2021-02-18T12:43:10-06:00 2020-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2019-07-01 042104778 NICHOLS COLLEGE NICH 5082131560 CENTER ROAD PO BOX 5000 DUDLEY MA 015715000 JAMIE SKOWYRA CFO 5082132386 2021-02-01 1 BARBARA E KING P00005629 5087557107 2021-02-01 2019 2022-09-23 18:48:47Z JAMIE SKOWYRA CENTER ROAD PO BOX 5000 DUDLEY MA 01571 68203060 0 X WWW.NICHOLS.EDU X 1815 MA NICHOLS COLLEGE IS COMMITTED TO PROVIDING THE BEST CAREER-FOCUSED BUSINESS EDUCATION IN NEW ENGLAND. MORE THAN 94 PERCENT OF GRADUATES ARE EMPLOYED IN WORK RELATED TO THEIR MAJOR.A DYNAMIC BUSINESS PROGRAM IS PARALLELED BY COMPREHENSIVE PROGRAMS IN THE LIBERAL ARTS. ON THE GRADUATE LEVEL, THIS INCLUDES NICHOLS MBA AND MASTER OF SCIENCE DEGREES IN ACCOUNTING, ORGANIZATIONAL LEADERSHIP AND COUNTERTERRORISM, IN ADDITION, ACCELERATED AND ONLINE FORMATS ARE OFFERRED TO ADULT POPULATIONS. THE FRIENDLY, NURTURING CAMPUS IN DUDLEY, MASS. OFFERS A BROAD SPECTRUM OF CO-CURRICULAR ACTIVITIES AND A FULL RANGE OF ATHLETIC OPPORTUNITIES. 29 29 826 110 0 0 4579654 11345231 57156868 55609883 727328 681705 5070 5729 62468920 67642548 21760373 22031489 0 0 18176691 18094531 0 0 1078846 19836543 19132744 59773607 59258764 2695313 8383784 103668190 104926781 29444588 22543837 74223602 82382944 X NICHOLS COLLEGE STRIVES TO DEVELOP TOMORROW'S LEADERS THROUGH A DYNAMIC, CAREER-FOCUSED BUSINESS EDUCATION. THE COLLEGE TRANSFORMS STUDENTS INTO SUCCESSFUL GRADUATES WHO RESPOND TO CHALLENGES, ARE EAGER FOR RESPONSIBILITY, AND ASSUME SIGNIFICANT ROLES IN THE GLOBAL ECONOMY. THE NICHOLS EXPERIENCE HAPPENS IN A WELCOMING ENVIRONMENT WHERE STUDENTS ARE ENCOURAGED TO LEARN AND GROW UNDER THE GUIDANCE OF MENTORING FACULTY AND STAFF COMMITTED TO STUDENT SUCCESS. 0 0 50909734 22031489 55620383 NICHOLS COLLEGE PROVIDES EDUCATION TO APPROXIMATELY 1,305 DEGREE-SEEKING STUDENTS INCLUDING 1,144 FULL TIME STUDENTS,AND 160 PART-TIME STUDENTS, LEADING TO ASSOCIATES, BACHELORS, AND MASTERS DEGREES, PRIMARILY IN BUSINESS. APPROXIMATELY 654 OF THE 1,144 FULL TIME DAY STUDENTS ARE PROVIDED WITH FOOD AND HOUSING. THE COLLEGE ADDITIONALLY PROVIDES ADMISSIONS SERVICES, FINANCIAL AID SERVICES, ATHLETIC OPPORTUNITIES, RESIDENCE LIFE SUPPORT, CAREER PLACEMENT, NEW STUDENT ORIENTATIONS, HEALTH SERVICES, AND REGISTRAR SERVICES TO THE STUDENT BODY. 50909734 1 1 0 0 0 0 1 0 0 1 1 0 0 0 1 0 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 100 0 1 826 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 29 29 1 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA AK AL CA CO CT FL GA HI IL KS KY ME MD MI MN MS NV NH NJ NM NY NC ND OH OK OR PA RI TN UT VA WA WV WI AR SC X JAMIE L SKOWYRA 5082132386 NICHOLS COLLEGE DUDLEY MA 01571 STEPHEN A DAVIS TRUSTEE 2.00 X 0 0 0 CONSTANTINE ALEXANDER SECRETARY 2.00 X X 0 0 0 ROBERT B KUPPENHEIMER TRUSTEE 2.00 X 0 0 0 JAMES C BROWN TRUSTEE 2.00 X 0 0 0 JAMES W COGHLIN SR TRUSTEE 2.00 X 0 0 0 JOHN H DAVIS CHAIRMAN OF THE BOARD 2.00 X X 0 0 0 SAMUEL R HAINES TRUSTEE 2.00 X 0 0 0 RICHARD T MOORE TRUSTEE 2.00 X 0 0 0 RANDALL V BECKER TRUSTEE 2.00 X 0 0 0 ALICE C BELDEN TRUSTEE 2.00 X 0 0 0 JOHN H MCCLUTCHY JR TRUSTEE 2.00 X 0 0 0 JANE T BIRCKHEAD TRUSTEE 2.00 X 0 0 0 ASUMAN GOKSEL TRUSTEE 2.00 X 0 0 0 GAIL E CARBERRY TRUSTEE 2.00 X 0 0 0 THOMAS J HALL VICE CHAIRMAN OF THE BOARD 2.00 X X 0 0 0 THOMAS H NILES TRUSTEE 2.00 X 0 0 0 DAVID G HALE TRUSTEE 2.00 X 0 0 0 PETER L LYNCH TRUSTEE 2.00 X 0 0 0 DAVID G BEDARD TRUSTEE 2.00 X 0 0 0 JOSEPH T BARTULIS JR TRUSTEE 2.00 X 0 0 0 TAMMY A WOLF TRUSTEE 2.00 X 0 0 0 JENNIE L CAISSIE TRUSTEE 2.00 X 0 0 0 THOMAS S LODGE TREASURER 2.00 X X 0 0 0 CAROLYN BURKE TRUSTEE 2.00 X 0 0 0 JONATHAN M BIRTWELL TRUSTEE 2.00 X 0 0 0 EDWIN B DONAHUE TRUSTEE 2.00 X 0 0 0 STEFANY C MENDEZ TRUSTEE 2.00 X 0 0 0 ANNA DYAKIV TRUSTEE 2.00 X 0 0 0 ALVAH D ROCK TRUSTEE 2.00 X 0 0 0 SUSAN ENGELKEMEYER PRESIDENT 37.50 X 461604 0 38678 JAMIE SKOWYRA VP FOR BUSINESS & FINANCE & CFO 37.50 X 123445 0 25029 WILLIAM PIECZYNSKI VP ADVANCEMENT 37.50 X 158368 0 30324 WILLIAM BOFFI VP ENROLLMENT 37.50 X 163446 0 32028 MAURI PELTO VP FOR ACADEMIC AFFAIRS 37.50 X 147206 0 20359 KEVIN F BRASSARD FORMER CHIEF INFORMATION OFFICER 37.50 X 110283 0 26103 ROBERT LAVIGNE AVP OF FACILITIES 37.50 X 150474 0 30964 KERRY CALNAN ASSOCIATE PROFESSOR ACCOUNTING & FINANCE 37.50 X 170849 0 17040 JARED HAMILTON INTERIM CHIEF TECHNOLOGY OFFICER 37.50 X 119048 0 22597 PAUL BROWER DEAN OF ADMISSIONS 37.50 X 113226 0 23043 MICHAEL STANTON FORMER EXECUTIVE VP FOR ADMINISTRATION 37.50 X 110080 0 17128 1828029 0 283293 11 1 1 0 LAURING CONSTRUCTION 23 BRIGHAM ROAD WORCESTER MA 01609 CONSTRUCTION 2563706 SODEXO AFFILIATES 10 EARHART DR BUFFALO NY 14221 DINING SERVICES 2416035 BLUE CROSS & BLUE SHIELD PO BOX 4701 WOBURN MA 01888 HEALTH INS. 2212171 TIAACREF PO BOX 8500 PHILADELPHIA PA 19178 FINANCIAL SERVICE 1967310 BANK OF AMERICA PO BOX 15731 WILMINGTON DE 19886 PURCHASING CARD VENDOR 1345614 5 19067 3609200 7716964 2136536 11345231 TUITION & RELATED FEES 611710 44697753 44697753 AUXILIARY REVENUE 611710 10912130 10912130 55609883 673657 673657 544420 12480 546872 1980 -2452 10500 8048 10500 -2452 17389 19067 11660 5729 5729 67642548 55620383 0 676934 22031489 22031489 1828029 1828029 12594362 11685322 341980 567060 2691915 2113933 480246 97736 980225 833206 109705 37314 168586 168586 62961 62961 44420 44420 497897 348399 123840 25658 385499 382479 1200 1820 4084664 3820036 239773 24855 1066225 845774 88549 131902 751273 721222 26152 3899 4746547 4556685 165228 24634 379142 77093 302049 VENDOR SERVICES 2594687 691763 1840479 62445 FOOD SERVICE 1774669 1774669 UNCOLLECTIBLE ACCT 1065774 1065774 SUPPLIES 573899 411272 154853 7774 936501 616392 226360 93749 59258764 50909734 7270184 1078846 896561 146715 10448 2079847 3540797 2146091 1543526 2075715 16184 411454 111823913 43864730 69975858 67959183 24955748 27399842 2729068 2707934 103668190 104926781 2621515 1041356 246875 146875 23548404 18695518 3027794 2660088 29444588 22543837 X 44532173 50194417 29691429 32188527 74223602 82382944 103668190 104926781 X 8383784 -258029 33587 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 60.20 0 0 0 1 0 0.00 0 1 17344974 5698756 425954 1641632 21828052 15417314 1557516 660761 290617 17344974 13682006 1346570 643067 254329 15417314 11566313 1126108 1292357 302772 13682006 9700533 1494885 591132 220237 11566313 0.05670 0.94330 0 0 1391657 1391657 100527621 36575227 63952394 9850907 7289503 2561404 53728 53728 67959183 DEFERRED TUITION AND FEES 2660088 2660088 46042973 -258029 43947 -214082 46257055 44420 21341073 21385493 67642548 37883631 10360 10360 37873271 44420 21341073 21385493 59258764 PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF INDIVIDUAL DONOR RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE COLLEGE CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED AS NON-EXPENDABLE NET ASSETS IS CLASSIFIED AS EXPENDABLE NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE COLLEGE IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE COLLEGE MAY CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE COLLEGE AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE COLLEGE; AND THE INVESTMENT POLICIES OF THE COLLEGE. THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF TRUSTEES, THE COLLEGE'S FINANCE COMMITTEE SHALL SEEK TO INVEST THE ENDOWMENT FUNDS IN SUCH A MANNER THAT THE INVESTMENTS WILL PROVIDE A SPENDABLE RETURN CONSISTENT WITH A LONG-TERM GOAL OF PRESERVING THE FUNDS IN REAL TERMS. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE COLLEGE RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE COLLEGE HAS INVESTED IN DEBT AND EQUITY SECURITIES THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE COLLEGE HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION, AS NEEDED, AMOUNTS FOR THE PURPOSE OF SCHOLARSHIPS AND FINANCIAL AID, SPECIAL PROGRAMS, CAPITAL IMPROVEMENTS, AND ACADEMIC AND ATHLETIC SUPPORT PROGRAMS. IN ESTABLISHING THIS POLICY, THE COLLEGE CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. THIS IS CONSISTENT WITH THE COLLEGE'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF ITS ENDOWMENT. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE COLLEGE TO RETAIN AS A FUND OF PERPETUAL DURATION. THERE WERE NO SUCH DEFICIENCIES AS OF JUNE 30, 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST 33,587. FUNDRAISING EXPENSES 10,360. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 21,341,073. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 10,360. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 21,341,073. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NOTICES OF THE SCHOOL'S DISCRIMINATION POLICY ARE POSTED ON CAMPUS BULLETIN BOARDS. THE POLICY IS INCLUDED IN SCHOOL BROCHURES, SCHOOL CATALOGS, SCHOOL WEBSITE, AND NEWSPAPER ADVERTISEMENTS. SCHEDULE E, PART I, LINE 6 NICHOLS COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE GOVERNMENT THROUGH GRANTS THAT ARE PROVIDED TO THE STUDENTS TO FUND THEIR EDUCATION. EUROPE 1 PROGRAM SERVICES - TUITION PAYMENTS FOR STUDENTS STUDYING ABROAD TUITION PAYMENTS FOR STUDENTS STUDYING ABROAD 85477 1 0 0 0 1 0 85477 0 85477 0 0 0 0 0 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART 1 NICHOLS COLLEGE HAS A PARTNERSHIP WITH THE MAASTRICHT SCHOOL OF MANAGEMENT IN THE NETHERLANDS. NICHOLS COLLEGE STUDENTS PAY TUITION TO NICHOLS AND THEN TRAVEL ABROAD TO MAASTRICHT. MAASTRICHT INVOICES NICHOLS FOR THE STUDENTS TUITION AND OTHER EXPENSES. IN FY20 NICHOLS WAS INVOICED $85,477 FROM MAASTRICHT. VARIOUS GOLF TOURNAMENTS 36456 19067 17389 1300 10360 36456 19067 17389 1300 10360 11660 5729 1 INSTITUTIONAL FINANCIAL AID 953 22031489 PART I, LINE 2: NICHOLS COLLEGE PARTICIPATES IN TITLE IV FUNDING. STUDENTS MUST COMPLETE THE FAFSA FORM TO APPLY FOR AID. X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 SUSAN ENGELKEMEYER PRESIDENT 349539 0 101059 0 11006 0 19250 0 19428 0 500282 0 0 0 WILLIAM PIECZYNSKI VP ADVANCEMENT 158368 0 0 0 0 0 11399 0 18925 0 188692 0 0 0 WILLIAM BOFFI VP ENROLLMENT 163446 0 0 0 0 0 11355 0 20673 0 195474 0 0 0 MAURI PELTO VP FOR ACADEMIC AFFAIRS 147206 0 0 0 0 0 9990 0 10369 0 167565 0 0 0 ROBERT LAVIGNE AVP OF FACILITIES 150474 0 0 0 0 0 10437 0 20527 0 181438 0 0 0 KERRY CALNAN ASSOCIATE PROFESSOR ACCOUNTING & FIN 170849 0 0 0 0 0 8820 0 8220 0 187889 0 0 0 PAUL BROWER DEAN OF ADMISSIONS 111226 0 2000 0 0 0 6872 0 16171 0 136269 0 0 0 MICHAEL STANTON FORMER EXECUTIVE VP FOR ADMINISTRATI 110080 0 0 0 0 0 7771 0 9357 0 127208 0 0 0 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2014-02-10 20000000 CONSTRUCTION OF NEW ACADEMIC BUILDING, RENOVATIONS TO CHALMERS FIELD HOUSE 0 0 0 A 2565767 20000000 6679 161488 16806571 2015 1 0 0 1 A 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 A 0 X 6 2135236 NYSE X AUCTION ITEMS 2 1300 FMV 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 JOHN DAVIS AND STEPHEN DAVIS ARE BROTHERS. FORM 990, PART VI, SECTION A, LINE 7A THE CHAIR AND OTHER OFFICERS OF THE COLLEGE, EXCEPT THE PRESIDENT AND ANY VICE PRESIDENTS, SHALL BE ELECTED BY THE BOARD FROM ITS MEMBERS AT ITS ANNUAL MEETING AND SHALL HOLD OFFICE UNTIL THEIR SUCCESSORS ARE DULY ELECTED AND QUALIFIED. FORM 990, PART VI, SECTION B, LINE 11B THE FORM WILL BE DISTRIBUTED TO ALL OF THE TRUSTEES AT THE JANUARY BOARD MEETING, AND THEN FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE COMPLETES AN ANNUAL CONFLICT OF INTEREST STATEMENT. REPORTED CONFLICTS ARE REVIEWED AND APPROVED (IF APPROPRIATE) BY THE BOARD'S EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES APPROVES THE SALARY FOR THE PRESIDENT ANNUALLY. THE COLLEGE UTILIZES THE SERVICES OF AN INDEPENDENT COMPENSATION CONSULTANT TO SET APPROPRIATE SALARY RANGES FOR THE OFFICERS OF THE ORGANIZATION. THE PRESIDENT DETERMINES THE ACTUAL SALARIES AS PART OF THE MERIT INCREASE/ANNUAL BUDGET PROCESS. FORM 990, PART VI, SECTION C, LINE 19 ALL FORMS ARE AVAILABLE ON REQUEST FROM FINANCIAL OPERATIONS. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST 33,587. DUDLEY FAIRWAYS LLC 123 CENTER ROAD DUDLEY MA 01571 821874136 REAL ESTATE MA DUDLEY LINKS OPERATIONS LLC 123 CENTER ROAD DUDLEY MA 01571 320535323 GOLF COURSE OPERATED BY OUTSIDE MGMT COMPANY MA GERALD & MARILY FELS CHARITABLE LEAD ANNUITY TRUST CENTER ROAD DUDLEY MA 01571 CHARITABLE LEAD ANNUITY TRUST MA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0