2024-03-05T13:18:14-06:00 2023-06-30 251622758 MAHER DUESSEL CPA'S 1800 LINGLESTOWN ROAD SUITE 306 HARRISBURG PA 17110 990 2022-07-01 231352692 WILSON COLLEGE WILS 7172622544 1015 PHILADELPHIA AVENUE CHAMBERSBURG PA 17201 BRIAN ECKER VP FINANCE & ADMINISTRATION 7172622544 2024-03-05 1 BRIAN ECKER XXX-XX-XXXX 0 P00168809 7172321230 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BRIAN ECKER 1015 PHILADELPHIA AVENUE CHAMBERSBURG PA 17201 39243032 0 X WWW.WILSON.EDU X 1869 PA WILSON COLLEGE IS A PRIVATE, LIBERAL ARTS INSTITUTION COMMITTED TO ACCESS AND AFFORDABILITY IN HIGHER EDUCATION. DEGREES ARE OFFERED IN 31 UNDERGRADUATE MAJORS AS WELL AS NINE GRADUATE-LEVEL AREAS OF STUDY. COURSES ARE AVAILABLE IN PERSON AND ONLINE. 21 21 651 721 75232 0 8522278 12536433 24389116 24107311 4389871 2026923 339809 469636 37641074 39140303 8424060 7256544 0 0 11923804 12260810 0 0 914221 14433798 14869875 34781662 34387229 2859412 4753074 121013975 130693412 36043674 36111536 84970301 94581876 X WILSON COLLEGE EMPOWERS STUDENTS TO BE CONFIDENT AND CRITICAL THINKERS, CREATIVE VISIONARIES, EFFECTIVE COMMUNICATORS, HONORABLE LEADERS, AND AGENTS OF JUSTICE. 0 0 23695342 7256544 24084068 WILSON COLLEGE IS A PRIVATE, LIBERAL ARTS INSTITUTION CENTRALLY LOCATED IN CHAMBERSBURG, PENNSYLVANIA, WITH ACCESS TO MAJOR CITIES SUCH AS PHILADELPHIA, BALTIMORE, AND WASHINGTON, D.C. FOUNDED IN 1869, THE COLLEGE IS NAMED FOR SARAH WILSON, THE FIRST LIVING WOMAN IN THE UNITED STATES TO ENDOW A COLLEGE FOR WOMEN. TODAY, WILSON ADMITS WOMEN AND MEN OF ALL AGES TO ITS PROGRAMS OF STUDY INCLUDING 31 UNDERGRADUATE DEGREES, 40 MINORS, AND 9 MASTER'S DEGREES. WILSON CONTINUES TO UPHOLD THE IDEALS OF ITS PRESBYTERIAN FOUNDERS BY PROVIDING VALUE AND AFFORDABILITY TO STUDENTS AND THEIR FAMILIES WITH A QUALITY, PRIVATE EDUCATION AT A PRICE COMPETITIVE WITH REGIONAL PUBLIC INSTITUTIONS.PRIOR TO THE COVID-19 PANDEMIC, WILSON WAS CONSIDERED THE 25TH FASTEST GROWING INSTITUTION IN THE COUNTRY. LIKE OTHER COLLEGES AND UNIVERSITIES, THE COLLEGE EXPERIENCED A SIGNIFICANT DOWNTURN IN ENROLLMENT BECAUSE OF THE PANDEMIC AND ITS UPHEAVAL TO THE EDUCATIONAL ENVIRONMENT. THROUGH AN AGGRESSIVE RECRUITMENT STRATEGY AND RENEWED STUDENT ENGAGEMENT INITIATIVES, WILSON HAS REACHED THE SECOND HIGHEST TOTAL ENROLLMENT IN ITS HISTORY WITH 1,555 ENROLLED STUDENTS AT THE FALL 2023 CENSUS, A 14 PERCENT INCREASE OVER FALL 2022.THROUGHOUT ITS HISTORY, WILSON COLLEGE HAS RESPONDED TO CHANGING TIMES. IN 1982, THE COLLEGE WAS ONE OF THE FIRST IN THE REGION TO OFFER A CONTINUING STUDIES PROGRAM TO MEET THE NEEDS OF ADULTS SEEKING A POST-SECONDARY EDUCATION. IN 1996, THE COLLEGE WAS ONE OF THE FIRST IN THE NATION TO OFFER ON-CAMPUS, RESIDENTIAL EDUCATION FOR SINGLE PARENTS WITH CHILDREN. AND, IN 2022, THE COLLEGE LAUNCHED WILSON COLLEGE ONLINE, FURTHER EMBRACING ITS FOCUS ON ACCESSIBILITY TO UNDERSERVED POPULATIONS.SINCE ITS INCEPTION, THE COLLEGE HAS UPHELD RIGOROUS INTELLECTUAL PURSUITS, A MEASURE OF WHICH IS ITS CHAPTER OF PHI BETA KAPPA, THE NATION'S OLDEST AND MOST PRESTIGIOUS ACADEMIC HONOR SOCIETY. ACADEMIC PROGRAMS HELP PREPARE STUDENTS FOR THEIR CHOSEN CAREER PATHS BY FOSTERING THE ABILITY TO THINK CRITICALLY, SOLVE COMPLEX PROBLEMS, AND COMMUNICATE EFFECTIVELY. WITH A 13:1 STUDENT-TO-FACULTY RATIO AND AN AVERAGE CLASS SIZE OF 16, WILSON FEATURES SMALL, SEMINAR-STYLE CLASSES AND RESEARCH OPPORTUNITIES THAT ENABLE STUDENTS TO WORK CLOSELY WITH FACULTY AND MENTORS. FACULTY AND STAFF SUPPORT EACH STUDENT ON THEIR TRANSFORMATIVE EXPLORATION AND RISK-TAKING IN PURSUIT OF PERSONAL AND COMMUNAL GROWTH. HOME TO 13 VARSITY-LEVEL ATHLETICS TEAMS, WILSON IS A MEMBER OF THE NCAA DIVISION III, THE UNITED EAST CONFERENCE, AND THE INTERCOLLEGIATE HORSE SHOWS ASSOCIATION. THE COLLEGE IS ACCREDITED BY THE MIDDLE STATES COMMISSION ON HIGHER EDUCATION.AT WILSON, EDUCATION IS PERSONAL AND ACCESSIBLE. THROUGH AN INDIVIDUALIZED EXPERIENCE, DEDICATED FACULTY AND STAFF NURTURE EACH STUDENT ALONG THEIR HIGHER EDUCATION JOURNEY. STUDENTS ARE GIVEN THE OPPORTUNITY TO GROW, TO BECOME AN AGENT OF CHANGE, TO BELONG, TO BE BOLD. 23695342 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 0 0 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 X 2479 0 1 651 1 1 1 1 CJ BD VI 0 0 0 0 0 0 0 0 0 0 X 21 21 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 PA X BRIAN ECKER VP FINANCE & ADMINISTRATION 7172622544 1015 PHILADELPHIA AVENUE CHAMBERSBURG PA 17201 BARBARA L TENNEY CHAIR 1.00 X X 0 0 0 LISBETH S LUKA TRUSTEE 1.00 X 0 0 0 MARY JO MAYDEW TRUSTEE 1.00 X 0 0 0 WILLIAM P KIEHL TRUSTEE 1.00 X 0 0 0 LINDA E KRACH TRUSTEE 1.00 X 0 0 0 MAXINE L GINDLESPERGER TRUSTEE 1.00 X 0 0 0 HILLARIE FLOOD TRUSTEE 1.00 X 0 0 0 MARGARET H DUPREY TRUSTEE 1.00 X 0 0 0 JUDY YOUNG TRUSTEE 1.00 X 0 0 0 JUDITH C GROVE TRUSTEE 1.00 X 0 0 0 LYNNE E DISTASIO TRUSTEE 1.00 X 0 0 0 ROBIN J BERNSTEIN ESQ TRUSTEE 1.00 X 0 0 0 GWENDOLYN SYKES TRUSTEE 1.00 X 0 0 0 PATRICIA C SHEA ESQ TRUSTEE 1.00 X 0 0 0 BENJAMIN GREENFIELD TRUSTEE 1.00 X 0 0 0 JAMES A ORSINI DVM VICE CHAIR 1.00 X X 0 0 0 RHONA APPLEBAUM TRUSTEE 1.00 X 0 0 0 SALLY SULCOVE TRUSTEE 1.00 X 0 0 0 RACHAEL WAGNER TRUSTEE 1.00 X 0 0 0 MELISSA IMES SECRETARY 40.00 X X 56708 0 13461 TRACY LESKEY TRUSTEE 1.00 X 0 0 0 J SAMUEL HOUSER TRUSTEE 1.00 X 0 0 0 WESLEY R FUGATE PRESIDENT 40.00 X 262500 0 87243 BRIAN ECKER VP FINANCE & ADMIN/TREASUR 40.00 X 142138 0 30733 ELISSA HEIL VP ACADEMIC AFFAIRS 40.00 X 145730 0 31075 CASSANDRA LATIMER VP MARKETING AND COMMUNICA 40.00 X 122905 0 19894 ANGELA ZIMMANN VP FOR INSTITUTIONAL ADVAN 40.00 X 135000 0 26914 AMY DIEHL CHIEF INFORMATION OFFICER 40.00 X 113480 0 12932 WILLIAM SOMMERS VP ENROLLMENT MANAGEMENT 40.00 X 140543 0 15435 1119004 0 237687 7 0 1 0 SAGE DINING SERVICES INC 1402 YORK ROAD SUITE 100 LUTHERVILLE MD 21093 FOOD SERVICE 1535374 NATIONAL MANAGEMENT RESOURCES CORPORATIO PO BOX 1224 LAGRANGE GA 30241 MAINTENANCE CONTRACTOR 1275309 HB MCCLURE COMPANY PO BOX 1745 HARRISBURG PA 17105 MAINTENANCE CONTRACTOR 465925 EDUSPIRE PO BOX 2012 SOUTHEASTERN PA 19399 EDUCATIONAL SERVICES 370755 WOLF'S BUS LINES INC PO BOX 235 YORK SPRINGS PA 17372 TRANSPORTATION CONTRACTOR 196905 11 396616 12139817 2267487 12536433 TUITION AND FEES 611710 20498452 20498452 ROOM AND BOARD 611710 3366398 3366398 STABLE OPERATIONS 611710 132315 93575 38740 BOOKSTORE 611710 68032 68032 CAFE 611710 42114 42114 24107311 2061563 2061563 25883 12473 13410 13410 13410 55616 90256 -34640 -34640 -34640 CONFERENCES 900099 51989 15497 36492 FEES AND FINES 900099 36262 36262 367975 367975 456226 39140303 24084068 75232 2444570 6982485 6982485 274059 274059 512867 365784 123114 23969 9544813 6919235 2197108 428470 461858 305461 126458 29939 1022608 633682 335148 53778 718664 523621 162265 32778 2926342 1288865 1632698 4779 58939 58939 62518 62518 87869 87869 953963 400785 523789 29389 370171 115400 247537 7234 956684 541340 332236 83108 677435 14078 647092 16265 884463 611012 249876 23575 614341 491088 65660 57593 220033 97117 97867 25049 2070296 1430217 584895 55184 2591523 1615353 976170 539439 372659 152401 14379 MAINTENANCE/PLANT FACIL 666815 460654 188387 17774 BAD DEBT EXPENSE 236667 236667 SELF-STUDY 112842 21413 91429 BANK SERVICE CHARGES 29371 29371 810164 231034 568172 10958 34387229 23695342 9777666 914221 14011597 17848305 751185 2297759 549487 556318 997896 685366 85964 93888 1024851 751608 89400542 49403138 41218652 39997404 50619820 56559071 477383 391246 11277140 11512447 121013975 130693412 748377 834476 840678 894352 33619725 33569545 834894 813163 36043674 36111536 X 34583532 33798555 50386769 60783321 84970301 94581876 121013975 130693412 X 4753074 4646359 212142 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 48650 X X X 0 48385224 627983 5852960 1399984 1644247 51821936 58225027 1182112 -8851640 1049259 1121016 48385224 43393030 5525873 11525315 1087918 1131273 58225027 44215762 917764 1445552 1308016 1878032 43393030 46838106 2393432 1671607 1239449 5447934 44215762 0.25190 0.74810 1 0 531750 531750 76746874 38585754 38161120 11896289 10817384 1078905 225629 225629 39997404 ASSETS HELD IN TRUST UNDER SPLIT INTEREST AGREEMENTS 11225551 RIGHT TO USE ASSET 286896 11512447 FUNDS HELD IN CUSTODY FOR OTHERS 76303 CAPITAL LEASE OBLIGATIONS 217584 ADVANCES FROM US GOVERNMENT FOR STUDENT LOANS 232380 OPERATING LEASE LIABILITY 286896 813163 X 36665552 4646359 -7132272 -2485913 39151465 -11162 -11162 39140303 27053977 11162 11162 27042815 87869 7256545 7344414 34387229 PART X, LINE 2: THE COLLEGE IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. 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 IN FISCAL 2023 AND 2022. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID (NETTED AGAINST TUITION ON FINANCIAL STATEMENTS) -7,145,217. CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 212,142. INVESTMENT FEES (NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS) -87,869. TUITION REMISSION-ROOM AND BOARD -111,328. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -11,162. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 11,162. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID (NETTED AGAINST TUITION ON FINANCIAL STATEMENTS) 7,145,217. TUITION REMISSION-ROOM AND BOARD 111,328. PART III, LINE 4: THE HANKEY CENTER SERVES AS COLLEGE ARCHIVES, WHICH INLCUDES THE C ELIZABETH BOYD ('33) ARCHIVES AND THE BARRON BLEWETT HUNNICUTT CLASSICS GALLERY. THE HANKEY CENTER IS NAMED IN HONOR OF JOAN HANKEY ('59), THE DONOR THAT HAS MADE IT POSSIBLE FOR WILSON TO KEEP ALIVE THE HISTORY OF WOMEN AT WILSON AND TO FURTHER THE ADVANCEMENT AND EDUCATION OF WOMEN AND GIRLS GLOBALLY. PART V, LINE 4: INCOME FROM ENDOWMENT FUNDS ARE TO PROVIDE SCHOLARSHIPS, SUPPORT FACULTY/STAFF DEVELOPMENT, AND TO SUPPORT OPERATIONS OF THE COLLEGE. 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 ORGANIZATION'S NONDISCRIMINATION POLICY IS IN ALL OF ITS PUBLICATIONS, INCLUDING THE SCHOOL'S CATALOG AND COURSE ROSTER. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES VARIOUS FEDERAL GRANTS DIRECTLY FROM THE U.S. DEPARTMENT OF EDUCATION. THESE GRANTS INCLUDE SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, COLLEGE WORK-STUDY FUNDING, AND PELL GRANTS. THE COLLEGE ALSO RECEIVES GRANTS FROM THE COMMONWEALTH OF PENNSYLVANIA, THE MOST SIGNIFICANT OF WHICH IS THE INSTITUTIONAL ASSISTANCE GRANT. 0 SCHOLARSHIP/TUITION REMISSION 0 0 0 0 0 0 0 0 0 SCHOLARSHIP/TUITION REMISSION SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 5 62042 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, 4 89016 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 3 34236 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 1 25200 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 1 6499 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION NORTH AMERICA- CANADA AND MEXICO, BUT NOT THE UNITED STATES 1 16277 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 2 31427 OTHER - APPLIED AGAINST TUITION N/A SCHOLARSHIP/TUITION REMISSION MIDDLE EAST AND NORTH AFRICA 1 9362 OTHER - APPLIED AGAINST TUITION N/A 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 1 STUDENT WORK-STUDY 66 84168 N/A N/A TUITION EXCHANGE AND REMISSION STUDENTS ENROLLED 62 386746 N/A N/A INSTITUTIONAL SCHOLARSHIPS AND GRANTS 467 5373256 N/A N/A ENDOWED SCHOLARSHIPS 271 864256 N/A N/A N/A PART I, LINE 2: SCHOLARSHIP FUNDS ARE AWARDED TO STUDENTS WHO MEET THE FINANCIAL REQUIREMENTS AS DEMONSTRATED BY THE RESULTS FROM FEDERAL FREE APPLICATION FOR FEDERAL STUDENT AID. ENDOWED SCHOLARSHIP RECIPIENTS ALSO MEET THE SPECIFIC CRITERIA AS IDENTIFIED BY THE DONORS. INSTITUTIONAL FINANCIAL AID IS ALSO AWARDED TO STUDENTS WHO MEET SPECIFIC MERIT OR AFFILIATION CRITERIA. RECIPIENTS OT TUITION REMISSION AND EXCHANGE PROGRAMS FOR WILSON COLLEGE EMPLOYEES ARE VERIFIED FIRST BY THE DIRECTOR OF HUMAN RESOURCES. RECIPIENTS OF TUITION EXCHANGE PROGRAMS FROM OTHER COLLEGES AND UNIVERSITIES ARE VERIFIED FIRST BY THE FINANCIAL AID DEPARTMENT. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 WESLEY R FUGATE PRESIDENT 262500 0 0 0 0 0 28125 0 59118 0 349743 0 0 0 ELISSA HEIL VP ACADEMIC AFFAIRS 145250 0 0 0 480 0 15750 0 15325 0 176805 0 0 0 BRIAN ECKER VP FINANCE & ADMIN/TREASUR 142138 0 0 0 0 0 15413 0 15320 0 172871 0 0 0 ANGELA ZIMMANN VP FOR INSTITUTIONAL ADVAN 135000 0 0 0 0 0 20259 0 6655 0 161914 0 0 0 WILLIAM SOMMERS VP ENROLLMENT MANAGEMENT 140063 0 0 0 480 0 15188 0 247 0 155978 0 0 0 PART I, LINE 1A WESLEY FUGATE, PRESIDENT, HAS ON CAMPUS HOUSING AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE EMPLOYER, THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS HOUSING. THEREFORE, NONE OF THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION. ADDITIONALLY, THE COLLEGE HOUSING IS USED FOR FUNDRAISING AND CAMPUS RELATED EVENTS. THE COLLEGE PAYS COUNTRY CLUB DUES AS WELL AS MEMBERSHIPS IN PROFESSIONAL ASSOCIATIONS FOR THE PRESIDENT. BECAUSE THESE DUES ARE RELATED TO FUNDRAISING EFFORTS, THEY WERE NOT TREATED AS TAXABLE COMPENSATION. A MUNICIPAL AUTHORITY BOROUGH OF CHAMBERSBURG 251742939 157881AE3 2018-10-31 35210000 CONSTRUCTION OF SCIENCE CENTER BUILDING 0 0 0 A 35210000 938346 31237209 2934600 2009 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 0 A 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MUNICIPAL AUTHORITY BOROUGH OF CHAMBERSBURG DATE THE REBATE COMPUTATION WAS PERFORMED: 11/28/2012 X 6225 FAIR MARKET VALUE X 6899 2209229 FAIR MARKET VALUE X 7 1024 FAIR MARKET VALUE X HORSES 6 49247 FAIR MARKET VALUE X SERVICES/MATERIALS 10 1512 FAIR MARKET VALUE X GIFT CERTIFICATES/GIVEAWAYS 1 250 FAIR MARKET VALUE 0 1 1 PART I, LINE 32B: THE COLLEGE USES HANOVER CAPITAL MANAGEMENT TO SELL STOCK THAT IS RECEIVED AS A CONTRIBUTION. FORM 990, PART VI, SECTION A, LINE 3 THE COLLEGE OUTSOURCED ITS PHYSICAL PLANT, FOOD SERVICES, CAMPUS SAFETY, AND CONFERENCES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED FIRST BY THE PRESIDENT AND CAMPUS LEADERSHIP. PURSUANT TO THE BOARD'S DELEGATION OF AUTHORITY, THE FORM 990 WAS SUBMITTED TO THE AUDIT COMMITTEE FOR REVIEW AND APPROVAL. FOLLOWING THE AUDIT COMMITTEE'S REVIEW AND APPROVAL, THE FORM 990 WAS PROVIDED TO EACH TRUSTEE PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE WILSON COLLEGE CONFLICT OF INTEREST POLICY PROTECTS THE INTERESTS OF THE COLLEGE IN CONNECTION WITH ANY TRANSACTION OR ARRANGEMENT THAT MIGHT BENEFIT THE PRIVATE INTERESTS OF ANY COVERED PERSON. A "COVERED PERSON" INCLUDES EACH OF THE COLLEGES TRUSTEES, OFFICERS, MEMBERS OF ANY COMMITTEE OF THE COLLEGE'S BOARD OF TRUSTEES WITH AUTHORITY TO ACT ON BEHALF OF THE TRUSTEES, AND THE COLLEGE'S EXECUTIVE EMPLOYEES AND ANY OTHER MANAGER OR SUPERVISOR IDENTIFIED BY THE BOARD OF TRUSTEES OR THE PRESIDENT AS EXERCISING SUBSTANTIAL INFLUENCE OVER THE OPERATIONS OF THE COLLEGE. EACH COVERED PERSON IS REQUIRED TO SIGN A STATEMENT THAT AFFIRMS THAT THEY READ, UNDERSTAND, AND AGREE TO COMPLY WITH THE POLICY. THEY ARE ALSO REQUIRED TO SUBMIT, ON AN ANNUAL BASIS, A QUESTIONNAIRE DISCLOSING THEIR ACTUAL AND POTENTIAL CONFLICTS OF INTEREST. POTENTIAL CONFLICTS OF INTEREST IDENTIFIED THROUGH THE REVIEW OF THE QUESTIONNAIRE BY THE SECRETARY AND VICE PRESIDENT OF FINANCE AND ADMINISTRATION, OR OTHER POTENTIAL CONFLICTS OF INTEREST ARISING DURING CONSIDERATION OF A TRANSACTION OR ARRANGEMENT ARE REPORTED TO THE BOARD'S AUDIT COMMITTEE. THE AUDIT COMMITTEE WILL EVALUATE THE DISCLOSURES AND THE MATERIAL FACTS AND DETERMINE WHETHER THERE IS A CONFLICT OF INTEREST. THE AUDIT COMMITTEE MAY REFER THE MATTER TO THE BOARD FOR SUCH A DETERMINATION. IF IT IS DETERMINED THAT NO CONFLICT OF INTEREST EXISTS, THE COVERED PERSON MAY PARTICIPATE FULLY IN THE DISCUSSION OF AND VOTE ON THE PROPOSED TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS CURRENT SALARY AND MAKES RECOMMENDATION TO THE BOARD OF TRUSTEES. DATA FROM THE FOLLOWING SOURCES ARE USED TO ENSURE THAT COMPENSATION DOES NOT EXCEED FAIR MARKET VALUE: SALARIES OF PEER AND ASPIRANT COLLEGES, GUIDESTAR INFORMATION, AND RELEVANT SALARY SURVEYS, INCLUDING BUT NOT LIMITED TO THE ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES OF PENNSYLVANIA (AICUP) AND THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA). THE SALARY RECOMMENDATION OF THE EXECUTIVE COMMITTEE IS APPROVED BY THE ENTIRE BOARD OF TRUSTEES IN EXECUTIVE SESSION, WHICH IS DOCUMENTED IN THEIR MINUTES. COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS BASED ON MARKET SURVEY INFORMATION AND AUTHORIZED/APPROVED BY THE PRESIDENT. THE COMPENSATION IS ULTIMATELY APPROVED BY THE BOARD OF TRUSTEES AS PART OF THE ANNUAL BUDGET PROCESS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS IN THE FORM OF THE 990 AND 990-T ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUST - 212,142.