2020-11-30T08:04:50-06:00 2020-06-30 010523282 Berry Dunn McNeil & Parker LLC PO Box 1100 Portland ME 041041100 990 2019-07-01 020223955 New England College NEWE 6034282211 98 Bridge St Henniker NH 03242 Paula Amato Senior Vice President and CFO 6034282211 2020-11-18 1 Barbara J McGuan CPA P00219457 2077752387 2020-11-18 2019 2022-09-23 18:48:47Z Michele D Perkins 98 Bridge St Henniker NH 03242 104328097 0 X WWW.NEC.EDU X 1946 NH An independent liberal arts college offering undergraduate, graduate and professional programs. 25 24 1234 40 67859 -47866 5101967 5695431 62863627 78742313 1134938 753357 59248 22806 69159780 85213907 24971468 29042441 0 0 22548684 29517086 0 0 238559 17813653 25089563 65333805 83649090 3825975 1564817 92656196 97121525 37559517 41867243 55096679 55254282 X New England College emphasizes experiential learning as an essential component in the development of an enduring academic community. Building upon a strong liberal arts foundation, we challenge our students to reach their full potential through informed discourse and the pursuit of excellence in a framework of academic freedom that reflects the following values: imaginative, innovative, and creative approaches to all their endeavors; respect for self in the development of personal, social, physical and intellectual abilities; caring and collaborative relationships among members of our community; respect for the varied qualities of individuals, communities, and the world; an appreciation of beauty and elegance in the search for truth; inquiry into and the pursuit of social justice; ethical and responsible citizenship, including service to the community; the pursuit of ecological sustainability; continuous learning and a lifetime of personal achievement. 0 0 71727721 29042441 78742313 The College provides an education that develops critical and creative thinking abilities, effective communication skills, and responsible academic and social commitments; historical and comparative understanding of the humanities, social sciences, and natural sciences; responsiveness to ethical and humane concerns; respect for gender, ethnicity, generational, racial and religious identities, and an appreciation for natural environments and world cultures; and a foundation for lifelong learning. New England College offers undergraduate, graduate and professional programs leading to the degrees of Bachelor of Arts, Bachelor of Science, Master of Science, Master of Education and a doctorate in Higher Education Administration and K-12 Leadership. 71727721 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 125 0 1 1234 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 25 24 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH X Paula Amato 6034282461 98 Bridge Street Henniker NH 032423293 Alexander Scourby Trustee, Board Chair 5.00 X X 0 0 0 TJ Whitelaw Trustee, Vice Chair 5.00 X X 0 0 0 Mary V Bell Trustee 2.00 X 0 0 0 Christopher Brazill Trustee 2.00 X 0 0 0 Thomas Farmen Trustee 2.00 X 0 0 0 Stephen Geremia Trustee 2.00 X 0 0 0 Elbridge T Gerry III Trustee 2.00 X 0 0 0 Katherine Haley Trustee 2.00 X 0 0 0 Adam Kapner Trustee 2.00 X 0 0 0 Stephen Ketchum Trustee 2.00 X 0 0 0 Jay Lucas Trustee 2.00 X 0 0 0 Daniel Lynch Trustee 2.00 X 0 0 0 Thomas Markey Trustee 2.00 X 0 0 0 Scott Simpson Trustee 2.00 X 0 0 0 Clarke Smith Trustee 2.00 X 0 0 0 Mary Simon Streep Trustee 2.00 X 0 0 0 Thomas Stevens Trustee 2.00 X 0 0 0 Dr Michael K Thomas Trustee 2.00 X 0 0 0 Jeffrey Towle Trustee 2.00 X 0 0 0 Astrid Williams Trustee 2.00 X 0 0 0 Bill Wyman Trustee 2.00 X 0 0 0 Ray Apy Trustee 2.00 X 0 0 0 Peter Bordes Trustee 2.00 X 0 0 0 Lynn Macaluso Trustee 2.00 X 0 0 0 John Maguire Past Trustee 2.00 X 0 0 0 Michele D Perkins EdD President 35.00 X X 480408 0 45426 Paula A Amato CMA Senior Vice President & CFO 35.00 X 257903 0 36804 Richard M Mitchell Program Director, Computer Information Systems 35.00 X 288299 0 28134 James Murtha Senior Vice President of Academic Alliances 35.00 X 228102 0 39731 Cindi A Nadelman Professor of Business Administration 35.00 X 208341 0 8635 David Pollak Professor of Computer Information Systems 35.00 X 190701 0 38916 Carol E Thomas Past Vice President of Technology and Marketing 35.00 X 182039 0 24148 Kent Devereaux Former President, New Hampshire Institute of Art 35.00 X 112500 0 0 1948293 0 221794 25 1 1 0 Harvey Construction 10 Harvey Road Bedford NH 03110 Construction Services 3670749 Chartwell's Dining Services PO Box 417632 Boston MA 022417632 Food Services 3380028 Southeast Service Corporation PO Box 742268 Atlanta GA 303742268 Facilities Management 2126699 Dewing Schmid Kearns Architects & Planne 30 Monument Square 200B Concord MA 01742 Architectural Services 381618 EAB Global 2445 M St NW Washington DC 20037 Marketing Services 295888 14 46108 1044531 4604792 57440 5695431 Tuition and Fees 611710 66423153 66423153 Auxiliary Services 713990 11211741 11143882 67859 Various Other Income 611710 621395 621395 Student Services 611710 362689 362689 Commencement Income 611710 123335 123335 78742313 439173 439173 55440 54809 631 631 631 19373565 19059381 314184 314184 314184 22175 0 22175 22175 85213907 78674454 67859 776163 29042441 29042441 820541 820541 23342996 20297426 2900110 145460 660294 578510 77669 4115 2987630 1697770 1262967 26893 1705625 1429145 265852 10628 48980 2950 46030 75349 75349 64183 64183 4800367 4132579 661712 6076 1263255 924994 338261 1405433 1243520 158146 3767 1839272 376430 1462842 3907904 3279492 628412 766193 687941 78035 217 219912 211645 6465 1802 1154147 1015649 138498 3892259 2605534 1251279 35446 15185 15185 Food Service Operations 2859675 2859675 Higher Education Emerge 600760 600760 Equipment Purchases 468718 279727 188991 Dues and Memberships 228592 116752 109324 2516 1479379 329596 1148144 1639 83649090 71727721 11682810 238559 X 667917 773789 2054976 3308251 5332851 4821901 3070484 2415156 3333893 2858456 93876 128027 2380555 2744849 95538529 43579640 50030112 51958889 25060299 24372907 631233 3739300 92656196 97121525 9050011 4823425 2125416 1660370 10814544 24689835 12279413 2434235 1130361 5705194 2159772 2554184 37559517 41867243 X 16862229 20712122 38234450 34542160 55096679 55254282 92656196 97121525 X 1564817 -640071 -767143 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 26912918 353626 139293 1209631 132126 26064080 14047930 12100597 1071222 250559 56272 26912918 13095457 196031 1009574 196613 56519 14047930 11650232 237134 1515890 255537 52262 13095457 11869486 335089 -182054 322933 49356 11650232 0.17420 0.82510 0.00070 0 0 2648464 2648464 66774177 25720193 41053984 551256 186706 364550 21048621 17672741 3375880 4516011 4516011 51958889 Refundable Advances 1325543 Fair Value of Interest Rate Swap Agreement 1228641 2554184 55170167 -640071 54809 -585262 55755429 64183 29394295 29458478 85213907 54597275 54809 54809 54542466 64183 29042441 29106624 83649090 Part V, Line 4: The College's endowment primarily consists of funds established for scholarships. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments. As required by U.S. generally accepted accounting principles (GAAP), net assets associated with endowment funds, including funds designated by the Board of Trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. The College has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the College must hold in perpetuity or for a donor-specified period(s) as well as board-designated funds. Under this policy, as approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to produce results that exceed the price and yield results of appropriate market indices while assuming a moderate level of investment risk. The College's investment objectives are to provide a total return sufficient to support the College's operating budget while preserving the assets against inflation. To meet these objectives the Board seeks a total return of at least 5% greater than the rate of inflation as measured by the Consumer Price Index (U.S. CPI-U) over a long-term horizon. Total return is defined as dividends or interest income, plus or minus realized and unrealized capital appreciation or depreciation at fair market value, net of fees. The maximum amount of endowment income utilization is determined by a spending formula approved by the Board of Trustees. The amount available for spending ranges between 5% and 7% of the previous three-year average market value for the years ended June 30, 2020 and 2019, respectively. The amounts available to be distributed, net of unspent endowment income, under the spending policy were $1,590,215 and $676,422 for the years ended June 30, 2020 and 2019, respectively. These amounts are included in change in net assets from operations. Investment return greater or less than the amounts available to be distributed under the spending policy is reported as a change in net assets from non-operating activities. Part XI, Line 2d - Other Adjustments: Rental Expenses 54,809. Part XI, Line 4b - Other Adjustments: Institutional Financial Aid 29,042,441. Change in Value of Interest Rate Swap Agreement 351,854. Part XII, Line 2d - Other Adjustments: Rental Expenses 54,809. Part XII, Line 4b - Other Adjustments: Institutional Financial Aid 29,042,441. 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 nondiscrimination policy is prominently included in all application materials as well as on the school's web site and in other printed materials. Schedule E, Part I, Line 6 The college participates in various federal and state governmental financial aid programs. Miscellaneous Fundraising 22175 22175 22175 22175 22175 1 Restricted and Endowed Scholarships 149 501410 FMV Internal Scholarships Miscellaneous Scholarships 1433 28541031 FMV Internal Scholarships Part I, Line 2: All assistance to individuals is in the form of financial aid, grants, scholarships and tuition discounts awarded to students. Assistance is applied directly to the student's account balance. X 1 1 X X X X 1 0 0 0 0 0 0 0 0 Michele D Perkins EdD President 352184 0 0 0 128224 0 14000 0 31426 0 525834 0 115000 0 Paula A Amato CMA Senior Vice President & CFO 216481 0 0 0 41422 0 11250 0 25554 0 294707 0 40000 0 Richard M Mitchell Program Director, Computer Informati 288299 0 0 0 0 0 14642 0 13492 0 316433 0 0 0 James Murtha Senior Vice President of Academic Al 225252 0 0 0 2850 0 11411 0 28320 0 267833 0 0 0 Cindi A Nadelman Professor of Business Administration 208084 0 0 0 257 0 8408 0 227 0 216976 0 0 0 David Pollak Professor of Computer Information Sy 190660 0 0 0 41 0 10059 0 28857 0 229617 0 0 0 Carol E Thomas Past Vice President of Technology an 180766 0 0 0 1273 0 0 0 24148 0 206187 0 0 0 Kent Devereaux Former President, New Hampshire Inst 112500 0 0 0 0 0 0 0 0 0 112500 0 0 0 Part I, Line 4a Former President of New Hampshire Institute of Art, Kent Devereaux received severance of $112,500. A New Hampshire Health and Education Facilities Authority 020279866 2014-02-28 3635802 Refund the outstanding principal of Series 2011 and HUD Bonds 0 0 0 B New Hampshire Health and Education Facilities Authority 020279866 2015-05-01 8364198 Construction of new academic building 0 0 0 C New Hampshire Health and Education Facilities Authority 020279866 2017-11-16 5500000 Construction of Performing Arts Center 0 0 0 D New Hampshire Health and Education Facilities Authority 020279866 2019-07-03 9575000 Refinance the NHIA Series 2005 and 2009 Bonds 0 0 0 A 796761 3635802 71279 3564523 2014 1 0 1 1 B 844335 8364198 202562 8196862 2015 0 0 1 1 C 63032 5500000 112537 5387463 2019 0 0 1 1 D 195973 9575000 149874 9425125 2019 1 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 1 0 0 0 0 0 0 B 0 0 1 0 0 0 0 0 0 C 0 0 1 0 1 0 0 0 0 D 0 0 1 0 1 0 0 0 0 A 0 B 0 C 0 D 0 X 7 54324 FMV X Various Raffle Prizes 3 3116 Comparable Selling P 0 1 1 Part I, Line 32b: The organization uses a brokerage account to sell contributions of stock. Form 990, Part VI, Section A, line 4 The organization's organizational documents were updated to reflect completion of merger with NHIA. Form 990, Part VI, Section B, line 11b The audit committee reviews the 990 prior to its filing. After their review and any necessary changes are made, each board member is given a copy to review. Form 990, Part VI, Section B, line 12c An annual reporting is conducted by the Senior VP & CFO. The process involves sending out a form each year to all trustees. The form is updated by these individuals and is then reviewed by the Senior VP & CFO to ensure that there were no note-worthy changes in the current year. Form 990, Part VI, Section B, line 15 The compensation committee reviews and approves all compensation and salary for the President. Members of the compensation committee include trustees, all of whom are independent, with both higher education and business backgrounds. The President presents all salary offers for Vice President's to the compensation committee for discussion, review, and approval. The market data is reviewed annually. In 2010, the organization engaged an outside firm to do an extensive executive compensation study for the officers. The study was used to determine the President's salary and total compensation through the 2014 salary. No further changes have been made through 2018. Form 990, Part VI, Section C, line 19 The organization includes all of these documents in the college's library - which is available to the public upon request - and in all Vice President offices. Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: New England College 98 Bridge Street Henniker, NH 03242 EIN 02-0223955 New England College is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). Form 990, Part XI, line 9: Merger Expenses -151,282. Write off of Uncollectible Accounts Receivable -264,007. Change in Value of Interest Rate Swap Agreement -351,854.