2022-05-13T11:07:52-05:00 2021-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2020-07-01 042134818 LABOURE COLLEGE OF HEALTHCARE INC LABO 6173223500 303 ADAMS STREET MILTON MA 02186 DR LILY HSU PRESIDENT 6173223500 2022-05-13 1 DR LILY HSU 999009999 LYNNE JOHNSON P00757336 6179129000 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z X DR LILY HSU 303 ADAMS STREET MILTON MA 02186 29198216 0 X WWW.LABOURE.EDU X 1951 MA LABOURE COLLEGE PROVIDES HIGH-QUALITY EDUCATION AND PREPARES (SEE SCH. O FOR CONTINUATION) WOMEN AND MEN FOR CAREERS IN NURSING AND ALLIED HEALTH FIELDS. INHERENT IN THE CATHOLIC IDENTITY OF THE COLLEGE AND OUR EDUCATIONAL MISSION IS A COMMITMENT TO JUDAEO-CHRISTIAN PRINCIPLES WHICH INFLUENCE THE ACADEMIC CURRICULA AND THE COLLEGE ENVIRONMENT. CONSISTENT WITH THESE PRINCIPLES, THE COLLEGE SEEKS TO GIVE OPPORTUNITIES TO A DIVERSE POPULATION OF STUDENTS TO CONTINUE THEIR EDUCATION AS MATURE ADULTS AND RESPONSIBLE WORLD CITIZENS. 12 12 239 13 0 0 488388 1756414 21357774 24110274 185291 1759262 18964 14477 22050417 27640427 792268 1534639 0 0 11113912 11432800 0 0 150417 4512481 6234013 16418661 19201452 5631756 8438975 42853345 45194532 18940090 12842302 23913255 32352230 LABOURE COLLEGE PROVIDES HIGH-QUALITY EDUCATION AND PREPARES WOMEN AND MEN FOR CAREERS IN NURSING AND ALLIED HEALTH FIELDS. 0 0 15474030 1534639 24124751 LABOURE COLLEGE HAS A UNIQUE AND EXTENSIVE 129 YEAR HISTORY IN THE EDUCATION OF HEALTH CARE PROFESSIONALS IN THE GREATER BOSTON AREA. APPROXIMATELY 1,200 STUDENTS, MOST PART TIME, RECEIVE AN EDUCATION WHICH THE DISTINCT FOCUS OF EDUCATION FOR PRACTICE IN THE HEALTH SECTOR. WE ARE COMMITTED TO PREPARING INDIVIDUALS TO DELIVER PATIENT-CENTERED CARE AS MEMBERS OF AN INTERDISCIPLINARY TEAM. THE INDIVIDUAL PROGRAMS PROVIDE CLINICAL EDUCATION EMPHASIZING EVIDENCE-BASED PRACTICE, INCLUDING THE LATEST RESEARCH AND CLINICAL EXPERTISE, QUALITY IMPROVEMENT APPROACHES AND THE USE OF INFORMATION TECHNOLOGY ARE IMPORTANT COMPONENTS OF EACH PROGRAM. WE ARE REGIONALLY ACCREDITED BY NECHE AND EACH OF OUR PROGRAMS ARE ACCREDITED. DISCIPLINE-SPECIFIC SPECIALIZED ACCREDITING BODY. 15474030 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 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 34 0 1 239 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 1 0 1 0 1 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X WILLIAM MCDONALD 6173223500 303 ADAMS STREET MILTON MA 02186 KIM BASSETT DIRECTOR (TRUSTEE) 0.30 X 0 0 0 ERIC CADIN DIRECTOR (TRUSTEE) 0.30 X 0 0 0 ROBERTA L COEN DIRECTOR (TRUSTEE) 0.30 X 0 0 0 LAURA DOWNING DIRECTOR (TRUSTEE) (UNTIL 12/31/20) 0.30 X 0 0 0 NEAL F FINNEGAN DIRECTOR (TRUSTEE) 0.30 X 0 0 0 CHRISTOPHER C HARDING DIRECTOR (TRUSTEE) 0.30 X 0 0 0 DAVID J HOUSTON DIRECTOR (TRUSTEE) 0.30 X 0 0 0 ANTOINETTE LEONEY DIRECTOR (TRUSTEE) 0.30 X 0 0 0 WILLIAM MCGINLEY DIRECTOR (TRUSTEE) 0.30 X 0 0 0 CYNTHIA M PASCIUTO DIRECTOR (TRUSTEE) 0.30 X 0 0 0 MARCEL VERNON DIRECTOR (TRUSTEE) 0.30 X 0 0 0 DAMIEN DEVASTO DIRECTOR (TRUSTEE), CHAIR 0.30 X X 0 0 0 JOSEPH M RIZZO DIRECTOR (TRUSTEE), VICE-CHAIR 0.30 X X 0 0 0 LILY S HSU PRESIDENT 40.00 X 306356 0 29921 MARILYN GARDNER VP OF ACADEMIC AFFAIRS 40.00 X 214984 0 10376 JUSTIN G ROY VP OF ENROLLMENT & MARKETING 40.00 X 163383 0 23659 WILLIAM MCDONALD VP OF ADMIN AND FINANCE 40.00 X 164620 0 15391 JO ANNE FOLEY ASSOCIATE PROFESSOR 40.00 X 176940 0 26752 KAREN MANNING DEAN, DIVISION OF NURSING 40.00 X 146677 0 28675 ERIC J BUONACCORSI ASSISTANT PROFESSOR, NURSING 40.00 X 137705 0 19623 DANIEL KLEBER ASSOCIATE PROFESSOR 40.00 X 115821 0 35489 MATTHEW GREGORY AVP OF STUDENT AFFAIRS 40.00 X 122765 0 12480 1549251 0 202366 18 0 1 0 ASSESSMENT TECHNOLOGIES INSTITUTE LLC 6277 COLLECTIONS CENTER DRIVE CHICAGO IL 606930622 TESTING 911245 MMI LLC 855 MAIN STREET SUITE 905 BRIDGEPORT CT 06604 CUSTODIAL SERVICES 355497 JENZABAR INC 101 HUNTINGTON AVENUE SUITE 2200 BOSTON MA 02199 DATABASE ADMINISTRATION 248007 SSC INC 25 CONTROLS DRIVE SHELTON CT 06484 PUBLIC SAFETY 201796 WHITE WHALE WEB SVCS INC 4207 SE WOODSTOCK 226 PORTLAND OR 97206 WEB DEVELOPMENT 183726 13 1416530 339884 1756414 TUITION FEES 611310 24110274 24110274 24110274 1734285 1734285 1582766 1557789 24977 24977 24977 LOAN INCOME FEE 900099 14477 14477 14477 27640427 24124751 0 1759262 1534639 1534639 865058 387317 477741 8706044 7807988 855968 42088 135439 115123 19639 677 1054437 1031771 18865 3801 671822 571098 97414 3310 63052 63052 51207 51207 26763 26763 807735 309966 492287 5482 594990 416276 178714 94639 89641 4189 809 751865 526031 216907 8927 1172727 622198 512311 38218 24785 19016 714 5055 18690 14317 3362 1011 416840 291636 120255 4949 425650 297801 122796 5053 148168 148168 SUPPLIES 1219461 1200006 16358 3097 CARES ACT RELIEF AID 147357 147357 DUES AND MEMBERSHIPS 70307 37710 30607 1990 STUDENT ACTIVITIES 15907 15907 183870 38232 119688 25950 19201452 15474030 3577005 150417 6916229 6252934 8545369 16037007 10915 9708 7006270 870491 565530 461280 299163 504464 15117214 3569286 11710421 11547928 4080326 4991739 3719122 4518981 42853345 45194532 1027982 1071781 430860 493988 7686833 7590538 698959 664703 9095456 3021292 18940090 12842302 X 20453857 28003712 3459398 4348518 23913255 32352230 42853345 45194532 8438975 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7805962 700 1734285 9540947 5678956 2000325 126681 7805962 3342916 2015681 320359 5678956 3106682 5600 230634 3342916 2788390 100 318192 3106682 0.56000 0.13000 0.31000 0 0 2000000 2000000 11219413 2054581 9164832 1897801 1514705 383096 11547928 COMMON FUND MULTI STRATEGY EQUITY FUND 2734161 F COMMON FUND MULTI STRATEGY BOND FUND 1784820 F 4518981 TUITION AND FEES BILLED IN ADVANCE 3021292 3021292 X 26967038 -673389 -673389 27640427 0 27640427 18528063 0 18528063 673389 673389 19201452 PART V, LINE 4: ENDOWMENT FUNDS ARE PRIMARILY USED FOR SCHOLARSHIPS. PART X, LINE 2: THE COLLEGE IS RECOGNIZED AS A NON-PROFIT ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, WHEREBY ONLY UNRELATED BUSINESS INCOME, AS DEFINED BY SECTION 512(A)(1) OF THE CODE, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE COLLEGE RECOGNIZES A TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES. MANAGEMENT EVALUATED THE COLLEGE'S TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAD NO MATERIAL UNCERTAINTIES IN INCOME TAXES AS OF JUNE 30, 2021 AND 2020. WITH FEW EXCEPTIONS, THE COLLEGE IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2018. THE COLLEGE WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID NETTED WITH TUITION AND FEES REVENUE ON AUDITED FS -673,389. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID NETTED WITH TUITION AND FEES REVENUE ON AUDITED FS 673,389. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE MEETS THE GUIDELINE IDENTIFIED IN REV. PROC. 75-50, 1975-2 C.B. 587, SEC. 4.03 2(C). THEREFORE, THE COLLEGE IS NOT REQUIRED TO USE THE NEWSPAPER OR BROADCAST MEDIA. THE STATEMENT OF NONDISCRIMINATORY POLICY IS ON THE WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES STUDENT FINANCIAL AID FROM FEDERAL AND STATE AGENCIES. THE COLLEGE'S FINANCIAL AID OFFICE MONITORS THE GRANTS AND MAINTAINS THE GRANT RECORDS. THE COLLEGE RECEIVED FUNDING FROM THE FEDERAL GOVERNMENT THROUGH THREE GRANTS AS PART OF THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF). THE TOTAL AMOUNTS OF THE FIRST, SECOND AND THIRD ROUNDS OF HEERF FUNDING WERE $693,494, $967,457 AND $1,132,671, RESPECTIVELY, FOR A TOTAL OF $2,793,622. THE COLLEGE MET BARRIERS TO ENTITLEMENT FOR THE FIRST HEERF GRANT TO RECOGNIZE $372,251 IN GOVERNMENT GRANT REVENUE FOR THE YEAR ENDED JUNE 30, 2020. THE COLLEGE MET BARRIERS TO ENTITLEMENT FOR THE REMAINDER OF THE FIRST ROUND OF HEERF GRANTS, SECOND ROUND OF HEERF GRANTS, AND A PORTION OF THE THIRD ROUND OF HEERF GRANTS TO RECOGNIZE $1,416,530 IN GOVERNMENT GRANT REVENUE FOR THE YEAR ENDED JUNE 30, 2021. THE REMAINING $1,004,841 FROM THE THIRD ROUND OF HEERF FUNDING IS A CONDITIONAL GRANT AS OF JUNE 30, 2021. SCHEDULE E, LINE 6B: AS A RESULT OF THE CHANGE IN CONTROL ON JUNE 30, 2013, THE COLLEGE PROVIDED TO THE US DEPARTMENT OF EDUCATION ("USDOE") VARIOUS DOCUMENTS FOR THEIR ACCEPTANCE AND APPROVAL IN ORDER TO MAINTAIN CONTINUED ELIGIBILITY IN THE TITLE IV FINANCIAL AID PROGRAMS (THE "PROGRAM"). THE USDOE HAD NOTIFIED THE COLLEGE THAT THE SUBMISSION WAS INCOMPLETE AND AS A RESULT, THE USDOE STATED THAT THE COLLEGE LOST INSTITUTIONAL ELIGIBILITY TO PARTICIPATE IN THE PROGRAM. MANAGEMENT BELIEVED THE APPLICABLE REQUIREMENTS WERE PROPERLY MET. REINSTATEMENT OF ELIGIBILITY IN THE PROGRAM WAS CONTINGENT UPON THE USDOE'S ACCEPTANCE OF THE SUBMISSION OF THE COLLEGE'S AUDITED FINANCIAL STATEMENTS AS OF JUNE 30, 2013 AND AN APPROVED LETTER OF CREDIT. THE COLLEGE WAS REINSTATED BY THE USDOE IN THE PROGRAM ON NOVEMBER 27, 2013. 1 STUDENT FINANCIAL AID 594 673389 FMV ALL GRANTS ARE FOR FINANCIAL ASSISTANCE TO ATTEND LABOURE COLLEGE CARES ACT STUDENT RELIEF AID 920 861250 FMV FINANCIAL AID GRANTS TO STUDENTS FOR EXPENSES RELATED TO THE COVID-19 PANDEMIC. PART I, LINE 2: THE FINANCIAL AID DEPARTMENT ISSUES AND MONITORS STUDENT FINANCIAL AID AWARDS. THE FINANCE DIVISION MONITORS THE SCHOLARSHIPS AND DISCOUNTS REFLECTED ON STUDENT BILLING. STUDENT AID IS AWARDED BASED ON MEETING ESTABLISHED CRITERIA WHICH INCLUDE ACADEMIC ACHIEVEMENT AND FINANCIAL NEED. IN FISCAL YEAR 2021, THE COLLEGE RECEIVED FUNDING FROM THE FEDERAL GOVERNMENT AS PART OF THE HIGHER EDUCATION EMERGENCY RELIEF FUND. $861,250 WAS ALLOCATED AS EMERGENCY FINANCIAL AID GRANTS TO STUDENTS FOR EXPENSES RELATED TO THE COVID-19 PANDEMIC. X X 0 0 0 0 0 0 0 0 0 LILY S HSU PRESIDENT 303982 0 0 0 2374 0 5978 0 23943 0 336277 0 0 0 MARILYN GARDNER VP OF ACADEMIC AFFAIRS 211276 0 0 0 3708 0 8451 0 1925 0 225360 0 0 0 JO ANNE FOLEY ASSOCIATE PROFESSOR 176542 0 0 0 398 0 0 0 26752 0 203692 0 0 0 JUSTIN G ROY VP OF ENROLLMENT & MARKETING 163215 0 0 0 168 0 5163 0 18496 0 187042 0 0 0 WILLIAM MCDONALD VP OF ADMIN AND FINANCE 163846 0 0 0 774 0 4977 0 10414 0 180011 0 0 0 KAREN MANNING DEAN, DIVISION OF NURSING 145903 0 0 0 774 0 4564 0 24111 0 175352 0 0 0 ERIC J BUONACCORSI ASSISTANT PROFESSOR, NURSING 137705 0 0 0 0 0 2030 0 17593 0 157328 0 0 0 DANIEL KLEBER ASSOCIATE PROFESSOR 114845 0 0 0 976 0 9291 0 26198 0 151310 0 0 0 A MASSACHUSETTS DEVELOPMENT FINANCE AUTHORITY 043431814 2021-04-30 7781800 SEE PART VI 0 0 0 A 43556 7781800 121088 7660712 2021 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 1 0 0 0 0 0 1 A 1 SCHEDULE K, PART I, COLUMN F: THE BOND ISSUE WAS USED TO REFINANCE THE ORIGINAL BOND THAT WAS ISSUED IN 07/18/2013. THE ACQUISITION AND RENOVATION OF THE FIVE ACRES OF LAND AND IMPROVEMENTS THEREON AT 303 ADAMS STREET, MILTON, MA. FOR THE RELOCATION FO THE BORROWER'S CAMPUS THERETO, INCLUDING CREATION OF APPROXIMATELY 130 ADDITIONAL PARKING SPACES. GENERAL REFURBISHMENT AND ADA COMPLIANCE IMPROVEMENTS; ACQUISITION AND INSTALLATION OF MISCELLANEOUS FURNITURE, FIXTURES AND EQUIPMENT AT TEH ABOVE-REFERENCED PROPERTY, AND PAYING CERTAIN COSTS OF ISSUING THE BONDS AND OTHER COMMON COSTS. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION AMENDED ITS ARTICLES OF ORGANIZATION TO CHANGE ITS NAME FROM LABOURE COLLEGE TO LABOURE COLLEGE OF HEALTHCARE, INC. FORM 990, PART VI, SECTION A, LINE 6 THERE IS A SLATE OF MEMBERS. CURRENTLY THE SLATE IS COMPOSED OF TEN INDIVIDUALS. THE COLLEGE BYLAWS HAVE ALWAYS CLEARLY ENUMERATED WHAT THE MEMBERS ARE ALLOWED TO DO. FORM 990, PART VI, SECTION A, LINE 7B THE GOVERNMENT DECISIONS OF THE CURRENT SLATE OF MEMBERS ARE LIMITED TO APPROVING CHANGES TO THE ARTICLES OF ORGANIZATION; APPROVING MERGERS, DISSOLUTION, OR CONSOLIDATIONS; AND APPROVING CHANGES OF THE PURPOSE OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11B THE COLLEGE'S AUDITORS REVIEW THE FORM 990 PRIOR TO ITS REVIEW AND APPROVAL BY THE LABOURE COLLEGE FINANCE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C THE PRESIDENT ANNUALLY GATHERS RESPONSES AND MONITORS COMPLIANCE. THE PRESIDENT, VICE PRESIDENTS, AND DIRECTORS MUST PROVIDE A STATEMENT IDENTIFYING ANY CONFLICT OF INTEREST. ANY INDIVIDUAL WHO HAS A CONFLICT OF INTEREST CANNOT PARTICIPATE IN DECISIONS RELATED TO THE CONFLICT UNTIL THE END OF THE CONFLICT OF INTEREST. THE PRESIDENT PERFORMS THE REVIEW AND DETERMINES WHETHER CONFLICTS EXIST. FORM 990, PART VI, SECTION B, LINE 15 ON AN ANNUAL BASIS, DIRECTORS OF THE COLLEGE BOARD REVIEW AND DETERMINE THE COMPENSATION OF THE COLLEGE PRESIDENT. ON AN ANNUAL BASIS, THE PRESIDENT PERFORMS AN ANNUAL REVIEW OF COMPENSATION OF OFFICERS. THE REVIEW INCLUDES COMPARISON TO INDUSTRY DATA, INDIVIDUAL PERFORMANCE DATA, INCREASES PROVIDED TO OTHER EMPLOYEES, AND OTHER FACTORS. THE PRESIDENT DETERMINES THE COMPENSATION OF OFFICERS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE PROVIDES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA GUIDESTAR AND MASSACHUSETTS ATTORNEY GENERAL'S OFFICE WEBSITES.