2021-05-10T09:24:09-05:00 2020-06-30 366055558 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2019-07-01 041286950 EMERSON COLLEGE EMER 6178248500 120 BOYLSTON STREET BOSTON MA 021164624 PAUL DWORKS VP ADMINISTRATION & FINANCE 6178248200 2021-05-10 1 ERIN COUTURE P01390592 6177237900 2019 2022-09-23 18:48:47Z PAUL DWORKIS 120 BOYLSTON STREET BOSTON MA 021164624 290560090 0 X WWW.EMERSON.EDU X 1880 MA TO EDUCATE STUDENTS TO BECOME LEADERS IN COMMUNICATION AND THE ARTS (CONTINUED ON SCHEDULE O). AND TO ADVANCE SCHOLARSHIP AND CREATIVE WORK THAT BRINGS INNOVATION, DEPTH AND DIVERSITY TO THESE DISCIPLINES. 32 31 3335 1200 830067 -924169 9744382 8553598 234725445 256656858 9811066 8170290 9862302 7686892 264143195 281067638 47992150 52130599 0 0 104230049 109460847 0 0 5961000 104159434 108485131 256381633 270076577 7761562 10991061 1050117981 1047810953 608281635 596318596 441836346 451492357 X EMERSON COLLEGE IS INTERNATIONALLY RECOGNIZED AS THE PREMIER LIBERAL ARTS INSTITUTION DEVOTED TO COMMUNICATION AND THE ARTS. (CONTINUED IN SCHEDULE O)THE COLLEGE IS ORGANIZED INTO TWO SCHOOLS, EACH OF WHICH OFFERS BOTH UNDERGRADUATE AND GRADUATE DEGREE PROGRAMS: THE SCHOOL OF THE ARTS AND THE SCHOOL OF COMMUNICATION. IN ADDITION TO ITS BOSTON, MASSACHUSETTS LOCATION, THE COLLEGE MAINTAINS CAMPUSES IN LOS ANGELES, CALIFORNIA AND KASTEEL WELL, THE NETHERLANDS. 0 0 167672140 52130599 216097883 EMERSON COLLEGE PROVIDES UNDERGRADUATE AND GRADUATE PROGRAMS CHALLENGING STUDENTS TO THINK AND COMMUNICATE WITH CLARITY, SUBSTANCE AND INSIGHT. THE CURRICULUM INTEGRATES COMMUNICATION WITH LIBERAL ARTS AND EMPHASIZES A GLOBAL OUTLOOK AND PRACTICAL EXPERIENCE TO HELP DEVELOP THE INHERENT CAPACITIES OF EACH STUDENT. THE COLLEGE EDUCATES APPROXIMATELY 4,040 UNDERGRADUATE AND 1,198 GRADUATE STUDENTS ANNUALLY - THIS YEAR FROM 50 U.S. STATES, WASHINGTON D.C., PUERTO RICO, THE VIRGIN ISLANDS, GUAM, THE NORTHERN MARIANA ISLANDS AND 63 COUNTRIES. THE COLLEGE HAS MORE THAN 800 FULL AND PART-TIME FACULTY. 60001000 0 45018241 AUXILIARY ENTERPRISES PROVIDE SERVICES FOR THE STUDENTS TO ENSURE THEY ARE APPROPRIATELY SUPPORTED. THE SERVICES PREDOMINANTLY INCLUDE ROOM, BOARD, THEATRE OPERATIONS AND THE BOOKSTORE. 227673140 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 6076 0 1 3335 1 1 1 1 NL 0 0 0 1 1 0 0 0 0 0 0 X 32 31 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA X X X JONATHAN PEARSALL 6178248426 120 BOYLSTON STREET BOSTON MA 021164621 M LEE PELTON PRESIDENT/TRUSTEE 40.00 0.00 X X 754208 0 155534 RONALD KORVAS VP FOR INST ADV. (THRU 09/2019) 40.00 0.00 X 410563 0 32322 MICHAELE WHELAN PROVOST & VP FOR ACADEMIC AFF. 40.00 0.00 X 335095 0 36480 RUTHANNE MADSEN VP FOR ENROLLMENT MANAGEMENT 40.00 0.00 X 292989 0 28013 ALLISON SAMPSON VP & EXE. DIR., L.A. PROGRAM 40.00 0.00 X 284867 0 38681 WILLIAM GILLIGAN VP FOR INFORMATION TECHNOLOGY 40.00 0.00 X 277333 0 34575 MARGARET INGS VP FOR GOVT & COMMUNITY RELATIONS 40.00 0.00 X 266310 0 22330 SYLVIA SPEARS VP FOR EQUITY & SOCIAL JUSTICE 40.00 0.00 X 249202 0 46397 CHRISTINE HUGHES VP & GENERAL COUNSEL AND CLERK 40.00 0.00 X 247683 0 34170 PHILIP SHAPIRO VP FOR ADMIN & FINANCE(THRU 12/2019) 40.00 0.00 X 183336 0 0 PAUL DWORKIS VP FOR ADMIN & FINANCE (AS OF 12/19) 40.00 0.00 X 52154 0 0 JEFFREY D GREENHAWT CHAIRMAN 2.00 0.00 X X 0 0 0 VINCENT J DI BONA VICE CHAIRMAN 2.00 0.00 X X 0 0 0 ALBERT M JAFFE VICE CHAIRMAN 2.00 0.00 X X 0 0 0 STEVEN SAMUELS VICE CHAIRMAN 2.00 0.00 X X 0 0 0 MICHAEL MACWADE TREASURER 2.00 0.00 X X 0 0 0 MARILLYN ZACHARIS SECRETARY 2.00 0.00 X X 0 0 0 ERIC ALEXANDER BOARD MEMBER 2.00 0.00 X 0 0 0 VIVIAN BEARD BOARD MEMBER 2.00 0.00 X 0 0 0 TRACI BLACKWELL BOARD MEMBER (AS OF 02/2020) 2.00 0.00 X 0 0 0 KEVIN BRIGHT BOARD MEMBER 2.00 0.00 X 0 0 0 BOBBI BROWN BOARD MEMBER (THRU 05/2020) 2.00 0.00 X 0 0 0 ELLEN CALMAS BOARD MEMBER 2.00 0.00 X 0 0 0 DAN COHEN BOARD MEMBER 2.00 0.00 X 0 0 0 LORENZO DI BONAVENTURA BOARD MEMBER 2.00 0.00 X 0 0 0 ROBERT FRIEND BOARD MEMBER 2.00 0.00 X 0 0 0 IRA GOLDSTONE BOARD MEMBER 2.00 0.00 X 0 0 0 GARY GROSSMAN BOARD MEMBER 2.00 0.00 X 0 0 0 DOUG HERZOG BOARD MEMBER 2.00 0.00 X 0 0 0 LEO HINDERY JR BOARD MEMBER 2.00 0.00 X 0 0 0 DOUGLAS HOLLOWAY BOARD MEMBER 2.00 0.00 X 0 0 0 MICHAEL MARA BOARD MEMBER (AS OF 06/2020) 2.00 0.00 X 0 0 0 ROBERT MILLER BOARD MEMBER 2.00 0.00 X 0 0 0 ANDREA MONTONI BOARD MEMBER 2.00 0.00 X 0 0 0 MICHELLE PERKINS BOARD MEMBER 2.00 0.00 X 0 0 0 PATRICIA PEYTON BOARD MEMBER 2.00 0.00 X 0 0 0 NATE PUSEY BOARD MEMBER (AS OF 02/2020) 2.00 0.00 X 0 0 0 MARC REINGANUM BOARD MEMBER 2.00 0.00 X 0 0 0 SHEILA ROBINSON BOARD MEMBER 2.00 0.00 X 0 0 0 LINDA SCHWARTZ BOARD MEMBER 2.00 0.00 X 0 0 0 RAJ SHARMA BOARD MEMBER 2.00 0.00 X 0 0 0 SUSAN NAMM SPENCER BOARD MEMBER 2.00 0.00 X 0 0 0 CATHY WEISS BOARD MEMBER 2.00 0.00 X 0 0 0 3353740 0 428502 176 0 1 0 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 31001-2374 PASADENA CA 91110 SECURITY 567642 CONNELLY PARTNERS LLC 46 WALTHAM STREET BOSTON MA 02118 ADVERTISING 494342 PEERLESS BUILDING MAINTENANCE 21020 SUPERIOR STREET CHATSWORTH CA 91311 CLEANING 483280 HOGAN LOVELLS PO BOX 75890 BALTIMORE MD 21275 LEGAL 246255 FOLEY HOAG LLP 155 SEAPORT BLVD BOSTON MA 02210 LEGAL 217290 17 2425636 6127962 715046 8553598 TUITION & FEES 611710 216097883 216097883 ROOM & BOARD 611710 40454319 40454319 BOOKSTORE COMMISSION 611710 82416 82416 AUXILIARY - OTHER 611710 22240 22240 256656858 4722861 4722861 2604000 2604000 633440 839881 -206441 -206441 -206441 12100000 8652571 3447429 3447429 3447429 MISCELLANEOUS 611710 2736376 2736376 THEATRE REVENUE 531390 1659810 1659810 SUMMER CONFERENCE 531390 893147 63080 830067 5289333 281067638 261116124 830067 10567849 50466904 50466904 1663695 1663695 2247306 1379747 262809 604750 46107 46107 83768508 68088807 12932361 2747340 4974852 4018859 762070 193923 12541533 9772308 1855647 913578 5882541 4748850 904543 229148 1513686 1513686 315846 315846 50 50 378820 378820 1570824 1209092 360253 1479 1637770 1332543 253818 51409 7216200 5999543 1142770 73887 3414426 2808603 534972 70851 8534782 6664454 1269419 600909 1989900 1627325 309967 52608 1283065 975681 185845 121539 22038631 18512450 3526181 20294813 17047643 3247170 4957335 4164161 793174 OTHER FOOD SERVICES 9293543 7769186 1479844 44513 OTHER SERVICES 9112821 7276457 1719698 116666 RENOV./CONTRACTS MAINT 7704737 6191541 1513047 149 MISCELLANEOUS 7227882 5955291 1134340 138251 270076577 227673140 36442437 5961000 8722 136096 69429403 73569616 7958786 4144805 2252192 5156449 2053847 1668789 3847769 2725188 1037309834 263336435 763427731 773973399 181073890 183878429 19254951 63214 0 0 810690 2494968 1050117981 1047810953 48071372 41732858 16475216 19613189 542098336 533718891 1636711 1253658 608281635 596318596 X 398714605 406305028 43121741 45187329 441836346 451492357 1050117981 1047810953 10991061 -1335050 0 X 0 1 X 1 1 1 X 7592129 7698561 10444894 9744382 8553598 44033564 7592129 7698561 10444894 9744382 8553598 44033564 6724290 37309274 6312092 6617011 6951639 13393514 7960301 41234557 197241 77195 79060 90100 443596 85711717 1147829194 0.43530 0.45480 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2015 AMOUNT: $ 197,241. 2016 AMOUNT: $ 77,195. 2017 AMOUNT: $ 79,060. 2018 AMOUNT: $ 90,100. 2019 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 0 1 50 50 0 PART II-B: SCHEDULE C, PART II REPRESENTS THE PORTION OF ANNUAL DUES INVOLVED IN LOBBYING ACTIVITIES WHICH RELATES TO THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS AND ITS AFFILIATES ("NACUBO"). THE AMOUNT IS NEGLIGIBLE. THIS REPRESENTS THE ONLY LOBBYING ACTIVITIES OF THE COLLEGE. 180509388 2805692 4723915 4743371 183295624 171633889 3221142 10248986 4594629 180509388 161079646 2599143 12186354 4231254 171633889 144194527 4031000 16915119 4061000 161079646 149219391 2548023 -3660131 3912756 144194527 0.78040 0.16170 0.05790 0 0 76843446 76843446 908870435 230449600 678420835 6040018 3922615 2117403 34158014 28964220 5193794 11397921 11397921 773973399 REFUNDABLE ADVANCES GOVT GRANT 1253658 1253658 X 228067531 -1335050 844362 -490688 228558219 378820 52130599 52509419 281067638 218407039 839881 839881 217567158 378820 52130599 52509419 270076577 PART V, LINE 4: ENDOWMENT FUNDS THE COLLEGE'S ENDOWMENT CONSISTS OF APPROXIMATELY 150 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING DONOR RESTRICTED ENDOWMENT FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. THE PURPOSE OF THE COLLEGE'S ENDOWMENT FUND IS TO SUPPORT THE EDUCATIONAL MISSION OF THE COLLEGE BY PROVIDING A RELIABLE SOURCE OF FUNDS FOR CURRENT AND FUTURE USE THROUGH QUARTERLY DRAWDOWNS. THE ENDOWMENT IS USED TO FUND SCHOLARSHIPS AND GRANTS AS WELL AS TO PROVIDE SUPPORT FOR PROGRAM SERVICES. UNDER THE COLLEGE'S CURRENT LONG-TERM INVESTMENT SPENDING POLICY, WHICH IS WITHIN THE GUIDELINES SPECIFIED UNDER STATE LAW, THE COLLEGE GENERALLY SPENDS UP TO 3% OF THE AVERAGE MARKET VALUE OF THE QUALIFYING ENDOWMENT INVESTMENT POOL AT THE END OF THE PREVIOUS FIVE CALENDAR YEARS. THE BOARD OF TRUSTEES MAY AUTHORIZE HIGHER AMOUNTS FOR CERTAIN ENDOWMENTS AND CAN INCREASE THE SPENDING RATE UP TO 5%. PART X, LINE 2: ASC 740 INCOME TAX 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 - OTHER ADJUSTMENTS: RENTAL EXPENSES 839,881. FINANCIAL STATEMENT ROUNDING 4,481. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID - EMERSON SCHOLARSHIPS 52,130,599. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 839,881. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID - EMERSON SCHOLARSHIPS 52,130,599. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE'S NONDISCRIMINATORY POLICY IS AVAILABLE IN THE COLLEGE'S ADMISSION CATALOG AND THE COLLEGE'S WEBSITE. EMERSON COLLEGE ADMITS QUALIFIED STUDENTS REGARDLESS OF RACE, COLOR, RELIGIOUS BELIEFS, NATIONAL AND ETHNIC ORIGIN, SEX, SEXUAL ORIENTATION, GENDER IDENTIY, AGE, OR DISABILITY TO ALL OF THE RIGHTS, PRIVILEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE COLLEGE. EMERSON COLLEGE DOES NOT UNLAWFULLY DISCRIMINATE ON THE BASIS OF RACE, COLOR, RELIGIOUS BELIEFS, NATIONAL AND ETHNIC ORIGIN, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, AGE, DISABILITY, OR ANY OTHER CATEGORY PROTECTED BY LAW IN THE ADMINISTRATION OF ITS EDUCATIONAL POLICIES, ADMISSION POLICIES, SCHOLARSHIP AND LOAN PROGRAMS, ATHLETIC PROGRAMS, OR OTHER COLLEGE-ADMINISTRATED PROGRAMS OR ACTIVITIES. SCHEDULE E, PART I, LINE 6 THE COLLEGE PARTICIPATES IN A NUMBER OF FEDERAL FINANCIAL PROGRAMS FOR ITS STUDENTS WHO HAVE FILED A FAFSA AND ARE ELIGIBLE FOR FEDERAL FINANCIAL AID. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 1 19 PROGRAM SERVICES SEMESTER ABROAD CLASS 3556946 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 17413026 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 1663695 1 19 0 0 1 19 22633667 0 22633667 EMERSON COLLEGE FUNDED SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 174 1663695 0 0 1 0 0 1 PART I, LINE 2: MONITORING THE USE OF GRANT FUNDS OUTSIDE THE U.S. EMERSON COLLEGE AWARDS INSTITUTIONAL FINANCIAL ASSISTANCE PRIMARILY ON THE BASIS OF DEMONSTRATED FINANCIAL NEED. COLLEGE MONITORING OF THE FUNDS INCLUDES DIRECTLY CREDITING AWARDS TO STUDENT ACCOUNTS WHICH ASSURES THAT FUNDS ARE USED FOR THE EDUCATIONAL PURPOSE INTENDED. ALL AID RECIPIENTS MUST MAINTAIN SATISFACTORY ACADEMIC PROGRESS AS OUTLINED IN THE EMERSON COLLEGE STUDENT HANDBOOK. STUDENTS RECEIVING FEDERAL AID MUST HAVE A MINIMUM OF A "C" (2.0) GRADE POINT AVERAGE BY THE END OF THEIR SECOND ACADEMIC YEAR. FINANCIAL AID RECIPIENTS MAY NOT BE IN DEFAULT ON ANY EDUCATION LOANS, OWE A REFUND ON ANY GRANT, OR DEMONSTRATE ANY UNWILLINGNESS TO REPAY AN EDUCATIONAL LOAN. PART I, LINE 3: GRANTMAKING EXPENDITURES FOR SCHOLARSHIPS ARE REPORTED IN COLUMN (F) AT THEIR BOOK VALUE. AMOUNTS SHOWN IN COLUMN (F) FOR INVESTMENTS ARE REPORTED AT THEIR FAIR MARKET VALUE. EXPENDITURES FOR THE SEMESTER ABROAD CLASSES ARE ACCOUNTED FOR UNDER THE ACCRUAL METHOD OF ACCOUNTING. PART III ACCOUNTING METHOD: PART IV FOREIGN FILING REQUIREMENTS: THE COLLEGE HAS CERTAIN ALTERNATIVE INVESTMENTS THAT MAY HAVE TRANSFERS TO OR GENERATE OWNERSHIP INTERESTS IN FOREIGN COPRORATIONS OR PARTNERSHIPS. AS SUCH, SCHEDULE F PART IV REFLECTS THESE TRANSFERS AND INTERESTS. THE COLLEGE HAS REVIEWED THESE INVESTMENTS FOR ANY TRANSFERS OR INTERESTS THAT ARE REQUIRED TO BE FURTHER REPORTED ON FORMS 926, 5471, 8621, OR 8865. 1 EMERSON COLLEGE FUNDED SCHOLARSHIPS 3373 50466904 FMV PART I, LINE 2: EMERSON COLLEGE AWARDS INSTITUTIONAL FINANCIAL ASSISTANCE PRIMARILY ON THE BASIS OF DEMONSTRATED FINANCIAL NEED. COLLEGE MONITORING OF THE FUNDS INCLUDS DIRECTLY CREDITING AWARDS TO THE STTUDENT ACCOUNTS WHICH ASSURES THAT FUNDS ARE USED FOR THE EDUCATION PURPOSE INTENDED. ALL AID RECIPIENTS MUST MAINTAIN SATISFACTORY ACADEMIC PROGRESS AS OUTLINED IN THE EMERSON COLELGE STUDENT HANDBOOK. STUDENTS RECEIVING FEDERAL AID MUST HAVE A MINIMUM OF A "C" (2.0) GRADE POINT AVERAGE BY THE END OF THEIR SECOND ACADEMIC CAREER. FINANCIAL AID RECIPIENTS MAY NOT BE IN DEFAULT ON ANY EDUCATION LOANDS, OWE A REFUND ON ANY GRANT, OR DEMONSTRATE ANY UNWILLINGNESS TO REPAY AN EDUCATIONAL LOAN. X X X X 1 1 X X X X X X 1 0 0 0 0 0 0 1 0 M LEE PELTON PRESIDENT/TRUSTEE 679646 0 0 0 74562 0 25200 0 130334 0 909742 0 0 0 RONALD KORVAS VP FOR INST ADV. (THRU 09/2019) 190328 0 0 0 220235 0 17464 0 14858 0 442885 0 0 0 MICHAELE WHELAN PROVOST & VP FOR ACADEMIC AFF. 331904 0 0 0 3191 0 26146 0 10334 0 371575 0 0 0 RUTHANNE MADSEN VP FOR ENROLLMENT MANAGEMENT 266884 0 0 0 26105 0 24458 0 3555 0 321002 0 0 0 ALLISON SAMPSON VP & EXE. DIR., L.A. PROGRAM 274828 0 0 0 10039 0 25187 0 13494 0 323548 0 0 0 WILLIAM GILLIGAN VP FOR INFORMATION TECHNOLOGY 264905 0 0 0 12428 0 32058 0 2517 0 311908 0 0 0 MARGARET INGS VP FOR GOVT & COMMUNITY RELATIONS 231772 0 25000 0 9538 0 21016 0 1314 0 288640 0 0 0 SYLVIA SPEARS VP FOR EQUITY & SOCIAL JUSTICE 245598 0 0 0 3604 0 22680 0 23717 0 295599 0 0 0 CHRISTINE HUGHES VP & GENERAL COUNSEL AND CLERK 242532 0 0 0 5151 0 22277 0 11893 0 281853 0 0 0 PHILIP SHAPIRO VP FOR ADMIN & FINANCE(THRU 12/2019) 183336 0 0 0 0 0 0 0 0 0 183336 0 0 0 PART I, LINE 1A FIRST-CLASS TRAVEL THE PRESIDENT MAY TRAVEL VIA FIRST CLASS IN ORDER TO CARRY OUT HIS/HER DUTIES AS REQUIRED BY THE COLLEGE. THE PRESIDENT HAS THE AUTHORITY TO APPROVE FIRST CLASS TRAVEL FOR VICE PRESIDENTS WHEN WARRANTED AND WITH PRIOR APPROVAL. SUCH ACCOMMODATIONS FOR THE PRESIDENT AND VICE PRESIDENTS ARE NOT INCLUDED IN TAXABLE WAGES AS THEY ARE PROVIDED FOR THE BENEFIT OF THE COLLEGE. ONE OFFICER USED SUCH ACCOMODATIONS FOR BUSINESS PURPOSES DURING THE CALENDAR YEAR 2019. HOUSING AND PERSONAL SERVICES IN ACCORDANCE WITH COLLEGE POLICY AND INTERNAL REVENUE CODE SECTION 119, THE COLLEGE REQUIRES THE PRESIDENT TO LIVE IN A RESIDENCE OWNED BY THE COLLEGE AS A CONDITION OF EMPLOYMENT DURING HIS TENURE. THE PRESIDENTIAL RESIDENCE IS PROVIDED FOR THE CONVENIENCE OF THE COLLEGE AND EXTENSIVELY USED FOR BUSINESS OF THE COLLEGE. HOUSEKEEPING IS PROVIDED TO MAINTAIN THE APPEARANCE OF THE RESIDENCE FOR COLLEGE FUNCTIONS. THE VALUE OF THE PERSONAL USE OF THE HOME IS INCLUDED IN NON-TAXABLE BENEFITS REPORTED ON SCHEDULE J PART II COLUMN (D). THE VALUE OF THE HOME WAS BASED ON AN INDEPENDENT MARKET APPRAISAL. ONE HIGHLY COMPENSATED INDIVIDUAL RECEIVED A TAXABLE HOUSING ALLOWANCE WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN (B)(III). TAX INDEMNIFICATION AND GROSS-UP PAYMENTS THE COLLEGE PROVIDED CERTAIN PAYMENTS TO EMPLOYEES REPORTED ON SCHEDULE J PART II THAT WERE GROSSED UP FOR TAX PURPOSES. THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION AND REPORTED ON SCHEDULE J PART II COLUMN (B)(III). PART I, LINE 4A SEVERANCE PAYMENT RON KORVAS, VP FOR INSTITUTIONAL ADVANCEMENT, LEFT HIS POSITION AT THE END OF FISCAL 2019. AS PART OF HIS SEPARATION AGREEMENT, MR. KORVAS RECEIVED SEVERANCE OF $204,000, WHICH WAS INCLUDED IN HIS W-2 AND REPORTED ON SCHEDULE J PART II COLUMN B(III). SEVERANCE AGREEMENTS THE PRESIDENT'S EMPLOYMENT CONTRACT INCLUDES A SEVERANCE PROVISION THAT PROVIDES FOR THE LESSER OF TWO YEARS OF SALARY OR SALARY FOR THE REMAINDER OF HIS TERM. NO AMOUNTS WERE PAID UNDER THIS PROVISION DURING THE CALENDAR YEAR 2019. PART I, LINE 7 BONUS PAYMENTS ONE OF THE INDIVIDUALS LISTED ON FORM 990, SCHEDULE J, PART II RECEIVED A BONUS IN CALENDAR YEAR 2019. THIS AMOUNT IS REPORTED ON FORM 990, SCHEDULE J, PART II, COLUMN B(II). A MDFA-SERIES 2010 A 043431814 57583RY74 2010-06-24 124760655 DORMS/CLASSROOMS/OFFICE/THEATER 1 0 0 B CMFA SERIES 2011 201563466 13048TMZ3 2011-12-08 55463072 LOS ANGELES BUILDING 1 0 0 C MDFA SERIES 2015 043431814 57583U7F9 2015-05-14 143055842 CONSTRUCTIONS OF DORM & RENOV 1 0 0 D MDFA SERIES 2016A 043431814 57584XD57 2016-12-06 204166939 RENOVATION OF DORM 0 0 0 A 23890000 101880000 124760655 941526 7187272 14751857 2012 1 0 1 1 B 52400000 55463072 4837952 621432 50003688 2014 0 0 1 1 C 7770000 143055842 7468597 892053 77471533 57223749 2017 0 1 1 1 D 204166939 15397662 1185722 187583555 2019 0 0 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 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 1 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 PART I, COLUMN F: THE SERIES 2010A BONDS WERE ISSUED TO REFUND THE COLLEGE'S OUTSTANDING SERIES 1999A DEBT. THE SERIES 2015 BONDS WERE ISSUED TO REFUND THE COLLEGE'S OUTSTANDING SERIES 2006 DEBT AS WELL AS FINANCE THE CONSTRUCTION OF THE 2 BOYLSTON PLACE DORMITORY. THE SERIES 2017A BONDS WERE ISSUED TO ADVANCE REFUND THE SERIES 2010A DEBT, AND THE COLLEGE FULLY DEFEASED THE REMAINDER OF THE SERIES 2010A ISSUANCE USING OPERATING CASH DURING FISCAL 2018. THE SERIES 2017B BONDS WERE ISSUED TO ADVANCE REFUND SERIES 2011 DEBT. PART IV, LINE 2C: FOR THE SERIES 2010A ISSUANCE, A REBATE CALCULATION WAS PERFORMED AS OF DECEMBER 1, 2020. FOR THE SERIES 2011 ISSUANCE, THE REBATE CALCULATION WAS PERFORMED AS OF JUNE 30, 2016 FOR THE SERIES 2015, SERIES 2016A, SERIES 2017A, AND SERIES 2017B ISSUANCES, THE REBATE CALCULATION WAS PERFORMED ON JUNE 30, 2020. FOR THE SERIES 2018 ISSUANCE, AN INTERIM ARBITRAGE REBATE CALCULATION WAS PERFORMED FOR THE PERIOD ENDING 6/30/20, AND SHOWED THAT NO REBATE WAS DUE. A MDFA SERIES 2017A 043431814 57584XU74 2017-09-14 112429423 ADVANCE REFUND OF DEBT 0 0 0 B CMFA SERIES 2017B 201563466 13048T6J7 2017-09-19 62717607 ADVANCE REFUND OF DEBT 0 0 0 C MDFA SERIES 2018 043431814 57584YFK0 2018-04-11 24367428 WORKING CAPITAL 0 0 0 A 112429423 112429423 846841 111582582 2017 0 1 1 1 B 62717607 62717607 523293 62194314 2017 0 1 1 1 C 24367428 367428 24000000 2018 0 0 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 A 0 1 0 1 0 0 0 0 1 B 0 1 0 1 0 0 0 0 1 C 0 1 0 1 0 0 0 0 1 A 1 B 1 C 1 JORDAN C WILSON PELTON DAUGHTER BOARD MEM. 46107 EMERSON EMPLOYEE 0 X 6 715046 FAIR MARKET VALUE 0 1 0 PART I, COLUMN (B): AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART I, LINE 6: THE COLLEGE IDENTIFIED THE AREAS AND DEPARTMENTS THAT USE VOLUNTEERS DURING THE TAX YEAR. THESE DEPARTMENTS WERE ASKED TO ESTIMATE THE NUMBER OF VOLUNTEERS USED FOR THE VARIOUS PROGRAMS. THE TYPES OF SERVICES PROVIDED BY THESE VOLUNTEERS INCLUDE PHONE-A-THONS, ORIENTATION, CAMPUS TOUR GUIDES, AND INFORMATION SESSIONS. THE NUMBER DOES NOT INCLUDE EMPLOYEES. FORM 990, PART V, LINE 1A: THE NUMBER FROM 2019 FORM 1096 BOX 3 INCLUDES 5,446 FORMS 1098-T. FORM 990, PART VI, SECTION A, LINE 1 EXECUTIVE COMMITTEE THE BYLAWS DELEGATES GENERAL SUPERVISION OF THE ADMINISTRATION AND PROPERTY OF THE COLLEGE TO AN EXECUTIVE COMMITTEE IN BETWEEN MEETINGS OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE CONSISTS OF THE OFFICERS OF THE BOARD, THE PRESIDENT, AND A TRUSTEE ELECTED BY THE CHAIR. IN ADDITION TO GENERAL SUPERVISION BETWEEN BOARD MEETINGS, THE EXECUTIVE COMMITTEE HAS AUTHORITY TO APPROVE THE APPOINTMENT OF VICE PRESIDENTS AND DEANS OF SCHOOLS PROPOSED BY THE PRESIDENT OF THE COLLEGE; EXERVISE GENERAL OVERSIGHT OVER HUMAN RESOURCES POLICIES; AND APPOINT ACTING TREASURER AND/OR ACTING SECRETARY UNTIL THE NEXT ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIPS DURING THE FISCAL YEAR ENDED JUNE 30, 2020, TRUSTEES VINCENT J. DI BONA AND GARY GROSSMAN HAD A BUSINESS RELATIONSHIP WITH ONE ANOTHER. FORM 990, PART VI, SECTION A, LINE 4 SIGNIFICANT CHANGES TO BYLAWS IN FEBRUARY 2020, EMERSON COLLEGE AMENDED ITS BYLAWS TO DISCLOSE THE CHANGE IN THEIR OFFICER SELECTION PROCESS. OFFICERS OF THE BOARD ARE NOW SELECTED BY THE BOARD CHAIR RATHER THAN BEING ELECTED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM WITH INFORMATION PROVIDED BY MANAGEMENT. A DRAFT FORM 990 IS GIVEN TO THE AUDIT COMMITTEE FOR THEIR REVIEW. DURING THIS REVIEW, QUESTIONS REGARDING THE DRAFT FORM 990 ARE ANSWERED BY MANAGEMENT. CHANGES ARE MADE IF APPROPRIATE. THE FORM 990 IS THEN PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY BY WAY OF A SECURE, PASSWORD PROTECTED WEBSITE ON WHICH THE ENTIRE FORM 990 AND ALL REQUIRED SCHEDULES ARE AVAILABLE FOR REVIEW. ALL TRUSTEES ARE ASKED TO REVIEW THE FILING AND FORWARD ANY COMMENTS TO MANAGEMENT FOR CONSIDERATION AND DISCUSSION IF NECESSARY WITH THE INDEPENDENT TAX RETURN PREPARER. AT THE END OF THE REVIEW PERIOD, THE FINAL RETURN, AS IT WILL BE FILED WITH THE IRS, IS PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY THE BY-LAWS OF THE BOARD OF TRUSTEES CONTAIN A WRITTEN CONFLICT OF INTEREST POLICY. OFFICERS AND MEMBERS OF THE BOARD ANNUALLY ACKNOWLEDGE RECEIPT OF, AND FAMILIARITY WITH, THE POLICY. WHEN AN INDIVIDUAL DISCLOSES A POSSIBLE CONFLICT OF INTEREST, OR WHEN A POSSIBLE CONFLICT IS OTHERWISE IDENTIFIED, IT IS REFERRED TO THE PRESIDENT OF THE COLLEGE AND THE CHAIR OF THE BOARD OF TRUSTEES. THE CHAIR REVIEWS THE POSSIBLE CONFLICT OF INTEREST AND, IF WARRANTED, SELECTS AN AD HOC COMMITTEE TO REVIEW THE POSSIBLE CONFLICT OF INTEREST. THE PRESIDENT AND THE VICE PRESIDENT AND GENERAL COUNSEL OF THE COLLEGE PREPARE A MEMORANDUM DESCRIBING THE POTENTIAL CONFLICT OF INTEREST THAT IS SENT TO THE MEMBERS OF THE AD HOC COMMITTEE. THE MEMBERS OF THE AD HOC COMMITTEE MEET AND DETERMINE WHETHER TO PERMIT THE POTENTIAL CONFLICT OF INTEREST. IF THE TRUSTEE HAS A CONFLICT, THEY MUST RECUSE THEMSELVES FROM ANY COMMITTEES TASKED WITH MAKING A DECISION ON THE TOPIC WHERE THEY HAVE A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW DURING FISCAL YEAR 2017, THE COLLEGE REVIEWED AND REVISED THE COMPENSATION PAID TO ALL ITS OFFICERS AND KEY EMPLOYEES. THE COLLEGE WAS ASSISTED THROUGHOUT THE PROCESS BY INDEPENDENT OUTSIDE COUNSEL. VICE PRESIDENT COMPENSATION RECOMMENDATIONS ARE MADE BY THE PRESIDENT AND REVIEWED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. AFTER DISCUSSION, THE COMMITTEE APPROVES RECOMMENDED COMPENSATION TO BE SUBMITTED TO THE FULL BOARD OF TRUSTEES. THE PRESIDENT AND VICE PRESIDENT COMPENSATIONS ARE THEN CONSIDERED AT A MEETING OF THE FULL BOARD OF TRUSTEES. AFTER DISCUSSION, THE BOARD OF TRUSTEES APPROVE COMPENSATION TERMS FOR THE PRESIDENT AND EACH VICE PRESIDENT. AT THE MEETINGS OF BOTH THE COMPENSATION COMMITTEE AND THE BOARD OF TRUSTEES, IT IS FIRST DETERMINED THAT NO MEMBER OF THE COMMITTEE OR BOARD HAS A CONFLICT OF INTEREST. THEN, THE COMMITTEE AND BOARD CONSIDER THE RESPONSIBILITIES OF EACH POSITION, THE COLLEGE'S NEEDS AND EXPECTATIONS WITH RESPECT TO EACH POSITION, THE JOB PERFORMANCE OF EACH VICE PRESIDENT AND THE PRESIDENT, THE FINANCIAL HEALTH OF THE COLLEGE, AND COMPREHENSIVE COMPARABLE DATA PROVIDED BY AN INDEPENDENT NATIONAL COMPENSATION CONSULTING FIRM. THE ABOVE PROCESS, INCLUDING IDENTIFICATION OF THE BOARD MEMBERS WHO WERE PRESENT AND APPROVED THE COMPENSATION, WAS DOCUMENTED IN THE MINUTES OF THE BOARD OF TRUSTEES MEETING. THESE MINUTES WERE THEN APPROVED AT THE NEXT BOARD OF TRUSTEES MEETING. AS DESCRIBED, THE COMPENSATION PROCEDURES OF THE COLLEGE MEET THE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC INSPECTION EMERSON COLLEGE MAKES AVAILABLE FORM 990 ON ITS WEBSITE, AND FORM 990-T UPON REQUEST. DURING THE YEAR, THE COLLEGE RECEIVES REGULAR REQUESTS FOR THE TAX DOCUMENTS AND THESE REQUESTS ARE NORMALLY FULFILLED WITHIN A DAY. THE COLLEGE MAKES AVAILABLE ITS GOVERNING DOCUMENTS (BY-LAWS) ON THE COLLEGE'S WEBSITE. THE COLLEGE MAKES AVAILABLE ON ITS WEBSITE ITS CONFLICT OF INTEREST POLICY AND ITS FINANCIAL STATEMENTS.