2013-04-11T16:26:42-07:00 2012-05-31 990 2011-06-01 930386972 WILLAMETTE UNIVERSITY WILL 5033706985 900 State Street Salem OR 97301 Arnold Yasinski 5033706728 2013-04-11 2011 2016-02-25 16:41:14Z Stephen E Thorsett 900 State Street Salem OR 97301 169299963 0 X www.willamette.edu X 1842 OR Willamette University provides rigorous education in the liberal arts and selected professional fields. Teaching and learning, strengthened by scholarship and service, flourish in a vibrant campus community. A Willamette education prepares graduates to transform knowledge into action and lead lives of achievement, contribution and meaning. 41 37 2799 1050 -136808 -136820 10440649 12838622 106847427 117246102 2057230 5485914 3307242 682236 122652548 136252874 39047822 42835237 0 0 56247621 57338308 0 0 2170652 34804388 38333844 130099831 138507389 -7447283 -2254515 434576098 414649915 98522980 100097675 336053118 314552240 Willamette University provides rigorous education in the liberal arts and selected professional fields. Teaching and learning, strengthened by scholarship and service, flourish in a vibrant campus community. A Willamette education prepares graduates to transform knowledge into action and lead lives of achievement, contribution and meaning. 0 0 118511003 42835237 108031986 Higher Education: Instruction and Support: 1,907 in CLA, 390 in LAW, 269 in MBA programs and 114 in MAT. (2,680 students) 13748110 0 15519074 Higher Education: Auxiliary Functions - Includes room & board (for 1,430 students), bookstore, and summer conferences. 0 0 0 132259113 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 1 0 0 0 0 1 X 3683 0 1 2799 1 1 1 1 SP 0 0 0 1 1 0 0 0 0 X 41 37 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 CO OR WA X X Robert N Olson 5033706985 900 State Street Salem OR 97301 X James Albaugh 0 X 0 0 0 Julie Branford 0 X 0 0 0 Truman Collins 0 X 0 0 0 Heather Dempsey 0 X 0 0 0 Paul DeMuniz - See Schedule O 5 X 11700 0 0 James Fitzhenry 0 X 0 0 0 Eric Friedenwald-Fishman 0 X 0 0 0 A Brian Gard 0 X 0 0 0 William R Haden 0 X 0 0 0 Stuart Hall 0 X 0 0 0 Melvin Henderson-Rubio 0 X 0 0 0 Dale Hermann 0 X 0 0 0 Joseph Hoffman 0 X 0 0 0 Robert Hoshibata 0 X 0 0 0 Brian Hufft 0 X 0 0 0 Mary Hughes 0 X 0 0 0 Ronald J Knox 0 X 0 0 0 Peter Kremer 0 X 0 0 0 Eva M Kripalani 0 X 0 0 0 Robert Nunn 0 X 0 0 0 Heidi Patterson 0 X 0 0 0 Punit Renjen 0 X 0 0 0 Sandra M Rowe 0 X 0 0 0 Jacqueline Rushing 0 X 0 0 0 Dale Sause 0 X 0 0 0 Lynne Saxton 0 X 0 0 0 Kevin R Smith 0 X 0 0 0 Patricia Smullin 0 X 0 0 0 Guy Stephenson 0 X 0 0 0 Craig Strobel 0 X 0 0 0 Patrick J Waite 0 X 0 0 0 Roderick Wendt 0 X 0 0 0 Dale Harris 0 X 0 0 0 George Hoyt 0 X 0 0 0 Joan McNamara 0 X 0 0 0 Claris Poppert 0 X 0 0 0 Donald Brown 0 X X 0 0 0 Jonathan Carder 0 X X 0 0 0 Kerry Tymchuk 0 X X 0 0 0 Steven Wynne 0 X X 0 0 0 Stephen E Thorsett 40 X X 179254 0 57307 M Lee Pelton 40 X X 204165 0 50380 William A Yasinski 40 X X 253417 0 86661 Kristen Grainger 40 X 158689 0 29759 Peter Letsou 40 X 235076 0 37264 Symeon Symeonides 40 X 288782 0 48352 Marlene Moore 40 X 201888 0 26548 Madeleine Rhyneer 40 X 238454 0 33795 Debra Ringold 40 X 234151 0 33297 James Nafziger 40 X 186469 0 25609 Yvonne Tamayo 40 X 177719 0 21149 David S Clark 40 X 170109 0 34740 Robert Olson 40 X 142910 0 36027 David Douglass 40 X 170083 0 25450 2852866 0 546338 84 1 1 0 FXG Construction LLC 1235 19th Street NE Salem OR 97301 Construction 729268 White Glove Building Maintenance Michael Williams PO Box 3108 Salem OR 97302 Building maintenance 216604 Snyder Roofing of Oregon PO Box 23819 Tigard OR 97281 Roofing 214778 KPMG LLP Dept 0771 PO Box 120001 Dallas TX 75312 Auditors 127800 Brian Joynt 14300 West Bell Rd Unit 37 Surprise AZ 85374 Electrical Contractor 115018 5 0 0 51320 0 2660919 10126383 1430424 12838622 Tuition and fees 611310 101727028 101727028 0 0 Room and Board fees 721310 13084360 13084360 0 0 Auxiliary income 611710 2434714 2434714 0 0 0 0 0 0 117246102 2262145 0 3720 2258425 1958 0 0 1958 5957 0 0 5957 0 0 0 0 0 0 0 0 0 0 36196639 0 32974828 0 3221811 0 3221811 0 -140528 3362339 79840 51320 72261 7579 0 7579 Other income 900099 965155 0 0 965155 Adj related to trusts & annuities 900099 -296455 0 0 -296455 0 0 0 0 668700 136252874 117246102 -136808 6304958 0 0 41312869 41312869 1522368 1522368 0 0 1058625 528601 530024 0 488105 0 488105 0 42726803 40225327 1113075 1388401 3761937 3577304 60976 123657 6132109 5784207 149605 198297 3170729 2933534 137078 100117 0 0 0 0 125848 0 125848 0 133421 0 133421 0 0 0 0 0 0 0 373755 0 373755 0 743416 603974 73037 66405 414596 382091 0 32505 2537317 2339288 64195 133834 1126249 1117312 8937 0 0 0 0 0 149783 149783 0 0 2562075 2412397 37121 112557 0 0 0 0 62620 0 62620 0 2753512 2753512 0 0 0 0 0 0 5170713 5170713 0 0 733193 36335 696858 0 Programming and Study Abroad Program 7291406 7291406 0 0 Designated and Restricted expenses 5628786 5628786 0 0 Food Service 3205540 3205540 0 0 Utilities 2586667 2586667 0 0 2734947 2697099 22969 14879 138507389 132259113 4077624 2170652 0 16340528 23801031 8765783 8985833 1862908 1923910 0 0 10030473 9664454 511391 510550 790564 365069 222440839 81332339 142124492 141108500 140204179 118103175 113178602 109281294 0 767178 906099 434576098 414649915 16055793 18581506 0 0 2424036 2516591 64510586 63480603 0 0 0 0 105753 67624 0 0 15426812 15451351 98522980 100097675 X 48771145 40638014 158653687 142888429 128628286 131025797 336053118 314552240 434576098 414649915 X -2254515 -19246363 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 203020 3329716 0 0 X X 1 238639755 1798414 -12718310 4881878 8698764 373755 213765462 215471491 3232101 34515481 5099917 9052579 426822 238639755 197933688 2383021 31018728 5399820 9450582 1013544 215471491 267209451 2929983 -58175666 5021560 8380073 628447 197933688 0.06 0.94 0 1 0 0 8607797 8607797 0 156177585 47957506 108220079 0 12555315 8479583 4075732 0 5694923 4130601 1564322 0 39405219 20764649 18640570 141108500 0 0 Hedge funds 47378004 F Private Equity funds 35166334 F Real Asset funds 17615219 F Venture Capital funds 9121737 F 109281294 0 Annuities and trusts payable 8524386 U.S. Government loan advances refundable 6926965 15451351 136252874 138507389 -2254515 -19246363 0 0 0 0 -19246363 -21500878 74035678 -19246363 0 0 0 -19246363 93282041 373755 42597078 42970833 136252874 95536556 0 0 0 72261 72261 95464295 373755 42669339 43043094 138507389 SchD_P03_S00_L04 Schedule D, Part III, Line 4 Willamette University has a collection of art and cultural/historical artifacts that consists of paintings, photographs, ceramics, drawings, archaeological artifacts, textiles, sculptures, Native American woven baskets, and other media. The collection is valued at $3,329,716 and is held in the University Art Museum. The museum exists to support the liberal arts curriculum of Willamette University, and to serve as an intellectual and cultural resource for the City of Salem and beyond, through the collection, preservation, exhibition, and interpretation of historical and contemporary art with an emphasis on regional art. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The endowment funds held by the University are used to support operations including financial aid, instruction, and buildings. SchD_P10_S00_L02 Schedule D, Part X, Line 2 The Internal Revenue Service has recognized the University as exempt from tax under the provisions of Section 501(c) (3) of the Internal Revenue Code except to the extent of unrelated business income under Sections 511 through 515. Unrelated business income tax is insignificant, and therefore, no tax provision has been made. Accounting principles generally accepted in the United States of America require the University's management to evaluate tax positions taken by the University and recognize a tax liability (or asset) if the University has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Management has analyzed tax positions taken by the University and has concluded as of May 31, 2012, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Student scholarships of $42,669,339 are net against tuition and fees on the Financial Statement's Statement of Activities to show net tuition and fees. Tuition and fees are grossed up by this amount in Part VIII of the 990 which increases the revenue amount on Line 12. In addition, fundraising direct expenses of $72,261 are included in the calculation of total revenue as reported in Part VIII, Line 12, but are not included in revenue on the Statement of Activities. Thus, revenue in Part VIII of the 990 is decreased by this amount. The net effect of these two items is an increase in revenue in part VIII of the 990 of $42,597,078. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Direct expenses for fundraising events totaling $72,261 are included in expenses on the Statement of Activities in the audited financial statements. However, they are not included in Part IX of the 990. Rather, they are included in the calculation of total revenue in Part VIII. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Student scholarships of $42,669,339 are net against tuition and fees on the Statement of Activities to reduce total revenue on the audited financial statements. They are not included in total expenses on the Statement of Activities. Whereas, student scholarships are reported as an expense in Part IX of the 990 and are included in total expenses as reported on Line 25. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The University posted its policy in the Oregonian newspaper during the period of solicitation for students. SchE_P01_S00_L06 Schedule E, Part I, Line 6 The University receives Title IV funds for financial aid purposes, as well as federal and state grants for faculty research and programming purposes. 1 Central America and the Caribbean 0 0 Investments 88144000 Europe (including Iceland and Greenland) 0 0 Investments 5927000 Europe (including Iceland and Greenland) 1 2 Program Services Study Abroad Program 1303856 Europe (including Iceland and Greenland) 0 0 Grantmaking 711452 East Asia and the Pacific 0 0 Grantmaking 501675 South America 0 0 Grantmaking 187271 East Asia and the Pacific 0 0 Program Services Study Abroad Program 132884 Central America and the Caribbean 0 0 Grantmaking 37050 North America (including Canada and Mexico, but not the United States) 0 0 Grantmaking 32600 Sub-Saharan Africa 0 0 Grantmaking 25975 Russia and the newly independent States 0 0 Grantmaking 13920 Middle East and North Africa 0 0 Grantmaking 12425 1 2 97030108 Scholarships Europe (including Iceland and Greenland) 65 711452 Applied to student bill to offset tuition and fees 0 Scholarships East Asia and the Pacific 41 501675 Applied to student bill to offset tuition and fees 0 Scholarships South America 19 187271 Applied to student bill to offset tuition and fees 0 Scholarships Central America and the Caribbean 2 37050 Applied to student bill to offset tuition and fees 0 Scholarships North America (including Canada and Mexico, but not the United States) 2 32600 Applied to student bill to offset tuition and fees 0 Scholarships Sub-Saharan Africa 4 25975 Applied to student bill to offset tuition and fees 0 Scholarships Russia and the newly independent States 1 13920 Applied to student bill to offset tuition and fees 0 Scholarships Middle East and North Africa 1 12425 Applied to student bill to offset tuition and fees 0 1 0 1 0 0 0 SchF_P01_S00_L02 Schedule F, Part I, Line 2 Scholarships/grants awarded to students that are studying abroad are applied to their student accounts. The scholarships offset tuition and fees to reduce the amount that students owe to the University. Thus, the students do not physically receive the money. So, there is not a need to have any procedures that differ from students that are attending on campus - other than the verification of participation and completion of the program. The following are the procedures followed by the University for monitoring the use of scholarship/grant funds: The Business Office notifies the Financial Aid Office of amounts available to award to students each academic year. Financial Aid Office selects recipients based upon criteria established for each type of funding. Financial Aid Office notifies the Business Office of expenditures for each term during the academic year. At year-end, Financial Aid Office and Business Office reconcile accounts for all funds. For donor-contributed scholarships (endowed or annually funded), the Development Office provides annual reports to the donors regarding the use of those funds. SchF_P04_S00_L03 Schedule F, Part IV, Line 3 The University had ownership interests in foreign corporations through investments. However, the University does not meet the filing requirements for Form 5471 based upon the category of filers noted in the instructions. FORE Willamette 93885 40940 52945 0 0 11000 10748 0 32916 Puttin' on the Ritz 18760 0 18760 0 0 1405 6095 1800 4535 1 18515 10380 8135 0 0 880 2347 0 535 131160 51320 79840 0 0 13285 19190 1800 37986 72261 7579 1 Scholarships to students 2462 41146971 Student research grants 37 91561 Faculty research grants 26 67837 Other student awards & prizes 20 6500 SchI_P01_S00_L02 Schedule I, Part I, Line 2 Procedures for monitoring of scholarships - The Business Office notifies the Financial Aid Office of amounts available to award to students each academic year. Financial Aid Office selects recipients based upon criteria established for each type of funding. Financial Aid Office notifies the Business Office of expenditures for each term during the academic year. At year-end, Financial Aid Office and Business Office reconcile accounts for all funds. For donor-contributed scholarships (endowed or annually funded), the Development Office provides annual reports to the donors regarding the use of those funds. Procedures for monitoring research grants - There are several different departments that offer research grants at Willamette. Each department has different monitoring procedures for the use of grant funds. However, the monitoring procedures typically involve the following: a written and/or verbal report on the research project must be submitted during and/or at the conclusion of the project; receipts must be submitted for reimbursement of project expenditures. Final payment of grant funds is often contingent on the aforementioned items. The Department that awards the grants handles the related monitoring of those grant funds. Procedures for monitoring other student awards and prizes - Award/prize recipients are determined by criteria established by the respective departments. Departments work with the Accounting Office to make sure that the award funds are disbursed to the correct student. Procedures for monitoring other student awards & prizes - Award/prize recipients are determined by criteria established by the respective departments. Departments work with the Accounting Office to make sure that the award funds go to the correct student. X X X X 0 1 X X X X X 0 1 0 0 0 0 0 0 0 Stephen E Thorsett 174295 0 0 0 4959 0 35000 0 22307 0 236561 0 0 M Lee Pelton 194681 0 0 0 9484 0 18725 0 31655 0 254545 0 0 0 William A Yasinski 243927 0 0 0 9490 0 24500 0 62161 0 340078 0 0 0 Kristen Grainger 128288 0 0 0 30401 0 13629 0 16130 0 188448 0 0 0 Peter Letsou 233898 0 0 0 1178 0 23827 0 13437 0 272340 0 0 0 Symeon Symeonides 281550 0 0 0 7232 0 24500 0 23852 0 337134 0 0 0 Marlene Moore 199116 0 0 0 2772 0 20000 0 6548 0 228436 0 0 0 Madeleine Rhyneer 204971 0 0 0 33483 0 21012 0 12783 0 272249 0 0 0 Debra Ringold 227338 0 0 0 6813 0 22889 0 10408 0 267448 0 0 0 James Nafziger 180108 0 0 0 6361 0 17240 0 8369 0 212078 0 0 0 Yvonne Tamayo 176641 0 0 0 1078 0 12910 0 8239 0 198868 0 0 0 David S Clark 165674 0 0 0 4435 0 17040 0 17700 0 204849 0 0 0 Robert Olson 141692 0 0 0 1218 0 14280 0 21747 0 178937 0 0 0 David Douglass 169558 0 0 0 525 0 17085 0 8365 0 195533 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a First class travel for business purposes was provided to the University President. The University President is required as a condition of employment to maintain a personal residence in a house provided by the University. The housing arrangement is for the convenience of the University and the house is used for University business. Housing allowances were paid to the Dean of the Law School and to the Vice President for Admission & Financial Aid. Club memberships were provided to the University President and the Dean of the Graduate School of Management. Personal services consist of custodial services for the University-owned residence occupied by the President. SchJ_P01_S00_L01b Schedule J, Part I, Line 1b Items noted in 1a were provided based on employment agreements with the University President and other employees, and the University followed the provisions of these agreements regarding payment/reimbursement/provision of these items. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 (4b) The employment agreement for President Thorsett includes a longevity bonus equal to 10% of the base salary amount for each of the five years following July 1, 2011, payable upon completion of five full years of employment as President. State of Oregon - Oregon Facilities Authority 936001787 00068608J 2007-06-14 32409522 See Part VI of Schedule K 0 0 0 State of Oregon - Oregon Facilities Authority 936001787 68608JMC2 2010-05-06 28540002 See Part VI of Schedule K 0 0 0 550000 0 32409522 0 0 5605788 419966 0 0 23437177 0 0 2009 0 1 1 1 1125000 0 28540002 0 156603 16251533 373227 0 0 12206147 0 2686246 2012 0 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 1 GE Capitol 120109 1 0 0 0 0 0 0 0 0 SchK_P01_S00_L00f Schedule K, Part I, Column f Line a) - Bond issue date 6/14/2007, CUSIP 00068608J: The proceeds of the bonds were used to repay the outstanding line of credit, to finance the construction of five major projects, and to advance refund $8,400,000 of the Series 2004 bonds, which were issued on June 30, 2004. Line B) - Bond issue date 5/6/2010, CUSIP 68608JMC2: The proceeds of the bonds were used to repay the outstanding line of credit, to advance refund the remaining balances of the Series 2004 (issued June 30, 2004) and Series 2005 (issued 8/18/2005) bonds, to provide funding for several capital projects, and to assist with other facility upgrades and improvements. Brian Hoyt Son of Trustee George Hoyt 121209 Employment 0 Carolyn Hoyt Daughter-in-law of Trustee George Hoyt 116185 Employment 0 Mary DeMuniz Spouse of Trustee Paul DeMuniz 48200 Employment 0 X 31 203020 Opinion of Experts X 7407 Sale of comparable books X 29 1197700 Selling price X 1 4907 Opinion of experts X Fundraiser auction items 5 8564 Cost of donated items X Physical structures/Equipment 2 7498 Cost of donated items X Classroom equipment and materials 3 992 Cost of donated items X Food, beverage and other items donated for campus events 2 336 Cost of donated items 8 0 1 1 SchM_P01_S00_L00 Schedule M, Part I Part I, column b represents the number of donors who made contributions for the applicable categories. SchM_P01_S00_L32b Schedule M, Part I, Line 32b Securities that are donated to the University are sold by investment brokerage firms. In addition, the University uses a third party company to help process noncash donations for an annual fundraiser. F990_P05_S00_L04b Form 990, Part V, Line 4b Willamette University filed a Report of Foreign Bank and Financial Accounts TD F 90-22.1, related to the financial account in the country noted in Part V, Line 4b. F990_P06_S0A_L01a Form 990, Part VI, Section A, Line 1a The University Bylaws grant broad authority to the Executive Committee of the Board of Trustees to act as an interim Board. It is comprised of the Chair of the Board, the Vice Chair of the Board, the Treasurer, the Secretary, the President of the University, and the chair of the following committees: Endowment, Financial Affairs & Audit, Facilities & Technology, College of Liberal Arts, Atkinson Graduate School of Management, College of Law, Graduate School of Education and University Relations. All of the voting members of the Executive Committee are members of the Board of Trustees or Officers of the corporation. F990_P06_S0A_L01b Form 990, Part VI, Section A, Line 1b As is noted in Schedule O for question 12c, board members with a conflict of interest disclose this fact to either the Chairman of the Board, the University President, or the chair of the relevant committee. Then, an appropriate course of action is taken, such as refraining from participation in the matter to which the conflict relates. F990_P06_S0A_L02 Form 990, Part VI, Section A, Line 2 Donald Brown, trustee, and Patricia Smullin, trustee: Family relationship. Truman Collins, trustee, and Roderick Wendt, trustee: Business relationship. Punit Renjen, trustee, and James Albaugh, trustee: Business relationship. Roderick Wendt, trustee, and Steven Wynne, trustee: Business relationship. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b (11a) The Form 990 and its related schedules, except for Schedule B, was provided to all members of the Board of Trustees prior to the University filing the completed form with the IRS. (11b) The Form 990 and its accompanying schedules are reviewed by the Controller, the Vice President for Financial Affairs and the President. Then, the draft of the 990, except for Schedule B, is posted to a secure website that can only be accessed by members of the Board of Trustees. Board members are notified via e-mail that the 990 is available to review on the secure website. In addition, both the Finance Committee and the Executive Committee review and discuss the return. After the form has been reviewed by all noted parties it is modified (if necessary) and finalized. If the form is modified, it is re-submitted to the board. Then, it is submitted to the IRS. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c The conflict of interest policy that applies to all Officers, members of the Board of Trustees and Key Employees is distributed and reviewed annually; all Trustees, Officers and Key Employees must complete, sign, and return the policy to the President's Office or the Vice President for Financial Affairs. The Board's process for addressing conflicts of interest in accordance with the adopted above-referenced policy is as follows: "If an individual believes that he or she may have a conflict of interest, the individual shall promptly and fully disclose the conflict on a form and to the Chairman of the Board of Trustees or President, or the Chair of any Committee of the Board considering the matter, and shall refrain from participating on behalf of the University in the matter to which the conflict relates until the conflict question has been waived by vote of the Board of Trustees or a Committee of the Board after the material facts of the transaction and the individual's interest are disclosed or known to the Board or Committee of the Board, or otherwise resolved in compliance with the Oregon Nonprofit Corporation Act (ORS ch. 65)." The Board Chair, President, Board Treasurer and Administrative Secretary to the Board monitor compliance on an ongoing basis. Monitoring activities may include review of meeting minutes by the Administrative Secretary to identify potential/developing conflicts or conflicts that may have already occurred; informal discussions with Committee chairs or Board officers to raise awareness of conflicts and potential conflicts. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 An ad hoc committee of members of the Board of Trustees established the compensation for the President of the University. The committee consisted of three members that did not have a conflict of interest per IRS regulations section 53-4958-6(c)(1)(iii). In order to establish an appropriate level of compensation, the committee gathered data from several comparison groups, including similar sized liberal arts colleges located in the northwestern United States. In addition, a nationwide review of compensation as reported on the 990's of other similar sized private liberal arts universities was performed. Once the amount was decided upon the information was passed on to the Executive Committee. The Executive Committee subsequently approved the compensation package. This process occurred in April of 2011 for fiscal year 2011-12. The last time this process was undertaken by the University was in June of 2012. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Audited Financial Statements are posted on the University's website. The conflict of interest policy and the University's governing documents are not made available to the public. F990_P07_S0A_L01a Form 990, Part VII, Section A, Line 1a Paul DeMuniz, a board member listed under Line 1a, was compensated as an Adjunct Professor at Willamette University's College of Law. His compensation was not related to his position as a member of the board of trustees. F990_P11_S00_L05 Form 990, Part XI, Line 5 The $-19,246,363 on line 5, other changes in net assets or fund balances, is unrealized losses on investments. This amount is also noted in Part XI and XII of Schedule D, the reconciliation schedules between the 990 and the University's audited financial statements. Charitable remainder unitrusts (28) 900 State Street Salem OR 97301 Beneficial interest OR N/A T Estate Trust (1) 900 State Street Salem OR 97301 Beneficial interest OR N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0