2026-04-23T05:45:50-05:00 2025-06-30 251408703 SCHNEIDER DOWNS & CO INC ONE PPG PLACE SUITE 1700 PITTSBURGH PA 15222 990 2024-07-01 250981156 WESTMINSTER COLLEGE WEST 7249467141 319 S MARKET STREET NEW WILMINGTON PA 16172 KENNETH J ROMIG VP FOR FINANCE/TREASURER 7249467141 2026-04-17 1 0 SARAH R PIOT P01358891 4122613644 2024 2025-03-06 01:10:19Z DR KATHY B RICHARDSON 319 S MARKET STREET NEW WILMINGTON PA 16172 100213402 0 X WWW.WESTMINSTER.EDU X 1852 PA PROMOTE EDUCATION, THE DEVELOPMENT OF SKILLS, KNOWLEDGE, AND PERSONAL QUALITIES. 27 26 792 428 0 36444 11307219 9458743 53371904 53270028 5016648 11309023 146531 198285 69842302 74236079 28202347 28885172 0 0 20655045 21399989 0 0 1688594 20840851 20831053 69698243 71116214 144059 3119865 243035433 247396337 37528244 37113175 205507189 210283162 X THE MISSION OF WESTMINSTER COLLEGE IS TO HELP STUDENTS DEVELOP COMPETENCIES, COMMITMENTS, AND CHARACTERISTICS WHICH HAVE DISTINGUISHED HUMAN BEINGS AT THEIR BEST. SEE CONTINUATION ON SCHEDULE O.THE LIBERAL ARTS TRADITION IS THE FOUNDATION OF THE CURRICULUM CONTINUALLY DESIGNED TO SERVE THIS MISSION IN A RAPIDLY CHANGING WORLD. THE COLLEGE SEES THE WELL-EDUCATED PERSON AS ONE WHOSE SKILLS ARE COMPLEMENTED BY EVER DEVELOPING VALUES AND IDEALS IDENTIFIED IN THE JUDEO-CHRISTIAN TRADITION. WESTMINSTER'S QUEST FOR EXCELLENCE IS A RECOGNITION THAT STEWARDSHIP OF LIFE MANDATES THE MAXIMUM POSSIBLE DEVELOPMENT OF EACH PERSON'S CAPABILITIES. 0 0 42506330 28866251 31390539 INSTRUCTIONAL - FACULTY AND RELATED EXPENDITURES FOR COURSES OF STUDY. WESTMINSTER COLLEGE OFFERS APPROXIMATELY 50 MAJORS AND SERVES 1190 UNDERGRADUATE AND GRADUATE STUDENTS ANNUALLY, LEADING TO BACHELOR OF ARTS, BACHELOR OF SCIENCE, BACHELOR OF MUSIC AND MASTERS OF EDUCATION OR MASTERS IN BUSINESS ADMINISTRATION DEGREES. 10504719 7757639 STUDENT SERVICES - NON-ACADEMIC SUPPORT SERVICES PROVIDED TO THE STUDENT BODY BY THE FOLLOWING DEPARTMENTS: STUDENT AFFAIRS OFFICE, OFFICE OF FAITH AND SPIRITUALITY, REGISTRAR, ADMISSIONS, FINANCIAL AID, PROFESSIONAL DEVELOPMENT AND COMMUNITY ENGAGEMENT, ATHLETICS, WELLNESS CENTER, THEATRE PRODUCTIONS AND RADIO AND TV PRODUCTION. 8217274 10874625 EDUCATIONAL AND AUXILIARY ENTERPRISE - PROVIDE FOOD AND HOUSING FOR RESIDENT STUDENTS, THE CAMPUS STORE, SUMMER CAMPS AND ACTIVITIES AND TEMPORARY FACULTY/STAFF HOUSING. 4397107 18921 3247225 ACADEMIC SUPPORT - SUPPORT FOR INSTRUCTION AND RESEARCH BY THE FOLLOWING DEPARTMENTS: DEAN OF THE COLLEGE, LIBRARY, INFORMATION TECHNOLOGY SERVICES, FACULTY DEVELOPMENT, ART GALLERY, HONORS PROGRAM, CHEMICAL HYGIENE, CULTURAL ARTIFACTS AND ACADEMIC SUCCESS CENTER. 4397107 18921 3247225 65625430 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 1490 0 1 792 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA AK CO KY MD MA MI OH SC WA NH OK OR X KENNETH J ROMIG 7249467141 319 S MARKET STREET NEW WILMINGTON PA 16172 X DR KATHY BRITTAIN RICHARDSON PRESIDENT 40.00 X X 313482 0 124887 DAVID FARNER CHAIR 3.00 X X 0 0 0 ROBIN W GOOCH VICE CHAIR 2.00 X X 0 0 0 RICHARD P BEARD TRUSTEE 1.50 X 0 0 0 JENNIFER BERTETTO TRUSTEE 1.50 X 0 0 0 ANTHONY BROWN TRUSTEE 1.50 X 0 0 0 RANDALL BUSH TRUSTEE 1.50 X 0 0 0 CHRISTIAN G CARMODY TRUSTEE 1.50 X 0 0 0 MARK G DEWITT TRUSTEE 1.50 X 0 0 0 BETH ECK TRUSTEE 1.50 X 0 0 0 CHRISTOPHER C FRYE JR TRUSTEE 1.50 X 0 0 0 CHRISTIAN G HEILMANN TRUSTEE 1.50 X 0 0 0 ROBERT C JACKSON JR TRUSTEE 1.50 X 0 0 0 ROBERT JAZWINSKI TRUSTEE 1.50 X 0 0 0 LINDA JENKINS TRUSTEE 1.50 X 0 0 0 KRISTIN KAISER TRUSTEE 1.50 X 0 0 0 DEBORAH MAJORAS TRUSTEE 1.50 X 0 0 0 JEFFREY A MCCANDLESS TRUSTEE 1.50 X 0 0 0 DOREEN MCCALL TRUSTEE 1.50 X 0 0 0 STEPHEN MCCONNELL TRUSTEE 1.50 X 0 0 0 LESLIE PEMBERTON TRUSTEE 1.50 X 0 0 0 LISA B PETERS TRUSTEE 1.50 X 0 0 0 PATRICK SENTNER TRUSTEE 1.50 X 0 0 0 TRACY L STUCK TRUSTEE 1.50 X 0 0 0 THOMAS A TUPITZA TRUSTEE 1.50 X 0 0 0 JEFFREY T WILEY TRUSTEE 1.50 X 0 0 0 JOSEPH F ZUNIC TRUSTEE 1.50 X 0 0 0 KENNETH J ROMIG TREASURER/VP FOR FINANCE 40.00 X 172838 0 41222 DIANE L UBRY SECRETARY 40.00 X 45243 0 15873 JAMIE MCMINN VP FOR ACADEMIC AFFAIRS 40.00 X 169578 0 13678 JASON A LENER DIRECTOR OF ATHLETICS 40.00 X 154189 0 34551 GINA VANCE VP OF STUDENT AFFAIRS & DEAN OF STUDENTS 40.00 X 140324 0 13615 ROBERT BADOWSKI PROFESSOR 40.00 X 128746 0 27393 KELLY HARTNER DIRECTOR OF IT SERVICES 40.00 X 108858 0 6302 ERIN SMITH CHIEF INFORMATION OFFICER 40.00 X 111301 0 30014 JASON JANUSZIEWICZ DIRECTOR OF FACILITIES 40.00 X 115322 0 12321 1459881 0 319856 9 0 1 0 SODEXO INC & AFFILIATES 1473 CAVITT ROAD MONROEVILLE PA 15146 FOOD SERVICES 3452395 UPMC JAMESON SCHOOL OF NURSING 2414 WILMINGTON AVENUE NEW CASTLE PA 16105 INSTRUCTIONAL SERVICES 406968 EBSCO INFORMATION SERVICES PO BOX 204661 DALLAS TX 75320 INFORMATION SERVICES 273631 CAPTURE LLC 2303 RIVER ROAD SUITE 201 LOUISVILLE KY 40206 BEHAVIORAL PLATFORM 249293 JOURNEYEDCOM INC 5212 TENNYSON PKWY SUITE 150 PIANO TX 75024 SOFTWARE LICENSE 190225 10 1188676 8270067 1323668 9458743 INSTRUCTIONAL 611710 31390539 31390539 AUXILIARY SERVICES 611710 10874625 10874625 STUDENT SERVICES 900099 7757639 7757639 ACADEMIC SUPPORT 900099 3247225 3247225 53270028 7893674 7893674 212964 129139 83825 83825 83825 29043547 25612131 16067 3431416 -16067 3415349 3415349 334446 219986 114460 114460 74236079 53270028 0 11507308 18921 18921 28786191 28786191 80060 80060 948613 433139 409354 106120 15359850 13521515 1117989 720346 597095 484202 72248 40645 3330285 2729015 384795 216475 1164146 958072 131881 74193 22364 22364 123240 123240 50765 50765 1136725 1060672 42124 33929 290765 57195 226224 7346 3313978 3119362 194616 1589616 1454295 53573 81748 2561977 2336696 199577 25704 1203755 1031128 84377 88250 99489 85221 6974 7294 1271750 1252424 19326 4064800 3753628 265762 45410 772219 338454 432765 1000 FOOD SERVICE 3968985 3931855 17957 19173 PLANT FACILITIES 240808 193385 47423 119817 93472 26345 71116214 65625430 3802190 1688594 1805321 427994 1852130 1850079 422777 1880454 515507 350884 436968 472672 1939975 1991515 154422843 58087088 95249811 96335755 119111273 130842747 21218876 12585019 482795 659218 243035433 247396337 1991011 1464713 1726750 1401535 27713744 26946659 0 2000000 6096739 5300268 37528244 37113175 X 65877741 87285574 139629448 122997588 205507189 210283162 243035433 247396337 X 3119865 1490095 166013 X X 0 1 X 1 1 1 X 10141604 13041698 6579816 11307219 9458743 50529080 10141604 13041698 6579816 11307219 9458743 50529080 50529080 7211920 6791770 7054057 7376166 8106638 36540551 260208 376889 366136 338213 334446 1675892 88745523 257659210 0.56940 0.56650 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GROSS SALES OF INVENTORY RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 2250 0 0 2250 0 PART II-B, LINE 1: EMPLOYEE TIME SPENT MEETING, CALLING AND WRITING LEGISLATORS. X X X X 0 140915976 2980280 12112187 3062215 9224465 143721763 134652038 2038057 14247038 2812854 7208303 140915976 133328040 1757634 7926170 2984388 5375418 134652038 138636983 1237962 -801435 2817146 2928324 133328040 110707244 1251421 33073616 2876639 3518659 138636983 0.16630 0.00000 0.83370 1 0 302700 302700 124282671 39291887 84990784 15722678 11634241 4088437 14114794 7160960 6953834 96335755 REAL ESTATE 7062219 F NATURAL RESOURCES 5269371 F OTHER INVESTMENTS 253429 F 12585019 POSTRETIREMENT BENEFIT OBLIGATION 3939170 FINANCE LEASE LIABILITIES 393764 GOVERNMENT LOAN FUNDS 284212 OPERATING LEASE LIABILITIES 352283 DEPOSITS HELD IN CUSTODY FOR OTHERS 212091 ANNUITIES PAYABLE 118748 5300268 X 47305065 1490095 515138 2005233 45299832 69996 28866251 28936247 74236079 42529092 349125 349125 42179967 69996 28866251 28936247 71116214 PART III, LINE 1A: THE COLLEGE OWNS A NUMBER OF PIECES OF ART AND HISTORIC TREASURES, NONE OF WHICH ARE RECORDED IN THE FINANCIAL STATEMENTS. THESE ITEMS HAVE BEEN GIVEN TO THE COLLEGE OVER A NUMBER OF YEARS, ARE GENERALLY DISPLAYED IN VARIOUS LOCATIONS AROUND CAMPUS AND ARE INSURED. PART III, LINE 4: THE COLLEGE'S COLLECTION OF ARTIFACTS OF CULTURAL AND EDUCATIONAL SIGNIFICANCE RANGE FROM STONE TOOLS (6,000 B.C.) THROUGH CUNEIFORM TABLETS (2,000 B.C.), AN EGYPTIAN MUMMY (300 B.C.), COPTIC ITEMS (5TH CENTURY A.D.), JAPANESE SAMURAI ARMOR (18TH CENTURY A.D.) TO CURRENCY BEARING THE PORTRAIT OF SADDAM HUSSEIN (2003 A.D.). THE COLLECTION PROVIDES A CONNECTION TO THE PAST FOR STUDENTS OF HISTORY AND CULTURE, BOTH ON CAMPUS AND IN THE SURROUNDING COMMUNITY. IN ADDITION, SOME ITEMS IN THE COLLECTION HAVE BEEN LOANED TO MUSEUMS AND HISTORICAL SOCIETIES EXPANDING THEIR EDUCATIONAL REACH. SOME OF THE COLLECTION IS HIGHLIGHTED ONLINE ALONG WITH RESEARCH MATERIALS (CT SCANS, DESCRIPTIONS, EDUCATIONAL MATERIALS). A FORENSIC SCULPTOR RECONSTRUCTED A BUST OF THE 2,000+ YEAR-OLD MUMMY ALLOWING STUDENTS OF HISTORY TO SEE THE VISAGE OF A WOMAN WHO LIVED IN ANCIENT EGYPT. ALL OF THE ARTIFACTS ENCOURAGE RESEARCH AND STUDY BY BRINGING HISTORY TO LIFE AS STUDENTS SEE FIRSTHAND THE ITEMS ABOUT WHICH THEY READ IN CLASS. PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF VARIOUS INVESTMENT FUNDS ESTABLISHED FOR SUPPORT OF THE COLLEGE'S MISSION. ITS ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS, AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF TRUSTEES HAS ELECTED TO BE GOVERNED BY THE COMMONWEALTH OF PENNSYLVANIA'S ACT 141 (ACT 141), WHICH IS A TOTAL RETURN POLICY THAT ALLOWS A NONPROFIT ENTITY TO CHOOSE TO TREAT A PERCENTAGE OF THE AVERAGE MARKET VALUE OF THE ENDOWMENT'S RESTRICTED INVESTMENTS AS INCOME EACH YEAR. HOWEVER, THE LONG-TERM PRESERVATION OF THE REAL VALUE OF THE ASSETS MUST BE TAKEN INTO CONSIDERATION WHEN THE BOARD ELECTS A SPENDING RATE. ON AN ANNUAL BASIS, THE BOARD OF TRUSTEES MUST ELECT, IN WRITING, A SPENDING RATE OF BETWEEN 2% AND 7%. FOR THE YEARS ENDED JUNE 30, 2025 AND 2024, THE COLLEGE UTILIZED A 5.5% SPENDING RATE ON RESTRICTED ENDOWMENT ASSETS AND A 7% SPENDING RATE ON UNRESTRICTED ENDOWMENT ASSETS, BASED ON A THREE-YEAR MOVING AVERAGE OF HISTORICAL END-OF-QUARTER ENDOWMENT MARKET VALUES. THE LAST QUARTER USED TO DETERMINE THE TRANSFER FOR THE FISCAL YEAR ENDED JUNE 30, 2025 WAS THE QUARTER ENDED DECEMBER 31, 2023. THE COLLEGE CLASSIFIES AS RESTRICTED NET ASSETS THE ORIGINAL VALUE OF GIFTS DONATED TO THE ENDOWMENT AND THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE ENDOWMENT. THE UNDISTRIBUTED AMOUNTS EARNED ARE INCLUDED IN UNRESTRICTED NET ASSETS. IN ACCORDANCE WITH ACT 141, THE COLLEGE HAS ADOPTED A WRITTEN INVESTMENT POLICY, OF WHICH A SECTION SPECIFICALLY RELATES TO THE ENDOWMENT. THE COLLEGE CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO SET A SPENDING RATE: 1. PROTECTING THE CORPUS OF THE ENDOWMENT FUND 2. PRESERVING THE SPENDING POWER OF THE ASSETS 3. OBTAINING MAXIMUM INVESTMENT RETURN WITH REASONABLE RISK AND OPERATIONAL CONSIDERATION 4. COMPLYING WITH APPLICABLE LAWS PART X, LINE 2: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) OF 1986. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE COLLEGE ACCOUNTS FOR INCOME TAXES UNDER THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC. THIS TOPIC PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PRINCIPLES FOR FINANCIAL STATEMENTS DISCLOSURE OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN. THE COLLEGE HAS ASSESSED THE TAX POSITIONS IT HAS TAKEN OR EXPECTS TO TAKE IN ITS TAX RETURNS AND NO LIABILITY HAS BEEN RECORDED FOR UNCERTAIN TAX POSITIONS; FURTHER, THE COLLEGE HAS NO UNRECOGNIZED TAX BENEFITS. THE COLLEGE IS NO LONGER SUBJECT TO EXAMINATION OF ITS TAX RETURNS FOR YEARS BEFORE 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 219,986. RENTAL EXPENSES 129,139. CHANGES IN UNRECOGNIZED PENSION BENEFIT PLAN COSTS 166,013. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 28,866,251. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 219,986. RENTAL EXPENSES 129,139. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 28,866,251. 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 WESTMINSTER COLLEGE NONDISCRIMINATION POLICY IS INCLUDED ON THE COLLEGE WEBSITE, IN OFFICIAL PUBLICATIONS, IN EMPLOYEE ADVERTISING, AND IN STUDENT RECRUITMENT MATERIALS. SCHEDULE E, PART I, LINE 6 THE INSTITUTION RECEIVES FEDERAL GRANTS AND PARTICIPATES IN THE FOLLOWING GOVERNMENTAL AGENCY FINANCIAL AID OR ASSISTANCE PROGRAMS: FEDERAL PELL GRANT PROGRAM; FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT; FEDERAL WORK STUDY GRANT; FEDERAL DIRECT LOAN PROGRAM; PENNSYLVANIA INSTITUTIONAL ASSISTANCE GRANT; PENNSYLVANIA PARTNERSHIP FOR ACCESS TO HIGHER EDUCATION (PATH ADMINISTERED THROUGH PHEAA); PA STATE GRANT PROGRAM; OHIO COLLEGE OPPORTUNITY GRANT PROGRAM; WEST VIRGINIA HIGHER EDUCATION GRANT PROGRAM; PA MATCHING FUNDS PROGRAM; THE CHAFEE PROGRAM (ADMINISTERED THROUGH PHEAA); PENNSYLVANIA NATIONAL GUARD EDUCATIONAL ASSISTANCE PROGRAM (ADMINISTERED THROUGH PHEAA); FEDERAL VA BENEFIT PROGRAMS; AMERICORPS OVR (OFFICE OF VOCATIONAL REHABILITATION), READY TO SUCCEED SCHOLARSHIP (ADMINISTERED THROUGH PHEAA), BLIND OR DEAF BENEFICIARY GRANT (ADMINISTERED THROUGH PHEAA), GROW PA PROGRAM (ADMINISTERED THROUGH PHEAA). 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF US 5470 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF US 3308 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD GRANTS AND SCHOLARSHIPS 20100 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES TUITION WAIVERS FOR STUDENTS STUDYING ABROAD 52979 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING N/A 39540 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING N/A 40520 0 0 0 0 0 0 161917 0 161917 STUDY ABROAD GRANTS AND SCHOLARSHIPS EUROPE 1 39540 CREDIT TO STUDENTS' ACCOUNT FOR FINANCIAL AID N/A N/A STUDY ABROAD GRANTS AND SCHOLARSHIPS CENTRAL AMERICA AND THE CARIBBEAN 2 40520 CREDIT TO STUDENTS' ACCOUNT FOR FINANCIAL AID N/A N/A 1 0 1 1 0 0 PART I, LINE 2: FINANCIAL AID IS AWARDED TO INCOMING FIRST YEAR STUDENTS ON THE BASIS OF THE RESULTS OF THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) AND BY THE USE OF A FINANCIAL AID MATRIX. THE FINANCIAL AID MATRIX IS BASED ON ACADEMIC ABILITY AND FINANCIAL NEED. WITHIN EACH CELL OF THE MATRIX THERE IS A FLOOR AND A CEILING RANGE USED FOR THE AWARDING OF INSTITUTIONAL FUNDS. A STUDENT IS PLACED INTO A FINANCIAL AID MATRIX CELL BASED ON HIGH SCHOOL GRADE POINT AVERAGE. THE AMOUNT A STUDENT IS AWARDED BETWEEN THE FLOOR AND CEILING VALUE IN THE CELL IS BASED ON FINANCIAL NEED AS DETERMINED BY THE FAFSA. INSTITUTIONAL MERIT AWARDS (AWARDED BY ADMISSIONS) - THESE ARE AWARDED TO STUDENTS REGARDLESS OF FINANCIAL NEED. MERIT SCHOLARSHIPS (UNFUNDED AID) - ACCEPTED FIRST YEAR STUDENTS ARE AWARDED A MERIT SCHOLARSHIP DETERMINED BY WHERE THEY FALL IN THE MATRIX BASED ON HIGH SCHOOL GRADE POINT AVERAGE. THE MERIT SCHOLARSHIP AWARD IS THE FLOOR VALUE FROM THE RESPECTIVE MATRIX CELL. STUDENTS WHO MEET THE REQUIREMENTS FOR THE TOP MERIT SCHOLARSHIP ARE FURTHER CONSIDERED BY THE SCHOLARSHIP REVIEW COMMITTEE FOR WESTMINSTER COLLEGE'S FULL TUITION SCHOLARSHIP, THE PRESIDENTIAL SCHOLARSHIP. THE LEMMON SCHOLARSHIPS ARE ALSO AWARDED BY THE SCHOLARSHIP REVIEW COMMITTEE AND CAN BE EITHER FULL TUITION OR A STACKABLE AWARD UP TO $7,500 PER YEAR. THE STACKABLE AWARD WILL PHASE OUT AT THE END OF THE 2025-2026 ACADEMIC YEAR. THERE ARE A LIMITED NUMBER OF EACH OF THESE SCHOLARSHIPS AWARDED ON AN ANNUAL BASIS. NOMINATED MERIT BASED SCHOLARSHIPS (UNFUNDED AID) - THE NOMINATED SCHOLARSHIPS AVAILABLE TO INCOMING FIRST YEAR STUDENTS ARE: 1) THE YOUNG PRESBYTERIAN SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST BE A MEMBER OF THE PRESBYTERIAN CHURCH USA, BE NOMINATED BY HIS/HER CHURCH AND PRESENT A MINIMUM GPA OF 3.5. 2) JERB MILLER SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST BE NOMINATED BY AN EDUCATOR WHO IS A WESTMINSTER COLLEGE GRADUATE AND PRESENT A MINIMUM GPA OF 3.5. BEGINNING WITH THE 2026-2027 INCOMING FIRST YEAR OR TRANSFER STUDENTS, THE JERB MILLER AND THE YOUNG PRESBYTERIAN SCHOLARSHIPS WILL BE AN ADD ON TO THEIR MERIT AWARD. MERIT SCHOLARSHIPS ARE RENEWABLE FOR UP TO THREE YEARS. THE STUDENT NEEDS TO MAINTAIN THE REQUIRED SCHOLARSHIP GPA (IF ONE EXISTS), OTHERWISE REMAIN IN GOOD ACADEMIC STANDING AND BE ENROLLED AS A FULL TIME STUDENT. INSTITUTIONAL NEED BASED AWARDS (UNFUNDED AID) - NEED BASED INSTITUTIONAL FINANCIAL AID IS AWARDED TO STUDENTS BASED ON THE RESULTS OF THE FAFSA AND THE DETERMINATION OF THE STUDENTS DEMONSTRATED NEED. A STUDENT IS REQUIRED TO FILE A FAFSA FORM IN ORDER TO BE CONSIDERED FOR NEED BASED FINANCIAL AID. THE RESULTS OF THE FAFSA DETERMINE THE STUDENT'S AID INDEX (SAI). THE CALCULATION USED TO DETERMINE THE STUDENT'S FINANCIAL NEED IS: COST OF ATTENDANCE* - SAI = STUDENT'S NEED (*COST OF ATTENDANCE: TUITION & FEES, HOUSING AND FOOD, BOOKS AND PERSONAL EXPENSES FOR RESIDENT AND OFF CAMPUS STUDENTS, TUITION & FEES, COMMUTER COSTS, BOOKS AND PERSONAL EXPENSES FOR COMMUTERS) THE CALCULATED STUDENT NEED IS REDUCED BY: FEDERAL NEED BASED FINANCIAL AID, STATE NEED BASED FINANCIAL AID, FUNDED GIFT AID, AND INSTITUTIONAL MERIT AID. THE REMAINING UNMET NEED, AFTER THE REDUCTIONS, IS MET BY USING INSTITUTIONAL NEED BASED GIFT AID WITH THE TOTAL OF INSTITUTIONAL AID BEING CAPPED BY THE CEILING VALUE FROM THE MATRIX CELL FOR THE STUDENT. INSTITUTIONAL NEED BASED AWARDS ARE USUALLY RENEWED PROVIDED THAT THE STUDENTS CONTINUES TO DEMONSTRATE FINANCIAL NEED. FINANCIAL AID OFFER - STUDENTS RECEIVE A FINANCIAL AID OFFER WHICH INCLUDES ALL ELIGIBLE AND QUALIFIED FINANCIAL AID. AWARDS THAT MAY BE INCLUDED IN A FINANCIAL AID OFFER ARE: FEDERAL GRANTS (PELL AND SEOG), STATE GRANTS, INSTITUTIONAL MERIT AWARDS, INSTITUTIONAL NEED BASED AWARDS, INSTITUTIONAL ENDOWED AWARDS, FEDERAL DIRECT STAFFORD LOANS, FEDERAL WORK STUDY THE COLLEGE CONTROLLER PRELIMINARILY DETERMINES THE AMOUNT AVAILABLE IN ALL INSTITUTIONAL FUNDS ANNUALLY AND MEETS TO FINALIZE AND ADJUST WITH THE DIRECTOR OF FINANCIAL AID AND SENIOR DIRECTOR OF ADVANCEMENT OPERATIONS. WESTMINSTER COLLEGE UNFUNDED AND FUNDED AID IS PORTABLE FOR OFF-CAMPUS STUDIES IF THE PROGRAM IS REQUIRED BY THE STUDENT'S MAJOR OR A DIRECT EXCHANGE. THESE FUNDS ARE PORTABLE UP TO THE LESSER OF 1) THE TUITION OF THE OFF-CAMPUS STUDIES PROGRAM, OR 2) THE LIMIT OF A STUDENT'S WESTMINSTER COLLEGE AWARDED AID WHERE A PARTICULAR STUDY-ABROAD PROGRAM'S TUITION IS GREATER THAN THE WESTMINSTER COLLEGE AID THE STUDENT IS ELIGIBLE TO RECEIVE FOR THE SAME PERIOD OF ENROLLMENT. BEFORE THESE FUNDS WILL BE PAID TO THE STUDY ABROAD PROGRAM ON THE STUDENT'S BEHALF, THE STUDENT IS REQUIRED TO PROVIDE A COPY OF THE INVOICE FOR THE STUDY ABROAD PROGRAM, WITH A SEPARATE LINE ITEM FOR TUITION. STUDENTS ARE REQUIRED TO HAVE THE INSTITUTION PROVIDE A COPY OF THE ACADEMIC TRANSCRIPTS FOR THE TERM(S) ABROAD TO WESTMINSTER COLLEGE. WESTMINSTER COLLEGE'S FINANCIAL AID OFFICE USES THE FINANCIAL AID MANAGEMENT SYSTEM POWERFAIDS TO MAINTAIN FINANCIAL AID AWARD RECORDS AND AMOUNTS. 1 AACA MUSEUM INC 161 MUSEUM DRIVE HERSHEY PA 17033 251716419 501(C)(3) 6000 0 N/A N/A AACA MUSEUM FOR THE INTERNSHIP FUND 1 0 ACADEMIC AND FINANCIAL ASSISTANCE/SCHOLARSHIPS 1029 28786191 N/A N/A PART I, LINE 2: FINANCIAL AID IS AWARDED TO INCOMING FIRST YEAR STUDENTS ON THE BASIS OF THE RESULTS OF THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) AND BY THE USE OF A FINANCIAL AID MATRIX. THE FINANCIAL AID MATRIX IS BASED ON ACADEMIC ABILITY AND FINANCIAL NEED. WITHIN EACH CELL OF THE MATRIX THERE IS A FLOOR AND A CEILING RANGE USED FOR THE AWARDING OF INSTITUTIONAL FUNDS. A STUDENT IS PLACED INTO A FINANCIAL AID MATRIX CELL BASED ON HIGH SCHOOL GRADE POINT AVERAGE. THE AMOUNT A STUDENT IS AWARDED BETWEEN THE FLOOR AND CEILING VALUE IN THE CELL IS BASED ON FINANCIAL NEED AS DETERMINED BY THE FAFSA. INSTITUTIONAL MERIT AWARDS (AWARDED BY ADMISSIONS) - THESE ARE AWARDED TO STUDENTS REGARDLESS OF FINANCIAL NEED. MERIT SCHOLARSHIPS (UNFUNDED AID) - ACCEPTED FIRST YEAR STUDENTS ARE AWARDED A MERIT SCHOLARSHIP DETERMINED BY WHERE THEY FALL IN THE MATRIX BASED ON HIGH SCHOOL GRADE POINT AVERAGE. THE MERIT SCHOLARSHIP AWARD IS THE FLOOR VALUE FROM THE RESPECTIVE MATRIX CELL. STUDENTS WHO MEET THE REQUIREMENTS FOR THE TOP MERIT SCHOLARSHIP ARE FURTHER CONSIDERED BY THE SCHOLARSHIP REVIEW COMMITTEE FOR WESTMINSTER COLLEGE'S FULL TUITION SCHOLARSHIP, THE PRESIDENTIAL SCHOLARSHIP. THE LEMMON SCHOLARSHIPS ARE ALSO AWARDED BY THE SCHOLARSHIP REVIEW COMMITTEE AND CAN BE EITHER FULL TUITION OR A STACKABLE AWARD UP TO $7,500 PER YEAR. THE STACKABLE AWARD WILL PHASE OUT AT THE END OF THE 2025-2026 ACADEMIC YEAR. THERE ARE A LIMITED NUMBER OF EACH OF THESE SCHOLARSHIPS AWARDED ON AN ANNUAL BASIS. NOMINATED MERIT BASED SCHOLARSHIPS (UNFUNDED AID) - THE NOMINATED SCHOLARSHIPS AVAILABLE TO INCOMING FIRST YEAR STUDENTS ARE: 1) THE YOUNG PRESBYTERIAN SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST BE A MEMBER OF THE PRESBYTERIAN CHURCH USA, BE NOMINATED BY HIS/HER CHURCH AND PRESENT A MINIMUM GPA OF 3.5. 2) JERB MILLER SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST BE NOMINATED BY AN EDUCATOR WHO IS A WESTMINSTER COLLEGE GRADUATE AND PRESENT A MINIMUM GPA OF 3.5. BEGINNING WITH THE 2026-2027 INCOMING FIRST YEAR OR TRANSFER STUDENTS, THE JERB MILLER AND THE YOUNG PRESBYTERIAN SCHOLARSHIPS WILL BE AN ADD ON TO THEIR MERIT AWARD. MERIT SCHOLARSHIPS ARE RENEWABLE FOR UP TO THREE YEARS. THE STUDENT NEEDS TO MAINTAIN THE REQUIRED SCHOLARSHIP GPA (IF ONE EXISTS), OTHERWISE REMAIN IN GOOD ACADEMIC STANDING AND BE ENROLLED AS A FULL TIME STUDENT. INSTITUTIONAL NEED BASED AWARDS (UNFUNDED AID) - NEED BASED INSTITUTIONAL FINANCIAL AID IS AWARDED TO STUDENTS BASED ON THE RESULTS OF THE FAFSA AND THE DETERMINATION OF THE STUDENTS DEMONSTRATED NEED. A STUDENT IS REQUIRED TO FILE A FAFSA FORM IN ORDER TO BE CONSIDERED FOR NEED BASED FINANCIAL AID. THE RESULTS OF THE FAFSA DETERMINE THE STUDENT'S AID INDEX (SAI). THE CALCULATION USED TO DETERMINE THE STUDENT'S FINANCIAL NEED IS: COST OF ATTENDANCE* - SAI = STUDENT'S NEED (*COST OF ATTENDANCE: TUITION & FEES, HOUSING AND FOOD, BOOKS AND PERSONAL EXPENSES FOR RESIDENT AND OFF CAMPUS STUDENTS, TUITION & FEES, COMMUTER COSTS, BOOKS AND PERSONAL EXPENSES FOR COMMUTERS) THE CALCULATED STUDENT NEED IS REDUCED BY: FEDERAL NEED BASED FINANCIAL AID, STATE NEED BASED FINANCIAL AID, FUNDED GIFT AID, AND INSTITUTIONAL MERIT AID. THE REMAINING UNMET NEED, AFTER THE REDUCTIONS, IS MET BY USING INSTITUTIONAL NEED BASED GIFT AID WITH THE TOTAL OF INSTITUTIONAL AID BEING CAPPED BY THE CEILING VALUE FROM THE MATRIX CELL FOR THE STUDENT. INSTITUTIONAL NEED BASED AWARDS ARE USUALLY RENEWED PROVIDED THAT THE STUDENTS CONTINUES TO DEMONSTRATE FINANCIAL NEED. FINANCIAL AID OFFER - STUDENTS RECEIVE A FINANCIAL AID OFFER WHICH INCLUDES ALL ELIGIBLE AND QUALIFIED FINANCIAL AID. AWARDS THAT MAY BE INCLUDED IN A FINANCIAL AID OFFER ARE: FEDERAL GRANTS (PELL AND SEOG), STATE GRANTS, INSTITUTIONAL MERIT AWARDS, INSTITUTIONAL NEED BASED AWARDS, INSTITUTIONAL ENDOWED AWARDS, FEDERAL DIRECT STAFFORD LOANS, FEDERAL WORK STUDY. THE COLLEGE CONTROLLER PRELIMINARILY DETERMINES THE AMOUNT AVAILABLE IN ALL INSTITUTIONAL FUNDS ANNUALLY AND MEETS TO FINALIZE AND ADJUST WITH THE DIRECTOR OF FINANCIAL AID AND SENIOR DIRECTOR OF ADVANCEMENT OPERATIONS. WESTMINSTER COLLEGE UNFUNDED AND FUNDED AID IS PORTABLE FOR OFF-CAMPUS STUDIES IF THE PROGRAM IS REQUIRED BY THE STUDENT'S MAJOR OR A DIRECT EXCHANGE. THESE FUNDS ARE PORTABLE UP TO THE LESSER OF 1) THE TUITION OF THE OFF-CAMPUS STUDIES PROGRAM, OR 2) THE LIMIT OF A STUDENT'S WESTMINSTER COLLEGE AWARDED AID WHERE A PARTICULAR STUDY-ABROAD PROGRAM'S TUITION IS GREATER THAN THE WESTMINSTER COLLEGE AID THE STUDENT IS ELIGIBLE TO RECEIVE FOR THE SAME PERIOD OF ENROLLMENT. BEFORE THESE FUNDS WILL BE PAID TO THE STUDY ABROAD PROGRAM ON THE STUDENT'S BEHALF, THE STUDENT IS REQUIRED TO PROVIDE A COPY OF THE INVOICE FOR THE STUDY ABROAD PROGRAM, WITH A SEPARATE LINE ITEM FOR TUITION. STUDENTS ARE REQUIRED TO HAVE THE INSTITUTION PROVIDE A COPY OF THE ACADEMIC TRANSCRIPTS FOR THE TERM(S) ABROAD TO WESTMINSTER COLLEGE. WESTMINSTER COLLEGE'S FINANCIAL AID OFFICE USES THE FINANCIAL AID MANAGEMENT SYSTEM POWERFAIDS TO MAINTAIN FINANCIAL AID AWARD RECORDS AND AMOUNTS. X X X X 1 1 X X X X 0 1 0 0 0 0 0 1 0 DR KATHY BRITTAIN RICHARDSON PRESIDENT 279247 0 0 0 34235 0 89731 0 35156 0 438369 0 0 0 KENNETH J ROMIG TREASURER/VP FOR FINANCE 167442 0 0 0 5396 0 13844 0 27378 0 214060 0 0 0 JASON A LENER DIRECTOR OF ATHLETICS 129051 0 25000 0 138 0 6849 0 27702 0 188740 0 0 0 JAMIE MCMINN VP FOR ACADEMIC AFFAIRS 164440 0 0 0 5138 0 13222 0 456 0 183256 0 0 0 ROBERT BADOWSKI PROFESSOR 128608 0 0 0 138 0 4665 0 22728 0 156139 0 0 0 GINA VANCE VP OF STUDENT AFFAIRS & DEAN OF STUDENTS 135186 0 0 0 5138 0 11849 0 1766 0 153939 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: FOR THE CONVENIENCE OF THE COLLEGE, THE PRESIDENT OCCUPIES THE RESIDENCE PROVIDED (MACK MANSE) BY THE COLLEGE IN ACCORDANCE WITH HER EMPLOYMENT AGREEMENT. PERSONAL SERVICES (E.G., CLEANING SERVICES): THE COLLEGE MANSE IS THE PROPERTY OF WESTMINSTER, THEREFORE IT IS MAINTAINED BY WESTMINSTER'S PHYSICAL PLANT DEPARTMENT. CLUB MEMBERSHIPS: IN ORDER THAT THE PRESIDENT MAY ENTERTAIN POTENTIAL DONORS AND OTHER BUSINESS ASSOCIATES OF THE COLLEGE, THE COLLEGE PAYS OR REIMBURSES THE PRESIDENT FOR, THE PERIODIC DUES FOR MEMBERSHIP IN THE DUQUESNE CLUB AND THE AVALON COUNTRY CLUB. DIRECT EXPENSES FOR UTILIZATION OF THE CLUBS IS THE PRESIDENT'S RESPONSIBILITY, EXCEPT WHEN ATTRIBUTABLE TO COLLEGE BUSINESS. PART I, LINE 4B DR. KATHY BRITTAIN RICHARDSON $52,500 CONTRIBUTION. PART I, LINE 7 JASON LENER RECEIVED A BONUS OF $25,000. JASON JANUSZIEWICZ RECEIVED A BONUS OF $10,000. A NEW WILMINGTON MUNICIPAL AUTHORITY-SERIES 2017 251739535 64920RBJ1 2017-02-01 31415514 SEE PART V 0 0 0 A 4371890 31415514 1775000 288365 14713361 14638788 2018 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 1 0 0 0 0 0 A 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: NEW WILMINGTON MUNICIPAL AUTHORITY-SERIES 2017 DATE THE REBATE COMPUTATION WAS PERFORMED: 05/01/2025 SCHEDULE K SUPPLENTAL INFORMATION THE PROCEEDS OF THE SALE OF THE BONDS WERE USED TO FINANCE ALL OF THE COSTS OF REFUNDING THE AUTHORITY'S OUTSTANDING REVENUE BONDS, SERIES 2007, REFUNDING THE AUTHORITY'S OUTSTANDING COLLEGE REVENUE NOTE, SERIES 2011, CERTAIN CAPITAL PROJECTS OF THE BORROWER, FUNDING A DEBT SERVICE RESERVE FUND FOR THE BONDS, AND PAYMENT OF COSTS OF ISSUANCE OF THE BONDS. PART IV, LINE 2CA THE REBATE COMPUTATION WAS PERFORMED ON MAY 1, 2025. X 900 FAIR MARKET VALUE X 30 1318033 FAIR MARKET VALUE X SPORTS EQUIPMENT 1 4577 FAIR MARKET VALUE X TICKETS TO SHOWS 2 158 FAIR MARKET VALUE 0 0 1 0 PART I, LINE 32B: THE NUMBER SHOWN IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS FOR EACH TYPE OF PROPERTY FOR THE YEAR ENDED JUNE 30, 2025. PART I, LINE 33: THE VALUE OF NON-CASH CONTRIBUTIONS IS NOT DETERMINED BY THE COLLEGE AND NO GIFT CREDIT IS ISSUED TO THE DONOR. IN ORDER TO RECEIVE GIFT CREDIT, A DONOR MUST HAVE THE ITEM APPRAISED BY AN INDEPENDENT OUTSIDE APPRAISER. THIS PROCESS DOES NOT APPLY TO THE RECEIPT OF A PUBLICLY TRADED STOCK GIFT. WHEN WESTMINSTER COLLEGE RECEIVES A STOCK GIFT, THE GIFT IS VALUED AT THE AVERAGE OF THE STOCK'S HIGH AND LOW TRADING PRICE, AS INDICATED IN THE WALL STREET JOURNAL, ON THE DATE OF TRANSFER TO THE COLLEGE. THIS METHOD PROVIDES AN OBJECTIVE DETERMINATION OF THE VALUE OF THE GIFT. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL BE INVESTED WITH ALL THE POWERS OF AUTHORITY OF THE BOARD OF TRUSTEES WHEN THE BOARD IS NOT IN SESSION EXCEPT AS MAY OTHERWISE BE PROVIDED IN THE BYLAWS, PROVIDED THAT THE EXECUTIVE COMMITTEE SHALL HAVE NO AUTHORITY TO RESCIND OR CANCEL ANY RESOLUTION THERETOFORE ADOPTED BY THE BOARD OF TRUSTEES RELATING TO THE MEMBERSHIP, POWERS OR DUTIES OF THE EXECUTIVE COMMITTEE OR TO AMEND THE ARTICLES OF INCORPORATION. THE EXECUTIVE COMMITTEE DID NOT EXERCISE THIS AUTHORITY DURING THE FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE WESTMINSTER FINANCIAL MANAGEMENT TEAM REVIEWS THE FORM 990 AND SEEKS INPUT REGARDING THE SAME FROM THE PRESIDENT. THE COLLEGE'S TRUSTEES ARE PROVIDED WITH ACCESS TO A SECURE WEBSITE WHERE THEY ARE ABLE TO REVIEW A DRAFT OF THE COLLEGE'S RETURN FOR THE YEAR ENDED JUNE 30, 2025. THE COLLEGE'S TRUSTEES ARE INVITED TO PARTICIPATE IN A TELECONFERENCE WITH MEMBERS OF THE COLLEGE'S ADMINISTRATION WHO ARE RESPONSIBLE FOR PREPARING THE COLLEGE'S RETURN. DURING THE TELECONFERENCE, THE COLLEGE'S FINANCIAL ADMINISTRATORS REVIEW THE DRAFT OF THE RETURN. WEBSITE ACCESS TO A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO THE TRUSTEES PRIOR TO THE FILING OF THE RETURN WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS A FORMAL CONFLICT OF INTEREST POLICY. EVERY TRUSTEE AND OFFICER ALONG WITH EMPLOYEES WHO MEET THE CRITERIA AS DEFINED: EMPLOYEE: AN EMPLOYEE OF THE COLLEGE WHO HAS AUTHORITY TO EXPEND COLLEGE FUNDS OR TO INCUR CONTRACTUAL LIABILITY ON BEHALF OF THE COLLEGE IS REQUIRED TO ANNUALLY (1) REVIEW THE COLLEGE'S CONFLICT OF INTEREST POLICY, (2) DISCLOSE TO THE BEST OF HIS/HER KNOWLEDGE ANY BUSINESS, PERSONAL, FAMILY AND NOT-FOR-PROFIT RELATIONSHIPS THAT COULD REASONABLY GIVE RISE TO A CONFLICT OF INTEREST, (3) SUMMARIZE IN WRITING ANY POTENTIAL CONFLICT OF INTEREST AS MAY ALREADY EXIST, AND (4) ACKNOWLEDGE BY SIGNATURE ON A DISCLOSURE FORM THAT HE OR SHE ACTED IN ACCORDANCE WITH THE LETTER AND SPIRIT OF THE POLICY. THE EMPLOYEE DISCLOSURE FORMS ARE SUBMITTED TO THE COLLEGE'S DIRECTOR OF HUMAN RESOURCES AND THE DISCLOSURE FORMS FOR TRUSTEES, OFFICERS AND KEY EMPLOYEES ARE SUBMITTED TO THE CHAIR OF THE COLLEGE'S FINANCE, AUDIT AND COMPLIANCE COMMITTEE. THE CHAIR OF THE BOARD OF TRUSTEES AND THE CHAIR OF THE FINANCE, AUDIT AND COMPLIANCE COMMITTEE ARE RESPONSIBLE FOR DETERMINING WHETHER OR NOT CERTAIN RELATIONSHIPS GIVE RISE TO CONFLICTS OF INTEREST. THE CHAIR OF THE FINANCE, AUDIT AND COMPLIANCE COMMITTEE DELIVERS A CONFLICT OF INTEREST REPORT TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 A SPECIALLY APPOINTED COMMITTEE OF THE BOARD OF TRUSTEES, WHO WAS EMPOWERED BY THE BOARD OF TRUSTEES TO NEGOTIATE AN EMPLOYMENT CONTRACT WITH THE PRESIDENT, DETERMINED THE COMPENSATION FOR THE PRESIDENT OF THE COLLEGE. THE MEMBERS OF THE SPECIAL COMPENSATION COMMITTEE WERE INDEPENDENT, NONE WERE COMPENSATED BY THE COLLEGE, NOR DOES A COMPENSATION ARRANGEMENT EXIST BETWEEN THE COLLEGE, FAMILY MEMBERS OF THE COMPENSATION COMMITTEE OR ANY BUSINESS IN WHICH ANY OF THEIR FAMILY MEMBERS HAVE AN INTEREST WHEN THE PRESIDENT'S EMPLOYMENT AGREEMENT WITH WESTMINSTER COLLEGE WAS APPROVED ON OCTOBER 22, 2018. THE COMMITTEE REVIEWED THE COMPENSATION PAID TO THE PRESIDENTS OF 20 COLLEGES TO WHICH WESTMINSTER REGULARLY COMPARES ITSELF WITH RESPECT TO TUITION AND FEES, ENDOWMENT RETURNS AND OTHER METRICS. BASED ON THIS DATA, THE COMMITTEE WAS SATISFIED THAT THE COMPENSATION OFFERED TO DR. RICHARDSON REFLECTED THE FAIR MARKET VALUE FOR THE SERVICES TO BE RENDERED TO THE COLLEGE. THE PRESIDENT'S EMPLOYMENT CONTRACT EXPIRES ON JUNE 30, 2027. THE PRESIDENT'S BASE SALARY SHALL BE SUBJECT TO ANNUAL REVIEWS BY THE GOVERNANCE COMMITTEE OR ITS DESIGNEE, AND MAY BE INCREASED WITH THE APPROVAL OF THE EXECUTIVE COMMITTEE. THE COLLEGE DETERMINES THE COMPENSATION FOR ITS KEY EMPLOYEES BASED ON THE COMPENSATION REPORTED ON FORM 990 FOR THE COLLEGE'S PEER INSTITUTIONS. THE COLLEGE HAS IDENTIFIED 14 PEER INSTITUTIONS THAT HAVE CHARACTERISTICS SUCH AS ENROLLMENT, ENDOWMENT, STUDENT BODY, ETC. THAT ARE SIMILAR TO THE COLLEGE'S CHARACTERISTICS. IN ADDITION, THE COLLEGE ALSO USES A COMPENSATION SURVEY OF HIGHER EDUCATION INSTITUTIONS WHICH PROVIDES A BROADER BASIS TO HELP ASSESS THE REASONABLENESS OF THE COMPENSATION OF THE COLLEGE'S KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. IN ADDITION, THE COLLEGE'S FINANCIAL STATEMENTS MAY BE VIEWED ON THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE AT HTTP://EMMA.MSRB.ORG/. FORM 990, PART VIII: THE FOLLOWING MEMBERS SERVE ON THE WESTMINSTER BOARD OF TRUSTEES AS ASSOCIATE TRUSTEES BUT HAVE NO VOTING RIGHTS: JEFFREY BERSETT, GABRIELLE DIDOLCE, IAN HERR, ELLA HILDEBRAND, NANCI D. HOSICK, RUSSEL MARTIN, PAMELA A. RICHARDSON. THE FOLLOWING MEMBERS SERVE ON THE WESTMINSTER BOARD OF TRUSTEES AS TRUSTEES EMERITI BUT HAVE NO VOTING RIGHTS: GEORGE BERLIN, GARY BOWN, ROBERT BRUCE, LEONARD CARROLL, JAMES DEWAR, GEORGE GREER, CAROLYN JONES, THOMAS MANSELL, WAYNE MILLER, ROBERT F. PATTON, RICHARD WHITE, MARTHA WILE. FORM 990, PART XI, LINE 9: CHANGES IN UNRECOGNIZED PENSION BENEFIT PLAN COSTS 166,013. FORM 990, PART XII, QUESTION 2, FINANCIAL STATEMENTS AND REPORTING: THE COLLEGE'S FINANCE, AUDIT AND COMPLIANCE COMMITTEE ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND OF ITS FINANCIAL STATEMENTS AND ITS SELECTION OF THE INDEPENDENT AUDITORS. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. INTERESTS IN TRUSTS (8) PHILANTHROPY PA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0