2022-05-11T15:32:15-05:00 2021-06-30 410746749 CLIFTONLARSONALLEN LLP TWO INTERNATIONAL PLACE 22ND FLOOR BOSTON MA 02110 990 2020-07-01 042225850 COLLEGE OF OUR LADY OF THE ELMS COLL 4135942761 291 SPRINGFIELD STREET CHICOPEE MA 01013 KATIE LONGLEY VP OF FINANCE & ADMINISTRATION 4135942761 2022-05-09 1 KATIE LONGLEY 999009999 LAURA J KENNEY P00202198 6177170831 2022-05-09 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z HARRY DUMAY 291 SPRINGFIELD STREET CHICOPEE MA 01013 46493577 0 X WWW.ELMS.EDU X 1928 MA TO EDUCATE A DIVERSE GROUP OF STUDENTS IN A SUPPORTIVE, VIBRANT LEARNING COMMUNITY. 35 34 694 81 -5306 0 5149689 7946251 40562761 38071737 216176 306268 458314 122439 46386940 46446695 14418034 13782249 0 0 16342322 16053991 0 42999 580988 11797197 11531167 42557553 41410406 3829387 5036289 69356608 76626054 20567300 19625191 48789308 57000863 X THE COLLEGE OF OUR LADY OF THE ELMS, A CATHOLIC COLLEGE, EDUCATES A DIVERSE GROUP OF STUDENTS IN A SUPPORTIVE, VIBRANT LEARNING COMMUNITY. COMBINING A LIBERAL ARTS EDUCATION WITH PROFESSIONAL STUDIES, ELMS COLLEGE EMPOWERS STUDENTS TO EFFECT POSITIVE CHANGES IN THE COMMUNITY AND IN THE WORLD. AFFIRMING THE FOUNDING TRADITION OF THE SISTERS OF ST. JOSEPH, ELMS COLLEGE CHALLENGES STUDENTS TO EMBRACE CHANGE WITHOUT COMPROMISING PRINCIPLE, TO RESPOND CREATIVELY TO THE DEMANDS OF THEIR CHOSEN CAREERS, AND TO ADVOCATE FOR PEOPLE IN NEED. ELMS COLLEGE IS A COMMUNITY ROOTED IN FAITH, EDUCATED IN MIND, COMPASSIONATE IN HEART, AND RESPONSIVE TO CIVIC AND SOCIAL OBLIGATIONS. 0 0 29847934 13782249 35309270 THE COLLEGE IS DEVOTED TO EDUCATING STUDENTS IN A SUPPORTED, VIBRANT LEARNING COMMUNITY & HAS ADAPTED TO CHANGING TIMES BY DEVELOPING INNOVATIVE PROGRAMS DESIGNED TO PREPARE THEM FOR LEADERSHIP IN A WIDE VARIETY OF FIELDS. EDUCATIONAL PROGRAMS ARE OFFERED IN SEVEN DIFFERENT SESSIONS. DURING THE 2020/2021 SCHOOL YEAR, WE SERVED 1828 FULL AND PART TIME STUDENTS. 1134376 2762467 AUXILIARY SERVICES INCLUDE CAFETERIA, HEALTH CENTER, AND OTHER FACILITIES PROVIDED FOR THE CONVENIENCE OF THE STUDENTS, FACULTY, ADJUNCT, AND STAFF. 2139 PEOPLE SERVED. 30982310 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 0 1 0 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 1 1 0 0 1 96 0 1 694 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 35 34 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X KATIE LONGLEY 4135942761 291 SPRINGFIELD STREET CHICOPEE MA 01013 CYNTHIA LYONS CHAIR 2.00 0.00 X X 0 0 0 PAUL M STELZER VICE-CHAIR 2.00 0.00 X X 0 0 0 FRANCIS KIRLEY TRUSTEE 2.00 0.00 X 0 0 0 VIRGINIA MAITLAND SSJ TRUSTEE 2.00 0.00 X 0 0 0 KATHY TOBIN TRUSTEE 2.00 0.00 X 0 0 0 CAROLYN JACOBS TRUSTEE 2.00 0.00 X 0 0 0 JOAN S KAGAN TRUSTEE 2.00 0.00 X 0 0 0 NANCY D MACPHERSON TRUSTEE 2.00 0.75 X 0 0 0 JEAN BOSTLEY SSJ TRUSTEE 2.00 0.00 X 0 0 0 JANE THOMAS SSJ TRUSTEE 2.00 0.00 X 0 0 0 MARK G HAMBLEY TRUSTEE 2.00 0.00 X 0 0 0 JOHN B QUINN TRUSTEE 2.00 0.00 X 0 0 0 REGINA NOONAN HITCHERY TRUSTEE 2.00 0.00 X 0 0 0 MELISSA R GILLIS TRUSTEE 2.00 0.00 X 0 0 0 PETER J HARRINGTON TRUSTEE 2.00 0.00 X 0 0 0 KATHLEEN M KANE TRUSTEE 2.00 0.00 X 0 0 0 MARTHA R ROSS TRUSTEE 2.00 0.00 X 0 0 0 MICHAEL K VANN TRUSTEE 2.00 0.00 X 0 0 0 JOHN E CONNORS TRUSTEE 2.00 0.00 X 0 0 0 ELIZABETH G DINEEN TRUSTEE 2.00 0.00 X 0 0 0 JOAN RYZEWICZ SSJ TRUSTEE 2.00 0.00 X 0 0 0 EILEEN O'LEARY SULLIVAN TRUSTEE 2.00 0.00 X 0 0 0 BETH E ANDERSON TRUSTEE 2.00 0.00 X 0 0 0 PASCALE DESIR TRUSTEE 2.00 0.00 X 0 0 0 DR JOSE R FERNANADEZ TRUSTEE 2.00 0.00 X 0 0 0 MARK M FULCO TRUSTEE 2.00 0.00 X 0 0 0 STEVEN P GOBEL TRUSTEE 2.00 0.00 X 0 0 0 DR FAWWAZ HABBAL TRUSTEE 2.00 0.00 X 0 0 0 ELEANOR SPRING SSJ TRUSTEE 2.00 0.00 X 0 0 0 RICHARD K SULLIVAN JR TRUSTEE 2.00 0.00 X 0 0 0 THERESA STEC TRUSTEE 2.00 0.00 X 0 0 0 PAUL MARCHESE TRUSTEE 2.00 0.00 X 0 0 0 RICHARD MEELIA TRUSTEE 2.00 0.00 X 0 0 0 KRISTIN HAGAN TRUSTEE 2.00 0.00 X 0 0 0 ANTHONY CIGNOLI TRUSTEE 2.00 0.00 X 0 0 0 HARRY DUMAY PRESIDENT 35.00 0.75 X 379835 0 85477 KATIE LONGLEY VP OF FIN & ADMIN/TREASURER 35.00 0.75 X 173425 0 22382 KRISTEN E KIRWAN BOARD LIAISON 17.00 0.00 X 2010 0 0 WALTER BREAU VP OF ACADEMIC AFFAIRS 35.00 0.75 X 181682 0 19180 JONATHAN SCULLY VP OF ENROLLMENT MANAGEMENT 35.00 0.00 X 147792 0 4857 BERNADETTE NOWAKOWSKI VP OF INSTITUTIONAL ADVANCEMENT 35.00 0.00 X 117094 0 19991 KIMBERLY KENNEY-ROCKWAL PROFESSOR OF BUSINESS MANAGEMENT 36.00 0.00 X 148010 0 55732 JANET WILLIAMS PROFESSOR OF BIOLOGY 36.00 0.00 X 153909 0 6497 KATHLEEN SCOBLE UNTIL 921 DEAN OF SCHOOL OF NURSING 35.00 0.00 X 142598 0 12368 1446355 0 226484 13 0 1 0 WESTERN BUILDERS INC 73 PLEASANT STREET GRANBY MA 01033 CONSTRUCTION SERVICES 1412105 WFF FACILITY SERVICES 211 SO JEFFERSON AVE ST LOUIS MO 63103 FACILITIES SERVICES 1242898 ARAMARK CORPORATION PO BOX 978839 DALLAS TX 753978839 FOOD SERVICES 997045 KEITER BUILDERS INC 35 MAIN STREET FLORENCE MA 01062 CONSTRUCTION SERVICES 519789 ELLUCIAN COMPANY LP 2003 EDMUND HALLEY DRIVE RESTON VA 20191 SOFTWARE 195754 14 3943236 4003015 175951 7946251 TUITION AND FEES 611310 35309270 35309270 ROOM, BOARD & AUXILIARY SERVICES 611310 2762467 2762467 38071737 277649 -5306 282955 102800 0 102800 102800 102800 75501 46882 28619 28619 28619 OTHER INCOME 611310 19639 19639 19639 46446695 38071737 -5306 434013 13633810 13633810 148439 148439 801154 320269 360588 120297 105256 105256 13011582 10078251 2702612 230719 3167 2174 993 1125248 692345 406492 26411 1007584 772535 209220 25829 111468 20083 91385 98298 98298 42999 42999 78040 78040 388776 161134 227642 325612 1758 323854 1117373 981985 112254 23134 358795 45179 313616 864332 144761 719571 140415 136031 4305 79 149992 98190 32782 19020 465675 286490 169871 9314 2528714 1555701 922436 50577 EQUIPMENT RENTAL & MAIN 1958517 119625 1809773 29119 INSTITUTIONAL SUPPORT 1131516 24873 1106643 OTHER EXPENSES 910559 750336 156733 3490 FOOD SERVICES 903085 903085 41410406 30982310 9847108 580988 810124 1777919 13479521 16279919 1903389 2617494 1118749 672974 668015 704738 515738 562935 71967106 37282664 35129820 34684442 9593448 11704754 6044685 7524043 93119 96836 69356608 76626054 2291715 3312418 1467523 1155329 13049320 14411776 280154 184365 2932970 0 545618 561303 20567300 19625191 X 33611739 38475565 15177569 18525298 48789308 57000863 69356608 76626054 X 5036289 3436323 -261057 X 0 1 X 1 1 1 X 3259568 1703126 4639722 5149689 7946251 22698356 3259568 1703126 4639722 5149689 7946251 22698356 2378478 20319878 345229 413323 397594 343733 380449 1880328 24578684 201221730 0.82670 0.84910 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 70870 X X X 0 0 1 X 15832320 1228328 4030614 539697 78040 20473525 13737663 2459276 151204 486516 29307 15832320 12797831 656661 857811 517536 57104 13737663 11900951 599658 778460 428012 53226 12797831 10459340 494056 1263542 268526 47461 11900951 0.28920 0.52840 0.18240 0 0 144370 144370 48440541 19664271 28776270 20209388 15292637 4916751 3172807 2325756 847051 34684442 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 2572895 F LIMITED PARTNERSHIPS 2569967 F FIXED INCOME INVESTMENTS 2381181 F 7524043 GRANTS REFUNDABLE 537214 ANNUITY OBLIGATIONS 24089 561303 X 36416594 3436323 393865 3830188 32586406 78040 13782249 13860289 46446695 27550117 0 27550117 78040 13782249 13860289 41410406 PART III, LINE 4: DESCRIPTION OF COLLECTION: 33" X 20" WATERCOLOR BY ENRICO TARENGHI WITH VALUE OF $14,000 AND 40 ETCHINGS BY SEARS GALLAGHER WITH TOTAL VALUE OF $34,000. THE ARTWORK PROVIDES AN EXAMPLE OF HOLISTIC ENRICHMENT FOR THE STUDENTS AND PROMOTES THE CONCEPTS SET FORTH IN A LIBERAL ARTS COLLEGE. ALUMNAE LIBRARY ALSO HAS A COLLECTION OF SOME 1000 RARE BOOKS DATING BETWEEN 1521 AND 1900, APPROXIMATELY 50 PAINTINGS BY VARIOUS HANDS, AND AN ASSORTED COLLECTION OF REGALIA FROM DIVERSE COUNTRIES. THE LIBRARY ALSO OWNS ONE MEDIEVAL MANUSCRIPT, ABOUT A HALF-DOZEN FRAMED MEDIEVAL PAGES, AND CURRENTLY HAS TWO MANUSCRIPTS ON LOAN. THE MATERIALS ARE USED SOLELY FOR DISPLAY AND SCHOLARLY RESEARCH. PART IV, LINE 2B: ASSETS HELD FOR OTHERS REPRESENT FUNDS PLACED ON DEPOSIT BY EACH CLASS AND OTHER GROUPS WITH THE COLLEGE AS CUSTODIAN. PART X, LINE 2: UNCERTAIN TAX POSITIONS: MANAGEMENT HAS EVALUATED SIGNIFICANT TAX POSITIONS AGAINST THE CRITERIA ESTABLISHED BY PROFESSIONAL STANDARDS AND BELIEVES THERE ARE NO SUCH TAX POSITIONS REQUIRING ACCOUNTING RECOGNITION. THE COLLEGE, THE FOUNDATION, AND FRIENDS OF ELMS TAX RETURNS ARE SUBJECT TO EXAMINATION BY TAXING AUTHORITIES FOR ALL YEARS ENDING ON OR AFTER JUNE 30, 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 393,865. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 13,782,249. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 13,782,249. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 LINE 3 - EXPLANATION OF NONDISCRIMINATION POLICY: WE ARE A PRIVATE, CATHOLIC, COEDUCATIONAL LIBERAL ARTS COLLEGE FOUNDED IN 1928 BY THE SISTERS OF ST. JOSEPH OF SPRINGFIELD, MA. ELMS COLLEGE IS LOCATED IN CHICOPEE, MA, AND GRANTS ASSOCIATE'S, BACHELOR'S, MASTER'S, AND DOCTOR OF NURSING PRACTICE DEGREES. ELMS COLLEGE IS COMMITTED TO ENSURING THAT ALL EDUCATIONAL AND PERSONNEL ACTIONS ARE ADMINISTERED ON A NON-DISCRIMINATORY BASIS AND ALSO IDENTIFIES AND REMOVES ANY BARRIERS TO EQUAL ACCESS AND EQUAL TREATMENT FOR ALL MEMBERS OF ITS COMMUNITY. A STATEMENT OF EQUAL OPPORTUNITY IS INCLUDED IN OUR STUDENT HANDBOOK, WHICH IS GIVEN TO EVERY STUDENT AND AVAILABLE ON OUR WEBSITE. LINE 6 - EXPLANATION OF GOVERNMENT FINANCIAL AID: THE COLLEGE RECEIVES GOVERNMENT FINANCIAL ASSISTANCE WHICH IS AWARDED TO THE STUDENTS AS SCHOLARSHIPS AND OTHER FINANCIAL AID. THE COLLEGE ALSO RECEIVED A PAYCHECK PROTECTION PROGRAM (PPP) LOAN IN FISCAL YEAR ENDED JUNE 30, 2020 FROM THE U.S. SMALL BUSINESS ADMINISTRATION (SBA). THE PPP LOAN WAS FORGIVEN AND REPORTED AS GRANT REVENUE IN FISCAL YEAR ENDED JUNE 30, 2021. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 2569967 CENTRAL AMERICA AND THE CARIBBEAN EDUCATIONAL ASSISTANCE AND SCHOLARSHIPS EDUCATIONAL ASSISTANCE 148439 0 0 0 0 0 0 2718406 0 2718406 SCHOLARSHIPS 147 148439 CREDIT TO TUITION BALANCE 0 0 1 0 0 0 PART III ACCOUNTING METHOD: PART I, LINE 2: FINANCIAL AID DISBURSEMENTS ARE MADE TO STUDENTS QUALIFYING FOR FINANCIAL GRANTS AND ARE BASED ON DEMONSTRATED FINANCIAL NEED AS REPORTED THROUGH SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID (SSSFA) APPLICATIONS. THE FUNDS ARE CREDITED AGAINST BILLED CHARGES IN A QUALIFYING STUDENT'S ACCOUNT. FINANCIAL AID GRANT FUNDS AS WELL AS STUDENT ELIGIBILITY/ENROLLMENT STATUS ARE MONITORED USING FINANCIAL AID MANAGEMENT SOFTWARE. X X X X X X 0 CHANGING OUR WORLD 1285 AVENUE OF THE AMERICAS NEW YORK NY 10019 FEASIBILITY STUDY 0 0 42999 0 42999 FL 1 SCHOLARSHIPS AND GRANTS 800 13633810 PART I, LINE 2: FINANCIAL AID DISBURSEMENTS ARE MADE TO STUDENTS QUALIFYING FOR FINANCIAL GRANTS AND ARE BASED ON DEMONSTRATED FINANCIAL NEED AS REPORTED THROUGH SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID (SSSFA) APPLICATIONS. FINANCIAL AID GRANT FUNDS AS WELL AS STUDENT ELIGIBILITY ARE MONITORED USING FINANCIAL AID MANAGEMENT SOFTWARE. GRANTS ARE AWARDED IN AN OBJECTIVE AND NONDISCRIMINATORY MANNER. X 1 1 X X X 0 0 0 0 0 0 0 1 0 HARRY DUMAY PRESIDENT 313840 0 20570 0 45425 0 9777 0 75700 0 465312 0 0 0 KIMBERLY KENNEY-ROCKWAL PROFESSOR OF BUSINESS MANAGEMENT 139960 0 0 0 8050 0 4113 0 51619 0 203742 0 0 0 WALTER BREAU VP OF ACADEMIC AFFAIRS 181682 0 0 0 0 0 5092 0 14088 0 200862 0 0 0 KATIE LONGLEY VP OF FIN & ADMIN/TREASURER 173425 0 0 0 0 0 4868 0 17514 0 195807 0 0 0 JANET WILLIAMS PROFESSOR OF BIOLOGY 122371 0 0 0 31538 0 3881 0 2616 0 160406 0 0 0 KATHLEEN SCOBLE UNTIL 921 DEAN OF SCHOOL OF NURSING 132330 0 0 0 10268 0 4140 0 8228 0 154966 0 0 0 JONATHAN SCULLY VP OF ENROLLMENT MANAGEMENT 145292 0 2500 0 0 0 4007 0 850 0 152649 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE IS INCLUDED IN OFFICER'S W-2. PART I, LINE 3 DETERMINING COMPENSATION OF THE COLLEGE'S PRESIDENT AND SENIOR MANAGEMENT INCLUDES A MARKET ANALYSIS USING COMPENSATION SURVEYS FROM PROFESSIONAL ORGANIZATIONS SUCH AS CUPA. THIS INFORMATION IS COMPARED TO MANAGEMENT'S COMPENSATION BASED ON JOB TITLE, JOB DESCRIPTION, AND JOB EXPERIENCE TO DETERMINE WHETHER THE COLLEGE'S COMPENSATION IS COMPARABLE. THE PRESIDENT'S COMPENSATION IS THEN DETERMINED BY THE EXECUTIVE COMMITTEE AND APPROVED BY THE BOARD OF TRUSTEES. SENIOR MANAGEMENT COMPENSATION IS EVALUATED AND APPROVED BY THE PRESIDENT AND THEN SENT TO THE EXECUTIVE COMMITTEE FOR APPROVAL. PART I, LINE 7 DISCRETIONARY BONUSES ARE PAID TO EMPLOYEES AT TIMES BASED ON PERFORMANCE. ALL BONUSES ARE APPROVED IN THE SAME WAY THAT SALARY IS APPROVED. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 NONEAVAIL 2019-12-31 14986000 RESTORATION OF HISTORIC CAMPUS BLDG, REFINANCING & OTHER CAPITAL PROJECTS 0 0 0 A 14986000 216284 2856486 11556465 356765 2020 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 1 0 0 0 0 1 A 1 APPLETON CORPORATION-WESTERN BUILDE CONTROLLED ENTITY OF BOARD MEMBER PAUL M. STELZER 264429 BOARD MEMBER IS THE PRESIDENT OF A COMPANY THAT IS AFFILIATED WITH A COMPANY THAT WAS HIRED AT ARMS LENGTH TO PROVIDE CONTRACTOR SERVICES FOR THE COLLEGE. 0 RYAN STELZER SON OF BOARD MEMBER PAUL M. STELZER 23500 SON OF BOARD VICE-CHAIR IS EMPLOYED BY THE COLLEGE. 0 FR MARK STELZER BROTHER OF BOARD MEMBER PAUL M. STELZER 81756 BROTHER OF BOARD VICE CHAIR IS EMPLOYED BY THE COLLEGE 0 X 5 175951 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): LINE 9 - THE NUMBER OF NONCASH CONTRIBUTIONS IS BASED ON THE NUMBER OF STOCK GIFTS RECEIVED. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE DOES A MARKET ANALYSIS USING COMPENSATION SURVEYS FROM PROFESSIONAL ORGANIZATIONS SUCH AS CUPA. THIS INFORMATION IS COMPARED TO MANAGEMENT'S COMPENSATION BASED ON JOB TITLE, JOB DESCRIPTION, AND JOB EXPERIENCE TO DETERMINE WHETHER THE COLLEGE'S COMPENSATION IS COMPARABLE. THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE EXECUTIVE COMMITTEE AND APPROVED BY THE BOARD OF TRUSTEES. SENIOR MANAGEMENT COMPENSATION IS EVALUATED AND APPROVED BY THE PRESIDENT AND THEN SENT TO THE EXECUTIVE COMMITTEE FOR APPROVAL. APPROVAL IS DOCUMENTED BY THE MEETING MINUTES. THIS PROCESS WAS LAST COMPLETED IN SEPTEMBER 2021. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY TAX ADVISORS OF A NATIONAL ACCOUNTING FIRM WITH INFORMATION PROVIDED BY MANAGEMENT. THE AUDIT COMMITTEE REVIEWS THE FORM 990 IN DETAIL WITH ADMINISTRATION. THE FORM 990 AND ITS MAJOR COMPONENTS ARE SUMMARIZED AND REVIEWED WITH THE BOARD OF TRUSTEES. IT IS THEN POSTED ON AN INTERNAL TRUSTEE PORTAL AND BOARD MEMBERS ARE PROVIDED TWO WEEKS TO REVIEW THE DOCUMENT. REVIEW IS COMPLETED BEFORE THE FORM 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS, OFFICERS AND KEY EMPLOYEES ARE MADE AWARE OF THEIR DUTY TO DISCLOSE ANY CONFLICTS OF INTEREST AND THAT THEY MUST BE DISCLOSED AS SOON AS POSSIBLE ONCE THEY BECOME AWARE. IN OCTOBER 2020, ELMS COLLEGE REVISED THE CONFLICT OF INTEREST POLICY. THE REVISED POLICY APPLIES TO ALL TRUSTEES, NON-TRUSTEE MEMBERS OF COMMITTEES OR SUBCOMMITTEES, OFFICERS AND KEY EMPLOYEES OF THE COLLEGE AND REQUIRES DISCLOSURE OF ANY CONFLICTS OF INTEREST ANNUALLY OR AS SOON AS THEY BECOME AWARE OF A POTENTIAL CONFLICT. UNTIL THE PRESIDENT OR CHAIR OF THE BOARD CAN REVIEW THE POTENTIAL CONFLICT, THE PARTY MUST RECUSE THEMSELVES FROM ANY DELIBERATIONS AND DECISIONS WHICH IMPLICATE THE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE DOES A MARKET ANALYSIS USING COMPENSATION SURVEYS FROM PROFESSIONAL ORGANIZATIONS SUCH AS CUPA. THIS INFORMATION IS COMPARED TO MANAGEMENT'S COMPENSATION BASED ON JOB TITLE, JOB DESCRIPTION, AND JOB EXPERIENCE TO DETERMINE WHETHER THE COLLEGE'S COMPENSATION IS COMPARABLE. THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE EXECUTIVE COMMITTEE AND APPROVED BY THE BOARD OF TRUSTEES. SENIOR MANAGEMENT COMPENSATION IS EVALUATED AND APPROVED BY THE PRESIDENT AND THEN SENT TO THE EXECUTIVE COMMITTEE FOR APPROVAL. APPROVAL IS DOCUMENTED BY THE MEETING MINUTES. THIS PROCESS WAS LAST COMPLETED IN SEPTEMBER 2021. FORM 990, PART VI, SECTION C, LINE 19 COLLEGE OF OUR LADY OF THE ELMS MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST AT THE BUSINESS OFFICE. FORM 990, PART XI, LINE 9: NET CHANGE IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 393,865. PRIOR PERIOD ADJUSTMENT -654,922. FORM 990, PART XI, LINE 9 - PRIOR PERIOD ADJUSTMENT: IN THE FISCAL YEAR 2021, COLLEGE OF OUR LADY OF THE ELMS IDENTIFIED AN ERROR IN PREVIOUSLY REPORTED REVENUE WITH DONOR RESTRICTION AND CORRESPONDING VALUE OF DEFERRED REVENUE RESULTING IN $654,992 OVERSTATEMENT OF NET ASSETS WITH DONOR RESTRICTION AS OF JUNE 30, 2020. COLLEGE OF OUR LADY OF THE ELMS CORRECTED THE ERROR. ELMS COLLEGE FOUNDATION INC 291 SPRINGFIELD STREET CHICOPEE MA 01013 462395041 SUPPORT EDUCATIONAL MISSION OF ELMS COLLEGE MA 501(C)(3) LINE 12A, I COLLEGE OF OUR LADY OF THE ELMS 1 FRIENDS OF ELMS COLLEGE INC 291 SPRINGFIELD STREET CHICOPEE MA 01013 208196902 SUPPORT EDUCATIONAL MISSION OF ELMS COLLEGE MA 501(C)(3) LINE 12A, I COLLEGE OF OUR LADY OF THE ELMS 1 PERPETUAL TRUST (1) C/O ELMS COLLEGE 291 SPFLD ST CHICOPEE MA 01013 CHARITABLE TRUST MA COLLEGE OF OUR LADY OF THE ELMS T 321581 1963392 1.00000 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ELMS COLLEGE FOUNDATION INC D 90000 PLEDGES DUE TO COLLEGE