2014-05-09T13:39:10-05:00 2013-06-30 251408703 SCHNEIDER DOWNS & CO INC ONE PPG PLACE SUITE 1700 PITTSBURGH PA 15222 990 2012-07-01 250965438 CARLOW UNIVERSITY CARL 4125786000 3333 FIFTH AVENUE PITTSBURGH PA 15213 PATRICK CUNNINGHAM 4125786000 2014-05-07 1 SUSAN M KIRSCH P00341397 4122613644 2012 2015-11-30 17:44:51Z DR SUZANNE K MELLON 3333 FIFTH AVENUE PITTSBURGH PA 15213 53533981 0 X WWW.CARLOW.EDU X 1929 PA POST SECONDARY EDUCATION. 28 27 1087 637 0 0 9276701 5071512 45640792 47226310 1219265 62262 -7390 5376 56129368 52365460 9232006 8575443 0 0 24530200 25209260 76000 50000 1234501 15853851 15784633 49692057 49619336 6437311 2746124 72668928 75771703 24707527 23836157 47961401 51935546 X CARLOW UNIVERSITY IS A CATHOLIC, WOMEN-CENTERED, LIBERAL ARTS INSTITUTION EMBODYING THE HERITAGE AND VALUES OF THE SISTERS OF MERCY, AND ENGAGING ITS DIVERSE COMMUNITY IN A PROCESS OF LIFE-LONG LEARNING, SCHOLARSHIP AND RESEARCH. THIS ENGAGEMENT EMPOWERS INDIVIDUALS TO THINK CLEARLY AND CREATIVELY; TO ACTIVELY PURSUE INTELLECTUAL ENDEAVORS; TO DISCOVER, CHALLENGE, OR AFFIRM CULTURAL AND AESTHETIC VALUES; TO RESPOND REVERENTLY TO GOD AND OTHERS; AND TO EMBRACE AN ETHIC OF SERVICE FOR A JUST AND MERCIFUL WORLD. 0 0 41890876 8575443 47226310 CARLOW UNIVERSITY, A CATHOLIC, WOMEN-CENTERED, LIBERAL ARTS INSTITUTION EMBODYING THE HERITAGE AND VALUES OF THE SISTERS OF MERCY, ENGAGES ITS DIVERSE COMMUNITY IN A PROCESS OF LIFE-LONG LEARNING, SCHOLARSHIP, AND RESEARCH. THIS ENGAGEMENT EMPOWERS INDIVIDUALS TO THINK CLEARLY AND CREATIVELY; TO ACTIVELY PURSUE INTELLECTUAL ENDEAVORS; TO DISCOVER, CHALLENGE, OR AFFIRM CULTURAL AND AESTHETIC VALUES; TO RESPOND REVERENTLY TO GOD AND OTHERS; AND TO EMBRACE AN ETHIC OF SERVICE FOR A JUST AND MERCIFUL WORLD. CARLOW OFFERS UNDERGRADUATE DEGREE PROGRAMS IN THE ARTS AND SCIENCES, EDUCATION, MANAGEMENT, AND HEALTH CARE PROFESSIONS AND GRADUATE PROGRAMS IN BUSINESS ADMINISTRATION AND MANAGEMENT, HEALTH CARE, LEADERSHIP, AND PROFESSIONAL COUNSELING. 41890876 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 1 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 4485 0 1 1087 1 0 0 0 0 0 0 0 0 0 0 X 28 27 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 1 0 AK FL MA PA X X DOROTHY ANTONUCCI 4125788770 3333 FIFTH AVENUE PITTSBURGH PA 15213 DEBORAH L ACKLIN 2.00 X 0 0 0 JOYCE A BENDER 2.00 X 0 0 0 KATHLEEN W BUECHEL 2.00 X 0 0 0 JOANNE COURNEEN 2.00 X 0 0 0 JOHN R DENNY JR 2.00 X 0 0 0 KAREN DUNN KELLEY 2.00 X 0 0 0 JOHN GISLESON 2.00 X 0 0 0 E JEANNE GLEASON 2.00 X 0 0 0 DEBORAH F GRAVER 2.00 X 0 0 0 MARY BETH JENKINS 2.00 X 0 0 0 DANIEL J LEBISH 2.00 X 0 0 0 LOUISE R MALAKOFF 2.00 X 0 0 0 DIANE C MATJE 2.00 X 0 0 0 CECILIA MURPHY 2.00 X 0 0 0 MILDRED S MYERS 2.00 X 0 0 0 HELENE PAHARIK 2.00 X 0 0 0 LOURDES SANCHEZ RIDGE 2.00 X 0 0 0 THERESA A SCOTTI 2.00 X 0 0 0 JUDITH STOJHOVIC 2.00 X 0 0 0 GEORGE R WHITMER 2.00 X 0 0 0 JAMES A WILKINSON 2.00 X 0 0 0 JUDITH WORDEN 2.00 X 0 0 0 GEORGE L PRY 2.00 X X 0 0 0 MICHELE R ATKINS 2.00 X X 0 0 0 JACKIE DIXON 2.00 X X 0 0 0 PAULA J HASBACH 2.00 X X 0 0 0 PATRICIA MARY HESPELEIN 2.00 X X 0 0 0 MARY HINES 50.00 X X 309164 0 28564 PATRICK CUNNINGHAM 40.00 X 1448 0 0 TYLER KELSCH 40.00 X 66435 0 7534 MARGARET MCLAUGHLIN 50.00 X 174329 0 15996 ROBERTA SCHOMBURG 40.00 X 107557 0 28607 DIANE MATTHEWS 40.00 X 105334 0 31605 KAREN GALENTINE 40.00 X 123941 0 7144 DR CLARE HOPKINS 40.00 X 115865 0 18778 KARYN SPROLES 40.00 X 106162 0 21835 1110235 0 160063 7 0 1 0 ALADDIN FOOD MANAGEMENT SERVICES 21 ARMORY DRIVE WHEELING WV 26003 DINING/FOOD SERVICE 1862467 ELLUCIAN COMPANY LP 4375 FAIR LAKES CT FAIRFAX VA 22033 INFO TECHNOLOGY/CONSULTING 1556422 DATATEL 4375 FAIR LAKES CT FAIRFAX VA 22033 INFO TECHNOLOGY/CONSULTING 306919 MCCLELLAND CONCRETE 712 JEFFERSON DR PI PA 15229 CONSTRUCTION 208625 FOLLETT HIGHER EDUCATION 3146 SOLUTIONS CENTER CHICAGO IL 60677 BOOKSTORE 203350 24 7668 685800 4378044 309978 5071512 TUITION AND FEES 611600 39386532 39386532 RESIDENCE HALL & BOARD 721310 3815936 3815936 CARLOW CAMPUS SCHOOL 611600 2874343 2874343 AUXILIARY PROGRAMS 900099 877917 877917 CHILDREN'S CENTER 624410 271582 271582 47226310 391035 391035 826906 667410 488269 159496 -488269 -328773 -328773 18218 7668 12842 5376 5376 52365460 47226310 0 67638 8566443 8566443 9000 9000 1328470 921489 275250 131731 18054833 15444589 2089404 520840 769186 667996 80373 20817 3728347 3033580 575651 119116 1328424 1131236 152510 44678 203252 156504 46748 90846 69951 20895 50000 50000 43436 33446 9990 946459 774043 138465 33951 615279 474386 140254 639 1436715 1019534 272044 145137 2548060 1989117 534964 23979 1483 1142 341 2382776 1806528 539872 36376 627554 482830 109346 35378 226442 125691 29357 71394 1209669 931445 278224 2675939 2060473 615466 498296 383688 114608 AUXILIARY SERVICE EXP. 1523514 1173106 350408 STUDENT PROGRAMS 358038 284407 73631 MISCELLANEOUS EXPENSE 230865 222424 7976 465 ENROLLMENT & REGISTRAR 122875 94614 28261 43135 33214 9921 49619336 41890876 6493959 1234501 6389976 8197929 2150929 1829084 5770342 6960610 890826 1101290 2029687 2063483 685463 770747 67744065 36883773 32452722 30860292 15916256 17854971 35250 5250 6347477 6128047 72668928 75771703 4103198 3333486 53659 0 17835422 17743678 27003 13838 2688245 2745155 24707527 23836157 X 23408745 24921741 7830360 10120289 16722296 16893516 47961401 51935546 72668928 75771703 2746124 1228021 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19392305 171220 1666207 575226 20654506 17705011 2586048 -369931 249643 279180 19392305 13271664 2409867 2518714 273587 221647 17705011 13000739 -456725 1232915 292406 212859 13271664 12541003 2501034 -1887311 153987 13000739 0.10840 0.81790 0.07370 0 0 1256517 1256517 46903175 31628267 15274908 15121294 5255506 9865788 4463079 4463079 30860292 UNDISBURSED BOND PROCEEDS 6128047 6128047 STUDENTS DEPOSITS FOR PLACE & ROOM HOLDING 105726 FEDERAL LOAN ADVANCES 2549633 CAPITALIZED LEASE OBLIGATION 89796 2745155 X 45558599 1228021 -7991446 -6763425 52322024 43436 43436 52365460 41584454 12842 12842 41571612 8047724 8047724 49619336 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 135 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: INCOME TAXES - THE INTERNAL REVENUE SERVICE HAS RULED THAT THE UNIVERSITY IS TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE UNIVERSITY FOLLOWS THE CODIFICATION TOPIC ON INCOME TAXES, WHICH PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN FINANCIAL STATEMENTS. THE UNIVERSITY'S STATEMENTS OF FINANCIAL POSITION AT JUNE 30, 2013 AND 2012 DO NOT INCLUDE ANY LIABILITIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS; FURTHER, THE UNIVERSITY HAS NO UNRECOGNIZED TAX BENEFITS. THE UNIVERSITY ACCRUES INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE. THE UNIVERSITY IS NO LONGER SUBJECT TO EXAMINATION OF ITS TAX RETURNS FOR YEARS BEFORE 2010. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FINANCIAL AID : -8,004,288. SPECIAL EVENT REVENUE: 12,842. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT FEES 43,436. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES: 12,842. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FINANCIAL AID : 8,004,288. INVESTMENT MANAGEMENT FEES 43,436. 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 CERTAIN RECRUITING PUBLICATIONS AND COLLEGE CATALOGS CONTAIN EXPRESS STATEMENTS THAT THE COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, CREED, SEX, OR RELIGION. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE UNIVERSITY DISTRIBUTES STUDENT FINANCIAL ASSISTANCE FUNDS ON BEHALF OF FEDERAL AND STATE GOVERNMENTS. THIS ASSISTANCE INCLUDED FEDERAL AID FROM PELL GRANT AWARDS $2,818,730, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT AWARDS $193,387, AND COLLEGE WORK STUDY AWARDS $191,780. THE UNIVERSITY ALSO RECEIVED STATE AID FROM THE PA HIGHER EDUCATION ASSISTANCE AUTHORITY IN THE AMOUNT OF $2,377,221. 0 EUROPE (INCLUDING ICELAND & GREENLAND) - 0 0 PROGRAM SERVICES STUDY ABROAD 198788 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 2308 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES INTERNATIONAL TRAVEL 1000 EUROPE (INCLUDING ICELAND & GREENLAND) - 0 0 PROGRAM SERVICES INTERNATIONAL TRAVEL 42711 NORTH AMERICA 0 0 PROGRAM SERVICES INTERNATIONAL TRAVEL 2000 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES INTERNATIONAL TRAVEL 182 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES SCHOLARSHIPS 9000 0 0 0 0 0 0 255989 0 255989 STUDENT SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 3 9000 CREDIT TO STUDENT ACCOUNT N/A N/A 0 0 0 0 0 0 X X X X X X 1 DEE JAY OSHRY 1532 ASBURY PLACE PITTSBURGH PA 15217 FUNDRAISING 0 0 50000 -50000 50000 -50000 AK AZ AR CA CT DC FL GA HI IL KS KY ME MD MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WV WI ROSE HAUBER LUNCHEON 25886 7668 18218 4127 8715 25886 7668 18218 4127 8715 12842 5376 1 STUDENT SCHOLARSHIPS 943 8356039 CAMPUS SCHOOL STUDENT SCHOLARSHIPS 92 210403 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GRANT FUNDS ARE MONITORED BY THE FINANCIAL AID OFFICE AND ACCOUNTING OFFICES. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 MARY HINES 221889 0 34230 0 53045 0 11658 0 16906 0 337728 0 0 0 MARGARET MCLAUGHLIN 174329 0 0 0 0 0 7878 0 8118 0 190325 0 0 0 A ALLEGHENY COUNTY HIGHER EDUCATION BUILDING AUTHORITY 251650137 01728RHT9 2011-06-09 18052311 REFUNDING AND CAPITAL IMPROVEMENTS 0 0 0 A 18052311 1480463 292824 8799576 4647584 2831864 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 0 A 0 SCHEDULE K, PART I, LINE A(F) DESCRIPTION OF PURPOSE: TO FINANCE THE COSTS OF A PROJECT CONSISTING OF (I) THE ACQUISITION OF AND RENOVATION OF A SCHOOL BUILDING, TECHNOLOGY UPGRADES THROUGHOUT THE UNIVERSITY CAMPUS (INCLUDING BUT NOT LIMITED TO, TELEPHONE, COMPUTER SOFTWARE AND COMPUTER EQUIPMENT), (II) THE RENOVATION AND IMPROVEMENT OF VARIOUS UNIVERSITY-OWNED AND LEASED PROPERTY, INCLUDING BUT NOT LIMITED TO, CURRAN HALL, DOUGHERTY AND FRANCES WARDE RESIDENCE HALLS, ANTONIAN HALL, TIERNAN HALL, GRACE LIBRARY AND THE NURSING PROGRAM LEASED FACILITIES, (III) THE REFUNDING OF THE OUTSTANDING WILKINS AREA INDUSTRIAL DEVELOPMENT AUTHORITY, UNIVERSITY REVENUE NOTE, SERIES OF 2005 (CARLOW UNIVERSITY PROJECT), (IV) THE REFUNDING OF ALL OR A PORTION OF THE UNIVERSITY'S LEASES WITH CISCO SYSTEMS CAPITAL CORPORATION AND UNIVERSITY LEASE AND (V) FUNDING CAPITALIZED INTEREST AND ANY RESERVES, AND PAYING ALL OR A PORTION OF THE RELATED FINANCING COSTS. X 5 296807 FAIR MARKET VALUE X RAFFLE DONATIONS 13171 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE UNIVERSITY IS THE CONFERENCE FOR MERCY HIGHER EDUCATION WHICH EXERCISES RESERVED CANONICAL POWERS DELEGATED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS AND AS OUTLINED IN THE UNIVERSITY'S BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A AT LEAST SIX OF THE TOTAL TRUSTEES (EX-OFFICIO AND ELECTED TRUSTEES) SHALL BE PROFESSED SISTERS OF THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS OR ITS CANONICAL SUCCESSOR. THERE SHALL BE THREE EX-OFFICIO TRUSTEES, WHO SHALL BE VOTING MEMBERS OF THE BOARD OF TRUSTEES AND INCLUDED IN THE TOTAL NUMBER OF TRUSTEES, AND SUCH EX-OFFICIO TRUSTEES SHALL CONSIST OF ONE SISTER OF MERCY, APPOINTED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS, THE PRESIDENT OF THE UNIVERSITY, AND THE BISHOP OF THE DIOCESE OF PITTSBURGH OR HIS DESIGNEE. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER HAS THE RIGHT TO APPROVE THE FOLLOWING ACTIONS TO THE EXTENT SUCH ACTIONS ARE TAKEN BY THE BOARD OF TRUSTEES: AMENDMENTS TO THE ARTICLES OF INCORPORATION, IF THEY RELATE TO THE RESERVED POWERS DELEGATED TO THE CONFERENCE FOR MERCY HIGHER EDUCATION; THE ADOPTION OR AMENDMENT TO THE MISSION OF THE UNIVERSITY; THE INCURRENCE BY THE UNIVERSITY OF ANY DEBT, AND ANY SALE, TRANSFER, LONG-TERM LEASE OR ENCUMBRANCE OF ANY REAL OR PERSONAL PROPERTY, TANGIBLE OR INTANGIBLE, OF THE UNIVERSITY OUTSIDE THE ORDINARY COURSE OF BUSINESS ONLY TO THE EXTENT SUCH APPROVAL IS REQUIRED UNDER CANON LAW; ANY MERGER, CONSOLIDATION, DISSOLUTION, TRANSFER OF SUBSTANTIALLY ALL THE ASSETS, OR OTHER FUNDAMENTAL TRANSACTION WITHIN THE CONTEMPLATION OF THE PENNSYLVANIA NONPROFIT CORPORATION LAW, OF OR BY THE UNIVERSITY TO THE EXTENT SUCH APPROVAL IS REQUIRED BY CANON LAW. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. THE FORM 990 IS REVIEWED BY THE MANAGEMENT AND SUBMITTED TO THE AUDIT COMMITTEE FOR REVIEW AND APPROVAL. ONCE THE AUDIT COMMITTEE APPROVES THE SUBMITTED FORM 990, IT IS SUBMITTED TO THE BOARD OF TRUSTEES FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL "COVERED PERSONS" AS DEFINED IN THE POLICY. EACH COVERED PERSON IS GIVEN A COPY OF THE POLICY, REQUIRED TO SIGN A STATEMENT ACKNOWLEDGING THAT HE OR SHE HAS RECEIVED A COPY OF THE POLICY, UNDERSTANDS IT, AND AGREES TO COMPLY WITH IT. THE COVERED PERSON IS ALSO REQUIRED TO COMPLETE A COVERED PERSON'S QUESTIONNAIRE ON AN ANNUAL BASIS. EACH COVERED PERSON SHALL DISCLOSE ALL ACTUAL AND POTENTIAL CONFLICTS AS SET OUT IN THE POLICY. COMPLIANCE WITH THIS POLICY IS MONITORED AND ENFORCED BY THE FOLLOWING PROCEDURE. EACH YEAR THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, OR HIS DESIGNEE, UNDER THE SUPERVISION OF THE CHAIR OF THE AUDIT COMMITTEE, PREPARES A LIST OF COVERED PERSONS. A COVERED PERSON QUESTIONNAIRE IS DISTRIBUTED TO EACH PERSON ON THE LIST. FORMS ARE COMPLETED AND SIGNED BY EACH COVERED PERSON. COMPLETED FORMS FOR ALL TRUSTEES ARE REVIEWED BY THE CHAIR OF THE AUDIT COMMITTEE TO DETERMINE IF ANY ACTUAL OR POTENTIAL CONFLICT EXISTS. COMPLETED FORMS FOR ALL COVERED PERSONS WHO ARE MEMBERS OF STAFF OR FACULTY ARE REVIEWED BY THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION, OR HIS DESIGNEE. THE CHAIR OF THE AUDIT COMMITTEE ASKS AT A MINIMUM OF TWO BOARD MEETINGS IF ANY TRUSTEE IS AWARE OF ANY CONFLICTS AND IT IS DOCUMENTED IN THE BOARD MINUTES. DISCLOSURE OF ANY POTENTIAL OR ACTUAL CONFLICT OF INTEREST MUST BE DISCLOSED AT THE TIME THEY BECOME A COVERED PERSON, OR AT THE TIME A POTENTIAL OR ACTUAL CONFLICT ARISES AND AT THE TIME OF THE COMPLETION OF THE ANNUAL QUESTIONNAIRE. ALL DISCLOSURES DETERMINED TO BE A CONFLICT OF INTEREST ACCORDING TO THE POLICY ARE DISCUSSED WITH THE CHAIR OF THE AUDIT COMMITTEE AND BROUGHT FORWARD TO THE NEXT BOARD OF TRUSTEE MEETING. ANY IDENTIFIED CONFLICT SHALL BE REFLECTED IN THE MINUTES OF THE BOARD OF TRUSTEE MEETINGS ALONG WITH THE NATURE OF SUCH CONFLICT. THE MINUTES SHALL ALSO REFLECT ALL PERSONS PRESENT AT THE MEETING WHERE ANY VOTING TOOK PLACE ON AN ITEM RELATED TO THE DISCLOSED CONFLICT. FORM 990, PART VI, SECTION B, LINE 15B GOVERNANCE COMMITTEE: THE GOVERNANCE COMMITTEE IS THE AUTHORIZED COMMITTEE OF THE BOARD OF TRUSTEES TO REVIEW COMPENSATION OF SENIOR OFFICERS. THE GOVERNANCE COMMITTEE CREATED A COMPENSATION COMMITTEE (THE SUBCOMMITTEE) TO PERFORM ANNUAL PERFORMANCE REVIEWS AND SET THE PRESIDENT'S ANNUAL SALARY, IN ACCORDANCE WITH THE EXECUTIVE COMPENSATION PHILOSOPHY, POLICIES AND PROCEDURES APPROVED BY THE BOARD. NO MEMBER OF THE GOVERNANCE COMMITTEE MAY HAVE A CONFLICT OF INTEREST WITHIN THE MEANING OF THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. THE GOVERNANCE COMMITTEE SHALL DOCUMENT ITS DECISIONS WITH RESPECT TO COMPENSATION AS REQUIRED BY THE APPLICABLE TREASURY REGULATIONS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. THE ACTIONS OF THE GOVERNANCE COMMITTEE ARE INTENDED TO QUALIFY UNDER THE REBUTTABLE PRESUMPTION PROVISIONS IN SECTION 4958 OF THE INTERNAL REVENUE CODE OF 1986. PRESIDENT'S COMPENSATION: DUE TO THE ANNOUNCEMENT OF THE PRESIDENT'S RETIREMENT TO BE EFFECTIVE EARLY IN THE NEXT FISCAL YEAR, A WRITTEN REPORT AND COMPENSATION DELIBERATIONS FOR THE PRESIDENT WERE NOT BROUGHT TO THE GOVERNANCE COMMITTEE AS NO SALARY ADJUSTMENT WAS ANTICIPATED OR SUBSEQUENTLY IMPLEMENTED. OTHER SENIOR EXECUTIVES COMPENSATION: NO PROSPECTIVE SALARY ADJUSTMENTS WERE ANTICIPATED FOR OTHER SENIOR LEVEL EXECUTIVES. COMPARABILITY DATA AND ANALYSIS WAS PROVIDED TO THE PRESIDENT IN THIS FISCAL YEAR. REPORT TO THE BOARD OF TRUSTEES: THE PROCEDURE STATES THAT, THE GOVERNANCE COMMITTEE SHALL PROVIDE A WRITTEN REPORT TO THE BOARD OF TRUSTEES, NO LATER THAN THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD FOLLOWING THE GOVERNANCE COMMITTEE ACTION ON THE COMPENSATION OF SENIOR EXECUTIVES. THE REPORT SHALL REFLECT BASE SALARY AND ALL OTHER ELEMENTS FOR SENIOR EXECUTIVES' COMPENSATION, AS WELL AS A SUMMARY OF THE CRITERIA AND PROCESSES USED TO MAKE THE COMPENSATION DECISIONS AND TO ASSURE THAT THE COMPENSATION IS "REASONABLE" AND NOT "EXCESSIVE" WITHIN IRS POLICY AND CRITERIA. RELIANCE ON COMPARABILITY DATA DERIVED FROM MARKET REVIEW AND SELECTION OF PEER INSTITUTIONS: IN DETERMINING AND APPROVING COMPENSATION FOR SENIOR EXECUTIVES AND TO ASSIST IN VALIDATING THE REASONABLENESS OF COMPENSATION, THE GOVERNANCE COMMITTEE SHALL RELY ON COMPARABILITY DATA DERIVED FROM A REVIEW OF THE MOST CURRENT INFORMATION AVAILABLE AS TO COMPENSATION LEVELS FOR COMPARABLE SENIOR EXECUTIVES AT PEER INSTITUTIONS, TAKING INTO ACCOUNT THAT AVAILABLE INFORMATION IS GENERALLY FOR THE PRIOR FISCAL OR ACADEMIC YEARS. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST BY THE PUBLIC AT THE CORPORATE ADDRESS. FORM 990, PART XII, QUESTION 2C, OVERSIGHT OF FINANCIAL STATEMENT AUDIT: THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTING FIRM. IN ADDITION, THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND ITS SELECTION OF THE INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART VII: EMERITUS TRUSTEES: THE FOLLOWING INDIVIDUALS SERVE AS EMERITUS TRUSTEES OF CARLOW UNIVERSITY WITH NO VOTING POWERS: PRESIDENTS EMERITAE - GRACE ANN GEIBEL, RSM, PHD; JANE SCULLY, RSM. TRUSTEES EMERITUS - ANNA MARIE GOETZ, RSM; DAVID R. WILLIAMS; EILEEN MCCONOMY; ELSIE H. HILLMAN; HELEN HANNA CASEY; JUDITH M. DAVENPORT, DMD; KEVIN P. KEARNS, PHD; MARY ANN SESTILI, PHD; REGINA D. STOVER.