2015-05-01T09:52:25-07:00 2014-06-30 990 2013-07-01 050277222 ROGER WILLIAMS UNIVERSITY ROGE 4012531040 One Old Ferry Road Bristol RI 02809 Jerome F Williams EVP for Finance & Administration 4012543536 2015-05-01 2013 2016-03-07 17:11:31Z Donald J Farish One Old Ferry Road Bristol RI 02809 198438688 0 X www.rwu.edu X 1959 RI Roger Williams University is an independent university that combines the unique strengths of small liberal arts colleges and those of larger comprehensive universities and where liberal and professional education are enhanced by their integration and recognition of their unity. 24 22 3578 255 283533 0 6345601 4780883 171174007 177576756 3193241 3126854 3087902 2966331 183800751 188450824 38422437 41642959 0 0 81765393 84656172 0 0 2457554 56059315 61434767 176247145 187733898 7553606 716926 295411000 293109000 192274000 167065000 103137000 126044000 X See Schedule O 0 0 173336458 41642959 179095320 Higher Education: Roger Williams University (the "University"), located in Bristol and Providence, Rhode Island, is a private, coeducational university with programs in the liberal arts and the professions that includes the Feinstein College of Arts and Sciences, the School of Architecture, Art and Historic Preservation, the Mario J. Gabelli School of Business, the School of Education, the School of Engineering, Computing and Construction Management, the School of Justice Studies and the School of Continuing Studies. The University offers more than 40 majors of undergraduate study and 13 graduate degrees, along with numerous minors and certificate programs. The University is accredited by the New England Association of Schools and Colleges among other accrediting bodies. The University provides academic, residential and other services to a diverse student population predominately drawn from the Northeast region of the United States, as well as from more than 40 U.S. states and territories and 60 foreign countries. Enrollment for fiscal year 2014 was approximately 3,875 full-time and 536 part-time undergraduates plus 166 full-time and 155 part-time graduate students. 0 0 0 173336458 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 281 0 1 3578 1 1 1 1 UK 0 0 0 1 1 0 0 0 0 X 24 22 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Jerome F Williams 4012543536 One Old Ferry Road Bristol RI 02809 Timothy E Baxter Trustee 1 0 X 0 0 0 Richard L Bready Trustee - Chairman 1 0 X 0 0 0 Joseph M Brito Jr Trustee 1 0 X 0 0 0 Rodney A Butler Trustee 1 0 X 0 0 0 Gary R Chapman Trustee 1 0 X 0 0 0 Richard M Field Jr Trustee 1 0 X 0 0 0 Francis X Flaherty Trustee 1 5 X 0 5182 0 Linn F Freedman Trustee 1 1 X 0 0 0 Mario J Gabelli Trustee 1 0 X 0 0 0 Denise M Jenkins Trustee - Vice Chair 1 0 X 0 0 0 Jerrold L Lavine Trustee - Treasurer 1 0 X X 0 0 0 Suzanne M Magaziner Trustee 1 0 X 0 0 0 Mark S Mandell Trustee 1 0 X 0 0 0 Marcia Morris Trustee 1 0 X 0 0 0 Sami Nacaroglu Trustee 1 0 X 0 0 0 Patricia Noonan Trustee 1 0 X 0 0 0 Helen Ostrowski Trustee 1 0 X 0 0 0 Scott W Pray Trustee 1 0 X 0 0 0 Frank E Rainieri Jr Trustee 1 0 X 0 0 0 Todd Rechler Trustee 1 0 X 0 0 0 Warren Simmons Trustee 1 0 X 0 0 0 Robert F Stoico Trustee 1 0 X 0 0 0 Arlene Violet Trustee 1 0 X 0 0 0 David Wajsgras Trustee 1 0 X 0 0 0 Timothy B Yeaton Trustee 1 0 X 0 0 0 Joseph D Whelan Trustee 1 5 X 0 3000 0 Donald J Farish Trustee - President 35 5 X X 516751 0 92243 Robert H Avery Secretary / Sr VP & General Counsel 40 0 X 230140 0 36102 Jerome F Williams EVP for Finance & Administration 35 5 X 226518 0 38747 John J King VP for Student Affairs 40 0 X 218659 0 36356 Lisa Raiola Vice President of Institutional Advancement 40 0 X 185052 0 46890 Andrew Workman Provost & Senior VP for Academic Affairs 40 0 X 246939 0 69264 Robert Cole Assoc. Provost & Acting Dean School of Education 40 0 X 171955 0 33014 Jerry W Dauterive Dean School of Business 40 0 X 187195 0 32442 Anthony L Hollingsworth Professor 40 0 X 202113 0 28694 Christopher M Neronha Assoc. Gen. Counsel & Exec Dir. of Risk Mgmt. 40 0 X 179225 0 14885 Robert A Potter Jr Dean School of Engineering & Construction Mgmt 40 0 X 178358 0 32863 Lynn M Fawthrop VP for Enrollment Mgmt. & Retention 40 0 X 114037 0 14373 2656942 8182 475873 172 1 1 0 Bon Appetit Management Company 100 Hamilton Avenue Palo Alto CA 94301 Dining Services/Food Costs 5657493 Behan Brothers 975 Aquidneck Ave Middletown RI 02842 Construction 1830396 DaPonte's Landscaping Services 700 Wood Street Bristol RI 02809 Landscaping/Construction 582347 Carousel Industries Inc PO Box 842084 Boston MA 02284 Computer Services 581538 Chapel Building Corporation 33 Veterans Memorial Pkwy East Providence RI 02914 Construction 471142 77 0 0 44994 0 2838670 1897219 239495 4780883 Tuition 611310 124799546 124799546 0 0 Room and Board 611310 42245751 42245751 0 0 Student Fees 611310 8359762 8359762 0 0 Student Club Fees 611310 1036634 1036634 0 0 1135063 1135063 0 0 177576756 256683 0 73891 182792 566 0 0 566 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12826294 0 9754189 202500 3072105 -202500 2869605 0 0 2869605 37426 44994 31175 6251 0 6251 0 0 0 0 0 0 0 0 0 0 0 0 Conferences 900099 1231874 0 0 1231874 Justice Training Institute 900099 493741 493741 0 0 Bookstore Commission Income 900099 217739 217739 0 0 1016726 807084 209642 0 2960080 188450824 179095320 283533 4291088 0 0 40037751 40037751 1605208 1605208 0 0 1624059 465598 818384 340077 0 0 0 0 61914939 55634358 5489326 791255 4158188 3671384 412771 74033 12278672 10841191 1218868 218613 4680314 4132383 464601 83330 175873 0 175873 0 269271 0 269271 0 159146 0 159146 0 0 0 0 0 0 0 485009 0 485009 0 10009750 9068252 730962 210536 869036 791211 75255 2570 2965321 2399988 215405 349928 1926568 1041010 884977 581 3982 3982 0 0 8888692 8596629 292063 1523405 1433625 53635 36145 0 0 0 0 897934 818796 69898 9240 5938977 5938977 0 0 0 0 0 0 13336988 13336988 0 0 1100361 1100361 0 0 Study Abroad 4132317 4132317 0 0 Student Expense 2237716 2178185 59531 0 Library Materials 1234872 1234872 0 0 Loss on Debt Defeasance 1045037 1045037 0 0 4234512 3828355 64911 341246 187733898 173336458 11939886 2457554 4193000 1048000 0 0 1850000 1772000 6627000 5819000 0 0 0 0 0 0 117000 149000 1013000 794000 353034000 146905000 208805000 206129000 18736000 20306000 45294000 51564000 0 0 0 0 8776000 5528000 295411000 293109000 11776000 10407000 0 0 14686000 13543000 129250000 121327000 0 0 0 0 6075000 5690000 0 0 30487000 16098000 192274000 167065000 X 89736000 110503000 6692000 8136000 6709000 7405000 103137000 126044000 295411000 293109000 X 716926 7887070 0 0 0 14303004 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 64031000 13000 11061009 162000 2805000 485009 71653000 59165000 408000 7789183 139000 2650000 542183 64031000 64994500 237000 -1737754 170000 3679500 479246 59165000 58560500 134000 11494065 113000 4685000 396065 64994500 52735000 129500 6306468 114000 129000 367468 58560500 0.85 0.1 0.05 0 0 0 3712000 3712000 0 270288000 82771000 187517000 0 3387000 2963000 424000 0 75647000 61171000 14476000 0 0 0 0 206129000 Hedged Equity - Developed and Emerging 29592000 F Domestic and International Equities 12232000 F Fixed Income Securities 5253000 F Private Equity 4487000 F 51564000 0 Line of Credit 5000000 Asset Retirement Obligations 4800000 Interest Rate Swap Obligations 2503000 Refundable Advances - U.S. Goverment Grants 1935000 Obligations Under Capital Leases 644000 Charitable Annuity Obligations 153000 Other Miscellaneous Long Term Liablities 1063000 16098000 X 153228703 7887070 0 0 -42857857 -34970787 188199490 485009 -233675 251334 188450824 144794568 0 0 0 233675 233675 144560893 485009 42687996 43173005 187733898 Schedule D, Part V, Line 4 The intended use of the restricted endowment funds are dictated by the donor which are predominantly for instructional purposes and scholarships. Earnings from unrestricted endowment funds are used for operations according to the spending policy established by the University's Board of Trustees. Schedule D, Part X, Line 2 The University accounts for the effect of any uncertain tax positions based on a "more likely than not" threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax benefit is estimated based on a "cumulative probability assessment" that aggregates the estimated tax liability for all uncertain tax positions. The University has identified its tax status as a tax exempt entity as its only significant tax position; however, the University has determined that such tax position does not result in an uncertainty requiring recognition. The University is not currently under examination by any taxing jurisdictions. The University's federal tax return is generally open for examination for three years following the date filed. Schedule D, Part XI, Line 2d Scholarships and grants provided to students of ($41,642,959) and loss on defeasance of long-term debt ($1,045,036) are presented as contra-revenue items in the audited financial statements and as an expense on the From 990. Change in fair value of interest rate swaps of ($159,454) and change in value of split-interest agreements of ($10,408) are presented as contra-revenue items in the audited financial statements and as other adjustments to reconcile the change in net assets on the From 990. Schedule D, Part XI, Line 4b Fundraising event expenses of $31,175 and loss on disposal of property and equipment of $202,500 are shown as expense items in the audited financial statements and as contra-revenue items on the Form 990. Schedule D, Part XII, Line 2d Fundraising event expenses of ($31,175) and loss on sale of property and equipment of ($202,500) are shown as expense items in the audited financial statements and as contra-revenue items on the From 990. Schedule D, Part XII, Line 4b Scholarships and grants provided to students of $41,642,959 loss on defeasance of long-term debt of $1,045,037 are presented as contra revenue items in the audited financial statements and as an expense on the Form 990. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The University annually publishes a notice of its racially nondiscriminatory policy in a newspaper of general circulation that serves all racial segments of the community. Also the University's non-discrimination policy is available on its website at http://rwu.edu/site-policies/non-discrimination-policy Schedule E, Part I, Line 6 The University receives federal and state student financial aid authorized by student loan programs. 1 Central America and the Caribbean 0 0 Investments 16786003 Central America and the Caribbean 0 0 Program Services Bus Travel/Study Abroad 68786 Central America and the Caribbean 0 0 Grantmaking 14150 East Asia and the Pacific 0 0 Program Services Bus Travel/Study Abroad 33922 East Asia and the Pacific 0 0 Grantmaking 353026 Europe (including Iceland and Greenland) 0 0 Program Services Bus Travel/Study Abroad 274515 Europe (including Iceland and Greenland) 0 0 Grantmaking 1207143 Middle East and North Africa 0 0 Program Services Bus Travel/Study Abroad 2403 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Bus Travel/Study Abroad 30195 South America 0 0 Program Services Bus Travel/Study Abroad 25664 Sub-Saharan Africa 0 0 Grantmaking 30888 0 0 18826695 Scholarships to students East Asia and the Pacific 56 0 N/A 353026 Tuition Offset FMV Scholarships to students Europe (including Iceland and Greenland) 176 0 N/A 1207143 Tuition Offset FMV Scholarships to students Central America and the Caribbean 2 0 N/A 14150 Tuition Offset FMV Scholarships to students Sub-Saharan Africa 2 0 N/A 30888 Tuition Offset FMV 1 0 1 1 0 0 Schedule F, Part I, Line 2 The University monitors all grants outside the United States by directly applying the grant to the student's account to cover a portion of the student's tuition in accordance with standard financial aid policies and procedures. Schedule F, Part I, Line 3 Study abroad is an opportunity for students to continue the Roger Williams University education while living in another country. Study abroad is not merely a travel experience, but an academic experience (first and foremost) in an international setting. The study abroad programs are separately tracked in the University's general ledger system by activity and the amounts reported represent direct spending in foreign countries for tuition payments, lodging, travel and incidentals for students and faculty liaisons. The admissions recruiting and fundraising amounts are tracked primarily using the University's credit card system and represent travel, meals, and lodging costs for University employees conducting business in these regions. All expenses are under the accrual method of accounting. Golf Tournament 82420 44994 37426 0 0 23275 0 0 7900 0 0 82420 44994 37426 0 0 23275 0 0 7900 31175 6251 1 Scholarships to students 3325 0 40037751 Other Reduction to student account balance for tuition owed to the University. Schedule I, Part I, Line 2 The University's Office of Financial Aid monitors all recipients of scholarship awards to determine both initial and confirming eligibility based on the criteria for each type of award, which may include academic performance, financial need, and criteria established by donors of endowed scholarship funds, etc. X X X 1 1 X X X X X X 0 1 0 0 0 0 0 1 0 Donald J Farish Trustee - President 391751 0 125000 0 0 0 45400 0 46843 0 608994 0 0 0 Robert H Avery Secretary / Sr VP & General Counsel 227640 0 2500 0 0 0 19334 0 16768 0 266242 0 0 0 Jerome F Williams EVP for Finance & Administration 226518 0 0 0 0 0 19483 0 19264 0 265265 0 0 0 John J King VP for Student Affairs 218659 0 0 0 0 0 18588 0 17768 0 255015 0 0 0 Lisa Raiola Vice President of Institutional Advancement 175052 0 10000 0 0 0 14192 0 32698 0 231942 0 0 0 Andrew Workman Provost & Senior VP for Academic Affairs 246939 0 0 0 0 0 20746 0 48518 0 316203 0 0 0 Robert Cole Assoc. Provost & Acting Dean School of Education 171955 0 0 0 0 0 14361 0 18653 0 204969 0 0 0 Jerry W Dauterive Dean School of Business 187195 0 0 0 0 0 15749 0 16693 0 219637 0 0 0 Anthony L Hollingsworth Professor 202113 0 0 0 0 0 11582 0 17112 0 230807 0 0 0 Christopher M Neronha Assoc. Gen. Counsel & Exec Dir. of Risk Mgmt. 178225 0 1000 0 0 0 14381 0 504 0 194110 0 0 0 Robert A Potter Jr Dean School of Engineering & Construction Mgmt 178358 0 0 0 0 0 15170 0 17693 0 211221 0 0 0 Lynn M Fawthrop VP for Enrollment Mgmt. & Retention 114037 0 0 0 0 0 6326 0 8047 0 128410 0 0 0 Schedule J, Part I, Line 1a Housing Allowance - A residence on the employer's premises is used for both University business functions and as a personal residence by the President for the convenience of the employer and is treated as nontaxable compensation. The value of the personal space within the residence is included as a nontaxable benefit on Schedule J. Health or social club dues - The University paid social club membership dues for the President. Since the use of the memberships were for business purposes it was not treated as taxable compensation. Personal Services - The University regularly cleans the President's residence and the value of the maintenance of the personal space is taxed accordingly. Schedule J, Part I, Line 4 The President of Roger Williams University participated in a University 457(f) plan and $25,000 was accrued under the plan in calendar year 2013. Schedule J, Part I, Line 7 For University non-aligned employees, merit based compensation may be granted as either a base salary increase or a one-time bonus. Qualifications for receiving a bonus include performance exceeding expectations or taking on additional duties due to staff vacancies or temporary absences. For the compensation of the University's President, the bonus amount (if any) is determined by an employment agreement along with a review and approval of the Executive Committee of the Board of Trustees, who are all independent of the President. It is noted that the bonus payments in calendar year 2013 for the President represented merit bonus payments for fiscal year 2012 and fiscal year 2013. In the case of all other officers and other key employees, the bonus amount (if any) is determined via the same process as other compensation for officers and other key employees, including review by the University's President, who is independent of the other officers or key employees. A RIHEBC 2006B 521300173 762197AY7 2006-10-12 17200000 Construction 0 0 0 B RIHEBC 2008A 521300173 762197CK5 2008-07-03 22935000 Retire 2006A Bonds 0 0 0 C RIHEBC 2008B 521300173 762197CM1 2008-08-28 38000000 Construction 0 0 0 D RIHEBC 2011A 521300173 2011-06-02 26410000 Refund 1998 Bonds 0 0 0 A 0 0 17200000 1137188 0 0 714671 0 0 15348141 0 0 2008 0 0 1 1 B 0 0 22935000 0 0 22532642 276243 0 0 126115 0 0 2009 1 0 1 1 C 0 0 38000000 0 0 0 488608 0 0 37511392 0 0 2010 0 0 1 1 D 0 0 26410000 0 0 25879219 237781 0 0 0 293000 0 2012 1 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 C 0 0 0 0 0 0 0 0 0 1 D 0 0 0 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 1 1 BANK OF AMERICA 18.0 0 0 0 0 1 C 0 0 0 1 1 1 BANK OF AMERICA 30.0 0 0 0 0 1 D 0 0 1 0 0 0 0 0 1 A 1 B 1 C 1 D 1 Schedule K, Part IV, Line 2c-10/12/2006 17,200,000 RIHEBC 2006B Date of last rebate computation was 11/30/2013. Schedule K, Part IV, Line 2c-07/03/2008 22,935,000 RIHEBC 2008A Date of last rebate computation was 7/2/2013. Schedule K, Part IV, Line 2c-08/28/2008 38,000,000 RIHEBC 2008B Date of last rebate computation was 8/27/2013. Schedule K, Part IV, Line 2c-06/02/2011 26,410,000 RIHEBC 2011A Was a current refunding and qualified for the Six-Month Spending Exception from Rebate. A RIHEBC 2011B 521300173 2011-11-08 12025000 Refund 2000 Bonds 0 0 0 B RIHEBC 2013A 521300173 2013-10-29 21675000 Refund 2003 Bonds 0 0 0 A 0 0 12025000 0 0 11788293 236707 0 0 0 0 0 2012 1 0 1 1 B 0 0 21675000 0 0 21393343 281657 0 0 0 0 0 2013 1 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 1 0 0 0 0.0121 0.0121 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 A 1 B 1 Schedule K, Part IV, Line 2c-11/08/2011 12,025,000 RIHEBC 2011B Was a current refunding and qualified for the Six-Month Spending Exception from Rebate. Schedule K, Part III, Line 3b-10/29/2013 21,675,000 RIHEBC 2013A The University's inside counsel performs such review. Schedule K, Part IV, Line 2c-10/29/2013 21,675,000 RIHEBC 2013A Was a current refunding and qualified for the Six-Month Spending Exception from Rebate. X Conference room furniture 1 10900 FMV X Classroom equipment 1 193600 FMV X Horse Equestrian team 1 10000 FMV X Horses Equestrian team 1 24995 FMV 0 0 1 0 Schedule M, Part I, Lines 25-28 The University is reporting the number of contributions. Form 990, Part III, Line 1 Roger Williams University is an independent university that combines the unique strengths of small liberal arts colleges and those of larger comprehensive universities and where liberal and professional education are enhanced by their integration and the recognition of their unity. At the foundation of the Institution is a set of core values that play a central role in guiding a respectful, diverse, and intellectually vibrant university community: "Love of learning as an intrinsic value", "Preparation for careers and future study", "Collaboration of students and faculty in research", "Commitment to community through service and sustainability", "Appreciation of global perspectives", "Promotion of civil discourse". Form 990, Part VI, Section A, Line 2 Trustees Mario Gabelli and Richard Bready have a business relationship. Form 990, Part VI, Section B, Line 11b IRS Form 990 is prepared by the Controller, VP for Accounting and Treasury Management and the Executive VP for Finance and Administration, along with assistance from the University Office of General Counsel. The completed Form 990 and schedules, along with relevant back up, are provided to an independent accounting firm for review. Upon completion, the form is provided to the Audit Committee of the Board of Trustees for review, discussion and approval. The completed and approved Form 990 is then sent to all members of the Board of Trustees prior to filing with the IRS. Form 990, Part VI, Section B, Line 12c Trustees, officers, key employees and managers are all required to annually (or more frequently in the event of a new potential conflict) disclose any potential conflicts of interest by completing a conflict of interest disclosure form. These disclosures are collected by the Office of General Counsel and provided for vetting to 1) the full Board of Trustees for Trustee disclosures; 2) the President for officer and senior management disclosures; or 3) senior management for down-line key employees and managers. The University's Conflict of Interest Policy and by-laws both contain provisions that provide for individuals with actual and potential conflicts to refrain from participating in discussion of, and voting on, matters where such conflicts exist. Form 990, Part VI, Section B, Line 15 The compensation for the University's President is contractually set and is reviewed by the Executive Committee and the Board of Trustees, all members of which are independent of the President. The Executive Committee's review currently includes, but is not limited to, the use of comparability data and other outside consultants. The process for determining compensation for the University's other officers or key employees includes a review by the University's President, who is independent of the other officers or key employees. The President's review currently includes, but is not limited to, the use of comparability data and other outside consultants. In addition, the compensation of officers and key employees falls within the parameters of the University's non-aligned merit compensation program that is approved by the Board of Trustees on an annual basis. Form 990, Part VI, Section C, Line 19 Governing documents are available in part through the Rhode Island Secretary of State's office. The University's by-laws and Conflict of Interest Policy governing employees and the corresponding disclosure form are available on the University's website. Audited financial statements are not publically available. Form 990, Part XI, Line 9 Cancellation of intercompany indebtedness of $14,470,000 as approved by the University's Board of Trustees and the Roger Williams University School of Law Board of Directors. Change in fair value of interest rate swaps ($159,454) and change in value of split-interest agreements ($10,408) plus miscellaneous rounding on balance sheet of $2,866. Roger Williams University School of Law 10 Metacom Road Bristol RI 028092921 050465628 Law Grad School RI 501(c)(3) 2 N/A 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1