2022-05-13T08:51:22-05:00 2021-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2020-07-01 042108346 BECKER COLLEGE BECK 5087919241 61 SEVER STREET WORCESTER MA 01609 KEITH LOWEY CHIEF TRANSITION OFFICER 5085431720 2022-05-13 1 KEITH LOWEY 999009999 BARBARA E KING P00005629 5087557107 2022-05-13 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z KEITH LOWEY 61 SEVER STREET WORCESTER MA 01609 70638999 0 X WWW.BECKERCOLLEGE.EDU X 1784 MA BECKER COLLEGE PROVIDES ACADEMIC AND CAREER EDUCATION INTEGRATED WITH THE LIBERAL ARTS AND SCIENCES, WHICH LEADS TO THE AWARDING OF THE BACHELORS AND ASSOCIATE IN SCIENCE DEGREES. BACCALAUREATE DEGREE PROGRAMS BUILD ON THIS STRONG LIBERAL LEARNING AND CAREER KNOWLEDGE BASE WITH ADDITIONAL COURSES AND EDUCATIONAL EXPERIENCES. WITH THE COMPLETION OF THE DEGREE, GRADUATES ARE PREPARED TO ENTER THE WORK FORCE WITHIN THEIR CHOSEN CAREER OR CONTINUE THEIR EDUCATION. STUDENTS WHO COMPLETE A DEGREE PROGRAM ARE PREPARED TO ADVANCE IN THEIR PROFESSIONAL CAREERS. THROUGHOUT, OPPORTUNITIES FOR PERSONAL DEVELOPMENT ARE SUPPLEMENTED BY COLLEGE-SPONSORED ACTIVITIES, CULTURAL ENRICHMENT PROGRAMS, ATHLETICS AND COMMUNITY SERVICE PROJECTS. IN KEEPING WITH ITS MISSION, THE COLLEGE EXTENDS OPPORTUNITIES FOR EDUCATIONAL. PROFESSIONAL AND PERSONAL ADVANCEMENT THROUGH ITS ACCELERATED AND PROFESSIONAL STUDIES PROGRAMS. 14 14 712 0 0 0 2706249 6432199 65641784 56857080 123392 1337295 0 0 68471425 64626574 26387766 26731897 0 0 21194112 19133552 0 0 767065 21789113 18921077 69370991 64786526 -899566 -159952 47781132 39650846 24116075 18365092 23665057 21285754 X BECKER COLLEGE SERVES 1700 STUDENTS FROM 35 STATES AND 15 COUNTRIES AND OFFERS OVER 30 BACHELOR DEGREE PROGRAMS, 6 ASSOCIATE DEGREE PROGRAMS, AND 2 MASTERS DEGREE PROGRAMS IN UNIQUE, HIGH-DEMAND CAREER NICHES RANGING FROM NURSING AND EQUINE MANAGEMENT TO COMPUTER GAME DESIGN AND A VARIETY OF ADULT LEARNING OPTIONS. WITH CAMPUSES IN WORCESTER AND LEICESTER, MA., BECKER TRACES ITS HISTORY TO 1784 AND HAS OVER 20,000 ALUMNI. 0 1 28388155 26731897 26731897 STUDENT FINANCIAL AID- FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, FEDERAL WORK STUDY PROGRAM, COLLEGE SCHOLARSHIPS AND TUITION REMISSION 8459488 27310594 INSTRUCTIONAL - FACULTY, LIBRARY & EVENING DIVISION 6395294 697215 STUDENT SERVICES - REGISTRAR'S OFFICE, STUDENT SERVICE ADMINISTRATION, STUDENT SERVICES, ADMISSIONS AND FINANCIAL AID ADMINISTRATION 6214183 2991079 AUXILIARY ENTERPRISES - DORMITORY, DINING HALLS, BOOKSTORE, STUDENT CENTER, ANIMAL HOSPITAL & CLINIC, DAYCARE CENTER, AND SNACKBAR 6214183 2991079 49457120 1 1 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 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 67 0 1 712 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X RICHARD N NAYLOR 5083439453 61 SEVER STREET WORCESTER MA 01609 CHRISTINE L CASSIDY CHAIR 2.00 X X 0 0 0 CHERYL M LAPRIORE VICE CHAIR 2.00 X X 0 0 0 JOHN H BUDD SECRETARY 2.00 X X 0 0 0 JOHN E GRAHAM DIRECTOR 2.00 X 0 0 0 DANIEL A DELMASTRO TREASURER 2.00 X X 0 0 0 DR GREGORY POGUE DIRECTOR 2.00 X 0 0 0 ANDREW M MAZUR DIRECTOR 2.00 X 0 0 0 FRANCES E POLITO DIRECTOR 2.00 X 0 0 0 EDWARD J WILSON DIRECTOR 2.00 X 0 0 0 REBECCA B CROCKER DIRECTOR 2.00 X 0 0 0 MICHAEL J CAVARETTA DIRECTOR 2.00 X 0 0 0 JEFFREY A GOODSILL DIRECTOR 2.00 X 0 0 0 SCOTT CONTI DIRECTOR 2.00 X 0 0 0 ARTHUR DIGERONIMO DIRECTOR 2.00 X 0 0 0 NANCY CRIMMIN PRESIDENT 37.50 X 273677 0 53988 DAVID A ELLIS EXEC VP/CFO 37.50 X 211989 0 17988 FRANK MILLERICK VP OF STUDENT AFFAIRS 37.50 X 145172 0 17988 JULIE BAILEY DEAN OF ANIMAL STUDIES 37.50 X 104717 0 11905 ALAN RITACCO DEAN OF DESIGN 37.50 X 178000 0 6943 AMBER VAILL VP OF ACADEMICS 37.50 X 111371 0 17988 MARY ELLEN MAHONEY DEAN OF GPS 37.50 X 131757 0 6943 JENNIFER LITCHFILED ASST. DEAN OF NURSING 37.50 X 103496 0 17988 LORITA WILLIAMS VP OF DEVELOPMENT 37.50 X 196000 0 6943 RICHARD NAYLOR CONTROLLER 37.50 X 153023 0 0 1609202 0 158674 13 0 1 0 SSC SERVICE SOLUTIONS PO BOX 417632 BOSTON MA 02241 MAINTENANCE/HOUSEKEEPING/GROUNDS VENDOR 2717513 CHARTWELLS 91337 COLLECTIONS DRIVE CHICAGO IL 60693 FOOD SERVICE VENDOR 1622432 ELLUCIAN 62590 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 IT CONSULTANT 1277446 21 FRUIT STREET REALTY TRUST 9 METCALF STREET WORCESTER MA 01609 LEASED PROPERTY LANDLORD 467446 BOWDITCH & DEWEY 3311 MAIN STREET WORCESTER MA 01615 ATTORNEY 358183 5 5187754 1244445 6432199 TUITION & FEES 611310 53987503 53987503 AUXILIARY ENTERPRISES 611710 2117374 2117374 STUDENT ACTIVITIES 611710 697215 697215 EDUCATIONAL SERVICES 611710 54988 54988 56857080 83566 83566 6163402 1102752 5783378 229047 380024 873705 1253729 873705 380024 64626574 57730785 0 463590 26731897 26731897 15142407 10717249 3860260 564898 603619 290 603329 2314136 1349894 896527 67715 1073390 775769 259446 38175 800683 800683 412729 412729 60543 60543 620203 82945 530296 6962 104257 81070 23187 713998 482454 219079 12465 2911443 2071624 827460 12359 69897 56350 13547 651980 245459 406521 2441119 1868840 549388 22891 710933 710933 OUTSIDE SERVICE VENDORS 6561986 3313642 3248344 FOOD SERVICE 1623194 1623194 UNCOLLECTIBLE ACCOUNT E 508459 508459 OTHER EXPENSES 406871 56443 308828 41600 322782 322782 64786526 49457120 14562341 767065 4596749 1824287 501297 2605374 547889 48156 16985 584305 0 32926532 3676172 3735061 1348287 1395814 1477275 32147795 47781132 39650846 2563287 5888201 8475000 4356551 12476891 3308139 5413098 0 24116075 18365092 X 17465761 16768599 6199296 4517155 23665057 21285754 47781132 39650846 X -159952 821669 -3041020 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4262923 4193 1220496 1203036 4284576 4474312 108558 -8129 311818 4262923 4420583 63467 321605 331343 4474312 4417638 3460 272651 273166 4420583 3911157 133333 539876 166728 4417638 1.00000 0 0 0 OTHER ASSETS 15942 ASSETS HELD FOR SALE 32131853 32147795 38838839 821669 183036 1004705 37834134 60543 26731897 26792440 64626574 41218142 3224056 3224056 37994086 60543 26731897 26792440 64786526 PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF INDIVIDUAL DONOR RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES DONOR RESTRICTED ENDOWMENT FUNDS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. ENDOWMENT FUNDS INCLUDE INVESTED GIFTS AND CASH. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE COLLEGE CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUNDS IS CLASSIFIED AS EXPENDABLE NET ASSETS WITH DONOR RESTRICTIONS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE COLLEGE IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE COLLEGE MAY CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE COLLEGE AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE COLLEGE; AND THE INVESTMENT POLICIES OF THE COLLEGE. THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE ENDOWMENT ASSETS ARE INVESTED IN A PORTFOLIO OF DEBT AND EQUITY SECURITIES WITH THE OBJECTIVE OF ACHIEVING LONG-TERM CAPITAL APPRECIATION WHILE MODERATING THE LEVEL OF INVESTMENT RISK. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE COLLEGE RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST, DIVIDENDS AND NET RENTAL INCOME). THE COLLEGE HAS INVESTED IN DEBT AND EQUITY SECURITIES THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE COLLEGE HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION, AS NEEDED, AMOUNTS FOR THE PURPOSES OF SCHOLARSHIPS AND FINANCIAL AID, CAPITAL PROJECTS, AND SPECIAL PROGRAMS. IN ESTABLISHING THIS POLICY, THE COLLEGE CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. THIS IS CONSISTENT WITH THE COLLEGE'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF ITS ENDOWMENT. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE COLLEGE TO RETAIN AS A FUND OF PERPETUAL DURATION. THE COLLEGE MAY APPROPRIATE FOR EXPENDITURE FROM THESE UNDERWATER ENDOWMENT FUNDS IN ACCORDANCE WITH THE PRUDENT MEASURES PRESCRIBED BY STATE LAW. AS OF JUNE 30, 2021, FUNDS WITH AN ORIGINAL GIFT VALUE OF $2,000 WERE UNDERWATER BY $426. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP AGREEMENT 183,036. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 26,731,897. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON LIQUIDATION 3,224,056. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 26,731,897. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 2020-2021 BECKER STUDENT HANDBOOK SCHEDULE E, PART I, LINE 6 BECKER COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE GOVERNMENT THROUGH GRANTS THAT ARE PROVIDED TO THE STUDENTS TO FUND THEIR EDUCATION. 1 INSTITUTIONAL FINANCIAL AID 1660 26731897 PART I, LINE 2: BECKER COLLEGE PARTICIPATES IN TITLE IV FUNDING. STUDENTS MUST COMPLETE THE FAFSA FORM IN ORDER TO APPLY FOR AID. X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 NANCY CRIMMIN PRESIDENT 273677 0 0 0 0 0 0 0 53988 0 327665 0 0 0 DAVID A ELLIS EXEC VP/CFO 211989 0 0 0 0 0 0 0 17988 0 229977 0 0 0 LORITA WILLIAMS VP OF DEVELOPMENT 196000 0 0 0 0 0 0 0 6943 0 202943 0 0 0 ALAN RITACCO DEAN OF DESIGN 178000 0 0 0 0 0 0 0 6943 0 184943 0 0 0 FRANK MILLERICK VP OF STUDENT AFFAIRS 145172 0 0 0 0 0 0 0 17988 0 163160 0 0 0 RICHARD NAYLOR CONTROLLER 153023 0 0 0 0 0 0 0 0 0 153023 0 0 0 PART I, LINE 7 THE PRESIDENT RECEIVED A NON-TAXABLE HOUSING ALLOWANCE OF $36,000. A MA DEVELOPMENT FINANCE AGENCY 042108346 57583RHA6 2006-12-01 11445000 BUILDING ON NEW DORM & ATHLETIC FIELD RENOVATION 0 0 0 A 4365000 11445000 290838 31724 11413276 2009 0 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 0 1 1 SANTANDER BANK (2) 10.000000000000 0 0 0 0 1 A 0 FORM 990, PART III, LINE 3 DURING 2020 AND 2021, THE COLLEGE'S FINANCIAL POSITION HAS BEEN NEGATIVELY IMPACTED BY THE CORONAVIRUS PANDEMIC AND THE BOARD OF TRUSTEES DETERMINED IN 2021 THAT CONTINUED OPERATION OF THE COLLEGE HAD BECOME IMPOSSIBLE DUE TO FINANCIAL AND OPERATIONAL CHALLENGES. IN MARCH 2021, THE BOARD OF TRUSTEES VOTED TO CEASE OPERATIONS OF THE COLLEGE EFFECTIVE JUNE 30, 2021, WITH TRANSITIONAL SERVICES PROVIDED TO STUDENTS THROUGH AUGUST 31, 2021. SUBSEQUENT TO JUNE 30, 2021, THE COLLEGE BEGAN THE PROCESS OF LIQUIDATING ASSETS AND SATISFYING THE LIABILITIES OF THE COLLEGE. REAL ESTATE OWNED BY THE COLLEGE IS INCLUDED IN ASSETS HELD FOR SALE ON THE STATEMENT OF NET ASSETS IN LIQUIDATION AND WAS SOLD IN THREE TRANSACTIONS TOTALING $32,131,853, WITH ALL SALES COMPLETED BY DECEMBER 31, 2021. PROCEEDS FROM THESE SALES WERE USED TO PAY LONG-TERM DEBT AND OTHER OBLIGATIONS IN THE COLLEGE. THE COLLEGE RECEIVED A FEDERAL GRANT FOR THE RENOVATION OF ONE OF THE BUILDINGS ON THE WORCESTER CAMPUS IN 2017. THE TERMS OF THE GRANT AGREEMENT STIPULATED THAT A PORTION OF THE FUNDING WOULD NEED TO BE REPAID UPON THE SALE OR DISCONTINUATION OF USE OF THE BUILDING. THIS PROPERTY WAS SOLD IN OCTOBER 2021, AT WHICH TIME THE REPAYMENT AMOUNT OF $432,000 WAS NEGOTIATED WITH THE FEDERAL AGENCY. THIS AMOUNT IS INCLUDED IN ACCRUED AND OTHER LIABILITIES ON THE STATEMENT OF NET ASSETS IN LIQUIDATION. THE COLLEGE OBTAINED APPROVAL FROM DONORS TO RELEASE THE RESTRICTIONS ON CERTAIN ENDOWED FUNDS TOTALING $1,094,786, ALLOWING THE COLLEGE TO USE THE FUNDS IN THE SATISFACTION OF LIABILITIES DURING THE LIQUIDATION PROCESS. THE COLLEGE'S REMAINING ENDOWED FUNDS AND DONOR-RESTRICTED ASSETS REMAIN UNAVAILABLE FOR USE IN LIQUIDATION, AND USE OF THESE FUNDS WILL BE DETERMINED WHEN THE COLLEGE IS DISSOLVED BY THE ATTORNEY GENERAL OF THE COMMONWEALTH OF MASSACHUSETTS. AN ACCRUAL WAS RECORDED ON JUNE 30, 2021, TO REFLECT THE REMAINING KNOWN LIABILITIES OF THE COLLEGE THROUGH THE DISSOLUTION DATE. ADDITIONAL EXPENSES MAY BE INCURRED DURING LIQUIDATION, AS THE FINAL DATE OF DISSOLUTION IS NOT YET KNOWN. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CFO AND THE FINANCE BOARD MEMBER, PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEW THE ORGANIZATION'S CONFLICT OF INTEREST POLICY ANNUALLY IN ORDER TO ENSURE THAT THE ORGANIZATION'S BOARD OF DIRECTORS, OFFICERS, AND EMPLOYEES ARE REGULARLY AND CONSISTENTLY MONITORING AND ENFORCING IT. FORM 990, PART VI, SECTION B, LINE 15 BENEFITS AND COMPENSATION FOR SENIOR MANAGEMENT ARE DETERMINED AFTER BENCHMARKING TOTAL COMPENSATION AT COMPARABLE INSTITUTIONS WITH SIMILAR POSITIONS. RESOURCES USED ARE THE CHRONICLE OF HIGHER EDUCATION, INSIDE HIGHER EDUCATION, COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION (CUPA), THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS (NACUBO), COLLEGES OF THE WORCESTER CONSORTIUM AND THE SOUTHERN NEW ENGLAND COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION LIST SERVE. FORM 990, PART VI, SECTION C, LINE 19 INTERESTED PARTIES/QUESTIONS CONCERNING THE 990 ARE DIRECTED TO THE STATE'S WEBSITE. FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON INTEREST RATE SWAP AGREEMENTS 183,036. LOSS ON LIQUIDATION -3,224,056.