2015-05-04T09:37:55-05:00 2014-06-30 251408703 SCHNEIDER DOWNS & CO INC ONE PPG PLACE SUITE 1700 PITTSBURGH PA 15222 990 2013-07-01 250981156 WESTMINSTER COLLEGE WEST 7249467141 319 S MARKET STREET NEW WILMINGTON PA 16172 KENNETH J ROMIG VP OF FINANCE/TREASURER 7249467141 2015-04-28 1 SUSAN M KIRSCH P00341397 4122613644 2013 2016-04-25 22:37:26Z DR RICHARD DORMAN 319 S MARKET STREET NEW WILMINGTON PA 16172 78573067 0 X WWW.WESTMINSTER.EDU X 1852 PA PROMOTE EDUCATION, THE DEVELOPMENT OF SKILLS, KNOWLEDGE, AND PERSONAL QUALITIES. 29 28 1216 519 54683 -34845 9351276 5821933 53149384 50069572 5973246 2893580 147945 154652 68621851 58939737 22704802 21206219 0 0 21964304 21890586 0 0 1392381 17392605 16376354 62061711 59473159 6560140 -533422 193918033 207514731 31483471 32786387 162434562 174728344 X THE MISSION OF WESTMINSTER COLLEGE IS TO HELP MEN AND WOMEN DEVELOP COMPETENCIES, COMMITMENTS, AND CHARACTERISTICS WHICH HAVE DISTINGUISHED HUMAN BEINGS AT THEIR BEST. THE LIBERAL ARTS TRADITION IS THE FOUNDATION OF THE CURRICULUM CONTINUALLY DESIGNED TO SERVE THIS MISSION IN A RAPIDLY CHANGING WORLD. THE COLLEGE SEES THE WELL-EDUCATED PERSON AS ONE WHOSE SKILLS ARE COMPLEMENTED BY EVER DEVELOPING VALUES AND IDEALS IDENTIFIED IN THE JUDEO-CHRISTIAN TRADITION. WESTMINSTER'S QUEST FOR EXCELLENCE IS A RECOGNITION THAT STEWARDSHIP OF LIFE MANDATES THE MAXIMUM POSSIBLE DEVELOPMENT OF EACH PERSON'S CAPABILITIES. 1 0 35538516 21206219 29731303 INSTRUCTIONAL - FACULTY AND RELATED EXPENDITURES FOR COURSES OF STUDY. WESTMINSTER COLLEGE OFFERS 40 MAJORS AND SERVES 1,449 UNDERGRADUATE, GRADUATE AND ADULT STUDENTS ANNUALLY, LEADING TO BACHELOR OF ARTS, BACHELOR OF SCIENCE, BACHELOR OF MUSIC AND MASTERS OF EDUCATION DEGREES. 7960102 6659372 STUDENT SERVICES - NON-ACADEMIC SUPPORT SERVICES PROVIDED TO THE STUDENT BODY BY THE FOLLOWING DEPARTMENTS: STUDENT AFFAIRS OFFICE, REGISTRAR, DEAN OF CHAPEL, ADMISSIONS AND FINANCIAL AID, THE CAREER CENTER, ATHLETICS, HEALTH CENTER, COUNSELING CENTER, MULTI-CULTURAL AFFAIRS, THEATRE PRODUCTIONS AND RADIO AND TV PRODUCTION. 6735719 9470157 EDUCATIONAL AND AUXILIARY ENTERPRISE - PROVIDE ROOM AND BOARD FOR RESIDENT STUDENTS, TELEPHONE SYSTEM, BOOKSTORE, SUMMER CAMPS AND ACTIVITIES AND TEMPORARY FACULTY HOUSING. 5030805 4208740 ACADEMIC SUPPORT - SUPPORT FOR INSTRUCTION AND RESEARCH BY THE FOLLOWING DEPARTMENTS: DEAN OF THE COLLEGE, LIBRARY AND INFORMATION SYSTEMS, FACULTY DEVELOPMENT, ART GALLERY, HONORS PROGRAM, CHEMICAL HYGIENE, CULTURAL ARTIFACTS AND THE LEARNING CENTER. 5030805 4208740 55265142 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 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 1735 0 1 1216 1 1 1 0 0 0 0 0 0 0 0 0 X 29 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 OH PA X KENNETH J ROMIG 7249467141 319 S MARKET STREET NEW WILMINGTON PA 16172 GEORGE R BERLIN TRUSTEE 1.50 X 0 0 0 WHITNEY F BOHAN TRUSTEE 1.50 X 0 0 0 ROBERT W BUEHNER TRUSTEE 1.50 X 0 0 0 ASHLEY E DAVIS TRUSTEE 1.50 X 0 0 0 DAVID M FARNER TRUSTEE 1.50 X 0 0 0 ROBIN W GOOCH TRUSTEE 1.50 X 0 0 0 BARBARA B GUFFEY TRUSTEE 1.50 X 0 0 0 STEPHEN G HARTLE TRUSTEE 1.50 X 0 0 0 HAROLD V HARTLY III TRUSTEE 1.50 X 0 0 0 WILLIAM M HAZEN TRUSTEE 1.50 X 0 0 0 PETER Y HERCHENROETHER TRUSTEE 1.50 X 0 0 0 ROBERT C JACKSON TRUSTEE 1.50 X 0 0 0 WILLIAM N JACKSON TRUSTEE 1.50 X 0 0 0 ROBERT C JAZWINSKI TRUSTEE 1.50 X 0 0 0 LINDA C JENKINS TRUSTEE 1.50 X 0 0 0 THOMAS S MANSELL TRUSTEE 1.50 X 0 0 0 DOREEN A MCCALL TRUSTEE 1.50 X 0 0 0 JEFFREY A MCCANDLESS TRUSTEE 1.50 X 0 0 0 W KEITH MCCAULEY TRUSTEE 1.50 X 0 0 0 STEPHEN D MCCONNELL TRUSTEE 1.50 X 0 0 0 WAYNE A MILLER TRUSTEE 1.50 X 0 0 0 WILLIAM W RANKIN TRUSTEE 1.50 X 0 0 0 GLENN H THOMPSON TRUSTEE 1.50 X 0 0 0 JOHN T WEISEL TRUSTEE 1.50 X 0 0 0 VALERIE DAY WILDEN TRUSTEE 1.50 X 0 0 0 JEFFREY T WILEY TRUSTEE 1.50 X 0 0 0 THOMAS A TUPITZA CHAIR 3.50 X X 0 0 0 DEBORAH P MAJORAS VICE-CHAIR 2.00 X X 0 0 0 RICHARD H DORMAN PRESIDENT 40.00 X X 270915 0 86958 KENNETH J ROMIG TREASURER/VP FOR FINANCE 40.00 X 160897 0 29696 JOEANN MILLER SECRETARY 40.00 X 40634 0 20334 NEAL EDMAN VICE PRESIDENT FOR STUDENT AFFAIRS 40.00 X 104945 0 30048 DAVID RHODES DEAN OF ADMISSIONS (EXITED 12/2013) 40.00 X 132164 0 25175 GRADY B JONES VICE PRESIDENT FOR INSTITUTIONAL ADVANCEMENT 40.00 X 116045 0 24348 825600 0 216559 5 0 1 0 SODEXO INC & AFFILIATES PO BOX 905374 CHARLOTTE NC 28290 ENGINEERING AND FOOD SERVICES 3433448 JEEMCO INC 411 E NESHANNOCK AVENUE NEW WILMINGTON PA 16142 CONSTRUCTION SERVICES 653399 EBSCO PO BOX 830625 BIRMINGHAM AL 35283 ELECTRONIC SERVICES 356570 FIRE ENGINE RED INC PO BOX 1017 HAVERTOWN VA 19083 PROFESSIONAL FEES 214700 JENZABAR PO BOX 55018 BOSTON MA 02205 SOFTWARE MAINTENANCE & SERVICES 157778 12 668340 5153593 1186233 5821933 INSTRUCTIONAL 611710 29731303 29731303 EDUCATIONAL/AUXILIARY 611710 9470157 9470157 STUDENT SERVICES 900099 6659372 6659372 ACADEMIC SUPPORT 900099 4208740 4208740 50069572 4797311 54683 4742628 136633 120384 16249 16249 16249 17233835 19134992 2574 -1901157 -2574 -1903731 -1903731 513783 375380 138403 138403 58939737 50069572 54683 2993549 20878842 20878842 327377 327377 534547 328658 63417 142472 16041131 14546287 807043 687801 845098 730193 60844 54061 3242779 2814371 226849 201559 1227031 1066736 84879 75416 14909 14909 59795 59795 110547 110547 1432061 1199160 227444 5457 43278 35900 7060 318 3171854 2730630 363183 78041 382509 360024 8572 13913 2140552 1898766 232368 9418 1448836 1302247 94017 52572 40628 36518 2636 1474 799541 799541 2548234 2426738 112572 8924 337843 142434 195409 FOOD SERVICE 3128911 3080310 16300 32301 OTHER 414699 368306 17739 28654 PLANT FACILITIES 302157 192104 110053 59473159 55265142 2815636 1392381 477469 894480 12240321 12185145 977851 1073541 1502810 2273109 484969 476415 949128 970242 103878897 29313008 75024095 74565889 75681999 89500299 26314177 25429081 265214 146530 193918033 207514731 1446156 2354674 2542338 2640974 17895000 17385000 9599977 10405739 31483471 32786387 X 71369892 70820230 35423380 45745125 55641290 58162989 162434562 174728344 193918033 207514731 X -533422 13357717 -530513 X X 0 1 X 1 1 1 X 5117024 7155396 8929378 9351276 5821933 36375007 5117024 7155396 8929378 9351276 5821933 36375007 6431415 29943592 4781038 4511493 4269583 4242392 4933944 22738450 1716 1716 59115173 266285250 0.50650 0.49570 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 485 0 0 485 0 PART II-B, LINE 1: EXPENSES INCURRED IN CONNECTION WITH A MEETING WITH AN ELECTED GOVERNMENT OFFICIAL. X X X X 0 101607103 1780276 15999781 1795292 2766883 114824985 87913462 6485381 10931902 1647882 2075760 101607103 90910277 4944109 -4397082 1473300 2070542 87913462 78557979 1160761 14976165 1547958 2236670 90910277 72362333 986409 9241879 1634064 2398578 78557979 0.12940 0.50420 0.36640 1 0 302700 302700 84677133 18707935 65969198 12329328 7946513 4382815 6569736 2658560 3911176 74565889 COMMINGLED FUNDS 17490239 F FIXED INCOME 7938842 F 25429081 DEPOSITS HELD IN CUSTODY FOR OTHERS 388715 ANNUITIES PAYABLE 363178 POSTRETIREMENT BENEFIT OBLIGATIONS 7031588 GOVERNMENT STUDENT LOAN FUNDS 2225103 CAPITAL LEASES 397155 10405739 X 50939860 13357717 -34749 13322968 37616892 110547 21212298 21322845 58939737 38646078 498338 498338 38147740 110547 21214872 21325419 59473159 PART III, LINE 1A: THE COLLEGE OWNS A NUMBER OF PIECES OF ART AND HISTORIC TREASURES, NONE OF WHICH ARE RECORDED IN THE FINANCIAL STATEMENTS. THESE ITEMS HAVE BEEN GIVEN TO THE COLLEGE OVER A NUMBER OF YEARS, ARE GENERALLY DISPLAYED IN VARIOUS LOCATIONS AROUND CAMPUS AND ARE INSURED. PART III, LINE 4: THE COLLEGE'S COLLECTION OF ARTIFACTS OF CULTURAL AND EDUCATIONAL SIGNIFICANCE RANGE FROM STONE TOOLS (6,000 B.C.) THROUGH CUNEIFORM TABLETS (2,000 B.C.), AN EGYPTIAN MUMMY (300 B.C.), COPTIC ITEMS (5TH CENTURY A.D.), JAPANESE SAMURAI ARMOR (18TH CENTURY A.D.) TO CURRENCY BEARING THE PORTRAIT OF SADDAM HUSSEIN (2003 A.D.). THE COLLECTION PROVIDES A CONNECTION TO THE PAST FOR STUDENTS OF HISTORY AND CULTURE, BOTH ON CAMPUS AND IN THE SURROUNDING COMMUNITY. IN ADDITION, SOME ITEMS IN THE COLLECTION HAVE BEEN LOANED TO MUSEUMS AND HISTORICAL SOCIETIES EXPANDING THEIR EDUCATIONAL REACH. SOME OF THE COLLECTION IS HIGHLIGHTED ONLINE ALONG WITH RESEARCH MATERIALS (CT SCANS, DESCRIPTIONS, EDUCATIONAL MATERIALS). A FORENSIC SCULPTOR RECONSTRUCTED A BUST OF THE 2,000+ YEAR-OLD MUMMY ALLOWING STUDENTS OF HISTORY TO SEE THE VISAGE OF A WOMAN WHO LIVED IN ANCIENT EGYPT. ALL OF THE ARTIFACTS ENCOURAGE RESEARCH AND STUDY BY BRINGING HISTORY TO LIFE AS STUDENTS SEE FIRSTHAND THE ITEMS ABOUT WHICH THEY READ IN CLASS. PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF VARIOUS INVESTMENT FUNDS ESTABLISHED FOR SUPPORT OF THE COLLEGE'S MISSION. ITS ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS, AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF TRUSTEES HAS ELECTED TO BE GOVERNED BY THE COMMONWEALTH OF PENNSYLVANIA'S ACT 141 (ACT 141). ACT 141 IS A TOTAL RETURN POLICY THAT ALLOWS A NONPROFIT ENTITY TO CHOOSE TO TREAT A PERCENTAGE OF THE AVERAGE MARKET VALUE OF THE ENDOWMENT'S PERMANENTLY RESTRICTED INVESTMENTS AS INCOME EACH YEAR. HOWEVER, THE LONG-TERM PRESERVATION OF THE REAL VALUE OF THE ASSETS MUST BE TAKEN INTO CONSIDERATION WHEN THE BOARD ELECTS A SPENDING RATE. ON AN ANNUAL BASIS, THE BOARD OF TRUSTEES MUST ELECT, IN WRITING, A SPENDING RATE OF BETWEEN 2% AND 7%. FOR THE YEAR ENDED JUNE 30, 2014, THE COLLEGE UTILIZED A 5% SPENDING RATE ON RESTRICTED ENDOWMENT ASSETS AND A 7% SPENDING RATE ON UNRESTRICTED ENDOWMENT ASSETS, BASED ON A THREE-YEAR MOVING AVERAGE OF HISTORICAL END-OF-QUARTER ENDOWMENT MARKET VALUES. THE LAST QUARTER USED TO DETERMINE THE TRANSFER FOR THE FISCAL YEAR ENDED JUNE 30, 2014 WAS THE QUARTER ENDED DECEMBER 31, 2013. THE COLLEGE CLASSIFIES AS PERMANENTLY RESTRICTED NET ASSETS THE ORIGINAL VALUE OF GIFTS DONATED TO THE ENDOWMENT AND THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE ENDOWMENT. THE UNDISTRIBUTED AMOUNTS EARNED ARE INCLUDED IN UNRESTRICTED NET ASSETS. IN ACCORDANCE WITH ACT 141, THE COLLEGE HAS ADOPTED A WRITTEN INVESTMENT POLICY, OF WHICH A SECTION SPECIFICALLY RELATES TO THE ENDOWMENT. THE COLLEGE CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO SET A SPENDING RATE: 1. PROTECTING THE CORPUS OF THE ENDOWMENT FUND 2. PRESERVING THE SPENDING POWER OF THE ASSETS 3. OBTAINING MAXIMUM INVESTMENT RETURN WITH REASONABLE RISK AND OPERATIONAL CONSIDERATION 4. COMPLYING WITH APPLICABLE LAWS PART X, LINE 2: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) OF 1986. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE COLLEGE ACCOUNTS FOR INCOME TAXES UNDER THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC). THIS TOPIC PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PRINCIPLES FOR FINANCIAL STATEMENTS DISCLOSURE OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN. THE COLLEGE HAS ASSESSED THE TAX POSITIONS IT HAS TAKEN OR EXPECTS TO TAKE IN ITS TAX RETURNS AND NO LIABILITY HAS BEEN RECORDED FOR UNCERTAIN TAX POSITIONS; FURTHER, THE COLLEGE HAS NO UNRECOGNIZED TAX BENEFITS. THE COLLEGE IS NO LONGER SUBJECT TO EXAMINATION OF ITS TAX RETURNS FOR YEARS BEFORE 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 375,380. RENTAL EXPENSES 120,384. CHANGES IN UNRECOGNIZED PENSION BENEFIT PLAN COSTS -530,513. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 21,206,219. LOSS ON ASSET DISPOSAL -2,574. BANK SERVICE FEES RECLASS 8,653. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 375,380. LOSS ON ASSET DISPOSAL 2,574. RENTAL EXPENSES 120,384. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 21,206,219. BANK SERVICE FEES RECLASS 8,653. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE WESTMINSTER COLLEGE NONDISCRIMINATION POLICY IS INCLUDED ON THE COLLEGE WEBSITE, IN OFFICIAL PUBLICATIONS, IN EMPLOYEE ADVERTISING, AND IN STUDENT RECRUITMENT MATERIALS. SCHEDULE E, PART I, LINE 6 IN THE COURSE OF OUR BUSINESS AS A COLLEGE, THE INSTITUTION RECEIVES FEDERAL GRANTS AND PARTICIPATES IN THE FOLLOWING GOVERNMENTAL AGENCY FINANCIAL AID OR ASSISTANCE PROGRAMS: FEDERAL PELL GRANT PROGRAM; FEDERAL PERKINS LOAN PROGRAM; FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT; FEDERAL WORK STUDY GRANT; FEDERAL DIRECT LOAN PROGRAM; PENNSYLVANIA INSTITUTIONAL ASSISTANCE GRANT; PENNSYLVANIA NEW ECONOMY TECHNOLOGY SCHOLARSHIP (NETS); PENNSYLVANIA PARTNERSHIP FOR ACCESS TO HIGHER EDUCATION (PATH); PENNSYLVANIA; FEDERAL TEACH GRANT PROGRAM; PA STATE GRANT PROGRAM; OHIO COLLEGE OPPORTUNITY GRANT PROGRAM; WEST VIRGINIA HIGHER EDUCATION GRANT PROGRAM; MASSACHUSETTS MASS GRANT PROGRAM;PA MATCHING FUNDS PROGRAM; THE CHAFEE PROGRAM (ADMINISTERED THROUGH PHEAA); PENNSYLVANIA NATIONAL GUARD EDUCATIONAL ASSISTANCE PROGRAM (ADMINISTERED THROUGH PHEAA); FEDERAL VA BENEFIT PROGRAMS; AMERICORPS AND OVR (OFFICE OF VOCATIONAL REHABILITATION). 1 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE U.S. 6100 SOUTH AMERICA 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE U.S. 1500 MIDDLE EAST AND NORTH AFRICA 0 0 STUDENT/FACULTY RESEARCH TRIPSTUDENT/FACULTY RESEARCH TRIP FACULTY/STAFF TRAVELING OUTSIDE OF THE U.S. 8613 RUSSIA AND THE NEWLY INDEPENDENT STATES 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE U.S. 1000 NORTH AMERICA 0 0 STUDENT/FACULTY RESEARCH TRIP FACULTY/STAFF TRAVELING OUTSIDE OF THE U.S. 3719 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 STUDY ABROAD PROGRAM WESTMINSTER LONDON PROGRAM 409118 SOUTH AMERICA 0 0 STUDY ABROAD PROGRAM CHILE TRAVEL COURSE 52016 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 EDUCATIONAL GRANTS STUDENT AID FOR FALL 2013 AND SPRING 2014 STUDY ABROAD PROGRAM PARTICIPANTS 309837 SUB-SAHARAN AFRICA 0 0 EDUCATIONAL GRANT STUDENT AID FOR FALL 2013 AND SPRING 2014 STUDY ABROAD PROGRAM PARTICIPANTS 8040 EAST ASIA AND THE PACIFIC 0 0 EDUCATIONAL GRANT STUDENT AID FOR FALL 2013 AND SPRING 2014 STUDY ABROAD PROGRAM PARTICIPANTS 9500 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS N/A 14968894 0 0 0 0 0 0 791903 14986434 15778337 STUDY ABROAD GRANTS AND SCHOLARSHIPS EUROPE (INCLUDING ICELAND AND GREENLAND) 10 45006 CREDIT TO STUDENTS' ACCOUNT FOR FINANCIAL AID N/A FMV STUDY ABROAD GRANTS AND SCHOLARSHIPS SUB-SAHARAN AFRICA 1 8040 CREDIT TO STUDENTS' ACCOUNT FOR FINANCIAL AID N/A FMV STUDY ABROAD GRANTS AND SCHOLARSHIPS EAST ASIA AND THE PACIFIC 1 9500 CREDIT TO STUDENTS' ACCOUNT FOR FINANCIAL AID N/A FMV 1 0 1 1 0 0 PART I, LINE 2: FINANCIAL AID IS AWARDED TO INCOMING FIRST YEAR STUDENTS ON THE BASIS OF THE RESULTS OF THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) AND BY THE USE OF A FINANCIAL AID MATRIX. THE FINANCIAL AID MATRIX IS BASED ON ACADEMIC ABILITY AND FINANCIAL NEED. WITHIN EACH CELL OF THE MATRIX THERE IS A FLOOR AND A CEILING RANGE USED FOR THE AWARDING OF INSTITUTIONAL FUNDS. A STUDENT IS PLACED INTO A FINANCIAL AID MATRIX CELL BASED ON BOTH HIGH SCHOOL GRADE POINT AVERAGE AND SAT AND/OR ACT SCORES. THE AMOUNT A STUDENT IS AWARDED BETWEEN THE FLOOR AND CEILING VALUE IN THE CELL IS BASED ON FINANCIAL NEED AS DETERMINED BY THE FAFSA. INSTITUTIONAL MERIT AWARDS (AWARDED BY ADMISSIONS) THESE ARE AWARDED TO STUDENTS REGARDLESS OF FINANCIAL NEED. MERIT SCHOLARSHIPS (UNFUNDED AID) ACCEPTED FIRST YEAR STUDENTS ARE AWARDED A MERIT SCHOLARSHIP DETERMINED BY WHERE THEY FALL IN THE MATRIX BASED ON HIGH SCHOOL GRADE POINT AVERAGE AND SAT AND/OR ACT SCORES. THE MERIT SCHOLARSHIP AWARD IS THE FLOOR VALUE FROM THE RESPECTIVE MATRIX CELL. STUDENTS WHO FALL IN THE TOP 20% OF THE APPLICANT POOL MAY BE SELECTED BY THE ADMISSIONS STAFF AS A WESTMINSTER SCHOLAR. SELECTED STUDENTS ARE GUARANTEED A MERIT AWARD WHICH IS THE FLOOR VALUE FROM THE MATRIX CELL. THE WESTMINSTER SCHOLAR IS ALSO GIVEN AN OPPORTUNITY TO COMPETE FOR A LARGER FOUR YEAR AWARD THROUGH THE SCHOLARS COMPETITIONS HELD ON THE WESTMINSTER CAMPUS. THIS COMPETITION HAS FACULTY INVOLVEMENT AND STUDENT ESSAYS. THE LARGER AWARDS INCLUDE FULL TUITION PRESIDENTIAL SCHOLARSHIPS, VANCE SCHOLARSHIPS, LEMMON SCHOLARSHIPS AND TITAN SCHOLARSHIPS (WITH A RANGE OF VALUES). NOMINATED MERIT BASED SCHOLARSHIPS (UNFUNDED AID) THE NOMINATED SCHOLARSHIPS AVAILABLE TO INCOMING FIRST YEAR STUDENTS ARE: 1) THE YOUNG PRESBYTERIAN SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST BE A MEMBER OF THE PRESBYTERIAN CHURCH USA, BE NOMINATED BY HIS/HER CHURCH AND PRESENT A MINIMUM GPA OF 3.5. 2) JERB MILLER SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST PRESENT BE NOMINATED BY AN EDUCATOR WHO IS A WESTMINSTER COLLEGE GRADUATE AND PRESENT A MINIMUM GPA OF 3.5. 3) LEGACY SCHOLARSHIP (FUNDED AID) -TO BE ELIGIBLE A STUDENT MUST PRESENT A CUMULATIVE GPA OF 3.0 AND HAVE A PARENT OR GRANDPARENT WHO EARNED A DEGREE FROM WESTMINSTER COLLEGE. MERIT SCHOLARSHIPS ARE RENEWABLE FOR UP TO THREE YEARS. THE STUDENT NEEDS TO MAINTAIN THE REQUIRED SCHOLARSHIP GPA (IF ONE EXISTS), OTHERWISE REMAIN IN GOOD ACADEMIC STANDING. INSTITUTIONAL NEED BASED AWARDS (UNFUNDED AID) NEED BASED INSTITUTIONAL FINANCIAL AID IS AWARDED TO STUDENTS BASED ON THE RESULTS OF THE FAFSA AND THE DETERMINATION OF THE STUDENTS DEMONSTRATED NEED. A STUDENT IS REQUIRED TO FILE A FAFSA FORM IN ORDER TO BE CONSIDERED FOR NEED BASED FINANCIAL AID. THE RESULTS OF THE FAFSA DETERMINE THE STUDENT?S EXPECTED FAMILY CONTRIBUTION (EFC). THE CALCULATION USED TO DETERMINE THE STUDENT'S FINANCIAL NEED IS: DIRECT COST OF ATTENDANCE* - EFC = STUDENT'S NEED (*DIRECT COST OF ATTENDANCE: TUITION & FEES, ROOM & BOARD FOR RESIDENT AND OFF CAMPUS STUDENTS, TUITION & FEES ONLY FOR COMMUTERS) THE CALCULATED STUDENT NEED IS REDUCED BY: FEDERAL NEED BASED FINANCIAL AID STATE NEED BASED FINANCIAL AID FUNDED GIFT AID INSTITUTIONAL MERIT THE REMAINING UNMET NEED, AFTER THE REDUCTIONS, IS MET BY USING INSTITUTIONAL NEED BASED GIFT AID WITH THE TOTAL OF INSTITUTIONAL AID BEING CAPPED BY THE CEILING VALUE FROM THE MATRIX CELL FOR THE STUDENT. INSTITUTIONAL NEED BASED AWARDS ARE USUALLY RENEWED PROVIDED THAT THE STUDENT CONTINUES TO DEMONSTRATE FINANCIAL NEED. FINANCIAL AID PACKAGING STUDENTS RECEIVE A FINANCIAL AID PACKAGE ANNUALLY WHICH INCLUDES ALL SOURCES OF FINANCIAL AID THAT THEY ARE ELIGIBLE AND QUALIFY FOR. AWARDS THAT MAY BE INCLUDED IN A FINANCIAL AID PACKAGE ARE: FEDERAL GRANTS (PELL AND SEOG) STATE GRANTS INSTITUTIONAL MERIT AWARDS INSTITUTIONAL NEED BASED AWARDS INSTITUTIONAL ENDOWED AWARDS FEDERAL LOANS (STAFFORD AND PERKINS) FEDERAL WORK STUDY THE COLLEGE CONTROLLER DETERMINES THE AMOUNT AVAILABLE IN ALL INSTITUTIONAL FUNDS ON AN ANNUAL BASIS. WESTMINSTER COLLEGE UNFUNDED AND FUNDED AID IS PORTABLE FOR OFF-CAMPUS STUDIES IF THE PROGRAM IS REQUIRED BY THE STUDENT'S MAJOR. THESE FUNDS ARE PORTABLE UP TO THE LESSER OF 1) THE TUITION OF THE OFF CAMPUS STUDIES PROGRAM, OR 2) THE LIMIT OF A STUDENT'S WESTMINSTER COLLEGE AWARDED AID WHERE A PARTICULAR STUDY-ABROAD PROGRAM'S TUITION IS GREATER THAN THE WESTMINSTER COLLEGE AID THE STUDENT IS ELIGIBLE TO RECEIVE FOR THE SAME PERIOD OF ENROLLMENT. BEFORE THESE FUNDS WILL BE PAID TO THE STUDY ABROAD PROGRAM ON THE STUDENT'S BEHALF, THE STUDENT IS REQUIRED TO PROVIDE A COPY OF THE INVOICE FOR THE STUDY ABROAD PROGRAM, WITH A SEPARATE LINE ITEM FOR TUITION. STUDENTS ARE REQUIRED TO HAVE THE INSTITUTION PROVIDE A COPY OF THE ACADEMIC TRANSCRIPTS FOR THE TERM(S) ABROAD TO WESTMINSTER COLLEGE. WESTMINSTER COLLEGES FINANCIAL AID OFFICE USES THE FINANCIAL AID MANAGEMENT SYSTEM POWERFAIDS TO MAINTAIN FINANCIAL AID AWARD RECORDS AND AMOUNTS. 1 ACADEMIC AND FINANCIAL ASSISTANCE/SCHOLARSHIPS 1270 20878842 N/A N/A PART I, LINE 2: WESTMINSTER COLLEGE FINANCIAL AID AWARDING PROCESS FINANCIAL AID IS AWARDED TO INCOMING FIRST YEAR STUDENTS ON THE BASIS OF THE RESULTS OF THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) AND BY THE USE OF A FINANCIAL AID MATRIX. THE FINANCIAL AID MATRIX IS BASED ON ACADEMIC ABILITY AND FINANCIAL NEED. WITHIN EACH CELL OF THE MATRIX THERE IS A FLOOR AND A CEILING RANGE USED FOR THE AWARDING OF INSTITUTIONAL FUNDS. A STUDENT IS PLACED INTO A FINANCIAL AID MATRIX CELL BASED ON BOTH HIGH SCHOOL GRADE POINT AVERAGE AND SAT AND/OR ACT SCORES. THE AMOUNT A STUDENT IS AWARDED BETWEEN THE FLOOR AND CEILING VALUE IN THE CELL IS BASED ON FINANCIAL NEED AS DETERMINED BY THE FAFSA. INSTITUTIONAL MERIT AWARDS (AWARDED BY ADMISSIONS) THESE ARE AWARDED TO STUDENTS REGARDLESS OF FINANCIAL NEED. MERIT SCHOLARSHIPS (UNFUNDED AID) ACCEPTED FIRST YEAR STUDENTS ARE AWARDED A MERIT SCHOLARSHIP DETERMINED BY WHERE THEY FALL IN THE MATRIX BASED ON HIGH SCHOOL GRADE POINT AVERAGE AND SAT AND/OR ACT SCORES. THE MERIT SCHOLARSHIP AWARD IS THE FLOOR VALUE FROM THE RESPECTIVE MATRIX CELL. STUDENTS WHO FALL IN THE TOP 20% OF THE APPLICANT POOL MAY BE SELECTED BY THE ADMISSIONS STAFF AS A WESTMINSTER SCHOLAR. SELECTED STUDENTS ARE GUARANTEED A MERIT AWARD WHICH IS THE FLOOR VALUE FROM THE MATRIX CELL. THE WESTMINSTER SCHOLAR IS ALSO GIVEN AN OPPORTUNITY TO COMPETE FOR A LARGER FOUR YEAR AWARD THROUGH THE SCHOLARS COMPETITIONS HELD ON THE WESTMINSTER CAMPUS. THIS COMPETITION HAS FACULTY INVOLVEMENT AND STUDENT ESSAYS. THE LARGER AWARDS INCLUDE FULL TUITION PRESIDENTIAL SCHOLARSHIPS, VANCE SCHOLARSHIPS, LEMMON SCHOLARSHIPS AND TITAN SCHOLARSHIPS (WITH A RANGE OF VALUES). NOMINATED MERIT BASED SCHOLARSHIPS (UNFUNDED AID) THE NOMINATED SCHOLARSHIPS AVAILABLE TO INCOMING FIRST YEAR STUDENTS ARE: 1) THE YOUNG PRESBYTERIAN SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST BE A MEMBER OF THE PRESBYTERIAN CHURCH USA, BE NOMINATED BY HIS/HER CHURCH AND PRESENT A MINIMUM GPA OF 3.5. 2) JERB MILLER SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST PRESENT BE NOMINATED BY AN EDUCATOR WHO IS A WESTMINSTER COLLEGE GRADUATE AND PRESENT A MINIMUM GPA OF 3.5. 3) LEGACY SCHOLARSHIP (FUNDED AID) -TO BE ELIGIBLE A STUDENT MUST PRESENT A CUMULATIVE GPA OF 3.0 AND HAVE A PARENT OR GRANDPARENT WHO EARNED A DEGREE FROM WESTMINSTER COLLEGE. MERIT SCHOLARSHIPS ARE RENEWABLE FOR UP TO THREE YEARS. THE STUDENT NEEDS TO MAINTAIN THE REQUIRED SCHOLARSHIP GPA (IF ONE EXISTS), OTHERWISE REMAIN IN GOOD ACADEMIC STANDING. INSTITUTIONAL NEED BASED AWARDS (UNFUNDED AID) NEED BASED INSTITUTIONAL FINANCIAL AID IS AWARDED TO STUDENTS BASED ON THE RESULTS OF THE FAFSA AND THE DETERMINATION OF THE STUDENTS DEMONSTRATED NEED. A STUDENT IS REQUIRED TO FILE A FAFSA FORM IN ORDER TO BE CONSIDERED FOR NEED BASED FINANCIAL AID. THE RESULTS OF THE FAFSA DETERMINE THE STUDENT'S EXPECTED FAMILY CONTRIBUTION (EFC). THE CALCULATION USED TO DETERMINE THE STUDENT'S FINANCIAL NEED IS: DIRECT COST OF ATTENDANCE* - EFC = STUDENT'S NEED (*DIRECT COST OF ATTENDANCE: TUITION & FEES, ROOM & BOARD FOR RESIDENT AND OFF CAMPUS STUDENTS, TUITION & FEES ONLY FOR COMMUTERS) THE CALCULATED STUDENT NEED IS REDUCED BY: FEDERAL NEED BASED FINANCIAL AID STATE NEED BASED FINANCIAL AID FUNDED GIFT AID INSTITUTIONAL MERIT THE REMAINING UNMET NEED, AFTER THE REDUCTIONS, IS MET BY USING INSTITUTIONAL NEED BASED GIFT AID WITH THE TOTAL OF INSTITUTIONAL AID BEING CAPPED BY THE CEILING VALUE FROM THE MATRIX CELL FOR THE STUDENT. INSTITUTIONAL NEED BASED AWARDS ARE USUALLY RENEWED PROVIDED THAT THE STUDENT CONTINUES TO DEMONSTRATE FINANCIAL NEED. FINANCIAL AID PACKAGING STUDENTS RECEIVE A FINANCIAL AID PACKAGE ANNUALLY WHICH INCLUDES ALL SOURCES OF FINANCIAL AID THAT THEY ARE ELIGIBLE AND QUALIFY FOR. AWARDS THAT MAY BE INCLUDED IN A FINANCIAL AID PACKAGE ARE: FEDERAL GRANTS (PELL AND SEOG) STATE GRANTS INSTITUTIONAL MERIT AWARDS INSTITUTIONAL NEED BASED AWARDS INSTITUTIONAL ENDOWED AWARDS FEDERAL LOANS (STAFFORD AND PERKINS) FEDERAL WORK STUDY THE COLLEGE CONTROLLER DETERMINES THE AMOUNT AVAILABLE IN ALL INSTITUTIONAL FUNDS ON AN ANNUAL BASIS. WESTMINSTER COLLEGE UNFUNDED AND FUNDED AID IS PORTABLE FOR OFF-CAMPUS STUDIES IF THE PROGRAM IS REQUIRED BY THE STUDENT'S MAJOR. THESE FUNDS ARE PORTABLE UP TO THE LESS OF 1) THE TUITION OF THE OFF CAMPUS STUDIES PROGRAM, OR 2) THE LIMIT OF A STUDENT'S WESTMINSTER COLLEGE AWARDED AID WHERE A PARTICULAR STUDY-ABROAD PROGRAM'S TUITION IS GREATER THAN THE WESTMINSTER COLLEGE AID THE STUDENT IS ELIGIBLE TO RECEIVE FOR THE SAME PERIOD OF ENROLLMENT. BEFORE THESE FUNDS WILL BE PAID TO THE STUDY ABROAD PROGRAM ON THE STUDENT'S BEHALF, THE STUDENT IS REQUIRED TO PROVIDE A COPY OF THE INVOICE FOR THE STUDY ABROAD PROGRAM, WITH A SEPARATE LINE ITEM FOR TUITION. STUDENTS ARE REQUIRED TO HAVE THE INSTITUTION PROVIDE A COPY OF THE ACADEMIC TRANSCRIPTS FOR THE TERM(S) ABROAD TO WESTMINSTER COLLEGE. WESTMINSTER COLLEGES FINANCIAL AID OFFICE USES THE FINANCIAL AID MANAGEMENT SYSTEM POWERFAIDS TO MAINTAIN FINANCIAL AID AWARD RECORDS AND AMOUNTS. X X X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 RICHARD H DORMAN PRESIDENT 248224 0 0 0 22691 0 53102 0 33856 0 357873 0 0 0 KENNETH J ROMIG TREASURER/VP FOR FINANCE 150759 0 0 0 10138 0 11821 0 17875 0 190593 0 0 0 DAVID RHODES DEAN OF ADMISSIONS (EXITED 12/2013) 132026 0 0 0 138 0 10320 0 14855 0 157339 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: FOR THE CONVENIENCE OF THE COLLEGE, THE PRESIDENT OCCUPIES THE RESIDENCE PROVIDED (MACK MANSE) BY THE COLLEGE IN ACCORDANCE WITH HIS EMPLOYMENT AGREEMENT. PERSONAL SERVICES (E.G., CLEANING SERVICES): THE COLLEGE MANSE IS THE PROPERTY OF WESTMINSTER, THEREFORE IT IS MAINTAINED BY WESTMINSTER'S PHYSICAL PLANT DEPARTMENT. CLUB MEMBERSHIPS: IN ORDER THAT THE PRESIDENT MAY ENTERTAIN POTENTIAL DONORS AND OTHER BUSINESS ASSOCIATES OF THE COLLEGE, THE COLLEGE PAYS OR REIMBURSES THE PRESIDENT FOR, THE PERIODIC DUES FOR MEMBERSHIP IN THE DUQUESNE CLUB AND THE NEW CASTLE COUNTRY CLUB. DIRECT EXPENSES FOR UTILIZATION OF THE CLUBS IS THE PRESIDENT'S RESPONSIBILITY, EXCEPT WHEN ATTRIBUTABLE TO COLLEGE BUSINESS. PART I, LINE 4B RICHARD H. DORMAN $34,000 FORM 990, SCHEDULE J, PART II: WESTMINSTER COLLEGE ACCOUNTED FOR THE PERSONAL USE OF VEHICLE ON BEHALF OF RICHARD H. DORMAN ON HIS 2013 FORM W-2. THE AMOUNT OF THE PERSONAL USE OF THE VEHICLE WAS $1,231 FOR THE 2013 CALENDAR YEAR. A NEW WILMINGTON MUNICIPAL AUTHORITY-SERIES 2007 251739535 64920RAS2 2007-06-27 17102753 SEE PART V 0 0 0 B NEW WILMINGTON MUNICIPAL AUTHORITY-SERIES 2011 251739535 2011-04-28 3000000 SEE PART V 0 0 0 A 17102753 1301944 12302716 207525 281203 3009365 2009 1 1 1 1 B 3000000 41000 2959000 2011 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 1 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: NEW WILMINGTON MUNICIPAL AUTHORITY-SERIES 2007 DATE THE REBATE COMPUTATION WAS PERFORMED: 05/01/2013 SCHEDULE K SUPPLENTAL INFORMATION (A) PURPOSE: TO REPAY THE 1998 COLLEGE REVENUE BONDS AND OUTSTANDING NOTES PAYABLE, FUND A DEBT SERVICE RESERVE, PAY THE COSTS OF ISSUANCE AND FINANCE CERTAIN CAPITAL PROJECTS (B) PURPOSE: TO FUND THE CONSTRUCTION OF STUDENT HOUSING. X 1 0 X 17 1183617 FAIR MARKET VALUE X SIGNAGE 2 1500 FMV X EVENT TICKETS 4 1116 FMV 0 0 1 0 PART I, LINE 33: THE COLLEGE OWNS A NUMBER OF PIECES OF ART AND HISTORIC TREASURES, NONE OF WHICH ARE RECORDED IN THE FINANCIAL STATEMENTS. THESE ITEMS HAVE BEEN GIVEN TO THE COLLEGE OVER A NUMBER OF YEARS, ARE GENERALLY DISPLAYED IN VARIOUS LOCATIONS AROUND CAMPUS AND ARE INSURED. THE VALUE OF NON-CASH CONTRIBUTIONS IS NOT DETERMINED BY THE COLLEGE AND NO GIFT CREDIT IS ISSUED TO THE DONOR. IN ORDER TO RECEIVE GIFT CREDIT, A DONOR MUST HAVE THE ITEM APPRAISED BY AN INDEPENDENT OUTSIDE APPRAISER. THIS PROCESS DOES NOT APPLY TO THE RECEIPT OF A PUBLICLY TRADED STOCK GIFT. WHEN WESTMINSTER COLLEGE RECEIVES A STOCK GIFT, THE GIFT IS VALUED AT THE AVERAGE OF THE STOCK'S HIGH AND LOW TRADING PRICE, AS INDICATED IN THE WALL STREET JOURNAL, ON THE DATE OF TRANSFER TO THE COLLEGE. THIS METHOD PROVIDES AN OBJECTIVE DETERMINATION OF THE VALUE OF THE GIFT. FORM 990, PART III, LINE 2 WESTMINSTER COLLEGE PARTNERED WITH THE K-12 TEACHERS ALLIANCE (KTA) TO OFFER GRADUATE DEGREES AND CERTIFICATE PROGRAMS IN EDUCATION TO A LARGER POPULATION OF STUDENTS BY OFFERING OFF-CAMPUS COHORTS AT VARIOUS LOCATIONS. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE SHALL BE INVESTED WITH ALL THE POWERS OF AUTHORITY OF THE BOARD OF TRUSTEES WHEN THE BOARD IS NOT IN SESSION EXCEPT AS MAY OTHERWISE BE PROVIDED IN THESE BYLAWS, PROVIDED THAT THE EXECUTIVE COMMITTEE SHALL HAVE NO AUTHORITY TO RESCIND OR CANCEL ANY RESOLUTION THERETOFORE ADOPTED BY THE BOARD OF TRUSTEES RELATING TO THE MEMBERSHIP, POWERS OR DUTIES OF THE EXECUTIVE COMMITTEE OR TO AMEND THE ARTICLES OF INCORPORATION. THE EXECUTIVE COMMITTEE DID NOT EXERCISE THIS AUTHORITY DURING THE FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 11 THE WESTMINSTER FINANCIAL MANAGEMENT TEAM REVIEWS THE FORM 990 AND SEEKS INPUT REGARDING THE SAME FROM THE PRESIDENT. THE COLLEGE'S TRUSTEES ARE PROVIDED WITH ACCESS TO A SECURE WEBSITE WHERE THEY ARE ABLE TO REVIEW A DRAFT OF THE COLLEGE'S TAX RETURN FOR THE YEAR ENDED JUNE 30, 2014. THE COLLEGE'S TRUSTEES ARE INVITED TO PARTICIPATE IN A TELECONFERENCE WITH MEMBERS OF THE COLLEGE'S ADMINISTRATION WHO ARE RESPONSIBLE FOR PREPARING THE COLLEGE'S TAX RETURN. DURING THE TELECONFERENCE, THE COLLEGE'S FINANCIAL ADMINISTRATORS REVIEW THE DRAFT OF THE TAX RETURN. WEBSITE ACCESS TO A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO THE TRUSTEES PRIOR TO THE FILING OF THE RETURN WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS A FORMAL CONFLICT OF INTEREST POLICY. EVERY TRUSTEE AND OFFICER ALONG WITH EMPLOYEES WHO MEET THE CRITERIA AS DEFINED: EMPLOYEE: AN EMPLOYEE OF THE COLLEGE WHO HAS AUTHORITY TO EXPEND COLLEGE FUNDS OR TO INCUR CONTRACTUAL LIABILITY ON BEHALF OF THE COLLEGE ARE REQUIRED TO ANNUALLY (1) REVIEW THE COLLEGE'S CONFLICT OF INTEREST POLICY, (2) DISCLOSE TO THE BEST OF HIS/HER KNOWLEDGE ANY BUSINESS, PERSONAL, FAMILY AND NOT-FOR-PROFIT RELATIONSHIPS THAT COULD REASONABLY GIVE RISE TO A CONFLICT OF INTEREST, (3) SUMMARIZE IN WRITING ANY POTENTIAL CONFLICT OF INTEREST AS MAY ALREADY EXIST, AND (4) ACKNOWLEDGE BY SIGNATURE ON A DISCLOSURE FORM THAT HE OR SHE ACTED IN ACCORDANCE WITH THE LETTER AND SPIRIT OF THE POLICY. THE EMPLOYEE DISCLOSURE FORMS ARE SUBMITTED TO THE COLLEGE'S DIRECTOR OF HUMAN RESOURCES AND THE DISCLOSURE FORMS FOR TRUSTEES, OFFICERS AND KEY EMPLOYEES ARE SUBMITTED TO THE CHAIR OF THE COLLEGE'S FINANCE, AUDIT AND COMPLIANCE COMMITTEE. THE CHAIR OF THE BOARD OF TRUSTEES AND THE CHAIR OF THE FINANCE, AUDIT AND COMPLIANCE COMMITTEE ARE RESPONSIBLE FOR DETERMINING WHETHER OR NOT CERTAIN RELATIONSHIPS GIVE RISE TO CONFLICTS OF INTEREST. THE CHAIR OF THE FINANCE, AUDIT AND COMPLIANCE COMMITTEE DELIVERS A CONFLICT OF INTEREST REPORT TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE PRESIDENT OF THE COLLEGE WAS DETERMINED BY A SPECIALLY APPOINTED COMMITTEE OF THE BOARD OF TRUSTEES WHO WAS EMPOWERED BY THE BOARD OF TRUSTEES TO NEGOTIATE AN EMPLOYMENT CONTRACT WITH THE PRESIDENT. THE MEMBERS OF THE SPECIAL COMPENSATION COMMITTEE WERE INDEPENDENT, NONE WERE COMPENSATED BY THE COLLEGE, NOR DOES A COMPENSATION ARRANGEMENT EXIST BETWEEN THE COLLEGE, FAMILY MEMBERS OF THE COMPENSATION COMMITTEE OR ANY BUSINESS IN WHICH ANY OF THEIR FAMILY MEMBERS HAVE AN INTEREST. WHEN THE PRESIDENT'S EMPLOYMENT AGREEMENT WITH WESTMINSTER COLLEGE WAS RENEWED ON NOVEMBER 1, 2010, THE COMMITTEE REVIEWED THE COMPENSATION PAID TO THE PRESIDENTS OF THE 30 COLLEGES TO WHICH WESTMINSTER REGULARLY COMPARES ITSELF WITH RESPECT TO TUITION AND FEES, ENDOWMENT RETURNS AND OTHER METRICS. BASED ON THIS DATA, THE COMMITTEE WAS SATISFIED THAT THE COMPENSATION OFFERED TO DR. DORMAN REFLECTED THE FAIR MARKET VALUE FOR THE SERVICES TO BE RENDERED TO THE COLLEGE. THE AGREEMENT EXECUTED BETWEEN WESTMINSTER COLLEGE AND DR. DORMAN EXTENDED THE EMPLOYMENT OF DR. DORMAN TO SERVE THE COLLEGE PURSUANT TO TERMS AND CONDITIONS OF THE AGREEMENT AS PRESIDENT OF THE COLLEGE UNTIL JUNE 30, 2016. THE PRESIDENT'S BASE SALARY SHALL BE SUBJECT TO ANNUAL REVIEWS BY THE GOVERNANCE COMMITTEE OR ITS DESIGNEE, AND MAY BE INCREASED WITH THE APPROVAL OF THE EXECUTIVE COMMITTEE. THE COLLEGE DETERMINES THE COMPENSATION FOR ITS KEY EMPLOYEES BASED ON THE COMPENSATION REPORTED ON FORM 990 FOR THE COLLEGE'S PEER INSTITUTIONS. THE COLLEGE HAS IDENTIFIED 30 PEER INSTITUTIONS THAT HAVE CHARACTERISTICS SUCH AS ENROLLMENT, ENDOWMENT, STUDENT BODY, ETC. THAT ARE SIMILAR TO THE COLLEGE'S CHARACTERISTICS. IN ADDITION, THE COLLEGE ALSO USES A COMPENSATION SURVEY OF HIGHER EDUCATION INSTITUTIONS WHICH PROVIDES A BROADER BASIS TO HELP ASSESS THE REASONABLENESS OF THE COMPENSATION OF THE COLLEGE'S KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. IN ADDITION, THE COLLEGE'S FINANCIAL STATEMENTS MAY BE VIEWED ON THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE AT HTTP://EMMA.MSRB.ORG/. FORM 990, PART XI, LINE 9: CHANGES IN UNRECOGNIZED PENSION BENEFIT PLAN COSTS -530,513. FORM 990, PART XII, QUESTION 2, FINANCIAL STATEMENTS AND REPORTING: THE COLLEGE'S FINANCE, AUDIT AND COMPLIANCE COMMITTEE ASSUMES THE RESPONSIBLITY FOR OVERSIGHT OF THE AUDIT AND OF ITS FINANCIAL STATEMENTS AND ITS SELECTION OF THE INDEPENDENT AUDITORS. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. INTERESTS IN TRUSTS (8) PHILANTHROPY PA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0