2012-05-14T15:05:37-05:00 2011-06-30 CBIZ TOFIAS 500 BOYLSTON STREET BOSTON MA 02116 990 2010-07-01 041591060 THE NEW ENGLAND COLLEGE OF OPTOMETRY NEWE 6172662030 424 BEACON STREET BOSTON MA 02115 CLIFFORD SCOTT OD MPH 6172662030 2012-05-11 1 CRAIG KLEIN 6177610600 2010 2016-02-24 21:20:13Z CLIFFORD SCOTT OD MPH 424 BEACON STREET BOSTON MA 02115 25731752 0 X WWW.NECO.EDU X 1894 MA TO SERVE THE OPTOMETRIC NEEDS OF THE PUBLIC BY EDUCATING OPTOMETRISTS TO THE HIGHEST LEVEL OF PROFICIENCY AND INTEGRITY. 23 22 464 22 0 0 377981 720397 17685750 18071257 1713583 886862 284765 220615 20062079 19899131 420777 363176 0 0 10097367 9194990 0 0 410465 8789033 8702675 19307177 18260841 754902 1638290 32929779 34528747 19945743 18953705 12984036 15575042 TO SERVE THE OPTOMETRIC NEEDS OF THE PUBLIC BY EDUCATING OPTOMETRISTS TO THE HIGHEST LEVEL OF PROFICIENCY AND INTEGRITY. 0 0 11355777 363176 16588196 SINCE 1894, THE NEW ENGLAND COLLEGE OF OPTOMETRY HAS BEEN THE EDUCATIONAL AND INTELLECTUAL CENTER OF OPTOMETRY IN NEW ENGLAND. LOCATED IN THE BACK BAY AREA OF BOSTON, THE COLLEGE IS AN INDEPENDENT PROFESSIONAL GRADUATE SCHOOL THAT EDUCATES ITS STUDENTS IN THE SCIENCE OF OPTOMETRY TO THE HIGHEST STANDARDS OF THE OPTOMETRIC PROFESSION WHILE AT THE SAME TIME ENCOURAGING A COMMITMENT OF LIFE-LONG LEARNING AND COMMUNITY SERVICE. ITS CURRICULUM EMPHASIZES THAT ITS STUDENTS ARE HEALTH CARE PROVIDERS WITH THE EMPHASIS THAT CHANGES IN THE FUNCTIONING OF THE EYE OFTEN INDICATE OTHER RELATED AILMENTS WITHIN THE BODY. WITH AN ENROLLMENT IN EXCESS OF 450 STUDENTS, THE STUDENT BODY IS DIVERSE; REPRESENTING 38 US STATES AND 7 OTHER COUNTRIES. 1502276 1636262 THE NEW ENGLAND COLLEGE OF OPTOMETRY ADOPTED A VISION STATEMENT OVER A DECADE AGO THAT HONORS DISCOVERY, WITH ONE OF ITS STATED GOALS "TO ESTABLISH THE COLLEGE AS A LEADER IN IMPORTANT AND SELECTED AREAS OF RESEARCH AND SCHOLARSHIP IN VISION SCIENCE AND HEALTHCARE". IN FISCAL YEAR 2011, THE COLLEGE SECURED FUNDING FOR 8 GRANTS, 6 OF WHICH WERE SPONSORED BY THE NATIONAL INSTITUTES OF HEALTH. AREAS OF FOCUS INCLUDED RETINAL PHYSIOLOGY, HIGH RESOLUTION RETINAL IMAGING, PROGRESSION OF JUVENILE-ONSET MYOPIA, VISION SCREENING, OCULAR GROWTH RHYTHMS, TOPICAL OCULAR DRUG DELIVERY, AND NEUROPHARMACOLOGY AND VISUAL PHOTOPHYSICS. 190210 67414 IN FULFILLMENT OF ITS VISION STATEMENT, THE COLLEGE'S FACULTY HAS PLAYED A KEY ROLE BY PROVIDING OPTOMETRIC EDUCATION IN MANY COUNTRIES INCLUDING GERMANY, ISRAEL, AND SOUTH AFRICA DURING FISCAL YEAR 2011. 13048263 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 0 1 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 0 1 60 0 1 464 1 0 0 0 0 0 0 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X BRUCE BERNIER CFO 6175875693 424 BEACON STREET BOSTON MA 02115 STEVEN P MANFREDI 12.00 X X 0 0 0 RONALD R FERRUCCI OD 4.00 X X 0 0 0 MYRON ALLUKIAN JR DDS MPH 4.00 X 0 0 0 A ROBERT CHILD OD 4.00 X 0 0 0 FRANCIS L DIMELLA AIA 4.00 X 0 0 0 JOAN M EXFORD OD 4.00 X 0 0 0 HOWARD GREENBERG 4.00 X 0 0 0 ANN HUDSON CPA 4.00 X 0 0 0 JAMES HUNT JR MUA CAE LHD 4.00 X 0 0 0 STEPHEN N KIRNON MDA EDD 4.00 X 0 0 0 BRIAN S KLINGER OD FAAO 4.00 X 0 0 0 COLIN L LEITCH M DIV 4.00 X 0 0 0 KELLY MACDONALD OD 4.00 X 0 0 0 ROBERT MEENAN MD MPH MBA 4.00 X 0 0 0 JOEL B ROSEN MBA 4.00 X 0 0 0 RICHARD N SMALL CPA 4.00 X 0 0 0 NORMAN C SPECTOR JD 4.00 X 0 0 0 JIAQI TAO MSC 4.00 X 0 0 0 PANO YERACARIS MD MPH 4.00 X 0 0 0 JOSEPH P ZOLNER EDD 4.00 X 0 0 0 CHARLES MULLEN 4.00 X 0 0 0 ROBERT SEKULER 4.00 X 0 0 0 ANN MAGUIRE 4.00 X 0 0 0 JAMES HOOLEY 4.00 X 0 0 0 CLIFFORD SCOTT OD MPH 40.00 X X 249990 0 21950 ROBERT GORDON CPA MST 40.00 X 144764 0 31846 BRUCE BERNIER MBA 40.00 X 87409 0 17771 JODY FLEIT RN MS 40.00 X 0 166545 34622 BARRY FISCH OD 40.00 X 199595 0 19915 NANCY BROUDE 40.00 X 123523 0 30070 BRUCE MOORE OD 40.00 X 128384 14265 29630 ERIK WEISSBERG OD 40.00 X 115609 10053 27979 STEVEN KOEVARY PHD 40.00 X 138930 0 29501 JANE GWIAZDA 40.00 X 137887 0 17788 ELIZABETH CHEN MBA 40.00 X 284872 0 43165 1610963 190863 304237 18 1 1 0 HARVARD PILGRIM HEALTH CARE PO BOX 970050 BOSTON MA 022970050 HEALTH INSURANCE 1196547 ARCHITECTURAL ENVIRONMENTS INC 221 CHELMSFORD ST CHELMSFORD MA 01824 ARCHITECTURAL/CONSTRUCTION SERVICES 292470 UNITED HEALTHCARE 2301 W PLANO PARKWAY PLANO TX 75075 HEALTH INSURANCE 269542 ROBLIN INSURANCE 144 GOULD ST NEEDHAM MA 024942321 INSURANCE 228149 LOONEY & GROSSMAN LLP 101 ARCH ST BOSTON MA 021101112 LEGAL SERVICES 130332 6 720397 720397 TUITION AND FEES 900099 16367581 16367581 RESEARCH GRANTS 900099 1636262 1636262 INTERNATIONAL STUDIES 900099 67414 67414 18071257 366846 366846 6318337 5798321 520016 520016 520016 23312 34300 -10988 -10988 ADMIN. SERVICE FEE 900099 150000 150000 AUXILIARY ENTERPRISES 900099 73761 73761 INTEREST INCOME ON STU 900099 7842 7842 231603 19899131 18291872 0 886862 363176 363176 1262250 245993 1016257 6475201 4834850 1407571 232780 495549 370012 107722 17815 466637 348425 101437 16775 495353 369866 107679 17808 233890 233890 132200 132200 123174 61587 61587 1260500 799833 422256 38411 9497 8520 977 369745 277679 92066 144686 121889 19194 3603 135174 55007 35846 44321 212099 159286 52813 996453 748336 248117 243656 243656 EDUCATION SERVICE FEES 3796497 3796497 SUPPLIES 382849 270278 103251 9320 EQUIPMENT RENTAL/MAINT. 201062 111348 89714 LETTER OF CREDIT FEES 151471 151471 PRINTING & PUBLICATIONS 112883 62640 31295 18948 196839 43041 143114 10684 18260841 13048263 4802113 410465 668146 1129625 200480 146579 803715 698354 7156511 7357093 41093 27182 147793 189192 24503194 14136200 11110551 10366994 10805628 12851088 288492 254597 1707370 1508043 32929779 34528747 1043182 902064 1888481 1822349 9235000 8900000 7779080 7329292 19945743 18953705 X 7183367 8934836 3661030 4460828 2139639 2179378 12984036 15575042 32929779 34528747 X 1638290 952716 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 123174 0 0 123174 0 EXPLANATION OF OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: THE COLLEGE HAS PAID TWO LOBBYISTS A TOTAL OF $121,615 FOR MATTERS OF IMPORTANCE REGARDING FEDERAL AND STATE LEGISLATIVE MATTERS. AMOUNTS WERE PAID TO LYNCH & ASSOCIATES, BOSTON, MA $60,759 AND TO O'NEILL, ATHY & CASEY, WASHINGTON, DC $60,856. THE COLLEGE IS ALSO A MEMBER OF THE NEW ENGLAND COUNCIL AND THE ASSOCIATION OF SCHOOLS AND COLLEGES OF OPTOMETRY. THE COLLEGE'S PORTION OF THEIR LOBBYING EXPENSES WERE $200 AND $1250 RESPECTIVELY FOR FISCAL YEAR 2011. THE TOTAL ON LINE 1G ABOVE ALSO INCLUDES FILING FEES OF $109. 5364794 64392 879686 60194 79173 6169505 4925194 56658 548620 62200 103478 5364794 6000505 48017 -952855 162780 7693 4925194 0.00000 0.33710 0.66290 0 0 19378316 9820280 9558036 2685090 2251315 433775 2439788 2064605 375183 10366994 GOVERNMENT GRANTS REFUNDABLE 6487345 ANNUITIES PAYABLE 148933 INTEREST RATE SWAP 369911 LINE OF CREDIT 323103 7329292 19899131 18260841 1638290 918783 33933 952716 2591006 20522971 918783 68233 987016 19535955 363176 363176 19899131 17931965 34300 34300 17897665 363176 363176 18260841 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE USE OF THE ORGANIZATION'S ENDOWMENT FUNDS IS PRIMARILY TO FUND SCHOLARSHIPS AS WELL AS OPTOMETRIC EDUCATIONAL AND RESEARCH PROGRAMS. ALL USES ARE TO BE IN ACCORDANCE WITH DONORS' INSTRUCTIONS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE 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 COLLEGE HAS IDENTIFIED ITS TAX STATUS AS A TAX-EXEMPT ENTITY AS ITS ONLY SIGNIFICANT TAX POSITION; HOWEVER, THE COLLEGE HAS DETERMINED THAT SUCH TAX POSITION DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE COLLEGE IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTIONS. THE COLLEGE'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF LIFE INCOME FUNDS 26,630. CHANGE IN VALUE OF ANNUITY OBLIGATIONS -20,077. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 27,380. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 34,300. CHANGE IN VALUE OF LIFE INCOME FUNDS 26,630. CHANGE IN VALUE OF ANNUITY OBLIGATIONS -20,077. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 27,380. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AWARDED 363,176. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 34,300. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AWARDED 363,176. 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 ALL RECRUITMENT MATERIAL, ALL APPLICABLE CATALOGUES AND GUIDE-BOOKS, AS WELL AS THE WEBSITE AND BYLAWS CLEARLY DISCLOSE THE COLLEGE'S NON-DISCRIMINATION POLICIES. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE PARTICIPATES IN A NUMBER OF FEDERAL FINANCIAL AID PROGRAMS FOR ITS STUDENTS: FEDERAL FAMILY EDUCATION LOANS, FEDERAL DIRECT STUDENT LOANS, FEDERAL PERKINS LOANS, LOANS FOR DISADVANTAGED STUDENTS, SCHOLARSHIPS FOR DISADVANTAGED STUDENTS, AND HEALTH PROFESSIONAL STUDENT LOANS. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICE OPTOMETRIC EDUCATION - GERMANY AND SPAIN 177256 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICE OPTOMETRIC EDUCATION - ISRAEL 7032 SOUTH ASIA 0 0 PROGRAM SERVICE OPTOMETRIC EDUCATION - CHINA 458 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE OPTOMETRIC EDUCATION - SOUTH AFRICA 5464 0 0 0 0 0 0 190210 0 190210 0 0 0 0 0 0 1 SCHOLARSHIPS 84 363176 FMV TUITION DISCOUNTS PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FOR SCHOLARSHIP AWARDS, ALL FUNDS ARE APPLIED DIRECTLY FROM THE FINANCIAL AID OFFICE TO THE STUDENT'S OUTSTANDING BALANCE AT THE COLLEGE. USE IS CONTROLLED INTERNALLY BY THE COLLEGE. NECO SCHOLARSHIPS REQUIRE A MINIMUM 3.4 GRADE POINT AVERAGE. X X X X X X 1 0 0 0 0 0 0 1 0 CLIFFORD SCOTT OD MPH 248937 0 0 0 1053 0 20519 0 1431 0 271940 0 0 0 ROBERT GORDON CPA MST 142486 0 0 0 2278 0 12289 0 19557 0 176610 0 0 0 JODY FLEIT RN MS 0 166545 0 0 0 0 0 14125 0 20497 0 201167 0 0 BARRY FISCH OD 199487 0 108 0 0 0 15984 0 3931 0 219510 0 0 0 NANCY BROUDE 123523 0 0 0 0 0 10073 0 19997 0 153593 0 0 0 BRUCE MOORE OD 127786 14199 49 5 549 61 11530 1281 15138 1681 155052 17227 0 0 ERIK WEISSBERG OD 115530 10046 0 0 79 7 9863 858 15878 1380 141350 12291 0 0 STEVEN KOEVARY PHD 138422 0 0 0 508 0 12504 0 16997 0 168431 0 0 0 JANE GWIAZDA 136899 0 54 0 934 0 11380 0 6408 0 155675 0 0 0 ELIZABETH CHEN MBA 263546 0 0 0 21326 0 24153 0 19012 0 328037 0 0 0 PART I, LINE 4A ELIZABETH CHEN, MBA RECEIVED SEVERANCE PAYMENTS OF $328,037 (INCLUDING $43,165 OF BENEFITS) IN 2010. PART I, LINE 7 $50 AND $100 GIFT CARDS WERE GIVEN TO INDIVIDUALS AS LENGTH OF SERVICE AWARDS. ALL STAFF RECEIVE A GIFT CARD AFTER WORK 10, 15, 25 YEARS AND BEYOND. THE AMOUNT IS DETERMINED BY THE LENGTH OF SERVICE AND THE GIFT CARDS ARE GROSSED UP TO ACCOUNT FOR TAXES. MASS DEVELOPMENT FINANCE AGENCY 043431814 NONEAVAIL 2006-12-20 3910000 CONSTRUCTION & FINANCING OF TWO EYE CLINICS, UPGRADE ACADEMIC/STUDENT SPACE 0 0 0 3910000 55704 19550 3834746 2007 0 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 1 CITIZENS BANK NA 30.000000000000 0 0 0 0 0 NEW ENGLAND EYE INSTITUTE NECO/NEEI SHARE 100% BOARD OVERLAP 3796497 $3,796,497 WAS PAID PURSUANT TO AN EDUCATIONAL SERVICES AGREEMENT. 0 NEW ENGLAND EYE INSTITUTE NECO/NEEI SHARE 100% BOARD OVERLAP 150000 EDUCATIONAL SERVICE FEES. 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY MANAGEMENT AND APPROVED BY THE COLLEGE'S AUDIT AND COMPLIANCE COMMITTEE. IT IS FURNISHED TO ALL TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE'S WRITTEN CONFLICT OF INTEREST POLICY REQUIRES TRUSTEES, OFFICERS, AND KEY EMPLOYEES TO REPORT AT LEAST ANNUALLY, ON A WRITTEN BASIS, ANY CONFLICT OR POTENTIAL CONFLICT OF INTEREST. THOSE STATEMENTS ARE FIRST REVIEWED BY THE GOVERNANCE AND TRUSTEESHIP COMMITTEE AND THEN REFERRED TO THE AUDIT AND COMPLIANCE COMMITTEE. AFTER REVIEW AND CLARIFICATION, THOSE CONFLICTS ARE DISCUSSED WITH THE FULL BOARD IRRESPECTIVE OF DOLLAR AMOUNT. DIRECTORS ARE PROHIBITED FROM VOTING ON MATTERS INVOLVING AN ACTUAL OR POTENTIAL CONFLICT AND ARE REQUESTED TO RECUSE THEMSELVES FROM VOTING ON SUCH MATTERS. FORM 990, PART VI, SECTION B, LINE 15 NECO'S PRACTICE HAS BEEN TO HAVE THE EXECUTIVE COMMITTEE DETERMINE AN APPROPRIATE COMPENSATION PACKAGE FOR ITS PRESIDENT AND TO NEGOTIATE SAME. THE EXECUTIVE COMMITTEE REVIEWS COMPENSATION DATA FROM OTHER COLLEGE OF OPTOMETRIC EDUCATION INCLUDING DATA FROM 990'S AS WELL AS STATE FILINGS. THE EXECUTIVE COMMITTEE ON OCCASION HAS USED AN OUTSIDE SEARCH FIRM OR OTHER COMPENSATION CONSULTANTS. THE PRESIDENT OF NECO SETS THE COMPENSATION OF ITS KEY EMPLOYEES USING COMPARABLE DATA, INCLUDING 990, STATE FILINGS AND CPI DATA, PROVIDED BY THE DIRECTOR OF HUMAN RESOURCES AS WELL AS INPUT FROM THE CFO. FORM 990, PART VI, SECTION C, LINE 19 THE FORM 990 AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE VIA THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON WRITTEN REQUEST. ADDITIONALLY, THE FORM 990 IS AVAILABLE VIA WWW.GUIDESTAR.ORG. THE COMPANY MAKES THE GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC ON ITS WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 918,783. CHANGE IN VALUE OF LIFE INCOME FUNDS 26,630. CHANGE IN VALUE OF ANNUITY OBLIGATIONS -20,077. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 27,380. TOTAL TO FORM 990, PART XI, LINE 5: 952,716. NEW ENGLAND EYE INSTITUTE INC 940 COMMONWEALTH AVENUE BOSTON MA 02215 043575676 EYE CARE PROVIDER MA 501(C)(3) LINE 9 N/A 1 CHARITABLE REMAINDER TRUST 424 BEACON STREET BOSTON MA 02115 CHARITABLE TRUST MA N/A T 125719 1.00000 0 0 0 1 1 0 0 0 0 0 1 0 0 1 1 1 0 0 NEW ENGLAND EYE INSTITUTE INC D 10900000 COST NEW ENGLAND EYE INSTITUTE INC E 10900000 COST NEW ENGLAND EYE INSTITUTE INC O 3864166 COST NEW ENGLAND EYE INSTITUTE INC P 208726 COST