2024-05-15T12:14:01-05:00 2023-06-30 135565207 KPMG LLP 60 SOUTH STREET BOSTON MA 02111 990 2022-07-01 042105769 EMMANUEL COLLEGE EMMA 6177359822 400 THE FENWAY BOSTON MA 02115 PATRICIA TOWER VP OF FINANCE & ADMINISTRATION 6177359822 2024-05-15 1 PATRICIA TOWER 999009999 0 MARILYN FARLEY P01231880 6179881000 2024-05-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR MARY K BOYD 400 THE FENWAY BOSTON MA 02115 153862991 0 0928 X WWW.EMMANUEL.EDU X 1919 MA EMMANUEL COLLEGE IS A COED, RESIDENTIAL CATHOLIC LIBERAL ARTS AND SCIENCES COLLEGE WITH OVER 2,046 UNDERGRADUATE AND GRADUATE STUDENTS. 25 23 1563 15 0 0 11546432 7073754 95439023 104212890 11606350 4176189 5125395 5417177 123717200 120880010 44334944 48976810 0 0 35420496 39394065 178263 205698 1307670 39343611 41803760 119277314 130380333 4439886 -9500323 444208204 440526131 290274931 285270471 153933273 155255660 X TO EDUCATE STUDENTS IN A DYNAMIC LEARNING COMMUNITY ROOTED IN THE LIBERAL ARTS AND SCIENCES AND SHAPED BY STRONG ETHICAL VALUES, A COMMITMENT TO SOCIAL JUSTICE AND SERVICE, THE CATHOLIC INTELLECTUAL TRADITION AND THE GLOBAL MISSION OF THE SISTERS OF NOTRE DAME DE NAMUR. 0 0 72534847 48976810 79901777 INSTRUCTIONAL EXPENSES FOR OVER 2,046 STUDENTS INCLUDING SCHOLARSHIPS, FULL-TIME AND PART-TIME FACULTY SALARIES AND BENEFITS, LAB SUPPLIES, EDUCATIONAL REFERENCE MATERIALS, SPEAKERS AND STUDENT EMPLOYMENT. 22178739 24311113 ACADEMIC SUPPORT AND STUDENT SERVICES FOR OVER 2,046 STUDENTS INCLUDING EXPENSES FOR ACADEMIC ADVISING, ACADEMIC RESOURCE CENTER, DISABILITY SERVICES, INTERNSHIPS AND CAREER SERVICES, STUDENT ACTIVITIES, STUDENT CLUBS, COUNSELING, HEALTH SERVICES, CAMPUS MINISTRY, ATHLETICS AND OPERATION OF THE COLLEGE'S LIBRARY CONTAINING OVER 489,230 TITLES IN THE ELECTRONIC, CIRCULATING AND REFERENCE COLLECTIONS; MORE THAN 144,957 ACTIVE JOURNAL SUBSCRIPTIONS IN PRINTING AND 62,072 PRINT VOLUMES. 12691089 DURING THE FALL SEMESTER, APPROXIMATELY 1,406 STUDENTS RESIDED ON-CAMPUS. DURING THE SPRING SEMESTER, APPROXIMATELY 1,352 STUDENTS RESIDED ON-CAMPUS. 107404675 1 1 0 1 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 132 0 1 1563 1 0 0 0 0 0 0 0 0 0 0 0 0 X 25 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X SISTER ANNE M DONOVAN SND 6177359822 400 THE FENWAY BOSTON MA 021155725 MARY KATHLEEN BOYD PRESIDENT (AS OF 8/22) 40.00 X X 205825 0 8035 SISTER JANET EISNER SND PRESIDENT (THRU 7/22) 40.00 X X 0 0 12046 SISTER ANNE MARY DONOVAN SND TREASURER 40.00 X X 0 0 11573 MARGARET L MCKENNA CHAIR 2.00 X X 0 0 0 THOMAS J HYNES JR VICE CHAIR 2.00 X X 0 0 0 CHRISTOPHER BORGES TRUSTEE 1.00 X 0 0 0 JOHN F BURKE TRUSTEE 1.00 X 0 0 0 WILLIAM COLLATOS TRUSTEE (THRU 9/22) 1.00 X 0 0 0 JACK CONNORS JR TRUSTEE 1.00 X 0 0 0 SISTER MARIA DELANEY SND TRUSTEE 1.00 X 0 0 0 DR ELAINE EL-KHAWAS TRUSTEE (THRU 11/22) 1.00 X 0 0 0 SISTER MARY M FARREN SND TRUSTEE 1.00 X 0 0 0 SISTER KATHLEEN GALLIVAN SND TRUSTEE 1.00 X 0 0 0 THERESA HARRISON TRUSTEE 1.00 X 0 0 0 MARY HERLIHY-GEARAN TRUSTEE 1.00 X 0 0 0 ROBERT HIGGINS TRUSTEE (AS OF 9/22) 1.00 X 0 0 0 DR SHEILAH SHAW HORTON TRUSTEE 1.00 X 0 0 0 WILLIAM F KENNEDY JR TRUSTEE 1.00 X 0 0 0 DR NANCY KLENIEWSKI TRUSTEE 1.00 X 0 0 0 JOHN H MACKINNON TRUSTEE 1.00 X 0 0 0 LESLIE F MCCAFFERTY TRUSTEE 1.00 X 0 0 0 KEITH METTERS TRUSTEE 1.00 X 0 0 0 JOANNE DIGERONIMO MIGLAIARO TRUSTEE (THRU 6/23) 1.00 X 0 0 0 ROBERT F MUSE TRUSTEE 1.00 X 0 0 0 ALEXANDRA OLIVER-DAVILA TRUSTEE 1.00 X 0 0 0 MARY JO SKAYHAN ROGERS TRUSTEE (THRU 6/23) 1.00 X 0 0 0 M ANDREA RYAN TRUSTEE 1.00 X 0 0 0 CANDACE RACE TRUSTEE (THRU 9/22) 1.00 X 0 0 0 MARIAN RYAN TRUSTEE 1.00 X 0 0 0 RICHARD SYRON TRUSTEE 1.00 X 0 0 0 F PATRICIA TOBIN TRUSTEE (AS OF 6/23) 1.00 X 0 0 0 JOSEF KURTZ VP OF ACADEMIC AFFAIRS 40.00 X 236832 0 37467 SANDRA ROBBINS DEAN OF ENROLLMENT 40.00 X 207008 0 30417 PATRICIA TOWER ASSOCIATE TREASURER 40.00 X 208287 0 21160 SEAN P PHILPOTT VP OF INFO RESOURCE & PLAN 40.00 X 194732 0 32679 CYNTHIA O'CALLAGHAN DEAN OF ACADEMIC ADMINISTRATION 40.00 X 190950 0 19027 1243634 0 172404 58 0 1 0 HARVARD MAINTENANCE LLC 59 MAIDEN LANE NEW YORK NY 10038 CLEANING SERVICES 1650427 BOSTON AIR CORP 1595 CENTRAL ST STE 4 STOUGHTON MA 02072 HVAC SERVICING 739009 G GREEN CONSTRUCTION 240 LINCOLN ST ALLSTON MA 02134 CONSTRUCTION 539046 ACSYS INC 75 14TH ST NE ATLANTA GA 303093604 TEMPORARY STAFFING 526963 LOFGREN CONSULTING 119 ELTON ST PROVIDENCE RI 02906 DESIGN SERVICES 486853 18 1787887 5285867 7073754 TUITION AND FEES 611710 79901777 79901777 AUXILIARY OPERATIONS 611710 23029101 23029101 SUMMER PROGRAMS 611710 1282012 1282012 104212890 4120649 4120649 5489350 1501595 3987755 3987755 3987755 31536926 31481386 55540 55540 55540 STAFF & STUDENT PARKIN 900099 377674 377674 VENDING COMMISSIONS 900099 74321 74321 FEES FOR ALUMNI EVENTS 900099 63655 63655 913772 913772 1429422 120880010 104212890 0 9593366 334771 334771 48642039 48642039 257188 257188 30651230 23371343 6582687 697200 1982468 1499040 438710 44718 4439969 3357275 982542 100152 2063210 1560092 456578 46540 2183182 507285 1675897 147518 147518 327425 327425 700 700 205698 205698 680499 680499 331836 77031 254805 2598482 1747319 796531 54632 1297332 1120943 176389 3316404 3178905 137499 421547 370171 28748 22628 83642 65734 17843 65 7280370 7280370 9512979 9512979 823112 795143 27969 CATERING & FOOD COSTS 6710312 6579285 79468 51559 MAINTENANCE & REPAIRS 3332461 3285577 38238 8646 PROGRAMS 1058428 565057 445859 47512 LIBRARY BOOKS 543130 543130 1154401 291556 834525 28320 130380333 107404675 21667988 1307670 4422417 3440476 3500770 1989946 481548 299052 2779713 2583461 380685958 116338977 270846883 264346981 160956937 166862151 1219936 1004064 444208204 440526131 7083548 8137728 92552181 91187314 149637378 148914258 41001824 37031171 290274931 285270471 X 105270187 102130668 48663086 53124992 153933273 155255660 444208204 440526131 -9500323 10822710 0 X 0 1 X 1 1 1 X 10522105 11463056 9088352 11546431 7073754 49693698 10522105 11463056 9088352 11546431 7073754 49693698 6810135 42883563 8257596 8271012 7978551 8739540 9609999 42856698 1007351 1073005 385377 1212690 1429422 5107845 97658241 475510341 0.43910 0.46060 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: STAFF STUDENT PARKING - 2018 AMOUNT: $ 301,590. 2019 AMOUNT: $ 225,007. 2020 AMOUNT: $ 7,479. 2021 AMOUNT: $ 339,423. 2022 AMOUNT: $ 377,674. VENDING COMMISSIONS - 2018 AMOUNT: $ 120,522. 2019 AMOUNT: $ 112,247. 2020 AMOUNT: $ 64,298. 2021 AMOUNT: $ 91,877. 2022 AMOUNT: $ 74,321. FEES FOR ALUMNI EVENTS - 2018 AMOUNT: $ 125,531. 2019 AMOUNT: $ 21,231. 2021 AMOUNT: $ 74,314. 2022 AMOUNT: $ 63,655. ALL OTHER REVENUE - 2018 AMOUNT: $ 459,708. 2019 AMOUNT: $ 714,520. 2020 AMOUNT: $ 313,600. 2021 AMOUNT: $ 707,076. 2022 AMOUNT: $ 913,772. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 700 700 0 PART II-B, LINE 1: THE ORGANIZATION PAYS MEMBERSHIP DUES TO ASSOCIATIONS WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. 122592 X 0 160956937 1868967 14998899 1518079 8764075 680498 166862151 187652794 1981898 -18368922 2207049 7341005 760779 160956937 159077403 1340493 39051848 1163601 9975000 678349 187652794 151724650 5307813 9739931 1295747 5797544 601700 159077403 137309933 7632357 11731798 1326172 3068605 554661 151724650 0.74290 0.18840 0.06870 0 0 14136633 14136633 339285093 98553867 240731226 9259631 6034410 3225221 18004601 11750700 6253901 264346981 ANNUITIES PAYABLE 100800 ADVANCES FROM DEPARTMENT OF EDUCATION 1605371 TAXABLE BOND LIABILITIES 35325000 37031171 X 132523816 10822710 1501595 12324305 120199511 680499 680499 120880010 131201429 1501595 1501595 129699834 680499 680499 130380333 PART III, LINE 4: THE COLLEGE'S ART COLLECTION IS ON PUBLIC EXHIBITION IN HALLWAYS AND LOBBIES. PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF APPROXIMATELY 118 DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. SPENDING FROM ENDOWMENTS IS DONOR RESTRICTED TO VARIOUS PURPOSES SUCH AS PROVIDING SCHOLARSHIPS AND FINANCIAL ASSISTANCE TO STUDENTS AND TO FUND PROFESSORSHIPS. THE SPENDING POLICY UTILIZES AN ANNUAL DISTRIBUTION PERCENTAGE APPROVED BY THE BOARD OF TRUSTEES AND IS DESIGNED TO PROVIDE A STABLE LEVEL OF FINANCIAL SUPPORT AND TO PRESERVE THE ENDOWMENT'S REAL VALUE. PART X, LINE 2: THE COLLEGE GENERALLY IS NOT SUBJECT TO INCOME TAXES SINCE IT IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ASC 740, INCOME TAXES, PERMITS AN ENTITY TO RECOGNIZE THE BENEFIT AND REQUIRES ACCRUAL OF AN UNCERTAIN TAX POSITION ONLY WHEN THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IN THE EVENT OF EXAMINATION BY TAX AUTHORITIES. IN EVALUATING WHETHER A TAX POSITION HAS MET THE RECOGNITION THRESHOLD, THE COLLEGE MUST PRESUME THAT THE POSITION WILL BE EXAMINED BY THE APPROPRIATE TAXING AUTHORITY THAT HAS FULL KNOWLEDGE OF ALL RELEVANT INFORMATION. ASC 740 ALSO PROVIDES GUIDANCE ON THE RECOGNITION, MEASUREMENT AND CLASSIFICATION OF INCOME TAX UNCERTAINTIES, ALONG WITH ANY RELATED INTEREST OR PENALTIES. TAX POSITIONS DEEMED TO MEET THE MORE-LIKELY THAN-NOT THRESHOLD ARE RECORDED AS A TAX EXPENSE IN THE CURRENT YEAR. THE COLLEGE HAS ANALYZED ALL OPEN TAX YEARS, DEFINED BY THE STATUTES OF LIMITATIONS, FOR ALL MAJOR JURISDICTIONS. OPEN TAX YEARS ARE THOSE THAT ARE OPEN FOR EXAM BY TAXING AUTHORITIES. MAJOR JURISDICTIONS FOR THE COLLEGE INCLUDE FEDERAL AND THE COMMONWEALTH OF MASSACHUSETTS. AS OF JUNE 30, 2023, OPEN FEDERAL AND MASSACHUSETTS TAX YEARS FOR THE COLLEGE INCLUDE THE TAX YEARS ENDED JUNE 30, 2020, THROUGH JUNE 30, 2022. THE COLLEGE HAS NO EXAMINATIONS IN PROGRESS. THE COLLEGE BELIEVES IT HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 1,501,595. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 1,501,595. PART V, LINE 2 THE COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE JUNE 30, 2023 AUDITED FINANCIAL STATEMENTS CLASSIFY NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS, OR NET ASSETS WITH DONOR RESTRICTIONS. FOR PURPOSES OF PART V, LINE 2, THE COLLEGE HAS REPORTED ITS YEAR END ENDOWMENT BALANCE WITHOUT DONOR RESTRICTIONS AS QUASI-ENDOWMENT AND ITS YEAR END BALANCE WITH DONOR RESTRICTIONS AS PERMANENT ENDOWMENT AND TERM ENDOWMENT, RESPECTIVELY. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A LINK TO THE COLLEGE'S RACIAL NONDISCRIMINATORY POLICY IS PUBLISHED ON THE COLLEGE'S WEBSITE. THE COLLEGE HAS ALSO PUBLICIZED IT'S NONDISCRIMINATORY POLICY IN THE LOCAL NEWSPAPER THE BOSTON GLOBE. ADDITIONALLY, THE POLICY IS INCLUDED IN ALL STUDENT ENROLLMENT MATERIALS. THE COLLEGE HAS DEMONSTRATED THAT IT FOLLOWS ITS NONDISCRIMINATION POLICY BY CONTINUOUSLY ENROLLING STUDENTS OF RACIAL MINORITY GROUPS IN MEANINGFUL NUMBERS, AND ACCORDINGLY, THE COLLEGE MEETS THE REQUIREMENTS OF REV. PROC. 75-50 (SEE SECTION 4.03(2)(B)). SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL AID FROM THE U.S. DEPARTMENT OF EDUCATION - TITLE IV STUDENT FINANCIAL ASSISTANCE PROGRAMS. NORTH AMERICA INVESTMENTS 310830 EAST ASIA AND THE PACIFIC INVESTMENTS 6368807 EUROPE INVESTMENTS 12096172 MIDDLE EAST AND NORTH AFRICA INVESTMENTS 92898 EUROPE PROGRAM SERVICES TRAVEL INSURANCE 2022 SUB-SAHARAN AFRICA PROGRAM SERVICES TRAVEL INSURANCE 5532 0 0 0 0 0 0 18876261 0 18876261 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X 1 MCALLISTER & QUINN LLC 1625 EYE STREET NW SUITE 750 WASHINGTON DC 20006 GRANT PROPOSAL PREPARATION 0 0 90900 -90900 MJH GRANT CONSULTING 505 WALTHAM STREET 6 WEST NEWTON MA 02465 GRANT PROPOSAL PREPARATION 0 0 61763 -61763 FRONTRAISER LLC ATTN KERRY ANDERSON 10 WINDING RO BEDFORD NH 03110 INTERIM CONSULTANT FOR VACANT POSITION 0 0 49167 -49167 PRIMINT SOLUTIONS LLC PO BOX 2309 MOUNT PLEASANT SC 29465 BACKGROUND CHECKS 0 0 3868 -3868 205698 -205698 1 CITY OF BOSTON PO BOX 9715 BOSTON MA 02114 GOV ENTITY 160000 0 PILOT CATHOLIC SCHOOLS FOUNDATION 6TH FLOOR 67 BATTERYMARCH STREET BOSTON MA 02110 222485502 501(C)(3) 100000 0 DONATION CAMP HARBOR VIEW FOUNDATION INC 60TH FLOOR 200 CLARENDON STREET BOSTON MA 02111 753235491 501(C)(3) 25000 0 DONATION OLPH MISSION GRAMMAR SCHOOL 94 SAINT ALPHONSUS ST ROXBURY CROSSING MA 02120 453250653 501(C)(3) 15000 0 DONATION THE FENWAY ALLIANCE 337A HUNTINGTON AVE BOSTON MA 02115 042605580 501(C)(3) 10500 0 DONATION 5 0 INSTITUTIONAL SCHOLARSHIPS AND AID 1913 47748803 SEOG GRANTS 213 299536 GILBERT GRANTS 269 593700 PART I, LINE 2: ALL GRANTS OR OTHER ASSISTANCE TO DOMESTIC ORGANIZATIONS OR DOMESTIC GOVERNMENTS ARE AUTHORIZED AND INITIATED BY THE PRESIDENT'S OFFICE WITH STRICT CONTROLS OVER THE SELECTION AND DISTRIBUTION OF THE FUNDS. ALL SUCH GRANTS WERE MADE TO 501(C)(3) ORGANIZATIONS OR DOMESTIC GOVERNMENTAL ENTITIES. FINANCIAL AID IS AWARDED TO STUDENTS IN THE FORM OF MERIT-BASED SCHOLARSHIPS, NEED-BASED GRANTS, WORK-STUDY AND STUDENT LOANS. ELIGIBILITY FOR FINANCIAL AID VARIES BASED ON THE CRITERIA OF EACH AWARD. MERIT SCHOLARSHIPS ARE AWARDED BASED ON ACADEMIC ACHIEVEMENT SUCH AS HIGH SCHOOL GRADE POINT AVERAGE, SAT OR ACT SCORE AND CLASS RANK, AND/OR EXTRA-CURRICULAR ACTIVITIES AND RECOMMENDATIONS. NEED-BASED GRANTS ARE OFFERED TO STUDENTS WHO COMPLETE A FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) AND WHO, BASED ON THIS INFORMATION, MEET THE ELIGIBILITY REQUIREMENTS FOR THE NEED-BASED AID. ALL STUDENTS WHO ARE SELECTED FOR VERIFICATION BY THE CENTRAL PROCESSING SYSTEM (CPS) MUST ALSO SUBMIT VERIFICATION OF THE INFORMATION PROVIDED ON THE FAFSA. NEED-BASED GRANTS AND SCHOLARSHIPS INCLUDE THE FEDERAL PELL GRANT AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG), STATE GRANTS AND SCHOLARSHIPS, AND EMMANUEL COLLEGE GRANT AID. IN ADDITION TO NEED-BASED GRANTS AND SCHOLARSHIPS, STUDENTS WHO APPLY FOR FINANCIAL AID AND DEMONSTRATE FINANCIAL NEED MAY ALSO RECEIVE FEDERAL WORK STUDY AND NEED-BASED FEDERAL AND STATE STUDENT LOANS. THE LOAN PROGRAMS OFFERED BY EMMANUEL COLLEGE ARE THE FEDERAL STAFFORD LOAN, THE FEDERAL PERKINS LOAN AND THE MASSACHUSETTS NO-INTEREST LOAN. PRIOR TO DISBURSING ANY FINANCIAL ASSISTANCE, STUDENT ELIGIBILITY FOR EACH GRANT, SCHOLARSHIP, WORK-PROGRAM OR STUDENT LOAN IS CERTIFIED. TO RECEIVE NEED-BASED FINANCIAL AID STUDENTS MUST APPLY FOR FINANCIAL AID EACH ACADEMIC YEAR. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 JOSEF KURTZ VP OF ACADEMIC AFFAIRS 235915 0 0 0 917 0 22452 0 15015 0 274299 0 0 0 SANDRA ROBBINS DEAN OF ENROLLMENT 205135 0 0 0 1873 0 19449 0 10968 0 237425 0 0 0 PATRICIA TOWER ASSOCIATE TREASURER 206472 0 0 0 1815 0 18795 0 2365 0 229447 0 0 0 SEAN P PHILPOTT VP OF INFO RESOURCE & PLAN 193738 0 0 0 994 0 18695 0 13984 0 227411 0 0 0 MARY KATHLEEN BOYD PRESIDENT (AS OF 8/22) 204505 0 0 0 1320 0 3375 0 4660 0 213860 0 0 0 CYNTHIA O'CALLAGHAN DEAN OF ACADEMIC ADMINISTRATION 189809 0 0 0 1141 0 15839 0 3188 0 209977 0 0 0 PART I, LINE 1A THE COLLEGE PROVIDES OFF CAMPUS HOUSING TO CERTAIN SISTERS OF NOTRE DAME. THIS IS A NONTAXABLE BENEFIT AS IT IS PROVIDED AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE COLLEGE AND IS IN CLOSE PROXIMITY TO THE CAMPUS. A MA DEVELOPMENT FINANCE AGENCY SERIES 2016A 043431814 57584XPZ8 2016-06-16 155914176 CONSTRUCTION/REFUND SERIES 2007 0 0 0 A 156813495 5977849 1430805 73594867 75809974 0 1 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 PART II, LINE 3 - BOND PROCEEDS THE DIFFERENCE BETWEEN THE ISSUE PRICE AND TOTAL PROCEEDS OF ISSUE IS INTEREST EARNED OF $899,319. PART IV, LINE 2C THE REBATE COMPUTATION WAS PERFORMED ON JUNE 30, 2018. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS COMPLETED BY THE FINANCE OFFICE OF THE COLLEGE. IT IS REVIEWED AND APPROVED BY SENIOR MANAGEMENT AND KPMG, INDEPENDENT TAX CONSULTANT. A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO THE FULL BOARD OF TRUSTEES PRIOR TO BEING FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE'S CONFLICT OF INTEREST POLICY IS ANNUALLY DISTRIBUTED TO OFFICERS, TRUSTEES, AND KEY EMPLOYEES WHO MUST READ THE POLICY, SIGN ACKNOWLEDGEMENT OF RECEIPT AND DISCLOSE ANY CONFLICTS OF INTEREST. EMPLOYEES RETURN THIS ACKNOWLEDGEMENT TO THE OFFICE OF HUMAN RESOURCES; TRUSTEES RETURN THIS ACKNOWLEDGEMENT TO THE PRESIDENT'S OFFICE FOR REVIEW. ANY CONFLICTS OF INTEREST ARE REPORTED TO THE VICE PRESIDENT OF FINANCE & ADMINISTRATION TO DETERMINE IF DISCLOSURE IS REQUIRED ON THE FORM 990 AND SCHEDULE L. FORM 990, PART VI, SECTION B, LINE 15 THE CHIEF FINANCIAL OFFICER AND THE PRESIDENT OF THE COLLEGE REVIEW COMPENSATION OF SENIOR MANAGEMENT, OFFICERS AND KEY EMPLOYEES. THE CHAIR OF THE BOARD OF TRUSTEES REVIEWS COMPENSATION OF THE PRESIDENT OF THE COLLEGE. EXECUTIVE COMPENSATION AT EMMANUEL COLLEGE IS ESTABLISHED BY IDENTIFYING INDEPENDENT MARKET COMPARABILITY INFORMATION BASED ON STUDENT ENROLLMENT, OPERATING BUDGET, CARNEGIE CLASSIFICATION, AND GEOGRAPHIC REGIONS. DATA IS COLLECTED ON SALARY, VARIABLE PAY, TOTAL COMPENSATION, SUPPLEMENTAL RETIREMENT PLANS, AND VARIOUS BENEFITS. SOURCES OF INFORMATION INCLUDE INDEPENDENT SURVEYS CONDUCTED BY THIRD PARTY CONSULTANTS, INTERNAL AND EXTERNAL BENCHMARKING, WHITE PAPERS, ARTICLES, AND WEBINARS. FOR THE RECRUITMENT OF PROSPECTIVE EXECUTIVE POSITIONS, THE COLLEGE WORKS WITH SEVERAL INDEPENDENT PROFESSIONAL EXECUTIVE SEARCH FIRMS. THE COLLEGE AND THE SELECTED FIRM WORK TOGETHER TO OBTAIN COMPARATIVE MARKET DATA AND AVAILABLE SALARY SURVEY TO DETERMINE APPROPRIATE COMPENSATION. ALL DOCUMENTATION, INCLUDING APPROPRIATE APPROVALS, REGARDING COMPENSATION IS MAINTAINED BY HUMAN RESOURCES. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. THE COLLEGE'S FINANCIAL STATEMENTS AND FORM 990 ARE ALSO AVAILABLE ON THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE.