2024-05-14T15:03:12-05:00 2023-06-30 135565207 KPMG LLP 60 SOUTH STREET TWO FINANCIAL CENTER BOSTON MA 02111 990 2022-07-01 041081650 BENTLEY UNIVERSITY BENT 7818912000 175 FOREST STREET WALTHAM MA 024524705 MAUREEN FORRESTER VP AND CFO/TREASURER 7818912000 2024-05-09 1 MAUREEN FORRESTER 999009999 1 SHYAMALEE JOSEPH P01085371 6179881000 2024-05-06 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z E LABRENT CHRITE 175 FOREST STREET WALTHAM MA 024524705 447089793 0 X WWW.BENTLEY.EDU X 1917 MA SEE SCHEDULE O 21 20 2730 250 584308 30202 19190000 10288000 319168000 327178000 12015044 9232056 1517000 1040175 351890044 347738231 104803498 105894107 0 0 136660997 139493670 102100 174370 5346437 82818514 88109389 324385109 333671536 27504935 14066695 744363755 753030083 218594755 203271083 525769000 549759000 X SEE SCHEDULE O 0 0 288725180 105894107 328218175 TUITION, FEES, AND AUXILIARYBENTLEY HAS BEEN EDUCATING BUSINESS-MINDED STUDENTS SINCE HARRY C. BENTLEY FIRST CONVENED 30 ACCOUNTING STUDENTS ON HUNTINGTON AVENUE IN BOSTON IN 1917. WE HAVE CONTINUOUSLY ADAPTED TO BECOME ONE OF THE TOP BUSINESS UNIVERSITIES IN THE U.S., COMBINING BUSINESS WITH ARTS AND SCIENCE TO PREPARE SUCCESSFUL LEADERS WHO MAKE BUSINESS A FORCE FOR POSITIVE CHANGE. FACULTY ACROSS ALL DEPARTMENTS ARE COMMITTED TO ESTABLISHING EFFECTIVE TEACHING AND LEARNING RELATIONSHIPS WITH STUDENTS BOTH INSIDE AND OUTSIDE THE CLASSROOM, WHILE SIMULTANEOUSLY PURSUING SCHOLARLY RESEARCH THAT CONTRIBUTES TO THEIR KNOWLEDGE AND THAT SUPPORTS THE UNIVERSITY'S TEACHING MISSION.SEE SCHEDULE O FOR CONTINUATIONTHE UNIVERSITY HAS MORE THAN 100 STUDENT ORGANIZATIONS THAT PROVIDE COUNTLESS OPPORTUNITIES FOR INVOLVEMENT, LEARNING AND LEADERSHIP. APPROXIMATELY 75% OF BENTLEY'S UNDERGRADUATE STUDENTS LIVE IN CAMPUS-PROVIDED HOUSING. RESIDENCE HALLS INCLUDE SINGLE, DOUBLE, TRIPLE, AND QUADRUPLE OCCUPANCY ROOMS AS WELL AS APARTMENTS AND SUITES. ALL OF THE RESIDENCE HALLS OFFER STUDENTS MODERN DAY AMENITIES. IN ADDITION, THE UNIVERSITY OFFERS RESIDENT STUDENTS SEVERAL DIFFERENT DINING OPTIONS FROM WHICH TO CHOOSE. 288725180 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 1 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 6215 0 1 2730 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 21 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA X X DONNA LANE 7818912652 175 FOREST STREET WALTHAM MA 024524705 E LABRENT CHRITE PRESIDENT/TRUSTEE 50.00 0.00 X X 840499 0 132653 J PAUL CONDRIN III CHAIR 8.00 0.00 X X 0 0 0 DAVID L GIUNTA VICE CHAIR 8.00 0.00 X X 0 0 0 ROBERT E ALAN TRUSTEE 2.00 0.00 X 0 0 0 THOMAS P ALBER TRUSTEE 2.00 0.00 X 0 0 0 KEVIN F ARMATA TRUSTEE 1.00 0.00 X 0 0 0 PAULINE CALLENDER HAN TRUSTEE 1.00 0.00 X 0 0 0 STEPHEN L DELVECCHIO TRUSTEE 2.00 0.00 X 0 0 0 JOYCE J ELAM TRUSTEE 2.00 0.00 X 0 0 0 DANIEL FARLEY TRUSTEE 2.00 0.00 X 0 0 0 MELANIE FOLEY TRUSTEE 2.00 0.00 X 0 0 0 STEVEN C MILLNER TRUSTEE 1.00 0.00 X 0 0 0 LEBONE C MOSES TRUSTEE 1.00 0.00 X 0 0 0 SUSAN G O'CONNELL TRUSTEE 2.00 0.00 X 0 0 0 MELANIE OTERO TRUSTEE 1.00 0.00 X 0 0 0 BILL PAPPAS TRUSTEE 2.00 0.00 X 0 0 0 GORDON E PULSIFER TRUSTEE 1.00 0.00 X 0 0 0 DEBORA L SPAR TRUSTEE 1.00 0.00 X 0 0 0 NIKOLAS STAVROPOULOS TRUSTEE 2.00 0.00 X 0 0 0 TIFFANY R WARREN TRUSTEE 1.00 0.00 X 0 0 0 BRIAN T ZINO TRUSTEE 2.00 0.00 X 0 0 0 MAUREEN FORRESTER VP, CFO/TREASURER 50.00 0.00 X 420269 0 51183 CAROLINA FIGUEROA VP, ENROLLMENT MANAGEMENT 50.00 0.00 X 345763 0 52150 J ANDREW SHEPARDSON VP, STUDENT AFFAIRS & DEAN 50.00 0.00 X 318400 0 51117 JUDITH MALONE VP/GENERAL COUNSEL & SECRETARY 50.00 0.00 X 311162 0 50060 RICK OCHES DEAN OF ARTS & SCIENCES; PROF 50.00 0.00 X 320397 0 37459 GEORGE CANGIANO VP, HUMAN RESOURCES 50.00 0.00 X 282746 0 49085 ELIZABETH HESS VP & CIO 50.00 0.00 X 292716 0 29332 CHRISTOPHER J JOYCE VP, MARKETING & COMM. 50.00 0.00 X 269735 0 34447 KATHERINE LAMPLEY VP, DIV/INCLUSION 50.00 0.00 X 214117 0 21660 PAUL TESLUK PROVOST/VP, ACA AFF (EFF 8/22) 50.00 0.00 X 189856 0 23627 SEAN FERGUSON VP, STRATEGY/INNOV. (EFF 9/22) 50.00 0.00 X 91893 0 16183 CHRIS GRUGAN VP, ADVANCEMENT (EFF 11/22) 50.00 0.00 X 89684 0 6018 M LYNNE MARKUS PROFESSOR 50.00 0.00 X 405640 0 37407 RANI HOITASH PROFESSOR 50.00 0.00 X 378019 0 51160 DONNA MARIA BLANCERO PROFESSOR; FORMER PROVOST 50.00 0.00 X 373792 0 50140 MICHAEL PAGE PROFESSOR 50.00 0.00 X 364047 0 37470 MARTIN CONYON PROFESSOR 50.00 0.00 X 347083 0 50122 NANCY ANTUNES FORMER INTERIM CFO 50.00 0.00 X 256513 0 47946 6112331 0 829219 334 1 1 0 SODEXO INC & AFFILIATES 860 WINTER STREET WALTHAM MA 02451 FOOD SERVICES 12427038 ELAINE CONSTRUCTION COMPANY INC 90 WELLS AVENUE NEWTON MA 02459 CONSTRUCTION 3230016 C&W FACILITY SERVICES INC 140 KENDRICK STREET NEEDHAM MA 02494 CUSTODIAL SERVICES 2153363 TITAN ROOFING INC 200 TAPLEY STREET SPRINGFIELD MA 01104 CONSTRUCTION 1812042 SPORTS TURF SPECIALTIES 20 KENNETH A MINER DRIVE WRENTHAM MA 02093 CONSTRUCTION 1494799 57 2298000 7990000 96857 10288000 TUITION, FEES, AND AUXILIARY 900099 327178000 326026604 552865 598531 327178000 6116618 29255 6087363 102467000 99351562 3115438 3115438 2188 3113250 OTHER SOURCES 900099 1040175 1040175 1040175 347738231 327066779 584308 9799144 260030 260030 93385452 93385452 12248625 12248625 3987237 638796 3294630 53811 256513 256513 106449747 87916958 15301375 3231414 8336748 6759524 1296365 280859 13218482 10717686 2055475 445321 7244943 5874277 1126589 244077 1778472 883593 894879 915775 915775 374700 374700 22960 22960 174370 174370 2788536 2788536 2819589 2656815 162774 3342607 3296611 31884 14112 7505254 6074941 1327145 103168 5339193 3671573 1546183 121437 16584736 15728170 856225 341 3214091 2752449 219276 242366 3272254 2045148 1111742 115364 3862105 3638018 224087 17593410 16572608 1020802 1075721 72971 1002750 PURCHASED SERVICES 11873782 8248242 3365176 260364 STUDY ABROAD 2111398 2111398 LEASING 1653817 1455581 183267 14969 1980989 1715714 220811 44464 333671536 288725180 39599919 5346437 99124261 104356461 2698734 3449044 2852434 3037835 2236058 3796014 602834000 309560000 293098000 293274000 149766268 183889729 194588000 161227000 744363755 753030083 31423179 24665393 8475475 7689623 170317512 162784186 8378589 8131881 218594755 203271083 X 376826000 399815000 148943000 149944000 525769000 549759000 744363755 753030083 X 14066695 10369305 -446000 X 0 1 X 1 1 1 X 7155000 12904000 15599000 19190000 10288000 65136000 7155000 12904000 15599000 19190000 10288000 65136000 1496447 63639553 3159395 2663036 2269481 3224378 6087363 17403653 29927 11273 24775 93144 26349 185468 4214000 1976000 703000 1517000 1040175 9450175 92175296 1509046404 0.69040 0.69660 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER SOURCES - 2018 AMOUNT: $ 4,214,000. 2019 AMOUNT: $ 1,976,000. 2020 AMOUNT: $ 703,000. 2021 AMOUNT: $ 1,517,000. 2022 AMOUNT: $ 1,040,175. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 22960 22960 0 PART II-B, LINE 1: BENTLEY UNIVERSITY PAYS MEMBERSHIP DUES TO VARIOUS EDUCATIONAL ASSOCIATIONS WHICH MAY ENGAGE IN LOBBYING ACTIVITIES ON BEHALF OF THEIR MEMBERS, AND THEREFORE THE DUES CREATE INDIRECT LOBBYING EXPENSES FOR THE UNIVERSITY. THE PORTION OF MEMBERSHIP FEES ALLOCABLE TO LOBBYING ACTIVITIES WAS $22,960 FOR THE YEAR ENDED JUNE 30, 2023. 221605 X 0 333061704 2039597 13234699 3851336 10584664 333900000 359232653 3588000 -16638949 3462448 9657552 333061704 263227202 3518401 104823556 3153191 9183315 359232653 276502744 1773698 -3071238 3026244 8951758 263227202 279725063 1414000 7250000 3145001 8741318 276502744 0.58765 0.18609 0.22626 0 0 31871000 31871000 509033000 255030000 254003000 55538000 54530000 1008000 6392000 6392000 293274000 HEDGE FUNDS 58310000 F PRIVATE EQ/VENTURE CAP 86018000 F COMMODITIES 10362000 F LIFE INSURANCE 6537000 F 161227000 POST RETIREMENT BENEFITS 6549302 ANNUITY OBLIGATION 1582579 8131881 X 354873000 10369305 -446000 9923305 344949695 2788536 2788536 347738231 330883000 0 330883000 2788536 2788536 333671536 PART III, LINE 4: COLLECTIONS OF ART THE UNIVERSITY OWNS A MODERN COLLECTION OF ABOUT 35 PAINTINGS AND SCULPTURES THAT APPEAR IN PUBLIC COMMON AREAS THROUGHOUT THE CAMPUS, IN CONFERENCE ROOMS, AND IN THE PRESIDENT'S HOUSE. THE COLLECTION SEEKS TO ENRICH CAMPUS CULTURAL LIFE IN GENERAL, INCREASE THE EDUCATIONAL SCOPE AND OPPORTUNITY FOR APPRECIATION OF THE ARTS BY UNIVERSITY STUDENTS, AND CONTRIBUTE TO THE CULTURAL ENRICHMENT OF THE SURROUNDING COMMUNITY. PART V, LINE 4: ENDOWMENT FUNDS THE UNIVERSITY'S ENDOWMENT PROVIDES FOR SCHOLARSHIPS TO STUDENTS, SUPPORT FOR ACADEMIC PROGRAMS, AND SUPPORT FOR PROGRAM ACTIVITIES. IN ADDITION, QUASI ENDOWMENT REPRESENTS 59% OF ENDOWMENT. THIS AMOUNT IS INVESTED AND THE EARNINGS ARE USED TO SUPPORT UNIVERSITY OPERATIONS. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE THE UNIVERSITY IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE, AS AMENDED. ACCORDINGLY, IT IS GENERALLY NOT SUBJECT TO INCOME TAXES EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. THE UNIVERSITY BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2023 OR 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: OTHER NONOPERATING ACTIVITIES -446,000. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NONDISCRIMINATORY POLICY BENTLEY UNIVERSITY DOES NOT DISCRIMINATE IN ADMISSION OR ACCESS TO, OR TREATMENT OR EMPLOYMENT IN ANY OF ITS EDUCATIONAL PROGRAMS OR ACTIVITIES, INCLUDING SCHOLARSHIPS, LOANS, AND ATHLETICS, ON THE BASIS OF RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY AND/OR EXPRESSION, MARITAL STATUS, AGE, NATIONAL ORIGIN, CITIZENSHIP STATUS, DISABILITY, GENETIC INFORMATION, MILITARY OR VETERAN STATUS. BENTLEY UNIVERSITY MAINTAINS AND SUPPORTS AFFIRMATIVE ACTION PLANS FOR ITS WORKPLACE IN COMPLIANCE WITH FEDERAL LAW. EQUAL OPPORTUNITY EXTENDS TO ALL ASPECTS OF THE EMPLOYMENT RELATIONSHIP, INCLUDING HIRING, PROMOTIONS, TRAINING, WORKING CONDITIONS, COMPENSATION, AND BENEFITS. BENTLEY UNIVERSITY'S POLICIES AND PRACTICES REFLECT THE UNIVERSITY'S COMMITMENT TO NONDISCRIMINATION IN ALL AREAS OF EMPLOYMENT. SCHEDULE E, PART I, LINE 6 FINANCIAL AID AND GOVERNMENTAL ASSISTANCE THE UNIVERSITY PARTICIPATES IN THE TITLE IV PROGRAM FOR CAMPUS WORK STUDY, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, DIRECT LENDING, AND PELL GRANTS. THE UNIVERSITY PROVIDES FINANCIAL AID FUNDS TO THE STUDENTS BASED ON GENERALLY ACCEPTED UNIFORM NON-DISCRIMINATORY METHODOLOGY. LINE 3 - EXPLANATION OF NONDISCRIMINATORY POLICY, CONTINUED: THE UNIVERSITY COMPLIES WITH TITLE VI OF THE CIVIL RIGHTS ACT, TITLE IX OF THE EDUCATION AMENDMENTS ACT, SECTION 504 OF THE REHABILITATION ACT AND REVENUE PROCEDURE 75-50 PROHIBITING SUCH DISCRIMINATION. ANYONE BELIEVING THAT HE OR SHE HAS EXPERIENCED ADVERSE TREATMENT MAY REGISTER A COMPLAINT WITH THE VICE PRESIDENT, HUMAN RESOURCES AT GCANGIANO@BENTLEY.EDU. THE UNIVERSITY PUBLISHES ITS NONDISCRIMINATION POLICY ON ITS WEBSITE AND IN THE STUDENT HANDBOOK. 1 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 387677 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 1466033 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD 50 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD 191436 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD 66202 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 1069288 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 2666800 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 3639562 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 417475 NORTH AMERICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 1214707 RUSSIA AND THE NEWLY INDEPENDENT STATES 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 756671 SOUTH AMERICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 1038039 SOUTH ASIA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 1015261 SUB-SAHARAN AFRICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 415721 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 113774667 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 INVESTMENTS 3694421 0 0 0 0 0 0 9487048 122326962 131814010 EUROPE (INCLUDING ICELAND AND GREENLAND) RESEARCH 15100 WIRE 0 1 SCHOLARSHIP ASSISTANCE CENTRAL AMERICA AND THE CARIBBEAN 43 1069288 ACCT CREDIT SCHOLARSHIP ASSISTANCE EAST ASIA AND THE PACIFIC 180 2666800 ACCT CREDIT SCHOLARSHIP ASSISTANCE EUROPE (INCLUDING ICELAND & GREENLAND) 147 3639562 ACCT CREDIT SCHOLARSHIP ASSISTANCE MIDDLE EAST AND NORTH AFRICA 27 417475 ACCT CREDIT SCHOLARSHIP ASSISTANCE NORTH AMERICA 34 1214707 ACCT CREDIT SCHOLARSHIP ASSISTANCE RUSSIA AND NEIGHBORING STATES 30 756671 ACCT CREDIT SCHOLARSHIP ASSISTANCE SOUTH AMERICA 65 1038039 ACCT CREDIT SCHOLARSHIP ASSISTANCE SOUTH ASIA 102 1015261 ACCT CREDIT SCHOLARSHIP ASSISTANCE SUB-SAHARAN AFRICA 28 415721 ACCT CREDIT 1 0 1 1 1 1 PART I, LINE 2: MONITORING THE USE OF GRANT FUNDS OUTSIDE THE U.S. THE UNIVERSITY PROVIDES SCHOLARSHIP ASSISTANCE TO QUALIFIED STUDENTS. MANY SCHOLARSHIPS ARE BASED ON CRITERIA SUCH AS ACADEMIC STRENGTH, ATHLETIC ABILITY, AND LEADERSHIP OR COMMUNITY SERVICE. NON-NEED-BASED SCHOLARSHIP FUNDING IS AWARDED THROUGH THE ADMISSIONS PROCESS AND USUALLY HAS A GRADE POINT AVERAGE (GPA) OR OTHER REQUIREMENT FOR RENEWAL IN SUBSEQUENT YEARS. TYPES OF MERIT SCHOLARSHIPS INCLUDE AWARDS RANGING FROM $10,000 TO $40,000 AND A LIMITED NUMBER OF FULL TUITION AWARDS. ALL SCHOLARSHIP AMOUNTS ARE AUTOMATICALLY CREDITED TO THE INDIVIDUAL'S STUDENT ACCOUNT. PART I, LINE 3: BASIS OF ACCOUNTING THE BASIS OF ACCOUNTING ON THE FINANCIAL STATEMENTS IS ACCRUAL. PART III ACCOUNTING METHOD: X X 1 EAB GLOBAL 2445 M STREET NW WASHINGTON DC 20037 CONSULTS ON DIRECT MAIL PROGRAM 0 273068 174370 98698 273068 174370 98698 AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY SCHEDULE G, PART I, 2B, COLUMN III EAB GLOBAL SOLICITS DONATIONS ON BEHALF OF BENTLEY UNIVERSITY THROUGH DIRECT MAIL AND DIRECT EMAILING CAMPAIGNS. EAB DOES NOT HAVE CUSTODY OR CONTROL OVER ANY CONTRIBUTIONS RAISED ON BEHALF OF THE UNIVERSITY. SCHEDULE G, PART I, LINE 2B, COLUMN V THE AMOUNT PAID TO EAB GLOBAL REFLECTS THE COST FOR PROFESSIONAL FUNDRAISING, PRODUCTION OF PRINTED MATERIALS, AS WELL AS THE COMPREHENSIVE CREATIVE DEVELOPMENT OF MULTI-CHANNEL COMMUNICATIONS FOR DIRECT SOLICITATION CAMPAIGN. 1 MA CONFERENCE FOR WOMEN PO BOX 55071 BOSTON MA 02205 202699177 501(C)(3) 22000 0 SPONSORSHIP CARLETON COLLEGE ONE NORTH COLLEGE STREET NORTHFIELD MN 55057 410694747 501(C)(3) 82714 0 RESEARCH OREGON STATE UNIVERSITY 4238 SW RESEARCH WAY CORVALLIS OR 97333 936022772 501(C)(3) 64357 0 RESEARCH LOUISIANA UNIVERSITIES MARINE CONSORTIUM 8124 HIGHWAY 56 CHAUVIN LA 70344 364841195 501(C)(3) 52525 0 RESEARCH FLORIDA INTERNATIONAL UNIVERSITY 3000 NE 151ST AC1 NORTH MIAMI FL 33181 650177616 501(C)(3) 38434 0 RESEARCH 5 0 SCHOLARSHIP ASSISTANCE 3764 93385452 PART I, LINE 2: MONITORING THE USE OF GRANT FUNDS IN THE U.S. THE UNIVERSITY PROVIDED FINANCIAL SUPPORT TO THE MASSACHUSETTS CONFERENCE FOR WOMEN. THIS ENTITY PROVIDES OPPORTUNITIES FOR BUSINESS NETWORKING, PROFESSIONAL DEVELOPMENT,EDUCATION, AND PERSONAL GROWTH FOR WOMEN. THE UNIVERSITY OCCASIONALLY MAKES PAYMENTS TO INSTITIUTIONS AS SUBAWARDEES OF ITS RESEARCH GRANT PROGRAMS. WHEN APPROVING INVOICE PAYMENTS CHARGED TO RESEARCH GRANTS, THE VALIDITY OF THE EXPENSES ARE VERIFIED BY THE PRINCIPAL INVESTIGATOR, WHILE COMPLIANCE AND ALLOWABILITY OF CHARGES ARE MONITORED BY THE OFFICE OF SPONSORED PROGRAMS. PART III, LINE 1 THE UNIVERSITY PROVIDES SCHOLARSHIP ASSISTANCE TO QUALIFIED STUDENTS. MANY SCHOLARSHIPS ARE BASED ON CRITERIA SUCH AS ACADEMIC STRENGTH, ATHLETIC ABILITY, AND LEADERSHIP OR COMMUNITY SERVICE. NON-NEED-BASED SCHOLARSHIP FUNDING IS AWARDED THROUGH THE ADMISSIONS PROCESS AND USUALLY HAS A GRADE POINT AVERAGE (GPA) OR OTHER REQUIREMENT FOR RENEWAL IN SUBSEQUENT YEARS. TYPES OF MERIT SCHOLARSHIPS INCLUDE AWARDS RANGING FROM $10,000 TO $40,000 AND A LIMITED NUMBER OF FULL TUITION AWARDS. THE UNIVERSITY ALSO OFFERS NEED-BASED AID GRANT FUNDS THAT ARE AWARDED BASED ON FINANCIAL NEED AND DO NOT HAVE TO BE REPAID. THE OFFICE OF FINANCIAL ASSISTANCE DETERMINES THE TOTAL AMOUNT OF A STUDENT'S NEED-BASED GRANT FUNDING ACCORDING TO FEDERAL AND INSTITUTIONAL FORMULAS. TYPES OF NEED BASED GRANTS INCLUDE BENTLEY SCHOLARSHIPS, AS WELL AS FEDERAL AND STATE SOURCES. ALL SCHOLARSHIP AND NEED-BASED AID GRANT AMOUNTS ARE AUTOMATICALLY CREDITED TO THE INDIVIDUAL'S STUDENT ACCOUNT. X X X X 1 1 X X X X X X 0 1 0 0 0 0 0 1 0 E LABRENT CHRITE PRESIDENT/TRUSTEE 728648 0 100000 0 11851 0 60500 0 72153 0 973152 0 0 0 MAUREEN FORRESTER VP, CFO/TREASURER 412283 0 0 0 7986 0 30500 0 20683 0 471452 0 0 0 M LYNNE MARKUS PROFESSOR 401482 0 0 0 4158 0 30500 0 6907 0 443047 0 0 0 RANI HOITASH PROFESSOR 373354 0 0 0 4665 0 30500 0 20660 0 429179 0 0 0 DONNA MARIA BLANCERO PROFESSOR; FORMER PROVOST 367320 0 0 0 6472 0 30500 0 19640 0 423932 0 0 0 MICHAEL PAGE PROFESSOR 356291 0 0 0 7756 0 30500 0 6970 0 401517 0 0 0 CAROLINA FIGUEROA VP, ENROLLMENT MANAGEMENT 323456 0 20000 0 2307 0 30500 0 21650 0 397913 0 0 0 MARTIN CONYON PROFESSOR 334926 0 0 0 12157 0 30500 0 19622 0 397205 0 0 0 J ANDREW SHEPARDSON VP, STUDENT AFFAIRS & DEAN 305943 0 0 0 12457 0 30500 0 20617 0 369517 0 0 0 JUDITH MALONE VP/GENERAL COUNSEL & SECRETARY 307380 0 0 0 3782 0 30500 0 19560 0 361222 0 0 0 RICK OCHES DEAN OF ARTS & SCIENCES; PROF 317178 0 0 0 3219 0 30500 0 6959 0 357856 0 0 0 GEORGE CANGIANO VP, HUMAN RESOURCES 280703 0 0 0 2043 0 28479 0 20606 0 331831 0 0 0 ELIZABETH HESS VP & CIO 289241 0 0 0 3475 0 29227 0 105 0 322048 0 0 0 NANCY ANTUNES FORMER INTERIM CFO 253861 0 0 0 2652 0 26344 0 21602 0 304459 0 0 0 CHRISTOPHER J JOYCE VP, MARKETING & COMM. 268235 0 0 0 1500 0 27006 0 7441 0 304182 0 0 0 KATHERINE LAMPLEY VP, DIV/INCLUSION 213416 0 0 0 701 0 21582 0 78 0 235777 0 0 0 PAUL TESLUK PROVOST/VP, ACA AFF (EFF 8/22) 189083 0 0 0 773 0 15231 0 8396 0 213483 0 0 0 PART I, LINE 1A FOR THE CONVENIENCE OF THE UNIVERSITY, THE UNIVERSITY PROVIDES ON CAMPUS HOUSING FOR ITS PRESIDENT. ESTIMATED RENTAL CHARGES FOR CALENDAR YEAR 2022, (01/01/2022-12/31/2022) ARE $50,443. THIS COST IS ALLOCATED TO THE PRESIDENT AS A NON TAXABLE BENEFIT IN COLUMN D. IN ADDITION, ESTIMATED PERSONAL COSTS RELATED TO HOUSE SERVICES ARE INCLUDED IN THE PRESIDENT'S TAXABLE INCOME. FROM TIME TO TIME, THE UNIVERSITY MAY PROVIDE CAR SERVICES TO THE PRESIDENT TO BE USED FOR BUSINESS PURPOSES. THE AMOUNT PAID FOR COMMERCIAL CAR SERVICES IS NOT INCLUDED IN THE PRESIDENT'S TAXABLE WAGES AS THE CAR SERVICE WAS USED ONLY TO CONDUCT UNIVERSITY BUSINESS. THE UNIVERSITY WILL OCCASIONALLY APPROVE FIRST CLASS TRAVEL FOR TRUSTEES OR OFFICERS WHEN THE TRAVEL IS WITHIN THE GUIDELINES OF THE UNIVERSITY'S TRAVEL POLICY. THE PRESIDENT'S SPOUSE TRAVELS OCCASIONALLY WITH THE PRESIDENT WHEN NECESSARY FOR BUSINESS PURPOSES. TRAVEL FOR BUSINESS PURPOSES IS NOT INCLUDED AS TAXABLE INCOME. PART I, LINE 4B EFFECTIVE JULY 1ST, 2022, THE UNIVERSITY ESTABLISHED A 457(F) DEFERRED COMPENSATION PLAN FOR E. LABRENT CHRITE. THE FIRST CONTRIBUTION MADE DURING CY 2022 WAS $30,000. PART I, LINE 7 NON-FIXED PAYMENTS BONUSES THAT MAY BE AWARDED TO THE PRESIDENT ARE RECOMMENDED TO THE FULL BOARD BY THE COMPENSATION AND BENEFITS COMMITTEE BASED ON THEIR ASSESSMENT OF THE PRESIDENT'S PERFORMANCE AND THAT OF BENTLEY UNIVERSITY AGAINST APPROPRIATE GOALS ESTABLISHED ANNUALLY BY THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE, IN ITS SOLE DISCRETION, MAY DETERMINE NOT TO AWARD A BONUS FOR ANY GIVEN YEAR. BONUSES THAT MAY BE AWARDED TO VICE PRESIDENTS BASED ON RECOMMENDATIONS MADE BY THE PRESIDENT AND ARE APPROVED BY THE COMPENSATION AND BENEFITS COMMITTEE WITH THE RATIONALE BASED UPON THE PRESIDENT'S ASSESSMENT OF THE INDIVIDUAL'S PERFORMANCE. BONUS PAYMENTS THAT MAY BE AWARDED TO OTHER EMPLOYEES ARE BASED ON RECOMMENDATIONS MADE BY MANAGEMENT AND APPROVED BY THEIR RESPECTIVE VICE PRESIDENT. A MDFA SERIES 2016 043431814 57584XKJ9 2016-03-08 40434302 RENOVATE JENNISON & RES HALLS 0 0 0 B MDFA SERIES 2017 043431814 57584X5U1 2017-12-21 22901422 REFUNDING MDFA SERIES 2010 0 0 0 C MDFA SERIES 2021A 043431814 57584YS34 2021-09-01 92193468 REFUND MDFA SER. 2013A & 2013B 0 0 0 A 40434302 354219 40080083 2016 0 0 1 1 B 3470000 22901422 285368 22616054 2018 1 0 1 1 C 92193468 406706 91786762 2021 1 0 1 1 A 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 C 0 1 1 1 0 0.01570 0.00000 0.01570 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 PART IV, LINE 2 COLUMN A - MDFA SERIES 2016 THE FINAL REBATE CALCULATION FOR THE MDFA SERIES 2016 BOND ISSUE WAS PERFORMED ON SEPTEMBER 14, 2020. COLUMN B - MDFA SERIES 2017 THE FINAL REBATE CALCULATION FOR THE MDFA SERIES 2017 BOND ISSUE WAS PERFORMED ON OCTOBER 7, 2020. COLUMN C - MDFA SERIES 2021A THE FIRST REBATE CALCULATION FOR THE MDFA SERIES 2021A BOND ISSUE IS DUE SEPTEMBER 30, 2026. X 11 96857 FMV 0 1 0 PART I, COLUMN (B): NONCASH CONTRIBUTIONS AMOUNTS IN COLUMN B REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART I, LINE 1 ORGANIZATION'S MISSION BENTLEY UNIVERSITY CHANGES THE WORLD WITH A TRANSFORMATIVE BUSINESS EDUCATION, INTEGRATED WITH ARTS AND SCIENCES, THAT INSPIRES AND PREPARES ETHICAL LEADERS WHO WILL CONFRONT THE CHALLENGES OF TODAY AND SHAPE THE OPPORTUNITIES OF TOMORROW. FORM 990, PART III, LINE 1 ORGANIZATION'S MISSION BENTLEY UNIVERSITY IS MORE THAN JUST ONE OF THE NATION'S TOP BUSINESS SCHOOLS. IT IS A LIFELONG-LEARNING COMMUNITY THAT CREATES SUCCESSFUL LEADERS WHO MAKE BUSINESS A FORCE FOR POSITIVE CHANGE. WITH A COMBINATION OF BUSINESS AND THE ARTS AND SCIENCES AND A FLEXIBLE, PERSONALIZED APPROACH TO EDUCATION, BENTLEY PROVIDES STUDENTS WITH CRITICAL THINKING AND PRACTICAL SKILLS THAT PREPARE THEM TO LEAD SUCCESSFUL, REWARDING CAREERS. FOUNDED IN 1917, THE UNIVERSITY ENROLLS 4,000 UNDERGRADUATE AND 1,000 GRADUATE AND PHD STUDENTS AND IS SET ON 163 ACRES IN WALTHAM, MASSACHUSETTS, 10 MILES WEST OF BOSTON. BENTLEY UNIVERSITY ENJOYS A STRONG POSITION IN MANY MAJOR RANKINGS AND LISTS INCLUDING PRINCETON REVIEW, WHICH RANKS BENTLEY NO. 1 IN THE NATION FOR CAREER SERVICES; THE NEW YORK TIMES, WHICH RANKS BENTLEY #4 IN THE NATION FOR EARNINGS 10 YEARS AFTER GRADUATION; AND U.S. NEWS & WORLD REPORT, WHICH RANKS BENTLEY THE NO. 1 REGIONAL UNIVERSITY IN THE NORTH. FOR MORE THAN A DECADE, 97 TO 99 PERCENT OF OUR GRADUATES HAVE BEEN EMPLOYED OR ENROLLED IN GRADUATE SCHOOL WITHIN SIX MONTHS OF GRADUATION. UNDERGRADUATE AND GRADUATE BUSINESS PROGRAMS AT BENTLEY UNIVERSITY ARE ACCREDITED BY THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS (AACSB INTERNATIONAL). THE UNIVERSITY IS ALSO ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION (NECHE). THESE ACCREDITATIONS INDICATE THAT BENTLEY UNIVERSITY MEETS OR EXCEEDS ESTABLISHED STANDARDS AS DETERMINED BY PERIODIC AACSB PEER GROUP REVIEWS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS A FULL AND COMPLETE COPY OF THE FORM 990 AND ALL ITS ACCOMPANYING SCHEDULES WAS SENT ELECTRONICALLY TO THE UNIVERSITY'S TRUSTEE AUDIT COMMITTEE IN APRIL FOR ITS REVIEW. UPON COMPLETION OF THAT REVIEW IN EARLY MAY, THE COMPLETE FORM 990 WAS MADE AVAILABLE TO THE FULL BOARD PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MEMBERS OF THE UNIVERSITY'S BOARD OF TRUSTEES AND SENIOR MANAGEMENT MAY, FROM TIME TO TIME, BE ASSOCIATED, EITHER DIRECTLY OR INDIRECTLY, WITH COMPANIES DOING BUSINESS WITH THE UNIVERSITY. THE UNIVERSITY HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT REQUIRES, AMONG OTHER THINGS, THAT NO MEMBER OF THE BOARD OF TRUSTEES MAY PARTICIPATE IN ANY DECISION IN WHICH HE OR SHE HAS A MATERIAL FINANCIAL INTEREST. EACH TRUSTEE IS REQUIRED TO CERTIFY COMPLIANCE WITH THE CONFLICT-OF-INTEREST POLICY ON AN ANNUAL BASIS AS WELL AS DISCLOSE ANY POTENTIAL RELATED-PARTY TRANSACTIONS TO THE AUDIT COMMITTEE. WHEN SUCH A RELATIONSHIP EXISTS, THE UNIVERSITY REQUIRES THAT SUCH TRANSACTIONS BE CONDUCTED AT ARM'S LENGTH, WITH TERMS THAT ARE FAIR AND REASONABLE TO THE UNIVERSITY. FOR SENIOR MANAGEMENT, THE UNIVERSITY REQUIRES ANNUAL DISCLOSURE OF SIGNIFICANT FINANCIAL INTERESTS IN, OR GOVERNANCE OF EMPLOYMENT OR CONSULTING RELATIONSHIPS WITH, ENTITIES DOING BUSINESS WITH THE UNIVERSITY. WHEN SUCH RELATIONSHIPS EXIST, MEASURES ARE TAKEN TO APPROPRIATELY MANAGE THE ACTUAL OR PERCEIVED CONFLICT IN THE BEST INTEREST OF THE UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION POLICY COMPENSATION ARRANGEMENTS FOR THE PRESIDENT AND ALL OFFICERS ARE REVIEWED AND APPROVED, IN ADVANCE OF ANY PAYMENT, BY THE COMPENSATION AND BENEFITS COMMITTEE OF THE BOARD OF TRUSTEES, WHICH IS INDEPENDENT OF MANAGEMENT AND FREE OF ANY CONFLICTS OF INTEREST THAT WOULD INTERFERE WITH THEIR EXERCISE OF INDEPENDENT JUDGMENT. THE COMPENSATION AND BENEFITS COMMITTEE REVIEWS OTHER NON-PROFIT ORGANIZATIONS' FORMS 990 AND GENERAL SALARY SURVEYS AND SALARIES AND THEN SUBMITS ITS RECOMMENDATIONS FOR APPROVAL BY THE FULL BOARD. IN ADDITION, THE UNIVERSITY PERIODICALLY ENGAGES AN INDEPENDENT PARTY THAT REVIEWS SALARY INFORMATION AND REPORTS RESULTS TO THE COMPENSATION AND BENEFITS COMMITTEE OF THE BOARD OF TRUSTEES. DETAIL OF ALL DISCUSSIONS OF THE TRUSTEE COMPENSATION AND BENEFITS COMMITTEE IS CONTEMPORANEOUSLY DOCUMENTED. THE PROCESS FOR DETERMINING THE COMPENSATION OF THE UNIVERSITY'S PRESIDENT AND ALL OFFICERS IS REASONABLE AND SATISFIES THE REBUTTABLE PRESUMPTION OF TREASURY REGULATION SECTION 53.4958-6. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC DISCLOSURE THE UNIVERSITY'S PRINCIPAL GOVERNING DOCUMENTS, INCLUDING THE ARTICLES OF INCORPORATION AND BY-LAWS, ARE FILED WITH THE MASSACHUSETTS SECRETARY OF STATE AND THEREFORE AVAILABLE TO THE PUBLIC. THE UNIVERSITY'S FINANCIAL STATEMENTS ARE POSTED ON THE UNIVERSITY'S WEBSITE FOR PUBLIC VIEWING. REGARDING CONFLICT OF INTEREST, THE INDIVIDUAL FORMS SIGNED BY TRUSTEES AND OFFICERS ARE NOT AVAILABLE FOR PUBLIC INSPECTION, BUT THE UNIVERSITY'S FINANCIAL STATEMENTS DO INCLUDE A FOOTNOTE DISCUSSING RELATED-PARTY TRANSACTIONS. THE CONFLICT-OF-INTEREST POLICY IS ALSO AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: OTHER NONOPERATING CHANGES -446,000. CHARITABLE REMAINDER ANNUITY TRUST (1) 175 FOREST STREET WALTHAM MA 02452 CRAT MA BENTLEY T 1 CHARITABLE REMAINDER ANNUITY TRUST (4) 175 FOREST STREET WALTHAM MA 02452 CRUT MA BENTLEY T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 CHARITABLE REMAINDER ANNUITY TRUST S 485888 FMV