2011-04-15T11:38:15-07:00 2010-05-31 990 2009-06-01 930386972 WILLAMETTE UNIVERSITY WILL 5033706985 900 State Street Salem OR 97301 Robert Olson 5033706985 2011-04-15 2009 2016-02-24 21:20:13Z M Lee Pelton 900 State Street Salem OR 97301 302960374 0 X www.willamette.edu X 1842 OR Willamette University educates 2,500 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. 59 52 2760 535 -63869 -63890 10206430 8915295 93565543 102198782 192746 24024962 -1341243 356752 102623476 135495791 32012810 36317426 0 0 50872207 53475592 0 0 2743924 34951177 35995254 117836194 125788272 -15212718 9707519 387453502 408135711 84922038 97080926 302531464 311054785 Willamette University educates 2,500 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 105313314 36317426 112113491 Higher Education: Instruction and Support: 1801 students in CLA, 404 in Law, 243 in MBA programs and 95 in MAT. (2543 students) 13211000 14467005 Higher Education: Auxiliary functions - Includes room and board (for 1,455 students), bookstore, and summer conferences. (2543 students) 0 0 0 118524314 1 1 0 0 0 0 1 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 1 3062 0 1 2760 1 1 1 1 LU SP UK 0 0 0 1 1 0 0 0 59 52 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 CO WA X X Robert N Olson 5033706985 900 State Street Salem OR 97301 Peter Kremer 0 X 0 0 0 Jay Booth 0 X 0 0 0 A Brian Gard 0 X 0 0 0 Robert Hoshibata 0 X 0 0 0 Mary Hughes 0 X 0 0 0 Melvin Henderson-Rubio 0 X 0 0 0 Robert Packard 0 X 0 0 0 Stuart Hall 0 X 0 0 0 Susan Hammer 0 X 0 0 0 Margaret Moreland 0 X 0 0 0 Lila Schmidt 0 X 0 0 0 Katherine Conolly 0 X 0 0 0 Paul DeMuniz - See Schedule O 5 X 9000 0 0 James Fitzhenry 0 X 0 0 0 Eric Friedenwald-Fishman 0 X 0 0 0 Roderick Wendt 0 X 0 0 0 John Wittmayer 0 X 0 0 0 Heather Dempsey 0 X 0 0 0 Dale Hermann 0 X 0 0 0 Robert Nunn 0 X 0 0 0 Julie Branford 0 X 0 0 0 Patricia Smullin 0 X 0 0 0 Guy Stephenson 0 X 0 0 0 James Albaugh 0 X 0 0 0 Bradley King 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 Ronald J Knox 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 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 - See Sch J Pt III 40 X X 701391 0 97063 Larry D Large - See Schedule O 40 X X 0 0 0 William A Yasinski 40 X X 147197 0 21956 Robert Olson 40 X X 155849 0 22501 Kristen Grainger 40 X 126098 0 27025 Symeon Symeonides 40 X 286355 0 43139 David Douglass 40 X 178963 0 24881 Debra Ringold 40 X 231348 0 31584 Madeleine Rhyneer 40 X 226974 0 30409 Ron Korvas 40 X 225768 0 31993 Peter Letsou 40 X 186308 0 21616 David Clark 40 X 180911 0 31548 2656162 0 383715 69 0 1 0 LCG Pence LLC 2747 Pence Loop SE Salem OR 97302 Building Construction 869066 FXG Construction LLC 1235 19th Street NE Salem OR 97301 Construction 392351 Cadent Energy Partners I LP 800 Westchester Avenue Suite 617N Rye Brook NY 10573 Investment management 149597 White Glove Building Maintenance Michael Williams PO Box 3108 Salem OR 97302 Building maintenance 103339 Canterbury Consulting 500 Union Street Suite 945 Seattle WA 98101 Investment consulting 101416 5 0 0 33424 0 2163992 6717879 1356421 8915295 Tuition and fees 611310 87731777 87731777 0 0 Room and Board fees 900099 11813377 11813377 0 0 Auxiliary income 611710 2653628 2653628 0 0 0 0 0 0 102198782 3121130 0 260 3120870 42064 0 0 42064 3655 0 0 3655 0 0 0 0 0 0 0 0 0 0 188284529 0 167422761 0 20861768 0 20861768 0 -64129 20925897 36375 33424 41822 -5447 0 0 -5447 0 0 0 0 0 0 0 0 0 0 0 0 Other income 900099 1335268 0 0 1335268 Adj related to trusts & annuities 900099 884840 0 0 884840 Loss on revenue bonds refunding 900099 -1861564 0 0 -1861564 0 0 0 0 358544 135495791 102198782 -63869 24445583 0 0 35184028 35184028 1133398 1133398 0 0 1005782 562946 442836 0 586819 0 586819 0 39739467 37194367 953760 1591340 3648376 3396428 106629 145319 5442813 5069539 158273 215001 3052335 2798092 136101 118142 0 0 0 0 99450 0 94935 4515 105171 0 105171 0 0 0 0 0 0 0 1013544 0 1013544 0 630812 502441 66800 61571 306681 262882 0 43799 2559525 2276264 54390 228871 834340 826306 8034 0 0 0 0 0 144984 144984 0 0 2272372 2011257 80494 180621 0 0 0 0 46152 0 46152 0 2548916 2548916 0 0 0 0 0 0 5243515 5243515 0 0 658149 19500 638649 0 Programming and Abroad Program 5569343 5436946 0 132397 Designated and Restricted expenses 5029831 5029831 0 0 Food Service 3103384 3103384 0 0 Utilities 2520914 2520914 0 0 Bookstore 1275925 1275925 0 0 2032246 1982451 27447 22348 125788272 118524314 4520034 2743924 0 0 7517255 13012320 12828036 9440383 2006468 2059198 0 0 0 0 10480084 10263618 0 0 1078450 1105849 216154983 72471243 137823780 143683740 133452401 120439702 80294798 105971553 0 0 0 1972230 2159348 387453502 408135711 15566505 16132442 0 0 2257478 2057435 49681127 65285571 0 0 0 0 176939 142658 4039612 0 13200377 13462820 84922038 97080926 X 38928271 40290474 142284962 147098451 121318231 123665860 302531464 311054785 387453502 408135711 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 228420 3019706 0 0 X X 0 197933688 2383021 31018728 5399820 9450582 1013544 215471491 267209451 2929983 -58175666 5021560 8380073 628447 197933688 0.07 0.93 0 1 0 0 8607797 8607797 0 151954652 41778793 110175859 0 12400633 7277834 5122799 0 5868935 5021319 847616 0 37322966 18393297 18929669 143683740 Hedge funds 46035206 F Private Equity funds 32611214 F Real Asset funds 20941261 F Venture Capital funds 6383872 F 105971553 Remainder trusts held by others 2159348 2159348 U.S. government loans advances, refundable 6827700 Annuities and trusts payable 6635120 13462820 135495791 125788272 9707519 -1184198 0 0 0 0 -1184198 8523321 97157693 -1184198 0 0 0 -1184198 98341891 1013544 36140356 37153900 135495791 88634372 0 0 0 41822 41822 88592550 1013544 36182178 37195722 125788272 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 $3,019,706 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_L00 Schedule D, Part X 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. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Student scholarships of $36,182,178 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 $41,822 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 $36,140,356. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Direct expenses for fundraising events totaling $41,822 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 $36,182,178 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. However, 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 The University posted its policy in the Oregonian newspaper during the period of solicitation for students. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 The University receives Title IV funds for financial aid purposes, as well as federal and state grants for faculty research and programming purposes. 1 1 Central America and the Caribbean 0 0 Grantmaking 4500 Central America and the Caribbean Investments East Asia and the Pacific 0 0 Program Services Study Abroad Program 93482 East Asia and the Pacific 0 0 Grantmaking 308731 Europe (including Iceland and Greenland) 1 2 Program Services Study Abroad Program 876317 Europe (including Iceland and Greenland) 0 0 Grantmaking 460438 Europe (including Iceland and Greenland) Investments Middle East and North Africa 0 0 Grantmaking 7000 North America (including Canada and Mexico, but not the United States) 0 0 Grantmaking 23625 Russia and the newly independent States 0 0 Grantmaking 6500 South America 0 0 Grantmaking 233187 South Asia 0 0 Grantmaking 5250 Sub-Saharan Africa 0 0 Grantmaking 84167 1 2 2103197 Scholarships Europe (including Iceland and Greenland) 50 460438 Applied to student bill to offset tuition and fees Scholarships East Asia and the Pacific 31 308731 Applied to student bill to offset tuition and fees Scholarships South America 22 233187 Applied to student bill to offset tuition and fees Scholarships Sub-Saharan Africa 9 84167 Applied to student bill to offset tuition and fees Scholarships North America (including Canada and Mexico, but not the United States) 2 23625 Applied to student bill to offset tuition and fees Scholarships Middle East and North Africa 1 7000 Applied to student bill to offset tuition and fees Scholarships Russia and the newly independent States 1 6500 Applied to student bill to offset tuition and fees Scholarships South Asia 1 5250 Applied to student bill to offset tuition and fees Scholarships Central America and the Caribbean 1 4500 Applied to student bill to offset tuition and fees 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. FORE Willamette 61441 33424 28017 0 4899 16257 6147 0 6223 Puttin' on the Ritz 8358 0 8358 0 0 0 5643 0 2653 0 69799 33424 36375 0 4899 16257 11790 0 8876 41822 -5447 1 Scholarships to students 2213 35048780 Student research grants 46 77775 Faculty research grants 23 53673 Other student awards & prizes 16 3800 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 & 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 go to the correct student. X X X X X 0 1 X X X X 0 0 0 0 0 0 0 0 0 M Lee Pelton - See Sch J Pt III 361738 0 0 0 339653 0 24500 0 72563 0 798454 0 0 0 William A Yasinski 144623 0 0 0 2574 0 12500 0 9456 0 169153 0 0 0 Robert Olson 152912 0 0 0 2937 0 15319 0 7182 0 178350 0 0 0 Kristen Grainger 125710 0 0 0 388 0 13253 0 13772 0 153123 0 0 0 Symeon Symeonides 273889 0 0 0 12466 0 24500 0 18639 0 329494 0 0 0 David Douglass 178463 0 0 0 500 0 17864 0 7017 0 203844 0 0 0 Debra Ringold 221700 0 0 0 9648 0 22257 0 9327 0 262932 0 0 0 Madeleine Rhyneer 196585 0 0 0 30389 0 20038 0 10371 0 257383 0 0 0 Ron Korvas 221157 0 0 0 4611 0 21427 0 10566 0 257761 0 0 0 Peter Letsou 185723 0 0 0 585 0 18717 0 2899 0 207924 0 0 0 David Clark 176613 0 0 0 4298 0 16568 0 14980 0 212459 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 received a tax gross-up payment during calendar year 2009 that was related to a one-time retention payment paid during calendar year 2008. Please see the note for Schedule J, Part II below for more details on this payment. 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 Dean of the Law School, the Vice President for Financial Affairs, the Dean of the Graduate School of Management, and the Vice President for Development & Alumni Relations. Personal services - childcare, housekeeping, landscaping - 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 President, M. Lee Pelton, 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. SchJ_P02_S00_L00 Schedule J, Part II Compensation information reported on the University's Form 990 for the 2008-09 fiscal year included the $349,000 loan made to the President by the University, M. Lee Pelton, as part of a one-time retention agreement which provided that the loan would be forgiven after five years. This forgiveness of indebtedness created taxable income for the President in 2008. The Board authorized a one-time payment to him in 2009 of $291,543, sufficient to cover the tax liabilities associated with forgiveness of the loan. This payment was included in his taxable income for 2009. State of Oregon - Oregon Facilities Authority 936001787 00068608J 2007-06-14 32409522 See Schedule O 0 0 State of Oregon - Oregon Facilities Authority 936001787 68608JMC2 2010-05-06 28540002 See Schedule O 0 0 32409522 0 8552379 0 419966 0 23437177 2009 0 1 1 1 28540002 6137920 13642850 0 373227 0 8386005 2011 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 Capital 120109 1 0 0 0 0 0 0 0 0 Need based scholarships FERPA privacy 12000 Music scholarship FERPA privacy 2000 Brian Hoyt Son of Trustee George Hoyt 107024 Employment 0 Carolyn Hoyt Daughter-in-law of Trustee George Hoyt 129664 Employment 0 Mary DeMuniz Spouse of Trustee Paul DeMuniz 45699 Employment 0 Jim Booth Father of Trustee Jay Booth 64249 Employment 0 X 36 228420 Opinion of Experts X 76173 Sale of comparable books X 31 1021801 Selling price X Athletic equipment 2 812 Cost of donated items X Food, beverages and other items donated for campus events 11 2718 Cost of donated items X Fundraiser auction items 36 4899 Cost of donated items X Furniture and office equipment 3 5398 Cost of the donated property X Musical instruments 1 16200 Opinion of experts 3 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 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 accounts in the countries 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; 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. Robert Packard, trustee, and Eric Friedenwald-Fishman, trustee: Business relationship. Punit Renjen, trustee, and James Albaugh, trustee: Business relationship. F990_P06_S0B_L11 Form 990, Part VI, Section B, Line 11 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 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 afer 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 of 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, key staff 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 formed a committee charged with the creation of a document retention and destruction policy. In addition, a consulting firm has been hired to assist the University with the process of creating a policy and related procedures. A policy draft has been created as a result of this process. 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 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 May of 2009. F990_P06_S0C_L17 Form 990, Part VI, Section C, Line 17 The University has recently reviewed its state registration requirements for states and is in the process of completing the required registration paperwork for the applicable states. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Audited financial statements are posted on the University 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. Larry Large, Interim President, served his term beginning in January of 2010. He is a current officer per the 990 definition, but did not serve and was not compensated during calendar year 2009. These factors result in showing hours worked, but no compensation. His compensation is incorporated into the fiscal year reporting in Part IX of the 990. 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. CR and DE Beaton CRUT 900 State Street Salem OR 97301 206785038 Charitable Remainder Trust OR N/A T 0 168001 1 Brosterhous CRUT 900 State Street Salem OR 97301 836051274 Charitable Remainder Trust OR N/A T 0 47952 1 WC and BA Bunney CRUT 900 State Street Salem OR 97301 376407370 Charitable Remainder Trust OR N/A T 0 340455 1 PDH Donald CRUT 900 State Street Salem OR 97301 776271148 Charitable Remainder Trust OR N/A T 0 80290 1 DC Hamilton Charitable Remainder Unitrust 900 State Street Salem OR 97301 936265744 Charitable Remainder Trust OR N/A T 0 39037 1 G and C Hoyt Unitrust 900 State Street Salem OR 97301 931237857 Charitable Remainder Trust OR N/A T 0 333111 1 RH and R Lafky Estate Trust 900 State Street Salem OR 97301 936121923 Simple Trust OR N/A T 0 26521 1 VD McConnell CRUT 900 State Street Salem OR 97301 936345807 Charitable Remainder Trust OR N/A T 0 67469 1 G Morgan Charitable Remainder Unitrust I 900 State Street Salem OR 97301 686240871 Charitable Remainder Trust OR N/A T 0 56116 1 G Morgan Charitable Remainder Unitrust II 900 State Street Salem OR 97301 686240872 Charitable Remainder Trust OR N/A T 0 333943 1 G Morgan Charitable Remainder Unitrust VII 900 State Street Salem OR 97301 686240878 Charitable Remainder Trust OR N/A T 0 114008 1 JJ Nichols Charitable Remainder Unitrust 900 State Street Salem OR 97301 206307663 Charitable Remainder Trust OR N/A T 0 92551 1 EA and HJ Peters CRUT 900 State Street Salem OR 97301 686240880 Charitable Remainder Trust OR N/A T 0 61653 0.5 DA and ME Peterson CRUT 900 State Street Salem OR 97301 206670537 Charitable Remainder Trust OR N/A T 0 41009 1 C and C Poppert CRUT 900 State Street Salem OR 97301 931202968 Charitable Remainder Trust OR N/A T 0 1121284 1 WL and LK Richter CRUT 900 State Street Salem OR 97301 931237864 Charitable Remainder Trust OR N/A T 0 35587 0.45 Slack Charitable Remainder Unitrust 900 State Street Salem OR 97301 736353995 Charitable Remainder Trust OR N/A T 0 210241 1 Svarverud Charitable Remainder Unitrust 900 State Street Salem OR 97301 306214957 Charitable Remainder Trust OR N/A T 0 51065 1 CE and TW Thompson CRUT 900 State Street Salem OR 97301 206370927 Charitable Remainder Trust OR N/A T 0 168507 1 GJ Tipton Charitable Remainder Unitrust 900 State Street Salem OR 97301 206683744 Charitable Remainder Trust OR N/A T 0 262023 0.5 AE Voigt Charitable Remainder Unitrust 900 State Street Salem OR 97301 911794468 Charitable Remainder Trust OR N/A T 0 209666 1 DE Walwyn CRUT I 900 State Street Salem OR 97301 936302582 Charitable Remainder Trust OR N/A T 0 338775 1 DE Walwyn CRUT II 900 State Street Salem OR 97301 911786078 Charitable Remainder Trust OR N/A T 0 490375 1 R and A Waring CRUT 900 State Street Salem OR 97301 936302516 Charitable Remainder Trust OR N/A T 0 56959 0.4 L Wilfert Charitable Remainder Unitrust 900 State Street Salem OR 97301 931202837 Charitable Remainder Trust OR N/A T 0 16963 0.25 RD and MA Wilson CRUT 900 State Street Salem OR 97301 206287410 Charitable Remainder Trust OR N/A T 0 475753 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0