2013-02-04T11:44:38-06:00 2012-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2011-07-01 042104778 NICHOLS COLLEGE OF BUSINESS ADMINISTRATION NICH 5082131560 CENTER ROAD PO BOX 5000 DUDLEY MA 015715000 MICHAEL STANTON 5082131560 2013-01-30 1 BARBARA E KING P00005629 5087557107 2013-01-30 2011 2016-02-25 16:41:14Z MICHAEL STANTON CENTER ROAD PO BOX 5000 DUDLEY MA 01571 50270774 0 X WWW.NICHOLS.EDU X 1815 MA NICHOLS COLLEGE IS COMMITTED TO PROVIDING THE BEST CAREER-FOCUSED BUSINESS EDUCATION IN NEW ENGLAND. MORE THAN 94 PERCENT OF GRADUATES ARE EMPLOYED IN WORK RELATED TO THEIR MAJOR, AND ONE IN 10 NICHOLS ALUMNI IS A CEO, PRESIDENT, OR BUSINESS OWNER.A DYNAMIC BUSINESS PROGRAM IS PARALLELED BY COMPREHENSIVE PROGRAMS IN TEACHER EDUCATION AND THE LIBERAL ARTS. ON THE GRADUATE LEVEL, NICHOLS MBA PROGRAM IS RANKED THE LARGEST IN CENTRAL MASSACHUSETTS AND HAS GROWN TO INCLUDE AN MBA WITH AN EMPHASIS ON SPORTS MANAGEMENT AND AN MBA WITH AN EMPHASIS IN SECURITY MANAGEMENT. IN ADDITION, ACCELERATED AND ONLINE FORMATS ARE OFFERRED TO ADULT POPULATIONS. THE FRIENDLY, NURTURING CAMPUS IN DUDLEY, MASS. OFFERS A BROAD SPECTRUM OF CO-CURRICULAR ACTIVITIES AND A FULL RANGE OF ATHLETIC OPPORTUNITIES. 22 22 689 110 0 0 6614128 3452302 41384387 44279145 246050 440140 0 0 48244565 48171587 12863125 14156561 0 0 12807277 14142767 0 0 968309 15816583 14308514 41486985 42607842 6757580 5563745 55626917 60030174 15647432 14192447 39979485 45837727 X NICHOLS COLLEGE STRIVES TO DEVELOP TOMORROW'S LEADERS THROUGH A DYNAMIC, CAREER-FOCUSED BUSINESS EDUCATION. THE COLLEGE TRANSFORMS STUDENTS INTO SUCCESSFUL GRADUATES WHO RESPOND TO CHALLENGES, ARE EAGER FOR RESPONSIBILITY, AND ASSUME SIGNIFICANT ROLES IN THE GLOBAL ECONOMY. THE NICHOLS EXPERIENCE HAPPENS IN A WELCOMING ENVIRONMENT WHERE STUDENTS ARE ENCOURAGED TO LEARN AND GROW UNDER THE GUIDANCE OF MENTORING FACULTY AND STAFF COMMITTED TO STUDENT SUCCESS. 0 0 36585894 14156561 44279145 NICHOLS COLLEGE PROVIDES EDUCATION TO APPROXIMATELY 1,100 FULL TIME EQUIVALENT STUDENTS, LEADING TO ASSOCIATES, BACHELORS, AND MASTERS DEGREES, PRIMARILY IN BUSINESS. APPROXIMATELY 960 OF THE 1,100 FULL TIME DAY STUDENTS ARE PROVIDED WITH FOOD AND HOUSING. THE COLLEGE ADDITIONALLY PROVIDES ADMISSIONS SERVICES, FINANCIAL AID SERVICES, ATHLETIC OPPORTUNITIES, RESIDENCE LIFE SUPPORT, CAREER PLACEMENT, NEW STUDENT ORIENTATIONS, HEALTH SERVICES, AND REGISTRAR SERVICES TO THE STUDENT BODY. 36585894 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 107 0 1 689 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 X 22 22 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X PATRICIA A HERTZFELD 5082132382 NICHOLS COLLEGE DUDLEY MA 01571 SUSAN ENGELKEMEYER 35.00 X X 118612 0 14119 ROBERT J VAUDREUIL 2.00 X 0 0 0 CONSTANTINE ALEXANDER 2.00 X 0 0 0 ROBERT B KUPPENHEIMER 2.00 X 0 0 0 ROBERT E MILLER PHD 2.00 X 0 0 0 JAMES W COGHLIN SR 2.00 X 0 0 0 JOHN H DAVIS 2.00 X 0 0 0 SAMUEL R HAINES 2.00 X 0 0 0 ALAN S PEPPEL 2.00 X 0 0 0 RICHARD T MOORE 2.00 X 0 0 0 RANDALL V BECKER 2.00 X 0 0 0 KURT R HARRINGTON 2.00 X 0 0 0 JOHN H MCCLUTCHY 2.00 X 0 0 0 MARTIN J POWER 2.00 X 0 0 0 JANE T BIRCKHEAD 2.00 X 0 0 0 ASUMAN GOKSEL 2.00 X 0 0 0 ROBERT F DORSEY 2.00 X 0 0 0 THOMAS J HALL 2.00 X 0 0 0 THOMAS H NILES 2.00 X 0 0 0 DAVID HALE 2.00 X 0 0 0 KENT TARRANT 2.00 X 0 0 0 DAVID BEDARD 2.00 X 0 0 0 JOSEPH BARTULIS 2.00 X 0 0 0 MICHAEL STANTON 35.00 X 159592 0 27530 ALAN J REINHARDT 35.00 X 183231 0 29027 THOMAS R CAFARO 35.00 X 133860 0 25707 KEVIN F BRASSARD 35.00 X 110843 0 23625 BRIAN T MCCOY 35.00 X 125358 0 23719 WILLIAM PIECZYNSKI 35.00 X 122381 0 24535 MARCUS GONCALVES 35.00 X 111261 0 7567 1065138 0 175829 10 0 1 0 LAURING CONSTRUCTION 23 BRIGHAM ROAD WORCESTER MA 01609 CONSTRUCTION OF NEW RESIDENCE HALL 5517924 SODEXHO AFFILIATES 10 EARHART DR BUFFALO NY 14221 DINING SERVICES 2474590 BLUE CROSS & BLUE SHIELD PO BOX 4071 WOBURN MA 01888 HEALTH INS. 1747043 NATIONWIDE TRUST PO BOX 183046 COLUMBUS OH 43218 INS. 793560 EAGLE CLEANING CORPORATION 997 MILLBURY STREET SUITE A WORCESTER MA 01607 CLEANING SERVICES 667248 17 3452302 81771 3452302 TUITION & RELATED FEES 611710 34446709 34446709 AUXILIARY REVENUE 611710 9832436 9832436 44279145 225852 225852 2313475 2099187 214288 214288 214288 48171587 44279145 0 440140 14156561 14156561 1068911 1068911 9665364 8666378 526686 472300 623000 489552 100500 32948 1762944 1385318 284390 93236 1022548 803516 164953 54079 66029 66029 59239 59239 650473 521085 119530 9858 490157 490157 3139745 2897857 202993 38895 1063770 713779 226008 123983 121895 111707 8550 1638 2679169 2455242 187920 36007 219777 66247 153530 VENDOR SERVICES 1854760 616889 1225083 12788 FOOD SERVICES 1802401 1802401 UTILITIES 672983 583936 88987 60 SUPPLIES 427412 349576 70485 7351 1060704 475693 499845 85166 42607842 36585894 5053639 968309 235183 292730 2714955 3064264 460525 661840 41806 62643 71995959 27845488 38749610 44150471 4780366 67343 5103129 8228389 3541343 3502494 55626917 60030174 1757557 2131975 998906 12225369 9669328 1664506 1392238 15647432 14192447 X 25145297 31981207 9715646 8630209 5118542 5226311 39979485 45837727 55626917 60030174 X 5563745 294497 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5943050 52575 498397 153670 6340352 4873993 33523 1079469 43935 5943050 4351992 239871 289230 -7100 4873993 5195239 44614 -828388 -59473 4351992 0.81400 0.18600 0 0 830320 830320 52144230 19799457 32344773 11394444 8046031 3348413 7626965 7626965 44150471 MONEY MARKET FUNDS 5406 C MUTUAL FUND - EQUITIES 6091303 F MUTUAL FUNDS - BONDS 2131680 F 8228389 UNAMORTIZED BOND ISSUE COSTS, NET 72820 OTHER ASSETS 454292 BENEFICIAL INTEREST 2975382 3502494 DEFERRED TUITION AND FEES 1226186 WRITTEN INVESTMENT OPTIONS 166052 1392238 48171587 42607842 5563745 225907 68590 294497 5858242 34483984 225907 68590 294497 34189487 13982100 13982100 48171587 28625742 0 28625742 13982100 13982100 42607842 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF INDIVIDUAL DONOR RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENSE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. ENDOWMENT FUNDS INCLUDE INVESTED GIFTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE COLLEGE CLASSIFIES AS PERMANENTLY RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED IN PERMANENTLY RESTRICTED NET ASSETS IS CLASSIFIED AS TEMPORARILY RESTRICTED NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE COLLEGE IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE COLLEGE MAY CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS; THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE ORGANIZATION AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE ORGANIZATION; AND THE INVESTMENT POLICIES OF THE ORGANIZATION. THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE COLLEGE'S INVESTMENT COMMITTEE SHALL SEEK TO INVEST THE ENDOWMENT FUNDS IN SUCH A MANNER THAT THE INVESTMENTS WILL PROVIDE A SPENDABLE RETURN CONSISTENT WITH A LONG-TERM GOAL OF PRESERVING THE FUNDS IN REAL TERMS. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE COLLEGE RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE COLLEGE HAS INVESTED IN DEBT AND EQUITY SECURITIES THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE COLLEGE HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION, AS NEEDED, AMOUNTS FOR THE PURPOSE OF SCHOLARSHIPS AND FINANCIAL AID, SPECIAL PROGRAMS, CAPITAL IMPROVEMENTS, AND ACADEMIC AND ATHLETIC SUPPORT PROGRAMS. IN ESTABLISHING THIS POLICY, THE COLLEGE CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. THIS IS CONSISTENT WITH THE COLLEGE'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF ITS ENDOWMENT. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE COLLEGE TO RETAIN AS A FUND OF PERPETUAL DURATION. IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, DEFICIENCIES OF THIS NATURE ARE REPORTED IN UNRESTRICTED NET ASSETS. THERE WERE NO SUCH DEFICIENCIES AS OF JUNE 30, 2012. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: MANAGEMENT ANNUALLY REVIEWS FOR UNCERTAIN TAX POSITIONS ALONG WITH ANY RELATED INTEREST AND PENALTIES AND BELIEVES THAT THE COLLEGE HAS NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL ADVERSE EFFECT, INDIVIDUALLY OR IN THE AGGREGATE UPON THE COLLEGE'S STATEMENTS OF FINANCIAL POSITION, OR THE RELATED STATEMENTS OF ACTIVITIES, OR CASH CASH FLOWS. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST 68,590. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST 68,590. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 13,982,100. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 13,982,100. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 NOTICES OF THE SCHOOL'S DISCRIMINATION POLICY ARE POSTED ON CAMPUS BULLETIN BOARDS. THE POLICY IS INCLUDED IN SCHOOL BROCHURES, SCHOOL CATALOGS, SCHOOL WEBSITE, AND NEWSPAPER ADVERTISEMENTS. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 NICHOLS COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE GOVERNMENT THROUGH GRANTS THAT ARE PROVIDED TO THE STUDENTS TO FUND THEIR EDUCATION. 1 INSTITUTIONAL FINANCIAL AID 1087 14156561 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: NICHOLS COLLEGE PARTICIPATES IN TITLE IV FUNDING. STUDENTS MUST COMPLETE THE FAFSA FORM TO APPLY FOR AID. X X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 MICHAEL STANTON 159592 0 0 0 0 0 11550 0 15980 0 187122 0 0 0 ALAN J REINHARDT 183231 0 0 0 0 0 12950 0 16077 0 212258 0 0 0 THOMAS R CAFARO 133860 0 0 0 0 0 9875 0 15832 0 159567 0 0 0 X 2 81771 NYSE 0 0 0 FORM 990, PART VI, SECTION A, LINE 7A THE CHAIR AND OTHER OFFICERS OF THE COLLEGE, EXCEPT THE PRESIDENT AND ANY VICE PRESIDENTS, SHALL BE ELECTED BY THE BOARD FROM ITS MEMBERS AT ITS ANNUAL MEETING AND SHALL HOLD OFFICE UNTIL THEIR SUCCESSORS ARE DULY ELECTED AND QUALIFIED. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS/TRUSTEES ARE THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11 THE FORM WILL BE DISTRIBUTED TO ALL OF THE TRUSTEES AT THE JANUARY, 2011 BOARD MEETING, AND THEN FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE COMPLETES AN ANNUAL CONFLICT OF INTEREST STATEMENT. REPORTED CONFLICTS ARE REVIEWED AND APPROVED (IF APPROPRIATE) BY THE BOARD'S EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT FIRM WAS HIRED TO PERFORM A COMPARATIVE STUDY OF SALARIES OF THE PRESIDENT AND ALL OFFICERS. THEY WERE COMPARED TO GROUPS OF PEER INSTITUTIONS AND THE RESULTS WERE REVIEWED AND CONSIDERED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 ALL FORMS ARE AVAILABLE ON REQUEST FROM THE BUSINESS OFFICE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 225,907. CHANGE IN VALUE OF BENEFICIAL INTEREST 68,590. TOTAL TO FORM 990, PART XI, LINE 5: 294,497.