2022-04-25T11:42:32-05:00 2021-06-30 263753134 CBIZ MHM LLC 500 BOYLSTON STREET BOSTON MA 02116 990 2020-07-01 042103731 MERRIMACK COLLEGE MERR 9788375000 315 TURNPIKE STREET NORTH ANDOVER MA 01845 JEFFREY DOGGETT EXECUTIVE VP, CFO & COO 9788375000 2022-03-22 1 JEFFREY DOGGETT 999009999 CRAIG KLEIN P00734640 6177610600 2022-03-22 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z CHRISTOPHER HOPEY 315 TURNPIKE STREET NORTH ANDOVER MA 01845 259731173 0 X WWW.MERRIMACK.EDU X 1947 MA MERRIMACK COLLEGE IS A COMPREHENSIVE, CATHOLIC AUGUSTINIAN INSTITUTION OF HIGHER EDUCATION. 29 28 2059 100 482789 0 5565203 16159644 220913413 234618737 3076439 5657217 4377730 3254833 233932785 259690431 83897610 97226299 0 0 75138772 74408225 0 0 2156425 63494951 68901983 222531333 240536507 11401452 19153924 276990380 325006014 139232256 157194421 137758124 167811593 X MERRIMACK COLLEGE IS A COMPREHENSIVE, CATHOLIC AUGUSTINIAN INSTITUTION THAT PROVIDES RIGOROUS UNDERGRADUATE, PROFESSIONAL AND GRADUATE PROGRAMS FOR STUDENTS. 0 0 142856258 97226299 201890674 EDUCATIONAL INSTRUCTION: MERRIMACK COLLEGE OFFERS UNDERGRADUATE AND GRADUATE DEGREES IN THE LIBERAL ARTS, BUSINESS, SCIENCE AND ENGINEERING, HEALTH SCIENCE, AND EDUCATION PROGRAMS. THE COLLEGE COMMUNITY INCLUDES OVER 4,000 UNDERGRADUATE STUDENTS AND OVER 1,000 GRADUATE STUDENTS. 28626592 35518322 AUXILIARY SERVICES: A PRIMARILY RESIDENTAL COLLEGE, MERRIMACK HOUSES STUDENTS IN A VARIETY OF LIVING ARRANGEMENTS, FROM RESIDENCE HALLS FOR FIRST-YEAR STUDENTS TO APARTMENTS FOR SENIORS. RESIDENTIAL LIFE PROVIDES A LIVING/LEARNING ENVIRONMENT, PROMOTING PERSONAL GROWTH AND ENCOURAGING STUDENTS TO DEVELOP THEIR WHOLE SELVES. MERRIMACK DINING SERVICE SEEKS TO PROVIDE THE FINEST QUALITY MEALS AND SERVICES TO THE ENTIRE MERRIMACK COMMUNITY: STUDENTS, FACULTY, STAFF AND GUESTS. THE COLLEGE ALSO HAS ATHLETIC FACILITIES, INCLUDING SOFTBALL, FOOTBALL, BASKETBALL AND AN ICE RINK. 39574321 STUDENT SERVICES: MERRIMACK COLLEGE PROVIDES VARIOUS SERVICES TO THE STUDENT BODY, INCLUDING COUNSELING, CAREER GUIDANCE, FINANCIAL AID, REGISTRAR, STUDENT ACTIVITIES, CAMPUS MINISTRY, HEALTH SERVICES AND ATHLETIC PROGRAMS. 12306568 ACADEMIC SUPPORT EXPENDITURES 12306568 223363739 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 1 7264 0 1 2059 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 29 28 1 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CO MD MA MI NV NH NY OK OR SC WA X X JEFFREY DOGGETT 9788375000 315 TURNPIKE STREET NORTH ANDOVER MA 01845 CHRISTOPHER E HOPEY PRESIDENT 40.00 X X 550537 0 589210 ALFRED J ARCIDI CHAIR 1.00 X X 0 0 0 JOHN T BOYCE VICE CHAIR 1.00 X X 0 0 0 MARY GORHAM FRANCO VICE CHAIR 1.00 X X 0 0 0 KEVIN LUCEY TREASURER 1.00 X X 0 0 0 PHILIP M ARCIDI TRUSTEE 1.00 X 0 0 0 JOANNE BENTLEY TRUSTEE 1.00 X 0 0 0 BRUCE BOUCHARD TRUSTEE 1.00 X 0 0 0 PETER CAULO TRUSTEE 1.00 X 0 0 0 ALVIN M CHAPITAL TRUSTEE 1.00 X 0 0 0 REV DAVID A CREGAN TRUSTEE 1.00 X 0 0 0 FR MICHAEL F DIGREGORIO TRUSTEE 1.00 X 0 0 0 REV PETER M DONOHUE TRUSTEE 1.00 X 0 0 0 REV FRANCIS J HORN TRUSTEE 1.00 X 0 0 0 DENNIS LEONARD TRUSTEE 1.00 X 0 0 0 REV GARY N MCCLOSKEY TRUSTEE 1.00 X 0 0 0 MARYBETH MCINNIS TRUSTEE 1.00 X 0 0 0 PAUL MUCCI TRUSTEE 1.00 X 0 0 0 HOSFFMAN OSPINO TRUSTEE 1.00 X 0 0 0 JOHN K PASINI TRUSTEE 1.00 X 0 0 0 KEVIN RHODES TRUSTEE 1.00 X 0 0 0 LEE D SLATTERY TRUSTEE 1.00 X 0 0 0 PATRICK J SULLIVAN TRUSTEE 1.00 X 0 0 0 REV ARTHUR PURCARO OSA TRUSTEE 1.00 X 0 0 0 JAMES E SCAMMON TRUSTEE 1.00 X 0 0 0 MARQUES TORBERT TRUSTEE 1.00 X 0 0 0 KAREN J CAMBRAY TRUSTEE 1.00 X 0 0 0 STACY DION TRUSTEE 1.00 X 0 0 0 KEVIN ROUTHIER TRUSTEE 1.00 X 0 0 0 NICHOLAS MCDONALD SECRETARY/VP/GENERAL COUNSEL 40.00 X 235858 0 24966 JEFFREY DOGGETT EXECUTIVE VP, CFO & COO 40.00 X 308613 0 520675 ALLAN WEATHERWAX SR. VP & PROVOST (UNTIL 5/31/20) 40.00 X 242658 0 60913 JOHN CONDON VP, ACADEMIC AFFAIRS & PROVOST 40.00 X 199132 0 47170 SCOTT BOREK HEAD MEN'S HOCKEY COACH 40.00 X 269277 0 54947 JEREMY GIBSON DIRECTOR OF ATHLETICS 40.00 X 240059 0 51249 LEILA C RICE VP, DEVELOPMENT & ALUMNI RELATIONS 40.00 X 272157 0 52982 PATRICIA SENDALL DEAN, GIRARD SCHOOL OF BUSINESS 40.00 X 228242 0 42632 ANDREW MAYLOR VP & CHIEF BUSINESS OFFICER 40.00 X 211650 0 28209 2758183 0 1472953 127 0 1 0 METEOR LEARNING INC 301 EDGEWATER PLACE SUITE 210 WAKEFIELD MA 01880 PROFESSIONAL SERVICES 4214216 ON-SITE MEDICAL SERVICES LLC 71 BELKNAP AVENUE NEWPORT NH 03773 MEDICAL SERVICES 1319643 ATHLETIC FACILITY ADMINISTRATION 20 TRAFALGAR SQUARE SUITE 2 NASHUA NH 03063 PROFESSIONAL SERVICES 600374 JENZABAR INC 5 CAMBRIDGE CENTER CAMBRIDGE MA 02142 IT SERVICES 417410 DGI COMMUNICATIONS LLC 101 BILLERICA AVENUE BLDG 6 BILLERICA MA 01862 AUDIO VISUAL SERVICES 403806 19 47025 8880405 7232214 1100227 16159644 TUITION AND FEES 611710 201890674 201890674 ROOM AND BOARD 721000 32728063 32728063 234618737 1271008 5548 1265460 4386209 0 4386209 4386209 4386209 28075 47025 40742 -12667 -12667 DEFERRED CONTRACT REVENUE 900099 971363 971363 ICE RINK RENTALS 713940 477241 477241 SPONSORSHIPS EDUCATION 900099 445891 445891 1373005 1373005 3267500 259690431 237408996 482789 5639002 97221799 97221799 4500 4500 2159473 1686341 208358 264774 56077614 48963455 5992495 1121664 3366061 2827902 464110 74049 8868252 7550053 1009237 308962 3936825 3420195 443454 73176 421150 24471 396679 132000 132000 141487 141487 17134190 15430801 1614875 88514 938274 901229 37045 2119361 1422076 553917 143368 2623486 1559276 1046776 17434 7723757 7341505 368556 13696 412712 403664 7556 1492 170138 70020 97152 2966 4975484 4943537 31890 57 8216268 7666608 549492 168 1391108 1299295 85163 6650 FOOD SERVICE EXPENSE 10553711 10472691 78953 2067 EQUIP. RENTAL & MAINT. 4398013 4176797 204098 17118 LEASE & RENTAL EQUIP. 2556476 2464703 89983 1790 SPECIAL EVENT EXPENSES 619088 599407 19681 4375280 2913414 1443386 18480 240536507 223363739 15016343 2156425 5810 5605 34812200 45498918 3171057 3346526 6289840 6612893 1013892 1051271 290443374 126620173 165510697 163823201 54481624 70021657 2064276 6222970 9640984 28422973 276990380 325006014 12538248 16694206 16738128 11282507 108888888 75704478 52641768 1066992 871462 139232256 157194421 X 86711588 99324688 51046536 68486905 137758124 167811593 276990380 325006014 X 19153924 12014154 -1114609 X 0 1 X 1 1 1 X 7218988 9267394 6691834 5565203 16159644 44903063 7218988 9267394 6691834 5565203 16159644 44903063 6983470 37919593 1427990 1690935 2155259 2088058 1265460 8627702 27220 25500 37060 51340 28075 169195 53699960 1009629864 0.70610 0.70360 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GROSS INCOME FROM FUNDRAISING - 2016 AMOUNT: $ 27,220. 2017 AMOUNT: $ 25,500. 2018 AMOUNT: $ 37,060. 2019 AMOUNT: $ 51,340. 2020 AMOUNT: $ 28,075. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 0 PART II-B, LINE 1: THE COLLEGE IS A MEMBER IN CERTAIN PROFESSIONAL ORGANIZATIONS INCLUDING THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS, ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES IN MASSACHUSETTS, NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES, AND OTHER REGIONAL ORGANIZATIONS. A PORTION OF THESE MEMBERSHIP DUES MAY BE CONSIDERED LOBBYING EXPENSES, BUT THE COLLEGE HAS NOT MADE ANY INTERNAL ALLOCATION OF SUCH DUES. 55666092 3894656 17443395 1547349 1337559 74119235 58940409 644773 -1055955 1457347 1405788 55666092 58487986 536709 2628428 1380702 1332012 58940409 54359205 999887 5012559 1229005 654660 58487986 49914139 596344 5710950 1232632 629596 54359205 0.22800 0.41290 0.35910 0 0 5040658 5040658 206089498 68703398 137386100 50782581 44969101 5813480 28530637 12947674 15582963 163823201 ESCROW DEPOSITS 112853 DEPOSITS WITH BOND TRUSTEES 27634825 RIGHT OF USE ASSET 675295 28422973 REFUNDABLE ADV. U.S GOV'T GRANTS 871462 871462 X 176026114 12014154 -95577726 -83563572 259589686 141487 -40742 100745 259690431 145972645 40742 40742 145931903 141487 94463117 94604604 240536507 PART V, LINE 4: THE COLLEGE MAINTAINS AND SPENDS ITS ENDOWMENT FUNDS PRUDENTLY UNDER THE GUIDELINES OF THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS IN ORDER TO MAXIMIZE INVESTMENT RETURN WHILE PRESERVING DONOR CORPUS. ALL USES OF ENDOWMENT FUND EARNINGS ARE IN ACCORDANCE WITH DONOR INTENT CONSISTENT WITH INSTITUTIONAL MISSION. ENDOWMENT FUNDS PRIMARILY PROVIDE FOR THE FOLLOWING: STUDENT FINANCIAL AID, STUDENT SERVICES, ACADEMIC SUPPORT, ATHLETIC PROGRAMS AND CAPITAL PROJECTS. PART X, LINE 2: THE COLLEGE IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS. THE COLLEGE HAS DETERMINED THAT ITS TAX STATUS AND DECISIONS OVER WHICH ACTIVITIES ARE RELATED AND UNRELATED ARE ITS ONLY TAX POSITIONS AND THAT SUCH POSITIONS DO NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE COLLEGE'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. NO EXAMINATIONS ARE CURRENTLY IN PROCESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: NET CHANGE IN SPLIT INTEREST VALUES -11,973. UNIVERSITY FUNDED FINANCIAL AID - TUITION DISCOUNT -94,463,117. LOSS ON EARLY EXTINGUISHMENT OF DEBT -1,102,636. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES INCLUDED ON FORM 990, PART VIII -40,742. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES INCLUDED ON FORM 990, PART VIII 40,742. PART XII, LINE 4B - OTHER ADJUSTMENTS: UNIVERSITY FUNDED FINANCIAL AID 94,463,117. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEE SUPPLEMENTAL PAGE SCHEDULE E, PART I, LINE 3 MERRIMACK COLLEGE DOES NOT DISCRIMINATE IN ADMISSION OR ACCESS TO ANY OF ITS EDUCATIONAL PROGRAMS OR ACTIVITIES. THE COLLEGE'S NONDISCRIMINATORY POLICY IS AVAILABLE ON THE COLLEGE'S WEBSITE. SCHEDULE E, PART I, LINE 6A THE COLLEGE RECEIVED FEDERAL HIGHER EDUCATION EMERGENCY RELIEF FUNDS (HEERF) AND FEDERAL TITLE IV MONIES FROM THE UNITED STATES DEPARTMENT OF EDUCATION AS WELL AS FROM VARIOUS STATE AGENCIES. GOLF TOURNAMENT 75100 47025 28075 33396 7346 75100 47025 28075 33396 7346 40742 -12667 1 STUDENT SCHOLARSHIPS 4702 94517797 FMV REDUCTION IN TUITION STUDENT EMERGENCY GRANTS 4600 2704002 PART I, LINE 2: A REPORT IS RUN AT THE END OF EACH SEMESTER TO REVIEW EACH STUDENT'S CUMULATIVE GPA AND PROGRESS TOWARD THEIR DEGREE. STUDENTS RECEIVING MERIT AWARDS WHO FAIL TO ACHIEVE GOOD ACADEMIC STANDING ARE REVIEWED FOR ALTERNATIVE INSTITUTIONAL FUNDING. EVERY EFFORT IS MADE TO FIND ALTERNATIVE FUNDING FOR STUDENTS NOT MEETING GOOD ACADEMIC STANDING. X X X X 1 1 X X X X X 1 1 0 0 0 0 0 1 0 CHRISTOPHER E HOPEY PRESIDENT 538033 0 0 0 12504 0 542335 0 46875 0 1139747 0 0 0 JEFFREY DOGGETT EXECUTIVE VP, CFO & COO 304163 0 0 0 4450 0 481177 0 39498 0 829288 0 0 0 LEILA C RICE VP, DEVELOPMENT & ALUMNI RELATIONS 260867 0 10000 0 1290 0 22498 0 30484 0 325139 0 0 0 SCOTT BOREK HEAD MEN'S HOCKEY COACH 261987 0 0 0 7290 0 22948 0 31999 0 324224 0 0 0 ALLAN WEATHERWAX SR. VP & PROVOST (UNTIL 5/31/20) 226968 0 0 0 15690 0 19977 0 40936 0 303571 0 0 0 JEREMY GIBSON DIRECTOR OF ATHLETICS 233609 0 0 0 6450 0 20453 0 30796 0 291308 0 0 0 PATRICIA SENDALL DEAN, GIRARD SCHOOL OF BUSINESS 226262 0 0 0 1980 0 19711 0 22921 0 270874 0 0 0 NICHOLAS MCDONALD SECRETARY/VP/GENERAL COUNSEL 235558 0 0 0 300 0 20617 0 4349 0 260824 0 0 0 JOHN CONDON VP, ACADEMIC AFFAIRS & PROVOST 198442 0 0 0 690 0 17707 0 29463 0 246302 0 0 0 ANDREW MAYLOR VP & CHIEF BUSINESS OFFICER 210521 0 0 0 1129 0 0 0 28209 0 239859 0 0 0 PART I, LINE 1A THE PRESIDENT AND THE EXECUTIVE VICE PRESIDENT MAY UTILIZE FIRST CLASS TRAVEL AND TRAVEL WITH COMPANIONS UNDER THE TERMS OF THEIR RESPECTIVE EMPLOYMENT CONTRACTS. SOCIAL CLUB DUES WERE PAID FOR ON BEHALF OF THE PRESIDENT AND EXECUTIVE VICE PRESIDENT. THIS EXPENSE WAS INCURRED PRIMARILY FOR BUSINESS PURPOSES; ANY PERSONAL USE WAS TREATED AS TAXABLE INCOME. THE SR. VP/PROVOST THAT SERVED THROUGH MAY 31, 2020 RESIDED IN A COLLEGE-OWNED CONDOMINIUM. THE FAIR MARKET VALUE RENTAL VALUE WAS TREATED AS TAXABLE COMPENSATION AND WAS INCLUDED IN SCHEDULE J, PART II, COLUMN B(III). PART I, LINES 4A-B SCHEDULE J, PART I, LINE 4A SEVERANCE ARRANGEMENT THE PRESIDENT'S EMPLOYMENT CONTRACT INCLUDES A SEVERANCE PROVISION THAT PROVIDES UP TO TWELVE MONTHS OF SALARY. NO AMOUNTS WERE PAID UNDER THIS PROVISION DURING THE CURRENT YEAR. THE EXECUTIVE VICE PRESIDENT'S EMPLOYMENT CONTRACT INCLUDES A SEVERANCE PROVISION THAT PROVIDES NINE MONTHS OF BASE SALARY. NO AMOUNTS WERE PAID UNDER THIS PROVISION DURING THE CURRENT YEAR. SCHEDULE J, PART I, LINE 4B DEFERRED COMPENSATION PRESIDENT HOPEY PARTICIPATES IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F). PROVIDED PRESIDENT HOPEY IS EMPLOYED BY THE COLLEGE, THE COLLEGE WILL CREDIT A DEFERRED COMPENSATION ACCOUNT EACH FISCAL YEAR. THE COLLEGE CREDITED $117,391 TO PRESIDENT HOPEY'S DEFERRED COMPENSATION ACCOUNT IN CALENDAR YEAR 2020 WHICH IS REPORTED IN SCHEDULE J, PART II, COLUMN C. THE EXECUTIVE VICE PRESIDENT PARTICIPATES IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F). PROVIDED THE EXECUTIVE VICE PRESIDENT IS EMPLOYED BY THE COLLEGE, THE COLLEGE WILL CREDIT A DEFERRED COMPENSATION ACCOUNT EACH FISCAL YEAR (BEGINNING IN CALENDAR YEAR 2021). NO AMOUNT WAS CREDITED TO THE EXECUTIVE VICE PRESIDENT'S DEFERRED COMPENSATION ACCOUNT IN CALENDAR YEAR 2020. PART I, LINE 7 MEMBERS OF THE SENIOR LEADERSHIP TEAM TYPICALLY RECEIVE AN ANNUAL BONUS. EACH MEMBER COMPLETES A SELF-EVALUATION, MEETS WITH THEIR SUPERVISOR TO REVIEW PRIOR YEAR GOALS AND SET CURRENT YEAR GOALS. WHEN APPLICABLE, THE BONUSES ARE PROVIDED AT THE DISCRETION OF THE PRESIDENT AND THE VICE PRESIDENTS. THE COMPENSATION COMMITTEE OF THE BOARD REVIEWS AND APPROVES THE BONUSES OF MEMBERS EXECUTIVE LEADERSHIP TEAM. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583UL48 2014-07-10 21817579 CONSTRUCTION PROJECTS 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57584XQ87 2017-05-24 30802795 CONSTRUCTION PROJECTS 0 0 0 C MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57584YN70 2021-06-20 26458066 CONSTRUCTION PROJECTS 0 0 0 A 1235000 21868813 1345846 416638 20053201 53128 2015 0 0 1 1 B 460000 32201831 288970 514487 30000000 1398374 2020 0 0 1 1 C 26458066 928102 473537 55624 25000803 0 0 0 1 A 0 0 1 1 0 0.00000 0.00500 0.00500 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 07/16/2019 SCHEDULE K, PART II, LINE 3: FOR BOND ISSUE B (SERIES 2014), TOTAL PROCEEDS OF ISSUE INCLUDE INVESTMENT EARNINGS OF $51,234. FOR BOND ISSUE C (SERIES 2017), TOTAL PROCEEDS OF ISSUE INCLUDE INVESTMENT EARNINGS OF $700,198. 19500 MERIT SCHOLARSHIP X 8 1100227 FMV 0 0 1 0 PART I, COLUMN (B): AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART VI, SECTION A, LINE 2 ALFRED J. ARCIDI AND PHILIP M. ARCIDI HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 3 MERRIMACK COLLEGE HAS A MANAGEMENT AGREEMENT WITH R GALLANT ASSOCIATES LLC UNDER WHICH R GALLANT ASSOCIATES LLC IS RESPONSIBLE FOR MANAGING THE OPERATION OF ICE RINK PREMISES ON THE COLLEGE CAMPUS. NO COMPENSATION WAS PROVIDED BY THE MANAGEMENT COMPANY TO ANY OF THE COLLEGE'S CURRENT OR FORMER OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES OR HIGHEST COMPENSATED EMPLOYEES LISTED IN PART VII, SECTION A. THE AGREEMENT WAS MADE AT ARM'S LENGTH. FORM 990, PART VI, SECTION B, LINE 11B INFORMATION FOR FORM 990 IS GATHERED AND COMPILED BY THE DEPARTMENT OF FISCAL AFFAIRS AND USED TO POPULATE THE RETURN IN CONJUNCTION WITH TAX ADVISORS FROM A NATIONAL ACCOUNTING FIRM. THE RESULTING DRAFT FORM 990 IS FORWARDED TO THE PRESIDENT, EXECUTIVE VICE PRESIDENT, IN HOUSE LEGAL COUNSEL, AND THE AUDIT AND RISK MANAGEMENT COMMITTEE OF THE BOARD OF TRUSTEES FOR THEIR REVIEW BEFORE FILING. A COPY OF THE FORM 990 IS PROVIDED TO EVERY VOTING BOARD MEMBER PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE REQUIRES THE PRESIDENT AND BOARD MEMBERS TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THESE DOCUMENTS ARE REVIEWED BY THE OFFICE OF GENERAL COUNSEL AND ARE ADDRESSED AS NECESSARY. ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICABLE TIME. NO TRUSTEE SHALL VOTE ON ANY MATTER UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING IN WHICH SUCH TRUSTEE HAS A CONFLICT OF INTEREST. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE HAVING A CONFLICT OF INTEREST ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN WHETHER THEY HAVE A CONFLICT OF INTEREST IN ANY MATTER MAY REQUEST THE BOARD OR COMMITTEE TO DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS. THE BOARD OR COMMITTEE SHALL RESOLVE THE QUESTION BY MAJORITY VOTE. VIOLATION OF THIS POLICY MAY RESULT IN REMOVAL FROM OFFICE. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, LINE 15A: ACCORDING TO ARTICLE VII, SECTION 7 OF THE MERRIMACK COLLEGE BY-LAWS, THE COMPENSATION COMMITTEE SHALL REVIEW THE COMPENSATION AND BENEFITS OF THE OFFICERS OF THE CORPORATION WHO ARE EMPLOYEES OF THE COLLEGE AND MAKE RECOMMENDATIONS FOR ACTION BY THE BOARD. THE BOARD OF TRUSTEES' COMPENSATION COMMITTEE USES A PUBLISHED SALARY SURVEY TAKEN FROM REGIONAL ACADEMIC INSTITUTIONS COMPARABLE TO MERRIMACK TO BENCHMARK THE PRESIDENT'S SALARY UTILIZING THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) AND OTHER INDUSTRY STANDARDS DATA. IN ADDITION TO RECEIVING SALARY DATA, THE COMPENSATION COMMITTEE CONDUCTS A PRESIDENTAL EVALUATION PROCESS IN WHICH ALL MEMBERS OF THE BOARD OF TRUSTEES ARE ASKED TO INPUT THEIR OPINIONS REGARDING THE PRESIDENT'S ACHIEVEMENT TOWARDS GOALS AND EXPECTATIONS ESTABLISHED ANNUALLY BY THE BOARD. ONCE CONSENSUS IS REACHED REGARDING PERFORMANCE, A SIMILAR DISCUSSION IS HELD CONCERNING COMPENSATION RELATIVE TO ACHIEVEMENTS AND ESTABLISHED OBJECTIVES. IN THE ABSENCE OF THE PRESIDENT, THE COMMITTEE PRESENTS ITS RECOMMENDATIONS TO THE BOARD OF TRUSTEES IN EXECUTIVE SESSION FOR REVIEW AND APPROVAL. THE BOARD OF TRUSTEES CHAIR AND THE CHAIR OF THE COMPENSATION COMMITTEE THEN MEET WITH THE PRESIDENT TO DISCUSS THE TRUSTEES' REVIEW. COMPENSATION IS ALSO DISCUSSED FOR THE UPCOMING YEAR AND DOCUMENTED. FORM 990, PART VI, LINE 15B: THE COMPENSATION COMMITTEE IS ALSO RESPONSIBLE FOR WORKING WITH THE PRESIDENT IN THE EVALUATION AND COMPENSATION FOR OFFICERS OF MERRIMACK COLLEGE. THE PRESIDENT WORKS WITH SENIOR MANAGEMENT TO ESTABLISH GOALS AND OBJECTIVES AND TO CONDUCT AN ANNUAL PERFORMANCE APPRAISAL BASED ON THE PREDETERMINED GOALS. THE BOARD OF TRUSTEES' COMPENSATION COMMITTEE USES A PUBLISHED SALARY SURVEY FROM REGIONAL ACADEMIC INSTITUTIONS COMPARABLE TO MERRIMACK TO BENCHMARK THE OFFICERS' SALARY UTILIZING THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) AND OTHER INDUSTRY STANDARDS DATA. THE PRESIDENT DISCUSSES THE EVALUATION AND COMPENSATION OF OFFICERS WITH THE COMPENSATION COMMITTEE. COMPENSATION IS ALSO DISCUSSED FOR THE COMING YEAR AND DOCUMENTED WITH THE COMMITTEE IN REGARDS TO SENIOR MANAGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE COLLEGE'S FORM 990 IS AVAILABLE AT WWW.GUIDESTAR.ORG AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN NET VALUE OF SPLIT INTEREST OBLIGATIONS -11,973. LOSS ON EARLY EXTINGUISHMENT OF DEBT -1,102,636. MERRIMACK METEOR INVESTMENT LLC 315 TURNPIKE STREET NORTH ANDOVER MA 01845 INVESTMENT DE 59836 3059875 MERRIMACK COLLEGE CHARITABLE REMAINDER TRUST (1) MA N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0