2022-05-11T08:39:30-05:00 2021-06-30 366055558 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2020-07-01 042103567 ENDICOTT COLLEGE ENDI 9782322384 376 HALE STREET BEVERLY MA 01915 ANTHONY FERULLO VP OF FINANCE 9782322384 2022-03-24 1 ANTHONY FERULLO XXX-XX-XXXX ERIN COUTURE P01390592 6177237900 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z STEVEN DISALVO 376 HALE STREET BEVERLY MA 01915 173112284 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. 28 26 1420 220 760678 0 5202385 7272559 152961106 154378970 3355930 3620246 566936 508706 162086357 165780481 40068500 40151324 0 0 66785605 65978739 0 0 1670479 42825084 44003728 149679189 150133791 12407168 15646690 399754172 432661711 126596107 114304223 273158065 318357488 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 105069516 40151324 152698383 *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 2021 WAS 2,854 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 AND DOCTOR OF PHILOSOPHY DEGREES. THE GRADUATE AND VAN LOAN PROFESSIONAL STUDIES PROGRAMS ENROLLMENT, OF THE TOTAL UNDERGRADUATE ENROLLMENT, INCLUDING PROGRAMS BEVERLY AND BOSTON, MASSACHUSETTS, MADRID, SPAIN, AND LEYSIN, SWITZERLAND WAS 1,682 STUDENTS AS OF FALL 2020. 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 89% 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 2020 SEMESTER, 2,519 STUDENTS WERE RESIDENTIAL STUDENTS, INCLUDING 50 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. 11705287 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. 14328302 0 74011 *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. 2150307 2106742 CONFERENCE AND EDUCATION SERVICES/OTHER 2150307 2106742 133253412 1 1 0 0 0 0 0 1 0 1 1 0 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 1 317 0 1 1420 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 26 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 478608 0 87964 THOMAS J ALEXANDER TRUSTEE 2.00 0.00 X 0 0 0 SAMUEL CABOT III TRUSTEE 2.00 0.00 X 0 0 0 CHAD CRANDELL TRUSTEE - TREASURER 3.00 0.00 X X 0 0 0 SUSAN DOWLING TRUSTEE (AS OF 07/2020) 2.00 0.00 X 0 0 0 F SAMUEL EBERTS III TRUSTEE 1.00 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 (AS OF 06/2021) 2.00 0.00 X 0 0 0 PATRICIA HEFTLER TRUSTEE (THRU 06/2021) 2.00 0.00 X 0 0 0 MELISSA HEMPSTEAD TRUSTEE-VICE CHAIR(THRU 11/20)/CHAIR 3.00 0.00 X X 0 0 0 WILLIAM F HOWARD TRUSTEE (THRU 10/2020) 3.00 0.00 X 0 0 0 RICHARD HUTCHINSON TRUSTEE 1.00 0.00 X 0 0 0 VIRGINIA JUDGE TRUSTEE 2.00 0.00 X 0 0 0 MICHELLE LABOSSIERE TRUSTEE - CLERK 3.00 0.00 X X 0 0 0 JOHN MACNEIL TRUSTEE 2.00 0.00 X 0 0 0 MARSHA MCDONOUGH TRUSTEE 2.00 0.00 X 0 0 0 CYNTHIA MERKLE TRUSTEE - CHAIR (THRU 10/2020) 3.00 0.00 X X 0 0 0 AYUNE MICHEL TRUSTEE 1.00 0.00 X 0 0 0 JON PAYSON TRUSTEE 2.00 0.00 X 0 0 0 MICHAEL ROCKETT TRUSTEE (AS OF 06/2021) 2.00 0.00 X 0 0 0 MYRT HARPER ROSE TRUSTEE 2.00 0.00 X 0 0 0 ERNEST M SANTIN 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 0 0 0 DOUGLAS SEYMOUR TRUSTEE - VICE CHAIR (AS OF 11/20) 3.00 0.00 X X 0 0 0 W THOMAS SPENCER JR TRUSTEE (THRU 10/2020) 2.00 0.00 X 0 0 0 MICHAEL SHEEHAN TRUSTEE 2.00 0.00 X 0 0 0 STEVEN TADLER TRUSTEE 2.00 0.00 X 0 0 0 ANTHONY J VENUTI TRUSTEE 2.00 0.00 X 0 0 0 SHEILA WALSH TRUSTEE 2.00 0.00 X 0 0 0 CHARLENE I WAX TRUSTEE (THRU 10/2020) 2.00 0.00 X 0 0 0 ANTHONY FERULLO VP OF FINANCE 60.00 0.00 X 266959 0 67298 EVAN LIPP VP ADMISSION/FINANCIAL AID 50.00 0.00 X 312487 0 53130 BETH SCHWARTZ LIVINGSTON PROVOST (AS OF 6/2020) 50.00 0.00 X 165859 0 25818 KATHLEEN H BARNES FORMER PROVOST 50.00 0.00 X 277822 0 59917 DAVID VIGNERON VP INSTITUTIONAL ADVANCEMENT 50.00 0.00 X 250083 0 52410 KAREN ABBOTT GENERAL COUNSEL (THRU 09/2020) 50.00 0.00 X 292230 0 40375 BRIAN WYLIE ASST VP/DIRECTOR OF ATHLETICS 40.00 0.00 X 191090 0 53848 SARA QUAY VICE PROVOST FOR ACADEMIC AFFAIRS 40.00 0.00 X 201420 0 37195 LAURA ROSSI-LE FORMER VP AND DEAN OF COLLEGE 0.00 0.00 X 121401 0 18479 2557959 0 496434 123 1 1 0 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15262 FOOD SERVICES 7396217 WINDOVER CONSTRUCTION INC C/O DOLBEN COMPANY 136 RANTOUL ST BEVERLY MA 01915 CONSTRUCTION 6893733 DERCK & EDSON LLC 33 SOUTH BROAD ST LITITZ PA 17543 ARCHITECTURAL 1634421 SJ SERVICES INC 236 NEWBURY STREET DANVERS MA 01923 JANITORIAL SERVICES 945063 INTEGRATION PARTNERS CORP 12 HARTWELL AVE LEXINGTON MA 02421 INFORMATION TECHNOLOGY 807910 46 17453 3869660 3385446 265565 7272559 TUITION AND FEES 611710 115852891 115852891 RESIDENCE AND DINING 721000 36845492 36845492 CONFERENCE & EDUCATION 611710 765692 3834 761858 PARKING FINES 900099 580613 580613 LAB SPACE RENTALS 900099 149000 149000 185282 184441 841 154378970 3321539 -2021 3323560 7608195 7309488 298707 298707 298707 30855 17453 22315 8540 8540 CHAPEL 900099 145495 145495 PRIOR DEFERRED REVENUE 900099 98877 98877 BOOKSTORE COMMISSIONS 900099 64296 64296 191498 191498 500166 165780481 154116437 760678 3630807 40151324 40151324 1866083 869823 932823 63437 484618 484618 48417056 41573243 5915171 928642 3089078 2652433 377396 59249 8595116 7380185 1050076 164855 3526788 3028272 434620 63896 138308 138308 317254 317254 160450 160450 432914 432914 9477303 7474082 2003221 272469 220792 51677 2791777 2129335 351154 311288 805553 805553 3147495 3011584 88394 47517 213783 197110 16673 3177619 3041937 127589 8093 9173142 8781450 368190 23502 1386292 1327083 59209 FOOD SERVICE 7132051 7090689 41362 SERVICE/SUPP. CONTRACTS 2547210 1424450 1122760 PRINTING/PUBLICATIONS 672152 485491 186661 SMALL/ NON-CAP. EQUIP 650833 542525 108308 1507123 1248678 258445 150133791 133253412 15209900 1670479 23447743 21233264 1693958 857471 3123948 3583531 682405 825628 372852429 99322991 269903625 273529438 85666651 113189230 15084231 19365084 151611 78065 399754172 432661711 7118701 8752669 14885727 11554321 79130883 84219105 14754498 1626943 10706298 8151185 126596107 114304223 X 258164224 298475159 14993841 19882329 273158065 318357488 399754172 432661711 X 15646690 27025796 2526937 X 0 1 X 1 1 1 X 4425226 4790848 4312935 5202385 7272559 26003953 4425226 4790848 4312935 5202385 7272559 26003953 305561 25698392 1405767 2277153 3155942 3139861 3323560 13302283 77613 77613 851476 852903 844585 647301 30855 3227120 42610969 710825051 0.60310 0.57300 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2016 AMOUNT: $ 86,357. 2017 AMOUNT: $ 85,807. 2018 AMOUNT: $ 73,634. 2019 AMOUNT: $ 41,213. 2020 AMOUNT: $ 30,855. OTHER MISCELLANEOUS - 2016 AMOUNT: $ 567,789. 2017 AMOUNT: $ 492,845. 2018 AMOUNT: $ 561,772. 2019 AMOUNT: $ 415,237. 2020 AMOUNT: $ 0. RETAINED DEPOSITS - 2017 AMOUNT: $ 98,277. 2018 AMOUNT: $ 77,713. 2019 AMOUNT: $ 86,250. 2020 AMOUNT: $ 0. VENDING COMMISSIONS - 2016 AMOUNT: $ 82,330. 2017 AMOUNT: $ 90,518. 2018 AMOUNT: $ 78,799. 2019 AMOUNT: $ 15,354. 2020 AMOUNT: $ 0. BOOKSTORE COMMISSION - 2016 AMOUNT: $ 115,000. 2017 AMOUNT: $ 85,456. 2018 AMOUNT: $ 52,667. 2019 AMOUNT: $ 89,247. 2020 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 97315820 1959728 30130908 381317 129025139 95672750 3050263 -1126850 280343 97315820 88721853 3334842 3924956 308901 95672750 79002338 4804183 5186591 271259 88721853 67161904 4564505 7532489 256560 79002338 0.87500 0.09210 0.03290 0 0 10884132 10884132 332239925 76958874 255281051 28056928 22364117 5692811 1671444 1671444 273529438 LIABILITY - INTEREST RATE SWAPS 7546079 REFUNDABLE ADVANCES - US GOV'T 605106 8151185 X 154748976 27025796 27025796 127723180 432914 37624387 38057301 165780481 109549553 0 109549553 432914 40151324 40584238 150133791 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: ENDICOTT COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS FOR NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE JUNE 30, 2021 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 132 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. 89% 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 2021 THE AMOUNT APPROPRIATED WAS $381,317. 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 2021 A TOTAL OF APPROXIMATELY $101,000 WAS ADDED. 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 -2,526,937. SCHOLARSHIPS 40,151,324. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 40,151,324. 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. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 1 3 PROGRAM SERVICES STUDY ABROAD 1310303 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 2872 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 18214119 1 3 0 0 1 3 19527294 0 19527294 1 0 0 1 0 0 PART I, LINE 2: MONITOR THE USE OF GRANT FUNDS OUTSIDE OF THE U.S. THE PROCEDURE FOR AWARDING SCHOLARSHIP AID TO STUDENTS STUDYING ABROAD FOLLOWS THE SAME PROCEDURE AS SCHOLARSHIP AID AWARDED TO STUDENTS STUDYING AT THE BEVERLY, MASSACHUSETTS CAMPUS. STUDENTS ARE AWARDED AID BASED ON MERIT AND/OR FINANCIAL NEED. ALL STUDENTS MUST APPLY FOR FINANCIAL AID AND SUBMIT A FREE APPLICATION FOR STUDENT AID (FAFSA). EACH APPLICANT'S FINANCIAL STATUS IS EVALUATED SO THAT AWARDS WILL ACCOMMODATE A PARTICULAR STUDENT'S NEED. STUDENTS MAY ALSO BE CONSIDERED FOR ENDICOTT PRESIDENTIAL ACADEMIC SCHOLARSHIPS. ALL STUDENT AID RECORDS ARE MAINTAINED IN THE OFFICE OF FINANCIAL AID AND ARE REVIEWED IN THE COURSE OF FINANCIAL AND A-133 AUDITS PERFORMED BY KPMG LLP. STUDENTS STUDYING ABROAD ARE BILLED TUITION AT ENDICOTT'S RATE OR THE STUDY ABROAD PROGRAM'S RATE IF IT IS HIGHER. STUDENTS ARE BILLED FOR ENDICOTT'S AVERAGE MEALS AND HOUSING COSTS AS WELL AS ANY OTHER FEES CHARGED BY THE PROGRAM. STUDENT AID AWARDS ARE POSTED TO STUDENT ACCOUNTS, THEREBY REDUCING THE AMOUNT THE FAMILY MUST REMIT TO THE COLLEGE. PAYMENT IS MADE BY THE COLLEGE TO THE STUDY ABROAD AGENCY OR UNIVERSITY UPON RECEIPT OF AN INVOICE AND DETERMINATION THAT THE STUDENT HAS PAID ENDICOTT. 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. PART III ACCOUNTING METHOD: GULL GOLF TOURN. 35485 17350 18135 11914 3971 KEYS GOLF TOURN. 10200 10200 2500 1188 1 2623 103 2520 1193 1549 48308 17453 30855 14414 1193 6708 22315 8540 1 SCHOLARSHIPS 2870 40151324 PART I, LINE 2: MONITORING THE USE OF GRANT FUNDS IN THE U.S. 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 1 1 X X X X X 1 0 0 0 0 0 0 0 0 STEVEN R DISALVO PRESIDENT 476672 0 0 0 1936 0 22800 0 65164 0 566572 0 0 0 EVAN LIPP VP ADMISSION/FINANCIAL AID 312073 0 0 0 414 0 26800 0 26330 0 365617 0 0 0 KATHLEEN H BARNES FORMER PROVOST 275536 0 0 0 2286 0 36150 0 23767 0 337739 0 0 0 ANTHONY FERULLO VP OF FINANCE 266679 0 0 0 280 0 33209 0 34089 0 334257 0 0 0 KAREN ABBOTT GENERAL COUNSEL (THRU 09/2020) 175841 0 0 0 116389 0 23120 0 17255 0 332605 0 0 0 DAVID VIGNERON VP INSTITUTIONAL ADVANCEMENT 247208 0 0 0 2875 0 20270 0 32140 0 302493 0 0 0 BRIAN WYLIE ASST VP/DIRECTOR OF ATHLETICS 190737 0 0 0 353 0 23492 0 30356 0 244938 0 0 0 SARA QUAY VICE PROVOST FOR ACADEMIC AFFAIRS 200470 0 0 0 950 0 14646 0 22549 0 238615 0 0 0 BETH SCHWARTZ LIVINGSTON PROVOST (AS OF 6/2020) 165025 0 0 0 834 0 12046 0 13772 0 191677 0 0 0 LAURA ROSSI-LE FORMER VP AND DEAN OF COLLEGE 120595 0 0 0 806 0 15105 0 3374 0 139880 0 0 0 PART I, LINE 1A 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. PART I, LINE 4A KAREN ABBOT, GENERAL COUNSEL, SEPARATED FROM THE ORGANIZATION IN SEPTEMBER OF 2020. PURSUANT TO HER AGREEMENT, SHE RECEIVED SEVERANCE IN CALENDAR YEAR 2020. THIS AMOUNT IS REPORTED ON SCHEDULE J, PART II, COLUMN B(III). 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 2320315 18000000 18000000 2015 0 0 1 1 B 4270000 32625000 176038 32448962 2017 0 1 1 1 C 371967 25900000 196618 25703382 2019 0 0 0 1 D 981462 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 132328 FACULTYCOMP 0 X 11 265565 FMV 0 0 0 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 #23 OF 176 INSTITUTIONS IN THE 2021 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", "A+ SCHOOLS FOR B STUDENTS", "MOST INNOVATIVE SCHOOLS", "CO-OPS/INTERNSHIPS", "BEST VALUE SCHOOLS", "TOP PERFORMERS IN SOCIAL MOBILITY AND "BEST UNDERGRADUATE TEACHING PROGRAMS". IN FISCAL 2021, THE OFFICE OF ADMISSION RECEIVED 5,528 APPLICATIONS FOR TRADITIONAL UNDERGRADUATE STUDENTS IN FALL 2020, ACCEPTED 69% OF THE APPLICANTS, AND ENROLLED 21% OF THOSE ACCEPTED FOR ADMISSION. THE COLLEGE AWARDED 29 ASSOCIATE DEGREES, 740 BACHELOR DEGREES, 624 MASTERS' DEGREES AND 21 DOCTORAL DEGREES IN ACADEMIC YEAR 2020-2021. OUR GRADUATES HAD A FIRST-TIME PASS RATE OF 83% ON EXTERNAL EXAMINATIONS FOR ATHLETIC TRAINING, 96% FOR UNDERGRADUATE NURSING AND 85% FOR GRADUATE NURSING AND A FINAL PASS RATE OF 100% 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 FRESHMAN ENTERING 2020 AND RETURNING 2021 WAS 87%. THE SIX YEAR GRADUATION RATE FOR FRESHMAN ENTERING 2015 WAS 78%. OF THE 2020 GRADUATES WHO RESPONDED TO CAREER SURVEYS, 98% REPORTED THAT THEY WERE EITHER EMPLOYED, CONTINUING EDUCATION, VOLUNTEERING, SERVING IN THE MILITARY, OR SELF-EMPLOYED WITHIN 12 MONTHS OF GRADUATION. 75% WERE EMPLOYED FULL-TIME. 90% OF THOSE WERE IN EMPLOYMENT RELATED TO THEIR MAJOR, AND 38% FOUND EMPLOYMENT THROUGH A FORMER INTERNSHIP SITE OR CONTACT. COMMUNITY SERVICE IS EMBRACED AT ENDICOTT, WITH 30% OF THE ENDICOTT STUDENT BODY PARTICIPATING IN COMMUNITY SERVICE, FOR A TOTAL OF 11,118 COMMUNITY SERVICE HOURS PERFORMED BY 868 STUDENTS. THE STATE AND NATIONAL AVERAGE IS 28% AND 30%, 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 THORTON LLP, 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 MAY 2021 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 2,526,937.