2014-07-01T11:35:48-05:00 2013-08-31 KPMG LLP 345 Park Avenue New York NY 101540102 990 2012-09-01 111633516 LONG ISLAND UNIVERSITY % MARK SCHMOTZER LONG 5162992535 700 NORTHERN BLVD Suite BROOKVILLE NY 115481326 CHRISTOPHER R FEVOLA 5162992535 2014-06-23 true KPMG LLP 2127589700 2012 2015-11-30 17:44:51Z Dr Kimberly Cline 700 Northern Blvd Brookville NY 11548 516157129 false X www.liu.edu X 1926 NY THROUGH ITS MISSION OF ACCESS AND EXCELLENCE, EDUCATING AND EMPOWERING STUDENTS TO REALIZE THEIR FULL POTENTIAL AS ETHICALLY GROUNDED, INTELLECTUALLY VIGOROUS AND SOCIALLY RESPONSIBLE GLOBAL CITIZENS. 37 36 7238 46 -25012 -26262 17251567 33370528 461516549 472625830 5351539 1375753 17717 -110448 484137372 507261663 99201445 103883255 0 0 261166059 256028872 290944 228379 3578255 118926563 116180014 479585011 476320520 4552361 30941143 532497967 565292501 333000389 322608091 199497578 242684410 X LONG ISLAND UNIVERSITY WAS FOUNDED ON THE PRINCIPLE OF EDUCATING AND EMPOWERING MEN AND WOMEN FROM ALL WALKS OF LIFE. FOR FULL MISSION STATEMENT, SEE SCHEDULE O. false false 363624865 103883255 442100824 INSTRUCTION, ACADEMIC SUPPORT, AND INSTITUTIONAL SUPPORT - THE UNIVERSITY OFFERS BOTH CREDIT AND NONCREDIT COURSES FOR ACADEMIC AND VOCATIONAL INSTRUCTION. THE UNIVERSITY OFFERS 498 DEGREE AND CERTIFICATE PROGRAMS TO OVER 24,000 STUDENTS, AND EMPLOYS OVER 600 FULL-TIME FACULTY OVER SIX CAMPUSES. ACTIVITIES IN THIS CATEGORY ALSO INCLUDE SUPPORT SERVICES SUCH AS LIBRARIES, EDUCATIONAL MEDIA SERVICES, ACADEMIC COMPUTING SUPPORT, ACADEMIC ADMINISTRATION, ETC. THE UNIVERSITY'S LIBRARIES HOUSE APPROXIMATELY 2.6 MILLION PRINT BOOKS AND SHARE OVER 90,000 ONLINE JOURNALS, MORE THAN 200 ONLINE DATABASES AND 120,000 ELECTRONIC BOOKS. 83614251 0 30280111 STUDENT SERVICES AND AUXILIARY ENTERPRISES - REPRESENTS THE ACTIVITIES THAT CONTRIBUTE TO STUDENTS' EMOTIONAL AND PHYSICAL WELL-BEING AND INTELLECTUAL, CULTURAL, AND SOCIAL DEVELOPMENT OUTSIDE THE CONTEXT OF THE FORMAL INSTRUCTION PROGRAM. ACTIVITIES IN THIS CATEGORY INCLUDE EXPENSES FOR RESIDENCE HALLS, STUDENT ACTIVITIES, CULTURAL EVENTS, STUDENT NEWSPAPERS, INTRAMURAL ATHLETICS, STUDENT ORGANIZATIONS, INTERCOLLEGIATE ATHLETICS, COUNSELING AND CAREER GUIDANCE, STUDENT AID ADMINISTRATION AND STUDENT HEALTH SERVICE. APPROXIMATELY 2,760 STUDENTS RESIDE IN THE DORMS. 4836048 0 244895 RESEARCH AND PUBLIC SERVICE - REPRESENTS ACTIVITIES SPECIFICALLY ORGANIZED TO PRODUCE RESEARCH, WHETHER COMMISSIONED BY AN AGENCY EXTERNAL TO THE INSTITUTION OR SEPARATELY BUDGETED BY AN ORGANIZATIONAL UNIT WITHIN THE INSTITUTION. THIS CATEGORY ALSO INCLUDES ACTIVITIES ESTABLISHED PRIMARILY TO PROVIDE NON-INSTRUCTIONAL SERVICES BENEFICIAL TO INDIVIDUALS AND GROUPS EXTERNAL TO THE INSTITUTION. THESE ACTIVITIES INCLUDE COMMUNITY SERVICE PROGRAMS. 452075164 true true false true false false false true false true true true false false true true true false true true true false false true true false false false true true true true false false false false false false false true false true false false false false false false false false true 612 0 true 7238 true false false false false false true true false false false false X 37 36 false false false false false false false true true false false true true true true true true true true false NY X MARK SCHMOTZER 5162992535 700 NORTHERN BLVD BROOKVILLE NY 11548 X LINDA E AMPER 1.0 X 0 0 0 RAO ANUMOLO 1.0 X 0 0 0 ROGER L BAHNIK 1.0 X 0 0 0 STANLEY F BARSHAY 3.0 X 0 0 0 MARK A BOYAR 1.0 X 0 0 0 JOHN R BRANSFIELD JR 1.0 X 0 0 0 ROLAND A DESILVA 1.0 X 0 0 0 MICHAEL DEVINE 3.0 X 0 0 0 MICHAEL N EMMERMAN 3.0 X 0 0 0 GEORGE L ENGELKE JR 1.0 X 0 0 0 DANIEL B FISHER 3.0 X 0 0 0 PETER W GIBSON 1.0 X 0 0 0 MICHAEL P GUTNICK 1.0 X 0 0 0 STEVEN S 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AND IN CITY HALL. AS PART OF A LARGER COMMUNITY OF HIGHER EDUCATION INSTITUTIONS, LONG ISLAND UNIVERSITY ACTIVELY ADVOCATES FOR INCREASED STUDENT FINANCIAL AID, RESEARCH FUNDING, ECONOMIC DEVELOPMENT AID AND FOR SPECIFIC PROGRAMS THAT ASSIST OUR NEIGHBORING COMMUNITIES. WE OCCASIONALLY ENGAGE THE EXPERTISE OF OUR INTERNAL STAKEHOLDERS - OUR WORLD-CLASS FACULTY, PROFESSIONAL ADMINISTRATORS, UNIVERSITY OFFICERS AND THE LEADERSHIP OF OUR TRUSTEES, TO ASSIST WITH OUR ADVOCACY EFFORTS. LONG ISLAND UNIVERSITY'S GOVERNMENT RELATIONS EFFORTS HAVE HELPED SECURE MILLIONS OF DOLLARS IN PUBLIC SUPPORT FOR A WIDE RANGE OF UNIVERSITY PROGRAMS INCLUDING THE LIU HOMELAND SECURITY MANAGEMENT INSTITUTE, THE LIU BROOKLYN BRENDA PILLORS ASTHMA EDUCATION PROGRAM, THE LIU POST GROW YOUR OWN TEACHER PROGRAM, THE TILLES CENTER FOR THE PERFORMING ARTS, THE LIU BROOKLYN WRAC WELLNESS, RECREATION AND ATHLETIC CENTER AND MANY OTHER ENDEAVORS THAT SERVE OUR COMMUNITY, OUR STUDENTS, OUR STATE AND OUR NATION. FORM 990, SCHEDULE C, PART II-B, LINE 1I LONG ISLAND UNIVERSITY PAYS MEMBERSHIP DUES TO THE COMMISSION ON INDEPENDENT COLLEGS AND UNIVERSITIES. $4,384 IS THE PORTION OF DUES PAID TO CICU ATTRIBUTABLE TO LOBBYING. 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IN ACCORDANCE WITH ASC 958, THE UNIVERSITY DOES NOT CAPITALIZE ITS COLLECTIONS. INTENDED USE OF ENDOWMENT FUNDS FORM 990, SCHEDULE D, PART V, LINE 4 ENDOWMENT FUND REVENUE IS USED FOR GENERAL OPERATING SUPPORT UNLESS IT IS RESTRICTED BY THE DONOR FOR A SPECIFIC PURPOSE. UNCERTAIN TAX POSITIONS FORM 990, SCHEDULE D, PART X, LINE 2 THE UNIVERSITY HAS RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE AND IS CONSIDERED EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT FOR ANY UNRELATED BUSINESS INCOME. NO PROVISION FOR INCOME TAXES HAS BEEN MADE AS THE UNIVERSITY HAS NOT REPORTED ANY TAXABLE UNRELATED BUSINESS INCOME. THE UNIVERSITY EVALUATES, ON AN ANNUAL BASIS, THE EFFECTS OF ANY UNCERTAIN TAX POSITIONS ON ITS FINANCIAL STATEMENTS USING A THRESHOLD OF MORE LIKELY THAN NOT. AS OF AUGUST 31, 2013 AND 2012, THE UNIVERSITY HAS NOT IDENTIFIED OR PROVIDED FOR ANY SUCH POSITIONS. RECONCILIATION OF REVENUE PER AUDITED FINANCIALS WITH REVENUE PER RETURN FORM 990, SCHEDULE D, PART XI, LINE 2D SCHOLARSHIPS............................................$(103,883,255) POSTRETIREMENT CHANGES .................................$ 4,016,167 CHANGE IN FMV OF INTEREST RATE SWAP AGREEMENTS .........$ 10,685,373 LOSS ON DEFEASANCE AND REFUNDING OF DEBT...............$ (4,395,998) CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS ...........$ 87,538 SUPPLEMENTAL EARLY RETIREMENT INCENTIVE PROGRAM ........$ (5,703,698) Other nonoperating change in net assets.................$ 31,613 ------------- $ (99,162,260) RECONCILIATION OF REVENUE PER AUDITED FINANCIALS WITH REVENUE PER RETURN FORM 990, SCHEDULE D, PART XI LINE 4B RECLASS OF SPECIAL EVENT EXPENSES .....................$ (383,773) RECLASS OF RENTAL EXPENSES ............................$ (353,262) ------------ $ (737,035) RECONCILIATION OF EXPENSES PER AUDITED FINANCIALS WITH EXPENSES PER RETURN FORM 990, SCHEDULE D, PART XII LINE 2D RECLASS OF SPECIAL EVENT EXPENSES .....................$ 383,773 RECLASS OF RENTAL EXPENSES ............................$ 353,262 ----------- $ 737,035 RECONCILIATION OF EXPENSES PER AUDITED FINANCIALS WITH EXPENSES PER RETURN FORM 990, SCHEDULE D, PART XII LINE 4B RECLASS OF SCHOLARSHIP EXPENSES.........................$ 103,883,255 true true true true true true true false false false false false false false false true false true RACIALLY NONDISCRIMINATION POLICY FORM 990, SCHEDULE E THE FOLLOWING POLICY APPEARS ON LONG ISLAND UNIVERSITY'S WEBSITE AND UNIVERSITY BULLETINS: LONG ISLAND UNIVERSITY IS COMMITTED TO MAINTAINING A LEARNING AND WORKING ENVIRONMENT THAT IS FREE OF BIAS, PREJUDICE, DISCRIMINATION AND HARASSMENT AND AN ENVIRONMENT THAT SUPPORTS, NURTURES, AND REWARDS CAREER AND EDUCATIONAL ADVANCEMENT PURELY ON THE BASIS OF ABILITY AND PERFORMANCE. DISCRIMINATION OR HARASSMENT BASED UPON RACE, COLOR, RELIGION, SEXUAL ORIENTATION, GENDER AND /OR GENDER IDENTITY OR EXPRESSION, MARITAL OR PARENTAL STATUS, NATIONAL ORIGIN, ETHNICITY, CITIZENSHIP STATUS, VETERAN OR MILITARY STATUS, AGE, DISABILITY OR ANY OTHER LEGALLY PROTECTED BASIS IS PROHIBITED BY LAW AND UNDERMINES THE CHARACTER AND PURPOSE OF THE UNIVERSITY. SUCH DISCRIMINATION OR HARASSMENT IS ILLEGAL, AGAINST UNIVERSITY POLICY, AND WILL NOT BE TOLERATED. THIS POLICY COVERS ALL MEMBERS OF THE UNIVERSITY COMMUNITY-STUDENTS, FACULTY AND STAFF-AS WELL AS THOSE WHO INTERACT WITH MEMBERS OF THE UNIVERSITY COMMUNITY SUCH AS VENDORS OR VISITORS. THE UNIVERSITY ENCOURAGES EVERYONE TO REPORT ALL INCIDENTS OF DISCRIMINATION OR HARASSMENT, REGARDLESS OF WHO THE OFFENDER MAY BE. GOVERNMENT GRANTS FORM 990, SCHEDULE E, LINE 6A THE UNIVERSITY RECEIVES GRANTS FROM THE FOLLOWING GOVERNMENT AGENCIES TO SUPPORT ITS OPERATIONS: FEDERAL AID: UNITED STATES DEPARTMENT OF EDUCATION UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES NATIONAL SCIENCE FOUNDATION DEPARTMENT OF TREASURY DEPARTMENT OF HOMELAND SECURITY DEPARTMENT OF AGRICULTURE NATIONAL AERONAUTICS AND SPACE ADMINISTRATION CORPORATION FOR NATIONAL AND COMMUNITY SERVICE NATIONAL ENDOWMENT FOR THE HUMANITIES NEW YORK STATE AID: NEW YORK STATE HIGHER EDUCATION SERVICES CORPORATION Central America and the Caribbean 1 23 Program Services ACADEMIC INSTRUCTION 764163 South Asia 1 10 Program Services ACADEMIC INSTRUCTION 345908 East Asia and the Pacific 2 15 Program Services ACADEMIC INSTRUCTION 677183 Central America and the Caribbean Investments 6443914 4 48 4 48 8231168 8231168 true false true true true true METHOD USED TO ACCOUNT FOR EXPENDITURES FORM 990, SCHEDULE F, PART I EXPENDITURES ON PART I, LINE 3, COLUMN F ARE REPORTED ON AN ACCRUAL BASIS. X X X X X X X true RUFFALO CODY SEE PART IV 221 THIRD AVENUE STE 10 CEDAR RAPIDS IA 52406 TELEMARKET false 152952 216379 -63427 DAVID G CLOUGH SEE PART IV 1359 27TH STREET BROOKLYN NY 11210 CONSULTANT false 12000 -12000 152952 228379 -75427 Tilles Gala 445391 314963 130428 4509 50134 107139 31021 Tilles Dinner 440292 326805 113487 6916 10098 81003 12497 2 140957 56710 84247 66532 13924 1026640 698478 328162 77957 60232 188142 57442 383773 -55611 FUNDRAISERS FORM 990, SCHEDULE G, PART I, LINE 2B IN ADDITION TO GENERATING GIFT REVENUE, THE PROFESSIONAL SERVICES PROVIDED BY RUFFALO CODY ENABLE THE UNIVERSITY TO ACTIVELY MAINTAIN CONTACT WITH OVER 190,000 LIVING ALUMNI. FUNDRAISER ADDRESS FORM 990, SCHEDULE G, PART I, LINE 2B RUFFALO CODY 221 THIRD AVENUE, STE 10 CEDAR RAPIDS, IA 54206 DAVID G CLOUGH 1359 E 27TH STREET BROOKLYN, NY 11210 true SCHOLARSHIPS 10842 103883255 BOOK TUITION CREDIT GRANT MONITORING FORM 990, SCHEDULE I, PART I, LINE 2 LONG ISLAND UNIVERSITY OFFERS A NUMBER OF INSTITUTIONAL GRANTS AND SCHOLARSHIPS TO QUALIFYING STUDENTS ENROLLED IN BOTH DEGREE AND NON-DEGREE PROGRAMS. EACH GRANT OR OTHER FORMS OF ASSISTANCE HAVE SPECIFIC AWARDING CRITERIA AND INDIVIDUAL RULES FOR SELECTION BASED ON MERIT, NEED, AND/OR PERFORMANCE. THESE REQUIREMENTS ARE PUBLISHED EACH YEAR AND ARE ADMINISTERED BY THE CAMPUS FINANCIAL AID OFFICES WHICH ARE ALSO RESPONSIBLE FOR AWARDING AND POSTING TRANSACTIONS TO INDIVIDUAL STUDENT ACCOUNTS. THE DISBURSAL OF FUNDS IS SEGREGATED AND PERFORMED BY THE CENTRAL FINANCIAL AID OFFICE OF THE UNIVERSITY. IN ADDITION, INTERNAL CONTROLS ARE IN PLACE TO ENSURE AMOUNTS ARE AWARDED ACCURATELY TO STUDENTS WHO PROPERLY MEET AND MAINTAIN ELIGIBILITY CRITERIA. ACCOUNTING TRANSACTIONS ARE ROUTINELY RECONCILED THROUGH THE UNIVERSITY'S ERP SYSTEM AND STUDENT ACCOUNTS ARE CONSISTENTLY MONITORED BY ADMINISTRATIVE STAFF. X true true X X X X true false false false false false false false false DAVID J STEINBERG 466975 0 0 0 12281 0 27434 0 104835 0 611525 0 0 0 RICHARD GORMAN 220878 0 0 0 149618 0 24561 0 13102 0 408159 0 0 0 ROBERT ALTHOLZ 348052 0 0 0 4889 0 27500 0 20298 0 400739 0 0 0 GALE STEVENS HAYNES 320666 0 0 0 3575 0 27500 0 14749 0 366490 0 0 0 JEFFREY KANE 316489 0 0 0 3575 0 27500 0 32321 0 379885 0 0 0 LYNETTE PHILLIPS 279048 0 0 0 15098 0 27500 0 13969 0 335615 0 0 0 DANIEL RODAS 286314 0 0 0 6003 0 27500 0 10100 0 329917 0 0 0 BASHAR BAROUDI 276669 0 0 0 6011 0 27500 0 30106 0 340286 0 0 0 PAUL FORESTELL 253522 0 0 0 7000 0 27500 0 59300 0 347322 0 0 0 HARVEY KUSHNER 334576 0 0 0 3721 0 13427 0 20012 0 371736 0 0 0 ANTHONY CUTIE 264821 0 0 0 2588 0 17873 0 23398 0 308680 0 0 0 MICHAEL SOUPIOS 240660 0 0 0 414 0 14495 0 18453 0 274022 0 0 0 MARK SCHMOTZER 234375 0 0 0 0 0 25759 0 3089 0 263223 0 0 0 LORETTA KNAPP 226678 0 0 0 6000 0 23653 0 10365 0 266696 0 0 0 FORM 990, SCHEDULE J, PART I, LINE 1A AND PART II COMPENSATION DETAILS AND NON-TAXABLE BENEFITS SCHEDULE J, PART II, COLUMN D, INCLUDES NON-TAXABLE HOUSING BENEFIT OF $79,269 AND $50,000 FOR DR. STEINBERG AND PAUL FORESTELL, RESPECTIVELY. BOTH ARE REQUIRED TO RESIDE ON THE UNIVERSITY'S CAMPUS AS A CONDITION OF THEIR EMPLOYMENT. FORM 990, SCHEDULE J, PART I, LINE 4A AND PART II SEVERANCE PAYMENTS RICHARD GORMAN RECEIVED SEVERANCE PAYMENTS TOTALING $142,913, AND PAYMENTS ARE REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). A DORMITORY AUTHORITY OF THE STATE OF NEW YORK 146000293 6499062J2 2012-10-17 62736138 REFUND VARIOUS BONDS OF ISSUER false false false B DORMITORY AUTHORITY OF THE STATE OF NEW YORK 146000293 649905PQ3 2010-09-23 30000000 REFUND PRIOR BONDS ISSUED FOR CONS false false false C DORMITORY AUTHORITY OF THE STATE OF NEW YORK 146000293 649905PQ3 2009-09-01 35395000 REFUND PRIOR BONDS ISSUED FOR CONS false false false A 0 0 62767301 5173402 0 17193037 1251649 0 0 0 39149213 0 true true true true B 685000 0 30000000 0 0 0 0 0 0 0 30000000 0 2010 true false true true C 1010000 0 35395000 0 0 0 0 0 0 0 35395000 0 2010 true false true true A false true false false 0 false false false true B false true false false 0 false false false true C false true false false 0 false false false true A false true true false false false 0 false 0 false true B false true true false true false 0 false 0 false true C false true true false true false 0 false 0 false true A true B true C true FORM 990, SCHEDULE K 0 COLUMN A: Difference between Part I(A)(e) and Part II, line 3 is interest earnings. Part I (f): The Bonds refunded the Issuer's Series 1999 Bonds (issued on June 10, 1999), Series 2003A Bonds (issued on January 23, 2003), and Series 2003B Bonds (issued on August 31, 2003). PART III, LINE 2: THE BORROWER HAS ENTERED INTO VARIOUS ARRANGEMENTS WHICH ARE RELATED TO ITS EXEMPT PURPOSES AND WHICH SATISFY THE 50-DAY RULE REQUIREMENTS OF SECTION 1.141-3(D)(3)(II) OF THE TREASURY REGULATIONS. COLUMN B: Part I, (F): Bonds refunded the Issuer's Insured Revenue Bonds, Series 2006A issued on November 9, 2006. Part III, line 2: The Borrower has entered into various arrangements which are related to its exempt purposes and which satisfy the 50-day rule requirements of Section 1.141-3(d)(3)(ii) of the Treasury Regulations. COLUMN C: Part I, (F): Bonds refunded the Issuer's Insured Revenue Bonds, Series 2006A issued on November 9, 2006. Part III, line 2: The Borrower has entered into various arrangements which are related to its exempt purposes and which satisfy the 50-day rule requirements of Section 1.141-3(d)(3)(ii) of the Treasury Regulations. PIA STEVENS HAYNES FAMILY MEMBER - SEE PT V 119449 EMPLOYEE OF UNIVERSITY false OKARITA STEVENS FAMILY MEMBER - SEE PT V 137914 EMPLOYEE OF UNIVERSITY false BRAD COHEN FAMILY MEMBER - SEE PT V 209895 EMPLOYEE OF UNIVERSITY false NANCY MARKSBURY FAMILY MEMBER - SEE PT V 136646 EMPLOYEE OF UNIVERSITY false BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS FORM 990, SCHEDULE L, PART IV GALE STEVENS HAYNES GALE STEVENS HAYNES IS AN OFFICER OF THE UNIVERSITY AND HAS THREE FAMILY MEMBERS WHO ARE EMPLOYEES OF THE UNIVERSITY: *PIA STEVENS HAYNES - DAUGHTER *OKARITA STEVENS - SISTER-IN-LAW *BRAD COHEN - SON-IN-LAW PAUL FORESTELL PAUL FORESTELL IS AN OFFICER OF THE UNIVERSITY AND HIS SPOUSE, NANCY MARKSBURY, IS AN EMPLOYEE OF THE UNIVERSITY. X 15 347150 FAIR MARKET VALUE false true false NUMBER OF CONTRIBUTIONS SCHEDULE M, PART I, COLUMN (B) THE AMOUNT IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS. ORGANIZATION'S MISSION FORM 990, PART III, LINE 1 MISSION: ACCESS AND EXCELLENCE LONG ISLAND UNIVERSITY WAS FOUNDED ON THE PRINCIPLE OF EDUCATING AND EMPOWERING MEN AND WOMEN FROM ALL WALKS OF LIFE. THROUGH OUR MISSION OF ACCESS AND EXCELLENCE, THE LIU COMMUNITY REMAINS COMMITTED, ABOVE ALL ELSE TO THE EDUCATIONAL NEEDS AND INTERESTS OF OUR DIVERSE STUDENT BODY. WE STRIVE TO CULTIVATE AND EXPAND ACADEMIC, PROFESSIONAL, ARTISTIC AND CO-CURRICULAR OPPORTUNITIES, ENABLING STUDENTS TO REALIZE THEIR FULL POTENTIAL AS ETHICALLY GROUNDED, INTELLECTUALLY VIGOROUS AND SOCIALLY RESPONSIBLE GLOBAL CITIZENS. FORM 990 REVIEW FORM 990, PART VI, LINE 11B FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM (KPMG) BASED ON INFORMATION PROVIDED BY THE BUSINESS AND FINANCE DIVISION OF THE UNIVERSITY. THE AUDIT COMMITTEE THEN REVIEWS THE FORM 990 IN A MEETING ATTENDED BY COMMITTEE MEMBERS, MANAGEMENT AND THE INDEPENDENT ACCOUNTANTS. A COPY OF THE FINAL FORM 990 IS PROVIDED TO THE EACH MEMBER OF THE BOARD OF TRUSTEES PRIOR TO FILING THE RETURN WITH THE IRS. THE AUDIT COMMITTEE CHAIR, CHIEF FINANCIAL OFFICER AND THE INDEPENDENT ACCOUNTANTS ARE AVAILABLE TO THE BOARD FOR QUESTIONS. CONFLICT OF INTEREST POLICY FORM 990, PART VI, LINE 12C ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES ANNUALLY COMPLETE A QUESTIONNAIRE TO DISCLOSE POTENTIAL CONFLICTS. THE QUESTIONNAIRE INCLUDES KEY DEFINITIONS AND EXAMPLES. IN ADDITION, THE CONFLICT OF INTEREST POLICY IS ANNUALLY REVIEWED WITH OFFICERS, DIRECTORS AND KEY EMPLOYEES AND THE SAME ARE REGULARLY REMINDED TO DISCLOSE ANY CHANGES. FOR ALL ACTUAL OR POTENTIAL CONFLICTS THAT ARE IDENTIFIED BY MANAGEMENT, THE AFFECTED PERSON IS ASKED TO RECUSE HIMSELF OR HERSELF FROM ALL DELIBERATIONS, TRANSACTIONS, NEGOTIATIONS AND OTHER MATTERS RELATING TO ANY SUCH INTEREST. NEW OFFICERS, DIRECTORS AND KEY EMPLOYEES UNDERGO AN ORIENTATION WHICH INCLUDES A REVIEW OF THE CONFLICT OF INTEREST POLICY. OFFICER COMPENSATION REVIEW FORM 990, PART VI, LINE 15 A/B COMPENSATION FOR THE UNIVERSITY PRESIDENT AND OTHER UNIVERSITY OFFICERS IS ESTABLISHED BY A PROCESS THAT INCLUDES THE USE OF COMPARABILITY DATA, ANNUAL REVIEW AND APPROVAL BY THE COMPENSATION COMMITTEE OF THE UNIVERSITY'S BOARD OF TRUSTEES, AND CONTEMPORANEOUS RECORDKEEPING OF DELIBERATIONS AND DECISIONS. THE COMPENSATION COMMITTEE CONSISTS OF THE CHAIR OF THE BOARD OF TRUSTEES, THE SENIOR VICE CHAIR, THE SECRETARY AND FIVE (5) UNIVERSITY CHANCELLORS. DOCUMENT REVIEW POLICY FORM 990, PART VI, LINE 19 LONG ISLAND UNIVERSITY PUBLISHES AN ANNUAL REPORT TO THE COMMUNITY WHICH INCLUDES FINANCIAL STATEMENT HIGHLIGHTS. THIS REPORT IS AVAILABLE ON THE UNIVERSITY'S WEB SITE. THE UNIVERSITY'S CONFLICT OF INTEREST POLICY, AUDITED FINANCIAL STATEMENTS AND FORM 990 ARE AVAILABLE TO THE GENERAL PUBLIC ON REQUEST. THE 990 IS ALSO AVAILABLE AT WWW.GUIDESTAR.ORG. OFFICER COMPENSATION FORM 990, PART VII DR. KIMBERLY CLINE BECAME THE 10TH PRESIDENT OF LONG ISLAND UNIVERSITY ON JULY 1, 2013. DR. CLINE IS LISTED AS AN OFFICER ON FORM 990, PART VII; HOWEVER, REPORTABLE COMPENSATION IS NOT LISTED, AS PART VII IS REPORTED ON A CALENDAR YEAR BASIS, AND DR. CLINE DID NOT RECEIVE COMPENSATION FROM LIU IN 2012. OTHER CHANGES IN NET ASSETS FORM 990, PART XI, LINE 9 POSTRETIREMENT CHANGES ....................................$ 4,016,167 CHANGE IN FMV OF INTEREST RATE SWAP AGREEMENTS ............$ 10,685,373 LOSS ON DEFEASANCE AND REFUNDING OF DEBT..................$ (4,395,998) CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS ..............$ 87,538 SUPPLEMENTAL EARLY RETIREMENT INCENTIVE PROGRAM ...........$ (5,703,698) Other nonoperating change in net assets....................$ 31,613 ------------- $ 4,720,995