2025-05-14T08:25:52-05:00 2024-06-30 135565207 KPMG LLP 60 SOUTH STREET TWO FINANCIAL CENTER BOSTON MA 02111 990 2023-07-01 041081650 BENTLEY UNIVERSITY BENT 7818912000 175 FOREST STREET WALTHAM MA 024524705 MAUREEN FORRESTER VP, CFO/TREASURER 7818912000 2025-05-07 1 0 KIMBERLY MAC NAMEE P02479140 6179881000 2025-05-14 2023 2025-03-06 01:10:19Z E LABRENT CHRITE 175 FOREST STREET WALTHAM MA 024524705 519100450 0 X WWW.BENTLEY.EDU X 1917 MA SEE SCHEDULE O 21 20 2785 250 885923 94697 10288000 14467000 327178000 350900112 9232056 19358015 1040175 0 347738231 384725127 105894107 118120472 0 0 139493670 154154680 174370 134638 5898858 88109389 92897162 333671536 365306952 14066695 19418175 753030083 797040848 203271083 197864848 549759000 599176000 X SEE SCHEDULE O 0 0 316531279 118120472 350900112 TUITION, FEES, AND AUXILIARYBENTLEY HAS BEEN EDUCATING BUSINESS-MINDED STUDENTS SINCE HARRY C. BENTLEY FIRST CONVENED 30 ACCOUNTING STUDENTS ON HUNTINGTON AVENUE IN BOSTON IN 1917. WE HAVE CONTINUOUSLY ADAPTED TO BECOME ONE OF THE TOP BUSINESS UNIVERSITIES IN THE U.S., COMBINING BUSINESS WITH ARTS AND SCIENCE TO PREPARE FUTURE BUSINESS LEADERS WHO WILL DELIVER VALUE IN THE MARKETPLACE AND LASTING POSITIVE EFFECTS FOR SOCIETY. BENTLEY IS HOME TO EIGHT ACADEMIC CENTERS THAT ADDRESS CRITICALLY IMPORTANT ISSUES, INCLUDING WOMEN AND BUSINESS, BUSINESS ETHICS, ANALYTICS AND DATA SCIENCE, HEALTH AND BUSINESS AND MORE. SEE SCHEDULE O FOR CONTINUATION. 316531279 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 6263 0 1 2785 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 21 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA X X DONNA LANE 7818912652 175 FOREST STREET WALTHAM MA 024524705 E LABRENT CHRITE PRESIDENT/TRUSTEE 50.00 0.00 X X 875013 0 195082 J PAUL CONDRIN III CHAIR 8.00 0.00 X X 0 0 0 DAVID L GIUNTA VICE CHAIR 8.00 0.00 X X 0 0 0 ROBERT E ALAN TRUSTEE 2.00 0.00 X 0 0 0 THOMAS P ALBER TRUSTEE 2.00 0.00 X 0 0 0 PAULINE CALLENDER HAN TRUSTEE 1.00 0.00 X 0 0 0 STEPHEN L DELVECCHIO TRUSTEE 2.00 0.00 X 0 0 0 VANEESHA DUTRA TRUSTEE (AS OF 9/23) 1.00 0.00 X 0 0 0 JOYCE J ELAM TRUSTEE 2.00 0.00 X 0 0 0 DANIEL FARLEY TRUSTEE 2.00 0.00 X 0 0 0 MELANIE FOLEY TRUSTEE 2.00 0.00 X 0 0 0 STEVEN C MILLNER TRUSTEE 1.00 0.00 X 0 0 0 LEBONE C MOSES TRUSTEE 1.00 0.00 X 0 0 0 SUSAN G O'CONNELL TRUSTEE 2.00 0.00 X 0 0 0 MELANIE OTERO TRUSTEE 1.00 0.00 X 0 0 0 BILL PAPPAS TRUSTEE 2.00 0.00 X 0 0 0 GORDON E PULSIFER TRUSTEE 1.00 0.00 X 0 0 0 DEBORA L SPAR TRUSTEE 1.00 0.00 X 0 0 0 NICKOLAS STAVROPOULOS TRUSTEE 2.00 0.00 X 0 0 0 TIFFANY R WARREN TRUSTEE 1.00 0.00 X 0 0 0 BRIAN T ZINO TRUSTEE 2.00 0.00 X 0 0 0 PAUL TESLUK PROVOST & VP, ACADEMIC AFFAIRS 50.00 0.00 X 464016 0 55513 MAUREEN FORRESTER VP, CFO/TREASURER 50.00 0.00 X 436392 0 55511 CHRIS GRUGAN VP, UNIVERSITY ADVANCEMENT 50.00 0.00 X 407342 0 33146 CAROLINA FIGUEROA VP, ENROLLMENT MANAGEMENT 50.00 0.00 X 373890 0 56478 J ANDREW SHEPARDSON VP, STUDENT AFFAIRS & DEAN 50.00 0.00 X 329940 0 54990 SEAN FERGUSON VP, STRATEGY & INNOVATION 50.00 0.00 X 306816 0 52386 ELIZABETH HESS VP AND CIO 50.00 0.00 X 315686 0 30543 GEORGE CANGIANO VP, HUMAN RESOURCES 50.00 0.00 X 277880 0 50297 CHRISTOPHER J JOYCE VP, MARKETING & COMM 50.00 0.00 X 278709 0 45694 KATHERINE PENN VP, DIV/INCLUSION 50.00 0.00 X 230132 0 22601 GUILHERME COSTA VP/GEN COUNSEL & SECRETARY 50.00 0.00 X 211081 0 29235 JUDITH MALONE FMR VP/GEN COUNSEL & SECRETARY(7/23) 50.00 0.00 X 182135 0 30155 KARTIK RAMAN ASSOCIATE PROVOST 50.00 0.00 X 386652 0 55471 RANI HOITASH PROFESSOR 50.00 0.00 X 378887 0 55482 SANJAY PUTREVU DEAN OF BUSINESS 50.00 0.00 X 373946 0 56023 MARTIN CONYON PROFESSOR 50.00 0.00 X 360349 0 54358 MICHAEL PAGE PROFESSOR 50.00 0.00 X 366795 0 40581 DONNA MARIA BLANCERO PROFESSOR, FORMER PROVOST 50.00 0.00 X 338607 0 54356 NANCY ANTUNES FORMER INTERIM CFO 50.00 0.00 X 166208 0 25269 RICK OCHES DEAN OF ARTS & SCI; FMR PROVOST 50.00 0.00 X 288928 0 36094 7349404 0 1089265 392 1 1 0 SODEXO INC & AFFILIATES 860 WINTER STREET WALTHAM MA 02451 FOOD SERVICE 14305797 C & W FACILITY SERVICES INC 117 KENDRICK STREET SUITE 250 NEEDHAM MA 02494 CUSTODIAL SERVICES 2242855 TITAN ROOFING INC 200 TAPLEY STREET SPRINGFIELD MA 01104 CONSTRUCTION 1080900 CULLEN MECHANICAL INC 46 WINTER STREET MALDEN MA 02148 CONSTRUCTION 894335 WALKER DEVELOPMENT & CONSTRUCTION MGMT 337 TURNPIKE RD STE 201 SOUTHBOROUGH MA 01772 CONSTRUCTION 885609 57 4019000 10448000 672267 14467000 TUITION, FEES, AND AUX 900099 350017000 348313399 781823 921778 AUXILIARY SALES AND SE 900099 383051 383051 500061 500061 350900112 8951338 5077 8946261 144782000 134375323 10406677 10406677 99023 10307654 384725127 349196511 885923 20175693 213686 213686 103788912 103788912 14117874 14117874 4689030 329940 4114685 244405 793743 793743 115951203 96457053 16137797 3356353 8840956 7046541 1494500 299915 15961885 12722163 2698242 541480 7917863 6310805 1338458 268600 1992791 1101482 891309 246555 246555 481600 481600 20924 20924 134638 134638 3370952 3370952 14063182 13546052 517130 3927136 3878358 31045 17733 7343397 6002010 1235869 105518 6071841 4235145 1702072 134624 6534978 5399102 1135876 4356877 3647557 420900 288420 3555398 2218283 1135206 201909 3721887 3505936 215951 18344885 17280481 1064404 902660 69150 833510 PURCHASED SERVICES 12069272 9414168 2397809 257295 STUDY ABROAD 3158591 3158591 LEASING 1435626 1263476 161816 10334 1298610 824514 436462 37634 365306952 316531279 42876815 5898858 0 0 104356461 119229108 3449044 3324608 3037835 3230753 0 0 0 0 0 0 0 0 3796014 2717640 611427000 317020000 293274000 294407000 183889729 214927739 161227000 159204000 0 0 0 0 0 753030083 797040848 24665393 26504896 0 0 7689623 8695343 162784186 155115862 0 0 0 0 0 0 0 0 8131881 7548747 203271083 197864848 X 399815000 436419000 149944000 162757000 549759000 599176000 753030083 797040848 X 19418175 30051825 -53000 X 0 1 X 1 1 1 X 12904000 15599000 19190000 10288000 14467000 72448000 12904000 15599000 19190000 10288000 14467000 72448000 546485 71901515 2663036 2269481 3224378 6087363 8946261 23190519 11273 24775 93144 26349 94697 250238 1976000 703000 1517000 1040175 5236175 101124932 1558092805 0.71100 0.69040 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER SOURCES - 2019 AMOUNT: $ 1,976,000. 2020 AMOUNT: $ 703,000. 2021 AMOUNT: $ 1,517,000. 2022 AMOUNT: $ 1,040,175. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 20924 20924 0 PART II-B, LINE 1: BENTLEY UNIVERSITY PAYS MEMBERSHIP DUES TO VARIOUS EDUCATIONAL ASSOCIATIONS WHICH MAY ENGAGE IN LOBBYING ACTIVITIES ON BEHALF OF THEIR MEMBERS, AND THEREFORE THE DUES CREATE INDIRECT LOBBYING EXPENSES FOR THE UNIVERSITY. THE PORTION OF MEMBERSHIP FEES ALLOCABLE TO LOBBYING ACTIVITIES WAS $20,924 FOR THE YEAR ENDED JUNE 30, 2024. 221605 X 0 333900000 4424629 38748013 3915279 10513721 362643642 333061704 2039597 13234699 3851336 10584664 333900000 359232653 3588000 -16638949 3462448 9657552 333061704 263227202 3518401 104823556 3153191 9183315 359232653 276502744 1773698 -3071238 3026244 8951758 263227202 0.58260 0.18348 0.23392 0 0 31871000 31871000 518350000 268576000 249774000 51833000 48444000 3389000 9373000 9373000 294407000 HEDGE FUNDS 57904000 F PRIVATE EQ/VENTURE CAP 89978000 F COMMODITIES 4108000 F LIFE INSURANCE 7214000 F 159204000 POSTRETIREMENT BENEFIT 6262090 ANNUITY OBLIGATION 1286657 7548747 X 411353000 30051825 -53000 29998825 381354175 3370952 3370952 384725127 361936000 0 361936000 3370952 3370952 365306952 PART III, LINE 4: COLLECTIONS OF ART: THE UNIVERSITY OWNS A MODERN COLLECTION OF ABOUT 35 PAINTINGS AND SCULPTURES THAT APPEAR IN PUBLIC COMMON AREAS THROUGHOUT THE CAMPUS, IN CONFERENCE ROOMS, AND IN THE PRESIDENT'S HOUSE. THE COLLECTION SEEKS TO ENRICH CAMPUS CULTURAL LIFE IN GENERAL, INCREASE THE EDUCATIONAL SCOPE AND OPPORTUNITY FOR APPRECIATION OF THE ARTS BY UNIVERSITY STUDENTS, AND CONTRIBUTE TO THE CULTURAL ENRICHMENT OF THE SURROUNDING COMMUNITY. PART V, LINE 4: ENDOWMENT FUNDS: THE UNIVERSITY'S ENDOWMENT PROVIDES FOR SCHOLARSHIPS TO STUDENTS, SUPPORT FOR ACADEMIC PROGRAMS, AND SUPPORT FOR PROGRAM ACTIVITIES. IN ADDITION, QUASI ENDOWMENT REPRESENTS 58% OF ENDOWMENT. THIS AMOUNT IS INVESTED AND THE EARNINGS ARE USED TO SUPPORT UNIVERSITY OPERATIONS. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE: THE UNIVERSITY IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE, AS AMENDED. ACCORDINGLY, IT IS GENERALLY NOT SUBJECT TO INCOME TAXES EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. THE UNIVERSITY BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2024 OR 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: OTHER NONOPERATING ACTIVITIES -53,000. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEE PART II LINE 3 - EXPLANATION OF NONDISCRIMINATION POLICY NONDISCRIMINATORY POLICY: BENTLEY UNIVERSITY DOES NOT DISCRIMINATE IN ADMISSION OR ACCESS TO, OR TREATMENT OR EMPLOYMENT IN ANY OF ITS EDUCATIONAL PROGRAMS OR ACTIVITIES, INCLUDING SCHOLARSHIPS, LOANS, AND ATHLETICS, ON THE BASIS OF RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY AND/OR EXPRESSION, MARITAL STATUS, AGE, NATIONAL ORIGIN, CITIZENSHIP STATUS, DISABILITY, GENETIC INFORMATION, MILITARY OR VETERAN STATUS. BENTLEY UNIVERSITY MAINTAINS AND SUPPORTS AFFIRMATIVE ACTION PLANS FOR ITS WORKPLACE IN COMPLIANCE WITH FEDERAL LAW. EQUAL OPPORTUNITY EXTENDS TO ALL ASPECTS OF THE EMPLOYMENT RELATIONSHIP, INCLUDING HIRING, PROMOTIONS, TRAINING, WORKING CONDITIONS, COMPENSATION, AND BENEFITS. BENTLEY UNIVERSITY'S POLICIES AND PRACTICES REFLECT THE UNIVERSITY'S COMMITMENT TO NONDISCRIMINATION IN ALL AREAS OF EMPLOYMENT. THE UNIVERSITY COMPLIES WITH TITLE VI OF THE CIVIL RIGHTS ACT, TITLE IX OF THE EDUCATION AMENDMENTS ACT, SECTION 504 OF THE REHABILITATION ACT AND REVENUE PROCEDURE 75-50 PROHIBITING SUCH DISCRIMINATION. ANYONE BELIEVING THAT HE OR SHE HAS EXPERIENCED ADVERSE TREATMENT MAY REGISTER A COMPLAINT WITH THE OFFICE OF EQUAL OPPORTUNITY & INSTITUTIONAL EQUITY. THE UNIVERSITY PUBLISHES ITS NONDISCRIMINATION POLICY ON ITS WEBSITE AND IN THE STUDENT HANDBOOK. SCHEDULE E, LINE 6A - EXPLANATION OF GOVERNMENT FINANCIAL AID FINANCIAL AID AND GOVERNMENTAL ASSISTANCE: THE UNIVERSITY PARTICIPATES IN THE TITLE IV PROGRAM FOR CAMPUS WORK STUDY, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, DIRECT LENDING, AND PELL GRANTS. THE UNIVERSITY PROVIDES FINANCIAL AID FUNDS TO THE STUDENTS BASED ON GENERALLY ACCEPTED UNIFORM NON-DISCRIMINATORY METHODOLOGY. 1 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 273597 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 2611763 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD 10521 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD 165489 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD 97220 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 1367970 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 3018245 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 3510373 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 644512 NORTH AMERICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 1406997 RUSSIA AND THE NEWLY INDEPENDENT STATES 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 900542 SOUTH AMERICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 1607922 SOUTH ASIA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 1202857 SUB-SAHARAN AFRICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 458456 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 134505665 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 INVESTMENTS 3914938 0 0 0 0 0 0 11055178 144641889 155697067 SCHOLARSHIP ASSISTANCE CENTRAL AMERICA AND THE CARIBBEAN 55 1367970 ACCT CREDIT SCHOLARSHIP ASSISTANCE EAST ASIA AND THE PACIFIC 166 3018245 ACCT CREDIT SCHOLARSHIP ASSISTANCE EUROPE (INCLUDING ICELAND & GREENLAND) 141 3510373 ACCT CREDIT SCHOLARSHIP ASSISTANCE MIDDLE EAST AND NORTH AFRICA 38 644512 ACCT CREDIT SCHOLARSHIP ASSISTANCE NORTH AMERICA 32 1406997 ACCT CREDIT SCHOLARSHIP ASSISTANCE RUSSIA AND NEIGHBORING STATES 38 900542 ACCT CREDIT SCHOLARSHIP ASSISTANCE SOUTH AMERICA 85 1607922 ACCT CREDIT SCHOLARSHIP ASSISTANCE SOUTH ASIA 99 1202857 ACCT CREDIT SCHOLARSHIP ASSISTANCE SUB-SAHARAN AFRICA 23 458456 ACCT CREDIT 1 0 1 1 1 1 PART I, LINE 2: MONITORING THE USE OF GRANT FUNDS OUTSIDE THE U.S. THE UNIVERSITY PROVIDES SCHOLARSHIP ASSISTANCE TO QUALIFIED STUDENTS. MANY SCHOLARSHIPS ARE BASED ON CRITERIA SUCH AS ACADEMIC STRENGTH, ATHLETIC ABILITY, AND LEADERSHIP OR COMMUNITY SERVICE. NON-NEED-BASED SCHOLARSHIP FUNDING IS AWARDED THROUGH THE ADMISSIONS PROCESS AND USUALLY HAS A GRADE POINT AVERAGE (GPA) OR OTHER REQUIREMENT FOR RENEWAL IN SUBSEQUENT YEARS. TYPES OF MERIT SCHOLARSHIPS INCLUDE AWARDS RANGING FROM $10,000 TO $40,000 AND A LIMITED NUMBER OF FULL TUITION AWARDS. ALL SCHOLARSHIP AMOUNTS ARE AUTOMATICALLY CREDITED TO THE INDIVIDUAL'S STUDENT ACCOUNT. PART I, LINE 3: BASIS OF ACCOUNTING THE BASIS OF ACCOUNTING ON THE FINANCIAL STATEMENTS IS ACCRUAL. X X 1 EAB GLOBAL 11011 W BRD ST GLEN ALLEN VA 23060 CONSULTS ON DIRECT MAIL PROGRAM 0 292546 134638 157908 292546 134638 157908 AL AK AZ AR CA CO CT DC DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY PART I, LINE 2B, COLUMN (III) EAB GLOBAL SOLICITS DONATIONS ON BEHALF OF BENTLEY UNIVERSITY THROUGH DIRECT MAIL AND DIRECT EMAILING CAMPAIGNS. EAB DOES NOT HAVE CUSTODY OR CONTROL OVER ANY CONTRIBUTIONS RAISED ON BEHALF OF THE UNIVERSITY. PART I, LINE 2B, COLUMN (V) THE AMOUNT PAID TO EAB GLOBAL REFLECTS THE COST FOR PROFESSIONAL FUNDRAISING, PRODUCTION OF PRINTED MATERIALS, AS WELL AS THE COMPREHENSIVE CREATIVE DEVELOPMENT OF MULTI-CHANNEL COMMUNICATIONS FOR DIRECT SOLICITATION CAMPAIGN. PASSTHROUGH COSTS BILLED AS SEPARATE LINE ITEMS FOR MEDIA AND POSTAGE NOT INCLUDED ABOVE AMOUNTED TO $25,349. 1 MA CONFERENCE FOR WOMEN PO BOX 55071 BOSTON MA 02205 202699177 501(C)(3) 25000 0 SPONSORSHIP CARLETON COLLEGE ONE NORTH COLLEGE STREET NORTHFIELD MN 55057 410694747 501(C)(3) 68344 0 RESEARCH OREGON STATE UNIVERSITY 4238 SW RESEARCH WAY CORVALLIS OR 97333 936022772 501(C)(3) 20925 0 RESEARCH FLORIDA INTERNATIONAL UNIVERSITY 3000 NE 151ST AC1 NORTH MIAMI FL 33181 650177616 501(C)(3) 80519 0 RESEARCH UNIVERSITY OF DELAWARE 210 S COLLEGE AVE NEWARK DE 19716 516000297 501(C)(3) 18898 0 RESEARCH 5 0 SCHOLARSHIP ASSISTANCE 3766 103788912 PART I, LINE 2: MONITORING THE USE OF GRANT FUNDS IN THE U.S. THE UNIVERSITY PROVIDED FINANCIAL SUPPORT TO THE MASSACHUSETTS CONFERENCE FOR WOMEN. THIS ENTITY PROVIDES OPPORTUNITIES FOR BUSINESS NETWORKING, PROFESSIONAL DEVELOPMENT,EDUCATION, AND PERSONAL GROWTH FOR WOMEN. THE UNIVERSITY OCCASIONALLY MAKES PAYMENTS TO INSTITIUTIONS AS SUBAWARDEES OF ITS RESEARCH GRANT PROGRAMS. WHEN APPROVING INVOICE PAYMENTS CHARGED TO RESEARCH GRANTS, THE VALIDITY OF THE EXPENSES ARE VERIFIED BY THE PRINCIPAL INVESTIGATOR, WHILE COMPLIANCE AND ALLOWABILITY OF CHARGES ARE MONITORED BY THE OFFICE OF SPONSORED PROGRAMS. PART III, LINE 1 THE UNIVERSITY PROVIDES SCHOLARSHIP ASSISTANCE TO QUALIFIED STUDENTS. MANY SCHOLARSHIPS ARE BASED ON CRITERIA SUCH AS ACADEMIC STRENGTH, ATHLETIC ABILITY, AND LEADERSHIP OR COMMUNITY SERVICE. NON-NEED-BASED SCHOLARSHIP FUNDING IS AWARDED THROUGH THE ADMISSIONS PROCESS AND USUALLY HAS A GRADE POINT AVERAGE (GPA) OR OTHER REQUIREMENT FOR RENEWAL IN SUBSEQUENT YEARS. TYPES OF MERIT SCHOLARSHIPS INCLUDE AWARDS RANGING FROM $10,000 TO $40,000 AND A LIMITED NUMBER OF FULL TUITION AWARDS. THE UNIVERSITY ALSO OFFERS NEED-BASED AID GRANT FUNDS THAT ARE AWARDED BASED ON FINANCIAL NEED AND DO NOT HAVE TO BE REPAID. THE OFFICE OF FINANCIAL ASSISTANCE DETERMINES THE TOTAL AMOUNT OF A STUDENT'S NEED-BASED GRANT FUNDING ACCORDING TO FEDERAL AND INSTITUTIONAL FORMULAS. TYPES OF NEED BASED GRANTS INCLUDE BENTLEY SCHOLARSHIPS, AS WELL AS FEDERAL AND STATE SOURCES. ALL SCHOLARSHIP AND NEED-BASED AID GRANT AMOUNTS ARE AUTOMATICALLY CREDITED TO THE INDIVIDUAL'S STUDENT ACCOUNT. X X X X 1 1 X X X X X X 0 1 0 0 0 0 0 1 0 E LABRENT CHRITE PRESIDENT/TRUSTEE 750458 0 112500 0 12055 0 99750 0 95332 0 1070095 0 0 0 PAUL TESLUK PROVOST & VP, ACADEMIC AFFAIRS 443544 0 15000 0 5472 0 33000 0 22513 0 519529 0 0 0 MAUREEN FORRESTER VP, CFO/TREASURER 428255 0 0 0 8137 0 33000 0 22511 0 491903 0 0 0 KARTIK RAMAN ASSOCIATE PROVOST 372615 0 10000 0 4037 0 33000 0 22471 0 442123 0 0 0 CHRIS GRUGAN VP, UNIVERSITY ADVANCEMENT 405769 0 0 0 1573 0 33000 0 146 0 440488 0 0 0 RANI HOITASH PROFESSOR 374218 0 0 0 4669 0 33000 0 22482 0 434369 0 0 0 CAROLINA FIGUEROA VP, ENROLLMENT MANAGEMENT 341175 0 30000 0 2715 0 33000 0 23478 0 430368 0 0 0 SANJAY PUTREVU DEAN OF BUSINESS 368107 0 0 0 5839 0 33000 0 23023 0 429969 0 0 0 MARTIN CONYON PROFESSOR 347142 0 0 0 13207 0 33000 0 21358 0 414707 0 0 0 MICHAEL PAGE PROFESSOR 358771 0 0 0 8024 0 33000 0 7581 0 407376 0 0 0 DONNA MARIA BLANCERO PROFESSOR, FORMER PROVOST 330386 0 0 0 8221 0 33000 0 21356 0 392963 0 0 0 J ANDREW SHEPARDSON VP, STUDENT AFFAIRS & DEAN 315965 0 0 0 13975 0 32638 0 22352 0 384930 0 0 0 SEAN FERGUSON VP, STRATEGY & INNOVATION 294433 0 10000 0 2383 0 29926 0 22460 0 359202 0 0 0 ELIZABETH HESS VP AND CIO 301098 0 10000 0 4588 0 30433 0 110 0 346229 0 0 0 GEORGE CANGIANO VP, HUMAN RESOURCES 275321 0 0 0 2559 0 27962 0 22335 0 328177 0 0 0 RICK OCHES DEAN OF ARTS & SCI; FMR PROVOST 283915 0 0 0 5013 0 28540 0 7554 0 325022 0 0 0 CHRISTOPHER J JOYCE VP, MARKETING & COMM 276884 0 0 0 1825 0 28201 0 17493 0 324403 0 0 0 KATHERINE PENN VP, DIV/INCLUSION 224202 0 5000 0 930 0 22520 0 81 0 252733 0 0 0 GUILHERME COSTA VP/GEN COUNSEL & SECRETARY 170667 0 40000 0 414 0 16500 0 12735 0 240316 0 0 0 JUDITH MALONE FMR VP/GEN COUNSEL & SECRETARY(7/23) 174885 0 5000 0 2250 0 17735 0 12420 0 212290 0 0 0 NANCY ANTUNES FORMER INTERIM CFO 164446 0 0 0 1762 0 13057 0 12212 0 191477 0 0 0 PART I, LINE 1A FOR THE CONVENIENCE OF THE UNIVERSITY, THE UNIVERSITY PROVIDES ON CAMPUS HOUSING FOR ITS PRESIDENT. ESTIMATED RENTAL CHARGES FOR CALENDAR YEAR 2023, (01/01/2023-12/31/2023) ARE $71,800. THIS COST IS ALLOCATED TO THE PRESIDENT AS A NON TAXABLE BENEFIT IN COLUMN D. IN ADDITION, ESTIMATED PERSONAL COSTS RELATED TO HOUSE SERVICES ARE INCLUDED IN THE PRESIDENT'S TAXABLE INCOME. FROM TIME TO TIME, THE UNIVERSITY MAY PROVIDE CAR SERVICES TO THE PRESIDENT TO BE USED FOR BUSINESS PURPOSES. THE AMOUNT PAID FOR COMMERCIAL CAR SERVICES IS NOT INCLUDED IN THE PRESIDENT'S TAXABLE WAGES AS THE CAR SERVICE WAS USED ONLY TO CONDUCT UNIVERSITY BUSINESS. THE UNIVERSITY WILL OCCASIONALLY APPROVE FIRST CLASS TRAVEL FOR TRUSTEES OR OFFICERS WHEN THE TRAVEL IS WITHIN THE GUIDELINES OF THE UNIVERSITY'S TRAVEL POLICY. THE PRESIDENT'S SPOUSE TRAVELS OCCASIONALLY WITH THE PRESIDENT WHEN NECESSARY FOR BUSINESS PURPOSES. TRAVEL FOR BUSINESS PURPOSES IS NOT INCLUDED AS TAXABLE INCOME. PART I, LINE 4B EFFECTIVE JULY 1ST, 2022, THE UNIVERSITY ESTABLISHED A 457(F) DEFERRED COMPENSATION PLAN FOR E. LABRENT CHRITE. THE CONTRIBUTION MADE DURING CY 2023 WAS $66,750. PART I, LINE 7 BONUSES THAT MAY BE AWARDED TO THE PRESIDENT ARE RECOMMENDED TO THE BOARD OF TRUSTEES BY THE BOARD OF TRUSTEES' COMPENSATION AND BENEFITS COMMITTEE BASED ON THE COMMITTEE'S ASSESSMENT OF THE PRESIDENT'S PERFORMANCE AND THAT OF BENTLEY UNIVERSITY AGAINST APPROPRIATE GOALS ESTABLISHED ANNUALLY BY THE BOARD. THE COMMITTEE, IN ITS SOLE DISCRETION, MAY DETERMINE NOT TO RECOMMEND AWARDING A BONUS FOR ANY GIVEN YEAR, AND THE BOARD, IN ITS SOLE DISCRETION, MAY DETERMINE NOT TO AWARD A BONUS FOR ANY GIVEN YEAR. BONUSES MAY BE AWARDED TO VICE PRESIDENTS BASED ON RECOMMENDATIONS MADE BY THE PRESIDENT THAT ARE APPROVED BY THE COMPENSATION AND BENEFITS COMMITTEE WITH THE RATIONALE BASED UPON THE PRESIDENT'S ASSESSMENT OF THE INDIVIDUAL'S PERFORMANCE. BONUS PAYMENTS MAY BE AWARDED TO OTHER EMPLOYEES BASED ON RECOMMENDATIONS MADE BY MANAGEMENT AND APPROVED BY THEIR RESPECTIVE VICE PRESIDENT. A MDFA SERIES 2016 043431814 57584XKJ9 2016-03-08 40434302 RENOVATE JENNISON & RES HALLS 0 0 0 B MDFA SERIES 2017 043431814 57584X5U1 2017-12-21 22901422 REFUNDING MDFA SERIES 2010 0 0 0 C MDFA SERIES 2021A 043431814 57584YS34 2021-09-01 92193468 REFUND MDFA SER. 2013A & 2013B 0 0 0 A 40434302 354219 40080083 2016 0 0 1 1 B 5785000 22901422 285368 22616054 2018 1 0 1 1 C 92193468 406706 91786762 2021 1 0 1 1 A 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 C 0 1 1 1 0 0.01570 0.00000 0.01570 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 1 0 0 0 0 0 0 1 A 1 B 1 C 1 PART IV, LINE 2 COLUMN A - MDFA SERIES 2016 THE FINAL REBATE CALCULATION FOR THE MDFA SERIES 2016 BOND ISSUE WAS PERFORMED ON SEPTEMBER 14, 2020. COLUMN B - MDFA SERIES 2017 THE FINAL REBATE CALCULATION FOR THE MDFA SERIES 2017 BOND ISSUE WAS PERFORMED ON OCTOBER 7, 2020. COLUMN C - MDFA SERIES 2021A THE FIRST REBATE CALCULATION FOR THE MDFA SERIES 2021A BOND ISSUE IS DUE SEPTEMBER 30, 2026. X 30 672267 FMV 0 1 0 PART I, COLUMN (B): NONCASH CONTRIBUTIONS AMOUNTS IN COLUMN B REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART I, LINE 1 ORGANIZATION'S MISSION BENTLEY UNIVERSITY CHANGES THE WORLD WITH A TRANSFORMATIVE BUSINESS EDUCATION, INTEGRATED WITH ARTS AND SCIENCES, THAT INSPIRES AND PREPARES ETHICAL LEADERS WHO WILL CONFRONT THE CHALLENGES OF TODAY AND SHAPE THE OPPORTUNITIES OF TOMORROW. FORM 990, PART III, LINE 1 ORGANIZATION'S MISSION BENTLEY UNIVERSITY BELIEVES GOOD BUSINESS CAN IMPACT MORE THAN THE BOTTOM LINE - IT CAN CHANGE THE WORLD. BENTLEY IS A COMMUNITY OF FUTURE BUSINESS LEADERS WHO WILL DELIVER VALUE IN THE MARKETPLACE AND LASTING POSITIVE EFFECTS FOR SOCIETY. THE UNIVERSITY'S STUDENTS ARE HIGHLY SOUGHT AFTER, ITS FACULTY APPLY INNOVATIVE RESEARCH TO REAL-WORLD PROBLEMS, AND ITS ALUMNI LEAD ORGANIZATIONS AROUND THE WORLD. BENTLEY EDUCATES THE HEAD AND THE HEART WITH AN INNOVATIVE, TECHNOLOGY-FOCUSED EDUCATION THAT INTEGRATES THE BEST OF BUSINESS AND THE ARTS AND SCIENCES AND PREPARES THE BUSINESS LEADERS OF TOMORROW TO LEAD SUCCESSFUL, REWARDING CAREERS. FOUNDED IN 1917, THE UNIVERSITY ENROLLS 4,500 UNDERGRADUATE AND 800 GRADUATE AND PHD STUDENTS AND IS SET ON 163 ACRES IN WALTHAM, MASSACHUSETTS, 10 MILES WEST OF BOSTON. FOR MORE INFORMATION, VISIT BENTLEY.EDU. BENTLEY UNIVERSITY ENJOYS A STRONG POSITION IN MANY MAJOR RANKINGS. PRINCETON REVIEW RANKS BENTLEY NO. 1 IN THE NATION FOR CAREER SERVICES. THE WALL STREET JOURNAL RANKS BENTLEY AS THE 11TH BEST COLLEGE IN THE UNITED STATES. U.S. NEWS AND WORLD REPORT RANKS BENTLEY AS THE NO. 1 MOST INNOVATIVE REGIONAL UNIVERSITY IN THE NORTH. AND GEORGETOWN UNIVERSITY'S CENTER ON EDUCATION AND THE WORKFORCE RANKS BENTLEY NO. 13 IN THE COUNTRY FOR HIGHEST RETURN ON INVESTMENT. FOR MORE THAN A DECADE, 97-99 PERCENT OF OUR GRADUATES HAVE BEEN EMPLOYED OR ENROLLED IN GRADUATE SCHOOL WITHIN SIX MONTHS OF GRADUATION. UNDERGRADUATE AND GRADUATE BUSINESS PROGRAMS AT BENTLEY ARE ACCREDITED BY THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS (AACSB INTERNATIONAL). THE UNIVERSITY IS ALSO ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION (NECHE). FORM 990, PART III, LINE 4A PROGRAM SERVICE ACCOMPLISHMENTS FACULTY, STAFF AND STUDENTS COLLABORATE WITH EXTERNAL PARTNERS FROM THE BUSINESS WORLD AND COMMUNITY, ALLOWING STUDENTS TO BENEFIT FROM HANDS-ON LEARNING IN REAL-WORLD WORKING ENVIRONMENTS. FACULTY ACROSS ALL DEPARTMENTS ARE COMMITTED TO ESTABLISHING EFFECTIVE TEACHING AND LEARNING RELATIONSHIPS WITH STUDENTS BOTH INSIDE AND OUTSIDE THE CLASSROOM, WHILE SIMULTANEOUSLY PURSUING SCHOLARLY RESEARCH THAT CONTRIBUTES TO THEIR KNOWLEDGE AND THAT SUPPORTS THE UNIVERSITY'S TEACHING MISSION. THE UNIVERSITY HAS MORE THAN 100 STUDENT ORGANIZATIONS THAT PROVIDE COUNTLESS OPPORTUNITIES FOR INVOLVEMENT, LEARNING, AND LEADERSHIP. APPROXIMATELY 75% OF BENTLEY'S UNDERGRADUATE STUDENTS LIVE IN CAMPUS-PROVIDED HOUSING. RESIDENCE HALLS INCLUDE SINGLE, DOUBLE, TRIPLE, AND QUADRUPLE OCCUPANCY ROOMS AS WELL AS APARTMENTS AND SUITES. ALL OF THE RESIDENCE HALLS OFFER STUDENTS MODERN DAY AMENITIES. IN ADDITION, THE UNIVERSITY OFFERS RESIDENT STUDENTS SEVERAL DIFFERENT DINING OPTIONS FROM WHICH TO CHOOSE. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS: A FULL AND COMPLETE COPY OF THE FORM 990 AND ALL ITS ACCOMPANYING SCHEDULES WAS SENT ELECTRONICALLY TO THE AUDIT COMMITTEE OF THE BENTLEY UNIVERSITY BOARD OF TRUSTEES IN APRIL FOR ITS REVIEW AND APPROVAL. UPON COMPLETION OF THAT REVIEW AND APPROVAL IN APRIL, THE COMPLETE FORM 990 WAS MADE AVAILABLE TO THE FULL BOARD PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: MEMBERS OF THE UNIVERSITY'S BOARD OF TRUSTEES AND SENIOR MANAGEMENT MAY, FROM TIME TO TIME, BE ASSOCIATED, EITHER DIRECTLY OR INDIRECTLY, WITH COMPANIES DOING BUSINESS WITH THE UNIVERSITY. THE UNIVERSITY HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT REQUIRES, AMONG OTHER THINGS, THAT NO MEMBER OF THE BOARD OF TRUSTEES MAY PARTICIPATE IN ANY DECISION IN WHICH HE OR SHE HAS A MATERIAL FINANCIAL INTEREST. EACH TRUSTEE IS REQUIRED TO CERTIFY COMPLIANCE WITH THE CONFLICT-OF-INTEREST POLICY ON AN ANNUAL BASIS AS WELL AS DISCLOSE ANY POTENTIAL RELATED-PARTY TRANSACTIONS TO THE AUDIT COMMITTEE. WHEN SUCH A RELATIONSHIP EXISTS, THE UNIVERSITY REQUIRES THAT SUCH TRANSACTIONS BE CONDUCTED AT ARM'S LENGTH, WITH TERMS THAT ARE FAIR AND REASONABLE TO THE UNIVERSITY. FOR SENIOR MANAGEMENT, THE UNIVERSITY REQUIRES ANNUAL DISCLOSURE OF SIGNIFICANT FINANCIAL INTERESTS IN, OR GOVERNANCE OR EMPLOYMENT OR CONSULTING RELATIONSHIPS WITH, ENTITIES DOING BUSINESS WITH THE UNIVERSITY. WHEN SUCH RELATIONSHIPS EXIST, MEASURES ARE TAKEN TO APPROPRIATELY MANAGE THE ACTUAL OR PERCEIVED CONFLICT IN THE BEST INTEREST OF THE UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION POLICY: COMPENSATION ARRANGEMENTS FOR THE PRESIDENT AND ALL OFFICERS ARE REVIEWED BY THE COMPENSATION AND BENEFITS COMMITTEE OF THE BOARD OF TRUSTEES, WHICH IS INDEPENDENT OF MANAGEMENT AND FREE OF ANY CONFLICTS OF INTEREST THAT WOULD INTERFERE WITH THEIR EXERCISE OF INDEPENDENT JUDGMENT. THE COMPENSATION AND BENEFITS COMMITTEE REVIEWS OTHER NON-PROFIT ORGANIZATIONS' FORMS 990 AND GENERAL SALARY SURVEYS AND SALARIES AND THEN SUBMITS ITS RECOMMENDATIONS FOR APPROVAL BY THE FULL BOARD IN ADVANCE OF ANY PAYMENT. IN ADDITION, THE UNIVERSITY PERIODICALLY ENGAGES AN INDEPENDENT PARTY THAT REVIEWS SALARY INFORMATION AND REPORTS RESULTS TO THE COMPENSATION AND BENEFITS COMMITTEE OF THE BOARD OF TRUSTEES. DETAIL OF ALL DISCUSSIONS OF THE TRUSTEE COMPENSATION AND BENEFITS COMMITTEE IS CONTEMPORANEOUSLY DOCUMENTED. THE PROCESS FOR DETERMINING THE COMPENSATION OF THE UNIVERSITY'S PRESIDENT AND ALL OFFICERS IS REASONABLE AND SATISFIES THE REBUTTABLE PRESUMPTION OF TREASURY REGULATION SECTION 53.4958-6. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC DISCLOSURE: THE UNIVERSITY'S PRINCIPAL GOVERNING DOCUMENTS, INCLUDING THE ARTICLES OF ORGANIZATION AND BY-LAWS, ARE FILED WITH THE MASSACHUSETTS SECRETARY OF STATE AND ARE AVAILABLE TO THE PUBLIC ON THE UNIVERSITY'S WEBSITE. THE UNIVERSITY'S FINANCIAL STATEMENTS ARE POSTED ON THE UNIVERSITY'S WEBSITE FOR PUBLIC VIEWING. REGARDING CONFLICT OF INTEREST, THE INDIVIDUAL FORMS SIGNED BY TRUSTEES AND OFFICERS ARE NOT AVAILABLE FOR PUBLIC INSPECTION, BUT THE UNIVERSITY'S FINANCIAL STATEMENTS INCLUDE A FOOTNOTE DISCUSSING RELATED-PARTY TRANSACTIONS. THE CONFLICT-OF-INTEREST POLICY IS ALSO AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: OTHER NON OPERATING CHANGES -53,000. CHARITABLE REMAINDER ANNUITY TRUST (1) 175 FOREST STREET WALTHAM MA 02452 CRAT MA BENTLEY T 1 CHARITABLE REMAINDER ANNUITY TRUST (3) 175 FOREST STREET WALTHAM MA 02452 CRUT MA BENTLEY T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1