2018-04-25T09:08:45-05:00 2017-06-30 GRANT THORNTON LLP 75 State Street Boston MA 02109 990 2016-07-01 042103731 Merrimack College % BASIL A STEWART MERR 9788375000 315 Turnpike Street North Andover MA 01845 BASIL A STEWART SR.VP OF FINANCE 9788375000 2018-04-24 true Qi Wen Liang P01270238 6177237900 2018-04-24 209.220.136.124 04586620181155000000 2018-04-25 P BA058379474A1752DF67CCB43379E60BDBA18BD2 963DB610AA579511B1B9F3834DA9CF42AC0BBF4F 2016 2021-01-29 14:40:06Z Christopher Hopey 315 Turnpike Street North Andover MA 01845 201908624 false X www.merrimack.edu X 1947 MA TO PREPARE STUDENTS TO ADAPT CREATIVELY TO TOMORROW'S REALITIES THROUGH EXCELLENCE IN THE LIBERAL ARTS, SCIENCES, AND THE PROFESSIONS. 27 24 2019 68 679691 -311451 5600104 7218988 150202959 169390382 12053915 2240470 3344758 3405097 171201736 182254937 51570905 58925874 0 0 56346649 62856245 0 0 2912770 44912151 49407988 152829705 171190107 18372031 11064830 199865836 251432441 106606463 142361523 93259373 109070918 X INSPIRED BY THE CATHOLIC FAITH AND THE AUGUSTINIAN TRADITION, OUR VISION IS TO: (CONT. SCH. O) false false 96188700 58925873 136913565 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 3,400 UNDERGRADUATE STUDENTS AND 550 GRADUATE STUDENTS. 21061876 0 35216793 AUXILIARY SERVICES: A PRIMARILY RESIDENTIAL 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 ARENA. 26436196 0 0 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. 9690555 0 0 ACADEMIC SUPPORT EXPENDITURES 9690555 0 0 153377327 true true false true false false false false false true true false false true true true true false true false true false true false true false false false true true true false false false false false false true false false false true false false false false true true false false false true 5415 0 true 2019 true true true false false false false true true false false false false X 27 24 true true false false false false false true true false false true true true true true true true true false AK MD MA MI NH NY OK OR SC X X BASIL A STEWART 9788375000 315 TURNPIKE STREET North Andover MA 01845 CHRISTOPHER E HOPEY PRESIDENT 40.0 0.0 X X 846406 0 140116 MICHAEL K CROWE CHAIRMAN 1.0 0.0 X X 0 0 0 ALFRED J ARCIDI VICE CHAIR 1.0 0.0 X X 0 0 0 GARY N MCCLOSKEY VICE CHAIR 1.0 0.0 X X 0 0 0 JOHN T BOYCE SECRETARY 1.0 0.0 X X 0 0 0 ANDREA ROBERTSON TREASURER 1.0 0.0 X X 0 0 0 THOMAS J KINTON IMMEDIATE PAST CHAIR(THRU 6/17 1.0 0.0 X X 0 0 0 PHILIP M ARCIDI TRUSTEE 1.0 0.0 X 0 0 0 KAREN J CAMBRAY TRUSTEE 1.0 0.0 X 0 0 0 FR DAVID A CREGAN TRUSTEE 1.0 0.0 X 0 0 0 FR MICHAEL F DI GREGORIO TRUSTEE 1.0 0.0 X 0 0 0 REV PETER M DONOHUE TRUSTEE 1.0 0.0 X 0 0 0 ROBERT F EDMUNDS JR TRUSTEE (THRU 4/17) 1.0 0.0 X 0 0 0 MARY GORHAM FRANCO TRUSTEE 1.0 0.0 X 0 0 0 FR FRANCIS J HORN TRUSTEE 1.0 0.0 X 0 0 0 KAREN KALIL-BROWN TRUSTEE (THRU 6/17) 1.0 0.0 X 0 0 0 DENNIS J LEONARD TRUSTEE 1.0 0.0 X 0 0 0 KEVIN J LUCEY TRUSTEE 1.0 0.0 X 0 0 0 TIMOTHY MCCOY TRUSTEE (THRU 6/17) 1.0 0.0 X 0 0 0 MARYBETH MCINNIS TRUSTEE (THRU 6/17) 1.0 0.0 X 0 0 0 PAUL L MUCCI TRUSTEE 1.0 0.0 X 0 0 0 HOSFFMAN OSPINO TRUSTEE 1.0 0.0 X 0 0 0 JOHN PASINI TRUSTEE 1.0 0.0 X 0 0 0 MICHAEL E SHUNNEY TRUSTEE (THRU 6/17) 1.0 0.0 X 0 0 0 LEE D SLATTERY TRUSTEE 1.0 0.0 X 0 0 0 PATRICK J SULLIVAN TRUSTEE 1.0 0.0 X 0 0 0 ROBERT J ZATTA TRUSTEE 1.0 0.0 X 0 0 0 TIMOTHY MURPHY TRUSTEE 1.0 0.0 X 0 0 0 BASIL A STEWART SR. VP OF FINANCE AND CFO 40.0 0.0 X 290889 0 48020 JEFFREY DOGGETT EXECUTIVE VICE PRESIDENT/COO 40.0 0.0 X 286690 0 50107 NICHOLAS MCDONALD VICE PRESIDENT/GENERAL COUSEL 40.0 0.0 X 198970 0 16040 CAROL GLOD SR VP/PROVOST (THRU 12/16) 40.0 0.0 X 240431 0 32310 ALLAN WEATHERWAX SR VP/PROVOST (AS OF 01/17) 40.0 0.0 X 210519 0 42601 MARK DENNEHY ASSOC ATHLET DIR/HOCKEY COACH 40.0 0.0 X 288244 0 22525 SARA BRAZDA SVP OF DEV & ALUMNI RELATIONS 40.0 0.0 X 223740 0 20400 MARK CORDANO DEAN-SCHOOL OF BUSINESS 40.0 0.0 X 214180 0 26065 MARK COLLINS VP FOR ADMINISTRATION 40.0 0.0 X 201794 0 4720 WILLIAM KLINE FORMER CFO 0.0 0.0 X 150052 0 0 3151915 0 402904 84 true true false Vanasse Hangen Brustlin Inc 101 Walnut Street WATERTOWN MA 02471 Engineer/Planning 488442 Holland Knight LLP 10 St James Avenue BOSTON MA 02116 Legal Services 484238 Brothers of the Order of Hermits 196 Elm Street ANDOVER MA 01810 Admin & Instruction 472944 DSK Dewing Schmid Kearns 30 Monument Square CONCORD MA 01742 Architects 461369 PBD Partners LLC 625 Massachusetts Avenue CAMBRIDGE MA 02139 Graphic Design 372627 23 59025 1292655 5867308 90347 7218988 TUITION AND FEES 611710 136913565 136913565 ROOM AND BOARD 721000 32476817 32476817 169390382 1427990 -3209 1431199 0 0 0 0 0 20433878 19621398 812480 812480 12710 800386 27220 59025 32289 -5069 -5069 0 0 0 0 0 0 ATHLETIC EVENT TICKET SALES 900099 357828 357828 DEFERRED CONTRACT REVENUE 900099 432465 432465 ICE RINK RENTALS 900099 571020 571020 2048853 1949683 99170 3410166 182254937 172130358 679691 2226516 0 58559147 58559147 366727 366727 0 1941713 1519313 211418 210982 0 47666414 40773765 5520810 1371839 2618770 2109499 428266 81005 7292317 5908616 1079532 304169 3337031 2791247 453780 92004 0 462168 44534 417634 334683 334683 0 0 125000 125000 6359623 4475584 1755520 128519 801238 793205 5913 2120 2348895 1619911 580577 148407 2291445 1431608 837693 22144 0 5465124 5027665 423377 14082 2490699 2278248 106306 106145 0 544758 426316 118166 276 3612159 3589967 22140 52 0 5580182 5308185 271873 124 1125698 1049921 70407 5370 FOOD SERVICE EXPENSE 8412341 7898897 439491 73953 SPECIAL EVENT EXPENSE 2253181 1355413 622617 275151 EQUIP. RENTAL & MAINTENANCE 1997756 1864949 125937 6870 LEASE & RENTAL EQUIPMENT 1199475 1106892 57715 34868 4003563 3077718 891155 34690 171190107 153377327 14900010 2912770 6450 6450 19141243 28259841 2197219 3124235 3838748 4886843 0 0 0 0 0 0 0 0 1309593 636968 220388283 99091780 108155330 121296503 47832842 52802996 2735606 2297930 0 0 0 0 14648805 38120675 199865836 251432441 11248973 13008971 0 0 7862300 13927812 86092556 114112607 0 0 0 0 15089 0 0 0 1387545 1312133 106606463 142361523 X 50708346 62597629 18281287 21619266 24269740 24854023 93259373 109070918 199865836 251432441 X 11064830 3756391 990324 X false true X true true true X 3189647 2765548 7084001 5600104 7218988 25858288 0 0 3189647 2765548 7084001 5600104 7218988 25858288 3683231 22175057 1024171 1375185 1433004 1189456 1427990 6449806 0 86926 34640 37479 36050 27220 222315 32530409 682678125 0.68167 0.66376 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true false LOBBYING ACTIVITIES PART II-B, LINE 1I 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. 49914139 596344 5710950 1232632 629596 54359205 51275154 444480 56733 1155272 706956 49914139 46564537 4672496 1900349 1074518 787710 51275154 39457566 404889 7789877 1020294 67501 46564537 35083804 1169317 5378020 932851 1240724 39457566 0.25000 0.45000 0.30000 false false 1875502 1875502 150530102 53220349 97309753 2338699 1021807 1316892 38832076 34550991 4281085 26811904 10298633 16513271 121296503 DEPOSITS WITH BOND TRUSTEES 38007822 OTHER ASSETS 112853 38120675 0 REFUNDABLE ADV. - US GOV'T GRANTS 1312133 1312133 X 127983068 3756391 -57935549 -54179158 182162226 125000 -32289 92711 182254937 112171523 32289 32289 112139234 125000 58925873 59050873 171190107 INTENDED USES OF ENDOWMENT FUNDS SCHEDULE D, 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. FIN 48- ASC 470 SCHEDULE D, PART X, LINE 2 THE COLLEGE IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AS AMENDED (THE "CODE"), AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT THERE WERE NO SUCH POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. SUPPLEMENTAL DESCRIPTION - OTHER SCHEDULE D, PART XI, LINE 2D NET CHANGE IN SPLIT INTEREST VALUE ($19,307) UNIVERSITY FUNDED FINANCIAL AID - TUITION DISCOUNT ($58,925,873) REVERSED ACCRUAL RELATED TO FEDERAL PERKINS LOAN PROGRAM $1,009,631 _____________ TOTAL ($57,935,549) ============= SUPPLEMENTAL DESCRIPTION - OTHER SCHEDULE D, PART XI, LINE 4B FUNDRAISING EXPENSES INCLUDED ON FORM 990, PART VIII ($32,289) SCHEDULE D, PART XII, LINE 2D FUNDRAISING EXPENSES INCLUDED ON FORM 990, PART VIII $32,289 SUPPLEMENTAL DESCRIPTION - OTHER SCHEDULE D, PART XII, LINE 4B UNIVERSITY FUNDED FINANCIAL AID - TUITION DISCOUNT $58,925,873 true true true true true true true false false false false false false false false true false true PUBLICATION OF RACIALLY NONDISCRIMINATORY POLICY 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. GOVERNMENT ASSISTANCE 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. true East Asia and the Pacific Program Services Study Abroad 354392 Europe (Including Iceland and Greenland) Program Services Study Abroad 1072790 South America Program Services Study Abroad 16099 East Asia and the Pacific Grantmaking 106500 Europe (Including Iceland and Greenland) Grantmaking 255127 South America Grantmaking 5100 1810008 1810008 Scholarship Aid East Asia and the Pacific 18 106500 Acct Credit Scholarship Aid Europe (Including Iceland and Greenland) 45 255127 Acct Credit Scholarship Aid South America 1 5100 Acct Credit true false true false false false PROCEDURE FOR MONITORING USE OF GRANT FUNDS OUTSIDE U.S. SCHEDULE F, 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 86245 59025 27220 27541 4748 0 86245 59025 27220 27541 4748 32289 -5069 true Student Scholarships 3704 58559146 PROCEDURE FOR MONITORING USE OF GRANT FUNDS INSIDE U.S. 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 true true X X X X true true false false false false false true false CHRISTOPHER E HOPEY PRESIDENT 465079 0 341800 0 39527 0 112525 0 27591 0 986522 0 50000 0 BASIL A STEWART SR. VP OF FINANCE AND CFO 255458 0 35000 0 431 0 22470 0 25550 0 338909 0 0 0 JEFFREY DOGGETT EXECUTIVE VICE PRESIDENT/COO 260589 0 25000 0 1101 0 22525 0 27582 0 336797 0 0 0 NICHOLAS MCDONALD VICE PRESIDENT/GENERAL COUSEL 188700 0 10000 0 270 0 16040 0 0 0 215010 0 0 0 WILLIAM KLINE FORMER CFO 0 0 0 0 150052 0 0 0 0 0 150052 0 0 0 CAROL GLOD SR VP/PROVOST (THRU 12/16) 234141 0 5000 0 1290 0 20175 0 12135 0 272741 0 0 0 ALLAN WEATHERWAX SR VP/PROVOST (AS OF 01/17) 199079 0 7000 0 4440 0 17510 0 25091 0 253120 0 0 0 MARK DENNEHY ASSOC ATHLET DIR/HOCKEY COACH 269063 0 13781 0 5400 0 22525 0 0 0 310769 0 0 0 SARA BRAZDA SVP OF DEV & ALUMNI RELATIONS 207450 0 15000 0 1290 0 17850 0 2550 0 244140 0 0 0 MARK CORDANO DEAN-SCHOOL OF BUSINESS 205890 0 7000 0 1290 0 17705 0 8360 0 240245 0 0 0 MARK COLLINS VP FOR ADMINISTRATION 193004 0 7500 0 1290 0 0 0 4720 0 206514 0 0 0 SOCIAL CLUB DUES SCHEDULE J, 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 RENTAL VALUE IS TREATED AS TAXABLE COMPENSATION AND IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(iii). SEVERANCE ARRANGEMENT SCHEDULE J, PART I, LINE 4A THE FORMER CFO RECEIVED A PAYMENT OF $150,052 DURING THE CALENDAR YEAR 2016 PER THE TERMS OF HIS SEPARATION AGREEMENT. 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 ASSOCIATE ATHLETIC DIRECTOR AND HEAD COACH OF THE MEN'S ICE HOCKEY PROGRAM'S EMPLOYMENT CONTRACT INCLUDES A SEVERANCE PROVISION THAT PROVIDES TWELVE MONTHS OF BASE SALARY. NO AMOUNTS WERE PAID UNDER THIS PROVISION DURING THE CURRENT YEAR. 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 $90,000 TO PRESIDENT HOPEY'S DEFERRED COMPENSATION ACCOUNT IN FISCAL YEAR 2017 WHICH IS REPORTED IN SCHEDULE J, PART II, COLUMN C. PRESIDENT HOPEY RECEIVED $250,000 THAT VESTED AND WAS TAXABLE IN CALENDAR YEAR 2016 WHICH IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(ii). $50,000 OF THE PAYOUT WAS REPORTED AS DEFERRED COMPENSATION IN THE PRIOR FORM 990 AND THUS REPORTED IN SCHEDULE J, PART II, COLUMN F. NON-FIXED PAYMENTS SCHEDULE J, 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. A massachusetts development finance agency 043431814 57583USE9 2012-08-13 64209436 refund bond issue and construction false false false B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583UL48 2014-07-10 21817579 CONSTRUCTION PROJECTS false false false C Massachusetts Development Finance Agency 043431814 57584XQ87 2017-05-24 30802795 CONSTRUCTION PROJECTS false false false A 0 0 64209436 4194250 1466508 32886024 973098 0 0 24689556 0 0 2013 true false true true B 0 0 21868813 0 1345846 0 469766 0 0 20053201 0 0 2015 false false true true C 0 0 30807319 0 0 0 514487 0 0 0 0 30292832 false false false true A false false false false 0 false false false true B false false true true false 0 0.00500 0.00500 false false false true C false false false false 0 false false false true A false true false false 0 false 0 false true B false true false false 0 false 0 false true C false true false false 0 false 0 false true A true B true C true 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 $4,524. 6500 MERIT SCHOLARSHIPS EDUCATION test test test SCHEDULE L, PART III SCHOLARSHIPS BENEFITTING INTERESTED PERSONS THE COLLEGE GRANTED MERIT SCHOLARSHIPS TO TWO STUDENTS WHO ARE THE CHILDREN OF CURRENT MEMBERS OF THE BOARD OF TRUSTEES. THE COLLEGE ENSURES THE GRANTS WERE AWARDED BASED ON MERIT TO ELIGIBLE STUDENTS WHO MET THE REQUIRED ACADEMIC STANDING. THE TRUSTEES DO NOT HAVE ANY INFLUENCE IN THE DECISION MAKING PROCESS FOR AWARDING SCHOLARSHIPS. X 11 90347 FMV false true false NUMBER OF ITEMS RECEIVED PART I, COLUMN B AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. ORGANIZATION'S MISSION FORM 990, PART III, LINE 1 (CONTD.) A. PREPARE STUDENTS TO ADAPT CREATIVELY TO TOMORROW'S REALITIES THROUGH EXCELLENCE IN THE LIBERAL ARTS, SCIENCES, AND THE PROFESSIONS. B. BUILD A COMMUNITY OF SCHOLARS WELCOMING AND RESPECTING A DIVERSITY OF BACKGROUNDS, EXPERIENCES, BELIEFS, AND PERSPECTIVES. C. CULTIVATE THE INTELLECTUAL, MORAL, SPIRITUAL, PHYSICAL, AND PERSONAL AWARENESS NEEDED TO MAKE WISE CHOICES FOR LIFE, CAREER, AND SERVICE. D. ENCOURAGE AND SUPPORT SCHOLARLY WORK THAT CONTRIBUTES TO THE WISDOM ON WHICH SOCIETY BASES ITS DECISIONS. E. ENGAGE OTHER EDUCATIONAL INSTITUTIONS, INDUSTRIES, AND AGENCIES OF SOCIAL CHANGE IN COLLABORATIVE EFFORTS FOSTERING A JUST, PEACEFUL, AND SUSTAINABLE WORLD. TRUSTEE RELATIONSHIPS FORM 990, PART VI, LINE 2 ALFRED J. ARCIDI AND PHILIP M. ARCIDI HAVE A FAMILY RELATIONSHIP. MANAGEMENT AGREEMENT FORM 990, PART VI, 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 2016, 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 REVIEW PROCESS FORM 990, PART VI, 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 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. CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT FORM 990, PART VI, LINE 12C THE COLLEGE REQUIRES THE PRESIDENT, SENIOR VP FOR FINANCE AND CFO, SENIOR VP OF ADMINISTRATION AND COO, 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. PROCESS FOR DETERMINING COMPENSATION 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 PRESIDENTIAL 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. PROCESS FOR DETERMINING COMPENSATION 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. HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC FORM 990, PART VI, 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. OTHER CHANGES IN NET ASSETS FORM 990, PART XI, LINE 9 NET CHANGE IN SPLIT INTEREST VALUE ($19,307) REVERSED ACCRUAL RELATED TO FEDERAL PERKINS LOAN PROGRAM $1,009,631 _____________ TOTAL $990,324 ============= CHARITABLE REMAINDER TRUST (1) NA true false false false false false false false false false false false false false false false false false false false