2016-02-10T14:20:49-06:00 2015-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2014-07-01 042104778 NICHOLS COLLEGE OF BUSINESS ADMINISTRATION NICH 5082131560 CENTER ROAD PO BOX 5000 DUDLEY MA 015715000 MICHAEL STANTON VICE PRESIDENT OF ADMINISTRATION 5082131560 2016-01-20 1 BARBARA E KING P00005629 5087557107 2016-01-20 2014 2016-08-17 19:52:53Z MICHAEL STANTON CENTER ROAD PO BOX 5000 DUDLEY MA 01571 65025260 0 X WWW.NICHOLS.EDU X 1815 MA NICHOLS COLLEGE IS COMMITTED TO PROVIDING THE BEST CAREER-FOCUSED BUSINESS EDUCATION IN NEW ENGLAND. MORE THAN 94 PERCENT OF GRADUATES ARE EMPLOYED IN WORK RELATED TO THEIR MAJOR, AND ONE IN 10 NICHOLS ALUMNI IS A CEO, PRESIDENT, OR BUSINESS OWNER.A DYNAMIC BUSINESS PROGRAM IS PARALLELED BY COMPREHENSIVE PROGRAMS IN TEACHER EDUCATION AND THE LIBERAL ARTS. ON THE GRADUATE LEVEL, NICHOLS MBA PROGRAM IS RANKED THE LARGEST IN CENTRAL MASSACHUSETTS. IN ADDITION, ACCELERATED AND ONLINE FORMATS ARE OFFERRED TO ADULT POPULATIONS. THE FRIENDLY, NURTURING CAMPUS IN DUDLEY, MASS. OFFERS A BROAD SPECTRUM OF CO-CURRICULAR ACTIVITIES AND A FULL RANGE OF ATHLETIC OPPORTUNITIES. 24 24 750 110 0 0 3480212 5015567 47697595 52463072 1611133 1428859 0 9443 52788940 58916941 16437489 18846318 0 0 15748787 16803160 0 0 1041241 16278401 17968735 48464677 53618213 4324263 5298728 68590069 85346395 12636362 24798224 55953707 60548171 X NICHOLS COLLEGE STRIVES TO DEVELOP TOMORROW'S LEADERS THROUGH A DYNAMIC, CAREER-FOCUSED BUSINESS EDUCATION. THE COLLEGE TRANSFORMS STUDENTS INTO SUCCESSFUL GRADUATES WHO RESPOND TO CHALLENGES, ARE EAGER FOR RESPONSIBILITY, AND ASSUME SIGNIFICANT ROLES IN THE GLOBAL ECONOMY. THE NICHOLS EXPERIENCE HAPPENS IN A WELCOMING ENVIRONMENT WHERE STUDENTS ARE ENCOURAGED TO LEARN AND GROW UNDER THE GUIDANCE OF MENTORING FACULTY AND STAFF COMMITTED TO STUDENT SUCCESS. 0 0 45163065 18846318 52429719 NICHOLS COLLEGE PROVIDES EDUCATION TO APPROXIMATELY 1,625 DEGREE-SEEKING STUDENTS INCLUDING 1,224 FULL TIME STUDENTS,AND 162 PART-TIME STUDENTS, LEADING TO ASSOCIATES, BACHELORS, AND MASTERS DEGREES, PRIMARILY IN BUSINESS. APPROXIMATELY 950 OF THE 1,224 FULL TIME DAY STUDENTS ARE PROVIDED WITH FOOD AND HOUSING. THE COLLEGE ADDITIONALLY PROVIDES ADMISSIONS SERVICES, FINANCIAL AID SERVICES, ATHLETIC OPPORTUNITIES, RESIDENCE LIFE SUPPORT, CAREER PLACEMENT, NEW STUDENT ORIENTATIONS, HEALTH SERVICES, AND REGISTRAR SERVICES TO THE STUDENT BODY. 45163065 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 1 0 0 0 1 98 0 1 750 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 X 24 24 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X JAMIE L SKOWYRA 5082132382 NICHOLS COLLEGE DUDLEY MA 01571 STEPHAN A DAVIS TRUSTEE 2.00 X 0 0 0 CONSTANTINE ALEXANDER SECRETARY 2.00 X X 0 0 0 ROBERT B KUPPENHEIMER TRUSTEE 2.00 X 0 0 0 ROBERT E MILLER PHD TRUSTEE 2.00 X 0 0 0 JAMES W COGHLIN SR TRUSTEE 2.00 X 0 0 0 JOHN H DAVIS CHAIRMAN OF THE BOARD 2.00 X X 0 0 0 SAMUEL R HAINES TRUSTEE 2.00 X 0 0 0 ALAN S PEPPEL TRUSTEE 2.00 X 0 0 0 RICHARD T MOORE TRUSTEE 2.00 X 0 0 0 RANDALL V BECKER TRUSTEE 2.00 X 0 0 0 KURT R HARRINGTON TREASURER 2.00 X X 0 0 0 JOHN H MCCLUTCHY FORMER CHAIRMAN OF THE BOARD 2.00 X 0 0 0 MARTIN J POWER TRUSTEE 2.00 X 0 0 0 JANE T BIRCKHEAD TRUSTEE 2.00 X 0 0 0 ASUMAN GOKSEL TRUSTEE 2.00 X 0 0 0 EDWIN B DONAHUE TRUSTEE 2.00 X 0 0 0 THOMAS J HALL VICE CHAIRMAN OF THE BOARD 2.00 X 0 0 0 THOMAS H NILES TRUSTEE 2.00 X 0 0 0 DAVID HALE TRUSTEE 2.00 X 0 0 0 PETER L LYNCH TRUSTEE 2.00 X 0 0 0 DAVID BEDARD TRUSTEE 2.00 X 0 0 0 JOSEPH BARTULIS TRUSTEE 2.00 X 0 0 0 TAMMY A WOLF TRUSTEE 2.00 X 0 0 0 JENNIE L CAISSIE TRUSTEE 2.00 X 0 0 0 SUSAN ENGELKEMEYER PRESIDENT 37.50 X 479258 0 64146 MICHAEL STANTON VICE PRESIDENT OF ADMINIST 37.50 X 181296 0 35545 ALAN J REINHARDT PROVOST & SVP 37.50 X 196563 0 28673 THOMAS R CAFARO VP OF ENROLLMENT & MARKETI 37.50 X 144301 0 24934 KEVIN F BRASSARD CHIEF INFORMATION OFFICER 37.50 X 122842 0 23351 WILLIAM PIECZYNSKI VP, ADVANCEMENT 37.50 X 143152 0 27710 WILLIAM BOFFI VP ENROLLMENT 37.50 X 133158 0 24082 ROBERT LAVIGNE ASSOC. VP, FACILITIES MANA 37.50 X 140606 0 23984 LIBBA MOORE PROFESSOR 37.50 X 113006 0 22496 KERRY CALNAN EXECUTIVE DIRECTOR GPS 37.50 X 142390 0 8231 1796572 0 283152 10 0 1 0 FWMADIGAN INC PO BOX 8500 PHILADELPHIA PA 19178 CONSTRUCTION 7647198 LAURING CONSTRUCTION 23 BRIGHAM ROAD WORCESTER MA 01609 CONSTRUCTION 4351621 SODEXO AFFILIATES 10 EARHART DR BUFFALO NY 14221 DINING SERVICES 2871492 BLUE CROSS & BLUE SHIELD PO BOX 4071 WOBURN MA 01888 HEALTH INS. 2275168 NATIONWIDE TRUST PO BOX 183046 COLUMBUS OH 43218 RETIREMENT SERVICES 1037959 10 10755 5004812 468172 5015567 TUITION & RELATED FEES 611710 40390059 40390059 AUXILIARY REVENUE 611710 12073013 12073013 52463072 482716 482716 6664136 364268 5684640 397621 979496 -33353 946143 -33353 979496 35501 10755 26058 9443 9443 58916941 52429719 0 1471655 18846318 18846318 1796572 1796572 10856498 10064892 253932 537674 4150090 2847099 1126332 176659 227565 227565 84017 84017 900720 642244 221619 36857 450338 450318 20 4378064 4144477 214010 19577 1851261 1019285 726633 105343 132831 127385 4776 670 3429029 3288439 123293 17297 299591 110362 189229 VENDOR SERVICES 2308102 771682 1503311 33109 FOOD SERVICES 1828597 1828597 UNCOLLECTIBLE ACCTS 496297 496297 SUPPLIES 443388 376989 60903 5496 1138935 644978 385418 108539 53618213 45163065 7413907 1041241 436207 870024 2689487 3603835 865992 979734 73232 40248 91664491 29805771 49060182 61858720 3319218 4605474 8614767 9913172 3530984 3475188 68590069 85346395 2187095 2628410 768906 653906 7889536 18457103 1790825 3058805 12636362 24798224 X 38411534 40234932 11322864 12979563 6219309 7333676 55953707 60548171 68590069 85346395 X 5298728 -762552 58288 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8837894 662437 427072 226870 9700533 7378728 438260 1194437 173531 8837894 6340352 451751 751792 165167 7378728 5943050 52575 498397 153670 6340352 4873993 33523 1079469 43935 5943050 0.69000 0.31000 0 0 1188191 1188191 64097674 23404071 40693603 10277316 6401700 3875616 16101310 16101310 61858720 MONEY MARKET FUNDS 621452 C MUTUAL FUND - EQUITIES 6549660 F MUTUAL FUNDS - BONDS 2742060 F 9913172 DEFERRED TUITION AND FEES 2491327 WRITTEN INVESTMENT OPTIONS 567478 3058805 X 39690409 -762552 66338 -696214 40386623 18530318 18530318 58916941 35095945 8050 8050 35087895 18530318 18530318 53618213 PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF INDIVIDUAL DONOR RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENSE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. ENDOWMENT FUNDS INCLUDE INVESTED GIFTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE COLLEGE CLASSIFIES AS PERMANENTLY RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED IN PERMANENTLY RESTRICTED NET ASSETS IS CLASSIFIED AS TEMPORARILY RESTRICTED NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE COLLEGE IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE COLLEGE MAY CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS; THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE ORGANIZATION AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE ORGANIZATION; AND THE INVESTMENT POLICIES OF THE ORGANIZATION. THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE COLLEGE'S INVESTMENT COMMITTEE SHALL SEEK TO INVEST THE ENDOWMENT FUNDS IN SUCH A MANNER THAT THE INVESTMENTS WILL PROVIDE A SPENDABLE RETURN CONSISTENT WITH A LONG-TERM GOAL OF PRESERVING THE FUNDS IN REAL TERMS. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE COLLEGE RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE COLLEGE HAS INVESTED IN DEBT AND EQUITY SECURITIES THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE COLLEGE HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION, AS NEEDED, AMOUNTS FOR THE PURPOSE OF SCHOLARSHIPS AND FINANCIAL AID, SPECIAL PROGRAMS, CAPITAL IMPROVEMENTS, AND ACADEMIC AND ATHLETIC SUPPORT PROGRAMS. IN ESTABLISHING THIS POLICY, THE COLLEGE CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. THIS IS CONSISTENT WITH THE COLLEGE'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF ITS ENDOWMENT. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE COLLEGE TO RETAIN AS A FUND OF PERPETUAL DURATION. IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, DEFICIENCIES OF THIS NATURE ARE REPORTED IN UNRESTRICTED NET ASSETS. THERE WERE NO SUCH DEFICIENCIES AS OF JUNE 30, 2015. PART X, LINE 2: MANAGEMENT ANNUALLY REVIEWS FOR UNCERTAIN TAX POSITIONS ALONG WITH ANY RELATED INTEREST AND PENALTIES AND BELIEVES THAT THE COLLEGE HAS NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL ADVERSE EFFECT, INDIVIDUALLY OR IN THE AGGREGATE UPON THE COLLEGE'S STATEMENTS OF FINANCIAL POSITION, OR THE RELATED STATEMENTS OF ACTIVITIES, OR CASH CASH FLOWS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST 58,288. FUNDRAISING EXPENSES 8,050. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 18,530,318. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 8,050. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 18,530,318. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NOTICES OF THE SCHOOL'S DISCRIMINATION POLICY ARE POSTED ON CAMPUS BULLETIN BOARDS. THE POLICY IS INCLUDED IN SCHOOL BROCHURES, SCHOOL CATALOGS, SCHOOL WEBSITE, AND NEWSPAPER ADVERTISEMENTS. SCHEDULE E, PART I, LINE 6 NICHOLS COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE GOVERNMENT THROUGH GRANTS THAT ARE PROVIDED TO THE STUDENTS TO FUND THEIR EDUCATION. ALUMNI GOLF TOURNAMENT 19602 3600 16002 9989 ATHLETICS GOLF TOURNAMENT 10703 755 9948 8019 3 15951 6400 9551 8050 46256 10755 35501 26058 26058 9443 1 INSTITUTIONAL FINANCIAL AID 1168 18846318 PART I, LINE 2: NICHOLS COLLEGE PARTICIPATES IN TITLE IV FUNDING. STUDENTS MUST COMPLETE THE FAFSA FORM TO APPLY FOR AID. X X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 SUSAN ENGELKEMEYER PRESIDENT 479258 0 0 0 0 0 20843 0 43303 0 543404 0 0 0 MICHAEL STANTON VICE PRESIDENT OF ADMINIST 181296 0 0 0 0 0 12559 0 22986 0 216841 0 0 0 ALAN J REINHARDT PROVOST & SVP 196563 0 0 0 0 0 13979 0 14694 0 225236 0 0 0 THOMAS R CAFARO VP OF ENROLLMENT & MARKETI 144301 0 0 0 0 0 10240 0 14694 0 169235 0 0 0 WILLIAM PIECZYNSKI VP, ADVANCEMENT 143152 0 0 0 0 0 10260 0 17450 0 170862 0 0 0 WILLIAM BOFFI VP ENROLLMENT 133158 0 0 0 0 0 9388 0 14694 0 157240 0 0 0 ROBERT LAVIGNE ASSOC. VP, FACILITIES MANA 140606 0 0 0 0 0 9290 0 14694 0 164590 0 0 0 KERRY CALNAN EXECUTIVE DIRECTOR GPS 142390 0 0 0 0 0 8231 0 0 0 150621 0 0 0 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2014-02-10 20000000 CONSTRUCTION OF NEW ACADEMIC BUILDING, RENOVATIONS TO CHALMERS FIELD HOUSE 0 0 0 A 3031941 20000000 6679 161488 12492964 4313607 2015 1 0 0 1 A 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 A 0 GERALD FELS FORMER OFFICER/SUBSTANTIAL CONTRIBUTOR 10000 SALE OF LAND 0 X 14 468172 NYSE 0 0 0 FORM 990, PART VI, SECTION A, LINE 7A THE CHAIR AND OTHER OFFICERS OF THE COLLEGE, EXCEPT THE PRESIDENT AND ANY VICE PRESIDENTS, SHALL BE ELECTED BY THE BOARD FROM ITS MEMBERS AT ITS ANNUAL MEETING AND SHALL HOLD OFFICE UNTIL THEIR SUCCESSORS ARE DULY ELECTED AND QUALIFIED. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS/TRUSTEES ARE THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11 THE FORM WILL BE DISTRIBUTED TO ALL OF THE TRUSTEES AT THE JANUARY BOARD MEETING, AND THEN FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE COMPLETES AN ANNUAL CONFLICT OF INTEREST STATEMENT. REPORTED CONFLICTS ARE REVIEWED AND APPROVED (IF APPROPRIATE) BY THE BOARD'S EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES APPROVES THE SALARY FOR THE PRESIDENT. ALL OTHER SALARIES ARE APPROVED AS PART OF THE ANNUAL BUDGETING PROCESS. FORM 990, PART VI, SECTION C, LINE 19 ALL FORMS ARE AVAILABLE ON REQUEST FROM THE BUSINESS OFFICE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST 58,288. GERALD & MARILYN FELS CHARITABLE LEAD ANNUITY TRUST CENTER ROAD DUDLEY MA 01571 CHARITABLE LEAD ANNUITY TRUST MA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0