2011-05-13T10:56:58-05:00 2010-06-30 KPMG LLP 60 South Street Boston MA 02111 990 2009-07-01 042103731 MERRIMACK COLLEGE MERR 9788375000 315 TURNPIKE STREET NORTH ANDOVER MA 01845 MARK VADALA 2011-05-12 6179881000 2009 2016-02-24 21:20:13Z CHRISTOPHER HOPEY 315 TURNPIKE STREET NORTH ANDOVER MA 01845 78623991 false X WWW.MERRIMACK.EDU X 1947 MA MERRIMACK'S MISSION IS TO PREPARE STUDENTS TO ADAPT CREATIVELY TO TOMORROW'S REALITIES THROUGH EXCELLENCE IN THE LIBERAL ARTS, SCIENCES, AND THE PROFESSIONS. 23 22 1380 130 273610 -337553 2963368 3491110 70507883 71519164 960447 -611501 2293966 1893701 76725664 76292474 20307972 20846992 0 0 28418009 30803829 38250 0 1421890 26669332 26538626 75433563 78189447 1292101 -1896973 120229557 119943173 55516893 53455072 64712664 66488101 MERRIMACK'S MISSION IS TO PREPARE STUDENTS TO ADAPT CREATIVELY TO TOMORROW'S REALITIES THROUGH EXCELLENCE IN THE LIBERAL ARTS, SCIENCES, AND THE PROFESSIONS. false false 41446266 20846992 57521406 EDUCATIONAL INSTRUCTION: MERRIMACK COLLEGE OFFERS UNDERGRADUATE DEGREES IN THE LIBERAL ARTS, BUSINESS, SCIENCE AND ENGINEERING, AND EDUCATION PROGRAMS AND ALSO SERVES ADULTS THROUGH MASTER'S PROGRAMS IN EDUCATION AND A RANGE OF CERTIFICATE, LICENSURE AND DEGREE COMPLETION OFFERINGS. THE COLLEGE COMMUNITY INCLUDES APPROXIMATELY 2,000 DAY STUDENTS AND APPROXIMATELY 500 GRADUATE AND CONTINUING EDUCATION STUDENTS. 11036316 13997758 AUXILIARY SERVICES: A PRIMARILY RESIDENTIAL COLLEGE, MERRIMACK HOUSES STUDENTS IN A VARIETY OF LIVING ARRANGEMENTS, FROM RESIDENCE HALLS FOR FIRST-YEAR STUDENTS TO APARTMENTS FOR SENIORS. RESIDENTIAL LIFE PROVIDES A LIVING/LEARNING ENVIRONMENT, PROMOTING PERSONAL GROWTH AND ENCOURAGING STUDENTS TO DEVELOP THEIR WHOLE SELVES. MERRIMACK DINING SERVICE SEEKS TO PROVIDE THE FINEST QUALITY MEALS AND SERVICES TO THE ENTIRE MERRIMACK COMMUNITY, STUDENTS, FACULTY, STAFF AND GUESTS. THE COLLEGE ALSO HAS ATHLETIC FACILITIES, INCLUDING A BASEBALL, SOFTBALL, FOOTBALL, BASKETBALL, AND ICE ARENA. 10957822 STUDENT SERVICES: MERRIMACK COLLEGE PROVIDES VARIOUS SERVICES TO THE STUDENT BODY, INCLUDING COUNSELING, CAREER GUIDANCE, FINANCIAL AID, REGISTRAR, STUDENT ACTIVITIES, CAMPUS MINISTRY, FINANCIAL AID, HEALTH SERVICES AND ATHLETIC PROGRAMS. 4034361 67474765 true true false false false false false false true true true false true false true false true false true false false false true true true false false false false false false false false false false true false false false false false false false false true 3271 0 true 1380 true true true false false false false true true false false false 23 22 false true false false false false false true true false false true true true true true true true true false MA X X MARK VADALA 9788375134 315 TURNPIKE STREET NORTH ANDOVER MA 01845 REV JOSEPH CALDERONE OSA 1.0 X 0 0 0 MR THOMAS CARROLL 1.0 X 0 0 0 MR MICHAEL CROWE 1.0 X 0 0 0 MR KEN DUANE 1.0 X 0 0 0 REV JOSEPH FARRELL OSA 1.0 X 0 0 0 REV WILLIAM GARLAND OSA 1.0 X 0 0 0 VERY REV A MICKEY GENOVESE OSA 1.0 X 0 0 0 MR KARL GLADSTONE 1.0 X 0 0 0 REV ROBERT HAGAN OSA 1.0 X 0 0 0 MS KAREN KALIL-BROWN 1.0 X 0 0 0 MR THOMAS KINTON 1.0 X 0 0 0 MR WILLIAM LEAHY 1.0 X 0 0 0 MR PATRICK MARAGHY 1.0 X 0 0 0 MR TIMOTHY MCCOY 1.0 X 0 0 0 MS MARYBETH MCINNIS 1.0 X 0 0 0 DR BRIAN MITCHELL 1.0 X 0 0 0 MR TIMOTHY MURPHY 1.0 X 0 0 0 MR MICHAEL OHANIAN 1.0 X 0 0 0 MS ANDREA ROBERTSON 1.0 X 0 0 0 MS JANE WALSH 1.0 X 0 0 0 MR DONALD WEINBACH 1.0 X 0 0 0 MS CHRISTINE ZAMPELL 1.0 X 0 0 0 DR RONALD CHAMPAGNE 40.0 X X 337820 0 0 MR FREDERICK QUIVEY 40.0 X 199392 0 0 DR MICHAEL BELL 40.0 X 169076 0 6516 MS MARYLOU RETELLE 40.0 X 146349 0 27988 MR JOSEPH KELLEY 40.0 X 141191 0 32581 MR MARK VADALA 40.0 X 128712 0 9277 MR ROBERT CUOMO 40.0 X 125602 0 10609 MR MARK DENNEHY 40.0 X 120723 0 25917 1368865 0 112888 13 false true true SUNGARD HE MANAGED SERVICES 2300 MAITLAND CENTER PARKWAY SUITE MAITLAND FL 32751 IT MANAGEMENT 1640418 REGISTRY COLLEGE UNIVERSITY PRESI 3 CENTENNIAL DRIVE PEABODY MA 01960 MANAGEMENT SERVICES 374205 JENZABAR INC PO BOX 845939 BOSTON MA 022845939 IT SERVICES 292797 KOR GROUP 374 CONGRESS STREET BOSTON MA 02210 BRANDING CONSULTANTS 183203 MINTZ-LEVIN-COHN-FERRIS-GLOVSKY 1 FINANCIAL CENTER BOSTON MA 02111 ATTORNEYS 149892 9 143079 927127 2420904 181008 3491110 TUITION & FEES 611710 57521406 57521406 ROOM & BOARD 721000 13997758 13997758 71519164 700823 -846 701669 422 422 0 0 0 0 0 0 979158 0 1982297 309607 -1003139 -309607 -1312746 -1312746 39613 143079 39613 0 0 0 0 ICE RINK RENTALS 532000 274456 274456 CONFERENCE AND EVENT RENTALS 532000 356843 356843 CAMPS INCOME 532000 48700 48700 1213702 1213702 1893701 76292474 73138409 273610 -610655 0 20801442 20801442 45550 45550 0 360709 160709 200000 0 23588409 20145908 2605118 837383 1360698 1153850 159354 47494 3830181 3247935 448559 133687 1663832 1410001 197379 56452 374205 260692 113513 45197 45197 116400 116400 0 0 38207 38207 1780575 1310637 450224 19714 230418 212463 17955 1428822 998410 343957 86455 1938743 23154 1915436 153 0 3678910 3414375 247010 17525 833235 728746 70452 34037 0 57232 45411 7239 4582 2055150 2005637 49455 58 0 5013174 4480253 529167 3754 621772 577414 41392 2966 FOOD SERVICE EXPENSE 3983210 3893227 75099 14884 EQUIPMENT RENTAL MAINTENANCE 1333564 861427 469599 2538 LIBRARY BOOKS & PUBLICATIONS 514005 514005 CASUALTY LOSSES 75059 69695 5364 MEMBERSHIP DUES 158794 103206 52792 2796 2261954 1271310 946745 43899 78189447 67474765 9292792 1421890 4876662 5396052 3465624 3095890 449062 545570 4991370 4548094 15858 3110 2395751 2107222 129939324 64464104 67490148 65475220 28180041 31024143 1842548 1200446 6522493 6547426 120229557 119943173 5533062 4857355 5160931 5827316 38643004 39649438 130266 0 6049630 3120963 55516893 53455072 X 39060846 39036224 7994673 9283430 17657145 18168447 64712664 66488101 120229557 119943173 X false true true X true true X false false false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 28045769 514113 3286043 878865 129573 30837487 35373939 510080 -5885453 925780 1027017 28045769 0.24580 0.57990 0.17430 false false 213318 213318 88962629 38048316 50914313 928836 386726 542109 31635061 22423834 9211227 8199481 3605228 4594253 65475220 DEPOSITS WITH BOND TRUSTEES 6212176 DOLLAR LIFE INSURANCE POLICY 330170 OTHER ASSETS 5080 6547426 0 REFUNDABLE ADV.-US GOVERNMENT 3120963 3120963 76292474 78189447 -1896973 3685420 -13010 3672410 1775437 79966290 3685420 -13010 3672410 76293880 38207 -39613 -1406 76292474 78190853 39613 39613 78151240 38207 38207 78189447 ENDOWMENT FUNDS PART V, LINE 4 THE COLLEGE MAINTAINS AND SPENDS ITS ENDOWMENT FUNDS PRUDENTLY UNDER THE GUIDELINES OF THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS IN ORDER TO MAXIMIZE INVESTMENT RETURN WHILE PRESERVING DONOR CORPUS. ALL USES OF ENDOWMENT FUND EARNINGS ARE IN ACCORDANCE WITH DONOR INTENT CONSISTENT WITH INSTITUTIONAL MISSION. ENDOWMENT FUNDS PRIMARILY PROVIDE FOR THE FOLLOWING: STUDENT FINANCIAL AID, STUDENT SERVICES, ACADEMIC SUPPORT, ATHLETIC PROGRAMS AND CAPITAL PROJECTS. CHANGE IN NET ASSETS PART XI, LINE 8 NET CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $(21,958) NET UNREALIZED GAIN IN DEPOSITS HELD WITH BOND TRUSTEES $ 8,948 --------- TOTAL ($13,010) OTHER REVENUE INCLUDED IN FINANCIAL STATEMENTS, BUT NOT ON RETURN PART XII, LINE 2D NET CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS ($21,958) NET UNREALIZED GAIN IN DEPOSITS HELD WITH BOND TRUSTEES $ 8,948 --------- TOTAL ($13,010) OTHER REVENUE INCUDED ON RETURN BUT NOT IN FINANCIAL STATEMENTS PART XII, LINE 4B SPECIAL EVENT EXPENSES ($39,613) OTHER EXPENSES INCLUDED IN FINANCIAL STATEMENTS BUT NOT ON RETURN PART XIII, LINE 2D SPECIAL EVENT EXPENSES $39,613 true true true MERRIMACK COLLEGE DOES NOT DISCRIMINATE IN ADMISSION OR ACCESS TO ANY OF ITS EDUCATIONAL PROGRAMS OR ACTIVITIES. THE COLLEGE'S NONDISCRIMINATORY POLICY IS AVAILABLE ON THE COLLEGE'S WEBSITE. true true true true false false false false false false false false true false THE COLLEGE RECEIVED FEDERAL TITLE IV MONIES FROM THE UNITED STATES DEPARTMENT OF EDUCATION AS WELL AS VARIOUS STATE AGENCIES. true true East Asia and the Pacific 0 0 Program Services STUDY ABROAD 12625 Europe (Including Iceland and Greenland) 0 0 Program Services STUDY ABROAD 102858 South America 0 0 Program Services STUDY ABROAD 5200 Central America and the Caribbean 0 0 Program Services STUDY ABROAD 16388 Middle East and North Africa 0 0 Program Services STUDY ABROAD 24284 0 0 161355 SCHOLARSHIP AID East Asia/Pacific 3 12625 STUDENT ACCT SCHOLARSHIP AID Europe/Iceland/Greenland 8 27725 STUDENT ACCT SCHOLARSHIP AID South America 1 5200 STUDENT ACCT MONITORING THE USE OF GRANT FUNDS OUTSIDE OF THE UNITED STATES PART I, LINE 2 THE COLLEGE PROVIDES CERTAIN SCHOLARSHIP AID TO STUDENTS WHILE PARTICIPATING IN STUDY ABROAD PROGRAMS. ELIGIBILITY FOR THE AID IS DETERMINED PRIOR TO DISBURSEMENT, AND IS MONITORED PERIODICALLY THROUGHOUT THE TERM OF THE GRANT BY THE COLLEGE'S OFFICE OF FINANCIAL AID. RICHARD R BLAIN ASSOCIATES SEE SC FUNDRAISING CONSULTANTS false PRES CUP GOLF 166012 135882 30130 5275 1700 7131 14001 2023 FOM DINNER 16680 7197 9483 6232 1000 2251 0 182692 143079 39613 5275 1700 13363 15001 4274 39613 true STUDENT SCHOLARSHIPS & FINANCIAL AID 1720 20801442 PROCEDURES FOR MONITORING USE OF GRANT FUNDS IN THE UNITED STATES PART I, LINE 2 A REPORT IS RUN AT THE END OF EACH SEMESTER WITH STUDENT IDENTIFICATION AND NAMES, FUND NAME, AND CUMULATIVE GPA. STUDENTS WHO FAIL TO ACHIEVE THE REQUIRED CUMULATIVE GPA ARE NOTIFIED THAT THE AWARD IS CANCELLED. THEY ARE PROVIDED AN OPPORTUNITY TO APPEAL THE DECISION. APPEALS ARE REVIEWED BY THE FINANCIAL AID APPEALS COMMITTEE. X X true true X X X X X X false false false false false false false false false DR RONALD CHAMPAGNE 337820 0 0 0 0 0 0 0 0 0 337820 0 0 0 MR FREDERICK QUIVEY 198600 0 0 0 792 0 0 0 0 0 199392 0 0 0 MS MARYLOU RETELLE 145833 0 0 0 516 0 12750 0 15238 0 174337 0 0 0 MR JOSEPH KELLEY 138661 0 0 0 2530 0 12257 0 20324 0 173772 0 0 0 DR MICHAEL BELL 168680 0 0 0 396 0 0 0 6516 0 175592 0 0 0 MR ROBERT CUOMO 124810 0 0 0 792 0 10609 0 0 0 136211 0 0 0 BENEFITS PART I, LINE 1A SPOUSE/COMPANION & PERSONAL TRAVEL WHEN PLANNING TO COMBINE PERSONAL AND BUSINESS TRAVEL, EMPLOYEES WILL BE RESPONSIBLE FOR ANY COST DIFFERENTIAL BETWEEN COST OF TRAVEL FOR BUSINESS PURPOSES AND THE ACTUAL TOTAL COST. THE COLLEGE WILL NOT REIMBURSE TRAVEL AND ENTERTAINMENT EXPENSES INCURRED BY A SPOUSE, FAMILY MEMBER OR OTHER INDIVIDUALS ACCOMPANYING AN EMPLOYEE ON COLLEGE BUSINESS. A SPOUSE, FAMILY MEMBER OR OTHER COMPANION MAY ACCOMPANY AN EMPLOYEE ON COLLEGE BUSINESS ONLY AT THE EMPLOYEE'S EXPENSE. MERRIMACK COLLEGE WILL NOT PAY ABOVE THE SINGLE OCCUPANCY RATE TO ACCOMMODATE GUESTS OF AN INDIVIDUAL TRAVELLING ON COLLEGE BUSINESS. AN EXCEPTION IS MADE TO THIS POLICY WHEN THE PRESIDENT IS HOSTING AN EVENT AND SPOUSE TRAVEL IS REQUIRED. DURING THE YEAR ENDED 06/30/2010, THE COLLEGE PAID $321 FOR AIRFARE AND MEAL COSTS FOR PRESIDENT RONALD CHAMPAGNE'S SPOUSE. HOUSING ALLOWANCE PRESIDENT RONALD CHAMPAGNE WAS PROVIDED HOUSING AS A CONDITION OF HIS CONTRACT THROUGH THE REGISTRY FOR COLLEGE AND UNIVERSITY PRESIDENTS, WHICH APPROXIMATED $11,000 FOR THE CALENDAR YEAR 2009. UNRELATED ORGANIZATION PART II THE SERVICES OF PRESIDENT RONALD CHAMPAGNE AND VICE PRESIDENT OF ACADEMIC AFFAIRS MICHAEL BELL ARE PROVIDED UNDER THE TERMS OF A CONTRACT WITH THE REGISTRY FOR COLLEGE PRESIDENTS, AN UNRELATED ORGANIZATION. AS OF JULY 1, 2009, VICE PRESIDENT OF ACADEMIC AFFAIRS MICHAEL BELL LEFT THE EMPLOYMENT OF THE REGISTRY FOR COLLEGE PRESIDENTS AND BECAME AN EMPLOYEE OF MERRIMACK COLLEGE. THE REGISTRY WAS PAID A TOTAL OF $463,821 IN CALENDAR YEAR 2009 AND $374,204 FOR THE FISCAL YEAR ENDED JUNE 30, 2010 FOR SUCH SERVICES PROVIDED TO THE COLLEGE. MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2009-10-30 11500000 REFUND SERIES 2000 BONDS false false 11500000 0 0 0 230000 0 11270000 2009 true false true true false true false false false true X 1065 FMV X 77232 FMV X 6 80153 FMV X 1 10012 NBV X CAMERA 1 9896 FMV X COMPUTER 1 2500 FMV X OTHER 1 150 FMV 0 false true true NON-CASH CONTRIBUTIONS Part I, LINE 32B The College utilizes a registered investment advisor to immediately sell all gifts of stock. ORGANIZATION'S MISSION PART I, LINE 1 INSPIRED BY THE CATHOLIC FAITH AND THE AUGUSTINIAN TRADITION, OUR VISION IS TO: A. PREPARE STUDENTS TO SUCCEED IN THE LIBERAL ARTS, SCIENCES, AND THE PROFESSIONS. B. BUILD A COMMUNITY OF SCHOLARS WELCOMING AND RESPECTING A DIVERSITY OF BACKGROUNDS, EXPERIENCES, BELIEFS, AND PERSPECTIVES. C. CULTIVATE THE INTELLECTUAL, MORAL, SPIRITUAL, PHYSICAL, AND PERSONAL AWARENESS NEEDED TO MAKE WISE CHOICES FOR LIFE, CAREER AND SERVICE. D. ENCOURAGE AND SUPPORT SCHOLARLY WORK THAT CONTRIBUTES TO THE WISDOM ON WHICH SOCIETY BASES ITS DECISIONS. E. ENGAGE OTHER EDUCATIONAL INSTITUTIONS, INDUSTRIES, AND AGENCIES OF SOCIAL CHANGE IN COLLABORATIVE EFFORTS FOSTERING A JUST, PEACEFUL, AND SUSTAINABLE WORLD. PROGRAM SERVICE ACCOMPLISHMENTS PART III, LINE 4D OTHER PROGRAM SERVICE EXPENSES ON LINE 4D INCLUDE ACADEMIC SUPPORT EXPENDITURES WHICH PROVIDE FOR LIBRARY SERVICES, THE WRITING CENTER, MATH RESOURCES AND STUDY CENTERS, AND MAINTENANCE OF THE OFFICES OF THE DEAN OF STUDIES AND ACADEMIC VICE PRESIDENT. DELEGATION OF CONTROL OVER MANAGEMENT DUTIES PART VI, SECTION A, LINE 3 DURING THE TAX YEAR, THE POSITION OF PRESIDENT WAS FILLED UNDER THE TERMS OF AN AGREEMENT BETWEEN THE COLLEGE AND THE REGISTRY FOR COLLEGE AND UNIVERSITY PRESIDENTS, 3 CENTENNIAL DRIVE, PEABODY, MA 01960 EFFECTIVE 8/1/2008. UNDER THE TERMS OF SUCH AGREEMENT, THE COLLEGE PAID THE REGISTRY A TOTAL OF $344,204 DURING THE TAX YEAR. THE CONTRACT EXPIRED JULY 31, 2010. REVIEW PROCESS PART VI, SECTION B, LINE 11A INFORMATION FOR FORM 990 IS GATHERED AND COMPILED BY THE DEPARTMENT OF FISCAL AFFAIRS AND USED TO POPULATE THE TAX RETURN IN CONJUNCTION WITH KPMG LLP, THE COLLEGE'S INDEPENDENT TAX CONSULTANT. THE RESULTING DRAFT TAX RETURN IS FORWARDED TO PRESIDENT'S (SENIOR MANAGEMENT) CABINET, AND THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES FOR THEIR REVIEW BEFORE FILING. A COPY OF THE FORM 990 IS PROVIDED TO EVERY VOTING BOARD MEMBER PRIOR TO FILING WITH THE IRS. CONFLICT OF INTEREST PART VI, SECTION B, LINE 12C A TRUSTEE SHALL BE CONSIDERED TO HAVE CONFLICT OF INTEREST IF (A) SUCH TRUSTEE HAS EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS WHICH IMPAIR OR MIGHT REASONABLY APPEAR TO IMPAIR SUCH MEMBER'S INDEPENDENT, UNBIASED JUDGMENT IN THE DISCHARGE OF HIS RESPONSIBILITIES TO THE COLLEGE, OR (B) SUCH TRUSTEE IS AWARE THAT A MEMBER OF HIS FAMILY (WHICH FOR PURPOSES OF THIS PARAGRAPH SHALL BE A SPOUSE OR CHILD) OR ANY ORGANIZATION IN WHICH SUCH TRUSTEE (OR MEMBER OF HIS FAMILY) IS AN OFFICER, DIRECTOR, EMPLOYEE, MEMBER, PARTNER, TRUSTEE, OR CONTROLLING STOCKHOLDER, HAS SUCH EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS. ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICABLE TIME. NO TRUSTEE SHALL VOTE ON ANY MATTER UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING IN WHICH SUCH TRUSTEE HAS A CONFLICT OF INTEREST. THE MINUTES OF SUCH MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE HAVING A CONFLICT OF INTEREST ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN WHETHER HE HAS A CONFLICT OF INTEREST IN ANY MATTER MAY REQUEST THE BOARD OR COMMITTEE TO DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS. AND THE BOARD OR COMMITTEE SHALL RESOLVE THE QUESTION BY MAJORITY VOTE. VIOLATION OF THIS POLICY MAY RESULT IN REMOVAL FROM OFFICE. EVERY YEAR, THE COLLEGE REQUIRES THE VP FOR ADMINISTRATION AND FINANCE, PRESIDENT, AND BOARD MEMBERS TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THESE DOCUMENTS ARE REVIEWED BY THE DEPARTMENT OF FISCAL AFFAIRS AND VICE PRESIDENT FOR ADMINISTRATION AND FINANCE AND ANY VIOLATIONS ARE ADDRESSED AS NECESSARY. COMPENSATION POLICY PART VI, SECTION B LINE 15B ACCORDING TO ARTICLE VII, SECTION 7 OF THE MERRIMACK COLLEGE BY-LAWS, THE COMPENSATION COMMITTEE SHALL REVIEW THE COMPENSATION AND BENEFITS OF THE OFFICERS OF THE CORPORATION WHO ARE EMPLOYEES OF THE COLLEGE AND MAKE RECOMMENDATIONS FOR ACTION BY THE BOARD. THE BOARD OF TRUSTEES COMPENSATION COMMITTEE USES A PUBLISHED SALARY SURVEY TAKEN FROM REGIONAL ACADEMIC INSTITUTIONS COMPARABLE TO MERRIMACK TO BENCHMARK THE PRESIDENT'S SALARY UTILIZING CUPA AND OTHER INDUSTRY STANDARDS DATA. IN ADDITION TO RECEIVING SALARY DATA, THE COMPENSATION COMMITTEE CONDUCTS A PRESIDENTIAL EVALUATION PROCESS IN WHICH ALL MEMBERS OF THE BOARD OF TRUSTEES ARE ASKED TO INPUT THEIR OPINIONS REGARDING THE PRESIDENTS ACHIEVEMENT TOWARDS GOALS AND EXPECTATIONS ESTABLISHED ANNUALLY BY THE BOARD. ONCE CONSENSUS IS REACHED REGARDING PERFORMANCE, A SIMILAR DISCUSSION IS HELD CONCERNING COMPENSATION RELATIVE TO ACHIEVEMENTS AND ESTABLISHED OBJECTIVES. THE COMMITTEE PRESENTS ITS FINDING AND RECOMMENDATIONS TO THE BOARD OF TRUSTEES IN EXECUTIVE SESSION IN THE ABSENCE OF THE PRESIDENT FOR REVIEW AND APPROVAL. THE BOARD OF TRUSTEES CHAIR THEN MEETS WITH THE PRESIDENT TO DISCUSS TRUSTEES' FEEDBACK, HIGHLIGHTING STRENGTHS, WEAKNESSES AND GOALS FOR THE COMING YEAR. COMPENSATION IS ALSO DISCUSSED FOR THE UPCOMING YEAR AND DOCUMENTED. THE COMPENSATION COMMITTEE IS ALSO RESPONSIBLE FOR WORKING WITH THE PRESIDENT IN THE EVALUATION AND COMPENSATION FOR THE CHIEF FINANCIAL OFFICER OF MERRIMACK COLLEGE. THE PRESIDENT WORKS WITH THE CFO TO ESTABLISH GOALS AND OBJECTIVES AND TO CONDUCT AN ANNUAL PERFORMANCE APPRAISAL BASED ON THE GOALS SET. THE BOARD OF TRUSTEES COMPENSATION COMMITTEE USES A PUBLISHED SALARY SURVEY FROM REGIONAL ACADEMIC INSTITUTIONS COMPARABLE TO MERRIMACK TO BENCHMARK THE CFO'S SALARY UTILIZING CUPA AND OTHER INDUSTRY STANDARDS DATA. WHILE THE PRESIDENT DISCUSSES THE EVALUATION AND COMPENSATION OF THE CFO WITH THE COMPENSATION COMMITTEE, THE PRESIDENT MEETS WITH THE CFO TO DISCUSS THE TRUSTEES FEEDBACK, HIGHLIGHTING STRENGTHS, WEAKNESSES AND GOALS FOR THE COMING YEAR. COMPENSATION IS ALSO DISCUSSED FOR THE COMING YEAR AND DOCUMENTED. PUBLIC DISCLOSURE PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE COLLEGE'S FORM 990 IS AVAILABLE AT WWW.GUIDESTAR.ORG.