2024-04-15T13:55:24-05:00 2023-05-31 251408703 SCHNEIDER DOWNS & CO INC ONE PPG PLACE SUITE 1700 PITTSBURGH PA 15222 990 2022-06-01 340714626 ASHLAND UNIVERSITY ASHL 4192895011 401 COLLEGE AVENUE ASHLAND OH 44805 MARC PASTERIS VICE PRESIDENT & CFO 4192895011 2024-04-15 1 MARC PASTERIS 999009999 0 SARAH R PIOT P01358891 4122613644 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR CARLOS CAMPO 401 COLLEGE AVENUE ASHLAND OH 44805 154229722 0 X WWW.ASHLAND.EDU X 1878 OH INSTITUTION OF HIGHER EDUCATION 29 28 2565 30 542117 0 66347850 23561229 109621447 103626937 3841080 3761841 -395599 -230146 179414778 130719861 38334196 28251302 0 0 65237726 63832035 433627 455564 2756916 40812210 45810236 144817759 138349137 34597019 -7629276 314084834 305829555 95300973 97211174 218783861 208618381 ASHLAND UNIVERSITY, GUIDED BY OUR CHRISTIAN HERITAGE, IS A COMPREHENSIVE, PRIVATE UNIVERSITY THAT PROVIDES A TRANSFORMATIVE LEARNING EXPERIENCE, SHAPING GRADUATES WHO WORK, SERVE AND LEAD WITH INTEGRITY IN THEIR LOCAL, NATIONAL, AND GLOBAL COMMUNITIES. 0 0 114537404 27890338 86476611 ASHLAND UNIVERSITY OFFERS MORE THAN 70 DIFFERENT ACADEMIC PROGRAMS AT THE BACHELOR'S, MASTER'S, AND DOCTORATE LEVELS. THE ACADEMIC PROGRAMS ARE DIVERSE AND RICH IN OPPORTUNITIES FOR OUR STUDENTS. THE INTEGRATION OF THE LIBERAL ARTS AND CAREER DEVELOPMENT IS A MAJOR STRENGTH OF ASHLAND UNIVERSITY. THE UNIVERSITY CONSISTS OF THE COLLEGE OF ARTS AND SCIENCES, COLLEGE OF BUSINESS AND ECONOMICS, COLLEGE OF EDUCATION, COLLEGE OF NURSING AND HEALTH SCIENCES, EASHLAND AND ASHLAND THEOLOGICAL SEMINARY. THE ACADEMIC AFFAIRS DIVISION ALSO OVERSEES LIBRARY SERVICES, GLOBAL EDUCATION, AND ACADEMIC SUPPORT INCLUDING ADVISING AND TUTORING SERVICES. 15290200 360964 17149326 THE UNIVERSITY'S AUXILIARY ENTERPRISE OPERATIONS EXIST PRIMARILY TO FURNISH GOODS AND SERVICES TO STUDENTS, FACULTY, AND STAFF. MANAGED AS ESSENTIALLY SELF-SUPPORTING ACTIVITIES, THE UNIVERSITY'S AUXILIARY ACTIVITIES CONSIST PRIMARILY OF HOUSING SERVICES, DINING SERVICES, CAMPUS STORES, COPY SERVICES, AND LAUNDRY SERVICES. 129827604 1 1 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 1 0 0 0 1 10884 0 1 2565 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 0 0 X 29 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 AL CA CT GA HI KY MD MA NH NJ NY PA RI SC TN AK AZ AR CO DE FL ID IL IN IA KS LA ME MI MN MS MO MT NE NV NM NC ND OH OK OR SD TX UT VT VA WA WV WI WY X JANET EDWARDS CPA 4192075574 401 COLLEGE AVENUE ASHLAND OH 44805 JAMES H HESS CHAIR 1.00 0.00 X X 0 0 0 JOYCE LAMB VICE CHAIR 1.00 0.00 X X 0 0 0 STEVEN COLE SECRETARY 1.00 0.00 X X 0 0 0 THOMAS MINNICH ASSISTANT SECRETARY 1.00 0.00 X X 0 0 0 RONALD B ALFORD TRUSTEE 1.00 0.00 X 0 0 0 ROBERT M ARCHER TRUSTEE 1.00 0.00 X 0 0 0 RICH ARMENTROUT TRUSTEE (ENTER 5/23) 1.00 0.00 X 0 0 0 RICKEY BOLDEN TRUSTEE 1.00 0.00 X 0 0 0 FRED B BROAD TRUSTEE 1.00 0.00 X 0 0 0 DAVID M BUSH TRUSTEE 1.00 0.00 X 0 0 0 MARK E CAMP TRUSTEE 1.00 0.00 X 0 0 0 DANIEL COFFEE TRUSTEE 1.00 0.00 X 0 0 0 JOHN DENMAN TRUSTEE 1.00 0.00 X 0 0 0 REID FIRESTONE TRUSTEE 1.00 0.00 X 0 0 0 DAVID E GRAETZ TRUSTEE 1.00 0.00 X 0 0 0 PATRICIA M GRAVATT TRUSTEE 1.00 0.00 X 0 0 0 NEIL GUPTA TRUSTEE (EXIT 5/23) 1.00 0.00 X 0 0 0 REBECCAH HEINRICHS TRUSTEE 1.00 0.00 X 0 0 0 TERRY A HOFECKER TRUSTEE 1.00 0.00 X 0 0 0 DR G EMERY HURD TRUSTEE 1.00 0.00 X 0 0 0 DEBORAH L KARL TRUSTEE 1.00 0.00 X 0 0 0 PAUL E MCKNIGHT TRUSTEE 1.00 0.00 X 0 0 0 FRED MILLER TRUSTEE 1.00 0.00 X 0 0 0 ROBYN C MINNEAR TRUSTEE 1.00 0.00 X 0 0 0 DUSTIN J NESS TRUSTEE 1.00 0.00 X 0 0 0 JAMES R SMAIL TRUSTEE 1.00 0.00 X 0 0 0 TIMOTHY L SOLOMON TRUSTEE 1.00 0.00 X 0 0 0 ROBERT G WARD II TRUSTEE 1.00 0.00 X 0 0 0 SCOTT WILLIAMS TRUSTEE 1.00 0.00 X 0 0 0 DAVID H OVERDORF TRUSTEE 1.00 0.00 X 0 0 0 DR CARLOS CAMPO PRESIDENT 40.00 0.00 X 423781 0 41256 AMIEL JARSTFER PROVOST 40.00 0.00 X 176027 0 25008 PATRICK EWING VP OF FACILITIES MGMT & PLANNING 40.00 0.00 X 131891 0 100306 MARC PASTERIS VP OF FINANCE & CFO 40.00 0.00 X 167905 0 35075 KEITH RAMSDELL VP OF ENROLLMENT MGMT & MARKETING 40.00 0.00 X 112426 0 57768 ROBERT POOL VP OF STUDENT AFFAIRS 40.00 0.00 X 119771 0 54961 JOHN BYRON DEAN OF SEMINARY (EXIT 5/23) 40.00 0.00 X 109639 0 25774 JEFFREY SIKKENGA EXECUTIVE DIRECTOR, ASHBROOK CENTER 40.00 0.00 X 197124 0 38187 SIVAKUMAR VENKATARAMANAY PROFESSOR 40.00 0.00 X 195856 0 35270 ROBERT STOLL ASSOCIATE PROFESSOR 40.00 0.00 X 167708 0 30690 CHAD KIFER DIRECTOR, DEV & STRATEGIC PARTNERS 40.00 0.00 X 168215 0 21630 AMY KLINGER PROFESSOR 40.00 0.00 X 164733 0 13796 2135076 0 479721 63 0 1 0 SIMONSON CONSTRUCTION SERVICES INC 2112 TROY ROAD ASHLAND OH 44805 CONSTRUCTION 12232112 ADENA 1310 W FOURTH STREET MANSFIELD OH 44906 CONSTRUCTION 2875577 VIVID FRONT LLC (INC) 1340 SUMMER AVENUE CLEVELAND OH 44115 ADVERTISING AND MARKETING 1745423 VINYL MARKETING 17 E MAIN STREET ASHLAND OH 44805 ADVERTISING AND MARKETING 1063598 ELLUCIAN LP 4 COUNTRY VIEW ROAD MALVERN PA 19355 SOFTWARE AND SERVICES 1024100 35 164957 752717 3490450 19153105 289865 23561229 TUITION & FEES 611710 86476611 86476611 AUXILIARY ENTERPRISES 611710 17150326 17150326 103626937 2212344 20187 2192157 1801 1801 19361348 215000 17981078 45773 1380270 169227 1549497 1549497 75985 164957 189438 -113453 -113453 5175078 5293572 -118494 521930 -640424 130719861 103626937 542117 2989578 X 28251302 28251302 1570789 643970 659069 267750 48829043 45732124 2104437 992482 942185 869309 52700 20176 8754285 8312648 308372 133265 3735733 3268642 397360 69731 201679 201679 181712 181712 455564 455564 92549 92549 6379624 5591678 379758 408188 4644306 4595278 21615 27413 4262269 3768392 434355 59522 452079 353531 51274 47274 3905685 3887261 18424 2704912 2530915 29174 144823 84608 70428 3497 10683 3683146 3683146 6718803 6718803 1491232 1015705 475527 DOE - SEE SCHEDULE O 6364966 6364966 0 0 HOSPITALITY 1207015 1073615 66569 66831 INSTRUCTIONAL COST 464006 464006 0 0 BAD DEBT/COLLECTION 456537 456537 0 0 2515108 2175348 286546 53214 138349137 129827604 5764617 2756916 12446 12560 49098675 35490224 25555414 12781914 20605447 24188894 1433596 1350573 584151 622320 1183535 1176181 301056159 138398395 150002824 162657764 57616763 56879025 3474162 6637599 4517821 4032501 314084834 305829555 15512394 19552873 14173332 14361291 60629122 59342291 244549 100000 4741576 3854719 95300973 97211174 X 114416549 121289783 104367312 87328598 218783861 208618381 314084834 305829555 X -7629276 -2103135 -433069 X X 0 1 X 1 1 1 X 9933709 25500204 36070768 66347850 23561229 161413760 9933709 25500204 36070768 66347850 23561229 161413760 37156234 124257526 2638876 1522782 946249 1002811 2193958 8304676 169718436 1466037120 0.73210 0.76100 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 5 257.86 0 0 0 1 0 0.00 0 1 X X 0 58736343 1467736 217454 1742813 72828 58605892 61340051 3329715 -4832437 1028238 72748 58736343 47561734 2216787 12755899 1119960 74409 61340051 45330389 1283932 1801573 907280 53120 47561734 45554224 1537067 -148675 1534310 77917 45330389 0.01737 0.98263 0.00000 0 0 19318331 19318331 208190463 84969853 123220610 43739179 39662560 4076619 29808186 13765982 16042204 162657764 CAPITAL LEASE OBLIGATIONS 811925 ACCRUED CHARITABLE GIFT ANNUITY 1578600 ADVANCES FROM FEDERAL GOVERNMENT 1464194 3854719 X 105495168 -2103135 -28512019 -30615154 136110322 92549 -5483010 -5390461 130719861 115660648 5483010 5483010 110177638 92549 28078950 28171499 138349137 PART II, LINE 9: CONSERVATION EASEMENTS ARE RECORDED ON THE STATEMENT OF FINANCIAL POSITION AT COST IF PURCHASED AND AT FAIR VALUE AS OF THE DATE OF CONTRIBUTION IF RECEIVED BY DONATION. MAJOR IMPROVEMENTS ARE CAPITALIZED AT COST. FOR THE STATEMENT OF ACTIVITIES, NO REVENUES HAVE BEEN GENERATED BY CONSERVATION EASEMENTS AND, THEREFORE, NONE RECORDED. EXPENSES FOR UPKEEP AND DEPRECIATION, IF APPLICABLE, ARE CHARGED TO UNRESTRICTED EXPENSE WHEN INCURRED. PART III, LINE 4: VARIOUS PAINTINGS AND SCULPTURES ARE HELD TO STIMULATE ARTISTIC APPRECIATION AND TO ENHANCE THE EDUCATION THAT THE UNIVERSITY IS SEEKING TO PROVIDE. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 700 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. SPECIFICALLY, THESE PURPOSES INCLUDE SCHOLARSHIPS TO STUDENTS TO ATTEND THE UNIVERSITY AS WELL AS SUPPORTING THE PROGRAMS AND ACTIVITIES OF THE UNIVERSITY. PART X, LINE 2: THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. HOWEVER, TO THE EXTENT THAT CERTAIN AUXILIARY REVENUES EXCEED RELATED EXPENSES, THEY ARE CONSIDERED TO BE UNRELATED BUSINESS INCOME AND SUBJECT TO INCOME TAX. THE UNIVERSITY FOLLOWS THE CODIFICATION TOPIC ON INCOME TAXES. THE TOPIC PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN FINANCIAL STATEMENTS. THE UNIVERSITY'S STATEMENTS OF FINANCIAL POSITION AT MAY 31, 2023 AND 2022 DO NOT INCLUDE ANY LIABILITIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS; FURTHER, THE UNIVERSITY HAS NO UNRECOGNIZED TAX BENEFITS. THE UNIVERSITY IS NO LONGER SUBJECT TO EXAMINATION OF ITS TAX RETURNS FOR YEARS BEFORE 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -433,069. TUITION DISCOUNTS -27,908,988. BANK FEES -169,962. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE -189,438. COST OF GOODS SOLD -5,293,572. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE 189,438. COST OF GOODS SOLD 5,293,572. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS 27,908,988. BANK FEES 169,962. 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 UNIVERSITY PUBLICIZES ITS RACIALLY NONDISCRIMINATORY POLICY ON ITS WEBSITE. THE POLICY IS ALSO LOCATED IN THE EMPLOYEE AND STUDENT HANDBOOKS. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FEDERAL FUNDING FROM THE FEDERAL GOVERNMENT FOR FEDERAL WORK-STUDY AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS. THE UNIVERSITY ALSO PARTICIPATES IN THE PERKINS LOAN PROGRAM AND THE FEDERAL NURSING LOAN PROGRAM, PARTIALLY FUNDED BY THE FEDERAL GOVERNMENT. IN ADDITION, STUDENTS MAY RECEIVE VETERAN BENEFITS, GRANTS OR LOANS THROUGH FEDERAL PELL GRANT AND FEDERAL DIRECT LOAN PROGRAMS OR THROUGH SIMILAR STATE PROGRAMS. EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 35000 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD 98017 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES ANNUAL COMPUTER SOFTWARE LICENSE 84309 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD 5100 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES CONSULTING 400 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 3000 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS N/A 2155050 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES MARKETING/WEB DESIGN 84432 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES ANNUAL COMPUTER SOFTWARE LICENSE 26325 SOUTH ASIA 0 0 PROGRAM SERVICES STUDENT RECRUITMENT 31250 SOUTH ASIA 0 0 PROGRAM SERVICES STUDY ABROAD 1800 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES CONSULTING 35660 0 0 0 0 0 0 2465308 95035 2560343 1 0 0 1 1 0 PART III ACCOUNTING METHOD: X X X X X X X 1 CLEARWORLD COMMUNICATIONS GROUP 10302 BRISTOW CENTER DR BRISTOW VA 20136 HIGH-DOLLAR DIRECT MAIL FUNDRAISING 0 425855 85501 340354 BUSINESSMINE LLC 784 OAK CREEK DRIVE LOMBARD IL 60148 DESIGN AND SEND PRINTED FUNDRAISING MATERIALS 0 0 28425 0 VINYL MARKETING 12 WEST MAIN STREET ASHLAND OH 44805 DESIGN AND FUNDRAISING CONTENT 0 0 175138 0 NEXT AFTER LLC 5810 TENNYSON PKWY PLANO TX 75024 DIGITAL FUNDRAISING 0 0 166500 0 425855 455564 340354 AL AK AR CA CO CT DC FL GA HI IL KS KY ME MD MA MI MN MS NV NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI AZ DE IN IA LA MO MT NE ID SD TX WY MEMORIAL DINNER 159717 149957 9760 23540 94392 EAGLER GOLF OUTING 81225 15000 66225 49199 22307 240942 164957 75985 72739 116699 189438 -113453 1 SCHOLARSHIPS, FINANCIAL AID AND GRANTS 6299 28251302 0 N/A N/A PART I, LINE 2: THE MAJORITY OF GRANTS AND ASSISTANCE PROVIDED BY THE UNIVERSITY IS IN THE FORM OF SCHOLARSHIPS AND FINANCIAL AID TO OFFSET THE COST OF TUITION, ROOM AND BOARD FOR ITS STUDENTS. THESE FUNDS ARE AWARDED THROUGH THE UNIVERSITY'S FINANICAL AID OFFICE BASED ON A COMBINATION OF MERIT AND NEED. THEY ARE DISBURSED DIRECTLY TO THE STUDENT'S BILLING ACCOUNT BY THE OFFICE OF STUDENT ACCOUNTS. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DR CARLOS CAMPO PRESIDENT 367921 0 0 0 55860 0 8930 0 32326 0 465037 0 0 0 JEFFREY SIKKENGA EXECUTIVE DIRECTOR, ASHBROOK CENTER 189359 0 0 0 7765 0 5871 0 32316 0 235311 0 0 0 PATRICK EWING VP OF FACILITIES MGMT & PLANNING 131591 0 0 0 300 0 4101 0 96205 0 232197 0 0 0 SIVAKUMAR VENKATARAMANAY PROFESSOR 191505 0 0 0 4351 0 3390 0 31880 0 231126 0 0 0 MARC PASTERIS VP OF FINANCE & CFO 167100 0 0 0 805 0 4422 0 30653 0 202980 0 0 0 AMIEL JARSTFER PROVOST 175206 0 0 0 821 0 4050 0 20958 0 201035 0 0 0 ROBERT STOLL ASSOCIATE PROFESSOR 167201 0 0 0 507 0 2930 0 27760 0 198398 0 0 0 CHAD KIFER DIRECTOR, DEV & STRATEGIC PARTNERS 167958 0 0 0 257 0 3329 0 18301 0 189845 0 0 0 AMY KLINGER PROFESSOR 164503 0 0 0 230 0 2033 0 11763 0 178529 0 0 0 ROBERT POOL VP OF STUDENT AFFAIRS 119512 0 0 0 259 0 3091 0 51870 0 174732 0 0 0 KEITH RAMSDELL VP OF ENROLLMENT MGMT & MARKETING 112178 0 0 0 248 0 2400 0 55368 0 170194 0 0 0 PART I, LINE 1A HOUSING ALLOWANCES WERE PROVIDED FOR THE PRESIDENT AND ASHBROOK EXECUTIVE DIRECTOR AND WERE INCLUDED IN THEIR TAXABLE COMPENSATION. A ECONOMIC DEVELOPMENT AND FINANCE ALLIANCE OF TUSCARAWAS COUNTY 300012117 90069GAA1 2015-07-29 13270000 PAYOFF PREVIOUS DEBT & CAPITAL IMPROVEMENTS 0 0 0 B ECONOMIC DEVELOPMENT AND FINANCE ALLIANCE OF TUSCARAWAS COUNTY 300012117 90069GAB9 2015-07-29 54085000 PAYOFF PREVIOUS DEBT & CAPITAL IMPROVEMENTS 0 0 0 A 7120000 13270000 984665 146116 264279 985079 638765 10247155 2027 1 0 1 1 B 54085000 4013235 595529 1077133 4014921 2603437 41764686 2045 1 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 0 B 0 SCOTT WILLIAMS AU TRUSTEE - CEO & 100% OWNER OF VINYL MARKETING 1027548 ADVERTISING, MARKETING, AND WEB DESIGN 0 X 6 289865 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): THE NUMBER REPRESENTS THE NUMBER OF CONTRIBUTORS FOR THE YEAR ENDED MAY 31, 2023. FORM 990, PART VI, SECTION A, LINE 1A WHEN THE BOARD OF TRUSTEES IS NOT IN SESSION, THE EXECUTIVE COMMITTEE SHALL HAVE THE AUTHORITY TO EXERCISE ALL THE FUNCTIONS OF THE BOARD OF TRUSTEES. AS DESCRIBED IN THE BOARD POLICY MANUAL, THE EXECUTIVE COMMITTEE MAY NOT HIRE OR REMOVE THE PRESIDENT, CHANGE THE BY-LAWS OF THIS POLICY AND PROCEDURE MANUAL, MAKE CHANGES TO THE MISSION, APPROVE MAJOR CONSTRUCTION PROJECTS, INCUR DEBT FINANCING, SELL OR ACQUIRE MAJOR ASSETS OR ELECT BOARD MEMBERS. MINUTES OF THE EXECUTIVE COMMITTEE SHALL BE PRESENTED TO THE FULL BOARD FOR THEIR APPROVAL AT THE NEXT BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY THE CONTROLLER AND THEIR STAFF WITH THE ASSISTANCE OF AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM. UNIVERSITY MANAGEMENT REVIEWS THE FORM 990 FOR COMPLETENESS AND ACCURACY. THE AUDIT AND COMPLIANCE SUB-COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND ACCEPTS THE FORM 990 PRIOR TO E-FILING. THE ENTIRE BOARD OF TRUSTEES ARE PROVIDED ACCESS TO THE FILING COPY, GIVEN THE OPPORTUNITY TO ASK MANAGEMENT QUESTIONS AND REVIEW THE FORM 990 PRIOR TO ISSUANCE. EITHER THE EXECUTIVE COMMITTEE OR THE ENTIRE BOARD WILL ACCEPT THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS AND OFFICERS SIGN A CONFLICT OF INTEREST DISCLOSURE FORM ANNUALLY. STAFF IN THE PRESIDENT'S OFFICE REVIEW THE SIGNED FORMS FOR COMPLETENESS AND DISCLOSURE OF CONFLICTS. ANY MEMBER WHO HAS A CONFLICT RECUSES HIMSELF OR HERSELF FROM THE DISCUSSION AND VOTING TOPICS AT BOARD MEETINGS. ALL INTERESTED PERSONS, INCLUDING BOARD MEMBERS, OFFICERS, AND HIGHLY COMPENSATED INDIVIDUALS ALSO COMPLETE AN ANNUAL QUESTIONNAIRE REGARDING POTENTIAL CONFLICTS WHICH MIGHT EXIST. THE RESPONSES TO THIS QUESTIONNAIRE ARE REVIEWED BY THE OFFICE OF BUSINESS AFFAIRS. THE EMPLOYEE HANDBOOK HAS A CONFLICT OF INTEREST STATEMENT THAT COVERS ALL EMPLOYEES OF THE UNIVERSITY. THE AUDIT AND COMPLIANCE SUB-COMMITTEE OF THE BOARD OF TRUSTEES IS PROVIDED A SUMMARY OF ANY CONFLICTS THAT EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES IS RESPONSIBLE FOR SETTING COMPENSATION FOR THE PRESIDENT. THE INDEPENDENT BOARD REVIEWED AND APPROVED THE LEVEL OF COMPENSATION FOR THE CURRENT PRESIDENT BASED ON VARIOUS FACTORS, INCLUDING REVIEW OF PRESIDENTIAL COMPENSATION PACKAGES AT COMPARABLE INSTITUTIONS AND REVIEW OF THE MARKET OF PRESIDENTS WITH SIMILAR LEVELS OF EXPERTISE AS THE PRESIDENT. THE PRESIDENTIAL ASSESSMENT COMMITTEE OF THE BOARD CONDUCTS ON-GOING ANALYSIS OF PRESIDENTIAL COMPENSATION AND MAKES ADJUSTMENTS BASED ON PERFORMANCE AND MARKET DATA. THE UNIVERSITY USES PEER DATA AND INTERNAL EQUITY CONSIDERATIONS TO SET COMPENSATION FOR ALL OTHER EMPLOYEES. THE PRESIDENT SETS COMPENSATION FOR VICE PRESIDENTS USING THE COMPENSATION STUDY, OTHER INDUSTRY COMPENSATION COMPILATIONS AND COMPARING SIMILARLY SITUATED INSTITUTIONS. THIS PROCESS IS COMPLETED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE KEPT ON-SITE AND ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 24A, DOE EXPENSES: IN SEPTEMBER 2021, THE OFFICE OF THE U.S. DEPARTMENT OF EDUCATION'S OFFICE OF FEDERAL STUDENT AID, CONDUCTED A FOCUSED PROGRAM REVIEW FOR THE 2019-20 AND 2020-21 ACADEMIC YEARS OF ASHLAND UNIVERSITY'S PARTICIPATION IN THE EXPERIMENTAL SITES INITIATIVE PELL GRANT AND FEDERAL WORK STUDY PROGRAMS. THE OFFICE OF THE U.S. DEPARTMENT OF EDUCATION'S OFFICE OF FEDERAL STUDENT AID ISSUED ITS FINAL PROGRAM REVIEW DETERMINATION IN SEPTEMBER 2022, AND ASSESSED A LIABILITY TOTALING $6,131,790. ASHLAND UNIVERSITY FILED AN APPEAL BEFORE THE U.S. DEPARTMENT OF EDUCATION OFFICE OF HEARING AND APPEALS. UPON CONCLUSION OF THE APPEAL PROCESS, THE CHIEF ADMINISTRATIVE LAW JUDGE UPHELD THE U.S. DEPARTMENT OF EDUCATION'S OFFICE OF FEDERAL STUDENT AID FINAL PROGRAM REVIEW DETERMINATION. AS A RESULT OF THE FINAL DECISION FROM THE CHIEF ADMINISTRATIVE LAW JUDGE, ASHLAND UNIVERSITY HAS RECORDED A LIABILITY OF AN ESTIMATED AMOUNT OF $6,364,966 INCLUDING INTEREST AND PENALTY FOR THE FISCAL YEAR ENDING MAY 31, 2023, RELATED TO FISCAL YEARS ENDING MAY 31, 2020 AND 2021. ASHLAND UNIVERSITY HAS APPEALED AND FILED A COMPLAINT IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF OHIO EASTERN DISTRICT AT CLEVELAND. THE UNIVERSITY CONTINUES TO VIGOROUSLY DEFEND ITSELF AGAINST THE FINDING AND THE RESULTING FINANCIAL ASSESSMENT AND HAS ENGAGED EXTERNAL LEGAL COUNSEL. A COMPLETE RESOLUTION OF THIS MATTER MAY REQUIRE A SIGNIFICANT PERIOD OF TIME. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENT -433,069. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT AND COMPLIANCE SUB-COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR. FRIENDS OF ASHBROOK CENTER PO BOX 5192 ASHLAND OH 44805 341581651 PROVIDES SUPPORT TO THE ASHBROOK CENTER OH 501(C)(3) LINE 12D, III-O N/A 0 ASHLAND LEGACY TRUST PO BOX 384 ASHLAND OH 44805 456496788 SEE PART VII FOR PRIMARY ACTIVITY OH T 1.00000 0 ASHLAND THEOLOGICAL SEMINARY FOUNDATION 910 CENTER STREET ASHLAND OH 44805 341202588 PROVIDES SUPPORT TO ASHLAND THEOLOGICAL SEMINARY OH C 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 PART IV, COLUMN (B), PRIMARY ACTIVITY: THE TRUST HOLDS LIFE INSURANCE POLICIES ON SEVERAL OF THE UNIVERSITY'S CURRENT AND FORMER BOARD MEMBERS AND OTHERS.