2025-03-05T20:30:45-06:00 2024-06-30 390859910 BAKER TILLY ADVISORY GROUP LP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2023-07-01 231365953 CEDAR CREST COLLEGE CEDA 6106064666 100 COLLEGE DRIVE ALLENTOWN PA 181046196 ELIZABETH A WILSON CFO/TREASURER 6106064666 2025-02-16 1 1 KAREN A GRIES P00078514 6128764500 2025-02-14 2023 2025-03-06 01:10:19Z ELIZABETH A WILSON 100 COLLEGE DRIVE ALLENTOWN PA 181046196 53217692 0 X WWW.CEDARCREST.EDU X 1867 PA LIBERAL ARTS COLLEGE PRIMARILY FOR WOMEN DEDICATED TO EDUCATING THE NEXT GENERATION OF LEADERS. 27 25 495 22 94104 0 6266891 5284843 41792314 41264364 1719564 3391120 2570939 2609285 52349708 52549612 15809432 15551115 0 0 20600309 21914151 0 0 1203538 15978439 15494314 52388180 52959580 -38472 -409968 106461474 110618166 24029981 23892578 82431493 86725588 X CEDAR CREST COLLEGE IS A LIBERAL ARTS COLLEGE PRIMARILY FOR WOMEN DEDICATED TO THE EDUCATION OF THE NEXT GENERATION OF LEADERS. THE COLLEGE PREPARES STUDENTS FOR LIFE IN A GLOBAL COMMUNITY BY EDUCATING THE WHOLE STUDENT AT ALL STAGES OF LIFE AND EXPERIENCE. 0 0 42107473 15551115 41264364 THE COLLEGE CAMPUS, WITH 19 PRIMARY BUILDINGS, IS LOCATED IN THE WESTERN RESIDENTIAL SECTION OF THE CITY OF ALLENTOWN, PENNSYLVANIA IN THE LEHIGH VALLEY, WHICH HAS A COMBINED POPULATION OF APPROXIMATELY 820,000. THE COLLEGE IS WITHIN 55 MILES OF PHILADELPHIA AND 90 MILES OF NEW YORK CITY. THE COLLEGE SERVES APPROXIMATELY 1,250 STUDENTS AND HAS A 9:1 STUDENT-FACULTY RATIO. THE COLLEGE IS ACCREDITED BY THE MIDDLE STATES COMMISSION ON HIGHER EDUCATION.A WOMEN'S COLLEGE IN ALLENTOWN, PENNSYLVANIA, WAS FIRST ENVISIONED BY THE FATHERS OF THE UNITED CHURCH OF CHRIST, WHO, IN 1867, ESTABLISHED A PROGRAM FOR THEIR DAUGHTERS TO ACHIEVE EDUCATION BEYOND HIGH SCHOOL. MORE THAN 150 YEARS LATER, CEDAR CREST REMAINS PRIMARILY A WOMEN'S COLLEGE DEDICATED TO THE EDUCATION OF THE NEXT GENERATION OF LEADERS. THROUGH ACADEMIC COURSES, STUDENT-LIFE PROGRAMMING, ATHLETICS, ACTIVITIES, AND PRE-PROFESSIONAL PRACTICES, THE COLLEGE EMPOWERS STUDENTS TO MEET THE NEEDS OF THE FUTURE, PURSUE VARIED INTERESTS, INSPIRE PROGRESSIVE THINKING, AND CONTRIBUTE TO THE GLOBAL COMMUNITY. THE COLLEGE IS FOCUSED ON STUDENT SUCCESS, ENGAGEMENT, AND INNOVATIVE EDUCATIONAL OFFERINGS. IN 2024, THE COLLEGE LAUNCHED THE HARMON CENTER FOR LEADERSHIP IN TECHNOLOGY TO SERVE THE NEXT GENERATION OF WOMEN IN STEM. THE CENTER WILL SERVE AS A TRANFORMATIVE SPACE WHERE CEDAR CREST STUDENTS CAN CULTIVATE THE SKILLS NEEDED TO THRIVE IN AN INCREASINGLY TECH-DRIVEN WORLD. BY INTEGRATING LEADERSHIP DEVELOPMENT WITH TECHNOLOGICAL EXPERTISE, THE CENTER WILL FOSTER A UNIQUE ENVIRONMENT WHERE STUDENTS ARE ENCOURAGED TO BLEND TECHNICAL KNOWLEDGE WITH THE CRITICAL THINKING, ETHICAL DECISION-MAKING, AND LEADERSHIP SKILLS ESSENTIAL IN TODAY'S COMPLEX WORLD. THE CENTER HAS ESTABLISHED NEW UNDERGRADUATE MAJORS IN CYBERSECURITY, DATA SCIENCE, AND COMPUTER SCIENCE, ALONGSIDE APPLIED AI INTEGRATION, THAT WILL LAUNCH IN FALL 2025. 42107473 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 1 107 0 495 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 27 25 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X ELIZABETH A WILSON 6106064666 100 COLLEGE DRIVE ALLENTOWN PA 181046196 DR ELIZABETH MEADE PRESIDENT 40.00 X X 318676 0 92511 DR MICAH SADIGH TRUSTEE/PROFESSOR 40.00 X 92340 0 23489 ROBIN INGRAM CHAIR 1.00 X X 0 0 0 BARBARA BIGELOW VICE CHAIR 1.00 X X 0 0 0 JOHN ZEMBRON VICE CHAIR 1.00 X X 0 0 0 BRIAN WANAMAKER TRUSTEE 1.00 X 0 0 0 CAROLYN STENNETT TRUSTEE 1.00 X 0 0 0 CHIMING TSE TRUSTEE 1.00 X 0 0 0 DAVID KELLER TRUSTEE 1.00 X 0 0 0 GILLIAN PIDCOCK TRUSTEE 1.00 X 0 0 0 HELEN SCOTCH TRUSTEE 1.00 X 0 0 0 JONI BERNER TRUSTEE 1.00 X 0 0 0 KIM JORDAN TRUSTEE 1.00 X 0 0 0 LAMONT ROUSE TRUSTEE 1.00 X 0 0 0 LORRAINE SOISSON TRUSTEE 1.00 X 0 0 0 MEG SCHOENEMANN TRUSTEE 1.00 X 0 0 0 MICHAEL PASQUALE TRUSTEE 1.00 X 0 0 0 MICHELLE LAWALL TRUSTEE 1.00 X 0 0 0 NANCY CLEFF TRUSTEE 1.00 X 0 0 0 NOOR HUSSAIN TRUSTEE 1.00 X 0 0 0 PAMELA SAUNDERS TRUSTEE 1.00 X 0 0 0 PATTI BEHR TRUSTEE 1.00 X 0 0 0 STEPHANIE KOBAL TRUSTEE 1.00 X 0 0 0 SUE ANN GLOWER TRUSTEE 1.00 X 0 0 0 TRACY BROOMALL TRUSTEE 1.00 X 0 0 0 WENDY BODY TRUSTEE 1.00 X 0 0 0 WILLIAM MOYER TRUSTEE 1.00 X 0 0 0 ELIZABETH WILSON CFO/TREASURER 40.00 X 186740 0 8749 ROBERT WILSON PROVOST AND VP FOR ACADEMIC AFFAIRS 40.00 X 163762 0 15508 STEPHANIE WALKER VP OF ENROLLMENT MANAGEMENT 40.00 X 140958 0 15797 DR CALLEY TAYLOR VP STUDENT SUCCESS & ENGAGEMENT/DEAN OF STUDENTS 40.00 X 125944 0 10006 LYNN STAPLES VP FOR INSTITUTIONAL ADVANCEMENT 40.00 X 105706 0 17865 MEGHAN GRADY SECRETARY TO THE BOARD 40.00 X 51007 0 369 BIMPE ADENUSI DIRECTOR NURSE ANESTHESIA PROG/ASST PROFESSOR 40.00 X 189122 0 24894 DEBORAH BURNETT-OLSEN DIRECTOR NURS ANESTHESIA PROG/ASST PROFESSOR 40.00 X 190068 0 12224 WENDY ROBB DEAN FOR THE SCHOOL OF NURSING 40.00 X 178660 0 20448 WILLIAM WRIGHTSMAN PROG DIR, OCCUPATIONAL THERAPY/ASST PROFESSOR 40.00 X 133414 0 17471 LAWRENCE QUARINO PROFESSOR 40.00 X 121182 0 16320 1997579 0 275651 25 0 1 0 PARKHURST DINING SERVICES PO BOX 644091 PITTSBURGH PA 152644091 FOOD SERVICE 1748262 HT LYONS INC 7165 AMBASSADOR DRIVE ALLENTOWN PA 181069255 GENERAL CONTRACTING SERVICES 440708 ALVIN H BUTZ INC 840 W HAMILTON ST STE 600 ALLENTOWN PA 181059255 GENERAL CONTRACTING SERVICES 301749 JENZABAR 101 HUNTINGTON AVE STE 2220 BOSTON MA 02199 SOFTWARE 287740 CARNEGIE DARTLET LLC 210 LITTLETON RD STE 100 WESTFORD MA 01886 MARKETING 256316 15 23189 936643 4325011 102825 5284843 TUITION AND FEES 611600 38677737 38677737 RESIDENCE FEES 611600 2181684 2181684 SWIM & SAFETY PROGRAMS 611600 388873 388873 FORTIFIED STUDENT DEPO 611600 14750 14750 INTEREST INCOME ON STU 611600 1320 1320 41264364 1242284 2638 1239646 44674 44674 759423 442375 317048 317048 317048 2335221 186385 2148836 2148836 2148836 34380 23189 39320 -4940 -4940 DINING FEES 611600 2050534 2050534 SUMMER CAMPS 611600 91466 91466 MISCELLANEOUS 611600 65740 65740 44763 44763 2252503 52549612 41264364 94104 5906301 15551115 15551115 1369427 396155 837322 135950 16509636 13432244 2447779 629613 519293 442324 60178 16791 2262666 1565897 550350 146419 1253129 989974 213032 50123 29665 29665 87397 87397 264981 264981 1732608 1177266 527590 27752 565251 4646 559866 739 2516087 1490134 884509 141444 198949 113013 73795 12141 1863799 1176554 687245 641569 570758 59958 10853 162755 144529 13050 5176 406314 273671 132643 3480866 2319671 1161195 479608 31740 447868 AUXILIARY ENTERPRISES 2090153 2090153 MISC. PROGRAM/ADMIN EXP 378075 9424 368651 MEMBERSHIP FEES 277880 111401 160396 6083 DINING SERVICES 277175 216804 45707 14664 41182 35392 5790 52959580 42107473 9648569 1203538 7000 7000 8205924 6291771 3194788 2614537 600496 411591 525421 437629 100070933 70013481 30780087 30057452 38599585 44846160 8330059 9233648 2515083 2361064 13703031 14357314 106461474 110618166 1132161 2208639 2559661 2241937 15817358 14597883 4520801 4844119 24029981 23892578 X 32055444 30610164 50376049 56115424 82431493 86725588 106461474 110618166 X -409968 4490759 213304 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 841405 X X X X 0 1 3373970 3373970 0 0 38616890 940892 6751418 1715648 109089 262100 44222363 34464051 766281 4692087 1465500 -391576 231605 38616890 42076762 659032 -6231367 1489434 305992 244950 34464051 32892693 543744 9984280 1304345 -189289 228899 42076762 32528475 1159882 546773 1358895 -225536 209078 32892693 0.07000 0.83000 0.10000 1 0 751331 751331 58850573 38364226 20486347 25371033 19980578 5390455 15097996 11668677 3429319 30057452 ASSETS OF POOLED INCOME FUND 87568 F HIRTLE CALLAGHAN PE OFFSHORE 378118 F HC SELECT EQUITY FUND LP 8767962 F 9233648 ASSETS HELD IN CHARITABLE REMAINDER 6600000 BENEFICIAL INTEREST IN REMAINDER TRUST 7441006 LEASE RIGHT-OF-USE ASSETS 316308 14357314 STUDENT DEPOSITS 116084 AGENCY FUNDS 191581 REFUNDABLE ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 733118 LIABILITIES UNDER SPLIT-INTEREST AGREEMENTS 2813792 CAPITALIZED LEASE OBLIGATIONS PAYABLE 316308 FINANCE LEASE OBLIGATIONS 673236 4844119 X 41851081 4490759 39190 430336 4960285 36890796 264981 15393835 15658816 52549612 37556986 39190 481695 520885 37036101 264981 15658498 15923479 52959580 PART III, LINE 4: THE COLLEGE COLLECTIONS ARE USED FOR PUBLIC EXHIBITION, STUDENT RESEARCH AND CLASSROOM STUDY. THE COLLEGE ALSO HAS SEVERAL COLLECTIONS ON LOAN. THE COLLEGE USES THESE COLLECTIONS AS TOOLS FOR INSTRUCTION. PART IV, LINE 1B: EACH YEAR THE COLLEGE BEGINS THE NEW ACADEMIC YEAR WITH ZERO FUNDING. ALL FUNDING FROM FEDERAL & STATE AGENCIES IS DISBURSED TO STUDENTS WITHIN THE ACADEMIC YEAR. PART V, LINE 4: THE INCOME GENERATED FROM THE COLLEGE'S ENDOWMENT IS PRIMARILY UTILIZED FOR SCHOLARSHIP AID AND FUNDING OF EDUCATIONAL PROGRAMS. PART X, LINE 2: THE IRS HAS RULED THAT THE COLLEGE IS TAX-EXEMPT AS A NOT-FOR-PROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE COLLEGE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD IS MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD AT JUNE 30, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 442,375. FUNDRAISING EXPENSES 39,320. CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS -51,359. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCES 15,393,835. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 442,375. FUNDRAISING EXPENSES 39,320. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCES 15,393,835. RECOVERY OF COSTS 264,663. SCHEDULE D, PART V, COLUMN (D), LINE 1A: DUE TO A CHANGE IN PRESENTATION OF THE FINANCIAL STATEMENTS, THE BEGINNING BALANCE IN COLUMN (C), LINE 1A DIFFERS FROM THE ENDING BALANCE FROM COLUMN (D), LINE 1G. THE BEGINNING BALANCE IN PART V FOR FY20 ACCURATELY REPRESENTS THE COLLEGE'S TRUE ENDOWMENT FUND BALANCE AS THIS PRESENTATION HAS BEEN CHANGED. 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 NON-DISCRIMINATION POLICY IS LISTED ON PAGE 1 OF THE ACADEMIC CATALOG WHICH IS PROVIDED TO EACH STUDENT TO USE DURING REGISTRATION AND ADVISING. SCHEDULE E, PART I, LINE 6 THE COLLEGE ADMINISTERS TITLE IV GRANT AND LOAN PROGRAMS AND STATE GRANT ASSISTANCE THROUGH PENNSYLVANIA AND RECIPROCAL STATES. 1 EUROPE 0 160 PROGRAM SERVICES STUDY ABROAD 562147 SOUTH AMERICA 0 10 PROGRAM SERVICES STUDY ABROAD 21978 SUB-SAHARAN AFRICA 0 8 PROGRAM SERVICES STUDY ABROAD 19471 0 178 0 0 0 178 603596 0 603596 1 0 1 1 1 0 PART I, LINE 2: ALL FINANCIAL AID IS TREATED AS A REDUCTION TO TUITION. PART I, LINE 3: ACCRUAL PART I: THE EXPENSES FOR THE STUDY ABROAD PROGRAMS MAY INCLUDE EXPENSES RELATED TO SPECIFIC STUDY ABROAD TOURS. THE COLLEGE COLLECTS ALL FUNDS FROM STUDENTS AND REMITS THESE FUNDS TO FOREIGN PROGRAMS ON BEHALF OF STUDENTS. THERE ARE NO ADDITIONAL COSTS TO THE COLLEGE RELATED TO THESE TRIPS. SCHOLARSHIPS - THESE FUNDS RELATE TO PROGRAMS FOR WHICH STUDENTS ARE RESPONSIBLE TO REMIT TO THE PROGRAM DIRECTLY. STUDENTS MAY APPLY FOR FEDERAL AND STATE LOANS/GRANTS THROUGH THE COLLEGE TO ASSIST WITH PROGRAM FEES. SCHOLARSHIPS, LOANS/GRANTS THAT STUDENTS APPLY FOR THROUGH THE COLLEGE ARE THEN ISSUED AS REFUND CHECKS FOR THE STUDENTS TO HANDLE THEMSELVES. THE AMOUNT OF "REFUNDS" GIVEN TO STUDENTS IS REPRESENTED ON THE SCHEDULE FOR FINANCIAL AID TO FOREIGN INDIVIDUALS OF THAT REGION. PART IV, LINES 3, 4, AND 5: THE ORGANIZATION HAS OWNERSHIP INTERESTS IN CERTAIN FOREIGN CORPORATIONS AND PARTNERSHIPS, HOWEVER, NO OWNERSHIP INTERESTS EXCEEDED THE THRESHOLD FOR REQUIRING THE FILING OF FORMS 5471, 8621 OR 8865. CASINO NIGHT 57569 23189 34380 4000 241 17179 4790 159 12951 57569 23189 34380 4000 241 17179 4790 159 12951 39320 -4940 1 INSTITUTIONAL & FEDERAL AID 751 15376085 STUDENT AID EXPENSE 60 85528 PART I, LINE 2: THE OFFICE OF STUDENT FINANCIAL SERVICES ADMINISTERS, RECONCILES, AND REPORTS ALL AID TO STUDENTS IN ACCORDANCE WITH GRANT AGENCY PROCEDURES. FUNDS ARE VERIFIED, REVIEWED, AND RECONCILED TO ENSURE APPROPRIATE RECORDING. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 DR ELIZABETH MEADE PRESIDENT 307358 0 0 0 11318 0 33441 0 59070 0 411187 0 0 0 BIMPE ADENUSI DIRECTOR NURSE ANESTHESIA PROG/ASST PROFESSOR 187316 0 0 0 1806 0 11239 0 13655 0 214016 0 0 0 DEBORAH BURNETT-OLSEN DIRECTOR NURS ANESTHESIA PROG/ASST PROFESSOR 187534 0 0 0 2534 0 11252 0 972 0 202292 0 0 0 WENDY ROBB DEAN FOR THE SCHOOL OF NURSING 177478 0 0 0 1182 0 10649 0 9799 0 199108 0 0 0 ELIZABETH WILSON CFO/TREASURER 186333 0 0 0 407 0 0 0 8749 0 195489 0 0 0 ROBERT WILSON PROVOST AND VP FOR ACADEMIC AFFAIRS 163260 0 0 0 502 0 9796 0 5712 0 179270 0 0 0 STEPHANIE WALKER VP OF ENROLLMENT MANAGEMENT 140688 0 0 0 270 0 8441 0 7356 0 156755 0 0 0 WILLIAM WRIGHTSMAN PROG DIR, OCCUPATIONAL THERAPY/ASST 131584 0 0 0 1830 0 7895 0 9576 0 150885 0 0 0 PART I, LINE 1A THE COLLEGE PRESIDENT IS REQUIRED, AS A CONDITION OF EMPLOYMENT, TO LIVE AT THE COLLEGE'S PRESIDENTIAL RESIDENCE. THIS BENEFIT WAS NOT INCLUDED IN TAXABLE COMPENSATION AS IT MET THE REQUIREMENTS FOR EXCLUSION UNDER INTERNAL REVENUE CODE SECTION 119(D): IT WAS REQUIRED AS A CONDITION OF EMPLOYMENT, FOR THE CONVENIENCE OF THE EMPLOYER, AND ON OR NEAR THE CAMPUS. THE COLLEGE PROVIDES COUNTRY CLUB DUES AND RESIDENCE AID FOR THE COLLEGE PRESIDENT. THESE AMOUNTS ARE INCLUDED IN TAXABLE COMPENSATION. A MUNICIPAL AUTHORITY OF CUMRU 236000288 2014-12-16 10741394 FINANCE THE REFUNDING OF A PORTION OF THE 2006 LCGPA REVENUE BOND 0 0 0 B MUNICIPAL AUTHORITY OF CUMRU 236000288 2015-06-10 8815494 FINANCE REFUNDING OF A PORTION OF THE 2006, 2007 & 2009 LCGPA REVENUE BONDS 0 0 0 C MUNICIPAL AUTHORITY OF CUMRU 236000288 2017-11-21 5200000 FINANCE RENOVATIONS IN STEINBRIGHT AND TCC STUDENT UNION BULIDING 0 0 0 A 4866394 10741394 102510 10638884 2014 1 1 1 1 B 3720494 8815494 83224 8732270 2015 1 0 1 1 C 1460000 5200000 72876 5127124 2019 0 0 1 1 A 0 0 1 1 0 0 0 1 B 0 0 1 1 0 0 0 1 C 0 0 1 1 0 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MUNICIPAL AUTHORITY OF CUMRU DATE THE REBATE COMPUTATION WAS PERFORMED: 01/01/2018 DISCLOSURE SUBJECT TO FERPA LAWS 22832 FINANCIAL AID FINANCIAL AID X 6 91827 FMV X PROMOTIONAL PRODUCTS 1 7500 COST X CRAYOLA PRODUCTS FOR ART ACTIVITIES 1 3000 COST X PANTRY DONATIONS 7 498 COST 0 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL BE COMPRISED OF THE FOLLOWING: THE CHAIRPERSON OF THE BOARD, VICE CHAIRPERSON OF THE BOARD, PRESIDENT OF THE COLLEGE, PRESIDENT OF THE ALUMNAE ASSOCIATION, AND CHAIRS OF THE FOLLOWING COMMITTEES: ACADEMIC AFFAIRS, ADVANCEMENT, AUDIT, ENROLLMENT MANAGEMENT, STUDENT SUCCESS, AND FINANCE AND ENDOWMENT. IN ADDITION, THE CHAIRPERSON OF THE BOARD MAY APPOINT UP TO TWO AD HOC MEMBERS TO SERVE ON THE EXECUTIVE COMMITTEE. THE CHAIRPERSON MAY INVITE OTHER BOARD MEMBERS TO ATTEND EXECUTIVE COMMITTEE MEETINGS AS NEEDED WHEN RELEVANT EXPERTISE IS REQUIRED. THE CHAIRPERSON OF THE BOARD SHALL BE THE CHAIR OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL POSSESS AND EXERCISE ALL EXECUTIVE AND SUPERVISORY POWERS OF THE BOARD OF TRUSTEES IN THE INTERVALS BETWEEN MEETINGS OF THE BOARD, SUBJECT, HOWEVER, TO THE REGULATIONS, INSTRUCTIONS AND AUTHORIZATIONS AS MAY FROM TIME TO TIME BE MADE AND GIVEN BY THE BOARD. MEETINGS MAY BE CONVENED TO SET THE AGENDA FOR THE COMING ACADEMIC YEAR OR TO ADVISE THE PRESIDENT AND BOARD CHAIR. SPECIAL MEETINGS MAY BE CALLED BY THE CHAIRPERSON OF THE BOARD OR UPON THE REQUEST OF ANY TWO MEMBERS OF THE EXECUTIVE COMMITTEE. AT LEAST THREE (3) DAYS NOTICE OF THE CONVENING OF A SPECIAL MEETING OF THE EXECUTIVE COMMITTEE SHALL BE GIVEN BY THE SECRETARY, EXCEPT IN CASES OF EXTREME EMERGENCY. MINUTES OF THE PROCEEDINGS OF THE EXECUTIVE COMMITTEE AND A REPORT OF ITS ACTIONS SHALL BE DISTRIBUTED BY THE SECRETARY TO TRUSTEE MEMBERS IN ADVANCE OF THE NEXT CONVENED MEETING OF THE BOARD AND ACCORDING TO ESTABLISHED PROCEDURES. FORM 990, PART VI, SECTION A, LINE 3 THE COLLEGE CONTRACTED WITH CFO COLLEAGUE LLC IN NOVEMBER 2022 AFTER NOTIFICATION OF AUDRA KAHR'S RESIGNATION. THE CONTRACT REMAINED IN EFFECT UNTIL THE END OF JANUARY 2023 WHEN ELIZABETH WILSON WAS HIRED AS A REPLACEMENT CFO/TREASURER. CFO COLLEAGUE LLC ASSIGNED AN INTERIM CFO, WHO WORKED ON A PART-TIME BASIS TO SUPERVISE VARIOUS DEPARTMENTS IN FINANCE & ADMINISTRATION AND PROVIDE BUDGET PLANNING SUPPORT. THE INTERIM CFO WAS ALSO REQUIRED TO REPORT TO THE BOARD OF TRUSTEES AS NEEDED. ANY REMAINING RESPONSIBILITIES ULTIMATELY FELL TO THE PRESIDENT OR OTHER STAFF MEMBERS ON A TEMPORARY BASIS. FORM 990, PART VI, SECTION B, LINE 11B THE CONTROLLER COORDINATES THE PREPARATION OF THE FORM 990 BY THE COLLEGE'S ACCOUNTING FIRM. THE FORM IN ITS ENTIRETY IS REVIEWED BY THE CHIEF FINANCIAL OFFICER/TREASURER. A DRAFT OF THE FULL FORM 990 IS PROVIDED TO MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES AND REVIEWED BY THE AUDIT COMMITTEE AT A MEETING WITH BAKER TILLY, THE INDEPENDENT AUDITORS OF THE COLLEGE. FOLLOWING THAT REVIEW, THE FULL DISCLOSURE COPY OF FORM 990 IS PROVIDED TO EACH TRUSTEE OF THE COLLEGE PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF TRUSTEES AND MEMBERS OF COMMITTEES THEREOF, INCLUDING OFFICERS AND KEY EMPLOYEES, ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY. THE CONFLICT OF INTEREST STATEMENTS ARE MAINTAINED AND MONITORED WITHIN THE OFFICE OF THE PRESIDENT AT THE COLLEGE. IN ADDITION, THE CABINET MUST SIGN THE COLLEGE'S STAFF HANDBOOK ANNUALLY THAT DEALS WITH CONFLICT OF INTEREST AS A MATTER OF POLICY. THE SIGNED DOCUMENT IS STORED WITHIN THE HR DEPARTMENT. POTENTIAL CONFLICTS IDENTIFIED ARE PRESENTED TO THE CHAIR OF THE BOARD OF TRUSTEES WHO CONSULTS WITH THE PRESIDENT AND THE CHIEF FINANCIAL OFFICER AT THE COLLEGE WHO REVIEWS THE INFORMATION PROVIDED. ADDITIONAL INFORMATION IS REQUESTED WHEN NECESSARY. ALL NEW TRUSTEES ARE EVALUATED BY THE FULL BOARD OF TRUSTEES, THE PRESIDENT AND THE CFO FOR POTENTIAL CONFLICTS. ANY IDENTIFIED CONFLICTS ARE ADDRESSED IMMEDIATELY. BOARD MEMBERS WILL ABSTAIN FROM VOTING ON SUCH MATTERS IN WHICH THEY HAVE IDENTIFIED A CONFLICT. THE POLICY EXPRESSLY STATES THAT FAMILY AND BUSINESS RELATIONSHIPS MAY BE SOURCES OF POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT CONSULTANT, AGB-CES, SET THE COMPENSATION FOR THE PRESIDENT IN 2017 AFTER CONDUCTING A COMPENSATION STUDY, INCLUDING A REVIEW OF PEER INSTITUTIONS. THE REPORT WAS UTILIZED BY THE TRUSTEE COMPENSATION COMMITTEE IN SETTING THE SALARY FOR THE PRESIDENT. IN 2018, THE COLLEGE APPOINTED DR. ELIZABETH MEADE AS PRESIDENT WITH A 5 YEAR CONTRACT. THE CONTRACT WAS RENEWED IN 2023 FOR AN ADDITIONAL 5 YEARS. COST OF LIVING ADJUSTMENTS ARE GIVEN ANNUALLY EVERY JANUARY 1ST AS BUDGET PERMITS. COMPENSATION OF THE SR. OFFICERS/CABINET IS CALCULATED BY BENCHMARKING THE SALARIES OF THOSE SIMILAR POSITIONS WITHIN OUR GROUP OF PEERS AND CURRENT PAY SCALES. THE COLLEGE USES SEVERAL COMPENSATION TOOLS TO APPROPRIATELY BENCHMARK THESE SALARIES, SUCH AS CUPA, PAYSCALE, AND SALARIES.COM. THE SALARY COMPARISON IS PERFORMED BY THE HUMAN RESOURCES OFFICE AND PROVIDED TO THE PRESIDENT. THE PRESIDENT REVIEWS THE INFORMATION, AND THE COMPENSATION IS DETERMINED. THE COMPENSATION POLICY IS DOCUMENTED IN THE BOARD AND COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC THROUGH THE FOLLOWING VEHICLES: DUN & BRADSTREET; BLOOMBERG MUNICIPAL REPOSITORY AND FT INTERACTIVE DATA ATTN: NRMSIR. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS -51,359. RECOVERY OF COSTS 264,663. CHARITABLE REMAINDER TRUST (2) CHARITABLE TRUST PA CEDAR CREST COLLEGE T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0