2016-05-10T12:09:39-05:00 2015-06-30 PricewaterhouseCoopers LLP 101 SEAPORT BOULEVARD Boston MA 02210 990 2014-07-01 042104229 STONEHILL COLLEGE INC % JEANNE M FINLAYSON VP FINAN STON 5085651345 320 WASHINGTON STREET EASTON MA 02357 JEANNE FINLAYSON VP FINANCE 5085651345 2016-05-09 true GWEN SPENCER P00641463 6175305000 2014 2016-08-17 19:52:53Z REV JOHN DENNING CSC 320 WASHINGTON STREET EASTON MA 023576262 167032126 false X HTTP://WWW.STONEHILL.EDU X 1934 MA SEE SCHEDULE O 34 33 1820 860 -211396 -299478 4951255 5386864 122549356 122287376 15930845 12123142 -58932 -51419 143372524 139745963 36605569 41381561 0 0 53868684 52381460 37876 25661 2496037 40788602 40061573 131300731 133850255 12071793 5895708 360018584 357905000 103724354 105029218 256294230 252875782 X SEE SCHEDULE O false false 114295656 41381561 122287376 STONEHILL IS A SELECTIVE CATHOLIC COLLEGE LOCATED NEAR BOSTON ON A BEAUTIFUL 384-ACRE CAMPUS IN EASTON, MASSACHUSETTS. WITH A STUDENT:FACULTY RATIO OF 12:3, THE COLLEGE ENGAGES 2,390 STUDENTS IN 80+ RIGOROUS ACADEMIC PROGRAMS IN THE LIBERAL ARTS, SCIENCES, AND PRE-PROFESSIONAL FIELDS. THE STONEHILL COMMUNITY HELPS STUDENTS TO DEVELOP THE KNOWLEDGE, SKILLS, AND CHARACTER TO MEET THEIR PROFESSIONAL GOALS AND TO LIVE LIVES OF PURPOSE AND INTEGRITY. 114295656 true true false true false false false true false true true true false false true false true false true false true false false true true false false true true true true false false false false false false false false false true true true false false false true false false false true 424 0 true 1820 true true true false false false false true true false false false false X 34 33 true false false false true true false true true false false true true true true true true true true false MA X JEANNE M FINLAYSON VP FINAN 5085651337 320 WASHINGTON STREET EASTON MA 023576262 X REV JOHN DENNING CSC PRESIDENT 35.0 0.0 X X 0 0 30434 VICKI C BALSAMO BOARD MEMBER 1.0 0.0 X 0 0 0 JOSEPH J BASILE JR BOARD MEMBER 1.0 0.0 X 0 0 0 THOMAS F BOGAN BOARD MEMBER 1.0 0.0 X 0 0 0 PATRICK D BURKE BOARD MEMBER 1.0 0.0 X 0 0 0 JAMES J CLARK BOARD MEMBER 1.0 0.0 X 0 0 0 DANIEL J COUGHLIN JR BOARD MEMBER 1.0 0.0 X 0 0 0 REV WILLIAM R DAILEY CSC BOARD MEMBER 1.0 0.0 X 0 0 0 MARY MARGARET FLATLEY DARLING BOARD MEMBER 1.0 0.0 X 0 0 0 DANIEL P DEVASTO BOARD MEMBER 1.0 0.0 X 0 0 0 WILLIAM F DEVIN BOARD MEMBER 1.0 0.0 X 0 0 0 JOHN E DREW MSSS BOARD MEMBER 1.0 0.0 X 0 0 0 REV ANTHONY R GRASSO CSC PHD BOARD MEMBER 1.0 0.0 X 0 0 0 PATRICK W GRIFFIN BOARD MEMBER 1.0 0.0 X 0 0 0 ELIZABETH G HAYDEN MED BOARD MEMBER 1.0 0.0 X 0 0 0 MICHAEL W HERLIHY BOARD MEMBER 1.0 0.0 X 0 0 0 REV DANIEL J ISSING CSC MDVSTL BOARD MEMBER 1.0 0.0 X 0 0 0 REV PAUL V KOLLMAN CSC BOARD MEMBER 1.0 0.0 X 0 0 0 REV THOMAS P LOONEY CSC BOARD MEMBER 1.0 0.0 X 0 0 0 THOMAS J MAY BOARD MEMBER 1.0 0.0 X 0 0 0 SHERILYN S MCCOY BOARD MEMBER 1.0 0.0 X 0 0 0 LEO J MEEHAN III BOARD MEMBER 1.0 0.0 X 0 0 0 KATHLEEN MILLER BOARD MEMBER 1.0 0.0 X 0 0 0 DR MARSHA A MOSES PHD BOARD MEMBER 1.0 0.0 X 0 0 0 REV THOMAS J O'HARA CSC BOARD MEMBER 1.0 0.0 X 0 0 0 REV HUGH R PAGE JR PHD BOARD MEMBER 1.0 0.0 X 0 0 0 BRO JOHN RHODES PAIGE CSC PHD BOARD MEMBER 1.0 0.0 X 0 0 0 REV MARK L POORMAN CSC PHD BOARD MEMBER 1.0 0.0 X 0 0 0 ROBERT F RIVERS BOARD MEMBER 1.0 0.0 X 0 0 0 REV JOHN J RYAN CSC PHD BOARD MEMBER 1.0 0.0 X 0 0 0 LAWRENCE SALAMENO JD BOARD MEMBER 1.0 0.0 X 0 0 0 THERESA A SALAMENO BOARD MEMBER 1.0 0.0 X 0 0 0 CARMEL A SHIELDS ESQ MBA BOARD MEMBER 1.0 0.0 X 0 0 0 BRO DONALD STABROWSKI CSC BOARD MEMBER 1.0 0.0 X 0 0 0 JEANNE M FINLAYSON VP FOR FINANCE & TREASURER 35.0 0.0 X 215628 0 68869 THOMAS V FLYNN CLERK/GENERAL COUNSEL 35.0 0.0 X 146422 0 38279 CRAIG BINNEY ASSOC. VP OF FINANCE 35.0 0.0 X 167313 0 80140 FRANCIS DILLON VICE PRESIDENT FOR ADVANCEMENT 35.0 0.0 X 195080 0 33034 JOSEPH FAVAZZA PROVOST/VP OF ACADEMIC AFFAIRS 35.0 0.0 X 211070 0 31267 CHRISTOPHER LYDON UNTIL 0615 VP FOR ENROLLMENT & MARKETING 35.0 0.0 X 194766 0 79189 Pauline Dobrowski VP OF STUDENT AFFAIRS 35.0 0.0 X 144514 0 37741 JAMES B LEE Until 615 FACULTY - PROFESSOR 35.0 0.0 X 155586 0 41181 TAMARA ANDERSON CHIEF INFORMATION OFFICER 35.0 0.0 X 143284 0 78825 Paula Sullivan Assistant VP for Athetics 35.0 0.0 X 164650 0 9792 Richard Finnegan Faculty- PROFESSOR 35.0 0.0 X 181668 0 15352 1919981 0 544103 69 false true false SODEXO INC AFFILIATES C/O DINING SERVICES 320 WASHINGTON NORTH EASTON MA 02357 FOOD SERVICE 6033685 CONGREGATION OF THE HOLY CROSS PO BOX 774 NOTRE DAME IN 46556 ADMIN & INSTRCTN SVC 1549259 Bond Brothers 145 Spring Street EVERETT MA 02149 Construction 2604190 API 107 E Hopkins SAN MARCOS TX 78666 Educational Services 991562 Sasaki Associates Inc 64 Pleasant Street WATERTOWN MA 02472 Engineering Services 982542 26 218084 699209 4469571 592143 5386864 TUITION AND FEES 900099 88375499 88375499 AUXILLARY SERVICES 900099 31712873 31712873 OTHER EDUCATIONAL REVENUE 900099 2199004 2101111 97893 122287376 3459248 -380572 3839820 0 0 0 0 0 35744207 27080313 8663894 8663894 71283 8592611 154431 218084 205850 -51419 -51419 0 0 0 139745963 122189483 -211396 12381012 84830 84830 41296731 41296731 0 0 1316243 370632 754323 191288 0 37930881 29390089 7331826 1208966 3180704 2464514 614812 101378 7108479 5507882 1374029 226568 2845153 2204518 549952 90683 0 36252 36252 294962 294962 10000 10000 25661 25661 1960084 1960084 1860792 1178392 682400 850986 729704 120322 960 1518679 1207055 176789 134835 102961 102961 0 4254742 3914363 297832 42547 1840233 1700767 83169 56297 0 1296385 976438 241336 78611 1295787 1260023 35764 0 6777478 6425429 176958 175091 550972 535765 15207 SUPPLIES 979071 586693 382215 10163 STUDY ABROAD & INTERN PROGRAMS 4614772 4614772 0 0 RENTALS/VEHICLES/MAINTENANCE 2978758 1944677 998181 35900 STUDENT DINING SERVICES 4809421 4809276 145 0 4029238 2990145 922004 117089 133850255 114295656 17058562 2496037 9231884 9678404 1321312 1357304 2997798 2300161 254825 248598 0 0 0 0 1563940 1466810 107835 87780 1532499 923994 233777290 89564454 135224507 144212836 71278922 70278939 134390502 125258163 0 0 0 0 2114560 2092011 360018584 357905000 1406862 3301471 0 0 1019189 905596 78415944 76000802 0 0 0 0 4708075 3748519 0 0 18174284 21072830 103724354 105029218 X 200505465 195278276 23024524 22882391 32764241 34715115 256294230 252875782 360018584 357905000 X 5895708 -7290785 -2023371 X false true X true true true X 5411701 4306912 15076972 4951255 5386864 35133704 0 0 5411701 4306912 15076972 4951255 5386864 35133704 3355678 31778026 1300566 1774710 1432753 2424508 3839820 10772357 0 22969 11856 0 34825 209997 183331 132981 179242 154431 859982 46800868 597851850 0.67900 0.72723 X SCHEDULE A, PART II, LINE 10 FUNDRAISING GROSS RECEIPTS RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 10000 10000 false SCHEDULE C, PART II-B, LINE 1I: STONEHILL COLLEGE PAYS MEMBERSHIP DUES TO MEMBER ORGANIZATIONS WHICH MAY ENGAGE IN LOBBYING ACTIVITES ON BEHALF OF THEIR MEMBERS. THEREFORE A PORTION OF THE DUES PAID TO THESE ORGANIZATIONS MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES. THE COLLEGE PAID A LOBBYING FIRM $10,000 TO WORK ON AICUM ISSUES ON BEHALF OF THE COLLEGE. false X X false false false 190987117 2004946 2876678 1539130 5690968 188638643 171222793 1541824 24867811 1351525 5293786 190987117 146701998 13257076 17455290 1126028 5065543 171222793 151225567 1240466 251946 1057906 4958075 146701998 127606414 2337595 26967478 1092638 4593282 151225567 0.74920 0.24650 0.00430 false false 752119 752119 178339979 56861639 121478340 531567 415112 116455 35934128 23179588 12754540 18219497 9108115 9111382 144212836 HEDGE FUNDS & PRIVATE EQUITIES 125258163 F 125258163 0 INTEREST RATE SWAP AGREEMENTS 8894545 INTEREST & ACCRUED LIABILITIES 7495702 GOVERNMENT ADV. FOR STUD LOANS 978473 ACCRUED PAYROLL AND OTHER BENE 3412022 ANNUITY OBLIGATIONS 292088 21072830 87380842 -7290785 -1817521 -9108306 96489148 1960084 41296731 43256815 139745963 90799290 205850 205850 90593440 1960084 41296731 43256815 133850255 SCHEDULE D, PART III, LINE 1A & LINE 4: STONEHILL COLLEGE MAINTAINS A COLLECTION OF HISTORICAL ARTIFACTS FOR PUBLIC EXHIBITION AND EDUCATION IN FURTHERANCE OF PUBLIC SERVICE AND NOT FOR FINANCIAL GAIN. THE COLLEGE DOES NOT CAPITALIZE ITS COLLECTION OF HISTORICAL ARTIFACTS. SCHEDULE D, PART V, LINE 4: ENDOWMENT FUNDS ARE SPENT IN ACCORDANCE WITH DONOR RESTRICTIONS. THE FUNDS ARE INVESTED TO PRESERVE STONEHILL'S PURCHASING POWER WHILE PROVIDING A CONTINUING AND STABLE FUNDING SOURCE TO SUPPORT THE MISSION OF THE COLLEGE. SCHEDULE D, PART X, LINE 2: STONEHILL COLLEGE'S AUDITED FINANCIAL STATEMENTS DO NOT CONTAIN A FOOTNOTE REGARDING FIN 48. SCHEDULE D, PART XI, LINE 2D: NET LOSS ON INTEREST RATE SWAP ($2,023,371) FUNDRAISING EVENT EXPENDITURES $ 205,850 -------------- TOTAL ($1,817,521) SCHEDULE D, PART XI, LINE 4B: SCHOLARSHIPS AND OTHER AWARDS $41,296,731 SCHEDULE D, PART XII, LINE 2D: FUNDRAISING EVENT EXPENDITURES $205,850 SCHEDULE D, PART XII, LINE 4B: SCHOLARSHIPS AND OTHER AWARDS $41,296,731 true true true true true true true false false false false false false false false true false true SCHEDULE E, LINE 3: THE FOLLOWING STATEMENT IS INCLUDED IN ALL BROCHURES, CATALOGUES, AND OTHER COMMUNICATIONS WITH THE PUBLIC DEALING WITH STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS: "STONEHILL COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, GENDER, DISABILITY, AGE, MARITAL STATUS, RELIGION, COLOR, SEXUAL ORIENTATION, OR NATIONAL ORIGIN, IN ADMISSIONS TO, ACCESS TO, TREATMENT IN OR EMPLOYMENT IN ITS PROGRAMS AND ACTIVITIES, EXCEPT WHERE SUCH CONDITIONS MAY CONSTITUTE BONA FIDE QUALIFICATIONS FOR THE PROGRAM OR ACTIVITIES IN QUESTION." SCHEDULE E, LINE 6A: THIS INSTITUTION AND ITS STUDENTS PARTICIPATE IN THE FOLLOWING FEDERAL FUNDED PROGRAMS: FEDERAL PELL GRANT, FEDERAL PERKINS LOAN, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT, TEACHER EDUCATION ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION GRANT, AND FEDERAL WORK STUDY. Europe (Including Iceland and Greenland) Program Services STUDY ABROAD 3581950 East Asia and the Pacific Program Services STUDY ABROAD 550515 Middle East and North Africa Program Services STUDY ABROAD 18940 South America Program Services STUDY ABROAD 116915 Sub-Saharan Africa Program Services STUDY ABROAD 57980 Central America and the Caribbean Program Services STUDY ABROAD 14850 South Asia Program Services STUDY ABROAD 17500 4358650 4358650 true false true true true false SCHEDULE F, PART I, LINE 3: The organization reports these foreign expenditures as reported in the financial records. X X X X X X X true WASHBURN MCGOLDRICK INC FUNDRAISING CONSULTING false 25421 25421 MA GOLF TOURNAMENT 129545 82226 47319 19833 28919 3476 10457 DINNER 91350 54200 37150 7160 58133 7688 8 151620 81658 69962 3040 50710 7846 2203 6385 372515 218084 154431 22873 86789 69455 2203 24530 205850 -51419 SCHEDULE G, PART I: SERVICES PROVIDED BY WASHBURN & MCGOLDRICK, INC. WERE NOT ASSOCIATED WITH ANY SPECIFIC FUNDRAISING EVENT. true CATHOLIC CHARITIES 169 COURT STREET BROCKTON MA 02302 042534041 501(C)(3) 8000 GENERAL SUPPORT Trinity Catholic Academy 37 Erie Ave Brockton MA 02302 510638517 501(c)(3) 10000 General Support 2 TUITION ASSISTANCE 2139 41296731 SCHEDULE I, PART I, LINE 2: THE COLLEGE AWARDS GRANTS ON A FISCAL YEAR BASED ACCORDING TO THE OVERALL YEARLY BUDGET. INDIVIDUAL AWARDS ARE PACKAGED BASED ON AN OVERALL COLLEGE STRATEGY EMPLOYING NEED AND MERIT CRITERIA. THE COLLEGE'S FINANCIAL AID OFFICE WORKS WITH OUTSIDE CONSULTANTS TO PREPARE PACKAGES. THE FINANCIAL AID OFFICE WORKS WITH STUDENTS TO ACCEPT AND/OR ADJUST INDIVIDUAL GRANTS. THE COLLEGE ALSO PROVIDES CHARITABLE SUPPORT TO U.S. SECTION 501(C)(3) PUBLIC CHARITIES IN FURTHERANCE OF ITS MISSION. SCHEDULE I, PART III: CASH GRANTS ARE CREDITS TO STUDENT ACCOUNTS. X true true X X X false false false false false false false false false JEANNE M FINLAYSON VP FOR FINANCE & TREASURER 215162 0 0 0 466 0 27287 0 41582 0 284497 0 0 0 Pauline Dobrowski VP OF STUDENT AFFAIRS 144395 0 0 0 119 0 16995 0 20746 0 182255 0 0 0 THOMAS V FLYNN CLERK/GENERAL COUNSEL 146300 0 0 0 122 0 17308 0 20971 0 184701 0 0 0 CRAIG BINNEY ASSOC. VP OF FINANCE 166971 0 0 0 342 0 20479 0 59661 0 247453 0 0 0 FRANCIS DILLON VICE PRESIDENT FOR ADVANCEMENT 192917 0 0 0 2163 0 23188 0 9846 0 228114 0 0 0 JOSEPH FAVAZZA PROVOST/VP OF ACADEMIC AFFAIRS 209771 0 0 0 1299 0 26783 0 4484 0 242337 0 0 0 JAMES B LEE Until 615 FACULTY - PROFESSOR 153970 0 0 0 1616 0 17776 0 23405 0 196767 0 0 0 TAMARA ANDERSON CHIEF INFORMATION OFFICER 142764 0 0 0 520 0 17073 0 61752 0 222109 0 0 0 CHRISTOPHER LYDON UNTIL 0615 VP FOR ENROLLMENT & MARKETING 194366 0 0 0 400 0 23650 0 55539 0 273955 0 0 0 Paula Sullivan Assistant VP for Athetics 164072 0 0 0 578 0 6419 0 3373 0 174442 0 0 0 Richard Finnegan Faculty- PROFESSOR 180455 0 0 0 1213 0 7345 0 8007 0 197020 0 0 0 SCHEDULE J, PART I: STONEHILL COLLEGE PAID FOR PROFESSIONAL SERVICES BASED ON MARKET COMPENSATION AND BENEFITS, TOTALING $1,238,648 TO THE CONGREGATION OF THE HOLY CROSS FOR INSTRUCTIONAL, ADMINISTRATIVE, AND INSTITUTIONAL SERVICES. INDIVIDUAL MEMBERS OF THE CONGREGATION ADHERE TO THE VOW OF POVERTY. SCHEDULE J, PART I, LINES 1A & 1B: AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF STONEHILL COLLEGE, THE PRESIDENT RECEIVED HOUSING ON CAMPUS. A MHEFA SERIES K 042456011 57586CV77 2008-04-03 68920000 REFINANCE SERIES I, J, PARTIAL G false false false B MHEFA SERIES L 042456011 57586ELC3 2009-08-05 22197354 CONSTRUCT 250 BED RESIDENCE HALL false false false A 11125000 0 68920000 0 0 0 352549 34777 0 0 68532674 0 2009 true false true true B 3380000 0 22197354 0 0 0 385520 0 0 21811834 0 0 2010 false false true true A false true false false 0.00057 0.02361 0.02419 false false false true B false false false false 0 false false false true A false false true true true true BANK OF AMERICA NA false false false 0 false true B false false false true false false 0 false 0 false true A true B true SCHEDULE K, PART II, LINE 13: YEAR OF SUBSTANTIAL COMPLETION - FOR BOND ISSUE A, YEAR OF SUBSTANTIAL COMPLETION REFERS TO THE PROJECTS FINANCED BY PROCEEDS OF THE REFUNDED BONDS. SCHEDULE K, PART IV, COLUMN A, LINE 4C: THERE ARE 3 TERMS TO THE INTEREST RATE SWAP: 20.2 YEARS 20.1 YEARS 29.1 YEARS Schedule K, Part IV, Line 2c: Date of rebate computation for Bond A is 10/1/2010 and for Bond B is 6/30/2011. Substantial contributor See statement 287884 Sale of products false Schedule L, Part IV Business transactions involving interested persons Substantial contributor is a company owned by a trustee and his family. Stonehill College purchased products from the company. X 20 592143 PUBLICLY TRADED false true false SCHEDULE M, PART I, COLUMN B: AMOUNTS REPORTED IN PART I, COLUMN B, REPRESENT THE TOTAL NUMBER OF CONTRIBUTIONS. FORM 990, PART III, LINE 1: ORGANIZATION'S MISSION: STONEHILL COLLEGE, A CATHOLIC INSTITUTION OF HIGHER LEARNING FOUNDED BY THE CONGREGATION OF THE HOLY CROSS, IS A COMMUNITY OF SCHOLARSHIP AND FAITH, ANCHORED BY A BELIEF IN THE INHERENT DIGNITY OF EACH PERSON. THROUGH ITS CURRICULUM OF LIBERAL ARTS AND SCIENCES AND PRE-PROFESSIONAL PROGRAMS, STONEHILL COLLEGE PROVIDES AN EDUCATION OF THE HIGHEST CALIBER THAT FOSTERS CRITICAL THINKING, FREE INQUIRY AND THE INTERCHANGE OF IDEAS. STONEHILL COLLEGE EDUCATES THE WHOLE PERSON SO THAT EACH STONEHILL GRADUATE THINKS, ACTS, AND LEADS WITH COURAGE TOWARD THE CREATION OF A MORE JUST AND COMPASSIONATE WORLD. FORM 990, PART VI - SECTION A, LINE 1A: THE BOARD OF TRUSTEES MAY APPOINT AN EXECUTIVE COMMITTEE AND MAY DELEGATE TO ANY SUCH COMMITTEE SOME OR ALL OF THEIR POWERS EXCEPT THOSE WHICH BY LAW, THE ARTICLES OF INCORPORATION, OR THE BYLAWS THEY MAY NOT DELEGATE. FORM 990, PART VI - SECTION A, LINE 2: LAWRENCE SALAMENO AND THERESA SALAMENO HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI - SECTION A, LINES 6 & 7A: STONEHILL COLLEGE HAS TWO CLASSES OF MEMBERS: INCORPORATORS AND FELLOWS. THE INCORPORATORS CONSIST OF THE UNITED STATES PROVINCE OF PRIESTS AND BROTHERS, EX-OFFICIO, AND ALL PERPETUALLY PROFESSED RELIGIOUS OF THE CONGREGATION OF THE HOLY CROSS SERVING FROM TIME TO TIME AT STONEHILL COLLEGE. THE FELLOWS ARE MADE UP OF INDIVIDUALS WHO ARE INCORPORATORS, FACULTY, PART OF THE PRESIDENT'S COUNCIL, ALUMNI, AND STUDENTS. THE FELLOWS' SOLE POWER AND AUTHORITY IS TO ELECT THE BOARD OF TRUSTEES. FORM 990, PART VI - SECTION B, LINE 11B: THE FORM 990 IS PREPARED AND SIGNED BY PRICEWATERHOUSECOOPERS LLP AS PAID PREPARER. THE FORM 990 IS FIRST REVIEWED BY STONEHILL COLLEGE'S INTERNAL MANAGEMENT. FOLLOWING THAT REVIEW, STONEHILL COLLEGE'S INTERNAL MANAGEMENT AND PAID PREPARER PRESENT THE FORM 990 TO THE AUDIT COMMITTEE FOR REVIEW AND COMMENT. THE COMPLETED FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO THE FORM BEING FILED WITH THE IRS. FORM 990, PART VI - SECTION B, LINE 12C: THE COLLEGE REQUIRES ALL BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. QUESTIONNAIRES ARE COLLECTED AND REVIEWED BY THE OFFICE OF THE GENERAL COUNSEL. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AT ANY LEVEL AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IF THE GOVERNING BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION WHICH IS DETERMINED ON A CASE BY CASE BASIS. FORM 990, PART VI - SECTION B, LINE 15A & 15B: STONEHILL COLLEGE ANNUALLY REVIEWS THE SALARIES OF ITS EXECUTIVE LEVEL MANAGEMENT WITH THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. THE HUMAN RESOURCE OFFICE PROVIDES COMPARABLE MARKET DATA ON THESE POSITIONS AT SIMILAR SIZE INSTITUTIONS. THE COLLEGE PRESIDENT MAKES SALARY RECOMMENDATIONS FOR HIS (HER) TOP MANAGEMENT REPORTS AND THE CHAIRMAN OF THE BOARD OF TRUSTEES MAKES A RECOMMENDATION ON THE PRESIDENT'S SALARY TO BE PAID TO THE CONGREGATION OF THE HOLY CROSS. COMPENSATION RECOMMENDATIONS ARE APPROVED BY THE COMPENSATION COMMITTEE. STONEHILL COLLEGE'S PRESIDENT IS A MEMBER OF THE CONGREGATION OF THE HOLY CROSS AND HAS TAKEN A VOW OF POVERTY, ALONG WITH OTHER MEMBERS OF THE HOLY CROSS COMMUNITY WHO PROVIDE SERVICES TO STONEHILL COLLEGE. TOTAL PAYMENT TO THE CONGREGATION OF THE HOLY CROSS IN FY2015 WAS $1,238,648. FORM 990, PART VI - SECTION C, LINE 19: AT THIS TIME, STONEHILL COLLEGE DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. THE COLLEGE POSTS ITS FINANCIAL STATEMENTS TO THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE AT HTTP://EMMA.MSRB.ORG, WHERE THEY ARE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS: UNREALIZED LOSS ON INTEREST RATE SWAPS ($2,023,371) PERPETUAL TRUSTS (2) FUNDRAISING MA NA T true false false true false false false false false false false false false false false false false false false false PERPETUAL TRUSTS (2) C 50000 FMV