2013-11-14T11:43:13-06:00 2013-06-30 363168081 SIKICH LLP 1415 W DIEHL RD SUITE 400 NAPERVILLE IL 605632349 990 2012-07-01 362166964 AURORA UNIVERSITY AURO 6308926431 347 SOUTH GLADSTONE AVENUE AURORA IL 60506 BETH REISSENWEBER CPA PHD 6308926431 2013-11-13 1 ANDREW T TWARDOWSKI CPA P00377357 6305668400 2012 2016-02-24 21:20:13Z DR REBECCA SHERRICK 347 SOUTH GLADSTONE AVENUE AURORA IL 60506 115911037 0 X WWW.AURORA.EDU X 1899 IL TO PROVIDE POST-SECONDARY UNDERGRADUATE AND GRADUATE EDUCATION. 28 28 1711 109 377766 -55648 15756202 16923072 73815421 80497156 3578001 1368849 85241 168702 93234865 98957779 28008681 30337876 0 0 36546652 38918296 0 0 1698572 23016829 23931451 87572162 93187623 5662703 5770156 141734879 149718319 48447443 48323285 93287436 101395034 X THE PRIMARY PURPOSE OF AURORA UNIVERSITY IS TO PROVIDE POST-SECONDARY UNDERGRADUATE AND GRADUATE EDUCATION SHAPED BY ITS LONG-STANDING COMMITMENT TO EDUCATIONAL EXCELLENCE AND COMMUNITY PARTNERSHIP. THE UNIVERSITY IS GUIDED BY ITS MISSION TO BE AN INCLUSIVE COMMUNITY DEDICATED TO THE TRANSFORMATIVE POWER OF LEARNING AND CONTINUES TO UPHOLD ITS VALUES OF INTEGRITY, CITIZENSHIP, CONTINUOUS LEARNING, AND EXCELLENCE. 0 0 73323917 30087584 72040611 AURORA UNIVERSITY PROVIDES POST-SECONDARY EDUCATION AND RELATED ACTIVITIES AND SUPPORT SERVICES TO 3,415 UNDERGRADUATE STUDENTS AND 2,136 GRADUATE STUDENTS ON ITS THREE LOCATIONS IN AURORA, ILLINOIS, WILLIAMS BAY, WISCONSIN AND WOODSTOCK, ILLINOIS, AS WELL AS VARIOUS OTHER LOCATIONS. DURING THE YEAR, AU GRADUATED 681 STUDENTS WITH BACHELOR OF ARTS AND BACHELOR OF SCIENCE DEGREES AND 605 STUDENTS WITH GRADUATE DEGREES IN EDUCATION, SOCIAL WORK, BUSINESS, AND RECREATION. AS PART OF ITS MISSION, THE UNIVERSITY OFFERS CULTURAL AND EDUCATIONAL OPPORTUNITIES TO ITS STUDENTS, FACULTY, STAFF AND THE NEIGHBORING COMMUNITY. 6602245 250292 6946044 AURORA UNIVERSITY HAS RESIDENCE HALL CAPACITY OF 701 BEDS ON ITS AURORA CAMPUS, AS WELL AS, OFFERING HOUSING SERVICES FOR ITS GRADUATE AND UNDERGRADUATE STUDENTS ON ITS WISCONSIN CAMPUS. FOOD SERVICE FOR STUDENTS AND STAFF IS PROVIDED AT THREE LOCATIONS ON THE AURORA CAMPUS AND A DINING HALL ON THE WISCONSIN CAMPUS. ADDITIONALLY, A BOOKSTORE ON THE AURORA CAMPUS SELLS TEXTBOOKS, SUPPLIES AND MISCELLANEOUS CONVENIENCE ITEMS TO STUDENTS, FACULTY AND STAFF. 1884058 1136167 GEORGE WILLIAMS COLLEGE CAMPUS PROVIDES FOOD SERVICES, LODGING AND MEETING ROOMS FOR ALL INDIVIDUALS PARTICIPATING IN A CONFERENCE OR SEMINAR. THE PROGRAM ANNUALLY PROVIDES SERVICES TO OVER 177 SCHOOLS, CHURCHES, HUMAN SERVICE ORGANIZATIONS AND RETREAT/PROGRAM GROUPS. 81810220 1 1 0 1 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 1 218 0 1 1711 1 1 1 1 CJ 0 0 1 1 1 1 0 0 0 0 X 28 28 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL WI X SHARON MAXWELL CPA 6308445630 347 S GLADSTONE AVENUE AURORA IL 605064808 DELBERT W ARSENAULT 2.00 X 0 0 0 DAVID R BERGMAN 1.00 X 0 0 0 HILARY K BRENNAN 2.00 X 0 0 0 PHILIP S CALI 2.00 X X 0 0 0 DONALD A CHURCHILL 1.00 X 0 0 0 CHARLES B DOSS 1.00 X 0 0 0 FARRELL L FRENTRESS 1.00 X 0 0 0 JOANNE HANSEN 2.00 X X 0 0 0 RICHARD G HAWKS 1.00 X 0 0 0 RONALD M HEM 2.00 X X 0 0 0 SHAWN E JEFFERS 1.00 X 0 0 0 CHRISS JOHNS 2.00 X 0 0 0 MICHAEL K KEEFE 1.00 X 0 0 0 DR DONALD E KIESO 2.00 X 0 0 0 KYLE MATTHEWS 1.00 X 0 0 0 RUTH MENDIUS 2.00 X 0 0 0 DR CALVIN R MYERS 2.00 X 0 0 0 GERALD PALMER 1.00 X 0 0 0 SCOTT PALMER 1.00 X 0 0 0 MYRON J RESNICK 1.00 X 0 0 0 JOHN M ROESCH 1.00 X 0 0 0 DONALD A SCHINDLBECK 1.00 X 0 0 0 THOMAS R SCOTT 1.00 X 0 0 0 DAVID K STONE 2.00 X 0 0 0 THOMAS T STUHLEY 2.00 X 0 0 0 RONALD THOMAS 1.00 X 0 0 0 ROGER A TUCKER 1.00 X 0 0 0 FRANK K VORIS 1.00 X 0 0 0 WALTER ALEXANDER 1.00 X 0 0 0 JAMES E BENSON 1.00 X 0 0 0 TELL COFFEY 1.00 X 0 0 0 W A GREENE 1.00 X 0 0 0 FLORENCE S HART 1.00 X 0 0 0 RONALD KINNAMON 1.00 X 0 0 0 JOHN F MCKEE 1.00 X 0 0 0 FR MILLER 1.00 X 0 0 0 CALVIN R THELIN 1.00 X 0 0 0 REBECCA L SHERRICK PHD 60.00 X 441108 0 25538 BETH REISSENWEBER PHD CPA 60.00 X 206073 0 19579 MARGARET E SHARRER 60.00 X 115901 0 10746 ANDREW P MANION PHD 60.00 X 234189 0 20871 THEODORE C PARGE 60.00 X 226783 0 13308 JOHN PYLE 60.00 X 225620 0 28453 LORA L DE LACEY PHD 60.00 X 182274 0 14386 DONNA M DESPAIN EDD 60.00 X 173502 0 16123 1805450 0 149004 36 0 1 0 SODEXO INC 9801 WASHINGTONIAN BOULEVARD GAITHERSBURG MD 20878 FACILITIES & FOOD SERVICE MGMT 6238153 SCHERRER CONSTRUCTION CO INC 601 BLACKHAWK DRIVE BURLINGTON WI 53105 CONSTRUCTION 1348521 CORDOGAN CLARK & ASSOCIATES 960 RIDGEWAY AVE AURORA IL 60506 ARCHITECTURAL SERVICE 316917 THE BOLDT COMPANY 2525 N ROEMER ROAD APPLETON WI 54911 CONSTRUCTION 113196 4 10838238 6084834 207222 16923072 STUDENT TUITION & FEES 611310 71289065 71289065 AUXILIARY REVENUE 611310 7531513 7410087 121426 CULTURAL EDUCATION 611310 1273735 1065103 208632 ATHLETIC EVENTS 611310 248939 248939 RENTAL INCOME 611310 109628 109628 44276 44276 80497156 1060516 1060516 4729 4729 63601 7242 56359 56359 56359 17097309 157040 16091586 854430 1005723 -697390 308333 308333 OTHER REVENUE 900099 64069 3432 60637 MISCELLANEOUS REVENUE 900099 39689 39689 ROYALTY INCOME-TELEPHONE SERVICE 900099 3856 3856 107614 98957779 80122822 377766 1534119 30337876 30337876 1441452 138187 976757 326508 30467520 26007792 3597386 862342 1263519 1209913 40362 13244 3265327 3079820 151794 33713 2480478 2311309 139455 29714 135229 135229 98800 98800 20000 20000 228708 228708 9015763 7719832 1146279 149652 682420 566248 96375 19797 3101631 2204746 815063 81822 581279 133885 384570 62824 1460636 1305326 146103 9207 831442 726474 63761 41207 116594 102499 11113 2982 514280 514280 5104054 4491640 565660 46754 507207 35489 471384 334 COST OF GOODS SOLD 846206 846206 BAD DEBT EXPENSE 262227 262227 DUES, MEMBERSHIPS, & SU 230663 194851 26658 9154 ENTERTAINMENT 132148 81220 41610 9318 62164 54680 7484 93187623 81810220 9678831 1698572 8011869 5095021 417316 5370787 2759205 3878657 1991167 1785660 220900 242662 1217963 1288919 139623648 52321351 87447432 87302297 37368640 41312187 2032674 3203625 267713 238504 141734879 149718319 3946617 4382223 6101250 5634778 25200000 25200000 9661019 9780642 3538557 3325642 48447443 48323285 X 56248688 60354332 17684249 20891044 19354499 20149658 93287436 101395034 141734879 149718319 X 5770156 2750331 28297 -441186 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 20000 0 0 20000 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: THE UNIVERSITY HIRED A FIRM TO RESEARCH AND CONTACT LEGISLATORS, STAFF AND OTHER GOVERNMENT OFFICIALS FOR POSSIBLE GRANT OPPORTUNITIES TO BENEFIT THE UNIVERSITY. MORE SPECIFICALLY FOR FY2013, THE UNIVERSITY UTILIZED THE SERVICES OF PROFESSIONAL LOBBYISTS TO BUILD RELATIONSHIPS WITH ELECTED OFFICIALS IN SUPPORT OF THE STEM PARTNERSHIP SCHOOL. 22500 1430769 X X X 0 38525229 783105 3880334 633834 1044316 41510518 45755712 310346 -764276 752447 6024106 38525229 39149947 484977 7990363 677748 1191827 45755712 33428029 4113747 3802646 557485 1636990 39149947 40770775 839364 -6758379 962013 461718 33428029 0.39000 0.61000 0 0 4468540 4468540 98690477 30512717 68177760 154994 115174 39820 21992285 14421114 7571171 14317352 7272346 7045006 87302297 DEPOSITS 356517 RETIREMENT BENEFIT OBLIGATION 925289 ANNUITIES PAYABLE 720570 GOVT. ADVANCES FOR STUDENT LOANS 624553 OTHER LIABILITIES 199564 FAIR VALUE OF INTEREST RATE SWAPS 499149 3325642 X 70985270 2750331 1697298 4447629 66537641 32420138 32420138 98957779 62877672 1539694 1539694 61337978 31849645 31849645 93187623 PART III, LINE 4: 1. COLLECTIONS HELD BY THE UNIVERSITY INCLUDE THE SCHINGOETHE COLLECTION OF NATIVE AMERICAN MATERIALS AND ARTIFACTS. EACH YEAR, THE SCHINGOETHE CENTER HOSTS A VARIETY OF EVENTS AND PROGRAMS DESIGNED TO HELP INFORM ABOUT MANY ASPECTS OF NATIVE AMERICAN CULTURES, BOTH IN HISTORICAL AND CONTEMPORARY CONTEXTS. THE SCHINGOETHE CENTER'S MAIN GALLERY OF OVER 1,500 SQUARE FEET AND A SMALLER ATTACHED GALLERY FOR TEMPORARY EXHIBITS EXPLORE BOTH HISTORICAL AND CONTEMPORARY NATIVE AMERICAN MATERIALS FROM NORTH AMERICA. BOTH EARLY HISTORY AND CONTEMPORARY ARTISTRY ARE PRESENTED WITH ARTIFACTS FROM THE MAJOR CULTURAL REGIONS OF NATIVE AMERICANS IN NORTH AMERICA. THE EXHIBITIONS PRESENT A HARMONY IN LIVING AND ARTISTIC EXPRESSION. THE SCHINGOETHE CENTER IS A SOURCE FOR A WIDE VARIETY OF EDUCATIONAL RESOURCES THAT MAY BE BORROWED FOR CLASSROOM USE OR HOME STUDY, INCLUDING "DISCOVERY BOXES," AUDIO-VISUAL RESOURCES, AND TRAVELING EXHIBITS. IT ALSO OFFERS TOURS FOR SCHOOL CHILDREN FROM FIRST GRADERS ON, SPECIAL INTEREST, AND ADULT GROUPS. 2. THE JENKS COLLECTION OF ADVENTIST MATERIAL IS THE SECOND LARGEST COLLECTION OF HISTORIC ADVENT CHRISTIAN BOOKS, MURALS, PHOTOGRAPHS, AND OTHER MATERIALS THAT ARE AVAILABLE FOR RESEARCH. THE JENKS COLLECTION IS MANAGED WITHIN THE PHILLIPS LIBRARY. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT FUNDS OF THE UNIVERSITY PROVIDE SCHOLARSHIP, OPERATIONAL AND FACILITIES SUPPORT TO THE UNIVERSITY AT ITS THREE LOCATIONS IN AURORA, ILLINOIS, WILLIAMS BAY, WISCONSIN AND WOODSTOCK, ILLINOIS. MANY OF THE FUNDS ARE RESTRICTED TO SCHOLARSHIP PURPOSES, HOWEVER A SUBSTANTIAL AMOUNT OF FUNDS ARE BOARD DESIGNATED, OR QUASI-ENDOWMENT FUNDS PROVIDING STRATEGIC FINANCIAL RESOURCES TO THE UNIVERSITY. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE UNIVERSITY FOLLOWS AUTHORITATIVE GUIDANCE ISSUED BY THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS NOT BEEN MET. THIS GUIDANCE ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE, AND TRANSITION. THE UNIVERSITY CONDUCTS BUSINESS SOLELY IN THE UNITED STATES OF AMERICA AND FILES EXEMPT ORGANIZATION TAX RETURNS FOR THE UNITED STATES, ILLINOIS, AND WISCONSIN. IN THE NORMAL COURSE OF BUSINESS, THE UNIVERSITY IS SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. THE UNIVERSITY'S TAX RETURNS FOR YEARS SUBSEQUENT TO FISCAL 2009 ARE OPEN, BY STATUTE, FOR REVIEW BY AUTHORITIES. HOWEVER, AT PRESENT, THERE ARE NO ONGOING INCOME TAX AUDITS OR UNRESOLVED DISPUTES WITH THE VARIOUS TAX AUTHORITIES THAT THE SCHOOL CURRENTLY FILES OR HAS FILED WITH. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE 1,532,452. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 157,604. RENTAL EXPENSE 7,242. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND AID 21,692,085. GOVERNMENT GRANT EXPENSE 9,928,852. ADJUSTMENT OF ANNUITY 76,352. NET INVESTMENT INCOME (LOSS) FROM PASSTHROUGH 522,438. INVESTMENT EXPENSES 200,411. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 7,242. FINANCIAL AID EXPENSE 1,532,452. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND AID 21,692,085. GOVERNMENT GRANT EXPENSE 9,928,852. INVESTMENT EXPENSES 200,411. INVESTMENT EXPENSES FROM PASSTHROUGH 28,297. 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 A STATEMENT INDICATING THE UNIVERSITY'S NONDISCRIMINATORY POLICY IS INCLUDED IN ALL BROCHURES, CATLOGUES AND ANNOUNCEMENTS DEALING WITH STUDENT ADMISSIONS, PROGRAMS AND SCHOLARSHIPS, AND IS PRESENT ON THE UNIVERSITY'S WEBSITE. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 AURORA UNIVERSITY RECEIVED FINANCIAL AID FROM GOVERNMENTAL AGENCIES WHICH INCLUDE THE DEPARTMENT OF EDUCATION AND THE DEPARTMENT OF VETERAN AFFAIRS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 565481 0 0 0 0 0 0 565481 0 565481 1 0 0 1 0 0 1 SCHOLARSHIPS 3282 30337876 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE FINANCIAL AID OFFICE CLOSELY MONITORS ANY CHANGES IN THE STATUS OF FINANCIAL AWARD RECIPIENTS THAT WOULD RESULT IN A CORRESPONDING CHANGE IN THE AMOUNT OF AID AWARDED. ANY SUCH CHANGES ARE AUTOMATICALLY DETECTED AND REPORTED BY A SERIES OF SPECIAL REPORTS THAT ARE RUN ON A REGULAR BASIS. MOREOVER, THE OFFICE OF STUDENT ACCOUNTS ENSURES THAT THE CHARGES TO WHICH THE FINANCIAL AID AWARDS ARE APPLIED ARE CONSISTENT WITH THE INTENDED USE OF THE AWARDS. X 1 1 X X X X X X 0 0 0 0 0 0 0 1 0 REBECCA L SHERRICK PHD 343693 0 50000 0 47415 0 15000 0 10538 0 466646 0 0 0 BETH REISSENWEBER PHD CPA 193618 0 12000 0 455 0 11617 0 7962 0 225652 0 0 0 ANDREW P MANION PHD 214833 0 12000 0 7356 0 12890 0 7981 0 255060 0 0 0 THEODORE C PARGE 214833 0 10000 0 1950 0 12890 0 418 0 240091 0 0 0 JOHN PYLE 213119 0 12000 0 501 0 12825 0 15628 0 254073 0 0 0 LORA L DE LACEY PHD 171871 0 10000 0 403 0 10312 0 4074 0 196660 0 0 0 DONNA M DESPAIN EDD 161124 0 12000 0 378 0 9667 0 6456 0 189625 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE PROVIDED IS TREATED AS TAXABLE COMPENSATION. PART I, LINE 7 A MERIT BONUS WAS PAID A CITY OF AURORA KANE DUPAGE WILL AND KENDALL COUNTIES ILLINOIS 366005778 0516480BC 2004-11-17 12000000 TO FINANCE VARIOUS CAPITAL EXPENDITURES 0 0 0 A 12441259 167587 9572 12264100 2006 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 1 1 1 BMO CAPITAL MARKETS 2.100000000000 0 0 0 0 0 SCHEDULE K PART IV, ARBITRAGE, LINE 2C DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CITY OF AURORA, KANE, DUPAGE, WILL AND KENDALL COUNTIES, ILLIN DATE THE REBATE COMPUTATION WAS PERFORMED: 01/07/2010 RONALD M HEM TRUSTEE 6761 RONALD M. HEM (BOARD OF TRUSTEES) IS A MEMBER OF THE LAW FIRM ALSCHULER, SIMANTZ, AND HEM, LLC TO WHICH THE UNIVERSITY PAID $6,761 FOR LEGAL COUNSEL PROVIDED REGARDING REAL ESTATE TRANSACTIONS. 0 DR DOUGLAS W KIESO SON OF TRUSTEE - DR. DONALD E. KIESO 91187 DR. DOUGLAS W. KIESO (SON OF TRUSTEE - DR. DONALD E. KIESO) IS EMPLOYED AS THE ASSOCIATE PROFESSOR OF POLITICAL SCIENCE/SOCIOLOGY FOR WHICH HE RECEIVED $91,187 IN COMPENSATION AND BENEFITS FROM THE UNIVERSITY. 0 AMY S MANION WIFE OF PROVOST - DR. ANDREW MANION 47791 AMY S MANION (WIFE OF PROVOST - DR. ANDREW MANION) IS EMPLOYED AS THE INFORMATION SERVICES LIBRARIAN FOR WHICH SHE RECEIVED $47,791 IN COMPENSATION AND BENEFITS FROM THE UNVERSITY. 0 SCOTT VORIS SON OF TRUSTEE - FRANK K. VORIS 7399 SCOTT VORIS (SON OF TRUSTEE - FRANK K. VORIS) IS THE PRESIDENT AND CEO OF KELMSCOTT COMMUNICATIONS WHO RECEIVED $7,399 FOR PROVIDING MARKETING SERVICES FOR GWC. 0 0 0 0 X 1 22500 EST VALUE BY DONOR X 7 184722 AVERAGE STOCK PRICE 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 RONALD H. HEM IS A PARTNER IN THE LAW FIRM TO WHICH THE UNIVERSITY PAID FOR LEGAL COUNSEL REGARDING REAL ESTATE TRANSACTIONS. FORM 990, PART VI, SECTION B, LINE 11 AUDIT COMMITTEE MEMBERS AND THE CHAIRS OF THE TRUSTEE AND COMPENSATION COMMITTEES, AND CHAIRMAN OF THE BOARD OF TRUSTEES ARE RESPONSIBLE FOR REVIEWING THE DRAFT FORM 990 PRIOR TO FILING. THE DRAFT FORM 990 IS AVAILABLE TO ALL BOARD MEMBERS FOR THEIR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE SECRETARY OF THE BOARD OF TRUSTEES IS CHARGED WITH CONTACTING ALL BOARD MEMBERS TO COMPLETE THE ANNUAL CONFLICT OF INTEREST FORM. FOLLOW-UP REQUESTS ARE MADE UNTIL THE FORM HAS BEEN COMPLETED. FOR STAFF, THE VICE PRESIDENT FOR FINANCE SENDS A REQUEST TO ALL STAFF WHO ARE REQUIRED TO COMPLETE THE ANNUAL CONFLICT OF INTEREST FORM. FOLLOW-UP REQUESTS ARE MADE UNTIL THE FORM HAS BEEN COMPLETED. THE CHAIR OF THE TRUSTEE COMMITTEE REVIEWS ALL CONFLICT OF INTEREST STATEMENTS SUBMITTED BY ALL TRUSTEES. IF CONFLICTS REQUIRE ADDITIONAL REVIEW, THE UNIVERSITY BY-LAWS PROVIDES FOR A SPECIAL COMMITTEE TO BE FORMED TO ADDRESS SUCH CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE SALARIES OF KEY EMPLOYEES ARE REVIEWED EACH YEAR BY THE PRESIDENT. A SCAN OF COMPARABLE MARKET SALARIES FOR EQUIVALENT POSITIONS IS DONE TO ASSESS APPROPRIATE COMPENSATION LEVELS. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE PRESIDENT'S COMPENSATION ON AN ANNUAL BASIS. THE CHAIRPERSON OF THE EXECUTIVE COMMITTEE, THE IMMEDIATE PAST CHAIR OF THE BOARD OF TRUSTEES, CURRENT CHAIR OF THE BOARD OF TRUSTEES AND VICE CHAIRS ARE MEMBERS OF THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 SUCH DOCUMENTS ARE AVAILABLE UPON REQUEST GIVEN REQUISITE NEED. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: ADJUSTMENT OF ANNUITIES -76,352. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 157,604. INVESTMENT ACTIVITY FROM PASSTHROUGH -522,438. ADDITIONAL INFORMATION FORM 8621 NAME OF PASSIVE FOREIGN INVESTMENT COMPANY: MAKENA CAPITAL BLOCKER Y (CAYMAN), L.P. BEGINNING OF YEAR OWNERSHIP %: 0% CAPITAL CONTRIBUTED DURING THE YEAR: $427,800 DATE OF CONTRIBUTION: 12/27/12 END OF YEAR OWNERSHIP %: .2%