Villanova University

Form 990 - Amended

“FORM 990, SCHEDULE L, PART IV WAS AMENDED TO PROVIDE MORE ACCURATE SALARY INFORMATION. PART IV, LINE 28C WAS CHANGED FROM "YES" TO "NO" AS THE UNIVERSITY HAD NO RELATIONSHIPS THAT REQUIRED REPORTING IN RESPONSE TO THIS QUESTION. FORM 990, PART I, LINE 6 THE TOTAL NUMBER OF VOLUNTEERS IS BASED UPON A REPORTED COUNT OF INDIVIDUALS (FACULTY, STAFF, STUDENTS, ALUMNI AND OTHERS) WHO HAVE ACTIVELY PARTICIPATED IN ONE OR MORE PROJECTS THROUGHOUT THE FISCAL YEAR. IN WHICH CASE, EACH OF THEIR ACTIVITIES WOULD BE COUNTED SEPARATELY IN THE TOTAL REPORTED. PART III, LINE 4D AUXILIARY ENTERPRISES EXPENSES: $57,525,414 GRANTS & ALLOCATIONS: $ 77,475 REVENUE: $65,599,455 ACADEMIC SUPPORT EXPENSES: $45,695,654 GRANTS & ALLOCATIONS: $ 6,670,516 REVENUE: $ 856,824 INSTITUTIONAL SUPPORT EXPENSES: $28,575,957 GRANTS & ALLOCATIONS: $ 53,375 REVENUE: $ 40,071 RESEARCH EXPENSES: $ 6,582,394 GRANTS & ALLOCATIONS: $ 81,199 REVENUE: $ 0 O&M OF PLANT EXPENSES: $ 0 GRANTS AND ALLOCATIONS: $ 0 REVENUE: $ 184,805 FORM 990, PART XI, LINE 9 $(7,066,866) ADJUSTMENT FOR PENSION PLAN LIABILITY; $(12,541) BOOK TAX DIFFERENCE WITH RESPECT TO PARTNERSHIP INVESTMENTS; $(5,095) ROUNDING ADJUSTMENT FORM 990, PART VI, LINE 2 NANCE K. DICCIANI, Ph.D. AND MS. DENISE L. DEVINE-BUSINESS RELATIONSHIP MR. THOMAS M. MULROY AND MR. ROBERT J. McCARTHY-BUSINESS RELATIONSHIP MR. JOSEPH J. TOPPER, JR. AND MR. ROBERT J. McCARTHY-BUSINESS RELATIONSHIP FORM 990, PART VI, LINE 11A THE FORM 990 IS PREPARED INTERNALLY BY THE OFFICE OF FINANCIAL AFFAIRS. IT IS REVIEWED BY THE OFFICE OF THE VICE PRESIDENT AND GENERAL COUNSEL AND A NATIONALLY RECOGNIZED ACCOUNTING FIRM BEFORE THE FORM 990 IS FILED. AFTER THE PUBLIC ACCOUNTING FIRM REVIEWS THE FORM, IT IS PROVIDED TO THE AUDIT AND RISK COMMITTEE OF THE BOARD OF TRUSTEES AND TO THE FULL BOARD OF TRUSTEES SHORTLY BEFORE FILING. FORM 990, PART VI, LINE 12C THE BOARD OF TRUSTEES, IN COLLABORATION WITH THE OFFICE OF THE VICE PRESIDENT AND GENERAL COUNSEL (OVPGC) REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE UNIVERSITY'S CONFLICT OF INTEREST POLICY. IN ACCORDANCE WITH THE POLICY, THE OVPGC DISTRIBUTES THE POLICY AND CONFLICT OF INTEREST DISCLOSURE FORMS ANNUALLY TO TRUSTEES, OFFICERS, KEY EMPLOYEES AND ANY OTHER INTERESTED PERSONS WHO ARE INSTRUCTED TO COMPLETE AND RETURN THE FORMS AND TO UPDATE THE FORMS DURING THE YEAR, AS NECESSARY. THE OVPGC SUMMARIZES ANY POTENTIAL CONFLICTS, FOR REVIEW BY THE TRUSTEE COMMITTEE, TO ENSURE COMPLIANCE WITH THE POLICY. THE TRUSTEE COMMITTEE DISCUSSES THE DISCLOSURES AT THE MEETING WHICH INCLUDES THE COMMITTEE MEMBERS AND THE OVPGC. THE UNIVERSITY'S EXTERNAL AUDITORS ALSO REVIEW A SAMPLE OF THE DISCLOSURE FORMS AS PART OF THEIR AUDIT PROCEDURES. FORM 990, PART VI, LINE 15 THE HUMAN RESOURCES OFFICE OBTAINS COMPARABILITY DATA FROM PROFESSIONAL ORGANIZATIONS FOR THE COMPENSATION OF THE OFFICERS AND KEY EMPLOYEES OF THE UNIVERSITY, INCLUDING THE AMOUNT THE UNIVERSITY REMITS TO THE ORDER OF ST. AUGUSTINE FOR SERVICES PROVIDED BY THE PRESIDENT. USING THIS COMPENSATION DATA AND ANNUAL PERFORMANCE ASSESSMENTS, THE PRESIDENT ANNUALLY DETERMINES PROPOSED SALARIES FOR ALL OFFICERS AND KEY EMPLOYEES. THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD, AN INDEPENDENT COMMITTEE CONSISTING OF TRUSTEES ONLY, NONE OF WHOM ARE EMPLOYED BY THE UNIVERSITY, DETERMINES THE AMOUNT THE UNIVERSITY REMITS TO THE ORDER OF ST. AUGUSTINE FOR SERVICES PROVIDED BY THE PRESIDENT ON AN ANNUAL BASIS, BASED ON THE COMPARABILITY DATA PROVIDED BY THE HUMAN RESOURCES OFFICE AND ITS ASSESSMENT OF THE PRESIDENT'S PERFORMANCE. THE PRESIDENT DOES NOT PARTICIPATE IN THE APPROVAL OF HIS OWN SALARY. THE COMMITTEE ALSO REVIEWS AND APPROVES THE SALARIES PROPOSED BY THE PRESIDENT FOR THE OFFICERS AND KEY EMPLOYEES. THE DECISIONS REACHED BY THE EXECUTIVE COMPENSATION COMMITTEE AT ITS ANNUAL MEETING ARE RECORDED IN A DOCUMENT APPROVED BY THE CHAIR OF THE COMMITTEE AT OR SHORTLY AFTER THE MEETING OF THE COMMITTEE. FORM 990, PART VI, LINE”