2022-05-13T12:38:44-05:00 2021-06-30 135565207 KPMG LLP 60 SOUTH STREET BOSTON MA 02111 990 2020-07-01 041081650 BENTLEY UNIVERSITY BENT 7818912000 175 FOREST STREET WALTHAM MA 024524705 MAUREEN FORRESTER VP AND CFO/TREASURER 7819812000 2022-05-09 1 MAUREEN FORRESTER 999009999 SMITA BALIGA P01643271 6179881000 2022-05-05 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z E LABRENT CHRITE 175 FOREST STREET WALTHAM MA 024524705 327203445 0 X WWW.BENTLEY.EDU X 1917 MA SEE SCHEDULE O. 23 21 2620 250 91536 20158 12904000 15599000 295215000 267732000 6529866 8244614 1976000 703000 316624866 292278614 92374756 85072441 0 0 135451681 124662057 16590 98990 4790398 79427095 76882611 307270122 286716099 9354744 5562515 681081992 756187665 269586992 229595665 411495000 526592000 X SEE SCHEDULE O. 0 0 211490816 85072441 235083000 EDUCATION AND STUDENT SUPPORTFOUNDED IN 1917 AS THE BENTLEY SCHOOL OF ACCOUNTING AND FINANCE, BENTLEY UNIVERSITY PLACES VITAL EMPHASIS ON THE QUALITY OF ITS FACULTY AS DEDICATED TEACHERS/SCHOLARS. ACADEMICS 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. OUR MORE THAN 100 STUDENT ORGANIZATIONS PROVIDE COUNTLESS OPPORTUNITIES FOR INVOLVEMENT, LEARNING, AND LEADERSHIP. 37841078 0 33352000 AUXILIARY ENTERPRISESAPPROXIMATELY 80% OF BENTLEY'S UNDERGRADUATE STUDENTS LIVE ON 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. DUE TO COVID, CAMPUS HOUSING WAS DEDENSIFIED FOR THE YEAR ENDED 6/30/21. 249331894 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 6075 0 1 2620 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 23 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA X X NANCY ANTUNES 7818912688 175 FOREST STREET WALTHAM MA 024524705 X J PAUL CONDRIN III ACTING PRES (6/20-6/21)/CHAIR 50.00 X X 220130 0 60 DAVID L GIUNTA VICE CHAIR 8.00 X X 0 0 0 ROBERT E ALAN TRUSTEE 2.00 X 0 0 0 THOMAS P ALBER TRUSTEE 2.00 X 0 0 0 KEVIN F ARMATA TRUSTEE 1.00 X 0 0 0 J TERENCE CARLETON TRUSTEE 2.00 X 0 0 0 E LABRENT CHRITE PRESIDENT (AS OF 6/01/21) 50.00 X X 0 0 0 STEPHEN L DELVECCHIO TRUSTEE 2.00 X 0 0 0 JOYCE J ELAM TRUSTEE 2.00 X 0 0 0 DANIEL FARLEY TRUSTEE 1.00 X 0 0 0 MELANIE FOLEY TRUSTEE 1.00 X 0 0 0 WILLIAM C FREDA TRUSTEE 2.00 X 0 0 0 TANYA N HAIRSTON-WHITNER TRUSTEE 2.00 X 0 0 0 ANDREW J HAJDUCKY III TRUSTEE 2.00 X 0 0 0 STEVEN C MILLNER TRUSTEE 1.00 X 0 0 0 LEBONE C MOSES TRUSTEE 1.00 X 0 0 0 SUSAN G O'CONNELL TRUSTEE 2.00 X 0 0 0 MELANIE OTERO TRUSTEE 1.00 X 0 0 0 BILL PAPPAS TRUSTEE 1.00 X 0 0 0 GORDON PULSIFER TRUSTEE 1.00 X 0 0 0 NICKOLAS STAVROPOULOS TRUSTEE 2.00 X 0 0 0 TIFFANY R WARREN TRUSTEE 1.00 X 0 0 0 BRIAN T ZINO TRUSTEE 2.00 X 0 0 0 MAUREEN FORRESTER VP, CFO/TREASURER 50.00 X 422097 0 45352 DONNA MARIA BLANCERO VP, ACA AFF/PROVOST 50.00 X 377784 0 43007 MAUREEN FLORES VP, FOR ADVANCEMENT 50.00 X 354801 0 43784 JOSHUA BRAND VP, EXT RELATIONS 50.00 X 337599 0 39717 CAROLINA FIGUEROA VP, FOR ENROLLMENT MANAGEMENT 50.00 X 317437 0 42860 J ANDREW SHEPARDSON VP, STUD AFFAIRS & DEAN 50.00 X 314154 0 41583 JUDITH MALONE VP/GENERAL COUNSEL & SECRETARY 50.00 X 310503 0 40583 CHRISTOPHER J JOYCE VP, MARKETING & COMM. 50.00 X 274627 0 25971 GEORGE CANGIANO VP, HUMAN RESOURCES 50.00 X 233685 0 36669 IAN WALL INTERIM VP AND CIO 50.00 X 238278 0 18725 SUSAN WALSH INT VP AND CIO (AS OF 1/31/21) 50.00 X 230592 0 18503 KATHERINE LAMPLEY VP, DIV/INCLUSION (AS OF 8/3/20) 50.00 X 127846 0 8423 M LYNNE MARKUS PROFESSOR 50.00 X 395105 0 30275 RANI HOITASH PROFESSOR 50.00 X 357830 0 41994 MICHAEL PAGE PROFESSOR 50.00 X 341940 0 30420 ROY WIGGINS III PROFESSOR 50.00 X 338310 0 41900 KARTIK RAMAN PROFESSOR 50.00 X 328857 0 41253 ALISON DAVIS-BLAKE FORMER PRESIDENT 50.00 X 803710 0 64841 ROBERT WITTSTEIN FMR VP AND CIO 50.00 X 323029 0 12949 DANIEL EVERETT FORMER INTERIM CO-PROVOST/DEAN 50.00 X 288442 0 39290 NANCY ANTUNES FORMER INTERIM CFO 50.00 X 247708 0 39122 LYNNE ROSANSKY FMR VP, ACA AFF/PROVOST 0.00 X 213867 0 0 7398331 0 747281 349 1 1 0 SODEXO INC & AFFILIATES 860 WINTER STREET WALTHAM MA 02451 FOOD SERVICES 7697224 MCGARR SERVICE CORP 233 NEEDHAM STREET SUITE 530 NEWTON MA 02464 CUSTODIAL SERVICES 1605365 TIMBERLINE CONSTRUCTION CORPORATION 300 PINE STREET CANTON MA 02021 CONSTRUCTION 874876 MAC FLOORS INC 700 LEXINGTON STREET WALTHAM MA 02452 CONSTRUCTION 785882 PIQUETTE & HOWARD ELECTRIC 222 PLAISTOW ROAD PLAISTOW NH 03865 CONSTRUCTION 743493 41 5860000 9739000 423710 15599000 TUITION AND FEES 900099 234380000 234380000 AUXILLARY 900099 33335135 32736604 598531 CONFERENCE SERVICES 721000 16865 16865 267732000 2232445 -37036 2269481 40937000 34924831 6012169 6012169 111707 5900462 OTHER SOURCES 900099 703000 703000 703000 292278614 267819604 91536 8768474 189387 189387 78285686 78285686 6597368 6597368 3759532 314154 3232497 212881 1876757 288442 1588315 95909771 82671139 10098392 3140240 4287819 3552540 573674 161605 11880835 9844329 1588689 447817 6947343 5756007 929496 261840 1533521 1093850 438771 900 455548 48939 406609 493340 493340 18860 18860 98990 98990 4540099 4540099 1953460 1840514 112946 3145140 3128779 7520 8841 5633306 4434499 1069184 129623 5058514 3537914 1446266 74334 13953264 13410131 542943 190 142024 116241 14889 10894 614030 591002 17977 5051 6885081 6485596 399485 18552000 17479108 1072892 742704 17462 725242 PURCHASED SERVICES 8409728 5111257 3098721 199750 MEDICAL TESTING SUPPLIE 3366150 3366150 0 0 ALL OTHER EXPENSES 1252908 1084173 131293 37442 LEASING 132934 87227 45707 0 286716099 249331894 32593807 4790398 0 0 89015920 79697436 4761313 3705556 2775401 3160580 0 0 0 0 3076764 0 0 0 4201355 4110823 577525000 283240000 304062000 294285000 164633289 205432270 108186000 165796000 0 0 0 0 369950 0 681081992 756187665 33083709 28749180 0 0 12231607 17404054 160805263 154576489 0 0 0 0 0 0 25000000 0 38466413 28865942 269586992 229595665 X 293027000 367364000 118468000 159228000 411495000 526592000 681081992 756187665 X 5562515 103534485 6000000 X 0 1 X 1 1 1 X 8993000 7672000 7155000 12904000 15599000 52323000 8993000 7672000 7155000 12904000 15599000 52323000 1203309 51119691 3741646 2774163 3159395 2663036 2269481 14607721 0 56024 29927 11273 20141 117365 1744000 2837000 4214000 1976000 703000 11474000 78522086 1434350010 0.65100 0.61310 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER SOURCES - 2016 AMOUNT: $ 1,744,000. 2017 AMOUNT: $ 2,837,000. 2018 AMOUNT: $ 4,214,000. 2019 AMOUNT: $ 1,976,000. 2020 AMOUNT: $ 703,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 18860 18860 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 $18,860 FOR THE YEAR ENDED JUNE 30, 2021. 233150 X 0 263227202 3518401 104823556 3153191 9183315 359232653 276502744 1773698 -3071238 3026244 8951758 263227202 279725063 1414000 7250000 3145001 8741318 276502744 262996000 3228000 24826000 2871841 8453096 279725063 241944000 4311000 27397000 2889744 7766256 262996000 0.59339 0.15756 0.24905 0 0 31871000 31871000 476814000 228645000 248169000 58643000 54595000 4048000 10197000 10197000 294285000 HEDGE FUNDS 76681000 F PRIVATE EQ/VENTURE CAP 67838000 F COMMODITIES 15294000 F LIFE INSURANCE 5983000 F 165796000 INTEREST RATE SWAPS 20243045 POST RETIREMENT BENEFITS 6369113 ANNUITY OBLIGATION 2253784 28865942 X 397273000 103534485 6000000 109534485 287738515 4540099 4540099 292278614 282176000 0 282176000 4540099 4540099 286716099 PART III, LINE 4: COLLECTIONS OF ART THE UNIVERSITY OWNS A MODERN COLLECTION OF ABOUT 36 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, THE QUASI ENDOWMENT REPRESENTS 60% OF THE ENDOWMENT. THIS AMOUNT IS INVESTED AND THE DISTRIBUTIONS 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, 2021 OR 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS 7,114,000. OTHER NON-OPERATING ACTIVITIES -1,114,000. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 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. SCHEDULE E, PART I, LINE 6 FINANCIAL AID AND GOVERNMENTAL ASSISTANCE THE UNIVERSITY PARTICIPATES IN THE TITLE IV PROGRAM FOR CAMPUS WORK STUDY, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, THE PERKINS LOAN PROGRAM, DIRECT LENDING, AND PELL GRANTS. THE UNIVERSITY PROVIDES FINANCIAL AID FUNDS TO THE STUDENTS BASED ON GENERALLY ACCEPTED UNIFORM NON-DISCRIMINATORY METHODOLOGY. LINE 3 - EXPLANATION OF NONDISCRIMINATORY POLICY, CONTINUED: 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 VICE PRESIDENT, HUMAN RESOURCES AT GCANGIANO@BENTLEY.EDU. THE UNIVERSITY PUBLISHES ITS NONDISCRIMINATION POLICY ON ITS WEBSITE AND IN THE STUDENT HANDBOOK. 1 CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 8472759 EAST ASIA AND THE PACIFIC INVESTMENTS 7528475 EUROPE (INCLUDING ICELAND & GREENLAND) INVESTMENTS 877634 CENTRAL AMERICA AND THE CARIBBEAN GRANTMAKING SCHOLARSHIP ASSISTANCE 479387 EAST ASIA AND THE PACIFIC GRANTMAKING SCHOLARSHIP ASSISTANCE 2684192 EUROPE (INCLUDING ICELAND & GREENLAND) GRANTMAKING SCHOLARSHIP ASSISTANCE 723203 MIDDLE EAST AND NORTH AFRICA GRANTMAKING SCHOLARSHIP ASSISTANCE 169720 NORTH AMERICA GRANTMAKING SCHOLARSHIP ASSISTANCE 579284 RUSSIA AND NEIGHBORING STATES GRANTMAKING SCHOLARSHIP ASSISTANCE 429472 SOUTH AMERICA GRANTMAKING SCHOLARSHIP ASSISTANCE 646509 SOUTH ASIA GRANTMAKING SCHOLARSHIP ASSISTANCE 483933 SUB-SAHARAN AFRICA GRANTMAKING SCHOLARSHIP ASSISTANCE 401669 0 0 0 0 0 0 21514654 1961583 23476237 SCHOLARSHIP ASSISTANCE CENTRAL AMERICA AND THE CARIBBEAN 25 479387 ACCT CREDIT SCHOLARSHIP ASSISTANCE EAST ASIA AND THE PACIFIC 242 2684192 ACCT CREDIT SCHOLARSHIP ASSISTANCE EUROPE 32 723203 ACCT CREDIT SCHOLARSHIP ASSISTANCE MIDDLE EAST AND NORTH AFRICA 12 169720 ACCT CREDIT SCHOLARSHIP ASSISTANCE NORTH AMERICA 22 579284 ACCT CREDIT SCHOLARSHIP ASSISTANCE RUSSIA 24 429472 ACCT CREDIT SCHOLARSHIP ASSISTANCE SOUTH AMERICA 41 646509 ACCT CREDIT SCHOLARSHIP ASSISTANCE SOUTH ASIA 60 483933 ACCT CREDIT SCHOLARSHIP ASSISTANCE SUB-SAHARAN AFRICA 29 401669 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 $30,000 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. PART III ACCOUNTING METHOD: X X 1 EAB GLOBAL 2445 M STREET NW WASHINGTON DC 20037 CONSULTS ON DIRECT MAIL PROGRAM 0 313919 98990 214929 313919 98990 214929 AL AK AR MA MO AZ CA CO CT DE GA HI ID IL IN IA KS KY LA ME MD MI MS 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 SCHEDULE G, PART I, LINE 2B, COLUMN (V) PART I, 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, 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 CAMPAIGNS. 1 MA CONFERENCE FOR WOMEN PO BOX 55071 BOSTON MA 02205 202699177 501(C)(3) 17000 SPONSORSHIP THE REGENTS OF THE UNIVERSITY OF COLORADO 1800 N GRANT ST STE 400 DENVER CO 80203 846000555 501(C)(3) 38682 RESEARCH CARLETON COLLEGE ONE NORTH COLLEGE STREET NORTHFIELD MN 55057 410694747 501(C)(3) 47759 RESEARCH OREGON STATE UNIVERSITY 4238 SW RESEARCH WAY CORVALLIS OR 97333 936022772 501(C)(3) 85946 RESEARCH 4 SCHOLARSHIP ASSISTANCE 3431 76952872 HEERF - STUDENT PORTION 1890 1332814 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 INSTITUTIONS AS SUB AWARDEES 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 AND THE FINANCIAL OPERATIONS DEPARTMENT. 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 $30,000 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. PART III, LINE 2 HEERF - STUDENT PORTION ON 12/27/2020, THE PRESIDENT OF THE UNITED STATES SIGNED THE CORONAVIRUS, RESPONSE AND RELIEF SUPPLEMENTAL APPROPRIATIONS ACT, 2021. THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF II), FOUND IN SECTION 314(1)(A) OF THE CRRSAA ACT, ALLOWS HIGHER EDUCATION INSTITUTIONS TO USE CERTAIN FUNDS ALLOCATED BY THE DEPARTMENT OF EDUCATION TO SUPPORT STUDENTS AND HIGHER EDUCATION INSTITUTIONS WITH EXPENSES AND FINANCIAL NEEDS RELATED TO THE CORONAVIRUS (COVID-19) PANDEMIC. THE UNIVERSITY PROVIDED $1,332,814 OF GRANTS TO STUDENTS FROM THE HEERF II FUNDS. X X X X 1 1 X X X X X X 1 0 0 0 0 0 0 0 0 ALISON DAVIS-BLAKE FORMER PRESIDENT 418562 0 0 0 385148 0 28500 0 36341 0 868551 0 0 0 MAUREEN FORRESTER VP, CFO/TREASURER 414877 0 0 0 7220 0 26866 0 18486 0 467449 0 0 0 M LYNNE MARKUS PROFESSOR 388151 0 0 0 6954 0 24061 0 6214 0 425380 0 0 0 DONNA MARIA BLANCERO VP, ACA AFF/PROVOST 371791 0 0 0 5993 0 25452 0 17555 0 420791 0 0 0 RANI HOITASH PROFESSOR 354005 0 0 0 3825 0 23983 0 18011 0 399824 0 0 0 MAUREEN FLORES VP, FOR ADVANCEMENT 348838 0 0 0 5963 0 24771 0 19013 0 398585 0 0 0 ROY WIGGINS III PROFESSOR 331415 0 0 0 6895 0 23448 0 18452 0 380210 0 0 0 JOSHUA BRAND VP, EXT RELATIONS 265361 0 0 0 72238 0 23438 0 16279 0 377316 0 0 0 MICHAEL PAGE PROFESSOR 336457 0 0 0 5483 0 24085 0 6335 0 372360 0 0 0 KARTIK RAMAN PROFESSOR 324940 0 0 0 3917 0 23253 0 18000 0 370110 0 0 0 CAROLINA FIGUEROA VP, FOR ENROLLMENT MANAGEMENT 315141 0 0 0 2296 0 23859 0 19001 0 360297 0 0 0 J ANDREW SHEPARDSON VP, STUD AFFAIRS & DEAN 303158 0 0 0 10996 0 23481 0 18102 0 355737 0 0 0 JUDITH MALONE VP/GENERAL COUNSEL & SECRETARY 305355 0 0 0 5148 0 23481 0 17102 0 351086 0 0 0 ROBERT WITTSTEIN FMR VP AND CIO 124459 0 0 0 198570 0 12482 0 467 0 335978 0 0 0 DANIEL EVERETT FORMER INTERIM CO-PROVOST/DEAN 284074 0 0 0 4368 0 21769 0 17521 0 327732 0 0 0 CHRISTOPHER J JOYCE VP, MARKETING & COMM. 273288 0 0 0 1339 0 19423 0 6548 0 300598 0 0 0 NANCY ANTUNES FORMER INTERIM CFO 245064 0 0 0 2644 0 20161 0 18961 0 286830 0 0 0 GEORGE CANGIANO VP, HUMAN RESOURCES 231794 0 0 0 1891 0 18593 0 18076 0 270354 0 0 0 IAN WALL INTERIM VP AND CIO 237198 0 0 0 1080 0 18643 0 82 0 257003 0 0 0 SUSAN WALSH INT VP AND CIO (AS OF 1/31/21) 228420 0 0 0 2172 0 18423 0 80 0 249095 0 0 0 J PAUL CONDRIN III ACTING PRES (6/20-6/21)/CHAIR 219231 0 0 0 899 0 0 0 60 0 220190 0 0 0 LYNNE ROSANSKY FMR VP, ACA AFF/PROVOST 0 0 0 0 213867 0 0 0 0 0 213867 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 THE YEAR ENDED 6/30/21 ARE $24,725. THIS COST IS ALLOCATED TO THE FORMER PRESIDENT AS A NON TAXABLE BENEFIT IN COLUMN D. IN ADDITION, ESTIMATED PERSONAL COSTS RELATED TO HOUSE SERVICES ARE INCLUDED IN THE FORMER PRESIDENT'S TAXABLE INCOME. DURING THE YEAR, THE UNIVERSITY PROVIDED CAR SERVICES TO THE FORMER PRESIDENT TO BE USED FOR BUSINESS PURPOSES. THE AMOUNT PAID FOR COMMERCIAL CAR SERVICES IS NOT INCLUDED IN THE FORMER PRESIDENT'S TAXABLE WAGES AS THE CAR SERVICE WAS USED ONLY TO CONDUCT UNIVERSITY BUSINESS. FROM TIME TO TIME, THE UNIVERSITY MAY PROVIDE CERTAIN PAYMENTS THAT HAVE BEEN GROSSED-UP FOR TAX PURPOSES. FOR CALENDAR YEAR 2020, KATHERINE LAMPLEY IS THE ONLY INDIVIDUAL TO HAVE SUCH A PAYMENT. THIS AMOUNT IS INCLUDED IN HER TAXABLE INCOME. 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. PART I, LINE 4A ALISON DAVIS-BLAKE, LYNNE ROSANSKY, ROBERT WITTSTEIN, AND JOSHUA BRAND RECEIVED SEVERANCE PAYMENTS DURING THE YEAR. THESE PAYMENTS OF $375,000, $213,429, $196,139, AND $68,750 RESPECTIVELY, ARE INCLUDED IN THEIR TAXABLE INCOMES. A MDFA SERIES 2013B 043431814 000000000 2013-12-10 37157000 REFINANCING 0 0 0 B MDFA SERIES 2013A 043431814 000000000 2013-12-10 71143000 REFINANCIN/CAPITAL PROJECTS 0 0 0 C MDFA SERIES 2016 043431814 57584XKJ9 2016-03-08 40434302 RENOVATE JENNISON & RES HALLS 0 0 0 D MDFA SERIES 2017 043431814 57584X5UI 2017-12-21 22901422 REFUNDING MDFA SERIES 2010 0 0 0 A 37157000 37157000 2013 1 0 1 1 B 14050000 71143000 504913 11013906 59624181 2015 1 0 1 1 C 40434302 434302 40000000 2016 0 0 1 1 D 22901422 332544 22568878 2018 1 0 1 1 A 0 1 1 1 0 0.00550 0.00550 0 0 1 B 0 1 1 1 0 0.01020 0.01020 0 0 1 C 0 1 1 1 0 0 0 1 D 0 1 1 1 0 0 0 1 A 0 0 1 1 1 0 0 0 1 B 0 0 1 1 1 0 0 0 1 C 0 0 1 1 0 0 0 0 1 D 0 0 1 1 0 0 0 0 1 A 1 B 1 C 1 D 1 PART-IV LINE-2C COLUMN A - MDFA SERIES 2013B THE MDFA SERIES 2013B BOND ISSUE MET THE 6-MONTH EXCEPTION OF THE REBATE REQUIREMENT, AS THE GROSS PROCEEDS FROM THE BOND ISSUE WAS SPENT WITHIN 6 MONTHS OF THE ISSUE DATE. COLUMN B - MDFA SERIES 2013A THE MDFA SERIES 2013A WAS COMPRISED OF BOTH A PARTIAL REFUNDING AND A PARTIAL ISSUE OF NEW DEBT. THE REFUNDING PORTION OF THE BOND MEETS THE 6-MONTH EXCEPTION OF THE REBATE REQUIREMENT, AS THE GROSS PROCEEDS WERE SPENT WITHIN 6 MONTHS OF THE ISSUE DATE. THE FIRST REBATE CALCULATION FOR THE NEW MONEY PORTION WAS PERFORMED ON AUGUST 15, 2019. COLUMN C - MDFA SERIES 2016 THE FINAL REBATE CALCULATION FOR THE MDFA SERIES 2016 BOND ISSUE WAS PERFORMED ON SEPTEMBER 14, 2020. COLUMN D - MDFA SERIES 2017 THE FINAL REBATE CALCULATION FOR THE MDFA SERIES 2017 BOND ISSUE WAS PERFORMED ON OCTOBER 7, 2020. X 24 423710 FMV 0 1 0 PART I, COLUMN (B): 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 IS MORE THAN JUST ONE OF THE NATION'S TOP BUSINESS SCHOOLS. IT IS A LIFELONG-LEARNING COMMUNITY THAT CREATES SUCCESSFUL LEADERS WHO MAKE BUSINESS A FORCE FOR POSITIVE CHANGE. WITH A COMBINATION OF BUSINESS AND THE ARTS AND SCIENCES AND A FLEXIBLE, PERSONALIZED APPROACH TO EDUCATION, BENTLEY PROVIDES STUDENTS WITH CRITICAL THINKING AND PRACTICAL SKILLS THAT PREPARE THEM TO LEAD SUCCESSFUL, REWARDING CAREERS. FOUNDED IN 1917, THE UNIVERSITY ENROLLS 4,000 UNDERGRADUATE AND 1,000 GRADUATE AND PHD STUDENTS AND IS SET ON 163 ACRES IN WALTHAM, MASSACHUSETTS, 10 MILES WEST OF BOSTON. FOR MORE INFORMATION, VISIT WWW.BENTLEY.EDU. BENTLEY UNIVERSITY ENJOYS A STRONG POSITION IN MANY MAJOR RANKINGS AND LISTS INCLUDING U.S. NEWS & WORLD REPORT, PRINCETON REVIEW, AND MANY OTHER NATIONAL PUBLICATIONS. UNDERGRADUATE AND GRADUATE BUSINESS PROGRAMS AT BENTLEY UNIVERSITY ARE ACCREDITED BY AACSB INTERNATIONAL (THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS). THE UNIVERSITY IS ALSO ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION (NECHE). THESE ACCREDITATIONS INDICATE THAT BENTLEY UNIVERSITY MEETS OR EXCEEDS ESTABLISHED STANDARDS AS DETERMINED BY PERIODIC AACSB PEER GROUP REVIEWS. 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 UNIVERSITY'S TRUSTEE AUDIT COMMITTEE IN APRIL FOR ITS REVIEW. UPON COMPLETION OF THAT REVIEW IN EARLY MAY, 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 OF 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 AND APPROVED, IN ADVANCE OF ANY PAYMENT, 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 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 THAT THE COMPENSATION OF THE UNIVERSITY'S PRESIDENT AND ALL OFFICERS IS REASONABLE AND SATISFIES THE REBUTTABLE PRESUMPTION STANDARD 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 INCORPORATION AND BY-LAWS, ARE FILED WITH THE MASSACHUSETTS SECRETARY OF STATE AND THEREFORE AVAILABLE TO THE PUBLIC. 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 DO INCLUDE A FOOTNOTE DISCUSSING RELATED-PARTY TRANSACTIONS. THE CONFLICT OF INTEREST POLICY IS ALSO AVAILABLE UPON REQUEST. FORM 990, PART VII, SECTION A, LINE 31 NEW PRESIDENT START DATE EFFECTIVE 6/1/2021, E. LABRENT CHRITE BECAME THE PRESIDENT OF THE UNIVERSITY. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS 7,114,000. OTHER NON-OPERATING ACTIVITIES -1,114,000. CHARITABLE REMAINDER ANNUITY TRUST (2) 175 FOREST STREET WALTHAM MA 02452 CRAT MA BENTLEY T 1 CHARITABLE REMAINDER ANNUITY TRUST (5) 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 0