2021-07-14T08:35:13-05:00 2020-08-31 366055558 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 01209 990 2019-09-01 510163080 CAMBRIDGE COLLEGE INC CAMB 6178681000 500 RUTHERFORD AVENUE BOSTON MA 02129 JOHN SPINARD VP OF FINANCE & ADMIN 6178681000 2021-07-14 1 ERIN COUTURE P01390592 6177237900 2019 2022-09-23 18:48:47Z DEBORAH C JACKSON 500 RUTHERFORD AVENUE BOSTON MA 02129 75153332 0 X WWW.CAMBRIDGECOLLEGE.EDU X 1974 MA THE MISSION OF CAMBRIDGE COLLEGE IS TO PROVIDE ACADEMICALLY EXCELLENT. (CONTINUED ON SCHEDULE O). TIME-EFFICIENT, AND COST-EFFECTIVE HIGHER EDUCATION FOR A DIVERSE POPULATION OF WORKING ADULTS. 12 11 549 12 0 0 1308036 1562113 22612199 26642246 2457984 2615900 220259 232037 26598478 31052296 832818 2590527 0 0 18601486 21285056 35169 33427 604004 14614912 14969578 34084385 38878588 -7485907 -7826292 86138396 85856712 25366655 28464366 60771741 57392346 TO PROVIDE ACADEMICALLY EXCELLENT, TIME-EFFICIENT AND COST-EFFECTIVE HIGHER EDUCATION FOR A DIVERSE POPULATION OF WORKING ADULTS FOR WHOM THOSE OPPORTUNITIES MAY HAVE BEEN LIMITED OR DENIED. 0 0 30449038 2590527 26642246 FOR MORE THAN 45 YEARS CAMBRIDGE COLLEGE HAS BEEN A LEADER AND PIONEER IN ADULT LEARNING. WITH A MAIN CAMPUS IN BOSTON, MASSACHUSETTS, AND FOUR REGIONAL LOCATIONS NATIONWIDE, WE PROVIDE ACADEMICALLY EXCELLENT, TIME-EFFICIENT, AND AFFORDABLE HIGHER EDUCATION TO A DIVERSE POPULATION OF ADULT LEARNERS. OUR MORE THAN 450 FULL-TIME AND PART-TIME FACULTY ARE SCHOLAR-PRACTITIONERS WHO BRING THEIR EXPERIENCE INTO THE CLASSROOM. EACH YEAR, WE ENROLL OVER 4,200 STUDENTS IN OUR UNDERGRADUATE, MASTER'S, AND DOCTORAL DEGREE PROGRAMS AND CERTIFICATE OF ADVANCED GRADUATE STUDIES PROGRAMS. 30449038 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 X 84 0 1 549 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 AK AL CA CO HI IL KY MD MA MI NH NJ NY OH OR PA RI SC TX VA WA WI PR X X JOHN SPINARD 6178681000 500 RUTHERFORD AVENUE BOSTON MA 02129 DEBORAH C JACKSON PRESIDENT 60.00 0.00 X X 357490 0 62435 JOHN J SPINARD VP OF FINANCE & ADMINISTRATION 50.00 0.00 X 201394 0 49921 MARK S ROTONDO VP OF INNNOVATION & STRATEGY 50.00 0.00 X 177618 0 47300 JAMES S LEE DEAN, SCHOOL OF UNDERGRADUATE 50.00 0.00 X 129736 0 43025 LAURETTA D SIGGERS VP OF HR & TALENT ACQUISITION 50.00 0.00 X 143087 0 18577 NITI SETH DEAN, SCHOOL OF PSYCH AND COUNSEL 50.00 0.00 X 146899 0 10500 DORIS VAN GORDER-MCGOFF ASST DEAN FIELD EXPERIENCE/LICENSURE OFFICER 50.00 0.00 X 130143 0 24041 JACQUELINE J CONRAD VP, MARKETING, COMMUNICATIONS 50.00 0.00 X 116361 0 37558 DOROTHY M WHALEN CONTROLLER 50.00 0.00 X 120094 0 22352 PHILLIP E PAGE VP OF STRATEGIC PARTNERSHIPS 50.00 0.00 X 97661 0 41678 MARY L GARRITY INTERIM DEAN OF SCHOOL OF EDUCATION 50.00 0.00 X 125882 0 8257 GILDA G GELY - FORMER PROVOST /VP ACAD. AFFAIRS (AS OF 04/2019) 50.00 0.00 X 102485 0 14779 THOMAS J CAHILL JR VP ON INST. ADVT. (AS OF 10/2019) 50.00 0.00 X 25081 0 0 SUSAN M IFILL CHAIR 1.50 0.00 X X 0 0 0 ALLAN COHEN VICE CHAIR 1.00 0.00 X X 0 0 0 CHARLES L ANDERSON MD TREASURER 1.00 0.00 X X 0 0 0 JAMES SEGEL CLERK 1.00 0.00 X X 0 0 0 VIRGINIA LOEB TRUSTEE 1.00 0.00 X 0 0 0 KEVIN MCCALL TRUSTEE 1.00 0.00 X 0 0 0 TERENCE MCCOURT TRUSTEE 1.00 0.00 X 0 0 0 APRIL RYAN TRUSTEE 1.00 0.00 X 0 0 0 PEDRO ARCE TRUSTEE (THRU 10/2019) 1.00 0.00 X 0 0 0 JESSE SOLOMON TRUSTEE 1.00 0.00 X 0 0 0 KENNETH JOHNSON TRUSTEE 1.00 0.00 X 0 0 0 STEPHANIE BROWNE TRUSTEE 1.00 0.00 X 0 0 0 1873931 0 380423 18 1 1 0 COLLEGIATE ENTERPRISE SOLUTIONS LLC 3 CENTENNIAL DRIVE SUITE 320 PEABODY MA 01960 TEMP STAFF 409941 JENZABAR INC PO BOX 55018 BOSTON MA 022055018 SOFTWARE CONSULTING 296711 RUFFALO NOEL LEVITZ LLC PO BOX 718 DES MOINES IA 503030718 CONSULTING 289742 ROSE LAW PARTNERS LLP ONE BEACON STREET 23RD FLOOR BOSTON MA 02108 LEGAL 230302 IRON BRIDGE RESOURCES LLC PO BOX 946 NORTHBOROUGH MA 01532 TEMP STAFF 219620 12 923642 638471 18378 1562113 TUITION AND FEES 611310 26556321 26556321 ACADEMIC RELATED INCOME 611710 85925 85925 26642246 1369992 1369992 117999 0 117999 117999 117999 45210517 136427 44079005 22031 1131512 114396 1245908 1245908 OTHER INCOME 900099 108012 108012 MEMORABILIA SALES 900099 6026 6026 114038 31052296 26642246 0 2847937 2590527 2590527 1428689 399472 1029217 16195259 14135153 1671299 388807 809063 643199 147422 18442 1657312 1172317 438677 46318 1194733 1047392 119575 27766 464922 464922 132179 132179 33427 33427 305356 305356 2063290 1624598 382892 55800 1088150 1074662 8124 5364 459743 384373 72648 2722 595766 445575 149320 871 5760818 4650767 1109771 280 43008 39468 2972 568 51748 29451 17458 4839 742009 266173 475836 1322311 1007592 314719 213195 140705 72490 BAD DEBT EXPENSE 505878 505878 HEERF GRANTS 466640 466640 LIBRARY COSTS 263981 263981 BANK & CREDIT CARD FEES 185994 518 183391 2085 304590 66475 221400 16715 38878588 30449038 7825546 604004 253103 160327 8139105 7703060 223959 74763 2128957 3374360 1040050 806292 14218839 5119680 10232021 9099159 63911099 62716673 0 0 0 0 1594352 210102 327726 86138396 85856712 5186717 5112123 0 0 7478212 6944250 12701726 16407993 25366655 28464366 X 47992566 44362177 12779175 13030169 60771741 57392346 86138396 85856712 X -7826292 3113584 1333313 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 63858020 0 4858788 451005 7242320 61023483 69647702 124033 3074439 553032 8435122 63858020 76366154 2350 1987568 584616 8123754 69647702 14926752 67797963 1161644 643810 6876395 76366154 14451700 891399 416347 14926752 0.80260 0.07010 0.12730 0 0 75325 38914 36411 9574683 2326687 7247996 2720627 1548192 1172435 1848204 1205887 642317 9099159 LINE OF CREDIT 10300000 CAPITAL LEASE PAYABLE 1678022 TUITION DEPOSITS 1036711 PERKINS FEDERAL CONTRIBUTION 55460 PAYCHK PROTECT PROG FORGVABLE LOAN 3337800 16407993 X 32603310 3113584 1333313 4446897 28156413 305356 2590527 2895883 31052296 35982705 0 35982705 305356 2590527 2895883 38878588 PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF 28 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS QUASI-ENDOWMENTS. THE PURPOSE OF THE ENDOWMENT FUNDS ARE TO SUPPORT THE EDUCATIONAL MISSION OF THE COLLEGE BY PROVIDING A SOURCE OF FUNDS FOR SCHOLARSHIPS AND OTHER EDUCATIONAL ACTIVITIES. PART X, LINE 2: ASC740 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 UNCERTAIN POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -22,339. CONTRIBUTION OF NET ASSETS 1,355,652. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 2,590,527. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 2,590,527. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 CAMBRIDGE COLLEGE IS COMMITTED TO AN EDUCATIONAL AND WORK ENVIRONMENT IN WHICH ALL INDIVIDUALS ARE TREATED WITH RESPECT AND DIGNITY. EACH INDIVIDUAL HAS THE RIGHT TO STUDY AND WORK IN A PROFESSIONAL ATMOSPHERE THAT PROMOTES EQUAL OPPORTUNITIES AND PROHIBITS UNLAWFUL DISCRIMINATORY PRACTICES, INCLUDING HARASSMENT. THEREFORE, THE COLLEGE EXPECTS THAT ALL RELATIONSHIPS AMONG PERSONS IN THE EDUCATIONAL SETTING AND THE WORKPLACE WILL BE BUSINESS-LIKE AND FREE OF BIAS, PREJUDICE AND HARASSMENT. IT IS THE POLICY OF THE COLLEGE TO ENSURE EQUAL OPPORTUNITY WITHOUT DISCRIMINATION OR HARASSMENT ON THE BASIS OF RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, AGE, DISABILITY, MARITAL STATUS, CITIZENSHIP, NATIONAL ORIGIN, GENETICS, OR ANY OTHER CHARACTERISTIC PROTECTED BY LAW. CAMBRIDGE COLLEGE PROHIBITS ANY SUCH DISCRIMINATION OR HARASSMENT. THE COLLEGE'S NON-DISCRIMINATORY POLICY CAN BE FOUND ON ITS WEBSITE AT HTTP://WWW.CAMBRIDGECOLLEGE.EDU/NON-DISCRIMINATION-AND-HARASSMENT. SCHEDULE E, PART I, LINE 6 FINANCIAL AID OR ASSISTANCE FROM GOVERNMENT U.S. DEPARTMENT OF EDUCATION STUDENT FINANCIAL AID CLUSTER: FEDERAL WORKSTUDY PROGRAM, FEDERAL PELL GRANTS, FEDERAL SUPPLEMENTAL OPPORTUNITY GRANTS, FEDERAL PERKINS LOAN PROGRAM, FEDERAL TEACH GRANTS, FEDERAL DIRECT LOANS. X X X 1 BRAKELEY BRISCOE 322 WEST BELLVUE AVE SAN MATEO CA 94402 CONSULTING 0 0 33427 0 33427 CO MD MA MI NH NJ NY OH SC WA AK 1 SCHOLARSHIPS - SEE PART IV 91 106678 SCHOLARSHIPS - SEE PART IV 15 23868 SCHOLARSHIPS - SEE PART IV 91 262202 SCHOLARSHIPS - SEE PART IV 21 37371 SCHOLARSHIPS - SEE PART IV 4 5500 SCHOLARSHIPS - SEE PART IV 2 16000 FINANCIAL AID 371 384154 MASSACHUSETTS GRANTS 77 181950 WAIVERS, ALUMNI & DISCOUNTS 994 1572804 PART I, LINE 2: ALL FUNDS DONATED BY INDIVIDUALS, CORPORATIONS OR FOUNDATIONS ARE RECORDED AS TEMPORARILY RESTRICTED UNTIL FUNDS ARE IDENTIFIED AS APPLICABLE TO FINANCIAL AID FOR A STUDENT. FUNDS ARE SUBSEQUENTLY CREDITED TO THE STUDENT'S ACCOUNTS. ALL AWARDS ARE UNDER THE DIRECTION OF THE FINANCIAL AID OFFICE TO ENSURE COMPLIANCE WITH DONORS' DIRECTIONS. SCHEDULE I, PART III DESCRIPTIONS OF GRANTS OR ASSISTANCE SCHOLARSHIPS FOR WOMEN MAKING LIFE CHANGES THROUGH EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $ 106,678 SCHOLARSHIP FOR TEACHERS AND SOCIAL SERVICES STUDENTS IN THE BOSTON AREA SEEKING TO ADVANCE THEIR CAREERS THROUGH EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $ 23,868 SCHOLARSHIPS FOR STUDENT WORKING TOWARDS CIVIL RIGHTS AND SOCIAL JUSTICE IN THEIR PERSONAL LIVES OR EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $ 262,202 SCHOLARSHIPS FOR STUDENTS MAKING LIFE CHANGES THROUGH EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $ 37,371 SCHOLARSHIPS FOR MALE PROTESTANT STUDENTS FROM BOSTON AREA SCHOOLS, PER DONOR RESTRICTIONS, AMOUNTED TO $ 5,500 STUDENTS WITH HERITAGE FROM LAOS, BURMA, CAMBODIA, AND VIETNAM AMOUNTED TO $ 16,000 THE REMAINING $ 2,138,908 IS COMPRISED OF FINANCIAL AID $384,154, MASSACHUSETTS GRANTS $ 181,950, AND WAIVERS & DISCOUNTS $1,572,804. X X 0 1 0 0 0 0 0 0 0 DEBORAH C JACKSON PRESIDENT 355966 0 0 0 1524 0 40400 0 22035 0 419925 0 0 0 JOHN J SPINARD VP OF FINANCE & ADMINISTRATION 200878 0 0 0 516 0 16909 0 33012 0 251315 0 0 0 MARK S ROTONDO VP OF INNNOVATION & STRATEGY 157109 0 0 0 20509 0 13432 0 33868 0 224918 0 0 0 JAMES S LEE DEAN, SCHOOL OF UNDERGRADUATE 114793 0 0 0 14943 0 10013 0 33012 0 172761 0 0 0 LAURETTA D SIGGERS VP OF HR & TALENT ACQUISITION 130287 0 0 0 12800 0 10542 0 8035 0 161664 0 0 0 NITI SETH DEAN, SCHOOL OF PSYCH AND COUNSEL 145725 0 0 0 1174 0 10375 0 125 0 157399 0 0 0 DORIS VAN GORDER-MCGOFF ASST DEAN FIELD EXPERIENCE/LICENSURE 94029 0 0 0 36114 0 7345 0 16696 0 154184 0 0 0 JACQUELINE J CONRAD VP, MARKETING, COMMUNICATIONS 115845 0 0 0 516 0 10139 0 27419 0 153919 0 0 0 GILDA G GELY - FORMER PROVOST /VP ACAD. AFFAIRS (AS OF 04/2019) 102404 0 0 0 81 0 5827 0 8952 0 117264 0 0 0 PART I, LINE 4B CERTAIN INDIVIDUALS LISTED IN FORM 990, SCHEDULE J, PART II PARTICIPATE IN A NONQUALIFIED DEFERRED COMPENSATION PLAN. AMOUNTS CONTRIBUTED TO THE PLAN VEST ON APRIL 30, 2021 AND ARE DETERMINED AND CONTRIBUTED AT THE SOLE DISCRETION OF THE COLLEGE. CURRENT YEAR ACCRUALS OF COMPENSATION ASSOCIATED WITH THIS PLAN ARE INCLUDED IN THE AMOUNTS REPORTED FOR SUCH INDIVIDUALS IN SCHEDULE J, PART II, COLUMN B. THE FOLLOWING INDIVIDUAL RECEIVED A CONTRIBUTION UNDER THIS PLAN: DEBORAH JACKSON $18,000 THE PAYOUT OF THESE AMOUNTS IN FUTURE YEARS WILL BE INCLUDED IN SCHEDULE J, PART II, COLUMN B(III) AND WILL ALSO BE REPORTED ON SCHEDULE J, PART II, COLUMN F. GENERAL STATEMENT REGARDING IMPACT OF COVID-19: THE OUTBREAK OF COVID-19 HAS CAUSED DOMESTIC AND GLOBAL DISRUPTION IN OPERATIONS OF HIGHER EDUCATION INSTITUTIONS. CONSEQUENTLY, THE COLLEGE CLOSED ITS CAMPUS BEGINNING IN MID-MARCH 2020 AND HAS TAUGHT CLASSES REMOTELY SINCE THAT TIME. IN ORDER TO MITIGATE THE VIRUS' IMPACT, THE COLLEGE HAS INCORPORATED ENHANCED SOCIAL DISTANCING, USE OF PERSONAL PROTECTION EQUIPMENT, AND REMOTE INSTRUCTION. HOWEVER, DUE TO THE UNCERTAINTY OF THE CONTINUED SPREAD OF THE VIRUS AND ECONOMIC OUTLOOK, THERE MAY BE SHORT-TERM AND LONG-TERM IMPLICATIONS FOR INSTRUCTION, STUDENT EXPERIENCE, AND OPERATIONS. FORM 990, PART V, LINE 1A: THE AMOUNT LISTED HAS BEEN REDUCED BY THE NUMBER OF FORMS 1098-T THAT WERE FILED. THE ORGANIZATION FILED 3,083 FORMS 1098-T. FORM 990, PART VI, SECTION A, LINE 1 EXECUTIVE COMMITTEE THE ESTABLISHED EXECUTIVE COMMITTEE CONSISTS OF THE CHAIRS OF ALL STANDING BOARD COMMITTEES, AS DESCRIBED IN SECTION 4.13(A), AND THE OFFICERS OF THE BOARD. THE CHAIR ACTS AS THE CHAIR OF THE EXECUTIVE COMMITTEE, AND THE VICE CHAIR ACTS AS VICE CHAIR OF THE EXECUTIVE COMMITTEE. THE PRESIDENT SERVES AS A MEMBER OF THE EXECUTIVE COMMITTEE, EX-OFFICIO, WITH VOTE. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT FOR THE BOARD OF TRUSTEES TO ADDRESS ROUTINE BUSINESS BETWEEN REGULAR BOARD MEETINGS; IT ASSISTS AND ADVISES THE CHAIR AND THE PRESIDENT IN THEIR RESPONSIBILITIES TO HELP THE BOARD OF TRUSTEES FUNCTION EFFECTIVELY AND EFFICIENTLY; AND HAS THE AUTHORITY TO ACT FOR THE BOARD OF TRUSTEES ON ALL MATTERS EXCEPT FOR THE FOLLOWING, WHICH ARE RESERVED FOR THE BOARD: SELECTION AND TERMINATION OF THE PRESIDENT; ADOPTION OF THE ANNUAL BUDGET; SELECTION AND REMOVAL OF TRUSTEES OR OFFICERS APPOINTED BY THE TRUSTEES; INCURRING OF SUBSTANTIAL INDEBTEDNESS ON BEHALF OF THE COLLEGE; CAPITAL EXPENDITURES THAT REQUIRE APPROVAL BY THE BOARD UNDER APPLICABLE BOARD OF TRUSTEES POLICY; RELOCATION OF THE COLLEGE OR MAJOR DECISIONS PERTAINING TO THE PRINCIPAL OFFICE OF THE COLLEGE; AND ANY ACTIONS WHICH REQUIRE BY LAW THE VOTE OF THE BOARD,INCLUDING AMENDMENT OF THE ARTICLES OF ORGANIZATION OR THE BYLAWS; MERGER OR CONSOLIDATION OF THE COLLEGE; DISSOLUTION OF THE COLLEGE; OR THE INITIATION OF BANKRUPTCY PROCEEDINGS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE 990 WAS PREPARED AND REVIEWED BY A NATIONAL ACCOUNTING FIRM USING INFORMATION PROVIDED BY THE ASSISTANT CONTROLLER. THE FORM IS SUBSEQUENTLY REVIEWED BY THE CONTROLLER AND VP OF FINANCE AND ADMINISTRATION, AS WELL AS THE PRESIDENT. PRIOR TO FILING, A COPY OF FORM 990 WAS PROVIDED TO THE ENTIRE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT THE COLLEGE USES A CONFLICT OF INTEREST DISCLOSURE FORM TO MONITOR COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. ANNUALLY, OFFICERS AND DIRECTORS ARE REQUIRED TO COMPLETE THE DISCLOSURE FORM. THE PROCESS IS ADMINISTERED BY THE TRUSTEES AND GOVERNANCE COMMITTEE WITH ASSISTANCE FROM THE OFFICE OF THE PRESIDENT. EFFECTIVE IMPLEMENTATION OF THIS POLICY REQUIRES, FIRST, THE FULL DISCLOSURE OF INDIVIDUAL INTERESTS THAT MIGHT CONFLICT WITH THE BEST INTERESTS OF THE COLLEGE. SECOND, THE TRUSTEES, OFFICERS, EMPLOYEES, AND OTHER REPRESENTATIVES WHO HAVE DISCLOSED A POTENTIAL CONFLICT OF INTEREST SHALL REFRAIN FROM PARTICIPATING IN THE COLLEGE'S CONSIDERATION OF ANY PROPOSED BUSINESS OR FINANCIAL RELATIONSHIP IN WHICH HE OR SHE IS INTERESTED, EXCEPT TO RESPOND TO QUESTIONS OR TO PROVIDE FURTHER INFORMATION. IF A TRANSACTION OR RELATIONSHIP REQUIRES A VOTE, THE INTERESTED PARTY SHOULD NOT BE PRESENT AT THE TIME OF THE VOTE. FORM 990, PART VI, SECTION B, LINE 15A PROCESS FOR DETERMINING COMPENSATION THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SERVES AS THE COMPENSATION COMMITTEE. WHEN DETERMINING THE PRESIDENT'S COMPENSATION, HUMAN RESOURCES PROVIDES A COMPENSATION ANALYSIS FOR SIMILARLY SITUATED PRESIDENTIAL SALARIES. A WRITTEN CONTRACT IS NEGOTIATED AND THE EMPLOYMENT AND COMPENSATION PACKAGE IS THEN APPROVED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 18 AVAILABILITY OF FORM 990 FOR PUBLIC INSPECTION CAMBRIDGE COLLEGE'S FORM 990 IS AVAILABLE VIA REQUEST FROM THE COLLEGE. THE FORM 990 IS ALSO AVAILABLE ONLINE FROM GUIDESTAR, THE MASSACHSUETT'S ATTORNEY GENERAL'S OFFICE AND OTHER SUCH SOURCES. FORM 990, PART VI, SECTION C, LINE 19 HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC CAMBRIDGE COLLEGE MAKES AVAILABLE COPIES OF ITS BY-LAWS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE GENERAL PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENT -22,338. CONTRIBUTED NET ASSETS (ACQUISITION OF NEW ENGLAND COLLEGE OF BUSINESS AND FINANCE, LLC) 1,355,651. FORM 990, PART XI, LINE 9: ON MARCH 13, 2020, THE COLLEGE ACQUIRED SPECIFIED ASSETS, LIABILITIES, AND THE OPERATIONS OF THE NEW ENGLAND COLLEGE OF BUSINESS AND FINANCE, LLC ("NECB"), A MASSACHUSETTS LIMITED LIABILITY COMPANY OPERATING AS AN INSTITUTION OF HIGHER EDUCATION ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION ("NECHE"). NECB WAS HEADQUARTERED IN BOSTON, MASSACHUSETTS AND PROVIDED ASSOCIATE, BACCALAUREATE AND GRADUATE DEGREE PROGRAMS AS WELL AS PROFESSIONAL DEVELOPMENT COURSES TO STUDENTS WITHIN THE BUSINESS COMMUNITY. NECB'S PROGRAMS WERE DELIVERED FULLY ONLINE, ALLOWING FOR THE PROVISION OF SERVICES TO STUDENTS OUTSIDE OF THE NEW ENGLAND FINANCIAL SERVICES COMMUNITY. THE TOTAL PURCHASE CONSIDERATION WAS $2,300,000, $944,349 WHICH WAS PAID TO THE SELLERS AT CLOSING, AND $1,355,651 OF INHERENT CONTRIBUTION RECEIVED (EXCESS OF FAIR VALUE OF NET ASSETS ACQUIRED OVER CONSIDERATION PAID). THE ACQUISITION RESULTED IN AN INHERENT CONTRIBUTION TO THE COLLEGE DUE TO THE SELLER'S DESIRE TO EXIT THE INDUSTRY, MAXIMIZE TAX BENEFITS IN A SALE, AND TO ELIMINATE THE NEED TO PROVIDE ADDITIONAL CAPITAL TO THE BUSINESS.