2026-05-13T16:38:06-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP TWO INTERNATIONAL PLACE 22ND FLOOR BOSTON MA 02110 990 2024-07-01 231352665 DELAWARE VALLEY UNIVERSITY DELA 2154892251 700 EAST BUTLER AVE DOYLESTOWN PA 189012607 JAMES EDWARD COOPER VP OF FINANCE & ADMINISTRATION 2154892251 2026-05-12 1 1 LAURA J KENNEY P00202198 6177170831 2026-05-12 2024 2025-03-06 01:10:19Z BENJAMIN RUSILOSKI 700 EAST BUTLER AVE DOYLESTOWN PA 189012607 111081274 0 X WWW.DELVAL.EDU X 1896 PA A PRIVATE FOUR-YEAR UNIVERSITY PROVIDING HIGHER EDUCATION TO INDIVIDUALS SEEKING ADVANCEMENT. 19 19 1305 125 -436 0 3827148 7869690 77564504 93667244 2327106 2675915 16854869 1600941 100573627 105813790 39733174 40584994 0 0 34999802 34479228 0 0 1113549 27779192 27114170 102512168 102178392 -1938541 3635398 114134488 114802260 46697813 42249572 67436675 72552688 X SEE SCHEDULE O.WE ARE INSPIRED BY THE IDEALS OF OUR FOUNDER WHO, IN 1896, EMPHASIZED RESPECT FOR ALL PEOPLE AND IDEAS, WHO HONORED KNOWLEDGE WITH PRACTICE, PROGRESS AND THE COMMON GOOD. OUR HISTORICAL COMMITMENT TO EXPERIENTIAL LEARNING INTEGRATES THEORY AND PRACTICE AND PREPARES UNDERGRADUATE AND GRADUATE STUDENTS TO MEET THE CHALLENGES OF A COMPLEX GLOBAL ENVIRONMENT AND TO ENGAGE IN LIFELONG LEARNING. WE PROVIDE STUDENTS WITH THE REQUISITE SKILLS AND A SPIRIT OF INQUIRY THAT ENRICH AND INFORM THEIR LIVES, PREPARE THEM TO PURSUE MEANINGFUL CAREERS, AND FULFILL SOCIETAL, COMMUNITY AND FAMILY RESPONSIBILITIES. 0 0 89810599 40584994 94266028 DELAWARE VALLEY UNIVERSITY (THE UNIVERSITY) IS A PRIVATE COEDUCATIONAL FOUR-YEAR INSTITUTION LOCATED IN DOYLESTOWN, BUCKS COUNTY, PENNSYLVANIA. THE UNIVERSITY WAS FOUNDED IN 1896 AND CURRENTLY ENROLLS JUST UNDER 1,600 FULL-TIME UNDERGRADUATE STUDENTS. THE UNIVERSITY'S FOCUS IS EXPERIENTIAL EDUCATION IN THE AREAS OF HIGH-SCIENCE AGRICULTURE, BIOLOGICAL AND PHYSICAL SCIENCES, LIBERAL ARTS, TEACHER EDUCATION AND BUSINESS. IN ADDITION TO 29 FULL-TIME UNDERGRADUATE DEGREE PROGRAMS, THE UNIVERSITY OFFERS ASSOCIATE OF SCIENCE DEGREE PROGRAMS AND CONTINUING AND PROFESSIONAL STUDIES PROGRAMS INCLUDING EVENING AND SUMMER SESSIONS. THE UNIVERSITY OFFERS GRADUATE DEGREES: A MASTER OF SCIENCE DEGREE IN EDUCATIONAL LEADERSHIP, A MASTER OF SCIENCE IN SPECIAL EDUCATION, A MASTER OF SCIENCE IN TEACHING AND LEARNING, A MASTER OF ARTS IN CRIMINAL JUSTICE, A MASTER OF BUSINESS ADMINISTRATION WITH VARIOUS SPECIALIZATIONS, A MASTER OF ARTS IN COUNSELING PSYCHOLOGY, A MASTER OF SCIENCE IN AGRIBUSINESS MANAGEMENT, A MASTER OF HEALTHCARE ADMINISTRATION, A MASTER OF ARTS IN MANAGEMENT AND ORGANIZATIONAL LEADERSHIP, A MASTER OF SCIENCE IN PHYSICIAN ASSISTANT STUDIES, A MASTER OF SCIENCE IN SPEECH-LANGUAGE PATHOLOGY, AND A DOCTORATE OF EDUCATION IN EDUCATIONAL LEADERSHIP. THE UNIVERSITY ALSO OFFERS MORE THAN 20 GRADUATE CERTIFICATE PROGRAMS ACROSS MULTIPLE DISCIPLINES. 89810599 1 1 0 0 0 0 1 0 1 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 148 0 1 1305 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 PA X JANE WANG 2154892251 700 EAST BUTLER AVENUE DOYLESTOWN PA 18901 BENJAMIN RUSILOSKI PRESIDENT 55.00 0.00 X 423807 0 35254 GLORIA ABIMBOLA OIKELOME PROVOST & VP OF ACADEMIC AFFAIRS 55.00 0.00 X 237759 0 42829 JAMES EDWARD COOPER VP OF FINANCE AND ADMINISTRATION 55.00 0.00 X 213127 0 26409 STEPHEN JOHN RIEKS CHIEF INFORMATION OFFICER 55.00 0.00 X 193752 0 35682 BROC ALAN SANDELIN - DEAN OF AGRICULTURE & ENVIRONMENTAL SCIENCE 55.00 0.00 X 187684 0 34256 JOSEPH THOMAS FIOCHETTA VP OF DEVELOPMENT & ALUMNI AFFAIRS 55.00 0.00 X 202824 0 18550 KATHRYN MARY PAYNE VP OF ENROLLMENT MANAGEMENT 55.00 0.00 X 204696 0 16214 ANDREW DOUGHERTY CHAIR 0.30 0.00 X X 0 0 0 HAKIM RICHARD SAVOY VICE-CHAIR 0.30 0.00 X X 0 0 0 JIMMY CHEEK SECRETARY 0.30 0.00 X X 0 0 0 JOY LEVY TREASURER 0.30 0.00 X X 0 0 0 FRANCIE BABIK TRUSTEE 0.30 0.00 X 0 0 0 CELINA BURGUENO TRUSTEE 0.30 0.00 X 0 0 0 NEIL CLOVER TRUSTEE AS OF NOV 2024 0.30 0.00 X 0 0 0 THOMAS DEBROWSKI TRUSTEE 0.30 0.00 X 0 0 0 RICHARD FINKEL TRUSTEE 0.30 0.00 X 0 0 0 LOUIS HEGYES TRUSTEE 0.30 0.00 X 0 0 0 KENNETH LIPTON TRUSTEE 0.30 0.00 X 0 0 0 PHILIP LUCCARELLI TRUSTEE 0.30 0.00 X 0 0 0 CAM MAIO TRUSTEE 0.30 0.00 X 0 0 0 JONATHAN MANDELL TRUSTEE 0.30 0.00 X 0 0 0 KYLE MCAULIFFE TRUSTEE 0.30 0.00 X 0 0 0 KELLIE MCGOWAN TRUSTEE 0.30 0.00 X 0 0 0 BLAIR RUSH TRUSTEE 0.30 0.00 X 0 0 0 AMY LEENHOUTS TAIT TRUSTEE 0.30 0.00 X 0 0 0 GARY ULRICH TRUSTEE 0.30 0.00 X 0 0 0 JUN IWATA TRUSTEE TO AUG 2024 0.30 0.00 X 0 0 0 JEFF MARSHALL TRUSTEE TO JUN 2025 0.30 0.00 X 0 0 0 JULIA WILLIAMS TRUSTEE TO JUL 2024 0.30 0.00 X 0 0 0 1663649 0 209194 60 0 1 0 EAT 'N PARK HOSPITALITY GROUP INC DBA PO BOX 644091 PITTSBURGH PA 152644901 FOOD SERVICES 5391039 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 828854 PHILADELPHIA PA 191828854 SECURITY SERVICES 802701 INDEPENDENCE PROPERTY SERVICES LLC PO BOX 936640 ATLANTA GA 311936640 SNOW REMOVAL AND LAWN CARE SERVICES 647593 BALLARD SPAHR LLP PO BOX 825470 PHILADELPHIA PA 191825470 LEGAL SERVICES 451364 PERKIOMEN MOTORCOACH LLC 875 MAIN STREET PENNSBURG PA 18073 TRANSPORTATION SERVICES 241739 8 1077108 6792582 1195700 7869690 TUITION AND FEES 611310 78726358 78726358 DINING SERVICE REVENUE 722210 7882505 7882505 RESIDENCE HALLS REVENUE 611310 7058381 7058381 93667244 1322726 -436 1323162 6620673 5267484 1353189 1353189 1353189 PRODUCTION UNITS FARM INCOME 900099 598784 598784 1002157 1002157 1600941 105813790 94266028 -436 3678508 40584994 40584994 675391 675391 26554606 20500996 5345209 708401 1381927 1066891 278170 36866 3945427 3047626 792548 105253 1921877 1452710 418969 50198 545777 545777 133549 133549 146427 146427 5002562 3546514 1362521 93527 523657 502329 21328 1366881 852860 443421 70600 786612 609609 177003 1657778 1657778 499243 381450 113937 3856 43013 31677 11336 1584131 1584131 4280041 3861612 418429 688914 688914 MEALS 5030612 5018049 10226 2337 FARMING & LIVESTOCK 1065441 1065441 REPAIRS 803184 744955 58229 RENTAL/OPERATING LEASES 430469 408713 21756 2525879 2203350 280018 42511 102178392 89810599 11254244 1113549 72935 427720 2979583 2731078 1458156 2370134 1804947 52257 1270054 1351648 2851011 775465 153379239 91692333 64126603 61686906 39309059 42022864 345006 253189 1006351 2041782 114134488 114802260 6763888 5893311 2382859 3195635 31243936 29356347 638038 591454 5669092 3212825 46697813 42249572 X 29870055 29236161 37566620 43316527 67436675 72552688 114134488 114802260 3635398 1480615 0 X 0 1 X 1 1 1 X 8421450 8380111 7429426 3827148 7869690 35927825 8421450 8380111 7429426 3827148 7869690 35927825 7020527 28907298 976388 1070979 1276368 1361709 1322726 6008170 7131 19622 30133 56886 580499 1260099 1273630 1186453 1002157 5302838 47295719 438271381 0.61120 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER REVENUES - 2020 AMOUNT: $ 580,499. 2021 AMOUNT: $ 1,260,099. 2022 AMOUNT: $ 1,273,630. 2023 AMOUNT: $ 1,186,453. 2024 AMOUNT: $ 1,002,157. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 2 283.00 0 0 0 1 0 0.00 0 0 1 X 39468630 450425 4050991 321990 1262579 146427 42239050 36903592 480452 3535263 493852 817182 139643 39468630 34644848 800466 3291107 465627 1232624 134578 36903592 39571307 595187 -3863421 326020 1187480 144725 34644848 32084963 595224 8666927 485660 1154347 135800 39571307 0.21965 0.35571 0.42464 0 0 23526462 23526462 99715069 67170045 32545024 28545691 23883330 4662361 1592017 638958 953059 61686906 X 67341148 1480615 34775 1515390 65825758 146427 39841605 39988032 105813790 62225135 34775 34775 62190360 146427 39841605 39988032 102178392 PART II, LINE 9: THE UNIVERSITY OWNS APPROXIMATELY 283 ACRES OF LAND IN BUCKS AND MONTGOMERY COUNTIES UNDER AGRICULTURAL CONSERVATION EASEMENTS PURSUANT TO THE AGRICULTURAL AREA SECURITY LAW. UNDER THESE AGRICULTURAL CONSERVATION EASEMENTS, THE UNIVERSITY'S USE OF THE LAND IS LIMITED TO THE PRODUCTION OF CROPS, LIVESTOCK AND LIVESTOCK PRODUCTS, AND OTHER AGRICULTURAL PRODUCTION. PART IV, LINE 2B: THE UNIVERSITY HELD FUNDS FOR VARIOUS STUDENT CLUBS AND ORGANIZATIONS. PART V, LINE 4: THE USE OF ENDOWMENT FUNDS IS BASED ON THE RESTRICTION PLACED BY THE DONOR. THE MAJORITY OF ENDOWMENT FUNDS IS DEDICATED PRIMARILY FOR STUDENT SCHOLARSHIPS. PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS RULED THE UNIVERSITY 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 HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES MANAGEMENT TO EVALUATE THE TAX POSITIONS TAKEN BY THE UNIVERSITY AND RECOGNIZE A TAX LIABILITY IF THE UNIVERSITY HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE RELEVANT TAXING AUTHORITY. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE UNIVERSITY, AND HAS CONCLUDED THAT AS OF JUNE 30, 2025 AND 2024, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR ASSET OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 39,841,605. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 39,841,605. 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 OF THE UNIVERSITY IS INCLULDED IN ALL EXTERNALLY TARGETED PUBLICATIONS, THE UNIVERSITY CATALOG, AND ON THE WEBSITE HOMEPAGE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVED FEDERAL FUNDS UNDER THE PELL GRANT, FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT, FEDERAL WORK STUDY, AND OTHER MISCELLANEOUS FEDERAL RESEARCH AND DEVELOPMENT GRANTS. ADDITIONALLY, THE UNIVERSITY RECEIVES VARIOUS GRANTS FROM THE COMMONWEALTH OF PENNSYLVANIA AND ITS POLITICAL SUBDIVISIONS. 1 SCHOLARSHIPS 1645 40584994 0 PART I, LINE 2: THE UNIVERSITY PROVIDES SCHOLARSHIPS AND OTHER ASSISTANCE TO STUDENTS MATRICULATING AT THE UNIVERSITY FOR VARIOUS REASONS INCLUDING, BUT NOT LIMITED TO, ACADEMIC PERFORMANCE AND FINANCIAL NEED. OTHER GRANTS/ SCHOLARSHIPS ARE AWARDED TO STUDENTS WHO MEET REQUIREMENTS SET FORTH BY THE DONOR. ALL FUNDS GRANTED ARE USED TO DEFRAY THE COST OF TUITION, FEES, HOUSING, MEALS AND BOOKS. THEREFORE, NO FURTHER MONITORING OF THE GRANTS IS REQUIRED. SCHOLARSHIPS AND GRANTS ARE AWARDED IN A NON-DISCRIMINATORY MANNER USING CRITERIA DETERMINED BY THE UNIVERSITY OR BY THE SCHOLARSHIP DONOR. X X X 0 1 0 0 0 0 0 0 0 BENJAMIN RUSILOSKI PRESIDENT 347895 0 0 0 75912 0 24488 0 10766 0 459061 0 40000 0 GLORIA ABIMBOLA OIKELOME PROVOST & VP OF ACADEMIC AFFAIRS 237489 0 0 0 270 0 17150 0 25679 0 280588 0 0 0 JAMES EDWARD COOPER VP OF FINANCE AND ADMINISTRATION 212076 0 0 0 1051 0 15050 0 11359 0 239536 0 0 0 STEPHEN JOHN RIEKS CHIEF INFORMATION OFFICER 192978 0 0 0 774 0 14000 0 21682 0 229434 0 0 0 BROC ALAN SANDELIN - DEAN OF AGRICULTURE & ENVIRONMENTAL SCIENCE 186747 0 0 0 937 0 13501 0 20755 0 221940 0 0 0 JOSEPH THOMAS FIOCHETTA VP OF DEVELOPMENT & ALUMNI AFFAIRS 200850 0 0 0 1974 0 14227 0 4323 0 221374 0 0 0 KATHRYN MARY PAYNE VP OF ENROLLMENT MANAGEMENT 203226 0 0 0 1470 0 14230 0 1984 0 220910 0 0 0 PART I, LINE 4B BENJAMIN RUSILOSKI, PRESIDENT, PARTICIPATES IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. IN CALENDAR YEAR 2023, THE UNIVERSITY MADE A $40,000 CONTRIBUTION TO THE PLAN. THIS CONTRIBUTION HAD NOT YET VESTED AND WAS REPORTED IN SCHEDULE J, PART II, COLUMN (C) ON THE 2023 FORM 990. IN CALENDAR YEAR 2024, THE UNIVERSITY MADE A $20,000 CONTRIBUTION TO THE PLAN, WHICH IMMEDIATELY VESTED. THE PRESIDENT WAS PAID A TOTAL OF $72,428, WHICH INCLUDES THIS $20,000 CONTRIBUTION, THE $40,000 CONTRIBUTION FROM 2023, AND $12,428 OF EARNINGS. THE $72,428 IS INCLUDED IN THE AMOUNT REPORTED IN SCHEDULE J, PART II, COLUMN (B)(III). A BUCKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232174016 118618AA5 2022-03-16 4065793 REFUNDING OF SERIES 2015 NOTE 0 0 0 B BUCKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232174016 118618AQ0 2022-08-04 30014981 0 0 0 A 4065793 80793 3985000 2015 1 0 1 1 B 3955000 30014981 499534 6000000 23515447 2012 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART I, BOND ISSUES: (A) ISSUER NAME: BUCKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (F) DESCRIPTION OF PURPOSE: REFUNDING OF SERIES 2015 NOTE (A) ISSUER NAME: BUCKS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (F) DESCRIPTION OF PURPOSE: 1) REFUNDING OF SERIES 2012 BONDS 2) CAPITAL IMPROVEMENTS 3) PAYMENT OF THE COSTS OF ISSUING THE BONDS X 2200 RESALE VALUE X 9293 RESALE VALUE X 4 837517 FAIR MARKET VALUE X HORSES 9 183000 APPRAISAL/FAIR MARKE X EQUIP & CAP MTL 6 138900 FAIR MARKET VALUE X SOFTWARE 1 15000 COST X SUPPLIES 6 9790 APPRAISAL 1 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS IS REPORTED. SCHEDULE M, PART I, LINE 24, COLUMN (C): IT IS THE UNIVERSITY'S POLICY TO RECORD DONATED HORSES THAT ARE USED IN ITS EXEMPT PURPOSE AT A MAXIMUM OF $50,000 PER HORSE. HOWEVER, THE DONORS' QUALIFIED APPRAISALS MAY RESULT IN A DIFFERENT VALUE. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF THE BOARD CHAIR, THE BOARD VICE-CHAIR, THE BOARD SECRETARY, THE BOARD TREASURER, AND CHAIRS OF ALL BOARD-SANCTIONED COMMITTEES. THE UNIVERSITY PRESIDENT IS AN EX-OFFICIO NON-VOTING MEMBER OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL EXERCISE THE POWERS OF THE BOARD IN RELATION TO MATTERS THAT ARISE WHEN THE BOARD IS NOT IN SESSION, OR WHEN IT IS NOT PRACTICAL OR FEASIBLE FOR THE BOARD TO MEET. THE EXECUTIVE COMMITTEE IS PROHIBITED FROM: (I) FIXING COMPENSATION, IF ANY, OF ANY INDIVIDUAL RENDERING PERSONAL SERVICES TO THE UNIVERSITY AND ALSO SERVING AS A TRUSTEE OR AN OFFICER, DELEGATED AUTHORITY; (II) FILLING VACANCIES ON THE BOARD OR ON ANY COMMITTEE WITH BOARD; (III) ADOPTION, AMENDMENT OR REPEAL OF BYLAWS OR ADOPT NEW BYLAWS, OR AMEND, REPEAL, OR ADOPT NEW ARTICLES OF INCORPORATION; (IV) AMENDMENT OR REPEAL ANY RESOLUTION OF THE BOARD WHICH BY ITS TERMS SHALL NOT BE SO AMENDABLE OR REPEALABLE; (V) ACTION ON ANY MATTER COMMITTED BY THE BYLAWS OR A BOARD RESOLUTION EXCLUSIVELY TO ANOTHER COMMITTEE; (VI) ESTABLISHING FUNDAMENTAL POLICIES TO BE USED TO GUIDE THE UNIVERSITY'S OVERARCHING MISSION, VISION AND LONG-TERM PLANNING, AND FROM WHICH THE CABINET AND STAFF MAY SET ADDITIONAL POLICIES AND PROCEDURES FOR DAY-TO-DAY OPERATIONS; (VII) THE PURCHASE OR SALE OR LONG-TERM LEASING (IN EXCESS OF FIVE (5) YEARS) OF ANY REAL ESTATE, OR THE PLEDGING OR MORTGAGING OF THE SAME; OR (VIII) APPROVAL OF ANY TRANSACTION BETWEEN: (1) THE UNIVERSITY AND ONE OR MORE OF ITS TRUSTEES OR OFFICERS, OR (2) THE UNIVERSITY AND ANY ENTITY IN WHICH ONE OR MORE OF ITS TRUSTEES OR OFFICERS HAVE A MATERIAL FINANCIAL INTEREST. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM WITH INFORMATION PROVIDED BY MANAGEMENT. THE FORM 990 IS REVIEWED IN DETAIL BY MANAGEMENT OF THE UNIVERSITY INCLUDING THE CONTROLLER AND THE VP OF FINANCE AND ADMINISTRATION. THE FORM 990 IS THEN REVIEWED BY THE AUDIT/RISK MANAGEMENT COMMITTEE OF THE BOARD AND MADE AVAILABLE TO THE ENTIRE BOARD OF TRUSTEES PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST SURVEYS ARE COMPLETED ANNUALLY BY THE BOARD TRUSTEES AND OFFICERS. THESE SURVEYS ARE REVIEWED BY SENIOR MANAGEMENT TO DETERMINE IF THERE IS ANY POTENTIAL CONFLICT OF INTEREST. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST BY THE BOARD OF DIRECTORS AND OFFICERS, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF HIS OR HER FINANCIAL INTEREST AND MUST BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. THE UNIVERISTY HAS A CONFLICT OF INTEREST POLICY FOR EMPLOYEES. IF AN EMPLOYEE HAS A VESTED INTEREST IN A FIRM THAT IS DOING BUSINESS WITH THE UNIVERSITY, THE EMPLOYEE MUST REPORT THE INTEREST TO THE PRESIDENT AND MUST NOT REPRESENT THE UNIVERSITY IN TRANSACTIONS BETWEEN THE FIRM AND THE UNIVERSITY. NO EMPLOYEE CAN ACCEPT EMPLOYMENT IN ANY ORGANIZATION WHICH CONDUCTS BUSINESS WITH THE UNIVERSITY OR IS A UNIVERSITY COMPETITOR. FACULTY WHO TEACH PART TIME AT OTHER EDUCATIONAL INSTITUTIONS ARE NOT CONSIDERED IN VIOLATION OF THIS POLICY. VIOLATION OF THIS POLICY WILL RESULT IN DISCIPLINARY ACTION, UP TO AND INCLUDING DISCHARGE. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF TRUSTEES ENGAGES A COMPENSATION CONSULTANT AS NEEDED TO ASSESS COMPENSATION LEVELS FOR THE PRESIDENT'S POSITION. OVERSIGHT OF THE EVALUATION PROCESS AND COMPENSATION ACTIONS ARE OVERSEEN BY THE EXECUTIVE COMMITTEE OF THE BOARD, WHICH INCLUDES THE CHAIR, VICE CHAIR, TREASURER, SECRETARY AND CHAIRS OF ALL BOARD-SANCTIONED COMMITTEES. COMPENSATION FOR OTHER OFFICERS IS GROUPED WITH ALL OTHER EMPLOYEES WHEN DETERMINING COMPENSATION. THE BOARD OF TRUSTEES APPROVES ALL EMPLOYEE COMPENSATION AND SALARY INCREASES AS PART OF THE ANNUAL BUDGET PROCESS. THE UNIVERSITY DOES NOT COMPENSATE ANYONE WHO MEETS THE IRS DEFINITION OF KEY EMPLOYEE. THE REVIEW AND APPROVAL PROCESS IS DOCUMENTED VIA MINUTES OF THE BOARD OF TRUSTEES AND/OR MINUTES FROM THE EXECUTIVE COMMITTEE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. CHARITABLE REMAINDER ANNUITY TRUST (1) CHARITABLE TRUST PA DELAWARE VALLEY UNIVERSITY 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0