2026-04-14T19:23:14-05:00 2025-05-31 010523282 Berry Dunn McNeil & Parker LLC 2211 Congress St Portland ME 04102 990 2024-06-01 030179424 Norwich University NORW 8024852040 158 Harmon Drive Northfield VT 05663 John Broadmeadow President 8024852040 2026-04-14 1 1 Joseph R Byrne P01289281 2077752387 2026-04-14 2024 2025-03-06 01:10:19Z John Broadmeadow 158 Harmon Drive Northfield VT 05663 209121845 0 X www.norwich.edu X 1819 VT Norwich's mission is to give our youth an education that shall be American in its character. 28 27 1707 500 15117 0 43489378 36201195 142656712 142707741 12471449 12692636 289054 362388 198906593 191963960 83016849 80454336 0 0 61620650 63812224 0 0 3250103 53858513 55112824 198496012 199379384 410581 -7415424 517611300 526446803 90933829 87267396 426677471 439179407 Norwich's mission is to give our youth an education that shall be American in its character. 0 0 154756984 80454336 138712010 Instructional - student body of over 3,000 graduate and undergraduate students. Library and computer center servicing student body, faculty and staff. Web-based instructional platform supporting over 1,000 graduate and undergraduate students. Students receive campus-based grants, scholarships and awards coupled with aid from federally funded programs. 21889088 11312357 Auxiliary enterprises and other student services include cafeteria, dormitories, bookstore and uniform shop servicing the undergraduate population of over 2,000 undergraduate students. 176646072 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 1 1 0 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 1 4706 0 1 1707 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 AK CO ME MD MA MI NV NH NY OH OR SC X X Susannah Naylor 8024852890 158 Harmon Drive Northfield VT 05663 John Broadmeadow President 40.00 0.00 X X 277413 0 56889 Alfred Gobeille Chair 2.50 0.00 X 0 0 0 Anthony Agnitti Trustee 2.50 0.00 X 0 0 0 Trevor Albertson Trustee 2.50 0.00 X 0 0 0 Mark Bowman Trustee 2.50 0.00 X 0 0 0 John Collins Trustee 2.50 0.00 X 0 0 0 Larry Costa Trustee 2.50 0.00 X 0 0 0 Isabelle Desjardins Trustee 2.50 0.00 X 0 0 0 Philip Down Trustee 2.50 0.00 X 0 0 0 Patricia Elmer Trustee 2.50 0.00 X 0 0 0 Maxine Grad Trustee 2.50 0.00 X 0 0 0 Stephen Jones Trustee 2.50 0.00 X 0 0 0 John Koziol Trustee 2.50 0.00 X 0 0 0 Joan LaFrance Trustee 2.50 0.00 X 0 0 0 Blair Lavoie Trustee 2.50 0.00 X 0 0 0 Francisco Leija Trustee 2.50 0.00 X 0 0 0 Pamela Little Trustee 2.50 0.00 X 0 0 0 Vincent McDermott Trustee 2.50 0.00 X 0 0 0 David Noll Trustee 2.50 0.00 X 0 0 0 David Orfao Trustee 2.50 0.00 X 0 0 0 Michael Palmer Trustee 2.50 0.00 X 0 0 0 David Pierce Trustee 2.50 0.00 X 0 0 0 E Miles Prentice Trustee 2.50 0.00 X 0 0 0 Benjamin Price Trustee 2.50 0.00 X 0 0 0 William Priesmeyer Trustee 2.50 0.00 X 0 0 0 Landers Symes Trustee 2.50 0.00 X 0 0 0 Patricia Tracey Trustee 2.50 0.00 X 0 0 0 Robert Young Trustee 2.50 0.00 X 0 0 0 Karen Gaines Provost 40.00 0.00 X 321509 0 33453 William McCollough Commandant and VP Student Affairs 40.00 0.00 X 188807 0 40761 George Silowash CIO 40.00 0.00 X 163463 0 8836 Leroy Young CFO 40.00 0.00 X 143367 0 35871 Danielle Pelczarski Senior VP and Chief of Staff 40.00 0.00 X 165528 0 10260 James Louis Dunkelman Interim CFO 40.00 0.00 X 156910 0 154 Jamie Comolli Assistant Secretary 40.00 0.00 X 73202 0 5994 Jessica Wood Dir & Ass. Prof of Nursing 40.00 0.00 X 223638 0 41523 Kimberly Reilly VP of Enrollment Management 40.00 0.00 X 187876 0 28966 Sharon Rose Hamilton VP for Strategic Partnerships 40.00 0.00 X 172454 0 13155 Frank Vanecek Professor of Information Tech. 30.00 0.00 X 173404 0 13155 Bizhan Yahyazadeh VP Facilities 40.00 0.00 X 167009 0 26074 Elizabeth Potskowski VP Development 40.00 0.00 X 203077 0 13552 Dr Julia Bernard VP of DEI 40.00 0.00 X 166303 0 19583 Huw Read Professor of Computer Security 30.00 0.00 X 204320 0 33836 Aron Temkin Dean of College Pro. Schools 30.00 0.00 X 160026 0 18868 Dr Lea Williams Assistant Provost 40.00 0.00 X 159918 0 25316 Michael Battig Professor 30.00 0.00 X 173731 0 37010 Corey Bennett Senior Lecturer for Nursing 30.00 0.00 X 162348 0 24411 3644303 0 487667 82 0 1 0 Sodexo Inc 7100 Commerce Way Brentwood TN 37027 Food services 7683061 EF Wall & Associates Inc 131 S Main St Barre VT 05641 General Contractor 1975329 Ellucian Company LLC 2003 Edmund Halley Drive Reston VA 20191 ERP Software Provider 1655379 Jones Architecture Inc 10 Derby Square Salem MA 01970 Architecture and Design services 1080863 Boundless Learning DBA Embanet 9720 Wilshire Blvd Beverly Hills CA 90212 Online Learning services 933027 32 30072 339033 27190149 8641941 96155 36201195 Tuition 611310 114525956 114525956 Room & Board 611310 24062157 24062157 Auxiliary Services 611310 3995732 3980452 15280 Student Loan Interest 900099 123896 123896 142707741 5376010 -163 5376173 15340 15340 762465 450024 312441 312441 312441 23763905 16447279 7316626 7316626 7316626 274174 339033 257882 16292 16292 21015 2700 18315 18315 191963960 142692461 15117 13055187 15302816 15302816 65131607 65131607 19913 19913 1685009 640237 1044772 52725325 43763939 6713802 2247584 2771509 2300453 352912 118144 3093680 2567867 393935 131878 3536701 2935590 450347 150764 962827 836408 126419 98387 98387 127650 127650 1967431 1967431 4772834 4032739 640303 99792 1431069 639936 790822 311 430336 297769 98445 34122 3811279 1583107 2125855 102317 3335688 3325186 10059 443 4568547 4041881 361975 164691 58096 54226 3870 2873200 2731971 141229 8656368 8230488 425880 1487814 1487814 Miscellaneous Expenses 9542203 7740754 1621712 179737 Food service 7829352 7549967 278505 880 Supplies 2153604 1913079 221085 19440 Outsourced Admissions 1006139 1006139 199379384 176646072 19483209 3250103 X 30920176 28899911 6123512 4431659 13760031 11620638 1724642 1270474 1979198 2385458 2245370 2980516 342971468 179348808 164759463 163622660 92645398 99688020 187896815 201417362 15556695 10130105 517611300 526446803 5821368 11076089 5728763 5694540 65045965 61684978 1822107 0 12515626 8811789 90933829 87267396 X 193992446 193604295 232685025 245575112 426677471 439179407 517611300 526446803 X -7415424 18811846 1105514 X 0 1 X 1 1 1 X 25214598 27830528 27562974 43489378 36201195 160298673 25214598 27830528 27562974 43489378 36201195 160298673 2350921 157947752 4194469 2169139 4069641 5522949 6153978 22110176 10496 34607 45103 182453952 728772321 0.86570 0.86340 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 12016 12016 0 Part II-B, Line 1: Norwich University pays dues to several associations which include as part of their ongoing activities lobbying activities with federal and state legislative bodies. Norwich estimates that a quarter of dues paid to such organizations finance such lobbying activities, the total of which is $12,016. X X X X 0 290699280 4818442 30571006 9626728 10454490 2293649 303713861 271823104 4447681 41426238 12039665 13284879 1673199 290699280 292956988 5400168 -3345716 6380565 15784088 1023683 271823104 338240724 4727117 -38208664 5318298 5472762 1011129 292956988 224549886 4652080 121313475 3964889 6408065 1901763 338240724 0.26010 0.73980 0.00010 0 0 1051510 1051510 253336098 117246597 136089501 47356487 43105061 4251426 41227373 18997150 22230223 163622660 Equity Alternative Investments 89016550 F Hedge Fund Alternative Investments 26509987 F Private Equity Alternative Investments 84658616 F Other Alternative Investments 1232209 F 201417362 Lease Obligation 1250753 Swap Valulation 3628921 Federal Liability for Loan Programs 1918082 Split Interest Agreements 2014033 8811789 X Part III, Line 1a: The University's collections are made up of artifacts of historical significance, scientific specimens, and art objects that are held for educational, research, scientific and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. The University's collections, which were acquired through purchases and contributions since the University's inception, are not recognized as assets on the statement of financial position. Purchases of collection items are recorded as decreases in net assets without donor restrictions in the year in which the items are acquired, or as net assets with donor restrictions if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. The University records items of collections, which are received for educational purposes and generally displayed throughout the University, as gifts at nominal value. These gifts are not disposed of for financial gain or otherwise encumbered in any manner. Part III, Line 4: The Sullivan Museum and History Center, the museum of Norwich University, has a collection of 14,00016,000 objects which are used to share the collective stories of the thousands of Norwich students, faculty, and staff since its founding in 1819. The collection began around 1900 and is still growing today with the generous donations of Norwich alumni and friends. Today the collection process is overseen by a collection committee and two professionally trained museum staff members, a director and a curator. The collection contains fine arts (paintings, sculptures, prints), decorative arts (furniture, etc.), military firearms and other weapons, textiles (uniforms and flags), personal collections of various military officers from Captain Alden Partridge, our founder, to the present, and items representing the various departments of the university including musical instruments, engineering equipment, sports items, cavalry and aviation equipment, and business machines. The Sullivan Museum is considered a "teaching museum," a term officially adopted by the American Association of University Museums and Galleries, which indicates an institution with the primary purpose of using its collections as a teaching resource. Museum staff is committed to working with all faculty and classes across campus in multiple disciplines and has a special "smart classroom" within the museum for that purpose. The museum strives to integrate itself into the curriculum in various ways including offering exhibition and program opportunities to both faculty and staff; making the collection resources available to all for research and project use; and directly teaching in the museum for various classes such as English, literature, and history. Part V, Line 4: The purpose of the Norwich University endowment is to generate a stream of earnings to support current operations under an investment strategy designed to maintain, or grow, corpus value in real or inflation adjusted terms. The Board of Trustees has adopted a spending plan whereby the University utilizes 5% of the product of the average pooled unit value for the 12 prior quarters ending December 31 and the number of pooled units on hand at December 31. The annual endowment distribution is split evenly between university scholarships and the university general fund. Endowment funds also support academic enrichment, faculty development, student loans, margin of excellence programs, and numerous other activities. The Board deemed it appropriate to approve an additional draw percentage from the endowment, to help support the University during temporary enrollment challenges. Part X, Line 2: The University is a nonprofit corporations as described in Section 501(c)(3) of the U.S. Internal Revenue Code (IRC) and is generally exempt from income taxes under Section 501(a) of the IRC. The University believes it has taken no significant uncertain tax positions. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The University's application form contains a statement of the School's nondiscrimination policy, as does the University's recruiting literature, University catalogue, and website homepage. Schedule E, Part I, Line 6 The University receives student loan and grant funds from the federal government which are disbursed to students based upon financial need according to federal guidelines. 1 East Asia and the Pacific 0 0 Program services Study Abroad 124695 Europe (Including Iceland & Greenland) 1 5 Program services Study Abroad 154897 Europe (Including Iceland & Greenland) 0 0 Grantmaking Scholarships 13293 Central America and the Caribbean 0 0 Investments 77279967 Sub-Saharan Africa 0 0 Investments 1786866 Europe (Including Iceland & Greenland) 0 0 Grantmaking Grant to an Organization 6620 1 5 0 0 1 5 79366338 0 79366338 Europe (Including Iceland & Greenland) Humanitarian 6620 Wire 0 1 0 Scholarships Europe (Including Iceland & Greenland) 1 Tuition Scholarship 13293 Tuition Assistance FMV 1 0 1 1 1 0 Part I, Line 2: Norwich University offers financial assistance to students who are accepted to participate in approved study abroad programs. In order to qualify for the assistance, a student must be enrolled fulltime, must have achieved a satisfactory grade point average at Norwich University and must have a demonstrated financial need. The Office of the Provost, with assistance from the Financial Aid Office, selects and monitors the participants. Brian Bill Golf Tournament 344402 206798 137604 25953 32136 39174 Fins and Feathers 178410 85675 92735 9066 31790 14849 63611 2 88795 46560 42235 0 0 29309 9801 2192 611607 339033 272574 9066 87052 56786 104977 257881 14693 21015 2700 1 1.00000 21015 2700 2700 18315 0 0 0 0 0 0 1 Forsyth Technical Community College 2100 Silas Creek Parkway WinstonSalem NC 27103 561070364 501(c)(3) 7463 0 To manage a coalition of nine institutions of higher learning to develop the NCAE-C Careers Preparation National Center (CPNC) Montreat College 310 Gaither Circle Montreat NC 28757 560543261 501(c)(3) 142734 0 To manage a coalition of nine institutions of higher learning to develop the NCAE-C Careers Preparation National Center (CPNC) NUARI - NU Applied Research Institute PO Box 30 Northfield VT 05663 061669185 501(c)(3) 1518947 0 To help develop and deliver training to address urgent and emerging preparedness gaps for the nation; to create and manage a collaborative cybersecurity educational program with community colleges, colleges, and universities that establishes standards for cybersecurity curriculum and academic excellence, includes competency development among students and faculty, values community outreach and leadership in professional development, Integrates cybersecurity practice within the institution across academic disciplines, Actively engages in solutions to challenges facing cybersecurity education; For software tools to support the services plans for command and control of the information environment OCHIN Inc 1881 SW Naito Parkway Portland OR 97201 200195556 501(c)(3) 356251 0 To enhance the participation and representation of researchers and communities currently under-resourced in the development of AI/ML models and to improve the capabilities of this emerging technology Purdue University 610 Purdue Mall West Lafayette IN 47907 833289520 501(c)(3) 141317 0 To manage a coalition of nine institutions of higher learning to develop the NCAE-C Careers Preparation National Center (CPNC) SecurEd Inc 400 Concar Drive San Mateo CA 94402 824516895 501(c)(3) 285865 0 To manage a coalition of nine institutions of higher learning to develop the NCAE-C Careers Preparation National Center (CPNC) Stevens Institute of Technology 1 Castle Point Terrace Hoboken NJ 07030 221487354 501(c)(3) 79965 0 To manage a coalition of nine institutions of higher learning to develop the NCAE-C Careers Preparation National Center (CPNC) Texas A&M University 400 Bizzell Street College Station TX 77840 742245072 501(c)(3) 2271635 0 For software tools to support the services plans for command and control of the information environment The Citadel 171 Moultrie Street Charleston SC 29409 576020493 501(c)(3) 2466800 0 For software tools to support the services plans for command and control of the information environment University of Mississippi 1817 University Ave University MS 38677 646001159 501(c)(3) 688686 0 To manage a coalition of nine institutions of higher learning to develop the NCAE-C Careers Preparation National Center (CPNC) University of North Georgia 82 College Circle Dahlonega GA 30597 237066297 501(c)(3) 2054058 0 For software tools to support the services plans for command and control of the information environment; to create and manage a collaborative cybersecurity educational program with community colleges, colleges, and universities that establishes standards for cybersecurity curriculum and academic excellence, includes competency development among students and faculty, values community outreach and leadership in professional development, integrates cybersecurity practice within the institution across academic disciplines, actively engages in solutions to challenges facing cybersecurity education University of Washington 1410 NE Campus Parkway Seattle WA 98195 943079432 501(c)(3) 18799 0 To manage a coalition of nine institutions of higher learning to develop the NCAE-C Careers Preparation National Center (CPNC) University Enterprises Corporation 6000 J Street Suite 3800 Sacramento CA 95819 956067343 501(c)(3) 114662 0 To manage a coalition of nine institutions of higher learning to develop the NCAE-C Careers Preparation National Center (CPNC) University of North Texas 1155 Union Circle Denton TX 76205 237232618 501(c)(3) 207542 0 To manage a coalition of nine institutions of higher learning to develop the NCAE-C Careers Preparation National Center (CPNC) University of Texas Health Sciences 6410 Fannin Street Houston TX 77030 741761309 501(c)(3) 126819 0 To enhance the participation and representation of researchers and communities currently under-resourced in the development of AI/ML models and to improve the capabilities of this emerging technology VMI Research Laboratories Inc 319 Letcher Avenue Lexington VA 24450 540737652 501(c)(3) 1628205 0 For software tools to support the services plans for command and control of the information environment Virginia Tech Foundation Inc 902 Prices Fork Road 4000 Blacksburg VA 24061 540721690 501(c)(3) 2723068 0 For software tools to support the services plans for command and control of the information environment; to create and manage a collaborative cybersecurity educational program with community colleges, colleges, and universities that establishes standards for cybersecurity curriculum and academic excellence, includes competency development among students and faculty, values community outreach and leadership in professional development, integrates cybersecurity practice within the institution across academic disciplines, actively engages in solutions to challenges facing cybersecurity education Town of Northfield 51 South Maine Street Northfield VT 05663 036000607 Government 470000 0 General Support 18 0 Scholarships 2240 65131607 FMV Tuition Assistance Part I, Line 2: Virtually all University funded scholarships are tied to the students' grade point average (GPA) or based upon financial need as determined by the Free Application for Federal Student Aid (FAFSA). Annually, the GPA and need are reviewed to determine compliance with the University standard. If a student's GPA falls below the minimum requirement, the scholarship is either removed or reduced by half. Students can appeal to have the scholarship restored if their GPA returns to the required level. Need based scholarships are carried forward each year once the student has completed the FAFSA. The University provides assistance to certain local governmental and not for profit organizations that provide critical infrastructural support to the University. The assistance is considered a donation and the University does no further monitoring of the use of the funds. X 1 1 X X X 0 0 0 0 0 0 0 0 0 Karen Gaines Provost 320943 0 0 0 566 0 23530 0 9923 0 354962 0 0 0 John Broadmeadow President 275951 0 0 0 1462 0 19718 0 37171 0 334302 0 0 0 Jessica Wood Dir & Ass. Prof of Nursing 223440 0 0 0 198 0 16024 0 25499 0 265161 0 0 0 Huw Read Professor of Computer Security 204217 0 0 0 103 0 14815 0 19021 0 238156 0 0 0 William McCollough Commandant and VP Student Affairs 188420 0 0 0 387 0 14131 0 26630 0 229568 0 0 0 Kimberly Reilly VP of Enrollment Management 187205 0 0 0 671 0 13500 0 15466 0 216842 0 0 0 Elizabeth Potskowski VP Development 202915 0 0 0 162 0 12577 0 975 0 216629 0 0 0 Michael Battig Professor 172994 0 0 0 737 0 12187 0 24823 0 210741 0 0 0 Bizhan Yahyazadeh VP Facilities 164511 0 0 0 2498 0 11973 0 14101 0 193083 0 0 0 Corey Bennett Senior Lecturer for Nursing 162312 0 0 0 36 0 11759 0 12652 0 186759 0 0 0 Frank Vanecek Professor of Information Tech. 169671 0 0 0 3733 0 12577 0 578 0 186559 0 0 0 Dr Julia Bernard VP of DEI 166118 0 0 0 185 0 9694 0 9889 0 185886 0 0 0 Sharon Rose Hamilton VP for Strategic Partnerships 171733 0 0 0 721 0 12805 0 350 0 185609 0 0 0 Dr Lea Williams Assistant Provost 159703 0 0 0 215 0 11643 0 13673 0 185234 0 0 0 Leroy Young CFO 143163 0 0 0 204 0 10311 0 25560 0 179238 0 0 0 Aron Temkin Dean of College Pro. Schools 159536 0 0 0 490 0 11625 0 7243 0 178894 0 0 0 Danielle Pelczarski Senior VP and Chief of Staff 164742 0 0 0 786 0 9753 0 507 0 175788 0 0 0 George Silowash CIO 163270 0 0 0 193 0 7892 0 944 0 172299 0 0 0 James Louis Dunkelman Interim CFO 155752 0 0 0 1158 0 0 0 154 0 157064 0 0 0 Part I, Line 1a Both the President and the Commandant of Cadets are provided housing as a condition of employment, and for the convenience of the employer. The values of housing provided to the President and to the Commandant of Cadets are included in Form 990 as part of their nontaxable benefits, for the year through December 31, 2024, in the amounts of $35,700 and $26,208, respectively. A Vermont Educational & Health Building Financing Agency 237154467 2017-12-27 60490068 Refinance 2008 Construction Bonds 0 0 0 B Vermont Educational & Health Building Financing Agency 237154467 924166FP1 2013-12-23 24515000 Construction Financing 0 0 0 A 16690068 60490068 60490068 2009 1 0 1 1 B 6210000 24515000 516563 457908 22960299 580230 2014 0 0 1 1 A 0 1 1 1 0 0.02000 0.00000 0.02000 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 1 1 TD Securities 30.000000000000 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 Schedule K, Part IV, Arbitrage, Line 2C: Issuer Name: Vermont Educational & Health Buildings Financing Agency The rebate computation was performed in 2020. Issuer Name: Vermont Educational & Health Buildings Financing Agency The rebate computation was performed in 2020. X 4 8307 FMV X Prizes 73 75186 FMV X Event Supplies 65 12662 FMV 0 0 1 0 Form 990 Part I, Line 1, Part III, Line 1 Norwich University's mission is to give our youth an education that shall be American in character to enable them to act as well as to think to execute as well as to conceive "to tolerate all opinions when reason is left free to combat them" to make moral, patriotic, efficient, and useful citizens, and to qualify them for all those high responsibilities resting upon a citizen of this free republic. Norwich's mission statement is unique in higher education. We know exactly who we are, why we are here, and where we are going. We are able to be very specific: The distinctive terms and phrases found in this mission statement provide important clues in understanding the essence of this organization, and ultimately the directions we will seek and the outcomes we will require of our students. The most distinguishing terms are: American in character Global in perspective Mutual respect Service Thinking and acting Conceiving and executing Making moral and patriotic citizens Making useful citizens qualifying graduates for responsibilities of a free republic These, as well as other distinguishing outcomes of the Norwich experience, are discussed below: American in character means that we teach students to understand and hold dear those values and principles upon which this free republic was established. The American experience was unique and world changing in its development. It was built upon the fundamentals of democracy and the notion that people have inalienable rights. We want our students to know the principles and the events in which these principles manifested which lead up to the great American experiment, the history of our successful journey, and the reasons why the principles manifested in the Bill of Rights, the Constitution, and the Declaration of Independence are worth fighting for. Throughout the entire student experience, both academic and extracurricular, we teach this value and ensure that our students understand its meaning. Global in perspective means that our students should understand that the USA is not alone in this world. The world is a complex place, and civilization and its cultures are constantly evolving. Defining the entire world with American values distorts the reality of a multicultural planet and limits one's perspective on the history of man's journey to the present time. Because America is a leader in the world, and because our students are destined to be leaders in America, we must understand and respect all points of view as part of gaining the wisdom to lead. Throughout the entire student experience, both academic and extracurricular, we teach this value and ensure that our students understand its meaning. Mutual respect, social graces, and politeness. Mutual respect is a cornerstone of civilization and a foundation of academia. It is what initiates a salute; it is what allows two people to appreciate each other for the value that they bring to the relationship, no matter how lasting or temporary the relationship is. It is common human decency, kindness, and a cornerstone of a civil society. Mutual respect turns into lasting friendship. Its successful breeding at Norwich University is a primary reason why people develop close relationships with those they otherwise might not. In addition to mutual respect, Norwich students and graduates are known for their grace in social situations and their politeness. The Norwich environment breeds this characteristic. Throughout the entire student experience, both academic and extracurricular, we teach these values and ensure that our students practice them. Service is an integral part of the Norwich experience. Leaders serve, and we train leaders. We seek to inculcate this value in our students, in part by ensuring that they directly experience it. Experiencing "service to others before self" is a vital part of each student's maturation process. Students take with them from Norwich the expectation that service will be a lifelong commitment. Throughout the entire student experience, both academic and extracurricular, we teach this value and ensure that our students experience it. Form 990, Part VI, Section B, line 11b The Form 990 is prepared by Norwich University's tax advisors with information provided by the university's Chief Financial Officer and the university's Controller. The Board of Trustees Audit Committee reviews and comments on the Form 990 with Schedule B - Schedule of Contributors - redacted. Once it is approved by the committee, the Form 990 with the Schedule B redacted is provided to the full Board. After it is approved by the full Board, it is submitted to the Internal Revenue Service. Form 990, Part VI, Section B, line 12c The conflict of interest policy and affidavit is distributed annually to Board of Trustees. The completed affidavits are returned and reviewed by both the university administration and the Audit Committee of the Board of Trustees for conflicts that could impair the judgement of the individuals. The Audit Committee reports the result of their review to the full Board during the fall meeting. The Audit Committee asks any trustee with a disclosed conflict of interest to recuse themselves from Board conversations where the outcome could affect the business relationship with the university. Form 990, Part VI, Section B, line 15 The compensation of officers and senior administrators at Norwich University is set by the President with the advice of the Compensation Committee of the Board of Trustees. The President's compensation is set by the Board of Trustees with the advice of the Compensation Committee. The process used for these decisions follows the guidelines suggested by the IRS for compliance with IRC Section 4958. The primary factor in these determinations is compensation benchmarking following the methods used for all staff at the university. Benchmark compensation data is obtained from an annual compensation survey of higher education institutions conducted by the College and University Professional Association for Human Resources (CUPAHR). Norwich University compares to a selected compensation cohort from this survey. The current cohort includes all responses from institutions with operating budgets in the range of $80 million to $180 million that offer both undergraduate and graduate degrees. About 1,000 institutions included in the survey meet these criteria. For all staff at Norwich, a factor based on time in the current job level is applied to the benchmark rate from the compensation survey to find an expected market rate for each employee in the current position. Compensation increases are proposed to assure that employees are not below a specified percentage of the expected market rate. We strive to have all employees greater 85% of the market rate. In addition to the compensation benchmark data, the committee considers performance information on the senior administrators provided by the President, and the results of the performance appraisal of the President conducted by the Board. The Director of Human Resources serves as the staff liaison to the Compensation Committee. The process was most recently undertaken in 2023. The President's compensation is reviewed annually. The formal charge to the Compensation Committee of the Board is presented below. Compensation Committee This committee was established in October 2009 based on the work of the Ad Hoc Compensation Committee, which was established on June 10, 2005. The primary purpose of this committee is to ensure that the President and other highly compensated employees are compensated in a way that is consistent with performance, longevity, market equity, and in accordance with current IRS rules and regulations, including the intermediate sanctions under IRC Section 4958. The committee will review and provide advice to the President on compensation issues for the officers and senior administrators and other highly compensated individuals, review compensation benchmarks and studies done by independent organizations, and use appropriate comparable data prior to making these recommendations to the President. In addition, the committee will make a recommendation to the full Board on the President's compensation. Documentation of the Board's actions are to be considered confidential and are to remain on file with the Secretary of the Board. Committees should use appropriate IRS provided checklists in their decision making process and deliberations. The Director of Human Resources will be the liaison. Form 990, Part VI, Section C, line 19 Norwich University's governing documents, financial statements, tax filings and conflict of interest policies are available for review upon request. The Norwich University Form 990 is available for public review at www.guidestar.org. Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: Norwich University 158 Harmon Drive Northfield, VT 05663 EIN: 03-0179424 Norwich University is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). Form 990, Part XI, line 9: Change in Interest Rate Swap Valuation -368,589. Change in Split Interest Agreement 1,110,133. Change in Value Life Income Funds 100,451. Related Entity Revenue 6,387,793. Related Entity Expenses -6,124,274. Norwich University Applied Research Institutes PO Box 30 Northfield VT 05663 061669185 Applied research to enhance national security VT 501(c)(3) Line 10 Norwich Univeristy 1 Charitable Remainder Unitrust Charitable Remainder Unitrust NY N/A T 0 Charitable Trust Charitable Trust VT N/A T 0 0 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 Norwich University Applied Research Institutes B 1518947 FMV Norwich University Applied Research Institutes C 260000 FMV Norwich University Applied Research Institutes J 116403 FMV Norwich University Applied Research Institutes Q 726244 FMV