2014-03-26T18:28:49-05:00 2013-06-30 910189318 MOSS ADAMS LLP 3121 WEST MARCH LANE SUITE 100 STOCKTON CA 952192303 990 2012-07-01 951921340 ART CENTER COLLEGE OF DESIGN ARTC 6263962200 1700 LIDA ST PASADENA CA 91103 RICHARD HALUSCHAK 6263962200 2014-03-20 1 TRACY S PAGLIA P00366884 2099556100 2012 2015-11-30 17:44:51Z LORNE BUCHMAN 1700 LIDA ST PASADENA CA 91103 195078267 0 X ARTCENTER.EDU X 1930 CA ART CENTER COLLEGE OF DESIGN OPERATES AN INDEPENDENT, FOUR YEAR CURRICULUM TO EDUCATE ARTISTS AND DESIGNERS IN COMMUNICATION ARTS AND INDUSTRIAL DESIGN THAT EXTENDS ITS LEGACY OF PROFESSIONAL ART AND DESIGN PRACTICE AND ENABLES ITS GRADUATES TO REALIZE SUCCESS, FULFILLMENT AND RECOGNITION IN THEIR CHOSEN FIELDS. 23 22 1565 140 12135 11134 27937786 33951960 80439962 85579369 2126763 26167951 -44658 -111652 110459853 145587628 38722748 39453867 0 0 40999672 44337890 32042 67903 1447994 22734659 24597263 102489121 108456923 7970732 37130705 169138227 187036479 71571741 66564532 97566486 120471947 X INVEST IN THE INFRASTRUCTURE, TECHNOLOGY AND EDUCATIONAL RESOURCES NECESSARY TO ADVANCE LEARNING, RESEARCH AND ACHIEVEMENT TO THE HIGHEST LEVELS OF EXCELLENCE, MINDFUL OF HOW ART AND DESIGN SHAPE AND DEFINE OUR GLOBAL CULTURE, WITH A COMMITMENT TO PROGRESSIVE EDUCATION DEFINED BY SOCIAL RESPONSIBILITY, CRITICAL THINKING, INTELLECTUAL DIVERSITY, AND THE CREATIVE PROCESS. 0 0 102657770 39453867 85579369 THE COLLEGE OPERATES AN INDEPENDENT, FOUR YEAR CURRICULUM TO EDUCATE ARTISTS AND DESIGNERS IN COMMUNICATION ARTS AND INDUSTRIAL DESIGN. THE COLLEGE OFFERS A BACHELOR OF FINE ARTS DEGREE IN SIX MAJORS - ADVERTISING, FILM, FINE ART, GRAPHIC DESIGN, ILLUSTRATION AND PHOTOGRAPHY AND IMAGING, AND A BACHELOR OF SCIENCE DEGREE IN FIVE MAJORS - ENVIRONMENTAL DESIGN, INTERACTION DESIGN, PRODUCT DESIGN, TRANSPORTATION DESIGN AND ENTERTAINMENT DESIGN. GRADUATE PROGRAMS LEAD TO THE MASTER OF FINE ARTS DEGREE IN FILM, FINE ART AND MEDIA DESIGN. THE GRADUATE PROGRAMS THAT OFFER THE MASTER OF SCIENCE DEGREE ARE ENVIRONMENTAL DESIGN, INDUSTRIAL DESIGN, AND TRANSPORTATION DESIGN. ALL EXPENDITURES RELATE TO ACADEMIC INSTRUCTION, PROGRAM SUPPORT AND OPERATION OF THE COLLEGE. THE FTE ENROLLMENT FOR JULY 2012 TO JUNE 2013 WAS APPROXIMATELY 4,620 STUDENTS. 102657770 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 1 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 312 0 1 1565 1 1 1 0 0 0 0 1 1 0 0 0 0 X 23 22 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 CA X DIANE WITTENBERG 6263962326 1700 LIDA ST PASADENA CA 91103 ROBERT C DAVIDSON JR 1.00 X X 0 0 0 CARL BASS 1.00 X 0 0 0 DOUGLAS C BOYD 1.00 X 0 0 0 LORNE M BUCHMAN 39.60 0.40 X X 523395 0 53459 WILLIAM T GROSS 1.00 X 0 0 0 KIT HINRICHS 1.00 X 0 0 0 TIMOTHY M KOBE 1.00 X 0 0 0 GEORGE H LADYMAN 1.00 X X 0 0 0 SAMUEL J MANN 1.00 X 0 0 0 PETER W MULLIN 1.00 X 0 0 0 REINER M TRILTSCH 1.00 X X 0 0 0 JUDY C WEBB 1.00 X 0 0 0 ALYCE DE ROULET WILLIAMSON 1.00 X 0 0 0 RONALD I BENSION 1.00 X 0 0 0 WESLEY A COLEMAN 1.00 X 0 0 0 JEFFREY L GLASSMAN 1.00 X X 0 0 0 LINDA M GRIEGO 1.00 X 0 0 0 CHARLES FLOYD JOHNSON 1.00 X 0 0 0 MOLLY M MORGAN 1.00 X 0 0 0 BONNIE R NASH 1.00 X 0 0 0 CHARLES E NEARBURG 1.00 X 0 0 0 RAYMOND VICKS TERMED 7912 1.00 X 0 0 0 LINDA A HILL 1.00 X 0 0 0 GREG SILVERMAN 1.00 X 0 0 0 RICHARD HALUSCHAK 40.00 X 239881 0 31281 MARK BREITENBERG 24.00 16.00 X 56072 0 0 FRED FEHLAU 40.00 X 262044 0 40754 ARWEN DUFFY 40.00 X 227377 0 39413 GEORGE FALARDEAU 40.00 X 194526 0 32702 CATHERINE BARON 40.00 X 159753 0 28253 NIKOLAS HAFERMAAS 40.00 X 209536 0 38023 ANDREW OGDEN 40.00 X 204018 0 25668 DAVID MOCARSKI 40.00 X 204661 0 35300 LAURENCE DREIBAND 40.00 X 159726 0 33925 STEWART REED 40.00 X 156872 0 25712 2597861 0 384490 71 0 1 0 UNIVERSAL PROTECTION SERVICE LP 639 WILSHIRE BLVD LOS ANGELES CA 90017 SECURITY 811779 SODEXHO 9801 WASHINGTON BLVD GAITHERSBURG MD 20878 CATERING 517546 SPECIALTY SERVICES 45 LAPORTE ST ARCADIA CA 91006 JANITORIAL 382926 JOHNSON CONTROLS INC 5757 N GREEN BAY AVE MILKAUKEE WI 53200 FACILITIES MAINTENANCE & REPAIRS 370250 FOLLETT HIGHER EDUCATION GROUP 3146 SOLUTIONS CENTER CHICAGO IL 60677 COLLEGE BOOKSTORE MANAGEMENT 363838 22 60300 25603130 8288530 25132 33951960 TUITION AND FEES 611600 84405230 84405230 AUXILIARY SERVICES 611600 1174139 1174139 85579369 1617099 12135 1604964 4909 4909 73893953 49348010 24545943 24545943 24545943 30977 60300 142629 -111652 -111652 145587628 85579369 12135 26044164 39453867 39453867 2060793 709840 1088835 262118 33444925 31595421 1284285 565219 2416000 2282395 92775 40830 3857802 3644466 148139 65197 2558370 2416893 98241 43236 319421 319421 122966 122966 67903 67903 279689 279689 3818462 3607301 146629 64532 228503 215867 8774 3862 7069848 6678886 271482 119480 1303926 1231819 50071 22036 3624943 3424484 139197 61262 1054114 995821 40478 17815 83827 79191 3219 1417 508253 480147 19517 8589 1634937 1544525 62782 27630 2286422 2159982 87799 38641 UNCOLLECTIBLE ACCOUNTS 966864 913396 37128 16340 BOND DEBT FEES 802542 758161 30818 13563 COST OF STUDENT MATERIA 332908 314498 12784 5626 LICENSES, PERMITS, DUES 159638 150810 6130 2698 108456923 102657770 4351159 1447994 7999 8000 23957621 17295788 781936 5282433 4825215 5838440 82340 83359 846796 899710 64865285 14836177 49290499 50029108 71482268 86832498 101008 5623248 1864013 1126200 15898532 14017695 169138227 187036479 12332917 8603968 10061019 10553511 48735000 47210000 442805 197053 71571741 66564532 X 42820829 53282989 9934755 21986736 44810902 45202222 97566486 120471947 169138227 187036479 X 37130705 -17641724 3416480 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 58480000 5626000 7910000 2156000 154000 69706000 50393000 10213000 -289000 1712000 125000 58480000 42039000 1263000 9743000 1500000 1023000 129000 50393000 42938000 903000 -878000 830000 94000 42039000 33432000 585000 10782000 1253000 384000 224000 42938000 0.22480 0.64580 0.12940 1 0 3679010 3679010 49291982 13445502 35846480 1455123 607824 847299 10439170 782851 9656319 50029108 DEBT ISSUANCE COST 990490 RESTRICTED USE OF CASH 11385953 OTHER ASSETS 1641252 14017695 FEDERAL LOANS 197053 197053 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENTS ARE RESTRICTED BY THE DONORS FOR SCHOLARSHIPS AND SUPPORT FOR EDUCATIONAL PROGRAMS AND INITIATIVES. THE BOARD-DESIGNATED QUASI-ENDOWMENT IS RESTRICTED FOR SCHOLARSHIPS. 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 THE COLLEGE PUBLICIZES ITS RACIALLY NONDISCRIMINATORY POLICY THROUGH BROCHURES, PRINT MEDIA, REGISTRATION MATERIALS AND ITS WEBSITE. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE ADMINISTERS VARIOUS SCHOLARSHIP PROGRAMS AND LOANS PROVIDED BY GOVERNMENTAL AGENCIES (INCLUDING DIRECT LOANS (SUBSIDIZED AND UNSUBSIDIZED), PELL GRANTS, SEOG AND FEDERAL WORK STUDY PROGRAMS) AND AWARDS ARE MADE BASED UPON THE CRITERIA ESTABLISHED BY THE GOVERNMENTAL AGENCY. EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICE STUDY ABROAD SEMESTER - #12239 & #00274 TEST LAB BERLIN 205000 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICE STUDY ABROAD SEMESTER - #00251 INSEAD 105000 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICE STUDY ABROAD SEMESTER - #00262 LONDON ANCIENT MODERN 47000 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICE STUDY ABROAD SEMESTER - TAMA ART UNIVERSITY #00192 120000 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD RESEACH PROJECT - UGANDA UNICEF FIELD CORE PROJECT #13100 & 13103 145000 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES ESADE EXECUTIVE EDUCATION SEMINAR #11216 16000 SOUTH AMERICA 0 0 PROGRAM SERVICES DESIGN MATTERS RESEARCH PROJECTS 11600 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 5484835 0 0 0 0 0 0 6134435 0 6134435 1 0 0 0 0 0 X X X X X X X 1 GRENZEBACH GLIER & ASSOCIATES INC 401 N MICHIGAN AVENUE CHICAGO IL 60611 FUNDRAISING PROGRAM CONSULTING 0 0 26261 -26261 MARTS & LUNDY 1200 WALL ST WEST LYNDHURST NJ 07071 FUNDRAISING PROGRAM CONSULTING 0 0 41642 -41642 67903 -67903 CA CAR CLASSIC 91277 60300 30977 27431 16377 98821 91277 60300 30977 27431 16377 98821 142629 -111652 1 UNDERGRADUATE SCHOLARSHIPS 1585 12135227 GRADUATE SCHOLARSHIPS 165 1825770 PELL GRANTS, SEOG, FEDERAL WORK STUDY, DIRECT LOANS 2658 24768184 STUDENT SPECIAL CIRCUMSTANCE TUITION WAIVERS - MEDICAL 7 30280 EDUCATION PROGRAM TUITION DISCOUNTS 596 694405 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GRANT FUNDS ARE RECORDED IN A PROJECT ACCOUNT SO THAT ALL ASSOCIATED REVENUES AND EXPENSES ARE ACCOUNTED FOR RELATED TO A SPECIFIC GRANT. X 0 0 0 0 0 0 0 1 0 LORNE M BUCHMAN 423395 0 100000 0 0 0 32974 0 20485 0 576854 0 0 0 RICHARD HALUSCHAK 239881 0 0 0 0 0 31281 0 0 0 271162 0 0 0 FRED FEHLAU 262044 0 0 0 0 0 32974 0 7780 0 302798 0 0 0 ARWEN DUFFY 227377 0 0 0 0 0 29377 0 10036 0 266790 0 0 0 GEORGE FALARDEAU 194526 0 0 0 0 0 23978 0 8724 0 227228 0 0 0 CATHERINE BARON 159753 0 0 0 0 0 18581 0 9672 0 188006 0 0 0 NIKOLAS HAFERMAAS 209536 0 0 0 0 0 26553 0 11470 0 247559 0 0 0 ANDREW OGDEN 204018 0 0 0 0 0 25668 0 0 0 229686 0 0 0 DAVID MOCARSKI 204661 0 0 0 0 0 25628 0 9672 0 239961 0 0 0 LAURENCE DREIBAND 159726 0 0 0 0 0 18433 0 15492 0 193651 0 0 0 STEWART REED 156872 0 0 0 0 0 17932 0 7780 0 182584 0 0 0 PART I, LINE 7 PRESIDENT LORNE BUCHMAN RECEIVED A DISCRETIONARY BONUS DURING FISCAL YEAR 2013. IT WAS DETERMINED BY THE BOARD OF TRUSTEES AND BASED ON PROPOSED GOALS PROVIDED BY THE CEO/PRESIDENT. THE GOALS MUST BE SPECIFIC, MEASURABLE AND ATTAINABLE, AND INCLUDE GOALS RELATING TO FISCAL MANAGEMENT OF ART CENTER. IT IS BASED ON THE BOARD OF TRUSTEE'S ASSESSMENT OF MEETING THE GOALS SET. A CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 521705592 130178TR7 2009-08-13 9940000 CONSTRUCT SOUTH CAMPUS CLASSROOMS; REFINANCE EXISTING TAXABLE LOAN 0 0 0 B CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 521705592 130178K54 2012-02-07 20000000 ACQUISITION, CONSTRUCTION, IMPROV. AND/OR EQUIPPING OF EDUC. FACILITIES. 0 0 0 A 455000 9940000 424053 27504 3764969 5723474 2012 1 0 1 1 B 645000 20007162 11386327 309343 8311492 0 0 0 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 1 0 1 1 WELLS FARGO BANK 27.830000000000 1 0 0 0 1 B 0 0 0 1 1 1 WELLS FARGO BANK 28.500000000000 1 0 0 0 1 A 0 B 0 SCHEDULE K PART IV, ARBITRAGE, LINE 2C DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 02/13/2013 SCHEDULE K, PART I, ISSUE A, COLUMN (F): BOND PROCEEDS WERE USED, IN PART, TO REFINANCE A TAXABLE LOAN THAT WAS USED TO CONSTRUCT CLASSROOMS, GALLERIES, STUDIO SPACE AND ADMINISTRATIVE OFFICE ON THE COLLEGE'S SOUTH CAMPUS. IN ADDITION, THE COLLEGE USED A PORTION OF THE PROCEEDS TO REIMBURSE EXPENDITURES RELATED TO THE COMPLETION OF SEVERAL RENOVATION PROJECTS ON THE SOUTH CAMPUS. THE COLLEGE'S SOUTH CAMPUS IS IN A FORMER INDUSTRIAL ZONE NOW DESIGNATED BY THE CITY OF PASADENA FOR RESEARCH, MEDICAL AND EDUCATIONAL USES AND THE BUILDING AMONG THE FIRST LEED CERTIFIED BUILDINGS IN THE CITY. SCHEDULE K, PART II, LINE 3, COLUMN B: THE DIFFERENCE BETWEEN THE ISSUE PRICE REPORTED IN PART I, COLUMN (E) AND THE TOTAL PROCEEDS REPORTED ON PART II, LINE 3 IS DUE TO INTEREST EARNED. X 482 25132 HIGH/LOW AVG. OF FMV X FURNITURES 15 0 VALUE NOT ASSIGNED X PHOTO EQUIP. 40 0 VALUE NOT ASSIGNED 1 0 1 0 NON REPORTING OF REVENUE: PART I, LINE 33: THE COLLEGE RECEIVED DONATED GIFTS, INCLUDING FURNITURE, PHOTO EQUIPMENT AND ACCESSORIES. IT IS THE POLICY OF THE COLLEGE TO RECORD DONATED GIFTS WITH A FAIR MARKET VALUE OF $1.00 OFFSET BY A $1.00 EXPENSE. FORM 990, PART VI, SECTION A, LINE 4 ARTICLE VIII - TRUSTEES SECTION 8.02(B): WE HAVE MODIFIED THE LANGUAGE ABOUT BOARD AUTHORITY TO CONFORM WITH WASC STANDARDS. SECTION 8.02(C)(V), (VII), (VIII), AND (IX): WE HAVE A) EXTENDED THE BOARD'S RESPONSIBILITY TO ESTABLISH GENERAL POLICIES PREVIOUSLY PERTAINING TO FACULTY APPOINTMENTS, PROMOTION, DISMISSAL AND NON-DISCRIMINATION TO NOW INCLUDE ALL EMPLOYEES, B) CLARIFIED THE BOARD'S RESPONSIBILITY TO APPROVE BOTH AN ANNUAL OPERATING BUDGET AND AN ANNUAL CAPITAL BUDGET, C) CLARIFIED THE BOARD'S RESPONSIBILITY TO AUTHORIZE CAPITAL EXPENDITURES OVER AND ABOVE THE ANNUAL CAPITAL BUDGET, AND D) CONSOLIDATED THE BOARD'S RESPONSIBILITIES FOR AUTHORIZING AND FINANCING NEW BUILDINGS AND PURCHASE OR SALE OF REAL PROPERTY. SECTION 8.05(F) AND (H): COUNSEL RECOMMENDS THAT HONORARY TRUSTEES AND CONSTITUENT REPRESENTATIVES CONTINUE TO BE ELECTED BY THE BOARD. BECAUSE THE STUDENTS, FACULTY AND DEPARTMENT CHAIRS WHO SERVE AS CONSTITUENT REPRESENTATIVES SOMETIMES HAVE SCHEDULING CONFLICTS THAT PREVENT THEIR PARTICIPATION IN MEETINGS, WE HAVE MODIFIED THIS SECTION TO INCLUDE AN ELECTED ALTERNATE. ARTICLE IX - COMMITTEES SECTION 9.01: WE CLARIFIED THE PROCESS BY WHICH THE BOARD CAN CREATE COMMITTEES AND SUBCOMMITTEES, THE ROLE OF THE CHAIR TO NOMINATE COMMITTEE MEMBERS, AND THE ROLE OF THE GOVERNANCE COMMITTEE TO APPROVE THEM. SECTION 9.02(D), (E) AND (F): THE GOVERNANCE COMMITTEE HAS ASSUMED OVERSIGHT OF THE COLLEGE'S GOVERNANCE POLICIES AND BEST PRACTICES, AND WE ADDED THIS TO ITS RESPONSIBILITIES. THE ACADEMIC AFFAIRS COMMITTEE HAS NOT BEEN PROVIDING OVERSIGHT OF FACULTY COMPENSATION AND BENEFIT PACKAGES, WHICH SHOULD BE CONSISTENT WITH THOSE FOR ALL OTHER EMPLOYEES, SO WE REMOVED THIS RESPONSIBILITY FROM ITS PURVIEW. IN AN EFFORT TO AVOID POTENTIAL CONFUSION BETWEENGOVERNANCE AND MANAGEMENT, WE REMOVED OVERSIGHT OF THE INSTITUTIONAL ADVANCEMENT DIVISION OF THE COLLEGE FROM THE ADVANCEMENT COMMITTEE'S PURVIEW. ARTICLE X - OFFICERS OF THE CORPORATION SECTION 10.03(B): WE RENAMED THE VICE CHAIR-CHAIR ELECT AS THE "FIRST VICE CHAIR" IN AN EFFORT TO REFLECT THE ROLE MORE ACCURATELY IN THE TITLE. THE BYLAWS ALLOW FOR MULTIPLE VICE CHAIRS; HOWEVER, THE FIRST VICE CHAIR ACTS AS CHAIR WHEN THE CHAIR IS ABSENT AND WOULD COMPLETE THE CHAIR'S TERM IN THE EVENT OF HIS OR HER UNEXPECTED DEPARTURE. SECTION 10.07: IN CONSIDERATION OF THE FACT THAT THE PRESIDENT AND THE CFO MAY BOTH BE AWAY FROM THE COLLEGE AT THE SAME TIME, WE CHANGED THE SECTION ON ABSENCE OR DISABILITY TO GIVE THE PRESIDENT LATITUDE TO DESIGNATE ONE OR MORE MEMBERS OF THE EXECUTIVE STAFF TO ACT IN HIS PLACE WHEN HE IS ABSENT. WE FURTHER CLARIFIED THAT THE BOARD MAY APPOINT AN ACTING PRESIDENT IN THE EVENT OF THE PRESIDENT'S EXTENDED ABSENCE OR DISABILITY. ARTICLE XV - NON-DISCRIMINATION WE UPDATED AND STRENGTHENED THE LANGUAGE PERTAINING TO NON-DISCRIMINATION TO MEET CURRENT STANDARDS. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED FIRST BY THE CONTROLLER AND THE CHIEF FINANCIAL OFFICER. IT IS THEN REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES AND AN ELECTRONIC COPY IS MADE AVAILABLE TO THE FULL BOARD OF TRUSTEES PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE'S CONFLICT OF INTEREST POLICY COVERS ALL TRUSTEES, OFFICERS, MEMBERS OF MANAGEMENT AND COMMITTEE MEMBERS. EACH COVERED PERSON MUST ATTEST ANNUALLY THAT THEY ARE IN COMPLIANCE WITH THE POLICY. THE STATEMENTS ARE REVIEWED EACH YEAR BY THE AUDIT COMMITTEE. THE GOVERNANCE COMMITTEE DETERMINES IF CONFLICT EXISTS. ANY TRANSACTION IN WHICH A CONFLICT MAY EXIST MUST BE APPROVED BY THE BOARD OF TRUSTEES. ANY PERSON WITH A CONFLICT MAY NOT PARTICIPATE IN THE BOARDS DELIBERATIONS OR VOTE WITH REGARD TO THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 A) PRESIDENT AND CEO - THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS COMPARABLE DATA FROM A VARIETY OF SOURCES AND INCLUDES RESEARCH AND ADVICE FROM ONE OR MORE INDEPENDENT COMPENSATION CONSULTANTS AND ATTORNEYS. THE EXECUTIVE COMMITTEE THEN MAKES A RECOMMENDATION TO THE FULL BOARD OF TRUSTEES FOR APPROVAL. B) OFFICERS AND OTHER KEY EMPLOYEES - THE PRESIDENT SETS THE SALARIES FOR THESE POSITIONS USING COMPARABLE DATA STUDIES. COMPENSATION FOR PRESIDENT, OTHER OFFICERS, AND KEY EMPLOYEES IS REVIEWED ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 ARTICLES OF INCORPORATION, BYLAWS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: GAIN ON INTEREST SWAP 3,498,596. ACTUARIAL ADJUSTMENT -82,116. DESIGN ACCELERATOR INC 1700 LIDA STREET PASADENA CA 91103 462703937 COMPUTER SYSTEM DESIGN CA N/A C 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 DESIGN ACCELERATOR INC O 164739 FMV