NEW ENGLAND INSTITUTE OF TECHNOLOGY: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- NEW ENGLAND INSTITUTE OF TECHNOLOGY (EIN 05-0312747)
- Tax period
- 2022-07-01 to 2023-06-30
- Filed
- 2024-05-13
- IRS object ID
- 202441349349303689
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule D
- Schedule E
- Schedule G
- Schedule I
- Schedule J
- Schedule K
- Schedule O
- Schedule R
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-05-13T12:40:23-05:00 | ReturnTs |
| Tax Period End | 2023-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 571139864 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DISANTO PRIEST & CO | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 117 METRO CENTER BOULEVARD 3000 | AddressLine1Txt |
| City | WARWICK | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02886 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-07-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 050312747 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NEW ENGLAND INSTITUTE OF TECHNOLOGY | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | NEWE | BusinessNameControlTxt |
| Phone | 4017395000 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | ONE NEW ENGLAND TECH BOULEVARD | AddressLine1Txt |
| City | EAST GREENWICH | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02818 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | KENNETH JALBERT | PersonNm |
| Person Title | VICE PRESIDENT OF FINANCE | PersonTitleTxt |
| Phone | 4014677744 | PhoneNum |
| Signature | 2024-05-06 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | KENNETH | PersonFirstNm |
| Person Last | JALBERT | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JACQUELINE B GAIPO CPA | PreparerPersonNm |
| PTIN | P01253157 | PTIN |
| Phone | 4019212000 | PhoneNum |
| Preparation | 2024-05-06 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | RICHARD I GOUSE | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1408 DIVISION ROAD | AddressLine1Txt |
| City | EAST GREENWICH | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02818 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $78,645,771 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | WWW.NEIT.EDU | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1970 | FormationYr |
| Legal Domicile State | RI | LegalDomicileStateCd |
| Activity Or Mission | THE MISSION OF NEW ENGLAND INSTITUTE OF TECHNOLOGY (NEIT) IS DESCRIBED IN SCHEDULE O*THE MISSION OF NEW ENGLAND INSTITUTE OF TECHNOLOGY (NEIT) IS TO PROVIDE SPECIALIZED UNDERGRADUATE AND GRADUATE DEGREE AND CERTIFICATE PROGRAMS WHICH PREPARE STUDENTS FOR PROFESSIONAL AND TECHNICAL CAREERS. THROUGH THE COMBINATION OF PROFESSIONAL AND TECHNICAL COURSES AND AN INTEGRATED LIBERAL ARTS CORE, ACADEMIC PROGRAMS EMPHASIZE THE RELEVANCE OF CONTINUOUS LEARNING TO PERSONAL AND PROFESSIONAL GROWTH. UPON SUCCESSFUL COMPLETION, GRADUATES ARE PREPARED TO ENTER THE WORKFORCE OR TO CONTINUE THEIR EDUCATION. AS AN EXTENSION OF THE PRIMARY MISSION, NEIT OFFERS THE OPPORTUNITY TO PURSUE PROFESSIONAL AND TECHNOLOGICAL STUDIES TO SATISFY PERSONAL INTERESTS.AS AN INSTITUTION PRIMARILY DEVOTED TO TEACHING, NEIT PROVIDES OPPORTUNITIES FOR STUDENTS FROM DIVERSE EDUCATIONAL BACKGROUNDS AND WITH VARYING LEVELS OF ABILITY TO STUDY IN A VARIETY OF TECHNOLOGICAL FIELDS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 10 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 725 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $147,784 | PYContributionsGrantsAmt |
| CY Contributions Grants | $89,211 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $74,070,391 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $73,607,992 | CYProgramServiceRevenueAmt |
| PY Investment Income | $12,566,215 | PYInvestmentIncomeAmt |
| CY Investment Income | $4,861,468 | CYInvestmentIncomeAmt |
| PY Other Revenue | $63,405 | PYOtherRevenueAmt |
| CY Other Revenue | $64,969 | CYOtherRevenueAmt |
| PY Total Revenue | $86,847,795 | PYTotalRevenueAmt |
| CY Total Revenue | $78,623,640 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $12,175,489 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $13,584,493 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $33,915,984 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $35,309,843 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $31,294,798 | PYOtherExpensesAmt |
| CY Other Expenses | $32,466,995 | CYOtherExpensesAmt |
| PY Total Expenses | $77,386,271 | PYTotalExpensesAmt |
| CY Total Expenses | $81,361,331 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $9,461,524 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$2,737,691 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $413,061,716 | TotalAssetsBOYAmt |
| Total Assets EOY | $427,278,790 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $99,788,180 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $99,959,175 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $313,273,536 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $327,319,615 | NetAssetsOrFundBalancesEOYAmt |
| Mission | GENERAL AND TECHNICAL EDUCATION SERVICES | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $81,361,331 | ExpenseAmt |
| Grant | $13,584,493 | GrantAmt |
| Revenue | $73,607,992 | RevenueAmt |
| Desc | GENERAL AND TECHNICAL EDUCATION SERVICES | Desc |
| Total Program Service Expenses | $81,361,331 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | Yes (1) | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | Yes (1) | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | Yes (1) | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | Yes (1) | TaxExemptBondsInd |
| Invest Tax Exempt Bonds | 0 | InvestTaxExemptBondsInd |
| Escrow Account | 0 | EscrowAccountInd |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuerInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 54 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 725 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 10 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | Yes (1) | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Other Website | Yes (X) | OtherWebsiteInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NEW ENGLAND INSTITUTE OF TECHNOLOGY | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 4017395000 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | ONE NEW ENGLAND TECH BOULEVARD | AddressLine1Txt |
| City | EAST GREENWICH | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02818 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | Yes (X) | InfoInScheduleOPartVIIInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (25 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| DR WILLIAM CROASDALE | |||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| JOSEPH DEANGELIS | |||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| FRANCIS X FLAHERTY | |||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| STEVEN L MELTZER | |||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| PHILLIP KYDD | |||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| ROANNE SRAGOW LICHT | |||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| LYNETTE LABINGER | |||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| JAMES DIOSSA | |||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| SETH KURN | |||||||
| TRUSTEE | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| RICHARD I GOUSE | |||||||
| PRESIDENT & TRUSTEE | 55.00 | Yes (X) | $944,263 | $0 | $157,686 | Yes (X) | |
| CHERYL C CONNORS | |||||||
| SENIOR V.P. & TREASURER | 50.00 | $707,889 | $0 | $144,830 | Yes (X) | ||
| SCOTT FREUND | |||||||
| EXEC. VICE PRES. | 50.00 | $449,325 | $0 | $26,057 | Yes (X) | ||
| KENNETH F JALBERT | |||||||
| VICE PRESIDENT | 50.00 | $271,699 | $0 | $39,170 | Yes (X) | ||
| PHILLIP PARSONS | |||||||
| VICE PRESIDENT | 50.00 | $229,047 | $0 | $36,568 | Yes (X) | ||
| CATHERINE KENNEDY | |||||||
| VICE PRESIDENT | 50.00 | $196,080 | $0 | $19,534 | Yes (X) | ||
| STEVEN KITCHIN | |||||||
| VICE PRESIDENT | 50.00 | $193,241 | $0 | $34,383 | Yes (X) | ||
| DOUGLAS SHERMAN JR | |||||||
| SENIOR V.P. & PROVOST | 50.00 | $297,630 | $0 | $39,927 | Yes (X) | ||
| ALAN I RESNICK | |||||||
| VICE PRESIDENT | 50.00 | $283,825 | $0 | $36,085 | Yes (X) | ||
| TIMOTHY REARDON | |||||||
| VICE PRESIDENT | 50.00 | $211,797 | $0 | $28,926 | Yes (X) | ||
| AMY GRZYBOWSKI | |||||||
| VICE PRESIDENT | 50.00 | $0 | $0 | $0 | Yes (X) | ||
| JACQUES LAFLAMME | |||||||
| CIO | 45.00 | $181,760 | $0 | $22,976 | Yes (X) | ||
| HENRY YOUNG | |||||||
| ASSISTANT PROVOST | 45.00 | $201,404 | $0 | $23,101 | Yes (X) | ||
| RANDAL FEDORUK | |||||||
| ASSOCIATE PROFESSOR | 45.00 | $155,986 | $0 | $28,966 | Yes (X) | ||
| DARLENE NORET | |||||||
| ASSISTANT PROVOST | 45.00 | $167,860 | $0 | $21,277 | Yes (X) | ||
| CAROL DOEHLER | |||||||
| PROFESSOR OCCUPATIONAL THERAPY | 45.00 | $158,041 | $0 | $30,631 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $4,649,847 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $690,117 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 82 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp
Contractor Name ContractorName
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ADLER POLLOCK & SHEEHAN PC | BusinessNameLine1Txt |
Contractor Address ContractorAddress
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1 CITIZENS PLAZA 8TH FLOOR | AddressLine1Txt |
| City | PROVIDENCE | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02903 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Services | LEGAL SERVICES | ServicesDesc |
| Compensation | $259,962 | CompensationAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 1 | CntrctRcvdGreaterThan100KCnt |
| All Other Contributions | $89,211 | AllOtherContributionsAmt |
| Noncash Contributions | $10,000 | NoncashContributionsAmt |
| Total Contributions | $89,211 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (4 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| TUITION INCOME | 611710 | $71,865,137 | $71,865,137 |
| GRANT REVENUE | 611710 | $818,788 | $818,788 |
| MISC. OTHER INCOME | 611710 | $490,265 | $490,265 |
| BOOKS AND SUPPLIES | 611710 | $433,802 | $433,802 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $73,607,992 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $3,597,937 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $3,597,937 | RelatedOrExemptFuncIncomeAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $694,109 | SecuritiesAmt |
| Other | $569,422 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $0 | SecuritiesAmt |
| Other | $0 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $694,109 | SecuritiesAmt |
| Other | $569,422 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,263,531 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $1,263,531 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Fundraising Gross Income | $87,100 | FundraisingGrossIncomeAmt |
| Fundraising Direct Expenses | $22,131 | FundraisingDirectExpensesAmt |
Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $64,969 | TotalRevenueColumnAmt |
| Exclusion | $64,969 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $78,623,640 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $78,469,460 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $64,969 | ExclusionAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,584,493 | TotalAmt |
| Program Services | $13,584,493 | ProgramServicesAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,770,310 | TotalAmt |
| Program Services | $3,770,310 | ProgramServicesAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $25,217,829 | TotalAmt |
| Program Services | $25,217,829 | ProgramServicesAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $865,373 | TotalAmt |
| Program Services | $865,373 | ProgramServicesAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,318,507 | TotalAmt |
| Program Services | $3,318,507 | ProgramServicesAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,137,824 | TotalAmt |
| Program Services | $2,137,824 | ProgramServicesAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $369,185 | TotalAmt |
| Program Services | $369,185 | ProgramServicesAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $105,119 | TotalAmt |
| Program Services | $105,119 | ProgramServicesAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,370,434 | TotalAmt |
| Program Services | $1,370,434 | ProgramServicesAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,282,267 | TotalAmt |
| Program Services | $1,282,267 | ProgramServicesAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,043,669 | TotalAmt |
| Program Services | $3,043,669 | ProgramServicesAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,494,281 | TotalAmt |
| Program Services | $2,494,281 | ProgramServicesAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,486,452 | TotalAmt |
| Program Services | $1,486,452 | ProgramServicesAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,896,977 | TotalAmt |
| Program Services | $5,896,977 | ProgramServicesAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $138,029 | TotalAmt |
| Program Services | $138,029 | ProgramServicesAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,067,668 | TotalAmt |
| Program Services | $2,067,668 | ProgramServicesAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,245,691 | TotalAmt |
| Program Services | $8,245,691 | ProgramServicesAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $622,821 | TotalAmt |
| Program Services | $622,821 | ProgramServicesAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt |
|---|---|---|
| STUDENT SCHOLARSHIPS & | $4,479,028 | $4,479,028 |
| TEMPORARY LABOR | $274,604 | $274,604 |
| ENROLLMENT EXPENSES | $241,662 | $241,662 |
| DUES & SUBSCRIPTIONS | $206,331 | $206,331 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $142,777 | TotalAmt |
| Program Services | $142,777 | ProgramServicesAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $81,361,331 | TotalAmt |
| Program Services | $81,361,331 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $15,397,928 | BOYAmt |
| EOY | $10,263,905 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $23,432,226 | BOYAmt |
| EOY | $33,514,225 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $371,555 | BOYAmt |
| EOY | $466,713 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,611,913 | BOYAmt |
| EOY | $2,342,107 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $157,376 | BOYAmt |
| EOY | $160,968 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $264,423,977 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $116,167,004 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $152,757,147 | BOYAmt |
| EOY | $148,256,973 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $213,406,867 | BOYAmt |
| EOY | $226,111,884 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,926,704 | BOYAmt |
| EOY | $6,162,015 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $413,061,716 | BOYAmt |
| EOY | $427,278,790 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $11,330,939 | BOYAmt |
| EOY | $12,574,485 | EOYAmt |
Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $87,100,887 | BOYAmt |
| EOY | $86,285,361 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,356,354 | BOYAmt |
| EOY | $1,099,329 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $99,788,180 | BOYAmt |
| EOY | $99,959,175 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $311,766,036 | BOYAmt |
| EOY | $325,773,176 | EOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,507,500 | BOYAmt |
| EOY | $1,546,439 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $313,273,536 | BOYAmt |
| EOY | $327,319,615 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $413,061,716 | BOYAmt |
| EOY | $427,278,790 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | -$2,737,691 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $15,210,069 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $1,573,701 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | Yes (1) | FederalGrantAuditRequiredInd |
| Federal Grant Audit Performed | Yes (1) | FederalGrantAuditPerformedInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| School | Yes (X) | SchoolInd |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
CY Endwmt Fund CYEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $230,516,744 | BeginningYearBalanceAmt |
| Contributions | $158,374 | ContributionsAmt |
| Investment Earnings Or Losses | $18,131,681 | InvestmentEarningsOrLossesAmt |
| Other Expenditures | $485,972 | OtherExpendituresAmt |
| End Year Balance | $248,320,827 | EndYearBalanceAmt |
CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $252,547,207 | BeginningYearBalanceAmt |
| Contributions | $216,227 | ContributionsAmt |
| Investment Earnings Or Losses | -$22,521,413 | InvestmentEarningsOrLossesAmt |
| Other Expenditures | $274,327 | OtherExpendituresAmt |
| End Year Balance | $230,516,744 | EndYearBalanceAmt |
CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $212,926,431 | BeginningYearBalanceAmt |
| Contributions | $103,327 | ContributionsAmt |
| Investment Earnings Or Losses | $40,140,639 | InvestmentEarningsOrLossesAmt |
| Other Expenditures | -$623,190 | OtherExpendituresAmt |
| End Year Balance | $252,547,207 | EndYearBalanceAmt |
CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $207,393,733 | BeginningYearBalanceAmt |
| Contributions | $119,490 | ContributionsAmt |
| Investment Earnings Or Losses | $455,162 | InvestmentEarningsOrLossesAmt |
| Other Expenditures | $4,958,046 | OtherExpendituresAmt |
| End Year Balance | $212,926,431 | EndYearBalanceAmt |
CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $196,900,207 | BeginningYearBalanceAmt |
| Contributions | $290,392 | ContributionsAmt |
| Investment Earnings Or Losses | $10,587,147 | InvestmentEarningsOrLossesAmt |
| Other Expenditures | -$384,013 | OtherExpendituresAmt |
| End Year Balance | $207,393,733 | EndYearBalanceAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Designated Balance EOY | 0.99380 | BoardDesignatedBalanceEOYPct |
| Prmnnt Endowment Balance EOY | 0.00620 | PrmnntEndowmentBalanceEOYPct |
| Endowments Held Unrelated Org | 0 | EndowmentsHeldUnrelatedOrgInd |
| Endowments Held Related Org | 0 | EndowmentsHeldRelatedOrgInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $40,142,230 | InvestmentCostOrOtherBasisAmt |
| Book Value | $40,142,230 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $169,298,251 | InvestmentCostOrOtherBasisAmt |
| Depreciation | $68,591,430 | DepreciationAmt |
| Book Value | $100,706,821 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $53,099,551 | InvestmentCostOrOtherBasisAmt |
| Depreciation | $47,575,574 | DepreciationAmt |
| Book Value | $5,523,977 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | $1,883,945 | InvestmentCostOrOtherBasisAmt |
| Book Value | $1,883,945 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $148,256,973 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (7 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| MUTUAL FUNDS | $22,720,533 | F |
| FIXED INCOME SECURITIES AND BONDS | $67,278,325 | F |
| EXCHANGE TRADED FUNDS | $13,616,844 | F |
| LIMITED LIABILITY PARTNERSHIPS | $28,208,830 | F |
| LIMITED LIABILITY COMPANIES | $2,095,157 | F |
| EQUITY SECURITIES | $91,080,654 | F |
| REAL ESTATE INVESTMENT TRUSTS | $1,111,541 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $226,111,884 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| CONTRACT OBLIGATIONS | $877,220 |
| FINANCE LEASE LIABILITIES | $222,109 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $1,099,329 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $61,818,344 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $61,818,344 | RevenueSubtotalAmt |
| Investment Expenses Not Incld | $1,370,434 | InvestmentExpensesNotIncldAmt |
| Other Revenues Not Included | $15,434,862 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | $16,805,296 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $78,623,640 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $64,747,069 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $41,176 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $41,176 | ExpensesNotReportedAmt |
| Expenses Subtotal | $64,705,893 | ExpensesSubtotalAmt |
| Investment Expenses Not Incld2 | $1,370,434 | InvestmentExpensesNotIncld2Amt |
| Other Expenses Not Included | $15,285,004 | OtherExpensesNotIncludedAmt |
| Expenses Not Rpt Fincl Stmt | $16,655,438 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $81,361,331 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (6 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART V, LINE 4: | THE INSTITUTE'S ENDOWMENT CONSISTS OF SEVEN INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS (TRUE ENDOWMENT) AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE CHANGES IN THE ENDOWMENT NET ASSETS FOR THE YEARS ENDED 6/30/23, 6/30/22, 6/30/21, 6/30/20 AND 6/30/19 ARE INCLUDED IN SCHEDULE D, PART V. INCLUDED IN PART X, BALANCE SHEET, LINE 27 - NET ASSETS WITHOUT DONOR RESTRICTIONS, ARE BOARD-DESIGNATED ENDOWMENT FUNDS WITHOUT DONOR RESTRICTIONS TOTALING $ 246,774,388 AND $ 229,009,244 FOR THE YEARS ENDED 6/30/23 AND 6/30/22, RESPECTIVELY. ALSO, DONOR RESTRICTED ENDOWMENT FUNDS TOTALING $ 1,546,439 AND $ 1,507,500 ARE INCLUDED IN PART X, BALANCE SHEET, LINE 28 AS NET ASSETS WITH DONOR RESTRICTIONS, FOR THE YEARS ENDED 6/30/23 AND 6/30/22, RESPECTIVELY. |
| PART X, LINE 2: | THE INSTITUTE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE INSTITUTE HAS ADOPTED THE FASB ASC TOPIC, "ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES" WHICH PRESCRIBES A COMPREHENSIVE MODEL FOR RECOGNIZING, MEASURING, PRESENTING AND DISCLOSING IN THE FINANCIAL STATEMENTS TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN. TAX YEARS 2022, 2021, AND 2020 REMAIN SUBJECT TO EXAMINATION BY THE MAJOR TAX AUTHORITIES. AT JUNE 30, 2023, MANAGEMENT BELIEVES NO SUCH PROVISIONS FOR UNCERTAIN TAX POSITIONS ARE NECESSARY. |
| PART XI, LINE 4B - OTHER ADJUSTMENTS: | NET GAIN & INCOME ON LT INVESTMENTS RECORDED AS OTHER INCOME ON F/STATEMENTS 2,921,612. INSTITUTIONAL AID RECORDED NET AGAINST REVENUE ON FINANCIAL STATEMENTS BUT RECORDED GROSS ON 990 15,285,004. BAD DEBT EXPENSE INCLUDED IN EXPENSES ON FINANCIAL STATEMENTS BUT RECORDED NET AGAINST PROGRAM SERVICE REVENUE ON 990 -41,176. NET GAIN ON DISPOSAL OF P & E RECORDED AS OTHER INCOME ON F/STATEMENTS 569,422. INVESTMENT RETURNS APPROPRIATED FOR OPERATIONS INCLUDED IN TOTAL REVENUE ON FINANCIAL STATEMENTS BUT NOT ON 990 -3,300,000. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | BAD DEBT EXPENSE INCLUDED IN EXPENSES ON FINANCIAL STATEMENTS BUT RECORDED NET AGAINST PROGRAM SERVICE REVENUE ON 990 41,176. |
| PART XII, LINE 4B - OTHER ADJUSTMENTS: | INSTITUTIONAL AID RECORDED NET AGAINST REVENUE ON FINANCIAL STATEMENTS BUT INCLUDED ON STATEMENT OF FUNCTIONAL EXPENSES ON 990 15,285,004. |
| PART VI, LINE E: | OTHER ASSETS LISTED IN PART VI - LAND, BUILDINGS AND EQUIPMENT: CONSTRUCTION IN PROGRESS |
Schedule E IRS990ScheduleE
| Field | Value | IRS element (for citing) |
|---|---|---|
| Nondiscriminatory Policy Stmt | Yes (1) | NondiscriminatoryPolicyStmtInd |
| Policy Stmt In Brochures Etc | Yes (1) | PolicyStmtInBrochuresEtcInd |
| Plcy Pblczd Via Broadcast Media | Yes (1) | PlcyPblczdViaBroadcastMediaInd |
| Maintain Racial Comp Recs | Yes (1) | MaintainRacialCompRecsInd |
| Maintain Scholarships Recs | Yes (1) | MaintainScholarshipsRecsInd |
| Maintain Cpy Of Brochures Etc | Yes (1) | MaintainCpyOfBrochuresEtcInd |
| Maintain Cpy Of All Sol | Yes (1) | MaintainCpyOfAllSolInd |
| Discriminate Race Stdnts Rghts | 0 | DiscriminateRaceStdntsRghtsInd |
| Discriminate Race Admiss Plcy | 0 | DiscriminateRaceAdmissPlcyInd |
| Discriminate Race Emplm Fculty | 0 | DiscriminateRaceEmplmFcultyInd |
| Discriminate Race Schs | 0 | DiscriminateRaceSchsInd |
| Discriminate Race Educ Plcy | 0 | DiscriminateRaceEducPlcyInd |
| Discriminate Race Use Of Fclts | 0 | DiscriminateRaceUseOfFcltsInd |
| Discriminate Race Athlt Prog | 0 | DiscriminateRaceAthltProgInd |
| Discriminate Race Other Acty | 0 | DiscriminateRaceOtherActyInd |
| Government Financial Aid Rcvd | Yes (1) | GovernmentFinancialAidRcvdInd |
| Government Financial Aid Rvkd | 0 | GovernmentFinancialAidRvkdInd |
| Compliance With Rev Proc7550 | Yes (1) | ComplianceWithRevProc7550Ind |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| SCHEDULE E, PART I, LINE 3 | NOTICE OF NONDISCRIMINATION POLICY PUBLISHED IN THE PROVIDENCE JOURNAL BULLETIN SERVING THE GREATER PROVIDENCE AREA. |
| SCHEDULE E, PART I, LINE 6 | THE INSTITUTE RECEIVES AID FOR ITS STUDENTS UNDER THE PROVISIONS OF TITLE IV OF THE HIGHER EDUCATION ACT. |
Schedule G IRS990ScheduleG
Fundraising Event Information FundraisingEventInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Event1 | ALUMNI GOLF TOURNAMENT | Event1Nm |
| Gross Receipts Event1 | $87,100 | GrossReceiptsEvent1Amt |
| Gross Revenue Event1 | $87,100 | GrossRevenueEvent1Amt |
| Rent Facility Costs Event1 | $19,098 | RentFacilityCostsEvent1Amt |
| Other Direct Expenses Event1 | $3,033 | OtherDirectExpensesEvent1Amt |
| Gross Receipts Total | $87,100 | GrossReceiptsTotalAmt |
| Gross Revenue Total Events | $87,100 | GrossRevenueTotalEventsAmt |
| Rent Fclty Costs Total Events | $19,098 | RentFcltyCostsTotalEventsAmt |
| Oth Direct Expnss Total Events | $3,033 | OthDirectExpnssTotalEventsAmt |
| Direct Expense Summary Events | $22,131 | DirectExpenseSummaryEventsAmt |
| Net Income Summary | $64,969 | NetIncomeSummaryAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE G, PART II, FUNDRAISING EVENTS | FormAndLineReferenceDesc |
| Explanation | PART II, LINE 11 THE INSTITUTE SPONSORED AN ALUMNI GOLF TOURNAMENT TO RAISE FUNDS FOR STUDENT SCHOLARSHIPS. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | 0 | GrantRecordsMaintainedInd |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | SCHOLARSHIPS FOR STUDENTS | GrantTypeTxt |
| Recipient | 1006 | RecipientCnt |
| Cash Grant | $13,584,493 | CashGrantAmt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Housing Allowance Or Residence | Yes (X) | HousingAllowanceOrResidenceInd |
| Written Policy Ref T And E Expnss | 0 | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Form990 Of Other Organizations | Yes (X) | Form990OfOtherOrganizationsInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | Yes (1) | AnyNonFixedPaymentsInd |
| Initial Contract Exception | Yes (1) | InitialContractExceptionInd |
| Rebuttable Presumption Proc | Yes (1) | RebuttablePresumptionProcInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (15 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RICHARD I GOUSE | ||||||||||||||
| PRESIDENT & TRUSTEE | $762,941 | $0 | $105,393 | $0 | $75,929 | $0 | $134,800 | $0 | $22,886 | $0 | $1,101,949 | $0 | $0 | $0 |
| CHERYL C CONNORS | ||||||||||||||
| SENIOR V.P. & TREASURER | $478,527 | $0 | $0 | $0 | $229,362 | $0 | $144,800 | $0 | $30 | $0 | $852,719 | $0 | $210,000 | $0 |
| SCOTT FREUND | ||||||||||||||
| EXEC. VICE PRES. | $392,515 | $0 | $46,010 | $0 | $10,800 | $0 | $18,300 | $0 | $7,757 | $0 | $475,382 | $0 | $0 | $0 |
| KENNETH F JALBERT | ||||||||||||||
| VICE PRESIDENT | $260,899 | $0 | $0 | $0 | $10,800 | $0 | $16,069 | $0 | $23,101 | $0 | $310,869 | $0 | $0 | $0 |
| PHILLIP PARSONS | ||||||||||||||
| VICE PRESIDENT | $218,247 | $0 | $0 | $0 | $10,800 | $0 | $13,467 | $0 | $23,101 | $0 | $265,615 | $0 | $0 | $0 |
| CATHERINE KENNEDY | ||||||||||||||
| VICE PRESIDENT | $185,280 | $0 | $0 | $0 | $10,800 | $0 | $11,282 | $0 | $8,252 | $0 | $215,614 | $0 | $0 | $0 |
| STEVEN KITCHIN | ||||||||||||||
| VICE PRESIDENT | $182,441 | $0 | $0 | $0 | $10,800 | $0 | $11,282 | $0 | $23,101 | $0 | $227,624 | $0 | $0 | $0 |
| DOUGLAS SHERMAN JR | ||||||||||||||
| SENIOR V.P. & PROVOST | $257,975 | $0 | $28,855 | $0 | $10,800 | $0 | $16,906 | $0 | $23,021 | $0 | $337,557 | $0 | $0 | $0 |
| ALAN I RESNICK | ||||||||||||||
| VICE PRESIDENT | $273,025 | $0 | $0 | $0 | $10,800 | $0 | $13,064 | $0 | $23,021 | $0 | $319,910 | $0 | $0 | $0 |
| TIMOTHY REARDON | ||||||||||||||
| VICE PRESIDENT | $200,997 | $0 | $0 | $0 | $10,800 | $0 | $5,905 | $0 | $23,021 | $0 | $240,723 | $0 | $0 | $0 |
| JACQUES LAFLAMME | ||||||||||||||
| CIO | $181,760 | $0 | $0 | $0 | $0 | $0 | $11,273 | $0 | $11,703 | $0 | $204,736 | $0 | $0 | $0 |
| HENRY YOUNG | ||||||||||||||
| ASSISTANT PROVOST | $201,404 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $23,101 | $0 | $224,505 | $0 | $0 | $0 |
| RANDAL FEDORUK | ||||||||||||||
| ASSOCIATE PROFESSOR | $155,986 | $0 | $0 | $0 | $0 | $0 | $5,945 | $0 | $23,021 | $0 | $184,952 | $0 | $0 | $0 |
| DARLENE NORET | ||||||||||||||
| ASSISTANT PROVOST | $167,860 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $21,277 | $0 | $189,137 | $0 | $0 | $0 |
| CAROL DOEHLER | ||||||||||||||
| PROFESSOR OCCUPATIONAL THERAPY | $158,041 | $0 | $0 | $0 | $0 | $0 | $7,610 | $0 | $23,021 | $0 | $188,672 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (5 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 4B | THE INSTITUTE PROVIDES ANNUAL CREDITS TO A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR RICHARD I. GOUSE ($95,000) AND CHERYL C. CONNORS ($105,000). THE VESTING OF THE SERP BENEFITS IS CONTINGENT UPON EACH BENEFICIARY COMPLETING A SPECIFIED SERVICE PERIOD AND SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE IN ACCORDANCE WITH SECTION 457(F) OF THE INTERNAL REVENUE CODE. DEFERRED COMPENSATION IN SCHEDULE J ALSO INCLUDES CONTRIBUTIONS TO A 457B DEFERRED COMPENSATION PLAN FOR RICHARD I. GOUSE AND CHERYL C. CONNORS AND 403(B) EMPLOYER MATCH CONTRIBUTIONS FOR ALL THE INDIVIDUALS LISTED WITH AMOUNTS IN COLUMN C. |
| PART I, LINE 7 | THE AWARD OF PERFORMANCE INCENTIVES IS CONDUCTED IN CONNECTION WITH AN ANNUAL EVALUATIVE PROCESS ON QUALITATIVE AND QUANTITATIVE METRICS DEEMED APPROPRIATE TO EACH POSITION BY THE COMPENSATION COMMITTEE OF THE BOARD. ONLY CERTAIN SENIOR EXECUTIVE LEVEL POSITIONS ARE ELIGIBLE TO RECEIVE THESE NON-FIXED PAYMENTS, WHICH HAVE LIMITATIONS IN ACCORDANCE WITH THE INSTITUTE'S COMPLIANCE PROCESS FOR EXECUTIVE COMPENSATION UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE. CONSISTENT WITH THE BY-LAWS, THE TERMS FOR EMPLOYMENT OF THE APPLICABLE SENIOR EXECUTIVES WERE APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD. THE COMPENSATION COMMITTEE RETAINS CONTROL IN DETERMINING AND ASSESSING PROGRESS IN ACHIEVEMENT OF THE RELEVANT METRICS. |
| SCHEDULE J, PART II, COLUMN B: | INCLUDED IN SCHEDULE J, PART II, COLUMN B(III), OTHER REPORTABLE COMPENSATION, IS A HOUSING ALLOWANCE AND AN AUTOMOBILE ALLOWANCE FOR RICHARD I. GOUSE. THE TERMS GOVERNING CALCULATION OF THE HOUSING ALLOWANCE ARE DEFINED AND AUTHORIZED IN THE EMPLOYMENT AGREEMENT BETWEEN THE PRESIDENT AND THE INSTITUTE. THIS EMPLOYMENT AGREEMENT IS REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD. INCLUDED IN OTHER REPORTABLE COMPENSATION FOR CHERYL C. CONNORS IS A PAYMENT IN ASSOCIATION WITH AN AUTOMOBILE BENEFIT ($10,800) AND A PAYOUT UNDER A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN, WHICH VESTED IN CALENDAR YEAR 2022 ($218,562). THESE FUNDS ACCRUED IN ACCORDANCE WITH A MULTIYEAR SCHEDULE FOR DEFERRED COMPENSATION CREDITS AND WHICH AMOUNTS ACCRUED THROUGH JUNE 30, 2022 WERE VESTED AND PAYABLE UPON COMPLETION OF SERVICE THROUGH THAT DATE. INCLUDED IN COLUMN F ARE AMOUNTS PREVIOUSLY REPORTED AS DEFERRED COMPENSATION CREDITS ACCRUED FOR CHERYL C. CONNORS IN PRIOR FORMS 990. THE AMOUNTS LISTED AS OTHER REPORTABLE COMPENSATION FOR THE REMAINING 8 SENIOR ADMINISTRATORS REFLECT PAYMENTS IN ASSOCIATION WITH AN AUTOMOBILE BENEFIT. |
| SCHEDULE J, PART II, COLUMN D: | INCLUDED IN SCHEDULE J, COLUMN D, ARE EMPLOYER BENEFIT COSTS FOR HEALTH, DENTAL, AND LIFE INSURANCE BENEFITS FOR THE 15 INDIVIDUALS LISTED. |
| SCHEDULE J, PART III: | ALL COMPENSATION ADJUSTMENTS FOR EXECUTIVE EMPLOYEES ARE MADE PURSUANT TO THE OVERSIGHT AND APPROVAL OF THE COMPENSATION COMMITTEE OF THE BOARD AND CONDUCTED IN CONNECTION WITH AN ANNUAL EVALUATION PROCESS. PART I, LINE 1(B): THIS RELATES TO A HOUSING ALLOWANCE OF A DEFINED AMOUNT PER THE APPLICABLE EMPLOYMENT AGREEMENTS AND THEREFORE THIS BENEFIT IS NOT GOVERNED BY A SEPARATE POLICY. THE REIMBURSEMENT OF EXPENSES FOR THE COVERED PERSONS ARE SUBJECT TO THE LIMITATIONS AND GUIDELINES STATED IN THEIR APPLICABLE EMPLOYMENT AGREEMENTS AND SUCH EXPENSES ARE SUBJECT TO REVIEW BY A DESIGNEE OF THE BOARD. |
Schedule K IRS990ScheduleK
Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp (3 entries)
| Bond ReferenceBondReferenceCd | Bond Issuer EINBondIssuerEIN | CUSIPCUSIPNum | Bond IssuedBondIssuedDt | Issue PriceIssuePriceAmt | PurposePurposeDesc | DefeasedDefeasedInd | On Behalf Of IssuerOnBehalfOfIssuerInd | Pool FinancingPoolFinancingInd |
|---|---|---|---|---|---|---|---|---|
| SERIES 2008 - RHODE ISLAND HEALTH AND EDUCATION BUILDING CORP | ||||||||
| A | 521300173 | 762197CL3 | 2009-03-01 | $16,120,000 | SEE SCHEDULE O | 0 | 0 | 0 |
| SERIES 2015 - RHODE ISLAND HEALTH AND EDUCATION BUILDING CORP | ||||||||
| B | 521300173 | 2015-08-31 | $60,000,000 | SEE SCHEDULE O | 0 | 0 | 0 | |
| SERIES 2017 - RHODE ISLAND HEALTH AND EDUCATION BUILDING CORP | ||||||||
| C | 521300173 | 2017-03-09 | $36,450,000 | SEE SCHEDULE O | 0 | 0 | 0 | |
Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp (3 entries)
| Bond ReferenceBondReferenceCd | RetiredRetiredAmt | Total ProceedsTotalProceedsAmt | Issuance Costs From ProceedsIssuanceCostsFromProceedsAmt | Credit EnhancementCreditEnhancementAmt | Other Spent ProceedsOtherSpentProceedsAmt | Refunding Tax Exempt BondsRefundingTaxExemptBondsInd | Refunding Taxable BondsRefundingTaxableBondsInd | Final Allocation MadeFinalAllocationMadeInd | Adequate Books And Rec MaintAdequateBooksAndRecMaintInd | Capital ExpendituresCapitalExpendituresAmt |
|---|---|---|---|---|---|---|---|---|---|---|
| A | $10,800,000 | $16,120,000 | $272,408 | $22,592 | $1,582,500 | Yes (1) | Yes (1) | Yes (1) | Yes (1) | |
| B | $11,064,148 | $60,000,000 | $137,101 | 0 | 0 | 0 | Yes (1) | $59,909,501 | ||
| C | $7,400,629 | $36,450,000 | $220,423 | $36,229,577 | Yes (1) | Yes (1) | Yes (1) | Yes (1) |
Tax Exempt Bonds Private Bus Use TaxExemptBondsPrivateBusUseGrp (3 entries)
| Bond ReferenceBondReferenceCd | Owning Bond Financed PropertyOwningBondFinancedPropertyInd | Any Lease ArrangementsAnyLeaseArrangementsInd | Mgmt Contract Bond Fincd PropMgmtContractBondFincdPropInd | Any Research AgreementsAnyResearchAgreementsInd | Bond Iss Meet Prvt Sec Pymt TestBondIssMeetPrvtSecPymtTestInd | Change In Use Bond Financed PropChangeInUseBondFinancedPropInd | Procs Nonqualified Bond RemdtdProcsNonqualifiedBondRemdtdInd |
|---|---|---|---|---|---|---|---|
| A | 0 | 0 | 0 | 0 | 0 | 0 | Yes (1) |
| B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| C | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp (3 entries)
| Bond ReferenceBondReferenceCd | Form8038 T FiledForm8038TFiledInd | Rebate Not Due YetRebateNotDueYetInd | Exception To RebateExceptionToRebateInd | No Rebate DueNoRebateDueInd | Variable Rate IssueVariableRateIssueInd | Hedge Identified In Bks And RecHedgeIdentifiedInBksAndRecInd | Business Name Line2HedgeProviderName/BusinessNameLine2Txt | Term Of HedgeTermOfHedgePct | Superintegrated HedgeSuperintegratedHedgeInd | Hedge TerminatedHedgeTerminatedInd | Gross Proceeds Invested In GICGrossProceedsInvestedInGICInd | Gross Proceeds InvestedGrossProceedsInvestedInd | Written Proc To Monitor ReqsWrittenProcToMonitorReqsInd |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MERRILL LYNCH | |||||||||||||
| A | 0 | 0 | 0 | 0 | Yes (1) | Yes (1) | CAPITAL | 12.000000000000 | Yes (1) | 0 | 0 | 0 | Yes (1) |
| (no name) | |||||||||||||
| B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Yes (1) | ||||
| (no name) | |||||||||||||
| C | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Yes (1) | ||||
Procedures Corrective Action ProceduresCorrectiveActionGrp (3 entries)
| Bond ReferenceBondReferenceCd | Procedures Corrective ActionProceduresCorrectiveActionInd |
|---|---|
| A | Yes (1) |
| B | Yes (1) |
| C | Yes (1) |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 2 | RICHARD I. GOUSE, WHO IS SERVING AS PRESIDENT, IS THE SPOUSE OF THE CURRENT SENIOR V.P. FOR FINANCIAL AFFAIRS AND ENDOWMENT MANAGER AND TREASURER, CHERYL C. CONNORS. HE HAS NO INVOLVEMENT OR AUTHORITY IN THE EMPLOYMENT STATUS, EVALUATION OR COMPENSATION LEVEL ASSIGNED TO CHERYL C. CONNORS. HE DOES NOT SUPERVISE CHERYL C. CONNORS AND HAS NO REPORTING RELATIONSHIP. ONLY INDEPENDENT MEMBERS OF THE BOARD ARE INVOLVED IN COMPENSATION AND EVALUATIVE DETERMINATIONS. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 IS PROVIDED TO THE INSTITUTE'S GOVERNING BODY(BOARD OF TRUSTEES) PRIOR TO THE RETURN'S FILING. THE REVIEW PROCESS OF THE RETURN INCLUDES PRESENTATION TO AND REVIEW BY THE SENIOR FINANCIAL OFFICERS OF THE INSTITUTE AND ALL MEMBERS OF THE BOARD OF TRUSTEES. A DRAFT OF THE RETURN IS ALSO PROVIDED TO THE INSTITUTE'S LEGAL COUNSEL FOR COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS CONCERNING DISCLOSURE OF GOVERNANCE PROCESS AND REPORTING OF EXECUTIVE COMPENSATION. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE INSTITUTE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE IN REGARDS TO THE WRITTEN CONFLICT OF INTEREST POLICY. THE OFFICERS AND TRUSTEES ANNUALLY REVIEW THE POLICY AND SUBMIT CONFLICT OF INTEREST DISCLOSURE FORMS, AS WELL AS TO ANNUALLY SIGN ACKNOWLEDGEMENTS OF THEIR REVIEW AND COMPLIANCE WITH THE INSTITUTE'S CONFLICT OF INTEREST POLICY. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE COMPENSATION OF THE INSTITUTE'S OFFICERS IS DETERMINED UNDER THE AUTHORITY OF THE COMPENSATION COMMITTEE OF THE BOARD, WITH THE ADVICE AND FINDINGS OF AN INDEPENDENT COMPENSATION CONSULTANT, A COMPENSATION STUDY ASSESSING COMPARABLE DATA, AND SUBJECT TO THE FINAL APPROVAL OF THE COMPENSATION COMMITTEE. THIS PROCESS IS CONSISTENT WITH THE REBUTTABLE PRESUMPTION DESCRIBED IN REGULATION SECTION 53.4958-6(C). |
| FORM 990, PART VI, SECTION C, LINE 19 | THE INSTITUTE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE FOR VIEW TO MEMBERS OF THE PUBLIC WHO HAVE MADE A WRITTEN REQUEST. THE INSTITUTE HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT AUDITOR. PART VII, COLUMN F, ESTIMATED AMOUNT OF OTHER COMPENSATION: OTHER COMPENSATION INCLUDED UNDER COLUMN F INCLUDES EMPLOYER MATCH FOR 403(B) CONTRIBUTIONS, EMPLOYER 457(B) CONTRIBUTIONS AND 457(F) CREDITS FOR CERTAIN OFFICERS, AND EMPLOYER BENEFIT COSTS FOR HEALTH, DENTAL AND LIFE INSURANCE BENEFITS FOR THE INDIVIDUALS LISTED. PART VII, SECTION A: INCLUDED IN COLUMN A IS A NEW OFFICER OF THE INSTITUTE (AMY GRZYBOWSKI) FOR FISCAL YEAR ENDED JUNE 30, 2023. THERE IS NO COMPENSATION REPORTED IN PART VII, SECTION A, AS SHE DID NOT RECEIVE REPORTABLE COMPENSATION FROM THE INSTITUTE FOR CALENDAR YEAR 2022. HER COMPENSATION IS INCLUDED AS PART OF COMPENSATION OF CURRENT OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES IN PART IX, STATEMENT OF FUNCTIONAL EXPENSES, WHICH REPORTS FISCAL YEAR AMOUNTS. |
| PART VII - INDEPENDENT CONTRACTORS | PHILLIP KYDD, A NON-COMPENSATED INDIVIDUAL TRUSTEE WAS PAID THROUGH HIS COMPANY, THE GEMINI GROUP, COMPENSATION AS AN INDEPENDENT CONTRACTOR FOR CONSULTING SERVICES. THE AMOUNT PAID FOR THE FISCAL YEAR END JUNE 30, 2023 WAS $ 92,498. THE AMOUNT PER THE 1099NEC FOR CALENDAR YEAR 2022, WHICH IS WITHIN THE INSTITUTE'S FISCAL YEAR END, WAS $ 93,831. |
| FORM 990, PART XI, LINE 9: | DECREASE IN OBLIGATION UNDER INTEREST RATE SWAP 1,573,701. |
| PART XII, LINE 2C: | THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |
| SCHEDULE K, PART 1, COLUMN F: | THE PURPOSE OF THE 2008 BOND ISSUANCE REGARDED THE REFUNDING OF THE SERIES 2004 BONDS AND PAYMENT OF CERTAIN EXPENSES WITH RESPECT TO THE 2008 BONDS. THE PURPOSE OF THE 2015 BOND ISSUANCE REGARDED THE FINANCE, DESIGN, CONSTRUCTION AND EQUIPPING OF A 400 BED RESIDENCE HALL FACILITY LOCATED ON THE INSTITUTE'S CAMPUS. THE PURPOSE OF THE 2017 BOND ISSUANCE REGARDED THE ADVANCE REFUNDING OF THE SERIES 2010 BONDS. |
| SCHEDULE J, COLUMN B (II): | THE AWARD OF PERFORMANCE INCENTIVES IS CONDUCTED IN CONNECTION WITH AN ANNUAL EVALUATIVE PROCESS ON QUALITATIVE AND QUANTITATIVE METRICS DEEMED APPROPRIATE TO EACH POSITION BY THE COMPENSATION COMMITTEE OF THE BOARD. ONLY CERTAIN SENIOR EXECUTIVE LEVEL POSITIONS ARE ELIBIBLE TO RECEIVE THESE NON-FIXED PAYMENTS, WHICH HAVE LIMITATIONS IN ACCORDANCE WITH THE INSTITUTE'S COMPLIANCE PROCESS FOR EXECUTIVE COMPENSATION UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE. THE COMPENSATION COMMITTEE RETAINS CONTROL IN DETERMINING AND ASSESSING PROGRESS IN ACHIEVEMENT OF THE RELEVANT METRICS. ALL PAYMENTS TO INDIVIDUALS IN SENIOR EXECUTIVE POSITIONS (PRESIDENT, EXECUTIVE VICE PRESIDENT, SENIOR VICE PRESIDENT OF FINANCE AND TREASURER) ARE MADE PURSUANT TO DECISIONS BY THE COMPENSATION COMMITTEE OF THE BOARD. BONUSES FOR PERFORMANCE RELATED TO FYE 6/30/2022 WERE PAID OUT ON 11/02/22, SUBSEQUENT TO THE MEETING OF THE COMPENSATION COMMITTEE ON 10/20/22. SCHEDULE J, COLUMN B(III): INCLUDED IN SCHEDULE J, PART II, COLUMN B(III), OTHER REPORTABLE COMPENSATION, IS A HOUSING ALLOWANCE AND AN AUTOMOBILE ALLOWANCE FOR RICHARD I. GOUSE. THE TERMS GOVERNING CALCULATION OF THE HOUSING ALLOWANCE ARE DEFINED AND AUTHORIZED IN THE EMPLOYMENT AGREEMENT BETWEEN THE PRESIDENT AND THE INSTITUTE. THIS EMPLOYMENT AGREEMENT IS REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD. INCLUDED IN OTHER REPORTABLE COMPENSATION FOR CHERYL C. CONNORS IS A PAYMENT IN ASSOCATION WITH AN AUTOMOBILE BENEFIT ($10,800) AND A PAYOUT UNDER A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN, WHICH VESTED IN CALENDAR YEAR 2022 ($ 218,562). THESE FUNDS ACCRUED IN ACCORDANCE WITH A MULTIYEAR SCHEDULE FOR DEFERRED COMPENSATION CREDITS AND WHICH AMOUNTS ACCRUED THROUGH JUNE 30, 2022 WERE VESTED AND PAYABLE UPON COMPLETION OF SERVICE THROUGH THAT DATE. INCLUDED IN COLUMN F ARE AMOUNTS PREVIOUSLY REPORTED AS DEFERRED COMPENSATION CREDITS ACCRUED FOR CHERYL C. CONNORS IN PRIOR FORMS 990. THE AMOUNTS LISTED AS OTHER REPORTABLE COMPENSATION FOR THE REMAINING 8 SENIOR ADMINISTRATORS REFLECT PAYMENTS IN ASSOCIATION WITH AN AUTOMOBILE BENEFIT. SCHEDULE J, COLUMN C: DEFERRED COMPENSATION INCLUDES AMOUNTS CONTRIBUTED UNDER A 457B DEFERRED COMPENSATION PLAN FOR RICHARD I. GOUSE AND CHERYL C. CONNORS. DEFERRED COMPENSATION ALSO INCLUDES AN ANNUAL AMOUNT CREDITED TO A 457F NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR RICHARD I. GOUSE AND CHERYL C. CONNORS AND AN ANNUAL AMOUNT CONTRIBUTED TO A DEFINED CONTRIBUTION RETIREMENT PLAN FOR ALL THE INDIVIDUALS LISTED WITH AN AMOUNT IN COLUMN C. |
Schedule R IRS990ScheduleR
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NEW ENGLAND TECHNICAL COLLEGE | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | ONE NEW ENGLAND TECH BOULEVARD | AddressLine1Txt |
| City | EAST GREENWICH | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02818 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 050459858 | EIN |
| Primary Activities | TECHNICAL EDUCATION SERVICES | PrimaryActivitiesTxt |
| Legal Domicile State | RI | LegalDomicileStateCd |
| Exempt Code Section | 170(B)(1)(A)(II) | ExemptCodeSectionTxt |
| Public Charity Status | 501(C)(3) | PublicCharityStatusTxt |
| Controlled Organization | 0 | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | 0 | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | 0 | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | 0 | SharingOfFacilitiesInd |
| Paid Employees Sharing | 0 | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |