2026-04-14T10:40:39+00:00 2025-05-31 135565207 KPMG LLP 8350 Broad Street Suite 900 McLean VA 22102 990 2024-06-01 520591661 Maryland Institute MARY 4102252352 1300 Mount Royal Avenue Baltimore MD 21217 CECILIA MCCORMICK President 4102252352 2026-04-14 true true Brian Kearns P02061479 7032868000 2026-04-14 2024 2025-03-06 01:10:19Z Maryland Institute College of Art CECILIA MCCORMICK 1300 Mount Royal Avenue Baltimore MD 21217 185406501 false X WWW.MICA.EDU X 1826 MD DEGREE GRANTING COLLEGE-MARYLAND INSTITUTE COLLEGE OF ART IS A PRIVATE COLLEGE DEDICATED TO THE EDUCATION OF PROFESSIONAL ARTISTS AND THE FURTHER ADVANCEMENT OF ART IN THE COMMUNITY. 24 23 2017 32 461225 22950 12641659 11860799 100720129 98278132 20569181 8382072 675568 2027707 134606537 120548710 35660734 37033371 0 0 55031208 48567286 0 0 1979566 354930646 39020342 445622588 124620999 -311016051 -4072289 321267295 317526300 95568576 92974746 225698719 224551554 DEGREE GRANTING COLLEGE-MARYLAND INSTITUTE COLLEGE OF ART IS A 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STUART COOPER TRUSTEE 1.0 0.0 X 0 0 0 THIBAULT MANEKIN TRUSTEE 1.0 0.0 X 0 0 0 WENDY JACHMAN TRUSTEE (UNITL 10/18/2024) 1.0 0.0 X 0 0 0 DANIEL A CRONIN EVP FOR FINANCE AND CFO 40.0 0.0 X 288896 0 32140 DONALD JONES VP ADVANCEMENT 40.0 0.0 X 331657 0 48552 JUDITH KINNEY VP STUDENT AFFAIRS 40.0 0.0 X 186593 0 21444 ROBERT SABAL VP ACADEMIC AFFAIRS AND PROVOST 40.0 0.0 X 401161 0 30861 CHRISTIAN LALLO VP STRATEGIC COMM 40.0 0.0 X 176726 0 23970 LEE DAVIS CO-EXEC DIR, CENTER FOR CREATIVE IMPACT 40.0 0.0 X 165831 0 23479 MICHAEL S WEIKERT CO-EXEC DIR, CENTER FOR CREATIVE IMPACT 40.0 0.0 X 191018 0 29852 SHANNA HINES VP OF HR 40.0 0.0 X 275466 0 35157 STACEY SALAZAR VP GRADUATE STUDIES 40.0 0.0 X 167338 0 32626 ALEXANDRA KIM FORMER VP OPERATIONS AND TECHNOLOGY 40.0 0.0 X 269102 0 25054 MARTIN LEMELLE JR FORMER EVP FOR FINANCE AND CFO 40.0 0.0 X 147961 0 15990 MICHAEL PATTERSON FORMER VP STUDENT AFFAIRS 40.0 0.0 X 185225 0 21628 SAMUEL HOI FORMER PRESIDENT 40.0 0.0 X 717651 0 7702 4039742 0 404714 80 true true false ELSMERE EDUCATION INC 90 MADISON STREET ST 603 DENVER CO 80206 PROFESSIONAL SERVICES 2790404 PARKHURST DINING SERVICES PO BOX 644091 PITTSBURGH PA 15264 FOOD SERVICE 2742827 QUALITY WATERPROOFING SERVICES INC 3223 HILAND AVENUE GLENN DALE MD 20769 CONSTRUCTION 594500 MILLER TRANSPORTATOIN 6711 PARK HEIGHTS AVENUE BALTIMORE MD 21215 TRANSPORTATION 447330 LANDCARE PO BOX 669261 DALLAS TX 752669261 LANDSCAPING 322558 31 0 0 0 0 7363965 4496834 1910301 11860799 Tuition & Fees 611710 85167000 85167000 0 0 Dormitories and food service 611710 12403391 12403391 0 0 Other Auxillary Services 611710 707741 661147 46594 0 0 0 0 0 0 0 0 0 0 0 0 0 98278132 3160192 315825 2844367 570567 0 570567 22811 0 22811 151219 0 0 0 151219 0 151219 98806 52413 69084742 0 64433429 0 4651313 0 4651313 0 4651313 0 0 0 0 0 0 0 0 0 0 0 0 710006 424362 285644 0 285644 Other Revenue 900099 194387 194387 0 0 Gain on Extinguishment of Debt 900099 1373646 0 0 1373646 0 0 0 0 0 0 0 0 1568033 120548710 98425925 461225 9800761 1919178 1919178 35114193 35114193 0 0 0 0 2972536 1085008 1469190 418338 36872815 32273634 3685085 914096 2136790 1861988 230774 44028 3870997 3262277 497618 111102 2714148 2251241 373034 89873 0 0 0 0 225333 22744 201689 900 215300 0 215300 0 0 0 0 0 0 0 155725 0 155725 0 3884671 2657040 1217077 10554 3209499 2083994 1113105 12400 2165638 1501418 565811 98409 2681864 1209141 1413580 59143 0 0 0 0 6586238 6232387 323543 30308 784534 652613 113182 18739 0 0 0 0 675664 487793 106864 81007 3399862 3222219 141776 35867 0 0 0 0 8491378 7521726 920149 49503 2766282 2673253 88331 4698 AUXILIARY-OTHER 2430802 2430802 0 0 BAD DEBT 768875 768875 DUES AND MEMBERSHIPS 265594 79290 186150 154 STUDENT SERVICES 76412 76412 236671 184540 51685 446 124620999 109571766 13069668 1979566 0 0 19961538 13860540 5552164 3940128 3471220 3700712 0 0 0 0 0 0 337351 306738 2345504 2240968 283086143 132636882 156355215 150449261 101398123 92637978 25218010 27676831 0 0 0 6628170 22713144 321267295 317526300 10463560 10277015 0 0 2827260 3540404 81795975 78958457 0 0 0 0 0 0 0 0 481781 198870 95568576 92974746 X 122667020 119647493 103031699 104904061 225698719 224551554 321267295 317526300 -4072289 2925124 0 X false true true true true X 7759131 13127072 11999422 12641659 11860799 57388083 0 0 7759131 13127072 11999422 12641659 11860799 57388083 1073452 56314631 1656344 2202826 2879384 4059697 3904789 14703040 0 143023 358205 93465 312285 1568033 2475011 74566134 498933968 0.75523 0.74294 X 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0.0 X 0 0 0 0 0 0 Schedule A, Part II, Line 10 Other Income DESCRIPTION - TICKET AND EVENT INCOME, COLUMN A - 736.0, COLUMN B - 8523.0, COLUMN C - 3941.0, COLUMN D - , COLUMN E - , COLUMN F - 13200.0; DESCRIPTION - DEPOSIT FORFEITURE, COLUMN A - 9194.0, COLUMN B - 7206.0, COLUMN C - 1450.0, COLUMN D - , COLUMN E - , COLUMN F - 17850.0; DESCRIPTION - ALL OTHER REVENUE, COLUMN A - 133093.0, COLUMN B - 342476.0, COLUMN C - 88074.0, COLUMN D - 312285.0, COLUMN E - 1568033.0, COLUMN F - 2443961.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X false 117405397 993361 9125271 1900756 15036928 155725 110430620 105280728 2859662 14805271 1910249 3630015 117405397 109355771 3866920 -2504520 1886063 3502689 48691 105280728 117755151 2807047 -5959541 1765141 3426450 55295 109355771 90745429 1922650 29851879 1648321 3061167 55319 117755151 0.2094 0.7906 0.0 false false 3159679 3159679 242976223 101511735 141464488 1082733 1041648 41085 32457088 29554996 2902092 3410420 528503 2881917 150449261 Closely-held equity interests Financial derivatives PRIV EQ, LTD PSHIP & HEDGE FUNDS 27676831 F 27676831 Deposits with bond trustees 18628191 Interest in funds held in trust by others 2062898 Right of use assets, operating leases 111754 Donated assets held for sale 1910301 22713144 Federal Income Taxes LEASE OBLIGATIONS 198870 198870 X 88996577 2925124 -34901619 -31976495 120973072 -424362 -424362 120548710 90143742 424362 424362 89719380 34901619 34901619 124620999 Schedule D, Part III, Line 4 Collections of art - description of collections THE COLLEGE'S DONATED ARTWORK IS MAINTAINED BY THE COLLEGE IS USED TO EDUCATE STUDENTS IN FINE ARTS, APPLIED ARTS, AND ART EDUCATION. Schedule D, Part V, Line 4 Intended uses of endowment funds THE COLLEGE'S ENDOWMENT FUNDS ARE AN IMPORTANT SOURCE OF REVENUE WHICH SUPPORT SCHOLARSHIPS, GRANTS, SPECIALIZED PROGRAMS, AND GENERAL OPERATIONS OF THE COLLEGE. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote AS AN EDUCATIONAL INSTITUTION MEETING THE REQUIREMENTS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE COLLEGE IS EXEMPT FROM INCOME TAXES ON INCOME RELATED TO ITS EXEMPT PURPOSE AS PROVIDED IN SECTION 501(A), EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. THE COLLEGE REVIEWS ITS TAX POSITION ANNUALLY AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE WITH FINANCIAL STATEMENTS. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 Financial Aid - -34901619 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Cost of goods sold - -424362 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 Cost of goods sold - 424362 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements FINANCIAL AID - 34901619 true true true true true true true false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY MICA DISPLAYS A NOTICE OF ITS RACIALLY NONDISCRIMINATORY POLICY ON ITS PRIMARY PUBLICLY ACCESSIBLE INTERNET HOMEPAGE. IN ADDITION, BECAUSE MICA DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS BOTH NATIONWIDE AND INTERNATIONALLY, THE PUBLICITY REQUIREMENT IS SATISFIED BY INCLUDING A STATEMENT OF ITS RACIALLY NONDISCRIMINATORY POLICY IN ALL ITS BROCHURES AND CATALOGS DEALING WITH STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS. THE FOLLOWING STATEMENTS APPEAR ON THE COLLEGE'S WEBSITE AND IN THE COLLEGE'S CATALOG: NOTICE OF NONDISCRIMINATION IN EDUCATION AND EMPLOYMENT THE MARYLAND INSTITUTE COLLEGE OF ART DOES NOT DISCRIMINATE AGAINST ANY INDIVIDUAL FOR REASONS OF RACE, COLOR, RELIGION, NATIONAL ORIGIN, AGE, SEX, OR HANDICAP IN ANY RELATIONSHIP WITH THE INSTITUTION OR IN ANY OF ITS PROGRAMS OR OFFERINGS, HIRING OF FACULTY AND STAFF, OR ANY TERMS AND CONDITIONS OF EMPLOYMENT. INQUIRIES CONCERNING THE APPLICATION OF THESE REGULATIONS MAY BE REFERRED TO THE AFFIRMATIVE ACTION OFFICER. THE COLLEGE RESERVES THE RIGHT IN ITS DISCRETION TO MAKE FROM TIME TO TIME CHANGES AFFECTING POLICIES, FEES, CURRICULA, OR OTHER MATTERS ANNOUNCED IN THIS CATALOG. THE STATEMENTS IN THIS CATALOG DO NOT CONSTITUTE A CONTRACT. STATEMENT OF EQUAL OPPORTUNITY AND SERVICES TO THE DISABLED IN COMPLIANCE WITH FEDERAL, STATE, AND LOCAL LAWS AND REGULATIONS, THE MARYLAND INSTITUTE COLLEGE OF ART DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, SEX, SEXUAL ORIENTATION, MARITAL STATUS, AGE, DISABILITY, AND APPLICABLE VETERAN STATUS, IN THE ADMINISTRATION OF ITS EDUCATIONAL PROGRAMS ACTIVITIES, OR WITH RESPECT TO EMPLOYMENT. IT IS THE POLICY OF THE MARYLAND INSTITUTE TO PROVIDE THOSE AUXILIARY AIDS AND SERVICES THAT MAY BE NECESSARY TO ENSURE THAT NO INDIVIDUAL WITH A DISABILITY IS EXCLUDED, DENIED SERVICES, SEGREGATED, OR OTHERWISE TREATED DIFFERENTLY THAN OTHER INDIVIDUALS. THESE SERVICES CAN BE ARRANGED THROUGH THE DEAN OF STUDENTS. THESE POLICIES APPLY TO PRESENT AND PROSPECTIVE STUDENTS AND EMPLOYEES. PRESENT OR PROSPECTIVE STUDENTS DESIRING FURTHER INFORMATION SHOULD CONTACT THE OFFICE OF THE DEAN OF THE PROGRAM IN WHICH THEY ARE INTERESTED: UNDERGRADUATE: 410-225-2222 GRADUATE: 410-225-2255 CONTINUING STUDIES: 410-225-2219 PRESENT OR PROSPECTIVE EMPLOYEES SHOULD CONTACT THE DIRECTOR OF ADMINISTRATIVE SERVICES: 410-225-2406 Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT FUNDS PROVIDED BY THE U.S. GOVERNMENT THROUGH THE DEPARTMENT OF EDUCATION FUND VARIOUS STUDENT FINANCIAL AID PROGRAMS, INCLUDING GRANTS, GUARANTEED LOAN PROGRAMS, AND WORK-STUDY PROGRAMS. Europe (Including Iceland and Greenland) 0 0 Program Services STUDY ABROAD/SUMMER PROGRAMS 79773 South America 0 0 Program Services STUDY ABROAD/SUMMER PROGRAMS 19567 East Asia and the Pacific 0 2 Program Services ADMISSIONS/RECRUITING 76235 0 2 0 0 0 2 175575 0 175575 true false true true true false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; SOUTH AMERICA-Accrual true BETHEL OUTREACH CENTER INC 1429 MCCULLOH STREET BALTIMORE MD 21217 521549459 501(c)(3) 1250000 CAPITAL - CONSTRUCTION OF EMPOWERMENT AND WELLNESS CENTER UPTON PLANNING COMMITTEE INC 828 CARROLLTON AVENUE BALTIMORE MD 21217 521016700 501(c)(3) 200000 COMMUNITY DEVELOPMENT CENTRAL BALTIMORE PARTNERSHIP INC 25 EAST 20TH STREET BALTIMORE MD 21218 262842736 501(c)(3) 469178 COMMUNITY DEVELOPMENT 3 0 STUDENT FINANCIAL AID AND OTHER AWARDS 1848 35114193 BOOK Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds FOR FINANCIAL AID GRANTS/SCHOLARSHIPS, THE COLLEGE AWARDS THESE TO STUDENTS EACH SEMESTER BASED ON SEVERAL FACTORS. THE AWARDS ARE APPLIED DIRECTLY TO THE STUDENT'S ACCOUNT BALANCE FOR TUITION. FOR FACULTY DEVELOPMENT GRANTS, THE COLLEGE COLLECTS A DETAILED ACCOUNTING OF ALL GRANT RELATED EXPENDITURES ALONG WITH ALL CORRESPONDING RECEIPTS. ALL EXPENDITURES ARE REVIEWED TO ENSURE THAT THEY ARE RELATED TO THE GRANT AND THERE IS PROPER DOCUMENTATION. THE GRANT RECIPIENT ALSO SUBMITS A REPORT TO ACADEMIC AFFAIRS SUMMARIZING THEIR EXPERIENCE. ENTREPRENEURSHIP GRANTS ARE AWARDED TO STUDENTS, GRADUATES AND ALUMNI WHO ARE LAUNCHING OR GROWING BUSINESSES IN BALTIMORE. A PANEL OF JUDGES DETERMINES THE AWARDEES BASED UPON SEVERAL FACTORS. ALL GRANTS ARE MONITORED THROUGH PROGRESS REPORTING WHICH INCLUDE DESCRIPTIONS OF GRANT SUPPORTED ACTIVITIES THAT HAVE BEEN UNDERTAKEN SINCE THE GRANT PERIOD START DATE. THE GRANTEE ALSO SUBMITS A FINAL REPORT DESCRIBING BUSINESS ACTIVITY INCLUDING: LOCATION AND STATUS OF BUSINESS, JOBS CREATED OR LOST, CLIENT LIST AND LOCATIONS, STRATEGIC ADVISER LIST AND PAIN POINTS FOR ANY ADDITIONAL SUPPORT NEEDED. FOR GRANT SUBRECIPIENTS, THE COLLEGE REVIEWS SUPPORTING DOCUMENTATION ON EXPENDITURES OF FUNDS AND COMPLIANCE WITH OVERALL GRANT REQUIREMENTS. X true true X X X X true false false false false false false false false CECILIA MCCORMICK PRESIDENT 522906 0 0 0 12211 0 30880 0 25379 0 591376 0 0 0 SAMUEL HOI FORMER PRESIDENT 81306 0 0 0 636345 0 7324 0 378 0 725353 0 0 0 MARTIN LEMELLE JR FORMER EVP FOR FINANCE AND CFO 147961 0 0 0 0 0 12923 0 3067 0 163951 0 0 0 DONALD JONES VP ADVANCEMENT 301321 0 30336 0 0 0 30197 0 18355 0 380209 0 0 0 DANIEL A CRONIN EVP FOR FINANCE AND CFO 288896 0 0 0 0 0 24868 0 7272 0 321036 0 0 0 ALEXANDRA KIM FORMER VP OPERATIONS AND TECHNOLOGY 148560 0 0 0 120542 0 13894 0 11160 0 294156 0 0 0 MICHAEL PATTERSON FORMER VP STUDENT AFFAIRS 103903 0 0 0 81322 0 9691 0 11937 0 206853 0 0 0 ROBERT SABAL VP ACADEMIC AFFAIRS AND PROVOST 270689 0 0 0 130472 0 22186 0 8675 0 432022 0 0 0 JUDITH KINNEY VP STUDENT AFFAIRS 186593 0 0 0 0 0 17103 0 4341 0 208037 0 0 0 SHANNA HINES VP OF HR 275466 0 0 0 0 0 25184 0 9973 0 310623 0 0 0 MICHAEL S WEIKERT CO-EXEC DIR, CENTER FOR CREATIVE IMPACT 191018 0 0 0 0 0 17757 0 12095 0 220870 0 0 0 CHRISTIAN LALLO VP STRATEGIC COMM 176726 0 0 0 0 0 13942 0 10028 0 200696 0 0 0 STACEY SALAZAR VP GRADUATE STUDIES 167338 0 0 0 0 0 14273 0 18353 0 199964 0 0 0 LEE DAVIS CO-EXEC DIR, CENTER FOR CREATIVE IMPACT 165331 0 500 0 0 0 13657 0 9822 0 189310 0 0 0 Schedule J, Part I, Line 1a Tax indemnification and gross-up payments THE PRESIDENT OF THE COLLEGE RECEIVED A STIPEND FOR PERIODIC AND REASONABLE TRAVEL EXPENSES, WHICH WAS TREATED AS TAXABLE COMPENSATION. Schedule J, Part I, Line 4a Severance or change-of-control payment SEVERANCE PAYMENTS WERE MADE TO THE FOLLOWING LISTED PERSONS: SAMUEL HOI: $636,345 ROBERT SABAL: $130,472 ALEXANDRA KIM: $120,542 MICHAEL PATTERSON: $81,322 BRIGITTE SULLIVAN: $102,072 A MHHEFA BONDS 2016 520936091 574218F32 2016-10-06 40942422 SEE PART VI false false false B MHHEFA BONDS 2024 520936091 57421CGA6 2024-07-31 42982221 SEE PART VI false false false A 2420000 0 40942422 0 0 0 441592 0 0 0 40500830 0 2017 true true true true B 0 0 43549260 0 0 0 719697 0 0 1245053 9952199 31632311 true false false true A false false false false false false 0.0 0.0 0.0 false false 0 false true B false false false false false false 0.0 0.0 0.0 false false 0 false true A false false false true false false 0 false false false 0 false false true B false true false false false false 0 false false false 0 false false true A true B true Schedule K, Part I, Column (f) MHEEFA BONDS 2016 PURPOSE OF 2016 BOND ISSUE: REFUNDING OF 2006 & 2007 BOND ISSUES Schedule K, Part I, Column (f) MHEEFA BONDS 2024 PURPOSE OF 2024 BOND ISSUE: REFUNDING OF 2012 BOND ISSUE, AND ADDITIONAL FUNDS FOR RENOVATION OF FACILITIES ON CAMPUS AND ACQUISITION OF NEW EQUIPMENT. Schedule K, Part V Different Procedures to Undertake Corrective Action Issuer name: MHHEFA BONDS 2016 N/A Schedule K, Part IV, Line 2c COLUMN A Issuer name: MHHEFA BONDS 2016 The calculation for computing no rebate due was performed on 09/16/2021 Schedule K, Part V Different Procedures to Undertake Corrective Action Issuer name: MHHEFA BONDS 2024 N/A 1 1869766 Selling cost 1 40535 Opinions of experts false true true Schedule M, Part I, Line 32b Third parties used to solicit, process, or sell noncash contributions During the year ended May 31, 2025, the College received a bequest that consisted in part of two parcels of real estate and certain other estate holdings, including jewelry and furniture. As of May 31, 2025, the College had the properties listed with a real estate broker for sale, and an auction planned with an auction house for the other items included in the estate. The real estate broker and the auction house are unrelated to the College. Schedule M, Part I Explanations of reporting method for number of contributions Real estate - Residential - We are reporting the number of contributions. Collectibles - We are reporting one contribution of a collection of jewelry and furniture from an estate. Form 990, Part I, Line 1 DEGREE GRANTING COLLEGE-MARYLAND INSTITUTE COLLEGE OF ART IS A PRIVATE COLLEGE DEDICATED TO THE EDUCATION OF PROFESSIONAL ARTISTS AND THE FURTHER ADVANCEMENT OF ART IN THE COMMUNITY. Form 990, Part VI, Line 11b Review of form 990 by governing body AN ELECTRONIC COPY OF THE ORGANIZATION'S FORM 990 (INCLUDING ALL SCHEDULES), WAS PROVIDED TO EACH VOTING MEMBER OF THE ORGANIZATION'S GOVERNING BODY PRIOR TO ITS FILING WITH THE IRS. THE ORGANIZATION'S OFFICERS AND FULL BOARD OF TRUSTEES PERFORMED A HIGH-LEVEL REVIEW OF THE PREPARED FORM 990 PRIOR TO FILING IT WITH THE IRS. A MORE IN-DEPTH REVIEW WAS PERFORMED BY THE BOARD AUDIT COMMITTEE, WHICH IS COMPRISED OF TRUSTEES, WHO RECOMMENDED THE APPROVAL TO THE FULL BOARD. Form 990, Part VI, Line 12c Conflict of interest policy EACH TRUSTEE AND OFFICER ANNUALLY SIGNS A STATEMENT THAT AFFIRMS SUCH PERSON HAS RECEIVED AND CAREFULLY READ THE CONFLICT OF INTEREST POLICY, UNDERSTANDS AND AGREES TO COMPLY WITH THE POLICY, AND FURTHER UNDERSTANDS THAT THE COLLEGE IS A CHARITABLE ORGANIZATION AND THAT IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION, IT MUST ENGAGE PRIMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX EXEMPT PURPOSES. TRUSTEES AND OFFICERS ARE COVERED UNDER THE CONFLICT OF INTEREST POLICY. TRUSTEES OR OFFICERS WHO HAVE DECLARED OR HAVE BEEN FOUND TO HAVE A CONFLICT OF INTEREST SHALL REFRAIN FROM PARTICIPATING IN THE CONSIDERATION OF ANY PROPOSED TRANSACTION, UNLESS FOR SPECIAL REASONS THE BOARD REQUESTS INFORMATION OR INTERPRETATION FROM THE PERSON OR PERSONS INVOLVED, AND SHALL NOT VOTE, OR BE PRESENT AT THE TIME OF VOTING, ON ANY MATTER UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING WHICH SUCH TRUSTEE HAS A KNOWN CONFLICT OF INTEREST. THE CHAIRMAN OF THE BOARD, WHO, TOGETHER WITH COUNSEL, SHALL BE RESPONSIBLE FOR ADMINISTRATION OF THIS POLICY. Form 990, Part VI, Line 15a Process to establish compensation of top management official THE COMPENSATION LEVELS FOR THE PRESIDENT AND VICE PRESIDENTS ARE BASED ON MARKET DATA AT AICAD SCHOOLS AND OTHER LIBERAL ARTS COLLEGES. THE PRESIDENT'S COMPENSATION IS REVIEWED BY AN INDEPENDENT AD HOC COMMITTEE OF THE BOARD CONSISTING OF SEVERAL PAST BOARD CHAIRS AND IS DISCUSSED WITH THE BOARD EXECUTIVE COMMITTEE. COMPENSATION LEVELS FOR THE VICE PRESIDENTS ARE ALSO REVIEWED BY THE BOARD EXECUTIVE COMMITTEE. PERIODICALLY THE COLLEGE ENGAGES AN INDEPENDENT COMPENSATION CONSULTING FIRM TO ASSESS MICA'S EXECUTIVE LEVEL SALARIES RELATIVE TO THE MARKET. THE MOST RECENT STUDY WAS DONE IN 2016 AND IT CONCLUDED THAT THE SALARIES OF MICA'S PRESIDENT AND VICE PRESIDENTS WERE ALIGNED WITH OTHER COMPARABLE COLLEGES AND UNIVERSITIES. Form 990, Part VI, Line 15b Process to establish compensation of other employees SEE DISCLOSURE ON LINE 15A Form 990, Part VI, Line 19 Required documents available to the public FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. MARYLAND INSTITUTE POOLED INCOME FUND ANNUITY MD Trust false CHARITABLE REMAINDER TRUSTS (4) ANNUITY MD Trust false false false false false false false false false false false false false false false false false false false false