Georgetown University

“The university's bylaws provide that the executive committee of the board of directors is authorized to take all actions that the full board of directors is authorized to take, except that the executive committee may not remove or elect the president. In addition, the concurrence of the full board is necessary in the event that the executive committee takes action with respect to a matter that, under the bylaws, is expressly placed under the direct supervision of the board. The members of the executive committee are nominated by the chairman of the board and are elected by the board for one-year terms. Only directors may serve on the executive committee.”

“WILLIAM R. BERKLEY IS CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER OF W.R. BERKLEY CORPORATION ("WRB") AND SERVES ON THE UNIVERSITY'S BOARD OF DIRECTORS. CHRISTOPHER L. AUGOSTINI, SENIOR VICE PRESIDENT AND CHIEF OPERATING OFFICER OF THE UNIVERSITY, WAS ELECTED TO THE BOARD OF DIRECTORS OF WRB IN MAY 2012 FOR A THREE-YEAR TERM AND ELECTED FOR A SECOND TERM, ENDING IN 2018, IN 2015. DURING THE TAX YEAR ENDED JUNE 30, 2015, MR. AUGOSTINI SERVED ON THE AUDIT COMMITTEE and the nomination and corporate governance committee OF WRB's board.”

“THE UNIVERSITY IS ORGANIZED AS A NON-STOCK CORPORATION (THE "CORPORATION") UNDER a CONGRESSIONAL CHARTER. THE CORPORATION CONSISTS OF FIVE MEMBERS, WHO MEET ANNUALLY. JOHN J. DEGIOIA, PRESIDENT OF THE UNIVERSITY, IS AN EX-OFFICIO MEMBER OF THE CORPORATION. THE OTHER MEMBERS OF THE CORPORATION ARE ELECTED FOR THREE-YEAR TERMS; THEIR TERMS ARE STAGGERED, SO THAT EACH YEAR ONE OR MORE MEMBERS IS ELECTED. AT ANY TIME THAT A VACANCY EXISTS, THE REMAINING MEMBERS, BY A MAJORITY VOTE AT A REGULAR OR SPECIAL MEETING, MAY ELECT A SUCCESSOR TO FILL THE VACANCY.”

“The georgetown university form 990 is reviewed internally by senior management and externally by an independent tax service firm, pricewaterhousecoopers llp, after which it is submitted by the vice president of finance and university treasurer to the audit committee of the university's board of directors for review and discussion. The final form 990 is sent to each board member before filing with the internal revenue service.”

“The university has written conflict of interest policies that apply to all employees, including officers and senior administrators, and to members of the board of directors. These policies require disclosure of interests that could give rise to conflicts and are intended to avoid actual conflicts and the appearance of conflicts. The university's financial conflicts of interest policy, which applies to all employees, requires employees who are in roles where conflicts could reasonably arise to make initial, as well as annual and updated, disclosures of "significant financial interests" and other relationships that could give rise to conflicts of interest and requires "investigators" who are involved in sponsored research to make special disclosures. Conflict of interest officers on each campus (and a special conflict of interest officer for senior officers and administrators) review disclosures, obtain additional information where necessary, and make determinations about the appropriate management of actual or potential conflicts when they arise. Conflict management techniques may include recusal from participation in decision making, divestment of financial interests, monitoring, or other measures. A university-wide financial conflicts of interest committee oversees the implementation of the policy and reviews campus officer determinations. This policy requires annual certifications and disclosures of any circumstances that might give rise to an actual or apparent conflict of interest and prohibits involvement in decision making by any officer or senior administrator who has a conflict. In addition, the university monitors potential conflicts relating to research projects through a required study-specific disclosure and review process. Violations of the university's conflicts policies may result in sanctions up to and including termination of employment. The board of directors conflict of interest policy requires that each director avoid any actual, potential or apparent conflict of interest between the director's personal interests and the interests of the university. Directors are required to complete an annual conflict of interest certification and disclosure form and disclose on a continuing basis any updates to the annual form. The secretary of the university, along with the general counsel of the university, review the annual disclosure forms and consider and determine appropriate remedial actions or procedures, if any.”

“THE SUBCOMMITTEE ON COMPENSATION OF THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS IS CHARGED WITH REVIEWING THE PHILOSOPHY BEHIND, AND STRATEGIES TO IMPLEMENT, THE UNIVERSITY'S COMPENSATION STRUCTURE. IN ADDITION, THE COMPENSATION SUBCOMMITTEE IS RESPONSIBLE FOR: EVALUATING THE PRESIDENT AND DETERMINING HIS COMPENSATION LEVEL; REVIEWING THE RECOMMENDATIONS OF AND ADVISING THE PRESIDENT REGARDING SALARY LEVELS AND EMPLOYMENT AGREEMENTS OF SENIOR OFFICERS; AND PERFORMING ANY OTHER FUNCTION ASSIGNED BY THE EXECUTIVE COMMITTEE. DATA AS TO COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS IS OBTAINED FROM A VARIETY OF SOURCES, INCLUDING INDEPENDENT OUTSIDE CONSULTANTS, AND IS TAKEN INTO CONSIDERATION AS PART OF THE COMPENSATION ASSESSMENT PROCESS. All members of the compensation subcommittee are independent board members. THE LAST REVIEW OF ALL OF THE PERSONS DESCRIBED ABOVE WAS IN JUNE 2015. THE PRESIDENT'S COMPENSATION WAS REVIEWED IN May 2015.”

“THE LAST REVIEW during the tax year OF ALL OF THE PERSONS DESCRIBED ABOVE WAS IN May and JUNE 2015.”

“Georgetown university makes its governing documents, conflict of interest policies, and financial statements available to the public on its website at www.georgetown.edu.”

“Miscellaneous Revenue - Total Revenue: 18541284, Related or Exempt Function Revenue: 18541284, Unrelated Business Revenue: 0, Revenue Excluded from Tax Under Sections 512, 513, or 514: 0;”

“(Expenses $ 90,444,761 including grants of $ 2,110,632)(Revenue $ 56,062,412) OTHER PROGRAM SERVICES: Including student services expenditures for activities whose primary purpose is to contribute to the student's emotional and physical well-being and to his or her intellectual, cultural, and social development outside the context of the formal instruction program.”

“(Expenses $ 68,640,206 including grants of $ 0)(Revenue $ 107,592,262) AUXILIARY SERVICES: VARIOUS GOODS AND SERVICES ARE PROVIDED FOR THE BENEFIT OF STUDENTS, FACULTY AND STAFF. THE PRIMARY CATEGORIES INCLUDED ARE FOOD AND VENDING SERVICES, BANKING SERVICES, MAIL SERVICES, PRINTING AND GRAPHICS SERVICES, BOOKSTORES, PARKING FACILITIES, TRANSPORTATION SERVICES AND A CONFERENCE CENTER AND GUEST FACILITY.”

“(Expenses $ 14,020,759 including grants of $ 0)(Revenue $ 0) PUBLIC SERVICE: PRIMARILY THROUGH THE RECEIPT OF GOVERNMENT AND PRIVATE GRANTS AND CONTRACTS, GEORGETOWN UNIVERSITY IS ABLE TO PROVIDE COMMUNITY SERVICE PROGRAMS AND NON-INSTRUCTIONAL SERVICES BENEFICIAL TO INDIVIDUALS AND GROUPS EXTERNAL TO THE UNIVERSITY.”

“Other Services - Total Expense: XXX-XX-XXXX, Program Service Expense: 99319515, Management and General Expenses: 5354914, Fundraising Expenses: 1047562; Prof. Academic - Total Expense: 12505958, Program Service Expense: 12505958, Management and General Expenses: , Fundraising Expenses: ; Subaward Services - Total Expense: 27694796, Program Service Expense: 27694796, Management and General Expenses: , Fundraising Expenses: ; Teaching Services - Total Expense: 15303134, Program Service Expense: 15303134, Management and General Expenses: , Fundraising Expenses: ; Stipends - Total Expense: 7496298, Program Service Expense: 7496298, Management and General Expenses: , Fundraising Expenses: ;”

“Spending Rate Allocated to Operations - -63808062; Pension and Postretirement Credit - -4522233; Other Non Operating Activity - -5633739; Change in Value of Split Interest Agreements - -741869;”

“The Chief Investment Officer's bonus historically has been based on endowment performance. However, the bonus is not calculated as a percentage of revenue.”