2015-05-15T09:01:23-00:00 2014-06-30 KPMG LLP 755 Main Street Hartford CT 06103 990 2013-07-01 042103558 Trustees of the College of the Holy Cross TRUS 5087932514 1 College Street Worcester MA 016102395 Dorothy Hauver Interim VP and Treasurer 2015-05-15 true Mary-Evelyn Antonetti 8602976085 2015-05-15 2013 2016-04-25 22:37:26Z Philip Boroughs SJ 1 College Street Worcester MA 016102395 373463987 false X holycross.edu X MA Holy Cross is a private, Jesuit liberal arts college dedicated to the pursuit of excellence in teaching, learning, service of faith and promotion of justice. 37 35 3285 250 1603164 -939885 25142412 53747383 167501245 169793580 20302677 31659979 201992 198925 213148326 255399867 46190292 46205787 0 94543355 95406240 0 7597530 60499708 62921225 201233355 204533252 11914971 50866615 918104794 1028055784 194450144 192398336 723654650 835657448 FOUNDED IN 1843, COLLEGE OF THE HOLY CROSS IS A HIGHLY SELECTIVE, FOUR YEAR COLLEGE OF APPROXIMATELY 2,900 STUDENTS. ONE OF THE NATIONS LEADING LIBERAL ARTS INSTITUTIONS, HOLY CROSS OFFERS AN ACADEMICALLY CHALLENGING AND PERSONALLY FULFILLING EDUCATION IN THE JESUIT TRADITION. false false 175381456 46205787 169090500 THE COLLEGE WAS A COMMUNITY OF 2,877 FULL TIME STUDENTS IN 2014. THE STUDENT POPULATION IS 50 MEN AND 50 WOMEN FOR THE CLASS OF 2018. IN 2014 THERE WERE 679 INDIVIDUALS WHO COMPLETED THEIR MATRICULATION AND RECEIVED AN A.B. DEGREE. FINANCIAL ASSISTANCE WAS PROVIDED TO 61 OF STUDENTS. THE COLLEGE ADMITS QUALIFIED STUDENTS BASED ON THEIR APPLICATION, HIGH SCHOOL REPORT, AND TEACHER REFERENCES. THE COLLEGE DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONAL OR ETHNIC ORIGIN, SEX, AGE OR HANDICAP IN ITS EDUCATIONAL, ADMISSIONS OR FINANCIAL AID POLICIES OR PROGRAMS. 703080 703080 BASIC RESEARCH IN CHEMISTRY, PHYSICS, PSYCHOLOGY AND BIOLOGY. THE MAJORITY OF THE RESEARCH IS FUNDED BY PRIVATE GRANTS FROM FOUNDATIONS AND THE BALANCE OF THE FUNDING IS PROVIDED BY THE U.S. GOVERNMENT. 176084536 true true false true false false true true true true true true false false true true true false true true true false true false true false false true true true true false false false false false true false false false true true false false false true true true true false false true 4406 0 true 3285 true true true true GK false false false true true false false false false X 37 35 false false false false false false false true true false false true true true true true true true true true false NH MA CA X Charles F Estaphan 5087932514 1 College Street Worcester MA 016102395 Philip L Boroughs SJ President 045.00 X X 0 0 0 Kevin T FitzGerald SJ Trustee 003.00 X 0 0 0 Ronald Amiot SJ Trustee 003.00 X 0 0 0 Michael G Barrett Trustee 003.00 X 0 0 0 Susan F Feitelberg Trustee 003.00 X 0 0 0 Anne M Fink Trustee 003.00 X 0 0 0 Thomas H Carey Trustee 003.00 X 0 0 0 Mark S Massa SJ Trustee 003.00 X 0 0 0 Michael E Daniels Trustee 003.00 X 0 0 0 William M Doran Jr Trustee 003.00 X 0 0 0 Robert S Morrison Trustee 003.00 X 0 0 0 Brian P Kelley Trustee 003.00 X 0 0 0 John B Fisher Trustee 003.00 X 0 0 0 Maria Eugenia Ferre Rangel Trustee 003.00 X 0 0 0 Ann McElaney-Johnson Trustee 003.00 X 0 0 0 David J Grain Trustee 003.00 X 0 0 0 Susan Power Curtin Trustee 003.00 X 0 0 0 Andrew J O'Brien Trustee 003.00 X 0 0 0 Kathleen McLaughlin LaCroix Trustee 003.00 X 0 0 0 P Kevin Condron Trustee/Chair 003.00 X X 0 0 0 Brian F Linnane SJ Trustee 003.00 X 0 0 0 Nicholas J Pelletier Trustee 003.00 X 0 0 0 Cornelius B Prior Jr Trustee 003.00 X 0 0 0 John J Mahoney Jr Trustee 003.00 X 0 0 0 William J Teuber Jr Trustee 003.00 X 0 0 0 Bernadette M Semple Trustee 003.00 X 0 0 0 Richard H Patterson Trustee 003.00 X 0 0 0 Park B Smith Trustee 003.00 X 0 0 0 Nancy M Taylor Trustee 003.00 X 0 0 0 Donna M Winn Trustee 003.00 X 0 0 0 Mary Murphy Westover Trustee 003.00 X 0 0 0 John Baldovin SJ Trustee 003.00 X 0 0 0 Michael Greene Trustee 003.00 X 0 0 0 Priscilla Lam Trustee 003.00 X X 0 0 0 James F Mooney Trustee 003.00 X 0 0 0 Robert F Moriarty Trustee 003.00 X 0 0 0 James G Gartland SJ Trustee 003.00 X 0 0 0 Michael Lochhead VP Treasurer 045.00 X 309126 0 58614 Jacqueline Peterson Dean of Students 045.00 X 196638 0 44499 Frank Vellaccio Sr. VP 045.00 X 395993 0 104344 Jane E Corr Secretary 045.00 X 111917 0 4744 Lori A Blackwell Asst Secretary 045.00 X 28859 0 43299 Timothy Jarry Chief Invest Officer 045.00 X 289772 0 52797 Dorothy Hauver Assistant Treasurer 045.00 X 171802 0 44511 Paul Harman SJ VP of Mission 045.00 X 0 0 0 Margaret Freije Vice President for Academic Affairs and Dean of the College 045.00 X 201668 0 65863 Tracy Barlok Vice President for Advancement 045.00 X 280369 0 50831 Richard Regan Jr Athletic Director 045.00 X 203872 0 46518 John Carter Professor 040.00 X 260445 0 25749 Milan Brown Basketball Coach 040.00 X 362171 0 52797 Thomas Gilmore Football Coach 040.00 X 191520 0 50774 Edward Thompson Jr Professor 040.00 X 204554 0 15653 Timothy Austin Dean X 147804 0 11363 3356510 672356 104 true true false Sasaki Associates Inc 64 Pleasant Street Watertown MA 02472 Architect 896248 Fox Bus Lines Inc 3 Silver Fox Drive Millbury MA 01527 Transportation Services 418025 Silchester International Investors 780 Third Avenue 42nd Floor New York NY 10017 Investment Management 469867 Wellington Management Company 280 Congress Street Boston MA 02210 Investment Management 526815 Cambridge Associates 125 High Street Boston MA 02110 Investment Consulting 500000 7 489601 53257782 12513055 53747383 Tuition and fees 611600 127917832 127917832 Room and board 611710 30023516 30023516 Sales of auxiliary services 722320 5229329 1521671 3707658 Athletics 611710 1659112 1659112 Grants and student aid revenue 611710 2458569 2458569 2505222 2505222 169793580 6435896 6435896 183910 183910 183910 183910 143092440 117868357 25224083 25224083 25224083 129285 489601 195763 -66478 -66478 81493 81493 81493 255399867 164564251 1603164 35485069 171100 171100 45064796 45064796 969891 969891 0 3262547 686821 1955652 620074 0 67147333 57972619 6001956 3172758 5947199 4964067 670992 312140 14177210 12328249 1128262 720699 4871951 4066568 549678 255705 0 359150 4250 343901 10999 272494 272494 0 1601712 13608 1588104 4282414 1942485 1893015 446914 161630 122651 37437 1542 7794927 6264988 425735 1104204 1854993 937000 851264 66729 0 8526110 7770619 645585 109906 3948604 3467410 246479 234715 0 534519 477777 38445 18297 6374805 5750495 624310 0 13365586 11863542 1502044 884460 52592 812177 19691 Study abroad program 3754106 3754106 Food and functions 5058721 4284873 338235 435613 Guarantees 58800 61500 -2700 Bad Debt 540280 474100 66180 3547914 2618429 859241 70244 204533252 176084536 20851186 7597530 X 17225 12224 44370988 44698803 12562262 31348932 269336 285709 7238713 7343086 582465 509786 3586987 307491 425452083 219286852 205827462 206165231 216891400 224440306 424717099 509195246 2040857 3748970 918104794 1028055784 21044641 24741978 4657777 4594051 151059289 144978807 873335 1050368 53435 16815102 16979697 194450144 192398336 X 366087499 400754343 192616517 257449500 164950634 177453605 723654650 835657448 918104794 1028055784 X 50866615 68494309 -7358126 X false true X true true true X 21389940 16812852 29655695 25142412 53747383 146748282 21389940 16812852 29655695 25142412 53747383 146748282 22231535 124516747 4200637 7128975 5926032 7899689 6619806 31775139 162281 23459 108009 69850 363599 118531 125927 117725 143721 81493 587397 179474417 771593829 0.69380 0.76050 X 0.00000 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1000000 1000000 1500000 902 902 902 902 II-A DURING THE YEAR THE COLLEGE DID NOT ENGAGE IN ANY LOBBYING TO INFLUENCE A LEGISLATIVE BODY. THE COLLEGE HAS AN EMPLOYEE THAT IS A REGISTERED LOBBYIST WHO DID NOT PARTICIPATE IN ANY LOBBYING ACTIVITY DURING THE YEAR ENDED JUNE 30, 2014. II-A THE COLLEGE PAYS DUES TO SOME EDUCATIONAL ASSOCIATIONS. A PORTION OF THESE DUES MAY OR MAY NOT BE ATTRIBUTABLE TO LOBBYING ON BEHALF OF THE ASSOCIATIONS MEMBERS. THE COLLEGE IS UNABLE TO DETERMINE WHAT PORTION OF THESE DUES, IF ANY, IS RELATED TO LOBBYING. X 1 true true 852905 X X X false true X 634912204 18820480 99769028 6107435 17903295 3438823 726052159 589769388 13139372 57900198 5726411 16737983 3432360 634912204 607712688 6853564 -831072 5509500 15738086 2718206 589769388 522493344 8654234 100650889 5436053 16230869 2418857 607712688 492679761 4789778 48461840 4669581 16081612 2686842 522493344 0.49000 0.25000 0.26000 false false 3829759 3829759 324320890 158124461 166196429 54638797 37319239 17319558 42662637 23843152 18819485 206165231 Financial derivatives and other financial products Closely-held equity interests Hedge funds 323699754 F Private equity 112276398 F Real assets 64749697 F Other investments 1065404 F Planned Gift 7403993 F 509195246 Federal income taxes Interest Rate Swap 8306488 Refundable Advances 4975313 Annuity Obligations 3697896 16979697 X 269218700 68494309 -4200364 64293945 204924755 3754973 46720139 50475112 255399867 157207700 3157761 3157761 154049939 3754973 46728340 50483313 204533252 II 9 THE COLLEGE HAS NOT RECEIVED ANY GIFT OF PROPERTY SUBJECT TO A CONSERVATION EASEMENT AND THEREFORE DOES NOT REPORT A CONSERVATION EASEMENT IN ITS REVENUE AND EXPENSE STATEMENT OR BALANCE SHEET. TWO OF THE COLLEGES BUILDINGS THAT ARE USED FOR ACADEMIC AND ADMINISTRATIVE PURPOSES WERE BUILT IN THE LATE 1800S AND ARE INCLUDED ON THE HISTORIC REGISTER. THESE BUILDINGS ARE THEREFORE SUBJECT TO RESTRICTIONS REGARDING THEIR PRESERVATION. THE COLLEGES POLICY IS TO MAINTAIN ALL CAMPUS PROPERTY IN A GOOD AND SOUND STATE OF REPAIR, AT A LEVEL SO AS TO PREVENT DETERIORATION AND PRESERVE THE ARCHITECTURAL AND HISTORICAL INTEGRITY OF CAMPUS BUILDINGS AND GROUNDS IN WAYS THAT MAKE THE CAMPUS ELIGIBLE FOR LISTING IN THE NATIONAL REGISTER OF HISTORIC PLACES. III 4 THROUGH BOTH CONTEMPORARY AND HISTORICAL EXHIBITIONS, THE IRIS AND B. GERALD CANTOR ART GALLERY AT HOLY CROSS EDUCATES THE COLLEGE AND WORCESTER COMMUNITIES ABOUT THE FUNDAMENTAL INTELLECTUAL, CULTURAL, SPIRITUAL, AND AESTHETIC ISSUES ENCOUNTERED THROUGH VISUAL ART. OPEN FREE TO THE PUBLIC, THE GALLERY SEEKS TO PROMOTE AND SUPPORT THE INTELLECTUAL AND CULTURAL LIFE OF THE COLLEGE THROUGH THE PRESENTATION AND DISCUSSION OF A DIVERSITY OF VISUAL ARTS. THE GALLERY HAS SPECIAL RESPONSIBILITY FOR INTEGRATING THE LIBERAL ARTS VALUES OF THE COLLEGE AND THE CLASSROOM BY LINKING EXHIBITIONS TO THE BROADER CURRICULUM AND COMMUNITY. IV 2B AGENCY FUNDS ARE HELD BY THE COLLEGE AS CUSTODIAN OR FISCAL AGENT. FUNDS MAY BE HELD FOR RECOGNIZED FACULTY, STAFF, STUDENT OR ALUMNI ORGANIZATIONS THAT ARE COLLECTED FROM ACTIVITY FEES, DUES OR FUNDRAISING. THE FUNDS ARE DEPOSITED WITH THE COLLEGE FOR SAFEKEEPING TO BE USED OR WITHDRAWN BY THE DEPOSITOR UPON PROPER AUTHORIZATION AND DOCUMENTATION. EXPENDITURES FROM THE FUNDS ARE USED PRIMARILY TO FUND STUDENT ACTIVITIES, TRIPS AND PROJECTS OF INTEREST TO THE STUDENTS OR TO SUPPORT COLLEGE PROGRAMS. EACH AGENCY FUND IS PROVIDED A UNIQUE COST CENTER ESTABLISHED IN THE COLLEGES FINANCIAL RECORDS. THESE COST CENTERS PROVIDE A SAFE, SECURE, AND CONVENIENT METHOD OF ACCOUNTING FOR AND ADMINSTERING THESE FUNDS. ALL CUSTODIAL FUNDS FOLLOW THE EXPENDITURE POLICIES AND PROCEDURES OUTLINED BY THE COLLEGE. IV 4 THE COLLEGES ENDOWMENT CONSISTS OF APPROXIMATELY 800 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. THE COLLEGES ENDOWMENT FUND SUPPORTS THE FOLLOWING AREAS FINANCIAL AID FOR STUDENTS ATTENDING THE COLLEGE, TEACHING, ACADEMIC SUPPORT, STUDENT SERVICES AND ATHLETIC PROGRAMS SCHOLARSHIPS. INVESTMENT INCOME EARNED BY FACULTY ENDOWMENT FUNDS IS USED TO FUND A PROFESSORS SALARY. ENDOWED PROFESSORSHIPS ARE OFTEN AWARDED TO LEADING SCIENTISTS AND SCHOLARS WHO ARE CONTRIBUTING SIGNIFICANTLY TO TEACHING AND THEIR RESPECTIVE DISCIPLINES. ANOTHER PURPOSE FOR WHICH ENDOWMENT FUNDS IS RESTRICTED IS SCIENTIFIC AND SCHOLARLY RESEARCH. THE COLLEGE IS INCREASINGLY RELYING ON ITS OWN RESOURCES TO ASSIST NEW FACULTY IN DEVELOPING THEIR RESEARCH PROGRAMS BECAUSE FEDERAL FUNDS HAVE LAGGED. IN THE PAST, THE COLLEGE RECEIVED GIFTS TO CONSTRUCT AND SUSTAIN NEW SCIENTIFIC OR OTHER ACADEMIC FACILITIES AND ENDOWMENT SUPPORT IS PARTICULARLY IMPORTANT FOR THE SUPPORT OF PROGRAMS HOUSED IN THOSE ACADEMIC FACILITIES. THE ENDOWMENT ALSO PROVIDES FUNDING FOR THE COLLEGES LIBRARY AND ART GALLERY WHICH ARE CRITICAL COMPONENTS OF THE INTELLECTUAL AND CULTURAL LIFE ON CAMPUS. DONORS HAVE ALSO CREATED ENDOWMENTS FOR THE PURPOSE OF SUPPORTING INTERCOLLEGIATE ATHLETICS. THE COLLEGE USES INVESTMENT INCOME FROM SUCH GIFTS TO FUND ATHLETIC SCHOLARSHIPS, FACILITIES, COACHING SALARIES AND EQUIPMENT. X 2 THE COLLEGE IS A TAX-EXEMPT ORGANIZATION AS DEFINED IN SECTION 501C3 OF THE INTERNAL REVENUE CODE AND IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501A OF THE CODE AND APPLICABLE STATE LAWS. THE COLLEGE BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS. XI 2D OTHER ADJUSTMENTS CONSIST OF GAIN ON INTEREST RATE SWAP AGREEMENTS OF 49,194, PENSION ADJUSTMENTS RELATING TO FAS 158 OF A LOSS OF 7,406,390, INTRA-DEPARTMENTAL REVENUE OF 2,918,931, CHANGE IN LIFE INCOME OF 40,708, COST ON FUNDRAISING EXPENSES OF 195,763 AND MISCELLANEOUS OF 1,430. TOTAL REVENUE INCLUDED ON FINANCIAL STATEMENTS NOT ON RETURN IS 4,200,364. XI 4B OTHER ADJUSTMENTS CONSIST OF SCHOLARSHIPS NETTED AGAINST TUITION REVENUE OF 46,034,688, INCREASE IN BAD DEBT PROVISION FOR NON-OPERATING PLEDGES OF 394,550, LOAN FUND EXPENSES OF 206,343, GENERAL ALUMNI ASSOCIATION REVENUE OF 81,493, AND MISCELLANEOUS OF 3,065. TOTAL REVENUE INCLUDED ON RETURN NOT IN FINANCIAL STATEMENTS IS 46,720,139. XII 2D OTHER ADJUSTMENTS CONSIST OF INTRA-DEPARTMENTAL REVENUE OF 2,918,931, CHANGE IN LIFE INCOME OF 40,708, COST ON FUNDRAISING EXPENSES OF 195,763 AND MISCELLANEOUS OF 2,359. TOTAL EXPENSE INCLUDED ON FINANCIAL STATEMENTS NOT ON RETURN IS 3,157,761. XII 4B OTHER ADJUSTMENTS CONSIST OF SCHOLARSHIPS NETTED AGAINST TUITION REVENUE OF 46,034,688, INCREASE IN BAD DEBT PROVISION FOR NON-OPERATING PLEDGES OF 394,550, LOAN FUND EXPENSES OF 206,343, GENERAL ALUMNI ASSOCIATION EXPENSES OF 88,188 AND MISCELLANEOUS OF 4,571. TOTAL EXPENSES INCLUDED ON RETURN NOT IN FINANCIAL STATEMENTS IS 46,728,340. true true true true true true true false false false false false false false false true false true 6a THE COLLEGE PARTICIPATES IN THE TITLE IV PROGRAM FOR CAMPUS WORK STUDY, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, THE PERKINS LOAN PROGRAM, DIRECT LENDING, PELL GRANTS, AND ACADEMIC COMPETITIVENESS GRANTS ADMINISTERED BY THE US DEPARTMENT OF EDUCATION. THE COLLEGE IS ALSO PARTICIPATING IN SEVERAL GRANTS WITH THE NATIONAL SCIENCE FOUNDATION TO PROVIDE STEM GRANTS TO STUDENTS STUDYING MATH OR SCIENCES AS A MAJOR. true Central America and the Caribbean Program services Attend College Abroad 203436 East Asia and the Pacific Program services Attend College Abroad 259127 Europe 90 Program services Attend College Abroad 4002459 South America 3 Program services Attend College Abroad 137926 Russia and the Newly Independent States Program services Attend College Abroad 78333 South Asia Program services Attend College Abroad 39280 Middle East and North Africa Program services Attend College Abroad 3420 Europe Investments 11263924 Central America and the Caribbean Investments 201753997 93 93 217741902 217741902 Scholarship 62 969891 Student Acct FMV true false true true true true Part I Line 2 THE COLLEGE MANAGES ALL RELATIONSHIPS WITH INTERNATIONAL HOST INSTITUTIONS DIRECTLY AND CONDUCTS PERIODIC EVALUATIONS OF THE PROGRAMS. STUDENTS ARE BILLED TUITION BY HOLY CROSS. THE COLLEGE MANAGES ALL ASPECTS OF THE PROGRAM AND ITS COSTS PROVIDING FOR ADVISORS, LINGUISITIC SUPPORT AND TUTORIAL ASSISTANCE. PROGRAM COSTS, OTHER THAN SCHOLARSHIPS, ARE TRACKED BY PROGRAM LOCATION. SCHOLARSHIPS ARE PROVIDED TO STUDENTS ATTENDING PROGRAMS ABROAD USING THE SAME METHODOLOGY THAT IS APPLIED TO STUDENTS WHO ATTEND CLASSES IN THE UNITED STATES AS DESCRIBED ON FORM 990, SCHEDULE I, PART IV. Part I Line 3 THE EXPENSES ARE CALCULATED BASED ON THE ACCRUAL METHOD OF ACCOUNTING. THE INVESTMENT INFORMATION IS REPORTED AT THE FAIR MARKET VALUE AT YEAR END. NY COUNCIL DINNER 496847 390387 106460 7035 10090 168937 GOLF TOURNAMENT 122039 99214 22825 9701 618886 489601 129285 16736 10090 168937 195763 -66478 true City of Worcester 455 Main Street Worcester MA 01608 046001418 115 100000 Donation Worcester Public Library Foundation 455 Main Street Worcester MA 01608 046001418 115 10000 Donation Blackstone River Valley National Heritage Corridor Inc 1 Depot Square Woonsocket RI 02895 273086245 501c3 45000 Donation Worcester Center for the Performing Arts Inc 2 Southbridge Street Worcester MA 01608 050521735 501c3 7000 Donation 4 Scholarship - Funded by Federal Government 165 728000 FMV Scholarship - Funded by State Government 200 492700 FMV Scholarship - Funded by College 1509 42003595 FMV Scholarship - Funded by Private Source 97 1840501 FMV Part I Line 2 THE COLLEGE SUPPORTS A NEED BASED FINANCIAL AID POLICY THAT IS REPRESENTATIVE OF ITS ACADEMIC AND SPIRITUAL GOALS AS AN UNDERGRADUATE, JESUIT LIBERAL ARTS COLLEGE. THE COLLEGE ACCEPTS STUDENTS REGARDLESS OF THEIR ABILITY TO PAY NEED-BLIND ADMISSIONS AND THEN MEETS 100 OF THEIR NEED, AS CALCULATED ACCORDING TO NATIONALLY RECOGNIZED FINANCIAL AID CRITERIA. THE COLLEGE USES A CONSERVATIVE NEEDS ANALYSIS, INSTITUTIONAL METHODOLOGY WHICH IS AGREED UPON BY MORE THAN 2,000 MEMBERS OF THE COLLEGE SCHOLARSHIP SERVICE ASSEMBLY. THE FINANCIAL AID PROGRAM IS GENEROUS AND ALL STUDENTS ARE ENCOURAGED TO APPLY REGARDLESS OF THEIR SOCIO-ECONOMIC BACKGROUND. APPROXIMATELY SIXTY-ONE PERCENT OF ALL STUDENTS RECEIVE SOME FORM OF FINANCIAL ASSISTANCE. A LIST OF RECIPIENTS WHO RECEIVE FINANCIAL ASSISTANCE IS MAINTAINED BY THE COLLEGE. THERE MAY BE SOME RECIPIENTS WHO ARE RELATED TO OFFICERS, TRUSTEES, OR OTHER DISQUALIFIED PERSONS SUCH RECIPIENTS ARE SELECTED ON AN EQUAL OBJECTIVELY DETERMINED BASIS WITH OTHERS. THE COLLEGE PROVIDES GRANTS TO CERTAIN CHARITABLE ORGANIZATIONS WITHIN THE WORCESTER, MA AREA. THESE GRANTS ARE CLOSELY TIED TO PROMOTING THE COLLEGES CHARITABLE AND EDUCATIONAL MISSION AND CONTRIBUTE TO THE ENRICHMENT OF THE GREATER WORCESTER AREA. SINCE THESE GRANTS ARE MADE TO CHARITIES, THE COLLEGE DOES NOT MONITOR THE USE OF THE GRANT FUNDS. X X true true X X X true true false false false true false true false Michael Lochhead VP Treasurer 287891 21235 28326 30288 367740 Jacqueline Peterson Dean of Students 180303 16335 20028 24471 241137 Frank Vellaccio Sr. VP 267608 128385 28326 76018 500337 Timothy Jarry Chief Invest Officer 271952 17820 28326 24471 342569 Richard Regan Jr Athletic Director 183126 20746 20547 25971 250390 John Carter Professor 87371 173074 9146 16603 286194 Milan Brown Basketball Coach 343222 18949 28326 24471 414968 Dorothy Hauver Assistant Treasurer 170602 1200 18990 25521 216313 Thomas Gilmore Football Coach 178300 13220 20486 30288 242294 Edward Thompson Jr Professor 80538 124016 8218 7435 220207 Margaret Freije Vice President for Academic Affairs and Dean of the College 200667 1001 20004 45859 267531 Tracy Barlok Vice President for Advancement 258324 22045 28326 22505 331200 Timothy Austin Dean 115679 32125 10612 751 159167 Part I Line 1A CERTAIN OFFICERS, KEY EMPLOYEES OR HIGHLY COMPENSATED EMPLOYEES ARE AUTHORIZED AS PART OF THEIR COMPENSATION AGREEMENT TO OBTAIN A MEMBERSHIP IN A SOCIAL OR RECREATIONAL CLUB. THESE DUES ARE GROSSED UP AND INCLUDED IN THE EMPLOYEES REPORTABLE COMPENSATION. Part I Line 4A PROFESSORS JOHN CARTER AND EDWARD THOMPSON, JR. RETIRED AND RECEIVED EARLY RETIREMENT PAYOUTS OF 171,489 AND 123,264 PLUS NONTAXABLE BENEFITS RESPECTIVELY. THEY RETIRED UNDER THE FACULTY EARLY RETIREMENT POLICY DESCRIBED IN SCHEDULE J, PART 1, LINE 7. Part I Line 4B FRANK VELLACCIO ORIGINALLY PARTICIPATED IN A SPLIT DOLLAR LIFE INSURANCE POLICY IN THE LATE 1990s. UPON THE COMPLETION OF THE TERMS OF THE SPLIT DOLLAR LIFE INSURANCE POLICY, THE COLLEGE DETERMINED THAT THE INTEREST AND PREMIUMS FROM A LATER MODIFICATION WERE TAXABLE AND THEREFORE REPORTED THOSE ITEMS AS TAXABLE INCOME ON FRANK VELLACCIOS 2013 FORM W-2. Part II Line 6A THE COLLEGE IMPLEMENTED A PERFORMANCE-BASED INCENTIVE PLAN TO MOTIVATE AND REWARD PERSONS WITHIN THE COLLEGES INVESTMENT OFFICE FOR ACHIEVING THE COLLEGES LONG-TERM FINANCIAL OBJECTIVES. A COMMITTEE APPOINTED BY THE PRESIDENT OF THE COLLEGE ADMINISTERS THIS INCENTIVE PLAN. THIS COMMITTEE DETERMINES EACH PARTICIPANTS ANNUAL INCENTIVE OPPORTUNITES WHICH VARIES BASED UPON ACHIEVEMENT OF SPECIFIED LEVELS OF PERFORMANCE FOR THE PLAN YEAR. FACTORS FOR DETERMINING INCENTIVE OPPORTUNITIES INCLUDE BENCHMARKING ENDOWMENT POOL RETURNS, RANKING AGAINST ENDOWMENT POOLS OF COMPARABLE ORGANIZATION, NET RETURN ON THE ENDOWMENT POOL, COMPLETION OF ANNUAL GOALS, LEADERSHIP COMPETENCIES, AND OVERALL PERFORMANCE IN MAJOR AREAS OF RESPONSIBILITIES. Part I Line 7 THE COLLEGE HAS ESTABLISHED A VOLUNTARY EARLY RETIREMENT PROGRAM FOR TENURED FACULTY MEMBERS WHO HAVE COMPLETED FIFTEEN YEARS OF SERVICE AND ATTAINED AGE 62. ELIGIBLE FACULTY MEMBERS ARE ENTITLED TO A PERCENTAGE PAYOUT THAT DECREASES OVER TIME. IN ADDITION, ELIGIBLE FACULTY MEMBERS ARE ABLE TO REMAIN ENROLLED IN THE COLLEGES AVAILABLE MEDICAL HEALTH PLANS. Part II MEMBERS OF THE SOCIETY OF JESUS TAKE A VOW OF POVERTY. COMPENSATION IS PAID DIRECTLY TO THEIR ORDER WHICH IS EXEMPT UNDER SECTION 501C3. UNDER REV. RUL. 77-290, MEMBERS OF A RELIGIOUS ORDER PROVIDING SERVICES TO A CATHOLIC ORGANIZATION WILL BE CONSIDERED FOR TAX PURPOSES TO BE AN AGENT OF HIS ORDER PROVIDED THE RELIGIOUS ORDER IS SUBJECT TO A VOW OF POVERTY, THE RELIGIOUS ORDER IS PROVIDING SERVICES FOR A CATHOLIC ORGANIZATION LISTED IN THE OFFICIAL CATHOLIC DIRECTORY AT THE DIRECTION OF HIS SUPERIOR AND THE FULL AMOUNT OF COMPENSATION IS REMITTED TO HIS ORDER WHICH IS EXEMPT FROM TAX. A Mass Develop & Finance Agency MDFA 2007B 042608195 57583RLM5 2007-05-03 30306021 Refunding 1998 Issue false false false B Mass Develop & Finance Agency MDFA 2008A 042608195 57583RU26 2008-05-08 45340000 Refunding 2007A Issue false false false C Mass Develop & Finance Agency MDFA 2008B 042608195 57583RVU6 2008-05-08 71076481 Refunding 2006 Issue false false false A 7525000 30306021 258981 169240 29877800 2008 false true true true B 5240000 45340000 181594 158406 45000000 2008 true false true true C 14215000 71076481 503481 70573000 2008 true false true true A false false false false false false true B false false false false 0.00910 0.00910 false false true C false false false false 0.02810 0.02810 false false true A false false true true false false false false true B false false false true true true Bank of America LLC 0000000028.300000000000 false false false false true C false false false true false false false false true A true B true C true Part I Line 11 THE PROCEEDS OF 29,877,800 WERE USED TO REFUND A PRIOR BOND DATED JULY 16, 1998. Part I Line 11 THE PROCEEDS OF 45,000,000 WERE USED TO REFUND A PRIOR BOND DATED MARCH 1, 2006. Part I Line 11 THE PROCEEDS OF 70,573,000 WERE USED TO REFUND A PRIOR BOND DATED MAY 3, 2007. Part IV Line 2C NO REBATE WAS DUE AS OF THE REBATE CALCULATION PERFORMED ON 4/22/2013 FOR MDFA 2008A AND MDFA 2008B. Part IV Line 2C THE MDFA 2007B BOND WAS ISSUED A NO ARBITRAGE CERTIFICATE UNDER TREASURY REGULATION 1.148-2b2i DATED MAY 3, 2007. Milan Brown Highest Compensated Employee Legal Services X 50000 1948 false false true 1948 Officer Tuition Remission Officer Tuition Remission Tuition Remission FEDERATED FUND ADVISORY CO J. FISHER, TRUSTEE 10000 MANAGEMENT FEE false BAUPOST GROUP J. MOONEY, TRUSTEE 2970000 MANAGEMENT FEE false Part IV CONSISTENT WITH THE POLICY DESCRIBED IN SCHEDULE O, THE FOLLOWING TRANSACTIONS HAVE BEEN REVIEWED AND ARE CONSIDERED TO BE IN THE BEST INTERESTS OF THE COLLEGE WITH TERMS THAT ARE FAVORABLE TO THE COLLEGE. Part IV JOHN B. FISHER IS A TRUSTEE OF THE COLLEGE OF THE HOLY CROSS AND THE PRESIDENT AND CEO OF FEDERATED FUND ADVISORY COMPANY. THE COLLEGE OF THE HOLY CROSS HAS A BUSINESS RELATIONSHIP WITH FEDERATED FUND ADVISORY COMPANY. FEES TO FEDERATED FUND ADVISORY COMPANY ARE APPROXIMATELY 10,000 PER YEAR AND ARE BASED UPON AN ARMS LENGTH AGREEMENT. Part IV JAMES F. MOONEY III IS A TRUSTEE OF THE COLLEGE OF THE HOLY CROSS AND PARTNER OF THE BAUPOST GROUP, LLC. THE COLLEGE IS INVESTED IN A BAUPOST GROUP, LLC HEDGE FUND. FEES TO THE BAUPOST GROUP, LLC WERE APPROXIMATELY 2,970,000 DURING THE YEAR ENDED 6/30/2014 AND ARE BASED UPON AN ARMS LENGTH AGREEMENT. Part IV P. KEVIN CONDRON IS A TRUSTEE OF THE COLLEGE AND IS A MEMBER OF THE BOARD OF DIRECTORS OF HANOVER INSURANCE COMPANY HANOVER. PAYMENTS ARE MADE BY THE COLLEGE TO HANOVER FOR INSURANCE PURCHASED BY HOLY CROSS EMPLOYEES AND DEDUCTED FROM THEIR PAYCHECKS AT THEIR REQUESTS AS A MATTER OF EMPLOYEE CONVENIENCE. THE PAYMENTS MADE TO HANOVER ARE NOT THE PROPERTY OF HOLY CROSS AND THIS IS A LONG STANDING PROGRAM OF HOLY CROSS THAT PREDATES MR. CONDRONS JOINING EITHER THE BOARD OF TRUSTEES OF HOLY CROSS OR THE BOARD OF DIRECTORS OF HANOVER. X 154 12513055 2 false true false Form 990, Part IV, Section B, Line 11A SENIOR MANAGEMENT OF THE COLLEGE IS RESPONSIBLE FOR DRAFTING FORM 990. THE COMPLETED DRAFT FORM 990 IS SUBMITTED FOR REVIEW TO THE COLLEGES TAX ADVISOR. RECOMMENDED CHANGES ARE DISCUSSED WITH SENIOR MANAGEMENT AND INCORPORATED INTO THE RETURN. THE DRAFT FORM IS THEN PROVIDED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES SUFFICIENTLY IN ADVANCE OF THE FILING DEADLINE TO ENABLE A DETAILED AND CONSCIENTIOUS REVIEW BY ALL MEMBERS OF THE COMMITTEE WITH SENIOR MANAGEMENT AND THE COLLEGES TAX ADVISOR. ALL QUESTIONS AND CONCERNS OF THE AUDIT COMMITTEE MEMBERS ARE ADDRESSED AND INCORPORATED INTO THE FORM 990 AS APPROPRIATE. AFTER THE AUDIT COMMITTEE REVIEW ALL MEMBERS OF THE BOARD OF TRUSTEES ARE PROVIDED WITH THE COMPLETED FORM 990 IN ADVANCE OF THE FILING DEADLINE VIA A DEDICATED COLLEGE WEBSITE. ALL QUESTIONS AND CONCERNS OF THE MEMBERS OF THE BOARD OF TRUSTEES WILL BE ADDRESSED BY THE TREASURER AND INCORPORATED INTO THE FORM 990 AS APPROPRIATE. AFTER ALL OF THE INPUT FROM THE BOARD OF TRUSTEES AND THE AUDIT COMMITTEE HAS BEEN APPROPRIATELY ADDRESSED, THE TREASURER OF THE COLLEGE IS AUTHORIZED TO FILE THE FORM 990. Form 990, Part VI, Section B, Line 12C ALL OFFICERS, TRUSTEES AND KEY EMPLOYEES ASSUME RESPONSIBILITY FOR CONSIDERING POSSIBLE CONFLICTS OF INTEREST THAT ARISE DURING SERVICE WITH THE COLLEGE. TO HELP OFFICERS, TRUSTEES, AND KEY EMPLOYEES IDENTIFY POSSIBLE CONFLICTS OF INTEREST, THE COLLEGE HAS DEVELOPED A DISCLOSURE FORM THAT MUST BE COMPLETED AND UPDATED AT LEAST ANNUALLY. DURING THE COURSE OF THEIR SERVICE, OFFICERS, TRUSTEES, AND KEY EMPLOYEES MUST ALSO DISCLOSE ANY CONFLICT OF INTEREST AS SOON AS THEY BECOME AWARE OF THE CONFLICT. Form 990, Part VI, Section B, Line 12C THE GENERAL COUNSEL WILL REVIEW THE DISCLOSURES AND REPORT CONFLICTS OF INTEREST TO THE CHAIRMAN OF THE BOARD AND THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. THE AUDIT COMMITTEE CONSIDERS THE BEST INTERESTS OF THE COLLEGE AND THE NATURE OF THE CONFLICT. THE AUDIT COMMITTEE EVALUATES THE CIRCUMSTANCES OF THE ISSUE OR TRANSACTION TO ENSURE THAT IT IS FEASIBLE, THE TERMS ARE FAVORABLE TO THE COLLEGE AND THAT THEY HAVE CONSIDERED ANY POTENTIAL IMPLICATIONS OF ENTERING INTO A TRANSACTION OR DECIDING AN ISSUE WHERE A CONFLICT EXISTS. THE AUDIT COMMITTEE MAY CONSIDER WHETHER ADVICE FROM COUNSEL OR OTHER INDEPENDENT ADVISORS IS NECESSARY IN PARTICULAR INSTANCES. Form 990, Part VI, Section B, Line 12C THE AUDIT COMMITTEE WILL DELIBERATE THE REPORTED CONFLICT AND VOTE TO MAKE ONE OF TWO DETERMINATIONS THAT NO MATERIAL CONFLICT OF INTEREST EXISTS AND THAT NO ACTION IS NECESSARY OR THAT A MATERIAL CONFLICT OF INTEREST DOES EXIST AND RECOMMEND A STRATEGY TO ADDRESS THE IDENTIFIED CONFLICT. THESE FINDINGS WILL BE COMMUNICATED TO THE CHAIRMAN OF THE BOARD AND FULL BOARD OF TRUSTEES. THE MINUTES OF THE MEETING SHALL REFLECT THE NATURE OF THE CONFLICT AND THE AUDIT COMMITTEES DETERMINATION WITH RESPECT TO THE SPECIFIC PROCEDURES THE MEMBER WILL FOLLOW REGARDING THE ISSUE OR TRANSACTION. Form 990, Part VI, Section B, Line 15B THE BYLAWS ARTICLE 2, SECTION 6 OF THE COLLEGE ESTABLISH THAT THE BOARD HAS THE AUTHORITY TO HIRE, EMPLOY, AND SET THE REMUNERATION OF THE PRESIDENT AND ALL OTHER OFFICERS OF INSTRUCTION AND ADMINISTRATION. THE EXECUTIVE COMMITTEE IS A PERMANENT COMMITTEE OF THE BOARD THAT HAS BEEN ASSIGNED THE RESPONSIBILITY FOR EVALUATING COMPENSATION REASONABLENESS FOR ALL OFFICERS OR HIGHLY PAID EMPLOYEES. THE EXECUTIVE COMMITTEE IS COMPOSED OF FIVE TO SIX MEMBERS AND INCLUDES THE PRESIDENT WHO IS EX-OFFICIO CHAIR AND A MEMBER OF THE COMMITTEE. THE EXECUTIVE COMMITTEE REVIEWS THE ENTIRE COMPENSATION PACKAGE INCLUDING BENEFITS BY ASSESSING THE NATURE AND SCOPE OF EACH POSITION, ASSESSING THE INDIVIDUALS HOLDING EACH POSITION INCLUDING UNIQUE BACKGROUND, EXPERIENCE, PERSONAL SKILLS, PERFORMANCE, ADDITIONAL DUTIES AND ABILITIES AND THE ABILITY TO SOLVE CHALLENGES FACING THE COLLEGE, OBTAINING APPROPRIATE AND COMPARABLE COMPENSATION MARKET DATA FROM THE FOLLOWING SOURCES SIMILARLY SITUATED ORGANIZATIONS, BOTH FOR-PROFIT AND TAX EXEMPT FOR FUNCTIONALLY COMPARABLE POSITIONS INCLUDING COMPARATIVE DATA FROM CUPA AND OTHER JESUIT COLLEGES AND UNIVERSITIES INDEPENDENT COMPENSATION SURVEYS BY NATIONALLY RECOGNIZED INDEPENDENT FIRMS THE EXECUTIVE COMMITTEE WILL PERIODICALLY USE INDEPENDENT COMPENSATION CONSULTANTS TO REVIEW EXECUTIVE COMPENSATION. THE EXECUTIVE COMMITTEE DELIBERATES THE INFORMATION PROVIDED AND RELATIVE CONTRIBUTION OF EACH EXECUTIVE MEMBER BEFORE VOTING ON THE COMPENSATION PACKAGE. THE PRESIDENT EXCUSES HIMSELF FOR THE DISCUSSION AND VOTE ON HIS INDIVIDUAL COMPENSATION. THE PRESIDENT IS A MEMBER OF THE SOCIETY OF JESUS. MEMBERS OF THIS RELIGIOUS ORDER TAKE A VOW OF POVERTY AND RECEIVE COMPENSATION AS AN AGENT OF THEIR RELIGIOUS ORDER. RECORDS OF THE EXECUTIVE COMMITTEE MEETING ARE ADEQUARELY DOCUMENTED CONCURRENTLY WITH MAKING RECOMMENDATIONS REGARDING COMPENSATION. Form 990, Part VI, Section B, Line 16A THE COLLEGE PARTICIPATES IN A JOINT VENTURE, COLLABORATIVE EDUCATIONAL VENTURES OF NEW ENGLAND, LLC. CEVONE. CEVONE IS A COLLABORATIVE OF EDUCATIONAL INSTITUTIONS FORMED TO EXPLORE DEVELOP AND PROVIDE SPECIAL PURPOSE INITIATIVES WHICH MAY BE OF PARTICULAR INTEREST TO ITS PARTICIPATING MEMBER SCHOOLS, COLLEGES, AND UNIVERSITIES. THE COLLEGES GENERAL COUNSEL REVIEWED THIS POLICY FOR POTENTIAL LEGAL AND TAX ISSUES. Form 990, Part VI, Section C, Line 19 THE COLLEGES GOVERNING INSTRUMENTS, ARTICLES OF INCORPORATION AND BYLAWS MAY BE FOUND ON THE COLLEGE WEBSITE UNDER THE OFFICE OF THE GENERAL COUNSEL. THE COLLEGES CONFLICT OF INTEREST POLICY IS AVAILABLE ON THE COLLEGES WEBSITE. Form 990, Part XI, Line 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES INCLUDE A GAIN ON INTEREST RATE SWAP AGREEMENTS AND OTHER OF 49,194, PENSION ADJUSTMENTS RELATING TO FINANCIAL STANDARDS ACCOUNTING NUMBER 158 WHICH IS A LOSS OF 7,406,390, HOLY CROSS CLUB OF BOSTON AND GENERAL ALUMNI ASSOCIATION BALANCES OF 737, AND MISCELLANEOUS ADJUSTMENT OF 1,667. TOTAL OTHER CHANGES IN NET ASSETS OR FUND BALANCES EQUAL 7,358,126. Form 990, Part X, Line 9, 15 TO PROPERLY REPORT THE AMOUNT OF PREPAID EXPENSES AND OTHER ASSETS, A RECLASSIFICATION WAS MADE FROM THE PRIOR YEAR. TO MAINTAIN CONSISTENCY THE BEGINNING BALANCE WAS RECLASSED TO MATCH THE ENDING BALANCE. Form 990, Part VI, Section A, Line 1A THE COLLEGES EXECUTIVE COMMITTEE IS SUBORDINATE AND RESPONSIBLE TO THE BOARD OF TRUSTEES. HOWEVER, BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE HAS ALL THE POWERS AND DUTIES OF THE BOARD EXCEPT TO APPROVE OR AUTHORIZE CHANGES IN THE CHARTER OF THE CORPORATION OR THE BYLAWS TO REMOVE OR ELECT OFFICERS OF THE CORPORATION OR THE PRESIDENT OF THE COLLEGE OF THE HOLY CROSS TO EFFECT ANY MAJOR CHANGE IN THE NATURE OF THE OPERATIONS OF THE COLLEGE TO AUTHORIZE ANY MORTGAGE OR ENCUMBRANCE ON ALL OR ANY SUBSTANTIAL PART OF THE PROPERTIES OF THE CORPORATION, OR TO CONFER HONORS OR DEGREES. Form 990, Part VI, Section A, Line 1A ALL MEMBERS OF THE EXECUTIVE COMMITTEE ARE ON THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE FOR THE YEAR ENDED JUNE 30, 2014 COMPRISED OF THE PRESIDENT, THE CHAIR, AND THREE OTHER TRUSTEES. Alchemy Plan LP Trafalgar Court Les Banques St Peter Port GK GY13QL 980376083 Investing GK NA Investment 3641708 13255153 true false 0.99500 false false false false false false false false false false false false false false false false false true true Alchemy Plan LP r 63145 FMV Alchemy Plan LP s 4704556 FMV Quinsigamond Village r 1248760 FMV