPOSE OF THE INSTITUTE. STUDENTS MAJORING IN ART HISTORY AND ARTS MANAGEMENT ACT AS CURATORS AND MAINTAIN THE COLLECTIONS. STUDENTS ARE INVOLVED IN COLLEGE AND COMMUNITY EXHIBITIONS. PART V, LINE 4: THE MAJORITY OF ENDOWMENT FUNDS ARE USED TO PROVIDE STUDENT SCHOLARSHIPS AND SUPPORT FOR INSTRUCTION, RESEARCH, AND ACADEMIC PROGRAMS. PART X, LINE 2: MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED IN THE FASB ASC ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES THAT BECAME EFFECTIVE FOR THE INSTITUTE ON JULY 1, 2009. MANAGEMENT BELIEVES THAT THE INSTITUTE CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2014. MANAGEMENT HAS EVALUATED ALL TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE INSTITUTE HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2014. THE INSTITUTE IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE, OR LOCAL TAX EXAMINATIONS BY TAX AUTHORITIES FOR TAX YEARS PRIOR TO THE YEAR ENDING JUNE 30, 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: JUNIOR YEAR IN SPAIN REVENUE 880,757. UNREALIZED CHANGE IN BENEFICIAL TRUST 492,630. SBC RESTORATION LESSEE LLC EQUITY 164,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS SHOWN NET OF REVENUE ON FINANCIALS 12,831,690. PART XII, LINE 2D - OTHER ADJUSTMENTS: JUNIOR YEAR IN SPAIN EXPENSE 880,757. SBC RESTORATION LESSEE LLC EXPENSES 30,549. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS SHOWN NET OF REVENUE ON FINANCIALS 12,831,690. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SWEET BRIAR COLLEGE CUSTOMARILY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS FROM LARGE GEOGRAPHICAL SECTIONS OF THE UNITED STATES AND FOREIGN COUNTRIES. THE COLLEGE FOLLOWS A RACIAL NONDISCRIMINATORY POLICY AND HAS COMPLIED WITH SECTION 4.02 OF THE INTERNAL REVENUE PROCEDURE 75-50. THE COLLEGE PUBLICIZES ITS NONDISCRIMINATORY POLICY IN ITS CATALOG. SCHEDULE E, PART I, LINE 6 FORM 990, SCHEDULE E, LINE 6A FINANCIAL ASSISTANCE EXPENDITURES FROM GOVERNMENT AGENCIES: COLLEGE WORK STUDY 68,879 SEOG 54,661 NATIONAL SCIENCE FOUNDATION 186,583 DEPARTMENT OF EDUCATION 139,349 OTHER FEDERAL GRANTS 12,600 PELL GRANTS 786,931 TOTAL FINANCIAL ASSISTANCE EXPENDITURES FROM GOVERMENT AGENCIES 1,249,003 1 EUROPE - FRANCE 2 15 PROGRAM SERVICES EDUCATIONAL PROGRAM 1269716 EUROPE - SPAIN 1 5 PROGRAM SERVICES EDUCATIONAL PROGRAM 1091312 EUROPE 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM FEES 69500 EUROPE 0 0 PROGRAM SERVICES SCHOLARSHIPS 401467 EAST ASIA AND PACIFIC 0 0 PROGRAM SERVICES SCHOLARSHIPS 138350 SOUTH ASIA 0 0 PROGRAM SERVICES SCHOLARSHIPS 76507 MIDDLE EAST/NORTH AFRICA 0 0 PROGRAM SERVICES SCHOLARSHIPS 19000 3 20 0 0 3 20 3065852 0 3065852 SCHOLARSHIPS TO FOREIGN STUDENTS EUROPE 23 401467 PAYMENT APPLIED TO TUITION ACCOUNT SCHOLARSHIPS TO FOREIGN STUDENTS EAST ASIA AND PACIFIC 10 138350 PAYMENT APPLIED TO TUITION ACCOUNT SCHOLARSHIPS TO FOREIGN STUDENTS SOUTH ASIA 3 76507 PAYMENT APPLIED TO TUITION ACCOUNT SCHOLARSHIPS TO FOREIGN STUDENTS MIDDLE EAST/ NORTH AFRICA 1 19000 PAYMENT APPLIED TO TUITION ACCOUNT 0 0 0 0 0 0 PART III: STUDENTS APPLY FOR SCHOLARSHIPS AND ARE AWARDED AMOUNTS THROUGH THE FINANCIAL AID PROCESS. THE FINANCIAL AID OFFICE DETERMINES THE AMOUNTS TO AWARD BASED ON CERTAIN CRITERIA AND AMOUNTS ARE DISBURSED AND POSTED TO STUDENT'S TUITION AND FEES ACCOUNT. SCHOLARSHIPS ARE CREDITED TO STUDENT TUITION ACOUNTS AT SWEET BRIAR COLLEGE. ANY STUDENT ACCOUNT THAT HAS A CREDIT BALANCE AFTER POSTING SCHOLARSHIP AMOUNTS WILL BE REFUNDED BY COLLEGE CHECK. 1 SCHOLARSHIPS FOR STUDENTS TO ATTEND SWEET BRIAR COLLEGE 589 12196367 SCHEDULE I, PART I: INSTITUTIONAL MERIT SCHOLARSHIPS ARE AWARDED ON THE BASIS OF DEMONSTRATED ACADEMIC EXCELLENCE AND PROMISE FOR FUTURE SUCCESS AT THE COLLEGE. WHILE A NUMBER OF FACTORS ARE CONSIDERED, THE COLLEGE RELIES HEAVILY ON THE EVALUATION OF HIGH SCHOOL COURSEWORK, HIGH SCHOOL GRADE POINT AVERAGES AND CLASS RANK, STANDARDIZED TEST SCORES, WRITTEN WORK AND LETTERS OF RECOMMENDATION. EXTRACURRICULAR INVOLVEMENT THAT DEMONSTRATES A PROMISE FOR SUCCESS AT THE COLLEGIATE LEVEL IS ALSO CONSIDERED. SCHOLARSHIP AWARDS ARE APPLIED TO THE STUDENT'S ACCOUNT FOR PAYMENT TOWARD TUITION, ROOM, BOARD AND FEES. X X X 1 1 X X X X 1 0 0 0 0 0 0 0 0 DR JO ELLEN PARKER PRESIDENT 274780 0 0 0 0 0 12750 0 44615 0 332145 0 0 0 MR SCOTT C SHANK VICE PRESIDENT OF FINANCE 153599 0 0 0 0 0 8160 0 30578 0 192337 0 0 0 MRS HEIDI MCCRORY VICE PRESIDENT FOR DEVELOP 131487 0 0 0 0 0 6819 0 15853 0 154159 0 0 0 DR AMY JESSEN-MARSHALL DEAN OF COLLEGE, VP ACAD A 129326 0 0 0 0 0 7000 0 19945 0 156271 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS: THE PRESIDENT'S SPOUSE WILL OCCASIONALLY TRAVEL WITH HER ON CERTAIN COLLEGE FUNCTIONS. THERE IS A SUBSTANTIAL BUSINESS PURPOSE FOR SUCH TRAVEL, AND THE EXPENSES ARE DOCUMENTED AND RETAINED ON FILE. RESIDENCE FOR PERSONAL USE: AS A CONDITION OF EMPLOYMENT, THE PRESIDENT AND VICE PRESIDENT FOR FINANCE AND ADMINISTRATION ARE REQUIRED TO LIVE IN THE SCHOOL'S HOUSES LOCATED ON THE CAMPUS. THESE RESIDENCES ARE PROVIDED FOR THE CONVENIENCE OF THE SCHOOL IN HAVING THE FUNCTIONS OF THE OFFICES EFFICIENTLY DISCHARGED. THIS HOUSING ALLOWANCE IS TREATED AS A NON-TAXABLE BENEFIT. PERSONAL SERVICES: THE SCHOOL PROVIDES PERSONAL SERVICES TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL SCHOOL BUSINESS AND ACTIVITIES AT THE HOME. THIS IS A TAXABLE BENEFIT. PART I, LINE 4A A SEVERANCE PACKAGE WAS PROVIDED TO DR. JAMES ALOUF TOTALING $63,507 PER HIS RETIREMENT AGREEMENT. A INDUSTRIAL DEVELOPMENT AUTHORITY - TOWN OF AMHERST VIRGINIA 541804155 031489BY2 2011-09-01 10000000 CURRENT REFUNDING BOND ISSUE 2008 0 0 0 B INDUSTRIAL DEVELOPMENT AUTHORITY - TOWN OF AMHERST VIRGINIA 546001113 031489BX4 2006-02-23 21041170 REFUNDING OF 1998A, 1998B, 1999, 2000, AND 2001 BONDS 0 0 0 A 780145 10000000 2011 1 0 1 1 B 4345000 20865000 334871 2006 0 1 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 1 0 0 0 0 0 0 B 0 0 1 0 0 0 0 0 0 A 0 B 0 SCHEDULE K, PART II, LINE 3 THE TOTAL PROCEEDS OF ISSUE FOR THE 2006 BOND IS $176,170 LESS THAN THE ORIGINAL ISSUE PRICE DUE TO A REFUND OF THE BOND IN FISCAL YEAR 2012. X 4 X 60 393882 AVERAGE TRADING VALUES 10 0 1 0 PART I, LINE 33: THE INSTITUTE OWNS A COLLECTION OF VARIOUS OBJECTS OF ART. THESE ITEMS ARE HELD FOR PUBLIC EXHIBITION RATHER THAN FOR FINANCIAL GAIN AND ARE KEPT PROTECTED AND PRESERVED. IT IS THE INSTITUTE'S POLICY TO USE ANY PROCEEDS FROM THE SALE OF COLLECTION ITEMS TO ACQUIRE OTHER ITEMS FOR THE COLLECTION. ACCORDINGLY, THE INSTITUTE DOES NOT RECOGNIZE CONTRIBUTIONS OF WORKS OF ART, NOR ARE WORKS OF ART CAPITALIZED AND RECORDED ON THE STATEMENTS OF FINANCIAL POSITION. FORM 990, PART VI, SECTION B, LINE 11 THE 990 FORM AND REQUIRED SCHEDULES WERE REVIEWED BY MANAGEMENT PRIOR TO FILING. AN ELECTRONIC VERSION OF THE RETURN WAS MADE AVAILABLE TO THE OFFICERS AND DIRECTORS OF THE INSTITUTE PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, DIRECTORS, AND KEY EMPLOYEES ARE REQUIRED TO SUBMIT AN ANNUAL DISCLOSURE IN ACCORDANCE WITH THE SWEET BRIAR COLLEGE WRITTEN CONFLICT OF INTEREST POLICY. CONFLICT OF INTEREST FORMS ARE FILED WITH THE PRESIDENT'S OFFICE ANNUALLY AND ARE REVIEWED BY THE CFO AND INDEPENDENT AUDITORS. IN GENERAL, WHEN AN INDIVIDUAL COVERED BY THIS POLICY IS DEEMED TO BE IN A CONFLICT OF INTEREST SITUATION WITH RESPECT TO ANY MATTER BEFORE THE BOARD OR ADMINISTRATION, THAT INDIVIDUAL SHALL REFRAIN FROM PARTICIPATING IN THE CONSIDERATION OF ANY PROPOSED TRANSACTION WHICH MAY BE IMPAIRED BY THE POTENTIAL CONFLICT, UNLESS SPECIFICALLY REQUESTED TO PROVIDE INFORMATION REGARDING THE TRANSACTION IN QUESTION. SUCH PERSON SHALL NOT VOTE ON OR TAKE ANY POSITION FOR OR AGAINST THE PROPOSED TRANSACTION, NOR SHALL SHE OR HE ATTEMPT TO INFLUENCE THE VOTES OR POSITIONS OF OTHERS. WHEN DEEMED APPROPRIATE, A NOTE IN THE MINUTES OF THE MEETING SHALL SPECIFY THAT THE PERSON INVOLVED NEITHER PARTICIPATED IN CONSIDERATION OF THE PROPOSED TRANSACTION NOR VOTED ON THE MATTER. IN ALL INSTANCES WHERE A CONFLICT OF INTEREST IS DETERMINED TO EXIST, SUCH CONFLICTS, AND THEIR REMEDY, SHALL BE DISCLOSED TO THE BOARD AT LEAST ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE PRESIDENT/CEO IS DETERMINED BY AN INDEPENDENT COMPENSATION COMMITTEE AND BY THE USE OF COMPARABLE DATA PROVIDED FROM FORMS 990 OF OTHER SIMILIARLY SITUATED HIGHER EDUCATION INSTITUTIONS. COMPENSATION IS APPROVED BY THE BOARD ANNUALLY AND DOCUMENTED IN THE BOARD MEETING MINUTES. IN DETERMINING NEWLY HIRED EXECUTIVES' PAY, DATA IS USED FROM ANNUAL CUPA-HR ADMINISTRATIVE SALARY SURVEYS AND SPECIFICALLY REGARDING SALARIES FOR: 1.PRIVATE INDEPENDENT INSTITUTIONS WITH ENROLLMENT UNDER 1000 , COMPARING TO THE FIRST QUARTILE OF ENROLLMENT, WHICH IS THE MOST SIMILAR TO SWEET BRIAR COLLEGE. 2.PRIVATE INDEPENDENT INSTITUTIONS WITH A BUDGET IN THE 2ND QUARTILE , AGAIN THE MOST SIMILAR TO SWEET BRIAR COLLEGE. 3.BACCALAUREATE INSTITUTIONS WITH A BUDGET IN THE 2ND QUARTILE ( MELDING TYPE OF INSTITUTION AND BUDGET SIZE). 4.THE SAME DATA POINTS ARE USED FOR AN ANNUAL REVIEW OF THE PRESIDENT'S COMPENSATION, SHARING THE DATA WITH THE CHAIRMAN OF THE BOARD, WHO THEN SHARES THE DATA WITH THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST ONLY. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON BENEFICIAL INTEREST IN PERPETUAL TRUST 492,630. PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. SBC FOREIGN PROGRAMS INC PO BOX 1051 SWEET BRIAR VA 24595 541733600 EDUCATIONAL PROGRAM VA 501(C)(3) LINE 11 SWEET BRIAR INSTITUTE 0 SBC RESTORATION LESSEE LLC 134 CHAPEL RD SWEET BRIAR VA 24595 465731000 LIBRARY CONSTRUCTION VA RELATED 164000 163980 0 1 0.99000 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 SBC FOREIGN PROGRAMS INC N 371138 ACTUAL COST SBC FOREIGN PROGRAMS INC O 112829 ACTUAL COST SBC FOREIGN PROGRAMS INC R 607345 ACTUAL COST SBC RESTORATION LESSEE LLC P 30549 ACTUAL COST