2024-02-28T10:16:28-06:00 2023-06-30 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2022-07-01 231365953 CEDAR CREST COLLEGE CEDA 6106064666 100 COLLEGE DRIVE ALLENTOWN PA 181046196 ELIZABETH A WILSON CFO/TREASURER 6106064666 2024-02-22 1 ELIZABETH WILSON XXX-XX-XXXX 1 KAREN A GRIES P00078514 6128764500 2024-02-22 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ELIZABETH A WILSON 100 COLLEGE DRIVE ALLENTOWN PA 181046196 53167348 0 X WWW.CEDARCREST.EDU X 1867 PA LIBERAL ARTS COLLEGE PRIMARILY FOR WOMEN DEDICATED TO EDUCATING THE NEXT GENERATION OF LEADERS. 27 25 491 30 103673 15503 9765698 6266891 45494485 41792314 5278989 1719564 2627206 2570939 63166378 52349708 19913055 15809432 0 0 20288311 20600309 0 0 995313 15771432 15978439 55972798 52388180 7193580 -38472 102627983 106461474 24602905 24029981 78025078 82431493 X CEDAR CREST COLLEGE IS A LIBERAL ARTS COLLEGE PRIMARILY FOR WOMEN DEDICATED TO THE EDUCATION OF THE NEXT GENERATION OF LEADERS. THE COLLEGE PREPARES STUDENTS FOR LIFE IN A GLOBAL COMMUNITY BY EDUCATING THE WHOLE STUDENT AT ALL STAGES OF LIFE AND EXPERIENCE. 0 0 42083469 15809432 41792314 THE COLLEGE CAMPUS, WITH 19 PRIMARY BUILDINGS, IS LOCATED IN THE WESTERN RESIDENTIAL SECTION OF THE CITY OF ALLENTOWN, PENNSYLVANIA IN THE LEHIGH VALLEY, WHICH HAS A COMBINED POPULATION OF APPROXIMATELY 820,000. THE COLLEGE IS WITHIN 55 MILES OF PHILADELPHIA AND 90 MILES OF NEW YORK CITY. THE COLLEGE SERVES APPROXIMATELY 1,400 STUDENTS AND HAS A 9:1 STUDENT-FACULTY RATIO. THE COLLEGE IS ACCREDITED BY THE MIDDLE STATES COMMISSION ON HIGHER EDUCATION.A WOMEN'S COLLEGE IN ALLENTOWN, PENNSYLVANIA, WAS FIRST ENVISIONED BY THE FATHERS OF THE UNITED CHURCH OF CHRIST, WHO, IN 1867, ESTABLISHED A PROGRAM FOR THEIR DAUGHTERS TO ACHIEVE EDUCATION BEYOND HIGH SCHOOL. MORE THAN 150 YEARS LATER, CEDAR CREST REMAINS PRIMARILY A WOMEN'S COLLEGE DEDICATED TO THE EDUCATION OF THE NEXT GENERATION OF LEADERS. THROUGH ACADEMIC COURSES, STUDENT-LIFE PROGRAMMING, ATHLETICS, ACTIVITIES, AND PRE-PROFESSIONAL PRACTICES, THE COLLEGE EMPOWERS STUDENTS TO MEET THE NEEDS OF THE FUTURE, PURSUE VARIED INTERESTS, INSPIRE PROGRESSIVE THINKING , AND CONTRIBUTE TO THE GLOBAL COMMUNITY.THE COLLEGE IS FOCUSED ON STUDENT SUCCESS, ENGAGEMENT, AND INNOVATIVE EDUCATIONAL OFFERINGS. THE COLLEGE'S LATEST INNOVATIVE OFFERING INCLUDES A MASTER OF PUBLIC HEALTH (MPH) DEGREE, WHICH WAS APPROVED FOR FALL 2024 ENROLLMENT. THE MPH WAS DESIGNED BY THE COLLEGE'S DEPARTMENT OF HEALTH SERVICES AND SUPPORTED BY THE NUTRITION DEPARTMENT. THIS 42-CREDIT ONLINE DEGREE PROGRAM IS DESIGNED TO INCLUDE SERVICE LEARNING, CAPSTONE PRACTICE AND RESEARCH EXPERIENCES. 42083469 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 1 108 0 491 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 27 25 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X ELIZABETH A WILSON 6106064666 100 COLLEGE DRIVE ALLENTOWN PA 181046196 DR ELIZABETH MEADE PRESIDENT 40.00 X X 301452 0 93965 DR MICAH SADIGH TRUSTEE/PROFESSOR 40.00 X 85731 0 11747 ROBIN INGRAM CHAIR 1.00 X X 0 0 0 BARBARA BIGELOW VICE CHAIR 1.00 X X 0 0 0 JOHN ZEMBRON VICE CHAIR 1.00 X X 0 0 0 JONI J BERNER TRUSTEE 1.00 X 0 0 0 WENDY BODY TRUSTEE 1.00 X 0 0 0 TRACY BROOMALL TRUSTEE 1.00 X 0 0 0 NANCY YANUZZI CLEFF TRUSTEE 1.00 X 0 0 0 SYLVIA BETZ GARDNER TRUSTEE 1.00 X 0 0 0 SUE ANN GLOWER TRUSTEE 1.00 X 0 0 0 KIM JORDAN TRUSTEE 1.00 X 0 0 0 REAR ADMIRAL DAVID P KELLER TRUSTEE 1.00 X 0 0 0 STEPHANIE KOBAL TRUSTEE 1.00 X 0 0 0 ROSEMARIE KRAMER TRUSTEE 1.00 X 0 0 0 MICHELLE LAWALL TRUSTEE 1.00 X 0 0 0 PATTI LEHR TRUSTEE 1.00 X 0 0 0 JANET MOORE TRUSTEE 1.00 X 0 0 0 WILLIAM MOYER TRUSTEE 1.00 X 0 0 0 DR MICHAEL PASQUALE TRUSTEE 1.00 X 0 0 0 DR LAMONT ROUSE TRUSTEE 1.00 X 0 0 0 MEG SCHOENEMANN TRUSTEE 1.00 X 0 0 0 DR LORRAINE SOISSON TRUSTEE 1.00 X 0 0 0 CAROLYN STENNETT TRUSTEE 1.00 X 0 0 0 DR HELEN SCOTCH TRUSTEE 1.00 X 0 0 0 CHIMING TSE TRUSTEE 1.00 X 0 0 0 BRIAN WANAMAKER TRUSTEE 1.00 X 0 0 0 AUDRA KAHR CFO/COO/TREASURER 40.00 X 179302 0 22459 ROBERT WILSON PROVOST 40.00 X 141631 0 24846 VALERIE DOWNING VP INSTITUTIONAL ADVANCEMENT 40.00 X 140304 0 15905 DR CALLEY TAYLOR VP STUDENT SUCCESS/DEAN OF STUDENTS 40.00 X 100898 0 13373 MEGHAN GRADY - ASSISTANT TO THE PRES./SECRETARY TO THE BOARD 40.00 X 45211 0 261 ELIZABETH WILSON CFO/TREASURER 40.00 X 0 0 0 LYNN STAPLES INTERIM VP OF INSTITUTIONAL ADVANCEMENT 40.00 X 0 0 0 STEPHANIE WALKER VP FOR ENROLLMENT MANAGEMENT 40.00 X 0 0 0 BIMPE ADENUSI DIRECTOR, ASSISTANT PROFESSOR 40.00 X 176174 0 11754 WENDY ROBB DEAN OF THE SCHOOL OF NURSING 40.00 X 171016 0 19385 SCOTT HOKE DIRECTOR, ASSOCIATE PROFESSOR 40.00 X 137240 0 450 KIMBERLY DAVIS ASSISTANT DIRECTOR, ASSISTANT PROF. 40.00 X 136378 0 8744 WILLIAM WRIGHTSMAN DIRECTOR, ASSISTANT PROFESSOR 40.00 X 130645 0 19761 1745982 0 242650 24 0 1 0 PARKHURST DINING SERVICES PO BOX 644091 PITTSBURGH PA 152644091 FOOD SERVICE 1854773 ALVIN H BUTZ INC 840 W HAMILTON ST STE 600 ALLENTOWN PA 181059255 GENERAL CONTRACTING SERVICES 514074 HT LYONS INC 7165 AMBASSADOR DRIVE ALLENTOWN PA 181069255 GENERAL CONTRACTING SERVICES 481349 SCHOENEN MARKETING LLC 5491 ASHLEY DR LAURYS STATION PA 180591337 MARKETING 325779 CARNEGIE DARTLET LLC 210 LITTLETON RD STE 100 WESTFORD MA 01886 MARKETING 269171 18 74935 1115516 5076440 626693 6266891 TUITION AND FEES 611600 39329924 39329924 RESIDENCE FEES 611600 2153321 2153321 SWIM & SAFETY PROGRAMS 611600 293964 293964 FORTIFIED STUDENT DEPO 611600 14650 14650 INTEREST INCOME ON STU 611600 455 455 41792314 905296 18153 887143 46956 46956 723519 393128 330391 330391 330391 1215304 401036 814268 814268 814268 22780 74935 23476 -696 -696 DINING FEES 611600 2005559 2005559 SUMMER CAMPS 611600 92270 85520 6750 MISCELLANEOUS 611600 84694 84694 11765 11765 2194288 52349708 41792314 103673 4186830 15809432 15809432 1207839 407961 642755 157123 15537259 12711615 2335836 489808 478840 399127 63913 15800 2194736 1742019 360426 92291 1181635 908180 222139 51316 18705 18705 63530 63530 231605 231605 1618099 912520 690232 15347 589361 11026 578256 79 2248343 1109756 1029312 109275 146387 96288 38788 11311 1759145 1117763 641382 788384 710409 72271 5704 95278 84910 7488 2880 421311 284311 137000 3650801 2432595 1218206 422268 34126 388142 AUXILIARY ENTERPRISES 2006546 2006546 MISC. PROGRAM/ADMIN EXP 1193932 806319 378245 9368 MEMBERSHIP FEES 219291 92015 122916 4360 DINING SERVICES 205587 169073 32987 3527 299866 237478 35264 27124 52388180 42083469 9309398 995313 7000 7000 8160684 8205924 1370703 3194788 4335844 600496 400482 525421 97669599 66889512 31997913 30780087 33487889 38599585 7796792 8330059 2076571 2515083 12994105 13703031 102627983 106461474 1130753 1132161 1876411 2559661 17018123 15817358 4577618 4520801 24602905 24029981 X 34072533 32055444 43952545 50376049 78025078 82431493 102627983 106461474 X -38472 3593033 851854 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 841405 X X X X 0 1 3356720 3356720 0 0 34464051 766281 4692087 1465500 -391576 231605 38616890 42076762 659032 -6231367 1489434 305992 244950 34464051 32892693 543744 9984280 1304345 -189289 228899 42076762 32528475 1159882 546773 1358895 -225536 209078 32892693 30623441 2312988 1510705 1320393 288473 200277 32637991 0.08000 0.77000 0.15000 1 0 751331 751331 58064820 36354142 21710678 24664094 19835205 4828889 14189354 10700165 3489189 30780087 ASSETS OF POOLED INCOME FUND 83809 F HIRTLE CALLAGHAN PE OFFSHORE 453435 F HC SELECT EQUITY FUND LP 7792815 F 8330059 ASSETS HELD IN CHARITABLE REMAINDER 6400000 BENEFICIAL INTEREST IN REMAINDER TRUST 7303031 13703031 STUDENT DEPOSITS 136264 AGENCY FUNDS 204778 REFUNDABLE ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 754522 LIABILITIES UNDER SPLIT-INTEREST AGREEMENTS 2862286 CAPITALIZED LEASE OBLIGATIONS PAYABLE 562951 4520801 X 40832185 3593033 20800 416604 4030437 36801748 231605 15316355 15547960 52349708 36425770 20800 416604 437404 35988366 231605 16168209 16399814 52388180 PART III, LINE 4: THE COLLEGE COLLECTIONS ARE USED FOR PUBLIC EXHIBITION, STUDENT RESEARCH AND CLASSROOM STUDY. THE COLLEGE ALSO HAS SEVERAL COLLECTIONS ON LOAN. THE COLLEGE USES THESE COLLECTIONS AS TOOLS FOR INSTRUCTION. PART IV, LINE 1B: EACH YEAR THE COLLEGE BEGINS THE NEW ACADEMIC YEAR WITH ZERO FUNDING. ALL FUNDING FROM FEDERAL & STATE AGENCIES IS DISBURSED TO STUDENTS WITHIN THE ACADEMIC YEAR. PART V, LINE 4: THE INCOME GENERATED FROM THE COLLEGE'S ENDOWMENT IS PRIMARILY UTILIZED FOR SCHOLARSHIP AID AND FUNDING OF EDUCATIONAL PROGRAMS. PART X, LINE 2: THE IRS HAS RULED THAT THE COLLEGE IS TAX-EXEMPT AS A NOT-FOR-PROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE COLLEGE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD IS MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD AT JUNE 30, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 393,128. FUNDRAISING EXPENSES 23,476. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCES 15,667,911. CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS -351,556. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 393,128. FUNDRAISING EXPENSES 23,476. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCES 15,667,911. RECOVERY OF COSTS 500,298. SCHEDULE D, PART V, COLUMN (D), LINE 1A: DUE TO A CHANGE IN PRESENTATION OF THE FINANCIAL STATEMENTS, THE BEGINNING BALANCE IN COLUMN (C), LINE 1A DIFFERS FROM THE ENDING BALANCE FROM COLUMN (D), LINE 1G. THE BEGINNING BALANCE IN PART V FOR FY20 ACCURATELY REPRESENTS THE COLLEGE'S TRUE ENDOWMENT FUND BALANCE AS THIS PRESENTATION HAS BEEN CHANGED. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE NON-DISCRIMINATION POLICY IS LISTED ON PAGE 1 OF THE ACADEMIC CATALOG WHICH IS PROVIDED TO EACH STUDENT TO USE DURING REGISTRATION AND ADVISING. SCHEDULE E, PART I, LINE 6 THE COLLEGE ADMINISTERS TITLE IV GRANT AND LOAN PROGRAMS AND STATE GRANT ASSISTANCE THROUGH PENNSYLVANIA AND RECIPROCAL STATES. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 855081 EUROPE (INCLUDING ICELAND & GREENLAND) 0 15 PROGRAM SERVICES PAN EUROPEAN MASTERS IN FINE ARTS - CREATIVE WRITING 81665 EUROPE (INCLUDING ICELAND & GREENLAND) 0 113 PROGRAM SERVICES STUDY ABROAD 392350 CENTRAL AMERICA AND THE CARIBBEAN 0 20 PROGRAM SERVICES STUDY ABROAD 42751 0 148 0 0 0 148 1371847 0 1371847 1 0 1 1 1 0 PART I, LINE 2: ALL FINANCIAL AID IS TREATED AS A REDUCTION TO TUITION. PART I, LINE 3: ACCRUAL PART III ACCOUNTING METHOD: PART I: THE EXPENSES FOR THE STUDY ABROAD PROGRAMS MAY INCLUDE EXPENSES RELATED TO SPECIFIC STUDY ABROAD TOURS. THE COLLEGE COLLECTS ALL FUNDS FROM STUDENTS AND REMITS THESE FUNDS TO FOREIGN PROGRAMS ON BEHALF OF STUDENTS. THERE ARE NO ADDITIONAL COSTS TO THE COLLEGE RELATED TO THESE TRIPS. SCHOLARSHIPS - THESE FUNDS RELATE TO PROGRAMS FOR WHICH STUDENTS ARE RESPONSIBLE TO REMIT TO THE PROGRAM DIRECTLY. STUDENTS MAY APPLY FOR FEDERAL AND STATE LOANS/GRANTS THROUGH THE COLLEGE TO ASSIST WITH PROGRAM FEES. SCHOLARSHIPS, LOANS/GRANTS THAT STUDENTS APPLY FOR THROUGH THE COLLEGE ARE THEN ISSUED AS REFUND CHECKS FOR THE STUDENTS TO HANDLE THEMSELVES. THE AMOUNT OF "REFUNDS" GIVEN TO STUDENTS IS REPRESENTED ON THE SCHEDULE FOR FINANCIAL AID TO FOREIGN INDIVIDUALS OF THAT REGION. PART IV, LINES 3, 4, AND 5: THE ORGANIZATION HAS OWNERSHIP INTERESTS IN CERTAIN FOREIGN CORPORATIONS AND PARTNERSHIPS, HOWEVER, NO OWNERSHIP INTERESTS EXCEEDED THE THRESHOLD FOR REQUIRING THE FILING OF FORMS 5471, 8621 OR 8865. SCHOLARSHIP CELEBRATION 54690 45930 8760 6176 587 GOLF CLASSIC 43025 29005 14020 2026 9848 90 4749 97715 74935 22780 2026 9848 6266 5336 23476 -696 1 INSTITUTIONAL & FEDERAL AID 762 15676411 STUDENT AID EXPENSE 59 115473 EMERGENCY GRANTS TO STUDENTS 76 17547 PART I, LINE 2: THE OFFICE OF STUDENT FINANCIAL SERVICES ADMINISTERS, RECONCILES, AND REPORTS ALL AID TO STUDENTS IN ACCORDANCE WITH GRANT AGENCY PROCEDURES. FUNDS ARE VERIFIED, REVIEWED, AND RECONCILED TO ENSURE APPROPRIATE RECORDING. PART III, EMERGENCY GRANTS TO STUDENTS: EMERGENCY GRANTS TO STUDENTS REPRESENTS THE HIGHER EDUCATION RELIEF FUNDING PROVIDED BY THE CARES ACT FOR DIRECT DISTRIBUTION TO STUDENTS. X X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 DR ELIZABETH MEADE PRESIDENT 291024 0 0 0 10428 0 33029 0 60936 0 395417 0 0 0 AUDRA KAHR CFO/COO/TREASURER 163155 0 0 0 16147 0 11176 0 11283 0 201761 0 0 0 WENDY ROBB DEAN OF THE SCHOOL OF NURSING 123090 0 0 0 47926 0 7916 0 11469 0 190401 0 0 0 BIMPE ADENUSI DIRECTOR, ASSISTANT PROFESSOR 175269 0 0 0 905 0 0 0 11754 0 187928 0 0 0 ROBERT WILSON PROVOST 141195 0 0 0 436 0 8752 0 16094 0 166477 0 0 0 VALERIE DOWNING VP INSTITUTIONAL ADVANCEMENT 139660 0 0 0 644 0 8487 0 7418 0 156209 0 0 0 WILLIAM WRIGHTSMAN DIRECTOR, ASSISTANT PROFESSOR 128863 0 0 0 1782 0 8263 0 11498 0 150406 0 0 0 PART I, LINE 1A THE COLLEGE PRESIDENT IS REQUIRED, AS A CONDITION OF EMPLOYMENT, TO LIVE AT THE COLLEGE'S PRESIDENTIAL RESIDENCE. THIS BENEFIT WAS NOT INCLUDED IN TAXABLE COMPENSATION AS IT MET THE REQUIREMENTS FOR EXCLUSION UNDER INTERNAL REVENUE CODE SECTION 119(D): IT WAS REQUIRED AS A CONDITION OF EMPLOYMENT, FOR THE CONVENIENCE OF THE EMPLOYER, AND ON OR NEAR THE CAMPUS. THE COLLEGE PROVIDES COUNTRY CLUB DUES AND RESIDENCE AID FOR THE COLLEGE PRESIDENT. THESE AMOUNTS ARE INCLUDED IN TAXABLE COMPENSATION. PART I, LINE 7 THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES RECOMMENDS THE PRESIDENT'S BONUS TO THE FULL BOARD FOR APPROVAL. THE BONUS IS AWARDED BASED ON METRICS THAT NEEDED TO BE ACHIEVED DURING THE YEAR WHICH IS BEING EVALUATED. BONUSES FOR SENIOR OFFICERS ARE DETERMINED BY THE PRESIDENT BASED UPON PERFORMANCE TO ESTABLISHED GOALS IDENTIFIED AT THE BEGINNING OF THE YEAR. EACH CABINET MEMBER'S PERFORMANCE IS EVALUATED AND DOCUMENTED VIA THE PERFORMANCE APPRAISAL PROCESS AND THE ALLOCATION OF BONUSES UPON AVAILABLE RESOURCES. NO BONUSES WERE AWARDED DURING THE YEAR. A MUNICIPAL AUTHORITY OF CUMRU 236000288 2014-12-16 10000000 FINANCE THE REFUNDING OF A PORTION OF THE 2006 LCGPA REVENUE BOND 0 0 0 B MUNICIPAL AUTHORITY OF CUMRU 236000288 2015-06-10 8465000 FINANCE REFUNDING OF A PORTION OF THE 2006, 2007 & 2009 LCGPA REVENUE BONDS 0 0 0 C MUNICIPAL AUTHORITY OF CUMRU 236000288 2017-11-21 5200000 FINANCE RENOVATIONS IN STEINBRIGHT AND TCC STUDENT UNION BULIDING 0 0 0 A 3600000 10000000 102510 9897490 2014 1 1 1 1 B 2920000 8465000 83224 8381776 2015 1 0 1 1 C 1200000 5200000 72876 5127124 2019 0 0 1 1 A 0 0 1 1 0 0 0 1 B 0 0 1 1 0 0 0 1 C 0 0 1 1 0 0 0 1 A 0 0 1 0 1 0 0 0 1 B 0 0 1 0 1 0 0 0 1 C 0 0 0 0 1 0 0 0 1 A 1 B 1 C 1 28950 FINANCIAL AID FINANCIAL AID X 17500 COST X 10 608943 FMV X SPECIAL EVENTS 1 150 COST X SUPPLIES 1 100 COST 0 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL BE COMPRISED OF THE FOLLOWING: THE CHAIRPERSON OF THE BOARD, VICE CHAIRPERSON OF THE BOARD, PRESIDENT OF THE COLLEGE, PRESIDENT OF THE ALUMNAE ASSOCIATION, AND CHAIRS OF THE FOLLOWING COMMITTEES: ACADEMIC AFFAIRS, ADVANCEMENT, AUDIT, ENROLLMENT MANAGEMENT, STUDENT SUCCESS, AND FINANCE AND ENDOWMENT. IN ADDITION, THE CHAIRPERSON OF THE BOARD MAY APPOINT UP TO TWO AD HOC MEMBERS TO SERVE ON THE EXECUTIVE COMMITTEE. THE CHAIRPERSON MAY INVITE OTHER BOARD MEMBERS TO ATTEND EXECUTIVE COMMITTEE MEETINGS AS NEEDED WHEN RELEVANT EXPERTISE IS REQUIRED. THE CHAIRPERSON OF THE BOARD SHALL BE THE CHAIR OF THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL POSSESS AND EXERCISE ALL EXECUTIVE AND SUPERVISORY POWERS OF THE BOARD OF TRUSTEES IN THE INTERVALS BETWEEN MEETINGS OF THE BOARD, SUBJECT, HOWEVER, TO THE REGULATIONS, INSTRUCTIONS AND AUTHORIZATIONS AS MAY FROM TIME TO TIME BE MADE AND GIVEN BY THE BOARD. MEETINGS MAY BE CONVENED TO SET THE AGENDA FOR THE COMING ACADEMIC YEAR OR TO ADVISE THE PRESIDENT AND BOARD CHAIR. SPECIAL MEETINGS MAY BE CALLED BY THE CHAIRPERSON OF THE BOARD OR UPON THE REQUEST OF ANY TWO MEMBERS OF THE EXECUTIVE COMMITTEE. AT LEAST THREE (3) DAYS NOTICE OF THE CONVENING OF A SPECIAL MEETING OF THE EXECUTIVE COMMITTEE SHALL BE GIVEN BY THE SECRETARY, EXCEPT IN CASES OF EXTREME EMERGENCY. MINUTES OF THE PROCEEDINGS OF THE EXECUTIVE COMMITTEE AND A REPORT OF ITS ACTIONS SHALL BE DISTRIBUTED BY THE SECRETARY TO TRUSTEE MEMBERS IN ADVANCE OF THE NEXT CONVENED MEETING OF THE BOARD AND ACCORDING TO ESTABLISHED PROCEDURES. FORM 990, PART VI, SECTION A, LINE 3 THE COLLEGE CONTRACTED WITH CFO COLLEAGUE LLC IN NOVEMBER 2022 AFTER NOTIFICATION OF AUDRA KAHR'S RESIGNATION. THE CONTRACT REMAINED IN EFFECT UNTIL THE END OF JANUARY 2023 WHEN ELIZABETH WILSON WAS HIRED AS A REPLACEMENT CFO/TREASURER. CFO COLLEAGUE LLC ASSIGNED AN INTERIM CFO, WHO WORKED ON A PART-TIME BASIS TO SUPERVISE VARIOUS DEPARTMENTS IN FINANCE & ADMINISTRATION AND PROVIDE BUDGET PLANNING SUPPORT. THE INTERIM CFO WAS ALSO REQUIRED TO REPORT TO THE BOARD OF TRUSTEES AS NEEDED. ANY REMAINING RESPONSIBILITIES ULTIMATELY FELL TO THE PRESIDENT OR OTHER STAFF MEMBERS ON A TEMPORARY BASIS. FORM 990, PART VI, SECTION B, LINE 11B THE CONTROLLER COORDINATES THE PREPARATION OF THE FORM 990 BY THE COLLEGE'S ACCOUNTING FIRM. THE FORM IN ITS ENTIRETY IS REVIEWED BY THE CHIEF FINANCIAL OFFICER/TREASURER. A DRAFT OF THE FULL FORM 990 IS PROVIDED TO MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES AND REVIEWED BY THE AUDIT COMMITTEE AT A MEETING WITH BAKER TILLY, THE INDEPENDENT AUDITORS OF THE COLLEGE. FOLLOWING THAT REVIEW, THE FULL DISCLOSURE COPY OF FORM 990 IS PROVIDED TO EACH TRUSTEE OF THE COLLEGE PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF TRUSTEES AND MEMBERS OF COMMITTEES THEREOF, INCLUDING OFFICERS AND KEY EMPLOYEES, ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY. THE CONFLICT OF INTEREST STATEMENTS ARE MAINTAINED AND MONITORED WITHIN THE OFFICE OF THE PRESIDENT AT THE COLLEGE. IN ADDITION, THE CABINET MUST SIGN THE COLLEGE'S STAFF HANDBOOK ANNUALLY THAT DEALS WITH CONFLICT OF INTEREST AS A MATTER OF POLICY. THE SIGNED DOCUMENT IS STORED WITHIN THE HR DEPARTMENT. POTENTIAL CONFLICTS IDENTIFIED ARE PRESENTED TO THE CHAIR OF THE BOARD OF TRUSTEES WHO CONSULTS WITH THE PRESIDENT AND THE CHIEF FINANCIAL OFFICER AT THE COLLEGE WHO REVIEWS THE INFORMATION PROVIDED. ADDITIONAL INFORMATION IS REQUESTED WHEN NECESSARY. ALL NEW TRUSTEES ARE EVALUATED BY THE FULL BOARD OF TRUSTEES, THE PRESIDENT AND THE CFO FOR POTENTIAL CONFLICTS. ANY IDENTIFIED CONFLICTS ARE ADDRESSED IMMEDIATELY. BOARD MEMBERS WILL ABSTAIN FROM VOTING ON SUCH MATTERS IN WHICH THEY HAVE IDENTIFIED A CONFLICT. THE POLICY EXPRESSLY STATES THAT FAMILY AND BUSINESS RELATIONSHIPS MAY BE SOURCES OF POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT CONSULTANT, AGB-CES, SET THE COMPENSATION FOR THE PRESIDENT IN 2017 AFTER CONDUCTING A COMPENSATION STUDY, INCLUDING A REVIEW OF PEER INSTITUTIONS. THE REPORT WAS UTILIZED BY THE TRUSTEE COMPENSATION COMMITTEE IN SETTING THE SALARY FOR THE PRESIDENT. IN 2018, THE COLLEGE APPOINTED DR. ELIZABETH MEADE AS PRESIDENT WITH A 5 YEAR CONTRACT. THE CONTRACT WAS RENEWED IN 2023 FOR AN ADDITIONAL 5 YEARS. COST OF LIVING ADJUSTMENTS ARE GIVEN ANNUALLY EVERY JANUARY 1ST AS BUDGET PERMITS. COMPENSATION OF THE SR. OFFICERS/CABINET IS CALCULATED BY BENCHMARKING THE SALARIES OF THOSE SIMILAR POSITIONS WITHIN OUR GROUP OF PEERS AND CURRENT PAY SCALES. THE COLLEGE USES SEVERAL COMPENSATION TOOLS TO APPROPRIATELY BENCHMARK THESE SALARIES, SUCH AS CUPA, PAYSCALE, AND SALARIES.COM. THE SALARY COMPARISON IS PERFORMED BY THE HUMAN RESOURCES OFFICE AND PROVIDED TO THE PRESIDENT. THE PRESIDENT REVIEWS THE INFORMATION, AND THE COMPENSATION IS DETERMINED. THE COMPENSATION POLICY IS DOCUMENTED IN THE BOARD AND COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC THROUGH THE FOLLOWING VEHICLES: DUN & BRADSTREET; BLOOMBERG MUNICIPAL REPOSITORY AND FT INTERACTIVE DATA ATTN: NRMSIR. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS 351,556. RECOVERY OF COSTS 500,298. CHARITABLE REMAINDER TRUST (2) CHARITABLE TRUST PA CEDAR CREST COLLEGE T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0