2025-05-15T08:26:04-05:00 2024-06-30 991856619 GRANT THORNTON ADVISORS LLC 53 STATE STREET SUITE 1600 BOSTON MA 02109 990 2023-07-01 042103567 ENDICOTT COLLEGE ENDI 9782322384 376 HALE STREET BEVERLY MA 01915 ANTHONY FERULLO CFO 9782322384 2025-05-15 1 0 ERIN COUTURE P01390592 6177237900 2023 2025-03-06 01:10:19Z STEVEN DISALVO 376 HALE STREET BEVERLY MA 01915 259009923 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. 31 29 2430 220 10543982 0 9794195 4601983 181306382 203290875 4210321 3889498 609747 615266 195920645 212397622 45603492 49116064 0 0 73975130 83042349 0 0 2466533 53677293 65203348 173255915 197361761 22664730 15035861 508070133 535358364 143192922 141805655 364877211 393552709 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 139257186 48949397 188077011 *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 2023 WAS 3,088 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. ENROLLMENT IN THE GRADUATE AND VAN LOAN PROFESSIONAL STUDIES PROGRAMS WAS 1,302 STUDENTS AS OF FALL 2023, INCLUDING PROGRAMS IN BEVERLY, MASSACHUSETTS, MADRID, SPAIN, AND ONLINE. 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 83% 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 2023 SEMESTER, 2,792 STUDENTS WERE RESIDENTIAL STUDENTS, INCLUDING 110 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. 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 87% 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 2022 SEMESTER, 2,704 STUDENTS WERE RESIDENTIAL STUDENTS, INCLUDING 108 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. 7308353 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. 20590130 0 430506 *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. 7512053 166667 15491551 CONFERENCE AND EDUCATION SERVICES/OTHER 7512053 166667 15491551 174667722 1 1 0 0 0 0 0 1 0 1 1 1 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 1 234 0 1 2430 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 31 29 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 605699 0 195936 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 2.00 0.00 X 0 0 0 TIM COLLINS TRUSTEE 2.00 0.00 X 0 0 0 JAMES DEMERS TRUSTEE 2.00 0.00 X 0 0 0 SUSAN DOWLING TRUSTEE 2.00 0.00 X 0 0 0 ANAITA DUA TRUSTEE (AS OF 03/2024) 2.00 0.00 X 0 0 0 DR HARRY DUMAY TRUSTEE 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 GALEN HO TRUSTEE (AS OF 03/2024) 2.00 0.00 X 0 0 0 RICHARD HUTCHINSON TRUSTEE (THRU 10/2023) 2.00 0.00 X 0 0 0 MARGARET JANES 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 LINDA MILLEY 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 JOANNA SCHULMAN TRUSTEE 2.00 0.00 X 0 0 0 ELIZABETH SCHWARTZ TRUSTEE 2.00 0.00 X 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 GLEN THORNBOROUGH TRUSTEE (AS OF 03/2024) 2.00 0.00 X 0 0 0 RAVI VIG TRUSTEE 2.00 0.00 X 0 0 0 SHEILA WALSH TRUSTEE 2.00 0.00 X 0 0 0 ANTHONY FERULLO VP OF FINANCE & COO 60.00 0.00 X 324315 0 83687 SARA QUAY PROVOST 50.00 0.00 X 291075 0 54744 MEGHAN MONACO VP ADMISSIONS & FINANCIAL AID 50.00 0.00 X 200239 0 27048 AMY SMITH DEAN, SCHOOL OF NURSING 40.00 0.00 X 257797 0 49064 BRYAN CAIN SVP STUDENT AND EXTERNAL ENGAGEMENT 40.00 0.00 X 259392 0 39686 PATRICK HEWETT VP INSTITUTIONAL ADVANCEMENT 40.00 0.00 X 233181 0 65631 BRIAN WYLIE ASST VP/DIRECTOR OF ATHLETICS 40.00 0.00 X 199790 0 66263 BRANDI JOHNSON VP AND CHIEF DIVERSITY OFFICER 40.00 0.00 X 198876 0 53225 2570364 0 635284 208 0 1 0 CONSTRUCTION MANAGEMENT & BUILDERS INC 85 SAM FONZO DRIVE BEVERLY MA 01915 CONSTRUCTION 18436004 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 152626170 FOOD SERVICES 9675318 WINDOVER CONSTRUCTION INC 66 CHERRY HILL DRIVE BEVERLY MA 019151054 CONSTRUCTION 2902206 WORKDAY INC PO BOX 886106 LOS ANGELES CA 900886106 INFORMATION TECHNOLOGY 1342311 SJ SERVICES INC 235 NEWBURY STREET DANVERS MA 01923 JANITORAL SERVICES 1022907 13 111056 1134290 3356637 199713 4601983 TUITION AND FEES 611710 141012222 141012222 RESIDENCE AND DINING 721000 47064789 47064789 CONFERENCE/EDUC/AUX. SERVICES 611710 11304227 779866 10524361 PARKING FINES 900099 659069 659069 NURSING SCHOOL REVENUE 611710 500000 500000 2750568 2750568 203290875 2651185 19621 2631564 47657629 46419316 1238313 1238313 1238313 100058 111056 192985 -92927 -92927 BOOKSTORE COMMISSIONS 900099 375269 375269 PRIOR DEFERRED REVENUE 900099 219997 219997 112927 112927 708193 212397622 193474707 10543982 3776950 166667 166667 48949397 48949397 2214123 755487 1362345 96291 168753 168753 62280487 55289033 5780002 1211452 3555206 3156108 329944 69154 10158699 9018309 987130 153260 4665081 4141391 432947 90743 355005 355005 160998 31849 129149 592744 592744 7622359 6499322 1123037 750817 358639 392178 4836682 3819506 284110 733066 633887 42092 591795 4956083 4662912 227542 65629 6454987 5923616 531371 3374435 3174331 188098 12006 9817993 9235786 547275 34932 2781328 2624336 156992 FOOD SERVICE 10440487 10087214 353273 SERVICE/SUPP. CONTRACTS 8524521 4728639 3795882 PRINTING/PUBLICATIONS 478508 335623 142885 3422514 1498712 1923802 197361761 174667722 20227506 2466533 24027033 23127013 3748182 3546986 5424222 6639749 1354503 1354503 474850318 128456194 318058400 346394124 120911013 112582047 34478405 39607453 68375 2106489 508070133 535358364 11805387 12842238 10812760 12280887 70947422 60899120 46673204 53465421 2954149 2317989 143192922 141805655 X 340696274 366046560 24180937 27506149 364877211 393552709 508070133 535358364 X 15035861 13019400 620237 X 0 1 X 1 1 1 X 5202385 7272559 9689363 9794195 4601983 36560485 5202385 7272559 9689363 9794195 4601983 36560485 36560485 3139861 3323560 1157453 2724229 2631564 12976667 1181064 653982 468464 2303510 647301 30855 52945 107013 100058 938172 52778834 1022588377 0.69270 0.67850 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2019 AMOUNT: $ 41,213. 2020 AMOUNT: $ 30,855. 2021 AMOUNT: $ 52,945. 2022 AMOUNT: $ 107,013. 2023 AMOUNT: $ 100,058. OTHER MISCELLANEOUS - 2019 AMOUNT: $ 415,237. RETAINED DEPOSITS - 2019 AMOUNT: $ 86,250. VENDING COMMISSIONS - 2019 AMOUNT: $ 15,354. BOOKSTORE COMMISSION - 2019 AMOUNT: $ 89,247. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 130663793 6624086 14257713 613525 4197640 146734426 119158127 4963113 11005403 303197 4159653 130663793 129111878 1487216 -11049832 391135 119158127 97315820 2341045 29836330 381317 129111878 95672750 3050263 -1126850 280343 97315820 0.87700 0.09350 0.02950 0 0 10884133 10884133 421666297 116744818 304921479 39742320 11003274 28739046 2557568 708102 1849466 346394124 HEDGE FUNDS 18582477 F PRIVATE EQUITY 21024976 F 39607453 LIABILITY - INTEREST RATE SWAPS 1509742 REFUNDABLE ADVANCES - US GOV'T 808247 2317989 X 176495118 13019400 13019400 163475718 592744 48329160 48921904 212397622 147819620 0 147819620 592744 48949397 49542141 197361761 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: ENDOWMENT FUNDS ENDICOTT COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS FOR NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE JUNE 30, 2024 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 147 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 2024 THE AMOUNT APPROPRIATED WAS $4,811,166 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 2024 A TOTAL OF APPROXIMATELY $5,300,000 WAS ADDED, WHICH INCLUDES $500,000 FROM OPERATING SURPLUSES AND $4,800,000 OF REINVESTED FY24 ENDOWMENT SPENDING APPROPRIATIONS. 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 -620,237. SCHOLARSHIPS 48,949,397. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 48,949,397. 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. EUROPE (INCLUDING ICELAND & GREENLAND) 1 3 PROGRAM SERVICES STUDY ABROAD 3721621 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 17450 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 15725099 1 3 0 0 1 3 19464170 0 19464170 1 0 1 1 1 0 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. CAR SHOW 101754 93669 8085 10817 45902 26906 ENDICOTT GOLF TOURN. 61440 16387 45053 50928 0 10512 1 47920 1000 46920 7663 0 40257 211114 111056 100058 69408 45902 77675 192985 -92927 1 CITY OF BEVERLY 191 CABOT STREET BEVERLY MA 01915 115 166667 0 GENERAL SUPPORT 1 0 SCHOLARSHIPS 3014 48949397 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 X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 STEVEN R DISALVO PRESIDENT 541394 0 62000 0 2305 0 107724 0 88212 0 801635 0 0 0 ANTHONY FERULLO VP OF FINANCE & COO 311901 0 12000 0 414 0 40682 0 43005 0 408002 0 0 0 SARA QUAY PROVOST 278301 0 12000 0 774 0 20896 0 33848 0 345819 0 0 0 AMY SMITH DEAN, SCHOOL OF NURSING 257479 0 0 0 318 0 12524 0 36540 0 306861 0 0 0 BRYAN CAIN SVP STUDENT AND EXTERNAL ENGAGEMENT 247230 0 12000 0 162 0 30298 0 9388 0 299078 0 0 0 PATRICK HEWETT VP INSTITUTIONAL ADVANCEMENT 225056 0 7000 0 1125 0 24457 0 41174 0 298812 0 0 0 BRIAN WYLIE ASST VP/DIRECTOR OF ATHLETICS 189396 0 10000 0 394 0 25226 0 41037 0 266053 0 0 0 BRANDI JOHNSON VP AND CHIEF DIVERSITY OFFICER 186712 0 12000 0 164 0 24465 0 28760 0 252101 0 0 0 MEGHAN MONACO VP ADMISSIONS & FINANCIAL AID 188076 0 12000 0 163 0 15399 0 11649 0 227287 0 0 0 PART I, LINE 1A FIRST-CLASS TRAVEL IN 2023, THE PRESIDENT TRAVELED FIRST CLASS PER THE TERMS OF HIS CONTRACT. 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 2023, THE PRESIDENT'S SPOUSE TRAVELED WITH HIM FOR BUSINESS PURPOSES. THIS TRAVEL WAS NOT INCLUDED IN TAXABLE COMPENSATION. PART I, 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. CERTAIN LISTED INDIVIDUALS RECIEVED A ONE TIME BONUS RELATED TO THE IMPLEMENTATION OF A PROJECT APPROVED BY MANAGEMENT AND 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 3856999 18000000 18000000 2015 0 0 1 1 B 8625000 32625000 176038 32448962 2017 0 1 1 1 C 2434674 25900000 196618 25703382 2019 0 0 0 1 D 1935839 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 168753 FACULTYCOMP 0 X 20 199713 FMV 0 0 0 0 SCHEDULE M, 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 #39OF 165 INSTITUTIONS IN THE 2025 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", "CO-OPS/INTERNSHIPS", "BEST VALUE SCHOOLS", "TOP PERFORMERS IN SOCIAL MOBILITY AND "BEST UNDERGRADUATE TEACHING PROGRAMS". IN FISCAL 2024, THE OFFICE OF ADMISSION RECEIVED 5,562 APPLICATIONS FOR TRADITIONAL UNDERGRADUATE STUDENTS IN FALL 2023, ACCEPTED 72% OF THE APPLICANTS, AND ENROLLED 22% OF THOSE ACCEPTED FOR ADMISSION. THE COLLEGE AWARDED 46 ASSOCIATE DEGREES, 713 BACHELOR DEGREES, 386 MASTERS' DEGREES, 30 GRAD LEVEL CERTIFICATES AND 13 DOCTORAL DEGREES IN ACADEMIC YEAR 2023-2024. OUR GRADUATES HAD A FIRST-TIME PASS RATE ON EXTERNAL EXAMINATIONS AS FOLLOWS: 100% FOR ATHLETIC TRAINING 100% FOR UNDERGRADUATE NURSING 86% FOR GRADUATE NURSING 96% 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 FRESHMEN ENTERING 2023 AND RETURNING 2024 WAS 84%. THE SIX-YEAR GRADUATION RATE FOR FRESHMAN ENTERING 2018 WAS 75%. OF THE 2023 GRADUATES WHO RESPONDED TO CAREER SURVEYS, 99% REPORTED THAT THEY WERE EITHER EMPLOYED, CONTINUING EDUCATION, VOLUNTEERING, SERVING IN THE MILITARY OR SELF-EMPLOYED WITHIN 12 MONTHS OF GRADUATION. 68% WERE EMPLOYED FULL-TIME. 95% OF THOSE WERE IN EMPLOYMENT RELATED TO THEIR MAJOR, AND 35% FOUND EMPLOYMENT THROUGH A FORMER INTERNSHIP SITE OR CONTACT. COMMUNITY SERVICE IS EMBRACED AT ENDICOTT, WITH 43% OF THE ENDICOTT STUDENT BODY PARTICIPATING IN COMMUNITY SERVICE IN 2023-2024 ACADEMIC YEAR, FOR A TOTAL OF 15,038 COMMUNITY SERVICE HOURS PERFORMED BY 1,319 STUDENTS. THE STATE AND NATIONAL AVERAGE IS 39% AND 23%, 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 ADVISORS LLC, 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 MARCH 2023 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 620,237.