2024-04-19T12:39:19-05:00 2023-06-30 251408703 SCHNEIDER DOWNS & CO INC ONE PPG PLACE SUITE 1700 PITTSBURGH PA 15222 990 2022-07-01 250981156 WESTMINSTER COLLEGE WEST 7249467141 319 S MARKET STREET NEW WILMINGTON PA 16172 KENNETH J ROMIG VP OF FINANCE/TREASURER 7249467141 2024-04-17 1 KENNETH ROMIG 999009999 0 SARAH R PIOT P01358891 4122613644 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR KATHY B RICHARDSON 319 S MARKET STREET NEW WILMINGTON PA 16172 100242600 0 X WWW.WESTMINSTER.EDU X 1852 PA PROMOTE EDUCATION, THE DEVELOPMENT OF SKILLS, KNOWLEDGE, AND PERSONAL QUALITIES. 30 29 823 497 -81850 0 13041698 6579816 51138744 49809734 7188723 4346817 193225 168870 71562390 60905237 26989937 25864086 0 0 18718597 19783680 0 0 1859486 21686079 20623183 67394613 66270949 4167777 -5365712 236605843 235918047 40015039 40225868 196590804 195692179 X THE MISSION OF WESTMINSTER COLLEGE IS TO HELP STUDENTS DEVELOP COMPETENCIES, COMMITMENTS, AND CHARACTERISTICS WHICH HAVE DISTINGUISHED HUMAN BEINGS AT THEIR BEST. THE LIBERAL ARTS TRADITION IS THE FOUNDATION OF THE CURRICULUM CONTINUALLY DESIGNED TO SERVE THIS MISSION IN A RAPIDLY CHANGING WORLD. THE COLLEGE SEES THE WELL-EDUCATED PERSON AS ONE WHOSE SKILLS ARE COMPLEMENTED BY EVER DEVELOPING VALUES AND IDEALS IDENTIFIED IN THE JUDEO-CHRISTIAN TRADITION. WESTMINSTER'S QUEST FOR EXCELLENCE IS A RECOGNITION THAT STEWARDSHIP OF LIFE MANDATES THE MAXIMUM POSSIBLE DEVELOPMENT OF EACH PERSON'S CAPABILITIES. 0 0 38894103 25864085 30044575 INSTRUCTIONAL - FACULTY AND RELATED EXPENDITURES FOR COURSES OF STUDY. WESTMINSTER COLLEGE OFFERS APPROXIMATELY 40 MAJORS AND SERVED 1188 UNDERGRADUATE AND GRADUATE STUDENTS DURING FISCAL YEAR 2023, LEADING TO BACHELOR OF ARTS, BACHELOR OF SCIENCE, BACHELOR OF SCIENCE IN NURSING, BACHELOR OF MUSIC, MASTERS OF EDUCATION, MASTERS IN CLINICAL MENTAL HEALTH COUNSELING, AND MASTERS IN BUSINESS ADMINISTRATION DEGREES. 9808066 6770109 STUDENT SERVICES - NON-ACADEMIC SUPPORT SERVICES PROVIDED TO THE STUDENT BODY BY THE FOLLOWING DEPARTMENTS: STUDENT AFFAIRS OFFICE, OFFICE OF FAITH AND SPIRITUALITY, REGISTRAR, ADMISSIONS, FINANCIAL AID, PROFESSIONAL DEVELOPMENT AND COMMUNITY ENGAGEMENT, ATHLETICS, WELLNESS CENTER, OFFICE OF DIVERSITY AND INCLUSION, THEATRE PRODUCTIONS AND RADIO AND TV PRODUCTION. 7811293 9836106 EDUCATIONAL AND AUXILIARY ENTERPRISE - PROVIDE FOOD AND HOUSING FOR RESIDENT STUDENTS, TELEPHONE SYSTEM, THE CAMPUS STORE, SUMMER CAMPS AND ACTIVITIES AND TEMPORARY FACULTY/STAFF HOUSING. 4159333 3158944 ACADEMIC SUPPORT - SUPPORT FOR INSTRUCTION AND RESEARCH BY THE FOLLOWING DEPARTMENTS: DEAN OF THE COLLEGE, LIBRARY, INFORMATION TECHNOLOGY SERVICES, FACULTY DEVELOPMENT, ART GALLERY, HONORS PROGRAM, CHEMICAL HYGIENE, CULTURAL ARTIFACTS AND ACADEMIC SUCCESS CENTER. 4159333 3158944 60672795 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 1548 0 1 823 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 30 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA AK CO KY MD MA MI OH SC WA NH OK OR X KENNETH J ROMIG 7249467141 319 S MARKET STREET NEW WILMINGTON PA 16172 X DR KATHY BRITTAIN RICHARDSON PRESIDENT 40.00 X X 444623 0 124174 ASHLEY E DAVIS VICE CHAIR 2.00 X X 0 0 0 JEFFREY A MCCANDLESS CHAIR 3.00 X X 0 0 0 JENNIFER L BERTETTO TRUSTEE 1.50 X 0 0 0 ANTHONY BROWN TRUSTEE 1.50 X 0 0 0 RANDALL BUSH TRUSTEE 1.50 X 0 0 0 CHRISTIAN G CARMODY TRUSTEE 1.50 X 0 0 0 MARK G DEWITT TRUSTEE 1.50 X 0 0 0 BETH A ECK TRUSTEE 1.50 X 0 0 0 DAVID FARNER TRUSTEE 1.50 X 0 0 0 CHRISTOPHER C FRYE JR TRUSTEE 1.50 X 0 0 0 BARBARA B GUFFEY TRUSTEE 1.50 X 0 0 0 CHRISTIAN G HEILMANN TRUSTEE 1.50 X 0 0 0 PETER Y HERCHENROETHER TRUSTEE 1.50 X 0 0 0 ROBERT C JACKSON JR TRUSTEE 1.50 X 0 0 0 ROBERT JAZWINSKI TRUSTEE 1.50 X 0 0 0 LINDA JENKINS TRUSTEE 1.50 X 0 0 0 KRISTIN E KAISER TRUSTEE 1.50 X 0 0 0 DEBORAH MAJORAS TRUSTEE 1.50 X 0 0 0 DOREEN A MCCALL TRUSTEE 1.50 X 0 0 0 STEPHEN MCCONNELL TRUSTEE 1.50 X 0 0 0 BENJAMIN T NELSON TRUSTEE 1.50 X 0 0 0 LESLIE PEMBERTON TRUSTEE 1.50 X 0 0 0 LISA B PETERS TRUSTEE 1.50 X 0 0 0 PATRICK SENTNER TRUSTEE 1.50 X 0 0 0 TRACY L STUCK TRUSTEE 1.50 X 0 0 0 GLENN H THOMPSON TRUSTEE 1.50 X 0 0 0 THOMAS A TUPITZA TRUSTEE 1.50 X 0 0 0 JEFFREY T WILEY TRUSTEE 1.50 X 0 0 0 JOSEPH F ZUNIC TRUSTEE 1.50 X 0 0 0 KENNETH J ROMIG TREASURER/VP FOR FINANCE 40.00 X 164419 0 33070 DIANE L UBRY SECRETARY 40.00 X 42481 0 14552 JAMIE MCMINN VP FOR ACADEMIC AFFAIRS 40.00 X 161590 0 8184 JEAN M HALE EXITED 0223 VP OF INSTITUTIONAL ADVANCEMENT 40.00 X 156896 0 7920 KAREN SCHEDIN VP FOR ENROLLMENT MANAGEMENT 40.00 X 149246 0 14378 ROBERT BADOWSKI PROFESSOR 40.00 X 109759 0 21587 GINA VANCE VP OF STUDENT AFFAIRS & DEAN OF STUDENTS 40.00 X 116290 0 7623 JASON A LENER DIRECTOR OF ATHLETICS 40.00 X 103924 0 25636 KELLY HARTNER DIRECTOR OF IT SERVICES 40.00 X 102408 0 5795 1551636 0 262919 7 0 1 0 SODEXO INC & AFFILIATES 1473 CAVITT ROAD MONROEVILLE PA 15146 FOOD SERVICES 2963709 SLIPPERY ROCK COMM RFG CONTRACTORS 3941 OLD BUTLER ROAD NEW CASTLE PA 16101 CONSTRUCTION 358470 THOMAS CONSTRUCTION INC 310 DIAMOND RD GROVE CITY PA 16127 CONSTRUCTION 348451 UPMC JAMESON SCHOOL OF NURSING 2414 WILMINGTON AVENUE NEW CASTLE PA 16105 INSTRUCTIONAL SERVICES 328952 HEWLETT-PACKARD FINANCIAL SERVICES 200 CONNELL DR BERKELEY HEIGHTS NJ 07922 LEASED EQUIPMENT 291746 26 1162370 5417446 260813 6579816 INSTRUCTIONAL 611710 30044575 30044575 AUXILIARY SERVICES 611710 9836106 9836106 STUDENT SERVICES 900099 6770109 6770109 ACADEMIC SUPPORT 900099 3158944 3158944 49809734 6784468 -81850 6866318 187739 163387 24352 24352 24352 36514707 38764896 187462 -2250189 -187462 -2437651 -2437651 366136 221618 144518 144518 60905237 49809734 -81850 4597537 72270 72270 25732816 25732816 59000 59000 908919 278840 363645 266434 13928319 12288861 958357 681101 565424 447262 68981 49181 3313300 2658041 382528 272731 1067718 858638 122057 87023 45470 45470 103935 103935 122763 122763 1090837 969619 88776 32442 296156 32738 258211 5207 3708218 3302941 210318 194959 1203432 1092921 45945 64566 2605447 2432677 134628 38142 1415883 1265043 72067 78773 70436 62932 3585 3919 1355926 1348609 7317 4256966 4064494 144310 48162 553068 182117 370452 499 FOOD SERVICE 3442426 3409716 17117 15593 PLANT FACILITIES 254938 113260 139934 1744 97282 78272 19010 66270949 60672795 3738668 1859486 1464024 945172 1777188 1838978 303160 381370 2416669 2143779 337697 427052 1391247 1413700 145992007 51187395 97286408 94804612 109613292 108600362 21827655 25206178 188503 156844 236605843 235918047 1448696 1488932 1838791 1766642 29163665 28456039 7563887 8514255 40015039 40225868 X 68569114 63643322 128021690 132048857 196590804 195692179 236605843 235918047 X -5365712 4013142 453945 X X 0 1 X 1 1 1 X 8830846 7590825 10141604 13041698 6579816 46184789 8830846 7590825 10141604 13041698 6579816 46184789 654629 45530160 6730290 6795736 7211920 6791770 7054057 34583773 80768562 257742838 0.56370 0.57140 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 2850 0 0 2850 0 PART II-B, LINE 1: EMPLOYEE TIME SPENT MEETING, CALLING AND WRITING LEGISLATORS. X X X X 0 133328040 1757634 7926170 2984388 5375418 134652038 138636983 1237962 -801435 2817146 2928324 133328040 110707244 1251421 33073616 2876639 3518659 138636983 116884132 935504 -1225363 2803182 3083847 110707244 123227163 894506 5468524 2578283 10127778 116884132 0.05100 0.00000 0.94900 1 0 302700 302700 116897082 33753016 83144066 15019816 10782880 4236936 13772409 6651499 7120910 94804612 COMMINGLED FUNDS 12647792 F FIXED INCOME 12558386 F 25206178 DEPOSITS HELD IN CUSTODY FOR OTHERS 295450 ANNUITIES PAYABLE 154032 GOVERNMENT STUDENT LOAN FUNDS 673846 CAPITAL LEASES 1099124 POSTRETIREMENT BENEFIT OBLIGATIONS 4291803 LINE OF CREDIT 2000000 8514255 X 39830371 4013142 838950 4852092 34978279 135142 25791816 25926958 60905237 40728996 385005 385005 40343991 135142 25791816 25926958 66270949 PART III, LINE 1A: THE COLLEGE OWNS A NUMBER OF PIECES OF ART AND HISTORIC TREASURES, NONE OF WHICH ARE RECORDED IN THE FINANCIAL STATEMENTS. THESE ITEMS HAVE BEEN GIVEN TO THE COLLEGE OVER A NUMBER OF YEARS, ARE GENERALLY DISPLAYED IN VARIOUS LOCATIONS AROUND CAMPUS AND ARE INSURED. PART III, LINE 4: THE COLLEGE'S COLLECTION OF ARTIFACTS OF CULTURAL AND EDUCATIONAL SIGNIFICANCE RANGE FROM STONE TOOLS (6,000 B.C.) THROUGH CUNEIFORM TABLETS (2,000 B.C.), AN EGYPTIAN MUMMY (300 B.C.), COPTIC ITEMS (5TH CENTURY A.D.), JAPANESE SAMURAI ARMOR (18TH CENTURY A.D.) TO CURRENCY BEARING THE PORTRAIT OF SADDAM HUSSEIN (2003 A.D.). THE COLLECTION PROVIDES A CONNECTION TO THE PAST FOR STUDENTS OF HISTORY AND CULTURE, BOTH ON CAMPUS AND IN THE SURROUNDING COMMUNITY. IN ADDITION, SOME ITEMS IN THE COLLECTION HAVE BEEN LOANED TO MUSEUMS AND HISTORICAL SOCIETIES EXPANDING THEIR EDUCATIONAL REACH. SOME OF THE COLLECTION IS HIGHLIGHTED ONLINE ALONG WITH RESEARCH MATERIALS (CT SCANS, DESCRIPTIONS, EDUCATIONAL MATERIALS). A FORENSIC SCULPTOR RECONSTRUCTED A BUST OF THE 2,000+ YEAR-OLD MUMMY ALLOWING STUDENTS OF HISTORY TO SEE THE VISAGE OF A WOMAN WHO LIVED IN ANCIENT EGYPT. ALL OF THE ARTIFACTS ENCOURAGE RESEARCH AND STUDY BY BRINGING HISTORY TO LIFE AS STUDENTS SEE FIRSTHAND THE ITEMS ABOUT WHICH THEY READ IN CLASS. PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF VARIOUS INVESTMENT FUNDS ESTABLISHED FOR SUPPORT OF THE COLLEGE'S MISSION. ITS ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS, AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF TRUSTEES HAS ELECTED TO BE GOVERNED BY THE COMMONWEALTH OF PENNSYLVANIA'S ACT 141 (ACT 141). ACT 141 IS A TOTAL RETURN POLICY THAT ALLOWS A NONPROFIT ENTITY TO CHOOSE TO TREAT A PERCENTAGE OF THE AVERAGE MARKET VALUE OF THE ENDOWMENT'S RESTRICTED INVESTMENTS AS INCOME EACH YEAR. HOWEVER, THE LONG-TERM PRESERVATION OF THE REAL VALUE OF THE ASSETS MUST BE TAKEN INTO CONSIDERATION WHEN THE BOARD ELECTS A SPENDING RATE. ON AN ANNUAL BASIS, THE BOARD OF TRUSTEES MUST ELECT, IN WRITING, A SPENDING RATE OF BETWEEN 2% AND 10% FOR THE YEAR ENDED JUNE 30, 2022, AND BETWEEN 2% AND 7% FOR THE YEAR ENDED JUNE 30, 2023. FOR THE YEARS ENDED JUNE 30, 2023 AND 2022, THE COLLEGE UTILIZED A 5% SPENDING RATE ON RESTRICTED ENDOWMENT ASSETS AND A 7% SPENDING RATE ON UNRESTRICTED ENDOWMENT ASSETS, BASED ON A THREE-YEAR MOVING AVERAGE OF HISTORICAL END-OF-QUARTER ENDOWMENT MARKET VALUES. THE LAST QUARTER USED TO DETERMINE THE TRANSFER FOR THE FISCAL YEAR ENDED JUNE 30, 2023 WAS THE QUARTER ENDED DECEMBER 31, 2021. THE COLLEGE CLASSIFIES AS RESTRICTED NET ASSETS THE ORIGINAL VALUE OF GIFTS DONATED TO THE ENDOWMENT AND THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE ENDOWMENT. THE UNDISTRIBUTED AMOUNTS EARNED ARE INCLUDED IN UNRESTRICTED NET ASSETS. IN ACCORDANCE WITH ACT 141, THE COLLEGE HAS ADOPTED A WRITTEN INVESTMENT POLICY, OF WHICH A SECTION SPECIFICALLY RELATES TO THE ENDOWMENT. THE COLLEGE CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO SET A SPENDING RATE: 1. PROTECTING THE CORPUS OF THE ENDOWMENT FUND 2. PRESERVING THE SPENDING POWER OF THE ASSETS 3. OBTAINING MAXIMUM INVESTMENT RETURN WITH REASONABLE RISK AND OPERATIONAL CONSIDERATION 4. COMPLYING WITH APPLICABLE LAWS PART X, LINE 2: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) OF 1986. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE COLLEGE ACCOUNTS FOR INCOME TAXES UNDER THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC). THIS TOPIC PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT PRINCIPLES FOR FINANCIAL STATEMENTS DISCLOSURE OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN. THE COLLEGE HAS ASSESSED THE TAX POSITIONS IT HAS TAKEN OR EXPECTS TO TAKE IN ITS TAX RETURNS AND NO LIABILITY HAS BEEN RECORDED FOR UNCERTAIN TAX POSITIONS; FURTHER, THE COLLEGE HAS NO UNRECOGNIZED TAX BENEFITS. THE COLLEGE IS NO LONGER SUBJECT TO EXAMINATION OF ITS TAX RETURNS FOR YEARS BEFORE 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 221,618. RENTAL EXPENSES 163,387. CHANGES IN UNRECOGNIZED PENSION BENEFIT PLAN COSTS 453,945. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 25,791,816. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 221,618. RENTAL EXPENSES 163,387. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 25,791,816. 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 WESTMINSTER COLLEGE NONDISCRIMINATION POLICY IS INCLUDED ON THE COLLEGE WEBSITE, IN OFFICIAL PUBLICATIONS, IN EMPLOYEE ADVERTISING, AND IN STUDENT RECRUITMENT MATERIALS. SCHEDULE E, PART I, LINE 6 THE INSTITUTION RECEIVES FEDERAL GRANTS AND PARTICIPATES IN THE FOLLOWING GOVERNMENTAL AGENCY FINANCIAL AID OR ASSISTANCE PROGRAMS: FEDERAL PELL GRANT PROGRAM; FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT; FEDERAL WORK STUDY GRANT; FEDERAL DIRECT LOAN PROGRAM; PENNSYLVANIA INSTITUTIONAL ASSISTANCE GRANT; PENNSYLVANIA PARTNERSHIP FOR ACCESS TO HIGHER EDUCATION (PATH ADMINISTERED THROUGH PHEAA); PA STATE GRANT PROGRAM; OHIO COLLEGE OPPORTUNITY GRANT PROGRAM; WEST VIRGINIA HIGHER EDUCATION GRANT PROGRAM; MASSACHUSETTS MASS GRANT PROGRAM; PA MATCHING FUNDS PROGRAM; THE CHAFEE PROGRAM (ADMINISTERED THROUGH PHEAA); PENNSYLVANIA NATIONAL GUARD EDUCATIONAL ASSISTANCE PROGRAM (ADMINISTERED THROUGH PHEAA); FEDERAL VA BENEFIT PROGRAMS; AMERICORPS OVR (OFFICE OF VOCATIONAL REHABILITATION), READY TO SUCCEED SCHOLARSHIP (ADMINISTERED THROUGH PHEAA), BLIND OR DEAF BENEFICIARY GRANT (ADMINISTERED THROUGH PHEAA), VERMONT STUDENT ASSISTANCE GRANT. 0 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE OF THE US 5173 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD GRANTS AND SCHOLARSHIPS 85400 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES FACULTY AND STUDENT TRAVELING OUTSIDE OF US FOR HONORS PROGRAM 111886 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD GRANTS AND SCHOLARSHIPS 4280 NORTH AMERICA (BUT NOT USA) 0 0 PROGRAM SERVICES FACULTY/STAFF TRAVELING OUTSIDE THE US 1300 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICES TRAVEL TRIP TO DOMINICAN REPUBLIC/ FACULTY AND FOUR STUDENTS 6310 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICES FACULTY AND STUDENT RESEARCH IN COSTA RICA 2646 EAST ASISA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD GRANTS AND SCHOLARSHIPS 21000 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD GRANTS AND SCHOLARSHIPS 38000 0 0 0 0 0 0 237995 38000 275995 STUDY ABROAD GRANTS AND SCHOLARSHIPS EAST ASIA AND THE PACIFIC 1 21000 CREDIT TO STUDENTS' ACCOUNT FOR FINANCIAL AID N/A N/A STUDY ABROAD GRANTS AND SCHOLARSHIPS SOUTH AMERICA 1 38000 CREDIT TO STUDENTS' ACCOUNT FOR FINANCIAL AID N/A N/A 1 0 1 1 0 0 PART I, LINE 2: FINANCIAL AID IS AWARDED TO INCOMING FIRST YEAR STUDENTS ON THE BASIS OF THE RESULTS OF THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) AND BY THE USE OF A FINANCIAL AID MATRIX. THE FINANCIAL AID MATRIX IS BASED ON ACADEMIC ABILITY AND FINANCIAL NEED. WITHIN EACH CELL OF THE MATRIX THERE IS A FLOOR AND A CEILING RANGE USED FOR THE AWARDING OF INSTITUTIONAL FUNDS. A STUDENT IS PLACED INTO A FINANCIAL AID MATRIX CELL BASED ON HIGH SCHOOL GRADE POINT AVERAGE AND FINANCIAL NEED. THE AMOUNT A STUDENT IS AWARDED BETWEEN THE FLOOR AND CEILING VALUE IN THE CELL IS BASED ON FINANCIAL NEED AS DETERMINED BY THE FAFSA. INSTITUTIONAL MERIT AWARDS (AWARDED BY ADMISSIONS) THESE ARE AWARDED TO STUDENTS REGARDLESS OF FINANCIAL NEED. MERIT SCHOLARSHIPS (UNFUNDED AID) ACCEPTED FIRST YEAR STUDENTS ARE AWARDED A MERIT SCHOLARSHIP DETERMINED BY WHERE THEY FALL IN THE MATRIX BASED ON HIGH SCHOOL GRADE POINT AVERAGE. THE MERIT SCHOLARSHIP AWARD IS THE FLOOR VALUE FROM THE RESPECTIVE MATRIX CELL. STUDENTS WHO MEET THE REQUIREMENTS FOR THE TOP MERIT SCHOLARSHIP ARE FURTHER CONSIDERED BY THE SCHOLARSHIP REVIEW COMMITTEE FOR WESTMINSTER COLLEGE'S FULL TUITION SCHOLARSHIPS, THE PRESIDENTIAL SCHOLARSHIP AND THE LEMMON SCHOLARSHIPS. THE LEMMON SCHOLARSHIP IS A STACKABLE AWARD UP TO $7,500 PER YEAR. THERE ARE A LIMITED NUMBER OF EACH OF THESE SCHOLARSHIPS AWARDED ON AN ANNUAL BASIS. NOMINATED MERIT BASED SCHOLARSHIPS (UNFUNDED AID) THE NOMINATED SCHOLARSHIPS AVAILABLE TO INCOMING FIRST YEAR STUDENTS ARE: 1) THE YOUNG PRESBYTERIAN SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST BE A MEMBER OF THE PRESBYTERIAN CHURCH USA, BE NOMINATED BY HIS/HER CHURCH AND PRESENT A MINIMUM GPA OF 3.5. 2) JERB MILLER SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST BE NOMINATED BY AN EDUCATOR WHO IS A WESTMINSTER COLLEGE GRADUATE AND PRESENT A MINIMUM GPA OF 3.5. MERIT SCHOLARSHIPS ARE RENEWABLE FOR UP TO THREE YEARS. THE STUDENT NEEDS TO MAINTAIN THE REQUIRED SCHOLARSHIP GPA (IF ONE EXISTS), OTHERWISE REMAIN IN GOOD ACADEMIC STANDING. INSTITUTIONAL NEED BASED AWARDS (UNFUNDED AID) NEED BASED INSTITUTIONAL FINANCIAL AID IS AWARDED TO STUDENTS BASED ON THE RESULTS OF THE FAFSA AND THE DETERMINATION OF THE STUDENTS DEMONSTRATED NEED. A STUDENT IS REQUIRED TO FILE A FAFSA FORM IN ORDER TO BE CONSIDERED FOR NEED BASED FINANCIAL AID. THE RESULTS OF THE FAFSA DETERMINE THE STUDENT'S EXPECTED FAMILY CONTRIBUTION (EFC). THE CALCULATION USED TO DETERMINE THE STUDENT'S FINANCIAL NEED IS: COST OF ATTENDANCE* - EFC = STUDENT'S NEED (*COST OF ATTENDANCE: TUITION & FEES, FOOD AND HOUSING, BOOKS AND PERSONAL EXPENSES FOR RESIDENT AND OFF CAMPUS STUDENTS, TUITION & FEES, COMMUTER COSTS, BOOKS AND PERSONAL EXPENSES FOR COMMUTERS) THE CALCULATED STUDENT NEED IS REDUCED BY: FEDERAL NEED BASED FINANCIAL AID STATE NEED BASED FINANCIAL AID FUNDED GIFT AID INSTITUTIONAL MERIT THE REMAINING UNMET NEED, AFTER THE REDUCTIONS, IS MET BY USING INSTITUTIONAL NEED BASED GIFT AID WITH THE TOTAL OF INSTITUTIONAL AID BEING CAPPED BY THE CEILING VALUE FROM THE MATRIX CELL FOR THE STUDENT. INSTITUTIONAL NEED BASED AWARDS ARE USUALLY RENEWED PROVIDED THAT THE STUDENT CONTINUES TO DEMONSTRATE FINANCIAL NEED. FINANCIAL AID PACKAGING STUDENTS RECEIVE A FINANCIAL AID PACKAGE ANNUALLY WHICH INCLUDES ALL SOURCES OF FINANCIAL AID THAT THEY ARE ELIGIBLE AND QUALIFY FOR. AWARDS THAT MAY BE INCLUDED IN A FINANCIAL AID PACKAGE ARE: FEDERAL GRANTS (PELL AND SEOG) STATE GRANTS INSTITUTIONAL MERIT AWARDS INSTITUTIONAL NEED BASED AWARDS INSTITUTIONAL ENDOWED AWARDS FEDERAL DIRECT STAFFORD LOANS FEDERAL WORK STUDY THE DIRECTOR OF FINANCIAL SERVICES DETERMINES THE AMOUNT AVAILABLE IN ALL INSTITUTIONAL FUNDS ON AN ANNUAL BASIS. WESTMINSTER COLLEGE UNFUNDED AND FUNDED AID IS PORTABLE FOR OFF-CAMPUS STUDIES IF THE PROGRAM IS REQUIRED BY THE STUDENT'S MAJOR. THESE FUNDS ARE PORTABLE UP TO THE LESSER OF 1) THE TUITION OF THE OFF CAMPUS STUDIES PROGRAM, OR 2) THE LIMIT OF A STUDENT'S WESTMINSTER COLLEGE AWARDED AID WHERE A PARTICULAR STUDY-ABROAD PROGRAM'S TUITION IS GREATER THAN THE WESTMINSTER COLLEGE AID THE STUDENT IS ELIGIBLE TO RECEIVE FOR THE SAME PERIOD OF ENROLLMENT. BEFORE THESE FUNDS WILL BE PAID TO THE STUDY ABROAD PROGRAM ON THE STUDENT'S BEHALF, THE STUDENT IS REQUIRED TO PROVIDE A COPY OF THE INVOICE FOR THE STUDY ABROAD PROGRAM, WITH A SEPARATE LINE ITEM FOR TUITION. STUDENTS ARE REQUIRED TO HAVE THE INSTITUTION PROVIDE A COPY OF THE ACADEMIC TRANSCRIPTS FOR THE TERM(S) ABROAD TO WESTMINSTER COLLEGE. WESTMINSTER COLLEGES FINANCIAL AID OFFICE USES THE FINANCIAL AID MANAGEMENT SYSTEM POWERFAIDS TO MAINTAIN FINANCIAL AID AWARD RECORDS AND AMOUNTS. PART III ACCOUNTING METHOD: 1 ALLEGHENY CONFERENCE ON COMMUNITY DEVELOPMENT 11 STANWIX STREET 17TH FLOOR PITTSBURGH PA 15222 250965213 501(C)(3) 6270 0 N/A N/A GENERAL SUPPORT NEW WILMINGTON ECONOMIC DEVELOPMENT CORPORATION 226 FRANCIS STREET NEW WILMINGTON PA 16142 474416870 501(C)(3) 61000 0 N/A N/A BOROUGH RENOVATION/REVITALIZATION AND AMPHITHEATER SUPPORT 2 0 ACADEMIC AND FINANCIAL ASSISTANCE/SCHOLARSHIPS 1001 25732816 N/A N/A PART I, LINE 2: FINANCIAL AID IS AWARDED TO INCOMING FIRST YEAR STUDENTS ON THE BASIS OF THE RESULTS OF THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) AND BY THE USE OF A FINANCIAL AID MATRIX. THE FINANCIAL AID MATRIX IS BASED ON ACADEMIC ABILITY AND FINANCIAL NEED. WITHIN EACH CELL OF THE MATRIX THERE IS A FLOOR AND A CEILING RANGE USED FOR THE AWARDING OF INSTITUTIONAL FUNDS. A STUDENT IS PLACED INTO A FINANCIAL AID MATRIX CELL BASED ON HIGH SCHOOL GRADE POINT AVERAGE AND FINANCIAL NEED. THE AMOUNT A STUDENT IS AWARDED BETWEEN THE FLOOR AND CEILING VALUE IN THE CELL IS BASED ON FINANCIAL NEED AS DETERMINED BY THE FAFSA. INSTITUTIONAL MERIT AWARDS (AWARDED BY ADMISSIONS) THESE ARE AWARDED TO STUDENTS REGARDLESS OF FINANCIAL NEED. MERIT SCHOLARSHIPS (UNFUNDED AID) ACCEPTED FIRST YEAR STUDENTS ARE AWARDED A MERIT SCHOLARSHIP DETERMINED BY WHERE THEY FALL IN THE MATRIX BASED ON HIGH SCHOOL GRADE POINT AVERAGE. THE MERIT SCHOLARSHIP AWARD IS THE FLOOR VALUE FROM THE RESPECTIVE MATRIX CELL. STUDENTS WHO MEET THE REQUIREMENTS FOR THE TOP MERIT SCHOLARSHIP ARE FURTHER CONSIDERED BY THE SCHOLARSHIP REVIEW COMMITTEE FOR WESTMINSTER COLLEGE'S FULL TUITION SCHOLARSHIP, THE PRESIDENTIAL SCHOLARSHIP AND THE LEMMON SCHOLARSHIPS. THE LEMMON SCHOLARSHIP IS A STACKABLE AWARD UP TO $7,500 PER YEAR. THERE ARE A LIMITED NUMBER OF EACH OF THESE SCHOLARSHIPS AWARDED ON AN ANNUAL BASIS. NOMINATED MERIT BASED SCHOLARSHIPS (UNFUNDED AID) THE NOMINATED SCHOLARSHIPS AVAILABLE TO INCOMING FIRST YEAR STUDENTS ARE: 1) THE YOUNG PRESBYTERIAN SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST BE A MEMBER OF THE PRESBYTERIAN CHURCH USA, BE NOMINATED BY HIS/HER CHURCH AND PRESENT A MINIMUM GPA OF 3.5. 2) JERB MILLER SCHOLARSHIP -TO BE ELIGIBLE A STUDENT MUST BE NOMINATED BY AN EDUCATOR WHO IS A WESTMINSTER COLLEGE GRADUATE AND PRESENT A MINIMUM GPA OF 3.5. 3) LEGACY SCHOLARSHIP (FUNDED AID) -TO BE ELIGIBLE A STUDENT MUST PRESENT A CUMULATIVE GPA OF 3.0 AND HAVE A PARENT OR GRANDPARENT WHO EARNED A DEGREE FROM WESTMINSTER COLLEGE. MERIT SCHOLARSHIPS ARE RENEWABLE FOR UP TO THREE YEARS. THE STUDENT NEEDS TO MAINTAIN THE REQUIRED SCHOLARSHIP GPA (IF ONE EXISTS), OTHERWISE REMAIN IN GOOD ACADEMIC STANDING. INSTITUTIONAL NEED BASED AWARDS (UNFUNDED AID) NEED BASED INSTITUTIONAL FINANCIAL AID IS AWARDED TO STUDENTS BASED ON THE RESULTS OF THE FAFSA AND THE DETERMINATION OF THE STUDENTS DEMONSTRATED NEED. A STUDENT IS REQUIRED TO FILE A FAFSA FORM IN ORDER TO BE CONSIDERED FOR NEED BASED FINANCIAL AID. THE RESULTS OF THE FAFSA DETERMINE THE STUDENT'S EXPECTED FAMILY CONTRIBUTION (EFC). THE CALCULATION USED TO DETERMINE THE STUDENT'S FINANCIAL NEED IS: COST OF ATTENDANCE* - EFC = STUDENT'S NEED (*COST OF ATTENDANCE: TUITION & FEES, ROOM & BOARD, BOOKS AND PERSONAL EXPENSES FOR RESIDENT AND OFF CAMPUS STUDENTS, TUITION & FEES, COMMUTER COSTS, BOOKS AND PERSONAL EXPENSES FOR COMMUTERS) THE CALCULATED STUDENT NEED IS REDUCED BY: FEDERAL NEED BASED FINANCIAL AID STATE NEED BASED FINANCIAL AID FUNDED GIFT AID INSTITUTIONAL MERIT AID THE REMAINING UNMET NEED, AFTER THE REDUCTIONS, IS MET BY USING INSTITUTIONAL NEED BASED GIFT AID WITH THE TOTAL OF INSTITUTIONAL AID BEING CAPPED BY THE CEILING VALUE FROM THE MATRIX CELL FOR THE STUDENT. INSTITUTIONAL NEED BASED AWARDS ARE USUALLY RENEWED PROVIDED THAT THE STUDENT CONTINUES TO DEMONSTRATE FINANCIAL NEED. FINANCIAL AID PACKAGING STUDENTS RECEIVE A FINANCIAL AID PACKAGE WHICH INCLUDES ALL ELIGIBLE AND QUALIFIED FINANCIAL AID. AWARDS THAT MAY BE INCLUDED IN A FINANCIAL AID PACKAGE ARE: FEDERAL GRANTS (PELL AND SEOG) STATE GRANTS INSTITUTIONAL MERIT AWARDS INSTITUTIONAL NEED BASED AWARDS INSTITUTIONAL ENDOWED AWARDS FEDERAL DIRECT STAFFORD LOANS FEDERAL WORK STUDY THE DIRECTOR OF FINANCIAL SERVICES DETERMINES THE AMOUNT AVAILABLE IN ALL INSTITUTIONAL FUNDS ON AN ANNUAL BASIS. WESTMINSTER COLLEGE UNFUNDED AND FUNDED AID IS PORTABLE FOR OFF-CAMPUS STUDIES IF THE PROGRAM IS REQUIRED BY THE STUDENT'S MAJOR. THESE FUNDS ARE PORTABLE UP TO THE LESSER OF 1) THE TUITION OF THE OFF-CAMPUS STUDIES PROGRAM, OR 2) THE LIMIT OF A STUDENT'S WESTMINSTER COLLEGE AWARDED AID WHERE A PARTICULAR STUDY-ABROAD PROGRAM'S TUITION IS GREATER THAN THE WESTMINSTER COLLEGE AID THE STUDENT IS ELIGIBLE TO RECEIVE FOR THE SAME PERIOD OF ENROLLMENT. BEFORE THESE FUNDS WILL BE PAID TO THE STUDY ABROAD PROGRAM ON THE STUDENT'S BEHALF, THE STUDENT IS REQUIRED TO PROVIDE A COPY OF THE INVOICE FOR THE STUDY ABROAD PROGRAM, WITH A SEPARATE LINE ITEM FOR TUITION. STUDENTS ARE REQUIRED TO HAVE THE INSTITUTION PROVIDE A COPY OF THE ACADEMIC TRANSCRIPTS FOR THE TERM(S) ABROAD TO WESTMINSTER COLLEGE. WESTMINSTER COLLEGE'S FINANCIAL AID OFFICE USES THE FINANCIAL AID MANAGEMENT SYSTEM POWERFAIDS TO MAINTAIN FINANCIAL AID AWARD RECORDS AND AMOUNTS. X X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 DR KATHY BRITTAIN RICHARDSON PRESIDENT 274883 0 0 0 169740 0 89491 0 34683 0 568797 0 135499 0 KENNETH J ROMIG TREASURER/VP FOR FINANCE 159161 0 0 0 5258 0 13336 0 19734 0 197489 0 0 0 JAMIE MCMINN VP FOR ACADEMIC AFFAIRS 156500 0 0 0 5090 0 7750 0 434 0 169774 0 0 0 JEAN M HALE EXITED 0223 VP OF INSTITUTIONAL ADVANCEMENT 151500 0 0 0 5396 0 7500 0 420 0 164816 0 0 0 KAREN SCHEDIN VP FOR ENROLLMENT MANAGEMENT 143988 0 0 0 5258 0 7250 0 7128 0 163624 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: FOR THE CONVENIENCE OF THE COLLEGE, THE PRESIDENT OCCUPIES THE RESIDENCE PROVIDED (MACK MANSE) BY THE COLLEGE IN ACCORDANCE WITH HER EMPLOYMENT AGREEMENT. PERSONAL SERVICES (E.G., CLEANING SERVICES): THE COLLEGE MANSE IS THE PROPERTY OF WESTMINSTER, THEREFORE IT IS MAINTAINED BY WESTMINSTER'S PHYSICAL PLANT DEPARTMENT. CLUB MEMBERSHIPS: IN ORDER THAT THE PRESIDENT MAY ENTERTAIN POTENTIAL DONORS AND OTHER BUSINESS ASSOCIATES OF THE COLLEGE, THE COLLEGE PAYS OR REIMBURSES THE PRESIDENT FOR, THE PERIODIC DUES FOR MEMBERSHIP IN THE DUQUESNE CLUB AND THE AVALON COUNTRY CLUB. DIRECT EXPENSES FOR UTILIZATION OF THE CLUBS IS THE PRESIDENT'S RESPONSIBILITY, EXCEPT WHEN ATTRIBUTABLE TO COLLEGE BUSINESS. PART I, LINE 4B DR. KATHY BRITTAIN RICHARDSON $55,000 CONTRIBUTION. DR. KATHY BRITTAIN RICHARDSON $135,499 DISTRIBUTION. A NEW WILMINGTON MUNICIPAL AUTHORITY-SERIES 2017 251739535 64920RBJ1 2017-02-01 31415514 SEE PART V 0 0 0 A 2620000 31415514 1775000 288365 14713361 14638788 2018 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 1 0 0 0 0 0 A 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: NEW WILMINGTON MUNICIPAL AUTHORITY-SERIES 2017 DATE THE REBATE COMPUTATION WAS PERFORMED: 05/01/2023 SCHEDULE K SUPPLENTAL INFORMATION THE PROCEEDS OF THE SALE OF THE BONDS WERE USED TO FINANCE ALL OF THE COSTS OF REFUNDING THE AUTHORITY'S OUTSTANDING REVENUE BONDS, SERIES 2007, REFUNDING THE AUTHORITY'S OUTSTANDING COLLEGE REVENUE NOTE, SERIES 2011, CERTAIN CAPITAL PROJECTS OF THE BORROWER, FUNDING A DEBT SERVICE RESERVE FUND FOR THE BONDS, AND PAYMENT OF COSTS OF ISSUANCE OF THE BONDS. PART IV, LINE 2CA THE REBATE COMPUTATION WAS PERFORMED ON MAY 1, 2023. X 19 257184 FAIR MARKET VALUE X TRACTOR 1 3500 FAIR MARKET VALUE X TICKETS 3 129 FAIR MARKET VALUE X APPLIANCES 1 0 FAIR MARKET VALUE 0 0 1 0 PART I, LINE 32B: THE NUMBER SHOWN IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS FOR EACH TYPE OF PROPERTY FOR THE YEAR ENDED JUNE 30, 2023. PART I, LINE 33: THE VALUE OF NON-CASH CONTRIBUTIONS IS NOT DETERMINED BY THE COLLEGE AND NO GIFT CREDIT IS ISSUED TO THE DONOR. IN ORDER TO RECEIVE GIFT CREDIT, A DONOR MUST HAVE THE ITEM APPRAISED BY AN INDEPENDENT OUTSIDE APPRAISER. THIS PROCESS DOES NOT APPLY TO THE RECEIPT OF A PUBLICLY TRADED STOCK GIFT. WHEN WESTMINSTER COLLEGE RECEIVES A STOCK GIFT, THE GIFT IS VALUED AT THE AVERAGE OF THE STOCK'S HIGH AND LOW TRADING PRICE, AS INDICATED IN THE WALL STREET JOURNAL, ON THE DATE OF TRANSFER TO THE COLLEGE. THIS METHOD PROVIDES AN OBJECTIVE DETERMINATION OF THE VALUE OF THE GIFT. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL BE INVESTED WITH ALL THE POWERS OF AUTHORITY OF THE BOARD OF TRUSTEES WHEN THE BOARD IS NOT IN SESSION EXCEPT AS MAY OTHERWISE BE PROVIDED IN THE BYLAWS, PROVIDED THAT THE EXECUTIVE COMMITTEE SHALL HAVE NO AUTHORITY TO RESCIND OR CANCEL ANY RESOLUTION THERETOFORE ADOPTED BY THE BOARD OF TRUSTEES RELATING TO THE MEMBERSHIP, POWERS OR DUTIES OF THE EXECUTIVE COMMITTEE OR TO AMEND THE ARTICLES OF INCORPORATION. THE EXECUTIVE COMMITTEE DID NOT EXERCISE THIS AUTHORITY DURING THE FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE WESTMINSTER FINANCIAL MANAGEMENT TEAM REVIEWS THE FORM 990 AND SEEKS INPUT REGARDING THE SAME FROM THE PRESIDENT. THE COLLEGE'S TRUSTEES ARE PROVIDED WITH ACCESS TO A SECURE WEBSITE WHERE THEY ARE ABLE TO REVIEW A DRAFT OF THE COLLEGE'S RETURN FOR THE YEAR ENDED JUNE 30, 2023. THE COLLEGE'S TRUSTEES ARE INVITED TO PARTICIPATE IN A TELECONFERENCE WITH MEMBERS OF THE COLLEGE'S ADMINISTRATION WHO ARE RESPONSIBLE FOR PREPARING THE COLLEGE'S RETURN. DURING THE TELECONFERENCE, THE COLLEGE'S FINANCIAL ADMINISTRATORS REVIEW THE DRAFT OF THE RETURN. WEBSITE ACCESS TO A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO THE TRUSTEES PRIOR TO THE FILING OF THE RETURN WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS A FORMAL CONFLICT OF INTEREST POLICY. EVERY TRUSTEE AND OFFICER ALONG WITH EMPLOYEES WHO MEET THE CRITERIA AS DEFINED: EMPLOYEE: AN EMPLOYEE OF THE COLLEGE WHO HAS AUTHORITY TO EXPEND COLLEGE FUNDS OR TO INCUR CONTRACTUAL LIABILITY ON BEHALF OF THE COLLEGE IS REQUIRED TO ANNUALLY (1) REVIEW THE COLLEGE'S CONFLICT OF INTEREST POLICY, (2) DISCLOSE TO THE BEST OF HIS/HER KNOWLEDGE ANY BUSINESS, PERSONAL, FAMILY AND NOT-FOR-PROFIT RELATIONSHIPS THAT COULD REASONABLY GIVE RISE TO A CONFLICT OF INTEREST, (3) SUMMARIZE IN WRITING ANY POTENTIAL CONFLICT OF INTEREST AS MAY ALREADY EXIST, AND (4) ACKNOWLEDGE BY SIGNATURE ON A DISCLOSURE FORM THAT HE OR SHE ACTED IN ACCORDANCE WITH THE LETTER AND SPIRIT OF THE POLICY. THE EMPLOYEE DISCLOSURE FORMS ARE SUBMITTED TO THE COLLEGE'S DIRECTOR OF HUMAN RESOURCES AND THE DISCLOSURE FORMS FOR TRUSTEES, OFFICERS AND KEY EMPLOYEES ARE SUBMITTED TO THE CHAIR OF THE COLLEGE'S FINANCE, AUDIT AND COMPLIANCE COMMITTEE. THE CHAIR OF THE BOARD OF TRUSTEES AND THE CHAIR OF THE FINANCE, AUDIT AND COMPLIANCE COMMITTEE ARE RESPONSIBLE FOR DETERMINING WHETHER OR NOT CERTAIN RELATIONSHIPS GIVE RISE TO CONFLICTS OF INTEREST. THE CHAIR OF THE FINANCE, AUDIT AND COMPLIANCE COMMITTEE DELIVERS A CONFLICT OF INTEREST REPORT TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 A SPECIALLY APPOINTED COMMITTEE OF THE BOARD OF TRUSTEES, WHO WAS EMPOWERED BY THE BOARD OF TRUSTEES TO NEGOTIATE AN EMPLOYMENT CONTRACT WITH THE PRESIDENT, DETERMINED THE COMPENSATION FOR THE PRESIDENT OF THE COLLEGE. THE MEMBERS OF THE SPECIAL COMPENSATION COMMITTEE WERE INDEPENDENT, NONE WERE COMPENSATED BY THE COLLEGE, NOR DOES A COMPENSATION ARRANGEMENT EXIST BETWEEN THE COLLEGE, FAMILY MEMBERS OF THE COMPENSATION COMMITTEE OR ANY BUSINESS IN WHICH ANY OF THEIR FAMILY MEMBERS HAVE AN INTEREST WHEN THE PRESIDENT'S EMPLOYMENT AGREEMENT WITH WESTMINSTER COLLEGE WAS APPROVED ON OCTOBER 22, 2018. THE COMMITTEE REVIEWED THE COMPENSATION PAID TO THE PRESIDENTS OF 20 COLLEGES TO WHICH WESTMINSTER REGULARLY COMPARES ITSELF WITH RESPECT TO TUITION AND FEES, ENDOWMENT RETURNS AND OTHER METRICS. BASED ON THIS DATA, THE COMMITTEE WAS SATISFIED THAT THE COMPENSATION OFFERED TO DR. RICHARDSON REFLECTED THE FAIR MARKET VALUE FOR THE SERVICES TO BE RENDERED TO THE COLLEGE. THE PRESIDENT'S EMPLOYMENT CONTRACT EXPIRES ON JUNE 30, 2027. THE PRESIDENT'S BASE SALARY SHALL BE SUBJECT TO ANNUAL REVIEWS BY THE GOVERNANCE COMMITTEE OR ITS DESIGNEE, AND MAY BE INCREASED WITH THE APPROVAL OF THE EXECUTIVE COMMITTEE. THE COLLEGE DETERMINES THE COMPENSATION FOR ITS KEY EMPLOYEES BASED ON THE COMPENSATION REPORTED ON FORM 990 FOR THE COLLEGE'S PEER INSTITUTIONS. THE COLLEGE HAS IDENTIFIED 15 PEER INSTITUTIONS THAT HAVE CHARACTERISTICS SUCH AS ENROLLMENT, ENDOWMENT, STUDENT BODY, ETC. THAT ARE SIMILAR TO THE COLLEGE'S CHARACTERISTICS. IN ADDITION, THE COLLEGE ALSO USES A COMPENSATION SURVEY OF HIGHER EDUCATION INSTITUTIONS WHICH PROVIDES A BROADER BASIS TO HELP ASSESS THE REASONABLENESS OF THE COMPENSATION OF THE COLLEGE'S KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. IN ADDITION, THE COLLEGE'S FINANCIAL STATEMENTS MAY BE VIEWED ON THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE AT HTTP://EMMA.MSRB.ORG/. FORM 990, PART VIII: THE FOLLOWING MEMBERS SERVE ON THE WESTMINSTER BOARD OF TRUSTEES AS ASSOCIATE TRUSTEES BUT HAVE NO VOTING RIGHTS: IRIS P. DAVIS HALL, WILLIAM D. EAVENSON, ABBY GREEN, EMMA R. NEEL, MELINDA H. CRAWFORD PERTTU, BRIAN A. PETRUS AND KAREN K. RESENDES. THE FOLLOWING MEMBERS SERVE ON THE WESTMINSTER BOARD OF TRUSTEES AS TRUSTEES EMERITI BUT HAVE NO VOTING RIGHTS: GEORGE BERLIN, ROBERT BRUCE, LEONARD CARROLL, JAMES DEWAR, ROBERT GARDNER, GEORGE GREER, CAROLYN JONES, THOMAS MANSELL, WAYNE MILLER, ROBERT F. PATTON, WILLIAM RANKIN, RICHARD WHITE, MARTHA WILE. FORM 990, PART XI, LINE 9: CHANGES IN UNRECOGNIZED PENSION BENEFIT PLAN COSTS 453,945. FORM 990, PART XII, QUESTION 2, FINANCIAL STATEMENTS AND REPORTING: THE COLLEGE'S FINANCE, AUDIT AND COMPLIANCE COMMITTEE ASSUMES THE RESPONSIBLITY FOR OVERSIGHT OF THE AUDIT AND OF ITS FINANCIAL STATEMENTS AND ITS SELECTION OF THE INDEPENDENT AUDITORS. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. INTERESTS IN TRUSTS (8) PHILANTHROPY PA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0