2026-03-31T15:53:42-05:00 2025-05-31 251408703 SCHNEIDER DOWNS & CO INC ONE PPG PLACE SUITE 1700 PITTSBURGH PA 15222 990 2024-06-01 340714626 ASHLAND UNIVERSITY ASHL 4192895011 401 COLLEGE AVENUE ASHLAND OH 44805 MARC PASTERIS VICE PRESIDENT & CFO 4192895011 2026-03-24 1 0 SARAH R PIOT P01358891 4122613644 2024 2025-03-06 01:10:19Z MARC P PASTERIS 401 COLLEGE AVENUE ASHLAND OH 44805 214412629 0 X WWW.ASHLAND.EDU X 1878 OH INSTITUTION OF HIGHER EDUCATION 23 22 2470 27 674642 0 22697491 26285683 106356670 105637216 3433715 4861152 -170414 -222368 132317462 136561683 30197206 33552199 0 0 63304385 64198128 320440 219964 2943906 42352926 39490419 136174957 137460710 -3857495 -899027 307723329 314475731 96236168 89923149 211487161 224552582 ASHLAND UNIVERSITY, GUIDED BY OUR CHRISTIAN HERITAGE, IS A COMPREHENSIVE, PRIVATE UNIVERSITY THAT PROVIDES A TRANSFORMATIVE LEARNING EXPERIENCE, SHAPING GRADUATES WHO WORK, SERVE AND LEAD WITH INTEGRITY IN THEIR LOCAL, NATIONAL, AND GLOBAL COMMUNITIES. 0 0 112699218 33229307 86718792 ASHLAND UNIVERSITY OFFERS MORE THAN 70 DIFFERENT ACADEMIC PROGRAMS AT THE BACHELOR'S, MASTER'S, AND DOCTORATE LEVELS. THE ACADEMIC PROGRAMS ARE DIVERSE AND RICH IN OPPORTUNITIES FOR OUR STUDENTS. THE INTEGRATION OF THE LIBERAL ARTS AND CAREER DEVELOPMENT IS A MAJOR STRENGTH OF ASHLAND UNIVERSITY. THE UNIVERSITY CONSISTS OF THE COLLEGE OF ARTS AND SCIENCES, COLLEGE OF BUSINESS AND ECONOMICS, COLLEGE OF EDUCATION, COLLEGE OF NURSING AND HEALTH SCIENCES, EASHLAND AND ASHLAND THEOLOGICAL SEMINARY. THE ACADEMIC AFFAIRS DIVISION ALSO OVERSEES LIBRARY SERVICES, GLOBAL EDUCATION, AND ACADEMIC SUPPORT INCLUDING ADVISING AND TUTORING SERVICES. 15236187 322892 18918424 THE UNIVERSITY'S AUXILIARY ENTERPRISE OPERATIONS EXIST PRIMARILY TO FURNISH GOODS AND SERVICES TO STUDENTS, FACULTY, AND STAFF. MANAGED AS ESSENTIALLY SELF-SUPPORTING ACTIVITIES, THE UNIVERSITY'S AUXILIARY ACTIVITIES CONSIST PRIMARILY OF HOUSING SERVICES, DINING SERVICES, CAMPUS STORES, COPY SERVICES, AND LAUNDRY SERVICES. 127935405 1 1 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 1 0 1 1 0 0 0 0 1 0 0 0 1 13291 0 1 2470 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL CA CT GA HI KY MD MA NH NJ NY PA RI SC TN AK AZ AR CO DE FL ID IL IN IA KS LA ME MI MN MS MO MT NE NV NM NC ND OH OK OR SD TX UT VT VA WA WV WI WY X JANET EDWARDS CPA 4192075574 401 COLLEGE AVENUE ASHLAND OH 44805 JAMES H HESS CHAIR 1.00 X X 0 0 0 JOYCE LAMB VICE CHAIR 1.00 X X 0 0 0 STEVEN COLE SECRETARY (EXIT 12/24) 1.00 X X 0 0 0 KEVIN DOSS SECRETARY (ENTER 1/25) 1.00 X X 0 0 0 THOMAS MINNICH ASSISTANT SECRETARY 1.00 X X 0 0 0 RONALD B ALFORD TRUSTEE 1.00 X 0 0 0 ROBERT M ARCHER TRUSTEE 1.00 X 0 0 0 RICH ARMENTROUT TRUSTEE 1.00 X 0 0 0 RICKEY BOLDEN TRUSTEE 1.00 X 0 0 0 DAVID M BUSH TRUSTEE (EXIT 5/25) 1.00 X 0 0 0 MARK E CAMP TRUSTEE 1.00 X 0 0 0 DANIEL COFFEE TRUSTEE 1.00 X 0 0 0 JOHN DENMAN TRUSTEE 1.00 X 0 0 0 DAVID E GRAETZ TRUSTEE 1.00 X 0 0 0 PATRICIA M GRAVATT TRUSTEE 1.00 X 0 0 0 TERRY A HOFECKER TRUSTEE 1.00 X 0 0 0 DR G EMERY HURD TRUSTEE 1.00 X 0 0 0 PAUL E MCKNIGHT TRUSTEE 1.00 X 0 0 0 TRACY MCPHERSON TRUSTEE 1.00 X 0 0 0 FRED MILLER TRUSTEE 1.00 X 0 0 0 DUSTIN J NESS TRUSTEE 1.00 X 0 0 0 JAMES R SMAIL TRUSTEE (EXIT 5/25) 1.00 X 0 0 0 TIMOTHY L SOLOMON TRUSTEE 1.00 X 0 0 0 RICH VERES TRUSTEE (ENTER 1/25) 1.00 X 0 0 0 CHRISTINE TAYLOR TRUSTEE 1.00 X 0 0 0 ROBERT G WARD II TRUSTEE 1.00 X 0 0 0 SCOTT WILLIAMS TRUSTEE (EXIT 5/25) 1.00 X 0 0 0 DR JON PARRISH PEEDE PRESIDENT 40.00 X 215396 0 28933 AMIEL JARSTFER PROVOST (EXIT 3/25) 40.00 X 175465 0 25817 MARC PASTERIS VP OF FINANCE & CFO 40.00 X 168951 0 30664 PATRICK EWING VP OF FACILITIES MANAGEMENT & PLANNING 40.00 X 142051 0 87642 JASON MILLER VP OF ADVANCEMENT 40.00 X 138990 0 36191 ROBERT POOL VP OF STUDENT AFFAIRS 40.00 X 118709 0 57739 KEITH RAMSDELL VP OF ENROLLMENT MGMT & MARKETING 40.00 X 113605 0 61350 DR GREGORY MCBRAYER INTERIM PROVOST (ENTER 3/25) 40.00 X 105697 0 34070 JEFFREY SIKKENGA EXECUTIVE DIRECTOR, ASHBROOK CENTER 40.00 X 195464 0 38238 SIVAKUMAR VENKATARAMANAY PROFESSOR 40.00 X 193606 0 26654 CHAD KIFER DIRECTOR, DEV & STRATEGIC 40.00 X 170035 0 22613 DANIEL FOX DEAN 40.00 X 166681 0 28870 TIMOTHY HINKEL PROFESSOR 40.00 X 156005 0 2987 DR CARLOS CAMPO FORMER PRESIDENT 40.00 X 389275 0 20544 2449930 0 502312 55 1 1 0 SIMONSON CONSTRUCTION SERVICES INC 2112 TROY ROAD ASHLAND OH 44805 CONSTRUCTION 2113665 ATLO SOFTWARE LLC 16270 COPPERHEAD ROAD INDEPENDENCE LA 70443 SOFTWARE AND SERVICES 1001250 VINYL MARKETING 17 E MAIN STREET ASHLAND OH 44805 ADVERTISING AND MARKETING 896389 ALUMNI ROOFING COMPANY INC 2830 LEXINGTON AVE LEXINGTON OH 44904 CONSTRUCTION 368267 JPAY INC 3450 LAKESIDE DR STE 100 MIRAMAR FL 33027 SOFTWARE AND SERVICES 304141 20 260170 581001 2892085 22552427 1918798 26285683 TUITION & FEES 611710 86718792 86718792 AUXILIARY ENTERPRISES 611710 18918424 18918424 105637216 4422902 30858 4392044 2495 2495 73278342 72840092 438250 438250 438250 49323 260170 161747 -112424 -112424 4736668 4849107 -112439 643784 -756223 136561683 105637216 674642 3964142 33552199 33552199 1672223 596431 749388 326404 48816074 45551951 2220649 1043474 935043 872169 39229 23645 9074756 8574999 344976 154781 3700032 3088516 522908 88608 254920 254920 191327 191327 219964 219964 72829 72829 6176442 5119679 428885 627878 2871038 2765793 24955 80290 3207870 2433844 723913 50113 409906 349050 30606 30250 4766238 4757223 5714 3301 2898485 2699772 27485 171228 80045 73550 1843 4652 3487947 3487947 7467799 7467799 1535071 889695 645376 BAD DEBT/COLLECTION 1678279 1678279 HOSPITALITY 1494300 1363165 80962 50173 INSTRUCTIONAL COST 458809 458809 2439114 2154535 215434 69145 137460710 127935405 6581399 2943906 12596 12554 33181668 31801053 6949329 3846686 22109114 23269846 1200484 1135958 590111 580661 1238004 1426583 313203187 152090287 163367625 161112900 66203925 75194166 8709750 11970518 4160723 4124806 307723329 314475731 19621939 9873580 15134672 18310283 57980461 56543630 3499096 5195656 96236168 89923149 X 123282322 126652647 88204839 97899935 211487161 224552582 307723329 314475731 X -899027 4054101 9910347 X X 0 1 X 1 1 1 X 36070768 66347850 23561229 22697491 26285683 174963021 36070768 66347850 23561229 22697491 26285683 174963021 48080742 126882279 946249 1002811 2193958 3268130 4425397 11836545 186799566 537113384 0.67920 0.72940 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 5 257.86 0 0 0 1 0 0.00 0 1 X X 0 71414534 7071562 7538344 2592583 382826 72829 82976202 58605892 5504135 9233278 1841669 87102 71414534 58736343 1467736 217454 1742813 72828 58605892 61340051 3329715 -4832437 1028238 72748 58736343 47561734 2216787 12755899 1119960 74409 61340051 0.01410 0.98590 0.00000 0 0 19318331 19318331 216955208 94199856 122755352 46757111 42045134 4711977 30172537 15845297 14327240 161112900 ACCRUED CHARITABLE GIFT ANNUITY 1566037 ADVANCES FROM FEDERAL GOVERNMENT 1545084 CAPITAL LEASE OBLIGATIONS 84535 LINE OF CREDIT 2000000 5195656 X 112733741 4054101 -32642196 -28588095 141321836 250701 -5010854 -4760153 136561683 109048158 5010854 5010854 104037304 72829 33350577 33423406 137460710 PART II, LINE 9: CONSERVATION EASEMENTS ARE RECORDED ON THE STATEMENT OF FINANCIAL POSITION AT COST IF PURCHASED AND AT FAIR VALUE AS OF THE DATE OF CONTRIBUTION IF RECEIVED BY DONATION. MAJOR IMPROVEMENTS ARE CAPITALIZED AT COST. FOR THE STATEMENT OF ACTIVITIES, NO REVENUES HAVE BEEN GENERATED BY CONSERVATION EASEMENTS AND, THEREFORE, NONE RECORDED. EXPENSES FOR UPKEEP AND DEPRECIATION, IF APPLICABLE, ARE CHARGED TO UNRESTRICTED EXPENSE WHEN INCURRED. PART III, LINE 4: VARIOUS PAINTINGS AND SCULPTURES ARE HELD TO STIMULATE ARTISTIC APPRECIATION AND TO ENHANCE THE EDUCATION THAT THE UNIVERSITY PROVIDES. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 770 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. SPECIFICALLY, THESE PURPOSES INCLUDE SCHOLARSHIPS TO STUDENTS TO ATTEND THE UNIVERSITY AS WELL AS SUPPORTING THE PROGRAMS AND ACTIVITIES OF THE UNIVERSITY. PART X, LINE 2: THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. HOWEVER, TO THE EXTENT THAT CERTAIN AUXILIARY REVENUES EXCEED RELATED EXPENSES, THEY ARE CONSIDERED TO BE UNRELATED BUSINESS INCOME AND SUBJECT TO INCOME TAX. THE UNIVERSITY FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (CODIFICATION) TOPIC ON INCOME TAXES, WHICH PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. THE UNIVERSITY'S STATEMENTS OF FINANCIAL POSITION AT MAY 31, 2025 AND 2024 DO NOT INCLUDE ANY LIABILITIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS; FURTHER, THE UNIVERSITY HAS NO UNRECOGNIZED TAX BENEFITS. THE UNIVERSITY IS NO LONGER SUBJECT TO EXAMINATION OF ITS TAX RETURNS FOR YEARS BEFORE 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 530,509. TUITION DISCOUNTS -33,172,705. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE -161,747. COST OF GOODS SOLD -4,849,107. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE 161,747. COST OF GOODS SOLD 4,849,107. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS 33,172,705. BANK FEES 177,872. 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 PUBLICIZES ITS RACIALLY NONDISCRIMINATORY POLICY ON ITS WEBSITE. THE POLICY IS ALSO LOCATED IN THE EMPLOYEE AND STUDENT HANDBOOKS. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FEDERAL FUNDING FROM THE FEDERAL GOVERNMENT FOR FEDERAL WORK-STUDY AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS. THE UNIVERSITY ALSO PARTICIPATES IN THE PERKINS LOAN PROGRAM AND THE FEDERAL NURSING LOAN PROGRAM, PARTIALLY FUNDED BY THE FEDERAL GOVERNMENT. IN ADDITION, STUDENTS MAY RECEIVE VETERAN BENEFITS, GRANTS OR LOANS THROUGH FEDERAL PELL GRANT AND FEDERAL DIRECT LOAN PROGRAMS OR THROUGH SIMILAR STATE PROGRAMS. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS N/A 2210290 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES ANNUAL COMPUTER SOFTWARE LICENSE 5608 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES MARKETING 6600 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES GRANT SERVICES 86757 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD 33757 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES COMMISSIONS 14750 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES GRANT SERVICES 3371 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES ANNUAL COMPUTER SOFTWARE LICENSE 11490 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES GRANT SERVICES 57800 SOUTH ASIA 0 0 PROGRAM SERVICES GRANT SERVICES 3205 RUSSIA AND NEIGHBORING STATES 0 0 PROGRAM SERVICES GRANT SERVICES 3300 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES GRANT SERVICES 15930 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES GRANT SERVICES 34835 SOUTH ASIA 0 0 PROGRAM SERVICES COMMISSIONS 138000 SOUTH AMERICA 0 0 PROGRAM SERVICES GRANT SERVICES 1340 0 0 0 0 0 0 2372623 254410 2627033 0 0 0 0 0 0 X X X X X X X 1 IMPACT REPSONSE PARTNERS LLC 2214 PLANK RD SUITE 308 FREDRICKSBURG VA 22401 HIGH-DOLLAR DIRECT MAIL FUNDRAISING 0 202103 35956 166147 CLEARWORLD COMMUNICATIONS GROUP 10302 BRISTOW CENTER DR BRISTOW VA 20136 HIGH-DOLLAR DIRECT MAIL FUNDRAISING 0 134349 66308 68041 VINYL MARKETING 12 WEST MAIN STREET ASHLAND OH 44805 DESIGN AND FUNDRAISING CONTENT 0 0 117700 -117700 336452 219964 116488 AL AK AR CA CO CT DC FL GA HI IL KS KY ME MD MA MI MN MS NV NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI AZ DE IN IA LA MO MT NE ID SD TX WY MEMORIAL DINNER 252120 244170 7950 25999 86261 EAGLER GOLF OUTING 57373 16000 41373 6829 42658 309493 260170 49323 32828 128919 161747 -112424 1 SCHOLARSHIPS, FINANCIAL AID AND GRANTS 5536 33552199 0 N/A N/A PART I, LINE 2: THE MAJORITY OF GRANTS AND ASSISTANCE PROVIDED BY THE UNIVERSITY IS IN THE FORM OF SCHOLARSHIPS AND FINANCIAL AID TO OFFSET THE COST OF TUITION, ROOM AND BOARD FOR ITS STUDENTS. THESE FUNDS ARE AWARDED THROUGH THE UNIVERSITY'S FINANCIAL AID OFFICE BASED ON A COMBINATION OF MERIT AND NEED. THEY ARE DISBURSED DIRECTLY TO THE STUDENT'S BILLING ACCOUNT BY THE OFFICE OF STUDENT ACCOUNTS. X 1 1 X X X X 0 0 0 0 0 0 0 1 0 DR CARLOS CAMPO FORMER PRESIDENT 149330 0 0 0 239945 0 5416 0 15128 0 409819 0 0 0 DR JON PARRISH PEEDE PRESIDENT 199499 0 0 0 15897 0 10208 0 18725 0 244329 0 0 0 JEFFREY SIKKENGA EXECUTIVE DIRECTOR, ASHBROOK CENTER 187699 0 0 0 7765 0 5871 0 32367 0 233702 0 0 0 PATRICK EWING VP OF FACILITIES MANAGEMENT & PLANNING 141699 0 0 0 352 0 4582 0 83060 0 229693 0 0 0 SIVAKUMAR VENKATARAMANAY PROFESSOR 192472 0 1000 0 134 0 3401 0 23253 0 220260 0 0 0 AMIEL JARSTFER PROVOST (EXIT 3/25) 174206 0 0 0 1259 0 4500 0 21317 0 201282 0 0 0 MARC PASTERIS VP OF FINANCE & CFO 167711 0 0 0 1240 0 5256 0 25408 0 199615 0 0 0 DANIEL FOX DEAN 166028 0 0 0 653 0 5004 0 23866 0 195551 0 0 0 CHAD KIFER DIRECTOR, DEV & STRATEGIC 169767 0 0 0 268 0 4277 0 18336 0 192648 0 0 0 ROBERT POOL VP OF STUDENT AFFAIRS 118447 0 0 0 262 0 3459 0 54280 0 176448 0 0 0 JASON MILLER VP OF ADVANCEMENT 138249 0 0 0 741 0 4388 0 31803 0 175181 0 0 0 KEITH RAMSDELL VP OF ENROLLMENT MGMT & MARKETING 113131 0 0 0 474 0 3047 0 58303 0 174955 0 0 0 TIMOTHY HINKEL PROFESSOR 155923 0 0 0 82 0 2529 0 458 0 158992 0 0 0 PART I, LINE 1A HOUSING ALLOWANCES WERE PROVIDED FOR THE FORMER PRESIDENT AND ASHBROOK EXECUTIVE DIRECTOR AND WERE INCLUDED IN THEIR TAXABLE COMPENSATION. PART I, LINE 7 A PROFESSOR AT THE UNIVERSITY RECEIVED A BONUS OF $1,000 DURING 2025. A ECONOMIC DEVELOPMENT AND FINANCE ALLIANCE OF TUSCARAWAS COUNTY 300012117 90069GAA1 2015-07-29 13270000 PAYOFF PREVIOUS DEBT & CAPITAL IMPROVEMENTS 0 0 0 B ECONOMIC DEVELOPMENT AND FINANCE ALLIANCE OF TUSCARAWAS COUNTY 300012117 90069GAB9 2015-07-29 54085000 PAYOFF PREVIOUS DEBT & CAPITAL IMPROVEMENTS 0 0 0 A 10035000 13270000 984665 146116 264279 985079 638765 10247155 2015 1 0 1 1 B 54085000 4013235 595529 1077133 4014921 2603437 41764686 2015 1 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 1 0 0 0 0 0 B 0 0 0 1 0 0 0 0 0 A 0 B 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: ECONOMIC DEVELOPMENT AND FINANCE ALLIANCE OF TUSCARAWAS COUNTY DATE THE REBATE COMPUTATION WAS PERFORMED: 08/03/2020 ISSUER NAME: ECONOMIC DEVELOPMENT AND FINANCE ALLIANCE OF TUSCARAWAS COUNTY DATE THE REBATE COMPUTATION WAS PERFORMED: 08/03/2020 FAMILY OF A BOARD MEMBER 15000 SCHOLARSHIP SCOTT WILLIAMS AU TRUSTEE - CEO & 100% OWNER OF VINYL MARKETING 893290 ADVERTISING 0 X 2 1918798 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): THE NUMBER REPRESENTS THE NUMBER OF CONTRIBUTORS FOR THE YEAR ENDED MAY 31, 2025. FORM 990, PART VI, SECTION A, LINE 1A WHEN THE BOARD OF TRUSTEES IS NOT IN SESSION, THE EXECUTIVE COMMITTEE SHALL HAVE THE AUTHORITY TO EXERCISE ALL THE FUNCTIONS OF THE BOARD OF TRUSTEES. AS DESCRIBED IN THE BOARD POLICY MANUAL, THE EXECUTIVE COMMITTEE MAY NOT HIRE OR REMOVE THE PRESIDENT, CHANGE THE BY-LAWS OF THIS POLICY AND PROCEDURE MANUAL, MAKE CHANGES TO THE MISSION, APPROVE MAJOR CONSTRUCTION PROJECTS, INCUR DEBT FINANCING, SELL OR ACQUIRE MAJOR ASSETS OR ELECT BOARD MEMBERS. MINUTES OF THE EXECUTIVE COMMITTEE SHALL BE PRESENTED TO THE FULL BOARD FOR THEIR APPROVAL AT THE NEXT BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY THE CONTROLLER AND THEIR STAFF WITH THE ASSISTANCE OF AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM. UNIVERSITY MANAGEMENT REVIEWS THE FORM 990 FOR COMPLETENESS AND ACCURACY. THE AUDIT AND COMPLIANCE SUB-COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND ACCEPTS THE FORM 990 PRIOR TO E-FILING. THE ENTIRE BOARD OF TRUSTEES ARE PROVIDED ACCESS TO THE FILING COPY, GIVEN THE OPPORTUNITY TO ASK MANAGEMENT QUESTIONS AND REVIEW THE FORM 990 PRIOR TO ISSUANCE. EITHER THE EXECUTIVE COMMITTEE OR THE ENTIRE BOARD WILL ACCEPT THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND OFFICERS SIGN A CONFLICT OF INTEREST DISCLOSURE FORM ANNUALLY. STAFF IN THE PRESIDENT'S OFFICE REVIEW THE SIGNED FORMS FOR COMPLETENESS AND DISCLOSURE OF CONFLICTS. ANY MEMBER WHO HAS A CONFLICT RECUSES HIMSELF OR HERSELF FROM THE DISCUSSION AND VOTING TOPICS AT BOARD MEETINGS. ALL INTERESTED PERSONS, INCLUDING BOARD MEMBERS, OFFICERS, AND HIGHLY COMPENSATED INDIVIDUALS ALSO COMPLETE AN ANNUAL QUESTIONNAIRE REGARDING POTENTIAL CONFLICTS WHICH MIGHT EXIST. THE RESPONSES TO THIS QUESTIONNAIRE ARE REVIEWED BY THE OFFICE OF BUSINESS AFFAIRS. THE EMPLOYEE HANDBOOK HAS A CONFLICT OF INTEREST STATEMENT THAT COVERS ALL EMPLOYEES OF THE UNIVERSITY. THE AUDIT AND COMPLIANCE SUB-COMMITTEE OF THE BOARD OF TRUSTEES IS PROVIDED A SUMMARY OF ANY CONFLICTS THAT EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES IS RESPONSIBLE FOR SETTING COMPENSATION FOR THE PRESIDENT. THE INDEPENDENT BOARD REVIEWED AND APPROVED THE LEVEL OF COMPENSATION FOR THE CURRENT PRESIDENT BASED ON VARIOUS FACTORS, INCLUDING REVIEW OF PRESIDENTIAL COMPENSATION PACKAGES AT COMPARABLE INSTITUTIONS AND REVIEW OF THE MARKET OF PRESIDENTS WITH SIMILAR LEVELS OF EXPERTISE AS THE PRESIDENT. THE PRESIDENTIAL ASSESSMENT COMMITTEE OF THE BOARD CONDUCTS ON-GOING ANALYSIS OF PRESIDENTIAL COMPENSATION AND MAKES ADJUSTMENTS BASED ON PERFORMANCE AND MARKET DATA. THE UNIVERSITY USES PEER DATA AND INTERNAL EQUITY CONSIDERATIONS TO SET COMPENSATION FOR ALL OTHER EMPLOYEES. THE PRESIDENT SETS COMPENSATION FOR VICE PRESIDENTS USING THE COMPENSATION STUDY, OTHER INDUSTRY COMPENSATION COMPILATIONS AND COMPARING SIMILARLY SITUATED INSTITUTIONS. THIS PROCESS IS COMPLETED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE KEPT ON-SITE AND ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENT 530,509. REDUCTION OF LIABILITY 9,379,838. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT AND COMPLIANCE SUB-COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR. FRIENDS OF ASHBROOK CENTER PO BOX 5192 ASHLAND OH 44805 341581651 PROVIDES SUPPORT TO THE ASHBROOK CENTER OH 501(C)(3) LINE 12D, III-O N/A 0 ASHLAND LEGACY TRUST PO BOX 384 ASHLAND OH 44805 456496788 SEE PART VII FOR PRIMARY ACTIVITY OH T 1.00000 0 ASHLAND THEOLOGICAL SEMINARY FOUNDATION 910 CENTER STREET ASHLAND OH 44805 341202588 PROVIDES SUPPORT TO ASHLAND THEOLOGICAL SEMINARY OH C 1.00000 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 PART IV, COLUMN (B), PRIMARY ACTIVITY: THE TRUST HOLDS LIFE INSURANCE POLICIES ON SEVERAL OF THE UNIVERSITY'S CURRENT AND FORMER BOARD MEMBERS AND OTHERS.