2017-05-03T10:18:39-05:00 2016-06-30 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2015-07-01 042103731 Merrimack College % BASIL A STEWART MERR 9788375000 315 Turnpike Street North Andover MA 01845 BASIL A STEWART SR.VP OF FINANCE 2017-01-24 true Robert J Butler Jr P00037953 6177237900 2015 2017-02-10 21:41:12Z Christopher Hopey 315 Turnpike Street North Andover MA 01845 209830455 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. 24 21 1866 63 716230 -212900 7084001 5600104 134534931 150202959 1783216 12053915 3538644 3344758 146940792 171201736 44790369 51570905 0 0 51041411 56346649 0 0 2351291 40461692 44912151 136293472 152829705 10647320 18372031 203844093 199865836 115579474 106606463 88264619 93259373 X INSPIRED BY THE CATHOLIC FAITH AND THE AUGUSTINIAN TRADITION, OUR VISION IS TO: (CONT. SCH. O) false false 86056820 51570905 120794212 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 3,000 undergraduate students and 450 graduate students. 19497133 0 32043935 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. 24232878 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. 7787014 0 0 Academic Support Expenditures 7787014 0 0 137573845 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 4833 0 true 1866 true true true false false false false true true false false false false X 24 21 true true false false false false false true true false false true true true true true true true true false MA X X BASIL A STEWART 9788375000 315 TURNPIKE STREET North Andover MA 01845 Christopher Hopey President 40.0 0.0 X X 539693 0 139261 THOMAS J KINTON JR CHAIRMAN 1.0 0.0 X X 0 0 0 MICHAEL K CROWE 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 MARYBETH MCINNIS SECRETARY 1.0 0.0 X X 0 0 0 ANDREA ROBERTSON TREASURER 1.0 0.0 X X 0 0 0 TIMOTHY R MURPHY IMMEDIATE PAST CHAIR 1.0 0.0 X X 0 0 0 ALFRED J ARCIDI TRUSTEE 1.0 0.0 X 0 0 0 PHILIP M ARCIDI TRUSTEE 1.0 0.0 X 0 0 0 JOHN T BOYCE TRUSTEE 1.0 0.0 X 0 0 0 Thomas Carroll Trustee (thru 5/16) 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 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 1.0 0.0 X 0 0 0 KEVIN J LUCEY Trustee 1.0 0.0 X 0 0 0 TIMOTHY MCCOY Trustee 1.0 0.0 X 0 0 0 Brian C Mitchell Trustee (thru 10/15) 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 1.0 0.0 X 0 0 0 LEE D SLATTERY Trustee 1.0 0.0 X 0 0 0 Fr Luis Vera Trustee (thru 2/16) 1.0 0.0 X 0 0 0 ROBERT J ZATTA Trustee 1.0 0.0 X 0 0 0 JEFFREY DOGGETT Executive VP OF ADMIN/COO 40.0 0.0 X 245939 0 46465 NICHOLAS MCDONALD VP & GENERAL COUNSEL 40.0 0.0 X 155562 0 5953 BASIL A STEWART SR.VP OF FINANCE (as of 1/16) 40.0 0.0 X 0 0 0 CAROL GLOD PROVOST & SR VP-ACAD. AFFAIRS 40.0 0.0 X 239117 0 27570 SARA BRAZDA VP OF DEV & ALUMNI RELATIONS 40.0 0.0 X 203346 0 18921 MARK CORDANO DEAN-GIRARD BUSINESS SCHOOL 40.0 0.0 X 206389 0 24880 MARK DENNEHY ASSOC ATH DIR. & HOCKEY COACH 40.0 0.0 X 268065 0 38618 DAVID HAUTANEN VP FOR ENROLLMENT & RETENTION 40.0 0.0 X 191383 0 16162 WILLIAM KLINE CONSULTANT (thru 12/15) 40.0 0.0 X 261442 0 46711 2310936 0 364541 65 false true false Holland Knight LLP 10 St James Avenue BOSTON MA 02116 Legal Services 654993 Donnelly-Conroy Gelhaar LLP 260 Franklin Street BOSTON MA 02110 Legal Services 513985 Essex Sign Painting Inc 27 Foss Road N ANDOVER MA 01845 Painting 488083 Brothers of the Order of Hermits 196 Elm Street ANDOVER MA 01872 Admin & Instruct 426139 DSK Dewing Schmid Kearns 30 Monument Square CONCORD MA 01742 architects 338226 23 58950 1465745 4075409 61487 5600104 TUITION AND FEES 611710 120794212 120794212 ROOM AND BOARD 721000 29408747 29408747 150202959 1189456 -381 1189837 0 0 0 0 0 49451114 38586655 10864459 10864459 1027 10863432 36050 58950 42064 -6014 -6014 0 0 ATHLETIC EVENT TICKET SALES 900099 440891 440891 ICE RINK RENTALS 900099 552604 552604 CONFERENCE & EVENT RENTALS 900099 193229 30249 162980 2164048 2164048 3350772 171201736 152838147 716230 12047255 0 50900931 50900931 669974 669974 0 1788820 1387545 178030 223245 0 42837788 36947035 4758661 1132092 2437049 1978533 389159 69357 6152197 5007332 894723 250142 3130795 2624534 425584 80677 0 956642 33592 923050 210176 210176 0 0 125000 125000 5874996 4107825 1517137 250034 794448 772406 22042 2188458 1604580 528456 55422 1620881 905708 688769 26404 0 4331515 3905648 411795 14072 2094463 1937364 70525 86574 0 403284 356555 43171 3558 3522013 3500370 21593 50 0 5293393 5035573 257702 118 1161843 1093714 62588 5541 FOOD SERVICE EXPENSE 8058541 7538650 470786 49105 EQUIPMENT RENTAL & MAINTENANCE 2599151 2484673 104351 10127 SPECIAL EVENT EXPENSE 1736985 1262064 405504 69417 LEASE & RENTAL EQUIPMENT 675061 627887 45322 1852 3265301 2891352 350445 23504 152829705 137573845 12904569 2351291 7501 6450 19980947 19141243 2588595 2197219 2669544 3838748 0 0 0 0 0 0 0 0 1642347 1309593 201789668 93634338 101967897 108155330 49084995 47832842 2788867 2735606 0 0 0 0 23113400 14648805 203844093 199865836 16376507 11248973 0 0 7790379 7862300 87560081 86092556 0 0 0 0 55619 15089 0 0 3796888 1387545 115579474 106606463 X 45618209 50708346 19012574 18281287 23633836 24269740 88264619 93259373 203844093 199865836 X 18372031 -11738402 -1638875 X false true X true true true X 3525836 3189647 2765548 7084001 5600104 22165136 0 0 3525836 3189647 2765548 7084001 5600104 22165136 3218651 18946485 1117108 1024171 1375185 1433004 1189456 6138924 0 45024 86926 34640 37479 36050 240119 28544179 603347946 0.66376 0.66397 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. 51275154 444480 56733 1155272 706956 49914139 46564537 4672496 1900349 1074518 787710 51275154 39457566 404889 7789877 1020294 67501 46564537 35083804 1169317 5378020 932851 1240724 39457566 37192284 576036 528977 852185 2361308 35083804 0.24590 0.47850 0.27560 false false 0 980852 980852 0 146549970 50408339 96141631 0 2338699 882731 1455968 0 37171699 32500674 4671025 0 14748448 9842594 4905854 108155330 DEPOSITS WITH BOND TRUSTEES 14106408 CASH SURRENDER VALUE OF SDLI 450044 OTHER ASSETS 92353 14648805 0 REFUNDABLE ADV. - US GOV'T GRANTS 1387545 1387545 X 106170618 -11738402 -53209780 -64948182 171118800 125000 -42064 82936 171201736 101175864 42064 42064 101133800 125000 51570905 51695905 152829705 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 ($17,689) University Funded Financial Aid - Tuition Discount ($51,570,905) Derecognition of Pledge ($1,621,186) _____________ Total ($53,209,780) ============= Supplemental Description - Other Schedule D, Part XI, Line 4b and Part XII, Line 2d Fundraising expenses included on Form 990, Part VIII $42,064 Supplemental Description - Other Schedule D, Part XII, Line 4b University Funded Financial Aid - Tuition Discount $51,570,905 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 444605 Europe (Including Iceland and Greenland) Program Services Study Abroad 1581104 South America Program Services Study Abroad 24062 2049771 2049771 Scholarship Aid East Asia and the Pacific 16 145578 Acct Credit Scholarship Aid Europe (Including Iceland and Greenland) 52 512451 Acct Credit Scholarship Aid South America 1 11945 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 95000 58950 36050 35236 6828 0 95000 58950 36050 35236 6828 42064 -6014 true Student Scholarships 3372 50900931 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 true true X X X X false true false false false false false true false Christopher Hopey President 441275 0 88400 0 10018 0 112525 0 26736 0 678954 0 0 0 JEFFREY DOGGETT Executive VP OF ADMIN/COO 223639 0 22000 0 300 0 19788 0 26677 0 292404 0 0 0 NICHOLAS MCDONALD VP & GENERAL COUNSEL 147800 0 7500 0 262 0 5953 0 0 0 161515 0 0 0 CAROL GLOD PROVOST & SR VP-ACAD. AFFAIRS 227827 0 10000 0 1290 0 19550 0 8020 0 266687 0 0 0 SARA BRAZDA VP OF DEV & ALUMNI RELATIONS 190056 0 12000 0 1290 0 16371 0 2550 0 222267 0 0 0 MARK CORDANO DEAN-GIRARD BUSINESS SCHOOL 198699 0 7000 0 690 0 17065 0 7815 0 231269 0 0 0 MARK DENNEHY ASSOC ATH DIR. & HOCKEY COACH 255115 0 12500 0 450 0 21781 0 16837 0 306683 0 0 0 DAVID HAUTANEN VP FOR ENROLLMENT & RETENTION 180693 0 10000 0 690 0 6729 0 9433 0 207545 0 0 0 WILLIAM KLINE CONSULTANT (thru 12/15) 258368 0 0 0 3074 0 22525 0 24186 0 308153 0 0 0 Social Club Dues Schedule J, Part I, Line 1a Social club dues were paid for on behalf of the President. This expense was incurred primarily for business purposes; any personal use was treated as taxable income. deferred compensation Schedule J, Part I, line 4a The Presidents 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 Mens 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. 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 Hopeys deferred compensation account in fiscal year 2016. The amount is not vested or taxable and is included in Schedule J, Part II, Column C as deferred compensation. 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 A 0 0 64209436 4194250 1466508 32886024 973098 0 0 0 24689556 0 2013 true false true true B 0 0 21849384 0 1345846 0 469766 0 0 14242720 0 5791051 2015 true false false true A false false false false 0 false false false true B false false true true false 0.00500 0.00500 false false false true A false true false false 0 false 0 false true B false true false false 0 false 0 false true A true B true Schedule K, Part II, line 3 For Bond Issue B (Series 2014), total proceeds of issue include 6000 merit scholarships EDUCATION test test 100 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 7 61487 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 2015, 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 CUPA 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 CUPA 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 ($17,689) Derecognition of Pledge ($1,621,186) _________ Total ($1,638,875) ========= 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