Trustees of Union College in the Town Of

“Business or family relationships of directors, etc. William perlstein and john kelly, iii have a business relationship. Richard delaney and sarah pontius and have a business relationship. Douglass karp and thomas coleman have a business relationship.”

“Form 990 review process the organization's form 990 is prepared in conjunction with a nationally recognized accounting firm. Upon completion, the form 990 is provided to the audit committee of the board of directors and a detailed walkthrough of its contents is provided at the audit committee's meeting. Prior to electronic submission of the 990 to the internal revenue service, the audit committee chair provides an overview of the review to the full board of trustees and a copy of the final form 990 is shared with the full board of directors. In addition, a copy of this form 990 is available for review in the college's finance office.”

“Explanation of monitoring and enforcement of conflicts the trustees of union college have a written conflict of interest policy, which requires officers, directors, trustees, and key employees to annually disclose interests that could give rise to conflicts. Questionnaires are sent annually to monitor and enforce compliance with the policy. The responses to the questionnaires are reviewed by both the president's office and finance for potential conflicts of interest that require disclosure. If a conflict of interest is noted, a board member would have to recuse himself from voting, if so required.”

“Line 15a - compensation review & approval process - president the college undertakes a thorough and rigorous process to determine the president's compensation. The college has established an executive compensation committee that acts as a committee of the board. The executive compensation committee is comprised of the chairman, vice chairman, secretary, and general counsel of the board of trustees. The chair of the board serves as the chair of the committee. The committee acts as the authorized body under treasury reg. 53.4958-6, responsible for approving the compensation arrangements of the president. The committee will: a. Review goals for the upcoming year and accomplishments for the year just ended. B. Obtain appropriate analysis and studies for use in evaluating the compensation of the president. C. Document its deliberations and decision establishing the president's compensation. D. Report to the executive committee of the board annually its findings and actions. Line 15b - compensation review & approval process - officers & key employees the college undertakes a similarly detailed process to determine the compensation of the college's officers and key employees (as reported on part vii of the form 990): a. The compensation committee obtains appropriate analysis and studies from the administration to use as an aid in evaluating the compensation recommendations of the president for these employees. B. The compensation committee deliberates on, and approves, all compensation at a meeting and the decisions are documented in committee minutes. The college reviews all officer and key employee compensation on an annual basis and participates in the annual cupa survey (college and university professional association). The college is in the process of commissioning a new compensation study within the next two years.”

“Availability of documents to the public the trustees of union college governing documents, conflict of interest policy and financial statements are available to the public upon request. The financial statements are also available on the college's website www.union.edu.”

“To be engaged, innovative and ethical contributors to a diverse, global and technologically complex society. Faculty, staff and administrators welcome diverse and talented students to the campus community, work closely with them to provide a broad and deep education, and guide them in finding and cultivating their passions. The college offers a wide range of disciplines and interdisciplinary programs in the liberal arts and engineering, as well as academic, athletic, cultural and social activities, including opportunities to study abroad and to participate in undergraduate research and community service.”

“Union college's investment portfolio is comprised of both traditional publicly traded securities and non-traditional alternative investments (hedge funds, limited partnerships etc). Certain alternative investments do not specifically report to the investor the investment management fees that are incurred, rather netting those fees against investment returns. In addition, under generally accepted accounting principles, investment income is required to be reported net of related expenses within the financial statements and the disclosure of investment expenses is not required. Based on these factors, no separate tracking of management fees paid at the fund level is undertaken. The amount reported on part ix, line 11(f) primarily represents fees paid to our third party independent investment advisor.”

“Change in value of split-interest agreements 208,619. Postretirement benefits 317,015. Loss on defeasance of debt -236,941.”