2015-05-12T14:59:03-05:00 2014-06-30 GRANT THORNTON LLP 757 THIRD AVE 2ND FLOOR NEW YORK NY 100172013 990 2013-07-01 210634584 Monmouth University % MARY BYRNE MONM 7325713407 400 Cedar Avenue Suite West Long Branch NJ 077641898 William Craig VP for Finance 7325713407 2015-05-05 true Daniel Romano P00504182 7325713407 2013 2016-03-07 17:11:31Z Paul R Brown 400 Cedar Avenue West Long Branch NJ 077641898 281105988 false X www.monmouth.edu X 1948 NJ MONMOUTH UNIVERSITY IS A COMPREHENSIVE INSTITUTION OF HIGHER EDUCATION COMMITTED TO EXCELLENCE AND INTEGRITY IN TEACHING, SCHOLARSHIP AND SERVICE. 38 34 3276 616 789629 152242 9074130 16056324 195247778 200170396 3495891 4793601 734960 1042576 208552759 222062897 45211547 48607616 0 0 99261765 100150588 0 0 3993857 53970763 52251365 198444075 201009569 10108684 21053328 309315552 342054472 55648871 59982911 253666681 282071561 X MONMOUTH UNIVERSITY IS A COMPREHENSIVE INSTITUTION OF HIGHER EDUCATION COMMITTED TO EXCELLENCE AND INTEGRITY IN TEACHING, SCHOLARSHIP AND SERVICE. THROUGH ITS OFFERINGS IN LIBERAL ARTS, SCIENCES, AND PROFESSIONAL PROGRAMS, MONMOUTH UNIVERSITY EDUCATES AND PREPARES STUDENTS TO REALIZE THEIR POTENTIAL AS LEADERS AND TO BECOME ENGAGED CITIZENS IN A DIVERSE AND INCREASINGLY INTERDEPENDENT WORLD. false false 166903264 48607616 200430546 HIGHER EDUCATION, RESEARCH AND PUBLIC SERVICE: Monmouth University, founded in 1933 and located in West Long Branch New Jersey, is a dynamic, top-tier, private university that empowers students to reach their full potential. Through small classes, individual attention, and innovative faculty members, students are afforded a transformative learning experience at a beautiful coastal campus. The University has a diverse student body comprising approximately 6,400 undergraduate and graduate students. Monmouth University offers thirty-two baccalaureate degree programs and twenty-four graduate degree programs within six academic schools. While many students are from the Northeast, they come from all across the United States, as well as nations around the world. The University's schools and departments, as well as the University's five (5) institutes (The Institute for Global Understanding, the Kislak Real Estate Institute, the Polling Institute, the Center for the Arts, and the Urban Coast Institute), conduct research and public service projects funded by institutional, government, and private resources. Monmouth is accredited by the Middle States Association of Colleges and Schools and holds specialized, program-specific accreditation with these prestigious educational organizations: the AACSB International - The Association to Advance Collegiate Schools of Business; the Approved List of the American Chemical Society (ACS); the Engineering Accreditation Commission of ABET; the Commission on Collegiate Nursing Education (CCNE); the Council on Social Work Education (CSWE); the National Council for Accreditation of Teacher Education (NCATE); the Council for Accreditation of Counseling and Related Educational Programs (CACREP); and the Behavior Analyst Certification Board. Monmouth University provides food service to students and housing for over 2000 students in 16 University-owned or sponsored housing facilities. The University provides a wide range of services to students ensuring a rich and fulfilling student experience. Services include career services, health center, counseling services, athletics, recreation programs, clubs and student organizations. The University also provides members of the local community with opportunities to get involved in cultural, educational and recreational programs. For additional information, please visit our website at www.monmouth.edu. 166903264 true true false true false false false true false true true true false false true true true false true false true false true false true false false true true true false false false false true false true true true true false false false false false false false true 9111 0 true 3276 true true true false false false false true true false false false false X 38 34 false false false false false false false true true false false true true true true true true true true false X MARY BYRNE 7325713407 400 CEDAR AVENUE West Long Branch NJ 077641898 X Robert B Sculthorpe Trustee and Chairman 1.0 X X 0 0 0 Marcia Sue Clever Trustee and Vice Chairman 1.0 X X 0 0 0 James S Vaccaro Trustee and Treasurer 1.0 X X 0 0 0 Michael A Plodwick Trustee and Secretary 1.0 X X 0 0 0 Jerome P Amedeo Trustee 1.0 X 0 0 0 Virginia S Bauer Trustee 1.0 X 0 0 0 Francis V Bonello Trustee 1.0 X 0 0 0 Thomas D Beyer Trustee 1.0 X 0 0 0 Judith Cerciello Trustee 1.0 X 0 0 0 Dennis M Coleman Trustee 1.0 X 0 0 0 John C Conover III Trustee 1.0 X 0 0 0 William P Dioguardi Jr Trustee 1.0 X 0 0 0 Marti S Egger Trustee 1.0 X 0 0 0 John R Garbarino Trustee 1.0 X 0 0 0 Jan Greenwood Trustee 1.0 X 0 0 0 Marianne Hesse Trustee 1.0 X 0 0 0 Kenneth W Hitchner III Trustee 1.0 X 0 0 0 Frederick J Kaeli Jr Trustee 1.0 X 0 0 0 Henry D Mercer III Trustee 1.0 X 0 0 0 Thomas J Michelli Trustee 1.0 X 0 0 0 Tavit O Najarian Trustee 1.0 X 0 0 0 Jeana M Piscatelli Trustee 1.0 X 0 0 0 Thomas A Porskievies Trustee 1.0 X 0 0 0 Steven J Pozycki Trustee 1.0 X 0 0 0 David A Reale Trustee 1.0 X 0 0 0 Carol A Stillwell Trustee 1.0 X 0 0 0 Michelle Spicer Toto Trustee 1.0 X 0 0 0 Webster B Trammell Jr Trustee 1.0 X 0 0 0 Paul W Corliss Life Trustee 1.0 X 0 0 0 Alan E Davis Life Trustee 1.0 X 0 0 0 Judith Ann Eisenberg Life Trustee 1.0 X 0 0 0 Alfred L Ferguson Life Trustee 1.0 X 0 0 0 Harold L Hodes Life Trustee 1.0 X 0 0 0 John H Kessler Life Trustee 1.0 X 0 0 0 Robert E McAllan Life Trustee 1.0 X 0 0 0 Stephen M Parks Life Trustee 1.0 X 0 0 0 William B Roberts Life Trustee 1.0 X 0 0 0 Alfred J Schiavetti Jr Life Trustee 1.0 X 0 0 0 Paul Brown President as of 8/1/13 70.0 X 223693 0 37040 William Craig VP for Finance 55.0 X 277354 0 82915 Thomas Pearson Provost & VP Aca.Aff. 55.0 X 272221 0 41344 Patricia Swannack VP for Administrative Services 55.0 X 254030 0 44131 Grey Dimenna VP & General Counsel 55.0 X 248591 0 21255 Mary Anne Nagy VP for Student Services 55.0 X 250446 0 21383 Marilyn McNeil VP/Director Athletics 55.0 X 245153 0 39946 Robert McCaig VP Enrollment Mgmt 55.0 X 216936 0 18723 Edward Christensen VP/Info.Mgmt 55.0 X 215331 0 45102 Jason Kroll VP for External Affairs 55.0 X 87788 0 6362 Paul Gaffney President thru 7/31/13 55.0 X 625113 0 26333 Datta Naik Dean-Grdt School & Cont. Ed 40.0 X 216478 0 28680 Stanton Green Dean-Sch Humanities/Social Sci 40.0 X 191837 0 72543 Anthony MacDonald Director of Urban Coast Inst 40.0 X 189436 0 35924 Donald Moliver Endowed Chair/Dir Real Estate 40.0 X 243696 0 64916 King D Rice Head Basketball Coach 40.0 X 201238 0 44509 3959341 0 631106 167 false true false ARAMARK IDS-100 PENN SQUARE EAST PHILADELPHIA PA 19107 FOOD SERVICE 5052447 BENJAMIN R HARVEY CO INC 9 CINDY LANE OCEAN NJ 07712 CONSTRUCTION MGMT 1714733 PASKILL STAPLETON LORD ONE ROBERTS AVENUE GLENSIDE PA 190383497 MARKETING 1342273 SWEETWATER CONSTRUCTION 32 NORTH MAIN STREET CRANBURY NJ 08512 CONSTRUCTION MGMT 917720 GB CONTRACTING INC 63 W MAIN STREET FREEHOLD NJ 07728 CONSTRUCTION MGMT 338658 31 40400 420094 2385030 13210800 785720 16056324 TUITION AND FEES 900099 168849243 168849243 AUXILIARY ENTERPRISES 721310 27683022 27683022 GOVERNMENT CONTRACTS 541700 100318 100318 OTHER 900099 3537813 3359280 178533 200170396 1769560 109808 1659752 0 62304 62304 260150 260150 0 260150 260150 61738217 58714176 3024041 3024041 3024041 369216 420094 328915 40301 40301 0 0 CONFERENCE AND PROGRAM SERVICES 722320 410330 410330 FITNESS CENTER 713940 83020 83020 SPONSOR ADVERTISING 541800 131223 131223 55248 55248 679821 222062897 199991863 789629 5225081 184132 184132 48122427 48122427 301057 301057 0 3339809 1097266 1861669 380874 239933 56077 183856 71126522 57098908 12073883 1953731 4386375 3520635 747365 118375 15567296 12036360 3080081 450855 5490653 4205539 1126023 159091 0 338382 338382 130755 130755 117350 117350 0 1204346 1204346 9912433 8318238 1328150 266045 1951294 640472 1310822 3977173 2990794 752258 234121 1590536 362996 1217415 10125 0 8409629 6799200 1469979 140450 2570981 2193456 341090 36435 0 795724 760772 11815 23137 1478288 1478288 0 11014958 10008166 856146 150646 2449531 2076729 318263 54539 DUES AND MEMBERSHIPS 1370232 214800 1145463 9969 LIBRARY MATERIALS 835835 835835 BOOKSTORE MATERIALS 2662535 2662535 BAD DEBT EXPENSES 216298 216298 1225085 938582 281039 5464 201009569 166903264 30112448 3993857 0 15983 9601240 11175695 9811179 15002398 983019 969983 0 0 0 0 0 0 954593 936284 2755430 1590280 309081037 133347617 169742588 175733420 46371003 58691686 64290128 73338094 4806372 4600649 0 0 0 0 309315552 342054472 12500497 18528396 0 0 4958846 5844042 0 0 0 0 0 0 25069347 22860950 2130390 1991785 10989791 10757738 55648871 59982911 X 201441711 215163180 22379813 36107308 29845157 30801073 253666681 282071561 309315552 342054472 X 21053328 7609997 -258445 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 235854 235854 200773715 201009569 1000000 250000 1000000 1000000 1000000 1000000 4000000 6000000 231144 226576 234813 235854 928387 250000 250000 250000 250000 1000000 1500000 0 0 10650 1229399 X X X X true 67135000 1330000 10238000 752000 1513000 76438000 60417000 2007000 6423000 636000 1076000 67135000 62589000 996000 -1956000 561000 651000 60417000 53309000 680000 10473000 727000 1146000 62589000 41918000 8062000 4889000 534000 1026000 53309000 0.35000 0.40000 0.25000 false false 15684066 15684066 240000 158788292 57381874 101646418 799410 105254 694156 23180423 16225256 6955167 110388846 59635233 50753613 175733420 EQUITY FUNDS 40578128 F FIXED INCOME FUNDS 12337304 F HEDGED EQUITY FUNDS 11582372 F NON-MARKETABLE FUNDS 7295996 F OTHER 1544294 F 73338094 0 FUNDS HELD FOR OTHERS 110105 STUDENT LOAN GRANTS REFUNDABLE 4017615 ASSET RETIREMENT OBLIGATION 6630018 10757738 X 179791189 7609997 4570 -48423484 -40808917 220600106 1204346 258445 1462791 222062897 151386309 4570 4570 151381739 1204346 48423484 49627830 201009569 Schedule D, Part III, Line 4 THE MONMOUTH UNIVERSITY PERMANENT ART COLLECTION SERVES AS A VITAL TEACHING TOOL AND IS AN INTEGRAL ASSET TO THE DEPARTMENT OF ART AND DESIGN, THE UNIVERSITY CAMPUS AS A WHOLE, AND THE VISITING PUBLIC. THROUGH COMPLIMENTING UNIVERSITY GALLERY EXHIBITIONS and LECTURES AND WORKSHOPS BY VISITING ARTISTS AND HISTORIANS, THE UNIVERSITY COLLECTION PROVIDES STUDENTS, FACULTY AND THE GENERAL PUBLIC AT LARGE WITH ACCESS TO IMPORTANT PIECES OF ART. THE PERMANENT COLLECTION IS FREQUENTLY ON DISPLAY, SHOWCASING WORKS OF ART. THE UNIVERSITY COLLECTION IS ALSO MADE AVAILABLE TEMPORARILY, PER REQUEST, TO OTHER EDUCATIONAL INSTITUTIONS FOR EXHIBITION AND SCHOLARLY RESEARCH. FOR EXAMPLE, THE COLLECTION CONTAINS SUBTANTIAL WORKS BY LEWIS MUMFORD AND JACOB LANDAU. WITH PROPER APPROVALS, THESE WORKS ARE MADE AVAILABLE ON LOAN TO REQUESTING INSTITUTIONS. Schedule D, Part V, Line 4 THE UNIVERSITY'S ENDOWMENT CONSISTS OF INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING SCHOLARSHIPS, FACULTY CHAIRS, INSTRUCTION, ACADEMIC SUPPORT, AND OPERATION AND MAINTENANCE OF THE PHYSICAL PLANT. Schedule D, Part X Fin 48 The University is an organization described under Section 501(c)(3) of the Internal Revenue Code (the Code) and, therefore, is exempt from Federal income taxes under Section 501(a) of the Code on income generated by activities that are related to its tax-exempt purpose. There are certain transactions that could be deemed unrelated business income and could result in a tax liability. Management reviews transactions to estimate potential tax liabilities using a more likely than not threshold. It is management's estimation that there are no material tax liabilities that need to be recorded. Schedule D, Part XI, Line 2d and 4b reconciliation of revenue Line 2D TUITION DISCOUNT $46,872,784 ROOM AND BOARD DISCOUNT $1,550,700 TOTAL $48,423,484 Line 4b CONTRIBUTIONS RECEIVED DURING THE FISCAL YEAR ENDED JUNE 30, 2014 INCLUDED IN THE 2013 FORM 990, PART VIII, LINE 1F THAT WILL BE RECORDED IN THE AUDITED FINANCIAL STATEMENTS DURING THE FOLLOWING FISCAL YEAR ENDING JUNE 30, 2015. Schedule D, Part XIII, LIne 4b Reconciliation of Expenses TUITION DISCOUNT $46,872,784 ROOM AND BOARD DISCOUNT $1,550,700 TOTAL $48,423,484 true true true true true true true false false false false false false false false true false true Part I, Line 3 Mommouth University makes its racially nondiscriminatory policy public through Newspaper Announcements. Part I, Line 6a The University receives grants from federal and state governmental agencies for various purposes including student financial aid, research and training. true Europe (Including Iceland and Greenland) Grantmaking Study Abroad Program 232307 East Asia and the Pacific Grantmaking Study Abroad Program 68750 Central America and the Caribbean Investments 13575373 Europe (Including Iceland and Greenland) Program Services Study Abroad Program 725396 East Asia and the Pacific Program Services Study Abroad Program 183595 14785421 14785421 Study Abroad Students Europe (Including Iceland and Greenland) 42 232307 electronic Study Abroad Students East Asia and the Pacific 10 68750 electronic true false true true false false Part I, Line 2 MONMOUTH UNIVERSITY GRANTS, INCLUDING THOSE GRANTS RELATED TO STUDENTS PARTICIPATING IN OUR STUDY ABROAD PROGRAM, TAKE THE FORM OF SCHOLARSHIPS AWARDED BY OUR FINANCIAL AID OFFICE FOR TUITION, ROOM, BOARD AND BOOKS. THE SCHOLARSHIPS ARE AWARDED IN ACCORDANCE WITH THE GUIDELINES ESTABLISHED FOR EACH SCHOLARSHIP AND ARE ADMINISTERED BY THE FINANCIAL AID OFFICE. CREDITING OF SCHOLARSHIPS TO STUDENT ACCOUNTS IS ADMINISTERED BY THE BURSAR'S OFFICE. THE SCHOLARSHIPS REPORTED HERE WERE GRANTED TO MONMOUTH UNIVERSITY STUDENTS WHILE THEY WERE STUDYING ABROAD AND REPORTED IN ACCCORDANCE WITH THE SCHEDULE F INSTRUCTIONS AND THE IRS'S FILING TIPS. Holiday Ball 227450 127745 99705 4714 47839 3475 25945 R.E.I. Dinner 217570 139480 78090 59225 900 24662 14 344290 152869 191421 1765 49859 75422 35109 789310 420094 369216 6479 156923 79797 85716 328915 40301 true Borough of West Long Branch 967 Broadway West Long Branch NJ 07764 216001351 government 35415 general support Two River Theater Co 21 Bridge Avenue Red Bank NJ 07701 521857767 501 (c)(3) 37500 General Support Greater Long Branch Chamber of Commerce PO Box 628 Long Branch NJ 07740 210502065 501 (c)(6) 7750 General Support The City of Long Branch 344 Broadway Long Branch NJ 07740 216000806 government 38250 General Support 3 1 Tuition Discount 5753 46571727 Auxiliary Enterprise Discount 203 1550700 Part I, Line 2 MONMOUTH UNIVERSITY GRANTS AND OTHER ASSISTANCE TO ORGANIZATIONS ARE MODEST AND ARE APPROVED BY OUR OFFICE OF PUBLIC AFFAIRS AND MONITORED BY THE PRESIDENT'S CABINET. GRANTS AND OTHER ASSISTANCE TO INDIVIDUALS TAKE THE FORM OF SCHOLARSHIPS TO OUR STUDENTS. THE SOURCE OF FUNDING OF THESE SCHOLARSHIPS MAY BE UNIVERSITY INSTITUTIONAL FUNDS, GOVERNMENT FUNDS OR DONOR FUNDS. UNIVERSITY FUNDED SCHOLARSHIPS ARE ADMINISTERED BY THE UNIVERSITY'S ADMISSIONS OFFICE, BOTH GRADUATE AND UNDERGRADUATE, AND AWARDED USING A CALCULATION DRIVEN BY PRIOR ACADEMIC PERFORMANCE STATISTICS. GOVERNMENT FUNDED SCHOLARSHIPS ARE AWARDED BY THE UNIVERSITY'S FINANCIAL AID OFFICE WITH STRICT ADHERENCE TO GOVERNMENT REGULATIONS AND AWARD CRITERIA. DONOR FUNDED SCHOLARSHIPS, WHETHER SPONSORED OR ENDOWED, ARE AWARDED BY THE UNIVERSITY'S FINANCIAL AID OFFICE WITH STRICT ADHERENCE TO THE DONOR'S WRITTEN AWARD CRITERIA. THE UNIVERSITY'S DEVELOPMENT OFFICE WORKS WITH THE DONOR AT THE TIME OF THE GIFT TO ESTABLISH THE WRITTEN AWARD CRITERIA AND THESE CRITERIA ARE MAINTAINED FOR REFERENCE IN BOTH THE UNIVERSITY'S EXTERNAL AFFAIRS AND FINANCIAL AID OFFICES. X X X X true true X X X X false false false false false false false true true Paul Brown President as of 8/1/13 218750 0 0 0 4943 0 17532 0 19508 0 260733 0 0 0 William Craig VP for Finance 266208 0 8000 0 3146 0 20400 0 62515 0 360269 0 0 0 Thomas Pearson Provost & VP Aca.Aff. 269075 0 0 0 3146 0 20400 0 20944 0 313565 0 0 0 Patricia Swannack VP for Administrative Services 244042 0 8000 0 1988 0 19992 0 24139 0 298161 0 0 0 Grey Dimenna VP & General Counsel 244800 0 0 0 3791 0 19716 0 1539 0 269846 0 0 0 Mary Anne Nagy VP for Student Services 248200 0 0 0 2246 0 19988 0 1395 0 271829 0 0 0 Marilyn McNeil VP/Director Athletics 210450 0 28000 0 6703 0 17136 0 22810 0 285099 0 0 0 Robert McCaig VP Enrollment Mgmt 214200 0 0 0 2736 0 17328 0 1395 0 235659 0 0 0 Edward Christensen VP/Info.Mgmt 215331 0 0 0 0 0 17500 0 27602 0 260433 0 0 0 Paul Gaffney President thru 7/31/13 322481 0 135000 0 167632 0 0 0 26333 0 651446 0 0 0 Datta Naik Dean-Grdt School & Cont. Ed 209697 0 0 0 6781 0 17053 0 11627 0 245158 0 0 0 Stanton Green Dean-Sch Humanities/Social Sci 189130 0 0 0 2707 0 15552 0 56991 0 264380 0 0 0 Anthony MacDonald Director of Urban Coast Inst 180994 0 0 0 8442 0 14779 0 21145 0 225360 0 0 0 Donald Moliver Endowed Chair/Dir Real Estate 237295 0 0 0 6401 0 19553 0 45363 0 308612 0 0 0 King D Rice Head Basketball Coach 189976 0 0 0 11262 0 16100 0 28409 0 245747 0 0 0 Line 1a Housing allowance or residence for personal use FOR THE BENEFIT AND CONVENIENCE OF THE UNIVERSITY IN HAVING THE FUNCTIONS OF THE OFFICE OF THE PRESIDENT EFFICIENTLY DISCHARGED AND AS A CONDITION OF EMPLOYMENT, THE PRESIDENT IS REQUIRED BY THE BOARD OF TRUSTEES TO RESIDE IN A HOME LOCATED ON CAMPUS AND PROVIDED BY THE UNIVERSITY AT ITS EXPENSE. SPACE PROVIDED IN THE PRESIDENT'S RESIDENCE FOR PRIVATE USE IS REPORTED AS COMPENSATION ON FORM 990. The nontaxable portion of the allowance is $30,150 ($11,025 for Paul G. Gaffney II for the period 1/1/13 through 7/31/13 and $19,125 for Paul R. Brown for the period 8/1/13 through 12/31/13.) Line 1a Tax indemnification and gross-up payments THE BOARD OF TRUSTEES HAS INCLUDED IN THE PRESIDENT'S COMPENSATION PACKAGE REIMBURSEMENT FOR FINANCIAL PLANNING COSTS. THIS REIMBURSEMENT IS GROSSED UP TO COVER THE APPLICABLE TAXES AND REPORTED AS COMPENSATION ON THE PRESIDENT'S W-2 AND ON FORM 990. Line 1a Personal services THE PRESIDENT'S RESIDENCE MANAGER SPENDS A MAXIMUM OF ONE DAY PER WEEK ON PERSONAL MATTERS OF THE PRESIDENT FOR HIS APARTMENT WITHIN THE RESIDENCE. THE VALUE OF THIS SERVICE IS INCLUDED AS COMPENSATION ON THE PRESIDENT'S W-2 AND ON FORM 990. Line 7 Non-fixed payments. Members of the President's Cabinet receive bonuses at the discretion of the President. See Schedule O narrative relating to Part VI, Section B, Line 15a regarding determination of the President's bonus. Line 8 Initial Contract. The President began his service August 1, 2013. This is his initial contract with the University. Thomas A Porskievies Trustee 15000 Tuition See Part V WILLIAM E FITZGERALD PE FAMILY MEMBER OF OFFICER 175407 ENGINEERING SERVICES false KELLY CRAIG FAMILY MEMBER OF OFFICER 13192 EMPLOYEE COMPENSATION false OCEANFIRST BANK OFFICER IS A TRUSTEE 2660074 LOAN PAYMENTS false DIANE FITZGERALD FAMILY MEMBER OF OFFICER 45709 EMPLOYEE COMPENSATION false JAMES GAUL FAMILY MEMBER OF OFFICER 110881 EMPLOYEE COMPENSATION false CAROL MCARTHUR-AMEDEO FAMILY MEMBER OF TRUSTEE 56077 EMPLOYEE COMPENSATION false ANGELA MICHELLI FAMILY MEMBER OF TRUSTEE 10085 EMPLOYEE COMPENSATION false SUPPLEMENTAL INFORMATION ALL TRANSACTIONS DISCLOSED ON SCHEDULE L ARE MADE AT ARMS-LENGTH TERMS AND NONE ARE INFLUENCED BY THE RELATIONSHIPS THAT EXIST WITH THE INTERESTED PERSONS. Tuition Discount The daughter of Tom Porskievies, Trustee, receives a merit-based tuition discount. The discount is determined by objective criteria, and is deemed to not impair Mr. Porskievies's independence as a Trustee of the University. X 2 10650 EXPERT X 7 589527 FMV ON DATE OF GIFT X 9/11 MEMORIAL 1 12960 COST X BOWLING CENTER 1 172583 COST 1 false true true Part I, Line 32 The University uses a stockbroker to sell gifts of securities. Part I, Line 33 The university only records revenue for non-cash contributions meeting the following criteria: 1) Items added to our equipment, building, and land improvement inventory with a value of $1,000 or more and have a useful life of one year or more, and 2) works of art of historical treasures added to our collection, and 3) securities. The items reported on line 25 met these criteria. Part VI, Section A, Line 1a There are three classes of trustees who serve on the board of trustees: regular trustees, life trustees and trustees emeriti. Life trustees are eligible to be elected after distinctive service on the board for two full terms as a regular trustee. Trustees emeriti are eligible to be elected after distinctive service for at least five years as a life trustee. Trustee emeriti may vote at committee meetings but not at full board meetings. There are five members of the board of trustees who are trustee emeriti. The board of trustees has an executive committee that is authorized to act on behalf of the full board of trustees. The executive committee is composed of the four officers of the board (chair, vice chair, treasurer and secretary), the chairs of all standing committees, two at-large members of the board appointed by the chair and the president of the university. All members of the executive committee are members of the board of trustees. The executive committee may take any action that the full board of trustees is authorized to take with certain exceptions. The executive committee may not: Take any action inconsistent with a prior act of the full board of trustees, award degrees (other than honorary degress), select or appoint trustees or officers, change the university's mission or purpose, sell the university's assets, adopt the annual budget, alter bylaws, remove or appoint the president or take any action specificially reserved to the full board of trustees. The executive committee also has authority to purchase, manage and sell land, buildings and capital equipment costing between $250,000 and $500,000. The executive committee may also take any action delegated to it by the full board of trustees. Part VI, Section B, Line 11b The Board of Trustees has designated the Audit Committee to be responsible for the review of Form 990 prior to submission to the Internal Revenue Service. This responsibility is included in the Audit Committee's Charter. A final draft of the Form 990 is presented to the Audit Committee at a regular meeting for their review and comment. Modifications resulting from the review, if any, are made before filing the form. In addition, an email is sent out to each member of the Board letting them know the draft is available for review and to allow them an opportunity to comment on it. All board members receive a copy of the final version of the Form 990 prior to filing. Part VI, Section B, Line 12C The Board of Trustees has a Code of Ethics, as well as a provision in its bylaws, which deals with conflicts of interest. Also, members of the Board and the President's Cabinet Officers complete an annual disclosure statement setting forth their business and other interests. Review of situations to determine a conflict are carried out by the University's Vice President and General Counsel and if necessary the Board's Executive Committee. Board members found to have a conflict on a particular item recuse themselves from participating and voting in connection with that item. Such recusals are placed on the record. Part VI, Section B, Line 15a and 15b THE PROCESS FOR DETERMINING COMPENSATION FOR THE PRESIDENT OF THE UNIVERSITY IS SET FORTH IN THE UNIVERSITY'S EXECUTIVE COMPENSATION POLICY. PURSUANT TO THAT POLICY, THE BOARD'S COMPENSATION COMMITTEE (ALL OF WHOM ARE INDEPENDENT) AND THE VICE PRESIDENT AND GENERAL COUNSEL REVIEW COMPARABLE COMPENSATION DATA INCLUDING BASE SALARY AND BONUS FIGURES, PROVIDED BY AN INDEPENDENT OUTSIDE CONSULTANT AND MAKE COMPENSATION RECOMMENDATIONS TO THE FULL BOARD OF TRUSTEES AS TO THE COMPENSATION (BOTH BASE SALARY AND PERFORMANCE BONUS) FOR THE PRESIDENT OF THE UNIVERSITY. THE PERFORMANCE BONUS IS BASED UPON THE BOARD'S EVALUATION OF THE PRESIDENT'S MEETING OF CERTAIN MUTUALLY AGREED UPON GOALS FOR THE YEAR. MINUTES OF BOTH THE COMPENSATION COMMITTEE AND THE BOARD OF TRUSTEES MEETINGS CONCERNING SUCH ACTIONS ARE REVIEWED AND APPROVED BY BOTH BODIES. THE PRESIDENT'S COMPENSATION WAS LAST SET BY THIS PROCESS IN JUNE 2014. Part VI, Section C, Line 19 Monmouth University does not currently make its governing documents available to the general public. Both the University's conflict of interest policy and financial statements are available on the University's web page. Other Changes in Net Assets Form 990, Part XI, Line 9 ($258,445) CONTRIBUTIONS RECEIVED DURING THE FISCAL YEAR ENDED JUNE 30, 2014 INCLUDED IN THE 2013 FORM 990, PART VIII, LINE 1F THAT WILL BE RECORDED IN THE AUDITED FINANCIAL STATEMENTS DURING THE FOLLOWING FISCAL YEAR ENDING JUNE 30, 2015.