2025-05-15T13:22:05-05:00 2024-06-30 263753134 CBIZ ADVISORS LLC 53 STATE STREET 17TH FLOOR BOSTON MA 02109 990 2023-07-01 050259080 SALVE REGINA UNIVERSITY SALV 4013412142 100 OCHRE POINT AVENUE NEWPORT RI 028404190 MICHAEL GRANDCHAMP VP FOR OPERATIONS/CFO 4013412142 2025-05-14 1 1 BRENDA L BOOTH P01342395 6178075000 2023 2025-03-06 01:10:19Z DR KELLI J ARMSTRONG 100 OCHRE POINT AVENUE NEWPORT RI 028404190 142155702 0 X WWW.SALVE.EDU X 1934 RI AS AN ACADEMIC COMMUNITY THAT WELCOMES PEOPLE OF ALL BELIEFS, (SEE SCHEDULE O FOR CONTINUATION) SALVE REGINA UNIVERSITY, A CATHOLIC INSTITUTION FOUNDED BY THE SISTERS OF MERCY, SEEKS WISDOM AND PROMOTES UNIVERSAL JUSTICE. THE UNIVERSITY, THROUGH TEACHING AND RESEARCH, PREPARES STUDENTS FOR RESPONSIBLE LIVES BY IMPARTING AND EXPANDING KNOWLEDGE, DEVELOPING SKILLS AND CULTIVATING ENDURING VALUES. THROUGH LIBERAL ARTS AND PROFESSIONAL PROGRAMS, STUDENTS DEVELOP THEIR ABILITIES FOR THINKING CLEARLY AND CREATIVELY, ENHANCE THEIR CAPACITY FOR SOUND JUDGMENT, AND PREPARE FOR THE CHALLENGE OF LEARNING THROUGHOUT THEIR LIVES. IN KEEPING WITH THE TRADITIONS OF THE SISTERS OF MERCY, AND RECOGNIZING THAT ALL PEOPLE ARE STEWARDS OF GOD'S CREATION, THE UNIVERSITY ENCOURAGES STUDENTS TO WORK FOR A WORLD THAT IS HARMONIOUS, JUST AND MERCIFUL. 30 29 1604 62 67598 0 8254316 5041707 125049149 127977485 2739646 3325616 549954 461702 136593065 136806510 52639849 54456941 0 0 47550313 49761712 0 0 2171336 35176864 35144421 135367026 139363074 1226039 -2556564 221864570 223861328 49063628 44821159 172800942 179040169 X AS AN ACADEMIC COMMUNITY THAT WELCOMES PEOPLE OF ALL BELIEFS, SALVE REGINA UNIVERSITY, A CATHOLIC INSTITUTION FOUNDED BY THE SISTERS OF MERCY, SEEKS WISDOM AND PROMOTES UNIVERSAL JUSTICE. THE UNIVERSITY, THROUGH TEACHING AND RESEARCH, (SEE SCHEDULE O FOR CONTINUATION) PREPARES MEN AND WOMEN FOR RESPONSIBLE LIVES BY IMPARTING AND EXPANDING KNOWLEDGE, DEVELOPING SKILLS AND CULTIVATING ENDURING VALUES. THROUGH LIBERAL ARTS AND PROFESSIONAL PROGRAMS, STUDENTS DEVELOP THEIR ABILITIES FOR THINKING CLEARLY AND CREATIVELY, ENHANCE THEIR CAPACITY FOR SOUND JUDGMENT, AND PREPARE FOR THE CHALLENGE OF LEARNING THROUGHOUT THEIR LIVES. IN KEEPING WITH THE TRADITIONS OF THE SISTERS OF MERCY, AND RECOGNIZING THAT ALL PEOPLE ARE STEWARDS OF GOD'S CREATION, THE UNIVERSITY ENCOURAGES STUDENTS TO WORK FOR A WORLD THAT IS HARMONIOUS, JUST AND MERCIFUL. 0 0 123956793 54456941 127977485 SALVE REGINA UNIVERSITY (THE "UNIVERSITY"), LOCATED IN NEWPORT, RHODE ISLAND, IS A CATHOLIC UNIVERSITY WHICH OPENED IN 1947 AND IS ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION, INC., FORMERLY KNOWN AS THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES. THE UNIVERSITY WAS FOUNDED BY AND CONTINUES TO BE SPONSORED BY THE SISTERS OF MERCY. THE UNIVERSITY ENROLLS APPROXIMATELY 2,700 MEN AND WOMEN IN A VARIETY OF ACADEMIC PROGRAMS. THE UNIVERSITY'S STUDENT POPULATION IS PREDOMINATELY FROM THE NORTHEAST REGION OF THE UNITED STATES. THE UNDERGRADUATE PROGRAMS ARE BASED ON THE LIBERAL ARTS. THE UNIVERSITY OFFERS BACCALAUREATE AND MASTER DEGREES, A CERTIFICATE OF ADVANCED GRADUATE STUDY AND A PH.D. IN HUMANITIES AND INTERNATIONAL RELATIONS. 123956793 1 1 0 1 0 0 1 0 0 1 1 1 0 0 1 1 0 1 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 1 3878 0 1 1604 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 30 29 0 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 1 1 0 RI X X MICHELE WOOD 4013412872 C/O SALVE REGINA UNIVERSITY 100 NEWPORT RI 02840 DAVID BAZARSKY TRUSTEE, VICE-CHAIR 1.00 X X 0 0 0 LILY BENTAS TRUSTEE 1.00 X 0 0 0 DENNIS ALGERE TRUSTEE 1.00 X 0 0 0 MARY ANN DILLON RSM TRUSTEE 1.00 X 0 0 0 TIMOTHY BURNS TRUSTEE 1.00 X 0 0 0 CHRISTINE KAVANAGH RSM TRUSTEE 1.00 X 0 0 0 BERNARD MCKAY TRUSTEE 1.00 X 0 0 0 CHERYL MROZOWSKI TRUSTEE, CHAIR 1.00 X X 0 0 0 MARYPATRICIA MURPHY RSM TRUSTEE, SECRETARY/TREASURER 1.00 X X 0 0 0 PAUL PERRAULT TRUSTEE 1.00 X 0 0 0 KATHLEEN WALGREEN TRUSTEE 1.00 X 0 0 0 NANCY CARDOZA TRUSTEE 1.00 X 0 0 0 MICHAEL STAFF TRUSTEE 1.00 X 0 0 0 JULIA UPTON RSM TRUSTEE 1.00 X 0 0 0 WILLIAM LUCEY TRUSTEE 1.00 X 0 0 0 JOHN SULLIVAN TRUSTEE 1.00 X 0 0 0 SUSAN MOORADIAN TRUSTEE 1.00 X 0 0 0 GERALD LAVALLEE TRUSTEE 1.00 X 0 0 0 JACQUELINE MARIE KIESLICH RSM TRUSTEE 1.00 X 0 0 0 KELLI J ARMSTRONG PRESIDENT 35.00 X X 387113 0 94641 HELEN DORFLINGER RYAN TRUSTEE 1.00 X 0 0 0 WANDA BLAKE TRUSTEE 1.00 X 0 0 0 ANNE WALLACE JUGE TRUSTEE 1.00 X 0 0 0 SARAH RODGERS MCNEILL TRUSTEE 1.00 X 0 0 0 SHIRLEY MADHERE-WEIL TRUSTEE 1.00 X 0 0 0 KATHERINE ALDRICH TRUSTEE 1.00 X 0 0 0 TARA GRIFFIN TRUSTEE 1.00 X 0 0 0 BRIAN PRYOR TRUSTEE 1.00 X 0 0 0 STEVEN HUTTLER TRUSTEE 1.00 X 0 0 0 CONFERENCE FOR MERCY HIGHER EDUCATION TRUSTEE 1.00 X 0 0 0 M THERESE ANTONE RSM CHANCELLOR 35.00 X 0 0 124926 MICHAEL GRANDCHAMP VP FOR OPERATIONS/CFO 35.00 X 245036 0 44907 JAMES LUDES VP FOR STRATEGIC INITIATIVES 35.00 X 176469 0 85128 JAMES FOWLER VP FOR ENROLLMENT MANAGEMENT 35.00 X 176705 0 44967 NANCY SCHREIBER PROVOST/VP FOR ACADEMIC AFFAIRS 35.00 X 242031 0 39163 MAELYNN PATTEN VP FOR ADVANCEMENT 35.00 X 263665 0 46733 LETIZIA GAMBRELLE BOONE VP FOR STUDENT AFFAIRS 35.00 X 165017 0 91288 MICHAEL PIMENTAL CHIEF OF STAFF 35.00 X 168675 0 46704 THERESA LADRIGAN-WHELPLEY VP FOR MISSION, PLANNING AND INNOVATION 35.00 X 152155 0 14452 STEVEN RODENBORN VICE PROVOST & DEAN OF UNDERGRADUATE STUDIES 35.00 X 161039 0 43420 IRVING BRUCKSTEIN CHIEF INFORMATION OFFICER 35.00 X 174269 0 43447 DAVID ALTOUNIAN VICE PROVOST GRAD.PROF PGM 35.00 X 160442 0 36004 SANDRA ANTHOINE AVP OF DEVELOPMENT AND PLANNED GIVING 35.00 X 162789 0 23988 MICHELE WOOD AVP CONTROLLER 35.00 X 171332 0 14145 WILLIAM HALL FORMER VP ADMINISTRATION/CFO 35.00 X 243775 0 35833 MICHAEL SEMENZA SPECIAL ASSISTANT TO THE PRESIDENT 35.00 X 148121 0 23911 3198633 0 853657 95 1 1 0 SODEXO 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 FOOD/CUSTODIAL SERVICE 7394606 FARRAR AND ASSOCIATES 31A BRIDGE STREET NEWPORT RI 02840 CONSTRUCTION 1596578 I DESIGN 4514 COLE AVE SUITE DALLAS TX 75205 ONLINE PROGRAM MANAGEMENT 1471147 CAROUSEL INDUSTRIES PO BOX 848444 LOS ANGELES CA 900848444 TECHNOLOGY EQUIPMENT 1364798 CARNEGIE DARTLETT 210 LITTLETON RD WESTFORD MA 01886 MARKETING SERVICES 849742 31 1305892 3735815 205514 5041707 TUITION 611710 102077726 102077726 ROOM 611710 13203930 13203930 MEAL PLAN 611710 8464652 8464652 FEES 611710 4231177 4231177 127977485 2528617 10466 2518151 1075275 853706 221569 221569 57132 164437 5291710 775 4495486 0 796224 775 796999 796999 BOOKSTORE 900099 120933 120933 VENDOR REBATE 900099 98492 98492 20708 20708 240133 136806510 127977485 67598 3719720 53713650 53713650 743291 743291 2394539 803402 1192442 398695 35803458 30428627 4345077 1029754 2465119 1907841 443002 114276 6268598 4743658 1307580 217360 2829998 2297102 423620 109276 187683 187683 133466 133466 24000 24000 710806 710806 3942240 3411800 499888 30552 932149 134186 797963 205544 48295 157249 2896874 1797548 1099326 4116634 3620203 451061 45370 1719470 1429074 248395 42001 1072589 1072589 7007279 6287850 678628 40801 1952071 1714780 237291 FOOD SERVICES 4682569 4674700 7869 SPECIAL PROJECTS/EVENTS 1945416 1645491 226813 73112 SUPPLIES 1304860 1181406 110473 12981 RESTRICTED GRANTS 856500 622124 234376 1454271 968370 428743 57158 139363074 123956793 13234945 2171336 2369920 2273111 19864009 14113175 12040683 10024595 1752555 1291260 1526078 1378674 52756 39188 324800 198547 224617098 134756947 88931830 89860151 52066431 62327476 39869137 38868954 3066371 3486197 221864570 223861328 9204179 7609356 31683092 29474418 8176357 7737385 49063628 44821159 X 130182460 133812887 42618482 45227282 172800942 179040169 221864570 223861328 X -2556564 8774901 20890 X 0 1 X 1 1 1 X 7849281 7950353 20502166 8254316 5041707 49597823 7849281 7950353 20502166 8254316 5041707 49597823 12423244 37174579 1446894 1096185 2035668 3019995 3603892 11202634 378407 234194 300923 260359 240133 1414016 62214473 590602364 0.59750 0.58970 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 24000 0 0 0 24000 0 PART II-B, LINE 1: THE UNIVERSITY RETAINS CONSULTANTS TO HELP THE UNIVERSITY UNDERSTAND THE INNER WORKINGS OF THE FEDERAL LEGISLATIVE BRANCH OF THE GOVERNMENT. THE CONSULTANTS HELP PROVIDE KNOWLEDGE OF POTENTIAL FUNDING OPPORTUNITIES AND HOW BEST TO TAKE ADVANTAGE OF THOSE FUNDING OPPORTUNITIES AND FURTHER THE MISSSION OF THE UNIVERSITY. X 1 0.00 1 0 0 1 1 0.00 0 83049000 3591000 9901000 852000 3329000 92360000 77430000 3203000 5717000 689000 2612000 83049000 81633000 5610000 -6780000 603000 2430000 77430000 63213000 2632000 18583000 520000 2275000 81633000 63790000 3084000 -911000 473000 2277000 63213000 0.67100 0.32900 0.00000 0 0 5923648 5923648 165707712 95721616 69986096 48930410 39035331 9895079 4055328 4055328 89860151 EQUITY FUNDS 3674010 F REIT 3392190 F MULTI-STRATEGY HEDGE FUNDS 14989223 F PRIVATE EQUITY 16813531 F 38868954 STUDENT DEPOSITS 5222429 REFUNDABLE ADVANCES - GOVERNMENT 712971 OBILGATIONS UNDER OPERATING LEASE 1566000 LIABILITY FOR FUNDS HELD IN TRUST 235985 7737385 X 92738436 8774901 853706 9628607 83109829 710806 52985875 53696681 136806510 86499209 853706 853706 85645503 710806 53006765 53717571 139363074 PART II, LINE 5: THE UNIVERSITY ENTERED INTO A FIFTY YEAR EASEMENT WITH THE RHODE ISLAND HISTORIC PRESERVATION SOCIETY IN EXCHANGE FOR A GRANT INTENDED TO HELP DEFRAY THE EXTERIOR RESTORATION OF OCHRE COURT. OCHRE COURT, AN ARCHITECTURALLY SIGNIFICANT STRUCTURE, IS USED TO HOUSE UNIVERSITY ADMINISTRATION. THE NATURE OF THE EASEMENT IS SUCH THAT THE UNIVERSITY MUST KEEP THE EXTERIOR INTACT AND CANNOT MODIFY SAID EXTERIOR WITHOUT THE EXPRESS APPROVAL OF THE RI HISTORIC PRESERVATION SOCIETY. IN ADDITION, SAID STRUCTURE'S EXTERIOR MUST BE ALLOWED TO BE VIEWED BY THE GENERAL PUBLIC. NO MODIFICATIONS HAVE BEEN MADE SINCE THE RESTORATION NOR HAS PUBLIC ACCESS BEEN BLOCKED. PART II, LINE 9: THE ORGANIZATION MAKES NO MENTION OF THE EASEMENT IN ITS FINANCIAL STATMENTS. THE EASEMENT IS BETWEEN THE ORGANIZATION AND THE STATE OF RHODE ISLAND AND STIPULATES THAT NO DEMOLITION OR ALTERATION CAN BE MADE TO THE EXTERIOR OF OCHRE COURT, LOCATED IN NEWPORT, RI. THE ORGANIZATION IS AWARE OF THE EASEMENT AND NO CHANGES HAVE BEEN MADE TO THE EXTERIOR THUS THERE IS NO DEVOTED STAFF FOR MONITORING, INSPECTING AND/OR ENFORCEMENT OF THE EASEMENT. PART V, LINE 4: THE UNIVERSITY USES THE ENDOWMENT FUNDS STRICTLY IN ACCORDANCE WITH DONOR INTENTION. THE MAJORITY OF PERMANENT ENDOWMENT IS HELD FOR SCHOLARSHIP, TEACHING, AND PROGRAM EXPENSES. A SMALL PORTION OF THE PERMANENT ENDOWMENT IS FOR STUDENT RELATED ACTIVITIES SUCH AS ATHLETIC PROGRAMS. THE UNRESTRICTED ENDOWMENT IS KEPT IN FINANCIAL RESERVES TO BE USED AT THE BOARD OF TRUSTEES DISCRETION. PART X, LINE 2: THE UNIVERSITY ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. THE UNIVERSITY HAS IDENTIFIED ITS TAX STATUS AS A TAX EXEMPT ENTITY AS ITS ONLY SIGNIFICANT TAX POSITION; HOWEVER, THE UNIVERSITY HAS DETERMINED THAT SUCH TAX POSITION DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE UNIVERSITY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE UNIVERSITY'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 853,706. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 53,006,765. CHANGE IN SPLIT INTEREST VALUE -20,890. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 853,706. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 53,006,765. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A NON-DISCRIMINATORY POLICY STATEMENT IS INCLUDED IN ALL PUBLIC ANNOUNCEMENTS AND PUBLICATIONS. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FEDERAL GOVERNMENT FUNDS (TITLE IV) TO BE USED IN THE STUDENT FINANCIAL AID PROGRAM. THE FUNDS RECEIVED INCLUDE PELL GRANTS, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, FEDERAL WORK STUDY AND PARTICIPATION IN THE FEDERAL DIRECT LOAN PROGRAMS (SUBSIDIZED STAFFORD, UNSUBSIDIZED STAFFORD, PARENT PLUS LOANS). IN ADDITION, THE UNIVERSITY RECEIVED AN APPROPRIATION FROM THE FEDERAL GOVERNMENT FOR USE IN THE REHABILITATIVE SERVICES GRADUATE DEPARTMENT. ALL GRANTS ARE REVIEWED, EVALUATED AND REPORTED (A-133) BY THE UNIVERSITY'S INDEPENDENT AUDITOR, CBIZ CPAS, LLC. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 10146219 EAST ASIA AND THE PACIFIC 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION SCHOLARSHIPS TO STUDENTS STUDYING ABROAD 52650 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION SCHOLARSHIPS TO STUDENTS STUDYING ABROAD 690641 0 0 0 0 0 0 10889510 0 10889510 SCHOLARSHIPS TO STUDENTS STUDYING ABROAD EAST ASIA AND THE PACIFIC 4 52650 DIRECT REDUCTION OF TUITION FMV SCHOLARSHIPS TO STUDENTS STUDYING ABROAD EUROPE (INCLUDING ICELAND & GREENLAND) 57 690641 DIRECT REDUCTION OF TUITION FMV 1 0 1 1 1 0 PART I, LINE 2: ELIGIBILITY FOR NEED-BASED FINANCIAL AID IS BASED ON FEDERAL DEPARTMENT OF EDUCATION REGULATIONS AND UNIVERSITY POLICIES GOVERNING FINANCIAL AID PROGRAMS. USING THE INFORMATION PROVIDED ON THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA), THE OFFICE OF FINANCIAL AID CREATES A FINANCIAL AID OFFER BASED ON FINANCIAL NEED AS DETERMINED BY SUBTRACTING THE STUDENT AID INDEX (SAI) FROM THE COST OF ATTENDANCE. THE COST OF ATTENDANCE (COA) INCLUDES DIRECT. COSTS, FOR WHICH THE STUDENT RECEIVES A BILLING STATEMENT (TUITION, FEES AND ON-CAMPUS HOUSING AND FOOD) AS WELL AS ESTIMATED INDIRECT COSTS NOT BILLED BY THE UNIVERSITY (BOOKS, SUPPLIES, PERSONAL EXPENSES, TRANSPORTATION AND OFF-CAMPUS HOUSING AND FOOD). THE DIFFERENCE BETWEEN THE STUDENT AID INDEX (SAI) AND THE COST OF ATTENDANCE (COA) IS THE STUDENT'S MAXIMUM ELIGIBILITY FOR NEED-BASED ASSISTANCE. TO REMAIN ELIGIBLE FOR FEDERAL, STATE AND INSTITUTIONAL FINANCIAL AID, A STUDENT MUST MEET THE MINIMUM REQUIREMENTS OF SATISFACTORY ACADEMIC PROGRESS AS PUBLISHED IN THE UNDERGRADUATE CATALOG. 1 INSTITUTIONAL SCHOLARSHIPS/GRANTS 2068 52263474 FMV SCHOLARSHIP SERVING TO REDUCE TUITION CHARGED TO STUDENTS FEDERAL SCHOLARSHIPS/GRANTS 564 1450175 FMV SCHOLARSHIP SERVING TO REDUCE TUITION CHARGED TO STUDENTS PART I, LINE 2: ELIGIBILITY FOR NEED-BASED FINANCIAL AID IS BASED ON FEDERAL DEPARTMENT OF EDUCATION REGULATIONS AND UNIVERSITY POLICIES GOVERNING FINANCIAL AID PROGRAMS. USING THE INFORMATION PROVIDED ON THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA), THE OFFICE OF FINANCIAL AID CREATES A FINANCIAL AID OFFER BASED ON FINANCIAL NEED AS DETERMINED BY SUBTRACTING THE STUDENT AID INDEX (SAI) FROM THE COST OF ATTENDANCE. THE COST OF ATTENDANCE (COA) INCLUDES DIRECT. COSTS, FOR WHICH THE STUDENT RECEIVES A BILLING STATEMENT (TUITION, FEES AND ON-CAMPUS HOUSING AND FOOD) AS WELL AS ESTIMATED INDIRECT COSTS NOT BILLED BY THE UNIVERSITY (BOOKS, SUPPLIES, PERSONAL EXPENSES, TRANSPORTATION AND OFF-CAMPUS HOUSING AND FOOD). THE DIFFERENCE BETWEEN THE STUDENT AID INDEX (SAI) AND THE COST OF ATTENDANCE (COA) IS THE STUDENT'S MAXIMUM ELIGIBILITY FOR NEED-BASED ASSISTANCE. TO REMAIN ELIGIBLE FOR FEDERAL, STATE AND INSTITUTIONAL FINANCIAL AID, A STUDENT MUST MEET THE MINIMUM REQUIREMENTS OF SATISFACTORY ACADEMIC PROGRESS AS PUBLISHED IN THE UNDERGRADUATE CATALOG. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 KELLI J ARMSTRONG PRESIDENT 386667 0 0 0 446 0 26400 0 68241 0 481754 0 0 0 MAELYNN PATTEN VP FOR ADVANCEMENT 263219 0 0 0 446 0 21799 0 24934 0 310398 0 0 0 MICHAEL GRANDCHAMP VP FOR OPERATIONS/CFO 244590 0 0 0 446 0 20185 0 24722 0 289943 0 0 0 NANCY SCHREIBER PROVOST/VP FOR ACADEMIC AFFAIRS 241585 0 0 0 446 0 19646 0 19517 0 281194 0 0 0 WILLIAM HALL FORMER VP ADMINISTRATION/CFO 243329 0 0 0 446 0 15860 0 19973 0 279608 0 0 0 JAMES LUDES VP FOR STRATEGIC INITIATIVES 176071 0 0 0 398 0 14295 0 70833 0 261597 0 0 0 LETIZIA GAMBRELLE BOONE VP FOR STUDENT AFFAIRS 164622 0 0 0 395 0 12802 0 78486 0 256305 0 0 0 JAMES FOWLER VP FOR ENROLLMENT MANAGEMENT 176297 0 0 0 408 0 14624 0 30343 0 221672 0 0 0 IRVING BRUCKSTEIN CHIEF INFORMATION OFFICER 173889 0 0 0 380 0 13645 0 29802 0 217716 0 0 0 MICHAEL PIMENTAL CHIEF OF STAFF 168277 0 0 0 398 0 14291 0 32413 0 215379 0 0 0 STEVEN RODENBORN VICE PROVOST & DEAN OF UNDERGRADUATE 160667 0 0 0 372 0 13373 0 30047 0 204459 0 0 0 DAVID ALTOUNIAN VICE PROVOST GRAD.PROF PGM 160068 0 0 0 374 0 11744 0 24260 0 196446 0 0 0 SANDRA ANTHOINE AVP OF DEVELOPMENT AND PLANNED GIVIN 162424 0 0 0 365 0 13098 0 10890 0 186777 0 0 0 MICHELE WOOD AVP CONTROLLER 170949 0 0 0 383 0 13725 0 420 0 185477 0 0 0 MICHAEL SEMENZA SPECIAL ASSISTANT TO THE PRESIDENT 147784 0 0 0 337 0 12085 0 11826 0 172032 0 0 0 THERESA LADRIGAN-WHELPLEY VP FOR MISSION, PLANNING AND INNOVAT 151769 0 0 0 386 0 12192 0 2260 0 166607 0 0 0 PART I, LINE 1A THE PRESIDENT AND CHANCELLOR ARE ALLOWED USE OF A RESIDENCE ON CAMPUS FOR BOTH PERSONAL AND UNIVERSITY RELATED BUSINESS USE. ALSO, BY CONTRACT, THE CHANCELLOR IS A MEMBER OF A LOCAL SOCIAL CLUB AND COUNTRY CLUB FOR WHICH THE UNIVERSITY IS RESPONSIBLE FOR THE PAYMENT OF DUES. BOTH CLUBS CAN BE USED FOR BOTH PERSONAL AND UNIVERSITY RELATED BUSINESS USE. LASTLY, THE PRESIDENT AND CHANCELLOR HAVE AN INDIVIDUAL WHO PERFORMS HOUSEKEEPING SERVICES IN THEIR RESIDENCE AND AN INDIVIDUAL WHO WILL DRIVE THEM TO UNIVERSITY FUNCTIONS. THESE BENEFITS ARE NOT TREATED AS TAXABLE COMPENSATION. PART II: THE UNIVERSITY WAS FOUNDED BY THE SISTERS OF MERCY AND HAS AN EMPLOYEE WHO IS AFFILIATED WITH THIS RELIGIOUS ORDER. BECAUSE OF THE NATURE OF THE ORDER AND THE POVERTY VOWS TAKEN BY SISTERS LISTED ON FORM 990, PART VII, W-2 EARNINGS ARE NOT REPORTED AS THIS EMPLOYEE IS NOT DIRECTLY TAXABLE DUE TO RELIGIOUS AFFILIATION. RATHER, THE COMPENSATION IS MADE PAYABLE PRIMARILY TO THE SISTERS OF MERCY AND IT IS THE ORDER THAT DETERMINES WHAT PORTION THE EMPLOYEE WILL RECEIVE. TOTAL COMPENSATION TO THE SISTERS OF MERCY TOTALED $53,189 FOR THE 2023 CALENDAR YEAR FOR THE CHANCELLOR. A RI HEALTH AND EDUCATIONAL BUILDING CORPORATION 050259080 000000000 2011-12-19 32980000 CURRENT REFUND OF 3 PRIOR ISSUES (1999, 2002A, 2002B) 0 0 0 B RI HEALTH AND EDUCATIONAL BUILDING CORPORATION 050259080 000000000 2015-05-07 27500000 REFUND 2006 & RENOVATION/ADDITION ACADEMIC FACILITY 0 0 0 A 32980000 657590 32322410 2012 1 0 1 1 B 27500000 475000 23740000 3285000 2017 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: RI HEALTH AND EDUCATIONAL BUILDING CORPORATION DATE THE REBATE COMPUTATION WAS PERFORMED: 05/07/2020 PART I: DURING 2011, THE UNIVERSITY ENTERED INTO ANOTHER TAX EXEMPT DEBT ARRANGEMENT THROUGH THE RHODE ISLAND HEALTH AND EDUCATION BUILDING CORPORATION (RIHEBC). THE TOTAL DEBT OFFERING TOTALED $32,980,000. THE ISSUE, DATED DECEMBER 19, 2011 WAS A FIXED RATE DEBT OFFERING THAT QUALIFIED UNDER SECTION 501(C)(3) NON-HOSPITAL BONDS. THIS ENTIRE OFFERING WAS A PRIVATE PLACEMENT WITH CENTURY BANK LOCATED IN MEDFORD, MASSACHUSETTS. THE UNIVERSITY UTILIZED SAID PROCEEDS (PLUS THE DEBT SERVICE RESERVE AND PRINCIPAL/INTEREST DEPOSIT ACCOUNTS) SOLELY FOR THE REFINANCING OF THREE EXISTING FIXED RATE DEBT OFFERINGS TO ACHIEVE A MORE FAVORABLE INTEREST RATE. PROCEEDS FROM THE THREE ORIGINAL OFFERINGS, ONE FROM 1999 AND TWO FROM 2002, WERE USED FOR A NUMBER OF DIFFERENT PURPOSES FROM DORMITORY CONSTRUCTION, LIBRARY CONSTRUCTION, RECREATION CENTER CONSTRUCTION, DORMITORY RENOVATION, AND PROPERTY PURCHASES FOR DORMITORY AND ADMIN. USE. IN EACH INSTANCE, ALL FACILITIES INVOLVED DO NOT HAVE ANY PRIVATE BUSINESS USE. LASTLY, ALL PROCEEDS WERE EXPENDED WITH 3 MONTHS OF THE DATE OF ISSUE. DURING 2015, THE UNIVERSITY ENTERED INTO A TAX EXEMPT DEBT ARRANGEMENT THROUGH THE RHODE ISLAND HEALTH AND EDUCATION BUILDING CORPORATION (RIHEBC). THE TOTAL DEBT OFFERING TOTALED 27,500,000. THE ISSUE, DATED MAY 7, 2015 WAS SPLIT INTO THREE SEPARATE SUB ISSUES (A,B AND C) WITH ONE BEING A FIXED RATE OFFERING AND THE OTHER TWO WERE VARIABLE RATE OFFERINGS. THE ENTIRE ARRANGEMENT QUALIFIED UNDER SECTION 501(C)(3) NON-HOSPITAL BONDS. THIS ENTIRE OFFERING WAS A PRIVATE PLACEMENT WITH CENTURY BANK LOCATED IN MEDFORD, MASSACHUSETTS. THE UNIVERSITY USED THE MAJORITY OF THE PROCEEDS FOR THE ADDITION AND RENOVATION TO ITS MAIN ACADEMIC FACILITY (O'HARE ACADEMIC CENTER). IN ADDITION, THE BALANCE OF THE PROCEEDS WERE USED TO REFUND THE EXISITING 2006 ISSUE WHOSE PURPOSE WAS FOR THE RENOVATION OF THREE SEPARATE ACADEMIC FACILITIES (ANTONE CENTER FOR THE ARTS, MCAULEY HALL AND ANGELUS HALL). ALL FOUR FACILITIES IN QUESTION DO NOT HAVE ANY PRIVATE BUSINESS USE. THE PROJECT WAS COMPLETED DURING THE WINTER OF 2017 AND THE CONSTRUCTION FUND WAS FULLY LIQUIDATED IN JANUARY 2017. LORRIE TAYLOR BURNS WIFE OF CURRENT BOARD MEMBER 70203 FULL-TIME FACULTY 0 X 6 205514 FMV AS OF DONATION DATE 0 0 1 0 PART I, LINE 32B: THE NUMBER REPORTED IN COLUMN (B) OF SCHEDULE M REPRESENTS THE NUMBER OF CONTRIBUTIONS OF EACH ITEM. FORM 990, PART VI, SECTION A, LINE 6 FOR AN EXPLANATION, SEE THE RESPONSE TO FORM 990, PART VI, LINE 7B BELOW. FORM 990, PART VI, SECTION A, LINE 7B THE CORPORATION BY ITS BOARD OF TRUSTEES ACKNOWLEDGES SPONSORSHIP BY THE SISTERS OF MERCY OF THE AMERICAS AND AFFILIATION WITH THE CONFERENCE FOR MERCY HIGHER EDUCATION (CMHE) AS DEFINED IN THE COVENANT OF MERCY HIGHER EDUCATION. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THE BYLAWS OF THE UNIVERSITY, AND AS A CONDITION TO THE CORPORATION'S AFFILIATION WITH CMHE AND SPONSORSHIP BY THE SISTERS OF MERCY OF THE AMERICAS, IN NO EVENT SHALL THE BOARD OF TRUSTEES TAKE ANY OF THE FOLLOWING ACTIONS WITHOUT THE PRIOR WRITTEN CONSENT OF THE BOARD OF DIRECTORS OF THE CONFERENCE FOR MERCY HIGHER EDUCATION OR ITS SUCCESSOR OR DESIGNEE: A. APPROVE A SALE OR DISPOSITION OF ALL OR SUBSTANTIALLY ALL THE ASSETS, A MERGER, CONSOLIDATION, REORGANIZATION, DISSOLUTION OR LIQUIDATION OF THE CORPORATION, OR OTHER FUNDAMENTAL TRANSACTION CONTEMPLATED WITHIN THE NONPROFIT CORPORATION LAW OF THE STATE OF RHODE ISLAND, OR THE BYLAWS; OR B. AMEND ARTICLE II AND/OR ARTICLE III SECTION 1 OF THE BYLAWS WITH RESPECT TO THE CORPORATION'S ROMAN CATHOLIC IDENTITY OR THE CONDITIONS PROVIDED HEREIN RELATING TO THE AFFILIATION OF THE CORPORATION WITH CMHE OR ITS SPONSORSHIP BY THE SISTERS OF MERCY OF THE AMERICAS. FORM 990, PART VI, SECTION B, LINE 11B THE INFORMATION FOR THE IRS FORM 990 IS COMPILED BY SEVERAL MEMBERS OF UNIVERSITY ADMINISTRATION, PRIMARILY THE ASSISTANT VP FOR FINANCE/CONTROLLER, VICE PRESIDENT FOR OPERATIONS/CFO, AND THE ASSOCIATE VP AND CHIEF HUMAN RESOURCES OFFICER. THE REVIEW FUNCTION FOR THIS FILING RESTS WITH THE AUDIT COMMITTEE BY VIRTUE OF ITS APPOINTMENT BY THE BOARD OF TRUSTEES. THE AUDIT COMMITTEE IS EMPOWERED TO ACT ON BEHALF OF THE FULL BOARD TO REVIEW AND APPROVE THE 990 PRIOR TO FILING. EACH TRUSTEE MEMBER RECEIVES A DRAFT OF THE FILING FOR REVIEW AS WELL, PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C AT THE ANNUAL MEETING OF THE BOARD OF TRUSTEES HELD IN FALL EACH YEAR, ALL TRUSTEES, OFFICERS, AND KEY EMPLOYEES MUST COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THIS FORM DISCLOSES ANY DIRECT BUSINESS ASSOCIATIONS, FAMILY MEMBERS AND OR BUSINESS ASSOCIATIONS OF FAMILY MEMBERS THAT EXIST TO PUT THE UNIVERSITY ON NOTICE OF POTENTIAL CONFLICTS. THIS INFORMATION IS SHARED WITH SENIOR ADMINISTRATION FOR MONITORING. IF A POTENTIAL CONFLICT OR QUESTION ARISES, IT SHOULD BE REPORTED TO THE PRESIDENT TO BE REVIEWED WITH THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES FOR APPROVAL OR FOR SUCH ACTION AS THE EXECUTIVE COMMITTEE MAY DETERMINE. IT IS THE RESPONSIBILITY OF THE EXECUTIVE COMMITTEE TO 1) CALL FOR ADDITIONAL INFORMATION, 2) ATTEMPT TO RESOLVE ANY CONFLICTS, 3) DETERMINE WHETHER A CONFLICT OF INTEREST IS PRESENT (UTILIZING LEGAL COUNSEL IF NECESSARY) AND REPORT IT TO THE BOARD OF TRUSTEES FOR APPROPRIATE ACTION. FORM 990, PART VI, SECTION B, LINE 15 IN MAY OF EACH YEAR, A QUESTIONNAIRE/EVALUATION IS SENT TO ALL TRUSTEES REGARDING THE PRESIDENT'S PERFORMANCE. THE EVALUATIONS ARE RETURNED TO THE CHAIR OF THE BOARD AND THE RESULTS ARE REVIEWED AND TABULATED. EACH YEAR, THE CHAIR OF THE BOARD CONTACTS THE ASSOCIATE VICE PRESIDENT OF HUMAN RESOURCES AND REQUESTS COMPENSATION SURVEY INFORMATION FOR THE PRESIDENTS AT COMPARABLE SCHOOLS (THE UNIVERSITY HAS A SET OF COHORT SCHOOLS SIMILAR IN SIZE AND NATURE THAT IS USED FOR BASIS OF COMPARISON). THE COMPENSATION COMMITTEE OF THE BOARD MEETS PRIOR TO THE OCTOBER BOARD MEETING. THEY REVIEW THE RESULTS OF THE EVALUATIONS AND COMPENSATION SURVEY INFORMATION. THE COMMITTEE MAKES A RECOMMENDATION TO THE FULL BOARD OF TRUSTEES. THE BOARD OF TRUSTEES VOTES AND APPROVES THE COMPENSATION PACKAGE OFFERED TO THE PRESIDENT AT THE OCTOBER BOARD MEETING (IN EXECUTIVE SESSION). THIS PROCESS IS FULLY DOCUMENTED. THE PRESIDENT MEETS WITH AND EVALUATES EACH OF THE VICE PRESIDENTS IN JUNE OF EACH YEAR. THE PRESIDENT OBTAINS COMPENSATION SURVEY INFORMATION FOR THE VICE PRESIDENTS FOR COMPARABLE SCHOOLS FROM THE ASSOCIATE VICE PRESIDENT FOR HUMAN RESOURCES (SIMILAR COHORT INSTITUTIONS AS THE PRESIDENT). THE PRESIDENT REPORTS TO THE BOARD EXECUTIVE COMMITTEE HER RECOMMENDATIONS FOR COMPENSATION FOR THE VICE PRESIDENTS SHORTLY AFTER. THE EXECUTIVE COMMMITTEE REVIEWS THE COMPENSATION OFFERED TO EACH VICE PRESIDENT. THIS PROCESS IS FULLY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 ANY REQUEST FOR PUBLIC INSPECTION REQUESTS FOR UNIVERSITY FORMS 1023, 990, 990-T AND/OR AUDITED FINANCIAL STATEMENTS ARE GRANTED WITHIN 5 BUSINESS DAYS AND CAN TAKE THE FORM OF ELECTRONIC COMMUNICATION, DIRECT PUBLIC INSPECTION, OR MAILING OF SAID DOCUMENTS TO THE INQUIRING PARTY. THE UNIVERSITY CURRENTLY PUBLISHES ITS FORM 990 AND AUDITED FINANCIAL STATEMENTS ON ITS WEBSITE AT HTTP://WWW.SALVE.EDU/OFFICE-SERVICE/BUSINESS-OFFICE AS WELL. THE FORM 990 IS ALSO AVAILABLE ON WWW.GUIDESTAR.COM. THE GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST VALUE 20,890. SRU HOLDINGS LLC 100 OCHRE POINT AVENUE NEWPORT RI 02840 933306590 REAL ESTATE HOLDING CORP. RI 0 12909000 N/A STANFORD WHITE CASINO THEATRE 100 OCHRE POINT AVENUE NEWPORT RI 02840 300307655 HISTORIC BUILDING RESTORATION RI 501(C)(3) LINE 7 SALVE REGINA UNIVERSITY 1 CONFERENCE FOR MERCY HIGHER EDUCATION 8630 FENTON STREET 934 SILVER SPRING MD 20790 431973007 SPONSORSHIP MD 501(C)(3) LINE 1 N/A 0 SPLIT INTEREST TRUSTS (2) TRUST RI SALVE REGINA UNIVERSITY T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PART II: SALVE REGINA UNIVERSITY HAS DIRECT CONTROL OF A RELATED TAX EXEMPT ORGANIZATION NAMED STANFORD WHITE CASINO THEATRE. THE PURPOSE OF THIS RELATED ORGANIZATION HAS BEEN TO RESTORE AN ARCHITECTURALLY SIGNIFICANT THEATRE LOCATED IN NEWPORT, RI. THE NATURE OF CONTROL STEMS FROM THE RELATED ORGANIZATION'S BOARD OF TRUSTEES WHICH IS COMPOSED OF SALVE REGINA UNIVERSITY OFFICERS (PRESIDENT AND CFO), AND TWO SALVE REGINA UNIVERSITY TRUSTEES. THE BOARD MEMBERS SERVE AS A VOLUNTEER BOARD, RECEIVE NO COMPENSATION, AND ARE ADMINISTRATIVELY SEPARATE. SINCE COMPLETION OF THE RENOVATION, THE UNIVERSITY HAS BEEN ABLE TO USE THE FACILITIES FOR ARTISTIC PERFORMANCE. WITH THE COMPLETION OF THE RESTORATION OF THE THEATRE AND BUILDING OPENING, THE UNIVERSITY IS NOW PARTY TO A 30 YEAR LEASE AGREEMENT WITH THE BUILDING OWNER, THE INTERNATIONAL TENNIS HALL OF FAME. TERMS OF THE LEASE GIVES THE UNIVERSITY EXCLUSIVE USE, MINUS 40 NAMED DATES PER YEAR AT THE OWNERS DISCRETION, IN EXCHANGE FOR A NOMINAL ANNUAL LEASE PAYMENT AND ASSUMPTION OF ALL OPERATING COSTS. IT IS NOW HOME TO THE SALVE REGINA UNIVERSITY THEATRE DEPARTMENT.