2013-02-15T16:28:53-06:00 2012-09-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 100174057 990 2011-10-01 530199507 Gallaudet University % PAUL KELLY VP ADMIN & FINAN GALL 2026515299 800 FLORIDA AVENUE NE Washington DC 200023695 Paul Kelly 2013-02-15 Scott Thompsett 2125990100 2011 2016-03-07 17:11:31Z Alan Hurwitz President 800 FLORIDA AVE NE CO 102 WASHINGTON DC 20002 279790107 false X WWW.GALLAUDET.EDU X 1864 DC Gallaudet University was established by an act of Congress in 1864 and is the only accredited university in the world established exclusively for deaf and hard of hearing students. 21 21 1612 0 5970434 -335533 3792997 6397552 166549310 165070342 5756213 17457820 1336420 1309527 177434940 190235241 8057315 8948762 0 0 110149687 107150758 0 0 1923071 54481982 56673346 172688984 172772866 4745956 17462375 383306334 408578124 61847812 66986316 321458522 341591808 X GALLAUDET UNIVERSITY ("GALLAUDET" OR THE "UNIVERSITY") WAS ESTABLISHED BY AN ACT OF CONGRESS IN 1864. GALLAUDET IS THE ONLY ACCREDITED UNIVERSITY IN THE WORLD ESTABLISHED EXCLUSIVELY FOR DEAF OR HARD OF HEARING STUDENTS. IN ADDITION TO ITS UNDERGRADUATE AND GRADUATE ACADEMIC PROGRAMS, THE UNIVERSITY OFFERS NATIONAL DEMONSTRATION ELEMENTARY AND SECONDARY EDUCATION PROGRAMS, CONTINUING EDUCATION PROGRAMS, AND A WIDE RANGE OF PUBLIC SERVICE PROGRAMS. GALLAUDET IS A PRIVATE UNIVERSITY THAT RECEIVES A SUBSTANTIAL PROPORTION OF ITS ANNUAL REVENUE BY DIRECT APPROPRIATION FROM THE FEDERAL GOVERNMENT UNDER THE AUTHORITY OF THE EDUCATION OF THE DEAF ACT. IN FISCAL YEAR 2012 AND 2011, APPROXIMATELY 69% and 70%, respectively, OF THE UNIVERSITY'S UNRESTRICTED REVENUES WERE DERIVED FROM FEDERAL APPROPRIATIONS. IN FISCAL YEARS 2012 AND 2011, GALLAUDET ALSO RECEIVED A CAPITAL APPROPRIATION TO CONSTRUCT, REPAIR AND RESTORE LAND AND BUILDINGS. GALLAUDET IS DIVIDED INTO TWO MAJOR COMPONENT PROGRAMS FOR B false false 82401721 1865157 22138139 INSTRUCTION AND ACADEMIC SUPPORT - GALLAUDET IS DIVIDED INTO TWO MAJOR COMPONENT PROGRAMS FOR BUDGETING AND OPERATING PURPOSES: the UNIVERSITY AND THE LAURENT CLERC NATIONAL DEAF EDUCATION CENTER ("CLERC CENTER"). THE CLERC CENTER CONSISTS OF THE MODEL SECONDARY SCHOOL FOR THE DEAF AND KENDALL DEMONSTRATION ELEMENTARY SCHOOL. THE UNIVERSITY ENROLLS APPROXIMATELY 1,713 UNDERGRADUATE AND GRADUATE STUDENTS, AND THE CLERC CENTER ENROLLS APPROXIMATELY 262 ELEMENTARY AND SECONDARY SCHOOL STUDENTS. 28064827 6977941 940006 STUDENT SERVICES: GALLAUDET UNIVERSITY PROVIDES A WIDE RANGE OF STUDENT SERVICES INCLUDING COUNSELING, PLACEMENT, FINANCIAL AID, HEALTH SERVICES, TUTORING, AND OTHER STUDENT ACTIVITIES AT BOTH THE UNIVERSITY AND CLERC CENTER. 21752211 20916059 AUXILIARY ENTERPRISES: AUXILIARY ENTERPRISES INCLUDE DORMITORY, FOOD SERVICE, BOOKSTORE OPERATIONS, THE UNIVERSITY PRESS, CONFERENCE ACTIVITIES, OUTREACH PROGRAMS, audiological services AND VIDEO RELAY INTERPRETING SERVICES. ONLY THOSE ACTIVITIES WHICH ARE REVENUE PRODUCING ARE INCLUDED UNDER THIS DESIGNATION. FOR CLERC CENTER PROGRAMS, COSTS INCURRED FOR DORMITORY AND FOOD SERVICE UNDER THE MODEL SECONDARY SCHOOL FOR THE DEAF AND FOOD SERVICE UNDER KENDALL DEMONSTRATION ELEMENTARY SCHOOL, NEITHER OF WHICH PRODUCE REVENUE, ARE REPORTED AS PART OF STUDENT SERVICES PROGRAM EXPENSE. 9348209 58415 Research 4942611 47250 903977 Public Services 14290820 105665 903977 146509579 true true false true false false false false false true true true false true true true true false true false true false false false false false false false true true true false false false false false false false false false false true false false false false false false false false false true X 378 0 true 1612 true true true false false false false true true false false false false X 21 21 false false false false false false false true true false false true true true true true true true true false AK AZ CO KY MD MA NH NY ND OR SC WA X X PAUL KELLY VP ADMIN FINAN 2026515299 800 FLORIDA AVE NE WASHINGTON DC 20002 The Honorable Sherrod Brown 2.0 X 0 0 Claire Bugen 2.0 X 0 0 Jameson Crane Jr 2.0 X 0 0 Jorge Diaz-Herrera 2.0 X 0 0 Harvey Goodstein 2.0 X X 0 0 Claudia L Gordon 2.0 X 0 0 Duane Halliburton 2.0 X 0 0 Heather Harker 2.0 X 0 0 Cheryl Heppner 2.0 X 0 0 Jeffrey L Humber Jr 2.0 X 0 0 Thomas Humphries 2.0 X X 0 0 Nancy Kelly-Jones 2.0 X 0 0 L Richard Kinney 2.0 X 0 0 Richard Ladner 2.0 X 0 0 Pamela Lloyd-Ogoke 2.0 X 0 0 James Macfadden 2.0 X 0 0 James FX Payne 2.0 X 0 0 Benjamin J Soukup 2.0 X X 0 0 Tiffany Williams 2.0 X 0 0 The Honorable Lynn Woolsey 2.0 X 0 0 The Honorable Kevin Yoder 2.0 X 0 0 T Alan Hurwitz 40.0 X 369408 0 143539 Paul Kelly 40.0 X 361796 0 46387 Stephen Weiner 40.0 X 244051 0 65911 Edward Bosso 40.0 X 195614 0 64178 Carol Erting 40.0 X 196837 0 61942 Catherine Andersen 40.0 X 227274 0 20122 Isaac Agboola 40.0 X 203068 0 27752 Fred Weiner 40.0 X 185780 0 33626 Meloyde Batten-Mickens 40.0 X 178469 0 30350 Gary Aller 40.0 X 174921 0 46178 Cynthia King 40.0 X 224128 0 45292 Donald Beil 40.0 X 201660 0 55318 Thomas Allen 40.0 X 219692 0 30754 Jane Dillehay 40.0 X 198963 0 46465 Lynne Murray 40.0 X 205228 0 35291 3386889 0 753105 176 false true false Bon Appetit 91337 Collections Drive PO Box 9 CHICAGO IL 60693 Food Services 5251354 Sigal construction corporation 2231 Crystal Drive Suite 200 ARLINGTON VA 22202 Construction 4563469 Johnson Controls Inc PO Box 905240 CHARLOTTE NC 28290 Energy Conservation 3075458 Kellogg Conference HotelFlik Int'l 800 Florida Ave NE WASHINGTON DC 20002 Conference Ctr Admin 1033472 Monarc Construction 2781 hartland Road FALLS CHURCH VA 22043 CONSTRUCTION 655139 61 6397552 266798 6397552 GOVERNMENT GRANTS & APPROPRIATIONS 900099 123111562 123111562 TUITION 611710 22300010 22300010 ROOM AND BOARD 721310 10193031 10193031 CONFERENCE CENTER REVENUE 721110 5905998 5905998 AUXILIARY SERVICES 611710 2282306 1984724 297582 1277435 1277435 165070342 3451020 64436 3386584 0 0 159653 159653 159653 159653 101938367 328156 87953658 306065 13984709 22091 14006800 14006800 0 0 2445018 1295143 1149874 1149874 0 190235241 158866762 5970434 19000493 0 8948762 8948762 0 0 2795505 949059 1846446 0 80397823 70782405 8404523 1210895 10062882 8815843 1101975 145064 8824796 7628357 1072191 124248 5069752 4363375 635589 70788 0 357420 35328 322092 356251 356251 183283 183283 0 486727 486727 5532377 4148746 1378631 5000 11463 11013 450 4570221 4467319 17904 84998 3217837 1747719 1446199 23919 71628 71628 0 0 6294669 5367828 925721 1120 1843458 1655947 147643 39868 0 330165 206514 123651 201617 172443 29174 0 10619450 9447545 1171905 893957 94437 799520 CONFERENCE CENTER 5143513 5143513 FOOD SERVICES 5018267 5018267 MAINTENANCE & SVC CONTRACTS 4812414 3908181 838686 65547 FURNITURE & EQUIPMENT 1584647 1294201 256323 34123 5143982 2231149 2795332 117501 172772866 146509579 24340216 1923071 13095 13095 22205609 28061908 3605702 5948855 5700034 5362274 0 0 0 0 1099275 1205507 1283406 1315310 734225 910545 331877763 142899855 164145935 188977908 115436577 111323265 34182526 51294537 0 0 0 0 34899950 14164920 383306334 408578124 18153115 20924178 0 0 1900000 2400000 39417154 39407960 0 0 0 0 0 0 0 0 2377543 4254178 61847812 66986316 X 189921421 197363726 12414826 23500941 119122275 120727141 321458522 341591808 383306334 408578124 X 17462375 2670911 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 61558 false true 183283 244841 false Lobbying Expenses Schedule C, Part II-B, LINE 1(G) The University's Board of Trustees has three voting members of Congress. In addition, the University President, the Chief of Staff and the interim assistant - vice president - administration & finance maintain direct contact with members of the Congress in requesting appropriations and educating Congress on general issues that impact Gallaudet and deaf education. In addition, the interim assistant vice president also communicates with government officials of the District of Columbia. Amounts reported as lobbying expenses on schedule c represent estimated costs of the president, the chief of staff and the interim assistant vice president's direct contact with government officials. Amounts reported as lobbying expenditures in schedule c are categorized as salaries and wages on part IX, functional expense, and not as lobbying expenditures. Total Lobbying as Name and Position allocated to specific dept. ---------------------------------------------------------------------- T. ALAN HURWITZ, PRESIDENT 24,094 FRED WEINER, Interim assistant vp a&F 24,293 DONALD BEIL, CHIEF OF STAFF 13,171 -------- Total $61,558 Line 1(I) - In addition, the university engaged the services of independent lobbyists who provide counsel to improve relationships with congress. 145404861 861152 19361655 2421160 3700989 159505519 152358848 550450 -526172 3072207 3906058 145404861 149166604 531958 10191997 3322817 4208894 152358848 161176908 1576765 -5447661 3794712 4344696 149166604 0.13360 0.75320 0.11320 true false 1468119 1468119 253427655 103008354 150419301 31884692 16946756 14937936 25300201 16268609 9031592 19797096 6676136 13120960 188977908 HEDGE FUNDS 30851679 F PRIVATE REAL ASSET FUNDS 4557795 F PRIVATE EQUITY FUNDS 6819851 F COMMINGLED FUNDS-FIXED INCOME 9065212 F 51294537 0 CONDITIONAL ASSET RETIREMENT 535117 REFUNDABLE ADVANCES 1278230 OBLIGATION UNDER CAPITAL LEASE 2440831 4254178 190235241 172772866 17462375 2603741 67170 2670911 20133286 185955710 2603741 1383708 3987449 181968261 486727 7780253 8266980 190235241 165822424 1316538 1316538 164505886 486727 7780253 8266980 172772866 Endowments Schedule D, Part V The University's endowment funds are intended to support its educational mission either through the funding of everyday operations or of student scholarships. Over the long-term, the University intends to keep the principal intact, using only the earnings on its investments to fund activities. Reconciliation of Net Assets Schedule D, Part XI, Line 8 Cost of asset retirement obligations ($21,395) Change in value of split interest agreements $88,565 --------- Total $61,670 Reconciliation of Revenue Schedule D, Part XII Line 2D: Cost of Goods Sold ($1,295,143) Line 2D: Change in value of split interest agreements ($88,565) --------- Total ($1,383,708) Line 4b: Scholarships and fellowships $7,780,253 Reconciliation of Expenses Schedule D, Part XIII Line 2D: Cost of Goods Sold ($1,295,143) Line 2D: Cost of Asset Retirement Obligation ($21,395) ------------ Total ($1,316,538) Line 4b: Scholarships and Fellowships $7,780,253 FIN 48 SCHEDULE D, PART X Gallaudet has been recognized by the Internal Revenue Service ("IRS") as exempt from federal income taxes except on activities unrelated to its exempt purpose, under provisions of Section 501 (c)(3) of the internal revenue code of 1986 as amended. The IRS has determined that Gallaudet is a publically supported educational institution and not a private foundation. The income taxes topic number 740, "income Taxes" of the FASB Accounting Standards Codification ("Codification") establishes criterion that an individual tax position has to meet for some or all the benefits of that position to be recognized in an entity's financial statements. upon initial application, this criterion is applied to all tax positions for which the statute of limitations remains open. Only tax positions that meet the "more-likely-than-not" recognition threshold at the adoption date will be recognized or continue to be recognized. This criterion was adopted by the University on October 1, 2009, and had no impact on the University's financial statements. The tax years ended 2009, 2010 and 2011 are still open to audit for both federal and District of Columbia purposes. The University has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; determine its filing and tax obligations in jurisdictions for which it has nexus; and to review other matters that may be considered tax positions. true true true true true true true false false false false false false false false true false true Nondiscriminatory Policy Line 3 ADVERTISEMENTS IN THE UNIVERSITY'S CATALOGUES, WEBSITE, AND BROCHURES DISCLOSE PROGRAMS OFFERED INCLUDING A SUMMARY OF STATEMENT ON THE NON-DISCRIMINATORY POLICY. EMPLOYMENT ADVERTISEMENTS ALSO PUBLICIZE The SCHOOL'S NON-DISCRIMINATORY POLICY. Financial Aid from Government Agencies Line 6a GALLAUDET UNIVERSITY RECEIVES STUDENT FINANCIAL ASSISTANCE FROM THE U.S. DEPARTMENT OF EDUCATION, OFFICE OF POST-SECONDARY EDUCATION. ASSISTANCE PROGRAMS ARE AS FOLLOWS: FEDERAL PELL GRANT PROGRAM FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM FEDERAL WORK STUDY PROGRAM PERKINS LOAN PROGRAM Federal direct loans Central America and the Caribbean Investments 33054476 33054476 33054476 true false false true true false Schedule F, Part IV, Line 1 The University invests in domestic and foreign limited partnerships that may own an interest in a foreign corporation, passive foreign investment company, or foreign partnership. To the extent that those investments resulted in transfers of property that exceeded the applicable filing thresholds, the Forms 926, 8621 and 8865 accompanied the filing of the University's Form 990-T. true Scholarships and Awards 1355 8948762 SCHEDULE I PART I, lINE 2 THE UNIVERSITY OFFERS A WIDE VARIETY OF MERIT AND NEED-BASED SCHOLArSHIPS. MERIT AWARDS ARE GIVEN IN RECOGNITION OF VARIOUS ACHIEVEMENTS AS SPECIFIED IN DONORS' CORRESPONDENCE AND DOCUMENTS. NEED-BASED AWARDS ARE PROVIDED BASED ON THE INCOME LEVEL AVAILABILITY OF AWARDS OFFERED ELSEWHERE AND OTHER SIMILAR STANDARDS. THE UNIVERSITY ONLY MAKES SCHOLARSHIP GRANTS THAT HELP OFFSET THE TUITION OF THE STUDENTS. THE GRANTS ARE DIRECTLY CREDITED AGAINST THE APPLICABLE STUDENT ACCOUNT WHICH ASSURES PROPER USE OF THE GRANT. THE AMOUNT OF THE GRANT IS ADJUSTED, AS NECESSARY, BASED ON ANY SUBSEQUENT CHANGES AFFECTING THE STUDENT'S ORIGINAL ELIGIBILITY. X X false true X X X X X false false false false false false false true false T Alan Hurwitz 369408 0 0 61702 81836 512946 0 Paul Kelly 353527 0 7237 1032 25332 21055 408183 0 Stephen Weiner 238246 0 5265 540 41872 24039 309962 0 Edward Bosso 191527 0 4087 32499 31679 259792 0 Carol Erting 191345 0 4133 1359 34625 27317 258779 0 Catherine Andersen 221474 0 4438 1362 17941 2181 247396 0 Isaac Agboola 197801 0 3974 1293 25360 2392 230820 0 Fred Weiner 181620 0 3620 540 30328 3298 219406 0 Meloyde Batten-Mickens 174710 0 3530 229 22512 7838 208819 0 Gary Aller 171399 0 3522 29506 16672 221099 0 Cynthia King 219699 0 4429 37107 8185 269420 0 Donald Beil 196168 0 4100 1392 34346 20972 256978 0 Thomas Allen 191238 0 3924 24530 13732 17022 250446 0 Jane Dillehay 177009 0 3623 18331 30347 16117 245427 0 Lynne Murray 199836 0 4000 1392 33506 1785 240519 0 Form 990, Schedule J Part I, Line 1B: The benefits summarized in part I, Line 1A, including health or social club dues are only available for the President. Amounts that are considered taxable are included as reportable compensation on his W-2. since these benefits are limited to the President, a written policy for these benefits is not considered necessary as these benefits are defined in the president's contract. However, Gallaudet has written policies specific to general travel including procedures for prior approval and payment/reimbursement of travel expenses. Column B(ii) for T. Alan Hurwitz includes $40,000 paid to the President relating to a bonus and incentive compensation. Column D for T. Alan Hurwitz: The President is required to live on campus as part of his employment contract. This column includes $60,000 representing the estimated rental value of the campus residence. This column also includes certain business membership dues and employer paid health benefits. for Edward Bosso: As a condition of his employment, Edward Bosso, VP - Clerc Center, is required to live on campus. This column includes $24,000 representing the estimated rental value of the residence as well as employer paid health benefits. Form 990, Schedule J, Part I, Line 7 In fiscal 2011, the University provided a one-time bonus equal to 2% of the employee's compensation. Various individuals disclosed on the Form 990, Part VII and Schedule J, Part II received this bonus and it is reflected in Part II, Column (b)(ii). District of Columbia 536001131 25484JBZ2 2011-05-25 39420421 Campus Improvements false false false 0 0 39424139 0 0 2730012 0 0 0 25011711 200000 11482416 false false false true false false true true true true 0 true false false false 0 false 0 false false X X 5 266798 Fair Market Value false true true Schedule M The number reported as items received for securities contributions represents the total number of contributions received (not the total number of securities sold). Schedule M, Line 32a To the extent that the University receives donations of securities, its investment broker/manager is tasked with selling those securities. Policies Part VI, Section B Line 11- Process used to review form 990: The Form 990 was prepared by a nationally renowned accounting firm in conjunction with the organization's financial department. The University's Board of Trustees charges the audit committee with the responsibility for overseeing the IRS Form 990 and its supplemental schedules prior to filing. A copy of the draft Form 990 was circulated to the full Audit Committee for discussion and comment. The Final signed Form 990 is distributed to the full Board of Trustees before the return is ultimately filed with the IRS. Line 12- Enforcement of conflict of interest policy: Gallaudet University's conflict of interest policy applies to all members of the Board of Trustees and all administrators, faculty, teachers, and staff of the University. All Board members must disclose, at the earliest practicable time, any possible conflict of interest to the Secretary of the Board and the audit committee. To facilitate this policy, each member completes and files annually, with the Secretary of the Board and the chairman of the audit committee, information about possible conflicts of interest affecting Gallaudet University, including interests of immediate family members and organizations in which the Board member has a significant management function or a significant ownership interest. If a Board member is uncertain whether a conflict of interest exists, the matter is presented to the audit committee and then a determination is requested by the Board. These matters will be resolved by majority vote. the Board member whose conflict of interest is under consideration is excluded from participation. The disclosure of the conflict and the related deliberation and voting results are documented in the minutes of the meeting. Administrators, faculty, teachers, and staff also sign a "Conflict of Interest Policy Compliance Statement" annually indicating that they understand their fiduciary responsibility to the University and reaffirming their commitment to fully disclose any potential conflict of interest which may exist. Disclosures of any potential conflict of interest are made promptly in writing to the President of the University with a copy to the unit administrator, senior administrator, and Human Resources Services. The disclosure statement is reviewed by a committee appointed by the President to determine if a conflict of interest exists. A disclosure by the President is made to the Secretary of the Board and is reviewed by the Secretary and the Chairman of the Board. If it is determined that a conflict of interest exists, the President (or in the case of a finding against the President, the Chairman of the Board) will take appropriate action to eliminate the conflict and safeguard the interests of Gallaudet University. Line 15- Process for determining compensaion: The Board of Trustees' Compensation Committee has the ultimate responsibility for determining the total compensation package of the University's President. The Compensation Committee uses an independent consultant to periodically perform a compensation study to inform its decision on the President's compensation and makes recommendations to the full board for its consideration and vote. The most recent compensation study occurred during 2011. Compensation decisions and reports are contemporaneously documented in the minutes of the meeting of the Committee when the decisions are made. The President's salary is determined in accordance with Gallaudet's general compensation practices. Merit, pay increases, and bonuses are determined at the discretion of the Compensation Committee. The President of the University is responsible for the compensation of the University's officers and senior management within the guidelines established by the Compensation Committee. On an annual basis, an analysis is performed by an independent consultant to assess local trends in compensation and adjustments are made to the staff salary ranges as necessary. Every three years, the University hires an independent consultant to perform an intensive market study to evaluate Gallaudet's staff compensation program against those of other universities and not-for-profit organizations. The most recent intensive market study was performed in 2011. The consultant provides analyses of salary data surveys and makes recommendations to University management. Senior managers are responsible for the management of compensation within their units, using the established compensation parameters approved by the President and Compensation Committee. Disclosure Part VI, Section C Line 19- Availability of documents to the public: The following documents are available on Gallaudet University's website, www.gallaudet.edu: Board of Trustees, Audited Financial Statements, IRS Form 990, Conflict of Interest Policy, Whistleblower Policy, Document Retention Policy and Current Bylaws. This information is also available upon request to Paul Kelly, VP-Administration & Finance. Other Program Services Part III, Line 4D Gallaudet University's research, development and outreach agenda is aimed at advancing knowledge and practice for deaf and hard of hearing people and all humanity. Research areas of major importance include visual language and learning, hearing and speech science, technology access, genetics, American Sign Language/English bilingualism, and deaf life. Integrating research and practice to benefit deaf and hard of hearing pre-kindergarten-12th grade students with special attention to diversity, equity and traditionally underrepresented group achievement is a critically important focus. Gallaudet University's public service activities provide educational opportunities to adults who are deaf. Services include professional trainings, a variety of on-campus summer programs, and extension programs at other schools. In addition to revenue reported in Part III as being sourced to specifically identifiable programs, the University receives significant amounts of federal funding in the form of appropriations, grants, and contracts. These revenues have been reported as program service revenue in Part VIII on the Form 990 but the appropriations and some of the grants have not been allocated in Part III since these revenues not attributable to any specific program undertaken by the University. Form 990, Part V, Line 7A & 7B The University doesn't traditionally hold special events where a donor receives goods or services in exchange for his or her donation; however, the University does operate small clubs open to the public through contributions and membership fees where a donor may receive de minimis benefits. Accordingly, the University is responding yes to questions 7A & 7B in Part V of the Form 990. Reconciliation of Net Assets Form 990, Part XI, Line 5 Net unrealized gains (losses) on investments $2,603,741 Cost of Asset Retirement Obligation ($21,395) Change in value of split interest agreements $88,565 ---------- Total 2,670,911 Tax Exempt Bond Liability Schedule K, Part I The District of Columbia issued $40,000,000 Series 2011 Tax-exempt revenue bonds on behalf of Gallaudet University. The bonds were sold to finance the building new residence halls; to renovate and improve heating and lighting systems and controls on campus buildings; to upgrade technology infrastructure; and to renovate resident halls, classroom buildings and other campus facilities. Included on line 3 (Gross Proceeds) is $3,719 of interest income earned as of 9/30/2012.