2024-04-29T12:37:40-05:00 2023-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2022-07-01 510107088 WILMINGTON UNIVERSITY INC WILM 3023566915 320 NORTH DUPONT HIGHWAY NEW CASTLE DE 19720 LLOYD A RICKETTS SR. VICE PRESIDENT AND CFO 3023566915 2024-04-24 1 LLOYD RICKETTS 999009999 0 LYNNE JOHNSON P00757336 6179129000 2024-04-22 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z LLOYD A RICKETTS 320 NORTH DUPONT HIGHWAY NEW CASTLE DE 19720 303781118 0 X WWW.WILMU.EDU X 1968 DE ESTABLISHED IN 1968, WILMINGTON UNIVERSITY, INC. IS AN OPEN ACCESS PRIVATE INSTITUTION OF HIGHER EDUCATION WITH LOCATIONS IN DELAWARE AND NEW JERSEY OFFERING UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREES. 16 11 2030 31 0 0 11361203 12260950 100275961 115261431 18140749 -3679222 17478 103715 129795391 123946874 12351320 18039247 0 0 76095940 75365497 0 0 353839 30968560 27992587 119415820 121397331 10379571 2549543 291760814 357282631 20405983 68390456 271354831 288892175 X WILMINGTON UNIVERSITY IS COMMITTED TO EXCELLENCE IN TEACHING, RELEVANCY OF THE CURRICULUM, AND INDIVIDUAL ATTENTION TO STUDENTS. AS AN INSTITUTION WITH ADMISSIONS POLICIES THAT PROVIDE ACCESS FOR ALL, IT OFFERS OPPORTUNITY FOR HIGHER EDUCATION TO STUDENTS OF VARYING AGES, INTERESTS AND ASPIRATIONS.THE UNIVERSITY PROVIDES A RANGE OF EXEMPLARY CAREER-ORIENTED UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREE PROGRAMS FOR A GROWING AND DIVERSE STUDENT POPULATION. IT DELIVERS THESE PROGRAMS AT LOCATIONS AND TIMES CONVENIENT TO STUDENTS AND AT AN AFFORDABLE PRICE. A HIGHLY QUALIFIED FULL-TIME FACULTY WORKS CLOSELY WITH PART-TIME FACULTY DRAWN FROM THE WORKPLACE TO ENSURE THAT THE UNIVERSITY'S PROGRAMS PREPARE STUDENTS TO BEGIN OR CONTINUE THEIR CAREER, IMPROVE THEIR COMPETITIVENESS IN THE JOB MARKET, AND ENGAGE IN LIFELONG LEARNING. 0 0 99411823 18039247 111799610 WILMINGTON UNIVERSITY IS COMMITTED TO BEING A UNIVERSITY WHERE RESPECT FOR EACH OTHER IS PARAMOUNT, INTEGRITY GUIDES ALL OF OUR CHOICES, PROVIDING EDUCATIONAL OPPORTUNITY IS OUR PRIMARY PURPOSE, AND RESPONSIVENESS TO COMMUNITY NEEDS IS KEY. IN DESIGNING ACADEMIC PROGRAMS AND STUDENT SERVICES, WE SUPPORT INNOVATION AND ACTIVELY SEEK FACULTY WITH EXPERIENCE IN THEIR FIELDS WHO CAN PROVIDE STUDENTS WITH AN EDUCATION FOCUSED ON PRACTICAL APPLICATION.WILMINGTON UNIVERSITY IS CLASSIFIED BY THE CARNEGIE COMMISSION AS A DOCTORAL/RESEARCH UNIVERSITY. THE UNIVERSITY OFFERS DEGREE PROGRAMS AT THE ASSOCIATE'S, BACHELOR'S, MASTER'S AND DOCTORAL LEVELS. THE UNIVERSITY OFFERS DEGREE PROGRAMS IN THE COLLEGE OF BUSINESS, THE COLLEGE OF EDUCATION AND LIBERAL ARTS, THE COLLEGE OF HEALTH PROFESSIONS AND NATURAL SCIENCES, THE COLLEGE OF SOCIAL AND BEHAVIORAL SCIENCES AND THE COLLEGE OF TECHNOLOGY. THE UNIVERSITY SERVED 20,069 (UNDUPLICATED) STUDENTS DURING FISCAL 2023, OFFERING PROGRAMS AT MULTIPLE LOCATIONS IN DELAWARE AND NEW JERSEY AS WELL AS PROVIDING AN ONLINE MODALITY.THE UNIVERSITY'S ACADEMIC ACCOMPLISHMENTS DURING FISCAL 22/23 WERE AS FOLLOWS:NEW DEGREE PROGRAMS:BACHELOR OF SCIENCE IN APPLIED BUSINESS (COLLEGE OF BUSINESS)BACHELOR OF SCIENCE IN APPLIED MATHEMATICS (COLLEGE OF EDUCATION AND LIBERAL ARTS)MASTER OF SCIENCE IN HEALTH SCIENCES (COLLEGE OF HEALTH PROFESSIONS AND NATURAL SCIENCES)MASTER OF SCIENCE IN DIGITAL COMMUNICATION (COLLEGE OF TECHNOLOGY)NEW CERTIFICATE PROGRAMS:UNDERGRADUATE - SALES ADMINISTRATION (COLLEGE OF BUSINESS)UNDERGRADUATE - CONSTRUCTION MANAGEMENT (COLLEGE OF BUSINESS)UNDERGRADUATE - UX/UI DESIGN (COLLEGE OF TECHNOLOGY)UNDERGRADUATE - E-SPORTS (COLLEGE OF EDUCATION AND LIBERAL ARTS)UNDERGRADUATE - DIVERSITY, EQUITY, AND INCLUSION (COLLEGE OF SOCIAL AND BEHAVIORAL SCIENCES)UNDERGRADUATE - GLOBAL DIVERSITY, EQUITY AND INCLUSION (COLLEGE OF SOCIAL AND BEHAVIORAL SCIENCES)THE FOLLOWING ARE SIGNIFICANT ACCOMPLISHMENTS DURING 22/23 BY COLLEGE:COLLEGE OF BUSINESS:THE BOARD OF COMMISSIONERS OF THE INTERNATIONAL ACCREDITATION COUNCIL FOR BUSINESS EDUCATION (IACBE) APPROVED THE UNIVERSITY'S REAFFIRMATION OF SPECIALIZED ACCREDITATION OF ALL BUSINESS AND MANAGEMENT DEGREE PROGRAMS THROUGH DECEMBER 31, 2029.COLLEGE OF SOCIAL AND BEHAVIORAL SCIENCES:THE BOARD OF DIRECTORS OF THE COUNCIL FOR ACCREDITATION OF COUNSELING AND RELATED EDUCATIONAL PROGRAMS (CACREP) HAS REACCREDIT THE UNIVERSITY'S CLINICAL MENTAL HEALTH COUNSELING (M.S. DEGREE) THROUGH 2031.WE ARE ESPECIALLY COMMITTED TO CARING FOR OUR STUDENTS AS CUSTOMERS AND PARTNERS AS SUCH THE UNIVERSITY SERVED A TOTAL OF 20,069 STUDENTS INCLUDING 13,293 UNDERGRADUATE, 6,092 GRADUATE AND 684 DOCTORAL STUDENTS DURING FISCAL 2023. THE UNIVERSITY AWARDED 3,437 TOTAL DEGREES, INCLUDING 1,493 UNDERGRADUATE, 1,800 GRADUATE AND 144 DOCTORAL DEGREES DURING FISCAL 2023. 99411823 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 1 230 0 1 2030 1 0 0 0 0 0 1 1 0 0 0 0 1 0 X 16 11 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD ID SC X LLOYD A RICKETTS SENIOR VP & CFO 3023566915 320 NORTH DUPONT HIGHWAY NEW CASTLE DE 19720 MELISSA ZEBLEY TRUSTEE 1.00 X 0 0 0 ROBERT C COLE JR TRUSTEE 1.00 X 0 0 0 IRENE DU PONT JR TRUSTEE (UNTIL 1/16/23) 1.00 X 0 0 0 ALAN D ELLINGSWORTH TRUSTEE 1.00 X 0 0 0 MICHAEL FARNAN TRUSTEE 1.00 X 0 0 0 LARRY D GEHRKE TRUSTEE 1.00 X 0 0 0 DAVID F MARVIN TRUSTEE 1.00 X 0 0 0 LAWARENCE H MILLER TRUSTEE 1.00 X 0 0 0 EDMUND PRIBITKIN TRUSTEE 1.00 X 0 0 0 JOHN RAY III TRUSTEE 1.00 X 0 0 0 DANA P ROBINSON TRUSTEE 1.00 X 0 0 0 ALLEN SAMUELS TRUSTEE 1.00 X 0 0 0 TRACY WOODSON TRUSTEE 1.00 X 0 0 0 SUE ROBINSON SECRETARY 1.00 X X 0 0 0 THOMAS S SHAW TREASURER 1.00 X X 0 0 0 THOMAS E LEIPOLD PHD VICE CHAIRMAN 1.00 X X 0 0 0 JOSEPH J FARNAN JR CHAIRMAN 1.00 X X 0 0 0 LAVERNE T HARMON PRESIDENT 40.00 X 1141657 0 48995 HEATHER A O'CONNELL CFO (UNTIL 10/15/22), VICE PRESIDENT 40.00 X 487235 0 38548 LLOYD RICKETS VICE PRESIDENT & CFO (FROM 10/17/22) 40.00 X 62798 0 5566 ERIN DIMARCO VICE PRESIDENT 40.00 X 615320 0 42213 JAMES WILSON JR VICE PRESIDENT 40.00 X 407949 0 62444 CAROLE D PITCHER VICE PRESIDENT (UNTIL 1/15/23) 40.00 X 418083 0 101285 JACQUELINE VARSALONA VICE PRESIDENT 40.00 X 383442 0 29266 CHRISTIAN TROWBRIDGE VICE PRESIDENT 40.00 X 386131 0 15597 EILEEN DONNELLY VICE PRESIDENT (UNTIL 4/30/22) 40.00 X 388170 0 8813 DAVID LEWIS ASSISTANT VICE PRESIDENT 40.00 X 285549 0 25494 PETER BAILEY VICE PRESIDENT (UNTIL 6/30/22) 40.00 X 1234651 0 24502 5810985 0 402723 137 1 1 0 FREEDOM MECHANICAL 48 AUSTINS WAY ELKTON MD 21921 MECHANICAL CONTRACTOR 813736 MARVIN & PALMER ASSOCIATES 200 BELLEVUE PARKWAY SUITE 220 WILMINGTON DE 19809 FINANCIAL SERVICES 754506 BARNARDON LLC 123 JUSTISON STREET SUITE 101 WILMINGTON DE 19801 ARCHITECTURE SERVICES 554007 JC CONTRACTORS 318 WHITE PINE DRIVE MIDDLETOWN DE 19709 PAVING SERVICES 231948 GUNNIP & COMPANY LLP 2751 CENTERVILLE ROAD SUITE 300 WILMINGTON DE 19808 AUDITING 154010 6 6275 12028948 225727 12260950 TUITION AND FEES 611310 111591022 111591022 SALES OF AUXILIARY SVCS 611310 3543205 3543205 ATHLETICS 900099 127204 127204 115261431 4175301 4175301 171899133 38500 179745604 46552 -7846471 -8052 -7854523 -7854523 64419 6275 42088 22331 22331 81384 81384 81384 123946874 111799610 0 -113686 291945 291945 17747302 17747302 3161353 486330 2675023 1856477 1856477 56997933 49180993 7558650 258290 2190202 1676830 500112 13260 6862460 5097012 1702918 62530 4297072 3706641 570672 19759 138091 138091 109710 109710 96500 96500 759401 759401 2057386 1363900 693486 3155609 2999649 155960 1719966 1114762 605204 3868060 3103181 764879 4575184 1006882 3568302 1043539 957554 85985 317444 116973 200471 4043371 3599813 443558 858223 858223 AUXILIARY ENTERPRISES 3022506 3022506 STUDENT ACTIVITIES 1426232 1426232 LIBRARY MEDIA 598155 598155 EVENTS & ACTIVITIES 58686 58686 144524 144524 121397331 99411823 21631669 353839 46437 22416 39216054 91906501 604666 706241 9339100 13240659 360000 235000 400954 313658 3150461 2588788 150143789 67919169 82657408 82224620 155735734 165030446 250000 1014302 291760814 357282631 7956998 11118777 7513519 7298226 44632890 4935466 4705315 0 635248 20405983 68390456 X 270236134 287582195 1118697 1309980 271354831 288892175 291760814 357282631 X 2549543 14845110 142691 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 96500 0 0 96500 0 PART II-B, LINE 1: WILMINGTON UNIVERSITY, INC. HAS RETAINED THE SERVICES OF LAIRD STABLER & ASSOCIATES, LLC OF MONTCHANIN, DELAWARE, AND PRINCETON PUBLIC AFFAIRS GROUP OF TRENTON, NEW JERSEY FOR THE PURPOSE OF MONITORING AND INFORMING THE UNIVERSITY OF STATE LEGISLATIVE ACTIONS THAT MAY IMPACT THE UNIVERSITY. THE TOTAL EXPENSE INCURRED IN CONNECTION WITH THIS ACTIVITY WAS $31,500 AND $65,000 RESPECTIVELY. THIS REPRESENTS THE TOTAL AMOUNT OF MONIES THAT WILMINGTON UNIVERSITY INC PAID TO LAIRD STABLER & ASSOCIATES, LLC. AND PRINCETON PUBLIC AFFAIRS GROUP. 155137083 2500 9335026 164474609 159778975 3007370 -7649262 155137083 119991912 2006825 37780238 159778975 106883562 4003750 9104600 119991912 92612904 6003750 8266908 106883562 1.00000 0 0 22003262 22003262 96969334 44060655 52908679 25581762 20969597 4612165 5589431 2888917 2700514 82224620 RIGHT OF USE LIABILITY 635248 635248 X 126912880 14845110 144524 14989634 111923246 759401 11264227 12023628 123946874 109373703 0 109373703 759401 11264227 12023628 121397331 PART V, LINE 4: THE INTENDED USE OF THE UNIVERSITY'S ENDOWMENT FUNDS ARE TO SUPPORT THE UNIVERSITY'S MISSION ON AN AS NEEDED BASIS. PART X, LINE 2: FOR THE YEARS ENDED JUNE 30, 2023 AND 2022, THE UNIVERSITY HAS DETERMINED IT DID NOT HAVE A MATERIAL TAX LIABILITY FOR UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: PENSION RELATED CHANGES 144,524. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON FINANCIAL STATEMENTS 11,306,315. FUNDRAISING EVENT EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -42,088. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON FINANCIAL STATEMENTS 11,306,315. FUNDRAISING EVENT EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -42,088. 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 UNIVERSITY PUBLISHES ITS ANNUAL NOTICE OF NON-DISCRIMINATION ON ITS WEBSITE. SCHEDULE E, PART I, LINE 6 WILMINGTON UNIVERSITY RECEIVES FUNDS ON BEHALF OF STUDENTS FROM VARIOUS FEDERAL ANGENCIES UNDER THEIR RESPECTIVE STUDENT FINANCIAL AID ASSISTANCE PROGRAMS. FEDERAL PROGRAMS INCLUDE, THE PELL GRANT PROGRAM, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT (SEOG), FEDERAL-WORK STUDY (FWS) PROGRAM, FEDERAL DIRECT STUDENT LOAN PROGRAMS AND TEACHER EDUCATION ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION (TEACH) PROGRAM. THESE PROGRAMS ALLOW NUMEROUS STUDENTS TO ATTEND THE UNIVERSITY AT A LOW COST OF ATTENDANCE. SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 0 8 RECRUITING 83372 EAST ASIA AND THE PACIFIC 0 2 RECRUITING 198001 0 10 0 0 0 10 281373 0 281373 0 0 0 0 0 0 PART III ACCOUNTING METHOD: SCHOLARSHIP GOLF CLASSIC 70694 6275 64419 42088 70694 6275 64419 42088 42088 22331 1 BOYS & GIRLS CLUBS OF DELAWARE 669 S UNION STREET WILMINGTON DE 19805 510068712 501C3 8000 0 SPONSORSHIP DUFFY'S HOPE 100 WEST 10TH STREET SUITE 9 WILMINGTON DE 19801 061652976 501C3 5500 0 SPONSORSHIP EASTER SEALS 61 CORPORATE CIRCLE NEW CASTLE DE 19720 510066728 501C3 5500 0 SPONSORSHIP FRESH START SCHOLARSHIPS PO BOX 7784 WILMINGTON DE 19803 510378642 501C3 6080 0 SPONSORSHIP GRAND OLD OPERA 818 NORTH MARKET STREET WILMINGTON DE 19801 510116569 501C3 13000 0 SPONSORSHIP UNITED WAY 625 N ORANGE STREET 3RD FLOOR WILMINGTON DE 19801 510073399 501C3 11500 0 SPONSORSHIP NEW CASTLE COUNTY CHAMBER OF COMMERCE 920 JUSTISON STREET WILMINGTON DE 19801 510098307 501C3 13500 0 SPONSORSHIP WESTERN GOLF ASSOCIATIONEVANS SCHOLARS FOUNDATION 2501 PATROIT BLVD GLENVIEW IL 60026 366002857 501C3 17500 0 SPONSORSHIP DELAWARE STATE CHAMBER OF COMMERCE PO BOX 671 WILMINGTON DE 19899 510007780 501C3 17925 0 SPONSORSHIP THE SMART DRIVE 2 PENNS WAY SUITE 201 NEW CASTLE DE 19720 208818548 501C3 20000 0 SPONSORSHIP 10 0 FEDERAL FINANCIAL AID 3125 12051190 UNIVERSITY FUNDED & DONOR DESIGNATED SCHOLARSHIPS 2612 5696112 BOOK CREDIT TO STUDENT ACCOUNTS PART I, LINE 2: THE UNIVERSITY'S PROCEDURES FOR MONITORING THE USE OF SCHOLARSHIPS AND FEDERAL FINANCIAL AID AWARDED TO STUDENTS ARE BASED UPON GUIDELINES PROVIDED BY THE U.S. DEPARTMENT OF EDUCATION. 1 X X X X X 0 1 0 0 0 0 0 1 0 PETER BAILEY VICE PRESIDENT (UNTIL 6/30/22) 118509 0 149700 0 966442 0 7485 0 17017 0 1259153 0 205565 0 LAVERNE T HARMON PRESIDENT 508686 0 620600 0 12371 0 18300 0 30695 0 1190652 0 0 0 ERIN DIMARCO VICE PRESIDENT 328178 0 259280 0 27862 0 0 0 42213 0 657533 0 0 0 HEATHER A O'CONNELL CFO (UNTIL 10/15/22), VICE PRESIDENT 277909 0 194530 0 14796 0 0 0 38548 0 525783 0 0 0 CAROLE D PITCHER VICE PRESIDENT (UNTIL 1/15/23) 252767 0 150840 0 14476 0 84824 0 16461 0 519368 0 0 0 JAMES WILSON JR VICE PRESIDENT 243957 0 143340 0 20652 0 27329 0 35115 0 470393 0 0 0 JACQUELINE VARSALONA VICE PRESIDENT 230305 0 135360 0 17777 0 14154 0 15112 0 412708 0 0 0 CHRISTIAN TROWBRIDGE VICE PRESIDENT 235900 0 135360 0 14871 0 14154 0 1443 0 401728 0 0 0 EILEEN DONNELLY VICE PRESIDENT (UNTIL 4/30/22) 76420 0 290304 0 21446 0 4648 0 4165 0 396983 0 0 0 DAVID LEWIS ASSISTANT VICE PRESIDENT 201614 0 73600 0 10335 0 12285 0 13209 0 311043 0 0 0 PART I, LINE 4B EFFECTIVE JULY 1, 2003, THE UNIVERSITY ADOPTED THE SUPPLEMENTAL RETENTION AND RETIREMENT PLAN (SERRP), AN UNFUNDED DEFINED BENEFIT RETIREMENT PLAN FOR SENIOR EXECUTIVES. THE PURPOSE OF THE PLAN IS TO REWARD PERFORMANCE, LOYALTY AND CONTINUOUS SERVICE OF THOSE INDIVIDUALS SELECTED AS PARTICIPANTS IN THE PLAN. UNDER THE TERMS OF THE PLAN, THE UNIVERSITY WILL PAY PARTICIPANTS THE LUMP SUM EQUIVALENT VALUE OF A LIFE ANNUITY PAYING 60% OF THE AVERAGE OF THE PARTICIPANT'S THREE FINAL CALENDAR YEARS OF BASE SALARY AND ANNUAL INCENTIVE COMPENSATION. THE BENEFIT IS OFFSET FOR EMPLOYER CONTRIBUTIONS (AND RELATED EARNINGS) TO THE 403(B) SAVINGS PLAN AS WELL AS THE EMPLOYER-PROVIDED PORTION OF SOCIAL SECURITY. SERRP BENEFITS VEST UPON A PARTICIPANT ATTAINING AGE 65 WITH 25 YEARS OF SERVICE. ANY PARTICIPANT WHO LEAVES THE SERVICE OF THE UNIVERSITY BEFORE REACHING BOTH OF THESE MILESTONES IS NOT ELIGIBLE TO RECEIVE A BENEFIT FROM THE PLAN. EFFECTIVE DECEMBER 31, 2014, THE ACTUARIAL EQUIVALENT LUMP SUM BENEFIT PAYABLE AT AGE 65 WAS SET AT A FIXED AMOUNT. WHILE THE CHANGE IN THE PRESENT VALUE INCLUDES CHANGES IN THE DISCOUNT RATE USED FOR ACCOUNTING PURPOSES, THE ACTUAL LUMP SUM IS BASED ON A FIXED INTEREST RATE OF 6%. THE AMOUNTS REPORTED IN THIS FORM 990 REPRESENT THE INCREASE/(DECREASE) IN THE PRESENT VALUE OF THE ACCRUED BENEFIT (WITHOUT REGARD TO VESTING). THE NET INCREASE/(DECREASE) IN THE PRESENT VALUE OF THE ACCRUED BENEFIT BY PARTICIPANTS INCLUDED ON SCHEDULE J IS: HEATHER A. O'CONNELL,$(33,937); CAROLE D. PITCHER, $69,290; ERIN DIMARCO, $(59,780) AND JAMES WILSON, JR. $12,041. PETER BAILEY PARTICIPATED IN THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AND RECEIVED $934,356 DURING CALENDAR YEAR 2022, THE VESTED AMOUNT IS REPORTED IN COL. B(III). PART I, LINE 7 THE UNIVERSITY PROVIDES BONUSES TO THE INDIVIDUALS LISTED ON SCHEDULE J. IT UTILIZES A NUMBER OF PERFORMANCE OBJECTIVES TO DETERMINE THE BONUS AMOUNTS. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES MEETS TO SPECIFICALLY DISCUSS EXECUTIVE BONUS AMOUNTS. THE COMMITTEE UTILIZES AN INDEPENDENT COMPENSATION CONSULTANT THAT PROVIDES INFORMATION FROM A VARIETY OF COMPENSATION STUDIES AND SURVEYS INCLUDING 990'S. THE COMMITTEE FOLLOWED THE PROCESS TO ESTABLISH THE PRESUMPTION THAT COMPENSATION PAID TO THE ORGANIZATION'S PRESIDENT AND OTHER TOP MANAGEMENT FOR PURPOSES OF SECTION 4958 BY RELYING ON PROFESSIONAL ADVICE IN THE WRITTEN OPINION OF REASONABLENESS FROM THE INDEPENDENT COMPENSATION CONSULTANT. ONCE ALL OF THIS INFORMATION IS GATHERED AND REVIEWED, THE COMMITTEE APPROVES THE BONUS FOR EACH EXECUTIVE. ALL COMPENSATION, INCLUDING COMPENSATION COMMITTEE APPROVED BONUSES, ARE REPORTED TO THE FULL BOARD OF TRUSTEES. PART II, COLUMN C: IN COLUMN (C) THERE ARE TWO INDIVIDUALS IN WHICH ZERO WAS REPORTED AS DEFERRED COMPENSATION. THIS IS DUE TO A DECREASE IN ACTUARIAL VALUE IN THEIR SERRP PLAN. THE BREAKDOWN IS AS FOLLOWS: HEATHER A. O'CONNELL, $(33,937) NET DECREASE IN THE SERRP PLAN AND $17,430 FOR 403(B) RETIREMENT PLAN; ERIN DIMARCO $(59,780) NET DECREASE IN THE SERRP PLAN AND $18,300 FOR 403(B) RETIREMENT PLAN. A THE DELAWARE ECONOMIC DEVELOPMENT AUTHORITY 510269736 2023-05-25 45000000 SEE PART VI 0 0 0 A 45000000 142110 225000 44632890 0 0 0 0 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 0 PART I, COLUMN F, DESCRIPTION OF PURPOSE: REVENUE BOND (WILMINGTON UNIVERSITY PROJECT) SERIES 2023. TO PARTIALLY FINANCE THE EXPANSION OF ITS BRANDYWINE CAMPUS THAT INCLUDES CONSTRUCTION OF THREE-STORY LAW SCHOOL BUILDING AND TWO-STORY CONVOCATION CENTER BUILDING. PART III, LINE 9: THE UNIVERSITY IS IN PROCESS OF DEVELOPING A WRITTEN POLICY. HOWEVER, CONSTRUCTION HAS NOT YET STARTED AND THE WRITTEN POLICY WILL BE DEVELOPED FOR THE JUNE 30, 2024 YEAR END. THE BOND WAS ISSUED IN MAY OF 2023 AND THEREFORE, THE PROCEEDS ARE STILL IN ESCROW. LAVERNE HARMON EMPLOYEE SPLIT DOLLAR LIFE POLICY X 75000 100000 0 1 1 HEATHER O'CONNELL EMPLOYEE SPLIT DOLLAR LIFE POLICY X 75000 135000 0 1 1 235000 LAURA MORRIS FAMILY MEMBER OF TRUSTEE, THOMAS E. LEIPOLD. 149941 EMPLOYMENT 0 ROBERT MILLER FAMILY MEMBER OF TRUSTEE, LAWRENCE H. MILLER 247175 EMPLOYMENT 0 LUCIA NEMETH FAMILY MEMBER OF TRUSTEE, DANA P. ROBINSON 152168 EMPLOYMENT 0 SCOTT SHAW FAMILY MEMBER OF TRUSTEE, THOMAS S. SHAW 56105 EMPLOYMENT 0 LORI BAILEY FAMILY MEMBER OF FORMER KEY EMPLOYEE, PETER BAILEY 129616 EMPLOYMENT 0 MARVIN & PALMER ENTITY MORE THAN 35% OWNED BY BOARD OF TRUSTEE, DAVID MARVIN 754506 INVESTMENT ADVISORY SERVICES 0 LINDSAY RICE FAMILY MEMBER OF KEY EMPLOYEE, JAMES WILSON, JR 174855 EMPLOYMENT 0 MATTHEW WILSON FAMILY MEMBER OF KEY EMPLOYEE, JAMES WILSON, JR 159421 EMPLOYMENT 0 JESSICA MILLER FAMILY MEMBER OF TRUSTEE, LAWRENCE H. MILLER 32690 EMPLOYMENT 0 FORM 990, PART VI, SECTION A, LINE 2 JOSEPH J. FARNAN, JR, TRUSTEE AND MICHAEL J. FARNAN, TRUSTEE HAVE A FAMILIAL RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE REVIEW PROCESS INCLUDES THE REVIEW BY THE UNIVERSITY'S CFO, PRESIDENT, AND FINANCE & AUDIT COMMITTEE. A COPY OF THE FORM 990 IS DISTRIBUTED TO EVERY BOARD MEMBER FOR REVIEW PRIOR TO ITS FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES, OFFICERS, DIRECTORS, AND EMPLOYEES ARE REQUIRED, ON AN ANNUAL BASIS, TO READ THE CONFLICT OF INTEREST STATEMENT, DISCLOSE CONFLICTS IN WRITING AND SIGN THE UNIVERSITY'S CONFLICT OF INTEREST STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION FOR THE ORGANIZATION'S PRESIDENT AND OTHER TOP MANAGEMENT IS MODELED AFTER THE REQUIREMENTS IN INTERNAL REVENUE CODE 4958 TO ESTABLISH THE PRESUMPTION OF REASONABLE COMPENSATION. THE BOARD OF TRUSTEES DELEGATES THE AUTHORITY TO REVIEW AND APPROVE THE PRESIDENTS AND OTHER TOP MANAGEMENTS COMPENSATION TO A COMPENSATION COMMITTEE (THE COMMITTEE). THE COMMITTEE IS COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD OF TRUSTEES AND MEETS AT LEAST TWICE A YEAR. BY ENGAGING AN INDEPENDENT COMPENSATION CONSULTANT, THE COMMITTEE CONSIDERED COMPARABLE MARKET DATA FROM PUBLISHED SURVEYS AND FORM 990 OF COMPARABLE ORGANIZATIONS IN EVALUATING THE COMPENSATION FOR EACH INDIVIDUAL. THE COMMITTEE CONDUCTED A REVIEW OF THIS COMPARABILITY DATA AND DOCUMENTED ITS DELIBERATION AND DISCUSSION IN MINUTES THAT ARE RETAINED WITH OTHER GOVERANCE MATERIALS OF THE ORGANIZATION. THE COMMITTEE FOLLOWED THE PROCESS TO ESTABLISH THE PRESUMPTION THAT COMPENSATION PAID TO THE ORGANIZATION'S PRESIDENT AND OTHER TOP MANAGEMENT FOR PURPOSES OF SECTION 4958 BY RELYING ON PROFESSIONAL ADVICE IN THE WRITTEN OPINION OF REASONABLENESS FROM THE INDEPENDENT COMPENSATION CONSULTANT. THE COMMITTEE INFORMS THE BOARD OF ITS DECISIONS AT THE NEXT BOARD MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY PROVIDES GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS, AND FORM 990 WITHOUT SCHEDULE B UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT ADJUSTMENT LEASE ACCOUNTING STANDARD ASC 842 -1,833. PENSION RELATED CHANGES 144,524. FORM 990, PAGE 11, PART XI, LINE 2 C PROCESS FOR OVERSIGHT OF THE AUDIT: THE PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.