2011-05-16T20:52:34-05:00 2010-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 100174011 990 2009-07-01 221487354 STEVENS INSTITUTE OF TECHNOLOGY STEV 2012168761 CASTLE POINT ON HUDSON HOBOKEN NJ 07030 RANDY GREENE 2011-05-16 2125429609 2009 2016-02-24 21:20:13Z george korfiatis CASTLE POINT ON HUDSON HOBOKEN NJ 07030 237032555 false X WWW.STEVENS.EDU X 1870 NJ THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE EDUCATIONAL SERVICES TO INDIVIDUALS IN PURSUIT OF AN UNDERGRADUATE, MASTERS AND/OR DOCTORATE DEGREE, AND TO conduct research. 23 19 3200 280 144373 -41688 8589622 12035138 169688518 188274935 -7097979 9010207 3428384 2211915 174608545 211532195 32906588 37496518 0 0 92762097 99389506 98790 0 6544429 60697955 66129919 186465430 203015943 -11856885 8516252 290632387 300995440 132580012 137228951 158052375 163766489 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. for more information please refer to www.stevens.edu. false false 130419644 37496518 135312484 educational instruction: in the academic year 2009-2010, stevens' enrollment was 2240 undergraduate students and 3700 graduate students. more than 400 students graduated with bachelor of engineering, science or arts degrees, and 1268 students received master's in Engineering, science, business administration or arts. phd and engineering 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. 19804574 0 18489641 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. 27963813 0 34472810 RESEARCH: THE RESEARCH ENTERPRISE INCLUDES ACADEMIC RESEARCH, NATIONAL RESEARCH CENTERS, AND CROSS-DISCIPLINARY RESEARCH INITIATIVES, WITH SUPPORTING ORGANIZATIONS AND INFRASTRUCTURE. CREATIVE AND ENTREPRENEURIAL 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. 178188031 true true false true false false true false true true false true true true true false true false true false false false true true true false false false false false true false false false true true false false false false true true false false true 339 0 true 3200 true true true true DR false false false true true false false false 23 19 true false true false false false false true true false false true true true true true false true true false X X RANDY GREENE 2012168761 CASTLE POINT ON HUDSON HOBOKEN NJ 07030 Lawrence T Babbio Jr 1.0 X X 0 0 0 Kenneth W DeBaun 1.0 X X 0 0 0 Steven Shulman 1.0 X X 0 0 0 Harold J Raveche 60.0 X X 999649 0 207600 Stephen T Boswell 1.0 X 0 0 0 Thomas A Corcoran 1.0 X 0 0 0 Edward C Eichhorn 1.0 X 0 0 0 David J Farber 1.0 X 0 0 0 Martin C Fliesler 1.0 X 0 0 0 Katherine E Freed 1.0 X 0 0 0 Mark LaRosa 1.0 X 0 0 0 Richard S Magee 1.0 X 30000 0 0 Spyros Polemis 1.0 X 0 0 0 Richard R Roscitt 1.0 X 0 0 0 Virginia P Ruesterholz 1.0 X 0 0 0 John A Schepisi 1.0 X 0 0 0 Frank S Sorrentino 1.0 X 0 0 0 Richard F Spanier 1.0 X 0 0 0 James M Walsh 1.0 X 0 0 0 mary a doddy 1.0 X 0 0 0 RONALD E SALLUZZO 1.0 X 45548 0 0 andrew g kaplan 1.0 X 0 0 0 Philip P crowley 1.0 X 0 0 0 frank j semcer sr 1.0 X 0 0 0 Randy L Greene 60.0 X 414914 0 25736 Mark Samolewicz 60.0 X 146395 0 25029 Diana Colombo 60.0 X 75606 0 17029 FREDERICK REGAN 60.0 X 274464 0 33446 Michael S Bruno 60.0 X 324911 0 30850 Henry P Dobbelaar Jr 60.0 X 279730 0 20600 Lisa Dolling 60.0 X 154787 0 11469 George P Korfiatis 60.0 X 567282 0 27906 Maureen P Weatherall 60.0 X 460884 0 25906 Dinesh Verma 60.0 X 377393 0 31124 Charles koeller 60.0 X 155432 0 13523 STUART TEWKSBURY 60.0 X 253956 0 25902 Lex McCusker 60.0 X 323716 0 33574 Constantin Chassapis 60.0 X 285451 0 31936 Souran Manoochehri 60.0 X 270462 0 13993 Ralph Giffin 60.0 X 266051 0 12917 5706631 0 588540 203 false true false SODEXHO OPERATIONS BOX 83049 WOBURN MA 018131049 FOOD SRVC MANAGEMENT 6230378 gca service group po box 643823 PITTSBURGH PA 15264 MAINTENANCE 1722647 rencor inc 24 tannery road SOMERVILLE NJ 08876 CONSTRUCTION 955598 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 10017 AUDIT/CONSULTING 641293 morgan stanley 522 5th avenue 11th floor NEW YORK NY 10036 investment services 617828 28 138019 791345 11105774 280436 12035138 TUITION & FEES 611600 135312484 135312484 RESEARCH GRANTS 541700 34472810 34472810 ROOM AND BOARD 611710 11519637 11519637 STUDENT DINING 611710 6970004 6970004 188274935 2153703 41208 2112495 53048 53048 0 488084 488084 488084 15039 473045 30914442 24110986 6803456 6803456 6803456 62740 138019 111516 -48776 -48776 0 1816951 1277858 539093 3089 536004 OTHER AUXILIARY REVENUE 611710 27656 27656 DINING SERVICES 722210 165343 165343 REC CENTER FEES 713940 94714 94714 945801 85037 860764 1233514 211532195 188274935 144373 11077749 0 37467368 37467368 29150 29150 0 5257959 4469265 578376 210318 0 79166563 67291579 8708321 3166663 4060316 3451268 446635 162413 6397389 5437780 703713 255896 4507279 3831187 495801 180291 0 2030974 1726328 223407 81239 775056 658798 85256 31002 356903 303368 53535 0 1551733 1318973 232760 4478777 3806961 492665 179151 259153 220280 28507 10366 3661056 3111898 402716 146442 2290265 1946725 251929 91611 0 11163707 9489151 1228008 446548 4575307 3889011 503284 183012 0 31750 26988 3492 1270 3394029 2884925 373343 135761 0 7225436 6141621 794798 289017 746310 634364 82094 29852 RESEARCH CONTRACTS 6728107 5718891 740092 269124 DINING ROOM FOOD PURCHASES 5375614 4569271 591318 215025 LABORATORY SUPPLIES 3547634 3015489 390240 141905 EQUIPMENT RENTAL 2489261 2115872 273819 99570 TELEPHONE 615260 522971 67679 24610 4833587 4108549 531695 193343 203015943 178188031 18283483 6544429 95485 60672 31424304 35653236 4011550 6751601 22571033 28345909 784324 784324 296976 281401 811966 604470 226461398 97218959 130434383 129242439 55762801 56080182 34497727 34250351 9941838 8940855 290632387 300995440 13569206 16827832 8517229 7734497 79592355 79063915 13412800 15467416 17488422 18135291 132580012 137228951 X 6954513 9529031 44228856 46194336 106869006 108043122 158052375 163766489 290632387 300995440 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 356903 false false 356903 false 316405 X X false 129122256 742425 8926018 4576447 134214252 155485695 788435 -24764095 2387779 129122256 0.03720 0.96280 true false 1763196 1763196 188026399 83475581 104550818 21084514 13743378 7341136 15587289 15587289 129242439 ALTERNATIVE INVESTMENTS 27964040 F TRUSTS HELD BY OTHERS 2362332 F SPLIT INTEREST AGREEMENTS 3557470 F OTHER 366509 F 34250351 0 ACCRUED POSTRETIREMENT BENEFIT 5043277 ANNUITIES PAYABLE 2077688 CONDITIONAL ASSET RETIREMENT 5883270 REFUNDABLE ADVANCES 5131056 18135291 211532195 203015943 8516252 1445295 -4247433 -2802138 5714114 174791361 1445295 1445295 173346066 1551733 36634396 38186129 211532195 164829814 862122 862122 163967692 1551733 37496518 39048251 203015943 COLLECTIONS OF ART, HISTORICAL TREASURES, OR OTHER SIMILAR ASSETS FORM 990, SCHEDULE D, PART III 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. RECONCILIATION OF CHANGE IN NET ASSETS FORM 990, SCHEDULE D, PART XI, LINE 8 post-retirement benefit changes other than periodic costs $(1,698,540) change in value of split interest agreements 75,700 OTHER (2,624,593) ------------ TOTAL $(4,247,433) ============ OTHER REVENUE INCLUDED ON RETURN BUT NOT ON BOOKS FORM 990, SCHEDULE D, PART XII, LINE 4b SCHOLARSHIPS NET ON Financial statements reclassed to expenses (Part IX, Line 2) $37,496,518 Book store costs of goods sold, net of interdepartment sales, included in expenses on financial statements ($862,122) ------------ Total $36,634,396 ============= OTHER EXPENSES INCLUDED ON RETURN BUT NOT ON BOOKS FORM 990, SCHEDULE D, PART XIII, LINE 2d Book store costs of goods sold, net of interdepartment sales, included in expenses on financial statements ($862,122) ========== FORM 990, SCHEDULE D, PART XIII, LINE 4b SCHOLARSHIPS NET ON Financial statements reclassed to expenses (Part IX, Line 2) $37,496,518 ============ true true true THE STEVENS INSTITUTE OF TECHNOLOGY NONDISCRIMINATion POLICY IS DISTRIBUTED ANNUALLY AS WELL AS PRINTED IN STUDENT MATERIALS AND ON ITS WEBSITE. true true true true false false false false false false false false true false STEVENS RECEIVES FUNDING FROM VARIOUS GOVERNMENTAL SOURCES INCLUDING, but NOT LIMITED TO, PELL, ACG, NATIONAL SMART, PERKINS AND FSEOG. true true Central America and the Caribbean 1 2 Program Services GRADUATE EDUCATION 227387 East Asia and the Pacific 0 1 Program Services continuing education 85000 South Asia 0 1 Program Services academic recruiting 26260 Central America and the Caribbean 0 0 Grantmaking 29150 Central America and the Caribbean Investments 1 4 367797 SCHOLARSHIPS Cent. America/Caribbean 22 29150 other STATEMENT OF ACTIVITIES OUTSIDE THE UNITED STATES FORM 990, SCHEDULE F, PART I LINE 2 - Central America: Scholarships equal up to 10% of program tuition ($3,000 per student) are awarded to students enrolled in a graduate program conducted in the Dominican Republic. Recipients are selected on the basis of academic performance and demonstrated finanical need. Student scholarships are applied to the students' bursar accounts; therefore, there are no cash transactions involving the students. SNAVELY ASSOCIATES CAMPAIGN false AFRC INC CAMPAIGN false ACS SERVICES CAMPAIGN false President Gala 104698 89548 15150 12267 30097 500 34348 Golf Outing 78881 39881 39000 25765 539 1 17180 8590 8590 6000 2000 200759 138019 62740 44032 32097 500 34887 111516 -48776 true SCHOLARSHIPS AND GRANTS 4416 37467368 GRANTS AND OTHER ASSISTANCE IN THE 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 X false true false false false false false true false Harold J Raveche 639693 0 260000 0 99956 0 198573 0 9027 0 1207249 0 0 0 Randy L Greene 295751 0 60000 0 59163 0 22050 0 3686 0 440650 0 0 0 Mark Samolewicz 141008 0 0 0 5387 0 13505 0 11524 0 171424 0 0 0 FREDERICK REGAN 251076 0 10000 0 13388 0 22050 0 11396 0 307910 0 0 0 STUART TEWKSBURY 253956 0 0 0 0 0 17102 0 8800 0 279858 0 0 0 Michael S Bruno 284370 0 0 0 40541 0 22050 0 8800 0 355761 0 0 0 Henry P Dobbelaar Jr 247680 0 30000 0 2050 0 20600 0 0 0 300330 0 0 0 Lisa Dolling 154787 0 0 0 0 0 11469 0 0 0 166256 0 0 0 George P Korfiatis 403264 0 90000 0 74018 0 22050 0 5856 0 595188 0 0 0 Maureen P Weatherall 305719 0 75000 0 80165 0 22050 0 3856 0 486790 0 0 0 Dinesh Verma 335813 0 0 0 41580 0 19600 0 11524 0 408517 0 0 0 Lex McCusker 245753 0 0 0 77963 0 22050 0 11524 0 357290 0 0 0 Constantin Chassapis 285451 0 0 0 0 20412 0 11524 0 317387 0 0 0 Souran Manoochehri 270462 0 0 0 0 0 13993 0 0 0 284455 0 0 0 Ralph Giffin 266051 0 0 0 0 0 12917 0 0 0 278968 0 0 0 Charles koeller 155432 0 0 0 0 0 9702 0 3821 0 168955 0 0 0 COMPENSATION INFORMATION FORM 990, SCHEDULE J, PART I LINE 1 - first/business class may only be used for foreign travel greater than six hours, unless special circumstances warrant an upgrade and these must be approved by senior management. no prior approval is required for the president, however his expenses are reviewed by the cfo. Schedule J, Part 1, Line 7 incentive compensation the stevens annual incentive plan provides a mechanism to reward faculty, administrative leaders, and 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 extra ordinary 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 this plan. the following employee groups are eligible for participation in the plan: faculty; staff; administration and executive leaders. 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. levels of performance required for "minimum", "target" and "maximum" incentive compensation will be defined by group, sub-group or, where appropriate, at the level of individual employee performance. Deferred Compensation of President Schedule J, Part II, Column C - Presidents Compensation The Institute maintained a supplemental executive retirement plan (SERP) for the benefit of president Raveche who retired as of june 30, 2010. The plan provided for a payment of a pension benefit, for life and ten-year certain, upon the retirement of the president. The actuarial value of the SERP increased by $174,073 in the reported year and is therefore included in both schedules J-1 and J-2 of this return as deferred compensation. Included in this column are 1) current-year deferrals of compensation under the Institute's TIAA-CREF retirement plan, including both the employee and the employer contributions and, 2) for President Raveche, the actuarially determined change in the value of the liability of a deferred, defined-compensation retirement plan, which is accrued in the current year with actual payments deferred to future years. The terms of this retirement plan, and the absolute amounts to be paid to the President in the future, did not increase or change during the current year. But there were declines in the value of underlying investments of the defined compensation retirement plan, as well as changes in the interest rates used by the actuary to determine a liability value to Stevens. The increase in the value of that liability because of the change in interest rates and the declining value of the underlying investments was $174,073 and is reported in column C of this Form 990, as deferred compensation to the President. NJ Edu FAC Auth Capital IMP 2006A 221829511 64605LZ43 2006-10-26 133640 REFUNDING OF PRIOR ISSUES false false NJ EDU FAC AUTH CAPITAL IMP 2005 A 221829511 60605Lwwx 2005-08-10 792706 REFUNDING OF PRIOR ISSUES false false NJ EDU FAC AUTH DORM SAFETY 2003 A 221829511 64605NBU7 2004-01-15 244207 FINANCE DORM SAFETY IMPROVEMENT false false NJ EDU FAC AUTH STEVENS ISSUE 2007 SERIES A 221829511 64605LZ43 2007-08-02 71633268 REFUNDING OF PRIOR ISSUES false false false false true true false false true true false false true true 85725356 5782758 66517119 1535969 2009 false true true true false false false false true true false false false false true true false false false false true true false false false false true true false false false false false false false false false false false false false false false false false false false false false false false false HAROLD J RAVECHE MORTGAGE note X 928314 784324 false true true 784324 Lawrence T Babbio Jr Chairman of the Board 795172 See Schedule O false Virginia P Ruesterholz Board Trustee 255103 See Schedule O false X 22 260436 FMV X SCIENTIFIC EQUIPMENT 1 20000 FMV false true true NONCASH 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. One piece of art was sold in fiscal year 2010 with a gross proceeds of $80,000. GOVERNING BODY AND MANAGEMENT FORM 990, PART VI, SECTION A Line 2 - two of the institution's trustees, john a. schepisi and stephen t. boswell, disclosed in their respective annual conflict of interest disclosure statements that they jointly own a real estate holding company. the institution has no business or other dealings with this company. line 4 - during the year, the board of trustees approved changes to the by-laws of the institution and adopted and/or modified charters of committees of the board of trustees. these changes addressed: limits on board and committee the involvement of faculty trustees and participants in board activities; approval by the board of the annual form 990 and other matters relating to compensation of the president and senior officers; regular governance matters such as board assessment and training and committee duties and membership; and clarified that the president's role on the board is ex officio. all changes to the by-laws were fully reviewed by counsel to the institution and all current organizational documents of the institution are posted on the institution's website. POLICIES FORM 990, PART VI, SECTION B line 11a - 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. 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 compliance and internal audit 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 sponsored programs, with advice from the office of audit, risk and compliance and the general counsel. LINE 15b - the total compensation of the persons occupying the following positions and any recommended adjustments were reviewed by the human resources committee of the board of trustees based on recommendations from the president (except with respect to the president himself), together with comparative data from peer institutions collected and analyzed by an independent compensation consultant to the institution, and then proposed by such committee to the full board of trustees for approval. the positions reviewed were: president, provost and university vice president, school and college deans, vice president for facilities and community affairs, chief administrative officer, chief financial officer and treasurer, vice president for development, vice president for enterprise development, and the vice president for the research enterprise. the secretary of the board of trustees took contemporaneous minutes of the meetings at which these decisions were made by the human resources committee and the board of trustees. DISCLOSURE FORM 990, PART VI, SECTION C 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 institutions 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 available on the website. Schedule K Part I Supplemental information 1. bond issue d - 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 financied 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 caputal 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 a - 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 there funsing 2006 a bonds is the approximate amount of the allocable to the institute. 4. bond issue c - 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. proceeds of bond issue d 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 recieved a loan of located in new jersey. the institute recieved 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. PART II SUPPLEMENTAL INFORMATION 1. BOND ISSUE d - AS DESCRIBED ABOVE THESE BONDS ADVANCE REFUNDED 3 PRIOR ISSUES. THE $85,725,356.30 SHOWN ON LINE 1 IS THE TOAL OF THE PAR AMOUNT, ORIGINAL ISSUE DISCOUNT, AMOUNTS HELD IN FUNDS FOR THE REFUNDED BONDS APPLIED TO THE REFUNDING AND GROSS EARNINGS OF $8,747,827.89 ON ALL FUNDS AS REPORTED IN THE INTERIM REBATE REPORT FOR THESE BONDS AS OF JUNE 30, 2010 (THE "REBATE REPORT"). THE $5,782,757.88 IS THE AMOUNT REPORTED AS BALANCE REMAINING IN THE DEBT RESERVE FUND IN THE REBATE REPORT. THE ORIGINAL DEPOSIT WAS $5,772,781.26. THE $66,517,119.10 IN LINE 3 IS THE TOTAL BALANCE REMAINING IN THE ESCROW FUNDS FOR THE REFUNDED BONDS REPORTED IN THE REBATE REPORT. THE ISSUANCE COSTS IN LINE 5 INCLUDES UNDERWRITERS' DISCOUNT. 2. BOND ISSUES a, b & c - AS DESCRIBED IN THE SUPPLEMENTAL INFORMATION TO PART i THESE 3 BOND ISSUES WERE ISSUED BY THE NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY UNDER STATE LEGISLATIVE PROGRAMS INTENDED TO PROVIDE FINANCIAL ASSISTANCE TO A LARGE NUMBER OF COLLEGES AND UNIVERSITIES IN NEW JERSEY. STEVENS INSTITUTE RECEIVED GRANTS UNDER THESE PROGRAMS BUT WAS ONLY 1 OF 11 OR 12 INSTITUTIONS THAT RECEIVED MONEY FROM EACH ISSUE. EACH OF THESE ISSUES WAS SOLD ON THE CREDIT OF THE STATE OF NEW JERSEY WHICH PAYS DEBT SERVICE FROM STATE APPROPRIATIONS. THE INSTITUTE IS REPORTING THE AMOUNTS IT RECEIVED BUT DOES NOT HAVE THE COMPLETE INFORMATION THAT THE AUTHORITY AS ISSUER HAS. Schedule L, transactions With Interested Persons Chairman of the Board, Lawrence Babbio, also sits on the Board of Directors of Hewlett Packard Company. The Stevens Institute conducts business with Hewlett Packard Company (total fees of $169,283) and with Hewlett Packard Financial Services (total fees of $625,889). Board of Trustees Member, Virginia Ruesterholz, is the President of Verizon Telecom. The Stevens Institute conducts business with Verizon Wireless (total fees of $168,007) and with Verizon Select Services (total fees of $87,096). RAVENSWOOD CORPORATION ONE CASTLE POINT ON HUDSON HOBOKEN NJ 07030 221854071 real estate NJ NONE C CORP 332434 1856612 1.00000 CASTLE POINT HOLDINGS INC ONE CASTLE POINT ON HUDSON HOBOKEN NJ 07030 204264786 tech transfer NJ None C CORP 284 559309 1.00000 true false false true false false false false false false true false false false false true true true CASTLE POINT HOLDINGS A 43501 CASTLE POINT HOLDINGS d 500000 Ravenswood Corporation k,p 30000