2025-04-11T17:09:59-05:00 2024-05-31 135565207 KPMG LLP 8350 BROAD STREET SUITE 900 MCLEAN VA 22102 990 2023-06-01 520591661 MARYLAND INSTITUTE MARY 4102252352 1300 MOUNT ROYAL AVENUE BALTIMORE MD 21217 DANIEL CRONIN EVP FOR FIN/ADMIN & CFO 4102252352 2025-04-09 1 0 BRIAN KEARNS P02061479 7032868000 2025-04-09 2023 2025-03-06 01:10:19Z MARYLAND INSTITUTE COLLEGE OF ART CECELIA MCCORMICK 1300 MOUNT ROYAL AVE BALTIMORE MD 21217 170005365 0 X WWW.MICA.EDU X 1826 MD DEGREE GRANTING COLLEGE-MARYLAND INSTITUTE COLLEGE OF ART IS A PRIVATE COLLEGE (SEE SCHEDULE O) 32 32 1898 30 155378 38305 11999422 12641659 105682457 100720129 4078360 20569181 402815 675568 122163054 134606537 35030660 35660734 0 0 53403263 55031208 6893 0 1705104 34141050 35430646 122581866 126122588 -418812 8483949 319808678 321267295 99511371 95568576 220297307 225698719 DEGREE GRANTING COLLEGE-MARYLAND INSTITUTE COLLEGE OF ART IS A PRIVATE COLLEGE DEDICATED TO THE EDUCATION OF PROFESSIONAL ARTISTS AND THE FURTHER ADVANCEMENT OF ART IN THE COMMUNITY. 0 0 92455568 35660734 101032414 ACCREDITED COLLEGE WITH PROGRAMS IN FINE ARTS, APPLIED ARTS, AND ART EDUCATION; APPROXIMATELY 1,700 STUDENTS, GRANTS ARE DISBURSEMENTS FOR STUDENTS' FINANCIAL AID, STUDENT AWARDS, FELLOWSHIPS, AND FOR FACULTY DEVELOPMENT GRANTS. 92455568 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 1806 0 1 1898 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 32 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA GA IL IN LA MA MD MT NY OR WI X DANIEL CRONIN 4102252352 1300 MOUNT ROYAL AVE BALTIMORE MD 21217 JOHN ANGELOS TRUSTEE 1.00 0.00 X 0 0 0 JAMES BLUE TRUSTEE 1.00 0.00 X 0 0 0 JOHN BROTHERS TRUSTEE 1.00 0.00 X 0 0 0 AMY BRUSSELBACK TRUSTEE 1.00 0.00 X 0 0 0 JEFFREY BUNTING TRUSTEE 1.00 0.00 X 0 0 0 JUDITH BURTON TRUSTEE 1.00 0.00 X 0 0 0 SHARON BUTLER TRUSTEE 1.00 0.00 X 0 0 0 DIANE CHO TRUSTEE 1.00 0.00 X 0 0 0 WONHONG CHO TRUSTEE 1.00 0.00 X 0 0 0 STUART CLARKE TRUSTEE 1.00 0.00 X 0 0 0 STUART COOPER TRUSTEE 1.00 0.00 X 0 0 0 GWEN DAVIDSON TRUSTEE 1.00 0.00 X 0 0 0 RONALD FIDLER TRUSTEE 1.00 0.00 X 0 0 0 ANN GARFINKLE TRUSTEE 1.00 0.00 X 0 0 0 KIBEBE GIZAW TRUSTEE 1.00 0.00 X 0 0 0 FREDYE WRIGHT GROSS TRUSTEE 1.00 0.00 X 0 0 0 SCOTT HABER TRUSTEE 1.00 0.00 X 0 0 0 JULIANA HARRIS TRUSTEE 1.00 0.00 X 0 0 0 WENDY JACHMAN TRUSTEE 1.00 0.00 X 0 0 0 ERIC JORDAHL TRUSTEE 1.00 0.00 X 0 0 0 THIBAULT MANEKIN TRUSTEE 1.00 0.00 X 0 0 0 NEIL MEYERHOFF TRUSTEE 1.00 0.00 X 0 0 0 JAMES MILLER TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL MODELL TRUSTEE 1.00 0.00 X 0 0 0 SHEELA MURTHY TRUSTEE 1.00 0.00 X 0 0 0 ANNE PERKINS TRUSTEE 1.00 0.00 X 0 0 0 LIZA SANCHEZ TRUSTEE 1.00 0.00 X 0 0 0 MARCUS STEPHENS TRUSTEE 1.00 0.00 X 0 0 0 KATHERINE SIEH-TAKATA TRUSTEE 1.00 0.00 X 0 0 0 PAUL TIBURZI TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS TSUI TRUSTEE 1.00 0.00 X 0 0 0 DAVID WALLACK TRUSTEE 1.00 0.00 X 0 0 0 SAMUEL HOI TO 1223 PRESIDENT 40.00 0.00 X 706466 0 46464 CECILIA MCCORMICK AS OF 1223 PRESIDENT 40.00 0.00 X 11527 0 0 DONALD JONES VP ADVANCEMENT 40.00 0.00 X 332986 0 38774 ALEXANDRA KIM TO 524 VP OPERATIONS AND TECHNOLOGY 40.00 0.00 X 317231 0 53302 SHANNA HINES VP OF PB&C (FORMERLY HR) 40.00 0.00 X 238288 0 31513 CHRISTIAN LALLO VP STRATEGIC COMM 40.00 0.00 X 204013 0 0 MICHAEL PATTERSON TO 524 VP STUDENT AFFAIRS & DEAN 40.00 0.00 X 201952 0 44206 TIFFANY HOLMES TO 823 VP ACADEMIC AFFAIRS 40.00 0.00 X 161074 0 30287 ROBERT SABAL TO 1024 VP ACADEMIC AFFAIRS & PROV 40.00 0.00 X 144458 0 17895 MARTIN LEMELLE JR TO 324 EVP FOR FINANCE AND CFO 40.00 0.00 X 350530 0 41488 DANIEL CRONIN AS OF 0324 EVP FOR FINANCE AND CFO 40.00 0.00 X 0 0 0 DAVID GRACYALNY TO 1223 VP OPEN STUDIES 40.00 0.00 X 194067 0 27126 STACEY SALAZAR VP GRADUATE STUDIES 40.00 0.00 X 168765 0 28889 MICHAEL WEIKERT CO-DIR CENTER FOR SOCIAL DESIGN 40.00 0.00 X 157962 0 26838 JUDITH KINNEY AVP STUDENT HEALTH AND WELL-BEING 40.00 0.00 X 168515 0 24930 TERRA SCHEHR TO 1123 AVP EDUC. PLANNING & DEVELOPMENT 40.00 0.00 X 196825 0 23490 ZVEZDANA STOJMIROVIC TO 823 ASSOCIATE DEAN, DESIGN & MEDIA 40.00 0.00 X 196825 0 14619 PATRICK WRIGHT TO 823 FT FACULTY, MFA FILMMAKING 40.00 0.00 X 180038 0 12925 JOAN WALTEMATH FORMER DIR & FT FACULTY, HOFFBERGER SCHOOL 40.00 0.00 X 116184 0 0 BILL GASKINS FORMER DIR & FT FACULTY, MFA PHOTO. 40.00 0.00 X 139637 0 0 AUDREY TANNER TO 12312022 FORMER VP, ADMISSION/FINANCIAL AID 40.00 0.00 X 137687 0 0 4325030 0 462746 87 1 1 0 ELSMERE EDUCATION INC 90 MADISON STREET STE 602 DENVER CO 80206 PROFESSIONAL SERVICES 3255470 PARKHURST DINING SERVICES PO BOX 644091 PITTSBURGH PA 15264 FOOD SERVICE 2269799 QUALITY WATERPROOFING SERVICES INC 3223 HILAND AVENUE GLENN DALE MD 20769 CONSTRUCTION 450196 MILLER TRANSPORTATION 6711 PARK HEIGHTS AVENUE BALTIMORE MD 21215 TRANSPORTATION 435186 HENRY H LEWIS CONTRACTORS LLC 55 GWYNNS MILL COURT OWINGS MILLS MD 02117 CONSTRUCTION 426085 26 7808663 4832996 334500 12641659 TUITION & FEES 611710 89403336 89403336 DORMITORIES AND FOOD SERVICE 611710 10696953 10696953 AUXILIARY ENTERPRISES 611710 619840 458764 161076 100720129 3949784 -5698 3955482 7968 7968 101945 0 101945 101945 101945 50555019 1038238 34489534 484326 16065485 553912 16619397 16619397 678338 424968 253370 253370 OTHER REVENUE 900099 312285 312285 312285 134606537 100871338 155378 20938162 35660734 35660734 4394268 2249342 1773166 371760 40217328 30765209 8586310 865809 2387101 1826070 509641 51390 4996418 3822130 1066724 107564 3036093 2322532 648199 65362 353229 40912 312317 178633 178633 85185 85185 4178386 2825322 1349483 3581 2591424 2261188 308018 22218 1966062 1365514 520772 79776 2390684 1037570 1302845 50269 6036020 1327361 4708659 674466 558677 105230 10559 560149 418597 66259 75293 3267062 3267062 7659374 690363 6967798 1213 2333742 2333742 AUXILIARY-OTHER 2224109 2224109 STUDENT SERVICES 332532 332532 BAD DEBT 274887 274887 DUES AND MEMBERSHIPS 271282 81233 189739 310 53420 37544 15876 126122588 92455568 31961916 1705104 25678360 19961538 6278830 5552164 4139439 3471220 361079 337351 1556220 2345504 304983330 148628115 161410069 156355215 91712264 101398123 22509325 25218010 354484 0 5808608 6628170 319808678 321267295 11371613 10463560 3719193 2827260 83755910 81795975 664655 481781 99511371 95568576 X 127426945 122667020 92870362 103031699 220297307 225698719 319808678 321267295 8483949 -3082537 0 X 0 1 X 1 1 1 X 15132259 7759131 13127072 11999422 12641659 60659543 15132259 7759131 13127072 11999422 12641659 60659543 4063002 56596541 3573356 1656344 2202826 2879384 4059697 14371607 241278 143023 358205 93465 312285 1148256 76179406 0.74290 0.70930 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: TICKET AND EVENT INCOME - 2019 AMOUNT: $ 47,366. 2020 AMOUNT: $ 736. 2021 AMOUNT: $ 8,523. 2022 AMOUNT: $ 3,941. DEPOSIT FORFEITURE - 2019 AMOUNT: $ 8,850. 2020 AMOUNT: $ 9,194. 2021 AMOUNT: $ 7,206. 2022 AMOUNT: $ 1,450. ALL OTHER REVENUE - 2019 AMOUNT: $ 185,062. 2020 AMOUNT: $ 133,093. 2021 AMOUNT: $ 342,476. 2022 AMOUNT: $ 88,074. 2023 AMOUNT: $ 312,285. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 SCHEDULE C, PART II-B, LINE 1G, COLUMN (B) THE AMOUNT REPORTED ON LINE 1G IS AN ESTIMATED AMOUNT. THE TOTAL AMOUNT IS DE MINIMIS. 2485852 X 0 105280728 2859662 14805271 1910249 3630015 117405397 109355771 3866920 -2504520 1886063 3502689 48691 105280728 117755151 2807047 -5959541 1765141 3426450 55295 109355771 90745429 1922650 29851879 1648321 3061167 55319 117755151 91048955 2427866 1830395 1338835 3123950 99002 90745429 0.29830 0.56340 0.13830 0 0 3159679 3159679 242152385 97460154 144692231 3914846 1124637 2790209 52717768 49490525 3227243 3038652 552799 2485853 156355215 PRIV EQ, LTD PSHIP & HEDGE FUNDS 25218010 F 25218010 LIABILITY UNDER TRUST AGREEMENTS 61009 LEASE OBLIGATIONS 420772 481781 X 96505569 -3082537 424968 -2657569 99163138 35443399 35443399 134606537 91104157 424968 424968 90679189 35443399 35443399 126122588 PART III, LINE 4: THE COLLEGE'S DONATED ARTWORK IS MAINTAINED BY THE COLLEGE IS USED TO EDUCATE STUDENTS IN FINE ARTS, APPLIED ARTS, AND ART EDUCATION. PART V, LINE 4: THE COLLEGE'S ENDOWMENT FUNDS ARE AN IMPORTANT SOURCE OF REVENUE WHICH SUPPORT SCHOLARSHIPS, GRANTS, SPECIALIZED PROGRAMS, AND GENERAL OPERATIONS OF THE COLLEGE. PART X, LINE 2: AS AN EDUCATIONAL INSTITUTION MEETING THE REQUIREMENTS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE COLLEGE IS EXEMPT FROM INCOME TAXES ON INCOME RELATED TO ITS EXEMPT PURPOSE AS PROVIDED IN SECTION 501(A), EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. THE COLLEGE REVIEWS ITS TAX POSITION ANNUALLY AND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE WITH FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 424,968. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 35,443,399. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 424,968. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 35,443,399. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEE PART II SCHEDULE E, LINE 3 MICA DISPLAYS A NOTICE OF ITS RACIALLY NONDISCRIMINATORY POLICY ON ITS PRIMARY PUBLICLY ACCESSIBLE INTERNET HOMEPAGE. IN ADDITION, BECAUSE MICA DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS BOTH NATIONWIDE AND INTERNATIONALLY, THE PUBLICITY REQUIREMENT IS SATISFIED BY INCLUDING A STATEMENT OF ITS RACIALLY NONDISCRIMINATORY POLICY IN ALL ITS BROCHURES AND CATALOGS DEALING WITH STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS. THE FOLLOWING STATEMENTS APPEAR ON THE COLLEGE'S WEBSITE AND IN THE COLLEGE'S CATALOG: NOTICE OF NONDISCRIMINATION IN EDUCATION AND EMPLOYMENT THE MARYLAND INSTITUTE COLLEGE OF ART DOES NOT DISCRIMINATE AGAINST ANY INDIVIDUAL FOR REASONS OF RACE, COLOR, RELIGION, NATIONAL ORIGIN, AGE, SEX, OR HANDICAP IN ANY RELATIONSHIP WITH THE INSTITUTION OR IN ANY OF ITS PROGRAMS OR OFFERINGS, HIRING OF FACULTY AND STAFF, OR ANY TERMS AND CONDITIONS OF EMPLOYMENT. INQUIRIES CONCERNING THE APPLICATION OF THESE REGULATIONS MAY BE REFERRED TO THE AFFIRMATIVE ACTION OFFICER. THE COLLEGE RESERVES THE RIGHT IN ITS DISCRETION TO MAKE FROM TIME TO TIME CHANGES AFFECTING POLICIES, FEES, CURRICULA, OR OTHER MATTERS ANNOUNCED IN THIS CATALOG. THE STATEMENTS IN THIS CATALOG DO NOT CONSTITUTE A CONTRACT. STATEMENT OF EQUAL OPPORTUNITY AND SERVICES TO THE DISABLED IN COMPLIANCE WITH FEDERAL, STATE, AND LOCAL LAWS AND REGULATIONS, THE MARYLAND INSTITUTE COLLEGE OF ART DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, SEX, SEXUAL ORIENTATION, MARITAL STATUS, AGE, DISABILITY, AND APPLICABLE VETERAN STATUS, IN THE ADMINISTRATION OF ITS EDUCATIONAL PROGRAMS ACTIVITIES, OR WITH RESPECT TO EMPLOYMENT. IT IS THE POLICY OF THE MARYLAND INSTITUTE TO PROVIDE THOSE AUXILIARY AIDS AND SERVICES THAT MAY BE NECESSARY TO ENSURE THAT NO INDIVIDUAL WITH A DISABILITY IS EXCLUDED, DENIED SERVICES, SEGREGATED, OR OTHERWISE TREATED DIFFERENTLY THAN OTHER INDIVIDUALS. THESE SERVICES CAN BE ARRANGED THROUGH THE DEAN OF STUDENTS. THESE POLICIES APPLY TO PRESENT AND PROSPECTIVE STUDENTS AND EMPLOYEES. PRESENT OR PROSPECTIVE STUDENTS DESIRING FURTHER INFORMATION SHOULD CONTACT THE OFFICE OF THE DEAN OF THE PROGRAM IN WHICH THEY ARE INTERESTED: UNDERGRADUATE: 410-225-2222 GRADUATE: 410-225-2255 CONTINUING STUDIES: 410-225-2219 PRESENT OR PROSPECTIVE EMPLOYEES SHOULD CONTACT THE DIRECTOR OF ADMINISTRATIVE SERVICES: 410-225-2406 SCHEDULE E, LINE 6 FUNDS PROVIDED BY THE U.S. GOVERNMENT UNDER THE FEDERAL PERKINS LOAN PROGRAM ARE LOANED TO QUALIFIED STUDENTS. FEDERAL STUDENT FINANCIAL AID PROGRAMS (INCLUDING PERKINS OR GUARANTEED LOAN PROGRAMS, GRANT AND WORK-STUDY PROGRAMS) FUNDED APPROXIMATELY 23% OF TUITION AND ROOM AND BOARD REVENUES IN FY 2024. EUROPE 0 0 PROGRAM SERVICES STUDY ABROAD 79024 ASIA PACIFIC 0 2 PROGRAM SERVICES ADMISSIONS/RECRUITING 30044 0 2 0 0 0 2 109068 0 109068 1 0 1 1 1 0 1 STUDENT SCHOLARSHIPS AND AWARDS 900 35660734 PART I, LINE 2: FOR FINANCIAL AID GRANTS/SCHOLARSHIPS, THE COLLEGE AWARDS THESE TO STUDENTS EACH SEMESTER BASED ON SEVERAL FACTORS. THE AWARDS ARE APPLIED DIRECTLY TO THE STUDENT'S ACCOUNT BALANCE FOR TUITION. FOR FACULTY DEVELOPMENT GRANTS, THE COLLEGE COLLECTS A DETAILED ACCOUNTING OF ALL GRANT RELATED EXPENDITURES ALONG WITH ALL CORRESPONDING RECEIPTS. ALL EXPENDITURES ARE REVIEWED TO ENSURE THAT THEY ARE RELATED TO THE GRANT AND THERE IS PROPER DOCUMENTATION. THE GRANT RECIPIENT ALSO SUBMITS A REPORT TO ACADEMIC AFFAIRS SUMMARIZING THEIR EXPERIENCE. ENTREPRENEURSHIP GRANTS ARE AWARDED TO STUDENTS, GRADUATES AND ALUMNI WHO ARE LAUNCHING OR GROWING BUSINESSES IN BALTIMORE. A PANEL OF JUDGES DETERMINES THE AWARDEES BASED UPON SEVERAL FACTORS. ALL GRANTS ARE MONITORED THROUGH PROGRESS REPORTING WHICH INCLUDE DESCRIPTIONS OF GRANT SUPPORTED ACTIVITIES THAT HAVE BEEN UNDERTAKEN SINCE THE GRANT PERIOD START DATE. THE GRANTEE ALSO SUBMITS A FINAL REPORT DESCRIBING BUSINESS ACTIVITY INCLUDING: LOCATION AND STATUS OF BUSINESS, JOBS CREATED OR LOST, CLIENT LIST AND LOCATIONS, STRATEGIC ADVISER LIST AND PAIN POINTS FOR ANY ADDITIONAL SUPPORT NEEDED. X X X X 1 0 0 0 0 0 0 0 0 SAMUEL HOI TO 1223 PRESIDENT 706466 0 0 0 0 0 36793 0 9671 0 752930 0 0 0 MARTIN LEMELLE JR TO 324 EVP FOR FINANCE AND CFO 350530 0 0 0 0 0 31730 0 9758 0 392018 0 0 0 DONALD JONES VP ADVANCEMENT 332986 0 0 0 0 0 20666 0 18108 0 371760 0 0 0 ALEXANDRA KIM TO 524 VP OPERATIONS AND TECHNOLOGY 317231 0 0 0 0 0 29666 0 23636 0 370533 0 0 0 SHANNA HINES VP OF PB&C (FORMERLY HR) 238288 0 0 0 0 0 21775 0 9738 0 269801 0 0 0 MICHAEL PATTERSON TO 524 VP STUDENT AFFAIRS & DEAN 201952 0 0 0 0 0 18898 0 25308 0 246158 0 0 0 DAVID GRACYALNY TO 1223 VP OPEN STUDIES 194067 0 0 0 0 0 17995 0 9131 0 221193 0 0 0 TERRA SCHEHR TO 1123 AVP EDUC. PLANNING & DEVELOPMENT 161621 0 0 0 35204 0 14620 0 8870 0 220315 0 0 0 ZVEZDANA STOJMIROVIC TO 823 ASSOCIATE DEAN, DESIGN & MEDIA 101983 0 0 0 94842 0 8596 0 6023 0 211444 0 0 0 CHRISTIAN LALLO VP STRATEGIC COMM 204013 0 0 0 0 0 0 0 0 0 204013 0 0 0 STACEY SALAZAR VP GRADUATE STUDIES 168765 0 0 0 0 0 15577 0 13312 0 197654 0 0 0 JUDITH KINNEY AVP STUDENT HEALTH AND WELL-BEING 168515 0 0 0 0 0 15875 0 9055 0 193445 0 0 0 PATRICK WRIGHT TO 823 FT FACULTY, MFA FILMMAKING 81280 0 0 0 98758 0 7178 0 5747 0 192963 0 0 0 TIFFANY HOLMES TO 823 VP ACADEMIC AFFAIRS 161074 0 0 0 0 0 15003 0 15284 0 191361 0 0 0 MICHAEL WEIKERT CO-DIR CENTER FOR SOCIAL DESIGN 157962 0 0 0 0 0 14798 0 12040 0 184800 0 0 0 ROBERT SABAL TO 1024 VP ACADEMIC AFFAIRS & PROV 144458 0 0 0 0 0 12999 0 4896 0 162353 0 0 0 BILL GASKINS FORMER DIR & FT FACULTY, MFA PHOTO. 139637 0 0 0 0 0 0 0 0 0 139637 0 0 0 AUDREY TANNER TO 12312022 FORMER VP, ADMISSION/FINANCIAL AID 137687 0 0 0 0 0 0 0 0 0 137687 0 0 0 JOAN WALTEMATH FORMER DIR & FT FACULTY, HOFFBERGER 116184 0 0 0 0 0 0 0 0 0 116184 0 0 0 A MHHEFA BONDS 2012 520936091 5742168D2 2012-10-10 37371463 SEE PART VI 0 0 0 B MHHEFA BONDS 2016 520936091 574218F32 2016-10-06 40942422 SEE PART VI 0 0 0 C MHHEFA BONDS 2017 520936091 574218K36 2017-03-07 19920236 SEE PART VI 0 0 0 A 7590000 37371463 913803 13325756 128622 23010321 2013 1 0 1 1 B 1375000 40942422 441592 40500830 2017 1 1 1 1 C 1590000 19920236 221370 19698866 2017 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MHHEFA BONDS 2012 DATE THE REBATE COMPUTATION WAS PERFORMED: 06/01/2017 SCH K, PART I LINE C (2012) PURPOSE OF 2012 BOND ISSUE REFUNDING OF 07/22/1998 BOND ISSUE, AND ADDITIONAL FUNDS FOR CONSTRUCTION OF RESIDENCE HALL AND FOR RENOVATION OF FACILITIES ON CAMPUS. SCH K, PART I LINE C (2016) PURPOSE OF 2016 BOND ISSUE REFUNDING OF 2006 & 2007 BOND ISSUES SCH K, PART I LINE C (2017) PURPOSE OF 2017 BOND ISSUE REFUNDING OF 2007 BOND ISSUE SCH K, PART III, LINE 3A (2012, 2016, 2017) ALL MANAGEMENT CONTRACTS AND SERVICE AGREEMENTS EITHER FALL UNDER THE SAFE HARBOR PROVIDED OR INCIDENTAL EXCEPTION; THEREFORE, DO NOT CONSTITUTE PRIVATE BUSINESS USE. SCH K, PART IV, LINE 2C (2012) THE LAST REBATE CALCULATION FOR THE 2012 BOND ISSUE WAS COMPLETED ON JUNE 1, 2022. X 1 134500 APPRAISED VALUE X 1 200000 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): THE FIGURES ON PART I, COLUMN B REFLECT THE NUMBER OF CONTRIBUTIONS RECEIVED AS OPPOSED TO THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART I, LINE 1 DEGREE GRANTING COLLEGE-MARYLAND INSTITUTE COLLEGE OF ART IS A PRIVATE COLLEGE DEDICATED TO THE EDUCATION OF PROFESSIONAL ARTISTS AND THE FURTHER ADVANCEMENT OF ART IN THE COMMUNITY. FORM 990, PART VI, SECTION B, LINE 11B AN ELECTRONIC COPY OF THE ORGANIZATION'S FORM 990 (INCLUDING ALL SCHEDULES), WAS PROVIDED TO EACH VOTING MEMBER OF THE ORGANIZATION'S GOVERNING BODY PRIOR TO ITS FILING WITH THE IRS. THE ORGANIZATION'S OFFICERS AND FULL BOARD OF TRUSTEES PERFORMED A HIGH-LEVEL REVIEW OF THE PREPARED FORM 990 PRIOR TO FILING IT WITH THE IRS. A MORE IN-DEPTH REVIEW WAS PERFORMED BY THE BOARD FINANCE COMMITTEE, WHICH IS COMPRISED OF TRUSTEES AND OFFICERS. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE AND OFFICER ANNUALLY SIGNS A STATEMENT THAT AFFIRMS SUCH PERSON HAS RECEIVED AND CAREFULLY READ THE CONFLICT OF INTEREST POLICY, UNDERSTANDS AND AGREES TO COMPLY WITH THE POLICY, AND FURTHER UNDERSTANDS THAT THE COLLEGE IS A CHARITABLE ORGANIZATION AND THAT IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION, IT MUST ENGAGE PRIMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX EXEMPT PURPOSES. TRUSTEES AND OFFICERS ARE COVERED UNDER THE CONFLICT OF INTEREST POLICY. TRUSTEES OR OFFICERS WHO HAVE DECLARED OR HAVE BEEN FOUND TO HAVE A CONFLICT OF INTEREST SHALL REFRAIN FROM PARTICIPATING IN THE CONSIDERATION OF ANY PROPOSED TRANSACTION, UNLESS FOR SPECIAL REASONS THE BOARD REQUESTS INFORMATION OR INTERPRETATION FROM THE PERSON OR PERSONS INVOLVED, AND SHALL NOT VOTE, OR BE PRESENT AT THE TIME OF VOTING, ON ANY MATTER UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING WHICH SUCH TRUSTEE HAS A KNOWN CONFLICT OF INTEREST. THE CHAIRMAN OF THE BOARD, WHO, TOGETHER WITH COUNSEL, SHALL BE RESPONSIBLE FOR ADMINISTRATION OF THIS POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION LEVELS FOR THE PRESIDENT AND VICE PRESIDENTS ARE BASED ON MARKET DATA AT AICAD SCHOOLS AND OTHER LIBERAL ARTS COLLEGES. THE PRESIDENT'S COMPENSATION IS REVIEWED BY AN INDEPENDENT AD HOC COMMITTEE OF THE BOARD CONSISTING OF SEVERAL PAST BOARD CHAIRS AND IS DISCUSSED WITH THE BOARD EXECUTIVE COMMITTEE. COMPENSATION LEVELS FOR THE VICE PRESIDENTS ARE ALSO REVIEWED BY THE BOARD EXECUTIVE COMMITTEE. PERIODICALLY THE COLLEGE ENGAGES AN INDEPENDENT COMPENSATION CONSULTING FIRM TO ASSESS MICA'S EXECUTIVE LEVEL SALARIES RELATIVE TO THE MARKET. THE MOST RECENT STUDY WAS DONE IN 2016 AND IT CONCLUDED THAT THE SALARIES OF MICA'S PRESIDENT AND VICE PRESIDENTS WERE ALIGNED WITH OTHER COMPARABLE COLLEGES AND UNIVERSITIES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. POOLED INCOME FUND (1) ANNUITY MD T 0 CHARITABLE REMAINDER TRUSTS (4) ANNUITY MD T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0