Trustees of Dartmouth College

“The 990 review process is as follows: A draft of the completed Form 990 is sent to the Audit and Oversight Committee which then meets with senior management personnel to review the process by which the Form 990 was prepared, discuss any items of significance, and resolve any questions. The Audit and Oversight Committee then votes to accept the Form 990 based on management's representations. Prior to the return being filed, a draft of the complete Form 990 is provided to the full board.”

“Compliance with Dartmouth's institution-wide Conflict of Interest policy is required by Dartmouth policy. Compliance is monitored by the Office of General Counsel, which reviews information concerning potential conflicts solicited from approximately 370 trustees, faculty, and staff members each year. Compliance with the requirements of the policy concerning researchers engaged in externally sponsored research is enforced and monitored by the Office of the Provost, and particularly by the Office of Sponsored Projects and the Conflict of Interest Committee of the Council on Sponsored Activities which, in accordance with federal regulations, solicit information from researchers concerning financial interest that may affect or be affected by proposed research. In addition, the Office of the General Counsel and the Investment Office monitor compliance with the policy on Pecuniary Benefit Transactions and related party investments.”

“The process for determining the compensation of Dartmouth's President and other officers and key employees is as follows: (1) Comparability data are gathered by the Director of Compensation from a compensation survey conducted by a nationally known compensation consulting firm and shared with Officials responsible for setting the compensation for the officers and key employees reporting to such official. (2) Recommendations for compensation adjustments for officers and key employees are prepared by the officials responsible for setting the compensation of said employees, using comparability data and a review of the employee's performance. (3) The Officials' recommendations are presented for approval to the Compensation Subcommittee of the Governance/Nominating Committee of the Board, together with the comparability data. The President and the Investment Committee jointly approve the Chief Executive Officer - Investment Office's compensation based on comparability data.(4) Comparability data for the President's compensation is prepared by a nationally known compensation consulting firm for the Compensation Subcommittee. The Subcommittee's recommendations for the President are presented for approval to the Board of Trustees' Executive Committee.”

“The process for determining the compensation for Dartmouth's other officers and key employees is described above.”

“Dartmouth makes its governing document (The Charter of Dartmouth College), conflict of interest policies and financial statements available to the public by posting these documents on its website.”

“All other - Total Revenue: 16961171, Related or Exempt Function Revenue: 16699927, Unrelated Business Revenue: 261244, Revenue Excluded from Tax Under Sections 512, 513, or 514: 0;”

“Specialized and rigorous conflict-of-interest requirements apply to Dartmouth investments with firms in which related parties (e.g., Trustees or non-Trustee Investment Committee members, as well as other categories of officers and Dartmouth employees) have a financial interest. Under the New Hampshire Pecuniary Benefit Law (Revised Statutes Annotated, Chapter 7:19-a) and Dartmouth's Policy on Pecuniary Benefit Transactions and Related Party Investments, such investments are subject to substantial oversight. Before such an investment may be made, the Investment Office must submit to the Board of Trustees, or the delegated board committee, an analysis documenting (1) that the transaction is fair and reasonable to Dartmouth; and (2) that the terms of the investment are no less favorable to Dartmouth than the terms of other recent similar investments not involving related parties. The analysis must also document that Dartmouth's investment would not comprise more than 10% of the fund and must verify that other institutional investors have committed to participate in the same fund. Based on this information, the proposed investment is considered by both the Investment Committee and Audit and Oversight Committee of the Board of Trustees, and the full Board of Trustees when the related party is a Trustee or Dartmouth College officer. In each instance, any Trustee, non-Trustee Investment Committee member, or Dartmouth College officer associated with the firm involved in the investment must be recused from the discussion and vote. The investment may not be made unless both the Investment and Audit and Oversight Committees approve by a two-thirds majority of disinterested members, and in the instance of a related party Trustee, approval by a two-thirds majority of disinterested members of the Board of Trustees. In accordance with State law, a notice of the proposed investment, if in the amount of $5,000 or more - identifying Dartmouth, the related party, the investment firm, and the amount of the investment - is then filed with the State Attorney General's Office and published in the local daily newspaper, before the investment can occur. On an annual basis, the Chief Investment Officer must submit a report to the Audit and Oversight Committee containing information about related party investments, including a comparison of the performance of such investments with the performance of other investments during the previous fiscal year.”

“Net change in split interest agreement - 7139601; Net unrealized change in value of non-investment items - -72008988;”