2025-04-14T19:47:13+00:00 2024-05-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2023-06-01 362722198 Benedictine University BENE 6308296000 5700 College Rd Lisle IL 60532 Brian Qualizza VP Finance/CFO 6308296000 2025-04-15 true JENNIFER BURKE P01342224 3128997000 2025-04-15 2023 2025-03-06 01:10:19Z Brian Qualizza 5700 College Rd Lisle IL 60532 121123506 false 0928 X www.ben.edu X 1887 IL Benedictine University is an inclusive academic community dedicated to teaching and learning, scholarship and service, truth and justice, as inspired by the Catholic intellectual tradition, the social teaching of the Church, and the principles of wisdom in the Rule of St. Benedict. 24 23 1032 36 78595 0 14340011 4158558 80919176 82473675 886960 1911952 0 96146147 88544185 30619411 30321324 0 34765643 32494929 0 873218 32107300 27770032 97492354 90586285 -1346207 -2042100 176190185 161358420 76596968 69869792 99593217 91488628 Benedictine University is an inclusive academic community dedicated to teaching and learning, scholarship and service, truth and justice, as inspired by the Catholic intellectual tradition, the social teaching of the Church, and the principles of wisdom in the Rule of St. Benedict. false false 84521151 30321324 82473675 Benedictine University believes that a broad-based, liberal arts education provides students with a concrete foundation for a lifetime of change and is the best preparation for life-long learning. A Benedictine education prepares students to communicate effectively, to reason and make informed judgments, to identify and solve problems, to develop a sense of intellectual curiosity, to pursue and communicate the truth, and to confront and resolve ethical issues. The University's student-to-faculty ratio of 11:1 promotes a learning environment in which students can form and nurture relationships with instructors and classmates. The University offers 42 major programs, 17 masters + doctoral programs, and 17 certificate programs to students, with enrollment of 2,989 undergraduate and graduate students during the 2023-2024 academic year. These programs are supplemented through the University's 35 student organizations, 8 club sport programs, and 16 NCAA Division III Intercollegiate Athletic Programs. 84521151 true true false false false false true false true true true false true true true false true true true true false false false false false false false true true true false false false false false false false false true false true false false false false true true false false false true 3599 0 true 1032 true true true false false false false true true false false false false false false X 24 23 false false true false false false false true true false false true true true true true true true true false X Brian Qualizza 6308296000 5700 College Road Lisle IL 60532 CHARLES GREGORY PRESIDENT (through 8/2023); Advisor to the president (as of 8/2023) 40.0 1.0 X X 412706 0 1295 CHRISTOPHER E BIRCK VICE-CHAIR 1.0 0 X X 0 0 0 JOSEPH FOY PRESIDENT (as of 8/2023) 40.0 1.0 X X 166116 0 7382 KATHERINE A DONOFRIO Chair 1.0 0 X X 0 0 0 MICHAEL S SIUREK Treasurer 1.0 0 X X 0 0 0 RAYMOND KONOPKA JR Secretary 1.0 0 X X 0 0 0 ANTHONY MCCAIN TRUSTEE 1.0 0 X 0 0 0 BECKY MEGGESIN TRUSTEE 1.0 0 X 0 0 0 Bruce R Bronge TRUSTEE 1.0 0 X 0 0 0 CLAUDIA J COLALILLO TRUSTEE 1.0 0 X 0 0 0 DANIEL F RIGBY PAST CHAIR 1.0 0 X 0 0 0 DANIEL L GOODWIN Trustee (through 01/2024) 1.0 0 X 0 0 0 DEBORAH A PAGEL TRUSTEE 1.0 0 X 0 0 0 DONNA SUE HROZENCIK MD TRUSTEE 1.0 0 X 0 0 0 GREGORY ZIOLS TRUSTEE 1.0 0 X 0 0 0 JAMES L MELSA TRUSTEE 1.0 0 X 0 0 0 LEONARD S PIAZZA MD TRUSTEE 1.0 0 X 0 0 0 MAUREEN BEAL TRUSTEE 1.0 0 X 0 0 0 NELSON KOOPMAN TRUSTEE 1.0 0 X 0 0 0 NICHOLAS S GIULIANO Trustee 1.0 0 X 0 0 0 OMER F SULTAN TRUSTEE 1.0 0 X 0 0 0 PAUL LEHMAN TRUSTEE 1.0 0 X 0 0 0 ROBERTO RAMIREZ TRUSTEE 1.0 0 X 0 0 0 ROSEMARY MACKO WISNOSKY TRUSTEE 1.0 0 X 0 0 0 SARAH J PEACY PhD TRUSTEE 1.0 0 X 0 0 0 TASNEEM A OSMANI TRUSTEE 1.0 0 X 0 0 0 Brian Qualizza Chief Financial Officer (as of 1/2024) 40.0 1.0 X 0 0 0 John Schade INTERIM CFO (through 1/2024) 40.0 1.0 X 139221 0 11678 Kenneth Newbold Provost/Chief Academic Officer (through 9/2023) 40.0 0 X 300120 0 29748 Cheryl Mascarenhas Dean 40.0 0 X 172187 0 17548 Christopher Duffrin PROFESSOR 40.0 0 X 170381 0 17376 Michael Manning Professor 40.0 0 X 167279 0 19468 Olga Lambert Dean 40.0 0 X 164873 0 27505 Ramkrishnan Tenkasi Professor 40.0 0 X 180935 0 34347 IRENE GENDEL INTERIM CFO UNTIL 5/31/2021 40.0 0.0 X 153942 0 21581 2027760 0 187928 38 true true false WILEY EDU LLC 851 TRAFALGAR COURT STE 420W MAITLAND FL 32751 MARKETING & RECRUTING FOR ONLINE PROGRAMS 3698265 CLEAN SWEEP BUILDING SERVICES LLC PO BOX 31101-2374 PASADENA CA 91110 PROPERTY MAINTENANCE 815848 AMAR PROPERTIES HOLDING LLC 12073 W DESERT MIRAGE DR PEORIA AZ 85383 PROPERTY MANAGEMENT 392962 GREEN CLOSET CREATIVE 421 N CALIFORNIA STREET SYCAMORE IL 60178 MARKETING 311750 HIGH STANDARD SERVICES 28W580 HIGH LAKE RD WEST CHICAGO IL 60185 CONSTRUCTION 197469 10 5000 2452057 1701501 41000 4158558 TUITION & FEES 611710 67588889 67588889 AUXILIARY ENTERPRISES 611710 5333988 5333988 OTHER ED. ACTIVITIES 611710 9550798 9472170 78628 0 0 0 0 82473675 1319167 -33 1319200 32391 32391 0 0 33139715 32579321 560394 0 560394 560394 0 0 0 0 0 88544185 82395047 78595 1911985 30321324 30321324 965867 351225 614642 50054 50054 25247145 22598701 2193234 455210 4307085 3847519 382038 77528 1924778 1688993 202294 33491 86602 86602 149957 149957 169530 169530 123258 121158 2100 0 437617 426810 10807 1035282 841087 169344 24851 1879570 1476067 334976 68527 3617967 3482670 100833 34464 1432615 1403024 19700 9891 32448 32448 1982636 1982636 4962562 4743609 179169 39784 700847 623969 76878 OUTSIDE SERVICES 5707065 5428346 206575 72144 FOOD SERVICES 1996644 1963695 19520 13429 BAD DEBTS 679953 679953 DUES & MEMBERSHIPS 221824 105732 116092 2553655 2352131 157625 43899 90586285 84521151 5191916 873218 10857021 12859103 3111864 3486873 12495339 4603036 4272317 4225016 0 0 0 0 538129 307879 724787 618291 169909097 77925721 94943050 91983376 23023021 17302648 14642754 14947295 0 11581903 11024903 176190185 161358420 8373652 4592873 4466139 3401772 52612657 51699210 0 0 9798152 9094031 1346368 1081906 76596968 69869792 X 72803105 62742864 26790112 28745764 99593217 91488628 176190185 161358420 X -2042100 2137511 -8200000 X false true X true true true X 3994724 3143016 12002746 14340011 4158558 37639055 0 0 3994724 3143016 12002746 14340011 4158558 37639055 895502 36743553 1135000 819170 1110654 950921 1351591 5367336 0 0 0 0 0 0 44800 0 0 0 0 44800 43051191 445625683 0.8535 0.8458 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - FUNDRAISING INCOME, COLUMN A - 44800.0, COLUMN B - 0.0, COLUMN C - 0.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 44800.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 2418422 X X X false 40152347 344491 3161536 8996525 34661849 41680677 430507 -210452 1748385 40152347 40897545 464381 1577869 1259118 41680677 37110731 216261 7687844 4117291 40897545 35661349 1772392 943909 1266919 37110731 0.2616 0.4588 0.2796 false false 940651 940651 145279288 60959251 84320037 15704203 12717722 2986481 7984955 4248748 3736207 91983376 ALTERNATIVE INVESTMENTS 14797587 F OTHER INVESTMENTS 149708 F 14947295 Bond Proceeds held in trust 4125336 right-of-use assets 6899567 11024903 DEPOSITS HELD IN CUSTODY FOR OTHERS 1015684 ADVANCES FROM US GOVT FOR STUDENTS 66222 1081906 X 51990872 2137511 30 -8200000 -6062459 58053331 169530 30321324 30490854 88544185 60095461 30 0 30 60095431 169530 30321324 30490854 90586285 Schedule D, Part III, Line 4 Collections of art - description of collections THE JURICA-SUCHY NATURE MUSEUM IS A SMALL, NATURAL HISTORY MUSEUM WITH ABOUT 10,000 SPECIMENS RANGING IN SIZE FROM A TINY GNAT TO A SKELETON OF A BALEEN WHALE. THE COLLECTION REPRESENTS BOTH VERTEBRATE AND INVERTEBRATE ANIMALS AND INCLUDES SEVERAL RARE SPECIMENS OF EXTINCT AND ENDANGERED ANIMALS. THERE IS ALSO A LARGE COLLECTION OF FOSSILS AND ROCKS AND MINERALS IN THE STORAGE AREA THAT IS IN THE PROCESS OF BEING INVENTORIED. MANY LOCAL TEACHERS BRING THEIR CLASSES TO THE JURICA-SUCHY NATURE MUSEUM TO FOCUS ON PARTICULAR THEMES TO ENHANCE THEIR CURRICULUM. THE STUDENTS TAKE A BRIEF TOUR; VISIT THE LEARNING CIRCLE UNDER THE WHALE TO TOUCH DIFFERENT SPECIMENS AND THEN SET OFF TO WORK ON AN ACTIVITY SHEET SELECTED BY THE TEACHER. BECAUSE THE MUSEUM IS AN INTIMATE SPACE, FILLED WITH SPECIMENS, CHILDREN ARE ABLE TO MAKE OBSERVATIONS, EXPLORE DIFFERENCES AMONG THE SPECIMENS, AND THINK ABOUT THEM. THE MUSEUM HOSTS MANY HOME SCHOOL FAMILIES AND ALSO IS USED BY OUR BENEDICTINE STUDENTS FOR CLASS ASSIGNMENTS IN BIOLOGY, ART AND EDUCATION. THERE ARE OVER 5,000 VISITORS TO THE MUSEUM EACH YEAR. IN ADDITION, THE JURICA-SUCHY NATURE MUSEUM OFFERS A DISCOVERY BOX LOAN PROGRAM OF MORE THAN 40 BOXES FOR TEACHERS, HOME SCHOOL FAMILIES AND OTHER GROUPS. THE BOXES CONTAIN MUSEUM SPECIMENS, BACKGROUND INFORMATION, VISUAL AIDS, CURRICULAR GUIDES, AND SUGGESTED CLASSROOM ACTIVITIES. THIS PROGRAM REACHES AN ADDITIONAL 5,000 CHILDREN EACH YEAR. THESE PROGRAMS ARE OFFERED AT NO COST TO OUR PUBLIC AS A MEANS OF FURTHERING EDUCATION IN THE NATURAL SCIENCES IN OUR COMMUNITY. BENEDICTINE UNIVERSITY POSSESSES AN ART COLLECTION NUMBERING NEARLY 4,000 PIECES AND ARTIFACTS. THE COLLECTION REPRESENTS BOTH FINE AND APPLIED ARTS, AND IS QUITE DIVERSE IN ITS SCOPE OF SUBJECT AND MEDIA; WHILE THE MAJORITY OF THE COLLECTION HAS A RELIGIOUS THEME. THE COLLECTION CONSISTS MAINLY OF CERAMICS, DRAWINGS, PAINTINGS, ORIGINAL FINE ART PRINTS, PHOTOGRAPHY, TEXTILE, SCULPTURE, MIXED MEDIA, FOLK ART AND KITSCH. THE UNIVERSITY'S ART COLLECTION IS VISIBLE THROUGHOUT THE ENTIRE CAMPUS, AND IT'S BRANCH CAMPUS. IN ADDITION TO THE NUMEROUS AREA TEACHERS, PARENTS, SPECIAL ART INTEREST GROUPS AND VISITORS THAT COME TO THE UNIVERSITY, AND NEIGHBORING ST. PROCOPIUS ABBEY, FOR THE EXPRESS PURPOSE OF A GUIDED TOUR OF THE CAMPUS, VIRTUALLY EVERY CAMPUS VISITOR IS ABLE TO SEE A PART OF THE ART COLLECTION. THIS MUST BE NOTED AS MOST COLLEGE COLLECTIONS HAVE A DESIGNATED AREA FOR SHOWING ARTWORK OR EXHIBITIONS, USUALLY WITHIN A CONTAINED EXHIBITION SPACE. BENEDICTINE UNIVERSITY DOES HAVE ONE DESIGNATED ENCLOSED SET OF DISPLAY CASES, IN THE LOWER AREA OF KRASA HALL, FOR THE PURPOSE OF SHOWING SMALLER EXHIBITIONS, BUT THE 2ND FLOOR OF KINDLON HALL, OUTSIDE THE LIBRARY, HAS RECENTLY BEEN OPENED UP TO SHOW LARGER EXHIBITIONS. CLASSES ON CAMPUS ARE ENCOURAGED TO UTILIZE THE ART COLLECTION TO ENHANCE THEIR CURRICULUM. THE UNIVERSITY IS ALSO HOST TO VARIOUS SUMMER SPORTS AND MUSIC CAMPS WHEREBY AN ADDITIONAL VIEWING AUDIENCE FROM THE COMMUNITY IS ABLE TO SEE AND APPRECIATE THE ART COLLECTION. THE ENORMITY OF THE COLLECTION AND BEING SPREAD THROUGHOUT THE CAMPUS AS IT IS, HAS TRANSFORMED THE CAMPUS INTO A GIGANTIC ART GALLERY, WHEREBY ART IS APPRECIATED BY THE MASSES AND OF AESTHETIC MERIT TO ALL DISCIPLINES. Schedule D, Part V, Line 4 Intended uses of endowment funds THE UNIVERSITY HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR A PORTION OF ITS PERMANENTLY RESTRICTED ENDOWMENT FUNDS FAIR VALUE AS OF THE LAST DAY OF THE YEAR PRECEDING THE FISCAL YEAR IN WHICH THE DISTRIBUTION IS PLANNED. DISTRIBUTIONS FROM OTHER ENDOWMENTS ARE MADE ON THE BASIS OF PRUDENT APPLICATION OF THE FUNDS IN FURTHERANCE OF THE UNIVERSITY'S STRATEGIC PLAN IN ACCORDANCE WITH DONOR-IMPOSED RESTRICTIONS, WHEN AND IF APPLICABLE, ON THE USE OF THE FUNDS. IN ESTABLISHING THIS POLICY, THE UNIVERSITY CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS INVESTMENT ASSETS, THE NATURE AND DURATION OF THE INDIVIDUAL ENDOWMENT FUNDS, MANY OF WHICH MUST BE MAINTAINED IN PERPETUITY BECAUSE OF DONOR-IMPOSED RESTRICTIONS, AND THE POSSIBLE EFFECT OF INFLATION. THE UNIVERSITY EXPECTS THE CURRENT SPENDING POLICY TO ALLOW ITS ENDOWMENT FUNDS TO GROW AT A NOMINAL AVERAGE ANNUAL RATE, THAT WILL PROVIDE A DEPENDABLE AND GROWING SOURCE OF FUNDING SUPPORT AND FINANCIAL DISTRIBUTIONS FOR THE UNIVERSITY, WHILE PRESERVING THE PRINCIPAL OF THE FUNDS AND PROTECTING THEIR VALUE FROM THE IMPACT OF INFLATION. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The University is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. However, income from certain activities not directly related to the University's tax-exempt purpose is subject to taxation as unrelated business income. The University recognizes the financial statement impact of a tax position when it is more likely than not that the position will be sustained upon examination. Management has determined there are no material uncertain positions that require recognition in the financial statements. There is no interest or penalties recognized in the statements of activities or statements of financial position. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 Investment returns transferred to operations - -8200000 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Scholarships - 30321324 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Scholarships - 30321324 true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY BENEDICTINE UNIVERSITY PUBLISHES ITS RACIALLY NON-DISCRIMINATORY POLICY IN ITS STUDENT AND EMPLOYEE RECRUITMENT MATERIALS, APPLICATIONS, BUSINESS TRANSACTIONS, LEGAL DOCUMENTS, CATALOG, OPERATIONAL MATERIALS, AND IN INTERNAL AND EXTERNAL COMMUNICATION. This policy is also linked on the University's home page at https://ben.edu/. Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT THE INSTITUTION RECEIVED FINANCIAL AID FROM US GOVERNMENT AGENCIES: PELL, SEOG, U.S DEPARTMENT OF HEALTH & HUMAN SERVICES, NATIONAL SCIENCE FOUNDATION, NATIONAL ENDOWMENT FOR THE HUMANITIES, NATIONAL INSTITUTE OF FOOD AND AGRICULTURE, U.S. Department of Justice, AND Illinois Board of Higher Education. DURING THE TAX YEAR ENDING 5/31/2024, THE UNIVERSITY RECEIVED HIGHER EDUCATION EMERGENCY RELIEF FUNDS FROM THE U.S. DEPARTMENT OF EDUCATION, OFFICE OF POSTSECONDARY EDUCATION AS A RESULT OF THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT. East Asia and the Pacific 0 1 Program Services EDUCATIONAL SERVICES 578500 Central America and the Caribbean 0 0 Investments 11496294 Europe (Including Iceland and Greenland) 0 0 Investments 1407545 North America (Canada & Mexico only) 0 0 Investments 683806 0 1 0 0 0 1 14166145 0 14166145 true false true true true false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EAST ASIA AND THE PACIFIC-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual true INSTITUTIONAL 2166 29197634 ENDOWED 203 547899 OUTSIDE 298 575791 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. BENEDICTINE UNIVERSITY'S OFFICE OF FINANCIAL AID ADMINISTERS FEDERAL TITLE IV, STATE, PRIVATE AND INSTITUTIONAL GRANTS IN THE FORM OF STUDENT SCHOLARSHIPS, GRANTS, WAIVERS AND AWARDS. THE OFFICE OF FINANCIAL AID FOLLOWS SPECIFIC GRANT PROGRAM CRITERIA TO: DETERMINE STUDENT ELIGIBILITY AND SELECTION; MONITOR APPROPRIATE HANDLING OF FUNDS, AND; MEET REPORTING AND RECORD RETENTION REQUIREMENTS. DOCUMENTATION OF ALL STUDENT FINANCIAL ASSISTANCE FUNDING IS MAINTAINED IN THE STUDENT'S AID FILE AND UNIVERSITY COMPUTER SYSTEM. X X X true true X X X X true false false false false false false false false CHARLES GREGORY PRESIDENT (through 8/2023); Advisor to the president (as of 8/2023) 338275 0 0 0 74431 0 0 0 1295 0 414001 0 0 0 JOSEPH FOY PRESIDENT (as of 8/2023) 152556 0 0 0 13560 0 0 0 7382 0 173498 0 0 0 IRENE GENDEL INTERIM CFO UNTIL 5/31/2021 152613 0 0 0 1329 0 0 0 21581 0 175523 0 0 0 John Schade INTERIM CFO (through 1/2024) 138545 0 0 0 676 0 0 0 11678 0 150899 0 0 0 Kenneth Newbold Provost/Chief Academic Officer (through 9/2023) 171942 0 0 0 128178 0 0 0 29748 0 329868 0 0 0 Ramkrishnan Tenkasi Professor 178119 0 0 0 2816 0 0 0 34347 0 215282 0 0 0 Olga Lambert Dean 151980 0 0 0 12893 0 0 0 27505 0 192378 0 0 0 Cheryl Mascarenhas Dean 171141 0 0 0 1046 0 0 0 17548 0 189735 0 0 0 Christopher Duffrin PROFESSOR 168910 0 0 0 1471 0 0 0 17376 0 187757 0 0 0 Michael Manning Professor 161408 0 0 0 5871 0 0 0 19468 0 186747 0 0 0 Schedule J, Part I, Line 1a Travel for companions PER PRESIDENT'S EMPLOYMENT AGREEMENT, PRESIDENT CAN TRAVEL WITH HIS WIFE IN CONNECTION WITH HIS OFFICIAL DUTIES AND RESPONSIBILITIES. This is related to business purposes and is considered non-taxable income Schedule J, Part I, Line 1a Housing allowance or residence for personal use HOUSING ALLOWANCE IS INCLUDED IN PRESIDENT'S EMPLOYMENT AGREEMENT and treated as taxable income. Schedule J, Part I, Line 1a Health or social club dues or initiation fees PER PRESIDENT'S EMPLOYMENT AGREEMENT, PRESIDENT CAN BE REIMBURSED FOR MEMBERSHIP IN A SOCIAL CLUB BASED ON MUTUAL AGREEMENT OF PRESIDENT AND CHAIR OF THE BOARD since this relates to business purposes. Any such reimbursements are considered non-taxable income. Schedule J, Part I, Line 4a Severance or change-of-control payment Kenneth Newbold received severance payments totaling $127,500 during calendar year 2023. This amount is included on Form 990, Schedule J, Part II, Column B(iii). A ILLINOIS FINANCE AUTHORITY 861091967 45204EUH9 2017-05-31 35710762 SEE PART VI false false false B ILLINOIS FINANCE AUTHORITY 861091967 45204FGQ2 2021-02-11 20507081 REFUND 2013A BONDS false false false A 1640000 0 35871591 2887680 0 0 646815 0 0 0 32337096 0 2017 true false true true B 0 0 20517617 0 0 0 0 0 0 0 20517617 0 2021 true false true true A false false false false 0.0 false false true B false false false false 0.0 false false true A false false false true false false false false true B false true false false false false false false true A true B true Schedule K, Part I, Column (f) DESCRIPTION OF PURPOSE ILLINOIS FINANCE AUTHORITY, SERIES 2017 - TO REFINANCE ILLINOIS FINANCE AUTHORITY, SERIES 2013B BONDS AND PAY OFF THE BRIDGE LINE OF CREDIT AND TERMINATE SWAP AGREEMENT WITH CITIZENS BANK Schedule K, Part II, Line 3 Total Proceeds of Issue The proceeds of issue differs from the reported bond issue due to investment earnings on bond proceeds held in trust. Schedule K, Part IV, Line 2c COLUMN A Issuer name: ILLINOIS FINANCE AUTHORITY The calculation for computing no rebate due was performed on 05/31/2022 KATIE DEDIO FAMILY MEMBER OF OFFICER 50054 EMPLOYEE COMPENSATION false X 7 32550 Market value X Piano 1 4950 Market value X Lab Technology 1 3500 Market value 0 false true false Schedule M, Part I, Line 33 SCH M, PART I, LINE 33 ALL IN-KIND CONTRIBUTIONS ARE RECORDED BY THE DEVELOPMENT OFFICE IN THEIR MILLENNIUM SOFTWARE SYSTEM, WHICH INCLUDES A CONCISE DESCRIPTION OF THE IN-KIND CONTRIBUTION AND A MEMO ENTRY OF THE VALUE SUGGESTED BY THE DONOR. HOWEVER, REVENUE IS NOT RECORDED IN THE FINANCIAL ACCOUNTS OF THE UNIVERSITY, UNLESS THE CONTRIBUTION IS MATERIAL AND A FAIR MARKET VALUE CAN BE DETERMINED. Schedule M, Part I Explanations of reporting method for number of contributions Art - Works of art - Number of contributions Other - Piano Number of contributions Other - Lab Technology Number of contributions Form 990, Part VI, Line 1a Delegate broad authority to a committee The membership of the Executive Committee shall consist of the Officers of the Board, the immediate past Chair of the Board, and the chairs of the standing committees of the Board. The Chair of the Board and the President of the University may jointly add additional members to the committee. The Executive Committee shall have and exercise all the authority of the Board of Trustees in the management of the University, as may be authorized by the Board of Trustees or provided by law or by the charter or bylaws of the University. Form 990, Part VI, Line 4 Significant changes to organizational documents During FYE 5/31/2024, Benedictine University amended its Bylaws to: 1) Remove the Board of Directors of St. Procopius Abbey as the member of Benedictine University. With this amendment, the University is fully managed by its Board of Trustees and is no longer required to obtain approval of certain decisions and actions from the Board of Directors of St. Procopius Abbey. 2) Reduce the maximum number of persons on the Board of Directors from fifty to twenty-six. 3) Define the officers of the Board of Trustees as the Chair, Vice Chair, Secretary, Treasurer, and the President of the University. Form 990, Part VI, Line 11b Review of form 990 by governing body THE CFO, ALONG WITH OTHER MEMBERS OF THE BUSINESS AND FINANCE DEPARTMENT, REVIEWED THE DRAFT FORM 990, TOGETHER WITH ITS OUTSIDE ACCOUNTING FIRM. THE COMPLETED 990 IS REVIEWED BY THE FINANCE AND AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. A COPY IS PROVIDED TO EACH MEMBER OF THE FULL BOARD OF TRUSTEES PRIOR TO FILING. Form 990, Part VI, Line 12c Conflict of interest policy THE COMPLIANCE OFFICER ANNUALLY DISTRIBUTES THE CONFLICTS OF INTEREST POLICY AND DISCLOSURE QUESTIONNAIRE, TO TRUSTEES, OFFICERS, FACULTY AND STAFF. TRUSTEES RECEIVE A COPY OF THE CONFLICTS OF INTEREST POLICY IN THE TRUSTEE HANDBOOK. EACH IS REQUIRED TO ANNUALLY DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST BY SIGNING AND SUBMITTING THE UNIVERSITY DISCLOSURE QUESTIONNAIRE AND UPDATING IT AS PERTINENT NEW INTERESTS OR SITUATIONS ARISE. RESPONSES TO THE DISCLOSURE QUESTIONNAIRE ARE REVIEWED AND DISCLOSED CONFLICTS ARE RESOLVED. THE OFFICE OF THE PROVOST, THE OFFICE OF BUSINESS AND FINANCE SERVICES, AND THE COMPLIANCE OFFICER PROVIDE ASSISTANCE BY ANSWERING QUESTIONS AND PROVIDING GUIDANCE ON APPROACHES TO RESOLVING CONFLICTS OF INTEREST. INDIVIDUALS WHO FAIL TO COMPLETE THE ANNUAL DISCLOSURE QUESTIONNAIRE AND/OR FAIL TO DISCLOSE ACTUAL OR POTENTIAL CONFLICTS OF INTEREST ARE SUBJECT TO APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. Form 990, Part VI, Line 15a Process to establish compensation of top management official The process of determining compensation of the President of the University: The Chairman of the Board of Trustees and two independent members of the Board comprised the Compensation Committee. This group reviewed and determined executive compensation through the use of comparable compensation data from various sources including relevant external compensation surveys, compensation data from peer educational institutions, and internal executive equity analysis. The committee met and reviewed salary history and performed an analysis in reaching the annual compensation. Based on this analysis, the Compensation Committee made a recommendation to the Executive Committee of the Board of Trustees for final approval. Contemporaneous documentation was kept and maintained. THIS PROCESS WAS LAST UNDERTAKEN IN JULY 2023. Form 990, Part VI, Line 15b Process to establish compensation of other employees The process of determining compensation of the Chief Financial Officer of the University: During FYE 5/31/2024, the University reviewed and determined CFO compensation using industry trends for similar roles at comparable Universities, leveraging data provided by the College and University Professional Association. This comparability data was reviewed by the President of the University, with the ultimate approval of CFO compensation obtained from the Board of Directors of the University. Contemporaneous documentation was kept and maintained. Form 990, Part VI, Line 19 Required documents available to the public THE UNIVERSITY MAKES ITS GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIAL INFORMATION AVAILABLE TO THE PUBLIC UPON REQUEST. THE FINANCIAL INFORMATION IS ALSO PUBLISHED IN THE UNIVERSITY'S VOICES MAGAZINE. THE BENEDICTINE UNIVERSITY CONFLICTS OF INTEREST POLICY IS AVAILABLE ON THE COMPLIANCE PAGE OF THE UNIVERSITY'S WEBSITE. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Investment returns transferred to operations - -8200000; FOUNDERS WOODS LTD 5700 COLLEGE ROAD LISLE IL 60532 364376857 SUPPORT BU IL 501(c)(3) 10 BU true SPRINGFIELD COLLEGE IN ILLINOIS 1500 NORTH FIFTH STREET SPRINGFIELD IL 62701 370663573 EDUCATION IL 501(c)(3) 2 BU true CHARITABLE REMAINDER ANNUITY TRUST (2) 5700 College Road Lisle IL 60532 Trust IL NA Trust false false false false false false false false false false false false false false false false false false false false