2013-05-14T15:04:30-05:00 2012-06-30 GRANT THORNTON LLP 2001 MARKET STREET SUITE 3100 PHILADELPHIA PA 19103 990 2011-07-01 240795686 Lafayette College % STEPHEN A SCHAFER LAFA 6103305136 730 High St 202 Markle Hall Easton PA 180421779 Stephen Schafer 6103305136 2013-05-14 true 2155614200 2011 2016-02-24 21:20:13Z Dr Daniel H Weiss President 730 High St 202 Markle Hall Easton PA 180421779 267738114 false X www.lafayette.edu X 1832 PA Provision of educational services as an accredited four-year undergraduate college. 34 32 2426 4451 -302489 -356288 27250856 25317229 119192411 127367634 27504515 32586302 1335842 1392496 175283624 186663661 34400620 36009489 0 0 69805827 74031927 28576 58252 3696327 70896677 69426421 175131700 179526089 151924 7137572 1014954297 1006873292 263933495 281682757 751020802 725190535 MISSION STATEMENT AS APPROVED 5/28/83 BY THE BOARD OF TRUSTEES: IN AN ENVIRONMENT THAT FOSTERS THE FREE EXCHANGE OF IDEAS, LAFAYETTE COLLEGE SEEKS TO NURTURE THE INQUIRING MIND AND TO INTEGRATE INTELLECTUAL, SOCIAL, AND PERSONAL GROWTH. THE COLLEGE STRIVES TO DEVELOP STUDENTS' SKILLS OF CRITICAL THINKING, VERBAL COMMUNICATION, AND QUANTITATIVE REASONING AND THEIR CAPACITY FOR CREATIVE ENDEAVOR: IT ENCOURAGES STUDENTS TO EXAMINE THE TRADITIONS OF THEIR OWN CULTURE AND THOSE OF OTHERS, TO DEVELOP SYSTEMS OF VALUES THAT INCLUDE AN UNDERSTANDING OF PERSONAL, SOCIAL, AND PROFESSIONAL RESPONSIBILITY, AND TO REGARD EDUCATION AS AN INDIPENSIBLE, LIFE-LONG PROCESS. false false 91626341 30000 102752767 Instruction, Research, Student Services provided for both 2,423 full-time students (Fall 2011 semester) including 2 non-degree candidates and 55 additional part-time students, including 33 non-degree candidates. Also includes site revenues and expenses for the Johns Hopkins University Center for Talented Youth Program. Public Service - Greater Easton Development Partnership for Easton Ambassadors program Student Services include Enrollment Management (Admissions and Financial Aid), Registrar, Health and Counseling Centers, Dean of Students, Multicultural Affairs, Cultural Programs, Intramurals/Recreation, Intercollegiate Athletics, Religious Programs, Career Services, Student Activities and Student Organizations support. Academic Support includes services such as Libraries (2), Information Technology, Academic Counseling, Course & Curriculum Development and Faculty Recruitment. 35979489 35979489 Undergraduate Scholarships/Grants to Students (1,213 students, including both 1 non-traditonal and 2 foreign exchange) through the College's Financial Aid Office ($35,788,400). Prizes, Awards and Fellowships and other awards ($109,154) to approximately 140 students and net HELP Loan Interest Subsidy Expense ($81,935) for approximately 102 Borrowers. 21711008 24614867 Auxiliary Services: Student Residence - Approximately 2,270 (Fall 2011 semester) resided in the College's Residence Halls, Fraternities/Sororities and College-owned off campus residences. Also includes Dining Services (all day students must participate in the Dining program). 149316838 true true false true false false false true false true true true false false true true true false true true true false true true true false false true true true true false false false false false false false false false true true true false false false false false false false false true 4285 0 true 2426 true true true false false false false true true false false false false X 34 32 true true true false false false false true true false false true true true true true true true true false PA X X STEPHEN A SCHAFER 6103305136 730 HIGH ST 202 MARKLE HALL Easton PA 18042 Edward W Ahart 5.0 X 0 0 0 Stephen D Pryor 5.0 X 0 0 0 Nancy J Kuenstner 5.0 X 0 0 0 Susan B Carras 3.0 X 0 0 0 Joseph T Cox 3.0 X 0 0 0 Alan R Griffith 3.0 X 0 0 0 George M Jenkins 3.0 X 0 0 0 Harold N Kamine 3.0 X 0 0 0 Barbara Levy 3.0 X 0 0 0 Elisabeth H MacDonald 3.0 X 0 0 0 Bruce Maggin 3.0 X 0 0 0 Angel L Mendez 3.0 X 0 0 0 David M Roth 3.0 X 0 0 0 J Peter Simon 3.0 X 0 0 0 Carl G Anderson Jr 2.0 X 0 0 0 Mary Stengel Austin 2.0 X 0 0 0 James R Birle Jr 2.0 X 0 0 0 Samuel R Chapin 2.0 X 0 0 0 James R Fisher 2.0 X 0 0 0 John R Fry 2.0 X 0 0 0 Brent D Glass 2.0 X 0 0 0 Richard A Grossman 2.0 X 0 0 0 Martha A Heinze 2.0 X 0 0 0 Jefferson W Kirby 2.0 X 0 0 0 Judson C Linville 2.0 X 0 0 0 Douglas R Marvin 2.0 X 0 0 0 Paul F McCurdy 2.0 X 0 0 0 Donald E Morel Jr 2.0 X 0 0 0 J B Reilly 2.0 X 0 0 0 S Kent Rockwell 2.0 X 0 0 0 Alma R Scott-Buczak 2.0 X 0 0 0 Robert E Sell 2.0 X 0 0 0 Sylvia Daniels Weaver 2.0 X 0 0 0 Daniel H Weiss 65.0 X X 503403 0 145488 James W Dicker 55.0 X 265743 0 47415 Wendy L Hill 75.0 X 261704 0 70687 Celestino Jose Limas 55.0 X 109725 0 38560 Robert J Massa 60.0 X 218537 0 38898 Leslie F Muhlfelder 55.0 X 224466 0 46635 Mitchell L Wein 65.0 X 300808 0 48796 Gregory V MacDonald 55.0 X 161167 0 39372 Paul H Zimmerman 50.0 X 166347 0 38272 Kari A Fazio 55.0 X 178684 0 32143 John Kincaid 45.0 X 189823 0 35348 James F Krivoski 55.0 X 183721 0 61829 Bruce A Murphy 45.0 X 199282 0 43886 Francis B O'Hanlon 55.0 X 210126 0 66183 3173536 0 753512 96 false true false Sodexo Inc Affiliates 6081 Hamilton Blvd ALLENTOWN PA 18106 Dining Services 6590271 Whiting-Turner Contracting Co PO Box 17596 BALTIMORE MD 21297 Construction 1003766 Elliott International 40 West 57th St NEW YORK NY 10019 Investment Manager 1427127 Arthur J Gallagher LP PO Box 71965 CHICAGO IL 60694 Insurance 858585 Centerbridge Partners LP 375 Park Ave 12th Floor NEW YORK NY 10152 Investment Manager 830650 75 28741 1068041 24220447 6404602 25317229 TUITION & FEES 900099 100454756 100454756 AUXILIARY SERVICES 900099 24107341 24107341 ATHLETICS/SPORTS NETWORK 900099 1472485 1472485 JOHNS HOPKINS CTY 900099 771434 771434 SUMMER DINING 900099 507526 507526 54092 54092 127367634 11450243 -920392 12370635 227 227 0 660149 665794 -5645 -5645 -5645 99744209 16651 78619583 5445 21124626 11206 21135832 570998 20564834 80202 28741 43635 36567 36567 0 1893915 1739996 153919 21905 132014 FEES, FINES, AND COST RECOVERY 900099 604657 604657 STUDENT TELECOMMUNICATIONS 900099 223010 223010 MISCELLANEOUS 900099 379988 25000 354988 1207655 186663661 127367634 -302489 34281287 30000 30000 35815089 35815089 164400 164400 0 2550282 383840 1832442 334000 0 51690295 38658066 11297214 1735015 4509786 3214124 1140525 155137 11435936 8129835 2883857 422244 3845628 2740780 972559 132289 0 302033 300478 1555 180822 180822 60586 60586 58252 58252 9723032 9723032 6604670 5217758 1258855 128057 125366 42912 82454 3211213 1996654 935737 278822 1577876 1478082 99794 0 2479503 5828 2473675 5054298 4485621 428245 140432 0 711253 449449 130408 131396 7348093 7245791 102302 0 13322710 12870463 452247 861337 278493 577660 5184 AUXILIARY SERVICES 10896988 10896988 NON-OFFICE SUPPLIES 2491343 1539821 951522 EQUIPMENT RENTAL, MAINTENANCE 393948 275950 117998 ALLOC OF INDIRECT OVERHEAD 10471751 -10471751 4081350 2925143 982263 173944 179526089 149316838 26512924 3696327 17145 17143 67189238 47162130 12711354 10389670 1176299 1646140 0 0 0 0 4466621 4502629 647220 657972 3015773 4594051 450300707 194556520 252919201 255744187 232212788 247602387 434224980 422416713 0 0 0 0 6373678 12140270 1014954297 1006873292 44135909 55982337 2006913 2024586 6382568 5732373 170788606 170331308 0 0 0 0 89907 2866661 0 0 40529592 44745492 263933495 281682757 X 238315659 223608141 249877464 236320296 262827679 265262098 751020802 725190535 1014954297 1006873292 X 7137572 -32967839 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 60586 60586 179472640 179533226 1000000 250000 120699 120515 60586 301800 452700 120699 120515 60586 301800 250000 250000 250000 750000 1125000 0 0 0 Part II-A, Line 1B A firm was engaged for the direct lobbying of Congressmen & Senators. 339000 2794034 X X X X false 649587887 17780488 4972499 7228214 22199455 2144387 640768818 571722078 12832458 96467560 7952953 21701572 1779684 649587887 526566830 2968035 74861818 8142053 23057047 1475505 571722078 674092733 9312825 -124340445 8848524 21990211 1659548 526566830 0.22650 0.41400 0.35950 true false 4091752 4091752 323263750 115000668 208263082 77229595 64731098 12498497 45715610 14824754 30890856 255744187 10910925 F EQUITY INSTIT. MUTUTAL FUNDS 65828142 F ALTERNATIVE INSTRUMENTS 327563731 F UNITED EDU SUBSCRIBER SAVINGS 301553 C INSURANCE POL, L C IS BENEFICI 359687 C CO-OP EQUITY INTEREST (E & I) 15234 C COMMONWEALTH ANNUITY 18658 C FUNDS HELD IN TRUST BY OTHERS 3485129 F FIXED INST MUTUAL FUNDS 13923459 F TUITION PLAN, EQUITY INTEREST 10195 C 422416713 224796 INT RATE HEDGE/SWAP AGREEMENTS 20200719 AGENCY FUNDS 2113170 ASSET RETIREMENT LIABILITY (FIN 47) 1576032 ANNUITIES PAYABLE 20630775 44745492 186663661 179526089 7137572 -25537737 8219927 -15650029 -32967839 -25830267 110580359 -25537737 -51492182 -77029919 187610278 1502808 -2449425 -946617 186663661 136410626 2449425 2449425 133961201 9722735 35842153 45564888 179526089 COLLECTIONS OF ART, HISTORICAL TREASURES, ETC. FORM 990, SCHEDULE D, PART III, LINE 4 Among the rich resources provided for students is a fine, small art collection. The collection includes eighteenth-through early twenty-first century American and European paintings, prints, and sculpture; vintage photographs; and contemporary American sculpture and paintings. Recent acquisitions build on the strength of the existing collections. The mission statement for the art collection is to document, preserve for future generations, exhibit, and make accessible the College's art collection to the students, public, and scholars through exhibitions, publications, reproductions, and by granting access for research purposes. The administration of the art collection complies with museum-field wide standards of care (see American Alliance of Museums, AAM). Students have curated exhibitions from the collections; When appropriate, artwork is loaned to other institutions for exhibitions of scholarly importance; images of artwork are readily available for reproduction in commercial (ex: text books) and academic-scholarly publications (generally at no charge or nominal fee.) Lafayette College's Special Collections and College Archives The Lafayette Special Collections and College Archives are home to approximately 20,000 rare books and more than 2,000 cubic feet of manuscripts and archives. The holdings include manuscripts, rare books, prints and memorabilia relating to the Marquis de Lafayette; rare book collections on Stephen Crane, angling, miniature books, and artists' books; papers of former Treasury Secretary William E. Simon, New Jersey Governor Robert B. Meyner and Congresswoman Helen Meyner; the early records of the Easton-based Dixie Cup Company and the papers of noted illustrator and artist Howard Chandler Christy. The College Archives serves as the repository for the records of Lafayette College, dating back to the founding of the College in 1824-1826. It is charged with records management responsibilities for current College records. The Archives also includes more than 50,000 photographs, audio-visual recordings, and objects that document the College's history. ENDOWMENT INVESTMENT GUIDELINES FORM 990, SCHEDULE D, PART V The intent of the College's Investment Guidelines for its endowment is to provide a predictable stream of funding for the College's programs from the endowment while seeking to maintain the purchasing power of the endowment assets. Program and Capital Assets expenses supported from the endowment operating distribution include Student Financial Aid Grants, Prizes and Fellowships ($7,228,200). Instruction ($6,845,600), Research ($85,400), Academic Support ($713,900 - includes Libraries of $606,700), Intercollegiate Athletics ($199,100), Student Services ($997,200), Operation and Maintenance of Plant ($1,651,900, including Auxiliary Services). The College also utilized an additional $9,542,200 of Unrestricted Endowment Income and realized gains in support of budgeted operations. The Administrative expenses reported ($2,144,400) are primarily the required distributions of Annuity Funds principal to fund annuitant payments ($1,887,800) as reported in the non-operating section of the College's Statement of Activities for the year ended June 30, 2012. Certain restricted endowments also provide that income can be used for facilities capital projects expenses and to fund student loans. FIN 48 FOOTNOTE FORM 990, SCHEDULE D, PART X, LINE 2 The College has been granted tax exempt status as a nonprofit organization under Section 501(c)(3) of the Internal Revenue Code, and accordingly, files federal tax Form 990 (Return of Organization Exempt from Income Tax) annually. The College also files federal tax Form 990-T (Exempt Organizations Business Income Tax Return) on net income of unrelated business activities. The College estimates an income tax liability of $250,000 for the Form 990-T for the year ended June 30, 2012, of which $364,627 has been prepaid as of June 30, 2012. The College's federal and state income taxes for the year ended June 30, 2011 were $112,200. A tax position is recognized or derecognized by the College based on a "more likely than not" threshold. This applies to positions taken or expected to be taken in a tax return. The College does not believe its financial statements include uncertain tax positions. RECONCILIATION OF CHANGE IN NET ASSETS FORM 990, SCHEDULE D, PART XI LINE 8: CHANGE IN ANNUITIES PAYABLE ESTIMATE (92,890) DISTRIB FROM PRINCIPAL TO FUND ANNUITIES PAYABLE (1,887,847) CHANGE IN MV OF INTEREST RATE SWAP AGREEMENTS (8,557,684) PROVISION FOR UNCOLLECTIBLE NON OP PLEDGES REC 497,004 GAIN ON DISPOSAL OF PROPERTY, PLANT & EQUIPMENT 78,220 CHANGE IN POSTRETIREMENT BENEFIT COST (8,074,000) VOLUNTARY RETIRMENT INCENTIVE (FAC & NON FAC) (1,283,047) GAIN-CONDITIONAL ASSET RETIREMENT-FIN 47 3,670,215 ------------- TOTAL $(15,650,029) ============= RECONCILIATION OF REVENUE FORM 990, SCHEDULE D, PART XII LINE 2D: FINANCIAL AID GRANTS TO STUDENTS (35,788,400) ENDOWMENT AGENCY (53,753) CHANGE IN ANNUITIES PAYABLE ESTIMATE (92,890) DISTRIB FROM PRINCIPAL TO FUND ANNUITIES PAYABLE (1,887,847) CHANGE IN MV OF INTEREST RATE SWAP AGREEMENTS (8,557,684) PROVISION FOR UNCOLLECTIBLE NON OP PLEDGES REC 497,004 CHANGE IN POSTRETIREMENT BENEFIT COST (8,074,000) GAIN ON DISPOSAL OF PP&E 78,220 VOLUNTARY RETIREMENT INCENTIVE - (FAC & NON FAC) (1,283,047) GAIN-CONDITIONAL ASSET RETIREMENT-FIN 47 3,670,215 ------------ TOTAL LINE 2D: ($51,492,182) ============ LINE 4B: FUNDRAISING REVENUES TO EXTENT EXPENDED (43,635) RENTAL REVENUES TO EXTENT EXPENDED (665,794) COLLEGE STORE (COGS) REVENUES TO EXTENT EXPENDED (1,739,996) ------------ TOTAL LINE 4B ($2,449,425) ============ RECONCILIATION OF EXPENSES FORM 990, SCHEDULE D, PART XIII LINE 2D: FUNDRAISING REVENUES TO EXTENT EXPENDED 43,635 RENTAL REVENUES TO EXTENT EXPENDED 665,794 COLLEGE STORE (COGS) TO EXTENT EXPENDED 1,739,996 ----------- TOTAL LINE 2D $2,449,425 =========== LINE 4B: FINANCIAL AID GRANTS TO STUDENTS 35,788,400 ENDOWMENT AGENCY 53,753 ----------- TOTAL LINE 4B $35,842,153 =========== true true true true true true true false false false false false false false false true false true Racial Nondiscriminatory Policy Form 990, Schedule E, Part I, Line 3 Via Website http://catalog.lafayette.edu (see Non-discrimination Policy Statement). Also on Website (same catelog section), see separate diversity and inclusiveness Statement. Financial Aid from a Governmental Agency Form 990, Schedule E, Part I, Line 6a Federal grants: Federal Supplemental Educational Opportunity Grants (SEOG) Federal Work-Study Program Federal Direct Loan Programs (Stafford & PLUS Programs) Federal Pell Grants National Endowment for the Arts, EPA Fellowships Commonweatlth of Pennsylvania: Institutional Assistance Grant (IAG) PA Work-Study Redevelopment Assistance Capital Program (RCAP) PA State Grants to Students PA Council of the Arts Local Grants: Various, including Penn State Survey & Boro of Nazareth (see IPEDS for details). true Europe (Including Iceland and Greenland) 1 Program Services INSTRUCTION 45504 149443 Europe (Including Iceland and Greenland) 1 Program Services INSTRUCTION 45508 499081 Europe (Including Iceland and Greenland) 1 Program Services INSTRUCTION 45511 353756 Sub-Saharan Africa 2 Program Services INSTRUCTION 28201/38 139192 Europe (Including Iceland and Greenland) 2 Program Services INSTRUCTION 28205 84410 Russia and the Newly Independent States 2 Program Services INSTRUCTION 28207 69054 Europe (Including Iceland and Greenland) 2 Program Services INSTRUCTION 28208 115242 East Asia and the Pacific 2 Program Services INSTRUCTION 28227 107002 Sub-Saharan Africa 2 Program Services INSTRUCTION 28230 55566 East Asia and the Pacific 2 Program Services INSTRUCTION 28234 113393 South America 2 Program Services INSTRUCTION 28235 84521 East Asia and the Pacific 1 Program Services INSTRUCTION 28236 79814 Europe (Including Iceland and Greenland) 2 Fundraising 11937 Central America and the Caribbean Investments 196340171 Europe (Including Iceland and Greenland) Investments 14627657 North America Investments 48154140 South Asia Investments 17674002 22 22 278658381 278658381 STUDENTS STUDY ABROAD Europe/Iceland/Greenland 8 164400 ACCT CREDIT FMV true false false false true false FORM 990, SCHEDULE F, PART 1 LINE 1 The College considers the awarding of financial aid (primarily grants (scholarships), loans and work-study) to its students (including non-resident alien students) to be a U S-Based activity. The Financial Aid Office maintains records to: 1) substantiate the amount of the grants and other financial aid awarded, 2) document each grantee's eligibility for the grant and other financial aid sources and 3) document the selection criteria used to award the grant and other financial aid. MONITORING THE USE OF GRANT FUNDS OUTSIDE THE U.S. FORM 990, SCHEDULE F, PART I, LINE 2 The College recruits, admits and enrolls top qualified students from all parts of the world and all Lafayette students are both encouraged and eligible to participate in numerous affiliated study-abroad (off- campus) programs for a semester and/or the January/May Interim Sessions. Students, who are approved to participate in these programs, are billed by Lafayette for Tuition, any related Room and Board fees and other related program charges. The student's grant and other financial aid for that semester or interim session are credited to the student's Lafayette College account to cover the educational related charges/expenses. It is possible that the total financial aid could exceed the billed expenses resulting in a credit balance and the possibility of the student receiving a refund check. If appropriate, the College will issue the refund check to the student in order to cover any related educational expenses that the College had not billed. The Office of Financial Aid maintains an itemized breakdown of the cost of attendance used to determine and award financial aid for all students (domestic and/or international.) Awards are based on the standard approved charges for the College in any given academic year as well as other eligibility criteria (enrollment, academic standing, housing status, etc.) Any costs for study abroad opportunities that may exceed Lafayette's cost of attendance must be covered by the student and family. Students are encouraged to consult with the Office of Financial Aid and Study Abroad as they evaluate their options. X X X X X X X true WASHBURN MCGOLDRICK Consulting false 58252 -58252 58252 -58252 Fall 11 MC Golf 36095 11485 24610 2351 9860 6310 1380 Spr 12 MC Golf 25005 9815 15190 2913 11772 911 1001 1 47843 7441 40402 7137 108943 28741 80202 5264 21632 14358 2381 43635 36567 FORM 990, Schedule G, Part I, Line 3 NONE- AS AN ACCREDITED, LICENSED INSTITUTION OF HIGHER EDUCATION, THE COLLEGE BELEIVES IT IS GENERALLY EXEMPT FROM THE REGISTRATION PROVISIONS THAT REQUIRE ORGANIZATIONS SOLICITING FUNDS FOR CHARITABLE PURPOSES TO REGISTER. true GREATER EASTON DEVELOPMENT 158-B NORTHAMPTON ST EASTON PA 18042 232660344 501(c)(3) 30000 Ambassadors 2012 1 UNDERGRADUATE SCHOLARSHIP GRANTS 1213 35788400 FMV CREDIT STUDENT ACCT HELP INTEREST SUBSIDY - PAID DIRECT BY COLLEGE 102 81935 FMV COLLEGE PAYS TO BANK ACADEMIC PRIZES, AWARDS, FELLOWSHIPS, INTERSHIPS 140 109154 FMV MONITORING OF GRANTS USED IN U.S. FORM 990, SCHEDULE I, PART I, LINE 2 The College awards scholarships, need-based grants, student loans and fellowships to students based on a committee and/or individual review of student aid applications. Relevant criteria include academic and/or other achievement and financial need (as supported by income tax return detail). Fellowships are awarded based on a review by the applicable academic department. The College calculates a cost of attendance that includes both the education costs billed by the College (such as Tuition, Fees, Room and Board) and educational costs not billed by the College (such as Books, Travel and Other Incidentals). Based on the student's cost of attendance and the Financial Aid Office's determination of eligibility, the student's financial aid award for the academic year is determined. This award may include scholarships/grants, loans and student employment. For scholarships/grants and student loans, that aid is credited to the student's account and is applied to billed charges. Student employment wages are paid through payroll. For the HELP Loan program interest subsidy, the College pays that expense directly to the lending bank. If a student's account has a credit balance after all applicable College charges and financial aid is posted, the College will issue a refund check to the student. If a student has a credit balance for the Fall Semester, the student may choose instead to carry that credit balance forward for application to either Interim Session or Spring semester charges. Normally, credit balance refund checks are made payable to the student. The student may also designate that a credit balance be paid to the College Store for separately billed Lafayette College Store charges, a fraternity or sorority for Room and/or Board plans billed by the organization or that the credit balance refund check be made payable to a parent or guardian. It is assumed by the College that credit balance refunds are used to pay for educational costs that were included as part of the student's cost of attendance calculation but not billed by the College. X X X X true true X X X X false true false false false false false false false Daniel H Weiss 450606 0 0 0 52797 0 23275 0 122213 0 648891 0 0 0 James W Dicker 222956 0 0 0 42787 0 21228 0 26187 0 313158 0 0 0 Wendy L Hill 253056 0 5000 0 3648 0 23275 0 47412 0 332391 0 0 0 Robert J Massa 215718 0 0 0 2819 0 20577 0 18321 0 257435 0 0 0 Leslie F Muhlfelder 217043 0 5000 0 2423 0 21187 0 25449 0 271102 0 0 0 Mitchell L Wein 280106 0 15000 0 5702 0 23275 0 25521 0 349604 0 0 0 Gregory V MacDonald 160068 0 0 0 1099 0 15865 0 23507 0 200539 0 0 0 Paul H Zimmerman 154715 0 10000 0 1632 0 15248 0 23024 0 204619 0 0 0 Kari A Fazio 161474 0 10000 0 7210 0 15390 0 16753 0 210827 0 0 0 John Kincaid 186898 0 0 0 2925 0 18022 0 17327 0 225172 0 0 0 James F Krivoski 169924 0 5000 0 8797 0 21187 0 40643 0 245551 0 0 0 Bruce A Murphy 189427 0 0 0 9855 0 18306 0 25580 0 243168 0 0 0 Francis B O'Hanlon 203206 0 0 0 6920 0 19722 0 46461 0 276309 0 0 0 COMPENSATION INFORMATION FORM 990, SCHEDULE J, PART I Part I, Line 1a Travel for Companions - By employment contract, in the event that the College requests President Weiss' spouse to accompany him on College-related business, her reasonable expenses will be paid by the College. While not an employee of the College, the President's spouse serves an important role at both Board and other College functions, including for example, accompanying the President for off-campus fundraising activities. For such fundraising activities, the President's spouse is assigned duties to carry out on behalf of the College in advance of such event. For calendar 2011, such estimated expenses, if any, were included as nontaxable benefits in this return. Part I, Line 1a Tax Indemnification - During calendar year 2011, James Dicker (Vice President Development and College Relations) received additional reported contract compensation of $33,252, including tax equalization payments of $12,835. This arrangement was specific to Mr. Dicker. Daniel Weiss (President) received additional reported contract compensation of $19,707, including tax equalization payments of $6,506. This arrangement was specific to Dr. Weiss. Part I, Line 1a - Housing Allowance or Residence for Personal Use - As part of their employment contracts and for the convenience of the College, a College-owned residence was provided to Officers Daniel Weiss (President), Wendy Hill (Provost), James Krivoski (1/1/11 - 6/30/11 while serving as Vice President for Student Affairs & Executive Assistant to the President) and Celestino Limas (7/1/11 - 12/31/11 as Vice President for Campus Life and Senior Diversity Officer) during calendar 2011. This housing is located on College property and provided in conjunction with these officers' duties. The values of the housing provided and included as nontaxable benefits in this return are Weiss ($46,931 excluding housekeeper), Hill ($21,039), Krivoski ($13,361 from 1/1/11 to 6/30/11) and Limas ($13,361 from 7/1/11 to 12/31/11). It is the Board's policy that the President resides in the President's House (515 College Ave). The President determines if the duties of the other Officers require each Officer to reside in a College-provided facility. Part I, Line 1a - Personal Services (Maid, Chauffeur) - By employment contract, the President is required to reside in the President's House. The College provides household staff, gardening and snow removal services. The calendar 2011 salary and estimated fringe benefits for the housekeeper (.88 FTE) was $54,672, of which $8,201 was determined to be for personal services and included as reportable compensation in this return. The balance of $46,471 is included as a non-taxable benefit on this return. Additionally, a related $3,746 tax indemnification payment is included as reportable compensation in this return. Part I, Line 4a - Severance Payments - There were no severance payments during calendar year 2011. Part I, Line 4a - Non-Qualified Retirement Plan - The College provides a non-qualified Sec 457 retirement plan benefit for Officers Daniel Weiss, Wendy Hill, Mitchell Wein and James Dicker . For calendar 2011, the College contributions were $20,013 for Dr. Weiss, $1,183 for Dr. Hill and $3,815 for Mr. Wein and $713 for Mr. Dicker. For Dr Weiss, $16,500 is included as a nontaxable benefit and $3,513 is included as reportable compensation on this return. The contributions for Dr. Hill and Messrs. Wein and Dicker are reported as other taxable income (Schedule J, Part II, Col (B)(iii)) on this return. Northampton City GPA Rev Bonds Ser 2010 233007498 66353LAY3 2010-04-30 26689800 Refund Ser of 2000; Var cap Projec false false false Northampton City GPA Ref & Rev Ser 2008 233007498 66353LAK3 2008-08-21 98638389 Retire Ser '97, 04, 04 2nd & Cap N false false false Northampton City GPA Var Rev Ser 2006 233007498 66353LAG2 2006-09-14 15100000 Renov, Construct & Reloc Athletic false false false Northampton City GPA Var Rev Ref S 2003 233007498 66353LAA5 2003-04-02 10190000 Refund Ser of 1993 on 7/1/2003 false false false 0 0 26690421 0 0 0 0 0 0 2460869 22290000 1939552 2013 true false false true 750000 0 98650001 0 0 0 0 0 697 6314304 92335000 0 2012 true false true true 1000000 0 15312344 0 108121 0 0 0 10709 15193514 0 0 2007 false false true true 0 0 10190000 0 0 0 0 0 0 0 10190000 0 2003 false false true true false false false false false 0.00000 0.00000 0.00000 true false false true true false 0.01000 0.00000 0.01000 true false false false false false 0.00000 0.00000 0.00000 true 0 false true false 0 false 0 false false false false false 0 false 0 false false false true false 0 false 0 false false false true false 0 false 0 false false Schedule K, Part I and II 0 Series 2010 is one integrated structure as reported on IRS Form 8038. It is comprised of two sub-components, Series 2010 A & Series 2010 B. Series 2010 A was issued for the purpose of a May 2010 refunding . Series 2010 A had proceeds of $22,290,000 and is structured as variable rate debt. Series 2010 B, which was issued simultaneously with Series 2010 A and, as mentioned previously, is integrated with Series 2010 A, had total proceeds of $4,400,421. The Series 2010 B component is structured as fixed rate debt and was issued to fund various capital projects. Schedule K, Part III, Line 3 0 The College contracts with Sodexo Dining Services, a for-profit corporate entity, for the management of the dining operations on campus. The current contract is structured such that the preponderance of fees is based on a per capita charge, and the contract has a one-year term. A small portion of the proceeds of the Series 2008 Bonds were used to renovate one of the seven dining venues on campus, but given its nature and term, the College, with the advice of counsel, believes the contract with Sodexo is a Qualified Management Contract and not subject to private use. Schedule K, Part IV, Line 3 0 The College has three (3) interest rate hedging contracts in place. These contracts were entered into to mitigate the College's interest rate risk inherent with variable rate structured debt. Each requires the College to pay a fixed rate in return for a variable rate that is expected to approximate the interest rate payable on the College's debt in typical markets. None of the three interest rate hedging agreements are structured as "qualified" hedges on the records of the issuing authority of any of the College's bonds, which is the Northampton County General Purpose Authority. As such, none of the interest rate hedges are integrated for tax purposes with a particular debt issuance of the College. UBS is the counterparty on each of the interest rate hedges and they have scheduled terms of 2023, 2030, and 2034. ANGEL L MENDEZ KEY EMPL CISCO SYSTEMS 112570 COLLEGE SUPPLIER false Interested Party Transacations Schedule L, Part IV Angel L. Mendez - Trustee Mendez is a key employee of Cisco Systems, which is a supplier to the College. During the year, no payments were made to Cisco. However, payments totaling $112,570 were made to Cisco's partners and suppliers. X 24815 APPRAISAL X 43 5778906 HIGH/LOW OF DAILY MV X 1 314185 Minerals-Appraisal X EVENTS & SILENT AUCTIONS 9 24723 PAID RECEIPT X PHOTOGRAPHS 1 20000 APPRAISAL X EQUIPMENT 3 167174 APPRAISAL/FMV X GOOD, SERVICES, ADV 9 74545 PAID RECEIPT X OTHER 5 254 PAID RECEIPT/APPRAIS 4 false true true Schedule M, Line 32a To the extent that the College receives donations of securities, its investment broker/manager is tasked with selling those securities. Governance Management & Disclosure Form 990, Part VI, Section A, Line 2 Trustees Fisher and Kamine had a business relationship in FY 2011-12 for the 6/30/12 Form 990. Trustee Cox and Officer Muhlfelder had a business relationship in FY 2011-12 for the 6/30/12 Form 990. Management Company Details Form 990, Part VI, Section A, Line 3 The College contracts with Sodexo Dining Services to manage its academic year dining, summer dining and campus catering operations. The FY 2011-12 expenses incurred for the student-related program are included as part of Auxiliary Services expenses (Form 990, Part IX, Line 24b). For calendar year 2011, the College paid a total of $6,590,271 to Sodexo for these services as disclosed in Form 990, Part VII, Section B. (Attachment 3) Significant Changes to Organizational Documents Form 990, Part VI, Section A, Line 4 There were two amendments to the Statutes (Sections 45 & 46) approved during the 2011-12 tax year because of the addition of the new Compensation Committee as a Standing Committee of the Board of Trustees. Form 990 Review Process Form 990, Part VI, Section B, Line 11A The Form 990 return is prepared by the College's Administration and forwarded to the College's outside tax advisor for review and input into electronic media. The College will discuss the return with its advisor and make revisions prior to the printing of a first draft return for review and comment by the Committee on Audit. The Committee on Audit reviews this first draft return, recommends changes and such changes are then incorporated into a revised draft return. This revised draft return is reviewed again by the Committee on Audit to ensure the Committee on Audit's requested changes were made. The Administration will then distribute the revised draft return to the full Board of Trustees with a request for review and comment. If any questions are received from a Board member and the return is revised as a result, the Administration will advise the full Board of the change before filing of the final return. Monitoring and Compliance with Conflict of Interest Policy Form 990, Part VI, Section B, Line 12C The Conflict of Interest Policy for Trustees, Board Associates, Officers of Administration and Other Key Employees of Lafayette College was approved by the College's Board of Trustees on October 27, 1979. This policy is mailed to all applicable individuals annually for their review and disclosure of both any exceptions to the policy and any affiliations that the policy requires disclosure for. All disclosure required under this policy must be directed in writing to the Secretary of the Board of Trustees who shall be responsible for the administration of this policy. Matters under this policy concerning Trustees shall be initially reported to the Chairperson of the Board for appropriate action. Matters concerning staff will be referred initially to the President. Information disclosed to the Secretary (or Chairperson or President) will be held in confidence except when the best interest if the institution is served by disclosing the information to the Board in Executive Session. Records Retention Policy Form 990, Part VI, Section B, Line 14 The Controller's Office has a written records retention policy that is posted and available for staff review. This policy is consistent with IRS record retention guidelines. Other campus offices may also have their own office policy for retention, consistent with guidelines established for outside regulatory agencies and the office's needs. There is no formal overall campus-wide records retention policy. Process for Determining Compensation of CEO and Officers of Administration Form 990, Part VI, Section B, LInes 15A & B For the CEO, the Board Chair obtains relevant data for comparable institutions by surveys and other available resources. There is also an annual performance evaluation. For Officers of Administration (Vice-Presidents), the President reviews national data from organizations such as CUPA (College and University Personnel Administration). There is a performance evaluation that includes input from applicable Trustees with whom the Officer works closely. There is also benchmarking against the salaries of comparable institutions. Document Availability to Public Form 990, Part VI, Section C, Line 19 The College's audited financial statements for fiscal years 2011-12, 2010-2011, 2009-2010, 2008-2009 and 2007-2008 are available on the College's website. The College does not make its governing documents and conflict of interest policy available to the public on its website. Requests for copies of Forms 990 and 990T are provided promptly upon request in either hard-copy or electronic form and the College does not charge for either copying or mailing costs. After the filing of the Form 990 return for the same tax year, the College will provide either an electronic or hard-copy version directly to Guidestar so they are available to Guidestar for uploading to the Guidestar website. The most recent three years Form 990 returns available are included on the Guidestar website. The College also cooperates with third-party organizations such as Guidestar to the extent possible if they have more detailed questions about our return. The College's financial statements (and limited operating statistics) are also available on two additional websites: 1) The Municipal Securities Rulemaking Board's Electronic Municipal Market Access (EMMA) website: http://emma.msrb.org The College is required to file with EMMA per our 15c2-12 requirements associated with some of its tax-exempt debt. 2) Digital Assurance Certification (DAC)'s website: http://www.dacbond.com/ The College utilizes DAC as a method of getting our documents to EMMA but DAC also posts these documents to their own website where it is publically accessible free of charge. Users are asked to register on this site. The College's status as an organization exempt from Federal taxes dates back to December 1942. Upon request, the College will also provide a copy of its May 25, 2004 letter received from the Internal Revenue Service reaffirming the College's exempt status. DONOR ADVISED FUNDS Form 990, Part IV, Line 6 The College is not a sponsoring organization as described in Section 170(c) Change in Net Assets Form 990, Part XI, Line 5 NET UNREALIZED GAINS (LOSSES ON INVESTMENTS) (25,537,737) INVESTMENT EXPENSES 8,219,927 CHANGE IN ANNUITIES PAYABLE ESTIMATE (92,890) GAIN ON CONDITIONAL ASSET RETIREMENT - FIN 47 3,670,215 DISTRIB FROM PRINCIPAL TO FUND ANNUTITIES PAYABLE (1,887,847) CHANGE IN MV OF INTEREST RATE SWAP AGREEMENTS (8,557,684) PROVISION FOR UNCOLLECTIBLE NON OP PLEDGES REC 497,004 DISPOSAL OF PROPERTY, PLANT & EQUIPMENT 78,220 CHANGE IN POSTRETIREMENT BENEFIT COST (8,074,000) VOLUNTARY RETIREMENT INCENTIVE - FAC & NON FAC (1,283,047) ----------- TOTAL $(32,967,839) =========== Procedures to Undertake Corrective Action Schedule K, Part V Effective May 1, 2013, Lafayette College established written procedures to ensure that all nonqualified bonds of an issue are remediated in accordance with the requirements under Regulation sections 1.141-12 and 1.145-2 and that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations.