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        <ReturnReference>Part I, Line 1b</ReturnReference>
        <Explanation>THE BOARD OF TRUSTEES HAS ADOPTED AN EXECUTIVE COMPENSATION PHILOSOPHY WHEREBY THE COMPENSATION COMMITTEE REVIEWS ALL EXECUTIVE COMPENSATION PROPOSALS, INCLUDING ANY HOUSING ALLOWANCES, IN ADVANCE OF THEIR IMPLEMENTATION.</Explanation>
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      <Form990ScheduleJPartIII>
        <ReturnReference>Part I, Line 4a</ReturnReference>
        <Explanation>Thomas Hochstettler received a contractual payment of $100,000 upon his departure as President of the College.</Explanation>
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        <DescriptionOfPurpose>REFINANCING - TO PROVIDE FUNDS NEEDED TO REDEEM AND RETIRE OUTSTANDING BONDS</DescriptionOfPurpose>
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        <MethodOfDeterminingRevenues>Estimated replacement cost</MethodOfDeterminingRevenues>
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        <ReturnReference>Part I, Line 32b:</ReturnReference>
        <Explanation>Lewis &amp; Clark College uses an independent stock broker to sell donated securities. Sales of other non-cash contributions happen very infrequently, but typically an independent auctioneer or other expert is hired to assist in the sale of items which are of significant value.</Explanation>
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      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Section B, line 11</Identifier>
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      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Section B, line 12c</Identifier>
        <Explanation>The organization regularly and consistently monitors and enforces compliance with the conflict of interest policy. Annually all members of the Board of Trustees are asked to sign a conflict of interest disclosure statement. If conflicts are disclosed the conflict must be disclosed to the full board, and any trustee with a conflict must be precluded from taking action on items of business for which they may have a conflict. Statements are collected by the secretary to the board annually. Annually each officer of the college is required to review the college's code of ethics, which includes our conflict of interest policy, and acknowledge compliance.</Explanation>
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      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Section B, line 15</Identifier>
        <Explanation>In fiscal year 2009-2010, the Board of Trustees created a Compensation Committee to review the compensation of the President and senior executives. In July 2009 the Committee engaged Sibson Consulting to conduct a Presidential Competitive Assessment Update. After reviewing the comparison compensation for 15 peer institutions plus four national surveys, the Committee determined a salary for the interim president and for the next incoming president. In November 2009 the Compensation Committee reviewed the salary history for executive officers. Based upon the economic environment no raises were provided for executive officers in the current year.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Section C, line 18</Identifier>
        <Explanation>Form 990 is made available to the public upon request. In lieu of Form 1023, a letter from the IRS dated 6/3/2002 acknowledging the organization's tax exempt status under section 501(C)(3) of the Internal Revenue Code is made available to the public on the Lewis &amp; Clark website.</Explanation>
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      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Section C, line 19</Identifier>
        <Explanation>Governing documents (corporate by-laws) and the audited financial statements are made available to the public on the organization's website. The conflict of interest policy is made available to the public upon request.</Explanation>
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        <Explanation>SCHEDULE K, PART II, LINE 5, ISSUANCE COSTS FROM PROCEEDS: TOTAL ISSUANCE COSTS FROM PROCEEDS OF $975,000 INCLUDE $665,633 BOND ISSUANCE COSTS AND $309,367 CREDIT ENHANCEMENT FEES.</Explanation>
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