Siena Heights University

“Scott hill has a business relationship with the following individuals: sr. Frances nadolny, and michael kapnick. Steven futrell has a business relationship with janice hanba. Michael kapnick has a business relationship with lee johnson. Michael kapnick has a business relationship with judith francoeur, margaret noe, sue goldsen, scott hill, richard haller, john hern, and michael dawson.”

“The sole member of the corporation is adrian dominican sisters.”

“The adrian dominican sisters have the exclusive right to elect trustees to the board of trustees and remove any trustee at any time if they believe it is in the best interest of the corporation to do so.”

“The adrian dominican sisters have the exclusive right to exercise the reserved powers bestowed upon them pursuant to the siena heights university bylaws. These reserved powers include the following: (a)approve the mission, purposes and philosophy of the corporation; (b)elect trustees to the board of trustees in accordance with the procedures set forth in article v, section 3; (c)remove any trustee at any time if they believe it is in the best interest of the corporation to do so; (d)review and comment on all annual operating and capital budgets developed by the board of trustees prior to their adoption by the board, and all non-budgeted operating expenses and capital expenditures in excess of an amount determined from time to time by the members; (e)authorize and/or approve any incurrence, assumption, or guarantee of debt in excess of an amount determined from time to time by the members; (f)authorize and/or approve the encumbrance, sale, lease or other disposition of any real estate or the sale of all or substantially all of the corporation's assets; (g)authorize and/or approve contracts that call for expenditures of sums in excess of an amount determined from time to time by the members; (h)authorize and/or approve the merger or consolidation of the corporation with or into another entity; (i)appoint and reappoint the president, and remove the president if they believe it is in the best interest of the corporation to do so; (j)remove other officers of the corporation if they believe it is in the best interest of the corporation to do so; (k)authorize and/or approve the creation of subsidiaries or affiliates of the corporation or the corporation's participation in joint ventures; (l)authorize and/or approve any amendments to the corporation's articles of incorporation and/or bylaws after consulting with the board of trustees; and (m)authorize and/or approve the dissolution of the corporation.”

“Form 990 was presented to the board of directors for review prior to being submitted to the irs. Questions and comments were solicited from the board to ensure the completeness and accuracy of this form.”

“Trustees complete written conflicts annually. Different standing committees of the board of trustees monitor and review conflicts of interest for key employees and trustees annually. If a conflict arises, the trustee shall abstain from voting.”

“The compensation for the president is determined by a sub-committee (compensation committee) of the board of trustees. This committee meets after the performance review is completed for the president. Compensation for all employees is compared to cupa standards and annual raises for the community at-large is determined by the executive committee of the administration and presented to the finance committee of the board and full board as part of the operating budget approval process each fiscal year.”

“The organization makes organizational documents available at the siena heights university library and through the university's website. Further, all organizational documents are available upon request.”

“Unrealized gain on value of interest rate swaps 286,774. Change in fair value of pledged receivables -531,915.”

“The process has not changed from the prior year.”