2025-03-11T15:46:59-05:00 2024-06-30 010523282 Berry Dunn McNeil & Parker LLC 1000 Elm Street 4th Floor Manchester NH 03101 990 2023-07-01 020223955 New England College NEWE 6034282211 98 Bridge St Henniker NH 03242 Paula A Amato Executive Vice President & CFO 6034282211 2025-03-11 1 1 Barbara J McGuan CPA P00219457 6036697337 2025-03-11 2023 2025-03-06 01:10:19Z Dr Wayne F Lesperance 98 Bridge St Henniker NH 03242 97544548 0 X www.NEC.edu X 1946 NH An independent liberal arts college offering undergraduate, graduate and professional programs. 25 24 828 30 75122 0 3857976 10852740 71151627 69176279 -884298 1002415 -647 -13136 74124658 81018298 25176151 25406355 0 0 27997738 27568930 0 0 674816 25455486 24214060 78629375 77189345 -4504717 3828953 90601279 94351483 34621528 32733613 55979751 61617870 X New England College emphasizes experiential learning as an essential component in the development of an enduring academic community. Building upon a strong liberal arts foundation, we challenge our students to reach their full potential through informed discourse and the pursuit of excellence in a framework of academic freedom that reflects the following values: imaginative, innovative, and creative approaches to all their endeavors; respect for self in the development of personal, social, physical and intellectual abilities; caring and collaborative relationships among members of our community; respect for the varied qualities of individuals, communities, and the world; an appreciation of beauty and elegance in the search for truth; inquiry into and the pursuit of social justice; ethical and responsible citizenship, including service to the community; the pursuit of ecological sustainability; continuous learning and a lifetime of personal achievement. 0 0 64935904 25406355 69176279 The College provides an education that develops critical and creative thinking abilities, effective communication skills, and responsible academic and social commitments; historical and comparative understanding of the humanities, social sciences, and natural sciences; responsiveness to ethical and humane concerns; respect for gender, ethnicity, generational, racial and religious identities, and an appreciation for natural environments and world cultures; and a foundation for lifelong learning. New England College offers undergraduate, graduate and professional programs leading to the degrees of Bachelor of Arts, Bachelor of Science, Master of Science, Master of Education and a doctorate in Higher Education Administration and K-12 Leadership. 64935904 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 2199 0 1 828 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 25 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH X Paula Amato 6034282461 98 Bridge Street Henniker NH 032423293 Michele D Perkins EdD Past Chancellor 30.00 X X 129227 0 23782 Wayne F Lesperance President 40.00 X X 409133 0 16803 Alexander Scourby Trustee, Board Chair 10.00 X X 0 0 0 TJ Whitelaw Trustee, Vice Chair 2.00 X X 0 0 0 Astrid Williams Trustee, Vice Chair 2.00 X X 0 0 0 Ray Apy Trustee 2.00 X 0 0 0 Karen Backus Trustee 2.00 X 0 0 0 Emmanuel Balogun Trustee 2.00 X 0 0 0 Peter Bordes Trustee 2.00 X 0 0 0 Christopher Brazill Trustee 2.00 X 0 0 0 Thomas Farmen Trustee 2.00 X 0 0 0 Elbridge T Gerry III Trustee 2.00 X 0 0 0 Katherine Haley Trustee 2.00 X 0 0 0 Don Hasseltine Trustee 2.00 X 0 0 0 Adam Kapner Trustee 2.00 X 0 0 0 Stephen Ketchum Trustee 2.00 X 0 0 0 Jay Lucas Trustee 2.00 X 0 0 0 Daniel Lynch Trustee 2.00 X 0 0 0 Thomas Markey Trustee 2.00 X 0 0 0 Eric Morgan Trustee 2.00 X 0 0 0 Lori Scherer Trustee 2.00 X 0 0 0 Clarke Smith III Trustee 2.00 X 0 0 0 Mary Simon Streep Trustee 2.00 X 0 0 0 Dr Michael K Thomas Trustee 2.00 X 0 0 0 Jeffrey Towle Trustee 2.00 X 0 0 0 Bill Wyman Trustee 2.00 X 0 0 0 Scott Simpson Past Trustee, Vice Chair 2.00 X X 0 0 0 Paula A Amato CMA Executive Vice President & CFO 40.00 X 315529 0 45039 James Murtha Sr. VP of Academic Alliances 40.00 X 288798 0 47608 William P Deptula VP of Advancement 40.00 X 213907 0 47040 David M Rubin VP of Information Technology 40.00 X 190192 0 40517 Debra Dunlop Dean of SHE Division 37.50 X 166444 0 33382 Patricia M Corbett VP of Academic Affairs 40.00 X 172081 0 13328 1885311 0 267499 30 0 1 0 Chartwell's Dining Services PO Box 417632 Boston MA 022417632 Food Services 3175925 Southeast Service Corporation PO Box 742268 Atlanta GA 303742268 Facilities Management 2829369 Engelberth Construction Co 150 Water Tower Circle Colchester VT 05446 Construction services 2159682 Google LLC 1600 Amphitheatre Parkway Moutain CA 94043 Marketing services 933291 EAB Global Inc PO Box 603519 Charlotte NC 283603519 Marketing services 848138 5 12370 6441434 4398936 115801 10852740 Tuition and Fees 611710 59586014 59586014 Auxiliary Services 713990 8781248 8706126 75122 Various Other Income 611710 615311 615311 Student Services 611710 193706 193706 69176279 791284 791284 50400 59423 -9023 -9023 -9023 13400995 3250000 13133850 3306014 267145 -56014 211131 211131 22850 12370 26963 -4113 -4113 81018298 69101157 75122 989279 25406355 25406355 936513 936513 20912972 18314110 2192736 406126 600068 536818 51450 11800 3537462 3018903 452197 66362 1581915 1331907 220730 29278 279501 185398 94103 108870 108870 86935 86935 81994 81994 5516387 4588184 892168 36035 1820034 374322 1445712 1131758 397443 688207 46108 29495 8514 20981 5252278 3214697 2029966 7615 602179 564512 21862 15805 294448 206825 47470 40153 889669 782909 106760 3094491 1913643 1180848 90975 7250 83725 Food Service Operations 2500456 2500456 All Other Expenses 1627637 1084214 532408 11015 Equipment Purchases 609296 386635 222661 Dues and Memberships 197657 112809 80329 4519 77189345 64935904 11578625 674816 X 2032527 1490114 6940002 4966872 2896316 8139017 1634373 1857270 927270 544249 183796 144997 1889778 1857448 87451367 49182870 36875479 38268497 28893078 31581837 646612 489533 7682048 5011649 90601279 94351483 3678587 6887355 1918126 1496030 26994738 23546325 75000 62500 190465 175870 1764612 565533 34621528 32733613 X 21497536 21705556 34482215 39912314 55979751 61617870 90601279 94351483 X 3828953 2697693 -888527 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 31958910 712102 3565504 742102 35494414 29784827 203065 2395263 424245 31958910 32372160 2510142 -4173712 837269 86494 29784827 26064080 469412 6426336 511568 76100 32372160 26912918 353626 139293 1209631 132126 26064080 0.20133 0.70043 0.09824 0 0 2218688 2218688 59607350 33087680 26519670 17788170 15940125 1848045 7837159 155065 7682094 38268497 Assets Held for Sale 3425682 Fair Value of Interest Rate Swap Agreement 1585967 5011649 Contract Termination Costs Payable 76000 Lease Obligation 489533 565533 58681732 2697693 372096 3069789 55611943 25406355 25406355 81018298 51869376 86386 86386 51782990 25406355 25406355 77189345 Part III, Line 1a: The College has a collection, which consists of rare works of art, out of print books, ceramics, reference materials, and photographs, that was acquired through contributions since the Institute's inception. The College does not recognize collections as an asset in the statement of financial position. The collection is maintained for educational purposes and is to be maintained based on donor restrictions. The collections are protected and preserved for public exhibition, education, research and the furtherance of public service. Each of the items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed continuously. Part V, Line 4: The College's endowment primarily consists of funds established for scholarships. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments. As required by U.S. GAAP, net assets associated with endowment funds, including funds designated by the Board of Trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. The College has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the College must hold in perpetuity or for a donor-specified period(s), as well as Board-designated funds. Under this policy, as approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to produce results that exceed the price and yield results of appropriate market indices while assuming a moderate level of investment risk. The College's investment objectives are to provide a total return sufficient to support the College's operating budget while preserving the assets against inflation. To meet these objectives, the Board seeks a total return of at least 5% greater than the rate of inflation, as measured by the Consumer Price Index over a long-term horizon. Total return is defined as dividends or interest income, plus or minus realized and unrealized capital appreciation or depreciation at fair market value, net of fees. The maximum amount of endowment income utilization is determined by a spending formula approved by the Board of Trustees. The amount available for spending ranges between 5% and 7% of the previous three-year average market value for the years ended June 30, 2024 and 2023, respectively. The amounts available to be distributed, net of unspent endowment income, under the spending policy were $1,298,397 and $1,278,660 for the years ended June 30, 2024 and 2023, respectively. These amounts are included in change in net assets from operations. Investment return greater or less than the amounts available to be distributed under the spending policy is reported as a change in net assets from non-operating activities. Part XI, Line 2d - Other Adjustments: Fundraising Expenses 26,963. Rental Expenses 59,423. Change in Value of Interest Rate Swap Agreement 285,710. Part XI, Line 4b - Other Adjustments: Institutional Financial Aid 25,406,355. Part XII, Line 2d - Other Adjustments: Rental Expenses 59,423. Fundraising Expenses 26,963. Part XII, Line 4b - Other Adjustments: Institutional Financial Aid 25,406,355. 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 nondiscrimination policy is prominently included in all application materials as well as on the school's web site and in other printed materials. Schedule E, Part I, Line 6 The college participates in various federal and state governmental financial aid programs. Golf Tournament 35220 12370 22850 7673 8028 5012 6250 35220 12370 22850 7673 8028 5012 6250 26963 -4113 1 Miscellaneous Scholarships 893 0 22170916 FMV Internal Scholarships Restricted and Endowed Scholarships 162 0 457951 FMV Internal Scholarships Pell Grants 446 0 2170422 FMV Passthrough Pell Grants Federal SEOG Grant 216 0 258774 FMV Passthrough Federal Aid State Grant 165 0 225149 FMV Passthrough State Aid Federal Work Study 101 0 123143 FMV Passthrough Federal Aid Part I, Line 2: All assistance to individuals is in the form of financial aid, grants, scholarships and tuition discounts awarded to students. Assistance is applied directly to the student's account balance. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Wayne F Lesperance President 384133 0 0 0 25000 0 16303 0 500 0 425936 0 0 0 Paula A Amato CMA Executive Vice President & CFO 290529 0 0 0 25000 0 14711 0 30328 0 360568 0 0 0 James Murtha Sr. VP of Academic Alliances 288798 0 0 0 0 0 14419 0 33189 0 336406 0 0 0 William P Deptula VP of Advancement 213907 0 0 0 0 0 10818 0 36222 0 260947 0 0 0 David M Rubin VP of Information Technology 190192 0 0 0 0 0 9616 0 30901 0 230709 0 0 0 Debra Dunlop Dean of SHE Division 166444 0 0 0 0 0 8244 0 25138 0 199826 0 0 0 Patricia M Corbett VP of Academic Affairs 172081 0 0 0 0 0 8269 0 5059 0 185409 0 0 0 Michele D Perkins EdD Past Chancellor 129227 0 0 0 0 0 6500 0 17282 0 153009 0 0 0 A New Hampshire Health and Education Facilities Authority 020279866 2022-03-22 27500000 Refinance previous tax exempt bonds and fund maintenance & updating projects 0 0 0 A 3629880 27500000 394800 3138562 23966638 2022 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 X 3 115801 FMV 0 0 1 1 Part I, Line 32b: The organization uses a brokerage account to sell contributions of stock. Form 990, Part VI, Section B, line 11b The audit committee reviews the 990 prior to its filing. After their review and any necessary changes are made, each board member is given a copy to review. Form 990, Part VI, Section B, line 12c An annual reporting is conducted by the Executive VP & CFO. The process involves sending out a form each year to all trustees. The form is updated by these individuals and is then reviewed by the Executive VP & CFO to ensure that there were no note-worthy changes in the current year. Form 990, Part VI, Section B, line 15 The compensation committee reviews and approves all compensation and salary for the President. Members of the compensation committee include trustees, all of whom are independent, with both higher education and business backgrounds. The President presents all salary offers for Vice President's to the compensation committee for discussion, review, and approval. The market data is reviewed annually. In 2010, the organization engaged an outside firm to do an extensive executive compensation study for the officers. The study was used to determine the President's salary and total compensation through the 2014 salary. No further changes have been made through 2023. Form 990, Part VI, Section C, line 19 The organization includes all of these documents in the College's Sharepoint sites and are electronic. Form 990, Part X, Line 10, Land, Buildings, and Equipment: Section 1.263(a)-3(n) Election: New England College 98 Bridge Street Henniker, NH 03242 EIN 02-0223955 New England College is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). Form 990, Part XI, line 9: Change in Value of Interest Rate Swap Agreement 285,710. Change in Allowance for Uncollectible Accounts Receivable -1,174,237.