2012-03-01T15:11:14-06:00 2011-06-30 HOOD & STRONG LLP CPAS 100 FIRST STREET 14TH FLOOR SAN FRANCISCO CA 94105 990 2010-07-01 941585735 GOLDEN GATE UNIVERSITY GOLD 4154427859 536 MISSION STREET SAN FRANCISCO CA 94105 ROBERT D HITE 4154427859 2012-02-13 1 ROBERT A DOCILI 4157810793 2010 2016-02-24 21:20:13Z ROBERT D HITE 536 MISSION STREET SAN FRANCISCO CA 94105 93950283 0 X WWW.GGU.EDU X 1923 CA TO CHANGE THE LIVES OF ADULT STUDENTS THROUGH PROFESSIONAL PRACTICE DEGREES AND CERTIFICATIONS. 25 25 1240 90 0 0 1759787 2526148 59327539 65971781 2388206 3769070 1203368 892777 64678900 73159776 4734515 7692164 0 0 35999019 38807296 162089 192266 1551398 18043998 21168393 58939621 67860119 5739279 5299657 139750600 150855496 52738200 51302302 87012400 99553194 X GOLDEN GATE UNIVERSITY (THE "UNIVERSITY") WAS FOUNDED IN 1901 AND OFFERS UNDERGRADUATE AND GRADUATE PROGRAMS OF HIGHER EDUCATION THROUGH COURSES OFFERED IN NORTHERN CALIFORNIA, LOS ANGELES, CALIFORNIA AS WELL AS IN SEATTLE, WASHINGTON, AND THROUGH THE INTERNET. THE UNIVERSITY IS AN INDEPENDENT CENTER OF IN-PERSON AND VIRTUAL LEARNING THAT AIMS TO CHANGE THE LIVES OF ADULT STUDENTS THROUGH PROFESSIONAL PRACTICE DEGREES, CERTIFICATIONS AND LIFE-LONG LEARNING PROGRAMS IN BUSINESS, LAW, TAX, ACCOUNTING AND RELATED PROFESSIONS. 0 0 56466132 7678560 66093945 HIGHER EDUCATION IS THE UNIVERSITY'S SOLE MISSION AND PROGRAM. GGU OFFERS UNDERGRADUATE AND GRADUATE PROGRAMS OF HIGHER EDUCATION THROUGH COURSES OFFERED IN CALIFORNIA (NORTHERN CALIFORNIA AND LOS ANGELES), WASHINGTON (SEATTLE), AND THE INTERNET. 56466132 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 1 0 1 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 128 0 1 1240 1 0 0 0 0 0 1 1 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X ROBERT D HITE CFO 4154427859 GOLDEN GATE UNIV536 MISSION ST SAN FRANCISCO CA 94105 DANA WALDMAN 4.00 X 26000 0 0 TED MITCHELL 4.00 X 19090 0 0 TRACEY EDWARDS 1.00 X 0 0 0 ROI EWELL 1.00 X 0 0 0 MICHAEL GOLDSMITH 1.00 X 0 0 0 ROSEMARY MARTIN 1.00 X 0 0 0 LES SCHMIDT 1.00 X 0 0 0 MARK ANDERSON 1.00 X 0 0 0 JIM O'NEIL 1.00 X 0 0 0 PAUL REGAN 1.00 X 0 0 0 SUTHEE TRITASAVIT 1.00 X 0 0 0 DAN RILEY 1.00 X 0 0 0 CHIP CONRADI 1.00 X 0 0 0 LEE BAXTER 1.00 X 0 0 0 MARY HUSS 1.00 X 0 0 0 BRUCE HART 1.00 X 0 0 0 BRUCE BRADEN 1.00 X 0 0 0 MARK BURTON 1.00 X 0 0 0 ANN MOLLER CAEN 1.00 X 0 0 0 JP HARBOUR 1.00 X 0 0 0 LINDA MONTGOMERY 1.00 X 0 0 0 MADELYN MALLORY 1.00 X 0 0 0 BARBARA ROBERTS 1.00 X 0 0 0 CAMERON CARLSON 1.00 X 0 0 0 RANDY MERK 1.00 X 0 0 0 DAN ANGEL 37.50 X 367737 0 18918 ROBERT HITE 37.50 X 229415 0 14447 BARBARA KARLIN 37.50 X 221286 0 33050 DRUCILLA RAMEY 37.50 X 239709 0 29093 TERRENCE CONNELLY 37.50 X 168009 0 14512 MARY CANNING 37.50 X 164982 0 19168 ELIZABETH BRADY 37.50 X 150360 0 16802 JON SYLVESTER 37.50 X 201131 0 35403 KIMBERLY STANLEY 37.50 X 180894 0 16760 RACHEL VAN CLEAVE 37.50 X 180187 0 10604 MARC GREENBERG 37.50 X 162119 0 22657 PETER KEANE 37.50 X 177681 0 11670 PHILIP FRIEDMAN 37.50 X 163650 0 14743 2652250 0 257827 13 1 1 0 CAHILL CONTRACTORS INCORPORATED 425 CALIFORNIA STREET SAN FRANCISCO CA 94104 BUILDING CONTRACTOR 1970485 MORTAR ADVERTISING LLC 25 MAIDEN LANE 6TH FLOOR SAN FRANCISCO CA 94108 MARKETING 792556 INSIDE TRACK INC 150 SPEAR STREET STE 900 SAN FRANCISCO CA 94105 STUDENT RECRUITING 413750 SECURITAS SECURITY SERVICES INC 120 HOWARD ST STE 640 SAN FRANCISCO CA 94105 SECURITY 378740 NCS PEARSON INC 13036 COLLECTION CENTER DRIVE CHICAGO IL 60693 SOFTWARE SUPPORT 356274 12 96810 399776 2029562 2526148 TUITION AND FEES 611710 65971781 65971781 65971781 1587580 1587580 77710 77710 77710 77710 22933011 20751521 2181490 2181490 2181490 8790 96810 38986 -30196 -30196 MISCELLANEOUS REVENUE 611710 470477 470477 REIMBURSED ATTY. FEES 611710 252622 252622 SEOG/FWSP/PERKINS 611710 33829 33829 88335 88335 845263 73159776 66093945 0 4539683 6047 6047 7678560 7678560 7557 7557 1664001 887934 613367 162700 29369689 24732608 4109931 527150 1489991 1166323 281330 42338 4105731 3213851 775216 116664 2177884 1800572 325685 51627 49988 26120 23393 475 209500 209500 192266 192266 302570 302570 1741632 1259698 436408 45526 2827677 2718733 45314 63630 1131461 816213 194481 120767 1145519 573635 562215 9669 3989679 3098333 834398 56948 596345 522494 44846 29005 404300 308746 77205 18349 2070223 1814864 220835 34524 3796622 3420411 311145 65066 369839 15607 354232 LIBRARY EXPENSE 1671755 1668148 3607 BANK CHARGES 580918 468554 104899 7465 FACULTY & STUDENT DEVEL 130343 129659 684 BAD DEBT 105721 99293 6428 MISC. OPERATING 44301 32172 12012 117 67860119 56466132 9842589 1551398 1390 1390 8586804 9547109 712219 517775 2002266 1678803 150000 150000 2771676 2848353 855757 1102820 110421550 38940121 71255975 71481429 49766968 59913311 3647545 3614506 139750600 150855496 7293312 7087234 183346 95902 40592389 39911753 4669153 4207413 52738200 51302302 X 62682444 72211818 7923829 10523736 16406127 16817640 87012400 99553194 139750600 150855496 X 5299657 7241137 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 1 0 1 1 150 1 150 0 49765984 2412013 10506637 2861115 59823519 25775252 20639103 6734026 3382397 49765984 31480584 399943 -4472371 1632904 25775252 0.57060 0.27840 0.15100 0 0 2599803 2599803 9116623 7393651 1722972 73726432 15478511 58247921 4112260 1798169 2314091 20866432 14269790 6596642 71481429 US GOVERNMENT GRANT REFUNDABLE 1990914 CHARITABLE REMAINDER TRUST RESERVE 407797 INTEREST PAYABLE 531835 LEASE ABANDONMENT LIABILITY 421322 CAPITAL LEASE & OTHER LIABILITIES 855545 4207413 73159776 67860119 5299657 7166779 74358 7241137 12540794 72426824 7166779 -7604202 -437423 72864247 295529 295529 73159776 59886030 0 59886030 295529 7678560 7974089 67860119 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE UNIVERSITY USES THE INCOME FROM THE ENDOWMENT FUND PRIMARILY FOR SCHOLARSHIPS ACCORDING TO THE DONOR'S RESTRICTION. SMALL AMOUNTS ARE ALSO USED FOR OPERATING EXPENSES AT DESIGNATED SCHOOLS WITHIN THE UNIVERSITY AND FOR FACULTY SUPPORT AS DESIGNATED BY THE DONOR. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE PRINCIPAL ACTIVITIES OF THE UNIVERSITY ARE EXEMPT FROM INCOME TAXES UNDER PROVISIONS OF THE U.S. INTERNAL REVENUE CODE, SECTION 501(C)(3) AND THE CALIFORNIA TAX CODE. THE UNIVERSITY CONTINUES TO REMAIN SUBJECT TO EXAMINATION BY U.S. FEDERAL AUTHORITIES FOR THE YEARS 2008 THROUGH 2010 AND FOR CALIFORNIA STATE AUTHORITIES FOR THE YEARS 2007 THROUGH 2010. MANAGEMENT EVALUATED THE UNIVERSITY'S TAX POSITIONS AND CONCLUDED THAT THE UNIVERSITY HAD MAINTAINED ITS TAX EXEMPT STATUS AND HAD NOT TAKEN UNCERTAIN TAX POSITIONS THAT REQUIRED ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. PART XI, LINE 8 - OTHER ADJUSTMENTS: ACTUARIAL CHANGE IN SPLIT INTEREST TRUST 74,358. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASS OF SCHOLARSHIPS NETTED WITH TUITION -7,678,560. ACTUARIAL CHANGE IN SPLIT INTEREST TRUST 74,358. PART XIII, LINE 4B - OTHER ADJUSTMENTS: RECLASS OF SCHOLARSHIPS NETTED WITH TUITION 7,678,560. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 NEWSPAPER MEDIA DISPLAYS INCLUDE A STATEMENT REGARDING THE RACIAL NONDISCRIMINATORY POLICY OF THE UNIVERSITY IN THE RECRUITMENT OF STUDENTS. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 GOLDEN GATE ASSISTS ITS STUDENTS THROUGH THE OPERATION OF COMPREHENSIVE FINANCIAL AID PROGRAMS. THE FINANCIAL AID PROGRAMS INCLUDE A FEDERAL REVOLVING LOAN PROGRAM ADMINISTERED BY THE UNIVERSITY. WHEN A STUDENT CEASES TO BE ENROLLED IN THE UNIVERSITY (AND AFTER A GRACE PERIOD), THE STUDENT IS EXPECTED TO BEGIN MAKING PAYMENTS WITH THE ULTIMATE GOAL OF RETURNING THE LOAN FUNDS. UNDER AN AGREEMENT WITH THE FEDERAL GOVERNMENT, PORTIONS OF THE PRINCIPAL AND INTEREST DUE ON STUDENT NOTES RECEIVABLE MAY BE CANCELED UNDER CERTAIN CONDITIONS. THE UNIVERSITY IS REIMBURSED BY THE FEDERAL GOVERNMENT FOR SUBSTANTIALLY ALL OF THE INSTITUTION'S PORTION OF THE CANCELLATIONS. IN ADDITION TO THE FUNDS RECEIVED UNDER THE REVOLVING LOAN PROGRAM, THE UNIVERSITY RECEIVED DIRECTLY OR ACTS AS A PASS-THROUGH AGENT FOR A VARIETY OF FEDERAL AID PROGRAMS, INCLUDING LOANS AND GRANTS. 1 EUROPE 0 0 PROGRAM SERVICES SUMMER LAW PROGRAM 225205 EAST ASIA AND THE PACIFIC 0 0 GRANTS EARTHQUAKE RELIEF 6000 SOUTH ASIA 0 0 GRANTS SCHOLARSHIPS 1557 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 5340895 SOUTH AMERICA 0 0 INVESTMENTS 103275 NORTH AMERICA 0 0 INVESTMENTS 112215 0 0 0 0 0 0 5789147 0 5789147 EAST ASIA AND THE PACIFIC EARTHQUAKE RELIEF 6000 1 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: SCHOLARSHIP FUNDS ARE USED TO OFFSET THE COST OF TUITION. MONEY IS NOT AVAILABLE TO PERSONS NOT ENROLLED AT THE UNIVERSITY. X X X X X X 1 RUFFALO CODY & ASSOCIATES INC 221 3RD AVE SE STE 10 PO BOX 3018 CEDAR RAPIDS IA 52406 TELEMARKETING 0 93598 71037 22561 JANET GREENBERG PO BOX 72587 JACKSON HEIGHTS NY 11372 GRANT WRITING 0 35000 59700 -24700 MARTS & LUNDY INC 1200 WALL ST W LYNDHURST NJ 07071 CAMPAIGN CONSULTANT 0 0 58979 -58979 128598 189716 -61118 AK AL AR AZ CA CO DE FL GA HI ID IN IA KS KY LA ME MD MA MH MI MO MS MP MT AL NV NH NE NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT WV WA WI WY MN PILF 4600 490 4110 500 1500 1278 1751 RON GEORGE 101000 96320 4680 8209 8760 8425 8564 105600 96810 8790 500 9709 10038 8425 10315 38987 -30197 1 TUITION SCHOLARSHIP 1066 7678560 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GGU DISBURSES FUNDS FOR EDUCATIONAL PURPOSES WITHIN THE MEANING OF IRC SECTION 170(C)(2). DISBURSEMENTS TO INDIVIDUALS ARE AWARDS OF SCHOLARSHIPS TO QUALIFYING STUDENTS IN FURTHERANCE OF THEIR EDUCATIONAL PURSUITS. SEE GGU'S SCHOLARSHIP POLICY: HTTP://WWW.GGU.EDU/ADMISSIONS_AND_COSTS/TUITION_FINANCIAL_AID/FINANCIAL_AID X X X 0 0 0 0 0 0 0 0 0 DAN ANGEL 337737 0 30000 0 0 0 17150 0 1768 0 386655 0 0 0 ROBERT HITE 219415 0 10000 0 0 0 14447 0 0 0 243862 0 0 0 BARBARA KARLIN 211286 0 10000 0 0 0 15025 0 18025 0 254336 0 0 0 DRUCILLA RAMEY 239709 0 0 0 0 0 17146 0 11947 0 268802 0 0 0 TERRENCE CONNELLY 168009 0 0 0 0 0 11860 0 2652 0 182521 0 0 0 MARY CANNING 164982 0 0 0 0 0 11400 0 7768 0 184150 0 0 0 ELIZABETH BRADY 150360 0 0 0 0 0 10484 0 6318 0 167162 0 0 0 JON SYLVESTER 201131 0 0 0 0 0 12599 0 22804 0 236534 0 0 0 KIMBERLY STANLEY 180894 0 0 0 0 0 9159 0 7601 0 197654 0 0 0 RACHEL VAN CLEAVE 180187 0 0 0 0 0 10604 0 0 0 190791 0 0 0 MARC GREENBERG 162119 0 0 0 0 0 10022 0 12635 0 184776 0 0 0 PETER KEANE 177681 0 0 0 0 0 11670 0 0 0 189351 0 0 0 PHILIP FRIEDMAN 163650 0 0 0 0 0 10963 0 3780 0 178393 0 0 0 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 521705592 2005-05-01 15000000 TO ACQUIRE, CONSTRUCT AND RENOVATE UNIVERSITY FACILITIES. 0 0 0 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 521705592 2001-10-18 20000000 TO ACQUIRE, CONSTRUCT AND RENOVATE UNIVERSITY FACILITIES. 0 0 0 13981314 863025 163800 21835827 2008 0 0 1 1 29360000 2040225 544672 20279157 2004 1 1 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 FIRST UNION NATIONAL BANK 30.000000000000 1 0 0 PHILIP FRIEDMAN RESIDENCE LOAN X 150000 150000 0 1 1 150000 FORM 990, PART VI, SECTION B, LINE 11 GGU'S AUDITOR COMPLETES THE FORM 990 FOR THE UNIVERSITY. THE CONTROLLER SUBMITS THE FORM 990 TO THE CFO FOR REVIEW AND DISCUSSION. AS NEEDED, THE DISCUSSION IS HELD WITH THE AUDITORS AND REVISIONS ARE MADE. THE FINAL DRAFT OF THE FORM 990 SHALL BE POSTED TO THE GGU BOARD OF TRUSTEES INTRANET PAGE AND A MESSAGE SHALL BE COMMUNICATED TO THE TRUSTEES THAT THE FINAL DRAFT FORM 990 IS AVAILABLE FOR REVIEW. AUDIT COMMITTEE MEMBERS ARE ASKED TO REVIEW THE FORM 990 PRIOR TO THE NEXT AUDIT COMMITTEE MEETING. DURING THAT AUDIT COMMITTEE MEETING, THE FORM 990 SHALL BE DISCUSSED AND REVIEWED BY THE COMMITTEE MEMBERS, THE AUDITORS, AND GGU STAFF. IF NECESSARY, REVISIONS ARE MADE. IF REVISIONS ARE MADE, THE REVISED FORM 990 SHALL BE REPOSTED TO THE WEBSITE AND A MESSAGE SHALL BE COMMUNICATED THAT THE REVISED DOCUMENT IS AVAILABLE FOR REVIEW. ALL DISCUSSION IS DOCUMENTED IN THE AUDIT COMMITTEE MEETING MINUTES. ONCE THE CFO CONFIRMS THAT THE AUDIT COMMITTEE HAS REVIEWED THE FORM 990, THE AUDITORS WILL BE NOTIFIED THAT THE FORM 990 IS READY TO BE SUBMITTED TO THE IRS. THE AUDITORS COORDINATE THE FILING OF THE FORM 990. THE SIGNED 990 AND THE PUBLIC FILE VERSION ARE DISTRIBUTED TO THE UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 12C EACH NEW MEMBER OF THE BOARD OF TRUSTEES WILL RECEIVE, IN HIS OR HER ORIENTATION PACKAGE, A COPY OF THE GOLDEN GATE UNIVERSITY CONFLICT OF INTEREST POLICY ACCOMPANIED BY THE CONFLICT OF INTEREST POLICY QUESTIONNAIRE. PRIOR TO THE NEW TRUSTEE'S INDUCTION INTO THE BOARD, HE OR SHE WILL SIGN AND DATE THE FORM, AND SUBMIT IT TO THE SECRETARY TO THE BOARD FOR INCLUSION IN BOARD RECORDS. AT THE FINAL BOARD MEETING EACH YEAR, ALL TRUSTEES SHALL COMPLETE A NEW CONFLICT OF INTEREST POLICY QUESTIONNAIRE, AND SUBMIT IT TO THE SECRETARY TO THE BOARD FOR INCLUSION IN BOARD RECORDS. BOARD MEMBERS WHO FAIL TO SUBMIT AN UPDATED QUESTIONNAIRE MAY BE SUBJECT TO EXPULSION FROM GOLDEN GATE UNIVERSITY'S BOARD OF TRUSTEES. EACH NEW FULL-TIME EMPLOYEE WILL RECEIVE, IN HIS OR HER ORIENTATION PACKAGE, A COPY OF THE GOLDEN GATE UNIVERSITY CONFLICT OF INTEREST POLICY ACCOMPANIED BY THE CONFLICT OF INTEREST POLICY QUESTIONNAIRE. THE NEW EMPLOYEE WILL SIGN AND DATE THE QUESTIONNAIRE WITHIN 30 DAYS OF HIS OR HER DATE OF HIRE AND SUBMIT IT TO THE HUMAN RESOURCES DEPARTMENT. THE QUESTIONNAIRE WILL BE FILED IN THE EMPLOYEE'S OFFICIAL PERSONNEL FILE MAINTAINED BY THE HUMAN RESOURCES DEPARTMENT. FORM 990, PART VI, SECTION B, LINE 15 ALL OFFICERS - THE EXECUTIVE COMMITTEE WILL ADMINISTER THIS EXECUTIVE COMPENSATION POLICY BY: - ASSESSING THE NATURE AND SCOPE OF EACH OFFICER POSITION - ASSESSING THE BASIS FOR WHICH COMPENSATION IS PAID TO INDIVIDUALS HOLDING SUCH POSITIONS INCLUDING UNIQUE BACKGROUND, EXPERIENCE, PERSONAL SKILLS, EXCEPTIONAL PERFORMANCE, ADDITIONAL DUTIES AND ABILITIES, AND CHALLENGES FACING THE ORGANIZATION THAT REQUIRE THE USE OF SUCH ATTRIBUTES OR SKILLS - OBTAINING APPROPRIATE AND COMPARABLE COMPENSATION MARKET DATA INCLUDING DATA FROM THE FOLLOWING: - SIMILARLY SITUATED ORGANIZATIONS, BOTH FOR-PROFIT AND TAX-EXEMPT, FOR FUNCTIONALLY COMPARABLE POSITIONS - THE AVAILABILITY OF SIMILAR SPECIALTIES IN THE GEOGRAPHIC AREA - INDEPENDENT COMPENSATION SURVEYS BY NATIONALLY RECOGNIZED INDEPENDENT FIRMS VICE PRESIDENTS - THE BOARD OF TRUSTEES AUTHORIZES THE PRESIDENT TO ESTABLISH COMPENSATION RECOMMENDATIONS FOR THE VICE PRESIDENT OF ACADEMIC AFFAIRS AND THE VICE PRESIDENT OF BUSINESS AFFAIRS BASED ON HIS ASSESSMENT OF EACH INDIVIDUAL'S PERFORMANCE AND SCOPE OF THE POSITION AND COMPARABLE COMPENSATION MARKET DATA AS DESCRIBED ABOVE. THE EXECUTIVE COMMITTEE OF THE BOARD WILL THEN MEET WITH THE PRESIDENT TO DISCUSS AND REVIEW HIS RECOMMENDATIONS, AND APPROVE, REQUEST ADDITIONAL INFORMATION OR AMEND THE RECOMMENDATION ON THE BASIS OF THEIR DISCUSSIONS. PRESIDENT - THE EXECUTIVE COMMITTEE MEETS INDEPENDENT OF THE PRESIDENT TO DISCUSS PERFORMANCE RELATIVE TO THE POSITION DESCRIPTION. DURING THESE DELIBERATIONS, THE COMMITTEE ALSO CONSIDERS INPUT OBTAINED FROM OTHER BOARD MEMBERS, STAFF, FACULTY, AND OTHER INFORMED COMMUNITY LEADERS. ONCE A CONSENSUS IS REACHED REGARDING PERFORMANCE, A SIMILAR DISCUSSION IS HELD CONCERNING COMPENSATION RELATIVE TO ANNUAL BENCHMARK AND ESTABLISHED OBJECTIVES. THE COMMITTEE PRESENTS ITS FINDINGS AND RECOMMENDATIONS, IN AN EXECUTIVE SESSION WITHOUT THE PRESIDENT PRESENT, TO THE FULL BOARD FOR REVIEW AND APPROVAL. THE COMMITTEE AND/OR THE BOARD CHAIR (A MEMBER OF THE COMMITTEE) THEN MEET WITH THE PRESIDENT TO DISCUSS AND DOCUMENT STRENGTHS, WEAKNESSES, AND GOALS FOR THE UPCOMING YEAR. COMPENSATION FOR THE UPCOMING YEAR IS ALSO DISCUSSED AND DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST TO THE OFFICE OF THE CFO. IN ADDITION WE PROVIDE OUR AUDITED FINANCIAL STATEMENTS TO MOODY'S, STANDARD AND POOR'S, OUR BOND TRUSTEE, AND THE U.S. DEPARTMENT OF EDUCATION. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 7,166,779. ACTUARIAL CHANGE IN SPLIT INTEREST TRUST 74,358. TOTAL TO FORM 990, PART XI, LINE 5: 7,241,137. THE ROLE OF THE AUDIT COMMITTEE FORM 990, PART XII, LINE 2C THE ROLE AND PROCESS OF THE AUDIT COMMITTEE HAVE NOT CHANGED FROM THE PRIOR YEAR. WILLIAM D AND CAROLYN A IRELAND CHARITABLE REMAINDER TRUST 536 MISSION STREET SAN FRANCISCO CA 941052921 916404045 INVESTMENTS CA N/A T 28594 253768 0.71000 KATHRYN E RINGGOLD CHARITABLE REMAINDER TRUST DTD 51805 536 MISSION STREET SAN FRANCISCO CA 941052921 206606654 INVESTMENTS CA N/A T 9659 338830 1.00000 MARGARET KANZEE IRREVOCABLE TRUST UAD 411 WEST LAFAYETTE DETROIT MI 48226 946125965 INVESTMENTS MI N/A T 8147 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0