2023-05-10T14:01:26-05:00 2022-06-30 135565207 KPMG LLP 60 SOUTH STREET TWO FINANCIAL CENTER BOSTON MA 02111 990 2021-07-01 060646587 CONNECTICUT COLLEGE CONN 8604392088 270 MOHEGAN AVENUE NEW LONDON CT 063204196 AMANDA MAYFIELD INTERIM VP FOR FINANCE 8604392088 2023-05-08 1 AMANDA MAYFIELD 999009999 SMITA BALIGA P01643271 6179881000 2023-05-03 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z RICHARD A MADONNA JR 270 MOHEGAN AVENUE NEW LONDON CT 063204196 262889000 0 X WWW.CONNCOLL.EDU X 1911 CT SEE SCHEDULE O. 37 36 1818 1100 517000 0 45842000 27919000 121194000 145545000 3771000 3743000 119000 359000 170926000 177566000 50145000 61309000 0 0 62731000 63857000 0 0 7181000 41224000 53219000 154100000 178385000 16826000 -819000 654429000 681892000 111958000 160539000 542471000 521353000 X CONNECTICUT COLLEGE EDUCATES STUDENTS TO PUT THE LIBERAL ARTS INTO ACTION AS CITIZENS OF A GLOBAL SOCIETY. FOR ADDITIONAL INFORMATION, SEE SCHEDULE O. 0 0 115045000 61309000 106115000 *UNDERGRADUATE INSTRUCTION*THE TEACHING OF UNDERGRADUATE STUDENTS WORKING TOWARDS A FOUR-YEAR DEGREE IN ONE OF THE VARIOUS LIBERAL ARTS AND SCIENCES MAJORS OFFERED BY CONNECTICUT COLLEGE. THE COLLEGE'S ACADEMIC PROGRAMS IN THE ARTS, HUMANITIES, SCIENCES, AND SOCIAL SCIENCES ARE DESIGNED TO SHAPE ETHICAL, INFORMED CITIZENS WITH A GLOBAL PERSPECTIVE. HIGHLIGHTS OF THE ACADEMIC PROGRAM INCLUDE A STUDENT-FACULTY RATIO OF 9:1, FOURTY EIGHT MAJORS, APPROXIMATELY 200 FULL-TIME PROFESSORS, LANGUAGE STUDY, RESIDENTIAL EDUCATION PROGRAMS, CERTIFICATE PROGRAMS, PRE-LAW, PRE-HEALTH AND PRE-BUSINESS PROGRAMS, AND SUPPORT FOR PURSUING FELLOWSHIPS AND SCHOLARSHIPS. 24246000 0 27540000 *AUXILIARY SERVICES*AUXILIARY SERVICES INVOLVES RUNNING THE COLLEGE'S NUMBEROUS DORMITORIES AND DINING FACILITIES. CONNECTICUT COLLEGE IS A RESIDENTIAL CAMPUS. NINETY-EIGHT PERCENT OF STUDENTS LIVE ON CAMPUS IN 23 RESIDENCE HALLS. FOUR DINING HALLS ON CAMPUS SERVE OUR STUDENTS IN A VARIETY OF CAPACITIES. THE COLLEGE EXTENDS THE TEACHING AND LEARNING EXPERIENCE WITHIN THE DORMITORIES. 2473000 0 4185000 *STUDY AWAY*IS AN OPPORTUNITY FOR QUALIFIED STUDENT TO STUDY AWAY FOR CREDIT ABROAD OR ELSEWHERE IN THE US. THE COLLEGE HAS A LONG TRADITION OF RECOGNIZING THE IMPORTANCE OF INT'L STUDIES AND STUDY AWAY AS REFLECTED IN OUR MISSION STATEMENT: "CONNECTICUT COLLEGE EDUCATES STUDENTS TO PUT THE LIBERAL ARTS INTO ACTION AS CITIZENS IN A GLOBAL SOCIETY". APPROXIMATELY 50% OF THE COLLEGE'S STUDENTS STUDY AWAY DURING THEIR JUNIOR YEAR THROUGH CAREFULLY SELECTED PROGRAMS. OUR STUDY AWAY/TEACH AWAY TYPICALLY SENDS 10-12 STUDENTS AND FACULTY TO HOST INSTITUTIONS THROUGHOUT THE WORLD TO COMPLETE A FULL SEMESTER OF SCHOLARLY ACTIVITY WHILE BEING IMMERSED IN THE LOCAL CULTURE. DUE TO THE COVID PANDEMIC IN FISCAL YEAR 2022, THE STUDY AWAY PROGRAM WAS TEMPORARILY HALTED. 5542000 0 7705000 OTHER PROGRAM SERVICES OTHER PROGRAM SERVICES INCLUDE ALUMNI AND REUNION, FEDERAL AND STATE GRANT EXPENSES, CHEFA AMORTIZATION INTEREST AND FEES, PHYSICAL PLANT COSTS, DEPRECIATON, AND ADMINISTRATIVE COMPUTING COSTS. 5542000 0 7705000 147306000 1 1 0 1 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 339 0 1 1818 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 37 36 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 1 1 CT NY X CONTROLLER'S OFFICE 8604392081 270 MOHEGAN AVENUE NEW LONDON CT 063204196 KATHERINE BERGERON PRESIDENT 38.00 X X 424068 0 72392 NICOLE A ABRAHAM TRUSTEE 1.00 X 0 0 0 SETH W ALVORD TRUSTEE 1.00 X 0 0 0 DEBO P ADEGBILE TRUSTEE 1.00 X 0 0 0 JESSICA ARCHIBALD TRUSTEE 1.00 X 0 0 0 BETTY BROWN BIBBINS TRUSTEE 1.00 X 0 0 0 ETHAN W BROWN TRUSTEE 1.00 X 0 0 0 MARIA WYCOFF BOYCE TRUSTEE 1.00 X 0 0 0 LYNN COOLEY TRUSTEE 1.00 X 0 0 0 ISAAC H CLOTHIER TRUSTEE 1.00 X 0 0 0 LOULIE SUTRO CRAWFORD TRUSTEE 1.00 X 0 0 0 LAWRENCE B DAMON III TRUSTEE 1.00 X 0 0 0 MARK D FALLON TRUSTEE 1.00 X 0 0 0 CARLOS A GARCIA TRUSTEE 1.00 X 0 0 0 GREGORY J GIGLIOTTI TRUSTEE 1.00 X 0 0 0 ROB HALE TRUSTEE 1.00 X 0 0 0 ALICE W HANDY TRUSTEE 1.00 X 0 0 0 STEVEN W JACOBSON TRUSTEE 1.00 X 0 0 0 SAMIRAH JAIGIRDAR TRUSTEE 1.00 X 0 0 0 ERIC J KAPLAN TRUSTEE 1.00 X 0 0 0 JONATHAN A KRANE TRUSTEE 1.00 X 0 0 0 SYDNEY L LAMB TRUSTEE 1.00 X 0 0 0 JOHN D LINEHAN TRUSTEE 1.00 X 0 0 0 JONATHAN D MCBRIDE TRUSTEE 1.00 X 0 0 0 SARAH A MUDHO TRUSTEE 1.00 X 0 0 0 EVAN PIEKARA TRUSTEE 1.00 X 0 0 0 DEVON DANZ PRESTON TRUSTEE 1.00 X 0 0 0 KAREN QUINT TRUSTEE 1.00 X 0 0 0 LESLIE ROSEN TRUSTEE 1.00 X 0 0 0 PETER D SKAPERDAS TRUSTEE 1.00 X 0 0 0 DWAYNE C STALLINGS TRUSTEE 1.00 X 0 0 0 DIANE E STRATTON TRUSTEE 1.00 X 0 0 0 SHYANNE T TEMPLE TRUSTEE 1.00 X 0 0 0 MAARTEN D TERRY TRUSTEE 1.00 X 0 0 0 RAJNEESH VIG TRUSTEE 1.00 X 0 0 0 LESLIE E WONG TRUSTEE 1.00 X 0 0 0 PAMELA D ZILLY TRUSTEE 1.00 X 0 0 0 RICHARD A MADONNA JR VP FOR FINANCE AND ADMIN 38.00 X 287056 0 52155 JEFFREY E COLE DEAN OF FACULTY 38.00 X 223904 0 44152 LAUREN MIDDLETON SECRETARY OF THE COLLEGE 38.00 X 67777 0 31397 ANDREW K STRICKLER VP ADMISSIONS 38.00 X 189570 0 24643 KIMBERLY M VERSTANDIG VP ADVANCEMENT 38.00 X 331624 0 56363 WENDELL L HISLE VP INFORMATION SERVICES 38.00 X 190313 0 54407 PAMELA DUMAS SERFAS VP COMMUNICATIONS 38.00 X 233966 0 14974 AMANDA B MAYFIELD ASSOC VP FINANCE AND ADMIN 38.00 X 165895 0 19655 VICTOR ARCELUS DEAN OF STUDENTS 38.00 X 180423 0 36825 2294596 0 406963 47 0 1 0 CLINICAL RESEARCHING SEQUENCING PLATFORM 415 MAIN ST CAMBRIDGE MA 021421027 COVID-19 TESTING 2100000 CAMBRIDGE ASSOCIATES LLC 100 SUMMER ST BOSTON MA 02210 INVESTMENT ADVISORS 795000 ENNEAD ARCHITECTS LLP WORLD TRADE CENTER 40TH FL NEW YORK NY 10007 ARCHITECT FIRM 437000 COLLIERS PROJECT LEADERS USA NE LLC 160 FEDERAL ST BOSTON MA 02210 CONSULTANTS 343000 NORTH CHARLES STREET DESIGN ORGANIZATION 222 WEST SARATOGA ST BALTIMORE MD 21201 CONSULTANTS 191000 8 27919000 16889000 27919000 TUITION 611710 106115000 106115000 ROOM AND BOARD, AUX. SERVICES 721310 27540000 27540000 GRANT AND CONTRACT INCOME 900099 6941000 6941000 STUDY AWAY 611710 4185000 4185000 OTHER PROGRAM SERVICE REVENUE 900099 764000 764000 145545000 699000 384000 315000 119000 25000 94000 94000 94000 40700000 47642000 37693000 47605000 3007000 37000 3044000 133000 2911000 SNACK SHOP REVENUE 713940 212000 212000 BOOKSTORE 451211 53000 53000 265000 177566000 145545000 517000 3585000 61309000 61309000 1797000 650000 1027000 120000 46953000 37527000 6254000 3172000 2051000 1579000 287000 185000 9619000 7684000 1273000 662000 3437000 2646000 482000 309000 353000 29000 319000 5000 186000 186000 4919000 4919000 4669000 2789000 1050000 830000 81000 40000 41000 4157000 2604000 1246000 307000 1946000 1415000 531000 9000 9000 11640000 11640000 1250000 1118000 93000 39000 305000 179000 112000 14000 3702000 1550000 2152000 8594000 6492000 886000 1216000 2213000 1018000 1195000 STUDY AWAY PROGRAMS 2322000 2322000 0 0 COVID 19 TESTING 1869000 1757000 112000 0 BOOKS AND PERIODICALS 1346000 1343000 3000 0 LICENSE, FEES, AND PERM 774000 275000 252000 247000 2884000 1331000 1478000 75000 178385000 147306000 23898000 7181000 21000 22000 41261000 50067000 34924000 25400000 592000 541000 438000 225000 287000 369000 1035000 1314000 313811000 198437000 112254000 115374000 250588000 230828000 194408000 192250000 18621000 65502000 654429000 681892000 20098000 21205000 1547000 2118000 61570000 109160000 23217000 23217000 5526000 4839000 111958000 160539000 X 79548000 94085000 462923000 427268000 542471000 521353000 654429000 681892000 X -819000 -17288000 -3011000 X 0 1 X 1 1 1 X 43670000 21513000 15560000 45842000 27919000 154504000 43670000 21513000 15560000 45842000 27919000 154504000 54539869 99964131 2143000 2507000 2035000 1091000 434000 8210000 517000 517000 473000 518000 411000 49000 265000 1716000 164947000 648874000 0.60600 0.56280 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: BOOKSTORE - 2017 AMOUNT: $ 79,000. 2018 AMOUNT: $ 84,000. 2019 AMOUNT: $ 71,000. 2020 AMOUNT: $ 38,000. 2021 AMOUNT: $ 53,000. SNACK SHOP REVENUE - 2017 AMOUNT: $ 394,000. 2018 AMOUNT: $ 434,000. 2019 AMOUNT: $ 340,000. 2020 AMOUNT: $ 11,000. 2021 AMOUNT: $ 212,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 PT II-B LINE 1: LOBBYING ACTIVITIES THE COLLEGE MAKES PAYMENTS TO VARIOUS ORGANIZATIONS, SOME PORTION OF WHICH MAY BE USED IN CONNECTION WITH ISSUES THAT IMPACT HIGHER EDUCATION. X X X 0 434553000 19089000 -20529000 7707000 8771000 416635000 316270000 15353000 118159000 7337000 7892000 434553000 313510000 12094000 5425000 7256000 7503000 316270000 305663000 5429000 16466000 6981000 7067000 313510000 290537000 6737000 21803000 6617000 6797000 305663000 0.17000 0.43000 0.40000 1 1 1 1080000 1080000 231839000 136143000 95696000 50496000 47417000 3079000 30396000 14877000 15519000 115374000 PRIVATE EQUITY 32725000 F VENTURE CAPITAL 61318000 F HEDGE FUNDS 73904000 F INFLATION HEDGING 14857000 F DISTRESSED DEBT 6218000 F SPLIT INTEREST AGREEMENTS 3228000 F 192250000 DEPOSIT WITH TRUSTEE 57344000 ASSETS HELD IN TRUST 15873000 NET OF UNAMORTIZED BOND ISSUE COSTS, DISCOUNTS, AND PREMIUMS -8655000 OTHER ASSETS 940000 65502000 LIABILITIES UNDER SPLIT INTEREST AGREEMENTS 4153000 ADVANCES FROM US GOVERNMENT FOR STUDENT LOANS 119000 OBLIGATIONS - CAPITAL LEASE 567000 4839000 X 92484000 -17288000 -3011000 -20299000 112783000 4919000 59864000 64783000 177566000 113602000 1525000 1525000 112077000 4919000 61389000 66308000 178385000 PART III, LINE 1A: LIBRARY AND ART COLLECTIONS ARE NOT RECOGNIZED IN ASSETS ON THE BALANCE SHEET. PURCHASES OF SUCH COLLECTIONS ARE RECORDED AS DECREASES IN NET ASSETS IN THE PERIOD IN WHICH THE ITEMS ARE ACQUIRED. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS. PROCEEDS FROM THE SALE OF COLLECTION ITEMS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASS. PART III, LINE 4: THE CHARLES E. SHAIN LIBRARY HOLDS APPROXIMATELY 300 PIECES OF ART, AS WELL AS 25,000 RARE BOOKS AND 1,300 LINEAR FEET OF MANUSCRIPTS, PHOTOGRAPHS AND OTHER ARCHIVAL MATERIAL. MOST OF THE ART COLLECTIONS CONSIST OF 20TH CENTURY CHINESE PAINTINGS AND JAPANESE PRINTS. THERE IS ALSO A NUMBER OF CONTEMPORARY OIL PAINTINGS ON CANVAS BY COLLEGE FACULTY, AND THREE BY THE FRENCH ARTIST LEON BRUNET. BOOKS AND ARCHIVAL MATERIALS ARE ROUTINELY USED IN CLASSROOM INSTRUCTION AS WELL AS FOR STUDENT PROJECTS. ARTWORK IS USED FOR OCCASIONAL CLASSROOM INSTRUCTION AND IS ROTATED THROUGH THE EXHIBIT SPACE IN THE CHARLES CHU ASIAN ART READING ROOM. THE CONNECTICUT COLLEGE ARBORETUM IS 750 ACRES OWNED BY CONNECTICUT COLLEGE AND OPERATED FOR THE BENEFIT OF THE COLLEGE AND THE COMMUNITY. THE ARBORETUM FUNCTIONS IN SUPPORT OF THE COLLEGE'S MISSION BY HELPING TO PREPARE STUDENTS FOR A LIFETIME OF LEARNING ABOUT AND INTERACTING WITH THE NATURAL WORLD. THIS IS ACCOMPLISHED BY PROVIDING AN OUTDOOR LABORATORY FOR USE BY FACULTY AND STUDENTS TO SUPPORT AND CONDUCT RESEARCH IN A BROAD RANGE OF SUBJECTS, INCLUDING ECOLOGY, FIELD BIOLOGY, CONSERVATION AND NATURAL HISTORY. THE ARBORETUM PROVIDES STEWARDSHIP OF COLLEGE LANDS BY PROTECTING, SUSTAINING AND ENHANCING BIOLOGICAL DIVERSITY OF LARGE TRACTS OF OPEN SPACE, AND PROVIDES LEADERSHIP STATEWIDE AND BEYOND IN CONSERVATION MATTERS. PART OF THE ARBORETUM'S MISSION IS TO MAINTAIN, DEVELOP AND INTERPRET WELL-DOCUMENTED PLANT COLLECTIONS FOR TEACHING, RESEARCH, PUBLIC EDUCATION AND ENJOYMENT, AND TO PROVIDE A PLACE WHERE PEOPLE FROM THE COLLEGE AND THE COMMUNITY MAY ENJOY PASSIVE RECREATION AND WHERE THEY MAY COME TO LEARN, REFLECT, AND RENEW THEMSELVES THROUGHOUT THE NATURAL WORLD. THE COLLEGE MAINTAINS VARIOUS SCULPTURES ON CAMPUS FOR THE ENJOYMENT OF THE COLLEGE AND LOCAL COMMUNITIES. PART V, LINE 4: THE COLLEGE'S POOLED ENDOWMENT CONSISTS OF APPROXIMATELY 650 INDIVIDUAL FUNDS ESTABLISHED TO SUPPORT IN PERPETUITY A VARIETY OF PURPOSES INCLUDING INSTRUCTION, FINANCIAL AID, ACADEMIC SUPPORT, STUDENT SERVICES, AND GENERAL INSTITUTIONAL EXPENSES. PART V, LINE 2: THE COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS FOR NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE YEAR ENDING 06/30/2022 AUDITED FINANCIAL STATEMENTS CLASSIFY NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS OR NET ASSETS WITH DONOR RESTRICTIONS. PART X, LINE 2: THE COLLEGE GENERALLY DOES NOT PROVIDE FOR INCOME TAXES SINCE IT IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C) (3) OF THE INTERNAL REVENUE CODE. ACCOUNTING STANDARDS CONDIFICATION (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 RECONGNITION THRESHOLD, THE COLLEGE MUST PRESUME THAT THE POSITION WILL BE EXAMINED BY THE APPROPRIATE TAX 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, AS DEFINED BY THE STATUTES AND 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 STATE OF CONNECTICUT. AS OF JUNE 30, 2022, OPEN FEDERAL AND CONNECTICUT TAX YEARS FOR THE COLLEGE INCLUDE THE TAX YEARS ENDED JUNE 30, 2019 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: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -3,011,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNT 61,389,000. RENT EXPENSE -25,000. POST RETIREMENT RELATED CHANGES OTHER THAN NET PERIODIC BENEFIT COST -1,500,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENT EXPENSE 25,000. POST RETIREMENT RELATED CHANGES OTHER THAN NET PERIODIC BENEFIT COST 1,500,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNT 61,389,000. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ALL SCHOOL PUBLICATIONS AND NEWSPAPERS, AND THE CONNECTICUT COLLEGE WEBSITE. SCHEDULE E, PART I, LINE 6 FINANCIAL AID AND ASSISTANCE FROM GOVERNMENTAL AGENCIES CONSIST OF US DEPT OF EDUCATION FINANCIAL AID, STATE OF CONNECTICUT FINANCIAL AID, AND FEDERAL AND STATE RESEARCH GRANT FUNDS. 1 CENTRAL AMERICA 0 0 PROGRAM SERVICES STUDY AWAY PROGRAM 86000 EUROPE 0 0 PROGRAM SERVICES STUDY AWAY PROGRAM 1839000 RUSSIA 0 0 PROGRAM SERVICES STUDY AWAY PROGRAM 65000 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY AWAY PROGRAM 90000 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY AWAY PROGRAM 79000 EAST ASIA AND PACIFIC 0 0 PROGRAM SERVICES STUDY AWAY PROGRAM 1000 MIDDLE EAST 0 0 PROGRAM SERVICES STUDY AWAY PROGRAM 4000 SOUTH ASIA 0 0 PROGRAM SERVICES STUDY AWAY PROGRAM 2000 CENTRAL AMERICA 0 0 INVESTMENTS INVESTMENTS 1725000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS INVESTMENTS 537000 0 0 0 0 0 0 2166000 2262000 4428000 1 0 1 0 1 1 PART I, LINE 2: GRANTS MADE IN FOREIGN COUNTRIES FOR THE PURPOSE OF THE COLLEGE'S STUDY ABROAD PROGRAM ARE ENTERED INTO USING A CONTRACTUAL AGREEMENT OUTLINING THE SERVICES TO BE DELIVERED. THIS ACTIVITY IS MONITORED BY THE OFFICE OF STUDY AWAY, DEAN OF THE FACULTY, AND FINANCE. PART I, LINE 3: THE EXPENSES FOR STUDENTS STUDYING ABROAD, FACULTY TRAVEL OUTSIDE THE UNITED STATES, AND SERVICES ARE REVIEWED AND MADE IN CONJUNCTION WITH THE OFFICE OF STUDY AWAY, AND TRACKED BY THE ACCOUNTING OFFICE USING THE COLLEGE'S ACCOUNTING SYSTEM AND DISBURSEMENT RECORDS. PART III ACCOUNTING METHOD: 1 CONNECTICUT COLLEGE SCHOLARSHIP ASSISTANCE 1723 59311734 SEOG 257 309000 ROBERTA B WILLIS SCHOLARSHIP GRANT 24 122000 HIGHER EDUCATION EMERGENCY RELIEF FUNDING 1805 1566266 PART I, LINE 2: MONITORING USE OF GRANT FUNDS ALL GRANTS AWARDED ARE BASED ON NEED AND CONFORM TO FEDERAL, STATE, AND INSTITUTIONAL REGULATIONS. ELIGIBILITY IS BASED ON A THOROUGH REVIEW AND VERIFICATION OF A FAMILY'S INCOME, ASSETS, SIZE AND NUMBER OF DEPENDENTS ENROLLED IN COLLEGE. ANNUAL EXPENDITURE REPORTS ARE SUBMITTED TO THE FEDERAL AND STATE GOVERNMENTS FOR REVIEW. THE EXPENDITURES ARE REVIEWED FOR COMPLIANCE IN AN ANNUAL AUDIT CONDUCTED BY AN INDEPENDENT ACCOUTNING FIRM. PART III, LINE 4 HIGHER EDUCATION EMERGENCY RELIEF FUNDING (HEERF): AS A RESULT OF THE COVID-19 PANDEMIC, IN FISCAL YEAR 2022 AND 2021 THE COLLEGE WAS AWARDED $3,132,000 AND $4,886,000, RESPECTIVELY, FROM THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF). THE FUNDS WERE AWARDED FOR EMERGENCY FINANCIAL AID GRANTS TO STUDENTS AND INSTITUTIONAL EXPENDITURES UNDER THE 18004(A)(1) CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT, AND THE AMERICAN RESCUE PLAN ACT OF 2021. AS OF JUNE 30, 2022, THE COLLEGE HAS DISBURSED $1,566,000 OF THE TOTAL RECEIVED TO THE STUDENTS TO ASSIST THE STUDENTS IN THEIR TRANSITION TO REMOTE LEARNING AND $1,566,000 TO SUPPORT INSTITUTIONAL EXPENDITURES RELATING TO THE PANDEMIC. THE COLLEGE WAS ALSO AWARDED $1,856,000 FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY. THE COLLEGE HAS DISBURSED THE FUNDS TO SUPPORT INSTITUTIONAL EXPENDITURES RELATING TO THE PANDEMIC. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 KATHERINE BERGERON PRESIDENT 424068 0 0 0 0 0 21248 0 51144 0 496460 0 0 0 KIMBERLY M VERSTANDIG VP ADVANCEMENT 331624 0 0 0 0 0 15023 0 41340 0 387987 0 0 0 RICHARD A MADONNA JR VP FOR FINANCE AND ADMIN 287056 0 0 0 0 0 14908 0 37247 0 339211 0 0 0 JEFFREY E COLE DEAN OF FACULTY 223904 0 0 0 0 0 11751 0 32401 0 268056 0 0 0 PAMELA DUMAS SERFAS VP COMMUNICATIONS 233966 0 0 0 0 0 5708 0 9266 0 248940 0 0 0 WENDELL L HISLE VP INFORMATION SERVICES 190313 0 0 0 0 0 10192 0 44215 0 244720 0 0 0 VICTOR ARCELUS DEAN OF STUDENTS 180423 0 0 0 0 0 8519 0 28306 0 217248 0 0 0 ANDREW K STRICKLER VP ADMISSIONS 189570 0 0 0 0 0 9685 0 14958 0 214213 0 0 0 AMANDA B MAYFIELD ASSOC VP FINANCE AND ADMIN 165895 0 0 0 0 0 8419 0 11236 0 185550 0 0 0 PART I, LINE 1A TRAVEL/EXPENSE REIMBURSEMENT POLICY ACCORDING TO THE COLLEGE'S WRITTEN TRAVEL/EXPENSE REIMBURSEMENT POLICY, HOUSING EXPENSES ARE NOT REIMBURSABLE BY THE COLLEGE. AS A CONDITION OF EMPLOYMENT THE COLLEGE REQUIRES THAT THE PRESIDENT LIVE IN THE PRESIDENTIAL RESIDENCE LOCATED ON THE COLLEGE CAMPUS. THE VALUE OF THE PRESIDENTIAL RESIDENCE ($36,000) IS INCLUDED IN THE PRESIDENT'S COMPENSATION, AND IS REPORTED IN SCHEDULE J, PART II, COLUMN (D). ACCORDING TO THE COLLEGE'S WRITTEN TRAVEL/EXPENSE REIMBURSEMENT POLICY, THE COLLEGE WILL NOT REIMBURSE FOR PERSONAL EXPENSES. THE COLLEGE MAINTAINS THE PRESIDENTIAL RESIDENCE, INCLUDING A HOUSEKEEPER. THE WAGES OF THE HOUSEKEEPER ATTRIBUTABLE TO THE PRESIDENT'S PERSONAL USE, IF ANY, ARE INCLUDED ON THE PRESIDENT'S W-2. ACCORDING TO THE COLLEGE'S WRITTEN TRAVEL/EXPENSE REIMBURSEMENT POLICY, HOUSING EXPENSES ARE NOT REIMBURSABLE BY THE COLLEGE. AS A CONDITION OF EMPLOYMENT THE COLLEGE REQUIRES THAT THE DEAN OF STUDENTS LIVE IN A RESIDENCE LOCATED ON THE COLLEGE CAMPUS. THE VALUE OF THE RESIDENCE ($21,000) IS INCLUDED IN THE DEAN'S COMPENSATION, AND IS REPORTED IN SCHEDULE J, PART II, COLUMN (D). PART I, LINE 4B AS ADDITIONAL CONSIDERATION FOR THE SERVICES THAT PRESIDENT DR. KATHERINE BERGERON WILL BE PERFORMING, THE COLLEGE DESIRES TO PROVIDE DEFERRED COMPENSATION BENEFITS UNDER SECTION 457(F). ACCORDINGLY, THE COLLEGE MAINTAINS A "DEFERRED COMPENSATION ACCOUNT", AND FOR EACH FULL MONTH THAT DR. BERGERON PERFORMS SUBSTANTIAL SERVICES AS PRESIDENT OF THE COLLEGE, THE COLLEGE CREDITS A CERTAIN AMOUNT TO THE DEFERRED COMPENSATION ACCOUNT. THE AMOUNT CREDITED TO THE DEFERRED COMPENSATION ACCOUNT DURING THE YEAR IS $21,248; WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN (C). A CHEFA 2017 SERIES L-1 060806186 20774YQ67 2016-09-21 45060557 REFUND '07 BOND & FINANCE CONSTRUCTION 0 0 0 B CHEFA 2022 SERIES M 060806186 20775DSR4 2022-02-16 66928676 REFUND '14 BOND & FINANCE CONSTRUCTION 0 0 0 A 45060557 389511 15000000 29671046 2018 0 1 0 1 B 66928676 526675 17285290 49116711 1 0 0 1 A 0 0 1 0 0 0 0 1 B 0 0 1 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 SCHEDULE K, PART II, LINE 11 COLUMN A : THE OTHER SPENT PROCEEDS WERE USED TO REFUND BONDS ISSUED ON 7/18/2002. COLUMN B: THE OTHER SPENT PROCEEDS WERE USED FOR REDEMPTION OF PRIOR CHEFA SERIES J & K BONDS. SCHEDULE K, PART IV, LINE 2C, COLUMN A A REBATE CALCULATION WAS PERFORMED ON OCTOBER 25, 2021 FOR THE SERIES L-1 BOND. X 119 16889000 SALES PRICE 0 1 0 FORM 990, PART I, LINE 1 AND PART III, LINE 1: DESCRIPTION OF ORGANIZATION MISSION CONNECTICUT COLLEGE VALUES ACADEMIC EXCELLENCE, DIVERSITY, EQUALITY, SHARED GOVERNANCE, EDUCATION OF THE ENTIRE PERSON, ADHERENCE TO COMMON ETHICAL AND MORAL STANDARDS, COMMUNITY SERVICE AND GLOBAL CITIZENSHIP, AND ENVIRONMENTAL STEWARDSHIP. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE TAX RETURN INFORMATION IS GATHERED FROM THE FINANCE OFFICE AND USED TO POPULATE THE FORM 990 IN CONJUNCTION WITH KPMG LLP, INDEPENDENT TAX CONSULTANT. ONCE COMPLETED, THE DRAFT FORM, INCLUDING SCHEDULE B, ALONG WITH A SUPPORTING MEMORANDUM, IS REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. THE FORM 990 EXCLUSIVE OF SCHEDULE B, IS THEN MADE AVAILABLE FOR REVIEW BY THE FULL BOARD OF TRUSTEES UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICABLE TIME. NO TRUSTEE SHALL VOTE ON ANY MATTER, UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING, IN WHICH SUCH TRUSTEE HAS A CONFLICT OF INTEREST. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND A TRUSTEE WHO IS UNCERTAIN WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THE BOARD OR COMMITTEE TO RESOLVE THE QUESTIONS BY MAJORITY VOTE. PERIODICALLY, TRUSTEES WILL BE ASKED TO SIGN CONFLICT OF INTEREST STATEMENTS ASSURING THAT THEY HAVE NO CONFLICT OF INTEREST, AS DESCRIBED IN THE CONNECTICUT COLLEGE BYLAWS, ARTICLE XV. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION POLICY A COMMITTEE ON EXECUTIVE COMPENSATION COMPRISING THE CHAIR AND VICE CHAIRS OF THE BOARD IS EMPOWERED TO CONDUCT THE ANNUAL PERFORMANCE REVIEW OF THE PRESIDENT AND TO RECOMMEND TO THE FULL BOARD THE COMPENSATION OF THE PRESIDENT. THIS COMMITTEE ALSO REVIEWS AND APPROVES THE COMPENSATION OF KEY EMPLOYEES AT THE COLLEGE AT THE TIME OF THEIR HIRE AND WHEN SIGNIFICANT INCREASES IN COMPENSATION ARE BEING CONTEMPLATED. THE COMMITTEE'S REVIEW AND APPROVAL OF THE COMPENSATION OF THE PRESIDENT AND KEY EMPLOYEES IS CONDUCTED IN ACCORDANCE WITH THE "INTERMEDIATE SANCTIONS" RULES OF THE IRS, UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE. THE COMMITTEE MEETS AS NEEDED AND REPORTS TO THE EXECUTIVE COMMITTEE OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC DISCLOSURE THE COLLEGE'S FORM 990, AUDITED FINANCIAL STATEMENTS, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. THE FORM 990 IS ALSO AVAILABLE ONLINE AT WWW.GUIDESTAR.ORG. FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS OR FUND BALANCES -3,011,000. CONNECTICUT COLLEGE COMMUNITY RADIO INC 270 MOHEGAN AVENUE BOX 5256 NEW LONDON CT 06320 260117596 RADIO STATION CT 501(C)(3) LINE 7 N/A 1 OAKLEAF ENDOWMENT TRUST FOR CT COLLEGE 1800 IDS CENTER MINNEAPOLIS MN 55402 416429969 TRUST MN 501(C)(3) LINE 12A, I N/A 1 CONNECTICUT COLLEGE EMPLOYER-CONTRIBUTION 270 MOHEGAN AVENUE NEW LONDON CT 06320 047025787 VEBA CT 501(C)(9) N/A 1 ASSOCIATED KYOTO PROGRAM 173 WEST LORAIN AVENUE OBLERIN OH 44074 042996114 EDUCATION OH 501(C)(9) LINE 12C, III-FI N/A 0 PHI BETA KAPPA 270 MOHEGAN AVENUE NEW LONDON CT 06320 066103682 HONOR SOCIETY CT 501(C)(3) LINE 7 N/A 0 UNITRUST (1) CHARITABLE TRUST CT N/A T 1 CHARITABLE REMAINDER TRUST (7) CHARITABLE TRUST CT N/A T 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 1 CONNECTICUT COLLEGE EMPLOYER CONTRIBUTED VEBA R 339000 CONTRIBUTIONS OAKLEAF ENDOWMENT TRUST FOR CT COLLEGE S 195000 PAYMENT