Iefile GRAPHIC print - DO NOT PROCESS As Filed Data - Form990 Department of the Treasun Internal Rex enue Sen 1ce foundations) Return of Organization Exempt From Income Tax Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private 2 0 1 6 Do not enter SOClal security numbers on this form as it may be made public Information about Form 990 and Its Instructions is at IRS govgform990 OMB No 1545-0047 Open to Public Inspection A For the 2016 calendar year, or tax year beginning 07-01-2016 and ending 06-30-2017 Check if applicable El Address change Name change Initial return Final Beturn/terminated El Amended return El Application pending Name of organization Hillsdale College Employer identification number 38-1374230 D0ing busmess as Number and street (or 0 box if mail is not delivered to street address) Room/swte 33 College Street Telephone number (517) 437-7341 City or town, state or provmce, country, and ZIP or foreign postal code Hillsdale, MI 49242 Gross receipts 231,918,719 Name and address of prinCIpal officer LARRY ARNN 33 College Street Hillsdale, MI 49242 H(a) IS this a group return for subordinates? l:lYeS .No Are all subordinates included? EYES EINO I Tax-exem pt status 501(c)(3) l:l 501(c)( )4(insertno) l:l 4947(a)(1)or l:l 527 If attach a list (see instructions) Website:> hillsdale edu Group exemption number Form of organization Corporation l:l Trust l:l ASSOCiation l:l Other? Year of formation 1844 State of legal domiCile MI IEEI Summary 1 Briefly describe the organization?s mi55ion or most Significant actIVItieS AT HILLSDALE COLLEGE, OUR CLASSICAL LIBERAL ARTS APPROACH TO EDUCATION AND RIGOROUS CORE CURRICULUM ARE DEDICATED TO WHAT REALLY MATTERS AND HAS FOR CENTURIES THE GOOD, THE TRUE, AND THE BEAUTIFUL WHAT COLLEGE IS MEANT TO BE 2 Check this box l:l if the organization discontinued its operations or disposed of more than 25% of its net assets :5 3 Number of voting members of the governing body (Part VI, line 1a) 3 34 4 Number of independent voting members of the governing body (Part VI, line 1b) 4 33 5 Total number of indIVIduals employed in calendar year 2016 (Part V, line 2a) 5 1,993 6 Total number of volunteers (estimate if necessary) 6 1,730 7a Total unrelated busmess revenue from Part column (C), line 12 7a 540,211 Net unrelated busmess taxable income from Form 990-T, line 34 7b -371,890 Prior Year Current Year 8 Contributions and grants (Part line 1h) 109,558,877 144,893,509 33' 9 Program serVIce revenue (Part line 29) 49,627,751 50,780,130 10 Investment income (Part column (A), lines 3, 4, and 7d 11,456,684 31,589,080 11 Other revenue (Part column (A), lines 5, 6d, 8c, 9C, 10C, and 11e) 2,141,189 3,803,058 12 Total revenue?add lines 8 through 11 (must equal Part column (A), line 12) 172,784,501 231,065,777 13 Grants and Similar amounts paid (Part IX, column (A), lines 1?3 23,804,072 25,277,472 14 Benefits paid to or for members (Part IX, column (A), line 4) 0 0 32 15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5?10) 42,131,549 49,609,337 3?3 16a ProfeSSional fundraiSing fees (Part IX, column (A), line lie) 0 0 Total fundraiSing expenses (Part IX, column (D), line 25) '3 17 Other expenses (Part IX, column (A), lines 11a?11d, 11f?24e) 63,525,116 68,605,154 18 Total expenses Add lines 13?17 (must equal Part IX, column (A), line 25) 129,460,737 143,491,963 19 Revenue less expenses Subtract line 18 from line 12 43,323,764 87,573,814 3 3 Beginning of Current Year End of Year 13% 33 20 Total assets (Part X, line 16) . 918,744,676 1,026,808,807 :2 21 Total liabilities (Part X, line 26) . 111,567,236 110,513,151 Zn:- 22 Net assets or fund balances Subtract line 21 from line 20 . 807,177,440 916,295,656 Signature Block Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge 2018?05?15 . Signature of officer Date Sign Here PATRICK FLANNERY TREASURER Type or print name and title Print/Type preparer's name Preparer's Signature Date l:l PTIN Vicki VanDenBerg CPA VanDenBerg CPA 2018-05-15 Check It P00100422 Pald self-employed Preparer Firm's n:;ne MORAN PLLC Firm's EIN 38?1357951 Firm's a ress 750 Tra Centre Way Ste 300 Phone no 269 567?4500 Use Only Portage, MI 49002 May the IRS discuss this return With the preparer Shown above? (see instructions) .Yes l:l No For Paperwork Reduction Act Notice, see the separate instructions. Cat No 11282Y Form 990 (2016) Form 990 (2016) Page 2 Statement of Program Service Accomplishments Check if Schedule 0 contains a response or note to any line In this Part . . . . . . . . . . . . . . 1 Briefly describe the organization's mi55ion HILLSDALE IS AN INDEPENDENT, NONSECTARIAN INSTITUTION OF HIGHER LEARNING FOUNDED IN 1844 BY MEN AND WOMEN TO GOD FOR THE INESTIMABLE BLESSINGS RESULTING FROM CIVIL AND RELIGIOUS LIBERTY AND THAT THE DIFFUSION OF LEARNING IS ESSENTIAL TO THE PERPETUITY OF THOSE BLESSINGS IT PURSUES THE STATED OBJECT FURNISH ALL PERSONS WHO WISH, IRRESPECTIVE OF NATION, COLOR OR SEX, A LITERARY AND SCIENTIFIC EDUCATIONAND TO COMBINE WITH THIS SUCH MORAL AND SOCIAL INSTRUCTION AS WILL BEST DEVELOP THE MINDS AND IMPROVE THE HEARTS OF ITS TRAINING THE YOUNG IN THE LIBERAL ARTS, HILLSDALE PREPARES STUDENTS TO BECOME LEADERS WORTHY OF THAT LEGACY BY ENCOURAGING THE SCHOLARSHIP OF ITS FACULTY, IT CONTRIBUTES TO THE PRESERVATION OF THAT LEGACY FOR FUTURE GENERATIONS BY PUBLICLY DEFENDING THAT LEGACY, IT ENLISTS THE AID OF OTHER FRIENDS OF FREE CIVILIZATION AND THUS SECURES THE CONDITIONS OF ITS OWN SURVIVAL AND INDEPENDENCE 2 Did the organization undertake any significant program serVIces during the year which were not listed on thepriorForm9900r990-EZ7 . . . . . . . . . . . . . . . . . . . . . l:lYes .No If "Yes," describe these new serVIces on Schedule 0 3 Did the organization cease conducting, or make Significant changes in how it conducts, any program l:lYes-No If "Yes," describe these changes on Schedule 4 Describe the organization's program serVIce accomplishments for each of its three largest program serVIces, as measured by expenses Section 501(c)(3) and 501(c)(4) organizations are reqUIred to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program serVIce reported 4a (Code (Expenses 50,363,270 including grants of (Revenue 39,267,948 See Additional Data 4b (Code (Expenses 24,990,407 including grants of 24,990,407 (Revenue 827 See Additional Data 4c (Code (Expenses 11,615,533 including grants of (Revenue 689,689 See Additional Data (Code (Expenses 13,303,741 including grants of 287,065 (Revenue 12,947,212 THESE ADDITIONAL PROGRAM SERVICE EXPENSES INCLUDE, BUT ARE NOT LIMITED TO AUXILIARY SERVICES (BOOKSTORE, RESIDENTIAL, DINING) AND PLAN AND MAINTENANCE OF CAMPUS GROUNDS AND BUILDINGS 4d Other program serVIces (Describe in Schedule 0 (Expenses 13,303,741 including grants of 287,065 (Revenue 12,947,212) 4e Total program service expenses? 100,272,951 Form 990 (2016) Form 990 (2016Page 3 Checklist of Required Schedules Yes No Is the organization described In section 501(c)(3) or 4947(a)(1) (other than a private Foundation)? If "Yes,? complete Yes Schedule A 1 Is the organization reqUIred to complete Schedule 5, Schedule of Contributors (see instructions)? '25] . 2 YES Did the organization engage in direct or indirect political campaign actIVItieS on behalf of or in oppOSition to candidates No for public office? If ?Yes," complete Schedule C, Part I 3 Section 501(c)(3) organizations. Did the organization engage in lobbying actiwties, or have a section 501(h) election in effect during the tax year? If ?Yes, complete Schedule C, Part II . 4 N0 Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or Similar amounts as defined in Revenue Procedure 98-197 If ?Yes, complete Schedule C, Part 5 N0 Did the organization maintain any donor adVIsed funds or any Similar funds or accounts for which donors have the right to prowde adVIce on the distribution or investment of amounts in such funds or accounts? If ?Yes, complete Schedule D, Part I 39' 6 es Did the organization receive or hold a conservation easement, including easements to preserve open space, the enVIronment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part II . 7 0 Did the organization maintain collections of works of art, historical treasures, or other Similar assets? If ?Yes, complete Schedule D, Part 3 es Did the organization report an amount in Part X, line 21 for escrow or custodial account liability, serve as a custodian for amounts not listed in Part X, or prowde credit counseling, debt management, credit repair, or debt negotiation serVIces7If "Yes, complete Schedule D, Part IV 94 9 0 Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, 10 Yes permanent endowments, or quaSI-endowments7 If ?Yes," complete Schedule D, Part If the organization's answer to any of the followmg questions is "Yes," then complete Schedule D, Parts VI, VII, IX, or as applicable Did the organization report an amount for land, bUIldings, and eqUIpment in Part X, line 107 If "Yes, complete Schedule D, Part VI W- 118 es Did the organization report an amount for investments?other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 167 If "Yes, complete Schedule D, Part VII 11b es Did the organization report an amount for investments?program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 167 If ?Yes," complete Schedule D, Part 9.4 11C 0 Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 167? If "Yes complete Schedule D, Part Did the organization report an amount for other liabilities in Part X, line 257 If "Yes,' complete Schedule D, PartX 11e Yes Did the organization's separate or consolidated finanCIal statements for the tax year include a footnote that addresses 11f No the organization's liability for uncertain tax pOSItions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part 39' Did the organization obtain separate, independent audited finanCIal statements for the tax year? If ?Yes, complete Schedule D, Parts 12a Yes Was the organization included in consolidated, independent audited finanCIal statements for the tax year? 12b No If "Yes, and if the organization answered "No? to line 12a, then completing Schedule D, Parts XI and XII iS optional Is the organization a school described in section 170(b)(1)(A)(ii)7 If ?Yes," complete Schedule 13 Yes Did the organization maintain an office, employees, or agents outSide of the United States? 14a No Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraiSing, busmess, investment, and program serVIce actIVIties outSide the United States, or aggregate foreign investments 14b valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV . es Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other aSSistance to or for any foreign organization? If ?Yes, complete Schedule F, Part5 Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other aSSistance to or for foreign indIVIdua S7 If ?Yes, complete Schedule F, Parts and IV . 15 es Did the organization report a total of more than $15,000 of expenses for profeSSIonal fundraiSing serVIceS on Part IX, 17 No column (A), lines 6 and 11e7 If ?Yes," complete Schedule G, PartI (see instructions) Did the organization report more than $15,000 total of fundraiSing event gross income and contributions on Part lines 1c and 8a? If "Yes," complete Schedule G, Part II . 13 N0 Did the organization report more than $15,000 of gross income from gaming actIVItieS on Part line 9a? If "Yes," 19 complete Schedule G, Part . es Form 990 (2016) Form 990 (2016) Page 4 Checklist of Required Schedules (continued) Yes No 203 Did the organization operate one or more hospital faCIlities? If ?Yes," complete Schedule . 20a No If "Yes" to line 20a, did the organization attach a copy of its audited finanCIal statements to this return? 20b 21 Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic 21 Yes government on Part IX, column (A), line 1? If "Yes,? complete Schedule I, Parts I and II . 22 Did the organization report more than $5,000 of grants or other a55istance to or for domestic indiViduals on Part IX, 22 column (A), line 2? If "Yes, complete Schedule I, Parts I and . W- Yes 23 Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5 about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees? If ?Yes," 23 Yes completeScheduleJ24a Did the organization have a tax- -exempt bond issue With an outstanding prinCIpal amount of more than $100, 000 as of the last day of the year, that was issued after December 31, 2002? If "Yes, answer lines 24b through 24d and complete Schedule If' 90 to line 25a 24a e5 Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception? . 24b Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds? 24c N0 Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year? 24d No 25a Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations. Did the organization engage in an excess benefit transaction With a disqualified person during the year? If "Yes," 25 complete Schedule L, PartI . . . . a a Is the organization aware that it engaged in an excess benefit transaction With a disqualified person in a prior year, and that the transaction has not been reported on any of the organization?s prior Forms 990 or 25b No If ?Yes,"complete Schedule L, PartI . . . . . . . . . . . . . . . . . . . 26 Did the organization report any amount on Part X, line 5, 6, or 22 for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons? 26 No II If Yes, complete Schedule L, Part II 27 Did the organization prowde a grant or other a55istance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member 27 No of any of these persons? If ?Yes, complete Schedule L, Part . . . . 28 Was the organization a party to a business transaction With one of the fo 0Wing parties (see Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions) a A current or former officer, director, trustee, or key employee? If "Yes," complete Schedule L, Part family member of a current or former officer, director, trustee, or key employee? If "Yes, complete Schedule L, Part IV 28bYes An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner? If "Yes, complete Schedule L, Part IV . 23C 0 29 Did the organization receive more than $25,000 in non-cash contributions? If ?Yes," complete Schedule . . 93' 29 Yes 30 Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes, complete Schedule 30 es 31 Did the organization liqUIdate, terminate, or dissolve and cease operations? If ?Yes," complete Schedule N, PartI . 31 32 Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If ?Yes, complete Schedule N, Part II 32 N0 33 Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301 7701-2 and 301 7701-3? If "Yes, complete Schedule R, PartI 33 N0 34 Was the organization related to any tax- -exempt or taxable entity? If ?Yes," complete Schedule R, Part II, or IV, and Part V, line 1 . . . 34 N0 35a Did the organization have a controlled entity Within the meaning of section 512(b)(13)? 35a N0 If ?Yes' to line 35a, did the organization receive any payment from or engage in any transaction With a controlled entity Within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 35b 36 Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes, complete Schedule R, Part V, line 2 36 N0 37 Did the organization conduct more than 5% of its actIVIties through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes, complete Schedule R, Part VI 37 N0 38 Did the organization complete Schedule 0 and prowde explanations in Schedule 0 for Part VI, lines 11b and 19? Note. All Form 990 filers are reqUIred to complete Schedule 0 38 Yes Form 990 (2016) Form 990 (2016) Page 5 Statements Regarding Other IRS Filings and Tax Compliance Check If Schedule 0 contains a response or note to any line In this Part . Enter the number reported In Box 3 of Form 1096 Enter -0- If not applicable . . 1a 3,445 Enter the number of Forms W-ZG Included In line 1a Enter -0- If not applicable 1b 7 Did the organizatIon comply With backup Withholding rules for reportable payments to vendors and reportable gaming (gambling) WinnIngs to prIze Winners? 1c Yes Enter the number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, ?led for the calendar year ending WIth or WIthIn the year covered by 2a 1,993 If at least one IS reported on line 2a, dId the organization We all reqUIred federal employment tax returns? 2b Yes Note.If the sum of lines 1a and 2a Is greater than 250, you may be reqUIred to e-fIle (see instructions) Did the organization have unrelated busmess gross income of $1,000 or more during the year? 3a Yes If ?Yes," has It ?led a Form 990-T for thIs year7If "No? to line 3b, prowcle an explanation In Schedule 0 3b Yes At any time during the calendar year, did the organization have an Interest In, or a Signature or other authorIty over, a finanCIal account In a foreign country (such as a bank account, securities account, or other ?nancial account)? 4a No If "Yes," enter the name of the foreign country See Instructions for ?ling reqUIrements for Form 114, Report of Foreign Bank and FinanCIal Accounts (FBAR) Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? 5a No Did any taxable party notIfy the organization that It was or Is a party to a prohibited tax shelter transaction? 5b No If "Yes," to lIne 5a or 5b, did the organIzation ?le Form 8886-T7 5c Does the organizatIon have annual gross reCEIpts that are normally greater than $100,000, and did the organization 6a No what any contributions that were not tax deducthle as charItable contributions? If "Yes," dId the organIzatIon Include WIth every so ICItatIon an express statement that such contrIbutIons or were not tax deducthle7 . . . . . . . . . . . . . 6b Organizations that may receive deductible contributions under section 170(c). Did the organizatIon receive a payment In excess of $75 made partly as a contribution and partly for goods and serVIces 7a Yes prowded to the payor? If "Yes," dId the organIzatIon notIfy the donor of the value of the goods or serVIces prowded" 7b Yes Did the organizatlon sell, exchange, or otherWIse dIspose of tangible personal property for which It was reqUIred to ?le Form82827 7c No If "Yes," Indicate the number of Forms 8282 ?led during the year . . . . I 7d I Did the organizatlon receive any funds, directly or Indirectly, to pay premiums on a personal bene?t contract? 7e No Did the organizatIon, during the year, pay premiums, dIrectly or IndIrectly, on a personal benefit contract? 7f No If the organization received a contrIbutIon of qualified Intellectual property, did the organization ?le Form 8899 as reqUIredthe organization received a contrIbutIon of cars, boats, airplanes, or other vehIcles, dId the organizatIon file a Form 1098-C7 7h Sponsoring organizations maintaining donor advised funds. Did a donor adVIsed fund maIntained by the sponsorIng organIzatIon have excess busmess holdIngs at any tIme durIng the year? 8 No Did the sponsorIng organIzatIon make any taxable dIstrIbutIons under section 49667 9a No Did the sponsorIng organIzatIon make a dIstrIbutIon to a donor, donor adVIsor, or related person? 9b No Section 501(c)(7) organizations. Enter InItiatIon fees and capItal contrIbutIons Included on Part line 12 . . . 10a Gross receipts, Included on Form 990, Part line 12, for public use of club 10b Section 501(c)(12) organizations. Enter Gross Income from members or shareholders . . . . . . . . . 11a Gross Income from other sources (Do not net amounts due or paid to other sources against amounts due or received from them . . . . . . . . . . 11b Section 4947(a)(1) non-exempt charitable trusts. Is the organizatIon filing Form 990 In lIeu of Form 10417 12a If "Yes," enter the amount of tax-exempt Interest received or accrued durIng the year 12b Section 501(c)(29) qualified nonprofit health insurance issuers. Is the organization lIcensed to Issue qualified health plans In more than one state?Note. See the InstructIons for addItional InformatIon the organIzatIon must report on Schedule 0 13a Enter the amount of reserves the organization IS reqUIred to maintaIn by the states In which the organIzatIon Is licensed to Issue quaIIfied health plans . . . . 13b Enter the amount of reserves on hand . . . . . . . . . . . . 13c Did the organizatIon receive any payments for Indoor tannIng serVIces durIng the tax year? 14a No If "Yes," has It ?led a Form 720 to report these payments7If ?No,"prov1cle an explanation In Schedule 0 . 14b Form 990 (2016) Form 990 (2016) Governance, Management, and DisclosureFor each "Yes" response to lines 2 through 7b below, and for a "No" response to lines Page 6 8a, 8b, or 10b below, describe the Circumstances, processes, or changes in Schedule 0 See instructions Check if Schedule 0 contains a response or note to any line In this Part VI Section A. Governing Body and Management Yes No 1a Enter the number of voting members of the governing body at the end of the tax year 1a 34 If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or Similar committee, explain in Schedule 0 Enter the number of voting members included in line 1a, above, who are independent 1b 33 2 Did any officer, director, trustee, or key employee have a family relationship or a busmess relationship With any other officer, director, trustee, or key employee? . . 2 Yes 3 Did the organization delegate control over management duties customarily performed by or under the direct superVI5ion 3 No of officers, directors or trustees, or key employees to a management company or other person? 4 Did the organization make any significant changes to its governing documents smce the prior Form 990 was filedDid the organization become aware during the year of a Significant diver5ion of the organization's assets? No Did the organization have members or stockholders? No 7a Did the organization have members, stockholders, or other persons who had the power to elect or appomt one or more members of the governing bodyAre any governance deCI5ions of the organization reserved to (or subject to approval by) members, stockholders, or 7b No persons other than the governing bodyDid the organization contemporaneously document the meetings held or written actions undertaken during the year by the followmg The governing body? 8a Yes Each committee With authority to act on behalf of the governing body? 8b Yes 9 Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization?s mailing address? If ?Yes, provrde the names and addresses in Schedule 0 . 9 No Section B. Policies (This Section requests information about policres not reqwred by the Internal Revenue Code.) Yes No 10a Did the organization have local chapters, branches, or affiliates? 10a No If "Yes," did the organization have written polices and procedures governing the actIVIties of such chapters, affiliates, and branches to ensure their operations are con5istent With the organization's exempt purposes? 10b 11a Has the organization prowded a complete copy of this Form 990 to all members of its governing body before filing the form? 11a No Describe in Schedule 0 the process, if any, used by the organization to reVIew this Form 990 12a Did the organization have a written conflict of interest policy? If go to line 13 12a Yes Were officers, directors, or trustees, and key employees reqUIred to disclose annually interests that could give rise to conflicts12b Yes Did the organization regularly and conSistently monitor and enforce compliance With the policy? If ?Yes," describe in Schedule 0 how this was done . . . . . . . . . . 12: Yes 13 Did the organization have a written Whistleblower policy? 13 No 14 Did the organization have a written document retention and destruction policy? 14 Yes 15 Did the process for determining compensation of the followmg persons include a reVIeW and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and deCI5ion7 The organization?s CEO, Executive Director, or top management offICIal 15a Yes Other officers or key employees of the organization 15b Yes If "Yes" to line 15a or 15b, describe the process in Schedule 0 (see instructions) 16a Did the organization invest in, contribute assets to, or partICIpate in a pint venture or Similar arrangement With a taxable entity during the year"Yes," did the organization follow a written policy or procedure reqUIring the organization to evaluate its partICIpation in mint venture arrangements under applicable federal tax law, and take steps to safeguard the organization?s exempt status With respect to such arrangements? 16b Section C. Disclosure 17 18 19 20 List the States With which a copy of this Form 990 is reqUIred to be filed? Section 6104 reqUIres an organization to make its Form 1023 (or 1024 if applicable), 990, and 990-T (501(c)(3)s only) available for public inspection Indicate how you made these available Check all that apply l:l Own webSIte l:l Another's webSIte Upon request l:l Other (explain in Schedule O) Describe in Schedule 0 Whether (and if so, how) the organization made its governing documents, conflict of interest policy, and finanCIal statements available to the public during the tax year State the name, address, and telephone number of the person who possesses the organization's books and records PPatrick Flannery 33 College Street Hillsdale, MI 49242 (517) 437-7341 Form 990 (2016) Form 990 (2016) Page 7 Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors Check if Schedule 0 contains a response or note to any line In this Part VII . . . . . . . . . l:l Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees 1a Complete this table for all persons reqUIred to be listed Report compensation for the calendar year ending With or Within the organization?s tax year 0 List all of the organization's current officers, directors, trustees (whether indiViduals or organizations), regardless of amount of compensation Enter -0- in columns (D), (E), and (F) if no compensation was paid 0 List all of the organization?s current key employees, if any See instructions for definition of "key employee 0 List the organization's five current highest compensated employees (other than an officer, director, trustee or key employee) who recewed reportable compensation (Box 5 of Form W-2 and/or Box 7 of Form 1099-MISC) of more than $100,000 from the organization and any related organizations 0 List all of the organization?s former officers, key employees, or highest compensated employees who received more than $100,000 of reportable compensation from the organization and any related organizations 0 List all of the organization's former directors or trustees that received, in the capaCIty as a former director or trustee of the organization, more than $10,000 of reportable compensation From the organization and any related organizations List persons in the followmg order indIVIdual trustees or directors, institutional trustees, officers, key employees, highest compensated employees, and former such persons l:l Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee (A) (B) (C) (D) (E) (F) Name and Title Average P05ition (do not check more Reportable Reportable Estimated hours per than one box, unless person compensation compensation amount of other week (list is both an officer and a from the from related compensation any hours director/trustee) organization (W- organizations from the for related - ,t I (W- 2/1099- organization and i_J i I :11 organizations ,1 :a 3.5, MISC) related below clotted 35 E- E7 3 organizations lineSee Additional Data Table Form 990 (2016) Form 990 (2016) Page 8 Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued) (A) (B) (C) (D) (E) (F) Name and Title Average Position (do not check more Reportable Reportable Estimated hours per than one box, unless person compensation compensation amount of other week (list is both an officer and a from the from related compensation any hours director/trustee) organization (W- organizations (W- from the for related - A 1' ,t I organization and I I, :11 organizations a. :i if: '3 3,0 11- related below dotted 23 7; fr: 3 organizations line) RE- ?3:29.See Additional Data Table Total from continuation sheets to Part VII, Section A . . . . dTotal (add lines 2,909,334 0 471.392 2 Total number of ihdiViduals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization 69 Yes No 3 Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes, complete Schedule for such indiwcluai? . No 4 For any IndIVIdual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If ?Yes, complete Schedule for such incliwcluai' Yes 5 Did any person listed on line 1a receive or accrue compensation from any unrelated organization or indiVidual for serVIces rendered to the organization?? ?Yes, complete Schedule for such person No Section B. Independent Contractors 1 Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization Report compensation for the calendar year ending With or Within the organization?s tax year (A) (B) (C) Name and busmess address Description of serwces Compensation BON APPETIT AT HILLSDALE COLLEGE FOOD SERVICE 5,472,439 PO BOX 91337 CHICAGO, IL 606931337 REBECCA HAGELIN COMMUNICATIONS 5,058,595 4572 25TH ROAD NORTH 22207 DONNELLEY PRINTING 3,111,385 30 HAZELWOOD DR WEST AMHERST, NY 14228 ROCKFORD CONSTRUCTION INC CONSTRUCTION 2,807,264 601 FIRST ST NW GRAND RAPIDS, MI 49504 NEXT AFIER LLC 1,460,970 6175 MAIN ST FRISCO, TX 75034 2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 79 Form 990 (2016) Form 990 (2016) Statement of Revenue Check if Schedule 0 contains a response or note to any line In this Part . . Page 9 El (A) (B) (C) (D) Total revenue Related or Unrelated Revenue exempt bu5iness excluded from Function revenue tax under sections revenue 512-514 3 la Federated campaigns . . I la I 22 Membership dues . . I 1b I Fundraismg events . . I 1c I Related organizations I 1d I nu (D Government grants (contributions) I la I m? 2 All other contributions, gifts, grants, .2 and Similar amounts not included 1f 144,893,509 v: above 5 Noncash contributions included in lines 1a-1f 26,596,220 (U Total.Add lines 1a-144,393,509 3, Busmess Code 3 2a tUlthn and fees 611310 39,115,492 39,115,492 035 aux?mry 611310 10,812,879 10,643,319 169,560 3; other auxmary 721110 851,759 270,017 581,742 (75 a All other program serVIce revenue 0 50,780,130 5 9T0tal.Add lines 2a?2f . . . . 3 Investment income (including diVidends, interest, and other amounts7,316,049 -592,207 7,908,256 4 Income from investment of tax-exempt bond proceeds 5 Royalties . . . . . . . . . . . 5,090 5.090 Real (ii) Personal 6a Gross rents 9,775 Less rental expenses 12,342 Rental income or ?2,567 (loss) Net rental income or (loss'2i557 '2.557 Securities (ii) Other Gross amount from sales of 24,409,949 34,119 assets other than inventory Less cost or other ba5is and 0 171,037 sales expenses Gain or (loss) 24,409,949 -136,918 Net gain or (loss) . . . . . 24,273,031 24,273,031 8a Gross income from fundraismg events a) (not including of 3 contributions reported on line 1c) See Part IV, line 18 . . . . a Less direct expenses . . . a Net income or (loss) from fundraismg events . . 5 9a Gross income from gaming actIVIties 0 See Part IV, line 19 . . . a 133,286 Less direct expenses . . . 54.323 Net income or (loss) from gaming actIVIties . . 78.963 78,963 10aGross sales of inventory, less returns and allowances . . 3 1,076,281 Less cost of goods sold . . 615,240 Net income or (loss) from sales of inventory . . 461'041 461'041 Miscellaneous Revenue Busmess Code 11am,5ce?aneous revenue 900099 3,260,531 2,876,848 383,683 dAll other revenue . . . . eTotal. Add lines 11a?11d . . . . . . 3,260,531 12 Total revenue. See Instructions . . . . . 231,065,777 52,905,676 540,211 32,726,381 Form 990 (2016) Form 990 (2016) Page 10 Statement of Functional Expenses Section 501(c)(3) and 501(c)(4) organizations must complete all columns All other organizations must complete column (A) Check if Schedule 0 contalns a response or note to an line in this Part not include amounts reported on lines 6b, (A) Progralilialerwce Manag?rcfilent and (Part Total expenses expenses general expenses Fundralsmgexpenses 1 Grants and other aSSIstance to domestic organizations and 287,065 237,055 domestic governments See Part IV, llne 21 2 Grants and other assistance to domestic IndIVIduals See Part 24,190,822 24,190,822 IV, line 22 3 Grants and other aSSIstance to forEIgn organizations, fore1gn 799,585 799,585 governments, and forEIgn IndiVIduals See Part IV, line 15 and 16 4 Benefits paid to or for members 5 Compensation of current officers, directors, trustees, and 1,876,211 389,763 785,408 701,040 key employees 6 Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described In section 4958(c)(3)(B) . . 7 Other salaries and wages 37,163,234 26,771,573 5,664,805 4,726,856 8 PenSIon plan accruals and contributions (include section 401 2,998,441 2,092,065 538,190 368,186 and 403(b) employer contributions) 9 Other employee benefits 5,117,674 3,900,475 703,705 513,494 10 Payroll taxes 2,453,777 1,751,870 421,079 280,828 11 Fees for serVIces (non-employees) a Management Legal 582,602 3,193 329,481 249,928 Accounting 84,666 84,666 Lobbying Professional serVIces See Part IV, line 17 Investment management fees 1,388,209 1,388,209 9 Other (If line 119 amount exceeds 10% of line 25, column 11,591,729 1,596,632 1,944,893 8,050,204 (A) amount, list line 119 expenses on Schedule 0) 12 and promot on 8,624,222 5,459,998 1,606,147 1,558,077 13 Office expenses 18,177,200 12,168,277 1,151,403 4,857,520 14 Informatlon technology 1,723,099 599,653 962,007 161,439 15 Royalties 16 Occupancy 3,637,898 2,909,593 715,395 12,910 17 Travel 4,937,108 2,857,357 726,942 1,352,809 18 Payments of travel or entertainment expenses for any 1,508 1.508 federal, state, or local public officials 19 Conferences, conventions, and meetings 4,221,159 2,238,551 108,192 1,874,416 20 Interest 224,717 224,717 21 Payments to affiliates 22 DepreCIation, depletion, and amortization 6,195,192 5,495,525 596,299 103,368 23 Insurance 24 Other expenses Itemlze expenses not covered above (Llst miscellaneous expenses in line 24a If llne 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule a cost of goods sold 3,624,435 3,624,435 miscellaneous 3,436,903 3,041,067 172,432 223,404 memberships 154,507 95,452 17,948 41,107 All other expenses 25 Total functional expenses. Add lines 1 through 24e 143,491,963 100,272,951 18,143,426 25,075,586 26 Joint costs. Complete this line only If the organization reported In column (B) Jomt costs from a combined educational campaign and fundraising sollc1tation Check here l:l if followmg SOP 98-2 (ASC 958-720) Form 990 (2016) Form 990 (2016) Page 11 Balance Sheet Check If Schedule 0 contaIns a response or note to any lIne In thIs Part IX . . l:l (A) (B) BegInnIng of year End of year 1 Cash?non-Interest-bearlng 1,996.19? 1 4,763,382 2 Savmgs and temporary cash Investments 43.398511 2 48.941.127 3 Pledges and grants recerable, net 76,056,077 3 93,883,607 4 Accounts recerable, net 1,455,172 4 300,865 5 Loans and other recerables from current and former of?cers, directors, trustees, key employees, and hIghest compensated employees Complete Part 5 II of Schedule 6 Loans and other recerables from other persons (as de?ned under sectIon 4958(f)(1)), persons descrIbed In sectIon 4958(c)(3)(B), and contrIbutIng employers and sponsorIng organIzatIons of sectIon 501(c)(9) 6 voluntary employees' benefICIary organIzatIons (see InstructIons) Complete an Part II of Schedule 7 Notes and loans recerable, net 35,163,021 7 34,912,812 InventorIes for sale or use 508,246 469,555 4 PrepaId expenses and deferred charges 1,978,095 9 2,177,908 10a Land, bUIldIngs, and eqUIpment cost or other has Complete Part VI of Schedule 103 230530-555 Less accumulated depreCIatIon 10b 83.653.425 145.358.1287 10c 146.877.2310 11 traded securItIes 281,343,097 11 340,624,275 12 Investments?other securItIes See Part IV, lIne 11 261,270,006 12 280,051,166 13 Investments?program-related See Part IV, lIne 11 13 14 IntangIble assets 14 15 Other assets See Part IV, lIne 11 70,207,967 15 73,806,880 16 Total assets.Add lInes 1 through 15 (must equal lIne 34) 918741575 16 1,026,808.807 17 Accounts payable and accrued expenses 19,763,423 17 22,620,951 18 Grants payable 18 19 Deferred revenue 2,257,135 19 738,721 20 Tax-exempt bond 10,046,000 20 9,467,392 (I. 21 Escrow or custodIal account Complete Part IV of Schedule 21 '9 22 Loans and other payables to current and former offIcers, dIrectors, trustees, key employees, hIghest compensated employees, and 1" cc persons Complete Part II of Schedule 22 ?1 23 Secured mortgages and notes payable to unrelated thIrd partIes 14,251.15? 23 14.031.133 24 Unsecured notes and loans payable to unrelated thIrd partIes 24 25 Other (IncludIng federal Income tax, payables to related thIrd partIes, 55,249,511 25 53,654.899 and other not Included on lInes 17-24) Complete Part of Schedule 26 Total Iiabilities.Add lInes 17 through 25 111,567,236 26 110,513,151 3 Organizations that follow SFAS 117 (ASC 958), check here and 2 complete lines 27 through 29, and lines 33 and 34. 27 UnrestrIcted net assets 128,416,703 27 131,225,676 8 28 Temporarlly net assets 169,877,317 28 207,716,070 29 Permanently net assets 508,883,420 29 577,353,910 ,2 Organizations that do not follow SFAS 117 (ASC 958), 5 check here l:l and complete lines 30 through 34. 30 CapItal stock or trust prInCIpal, or current funds . 30 a; 31 PaId-In or capItal surplus, or land, or eqUIpment fund 31 32 RetaIned earnIngs, endowment, accumulated Income, or other funds 32 33 Total net assets or fund balances 807,177,440 33 916,295,656 2 34 Total and net assets/fund balances 918,744,676 34 1,026,808,807 Form 990 (2016) Form 990 (2016) Page 12 Reconcilliation of Net Assets Check If Schedule 0 contaIns a response or note to any lIne In thIs Part XI 1 Total revenue (must equal Part column (A), lIne 12) 1 231,065,777 2 Total expenses (must equal Part IX, column (A), lIne 25) 2 143,491,963 3 Revenue less expenses Subtract lIne 2 from lIne 1 3 87,573,814 4 Net assets or fund balances at begInnIng of year (must equal Part X, lIne 33, column 4 807,177,440 5 Net unrealized gaIns (losses) on Investments 5 27,823,888 6 Donated serVIces and use of faCIlItIes 6 7 Investment expenses 7 8 PrIor perIod adjustments 8 9 Other changes In net assets or fund balances (explaIn In Schedule 0) 9 -6,279,486 10 Net assets or fund balances at end of year CombIne lInes 3 through 9 (must equal Part X, lIne 33, column 10 916,295,656 Financial Statements and Reporting Check If Schedule 0 contaIns a response or note to any lIne In thIs Part XII Yes No 1 AccountIng method used to prepare the Form 990 l:l Cash Accrual l:l Other If the organIzatIon changed Its method of accountmg from a prIor year or checked "Other," explaIn In Schedule 0 2a Were the organIzatIon?s fInanCIal statements comleed or reVIewed by an Independent accountant? 2a No If ?Yes,? check a box below to IndIcate whether the fInanCIal statements for the year were complied or reVIewed on a separate ba5Is, consolIdated ba5Is, or both l:l Separate ba5Is l:l ConsolIdated ba5Is l:l Both consolldated and separate ba5Is Were the organIzatIon?s fInanCIal statements audIted by an Independent accountant? 2b Yes If ?Yes,? check a box below to IndIcate whether the fInanCIal statements for the year were audIted on a separate ba5Is, consolldated ba5Is, or both Separate ba5Is l:l ConsolIdated ba5Is l:l Both consolldated and separate ba5Is If "Yes," to lIne 2a or 2b, does the organIzatIon have a commIttee that assumes for overSIght of the audIt, reVIew, or compIIatIon of Its fInanCIal statements and selectIon of an Independent accountant? 2c Yes If the organIzatIon changed eIther Its overSIght process or selectIon process durIng the tax year, explaIn In Schedule 0 3a As a result of a federal award, was the organIzatIon reqUIred to undergo an audIt or audIts as set forth In the SIngle AudIt Act and OMB CIrcular 3a No If "Yes," dId the organIzatIon undergo the reqUIred audIt or audIts? If the organIzatIon dId not undergo the reqUIred audIt or audIts, explaIn why In Schedule 0 and descrIbe any steps taken to undergo such audIts 3b Form 990 (2016) Additional Data Software ID: Software Version: EIN: 38-1374230 Name: College Form 990 (2016) Form 990, Part Line 4a: STUDENT INSTRUCTION - HILLSDALE COLLEGE BOASTS A CURRICULUM AS EXTRAORDINARY AS ITS HISTORY AT THE CENTER OF THIS CURRICULUM IS THE CORE - THE SET OF COURSES THAT EACH STUDENT TAKES, AND THAT ALL STUDENTS SHARE THE IDEA BEHIND A CORE CURRICULUM IS THAT ALL MEN AND WOMEN, IN ORDER TO BE WELL-ROUNDED INDIVIDUALS AND GOOD CITIZENS, SHOULD SHARE A CERTAIN CORE KNOWLEDGE AND UNDERSTANDING CORE CURRICULUM CONTAINS THE ESSENCE OF THE CLASSICAL LIBERAL ARTS EDUCATION THROUGH IT, OUR STUDENTS ARE INTRODUCED TO THE HISTORY, THE PHILOSOPHICAL AND THEOLOGICAL IDEAS, THE WORKS OF LITERATURE AND THE SCIENTIFIC DISCOVERIES THAT SET WESTERN CIVILIZATION APART STUDENTS OF THE LIBERAL ARTS LEARN TO THINK WELL, COMMUNICATE EFFECTIVELY AND OBSERVE INTELLIGENTLY THE WORKINGS OF THE PHYSICAL WORLD BEHIND THE IDEA OF THE LIBERAL ARTS IS THE IDEA THAT TRUTH IS THE BASIS OF KNOWLEDGE KNOWLEDGE BASED ON TRUTH LEADS TO CARING ABOUT VIRTUE AND CARING ABOUT VIRTUE ALLOWS US TO BE TRULY FREE THE OPPOSITE IDEA - THE IDEA THAT FREEDOM SIMPLY MEANS THE ABILITY TO FOLLOW OUR APPETITES AND PASSIONS - IS WHAT THE FOUNDERS OF AMERICA CONDEMNED AS A LIBERAL ARTS EDUCATION TEACHES US TO DISTINGUISH LIBERTY FROM LICENSE FOUNDERS, FOLLOWING THE GREATEST THINKERS OF OUR WESTERN HERITAGE, TEACH US THAT A PEOPLE WHO CONFUSE LIBERTY AND LICENSE WILL NOT BE CAPABLE OF MAINTAINING FREE GOVERNMENT THUS, LIBERAL ARTS EDUCATION IS NOT ONLY ESSENTIAL FOR US TO FULFILL OUR INDIVIDUAL POTENTIAL, BUT IT IS ALSO NECESSARY FOR THE PRESERVATION OF FREE SOCIETY FACULTY IS THE KEY TO ITS ACADEMIC EXCELLENCE WE SEEK AND ATTRACT FACULTY WHO ARE DEVOTED, ABOVE ALL, TO THEIR STUDENTS THEY ARE SERIOUS ABOUT LEARNING THEY ARE DEDICATED TO THE SEARCH FOR TRUTH THEY ARE IN THE FULLEST SENSE OF THE TERM, A FACULTY HILLSDALE COLLEGE OFFERS 31 TRADITIONAL MAJORS, SEVEN INTERDISCIPLINARY MAJORS, THREE INTERDISCIPLINARY MINORS AND EIGHT PRE- PROFESSIONAL PROGRAMS STUDENTS AT HILLSDALE ARE PREPARED TO BECOME LEADERS WORTHY OF THEIR HERITAGE THEY COME TO UNDERSTAND WHAT IT MEANS TO DESERVE FREEDOM AND WHAT IT TAKES TO PRESERVE IT THEY COME TO APPRECIATE THEIR DEBT TO THEIR FOREBEARS FOR THE BLESSINGS OF LIBERTY THAT THEY ENJOY, AND TO RECOGNIZE THEIR DUTY TO THEIR CHILDREN TO PASS THOSE BLESSINGS ON Form 990, Part Line 4b: STUDENT SCHOLARSHIPS AND GRANTS - HILLSDALE COLLEGE FOLLOWS ITS HISTORIC MISSION TO PROVIDE PERSONS WHO WISH, IRRESPECTIVE OF NATION, COLOR, OR SEX, A LITERARY AND SCIENTIFIC AS IT HAS SINCE IT WAS FOUNDED IN 1844, INDEPENDENTLY, WITHOUT THE STRINGS AND ENTANGLEMENTS THAT COME WITH GOVERNMENT SUBSIDIES IT IS FAMOUS FOR ITS REFUSAL TO ACCEPT FEDERAL TAXPAYER FUNDING, EVEN IN THE FORM OF FEDERAL STUDENT AID IN 1984, THE SUPREME COURT HANDED DOWN A DECISION IN THE CASE OF CITY THAT THREATENED HILLSDALE INDEPENDENCE THE COURT RULED THAT ANY EDUCATIONAL INSTITUTION WITH EVEN ONE STUDENT WHO RECEIVED FEDERAL AID WOULD BE CONSIDERED AN RECIPIENT INSTITUTION AND THEREBY SUBJECT TO FEDERAL REGULATIONS BOARD OF TRUSTEES ACTED AND DECISIVELY TO UPHOLD THE LONGSTANDING MISSION THEY NOTIFIED THE DEPARTMENT OF EDUCATION THAT HILLSDALE COLLEGE WOULD NOT ACCEPT FEDERAL TUITION ASSISTANCE FOR ITS STUDENTS, BUT WOULD REPLACE IT WITH PRIVATELY FUNDED SCHOLARSHIPS AND GRANTS HILLSDALE COLLEGE IS UNIQUE IN THIS RESPECT AMONG AMERICAN INSTITUTIONS OF HIGHER LEARNING IN THE FALL OF 1985, HILLSDALE STUDENT INDEPENDENCE GRANT AND LOAN FUND WAS ESTABLISHED IT CONTINUES TO THIS DAY, ASSISTING HUNDREDS OF DESERVING STUDENTS EACH YEAR WHO DESIRE A RIGOROUS CLASSICAL LIBERAL ARTS EDUCATION THE NET COST OF REPLACING FEDERAL FINANCIAL AID SINCE 1985 EXCEEDS $100 MILLION OVER $24 MILLION WAS AWARDED IN PRIVATELY FUNDED SCHOLARSHIPS AND GRANTS DURING THE 2016/2017 ACADEMIC YEAR OVER $7 MILLION OF THIS TOTAL IS DIRECT REPLACEMENT OF THE FEDERAL AND STATE GRANTS, SCHOLARSHIPS THAT HILLSDALE STUDENTS WOULD RECEIVE AT NEARLY EVERY OTHER COLLEGE OR UNIVERSITY IN THE NATION APPROXIMATELY 96 PERCENT OF HILLSDALE STUDENTS QUALIFY FOR AND RECEIVE FINANCIAL ASSISTANCE HO DNICINELLV DNICIITDNI XIS %176 DNIAVH (9IOZ SHVEA EHJ. HEAO 176 SVH SHOINES HOE CIHODEH IAIHOE CINV EDVHHODNE CINV NEAES ENO NI SI AGOEI E'ldlAlIS CINV HVEA EHJ. ONIHHCI NOIBEH GNV MINHNNOD EHJ. NI HEAO GELVDICIECI HSHOHHJ. SI GNV HOE .LVEH9) NI EHV CINV EHJ. HO HEEHE) I.LNEINNHEACE) SI EEI NVI) .LSOW :10 ENG SI HOE NI .LON SI DNILIHHDEH SI HDIH EHJ. SI .LVS EHJ. NO 17861 GNV LT OE EHODS EDVHEAV NV SEIHINHOD NDIEHOE EI CINV (0w: ACIOEI CIENIOE I82 9TOZ HIEHJ. NI EHOIAI EEI SI SV DNISVEHDNI SI NOISSIIAICIV HOE HVEA HDVE CINV HDIH EAVH OJ. HDIHM EDIEEO SNOISSIIAICIV SI EHJ. VEHV H00 SI NV - SEDIAHES :31? ?Ed '066 lu-lod Form 990, Part VII - Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Ertmloyees, and Indep Name and Title Average hours per week (list any hours endeprontractors P05ition (do not check more than one box, unless person is both an officer and a director/trustee) for related organizations below dotted line) :1 3-5le Jl (D) Reportable compensation from the organization (W- 2/1099- MISC) (E) Reportable compensation from related organizations (W- 2/1099- MISC) (F) Estimated amount of other compensation from the organization and related organizations WILLIAM BRODBECK CHAIRMAN OF THE BOARD PATRICK SAJAK VICE CHAIRMAN CHRISTOPHER BACHELDER TRUSTEE STEPHEN BARNEY TRUSTEE DAVID BELEW TRUSTEE FRED BUTLER TRUSTEE CHRISTOPHER CHOCOLA TRUSTEE JEFFREY COORS TRUSTEE CLEVES DELP TRUSTEE THOMAS A DUKE JR TRUSTEE 3 gar :1 CL :3 .f 4'.1. mpg:ffForm 990, Part VII - Compensation of Officers, Directors,Trustees, Key Employees, Highest Com ensated lo ees and Inde ende Contractors rm PE) (C) (D) (E) (F) Name and Title Average P05ition (do not check more Reportable Reportable Estimated hours per than one box, unless compensation compensation amount of other week (list person is both an officer from the from related compensation any hours and a director/trustee) organization organizations from the for related I.) I 11 (W- 2/1099- (W- 2/1099- organization and organizations 3. :7 _5 3.5 MISC) MISC) related below dotted Lzl' ?g '9 rt: 3 organizations line) ill-2E" E. "3:132 ET '2 7-::ffWILLIAM FRAIM 1 00 TRUSTEE 0 00 STEPHEN HIGLEY 1 00 TRUSTEE 0 00 RICHARD HUNTER 1 00 TRUSTEE 0 00 MARK JOHNSON 1 00 TRUSTEE 0 00 THOMAS JORDAN JR 1 00 TRUSTEE 0 00 GUNNAR KLARR 1 00 TRUSTEE 0 00 LUELLEN 1 00 TRUSTEE 0 00 CHARLES MCINTYRE 1 00 TRUSTEE TRUSTEE 0 00 DANIEL PETERS 1 00 TRUSTEE 0 00 Form 990, Part VII - Compensation of Officers, Directors,Trustees, Key Employees, Highest Com ensated lo ees and Inde ende Contractors rm PE) (C) (D) (E) (F) Name and Title Average POSItion (do not Check more Reportable Reportable Estimated hours per than one box, unless compensation compensation amount of other week (list person is both an officer from the from related compensation any hours and a director/trustee) organization organizations from the for related I.) I 11 (W- 2/1099- (W- 2/1099- organization and organizations E1 :7 _5 3.5 MISC) MISC) related below dotted Lzl' ?g '9 rt: 3 organizations line) ill-2E:ffERIC PLYM 1 00 TRUSTEE 0 00 THOMAS ROGERS 1 00 TRUSTEE 0 00 BRUCE SANBORN 1 00 TRUSTEE 0 00 JEAN SCHIAVONE 1 00 TRUSTEE 0 00 GREGORY SCHULER 1 00 TRUSTEE 0 00 DUANE STRANAHAN JR 1 00 TRUSTEE 0 00 STEPHEN A VAN ANDEL 1 00 TRUSTEE 0 00 DAVID A DURELL 1 00 TRUSTEE 0 00 NENA MOSS 1 00 TRUSTEE 0 00 JACKSON STEPHENS 1 00 TRUSTEE 0 00 Form 990, Part VII - Compensation of Officers, Directors,Trustees, Key Employees, Highest Com ensated lo ees and Inde ende Contractors rm PE) (C) (D) (E) (F) Name and Title Average P05ition (do not check more Reportable Reportable Estimated hours per than one box, unless compensation compensation amount of other week (list person is both an officer from the from related compensation any hours and a director/trustee) organization organizations from the for related I.) ,1 I 11 (W- 2/1099- (W- 2/1099- organization and organizations 51 :7 _5 3.5 MISC) MISC) related below dotted Lzl' ?g '9 rt: 3 organizations line) ill-2E" E. "3:132 ET '2 7-::ffWILLIAM ATHERTON 00 0 0 0 TRUSTEE 0 00 TOBIAS BUCK 00 0 0 0 TRUSTEE 0 00 WAYNE NELSON 00 0 0 0 TRUSTEE 0 00 RONALD NOLAN 1 00 0 0 0 TRUSTEE 0 00 LARRY ARNN 40 00 897,183 0 89,935 PRESIDENT 0 00 PATRICK FLANNERY 40 00 147,539 0 35,782 VP FOR FINANCE AND TREASURER 0 00 RICHARD PEWE 40 00 191,844 0 41,474 VP OF ADMIN AFFAIRS AND SECRETARY 0 00 DAVID WHALEN 40 00 221,401 0 42,340 PROVOST 0 00 JOHN CERVINI 40 00 375,883 0 51,541 VP FOR INST ADVANCEMENT 0 00 RONALD 40 00 196,227 0 37,109 DN VANANDEL GRAD SCH STATESMANSHIP 0 00 Form 990, Part VII - Compensation of Officers, Directors,Trustees, Key Employees, Highest Com ensated lo ees and Inde ende Contractors '03 PE) (C) (D) (E) (F) Name and Title Average POSItion (do not check more Reportable Reportable Estimated hours per than one box, unless compensation compensation amount of other week (list person is both an officer from the from related compensation any hours and a director/trustee) organization organizations from the for related .-) I I '11 (W- 2/1099- (W- 2/1099- organization and organizations 3 3 3,5 9 MISC) MISC) related below dotted '9 I, 3 organizations lineROBERT NORTON 40 00 242,245 45,088 VICE PRESIDENT GENERAL COUNSEL 0 00 SPALDING 40 00 247,159 48,171 DN OF EDUC PROGRAMS KIRBY CENTER 0 00 SCHLIENTZ 40 00 190,337 40,647 VICE PRESIDENT FOR MARKETING 0 00 DOUGLAS BANBURY 40 00 199,516 39,305 VP OF ADMISSIONS AND BUS IMPROV 0 00 Iefile GRAPHIC print - DO NOT PROCESS As Filed Data - DLN: 93493135115058I OMB No 1545-0047 SCHEDULE A Public Charity Status and Public Support (Form 990 01' Complete if the organization is a section 501(c)(3) organization or a section 2 0 1 6 990EZ) 4947(a)(1) nonexempt charitable trust. Attach to Form 990 or Form 990-EZ. Department ot?tlie Tremun Information about Schedule A (Form 990 or 990-EZ) and its instructions is at Open to Pp\ inn":- Kpr? In?: InSPECtlon Name of the organization Hillsdale College Employer identification number 38-1374230 Reason for Public Charity Status (All organizations must complete this part.) See instructions. The organization is not a private foundation because it is (For lines 1 through 12, check only one box 1 A church, convention of churches, or assooation of churches described in section A school described in section (Attach Schedule (Form 990 or 2 3 A hospital or a cooperative hospital serVIce organization described in section 4 A medical research organization operated in conjunction With a hospital described in section Enter the hospital's name, City, and state An organization operated for the benefit of a college or univerSIty owned or operated by a governmental unit described in section 170 (Complete Part II) A federal, state, or local government or governmental unit described in section An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section (Complete Part II A community trust described in section 170(b)(1)(A)(vi) (Complete Part II An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction With a land-grant college or univerSIty or a non-land grant college of agriculture See instructions Enter the name, City, and state of the college or univerSIty 10 An organization that normally receives (1) more than 331/3% of its support from contributions, membership fees, and gross receipts from actIVIties related to its exempt functions?subject to certain exceptions, and (2) no more than 331/3% of its support from gross investment income and unrelated busmess taxable income (less section 511 tax) from busmesses achIred by the organization after June 30, 1975 See section 509(a)(2). (Complete Part 11 An organization organized and operated excluswely to test for public safety See section 509(a)(4). 12 An organization organized and operated excluswely for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box in lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 129 Type I. A supporting organization operated, superVIsed, or controlled by its supported organization(s), typically by giVing the supported organization(s) the power to regularly appomt or elect a majority of the directors or trustees of the supporting organization You must complete Part IV, Sections A and B. Type II. A supporting organization superVIsed or controlled in connection With its supported organization(s), by havmg control or management of the supporting organization vested in the same persons that control or manage the supported organization(s) You must complete Part IV, Sections A and C. Type functionally integrated. A supporting organization operated in connection With, and functionally integrated With, its supported organization(s) (see instructions) You must complete Part IV, Sections A, D, and E. Type non-functionally integrated. A supporting organization operated in connection With its supported organization(s) that is not functionally integrated The organization generally must satisfy a distribution reqUIrement and an attentiveness reqUIrement (see instructions) You must complete Part IV, Sections A and D, and Part V. Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type functionally integrated, or Type non-functionally integrated supporting organization Enter the number of supported organizations 9 Prowde the followmg information about the supported organization(s) (i)Name of supported organization Type of (iv) (vi) organization Is the organization listed in Amount of Amount of other (described on lines your governing document? monetary support support (see 1- 10 above (see (see instructions) instructions) instructions)) Yes No Total For Paperwork Reduction Act Notice, see the Instructions for Cat No 11285F Schedule A (Form 990 or 990-EZ) 2016 Form 990 or 990-EZ. Schedule A (Form 990 or 990-EZ) 2016 In. Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (Complete only if you checked the box on line 5, 7, 8, or 9 of Part I or if the organization failed to qualify under Part If the organization fails to qualify under the tests listed below, please complete Part Section A. Public Support Page 2 Calendar year (or fiscal year beginning in) Gifts, grants, contributions, and membership fees received (Do not include any "unusual grant Tax revenues leVIed for the organization's benefit and either paid to or expended on its behalf The value of serVIces or faCIlities Furnished by a governmental unit to the organization Without charge Total. Add lines 1 through 3 The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount Shown on line 11, column Public support. Subtract line 5 from line 4 (a)2012 (b)2013 (c)2014 (d)2015 (e)2016 (f)Tota 149,194,829 103,885,418 118,585,719 109,558,877 144,893,509 626,118,352 149,194,829 103,885,418 118,585,719 109,558,877 144,893,509 626,118,352 50,858,061 575,260,291 Section B. Total Support 7 8 Calendar year (or fiscal year beginning in) Amounts from line 4 Gross income from interest, diVidehds, payments received on securities loans, rents, royalties and income from Similar sources Net income from unrelated busmess actIVItieS, whether or hot the busmess is regularly carried on Other income Do not include gain or loss from the sale of capital assets (Explain in Part VI Total support. Add lines 7 through 10 Gross receipts from related actIVIties, etc (see instructions) (a)2012 (b)2013 (c)2014 (d)2015 (e)2016 (f)Tota 149,194,829 103,885,418 118,585,719 109,558,877 144,893,509 626,118,352 6,256,403 7,560,501 8,143,809 8,208,109 7,321,139 37,489,961 204,056 204,056 1,249,620 1,233,707 1,184,845 1,179,328 1,209,567 6,057,067 669,869,436 l12l 243,057,056 First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here Section C. Computation of Public Support Percentage 14 Public support percentage for 2016 (line 6, column diVided by line 11, column 15 Public support percentage for 2015 Schedule A, Part II, line 14 153 33 1/3% support test?2016. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box and stop here. The organization qualifies as a publicly supported organization 1/30/0 support test?2015. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this box and stop here. The organization qualifies as a publicly supported organization 17a 10?lo-facts-and-circumstances test?2016. If the organization did not check a box on line 13, 16a, or 16b, and line 14 is 10% or more, and if the organization meets the "facts-and-CIrcumstances" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-CIrcumstances" test The organization qualifies as a publicly supported organization 10%-facts-and-circumstances test?2015. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line 15 IS 10% or more, and if the organization meets the "facts-and-CIrcumstanceS" test, check this box and stop here. Explain in Part VI how the organization meets the "facts-and-CIrcumstances" test The organization qualifies as a publicly supported organization 13 Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see instructions PEI PEI >l:l rEl Schedule A (Form 990 or 990-EZ) 2016 Schedule A (Form 990 or 990-EZ) 2016 Support Schedule for Organizations Described in Section 509(a)(2) (Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If Page 3 the organization fails to qualify under the tests listed below, please complete Part II.) Section A. Public Support 7a 8 Calendar year (or fiscal year beginning in) Gifts, grants, contributions, and membership fees received (Do not Include any "unusual grants Gross receipts from admi55ioris, merchandise sold or serVIces performed, or faCIlities furnished in any actIVIty that is related to the organization's tax-exempt purpose Gross receipts from actIVIties that are not an unrelated trade or busmess under section 513 Tax revenues lewed for the organization's benefit and Either paid to or expended on Its behalf The value of serVIces or faCIlities furnished by a governmental unit to the organization Without charge Total. Add lines 1 through 5 Amounts included on lines 1, 2, and 3 received from disqualified persons Amounts included on lines 2 and 3 recewed from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year Add lines 7a and 7b Public support. (Subtract line 7c from line 6 (a)2012 (b)2013 (c)2014 (d)2015 (e)2016 (f)Tota Section B. Total Support 9 10a 12 13 14 Calendar year (or fiscal year beginning in) Amounts from line 6 Gross income from interest, diVidends, payments received on securities loans, rents, royalties and income from Similar sources Unrelated busmess taxable income (less section 511 taxes) from businesses acquired after June 30, 1975 Add lines 10a and 10b Net income from unrelated busmess actIVIties not included in line 10b, whether or not the business is regularly carried on Other income Do not include gain or loss from the sale of capital assets (Explain in Part VI Total support. (Add lines 9, 10c, 11, and 12 (a)2012 (b)2013 (c)2014 (d)2015 (e)2016 (f)Tota First five years. If the Form 990 IS for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here Section C. Computation of Public Support Percentage 15 Public support percentage for 2016 (line 8, column diVided by line 13, column 15 15 Public support percentage from 2015 Schedule A, Part line 15 15 Section D. Computation of Investment Income Percentage 17 Investment income percentage for 2016 (line 10c, column lelded by line 13, column 17 13 Investment income percentage from 2015 Schedule A, Part line 17 13 19a 331/3?/o support tests?2016. If the organization did not check the box on line 14, and line 15 IS more than 33 and line 17 IS not more than 33 check this box and stop here. The organization qualifies as a publicly supported organization r-E] 33 1/3% support tests?2015. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is 20 not more than 33 check this box and stop here. The organization qualifies as a publicly supported organization Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions Schedule A (Form 990 or 990-EZ) 2016 Schedule A (Form 990 or 990-EZ) 2016 Supporting Organizations (Complete only if you checked a box on line 12 of Part I If you checked 12a of Part I, complete Sections A and If you checked 12b of Part I, complete Sections A and If you checked 12c of Part I, complete Sections A, D, and If you checked 12d of Part I, complete Page 4 Sections A and D, and complete Part V) Section A. All Supporting Organizations the organization's supported organizations listed by name in the organization's governing documents? If ?No, describe in Part VI how the supported organizations are deSIgnated If deSIgnated by class or purpose, describe the desrgnation If historic and continUing relationship, explain Did the organization have any supported organization that does not have an IRS determination of status under section 509 1) or If "Yes, explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2) Did the organization have a supported organization described in section 501(c)(4), (5), or If ?Yes," answer and below 3a Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)7 If ?Yes, describe in Part VI when and how the organization made the determination 3b Did the organization ensure that all support to such organizations was used excluswely for section 170(c)(2)(B) purposes? If ?Yes, explain in Part VI what controls the organization put in place to ensure such use 3c Was any supported organization not organized in the United States ("foreign supported organization")? If "Yes? and if you checked 12a or 12b in Part I, answer and below Did the organization have ultimate control and discretion in deCIding whether to make grants to the foreign supported organization? If "Yes,? describe in Part VI how the organization had such control and discretion despite being controlled or superwsed by or in connection With its supported organizations 4b Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)7 If "Yes,? explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used excluswely for section 1 purposes 4c Did the organization add, substitute, or remove any supported organizations during the tax year? If "Yes, answer and below (if applicable) Also, prowde detail in Part VI, including the names and EIN numbers of the supported organizations added, substituted, or removed, (ii) the reasons for each such action, the authority under the organization '5 organiZing document authorizmg such action, and (iv) how the action was accomplished (such as by 5a amendment to the organizmg document) Type I or Type 11 only. Was any added or substituted supported organization part of a class already deSIgnated in the organization?s organizmg document? 5b Substitutions only. Was the substitution the result of an event beyond the organization's control? 5c Did the organization prowde support (whether in the form of grants or the prowsion of serVIces or faCIlities) to anyone other than its supported organizations, (ii) that are part of the charitable class benefited by one or more of its supported organizations, or other supporting organizations that also support or benefit one or more of the filing organization?s supported organizations? If "Yes,?prowde detail in Part VI. Did the organization prowde a grant, loan, compensation, or other Similar payment to a substantial contributor (defined in section a family member of a substantial contributor, or a 35% controlled entity With regard to a substantial contributor? If ?Yes,? complete Part I of Schedule (Form 990 or 990-EZ) Did the organization make a loan to a disqualified person (as defined in section 4958) not described in line 77 If "Yes,? complete Part I of Schedule (Form 990 or 990-EZ) Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or If ?Yes,? prowde detail in Part VI. 9a Did one or more disqualified persons (as defined in line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If "Yes,?prowde detail in Part VI. 9b Did a disqualified person (as defined in line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If ?Yes, ?prowde detail in Part VI. 9c Was the organization subject to the excess bu5iness holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type non-functionally integrated supporting organizations)? If "Yes,? answer line 10b below 10a Did the organization have any excess busmess holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess busmess holdings) 10b Schedule A (Form 990 or 990-EZ) 2016 Schedule A (Form 990 or 990-EZ) 2016 Supporting Organizations (continued) Page 5 11 a Has the organization accepted a gift or contribution from any of the followmg persons? A person who directly or indirectly controls, either alone or together With persons described In and below, the governing body of a supported organization? A family member of a person described In above? A 35% controlled entity of a person described In or above? If "Yes? to a, b, or c, prowde detail In Part VI Yes 11a 11b 11c Section B. Type I Supporting Organizations Did the directors, trustees, or membership of one or more supported organizations have the power to regularly appomt or elect at least a majority of the organization's directors or trustees at all times during the tax year? If "No, describe in Part VI how the supported organization(s) effectively operated, superwsed, or controlled the organization ?5 actiVities If the organization had more than one supported organization, describe how the powers to appomt and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, superVIsed, or controlled the supporting organization? If ?Yes, explain In Part VI how prowding such benefit carried out the purposes of the supported organization(s) that operated, superwsed or controlled the supporting organization Yes Section C. Type II Supporting Organizations 1 Were a majority of the organization's directors or trustees during the tax year also a majority of the directors or trustees of each of the organization?s supported organization(s)? If "No, describe in Part VI how control or management of the supporting organization was vested In the same persons that controlled or managed the supported organization(s) Yes Section D. All Type Supporting Organizations Did the organization prOVIde to each of its supported organizations, by the last day of the fifth month of the organization?s tax year, (I) a written notice describing the type and amount of support prowded during the prior tax year, (II) a copy of the Form 990 that was most recently filed as of the date of notification, and copies of the organization?s governing documents in effect on the date of notification, to the extent not preVIously prowded? Were any of the organization?s officers, directors, or trustees either appomted or elected by the supported organization (5) or (ii) serVIng on the governing body of a supported organization? If explain in Part VI how the organization maintained a close and continuous working relationship With the supported organization(s) By reason of the relationship described in (2), did the organization's supported organizations have a Significant v0ice In the organization?s Investment po ICIes and In directing the use of the organization?s Income or assets at all times during the tax year? If ?Yes, describe In Part VI the role the organization?s supported organizations played in this regard Yes 1 Section E. Type Functionally-Integrated Supporting Organizations Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions) a: 0' The organization satisfied the ActIVIties Test Complete line 2 below CI The organization is the parent of each of its supported organizations Complete line 3 below The organization supported a governmental entity Describe in Part VI how you supported a government entity (see Instructions) ActIVIties Test Answer and below. Yes Did substantially all of the organization?s actIVItIes during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responSIve7 If ?Yes," then in Part VI identify those supported organizations and explain how these actIVIties directly furthered their exempt purposes, how the organization was respon5ive to those supported organizations, and how the organization determined that these actiVities constituted substantially all of its actIVities Did the actIVItIes described In constitute actIVIties that, but for the organization's involvement, one or more of the organization?s supported organization(s) would have been engaged in? If ?Yes," explain in Part VI the reasons for the organization ?s pOSition that its supported organization(s) would have engaged in these actiwties but for the organization ?s involvement Parent of Supported Organizations Answer and below. Did the organization have the power to regularly appomt or elect a majority of the officers, directors, or trustees of each of the supported organizations? Prowde details in Part VI. Did the organization exerCIse a substantial degree of direction over the programs and actIVItIes of each of its supported organizations? If ?Yes, describe in Part VI. the role played by the organization in this regard 2a 2b 3a 3b Schedule A (Form 990 or 990-EZ) 2016 Schedule A (Form 990 or 990-EZ) 2016 Type Non-Functionally Integrated 509(a)(3) Supporting Organizations Page 6 1 Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov 20, 1970 See instructions. All other Type non-functionally Integrated supporting organizations must complete Sections A through mthNI-l \l Section A - Adjusted Net Income Net short-term capital gain Recoveries of prior-year distributions Other gross income (see instructions) Add lines 1 through 3 DepreCIation and depletion Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions) Other expenses (see instructions) Adjusted Net Income (subtract lines 5, 6 and 7 from line 4) (A) Prior Year (B) Current Year (optional) \l Section - Minimum Asset Amount Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year) Average value of securities Average cash balances Fair market value of other non-exempt-use assets Total (add lines la, lb, and 1c) Discount claimed for blockage or other factors (explain in detail in Part VI) AchISItion indebtedness applicable to non-exempt use assets Subtract line 2 from line 1d Cash deemed held for exempt use Enter 1-1/2% of line 3 (for greater amount, see instructions) Net value of non-exempt-use assets (subtract line 4 from line 3) Multiply line 5 by 035 Recoveries of prior-year distributions Minimum Asset Amount (add line 7 to line 6) (A) Prior Year (B) Current Year (optional) 1a 1b 1c 1d acumen-h mW-hWNl-l \l Section - Distributable Amount Adjusted net income for prior year (from Section A, line 8, Column A) Enter 85% of line 1 Minimum asset amount for prior year (from Section B, line 8, Column A) Enter greater of line 2 or line 3 Income tax imposed in prior year Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions) Current Year Check here if the current year is the organization?s first as a non-functionally-integrated Type supporting organization (see instructions) Schedule A (Form 990 or 990-EZ) 2016 Schedule A (Form 990 or 990-EZ) 2016 Page 7 Type Non-Functionally Integrated 509(a)(3) Supporting Organizations (continued) Section - Distributions Current Year 1 Amounts paid to supported organizations to accomplish exempt purposes 9 10 Amounts paid to perform actIVIty that directly furthers exempt purposes of supported organizations, in excess of income from actIVIty Administrative expenses paid to accomplish exempt purposes of supported organizations Amounts paid to achIre exempt-use assets Qualified set-a5ide amounts (prior IRS approval reqUIred) Other distributions (describe in Part VI) See instructions Total annual distributions. Add lines 1 through 6 Distributions to attentive supported organizations to which the organization is respon5ive (prowde details in Part VI) See instructions Distributable amount for 2016 from Section C, line 6 Line 8 amount diVided by Line 9 amount Section - Distribution Allocations (see DistribiBtable InStTUCtlons) Excess Pre-2016 Amount for 2016 1 Distributable amount for 2016 from Section C, line 6 2 Underdistributions, if any, for years prior to 2016 (reasonable cause reqUIred--see instructions) 3 Excess distributions carryover, if any, to 2016 From 2013. a From 2014. From 2015. Total of lines 3a through 9 Applied to underdistributions of prior years Applied to 2016 distributable amount Carryover from 2011 not applied (see instructions) Remainder Subtract lines 39, 3h, and 3i from 3f 4 Distributions for 2016 from Section D, line 7 a Applied to underdistributions of prior years Applied to 2016 distributable amount Remainder Subtract lines 4a and 4b from 4 5 Remaining underdistributions for years prior to 2016, if any Subtract lines 39 and 4a from line 2 (if amount greater than zero, see instructions) Remaining underdistributions for 2016 Subtract lines 3h and 4b from line 1 (if amount greater than zero, see instructions) Excess distributions carryover to 2017. Add lines 3] and 4c Breakdown of line 7 Excess from 2013. 0 Excess from 2014. D. Excess from 2015. Excess from 2016. Schedule A (Form 990 or 990-EZ) (2016) Schedule A (Form 990 or 990-EZ) 2016 Supplemental Information. Provnde the explanations requnred by Part II, llne 10; Part II, IIne 17a or 17b; Part Ilne 12; Part IV, Sectlon A, lines 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, Ilne 1; Part IV, Sectlon D, lines 2 and 3; Part IV, Sectlon E, Ilnes 1c, 2a, 2b, 3a and 3b; Part V, Ilne 1; Part V, Section B, Ilne 1e; Part D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete part for any Information. (See Instructlons). Page 8 Facts And Circumstances Test 990 Schedule A, Supplemental Information Return Reference Explanation Schedule A, Part II, LIne 10, GAMING REVENUE - 2012 Amount 90,339 2013 Amount 168,972 2014 Amount 132,216 20 Explanation of Other Income 15 Amount 137,225 2016 Amount 133,286 SALE OF INVENTORY - 2012 Amount 1,159,281 2013 Amount 1,064,735 2014 Amount 1,052,629 2015 Amount 1,042,103 2016 Amoun 1,076,281 Schedule A (Form 990 or 990-EZ) 2016 Iefile GRAPHIC print - DO NOT PROCESS As Filed Data - DLN: 93493135115058I OMB No 1545-0047 3225,39? Supplemental FInanCIal Statements Complete if the organization answered "Yes," on Form 990, 2 0 1 6 Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b. Department ofthe Trensun Attach to Form 990. Open to Public Internal Remnue semce Information about Schedule (Form 990) and its instructions is at Inspection Name of the organization Employer identification number HIllsdale College 38-1374230 Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete If the organization answered "Yes" on Form 990, Part IV, Ine 6. Donor adVIsed funds (b)Funds and other accounts 1 Total number at end of year 7 2 Aggregate value of contrIbutIons to (durIng 4,275,009 year) 3 Aggregate value of grants from (durIng year) 1,298,978 Aggregate value at end of year 7,422,660 the organIzatIon Inform all donors and donor adVIsors In ertIng that the assets held In donor adVIsed funds are the organIzatIon's property, subject to the organIzatIon's excluswe legal control? Yes No 6 the organIzatIon Inform all grantees, donors, and donor adVIsors In ertIng that grant funds can be used only for charItable purposes and not for the bene?t of the donor or donor adVIsor, or for any other purpose conferrIng ImpermISSIble prIvate benefIt7 Yes No Conservation Easements. Complete If the organIzatIon answered "Yes" on Form 990, Part IV, Ine 7. 1 Purpose(s) of conservatIon easements held by the organIzatIon (check all that apply) l:l PreservatIon of land for publIc use (e recreatIon or educatIon) l:l PreservatIon of an hIstorIcally Important land area l:l ProtectIon of natural habItat l:l PreservatIon of a certIerd hIstorIc structure l:l PreservatIon of open space 2 Complete lInes 2a through 2d If the organIzatIon held a conservatIon contrIbutIon In the form of a conservatIon easement on the last day of the tax year Held at the End of the Year a Total number of conservatIon easements 2a Total acreage restrIcted by conservatIon easements 2b Number of conservatIon easements on a certIerd hIstorIc structure Included In 2c Number of conservatIon easements Included In acquIred after 8/17/06, and not on a hIstorIc 2d structure lIsted In the NatIonal RegIster 3 Number of conservatIon easements modIerd, transferred, released, extInQUIshed, or termInated by the organIzatIon durIng the tax year Number of states where property subject to conservatlon easement Is located Does the organIzatIon have a ertten pollcy regardIng the perIodIc monItorIng, InspectIon, handIIng of VIolatIons, and enforcement of the conservatIon easements It holds? El Yes No 6 Staff and volunteer hours devoted to monItorIng, InspectIng, handIIng of VIolatIons, and enforCIng conservatIon easements durIng the year 7 Amount of expenses Incurred In monItorIng, InspectIng, handIIng of VIolatIons, and enforCIng conservatIon easements durIng the year 8 Does each conservatIon easement reported on Ine 2(d) above satIsfy the requIrements of sectIon and sectIon El Yes El No 9 In Part descrIbe how the organIzatIon reports conservatIon easements In Its revenue and expense statement, and balance sheet, and Include, If appIIcable, the text of the footnote to the organIzatIon?s fInanCIal statements that descrIbes the organIzatIon's accountIng for conservatIon easements Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets. Complete If the organIzatIon answered "Yes" on Form 990, Part IV, Ine 8. 1a If the organIzatIon elected, as permItted under SFAS 116 (ASC 958), not to report In Its revenue statement and balance sheet works of art, hIstorIcal treasures, or other assets held for publIc ethbItIon, educatIon, or research In furtherance of pubIIc serVIce, prOVIde, In Part the text of the footnote to Its fInanCIal statements that descrIbes these Items If the organIzatIon elected, as permItted under SFAS 116 (ASC 958), to report In Its revenue statement and balance sheet works of art, hIstorIcal treasures, or other 5ImIIar assets held for publIc ethbItIon, educatIon, or research In furtherance of publIc serVIce, prowde the followmg amounts relatIng to these Items Revenue Included on Form 990, Part lIne 1 384,041 (ii)Assets Included In Form 990, Part 6,230,253 2 If the organIzatIon recered or held works of art, hIstorIcal treasures, or other assets for fInanCIal gaIn, prOVIde the followmg amounts reqUIred to be reported under SFAS 116 (ASC 958) relatIng to these Items a Revenue Included on Form 990, Part lIne 1 Assets Included In Form 990, Part For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 52283D Schedule (Form 990) 2016 Schedule (Form 990) 2016 Page 2 Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued) 3 Usmg the organIzatIon's achISItion, acceSSIon, and other records, check any of the followmg that are a SignIfIcant use of Its collection Items (check all that apply) Public exhibitIon l:l Loan or exchange programs Scholarly research Other Preservation for future generations a description of the organIzatiori's collections and explain how they further the organization?s exempt purpose In Part During the year, dId the organization so ICIt or receive donations of art, historical treasures or other assets to be sold to raise funds rather than to be maintaIned as part of the organization?s collection? El Yes No Escrow and Custodial Arrangements. Complete If the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21. 1a Is the organization an agent, trustee, custodian or other Intermediary for contributions or other assets riot Included on Form 990, Part l:l Yes l:l No If "Yes," explaIn the arrangement In Part and complete the followmg table Amount Beginning balance 1C AddItIons durIng the year 1d Distributions durIng the year 18 EndIng balance 1f 2a Did the organizatIon Include an amount on Form 990, Part X, line 21, for escrow or custodIal account lIability7 El Yes No If "Yes," explaIn the arrangement In Part Check here If the explanatIon has been prOVIded In Part . . . . . . . . l:l Endowment Funds. Complete If the organIzatIon answered "Yes" on Form 990, Part IV, Ine 10. (a)Current year (b)PrIor year (c)Two years back (d)Three years back (e)Four years back 1a of year balance . . . 482,288,798 493,509,003 456,039,624 391,627,742 299,238,801 ContrIbutIons . . . 33,664,441 25,622,300 55,319,036 47,031,597 44,563,906 Net Investment eammgsI gams? and losses 29,153,531 ?35,723,718 ?14,955,673 60,540,201 30,653,635 Grants or scholarships . . . 11,089,468 10,251,342 10,195,154 9,216,724 9,466,456 Other expendItures for faCIlitIes and programs . -44,991,818 -11,746,426 -10,789,095 10,140,251 -49,793,303 Adm n strat ve expenses . . . 4,432,502 2,613,871 3,487,925 23,802,941 23,155,447 9 End of year balance . . . . 574,576,618 482,288,798 493,509,003 456,039,624 391,627,742 2 the estImated percentage of the current year end balance (line lg, column held as Board deSIgnated or quaSI-endowment 5 690 Permanent endowment 93 560 TemporarIIy restrIcted endowment 0 750 The percentages on lInes 2a, 2b, and 2c should equal 100% 3a Are there endowment funds not In the possesSIon of the organizatIon that are held and admInIstered for the organization by Yes No unrelated organizations . . . . . . . . . . . . . . . . . 3a(i) No (ii) related organizations . . . . . . . . . . . . . . . . . 3a(ii) No If "Yes" on are the related organIzations Isted as reqUIred on Schedule . . . . . . . . . 3b 4 Describe In Part the Intended uses of the organIzation's endowment funds Land, Buildings, and Equipment. Complete If the or anIzatIon answered 'Yes' on Form 990, Part IV, line 11a. See Form 990, Part X, Me 10. Description of property Cost or other (b)Cost or other (other) (c)Accumulated depreCIatIon (d)Book value (Investment) 1a Land . . . 10,883,702 10,883,702 BUIldIngs 171,360,356 58,700,958 112,659,398 Leasehold Improvements Equ pment . . . 16,302,937 11,347,182 4,955,755 Other . . . 31,983,660 13,605,285 18,378,375 Total. Add lines 1a through 1e (Column (cl) must equal Form 990, Part X, column (B), line 10(c) . . 146,877,230 Schedule (Form 990) 2016 Schedule (Form 990) 2016 Page 3 Investments?Other Securities. Complete if the organization answered ?Yes' on Form 990, Part IV, line 11b. See Form 990, Part X, line 12. Description of security or category (b)Book value (c)Method of valuation (Including name of security) Cost or end-of-year market value (1)FinanCIal derivatives (2)Closely-held eqUIty Interests (3)Other (A) Domestic Common Stocks 39,080,595 (B) Government Agency Bonds 693,310 (C) Corporate Bonds 41,639,567 (D) Hedge Funds 109,977,258 (E) REAL ESTATE 31,991,709 (F) OTHER 7,272,673 (G) Alternatives 49,396,054 (G) (H) Total. (Column must equal FOllTl 990, Part X, col (B) line 12 280,051, 166 Investments?Program Related. Complete if the organization answered ?Yes' on Form 990, Part IV, line 11c. See Form 990, Part X. line 13. Description of investment Book value Method of valuation Cost or end-of-year market value (1) (2) (3) (4) (5) (6) (7) (8) (9) Total. (Column must equal Form 990, Part X, col (B) line 13) Other Assets. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d See Form 990, Part X, line 15 Description Book value (1) Accrued Interest Receivable 684,120 (2) Bene?CIal Interests in Trusts 73,122,760 (2) (3) (4) (5) (6) (7) (8) (9) Total. (Column must equal Form 990, Part X, col (B) line 1573,806,880 Other Liabilities. Complete if the organization answered 'Yes' on Form 990, Part IV, line He or 11f. See Form 990, Part X, line 25. 1_ Description of liability Book value (1) Federal income taxes Liability on AnnUIty Contracts Trusts 63,654,899 (2) (3) (4) (5) (6) (7) (8) (9) Total. (Column must equal FOllTl 990, Part X, col (B) line 25) 63,654,899 2. Liability for uncertain tax p05itions In Part prowde the text of the footnote to the organization's finanCIal statements that reports the organization's liability for uncertain tax p05itions under FIN 48 (ASC 740) Check here if the text of the footnote has been prowded in Part l:l Schedule (Form 990) 2016 Schedule (Form 990) 2016 Page 4 Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete If the organIzatIon answered 'Yes' on Form 990, Part IV, Ine 12a. 1 Total revenue, gaIns, and other support per audIted fInanCIal statements . . . . . . . 1 226,913,468 2 Amounts Included on Ine 1 but not on Form 990, Part Ine 12 a Net unrealized gaIns (losses) on Investments . . . . 2a 27,823,888 Donated serVIces and use RecoverIes of prIor year grants . . . . . . . . . . . 2c Other (DescrIbe In Part . . . . . . . . . . . . 2d -6,279,486 Add Ines 2a through 21,544,402 3 Subtract Ine 2e from Ine 205,369,066 Amounts Included on Form 990, Part Ine 12, but not on Ine 1 a Investment expenses not Included on Form 990, Part Ine 7b . 4a 1,388,209 Other (DescrIbe In Part . . . . . . . . . . . 4b 24,308,502 Add Ines 25,696,711 5 Total revenue Add ?ms 3 and 4c. (ThIs must equal Form 990, Part I, Ine 231,065,777 Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete If the organIzatIon answered 'Yes? on Form 990, Part IV, Ine 12a. 1 Total expenses and losses per audIted FInanCIal statements . . . . . . . . . . . 1 117,795,252 2 Amounts Included on Ine 1 but not on Form 990, Part IX, Ine 25 a Donated serVIces and use PrIor year adjustments . . . . . . . . . . . . 2b Other losses . . . . . . . . . . . . . . . . 2c Other (DescrIbe In Part . . . . . . . . . . . . 2d 681,905 Add Ines 2a through 681,905 3 Subtract Ine 2e from Ine 117,113,347 Amounts Included on Form 990, Part IX, Ine 25, but not on Ine 1: a Investment expenses not Included on Form 990, Part Ine 7b . . 4a 1,388,209 Other (DescrIbe In Part . . . . . . . . . . . . 4b 24,990,407 Add Ines 26,378,616 5 Total expenses Add Ines 3 and 4c. (ThIs must equal Form 990, Part I, Ine 143,491,963 Supplemental Information Prowde the descrIptIons reqUIred for Part II, Ines 3, 5, and 9, Part Ines 1a and 4, Part IV, Ines 1b and 2b, Part V, Ine 4, Part X, Ine 2, Part XI, Ines 2d and 4b, and Part XII, Ines 2d and 4b Also complete thIs part to prowde any addItIonal InformatIon Return Reference ExplanatIon See AddItIonal Data Table Schedule (Form 990) 2015 Schedule (Form 990) 2015 Page 5 Supplemental Information (continued) Return Reference Explanation Schedule (Form 990) 2016 Supplemental Information Return Reference Explanation Part LIne 4 ALWIN CARUS COIN COLLECTION THE CARUS COIN COLLECTION CONSISTS OF A VAST ARRAY OF FOREIG AND DOMESTIC CURRENCY DIVIDED INTO THREE SMALLER DISPLAYS AN ANCIENT COIN COLLECTION, A AMERICAN COINAGE COLLECTION, AND A HISTORY OF MONEY COLLECTION THAT INCLUDES EARLY NON-M ETAL FORMS OF CURRENCY, PRECIOUS METALS, AND MODERN FIAT CURRENCY THE COLLECTION WAS TO HILLSDALE COLLEGE TO BE USED FOR EDUCATIONAL PURPOSES, IT IS A TOOL FOR TEACHING ECONO MICS, HISTORY, FINANCE, AND CLASSICS PORTIONS OF THE COLLECTION ARE EXHIBITED PUBLICLY AT HILLSDALE COLLEGE EVENTS ACROSS THE COUNTRY, EXTENDING THE EDUCATIONAL BENEFITS OF THE CO INS TO A MUCH WIDER AUDIENCE THAT INCLUDES BUSINESS OWNERS, EDUCATORS, COMMUNITY LEADERS, AND OTHER INTERESTED CITIZENS SPECIAL LIBRARY COLLECTIONS A QUALITY LIBRARY IS AN ESSENTI AL ELEMENT OF EVERY INSTITUTION OF LEARNING IT EXISTS FOR THE BENEFIT OF BOTH STUDENTS AN FACULTY, AS WELL AS FOR THE COMMUNITY IN WHICH IT RESIDES IN ADDITION TO THE MAIN STUDY AND RESEARCH COLLECTIONS, THE HILLSDALE COLLEGE MOSSEY LIBRARY CONTAINS A NUMBER OF RARE AND SPECIAL HOLDINGS, INCLUDING THE LUDWIG VON MISES LIBRARY AND THE RICHARDSON HERITAGE OOM EARLY AND RARE EDITIONS LUDWIG VON MISES, THE EARLY TWENTIETH CENTURY AUSTRIAN ECONOM IST AND AUTHOR OF SUCH SEMINAR WORKS AS THEORY OF MONEY AND CREDIT AND ACTION, CHOSE HILLSDALE COLLEGE TO BE THE RECIPIENT OF HIS PERSONAL LIBRARY, BECAUSE OF THE SCHO COMMITMENT TO TEACH THE PRINCIPLES OF FREEDOM THIS IMPORTANT COLLECTION OF BOOKS, PA MPHLETS, AND PAPERS RELATED TO FREE-MARKET ECONOMICS IS HOUSED IN THE LUDWIG VON MISES ROO IN THE MOSSEY LIBRARY AND IS AVAILABLE TO THE HILLSDALE FACULTY AND STUDENTS FOR RESEARC THE RICHARDSON HERITAGE ROOM CONTAINS A COLLECTION OF RARE- AND FIRST-EDITION BOOKS THA RELATE TO OUR FOUNDING AND EARLY AMERICAN HISTORY A BIBLIOGRAPHY OF THE COLLE CTION IS AVAILABLE AT HILLSDALE EDU LIBERTY WALK THE MISSION OF HILLSDALE COLLEGE, WH ICH HAS GUIDED THE SCHOOL SINCE ITS 1844 FOUNDING, IS TO PRESERVE THE BLESSINGS OF CIVIL A ND RELIGIOUS LIBERTY THROUGH DIFFUSION OF LEARNING THE LIBERTY WALK PROJECT IS A MA RVELOUS EXAMPLE OF TEACHING AND LEARNING THROUGH OBJECTS OF ART THIS COLLECTION OF OVER-L IFE-SIZE STATUES PROVIDES VISIBLE TESTIMONY TO THE LIVES OF HISTORIC DEFENDERS OF FREEDOM IT CALLS THE CITIZEN OBSERVER TO VIGILANCE IN DEFENDING AND UPHOLDING THE PRINCIPLES OF REEDOM IT STANDS AS A CONSTANT REMINDER OF THE PREVIOUS NATURE OF FREEDOM AND THE STRENGT AND SACRIFICE REQUIRED TO PRESERVE IT TO DATE, THE COLLECTION INCLUDES EIGHT STATUES, HE ALPHA KAPPA PHI CIVIL WAR MONUMENT, 1895, GEORGE WASHINGTON, 2003, WINSTON CH URCHILL, 2004, MARGARET THATCHER, 2008, THOMAS JEFFERSON, 2009 ABRAHAM LINCOLN, 2009, RON ALD REAGAN, 2011, AND FREDERICK DOUGLASS, 2017 FUTURE ADDITIONS TO THE COLLECTION, AS FUN DING BECOMES AVAILABLE, WILL INCLUDE JAMES MADISON AND RANSOM DUNN, WHO FIGURED PROMINENTL IN THE EARLY DAYS OF HILLSDA Supplemental Information Return Reference Explanation Part Line 4 LE COLLEGE HISTORY ALL STATUES HAVE BEEN FUNDED THROUGH PRIVATE DONATIONS PRE-COLUMBIAN ART COLLECTION A COLLECTION OF STATUES, POTTERY, JEWELRY, AND CARVED OR WOVEN VESSELS, THE SE ARTIFACTS DATE FROM AS EARLY AS 500 TO AS LATE AS 1532 A AND ORIGINATE FROM VA RIOUS REGIONS OF CENTRAL AND SOUTH AMERICA REPRESENTING CULTURES SUCH AS THE MAYANS AND I NCAS, THEY REPRESENT ART IN THE AMERICAS BEFORE THE INTRODUCTION OF EUROPEAN CULTURAL INFL UENCE THE ARTIFACTS WILL TEACH STUDENTS, ESPECIALLY THOSE STUDYING PREHISTORIC AND NON-WE STERN ART, THE DEEP APPRECIATION AND UNDERSTANDING THAT CAN ONLY BE OBTAINED THROUGH VIEWI NG SUCH ARTIFACTS DIRECTLY Supplemental Information Return Reference Explanation Part V, Line 4 AS STATED PREVIOUSLY, HILLSDALE COLLEGE IS AN INDEPENDENT 4-YEAR LIBERAL ARTS INSTITUTION WE DO NOT ACCEPT ANY FEDERAL OR STATE MONIES FOR THE OPERATION OF THE COLLEGE OUR ENDOWMENT FUNDS ARE INVESTED IN SUCH A MANOR AS TO PRESERVE AND PROTECT OUR INDEPENDENCE FROM GOVERNMENT FUNDS EARNINGS FROM OUR ENDOWMENT ARE USED TO PROVIDE SCHOLARSHIPS TO OUR STUDENTS AS WELL AS FUNDS FOR THE OPERATIONS OF THE COLLEGE Supplemental Information Return Reference Explanation Part XI, LIne 2d - Other Adjustments change In Interest agreements -6,279,486 Supplemental Information Return Reference Explanation Part XI, LIne 4b - Other and Fees 24,990,407 Rental expense -12,342 CGS Bookstore -613,606 CGS Press -1,634 Gaming Adjustments expense -54,323 Supplemental Information Return Reference Explanation Part XII, LIne 2d - Other Adjustments Rental Expense 12,342 Gaming expense 54,323 CGS Bookstore 613,606 CGS Press 1,634 Supplemental Information Retu rn Refe re nce Explanation Part Lme 4b - Other Adjustments tUItIon and fees 24,990,407 Iefile GRAPHIC print - DO NOT PROCESS As Filed Data - DLN: 93493135115058I SCHEDULE OMB No 1545-0047 (Form 990 or 990- El) DComplete if the organization answered "Yes" on Form 990, 2 0 1 6 Part IV, line 13, or Form 990-EZ, Part VI, line 48. Attach to Form 990 or Form 990-EZ990 Open to In orma ion ins ruc ions is a ov arm . - Department ot the Trensun InSPECtlon Mamel??thmo?gaimization Employer identification number Hillsdale College 38-1374230 YES NO 1 Does the organization have a raCIally nondiscriminatory policy toward students by statement in its charter, bylaws, other governing instrument, or in a resolution of its governing body? 1 Yes 2 Does the organization include a statement of its racially nondiscriminatory policy toward students in all its brochures, catalogues, and other written communications With the public dealing With student programs, and scholarships? 2 Yes 3 Has the organization pubIICIzed its raCIally nondiscriminatory policy through newspaper or broadcast media during the period of soliatation for students, or during the registration period if it has no soliatation program, in a way that makes the policy known to all parts of the general community it serves? If "Yes," please describe If please explain If you need more space use Part II 3 Yes 4 Does the organization maintain the followmg? a Records indicating the raCIal comp05ition of the student body, faculty, and administrative staff? 4a No Records documenting that scholarships and other finanCIal a55istance are awarded on a raCIally nondiscriminatory baSIs? 4b Yes Copies of all catalogues, brochures, announcements, and other written communications to the public dealing With student programs, and scholarships? 4c Yes Copies of all material used by the organization or on its behalf to solicit contributions? 4d Yes If you answered "No" to any of the above, please explain If you need more space, use Part II 5 Does the organization discriminate by race in any way With respect to a Students' rights or priVileges? 5a No poIICIes? 5b No Employment of faculty or administrative staff? 5c No Scholarships or other finanCIal a55istance? 5d No Educational poIICIes? 5e No Use of facilities? 5f No 9 Athletic programs? 59 No Other extracurricular actIVIties? 5h No If you answered "Yes" to any of the above, please explain If you need more space, use Part II 6a Does the organization receive any financial aid or aSSIstance from a governmental agency? 6a No Has the organization's right to such aid ever been revoked or suspended? 6b No If you answered "Yes" to Either line 6a or line 6b, explain on Part II 7 Does the organization certify that it has complied With the applicable reqUIrements of sections 4 01 through 4 05 of Rev Proc 75-50, 1975-2 587, covering racial nondiscrimination? If explain on Part II 7 Yes Paperwork Reduction Act Notice, see the Instructions for Form 990 or Form 990-EZ. Cat No SOOBSD Schedule (Form 990 or 990-EZ) (2016) (9102) [23-066 JO 066 W403) 3 .. H3H.LO J.SNIV9V 3N0 HOIHM CINV 30 SH3EIIN3W SV J.I1EI SV HOIHNI .AJISH3AIG 1VIOOS. CIN3H.L AHOJVNIINIHOSIG 3H.L OJ. 9NIEIINI100I18 NVHJ. H3HJ.VH HOV3 J.IH3IN 3HJ. 3931109 3H.L.. IS3J.VJ.S 901VJ.VO 3H.L A11V931 H3H.LO ANV HO OJ. CIHV93H J.IH3IN CINV NO S3SVEI HO SJ.I 3OVH 3H.L NO HO 3SVEI O.L HO SCIHOO3H NO 3OVH OJ. .LI NI H3CIV31 HVNI O.L 8 3HJ. O.L CINZ S.NOI.LVN 3H.L SVNI NO .LIWCIV OJ. (CINZ 3HJ.) 3931100 NV9IHOIIN .LSL 3HJ. X38 H0 INOI9I13H NO CI3SVEI NOIJVNIWIHOSICI J.VHJ. (OSBL) 3J.VI9311OO .LSI S.NOI.LVN 3H.L GNV OJ. SHOOCI SJ.I 31VCIS11IH NI '7 eul1 lied '3 empeuos 3CIOO HONOH 3931100 31VCIS11IH 3H.L NI 3HV A3HJ. CINV 901VJ.VO 3931100 3HJ. NI CI3CIFI1ONI 3HV SCIHOM 3S3H.L .LN3IN3J.V.LS NOISSIW 3HOIN S.1OOHOS 3HJ. O.LNI 3HV A3HJ. CINV 3S3HJ. MEI OJ. 3931103 31VCIS11IH ..S.LN3CII1J.S 3H.L SJ.HV3H 3HJ. CINV SGNIIN 3HJ. d013/\3C J.S3EI 113M SV CINV CINV 1VIOOS HOFIS OJ. CINV SIH.L NI S1OOHOS 1VOI90103HJ. HO 83931103 H3H.LO NI CI3l18Hf1d SI SV CINV SV 1VOI90103HJ. HO HO OHM 11V OJ. OJ. 3EI 11VHS CINV SI NOI.LI1J.IJ.SNI SIHJ. 3H.L.. A3HJ. NI HOIHM S31OIJ.HV 1VNI9IHO S.LI OJ.NI SI 8.3931100 31VCIS11IH 9 Heel '3 eouaJapa u1n1au aas) uoneuuogm euonlppe JBLHO BPIAOJCI oslv a qeal dde sauu '1 mad Aq pBJlanJ suoneumdxa aq; apIAOJd'uogeuuo;uI 21uau a ddns 2 salad (9Ioz) (23066 J0 O66 Lil-10:03 alnpauas Iefile GRAPHIC print - DO NOT PROCESS As Filed Data - DLN: 93493135115058I . . . . . OMB No 1545-0047 SCHEDULE Statement of ActIVIties OutSIde the United States (Form 990) Complete if the organization answered "Yes" to Form 990, 2 0 1 6 Part IV, line 14b, 15, or 16. Attach to Form 990. See separate instructions. Open to Public Department the Trensun Information about Schedule (Form 990) and its Instructions is at InsPeCtion Internal Re\ enue Sen ice Name of the organization Employer identification number Hillsdale College 38-1374230 General Information on Activities Outside the United States. Complete if the organization answered ?Yes" to Form 990, Part IV, line 14b. 1 For grantmakers.Does the organization maintain records to substantiate the amount of its grants and other a55istance, the grantees? eligibility for the grants or a55istance, and the selection criteria used to award the grants or a55istance? Yes El No 2 For grantmakers. Describe in Part the organization?s procedures for monitoring the use of its grants and other a35istance outSIde the United States 3 Actiwtes per Region (The followmg Part I, line 3 table can be duplicated if additional space is needed Region Number of Number of Actiwties conducted in If actIVIty listed in is a Total expenditures offices in the employees, agents, region (by type) (e program serVice, describe for and investments region and independent fundraismg, program speCIfic type of in region contractors in serVices, investments, grants serwce(s) in region region to reCIpients located in the region) 1) See Add'l Data (2) (3) (4) (5) Ba Sub-total 0 292,246 Total from continuation sheets to 0 46,394,190 Part I (3 Totals (add lines 3a and 3b) 0 0 46,686,436 For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 50082W Schedu (Form 990) 2016 Schedule (Form 990) 2016 Page 2 Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered ?Yes" to Form 990, Part IV, line 15, for any moment who received more than $5,000. Part II can be duplicated if additional space is needed. 1 Name of IRS code Region Purpose of Amount of Manner of (9) Amount Description Method of organization section grant cash grant cash of non-cash of non-cash valuation and EIN (if disbursement a55istance a55istance (book, FMV, applicable) appraisal, other) 1) Europe (Including TOUR FEES FOR 17,976wwe book Iceland Greenland) COLLEGE-SPONSORED STUDENT TRIPS (2) Middle East and North TOUR FEES FOR 56,900mre book Africa COLLEGE-SPONSORED STUDENT TRIPS 3) Europe (Including STUDENT TUITION book Iceland Greenland) (4) East A5ia and the RECRUITMENT 13,000WIre book Pacn?ic 2 Enter total number of moment organizations listed above that are recognized as charities by the foreign country, recognized as tax- exempt by the IRS, or for which the grantee or counsel has prOVided a section 501(c)(3) equwalency letter . 3 Enter total number of other organizations or entities . 4 Schedule (Form 990) 2016 Schedule (Form 990) 2016 Page 3 Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 16. Part can be duplicated if additional space IS needed. Type of grant or a55istance Region Number of moments Amount of cash grant Manner of cash disbursement Amount of non-cash a55istance (9) Description of non-cash aSSIstance Method of valuation (book, FMV, appraisal, other) 1) See Add'l Data (2) (3) (4) (5) (7) (8) (9) 10) (11) (12) (13) 14) (15) (15) (17) 13) Schedule (Form 990) 2016 Schedule (Form 990) 2016 Foreign Forms 1 Page 4 Was the organization a transferor of property to a foreign corporation during the tax year? If "Yes,?the organization may be reqUired to file Form 926, Return by a Transferor of Property to a Foreign Corporation (see Instructions for Form 926) Yes Did the organization have an interest in a foreign trust during the tax year? If ?Yes," the organization may be reqUired to separately file Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a 5 Owner (see Instructions for Forms 3520 and 3520-A) l:l Yes Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be reqUired to file Form 5471, Information Return of 5 Persons With Respect to Certain Foreign Corporations (see Instructions for Form 5471 l:l Yes Was the organization a direct or indirect shareholder of a passwe foreign investment company or a qualified electing fund during the tax year? If "Yes,? the organization may be required to file Form 8621, Information Return by a Shareholder of a Passwe Foreign Investment Company or Qualified Electing Fund (see Instructions for Form 8621) Yes Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be reqUirecl to file Form 8865, Return of 5 Persons With Respect to Certain Foreign Partnerships (see Instructions for Form 8865) Yes Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be reqUirecl to separately file Form 5713, International Boycott Report (see Instructions for Form 5713) Yes l:lNo .No .No l:lNo l:lNo .No Schedule (Form 990) 2016 Schedule (Form 990) 2016 Page 5 Supplemental Information Prowde the information reqwred by Part I, line 2 (monitoring of funds); Part I, line 3, column (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part (accounting method); and Part column (estimated number of moments), as applicable. Also complete this part to prowde any additional Information (see Instructions). 2 Return Explanation Reference Part I, Line Hillsdale College offers scholarships and grants to international students (students attending Hillsdale under F-1 student Visas) based upon either academic ment or demonstrated finanCIaI need The assessment for awarding initial merit-based scholarship conSIders the academic credential of these international students Need-based grants are awarded to international students based upon demonstrated finanCIaI need eVIdenced from income and asset information reported on Hillsdale College's international FinanCIaI Aid application Renewal of merit-based, international awards are contingent upon the international student maintaining a 3 0 or higher accumulative grade p0int average This grade p0int threshold is monitored at the conclu5i0n of each academic semester International students not meeting that gpa threshold for the first time receive a letter reminding them of this criterion A second semester below the 3 0 gpa reqUIrement results in scholarship probation, and a third consecutive semester not meeting this 3 0 gpa results in loss of the merit-based scholarship Renewal of need-based grant reqUIres that international students continue to eVIdence finanCIaI need each year as determined by submi55ion of the Hillsdale International FinanCIaI Aid Application (2) Honoraria and travel reimbursements were paid to various international speakers on campus as well as honoraria paid for editorial work (3) Tour fees were paid for school-sponsored international trips (4) The book total amount of investments in Central America and the Cayman Islands is $45,885,204 Additional Data Software ID: Software Version: EIN: Name: Form 990 Schedule Part I - Activities Outside The United States 38-1374230 HIllsdale College RegIon Number of of?ces In the Number of employees or ActIVItIes conducted In regIon (by type) (I e, If actIVIty Isted In IS a program serVIce, Total expenditures for regIon regIon agents In fundraISIng, program descrIbe speCIfIc type of regIon serVIces, grants to serVIce(s) In regIon reCIpIents located In the regIon) Europe (IncludIng Iceland 0 0 Program serVIces College Sponsored Student 17,976 Greenland) TrIp South 0 0 Program serVIces software 1,250 MIddle East and North AfrIca 0 0 Program seryIces College Sponsored Student 56,900 TrIp Form 990 Schedule Part I - Activities Outside The United States Reglon Number of of?ces In the Number of employees or ActIVItIes conducted In reglon (by type) (I e, If actIVIty llsted Is a program serVIce, Total expenditures for regIon region agents In fundralsmg, program describe speCI?c type of region serVIces, grants to serwce(s) In region reCIpIents located In the region) Europe (Including Iceland 0 0 Speaklng at Seminars or ROYALTIES, HONORARIA, 47,285 Greenland) Conferences EDITORIAL WORK Europe (Includlng Iceland 0 0 Program serVIces Student TUItlon 10,408 Greenland) Europe (Including Iceland 0 0 Program serVIces RecrUItment 13,000 Greenland) Form 990 Schedule Part I - Activities Outside The United States Reglon Number of of?ces In the Number of ActIVItIes conducted If actIVIty Ilsted In (cl) Total expenditures employees or In reglon (by type) (I Is a program serVIce, for reglon region agents In fundralsmg, program describe speCI?c type of region serVIces, grants to servnce(s) In region reCIpIents located In the region) South Amerlca 0 0 Program serVIces Relmbursement 397 Sub-Saharan Afrlca 0 0 145,030 North America 0 Scholarships 98,875 Form 990 Schedule Part I - Activities Outside The United States Region Number of offices In the Number of ActiVities conducted If actIVIty listed In Total expenditures employees or In region (by type) (I is a program serVice, for region region agents In fundraismg, program describe specn?ic type of region serVIces, grants to serVIce(s) In region reCIpients located In the region) Ru55ia and Neighboring States 0 Scholarships 11,016 Europe (Including Iceland 0 0 Scholarships 274,764 Greenland) East A5ia and the PaCIfic 0 Scholarships 109,331 Form 990 Schedule Part I - Activities Outside The United States Reglon Number of Number of ActIVItIes conducted If actIVIty llsted Total expenditures of?ces In the employees or In reglon (by type) (I Is a program serVIce, for reglon region agents In fundralsmg, program describe speCI?c type of region servnces, grants to serwce(s) In region reCIpIents located In the region) East and North Afrlca 0 0 15,000 Central Amerlca and the 0 0 Investments 45,885,204 Canbbean Form 990 Schedule Part - Grants and Assistance to Individuals Outside The Type of grant or Region (c)Number Amount of Manner of cash Amount of (9) Description of Method of a55istance of cash grant disbursement non-cash non-cash valuation (book, reCIpIents a55istance aSSIstance FMV, appraisal, other) Royalties, honoraria, Europe 8 47,285 Wire 0 editorial Work (Including Iceland 81 Greenland) Scholarships 4 145,030 APPLIED AGAINST 0 Sub-Saharan Africa STU TUITION ACCOUNT Form 990 Schedule Part - Grants and Assistance to Individuals Outside The Type of grant or Region (c)Number Amount of Manner of cash Amount of Description of Method of assmtance of cash grant disbursennent non-cash non-cash valuann (book, rECIpients aSSIstance a55istance FMV, appraisal, other) Scholarships North America 4 98,875 APPLIED AGAINST TUITION ACCOUNT Scholarships Ru55ia and 1 11,016 APPLIED AGAINST Neighboring States TUITION ACCOU NT Form 990 Schedule Part - Grants and Assistance to Individuals Outside The Type of grant or Region (c)Number Amount of Manner of cash Amount of (9) Description of Method of a55istance of cash grant disbursement non-cash non-cash valuation (book, reCIpIents a55istance aSSIstance FMV, appraisal, other) Scholarships Europe 10 274,764 APPLIED AGAINST 0 Iceland TUITION ACCOUNT Greenland) Scholarships 1 15,000 APPLIED AGAINST 0 Middle East and North Africa STU TUITION ACCOUNT Form 990 Schedule Part - Grants and Assistance to Individuals Outside The Type of grant or Region (c)Number Amount of Manner of cash Amount of Description of Method of aSSIstance of cash grant disbursement non-cash non-cash valuation (book, reCIpients a55I5tance a55Istance FMV, appraisal, other) Scholarships East A5ia and 7 109,331 APPLIED AGAINST 0 the PaCIfic TUITION ACCOUNT lefile GRAPHIC print - DO NOT PROCESS As Filed Data - DLN: 93493135115058I SCHEDULEG Supplemental Information Regarding 1545'0047 99? Fundraising or Gaming Activities 2016 Complete if the organization answered "Yes" on Form 990, Part IV, lines 17, 18, or 19, or if the organization entered more than $15,000 on Form 990-EZ, line 6a Open to Public 'ei?flmm?m Or the Trensun PAttach to Form 990 or Form 990-Ez. . Inlemnl Rt? cnuc SEHICB ?Information about Schedule (Form 990 or 990-EZ) and its instructions is at gov/form990. InspeCtlon Name of the organization Employer identification number Hillsdale College 38-1374230 Fundraising Activities.Complete if the organization answered "Yes" on Form 990, Part IV, line 17. Form 990-EZ filers are not reqwred to complete this part. 1 Indicate whether the organization raised funds through any of the followmg actIVIties Check all that apply a El Mail solicrcations SoliCitation of non-government grants Internet and email soliatations SoliCitation of government grants Phone soliatations Speaal fundraismg events In-person soIICItations 2a Did the organization have a written or oral agreement With any indiViduaI (including officers, directors, trustees or key employees listed in Form 990, Part VII) or entity in connection With professional fundraising serVIces?? El Yes El No If "Yes," list the ten highest paid indiViduals or entities (fundraisers) pursuant to agreements under which the fundraiser is to be compensated at least $5,000 by the organization Name and address of (ii) ActIVIty Did (iv) Gross receipts Amount paid to (vi) Amount paid to indiViduaI fundraiser have from actIVIty (or retained by) (or retained by) or entity (fundraiser) 0F fundraiser listed in organization control of col contributionsTotal 3 List all states in which the organization is registered or licensed to contributions or has been notified it is exempt from registration or licensmg For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ. Cat No 50083H Schedule (Form 990 or 990-EZ) 2016 Schedule (Form 990 or 990-EZ) 2016 Page 2 Fundraising Events. Complete if the organization answered "Yes" on Form 990, Part IV, line 18, or reported more than $15,000 of fundraismg event contributions and gross income on Form 990-EZ, lines 1 and 6b. List events With gross receipts greater than $5,000. (a)Event #1 Event #2 (c)0ther events Total events (add col (3) through (event type) (event type) (total number) col G) Q) 0: 1 Gross receipts . 2 Less Contributions . 3 Gross income (line 1 minus line 2) 4 Cash prizes 5 Noncash prizes 5 Rent/faCIlity costs IE- 7 Food and beverages 8 Entertainment 5 9 Other direct expenses 10 Direct expense summary Add lines 4 through 9 in column . . . . . . . . . . 11 Net income summary Subtract line 10 from line 3, column . . . . . . . . . . Gaming. Complete if the organization answered "Yes" on Form 990, Part IV, line 19, or reported more than $15,000 on Form 990-EZ, line 6a. G) Pull tabs/Instant Total gaming (add at; Bingo bingo/progresswe bingo Other gaming col through col 82 1 Gross revenue . . . . . 133,286 133,286 in 2 Cash prizes . . . . . 12,952 12,952 'b 3' 3 Noncash prizes . . . . 26,200 26,200 4 Rent/faCIlity costs 0 5 Other direct expenses . . . 15,171 15,171 Yes Yes ?3 ?53.99.999.341. 6 Volunteer labor . . . . No No No 7 Direct expense summary Add lines 2 through 5 in column . . . . . . . . . . 54,323 3 Net gaming income summary Subtract line 7 from line 1, column . . . . . . . . 78,963 9 Enter the state(s) in which the organization conducts gaming actIVIties MI a Is the organization licensed to conduct gaming actIVIties in each of these states? Yes No If explain 10a Were any of the organization's gaming licenses revoked, suspended or terminated during the tax year? Yes No If "Yes," explain Schedule (Form 990 or 990-EZ) 2016 Schedule (Form 990 or 990-EZ) 2016 Page 3 11 Does the organization conduct gaming actIVIties With nonmembers? Yes No 12 Is the organization a grantor, bene?CIary or trustee of a trust or a member of a partnership or other entity formed to administer charitable gaming? Yes No 13 Indicate the percentage of gaming actIVIty conducted in a The organization's faCIlity 13a 100 000 An out5ide faCIlity 13b 0 14 Enter the name and address of the person who prepares the organization?s gaming/speCIal events books and records Name PATRICK FLANNERY Address 33 EAST COLLEGE STREET HILLSDALE, MI 49242 15a Does the organization have a contract With a third party from whom the organization receives gaming revenue? Yes No If "Yes," enter the amount of gaming revenue received by the organization and the amount of gaming revenue retained by the third party If "Yes," enter name and address of the third party Name Address 16 Gaming manager information Name Patrick Flannery Gaming manager compensation 0 Description of serVIces prowded SEE SCHEDULE G, PART IV, STATEMENT 1 Director/officer l:l Employee l:l Independent contractor 17 Mandatory distributions a Is the organization reqUIred under state law to make charitable distributions From the gaming proceeds to retain the state gaming license? l:lYes No Enter the amount of distributions reqUIred under state law distributed to other exempt organizations or spent in the organization's own exempt actIVIties during the tax year Supplemental Information. Prowde the explanations reqwred by Part I, line 2b, columns and and Part lines 9, 9b, 10b, 15b, 15c, 16, and 17b, as applicable. Also complete this part to prowde any additional information (see instructions). Return Reference Explanation SCHEDULE G, PART LINE 16, AS TREASURER OF THE COLLEGE, PATRICK FLANNERY WORKS WITH VARIOUS GROUPS ON CAMPUS DESCRIPTION OF SERVICES PROVIDED IN SECURING A RAFFLE LICENSE FROM THE STATE OF MICHIGAN THESE LICENSES ARE EFFECTIVE ONLY FOR THE DATE OF THE RAFFLE FURTHER, THE TREASURER COMPLETES THE RAFFLE FINANCIAL STATEMENT AND SUBMITS IT TO THE STATE OF MICHIGAN FOLLOWING THE RAFFLE Schedule (Form 990 or 990-EZ) 2016 Iefile GRAPHIC print - DO NOT PROCESS As Filed Data - DLN: 93493135115058I 1545-0047 Grants and Other A55istance to Organizations, Governments and Individuals in the United States 2016 Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22. Open to Public Department of the Attach to Form_ 990. . Inspection Treasury Information about Schedule I (Form 990) and its instructions is at Internal Revenue SerVIce Name of the organization Employer identification number Hillsdale College 38-1374230 General Information on Grants and Assistance 1 Does the organization maintain records to substantiate the amount of the grants or a55istance, the grantees' eligibility for the grants or a55istance, and the selection criteria used to award the grants or a55IstanceDescribe in Part IV the organization's procedures for monitoring the use of grant funds In the United States Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete If the organization answered "Yes" on Form 990, Part IV, line 21, for any moment that received more than $5,000 Part II can be duplicated If additional space Is needed Name and address of EIN IRC section Amount of cash Amount of non- Method of valuation (9) Description of Purpose of grant organization if applicable grant cash (book, FMV, appraisal, non-cash a55istance or a55istance or government aSSIstance other) 2 Enter total number of section 501(c)(3) and government organizations listed In the line 1 table . . 3 Enter total number of other organizations listed In the line 1 table . . For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 50055P Schedule I (Form 990) 2016 Schedule I (Form 990) 2016 Page 2 Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22 Part can be duplicated If additional space IS needed Type of grant or a55istance Number of Amount of Amount of Method of valuation (book, Description of non-cash aSSIstance reCIpIents cash grant non-cash a55istance FMV, appraisal, other) (1) scholarships and grants 1377 24,190,822 Supplemental Information. Provnde the Information reqUired in Part I, line 2, Part column and any other addltional information. Return Reference Explanation Part 1, Line 2 DURING FISCAL YEAR 2017, HILLSDALE COLLEGE AWARDED MONETARY TO FIVE INSTITUTIONS BASED ON SPECIFIED CRITERIA ONE PRIZE RECOGNIZES ONE OUTSTANDING PUBLIC OR PRIVATE SCHOOL TEACHER WITH SCHOOL RECEIVING THE FUNDS THE RECIPIENT IS CHOSEN AMONG THE TEACHERS NATIONALLY WHO ARE IMPLEMENTING THE IDEAS AND CURRICULUM CONTAINED IN A COMPREHENSIVE EDUCATIONAL RESOURCE DESIGNED BY HILLSDALE COLLEGE PROFESSORS THE SCHOOL IS REQUIRED TO PREPARE AN ANNUAL REPORT ON THE OF THE PRIZE UNTIL SUCH FUNDS ARE ENTIRELY EXPENDED THREE OTHER GRANTS SUPPORTED THE LAUNCH OF K-l CHARTER SCHOOLS WHICH ARE BASED ON A CLASSICAL LIBERAL ARTS MODEL AND WHICH HAVE A STRONG CIVICS COMPONENT WHICH WILL EQUIP STUDENTS TO UNDERSTAND AND DEFEND THE PRINCIPLES OF THE AMERICAN FOUNDING THE RECIPIENTS ARE REQUIRED TO PROVIDE HILLSDALE COLLEGE DOCUMENTATION ON THE USE OF THE FUNDS IN ADDITION TO ON-SITE VISITS BY HILLSDALE COLLEGE STAFF THE LAST GRANT WAS TO PROVIDE A FELLOWSHIP IN EDUCATION Schedule I (Form 990) 2016 Additional Data Software ID: Software Version: EIN: Name: 38-1374230 College Form 990,Schedule I, Part II, Grants and Other Assistance to Domestic Organizations and Domestic Governments. Name and address of EIN IRC sectlon Amount of cash Amount of non- Method of valuatlon Descriptlon of Purpose of grant organlzatlon If grant cash (book, FMV, appraisal, non-cash aSSIstance or aSSIstance or government aSSIstance other) SAVANNAH CLASSICAL 80-0576349 65,000 ASSIST THE LAUNCH OF ACADEMY K-12 CHARTER SCHOOL 22 WEST BRYAN STREET PMB 329 SAVANNAH, GA 31401 RESPONSIVE EDUCATIONAL 75-2748762 90,000 ASSIST THE LAUNCH OF SOLUTIONS K-12 CHARTER SCHOOL PO BOX 292730 75029 Form 990,Schedule I, Part II, Grants and Other Assistance to Domestic Organizations and Domestic Governments. Name and address of EIN IRC sectlon Amount of cash Amount of non- Method of valuatlon of Purpose of grant organlzatlon If grant cash (book, FMV, appraisal, non-cash a55Istance or a55Istance or government a55Istance other) ESTANCIA VALLEY CLASSICAL 45-0637870 65,000 ASSIST THE LAUNCH OF ACADEMY K-12 CHARTER SCHOOL PO BOX 2340 MORIARTY, NM 87035 PIONEER INSTITUTE 22-2632081 25,000 FELLOWSHIP PROGRAM 185 DEVONSHIRE STREET BOSTON, MA 02110 Form 990,5chedule I, Part II, Grants and Other Assistance to Domestic Organizations and Domestic Governments. Name and address of organlzatlon or government EIN IRC sectlon If Amount of cash grant Amount of non- cash aSSIstance Method of valuatlon (book, FMV, appraisal, other) (9) Descriptlon of non-cash a55 stance Purpose of grant or aSSIstance LIVINGSTON CLASSICAL CYBER ACADEMY 8877 MAIN STREET WHITMORE LAKE, MI 48189 81-1395946 GOVERNMENTAL UNIT 42,065 CHARTER SCHOOL INITATIVE GRANT Iefile GRAPHIC print - DO NOT PROCESS IAS Filed Data - DLN: 93493135115058I Schedule Compensation Information (Form 990) For certain Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees Complete if the organization answered "Yes" on Form 990, Pait IV, line 23. OMB NO 1545-0047 2015 Attach to Form 990. Department of the Information about Schedule (Form 990) and its instructions is at Open to Public Ins nection Treasury Internal Revenue SerVIce Name of the organization Employer identification number Hillsdale College Questions Regarding Compensation 1a Check the appropiate box(es) ifthe organization prowded any of the followmg to or for a person listed on Form 990, Part VII, Section A, line 1a Complete Part to prowde any relevant information regarding these items First-class or charter travel Housmg allowance or reSIdence for personal use Travel for companions Payments for busmess use of personal reSIdence Tax idemnification and gross?up payments Health or club dues or initiation fees Discretionary spending account l? Personal serVIces (e maid, chauffeur, chef) Ifany ofthe boxes in line la are checked, did the organization follow a written policy regarding payment or reimbursement or prOVI5ion ofall ofthe expenses described above? If"No," complete Part to explain 2 Did the organization reqUIre substantiation prior to reimbursmg or allowmg expenses incurred by all directors, trustees, officers, including the CEO/Executive Director, regarding the items checked in line 1a? 3 Indicate which, if any, of the followmg the filing organization used to establish the compensation of the organization's CEO/Executive Director Check all that apply Do not check any boxes for methods used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part Compensation committee l? Written employment contract Independent compensation consultant Compensation survey or study Form 990 of other organizations Approval by the board or compensation committee 4 During the year, did any person listed on Form 990, Part VII, Section A, line la With respect to the filing organization or a related organization a Receive a severance payment or change?of?control payment? PartICIpate in, or recewe payment from, a supplemental nonqualified retirement plan? PartICIpate in, or receive payment from, an eqUIty-based compensation arrangement? If"Yes" to any of lines 4a?c, list the persons and prowde the applicable amounts for each item in Part Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9. 5 For persons listed on Form 990, Part VII, Section A, line la, did the organization pay or accrue any compensation contingent on the revenues of a The organization? Any related organization? If"Yes," on line 5a or 5b, describe in Part 6 For persons listed on Form 990, Part VII, Section A, line la, did the organization pay or accrue any compensation contingent on the net earnings of a The organization? Any related organization? If"Yes," on line 6a or 6b, describe in Part 7 For persons listed on Form 990, Part VII, Section A, line la, did the organization prowde any non-fixed payments not described in lines 5 and 6? If"Yes," describe in Part 8 Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was subject to the initial contract exception described in Regulations section 53 If"Yes," describe in Part 9 If"Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section For Reduction Act Notice, see the Instructions for Form 990. at 50 5 3T Schedule (Form 990) 2015 ScheduleJ (Form 990) 2015 Page 2 Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed. For each indIVIdual whose compensation must be reported on Schedule J, report compensation from the organization on row and from related organizations, described in the instructions, on row (ii) Do not list any indiViduals that are not listed on Form 990, Part VII Note.The sum ofcolumns for each listed IndIVIdual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that ihdiVidual (A) Name and Title (B) Breakdown ofW?Z and/or compensation Base compensation (Ii) Bonus incentive compensation Other re porta ble conwpensabon (C) Retirement and other deferred compensation (D) Nontaxable benefits (E) Total of columns (F) Compensation in column(B) reported as deferred on prior Form 990 See Additional Data Table Schedule (Form 990) 2015 ScheduleJ(Form990)2015 Page3 Supplemental Information Prowde the Information, explanation, or descriptions reqUIred for Part 1, lines 1aand for Part II Also complete part for any additional information Ret urn Reference Explanation Part I, Line 1a BY THE NATURE OFTHE CEO IS REQUIRED TO FULFILL SEVERAL WHICH MAY RESULT IN TRAVELLING FIRST-CLASS CHARTER TO ACCOMMODATE REQUIRED APPOINTMENTS FURTHER HIS SPOUSE MAY ACCOMPANY HIM AS WELL AS DICTATED BY HER REQUIRED PRESENCE FOR AN EVENT THE CEO HAS AVAILABLE TO HIM A DISCRETIONARY FUND (BUDGETED EACH YEAR) FOR ASSISTING INDIVIDUALS PROJECTS IN NEED OF SUPPORT CEO IS REQUIRED TO RESIDE IN COLLEGE-OWNED HOUSING FORTHE PURPOSE OF BEING A PRESENCE ON CAMPUS AND FOR ENTERTAINMENT PURPOSES AS THE RESULT OF LIVING IN A COLLEGE-OWNED COLLEGE WITH ALL CAMPUS BUILDINGS, LIGHT HOUSEKEEPING THE POSITION OF CEO ALSO REQUIRES MEMBERSHIP IN CERTAIN ORGANIZATIONS AND COLLEGE PROVIDES THE ASSOCIATED WITH THAT MEMBERSHIP FROM TIME TO TIME THE COLLEGE UTILIZES THE COLLEGE PERSONAL RESIDENCE FOR COLLEGE EVENTS AND HOUSING OF COLLEGE GUESTS Part I, Line 3 THE PRUDENTIAL COMMITTEE (EXECUTIVE COMMITTEE) OFTHE BOARD OF TRUSTEES APPROVES THE ANNUAL SALARY THE OFFICE SECURES SALARY INFORMATION SUPPLIED BY THE CHRONICLE OF HIGHER EDUCATION, IRS FORM 990 OF OTHER CONSULTANTS AND WRITTEN CONTRACT THIS INFORMATION IS THEN PROVIDED TO THE PRUDENTIAL COMMITTEE FORTHEIR REVIEWAND EVALUATION Part I, Line 5 DEPENDING ON THE LEVELS OF GIFT REVENUE, BONUSES WERE PAID Schedule (Form 990) 2015 Additional Data Software ID: Software Version: EIN: 38-1374230 Name: HIllsdale College Form 990, Schedule J, Part II - Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (A) Name and TItle (B) Breakdown of W-2 and/or compensation (C) Retirement and (D) Nontaxable (E) Total ofcolumns (F) Compensation (ii) other deferred bene?ts column (B) Base Bonus Other compensation reported as deferred Compensation Incentive reportable 0? prlor Form 990 compensation compensation (I) 464572 429,311 3,300 26,500 63,435 987,118 1PATRICK FLANNERY I 146,039 VP FOR FINANCEAND 1,500 0 15,527 20,255 183,321 0 TREASURER 2RICHARD PEWE I 190344 VPOFADMIN AFFAIRSAND 1,500 0 20,050 21,424 233,318 0 SECRETARY 3DAVIDMWHALENPROVOST (I) 193,091 1,500 26,810 20,381 21,959 263,741 4JOHN CERVINI I 312314 VP FOR INST ADVANCEMENT (J 63,569 0 26,500 25,041 427,424 SRONALD I 151,763 DNVANANDELGRADSCH 11,500 32,964 16,025 21,084 233,336 0 STATESMANSHIP (II6ROBERT NORTON I 216,141 VICE (J 17,356 8,748 22,613 22,475 287,333 0 COUNSEL SPALDING I 245,659 DN OF EDUC PROGRAMS 1,500 0 25,465 22,706 295,330 0 KIRBY CENTER SCHLIENTZ I 188,837 VICEPRESIDENTFOR (J 1,500 0 19,522 21,125 230,984 0 MARKETING 9DOUGLAS BANBURY I 173,016 VPOFADMISSIONSANDBUS 26,500 0 18,000 21,305 238,821 0 IMPROV Iefile GRAPHIC print - DO NOT PROCESS As Filed Data - Schedule (Form 990) Department of the Treasury Internal Revenue SerVIce Supplemental Information on Tax Exempt Bonds Complete if the organization answered "Yes" to Form 990, Part IV, line 24a. Provide descriptions, explanations, and any additional information in Part VI. Attach to Form 990. PInformation about Schedule (Form 990) and its instructions is at OMB No 1545-0047 2016 Open to Public Name of the organization Hillsdale College Employer identification number 38-1374230 Bond Issues Issuer name Issuer EIN CUSIP Date Issued Issue price Description of purpose (9) Defeased On Pool behalf of financmg issuer Yes No Yes No Yes No A MICHIGAN FINANCE AUTHORITY 80-0596186 NONEAVAIL 09-19-2014 10,900,000 REFUNDING BONDS Proceeds A 1 Amount of bonds retired . 2 Amount of bonds legally defeased . 3 Total proceeds of issue . 10,900,000 4 Gross proceeds in reserve funds . 5 Capitalized interest from proceeds . 5 Proceeds in refunding escrows . 10,900,000 7 Issuance costs from proceeds . 3 Credit enhancement from proceeds . 9 Working capital expenditures from proceeds . 10 Capital expenditures from proceeds . 11 Other spent proceeds . 12 Other unspent proceeds . 13 Year of substantial completion . 2014 Yes Were the bonds issued as part of a current refunding issue? . 15 Were the bonds issued as part of an advance refunding ISSUE7 . 15 Has the final allocation of proceeds been made? . 17 Does the organization maintain adequate books and records to support the final allocation of proceedsPrivate Business Use Was the organization a partner in a partnership, or a member of an which owned property financed by tax-exempt bondsAre there any lease arrangements that may result in private busmess use of bond-financed property? . For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 50193E Schedule (Form 990) 2016 Schedule (Form 990) 2016 Page 2 Private Business Use (ContinuedAre there any management or serVIce contracts that may result In private busmess use of bond- financed property7"Yes" to line 3a, does the organization routinely engage bond counsel or other outSIde counsel to reVIew any management or serVIce contracts relating to the financed property? Are there any research agreements that may result in private business use of bond-financed property? . If "Yes" to line 3c, does the organization routinely engage bond counsel or other outSIde counsel to reVIew any research agreements relating to the financed property? 4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government . . . . 0 0/0 5 Enter the percentage of financed property used in a private busmess use as a result of unrelated trade or busmess actIVIty carried on by your organization, another section 501(c)(3) 0 0/0 organization, or a state or local government . . . . . . . . . 5 Total of lines 4 and 5 . 0/0 7 Does the bond issue meet the private security or payment test? . 8a Has there been a sale or disp05ition of any of the bond-Financed property to a nongovernmental person other than a 501(c)(3) organization Since the bonds were issued7. . . If "Yes" to line 8a, enter the percentage of bond- financed property sold or disposed of. If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1 141-12 and 1 145- . . 9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance With the reqUIrements under Regulations sections 1 141-12 and 1 145-27. Arbitrage Has the issuer filed Form 8038- T, Arbitrage Rebate Yield Reduction and Penalty in Lieu of Arbitrage Rebate7. 2 If "No" to line 1, did the followmg apply7. a Rebate not due yet? . Exception to rebate? . No rebate due? . If "Yes" to line 2c, prowde in Part VI the date the rebate computation was performed . . . 3 Is the bond issue a variable rate issue? . 4a Has the organization or the governmental issuer entered into a qualified hedge With respect to the bond issue? Name of prowder. Term of hedge . Was the hedge superintegrated? . Was the hedge terminated? . Schedule (Form 990) 2016 Schedule (Form 990) 2016 Page 3 Arbitrage (ContInuedWere gross proceeds Invested In a guaranteed Investment contract Name of prowder. Term of GIC . (I Was the regulatory safe harbor for estabIIshIng the faIr market value of the GIC satIstedWere any gross proceeds Invested beyond an avaIIable temporary penod7 7 Has the organIzatIon estabIIshed ertten procedures to monItor the reqUIrements of sectIon 1487 . Procedures To Undertake Corrective Action Has the organIzatIon estabIIshed ertten procedures to ensure that VIolatIons of federal tax reqUIrements are tImely IdentIerd and corrected through the voluntary closmg agreement program If self-remedIatIon Is not avaIIable under appIIcable regulatIons7 Supplemental Information. Prowde addItIonal InformatIon for responses to questIons on Schedule (see InstructIons). Schedule (Form 990) 2015 lefile GRAPHIC print - DO NOT PROCESS As Filed Data - DLN: 93493135115058I Schedule Transactions With Interested Persons OMB 1545 0047 (Form 990 0r Complete if the organization answered "Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c, or Form 990-EZ, Part V, line 38a or 40b. 2 0 1 6 Attach to Form 990 or Form 990-EZ. Department 0mm Tremun PInformation about Schedule (Form 990 or 990-EZ) and its instructions is at Open to Public Internal Rex enue Sen Ice I ection Name of the organization Employer identification number Hillsdale College 38-1374230 Excess Benefit Transactions (section 501(c)(3), section 501(c)(4), and 501(c)(29) organizations only) Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b 1 Name of disqualified person Relationship between disqualified person and Description of Corrected? organization transaction Yes No 2 Enter the amount of tax incurred by organization managers or disqualified persons during the year under section 4958 . . . . . . . . . . . . . . . . 3 Enter the amount of tax, if any, on line 2, above, reimbursed by the organization . Loans to and/or From Interested Persons. Complete if the organization answered "Yes" on Form 990-EZ, Part V, line 38a, or Form 990, Part IV, line 26, or if the organization reported an amount on Form 990, Part X, line 5, 6, or 22 Name of Relationship Purpose Loan to or from the (e)0rigina (f)Ba ance In (i)Written interested person With organization of loan organization? prinCIpal clue default? Approved by agreement? amount board or committee? To From Yes No Yes No Yes No Total Grants or Assistance Benefiting Interested Persons. Complete if the organization answered "Yes" on Form 990, Part IV, line 27. Name of interested person Relationship between Amount of a55istance Type of a55istance Purpose of a55istance interested person and the organization For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ. Cat No 50056A schedule (Form 990 or 990-EZ) 2016 Schedule (Form 990 or 990-EZ) 2016 Page 2 Business Transactions Involving Interested Persons. Complete If the organlzatlon answered "Yes" on Form 990, Part IV, Ilne 28a, 28b, or 28c. Name of Interested person Amount of of transactlon Sharing between Interested transactlon of person and the organization's organization revenues? Yes No (1) Charles McIntyre Trustee 432,303 CHARLES MCINTYRE, TRUSTEE, IS No FATHER-IN-LAW OF JOHN CERVINI, KEY EMPLOYEE Supplemental Information Prowde Information for responses to questlons on Schedule (see Instructlons) Return Reference Explanation Schedule (Form 990 or 990-EZ) 2016 Iefile GRAPHIC print - DO NOT PROCESS As Filed Data - SCHEDULEM (Form 990) Department of the Trensiin Iiilemnl Re\ enue Sen ice Noncash Contributions hComplete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30. Ir Attach to Form 990. hInformation about Schedule (Form 990) and its instructions is at OMB No 1545-0047 2016 Open to Public Inspection Name of the organization Hillsdale College Employer identification number 38-1374230 Types of Property (3) (C) Check if Number of contributions or Noncash contribution Method of determining applicable items contributed amounts reported on noncash contribution amounts Form 990, Part line 19 1 Art?Works of art 1 80,000 appraisal 2 Art?Historical treasures 3 Art?Fractional interests 4 Books and publications 59,700 appraisal 5 Clothing and household goods . . . . . 6 Cars and other vehicles 7 Boats and planes . 8 Intellectual property 9 Securities?Publicly traded 79 14,615,441 FMV 10 Securities?Closely held stock . 11 Securities?Partnership, LLC, or trust interests . 12 Securities?Miscellaneous . 13 Qualified conservation contribution?Historic structures . 14 Qualified conservation contribution?Other 15 Real estate?ReSIdential 6 8,504,838 appraisal 16 Real estate?CommerCIal 1 200,000 appraisal 17 Real estate?Other 2 2,860,900 appraisal 18 Collectibles 1 26,341 appraisal 19 Food inventory 20 Drugs and medical supplies 21 TaXIdermy 22 Historical artifacts 23 SCIentific speCImens 24 Archeological artifacts 1 218,000 appraisal 25 Other Ir 1 31,000 appraisal Violins 26 Other 27 Other 28 Other 29 Number of Forms 8283 received by the organization during the tax year for contributions for which the organization completed Form 8283, Part IV, Donee Acknowledgement 29 5 Yes No 30a During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that it must hold for at least three years from the date of the initial contribution, and which is not reqUIred to be used for exempt purposes for the entire holding period? . 303 No If "Yes," describe the arrangement in Part II 31 Does the organization have a gift acceptance policy that reqUIres the reVIew of any non-standard contributions? 31 Yes 32a Does the organization hire or use third parties or related organizations to process, or sell noncash contributions?). 32aYes If "Yes," describe in Part II 33 If the organization did not report an amount in column for a type of property for which column is checked, describe in Part II For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 51227] Schedule (Form 990) (2016) Schedule Form 990) (2016) Page 2 Supplemental Information. PrOVide the information reqUired by Part I, lines 30b, 32b, and 33, and whether the organization IS reporting in Part I, column the number of contributions, the number of Items received, or a combination of both. Also complete this part for any additional information. Return Reference Part 1, Column Part 1, Line 32b Explanation THE NUMBER LISTED IN COLUMN REPRESENTS THE NUMBER OF CONTRIBUTIONS RECEIVED REAL ESTATE AGENTS ASSIST IN THE SELLING OF DONATED REAL ESTATE AND INVESTMENT MANAGERS ASSIST IN THE SELLING 0F STOCKS DONATED ITEMS OF BOOKS, HOUSEHOLD ITEMS, COLLECTIBLES, AND VARIOUS MISCELLANY WHICH DO NOT HAVE AN APPRAISED VALUE ARE RECORDED AS ZERO GIFT REVENUE THE DONORS GENERALLY DO NOT REQUEST A TAX-DEDUCTIBLE GIFT RECEIPT OR RECEIVE IN-KIND RECEIPT WITH NO VALUE LISTED Part 1, Line 33 Schedule (Form 990} (2016) Iefile GRAPHIC print - DO NOT PROCESS As Filed Data - SCHEDULE 0 Supplemental Information to Form 990 or 990-EZ (Form 990 or 990? Complete to provide information for responses to specific questions on El) Form 990 or 990-EZ or to provide any additional information. Department of the Trensun 1 Attach to Form 990 or 990-EZ. Information about Schedule 0 (Form 990 or 990-EZ) and its instructions is at OMB No 1545-0047 Open to Public Inspection r'r'fe? o?f tHe'orglanIzatIon College 990 Schedule 0, Supplemental Information Employer identification number 38-1374230 Return Reference Explanatlon Form 990, Part VI, Sectlon A, llne 2 CHARLES MCINTYRE, TRUSTEE, IS FATHER-IN-LAW OF JOHN CERVINI, KEY EMPLOYEE 990 Schedule 0, Supplemental Information Return Explanation Reference Form 990, THE BOARD OF TRUSTEES OF THE COLLEGE VOTED TO NOT REVIEW THE 990 THE VICE PRESIDENT FOR Part VI, INANCIAL AS WELL AS THE CONTROLLER REVIEW THE 990 FOR THE COLLEGE PRIOR Section B, TO SUBMISSION line 11b 990 Schedule 0, Supplemental Information Return Explanation Reference Form 990, ALL VOTING MEMBERS OF THE BOARD COMPLETE A CONFLICT OF INTEREST POLICY FORM EACH YEAR THE Part VI, UPDATE THE FORM IF THERE ARE CHANGES THOSE FORMS ARE KEPT BY THE SECRETARY OF THE BOARD Section B, IF A CONFLICT IS DETERMINED, IT WILL BE BROUGHT TO THE ATTENTION OF THE PRUDENTIAL COMMI IIne 12c TTEE OF THE BOARD OF TRUSTEES 990 Schedule 0, Supplemental Information Return Explanation Reference Form 990, THE COMPENSATION OF THE PRESIDENT IS DETERMINED BY THE PRUDENTIAL COMMITTEE OF Part VI, HE BOARD OF TRUSTEES ALONG WITH RECOMMENDATION BY EXTERNAL CONSULTANTS AND 990 RESULTS LIS Sectlon B, TED IN THE CHRONICLE OF HIGHER EDUCATION THE COMPENSATION OF THE OTHER OFFICERS OF THE CO IIne 15 LLEGE AS WELL AS KEY EMPLOYEES ARE RECOMMENDED BY THIRD PARTY CONSULTANTS THIS PROCESS WA LAST COMPLETED IN CALENDAR YEAR 2017 990 Schedule 0, Supplemental Information Return Explanation Reference Form 990, THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO Part VI, THE PUBLIC UPON REQUEST Section C, line 19 990 Schedule 0, Supplemental Information Return Reference Explanation Form 990, Part XI, line 9 Change In split Interest agreements 45,279,486 990 Schedule 0, Supplemental Information Return Reference Explanation Form 990, Part XII, Line 20 THERE HAVE BEEN NO CHANGES FROM PRIOR YEAR