2025-02-26T12:52:04-06:00 2024-06-30 991856619 GRANT THORNTON ADVISORS LLC 1000 WILSON BOULEVARD SUITE 1500 ARLINGTON VA 22209 990 2023-07-01 546046419 UNIVERSITY OF VIRGINIA DARDEN SCHOOL FOUNDATION UNIV 4349244841 PO BOX 7263 CHARLOTTESVILLE VA 22906 ROBERT WEILER PRESIDENT 4349244841 2025-02-26 1 0 MARY TORRETTA P00847851 3128560200 2023 2025-03-06 01:10:19Z ROBERT WEILER PO BOX 7263 CHARLOTTESVILLE VA 22906 206305351 0 X WWW.DARDEN.VIRGINIA.EDU X 1952 VA SEE SCHEDULE OTHE FOUNDATION MANAGES ENDOWMENT FUNDS FOR THE BENEFIT OF THE DARDEN SCHOOL, OPERATES TOP-RANKED EXECUTIVE EDUCATION AND LIFELONG LEARNING PROGRAMS, MANAGES HOSPITALITY SERVICES AT THE FORUM HOTEL AND AT THE SCHOOL'S GOODWIN FAMILY GROUNDS AND SANDS FAMILY GROUNDS LOCATIONS, AND PROMOTES PHILANTHROPIC LIFE-LONG SUPPORT OF THE SCHOOL BY ALUMNI, FRIENDS AND CORPORATIONS. 56 54 101 840 14576706 0 38802423 22879574 35422103 54704559 26549068 25133365 67827 55575 100841421 102773073 27351351 30338153 0 0 19102642 26417269 0 0 4275700 33310827 45430594 79764820 102186016 21076601 587057 777358283 743337770 139724593 92902493 637633690 650435277 X SEE SCHEDULE O 0 0 88104051 30338153 40148103 THE FOUNDATION MANAGES ENDOWMENT FUNDS FOR THE BENEFIT OF THE DARDEN SCHOOL, OPERATES TOP-RANKED EXECUTIVE EDUCATION AND LIFELONG LEARNING PROGRAMS, MANAGES HOSPITALITY SERVICES AT THE FORUM HOTEL AND AT THE SCHOOL'S GOODWIN FAMILY GROUNDS AND SANDS FAMILY GROUNDS LOCATIONS, AND PROMOTES PHILANTHROPIC LIFE-LONG SUPPORT OF THE SCHOOL BY ALUMNI, FRIENDS AND CORPORATIONS. 88104051 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 268 0 1 101 1 1 1 0 0 0 0 0 1 1 0 0 0 0 0 X 56 54 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AR CA HI IL KY MD MA MI MN NH NJ NY OR PA SC WV WI X ROBERT WEILER 4349244841 20 DUFFY BLVD CHARLOTTESVILLE VA 22903 YAEL GRUSHKA-COCKAYNE EX-OFFICIO TRUSTEE 1.00 0.00 X 149270 0 0 RICHARD B EVANS EX-OFFICIO TRUSTEE 1.00 0.00 X 97746 0 0 MARTINA T HUND-MEJEAN IMMEDIATE PAST CHAIR 1.00 0.00 X X 0 0 0 FRANK M SANDS CHAIR 1.00 0.00 X X 0 0 0 ROBERT J HUGIN TRUSTEE 1.00 0.00 X 0 0 0 H WILLIAM COOGAN JR TRUSTEE 1.00 0.00 X 0 0 0 JAMES A COOPER TRUSTEE 1.00 0.00 X 0 0 0 CHARLES R CORY TRUSTEE 1.00 0.00 X 0 0 0 GUILLAUME M CUVELIER TRUSTEE 1.00 0.00 X 0 0 0 ROBERT G DOUMAR JR TRUSTEE 1.00 0.00 X 0 0 0 DEBRA D DRAUGHAN TRUSTEE 1.00 0.00 X 0 0 0 FRANKLIN S EDMONDS JR TRUSTEE 1.00 0.00 X 0 0 0 ARNOLD B EVANS TRUSTEE 1.00 0.00 X 0 0 0 JOHN D FOWLER JR VICE CHAIR 1.00 0.00 X X 0 0 0 CATHERINE J FRIEDMAN TRUSTEE 1.00 0.00 X 0 0 0 KIRSTI W GOODWIN TRUSTEE 1.00 0.00 X 0 0 0 PETER M GRANT II TRUSTEE 1.00 0.00 X 0 0 0 OWEN D GRIFFIN JR TRUSTEE 1.00 0.00 X 0 0 0 ELIZABETH M HAGOOD TRUSTEE 1.00 0.00 X 0 0 0 ROBERT L HUFFINES TRUSTEE 1.00 0.00 X 0 0 0 JOHN P BOLDUC TRUSTEE 1.00 0.00 X 0 0 0 MARK J KINGTON TRUSTEE 1.00 0.00 X 0 0 0 DAVID M LACROSS TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS R LEBDA TRUSTEE 1.00 0.00 X 0 0 0 LEMUEL E LEWIS TRUSTEE 1.00 0.00 X 0 0 0 AMANDA LOZANO TRUSTEE 1.00 0.00 X 0 0 0 RICHARD A MAYO TRUSTEE 1.00 0.00 X 0 0 0 SACHIN J MEHRA TRUSTEE 1.00 0.00 X 0 0 0 DONALD E MOREL JR PHD TRUSTEE 1.00 0.00 X 0 0 0 KIMBERLY B MORRISH TRUSTEE 1.00 0.00 X 0 0 0 J BYRNE MURPHY TRUSTEE 1.00 0.00 X 0 0 0 ADAIR NEWHALL TRUSTEE 1.00 0.00 X 0 0 0 G RUFFNER PAGE JR TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM H PAYNE II TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM QO SHELTON JR TRUSTEE 1.00 0.00 X 0 0 0 ERIK A SLINGERLAND PHD TRUSTEE 1.00 0.00 X 0 0 0 ROBERT W SMITH TRUSTEE 1.00 0.00 X 0 0 0 SHANNON G SMITH TRUSTEE 1.00 0.00 X 0 0 0 SUSAN N SOBBOTT TRUSTEE 1.00 0.00 X 0 0 0 MARK J STYSLINGER TRUSTEE 1.00 0.00 X 0 0 0 BRUCE R THOMPSON TRUSTEE 1.00 0.00 X 0 0 0 LOWELL S UKROP TRUSTEE 1.00 0.00 X 0 0 0 STEVEN C VOORHEES TRUSTEE 1.00 0.00 X 0 0 0 JIMMY J WEI PHD TRUSTEE 1.00 0.00 X 0 0 0 SCOTT C BEARDSLEY EX-OFFICIO TRUSTEE 1.00 0.00 X 0 0 0 MICHELLE B HORN EX-OFFICIO TRUSTEE 1.00 0.00 X 0 0 0 MARIETTA EDMUNDS ZAKAS TRUSTEE 1.00 0.00 X 0 0 0 CONSTANCE J HALLQUIST TRUSTEE 1.00 0.00 X 0 0 0 PAUL G MAHONEY EX-OFFICIO TRUSTEE 1.00 0.00 X 0 0 0 BEVERLY B LADLEY TRUSTEE 1.00 0.00 X 0 0 0 CHARLES E POSTON JR EX-OFFICIO TRUSTEE 1.00 0.00 X 0 0 0 JAMES E RYAN EX-OFFICIO TRUSTEE 1.00 0.00 X 0 0 0 CARL E PEOPLES TRUSTEE 1.00 0.00 X 0 0 0 MATTHEW J REINTJES TRUSTEE 1.00 0.00 X 0 0 0 CYNTHIA K SOLEDAD EX-OFFICIO TRUSTEE 1.00 0.00 X 0 0 0 ANAND E STANLEY TRUSTEE 1.00 0.00 X 0 0 0 NARESH KUMRA THRU 1023 EX-OFFICIO TRUSTEE 1.00 0.00 X 0 0 0 NICOLE M LINDSAY THRU 1023 EX-OFFICIO TRUSTEE 1.00 0.00 X 0 0 0 PATRICK A O'SHEA THRU 1023 EX-OFFICIO TRUSTEE 1.00 0.00 X 0 0 0 JOAQUIN RODRIGUEZ TORRES EX-OFFICIO TRUSTEE (THRU 10/23) 1.00 0.00 X 0 0 0 HEATHER L ENOS CFO, TREASURER AND SVP 50.00 0.00 X 295625 0 39830 SHAELE N CULBREATH - SECRETARY SR ASSOCIATE VP FOR ENGAGEMENT 50.00 0.00 X 177398 0 32138 ROBERT WEILER BEG 1223 PRESIDENT 50.00 0.00 X 64754 0 6140 CAROLYN MILES THRU 1223 INTERIM PRESIDENT 50.00 0.00 X 580109 0 0 ASHLEY M WILLIAMS CEO/CLO, EELL 50.00 0.00 X 602014 0 121159 SAMANTHA G HARTOG SR ASSOCIATE VP FOR ADVANCEMENT 50.00 0.00 X 259919 0 35780 ANNE TRUMBORE CHIEF DIGITAL LEARNING OFFICER 50.00 0.00 X 287927 0 43132 SHAUN ROZYN MANAGING DIRECTOR, EELL 50.00 0.00 X 226621 0 40162 LISA CANNELL MANAGING DIRECTOR, EELL 50.00 0.00 X 226299 0 40542 TY A SCHIEBER MANAGING DIRECTOR, EELL 50.00 0.00 X 237776 0 41083 DEVIN BIGONESS CHIEF CLIENT OFFICER 50.00 0.00 X 280431 0 38029 MICHAEL J WOODFOLK THRU 0123 FORMER PRESIDENT 0.00 0.00 X 280791 0 10704 3766680 0 448699 37 1 1 0 W M JORDAN COMPANY INC 11010 JEFFERSON AVENUE NEWPORT NEWS VA 23601 CONSTRUCTION 1022645 UNIVERSITY OF VIRGINIA INVESTMENT MGMT PO BOX 400215 CHARLOTTESVILLE VA 22906 INVESTMENT MANAGEMENT 929206 CALLOWAY CONTRACTING GROUP 44225 MERCURE CIR STE 290 STERLING VA 20166 CONSTRUCTION 811035 UNIVERSITY OF VIRGINIA FACILITIES MGMT PO BOX 400726 CHARLOTTESVILLE VA 22904 PROJECT MANAGEMENT 583125 KIMPTON HOTEL & RESTAURANT GROUP 222 KEARNY ST STE 200 SAN FRANCISCO CA 94108 HOSPITALITY MANAGEMENT 379963 15 22879574 5462901 22879574 EXECUTIVE EDUCATION 721110 54704559 40148103 14556456 54704559 3982232 3982232 124683411 103532278 21151133 21151133 21151133 OTHER INCOME 900099 35325 35325 ADVERTISING REVENUE 900099 20250 20250 55575 102773073 40148103 14576706 25168690 X 30338153 30338153 2739952 1027171 1363329 349452 18500752 15531513 1138985 1830254 1342056 1038242 114532 189282 1621008 1292518 159377 169113 2213501 2010628 51622 151251 905913 905913 120067 15258 104809 106000 106000 1294110 1294110 11078689 9980697 979698 118294 2010324 1820208 39574 150542 3407070 3390751 6399 9920 1681641 1408788 259641 13212 227046 227046 4121607 3951378 98814 71415 2847133 2341217 295824 210092 1274779 788653 164779 321347 3182760 3182760 7786583 7097776 306420 382387 247272 173185 74087 HOSPITALITY EXPENSES 3484212 3484212 OTHER EXPENSES 1387538 1257723 65505 64310 BAD DEBT EXPENSES 267850 23021 244829 102186016 88104051 9806265 4275700 0 0 17537798 15343539 47378684 28457084 6125889 7284096 0 0 0 0 0 0 0 0 1870557 1551989 160568780 13190850 149845501 147377930 87308079 80762500 396997096 403227423 0 0 0 0 70294679 59333209 777358283 743337770 6090386 4521685 0 0 1607563 2082454 0 0 0 0 0 0 106905000 63389537 0 0 25121644 22908817 139724593 92902493 X 136643382 143764356 500990308 506670921 637633690 650435277 777358283 743337770 X 587057 11530822 683708 X 0 1 X 1 0 X 26615664 34839249 31645857 38802423 22879574 154782767 26615664 34839249 31645857 38802423 22879574 154782767 29862078 124920689 664462 236958 325024 2320187 3982232 7528863 0 0 0 0 0 92492 78683 3767 33327 35325 243594 162555224 140047443 0.76850 0.56830 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 92,492. 2020 AMOUNT: $ 78,683. 2021 AMOUNT: $ 3,767. 2022 AMOUNT: $ 33,327. 2023 AMOUNT: $ 35,325. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 486212335 13446376 32050203 37160124 1294110 493254680 521617349 16650214 9848758 60822782 1081204 486212335 571520608 22132049 -29263246 41660272 1111790 521617349 415386731 18048648 163942942 25159998 697715 571520608 407018514 18260749 16251916 25486793 657655 415386731 0.05640 0.51310 0.43050 0 0 8319767 8319767 111481068 3481578 107999490 24677916 4147146 20530770 13393410 3910973 9482437 2696619 1651153 1045466 147377930 UVIMCO MANAGED FUNDS 403227423 F 403227423 RIGHTS OF OCCUPANCY 22816896 INTEREST RATE SWAPS 13549594 RIGHT-OF-USE ASSET 15761187 RESTRICTED CASH 3441004 OTHER ASSETS 3764528 59333209 OPERATING LEASE LIABILITY 21209732 OTHER LIABILITIES 1699085 22908817 X 90324782 11530822 1758926 13289748 77035034 1294110 24443929 25738039 102773073 78206903 1758926 1758926 76447977 1294110 24443929 25738039 102186016 PART V, LINE 4: THE FOUNDATION'S ENDOWMENT SUPPORTS THE DARDEN SCHOOL BY FUNDING SCHOLARSHIPS, PROFESSORSHIPS, RESEARCH, EDUCATIONAL PROGRAMS, AND ALUMNI SERVICES. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER IRC SECTION 501(C)(3), THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE FOUNDATION HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE FOUNDATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: GROSS HOSPITALITY EXPENSES 24,443,929. PART XII, LINE 4B - OTHER ADJUSTMENTS: GROSS HOSPITALITY EXPENSES 24,443,929. 1 UNIVERSITY OF VIRGINIA PO BOX 400222 CHARLOTTESVILLE VA 22906 546001796 501(C)(3) 30338153 0 SEE PART IV 1 PART I, LINE 2: THE DARDEN SCHOOL'S FINANCE TEAM REVIEWS SUPPORTING DOCUMENTS TO ENSURE COMPLIANCE WITH THE DONOR'S RESTRICTED PURPOSE PRIOR TO REQUESTING FUNDING FROM THE FOUNDATION. THE DARDEN SCHOOL RECEIVES A PERIODIC REVIEW BY THE UVA INTERNAL AUDIT DEPARTMENT TO ENSURE DONOR INTENTION IS MET. RESULTS OF THE REVIEW ARE PROVIDED TO DARDEN SCHOOL FOUNDATION MANAGEMENT. PART II GRANTS TO THE UNIVERSITY OF VIRGINIA SUPPORT THE DARDEN SCHOOL BY FUNDING SCHOLARSHIPS, PROFESSORSHIPS, RESEARCH, EDUCATIONAL PROGRAMS, AND ALUMNI SERVICES. X X 1 1 X X X X X 1 1 0 0 0 0 0 1 0 ASHLEY M WILLIAMS CEO/CLO, EELL 374137 0 170611 0 57266 0 96365 0 24794 0 723173 0 57266 0 CAROLYN MILES THRU 1223 INTERIM PRESIDENT 475109 0 105000 0 0 0 0 0 0 0 580109 0 0 0 HEATHER L ENOS CFO, TREASURER AND SVP 258260 0 37365 0 0 0 27249 0 12581 0 335455 0 0 0 ANNE TRUMBORE CHIEF DIGITAL LEARNING OFFICER 230013 0 57914 0 0 0 24710 0 18422 0 331059 0 0 0 DEVIN BIGONESS CHIEF CLIENT OFFICER 247098 0 33333 0 0 0 26043 0 11986 0 318460 0 0 0 SAMANTHA G HARTOG SR ASSOCIATE VP FOR ADVANCEMENT 249919 0 10000 0 0 0 26108 0 9672 0 295699 0 0 0 MICHAEL J WOODFOLK THRU 0123 FORMER PRESIDENT 0 0 0 0 280791 0 9828 0 876 0 291495 0 0 0 TY A SCHIEBER MANAGING DIRECTOR, EELL 177776 0 60000 0 0 0 18751 0 22332 0 278859 0 0 0 LISA CANNELL MANAGING DIRECTOR, EELL 179440 0 46859 0 0 0 18969 0 21573 0 266841 0 0 0 SHAUN ROZYN MANAGING DIRECTOR, EELL 179762 0 46859 0 0 0 18969 0 21193 0 266783 0 0 0 SHAELE N CULBREATH - SECRETARY SR ASSOCIATE VP FOR ENGAGEMENT 167398 0 10000 0 0 0 17893 0 14245 0 209536 0 0 0 PART I, LINE 1A THROUGH THE FOUNDATION'S STANDARD BENEFITS PACKAGE, THE FOUNDATION WILL SUBSIDIZE $195 OF THE COST OF MEMBERSHIP TO THE UVA GYM FOR BENEFITS ELIGIBLE EMPLOYEES ANNUALLY. SCOTT BEARDSLEY, DEAN OF THE DARDEN SCHOOL OF BUSINESS AND EX-OFFICIO TRUSTEE OF THE FOUNDATION, IS ELIGIBLE FOR FIRST-CLASS TRAVEL TO INTERNATIONAL DESTINATIONS. PART I, LINES 4A-B MICHAEL J. WOODFOLK, FORMER FOUNDATION PRESIDENT, RECEIVED SEVERANCE PAY IN THE AMOUNT OF $280,791. PART I, LINE 4B THE FOUNDATION ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER 457(F) WHICH COVERS CERTAIN EXECUTIVES. AT THE END OF EACH FISCAL YEAR, THE COMPENSATION COMMITTEE MAY APPROVE A CONTRIBUTION TO BE CREDITED TO EACH PARTICIPANT'S ACCOUNT BASED ON PREDETERMINED METRICS. CONTRIBUTIONS MADE BY THE FOUNDATION FOLLOW A THREE-YEAR GRADED VESTING SCHEDULE. FOR TAX YEAR 2023, THE FOUNDATION CONTRIBUTED $63,345 AND PAID OUT $57,266 FOR ASHLEY WILLIAMS'S PLAN. PART I, LINE 7 THE FOUNDATION'S OFFICERS AND ALL OTHER EMPLOYEES ARE PAID BONUSES DETERMINED BY VARIOUS CRITERIA. THIS CRITERIA MAY INCLUDE, BUT IS NOT LIMITED TO, INDIVIDUAL GOALS AND OBJECTIVES AS WELL AS ORGANIZATION OPERATIONAL ACHIEVEMENTS. THE ACCOMPLISHMENT OF THOSE GOALS AND OBJECTIVES FOR ALL EMPLOYEES IS REVIEWED BY MANAGEMENT. BONUSES FOR ALL OFFICERS AND CERTAIN KEY EMPLOYEES ARE APPROVED BY THE BOARD COMPENSATION COMMITTEE AS PART OF THE OVERALL COMPENSATION REVIEW OF THOSE OFFICERS AND KEY EMPLOYEES. X 70 372932 FMV X 1 5000000 FMV X TREES 2 88444 FMV X EVENT ITEMS 1 1525 FMV 2 0 1 0 PART I, COLUMN (B): COLUMN (B) OF PART I REPRESENTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: SEE NARRATIVE TO FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION. FORM 990, PART VI, SECTION A, LINE 1A THE AUTHORITY OR DELEGATION OF THE BOARD OF TRUSTEES IS AS FOLLOWS: THE EXECUTIVE COMMITTEE EXERCISES THE AUTHORITY OF THE BOARD OF TRUSTEES IN DIRECTING THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE FOUNDATION, EXCEPT THAT NO COMMITTEE HAS THE POWER OR AUTHORITY TO I) FILL VACANCIES ON THE BOARD OR ON ANY OF ITS COMMITTEES; II) AMEND THE ARTICLES OF INCORPORATION; III) ADOPT, AMEND, OR REPEAL THE BY-LAWS; IV) APPROVE A PLAN OF MERGER OR CONSOLIDATION; V) APPROVE THE SALE, LEASE OR EXCHANGE, OR THE MORTGAGE, PLEDGE OR OTHER DISPOSITION OF ALL OR SUBSTANTIALLY ALL OF THE PROPERTY AND ASSETS OF THE FOUNDATION; OR VI) APPROVE THE REVOCATION OF THE VOLUNTARY DISSOLUTION PROCEEDINGS. THE EXECUTIVE COMMITTEE MUST PROVIDE A FULL REPORT OF ITS ACTIONS TO THE BOARD OF TRUSTEES AT THE REGULAR BOARD MEETINGS. FORM 990, PART VI, SECTION A, LINE 2 EX-OFFICIO TRUSTEE SCOTT BEARDSLEY AND TRUSTEE MARK STYSLINGER HAVE A BUSINESS RELATIONSHIP. SCOTT BEARDSLEY SERVES AS A MEMBER OF THE BOARD OF DIRECTORS FOR A COMPANY IN WHICH MARK STYSLINGER HAS AN OWNERSHIP INTEREST. FORM 990, PART VI, SECTION B, LINE 11B AFTER INTERNAL REVIEW, THE CFO REVIEWS THE FORM 990 WITH THE AUDIT AND FINANCE COMMITTEE AND ADDRESSES QUESTIONS FROM THE COMMITTEE. ELECTRONIC COPIES OF THE FORM 990 ARE PROVIDED ELECTRONICALLY TO THE FULL BOARD IN ADVANCE OF FILING. FORM 990, PART VI, SECTION B, LINE 12C AT THE BEGINNING OF EACH FISCAL YEAR, THE FOUNDATION DISTRIBUTES A COPY OF ITS CONFLICT OF INTEREST POLICY, POLICY ON UNIVERSITY OF VIRGINIA AFFILIATED FOUNDATIONS, AND CONFLICT OF INTEREST FORM TO THE FOUNDATION'S TRUSTEES, OFFICERS AND KEY EMPLOYEES. INDIVIDUALS ARE REQUIRED TO DISCLOSE ACTIVITIES FOR BOTH THE PRIOR AND CURRENT FISCAL YEARS. ANY TRUSTEE WHO HAS NOT COMPLETED HIS/HER CONFLICT OF INTEREST FORM BY THE SPRING BOARD MEETING IS ASKED TO ABSTAIN FROM VOTING ON ANY MATTERS UNTIL THEIR CONFLICT OF INTEREST FORM IS COMPLETED. THE CHAIR OF THE NOMINATING AND GOVERNANCE COMMITTEE WILL DISCUSS WITH ANY TRUSTEE WHO HAS NOT COMPLETED HIS/HER COI FORM AND/OR ATTENDED BOARD MEETINGS TO DETERMINE NECESSARY ACTION, AS NEEDED. STAFF SHARES ANY FORMS WITH DISCLOSURES WITH THE FULL NOMINATING AND GOVERNANCE COMMITTEE FOR REVIEW, DISCUSSION AND VOTES ON ADDRESSING THE CONFLICT AND/OR OUTLINES THE PROTOCOL FOR HOW THE CONFLICT WILL BE MANAGED. LEGAL COUNSEL IS CONSULTED TO ADDRESS MANAGEMENT AND/OR QUESTIONS REGARDING CONFLICT DISCLOSURES ON AN AS NEEDED BASIS. ALTHOUGH DETERMINED ON A CASE BY CASE BASIS, PAST PRACTICES FOR MANAGING CONFLICTS INCLUDE: TRUSTEE HAVING A CONFLICT IN CONNECTION WITH A SPECIFIC MATTER THAT IS RAISED AS PART OF THE NORMAL COURSE OF BOARD BUSINESS WOULD RECUSE HIM/HERSELF FROM THE DISCUSSION AND/OR ABSTAIN FROM ANY RELATED BOARD VOTES. FORM 990, PART VI, SECTION B, LINE 15 ALL COMPENSATION FOR FOUNDATION OFFICERS AND CERTAIN KEY EMPLOYEES IS APPROVED BY THE BOARD COMPENSATION COMMITTEE IN ACCORDANCE WITH THE IRS REBUTTABLE PRESUMPTION OF REASONABLENESS STANDARD. EXECUTIVE COMPENSATION INCLUDES A BONUS WHICH IS BASED ON KEY METRICS, ESTABLISHED BY THE COMPENSATION COMMITTEE. ON AN ANNUAL BASIS, THE BOARD COMPENSATION COMMITTEE REVIEWS THOSE EMPLOYEES DEEMED TO BE DISQUALIFIED AS DEFINED BY THE INTERNAL REVENUE SERVICE. THEY REVIEW AND APPROVE ALL FACETS OF EXECUTIVE COMPENSATION FOR THE UPCOMING FISCAL YEAR. AT THE CONCLUSION OF THE TAX YEAR, THE COMMITTEE REVIEWS RELEVANT CRITERIA FOR INCENTIVE COMPENSATION AND APPROVES ANY BONUSES FOR OFFICERS AND CERTAIN KEY EMPLOYEES AS PART OF THEIR OVERALL COMPENSATION REVIEW. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER: PROGRAM SERVICE EXPENSES 3,323,983. MANAGEMENT AND GENERAL EXPENSES 873,897. FUNDRAISING EXPENSES 109,391. TOTAL EXPENSES 4,307,271. COMMISSIONS: PROGRAM SERVICE EXPENSES 729,805. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 729,805. TEACHING FEES: PROGRAM SERVICE EXPENSES 5,701,663. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,701,663. TEMPORARY STAFFING: PROGRAM SERVICE EXPENSES 225,246. MANAGEMENT AND GENERAL EXPENSES 105,801. FUNDRAISING EXPENSES 8,903. TOTAL EXPENSES 339,950. FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAPS 683,708.