2025-05-09T14:11:08-05:00 2024-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2023-07-01 510107088 WILMINGTON UNIVERSITY INC WILM 3023566915 320 NORTH DUPONT HIGHWAY NEW CASTLE DE 19720 LLOYD A RICKETTS SR. VICE PRESIDENT AND CFO 3023566915 2025-05-02 1 1 LYNNE JOHNSON P00757336 6179129000 2025-05-02 2023 2025-03-06 01:10:19Z LLOYD A RICKETTS 320 NORTH DUPONT HIGHWAY NEW CASTLE DE 19720 278074419 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 2013 33 0 0 12260950 13954255 115261431 125342011 -3679222 16966395 103715 318583 123946874 156581244 18039247 18571332 0 0 75365497 82130175 0 0 354670 27992587 32772335 121397331 133473842 2549543 23107402 357282631 371599373 68390456 68179433 288892175 303419940 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 104584466 18571332 121939463 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, THE COLLEGE OF TECHNOLOGY AND THE SCHOOL OF LAW. THE UNIVERSITY SERVED 20,505 (UNDUPLICATED) STUDENTS DURING FISCAL 2024, OFFERING PROGRAMS AT MULTIPLE LOCATIONS THROUGHOUT DELAWARE AS WELL AS PROVIDING AN ONLINE MODALITY.THE UNIVERSITY'S ACADEMIC ACCOMPLISHMENTS DURING FISCAL 23/24 WERE AS FOLLOWS:IN THE FALL OF 2023, THE UNIVERSITY WELCOMED 20 STUDENTS IN ITS INAUGURAL CLASS FOR THE NEW SCHOOL OF LAW. NEW DEGREE PROGRAMS:ASSOCIATES OF SCIENCE IN APPLIED BEHAVIORAL HEALTH (COLLEGE OF SOCIAL AND BEHAVIORAL SCIENCES)ASSOCIATES OF SCIENCE IN BUSINESS MANAGEMENT (COLLEGE OF BUSINESS)BACHELORS OF SCIENCE IN CHEMISTRY (COLLEGE OF HEALTH PROFESSIONS AND NATURAL SCIENCES)MASTERS OF SCIENCE IN COMPUTER SCIENCE (COLLEGE OF TECHNOLOGY)NEW CERTIFICATE PROGRAMS:UNDERGRADUATE - BIOTECHNOLOGY (COLLEGE OF HEALTH PROFESSIONS AND NATURAL SCIENCES)UNDERGRADUATE - FORENSIC SCIENCE (COLLEGE OF HEALTH PROFESSIONS AND NATURAL SCIENCES)UNDERGRADUATE - E-SPORTS (COLLEGE OF EDUCATION AND LIBERAL ARTS)UNDERGRADUATE - DIVERSITY, EQUITY AND INCLUSION (COLLEGES OF SOCIAL AND BEHAVIORAL SCIENCES AND EDUCATION AND LIBERAL ARTS)THE FOLLOWING ARE SIGNIFICANT ACCOMPLISHMENTS DURING 23/24 BY COLLEGE:COLLEGE OF EDUCATION AND LIBERAL ARTS:CREATED DELAWARE'S FIRST REGISTERED TEACHER APPRENTICESHIP PROGRAM WHICH OFFERS DISTRICT EMPLOYED PARA-EDUCATORS ON-THE-JOB TRAINING AND MENTORSHIP WHILE EARNING THEIR DEGREE. COLLEGE OF HEALTH PROFESSIONALS AND NATURAL SCIENCES:THE COLLEGE ACQUIRED THE STATE BOARD OF NURSING APPROVAL IN 38 STATES, ENABLING STUDENTS NATIONWIDE TO ENROLL IN OUR CLINICALLY ORIENTED NURSING PROGRAM. WE ARE ESPECIALLY COMMITTED TO CARING FOR OUR STUDENTS AS CUSTOMERS AND PARTNERS AS SUCH THE UNIVERSITY SERVED A TOTAL OF 20,404 STUDENTS INCLUDING 12,986 UNDERGRADUATE, 6,720 GRADUATE, 678 DOCTORAL STUDENTS, AND 20 SCHOOL OF LAW STUDENTS DURING FISCAL 2024. THE UNIVERSITY AWARDED 3,766 TOTAL DEGREES, INCLUDING 1,575 UNDERGRADUATE, 2,009 GRADUATE AND 182 DOCTORAL DEGREES DURING FISCAL 2024. 104584466 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 1 262 0 1 2013 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 VICE PRESIDENT & 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 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 TRUSTEE 1.00 X 0 0 0 THOMAS S SHAW TRUSTEE 1.00 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 1179333 0 57985 LLOYD RICKETS VP & CFO, TREASURER 40.00 X 304992 0 51304 ERIN DIMARCO SENIOR VP & COO 40.00 X 601978 0 76127 JAMES WILSON JR VICE PRESIDENT 40.00 X 397197 0 102770 CAROLE D PITCHER VICE PRESIDENT (UNTIL 1/15/23) 40.00 X 1249498 0 1406 HEATHER O'CONNELL VICE PRESIDENT (UNTIL 2/29/24) 40.00 X 469791 0 130461 PHILLIP CLOSIUS DEAN 40.00 X 421615 0 62373 CHRISTIAN TROWBRIDGE VICE PRESIDENT 40.00 X 378783 0 22611 JACQUELINE VARSALONA VICE PRESIDENT 40.00 X 370260 0 36421 PETER BAILEY FORMER VICE PRESIDENT 40.00 X 562198 0 0 5935645 0 541458 146 1 1 0 FREEDOM MECHANICAL LLC 48 AUSTINS WAY ELKTON MD 21921 MECHANICAL CONTRACTOR 913391 MARVIN & PALMER ASSOCIATES 200 BELLEVUE PARKWAY SUITE 220 WILMINGTON DE 19809 FINANCIAL SERVICES 776338 JC CONTRACTORS LLC 318 WHITE PINE DRIVE MIDDLETOWN DE 19709 PAVING SERVICES 669661 BERNARDON LLC 123 JUSTISON STREET SUITE 101 WILMINGTON DE 19801 ARCHITECTURE SERVICES 487857 JOSEPH PURZYCKI 22 WHITE OAK ROAD REHOBOTH BEACH DE 19971 CONSTULTING SERVICES 119600 7 38350 12669224 1246681 13954255 TUITION AND FEES 611310 121518105 121518105 SALES OF AUXILIARY SVCS 611310 3696751 3696751 ATHLETICS 900099 127155 127155 125342011 10420569 10420569 127921595 18200 120770567 623402 7151028 -605202 6545826 6545826 123586 38350 99206 24380 24380 294203 294203 294203 156581244 121939463 0 20687526 340396 340396 18230936 18230936 3231964 497084 2734880 1933322 1125366 807956 62480300 53433627 8781663 265010 2866593 1877622 975314 13657 7022506 5223336 1743440 55730 4595490 3941809 633408 20273 188812 188812 96913 96913 244500 244500 141798 141798 2857129 1956550 900579 3106970 2940381 166589 5328071 1295320 4032751 4027976 2998977 1028999 5336662 1026442 4310220 1074492 998266 76226 542162 294566 247596 3807821 3383777 424044 843891 843891 AUXILIARY ENTERPRISES 2995607 2995607 STUDENT ACTIVITIES 816194 816194 LIBRARY MEDIA 638543 638543 COMMENCEMENT 561694 561694 163100 7973 155127 133473842 104584466 28534706 354670 22416 21619 91906501 91221044 706241 522851 13240659 15484001 235000 100000 313658 268201 2588788 2454709 162643864 70557907 82224620 92085957 165030446 168808914 1014302 632077 357282631 371599373 11118777 11821027 7298226 6868213 44632890 44639997 4705315 4470378 635248 379818 68390456 68179433 X 287582195 301096639 1309980 2323301 288892175 303419940 357282631 371599373 X 23107402 -8640739 61102 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 244500 0 0 244500 0 PART II-B, LINE 1: WILMINGTON UNIVERSITY, INC. HAS RETAINED THE SERVICES OF LAIRD STABLER & ASSOCIATES, LLC OF MONTCHANIN, DELAWARE, PRINCETON PUBLIC AFFAIRS GROUP OF TRENTON, NEW JERSEY AND BARNES & THORNBURG, LLP OF INDIANAPOLIS, INDIANA 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 $22,500 TO LAIRD STABLER & ASSOCIATES, $60,000 TO PRINCETON PUBLIC AFFAIRS GROUP AND $162,000 TO BARNES & THORNBURG, LLC. 164474609 2750 3765813 168243172 155137083 2500 9335026 164474609 159778975 3007370 -7649262 155137083 119991912 2006825 37780238 159778975 106883562 4003750 9104600 119991912 1.00000 0 0 22003262 22003262 96878411 45413990 51464421 26671002 22255000 4416002 17091189 2888917 14202272 92085957 RIGHT OF USE LIABILITY 379818 379818 X 134986787 -8640739 61102 -8579637 143566424 949754 12065066 13014820 156581244 120459022 0 120459022 949754 12065066 13014820 133473842 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, 2024 AND 2023, 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 61,102. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON FINANCIAL STATEMENTS 12,164,272. FUNDRAISING EVENT EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -99,206. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON FINANCIAL STATEMENTS 12,164,272. FUNDRAISING EVENT EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -99,206. 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 0 9 RECRUITING 423675 EAST ASIA AND THE PACIFIC 0 2 RECRUITING 133450 0 11 0 0 0 11 557125 0 557125 0 0 0 0 0 0 GREEN & WHITE GALA 91870 18150 73720 9712 10867 11095 27363 GOLF CLASSIC 70066 20200 49866 20000 10314 1500 8355 161936 38350 123586 29712 21181 12595 35718 99206 24380 1 BOYS & GIRLS CLUBS OF DELAWARE 669 S UNION STREET WILMINGTON DE 19805 510068712 501C3 7500 0 SPONSORSHIP DELAWARE STATE CHAMBER OF COMMERCE PO BOX 671 WILMINGTON CT 19899 510007780 501C3 18995 0 SPONSORSHIP DELAWARE TECHNICAL & COMMUNITY COLLEGE PO BOX 897 DOVER CT 19903 510246178 501C3 6500 0 SPONSORSHIP EASTER SEALS 61 CORPORATE CIRCLE NEW CASTLE CT 19720 510066728 501C3 5500 0 SPONSORSHIP GRAND OPERA HOUSE 818 N MARKET STREET WILMINGTON CT 19801 510116569 501C3 13000 0 SPONSORSHIP NEW CASTLE COUNTY CHAMBER OF COMMERCE 920 JUSTISON STREET WILMINGTON DE 19801 510098307 501C3 15146 0 SPONSORSHIP RONALD MCDONALD HOUSE 1901 ROCKLAND ROAD WILMINGTON DE 19803 510295320 501C3 6000 0 SPONSORSHIP THE DELAWARE LAW RELATED EDUCATION CENTER INC 405 N KING STREET STE 100 C WILMINGTON CT 19801 510368093 501C3 15000 0 SPONSORSHIP THE PETE DU PONT FREEDOM FOUNDATION LLC PO BOX 221 MONTCHANIN DE 19710 821237132 501C3 6000 0 SPONSORSHIP UNITED WAY 625 N ORANGE STREET 3RD FLOOR WILMINGTON DE 19801 510073399 501C3 10000 0 SPONSORSHIP 10 0 FEDERAL FINANCIAL AID 2981 12442929 UNIVERSITY FUNDED & DONOR DESIGNATED SCHOLARSHIPS 2644 5788007 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 1 1 0 0 0 0 0 1 0 CAROLE D PITCHER VICE PRESIDENT (UNTIL 1/15/23) 10529 0 129450 0 1109519 0 647 0 759 0 1250904 0 1089418 0 LAVERNE T HARMON PRESIDENT 570084 0 595400 0 13849 0 19800 0 38185 0 1237318 0 0 0 ERIN DIMARCO SENIOR VP & COO 358377 0 233660 0 9941 0 32628 0 43499 0 678105 0 0 0 HEATHER O'CONNELL VICE PRESIDENT (UNTIL 2/29/24) 294260 0 171720 0 3811 0 82688 0 47773 0 600252 0 0 0 PETER BAILEY FORMER VICE PRESIDENT 0 0 0 0 562198 0 0 0 0 0 562198 0 0 0 JAMES WILSON JR VICE PRESIDENT 263379 0 123050 0 10768 0 66444 0 36326 0 499967 0 0 0 PHILLIP CLOSIUS DEAN 367992 0 40000 0 13623 0 19800 0 42573 0 483988 0 0 0 JACQUELINE VARSALONA VICE PRESIDENT 244137 0 116200 0 9923 0 21552 0 14869 0 406681 0 0 0 CHRISTIAN TROWBRIDGE VICE PRESIDENT 254972 0 116200 0 7611 0 21852 0 759 0 401394 0 0 0 LLOYD RICKETS VP & CFO, TREASURER 295588 0 0 0 9404 0 17520 0 33784 0 356296 0 0 0 PART I, LINES 4A-B PETER BAILEY, A FORMER VICE PRESIDENT RECEIVED A SEVERANCE PAYMENT OF $555,200 DURING CALENDAR YEAR 2023 REPORTED IN COL. B(III) OF SCHEDULE J. 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,$54,433; ERIN DIMARCO, $(2,629), AND JAMES WILSON, JR. $43,014. CAROLE PITCHER PARTICIPATED IN THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AND RECEIVED $1,089,418 DURING CALENDAR YEAR 2023. THIS AMOUNT WAS THE FULL AND FINAL LUMP SUM BENEFIT PAYMENT THAT HAD BEEN ACCRUED OVER THE PAST 27 YEARS AND 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. A THE DELAWARE ECONOMIC DEVELOPMENT AUTHORITY 510269736 2023-05-25 45000000 SEE PART VI 0 0 0 A 45000000 142110 10053317 225000 34579573 0 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 1 0 0 0 1 A 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. LAVERNE HARMON EMPLOYEE SPLIT DOLLAR LIFE POLICY X 75000 100000 0 1 1 100000 LAURA MORRIS FAMILY MEMBER OF TRUSTEE, THOMAS E. LEIPOLD. 154898 EMPLOYMENT 0 ROBERT MILLER FAMILY MEMBER OF TRUSTEE, LAWRENCE H. MILLER 248700 EMPLOYMENT 0 LUCIA NEMETH FAMILY MEMBER OF TRUSTEE, DANA P. ROBINSON 162113 EMPLOYMENT 0 SCOTT SHAW FAMILY MEMBER OF TRUSTEE, THOMAS S. SHAW 49065 EMPLOYMENT 0 LORI BAILEY FAMILY MEMBER OF FORMER KEY EMPLOYEE, PETER BAILEY 141493 EMPLOYMENT 0 MARVIN & PALMER ENTITY MORE THAN 35% OWNED BY BOARD OF TRUSTEE, DAVID MARVIN 807956 INVESTMENT ADVISORY SERVICES 0 LINDSAY RICE FAMILY MEMBER OF KEY EMPLOYEE, JAMES WILSON, JR 173796 EMPLOYMENT 0 MATTHEW WILSON FAMILY MEMBER OF KEY EMPLOYEE, JAMES WILSON, JR 157785 EMPLOYMENT 0 JESSICA MILLER FAMILY MEMBER OF TRUSTEE, LAWRENCE H. MILLER 37516 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 FORM 990 IS PREPARED AND REVIEWED BY AN EXTERNAL ACCOUNTING FIRM. FOLLOWING THIS EXTERNAL REVIEW, THE UNIVERSITY'S CFO, PRESIDENT, AND FINANCE & AUDIT COMMITTEE CONDUCT THE INTERNAL REVIEW. SUBSEQUENTLY, A COPY OF THE FORM 990 IS DISTRIBUTED TO EACH BOARD MEMBER FOR REVIEW BEFORE IT IS FILED 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: PENSION RELATED CHANGES 61,102. FORM 990, PART XII, LINE 2C, PROCESS FOR OVERSIGHT OF THE AUDIT: THE PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.