2024-04-18T14:18:23-07:00 2023-06-30 263753134 CBIZ MHM LLC 500 Boylston Street Boston MA 02116 990 2022-07-01 042108376 WESTERN NEW ENGLAND UNIVERSITY WEST 4137821219 1215 Wilbraham Road Springfield MA 01119 Basil Stewart Vice President Finance and Admin 4137821288 2024-04-18 1 Basil Stewart 999009999 1 Brenda Booth P01342395 6177610729 2024-04-18 0 11 1 AAL2 X 2022 2023-04-26 12:10:37Z Robert Johnson 1215 Wilbraham Road Springfield MA 01119 176915966 0 X www.wne.edu X 1951 MA See Schedule O Statement for Part III, Line 1 that also applies to Part I, Line 1 26 25 2017 1203 0 0 10684838 3730047 157601670 162336815 3748183 2338592 1303555 1420194 173338246 169825648 62869761 62183657 0 0 66924204 68689819 0 0 1087795 40336238 40905384 170130203 171778860 3208043 -1953212 259613944 259519169 121210801 116205464 138403143 143313705 X See Schedule O 0 0 102807935 51517484 109377697 THE UNIVERSITY OFFERS FULL AND PART-TIME UNDERGRADUATE PROGRAMS ANNUALLY THAT SERVE APPROXIMATELY 2,400 STUDENTS. THE UNIVERSITY ATTRACTS STUDENTS FROM 38 STATES AND 22 FOREIGN COUNTRIES. STUDENTS ARE OFFERED AN OPPORTUNITY TO STUDY IN APPROXIMATELY 50 UNDERGRADUATE PROGRAMS. 29977614 9222157 33036574 IN ADDITION TO A WIDE RANGE OF UNDERGRADUATE DEGREE PROGRAMS, THE UNIVERSITY OFFERS A NUMBER OF GRADUATE PROGRAMS AND FIRST PROFESSIONAL OPPORTUNITIES IN ARTS AND SCIENCES, BUSINESS, ENGINEERING, LAW, AND PHARMACY. THE UNIVERSITY ALSO OFFERS PH.D PROGRAMS IN BEHAVIORAL ANALYSIS AND ENGINEERING MANAGEMENT AND A DOCTORAL PROGRAM IN OCCUPATIONAL THERAPY. 18922912 1444016 20760078 THE UNIVERSITY OFFERS RESIDENTIAL OPPORTUNITIES TO FULL-TIME UNDERGRADUATES AND PROFESSIONAL STUDENTS THROUGH A VARIETY OF LIVING ARRANGEMENTS VARYING FROM TRADITIONAL DORMITORY SETTINGS TO APARTMENTS AND SUITES. APPROXIMATELY 1,500 STUDENTS LIVE ON CAMPUS DURING THE ACADEMIC YEAR. 0 0 0 151708461 1 1 0 0 0 0 0 0 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 1 1 0 0 0 1 215 0 1 2017 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 X 26 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X X Basil A Stewart 4137821288 1215 Wilbraham Road Springfield MA 01119 DR ROBERT E JOHNSON PRESIDENT 40 X X 671227 0 28676 DR ASAKO M TOYODA SENIOR VP FOR ACADEMIC AFFAIRS 40 X 296208 0 21550 BASIL A STEWART VP FOR FINANCE AND ADMINISTRATION 40 X 249579 0 24164 DR S HOSSEIN CHERAGHI DEAN, COLLEGE OF ENGINEERING 40 X 234396 0 20916 BETH COHEN INTERIM DEAN, SCHOOL OF LAW 40 X 235208 0 19419 DR SHARIANNE WALKER DEAN, COLLEGE OF BUSINESS 40 X 234950 0 12192 DR LINDA E JONES PROFESSOR OF MATERIALS SCI AND ENG 40 X 231168 0 12101 DR JOHN PEZZUOTO DEAN, COLLEGE OF PHARMACY AND HS 40 X 217608 0 19939 CURT HAMAKAWA FORMER VP ACADEMIC AFFAIRS (KEY) 40 X 174543 0 5568 WENDY A BENSON TRUSTEE (UNTIL 2/13/2023) 1 X 0 0 0 NEVILLE S BOGLE TRUSTEE 1 X 0 0 0 JOHN J BRENNAN TRUSTEE 1 X 0 0 0 CARMEL A CARMAGNA TRUSTEE 1 X 0 0 0 RICHARD M CASSATA TRUSTEE 1 X 0 0 0 ROBERT W CLARKE SECRETARY 1 X X 0 0 0 ALEXANDER M CORL TRUSTEE 1 X 0 0 0 KEVIN S DELBRIDGE TRUSTEE 1 X 0 0 0 DIANNE F DOHERTY TRUSTEE 1 X 0 0 0 MICHAEL J FLYNN TRUSTEE 1 X 0 0 0 DENIS G GAGNON TRUSTEE 1 X 0 0 0 MICHAEL GAINES TRUSTEE 1 X 0 0 0 ELENA GERVINO TRUSTEE 1 X 0 0 0 DIANE E HOLMAN TRUSTEE (UNTIL 5/2/2023) 1 X 0 0 0 STEVEN P KITROSSER TRUSTEE 1 X 0 0 0 STANLEY KOWALSKI III TRUSTEE 1 X 0 0 0 NICHOLAS LAPIER VICE CHAIRMAN 1 X X 0 0 0 AMY B LEWIS TRUSTEE 1 X 0 0 0 KENNETH M RICKSON CHAIRMAN 1 X X 0 0 0 JODIE ROURE TRUSTEE (AS OF 5/8/2023) 1 X 0 0 0 STEPHEN J ROURKE TRUSTEE (UNTIL 6/30/2023) 1 X 0 0 0 ROBERT E SALAD TRUSTEE 1 X 0 0 0 DEBORAH K SAREMI TRUSTEE 1 X 0 0 0 PETER STEINGRABER TRUSTEE 1 X 0 0 0 GARY F THOMAS TREASURER 1 X X 0 0 0 STEVEN J TREMBLAY TRUSTEE 1 X 0 0 0 KATHLEEN A WHITE TRUSTEE 1 X 0 0 0 2544887 0 164525 112 1 1 0 Aramark Corporations PO Box978839 Dallas TX 753978839 Food Services 5814045 Market Mentors LLC 155 Brookside Dr Springfield MA 01104 Marketing and Advertising 556222 3 Enrollment Marketing Inc 352 Main St Oneonta NY 13820 Enrollment Marketing 478208 Peter Pan Bus Lines Union Station STE 300 Springfield MA 01103 Transportation Services 298752 Barbri Inc 12222 Merit Dr STE 1340 Dallas TX 75251 Bar Prep Services 243000 13 0 0 44110 0 1650255 2035682 91915 3730047 Tuition and Fees 611710 136595984 136595984 0 0 Auxiliary Sales and Services 611710 20760078 20760078 0 0 Sponsored Programs 611710 4915869 4915869 0 0 Student Loan Interest 611710 64884 64884 0 0 0 0 0 0 162336815 920759 0 0 920759 0 0 0 0 29682 0 0 29682 101361 0 0 0 101361 0 101361 0 0 101361 8454949 15000 6998784 53332 1456165 -38332 1417833 0 0 1417833 47430 44110 38202 9228 0 9228 0 0 0 0 0 0 0 0 0 0 0 0 Student/Alumni Fundraising 611710 402115 402115 0 0 Service Revenue 611710 130514 130514 0 0 Events Registration 611710 87110 87110 0 0 660184 217795 0 442389 1279923 169825648 163174349 0 2921252 0 0 62183657 62183657 0 0 0 0 1200380 320400 844972 35008 0 0 0 0 51596307 43269872 7646968 679467 869598 717962 139868 11768 11185736 9269914 1743866 171956 3837798 3168583 617280 51935 0 0 0 0 335562 6268 329294 0 224030 0 224030 0 0 0 0 0 0 0 259931 0 259931 0 10584730 9223656 1360095 979 1273977 492115 748140 33722 3522216 3172254 334220 15742 2288962 627423 1661539 0 0 0 0 0 4438429 3835539 602890 0 1363347 1213329 118200 31818 0 0 0 0 686970 575268 90786 20916 4256595 4080981 175614 0 0 0 0 0 6832460 6444828 387632 0 650900 82049 568851 0 Maintenance and Repairs 2494870 2109650 385220 0 Non-Capitalized Equipment 372203 328396 42925 882 Memberships and Dues 398626 167764 197260 33602 Non-Capitalized Improvements 20040 18903 1137 0 901536 399650 501886 0 171778860 151708461 18982604 1087795 0 0 32019473 20943741 1956691 3631288 2212879 3756799 0 0 0 0 1727861 1047789 24143 29307 2660599 2984527 305594177 167685167 138845800 137909010 50790162 57602533 29376336 31614175 0 0 0 0 0 0 259613944 259519169 13177786 12417061 1514851 1212736 8748640 6436421 94500936 92204264 2637298 2471094 0 0 0 0 0 0 631290 1463888 121210801 116205464 X 94120361 96940753 44282782 46372952 138403143 143313705 259613944 259519169 X -1953212 6829650 0 0 0 34124 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 59527823 293947 6369805 3823050 57779 183021 62127725 71333272 506338 -8466937 3592346 50461 202043 59527823 56995119 392708 17918011 3736061 41162 195343 71333272 56682994 3007111 222904 2687799 35176 194915 56995119 52938044 3478912 2842872 2379255 29085 168494 56682994 0.37 0.63 0 0 0 0 4525765 4525765 0 231728281 112412985 119315296 0 0 0 0 0 65167385 55272182 9895203 0 4172746 0 4172746 137909010 0 0 Hedge Funds 13642770 F Investments Held in Trust 793958 F Real Estate Fund 6228729 F Long/Short Equity Investment 10948718 F 31614175 0 Deposits 1463888 1463888 X 176429491 6829650 0 0 34124 6863774 169565717 259931 0 259931 169825648 171518929 0 0 0 0 0 171518929 259931 0 259931 171778860 Schedule D, Part IV, Line 2b AGENCY FUNDS ARE HELD BY THE UNIVERSITY AS A CUSTODIAN OR FISCAL AGENT. FUNDS MAY BE HELD FOR STUDENT OR PARENT BASED ORGANIZATIONS AND ORIGINATE FROM THE COLLECTION OF ACTIVITY FEES, DUES OR FUNDRAISING EFFORTS. THE FUNDS ARE DEPOSITED WITH THE UNIVERSITY FOR SAFEKEEPING AND CAN BE SUBSEQUENTLY USED OR WITHDRAWN BY THE DEPOSITOR UPON THE SUBMISSION OF PROPER AUTHORIZATION AND DOCUMENTATION. EXPENDITURES FROM THE FUND PRIMARILY SUPPORT STUDENT CLUBS AND ACTIVITIES. EACH AGENCY FUND EXISTS AS A UNIQUE COST CENTER WITHIN THE UNIVERSITY'S FINANCIAL SYSTEM AND PROVIDES A METHOD FOR ACCOUNTING FOR AND ADMINISTERING THESE FUNDS. Schedule D, Part V, Line 4 THE UNIVERSITY RECEIVES DONATIONS THROUGH THE ADVANCEMENT OFFICE. IT IS THE RESPONSIBILITY OF THE ADVANCEMENT OFFICE TO CLARIFY, IN WRITING, ANY AMBIGUITY ON GIFTS TO ENSURE THAT THE DONOR'S INTENTIONS ARE ADHERED TO. ANY RESTRICTED DONATIONS ARE INDICATED AS SUCH BY THE ADVANCEMENT OFFICE AND REVIEWED BY THE CONTROLLER'S OFFICE TO ENSURE PROPER RECORDING AND THAT THE DONOR'S INTENTIONS ARE FULFILLED. APPROXIMATELY 46% OF THE UNIVERSITY'S ENDOWMENT FUND IS QUASI-ENDOWMENT FUNDS THAT HAVE BEEN ESTABLISHED THROUGH SOUND FISCAL MANAGEMENT OF THE UNIVERSITY WITH THE REMAINING FUNDS ESTABLISHED THROUGH DONOR RESTRICTED DONATIONS. THE MAJORITY OF THE PERMANENTLY RESTRICTED ENDOWMENT FUNDS ARE USED FOR SCHOLARSHIPS AND AWARDS FOR UNDERGRADUATE AND LAW STUDENTS. THE BOARD-APPROVED RATE OF 5% IS APPLIED TO A 13-QUARTER ROLLING AVERAGE MARKET VALUE TO DETERMINE EACH ENDOWMENT'S DISTRIBUTABLE EARNINGS AND THE ACTUAL SPENDING RATE FOR FISCAL YEAR 2023 WAS 6.52%. Schedule D, Part X, Line 2 THE UNIVERSITY IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "IRC"), AND IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES PURSUANT TO SECTION 501(A) OF THE IRC. THE UNIVERSITY IS ALSO GENERALLY EXEMPT FROM STATE INCOME TAXES. GIVEN THE LIMITED TAXABLE ACTIVITIES OF THE UNIVERSITY, MANAGEMENT CONCLUDED THAT SUCH DISCLOSURES RELATED TO TAX PROVISIONS ARE NOT NECESSARY. HE UNIVERSITY IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS. THE UNIVERSITY HAS DETERMINED THAT ITS TAX STATUS AND DECISIONS OVER WHICH ACTIVITIES ARE RELATED AND UNRELATED ARE ITS ONLY TAX POSITIONS AND THAT SUCH POSITIONS DO NOT RESULT IN UNCERTAINTY REQUIRING RECOGNITION. THE UNIVERSITY'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. NO EXAMINATIONS ARE CURRENTLY IN PROCESS. Schedule D, Part XI, Line 2d CHANGE IN SPLIT INTEREST AGREEMENTS +$34,124 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 WESTERN NEW ENGLAND UNIVERSITY'S NONDISCRIMINATION POLICY IS SPECIFICALLY STATED IN THEIR BY-LAWS AND IS INCLUDED IN ALL PRINTED MATERIALS. Schedule E, Part I, Line 6 GOVERNMENT FINANCIAL AID AND ASSISTANCE FROM GOVERNMENTAL AGENCIES CONSISTS OF US DEPARTMENT OF EDUCATION FINANCIAL AID, STATE OF MASSACHUSETTS FINANCIAL AID, AND FEDERAL AND STATE RESEARCH AND DEVELOPMENT FUNDS. Central America and the Caribbean 0 0 Program Services INDIVIDUAL FACULTY OR STAFF TRAVEL 2030 Europe (including Iceland and Greenland) 0 0 Program Services STUDY ABROAD 237103 North America (including Canada and Mexico, but not the United States) 0 0 Program Services INDIVIDUAL FACULTY OR STAFF TRAVEL 4709 South America 0 0 Program Services INDIVIDUAL FACULTY OR STAFF TRAVEL 3886 South Asia 0 0 Program Services INDIVIDUAL FACULTY OR STAFF TRAVEL 3640 Central America and the Caribbean 0 0 Investments 13642770 South Asia 0 0 Investments 1000000 0 0 14894138 0 0 0 1 1 0 Schedule F, Part I, Line 3 EXPENDITURES IN COLUMN F ARE BASED ON THE ACCRUAL METHOD OF ACCOUNTING. THE VALUE OF INVESTMENTS REPORTED IN COLUMN F IS REPORTED BASED ON THE FAIR MARKET VALUE AS OF JUNE 30, 2023 IN ACCORDANCE WITH US GAAP. Alumni Golf Tournament 34180 11930 22250 0 3114 8000 6135 0 104 Athletics Golf Tournament 46160 29735 16425 0 1974 7700 4700 0 90 1 11200 2445 8755 0 0 3460 2925 0 0 91540 44110 47430 0 5088 19160 13760 0 194 38202 9228 Schedule G, Part II, Line 1 IN PART II, COLUMN C, OTHER EVENTS RELATES TO ONE ADDITIONAL GOLF TOURNAMENT FUNDRAISING EVENT HELD TO BENEFIT THE VARSITY FOOTBALL PROGRAM. 1 SEOG FEDERAL FINANCIAL AID 116 326370 0 INSTITUTIONAL SCHOLARSHIPS 2788 61857287 0 Schedule I, Part I, Line 2 ALL GRANT FUNDS ARE MONITORED BY AT LEAST TWO DIFFERENT DEPARTMENTS WHICH CREATES CHECKS AND BALANCES TO ENSURE THAT THE FUNDS ARE TRACKED, REPORTED AND USED AS REQUIRED IN THE GRANT LANGUAGE. TITLE IV GRANT FUNDS ARE AWARDED BY THE FINANCIAL AID OFFICE AND APPLIED TO THE STUDENT'S ACCOUNT VIA FINANCIAL AID TRANSMITTAL. AS STUDENTS COMPLETE THEIR REQUIREMENTS FOR RECEIVING AID, WEEKLY TRANSMITTALS ARE RUN AND STUDENTS, WITH THE PROPER CODING ARE SELECTED TO RECEIVE AID. THE TRANSMITTAL GENERATES A LISTING OF EACH AWARD, BY TYPE WITH TOTALS, AND IS USED TO RECORD THE GRANT EXPENSE TO THE GENERAL LEDGER. FEDERAL AWARDS AND GRANTS ARE VERIFIED TO A RECEIVABLE IN THE GENERAL LEDGER THAT IS RECORDED FROM AN AUTHORIZATION LETTER AND TO THE AVAILABLE BALANCE IN THE G5 PAYMENT MANAGEMENT SYSTEM. IF THE AVAILABLE BALANCE IS SUFFICIENT, THE FUNDS ARE DRAWN DOWN THROUGH THE G5 PAYMENT MANAGEMENT SYSTEM INTO THE FEDERAL FUNDS CHECKING ACCOUNT. A BANK ACH REPORT IS GENERATED TO VERIFY THAT THE FUNDS ARE RECEIVED. THE GENERAL LEDGER ACCOUNTS ARE VERIFIED TO GRANTS BY TYPE ON THE FINANCIAL AID SYSTEM AND BILLING TRANSACTIONS ON THE BILLING FILE. THESE SYSTEMS ARE RECONCILED ON A MONTHLY BASIS. X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 DR ROBERT E JOHNSON PRESIDENT 540321 0 95000 0 35906 0 26600 0 2076 0 699903 0 0 0 DR ASAKO M TOYODA SENIOR VP FOR ACADEMIC AFFAIRS 295732 0 0 0 476 0 6087 0 15463 0 317758 0 0 0 BASIL A STEWART VP FOR FINANCE AND ADMINISTRATION 249324 0 0 0 255 0 5276 0 18888 0 273743 0 0 0 DR S HOSSEIN CHERAGHI DEAN, COLLEGE OF ENGINEERING 232989 0 0 0 1407 0 4824 0 16092 0 255312 0 0 0 BETH COHEN INTERIM DEAN, SCHOOL OF LAW 226742 0 0 0 8466 0 4036 0 15383 0 254627 0 0 0 DR SHARIANNE WALKER DEAN, COLLEGE OF BUSINESS 234219 0 0 0 731 0 4464 0 7728 0 247142 0 0 0 DR LINDA E JONES PROFESSOR OF MATERIALS SCI AND ENG 230437 0 0 0 731 0 4702 0 7399 0 243269 0 0 0 DR JOHN PEZZUOTO DEAN, COLLEGE OF PHARMACY AND HS 216513 0 0 0 1095 0 4565 0 15374 0 237547 0 0 0 CURT HAMAKAWA FORMER VP ACADEMIC AFFAIRS (KEY) 173812 0 0 0 731 0 3551 0 2017 0 180111 0 0 0 Schedule J, Part I, Line 1a THROUGH HIS EMPLOYMENT CONTRACT, THE PRESIDENT RECEIVES A HOUSING ALLOWANCE. THE PRESIDENT'S HOUSING ALLOWANCE IS INCLUDED IN HIS TAXABLE COMPENSATION. ALSO, THROUGH HIS EMPLOYMENT CONTRACT, THE PRESIDENT MAY RECEIVE MEMBERSHIPS TO APPROPRIATE ORGANIZATIONS FOR THE BENEFIT OF THE INSTITUTION. REIMBURSEMENT OR PAYMENT OF MEMBERSHIPS OR ANY OTHER ELIGIBLE EXPENSES ARE REIMBURSED OR PAID BY THE UNIVERSITY PURSUANT TO ITS NORMAL EXPENSE REIMBURSEMENT POLICIES AND PROCEDURES. IN ADDITION, THROUGH HIS EMPLOYMENT CONTRACT, THE PRESIDENT RECEIVES A VEHICLE ALLOWANCE. THE VALUE OF THE VEHICLE ALLOWANCE IS INCLUDED IN THE PRESIDENT'S W-2 WAGES. THE PRESIDENT IS ELIGIBLE TO PARTICIPANT IN ALL STANDARD UNIVERSITY BENEFIT PLANS AS WELL AS ANY OTHER SUPPLEMENTAL BENEFIT PLANS PURSUANT TO HIS CONTRACT. Schedule J, Part I, Line 7 PURSUANT TO HIS EMPLOYMENT CONTRACT, THE PRESIDENT IS ELIGIBLE TO RECEIVE AN ANNUAL INCENTIVE BONUS IN THE FORM OF A SUPPLEMENTAL COMPENSATION PAYMENT. THE TARGET BONUS AMOUNT, DETERMINED IN THE SOLE DISCRETION OF THE BOARD, IS EQUAL TO 25% OF THE PRESIDENT'S ANNUAL BASE SALARY. THE DETERMINATION OF WHETHER TO AWARD AN ANNUAL INCENTIVE BONUS SHALL BE INFORMED AND GUIDED, AT LEAST IN PART, BY THE PRESIDENT'S ANNUAL EVALUATION AS SPECIFIED IN HIS CONTRACT. PER THE PROVISIONS OF THE CONTRACT, THE PRESIDENT SHALL BE NOTIFIED AS SOON AS PRACTICABLE OF THE AMOUNT, IF ANY, OF THE INCENTIVE BONUS WHICH SHALL THEN BE PAID WITHIN 75 DAYS OF THE FISCAL YEAR END. A MDFA SERIES 2009 REISSUED 2012 043431814 000000000 2008-05-29 5000000 CONSTRUCTION-LAW SCHOOL ADDITION 0 0 0 B MDFA SERIES 2015 043431814 57584XHE5 2015-12-22 39201607 REFUND ISSUE 10/19/05 DINING HALL 0 0 0 C MDFA SERIES 2018 043431814 57584YHJI 2018-06-20 61551133 REFUND ISSUE 11/09/09, NEW DINING HALL 0 0 0 A 3366642 0 5000000 0 0 0 61819 0 0 4938181 0 0 2008 0 0 1 1 B 4450000 0 39201607 0 0 0 462177 0 0 8079556 30659874 0 2017 1 0 1 1 C 2830000 0 61551133 0 0 0 669480 0 0 18032220 42849433 0 2018 1 0 1 1 A 0 0 1 1 0 0 0 0 0 0 1 B 0 0 1 1 0 0 0 0 0 0 1 C 0 0 1 1 0 0 0 0 0 0 1 A 0 0 1 0 1 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 Schedule K, Part III, Line 3a-05/29/2008 5,000,000 MDFA SERIES 2009 REISSUED 2012 ANY MANAGEMENT OR SERVICE CONTRACTS THAT MAY RESULT IN PRIVATE BUSINESS USE OF BOND FINANCED PROPERTY FALL WITHIN THE INCIDENTAL USE EXCEPTION. Schedule K, Part III, Line 3a-12/22/2015 39,201,607 MDFA SERIES 2015 ANY MANAGEMENT OR SERVICE CONTRACTS THAT MAY RESULT IN PRIVATE BUSINESS USE OF BOND FINANCED PROPERTY FALL WITHIN THE INCIDENTAL USE EXCEPTION. Schedule K, Part III, Line 3a-06/20/2018 61,551,133 MDFA SERIES 2018 ANY MANAGEMENT OR SERVICE CONTRACTS THAT MAY RESULT IN PRIVATE BUSINESS USE OF BOND FINANCED PROPERTY FALL WITHIN THE INCIDENTAL USE EXCEPTION. Schedule K, Part IV, Line 2c-05/29/2008 5,000,000 MDFA SERIES 2009 REISSUED 2012 CALCULATION COMPLETED ON 10/30/2017 AND THE 6 MONTH SPENDING EXCEPTION APPLIES. Schedule K, Part IV, Line 2c-12/22/2015 39,201,607 MDFA SERIES 2015 INTERIM CALCULATION COMPLETED ON 12/22/2022, NOT DUE UNTIL 12/22/2025 Schedule K, Part IV, Line 2c-06/20/2018 61,551,133 MDFA SERIES 2018 FINAL CALCULATION COMPLETED ON 6/20/2023, NO REBATE DUE. NEXT CALCULATION DUE 6/20/2028. SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 5858304 FOOD SERVICE VENDOR 0 Schedule L, Part IV TRANSACTIONS INVOLVING INTERESTED PERSONS. NAME OF PERSON: SUBSTANTIAL CONTRIBUTOR. DESCRIPTION OF TRANSACTION: FOOD SERVICE VENDOR. X 1 75000 ESTIMATED FMV X 3 16915 AVERAGE MARKET VALUE 0 0 1 0 Schedule M, Part I, Line 6 THE AMOUNT INDICATED IN PART I, LINE 6, COLUMN B, REFLECTS THE NUMBER OF CONTRIBUTIONS RECEIVED. Schedule M, Part I, Line 9 THE AMOUNT INDICATED IN PART I, LINE 9, COLUMN B, REFLECTS THE NUMBER OF CONTRIBUTIONS RECEIVED. Form 990, Part III, Line 1 ALSO APPLIES TO FORM 990, PART I, LINE 1 WESTERN NEW ENGLAND UNIVERSITY, A COMPREHENSIVE PRIVATE INSTITUTION WITH A TRADITION OF EXCELLENCE IN TEACHING AND SCHOLARSHIP AND A COMMITMENT TO SERVICE, AWARDS UNDERGRADUATE, MASTER'S, AND DOCTORAL DEGREES IN VARIOUS DEPARTMENTS FROM AMONG OUR COLLEGES OF ARTS AND SCIENCES, BUSINESS, ENGINEERING, AND PHARMACY AND HEALTH SCIENCES, AND SCHOOL OF LAW. ONE OF ONLY A FEW U.S. COMPREHENSIVE INSTITUTIONS ENROLLING UNDER 5,000 STUDENTS RECOGNIZED WITH NATIONAL AND INTERNATIONAL ACCREDITATION AT THE HIGHEST LEVELS IN LAW, BUSINESS, ENGINEERING, AND SOCIAL WORK, WE SERVE STUDENTS PREDOMINANTLY FROM THE NORTHEASTERN U.S., BUT ENROLL STUDENTS FROM ACROSS THE COUNTRY AND AROUND THE WORLD. THE VAST MAJORITY OF UNDERGRADUATE STUDENTS RESIDE ON CAMPUS. OUR 215-ACRE CAMPUS IN SPRINGFIELD, MASSACHUSETTS, IS REMARKABLE FOR ITS BEAUTY, SECURITY, AND METICULOUS UPKEEP. OUR MISSION: THE HALLMARK OF THE WESTERN NEW ENGLAND UNIVERSITY EXPERIENCE IS AN UNWAVERING FOCUS ON AND ATTENTION TO EACH STUDENT'S ACADEMIC AND PERSONAL DEVELOPMENT, INCLUDING LEARNING OUTSIDE THE CLASSROOM. FACULTY, DEDICATED TO EXCELLENCE IN TEACHING AND RESEARCH, AND OFTEN NATIONALLY RECOGNIZED IN THEIR FIELDS, TEACH IN AN ENVIRONMENT OF WARMTH AND PERSONAL CONCERN WHERE SMALL CLASSES PREDOMINATE. ADMINISTRATIVE AND SUPPORT STAFF WORK COLLABORATIVELY WITH FACULTY IN ATTENDING TO STUDENT DEVELOPMENT SO THAT EACH STUDENT'S ACADEMIC AND PERSONAL POTENTIAL CAN BE REALIZED AND APPRECIATED. WESTERN NEW ENGLAND UNIVERSITY DEVELOPS LEADERS AND PROBLEM-SOLVERS FROM AMONG OUR STUDENTS, WHETHER IN ACADEMICS, INTERCOLLEGIATE ATHLETICS, EXTRACURRICULAR AND CO-CURRICULAR PROGRAMS, COLLABORATIVE RESEARCH PROJECTS WITH FACULTY, OR IN PARTNERSHIP WITH THE LOCAL COMMUNITY. AT WESTERN NEW ENGLAND UNIVERSITY, EXCELLENCE IN STUDENT LEARNING GOES HAND IN HAND WITH THE DEVELOPMENT OF PERSONAL VALUES SUCH AS INTEGRITY, ACCOUNTABILITY, AND CITIZENSHIP. STUDENTS ACQUIRE THE TOOLS TO SUPPORT LIFELONG LEARNING AND THE SKILLS TO SUCCEED IN THE GLOBAL WORKFORCE. EQUALLY IMPORTANT, ALL MEMBERS OF OUR COMMUNITY ARE COMMITTED TO GUIDING STUDENTS IN THEIR DEVELOPMENT TO BECOME INFORMED AND RESPONSIBLE LEADERS IN THEIR LOCAL AND GLOBAL COMMUNITIES BY PROMOTING A CAMPUS CULTURE OF RESPECT, TOLERANCE, ENVIRONMENTAL AWARENESS, AND SOCIAL RESPONSIBILITY. WE ARE POSITIONED WELL TO ACCOMPLISH THESE GOALS AS A TRULY COMPREHENSIVE INSTITUTION WHOSE FACULTY AND STAFF HAVE HISTORICALLY COLLABORATED IN OFFERING AN INTEGRATED PROGRAM OF LIBERAL AND PROFESSIONAL LEARNING IN THE DIVERSE FIELDS OF ARTS AND SCIENCES, BUSINESS, ENGINEERING, LAW, AND PHARMACY. OUR CORE VALUES: *EXCELLENCE IN TEACHING, RESEARCH, AND SCHOLARSHIP, UNDERSTANDING THAT OUR PRIMARY PURPOSE IS TO PROVIDE AN OUTSTANDING EDUCATION SUPPORTED BY FACULTY WITH THE HIGHEST ACADEMIC CREDENTIALS, AND WITH NATIONAL PROMINENCE IN THEIR FIELDS. *STUDENT-CENTERED LEARNING, PROVIDING AN INDIVIDUALIZED APPROACH TO EDUCATION WHICH INCLUDES A PROFOUND COMMITMENT TO SMALL CLASS SIZES, PERSONALIZED STUDENT-FACULTY RELATIONSHIPS, AND STUDENT ENGAGEMENT AND PERSONAL GROWTH BOTH WITHIN AND BEYOND THE CLASSROOM. *A SENSE OF COMMUNITY, TREATING EVERY INDIVIDUAL AS A VALUED MEMBER OF OUR COMMUNITY WITH A SHARED SENSE OF PURPOSE AND OWNERSHIP MADE POSSIBLE BY MUTUAL RESPECT AND SHARED GOVERNANCE. *CULTIVATION OF A PLURALISTIC SOCIETY, CELEBRATING THE DIVERSITY OF OUR COMMUNITY, LOCALLY AND GLOBALLY, AND CREATING A COMMUNITY THAT FOSTERS TOLERANCE, INTEGRITY, ACCOUNTABILITY, CITIZENSHIP, AND SOCIAL RESPONSIBILITY. *INNOVATIVE INTEGRATED LIBERAL AND PROFESSIONAL EDUCATION, CONSTITUTING THE FOUNDATION OF OUR UNDERGRADUATE AND GRADUATE CURRICULUM, PROVIDING GLOBAL EDUCATION, LEADERSHIP OPPORTUNITIES, AND CAREER PREPARATION. *COMMITMENT TO ACADEMIC, PROFESSIONAL, AND COMMUNITY SERVICE, PROMOTING OPPORTUNITIES FOR ALL CAMPUS COMMUNITY MEMBERS TO PROVIDE RESPONSIBLE SERVICE OF THE HIGHEST QUALITY TO OTHERS. *STEWARDSHIP OF OUR CAMPUS, CARING FOR THE SUSTAINABILITY AND AESTHETICS OF THE ENVIRONMENT BOTH WITHIN AND BEYOND THE CAMPUS. OUR VISION FOR APPROACHING OUR SECOND CENTURY: IN 2019 WESTERN NEW ENGLAND UNIVERSITY CELEBRATED ITS CENTENNIAL AS AN INSTITUTION OF HIGHER EDUCATION. OUR FOCUS WILL CONTINUE TO BE ON THE WHOLE STUDENT, BUT IN A TWENTY-FIRST CENTURY CONTEXT HIGHLIGHTING THE DEMANDS OF A DIVERSE AND GLOBAL SOCIETY, THE ACCELERATING PACE OF TECHNOLOGY, AND THE NECESSITY OF ATTENTION TO ENVIRONMENTAL SUSTAINABILITY. OUR NEXT DECADE WILL BE MARKED BY A CONTINUED DEDICATION TO EXCELLENCE, VISIONARY THINKING, FLEXIBILITY, AND ENTREPRENEURIAL SPIRIT. WE MUST CONTINUE TO DEVELOP AS A COMPREHENSIVE INSTITUTION OFFERING AN INTEGRATED PROGRAM OF LIBERAL AND PROFESSIONAL UNDERGRADUATE AND GRADUATE EDUCATION WHILE ESTABLISHING OURSELVES IN A POSITION OF REGIONAL LEADERSHIP AND NATIONAL RECOGNITION. Form 990, Part VI, Section B, Line 11b THE TRUSTEE AUDIT COMMITTEE REVIEWS THE FORM 990 BEFORE IT IS PASSED ON TO THE FULL BOARD REVIEW. THE AUDIT COMMITTEE'S REVIEW IS ACCOMPLISHED BY PROVIDING THE FORM AND ALL SCHEDULES AND ATTACHMENTS TO THE COMMITTEE THROUGH THE UNIVERSITY'S SECURE ONLINE WEBSITE. THE ENTIRE RETURN IS AVAILABLE THROUGH THE SECURE ONLINE WEBSITE AND THE COMMITTEE HAS THE OPPORTUNITY TO DISCUSS THE RETURN IN AN OPEN FORUM THAT IS VIEWED BY ALL. ONCE THE COMMITTEE REVIEWS THE RETURN TO ENSURE COMPLIANCE WITH FILING REQUIREMENTS, THE FULL BOARD IS GIVEN ACCESS TO THE SECURE ONLINE WEBSITE BEFORE THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE. Form 990, Part VI, Section B, Line 12c THE UNIVERSITY ASKS BOTH TRUSTEES AS WELL AS ADMINISTRATIVE EMPLOYEES TO COMPLETE A CONFLICT OF INTEREST STATEMENT EACH YEAR. THE TRUSTEES' STATEMENTS ARE REVIEWED BY THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION AND HIS/HER DESIGNEE. IF ANY ISSUES AND/OR CONCERNS ARE FOUND, THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION BRINGS THE MATTER FORWARD, AS APPROPRIATE, TO ENSURE THAT ALL PARTIES ARE AWARE OF ANY ISSUES. AT HIS/HER DISCRETION, THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION MAY DECIDE TO ENGAGE EXTERNAL LEGAL COUNSEL TO REVIEW THE CIRCUMSTANCES OF ANY REPORTED CONFLICT AND PROVIDE LEGAL ADVICE ON THE MATTER. ANY TRUSTEE WITH A CONFLICT ABSTAINS FROM ANY BOARD OR COMMITTEE VOTES AS DEEMED NECESSARY. EACH YEAR ALL ADMINISTRATIVE STAFF MUST REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN A CONFLICT OF INTEREST STATEMENT. THESE STATEMENTS ARE FORWARDED TO THE HUMAN RESOURCE DEPARTMENT FOR REVIEW. ANY POTENTIAL CONFLICTS ARE BROUGHT FORWARD AS APPROPRIATE. Form 990, Part VI, Section B, Line 15 15A. THE COMPENSATION REVIEW PROCESS FOR THE PRESIDENT IS CONDUCTED THROUGH A COMPENSATION SUB-COMMITTEE OF TRUSTEES COMPRISED OF THE CHAIRMAN, VICE CHAIRMAN, SECRETARY AND TWO OTHER MEMBERS. THE SUB-COMMITTEE MEETS DURING THE YEAR TO REVIEW THE PRESIDENT'S PERFORMANCE RELATIVE TO THE PRIOR YEAR'S GOALS AND TO ESTABLISH THE COMING YEAR'S GOALS. THE SUB-COMMITTEE PERIODICALLY ENGAGES A THIRD PARTY TO CONDUCT AN INDEPENDENT REVIEW OF THE PRESIDENT'S COMPENSATION. THE THIRD-PARTY MAY BE ASKED TO ADVISE THE SUB-COMMITTEE OF TRENDS AND ANY OTHER PERTINENT INFORMATION WITH RESPECT TO BENCH-MARKED PEER INSTITUTIONS. PEER INSTITUTIONS ARE DEFINED ACCORDING TO MEASURES UTILIZING INSTITUTIONAL ORGANIZATIONAL COMPLEXITY SUCH AS SIZE AND BREADTH OF PROGRAMMING. ADDITIONALLY, THE SUB-COMMITTEE RELIES ON INTERNAL DATA REGARDING COMPENSATION CHANGES BEING CONSIDERED FOR OTHER UNIVERSITY POSITIONS. THE COMPENSATION SUB-COMMITTEE OF THE BOARD OF TRUSTEES RECOMMENDS TO THE EXECUTIVE COMMITTEE THE PRESIDENT'S COMPENSATION PACKAGE. ALL DOCUMENTATION IS KEPT BY THE CHAIRMAN OF THE BOARD. IN ADDITION, THE PRESIDENT'S OFFICE RETAINS A COPY OF THE PRESIDENT'S SELF-EVALULATION. THE MINUTES OF THE COMPENSATION SUB-COMMITTEE AND EXECUTIVE COMMITTEE ARE KEPT ON FILE IN THE PRESIDENT'S OFFICE. THESE MINUTES, WITH MOTIONS FOR COMPENSATION PACKAGES, ARE MAILED TO ALL TRUSTEES. THE COMPENSATION PROCESS MEETS THE REBUTTABLE PRESUMPTION. THE COMMITTEE IS COMPRISED OF INDIVIDUALS WHO DO NOT HAVE A CONFLICT OF INTEREST REGARDING THE TRANSACTION, THE COMMITTEE RELIES ON APPROPRIATE INTERNAL AND EXTERNAL DATA AS TO BOTH COMPENSATION LEVEL AND COMPENSATION CHANGE PRIOR TO MAKING ITS DETERMINATION, AND THE COMMITTEE TIMELY AND ADEQUATELY DOCUMENTS THE DECISIONS REGARDING COMPENSATION. 15B. THE COMPENSATION FOR OFFICERS AND KEY EMPLOYEES IS MOST HEAVILY MEASURED AGAINST THE PERFORMANCE OF THE INDIVIDUALS AND CONTEMPORANEOUS PUBLISHED SALARY DATA FROM THE COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION'S (CUPA) SALARY LISTINGS FROM COMPARABLE INSTITUTIONS WITHIN THE SAME CARNEGIE CATEGORIES AS THE UNIVERSITY. THE PRESIDENT DETERMINES ANY INCREASES BASED ON PERFORMANCE AND COMPARABLE COMPENSATION DATA. HE REPORTS THE SALARY LEVELS OF THE KEY EMPLOYEES TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. COMPENSATION RECORDS ARE KEPT IN THE PRESIDENT'S OFFICE. Form 990, Part VI, Section C, Line 19 THE IRS FORM 990 IS AVAILABLE UPON REQUEST FROM THE UNIVERSITY. IT IS POSTED, ALONG WITH THE AUDITED FINANCIAL STATEMENTS, ON THE UNIVERSITY'S WEBSITE (https://wne.edu/finance-and-administration/controller/federal-tax-returns) AND THE WEBSITE OF THE MASSACHUSETTS ATTORNEY GENERAL'S OFFICE AT WWW.MASS.GOV. THE UNIVERSITY'S GOVERNING DOCUMENTS, ARTICLES OF INCORPORATION AND BY-LAWS MAY BE REQUESTED FROM THIS OFFICE AND ARE POSTED ON THE WEBSITE FOR THE MASSACHUSETTS SECRETARY OF STATE. THE CONFLICT OF INTEREST POLICY IS AVAILABLE ON THE UNIVERSITY'S WEBSITE. Form 990, Part XI, Line 9 CHANGE IN SPLIT INTEREST AGREEMENTS. Charitable Remainder Trusts (3) 1215 Wilbraham Road Springfield MA 01119 Charitable Trust MA TRUST N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0