2023-05-10T09:58:15-05:00 2022-06-30 366055558 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2021-07-01 042103567 ENDICOTT COLLEGE ENDI 9782322384 376 HALE STREET BEVERLY MA 01915 ANTHONY FERULLO VP OF FINANCE 9782322384 2023-05-10 1 ANTHONY FERULLO XXX-XX-XXXX ERIN COUTURE P01390592 6177237900 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z STEVEN DISALVO 376 HALE STREET BEVERLY MA 01915 223954291 0 X WWW.ENDICOTT.EDU X 1939 MA UNDERGRADUATE AND GRADUATE EDUCATION. (SEE SCHEDULE O)ENDICOTT INTEGRATES PROFESSIONAL AND LIBERAL ARTS WITH EXPERIENTIAL LEARNING INCLUDING INTERNSHIPS. 29 27 1398 220 9314223 0 7272559 9689363 154378970 170478456 3620246 6498103 508706 1234085 165780481 187900007 40151324 44842405 0 0 65978739 68072728 0 0 2190232 44003728 48474173 150133791 161389306 15646690 26510701 432661711 468482984 114304223 137480647 318357488 331002337 X ENDICOTT COLLEGE OFFERS STUDENTS A VIBRANT ACADEMIC ENVIRONMENT THAT REMAINS TRUE TO ITS FOUNDING PRINCIPLE OF INTEGRATING PROFESSIONAL AND LIBERAL ARTS WITH EXPERIENTIAL LEARNING. FOR MORE INFORMATION SEE SCHEDULE O. 0 0 110296809 44675738 159436386 *EDUCATION AND AUXILIARY* SEE SCHEDULE O. *EDUCATION AND AUXILIARY*ENDICOTT'S UNDERGRADUATE COLLEGE OFFERS BACHELOR OF FINE ARTS, BACHELOR OF ART, AND BACHELOR OF SCIENCE DEGREES. TRADITIONAL UNDERGRADUATE ENROLLMENT FOR FALL 2021 WAS 2,880 STUDENTS. ENDICOTT'S GRADUATE AND VAN LOAN PROFESSIONAL STUDIES PROGRAMS GRANT ASSOCIATE IN ARTS, ASSOCIATE IN SCIENCE, BACHELOR OF ARTS, BACHELOR OF SCIENCE, MASTER OF ARTS, MASTER OF EDUCATION, MASTER OF SCIENCE, MASTER OF BUSINESS ADMINISTRATION, DOCTOR OF EDUCATION, DOCTOR OF NURSING PRACTICE, AND DOCTOR OF PHILOSOPHY DEGREES. THE GRADUATE AND VAN LOAN PROFESSIONAL STUDIES PROGRAMS ENROLLMENT, OF THE TOTAL UNDERGRADUATE ENROLLMENT, INCLUDING PROGRAMS IN BEVERLY, MASSACHUSETTS, MADRID, SPAIN, AND LEYSIN, SWITZERLAND, AND ONLINE WAS 1,244 STUDENTS AS OF FALL 2021.ENDICOTT COLLEGE'S ACADEMIC OFFERINGS PROVIDE UNDERGRADUATES WITH AN ENRICHING AND CHALLENGING EDUCATIONAL EXPERIENCE. STUDENTS SELECT FROM A BROAD ARRAY OF MAJOR AND MINOR PROGRAM OFFERINGS WHICH ARE AUGMENTED BY COURSEWORK IN THE LIBERAL ARTS AND REQUIRED EXPERIENTIAL LEARNING OPPORTUNITIES WITHIN THEIR PROFESSIONAL AREAS OF STUDY.OF THE TOTAL UNDERGRADUATE ENROLLMENT, NEARLY 90% LIVE ON CAMPUS. THE COLLEGE OFFERS A LARGE VARIETY OF RESIDENCE HALL OPTIONS, RANGING FROM TRADITIONAL TO APARTMENT-STYLE HOUSING. FACILITIES CONSIST OF CONVERTED MANSIONS, SMALL HOUSES, TOWNHOUSES, AND LARGER RESIDENCE HALLS. FOR THE FALL 2021 SEMESTER, 2,587 STUDENTS WERE RESIDENTIAL STUDENTS, INCLUDING 122 STUDENTS WHO WERE STUDYING ABROAD AND EXPECTED BACK IN THE SPRING SEMESTER. ALL RESIDENT STUDENTS ON CAMPUS MUST ENROLL IN ONE OF FOUR MEAL PLANS OFFERED DURING THE ACADEMIC YEAR. DINING OPTIONS INCLUDE A LARGE DINING HALL, TWO CAFES, AND A LODGE. 7333209 0 0 *ACADEMIC SUPPORT* SEE SCHEDULE O. *ACADEMIC SUPPORT*ENDICOTT OFFERS STUDENTS VARIOUS PROGRAMS AND FACILITIES TO ENHANCE AND ENCOURAGE THEIR ACTIVE PARTICIPATION IN THE INTELLECTUAL LIFE OF THE COLLEGE AND PROMOTE THEIR SUCCESSFUL PERFORMANCE IN THE CLASSROOM. THIS IS ACCOMPLISHED THROUGH STATE-OF-THE-ART ACADEMIC TECHNOLOGY, THE DIANE M. HALLE LIBRARY, ACADEMIC ADMINISTRATION, ACADEMIC RESOURCES AND STUDENT SUCCESS, AND THE SINGLE PARENT PROGRAM. 18767150 0 124933 *STUDENT SERVICES* SEE SCHEDULE O. *STUDENT SERVICES* STUDENT SERVICES SUPPORT THE ACADEMIC AND PERSONAL DEVELOPMENT OF EACH STUDENT THROUGH A VARIETY OF OFFICES AND PROGRAMS, INCLUDING STUDENT ACTIVITIES, PERSONAL COUNSELING, HEALTH, COMMUNITY SERVICE, AND ATHLETIC PROGRAMS. EXPERIENCE BEYOND THE CLASSROOM SETTING AFFORDS STUDENTS WITH OPPORTUNITIES TO GAIN A GREATER UNDERSTANDING AND APPRECIATION OF SELF, OTHERS, AND THE WORLD AROUND THEM. THE STUDENT AFFAIRS DIVISION IS DESIGNED TO COMPLEMENT AND SUPPLEMENT THE ACADEMIC EXPERIENCE OF EVERY STUDENT. OTHER FUNCTIONS INCLUDED IN STUDENT SERVICES INCLUDE THE ADMISSIONS, FINANCIAL AID, REGISTRAR, AND CAREER DEVELOPMENT. BOOKSTORE AND VENDING REVENUE IS CONSIDERED RELATED TO STUDENT SERVICES. 5608040 166667 12212002 CONFERENCE AND EDUCATION SERVICES/OTHER 5608040 166667 12212002 142005208 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 337 0 1 1398 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 29 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X ANTHONY FERULLO 9782322384 376 HALE STREET BEVERLY MA 019152096 STEVEN R DISALVO PRESIDENT 60.00 0.00 X X 517673 0 117601 THOMAS J ALEXANDER TRUSTEE 2.00 0.00 X 0 0 0 SAMUEL CABOT III TRUSTEE 2.00 0.00 X 0 0 0 NANCY KEEFE CLARKE TRUSTEE (AS OF 10/2021) 2.00 0.00 X 0 0 0 CHAD CRANDELL TRUSTEE - TREASURER (THRU 10/2021) 2.00 0.00 X X 0 0 0 JAMES DEMERS TRUSTEE (AS OF 10/2021) 2.00 0.00 X 0 0 0 SUSAN DOWLING TRUSTEE 2.00 0.00 X 0 0 0 DR HARRY DUMAY TRUSTEE (AS OF 10/2021) 2.00 0.00 X 0 0 0 F SAMUEL EBERTS III TRUSTEE 2.00 0.00 X 0 0 0 R ROBERT FANNING JR TRUSTEE 2.00 0.00 X 0 0 0 PETER FLAHERTY TRUSTEE 2.00 0.00 X 0 0 0 NANCY FRATES TRUSTEE 2.00 0.00 X 0 0 0 ROBERT GORE TRUSTEE 2.00 0.00 X 0 0 0 MELISSA HEMPSTEAD TRUSTEE - CHAIR 2.00 0.00 X X 0 0 0 RICHARD HUTCHINSON TRUSTEE 2.00 0.00 X 0 0 0 MARGARET JANES TRUSTEE (AS OF 06/2022) 2.00 0.00 X 0 0 0 VIRGINIA JUDGE TRUSTEE 2.00 0.00 X 0 0 0 MICHELLE LABOSSIERE TRUSTEE - TREASURER 2.00 0.00 X X 0 0 0 JOHN MACNEIL TRUSTEE - CLERK 2.00 0.00 X X 0 0 0 MARSHA MCDONOUGH TRUSTEE 2.00 0.00 X 0 0 0 AYUNE MICHEL TRUSTEE 2.00 0.00 X 0 0 0 JON PAYSON TRUSTEE 2.00 0.00 X 0 0 0 MICHAEL ROCKETT TRUSTEE 2.00 0.00 X 0 0 0 MYRT HARPER ROSE TRUSTEE 2.00 0.00 X 0 0 0 ERNEST M SANTIN TRUSTEE (THRU 10/2021) 2.00 0.00 X 0 0 0 JOANNA SCHULMAN TRUSTEE 2.00 0.00 X 0 0 0 ELIZABETH SCHWARTZ TRUSTEE 2.00 0.00 X 0 0 0 DOUGLAS SEYMOUR TRUSTEE - VICE CHAIR 2.00 0.00 X X 0 0 0 MICHAEL SHEEHAN TRUSTEE 2.00 0.00 X 0 0 0 STEVEN TADLER TRUSTEE 2.00 0.00 X 0 0 0 ANTHONY J VENUTI TRUSTEE (THRU 10/2021) 2.00 0.00 X 0 0 0 SHEILA WALSH TRUSTEE 2.00 0.00 X 0 0 0 ANTHONY FERULLO VP OF FINANCE 60.00 0.00 X 273653 0 70197 EVAN LIPP VP ADMISSION/FIN. AID (THRU 08/2021) 50.00 0.00 X 231931 0 44770 BETH SCHWARTZ LIVINGSTON PROVOST 50.00 0.00 X 299232 0 48731 KATHLEEN H BARNES FORMER PROVOST 50.00 0.00 X 256105 0 29250 BRIAN WYLIE ASST VP/DIRECTOR OF ATHLETICS 40.00 0.00 X 180731 0 44805 SARA QUAY VICE PROVOST FOR ACADEMIC AFFAIRS 40.00 0.00 X 199122 0 37230 BRYAN CAIN VP OF DIV. OF STUD & EXT. ENG. 40.00 0.00 X 196280 0 46374 WARREN JAFERIAN DEAN, INTERNATIONAL EDUCATION 40.00 0.00 X 178015 0 45195 2332742 0 484153 119 0 1 0 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15262 FOOD SERVICES 7396217 WINDOVER CONSTRUCTION INC C/O DOLBEN COMPANY 136 RANTOUL ST BEVERLY MA 01915 CONSTRUCTION 6893733 DERCK & EDSON LLC 33 SOUTH BROAD ST LITITZ PA 17543 ARCHITECTURAL 1634421 SJ SERVICES INC 236 NEWBURY STREET DANVERS MA 01923 JANITORIAL SERVICES 945063 INTEGRATION PARTNERS CORP 12 HARTWELL AVE LEXINGTON MA 02421 INFORMATION TECHNOLOGY 807910 46 55300 6471085 3162978 51229 9689363 TUITION AND FEES 611710 118421640 118421640 RESIDENCE AND DINING 721000 41014746 41014746 CONFERENCE/EDUC/AUX. SERVICES 611710 9791800 508897 9282903 PARKING FINES 900099 649274 649274 NURSING SCHOOL REVENUE 611710 250000 250000 350996 350996 170478456 1188773 31320 1157453 41249889 35940559 5309330 5309330 5309330 52945 55300 113725 -60780 -60780 EMPLOYEE RETENTION CREDIT 900099 626121 626121 PRIOR DEFERRED REVENUE 900099 203428 203428 BOOKSTORE COMMISSIONS 900099 103199 103199 362117 362117 1294865 187900007 162490418 9314223 6406003 166667 166667 44675738 44675738 9642320 8493036 1074497 74787 161680 161680 42857744 35960424 5887909 1009411 3040684 2551331 417737 71616 8734046 7328431 1237563 168052 3636254 3051053 499558 85643 69154 69154 273728 273728 136900 136900 431142 431142 9011102 7168345 1842757 328825 166983 161842 2293550 1266064 316714 710772 1030275 1030275 4018960 3793585 187281 38094 856905 681829 175076 3037167 2907479 121907 7781 9455245 9051506 379663 24076 1780912 1699758 81154 FOOD SERVICE 8278317 8087663 190654 SERVICE/SUPP. CONTRACTS 3733160 1933442 1799718 PRINTING/PUBLICATIONS 792154 608764 183390 SMALL/ NON-CAP. EQUIP 245767 158523 87244 2700910 2023753 677157 161389306 142005208 17193866 2190232 21233264 33219382 857471 948971 3583531 4739280 825628 3091673 392064839 108720519 273529438 283344320 113189230 121733950 19365084 21338712 78065 66696 432661711 468482984 8752669 10767490 11554321 10518066 84219105 81081479 1626943 30500108 8151185 4613504 114304223 137480647 X 298475159 311885023 19882329 19117314 318357488 331002337 432661711 468482984 X 26510701 -17622438 3756586 X 0 1 X 1 1 1 X 4790848 4312935 5202385 7272559 9689363 31268090 4790848 4312935 5202385 7272559 9689363 31268090 92731 31175359 2277153 3155942 3139861 3323560 1157453 13053969 1181064 1181064 852903 844585 647301 30855 52945 2428589 47931712 744604430 0.65040 0.60310 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2017 AMOUNT: $ 85,807. 2018 AMOUNT: $ 73,634. 2019 AMOUNT: $ 41,213. 2020 AMOUNT: $ 30,855. 2021 AMOUNT: $ 52,945. OTHER MISCELLANEOUS - 2017 AMOUNT: $ 492,845. 2018 AMOUNT: $ 561,772. 2019 AMOUNT: $ 415,237. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. RETAINED DEPOSITS - 2017 AMOUNT: $ 98,277. 2018 AMOUNT: $ 77,713. 2019 AMOUNT: $ 86,250. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. VENDING COMMISSIONS - 2017 AMOUNT: $ 90,518. 2018 AMOUNT: $ 78,799. 2019 AMOUNT: $ 15,354. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. BOOKSTORE COMMISSION - 2017 AMOUNT: $ 85,456. 2018 AMOUNT: $ 52,667. 2019 AMOUNT: $ 89,247. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 129111878 1487216 -11049832 391135 119158127 97315820 2341045 29836330 381317 129111878 95672750 3050263 -1126850 280343 97315820 88721853 3334842 3924956 308901 95672750 79002338 4804183 5186591 271259 88721853 0.87740 0.10410 0.01850 0 0 10884132 10884132 349879342 84602758 265276584 29402198 22469581 6932617 1899167 1648180 250987 283344320 LIABILITY - INTEREST RATE SWAPS 3789493 REFUNDABLE ADVANCES - US GOV'T 824011 4613504 X 131888475 -17622438 -17622438 149510913 431142 37957952 38389094 187900007 119243626 0 119243626 431142 41714538 42145680 161389306 PART III, LINE 4: COLLECTIONS OF ART ENDICOTT COLLEGE DOES NOT HAVE A SEPARATE ART COLLECTION REPORTED IN THE FINANCIAL STATEMENT. HOWEVER, ENDICOTT'S HALLE LIBRARY HOUSES COLLECTIONS OF BOOKS, PERIODICALS, AND OTHER REFERENCE MATERIALS. THE ENDICOTT COLLEGE ARCHIVES ARE ALSO A PART OF HALLE LIBRARY. THE PURPOSE OF THE ARCHIVES IS TO PRESERVE AND INTERPRET THE HISTORY OF THE COLLEGE. THIS IS ACCOMPLISHED THROUGH A PERMANENT COLLECTION THAT INCLUDES, BUT IS NOT LIMITED TO, ARCHIVAL DOCUMENTS THAT CHRONICLE THE DEVELOPMENT OF THE COLLEGE, PHOTOGRAPHS, EPHEMERA, ORAL HISTORY, AND ARTIFACTS. THE ARCHIVES ENHANCE THE APPRECIATION AND UNDERSTANDING OF ENDICOTT COLLEGE'S HERITAGE, PRESERVING DOCUMENTATION OF THE EVOLUTION AND GROWTH OF THE INSTITUTION AND THE INFLUENCE THE INSTITUTION HAS WITHIN THE EXTENDED COMMUNITY. PART V, LINE 2: ENDICOTT COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS FOR NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE JUNE 30, 2022 AUDITED FINANCIAL STATEMENTS CLASSIFY THE NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS, OR NET ASSETS WITH DONOR RESTRICTIONS. FOR PURPOSES OF PART V, LINE 2, ENDICOTT 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 TEMPORARILY RESTRICTED ENDOWMENT, RESPECTIVELY. PART V, LINE 4: ENDICOTT'S ENDOWMENT INCLUDES 132 FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING SCHOLARSHIPS, ACADEMIC PROGRAMS, AND ASSISTANCE TO STUDENTS WITH DISABILITIES. FUNDS RESTRICTED TO SCHOLARSHIPS ARE AWARDED BASED ON A COMBINATION OF FINANCIAL NEED AND OTHER DONOR-SPECIFIED CRITERIA. APPROXIMATELY 90% OF THE ENDOWMENT IS UNRESTRICTED. INCOME AND DIVIDENDS ARE REINVESTED, AND APPROPRIATIONS (DRAWS) ARE MADE ONLY FOR DONOR-STIPULATED PURPOSES; THAT AMOUNT IS TYPICALLY LESS THAN 1% OF THE ENDOWMENT. GENERALLY, THE MAXIMUM DRAW IS NO GREATER THAN 5% OF THE AVERAGE FAIR VALUE OF EACH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT. IN 2022 THE AMOUNT APPROPRIATED WAS $391,135. ENDICOTT EXPECTS THE CURRENT SPENDING POLICY TO ALLOW ITS ENDOWMENT TO MAINTAIN ITS PURCHASING POWER BY GROWING AT A RATE GREATER THAN PLANNED PAYOUTS. THE COLLEGE TRANSFERS OPERATING FUNDS ON AN ANNUAL BASIS IN ORDER TO HELP BUILD THE ENDOWMENT. IN FISCAL 2022 A TOTAL OF APPROXIMATELY $1,003,000 WAS ADDED. PART X, LINE 2: UNCERTAIN TAX POSITIONS THE COLLEGE IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE) AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT THERE WERE NO SUCH POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: CHANGES IN LIABILITY FOR INTEREST SWAP -3,756,586. SCHOLARSHIPS 41,714,538. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 41,714,538. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ENDICOTT'S STATEMENTS ON NONDISCRIMINATION CAN BE FOUND IN ALL MAJOR DOCUMENTS OF THE COLLEGE INCLUDING: THE UNDERGRADUATE AND GRADUATE CATALOGS, EMPLOYEE HANDBOOK, STUDENT HANDBOOK, INTERNSHIP DIRECTORY, FACTS AND FIGURES, ANNUAL REPORT, SOUNDINGS MAGAZINE AND MANY OTHER DOCUMENTS PUBLISHED BY THE COLLEGE. THE STATEMENT IS ALSO LOCATED ON THE COLLEGE WEBSITE AND IN MANY ONLINE PUBLICATIONS. SCHEDULE E, PART I, LINE 6 ENDICOTT COLLEGE PARTICIPATES IN FEDERAL STUDENT AID PROGRAMS AS WELL AS MASSACHUSETTS STUDENT AID PROGRAMS. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 1 3 PROGRAM SERVICES STUDY ABROAD 2395473 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 12409706 1 3 0 0 1 3 14805179 0 14805179 1 0 1 1 1 0 PART I, LINE 2: MONITOR THE USE OF GRANT FUNDS OUTSIDE OF THE U.S. THE PROCEDURE FOR AWARDING SCHOLARSHIP AID TO STUDENTS STUDYING ABROAD FOLLOWS THE SAME PROCEDURE AS SCHOLARSHIP AID AWARDED TO STUDENTS STUDYING AT THE BEVERLY, MASSACHUSETTS CAMPUS. STUDENTS ARE AWARDED AID BASED ON MERIT AND/OR FINANCIAL NEED. ALL STUDENTS MUST APPLY FOR FINANCIAL AID AND SUBMIT A FREE APPLICATION FOR STUDENT AID (FAFSA). EACH APPLICANT'S FINANCIAL STATUS IS EVALUATED SO THAT AWARDS WILL ACCOMMODATE A PARTICULAR STUDENT'S NEED. STUDENTS MAY ALSO BE CONSIDERED FOR ENDICOTT PRESIDENTIAL ACADEMIC SCHOLARSHIPS. ALL STUDENT AID RECORDS ARE MAINTAINED IN THE OFFICE OF FINANCIAL AID AND ARE REVIEWED IN THE COURSE OF FINANCIAL AND A-133 AUDITS PERFORMED BY KPMG LLP. STUDENTS STUDYING ABROAD ARE BILLED TUITION AT ENDICOTT'S RATE OR THE STUDY ABROAD PROGRAM'S RATE IF IT IS HIGHER. STUDENTS ARE BILLED FOR ENDICOTT'S AVERAGE MEALS AND HOUSING COSTS AS WELL AS ANY OTHER FEES CHARGED BY THE PROGRAM. STUDENT AID AWARDS ARE POSTED TO STUDENT ACCOUNTS, THEREBY REDUCING THE AMOUNT THE FAMILY MUST REMIT TO THE COLLEGE. PAYMENT IS MADE BY THE COLLEGE TO THE STUDY ABROAD AGENCY OR UNIVERSITY UPON RECEIPT OF AN INVOICE AND DETERMINATION THAT THE STUDENT HAS PAID ENDICOTT. PART I, LINE 3: ACCOUNTING METHOD USED THE ACCOUNTING METHOD USED TO REPORT EXPENSES FOLLOWS THE ACCRUAL METHOD WHICH IS ALSO THE METHOD OF THE ORGANIZATION'S BOOKS AND RECORDS. PART III ACCOUNTING METHOD: KEYS GOLF TOURN. 70531 37950 32581 34349 6540 GULL GOLF TOURN. 27723 17350 10373 7959 18314 1 9991 0 9991 23959 22604 108245 55300 52945 42308 23959 47458 113725 -60780 1 CITY OF BEVERLY 191 CABOT STREET BEVERLY MA 01915 115 166667 0 GENERAL SUPPORT 1 0 SCHOLARSHIPS 3143 41714538 0 HEERF GRANTS 1016 2961200 PART I, LINE 2: MONITORING THE USE OF GRANT FUNDS IN THE U.S. IN RECOGNITION OF THE CLOSE RELATIONSHIP BETWEEN THE COLLEGE AND THE CITY OF BEVERLY, AN ANNUAL GIFT IS PRESENTED TO THE MAYOR OF THE CITY TO ASSIST IN THE FURTHERANCE OF THE CITY OF BEVERLY'S INITIATIVES. ENDICOTT COLLEGE PROVIDES SCHOLARSHIPS AND GRANT AID TO ELIGIBLE STUDENTS THROUGH ITS OWN RESOURCES, AS WELL AS FEDERAL AND STATE PROGRAMS. TO QUALIFY FOR SCHOLARSHIPS OR GRANT AID, A STUDENT MUST BE ENROLLED IN AN APPROVED PROGRAM AND BE IN GOOD ACADEMIC STANDING. MOST OF THE AID PROGRAMS REQUIRE THAT STUDENTS DEMONSTRATE FINANCIAL NEED. ENDICOTT AWARDS ARE MADE ON A FUNDS-AVAILABLE BASIS TO DESERVING STUDENTS. THE COLLEGE MAKES EVERY EFFORT TO ENSURE THAT A QUALITY EDUCATION IS AVAILABLE TO ALL STUDENTS, REGARDLESS OF INCOME LEVEL, RACE, RELIGION, DISABILITY, NATIONAL OR ETHNIC ORIGIN, AGE OR GENDER. X X X 1 1 X X X X X 1 1 0 0 0 0 0 1 0 STEVEN R DISALVO PRESIDENT 451825 0 40000 0 25848 0 52612 0 64989 0 635274 0 0 0 BETH SCHWARTZ LIVINGSTON PROVOST 298309 0 0 0 923 0 23200 0 25531 0 347963 0 0 0 ANTHONY FERULLO VP OF FINANCE 273373 0 0 0 280 0 36107 0 34090 0 343850 0 0 0 KATHLEEN H BARNES FORMER PROVOST 129874 0 0 0 126231 0 16865 0 12385 0 285355 0 0 0 EVAN LIPP VP ADMISSION/FIN. AID (THRU 08/2021) 231395 0 0 0 536 0 29654 0 15116 0 276701 0 0 0 BRYAN CAIN VP OF DIV. OF STUD & EXT. ENG. 196118 0 0 0 162 0 25701 0 20673 0 242654 0 0 0 SARA QUAY VICE PROVOST FOR ACADEMIC AFFAIRS 198131 0 0 0 991 0 15094 0 22136 0 236352 0 0 0 BRIAN WYLIE ASST VP/DIRECTOR OF ATHLETICS 180338 0 0 0 393 0 14568 0 30237 0 225536 0 0 0 WARREN JAFERIAN DEAN, INTERNATIONAL EDUCATION 176930 0 0 0 1085 0 14164 0 31031 0 223210 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE STEVEN DISALVO LIVED IN ON-CAMPUS HOUSING FOR THE CONVENIENCE OF ENDICOTT COLLEGE AND THE HOUSING IS THEREFORE NOT TAXABLE. THE RESIDENCE IS USED EXTENSIVELY FOR COLLEGE FUNCTIONS. THE VALUE OF THE HOUSING ALLOWANCE IS INCLUDED IN SCHEDULE J, PART II UNDER COLUMN (D) NONTAXABLE BENEFITS. SOCIAL DUES ENDICOTT COLLEGE PAYS CLUB MEMBERSHIP DUES ON BEHALF OF THE PRESIDENT. THE MEMBERSHIP DUES ARE CONSIDERED TAXABLE COMPENSATION TO THE PRESIDENT AND ARE REPORTED ON SCHEDULE J, PART II, COLUMN B(III). TRAVEL FOR COMPANIONS IN 2021, THE PRESIDENT'S SPOUSE TRAVELED WITH HIM FOR BUSINESS PURPOSES. THIS TRAVEL WAS NOT INCLUDED IN TAXABLE COMPENSATION. PART I, LINES 4A-B LINE 4A ONE LISTED INDIVIDUAL SEPARATED FROM THE COLLEGE AND RECEIVED SEVERANCE DURING CALENDAR YEAR 2021. THIS AMOUNT IS INCLUDED ON SCHEDULE J, PART II, COLUMN B(III). LINE 4B THE PRESIDENT PARTICIPATES IN A NON-QUALIFIED DEFERRED COMPENSATION PLAN. AMOUNTS ACCRUED UNDER THE PLAN ARE INCLUDED IN SCHEDULE J, PART II, COLUMN (C). PART I, LINE 7 NON-FIXED PAYMENTS PURSUANT TO TERMS OF HIS EMPLOYMENT AGREEMENT, THE PRESIDENT MAY RECEIVE A BONUS SUBJECT TO THE APPROVAL OF A COMMITTEE OF THE BOARD OF TRUSTEES. A MASS DEV FIN AGENCY SERIES 2015 043431814 000000000 2015-03-31 18000000 CONSTRUCTION 0 0 0 B MASS DEV FIN AGENCY SERIES 2017 043431814 000000000 2017-03-15 32625000 REFINANCE DEBT 0 0 0 C MASS DEV FIN AGENCY SERIES 2017B 043431815 000000000 2017-12-06 25900000 CONSTRUCTION 0 0 0 D MASS DEV FIN AGENCY SERIES 2017C 043431814 000000000 2017-12-06 8893000 REFINANCE DEBT 0 0 0 A 2805799 18000000 18000000 2015 0 0 1 1 B 5675000 32625000 176038 32448962 2017 0 1 1 1 C 1021164 25900000 196618 25703382 2019 0 0 0 1 D 1281735 8893000 68832 8824618 2017 0 1 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 C 0 0 1 0 0 0 0 0 1 D 0 0 1 0 0 0 0 0 1 A 1 B 1 C 1 D 1 SAMUEL ALEXANDER FAM MEMBER-TRUSTEE 161680 FACULTYCOMP 0 X 9 51229 FMV 0 0 0 PART I, COLUMN (B): THE COLLEGE IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN (B). FORM 990, PART III, LINE 1: ORGANIZATION'S MISSION SHAPED BY A BOLD AND ENTREPRENEURIAL SPIRIT, ENDICOTT COLLEGE OFFERS STUDENTS A VIBRANT ACADEMIC ENVIRONMENT THAT REMAINS TRUE TO ITS FOUNDING PRINCIPLE OF INTEGRATING PROFESSIONAL AND LIBERAL ARTS WITH EXPERIENTIAL LEARNING, INCLUDING INTERNSHIP OPPORTUNITIES ACROSS DISCIPLINES. THE COLLEGE FOSTERS A SPIRIT OF EXCELLENCE BY CREATING A CHALLENGING YET SUPPORTIVE ENVIRONMENT IN WHICH STUDENTS ARE ENCOURAGED TO TAKE INTELLECTUAL RISKS, PURSUE SCHOLARLY AND CREATIVE INTERESTS, CONTRIBUTE TO THE COMMUNITY, AND EXPLORE DIVERSE CAREER PATHS. ENDICOTT IS COMMITTED TO SUPPORTING THE PERSONAL AND PROFESSIONAL DEVELOPMENT OF ITS STUDENTS, PREPARING THEM TO ASSUME MEANINGFUL ROLES WITHIN THE GREATER COMMUNITY BOTH DOMESTICALLY AND INTERNATIONALLY. ENDICOTT COLLEGE IS COMMITTED TO PROVIDING AN EDUCATIONAL EXPERIENCE THAT WILL ENCOURAGE STUDENTS TO VIEW THE CONCEPT OF DIVERSITY FROM A VARIETY OF PERSPECTIVES IN ORDER TO FOSTER UNDERSTANDING AND ULTIMATELY GREATER RESPECT AND ACCEPTANCE AMONG INDIVIDUALS. EMBRACING DIVERSITY MEANS UNDERSTANDING AND RESPECTING OUR INDIVIDUAL DIFFERNECES, WHICH INCLUDES THE DIMENSIONS OF RACE, ETHNICITY, GENDER, SEXUAL ORIENTATION, SOCIO-ECONOMIC STATUS, AGE, DIFFERING ABILITIES (E.G. PHYSICAL, EMOTIONAL, AND COGNITIVE), RELIGIOUS AND POLITICAL BELIEFS. CENTRAL TO THE EXPLORATION OF THE DIFFERENCES AND SIMILIARITIES AMONG INDIVIDUALS IS THE NEED TO OFFER A SAFE, POSITIVE, AND SUPPORTIVE ENVIRONMENT. THE GOAL IS TO REACH A GREATER UNDERSTANDING OF EACH OTHER AND TO MOVE BEYOND SIMPLE TOLERANCE TO EMBRACING AND CELEBRATING THE RICH DIMENSIONS OF DIVERSITY CONTAINED WITHIN EACH INDIVIDUAL. FORM 990, PART III, LINE 4: PROGRAM SERVICE ACCOMPLISHMENTS ENDICOTT COLLEGE WAS RANKED IN THE TOP TIER OF NORTHERN REGIONAL UNIVERSITIES AT #28 OF 175 INSTITUTIONS IN THE 2022 U.S. NEWS AND WORLD REPORT BEST COLLEGES RANKINGS. THE COLLEGE WAS RECOGNIZED AS A LEADER IN SEVERAL OTHER CATEGORIES PUBLISHED BY U.S. NEWS, INCLUDING "BEST COLLEGES FOR VETERANS", "A+ SCHOOLS FOR B STUDENTS", "MOST INNOVATIVE SCHOOLS", "CO-OPS/INTERNSHIPS", "BEST VALUE SCHOOLS", "TOP PERFORMERS IN SOCIAL MOBILITY AND "BEST UNDERGRADUATE TEACHING PROGRAMS". IN FISCAL 2022, THE OFFICE OF ADMISSION RECEIVED 5,555 APPLICATIONS FOR TRADITIONAL UNDERGRADUATE STUDENTS IN FALL 2021, ACCEPTED 76% OF THE APPLICANTS, AND ENROLLED 21% OF THOSE ACCEPTED FOR ADMISSION. THE COLLEGE AWARDED 52 ASSOCIATE DEGREES, 702 BACHELOR DEGREES, 2,529 MASTERS' DEGREES, 25 GRAD LEVEL CERTIFICATES AND 30 DOCTORAL DEGREES IN ACADEMIC YEAR 2021-2022. OUR GRADUATES HAD A FIRST-TIME PASS RATE OF 57% ON EXTERNAL EXAMINATIONS FOR ATHLETIC TRAINING, 91% FOR UNDERGRADUATE NURSING AND 92% FOR GRADUATE NURSING AND A FINAL PASS RATE OF 100% FOR THE TITLE II EDUCATOR'S EXAMS. EXTERNAL LICENSURE FOR THESE PROGRAMS IS ASSESSED BY THE NATA BOARD OF CERTIFICATION LICENSURE, NATIONAL COUNCIL LICENSURE EXAMINATION, AMERICAN ASSOCIATION OF NURSE PRACTITIONERS AND THE MASSACHUSETTS DEPARTMENT OF EDUCATION LICENSURE RESPECTIVELY. ENDICOTT'S RETENTION RATE OF FRESHMAN ENTERING 2021 AND RETURNING 2022 WAS 84%. THE SIX YEAR GRADUATION RATE FOR FRESHMAN ENTERING 2016 WAS 78%. OF THE 2021 GRADUATES WHO RESPONDED TO CAREER SURVEYS, 98% REPORTED THAT THEY WERE EITHER EMPLOYED, CONTINUING EDUCATION, VOLUNTEERING, SERVING IN THE MILITARY, OR SELF-EMPLOYED WITHIN 12 MONTHS OF GRADUATION. 74% WERE EMPLOYED FULL-TIME. 86% OF THOSE WERE IN EMPLOYMENT RELATED TO THEIR MAJOR, AND 29% FOUND EMPLOYMENT THROUGH A FORMER INTERNSHIP SITE OR CONTACT. COMMUNITY SERVICE IS EMBRACED AT ENDICOTT, WITH 44% OF THE ENDICOTT STUDENT BODY PARTICIPATING IN COMMUNITY SERVICE, FOR A TOTAL OF 15,259 COMMUNITY SERVICE HOURS PERFORMED BY 1,269 STUDENTS. THE STATE AND NATIONAL AVERAGE IS 23.1% AND 23.2%, RESPECTIVELY. 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 GRANT THORNTON LLP, INDEPENDENT TAX CONSULTANT. ONCE THE DRAFT TAX RETURN IS FULLY ANALYZED AND REVIEWED BY THE MANAGEMENT ENDICOTT TEAM, IT IS PRESENTED TO THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. A REPRESENTATIVE OF GRANT THORNTON'S TAX GROUP ATTENDS THE SCHEDULED MEETING TO ENSURE THAT ALL PERSONS HAVE HAD AN OPPORTUNITY TO ASK QUESTIONS AND DISCUSS THE CONTENT OF THE TAX RETURN. FOLLOWING THE FINANCE COMMITTEE REVIEW AND APPROVAL, IT IS PRESENTED TO THE ENTIRE BOARD OF TRUSTEES FOR THEIR REVIEW, COMMENT AND APPROVAL PRIOR TO THE FILING OF THE FORM WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY IN 2010, ENDICOTT'S BOARD OF TRUSTEES APPROVED A REVISED POLICY THAT COVERS BOARD OF TRUSTEE MEMBERS, OFFICERS, AND KEY EMPLOYEES. THOSE COVERED IN THE POLICY ARE REQUIRED TO EXECUTE AND SUBMIT TO THE VICE PRESIDENT OF FINANCE AN ANNUAL STATEMENT THAT ACKNOWLEDGES THEY RECEIVED, READ, AND UNDERSTAND THE CONFLICT OF INTEREST POLICY; THEY UNDERSTAND THAT ENDICOTT COLLEGE IS A NOT-FOR-PROFIT ENTITY WHICH MUST NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS; AND THAT THE COLLEGE MUST BE OPERATED FOR THE PURPOSES STATED IN ITS BYLAWS. THEY AGREE TO COMPLY WITH THE POLICY AND ACKNOWLEDGE THAT, EXCEPT AS INDICATED IN THE SPACE PROVIDED ON THE ANNUAL STATEMENT, THEY HAVE NOTHING TO DISCLOSE THAT IS IN CONFLICT WITH THE ESTABLISHED POLICY. SHOULD ANY CHANGE OCCUR IN THEIR SITUATION, THEY WILL SUBMIT A FURTHER STATEMENT COVERING THE MATTER. THE VICE PRESIDENT OF FINANCE WILL FOLLOW THE PROCEDURES SET FORTH IN THE POLICY FOR ANY STATEMENT THAT INCLUDES A DISCLOSURE OF CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION POLICY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES IS RESPONSIBLE FOR DUE DILIGENCE OF THE CHIEF EXECUTIVE OFFICER AND SENIOR MANAGEMENT'S COMPENSATION TO ASSURE THAT ENDICOTT COMPLIES WITH IRS REQUIREMENTS FOR NOT-FOR-PROFIT COMPENSATION. THE COMMITTEE REVIEWS AND DISCUSSES COMPENSATION OF COMPARABLE JOBS IN COMPARABLE COLLEGES AND UNIVERSITIES IN THE BOSTON AREA AND NEW ENGLAND. THE PRESIDENT IS COMPENSATED IN ACCORDANCE WITH A MULTI-YEAR COMPENSATION PLAN THAT IS BASED UPON RESEARCH ON COMPENSATION AWARDED TO PRESIDENTS IN SIMILAR INSTITUTIONS, TOGETHER WITH AN APPRAISAL OF THE PRESIDENT'S PERFORMANCE. THE PRESIDENT'S PERFORMANCE IS REVIEWED BY THE BOARD ON AN ANNUAL BASIS. THE CONCLUSIONS AND RECOMMENDATIONS OF THE COMPENSATION COMMITTEE ARE REVIEWED AND APPROVED REGULARLY BY THE FULL BOARD. THE MEMBERSHIP OF THE COMPENSATION COMMITTEE IS FREE OF CONFLICT OF INTEREST IN DETERMINING COMPENSATION. THE COMMITTEE ALSO REVIEWS AND GUIDES MANAGEMENT WITH RESPECT TO IMPLEMENTATION OF THE COMPENSATION POLICY FOR ALL OTHER EMPLOYEES. SALARIES ARE REVIEWED AND ADJUSTED ANNUALLY, BASED ON PERFORMANCE (AS MEASURED IN AN ANNUAL PERFORMANCE REVIEW) AND CHANGES IN RESPONSIBILITY. MINUTES OF COMPENSATION COMMITTEE MEETINGS ARE DOCUMENTED. AN INDEPENDENT COMPENSATION CONSULTANT WAS ENGAGED IN MAY 2021 TO COMPLETE AN EXECUTIVE COMPENSATION SURVEY. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC DISCLOSURE THE ORGANIZATION'S FORM 990, GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE FORM 990 AND AUDITED FINANCIAL STATEMENTS ARE POSTED ON THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AND THE FORM 990 IS POSTED AT WWW.GUIDESTAR.ORG. FORM 990, PART XI, LINE 9: CHANGE ON INTEREST RATE SWAP AGREEMENT 3,756,586.