Marist University

“FORM 990, PART V, LINE 1A Marist College is reporting the number from Form 1096, Box 3, less the amount of Forms 1098-T provided to students during the year. For 2015, there were 6,186 Forms 1098-T issued. ORGANIZATION'S REVIEW PROCESS OF FORM 990 FORM 990, PART VI, LINE 11B The organization's Form 990 is presented to the audit committee by the independent accounting firm and reviewed by the Board of Trustees prior to filing.”

“FORM 990, PART VI, LINE 12C As an on-going practice and as required by our Code of Ethics, all trustees are required to complete Conflict of Interest Statements on an annual basis in which they are asked to discuss any business relationships they or a member of their families have with the College. The audit committee reviews these statements for compliance annually. Our Code of Ethics also requires that all executives, deans and selected staff with fiscal responsibilities for the College complete a Conflict of Interest Statement annually. Completed statements that indicate a potential conflict of interest are reviewed by the Chief Financial Officer, Associate Vice President for Human Resources, and the Executive Vice President. If a conflict exists, appropriate action is taken to ensure full disclosure or termination of the arrangement.”

“FORM 990, PART VI, LINE 15A The compensation and retirement program for the president was based on a comprehensive analysis conducted by an independent executive compensation consulting firm. The president's contract was recommended by the board committee on presidential review and compensation (responsible for presidential evaluation and compensation), and approved by the full board of trustees. The president's performance is reviewed on an annual basis by the committee on presidential review and compensation and changes in compensation are recommended to the full board for approval. The committee on presidential review and compensation bases its recommendations for adjustments on performance and a review of appropriate college and university personnel association (cupa) data on presidential compensation and the process and decision is contemporaneously documented in the minutes.”

“FORM 990, PART VI, LINE 15B Senior officer compensation is established after a review of compensation data from cupa at private institutions of higher education based on annual budget size and enrollment. In addition to salary comparability at other institutions, performance and years of service in the position are also factors considered by the president in determining a senior officer's annual salary. Once the president has completed his review of senior officer compensation, the president's recommendations are brought to the board of trustees for review and approval.”

“FORM 990, PART VI, LINE 19 The college's governing documents are available upon request from the office of the Chief Financial Officer. The financial statements and conflict of interest policy are available on the college's website at marist.edu.”

“Form 990, Part X, lines 9 & 20 In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. The ASU requires that deferred bond issuance costs be presented net of related debt on the statements of financial position. The ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted and applied retrospectively. Management has elected to early adopt the ASU, effective for the year ended June 30, 2016 and has applied the guidance retroactively for all periods presented. Bond issuance costs continue to be amortized over the lives of the respective bonds to which they pertain. Other Changes in Net Assets Form 990, Part XI, Line 9 Mrps net change in fixed assets (714,348) Change in interest rate swap obligation, other (2,228,071) Pension & post retirement changes 3,624,388 MRPS Depreciation (154,383) Net loss on bond redemption (247,706) Payment to beneficiaries (87) ______________ 279,793”