2012-03-02T08:24:40-06:00 2011-06-30 MULLEN SONDBERG WIMBISH & STONE PA 2553 HOUSLEY ROAD SUITE 200 ANNAPOLIS MD 214016751 990 2010-07-01 520591421 ST JOHN'S COLLEGE STJO 4106262514 POBOX 2800 ANNAPOLIS MD 21404 BRONTE JONES PHD 4106262514 2011-12-15 1 MICHELE L MOORE CPA 4102244920 2010 2016-02-24 21:20:13Z CHRISTOPHER NELSON 60 COLLEGE AVENUE ANNAPOLIS MD 21401 71914204 0 X WWW.STJOHNSCOLLEGE.EDU X 1784 MD TO PROVIDE POST-SECONDARY EDUCATION 52 48 1030 200 0 0 12370431 11604291 47858345 49100946 3862611 4478325 505403 1508875 64596790 66692437 15871274 18158014 0 0 34231997 33380556 0 0 3199739 16266519 16373737 66369790 67912307 -1773000 -1219870 217313096 232158574 43163694 44983078 174149402 187175496 X ST. JOHN'S COLLEGE IS A COMMUNITY DEDICATED TO LIBERAL EDUCATION. SUCH EDUCATION SEEKS TO FREE MEN AND WOMEN FROM THE TYRANNIES OF UNEXAMINED OPINIONS AND INHERITED PREJUDICES. IT ALSO ENDEAVORS TO ENABLE THEM TO MAKE INTELLIGENT, FREE CHOICES CONCERNING THE ENDS AND MEANS OF BOTH PUBLIC AND PRIVATE LIFE.AT ST. JOHN'S, FREEDOM IS PURSUED MAINLY THROUGH THOUGHTFUL CONVERSATION ABOUT GREAT BOOKS OF THE WESTERN TRADITION. THE BOOKS THAT ARE AT THE HEART OF LEARNING AT ST. JOHN'S STAND AMONG THE ORIGINAL SOURCES OF OUR INTELLECTUAL TRADITION. THEY ARE TIMELESS AND TIMELY; THEY NOT ONLY ILLUMINATE THE PERSISTING QUESTIONS OF HUMAN EXISTENCE, BUT ALSO HAVE GREAT RELEVANCE TO CONTEMPORARY PROBLEMS. THEY CHANGE OUR MINDS, MOVE OUR HEARTS, AND TOUCH OUR SPIRITS. 0 0 55602882 18158014 50609821 GRADUATE & UNDERGRADUATE COURSE OF STUDY FOR APPROXIMATELY 1100 STUDENTS 55602882 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1683 0 1030 1 0 1 BD 0 0 0 0 0 0 X 52 48 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MD NM X BRONTE JONES AND BRYAN VALENTINE 4106262514 60 COLLEGE AVENUE ANNAPOLIS MD 21401 MS BROWNELL ANDERSON 1.00 X 0 0 0 MR JOEL ARD 1.00 X 0 0 0 MS SHEILA BOBBS ARMSTRONG 1.00 X 0 0 0 MR ROBERT BIENENFELD 1.00 X 0 0 0 MR GEORGE BINGHAM 1.00 X 0 0 0 MS SHARON BISHOP 1.00 X 0 0 0 MR STEVEN BOHLIN 1.00 X 0 0 0 MS JANA CAREY 1.00 X 0 0 0 MR THOMAS CARNES 1.00 X 0 0 0 MS PAMELA CARTER 1.00 X 0 0 0 MR RAY CAVE 1.00 X 0 0 0 MR BRAD DAVIDSON 1.00 X 0 0 0 MR R WESTON DONEHOWER 1.00 X 0 0 0 MS MICHELE FARQUHAR 1.00 X 0 0 0 MR STEPHEN FEINBERG 1.00 X 0 0 0 MR RON FIELDING 1.00 X X 0 0 0 MR STEPHEN J FORMAN 1.00 X 0 0 0 MR ERWIN GREENBERG 1.00 X 0 0 0 MR STEWART GREENFIELD 1.00 X 0 0 0 MR RICHARD GROENENDYKE JR 1.00 X 0 0 0 MR ALLAN P HOFFMAN 1.00 X 0 0 0 MS LESLIE JUMP-WALKER 1.00 X 0 0 0 DR THOMAS KRAUSE 1.00 X 0 0 0 MR PERRY LERNER 1.00 X X 0 0 0 MR AUSTIN LIGON 1.00 X 0 0 0 MR MARK LINDLEY 1.00 X 0 0 0 MR MICHAEL MACDONALD 1.00 X 0 0 0 MR DOUGLAS MAYER 1.00 X 0 0 0 MR MICHAEL MILLER 1.00 X 0 0 0 MR SCOTT MOMADAY 1.00 X 0 0 0 MS JOANNE L MURRAY 1.00 X 0 0 0 MR SANJAY POOVADAN 1.00 X 0 0 0 MR THEODORE ROGERS 1.00 X 0 0 0 MR S FORD ROWAN JR 1.00 X 0 0 0 MR MIKAEL SALOVAARA 1.00 X 0 0 0 MR BRUCE C SANBORN 1.00 X 0 0 0 MS PAMELA SAUNDERS ALBIN 1.00 X X 0 0 0 MR FREDERICA SAXON 1.00 X 0 0 0 MS LINDA SCHAEFER 1.00 X 0 0 0 DR PATRICIA SOLLARS 1.00 X 0 0 0 MR WARREN SPECTOR 1.00 X 0 0 0 MR RALPH L STENGREN 1.00 X 0 0 0 MR RICHARD E THOMPSON 1.00 X 0 0 0 MS JILL COOPER UDALL 1.00 X 0 0 0 MR MICHAEL UREMOVICH 1.00 X X 0 0 0 MR DANIEL VANDOREN 1.00 X 0 0 0 MS DELORES WOLF 1.00 X 0 0 0 MR LEE ZLOTOFF 1.00 X 0 0 0 MR CHRISTOPHER B NELSON 35.00 X X 387845 0 197264 MR MICHAEL PETERS 35.00 X X 261083 0 80679 MS PAMELA KRAUS 35.00 X X 119890 0 29598 MS VICTORIA MORA 35.00 X X 146323 0 39106 MS BARBARA GOYETTE 35.00 X 146733 0 30902 MR JIM OSTERHOLT 35.00 X 157107 0 18441 MR BRYAN VALENTINE 35.00 X 145285 0 33307 MS BRONTE D JONES 35.00 X 151152 0 26651 MS MARILYN HIGUERA 35.00 X 130280 0 48941 MR JAMES CAREY 35.00 X 123408 0 15760 MR MICHAEL DINK 35.00 X 120741 0 37004 MR DAVID STARR 35.00 X 117562 0 26834 MR MATTHEW DAVIS 35.00 X 113452 0 12999 2120861 0 597486 30 0 1 0 BON APPETIT 100 HAMILTON AVE SUITE 400 PALO ALTO CA 94301 FOOD SERVICE 1928678 SARCON CONSTRUCTION COMPANY PO BOX 6020 SANTA FE NM 87502 CONSTRUCTION 1630230 ARAMARK 1160 CAMINO CRUZ BLANCO SANTA FE NM 87505 FOOD SERVICE 1482763 NORTH CHARLES STREET DESIGN ORGANIZATION 222 WEST SARATOGA ST BALTIMORE MD 21201 MARKETING SERVICES 849047 SMPC ARCHITECTS 115 AMHERST DRIVE SE ALBUQUERQUE NM 87106 ARCHITECTUAL SERVICES 366429 19 2934759 8669532 1206407 11604291 TUITION AND FEES 611600 40364209 40364209 ROOM AND BOARD FEES 611710 6659192 6659192 AUXILIARY ENTERPRISES 611710 1100913 1100913 976632 976632 49100946 2842546 2842546 6857546 5221767 1635779 1635779 1635779 CHANGE IN VALUE OF SPL 900099 861335 861335 POSTRETIREMENT CHANGES 900099 647540 647540 1508875 66692437 50609821 0 4478325 18158014 18158014 1971366 334917 1283266 353183 21826145 18088374 2259341 1478430 2054497 1530253 436229 88015 5783292 3558586 1930282 294424 1745256 1382995 233169 129092 112137 105791 6346 154530 154530 5000 5000 561329 230716 327203 3410 850707 485143 149935 215629 1609215 762542 585216 261457 205853 74256 111495 20102 1408541 1408541 321649 170005 50512 101132 71183 47093 23420 670 1326273 1286537 24792 14944 2949196 2860888 53454 34854 338319 968 337351 AUXILIARY ENTERPRISES - 2573430 2573430 STUDENT ACTIVITIES AND 1195421 1107486 12466 75469 EQUIPMENT RENTAL AND MA 1094921 166105 819283 109533 OTHER SUPPLIES AND SERV 790110 703684 86426 COST OF GOODS SOLD 516839 516839 289084 155510 120525 13049 67912307 55602882 9109686 3199739 270089 1354857 17224185 12594034 8089030 7496359 740423 1315073 6111906 6246564 509577 480539 820960 840171 126268344 51500051 72314050 74768293 80329434 3078579 29767021 122783700 1136421 1200405 217313096 232158574 20411511 22300382 1429959 1409329 1807099 2054980 19295000 18840000 166415 220125 211972 43163694 44983078 X 40992960 45166987 46629698 50685566 86526744 91322943 174149402 187175496 217313096 232158574 X -1219870 14245964 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X RARE AND OLD LIBRARY BOOKS 0 114498800 4331083 19218072 3098672 5007373 129941910 104269100 2946192 14302735 2699391 4319836 114498800 125411610 5588015 -17828549 3598099 5303877 104269100 0.07500 0.92500 1 0 25000 2533640 2558640 103757910 41647897 62110013 5134098 2132668 3001430 9920125 7484738 2435387 4897571 234748 4662823 74768293 INVESTMENTS WITH THE COMMON FUND 10450878 F ALTERNATIVE INVESMENTS (INSTITUTIONAL), L.P. 8255344 F LEGACY VENTURE II, LLC 2285282 F LEGACY VENTURE III, LLC 960227 F BERENS CAPITAL FUND, LTD 6907894 F INVESTMENTS HELD BY THE HODSON SCHOLARSHIP FOUNDATION, INC. 10377 F INVESTMENTS HELD IN CHARITABLE REMAINDER TRUSTS 2170973 F US GOVERNMENT AND CORPORATE BONDS 30809 F DLJAMG MEZZANINE PARTNERS, L.P. 9788 F TIFF MULTI-ASSET FUND 89421171 F TIFF SECONDARY PARTNERS II 2280957 F 122783700 UNAMORTIZED BOND PREMIUM 211972 211972 66692437 67912307 -1219870 15331419 -1085455 14245964 13026094 63865842 15331419 -18158014 -2826595 66692437 0 66692437 49754293 0 49754293 18158014 18158014 67912307 PART III, LINE 4: SANTA FE - THE ARTWORK PLACED AROUND CAMPUS, AS WELL AS LIBRARY BOOK COLLECTION, FURTHER THE PURPOSE OF THE COLLEGE BY EXPOSING STUDENTS TO FINE WORKS OF ART, IN BOTH THE WRITTEN AND SCULPTED FORM. THE EXCELLENCE AND THOUGHT REPRESENTED IN BOTH ART FORMS FIT VERY WELL WITH THE EXCELLENCE AND DEPTH OF THOUGHT AND CREATIVITY EXPECTED OF OUR STUDENTS. ANNAPOLIS - THE COLLECTION IS AN ECLECTIC ASSEMBLAGE OF FINE AND DECORATIVE ART OBJECTS THAT HAVE BEEN GIVEN TO THE COLLEGE OVER THE YEARS. THIS COLLECTION RANGES FROM UNFRAMED REPRODUCTION POSTERS TO FINE CHINESE SILK PAINTINGS. MANY OF THESE OBJECTS ARE ON DISPLAY THROUGHOUT CAMPUS AND ENRICH CLASSROOM, COMMON, AND OFFICE SPACES. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE COLLEGE INTENDS TO USE THE ENDOWMENT FUNDS TO SUPPLEMENT THE ANNUAL OPERATIONS OF THE COLLEGE AS WELL AS FULFILL DONOR RESTRICTIONS PLACED ON ENDOWMENTS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE FOLLOWS THE GUIDANCE OF ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES WHICH CLARIFIES THE ACCOUNTING FOR THE RECOGNITION AND MEASUREMENT OF THE BENEFITS OF INDIVIDUAL TAX POSITIONS IN THE FINANCIAL STATEMENTS, INCLUDING THOSE OF NON-PROFIT COLLEGES. TAX POSITIONS MUST MEET A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT IN ORDER FOR THE BENEFIT OF THOSE TAX POSITIONS TO BE RECOGNIZED IN THE COLLEGES FINANCIAL STATEMENTS. THE COLLEGE ANALYZES TAX POSITIONS TAKEN, INCLUDING THOSE RELATED TO THE REQUIREMENTS SET FORTH IN IRS SEC. 501(C) TO QUALIFY AS A TAX EXEMPT COLLEGE, ACTIVITIES PERFORMED BY VOLUNTEERS AND BOARD MEMBERS, THE REPORTING OF UNRELATED BUSINESS INCOME, AND ITS STATUS AS A TAX-EXEMPT COLLEGE UNDER MARYLAND STATE STATUTE. THE COLLEGE DOES NOT KNOW OF ANY TAX BENEFITS ARISING FROM UNCERTAIN TAX POSITIONS AND THERE WAS NO EFFECT ON THE COLLEGES FINANCIAL POSITION OR CHANGES IN NET ASSETS AS A RESULT OF ANALYZING ITS TAX POSITIONS. FISCAL YEARS ENDING ON OR AFTER JUNE 30, 2008 REMAIN SUBJECT TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -18,158,014. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 18,158,014. 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 THE STUDENT HANDBOOK DESCRIBES THIS POLICY; THIS HANDBOOK IS DISTRIBUTED TO STUDENTS AS PART OF THE REGISTRATION PROCESS. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FUNDING FROM THE FOLLOWING SOURCES: PELL, COLLEGE WORK STUDY, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT, GUARANTEED STUDENT LOANS, ACADEMIC COMPETITIVENESS GRANT, AND NATIONAL SCIENCE AND MATHEMATICS ACCESS TO RETAIN TALENT (SMART) GRANTS. ALL ASSISTANCE IS PROVIDED TO STUDENTS BASED ON FINANCIAL NEED. 1 FEDERAL PELL GRANT PROGRAM 272 1115312 COST FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS 205 302535 COST ACADEMIC COMPETITIVENESS GRANT 74 69625 COST ST. JOHN'S COLLEGE GRANTS 786 16279087 COST MARYLAND STATE SCHOLARSHIPS 23 71200 COST NEW MEXICO STATE SCHOLARSHIPS 26 53013 COST NATIONAL SCIENCE AND MATHEMATICS ACCESS TO RETAIN TALENT (SMART) GRANTS 69 267242 COST PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE MONITORS THE USE OF GRANT FUNDS IN THE FINANCIAL AID OFFICE. PERSONNEL REVIEW STUDENT NEED ON A YEARLY BASIS AND AWARD GRANTS BASED ON NEED AND ELIGIBILITY. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 MR CHRISTOPHER B NELSON 280000 0 0 0 107845 0 30625 0 166639 0 585109 0 0 0 MR MICHAEL PETERS 250000 0 0 0 11083 0 26000 0 54679 0 341762 0 0 0 MS VICTORIA MORA 146323 0 0 0 0 0 18646 0 20460 0 185429 0 0 0 MS BARBARA GOYETTE 145600 0 0 0 1133 0 17500 0 13402 0 177635 0 0 0 MR JIM OSTERHOLT 149442 0 0 0 7665 0 15261 0 3180 0 175548 0 0 0 MR BRYAN VALENTINE 144537 0 0 0 748 0 18067 0 15240 0 178592 0 0 0 MS BRONTE D JONES 144174 0 0 0 6978 0 14994 0 11657 0 177803 0 0 0 MS MARILYN HIGUERA 129965 0 0 0 315 0 17676 0 31265 0 179221 0 0 0 MR MICHAEL DINK 119796 0 0 0 945 0 16669 0 20335 0 157745 0 0 0 PART I, LINE 1A AS IS NORMAL AND CUSTOMARY WITH COLLEGES, THE PRESIDENTS OF THE ANNAPOLIS (CHRISTOPHER NELSON) AND SANTA FE CAMPUS (MICHAEL PETERS) ARE PROVIDED WITH HOUSING FOR THE CONVENIENCE OF THE COLLEGE AND IS A CONDITION OF EMPLOYMENT (PER EMPLOYMENT CONTRACT) THAT THE PRESIDENT RESIDE IN THE HOUSE PROVIDED. THE PRESIDENTS' HOME IS USED FOR MANY COLLEGE ACTIVITIES INCLUDING HOSTING EVENTS FOR STUDENTS, FACULTY, AND COLLEGE SUPPORTERS. THE CALCULATED NONTAXABLE BENEFIT RECIEVED BY THE PRESIDENTS FOR THE PERSONAL USE OF THE HOUSING AMOUNTED TO $130,744 AND $39,889 FOR ANNAPOLIS AND SANTA FE, RESPECTIVELY. IN ADDITION, PERSONAL SERVICES SUCH AS LANDSCAPER AND MAIDS ARE PROVIDED TO MAINTAIN THE UPKEEP ON THE RESIDENCE. CITY OF ANNAPOLIS MARYLAND SERIES A 526000764 035779CN5 2007-06-08 4755000 DEFEASE PORTION OF PRIOR BONDS; PROVIDE FUNDS FOR NEW CENTRAL HEATING SYSTEM 0 0 0 CITY OF ANNAPOLIS MARYLAND SERIES B 526000764 035779DC8 2007-06-08 8690000 DEFEASE PORTION OF PRIOR BONDS; PROVIDE FUNDS FOR NEW CENTRAL HEATING SYSTEM 0 0 0 4817240 309750 91980 2008 0 0 1 1 8872343 698250 164615 3473744 4583635 2009 0 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 BRONTE JONES HOME LOAN TO ASSIST EMPLOYEE WITH PURCHASE OF RESIDENCE X 150000 136527 0 1 1 DAVID STARR HOME LOAN TO ASSIST EMPLOYEE WITH PURCHASE OF RESIDENCE X 150000 139614 0 1 1 276141 X 35 1206407 HIGH/LOW AVERAGE VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 A COPY OF THE COMPLETED FULL FORM 990 IS FURNISHED TO THE AUDIT AND COMPLIANCE COMMITTEE OF THE BOARD. THE COMMITTEE WILL CONDUCT A REVIEW OF THE 990. UPON DISCUSSION AND REVIEW, THE COMMITTEE WILL MOTION AND APPROVE THE ACCEPTANCE OF THE FORM 990 AND POST A COPY OF THE COMPLETED 990 (EXCLUDING SCHEDULE B) ON A SECURE PORTAL FOR FULL BOARD REVIEW. THE AUDIT AND COMPLIANCE COMMITTEE WILL ALSO GRANT THE ANNAPOLIS CAMPUS TREASURER PERMISSION TO PROCEED WITH SIGNING AND FILING THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS MONITORED AND COMPLIANCE IS ENFORCED THROUGH A YEARLY STATEMENT ALONG WITH THE COLLEGE'S POLICY BEING DISTRIBUTED TO ALL BOARD MEMBERS,OFFICERS, AND KEY EMPLOYEES FOR REVIEW AND SIGNATURE. THE SIGNED STATEMENTS ARE RETURNED TO THE PRESIDENT OF THE ANNAPOLIS CAMPUS FOR REVIEW AND FOLLOW-UP. ANY POTENTIAL CONFLICTS ARE DISCUSSED BETWEEN THE PARTIES AND A RESOLUTION IS MADE TO RESOLVE THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 WITH RESPECT TO THE COMPENSATION OF ALL EIGHT OFFICERS, AND BEFORE MAKING A RECOMMENDATION TO THE EXECUTIVE COMMITTEE OF THE BOARD, THE COMPENSATION REVIEW COMMITTEE CONSULTS WITH YAFFE & COMPANY, INC., AN INDEPENDENT CONSULTING FIRM WHICH SPECIALIZES IN PROVIDING EXECUTIVE COMPENSATION ADVICE TO COLLEGES AND UNIVERSITIES AS WELL AS TO HOSPITALS AND HEALTH SYSTEMS. ONE OF THE PRIMARY PURPOSES OF ENGAGING AN OUTSIDE FIRM WAS TO ASSURE COMPLIANCE WITH IRS REGULATORY REQUIREMENTS REGARDING THE REASONABLENESS OF EXECUTIVE COMPENSATION IN 501 (C) (3) ORGANIZATIONS. THE COMPENSATION COMMITTEE HAS ESTABLISHED WHAT IS KNOWN AS A REBUTTABLE PRESUMPTION OF THE REASONABLENESS OF COMPENSATION BY SATISFYING THREE REGULATORY REQUIREMENTS: (1) COMPENSATION RECOMMENDATIONS HAVE BEEN DEVELOPED BY AN INDEPENDENT COMMITTEE OF THE BOARD; (2) APPROPRIATE COMPARABILITY DATA HAS BEEN USED (PROVIDED BY YAFFE BASED ON ITS SURVEY); AND (3) THE PROCESS HAS BEEN ADEQUATELY DOCUMENTED THROUGH THE MINUTES OF THE COMPENSATION REVIEW AND EXECUTIVE COMMITTEES. THAT COMMITTEE CONSIDERS THE RECOMMENDATIONS OF THE PRESIDENTS RELATIVE TO THE VICE-PRESIDENTS AND TREASURERS, AND CONSIDERS THE PROJECTED FORMULA-BASED SALARIES OF THE DEANS, ALL IN LIGHT OF THE EXTERNAL COMPARISONS PROVIDED BY YAFFE. THE COMMITTEE ALSO CONSIDERS THE BENEFITS PROVIDED TO THE OFFICERS THAT MAKE UP A PART OF THE TOTAL COMPENSATION PACKAGE. THE COMMITTEE THEN ACTS TO MAKE A RECOMMENDATION WITH RESPECT TO THESE SIX OFFICERS TO THE EXECUTIVE COMMITTEE, WHICH IN TURN MAKES THE FINAL DECISIONS AS TO EACH AFTER REVIEWING ALL OF THE MATERIAL CONSIDERED BY THE COMPENSATION COMMITTEE. AS FOR THE RECOMMENDATIONS RELATIVE TO THE PRESIDENTS, THOSE SALARIES AND BENEFITS ARE REVIEWED BY THE COMPENSATION REVIEW COMMITTEE IN THE ABSENCE OF THE PRESIDENTS AND AFTER RECEIVING REPORTS FROM THE BOARD CHAIR CONCERNING THE PERFORMANCE OF THE PRESIDENTS UPON REVIEW BY THE PRESIDENTIAL REVIEW COMMITTEE. THE RECOMMENDATION IS MADE AFTER A REVIEW OF THE SAME DATA AND COMPARISONS PROVIDED BY YAFFE. THIS RECOMMENDATION GOES TO THE EXECUTIVE COMMITTEE, WHICH IN TURN CONSIDERS ALL THE CONSIDERATIONS MADE BY THE COMPENSATION REVIEW COMMITTEE AND MAKES ITS OWN RECOMMENDATION TO THE FULL BOARD, ACTING IN EXECUTIVE SESSION, WHICH ACTS AFTER GETTING THE FULL REPORT FROM THE TWO COMMITTEES. FORM 990, PART VI, SECTION C, LINE 19 FORM 1023, 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. IN ADDITION, THE FORM 990 IS AVAILABLE ON GUIDESTAR AND THE CONFLICT OF INTEREST POLICY IS PUBLISHED ANNUALLY IN THE STAFF HANDBOOK. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 15,331,419. PRIOR PERIOD ADJUSTMENTS: -1,085,455. TOTAL TO FORM 990, PART XI, LINE 5: 14,245,964. THE COLLEGE HAS AN AUDIT AND COMPLIANCE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT. IN ADDITION, THE AUDIT AND COMPLIANCE COMMITTEE IS RESPONSIBLE FOR THE SELECTION OF THE INDEPENDENT AUDITORS.