2026-05-14T17:36:36-05:00 2025-06-30 390859910 BAKER TILLY ADVISORY GROUP LP 6320 CANOGA AVENUE 17TH FLOOR WOODLAND HILLS CA 91367 990 2024-07-01 951644026 UNIVERSITY OF LA VERNE UNIV 9095933511 1950 THIRD STREET LA VERNE CA 917504401 LORI GORDIEN ASSOCIATE VP OF FINANCE 9095933511 2026-05-12 1 0 LAUREN A HAVERLOCK P00545829 8185771900 2024 2025-03-06 01:10:19Z DR RISA DICKSON 1950 THIRD STREET LA VERNE CA 917504401 315131984 0 X WWW.LAVERNE.EDU X 1891 CA TO PROVIDE OPPORTUNITIES FOR STUDENTS TO ACHIEVE EDUCATIONAL GOALS AND ECONOMIC MOBILITY. 25 22 2067 24 11627 10627 6632841 5808215 195695832 184867621 8933177 17347770 3154386 1109042 214416236 209132648 72954642 66806085 0 0 83471588 84783227 0 0 3399892 56545704 54928464 212971934 206517776 1444302 2614872 459151303 473473607 135346129 136710959 323805174 336762648 X THE UNIVERSITY OF LA VERNE OFFERS A DISTINCTIVE AND RELEVANT EDUCATIONAL EXPERIENCE TO A DIVERSE POPULATION OF TRADITIONAL-AGE, ADULT, AND GRADUATE LEARNERS, PREPARING THEM FOR SUCCESSFUL CAREERS AND A COMMITMENT TO LIFELONG LEARNING ACROSS THE LIBERAL ARTS AND PROFESSIONAL PROGRAMS. 0 0 167308905 66806085 186084885 UNIVERSITY OF LA VERNE OFFERS HIGH QUALITY DEGREE PROGRAMS TO BOTH TRADITIONAL-AGE AND ADULT LEARNERS: PROVIDING LIBERAL ARTS AND PROFESSIONAL PROGRAMS FORM UNDERGRADUATE TO DOCTORAL LEVELS AND DELIVERING PROGRAMS TO STUDENTS AT THE CENTRAL LA VERNE CAMPUS AS WELL AS REGIONAL CAMPUSES AND SATELLITE CLASS LOCATIONS THROUGHOUT CALIFORNIA. THE UNIVERSITY PROVIDES A STUDENT CENTERED, VALUES BASED, AND DIVERSE LEARNING ENVIRONMENT. IT TAKES PRIDE IN OFFERING SMALL CLASS SIZES IN A HIGHLY PERSONALIZED SETTING. THE UNIVERSITY ENCOURAGES EFFECTIVE TEACHING, RESEARCH, SCHOLARLY CONTRIBUTIONS, AND SERVICE TO THE GREATER COMMUNITY BY SHARING ITS ACADEMIC, PROFESSIONAL, AND INDIVIDUAL RESOURCES. UNIVERSITY OF LA VERNE PROVIDES EDUCATIONAL SERVICES TO 4,972 UNDERGRADUATE, GRADUATE, LAW, AND DOCTORAL STUDENTS. 167308905 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 1 0 0 0 1 338 1 1 2067 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 25 22 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X LORI GORDIEN 9095933511 1950 THIRD STREET LA VERNE CA 917504401 MARK HICKS ADJUNCT FACULTY/ACTING PRESIDENT (THRU 8/24) 40.00 X X 188912 0 10924 RISA DICKSON PRESIDENT (AS OF 8/24) 40.00 X X 206025 0 14434 ANTHONY REVIER CHAIR 1.00 X X 0 0 0 VALERIE ROMERO VICE CHAIR 1.00 X X 0 0 0 JOSEPH FENGLER SECRETARY 1.00 X X 0 0 0 KIM BOWEN TRUSTEE 1.00 X 0 0 0 MIKE BROWN TRUSTEE 1.00 X 0 0 0 KIM J BURCHIEL TRUSTEE 1.00 X 0 0 0 MARTHA DANIEL TRUSTEE 1.00 X 0 0 0 CLIFFORD DANIELS TRUSTEE 1.00 X 0 0 0 ANN QUAY DAVIS TRUSTEE 1.00 X 0 0 0 LUPE DE LA CRUZ TRUSTEE 1.00 X 0 0 0 PETER ECKEL TRUSTEE 1.00 X 0 0 0 ZOILA ESCOBAR TRUSTEE (THRU 04/25) 1.00 X 0 0 0 LUIS FAURA TRUSTEE (THRU 03/25) 1.00 X 0 0 0 RUPERT GRANT TRUSTEE 1.00 X 0 0 0 PETER HIDALGO TRUSTEE 1.00 X 0 0 0 REBECCA LALLY TRUSTEE 1.00 X 0 0 0 KENNETH LITTLE TRUSTEE 1.00 X 0 0 0 WENDY LAU TRUSTEE 1.00 X 0 0 0 DAVID LIZARRAGA TRUSTEE 1.00 X 0 0 0 FRANK LIZARRAGA TRUSTEE 1.00 X 0 0 0 CHRIS PIERCE TRUSTEE 1.00 X 0 0 0 OWEN R SKELTON TRUSTEE 1.00 X 0 0 0 ANDREW WONG TRUSTEE 1.00 X 0 0 0 WALTER WORTHY TRUSTEE 1.00 X 0 0 0 EMMETT TERRELL TRUSTEE 1.00 X 0 0 0 AVEDIS KECHICHIAN CHIEF FINANCIAL OFFICER 40.00 X 544641 0 59952 LAURA HARTLEY INTERIM PROVOST 40.00 X 71697 0 9526 HIMA VATTI GENERAL COUNSEL 40.00 X 190634 0 29472 EMMELINE DE PILLIS DEAN, COLLEGE OF BUSINESS 40.00 X 217973 0 25612 ERIC BISHOP VP OF ENROLLMENT MANAGEMENT (THRU 8/24) 40.00 X 209159 0 13400 MD HAQUE DEAN OF COLLEGE OF EDUCATION 40.00 X 207671 0 43631 SHANNON MATHEWS DEAN, COLLEGE OF ARTS AND SCIENCES 40.00 X 207449 0 58134 TODD BRITTON CHIEF INFORMATION OFFICER, AVP 40.00 X 205650 0 35263 KEVIN MARSHALL DEAN, COLLEGE OF LAW 40.00 X 195031 0 34638 JUAN REGALADO CHIEF STUDENT AFFAIRS OFFICER 40.00 X 183541 0 14773 CARLETTA LACY - EXECUTIVE DIRECTOR OF HUMAN RESOURCES 40.00 X 235221 0 33479 SHERRI MYLOTT VP, UNIVERSITY ADVANCEMENT 40.00 X 261918 0 41541 IBRAHIM HELOU PROFESSOR OF FINANCE 40.00 X 246918 0 40033 PLACIDO GOMEZ LAW PROFESSOR 40.00 X 233798 0 0 KEEOK PARK ASSOCIATE DEAN COLLEGE OF BUSINESS 40.00 X 202750 0 32679 ISSAM GHAZZAWI ASSOCIATE PROFESSOR OF MANAGEMENT 40.00 X 196744 0 30290 DEVORAH LIEBERMAN FORMER PRESIDENT 0.00 X 406845 0 54130 PARDIS MAHDAVI FORMER PRESIDENT (THRU 6/24) 0.00 X 505582 0 30595 ROY KWON FORMER PROVOST 0.00 X 123196 0 8204 5041355 0 620710 208 1 1 0 BON APPETIT 201 REDWOOD SHORES PKWY SUITE 100 REDWOOD SHORES CA 94065 FOOD SERVICES 4174816 SODEXO AMERICA LLC 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 HOUSEKEEPING SERVICES 1850432 FIELDTURF USA INC 175 N INDUSTRIAL BLVD NE NORTHEAST CALHOUN GA 30701 TURF INSTALLATION 1438863 BCM GROUP INC 9339 FERON BLVD RANCHO CUCAMONGA CA 91730 CONSTRUCTION SERVICES 1279645 GO ARCHITECTS INC 276 N 2ND AVE UPLAND CA 91786 ARCHITECTURAL SERVICES 967640 38 271617 4659498 877100 90637 5808215 TUITION & FEES 611310 172541880 172541880 AUXILIARY ENTERPRISES 611310 11789089 11789089 SPONSORED PROGRAMS 900099 252895 252895 TICKET SALES & EVENTS 900099 183883 183883 BOOKSTORE 900099 99874 99874 184867621 7797356 11627 7785729 279740 18983 260757 260757 260757 111243528 3776043 103321162 2147995 7922366 1628048 9550414 9550414 77967 271617 471991 -394024 -394024 64250 39205 25045 25045 OUTSIDE INCOME 900099 621888 621888 USE OF FACILITIES 900099 338841 338841 CONTRACT REVENUE 900099 35591 35591 220944 220944 1217264 209132648 186084885 11627 17227921 66806085 66806085 4490589 2433283 1741482 315824 313688 161014 152674 64897849 52785932 10256866 1855051 3924533 3267604 521304 135625 6444718 4930966 1372224 141528 4711850 3834630 745975 131245 947797 38626 909171 190328 190328 13665 13665 227099 227099 14476144 9185519 4818615 472010 770460 97891 647296 25273 9232942 7008982 2195644 28316 3847955 1601434 2185092 61429 5295016 2211338 3082205 1473 964821 872542 68796 23483 831419 605008 17776 208635 4505992 3541570 964422 9838803 6897629 2941174 3059996 1015913 2044083 LEGAL SETTLEMENTS 713088 713088 MEDICAL SUPPLIES 12939 12939 206517776 167308905 35808979 3399892 22927 3617668 23311840 38712977 214507 41747 5443135 10190074 4488053 3202340 397978 281936 1625153 2213124 329008496 173736631 162407790 155271865 240461237 242781579 12173176 11047141 3860036 3348064 4745471 2765092 459151303 473473607 18721200 12506737 7370588 16951055 105450258 101714297 1135063 561303 2669020 4977567 135346129 136710959 X 194681384 200765518 129123790 135997130 323805174 336762648 459151303 473473607 X 2614872 10531569 -188967 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 0 0 1 10172 1 3493 0 13665 0 PART II-B, LINE 1: DURING THE TAX YEAR, THE UNIVERSITY INCURRED LOBBYING EXPENSES RELATED TO THE LEGISLATIVE ACTION SURROUNDING CAL GRANTS. THREE STUDENTS ACCOMPANIED UNIVERSITY MANAGEMENT OFFICIALS TO EXPRESS THE CONTINUED NEED FOR CAL GRANTS, WHICH PROVIDES GRANTS TO LOW AND MODERATE INCOME COLLEGE STUDENTS IN CALIFORNIA. 146959574 -953591 18361660 3369409 -480812 161479046 131197961 337518 15962866 649606 -110835 146959574 122161420 242029 13748355 4966191 -12348 131197961 146560560 2833396 -21706450 5461418 64668 122161420 109253175 2072230 37183708 1955968 -7415 146560560 0.39000 0.28000 0.33000 0 0 1595030 23171675 24766705 218131827 101585273 116546554 4563766 4276093 287673 71830760 67061792 4768968 9715438 813473 8901965 155271865 ACTUARIAL LIABILITY FOR ANNUITY OBLIGATIONS 1677062 FEDERAL STUDENT LOANS FUNDS 697213 ROU LIABILITY 2603292 4977567 X 155347038 10531569 -64589649 -54058080 209405118 227099 -499569 -272470 209132648 142389564 18983 18983 142370581 227099 63920096 64147195 206517776 PART V, LINE 4: THE BOARD MEMBERS OF THE UNIVERSITY, IN SETTING THE ENDOWMENT SPENDING POLICY, CONSIDERED THE FOLLOWING FACTORS: 1) PRESERVATION OF ASSET VALUES; 2) PRESERVATION OF PURCHASING POWER; AND 3) CONSISTENCY OF SPENDING OVER TIME. THE UNIVERSITY'S BOARD ADOPTED A SPENDING POLICY OF 4.50% OF THE TWELVE QUARTER MOVING AVERAGE MARKET VALUE OF THE ENDOWMENT POOL FOR THE YEAR ENDED JUNE 30, 2023 WITH A VIEW TOWARD BALANCING THE NEED FOR EXPENDABLE FUNDS FOR UNIVERSITY PROGRAMS AGAINST THE NEED TO PRESERVE THE ENDOWMENT AGAINST INFLATION. IN ORDER TO ACHIEVE THE OBJECTIVE OF MAINTAINING PURCHASING POWER, THE ENDOWMENT'S ANNUAL RATE OF RETURN MUST EQUAL THE ANNUAL DISTRIBUTION, PLUS INFLATION, PLUS MANAGEMENT, CUSTODIAL AND ADMINISTRATIVE FEES. TWELVE QUARTER MOVING AVERAGE OF THE PORTFOLIO'S MARKET VALUE PROTECTS THE UNIVERSITY'S DISTRIBUTION FROM MARKET VOLATILITY. DISTRIBUTIONS ARE PROVIDED TO STUDENTS FOR SCHOLARSHIPS, VARIOUS COLLEGES, AND PROGRAMS IN ACCORDANCE WITH DONOR DESIGNATIONS. PART X, LINE 2: THE UNIVERSITY FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE"), THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE UNIVERSITY HAS ALSO BEEN RECOGNIZED BY THE CALIFORNIA FRANCHISE TAX BOARD AS EXEMPT FROM CALIFORNIA FRANCHISE AND INCOME TAXES UNDER SECTION 23701(D) OF THE CALIFORNIA REVENUE AND TAXATION CODE. THE UNIVERSITY HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE UNIVERSITY HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT AID -64,431,292. RENTAL EXPENSES 18,983. NET CHANGE IN ACTUARIAL OBLIGATION -177,340. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENTS -471,991. GAMING -39,205. UNRELATED BUSINESS INCOME 11,627. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 18,983. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID 64,431,292. FUNDRAISING EVENTS -471,991. GAMING -39,205. PART IX, RIGHT-OF-USE ASSETS: THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") IMPLEMENTED A NEW LEASE ACCOUNTING STANDARD THAT BECAME EFFECTIVE IN THE YEAR ENDING JUNE 30, 2021. THIS ACCOUNTING STANDARD WAS EFFECTUATED TO IMPROVE THE TRANSPARENCY SURROUNDING KEY INFORMATION PERTAINING TO AN EXEMPT ORGANIZATION'S LEASING ARRANGEMENTS (AND TO ENSURE THAT ALL ORGANIZATIONS WERE RECORDING THE TRANSACTIONS UNIFORMLY ON THEIR BALANCE SHEETS). 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE UNIVERSITY CUSTOMARILY DRAWS STUDENTS FROM THE LOCAL COMMUNITIES. THE UNIVERSITY FOLLOWS A RACIALLY NON-DISCRIMINATORY POLICY AND ENROLLS STUDENTS OF RACIAL MINORITY GROUPS IN MEANINGFUL NUMBERS. THE RACIALLY NON-DISCRIMINATORY POLICY IS PUBLISHED ON THE UNIVERSITY'S WEBSITE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES ASSISTANCE FROM THE U.S. DEPARTMENT OF EDUCATION, THE U.S. SMALL BUSINESS ADMINISTRATION, AND THE CALIFORNIA COMMISSION ON TEACHING CREDENTIALING. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 4754564 0 0 0 0 0 0 4754564 0 4754564 0 0 1 0 0 0 GALA 251694 208269 43425 231091 34945 4515 115288 GOLF TOURNAMENT 97890 63348 34542 6639 42465 3395 33653 349584 271617 77967 6639 273556 38340 4515 148941 471991 -394024 64250 39205 0 64250 39205 39205 25045 CA 0 EDUCATIONAL INSTITUTIONS ARE NOT SUBJECT TO RAFFLE REGISTRATION WITH THE STATE OF CALIFORNIA DEPARTMENT OF JUSTICE. 0 1 0 1.00000 LORI GORDIEN 1950 THIRD STREET LA VERNE CA 91750 0 LORI GORDIEN 0 X 0 SCHEDULE G, PART III: THE UNIVERSITY RAFFLED OFF ONE CAR AT ITS ANNUAL FUNDRAISING GALA. IT DOES NOT ROUTINELY CONDUCT RAFFLES AND AS SUCH DOES NOT KEEP SEPARATE RECORDS FOR ITS GAMING ACTIVITIES OR HAVE A SPECIFIC GAMING MANAGER. 1 STUDENT TUITION REMISSION 132 2374795 STUDENT FINANCIAL AID 3416 64431290 PART I, LINE 2: STUDENTS WHO RECEIVE GRANTS FROM THE UNIVERSITY ARE DETERMINED IN ACCORDANCE WITH THE UNIVERSITY'S STANDARD POLICIES AND PROCEDURES. IN SUMMARY, A STUDENT IS REQUIRED TO COMPLETE A FAFSA TO BE CONSIDERED FOR FINANCIAL AID ASSISTANCE. UPON COMPLETION OF THE FAFSA, THE UNIVERSITY IS PROVIDED THE STUDENT'S ESTIMATED FAMILY CONTRIBUTIONS (EFC). BASED ON THE EFC AND OTHER CRITERIA (I.E. ENROLLMENT STATUS, ACADEMIC STANDING, ETC.), THE OFFICE OF FINANCIAL AID MAY AWARD A STUDENT AN INSTITUTIONAL GRANT. THERE ARE SYSTEMIC PROCEDURES IN PLACE TO ENSURE THAT THE GRANT IS APPLIED AGAINST TUITION AND MEETS THE REQUIREMENTS OF THE SPECIFIC GRANT. STUDENT ACCOUNTS AND THE OFFICE OF FINANCIAL AID ARE RESPONSIBLE FOR MONITORING THE STUDENT'S FINANCIAL AID STATUS WHILE AT THE UNIVERSITY. X X 1 1 X X X X 1 1 0 0 0 0 0 0 0 AVEDIS KECHICHIAN CHIEF FINANCIAL OFFICER 420299 0 0 0 124342 0 27600 0 32352 0 604593 0 119752 0 PARDIS MAHDAVI FORMER PRESIDENT (THRU 6/24) 224838 0 0 0 280744 0 15750 0 14845 0 536177 0 0 0 DEVORAH LIEBERMAN FORMER PRESIDENT 401898 0 0 0 4947 0 27685 0 26445 0 460975 0 0 0 SHERRI MYLOTT VP, UNIVERSITY ADVANCEMENT 261828 0 0 0 90 0 21357 0 20184 0 303459 0 0 0 IBRAHIM HELOU PROFESSOR OF FINANCE 246918 0 0 0 0 0 13822 0 26211 0 286951 0 0 0 CARLETTA LACY - EXECUTIVE DIRECTOR OF HUMAN RESOURCES 235221 0 0 0 0 0 15209 0 18270 0 268700 0 0 0 SHANNON MATHEWS DEAN, COLLEGE OF ARTS AND SCIENCES 207449 0 0 0 0 0 17138 0 40996 0 265583 0 0 0 MD HAQUE DEAN OF COLLEGE OF EDUCATION 207671 0 0 0 0 0 15777 0 27854 0 251302 0 0 0 EMMELINE DE PILLIS DEAN, COLLEGE OF BUSINESS 217973 0 0 0 0 0 17698 0 7914 0 243585 0 0 0 TODD BRITTON CHIEF INFORMATION OFFICER, AVP 205113 0 0 0 537 0 16062 0 19201 0 240913 0 0 0 KEEOK PARK ASSOCIATE DEAN COLLEGE OF BUSINESS 202750 0 0 0 0 0 14919 0 17760 0 235429 0 0 0 PLACIDO GOMEZ LAW PROFESSOR 233798 0 0 0 0 0 0 0 0 0 233798 0 0 0 KEVIN MARSHALL DEAN, COLLEGE OF LAW 195031 0 0 0 0 0 16092 0 18546 0 229669 0 0 0 ISSAM GHAZZAWI ASSOCIATE PROFESSOR OF MANAGEMENT 194553 0 0 0 2191 0 10581 0 19709 0 227034 0 0 0 ERIC BISHOP VP OF ENROLLMENT MANAGEMENT (THRU 8/24) 209159 0 0 0 0 0 10404 0 2996 0 222559 0 0 0 RISA DICKSON PRESIDENT (AS OF 8/24) 195095 0 0 0 10930 0 14400 0 34 0 220459 0 0 0 HIMA VATTI GENERAL COUNSEL 190634 0 0 0 0 0 15757 0 13715 0 220106 0 0 0 MARK HICKS ADJUNCT FACULTY/ACTING PRESIDENT (THRU 8/24) 188912 0 0 0 0 0 10883 0 41 0 199836 0 0 0 JUAN REGALADO CHIEF STUDENT AFFAIRS OFFICER 183541 0 0 0 0 0 14683 0 90 0 198314 0 0 0 ROY KWON FORMER PROVOST 123163 0 0 0 33 0 8012 0 192 0 131400 0 0 0 PART I, LINE 1A THE UNIVERSITY PROVIDES THE PRESIDENT WITH OFF-CAMPUS HOUSING. PERSONAL USE OF THE HOUSE, INCLUDING RENTAL VALUE, HOUSEKEEPING, AND UTILITIES, IS CALCULATED AND REFLECTED IN OTHER REPORTABLE COMPENSATION ON SCHEDULE J, PART III, COLUMN B (III). PART I, LINES 4A-B AN INDIVIDUAL REPORTED ON PART VII RECEIVED A SEVERANCE PAYMENT DURING 2024. DETAILS ARE AVAILABLE UPON REQUEST. THE PRESIDENT AND CHIEF FINANCIAL OFFICER EACH PARTICIPATE IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT. IN ORDER TO RECEIVE AMOUNTS DEFERRED UNDER THE ARRANGEMENT, THE INDIVIDUAL MUST BE EMPLOYED ON THE VESTING DATE. AMOUNTS PAID UNDER THE PLAN ARE INCLUDED ON SCHEDULE J, PART II, COLUMN (B)(III). NO AMOUNTS WERE ACCRUED UNDER THE PLAN IN 2024. AMOUNTS PREVIOUSLY DISCLOSED AS ACCRUED IN SCHEDULE J, PART II, COLUMN (C) ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (F). CERTAIN LISTED INDIVIDUALS PARTICIPATED IN AN EARLY RETIREMENT INCENTIVE PLAN. PAYMENTS MADE UNDER THE PLAN IN 2024 ARE INCLUDED IN SCHEDULE J, COLUMN (B)(III). AVEDIS KECHICHIAN RECEIVED A PAYOUT FROM A 457(F) PLAN IN THE AMOUNT OF $119,752. A CALIFORNIA MUNICIPAL FINANCE AUTHORITY 201563466 13048T2U6 2017-04-20 130743561 CONSTRUCTION & REFUND PRIOR BONDS 0 0 0 A 24610000 131200732 29456916 1309010 44885483 55549323 2018 1 1 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 1 0 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED THE CMFA 2015A AND 2010A BONDS WERE REFINANCED TO THE CMFA 2017 A & B BOND ISSUE. THE CMFA 2010A AND CMFA 2015 B BONDS WERE COLLATERALIZED BY PARCELS OF LAND, AND HAD VARIOUS DEBT COVENANTS. THE CMFA 2017 A & B BONDS ARE UNSECURED AND HAVE NO FINANCIAL DEBT COVENANTS. IN ADDITION TO REFINANCING PRIOR BONDS, THE CMFA 2017 A & B BONDS PROVIDED AN ADDITIONAL $42,000,000 OF FUNDS. THE FUNDS WERE MOSTLY UTILIZED TOWARD THE CONSTRUCTION OF A NEW RESIDENCE AND DINING HALL. DUE TO INTEREST EARNINGS OF $457,171 ON THE CMFA A & B BOND ISSUE, THE TOTAL PROCEEDS OF ISSUE ON LINE 3 OF $131,200,732 WILL NOT RECONCILE BACK TO THE TOTAL ISSUE PRICE IN PART I, ROW A, COLUMN E OF $130,743,561. PART II, LINE 3 , COLUMN ANKINE KECHICHIAN FAMILY MEMBER OF CFO 122718 COMPENSATION FOR EMPLOYMENT 0 MICHELLE KECHICHIAN FAMILY MEMBER OF CFO 136618 COMPENSATION FOR EMPLOYMENT 0 SCHEDULE L, PART IV: THE EMPLOYMENT AND CONSULTING CONTRACTS BETWEEN THE UNIVERSITY AND THE INDIVIDUALS LISTED ARE INDEPENDENT OF THEIR FAMILY RELATIONSHIP WITH THE INTERESTED PERSONS OF THE UNIVERSITY. ALL TRANSACTIONS ARE DEEMED ARM'S LENGTH. X 3 11004 FMV X 6 75533 FMV X OFFICE FURNITURE 1 4100 SALE OF COMPARABLE I 0 0 1 1 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING BOTH THE NUMBER OF CONTRIBUTORS AND NUMBER OF ITEMS RECEIVED ON SCHEDULE M, PART I, COLUMN (B). PART I, LINE 32B: THE UNIVERSITY MAY UTILIZE ORGANIZATIONS TO LIQUIDATE NONCASH CONTRIBUTIONS IF IT IS DETERMINED THAT IT DOES NOT WANT TO MAINTAIN THE CONTRIBUTION AND THE DONOR RESTRICTIONS ALLOW FOR SUCH LIQUIDATION. THE THIRD PARTY ORGANIZATION SELECTED DEPENDS ON THE TYPE OF CONTRIBUTION RECEIVED AND THE MARKET IN WHICH IT CAN BE LIQUIDATED. FOR EXAMPLE, THE UNIVERSITY MAY UTILIZE A PROPERTY MANAGEMENT FIRM TO POST AVAILABLE PROPERTIES OF REAL ESTATE. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL CONSIST OF NO FEWER THAN SEVEN (7) OR MORE THAN TWELVE (12) TRUSTEES. THE MEMBERS OF THE EXECUTIVE COMMITTEE SHALL BE COMPRISED OF THE PRESIDENT OF THE UNIVERSITY, BOARD CHAIR, VICE CHAIR, SECRETARY, COMMITTEE CHAIRS, AND ONE AT-LARGE MEMBER RECOMMENDED BY THE BOARD CHAIR AND ELECTED BY THE MEMBERS OF THE BOARD OF TRUSTEES. THE EXECUTIVE BOARD OF THE BOARD OF TRUSTEES SHALL ALSO SERVE AS THE OFFICERS OF THE EXECUTIVE COMMITTEE. THE CHIEF FINANCIAL OFFICER SHALL SERVE AS AN EXOFFICIO MEMBER OF THIS COMMITTEE, WITHOUT THE POWER TO VOTE, AND S/HE SHALL NOT BE COUNTED AS A MEMBER OF THE COMMITTEE FOR ANY PURPOSE. BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE SHALL HAVE THE FULL AUTHORITY OF THE BOARD WITH THE FOLLOWING EXCEPTIONS: I. FILL VACANCIES ON THE BOARD OF TRUSTEES OR IN ANY COMMITTEE WHICH HAS THE AUTHORITY OF THE BOARD II. AMEND OR REPEAL THESE BYLAWS OR ADOPT NEW BYLAWS III. AMEND OR REPEAL ANY RESOLUTION OF THE BOARD WHICH BY ITS EXPRESS TERMS IS NOT SO AMENDABLE OR REPEALABLE IV. APPOINT COMMITTEES OF THE BOARD OR THE MEMBERS THEREOF V. APPROVE OF ANY SELF-DEALING TRANSACTION EXCEPT AS PROVIDED BY LAW OR VI. ANY OTHER ACTIONS PROHIBITED BY CALIFORNIA CORPORATIONS CODE SECTION 5212 (A). IN ADDITION, THE EXECUTIVE COMMITTEE MAY NOT AWARD DEGREES OR APPOINT OR REMOVE THE PRESIDENT OF THE UNIVERSITY UNLESS SPECIFICALLY EMPOWERED BY THE BOARD OF TRUSTEES TO DO SO. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE AMENDED TO CREATE BOARD TERM LIMITS AND RESTRUCTURE BOARD COMMITTEES. FORM 990, PART VI, SECTION B, LINE 11B THE INFORMATION/DATA FOR THE 990 IS PRIMARILY GATHERED, CALCULATED, AND COMPILED BY THE UNIVERSITY'S EXECUTIVE DIRECTOR OF ACCOUNTING AND TREASURY. UPON COMPLETING THESE STEPS, THE INFORMATION IS FORWARDED TO THE ASSOCIATE VICE PRESIDENT OF FINANCE FOR REVIEW AND APPROVAL. ONCE APPROVED THE INFORMATION/DATA IS SENT TO THE TAX ADVISOR TO PREPARE THE FORM 990. ONCE COMPLETED, THE FORM 990 IS FORWARDED TO THE EXECUTIVE DIRECTOR OF ACCOUNTING AND TREASURY TO ENSURE THAT THE INFORMATION THAT HAD BEEN ORIGINALLY PROVIDED WAS ENTERED CORRECTLY ONTO THE FORM. THE ASSOCIATE VICE PRESIDENT OF FINANCE ALSO PERFORMS A REVIEW OF THE RETURN, AFTER WHICH IT IS FORWARDED TO THE AUDIT OMMITTEE OF THE BOARD OF TRUSTEES FOR REVIEW, COMMENTS, AND APPROVAL. THE FULL FILING COPY OF THE APPROVED FORM 990 IS MADE AVAILABLE TO THE FULL BOARD OF TRUSTEES THROUGH THE POSTING ON A SECURE WEBSITE PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C TO ENSURE COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY, THERE ARE ANNUAL SIGNED STATEMENTS OBTAINED FROM OFFICERS, TRUSTEES AND KEY EMPLOYEES. THE ASSOCIATE VICE PRESIDENT OF FINANCE REVIEWS THE STATEMENTS FOR DISCLOSURE OF ANY POTENTIAL CONFLICTS. IN ADDITION, THE OFFICE OF GENERAL COUNSEL REVIEWS ALL CONTRACTS THAT INVOLVE THE UNIVERSITY AND EMPLOYEES (OR A FAMILY MEMBER), TRUSTEE (OR FAMILY MEMBER), FOR ANY CONFLICTS OF INTEREST. REVEALED CONFLICTS ARE REPORTED ON THE FORM 990, AND REVIEWED BY MEMBERS OF THE BOARD AND AUDIT COMMITTEE TO DETERMINE ANY FURTHER ACTION IF NECESSARY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES ESTABLISHES THE SALARY OF THE PRESIDENT, AND THE PRESIDENT ESTABLISHES THE SALARIES FOR THE UNIVERSITY'S VICE PRESIDENTS. THE HUMAN RESOURCES DEPARTMENT REVIEWS THE UNIVERSITY'S SALARIES & COMPENSATION AND COMPARES THE INFORMATION TO BOTH NATIONAL AND LOCAL COMPARABILITY DATA TO ENSURE THE UNIVERSITY'S PAY RATES ARE CONSISTENT WITH OTHER COMPARABLE INSTITUTIONS. IN ADDITION, THE UNIVERSITY IS SUBSCRIBED TO SURVEYS THAT ARE RECEIVED AND REVIEWED ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE, AND IT IS ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE UNDER THE HUMAN RESOURCES PAGE. THE UNIVERSITY'S FINANCIAL STATEMENTS ARE AVAILABLE ON THE WEBPAGE OF THE FINANCE OFFICE (HTTPS://LAVERNE.EDU/ABOUT/FINANCIAL-STATEMENTS-TAX-RETURNS/). ADDITIONALLY, THE AUDITED FINANCIAL STATEMENTS ARE POSTED TO THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE (WWW.EMMA.MSRB.ORG). THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE, AND IT IS ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE UNDER THE HUMAN RESOURCES PAGE. GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FROM THE FINANCE OFFICE. FORM 990, PART XI, LINE 9: NET CHANGE IN ACTUARIAL OBLIGATIONS -177,340. UNRELATED BUSINESS INCOME -11,627. CHARITABLE REMAINDER UNITRUSTS (13) FUNDRAISING CA T 0 CHARITABLE REMAINDER ANNUITY TRUST (1) FUNDRAISING CA T 0 NET INCOME WITH MAKEUP (1) FUNDRAISING CA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0