2015-05-15T14:35:36-05:00 2014-06-30 KPMG LLP 300 North Greene Street Suite 400 Greensboro NC 27401 990 2013-07-01 580566205 MOREHOUSE COLLEGE % DR ALAN D ROBERTSON MORE 4046812800 830 WESTVIEW DRIVE SW Suite ATLANTA GA 30314 Alan D Robertson CFO 4046812800 2015-05-15 true SHAWN M HUTCHINSON P01048557 4046812800 2013 2016-02-25 16:41:14Z DR JOHN SILVANUS WILSON JR 830 WESTVIEW DRIVE SW ATLANTA GA 30314 182319169 false X WWW.MOREHOUSE.EDU X 1867 GA MOREHOUSE COLLEGE IS A HISTORICAL BLACK COLLEGE WHOSE MISSION IS TO DEVELOP MEN WITH DISCIPLINED MINDS WHO WILL LEAD LIVES OF LEADERSHIP AND SERVICE. 40 39 1279 39 -40074 -43895 33789817 31271120 54649383 51587223 11560666 8611770 24001972 22911856 124001838 114381969 24911470 19849216 0 0 47537060 45794039 15400 12140 2830233 42800997 41251645 115264927 106907040 8736911 7474929 318358453 329460649 77077260 73177915 241281193 256282734 X THE MISSION OF MOREHOUSE COLLEGE IS TO DEVELOP MEN WITH DISCIPLINED MINDS WHO WILL LEAD LIVES OF LEADERSHIP AND SERVICE. A PRIVATE HISTORICALLY BLACK LIBERAL ARTS COLLEGE FOR MEN, MOREHOUSE REALIZES THIS MISSION BY EMPHASIZING THE INTELLECTUAL AND CHARACTER DEVELOPMENT OF ITS STUDENTS. IN ADDITION, THE COLLEGE ASSUMES SPECIAL RESPONSIBILITY FOR TEACHING THE HISTORY AND CULTURE OF BLACK PEOPLE. FOUNDED IN 1867 AND LOCATED IN ATLANTA, GEORGIA, MOREHOUSE IS AN ACADEMIC COMMUNITY DEDICATED TO TEACHING, SCHOLARSHIP, AND SERVICE, AND THE CONTINUING SEARCH FOR TRUTH AS A LIBERATING FORCE. AS SUCH, THE COLLEGE OFFERS INSTRUCTIONAL PROGRAMS IN THREE DIVISIONS - BUSINESS AND ECONOMICS, HUMANITIES AND SOCIAL SCIENCES, AND SCIENCE AND MATHEMATICS - AS WELL AS EXTRACURRICULAR ACTIVITIES THAT: 1. DEVELOP SKILLS IN ORAL AND WRITTEN COMMUNICATIONS, ANALYTICAL AND CRITICAL THINKING, AND INTERPERSONAL RELATIONSHIPS; 2. FOSTER AN UNDERSTANDING AND APPRECIATION OF WORLD CULTURES, ARTISTIC AND CREATIVE EXP false false 45234096 70290934 PROVIDING HIGHER EDUCATION TO STUDENTS UNDER A DEGREE PROGRAM. INSTRUCTION TO OVER 2,100 UNDERGRADUATE STUDENTS IN CURRICULA SUCH AS EDUCATION, SCIENCES, HUMANITIES, AND MATH. THE COLLEGE PROVIDES ITS STUDENTS WITH THE HIGHEST QUALITY OF EDUCATION IN AN ACADEMICALLY PROGRESSIVE ENVIRONMENT. 19849216 19849216 PROVIDING SCHOLARSHIPS TO DESERVING STUDENTS. THOUGH STUDENT AID, THE COLLEGE OFFERS SUPPORT IN THE FORM OF SCHOLARSHIPS, GRANTS, LOANS, AND WORK STUDY TO STUDENTS BASED ON FINANCIAL NEED TO ALLOW STUDENTS A COLLEGE EDUCATION WHO MAY NOT OTHERWISE BE ABLE TO ATTEND. 7992023 CONDUCTING RESEARCH AND OTHER ACADEMIC PROGRAMS FOR THE BENEFIT OF ITS STUDENT BODY AND THE GENERAL PUBLIC. 73075335 true true false false false false false true false true true true false false true true true false true false false false false true true false false false true true true true true false false false false false false false false false false false false false true true false false false true 704 0 true 1279 true true true false false false false false false false false false X 40 39 false false false false false false false true true false false true true true true true false true true true false GA X DR ALAN D ROBERTSON 4046812800 830 WESTVIEW DRIVE SW ATLANTA GA 30314 John S Wilson President 40.0 X X 294180 0 35349 Robert Franklin President 40.0 X X 317982 0 55088 Mrs Billye Aaron Trustee 1.0 X 0 0 0 Dr Charles G Adams Trustee 1.0 X 0 0 0 Dr Benjamin A Blackburn Trustee 1.0 X 0 0 0 Mr Dan T Cathy Trustee 1.0 X 0 0 0 Mr Willie J Davis Trustee 1.0 X 0 0 0 Mr Boris Dobrijevic Trustee 1.0 X 0 0 0 Mr J Alexander M Douglas Jr Trustee 1.0 X 0 0 0 Ms Valerie Ervin Trustee 1.0 X 0 0 0 Mr Michael Gatewood Trustee 1.0 X 0 0 0 General James R Hall Trustee 1.0 X 0 0 0 Dr Michael Hodge Trustee 1.0 X 0 0 0 Dr Keith Howard Trustee 1.0 X 0 0 0 Mr Charles H James III Trustee 1.0 X 0 0 0 Mr Benjamin Jealous Trustee 1.0 X 0 0 0 Mr Oshea Johnson Trustee 1.0 X 0 0 0 Mr Dale E Jones Trustee 1.0 X 0 0 0 Mr Donald R Knauss Trustee 1.0 X 0 0 0 Mr Strive Masiyiwa Trustee 1.0 X 0 0 0 Mr Charles D Moody Trustee 1.0 X 0 0 0 Rev Otis Moss III Trustee 1.0 X 0 0 0 Mr Zephyrinus Okonkwo Jr Trustee 1.0 X 0 0 0 Mr Mike Polk Trustee 1.0 X 0 0 0 Dr David Wall Rice Trustee 1.0 X 0 0 0 Mr Robin Richards Trustee 1.0 X 0 0 0 Mr Rufus Rivers Trustee 1.0 X 0 0 0 Mr Ratanjit S Sondhe Trustee 1.0 X 0 0 0 Mr Earl W Stafford Sr Trustee 1.0 X 0 0 0 Mr Clinton L Stevenson Trustee 1.0 X 0 0 0 Mr Richard Thaler Jr Trustee 1.0 X 0 0 0 Mr John L Thornton Trustee 1.0 X 0 0 0 Mr Ralph de la Vega Trustee 1.0 X 0 0 0 Mr Euclid Walker Trustee 1.0 X 0 0 0 Dr John A Wallace Trustee 1.0 X 0 0 0 Dr Dorthy Cowser Yancy Trustee 1.0 X 0 0 0 Ambassador Andrew Young Trustee 1.0 X 0 0 0 Mr Robert C Davidson Chairman 1.0 X 0 0 0 Mr Jim Moss Vice-Chairman 1.0 X 0 0 Mr Robert J Levin Treasurer 1.0 X 0 0 0 Mr Avery A Munnings Secretary 1.0 X 0 0 0 Mr Dale Jones Assistant Secretary 1.0 X 0 0 0 Robyn Crittenden General Counsel 40.0 X 51024 0 16961 Sheila Jacobs Interm VP for Bus & Fin/CFO 40.0 X 223257 0 15007 Phillip Howard VP Office of Institutional Adv 40.0 X 154899 0 16896 Willis Sheftall Interim Provost/SVP Academic 40.0 X 272543 0 16503 Ralph Johnson AVP/Chief Procurement Officer 40.0 X 125258 0 14030 William Bynum VP Student Services 40.0 X 168003 0 16969 Andre Bertrand VP Campus Operations 40.0 X 147711 0 16961 Diane Alexander AVP Office of Information Tech 40.0 X 94400 0 12616 Rubye Byrd AVP Academic Affiars 40.0 X 124755 0 13368 Renardo Hall AVP Dean of Men 40.0 X 93812 0 11588 Ann Watts AVP Academic Affairs 40.0 X 79606 0 13375 Karen Miller SVP Admin Services/COO 40.0 X 194508 0 17808 Terrance Dixon AVP Enrollment Management 40.0 X 119151 0 2416 Sulayman Clark Chief Development Officer 40.0 X 135750 0 Alan D Robertson VP Business & Finance/CFO 40.0 X 185916 0 Garaikai Campbell SVP Academic Affairs/Provost 40.0 X 215986 0 John Haynes Professor 40.0 X 127185 0 15243 Kathleen Johnson Exec Assit to President 40.0 X 116952 0 13984 John Hall Professor 40.0 X 134638 0 12907 John P Brown Interim VP External Relations 40.0 X 167074 0 Leroy W Richardson Assistant to the President 40.0 X 133149 0 3677739 0 317069 31 false true false Sodexo Operations LLC PO BOX 905374 CHARLOTTE NC 28290 FOOD SERVICES 4376949 Georgia Power Company 805B RALPH DAVID ABERNATHY BLVD ATLANTA GA 30310 UTILITIES 1678345 GCA Education Services Inc 1350 EUCLID AVE STE 1500 CLEVELAND OH 44115 JANITORIAL SERVICES 1216774 City of Atlanta Water Department PO Box 105275 ATLANTA GA 30348 UTILITIES 1098026 Skinner Development Inc 5028 GOLF LINK COURT STONE MOUNTAIN GA 30088 CONSTRUCTION 850990 53 262154 14098976 16909990 31271120 TUITION AND FEES 900099 51587223 51587223 51587223 890023 -40074 930097 0 0 0 0 0 75529360 67807613 7721747 7721747 7721747 36250 262154 129587 -93337 -93337 0 0 AUXILIARY SERVICES 900099 18703711 18703711 OTHER INCOME 900099 4301482 4301482 23005193 114381969 70290934 -40074 12859989 0 19849216 19849216 0 0 2320118 681435 1288130 350553 0 32182191 25585141 5603063 993987 1187065 949652 201801 35612 7782596 5050199 2510926 221471 2322069 1730915 492768 98386 0 491143 8164 482979 400435 16315 384120 0 12140 12140 509265 509265 0 158478 101449 2017 55012 2388223 1114542 1180411 93270 293522 5562 287960 0 5293716 3933635 1360081 2388149 1739143 479295 169711 0 6491 5341 908 242 1958011 1958011 0 5259776 5259776 1921568 1921568 PROFESSIONAL FEES 6593202 2935229 3154223 503750 FOOD SERVICE 4199701 4076720 122981 EQUIP RENTAL AND MAINTENANCE 3385342 2088537 1142430 154375 UNIVERSITY CENTER EXPENSES 3031349 2777351 253998 2973274 426789 2527742 18743 106907040 73075335 31001472 2830233 0 0 14274027 18861893 9999641 9331167 5347318 5281767 0 0 0 0 2756244 2593957 0 0 1314691 1632403 235469490 85356806 153563382 150112684 40914988 45921743 90188162 95725035 0 0 0 0 0 0 318358453 329460649 9135111 8140192 0 0 3270345 1030146 46086285 62318049 0 0 0 0 16953512 0 0 0 1632007 1689528 77077260 73177915 X 91123710 91637047 79559360 91982188 70598123 72663499 241281193 256282734 318358453 329460649 7474929 7526612 X false true X true true true X 33682887 24147736 27622628 33789817 31271120 150514188 0 0 33682887 24147736 27622628 33789817 31271120 150514188 614362 149899826 934307 1397738 1337340 1075835 890023 5635243 0 21766161 21509222 22476470 24374412 23005193 113131458 269280889 368118064 0.55667 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2486265 X false 125825999 2305817 16424963 6570968 137985811 129432458 928659 14762910 7905706 11392322 125825999 139825050 1539405 -5037841 5795910 1098246 129432458 120125728 1319901 25292733 5724293 1189019 139825050 90311481 6598264 28634604 5418621 120125728 0.05180 0.51760 0.43060 false false 23291053 23291053 171201343 69678183 101523160 40977094 15678623 25298471 150112684 PRIVATE EQUITY FUNDS 32082370 F REAL ASSET FUNDS 5470856 F COMMINGLED FUNDS 3066069 F HEDGE FUNDS 15378390 F HIGH YIELD TRUST FUNDS 12543849 F CASH AND CASH EQUIVALENTS 26051238 F INTERNATIONAL BONDS 1132263 F 95725035 0 ASSET RETIREMENT OBLIGATIONS 1689528 1689528 X 102059365 7526612 7526612 94532753 19849216 19849216 114381969 87057824 87057824 19849216 19849216 106907040 SCHEDULE D, PART III, LINE 4 ART COLLECTIONS MAINTAINING AN ART COLLECTION BY THE ORGANIZATION SERVES COLLEGE, COMMUNITY, STATE, AND NATIONAL AUDIENCES BY COLLECTING, PRESERVING, PRESENTING, AND INTERPRETING THE WORK OF ARTISTS. THE ORGANIZATION ENCOURAGES AESTHETIC AND CRITICAL AWARENESS BY ENGAGING IN RESEARCH, SCHOLARSHIP, AND COMMUNITY OUTREACH, AND THE DEVELOPMENT OF PUBLICATIONS, EXHIBITIONS, AND EDUCATION PROGRAMS. THROUGH THESE VARIED ACTIVITIES, THE ART COLLECTION PROVIDES A FORUM FOR ART, ARTISTS, AND AUDIENCES WHICH ENHANCES THE LIFE OF THE ORGANIZATION AND COMMUNITY AND BRINGS NATIONAL ATTENTION TO THE ORGANIZATION. SCHEDULE D, PART V ENDOWMENT FUND USES The College follows the provisions of ASC Subtopic 958-205, Presentation of Financial Statements relative to its endowment. The College has interpreted the Uniform Prudent Management of Institutional Funds Act (UPMIFA or the Act), as adopted in Georgia, as providing among other things, expanded flexibility by allowing the College, subject to a standard of prudence, to spend from an endowment fund without regard to the book value of the corpus of the fund. This flexibility under UPMIFA allows an expenditure that reduces the book value of the corpus of an endowment fund below its book value, which was previously not allowed. THE CURRENT SPENDING POLICY USED FOR THE ENDOWMENT FUND IS UP TO 5% OF THE ENDING BALANCE IN THE FUND, MEASURED ON THE LAST DAY OF THE PRIOR THREE FISCAL YEARS. THE ENDOWMENT FUND SPENDING IS USED AT THE DISCRETION OF THE BOARD OF TRUSTEES TO FURTHER THE ORGANIZATION'S MISSION. SCHEDULE D, PART X ASC 740 DISCLOSURE The College is recognized as an organization exempt from federal income taxes under Section 501(a) of the Internal Revenue Code (the Code) as an organization described in Section 501(c)(3) whereby only unrelated business income, as defined by Section 512(a) of the Code, is subject to federal income tax. The Colleges management has reviewed its tax positions and determined that it does not have material uncertain tax positions that should be reflected in the financial statements for 2014 or 2013. SCHEDULE D, PART XII, LINE 4B AND PART XIII, LINE 4B OTHER RECONCILING ITEMS STUDENT AID $19,849,216 true true true true true true true false false false false false false false false true false true SCHEDULE E, LINE 3 RACIALLY NONDISCRIMINATORY POLICY MOREHOUSE COLLEGE PUBLISHES ITS NONDISCRIMINATORY POLICIES IN NUMEROUS DOCUMENTS OF THE COLLEGE INCLUDING THE SCHOOL CATALOG, STUDENT HANDBOOK REGISTRATION POSTERS, AND NEWSPAPER ADVERTISEMENTS. SCHEDULE E, LINE 6A FINANCIAL ASSISTANCE FROM A GOVERNMENT AGENCY STUDENTS RECEIVED $4,898,608 FROM THE FEDERAL PELL GRANT PROGRAM AND $30,860,587 FROM THE FEDERAL DIRECT STUDENT LOAN PROGRAM FOR THE CURRENT FISCAL YEAR. IN ADDITION, VARIOUS FEDERAL, STATE AND LOCAL GRANTS HAVE BEEN RECEIVED TO SUPPORT THE PROGRAMS OF MOREHOUSE COLLEGE. X X X X X X X true RH BOLTON GALA CONSULTANT false 298404 12140 286264 298404 12140 286264 GA CANDLE GALA 298404 262154 36250 10030 119557 0 298404 262154 36250 10030 119557 129587 -93337 true Scholarships & Student Aid 2122 19849216 N/A N/A SCHEDULE I, PART I, LINE 2 GRANT SUBSTANTIATION THE ORGANIZATION FOLLOWS FEDERAL, STATE AND INSTITUTIONAL GUIDELINES AND METHODOLOGIES FOR DETERMINING ELIGIBILITY AND AWARDING OF NEED-BASED FINANCIAL AID. FOR MERIT-BASED GRANTS, THE ORGANIZATION AWARDS THE GRANTS IN COMPLIANCE WITH THE STIPULATIONS OF THE UNDERLYING GOVERNING INSTRUMENT (I.E. DONOR ENDOWMENT AGREEMENTS, AND OTHER DONOR DOCUMENTATION). THE ORGANIZATION MAINTAINS DETAILED RECORDS OF COMPLIANCE FOR ALL GRANTS DISPERSED. ASSISTANCE TO MOREHOUSE COLLEGE STUDENTS IN THE FORM OF SCHOLARSHIPS ARE AWARDED FOR THE PURPOSE OF AIDING WITH THE COST OF ATTENDING THE UNIVERSITY, I.E. FOR TUITION, HOUSING, AND MEALS. SCHOLARSHIPS ARE BASED ON ACADEMIC ACHIEVEMENT, NEED, AND OTHER DONOR REQUIREMENTS SUCH AS LOCATION OF RESIDENCE. MOREHOUSE COLLEGE HAS CRITERIA FOR THE ELIGIBILITY REQUIREMENTS NEEDED TO AWARD A SCHOLARSHIP. X true true X X X X X false false false false false false false false false John S Wilson President 294180 0 0 0 0 35349 329529 0 0 0 Robert Franklin President 317982 0 20280 34808 373070 0 0 0 Sheila Jacobs Interm VP for Bus & Fin/CFO 223257 0 8400 6607 238264 0 0 0 Phillip Howard VP Office of Institutional Adv 154899 0 9631 7265 171795 0 0 0 Willis Sheftall Interim Provost/SVP Academic 272543 0 9363 7140 289046 0 0 0 William Bynum VP Student Services 168003 0 9605 7364 184972 0 0 0 Andre Bertrand VP Campus Operations 147711 0 9600 7361 164672 0 0 0 Karen Miller SVP Admin Services/COO 194508 0 4961 12847 212316 0 0 0 John P Brown Interim VP External Relations 167074 0 167074 0 0 0 Alan D Robertson VP Business & Finance/CFO 185916 0 185916 0 0 0 Garaikai Campbell SVP Academic Affairs/Provost 215986 0 215986 0 0 0 SCHEDULE J, PART I, LINE 1 CERTAIN BENEFITS PROVIDED A HOUSE IS PROVIDED TO THE PRESIDENT, AT THE CONVENIENCE OF THE EMPLOYER AS A CONDITION OF EMPLOYMENT. THE ESTIMATED VALUE WAS NOT INCLUDED IN TAXABLE INCOME. SCHEDULE J, PART I, LINE 3 COMPENSATION OF THE TOP MANAGEMENT OFFICIAL PRESIDENT/CEO'S COMPENSATION 1. ANNUALLY THE PRESIDENT ESTABLISHES HIS PERFORMANCE GOALS IN CONSULTATION WITH THE EXECUTIVE COMMITTEE AND THE BOARD OF TRUSTEES. 2. ANNUALLY THE PRESIDENT REVIEWS HIS PROGRESS ON THOSE GOALS WITH THE EXECUTIVE COMMITTEE WHO DOCUMENTS A PERFORMANCE REVIEW WITH THE PRESIDENT. 3. PERIODICALLY, THE EXECUTIVE COMMITTEE PERFORMS A COMPARATIVE REVIEW OF THE PRESIDENT'S COMPENSATION AGAINST THE ORGANIZATION'S PEER INSTITUTIONS. 4. PERIODICALLY AND IN CERTAIN CASES (I.E. THE ARRIVAL OF A NEW PRESIDENT), AN OUTSIDE COMPENSATION CONSULTANT MAY ADVISE THE EXECUTIVE COMMITTEE ON PRESIDENTIAL COMPENSATION. 5. BASED ON THE ABOVE, THE EXECUTIVE COMMITTEE ESTABLISHES THE PRESIDENT'S COMPENSATION FOR THE FOLLOWING YEAR. 6. THE EXECUTIVE COMMITTEE DOCUMENTS THE REASONS FOR ESTABLISHING THE NEW COMPENSATION AMOUNT. 7. THE EXECUTIVE COMMITTEE THEN RENEWS THE PRESIDENT'S CONTRACT FOR AN ADDITIONAL TERM AT THE NEW COMPENSATION LEVEL. SCHEDULE J, PART I, LINE 4 SUPPLEMENTAL NONQUALIFIED PLAN THE ORGANIZATION HAS A 457(B) DEFERRED COMPENSATION PLAN, LIMITED TO MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES. PURSUANT TO THE SCHEDULE J INSTRUCTIONS THE LINE IS MARKED "NO". THE DEFERRED COMPENSATION IS INVESTED WITH TIAA-CREF AND IS CONSIDERED THE ORGANIZATION'S PROPERTY UNTIL THE EMPLOYEE WITHDRAWS THE FUNDS. THE NON-VESTED AMOUNTS ARE INCLUDED IN THE DEFERRED COMPENSATION OF THE EMPLOYEE AND THE FOLLOWING INDIVIDUAL RECEIVED PAYMENTS ASSOCIATED WITH THE PLAN: ROBERT FRANKLIN. A DEVELOPMENT AUTHORITY OF FULTON COUNTY 581506878 000359900 2007-05-31 45300000 REFUND BONDS AND CONSTRUCTION true false false B Rice Capital Access Program LLC-Series 2013 580566205 2013-09-10 18998381 Future Advance Project Funding Bon false false false A 6644982 15370210 45649186 0 1048295 22015192 410649 0 0 22175049 0 0 2010 true false true true B 0 0 18998381 131291 0 0 380000 0 0 18487090 0 0 2034 false true true true A false false false false 0 false false false true B false false false false 0 false false false true A false false false false false false 0 false 0 false false B false false false false false false 0 false 0 false false A false B false PART II, LINE 3 THE PART I, COLUMN (E) ISSUE PRICE DOES NOT AGREE WITH THE PART II, LINE 3 TOTAL PROCEEDS OF ISSUE DUE TO THE INCLUSION OF INTEREST AND OTHER INVESTMENT EARNINGS ON THE PROCEEDS. Form 990, Part VI, Line 11 BOARD REVIEW OF FORM 990 THE ORGANIZATION'S INDEPENDENT ACCOUNTANT PREPARED THE CURRENT YEAR TAX RETURN AND THIS WAS REVIEWED PRIOR TO FILING BY THE ORGANIZATION'S MANAGEMENT AND THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. A COPY OF THE FORM 990 WAS SENT TO THE BOARD OF TRUSTEES VIA EMAIL PRIOR TO FILING. Form 990, Part VI, Line 12 CONFLICT OF INTEREST POLICY THE ORGANIZATION REQUIRES ALL BOARD MEMBERS TO CONFIRM THEY ARE IN COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY EACH YEAR THROUGH AN AFFIRMATION OF COMPLIANCE WITH THE POLICY THROUGH EMAIL OR SOME OTHER ACCEPTABLE COMMUNICATION MEDIUM. Form 990, Part VI, Line 15 PROCESS FOR DETERMINING COMPENSATION PRESIDENT/CEO'S COMPENSATION 1. ANNUALLY THE PRESIDENT ESTABLISHES HIS PERFORMANCE GOALS IN CONSULTATION WITH THE COMPENSATION COMMITTEE AND THE BOARD OF TRUSTEES. 2. ANNUALLY THE PRESIDENT REVIEWS HIS PROGRESS ON THOSE GOALS WITH THE COMPENSATION COMMITTEE WHO DOCUMENTS A PERFORMANCE REVIEW WITH THE PRESIDENT. 3. PERIODICALLY, THE COMPENSATION COMMITTEE PERFORMS A COMPARATIVE REVIEW OF THE PRESIDENT'S COMPENSATION AGAINST THE ORGANIZATION'S PEER INSTITUTIONS. 4. PERIODICALLY AND IN CERTAIN CASES (I.E. THE ARRIVAL OF A NEW PRESIDENT), AN OUTSIDE COMPENSATION CONSULTANT MAY ADVISE THE COMPENSATION COMMITTEE ON PRESIDENTIAL COMPENSATION. 5. BASED ON THE ABOVE, THE COMPENSATION COMMITTEE ESTABLISHES THE PRESIDENT'S COMPENSATION FOR THE FOLLOWING YEAR. 6. THE COMPENSATION COMMITTEE DOCUMENTS THE REASONS FOR ESTABLISHING THE NEW COMPENSATION AMOUNT. 7. THE COMPENSATION COMMITTEE THEN RENEWS THE PRESIDENT'S CONTRACT FOR AN ADDITIONAL TERM AT THE NEW COMPENSATION LEVEL. OTHER OFFICERS MOREHOUSE COLLEGE HAS A POLICY FOR REVIEW AND APPROVAL FOR OFFICER AND KEY EMPLOYEE COMPENSATION. Form 990, Part VI, Line 16 JOINT VENTURES THE ORGANIZATION INVESTS IN PARTNERSHIPS THAT MAY BE CONSTRUED TO BE JOINT VENTURES. THE ORGANIZATION HAS ENACTED ADEQUATE SAFEGUARDS FOR ITS PARTNERSHIP INVESTMENTS TO ENSURE THAT THESE ACTIVITIES DO NOT JEOPARDIZE THE ORGANIZATION'S EXEMPT STATUS. Form 990 Part VI Line 19 GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC THE ORGANIZATION'S GOVERNING DOCUMENTS (ARTICLES OF INCORPORATION AND ANY SUBSEQUENT AMENDMENTS) ARE AVAILABLE TO THE PUBLIC ON THE GEORGIA SECRETARY OF STATE WEBSITE. ALL RELEVANT GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. Form 990, Part IV, Line 12 and Part XII, Line 2 and 3 AUDITED FINANCIAL STATEMENT THE ORGANIZATION RECEIVES AN ANNUAL FINANCIAL STATEMENTS AUDIT, IN ACCORDANCE WITH GAAP, REVIEWED BY AN INDEPENDENT AUDITOR. ADDITIONALLY, AN AUDIT AS SET FORTH IN THE SINGLE AUDIT ACT AND OMB CIRCULAR A-133 HAS BEEN CONDUCTED AS A RESULT OF A FEDERAL AWARD. 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