2024-05-15T14:03:19-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2022-07-01 876213067 BILL AND VIEVE GORE ENDOWMENT FUND BILL 8018322148 1840 SOUTH 1300 EAST SALT LAKE CITY UT 84105 DEBRA GLENN CFO & VP OF FINANCE/ADMINISTRATION 8018322148 2024-05-14 1 DEBRA GLENN XXX-XX-XXXX 1 SARAH HINTZ P00492291 3037795710 2024-05-13 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z DEBRA GLENN 1840 SOUTH 1300 EAST SALT LAKE CITY UT 84105 920218 0 X N/A X 1990 UT GRANTS TO WESTMINSTER UNIVERSITY OF SALT LAKE CITY. 3 2 0 0 -13188 0 1000000 0 0 0 13390 67313 0 0 1013390 67313 2078261 4178989 0 0 0 0 0 0 0 42000 9912 2120261 4188901 -1106871 -4121588 15014042 15411717 388282 3816193 14625760 11595524 X GRANTS TO WESTMINSTER UNIVERSITY OF SALT LAKE CITY. 0 0 3644243 3644243 0 UNIVERSITY DEVELOPMENT: TO PROVIDE UNRESTRICTED FUNDS TO PROMOTE AND EXPAND THE GROWTH AND DEVELOPMENT OF THE UNIVERSITY. 163029 163029 0 SCIENCE/MATHEMATICS: TO PROMOTE THE SCIENCE AND MATHEMATICS PROGRAMS THROUGH SCHOLARSHIPS, PURCHASING COMPUTER AND LAB EQUIPMENT,AND FUNDING RESEARCH PROJECTS. 230187 230187 0 FACULTY: TO ATTRACT AND RETAIN OUTSTANDING UNIVERSITY FACULTY BY PROVIDING AN ANNUAL AWARD TO FACULTY MEMBERS AND FUNDING SEMINARS,CONVENTIONS AND SABBATICAL STUDIES. 58265 58265 0 BUSINESS BUILDING: TO MAINTAIN, REPAIR AND OPERATE THE GORE SCHOOL OF BUSINESS BUILDING AND SURROUNDING GROUNDS. 83265 83265 0 MUSIC: TO PROMOTE THE STUDY AND ENJOYMENT OF MUSIC THROUGH SCHOLARSHIPS, FUNDING PROGRAMS, PURCHASING EQUIPMENT AND INSTITUTUIONAL SUPPLIES, A CONCERT SERIES AND RETAINING INSPIRED MUSIC FACULTY. 141530 141530 0 4178989 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 3 2 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 0 0 0 X DEBRA GLENN 8018322148 1840 SOUTH 1300 EAST SALT LAKE CITY UT 84105 BETHAMI DOBKIN PHD TRUSTEE 0.20 40.00 X 0 398967 123960 DEBRA GLENN CFO & VP OF FINANCE (AS OF 3/23) 0.50 40.00 X 0 0 0 DANNY GLOVALE TRUSTEE 0.20 1.60 X 0 0 0 O WOOD MOYLE IV TRUSTEE 0.20 1.60 X 0 0 0 MICHIKO PINNINGTON CFO & VP OF FINANCE (THRU 1/23) 0.50 40.00 X 0 168354 33569 0 567321 157529 0 0 1 0 0 8040 -13188 21228 912178 852905 59273 59273 59273 67313 0 -13188 80501 4178989 4178989 7276 7276 2636 2636 4188901 4178989 9912 0 1000000 14014042 15411717 15014042 15411717 21000 3000 367282 3813193 388282 3816193 X 14625760 11595524 14625760 11595524 15014042 15411717 -4121588 1091352 0 X X 0 1 X 1 0 X X 1 WESTMINSTER UNIVERSITY 870212470 2 1 0 4178989 1 0 4178989 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PART I, LINE 12G IN APRIL 2023, WESTMINSTER COLLEGE WAS RENAMED WESTMINSTER UNIVERSITY. PART IV, SECTION B, LINE 1 THE TRUSTEES OF WESTMINSTER UNIVERSITY ("UNIVERSITY") DO NOT HAVE THE POWER TO REGULARLY APPOINT OR ELECT AT LEAST A MAJORITY OF THE BILL AND VIEVE GORE ENDOWMENT FUND ("GORE") TRUSTEES. THE GORE TRUST DOCUMENTS PROVIDE THAT THE TRUSTEES WILL ACT BY A VOTE OF A MAJORITY OF THEIR NUMBER AT ANY GIVEN TIME. THE DOCUMENT REQUIRES THAT THERE WILL BE THREE TRUSTEES: ONE FAMILY MEMBER OF THE GORE FAMILY ONE WILL ALWAYS BE THE STANDING PRESIDENT OF THE UNIVERSITY ONE WILL BE APPOINTED BY THE GOVERNING BOARD OF THE UNIVERSITY. THE TRUSTEES MAY DELEGATE MANAGEMENT RESPONSIBILITIES. THE VP OF FINANCE AND ADMINISTRATION FOR THE UNIVERSITY IS THE CURRENT TREASURER. 14625760 1156029 4178989 7276 11595524 17358692 1000000 -1612671 2078261 42000 14625760 13663510 4391319 675137 21000 17358692 15011303 144126 1478419 13500 13663510 14923904 740742 639843 13500 15011303 0.00000 0.68867 0.31132 0 0 0 FIXED INCOME 14698863 C SHORT-TERM INVESTMENTS 341633 C NATURAL RESOURCES 206375 C EQUITIES 125059 C REAL ESTATE 39787 C 15411717 X 1156029 1091352 1091352 64677 2636 2636 67313 4186265 0 4186265 2636 2636 4188901 PART X, LINE 2: THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART V, LINE 4 THE BILL AND VIEVE GORE ENDOWMENT FUND (THE "GORE ENDOWMENT FUND"), WHICH IS COMPOSED OF SEPARATE SUBFUNDS, IS AN IRREVOCABLE TRUST CREATED IN JULY 1990 TO BENEFIT WESTMINSTER UNIVERSITY (THE "UNIVERSITY"). THE INCOME OF THE FUND IS RESTRICTED FOR DISBURSEMENT TO THE UNIVERSITY FOR DESIGNATED SUPPORT OF THE FOLLOWING: A. THE BILL AND VIEVE GORE UNRESTRICTED ENDOWMENT FUND: THE INCOME FROM THIS FUND MAY ONLY BE USED TO PROVIDE UNRESTRICTED SUPPORT TO PROMOTE AND EXPAND THE GROWTH AND DEVELOPMENT OF THE UNIVERSITY. THERE ARE NO RESTRICTIONS PLACED ON THE UNIVERSITY REGARDING THE USE OF INCOME FROM THIS FUND; HOWEVER, THE EXTENT OF ANNUAL CONTRIBUTIONS TO THE UNIVERSITY IS AT THE DISCRETION OF THE TRUSTEES OF THE FUND (THE TRUSTEES). THE PRINCIPAL MAY BE INVADED FOR EXTRAORDINARY CAPITAL NEEDS, BUT ONLY ON THE UNANIMOUS APPROVAL OF THE TRUSTEES. B. THE MUSIC ENDOWMENT FUND: THE INCOME FROM THIS FUND WILL BE USED TO PROMOTE THE STUDY AND ENJOYMENT OF MUSIC THROUGH SCHOLARSHIPS, DEVELOPING MUSIC PROGRAMS, THE PURCHASE OF EQUIPMENT OR MATERIALS, AND ATTRACTING AND RETAINING INSPIRED MUSIC FACULTY. IT MAY NOT BE USED TO PAY FACULTY SALARIES. C. THE SCIENCE AND MATHEMATICS ENDOWMENT FUND: THE INCOME FROM THIS FUND WILL BE USED TO DEVELOP AND PROMOTE THE SCIENCE AND MATHEMATICS PROGRAMS OF THE UNIVERSITY THROUGH SCHOLARSHIPS, THE PURCHASE OF EQUIPMENT, AND FUNDING RESEARCH PROJECTS. D. THE EXCELLENCE IN TEACHING ENDOWMENT FUND: THE INCOME FROM THIS FUND WILL BE USED TO ATTRACT AND RETAIN OUTSTANDING UNIVERSITY FACULTY BY PROVIDING AN ANNUAL AWARD TO FACULTY MEMBERS AND FUNDING SEMINARS, CONVENTIONS, AND SABBATICAL STUDIES. E. THE BILL AND VIEVE GORE SCHOOL OF BUSINESS BUILDING MAINTENANCE FUND: THE INCOME FROM THIS FUND WILL BE USED TO MAINTAIN, REPAIR, AND OPERATE THE GORE SCHOOL OF BUSINESS BUILDING AND SURROUNDING GROUNDS. ALTHOUGH RESTRICTED FOR THE PURPOSES DESCRIBED ABOVE, THE EXTENT OF ANNUAL DISTRIBUTIONS TO THE UNIVERSITY IS AT THE DISCRETION OF TRUSTEES. 1 WESTMINSTER UNIVERSITY 1840 SOUTH 1300 EAST SALT LAKE CITY UT 84105 870212470 501(C)(3) 4178989 0 N/A N/A TO PROVIDE FUNDING FOR STUDENTS, FACULTY, AND THE UNIVERSITY. 1 0 PART I, LINE 2: THE UNIVERSITY'S INVESTMENT COMMITTEE MAKES RECOMMENDATIONS TO THE GORE ENDOWMENT FUND TRUSTEES AS TO ENDOWMENT SPENDING, ASSET CLASSIFICATION, AND MANAGING THE GORE ENDOWMENT FUND. AS TRUSTOR, THE UNIVERSITY DEVELOPS A BUDGET FOR SPENDING OF THE DISTRIBUTIONS FROM THE FUND. IN CONJUNCTION WITH THE UNIVERSITY, THE GORE ENDOWMENT FUND HAS AN ANNUAL INDEPENDENT AUDIT. 1 0 0 0 0 0 0 0 0 BETHAMI DOBKIN PHD TRUSTEE 0 379467 0 0 0 19500 0 102300 0 21660 0 522927 0 19500 MICHIKO PINNINGTON CFO & VP OF FINANCE (THRU 1/23) 0 168354 0 0 0 0 0 7969 0 25600 0 201923 0 0 PART I, LINE 3 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OF WESTMINSTER UNIVERSITY IS RESPONSIBLE FOR THE COMPENSATION REVIEW AND APPROVAL PROCESS FOR OFFICERS AND KEY EMPLOYEES. PART I, LINE 4A FOR EACH YEAR OF SERVICE, THE PRESIDENT SHALL ACCRUE SUPPLEMENTAL DEFERRED COMPENSATION BENEFITS EQUAL TO 10% OF BASE SALARY. THE UNIVERSITY SHALL CONTRIBUTE 14% OF THE PRESIDENT'S ANNUAL SALARY INTO A NONQUALIFIED DEFERRED COMPENSATION PLAN. THE PRESIDENT BECOMES ELIGIBLE AND VESTS FOR THE BENEFITS AFTER THE CONCLUSION OF EACH THREE OR TWO-YEAR CONTRACT. FOR THE 2022 CALENDAR YEAR, A CONTRIBUTION OF $69,900 WAS MADE AND $19,500 OF PRIOR CONTRIBUTIONS VESTED. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE BILL AND VIEVE GORE ENDOWMENT FUND (THE "GORE ENDOWMENT FUND") TAX RETURN IS COMPLETED BY CLIFTONLARSONALLEN LLP, AND REVIEWED BY THE DIRECTOR OF BUDGET AND FINANCIAL REPORTING, ASSOCIATE VP FOR FINANCE AND ADMINISTRATION, AND THE VP FOR FINANCE AND ADMINISTRATION. ONCE COMPLETED, THE DOCUMENTS ARE REVIEWED BY THE AUDIT AND RISK MANAGEMENT COMMITTEE AND SUBMITTED ELECTRONICALLY TO THE GORE TRUSTEES. ONCE THE TRUSTEES HAVE REVIEWED, THE RETURN IS TRANSMITTED ELECTRONICALLY TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE TREASURER OF THE BILL AND VIEVE GORE ENDOWMENT FUND WILL COLLECT STATEMENTS OF DISCLOSURE FROM ALL TRUSTEES, OFFICERS, AND KEY EMPLOYEES EACH YEAR. THE AUDIT AND RISK MANAGEMENT COMMITTEE OF WESTMINSTER UNIVERSITY WILL REVIEW EACH STATEMENT OF DISCLOSURE FOR ACTUAL OR POTENTIAL CONFLICTS OF INTEREST, INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING FACTORS: - SOLICITATION OR ACCEPTANCE OF GIFTS, GRATUITIES, FREE TRAVEL, OR OTHER ITEMS OF VALUE THAT COULD CREATE THE APPEARANCE OF A CONFLICT OR AN EXPECTATION OF SPECIAL TREATMENT IN GORE ENDOWMENT MATTERS. - INCIDENTS OF ABUSE OR MISUSE OF AN INDIVIDUAL'S POSITION FOR PERSONAL OR THIRD-PARTY GAIN OR BENEFIT . - USE OF THE GORE ENDOWMENT'S STAFF, SERVICES, EQUIPMENT, MATERIALS, RESOURCES, OR PROPERTY FOR PERSONAL OR THIRD PARTY GAIN, OR REPRESENTING TO THIRD PARTIES THAT ONE'S AUTHORITY AS A TRUSTEE, OFFICER, VOLUNTEER, OR KEY EMPLOYEE IS MORE EXTENSIVE THAN IT IS IN ACTUALITY. - SITUATIONS WHERE A TRUSTEE, OFFICER, OR KEY EMPLOYEE MAY BE DIVIDED BETWEEN PERSONAL INTERESTS OR THE INTERESTS OF ANOTHER ORGANIZATION AND THE BEST INTEREST OF THE GORE ENDOWMENT - ENGAGEMENT IN BUSINESS, PROFESSIONAL CONDUCT, OR OTHER ACTIVITIES THAT MAY BE DIRECTLY OR INDIRECTLY ADVERSE TO THE INTERESTS OF THE GORE ENDOWMNET; AND, ANY ARRANGEMENTS IN WHICH A TRUSTEE, OFFICER, OR KEY EMPLOYEE PROVIDES GOODS OR SERVICES TO THE GORE ENDOWMENT AS A PAID VENDOR OR OUTSIDE SERVICE-PROVIDER. THE AUDIT AND RISK MANAGEMENT COMMITTEE MAY REQUEST ADDITIONAL INFORMATION FROM ANY TRUSTEE, OFFICER, OR KEY EMPLOYEE AT ANY TIME. WHILE AN INDIVIDUAL'S RELATIONSHIPS OR ACTIVITIES ARE UNDER REVIEW, THE INDIVIDUAL MAY NOT DELIBERATE, DEBATE, OR VOTE UNTIL A DETERMINATION IS MADE. FORM 990, PART VI, SECTION C, LINE 19 THE FOLLOWING RECORDS OF THE BILL AND VIEVE GORE ENDOWMENT FUND ARE AVAILABLE FOR PUBLIC INSPECTION AND COPYING, UPON REQUEST: -EXEMPTION LETTER -AUDITED FINANCIAL STATEMENTS FOR THE THREE FISCAL YEARS PRIOR TO THE DATE OF THE REQUEST -TAX FILINGS FORM 990 FOR THE THREE FISCAL YEARS PRIOR TO THE DATE OF THE REQUEST -CONFLICT OF INTEREST POLICY -TRUST AGREEMENT TO MAKE A REQUEST TO INSPECT AND/OR ACQUIRE COPY OF THESE RECORDS, CONTACT THE ASSOCIATE VP FOR FINANCE AND ADMINISTRATION, OFFICE OF ADMINISTRATIVE SERVICES, AT (801) 832-2133. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. WESTMINSTER UNIVERSITY 1840 SOUTH 1300 EAST SALT LAKE CITY UT 84105 870212470 INSTITUTION OF HIGHER EDUCATION UT 501(C)(3) LINE 2 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0