2020-05-27T12:10:30-05:00 2019-06-30 KPMG LLP 60 South Street Boston MA 02111 990 2018-07-01 042103567 ENDICOTT COLLEGE % ANTHONY FERULLO ENDI 9782322384 376 HALE STREET BEVERLY MA 01915 ANTHONY FERULLO VP OF FINANCE 9782322384 2020-05-27 true TOM CYR P00651101 6179881000 2020-05-14 199.207.253.96 04502320201485000004 2020-05-27 P 072F242B0F8FA55BC44C4BBFD6D81B3F0B7E1C92 072F242B0F8FA55BC44C4BBFD6D81B3F0B7E1C92 2018 2020-09-22 18:59:49Z KATHLEEN BARNES 376 HALE STREET BEVERLY MA 01915 186622893 false X www.endicott.edu X 1939 MA Undergraduate and graduate education Endicott integrates professional and liberal arts with experiential learning including internships. 30 28 1327 200 8549990 4790848 4312936 152656432 158259839 3325883 3123857 773955 776026 161547118 166472658 34458626 36970862 0 0 61171648 63664900 0 0 1453555 44190415 46443138 139820689 147078900 21726429 19393758 372834246 391074969 121638625 120991510 251195621 270083459 X ENDICOTT COLLEGE OFFERS STUDENTS A VIBRANT ACADEMIC ENVIRONMENT THAT REMAINS TRUE TO ITS FOUNDING PRINCIPLE OF INTEGRATING PROFESSIONAL AND LIBERAL ARTS WITH EXPERIENTIAL LEARNING. 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US GOV'T 677416 LIABILITY- INTEREST RATE SWAPS 7557389 8234805 X 128853953 1430770 -38698385 -37267615 166121568 351090 351090 166472658 109966115 109966115 351090 36761695 37112785 147078900 COLLECTIONS OF ART PART III, LINE 4 ENDICOTT COLLEGE DOES NOT HAVE A SEPARATE ART COLLECTION REPORTED IN THE FINANCIAL STATEMENT. HOWEVER, ENDICOTTS HALLE LIBRARY HOUSES COLLECTIONS OF BOOKS, PERIODICALS, AND OTHER REFERENCE MATERIALS. THE ENDICOTT COLLEGE ARCHIVES ARE ALSO A PART OF HALLE LIBRARY. THE PURPOSE OF THE ARCHIVES IS TO PRESERVE AND INTERPRET THE HISTORY OF THE COLLEGE. THIS IS ACCOMPLISHED THROUGH A PERMANENT COLLECTION THAT INCLUDES, BUT IS NOT LIMITED TO, ARCHIVAL DOCUMENTS THAT CHRONICLE THE DEVELOPMENT OF THE COLLEGE, PHOTOGRAPHS, EPHEMERA, ORAL HISTORY, AND ARTIFACTS. THE ARCHIVES ENHANCE THE APPRECIATION AND UNDERSTANDING OF ENDICOTT COLLEGE'S HERITAGE, PRESERVING DOCUMENTATION OF THE EVOLUTION AND GROWTH OF THE INSTITUTION AND THE INFLUENCE THE INSTITUTION HAS WITHIN THE EXTENDED COMMUNITY. ENDOWMENT FUNDS PART V, LINE 2 ENDICOTT COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS FOR NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE JUNE 30, 2019 AUDITED FINANCIAL STATEMENTS CLASSIFY THE NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS, OR NET ASSETS WITH DONOR RESTRICTIONS. FOR PURPOSES OF PART V, LINE 2, ENDICOTT COLLEGE HAS REPORTED ITS YEAR END ENDOWMENT BALANCE WITHOUT DONOR RESTRICTIONS AS QUASI-ENDOWMENT AND ITS YEAR END BALANCE WITH DONOR RESTRICTIONS AS PERMANENT ENDOWMENT AND TEMPORARILY RESTRICTED ENDOWMENT, RESPECTIVELY. PART V, LINE 4 ENDICOTT'S ENDOWMENT INCLUDES 123 FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING SCHOLARSHIPS, ACADEMIC PROGRAMS, AND ASSISTANCE TO STUDENTS WITH DISABILITIES. FUNDS RESTRICTED TO SCHOLARSHIPS ARE AWARDED BASED ON A COMBINATION OF FINANCIAL NEED AND OTHER DONOR-SPECIFIED CRITERIA. 89% OF THE ENDOWMENT IS UNRESTRICTED. INCOME AND DIVIDENDS ARE REINVESTED, AND APPROPRIATIONS (DRAWS) ARE MADE ONLY FOR DONOR-STIPULATED PURPOSES; THAT AMOUNT IS TYPICALLY LESS THAN 1% OF THE ENDOWMENT. GENERALLY, THE MAXIMUM DRAW IS NO GREATER THAN 5% OF THE AVERAGE FAIR VALUE OF EACH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT. IN 2019 THE AMOUNT APPROPRIATED WAS $308,901. ENDICOTT EXPECTS THE CURRENT SPENDING POLICY TO ALLOW ITS ENDOWMENT TO MAINTAIN ITS PURCHASING POWER BY GROWING AT A RATE GREATER THAN PLANNED PAYOUTS. THE COLLEGE TRANSFERS OPERATING FUNDS ON AN ANNUAL BASIS IN ORDER TO HELP BUILD THE ENDOWMENT. IN FISCAL 2019 A TOTAL OF APPROXIMATELY $3,000,000 WAS ADDED. UNCERTAIN TAX POSITIONS PART X, LINE 2 THE COLLEGE IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE) AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS. THE COLLEGE GENERALLY DOES NOT PROVIDE FOR INCOME TAXES SINCE IT IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ASC 740, INCOME TAXES, PERMITS AN ENTITY TO RECOGNIZE THE BENEFIT AND REQUIRES ACCRUAL OF AN UNCERTAIN TAX POSITION ONLY WHEN THE POSITION IS "MORE LIKELY THAN NOT" TO BE SUSTAINED IN THE EVENT OF AN EXAMINATION BY TAX AUTHORITIES. IN EVALUATING WHETHER A TAX POSITION HAS MET THE RECOGNITION THRESHOLD, THE COLLEGE MUST PRESUME THAT THE POSITION WILL BE EXAMINED BY THE APPROPRIATE TAXING AUTHORITY THAT HAS FULL KNOWLEDGE OF ALL RELEVANT INFORMATION. ASC 740 ALSO PROVIDES GUIDANCE ON THE RECOGNITION, MEASUREMENT, AND CLASSIFICATION OF INCOME TAX UNCERTAINTIES ALONG WITH ANY RELATED INTEREST OR PENALTIES. TAX POSITIONS DEEMED TO MEET THE "MORE LIKELY THAN NOT" THRESHOLD ARE RECORDED AS A TAX EXPENSE IN THE CURRENT YEAR. THE COLLEGE HAS ANALYZED ALL OPEN TAX YEARS, DEFINED BY STATUTES OF LIMITATIONS, FOR ALL MAJOR JURISDICTIONS. OPEN TAX YEARS ARE THOSE THAT ARE OPEN FOR EXAM BY TAXING AUTHORITIES. MAJOR JURISDICTIONS FOR THE COLLEGE INCLUDE FEDERAL AND THE STATE OF MASSACHUSETTS. AS OF JUNE 30, 2019, OPEN FEDERAL AND MASSACHUSETTS TAX YEARS FOR THE COLLEGE INCLUDE THE TAX YEARS ENDED JUNE 30, 2013 THROUGH JUNE 30, 2018. THE COLLEGE HAS NO EXAMINATIONS IN PROGRESS. THE COLLEGE BELIEVES IT HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS. OTHER REVENUE INCLUDED ON FINANCIAL STATEMENTS BUT NOT ON RETURN PART XI, LINE 2D Change in Liability for Interest Rate Swap $ (1,936,690) Scholarships (36,761,695) ------------ (38,698,385) OTHER EXPENSES INCLUDED ON RETURN BUT NOT IN FINANCIAL STATEMENTS PART XII, LINE 4B SCHOLARSHIPS $36,761,695 true true true true true true true false false false false false false false false true false true NONDISCRIMINATORY POLICY PART I, LINE 3 ENDICOTT'S STATEMENTS ON NONDISCRIMINATION CAN BE FOUND IN ALL MAJOR DOCUMENTS OF THE COLLEGE INCLUDING: THE UNDERGRADUATE AND GRADUATE CATALOGS, EMPLOYEE HANDBOOK, STUDENT HANDBOOK, INTERNSHIP DIRECTORY, FACTS AND FIGURES, ANNUAL REPORT, SOUNDINGS MAGAZINE AND MANY OTHER DOCUMENTS PUBLISHED BY THE COLLEGE. THE STATEMENT IS ALSO LOCATED ON THE COLLEGE WEBSITE AND IN MANY ONLINE PUBLICATIONS. FINANCIAL AID OR ASSISTANCE PART I, LINE 6A ENDICOTT COLLEGE PARTICIPATES IN FEDERAL STUDENT AID PROGRAMS AS WELL AS MASSACHUSETTS STUDENT AID PROGRAMS. true Europe (Including Iceland and Greenland) 1 3 Program Services STUDY ABROAD 3195678 East Asia and the Pacific Program Services STUDY ABROAD 325083 Central America and the Caribbean Program Services STUDY ABROAD 13172 Central America and the Caribbean Investments 14187972 Central America and the Caribbean Grantmaking 8750 East Asia and the Pacific Grantmaking 211088 Europe (Including Iceland and Greenland) Grantmaking 1570437 Middle East and North Africa Grantmaking 4825 1 3 1 3 19517005 19517005 ENDICOTT STUDENT AID Central America and the Caribbean 2 8750 ACCT CREDIT ENDICOTT STUDENT AID East Asia and the Pacific 57 211088 ACCT CREDIT ENDICOTT STUDENT AID Europe (Including Iceland and Greenland) 375 1570437 ACCT CREDIT ENDICOTT STUDENT AID Middle East and North Africa 2 4825 ACCT CREDIT true false false true false false MONITOR THE USE OF GRANT FUNDS OUTSIDE OF THE U.S. PART I, LINE 2 THE PROCEDURE FOR AWARDING SCHOLARSHIP AID TO STUDENTS STUDYING ABROAD FOLLOWS THE SAME PROCEDURE AS SCHOLARSHIP AID AWARDED TO STUDENTS STUDYING AT THE BEVERLY, MASSACHUSETTS CAMPUS. STUDENTS ARE AWARDED AID BASED ON MERIT AND/OR FINANCIAL NEED. ALL STUDENTS MUST APPLY FOR FINANCIAL AID AND SUBMIT A FREE APPLICATION FOR STUDENT AID (FAFSA). EACH APPLICANT'S FINANCIAL STATUS IS EVALUATED SO THAT AWARDS WILL ACCOMMODATE A PARTICULAR STUDENT'S NEED. STUDENTS MAY ALSO BE CONSIDERED FOR ENDICOTT PRESIDENTIAL ACADEMIC SCHOLARSHIPS. ALL STUDENT AID RECORDS ARE MAINTAINED IN THE OFFICE OF FINANCIAL AID AND ARE REVIEWED IN THE COURSE OF FINANCIAL AND A-133 AUDITS PERFORMED BY KPMG LLP. STUDENTS STUDYING ABROAD ARE BILLED TUITION AT ENDICOTTS RATE OR THE STUDY ABROAD PROGRAM'S RATE IF IT IS HIGHER. STUDENTS ARE BILLED FOR ENDICOTTS AVERAGE MEALS AND HOUSING COSTS AS WELL AS ANY OTHER FEES CHARGED BY THE PROGRAM. STUDENT AID AWARDS ARE POSTED TO STUDENT ACCOUNTS, THEREBY REDUCING THE AMOUNT THE FAMILY MUST REMIT TO THE COLLEGE. PAYMENT IS MADE BY THE COLLEGE TO THE STUDY ABROAD AGENCY OR UNIVERSITY UPON RECEIPT OF AN INVOICE AND DETERMINATION THAT THE STUDENT HAS PAID ENDICOTT. KEYS GOLF TOURN 68156 37100 31056 17656 5391 GULL GOLF TOURN 36683 13575 23108 4643 608 9566 1 31475 12005 19470 14548 16147 136314 62680 73634 22299 15156 31104 68559 5075 true CITY OF BEVERLY 191 CABOT STREET BEVERLY MA 01915 999999999 GOV'T 166667 STUDY ABROAD STUDENTS RECEIVING SCHOLARSHIPS GENERAL SUPPORT BEVERLY MAIN STREETS 248 CABOT STREET BEVERLY MA 01915 562306350 501(C)(3) 42500 GENERAL SUPPORT 2 ENDICOTT MERIT/ACADEMIC SCHOLARSHIPS 4587 19837994 ENDOWMENT AND DONOR RESTRICTED SCHOLARSHIPS 702 394504 ENDICOTT NEED-BASED SCHOLARSHIPS 3434 13870315 SPECIAL/PRESIDENT'S DISCRETIONARY SCHOLARSHIP 75 458984 ENDICOTT YELLOW RIBBON 17 71823 MA GILBERT GRANT/MA PT STUDENT GRANT 316 155875 FEDERAL SEOG 296 156100 ENDICOTT ROTC GRANT 6 21000 MONITORING THE USE OF GRANT FUNDS IN THE U.S. PART I, LINE 2 IN RECOGNITION OF THE CLOSE RELATIONSHIP BETWEEN THE COLLEGE AND THE CITY OF BEVERLY, AN ANNUAL GIFT IS PRESENTED TO THE MAYOR OF THE CITY TO ASSIST IN THE FURTHERANCE OF THE CITY OF BEVERLYS INITIATIVES. THE COLLEGE PROVIDED BEVERLY MAIN STREETS WITH GENERAL SUPPORT TO PROMOTE AND ENHANCE DOWNTOWN BEVERLYS ECONOMIC VITALITY, CULTURAL AND HISTORIC RESOURCES AND QUALITY OF LIFE. ENDICOTT COLLEGE PROVIDES SCHOLARSHIP AND GRANT AID TO ELIGIBLE STUDENTS THROUGH ITS OWN RESOURCES, AS WELL AS FEDERAL AND STATE PROGRAMS. TO QUALIFY FOR SCHOLARSHIP OR GRANT AID, A STUDENT MUST BE ENROLLED IN AN APPROVED PROGRAM AND BE IN GOOD ACADEMIC STANDING. MOST OF THE AID PROGRAMS REQUIRE THAT STUDENTS DEMONSTRATE FINANCIAL NEED. ENDICOTT AWARDS ARE MADE ON A FUNDS-AVAILABLE BASIS TO DESERVING STUDENTS. THE COLLEGE MAKES EVERY EFFORT TO ENSURE THAT A QUALITY EDUCATION IS AVAILABLE TO ALL STUDENTS, REGARDLESS OF INCOME LEVEL, RACE, RELIGION, DISABILITY, NATIONAL OR ETHNIC ORIGIN, AGE, OR GENDER. X X true true X X X X X true false false false false false false false false KATHLEEN H BARNES INTERIM PRESIDENT 305175 3103 36050 32430 376758 ANTHONY FERULLO VP OF FINANCE 234298 270 31497 30035 296100 THOMAS REDMAN VP ADMISSION/FIN AID-END 6/18 190712 379834 18900 11015 600461 EVAN LIPP VP ADMISSION/FIN AID-BEG 7/18 160239 223 12308 8411 181181 DENNIS MONACO DIRECTOR, PHYS PLANT-END 2/19 206141 2374 16929 20155 245599 LAURA ROSSI-LE VP AND DEAN OF COLLEGE 190263 3623 25647 20778 240311 DAVID VIGNERON VP INSTITUTIONAL ADVANCEMENT 224558 14202 19348 28082 286190 KAREN ABBOTT GENERAL COUNSEL 221648 430 29197 21131 272406 BRIAN WYLIE ASST VP/DIRECTOR OF ATHLETICS 199959 452 22520 25068 247999 MARY HUEGEL VP/DEAN VAN LOAN END 12/18 206612 2244 26592 10742 246190 SARA QUAY DEAN OF EDUCATION 195969 546 14047 20107 230669 RICHARD E WYLIE FORMER PRESIDENT 180571 47163 16170 22052 265956 BENEFITS PART I, LINE 1 HOUSING ALLOWANCE: DR. WYLIE LIVED IN ON-CAMPUS HOUSING FOR THE CONVENIENCE OF ENDICOTT COLLEGE UNTIL HE PASSED AWAY IN MAY 2018 AND THE HOUSING IS THEREFORE NOT TAXABLE. THE RESIDENCE IS USED EXTENSIVELY FOR COLLEGE FUNCTIONS. DR. WYLIE'S FAMILY HAS NEVER LIVED IN THE ON-CAMPUS RESIDENCE PROVIDED TO HIM; HE MAINTAINS A PERSONAL RESIDENCE IN ANOTHER CITY. DR. BARNES SERVED AS INTERIM PRESIDENT FROM MAY 2018 THROUGH JUNE 2019 DR. BARNES LIVED IN ON-CAMPUS HOUSING FROM AUGUST 2018 THROUGH JUNE 2019 FOR THE CONVENIENCE OF ENDICOTT COLLEGE AND THE HOUSING IS THEREFORE NOT TAXABLE. THE RESIDENCE IS USED EXTENSIVELY FOR COLLEGE FUNCTIONS. DR. BARNESS FAMILY HAS NEVER LIVED IN THE ON-CAMPUS RESIDENCE PROVIDED TO HER; SHE MAINTAINS A PERSONAL RESIDENCE IN ANOTHER CITY. THE VALUE OF THE HOUSING ALLOWANCE IS INCLUDED IN SCHEDULE J, PART II UNDER COLUMN (D) NONTAXABLE BENEFITS. METHODS TO ESTABLISH COMPENSATION PART I, LINE 3 THE PRESIDENT IS COMPENSATED IN ACCORDANCE WITH A MULTI-YEAR COMPENSATION PLAN THAT IS BASED UPON RESEARCH ON COMPENSATION AWARDED TO PRESIDENTS IN SIMILAR INSTITUTIONS, TOGETHER WITH AN APPRAISAL OF THE PRESIDENT'S PERFORMANCE. THE PRESIDENT'S PERFORMANCE IS REVIEWED BY THE BOARD OF TRUSTEES ON AN ANNUAL BASIS. IN AUGUST 2015 AN OUTSIDE CONSULTANT WAS ENGAGED TO COMPLETE AN EXECUTIVE COMPENSATION SURVEY. THE SURVEY INCLUDED 19 PEER COLLEGES. THE RESULTS OF THE SURVEY ESTABLISHED THE PRESIDENT'S COMPENSATION IS APPROPRIATE. SEVERANCE OR CHANGE OF CONTROL PAYMENT PART I, LINE 4A SEVERANCE PAYMENTS ARE PAID BASED ON THE NEGOTIATED AGREEMENT WITH THE INDIVIDUAL. THOMAS REDMAN, VP ADMISSION/FIN AID, LEFT HIS POSITION IN JUNE, 2018. AS PART OF THE SEPARATION AGREEMENT HE RECEIVED A PAYMENT $376,649 WHICH WAS INCLUDED IN HIS W-2 AND THE AMOUNT IS REPORTED ON SCHEDULE J, PART II, COLUMN B(III). 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WYLIE 259596 COMPENSATION- ATHLETIC DI false SAMUEL ALEXANDER FAMILY MEMBER-TRUSTEE 108987 COMPENSATION- FACULTY false X 6 253059 FMV false false false CONTRIBUTIONS PART I, COLUMN (B) THE COLLEGE IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN (B). ORGANIZATION'S MISSION FORM 990, PART III, LINE 1 SHAPED BY A BOLD AND ENTREPRENEURIAL SPIRIT, ENDICOTT COLLEGE OFFERS STUDENTS A VIBRANT ACADEMIC ENVIRONMENT THAT REMAINS TRUE TO ITS FOUNDING PRINCIPLE OF INTEGRATING PROFESSIONAL AND LIBERAL ARTS WITH EXPERIENTIAL LEARNING, INCLUDING INTERNSHIP OPPORTUNITIES ACROSS DISCIPLINES. THE COLLEGE FOSTERS A SPIRIT OF EXCELLENCE BY CREATING A CHALLENGING YET SUPPORTIVE ENVIRONMENT IN WHICH STUDENTS ARE ENCOURAGED TO TAKE INTELLECTUAL RISKS, PURSUE SCHOLARLY AND CREATIVE INTERESTS, CONTRIBUTE TO THE COMMUNITY, AND EXPLORE DIVERSE CAREER PATHS. ENDICOTT IS COMMITTED TO SUPPORTING THE PERSONAL AND PROFESSIONAL DEVELOPMENT OF ITS STUDENTS, PREPARING THEM TO ASSUME MEANINGFUL ROLES WITHIN THE GREATER COMMUNITY BOTH DOMESTICALLY AND INTERNATIONALLY. ENDICOTT COLLEGE IS COMMITTED TO PROVIDING AN EDUCATIONAL EXPERIENCE THAT WILL ENCOURAGE STUDENTS TO VIEW THE CONCEPT OF DIVERSITY FROM A VARIETY OF PERSPECTIVES IN ORDER TO FOSTER UNDERSTANDING AND ULTIMATELY GREATER RESPECT AND ACCEPTANCE AMONG INDIVIDUALS. EMBRACING DIVERSITY MEANS UNDERSTANDING AND RESPECTING OUR INDIVIDUAL DIFFERENCES, WHICH INCLUDES THE DIMENSIONS OF RACE, ETHNICITY, GENDER, SEXUAL ORIENTATION, SOCIO-ECONOMIC STATUS, AGE, DIFFERING ABILITIES (E.G., PHYSICAL, EMOTIONAL, AND COGNITIVE), RELIGIOUS AND POLITICAL BELIEFS. CENTRAL TO THE EXPLORATION OF THE DIFFERENCES AND SIMILARITIES AMONG INDIVIDUALS IS THE NEED TO OFFER A SAFE, POSITIVE, AND SUPPORTIVE ENVIRONMENT. THE GOAL IS TO REACH A GREATER UNDERSTANDING OF EACH OTHER AND TO MOVE BEYOND SIMPLE TOLERANCE TO EMBRACING AND CELEBRATING THE RICH DIMENSIONS OF DIVERSITY CONTAINED WITHIN EACH INDIVIDUAL. PROGRAM SERVICE ACCOMPLISHMENTS FORM 990, PART III, LINE 3 ENDICOTT COLLEGE WAS RANKED IN THE TOP TIER OF NORTHERN REGIONAL UNIVERSITIES AT #23 OF 179 INSTITUTIONS IN THE 2019 U.S. NEWS AND WORLD REPORT BEST COLLEGES RANKINGS. THE COLLEGE WAS RECOGNIZED AS A LEADER IN SEVERAL OTHER CATEGORIES PUBLISHED BY U.S. NEWS, INCLUDING "BEST COLLEGES FOR VETERANS", "A+ SCHOOLS FOR B STUDENTS", "MOST INNOVATIVE SCHOOLS", "STELLAR EXAMPLES OF INTERNSHIPS/CO-OPS", "BEST VALUE SCHOOLS", "BEST UNDERGRADUATE TEACHING PROGRAMS"TOP PERFORMERS IN SOCIAL MOBILITY". IN FISCAL 2019, THE OFFICE OF ADMISSION RECEIVED 3,820 APPLICATIONS FOR TRADITIONAL UNDERGRADUATE STUDENTS IN FALL 2018, ACCEPTED 79% OF THE APPLICANTS, AND ENROLLED 28% OF THOSE ACCEPTED FOR ADMISSION. THE COLLEGE AWARDED 64 ASSOCIATE DEGREES, 802 BACHELOR DEGREES, 571 MASTERS' DEGREES AND 9 DOCTORAL DEGREES IN ACADEMIC YEAR 2018-19. OUR GRADUATES HAD A FIRST-TIME PASS RATE OF 88% ON EXTERNAL EXAMINATIONS FOR ATHLETIC TRAINING, 93% FOR UNDERGRADUATE NURSING AND 85% AND 67% FOR GRADUATE NURSING AND A FINAL PASS RATE OF 100% FOR THE TITLE II EDUCATOR'S EXAMs. EXTERNAL LICENSURE FOR THESE PROGRAMS IS ASSESSED BY THE NATA BOARD OF CERTIFICATION LICENSURE, NATIONAL COUNCIL LICENSURE EXAMINATION, AMERICAN NURSES CREDENTIALING CENTER AND AMERICAN ASSOCIATION OF NURSE PRACTITIONERS AND THE MASSACHUSETTS DEPARTMENT OF EDUCATION LICENSURE RESPECTIVELY. ENDICOTT'S RETENTION RATE OF FRESHMAN ENTERING 2018 AND RETURNING 2019 WAS 86%. THE SIX YEAR GRADUATION RATE FOR FRESHMAN ENTERING 2013 WAS 74%. OF THE 2018 GRADUATES WHO RESPONDED TO CAREER SURVEYS, 99% REPORTED THAT THEY WERE EITHER EMPLOYED, CONTINUING EDUCATION, VOLUNTEERING, SERVING IN THE MILITARY, OR SELF-EMPLOYED WITHIN 12 MONTHS OF GRADUATION. 76% WERE EMPLOYED FULL-TIME. 90% OF THOSE WERE IN EMPLOYMENT RELATED TO THEIR MAJOR, AND 29% FOUND EMPLOYMENT THROUGH A FORMER INTERNSHIP SITE OR CONTACT. COMMUNITY SERVICE IS EMBRACED AT ENDICOTT, WITH 56% OF THE ENDICOTT STUDENT BODY PARTICIPATING IN COMMUNITY SERVICE, FOR A TOTAL OF 24,883 COMMUNITY SERVICE HOURS PERFORMED BY 1,573 STUDENTS. THE STATE AND NATIONAL AVERAGE IS 28% AND 30%, RESPECTIVELY. PROGRAM SERVICES FORM 990, PART III, LINES 4A-4D LINE 4A: *EDUCATION AND AUXILIARY* ENDICOTT'S UNDERGRADUATE COLLEGE OFFERS BACHELOR OF FINE ARTS, BACHELOR OF ARTS, AND BACHELOR OF SCIENCE DEGREES. TRADITIONAL UNDERGRADUATE (DAY PROGRAM) ENROLLMENT FOR FALL 2018 WAS 2,857 STUDENTS. THE VAN LOAN SCHOOL OF GRADUATE AND PROFESSIONAL STUDIES GRANTS ASSOCIATE IN ARTS, ASSOCIATE IN SCIENCE, BACHELOR OF ARTS, BACHELOR OF SCIENCE, MASTER OF ARTS, MASTER OF EDUCATION, MASTER OF FINE ARTS, MASTER OF SCIENCE, MASTER OF BUSINESS ADMINISTRATION, DOCTOR OF EDUCATION AND DOCTOR OF PHILOSOPHY DEGREES. VAN LOAN'S ENROLLMENT, INCLUDING PROGRAMS BEVERLY AND BOSTON, MASSACHUSETTS, MADRID, SPAIN, LEYSIN, SWITZERLAND, BANGKOK, THAILAND, AND PRAGUE, CZECH REPUBLIC WAS 2,278 STUDENTS AS OF FALL 2018. IN ADDITION TO DEGREE PROGRAMS, PROFESSIONAL DEVELOPMENT PROGRAMS AND CONSULTING ARE OFFERED THROUGH THE VAN LOAN SCHOOL. ENDICOTT COLLEGE'S ACADEMIC OFFERINGS PROVIDE UNDERGRADUATES WITH AN ENRICHING AND CHALLENGING EDUCATIONAL EXPERIENCE. STUDENTS SELECT FROM A BROAD ARRAY OF MAJOR AND MINOR PROGRAM OFFERINGS WHICH ARE AUGMENTED BY COURSEWORK IN THE LIBERAL ARTS AND REQUIRED EXPERIENTIAL LEARNING OPPORTUNITIES WITHIN THEIR PROFESSIONAL AREAS OF STUDY. OF THE TOTAL UNDERGRADUATE ENROLLMENT, NEARLY 91% LIVE ON CAMPUS. THE COLLEGE OFFERS A LARGE VARIETY OF RESIDENCE HALL OPTIONS, RANGING FROM TRADITIONAL TO APARTMENT-STYLE HOUSING. FACILITIES CONSIST OF CONVERTED MANSIONS, SMALL HOUSES, TOWNHOUSES, AND LARGER RESIDENCE HALLS. FOR THE FALL 2018 SEMESTER, 2,605 STUDENTS WERE RESIDENTIAL STUDENTS, INCLUDING 110 STUDENTS WHO WERE STUDYING ABROAD AND EXPECTED BACK IN THE SPRING SEMESTER. ALL RESIDENT STUDENTS ON CAMPUS MUST ENROLL IN ONE OF FOUR MEAL PLANS OFFERED DURING THE ACADEMIC YEAR. DINING OPTIONS INCLUDE A LARGE DINING HALL, TWO CAFES, AND A LODGE. LINE 4B *ACADEMIC SUPPORT* ENDICOTT OFFERS STUDENTS VARIOUS PROGRAMS AND FACILITIES TO ENHANCE AND ENCOURAGE THEIR ACTIVE PARTICIPATION IN THE INTELLECTUAL LIFE OF THE COLLEGE AND PROMOTE THEIR SUCCESSFUL PERFORMANCE IN THE CLASSROOM. THIS IS ACCOMPLISHED THROUGH STATE-OF-THE-ART ACADEMIC TECHNOLOGY, THE DIANE M. HALLE LIBRARY, ACADEMIC ADMINISTRATION, ACADEMIC RESOURCES AND STUDENT SUCCESS, AND THE KEYS TO DEGREES SINGLE PARENT PROGRAM. LINE 4C *STUDENT SERVICES* STUDENT SERVICES SUPPORT THE ACADEMIC AND PERSONAL DEVELOPMENT OF EACH STUDENT THROUGH A VARIETY OF OFFICES AND PROGRAMS, INCLUDING STUDENT ACTIVITIES, PERSONAL COUNSELING, HEALTH, COMMUNITY SERVICE, AND ATHLETIC PROGRAMS. EXPERIENCE BEYOND THE CLASSROOM SETTING AFFORDS STUDENTS WITH OPPORTUNITIES TO GAIN A GREATER UNDERSTANDING AND APPRECIATION OF SELF, OTHERS, AND THE WORLD AROUND THEM. THE STUDENT AFFAIRS DIVISION IS DESIGNED TO COMPLEMENT AND SUPPLEMENT THE ACADEMIC EXPERIENCE OF EVERY STUDENT. OTHER FUNCTIONS INCLUDED IN STUDENT SERVICES INCLUDE THE ADMISSIONS, FINANCIAL AID, REGISTRAR, AND CAREER DEVELOPMENT. BOOKSTORE AND VENDING REVENUE IS CONSIDERED RELATED TO STUDENT SERVICES. TRUSTEES IN A BUSINESS RELATIONSHIP FORM 990, PART VI, LINE 2 THOMAS J. ALEXANDER AND WILLIAM F. HOWARD, TRUSTEES FOR THE COLLEGE, AND DR. RICHARD E. WYLIE, FORMER PRESIDENT AND TRUSTEE, SERVE ON THE BOARDS OF THE NORTH SHORE CHAMBER OF COMMERCE AND BEVERLY BANK, A LOCAL FINANCIAL INSTITUTION. BOTH DR. WYLIE AND MR. HOWARD SERVE ON THE BOARD OF BEVERLY MAIN STREETS. FORM 990 REVIEW PROCESS FORM 990, PART VI, LINE 11B THE TAX RETURN INFORMATION IS GATHERED FROM THE FINANCE OFFICE AND USED TO POPULATE THE FORM 990 IN CONJUNCTION WITH KPMG LLP, INDEPENDENT TAX CONSULTANT. ONCE THE DRAFT TAX RETURN IS FULLY ANALYZED AND REVIEWED BY THE MANAGEMENT TEAM, IT IS PRESENTED TO THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. A REPRESENTATIVE OF KPMG'S TAX GROUP ATTENDS THE SCHEDULED MEETING TO ENSURE THAT ALL PERSONS HAVE HAD AN OPPORTUNITY TO ASK QUESTIONS AND DISCUSS THE CONTENT OF THE TAX RETURN. FOLLOWING THE FINANCE COMMITTEE REVIEW AND APPROVAL, IT IS PRESENTED TO THE ENTIRE BOARD OF TRUSTEES FOR THEIR REVIEW, COMMENT AND APPROVAL PRIOR TO THE FILING OF THE FORM WITH THE IRS. CONFLICT OF INTEREST POLICY FORM 990, PART VI, LINE 12C IN 2010, ENDICOTTS BOARD OF TRUSTEES APPROVED A REVISED POLICY THAT COVERS BOARD OF TRUSTEE MEMBERS, OFFICERS, AND KEY EMPLOYEES. THOSE COVERED IN THE POLICY ARE REQUIRED TO EXECUTE AND SUBMIT TO THE VICE PRESIDENT OF FINANCE AN ANNUAL STATEMENT THAT ACKNOWLEDGES THEY RECEIVED, READ, AND UNDERSTAND THE CONFLICT OF INTEREST POLICY; THEY UNDERSTAND THAT ENDICOTT COLLEGE IS A NOT-FOR-PROFIT ENTITY WHICH MUST NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS; AND THAT THE COLLEGE MUST BE OPERATED FOR THE PURPOSES STATED IN ITS BYLAWS. THEY AGREE TO COMPLY WITH THE POLICY AND ACKNOWLEDGE THAT, EXCEPT AS INDICATED IN THE SPACE PROVIDED ON THE ANNUAL STATEMENT, THEY HAVE NOTHING TO DISCLOSE THAT IS IN CONFLICT WITH THE ESTABLISHED POLICY. SHOULD ANY CHANGE OCCUR IN THEIR SITUATION, THEY WILL SUBMIT A FURTHER STATEMENT COVERING THE MATTER. THE VICE PRESIDENT OF FINANCE WILL FOLLOW THE PROCEDURES SET FORTH IN THE POLICY FOR ANY STATEMENT THAT INCLUDES A DISCLOSURE OF CONFLICT. WHISTLEBLOWER POLICY FORM 990, PART VI, LINE 13 IN 2011, ENDICOTTS BOARD OF TRUSTEES APPROVED A WHISTLEBLOWER POLICY FOR FACULTY AND STAFF. THE POLICY DEFINES MISCONDUCT AS: ABUSE OF AUTHORITY, UNETHICAL BEHAVIOR, OR GROSS MISCONDUCT; INAPPROPRIATE OR ILLEGAL USE OF COLLEGE FUNDS, SUCH AS THEFT BY BRIBERY OR CORRUPTION; SIGNIFICANT AND SPECIFIC DANGER TO PUBLIC HEALTH OR SAFETY; A VIOLATION OF LAW. FURTHER, THE POLICY STATES THAT REPORTED VIOLATIONS WILL BE PROMPTLY INVESTIGATED AND TREATED CONFIDENTIALLY TO THE EXTENT POSSIBLE AND THE COLLEGE WILL NOT TAKE ANY PERSONNEL ACTION AS RETALIATION AGAINST AN EMPLOYEE WHO DISCLOSES INFORMATION REGARDING MISCONDUCT. EMPLOYEES ARE ENCOURAGED TO REPORT CONCERNS THROUGH AN ANONYMOUS VOICE MAIL BOX OR BY COMPLETING AN ANONYMOUS REPORTING FORM ACCESSIBLE ON THE CAMPUS SAFETY WEB PAGE. STUDENTS ARE ALSO ENCOURAGED TO REPORT ANY ACTIVITY THAT IS TAKING PLACE WITHIN THE ENDICOTT COMMUNITY THAT IS CONTRARY TO THE IDEALS AND VALUES OF THE COLLEGE. CONCERNS ARE REPORTED IN THE SAME MANNER AS FACULTY AND STAFF. COMPENSATION POLICY FORM 990, PART VI, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES IS RESPONSIBLE FOR DUE DILIGENCE OF THE CHIEF EXECUTIVE OFFICER AND SENIOR MANAGEMENT'S COMPENSATION TO ASSURE THAT ENDICOTT COMPLIES WITH IRS REQUIREMENTS FOR NOT-FOR-PROFIT COMPENSATION. THE COMMITTEE REVIEWS AND DISCUSSES COMPENSATION OF COMPARABLE JOBS IN COMPARABLE COLLEGES AND UNIVERSITIES IN THE BOSTON AREA AND NEW ENGLAND. THE PRESIDENT IS COMPENSATED IN ACCORDANCE WITH A MULTI-YEAR COMPENSATION PLAN THAT IS BASED UPON RESEARCH ON COMPENSATION AWARDED TO PRESIDENTS IN SIMILAR INSTITUTIONS, TOGETHER WITH AN APPRAISAL OF THE PRESIDENT'S PERFORMANCE. THE PRESIDENT'S PERFORMANCE IS REVIEWED BY THE BOARD ON AN ANNUAL BASIS. THE CONCLUSIONS AND RECOMMENDATIONS OF THE COMPENSATION COMMITTEE ARE REVIEWED AND APPROVED REGULARLY BY THE FULL BOARD. THE MEMBERSHIP OF THE COMPENSATION COMMITTEE IS FREE OF CONFLICT OF INTEREST IN DETERMINING COMPENSATION. THE COMMITTEE ALSO REVIEWS AND GUIDES MANAGEMENT WITH RESPECT TO IMPLEMENTATION OF THE COMPENSATION POLICY FOR ALL OTHER EMPLOYEES. SALARIES ARE REVIEWED AND ADJUSTED ANNUALLY, BASED ON PERFORMANCE (AS MEASURED IN AN ANNUAL PERFORMANCE REVIEW) AND CHANGES IN RESPONSIBILITY. MINUTES OF COMPENSATION COMMITTEE MEETINGS ARE DOCUMENTED. THE ENGAGEMENT OF AN INDEPENDENT COMPENSATION CONSULTANT WAS DISCUSSED IN APRIL 2012, AND A FIRM WAS ENGAGED IN AUGUST 2012 TO COMPLETE AN EXECUTIVE COMPENSATION SURVEY. PUBLIC DISCLOSURE FORM 990, PART VI, LINE 19 THE ORGANIZATION'S FORM 990, GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE FORM 990 AND AUDITED FINANCIAL STATEMENTS ARE POSTED ON THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AND THE FORM 990 IS POSTED AT WWW.GUIDESTAR.ORG. FORM 990, PART X, LINES 27, 28, AND 29 ENDICOTT COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS FOR NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE JUNE 30, 2019 AUDITED FINANCIAL STATEMENTS CLASSIFY NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS, OR NET ASSETS WITH DONOR RESTRICTIONS. FOR PURPOSES OF FORM 990, PART X, LINES 27, 28, AND 29, ENDICOTT COLLEGE HAS REPORTED NET ASSETS WITHOUT DONOR RESTRICTIONS AS UNRESTRICTED NET ASSETS AND NET ASSETS WITH DONOR RESTRICTIONS AS PERMANENTLY RESTRICTED NET ASSETS AND TEMPORARILY RESTRICTED NET ASSETS, RESPECTIVELY. OTHER CHANGES IN NET ASSETS FORM 990, PART XI, LINE 9 CHANGE IN LIABILITY FOR INTEREST RATE SWAP AGREEMENT $ -1,936,690