2019-05-10T13:59:10-05:00 2018-06-30 043000523 O'CONNOR & DREW PC 25 BRAINTREE HILL OFFICE PARK SUITE 102 BRAINTREE MA 02184 990 2017-07-01 521859814 MONTSERRAT COLLEGE OF ART INC MONT 9789214242 23 ESSEX STREET BEVERLY MA 01915 KURT T STEINBERG PRESIDENT 9789214242 2019-02-26 1 JEFFREY J CARUSO P00303577 7817294949 2019-01-08 108.7.66.186 2019-02-26 18:23:50 ES P A1D1130AC5E4BADE0FA9E404A6095F4F43374566 1CC4C2D791CACE5E71676588577F228F2768B106 2017 2019-02-21 02:37:17Z KURT T STEINBERG 23 ESSEX STREET BEVERLY MA 01915 15350625 0 X WWW.MONTSERRAT.EDU X 1992 MA MONTSERRAT COLLEGE OF ART, IS A SMALL INDEPENDENT ART COLLEGE, WHICH PROVIDES AND INDIVIDUALIZED EDUCATION TO ARTISTS AND DESIGNERS THAT IS FOCUSED ON THE PROFESSIONAL AND PERSONAL SUCCESS OF EACH STUDENT. 24 23 296 0 0 0 831912 484089 13994852 14326507 34793 54420 51942 33720 14913499 14898736 4478862 4631172 0 0 5683088 5715481 0 0 170438 3979585 4139071 14141535 14485724 771964 413012 12699642 13090638 6944791 6915909 5754851 6174729 X FOUNDED BY WORKING CREATIVE PROFESSIONALS, MONTSERRAT COLLEGE OF ART PROVIDES AN INDIVIDUALIZED EDUCATION FOCUSED ON MAXIMIZING THE PROFESSIONAL AND PERSONAL SUCCESS OF EACH STUDENT. STRUCTURED AROUND EXPERIENTIAL LEARNING, STUDIO PRACTICE, LIBERAL ARTS, AND PROFESSIONAL PREPARATION, THE MISSION OF THE COLLEGE IS TO ENSURE THAT ITS GRADUATES LEAVE EQUIPPED WITH THE COMPETENCE, CONFIDENCE, AND HABITS OF MIND TO BUILD LIVES OF CREATIVE ENTERPRISE AND COMMUNITY ENGAGEMENT. MONTSERRAT RECOGNIZES ITS ROLE AS AN ECONOMIC DRIVER AND CULTURAL LEADER IN THE REGION. MONTSERRAT COLLEGE OF ART IS A NON-PROFIT, INDEPENDENT ART SCHOOL, ACCREDITED BY THE NATIONAL ASSOCIATION OF SCHOOLS OF ART AND DESIGN (NASAD) AND BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION (NECHE), THROUGH ITS COMMISSION ON INSTITUTIONS OF HIGHER EDUCATION TO AWARD THE BACHELOR OF FINE ARTS DEGREE IN 10 STUDIO CONCENTRATIONS. THE COLLEGE IS ALSO A MEMBER OF THE ASSOCIATION OF INDEPENDENT COLLEGES OF ART AND DESIGN. 0 0 10896884 4631172 14326507 MONTSERRAT HAS AN ACTIVE STUDENT BODY OF 361 STUDENTS AS OF FALL 2018 AND EMPLOYEES 70+ FACULTY MEMBERS. ITS SMALL SIZE ALLOWS FOR MORE ACADEMIC ATTENTION TO THE PROGRESS OF EACH INDIVIDUAL STUDENT. WE BELIEVE IN PREPARING OUR STUDENTS FOR SUCCESSFUL, ENJOYABLE CAREERS IN CREATIVE FIELDS. THAT'S WHY WE INCORPORATE EXPERIENCE-BASED LEARNING INTO OUR CURRICULUM AND ASSIST STUDENTS WITH FINDING MEANINGFUL INTERNSHIPS THAT MOST COMPLETE DURING THEIR JUNIOR YEAR. MONTSERRAT COLLEGE OF ART OFFERS A WIDE VARIETY OF ART, DESIGN AND WRITING PROGRAMS IN A STUDENT-CENTERED ENVIRONMENT THAT'S RIGOROUS, AND COLLABORATIVE. 10896884 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 1 0 1 0 0 0 1 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 47 0 1 296 1 0 0 0 0 0 1 1 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 MA X CARA CALLANAN 9789214242 23 ESSEX STREET BEVERLY MA 01915 HEIDI Z ADAM CHAIR, COUNCIL OF OVERSEERS 1.00 X X 0 0 0 JOYCE M MOORE TREASURER 1.00 X X 0 0 0 JOHN D COLUCCI IMMEDIATE PAST CHAIR 1.00 X 0 0 0 ALEX LAMB SECRETARY 1.00 X X 0 0 0 HENRIETTA GATES CHAIR 1.00 X X 0 0 0 MIRANDA P GOODING VICE CHAIR 1.00 X X 0 0 0 OLIVIA PARKER TRUSTEE 1.00 X 0 0 0 ALYSSA WATTERS TRUSTEE 1.00 X 0 0 0 WILLIAM S WASSERMAN TRUSTEE 1.00 X 0 0 0 MICHAEL R WHEELER TRUSTEE 1.00 X 0 0 0 KATHERINE B WINTER TRUSTEE 1.00 X 0 0 0 RICHARD O'CONNOR TRUSTEE 1.00 X 0 0 0 MARK HOFFMAN FACULTY REPRESENTATIVE 38.00 X 54512 0 18033 JUDY SCHMID TRUSTEE 1.00 X 0 0 0 RICHARD YAGJIAN TRUSTEE 1.00 X 0 0 0 RACHEL PERRY TRUSTEE 1.00 X 0 0 0 MEG WHITE TRUSTEE 1.00 X 0 0 0 SELVIN CHAMBERS TRUSTEE 1.00 X 0 0 0 SCOTT GLOSSERMAN TRUSTEE 1.00 X 0 0 0 JANUARY GILL O'NEIL TRUSTEE 1.00 X 0 0 0 BARBARA SCHAYE TRUSTEE 1.00 X 0 0 0 JOHN SUTYAK TRUSTEE 1.00 X 0 0 0 KENT WOSEPKA TRUSTEE 1.00 X 0 0 0 CHRIS KOEPLIN TRUSTEE 1.00 X 0 0 0 CARA CALLANAN CFO 38.00 X 105200 0 16445 STEPHEN IMMERMAN PRESIDENT THRU 6/30/18 38.00 X 350000 0 13173 HOWARD AMIDON DEAN OF DEVELOPMENT THRU 5/31/17 38.00 X 83999 0 5397 593711 0 53048 2 1 1 0 PETER W RICE LLC 32 SINGLETARY LN MARBLEHEAD MA 01945 GENERAL CONTRACTOR 250579 SECURITAS SECURITY SERVICES INC 1 HARBOR ST 301 BOSTON MA 02201 SECURITY 150895 2 184993 20000 279096 11381 484089 UNDERGRADUATE TUITION 611710 10802521 10802521 STUDENT HOUSING 611710 2531332 2531332 STUDENT FEES 611710 601873 601873 CONTINUING EDUCATION 611710 306631 306631 STUDENT ART SUPPLIES 611710 84150 84150 14326507 26461 26461 320327 292368 27959 27959 27959 147310 184993 159521 -12211 -12211 MISCELLANEOUS 611710 45931 45931 45931 14898736 14372438 0 42209 4606052 4606052 25120 25120 646759 72545 484818 89396 4244940 3302121 900253 42566 506256 384666 104615 16975 317526 228619 76206 12701 1920 1920 45420 45420 4895 4895 315204 75548 239656 198956 148697 50259 1312494 432956 879538 718694 525090 193604 363683 326073 37610 228207 170818 57389 539646 398898 140748 205575 99772 105803 MISCELLANEOUS EXPENSES 129591 93469 27322 8800 BAD DEBT 38365 38365 DUES AND SUBSCRIPTIONS 29981 29981 TRAINING 6440 6440 14485724 10896884 3418402 170438 2096443 2656735 35206 16852 232230 170019 67544 59302 173241 138861 17750640 8439898 9391342 9310742 703636 738127 12699642 13090638 546020 520449 655101 762815 5649270 5545045 94400 87600 6944791 6915909 X 4124073 4533169 1029695 1039977 601083 601583 5754851 6174729 12699642 13090638 413012 6866 0 X X 0 1 X 1 1 1 X X X TEACHING 1 729153 500 52911 21258 4895 756411 683322 931 70926 21258 4768 729153 704245 1000 17416 34546 4793 683322 738235 2514 2051 33571 4984 704245 630256 38729 87077 13200 4627 738235 0.79530 0.20470 1 0 613600 613600 12449202 4463017 7986185 397661 70008 327653 3701878 3318574 383304 588299 588299 0 9310742 STUDENT HOUSING DEPOSITS 87600 87600 X 10429056 6866 159521 166387 10262669 4895 4631172 4636067 14898736 10009178 159521 159521 9849657 4895 4631172 4636067 14485724 PART III, LINE 1A: COLLECTION ITEMS ACQUIRED EITHER THROUGH PURCHASE OR DONATION ARE NOT CAPITALIZED. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IF PURCHASED WITH UNRESTRICTED ASSETS AND AS DECREASES IN TEMPORARILY RESTRICTED OR PERMANENTLY RESTRICTED NET ASSETS IF PURCHASED WITH DONOR-RESTRICTED ASSETS. CONTRIBUTIONS OF COLLECTION ITEMS ARE NOT RECOGNIZED IN THE STATEMENT OF ACTIVITIES. PROCEEDS FROM DEACQUISITIONS OR INSURANCE RECOVERIES ARE REFLECTED ON THE STATEMENT OF ACTIVITIES BASED ON THE ABSENCE OR EXISTENCE AND NATURE OF DONOR-IMPOSED RESTRICTIONS. PART V, LINE 4: THE COLLEGE INTENDED USE OF ENDOWMENT FUNDS IS TO PROVIDE A PREDICTABLE STREAM OF REVENUE TO PROGRAMS SUPPORTED BY ENDOWMENT FUNDS. PART X, LINE 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES REQUIRE AN ENTITY TO ASSESS THE PROBABILITY THAT A TAX POSITION HAS A "MORE LIKELY THAN NOT" (MLTN) SUSTAINABILITY AFTER REVIEW BY TAX AUTHORITIES. IF A TAX POSITION IS DEEMED NOT TO MEET THIS THRESHOLD, ANY UNRECOGNIZED TAX BENEFITS AND COSTS ARE ESTIMATED AND RECOGNIZED. TAX RETURNS ARE ROUTINELY OPEN FOR REVIEW BY THE TAX AUTHORITIES FOR THREE YEARS FROM THEIR DUE DATE. IN CERTAIN CIRCUMSTANCES THE STATUTE OF LIMITATIONS MAY REMAIN OPEN INDEFINITELY. AS A NOT-FOR-PROFIT ENTITY EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE COLLEGE MAY, HOWEVER, BE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE 159,521. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 4,631,172. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSE 159,521. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 4,631,172. 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 COLLEGE DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS FROM THE NORTHEASTERN REGION OF THE UNITED STATES. THE COLLEGE'S NONDISCRIMINATION POLICY IS IN ALL BROCHURES ETC. AND ON THE COLLEGE'S WEBSITE. THE WEBSITE IS A MAJOR TOOL IN RECRUITING STUDENTS WORLDWIDE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FEDERAL AND STATE FINANCIAL AID FOR QUALIFIED STUDENTS AND DISBURSES THE FUNDS DIRECTLY TO THE QUALIFIED STUDENTS 0 ITALY 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM IN ITALY 54861 JAPAN 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM IN JAPAN 59724 SPAIN 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM IN SPAIN 28638 0 0 0 0 0 0 143223 0 143223 SCHOLARSHIP ASSISTANCE VIETNAM 1 ACCOUNT CREDIT 10000 0 0 0 0 0 0 ART SALE 45618 5828 39790 3968 250 24241 AUCTION 286685 179165 107520 35634 28564 500 66364 332303 184993 147310 35634 32532 750 90605 159521 -12211 1 NEED BASED SCHOLARSHIPS 216 679654 MERIT BASED SCHOLARSHIPS 360 3709296 OPEN HOUSE AWARDS 8 6350 HOUSING GRANT 83 174197 PART I, LINE 2: THE COLLEGE REVIEWS AND MAKES SURE ALL STUDENTS RECEIVING GOVERNMENT GRANTS ARE ELIGIBLE TO RECEIVE THOSE GRANTS BEFORE DISBURSEMENT OF FUNDS. X X 0 0 0 0 0 0 0 0 0 STEPHEN IMMERMAN PRESIDENT THRU 6/30/18 350000 0 0 0 0 0 0 0 13173 0 363173 0 0 0 HOWARD AMIDON DEAN OF DEVELOPMENT THRU 5/31/17 83999 0 0 0 0 0 0 0 5397 0 89396 0 0 0 STEPHEN ARCHER FINANCE COMMITTEE AND COUNCIL MEMBER 172155 THE COLLEGE RENTS STUDENT APPARTMENTS FROM A MEMBER OF THE FINANCE COMMITTEE. 0 MICHAEL WHEELER TRUSTEE THE TRUSTEE IS THE PRESIDENT OF BEVERLY BANK. THE COLLEGE HAS A DEPOSITORY ACCOUNT WITH THIS INSTITUTION. IN ADDITION, THIS INSTITUTION IS A PARTICIPANT IN THE COLLEGE'S DEBT. 0 JOHN ARCHER BROTHER OF TRUSTEE 19800 THE COLLEGE RENTS STAFF APPARTMENTS FROM THE BROTHER OF A MEMBER OF THE FINANCE COMMITTEE. 0 RICHARD YAGJIAN TRUSTEE 227 THE TRUSTEE IS THE PRESIDENT OF A COMPANY FROM WHICH THE COLLEGE PURCHASES SUPPLIES. 0 MIRANDA GOODING TRUSTEE 1057 THE TRUSTEE IS A PARTNER IN A LAW FIRM THAT PROVIDES LEGAL SERVICES TO THE COLLEGE. 0 JOHN COLUCCI TRUSTEE 10185 THE TRUSTEE IS A PARTNER IN A LAW FIRM THAT PROVIDES LEGAL SERVICES TO THE COLLEGE. 0 JO BRODERICK DEAN OF COLLEGE RELATIONS 7771 PRINTING SERVICES FROM A COMPANY OWNED BY HER HUSBAND 0 RACHEL PERRY TRUSTEE 1500 FEE TO BE THE COLLEGE'S COMMENCEMENT SPEAKER AND PARTICIPATE IN RELATED EVENTS (IN ADDITION, SHE RECEIVE $891 IN REIMBURSEMENT FOR OUT-OF-POCKET COSTS). NOTE, IN JULY 2018, RACHEL DONATED THIS FEE BACK TO THE COLLEGE. 0 FORM 990, PART VI, SECTION A, LINE 8B THE ONLY COMMITTEE WITH AUTHORITY IS THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE COLLEGE'S FORM 990 IS DISTRIBUTED TO THE BOARD FOR REVIEW AND APPROVAL BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES AND MANAGEMENT EMPLOYEES ARE REQUIRED TO SIGN A CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR KEY EMPLOYEES IS DETERMINED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE ASSUMES OVERSIGHT OF THE AUDIT OF THE COLLEGE'S FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUTANT. THE PROCESS HAD NOT CHANGED FROM PRIOR YEARS.