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RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4892159 4892159 4608532 1012920 3595612 4788830 524940 4263890 0 12751661 INVESTMENT IN MGHPCC LL LLC 64802176 C 64802176 DEFERRED RENT PAYABLE 6351055 WORKING CASH ADVANCES 950000 7301055 X PART X, LINE 2: MGHPCC INC AND MGHPCC HOLYOKE ARE EXEMPT FROM INCOME TAXES UNDER THE PROVISIONS OF INTERNAL REVENUE CODE SECTION 501 (C)(3), EXCEPT FOR UNRELATEDBUSINESS INCOME AS DEFINED IN THE CODE. LEVERAGE LENDER IS A MULTI-OWNER LIMITED LIABILITY COMPANY AND IS TREATED AS A PARTNERSHIP FOR TAX PURPOSES. LEVERAGE LENDER'S FEDERAL TAX STATUS AS A PASS-THROUGH ENTITY IS BASED ON ITS LEGAL STATUS AS A LIMITED LIABILITY COMPANY. ACCORDINGLY, LEVERAGE LENDER IS NOT REQUIRED TO TAKE ANY TAX POSITION IN ORDER TO QUALIFY AS A PASS-THROUGH ENTITY. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE A COMPANY TO EVALUATE ITS TAX POSITIONS AND RECOGNIZE A TAX LIABILITY OR ASSET FOR UNCERTAIN POSITIONS THAT "MORE LIKELY THAN NOT" WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. MGHPCC INC AND AFFILIATED ENTITIES PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS AND DETERMINED THAT THERE WAS NO UNRELATED BUSINESS INCOME, AND DO NOT HAVE ANY TAX LIABILITY RELATED TO UNCERTAIN TAX POSITIONS FOR FISCAL YEARS 2015 AND 2014. MGHPCC INC AND AFFILIATED ENTITIES FILE TAX RETURNS WITH THE IRS AND OTHER TAX AUTHORITIES. ACCORDINGLY, THESE FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES AND HAVE NO TAX POSITIONS THAT MUST BE CONSIDERED FOR DISCLOSURE. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE INTERNAL REVENUE SERVICE, TAX YEARS SINCE 2012 REMAIN OPEN. 1 UNIVERSITY OF MASSACHUSETTS SCHOLARSHIP 3 7000 NORTHEASTERN UNIVERSITY SCHOLARSHIP 1 5000 PART I, LINE 2: ORGANIZATION MAINTAINS RECORDS TO SUBSTANTIATE THE AMOUNT FOR SCHOLARSHIPS GRANTED AND THE SELECTION CRITERIA USED TO GRANT THE SCHOLARSHIPS. X X X 0 1 0 0 0 0 0 0 0 ROBERT A BROWN DIRECTOR 0 856182 0 0 0 106098 0 289585 0 256589 0 1508454 0 0 ANNE MARGULIES DIRECTOR 0 353550 0 20000 0 676 0 33150 0 20963 0 428339 0 0 THOMAS CHMURA DIRECTOR & FORMER PRESIDENT 0 248263 0 0 0 0 0 0 0 4001 0 252264 0 0 MELVIN BERNSTEIN PRESIDENT & DIRECTOR 0 332554 0 0 0 13318 0 26000 0 27900 0 399772 0 0 MARIA ZUBER DIRECTOR 0 353401 0 0 0 9425 0 39000 0 27113 0 428939 0 0 ROBERT SOLIS DIRECTOR 0 237085 0 0 0 0 0 0 0 6928 0 244013 0 0 RICHARD MCCULLOUGH DIRECTOR 0 406068 0 0 0 55847 0 33150 0 20526 0 515591 0 0 GLORIA WATERS DIRECTOR 0 355000 0 0 0 16046 0 34585 0 600 0 406231 0 0 ANTHONY SHARON DIRECTOR (OUTGOING) 0 373564 0 0 0 10018 0 44200 0 20483 0 448265 0 0 REHAN KHAN DIRECTOR 0 357086 0 4000 0 12913 0 26000 0 22756 0 422755 0 0 JOHN CHARLES DIRECTOR 0 296320 0 0 0 17556 0 13000 0 21127 0 348003 0 0 JOHN GOODHUE EXECUTIVE DIRECTOR 0 235330 0 0 0 0 0 46704 0 28013 0 310047 0 0 THOMAS NEDELL TREASURER 0 409862 0 40000 0 23906 0 26000 0 25230 0 524998 0 0 JAMES CULBERT IT TECHNICAL LEAD 0 199840 0 3500 0 1000 0 22523 0 3413 0 230276 0 0 ANDREI RUCKENSTEIN FORMER PRESIDENT 0 286546 0 0 0 72815 0 34585 0 26671 0 420617 0 0 ALLEN MARCUM FORMER TREASURER 0 191494 0 0 0 0 0 26154 0 22641 0 240289 0 0 GILLIAN EMMONS FORMER TREASURER 0 247379 0 0 0 1058 0 33829 0 23829 0 306095 0 0 CARA ELLIS MCCARTHY FORMER OFFICER 0 108962 0 0 0 135 0 13173 0 33152 0 155422 0 0 PART I, LINE 3 THE ORGANIZATION RECEIVED PROPOSALS FROM THREE DIFFERENT SEARCH FIRMS AND AFTER CAREFUL REVIEW ENGAGED KORN FERRY INTERNATIONAL OF BOSTON TO CONDUCT A NATIONAL SEARCH FOR THIS POSITION. INCLUDED IN THEIR SERVICES WAS A SALARY REVIEW AND RECOMMENDATION FOR THIS POSITION. A TEAM INCLUDING REPRESENATION FROM MIT, HARVARD, BU, UMASS, AND NORTHEASTERN WAS ASKED BY THE ADVISORY BOARD MEMBERS TO BE PART OF THE SEARCH COMMITTEE. THE SEARCH TEAM INCLUDED CIO'S FROM EACH OF THE UNIVERSITIES. THE COMPENSATION RANGE FOR THE POSITION WHOSE DUTIES INCLUDE CORPORATE CLERK WAS REVIEWED AND APPROVED BY THE HUMAN RESOURCES DEPARTMENTS OF THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY, USING COMPATABILITY DATA, AND APPROVED AS A BUDGET LINE ITEM BY THE BOARD OF DIRECTORS. ALL COMPENSATION IS PAID BY RELATED ORGANIZATIONS. PART I, LINE 4B (1) UNDER A NONQUALIFIED SUPPLEMENTAL RETIREMENT PLAN, ON AUGUST 1, 2014, PRESIDENT BROWN RECEIVED A CREDIT FROM BOSTON UNIVERSITY EQUAL TO 30% OF HIS BASE SALARY FOR THE PRECEDING 12-MONTH PERIOD. SUBJECT TO THE PERFORMANCE OF FUTURE SERVICES AND OTHER CONDITIONS, PRESIDENT BROWN'S RIGHTS IN THE PLAN WERE TO BECOME VESTED ON AUGUST 1, 2015, AND WERE SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE UNTIL THAT DATE. ACCORDINGLY, SUPPLEMENTAL RETIREMENT PLAN COMPENSATION OF $255,000 WAS ACCRUED FOR PRESIDENT BROWN IN CALENDAR YEAR 2014 AND IS REPORTED ON SCHEDULE J, COLUMN C AS RETIREMENT AND OTHER DEFERRED COMPENSATION PAID BY BOSTON UNIVERSITY. (2) AMOUNTS REPORTED IN SCHEDULE J, COLUMN B(III) AS OTHER REPORTABLE COMPENSATION INCLUDE CONTRIBUTIONS MADE BY THE UNIVERSITY IN CALENDAR YEAR 2014 TO A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN TO PROVIDE FUTURE RETIREMENTS BENEFITS TO PRESIDENT BROWN. FORM 990, PART VI THE COMPENSATION RANGE FOR THE POSITION WHOSE DUTIES INCLUDE CORPORATE CLERK WAS REVIEWED AND APPROVED BY THE HUMAN RESOURCES DEPARTMENT OF THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY, USING COMPARABILITY DATA, AND APPROVED AS A BUDGET LINE ITEM BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 6 THE CORPORATION SHALL HAVE FIVE MEMBERS: MASSACHUSETTS INSTITUTE OF TECHNOLOGY; NORTHEASTERN UNIVERSITY; TRUSTEES OF BOSTON UNIVERSITY; PRESIDENT AND FELLOWS OF HARVARD COLLEGE; AND THE UNIVERSITY OF MASSACHUSETTS (TOGETHER, THE "FOUNDING UNIVERSITIES AND EACH A "FOUNDING UNIVERSITY"). FORM 990, PART VI, SECTION A, LINE 7A ALL POWERS OF THE CORPORATION SHALL BE HELD BY THE BOARD OF DIRECTORS. ANY ACTION OR VOTE REQUIRED OR PERMITTED BY ANY LAW, RULE, OR REGULATION TO BE TAKEN BY MEMBERS SHALL BE TAKEN BY UNANIMOUS VOTE. EACH MEMBER SHALL BE A UNIVERSITY WITH A CAMPUS IN THE COMMONWEALTH OF MASSACHUSETTS AND BE DESCRIBED IN EITHER SECTIONS 501(C)(3) AND 509(A)(1) OR SECTION 170(C)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. THE BOARD SHALL BE COMPRISED OF TWO (2) REPRESENTATIVES FROM EACH OF THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11 THE DRAFT FORM 990 IS CIRCULATED TO THE AUDIT COMMITTEE PRIOR TO FILING FOR REVIEW AND COMMENT. THE AUDIT COMMITTEE IS COMPRISED OF ONE EMPLOYEE FROM EACH MEMBER INSTITUTION, APPOINTED BY THE EXECUTIVE COMMITTEE OF THE CORPORATION. THE COMPLETE FORM 990 IS THEN PROVIDED TO THE FULL BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CLERK OF THE CORPORATION CIRCULATES THE FULL POLICY TO OFFICERS, DIRECTORS AND KEY EMPLOYEES ANNUALLY. THE POLICY REQUIRES THAT EACH SUCH OFFICER, DIRECTOR OR KEY EMPLOYEE ACKNOWLEDGE RECEIPT. THE CLERK MONITORS THE RETURN OF THE REQUIRED FORMS. FORM 990, PART VI, SECTION B, LINE 15 LINE 15A THE ORGANIZATION RECEIVED PROPOSALS FROM THREE DIFFERENT SEARCH FIRMS AND AFTER CAREFUL REVIEW ENGAGED KORN FERRY INTERNATIONAL OF BOSTON TO CONDUCT A NATIONAL SEARCH FOR THIS POSITION. INCLUDED IN THEIR SERVICES WAS A SALARY REVIEW AND RECOMMENDATION FOR THIS POSITION. A TEAM INCLUDING REPRESENTATION FROM MIT, HARVARD, BU, UMASS AND NORTHEASTERN WAS ASKED BY THE ADVISORY BOARD MEMBERS TO BE PART OF THE SEARCH COMMITTEE. THE SEARCH TEAM INCLUDED CIO'S FROM EACH OF THE UNIVERSITIES. LINE 15B THE COMPENSATION RANGE FOR THE POSITION WHOSE DUTIES INCLUDE CORPORATE CLERK WAS REVIEWED AND APPROVED BY THE HUMAN RESOURCES DEPARTMENT OF THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY, USING COMPARABILITY DATA, AND APPROVED AS A BUDGET LINE ITEM BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION WILL MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST TO THE CLERK OF THE CORPORATION. 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