2026-05-13T19:18:35-05:00 2025-06-30 331498605 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT STE 300 AUBURN HILLS MI 48326 990 2024-07-01 381366958 SIENA HEIGHTS UNIVERSITY SIEN 5172647108 1247 EAST SIENA HEIGHTS DRIVE ADRIAN MI 49221 KRISSIE BARNES CHIEF OF STAFF 5172647108 2026-05-13 1 0 DORI J EGGETT P00645252 2483757100 2026-05-13 2024 2025-03-06 01:10:19Z DR CHERI BETZ 1247 EAST SIENA HEIGHTS DRIVE ADRIAN MI 49221 67776953 0 X WWW.SIENAHEIGHTS.EDU X 1919 MI TO PROVIDE STUDENTS WITH A LIBERAL ARTS EDUCATION WITH THE PURPOSE OF ASSISTING PEOPLE IN BECOMING MORE COMPETENT, PURPOSEFUL AND ETHICAL THROUGH A TEACHING AND LEARNING ENVIRONMENT WHICH RESPECTS THE DIGNITY OF ALL. 25 24 798 23 65187 34904 8114479 15836386 46432552 49678134 274846 344172 519907 673470 55341784 66532162 21527824 23022047 0 0 19076503 17175546 0 0 661694 18636797 19327732 59241124 59525325 -3899340 7006837 83851595 50886639 17951216 16475407 65900379 34411232 THE MISSION OF SIENA HEIGHTS UNIVERSITY, A CATHOLIC UNIVERSITY FOUNDED AND SPONSORED BY THE ADRIAN DOMINICAN SISTERS, IS TO ASSIST PEOPLE TO BECOME MORE COMPETENT, PURPOSEFUL, AND ETHICAL THROUGH A TEACHING AND LEARNING ENVIRONMENT WHICH RESPECTS THE DIGNITY OF ALL. 0 0 46874443 23022047 49671572 SIENA HEIGHTS UNIVERSITY IS A MICHIGAN PRIVATE NON-PROFIT CORPORATION FOR POSTSECONDARY EDUCATION. THE UNIVERSITY PROVIDES EDUCATION WITH A MAIN CAMPUS, SATELLITE CAMPUSES, AND ONLINE FOR BOTH TRADITIONAL AND NONTRADITIONAL STUDENTS OFFERING BACHELOR AND MASTER DEGREE PROGRAMS. THE MAIN CAMPUS ALSO OFFERS AUXILIARY SERVICES IN THE FORM OF HOUSING, MEAL PLANS, AND BOOKSTORE SERVICES. THE UNIVERSITY IS PRIMARILY SUPPORTED THROUGH TUITION, FEDERAL AND STATE GRANTS, AND CONTRIBUTIONS FOR OPERATIONS AND SCHOLARSHIPS. 46874443 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 1 0 1 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 142 0 1 798 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 25 24 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X KRISSIE BARNES 5172647108 1247 EAST SIENA HEIGHTS DRIVE ADRIAN MI 49221 DOUGLAS PALMER PRESIDENT 40.00 0.00 X X 269778 0 30981 HONORABLE MARGARET MS NOE BOARD MEMBER 1.00 0.00 X 2082 0 0 DUSTY STEELE CHAIRPERSON 1.00 0.00 X X 0 0 0 FRANCINE PARKER VICE CHAIRPERSON 1.00 0.00 X X 0 0 0 BEN NEGRON SECRETARY 1.00 0.00 X X 0 0 0 KENDALL ACHO BOARD MEMBER 1.00 0.00 X 0 0 0 LARRY BRYANT BOARD MEMBER 1.00 0.00 X 0 0 0 BETTY CUMMINGS BOARD MEMBER 1.00 0.00 X 0 0 0 SR MARIANNE FAHLMAN BOARD MEMBER 1.00 0.00 X 0 0 0 TIM FORTESCUE BOARD MEMBER 1.00 0.00 X 0 0 0 RICK GIOVANNONE BOARD MEMBER 1.00 0.00 X 0 0 0 MARGARET HARTMAN BOARD MEMBER 1.00 0.00 X 0 0 0 RUTH LAFONTAINE BOARD MEMBER 1.00 0.00 X 0 0 0 STEVE LINVILLE BOARD MEMBER 1.00 0.00 X 0 0 0 KATIE MATTISON BOARD MEMBER 1.00 0.00 X 0 0 0 MARSHA MCGEE BOARD MEMBER 1.00 0.00 X 0 0 0 SR FRANCES NADOLNY OP PHD BOARD MEMBER 1.00 0.00 X 0 0 0 LISA OBERLIN BOARD MEMBER 1.00 0.00 X 0 0 0 IQBAL ROSHD BOARD MEMBER 1.00 0.00 X 0 0 0 JEFFREY ROSSI BOARD MEMBER 1.00 0.00 X 0 0 0 SR CORRINE SANDERS BOARD MEMBER 1.00 0.00 X 0 0 0 MICHAEL C SMITH BOARD MEMBER 1.00 0.00 X 0 0 0 SR MARY SOHER OP BOARD MEMBER 1.00 0.00 X 0 0 0 JORDAN VALENTINE BOARD MEMBER 1.00 0.00 X 0 0 0 KIMARIE YOWELL BOARD MEMBER 1.00 0.00 X 0 0 0 CHERI BETZ VP OF ADMINISTRATION & INNOVATION 40.00 0.00 X 197012 0 6599 MICHAEL ORLANDO VP OF STUDENT AFFAIRS - PART YEAR 40.00 0.00 X 105325 0 25017 KATE HAMILTON VP OF ADVANCEMENT 40.00 0.00 X 117652 0 7740 SUSAN SYLJEBECK VP OF ENROLLMENT/ATHLETICS 40.00 0.00 X 97665 0 15601 JULIE PALPANT SHORT VP OF FINANCE 40.00 0.00 X 68437 0 16591 GINA ROSSETTI PROVOST 40.00 0.00 X 68334 0 7736 DEBORA ANDREWS VP OF FINANCE - PART YEAR 40.00 0.00 X 70201 0 0 JENNIFER BOOKET VP OF ADVANCEMENT - PART YEAR 40.00 0.00 X 81188 0 0 JAMES LOUGHRAN DIRECTOR OF MBA & LEADERSHIP PROGRAM 40.00 0.00 X 120844 0 6599 1198518 0 116864 5 0 1 0 CHARTWELLS DINING SERVICES PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE PROVIDER 2562086 NATIONAL TRAILS LLC 11940 MERRIMAN RD LIVONIA MI 48150 TRANSPORTATION 448467 BARNES & NOBLE COLLEGE BOOKSTORE PO BOX 713660 PHILADELPHIA PA 19171 BOOKSTORE SERVICES 366726 RED LETTER PRODUCTIONS INC 4596 MERIDAN RD ADDISON MI 49220 IT SERVICES 310880 HUMAN ELEMENT INC PO BOX 7349 ANN ARBOR MI 48107 WEBSITE MANAGEMENT 218000 9 5827 5100000 1436134 9294425 15836386 TUITION AND FEES 611710 40380390 40380390 AUXILIARY 611710 9291182 9291182 CONFERENCES & CAMPS 721210 6562 6562 49678134 264423 264423 89774 51738 38036 38036 38036 1258043 1178294 79749 79749 20589 59160 14056 5827 9307 4749 4749 28686 5452 23234 23234 HOUSING MANAGEMENT 721310 607451 607451 607451 66532162 49671572 65187 959017 X 21588194 21588194 1433853 1433853 1119390 165490 680958 272942 11920235 9298700 2551408 70127 128986 73945 55041 3086199 2303763 782436 920736 676722 244014 226122 226122 282579 282579 59655 59655 6716399 4024982 2691417 682069 124761 540324 16984 328587 182813 107334 38440 103251 13278 39973 50000 1300 1300 1393407 263623 1127370 2414 719331 600874 100498 17959 504428 450010 47259 7159 2553773 2278280 239250 36243 542157 145500 396657 BAD DEBT 1378526 1378526 ACTIVITIES 1255342 1225896 13708 15738 REPAIRS AND MAINTENANCE 362681 115703 246978 2218125 1906756 177681 133688 59525325 46874443 11989188 661694 435709 1133379 3669816 353034 1544321 1839008 1303436 727357 639755 73371040 51663526 63277089 21707514 16193051 20406099 1026347 482319 83851595 50886639 3024554 2450626 1149905 1132138 11732931 10759217 1910000 2000000 133826 133426 17951216 16475407 X 45943666 9464357 19956713 24946875 65900379 34411232 83851595 50886639 X 7006837 2186920 -40682904 X X 0 1 X 1 1 1 X 16627863 17262652 13490855 8114479 15836386 71332235 16627863 17262652 13490855 8114479 15836386 71332235 15962020 55370215 383 725 30909 53331 316161 401509 1405 8025 315 31650 65187 106582 222312 300929 221660 535079 650193 1930173 73770499 232374459 0.75060 0.76000 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2020 AMOUNT: $ 14,646. 2021 AMOUNT: $ 11,690. 2022 AMOUNT: $ 16,336. 2023 AMOUNT: $ 12,325. 2024 AMOUNT: $ 14,056. MISCELLANEOUS - 2020 AMOUNT: $ 180,961. 2021 AMOUNT: $ 237,998. 2022 AMOUNT: $ 171,537. 2023 AMOUNT: $ 484,606. 2024 AMOUNT: $ 607,451. GAMING - 2020 AMOUNT: $ 26,705. 2021 AMOUNT: $ 51,241. 2022 AMOUNT: $ 33,787. 2023 AMOUNT: $ 38,148. 2024 AMOUNT: $ 28,686. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1829858 X X X 14838765 3108734 2227628 596386 -244180 19822921 13293716 91748 1988630 548996 -13667 14838765 16835335 1055846 -4151803 541300 -95638 13293716 18913918 754948 -2009092 504338 320101 16835335 13355233 82048 4083653 469330 -1862314 18913918 0.00000 0.48000 0.52000 0 0 2036522 2036522 42734027 26734028 15999999 26770633 24929498 1841135 1829858 1829858 21707514 ANNUITIES PAYABLE 9174 CONDITIONAL ASSET RETIREMENT OBLIGATION 124252 133426 45116760 2186920 -520616 1666304 43450456 59659 23022047 23081706 66532162 76605907 40162288 40162288 36443619 59659 23022047 23081706 59525325 PART III, LINE 4: SIENA HEIGHTS UNIVERSITY RECEIVED $1,829,858 OF INDEPENDENTLY APPRAISED SCULPTURES THAT ARE PERMANENT FIXTURES ON DISPLAY ON CAMPUS. THE UNIVERSITY'S ART COLLECTION SERVES AS POINT OF DISCOVERY FOR STUDENTS AND VISITORS TO THE UNIVERSITY AND AS EDUCATIONAL MATERIAL FOR RELEVANT UNIVERSITY COURSES. PART V, LINE 4: THIS ENDOWMENT IS USED BY THE ORGANIZATION TO PROVIDE SCHOLARSHIPS TO QUALIFIED INDIVIDUALS AND PROGRAM ACTIVITIES SUCH AS ENDOWED LECTURE SERIES, FACULTY DEVELOPMENT, AND OTHER PROGRAM ACTIVITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS ON INTEREST RATE SWAP -366,567. CHANGE IN FAIR VALUE OF PLEDGES RECEIVABLE 14,512. FUNDRAISING EXPENSE NETTED AGAINST REVENUE 9,307. RENTAL EXPENSE NETTED AGAINST REVENUE 51,738. GAMING EXPENSE NETTED AGAINST REVENUE 5,452. MISC ADJUSTMENT -235,058. PART XI, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID 23,022,047. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE NETTED AGAINST REVENUE 9,307. RENTAL EXPENSE NETTED AGAINST REVENUE 51,738. GAMING EXPENSE NETTED AGAINST REVENUE 5,452. MISC ADJUSTMENT -235,059. ASSET IMPAIRMENT: FAIR MARKET VALUE LESS THAN BOOK VALUE 40,330,850. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID 23,022,047. 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 POLICY IS PUBLICIZED ON ADMISSIONS BROCHURES AND COURSE CATALOGS, AS WELL AS ON THE UNIVERSITY'S WEBSITE WHICH IS AVAILABLE TO THE PUBLIC. SCHEDULE E, PART I, LINE 6 SIENA HEIGHTS UNIVERSITY RECEIVES DEPARTMENT OF EDUCATION FINANCIAL AID GRANTS FOR STUDENTS, DEPARTMENT OF EDUCATION FUNDS FOR TWO TRIO PROGRAMS, DEPARTMENT OF EDUCATION HEERF FUNDS FOR STUDENTS AND INSTITUTIONAL SUPPORT, NATIONAL ENDOWMENT FOR HUMANITIES FOR DIVERSITY & INCLUSION, AND NATIONAL SCIENCE FOUNDATION FUNDS FOR S-STEM. 1 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 SCHOLARSHIPS N/A 34092 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 SCHOLARSHIPS N/A 66500 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 SCHOLARSHIPS N/A 303440 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 SCHOLARSHIPS N/A 320393 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 0 SCHOLARSHIPS N/A 632098 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 SCHOLARSHIPS N/A 23250 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 0 0 SCHOLARSHIPS N/A 19000 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 0 SCHOLARSHIPS N/A 35080 0 0 0 0 0 0 1433853 0 1433853 SCHOLARSHIP - TUITION/BOOKS CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 2 34092 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 3 66500 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 13 303440 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 2 23250 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 15 320393 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 32 632098 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 1 19000 APPLIED AGAINST STUDENTS TUITION ACCOUNT SCHOLARSHIP - TUITION/BOOKS SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 1 35080 APPLIED AGAINST STUDENTS TUITION ACCOUNT 1 0 0 0 0 0 PART I, LINE 2: IN THE AGREEMENTS, THE USE OF FUND AND REPORTING REQUIREMENTS ARE SPECIFIED AND MONITORED. GOLF OUTING 19883 5827 14056 9160 147 19883 5827 14056 9160 147 9307 4749 28686 5202 250 1 1.00000 28686 5202 250 5452 23234 MI 1 0 1 0 0.80000 0.20000 KRISSIE BARNES 1247 EAST SIENA HEIGHTS DRIVE ADRIAN MI 49221 0 KRISSIE BARNES MAKE SURE LICENSE IS OBTAINED, ENSURES RAFFLE FOLLOWS STATE GUIDELINES, ENSURES RECORDING OF RAFFLE IS PROPERLY COMPLETED X 0 1 SCHOLARSHIP - TUITION/BOOKS 1672 21588194 PART I, LINE 2: SIENA HEIGHTS UNIVERSITY PROVIDES FUNDING FOR STUDENT SCHOLARSHIPS AND TUITION DISCOUNTS BASED ON MERIT, FINANCIAL NEED, SPECIAL CRITERIA BASED ON RESTRICTED FUND ENDOWMENTS AND DONOR CRITERIA, AND INFORMATION PROVIDED BY THE STUDENT ON THE SCHOLARSHIP APPLICATION. X 1 1 X X X 0 0 0 0 0 0 0 0 0 DOUGLAS PALMER PRESIDENT 269778 0 0 0 0 0 0 0 30981 0 300759 0 0 0 CHERI BETZ VP OF ADMINISTRATION & INNOVATION 197012 0 0 0 0 0 0 0 6599 0 203611 0 0 0 PART I, LINE 1A THE PRESIDENT OF THE UNIVERSITY RECEIVES A TAXABLE HOUSING ALLOWANCE. A ECONOMIC DEVELOPMENT CORP OF THE COUNTY OF LENAWEE SERIES 2009 521302758 526010ADF 2009-04-28 8700000 TO FINANCE REFUNDING FOR SERIES 2006 BONDS 0 0 0 B ECONOMIC DEVELOPMENT CORP OF THE COUNTY OF LENAWEE SERIES 2010 521302758 NONEAVAIL 2010-12-21 15434000 CONSTRUCTION 0 0 0 C ECONOMIC DEVELOPMENT CORP OF THE COUNTY OF LENAWEE SERIES 2016 521302758 NONEAVAIL 2016-12-23 8000000 CONSTRUCTION 0 0 0 D ECONOMIC DEVELOPMENT CORP OF THE COUNTY OF LENAWEE SERIES 2019 521302758 NONEAVAIL 2019-12-17 8700000 PROJECTS AND IMPROVEMENTS 0 0 0 A 6310000 8700000 169240 85060 8445700 2009 1 0 1 1 B 11727442 12275127 12275127 2013 0 0 1 1 C 4262175 7931335 91335 7840000 2020 0 0 1 1 D 1115000 6588799 120000 6468799 2020 0 0 1 1 A 0 0 0 0 0 0 0 B 0 0 1 1 0 0.01000 0.01000 0 0 0 C 0 0 0 0 0 0 0 D 0 0 0 0 0 0 0 A 1 1 1 FIRST AMERICAN BANK 10.000000000000 0 0 0 0 1 B 0 0 1 0 1 0 0 0 1 C 0 0 1 0 1 0 0 0 1 D 0 0 1 0 1 0 0 0 1 A 1 B 1 C 1 D 1 PART I, LINE A, COLUMN (F): THE PROCEEDS FROM THE SALE OF THE SERIES 2009 BONDS WERE LOANED BY THE EDC TO THE UNIVERSITY AND USED BY THE UNIVERSITY, TOGETHER WITH OTHER AVAILABLE FUNDS, TO (I) CURRENTLY REFUND THE PORTION OF THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF LENAWEE'S VARIABLE RATE DEMAND REVENUE AND REVENUE REFUNDING BONDS, SERIES 2006 (SIENA HEIGHTS UNIVERSITY PROJECT), DATED MARY 10, 2006, (II) TO PAY A TERMINATION PAYMENT REQUIRED TO BE MADE IN CONNECTION WITH A QUALIFIED HEDGE RELATING TO THE SERIES 2006 BONDS AND (III) TO PAY A PORTION OF THE COSTS OF ISSUING THE SERIES 2009 BONDS. PART I, LINE B, COLUMN (F): THE PROCEEDS FROM THE SALE OF THE SERIES 2010 BONDS WERE LOANED BY THE EDC TO THE UNIVERSITY TO DEFRAY ALL OR A PORTION OF THE COST OF THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF THE ATHLETIC COMPLEX, THE UNIVERSITY CENTER, THE ATHLETIC BUILDING, AND THE BASEBALL STADIUM. PART I, LINE C, COLUMN (F): THE PROCEEDS FROM THE SALE OF THE BONDS WERE LOANED BY THE EDC TO THE UNIVERSITY AND USED BY THE UNIVERSITY, TOGETHER WITH OTHER AVAILABLE FUNDS, TO (I) FINANCE (A) COMPLETION OF THE CONSTRUCTION, FURNISHING AND EQUIPPING OF THE PERFORMING ARTS CENTER (THE "PAC"); (B) RELOCATION AND RECONSTRUCTION OF A MAINTENANCE BARN; (C) DESIGN AND CONSTRUCTION OF A NEW CAMPUS QUADRANGLE, INCLUDING REMOVAL OF AN INTERIOR CAMPUS ROADWAY AND THE CONSTRUCTION OF SITE IMPROVEMENTS ADJACENT TO THE PAC; (D) RENOVATION, FURNISHING AND EQUIPPING OF ST. JOSEPH HALL; (E) COMPLETION OF IMPROVEMENTS TO THE WOMEN'S SOFTBALL STADIUM AND FACILITIES (PHASES II AND III); AND (F) DEMOLITION OF SAGE HALL AND POST-DEMOLITION SITE IMPROVEMENTS; AND (G) THE CONSTRUCTION AND/OR INSTALLATION OF CERTAIN ENERGY SAVINGS IMPROVEMENTS AND (II) PAY THE COSTS OF ISSUING THE SERIES 2016 BONDS. PART I, LINE D, COLUMN (F): PROCEEDS FROM THE SALE OF THE BONDS WERE LOANED BY THE EDC TO THE UNIVERSITY AND USED BY THE UNIVERSITY, TOGETHER WITH OTHER AVAILABLE FUNDS, TO (I) FINANCE (A) PURCHASE OF THE STUDENT HOUSING FACILITIES COMMONLY KNOWN AS CAMPUS VILLAGE AT SIENA, LOCATED AT 915 E. SIENA HEIGHTS DRIVE, ADRIAN, MICHIGAN; (B) DEVELOPMENT AND IMPLEMENTATION OF AN ENTERPRISE SOFTWARE INFORMATION SYSTEM TO BE USED FOR THE ADMINISTRATION OF UNIVERSITY SERVICES AND FUNCTIONS; AND (C) ACQUISITION AND INSTALLATION OF NEW HEATING, VENTILATION AND AIR CONDITIONING SYSTEMS TO SERVICE THE MAIN AREA OF THE UNIVERSITY'S FIELDHOUSE AND THE MEN'S AND WOMEN'S LOCKER ROOMS, TOGETHER WITH RELATED ELECTRICAL SERVICE AND CONTROL UNIT UPGRADES AND (II) PAY THE COSTS OF ISSUING THE SERIES 2019 BONDS. PART II, LINE 3, COLUMN (B): THE $15,434,000 THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF LENAWEE VARIABLE RATE DEMAND REVENUE BONDS, SERIES 2010 (SIENA HEIGHTS UNIVERSITY PROJECT) WERE ISSUED AS DRAW DOWN BONDS. PURSUANT TO TREAS. REG. 1.150-1 (C)(4)(I), BECAUSE THE AMOUNT SO DISBURSED ON THE ISSUE DATE WAS EQUAL TO THE LESSER OF $50,000 OR 5% OF THE AGGREGATE MAXIMUM ISSUE PRICE OF THE BONDS, THE BONDS WERE DEEMED TO BE ISSUED ON THE DATE THEREOF FOR PURPOSES OF FEDERAL INCOME TAXATION. THE TOTAL PROCEEDS DISBURSED FOR THE BONDS WAS $12,275,127. THIS IS WHY THE AMOUNT IN PART II, ROW 3, COLUMN B DOES NOT EQUAL THE ISSUE PRICE STATED IN PART 1, ROW B, COLUMN (E). PART II, LINE 3, COLUMN (C): THE $8,000,000 THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF LENAWEE VARIABLE RATE LIMITED OBLIGATION REVENUE BONDS, SERIES 2016 (SIENA HEIGHTS UNIVERSITY PROJECT) WERE ISSUED AS DRAW DOWN BONDS. PURSUANT TO TREAS. REG. 1.150-1 (C)(4)(I), BECAUSE THE AMOUNT SO DISBURSED ON THE ISSUE DATE WAS EQUAL TO THE LESSER OF $50,000 OR 5% OF THE AGGREGATE MAXIMUM ISSUE PRICE OF THE BONDS, THE BONDS WERE DEEMED TO BE ISSUED ON THE DATE THEREOF FOR PURPOSES OF FEDERAL INCOME TAXATION. THE TOTAL DISBURSED FOR THE BONDS WAS $7,931,335. THIS IS WHY THE AMOUNT IN PART II, ROW 3, COLUMN C DOES NOT EQUAL THE ISSUE PRICE STATED IN PART 1, ROW C, COLUMN (E). PART II, LINE 3, COLUMN (D): THE $8,700,000 IN PRINCIPAL AMOUNT THE ECONOMIC DEVELOPMENT CORPORATION OF THE COUNTY OF LENAWEE VARIABLE RATE LIMITED OBLIGATION REVENUE BONDS, SERIES 2019 (SIENA HEIGHTS UNIVERSITY PROJECT) WERE ISSUED AS DRAW DOWN BONDS. PURSUANT TO TREAS. REG. 1.150-1 (C)(4)(I), BECAUSE THE AMOUNT SO DISBURSED ON THE ISSUE DATE WAS EQUAL TO THE LESSER OF $50,000 OR 5% OF THE AGGREGATE MAXIMUM ISSUE PRICE OF THE BONDS, THE BONDS WERE DEEMED TO BE ISSUED ON THE DATE THEREOF FOR PURPOSES OF FEDERAL INCOME TAXATION. THE TOTAL DISBURSED FOR THE BONDS WAS $6,588,799. THIS IS WHY THE AMOUNT IN PART II, ROW 3, COLUMN D DOES NOT EQUAL THE ISSUE PRICE STATED IN PART 1, ROW D, COLUMN (E). FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE CORPORATION IS ADRIAN DOMINICAN SISTERS. FORM 990, PART VI, SECTION A, LINE 7A THE ADRIAN DOMINICAN SISTERS HAVE THE EXCLUSIVE RIGHT TO ELECT TRUSTEES TO THE BOARD OF TRUSTEES AND REMOVE ANY TRUSTEE AT ANY TIME IF THEY BELIEVE IT IS IN THE BEST INTEREST OF THE CORPORATION TO DO SO. FORM 990, PART VI, SECTION A, LINE 7B THE ADRIAN DOMINICAN SISTERS HAVE THE EXCLUSIVE RIGHT TO EXERCISE THE RESERVED POWERS BESTOWED UPON THEM PURSUANT TO THE SIENA HEIGHTS UNIVERSITY BYLAWS. THESE RESERVED POWERS INCLUDE THE FOLLOWING: (A) APPROVE THE MISSION, PURPOSES AND PHILOSOPHY OF THE CORPORATION; (B) ELECT TRUSTEES TO THE BOARD OF TRUSTEES IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN ARTICLE V, SECTION 3; (C) REMOVE ANY TRUSTEE AT ANY TIME IF THEY BELIEVE IT IS IN THE BEST INTEREST OF THE CORPORATION TO DO SO; (D) REVIEW AND COMMENT ON ALL ANNUAL OPERATING AND CAPITAL BUDGETS DEVELOPED BY THE BOARD OF TRUSTEES PRIOR TO THEIR ADOPTION BY THE BOARD, AND ALL NON-BUDGETED OPERATING EXPENSES AND CAPITAL EXPENDITURES IN EXCESS OF AN AMOUNT DETERMINED FROM TIME TO TIME BY THE MEMBERS; (E) AUTHORIZE AND/OR APPROVE ANY INCURRENCE, ASSUMPTION, OR GUARANTEE OF DEBT IN EXCESS OF AN AMOUNT DETERMINED FROM TIME TO TIME BY THE MEMBERS; (F) AUTHORIZE AND/OR APPROVE THE ENCUMBRANCE, SALE, LEASE OR OTHER DISPOSITION OF ANY REAL ESTATE OR THE SALE OF ALL OR SUBSTANTIALLY ALL OF THE CORPORATION'S ASSETS; (G) AUTHORIZE AND/OR APPROVE CONTRACTS THAT CALL FOR EXPENDITURES OF SUMS IN EXCESS OF AN AMOUNT DETERMINED FROM TIME TO TIME BY THE MEMBERS; (H) AUTHORIZE AND/OR APPROVE THE MERGER OR CONSOLIDATION OF THE CORPORATION WITH OR INTO ANOTHER ENTITY; (I) APPOINT AND REAPPOINT THE PRESIDENT, AND REMOVE THE PRESIDENT IF THEY BELIEVE IT IS IN THE BEST INTEREST OF THE CORPORATION TO DO SO; (J) REMOVE OTHER OFFICERS OF THE CORPORATION IF THEY BELIEVE IT IS IN THE BEST INTEREST OF THE CORPORATION TO DO SO; (K) AUTHORIZE AND/OR APPROVE THE CREATION OF SUBSIDIARIES OR AFFILIATES OF THE CORPORATION OR THE CORPORATION'S PARTICIPATION IN JOINT VENTURES; (L) AUTHORIZE AND/OR APPROVE ANY AMENDMENTS TO THE CORPORATION'S ARTICLES OF INCORPORATION AND/OR BYLAWS AFTER CONSULTING WITH THE BOARD OF TRUSTEES; AND (M) AUTHORIZE AND/OR APPROVE THE DISSOLUTION OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WAS PRESENTED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO BEING SUBMITTED TO THE IRS. QUESTIONS AND COMMENTS WERE SOLICITED FROM THE BOARD TO ENSURE THE COMPLETENESS AND ACCURACY OF THIS FORM. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES COMPLETE WRITTEN CONFLICTS ANNUALLY. DIFFERENT STANDING COMMITTEES OF THE BOARD OF TRUSTEES MONITOR AND REVIEW CONFLICTS OF INTEREST FOR KEY EMPLOYEES AND TRUSTEES ANNUALLY. IF A CONFLICT ARISES, THE TRUSTEE SHALL ABSTAIN FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE PRESIDENT IS DETERMINED BY A SUB-COMMITTEE (COMPENSATION COMMITTEE) OF THE BOARD OF TRUSTEES. THIS COMMITTEE MEETS AFTER THE PERFORMANCE REVIEW IS COMPLETED FOR THE PRESIDENT. IF A RAISE IS WARRANTED, THE PRESIDENT CAN DECLINE BASED ON UNIVERSITY DETERMINATION OF INCREASES FOR THE ENTIRE STAFF. COMPENSATION FOR ALL EMPLOYEES IS COMPARED TO CUPA STANDARDS AND ANNUAL RAISES FOR THE COMMUNITY AT-LARGE IS DETERMINED BY THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. FISCAL YEAR 2024-2025 WAS THE MOST RECENT YEAR THIS PROCESS WAS UNDERTAKEN. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ORGANIZATIONAL DOCUMENTS AVAILABLE AT THE SIENA HEIGHTS UNIVERSITY LIBRARY AND THROUGH THE UNIVERSITY'S WEBSITE. FURTHER, ALL ORGANIZATIONAL DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACTED LABOR: PROGRAM SERVICE EXPENSES 4,024,982. MANAGEMENT AND GENERAL EXPENSES 2,691,417. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,716,399. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON VALUE OF INTEREST RATE SWAPS -366,566. CHANGE IN FAIR VALUE OF PLEDGED RECEIVABLES 14,512. ASSET IMPAIRMENT: FAIR MARKET VALUE LESS THAN BOOK VALUE -40,330,850. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. ADRIAN DOMINICAN SISTERS 1257 E SIENA HEIGHTS DR ADRIAN MI 49221 CATHOLIC RELIGIOUS ORDER MI 501(C)(3) LINE 1 N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 ADRIAN DOMINICAN SISTERS C 5100000 ACTUAL DONATION RECEIVED