2011-11-15T09:55:25-06:00 2011-06-30 SIKICH LLP 998 CORPORATE BLVD AURORA IL 60502 990 2010-07-01 362166964 AURORA UNIVERSITY AURO 6308926431 347 SOUTH GLADSTONE AVENUE AURORA IL 60506 BETH REISSENWEBER 6308926431 2011-11-11 1 ANDREW TWARDOWSKI 6305668400 2010 2016-03-07 17:11:31Z BETH REISSENWEBER CPA 347 SOUTH GLADSTONE AVENUE AURORA IL 60506 114406451 0 X WWW.AURORA.EDU X 1899 IL TO PROVIDE POST-SECONDARY UNDERGRADUATE AND GRADUATE EDUCATION. 30 30 1584 103 249226 -4444 18132256 13262041 65202108 68789491 -158219 5061979 132172 78674 83308317 87192185 22246425 25670163 0 0 34171320 34574665 44807 0 1449329 21243840 21831120 77706392 82075948 5601925 5116237 130528173 140879006 47115968 48534316 83412205 92344690 X THE PRIMARY PURPOSE OF AURORA UNIVERSITY IS TO PROVIDE POST-SECONDARY UNDERGRADUATE AND GRADUATE EDUCATION SHAPED BY ITS LONG-STANDING COMMITMENT TO EDUCATIONAL EXCELLENCE AND COMMUNITY PARTNERSHIP. THE UNIVERSITY IS GUIDED BY ITS MISSION TO BE AN INCLUSIVE COMMUNITY DEDICATED TO THE TRANSFORMATIVE POWER OF LEARNING AND CONTINUES TO UPHOLD ITS VALUES OF INTEGRITY, CITIZENSHIP, CONTINUOUS LEARNING, AND EXCELLENCE. 0 0 63748852 25670163 60847236 AURORA UNIVERSITY PROVIDES POST-SECONDARY EDUCATION AND RELATED ACTIVITIES AND SUPPORT SERVICES TO 2,936 UNDERGRADUATE STUDENTS AND 2,332 GRADUATE STUDENTS ON ITS THREE CAMPUSES IN AURORA, ILLINOIS, WILLIAMS BAY, WISCONSIN AND WOODSTOCK, ILLINOIS, AS WELL AS VARIOUS OTHER LOCATIONS. DURING THE YEAR, AU GRADUATED 628 STUDENTS WITH BACHELOR OF ARTS AND BACHELOR OF SCIENCE DEGREES AND 636 STUDENTS WITH GRADUATE DEGREES IN EDUCATION, SOCIAL WORK, BUSINESS, AND RECREATION. AS PART OF ITS MISSION, THE UNIVERSITY OFFERS CULTURAL AND EDUCATIONAL OPPORTUNITIES TO ITS STUDENTS, FACULTY, STAFF AND THE NEIGHBORING COMMUNITY. 5836863 6383675 AURORA UNIVERSITY HAS RESIDENCE HALL CAPACITY OF 667 BEDS ON ITS AURORA CAMPUS AS WELL AS OFFERING HOUSING SERVICES FOR ITS GRADUATE AND UNDERGRADUATE STUDENTS ON ITS WISCONSIN CAMPUS. FOOD SERVICE FOR STUDENTS AND STAFF IS PROVIDED AT THREE LOCATIONS ON THE AURORA CAMPUS AND A DINING HALL ON THE WISCONSIN CAMPUS. ADDITIONALLY, A BOOKSTORE ON THE AURORA CAMPUS SELLS TEXTBOOKS, SUPPLIES AND MISCELLANEOUS CONVENIENCE ITEMS TO STUDENTS, FACULTY AND STAFF. 2063148 1133037 GEORGE WILLIAMS COLLEGE CAMPUS PROVIDES FOOD SERVICES, LODGING AND MEETING ROOMS FOR ALL INDIVIDUALS PARTICIPATING IN A CONFERENCE OR SEMINAR. THE PROGRAM ANNUALLY PROVIDES SERVICES TO OVER 178 SCHOOLS, CHURCHES, HUMAN SERVICE ORGANIZATIONS AND RETREAT/PROGRAM GROUPS. 71648863 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 162 0 1 1584 1 1 1 1 CJ 0 0 1 1 1 1 0 0 0 0 X 30 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL WI X JOE ONZICK 6308445630 347 S GLADSTONE AVENUE AURORA IL 605064808 JIMMIE R ALFORD 2.00 X 0 0 0 DELBERT W ARSENAULT 1.00 X 0 0 0 DAVID R BERGMAN 1.00 X 0 0 0 HILARY K BRENNAN 2.00 X 0 0 0 PHILIP S CALI 2.00 X 0 0 0 DONALD A CHURCHILL 1.00 X 0 0 0 CHARLES B DOSS 1.00 X 0 0 0 GUINETTA EDWARDS 1.00 X 0 0 0 FARRELL L FRENTRESS 1.00 X 0 0 0 JOANNE HANSEN 2.00 X 0 0 0 RONALD M HEM 2.00 X 0 0 0 RICHARD G HAWKS 2.00 X 0 0 0 CHRISS JOHNS 1.00 X 0 0 0 RICHARD R KEARNEY 1.00 X 0 0 0 MICHAEL K KEEFE 1.00 X 0 0 0 DR DONALD E KIESO 2.00 X 0 0 0 KYLE MATTHEWS 1.00 X 0 0 0 RUTH MENDIUS 2.00 X 0 0 0 DR CALVIN R MYERS 2.00 X 0 0 0 GERALD PALMER 1.00 X 0 0 0 MYRON J RESNICK 2.00 X 0 0 0 SANTOS RIVERA 1.00 X 0 0 0 JOHN M ROESCH 1.00 X 0 0 0 DONALD A SCHINDLBECK 1.00 X 0 0 0 THOMAS R SCOTT 2.00 X 0 0 0 DAVID K STONE 1.00 X 0 0 0 THOMAS T STUHLEY 2.00 X 0 0 0 RONALD THOMAS 1.00 X 0 0 0 ROGER A TUCKER 2.00 X 0 0 0 FRANK K VORIS 2.00 X 0 0 0 WALTER ALEXANDER 1.00 X 0 0 0 JAMES E BENSON 1.00 X 0 0 0 TELL COFFEY 1.00 X 0 0 0 F JAMES GARBE 1.00 X 0 0 0 W A GREENE 1.00 X 0 0 0 FLORENCE S HART 1.00 X 0 0 0 RONALD KINNAMON 1.00 X 0 0 0 JOHN F MCKEE 2.00 X 0 0 0 FR MILLER 2.00 X 0 0 0 CALVIN B THELIN 2.00 X 0 0 0 REBECCA L SHERRICK PHD 60.00 X 404187 0 20125 BETH REISSENWEBER CPA 60.00 X 191093 0 18778 MARGARET E SHARRER 60.00 X 111157 0 10127 MARILYN D CAMPBELL CPA 60.00 X 92918 0 10707 ANDREW P MANION PHD 60.00 X 224744 0 12773 THEODORE C PARGE 60.00 X 227379 0 20029 WILLIAM B DUNCAN 60.00 X 183943 0 19543 LORA L DE LACEY 60.00 X 173187 0 13695 THOMAS H HAMMOND 60.00 X 160579 0 9588 DONNA M DESPAIN 60.00 X 164862 0 15416 THERESE H TOMASZKIEWICZ 60.00 X 157884 0 13336 2091933 0 164117 23 0 1 0 OSCAR J BOLDT CONSTRUCTION 2215 YORK ROAD SUITE 208 OAK BROOK IL 60523 CONSTRUCTION 6284142 SODEXO INC 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 FACILITIES & FOOD SERVICE MGMT 5652015 CORDOGAN CLARK & ASSOCIATES INC 960 RIDGEWAY AVENUE AURORA IL 60506 ARCHITECTURAL SERVICES 371848 ARTLIP & SONS INC 230 SOUTH BROADWAY AURORA IL 60505 PLUMBING 165310 4 11280876 1981165 118719 13262041 STUDENT TUITION AND FE 611310 60227717 60227717 AUXILIARY REVENUE 611310 6896210 6850667 45543 CULTURAL EDUCATION 611310 1044564 901634 142930 ATHLETIC EVENTS 611310 274302 274302 GOLF COURSE REVENUE 713910 185771 185771 160927 109628 51299 68789491 1178676 1178676 4769 4769 46376 24953 21423 21423 21423 30812460 260156 27093313 96000 3719147 164156 3883303 3883303 INSURANCE REFUND 900099 33311 33311 MISCELLANEOUS REVENUE 900099 5201 5201 CONFERENCE AND RENTALS 532000 3460 3460 10510 5994 4516 52482 87192185 68363948 249226 5316970 25670163 25670163 1352015 149074 1035250 167691 27360042 23015629 3527944 816469 1143330 1119653 12825 10852 2439089 2322436 94528 22125 2280189 2136502 118012 25675 140738 140738 100100 100100 224492 224492 8022687 6965501 878824 178362 543155 394402 102914 45839 2986554 2179137 747639 59778 519446 102123 389897 27426 1376294 1255486 112248 8560 660526 594381 37322 28823 80320 63244 9621 7455 608634 5564 602995 75 4372263 4003803 334758 33702 470388 35829 434186 373 COST OF GOODS SOLD 999185 999185 BAD DEBT EXPENSE 320819 320819 DUES, MEMBERSHIPS, & SU 224198 193266 21469 9463 ENTERTAINMENT 110340 59168 44511 6661 MISCELLANEOUS 50336 42853 7483 20645 20645 82075948 71648863 8977756 1449329 1545494 1802320 3305467 3500896 974386 774647 2042462 2197192 221026 229355 965166 879365 127576624 43814493 78153976 83762131 42045480 46351351 964876 1060842 309840 320907 130528173 140879006 5234837 4711389 5796397 5637363 25200000 25200000 7462554 9871699 3422180 3113865 47115968 48534316 X 45836803 52492620 18398464 20321519 19176938 19530551 83412205 92344690 130528173 140879006 X 5116237 3816248 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1352069 X X X 0 39149947 484977 7990363 677748 1191827 45755712 33428029 4113747 3802646 557485 1636990 39149947 40770775 839364 -6758379 962013 461718 33428029 0.45000 0.55000 0 0 3918816 3918816 88281703 25215818 63065885 106009 106009 0 19900736 13089455 6811281 15369360 5403211 9966149 83762131 DEPOSITS 327929 RETIREMENT BENEFIT OBLIGATION 1007219 ANNUITIES PAYABLE 792125 GOVT. ADVANCES FOR STUDENT LOANS 602343 OTHER LIABILITIES 203347 FAIR VALUE OF INTEREST RATE SWAPS 180902 3113865 87192185 82075948 5116237 4035881 -219633 3816248 8932485 65378942 4035881 2194898 6230779 59148163 28044022 28044022 87192185 56446457 1862059 1862059 54584398 27491550 27491550 82075948 PART III, LINE 4: 1. COLLECTIONS HELD BY THE UNIVERSITY INCLUDE THE SCHINGOETHE COLLECTION OF NATIVE AMERICAN MATERIALS AND ARTIFACTS. EACH YEAR, THE SCHINGOETHE CENTER HOSTS A VARIETY OF EVENTS AND PROGRAMS DESIGNED TO HELP INFORM ABOUT MANY ASPECTS OF NATIVE AMERICAN CULTURES, BOTH IN HISTORICAL AND CONTEMPORARY CONTEXTS. THE SCHINGOETHE CENTER'S MAIN GALLERY OF OVER 1,500 SQUARE FEET AND A SMALLER ATTACHED GALLERY FOR TEMPORARY EXHIBITS EXPLORE BOTH HISTORICAL AND CONTEMPORARY NATIVE AMERICAN MATERIALS FROM NORTH AMERICA. BOTH EARLY HISTORY AND CONTEMPORARY ARTISTRY ARE PRESENTED WITH ARTIFACTS FROM THE MAJOR CULTURAL REGIONS OF NATIVE AMERICANS IN NORTH AMERICA. THE EXHIBITIONS PRESENT A HARMONY IN LIVING AND ARTISTIC EXPRESSION. THE SCHINGOETHE CENTER IS A SOURCE FOR A WIDE VARIETY OF EDUCATIONAL RESOURCES THAT MAY BE BORROWED FOR CLASSROOM USE OR HOME STUDY, INCLUDING "DISCOVERY BOXES," AUDIO-VISUAL RESOURCES, AND TRAVELING EXHIBITS. IT ALSO OFFERS TOURS FOR SCHOOL CHILDREN FROM FIRST GRADERS ON, SPECIAL INTEREST, AND ADULT GROUPS. 2. THE JENKS COLLECTION OF ADVENTIST MATERIAL IS THE SECOND LARGEST COLLECTION OF HISTORIC ADVENT CHRISTIAN BOOKS, MURALS, PHOTOGRAPHS, AND OTHER MATERIALS THAT ARE AVAILABLE FOR RESEARCH. THE JENKS COLLECTION IS MANAGED WITHIN THE PHILLIPS LIBRARY. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT FUNDS OF THE UNIVERSITY PROVIDE SCHOLARSHIP, OPERATIONAL AND FACILITIES SUPPORT TO THE UNIVERSITY AND ITS TWO CAMPUSES LOCATED IN AURORA, ILLINOIS AND WILLIAMS BAY, WISCONSIN. MANY OF THE FUNDS ARE RESTRICTED TO SCHOLARSHIP PURPOSES, HOWEVER A SUBSTANTIAL AMOUNT OF FUNDS ARE BOARD DESIGNATED, OR QUASI-ENDOWMENT FUNDS PROVIDING STRATEGIC FINANCIAL RESOURCES TO THE UNIVERSITY. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: DURING THE FISCAL YEAR ENDED JUNE 30, 2010, THE UNIVERSITY ADOPTED THE AUTHORITATIVE GUIDANCE ISSUED BY THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS NOT BEEN MET. THIS GUIDANCE ALSO ADDRESSES DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE, AND TRANSITION. THE ADOPTION OF THIS GUIDANCE DID NOT HAVE ANY MATERIAL EFFECT ON THE UNIVERSITY'S FINANCIAL POSITION, RESULTS OF OPERATIONS, OR CASH FLOWS. THE UNIVERSITY CONDUCTS BUSINESS SOLELY IN THE UNITED STATES OF AMERICA AND FILES EXEMPT ORGANIZATION TAX RETURNS FOR THE UNITED STATES, ILLINOIS, AND WISCONSIN. IN THE NORMAL COURSE OF BUSINESS, THE UNIVERSITY IS SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. THE UNIVERSITY'S TAX RETURNS FOR YEARS SUBSEQUENT TO FISCAL YEAR 2007 ARE OPEN, BY STATUTE, FOR REVIEW BY AUTHORITIES. HOWEVER, AT PRESENT, THERE ARE NO ONGOING INCOME TAX AUDITS OR UNRESOLVED DISPUTES WITH THE VARIOUS TAX AUTHORITIES THAT THE UNIVERSITY CURRENTLY FILES OR HAS FILED WITH. PART XI, LINE 8 - OTHER ADJUSTMENTS: ADJUSTMENT OF ANNUITIES -63,139. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 332,839. INVESTMENT ACTIVITY FROM PASSTHROUGH -489,333. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSE 1,837,106. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 332,839. RENTAL EXPENSE 24,953. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND AID 18,199,968. GOVERNMENT GRANT EXPENSE 9,067,089. ADJUSTMENT OF ANNUITY 63,139. INVESTMENT EXPENSES 206,930. NET INVESTMENT INCOME (LOSS) FROM PASSTHROUGH 506,896. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 24,953. FINANCIAL AID EXPENSE 1,837,106. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND AID 18,199,968. GOVERNMENT GRANT EXPENSE 9,067,089. INVESTMENT EXPENSES 206,930. INVESTMENT EXPENSES FROM PASSTHROUGH 17,563. 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 A STATEMENT INDICATING THE UNIVERSITY'S NONDISCRIMINATORY POLICY IS INCLUDED IN ALL BROCHURES, CATLOGUES AND ANNOUNCEMENTS DEALING WITH STUDENT ADMISSIONS, PROGRAMS AND SCHOLARSHIPS, AND IS PRESENT ON THE UNIVERSITY'S WEBSITE. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 AURORA UNIVERSITY RECEIVED FINANCIAL AID FROM GOVERNMENTAL AGENCIES WHICH INCLUDE THE DEPARTMENT OF EDUCATION AND THE DEPARTMENT OF VETERAN AFFAIRS. 1 SCHOLARSHIPS 2852 25670163 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE FINANCIAL AID OFFICE CLOSELY MONITORS ANY CHANGES IN THE STATUS OF FINANCIAL AWARD RECIPIENTS THAT WOULD RESULT IN A CORRESPONDING CHANGE IN THE AMOUNT OF AID AWARDED. ANY SUCH CHANGES ARE AUTOMATICALLY DETECTED AND REPORTED BY A SERIES OF SPECIAL REPORTS THAT ARE RUN ON A REGULAR BASIS. MOREOVER, THE OFFICE OF STUDENT ACCOUNTS ENSURES THAT THE CHARGES TO WHICH THE FINANCIAL AID AWARDS ARE APPLIED ARE CONSISTENT WITH THE INTENDED USE OF THE AWARDS. X 1 1 X X X X X X 0 0 0 0 0 0 0 1 0 REBECCA L SHERRICK PHD 350000 0 40000 0 14187 0 14700 0 5425 0 424312 0 0 0 BETH REISSENWEBER CPA 187658 0 3000 0 435 0 11140 0 7638 0 209871 0 0 0 ANDREW P MANION PHD 206000 0 15000 0 3744 0 12360 0 413 0 237517 0 0 0 THEODORE C PARGE 206000 0 15000 0 6379 0 12360 0 7669 0 247408 0 0 0 WILLIAM B DUNCAN 174836 0 8000 0 1107 0 10490 0 9053 0 203486 0 0 0 LORA L DE LACEY 164800 0 8000 0 387 0 9888 0 3807 0 186882 0 0 0 THOMAS H HAMMOND 154500 0 5000 0 1079 0 9270 0 318 0 170167 0 0 0 DONNA M DESPAIN 154500 0 10000 0 362 0 9270 0 6146 0 180278 0 0 0 THERESE H TOMASZKIEWICZ 154500 0 3000 0 384 0 9270 0 4066 0 171220 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE PROVIDED IS TREATED AS TAXABLE COMPENSATION. PART I, LINE 7 A MERIT BONUS WAS PAID CITY OF AURORA KANE DUPAGE WILL AND KENDALL COUNTIES ILLINOIS 366005778 0516480BC 2004-11-17 12000000 TO FINANCE VARIOUS CAPITAL EXPENDITURES 0 0 0 12441259 167587 9572 12264100 2006 0 0 1 1 0 0 0 0 1 1 0 1 1 BMO CAPITAL MARKETS 0.800000000000 0 0 0 0 0 RONALD M HEM TRUSTEE 6790 RONALD M. HEM (BOARD OF TRUSTEES) IS A MEMBER OF THE LAW FIRM ALSCHULER, SIMANTZ, AND HEM, LLC TO WHICH THE UNIVERSITY PAID $6,790 FOR LEGAL COUNSEL PROVIDED REGARDING REAL ESTATE TRANSACTIONS. 0 JIMMIE R ALFORD TRUSTEE 32852 JIMMIE R. ALFORD (BOARD OF TRUSTEES) IS FOUNDER AND CHAIR OF THE ALFORD GROUP TO WHICH THE UNIVERSITY PAID $32,852 FOR EXECUTIVE SEARCH SERVICES PROVIDED FOR THE VP OF COMMUNICATIONS AND STRATEGIC GRANT DEVELOPMENT AND COUNSEL SERVICES. 0 DOUGLAS W KIESO SON OF TRUSTEE - DR. DONALD E. KIESO 85316 DOUGLAS W. KIESO (SON OF TRUSTEE - DR. DONALD KIESO) IS EMPLOYED AS THE ASSOCIATE PROFESSOR OF CRIMINAL JUSTICE FOR WHICH HE RECEIVED $85,316 IN COMPENSATION AND BENEFITS FROM THE UNIVERSITY. 0 AMY S MANION WIFE OF PROVOST - DR. ANDREW MANION 47096 AMY S MANION (WIFE OF PROVOST - DR. ANDREW MANION) IS EMPLOYED AS THE INFORMATION SERVICES LIBRARIAN FOR WHICH SHE RECEIVED $47,096 IN COMPENSATION AND BENEFITS FROM THE UNVERSITY. 0 X 3 118719 AVERAGE STOCK PRICE 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 RONALD H. HEM IS A PARTNER IN THE LAW FIRM TO WHICH THE UNIVERSITY PAID FOR LEGAL COUNSEL PROVIDED REGARDING REAL ESTATE TRANSACTIONS. JIMMIE R. ALFORD IS FOUNDER AND CHAIR OF THE COMPANY TO WHICH THE UNIVERSITY PAID FOR EXECUTIVE SEARCH SERVICES PROVIDED FOR THE VP OF COMMUNICATIONS AND STRATEGIC GRANT DEVELOPMENT AND COUNSEL SERVICES. FORM 990, PART VI, SECTION B, LINE 11 THE AUDIT COMMITTEE MEMBERS AND THE CHAIR, TRUSTEE COMMITTEE CHAIR, AND CHAIRMAN OF THE BOARD OF TRUSTEES ARE RESPONSIBLE FOR REVIEWING THE DRAFT FORM 990 PRIOR TO FILING. THE DRAFT FORM 990 IS AVAILABLE TO ALL BOARD MEMBERS FOR THEIR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE SECRETARY OF THE BOARD OF TRUSTEES IS CHARGED WITH CONTACTING ALL BOARD MEMBERS TO COMPLETE THE ANNUAL CONFLICT OF INTEREST FORM. FOLLOW-UP REQUESTS ARE MADE UNTIL THE FORM HAS BEEN COMPLETED. FOR STAFF, THE VICE PRESIDENT FOR FINANCE SENDS A REQUEST TO ALL STAFF WHO ARE REQUIRED TO COMPLETE THE ANNUAL CONFLICT OF INTEREST FORM. FOLLOW-UP REQUESTS ARE MADE UNTIL THE FORM HAS BEEN COMPLETED. THE CHAIR OF THE TRUSTEE COMMITTEE REVIEWS ALL CONFLICT OF INTEREST STATEMENTS SUBMITTED BY ALL TRUSTEES. IF CONFLICTS REQUIRE ADDITIONAL REVIEW, THE UNIVERSITY BY-LAWS PROVIDES FOR A SPECIAL COMMITTEE TO BE FORMED TO ADDRESS SUCH CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE SALARIES OF KEY EMPLOYEES ARE REVIEWED EACH YEAR BY THE PRESIDENT. A SCAN OF COMPARABLE MARKET SALARIES FOR EQUIVALENT POSITIONS IS DONE TO ASSESS APPROPRIATE COMPENSATION LEVELS. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE PRESIDENT'S COMPENSATION ON AN ANNUAL BASIS. THE CHAIRPERSON OF THE EXECUTIVE COMMITTEE, THE IMMEDIATE PAST CHAIR OF THE BOARD OF TRUSTEES, CURRENT CHAIR OF THE BOARD OF TRUSTEES AND VICE CHAIRS ARE MEMBERS OF THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 SUCH DOCUMENTS ARE AVAILABLE UPON REQUEST GIVEN REQUISITE NEED. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 4,035,881. ADJUSTMENT OF ANNUITIES -63,139. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 332,839. INVESTMENT ACTIVITY FROM PASSTHROUGH -489,333. TOTAL TO FORM 990, PART XI, LINE 5: 3,816,248.