2022-05-13T11:58:50-05:00 2021-06-30 366055558 GRANT THORNTON LLP 75 STATE STREET 13TH FLOOR BOSTON MA 02109 990 2020-07-01 042104258 GORDON COLLEGE GORD 9788674883 255 GRAPEVINE ROAD WENHAM MA 01984 STEPHEN LACORAZZA VP FOR FINANCE 9788674883 2022-05-13 1 STEPHEN LACORAZZA XXX-XX-XXXX ERIN COUTURE P01390592 6177237900 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z D MICHAEL LINDSAY 255 GRAPEVINE ROAD WENHAM MA 01984 184842476 0 X WWW.GORDON.EDU X 1889 MA GORDON COLLEGE STRIVES TO GRADUATE MEN & WOMEN DISTINGUISHED BY (CONTINUED ON SCHEDULE O) (CONTINUATION) INTELLECTUAL MATURITY AND CHRISTIAN CHARACTER, COMMITTED TO LIVES OF SERVICE AND PREPARED FOR LEADERSHIP WORLDWIDE. 28 23 1759 37 0 0 12719686 9241739 75404573 73102265 4683447 25024121 14885 32623 92822591 107400748 28673450 30044326 0 0 38376462 34749081 78970 108025 3012566 24066584 24626977 91195466 89528409 1627125 17872339 201331768 215426952 54140961 53560309 147190807 161866643 X SEE SCHEDULE O 0 0 61023713 29947801 55174683 HIGHER EDUCATION: OUR LARGEST PROGRAM SERVICE IS PROVIDING EDUCATION AND INSTRUCTION TO INDIVIDUALS GIVING THEM AN OPPORTUNITY TO EARN A DEGREE. GORDON COLLEGE IS THE ONLY NONDENOMINATIONAL CHRISTIAN LIBERAL ARTS COLLEGE IN NEW ENGLAND. IT OFFERS 33 MAJORS AND CONFERS 3 SEPARATE UNDERGRADUATE DEGREES; BACHELOR OF ARTS, BACHELOR OF SCIENCE AND BACHELOR OF MUSIC. UNDERGRADUATE ENROLLMENT OF 1451 STUDENTS IS DRAWN FROM 46 STATES AND 35 COUNTRIES. IN 2020-21, GORDON COLLEGE ISSUED 362 UNDERGRADUATE DEGREES (WITH A SIX-YEAR GRADUATION RATE OF 72%). GORDON HAD A FACULTY TO STUDENT RATIO OF 10 TO 1 WITH 67% OF THE STUDENTS FROM OUTSIDE MASSACHUSETTS. OF THE 76 FULL-TIME FACULTY, 88% HAVE EARNED DOCTORATES. (CONTINUED ON SCHEDULE O)GORDON COLLEGE STUDENTS CAN TAKE ADVANTAGE OF A WIDE VARIETY OF OFF-CAMPUS PROGRAMS, BOTH DOMESTIC AND ABROAD. DURING 2020-21, 108 STUDENTS PARTICIPATED IN OFF-CAMPUS PROGRAMS AND SHORT-TERM INTERNATIONAL SEMINARS. 16361050 0 15048387 AUXILIARY PROGRAMS RELATED TO THE EDUCATIONAL PROCESS FOR DORMITORY HOUSING, FOOD SERVICE, BOOKSTORE, LAVIDA OUTDOOR EXPERIENCE, BALANCE AND MOBILITY CENTER, SUMMER ATHLETIC CAMPS AND OTHER SUMMER PROGRAMS. THERE WERE 11811 RESIDENT STUDENTS IN THE FALL SEMESTER 2020 AND 1061 IN THE SPRING SEMESTER 2021. 1531079 96525 2879195 HIGHER EDUCATION: GORDON COLLEGE HAS GRADUATE PROGRAMS IN EDUCATION, MUSIC EDUCATION, LEADERSHIP, AND FINANCIAL ANALYSIS CONFERRING DEGREES IN MASTERS OF EDUCATION, MASTERS OF MUSIC EDUCATION, MASTER OF ARTS IN LEADERSHIP, AND MASTER OF SCIENCE IN FINANCIAL ANALYSIS. IN 2020-21, THE TOTAL OF UNDUPLICATED GRADUATE STUDENTS WAS 725 DRAWN FROM 23 STATES AND 19 COUNTRIES. GORDON COLLEGE CONFERRED 114 MASTERS' DEGREES IN 2020-21. 78915842 1 1 0 0 0 0 0 1 1 1 1 0 0 0 1 1 0 1 1 1 1 0 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 1 1 0 0 0 1 X 216 0 1 1759 1 0 1 IT 0 0 0 0 0 0 0 0 0 0 X 28 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X STEPHEN D LACORAZZA GORDON COLLEGE 9788674883 255 GRAPEVINE WENHAM MA 01984 D MICHAEL LINDSAY PRESIDENT 60.00 0.00 X 573134 0 80628 JOHN TRUSCHEL VP FOR FINANCE & BD (THRU OF 11/20) 60.00 0.00 X 208294 0 23565 RICHARD SWEENEY VICE PRESIDENT FOR MARKETING & EXTERNAL RELATIONS 60.00 0.00 X 161264 0 65656 LARRY DALE HOEZEE VP FOR ENROLLMENT 60.00 0.00 X 167713 0 31863 DANIEL TYMANN EVP AND CHIEF OF STAFF 60.00 0.00 X 177192 0 21947 JEWERL MAXWELL VICE PRESIDENT FOR ACADEMIC INITIATIVE 60.00 0.00 X 165355 0 26815 SANDRA DONESKI EVP FOR ACAD AFFAIRS 60.00 0.00 X 166700 0 21585 ALEXANDER LOWRY EXECUTIVE DIRECTOR, CAREER & CONNECT 60.00 0.00 X 139800 0 31293 STEPHEN D LACORAZZAAS OF 1120 DIR. OF FIN. & CONTROLLER/VP FIN. 60.00 0.00 X 124600 0 30769 SEAN CLARK PROFESSOR OF KINESIOLOGY 60.00 0.00 X 107825 0 24902 JANEL CURRY THRU 0520 PROVOST 60.00 0.00 X 118992 0 9879 BILL BROWN TRUSTEE 1.00 0.00 X 5000 0 0 HERMAN SMITH JR CHAIRMAN OF THE BOARD 5.00 0.00 X X 0 0 0 MARK NORMAN VICE CHAIR 5.00 0.00 X X 0 0 0 GORDON HALL TREASURER AND CLERK 5.00 0.00 X X 0 0 0 TIMOTHY BREENE TRUSTEE 1.00 0.00 X 0 0 0 DR DOROTHY CHAPPELL TRUSTEE 1.00 0.00 X 0 0 0 FOSTER CHASE TRUSTEE 1.00 0.00 X 0 0 0 DR TALAL DEBS TRUSTEE 1.00 0.00 X 0 0 0 LISA FORKNER TRUSTEE 1.00 0.00 X 0 0 0 CHARLEY GEORGE TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS H GILBERT TRUSTEE 1.00 0.00 X 0 0 0 PETER HERSCHEND TRUSTEE 1.00 0.00 X 0 0 0 DR STUART KNECHTLE TRUSTEE 1.00 0.00 X 0 0 0 BROWNYN LORING TRUSTEE 1.00 0.00 X 0 0 0 REID MACLELLAN TRUSTEE 1.00 0.00 X 0 0 0 NICOLE MARTIN TRUSTEE 1.00 0.00 X 0 0 0 BARRY ROWAN TRUSTEE 1.00 0.00 X 0 0 0 DANTE RUTSTROM TRUSTEE (AS OF 02/2021) 1.00 0.00 X 0 0 0 JESSIE SAINTCYR ESQ TRUSTEE 1.00 0.00 X 0 0 0 JOHN SARGENT TRUSTEE 1.00 0.00 X 0 0 0 SAMUEL SCHREINER III TRUSTEE 1.00 0.00 X 0 0 0 SANTIAGO SEDACA TRUSTEE 1.00 0.00 X 0 0 0 MARY SHAHIAN TRUSTEE 1.00 0.00 X 0 0 0 MADELYN SHIELDS TRUSTEE 1.00 0.00 X 0 0 0 DR CARRIE TIBBLES TRUSTEE 1.00 0.00 X 0 0 0 KARON WILLIAMSON TRUSTEE (AS OF 02/2021) 1.00 0.00 X 0 0 0 REV DAVID WRIGHT ESQ TRUSTEE 1.00 0.00 X 0 0 0 SUANNAH YOUNG TRUSTEE 1.00 0.00 X 0 0 0 2115869 0 368902 15 1 1 0 BON APPETIT MANAGEMENT COMPANY PO BOX 417632 BOSTON MA 02241 DINING SERVICE MANAGEMENT 2653446 RUFFALO NOEL LEVITZ LLC PO BOX 718 DES MOINES IA 50303 ADMISSIONS CONSULTING/MARKETING 570648 WELLINGTON TRUST COMPANY 250 CONGRESS STREET BOSTON MA 02210 INVESTMENT MANAGEMENT 387482 SPRAQUE OPERATING RESOURCES LLC PO BOX 842985 BOSTON MA 022842985 ENERGY SUPPLIER 334948 BREEN & SULLIVAN 7 HEALY COURT DANVERS MA 01923 ELECTRICAL CONTRACTOR 327852 8 2568493 6673246 141626 9241739 TUITION FEES 611310 57716322 57716322 RESIDENCE HALL REVENUE 611310 9129974 9129974 BOARD PLAN 611310 3839759 3839759 ALL OTHER PROGRAM SERVICE REVENUE 900099 1313055 1313055 SUMMER PROGRAMS 611310 1051989 1051989 51166 51166 73102265 1318762 1318762 20028 20028 12595 0 12595 12595 12595 101147087 77441728 23705359 23705359 23705359 107400748 73102265 0 25056744 27439338 27439338 2604988 2604988 1121753 1111828 9925 158730 122480 36250 25467984 19475661 4643797 1348526 49004 35716 10542 2746 6187409 4534880 1303046 349483 1764201 1285832 379525 98844 151944 137544 14400 111564 111564 108025 108025 392492 392492 7369319 5529784 1681051 158484 334000 38609 295391 2379630 1587155 632930 159545 1240020 363872 697361 178787 3988017 3854134 112469 21414 764114 603208 135226 25680 18924 16921 1748 255 5118347 4763134 298065 57148 370427 73444 295349 1634 CARES ACT 1008224 1008224 BOND EXPENSES 473760 473760 SPECIAL EVENTS 443866 227930 142591 73345 ALLOCATION OF OPERATION 0 4297794 -4310188 12394 462329 1052738 -650699 60290 89528409 78915842 7600001 3012566 3836356 11784212 7258687 2854154 48859766 44300008 2150183 1719133 16374 13924 1311526 1208229 179425750 130575389 52099269 48850361 20885133 101554210 62118886 22999 2107087 1532723 688501 1586999 201331768 215426952 1654575 2125759 10513653 10441595 32054400 32207225 156495 139456 1184433 2242570 8577405 6403704 54140961 53560309 X 31158374 38059146 116032433 123807497 147190807 161866643 201331768 215426952 X 17872339 -4500682 1304179 X 0 1 X 1 1 1 X 33469811 11748236 59085163 12719686 9241739 126264635 33469811 11748236 59085163 12719686 9241739 126264635 61598593 64666042 1055786 1726753 1497716 1671853 1331357 7283465 5265 800 6065 133554165 386625415 0.48420 0.43430 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 0 1 X 78099186 5208842 19472316 2105789 1737845 98936710 73914132 5031687 2623669 1820618 1649684 78099186 56810323 15555686 4672531 1804225 1320183 73914132 49942959 5843872 3388246 1369542 995212 56810323 44166187 2727170 5441734 1415902 976230 49942959 0.28000 0.51000 0.21000 0 0 1799226 1799226 129854628 87662866 42191762 34855276 32000816 2854460 12916620 10911707 2004913 48850361 FAIR VALUE INTEREST RATE SWAP 2924390 PERKINS LOAN ADVANCES 1781061 ANNUITY PAYMENT OBLIGATIONS 1234410 CONDITIONAL ASSET RETIREMENT OBLIGATION 463843 6403704 X 72732416 -4500682 220968 -4279714 77012130 392492 29996126 30388618 107400748 58052831 362294 362294 57690537 392492 31445380 31837872 89528409 PART III, LINE 1A: THE COLLEGE HOLDS CERTAIN COLLECTIONS OF WORKS OF ART AND FURNISHINGS. THESE COLLECTIONS ARE HOUSED IN A PROTECTED ENVIRONMENT AND ARE USED FOR EXHIBITION PURPOSES FOR THE PUBLIC, FOR EDUCATION AND RESEARCH, AS WELL AS FOR THE FURTHERANCE OF SERVICE TO THE PUBLIC. THESE COLLECTIONS ARE NOT DISPOSED OF FOR FINANCIAL GAINS NOR ARE THEY ENCUMBERED IN ANY MANNER. ACCORDINGLY, THESE COLLECTIONS ARE NOT CAPITALIZED OR RECORDED FOR PURPOSES OF PREPARING THE ACCOMPANYING FINANCIAL STATEMENTS. PART III, LINE 4: OCCASIONALLY THE COLLEGE RECEIVES GIFTS OF ART OR COLLECTIBLES WHICH ARE PUT ON DISPLAY IN VARIOUS BUILDINGS THROUGHOUT THE CAMPUS. WE ALSO MAINTAIN LIBRARY ARCHIVES OF COLLEGE HISTORICAL DOCUMENTS AND BOOK COLLECTIONS KEPT FOR POSTERITY. PART IV, LINE 2B: THE COLLEGE MAINTAINS CUSTODIAL OR "PASS THROUGH" ACCOUNTS FOR FEDERAL STUDENT LOANS, PELL GRANT AND STATE GRANTS. FUNDS ARE HELD IN THESE ACCOUNTS UNTIL DISTRIBUTED TO INDIVIDUAL STUDENTS. THE COLLEGE ALSO MAINTAINS CUSTODIAL ACCOUNTS FOR STUDENT GOVERNMENT AND STUDENT MINISTRY GROUPS AND ACTIVITIES. PART V, LINE 4: THE INTENDED USE OF ENDOWMENT FUNDS IS DRIVEN BY DONOR RESTRICTIONS ON OUR ENDOWMENTS. APPROXIMATELY 55% OF APPROPRIATED REVENUES THIS YEAR WERE IN SCHOLARSHIP AWARDS. 31% OF REVENUES SUPPORTED GENERAL ACTIVITIES AND PHYSICAL PLANT. THE REMAINING 14% WAS ALLOCATED TO INSTRUCTIONAL ACTIVITIES AND ACADEMIC SUPPORT PROGRAMS. DISTRIBUTIONS OF INCOME ARE MADE USING A TOTAL RETURN METHOD. WE USED A SPENDING RATE OF 6% OF THE 3 YEAR ROLLING AVERAGE OF THE FAIR MARKET VALUE OF THE INVESTMENTS. PART X, LINE 2: FIN 48 FOOTNOTE: THE COLLEGE IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AS AMENDED (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 2D: THIS FIGURE INCLUDES THE FWS APPORTIONMENT BUDGET ALLOCATION OF 188,033 INCLUDED IN INCOME ON THE FINANCIAL STATEMENTS, GORDON COLLEGE FOUNDATION INCOME OF 27,075 INCLUDED IN REVENUE ON THE FINANCIAL STATEMENTS AND LOSS ON DISPOSAL OF ASSETS OF 5,860. PART XI, LINE 4B: INCLUDED HERE ARE: SCHOLARSHIPS AND GRANTS OF 29,588,237 TREATED AS TUITION DISCOUNT ON THE FINANCIAL STATEMENTS; FEDERAL FINANCIAL AID AND GRANTS OF 407,889 TREATED AS PASS THROUGH ACTIVITY ON THE FINANCIAL STATEMENTS AND NOT REFLECTED IN INCOME. PART XII, LINE 2D: THIS FIGURE INCLUDES: FWS APPORTIONMENT BUDGET ALLOCATION OF 188,033 INCLUDED IN INCOME ON THE FINANCIAL STATEMENTS; GORDON COLLEGE FOUNDATION EXPENSES OF 29,186 INCLUDED IN EXPENSES ON THE FINANCIAL STATEMENTS; CHANGE IN FAIR VALUE OF SPLIT INTEREST AGREEMENTS OF 145,075. PART XII, LINE 4B: INCLUDED HERE ARE: SCHOLARSHIPS AND GRANTS OF 29,588,237 TREATED AS TUITION DISCOUNT ON THE FINANCIAL STATEMENTS; FEDERAL FINANCIAL AID AND GRANTS OF 407,889 TREATED AS PASS THROUGH ACTIVITY ON THE FINANCIAL STATEMENTS AND NOT REFLECTED IN EXPENSE; CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENTS OF 1,449,254. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 EXPLANATION OF NONDISCRIMINATION POLICY: GIVEN THE TECHNOLOGY AVAILABLE TODAY, WE HAVE INVESTED IN OUR WEB SITE AS THE WAY TO REACH THE MOST STUDENTS. OUR RACIALLY NONDISCRIMINATORY POLICY IS POSTED ON OUR WEB SITE. OUR PROMOTIONAL ACTIVITIES AND RECRUITING EFFORTS IN EACH GEOGRAPHIC AREA ARE DESIGNED TO INFORM STUDENTS OF ALL RACIAL SEGMENTS INTERESTED IN A CHRISTIAN COLLEGE OF THE AVAILABILITY OF GORDON COLLEGE. SCHEDULE E, PART I, LINE 6 GORDON COLLEGE RECEIVES TITLE IV FUNDS FOR AID TO STUDENTS FROM THE DEPARTMENT OF EDUCATION FOR FEDERAL WORK STUDY, FSEOG, FEDERAL PELL GRANT AND OTHER FEDERAL STUDENT AID GRANT PROGRAMS. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING 133132 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 61430 NORTH AMERICA 0 0 GRANTMAKING 80492 SOUTH AMERICA 0 0 GRANTMAKING 193757 SOUTH ASIA 0 0 GRANTMAKING 491204 SUB-SAHARAN AFRICA 0 0 GRANTMAKING 727789 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING 917184 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES STUDY ABROAD 509533 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 0 PROGRAM SERVICES STUDENT SERVICES 11982 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES STUDENT SERVICES 2811 0 0 0 0 0 0 3114521 14793 3129314 SCHOLARSHIPS AND GRANTS CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 8 133132 ACCOUNT CRED SCHOLARSHIPS AND GRANTS EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 4 61430 ACCOUNT CRED SCHOLARSHIPS AND GRANTS NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 3 80492 ACCOUNT CRED SCHOLARSHIPS AND GRANTS SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 8 193757 ACCOUNT CRED SCHOLARSHIPS AND GRANTS SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 30 491204 ACCOUNT CRED SCHOLARSHIPS AND GRANTS SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 22 727789 ACCOUNT CRED SCHOLARSHIPS AND GRANTS EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 46 917184 ACCOUNT CRED 0 0 0 0 0 0 PART I, LINE 2: GRANTS AND SCHOLARSHIPS TO INTERNATIONAL STUDENTS ARE TREATED AS TUITION DISCOUNTS AND ARE APPLIED AS ACCOUNTING CREDITS ON EACH STUDENT'S BILL. THEY ARE NOT PAID DIRECTLY TO THE STUDENT. MERIT SCHOLARSHIPS ARE AWARDED BASED ON ACADEMIC CRITERIA AND ARE RENEWED ANNUALLY BASED ON SATISFACTORY GPA REQUIREMENTS THAT ARE VERIFIED BY THE REGISTRAR'S OFFICE. DONATED SCHOLARSHIP FUNDS ARE AWARDED BASED ON CRITERIA PROVIDED BY DONORS. SPECIFIC ELIGIBILITY IS VERIFIED ANNUALLY BY THE REGISTRAR'S OFFICE, ADMISSIONS AND THE FINANCIAL AID OFFICE. NEED BASED GRANTS ARE AWARDED BASED ON THE STUDENT'S DETERMINED FINANCIAL NEED. THE COLLEGE USES INFORMATION PROVIDED BY THE CSS PROFILE OF THE COLLEGE BOARD. THE GRANT AMOUNT IS CARRIED FORWARD FROM YEAR TO YEAR UNLESS THERE IS A SIGNIFICANT CHANGE IN DETERMINED FINANCIAL NEED. PART I, LINE 3: EUROPE ONLY: WE OFFER SEMESTER BASED PROGRAMS IN ITALY AND THE BALKANS. EXPENDITURES ARE REPORTED USING ACCRUAL BASED ACCOUNTING. EMPLOYEE COMPENSATION IS PROCESSED THROUGH OUR CAMPUS PAYROLL SYSTEM. OTHER PROGRAM COSTS ARE MANAGED BY THE PROGRAM DIRECTORS. FUNDS ARE WIRED PERIODICALLY AT THE REQUEST OF THE PROGRAM LEADERS AND APPROVED BY THE GLOBAL EDUCATION ADMINISTRATOR. THE PROGRAM LEADERS PAY LOCAL EXPENSES. EXPENSE DOCUMENTATION IS SUBMITTED TO THE CONTROLLER'S OFFICE FOR REVIEW. COSTS RECORDED AT THE TIME OF THE WIRES ARE FOR TUITION, ROOM, BOARD AND INCIDENTALS OF THE STUDENTS. WE ALSO OFFER INTERNATIONAL SEMINAR COURSES WHICH ARE RUN FOR 2-4 WEEK PERIODS ON A SUBJECT RELATED TO THAT COUNTRY. IN COUNTRY EXPENSES ARE FOR FOOD, LODGING, TRANSPORTATION AND ENTRANCE FEES. THE GLOBAL EDUCATION OFFICE ALSO APPROVES STUDENTS TO ATTEND NON-GORDON PROGRAMS AT OTHER ORGANIZATIONS OR FOREIGN COLLEGES OR UNIVERSITIES. FUNDS ARE SENT ON BEHALF OF THOSE STUDENTS DIRECTLY TO THOSE PROGRAMS. OTHER REGIONS: WE OFFER INTERNATIONAL SEMINAR COURSES WHICH ARE RUN FOR 2-4 WEEK PERIODS ON A SUBJECT RELATED TO THAT COUNTRY. IN COUNTRY EXPENSES ARE FOR FOOD, LODGING, TRANSPORTATION AND ENTRANCE FEES. THE GLOBAL EDUCATION OFFICE ALSO APPROVES STUDENTS TO ATTEND NON-GORDON PROGRAMS AT OTHER ORGANIZATIONS OR FOREIGN COLLEGES OR UNIVERSITIES. FUNDS ARE SENT ON BEHALF OF THOSE STUDENTS DIRECTLY TO THOSE PROGRAMS. THE GLOBAL EDUCATION OFFICE APPROVES STUDENTS TO ATTEND NON-GORDON PROGRAMS AT OTHER ORGANIZATIONS OR FOREIGN COLLEGES OR UNIVERSITIES. FUNDS ARE SENT ON BEHALF OF THOSE STUDENTS DIRECTLY TO THOSE PROGRAMS. MISSIONS AND SERVICE LEARNING TRIPS: GOAL OF TRIPS IS TO HELP STUDENTS SERVE OVERSEAS FOR A PERIOD OF TIME RANGING FROM 3-10 WEEKS OVER SEMESTER OR SUMMER BREAKS. THEY ARE STUDENT LED/STAFF ADVISED. IN COUNTRY COSTS ARE FOR FOOD, HOUSING, TRANSPORTATION AND SERVICE PROJECT EXPENSES. WHERE POSSIBLE, FUNDS ARE WIRED FOR THESE COSTS BASED ON APPROVALS FROM THE DEAN OF CHAPEL. PER DIEM ADVANCES BASED ON STATE DEPARTMENT RATES ARE ISSUED TO TRIP LEADERS TO PAY IN COUNTRY COSTS. TRIP LEADERS MUST DOCUMENT THE EXPENSES WITH DETAILED ITINERARIES AND HAVE APPROVAL FROM THE DEAN OF CHAPEL. GLOBAL INTERNSHIPS: WE STRONGLY BELIEVE GLOBAL INTERNSHIPS PROVIDE OUR STUDENTS WITH RICH CROSS-CULTURAL EXPERIENCES, HELP THEM BUILD NETWORKS WITH GLOBAL ORGANIZATIONS IN DIVERSE AREAS OF WORK AND MINISTRY, AND POSITION THEM WELL TO MEET THE CHALLENGES IN AN INCREASINGLY COMPETITIVE WORLD. STUDENTS CAN APPLY FOR ASSISTANCE WITH TRAVEL COSTS TO INTERNATIONAL LOCATIONS THROUGH OUR AVA MEMMEN GLOBAL INTERNSHIP PROGRAM. THE PROGRAM IS ADMINISTERED BY THE EXECUTIVE VICE PRESIDENT AND THE CAREER SERVICES OFFICE. GLOBAL HONORS: THE COLLEGE HAS DEVELOPED AN HONORS PROGRAM FROM WHICH 12 TO 15 STUDENTS ARE SELECTED EACH YEAR. IN ADDITION TO SCHOLARSHIP, IT INVOLVES TRAVEL TO AN ECONOMICALLY DEPRESSED COUNTRY DURING THE FRESHMAN AND SOPHOMORE YEARS FOR LEARNING AND SERVICE OPPORTUNITIES. THE PRESIDENT AND ADMISSIONS COUNSELORS TRAVELED ON BEHALF OF THE COLLEGE FOR STUDENT RECRUITMENT AND PROGRAM DEVELOPMENT. THE PRESIDENT TRAVELED ON BEHALF OF THE COLLEGE FOR STUDENT RECRUITMENT AND PROGRAM DEVELOPMENT. THE PRESIDENT LED A TRIP FOR FRIENDS AND DONORS OF THE COLLEGE FOR DONOR RELATIONSHIP BUILDING AND CULTIVATION. GEO: GLOBAL EDUCATION STAFF TRAVELED TO VERIFY QUALITY OF VARIOUS OFF-CAMPUS PROGRAMS. PART III ACCOUNTING METHOD: X X X X X X X 1 GENERIS PARTNERS LLC 6455 EAST JOHNS CROSSING JOHNS CREEK GA 30097 STRATEGY 0 0 96775 0 JANET KARY 270 PELICAN POINTE ROAD PONTE VEDRA FL 32081 FUNDRAISING 0 0 11250 0 108025 AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MO 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 0 SCHOLARSHIPS AND GRANTS TO STUDENTS 1240 26983249 FSEOG GRANTS TO STUDENTS 174 162460 FWS GRANTS TO STUDENTS 279 206033 FEDERAL TEACH GRANT 11 39396 BAY AREA PROJECT AWARD 7 21200 CENTER FOR ENTREPRENEURIAL LEADERSHIP AWARD 2 7000 WRIGHT ANNUAL AWARD 2 20000 PART I, LINE 2: GORDON COLLEGE AWARDS THREE TYPES OF GRANTS/SCHOLARSHIPS: MERIT SCHOLARSHIPS, NEED-BASED GRANTS AND ENDOWMENT FUNDED RESTRICTED SCHOLARSHIPS. MERIT SCHOLARSHIPS ARE AWARDED BASED ON THE INCOMING STUDENT'S ACADEMIC CRITERIA DETERMINED BY THE ADMISSIONS OFFICE. THESE SCHOLARSHIPS ARE RENEWED ANNUALLY BY VERIFICATION OF THE REGISTRAR'S OFFICE THAT CUMULATIVE GPA REQUIREMENTS ARE MET. NEED-BASED GRANTS ARE AWARDED BASED ON THE STUDENT'S DETERMINED FINANCIAL NEED. WE DETERMINE FINANCIAL NEED USING INFORMATION PROVIDED BY THE FAFSA. WE PRACTICE LEVEL-FUNDING OF THE NEED-BASED GRANTS TO FUTURE YEARS UNLESS THERE IS A SIGNIFICANT CHANGE IN DETERMINED FINANCIAL NEED. ENDOWMENT FUNDED RESTRICTED SCHOLARSHIPS ARE AWARDED BASED ON CRITERIA ESTABLISHED BY DONORS. THE CRITERIA INFORMATION ON SPECIFIC ELIGIBLE STUDENTS IS PROVIDED BY THE REGISTRAR, ADMISSIONS AND FINANCIAL AID OFFICES. STUDENTS ARE EVALUATED ANNUALLY TO VERIFY THEY CONTINUE TO MEET THE DONOR CRITERIA FOR AN ENDOWMENT AWARD. X X 1 1 X X X 1 1 0 0 0 0 0 1 0 D MICHAEL LINDSAY PRESIDENT 356250 0 0 0 216884 0 14250 0 66378 0 653762 0 0 0 JOHN TRUSCHEL VP FOR FINANCE & BD (THRU OF 11/20) 178334 0 0 0 29960 0 4781 0 18784 0 231859 0 0 0 RICHARD SWEENEY VICE PRESIDENT FOR MARKETING & EXTER 152273 0 8000 0 991 0 3739 0 61917 0 226920 0 0 0 LARRY DALE HOEZEE VP FOR ENROLLMENT 147000 0 15000 0 5713 0 3784 0 28079 0 199576 0 0 0 DANIEL TYMANN EVP AND CHIEF OF STAFF 166250 0 10000 0 942 0 4180 0 17767 0 199139 0 0 0 JEWERL MAXWELL VICE PRESIDENT FOR ACADEMIC INITIATI 145625 0 12000 0 7730 0 3912 0 22903 0 192170 0 0 0 SANDRA DONESKI EVP FOR ACAD AFFAIRS 166250 0 0 0 450 0 4168 0 17417 0 188285 0 0 0 ALEXANDER LOWRY EXECUTIVE DIRECTOR, CAREER & CONNECT 138900 0 0 0 900 0 3480 0 27813 0 171093 0 0 0 STEPHEN D LACORAZZAAS OF 1120 DIR. OF FIN. & CONTROLLER/VP FIN. 124000 0 0 0 600 0 3006 0 27763 0 155369 0 0 0 JANEL CURRY THRU 0520 PROVOST 68333 0 0 0 50659 0 5937 0 3942 0 128871 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS: OCCASIONALLY SPOUSES OF OFFICERS ACCOMPANY THEM ON BUSINESS TRIPS FOR THE COLLEGE. IN ORDER TO BE TREATED AS A WORKING CONDITION FRINGE BENEFIT, THE COLLEGE REQUIRES SUBSTANTIATION OF THE TRIP AS A BONAFIDE BUSINESS EXPENSE FOR BOTH THE OFFICER AND THE SPOUSE. IF THERE IS NO BUSINESS PURPOSE FOR THE SPOUSE, THE SPOUSAL TRAVEL IS TREATED AS TAXABLE INCOME TO THE OFFICER OR THE OFFICER REIMBURSES THE COLLEGE. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: ONE LISTED PERSON RECEIVED THIS BENEFIT. THE PRESIDENT IS REQUIRED TO LIVE IN ON-CAMPUS HOUSING FOR HOSTING PURPOSES AND 24/7 AVAILABILITY TO THE CAMPUS COMMUNITY. BECAUSE OF THIS REQUIREMENT, IT IS EXCLUDED FROM WAGES UNDER SECTION 119 OF THE IRS CODE. THE HOUSING VALUE INCLUDED IN NON-TAXABLE COMPENSATION WAS $36,915. PART I, LINES 4A-B PART I, LINE 4A: FORMER VP FOR FINANCE & BD, JOHN TRUSCHEL. SEPERATED FROM THE ORGANIZATION IN NOVEMBER OF 2020. PURSUANT TO HIS AGREEMENT, HE RECIEVED A SEVERANCE PAYMENT IN CALENDAR YEAR 2020. THIS AMOUNT IS REPORTED ON SCHEDULE J, PART II, COLUMN B(III). FORMER PROVOST, JANEL CURRY, SEPERATED FROM THE ORGANIZATION IN MAY OF 2020. PURSUANT TO HER AGREEMENT, SHE RECIEVED A SEVERANCE PAYMENT IN CALENDAR YEAR 2020. THIS AMOUNT IS REPORTED ON SCHEDULE J, PART II, COLUMN B(III). PART I, LINE 4B: ONE LISTED INDIVIDUAL HAD A SPLIT DOLLAR LIFE INSURANCE POLICY. THE SPLIT DOLLAR LIFE INSURANCE POLICY WAS TEMINATED IN 2020 AND THE TAXABLE INCOME ASSOCIATED WITH THE TERMINATION IS INCLUDED IN COLUMN B(III). PART I, LINE 7 OFFICERS WERE GIVEN BONUSES FOR EXCEEDING THE GOALS AND EXPECTATIONS ASSIGNED TO THEM FOR THE YEAR. RECOMMENDATIONS FOR BONUSES ARE MADE BY THE PRESIDENT TO THE EXECUTIVE COMMITTEE OF THE BOARD. THE EXECUTIVE COMMITTEE OF THE BOARD REVIEWS AND DETERMINES BONUS PAYMENTS. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 000000000 2020-10-31 31173022 REFUND ISSUED FOR SERIES 2012 0 0 0 A 31173022 31173022 2020 1 0 1 1 A 0 0 1 1 0 0.00760 0.00760 0 0 1 A 0 0 1 0 1 1 INVESTORS BANK 12.000000000000 0 0 0 0 1 A 1 PART IV, LINE 3C THE COLLEGE HAS MULTIPLE INTEREST RATE SWAP AGREEMENTS, WITH TERMS (IN YEARS) 20, 26.2,10, AND 19 FOR THE $31,173,022 ISSUANCE AND TERMS (IN YEARS) 10, 20, 26.2, AND 10 FOR THE $10,000,000 ISSUANCE. GORDON COLLEGE PUT IN THE LONGEST SWAP TERM IN LINE 3C, SINCE WE ARE ONLY ABLE TO INPUT ONE TERM. NA NOT REQUIRED FOR COLLEGE NA NOT REQUIRED FOR COLLEGE 206800 SCHOLARSHIP MERIT SCHOLARSHIPS JONATHAN TYMANN BROTHER OF EVP 149223 EMPLOYMENT COMPENSATION 0 REBECCA LINDSAY SPOUSE OF PRESIDENT 38754 EMPLOYMENT COMPENSATION 0 BENNETT FORKNER SON OF TRUSTEE 23631 EMPLOYMENT COMPENSATION 0 JORDAN TYMANN NEPHEW OF EVP 52470 EMPLOYMENT COMPENSATION 0 SARAH WELCH NIECE OF EVP 20931 EMPLOYMENT COMPENSATION 0 SCH L, PART III, GRANTS OR ASSISTANCE BENEFITTING INTERESTED PERSONS: THE $206,800 MERIT SCHOLARSHIPS REPORTED IS DISTRIBUTED AMONG TWELVE INTERESTED PERSONS. X 0 COST OF DONATED PROPERTY X 15 111426 FMV ON DATE RECEIVED X PIANO 2 23200 COST OF DONATED PROP X PAINTING 1 7000 COST OF DONATED PROP 0 1 0 SCHEDULE M, PART I, LINE 33 INSTITUTIONAL POLICY FOR WORKS OF ART IS TO NOT RECORD A GIFT VALUE. WE DO NOT CAPITALIZE OUR COLLECTIONS AS ALLOWED UNDER SFAS 116 (ASC 958-360-25). LINES 25, AND 26: REVENUES WERE NOT REPORTED BECAUSE THE GIFTS WERE NOT GIVEN A VALUE AS APPRAISALS WERE UNAVAILABLE. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: GORDON COLLEGE'S PRIMARY RESPONSIBILITY IS TO PREPARE STUDENTS FOR THE LONG HAUL, TO MAKE THEM SPIRITUALLY, INTELLECTUALLY, RELATIONALLY AND PROFESSIONALLY READY FOR A LIFETIME OF GROWTH - FROM THE FIRST JOB OUT OF COLLEGE AND BEYOND INTO FIELDS NOT YET EXISTING. OUR MISSION IS TO THE FOUNDATION OF ALL WE DO AS WE INSPIRE THE NEXT GENERATION TOWARD FAITHFUL LEADERSHIP FOR THE COMMON GOOD. PART V, LINE 2A: EMPLOYEE BREAKOUT: STAFF - 748 STUDENT - 1011 TOTAL - 1759 FORM 990, PART VI, SECTION B, LINE 11B GRANT THORNTON PREPARES THE 990 AND SUBMITS IT FOR REVIEW TO THE VICE PRESIDENT FOR FINANCE, THE PRESIDENT AND DIRECTOR OF ACCOUNTING. THE FORM 990 IS ALSO REVIEWED BY TAX ADVISORS FROM A NATIONAL ACCOUNTING FIRM. ONCE THE FORM 990 IS APPROVED BY THE PRESIDENT AND VICE PRESIDENT, PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE, THE FORM 990, AS IT WILL ULTIMATELY BE FILED, IS PROVIDED TO THE BOARD FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C AN ANNUAL DISCLOSURE FORM DELINEATING CONFLICTS IS DISTRIBUTED TO ALL TRUSTEES AT THE ANNUAL BOARD MEETING AND MUST BE SIGNED BY EACH TRUSTEE. A COPY IS MAILED TO ANY TRUSTEE WHO IS ABSENT AND MUST BE SIGNED AND RETURNED. TRUSTEES MUST RECUSE THEMSELVES FROM ANY DISCUSSION OF OR VOTE ON ANY ISSUE INVOLVING CONFLICTS OF INTEREST. KEY EMPLOYEES AND OFFICERS MUST ALSO SIGN AN ANNUAL CONFLICT OF INTEREST FORM WHICH CLEARLY DELINEATES CONFLICTS OF INTEREST. THE VICE PRESIDENT FOR FINANCE MONITORS AND REVIEWS THE CONFLICT OF INTEREST STATEMENTS. THE PRESIDENT'S OFFICE COLLECTS AND MAINTAINS THEM. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD SERVES AS THE COMPENSATION COMMITTEE FOR THE PRESIDENT'S POSITION. THE EXECUTIVE COMMITTEE IS COMPRISED OF INDEPENDENT BOARD MEMBERS. CCC, CCCU AND OTHER PEER INSTITUTIONS COMPENSATION STUDIES OF COLLEGE PRESIDENTS ARE REVIEWED BY THE COMMITTEE AND THE SALARY IS SET BY COMMITTEE VOTE. THE PRESIDENT HAS AN ANNUAL REVIEW BY THE COMMITTEE AND IS JUDGED BASED ON ATTAINMENT OF GOALS FOR THE YEAR. THE PRESIDENT SUBMITS COMPENSATION COMPARABILITY DATA TO THE COMMITTEE FOR THE PROVOST, VICE PRESIDENT FOR FINANCE AND EXECUTIVE VICE PRESIDENT POSITIONS. COMPENSATION INCREASES AND BONUSES, IF ANY, ARE BASED UPON JOB PERFORMANCE AND THE INDEPENDENT STUDIES. MINUTES ARE KEPT OF THE PROCESS AND THE COMMITTEE VOTE. THE LAST REVIEW PROCESS TOOK PLACE IN 2021. FORM 990, PART VI, SECTION C, LINE 19 OUR GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST AND ON OUR PUBLIC WEB SITE. OUR CONFLICT OF INTEREST POLICY IS AVAILABLE ON OUR PUBLIC WEB SITE. OUR FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST AND COPIES ARE MAINTAINED IN THE COLLEGE LIBRARY. FORM 990, PART XI, LINE 9: INTEREST RATE SWAP FAIR VALUE ADJUSTMENT 1,449,254. CHANGE IN FAIR VALUE OF SPLIT-INTEREST AGREEMENTS -145,075. GORDON COLLEGE FOUNDATION 255 GRAPESVINE ROAD WENHAM MA 01984 222610484 LAND USE MA 501(C)(3) LINE 12A, I GORDON COLLE 1 CHARITABLE REMAINDER TRUSTS(4) 255 GRAPEVINE ROAD WENHAM MA 01984 CHARITABLE GIFT MA N/A T 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0