2011-03-31T12:50:25-04:00 2010-06-30 GRANT THORNTON LLP 175 W JACKSON BLVD STE 2000 CHICAGO IL 60604 990 2009-07-01 362169145 ELMHURST COLLEGE ELMH 6306173012 190 Prospect Avenue Elmhurst IL 60126 KENNE P BRISTOL 3128560200 2011-03-22 true 3128560200 X 2009 2016-02-24 21:20:13Z DENISE P JONES 190 PROSPECT AVENUE Elmhurst IL 601263296 98211069 false X www.elmhurst.edu X 1942 IL ELMHURST COLLEGE WORKS WITH PASSION AND COMMITMENT TO FOSTER LEARNING, BROADEN KNOWLEDGE, AND ENRICH CULTURE THROUGH PEDAGOGICAL INNOVATION, SCHOLARSHIP AND CREATIVE EXPRESSION. 38 37 1900 285 224024 0 3177876 3729260 83889788 89636748 1887527 1976681 369227 956540 89324418 96299229 28512717 32864011 0 0 39194313 40344836 0 0 2277237 26517097 26215666 94224127 99424513 -4899709 -3125284 169119804 171968139 76552287 81678662 92567517 90289477 ELMHURST COLLEGE INSPIRES ITS STUDENTS TO FORM THEMSELVES INTELLECTUALLY AND PERSONALLY AND TO PREPARE FOR MEANINGFUL AND ETHICAL WORK IN A MULTICULTURAL, GLOBAL SOCIETY. WORKING TOGETHER WITH PASSION AND COMMITMENT, WE FOSTER LEARNING, BROADEN KNOWLEDGE, AND ENRICH CULTURE THROUGH PEDAGOGICAL INNOVATION, SCHOLARSHIP, AND CREATIVE EXPRESSION. false false 22280616 0 89469421 INSTRUCTION - ELMHURST COLLEGE PROVIDES POST-SECONDARY EDUCATION THROUGH 22 ACADEMIC DEPARTMENTS AND OFFERS 78 DEPARTMENTAL AND INTERDISCIPLINARY MAJORS IN EDUCATION, THE HUMANITIES, NATURAL AND SOCIAL SCIENCES, BUSINESS ADMINISTRATION, NURSING, AND FROM JAZZ STUDIES TO EXERCISE SCIENCE. WE ALSO OFFER A RANGE OF PROFESSIONAL AND GRADUATE PROGRAMS. IN ADDITION THE ELMHURST LIFE SKILLS ACADEMY, A NON-DEGREE PROGRAM FOR LEARNING, INTELLECTUAL, COGNITIVE, PHYSICAL, AND/OR SENSORY DISABILITIES, IS AVAILABLE FOR YOUNG ADULTS. 6252698 0 0 ACADEMIC SUPPORT - ACADEMIC DEAN, LIBRARY SERVICES, ACADEMIC ADVISING AND ACADEMIC COMPUTING ARE INCLUDED IN ACADEMIC SUPPORT. THE A.C. BUEHLER LIBRARY PROVIDES MANY TECHNOLOGICALLY ADVANCED SERVICES FOR INSTRUCTIONAL AND INFORMATIONAL RESEARCH, OR FOR PERSONAL ENJOYMENT WITH WIRELESS ACCESS THROUGHOUT. ALSO INCLUDED IS OUR HIGHLY ACCLAIMED ART COLLECTION. 9670459 0 167327 STUDENT SERVICES - INCLUDES STUDENT AFFAIRS, ADMISSIONS, REGISTRAR, FINANCIAL AID COUNSELING, SOCIAL AND CULTURAL DEVELOPMENT, WELLNESS CENTER, AND ATHLETICS. STUDENT LIFE AT ELMHURST IS ACTIVE AND CREATIVE ALLOWING STUDENTS TO GET INVOLVED IN DIVERSE AREAS INCLUDING STUDENT GOVERNMENT, 'THE LEADER' STUDENT NEWSPAPER, BLACK STUDENT UNION, HABITAT FOR HUMANITY, S.A.G.E. (STRAIGHTS AND GAYS FOR EQUALITY), H.A.B.L.A.M.O.S. (A LATINO STUDENT ORGANIZATION), MODEL UN, WRSE RADIO STATION, AND MANY OTHER GROUPS AS WELL AS INTERCOLLEGIATE SPORTS AND MANY INTRAMURAL ACTIVITIES. 32864011 32864011 0 71067784 true true false true false false true false true true true false true false false false false false true false false false true true true false false false false false false true false false false true false false false false false false false false true 4510 0 true 1900 true true true false false false false true true false false false 38 37 false false false false false false false true true false false true true true true true true true false X DENISE P JONES 6306173012 190 PROSPECT AVENUE Elmhurst IL 601263296 The Honorable William J Bauer 0.0 X 0 0 0 Julius Wesley Becton III 1.0 X 0 0 0 David R Bertran 0.0 X 0 0 0 William W Boyd 0.0 X 0 0 0 Larry A Braskamp 1.0 X 0 0 0 Alan J Brinkmeier 1.0 X 0 0 0 William C Campbell 0.0 X 0 0 0 John G Cashman 0.0 X 0 0 0 Julie Curran 0.0 X 0 0 0 Sharon Reese Dalenberg 0.0 X 0 0 0 Joel G Herter 0.0 X 0 0 0 Mary Lou Higgerson 0.0 X 0 0 0 Fareed A Khan 0.0 X 0 0 0 Thomas A Kloet 2.0 X 0 0 0 Alfred N Koplin 0.0 X 0 0 0 Dr George H Langeler 0.0 X 0 0 0 J Clifford Lenahan Jr 1.0 X 0 0 0 Dr Eugene M Lerner 1.0 X 0 0 0 Ronald L Luken 1.0 X 0 0 0 Dr Ralph E Lundgren 1.0 X 0 0 0 William J McCarter 0.0 X 0 0 0 Hugh H McLean 1.0 X 0 0 0 Lamell J McMorris 0.0 X 0 0 0 Edward J Momkus 1.0 X 0 0 0 Dennis J Patterson 0.0 X 0 0 0 Harold E Pendexter Jr 1.0 X 0 0 0 Jean E Sander 1.0 X 0 0 0 Rudolf G Schade Jr 1.0 X 0 0 0 Dr Homer H Schmitz 0.0 X 0 0 0 Eva W Tameling 0.0 X 0 0 0 John W Terrill Jr 0.0 X 0 0 0 John R Tritt 0.0 X 0 0 0 Thomas N Tyrrell 3.0 X 0 0 0 Rev Robert O Ullman 3.0 X 0 0 0 Russell G Weigand 1.0 X 0 0 0 James S Yerbic 2.0 X 0 0 0 Kenne P Bristol 3.0 X X 0 0 0 Barbara Lucks 1.0 X X 0 0 0 Stephen Alan Ray 60.0 X 237631 0 94288 Denise P Jones 60.0 X 153511 0 37313 Peggy Sandgren 60.0 X 151271 0 13612 Alzada J Tipton 60.0 X 147477 0 23373 James Kulich 60.0 X 129212 0 23721 Gary F Rold 60.0 X 121420 0 48262 James W Winters 60.0 X 117558 0 21093 Kenneth E Bartels 60.0 X 159395 0 18570 1217475 0 280232 21 true true false CHARTWELLSCOMPASS GROUP PO BOX 91337 CHICAGO IL 60693 Food Service Mgmt 3621624 PITNEY BOWES MANAGEMENT 47 PARK PLACE APPLETON WI 54915 SERVICE MANAGEMENT 577569 DATATEL 4375 FAIR LAKES COURT FAIRFAX VA 22033 SOFTWARE MANAGEMENT 256578 Sandbox Studio 3435 n Sheffield Avenue CHICAGO IL 60657 Marketing Consultant 215251 Grant Thornton LLP 175 W Jackson Blvd CHICAGO IL 60694 Accounting Services 150743 6 10946 917031 2801283 179762 3729260 STUDENT TUITION AND FEES 812900 83195603 83195603 RESIDENCE HALLS 721000 6126900 6078137 48763 COMMUNITY EDUCATION 812900 42516 42516 OTHER ATHLETIC, ARTS & CULTURE 812900 183287 183287 LOAN ADMINISTRATION FEES 812900 88442 88442 89636748 1357908 1357908 0 3503 3503 2511818 1893045 618773 618773 -51762 670535 17615 10946 18795 -1180 -1180 0 0 OUTSIDE PRINTING 561000 1399 1399 FOOD SERVICE 722320 201957 93111 108846 OUTSIDE CONF. AND FACILITIES RENTALS 900099 372646 132513 240133 378215 378215 954217 96299229 89587985 224024 2757960 0 32864011 32864011 0 0 641880 477139 164741 0 30391704 22074247 7263406 1054051 1631770 1163903 404429 63438 5489758 3915714 1360619 213425 2189724 1561878 542716 85130 721409 60619 648150 12640 213129 2980 210149 79000 79000 10927 10927 0 143123 143123 2212171 1062205 1115406 34560 452767 25330 427187 250 2636550 1464256 854152 318142 1002058 342718 618885 40455 3404 3404 3797926 421049 3370381 6496 2204867 1603838 513002 88027 0 0 2203438 699613 1503825 0 4106284 2608144 1341280 156860 437025 54404 382621 PROFESSIONAL FEES/CONTRACT SVS 2089114 201342 1887772 NON-CAPITAL EQUIPMENT 360326 116057 242646 1623 EQUIPMENT RENTAL & MAINTENANCE 672668 203424 464524 4720 OTHER EXPENSES 1115790 99336 1014746 1708 LIBRARY BOOKS & PERIODICALS 442802 414962 27840 1310888 104350 1175567 30971 99424513 71067784 26079492 2277237 5142810 1173319 1347211 7969635 722294 701255 838351 763002 2093810 1989646 90257 104376 1900516 2249283 132408471 58613239 77547993 73795232 72156265 78268077 7280297 4954314 169119804 171968139 6083522 5841350 904407 948481 57000000 57000000 3000000 5000000 9564358 12888831 76552287 81678662 X 58333512 53979352 14077821 15141802 20156184 21168323 92567517 90289477 169119804 171968139 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED true true false false false false true 2331 true 8596 false 10927 false false Lobbying Activities Schedule C, Part II-B, Line 1I The college incurred $10,927 in costs related to lobbying at the local, state and federal levels in fiscal year 2009/10. Elmhurst College contacts legislators, members of the legislative staff, as well as various departments, and state and local executive agencies. Elmhurst's lobby efforts support higher education policy and funding issues. Elmhurst contacted officials with regard to the following issues: Continuation of Map Grant funding Requesting funding for Science Center renovation and addition Student's attended Student Lobby Day in Springfield, Illinois X X X true 76740871 1680325 5289866 670098 1666877 81374087 105168500 1369670 -26700073 409630 2687596 76740871 0.59840 0.25180 0.14980 true false 3036281 3036281 98642580 37962192 60680388 17109248 14497200 2612048 13620362 6153847 7466515 73795232 COMMINGLED FUNDS 45709224 F HEDGE FUNDS 7020147 F COMMODITIES FUND 3298346 F LIMITED PARTNERSHIPS 22240360 F 78268077 0 STUDENT LOAN ADVANCES U.S. GOV 1761777 LIFE INCOME AGREEMENTS PAYABLE 267115 OTHER LIABILITIES 1123228 INTEREST RATE SWAP AGREEMENT 8402711 ASSET RETIREMENT OBLIGATION 1334000 12888831 96299229 99424513 -3125284 4075116 -3227872 847244 -2278040 64098379 4075116 248783 4323899 59774480 143123 36381626 36524749 96299229 66376419 91275 91275 66285144 143123 32996246 33139369 99424513 ELECTION UNDER SFAS 116 NOT TO REPORT IN FINANCIALS WORKS OF ART SCHEDULE D, PART III, QUESTION 1A LIBRARY BOOKS AND ART COLLECTION: PURCHASES OF LIBRARY BOOKS AND WORKS OF ART ARE RECORDED AS UNRESTRICTED EXPENSES. THE COLLEGE DOES NOT CAPITALIZE THE COST OF LIBRARY BOOKS OR WORKS OF ART AS ASSETS OR ASSIGN A VALUE TO SUCH ITEMS RECEIVED AS GIFTS. DESCRIPTION OF COLLECTIONS AND HOW THEY FURTHER EXEMPT PURPOSE SCHEDULE D, PART III, QUESTION 4 THE AFRICAN COLLECTIONS, PROFESSIONAL COLLECTIONS AND HISTORIC PORTRAIT COLLECTIONS OF PAINTINGS, DRAWINGS, LITHOGRAPHS, PHOTOGRAPHS, AND SCULPTURES ARE MADE AVAILABLE TO STUDENTS, FACULTY AND STAFF AND OUTSIDE CONSTITUENTS FOR THEIR EDUCATIONAL VALUE, FOR LECTURES AND PLEASURES OF VIEWING. INTENDED USES OF ENDOWMENT FUNDS SCHEDULE D, PART V, QUESTION 4 THE PURPOSE OF THE ENDOWMENT IS TO SUPPORT THE COLLEGE AND ITS MISSION OVER THE LONG TERM. ACCORDINGLY, THE PRIMARY INVESTMENT OBJECTIVES OF THE ENDOWMENT ARE TO: A) PRESERVE AND INCREASE LONG-TERM REAL PURCHASING POWER OF THE FUNDS' PRINCIPAL B) PROVIDE A STABLE SOURCE OF FINANCIAL SUPPORT FOR THE COLLEGE'S ANNUAL OPERATING BUDGET PER POLICY SET BY THE BOARD OF TRUSTEES C) PROVIDE ONGOING FINANCIAL SUPPORT IN THE FORM OF SCHOLARSHIPS, AWARDS, FACULTY CHAIRS, LECTURESHIP, BOOK FUNDS AND OTHER SPECIFIED PURPOSES IN ACCORDANCE WITH THE BOARD OF TRUSTEES' INVESTMENT POLICIES AND DONOR AGREEMENTS ORGANIZATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS UNDER FIN 48 SCHEDULE D, PART X The FASB has issued guidance that requires tax effects from an uncertain tax position to be recognized in the financial statements only if the position is more likely than not to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the more-likely-than-not threshold, the largest amount of tax benefit that is greater than 50% likely to be recognized upon ultimate settlement with the taxing authority is recorded. The College is exempt from income tax under IRC Section 501(c)(3), though it is subject to tax on income unrelated to its exempt purposes, unless that income is otherwise excluded by the IRC. There are no tax positions for which a material change in any unrecognized tax benefit liability is reasonable possible in the next 12 months. There is no interest or penalties recognized in the income statement or balance sheet. The tax years ending 2007, 2008 and 2009 are still open to audit for both federal and state purposes. This guidance did not have any impact on the College's financial statements OTHER RECONCILING AMOUNTS OF CHANGES IN NET ASSETS SCHEDULE D, PART XI, LINE 8 CHANGE IN FAIR VALUE OF INTEREST-RATE SWAP AGREEMENT $(3,385,380) CHANGE IN FAIR VALUE OF BENEFICIAL INTEREST IN TRUSTS $143,795 ANNUITY LIABILITY ADJUSTMENTS $13,713 -------------- TOTAL OTHER REC. AMOUNTS OF CHANGES IN NET ASSETS $(3,227,872) OTHER REVENUE ON FINANCIAL STATEMENTS BUT NOT ON FORM 990 SCHEDULE D, PART XII, LINE 2D OTHER REVENUE ON FINANCIAL STATEMENTS BUT NOT ON FORM 990, PART VIII: SPECIAL EVENT GOLF OUTING FUNDRAISER EXPENSES $18,795 CHANGE IN FAIR VALUE OF BENEFICIAL INTEREST IN TRUSTS $143,795 ANNUITY LIABILITY ADJUSTMENTS $13,713 HOUSING RENTAL ALLOCATION NETTED IN 990 $72,480 --------- TOTAL REVENUE ON FIN. STMTS. BUT NOT ON FORM 990 $248,783 OTHER REVENUE ON FORM 990 BUT NOT ON FINANCIAL STATEMENTS SCHEDULE D, PART XII, LINE 4B OTHER REVENUE ON FORM 990, PART VIII, LINE 12 BUT NOT ON F/S: SCHOLARSHIPS AND GRANTS NETTED AGAINST TUITION AND FEES IN AUDITED FINANCIALS $32,864,011 CHANGE IN INTEREST RATE SWAP AGREEMENT $3,385,380 OUTSIDE PRINTING & FOOD SERVICE REVENUE NETTED IN AFS $94,510 OUTSIDE CONFERENCES & FACILITIES RENTAL REV NETTED IN AFS $37,725 ------------- TOTAL REVENUE ON FORM 990 BUT NOT ON F/S $36,381,626 OTHER EXPENSES ON FINANCIAL STATEMENTS BUT NOT ON FORM 990 SCHEDULE D, PART XIII, LINE 2D OTHER EXPENSES ON F/S BUT NOT ON FORM 990, PART IX, LINE 25: SPECIAL EVENT GOLF OUTING FUNDRAISER EXPENSES $18,795 HOUSING RENTAL ALLOCATION NETTED IN 990 $72,480 --------- TOTAL EXPENSES ON FIN. STMTS. BUT NOT ON FORM 990 $91,275 OTHER EXPENSES ON FORM 990 BUT NOT ON FINANCIAL STATEMENTS SCHEDULE D, PART XIII, LINE 4B OTHER EXPENSES ON FORM 990, PART IX, LINE 25 BUT NOT ON FINANCIAL STATEMENTS: SCHOLARSHIPS AND GRANTS NETTED AGAINST TUITION AND FEES IN AUDITED FINANCIALS $32,864,011 OUTSIDE PRINTING & FOOD SERVICE REVENUE NETTED IN AFS $94,510 OUTSIDE CONFERENCE & FACILITIES RENTAL REV NETTED IN AFS $37,725 ------------ TOTAL EXPENSES ON FORM 990 BUT NOT ON FIN. STMTS. $32,996,246 true true true ELMHURST COLLEGE POLICY IS THAT OF NON-DISCRIMINATION OF THE PUBLIC SERVED BY THE INSTITUTION AND WITH RESPECT TO THE COLLEGE PERSONNEL. ADVERTISEMENTS, PUBLICATIONS, BROCHURES, APPLICATIONS FOR ADMISSION, ETC., CONTAIN A STATEMENT TO THE EFFECT THAT THE COLLEGE COMPLIES WITH THE FEDERAL NON-DISCRIMINATION REGULATIONS, AND THEREBY DOES NOT DISCRIMINATE ON THE BASIS OF RACE, GENDER, RELIGION, COLOR, NATIONAL ORIGIN, AGE, SEXUAL ORIENTATION, OR HANDICAP DISABILITY. true true true true false false false false false false false false true false THE COLLEGE RECEIVES GOVERNMENTAL FINANCIAL AID, GRANTS AND ASSISTANCE FROM THE US DEPARTMENT OF EDUCATION, THE NATIONAL INSTITUTES OF HEALTH, THE ILLINOIS BOARD OF HIGHER EDUCATION, THE ILLINOIS ARTS COUNCIL, THE ILLINOIS DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY, AND THE CITY OF ELMHURST. true Golf Outing 28561 10946 17615 532 4533 12066 1664 0 28561 10946 17615 532 4533 12066 1664 18795 -1180 true SEOG FEDERAL SUPPLIMENTAL GRANT 785 438881 ENDOWED SCHOLARSHIPS 295 678598 DONOR FUNDED SCHOLARSHIPS 135 292640 INSTITUTIONALLY FUNDED SCHOLARSHIPS 2879 31453892 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS IN THE UNITED STATES SCHEDULE I, PART I, QUESTION 2 THE COLLEGE'S FINANCIAL AID OFFICE USES VARIOUS METHODS FOR THE FAIR DISBURSEMENT OF GRANT FUNDS WITHIN THE REQUIREMENTS SET BY EACH GRANT SOURCE. THESE DISTRIBUTIONS ARE REVIEWED DURING THE A-133 AUDIT AS CONDUCTED BY AN EXTERNAL AUDITOR AND BY THE FINANCIAL AFFAIRS OFFICE TO ENSURE PROPER USE OF FUNDS. X X X true true X X X X X true false false false false false false false false Stephen Alan Ray 225217 0 0 0 12414 0 22250 0 72038 0 331919 0 0 0 Denise P Jones 134323 0 0 0 19188 0 19610 0 17703 0 190824 0 0 0 Peggy Sandgren 134903 0 0 0 16368 0 7455 0 6157 0 164883 0 0 0 Alzada J Tipton 144897 0 0 0 2580 0 7579 0 15794 0 170850 0 0 0 James Kulich 122290 0 0 0 6922 0 14342 0 9379 0 152933 0 0 0 Gary F Rold 115279 0 0 0 6141 0 17640 0 30622 0 169682 0 0 0 Kenneth E Bartels 86076 0 0 0 73319 0 14723 0 3847 0 177965 0 0 0 Housing for the President Schedule J, Part I, Question 1A THE COLLEGE PROVIDES A RESIDENCE FOR THE PRESIDENT FOR PERSONAL USE AND TO ENTERTAIN TRUSTEES, EMPLOYEES, STUDENTS AND GUESTS OF THE COLLEGE. INCLUDED WITH THE RESIDENCE IS CLEANING SERVICE AND CHILD CARE WHEN NEEDED. THE SPOUSE OF THE PRESIDENT OCCASIONALLY ACCOMPANIES THE PRESIDENT ON DEVELOPMENT OR OTHER TRIPS AS REQUIRED TO REPRESENT THE COLLEGE. SEE SUPPLEMENTAL 1A FOR FURTHER DETAIL. Value of Housing Provided to the President of the College (Non-Taxable) IRS instructions to Form 990 require that the fair market value of housing provided to employees by their employer be reported on Form 990, Part VII, Section A and Schedule J, Part II. As a condition of employment, the President of Elmhurst College is required to reside at 360 Cottage Hill Avenue in Elmhurst, a residence on the campus premises. The residence serves both as a personal residence as well as a venue for regular carrying on of College business. The College has determined that the value of the use of this personal residence is not considered taxable income to the President as provided for in Internal Revenue Code Section 119. For tax year 2009, the value of the President's use of the residence is conservatively estimated to be $48,000. This estimated value is based on the fair rental value of $3,500 per month for similar houses in the area plus $500 per month for utilities to come to annual value. During tax year 2009, the President, Stephen Alan Ray made the residence his home for the year. Schedule J, Part II, Column (D) includes $48,000 of non-taxable income associated with the use of the residence provided by the College. Qualified Tuition Remission Schedule J, Part II, Column D All qualified employees are eligible for tuition remission covering the employee, their spouse and their eligible children. The College has determined that the value of undergraduate tuition remission is not considered taxable income as provided for in internal revenue code section 127. During tax year 2009, both Kenneth Bartels and Gary Rold benefited from undergraduate tuition remission for their eligible children in the amounts of $35,800 and $26,300, respectively. Severance Payment Schedule J, Part I, Question 4A Kenneth E. Bartels received a severance payment of $52,556 from the college. Illinois Finance Authority 861091967 452001ZF0 2005-05-31 36500000 BUILDINGS & PARKING false false Illinois Finance Authority 861091967 452001Q86 2005-05-31 21200000 BUILDINGS & PARKING false false Illinois Educational Facilities Authority 521297563 4520017G9 2003-09-18 12000000 BUILDINGS false false Illinois Finance Authority 861091967 45200BW79 2007-02-22 25000000 BUILDINGS & PARKING false false 36500000 36500000 0 0 2001 true false true true 21200000 21200000 0 0 2002 true false true true 12096432 943690 204837 10947905 2006 true false true true 26053568 1964791 98697 295890 23694190 2010 true false false true false false true false true 0.00000 0.00000 0.00000 true false false true false true 0.00000 0.03700 0.03700 true false true false false false true false true false false false true false true false false false false false true true Bank of America NA 34.9 false false false NA N/A 13000 Scholarship X 5087 OTHER X 11 117192 COST/SELLING PRICE X 4 32100 COST/SELLING PRICE X PRINTING 1 4823 COST/SELLING PRICE X OFFICE DESKS AND PANELS 1 15000 COST/SELLING PRICE X PIANO 1 5560 COST/SELLING PRICE 0 false true true COLUMN B REPORTING EXPLANATION SCHEDULE M, PART I, COLUMN B THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN B OF SCHEDULE M, PART I. NONCASH PROPERTY CONTRIBUTED FOR WHICH NO REVENUES REPORTED SCHEDULE M, PART I, QUESTION 33 THE COLLEGE DOES NOT CAPITALIZE THE COST OF LIBRARY BOOKS OR WORKS OF ART AS ASSETS, NOR DOES IT ASSIGN A VALUE TO SUCH ITEMS RECEIVED AS GIFTS. USE OF THIRD PARTY Schedule M, Part 1, Question 32A ALL STOCK DONATION, UNLESS OTHERWISE STIPULATED BY THE DONOR, ARE SOLD AS SOON AS POSSIBLE AFTER RECEIPT BY THIRD PARTY VENDOR UBS FINANCIAL SERVICES, INC. Other Program Services (Scholarships and Grants) Form 990, Part III SCHOLARSHIPS AND GRANTS - WE ASSIST OUR STUDENTS WITH A COMPREHENSIVE RANGE OF FINANCIAL AID PROGRAMS. THESE INCLUDE MERIT-BASED SCHOLARSHIPS, NEED-BASED GRANTS AND LOANS, AND PART-TIME CAMPUS EMPLOYMENT. APPROXIMATELY 86% OF THE STUDENTS WHO ENTERED COLLEGE IN THE FALL RECEIVED FINANCIAL AID. Expenses - $32,864,011 Grants included in expenses - $32,864,011 Revenues - NONE Governing Body Form 990 Review Process Form 990, Part VI, Section A, Question 11 THE FINAL FORM 990 AND ITS VARIOUS SCHEDULES WERE REVIEWED BY THE KEY OFFICERS OF THE ORGANIZATION PRIOR TO MAKING IT AVAILABLE TO THE BOARD OF TRUSTEES. AFTER THE KEY OFFICERS REVIEWED THE FORM IT WAS DISTRIBUTED TO THE AUDIT COMMITTEE OF THE TRUSTEES AT THEIR MARCH 18, 2011 MEETING. IDENTIFIED NECESSARY CHANGES WERE INCORPORATED FOLLOWING THE BOARD REVIEW PROCESS AND A FINAL COPY OF THE FILING WAS MADE AVAILABLE TO ALL MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO FILING. Conflict of Interest Policy Form 990, Part VI, Section B, Question 12C CONFLICT OF INTEREST FORMS ARE SENT TO TRUSTEES, OFFICERS, KEY EMPLOYEES (as applicable) AND OTHERS FOR COMPLETION. THE COMPLETED FORMS ARE RETURNED TO AND REVIEWED BY THE BOARD AUDIT COMMITTEE CHAIR. THE AUDIT COMMITTEE CHAIR TOGETHER WITH THE AUDIT COMMITTEE IS RESPONSIBLE FOR ADMINISTRATION OF THIS POLICY. MATTERS OF CONCERN ARE BROUGHT TO THE CHAIR OF THE BOARD OF TRUSTEES OR THE PRESIDENT. APPROVAL OF COMPENSATION TRANSACTIONS AND OTHER TRANSACTIONS COVERED BY THE POLICY ARE DONE THROUGH A REVIEW COMPOSED ENTIRELY OF INDIVIDUALS WHO DO NOT HAVE ANY CONFLICT OF INTEREST WITH RESPECT TO THE ARRANGEMENT OR TRANSACTION AT HAND. THEY RELY UPON INDEPENDENT COMPARABILITY DATA OR VALUATIONS PRIOR TO MAKING A DETERMINATION. MATTERS RELATED TO COMPENSATION RELY ON EXTERNAL EXPERTISE IN HIGHER EDUCATION. Compensation Review Process Form 990, Part VI, Section B, Question 15A & 15B The President's salary is reviewed annually and determined by a process established by the Board of Trustees. The process begins with obtaining data from the College and University Professional Association for Human Resources (CUPA-HR) annual Salary Survey, the Yaffe & Company Executive Compensation Survey, and the form 990 tax returns of comparable institutions. These surveys as well as the economic condition of Elmhurst College and other information concerning higher education are analyzed by the Executive Committee of the Board of Trustees with the assistance of the Vice President for Finance and Administration and periodically with input from an external consultant. The Executive Committee performs an annual formal evaluation process of the President. Not performed in fiscal year 2010, every three years the committee performs an extensive evaluation involving various faculty, staff, students and external constituents. The Executive Committee recommends the salary revision to the full Board of Trustees who provides the final approval. Top management's (Vice Presidents and Deans) salaries are reviewed annually by a process similar to all other employees. The President performs a formal evaluation. Using the CUPA-HR annual Salary Survey, the annual performance evaluation and the financial constraints of the College; the President then determines the salary revisions which are reviewed by the Executive Committee of the Board of Trustees. All other key employee salaries are reviewed annually by a similar process as the top management. Formal performance evaluations are performed by the supervisor of each key employee with recommendations for salary revisions provided to the top management employee over that area of responsibility. The evaluations and recommendations together with the comparison to the CUPA-HR annual Salary Survey and the preset budget for salary increases are reviewed by each top management administrator with recommendations presented to the President. Final approval is given by the President. Public Documentation Form 990, Part VI, Section C, Question 19 THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS OF THE COLLEGE ARE AVAILABLE UPON REQUEST, AND FINANCIAL STATEMENTS ARE PROVIDED TO VARIOUS STATE AGENCIES, US DEPARTMENT OF EDUCATION, VARIOUS BANKS AND OTHERS PER AGREEMENT. IN ADDITION, THE ANNUAL FORM 990 INFORMATION RETURN AND 990-T TAX RETURN AND ALL RELATED DOCUMENTS AND SCHEDULES ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE CONFLICT OF INTEREST POLICY IS SENT ANNUALLY TO ALL MEMBERS OF THE BOARD OF TRUSTEES, OFFICERS, KEY EMPLOYEES AND OTHER IDENTIFIED EMPLOYEES. Processes for Oversight of Audit of Financial Statements FORM 990, PART XI, LINE 2B THE COLLEGE'S PROCESSES FOR OVERSIGHT OF THE AUDIT OF THE ORGANIZATION'S FINANCIAL STATEMENTS DID NOT CHANGE. THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES IS RESPONSIBLE FOR OVERSIGHT AND SELECTION OF THE INDEPENDENT ACCOUNTING FIRM THAT CONDUCTS THE ANNUAL FINANCIAL STATEMENT AND A-133 AUDITS. SUPPLEMENTAL INFORMATION ON TAX-EXEMPT BONDS SCHEDULE K, PART I-IV PART 1: Information for Part I comes from the tax agreement and Form 8038 for each issue. The issuer EIN on the Forms 8038 of each of the 2005 transactions is the EIN for the Illinois Educational Facilities Authority (the issuer of the original 1998 and 1999 Bonds which were treated for Federal tax purposes as being currently refunded by the 2005 bonds). Although the 2005 Bonds still bear the name of the Illinois Educational Facilities Authority, the EIN of the Illinois Finance Authority should be used for Schedule K and is listed on the attached draft of Schedule K. The college will amend and file Forms 8038 to include the Illinois Finance Authority EIN for each of the 2005 Bonds to be consistent with Schedule K. The description of purpose for each issue is listed in Section 2.1 of the tax agreement executed by the college in connection with each issue. Additional information for the 2005 issues comes from paragraph 1 on page 1 of the tax agreement for each of those 2005 issues (containing information on the reissuance of the 1999 Bonds and the 1998 Bonds, respectively), Section 2.1 of the tax agreements for the 1999 Bonds and the 1998 Bonds (the description of the projects financed by such bonds) and the fourth paragraph of the Certificate Regarding the Financed Properties and Expenditure of Funds, executed by the college in connection with the issuance of the 1999 Bonds (which contains the name and description of the 1991 Bonds refunded by the 1999 Bonds. The amount of each of the 2005 issues benefitting the college (as included in the description of purposes) comes from Schedule A to each of the Forms 8038 submitted in connection with the 2005 issues. PART II: Information for Part II, Columns B and C comes from the Form 8038 for such issues. Information for Part II, Column D comes from the rebate report prepared by Chapman and Cutler LLP for the 2003 Bonds. PART III: The information in Part III comes from the College. Potential private use is addressed: 1. in Section 9 of the Certificate Regarding the Financed Properties and Expenditure of Funds for the 1998 Bonds (as reissued by the 2005 Bonds) (private use for these bonds is not addressed in the Schedule K because of the special rule regarding the refunding of pre-2003 issues); 2. in Section 9 of the Certificate Regarding the Financed Properties and Expenditure of Funds for the 1999 Bonds (as reissued by the 2005 Bonds) (private use for these bonds is not addressed in the Schedule K because of the special rule regarding the refunding of pre-2003 issues); 3. in Section 4 of the Project Certificate for the 2003 Bonds; and 4. in Section 4 of the Project Certificate for the 2007 Bonds. Information for Question 9 comes from the description of purposes described in Part I, above. Information for Question 10 comes from description of purposes described in Part I, above. Information for Questions 11 and 12 comes from Elmhurst. PART IV: Information comes from the college for Question 1, Columns A, B and C and from the rebate report for the 2003 Bonds for Question 1, Column D. Information for Question 2 comes from the Forms 8038 for the issues. Information for Question 3, Column A, B and C comes from the tax agreements for the issues (Section 2.8 in the tax agreement for the 2007 Bonds and Section 2.2 in each of the tax agreements for the 2005 Bonds) and in the opinion accompanying the rebate report for the 2003 Bonds for Question 3, Column D. Information for Question 4 comes from the college. Information for Question 5, Column A comes from the college. Information for Question 5, Column B and C can be inferred from paragraph 1 on page 1 of the 2005 tax agreements. Information for Question 5, Column D comes from the rebate report for the 2003 Bonds. Information for Question 6, Column A comes from the college. Information for Question 6, Column B and C can be inferred from paragraph 1 on page 1 of the 2005 tax agreements. Information for Question 6, Column D comes from the rebate report for the 2003 Bonds. Description of Tax Exempt Bond Purpose Schedule K, Part I, Col.(F), Issue A The bonds and the 1998 Bonds (defined below) were issued in the amount of $36,500,000 to provide funds to several Section 501(c)(3) nonprofit organizations. Elmhurst College benefitted from $15,000,000 of the proceeds of the Bonds. The issuer of the bonds changed the mandatory tender provisions of the indenture governing previously issued bonds (the "1998 Bonds") thereby resulting in the Variable Rate Demand Revenue Bonds, Series 1998 (ACI/Cultural Pooled Financing Program) originally issued by the Illinois Educational Facilities Authority on March 25, 1998 as being assumed to be reissued and currently refunded for Federal income tax purposes on May 31, 2005. The portion of the proceeds of the 1998 Bonds which were borrowed by Elmhurst College were used to finance, refinance and reimburse the costs of the acquisition, construction, renovation, improvement and equipping of educational facilities. Description of Tax Exempt Bond Purpose Schedule K, Part I, Col.(F), Issue B The bonds and the 1999 Bonds (defined below) were issued in the amount of $21,200,000 to provide funds to several Section 501(c)(3) nonprofit organizations. Elmhurst College benefitted from $5,000,000 of the proceeds of the bonds. The issuer of the bonds changed the mandatory tender provisions of the indenture governing previously issued bonds (the "1999 Bonds") thereby resulting in the Variable Rate Demand Revenue Bonds, Series 1999 (ACI/Cultural Pooled Financing Program) originally issued by the Illinois Educational Facilities Authority on July 28, 1999 as being assumed to be reissued and currently refunded for Federal income tax purposes on May 31, 2005. The portion of the proceeds of the 1999 Bonds which were borrowed by Elmhurst College were used to (i) finance, refinance, and reimburse the costs of the acquisition, construction, renovation, improvement and equipping of educational facilities, and (ii) refunded the outstanding Illinois Educational Facilities Authority Revenue Bonds, Elmhurst College Series 1991 which were issued on May 16, 1991 and financed the costs of acquiring, constructing, renovating, equipping, improving and remodeling of educational facilities. Description of Tax Exempt Bond Purpose Schedule K, Part I, Col.(F), Issue C The bonds were issued to (i) finance, refinance, and reimburse the costs of the acquisition, construction, renovation, improvement or equipping of educational facilities, and (ii) refinance taxable debt that originally financed a portion of the costs of a sprinkler system in residence halls. Description of Tax Exempt Bond Purpose Schedule K, Part I, Col.(F), Issue D The bonds were issued to (i) finance, refinance or reimburse the costs of acquisition, construction, renovation, improvement and equipping of educational facilities, and (ii) refinance taxable debt that originally financed educational facilities.