2012-04-09T13:14:44-07:00 2011-05-31 990 2010-06-01 930386972 WILLAMETTE UNIVERSITY WILL 5033706985 900 State Street Salem OR 97301 Robert Olson 5033706985 2012-04-09 2010 2016-02-24 21:20:13Z Stephen E Thorsett 900 State Street Salem OR 97301 179715271 0 X www.willamette.edu X 1842 OR Willamette University educates 2,800 enterprising, high-achieving students in a premier undergraduate college of arts and sciences, and graduate schools of law, business and education. We are nationally recognized for our leadership in sustainability and focus on social responsibility - qualities that reflect our Northwest values and our deeply held motto "not unto ourselves alone are we born." Willamette faculty members are celebrated teachers and noted scholars who above all else are deeply committed to the success of their students. Our graduates are prepared for successful careers of meaningful work in the private and public sectors or to pursue advanced study at some of the nation's most prestigious graduate and professional schools. 41 36 2812 744 -150559 -150568 8915295 10440649 102198782 106847427 24024962 2057230 356752 3307242 135495791 122652548 36317426 39047822 0 0 53475592 56247621 0 0 2360320 35995254 34804388 125788272 130099831 9707519 -7447283 408135711 434576098 97080926 98522980 311054785 336053118 Willamette University educates 2,800 enterprising, high-achieving students in a premier undergraduate college of arts and sciences, and graduate schools of law, business and education. We are nationally recognized for our leadership in sustainability and focus on social responsibility - qualities that reflect our Northwest values and our deeply held motto "not unto ourselves alone are we born." Willamette faculty members are celebrated teachers and noted scholars who above all else are deeply committed to the success of their students. Our graduates are prepared for successful careers of meaningful work in the private and public sectors or to pursue advanced study at some of the nation's most prestigious graduate and professional schools. 0 0 110449748 39047822 97634351 Higher Education: Instruction and Support: 1,762 in CLA, 412 in LAW, 262 in MBA programs and 94 in MAT. (2.530 students) 13246297 0 14577548 Higher Education: Auxiliary Functions - Includes room & board (for 1,389 students), bookstore, and summer conferences. (2,530 students) 0 0 0 123696045 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 1 0 1 0 1 1 0 0 0 1 0 0 0 0 1 X 3056 0 1 2812 1 1 1 1 SP 0 0 0 1 1 0 0 0 0 X 41 36 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 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 Katherine Conolly 0 X 0 0 0 Heather Dempsey 0 X 0 0 0 Paul DeMuniz - See Schedule O 5 X 10080 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 Susan Hammer 0 X 0 0 0 Melvin Henderson-Rubio 0 X 0 0 0 Dale Hermann 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 Margaret Moreland 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 Lila Schmidt 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 John Wittmayer 0 X 0 0 0 Ray Atkinson 0 X 0 0 0 Ralph Bolliger 0 X 0 0 0 Robert Burtner 0 X 0 0 0 Stewart Butler 0 X 0 0 0 Wallace Carson Jr 0 X 0 0 0 Maribeth Collins 0 X 0 0 0 Gerald Frank 0 X 0 0 0 Alan Goudy 0 X 0 0 0 Henry Haines 0 X 0 0 0 Dale Harris 0 X 0 0 0 Mark O Hatfield 0 X 0 0 0 Henry Hewitt 0 X 0 0 0 Douglas Houser 0 X 0 0 0 George Hoyt 0 X 0 0 0 William Kilkenny 0 X 0 0 0 Eric Lindauer 0 X 0 0 0 William Long 0 X 0 0 0 Joan McNamara 0 X 0 0 0 Thomas Neilsen 0 X 0 0 0 Robert Packard 0 X 0 0 0 Norma Paulus 0 X 0 0 0 Claris Poppert 0 X 0 0 0 George Rives 0 X 0 0 0 Robert Smith 0 X 0 0 0 William Swindells 0 X 0 0 0 Loren Winterscheid 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 M Lee Pelton 40 X X 441625 0 66539 Larry D Large 40 X X 102570 0 22513 William A Yasinski 40 X X 252445 0 87931 Kristen Grainger 40 X 138365 0 28662 Symeon Symeonides 40 X 292303 0 39576 David Douglass 40 X 176055 0 25568 Madeleine Rhyneer 40 X 236586 0 32848 Debra Ringold 40 X 232427 0 34589 Ron Korvas 40 X 222896 0 33707 Peter Letsou 40 X 200095 0 24110 James Nafziger 40 X 180641 0 25144 Robert Olson 40 X 142557 0 21020 2628645 0 442207 77 1 1 0 FXG Construction LLC 1235 19th Street NE Salem OR 97301 Construction 1163696 LCG Pence LLC 2747 Pence Loop SE Salem OR 97302 Building Construction 343747 Cadent Energy Partners I LP 4 High Ridge Park Suite 303 Stamford CT 06905 Investment management 233193 Brian Joynt 2710 Harding Avenue NW Salem OR 97304 Electrician 141567 White Glove Building Maintenance Michael Williams PO Box 3108 Salem OR 97302 Building maintenance 111580 6 0 0 27133 0 1724488 8689028 1123754 10440649 Tuition and fees 611310 92269879 92269879 0 0 Room and Board fees 721310 12142597 12142597 0 0 Auxiliary income 611710 2434951 2434951 0 0 0 0 0 0 106847427 2674955 0 49754 2625201 10070 0 0 10070 4876 0 0 4876 0 0 56378785 0 57006580 0 -627795 0 -627795 0 -200313 -427482 57042 27133 56143 899 0 899 Other income 900099 1040212 0 0 1040212 Adj related to trusts & annuities 900099 2261255 0 0 2261255 0 0 0 0 3301467 122652548 106847427 -150559 5515031 0 0 37752238 37752238 1295584 1295584 0 0 1074193 564356 509837 0 521641 0 521641 0 41923846 39338177 1074442 1511227 3746877 3506891 105243 134743 5881725 5549770 120486 211469 3099339 2855053 135970 108316 0 0 0 0 67318 0 67318 0 108722 0 108722 0 0 0 0 0 0 0 426822 0 426822 0 651990 521710 70915 59365 350299 322149 0 28150 2411992 2213768 57339 140885 896474 889418 7056 0 0 0 0 0 152172 152172 0 0 2410497 2186384 75248 148865 0 0 0 0 48605 0 48605 0 2764600 2764600 0 0 0 0 0 0 5201704 5201704 0 0 727161 19500 707661 0 Programming and Study Abroad Program 5782458 5782458 0 0 Designated and Restricted expenses 4124241 4124241 0 0 Food Service 3037191 3037191 0 0 Utilities 2402606 2402606 0 0 Bookstore 1355789 1355789 0 0 1883747 1860286 6161 17300 130099831 123696045 4043466 2360320 0 0 13012320 16340528 9440383 8765783 2059198 1862908 0 0 0 0 10263618 10030473 592786 511391 513063 790564 219109034 76984542 143683740 142124492 120439702 140204179 105971553 113178602 0 0 2159348 767178 408135711 434576098 16132442 16055793 0 0 2057435 2424036 65285571 64510586 0 0 0 0 142658 105753 0 0 13462820 15426812 97080926 98522980 X 40290474 48771145 147098451 158653687 123665860 128628286 311054785 336053118 408135711 434576098 X -7447283 32445616 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 175004 3161806 0 0 X X 0 215471491 3232101 34515481 5099917 9052579 426822 238639755 197933688 2383021 31018728 5399820 9450582 1013544 215471491 267209451 2929983 -58175666 5021560 8380073 628447 197933688 0.09 0.91 0 1 0 0 8607797 8607797 0 154241157 44847100 109394057 0 12478633 7969313 4509320 0 5409138 4589783 819355 0 38372309 19578346 18793963 142124492 Hedge funds 51067393 F Private Equity funds 35400683 F Real Asset funds 18078518 F Venture Capital funds 8632008 F 113178602 Annuities and trusts payable 8569236 U.S. government loans advances, refundable 6857576 15426812 122652548 130099831 -7447283 32445616 0 0 0 0 32445616 24998333 115865692 32445616 0 0 0 32445616 83420076 426822 38805650 39232472 122652548 90867359 0 0 0 56143 56143 90811216 426822 38861793 39288615 130099831 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 $3,161,806 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, 2011, 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 $38,861,793 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 $56,143 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 $38,805,650. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Direct expenses for fundraising events totaling $56,143 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 $38,861,793 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 86996000 Europe (including Iceland and Greenland) 0 0 Investments 6638000 Europe (including Iceland and Greenland) 1 2 Program Services Study Abroad Program 1146607 Europe (including Iceland and Greenland) 0 0 Grantmaking 644575 East Asia and the Pacific 0 0 Grantmaking 262889 East Asia and the Pacific 0 0 Program Services Study Abroad Program 135505 South America 0 0 Grantmaking 199580 Sub-Saharan Africa 0 0 Grantmaking 68790 Middle East and North Africa 0 0 Grantmaking 46000 Russia and the newly independent States 0 0 Grantmaking 41250 South Asia 0 0 Grantmaking 24425 North America (including Canada and Mexico, but not the United States) 0 0 Grantmaking 8075 1 2 96211696 Scholarships Europe (including Iceland and Greenland) 64 644575 Applied to student bill to offset tuition and fees Scholarships East Asia and the Pacific 25 262889 Applied to student bill to offset tuition and fees Scholarships South America 21 199580 Applied to student bill to offset tuition and fees Scholarships Sub-Saharan Africa 5 68790 Applied to student bill to offset tuition and fees Scholarships Middle East and North Africa 6 46000 Applied to student bill to offset tuition and fees Scholarships Russia and the newly independent States 2 41250 Applied to student bill to offset tuition and fees Scholarships South Asia 2 24425 Applied to student bill to offset tuition and fees Scholarships North America (including Canada and Mexico, but not the United States) 1 8075 Applied to student bill to offset tuition and fees 1 0 1 0 1 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 48495 15975 32520 0 345 20813 5186 0 5698 Puttin on the Ritz 14140 0 14140 0 0 1607 7038 1800 8456 2 21540 11158 10382 0 0 1100 2050 1700 350 84175 27133 57042 0 345 23520 14274 3500 14504 56143 899 1 Scholarships to students 2254 37566209 Faculty research grants 31 113922 Student research grants 25 62107 Other student awards & prizes 22 10000 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. X X X X 0 1 X X X X 0 0 0 0 0 0 0 0 0 M Lee Pelton 376659 0 0 0 64966 0 24500 0 42039 0 508164 0 0 0 William A Yasinski 242878 0 0 0 9567 0 24500 0 63431 0 340376 0 0 0 Kristen Grainger 137967 0 0 0 398 0 13518 0 15144 0 167027 0 0 0 Symeon Symeonides 279749 0 0 0 12554 0 24500 0 15076 0 331879 0 0 0 David Douglass 175640 0 0 0 415 0 17674 0 7894 0 201623 0 0 0 Madeleine Rhyneer 203717 0 0 0 32869 0 20840 0 12008 0 269434 0 0 0 Debra Ringold 225383 0 0 0 7044 0 22702 0 11887 0 267016 0 0 0 Ron Korvas 218480 0 0 0 4416 0 22257 0 11450 0 256603 0 0 0 Peter Letsou 199467 0 0 0 628 0 19933 0 4177 0 224205 0 0 0 James Nafziger 173431 0 0 0 7210 0 17073 0 8071 0 205785 0 0 0 Robert Olson 141352 0 0 0 1205 0 14163 0 6856 0 163576 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, the Vice President for Financial Affairs, the Dean of the Graduate School of Management and the Associate Vice President for Financial Affairs. Personal services - housekeeping - were provided to the University President. SchJ_P01_S00_L01b Schedule J, Part I, Line 1b The benefits noted in 1a that were given to the University President were determined by the compensation committee, an ad-hoc committee of members from the board of trustees. The full board of trustees approved these benefits as proposed by the compensation committee. The board of trustees grants the University President the authority to define and negotiate compensation packages with employees. Thus, the benefits noted in 1a for officers, key employees, and highly compensated employees were set forth in this manner. State of Oregon - Oregon Facilities Authority 936001787 00068608J 2007-06-14 32409522 See Schedule O 0 0 0 State of Oregon - Oregon Facilities Authority 936001787 68608JMC2 2010-05-06 28540002 See Schedule O 0 0 0 425000 0 32409522 0 0 6231900 419966 0 0 23437177 0 0 2009 0 1 1 1 265000 0 28540002 0 156603 13100005 373227 0 0 9878384 0 5014009 2012 0 1 0 1 0 0 0 0 0 0 0 0 1 0 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. Need based scholarships FERPA privacy 8400 Scholarships Music scholarship FERPA privacy 2000 Scholarships Brian Hoyt Son of Trustee George Hoyt 111814 Employment 0 Carolyn Hoyt Daughter-in-law of Trustee George Hoyt 129030 Employment 0 Mary DeMuniz Spouse of Trustee Paul DeMuniz 46925 Employment 0 X 38 175004 Opinion of Experts X 997 Sale of comparable books X 31 843227 Selling price X Classroom Equipment 4 93575 Cost of the donated items X Musical instruments 1 7800 Opinion of experts X Food, beverages and other items donated for campus events 9 2806 Cost of donated items X Fundraiser auction items 3 345 Cost of donated items 10 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 Patricia Smullin, trustee, and Donald Brown, trustee: Family relationship. Punit Renjen, trustee, and James Albaugh, trustee: Business relationship. Roderick Wendt, trustee, and Steven Wynne, trustee: Business relationship. F990_P06_S0A_L04 Form 990, Part VI, Section A, Line 4 Willamette University made a change to its Bylaws during the 5/31/11 fiscal year. The change that was made during this past fiscal year pertained to the types of Board Members that serve on the Board of Trustees. Prior to this change there were Trustees and Life Trustees. Life Trustees were voted to their position by the Board of Trustees upon completion of four terms as members of the Board. Life Trustees could serve at their option and enjoyed the same privileges as regular board members except they were not to be assigned to standing committees, unless at the request of the Board Chair or President of the University. The revision to the Bylaws added the position of Life Trustee Emeritus. The revised section to the Bylaws pertaining to Life Trustee Emeritus reads as follows: "The Board shall establish the position of LifeTrustee Emeritus. Members of the Board may be elected to this position by a vote of the Board upon completion of four terms as members of the Board, or in special cases by vote of the Board. Election to this classification also shall be based on distinguished service. Life Trustee Emeriti shall serve at their option and shall enjoy all privileges of membership except they may not vote or make motions, and they may not be assigned to standing committees, except at the request of the Chair of the Board or the President of the University." Current Life Trustees were given the option to go to Life Trustee Emeritus status and lose the right to vote, or stay a Life Trustee and keep their right to vote. All of the Life Trustees, except for four, opted to change to Life Trustee Emeritus status. Beginning in fiscal year 5/31/12 all trustees who attain life status will not have a choice between Life Trustee and Life Trustee Emeritus. They will become Life Trustee Emeriti without the privilege to vote or make a motion. F990_P06_S0B_L11a Form 990, Part VI, Section B, Line 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. 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_L14 Form 990, Part VI, Section B, Line 14 The University has a written draft of a document retention and destruction policy. Also, the University is working with a consultant to implement a policy and related procedures by the end of 2013. 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 similar sized private liberal arts colleges located in the northwestern United States. The data from the schools was obtained directly from each institution. 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 last occurred in April of 2011. 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 $32,445,616 on line 5, other changes in net assets or fund balances, is unrealized gains 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. CR and DE Beaton CRUT 900 State Street Salem OR 97301 206785038 Charitable Remainder Trust OR N/A T 0 181994 1 Brosterhous CRUT 900 State Street Salem OR 97301 836051274 Charitable Remainder Trust OR N/A T 0 50388 1 WC and BA Bunney CRUT 900 State Street Salem OR 97301 376407370 Charitable Remainder Trust OR N/A T 0 364468 1 Cammarano Charitable Remainder Trust 900 State Street Salem OR 97301 306242093 Charitable Remainder Trust OR N/A T 0 537375 1 PDH Donald CRUT 900 State Street Salem OR 97301 776271148 Charitable Remainder Trust OR N/A T 0 86160 1 DC Hamilton Charitable Remainder Unitrust 900 State Street Salem OR 97301 936265744 Charitable Remainder Trust OR N/A T 0 40945 1 G and C Hoyt Unitrust 900 State Street Salem OR 97301 931237857 Charitable Remainder Trust OR N/A T 0 553297 1 RH and R Lafky Estate Trust 900 State Street Salem OR 97301 936121923 Simple Trust OR N/A T 0 29524 1 VD McConnell CRUT 900 State Street Salem OR 97301 936345807 Charitable Remainder Trust OR N/A T 0 69246 1 G Morgan Charitable Remainder Unitrust I 900 State Street Salem OR 97301 686240871 Charitable Remainder Trust OR N/A T 0 60136 1 G Morgan Charitable Remainder Unitrust II 900 State Street Salem OR 97301 686240872 Charitable Remainder Trust OR N/A T 357827 1 G Morgan Charitable Remainder Unitrust VII 900 State Street Salem OR 97301 686240878 Charitable Remainder Trust OR N/A T 0 122162 1 JJ Nichols Charitable Remainder Unitrust 900 State Street Salem OR 97301 206307663 Charitable Remainder Trust OR N/A T 0 102245 1 EA and HJ Peters CRUT 900 State Street Salem OR 97301 686240880 Charitable Remainder Trust OR N/A T 0 66316 0.5 DA and ME Peterson CRUT 900 State Street Salem OR 97301 206670537 Charitable Remainder Trust OR N/A T 0 43905 1 C and C Poppert CRUT 900 State Street Salem OR 97301 931202968 Charitable Remainder Trust OR N/A T 0 1212090 1 WL and LK Richter CRUT 900 State Street Salem OR 97301 931237864 Charitable Remainder Trust OR N/A T 0 37692 0.45 Slack Charitable Remainder Unitrust 900 State Street Salem OR 97301 736353995 Charitable Remainder Trust OR N/A T 0 225024 1 Svarverud Charitable Remainder Unitrust 900 State Street Salem OR 97301 306214957 Charitable Remainder Trust OR N/A T 0 55423 1 CE and TW Thompson CRUT 900 State Street Salem OR 97301 206370927 Charitable Remainder Trust OR N/A T 0 182190 1 GJ Tipton Charitable Remainder Unitrust 900 State Street Salem OR 97301 206683744 Charitable Remainder Trust OR N/A T 0 277425 0.5 Tripp Charitable Remainder Trust 900 State Street Salem OR 97301 306267216 Charitable Remainder Trust OR N/A T 0 1064273 1 DE Walwyn CRUT I 900 State Street Salem OR 97301 936302582 Charitable Remainder Trust OR N/A T 0 366297 1 DE Walwyn CRUT II 900 State Street Salem OR 97301 911786078 Charitable Remainder Trust OR N/A T 0 530148 1 R and A Waring CRUT 900 State Street Salem OR 97301 936302516 Charitable Remainder Trust OR N/A T 0 59456 0.4 L Wilfert Charitable Remainder Unitrust 900 State Street Salem OR 97301 931202837 Charitable Remainder Trust OR N/A T 0 17970 0.25 RD and MA Wilson CRUT 900 State Street Salem OR 97301 206287410 Charitable Remainder Trust OR N/A T 0 509832 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0