2024-06-19T12:29:54-05:00 2023-08-31 991856619 GRANT THORNTON ADVISORS LLC 75 STATE ST 13TH FLOOR BOSTON MA 02109 990 2022-09-01 510163080 CAMBRIDGE COLLEGE INC CAMB 6178681000 500 RUTHERFORD AVENUE BOSTON MA 02129 DENNIS MADIGAN VP OF FINANCE & ADMIN 6178681000 2024-06-19 1 DENNIS MADIGAN XXX-XX-XXXX 1 ERIN COUTURE P01390592 6177237900 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEPHEN E HEALEY 500 RUTHERFORD AVENUE BOSTON MA 02129 113950963 0 X WWW.CAMBRIDGECOLLEGE.EDU X 1974 MA THE MISSION OF CAMBRIDGE COLLEGE IS TO PROVIDE ACADEMICALLY EXCELLENT (CONTINUED ON SCHEDULE O)TIME-EFFICIENT, AND COST-EFFECTIVE HIGHER EDUCATION FOR A DIVERSE POPULATION OF WORKING ADULTS. 10 9 599 11 0 0 3010929 16039360 22526678 19491118 5361759 -325348 469105 132159 31368471 35337289 4464189 3044638 0 0 20621179 17945532 76567 147770 657124 15619185 18374904 40781120 39512844 -9412649 -4175555 66113929 110868797 27470133 72599468 38643796 38269329 TO PROVIDE ACADEMICALLY EXCELLENT, TIME-EFFICIENT AND COST-EFFECTIVE HIGHER EDUCATION FOR A DIVERSE POPULATION OF WORKING ADULTS FOR WHOM THOSE OPPORTUNITIES MAY HAVE BEEN LIMITED OR DENIED. 0 0 29300800 3044638 19491118 FOR MORE THAN 50 YEARS CAMBRIDGE COLLEGE HAS BEEN A LEADER AND PIONEER IN ADULT LEARNING. WITH A MAIN CAMPUS IN BOSTON, MASSACHUSETTS, AND FOUR REGIONAL LOCATIONS NATIONWIDE, WE PROVIDE ACADEMICALLY EXCELLENT, TIME-EFFICIENT, AND AFFORDABLE HIGHER EDUCATION TO A DIVERSE POPULATION OF ADULT LEARNERS. OUR MORE THAN 330 FULL-TIME AND PART-TIME FACULTY ARE SCHOLAR-PRACTITIONERS WHO BRING THEIR EXPERIENCE INTO THE CLASSROOM. EACH YEAR, WE ENROLL OVER 3,500 STUDENTS IN OUR UNDERGRADUATE, MASTER'S, AND DOCTORAL DEGREE PROGRAMS AND CERTIFICATE OF ADVANCED GRADUATE STUDIES PROGRAMS. 29300800 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 X 82 0 1 599 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 KY MA NH PR X X DENNIS MADIGAN 6178681000 500 RUTHERFORD AVENUE BOSTON MA 02129 X DEBORAH C JACKSON PRESIDENT 60.00 0.00 X X 369052 0 63268 KEVIN MCCALL CHAIR 1.50 0.00 X X 0 0 0 SUSAN M IFILL CHAIR (THRU 12/2022) 1.50 0.00 X X 0 0 0 STEPHANIE BROWNE VICE CHAIR 1.00 0.00 X X 0 0 0 ALLAN COHEN VICE CHAIR (THRU 10/2022) 1.00 0.00 X X 0 0 0 CHARLES L ANDERSON MD TREASURER 1.00 0.00 X X 0 0 0 JAMES SEGEL CLERK 1.00 0.00 X X 0 0 0 MARCELA ALDAZ-MATOS TRUSTEE 1.00 0.00 X 0 0 0 KENNETH JOHNSON TRUSTEE 1.00 0.00 X 0 0 0 VIRGINIA LOEB TRUSTEE 1.00 0.00 X 0 0 0 TERENCE MCCOURT TRUSTEE 1.00 0.00 X 0 0 0 JESSE SOLOMON TRUSTEE 1.00 0.00 X 0 0 0 MARK S ROTONDO VP OF INNNOVATION & STRATEGY 50.00 0.00 X 207254 0 50429 DENNIS MADIGAN VP OF FINANCE & ADMIN. 50.00 0.00 X 160170 0 13082 LAURETTA D SIGGERS VP OF HR & TALENT DEVELOPMENT 50.00 0.00 X 154900 0 13839 PHILLIP E PAGE VP OF STRATEGIC PARTNERSHIPS 50.00 0.00 X 120448 0 47464 THOMAS J CAHILL JR - VP OF INSTITUTIONAL ADVANCEMENT 50.00 0.00 X 145925 0 11611 STEPHEN E HEALEY PROVOST & VP OF ACADEMIC AFFAIRS 50.00 0.00 X 227016 0 13788 HOWARD E HORTON EXECUTIVE DIRECTOR - NEIB 50.00 0.00 X 163146 0 36923 JAMES S LEE - DEAN SCHOOL OF UNDERGRADUATE STUDIES 50.00 0.00 X 133576 0 46595 NITI SETH - DEAN SCHOOL OF PSYCHOLOGY & COUNSELING 50.00 0.00 X 165338 0 11076 JOHN J SPINARD - VP OF FINANCE & ADMIN. (THRU 07/2022) 50.00 0.00 X 129454 0 41368 1976279 0 349443 36 0 1 0 FOCUS EDUSOLUTIONS INC 500 WEST CUMMING PARK SUITE 2700 WOBURN MA 01801 CONSULTING 949737 JENZABAR INC PO BOX 845588 BOSTON MA 022845588 SOFTWARE CONSULTING 264710 IHEART MEDIA INC PO BOX 419499 BOSTON MA 02241 ADVERTISING 206947 JUDITH R SIZER 205 RICHDALE AVE APT A-8 CAMBRIDGE MA 02140 LEGAL 197356 PLANET PROFESSIONAL LLC PO BOX 8222 CAROL STREAM IL 601978222 STAFFING 150180 8 427055 15612305 16039360 TUITION AND FEES 611310 19119111 19119111 ACADEMIC RELATED INCOME 611710 372007 372007 19491118 908961 908961 75560 0 75560 75560 75560 77379365 78613674 -1234309 -1234309 -1234309 OTHER INCOME 900099 53082 53082 MEMORABILIA SALES 900099 3517 3517 56599 35337289 19491118 0 -193189 3044638 3044638 1245564 105398 1140166 13676809 12229012 1193612 254185 784993 718644 51425 14924 1116422 966548 129947 19927 1121744 934772 167700 19272 359174 359174 170875 170875 147770 147770 200733 200733 3788879 2640509 1101043 47327 1858815 1295427 540169 23219 538973 375616 156625 6732 792687 552432 230354 9901 6747546 4702434 1960828 84284 44658 26794 11836 6028 36877 21343 9567 5967 1421084 18858 1402226 1006545 687085 319460 312683 217912 90865 3906 BAD DEBT EXPENSE 493150 343681 143309 6160 LIBRARY COSTS 244112 170124 70939 3049 COMMENCEMENT COSTS 238353 166111 69265 2977 DUES & SUBSCRIPTIONS 87803 61191 25515 1097 31957 22271 9287 399 39512844 29300800 9554920 657124 2841 64215 9026670 8135642 268850 253365 2089122 2063777 1152757 960144 14316157 7789078 6902000 6527079 45128082 49057935 1259134 1091525 284473 42715115 66113929 110868797 5948419 3359682 2437136 21521714 66802650 27470133 72599468 X 26076492 19797969 12567304 18471360 38643796 38269329 66113929 110868797 X -4175555 3752763 48325 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 41492289 2843873 555104 842667 42938391 58078665 -5069876 716500 10800000 41492289 61023483 6485704 405776 9024746 58078665 63858020 4858788 451005 7242320 61023483 69647702 124033 3074439 553032 8435122 63858020 0.74240 0.07660 0.18100 0 0 30130 17825 12305 9574683 3746675 5828008 4007061 3803231 203830 704283 221347 482936 6527079 OPERATING LEASES RIGHT-OF-USE ASSETS 42465206 SECURITY DEPOSITS 182780 OTHER ASSETS 67129 42715115 OPERATING LEASE LIABILITY 45720318 LINE OF CREDIT 19859503 TUITION DEPOSITS 1011592 FINANCE LEASE LIABILITY 211237 66802650 X 35893006 3752763 48325 3801088 32091918 200733 3044638 3245371 35337289 36267473 0 36267473 200733 3044638 3245371 39512844 PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF 32 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS QUASI-ENDOWMENTS. THE PURPOSE OF THE ENDOWMENT FUNDS ARE TO SUPPORT THE EDUCATIONAL MISSION OF THE COLLEGE BY PROVIDING A SOURCE OF FUNDS FOR SCHOLARSHIPS AND OTHER EDUCATIONAL ACTIVITIES. PART X, LINE 2: ASC740 THE COLLEGE IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AS AMENDED (THE "CODE"), AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT THERE WERE NO SUCH UNCERTAIN POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 48,325. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,044,638. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,044,638. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 CAMBRIDGE COLLEGE IS COMMITTED TO AN EDUCATIONAL AND WORK ENVIRONMENT IN WHICH ALL INDIVIDUALS ARE TREATED WITH RESPECT AND DIGNITY. EACH INDIVIDUAL HAS THE RIGHT TO STUDY AND WORK IN A PROFESSIONAL ATMOSPHERE THAT PROMOTES EQUAL OPPORTUNITIES AND PROHIBITS UNLAWFUL DISCRIMINATORY PRACTICES, INCLUDING HARASSMENT. THEREFORE, THE COLLEGE EXPECTS THAT ALL RELATIONSHIPS AMONG PERSONS IN THE EDUCATIONAL SETTING AND THE WORKPLACE WILL BE BUSINESS-LIKE AND FREE OF BIAS, PREJUDICE AND HARASSMENT. IT IS THE POLICY OF THE COLLEGE TO ENSURE EQUAL OPPORTUNITY WITHOUT DISCRIMINATION OR HARASSMENT ON THE BASIS OF RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, AGE, DISABILITY, MARITAL STATUS, CITIZENSHIP, NATIONAL ORIGIN, GENETICS, OR ANY OTHER CHARACTERISTIC PROTECTED BY LAW. CAMBRIDGE COLLEGE PROHIBITS ANY SUCH DISCRIMINATION OR HARASSMENT. THE COLLEGE'S NON-DISCRIMINATORY POLICY CAN BE FOUND ON ITS WEBSITE AT HTTP://WWW.CAMBRIDGECOLLEGE.EDU/NON-DISCRIMINATION-AND-HARASSMENT. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVED INSTITUTIONAL AID FROM THE U.S. DEPARTMENT OF EDUCATION. X X X 1 MJH GRANT CONSULTING 505 WALTHAM STREET STE 6 WEST NEWTON MA 02465 GRANT WRITING 0 400000 120270 279730 A10 ASSOCIATES LLC 214 COMMERCIAL STREET STE 202 MALDEN MA 02148 CONSULTING 0 0 25000 -25000 BRAKELEY BRISCOE 322 WEST BELLVUE AVENUE SAN MATEO CA 94402 CONSULTING 0 0 2500 -2500 400000 147770 252230 KY MA NH PR 1 SCHOLARSHIPS - SEE PART IV 82 52061 SCHOLARSHIPS - SEE PART IV 1 1645 SCHOLARSHIPS - SEE PART IV 11 18268 SCHOLARSHIPS - SEE PART IV 9 45989 SCHOLARSHIPS - SEE PART IV 1 9455 FINANCIAL AID 283 540337 MASSACHUSETTS GRANTS 74 336597 WAIVERS, ALUMNI & DISCOUNTS 1080 2040286 PART I, LINE 2: ALL FUNDS DONATED BY INDIVIDUALS, CORPORATIONS OR FOUNDATIONS ARE RECORDED AS TEMPORARILY RESTRICTED UNTIL FUNDS ARE IDENTIFIED AS APPLICABLE TO FINANCIAL AID FOR A STUDENT. FUNDS ARE SUBSEQUENTLY CREDITED TO THE STUDENT'S ACCOUNTS. ALL AWARDS ARE UNDER THE DIRECTION OF THE FINANCIAL AID OFFICE TO ENSURE COMPLIANCE WITH DONORS' DIRECTIONS. SCHEDULE I, PART III: DESCRIPTIONS OF GRANTS OR ASSISTANCE SCHOLARSHIPS FOR WOMEN MAKING LIFE CHANGES THROUGH EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $52,061 SCHOLARSHIPS FOR STUDENT WORKING TOWARDS CIVIL RIGHTS AND SOCIAL JUSTICE IN THEIR PERSONAL LIVES OR EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $1,645 SCHOLARSHIPS FOR STUDENTS MAKING LIFE CHANGES THROUGH EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $18,268 SCHOLARSHIPS FOR MALE PROTESTANT STUDENTS FROM BOSTON AREA SCHOOLS, PER DONOR RESTRICTIONS, AMOUNTED TO $45,989 STUDENTS WITH HERITAGE FROM LAOS, BURMA, CAMBODIA, AND VIETNAM AMOUNTED TO $9,455 THE REMAINING $2,917,220 IS COMPRISED OF FINANCIAL AID $540,337, MASSACHUSETTS GRANTS $336,597, AND WAIVERS & DISCOUNTS $2,040,286. X X 0 1 0 0 0 0 0 0 0 DEBORAH C JACKSON PRESIDENT 347080 0 0 0 21972 0 39000 0 24268 0 432320 0 0 0 MARK S ROTONDO VP OF INNNOVATION & STRATEGY 206966 0 0 0 288 0 14088 0 36341 0 257683 0 0 0 STEPHEN E HEALEY PROVOST & VP OF ACADEMIC AFFAIRS 226500 0 0 0 516 0 13620 0 168 0 240804 0 0 0 HOWARD E HORTON EXECUTIVE DIRECTOR - NEIB 161622 0 0 0 1524 0 13620 0 23303 0 200069 0 0 0 JAMES S LEE - DEAN SCHOOL OF UNDERGRADUATE STUDIES 133060 0 0 0 516 0 10502 0 36093 0 180171 0 0 0 NITI SETH - DEAN SCHOOL OF PSYCHOLOGY & COUNSELING 164164 0 0 0 1174 0 10882 0 194 0 176414 0 0 0 DENNIS MADIGAN VP OF FINANCE & ADMIN. 159894 0 0 0 276 0 12792 0 290 0 173252 0 0 0 JOHN J SPINARD - VP OF FINANCE & ADMIN. (THRU 07/2022) 129025 0 0 0 429 0 10881 0 30487 0 170822 0 0 0 LAURETTA D SIGGERS VP OF HR & TALENT DEVELOPMENT 154384 0 0 0 516 0 11058 0 2781 0 168739 0 0 0 PHILLIP E PAGE VP OF STRATEGIC PARTNERSHIPS 119656 0 0 0 792 0 10566 0 36898 0 167912 0 0 0 THOMAS J CAHILL JR - VP OF INSTITUTIONAL ADVANCEMENT 144401 0 0 0 1524 0 11556 0 55 0 157536 0 0 0 PART I, LINE 4B DEBORAH C. JACKSON, PRESIDENT, PARTICIPATES IN A NONQUALIFIED DEFERRED COMPENSATION PLAN AND AMOUNTS ARE DETERMINED AND CONTRIBUTED AT THE SOLE DISCRETION OF THE COLLEGE. AMOUNTS CONTRIBUTED TO THE PLAN VESTS ON AUGUST 31, 2023. AMOUNTS ACCRUED UNDER THE PLAN IN CALENDAR YEAR 2022 ARE REPORTED IN SCHEDULE J, PART II, COLUMN C. FORM 990, PART V, LINE 1A: THE AMOUNT LISTED HAS BEEN REDUCED BY THE NUMBER OF FORMS 1098-T THAT WERE FILED. THE ORGANIZATION FILED 2,459 FORMS 1098-T. FORM 990, PART VI, SECTION A, LINE 1A EXECUTIVE COMMITTEE THE ESTABLISHED EXECUTIVE COMMITTEE CONSISTS OF THE CHAIRS OF ALL STANDING BOARD COMMITTEES, AS DESCRIBED IN SECTION 4.13(A), AND THE OFFICERS OF THE BOARD. THE CHAIR ACTS AS THE CHAIR OF THE EXECUTIVE COMMITTEE, AND THE VICE CHAIR ACTS AS VICE CHAIR OF THE EXECUTIVE COMMITTEE. THE PRESIDENT SERVES AS A MEMBER OF THE EXECUTIVE COMMITTEE, EX-OFFICIO, WITH VOTE. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT FOR THE BOARD OF TRUSTEES TO ADDRESS ROUTINE BUSINESS BETWEEN REGULAR BOARD MEETINGS; IT ASSISTS AND ADVISES THE CHAIR AND THE PRESIDENT IN THEIR RESPONSIBILITIES TO HELP THE BOARD OF TRUSTEES FUNCTION EFFECTIVELY AND EFFICIENTLY; AND HAS THE AUTHORITY TO ACT FOR THE BOARD OF TRUSTEES ON ALL MATTERS EXCEPT FOR THE FOLLOWING, WHICH ARE RESERVED FOR THE BOARD: SELECTION AND TERMINATION OF THE PRESIDENT; ADOPTION OF THE ANNUAL BUDGET; SELECTION AND REMOVAL OF TRUSTEES OR OFFICERS APPOINTED BY THE TRUSTEES; INCURRING OF SUBSTANTIAL INDEBTEDNESS ON BEHALF OF THE COLLEGE; CAPITAL EXPENDITURES THAT REQUIRE APPROVAL BY THE BOARD UNDER APPLICABLE BOARD OF TRUSTEES POLICY; RELOCATION OF THE COLLEGE OR MAJOR DECISIONS PERTAINING TO THE PRINCIPAL OFFICE OF THE COLLEGE; AND ANY ACTIONS WHICH REQUIRE BY LAW THE VOTE OF THE BOARD,INCLUDING AMENDMENT OF THE ARTICLES OF ORGANIZATION OR THE BYLAWS; MERGER OR CONSOLIDATION OF THE COLLEGE; DISSOLUTION OF THE COLLEGE; OR THE INITIATION OF BANKRUPTCY PROCEEDINGS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE 990 WAS PREPARED AND REVIEWED BY A NATIONAL ACCOUNTING FIRM USING INFORMATION PROVIDED BY THE CONTROLLER. THE FORM IS SUBSEQUENTLY REVIEWED BY THE VP OF FINANCE AND ADMINISTRATION, AS WELL AS THE PRESIDENT. PRIOR TO FILING, A COPY OF FORM 990 WAS PROVIDED TO THE ENTIRE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT THE COLLEGE USES A CONFLICT OF INTEREST DISCLOSURE FORM TO MONITOR COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. ANNUALLY, OFFICERS AND DIRECTORS ARE REQUIRED TO COMPLETE THE DISCLOSURE FORM. THE PROCESS IS ADMINISTERED BY THE TRUSTEES AND GOVERNANCE COMMITTEE WITH ASSISTANCE FROM THE OFFICE OF THE PRESIDENT. EFFECTIVE IMPLEMENTATION OF THIS POLICY REQUIRES, FIRST, THE FULL DISCLOSURE OF INDIVIDUAL INTERESTS THAT MIGHT CONFLICT WITH THE BEST INTERESTS OF THE COLLEGE. SECOND, THE TRUSTEES, OFFICERS, EMPLOYEES, AND OTHER REPRESENTATIVES WHO HAVE DISCLOSED A POTENTIAL CONFLICT OF INTEREST SHALL REFRAIN FROM PARTICIPATING IN THE COLLEGE'S CONSIDERATION OF ANY PROPOSED BUSINESS OR FINANCIAL RELATIONSHIP IN WHICH HE OR SHE IS INTERESTED, EXCEPT TO RESPOND TO QUESTIONS OR TO PROVIDE FURTHER INFORMATION. IF A TRANSACTION OR RELATIONSHIP REQUIRES A VOTE, THE INTERESTED PARTY SHOULD NOT BE PRESENT AT THE TIME OF THE VOTE. FORM 990, PART VI, SECTION B, LINE 15A PROCESS FOR DETERMINING COMPENSATION THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SERVES AS THE COMPENSATION COMMITTEE. WHEN DETERMINING THE PRESIDENT'S COMPENSATION, HUMAN RESOURCES PROVIDES A COMPENSATION ANALYSIS FOR SIMILARLY SITUATED PRESIDENTIAL SALARIES. A WRITTEN CONTRACT IS NEGOTIATED AND THE EMPLOYMENT AND COMPENSATION PACKAGE IS THEN APPROVED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 18 AVAILABILITY OF FORM 990 FOR PUBLIC INSPECTION CAMBRIDGE COLLEGE'S FORM 990 IS AVAILABLE VIA REQUEST FROM THE COLLEGE. THE FORM 990 IS ALSO AVAILABLE ONLINE FROM GUIDESTAR, THE MASSACHSUETT'S ATTORNEY GENERAL'S OFFICE AND OTHER SUCH SOURCES. FORM 990, PART VI, SECTION C, LINE 19 HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC CAMBRIDGE COLLEGE MAKES AVAILABLE COPIES OF ITS BY-LAWS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE GENERAL PUBLIC UPON REQUEST. FORM 990, PART VII, SECTION A: CERTAIN INDIVIDUALS REPORTED ON PART VII, SECTION A AND SCHEDULE J, PART II, RECEIVE COMPENSATION FOR TEACHING COURSES AT THE COLLEGE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENT 48,325.