2013-04-15T20:29:53-05:00 2012-05-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY 1200 PORTLAND OR 97205 990 2011-06-01 930386858 LEWIS & CLARK COLLEGE LEWI 5037687801 0615 SW PALATINE HILL ROAD PORTLAND OR 972197899 CARL B VANCE 5037687801 2013-03-27 1 WENDY CAMPOS P00448102 5032421447 2011 2016-03-07 17:11:31Z CARL B VANCE 0615 SW PALATINE HILL ROAD PORTLAND OR 972197899 234799599 0 X WWW.LCLARK.EDU X 1946 OR THE MISSION OF LEWIS & CLARK COLLEGE IS TO KNOW THE TRADITIONS OF THE LIBERAL ARTS, TO TEST THEIR BOUNDARIES THROUGH ONGOING EXPLORATION, AND TO HAND ON TO SUCCESSIVE GENERATIONS THE TOOLS AND DISCOVERIES OF THIS QUEST. BY THESE MEANS THE COLLEGE PURSUES THE AIMS OF ALL LIBERAL LEARNING: TO SEEK KNOWLEDGE FOR ITS OWN SAKE AND TO PREPARE FOR CIVIC LEADERSHIP. 36 35 2986 1516 87275 74516 8043102 16376973 127459389 137563339 4590476 4523157 2976752 2234824 143069719 160698293 32088723 37704385 0 0 67066295 66320814 0 0 3279175 47700674 50148303 146855692 154173502 -3785973 6524791 419036018 405217330 142257430 147485535 276778588 257731795 X THE MISSION OF LEWIS & CLARK COLLEGE IS TO KNOW THE TRADITIONS OF THE LIBERAL ARTS, TO TEST THEIR BOUNDARIES THROUGH ONGOING EXPLORATION, AND TO HAND ON TO SUCCESSIVE GENERATIONS THE TOOLS AND DISCOVERIES OF THIS QUEST. BY THESE MEANS THE COLLEGE PURSUES THE AIMS OF ALL LIBERAL LEARNING: TO SEEK KNOWLEDGE FOR ITS OWN SAKE AND TO PREPARE FOR CIVIC LEADERSHIP. 0 0 88555343 37704385 119897637 INSTRUCTION EXPENSES DIRECTLY RELATED TO ACADEMIC DEPARTMENTS INCLUDING PROFESSOR AND SUPPORT STAFF SALARIES AND BENEFITS, VARIOUS SUPPLIES AND EQUIPMENT, AND OTHER COSTS ASSOCIATED WITH PROVIDING INSTRUCTION. 13703878 86331 ACADEMIC SUPPORT EXPENSES RELATED TO (1) RETENTION, PRESERVATION AND DISPLAY OF EDUCATIONAL MATERIALS, (2) THE PROVISION OF SERVICES THAT DIRECTLY ASSIST THE ACADEMIC FUNCTIONS OF THE INSTITUTION, (3) ACADEMIC ADMINISTRATION AND PERSONNEL DEVELOPMENT PROVIDING THE ADMINISTRATIVE SUPPORT FOR COURSE AND CURRICULUM DEVELOPMENT, AND (4) SEPARATELY BUDGETED SUPPORT FOR COURSE AND CURRICULUM DEVELOPMENT. 11590026 2389679 STUDENT SERVICES EXPENSES RELATED TO (1) OFFICE OF ADMISSIONS, OFFICE OF ENROLLMENT AND REGISTRAR, (2) ACTIVITIES THAT CONTRIBUTE TO STUDENTS' EMOTIONAL AND PHYSICAL WELL BEING, (3) STUDENTS' ACTIVITIES, CULTURAL EVENTS, STUDENT NEWSPAPERS, ETC., (4) COUNSELING AND CAREER GUIDANCE, AND (5) STUDENT AND ADMINISTRATION. 17279443 2424533 OTHER EXPENSES RELATED TO (1) SCHOLARLY RESEARCH, (2) CAMPUS EVENTS FOR THE BENEFIT OF THE LOCAL COMMUNITY AND GENERAL PUBLIC, (3) AUXILIARY SERVICES SUCH AS RESIDENCE HALLS, FOOD SERVICE, CAMPUS BOOKSTORE, CONFERENCES AND COMPUTER PURCHASING PROGRAM. 17279443 2424533 131128690 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 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 0 1 360 0 1 2986 1 1 1 1 UK 0 0 0 1 1 0 0 0 0 X 36 35 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 CA OR WA X X CARL B VANCE 5037687801 0615 SW PALATINE HILL ROAD PORTLAND OR 972197899 JAMES T RICHARDSON 2.00 X X 0 0 0 ERIC PARSONS 2.00 X X 0 0 0 MARK TRATOS 2.00 X X 0 0 0 STEPHANIE J FOWLER 2.00 X X 0 0 0 AHMED AL BADI 2.00 X 0 0 0 JUDI BECK 2.00 X 0 0 0 D MARK DORMAN 2.00 X 0 0 0 STEPHEN H DOVER 2.00 X 0 0 0 SCOTT DUBCHANSKY 2.00 X 0 0 0 GERALD W FISCHER 2.00 X 0 0 0 JAMES L FORMAN 2.00 X 0 0 0 JON V JAQUA 2.00 X 0 0 0 CHRISTOPHER E JAY 2.00 X 0 0 0 ED JENSEN 2.00 X 0 0 0 FREDERICK D JUBITZ 2.00 X 0 0 0 JOUNI J KORHONEN 2.00 X 0 0 0 WESLEY W LAWRENCE 2.00 X 0 0 0 MARILYN LOY 2.00 X 0 0 0 PATRICK MAHAFFY 2.00 X 0 0 0 PATRICK MARKHAM 2.00 X 0 0 0 RANDY MASSENGALE 2.00 X 0 0 0 LIBBY MCCASLIN 2.00 X 0 0 0 AMY L MILLER 2.00 X 0 0 0 M BETH MILLER 2.00 X 0 0 0 JIM PARK 2.00 X 0 0 0 RONALD K RAGEN 2.00 X 0 0 0 THOMAS P RASMUSSEN 2.00 X 0 0 0 JOHN S ROGERS 2.00 X 0 0 0 STEPHEN ROTH 2.00 X 0 0 0 MARTHA STEIN-SOCHAS 2.00 X 0 0 0 KENT SWANSON 2.00 X 0 0 0 RON TIMPE 2.00 X 0 0 0 JAY T WALDRON 2.00 X 0 0 0 FRANK DILLOW 2.00 X 0 0 0 CONNIE MCKELVEY 2.00 X 0 0 0 BARRY GLASSNER 45.00 X X 379056 0 34099 GREGORY A VOLK 45.00 X 279176 0 33793 ROBERT H KLONOFF 45.00 X 240838 0 35962 CARL B VANCE 45.00 X 221034 0 30928 TUAJUANDA JORDAN 45.00 X 100421 0 15262 JANE M ATKINSON 45.00 X 189887 0 28494 DAVID G ELLIS 45.00 X 182194 0 17190 EARL S FLETCHER 45.00 X 158884 0 19978 JANE HUNTER 45.00 X 142123 0 27635 GEORGE P BATTISTEL 45.00 X 120024 0 19435 BRIAN A BLUM 45.00 X 200792 0 25546 EDWARD J BRUNET 45.00 X 200692 0 28571 WILLIAM F FUNK 45.00 X 197430 0 27045 JENNIFER J JOHNSON 45.00 X 189995 0 16577 JULIO C DE PAULA 45.00 X 177612 0 27840 2980158 0 388355 71 0 1 0 BON APPETIT 100 HAMILTON AVE SUITE 400 PALO ALTO CA 94301 FOOD SERVICE 3931804 WALSH CONSTRUCTION CO 2905 SW FIRST AVE PORTLAND OR 97201 CONSTRUCTION CONTRACTING/GENERAL 3627419 SKYLINE BUILDING MAINTENANCE 17446 SW BOONES FERRY RD LAKE OSWEGO OR 97035 JANITORIAL SERVICES 1656290 KEMS WOODWORKS PO BOX 396 CORNELIUS OR 97113 CONSTRUCTION CONTRACTING/GENERAL 1372320 NORTHWEST CONTROL CO 7820 SE MCLOUGHLIN PORTLAND OR 97222 HVAC MAINTENANCE 1044782 30 32224 16344749 443481 16376973 TUITION AND FEES 611600 119816534 119816534 AUXILIARY SERVICES 900099 14817829 14817829 CONTRACTS/EXCHANGE TRA 900099 2928976 2928976 137563339 3227046 25537 3201509 94019 94019 358618 336445 22173 22173 22173 75014482 73718371 1296111 1296111 1296111 50714 32224 46490 4224 4224 OTHER REVENUE 900099 2114408 2052670 61738 2114408 160698293 124798180 87275 19435865 37704385 37704385 2461497 987147 1154295 320055 48978832 40611519 6620568 1746745 3375479 2719101 524056 132322 7439644 6193378 1023107 223159 4065362 2976689 946298 142375 59815 2500 45767 11548 108435 108435 931870 931870 11090979 7676538 3198287 216154 91487 55096 29025 7366 5859306 3133709 2495863 229734 2961694 1343439 1618255 3941800 2964913 771897 204990 281400 192250 71044 18106 7551627 2832305 4719322 6462074 4523226 1938848 2210634 1805457 405177 OVERSEAS PROGRAMS 4993067 4993067 LIBRARY BOOKS/MATERIALS 2365627 2365627 DUES & SUBSCRIPTIONS 465251 232845 220892 11514 TAXES PAID ON UBI 32639 32639 740598 7782860 -7057369 15107 154173502 131128690 19765637 3279175 11709371 8219617 8015085 6933277 331225 399587 8022227 7987028 2419222 2133721 267791234 94409718 163425990 173381516 170528651 142201092 53744247 63121492 840000 840000 419036018 405217330 17284331 14481753 1681329 3503505 108107731 108124291 15184039 21375986 142257430 147485535 X 89993437 86131288 83250036 65507879 103535115 106092628 276778588 257731795 419036018 405217330 X 6524791 -25571584 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 162345 2542171 X X X X 0 204141206 12312337 -21017256 3657013 8579256 929805 182270213 179309669 1537363 34281838 3949546 6280261 757857 204141206 165600644 1916851 24385644 3676117 8400871 516482 179309669 232119348 2155728 -55785494 4388776 7779709 720453 165600644 0.19000 0.51000 0.30000 0 0 18132443 18132443 183753474 53772300 129981174 13139768 6795785 6343983 38446557 33841633 4604924 14318992 14318992 173381516 ALTERNATIVE INVESTMENTS 61400916 F REAL ESTATE AND OTHER 1720576 F 63121492 SPLIT INTEREST AGREEMENTS 604317 US GOVT GRANTS REFUNDABLE 6341129 INTEREST RATE SWAPS LIABILITY 14430540 21375986 160698293 154173502 6524791 -19223553 -6348031 -25571584 -19046793 97708840 -19223553 -44087097 -63310650 161019490 -321197 -321197 160698293 116755633 286516 286516 116469117 37704385 37704385 154173502 PART III, LINE 4: DESCRIPTION OF COLLEGE'S COLLECTIONS - PAINTINGS, SCULPTURES AND OTHER WORKS OF ART FOR PUBLIC EXHIBITION AND CAMPUS BEAUTIFICATION; POETRY, LITERARY COLLECTIONS, PHOTOGRAPHS, MEMORABILIA, NEWSPAPERS, JOURNALS, CORRESPONDENCE AND RESEARCH NOTES HELD FOR HISTORICAL PRESERVATION AND EDUCATIONAL RESEARCH PURPOSES. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: INTENDED USE OF COLLEGE'S ENDOWMENT FUNDS - TO PROVIDE FUNDING FOR STUDENT SCHOLARSHIPS AND TUITION ASSISTANCE, AND TO PROVIDE FINANCIAL SUPPORT AND STABILITY FOR INSTITUTIONAL PROGRAMS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: FIN 48 (ASC 740) FOOTNOTE - THE COLLEGE RECOGNIZES INTEREST ACCRUED AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS AN ADMINISTRATIVE EXPENSE. DURING THE YEARS ENDED MAY 31, 2012 AND 2011, THE COLLEGE RECOGNIZED NO INTEREST AND PENALTIES. THE COLLEGE HAD NO UNRECOGNIZED TAX BENEFITS AT MAY 31, 2012. THE COLLEGE FILES AN EXEMPT ORGANIZATION INCOME TAX RETURN AND AN UNRELATED BUSINESS INCOME TAX RETURN IN THE U.S. FEDERAL JURISDICTION AND A COPY WITH THE STATE CHARITIES DIVISION AND STATE DEPARTMENT OF REVENUE. WITH FEW EXCEPTIONS, THE COLLEGE IS NO LONGER SUBJECT TO U.S. FEDERAL OR STATE/LOCAL TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2008. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 39,219. UNREALIZED LOSS ON INTEREST RATE SWAPS -6,325,512. UNRELATED BUSINESS INCOME FROM ALTERNATIVE INVESTMENTS -61,738. TOTAL TO SCHEDULE D, PART XI, LINE 8: -6,348,031. PART XII, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS ON INTEREST RATE SWAPS -6,325,512. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -57,200. SCHOLARSHIPS & FELLOWSHIPS NETTED WITH REVENUE ON FINANCIAL STATEMENTS -37,704,385. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED WITH REVENUE ON 990 -336,445. FUNDRAISING EVENT EXPENSES NETTED WITH REVENUE ON 990 -46,490. UNRELATED BUSINESS INCOME FROM ALTERNATIVE INVESTMENTS 61,738. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED WITH REVENUE ON 990 336,445. FUNDRAISING EVENT EXPENSES NETTED WITH REVENUE ON 990 46,490. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -96,419. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS & FELLOWSHIPS NETTED WITH REVENUE ON FINANCIAL STATEMENTS 37,704,385. 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 LEWIS & CLARK COLLEGE INCLUDES A STATEMENT OF ITS RACIALLY NONDISCRIMINATORY POLICY TOWARDS STUDENTS IN ALL DOCUMENTED AND CIRCULATED SOLICITATIONS FOR REGISTRATION. IN ADDITION, DUE TO THE SIZE OF THE SCHOOL, ITS GEOGRAPHIC ALLOCATION, AND THE COMMUNITY IT SERVES, THE NON-DISCRIMINATION POLICY AND RACIAL COMPOSITION OF THE STUDENT BODY IS WELL-KNOWN TO ALL SEGMENTS OF THE GENERAL COMMUNITY SERVED. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 ALL FEDERAL GRANT OPERATIONS OF LEWIS & CLARK COLLEGE ARE INCLUDED IN AN AUDIT OF FEDERAL AWARDS PERFORMED IN ACCORDANCE WITH U.S. OFFICE OF MANAGEMENT AND BUDGET CIRCULAR A-133, COMPLIANCE SUPPLEMENT FOR AUDITS OF HIGHER LEARNING, AND OTHER NON-PROFIT INSTITUTIONS, INCLUDING TITLE IV PROGRAMS, U.S. DEPARTMENT OF EDUCATION, NATIONAL SCIENCE FOUNDATION, AND NATIONAL INSTITUTE OF HEALTH. CENTRAL AMERICA 0 3 PROGRAM SERVICESPROGRAM SERVICES STUDY ABROAD PROGRAMS FOR UNDERGRADUATE STUDENTS 246957 EAST ASIA 0 9 PROGRAM SERVICESPROGRAM SERVICES STUDY ABROAD PROGRAMS FOR UNDERGRADUATE STUDENTS 1411477 EUROPE 0 5 PROGRAM SERVICES STUDY ABROAD PROGRAMS FOR UNDERGRADUATE STUDENTS 1493208 RUSSIA 0 2 PROGRAM SERVICES STUDY ABROAD PROGRAMS FOR UNDERGRADUATE STUDENTS 25649 SOUTH AMERICA 0 4 PROGRAM SERVICES STUDY ABROAD PROGRAMS FOR UNDERGRADUATE STUDENTS 528938 SUB-SAHARAN AFRICA 0 3 PROGRAM SERVICESPROGRAM SERVICES STUDY ABROAD PROGRAMS FOR UNDERGRADUATE STUDENTS 461430 SOUTH ASIA 0 1 PROGRAM SERVICES STUDY ABROAD PROGRAMS FOR UNDERGRADUATE STUDENTS 248400 0 27 0 0 0 27 4416059 0 4416059 1 0 0 1 1 1 SCHEDULE F PART IV, FOREIGN FORMS: SOME QUESTIONS REGARDING OWNERSHIP IN OR TRANSFERS TO FOREIGN ENTITIES HAVE BEEN ANSWERED YES DUE TO THE COLLEGE'S INDIRECT OWNERSHIP OF FOREIGN ENTITIES THROUGH VARIOUS ALTERNATIVE INVESTMENTS. THE COLLEGE HAS NO DIRECT INTEREST IN ANY FOREIGN ENTITY, AND NONE OF THE FORMS REFERENCED IN PART IV WERE REQUIRED TO BE FILED BY THE COLLEGE. THE COLLEGE HAS AN OVERSEAS PROGRAM IN CUBA, A BOYCOTTING COUNTRY, AND PART IV LINE 6 HAS ACCORDINGLY BEEN ANSWERED YES. THE COLLEGE MEETS EXCEPTIONS FOR FILING FORM 5713 AND HAS THEREFORE NOT FILED THAT FORM. GOLF TOURNAMENT 42625 27245 15380 13000 4353 PILP AUCTION 40313 4979 35334 29137 82938 32224 50714 13000 33490 46490 4224 1 GRANTS AND SCHOLARSHIPS FOR UNDERGRADUATE STUDENTS 2832 32332147 SCHOLARSHIPS AND FELLOWSHIPS FOR LAW SCHOOL STUDENTS 657 5086683 SCHOLARSHIPS FOR GRADUATE SCHOOL STUDENTS 144 285555 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ASSISTANCE IS GIVEN ONLY IN THE FORM OF CREDITS TOWARD THE COST OF TUITION, AND A RECORD OF THE ASSISTANCE PROVIDED IS RECORDED IN SEPARATE ACCOUNTS MAINTAINED FOR EACH STUDENT/RECIPIENT. X X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 BARRY GLASSNER 378505 0 0 0 551 0 22050 0 12049 0 413155 0 0 0 GREGORY A VOLK 271976 0 0 0 7200 0 22050 0 11743 0 312969 0 0 0 ROBERT H KLONOFF 240838 0 0 0 0 0 22050 0 13912 0 276800 0 0 0 CARL B VANCE 221034 0 0 0 0 0 19473 0 11455 0 251962 0 0 0 JANE M ATKINSON 189887 0 0 0 0 0 17135 0 11359 0 218381 0 0 0 DAVID G ELLIS 182194 0 0 0 0 0 15723 0 1467 0 199384 0 0 0 EARL S FLETCHER 158884 0 0 0 0 0 14044 0 5934 0 178862 0 0 0 JANE HUNTER 142123 0 0 0 0 0 13324 0 14311 0 169758 0 0 0 BRIAN A BLUM 200792 0 0 0 0 0 17934 0 7612 0 226338 0 0 0 EDWARD J BRUNET 200692 0 0 0 0 0 17209 0 11362 0 229263 0 0 0 WILLIAM F FUNK 197430 0 0 0 0 0 15953 0 11092 0 224475 0 0 0 JENNIFER J JOHNSON 189995 0 0 0 0 0 14647 0 1930 0 206572 0 0 0 JULIO C DE PAULA 177612 0 0 0 0 0 16427 0 11413 0 205452 0 0 0 PART I, LINE 1A THE COLLEGE PAYS MEMBERSHIP DUES TO LOCAL SOCIAL CLUBS FOR THE PRESIDENT, THE DEAN OF THE LAW SCHOOL AND THE VICE PRESIDENT FOR INSTITUTIONAL ADVANCEMENT. THE BENEFIT IS NOT TREATED AS TAXABLE COMPENSATION AS THERE IS A BONA FIDE BUSINESS PURPOSE TO MEMBERSHIP IN THESE CLUBS, AS THE CLUBS ARE USED FOR MEETINGS AND NETWORKING RELATING TO COLLEGE BUSINESS. ANY MEALS OR OTHER ACTIVITIES WHICH THE OFFICER DEEMS TO BE FOR HIS/HER OWN PERSONAL USE ARE TREATED AS TAXABLE COMPENSATION TO HIM/HER. ALSO, EXPENSES ARE REIMBURSED TO THE COLLEGE PRESIDENT FOR SPOUSAL TRAVEL. WHEN SUCH TRAVEL IS NOT FOR BONA FIDE BUSINESS PURPOSES THE REIMBURSEMENTS ARE TREATED AS TAXABLE COMPENSATION. A NON-TAXABLE HOUSING BENEFIT IS PROVIDED TO THE COLLEGE PRESIDENT. STATE OF OREGON - OREGON FACILITIES AUTHORITY 936001787 68608JNN7 2011-03-01 108610000 REFUNDING OUTSTANDING BONDS, FINANCE CONSTRUCTION COSTS OF RESIDENCE HALL 0 0 0 95450000 108104970 1150875 9367444 2136651 1 0 1 1 0 0 1 1 0 0.00000 0.00000 0.00000 1 0 0 0 0 0 0 X 5 89674 PROFESSIONAL APPRAISAL X 72671 APPRAISAL/EXPERT OPINION X 32 274543 SELLING PRICE X 1 400 COST OF DONATED ITEMS X 1 400 COST OF DONATED ITEMS X MISC SUPPLIES FOR EVENTS 22 5793 COST OF DONATED ITEMS 4 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE COLLEGE USES AN INDEPENDENT STOCK BROKER TO SELL DONATED SECURITIES. SALES OF OTHER NON-CASH CONTRIBUTIONS HAPPEN VERY INFREQUENTLY, BUT TYPICALLY AN INDEPENDENT AUCTIONEER OR OTHER EXPERT IS HIRED TO ASSIST IN THE SALE OF ITEMS WHICH ARE OF SIGNIFICANT VALUE. FORM 990, PART VI, SECTION A, LINE 4 THE COLLEGE'S BYLAWS WERE AMENDED AS FOLLOWS: CHANGE IN METHODOLOGY FOR ELECTING BOARD OFFICERS; CLEAN UP LANGUAGE IN VARIOUS SECTIONS; PERMIT BOARD MEMBERS TO ATTEND MEETINGS TELEPHONICALLY OR BY OTHER LEGAL MEANS; DEFINE QUORUM FOR DOING BUSINESS FOR COMMITTEES AS 1/3 OF COMMITTEE MEMBERS; EXPAND DEFINITION OF CLASSES OF PEOPLE WHO ARE PROTECTED BY THE COLLEGE'S DISCRIMINATION PROVISION. FORM 990, PART VI, SECTION B, LINE 11 1. SUBJECT TO POSSIBLE DELAYS DUE TO THE RECEIPT OF K-1'S, THE AUDIT COMMITTEE WILL MEET EACH YEAR PRIOR TO THE FEBRUARY MEETING OF THE BOARD OF TRUSTEES TO REVIEW THE FORM 990. 2. TWO WEEKS PRIOR TO THIS AUDIT COMMITTEE MEETING THE BUSINESS OFFICE WILL FORWARD THE ELECTRONIC PUBLIC VERSION OF THE FORM 990 TO THE AUDIT COMMITTEE FOR REVIEW. 3. AT THE AUDIT COMMITTEE MEETING THE COMMITTEE WILL RECEIVE A NUMBERED PRINTED COPY OF THE SCHEDULE B DONORS, WHICH WILL SHOW ON THE FILED VERSION OF THE FORM 990. THE COMMITTEE WILL REVIEW THE COMPLETE FORM 990 AND HAVE THE ABILITY TO ASK QUESTIONS OF THE ADMINISTRATION AND THE COLLEGE'S AUDITORS. 4. THE NUMBERED PRINTED COPY OF THE LIST OF THE SCHEDULE B DONORS WILL BE COLLECTED AT THE END OF THE AUDIT COMMITTEE MEETING. 5. FOLLOWING THE AUDIT COMMITTEE MEETING AND TWO WEEKS PRIOR TO THE FEBRUARY MEETING OF THE BOARD OF TRUSTEES THE ELECTRONIC VERSION OF THE PUBLIC FORM 990 WILL BE SENT TO EACH TRUSTEE. TRUSTEES WILL HAVE THE ABILITY TO ASK QUESTIONS REGARDING THE FORM 990 BY EMAIL OR AT THE FINANCE COMMITTEE MEETING DURING THE FEBRUARY BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. ANNUALLY ALL MEMBERS OF THE BOARD OF TRUSTEES ARE ASKED TO SIGN A CONFLICT OF INTEREST DISCLOSURE STATEMENT. IF CONFLICTS ARE DISCLOSED THE CONFLICT MUST BE DISCLOSED TO THE FULL BOARD, AND ANY TRUSTEE WITH A CONFLICT MUST BE PRECLUDED FROM TAKING ACTION ON ITEMS OF BUSINESS FOR WHICH THEY MAY HAVE A CONFLICT. STATEMENTS ARE COLLECTED BY THE SECRETARY TO THE BOARD ANNUALLY. ANNUALLY EACH OFFICER OF THE COLLEGE IS REQUIRED TO REVIEW THE COLLEGE'S CODE OF ETHICS, WHICH INCLUDES OUR CONFLICT OF INTEREST POLICY, AND ACKNOWLEDGE COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES HAS A COMPENSATION COMMITTEE THAT SETS THE COMPENSATION OF THE PRESIDENT AND REVIEWS THE COMPENSATION FOR OTHER SENIOR EXECUTIVES. COMPENSATION IS REGULARLY ADJUSTED ANNUALLY ON SEPTEMBER 1, SO THE REPORTED CALENDAR YEAR 2011 DATA WOULD NORMALLY REFLECT 2/3 OF THE COMPENSATION FOR THE 2010-2011 ACADEMIC YEAR AND 1/3 OF THE COMPENSATION FOR THE 2011-2012 ACADEMIC YEAR. HOWEVER, BECAUSE THE NEW PRESIDENT BEGAN HIS EMPLOYMENT ON OCTOBER 28, 2010, HIS INITIAL EMPLOYMENT CONTRACT RAN THROUGH OCTOBER 28, 2011. THE PRESIDENTIAL SEARCH CONSULTANT, ISAACSON MILLER, PROVIDED THE SEARCH COMMITTEE WITH COMPARATIVE COMPENSATION NUMBERS AND A RECOMMENDED COMPENSATION PACKAGE, WHICH WAS APPROVED BY THE ENTIRE BOARD OF TRUSTEES. THE COMPENSATION COMMITTEE DID REVIEW THE PRESIDENT'S PERFORMANCE FOR THE 2010-2011 ACADEMIC YEAR AS WELL AS 990 COMPENSATION DATA FROM OTHER PEER SCHOOLS TO SET HIS COMPENSATION FOR 2011-12. THE COMMITTEE ALSO REVIEWED THE COMPENSATION FOR OTHER SENIOR EXECUTIVES DURING THE 2011-12 ACADEMIC YEAR. FORM 990, PART VI, SECTION C, LINE 18 FORM 990 IS MADE AVAILABLE TO THE PUBLIC ON THE COLLEGE'S WEBSITE AND UPON REQUEST. IN LIEU OF FORM 1023, A LETTER FROM THE IRS DATED 6/3/2002 ACKNOWLEDGING THE ORGANIZATION'S TAX EXEMPT STATUS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE IS MADE AVAILABLE TO THE PUBLIC ON THE ORGANIZATION'S WEBSITE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS (CORPORATE BY-LAWS) AND THE AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC ON THE ORGANIZATION'S WEBSITE. THE CONFLICT OF INTEREST POLICY IS MADE AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -19,223,553. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 39,219. UNREALIZED LOSS ON INTEREST RATE SWAPS -6,325,512. UNRELATED BUSINESS INCOME FROM ALTERNATIVE INVESTMENTS -61,738. TOTAL TO FORM 990, PART XI, LINE 5: -25,571,584. CHARITABLE REMAINDER TRUST (18) 0615 SW PALATINE HILL ROAD PORTLAND OR 97219 CHARITABLE REMAINDER TRUST OR LEWIS & CLARK COLLEGE T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0