2020-06-29T09:17:10-05:00 2019-06-30 263753134 CBIZ MHM LLC 500 BOYLSTON STREET BOSTON MA 02116 990 2018-07-01 042103731 MERRIMACK COLLEGE MERR 9788375000 315 TURNPIKE STREET NORTH ANDOVER MA 01845 JEFFREY DOGGETT EXECUTIVE VICE PRESIDENT/COO 9788375000 2020-05-28 1 CRAIG KLEIN P00734640 6177610600 2020-05-28 207.172.72.163 2020-05-28 08:57:29 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 AAFE5242E44AA74A98A743050A15125E154A43A4 2018 2021-01-29 14:40:06Z CHRISTOPHER HOPEY 315 TURNPIKE STREET NORTH ANDOVER MA 01845 232248824 0 X WWW.MERRIMACK.EDU X 1947 MA MERRIMACK COLLEGE IS A COMPREHENSIVE, CATHOLIC AUGUSTINIAN INSTITUTION THAT SERVES STUDENTS FROM THE GREATER NEW ENGLAND AREA. 26 24 2186 100 638938 0 9267394 6691834 177102269 201093132 3170768 3814886 4095202 4493200 193635633 216093052 63008644 74002739 0 0 66654823 70868804 0 0 2578798 54856594 61462675 184520061 206334218 9115572 9758834 261030125 267280022 140651412 137502075 120378713 129777947 X MERRIMACK COLLEGE IS A COMPREHENSIVE, CATHOLIC AUGUSTINIAN INSTITUTION THAT SERVES STUDENTS FROM THE GREATER NEW ENGLAND AREA. 0 0 117241287 74002739 164551131 EDUCATIONAL INSTRUCTION: MERRIMACK COLLEGE OFFERS UNDERGRADUATE AND GRADUATE DEGREES IN THE LIBERAL ARTS, BUSINESS, SCIENCE AND ENGINEERING, AND EDUCATION PROGRAMS. THE COLLEGE COMMUNITY INCLUDES OVER 3,600 UNDERGRADUATE STUDENTS AND 650 GRADUATE STUDENTS. 24665175 40406068 AUXILIARY SERVICES: A PRIMARILY RESIDENTAL COLLEGE, MERRIMACK HOUSES STUDENTS IN A VARIETY OF LIVING ARRANGEMENTS, FROM RESIDENCE HALLS FOR FIRST-YEAR STUDENTS TO APARTMENTS FOR SENIORS. RESIDENTIAL LIFE PROVIDES A LIVING/LEARNING ENVIRONMENT, PROMOTING PERSONAL GROWTH AND ENCOURAGING STUDENTS TO DEVELOP THEIR WHOLE SELVES. MERRIMACK DINING SERVICE SEEKS TO PROVIDE THE FINEST QUALITY MEALS AND SERVICES TO THE ENTIRE MERRIMACK COMMUNITY: STUDENTS, FACULTY, STAFF AND GUESTS. THE COLLEGE ALSO HAS ATHLETIC FACILITIES, INCLUDING BASEBALL, SOFTBALL, FOOTBALL, BASKETBALL AND AN ICE RINK. 30752995 STUDENT SERVICES: MERRIMACK COLLEGE PROVIDES VARIOUS SERVICES TO THE STUDENT BODY, INCLUDING COUNSELING, CAREER GUIDANCE, FINANCIAL AID, REGISTRAR, STUDENT ACTIVITIES, CAMPUS MINISTRY, HEALTH SERVICES AND ATHLETIC PROGRAMS. 14647063 ACADEMIC SUPPORT EXPENDITURES 14647063 187306520 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 1 0 0 0 1 6099 0 1 2186 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 24 1 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK MD MA MI NH NY OK OR SC CO NV WA WI X X JEFFREY DOGGETT 9788375000 315 TURNPIKE STREET NORTH ANDOVER MA 01845 CHRISTOPHER E HOPEY PRESIDENT 40.00 0.00 X X 854627 0 148583 ALFRED J ARCIDI CHAIRMAN 1.00 0.00 X X 0 0 0 JOHN T BOYCE VICE CHAIRMAN 1.00 0.00 X X 0 0 0 MARY GORHAM FRANCO VICE CHAIRMAN 1.00 0.00 X X 0 0 0 KAREN J CAMBRAY SECRETARY 1.00 0.00 X X 0 0 0 KEVIN LUCEY TREASURER 1.00 0.00 X X 0 0 0 PHILLIP M ARCIDI TRUSTEE 1.00 0.00 X 0 0 0 JOANNE BENTLEY TRUSTEE 1.00 0.00 X 0 0 0 BRUCE BOUCHARD TRUSTEE 1.00 0.00 X 0 0 0 JOANNA CATALUCCI TRUSTEE 1.00 0.00 X 0 0 0 ALVIN M CHAPITAL TRUSTEE 1.00 0.00 X 0 0 0 FR DAVID A CREGAN TRUSTEE 1.00 0.00 X 0 0 0 FR MICHAEL F DI GREGORIO TRUSTEE 1.00 0.00 X 0 0 0 REV PETER M DONOHUE TRUSTEE 1.00 0.00 X 0 0 0 FR FRANCIS J HORN TRUSTEE 1.00 0.00 X 0 0 0 DENNIS LEONARD TRUSTEE 1.00 0.00 X 0 0 0 GARY N MCCLOSKEY TRUSTEE 1.00 0.00 X 0 0 0 MARYBETH MCINNIS TRUSTEE 1.00 0.00 X 0 0 0 PAUL MUCCI TRUSTEE 1.00 0.00 X 0 0 0 HOSFFMAN OSPINO TRUSTEE 1.00 0.00 X 0 0 0 JOHN K PASINI TRUSTEE 1.00 0.00 X 0 0 0 KEVIN RHODES TRUSTEE 1.00 0.00 X 0 0 0 LEE D SLATTERY TRUSTEE 1.00 0.00 X 0 0 0 PATRICK J SULLIVAN TRUSTEE 1.00 0.00 X 0 0 0 MARQUES TORBERT TRUSTEE 1.00 0.00 X 0 0 0 REV ARTHUR PURCARO TRUSTEE 1.00 0.00 X 0 0 0 ROBERT J ZATTA TRUSTEE (UNTIL SEPT. '18) 1.00 0.00 X 0 0 0 BASIL A STEWART SR. VP OF FINANCE AND CFO 40.00 0.00 X 310440 0 53819 JEFFREY DOGGETT EXECUTIVE VICE PRESIDENT/COO 40.00 0.00 X 310121 0 53523 NICHOLAS MCDONALD VICE PRESIDENT/GENERAL COUNSEL 40.00 0.00 X 248763 0 19409 ALLAN WEATHERWAX SR VP/PROVOST 40.00 0.00 X 289453 0 49774 SARA BRAZDA VP OF DEV & ALUMNI RELATIONS 40.00 0.00 X 277543 0 24219 CATHERINE USOFF PROFESSOR, HEALTH SCIENCES 40.00 0.00 X 249778 0 25391 ANTHONY ERWIN VP, ENROLLMENT MGMT. & STUDENT AFFAIRS 40.00 0.00 X 231265 0 22069 WALTER FOGG SPECIAL ASSISTANT TO THE PRESIDENT 40.00 0.00 X 225436 0 34737 KYLE MCINNIS DEAN, HEALTH SCIENCES 40.00 0.00 X 226384 0 44500 MARK DENNEHY FORMER ASSOC. ATHLETIC DIR./COACH 0.00 0.00 X 324135 0 7549 3547945 0 483573 109 1 1 0 METEOR LEARNING INC 35 VILLAGE ROAD SUITE 100 MIDDLETON MA 01949 PROFESSIONAL SERVICES 1757138 BROTHERS OF THE ORDER OF HERMITS 196 ELM STREET ANDOVER MA 01810 ADMIN & INSTRUCTION 366059 JENZABAR INC PO BOX 845939 BOSTON MA 02284 IT SERVICES 310306 RED RIVER LLC 21 WATER ST STE 500 CLAREMONT NH 03743 IT SERVICES 265532 ALLIED PRINTING SERVICES INC 1 ALLIED WAY MANCHESTER CT 06042 PRINTING SERVICES 265487 21 71025 1870175 4750634 122733 6691834 TUITION AND FEES 611710 164551131 164551131 ROOM AND BOARD 721000 36542001 36542001 201093132 2155259 5457 2149802 17773189 16113562 1659627 1659627 -802 1660429 37060 71025 42210 -5150 -5150 DEFERRED CONTRACT REVENUE 900099 989696 989696 ICE RINK RENTALS 900099 519621 519621 ATHLETIC EVENT TICKET SALES 900099 321965 321965 2667068 2552406 114662 4498350 216093052 204957199 638938 3805081 73690039 73690039 312700 312700 2311007 1761707 228157 321143 53392737 45996570 6282994 1113173 3193018 2588528 532438 72052 8243000 6875287 1090642 277071 3729042 3170570 485646 72826 608600 68565 540035 133200 132710 490 142593 142593 7049763 5521016 1441251 87496 1012438 890919 87332 34187 2644007 1960290 511107 172610 2208655 1314428 877040 17187 6706121 6264969 425658 15494 2681308 2509842 100378 71088 530670 430361 96717 3592 4643136 4620913 22160 63 7649175 7146001 503028 146 1220520 1147511 67185 5824 FOOD SERVICE EXPENSE 10312756 9452223 751169 109364 EQUIP. RENTAL & MAINT. 3214023 3037859 164641 11523 SPECIAL EVENT EXPENSES 2252836 1638460 487988 126388 LEASE & RENTAL EQUIP. 1861381 1779824 72346 9211 6591493 5127938 1405685 57870 206334218 187306520 16448900 2578798 6450 6550 16484676 15669549 4278396 3837425 4984404 5754828 1313120 2481393 270407402 110830294 149622650 159577108 56938137 57571627 2091956 1964630 25310336 20416912 261030125 267280022 13652974 13233981 13165648 12185985 112514700 110731796 1318090 1350313 140651412 137502075 X 69206478 78410854 0 0 51172235 51367093 120378713 129777947 261030125 267280022 X 9758834 -337721 -21879 X 0 1 X 1 1 1 X 7084001 5600104 7218988 9267394 6691834 35862321 7084001 5600104 7218988 9267394 6691834 35862321 4940445 30921876 1433004 1189456 1427990 1690935 2155259 7896644 37479 36050 27220 25500 37060 163309 43922274 832323673 0.70400 0.71180 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GROSS INCOME FROM FUNDRAISING - 2014 AMOUNT: $ 37,479. 2015 AMOUNT: $ 36,050. 2016 AMOUNT: $ 27,220. 2017 AMOUNT: $ 25,500. 2018 AMOUNT: $ 37,060. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 0 PART II-B, LINE 1: THE COLLEGE IS A MEMBER IN CERTAIN PROFESSIONAL ORGANIZATIONS INCLUDING THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS, AND OTHER REGIONAL ORGANIZATIONS. A PORTION OF THESE MEMBERSHIP DUES MAY BE CONSIDERED LOBBYING EXPENSES, BUT THE COLLEGE HAS NOT MADE ANY INTERNAL ALLOCATION OF SUCH DUES. 58487986 536709 2628428 1380702 1332012 58940409 54359205 999887 5012559 1229005 654660 58487986 49914139 596344 5710950 1232632 629596 54359205 51275154 444480 56733 1155272 706956 49914139 46564537 4672496 1900349 1074518 787710 51275154 0.25000 0.44000 0.31000 0 0 3678262 3678262 192259785 61081413 131178372 46419726 39752472 6667254 28049629 9996409 18053220 159577108 ESCROW DEPOSITS 122853 DEPOSITS WITH BOND TRUSTEES 20294059 20416912 REFUNDABLE ADV. U.S GOV'T GRANTS 1350313 1350313 X 141630330 -337721 -74024618 -74362339 215992669 142593 -42210 100383 216093052 132231096 42210 42210 132188886 142593 74002739 74145332 206334218 PART V, LINE 4: THE COLLEGE MAINTAINS AND SPENDS ITS ENDOWMENT FUNDS PRUDENTLY UNDER THE GUIDELINES OF THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS IN ORDER TO MAXIMIZE INVESTMENT RETURN WHILE PRESERVING DONOR CORPUS. ALL USES OF ENDOWMENT FUND EARNINGS ARE IN ACCORDANCE WITH DONOR INTENT CONSISTENT WITH INSTITUTIONAL MISSION. ENDOWMENT FUNDS PRIMARILY PROVIDE FOR THE FOLLOWING: STUDENT FINANCIAL AID, STUDENT SERVICES, ACADEMIC SUPPORT, ATHLETIC PROGRAMS AND CAPITAL PROJECTS. PART X, LINE 2: THE COLLEGE IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS. THE COLLEGE HAS DETERMINED THAT ITS TAX STATUS AND DECISIONS OVER WHICH ACTIVITIES ARE RELATED AND UNRELATED ARE ITS ONLY TAX POSITIONS AND THAT SUCH POSITIONS DO NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE COLLEGE'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. NO EXAMINATIONS ARE CURRENTLY IN PROCESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN NET VALUE OF SPLIT INTEREST OBLIGATIONS -21,879. UNIVERSITY FUNDED FINANCIAL AID -74,002,739. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES INCLUDED ON FORM 990, PART VIII -42,210. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES INCLUDED ON FORM 990, PART VIII 42,210. PART XII, LINE 4B - OTHER ADJUSTMENTS: UNIVERSITY FUNDED FINANCIAL AID 74,002,739. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEE SUPPLEMENTAL PAGE SCHEDULE E, PART I, LINE 3 MERRIMACK COLLEGE DOES NOT DISCRIMINATE IN ADMISSION OR ACCESS TO ANY OF ITS EDUCATIONAL PROGRAMS OR ACTIVITIES. THE COLLEGE'S NONDISCRIMINATORY POLICY IS AVAILABLE ON THE COLLEGE'S WEBSITE. SCHEDULE E, PART I, LINE 6A THE COLLEGE RECEIVED FEDERAL TITLE IV MONIES FROM THE UNITED STATES DEPARTMENT OF EDUCATION AS WELL AS FROM VARIOUS STATE AGENCIES. 1 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 391715 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 541453 SUB-SAHARAN AFRICAN 0 0 PROGRAM SERVICES STUDY ABROAD 71950 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING 119600 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 GRANTMAKING 160700 SUB-SAHARAN AFRICAN 0 0 GRANTMAKING 32400 0 0 0 0 0 0 1317818 0 1317818 SCHOLARSHIP AID SUB-SAHARAN AFRICAN 3 32400 ACCT CREDIT FMV SCHOLARSHIP AID EAST ASIA AND THE PACIFIC 17 119600 ACCT CREDIT FMV SCHOLARSHIP AID EUROPE (INCLUDING ICELAND AND GREENLAND) 21 160700 ACCT CREDIT FMV 0 0 0 0 0 0 PART I, LINE 2: THE COLLEGE PROVIDES CERTAIN SCHOLARSHIP AID TO STUDENTS WHILE PARTICIPATING IN STUDY ABROAD PROGRAMS. ELIGIBILITY FOR THE AID IS DETERMINED PRIOR TO DISBURSEMENT AND IS MONITORED PERIODICALLY THROUGHOUT THE TERM OF THE GRANT BY THE COLLEGE'S OFFICE OF FINANCIAL AID. GOLF TOURNAMENT 108085 71025 37060 31949 10261 108085 71025 37060 31949 10261 42210 -5150 0 STUDENT SCHOLARSHIPS 4382 73690039 FMV REDUCTION IN TUITION SCHEDULE I, PART I, LINE 2 A REPORT IS RUN AT THE END OF EACH SEMESTER TO REVIEW EACH STUDENT'S CUMULATIVE GPA AND PROGRESS TOWARD THEIR DEGREE. STUDENTS RECEIVING MERIT AWARDS WHO FAIL TO ACHIEVE GOOD ACADEMIC STANDING ARE REVIEWED FOR ALTERNATIVE INSTITUTIONAL FUNDING. EVERY EFFORT IS MADE TO FIND ALTERNATIVE FUNDING FOR STUDENTS NOT MEETING GOOD ACADEMIC STANDING. X X 1 1 X X X X X 1 1 0 0 0 0 0 1 0 CHRISTOPHER E HOPEY PRESIDENT 509750 0 102000 0 242877 0 118375 0 30208 0 1003210 0 200000 0 BASIL A STEWART SR. VP OF FINANCE AND CFO 282880 0 20000 0 7560 0 23375 0 30444 0 364259 0 0 0 JEFFREY DOGGETT EXECUTIVE VICE PRESIDENT/COO 282535 0 25000 0 2586 0 23375 0 30148 0 363644 0 0 0 NICHOLAS MCDONALD VICE PRESIDENT/GENERAL COUNSEL 228340 0 20000 0 423 0 19409 0 0 0 268172 0 0 0 ALLAN WEATHERWAX SR VP/PROVOST 253763 0 20000 0 15690 0 22216 0 27558 0 339227 0 0 0 SARA BRAZDA VP OF DEV & ALUMNI RELATIONS 251100 0 25000 0 1443 0 21569 0 2650 0 301762 0 0 0 CATHERINE USOFF PROFESSOR, HEALTH SCIENCES 218542 0 30000 0 1236 0 18718 0 6673 0 275169 0 0 0 ANTHONY ERWIN VP, ENROLLMENT MGMT. & STUDENT AFFAI 215965 0 15000 0 300 0 18549 0 3520 0 253334 0 0 0 WALTER FOGG SPECIAL ASSISTANT TO THE PRESIDENT 217746 0 7000 0 690 0 18887 0 15850 0 260173 0 0 0 KYLE MCINNIS DEAN, HEALTH SCIENCES 210094 0 15000 0 1290 0 17128 0 27372 0 270884 0 0 0 MARK DENNEHY FORMER ASSOC. ATHLETIC DIR./COACH 83852 0 10000 0 230283 0 7047 0 502 0 331684 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES WERE PAID FOR ON BEHALF OF THE PRESIDENT, EXECUTIVE VICE PRESIDENT, AND ASSOCIATE ATHLETIC DIRECTOR/HOCKEY COACH. THIS EXPENSE WAS INCURRED PRIMARILY FOR BUSINESS PURPOSES; ANY PERSONAL USE WAS TREATED AS TAXABLE INCOME. THE CURRENT SR. VP/PROVOST RESIDES IN A COLLEGE-OWNED CONDOMINIUM. THE FAIR MARKET VALUE RENTAL VALUE IS TREATED AS TAXABLE COMPENSATION AND IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(III). PART I, LINES 4A-B SEVERANCE ARRANGEMENT SCHEDULE J, PART I, LINE 4A THE PRESIDENT'S EMPLOYMENT CONTRACT INCLUDES A SEVERANCE PROVISION THAT PROVIDES UP TO ONE YEAR OF SALARY. NO AMOUNTS WERE PAID UNDER THIS PROVISION DURING THE CURRENT YEAR. THE FORMER ASSOCIATE ATHLETIC DIRECTOR AND HEAD COACH OF THE MEN'S ICE HOCKEY PROGRAM RECEIVED A PAYOUT OF COMPENSATION IN THE AMOUNT OF $225,631. THE EXECUTIVE VICE PRESIDENT'S EMPLOYMENT CONTRACT INCLUDES A SEVERANCE PROVISION THAT PROVIDES SIX MONTHS OF BASE SALARY. NO AMOUNTS WERE PAID UNDER THIS PROVISION DURING THE CURRENT YEAR. DEFERRED COMPENSATION SCHEDULE J, PART I, LINE 4B PRESIDENT HOPEY PARTICIPATES IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F). PROVIDED PRESIDENT HOPEY IS EMPLOYED BY THE COLLEGE, THE COLLEGE WILL CREDIT A DEFERRED COMPENSATION ACCOUNT EACH FISCAL YEAR. THE COLLEGE CREDITED $95,000 TO PRESIDENT HOPEY'S DEFERRED COMPENSATION ACCOUNT IN CALENDAR YEAR 2018 WHICH IS REPORTED IN SCHEDULE J, PART II, COLUMN C. PART I, LINE 7 MEMBERS OF THE SENIOR LEADERSHIP TEAM TYPICALLY RECEIVE AN ANNUAL BONUS. EACH MEMBER COMPLETES A SELF-EVALUATION, MEETS WITH THEIR SUPERVISOR TO REVIEW PRIOR YEAR GOALS AND SET CURRENT YEAR GOALS. THE BONUSES ARE PROVIDED AT THE DISCRETION OF THE PRESIDENT AND THE SENIOR VICE PRESIDENTS. THE COMPENSATION COMMITTEE OF THE BOARD DETERMINES THE PRESIDENT'S BONUS AND REVIEWS AND APPROVES THE BONUSES OF THE EXECUTIVE LEADERSHIP TEAM. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583USE9 2012-08-13 64209436 REFUND BOND ISSUE 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583UL48 2014-07-10 21817579 CONSTRUCTION PROJECTS 0 0 0 C MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57584XQ87 2017-05-24 30802795 CONSTRUCTION PROJECTS 0 0 0 A 64209436 4194250 1466508 32886024 973098 24689556 2013 1 0 1 1 B 21868813 1345846 469766 20053201 2015 0 0 1 1 C 31364037 514487 18998423 11851126 2020 0 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 1 1 0 0.00000 0.00500 0.00500 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 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 1 0 0 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 08/01/2018 ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 07/16/2019 SCHEDULE K, PART II, LINE 3: FOR BOND ISSUE B (SERIES 2014), TOTAL PROCEEDS OF ISSUE INCLUDE INVESTMENT EARNINGS OF $51,234. FOR BOND ISSUE C (SERIES 2017), TOTAL PROCEEDS OF ISSUE INCLUDE INVESTMENT EARNINGS OF $561,245. 6000 MERIT SCHOLARSHIP EDUCATION SCHEDULE L, PART III SCHOLARSHIPS BENEFITTING INTERESTED PERSONSTHE COLLEGE GRANTED MERIT SCHOLARSHIPS TO ONE STUDENT WHO IS THE CHILD OF A CURRENT MEMBER OF THE BOARD OF TRUSTEES. THE COLLEGE ENSURES THE GRANT WAS AWARDED BASED ON MERIT TO THE ELIGIBLE STUDENT WHO MET THE REQUIRED ACADEMIC STANDING. THE TRUSTEES DO NOT HAVE ANY INFLUENCE IN THE DECISION MAKING PROCESS FOR AWARDING SCHOLARSHIPS. X 13 122733 FMV 0 0 1 0 PART I, COLUMN (B): AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART VI, SECTION A, LINE 2 ALFRED J. ARCIDI AND PHILIP M. ARCIDI HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 3 MERRIMACK COLLEGE HAS A MANAGEMENT AGREEMENT WITH R GALLANT ASSOCIATES LLC UNDER WHICH R GALLANT ASSOCIATES LLC IS RESPONSIBLE FOR MANAGING THE OPERATION OF ICE RINK PREMISES ON THE COLLEGE CAMPUS IN CALENDAR YEAR 2018, NO COMPENSATION WAS PROVIDED BY THE MANAGEMENT COMPANY TO ANY OF THE COLLEGE'S CURRENT OR FORMER OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES OR HIGHEST COMPENSATED EMPLOYEES LISTED IN PART VII, SECTION A. THE AGREEMENT WAS MADE AT ARM'S LENGTH. FORM 990, PART VI, SECTION B, LINE 11B INFORMATION FOR FORM 990 IS GATHERED AND COMPILED BY THE DEPARTMENT OF FISCAL AFFAIRS AND USED TO POPULATE THE RETURN IN CONJUNCTION WITH TAX ADVISORS FROM A NATIONAL ACCOUNTING FIRM. THE RESULTING DRAFT FORM 990 IS FORWARDED TO THE PRESIDENT, SENIOR VP FOR FINANCE AND ADMIN/CFO, IN HOUSE LEGAL COUNSEL, AND THE AUDIT AND RISK MANAGEMENT COMMITTEE OF THE BOARD OF TRUSTEES FOR THEIR REVIEW BEFORE FILING. A COPY OF THE FORM 990 IS PROVIDED TO EVERY VOTING BOARD MEMBER PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE REQUIRES THE PRESIDENT, SENIOR VP FOR FINANCE AND ADMIN/CFO, EXECUTIVE VICE PRESIDENT, AND BOARD MEMBERS TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THESE DOCUMENTS ARE REVIEWED BY THE DEPARTMENT OF FISCAL AFFAIRS AND ANY VIOLATIONS ARE ADDRESSED AS NECESSARY. ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICABLE TIME. NO TRUSTEE SHALL VOTE ON ANY MATTER UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING IN WHICH SUCH TRUSTEE HAS A CONFLICT OF INTEREST. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE HAVING A CONFLICT OF INTEREST ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN WHETHER THEY HAVE A CONFLICT OF INTEREST IN ANY MATTER MAY REQUEST THE BOARD OR COMMITTEE TO DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS. THE BOARD OR COMMITTEE SHALL RESOLVE THE QUESTION BY MAJORITY VOTE. VIOLATION OF THIS POLICY MAY RESULT IN REMOVAL FROM OFFICE. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, LINE 15A: ACCORDING TO ARTICLE VII, SECTION 7 OF THE MERRIMACK COLLEGE BY-LAWS, THE COMPENSATION COMMITTEE SHALL REVIEW THE COMPENSATION AND BENEFITS OF THE OFFICERS OF THE CORPORATION WHO ARE EMPLOYEES OF THE COLLEGE AND MAKE RECOMMENDATIONS FOR ACTION BY THE BOARD. THE BOARD OF TRUSTEES' COMPENSATION COMMITTEE USES A PUBLISHED SALARY SURVEY TAKEN FROM REGIONAL ACADEMIC INSTITUTIONS COMPARABLE TO MERRIMACK TO BENCHMARK THE PRESIDENT'S SALARY UTILIZING THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) AND OTHER INDUSTRY STANDARDS DATA. IN ADDITION TO RECEIVING SALARY DATA, THE COMPENSATION COMMITTEE CONDUCTS A PRESIDENTAL EVALUATION PROCESS IN WHICH ALL MEMBERS OF THE BOARD OF TRUSTEES ARE ASKED TO INPUT THEIR OPINIONS REGARDING THE PRESIDENT'S ACHIEVEMENT TOWARDS GOALS AND EXPECTATIONS ESTABLISHED ANNUALLY BY THE BOARD. ONCE CONSENSUS IS REACHED REGARDING PERFORMANCE, A SIMILAR DISCUSSION IS HELD CONCERNING COMPENSATION RELATIVE TO ACHIEVEMENTS AND ESTABLISHED OBJECTIVES. IN THE ABSENCE OF THE PRESIDENT, THE COMMITTEE PRESENTS ITS RECOMMENDATIONS TO THE BOARD OF TRUSTEES IN EXECUTIVE SESSION FOR REVIEW AND APPROVAL. THE BOARD OF TRUSTEES CHAIR AND THE CHAIR OF THE COMPENSATION COMMITTEE THEN MEET WITH THE PRESIDENT TO DISCUSS THE TRUSTEES' REVIEW. COMPENSATION IS ALSO DISCUSSED FOR THE UPCOMING YEAR AND DOCUMENTED. FORM 990, PART VI, LINE 15B: THE COMPENSATION COMMITTEE IS ALSO RESPONSIBLE FOR WORKING WITH THE PRESIDENT IN THE EVALUATION AND COMPENSATION FOR OFFICERS OF MERRIMACK COLLEGE. THE PRESIDENT WORKS WITH SENIOR MANAGEMENT TO ESTABLISH GOALS AND OBJECTIVES AND TO CONDUCT AN ANNUAL PERFORMANCE APPRAISAL BASED ON THE PREDETERMINED GOALS. THE BOARD OF TRUSTEES' COMPENSATION COMMITTEE USES A PUBLISHED SALARY SURVEY FROM REGIONAL ACADEMIC INSTITUTIONS COMPARABLE TO MERRIMACK TO BENCHMARK THE OFFICERS' SALARY UTILIZING THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) AND OTHER INDUSTRY STANDARDS DATA. THE PRESIDENT DISCUSSES THE EVALUATION AND COMPENSATION OF OFFICERS WITH THE COMPENSATION COMMITTEE. COMPENSATION IS ALSO DISCUSSED FOR THE COMING YEAR AND DOCUMENTED WITH THE COMMITTEE IN REGARDS TO SENIOR MANAGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE COLLEGE'S FORM 990 IS AVAILABLE AT WWW.GUIDESTAR.ORG AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN NET VALUE OF SPLIT INTEREST OBLIGATIONS -21,879. CHARITABLE REMAINDER TRUST (1) MA N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0