2014-05-14T12:01:21-05:00 2013-06-30 410746749 CLIFTONLARSONALLEN LLP 300 CROWN COLONY DRIVE SUITE 310 QUINCY MA 02169 990 2012-07-01 042104736 MOUNT IDA COLLEGE MOUN 6179284500 777 DEDHAM STREET NEWTON CENTRE MA 024593323 BARRY BROWN 6179284502 2014-05-12 1 P00078514 6179848100 2012 2015-11-30 17:44:51Z BARRY BROWN 777 DEDHAM STREET NEWTON CENTRE MA 024593323 70484611 0 X WWW.MOUNTIDA.EDU X 1938 MA TO EMPOWER ALL STUDENTS TO ACHIEVE ACADEMICALLY AND CONTRIBUTE RESPONSIBLY IN A CHANGING WORLD. 20 20 872 50 0 25310 485399 620956 47394774 46516523 405079 867496 0 0 48285252 48004975 12176115 12247204 0 0 18428043 17323025 0 0 732479 17131369 17454296 47735527 47024525 549725 980450 51639465 58099163 40793298 46142412 10846167 11956751 X MOUNT IDA COLLEGE PROVIDES A DIVERSE COMMUNITY OF LEARNERS A CHALLENGING EDUCATION THAT BLENDS THE LIBERAL ARTS WITH PROFESSIONAL PREPARATION. WE DEDICATE OUR ENERGY, IMAGINATION, AND RESOURCES TO EMPOWERING ALL STUDENTS TO ACHIEVE ACADEMICALLY AND CONTRIBUTE RESPONSIBLY IN A CHANGING WORLD. 0 0 26153631 12247204 33965399 HIGHER EDUCATION: MOUNT IDA COLLEGE IS A MASSACHUSETTS NOT-FOR-PROFIT CORPORATION CHARTERED IN 1899. THE COLLEGE IS AN INDEPENDENT FOUR-YEAR COEDUCATIONAL INSTITUTION OF HIGHER LEARNING. ITS 70-ACRE CAMPUS IS LOCATED IN NEWTON, MASSACHUSETTS. THE COLLEGE IS ACCREDITED BY THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES, INC. APPROXIMATELY 1,500 FULL- AND PART-TIME STUDENTS ARE ENROLLED IN THE COLLEGE'S FIVE SCHOOLS THAT OFFER MORE THAN 25 AREAS OF STUDY: ANIMAL SCIENCE, ARTS AND SCIENCES, BUSINESS, DESIGN, AND THE NEW ENGLAND INSTITUTE. OVER 85% OF THE STUDENTS ARE ENROLLED IN BACCALAUREATE PROGRAMS. THE COLLEGE'S PHILOSOPHY OF BLENDING A STRONG LIBERAL ARTS FOUNDATION WITH PROFESSIONAL PREPARATION HAS SINCE BEEN ENHANCED BY THE OFFERING OF MASTER'S DEGREE STUDY. 7777301 0 11369625 AUXILIARY ENTERPRISES: THE COLLEGE PROVIDES ROOM AND BOARD FOR APPROXIMATELY 900 STUDENTS WHO RESIDE ON CAMPUS OR LIVE IN CAMPUS-SPONSORED HOUSING. THE COLLEGE ALSO PROVIDES ITS FACILITIES TO OTHER EDUCATIONAL INSTITUTIONS WHOSE MISSIONS ARE SIMILAR TO THAT OF THE COLLEGE. OTHER AUXILIARY ENTERPRISES INCLUDE THE OPERATION OF LONGFELLOW PRE-SCHOOL, WHICH IS A LABORATORY OF ITS EARLY CHILDHOOD DEVELOPMENT PROGRAM, AND MOUNT IDA SUMMER DAY CAMP. LONGFELLOW PRE-SCHOOL PROVIDES A QUALITY EDUCATION EXPERIENCE, INCLUDING A TRANSITIONAL KINDERGARTEN PROGRAM, FOR A MULTI-AGE GROUP OF CHILDREN WHOSE AGES RANGE FROM THREE TO FIVE YEARS. 6833624 0 1181499 STUDENT SERVICES: SERVING APPROXIMATELY 1,500 FULL- AND PART-TIME STUDENTS FROM MORE THAN 25 STATES AND 35 COUNTRIES, THE OFFICE OF STUDENT AFFAIRS OFFERS SUPPORT FOR THE INTELLECTUAL, SOCIAL, EMOTIONAL, SPIRITUAL, AND PHYSICAL WELL-BEING OF ALL MOUNT IDA STUDENTS. THE OFFICE OF STUDENT ACTIVITIES FOSTERS STUDENT DEVELOPMENT BY PROVIDING SOCIAL, EDUCATIONAL, AND CULTURAL CO-CURRICULAR PROGRAMS. THE COLLEGE STRIVES TO ENHANCE LEADERSHIP SKILLS BY OFFERING OPPORTUNITIES TO BECOME INVOLVED WITH STUDENT GOVERNMENT, EVENT PLANNING, AND OTHER LEADERSHIP DEVELOPMENT WORKSHOPS AND PROGRAMS. STUDENTS PARTICIPATE IN 14 NCAA DIVISION III INTERCOLLEGIATE ATHLETIC PROGRAMS, AND ARE STRONGLY ENCOURAGED TO ENGAGE IN COMMUNITY SERVICE. 40764556 1 1 0 0 0 0 0 1 0 1 1 0 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 1 1 0 0 0 0 0 0 0 0 1 89 0 872 1 1 1 0 0 0 0 1 1 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X CHERYLE STPIERRE-SLEBODA VP FOR FINANCE & ADMIN 6179284516 777 DEDHAM STREET NEWTON CENTRE MA 024593323 CORRADO ADDONISIO 1.00 X 0 0 0 JUDITH ALLEN 1.00 X 0 0 0 MICHAEL T BURNS CPA 1.00 X 0 0 0 BLOSSOM A BURTON EDD 1.00 X 0 0 0 KATHRYN CORBIN 1.00 X 0 0 0 KEVIN D CROWLEY CHFC 1.00 X 0 0 0 JAN WOOD BEAVEN 1.00 X 0 0 0 ROBERT GIANNINO-RACINE 1.00 X 0 0 0 KATHERINE H HANSON 1.00 X 0 0 0 MICHAEL KERRIGAN 1.00 X 0 0 0 RALPH FUCCILLO 1.00 X 0 0 0 ROBERT LEWIS JR 1.00 X 0 0 0 AMELIA B NYCHIS 1.00 X 0 0 0 JOHN ROSS 1.00 X 0 0 0 DAVID BREZNIAK 1.00 X 0 0 0 SYLVIA Q SIMMONS PHD 1.00 X 0 0 0 EDWARD A STETTNER PHD 1.00 X 0 0 0 THOMAS J WAITE 1.00 X 0 0 0 BARRY WANGER 1.00 X 0 0 0 BURTON WINNICK LLB 1.00 X 0 0 0 BARRY BROWN 55.00 X 174210 0 25534 CHERYL ST PIERRE-SLEBODA 55.00 X 163238 0 29408 GRACE BELTRAME 40.00 X 54713 0 6198 MARYELLEN BEAULIEU EDD 40.00 X 171167 0 20076 MAUREEN MORIARTY 40.00 X 165267 0 20331 RONALD AKIE 40.00 X 119167 0 17746 ELIZABETH A TRUE EDD 40.00 X 126945 0 20502 DANIEL P YOUNG 40.00 X 118626 0 18343 ROBERTA G STEINBERG 40.00 X 104224 0 28385 DAVID VALENTINE 40.00 X 102697 0 22782 LANCE W CARLUCCIO PHD 40.00 X 137224 0 40705 1437478 0 250010 11 1 1 0 SODEXO INC & AFFILLIATES 9801 WASHINGTON BLVD GAITHERSBURG MD 20878 JANITORIAL & CUSTODIAL 2692244 ARAMARK SERVICES INC TWO PLEASURE ISLAND RD WAKEFIELD MA 01880 DINING SERVICES 2207592 RAD CORPORATIONS PO BOX 1328 LAKEPORT CA 95453 CONSTRUCTION CONTRACTOR 1785405 METROPOLITAN CONSTRUCTION CO INC 99 SUMMER ST M130 BOSTON MA 02110 CONSTRUCTION CONTRACTOR 1312087 SECURITAS SECURITY USA INC 9 WINTER ST BOSTON MA 02108 PUBLIC SAFETY 734867 25 620956 146077 620956 TUITION & FEES 611600 34467846 34467846 AUXILIARY ENTERPRISES 611710 11369625 11369625 GOVERNMENT FEES 611710 679052 679052 46516523 232146 232146 23047786 67200 22412836 66800 634950 400 635350 635350 48004975 46516523 0 867496 12108679 12108679 138525 138525 1508410 800526 439968 267916 12811947 10918153 1693631 200163 479536 382120 79642 17774 1513733 1253782 217648 42303 1009399 836598 140984 31817 251066 251066 72928 72928 31645 31645 1329191 1024962 289283 14946 54789 33982 9805 11002 874305 500339 323300 50666 190379 31945 158434 5239293 4905896 314078 19319 279761 262827 9512 7422 100129 87758 10811 1560 1060878 990959 69907 12 2203654 1981790 216288 5576 685565 487642 196793 1130 SUPPLIES 3054196 2936992 64248 52956 BAD DEBT EXPENSE 772668 772668 SECURITY SERVICE 671156 620964 46741 3451 STUDENT ACTIVITIES 320277 319205 1072 262416 140912 118110 3394 47024525 40764556 5527490 732479 326145 467570 1004308 454239 145278 198944 804969 1173915 386076 291577 65664513 23750553 36506105 41913960 11732330 12644913 339012 547302 395242 406743 51639465 58099163 3046145 4814598 942821 2788351 25957550 28152517 5996956 5226015 4849826 5160931 40793298 46142412 X 9569449 10558990 506382 516477 770336 881284 10846167 11956751 51639465 58099163 X 980450 251549 -121415 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 11732330 135208 1118561 302727 38459 12644913 11726565 16815 21671 32721 11732330 9989937 76256 1688430 28058 11726565 9054753 177026 894086 106768 29160 9989937 10761721 37055 -1718744 25279 9054753 0.91670 0.06940 0.01390 0 0 113426 113426 52138346 17988020 34150326 9835913 5762533 4073380 3576828 3576828 41913960 ACCRUED PENSION LIABILITY 3217366 DEFERRED COMPENSATION 844602 FINANCING OBLIGATION 698949 CAPITAL LEASE PAYABLE 366647 ANNUITY PAYMENT LIABILITY 33367 5160931 X 36009320 251549 251549 35757771 12247204 12247204 48004975 34898736 121415 121415 34777321 12247204 12247204 47024525 PART III, LINE 1A: CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES, AND SIMILAR ASSETS HELD AS PART OF A COLLECTION FOR EDUCATION, RESEARCH, OR PUBLIC EXHIBITION PURPOSES RATHER THAN FOR SALE OR FINANCIAL GAIN ARE NOT RECOGNIZED OR CAPITALIZED. PART III, LINE 4: FACULTY IN THE SCHOOL OF DESIGN MAKE USE OF VARIOUS ITEMS IN THE ART COLLECTION ON CAMPUS AS TEACHING AIDS AND EXAMPLES RELATING TO WORK THAT STUDENTS DO IN CLASSES SUCH AS AR 102 BASIC DRAWING SKILLS, AR 112 TWO- AND THREE-DIMENSIONAL DESIGN, AND AR 107 DRAWING CONCEPTS, TO NAME A FEW. STUDENTS IN BASIC DRAWING MAKE STUDIES OF SCULPTURE ON CAMPUS EACH YEAR AS PART OF THE COURSE EXPERIENCE. IN TWO- AND THREE-DIMENSIONAL DESIGN, STUDENTS ARE ASKED TO CREATE THEIR OWN SCULPTURE IN-THE-ROUND. THEY ARE ABLE TO STUDY EXAMPLES OF THIS TYPE OF SCULPTURE ON THE CAMPUS GROUNDS IN PREPARATION FOR MAKING THEIR OWN WORK. IN DRAWING CONCEPTS, VARIOUS WATERCOLOR PAINTINGS ARE USED TO DEMONSTRATE TO STUDENTS HOW LINEAR PERSPECTIVE IS USED TO CREATE ILLUSIONISTIC THREE-DIMENSIONAL SPACE ON A TWO-DIMENSIONAL SURFACE. IN GENERAL, THE ITEMS IN THE COLLECTION HELP CREATE AN ENVIRONMENT OF ART AND DESIGN ON CAMPUS FOR THOSE STUDYING IN DESIGN PROGRAMS AND SUPPORT THE COLLEGE'S MISSION OF BLENDING THE LIBERAL ARTS WITH PROFESSIONAL PREPARATION FOR ALL STUDENTS. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE COLLEGE ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THE IMPLEMENTATION OF THIS STANDARD HAD NO EFFECT ON THE COLLEGE'S FINANCIAL STATEMENTS. MANAGEMENT BELIEVES THAT THE COLLEGE HAS NO MATERIAL UNCERTAINTIES REGARDING INCOME TAXES. THE COLLEGE'S FEDERAL AND STATE TAX RETURNS ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES FOR THE FISCAL YEARS ENDED JUNE 30, 2010, 2011, AND 2012. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 12,247,204. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN ACCRUED PENSION LIABILITY 121,415. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 12,247,204. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 MOUNT IDA COLLEGE IS COMMITTED TO A POLICY OF NON-DISCRIMINATION IN ITS EDUCATIONAL PROGRAMS, ACTIVITIES, AND EMPLOYMENT PRACTICES. IT IS THE POLICY OF THE COLLEGE NOT TO DISCRIMINATE ON THE BASIS OF RACE, ETHNICITY, NATIONAL ORIGIN, SEXUAL ORIENTATION, COLOR, AGE, RELIGION,OR HANDICAP. THIS POLICY IS CLEARLY STATED IN ALL PRINTED MATERIALS AND PROPERLY DISCLOSED ON ALL BROADCAST AND TELEVISED MEDIA. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES GRANTS IN THE FORM OF FUNDS TO BE DISTRIBUTED FOR STUDENT FINANCIAL AID OR SUPPORT OF EDUCATIONAL PROGRAMS FROM THE FOLLOWING ORGANIZATIONS: SCHOLARSHIP PAYMENTS FROM VARIOUS STATE AGENCIES ON BEHALF OF STUDENTS - UNITED STATES DEPARTMENT OF EDUCATION; STUDENT FINANCIAL ASSISTANCE - CLUSTER; FEDERAL PELL GRANT PROGRAM; FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS; AND FEDERAL WORK STUDY PROGRAM. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 0 2 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES 40825 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES FINANCIAL AID 11000 CENTRAL AMERICA AND THE CARIBBEAN 0 4 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES 26700 EAST ASIA AND THE PACIFIC 0 18 PROGRAM SERVICES FINANCIAL AID - STUDY ABROAD EXPENDITURES; RECRUITING EXPENDITURES 211000 0 24 0 0 0 24 289525 0 289525 FINANCIAL AID EUROPE (INCLUDING ICELAND & GREENLAND) - 5 11125 DIRECT APPLICATION TO STUDENT ACCOUNT N/A FMV FINANCIAL AID MIDDLE EAST AND NORTH AFRICA - 12 11000 DIRECT APPLICATION TO STUDENT ACCOUNT N/A FMV FINANCIAL AID CENTRAL AMERICA AND THE CARIBBEAN - 3 3000 DIRECT APPLICATION TO STUDENT ACCOUNT N/A FMV FINANCIAL AID EAST ASIA AND THE PACIFIC - 58 113400 DIRECT APPLICATION TO STUDENT ACCOUNT N/A FMV 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: THE COLLEGE'S DEPARTMENT OF FINANCIAL AID REVIEWS AND APPROVES THE PROCEDURES FOR MONITORING THE FUNDS. THE CONTROLLER AND BURSAR MONITOR THE USE OF GRANT FUNDS AND APPLY GENERAL ACCOUNTING PROCEDURES IN BOOKING THE FUNDS ON FINANCIAL RECORDS. 1 SCHOLARSHIPS 1457 12108679 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE'S DEPARTMENT OF FINANCIAL AID REVIEWS AND APPROVES THE PROCEDURES FOR MONITORING THE FUNDS. THE CONTROLLER AND BURSAR MONITOR THE USE OF GRANT FUNDS AND APPLY GENERAL ACCOUNTING PROCEDURES IN BOOKING THE FUNDS ON FINANCIAL RECORDS. X 1 1 X X X X X 1 1 0 0 0 0 0 0 0 BARRY BROWN 172686 0 0 0 1524 0 18683 0 6851 0 199744 0 0 0 CHERYL ST PIERRE-SLEBODA 162672 0 0 0 566 0 14450 0 14958 0 192646 0 0 0 MARYELLEN BEAULIEU EDD 69173 0 0 0 101994 0 8279 0 11797 0 191243 0 0 0 MAUREEN MORIARTY 101784 0 0 0 63483 0 7698 0 12633 0 185598 0 0 0 LANCE W CARLUCCIO PHD 135700 0 0 0 1524 0 22500 0 18205 0 177929 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS HOUSING ALLOWANCE - LANCE CARLUCCIO - $12,000 - NOT INCLUDED IN TAXABLE INCOME PART I, LINES 4A-B THE FOLLOWING INDIVIDUALS RECEIVED A SEVERANCE PAYMENT FROM THE ORGANIZATION: MARYELLEN BEAULIEU $100,962 MAUREEN MORIARTY $63,019 THE FOLLOWING INDIVIDUAL RECEIVED A CONTRIBUTION INTO A A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN (457(F) PLAN): BARRY BROWN $17,000 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2012-05-10 26000000 REFINANCE OLD DEBT, NEW FACILITY CONSTRUCTION 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2013-02-13 12500000 RENOVATE, EQUIP AND FURNISH FACILITIES 0 0 0 A 579665 26004035 454239 16685 325781 24686244 2013 1 0 0 1 B 2728147 219652 0 0 0 1 A 0 1 0 0 0 0 1 B 0 1 0 0 0.02030 0.00000 0.02030 0 0 1 A 0 0 1 0 0 0 0 0 0 A 1 B 1 MCCARTER AND ENGLISH LLP BURTON WINNICK IS A TRUSTEE AND PARTNER IN THE LAW FIRM 71113 CONSULTING FEES 0 X 1111 FAIR MARKET VALUE X 3 54900 FAIR MARKET VALUE X HORSES 2 76000 FAIR MARKET VALUE X SPORTS EQUIP 1 7630 FAIR MARKET VALUE X VIDEO EQUIP 1 6156 FAIR MARKET VALUE X EVENT TICKETS 2 280 FAIR MARKET VALUE 0 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTIONS: PART I, COLUMN (B): NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES CONSISTS OF THE CHAIR OF THE BOARD OF TRUSTEES, THE VICE CHAIR OF THE BOARD OF TRUSTEES BOTH AS EX-OFFICIO VOTING MEMBERS, AND THE PRESIDENT AS A NON-VOTING EX-OFFICIO MEMBER, AND NOT LESS THAN FIVE ADDITIONAL TRUSTEE MEMBERS, EXCEPT WHERE THE LARGER NUMBER IS REQUIRED BY THE LAW. THE EXECUTIVE COMMITTEE MAY MAKE RULES FOR THE CONDUCT OF ITS BUSINESS, BUT UNLESS OTHERWISE PROVIDED BY THE TRUSTEES OR IN SUCH RULES, ITS BUSINESS SHALL BE CONDUCTED AS NEARLY AS MAY BE IN THE SAME MANNER AS IT PROVIDED IN THE BY-LAWS FOR THE TRUSTEES. THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL OF THE POWERS OF THE BOARD OF TRUSTEES IN THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE COLLEGE WHEN THE BOARD IS NOT IN SESSION, TO TRANSACT ALL BUSINESS AND ON BEHALF OF THE CORPORATION AND TO GIVE THE NECESSARY INSTRUCTIONS TO THE EXECUTIVE OFFICERS ON BEHALF OF THE BOARD AND AUTHORIZE ANY OF THE OFFICERS, ON BEHALF OF THE CORPORATION, TO SIGN, AFFIX THE CORPORATE SEAL TO, AND DELIVER ANY CONTRACTS, DEEDS, RELEASE, ASSIGNMENTS, OR OTHER INSTRUMENTS IN WRITING, EXCEPT THAT THE EXECUTIVE COMMITTEE SHALL HAVE NO POWER TO ALTER OR AMEND THE ARTICLES OF ORGANIZATION OF THE COLLEGE, TO AMEND THE BY-LAWS, TO AWARD OR CONFER DEGREES, TO CHANGE THE PRINCIPAL OFFICE OF THE CORPORATION, TO ELECT OFFICERS, TO FILL ANY VACANCY IN SUCH OFFICE OR REVERSE ANY PRIOR ACTION OF THE BOARD, TO REMOVE OFFICERS OR TRUSTEES FROM OFFICE, TO AUTHORIZE A MERGER OF THE CORPORATION, TO CHANGE THE NUMBER OF THE BOARD OF TRUSTEES OR TO FILL VACANCIES ON THE BOARD OF TRUSTEES, OR AS MAY OTHERWISE BE LIMITED LAW, THE ARTICLES OF ORGANIZATION OR THESE BY-LAWS. THE TREASURER AND COUNSEL SHALL ATTEND ALL MEETINGS OF THE EXECUTIVE COMMITTEE TO ADVICE AND INFORM THE COMMITTEE, WITHOUT AUTHORITY TO VOTE THEREAT BUT THE ABSENCE OF THE TREASURER OR COUNSEL FROM ANY MEETING SHALL NOT IMPAIR THE VALIDITY OF ANY OTHERWISE LAWFUL ACTION TAKEN AT SUCH MEETING. THE EXECUTIVE COMMITTEE SHALL REPORT TO THE BOARD OF TRUSTEES ITS FINDINGS, RECOMMENDATIONS AND ACTIONS RELATING TO THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11 BEFORE THE FORM 990 WAS FILED, THE RETURN WAS REVIEWED BY THE AUDIT COMMITTEE AND THEN DISTRIBUTED TO THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE'S CONFLICT OF INTEREST POLICY COVERS TRUSTEES (INCLUDING EX-OFFICIO, HONORARY AND EMERITUS MEMBERS OF THE BOARD OF TRUSTEES), COMMITTEE MEMBERS AND EXECUTIVE OFFICERS. ALL COVERED INDIVIDUALS ARE REQUIRED TO SUBMIT AN ANNUAL DISCLOSURE TO THE FULL BOARD OF TRUSTEES IDENTIFYING POTENTIAL RELATIONSHIPS THAT MIGHT GIVE RISE TO A CONFLICT OF INTEREST, WITH UPDATES TO THE DISCLOSURES IN THE EVENT OF CHANGED CIRCUMSTANCES. POTENTIAL CONFLICTS ARE SUBJECT TO THE REVIEW AND APPROVAL OF THE BOARD OF TRUSTEES TO ENSURE THAT SUCH TRANSACTION OR RELATIONSHIP IS IN THE BEST INTERESTS OF THE COLLEGE AND COMPLIES WITH COLLEGE POLICY AND ALL APPLICABLE LEGAL AND ETHICAL GUIDELINES. ANY COVERED INDIVIDUAL HAVING A PERSONAL INTEREST IN A GIVEN TRANSACTION OR OTHER RELATIONSHIP SHALL NOT PARTICIPATE IN THE DISCUSSION OF THAT TRANSACTION OR RELATIONSHIP, EXCEPT TO RESPOND TO QUESTIONS OR INQUIRIES FROM OR PROVIDE INFORMATION REQUESTED BY THE TRUSTEES OR OTHERS, SHALL SPECIFICALLY ABSTAIN FROM VOTING ON THE TRANSACTION OR RELATIONSHIP, AND SHALL NOT BE COUNTED TOWARDS A QUORUM FOR PURPOSES OF THE VOTE. THE EXECUTIVE COMMITTEE SHALL REPORT TO THE BOARD OF TRUSTEES PERIODICALLY, AND AT LEAST ANNUALLY, ON ALL NON-DE MINIMIS TRANSACTIONS AND OTHER FINANCIAL RELATIONSHIPS BETWEEN THE COLLEGE AND COVERED PERSONS. SUCH REPORT SHALL INCLUDE A DESCRIPTION OF THE TRANSACTION OR RELATIONSHIP, THE FEES PAID OR RECEIVED BY THE COLLEGE (IF ANY), AND OTHER RELEVANT INFORMATION. THIS PROCESS WAS LAST UNDERTAKEN IN 2012 DURING THE PRESIDENTIAL SEARCH. THE VICE-PRESIDENT OF FINANCE, THE VICE-PRESIDENT OF ACADEMIC AFFAIRS, THE VICE-PRESIDENT OF ENROLLMENT MANAGEMENT AND MARKETING AND THE VICE-PRESIDENT OF STUDENT AFFAIRS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES APPROVES THE CONTRACT, IF ANY, AND ALL SALARY, INCENTIVES, BONUSES, LOANS, SUBSIDIES, IN-KIND BENEFITS, EXPENSE ALLOWANCES, DEFERRED COMPENSATION PAYMENTS TO BENEFIT PLANS AND RETIREMENT PLANS, PAYMENTS FOR UNUSED SABBATICAL LEAVE, SEVERANCE PAYMENTS AND ARRANGEMENTS, AND ANY OTHER COMPENSATION, BENEFITS, PAYMENTS AND PERQUISITES, FOR OR OTHERWISE IN BEHALF OF OF THE PRESIDENT, THE EXECUTIVE VICE PRESIDENT, THE VICE PRESIDENTS, AND THE TREASURER BY, FROM OR ON BEHALF OF THE COLLEGE. THERE SHALL BE A DISCLOSURE TO THE BOARD OF TRUSTEES OF ANY COMPENSATION, BENEFITS, PAYMENTS AND PERQUISITES WHATSOEVER PAID TO THE AFOREMENTIONED OFFICERS BY, FOR OR ON BEHALF OF ANY AFFILIATED ORGANIZATION DEFINED HEREINAFTER. THE COMPENSATION COMMITTEE ("THE COMMITTEE") IS RESPONSIBLE FOR THE ANNUAL REVIEW OF THE PRESIDENT'S COMPENSATION AND BENEFITS, FOLLOWING A PERFORMANCE REVIEW. THE COMMITTEE MAY DELEGATE THE PERFORMANCE REVIEW PORTION OF THIS RESPONSIBILITY TO THE CHAIR OF THE BOARD OF TRUSTEES AND TWO OR MORE MEMBERS OF THE COMMITTEE. CHANGES IN COMPENSATION OF THE PRESIDENT SHALL BE CONSISTENT WITH STANDARDS IN THE HIGHER EDUCATION COMMUNITY, WITH SPECIAL REFERENCE TO COMPARABLE INSTITUTIONS. PROPOSED CHANGES, TOGETHER WITH THE COMMITTEE'S RECOMMENDATIONS, SHALL BE SUBMITTED TO THE BOARD OF TRUSTEES FOR APPROVAL. THE COMMITTEE SHALL ALSO REVIEW AND, WHERE NO ACTION BY THE BOARD OF TRUSTEES IS OTHERWISE REQUIRED, APPROVE THE RECOMMENDATIONS OF THE PRESIDENT FOR CHANGES IN COMPENSATION AND BENEFITS FOR THE VICE PRESIDENTS, AS WELL AS ANY ADDITIONAL SENIOR STAFF MEMBERS REPORTING DIRECTLY TO THE PRESIDENT. WHERE ACTION IS REQUIRED BY THE BOARD OF TRUSTEES, PROPOSED CHANGES, TOGETHER WITH THE COMMITTEE'S RECOMMENDATIONS, SHALL BE SUBMITTED TO THE BOARD OF TRUSTEES FOR APPROVAL. THE COMMITTEE SHALL BE PROVIDED WITH COMPARATIVE DATA FROM NATIONAL OR STATEWIDE SURVEYS OF COMPARABLE INSTITUTIONS, OR FROM LOCAL COLLEGES REGARDED AS SIMILAR TO MOUNT IDA COLLEGE IN TERMS OF DEGREE OFFERINGS, ENROLLMENT AND BUDGET AS THE COMMITTEE MAY REQURIE IN SATISFYING ITS RESPONSIBILITIES. THIS PROCESS WAS LAST UNDERTAKEN IN 2010 FOR THE PRESIDENT, C. MATTESON; THE VICE PRESIDENT OF FINANCE, D. HEALY; THE VICE PRESIDENT OF ACADEMIC AFFAIRS, L. CARLUCCIO; THE VICE PRESIDENT OF ENROLLMENT MANAGEMENT AND MARKETING, P. CONROY; AND THE VICE PRESIDENT FOR STUDENT AFFAIRS, E. TRUE. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. IN ADDITION, THE COLLEGE'S FORM 990 IS MADE AVAILABLE ON THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AND AT WWW.GUIDESTAR.ORG. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN ACCRUED PENSION LIABILITY -121,415.