2023-05-13T14:55:06-05:00 2022-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2021-07-01 042134818 LABOURE COLLEGE OF HEALTHCARE INC LABO 6173223500 303 ADAMS STREET MILTON MA 02186 DR LILY HSU PRESIDENT 6173223500 2023-05-04 1 DR LILY HSU 999009999 LYNNE JOHNSON P00757336 6179129000 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z DR LILY HSU 303 ADAMS STREET MILTON MA 02186 25999421 0 X WWW.LABOURE.EDU X 1951 MA LABOURE COLLEGE PROVIDES HIGH-QUALITY EDUCATION AND PREPARES (SEE SCH. O FOR CONTINUATION) WOMEN AND MEN FOR CAREERS IN NURSING AND ALLIED HEALTH FIELDS. INHERENT IN THE CATHOLIC IDENTITY OF THE COLLEGE AND OUR EDUCATIONAL MISSION IS A COMMITMENT TO JUDAEO-CHRISTIAN PRINCIPLES WHICH INFLUENCE THE ACADEMIC CURRICULA AND THE COLLEGE ENVIRONMENT. CONSISTENT WITH THESE PRINCIPLES, THE COLLEGE SEEKS TO GIVE OPPORTUNITIES TO A DIVERSE POPULATION OF STUDENTS TO CONTINUE THEIR EDUCATION AS MATURE ADULTS AND RESPONSIBLE WORLD CITIZENS. 11 11 239 13 0 0 1756414 2653233 24110274 21735676 1759262 198969 14477 5838 27640427 24593716 1534639 2239610 0 0 11432800 12759679 0 0 342503 6234013 6483384 19201452 21482673 8438975 3111043 45194532 46254631 12842302 12774857 32352230 33479774 LABOURE COLLEGE PROVIDES HIGH-QUALITY EDUCATION AND PREPARES WOMEN AND MEN FOR CAREERS IN NURSING AND ALLIED HEALTH FIELDS. 0 0 17831930 2239610 21740974 LABOURE COLLEGE HAS A UNIQUE AND EXTENSIVE 130 YEAR HISTORY IN THE EDUCATION OF HEALTH CARE PROFESSIONALS IN THE GREATER BOSTON AREA. APPROXIMATELY 1,200 STUDENTS, MOST PART TIME, RECEIVE AN EDUCATION WHICH THE DISTINCT FOCUS OF EDUCATION FOR PRACTICE IN THE HEALTH SECTOR. WE ARE COMMITTED TO PREPARING INDIVIDUALS TO DELIVER PATIENT-CENTERED CARE AS MEMBERS OF AN INTERDISCIPLINARY TEAM. THE INDIVIDUAL PROGRAMS PROVIDE CLINICAL EDUCATION EMPHASIZING EVIDENCE-BASED PRACTICE, INCLUDING THE LATEST RESEARCH AND CLINICAL EXPERTISE, QUALITY IMPROVEMENT APPROACHES AND THE USE OF INFORMATION TECHNOLOGY ARE IMPORTANT COMPONENTS OF EACH PROGRAM. WE ARE REGIONALLY ACCREDITED BY NECHE AND EACH OF OUR PROGRAMS ARE ACCREDITED. DISCIPLINE-SPECIFIC SPECIALIZED ACCREDITING BODY. 17831930 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 39 0 1 239 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X WILLIAM MCDONALD 6173223500 303 ADAMS STREET MILTON MA 02186 ERIC CADIN DIRECTOR (TRUSTEE), SECRETARY (FROM 10/6/21) 0.30 X X 0 0 0 ROBERTA L COEN DIRECTOR (TRUSTEE) 0.30 X 0 0 0 NEAL F FINNEGAN DIRECTOR (TRUSTEE), TREASURER (FROM 10/6/21) 0.30 X X 0 0 0 THERESE FITZGERALD DIRECTOR (TRUSTEE) (FROM 4/11/22) 0.30 X 0 0 0 DAVID J HOUSTON DIRECTOR (TRUSTEE) 0.30 X 0 0 0 JEANNE KELLY DIRECTOR (TRUSTEE) (FROM 10/6/21) 0.30 X 0 0 0 ANTOINETTE LEONEY DIRECTOR (TRUSTEE) 0.30 X 0 0 0 WILLIAM MCGINLEY DIRECTOR (TRUSTEE) 0.30 X 0 0 0 CYNTHIA M PASCIUTO DIRECTOR (TRUSTEE) 0.30 X 0 0 0 KIM BASSETT DIRECTOR (TRUSTEE) (UNTIL 12/31/21) 0.30 X 0 0 0 CHRISTOPHER C HARDING DIRECTOR (TRUSTEE) (UNTIL 12/31/21) 0.30 X 0 0 0 MARCEL VERNON DIRECTOR (TRUSTEE) (UNTIL 8/27/21) 0.30 X 0 0 0 DAMIEN DEVASTO DIRECTOR (TRUSTEE), CHAIR 0.30 X X 0 0 0 JOSEPH M RIZZO DIRECTOR (TRUSTEE), VICE-CHAIR 0.30 X X 0 0 0 LILY S HSU PRESIDENT 40.00 X 300992 0 37537 MARILYN GARDNER VP OF INSTITUTIONAL EXCELLENCE 40.00 X 207385 0 10003 WILLIAM MCDONALD VP OF ADMIN AND FINANCE 40.00 X 178474 0 18023 JUSTIN G ROY VP OF ENROLLMENT & MARKETING 40.00 X 160271 0 28753 MARIA ALTOBELLO VP OF ACADEMIC & STUDENT AFFAIRS (FROM 8/16/21) 40.00 X 70908 0 22515 JO ANNE FOLEY ASSOCIATE PROFESSOR 40.00 X 191797 0 32906 ERIC J BUONACCORSI ASSISTANT PROFESSOR, NURSING 40.00 X 163704 0 23880 KAREN MANNING DEAN, DIVISION OF NURSING 40.00 X 151263 0 35063 BONNIE ZAPOLIN ASSISTANT PROFESSOR, NURSING 40.00 X 145133 0 4637 DENISE EDINGER ASSOCIATE CHAIR, NURSING 40.00 X 122692 0 17126 1692619 0 230443 26 0 1 0 ASSESSMENT TECHNOLOGIES INSTITUTE LLC 11161 OVERBROOK ROAD LEAWOOD KS 66211 TESTING 933554 MMI LLC 855 MAIN STREET SUITE 905 BRIDGEPORT CT 06604 CUSTODIAL SERVICES 247278 STEVENS STRATEGY PO BOX 72 12 ISLAND VIEW GRANTHAM NH 03753 CONSULTING 182543 SSC INC 25 CONTROLS DRIVE SHELTON CT 06484 PUBLIC SAFETY 177730 JENZABAR INC 101 HUNTINGTON AVENUE SUITE 2200 BOSTON MA 02199 DATABASE ADMIN. 161319 12 23175 2548297 81761 2653233 TUITION FEES 611310 21735676 21735676 21735676 219434 219434 1350740 1371205 -20465 -20465 -20465 35040 23175 34500 540 540 LOAN INCOME FEE 900099 5298 5298 5298 24593716 21740974 0 199509 2239610 2239610 1106472 555089 551383 9829388 9193527 433072 202789 156624 133130 22710 784 867584 848935 15522 3127 799611 679669 115944 3998 69705 69705 93782 93782 33627 33627 1487673 846273 578221 63179 601728 420990 173594 7144 102731 20513 65956 16262 673055 470893 194171 7991 1245070 686299 532051 26720 32260 29900 2360 27049 21801 4747 501 191084 133689 55126 2269 453611 317362 130863 5386 134658 134658 SUPPLIES 1129639 1111386 18253 DUES AND MEMBERSHIPS 43833 30245 12472 1116 STUDENT ACTIVITIES 39935 39935 CARES ACT RELIEF AID 38020 29533 8487 85924 23151 61536 1237 21482673 17831930 3308240 342503 6252934 8591130 16037007 3102965 9708 8430 870491 424178 461280 482461 504464 551529 15432788 4022086 11547928 11410702 4991739 17731028 4518981 3952208 45194532 46254631 1071781 1421261 493988 433869 7590538 7329158 664703 664703 3021292 2925866 12842302 12774857 X 28003712 29835457 4348518 3644317 32352230 33479774 45194532 46254631 3111043 -1983499 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9540947 375 -1237274 -879453 7424595 7805962 700 1734285 9540947 5678956 2000325 126681 7805962 3342916 2015681 320359 5678956 3106682 5600 230634 3342916 0.63000 0.17000 0.20000 0 0 2000000 2000000 11406283 2336128 9070155 2026505 1685958 340547 11410702 COMMON FUND MULTI STRATEGY EQUITY FUND 2358283 F COMMON FUND MULTI STRATEGY BOND FUND 1593925 F 3952208 TUITION AND FEES BILLED IN ADVANCE 2925866 2925866 X 21909457 -1983499 -735260 -2718759 24628216 -34500 -34500 24593716 20781913 34500 34500 20747413 735260 735260 21482673 PART V, LINE 4: ENDOWMENT FUNDS ARE PRIMARILY USED FOR SCHOLARSHIPS. PART X, LINE 2: THE COLLEGE IS RECOGNIZED AS A NON-PROFIT ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, WHEREBY ONLY UNRELATED BUSINESS INCOME, AS DEFINED BY SECTION 512(A)(1) OF THE CODE, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE COLLEGE RECOGNIZES A TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES. MANAGEMENT EVALUATED THE COLLEGE'S TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAD NO MATERIAL UNCERTAINTIES IN INCOME TAXES AS OF JUNE 30, 2022 AND 2021. WITH FEW EXCEPTIONS, THE COLLEGE IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2019. THE COLLEGE WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID NETTED WITH TUITION AND FEES REVENUE ON AUDITED FS -735,260. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -34,500. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B 34,500. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID NETTED WITH TUITION AND FEES REVENUE ON AUDITED FS 735,260. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE MEETS THE GUIDELINE IDENTIFIED IN REV. PROC. 75-50, 1975-2 C.B. 587, SEC. 4.03 2(C). THEREFORE, THE COLLEGE IS NOT REQUIRED TO USE THE NEWSPAPER OR BROADCAST MEDIA. THE STATEMENT OF NONDISCRIMINATORY POLICY IS ON THE WEBSITE. LINE 6A - EXPLANATION OF GOVERNMENT FINANCIAL AID: THE COLLEGE RECEIVES STUDENT FINANCIAL AID FROM FEDERAL AND STATE AGENCIES. THE COLLEGE'S FINANCIAL AID OFFICE MONITORS THE GRANTS AND MAINTAINS THE GRANT RECORDS. THE COLLEGE RECEIVED FUNDING FROM THE FEDERAL GOVERNMENT THROUGH THREE GRANTS AS PART OF THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF). THE CUMULATIVE AMOUNT OF THE GRANTS AVAILABLE THROUGH THE YEARS ENDED JUNE 30, 2022 AND 2021, WAS $4,337,078, AND INCLUDED A REQUIREMENT THAT THE COLLEGE USE NO LESS THAN $1,820,024 OF THE FUNDS FOR EMERGENCY FINANCIAL AID GRANTS TO STUDENTS, WITH THE REMAINDER AVAILABLE FOR INSTITUTIONAL EXPENSES. DURING THE YEARS ENDED JUNE 30, 2022 AND 2021, THE COLLEGE DISTRIBUTED $1,502,850 AND $860,250, RESPECTIVELY, OF THE FUNDS TO ELIGIBLE STUDENTS TO HELP OFFSET THE EXPENSES RELATED TO THE DISRUPTION OF CAMPUS OPERATIONS. THE INSTITUTIONAL PORTION CONTAINS AN ADDITIONAL BARRIER RELATING TO LIMITED DISCRETION OVER THE TYPES OF EXPENDITURES FOR WHICH THE FUNDS CAN BE USED. DURING THE YEARS ENDED JUNE 30, 2022 AND 2021, THE COLLEGE RECOGNIZED $1,045,447 AND $556,280, RESPECTIVELY, IN INSTITUTIONAL AID. LINE 6B: AS A RESULT OF THE CHANGE IN CONTROL ON JUNE 30, 2013, THE COLLEGE PROVIDED TO THE US DEPARTMENT OF EDUCATION ("USDOE") VARIOUS DOCUMENTS FOR THEIR ACCEPTANCE AND APPROVAL IN ORDER TO MAINTAIN CONTINUED ELIGIBILITY IN THE TITLE IV FINANCIAL AID PROGRAMS (THE "PROGRAM"). THE USDOE HAD NOTIFIED THE COLLEGE THAT THE SUBMISSION WAS INCOMPLETE AND AS A RESULT, THE USDOE STATED THAT THE COLLEGE LOST INSTITUTIONAL ELIGIBILITY TO PARTICIPATE IN THE PROGRAM. MANAGEMENT BELIEVED THE APPLICABLE REQUIREMENTS WERE PROPERLY MET. REINSTATEMENT OF ELIGIBILITY IN THE PROGRAM WAS CONTINGENT UPON THE USDOE'S ACCEPTANCE OF THE SUBMISSION OF THE COLLEGE'S AUDITED FINANCIAL STATEMENTS AS OF JUNE 30, 2013 AND AN APPROVED LETTER OF CREDIT. THE COLLEGE WAS REINSTATED BY THE USDOE IN THE PROGRAM ON NOVEMBER 27, 2013. GALA 58215 23175 35040 19087 15413 58215 23175 35040 19087 15413 34500 540 1 STUDENT FINANCIAL AID 351 0 735260 FMV ALL GRANTS ARE FOR FINANCIAL ASSISTANCE TO ATTEND LABOURE COLLEGE. CARES ACT STUDENT RELIEF AID 1641 1504350 0 FMV FINANCIAL AID GRANTS TO STUDENTS FOR EXPENSES RELATED TO THE COVID-19 PANDEMIC. PART I, LINE 2: THE FINANCIAL AID DEPARTMENT ISSUES AND MONITORS STUDENT FINANCIAL AID AWARDS. THE FINANCE DIVISION MONITORS THE SCHOLARSHIPS AND DISCOUNTS REFLECTED ON STUDENT BILLING. STUDENT AID IS AWARDED BASED ON MEETING ESTABLISHED CRITERIA WHICH INCLUDE ACADEMIC ACHIEVEMENT AND FINANCIAL AID. IN FISCAL YEAR 2022, THE COLLEGE RECEIVED FUNDING FROM THE FEDERAL GOVERNMENT AS PART OF THE HIGHER EDUCATION EMERGENCY RELIEF FUND. $1,504,350 WAS ALLOCATED AS EMERGENCY FINANCIAL AID GRANTS TO STUDENTS FOR EXPENSES RELATED TO THE COVID-19 PANDEMIC. X X 0 0 0 0 0 0 0 0 0 LILY S HSU PRESIDENT 298706 0 0 0 2286 0 5800 0 31737 0 338529 0 0 0 JO ANNE FOLEY ASSOCIATE PROFESSOR 190695 0 0 0 1102 0 0 0 32906 0 224703 0 0 0 MARILYN GARDNER VP OF INSTITUTIONAL EXCELLENCE 203677 0 0 0 3708 0 8147 0 1856 0 217388 0 0 0 WILLIAM MCDONALD VP OF ADMIN AND FINANCE 177700 0 0 0 774 0 5405 0 12618 0 196497 0 0 0 JUSTIN G ROY VP OF ENROLLMENT & MARKETING 160096 0 0 0 175 0 5202 0 23551 0 189024 0 0 0 ERIC J BUONACCORSI ASSISTANT PROFESSOR, NURSING 163609 0 0 0 95 0 2060 0 21820 0 187584 0 0 0 KAREN MANNING DEAN, DIVISION OF NURSING 150075 0 0 0 1188 0 4689 0 30374 0 186326 0 0 0 A MASSACHUSETTS DEVELOPMENT FINANCE AUTHORITY 043431814 2021-04-30 7781800 SEE PART VI 0 0 0 A 312229 7781800 121088 7660712 2021 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 1 0 0 0 0 0 1 A 1 SCHEDULE K, PART I, COLUMN F: THE BOND ISSUE WAS USED TO REFINANCE THE ORIGINAL BOND THAT WAS ISSUED IN 07/18/2013. THE ACQUISITION AND RENOVATION OF THE FIVE ACRES OF LAND AND IMPROVEMENTS THEREON AT 303 ADAMS STREET, MILTON, MA. FOR THE RELOCATION OF THE BORROWER'S CAMPUS THERETO, INCLUDING CREATION OF APPROXIMATELY 130 ADDITIONAL PARKING SPACES. GENERAL REFURBISHMENT AND ADA COMPLIANCE IMPROVEMENTS; ACQUISITION AND INSTALLATION OF MISCELLANEOUS FURNITURE, FIXTURES AND EQUIPMENT AT THE ABOVE-REFERENCED PROPERTY, AND PAYING CERTAIN COSTS OF ISSUING THE BONDS AND OTHER COMMON COSTS. FORM 990, PART VI, SECTION A, LINE 6 THERE IS A SLATE OF MEMBERS. CURRENTLY THE SLATE IS COMPOSED OF TEN INDIVIDUALS. THE COLLEGE BYLAWS HAVE ALWAYS CLEARLY ENUMERATED WHAT THE MEMBERS ARE ALLOWED TO DO. FORM 990, PART VI, SECTION A, LINE 7B THE GOVERNANCE DECISIONS OF THE CURRENT SLATE OF MEMBERS ARE LIMITED TO APPROVING CHANGES TO THE ARTICLES OF ORGANIZATION; APPROVING MERGERS, DISSOLUTION, OR CONSOLIDATIONS; AND APPROVING CHANGES OF THE PURPOSE OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11B THE FULL COPY OF FORM 990 IS DISTRIBUTED TO THE FINANCE COMMITTEE AND SUBSEQUENTLY THE FULL BOARD FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE PRESIDENT ANNUALLY GATHERS RESPONSES AND MONITORS COMPLIANCE. THE PRESIDENT, VICE PRESIDENTS, AND DIRECTORS MUST PROVIDE A STATEMENT IDENTIFYING ANY CONFLICT OF INTEREST. ANY INDIVIDUAL WHO HAS A CONFLICT OF INTEREST CANNOT PARTICIPATE IN DECISIONS RELATED TO THE CONFLICT UNTIL THE END OF THE CONFLICT OF INTEREST. THE PRESIDENT PERFORMS THE REVIEW AND DETERMINES WHETHER CONFLICTS EXIST. FORM 990, PART VI, SECTION B, LINE 15 ON AN ANNUAL BASIS, DIRECTORS OF THE COLLEGE BOARD REVIEW AND DETERMINE THE COMPENSATION OF THE COLLEGE PRESIDENT. ON AN ANNUAL BASIS, THE PRESIDENT PERFORMS AN ANNUAL REVIEW OF COMPENSATION OF OFFICERS. THE REVIEW INCLUDES COMPARISON TO INDUSTRY DATA, INDIVIDUAL PERFORMANCE DATA, INCREASES PROVIDED TO OTHER EMPLOYEES, AND OTHER FACTORS. THE PRESIDENT DETERMINES THE COMPENSATION OF OFFICERS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE PROVIDES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA GUIDESTAR AND MASSACHUSETTS ATTORNEY GENERAL'S OFFICE WEBSITES.