2012-03-06T10:33:52-06:00 2011-05-31 BAKER TILLY VIRCHOW KRAUSE LLP 225 SOUTH SIXTH STREET SUITE 2300 MINNEAPOLIS MN 55402 990 2010-06-01 410695527 ST MARYS UNIVERSITY OF MINNESOTA STMA 5074571443 700 TERRACE HEIGHTS WINONA MN 559871399 CYNTHIA MAREK 5074571443 2012-03-05 1 LAWRENCE H MOHR CPA 6128764500 2010 2016-02-24 21:20:13Z CYNTHIA MAREK 700 TERRACE HEIGHTS WINONA MN 55987 78791536 0 X WWW.SMUMN.EDU X 1912 MN SAINT MARY'S UNIVERSITY OF MINNESOTA IS A PRIVATE, CATHOLIC INSTITUTION OFFERING COMPREHENSIVE UNDERGRADUATE AND GRADUATE PROGRAMS. 1,431 STUDENTS ARE ENROLLED IN THE RESIDENTIAL UNDERGRADUATE COLLEGE AT THE WINONA CAMPUS, ESTABLISHED IN 1912. 6,934 STUDENTS ARE ENROLLED IN THE SCHOOLS OF GRADUATE AND PROFESSIONAL PROGRAMS, WHICH OFFERS CERTIFICATES, BACHELOR AND SPECIALIST PROGRAMS, MASTERS DEGREES AND DOCTORAL PROGRAMS. THE UNIVERSITY DELIVERS EDUCATION TO ITS ADULT LEARNERS THROUGH CAMPUSES IN MINNEAPOLIS; WINONA, NAIROBI, KENYA; CENTERS IN APPLE VALLEY; ROCHESTER; OAKDALE; AND MINNETONKA AND AT NUMEROUS OTHER LOCATIONS IN MINNESOTA, WISCONSIN AND JAMAICA. SAINT MARY'S IS ACCREDITED BY THE HIGHER LEARNING COMMISSION AND IS A MEMBER OF THE NORTH CENTRAL ASSOCIATION. 31 28 2317 183 4291 0 7400072 6507374 67133759 70622524 743281 751734 594271 568132 75871383 78449764 13802963 15507008 0 0 36510962 38647099 0 0 1643500 21559410 22012187 71873335 76166294 3998048 2283470 128369133 138774886 44871526 46886075 83497607 91888811 X ENRICHED BY THE CATHOLIC, LASALLIAN HERITAGE, SAINT MARY'S UNIVERSITY OF MINNESOTA AWAKENS, NURTURES, AND EMPOWERS LEARNERS TO ETHICAL LIVES OF SERVICE AND LEADERSHIP. 0 0 24278030 15507008 62985893 INSTRUCTION: SAINT MARY'S UNIVERSITY OF MINNESOTA HAS TWO PRIMARY ACADEMIC UNITS: THE COLLEGE AND THE SCHOOLS OF GRADUATE AND PROFESSIONAL PROGRAMS (SGPP). THE COLLEGE CONSISTS OF THE TRADITIONAL UNDERGRADUATE BACHELOR OF ARTS EXPERIENCE BASED ON THE WINONA CAMPUS. THE SGPP INCLUDES CONTINUING EDUCATION OFFERINGS, CERTIFICATE PROGRAMS, BACHELOR OF SCIENCE COMPLETION PROGRAM, MASTER'S PROGRAMS, AN EDUCATION SPECIALIST PROGRAM, AND TWO DOCTORAL PROGRAMS. THE SGPP IS BASED ON BOTH THE TWIN CITIES AND WINONA CAMPUSES, WITH CENTERS IN ROCHESTER, APPLE VALLEY, MINNETONKA AND OAKDALE, MN. ACROSS THE 12-MONTH 2010-11 ACADEMIC YEAR THE COLLEGE ENROLLED 1,431 STUDENTS AND OFFERED 46,653 INSTRUCTIONAL ACTIVITY CREDIT HOURS. THE SGPP ENROLLED 6,934 STUDENTS ACROSS THE 2010-11 ACADEMIC YEAR AND OFFERED 75,211 INSTRUCTIONAL ACTIVITY CREDIT HOURS. THE UNIVERSITY EXPECTS TO MAINTAIN ENROLLMENT AT THE COLLEGE IN THE 2011-12 ACADEMIC YEAR AND DELIVER APPROXIMATELY 49,000 CREDIT HOURS. THE SGPP EXPECTS TO EXPERIENCE SOME GROWTH (3%) IN INSTRUCTIONAL CREDIT HOURS IN 2011-12 AND A GROWTH IN TOTAL HEADCOUNT OF APPROXIMATELY 3%. THE UNIVERSITY OFFERS 56 MAJORS WITH THE BACHELOR OF ARTS PROGRAM. THE UNIVERSITY OFFERS AN ADDITIONAL 67 PROGRAMS WITHIN THE SGPP. 10339408 INSTITUTIONAL: THE UNIVERSITY SERVES STUDENTS AT OVER 100 LOCATIONS IN MINNESOTA AND AT APPROXIMATELY 30 LOCATIONS IN WISCONSIN, EACH YEAR. BY BRINGING OUR PROGRAM/COURSES TO LOCATIONS THAT ARE MORE ACCESSIBLE TO WORKING ADULTS, THE UNIVERSITY PROVIDES EDUCATION TO THOSE WHO MIGHT NOT OTHERWISE BE ABLE TO TRAVEL TO CAMPUS LOCATIONS. THIS MODEL OF OFFCAMPUS DELIVERY WILL BE UTILIZED IN THE FUTURE, AND MORE RECENTLY, THE UNIVERSITY HAS BEGUN OFFERING ONLINE COMPONENTS TO TRADITIONAL CLASSROOM COURSES (BLENDED DELIVERY) AND IS CURRENTLY SEEKING APPROVAL FROM ITS ACCREDITING AGENCY TO OFFER 5 PROGRAMS COMPLETELY ONLINE.THE UNIVERSITY HAS FOUND A NEW WAY TO POSITIVELY CONTRIBUTE TO THE RIVER AND ITS ENVIRONMENT, WITH THE PURCHASE OF THE POLISH HERITAGE LODGE ON WINONA'S PRAIRIE ISLAND. THIS PURCHASE IS ANOTHER SIGN OF THE UNIVERSITY'S COMMITMENT TO ENHANCING AND GROWING THE SCIENCE PROGRAMS IN WINONA. THE FIELD STATION IS SITUATED ON THE BANKS OF THE MISSISSIPPI AND WILL SUPPORT EXPANDED ENVIRONMENTAL SCIENCES PROGRAMMING FOR FACULTY, STAFF AND STUDENTS AND FOR REGULAR RIVER-RELATED PROGRAMS THAT WILL BENEFIT THE LARGER COMMUNITY. CURRENT PLANS FOR THE BUILDING TO HOUSE THE STAFF OF GEOSPATIAL SERVICES, AS WELL AS TO PROVIDE SPACE FOR RESEARCH AND ACTIVITIES FOR ENVIRONMENTAL SCIENCES FACULTY AND UNDERGRADUATE AND GRADUATE STUDENTS. 9775244 7636631 STUDENT SERVICES: IN 2010-11, 332 TRADITIONAL UNDERGRADUATE STUDENTS (ABOUT 24% OF THAT POPULATION) PARTICIPATED IN 21 NCAA DIVISION III SPORTS OFFERED AT SAINT MARY'S UNIVERSITY. ANNUAL PARTICIPATION IN ATHLETICS IS GENERALLY 25%; PARTICIPATION IN INTRAMURAL ACTIVITIES ANNUALLY IS MORE THAN 40%. THE FINANCIAL AID OFFICE PROCESSED $57,770,774 IN LOANS, GRANTS, WORK STUDY AND SCHOLARSHIP FOR THE ENTIRE UNIVERSITY IN 2010-11. IN 2010-11, 4% OF TRADITIONAL UNDERGRADUATE STUDENTS WERE FORMALLY REGISTERED AS STUDENT WITH DISABILITIES WITH THE INSTITUTION'S OFFICE OF DISABILITY SERVICES, THE MAJORITY OF WHICH UTILIZED SERVICES OFFERED BY THE UNIVERSITY. OVER 182 INTERNATIONAL STUDENTS WERE ENROLLED AT THE UNIVERSITY IN 2010-11. THE FOUR-YEAR PRE-COLLEGIATE SUPPORT PROGRAM, "COUNTDOWN TO COLLEGE" (C2C), LAUNCHED SUCCESSFULLY IN THE SUMMER OF 2010. TWENTY-FIVE RISING 9TH GRADERS, RECENT GRADUATES OF SAN MIGUEL/NATIVITY SCHOOLS, SPENT TWO WEEKS ON CAMPUS ALONG WITH SMU PROFESSORS AND TEACHERS FROM THEIR HOME SCHOOLS, IN A TYPE OF ACADEMIC BOOT CAMP. THE SAME COHORT WILL RETURN FOR THE NEXT THREE SUMMERS, AND NEW COHORTS WILL BE ADDED, WITH THE EXPECTATION THAT EVENTUALLY 100 HIGH SCHOOL STUDENTS WILL BE PARTICIPATING EVERY SUMMER. 21199204 383418 INSTITUTIONAL SUPPORT, INCLUDING OPERATION OF PLANT AND DEPRECIATION 21199204 383418 65591886 1 1 0 0 0 0 1 0 1 1 1 1 1 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 1 154 0 2317 1 1 1 0 0 0 0 0 0 0 0 0 0 X 31 28 0 0 0 0 1 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 MN X MS CYNTHIA MAREK 5074571443 700 TERRACE HEIGHTS 8 WINONA MN 55987 MANN BROTHER WILLIAM 40.00 X X 0 0 5770 BR GUSTAVO RAMIREZ BARBA 1.00 X 0 0 0 BR FRANCIS CARR 1.00 X 0 0 0 BR MICHAEL COLLINS 1.00 X 0 0 0 BR PATRICK CONWAY 1.00 X 0 0 0 JAMES L COOGAN 1.00 X X 0 0 0 BR KONRAD DIEBOLD 1.00 X 0 0 0 MICHAEL J DOOLEY 1.00 X 0 0 0 MICHAEL G DOUGHERTY 1.00 X 0 0 0 THOMAS E DYER 1.00 X 0 0 0 KAREN GEORGE 1.00 X 0 0 0 MICHAEL M GOSTOMSKI 1.00 X X 0 0 0 WILLIAM HERZOG 1.00 X 0 0 0 MARK JACOBS 1.00 X 0 0 0 LINDA A KUCZMA 1.00 X 0 0 0 BR MICHAEL MCKENERY 1.00 X 0 0 0 MICHAEL J MEAGHER 1.00 X 0 0 0 PAUL MEYER 1.00 X 0 0 0 BR FREDERICK MUELLER 1.00 X 0 0 0 SALVATORE F POLIZZOTTO 1.00 X 0 0 0 BR DAVID POOS 1.00 X 0 0 0 HAMID QURAISHI 1.00 X 0 0 0 RICHARD J REEDY 1.00 X 0 0 0 MARY ANN REMICK 1.00 X 0 0 0 JOSEPH J ROSS 1.00 X X 0 0 0 TERRANCE K RUSSELL 1.00 X 0 0 0 PATRICK A SALVI 1.00 X 0 0 0 MARY ANN SMITH 1.00 X 0 0 0 WALTER E SMITHE 1.00 X 0 0 0 CELESTE L SUCHOCKI 1.00 X X 0 0 0 ROBERT H WHEELER 1.00 X 0 0 0 MAREK CYNTHIA 40.00 X 111480 0 21597 BEDTKE JAMES 40.00 X 118280 0 22384 PISCITIELLO ANTHONY 40.00 X 115226 0 16731 MCCONVILLE DAVID 40.00 X 156569 0 25521 MOODY MERRI 40.00 X 136311 0 15883 SWEENEY JOSEPH 40.00 X 147050 0 40296 784916 0 148182 12 0 1 0 CHARTWELLS 700 TERRACE HEIGHTS WINONA MN 55987 FOOD SERVICE 2195954 WINONA EXCAVATING CO 5775 WEST 6TH ST WINONA MN 55987 CONTRACTOR 310572 SFM 3500 AMERICAN BLVD W STE 700 BLOOMINGTON MN 55431 INSURANCE 281370 WINONA HEATING & VENTILATING 374 EAST SECOND ST WINONA MN 55987 CONTRACTOR 230551 BITUMINOUS ROADWAYS INC 1520 COMMERCE DR MENDOTA HEIGHTS MN 55120 CONTRACTOR 160830 8 2243838 4263536 183602 6507374 TUITION AND FEES 541900 62985893 62985893 AUXILIARY ENTERPRISES 611710 7636631 7636631 70622524 754995 4291 750704 334601 149887 184714 184714 184714 188624 191885 -3261 -3261 -3261 MISCELLANEOUS 611710 176951 176951 PERFORMANCE SEASON INC 611710 129468 129468 FINES AND PENALTIES 611710 76999 76999 383418 78449764 71005942 4291 932157 15507008 15507008 784916 669612 95579 19725 30535111 26049498 3718257 767356 1571704 1265781 259529 46394 3464303 2789996 572046 102261 2291065 1845122 378314 67629 36552 36552 54728 54728 235000 235000 591214 476137 97625 17452 1311224 1056002 216517 38705 6008359 4838866 992135 177358 168653 135826 27849 4978 2538295 2044230 419138 74927 2075126 1671214 342657 61255 44216 35610 7301 1305 519514 418394 85785 15335 2693160 2168952 444710 79498 285229 229710 47099 8420 STAFF TUITION DISCOUNTS 1786160 1438494 294941 52725 EQUIPMENT RENTAL & MAIN 1287178 1036636 212546 37996 SPECIAL PROGRAMS 913637 735803 150865 26969 STIPENDS AND STUDENT RE 515119 414854 85059 15206 OTHER MISC COSTS 460110 370554 75977 13579 488713 393587 80699 14427 76166294 65591886 8930908 1643500 4483426 10825729 15329351 10263231 2196000 1469000 5184870 5225425 3184770 3155568 301930 215262 92315068 43863963 48549332 48451105 27849188 34281144 4087022 6337509 17203244 18550913 128369133 138774886 3555470 3137762 2982522 2862569 7868052 8590008 12879108 12347412 17586374 19948324 44871526 46886075 X 51531258 57018678 8347899 10547368 23618450 24322765 83497607 91888811 128369133 138774886 X 2283470 6107734 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 197540 X 0 36207814 2730491 6480875 1123613 47724 94239 44153604 29287566 3781308 4363617 1085001 54394 85282 36207814 36071170 2484989 -9016925 5025 67443 179200 29287566 0.35000 0.65000 1 0 1457394 1457394 60623386 20414140 40209246 3656431 1597727 2058704 22269571 18391787 3877784 4308286 3460309 847977 48451105 DEFERRED DEBT ACQUISITION COSTS 202059 FUNDS HELD FOR OTHERS 16873941 DEPOSITS WITH BOND TRUSTEES 1249906 CASH SURRENDER VALUE OF LIFE INSURANCE 104897 CONSTRUCTION IN PROGRESS 120110 18550913 ANNUITIES PAYABLE 701423 REFUNDABLE DEPOSITS 995575 DEPOSITS HELD IN CUSTODY FOR OTHERS 120005 FUNDS HELD FOR OTHERS 16559754 ASSET RETIREMENT OBLIGATION 606537 CONTRACT PAYABLE 900030 NOTE PAYABLE 65000 19948324 78449764 76166294 2283470 5960335 147399 6107734 8391204 68874570 5960335 8500 5968835 62905735 235000 15309029 15544029 78449764 60483366 8500 50580 59080 60424286 235000 15507008 15742008 76166294 PART III, LINE 4: THE ARTWORK AT SAINT MARY'S INCLUDES PRINTS AND SCULPTURES THAT HELP TO SUPPORT OUR LASALLIAN MISSION AND ENHANCE THE SCHOLARLY ATMOSPHERE. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT FUND EARNINGS ARE USED TO SUPPORT STUDENT SCHOLARSHIPS, STUDENT ASSISTANCE, AND SOME PROGRAM ENDOWMENTS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE UNIVERSITY FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE UNIVERSITY FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2011. THE UNIVERSITY'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR THE CURRENT YEAR AS WELL AS FISCAL YEARS 2008 THROUGH 2010 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: GAIN ON FUNDS HELD BY OTHERS 48,092. GAIN ON ACTUARIAL ADJUSTMENT 99,307. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIPS SHOWN AS A REDUCTION OF TUITION 15,507,008. GAIN ON FUNDS HELD IN TRUST BY OTHERS -48,092. RENTAL EXPENSES -149,887. PART XIII, LINE 2D - OTHER ADJUSTMENTS: GAIN ON ACTUARIAL ADJUSTMENT -99,307. RENTAL EXPENSES 149,887. PART XIII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIPS SHOWN AS A REDUCTION OF TUITION 15,507,008. 1 1 0 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 SAINT MARY'S UNIVERSITY INCLUDES A RACIALLY NONDISCRIMINATORY POLICY ON ALL APPLICATIONS, OUR WEBSITE, OUR UNDERGRADUATE AND GRADUATE CATALOGS, OUR FACT SHEET, OUR GRADUATE PROGRAM INFORMATION SHEETS AND OUR UNDERGRADUATE STUDENT RESOURCE AND DAILY PLANNER. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES SUPPORT FROM THE STATE OF MINNESOTA AND FROM THE UNITED STATES GOVERNMENT IN CONNECTION WITH STUDENT AID PROGRAMS SUCH AS FEDERAL AND MINNESOTA COLLEGE WORK STUDY PROGRAMS, PELL GRANTS, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS AND PERKINS LOAN FUNDS. THE UNIVERSITY ALSO RECEIVES A GRANT FROM THE STATE OF MINNESOTA BASED ON MINNESOTA RESIDENTS ENROLLED AND VARIOUS OTHER FEDERAL AND STATE EDUCATIONAL AND RESEARCH GRANTS OR SUBSIDIES. CENTRAL AMERICAN AND CARIBBEAN (JAMAICA) 1 6 PROGRAM SERVICES EDUCATION 12000 EUROPE (LONDON) 1 6 PROGRAM SERVICES EDUCATION 162914 SUB-SAHARA AFRICA (KENYA) 2 2 PROGRAM SERVICES EDUCATION 6000 4 14 0 0 4 14 180914 0 180914 0 0 0 0 0 0 1 SCHOLARSHIPS AND GRANTS - SEE UNIVERSITY FOR CURRENT LISTING 1865 15507008 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: SAINT MARY'S DISTRIBUTES SCHOLARSHIPS BASED ON NEED AND MERIT. NEED BASED SCHOLARSHIPS ARE AWARDED BY THE FINANCIAL AID OFFICE USING THE INFORMATION FROM THE RESULTS OF THE FAFSA (FREE APPLICATION FOR FEDERAL STUDENT AID). MERIT BASED SCHOLARSHIPS ARE AWARDED BY THE ADMISSIONS OFFICE USING THE INFORMATION FROM THE STUDENT'S OFFICIAL HIGH SCHOOL TRANSCRIPTS AND THE RESULTS OF THE STANDARDIZED TEST (ACT, SAT, ETC.). FOR STUDENTS RECEIVING GRANTS AND SCHOLARSHIP FUNDS WITH RENEWAL CONDITIONS, FULFILLMENT OF THOSE CONDITIONS ARE VERIFIED BY THE FINANCIAL AID ADMINISTRATOR PRIOR TO THE AWARD BEING RENEWED (GPA, YEAR OF ATTENDANCE, ETC.) X 1 1 X X 0 0 0 0 0 0 0 0 0 MCCONVILLE DAVID 48793 0 0 0 107776 0 10720 0 14801 0 182090 0 0 0 MOODY MERRI 136089 0 0 0 222 0 8949 0 6934 0 152194 0 0 0 SWEENEY JOSEPH 146786 0 0 0 264 0 9558 0 30738 0 187346 0 0 0 PART I, LINE 1A THE UNIVERSITY PAID HOUSING ALLOWANCE FOR THE PRESIDENT. MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY 410988525 604151HQZ 2010-05-20 4099216 REFINANCE PRIOR BOND FOR PREFERRED RATE 1 0 0 4099216 369355 3646335 81984 1541 2010 1 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 0 0 JOSEPH SWEENEY VP - DEVELOPMENT & ALUMNI 25110 TUITION DISCOUNT MICHAEL GOSTOMSKI WINONA HEATING A CURRENT TRUSTEE 230551 REROOFING OF BUILDINGS THROUGH THE MAINTENANCE DEPARTMENT. THESE WERE CONDUCTED IN THE NORMAL COURSE OF BUSINESS. 0 X 5216 FAIR MARKET VALUE X 250 FAIR MARKET VALUE X 6 175684 FAIR MARKET VALUE X ALUMNI EVENTS 8 2452 FAIR MARKET VALUE 0 0 1 THIRD PARTY USE: PART I, LINE 32B: SAINT MARY'S UNIVERSITY'S POLICY IS TO SELL ALL STOCK GIFTS RECEIVED AT THE TIME OF RECEIPT. WE USE VARIOUS BROKERS DEPENDING ON THE RELATIONSHIP WITH THE DONOR. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE IS A STANDING COMMITTEE OF THE BOARD OF TRUSTEES COMPOSED OF THE CHAIR, THE VICE CHAIR, THE PRESIDENT, THE SECRETARY, THE TREASURER, THE CHAIR OF EACH OF THE STANDING COMMITTEES, AND THE PROVINCIAL OF THE MIDWEST DISTRICT OF THE BROTHERS OF THE CHRISTIAN SCHOOLS (OR ANY SUCCESSOR ENTITY). THE EXECUTIVE COMMITTEE HAS THE FULL POWERS OF THE BOARD TO TAKE SUCH ACTION AS MAY BE NECESSARY OR APPROPRIATE IN THE EVENT OF AN EMERGENCY OR OTHER EXIGENT CIRCUMSTANCES, AS DETERMINED BY EITHER THE PRESIDENT OR THE CHAIR. FORM 990, PART VI, SECTION A, LINE 6 THE BROTHERS OF THE CHRISTIAN SCHOOLS ARE CONSIDERED MEMBERS OF THE UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 11 THE AUDIT COMITTEE OF THE BOARD OF TRUSTEES HAS THE RESPONSIBILITY OF REVIEWING AND APPROVING THE FORM 990. AFTER REVIEW BY THE AUDIT COMMITTEE, THE BOARD OF TRUSTEES RECEIVES A COPY OF THE PUBLIC INSPECTION COPY OF THE 990. FORM 990, PART VI, SECTION B, LINE 12C IN JUNE OF EACH YEAR, TRUSTEES, OFFICE HOLDERS AND COMMITTEE MEMBERS DISCLOSE IN WRITING: (1) ALL CONTRACTS OR BUSINESS TRANSACTIONS BETWEEN THE UNIVERSITY AND THE TRUSTEE, OFFICE HOLDER OR COMMITTEE MEMBER; (2) ALL CONTRACTS OF BUSINESS TRANSACTIONS BETWEEN THE UNIVERSITY AND A FAMILY MEMBER; AND (3) ALL CONTRACTS OR BUSINESS TRANSACTIONS BETWEEN THE UNIVERSITY AND AN ORGANIZATION IN WHICH THE TRUSTEE, OFFICE HOLDER OR COMMITTEE MEMBER OR THEIR FAMILY MEMBER HAS A MATERIAL FINANCIAL INTEREST. A REPORT OF ALL POTENTIAL CONFLICTS IS GATHERED BY THE GENERAL COUNSEL AND THE EXECUTIVE COMMITTEE MEETS TO DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS OR APPEARS TO EXIST. THE EXECUTIVE COMMITTEE RECORDS A SUMMARY OF THE INTEREST, THE DETERMINATIONS MADE AND THE ACTIONS TAKEN BY THE COMMITTEE REGARDING THE POSSIBLE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A USED FOR THE PRESIDENT AND ONE TOP MANAGEMENT POSITION. DATA ON SALARY OF COMPARABLE INSTITUTIONS WAS PROVIDED TO THE CHAIR OF THE BOARD FROM AN OUTSIDE CONSULTANT WHO SPECIALIZES IN DETERMINING MARKET BASED CONPENSATION RATES FOR KEY POSITIONS. FORM 990, PART VI, SECTION C, LINE 19 ARTICLES OF INCORPORATION ARE PUBLIC DOCUMENTS AVAILABLE FROM THE SECRETARY OF STATE. THE CONFLICT OF INTEREST POLICY IS AVAILABLE ON THE UNIVERSITY'S WEBSITE. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST AND THROUGH EMMA (ELECTRONIC MUNICIPAL MARKET ACCESS). CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 5,960,335. GAIN ON FUNDS HELD BY OTHERS 48,092. GAIN ON ACTUARIAL ADJUSTMENT 99,307. TOTAL TO FORM 990, PART XI, LINE 5: 6,107,734. FORM 990, PART XI, LINE 12C: NEITHER THE OVERSIGHT PROCESS OF THE AUDIT OR THE SELECTION PROCESS OF THE INDEPENDENT ACCOUNTANT CHANGED DURING THE TAX YEAR.