2020-03-09T11:01:49-07:00 2019-05-31 990 2018-06-01 042111203 TRUSTEES OF CLARK UNIVERSITY TRUS 5087937499 950 Main Street Worcester MA 01610 Katherine Cannon Controller/Assistant Treasurer 5087937455 2020-03-02 140.232.223.130 2018 2020-09-23 17:36:50Z X Clark University David Angel 950 Main Street Worcester MA 01610 198054660 0 X www.clarku.edu X 1887 MA Clark University's mission is to educate undergraduate and graduate students to be imaginative and contributing citizens of the world, and to advance the frontiers of knowledge and understanding through rigorous scholarship and creative effort. 27 27 2587 365 -793524 -821106 24128374 16144931 139993642 149116993 12340790 8001506 1311912 1275281 177774718 174538711 62531011 68707296 0 0 71038440 73119826 0 0 5801032 38877160 40333722 172446611 182160844 5328107 -7622133 631485553 615842769 105745706 103911245 525739847 511931524 Clark University's mission is to educate undergraduate and graduate students to be imaginative and contributing citizens of the world, and to advance the frontiers of knowledge and understanding through rigorous scholarship and creative effort. Clark fosters a commitment to excellence in studying traditional academic disciplines, as well as innovation in exploring questions that cross disciplinary boundaries. 0 0 66240323 0 133046894 Instruction and academic support, with program expenditures of $66,240,323. Clark's fall 2018 enrollment consisted of 2,304 undergraduates and 818 graduate students. Our motto - and mission - is "Challenge Convention; Change Our World", and our faculty members work to inspire their students to utilize their liberal arts based education to make a real difference in the communities in which they live and work. We also have strong graduate programs, which include masters' level degrees and eight PhD programs. 8204755 2069174 0 Research, with program expenditures of $8,204,755 and grant contributions of $6,807,624. Clark is committed to a program of research and has a very professionally active faculty, virtually all of whom are engaged in sponsored or unsponsored research and creative activity. This includes grants to organizations of $673,936. Additionally, Clark provided funding to students to support their research and LEEP projects in the amount of $1,395,238. 66638122 66638122 0 Financial Aid, with expenditures/income offsets of $66,638,122. Clark is committed to being affordable to those students able to meet the high academic expectations of our faculty. Approximately 89% of undergraduate students receive some level of financial assistance, which is distributed on the basis of both merit and financial need. 13291544 0 15237355 Auxiliary Services includes providing high quality residence halls, food service, and campus store services to Clark students. There are program expenditures of $13,291,544 and offsetting revenue of $15,237,355. 14884855 0 1998500 Student Services programs support an environment for students that encourages them to become active, involved and responsible citizens in global communities. Resources are expended to provide support to students in achieving their non-academic goals and providing a balanced and healthy social environment. 28176399 0 17235855 169259599 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 1 1 0 0 0 0 1 1 1 1 0 1 0 0 0 0 0 0 1 1 1 1 0 0 0 1 1 1 0 0 1 6873 0 1 2587 1 1 1 0 0 0 0 0 1 1 0 0 0 0 0 X 27 27 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X X James E Collins 5087937252 950 Main Street Worcester MA 01610 Jason M Barnett Trustee 2 0 X 0 0 0 Andrew Brandman Trustee 2 0 X 0 0 0 Ingrid Busson-Hall Trustee 2 0 X 0 0 0 Kevin Cherry Trustee 2 0 X 0 0 0 Rebecca Colin Trustee 2 0 X 0 0 0 Roy DiNicola Trustee 2 0 X 0 0 0 Mona Domosh Trustee 2 0 X 0 0 0 Eric Epstein Trustee 2 0 X 0 0 0 Richard Freeland Trustee 2 0 X 0 0 0 Ross Gillman Trustee 15 0 X 0 0 0 Daniel Hirsch Trustee 2 0 X 0 0 0 Ellen Hughes-Cromwick Trustee 2 0 X 0 0 0 Nancie Julian Trustee 2 0 X 0 0 0 Gary Labovich Trustee 2 0 X 0 0 0 Lawrence Landry Trustee 2 0 X 0 0 0 Cynthia Michael-Wolpert Trustee 2 0 X 0 0 0 John O'Brien Trustee 2 0 X 0 0 0 Lee Plave Trustee 2 0 X 0 0 0 Joseph Poku Trustee 2 0 X 0 0 0 Vickie H Riccardo Trustee 2 0 X 0 0 0 Paul Saltzman Trustee 2 0 X 0 0 0 Ron Shaich Trustee 2 0 X 0 0 0 Robert Stevenish Trustee 2 0 X 0 0 0 Robert Stevenish II Trustee 2 0 X 0 0 0 David Strassler Trustee 2 0 X 0 0 0 Sumner Tilton Trustee 2 0 X 0 0 0 Steven Swain Trustee 2 0 X 0 0 0 Wendi J Trilling Trustee 2 0 X 0 0 0 David Angel Officer 40 0 X 414156 0 49456 Katherine Cannon Officer 40 0 X 142202 0 15604 Julie Dolan Officer 40 0 X 316301 0 49802 John Foley Officer 40 0 X 170846 0 16945 Davis Baird Key Employee 40 0 X 286767 0 27852 Paula David Key Employee 40 0 X 252854 0 35906 Jeffrey Hite Gillooly Key Employee 40 0 X 306745 0 46907 Frances Magee Key Employee 40 0 X 171001 0 35571 Matthew Malsky Key Employee 40 0 X 150297 0 15136 Pennie Turgeon Key Employee 40 0 X 195451 0 66702 Yuko Aoyama Key Employee 40 0 X 172624 0 25795 Robert Johnston Director of Marsh Institute & Prof 40 0 X 214667 0 38626 Jonathan Kappel Exec Director of Principal Gifts 40 0 X 212772 0 26355 Ronald Eastman Director of Clark Labs 40 0 X 211378 0 44569 Priscilla Elsass Dean Graduate School of Management 40 0 X 185430 0 38428 Edward Carr Director IDCE 40 0 X 178449 0 39530 Nancy Budwig Former Key Employee 40 0 X 138661 0 20666 James Collins Former Key Employee 20 0 X 129328 0 15848 3849929 0 609698 119 1 1 0 Sodexo Inc Affiliates 9801 Washingtonian Blvd Gaithersburg MD 20878 Food services 5375906 DelSignore Electrical Contractors 849 West Boylston Street Worcester MA 01606 Electrical 1023333 J Calnan and Associates Inc 3 Batterymarch Park Quincy MA 02169 Construction 769519 ACME Waterproofing Co Inc 21 Nightingale Ave Quincy MA 02169 Waterproofing 655717 CIEE Council International Study Programs Inc 300 Fore Street Portland ME 04101 Study abroad programs 538320 36 0 0 0 0 5724560 10420371 2338670 16144931 Tuition and fees 611310 132291490 132291490 0 0 Housing 721310 9372103 9372103 0 0 Food services 722310 5649703 5649703 0 0 Geographic software 443120 253095 253095 0 0 Campus store 453000 215550 215550 0 0 1335052 1335052 0 0 149116993 3184912 0 0 3184912 12380 0 0 12380 221430 221430 0 0 446406 0 336881 0 109525 0 109525 0 0 109525 5429681 22553601 4772224 18406844 657457 4146757 4804214 0 -793524 5597738 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Energy incentives/grants 900099 241145 241145 0 0 Workers Comp incentives/rebates 900099 128605 128605 0 0 574576 574576 0 0 944326 174538711 150282749 -793524 8904555 629064 629064 67740043 67740043 338189 338189 0 0 3296100 1000827 1925623 369650 0 0 0 0 55463342 44094739 9105858 2262745 3835426 3052805 625954 156667 6753461 5375412 1102187 275862 3771497 3001920 615521 154056 501536 501536 0 0 283015 9970 273045 0 185410 0 185410 0 0 0 0 0 0 0 1402179 0 1402179 0 3100817 2179881 832178 88758 574822 224427 330955 19440 3787242 2663798 458956 664488 1934486 1878181 37850 18455 712083 625193 55463 31427 4089665 684170 3338255 67240 2106539 1869588 50288 186663 0 0 0 0 1537646 1100105 109566 327975 1452105 1344434 105609 2062 0 0 0 0 8576664 7554731 966564 55369 586705 1372 578267 7066 Study Abroad/Away 1820107 1820107 0 0 Other food service 4816182 4816182 0 0 Library acquisitions 1525641 1525641 0 0 Other expenses - Misc. 965978 5065624 -4195276 95630 374900 10161660 -10804239 1017479 182160844 169259599 7100213 5801032 158557 293462 47834652 30245171 5745569 5095050 713382 1340639 0 0 0 0 6704485 6742030 315791 755787 505314 736772 238081158 128630545 110022650 109450613 87450438 105581883 364659548 349488176 5537044 4620682 0 0 1838123 1492504 631485553 615842769 14078281 14042047 0 0 10485969 11678342 66121899 62932759 0 0 0 0 0 0 0 0 15059557 15258097 105745706 103911245 X 129238509 132471072 245305288 227480881 151196050 151979571 525739847 511931524 631485553 615842769 X -7622133 -5944597 0 0 0 -241593 X 0 1 X 1 1 1 X 12855694 14799651 13756185 24128374 16144931 81684835 0 0 0 0 0 0 0 0 0 0 0 0 12855694 14799651 13756185 24128374 16144931 81684835 4537864 77146971 2570242 2296567 2285208 2847124 3306817 13305958 458800 250340 0 0 0 709140 0 0 0 0 0 0 95699933 1087958 0.80613 0.8013 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 16741 0 0 16741 0 Schedule C, Part II-B, Line 1 There were no paid lobbyists for FY19. A small portion of the President's and VP of Community and Government Relations' time is spent meeting with and calling government officials. 0 0 X X X 0 436869340 1370351 -336747 6470808 11837913 2022648 417571575 408808150 9430109 37823793 5956784 11327979 1907948 436869341 369079796 7800049 50318626 5685496 10871985 1832839 408808151 403722250 3560695 -21059146 5210579 10221964 1711460 369079796 392092388 2129236 25113524 4713627 9339994 1559277 403722250 0.15 0.34 0.51 1 0 17017437 0 17017437 204744269 0 120494624 84249645 1424498 0 1238662 185836 13564710 0 6897259 6667451 1330244 0 0 1330244 109450613 0 0 Partnerships/alternative investments 349162805 F Other 325371 F 349488176 0 Annuities payable 6292400 Perkins federal liability contra 5422048 Conditional Asset Retirement Obligation 1065931 PILOT liability 934174 Ed Health Self Insured IBNR 312000 Deferred compensation - President 250000 Capital lease obligation 203577 Custodial funds 197942 Interest rate swap liability 193769 China tax liability 154795 FIN 48 liability 89495 Student health insurance 86215 Cash card liability 44373 Student travel insurance 9970 Misc tax liabilities and other 1408 15258097 X 100566288 -5944597 0 0 -66962528 -72907125 173473413 1402179 -336881 1065298 174538711 114726383 0 0 0 248428 248428 114477955 1402179 66280710 67682889 182160844 Schedule D, Part III, Line 1 The University houses certain collections of works of art, literary works and artifacts. These collections are protected and preserved for public exhibition, education, research, and the furtherance of public service. They are neither disposed of for financial gain nor encumbered in any manner. Accordingly, these collections are not recorded or capitalized for financial statement purposes. Schedule D, Part III, Line 4 Clark University has art and book collections that are used by students and faculty to enhance curriculum. On occasion, these works have been accessed for scholarly research. Schedule D, Part V, Line 4 The University has adopted an endowment investment philosophy, which combined with the spending rate, attempts to provide a predictable stream of returns thereby making funds available to programs that are supported by its endowment, while at the same time seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the organization must hold in perpetuity or for donor-specified periods, as well as, board-designated funds. Under the University's Investment Policy and spending rate, both of which are approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to produce an inflation-adjusted return in excess of the spending rate over a long period of time. The use of the distribution is for mission related activities including student scholarships, library acquisitions, research, academic support, student loans, and instruction. Schedule D, Part X, Line 2 The University is required to assess uncertain tax positions and has determined that there were no such positions that are material to the consolidated financial statements. Schedule D, Part XI, Line 2d Reclass tuition remissions from contra revenue, -$66,632,182. Reclass student loan program revenue, $227,490. Reclass student loan program expenses, -$187,773. Change in value of post-retirement health obligation in non-operating activity, -$45,112.Settlement gain in post-retirement health insurance liability, $624,128. Change in value of the interest rate swap, -$558,099. Change in value of split interest and beneficial interest in outside trust, $29,465. Change in annuity and unitrust obligation, -$331,992. Reclass non-operating write-off to expense, -$11,000. Endowment expense-other, -$77,453. Schedule D, Part XI, Line 4b Reclass of rental property expense to revenue, -$336,881. Schedule D, Part XII, Line 2d Reclass non-operating write-off to expense, -$11,000. Endowment expense-other, -$77,453. Reclass of rental property expense to revenue, $336,881. Schedule D, Part XII, Line 4b Reclass tuition reductions from contra-revenue to expense, $66,439,782. Reclass aid for auxiliary from contra-revenue to expense, $192,400. Elimination of related party activity from consolidated statement, -$351,472. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Policy is printed in student handbooks, is available on the school website, and is referenced in all print media. The University also publicizes its non-discriminatory policy in all faculty and staff job ads. Schedule E, Part I, Line 6 To provide financial assistance to our students, the University participates in the Title IV program for Campus Work Study, Supplemental Education Opportunity Grants and the Perkins Loan program. 1 Central America and the Caribbean 0 0 Grantmaking 12344 East Asia and the Pacific 0 0 Grantmaking 61840 Europe (including Iceland and Greenland) 0 0 Grantmaking 124126 North America (including Canada and Mexico, but not the United States) 0 0 Grantmaking 10271 South America 0 0 Grantmaking 24584 Sub-Saharan Africa 0 2 Grantmaking 31688 Central America and the Caribbean 0 0 Program Services Conferences 3925 East Asia and the Pacific 0 0 Program Services Conferences 14552 Europe (including Iceland and Greenland) 0 0 Program Services Conferences 85604 Middle East and North Africa 0 0 Program Services Conferences 1563 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Conferences 17360 South America 0 0 Program Services Conferences 117492 South Asia 0 0 Program Services Conferences 552 Sub-Saharan Africa 0 0 Program Services Conferences 4145 Central America and the Caribbean 0 0 Program Services Instruction 911 East Asia and the Pacific 0 0 Program Services Instruction 946012 Europe (including Iceland and Greenland) 0 3 Program Services Instruction 847703 Middle East and North Africa 0 3 Program Services Instruction 8613 Russia and the newly independent States 0 0 Program Services Instruction 2844 South Asia 0 2 Program Services Instruction 35964 Europe (including Iceland and Greenland) 0 0 Program Services Professional Development 4858 Central America and the Caribbean 0 0 Program Services Program Development 539 East Asia and the Pacific 0 0 Program Services Program Development 151518 Europe (including Iceland and Greenland) 0 4 Program Services Program Development 44369 Middle East and North Africa 0 0 Program Services Program Development 4288 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Program Development 1912 Russia and the newly independent States 0 0 Program Services Program Development 3300 South America 0 0 Program Services Program Development 8203 Sub-Saharan Africa 0 1 Program Services Program Development 4013 East Asia and the Pacific 0 1 Program Services Student Recruitment 163326 Europe (including Iceland and Greenland) 0 0 Program Services Student Recruitment 9012 Middle East and North Africa 0 0 Program Services Student Recruitment 4072 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Student Recruitment 208 South America 0 0 Program Services Student Recruitment 10061 South America 0 0 Program Services Student Recruitment 98115 Sub-Saharan Africa 0 0 Program Services Student Recruitment 2965 Central America and the Caribbean 0 0 Investments 2281586 0 16 5144438 Central America and the Caribbean Research 6000 wire transfer 0 East Asia and the Pacific Research 27038 wire transfer 0 South America Research 11834 wire transfer 0 3 1 Research grants Europe (including Iceland and Greenland) 18 61828 Electronic funds transfer 0 Research grants Middle East and North Africa 3 41182 Electronic funds transfer 0 Research grants North America (including Canada and Mexico, but not the United States) 1 596 Electronic funds transfer 0 Research grants South Asia 2 10000 Electronic funds transfer 0 Research grants Sub-Saharan Africa 1 43395 Electronic funds transfer 0 Scholarship Central America and the Caribbean 3 6344 Electronic funds transfer 0 Scholarships East Asia and the Pacific 5 27278 Check and Electronic funds transfer 0 Scholarships Europe (including Iceland and Greenland) 29 99695 Check and Electronic funds transfer 0 Scholarships Sub-Saharan Africa 1 3000 Check 0 1 0 0 1 1 0 Schedule F, Part I, Line 2 PRE-AWARD SUBRECIPIENT MONITOR: Federal awards are identified by informing each subrecipient of CFDA title and number, award name and number, award year, and name of Federal agency. If any of this information is not available, the pass-through entity shall provide the best information available to describe the Federal award. The subrecipient is advised of requirements imposed by governing laws, regulations, and provisions of contracts or grant agreements and supplemental requirements imposed by the pass-through entity. The subrecipient's activities are monitored to ensure awards are used for authorized purposes in compliance with laws, regulations, and the provisions of contracts or grant agreements and performance goals are achieved. Assurance is ascertained that any subrecipient expending $750,000 or more in Federal awards during the subrecipient's fiscal year must meet the audit requirements of Uniform Grant Guidance (formerly OMB A-133). A management decision on audit findings must be issued within six months after receipt of the subrecipient's audit report and ensure that the subrecipient takes appropriate and timely corrective action. A determination is made as to whether subrecipient audits necessitate adjustment of the pass-through entity's own records. Each subrecipient is required to permit the pass-through entity and auditors to have access to the records and financial statements as necessary for the pass-through entity to comply with this part. POST-AWARD SUBRECIPIENT MONITORING: The Principal Investigator (PI) or Program Director (PD) is responsible for monitoring the activities. The subrecipient should submit progress reports, technical reports and other deliverables to the PI/PD by specified due dates. The PI/PD is responsible for forwarding copies of the subrecipient's report(s) to the Office of Sponsored Programs and Research (OSPR). Subrecipient invoices submitted to the university must contain the following information: invoice on subcontractor's letterhead, date of invoice, invoice number, period of performance covered by the invoice, itemized description of services and backup documentation, current period costs including cost sharing, cumulative project costs and subrecipient contact person with respect to invoice. Invoice must be signed by an authorized official of the subcontractor and must contain a certification that all payments requested are for appropriate purposes and in accordance with the agreements set forth in the application and award documents. The PI/PD is responsible for reviewing and approving invoices from subrecipient(s) for adherence to the budget and submitting invoices for payment in Smart Buy Plus. Grant Accounting will review the subrecipient's invoice(s) for the following: period of performance is within the contract period, appropriate invoice format and level of detail, signature by authorized subrecipient representatives, evidence of cost sharing, if applicable, and availability of funding. Grant Accounting is responsible for ensuring that subrecipients that expend $750,000 or more of Federal funds each fiscal year submit an Audit Certification Letter along with a copy of subrecipient's audited financial statements. The following is required to close out a subrecipient award: receipt of final invoice, receipt of cost share documentation, if applicable, time and effort certifications, final progress and technical reports, annual audit certification letter. Grant Accounting is responsible for tracking payments made to individuals or organizations and where payments are sent when outside of the US as required by the Schedules F and I - Form 990. EDUCATIONAL ASSISTANCE: Educational assistance is awarded based on financial need and merit. Need based assistance is awarded after review of the student's FAFSA, tax return information, W-2 statements, and other relevant financial documents. Students are required to maintain satisfactory academic progress in order to continue to be eligible for need based assistance. Students' Grade Point Averages and earned units are reviewed each academic year to ensure satisfactory academic progress is achieved. Merit based educational assistance is awarded to students via Committee. Students who are awarded merit based assistance are required to maintain satisfactory academic progress in accordance with the terms of the assistance received. Need and merit based educational assistance are funded directly to the student's accounts receivable balance to offset tuition, fees, and room and board. Any resulting refunds are issued to the student. Students are granted research awards by their academic departments and work with faculty advisors who monitor the research performed by the student. Schedule F, Part IV, Line 4 All instances in which Clark was a direct or indirect shareholder of a passive foreign investment company occurred through participation in limited partnerships. Forms 8621 were filed at the partnership level. No filings were required of Clark. Schedule F, Part IV, Line 5 All instances in which Clark had an ownership interest in a foreign partnership occurred through its participation in limited partnerships. In four cases, Clark was required to file forms 8865. In all other cases, the partnership filed or the participation was below reporting thresholds. 1 Ecotarium 222 Harrington Way Worcester MA 01604 042105868 501c3 35000 0 Research Princeton University Princeton University Princeton NJ 08544 210634501 501c3 70176 0 Research University of Connecticut 115 North Eagleville Road Storrs CT 06269 060772160 501c3 5192 0 Research University of New Hampshire Service Building Room 409 Durham NH 03824 026000937 501c3 33658 0 Research Florida Atlantic University 777 Glades Road Boca Raton FL 33431 650385507 501c3 8248 0 Research University of Arizona University of Arizona Tucson AZ 85721 742652689 501c3 103685 0 Research VA Institute Marine Science 1375 Greate Road Gloucester Point VA 23062 546001802 501c3 22168 0 Research University of Illinois 420 NE Glen Oak Ave Number 401 Peoria IL 61603 376000511 501c3 184608 0 Research Virginia Polytechnic Institute and State University 300 Turner Street NW Blacksburg VA 24061 546001805 501c3 57328 0 Research University of California Santa Barbara UC Santa Barbara Santa Barbara CA 93106 956006145 501c3 103105 0 Research 10 0 Undergraduate scholarships 2027 47448371 0 Graduate scholarships 1 12000 0 Graduate remissions 693 17948392 0 Undergraduate remissions 145 1086953 0 Graduate awards 230 543145 0 Undergraduate awards 332 701183 0 Schedule I, Part I, Line 2 PRE-AWARD SUBRECIPIENT MONITOR: Federal awards are identified by informing each subrecipient of CFDA title and number, award name and number, award year, and name of Federal agency. If any of this information is not available, the pass-through entity shall provide the best information available to describe the Federal award. The subrecipient is advised of requirements imposed by governing laws, regulations, and provisions of contracts or grant agreements and supplemental requirements imposed by the pass-through entity. The subrecipient's activities are monitored to ensure awards are used for authorized purposes in compliance with laws, regulations, and the provisions of contracts or grant agreements and performance goals are achieved. Assurance is ascertained that any subrecipient expending $750,000 or more in Federal awards during the subrecipient's fiscal year must meet the audit requirements of Uniform Grant Guidance (formerly OMB A-133). A management decision on audit findings must be issued within six months after receipt of the subrecipient's audit report and ensure that the subrecipient takes appropriate and timely corrective action. A determination is made as to whether subrecipient audits necessitate adjustment of the pass-through entity's own records. Each subrecipient is required to permit the pass-through entity and auditors to have access to the records and financial statements as necessary for the pass-through entity to comply with this part. POST-AWARD SUBRECIPIENT MONITORING: The Principal Investigator (PI) or Program Director (PD) is responsible for monitoring the activities. The subrecipient should submit progress reports, technical reports and other deliverables to the PI/PD by specified due dates. The PI/PD is responsible for forwarding copies of the subrecipient's report(s) to the Office of Sponsored Programs and Research (OSPR). Subrecipient invoices submitted to the university must contain the following information: invoice on subcontractor's letterhead, date of invoice, invoice number, period of performance covered by the invoice, itemized description of services and backup documentation, current period costs including cost sharing, cumulative project costs and subrecipient contact person with respect to invoice. Invoice must be signed by an authorized official of the subcontractor and must contain a certification that all payments requested are for appropriate purposes and in accordance with the agreements set forth in the application and award documents. The PI/PD is responsible for reviewing and approving invoices from subrecipient(s) for adherence to the budget and submitting invoices for payment in Smart Buy Plus. Grant Accounting will review the subrecipient's invoice(s) for the following: period of performance is within the contract period, appropriate invoice format and level of detail, signature by authorized subrecipient representatives, evidence of cost sharing, if applicable, and availability of funding. Grant Accounting is responsible for ensuring that subrecipients that expend $750,000 or more of Federal funds each fiscal year submit an Audit Certification Letter along with a copy of subrecipient's audited financial statements. The following is required to close out a subrecipient award: receipt of final invoice, receipt of cost share documentation, if applicable, time and effort certifications, final progress and technical reports, annual audit certification letter. Grant Accounting is responsible for tracking payments made to individuals or organizations and where payments are sent when outside of the US as required by the Schedules F and I - Form 990. EDUCATIONAL ASSISTANCE: Educational assistance is awarded based on financial need and merit. Need based assistance is awarded after review of the student's FAFSA, tax return information, W-2 statements, and other relevant financial documents. Students are required to maintain satisfactory academic progress in order to continue to be eligible for need based assistance. Students' Grade Point Averages and earned units are reviewed each academic year to ensure satisfactory academic progress is achieved. Merit based educational assistance is awarded to students via Committee. Students who are awarded merit based assistance are required to maintain satisfactory academic progress in accordance with the terms of the assistance received. Need and merit based educational assistance are funded directly to the student's accounts receivable balance to offset tuition, fees, and room and board. Any resulting refunds are issued to the student. Students are granted research awards by their academic departments and work with faculty advisors who monitor the research performed by the student. X X X 1 1 X X X X X X 0 0 0 0 0 0 0 1 0 David Angel Officer 364156 0 50000 0 0 0 27500 0 21956 0 463612 0 0 0 Katherine Cannon Officer 142202 0 0 0 0 0 14155 0 1449 0 157806 0 0 0 Julie Dolan Officer 301301 0 15000 0 0 0 27500 0 22302 0 366103 0 0 0 John Foley Officer 170846 0 0 0 0 0 16652 0 293 0 187791 0 0 0 Yuko Aoyama Key Employee 172624 0 0 0 0 0 17470 0 8324 0 198418 0 0 0 Davis Baird Key Employee 286767 0 0 0 0 0 27500 0 352 0 314619 0 0 0 Paula David Key Employee 252854 0 0 0 0 0 25095 0 10811 0 288760 0 0 0 Jeffrey Hite Gillooly Key Employee 306745 0 0 0 0 0 27500 0 19407 0 353652 0 0 0 Matthew Malsky Key Employee 150297 0 0 0 0 0 14940 0 196 0 165433 0 0 0 Pennie Turgeon Key Employee 195451 0 0 0 0 0 19523 0 47179 0 262153 0 0 0 Frances Magee Key Employee 171001 0 0 0 0 0 17774 0 17797 0 206572 0 0 0 Edward Carr Director IDCE 178449 0 0 0 0 0 18517 0 21013 0 217979 0 0 0 Ronald Eastman Director of Clark Labs 211378 0 0 0 0 0 21818 0 22751 0 255947 0 0 0 Priscilla Elsass Dean Graduate School of Management 185430 0 0 0 0 0 18906 0 19522 0 223858 0 0 0 Robert Johnston Director of Marsh Institute & Prof 214667 0 0 0 0 0 19059 0 19567 0 253293 0 0 0 Jonathan Kappel Exec Director of Principal Gifts 212772 0 0 0 0 0 21528 0 4827 0 239127 0 0 0 Nancy Budwig Former Key Employee 138661 0 0 0 0 0 13798 0 6868 0 159327 0 0 0 James Collins Former Key Employee 129328 0 0 0 0 0 13198 0 2650 0 145176 0 0 0 Schedule J, Part I In FY15, the University entered into a deferred compensation agreement with President David Angel. Payment to President Angel is at the discretion of the Board of Trustees and payable at the conclusion of six years from the date of the agreement. If the Board approves payment, the maximum amount attributable to FY19 would be $50k. Schedule J, Part I, Line 1a Jocelyne Bauduy, wife of President David Angel, travels on bona fide business trips in her position as Special Assistant to the President. President David Angel is required to live in a house owned by the University. The value of the house is estimated to be $3,200 per month. No value was included in compensation. David Angel, Davis Baird and Jeff Gillooly have memberships at The Worcester Club for the purpose of University related entertaining. Schedule J, Part I, Line 3 See Schedule O note for Part VI, Section B, Line 15 Schedule J, Part I, Line 7 All bonuses listed in Schedule J are performance based. A Massachusetts Development Finance Agency 043431814 57583RUU7 2008-04-07 50255000 See Part VI. 0 0 0 B Massachusetts Development Finance Agency 043431814 57583UJY5 2011-12-01 20098799 See Part VI. 0 0 0 C Massachusetts Development Finance Agency 043431814 PRIVATE00 2015-10-01 17895000 See Part VI. 0 0 0 A 15115000 1016137 50334445 0 0 0 273558 78412 0 0 0 0 2009 1 0 1 1 B 6220000 0 20099208 0 0 0 253048 0 0 5616353 14229806 0 2013 1 0 1 1 C 2670000 0 17895000 0 0 0 152148 0 0 3025805 14717047 0 2017 0 0 1 1 A 0 0 1 0 0 0.0023 0 0.0023 1 0 1 B 0 0 0 0 0 0 0 1 0 1 C 0 0 0 0 0 0 0 1 0 1 A 0 0 1 1 1 1 Barclay's 30 0 0 0 0 0 B 0 1 0 1 0 0 0 0 0 C 0 1 0 1 0 0 0 0 0 A 1 B 1 C 1 Schedule K, Part IV, Line 2c-04/07/2008 50,255,000 Massachusetts Development Finance Agency MDFA 2008 Rebate calculation performed 5/20/2019. Schedule K, Part IV, Line 2c-12/01/2011 20,098,799 Massachusetts Development Finance Agency MDFA 2011 Rebate calculation performed 12/14/2018. Schedule K, Part IV, Line 2c-10/01/2015 17,895,000 Massachusetts Development Finance Agency MDFA 2015 Rebate calculation performed 9/11/2019. Jocelyne Bauduy Employee is the wife of the President 26800 Compensation for position of Special Assistant to the President's Office. 0 Alyssa Spencer Employee is the daughter of Trustee Vickie Riccardo 38254 Compensation for the position of Assistant Director of Stewardship. 0 Christopher Cannon Employee is the son of K. Cannon, Officer 48599 Compensation for position of Mail and Delivery Supervisor 0 Eric Epstein Trustee and Director Davidson Kempner 117541 Clark has an investment in funds managed by Davidson Kempner and paid management fees of approximately $117,541 to the partnership. As of July 24,2019, the University initiated a redemption of its interest in this partnership. 0 Jack Foley Officer of Clark, Trustee and Officer of Jonas Realty Corporation 182000 Clark leases 939 Main Street from Related Organization Jonas Realty Corp., of which Jack Foley is a Trustee. The rental expense paid to Jonas Realty Corp. in FY19 = $182,000. 0 Substantial contributor Substantial contributor, ownership interest in excess of 5% in Public Consulting Group 215520 Public Consulting Group purchases educational programs from Clark's Graduate School of Management for their employees. One of Clark's substantial contributors has an ownership interest in excess of 5% in PCG. 0 X 1 0 n/a X 0 n/a X 24 2338670 market value 0 0 1 0 Schedule M, Part I, Line 33 The University received one donation of artwork and one donation of books in FY19. Both are considered collections and were not recorded or capitalized for financial statement purposes. Independent appraisal of the artwork was $15,000. There was no independent appraisal of the books. Form 990, Header, Line B The Trustees of Clark University herein amend the originally filed form 990 for the year ending 5/31/2019 due to a correction in the allocation of compensation in Part IX lines 5 and 7. Changes to the original return are as follows: Part IX, Line 5, Column A, decrease of $68,311. Part IX, Line 5, Column B, decrease of $3,104, Part IX, Line 5, Column C, decrease of $65,207. Part IX, Line 7, Column A, increase of $68,311. Part IX, Line 7, Column B, increase of $3,104. Part IX, Line 7, Column C, increase of $65,207. Total expense in all columns remains unchanged. Form 990, Part VI, Section A, Line 2 Two of Clark's Trustees are related. Robert Stevenish and Robert Stevenish II are father and son. Form 990, Part VI, Section A, Line 7a Members of the Clark University Board of Trustees are responsible for the election of trustees for vacant positions. The Alumni Association recommends candidates to be the alumni trustees to the Board and the Board selects an alumni trustee annually. Form 990, Part VI, Section B, Line 11b The Audit Committee of the Board of Trustees was authorized and requested to review the administration's draft responses to the Form 990. This was completed at the February 13, 2020 meeting of the committee. The Board has authorized submission to the Internal Revenue Service with the approval of the Audit Committee. In addition, a draft of the 990 is posted on the trustee web page and each member is notified of the opportunity to review before submission. Form 990, Part VI, Section B, Line 12c Each trustee, senior administrator, and faculty member is required to complete annually a conflict of interest disclosure form. Faculty forms are reviewed by the Grants Office within the Office of Academic Affairs. Trustees and senior administrators' disclosures are reviewed by the Assistant Secretary of the Corporation and the Executive Vice President, who is also the Treasurer of the Board of Trustees. Form 990, Part VI, Section B, Line 15 Periodically, the Chairman of the Board of Trustees requests the Executive Vice President to provide comparable institution compensation data. Data is obtained from a combination of information disclosed in the Chronicle of Higher Education and from salary surveys, including those available from the College and University Personnel Association (CUPA). These data are submitted directly without editing. The Board Chair advises the full Board of Trustees of the compensation level of the President. The University also engages a professional compensation consultant and has established an Executive Compensation Committee. The Committee, which meets annually, is charged by the full Board of Trustees with establishing the President's compensation with the assistance of the consultant, who develops appropriate metrics and collects comparable institutional survey data. Form 990, Part VI, Section C, Line 19 Clark University's governing documents, conflict of interest policy and financial statements are all considered public documents. The governing documents, including the provisions of Jonas Clark's will, the by-laws of the University and the Articles of Incorporation are available for viewing in Goddard Library and are also publicly available as a result of several public debt issuances through the Massachusetts Development Finance Agency (MDFA). Financial statements are similarly available and are also posted on the University's website and through Guidestar. The conflict of interest policy is available upon request from the Board of Trustees and the Office of Sponsored Programs and Research. Form 990, Part XI, Line 9 Change in value of split interest agreement, -$331,992. Change in value of interest rate swap, -$558,099. Change in value of beneficial interest in outside trust, $29,464. Change in post-retirement health obligation, -$45,112. Settlement gain post-retirement health insurance liability, $624,128. Student loan activity-net, $40,018. Jonas Realty Corp 950 Main Street Worcester MA 01610 475234687 Support the Trustees of Clark University and similar nonprofit entities under Section 501(c)(3). MA 501(c)(3) 11c III FI Trustees of Clark University 1 Charitable Remainder Trust (19) 950 Main Street Worcester MA 01610 Charitable Trust MA N/A T 0 0 0 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 Jonas Realty Corp d 9700000 Original principal on four loans. Jonas Realty Corp k 182000 Negotiated rate-deemed fair market value. Schedule R, Part V, Line 1l Clark performed accounting services for Jonas Realty Corporation. The amount of the transaction is below the threshold for reporting on line 2.