| THE MISSION AND METHOD OF SARAH LAWRENCE EDUCATION |
FORM 990, PART I, LINE 1 and PART III, LINE 1 |
At Sarah Lawrence College, our mission is to graduate citizens of the world who are diverse in every definition of the word, who take intellectual and creative risks, and who are able to focus exceptional intellectual discipline within a framework of humanistic values and concern for community. Our unique educational practices, including unparalleled time with faculty, aim at preparing the whole student to solve problems in new ways, to cross disciplinary boundaries, and to think and act independently as they become protagonists on the world stage. |
| OTHER PROGRAMS |
FORM 990, PART III, LINE 4D |
Other educational programs consisting of non-credit continuing education programs (with a headcount of 22 students), special non-credit courses for adults, (language, photography, swimming and fitness, etc.), writing institute classes, certificate courses, and early childhood programs. |
| 990 REVIEW PROCESS |
FORM 990, PART VI, SECTION B, LINE 11 |
The College's Controller's Office compiled financial information and prepared the 990. A draft was reviewed by Grant Thornton, an independent tax preparer. Acting for the full Board, a draft of the 990 was sent to each member of the Audit Committee and the Executive Committee of the Board to review. A meeting was held on December 19, 2013 to discuss/review. Minutes were taken at the meeting. A final public inspection copy of the 990 was placed on the College's password-protected trustee page for access by each Board member, with e-mail notification thereto, prior to filing. |
| CONFLICT OF INTEREST POLICY |
FORM 990, PART VI, SECTION B, LINE 12C |
The Secretary of the College regularly and consistently monitors and enforces the conflict of interest policy. Annually, the Trustees are sent the College's conflict of interest policy by the Secretary of the College. Compliance is acknowledged by signature and return of the signed statement. At the same time, a disclosure statement is completed in order to disclose any potential conflict of interest with the College. The policy requires disclosure of all potential conflicts of interest to the Secretary, the Dean, or the CFO, as soon as possible after the Trustee learns of the conflict. All disclosed potential conflicts of interest are presented to the Board with the material facts for discussion and decision for approval. The Board sets forth its basis in the minutes of the meeting in which the decision was made. |
| DETERMINING COMPENSATION FOR OFFICERS AND KEY EMPLOYEES |
FORM 990, PART VI, SECTION B, LINE 15a and 15b |
The Executive Committee, comprised of independent Trustees, meets annually to fix the compensation of the President, the faculty Trustee, and other officers who are not Trustees. The Vice President of Human Resources meets with the Executive Committee at the end of each academic year to present objective comparative information on all officers of the College. Data is collected from 2 sets of objective comparative peer groups. The President presents to the Committee the annual evaluation and salary recommendation for each officer for the following academic year. The Committee approves the new salaries. The Committee determines and approves the President's salary. The determination is documented in the contemporaneous meeting minutes. This process was last undertaken on June 24, 2013. |
| AVAILABILITY OF DOCUMENTS, POLICY, AND FINANCIALS |
FORM 990, PART VI, SECTION C, LINE 19 |
The College's governing documents are available by request, the conflict of interest policy is on the College's public website, and the College's Financial Statements are made available by request. |
| RECONCILIATION OF NET ASSETS |
FORM 990, PART XI, LINE 9 |
DECREASE IN FAIR VALUE OF INTEREST RATE SWAP LIABILITY $1,853,914; CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS $416,366; LOSS NOT RECOGNIZED AS A COMPONENT OF NET PERIODIC PENSION COST ($234,116). |
| Related Organizations |
Schedule R Part II Line (1) and Part V Line (2) |
Sarah Lawrence College operates several educational programs outside the United States. The program in Oxford, England required the College to set up a separate legal entity. The entity is listed in Schedule R of Form 990, as required. The program and financial information contained in this Form 990 includes the activity of the Sarah Lawrence at Oxford program since the operations are conducted as a program of the College, and is not easily separable. |
Attach to Form 990 or 990-EZ.