2017-05-15T12:36:23-05:00 2016-06-30 KPMG LLP 345 Park Avenue New York NY 101540102 990 2015-07-01 221487354 STEVENS INSTITUTE OF TECHNOLOGY % LOUIS MAYER EDD STEV 2012168761 One Castle Point on Hudson Hoboken NJ 07030 LOUIS MAYER VP FINANCE/TREASURER 2012165000 2017-05-15 true PHILIP GROFF P01247783 2127589700 2017-05-12 2015 2021-01-29 14:40:06Z LOUIS MAYER One Castle Point on Hudson Hoboken NJ 07030 426026928 false X www.stevens.edu X 1870 NJ The organization's primary exempt purpose is to provide educational is to provide educational services to individuals in pursuit of undergraduate, masters and doctorate degrees and to conduct research. 26 24 3348 257 104389 -9612 25805184 8675979 262172197 278146308 13122901 4024730 4474371 4496506 305574653 295343523 63568371 67821000 0 0 123644401 131468018 0 0 3509637 84428118 82671327 271640890 281960345 33933763 13383178 381928126 393749845 118203122 125181922 263725004 268567923 X STEVENS INSTITUTE OF TECHNOLOGY WAS FOUNDED IN 1870. THE INSTITUTE IS A NON-PROFIT RESEARCH UNIVERSITY OFFERING MORE THAN 30 UNDERGRADUATE MAJORS INCLUDING PROGRAMS IN ENGINEERING, THE SCIENCES, COMPUTER SCIENCE, BUSINESS, AND THE HUMANITIES; AND GRADUATE LEVEL COURSES IN A RANGE OF DISCIPLINES LEADING TO THE MASTERS AND PHD DEGREES. ACADEMIC RESEARCH IS CARRIED OUT AT EVERY LEVEL OF THE INSTITUTE. THE MISSION OF THE INSTITUTE IS ACCOMPLISHED BY THE ACHIEVEMENT OF THE FOLLOWING CORE GOALS: PROVIDING STUDENTS WITH A BROAD-BASED, MULTIDISCIPLINARY LEARNING EXPERIENCE IN THE SCIENCES, ENGINEERING, BUSINESS AND LIBERAL ARTS WHILE STRESSING THE FUNDAMENTAL CONCEPTS, TECHNIQUES AND ATTITUDES THAT UNDERLIE DIFFERENT BRANCHES OF TECHNOLOGY; PROMOTING THE PERSONAL DEVELOPMENT OF THE STUDENT, DEMONSTRATED BY A SENSE OF ETHICAL RESPONSIBILITY, AWARENESS OF THE SOCIETAL IMPACT OF THEIR PROFESSIONS, DEVELOPMENT OF LEADERSHIP AND TEAM SKILLS, AND A LOVE OF LEARNING; CREATING KNOWLEDGE THROUGH WORLD- false false 200266526 67821000 218099998 Educational Instruction: In the academic year 2015-2016, Stevens' enrollment was 2976 undergraduate students and 3623 graduate students. 554 students graduated with bachelor of engineering, science or arts degrees, 1484 students received master's in engineering, science, business administration or arts. 46 PHD degrees were also conferred. In addition, Stevens collaborated with numerous domestic and international universities and other educational programs to provide courses and training to international students. Stevens emphasizes innovation and teaches entrepreneurship throughout its curriculum with the aim of enabling the integration of technological and market knowledge. 25558921 28058397 Student Life: Stevens Institute maintains a 55 acre campus in Hoboken, New Jersey and provides students with on campus and off campus housing as well as several dining facilities. Close interactions between professors and students allow for greater academic and social development. There are over 120 clubs, organizations and varsity sports that offer the students ample opportunity to participate, broaden and enrich their student life. The S.C. Williams library serves as the Institute's intellectual, cultural and social center capitalizing on a resourceful staff and new technologies to foster a stimulating environment for teaching, learning and scientific discovery. 28109674 32109201 Research: The research enterprise includes academic research, national research centers and cross-disciplinary research initiatives with affiliated organizations and infrastructure. Creative and entrepreneural research is an integral part of the Stevens Mission. The Institute has been recognized by both the U.S. Department of Defense and the Department of Homeland Security as a national center of excellence in the areas of systems engineering, port security and information assurance. 253935121 true true false true false false false true false true true true false false true true false true true true true false false false true false false false true true true false false false false false false false false false false true true false false false true true false false false true 281 0 true 3348 true true true true DR false false false true true false false false false X 26 24 false true false false false false false true true false false true true true true true true true true false X X LOUIS MAYER EDD 2012168761 5 MARINE VIEW PLAZA SUITE 501 Hoboken NJ 07030 X Virginia P Ruesterholz Chairman/Trustee 3.0 0.0 X X 0 0 0 Stephen T Boswell Vice Chairman/Trustee 1.0 0.0 X X 0 0 0 Thomas A Corcoran Vice Chairman/Trustee 1.0 0.0 X X 0 0 0 Richard R Roscitt Vice Chairman/Trustee 1.0 0.0 X X 0 0 0 John A Schepisi Vice Chairman/Trustee 1.0 0.0 X X 0 0 0 Shane Q Arlington Trustee Start Date 5/24/16 1.0 0.0 X 0 0 0 Lawrence T Babbio Jr Trustee 1.0 0.0 X 0 0 0 Alan F Blumberg Trustee/Professor 55.0 0.0 X 303443 0 28927 Michael F Cahill Trustee 1.0 0.0 X 1084 0 0 Philip P Crowley Trustee 1.0 0.0 X 0 0 0 John R Dearborn Trustee 1.0 0.0 X 0 0 0 Joseph G DiPompeo Trustee 1.0 0.0 X 0 0 0 Steven M Feller Trustee to 10/30/15 1.0 0.0 X 0 0 0 Emilio A Fernandez Trustee 1.0 0.0 X 0 0 0 Samantha S George Trustee 1.0 0.0 X 0 0 0 John Sean J Hanlon IV Trustee 1.0 0.0 X 0 0 0 Owen Jappen Trustee to 10/30/15 1.0 0.0 X 0 0 0 Daniella Kranjac Trustee Start Date 5/24/16 1.0 0.0 X 0 0 0 Rainer Martini Trustee/Professor 55.0 0.0 X 150340 0 28351 Lisa M Mascolo Trustee 1.0 0.0 X 0 0 0 Thomas J Moschello Trustee 1.0 0.0 X 0 0 0 Spyros Polemis Trustee to 12/31/15 1.0 0.0 X 0 0 0 Samuel Reckford Trustee Start Date 5/24/16 1.0 0.0 X 0 0 0 Annmarie Rizzo Trustee 1.0 0.0 X 0 0 0 Ronald E Salluzzo Trustee 1.0 0.0 X 0 0 0 Thomas H Scholl Trustee 1.0 0.0 X 0 0 0 Frank J Semcer Trustee 1.0 0.0 X 0 0 0 Henrik C Slipsager Trustee 1.0 0.0 X 0 0 0 J Scott Swensen Trustee 1.0 0.0 X 0 0 0 Nariman Farvardin President 55.0 0.0 X 825298 0 23991 Joseph Cassidy AVP Finance Start 6/13/16 55.0 0.0 X 0 0 0 Beth Libow LeFante Asst GENERAL COUNSEL/Asst. Sec 55.0 0.0 X 102383 0 14979 Louis Mayer VP FINANCE/TREAS Start 3/16/15 55.0 0.0 X 343683 0 31920 Helen Oberle Exec. Asst/Asst. Sec 55.0 0.0 X 60061 0 15939 Kathy L Schulz VP, GENERAL COUNSEL/Secretary 55.0 0.0 X 347597 0 30215 Elizabeth Shelton AVP Investments/Assist Treas 55.0 0.0 X 193547 0 17709 Mary Wheeler AVP Fin/Asst Treas to 6/10/16 55.0 0.0 X 207360 0 33335 Michael Bruno Dean to 1/06/16 55.0 0.0 X 381794 0 38065 Mohammad Dehghani Vice Provost 55.0 0.0 X 403463 0 23991 David Dodd VP FOR INFO TECHNOLOGY 55.0 0.0 X 247379 0 37986 George Korfiatis PROVOST 55.0 0.0 X 560338 0 43266 Robert Maffia VP FOR FACILITIES 55.0 0.0 X 270433 0 42432 MaryBeth Murphy VP ENROLLMENT MANAGEMENT 55.0 0.0 X 268215 0 34023 Gregory Prastacos DEAN 55.0 0.0 X 359139 0 45082 William Brodie Remington VP Development 55.0 0.0 X 325040 0 26641 Mark Samolewicz VP Human Resources to 12/31/15 55.0 0.0 X 179757 0 31040 Keith Sheppard Interim Dean 55.0 0.0 X 194549 0 33956 Dinesh Verma DEAN 55.0 0.0 X 404791 0 42559 William Rouse PROFESSOR 55.0 0.0 X 363307 0 22132 Constantin Chassapis VICE PROVOST 55.0 0.0 X 324796 0 42559 Ralph G Giffin III VICE PROVOST 55.0 0.0 X 318983 0 18373 Hady Salloum ASSOC DEAN 55.0 0.0 X 291055 0 20283 Alexei Miasnikov PROFESSOR 55.0 0.0 X 287694 0 31958 Randy Greene VP FINANCE/TREAS To 1/31/15 55.0 0.0 X 532244 0 2724 8247773 0 762436 289 true true false Compass Group USA Inc 2400 YORKMONT ROAD CHARLOTTE NC 28217 Food Service Mgmt 6598590 UGL SVCS UNICCO OPERATIONS CO 275 GROVE ST STE 3-200 AUBURNDALE MA 02466 MAINTENANCE 1956431 GEORGIA TECH RESEARCH PO BOX 100117 ATLANTA GA 30384 RESEARCH/MONITORING 1613626 OA PETERSON CONSTRUCTION CO INC 78 NORTH WILLOW ST MONTCLAIR NJ 07042 Construction 1440611 Workday Inc 6230 stone ridge Mall Rd PLEASANTON CA 94588 Software/Consulting 987000 151 48523 1495992 7131464 1125575 8675979 TUITION & FEES 611600 218099998 218099998 RESEARCH REVENUE 541610 32109201 32109201 STUDENT HOUSING 611710 19746548 19746548 STUDENT DINING 611710 8190561 8190561 278146308 3335552 -3050 3338602 0 26253 26253 117319 117319 0 117318 1600 115718 130735632 5000 130027509 23945 708123 -18945 689178 689178 33905 48523 9404 24501 24501 0 796080 622547 173533 2599 170934 INSURANCE RECOVERIES 900099 300626 300626 AQUATICS 713940 217026 121288 95738 PARKING 812930 392401 392401 3244848 7502 3237346 4154901 295343523 278267596 104389 8295559 50565 50565 67770435 67770435 0 0 6165233 2570582 3260455 334196 0 101767952 90268080 9554168 1945704 4976976 4349803 485708 141465 12619422 11029187 1231543 358692 5938435 5190104 579538 168793 0 1168636 849918 318718 683576 683576 300500 300500 0 847564 847564 14874394 11807654 2872042 194698 582903 307239 275457 207 2433446 1775502 495583 162361 854033 727613 126163 257 0 13073728 12887506 186222 3978000 3769036 117820 91144 0 433581 385425 47441 715 3764581 3736766 27815 0 10797752 9750356 1047396 1272796 1250548 22248 REPAIRS & MAINTENANCE 6556532 5771792 782906 1834 RESEARCH CONTRACTS 7442909 7440037 2872 HOSPITALITY 2747110 2243492 476907 26711 RENTAL EQUIPMENT 2042832 1607047 423211 12574 8816454 7548870 1197298 70286 281960345 253935121 24515587 3509637 16269030 27522438 901378 848332 21806121 20230037 26136123 23445553 0 0 0 0 0 0 423695 480131 1954600 1086679 298895906 148041912 139283423 150853994 102741960 123251670 64371999 38972291 0 0 0 0 8039797 7058720 381928126 393749845 18253044 20514462 0 0 11952307 10987887 70063972 65996067 0 0 0 0 0 0 0 0 17933799 27683506 118203122 125181922 X 56107821 63812157 115314804 114192746 92302379 90563020 263725004 268567923 381928126 393749845 X 13383178 -6843272 -1696987 X false true X true true true X 11295493 25009202 17560864 25805184 8675979 88346722 0 0 11295493 25009202 17560864 25805184 8675979 88346722 15972993 72373729 1860847 4048925 3759802 2793076 3490579 15953229 0 3288130 5265887 4934792 5218877 4760448 23468134 127768085 1201078610 0.56645 0.58174 X Schedule A, Part II, LINE 10 - DETAIL OF OTHER INCOME GROSS INCOME FROM FUNDRAISING ACTIVITIES $ 33,905 GROSS SALES OF INVENTORY 796,080 INSURANCE RECOVERIES 300,626 PARKING 392,401 ALL OTHER REVENUE $3,237,436 ___________ TOTAL OTHER INCOME $4,760,448 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 362384 false false 362384 false Part II-B, Line 1G - Lobbying The Stevens Institute of Technology does not directly engage in any lobbying activities; the Institute hired various outside consultants to undertake lobbying activities related to educational and other mission related initiatives on its behalf. Staff participates indirectly in activities such as meeting with New Jersey and Hoboken elected and appointed officials to promote Stevens and its priority programs and initiatives such as capital projects and funding initiatives. In addition, they provide oversight to outside consultants and are directly engaged in activities related to Stevens' federal research initiatives. 269955 X X X false false 173680721 1908265 -3516117 6048208 166024661 173055379 3683046 1490160 4547864 173680721 155748717 8484292 14109353 5286983 173055379 141416999 5544879 14042029 5255190 155748717 144100616 2197390 1391552 6272559 141416999 0.04970 0.51810 0.43220 true false 1763196 1763196 221372779 113415627 107957152 46462209 32867285 13594924 27538722 27538722 150853994 ALTERNATIVE INVESTMENTS 17380304 F TRUSTS HELD BY OTHERS 3650230 F SPLIT INTEREST AGREEMENTS 3054038 F OTHER 90872 F PRIVATE EQUITY 14796847 F 38972291 0 ACCRUED POST RETIREMENT BENEFIT OBLIGATION 6176123 ANNUITIES PAYABLE 2261374 CONDITIONAL ASSET RETIREMENT 6262607 REFUNDABLE ADVANCES 5357850 LINE OF CREDIT 2100000 CAPITAL LEASE OBLIGATION 5525552 27683506 X 218890940 -6843272 -1708918 -8552190 227443130 847563 67052830 67900393 295343523 214066584 6632 622547 629179 213437405 847563 67675377 68522940 281960345 Collections of Art, Historical Treasures - FORM 990, SCHEDULE D, PART III Various Pieces of art that have been donated are on public display for the enrichment and enjoyment of visitors, faculty, staff and students. Endowment Funds - FORM 990, SCHEDULE D, PART V, LINE 4 The University's endowment fund is intended to support scholarships for undergraduate and graduate students and to provide financial assistance for programs and services conducted by the University. Income Taxes - FORM 990, SCHEDULE D, PART X The University has been classified as an organization described under Section 501(c)(3) of the Internal Revenue Code (the "Code") and, therefore, is exempt from Federal income taxes under Section 501(a) of the Code and similar State of New Jersey tax provisions. Federal law imposes tax on income that is not related to an organization's tax-exempt purposes or otherwise excluded under the Code. The University has processes presently in place to ensure the maintenance of its tax-exempt status, to identify and report unrelated income, determine its filing and tax obligations in jurisdictions for which it has nexus, and to review other matters that may be considered tax positions. Management of the University believes there are no uncertain tax positions. The tax years ended 2013, 2014, 2015, and 2016 are still open to audit for federal purposes. SCHEDULE D, PART XI, LINE 2D Other Revenue on books not On Return: Post-Retirement Benefit Changes Other Than Net Periodic Costs $(997,125) Change In Value Of Split-Interest Agreements (11,793) ---------- Total $(1,708,918) SCHEDULE D, PART XI, LINE 4B SCHOLARSHIPS reclass to expenses $67,675,377 BOOK STORE COSTS OF GOODS SOLD (622,547) ------------ TOTAL $67,052,830 Schedule D, Part XII, Line 2d Other Expenses included on books not on return BOOKSTORE COSTS OF GOODS SOLD $(622,547) Schedule D, Part XII, Line 4b Other Expenses Included on the Return but Not on Books SCHOLARSHIPS NETTED AGAINST REVENUE RECLASSED TO EXPENSES $67,675,377 true true true true true true true false false false false false false false false true false true Nondiscrimination Policy - PART I, LINE 3 Stevens Institute of Technology's nondiscrimination policy is available on the admissions application webpage for prospective students and in the student handbook which is available on the Stevens website and available to all students at orientation and registration. Governmental Funding PART I, LINE 6A Stevens Institute of Technology receives funding from various governmental sources including, but not limited to, Pell, Federal Direct Loan Programs, Perkins and FSEOG. true Central America and the Caribbean Investments 24542195 East Asia and the Pacific Program Services Academic Recruitment 9108 Sub-Saharan Africa Program Services Academic Recruitment 4554 24555857 24555857 true false true true true true Schedule F, Part IV Stevens Institute of Technology invests in domestic and foreign limited partnerships that may own an interest in a foreign corporation, passive foreign investment company or foreign partnership. To the extent that those investments resulted in transfers of property that exceeded the applicable filing thresholds, the Forms 926, 5471, 8621 and 8865 accompanied the filing of the University's Form 990-T. Golf Tournament 67873 41198 26675 1200 726 Wine Tasting 14555 7325 7230 7478 0 82428 48523 33905 7478 1200 726 9404 24501 true Scholarships and Grants 2912 67675377 Prizes/Awards 155 95058 Grants and Other Assistance in U.S. PART I, LINE 2 Scholarships and grants are awarded as financial assistance to students attending the Stevens Institute of Technology. The distribution and application of the financial assistance are based on the specific criteria of each scholarship and grant and are administered consistent with federal, state, and institutional student aid policies. Situations such as changes in financial need, changes in federal aid eligibility, changes in enrollment and receipt of aid from outside sources may affect a students eligibility to receive funding. Stevens' administration monitors these situations on an on-going basis and makes any appropriate adjustments. X X X X true true X X X X X X true false false false false false false true false Alan F Blumberg Trustee/Professor 303443 0 0 0 0 0 22562 6365 332370 0 0 0 Rainer Martini Trustee/Professor 150340 0 0 0 0 0 9526 18825 178691 0 0 0 Nariman Farvardin President 672221 0 134214 0 18863 0 23850 141 849289 0 0 0 Randy Greene VP FINANCE/TREAS To 1/31/15 176705 0 0 0 355539 0 2208 516 534968 0 0 0 Louis Mayer VP FINANCE/TREAS Start 3/16/15 292444 0 21000 0 30239 0 17888 14032 375603 0 0 0 Kathy L Schulz VP, GENERAL COUNSEL/Secretary 309897 0 8000 0 29700 0 23850 6365 377812 0 0 0 Elizabeth Shelton AVP Investments/Assist Treas 193547 0 0 0 0 0 17568 141 211256 0 0 0 Mary Wheeler AVP Fin/Asst Treas to 6/10/16 207360 0 0 0 0 0 19120 14215 240695 0 0 0 Michael Bruno Dean to 1/06/16 349983 0 0 0 31811 0 23850 14215 419859 0 0 0 Mohammad Dehghani Vice Provost 368462 0 10000 0 25001 0 23850 141 427454 0 0 0 David Dodd VP FOR INFO TECHNOLOGY 243379 0 4000 0 0 0 23860 14126 285365 0 0 0 George Korfiatis PROVOST 482974 0 0 0 77364 0 26500 16766 603604 0 0 0 Robert Maffia VP FOR FACILITIES 256133 0 8000 0 6300 0 23850 18582 312865 0 0 0 MaryBeth Murphy VP ENROLLMENT MANAGEMENT 260215 0 8000 0 0 0 23850 10173 302238 0 0 0 Gregory Prastacos DEAN 350139 0 9000 0 0 0 26500 18582 404221 0 0 0 William Brodie Remington VP Development 317040 0 8000 0 0 0 26500 141 351681 0 0 0 Mark Samolewicz VP Human Resources to 12/31/15 179757 0 0 0 0 0 16825 14215 210797 0 0 0 Keith Sheppard Interim Dean 194549 0 0 0 0 0 15247 18709 228505 0 0 0 Dinesh Verma DEAN 404791 0 0 0 0 0 23850 18709 447350 0 0 0 William Rouse PROFESSOR 363307 0 0 0 0 0 21991 141 385439 0 0 0 Constantin Chassapis VICE PROVOST 316796 0 8000 0 0 0 23850 18709 367355 0 0 0 Ralph G Giffin III VICE PROVOST 318983 0 0 0 0 0 18232 141 337356 0 0 0 Hady Salloum ASSOC DEAN 284055 0 7000 0 0 0 20142 141 311338 0 0 0 Alexei Miasnikov PROFESSOR 285208 0 0 0 2486 0 17743 14215 319652 0 0 0 Compensation Information PART I, LINE 1 The Stevens Institute of Technology guidelines regarding first class/business class travel and spousal travel are included in the Stevens Business and Travel Expense Policy. Expenses incurred for accompanying companions/spouses are considered personal in nature except on occasions when attendance of a companion/spouse at an event serves a bona fide business purpose for the University and the presence of the companion/spouse is essential (not just beneficial) to the employee being able to carry out the business purpose for the University; given that attendance is essential, this is not taxable to the employee. Campus housing is provided for the University President and is used for program and development purposes. The following officers also received a housing allowance which is included in their taxable income: Louis Mayer Kathy L. Schulz Michael Bruno George Korfiatis There is one instance in which a club membership is in the name of an individual due to club imposed membership rules. This membership is solely for business purposes to foster relationships within the New York metropolitan area for the University. SEVERANCE PAYMENT, PART 1, LINE 4A RANDY GREENE, FORMER VICE PRESIDENT FOR FINANCE AND TREASURER, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $355,539. Incentive Compensation, PART I, LINE 7 The Stevens Incentive Compensation Plan provides a mechanism to reward faculty, administrative leaders, and certain key staff for extraordinary performance over a period of one academic year where permitted by law. In contrast to merit-based salary increases, annual incentives do not increase base salary. Incentive compensation may be awarded upon a finding by management that an employee's work has been extraordinary and has clearly contributed toward the goals and mission of Stevens. Incentive compensation, even in cases of extraordinary performance, is not guaranteed, and decisions regarding incentive compensation will be subject to the Board of Trustees and others' determinations as to the financial results of the University and other factors not specified in the plan. Incentive compensation for faculty, staff and administration are recommended by managerial staff, are approved by the President and are within parameters established by the Board of Trustees. Incentive compensation for executive leaders is recommended by the Human Resources Committee of the Board of Trustees and approved by the full Board of Trustees as part of its consideration of this group (and as further described in Schedule O). Each year, the Human Resources Committee approves the annual performance goals for the executive leaders and will review with the President the process for determining them for each other group or sub-group of employees. A NJ EDU FAC AUTH STEVENS ISSUE 2007 221829511 646065LP5 2007-08-02 71633268 Refunding of Prior Issues false false false B NJ EDU FAC AUTH CAPITAL IMP 2005 a 221829511 64605LWX2 2005-08-10 16420869 Refunding of Prior Issues false false true C NJ EDU FAC AUTH CAPITAL IMP 2006 A 221829511 64605LZ43 2006-10-26 12036146 Refunding of Prior Issues false false true D NJ EDU FAC AUTH ELF ISSUE SERIES 2014B 221829511 6460658J4 2014-01-30 8131497 FINANCE IT INFRASTRUCTURE false false true A 9585000 0 71633268 691346 0 0 1363469 0 0 69578453 0 0 2009 false true true true B 33070 0 792706 0 0 0 6225 5851 0 775596 0 0 2005 true true true true C 97506 0 266506 0 0 0 2191 2183 0 262132 0 0 2006 false true true true D 0 0 4500000 0 0 0 30311 0 0 3927902 0 0 false false false true A false false true true true true 0.00000 0.00000 0.00000 false false false true B false false true true true true 0.00000 0.00000 0.00000 false false false true C false false true true true true 0.00000 0.00000 0.00000 false false false true D false false true true true true 0.00000 0.00000 0.00000 false false false true A false false false true false false 0 false 0 false true B false false false true false false 0 false 0 false true C false false false true false false 0 false 0 false true D false false false true false false 0 false 0 false true A true B true C true D true NJ EDU FAC AUTH ELF ISSUE, SERIES 2014B 1. BOND ISSUE A - COLUMN (F): This issue advance refunded all of the outstanding principal amount of the Revenue Bonds, Stevens Institute of Technology issue, 2004 Series B issued on July 1, 2004 by the New Jersey Educational Facilities Authority ("NJEFA"), all of the Revenue Bonds, 2002 Series C issued by NJEFA on December 1, 2002 and a portion of the revenue bonds, Stevens Institute of Technology issue, 1998 Series I issued by NJEFA on August 25, 1998. The refunded bonds financed capital improvements for the University. 2. BOND ISSUE B - COLUMNS (E) & (F): These bonds were issued in the par amount of $16,420,869 to refund a portion of the NJEFA Capital Improvement Fund (CIF) issues, Series 2000 A, Series 2000 B and Series 2002 A. CIF bonds were issued pursuant to a legislative program to finance capital improvements for New Jersey colleges and universities. Eleven colleges received grants from the 2000 A, 2000 B and 2002 A bonds. Stevens received grants only from the 2000 A and 2000 B bonds. The refunded bonds and the series 2005 A refunding bonds (bond Issue B) are repayable in part by state appropriations. The issue price shown on Schedule K for the series 2005 A bonds is the approximate amount of the issue price allocable to the Institute. BOND ISSUE B - COLUMN (E): Issue price: The total of the NJ EDU FAC AUTH SERIES 2005A bond proceeds, $16,420,869, were distributed among different organizations. The allocated proceeds distributed to Stevens Institute of Technology is $792,706. 3. BOND ISSUE C - COLUMNS (E) AND (F): These bonds were issued in the par amount of $12,036,146 to refund a portion of NJEFA's Capital Improvement Fund issues, Series 2000 A Series 2000 B, Series 2002 A and Series 2004 A. The 2000 A, 2000 B, 2002 A and 2004 A bonds were issued on July 1, 2000, December 30, 2000, November 21, 2002 and March 14, 2004 respectively. At least eleven colleges received grants from these bonds. Stevens received grants only from 2000 A and 2000 B. The refunded bonds and the Series 2006 A refunding bonds (bond issue C) are repayable in part by state appropriations. The issue price shown on the Schedule K for the refunding 2006 A bonds is the approximate amount of the issue price allocable to the Institute. BOND ISSUE C - COLUMN (E): Issue price: The total of the NJ EDU FAC AUTH SERIES 2006A bond proceeds, $12,036,146 were distributed among different organizations. The allocated proceeds distributed to Stevens Institute of Technology is $266,506. 4.BOND ISSUE D - COLUMN (A): These bonds were issued pursuant to a legislatively created state-backed program, Higher Education Equipment Leasing Fund, to finance capital improvements for New Jersey colleges and universities. The bonds are repayable in part by state appropriations. Bond proceeds of $8,131,497,as shown on Schedule K, were received from a single issuance which was granted in varying amounts to 6 of the private colleges located in New Jersey. The institute entered into lease agreements with NJEFA for a total of $4,500,000 which requires that the Institute pay one fourth (25%) of debt service of the underlying bonds. BOND ISSUE D - COLUMN (E): Issue price: The total of the NJ EDU FAC AUTH SERIES 2014B bond proceed, $8,131,497, were distributed among different organizations. The allocated proceeds distributed to Stevens Institute of Technology is $4,500,000. Schedule K, Part VI, Line 2b Interim Arbitrage Rebate Analysis was performed by BLX Group LLC for NJEFA and a report issued for the 1998 Series I bonds dated 4/13/16 for the computation period 8/25/98 thru 6/30/16. The same was performed for the 2007 Series A bonds dated 4/18/16 for the computation period 8/2/07 thru 6/30/16. For both series there was no accrued rebate liability as of 6/30/16. X 138 FMV X 35 893914 FMV X 1 94000 FMV X Misc Equipment 11 137523 FMV 1 false true true NON-CASH CONTRIBUTIONS LINE 9 - To the extent that the Institute receives contributions of securities, the Institute's investment brokerage bank is tasked with selling those securities promptly. LINE 32 - The Institute uses various galleries to facilitate the sale of art. The Institute is reporting in Part I, Column B, the number of items received. Governing Body and Management - Form 990, Part VI, Line 3 Stevens' Board of Trustees delegated to a prominent investment bank the management of Stevens' endowment pursuant to contracts which address the scope of the delegation of authority, monitoring by Stevens' management and the Board, and reporting, among other matters. The University retained Attain, LLC, to provide the services of a professional trustee to serve as the Chair of Stevens Audit Committee (as contemplated by the University's by-laws) and, during a separate period for which he did not also serve as a trustee, as Interim CFO. During calendar year 2015, the University paid Attain, LLC the amount of $117,215 for these services. This role was filled by Ronald E. Salluzzo, a Senior Partner in the Higher Education and Academic Medical Center Practice at Attain, LLC. Form 990 Review - Form 990, Part VI, Line 11B This Form 990 was prepared by members of the finance and legal offices of the Institution together with its outside tax and accounting firm specializing in higher education. The Form 990 was then presented to the Audit Committee of the Board of Trustees for review and approval. Following this process and any modifications recommended by the Audit Committee, the Form 990 was presented to a meeting of the full Board of Trustees of the Institution and approved in accordance with the By-Laws of the Institution. Conflict Of Interest - Form 990, PART VI, LINE 12C The Institution's conflict of interest policy requires ongoing compliance and self-reporting of conflicts. It also provides for completion of an annual questionnaire by all Trustees, officers and faculty. Each questionnaire is reviewed by the Office of Audit, Risk and Compliance, and questionnaires for trustees and officers are reviewed by the Office of General Counsel; all conflicts of interest are reported to the Audit Committee of the Board and to the Board of Trustees. Information disclosed in the questionnaires which indicates the presence of a conflict is investigated, discussed with relevant personnel and, if necessary, the conflict is eliminated or managed pursuant to a conflict management plan or device supervised by the Chair of the Board of Trustees or the Chair of the Audit Committee, with advice from the Office of Audit, Risk and Compliance and the General Counsel. In addition, conflicts are identified by the officers of the Institution and staff at other levels of the Institution as they arise from time to time and are referred to the Office of Audit, Risk and Compliance and the General Counsel for further analysis and resolution. Certain conflicts relating to research activities may be managed by the Director of the Office of Sponsored Programs, with advice from the Office of Audit, Risk and Compliance and the General Counsel. Compensation - Form 990, PART VI, LINES 15A & 15B The compensation of the President and five highest compensated employees of the institution was approved by the Human Resources Committee of the Board of Trustees and the full Board of Trustees, in each case acting at meetings duly held. In addition to the President for calendar year 2015, 6 additional positions were approved: Provost and University Vice President Chief Financial Officer and Treasurer Vice Provost for Research Dean of School of Systems Engineering Dean of School of Engineering and Science Dean of School of Business With respect to the following additional positions, the Human Resources Committee of the Board of Trustees, acting on behalf of the Board of Trustees, approved the compensation at duly held meetings of the Committee. The Board was fully informed of the Committees actions: Vice President, General Counsel and Secretary Vice President for Alumni and Development Vice President for Facilities and Campus Operations Vice President for Enrollment Management and Student Affairs Vice President for Information Technology Vice President for Communication and Marketing Vice President for Human Resources Chief of Staff Dean of College of Arts and Letters Faculty Trustee (2) All such compensation was determined based upon recommendations from the President (except with respect to the President, whose compensation is recommended by the Board of Trustees, and the Deans and faculty, whose compensation is recommended by the Provost). The University retains the services of a national professional compensation consulting firm to perform a comprehensive compensation assessment of the salaries of all members of the senior administration, including the President. This study includes a comparison of the Universitys salaries with a core comparison market. The results of the study are reviewed and discussed annually with the Board's Human Resource Committee and the board of trustees, as those bodies approve executive compensation. The Secretary to the Board of Trustees took contemporaneous minutes of each meeting of the Board and the Human Resources Committee at which these compensation decisions were made, except with respect to her own compensation. Disclosure - FORM 990, PART VI, LINE 19 The governing documents of the Institution together with charters for committees of the Board of Trustees, the conflict of interest policy and the financial statements of the Institution are all made available on the Institution's website (www.stevens.edu). In addition, a variety of other documents and materials regarding the Institution and its operations as well as the other policies of the Institution, are also available on the website. Reconciliation of Net Assets - FORM 990, PART XI, LINE 9 POST-RETIREMENT BENEFIT CHANGES OTHER THAN PERIODIC COSTS $(997,125) CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS (711,793) Activities of subsidiary Castle Point Holdings 11,931 ---------- TOTAL $(1,696,987) Castle Point Holdings Inc One Castle Point on hudson Hoboken NJ 07030 204264786 Tech Transfer NJ Stevens Instit C Corp -9628 593643 1.00000 true CHARITABLE REMAINDER TRUST (1) TRUST OH N/A true CHARITABLE REMAINDER UNITRUST (4) TRUST N/A true false false false true false false false false false false false false false false false false false false false Castle Point Holdings Inc D 16637 FMV Schedule R, Part IV, Column (C) The charitable remainder unitrusts listed on Part IV, line 2 have the following legal domiciles: MD NJ (2) NC