Form 990

April 2, 2004

As you may know, the IRS requires all non-profit organizations, including colleges and universities, to file form 990 by May 15th of each year. One component of the 990 is reporting of the compensation and benefits of the officers of the institution and the compensation of the five highest paid employees other than officers. This document is complex and is in the process of being completed.

Last fall I promised the community that I would do everything possible to release FDU’s 990 information earlier than required. The schedule that relates to the compensation of senior administrators is now complete even as work continues on the other parts of form 990 for FY03. I have directed Senior Vice President Shelley Drucker to make this schedule available in the library. Copies will also be available in the provosts’ offices. I anticipate that the schedule will be delivered to each of these locations early next week.

Additionally, I have asked Senior Vice President Drucker to prepare a simple spreadsheet comparing the compensation for each officer of the University for FY02 and FY03 that includes an explanation of each category reported in the section that pertains to the compensation of the University’s officers.

All of this data will also be shared with the Compensation Task Force that I created in December of last year. I continue to be committed to providing the community with full transparency in this area as well as in other areas of the University’s operations.