2014-05-05T15:39:33-05:00 2013-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 100174057 990 2012-07-01 221487354 Stevens Institute of Technology % RANDY GREENE STEV 2012168761 1 Castle Point On Hudson Suite Hoboken NJ 07030 Randy 2012168761 2014-05-05 true Scott Thompsett 2125990100 2012 2015-11-30 17:44:51Z Nariman Farvardin 1 Castle Point On Hudson Hoboken NJ 07030 404539602 false X www.stevens.edu X 1870 NJ The organization's primary exempt purpose is to provide educational services to individuals in pursuit of undergraduate, masters and/or doctorate degrees and to conduct research. 25 20 3131 305 121928 -10310 11295493 25009202 208906156 217683956 3559052 10727755 2656009 5854187 226416710 259275100 42668734 47845440 0 0 105046962 106671627 0 0 3015243 73489721 75531628 221205417 230048695 5211293 29226405 307906023 334218462 130570130 123676117 177335893 210542345 X Stevens Institute of Technology was founded in 1870. The Institute is a non-profit research University offering more than 30 undergraduate majors including programs in engineering, the sciences, computer science, business, and the humanities; and graduate level courses in a range of disciplines leading to the Master's and PhD degrees. Academic research is carried out at every level of the Institute. The mission of the Institute is accomplished by the achievement of the following core goals: providing students with a broad-based, multidisciplinary learning experience in the sciences, engineering, business and liberal arts while stressing the fundamental concepts, techniques and attitudes that underlie different branches of technology; promoting the personal development of the student, demonstrated by a sense of ethical responsibility, awareness of the societal impact of their professions, development of leadership and team skills, and a love of learning; creating knowledge through world false false 158316240 47845440 164849521 Educational Instruction: In the academic year 2012-2013, Stevens' enrollment was 2594 undergraduate students and 3484 graduate students. 507 students graduated with bachelor of engineering, science or arts degrees, 1106 students received master's in engineering, science, business administration or arts. 48 PHD degrees were also conferred. In addition, Stevens collaborated with numerous domestic and international universities and other educational programs to provide courses and training to international students. Stevens emphasizes innovation and teaches entrepreneurship throughout its curriculum with the aim of enabling the integration of technological and market knowledge. 21468767 23612916 Student Life: Stevens Institute maintains a 55 acre campus in Hoboken, New Jersey and provides students with on campus and off campus housing as well as several dining facilities. Close interactions between professors and students allow for greater academic and social development. There are over 120 clubs, organizations and varsity sports that offer the students ample opportunity to participate, broaden and enrich their student life. The S.C. Williams library serves as the Institute's intellectual, cultural and social center capitalizing on a resourceful staff and new technologies to foster a stimulating environment for teaching, learning and scientific discovery. 24475353 29221519 Research: The research enterprise includes academic research, national research centers and cross-disciplinary research initiatives with affiliated organizations and infrastructure. Creative and entrepreneural research is an integral part of the Stevens Mission. The Institute has been recognized by both the U.S. Department of Defense and the Department of Homeland Security as a national center of excellence in the areas of systems engineering, port security and information assurance. The fundamental principles governing the research environment are innovation, creativity and entrepreneurship. 204260360 true true false true false false false true false true true true false false true true true false true true true false false false true false false false true true true false false false false false false false false false true true false false false false true true false false false true 578 0 true 3131 true true true true DR false false false true true false false false false X 25 20 false true false false false false false true true false false true true true true true true true true false X X RANDY GREENE 2012168761 1 CASTLE POINT ON HUDSON Hoboken NJ 07030 X Lawrence T Babbio Jr 1.0 X 0 0 0 Stephen T Boswell 1.0 X X 0 0 0 Thomas A Corcoran 1.0 X X 0 0 0 Richard R Roscitt 1.0 X X 0 0 0 Virginia P Ruesterholz 1.0 X X 0 0 0 John A Schepisi 1.0 X X 0 0 0 Kendra L Appleheimer 1.0 X 0 0 0 Philip P Crowley 1.0 X 0 0 0 Joseph J Garvey 1.0 X 0 0 0 Larry B Giannechini 1.0 X 210 0 0 John Sean J Hanlon IV 1.0 X 0 0 0 Mark LaRosa 1.0 X 0 0 0 Matthew R Libera 55.0 X 226370 0 24864 Richard S Magee 1.0 X 11666 0 0 Lisa M Mascolo 1.0 X 0 0 0 Sandeep Mathrani 1.0 X 0 0 0 Victoria L O'Connor 1.0 X 0 0 0 Hillary Paul 1.0 X 0 0 0 Spyros Polemis 1.0 X 0 0 0 Ronald E Salluzzo 1.0 X 0 0 0 Thomas H Scholl 1.0 X 0 0 0 Frank J Semcer Sr 1.0 X 0 0 0 James M Walsh 1.0 X 0 0 0 Charles T Koeller 55.0 X 153674 0 15587 John R Dearborn 1.0 X 0 0 0 Steven M Feller 1.0 X 0 0 0 Owen P Jappen 1.0 X 0 0 0 Anthony Barrese 55.0 X 185156 27166 Martin C Fliesler 1.0 X Steven Shulman 1.0 X Nariman Farvardin 55.0 X 726464 0 26326 Randy L Greene 55.0 X 472020 0 28826 Mary Wheeler 55.0 X 195119 0 26676 Elizabeth Shelton 55.0 X 180660 0 16394 Kathy L Schulz 55.0 X 300845 0 25114 Diana Colombo 55.0 X 86058 0 17984 Gregory Prastacos 55.0 X 332806 0 31350 Henry P Dobbelaar Jr 55.0 X 277513 0 22506 George P Korfiatis 55.0 X 527670 0 36613 Maureen P Weatherall 55.0 X 392590 0 31337 Michael S Bruno 55.0 X 370690 0 31337 Lisa Dolling 55.0 X 180800 0 15300 Dinesh Verma 55.0 X 499503 0 31525 Mark L Samolewicz 55.0 X 157054 0 23597 Constantin Chassapis 55.0 X 306389 0 34025 Ralph G Giffin III 55.0 X 308242 Souran Manoochehri 55.0 X 269705 0 28210 Donald M Merino 55.0 X 287963 0 13806 Christos Christodoulatos 55.0 X 283379 0 22201 Harold J Raveche 6302010 0.0 0.0 X 302911 0 0 Malcolm Kahn 0.0 0.0 X 134737 0 0 7170194 0 530744 261 true true false Sodexo Operations PO Box 360170 PITTSBURGH PA 152516170 Food Service Mgmt 8232724 GCA Services Group PO Box 643823 PITTSBURGH PA 15264 Maintenance 1365587 Hewlett Packard Financial PO Box 402582 ATLANTA GA 30384 Financial 1279784 Donnelly Construction 557 Route 23 South WAYNE NJ 07470 Construction 973831 UGL SVCS Unico Operations Co 4002 Solutions Center CHICAGO IL 60677 Maintenance 1056236 114 161718 24847484 568780 25009202 TUITION & FEES 611600 164849521 164849521 RESEARCH REVENUE 541700 29221519 29221519 STUDENT HOUSING 611710 14931743 14931743 STUDENT DINING 611710 8681173 8681173 217683956 2498338 -39657 2537995 0 96055 96055 1435570 1435570 0 1435570 20695 1414875 152415807 143492359 694031 8923448 -694031 8229417 8935416 102235 161718 225966 -123731 -123731 0 1098889 852146 246743 6103 240640 INSURANCE RECOVERY - HURRICANE SANDY 900099 481775 481775 AQUATICS 713940 278486 119885 158601 PARKING 812930 419421 419421 3019868 14902 3004966 4199550 259275100 217683956 121928 17166013 0 47845440 47845440 0 0 5146015 2043701 3102314 110149 110149 82134090 72785768 7683367 1664955 4391070 3759932 526068 105070 10144152 8686112 1215311 242729 4746151 4063977 568608 113566 0 1204971 299563 905408 701127 17246 683881 274000 274000 0 1603578 1603578 5072543 3293818 1476926 301799 701691 268768 432607 316 3150857 1575151 1348129 227577 2103214 1975068 116194 11952 0 11189319 11000144 189175 2609165 2400351 179407 29407 0 174465 109132 65333 3947910 3801972 145938 0 7409495 7143266 266229 1040357 1030487 9870 REPAIRS & MAINTENANCE 8246951 7238205 1002910 5836 RESEARCH CONTRACTS 15361315 15359733 1582 HOSPITALITY 2171130 1576382 426455 168293 RENTAL EQUIPMENT 1952851 1777531 157797 17523 6616689 6208613 281856 126220 230048695 204260360 22773092 3015243 54585 2700160 17963668 26833602 8309162 20393138 26324728 21461816 0 0 0 0 0 0 302624 386294 1447855 1854604 244987349 117724559 127903609 127262790 65806447 61320918 52688229 64964348 0 0 0 0 7105116 7040792 307906023 334218462 13309069 16061630 0 0 6212618 5787382 77988160 75238958 0 0 0 0 12760415 7088276 0 0 20299868 19499871 130570130 123676117 X 22779457 26484141 44641385 105221104 109915051 78837100 177335893 210542345 307906023 334218462 X 29226405 4124854 -144807 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 274000 false false 274000 false Lobbying Schedule C, Part II-B, Line g The Stevens Institute of Technology does not directly engage in any lobbying activities; the Institute hired various outside consultants to undertake lobbying activities on its behalf. 324405 X X X false false 141416999 5544879 14042029 5255190 155748717 144100616 2197390 1391552 6272559 141416999 134214252 335365 14682338 5131339 144100616 129122256 742425 8926018 4576447 134214252 155485695 788435 -24764095 2387779 129122256 0.05000 0.95000 true false 1763196 1763196 212711349 96198817 116512532 26349532 21525742 4823790 4163272 4163272 127262790 ALTERNATIVE INVESTMENTS 30416611 F TRUSTS HELD BY OTHERS 3347431 F SPLIT INTEREST AGREEMENTS 3340482 F OTHER 204707 F PRIVATE EQUITY 27655117 F 64964348 0 ACCRUED POST-RETIREMENT BENEFIT 6306533 ANNUITIES PAYABLE 1982301 CONDITIONAL ASSET RETIREMENT 6082829 REFUNDABLE ADVANCES 5128208 19499871 X 214658274 4124854 -144808 3980046 210678228 1603578 46993294 48596872 259275100 181451823 852146 852146 180599677 1603578 47845440 49449018 230048695 Collections of Art, Historical Treasures or Other Similar Assets Form 990, Schedule D, Part III Various Pieces of art that have been donated are on public display for the enrichment and enjoyment of visitors, faculty, staff and students. Endowment Funds Form 990, Schedule D, Part V, Line 4 The Institute's endowment fund is intended to support scholarships for undergraduate and graduate students and to provide financial assistance for programs and services conducted by the Institute. Income Taxes Form 990, Schedule D, Part X The Institute adopted ASC 740-10 as of July 1, 2007. ASC 740-10 clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to Financial Statement recognition and measurement. This section provides that the tax effects from an uncertain tax position can be recognized in the Financial Statements only if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The Institute has processes presently in place to ensure the maintenance of its tax-exempt status, to identify and report unrelated income, determine its filing and tax obligations in jurisdictions for which it has nexus, and to review other matters that may be considered tax positions. Management of the Institute believes there are no uncertain tax positions. Therefore, the adoption of ASC 740-10 did not have any Impact on the Institute's Financial Statements. Other Revenue Included on Return But Not On Books Form 990, Schedule D, Part XI, Line 4b SCHOLARSHIPS NET ON FINANCIAL STATEMENTS RECLASSED TO EXPENSES (PART IX, LINE 2) $47,845,440 BOOK STORE COSTS OF GOODS SOLD INCLUDED IN EXPENSES ON FINANCIAL STATEMENTS ($852,146) ------------- TOTAL $46,993,294 ============= Other Revenue Included On Books But Not Return Form 990, Schedule D, Part XI, Line 2d Post-Retirement Benefit Changes Other Than Net Periodic Costs $(513,880) Change In Value Of Split-Interest Agreements 150,736 Provision For Uncollectible Contributions Receivable 218,336 ---------- Total $(144,808) ========== Other Expenses Included on Books but Not on Return Form 990, Schedule D, Part XII, Line 2d BOOK STORE COSTS OF GOODS SOLD INCLUDED IN EXPENSES ON FINANCIAL STATEMENTS ($852,146) ========== Other Expenses Included on Return but Not on Books Form 990, Schedule D, Part XII, Line 4b SCHOLARSHIPS NETTED AGAINST REVENUE ON FINANCIAL STATEMENTS RECLASSED TO EXPENSES (PART IX LINE 2) $47,845,440 =========== true true true true true true true false false false false false false false false true false true Nondiscrimination Policy Part I, Line 3 The Stevens Institute of Technology nondiscrimination policy is distributed annually as well as printed in student materials and on its website. Governmental Funding Part I, Line 6a Stevens Institute of Technology receives funding from various governmental sources including, but not limited to, Pell, Academic Competitiveness Grant, National Smart, Perkins and FSEOG. Central America and the Caribbean 1 2 Program Services Graduate Education 57233 Central America and the Caribbean Investments 40664428 East Asia and the Pacific Program Services Continuing Education 231723 East Asia and the Pacific Program Services Academic Recruitment 28553 1 2 1 2 40981937 40981937 true false true true true false Schedule F, Part IV Form 990, Schedule F, Part IV, Lines 1,4 & 5 Stevens Institute of Technology invests in domestic and foreign limited partnerships that may own an interest in a foreign corporation, passive foreign investment company or foreign partnership. To the extent that those investments resulted in transfers of property that exceeded the applicable filing thresholds, the Forms 926, 5471, 8621 and 8865 accompanied the filing of the University's Form 990-T. Golf Tournament 100223 66328 33895 28478 1626 Awards Gala 150385 87910 62475 1305 95282 2250 90078 1 13345 7480 5865 6947 263953 161718 102235 36730 95282 2250 91704 225966 -123731 true Scholarships and Grants 2251 47845440 Grants and Other Assistance in U.S. Form 990, Schedule I, Part I, Line 2 Scholarships and grants are awarded as financial assistance to students attending the Stevens Institute of Technology. The distribution and application of the financial assistance are based on the specific criteria of each scholarship and grant and are administered consistent with federal, state, and institutional student aid policies. Administration of financial assistance is monitored on an on-going basis through a review of bi-weekly system-generated reports. X X X X true true X X X X X true true false false false false false true false Nariman Farvardin 634601 0 82000 0 9863 0 22500 0 3826 0 752790 0 0 0 Randy L Greene 470020 0 2000 0 0 0 25000 0 3826 0 500846 0 0 0 Mary Wheeler 192119 0 3000 0 0 0 17799 0 8877 0 221795 0 0 0 Elizabeth Shelton 180660 0 0 0 0 0 16394 0 0 0 197054 0 0 0 Kathy L Schulz 298845 0 2000 0 0 0 21250 0 3864 0 325959 0 0 0 Matthew R Libera 226370 0 0 0 0 0 13391 0 11473 0 251234 0 0 0 Gregory Prastacos 293446 0 2000 0 37360 0 20833 0 10517 0 364156 0 0 0 Henry P Dobbelaar Jr 275805 0 0 0 1708 0 22505 0 0 0 300018 0 0 0 George P Korfiatis 505732 0 3000 0 18938 0 22500 0 14113 0 564283 0 0 0 Maureen P Weatherall 377777 0 0 0 14813 0 22500 0 8837 0 423927 0 0 0 Michael S Bruno 368690 0 2000 0 0 0 22500 0 8837 0 402027 0 0 0 Lisa Dolling 178800 0 2000 0 0 0 15300 0 0 0 196100 0 0 0 Charles T Koeller 153674 0 0 0 0 0 15587 0 0 0 169261 0 0 0 Dinesh Verma 497503 0 2000 0 0 0 20000 0 11525 0 531028 0 0 0 Mark L Samolewicz 157054 0 0 0 0 0 14720 0 8877 0 180651 0 0 0 Malcolm Kahn 106250 0 0 0 28487 0 0 0 0 0 134737 0 0 0 Constantin Chassapis 302389 0 4000 0 0 0 22500 0 11525 0 340414 0 0 0 Ralph G Giffin III 308242 0 0 308242 Souran Manoochehri 269705 0 0 0 0 0 16737 0 11473 0 297915 0 0 0 Donald M Merino 287963 0 0 0 0 0 13806 0 0 0 301769 0 0 0 Harold J Raveche 6302010 0 0 0 0 302911 0 0 0 0 0 302911 0 0 0 Christos Christodoulatos 283379 0 0 0 0 0 22201 0 0 0 305580 0 0 0 Anthony Barrese 185156 17231 9935 212322 Compensation Information Form 990, Schedule J, Part I LINE 1 - The Stevens Institute of Technology guidelines regarding first class/business class travel and spousal travel are included in the Stevens Business and Travel Expense Policy. Expenses incurred for accompanying companions/spouses are considered personal in nature except on occassions when attendance of a companion/spouse at an event serves a bona fide business purpose for the University and the presence of the companion/spouse is essential (not just beneficial) to the employee being able to carry out the business purpose for the University. Given that attendance is essential, this is not taxable to the employee. Campus housing is provided for the University President and is used for program and development purposes. There is one instance in which a club membership is in the name of an individual due to club imposed membership rules. This membership is solely for business purposes to foster relationships within the New York metropolitan area for the University. Incentive Compensation Schedule J, PartI, Line 7 INCENTIVE COMPENSATION The Stevens Incentive Compensation Plan provides a mechanism to reward faculty, administrative leaders, and certain key staff for extraordinary performance over a period of one academic year. In contrast to merit-based salary increases, annual incentives do not increase base salary. Incentive compensation may be awarded upon a finding by management that an employee's work has been extraordinary and has clearly contributed toward the goals and mission of Stevens. Incentive compensation, even in cases of extraordinary performance, is not guaranteed, and decisions regarding incentive compensation will be subject to the Board of Trustees and others' determinations as to the financial results of the University and other factors not specified in the plan. Incentive compensation for faculty, staff and administration are recommended by managerial staff, are approved by the President and are within parameters established by the Board of Trustees. Incentive compensation for executive leaders is recommended by the Human Resources and Compensation Committee of the Board of Trustees and approved by the full Board of Trustees as part of its consideration of this group (and as further described in Schedule O). Each year, the Board of Trustees will approve a set of annual incentive performances metrics (performance measures) for the executive leaders and will review with the President the process for determining the metrics for each other group or sub-group of employees. The metrics must be defined by the institutional performance metrics and the institutional core and strategic objectives. Compensation of Former President Schedule J, Part II Dr. Ravech served 22 years as Stevens' President, ending on June 30, 2010. All of the elements of his compensation reported in the 2012 IRS Form 990 relate to long-standing contractual obligations. His calendar year 2012 contracted compensation consisted solely of consulting payments. The compensation paid in 2012 is the final amount due to Dr. Raveche under these contractual obligations. A NJ EDU FAC AUTH STEVENS ISSUE 2007 221829511 646065LP5 2007-08-02 71633268 Refunding of Prior Issues false false false B NJ EDU FAC AUTH CAPITAL IMP 2005 A 221829511 60605LWWX 2005-08-10 792706 Refunding of Prior Issues false false false C NJ EDU FAC AUTH CAPITAL IMP 2006 A 221829511 64605LZ43 2006-10-26 133640 Refunding of Prior Issues false false false D NJ EDU AUTH DORM SAFETY 2003 A 221829511 64605NBU7 2004-01-15 244207 Finance Dorm Safety Improvements false false false A 2225000 0 85725356 5796727 0 66517119 1535969 0 0 0 0 0 2009 false true true true B 0 0 0 0 0 0 0 0 0 0 0 0 2005 false false true true C 0 0 0 0 0 0 0 0 0 0 0 0 2006 false false true true D 168500 0 0 0 0 0 0 0 0 0 0 0 2004 false false true true A false false false false 0.00000 0.00000 0.00000 true false false true B false false false false 0.00000 0.00000 0.00000 true false false true C false false false false 0.00000 0.00000 0.00000 true false false true D false false false false 0.00000 0.00000 0.00000 true false false true A false false false true false false 0 false 0 false true B false false false true false false 0 false 0 false true C false false false true false false 0 false 0 false true D false false false true false false 0 0 false true A true B true C true D true Virginia P Ruesterholz Chairman of the Board 1003985 See Schedule L, Part V false Ronald Salluzzo Board Trustee 189013 See Schedule L, Part V false Schedule L, Part IV Schedule L, Part IV, Lines 1 and 2 Virginia Ruesterholz, was the President of Verizon Services Operation. The Stevens Institute conducts business with Verizon Wireless, Verizon Select Services and various other Verizon companies (total fees of $1,003,985). Board of Trustees member. Ronald E. Salluzzo, is a partner at Attain, LLC. The University conducts business with Attain, LLC (total fees of $189,013). When entering into transactions with organizations that have a relationship with a University Board Member or Officer, the Stevens Institute of Technology ensures that they are conducted at arm's length. X 29 554364 FMV X Misc Equipment 4 14416 FMV false true true Non-Cash Contributions Form 990, Schedule M, Part I LINE 9 - To the extent that the Institute receives contributions of securities, the Institute's investment brokerage bank is tasked with selling those securities. LINE 32 - The Institute uses various galleries to facilitate the sale of art. 990 Review Form 990, Part VI, Line 11b This form 990 was prepared by members of the finance and legal offices of the Institution together with its outside tax and accounting firm specializing in higher education. The form 990 was then presented to the Audit Committee of the Board of Trustees for review and approval. Following this process and any modifications recommended by the Audit Committee, the form 990 was presented to a meeting of the full Board of Trustees of the Institution and approved in accordance with the By-Laws of the Institution. Conflict Of Interest Form 990, Part VI, Line 12c The Institution's conflict of interest policy requires ongoing compliance and self-reporting of conflicts. It also provides for completion of an annual questionnaire by all Trustees, officers and faculty, which questionnaire is reviewed by the Office of Audit, Risk and Compliance and the General Counsel and reported to the Audit Committee of the Board and to the Board of Trustees. Information disclosed in the questionnaires which indicates the possible presence of a conflict is investigated, discussed with relevant personnel and, if necessary, the conflict is eliminated or managed pursuant to a conflict management plan or device supervised by the Chair of the Board of Trustees or the Chair of the Audit Committee, with advice from the Office of Audit, Risk and Compliance and the General Counsel. In addition, conflicts are identified by the officers of the Institution and staff at other levels of the Institution as they arise from time to time and are referred to Office of Audit, Risk and Compliance and the General Counsel for further analysis and resolution. Certain conflicts relating solely to research activities may be managed by the Director of the Office of Sponsored Programs, with advice from the Office of Audit, Risk and Compliance and the General Counsel. Compensation Form 990, Part VI, Line 15b All compensation of persons occupying the following positions paid during calendar year 2012 was approved by the Human Resources and Compensation Committee of the Board of Trustees and the full Board of Trustees, in each case acting at meetings duly held, with the exception of one faculty member who serves as a representative on the Board of Trustees: President Provost and University Vice President Dean Chief Administrative Officer and VP for Enrollment Management Chief Financial Officer and Treasurer Vice President for Development Vice President for Facilities and Community Affairs Vice President, General Counsel and Secretary Professor of Economics (faculty trustee) Distinguished Service Professor and Associate Dean (faculty trustee) All such compensation was determined based upon recommendations from the President (except with respect to the President himself and except with respect to the Deans and faculty for whom compensation is recommended by the Provost), and comparative data on peer institutions collected and analyzed by an independent compensation consultant. The Secretary to the Board of Trustees took contemporaneous minutes of each meeting of the Board and the Human Resources and Compensation Committee at which these compensation decisions were made, except with respect to her own compensation. Disclosure Form 990, Part VI, Line 19 The governing documents of the Institution together with charters for committees of the Board of Trustees, the conflict of interest policy and the financial statements of the Institution are all made available on the Institution's website (www.stevens.edu). In addition, a variety of other documents and materials regarding the Institution and its operations as well as the other policies of the Institution, are also available on the website. Tax Exempt Bonds Form 990, Schedule K, Part I PART V SUPPLEMENTAL INFORMATION PART 1 - BOND ISSUES: 1. BOND ISSUE A - COLUMN (F): This issue advance refunded all of the outstanding principal amount of the Revenue Bonds, Stevens Institute of Technology issue, 2004 Series B issued on July 1, 2004 by the New Jersey Educational Facilities Authority ("NJEFA"), all of the Revenue Bonds, 2002 Series C issued by NJEFA on December 1, 2002 and a portion of the revenue bonds, Stevens Institute of Technology issue, 1998 Series I issued by NJEFA on August 25, 1998. The refunded bonds financed capital improvements for the Institute. 2. BOND ISSUE B - COLUMNS (E) AND (F): These bonds were issued in the par amount of $15,077,352 to refund a portion of the NJEFA Capital Improvement Fund (CIF) issues, Series 2000 A, Series 2000 B and Series 2002 A. CIF bonds were issued pursuant to a legislative program to finance capital improvements for New Jersey colleges and universities. Eleven colleges received grants from the 2000 A, 2000 B and 2002 A bonds. Stevens received grants only from the 2000 A and 2000 B bonds. The refunded bonds and the series 2005 A refunding bonds (bond Issue B) are repayable in part by state appropriations. The issue price shown on Schedule K for the series 2005 A bonds is the approximate amount of the issue price allocable to the Institute. 3. BOND ISSUE C - COLUMNS (E) AND (F): These bonds were issued in the par amount of $155,460,000 to refund a portion of NJEFA's Capital Improvement Fund issues, Series 2000 A Series 2000 B, Series 2002 A and Series 2004 A. The 2000 A, 2000 B, 2002 A and 2004 A bonds were issued on July 1, 2000, December 30, 2000, November 21, 2002 and March 14, 2004 respectively. At least eleven colleges received grants from these bonds. Stevens received grants only from 2000 A and 2000 B. The refunded bonds and the Series 2006 A refunding bonds (bond issue C) are repayable in part by state appropriations. The issue price shown on the Schedule K for the refunding 2006 A bonds is the approximate amount of the issue price allocable to the Institute. 4. BOND ISSUE D - COLUMNS (E) AND (F): These bonds were issued pursuant to a legislatively created state-backed program to finance safety improvements for dormitory facilities. The bonds are repayable in part by state appropriations. Bond proceeds were issued as a single issue of $5,440,000 which was lent in varying amounts to 12 of the private colleges located in New Jersey. The Institute received a loan of $243,500. The issue price shown on Schedule K is the approximate amount of the $5,523,846.05 issue price for the entire bond issue which is allocable to the loan made to the Institute Reconciliation of Net Assets Form 990, Part XI, Line 8 POST-RETIREMENT BENEFIT CHANGES OTHER THAN PERIODIC COSTS $(513,880) CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 150,737 ALLOWANCE FOR UNCOLLECTIBLE CONTRIBUTIONS 218,336 ------------ TOTAL $(144,807) ============ Part VI - Governing Body and Management Form 990, Part VI, Line 3 Stevens' Board of Trustees delegated to a prominent investment bank the management of Stevens' endowment pursuant to contracts which address the scope of the delegation of authority, monitoring by Stevens' management and the Board, and reporting, among other matters. Ravenswood Corporation One Castle Point on Hudson Hoboken NJ 07030 221854071 Real Estate NJ Stevens Instit C Corp 1504142 1.00000 true Castle Point Holdings Inc One Castle Point on hudson Hoboken NJ 07030 204264786 Tech Transfer NJ Stevens Instit C Corp -9943 613832 1.00000 true false false false true false false false false false false false true false false false false false false true Ravenswood Corporation s,l 1587600 FMV Castle Point Holdings Inc d,l 290971 FMV Ravenswood Schedule R, Part IV, Line 1(g): Ravenswood Corporation was dissolved and liquidated as of December 31, 2012 and therefore, did not have any assets as of June 30, 2013.