2023-04-14T10:08:49-05:00 2022-05-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2021-06-01 042321292 PINE MANOR COLLEGE PINE 6177317098 400 HEATH STREET CHESTNUT HILL MA 02467 JOHN D BURKE FIN VP & TREASURER, BOSTON COLLEGE 6177317098 2023-04-13 1 JOHN BURKE XXX-XX-XXXX THOMAS F MULDOON CPA P01561688 5083669100 2023-04-13 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z JOHN D BURKE 400 HEATH STREET CHESTNUT HILL MA 02467 9296730 0 X WWW.PMC.EDU X 1911 MA THE MISSION OF PINE MANOR COLLEGE IS TO MAKE CERTAIN THAT ALL GRADUATES ARE PREPARED TO TAKE MEANINGFUL STEPS IN THEIR LIVES: ENGAGING IN NEW JOBS AND CAREERS, CONTINUING TO LEARN, AND POSITIVELY CONTRIBUTING TO THEIR COMMUNITIES. STUDENTS, INCLUDING THOSE WHO ARE THE FIRST IN THEIR FAMILIES TO ATTEND COLLEGE, WHO ARE LOOKING FOR A PURPOSEFUL EDUCATION IN A PERSONALIZED AND INCLUSIVE LEARNING COMMUNITY, WILL FIND A HOME AT PINE MANOR COLLEGE. 18 6 166 20 490396 0 5584361 1513026 10574606 7372707 0 0 318557 329987 16477524 9215720 2586452 1560412 0 0 5671927 4351590 0 0 412215 7575026 6742712 15833405 12654714 644119 -3438994 30202669 32930597 13510277 20171144 16692392 12759453 X THE MISSION OF PINE MANOR COLLEGE IS TO MAKE CERTAIN THAT ALL GRADUATES ARE PREPARED TO TAKE MEANINGFUL STEPS IN THEIR LIVES: ENGAGING IN NEW JOBS AND CAREERS, CONTINUING TO LEARN, AND POSITIVELY CONTRIBUTING TO THEIR COMMUNITIES. STUDENTS, INCLUDING THOSE WHO ARE THE FIRST IN THEIR FAMILIES TO ATTEND COLLEGE, WHO ARE LOOKING FOR A PURPOSEFUL EDUCATION IN A PERSONALIZED AND INCLUSIVE LEARNING COMMUNITY, WILL FIND A HOME AT PINE MANOR COLLEGE. 0 1 8295953 1560412 7212298 THE COLLEGE PROVIDES AN UNDERGRADUATE LIBERAL ARTS EDUCATION AND A GRADUATE DEGREE IN FINE ARTS. TOTAL ENROLLMENT IS 60 STUDENTS. 8295953 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 25 0 1 166 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 18 6 1 0 0 0 0 1 0 1 1 0 0 0 1 1 1 1 1 0 0 0 MA X THOMAS O'REILLY 6177317101 400 HEATH STREET CHESTNUT HILL MA 02467 MICHAEL LOCHHEAD EXECUTIVE COMMITTEE 2.00 40.00 X 0 604076 183371 JOHN BURKE CHAIR 8.00 40.00 X X 0 499295 66433 AKUA SARR ACADEMIC SUCCESS COMMITTEE CHAIR 2.00 40.00 X 0 228279 156521 DANIEL BOURQUE TRUSTEE 2.00 40.00 X 0 304444 62464 JOY MOORE EXECUTIVE COMMITTEE 2.00 40.00 X 0 286495 60956 MARA HERMANO TRUSTEE 2.00 40.00 X 0 297071 39144 THOMAS M O'REILLY PRESIDENT 40.00 X 300000 0 20680 KAREN MUNCASTER EXECUTIVE COMMITTEE 2.00 40.00 X 0 281186 28891 LYNDSAY KING TRUSTEE 2.00 40.00 X 0 229796 64452 PATRICIA BANDO TRUSTEE 2.00 40.00 X 0 250413 39391 PETER MARTIN SECRETARY 3.00 40.00 X X 0 211108 30073 ANTHONY PENNA TRUSTEE 2.00 40.00 X 0 158810 43717 JANINE DAILEY VP ADVANCEMENT 40.00 X 140000 0 17780 SHELLEY DROPKIN FORMER DIRECTOR OF HUMAN RESOURCES 40.00 X 111218 0 12797 ROBERT UTZSCHNEIDER VICE-CHAIR 8.00 X X 0 0 0 ANDREW EVANS FINANCE COMMITTEE CHAIR 2.00 X 0 0 0 KATRINA SHAW STUDENT SUCCESS COMMITTEE CHAIR 2.00 X 0 0 0 WILLIAM LEAHY SJ EXECUTIVE COMMITTEE 2.00 40.00 X 0 0 0 MARGARET KRIPPENDORF TRUSTEE 2.00 X 0 0 0 PETER ALCOCK TRUSTEE 2.00 X 0 0 0 DOROTHY KEE TRUSTEE 2.00 X 0 0 0 551218 3350973 826670 3 0 1 0 DTZ INC (C&W FACILITY SERVICES) 275 GROVE STREET SUITE 3-200 AUBURNDALE MA 02466 CLEANING COMPANY 564426 ZONE MECHANICAL INC 160 BEAR HILL ROAD WALTHAM MA 02451 HVAC SERVICES 515490 LASELL COLLEGE 1844 COMMONWEALTH AVENUE NEWTON MA 02466 TECHNOLOGY SERVICES 309830 KINGS COLLEGE USA LLC 1555 CASSIL PLACE LOS ANGELES CA 90028 EDUCATIONAL SERVICES 110042 4 706354 806672 1513026 RENTAL 532000 4695520 4695520 TUITION AND FEES 611710 2059775 2059775 PRESCHOOL 624410 406266 406266 AUXILIARY ENTERPRISES 611710 211146 211146 7372707 165140 81010 84130 84130 84130 OTHER 611710 245857 245857 245857 9215720 7212298 490396 0 1560412 1560412 321834 257467 64367 3228437 2485992 548660 193785 22975 18215 3449 1311 433827 317916 86463 29448 344517 242528 76811 25178 1903 1903 68765 68765 1043387 600924 433818 8645 1566 951 615 303503 233372 25048 45083 2104552 1889887 190871 23794 34433 34411 22 16383 16383 447493 401849 40585 5059 149013 149013 SEVERANCE EXPENSE 1835352 1835352 MISCELLANEOUS 196923 68749 120558 7616 STUDENT ACTIVITIES AND 170685 170685 ROOM AND BOARD 114288 114288 254466 155774 90763 7929 12654714 8295953 3946546 412215 379764 755913 134000 44197 32051 23292 16461 35413459 16236785 15896779 19176674 13724637 12949498 30202669 32930597 2255398 2349164 116429 4918 11138450 17817062 13510277 20171144 X 2062647 -791460 14629745 13550913 16692392 12759453 30202669 32930597 -3438994 -493945 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13885074 -775139 13109935 10211985 5287 3740627 72825 13885074 10728676 150445 188702 855838 10211985 10677627 40306 662743 652000 10728676 10907923 48255 449127 727678 10677627 1.00000 0 0 376268 376268 30311421 14218974 16092447 3303430 1236432 2066998 1243374 781379 461995 178966 178966 19176674 INVESTMENT IN BOSTON COLLEGE ENDOWMENT 12949498 F 12949498 ASSET RETIREMENT OBLIGATION 252210 DUE TO BOSTON COLLEGE 17564852 17817062 X 7242373 -493945 -493945 7736318 1479402 1479402 9215720 11175312 81010 81010 11094302 1560412 1560412 12654714 PART V, LINE 4: PERMANENTLY RESTRICTED NET ASSETS REPRESENT AMOUNTS RECEIVED FROM DONORS WITH STIPULATION THAT THE PRINCIPAL WILL BE HELD IN PERPETUITY AND ONLY THE INVESTMENT INCOME CAN BE SPENT. PART X, LINE 2: UNCERTAINTY IN INCOME TAXES THE COLLEGE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE COLLEGE HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE ACCOMPANYING FINANCIAL STATEMENTS AT MAY 31, 2022. THE COLLEGE'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE JURISDICTIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: PINE MANOR'S PORTION OF STUDENT AID 1,560,412. DIRECT SPECIAL EVENT RENTAL EXPENSE -81,010. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT SPECIAL EVENT RENTAL EXPENSE 81,010. PART XII, LINE 4B - OTHER ADJUSTMENTS: PINE MANOR'S PORTION OF STUDENT AID 1,560,412. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT OF PINE MANOR COLLEGE'S NONDISCRIMINATORY POLICY REGARDING STUDENTS IS CONTAINED IN THE COLLEGE'S CATALOGS, BROCHURES, ETC., WHICH ARE AVAILABLE UPON REQUEST. SCHEDULE E, PART I, LINE 6 PINE MANOR COLLEGE RECEIVES AND PARTICIPATES IN VARIOUS GOVERNMENTAL FINANCIAL AID ASSISTANCE PROGRAMS COMMON TO COLLEGES AND UNIVERSITIES SUCH AS NATIONAL DIRECT STUDY LOAN PROGRAM, TITLE II LIBRARY GRANT PROGRAM, BASIC EDUCATIONAL OPPORTUNITY GRANTS, SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS, AND WORK STUDY PROGRAMS. 1 PINE MANOR'S PORTION OF INTERNAL AID 60 1560412 FMV STUDENT AID PART I, LINE 2: THE COLLEGE RECORDS AND TRACKS GRANTS AND ASSISTANCE. 1 0 0 0 0 0 0 0 0 MICHAEL LOCHHEAD EXECUTIVE COMMITTEE 0 471807 0 25000 0 107269 0 23200 0 160171 0 787447 0 0 JOHN BURKE CHAIR 0 393919 0 0 0 105376 0 29000 0 37433 0 565728 0 0 AKUA SARR ACADEMIC SUCCESS COMMITTEE CHAIR 0 226957 0 0 0 1322 0 61139 0 95382 0 384800 0 0 DANIEL BOURQUE TRUSTEE 0 285650 0 0 0 18794 0 29000 0 33464 0 366908 0 0 JOY MOORE EXECUTIVE COMMITTEE 0 249517 0 0 0 36978 0 27559 0 33397 0 347451 0 0 MARA HERMANO TRUSTEE 0 255263 0 0 0 41808 0 20698 0 18446 0 336215 0 0 THOMAS M O'REILLY PRESIDENT 300000 0 0 0 0 0 2900 0 17780 0 320680 0 0 0 KAREN MUNCASTER EXECUTIVE COMMITTEE 0 258756 0 0 0 22430 0 22362 0 6529 0 310077 0 0 LYNDSAY KING TRUSTEE 0 229324 0 0 0 472 0 24350 0 40102 0 294248 0 0 PATRICIA BANDO TRUSTEE 0 227842 0 0 0 22571 0 25110 0 14281 0 289804 0 0 PETER MARTIN SECRETARY 0 210041 0 0 0 1067 0 17451 0 12622 0 241181 0 0 ANTHONY PENNA TRUSTEE 0 156056 0 0 0 2754 0 30593 0 13124 0 202527 0 0 JANINE DAILEY VP ADVANCEMENT 140000 0 0 0 0 0 0 0 17780 0 157780 0 0 0 PART I, LINE 4A THE TOTAL COMPENSATION OF $111,218 FOR SHELLEY DROPKIN, FORMER DIRECTOR OF HUMAN RESOURCES, INCLUDES $47,538 OF SEVERANCE PAYMENTS. FORM 990, PART III, LINE 3 EFFECTIVE JUNE 30, 2020, THE COLLEGE ENTERED INTO AN INTEGRATION AGREEMENT WITH BOSTON COLLEGE (BC). UNDER THE TERMS OF THE AGREEMENT, TWO-THIRDS OF THE COLLEGE'S BOARD OF TRUSTEES IS APPOINTED BY BC. STUDENTS OF THE COLLEGE WILL REMAIN AT THE SCHOOL IN A TEACH OUT AGREEMENT FOR AN INITIAL PERIOD UP TO TWO YEARS. COSTS OF THE TEACH OUT PERIOD WILL BE SUBSIDIZED BY BC. IN ADDITION, THE COLLEGE ENTERED INTO A LEASE AGREEMENT WITH BC EFFECTIVE JULY 1, 2020, FOR DORMITORY SPACE AT A PREDETERMINED RATE PER AVAILABLE DORMITORY BED DURING THE INITIAL PERIOD. THE COLLEGE EXPECTS THIS INTEGRATION TO BE COMPLETED BY DECEMBER 30, 2022, AT WHICH TIME THE COLLEGE WILL PERMANENTLY CLOSE AND CEASE ALL OPERATIONS. FORM 990, PART VI, SECTION A, LINE 2 CERTAIN TRUSTEES OF PINE MANOR COLLEGE ARE OFFICERS OR EMPLOYEES OF BOSTON COLLEGE. FORM 990, PART VI, SECTION A, LINE 7A EFFECTIVE JUNE 30, 2020 AS OF 11:59 PM, THE COLLEGE ENTERED INTO AN INTEGRATION AGREEMENT WITH BOSTON COLLEGE. UNDER THE TERMS OF THE AGREEMENT, TWO-THIRDS OF THE COLLEGE'S BOARD OF TRUSTEES WILL BE APPOINTED BY BOSTON COLLEGE. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF TRUSTEES HAS BEEN DISBANDED AS OF 12/30/2022. THE TAX RETURNS ARE BEING REVIEWED AND APPROVED BY BOSTON COLLEGE MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS AN ESTABLISHED CONFLICT OF INTEREST POLICY REQUIRING DISCLOSURE OF INDIVIDUAL, FAMILY OR A RELATED ENTITY WHICH ARE ADVERSE TO THE COLLEGE; THE PARTY IS IN A POSITION TO INFLUENCE A DECISION BENEFITING THE PARTY; DIRECT OR INDIRECT INVESTMENT INTEREST WHICH MAY IMPAIR INDEPENDENCE OR FINANCIAL INTEREST WHICH COULD BENEFIT BY A DECISION OR OPERATIONS OF THE COLLEGE. THERE IS A POLICY WHICH IS DISTRIBUTED TO OFFICERS, TRUSTEES AND KEY EMPLOYEES WHICH REQUIRES IT BEING SIGNED AND RETURNED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE DOCUMENTS ARE AVAILABLE FOR PUBLIC INSPECTION, WHEN REQUESTED. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE UNIFORM GUIDANCE WEB SITE AND TAX RETURNS ARE AVAILABLE ON GUIDESTAR. FORM 990, PART XII, LINE 2C: THERE HAS BEEN NO CHANGE IN THE PROCESS FROM PRIOR YEAR. TRUSTEES OF BOSTON COLLEGE 140 COMMONWEALTH AVENUE CHESTNUT HILL MA 02467 042103545 HIGHER EDUCATION MA 501(C)(3) LINE 2 N/A 0 BOSTON COLLEGE IRELAND LIMITED 43 ST STEPHENS GREEN DUBLIN EI EDUCATION EI 501(C)(3) N/A 0 GREENHOUSE LONG ONLY ONSHORE FUND LP 650 S EXETER ST SUITE 1080 BALTIMORE MD 21231 INVESTMENTS MD BOSTON COLLEGE EXCLUDED 0 0 HYPERPLANE OPPORTUNITIES I LP 137 NEWBURY STREET 8TH FLOOR BOSTON MA 02116 INVESTMENTS MA BOSTON COLLEGE EXCLUDED 0 0 CHARITABLE REMAINDER TRUSTS (19) SUPPORT MA N/A T 0 CHARITABLE REMAINDER TRUSTS (1) SUPPORT PA N/A T 0 OTHER TRUSTS (4) SUPPORT MA N/A T 0 POOLED LIFE INCOME FUND (1) SUPPORT MA N/A T 0 CLOUGH OFFSHORE FUND LTD CRICKET SQ HUTCHINS DR BOX 2581 G CJ INVESTMENT CJ BOSTON COLLEGE C 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 1 BOSTON COLLEGE M 625522 FMV BOSTON COLLEGE S 6595548 FMV BOSTON COLLEGE J 4860660 FMV STATEMENTS OF FACTS AND CIRCUMSTANCES LEADING TO NONCOMPLIANCETHE ORGANIZATION CHANGED THEIR FISCAL YEAR END TO MAY 31, 2021, IN ACCORDANCE WITH IRS PROCEDURES FOR CHANGE OF ACCOUNTING YEAR. THE ORGANIZATION ATTEMPTED TO ELECTRONICALLY FILE FORM 8868, FOR THE TAX YEAR ENDED MAY 31, 2022. DUE TO THE FACT THAT THE IRS HAD NOT YET CHANGED THEIR YEAR-END IN THEIR SOFTWARE, THE ORGANIZATION WAS UNABLE TO ELECTRONICALLY FILE FORM 8868. DUE TO THIS FACT, THE ORGANIZATION HAD TO PAPER FILE THEIR FORM 8868, EXTENDING THE TIME TO FILE THEIR YEAR-END MAY 31, 2022 TAX RETURN. FORM 8868 WAS TIMELY FILED BUT HAD TO BE PAPER FILED DUE TO THE IRS E-FILE SYSTEM NOT RECOGNIZING THE ORGANIZATION'S CHANGE OF YEAR END AND NOT ALLOWING SUBMISSION. DEMONSTRATING REASONABLE CAUSE THE ORGANIZATION TAKES ITS' FILING OBLIGATIONS SERIOUSLY, AND TO THE BEST OF THEIR KNOWLEDGE HAVE ALWAYS FILED ITS IRS FORM 990S TIMELY AND EXPECTS ALL FUTURE FILINGS TO BE TIMELY.IRS REGULATION 301.6724-1(A) STATES THAT THE PENALTY FOR A FAILURE RELATING TO A REPORTING REQUIREMENT IS WAIVED IF THE FAILURE IS DUE TO REASONABLE CAUSE. REASONABLE CAUSE MAY BE DEMONSTRATED IF THE FILER ESTABLISHES THAT THERE ARE SIGNIFICANT MITIGATING FACTORS WITH RESPECT TO THE FAILURE AND THAT THE FILER ACTED IN A RESPONSIBLE MANNER BY EXERCISING REASONABLE CARE, WHICH IS THAT STANDARD OF CARE THAT A REASONABLY PRUDENT PERSON WOULD USE, AND THAT THE FILER UNDERTOOK SIGNIFICANT STEPS TO AVOID OR MITIGATE THE FAILURE. AS PROVIDED UNDER TREASURY REGULATION SECTION 301.6724-1(A), SIGNIFICANT MITIGATING FACTORS INCLUDE ALL PRIOR FILINGS BEING FILED TIMELY AND NO PREVIOUSLY ASSESSED PENALTIES AGAINST THE ORGANIZATION FOR NON-COMPLIANCE ISSUES RELATED TO REQUIRED FORM 990 FILING REQUIREMENTS. REQUEST FOR PENALTY ABATEMENTNO PENALTY HAS BEEN ASSESSED FOR THE ABOVE TAX PERIOD. ADDITIONALLY, THE ORGANIZATION HAS NOT YET FILED THEIR IRS FORM 990 FOR THE PERIOD ENDING MAY 31, 2022, BUT THE FILING IS NOT LATE.THE ORGANIZATION CHANGED THEIR FISCAL YEAR END TO MAY 31, 2021, IN ACCORDANCE WITH IRS PROCEDURES FOR CHANGE OF ACCOUNTING YEAR. WHEN THE ORGANIZATION WENT TO E-FILE THEIR FORM 8868 TO EXTEND THE DUE DATE OF THEIR IRS FORM 990 FOR THE YEAR ENDING MAY 31, 2022, THE FILING WAS NOT ACCEPTED. SINCE THE IRS ELECTRONIC FILING SYSTEM HAD NOT YET UPDATED THEIR YEAR END DATE IN THEIR SYSTEM, THEIR ELECTRONIC FORM 8868 WAS NOT ACCEPTED AND NEEDED TO BE PAPER FILED. THEIR FORM 8868 EXTENDING THE DUE DATE OF THEIR IRS FORM 990 YEAR ENDING MAY 31, 2022 WAS TIMELY PAPER FILED. THE ABSENCE OF "WILLFUL NEGLECT" HAS BEEN DEEMED BY THE IRS TO BE ONE FACTOR THAT MAY INDICATE THE EXISTENCE OF REASONABLE CAUSE. THE ORGANIZATION HAS NOT SHOWN WILLFUL NEGLECT WITH RESPECT TO ITS FILING OBLIGATIONS AND BELIEVES THEY HAVE DEMONSTRATED THIS WITH THE STATEMENTS AND EVIDENCE IN THIS REQUEST FOR ABATEMENT.THE ORGANIZATION BELIEVES THAT IT FALLS WITHIN THE REASONABLE CAUSE ABATEMENT PROVISIONS OF THE CODE BY HAVING ESTABLISHED SIGNIFICANT MITIGATING FACTORS WITH RESPECT TO THE FAILURE, AND BY ESTABLISHING THAT IT ACTED RESPONSIBLY TO CORRECT THE FAILURE, ONCE DISCOVERED. THE ORGANIZATION HAS ALWAYS HAD EVERY INTENTION OF BEING IN COMPLIANCE WITH ALL OF ITS FILING REQUIREMENTS.THE ORGANIZATION RESPECTFULLY REQUESTS THAT SHOULD THE IRS ISSUE PENALTIES IN THE FUTURE THAT THEY ABATE ALL PENALTIES ASSESSED FOR THE LATE FILING OF FORM 990 FOR THE YEAR ENDED MAY 31, 2022, AND APPRECIATES YOUR CONSIDERATIONS OF OUR REQUEST.UNDER PENALTIES OF PERJURY, THE ORGANIZATION HEREBY DECLARES THAT THE STATEMENTS CONTAINED HEREIN, TO THE BEST OF OUR KNOWLEDGE AND BELIEF, ARE TRUE, CORRECT, AND COMPLETE.