| SUPPLEMENTAL DISCLOSURES |
FORM 990, PART I, LINE 4 AND PART VI, LINE 1B DETAIL REGARDING THE NUMBER OF INDEPENDENT VOTING MEMBERS THE UNIVERSITY'S PRESIDENT, A VOTING MEMBER OF THE BOARD, IS NOT COUNTED AS INDEPENDENT BECAUSE HE IS AN EMPLOYEE OF THE UNIVERSITY. ------------------------------------------------------------- FORM 990, PART I, LINES 12 AND 19 NOTE ON PANDEMIC IMPACT ON REVENUE AND EXPENSES LINES 12 AND 19 ON PAGE 1, "TOTAL REVENUE"REVENUE LESS EXPENSES", RESPECTIVELY. NOTABLY, THESE FIGURES INCLUDE REALIZED INVESTMENT RETURNS NOT AVAILABLE FOR EXPENDITURE IN ACCORDANCE WITH THE ENDOWMENT SPENDING POLICY AND APPLICABLE LAW, AND DO NOT INCLUDE OTHER UNREALIZED INVESTMENT GAINS & LOSSES. THE UNIVERSITY'S AUDITED FINANCIAL STATEMENTS, PREPARED ON A GAAP BASIS PRESENT AN OPERATING INCOME OF $151 MILLION, A DECREASE FROM THE PRIOR YEAR'S OPERATING INCOME OF $159 MILLION. DUE TO THE EFFECTS OF COVID-19, THE UNIVERSITY EXPERIENCED LOST REVENUE IN SEVERAL AREAS. THESE LOSSES WERE PARTIALLY, BUT NOT COMPLETELY, OFFSET BY ACTIVE EXPENSE MANAGEMENT ACTIVITIES THAT INCLUDED A HIRING FREEZE ALONG WITH REDUCTIONS IN OPERATING EXPENSES AND CAPITAL SPENDING. ---------------------------------------------------------------- FORM 990, PART I, LINE 6 DETAIL REGARDING THE NUMBER OF VOLUNTEERS THE NUMBER SHOWN IS AN ESTIMATE OF ALUMNI VOLUNTEERS WHO WORK WITH THE UNIVERSITY'S CENTRAL ALUMNI OFFICE. ADDITIONAL VOLUNTEERS WORK IN MANY OF THE UNIVERSITY'S SCHOOLS, CENTERS AND OTHER PROGRAMS. --------------------------------------------------------------------- FORM 990, PART V, LINE 4B FOREIGN COUNTRY LIST ANGOLA BANGLADESH BRAZIL BURUNDI CAMEROON CHILE CHINA ETHIOPIA FRANCE GERMANY HAITI INDIA ITALY COTE D'IVOIRE (IVORY COAST) JAPAN JORDAN KAZAKHSTAN KENYA KYRGYZSTAN LESOTHO MALAWI MOZAMBIQUE MYANMAR NIGERIA REPUBLIC OF THE CONGO RWANDA SIERRA LEONE SOUTH AFRICA SOUTH SUDAN SWAZILAND TAJIKISTAN TANZANIA TUNISIA TURKEY UNITED KINGDOM (ENGLAND, NORTHERN IRELAND, SCOTLAND, AND WALES) UGANDA ZAMBIA ZIMBABWE ----------------------------------------------------------- FORM 990, PART V, LINES 7G AND 7H CONTRIBUTIONS OF CERTAIN TYPES OF PROPERTY DURING THE YEAR ENDED JUNE 30, 2021, THE UNIVERSITY DID NOT RECEIVE ANY CONTRIBUTIONS OF QUALIFIED INTELLECTUAL PROPERTY, CARS, BOATS, AIRPLANES, OR OTHER VEHICLES. AS A RESULT, THE UNIVERSITY WAS NOT REQUIRED TO FILE FORMS 8899 OR 1098-C TO REPORT SUCH CONTRIBUTIONS. ----------------------------------------------------------- FORM 990, PART V, LINES 15 & 16 EXCISE TAXES PER SECTION 4960 OF THE IRC AND IRS FINAL REGULATIONS (TD 9938), EXCESS REMUNERATION IS CALCULATED BASED ON THE AMOUNTS PAID DURING THE CALENDAR YEAR ENDING WITH OR WITHIN THE TAXABLE YEAR OF THE EMPLOYER. DURING THE 2020 CALENDAR YEAR, FIVE EMPLOYEES RECEIVED COMPENSATION OVER $1 MILLION THAT IS SUBJECT TO THE EXCISE TAX ON EXCESS REMUNERATION. THE UNIVERSITY HAS ANSWERED THIS QUESTION "YESHAS COMPLETED AND FILED FORM 4720 IN ACCORDANCE WITH IRS INSTRUCTIONS. THE UNIVERSITY HAS REVIEWED SECTION 4968 OF THE IRC AND IRS FINAL REGULATIONS (TD 9917) TO DETERMINE IF IT IS SUBJECT TO THE EXCISE TAX ON NET INVESTMENT INCOME. BASED ON THIS GUIDANCE, THE UNIVERSITY DETERMINED IT DOES NOT HAVE APPLICABLE ASSETS IN EXCESS OF $500,000 PER STUDENT (ON A FULL-TIME EQUIVALENT BASIS). THEREFORE, THE UNIVERSITY HAS ANSWERED "NO" AS IT IS NOT SUBJECT TO THIS TAX. ----------------------------------------------------------- FORM 990, PART VI, LINE 5 SIGNIFICANT DIVERSION OF ASSETS The University was the target of a social engineering fraud perpetrated by individuals external to the University leading to a legitimate wire transfer being misdirected. Some funds have been recovered, and the University estimates a net loss of $500,000. Upon thoroughly reviewing the facts and circumstances of the unique event, the University instituted a number of enhancements to the relevant payment processes. In addition, the University identified four unrelated instances of personal purchases by employees (in total approximately $6,200) which resulted in discipline or termination. Such amounts would not generally require disclosure. ----------------------------------------------------------- FORM 990, PART VI, LINE 11B PROCESS USED BY MANAGEMENT AND/OR GOVERNING BODY TO REVIEW 990 A SUBCOMMITTEE COMPRISED OF MEMBERS OF THE TRUSTEES' AUDIT COMMITTEE REVIEWED THE FORM 990. FOLLOWING THAT REVIEW, THE FORM 990 WAS MADE AVAILABLE TO ALL TRUSTEES VIA A SECURE WEBSITE AND THEN PRESENTED TO THE FULL BOARD OF TRUSTEES AT A MEETING ON MAY 4, 2022. THE FINAL FORM WAS POSTED ON THE SECURE WEBSITE PRIOR TO FILING. ----------------------------------------------------------- FORM 990, PART VI, LINE 12C DESCRIPTION OF PROCESS TO MONITOR TRANSACTIONS FOR CONFLICTS OF INTEREST ALL TRUSTEES ARE SUBJECT TO THE "STATEMENT OF CONFLICT OF INTEREST POLICY FOR THE TRUSTEES OF COLUMBIA UNIVERSITY." WHEN A TRUSTEE BECOMES AWARE OF AN EXISTING OR POTENTIAL CONFLICT OF INTEREST, HE OR SHE HAS A DUTY TO: (A) DISCLOSE THE CIRCUMSTANCES TO THE BOARD CHAIR OR OTHERS, AS APPROPRIATE, (B) REFRAIN FROM ACTING TO INFLUENCE ANY DECISION WHICH MIGHT IMPROPERLY BENEFIT THE TRUSTEE OR A FAMILY MEMBER; AND (C) RECUSE HIMSELF OR HERSELF FROM PARTICIPATION IN ANY DISCUSSIONS OR DECISIONS ABOUT THE POTENTIAL TRANSACTION OR ACTIVITY. IN ADDITION, ALL TRUSTEES ARE REQUIRED TO DISCLOSE ANNUALLY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. THE DISCLOSURES ARE REVIEWED FOR APPROPRIATE ACTION. ALL OFFICERS AND KEY EMPLOYEES ARE SUBJECT TO THE "STATEMENT OF UNIVERSITY POLICY ON CONFLICTS OF INTEREST." WHEN AN OFFICER OR KEY EMPLOYEE BECOMES AWARE OF AN EXISTING OR POTENTIAL CONFLICT OF INTEREST, HE OR SHE HAS A DUTY TO: (A) DISCLOSE THE CIRCUMSTANCE TO HIS OR HER SUPERVISOR, THE TRUSTEES OR OTHERS, AS APPROPRIATE; (B) REFRAIN FROM ACTING TO INFLUENCE ANY DECISION WHICH MIGHT IMPROPERLY BENEFIT THE OFFICER OR EMPLOYEE OR A FAMILY MEMBER; AND (C) RECUSE HIMSELF OR HERSELF FROM PARTICIPATION IN ANY DISCUSSION OR DECISIONS ABOUT THE POTENTIAL TRANSACTION OR ACTIVITY. IN ADDITION, ALL OFFICERS AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ANNUALLY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. THESE DISCLOSURES ARE REVIEWED AND ANY DISCLOSURES THAT COULD GIVE RISE TO CONFLICTS AS IDENTIFIED THROUGH SUCH REVIEW ARE REPORTED TO AN APPROPRIATE SENIOR OFFICER. ANY SUBSTANTIVE CONCERNS ARE ALSO REPORTED TO THE CHAIR OF THE BOARD OF TRUSTEES. ----------------------------------------------------------- |
| FORM 990, PART VI, LINES 15A AND 15B |
COMPENSATION PROCESS THE UNIVERSITY FOLLOWS THE REVIEW PROCESS DESCRIBED BELOW FOR ALL OFFICERS AND KEY EMPLOYEES. THIS PROCESS HAS BEEN IN PLACE SINCE AT LEAST 2000. THE COMPENSATION FOR THE ORGANIZATION'S PRESIDENT IS REVIEWED BY A COMPENSATION COMMITTEE OF INDEPENDENT TRUSTEES AND APPROVED BY THE INDEPENDENT TRUSTEES ON THE FULL BOARD. THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES IS REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF INDEPENDENT TRUSTEES. IN CONNECTION WITH THE PRESIDENT'S COMPENSATION, THE COMPENSATION COMMITTEE AND THE BOARD REVIEW COMPARABILITY DATA AND MINUTES OF DELIBERATIONS ARE RECORDED CONTEMPORANEOUSLY WITH ANY ACTION. WITH RESPECT TO OTHER OFFICERS AND KEY EMPLOYEES, THE COMMITTEE FOLLOWS THE SAME PROCESS FOR REVIEW OF COMPARABILITY DATA AND CONTEMPORANEOUS DOCUMENTATION OF ITS ACTIONS. IN THE CASE OF THE ORGANIZATION'S PRESIDENT AND CERTAIN OTHER OFFICERS AND KEY EMPLOYEES, THE COMPENSATION COMMITTEE HAS ALSO CONSULTED WITH INDEPENDENT COMPENSATION CONSULTANTS IN DETERMINING COMPENSATION. THE COMPENSATION OF THE PRESIDENT AND THE EXECUTIVE VICE PRESIDENT OF THE INVESTMENT MANAGEMENT COMPANY IS REVIEWED AND APPROVED BY A COMPENSATION COMMITTEE OF THE INVESTMENT MANAGEMENT COMPANY'S BOARD OF MANAGERS. SUCH COMPENSATION COMMITTEE IS COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD MANAGERS. "INDEPENDENT TRUSTEE"INDEPENDENT MEMBER" AS USED IN THIS FOOTNOTE MEANS WITHOUT A CONFLICT OF INTEREST WITHIN THE MEANING OF PARAGRAPH (C)(1)(III) OF REGULATION 53.4958-6 OF THE INTERNAL REVENUE CODE. IN ACCORDANCE WITH THE FORM 990 INSTRUCTIONS, PART VI, LINE 1B ABOVE USES A DIFFERENT DEFINITION. ---------------------------------------------------------------- FORM 990, PART VI, LINE 19 DOCUMENTS AVAILABILITY TO PUBLIC THE ORGANIZATION'S CHARTER AND STATUTES, FINANCIAL STATEMENTS AND THE "STATEMENT OF UNIVERSITY POLICY ON CONFLICTS OF INTEREST" ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AT WWW.COLUMBIA.EDU. ---------------------------------------------------------------- FORM 990, PART VII, SECTION A NOTE ON TRUSTEES TRUSTEES' TIME DEVOTED TO POSITION (4 HOURS PER WEEK) REPRESENTS AN AVERAGE FOR ALL TRUSTEES BASED ON ATTENDANCE AT QUARTERLY MEETINGS AND REGULARLY SCHEDULED TELEPHONIC CONFERENCES THROUGHOUT THE YEAR. BOARD OFFICERS, COMMITTEE CHAIRS AND OTHER TRUSTEES OFTEN DEVOTE SIGNIFICANTLY MORE TIME TO THE POSITION. ---------------------------------------------------------------- FORM 990, PART VII, SECTION A NOTE ON RELATED HOURS INDIVIDUALS WITH LISTED HOURS FOR A RELATED ORGANIZATION SIT ON THE BOARD OF COLUMBIA CONTROLLED AFFILIATES AS PART OF THEIR OVERALL COLUMBIA DUTIES, WHEN AND AS NEEDED BY THE AFFILIATES AND THAT MAY NOT BE ON A REGULAR OR WEEKLY BASIS. ---------------------------------------------------------------- FORM 990, PART VIII DETAIL REGARDING ROYALTY INCOME/EXPENSE THE UNIVERSITY PERIODICALLY FUNDS AND DEVELOPS PATENTS FOR CERTAIN TECHNOLOGIES, THEN LICENSES THE USAGE OF THESE PATENTS TO COMPANIES. THE REVENUE, NET OF PAYMENTS DUE TO THIRD PARTIES, IS RECORDED IN REVENUE FROM OTHER EDUCATIONAL AND RESEARCH ACTIVITIES" IN THE CONSOLIDATED STATEMENT OF ACTIVITIES. COSTS INCURRED WITH DEVELOPING AND MAINTAINING THESE PATENTS ARE EXPENSED AS INCURRED SO THAT WHILE ROYALTIES ARE PAID TO FACULTY AND OTHERS IN CERTAIN CIRCUMSTANCES THESE AMOUNTS ARE NOT REFLECTED IN THE STATEMENT OF FUNCTIONAL EXPENSES. ---------------------------------------------------------------- FORM 990, PART VIII, LINE 8 AND SCHEDULE G, PART II DESCRIPTION OF ACCOUNTING FOR FUNDRAISING EVENTS AMOUNTS REPORTED FOR FUNDRAISING EVENTS REPRESENT REVENUE AND EXPENSES THAT ARE SEPARATELY TRACKED. THE REVENUE AND EXPENSES FROM ADDITIONAL FUNDRAISING ACTIVITIES ARE NOT SEPARATELY TRACKED AND ARE INCLUDED WITHIN CONTRIBUTION REVENUE AND FUNDRAISING EXPENSES. ---------------------------------------------------------------- FORM 990, PART IX, LINE 5 COMPENSATION PAID TO CURRENT OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES COMPENSATION AMOUNTS PRESENTED AS MANAGEMENT AND GENERAL EXPENSES ARE FOR CURRENT OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES WHO ARE PART OF CENTRAL ADMINISTRATION. WHILE THESE OFFICERS AND KEY EMPLOYEES SPEND A PORTION OF THEIR TIME ON PROGRAM SERVICES AND/OR FUNDRAISING ACTIVITIES IN ADDITION TO THEIR MANAGEMENT RESPONSIBILITIES, THE UNIVERSITY HAS CHOSEN NOT TO ALLOCATE THE EXPENSES BETWEEN CATEGORIES. ---------------------------------------------------------------- FORM 990, PART IX, LINE 11F INVESTMENT MANAGEMENT FEES THE INVESTMENT MANAGEMENT FEES REPORTED ON THE STATEMENT OF FUNCTIONAL EXPENSES REPRESENT FEES TO THIRD PARTY INVESTMENT MANAGERS AND INCLUDE MANAGEMENT FEE AND PERFORMANCE FEE EXPENSES ASSOCIATED WITH SEPARATELY MANAGED ACCOUNTS. INVESTMENT MANAGEMENT FEES ASSOCIATED WITH FUND MANAGED ACCOUNTS. INVESTMENT MANAGEMENT FEES ASSOCIATED WITH FUND INVESTMENTS ARE REPORTED NET AGAINST INVESTMENT INCOME AND THEREFORE ARE NOT INCLUDED IN THE STATEMENT OF FUNCTIONAL EXPENSES. ---------------------------------------------------------------- |
| FORM 990, PART X, LINE 7 |
LOAN INFORMATION LOANS RECEIVABLE FROM STUDENTS TOTAL $67,412,000. LOANS RECEIVABLE FROM NON-KEY EMPLOYEES TOTAL $30,621,202. THE LOANS FROM NON-KEY EMPLOYEES HAVE VARIOUS INTEREST RATES RANGING FROM 0.38% TO 15.00%, WITH MATURITY DATES RANGING FROM 2020 THROUGH 2050. THE OUTSTANDING BALANCES RANGE FROM $13,500 TO $3,059,925 AND A PORTION OF WHICH ARE SECURED BY A PRINCIPAL RESIDENCE. --------------------------------------------------------------------- FORM 990, PART XI, LINE 8 PRIOR PERIOD ADJUSTMENTS ACCOUNTING STANDARD UPDATE 2016-08, LEASES (TOPIC 842) WAS ADOPTED IN FISCAL YEAR 2021. AS PART OF THIS ADOPTION, CHANGE IN NET ASSETS REPORTED IN THE FY2020 (2019) FORM 990 WAS ADJUSTED BY $5.2 MILLION. --------------------------------------------------------------------- FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCE CHANGE IN FUNDS HELD BY OTHER IN PERPETUITY 43,695,640 PRESENT VALUE ADJUSTMENT TO SPLIT INTEREST AGREEMENTS 48,633,934 NET PERIOD BENEFIT COST 7,489,434 CHANGES IN PENSION AND POST-RETIREMENT OBLIGATIONS 77,176,329 OTHER NON-OPERATING ADJUSTMENTS 46,851,062 TOTAL OTHER CHANGES IN NET ASSETS 223,846,399 --------------------------------------------------------------------- FORM 990, PART XII, LINE 2 AUDIT OF THE UNIVERSITY'S FINANCIAL STATEMENTS THE CONSOLIDATED FINANCIAL STATEMENTS OF THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK ARE AUDITED BY PRICEWATERHOUSECOOPERS, AN INDEPENDENT AUDITOR. THE UNCONSOLIDATED FINANCIAL STATEMENTS REFLECTED IN THIS RETURN REPRESENT APPROXIMATELY 99% OF THE NET ASSETS OF THE CONSOLIDATED GROUP. THE UNIVERSITY'S BOARD OF TRUSTEES HAS AN AUDIT COMMITTEE, COMPRISED OF INDEPENDENT TRUSTEES, WHICH IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT, REVIEW, AND COMPILATION OF THE FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT AUDITOR. --------------------------------------------------------------------- |
Attach to Form 990 or 990-EZ.