2026-05-13T12:53:35-05:00 2025-06-30 263753134 CBIZ ADVISORS LLC 53 STATE STREET 17TH FLOOR BOSTON MA 02109 990 2024-07-01 050259080 SALVE REGINA UNIVERSITY SALV 4013412142 100 OCHRE POINT AVENUE NEWPORT RI 028404190 MICHAEL GRANDCHAMP VP FOR OPERATIONS/CFO 4013412142 2026-05-13 1 1 BRENDA L BOOTH P01342395 6178075000 2026-05-13 2024 2025-03-06 01:10:19Z DR KELLI J ARMSTRONG 100 OCHRE POINT AVENUE NEWPORT RI 028404190 180531274 0 X WWW.SALVE.EDU X 1934 RI SALVE REGINA UNIVERSITY PREPARES MEN AND WOMEN FOR RESPONSIBLE (SEE SCHEDULE O FOR CONTINUATION) LIVES BY IMPARTING AND EXPANDING KNOWLEDGE, DEVELOPING SKILLS AND CULTIVATING ENDURING VALUES. THROUGH LIBERAL ARTS AND PROFESSIONAL PROGRAMS, STUDENTS DEVELOP THEIR ABILITIES FOR THINKING CLEARLY AND CREATIVELY, ENHANCE THEIR CAPACITY FOR SOUND JUDGEMENT, AND PREPARE FOR THE CHALLENGE OF LEARNING THROUGHOUT THEIR LIVES. IN KEEPING WITH THE TRADITIONS OF THE SISTERS OF MERCY, AND RECOGNIZING THAT ALL PEOPLE ARE STEWARDS OF GOD'S CREATION, THE UNIVERSITY ENCOURAGES STUDENTS TO WORK FOR A WORLD THAT IS HARMONIOUS, JUST AND MERCIFUL. 29 28 1523 31 -115014 0 5041707 15524842 127977485 135227007 3325616 8002606 461702 385016 136806510 159139471 54456941 58497582 0 0 49761712 50506732 0 0 2011251 35144421 36935637 139363074 145939951 -2556564 13199520 223861328 278864156 44821159 82665727 179040169 196198429 X SALVE REGINA UNIVERSITY, A CATHOLIC INSTITUTION FOUNDED BY THE SISTERS OF MERCY, SEEKS WISDOM AND PROMOTES UNIVERSAL JUSTICE. THE UNIVERSITY, THROUGH TEACHING AND RESEARCH, PREPARES MEN AND WOMEN FOR RESPONSIBLE LIVES BY IMPARTING AND EXPANDING (SEE SCHEDULE O FOR CONTINUATION) KNOWLEDGE, DEVELOPING SKILLS AND CULTIVATING ENDURING VALUES. THROUGH LIBERAL ARTS AND PROFESSIONAL PROGRAMS, STUDENTS DEVELOP THEIR ABILITIES FOR THINKING CLEARLY AND CREATIVELY, ENHANCE THEIR CAPACITY FOR SOUND JUDGEMENT, AND PREPARE FOR THE CHALLENGE OF LEARNING THROUGHOUT THEIR LIVES. IN KEEPING WITH THE TRADITIONS OF THE SISTERS OF MERCY, AND RECOGNIZING THAT ALL PEOPLE ARE STEWARDS OF GOD'S CREATION, THE UNIVERSITY ENCOURAGES STUDENTS TO WORK FOR A WORLD THAT IS HARMONIOUS, JUST AND MERCIFUL. 0 0 127752336 58497582 135227007 SALVE REGINA UNIVERSITY (THE "UNIVERSITY"), LOCATED IN NEWPORT, RHODE ISLAND, IS A CATHOLIC UNIVERSITY WHICH OPENED IN 1947 AND IS ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION, INC., FORMERLY KNOWN AS THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES. THE UNIVERSITY WAS FOUNDED BY AND CONTINUES TO BE SPONSORED BY THE SISTERS OF MERCY. THE UNIVERSITY ENROLLS APPROXIMATELY 2,700 MEN AND WOMEN IN A VARIETY OF ACADEMIC PROGRAMS. THE UNIVERSITY'S STUDENT POPULATION IS PREDOMINATELY FROM THE NORTHEAST REGION OF THE UNITED STATES. THE UNDERGRADUATE PROGRAMS ARE BASED ON THE LIBERAL ARTS. THE UNIVERSITY OFFERS BACCALAUREATE AND MASTER DEGREES, A CERTIFICATE OF ADVANCED GRADUATE STUDY AND A PH.D. IN HUMANITIES AND INTERNATIONAL RELATIONS. 127752336 1 1 0 1 0 0 1 0 0 1 1 1 0 0 1 1 0 1 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 1 3849 0 1 1523 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 29 28 0 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 1 1 0 RI X X MICHELE WOOD 4013412872 C/O SALVE REGINA UNIVERSITY 100 NEWPORT RI 02840 KELLI J ARMSTRONG PRESIDENT 35.00 X X 314720 0 142233 KATHERINE ALDRICH ESQ TRUSTEE 1.00 X 0 0 0 DENNIS ALGIERE TRUSTEE 1.00 X 0 0 0 LESLIE BARRETT TRUSTEE (AS OF 10/1/24) 1.00 X 0 0 0 DAVID G BAZARSKY TRUSTEE, VICE CHAIRPERSON 1.00 X X 0 0 0 WANDA BLAKE TRUSTEE 1.00 X 0 0 0 TIMOTHY P BURNS TRUSTEE 1.00 X 0 0 0 NANCY C CARDOZA TRUSTEE 1.00 X 0 0 0 DR MARY ANN DILLON RSM TRUSTEE 1.00 X 0 0 0 TARA GRIFFIN TRUSTEE 1.00 X 0 0 0 STEPHEN B HUTTLER ESQ TRUSTEE 1.00 X 0 0 0 ANNE WALLACE JUGE TRUSTEE 1.00 X 0 0 0 DR CHRISTINE KAVANAGH RSM TRUSTEE 1.00 X 0 0 0 GERALD E LAVALLEE TRUSTEE 1.00 X 0 0 0 DR WILLIAM F LUCEY III TRUSTEE 1.00 X 0 0 0 DR SHIRLEY MADHERE-WEIL TRUSTEE 1.00 X 0 0 0 BERNARD F MCKAY TRUSTEE 1.00 X 0 0 0 MAUREEN MITCHELL RSM TRUSTEE (AS OF 10/1/24) 1.00 X 0 0 0 SUSAN ANN MOORADIAN TRUSTEE 1.00 X 0 0 0 CHERYL E MROZOWSKI TRUSTEE, CHAIRPERSON 1.00 X X 0 0 0 MARYPATRICIA MURPHY RSM TRUSTEE, SECRETARY 1.00 X X 0 0 0 BARBARA A PAPITTO TRUSTEE (AS OF 10/1/24) 1.00 X 0 0 0 PAUL A PERRAULT TRUSTEE, TREASURER 1.00 X X 0 0 0 DR BRIAN A PRYOR TRUSTEE 1.00 X 0 0 0 JOHN A SULLIVAN TRUSTEE 1.00 X 0 0 0 DR JULIA A UPTON RSM TRUSTEE 1.00 X 0 0 0 SARAH RODGERS MCNEILL TRUSTEE (THRU 9/30/24) 1.00 X 0 0 0 HELEN DORFINGER RYAN TRUSTEE (THRU 9/30/24) 1.00 X 0 0 0 MICHAEL STAFF TRUSTEE 1.00 X 0 0 0 KATHLEEN WALGREEN TRUSTEE 1.00 X 0 0 0 CONFERENCE FOR MERCY HIGHER EDUCATION TRUSTEE 1.00 X 0 0 0 MICHAEL GRANDCHAMP CFO/VP OPERATIONS 35.00 X 249740 0 39835 M THERESA ANTONE RSM CHANCELLOR 35.00 X 0 0 81391 MAELYNN PATTEN VP FOR ADVANCEMENT 35.00 X 269612 0 37097 NANCY SCHREIBER PROVOST/VP ACADEMIC AFFAIRS 35.00 X 256700 0 35663 JAMES LUDES VP FOR STRATEGIC 35.00 X 190199 0 78902 JAMES FOWLER VP FOR ENROLLMENT 35.00 X 180370 0 37738 MICHAEL PIMENTAL CHIEF OF STAFF 35.00 X 170226 0 41766 LETIZIA GAMBRELLE BOONE VP FOR STUDENT AFFAIRS 35.00 X 171862 0 87861 LYNNE MELLO CHIEF MARKETING & COMMUNICATIONS 35.00 X 164146 0 77312 THERESA LADRIGAN-WHELPLEY VP FOR MISSION INTEGRATION 35.00 X 155098 0 13588 SEAN SULLIVAN ATHLETIC DIRECTOR 35.00 X 165356 0 36444 DAVID ALTOUNIAN VICE-PROVOST 35.00 X 166227 0 29620 MICHELE WOOD ASSISTANT VP/CONTROLLER 35.00 X 174862 0 26370 SANDRA ANTHOINE ASSISTANT VP ADVANCEMENT 35.00 X 164665 0 36083 STEVEN RODENBORN VICE-PROVOST & DEAN OF STUDENTS 35.00 X 166390 0 36574 WILLIAM HALL FORMER VP FOR ADMIN/CFO 35.00 X 131682 0 23384 3091855 0 861861 89 1 1 0 SODEXO & AFFILIATES 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 FOOD/CUSTODIAL SERVICE 7531948 IDESIGNEDU LLC 4514 COLE AVE SUITE DALLAS TX 75205 ONLINE PROGRAM MANAGEMENT 1484415 CARNEGIE DARTLETT 210 LITTLETON RD WESTFORD MA 01886 MARKETING SERVICES 1120889 HTS ENGINEERING INC 1 CORPORATION WAY PEABODY MA 01960 HVAC EQUIPMENT AND INSTALLATION 749014 PAUL WEBER ARCHITECTURE 449 THAMES STREET NEWPORT RI 02840 ARCHITECTURE SERVICES 688451 40 2853570 12671272 1272792 15524842 TUITION 611710 107605440 107605440 ROOM 611710 14126059 14126059 MEAL PLAN 611710 8906268 8906268 FEES 611710 4589240 4589240 135227007 2385231 -8436 2393667 1087600 956809 130791 130791 -106578 237369 26027360 25009 19788875 646119 6238485 -621110 5617375 5617375 BOOKSTORE 900099 117836 117836 VENDOR REBATE 900099 95626 95626 40763 40763 254225 159139471 135227007 -115014 8502636 57707951 57707951 789631 789631 2356706 830872 1133633 392201 35271978 27444219 6900235 927524 2419048 1670761 642709 105578 7691283 6540006 916902 234375 2767717 2052167 614591 100959 149900 149900 135910 135910 24000 24000 688881 688881 4304196 3866083 389126 48987 983138 154315 828823 549797 299840 249957 3064150 1828212 1235938 4694011 4081814 560929 51268 1639232 1218475 385838 34919 960542 960542 6817687 6080347 697768 39572 2346879 2060160 286719 FOOD SERVICES 4691048 4681626 9422 SPECIAL PROJECTS/EVENTS 2311006 2070577 215060 25369 SUPPLIES 1216331 1116914 91954 7463 RESTRICTED GRANTS 869022 590390 278632 1489907 1018553 428318 43036 145939951 127752336 16176364 2011251 2273111 1898361 14113175 19198000 10024595 13619464 1291260 2071883 1378674 1003447 39188 50895 198547 211217 243450000 149575000 89860151 93875000 62327476 64124465 38868954 45328535 3486197 37482889 223861328 278864156 7609356 10912938 29474418 62819992 7737385 8932797 44821159 82665727 X 133812887 138793000 45227282 57405429 179040169 196198429 223861328 278864156 X 13199520 3914519 44221 X 0 1 X 1 1 1 X 7950353 20502166 8254316 5041707 15524842 57273384 7950353 20502166 8254316 5041707 15524842 57273384 18522490 38750894 1096185 2035668 3019995 3603892 3472831 13228571 234194 300923 260359 240133 244237 1279846 71781801 617382089 0.53980 0.59750 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 24000 0 0 0 24000 0 PART II-B, LINE 1: THE UNIVERSITY RETAINS CONSULTANTS TO HELP THE UNIVERSITY UNDERSTAND THE INNER WORKINGS OF THE FEDERAL LEGISLATIVE BRANCH OF THE GOVERNMENT. THE CONSULTANTS HELP PROVIDE KNOWLEDGE OF POTENTIAL FUNDING OPPORTUNITIES AND HOW BEST TO TAKE ADVANTAGE OF THOSE FUNDING OPPORTUNITIES AND FURTHER THE MISSSION OF THE UNIVERSITY. X 1 0.00 1 0 0 1 1 0.00 0 92360000 4497000 10637000 824000 4409000 102261000 83049000 3591000 9901000 852000 3329000 92360000 77430000 3203000 5717000 689000 2612000 83049000 81633000 5610000 -6780000 603000 2430000 77430000 63213000 2632000 18583000 520000 2275000 81633000 0.63700 0.36300 0.00000 0 0 5923648 5923648 177682932 109293304 68389628 50414255 40281696 10132559 9429165 9429165 93875000 EQUITY FUNDS 3676781 F REIT 3626181 F MULTI-STRATEGY HEDGE FUNDS 13999005 F PRIVATE EQUITY 24026568 F 45328535 OTHER ASSETS 2407889 RIGHT-OF -USE ASSET-OPERATING LEASES 2016000 DEPOSITS WITH TRUSTEE 33059000 37482889 STUDENT DEPOSITS 6059275 REFUNDABLE ADVANCES - GOVERNMENT 641038 OBILGATIONS UNDER OPERATING LEASE 2016000 LIABILITY FOR FUNDS HELD IN TRUST 216484 8932797 X 106178057 3914519 956809 4871328 101306729 688881 57143861 57832742 159139471 89019797 956809 956809 88062988 688881 57188082 57876963 145939951 PART II, LINE 5: THE UNIVERSITY ENTERED INTO A FIFTY YEAR EASEMENT WITH THE RHODE ISLAND HISTORIC PRESERVATION SOCIETY IN EXCHANGE FOR A GRANT INTENDED TO HELP DEFRAY THE EXTERIOR RESTORATION OF OCHRE COURT. OCHRE COURT, AN ARCHITECTURALLY SIGNIFICANT STRUCTURE, IS USED TO HOUSE UNIVERSITY ADMINISTRATION. THE NATURE OF THE EASEMENT IS SUCH THAT THE UNIVERSITY MUST KEEP THE EXTERIOR INTACT AND CANNOT MODIFY SAID EXTERIOR WITHOUT THE EXPRESS APPROVAL OF THE RI HISTORIC PRESERVATION SOCIETY. IN ADDITION, SAID STRUCTURE'S EXTERIOR MUST BE ALLOWED TO BE VIEWED BY THE GENERAL PUBLIC. NO MODIFICATIONS HAVE BEEN MADE SINCE THE RESTORATION NOR HAS PUBLIC ACCESS BEEN BLOCKED. PART II, LINE 9: THE ORGANIZATION MAKES NO MENTION OF THE EASEMENT IN ITS FINANCIAL STATMENTS. THE EASEMENT IS BETWEEN THE ORGANIZATION AND THE STATE OF RHODE ISLAND AND STIPULATES THAT NO DEMOLITION OR ALTERATION CAN BE MADE TO THE EXTERIOR OF OCHRE COURT, LOCATED IN NEWPORT, RI. THE ORGANIZATION IS AWARE OF THE EASEMENT AND NO CHANGES HAVE BEEN MADE TO THE EXTERIOR THUS THERE IS NO DEVOTED STAFF FOR MONITORING, INSPECTING AND/OR ENFORCEMENT OF THE EASEMENT. PART V, LINE 4: THE UNIVERSITY USES THE ENDOWMENT FUNDS STRICTLY IN ACCORDANCE WITH DONOR INTENTION. THE MAJORITY OF PERMANENT ENDOWMENT IS HELD FOR SCHOLARSHIP, TEACHING, AND PROGRAM EXPENSES. A SMALL PORTION OF THE PERMANENT ENDOWMENT IS FOR STUDENT RELATED ACTIVITIES SUCH AS ATHLETIC PROGRAMS. THE UNRESTRICTED ENDOWMENT IS KEPT IN FINANCIAL RESERVES TO BE USED AT THE BOARD OF TRUSTEES DISCRETION. PART X, LINE 2: THE UNIVERSITY 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 UNIVERSITY HAS IDENTIFIED ITS TAX STATUS AS A TAX EXEMPT ENTITY AS ITS ONLY SIGNIFICANT TAX POSITION; HOWEVER, THE UNIVERSITY HAS DETERMINED THAT SUCH TAX POSITION DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE UNIVERSITY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE UNIVERSITY'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 956,809. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 57,188,082. CHANGE IN SPLIT INTEREST VALUE -44,221. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 956,809. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 57,188,082. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A NON-DISCRIMINATORY POLICY STATEMENT IS INCLUDED IN ALL PUBLIC ANNOUNCEMENTS AND PUBLICATIONS. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FEDERAL GOVERNMENT FUNDS (TITLE IV) TO BE USED IN THE STUDENT FINANCIAL AID PROGRAM. THE FUNDS RECEIVED INCLUDE PELL GRANTS, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, FEDERAL WORK STUDY AND PARTICIPATION IN THE FEDERAL DIRECT LOAN PROGRAMS (SUBSIDIZED STAFFORD, UNSUBSIDIZED STAFFORD, PARENT PLUS LOANS). IN ADDITION, THE UNIVERSITY RECEIVED AN APPROPRIATION FROM THE FEDERAL GOVERNMENT FOR USE IN THE REHABILITATIVE SERVICES GRADUATE DEPARTMENT. ALL GRANTS ARE REVIEWED, EVALUATED AND REPORTED (A-133) BY THE UNIVERSITY'S INDEPENDENT AUDITOR, CBIZ CPAS, LLC. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 8592477 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING SCHOLARSHIPS TO STUDENTS STUDYING ABROAD 28150 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING SCHOLARSHIPS TO STUDENTS STUDYING ABROAD 96450 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING SCHOLARSHIPS TO STUDENTS STUDYING ABROAD 665031 0 0 0 0 0 0 9382108 0 9382108 SCHOLARSHIPS TO STUDENTS STUDYING ABROAD CENTRAL AMERICA AND THE CARIBBEAN 2 0 28150 DIRECT REDUCTION OF TUITION FMV SCHOLARSHIPS TO STUDENTS STUDYING ABROAD EAST ASIA AND THE PACIFIC 6 0 96450 DIRECT REDUCTION OF TUITION FMV SCHOLARSHIPS TO STUDENTS STUDYING ABROAD EUROPE (INCLUDING ICELAND & GREENLAND) 48 0 665031 DIRECT REDUCTION OF TUITION FMV 1 0 1 1 1 0 PART I, LINE 2: ELIGIBILITY FOR NEED-BASED FINANCIAL AID IS BASED ON FEDERAL DEPARTMENT OF EDUCATION REGULATIONS AND UNIVERSITY POLICIES GOVERNING FINANCIAL AID PROGRAMS. USING THE INFORMATION PROVIDED ON THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA), THE OFFICE OF FINANCIAL AID CREATES A FINANCIAL AID OFFER BASED ON FINANCIAL NEED AS DETERMINED BY SUBTRACTING THE STUDENT AID INDEX (SAI) FROM THE COST OF ATTENDANCE. THE COST OF ATTENDANCE (COA) INCLUDES DIRECT. COSTS, FOR WHICH THE STUDENT RECEIVES A BILLING STATEMENT (TUITION, FEES AND ON-CAMPUS HOUSING AND FOOD) AS WELL AS ESTIMATED INDIRECT COSTS NOT BILLED BY THE UNIVERSITY (BOOKS, SUPPLIES, PERSONAL EXPENSES, TRANSPORTATION AND OFF-CAMPUS HOUSING AND FOOD). THE DIFFERENCE BETWEEN THE STUDENT AID INDEX (SAI) AND THE COST OF ATTENDANCE (COA) IS THE STUDENT'S MAXIMUM ELIGIBILITY FOR NEED-BASED ASSISTANCE. TO REMAIN ELIGIBLE FOR FEDERAL, STATE AND INSTITUTIONAL FINANCIAL AID, A STUDENT MUST MEET THE MINIMUM REQUIREMENTS OF SATISFACTORY ACADEMIC PROGRESS AS PUBLISHED IN THE UNDERGRADUATE CATALOG. 1 INSTITUTIONAL SCHOLARSHIPS/GRANTS 2067 56398451 FMV SCHOLARSHIP SERVING TO REDUCE TUITION CHARGED TO STUDENTS FEDERAL SCHOLARSHIPS/GRANTS 473 1309500 FMV SCHOLARSHIP SERVING TO REDUCE TUITION CHARGED TO STUDENTS PART I, LINE 2: ELIGIBILITY FOR NEED-BASED FINANCIAL AID IS BASED ON FEDERAL DEPARTMENT OF EDUCATION REGULATIONS AND UNIVERSITY POLICIES GOVERNING FINANCIAL AID PROGRAMS. USING THE INFORMATION PROVIDED ON THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA), THE OFFICE OF FINANCIAL AID CREATES A FINANCIAL AID OFFER BASED ON FINANCIAL NEED AS DETERMINED BY SUBTRACTING THE STUDENT AID INDEX (SAI) FROM THE COST OF ATTENDANCE. THE COST OF ATTENDANCE (COA) INCLUDES DIRECT. COSTS, FOR WHICH THE STUDENT RECEIVES A BILLING STATEMENT (TUITION, FEES AND ON-CAMPUS HOUSING AND FOOD) AS WELL AS ESTIMATED INDIRECT COSTS NOT BILLED BY THE UNIVERSITY (BOOKS, SUPPLIES, PERSONAL EXPENSES, TRANSPORTATION AND OFF-CAMPUS HOUSING AND FOOD). THE DIFFERENCE BETWEEN THE STUDENT AID INDEX (SAI) AND THE COST OF ATTENDANCE (COA) IS THE STUDENT'S MAXIMUM ELIGIBILITY FOR NEED-BASED ASSISTANCE. TO REMAIN ELIGIBLE FOR FEDERAL, STATE AND INSTITUTIONAL FINANCIAL AID, A STUDENT MUST MEET THE MINIMUM REQUIREMENTS OF SATISFACTORY ACADEMIC PROGRESS AS PUBLISHED IN THE UNDERGRADUATE CATALOG. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 KELLI J ARMSTRONG PRESIDENT 314279 0 0 0 441 0 46380 0 95853 0 456953 0 0 0 MAELYNN PATTEN VP FOR ADVANCEMENT 269171 0 0 0 441 0 22248 0 14849 0 306709 0 0 0 NANCY SCHREIBER PROVOST/VP ACADEMIC AFFAIRS 256259 0 0 0 441 0 20819 0 14844 0 292363 0 0 0 MICHAEL GRANDCHAMP CFO/VP OPERATIONS 249294 0 0 0 446 0 20600 0 19235 0 289575 0 0 0 JAMES LUDES VP FOR STRATEGIC 189792 0 0 0 407 0 14589 0 64313 0 269101 0 0 0 LETIZIA GAMBRELLE BOONE VP FOR STUDENT AFFAIRS 171460 0 0 0 402 0 14405 0 73456 0 259723 0 0 0 LYNNE MELLO CHIEF MARKETING & COMMUNICATIONS 163767 0 0 0 379 0 13596 0 63716 0 241458 0 0 0 JAMES FOWLER VP FOR ENROLLMENT 179954 0 0 0 416 0 14925 0 22813 0 218108 0 0 0 MICHAEL PIMENTAL CHIEF OF STAFF 169819 0 0 0 407 0 14585 0 27181 0 211992 0 0 0 STEVEN RODENBORN VICE-PROVOST & DEAN OF STUDENTS 165970 0 0 0 420 0 13761 0 22813 0 202964 0 0 0 SEAN SULLIVAN ATHLETIC DIRECTOR 164984 0 0 0 372 0 13728 0 22716 0 201800 0 0 0 MICHELE WOOD ASSISTANT VP/CONTROLLER 174435 0 0 0 427 0 14008 0 12362 0 201232 0 0 0 SANDRA ANTHOINE ASSISTANT VP ADVANCEMENT 164256 0 0 0 409 0 13367 0 22716 0 200748 0 0 0 DAVID ALTOUNIAN VICE-PROVOST 165805 0 0 0 422 0 12085 0 17535 0 195847 0 0 0 THERESA LADRIGAN-WHELPLEY VP FOR MISSION INTEGRATION 154751 0 0 0 347 0 12442 0 1146 0 168686 0 0 0 WILLIAM HALL FORMER VP FOR ADMIN/CFO 131461 0 0 0 221 0 8540 0 14844 0 155066 0 0 0 PART I, LINE 1A THE PRESIDENT AND CHANCELLOR ARE ALLOWED USE OF A RESIDENCE ON CAMPUS FOR BOTH PERSONAL AND UNIVERSITY RELATED BUSINESS USE. ALSO, BY CONTRACT, THE CHANCELLOR IS A MEMBER OF A LOCAL SOCIAL CLUB AND COUNTRY CLUB FOR WHICH THE UNIVERSITY IS RESPONSIBLE FOR THE PAYMENT OF DUES. BOTH CLUBS CAN BE USED FOR BOTH PERSONAL AND UNIVERSITY RELATED BUSINESS USE. LASTLY, THE PRESIDENT AND CHANCELLOR HAVE AN INDIVIDUAL WHO PERFORMS HOUSEKEEPING SERVICES IN THEIR RESIDENCE AND AN INDIVIDUAL WHO WILL DRIVE THEM TO UNIVERSITY FUNCTIONS. THESE BENEFITS ARE NOT TREATED AS TAXABLE COMPENSATION. PART II: THE UNIVERSITY WAS FOUNDED BY THE SISTERS OF MERCY AND HAS AN EMPLOYEE WHO IS AFFILIATED WITH THIS RELIGIOUS ORDER. BECAUSE OF THE NATURE OF THE ORDER AND THE POVERTY VOWS TAKEN BY SISTERS LISTED ON FORM 990, PART VII, W-2 EARNINGS ARE NOT REPORTED AS THIS EMPLOYEE IS NOT DIRECTLY TAXABLE DUE TO RELIGIOUS AFFILIATION. RATHER, THE COMPENSATION IS MADE PAYABLE PRIMARILY TO THE SISTERS OF MERCY AND IT IS THE ORDER THAT DETERMINES WHAT PORTION THE EMPLOYEE WILL RECEIVE. TOTAL COMPENSATION TO THE SISTERS OF MERCY TOTALED $53,772 FOR THE 2024 CALENDAR YEAR FOR THE CHANCELLOR. A RI HEALTH AND EDUCATIONAL BUILDING CORPORATION 050259080 000000000 2011-12-19 32980000 CURRENT REFUND OF 3 PRIOR ISSUES (1999, 2002A, 2002B) 0 0 0 B RI HEALTH AND EDUCATIONAL BUILDING CORPORATION 050259080 000000000 2015-05-07 27500000 REFUND 2006 & RENOVATION/ADDITION ACADEMIC FACILITY 0 0 0 C RI HEALTH AND EDUCATIONAL BUILDING CORPORATION 050259080 000000000 2025-05-15 36000000 SHEPHARD AVE, PAVILION, GERETY AND MUNROE CONSTRUCTION 0 0 0 A 32980000 657590 32322410 2012 1 0 1 1 B 27500000 475000 23740000 3285000 2017 1 0 1 1 C 36000000 328814 2748036 32923150 0 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: RI HEALTH AND EDUCATIONAL BUILDING CORPORATION DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2025 PART I: DURING 2011, THE UNIVERSITY ENTERED INTO ANOTHER TAX EXEMPT DEBT ARRANGEMENT THROUGH THE RHODE ISLAND HEALTH AND EDUCATION BUILDING CORPORATION (RIHEBC). THE TOTAL DEBT OFFERING TOTALED $32,980,000. THE ISSUE, DATED DECEMBER 19, 2011 WAS A FIXED RATE DEBT OFFERING THAT QUALIFIED UNDER SECTION 501(C)(3) NON-HOSPITAL BONDS. THIS ENTIRE OFFERING WAS A PRIVATE PLACEMENT WITH EASTERN BANK LOCATED IN MEDFORD, MASSACHUSETTS. THE UNIVERSITY UTILIZED SAID PROCEEDS (PLUS THE DEBT SERVICE RESERVE AND PRINCIPAL/INTEREST DEPOSIT ACCOUNTS) SOLELY FOR THE REFINANCING OF THREE EXISTING FIXED RATE DEBT OFFERINGS TO ACHIEVE A MORE FAVORABLE INTEREST RATE. PROCEEDS FROM THE THREE ORIGINAL OFFERINGS, ONE FROM 1999 AND TWO FROM 2002, WERE USED FOR A NUMBER OF DIFFERENT PURPOSES FROM DORMITORY CONSTRUCTION, LIBRARY CONSTRUCTION, RECREATION CENTER CONSTRUCTION, DORMITORY RENOVATION, AND PROPERTY PURCHASES FOR DORMITORY AND ADMIN. USE. IN EACH INSTANCE, ALL FACILITIES INVOLVED DO NOT HAVE ANY PRIVATE BUSINESS USE. LASTLY, ALL PROCEEDS WERE EXPENDED WITH 3 MONTHS OF THE DATE OF ISSUE. DURING 2015, THE UNIVERSITY ENTERED INTO A TAX EXEMPT DEBT ARRANGEMENT THROUGH THE RHODE ISLAND HEALTH AND EDUCATION BUILDING CORPORATION (RIHEBC). THE TOTAL DEBT OFFERING TOTALED 27,500,000. THE ISSUE, DATED MAY 7, 2015 WAS SPLIT INTO THREE SEPARATE SUB ISSUES (A,B AND C) WITH ONE BEING A FIXED RATE OFFERING AND THE OTHER TWO WERE VARIABLE RATE OFFERINGS. THE ENTIRE ARRANGEMENT QUALIFIED UNDER SECTION 501(C)(3) NON-HOSPITAL BONDS. THIS ENTIRE OFFERING WAS A PRIVATE PLACEMENT WITH EASTERN BANK LOCATED IN MEDFORD, MASSACHUSETTS. THE UNIVERSITY USED THE MAJORITY OF THE PROCEEDS FOR THE ADDITION AND RENOVATION TO ITS MAIN ACADEMIC FACILITY (O'HARE ACADEMIC CENTER). IN ADDITION, THE BALANCE OF THE PROCEEDS WERE USED TO REFUND THE EXISITING 2006 ISSUE WHOSE PURPOSE WAS FOR THE RENOVATION OF THREE SEPARATE ACADEMIC FACILITIES (ANTONE CENTER FOR THE ARTS, MCAULEY HALL AND ANGELUS HALL). ALL FOUR FACILITIES IN QUESTION DO NOT HAVE ANY PRIVATE BUSINESS USE. THE PROJECT WAS COMPLETED DURING THE WINTER OF 2017 AND THE CONSTRUCTION FUND WAS FULLY LIQUIDATED IN JANUARY 2017. DURING 2025, THE UNIVERSITY ENTERED INTO ANOTHER TAX EXEMPT DEBT ARRANGEMENT THROUGH THE RHODE ISLAND HEALTH AND EDUCATION BUILDING CORPORATION (RIHEBC). THE TOTAL DEBT OFFERING TOTALLED $36,000,000. THE ISSUE, DATED MAY 15, 2025 WITH A FIXED RATE OF 4.75% FOR 10 YEARS (RATE TO BE RESET IN YEAR 11 FOR THE FOLLOWING 20 YEAR TERM). THE ENTIRE ARRANGEMENT QUALIFIED UNDER SECTION 501(C)(3) NON-HOSPITAL BONDS. THE ENTIRE OFFERING WAS A PRIVATE PLACEMENT WITH EASTERN BANK LOCATED IN MEDFORD, MASSACHUSETTS. THE UNIVERSITY IS USING THE PROCEEDS FOR THE CONSTRUCTION OF AN ADDITIONAL STUDENT DORMITORY AND PAVILION BUILDING, AND RENOVATION OF THE STUDENT LIFE BUILDING, AND A STUDENT DORMITORY. THESE PROJECTS ARE IN PROCESS. THE FOUR FACILITIES DO NOT HAVE ANY PRIVATE BUSINESS USE. LORRIE TAYLOR BURNS WIFE OF CURRENT BOARD MEMBER 75377 FULL-TIME FACULTY 0 X 16 1272792 FMV AS OF DONATION DATE 0 0 1 0 PART I, LINE 32B: THE NUMBER REPORTED IN COLUMN (B) OF SCHEDULE M REPRESENTS THE NUMBER OF CONTRIBUTIONS OF EACH ITEM. FORM 990, PART VI, SECTION A, LINE 6 FOR AN EXPLANATION, SEE THE RESPONSE TO FORM 990, PART VI, LINE 7B BELOW. FORM 990, PART VI, SECTION A, LINE 7B THE CORPORATION BY ITS BOARD OF TRUSTEES ACKNOWLEDGES SPONSORSHIP BY THE SISTERS OF MERCY OF THE AMERICAS AND AFFILIATION WITH THE CONFERENCE FOR MERCY HIGHER EDUCATION (CMHE) AS DEFINED IN THE COVENANT OF MERCY HIGHER EDUCATION. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THE BYLAWS OF THE UNIVERSITY, AND AS A CONDITION TO THE CORPORATION'S AFFILIATION WITH CMHE AND SPONSORSHIP BY THE SISTERS OF MERCY OF THE AMERICAS, IN NO EVENT SHALL THE BOARD OF TRUSTEES TAKE ANY OF THE FOLLOWING ACTIONS WITHOUT THE PRIOR WRITTEN CONSENT OF THE BOARD OF DIRECTORS OF THE CONFERENCE FOR MERCY HIGHER EDUCATION OR ITS SUCCESSOR OR DESIGNEE: A. APPROVE A SALE OR DISPOSITION OF ALL OR SUBSTANTIALLY ALL THE ASSETS, A MERGER, CONSOLIDATION, REORGANIZATION, DISSOLUTION OR LIQUIDATION OF THE CORPORATION, OR OTHER FUNDAMENTAL TRANSACTION CONTEMPLATED WITHIN THE NONPROFIT CORPORATION LAW OF THE STATE OF RHODE ISLAND, OR THE BYLAWS; OR B. AMEND ARTICLE II AND/OR ARTICLE III SECTION 1 OF THE BYLAWS WITH RESPECT TO THE CORPORATION'S ROMAN CATHOLIC IDENTITY OR THE CONDITIONS PROVIDED HEREIN RELATING TO THE AFFILIATION OF THE CORPORATION WITH CMHE OR ITS SPONSORSHIP BY THE SISTERS OF MERCY OF THE AMERICAS. FORM 990, PART VI, SECTION B, LINE 11B THE INFORMATION FOR THE IRS FORM 990 IS COMPILED BY SEVERAL MEMBERS OF UNIVERSITY ADMINISTRATION, PRIMARILY THE ASSISTANT VP FOR FINANCE/CONTROLLER, VICE PRESIDENT FOR OPERATIONS/CFO, AND THE ASSOCIATE VP AND CHIEF HUMAN RESOURCES OFFICER. THE REVIEW FUNCTION FOR THIS FILING RESTS WITH THE AUDIT COMMITTEE BY VIRTUE OF ITS APPOINTMENT BY THE BOARD OF TRUSTEES. THE AUDIT COMMITTEE IS EMPOWERED TO ACCEPT, APPROVE AND RECOMMEND RATIFICATION TO THE FULL BOARD TO APPROVE THE 990 PRIOR TO FILING. EACH TRUSTEE MEMBER RECEIVES A DRAFT OF THE FILING FOR REVIEW AS WELL, PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C AT THE ANNUAL MEETING OF THE BOARD OF TRUSTEES HELD IN FALL EACH YEAR, ALL TRUSTEES, OFFICERS, AND KEY EMPLOYEES MUST COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THIS FORM DISCLOSES ANY DIRECT BUSINESS ASSOCIATIONS, FAMILY MEMBERS AND OR BUSINESS ASSOCIATIONS OF FAMILY MEMBERS THAT EXIST TO PUT THE UNIVERSITY ON NOTICE OF POTENTIAL CONFLICTS. THIS INFORMATION IS SHARED WITH SENIOR ADMINISTRATION FOR MONITORING. IF A POTENTIAL CONFLICT OR QUESTION ARISES, IT SHOULD BE REPORTED TO THE PRESIDENT TO BE REVIEWED WITH THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES FOR APPROVAL OR FOR SUCH ACTION AS THE EXECUTIVE COMMITTEE MAY DETERMINE. IT IS THE RESPONSIBILITY OF THE EXECUTIVE COMMITTEE TO 1) CALL FOR ADDITIONAL INFORMATION, 2) ATTEMPT TO RESOLVE ANY CONFLICTS, 3) DETERMINE WHETHER A CONFLICT OF INTEREST IS PRESENT (UTILIZING LEGAL COUNSEL IF NECESSARY) AND REPORT IT TO THE BOARD OF TRUSTEES FOR APPROPRIATE ACTION. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY, A QUESTIONNAIRE/EVALUATION IS SENT TO ALL TRUSTEES REGARDING THE PRESIDENT'S PERFORMANCE. THE EVALUATIONS ARE RETURNED TO THE CHAIR OF THE BOARD AND THE RESULTS ARE REVIEWED AND TABULATED. ANNUALLY, THE CHAIR OF THE BOARD RECEIVES FROM THE ASSOCIATE VICE PRESIDENT OF HUMAN RESOURCES MARKET-BASED COMPENSATION DATA FOR THE PRESIDENTS AT SIMILARLY SITUATED INSTITUTIONS OF HIGHER EDUCATION. THE EXECUTIVE COMMITTEE OF THE BOARD REVIEWS THE RESULTS OF THE EVALUATIONS AND COMPENSATION SURVEY INFORMATION. ADJUSTMENTS ARE MADE TO THE PRESIDENT'S COMPENSATION, SUCH AS TIME OF HIRE, CONTRACT RENEWAL,OR AS CIRCUMSTANCES REQUIRE. COMMITTEE RECOMMENDATIONS TO ADJUST THE PRESIDENT'S COMPENSATION ARE FORWARDED TO THE FULL BOARD OF TRUSTEES FOR APPROVAL. THIS PROCESS IS FULLY DOCUMENTED. ANNUALLY, THE PRESIDENT MEETS WITH AND EVALUATES EACH OF THE VICE PRESIDENTS. THE PRESIDENT RECEIVES FROM THE ASSOCIATE VICE PRESIDENT OF HUMAN RESOURCES MARKET-BASED COMPENSATION DATA FOR THE VICE-PRESIDENTS AT SIMILARLY SITUATED INSTITUTIONS OF HIGHER EDUCATION. THE PRESIDENT REPORTS TO THE BOARD EXECUTIVE COMMITTEE HER RECOMMENDATIONS FOR COMPENSATION FOR THE VICE PRESIDENTS. THE EXECUTIVE COMMITTEE REVIEWS THE COMPENSATION OFFERED. THIS PROCESS IS FULLY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 ANY REQUEST FOR PUBLIC INSPECTION REQUESTS FOR UNIVERSITY FORMS 1023, 990, 990-T AND/OR AUDITED FINANCIAL STATEMENTS ARE GRANTED WITHIN 5 BUSINESS DAYS AND CAN TAKE THE FORM OF ELECTRONIC COMMUNICATION, DIRECT PUBLIC INSPECTION, OR MAILING OF SAID DOCUMENTS TO THE INQUIRING PARTY. THE UNIVERSITY CURRENTLY PUBLISHES ITS FORM 990 AND AUDITED FINANCIAL STATEMENTS ON ITS WEBSITE AT HTTPS://SALVE.EDU/OUR-MISSION/CAMPUS-OFFICES-AND-SERVICES/BUSINESS-OFFICE AS WELL. THE FORM 990 IS ALSO AVAILABLE ON WWW.GUIDESTAR.COM. THE GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST VALUE 44,221. SRU HOLDINGS LLC 100 OCHRE POINT AVENUE NEWPORT RI 02840 933306590 REAL ESTATE HOLDING CORP. RI 0 10437203 N/A STANFORD WHITE CASINO THEATRE 100 OCHRE POINT AVENUE NEWPORT RI 02840 300307655 HISTORIC BUILDING RESTORATION RI 501(C)(3) LINE 7 SALVE REGINA UNIVERSITY 1 CONFERENCE FOR MERCY HIGHER EDUCATION 8630 FENTON STREET 934 SILVER SPRING MD 20790 431973007 SPONSORSHIP MD 501(C)(3) LINE 1 N/A 0 SPLIT INTEREST TRUSTS (2) TRUST RI SALVE REGINA UNIVERSITY T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PART II: SALVE REGINA UNIVERSITY HAS DIRECT CONTROL OF A RELATED TAX EXEMPT ORGANIZATION NAMED STANFORD WHITE CASINO THEATRE. THE PURPOSE OF THIS RELATED ORGANIZATION HAS BEEN TO RESTORE AN ARCHITECTURALLY SIGNIFICANT THEATRE LOCATED IN NEWPORT, RI. THE NATURE OF CONTROL STEMS FROM THE RELATED ORGANIZATION'S BOARD OF TRUSTEES WHICH IS COMPOSED OF SALVE REGINA UNIVERSITY OFFICERS (PRESIDENT AND CFO), AND TWO SALVE REGINA UNIVERSITY TRUSTEES. THE BOARD MEMBERS SERVE AS A VOLUNTEER BOARD, RECEIVE NO COMPENSATION, AND ARE ADMINISTRATIVELY SEPARATE. SINCE COMPLETION OF THE RENOVATION, THE UNIVERSITY HAS BEEN ABLE TO USE THE FACILITIES FOR ARTISTIC PERFORMANCE. WITH THE COMPLETION OF THE RESTORATION OF THE THEATRE AND BUILDING OPENING, THE UNIVERSITY IS NOW PARTY TO A 30 YEAR LEASE AGREEMENT WITH THE BUILDING OWNER, THE INTERNATIONAL TENNIS HALL OF FAME. TERMS OF THE LEASE GIVES THE UNIVERSITY EXCLUSIVE USE, MINUS 40 NAMED DATES PER YEAR AT THE OWNERS DISCRETION, IN EXCHANGE FOR A NOMINAL ANNUAL LEASE PAYMENT AND ASSUMPTION OF ALL OPERATING COSTS. IT IS NOW HOME TO THE SALVE REGINA UNIVERSITY THEATRE DEPARTMENT.