2023-05-12T10:34:50-05:00 2022-06-30 366055558 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2021-07-01 041286950 EMERSON COLLEGE EMER 6178248500 120 BOYLSTON STREET BOSTON MA 021164624 PAUL DWORKIS VP ADMINISTRATION & FINANCE 6178248500 2023-05-12 1 PAUL DWORKIS XXX-XX-XXXX ERIN COUTURE P01390592 6177237900 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z PAUL DWORKIS 120 BOYLSTON STREET BOSTON MA 021164624 483819866 0 X WWW.EMERSON.EDU X 1880 MA TO EDUCATE STUDENTS TO BECOME LEADERS IN COMMUNICATION AND THE ARTS (CONTINUED ON SCHEDULE O)AND TO ADVANCE SCHOLARSHIP AND CREATIVE WORK THAT BRINGS INNOVATION, DEPTH AND DIVERSITY TO THESE DISCIPLINES. 29 28 3600 200 54134 0 14669799 25041434 243137552 296164862 12767852 3716025 5121195 6296658 275696398 331218979 59630086 70010349 0 0 108086142 113121233 0 0 5556000 107515107 124851317 275231335 307982899 465063 23236080 1139244716 1118967112 613201218 603675149 526043498 515291963 X SEE SCHEDULE O.EMERSON COLLEGE IS INTERNATIONALLY RECOGNIZED AS A PREMIER LIBERAL ARTS INSTITUTION DEVOTED TO COMMUNICATION AND THE ARTS. THE COLLEGE IS ORGANIZED INTO TWO SCHOOLS, EACH OF WHICH OFFERS BOTH UNDERGRADUATE AND GRADUATE DEGREE PROGRAMS: THE SCHOOL OF THE ARTS AND THE SCHOOL OF COMMUNICATION. IN ADDITION TO ITS BOSTON, MASSACHUSETTS LOCATION, THE COLLEGE MAINTAINS CAMPUSES IN LOS ANGELES, CALIFORNIA AND KASTEEL WELL, THE NETHERLANDS. 0 0 191904899 70010349 243384203 EMERSON COLLEGE PROVIDES UNDERGRADUATE AND GRADUATE PROGRAMS CHALLENGING STUDENTS TO THINK AND COMMUNICATE WITH CLARITY, SUBSTANCE AND INSIGHT. THE CURRICULUM INTEGRATES COMMUNICATION WITH LIBERAL ARTS AND EMPHASIZES A GLOBAL OUTLOOK AND PRACTICAL EXPERIENCE TO HELP DEVELOP THE INHERENT CAPACITIES OF EACH STUDENT. THE COLLEGE EDUCATES APPROXIMATELY 4,100 UNDERGRADUATE AND 1,700 GRADUATE STUDENTS ANNUALLY - THIS YEAR FROM 49 U.S. STATES, WASHINGTON, D.C., PUERTO RICO, THE US VIRGIN ISLANDS, AND 73 COUNTRIES. THE COLLEGE HAS MORE THAN 500 FULL AND PART-TIME FACULTY. 62850000 0 55509232 AUXILIARY ENTERPRISES PROVIDE SERVICES FOR STUDENTS TO ENSURE THEY ARE APPROPRIATELY SUPPORTED. THESE SERVICES PREDOMINANTLY INCLUDE ROOM, BOARD, AND BOOKSTORE OPERATIONS. THEATRE OPERATIONS ARE ALSO CLASSIFIED AS AN AUXILIARY ENTERPRISE. 254754899 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 X 6295 0 1 3600 1 1 1 1 NL 0 0 0 1 1 0 0 0 0 0 0 X 29 28 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CA CO DC FL MD MA MI NV NH ND OR UT WA X X X KRISTEN MARGARIDA COULOMBE 6178248426 120 BOYLSTON STREET BOSTON MA 021164621 WILLIAM GILLIGAN INTERIM PRESIDENT 40.00 0.00 X X 632465 0 19700 ERIC ALEXANDER BOARD MEMBER(THRU 08/2021)/CHAIR 2.00 0.00 X X 0 0 0 VINCENT J DI BONA VICE CHAIRMAN 2.00 0.00 X X 0 0 0 ALBERT M JAFFE VICE CHAIRMAN 2.00 0.00 X X 0 0 0 STEVEN SAMUELS VICE CHAIRMAN 2.00 0.00 X X 0 0 0 KEVIN BRIGHT VICE-CO CHAIR 2.00 0.00 X X 0 0 0 DOUGLAS HOLLOWAY VICE-CO CHAIR 2.00 0.00 X X 0 0 0 ELLEN CALMAS TREASURER 2.00 0.00 X X 0 0 0 MARILLYN ZACHARIS SECRETARY (THRU 10/21)/BOARD MEMBER 2.00 0.00 X X 0 0 0 ROBERT MILLER BOARD MEMBER (THRU 10/21)/SECRETARY 2.00 0.00 X X 0 0 0 VIVIAN BEARD BOARD MEMBER 2.00 0.00 X 0 0 0 TRACI BLACKWELL BOARD MEMBER 2.00 0.00 X 0 0 0 DENA DAVIS BOARD MEMBER 2.00 0.00 X 0 0 0 LORENZO DI BONAVENTURA BOARD MEMBER 2.00 0.00 X 0 0 0 ROBERT FRIEND BOARD MEMBER 2.00 0.00 X 0 0 0 IRA GOLDSTONE BOARD MEMBER 2.00 0.00 X 0 0 0 JEFFREY D GREENHAWT BOARD MEMBER 2.00 0.00 X 0 0 0 GARY GROSSMAN BOARD MEMBER 2.00 0.00 X 0 0 0 DOUG HERZOG BOARD MEMBER 2.00 0.00 X 0 0 0 MICHAEL MACWADE BOARD MEMBER 2.00 0.00 X 0 0 0 MICHAEL MARA BOARD MEMBER 2.00 0.00 X 0 0 0 ANDREA MONTONI BOARD MEMBER 2.00 0.00 X 0 0 0 PATRICIA PEYTON BOARD MEMBER 2.00 0.00 X 0 0 0 NATE PUSEY BOARD MEMBER 2.00 0.00 X 0 0 0 SHEILA ROBINSON BOARD MEMBER 2.00 0.00 X 0 0 0 LINDA SCHWARTZ BOARD MEMBER (THRU 05/2022) 2.00 0.00 X 0 0 0 RAJ SHARMA BOARD MEMBER 2.00 0.00 X 0 0 0 SUSAN NAMM SPENCER BOARD MEMBER 2.00 0.00 X 0 0 0 CATHY WEISS BOARD MEMBER 2.00 0.00 X 0 0 0 PETER ZAMORE BOARD MEMBER 2.00 0.00 X 0 0 0 PAUL DWORKIS VP FOR ADMINISTRATION AND FINANCE 40.00 0.00 X 359120 0 52041 MICHAELE WHELAN PROV & VP FOR ACAD AFF(THRU 11/2021) 40.00 0.00 X 367060 0 19962 JAN ROBERTS-BRESLIN INT. PROVOST & VP FOR ACADEMIC AFF. 40.00 0.00 X 230738 0 42684 MEREDITH AINBINDER VP AND GENERAL COUNSEL(THRU 06/2022) 40.00 0.00 X 206336 0 22692 RUTHANNE MADSEN VP FOR ENROLLMENT MANAGEMENT 40.00 0.00 X 277309 0 15005 JOHN MALCOLM VP FOR INSTITUTIONAL ADVANCEMENT 40.00 0.00 X 329791 0 18996 MARGARET INGS INTERIM VP, GOVT & COMMUNITY RLTNS 40.00 0.00 X 305612 0 4430 ALLISON SAMPSON VP/EXEC DIR, L.A. PROG(THRU 05/2022) 40.00 0.00 X 281254 0 23729 SHARI D STIER CHIEF HR OFFICER (THRU 03/2022) 40.00 0.00 X 244501 0 19384 DAVID CHRISTOPHER HOWSE VP, OFFICE OF THE ARTS & EXEC DIR 40.00 0.00 X 248906 0 13402 M LEE PELTON FORMER PRESIDENT 0.00 0.00 X 381041 0 55502 CHRISTINE HUGHES FORMER GENERAL COUNSEL 0.00 0.00 X 113856 0 4809 3977989 0 312336 191 1 1 0 GRANT THORNTON LLP 75 STATE ST BOSTON MA 02109 AUDIT/TAX SERVICES 294824 STORBECK SEARCH LLC 1400 N PROVIDENCE RD STE 3500 MEDIA PA 19063 RECRUITING SERVICES 293354 JACKSON LEWIS PC PO BOX 416019 BOSTON MA 02241 LEGAL SERVICES 262179 HOLLAND AND KNIGHT LLP 10 ST JAMES AVE 1200 BOSTON MA 02116 LEGAL SERVICES 257085 REAL MAGIC LLC 85 BUTLER STREET APT 4F BROOKLYN NY 11231 ARTIST SERVICES 211075 11 43000 16010619 8987815 743658 25041434 TUITION & FEES 611710 243384203 243384203 ROOM & BOARD 611710 51661653 51661653 AUXILIARY - OTHER 611710 1021458 1021458 BOOKSTORE COMMISSION 611710 97548 97548 296164862 2742688 -25326 2768014 2604000 2604000 1779497 896279 883218 883218 883218 152655042 151681705 973337 973337 973337 24310 43000 22903 1407 1407 MISCELLANEOUS 611710 2728573 2728573 SUMMER CONFERENCES 531390 79460 79460 2808033 331218979 298893435 54134 7229976 67995369 67995369 2014980 2014980 2150512 808226 1136604 205682 42621 42621 87235159 70129646 14363903 2741610 5223213 4192321 858668 172224 12335866 9500400 1945865 889601 6133862 4923238 1008374 202250 3648647 3648647 377229 377229 37 37 600831 600831 2308265 1913614 391945 2706 1717383 1388977 284489 43917 3699444 2433094 1203511 62839 3438596 2763925 566105 108566 11195803 8819360 1806375 570068 1931168 1588796 325416 16956 853056 624708 127953 100395 22555461 18721033 3834428 20828347 17287528 3540819 6626103 5499665 1126438 OTHER SERVICES 12144905 9912927 2030359 201619 OTHER FOOD SERVICES 11528424 9543620 1954717 30087 OTHER MAINT & EQUIP 11298066 9376347 1920456 1263 SPACE RENTALS (COVID) 1431774 1431774 8667778 3885351 4576210 206217 307982899 254754899 47672000 5556000 213625 447452 80999043 105462291 4130576 5505308 2950003 1858104 1371821 1117741 2190297 6242195 1049850186 304286925 761184804 745563261 260155478 225429172 59918 59940 25989151 27281648 1139244716 1118967112 42379950 44597739 21764828 19389528 524897652 515856413 24158788 23831469 613201218 603675149 X 446539889 440758354 79503609 74533609 526043498 515291963 1139244716 1118967112 X 23236080 -34412615 425000 X 0 1 X 1 1 1 X 10444894 9744382 8553598 14669799 25041434 68454107 10444894 9744382 8553598 14669799 25041434 68454107 4028481 64425626 6951639 13393514 7960301 14650942 7151511 50107907 79060 90100 24310 193470 118755484 1271579272 0.54250 0.45190 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2017 AMOUNT: $ 79,060. 2018 AMOUNT: $ 90,100. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 24,310. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 37 37 0 PART II-B, LINE 1: SCHEDULE C, PART II REPRESENTS THE PORTION OF ANNUAL DUES INVOLVED IN LOBBYING ACTIVITIES WHICH RELATES TO THE NATIONAL ASSOCIATION OF COLLEGEAND UNIVERSITY BUSINESS OFFICERS AND ITS AFFILIATES ("NACUBO"). THE AMOUNT IS NEGLIGIBLE. THIS REPRESENTS THE ONLY LOBBYING ACTIVITIES OF THE COLLEGE. 259626226 1487361 -28117296 8093557 224902734 183295624 23866410 59889154 7424962 259626226 180509388 2805692 4723915 4743371 183295624 171633889 3221142 10248986 4594629 180509388 161079646 2599143 12186354 4231254 171633889 0.71900 0.20400 0.07700 0 0 76843446 76843446 924064805 267303808 656760997 5940310 4794755 1145555 34707833 32188362 2519471 8293792 8293792 745563261 CAPITAL LEASE OBLIGATIONS 23199607 REFUNDABLE ADVANCES GOVT GRANT 631862 23831469 X 230982422 -34412615 1344182 -33068433 264050855 600831 66567293 67168124 331218979 241733957 919182 919182 240814775 600831 66567293 67168124 307982899 PART V, LINE 4: ENDOWMENT FUNDS THE COLLEGE'S ENDOWMENT CONSISTS OF APPROXIMATELY 195 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING DONOR RESTRICTED ENDOWMENT FUNDS AND OTHERS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. THE PURPOSE OF THE COLLEGE'S ENDOWMENT IS TO SUPPORT THE EDUCATIONAL MISSION OF THE COLLEGE BY PROVIDING A RELIABLE SOURCE OF FUNDS FOR CURRENT AND FUTURE USE THROUGH QUARTERLY DRAWDOWNS. THE ENDOWMENT IS USED TO FUND SCHOLARSHIPS AND GRANTS AS WELL AS TO PROVIDE SUPPORT FOR PROGRAM SERVICES. UNDER THE COLLEGE'S CURRENT LONG-TERM INVESTMENT SPENDING POLICY, WHICH IS WITHIN THE GUIDELINES SPECIFIED UNDER STATE LAW, THE COLLEGE MAY SPEND UP TO 5% OF THE AVERAGE MARKET VALUE OF THE QUALIFYING ENDOWMENT INVESTMENT POOL AT THE END OF THE PREVIOUS FIVE CALENDAR YEARS. PART X, LINE 2: ASC 740 INCOME TAX FOOTNOTE 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 POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 896,279. MARLBORO TRANSACTION CONTRIBUTION 425,000. FUNDRAISING EXPENSES 22,903. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID - EMERSON SCHOLARSHIPS 66,567,293. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 896,279. FUNDRAISING EXPENSES 22,903. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID - EMERSON SCHOLARSHIPS 66,567,293. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE'S NONDISCRIMINATORY POLICY IS AVAILABLE IN THE COLLEGE'S ADMISSION CATALOG AND THE COLLEGE'S WEBSITE. EMERSON COLLEGE ADMITS QUALIFIED STUDENTS REGARDLESS OF RACE, COLOR, RELIGIOUS BELIEFS, NATIONAL AND ETHNIC ORIGIN, SEX, SEXUAL ORIENTATION, GENDER IDENTIY, AGE, OR DISABILITY TO ALL OF THE RIGHTS, PRIVILEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE COLLEGE. EMERSON COLLEGE DOES NOT UNLAWFULLY DISCRIMINATE ON THE BASIS OF RACE, COLOR, RELIGIOUS BELIEFS, NATIONAL AND ETHNIC ORIGIN, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, AGE, DISABILITY, OR ANY OTHER CATEGORY PROTECTED BY LAW IN THE ADMINISTRATION OF ITS EDUCATIONAL POLICIES, ADMISSION POLICIES, SCHOLARSHIP AND LOAN PROGRAMS, ATHLETIC PROGRAMS, OR OTHER COLLEGE-ADMINISTRATED PROGRAMS OR ACTIVITIES. SCHEDULE E, PART I, LINE 6 THE COLLEGE PARTICIPATES IN A NUMBER OF FEDERAL FINANCIAL PROGRAMS FOR ITS STUDENTS WHO HAVE FILED A FAFSA AND ARE ELIGIBLE FOR FEDERAL FINANCIAL AID. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 1 22 PROGRAM SERVICES SEMESTER ABROAD CLASS 2493202 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 35932157 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 2014980 1 22 0 0 1 22 40440339 0 40440339 EMERSON COLLEGE FUNDED SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 216 2014980 0 1 0 1 1 1 1 PART I, LINE 2: MONITORING THE USE OF GRANT FUNDS OUTSIDE THE U.S. EMERSON COLLEGE AWARDS INSTITUTIONAL FINANCIAL ASSISTANCE PRIMARILY ON THE BASIS OF DEMONSTRATED FINANCIAL NEED. COLLEGE MONITORING OF THE FUNDS INCLUDES DIRECTLY CREDITING AWARDS TO STUDENT ACCOUNTS WHICH ASSURES THAT FUNDS ARE USED FOR THE EDUCATIONAL PURPOSE INTENDED. ALL AID RECIPIENTS MUST MAINTAIN SATISFACTORY ACADEMIC PROGRESS AS OUTLINED IN THE EMERSON COLLEGE STUDENT HANDBOOK. STUDENTS RECEIVING FEDERAL AID MUST HAVE A MINIMUM OF A "C" (2.0) GRADE POINT AVERAGE BY THE END OF THEIR SECOND ACADEMIC YEAR. FINANCIAL AID RECIPIENTS MAY NOT BE IN DEFAULT ON ANY EDUCATION LOANS, OWE A REFUND ON ANY GRANT, OR DEMONSTRATE ANY UNWILLINGNESS TO REPAY AN EDUCATIONAL LOAN. PART I, LINE 3: GRANTMAKING EXPENDITURES FOR SCHOLARSHIPS ARE REPORTED IN COLUMN (F) AT THEIR BOOK VALUE. AMOUNTS SHOWN IN COLUMN (F) FOR INVESTMENTS ARE REPORTED AT THEIR FAIR MARKET VALUE. EXPENDITURES FOR THE SEMESTER ABROAD CLASSES ARE ACCOUNTED FOR UNDER THE ACCRUAL METHOD OF ACCOUNTING. PART III ACCOUNTING METHOD: PART IV FOREIGN FILING REQUIREMENTS: THE COLLEGE HAS CERTAIN ALTERNATIVE INVESTMENTS THAT MAY HAVE TRANSFERS TO OR GENERATE OWNERSHIP INTERESTS IN FOREIGN COPRORATIONS OR PARTNERSHIPS. AS SUCH, SCHEDULE F PART IV REFLECTS THESE TRANSFERS AND INTERESTS. THE COLLEGE HAS REVIEWED THESE INVESTMENTS FOR ANY TRANSFERS OR INTERESTS THAT ARE REQUIRED TO BE FURTHER REPORTED ON FORMS 926, 5471, 8621, OR 8865. AK CA CO FL MA MD NV NH OR UT WA GOLF TOURNAMENT 67310 43000 24310 6830 14091 1982 67310 43000 24310 6830 14091 1982 22903 1407 1 EMERSON COLLEGE FUNDED SCHOLARSHIPS 4217 64552313 0 HEERF STUDENT PASS THROUGH FUNDS (NOT INCLUDED IN THE SCHOLARSHIPS ABOVE) 759 3443056 0 PART I, LINE 2: EMERSON COLLEGE AWARDS INSTITUTIONAL FINANCIAL ASSISTANCE PRIMARILY ON THE BASIS OF DEMONSTRATED FINANCIAL NEED. COLLEGE MONITORING OF THE FUNDS INCLUDES DIRECTLY CREDITING AWARDS TO THE STUDENT ACCOUNTS WHICH ASSURES THAT FUNDS ARE USED FOR THE EDUCATION PURPOSE INTENDED. ALL AID RECIPIENTS MUST MAINTAIN SATISFACTORY ACADEMIC PROGRESS AS OUTLINED IN THE EMERSON COLLEGE STUDENT HANDBOOK. STUDENTS RECEIVING FEDERAL AID MUST HAVE A MINIMUM OF A "C" (2.0) GRADE POINT AVERAGE BY THE END OF THEIR SECOND ACADEMIC CAREER. FINANCIAL AID RECIPIENTS MAY NOT BE IN DEFAULT ON ANY EDUCATION LOANS, OWE A REFUND ON ANY GRANT, OR DEMONSTRATE ANY UNWILLINGNESS TO REPAY AN EDUCATIONAL LOAN. X X X X 1 1 X X X X X X 1 0 0 0 0 0 0 1 0 WILLIAM GILLIGAN INTERIM PRESIDENT 278812 0 0 0 353653 0 18000 0 1700 0 652165 0 0 0 M LEE PELTON FORMER PRESIDENT 251102 0 0 0 129939 0 0 0 55502 0 436543 0 0 0 PAUL DWORKIS VP FOR ADMINISTRATION AND FINANCE 333972 0 0 0 25148 0 14655 0 37386 0 411161 0 0 0 MICHAELE WHELAN PROV & VP FOR ACAD AFF(THRU 11/2021) 330601 0 0 0 36459 0 9089 0 10873 0 387022 0 0 0 JOHN MALCOLM VP FOR INSTITUTIONAL ADVANCEMENT 326437 0 0 0 3354 0 7875 0 11121 0 348787 0 0 0 MARGARET INGS INTERIM VP, GOVT & COMMUNITY RLTNS 143790 0 0 0 161822 0 3724 0 706 0 310042 0 0 0 ALLISON SAMPSON VP/EXEC DIR, L.A. PROG(THRU 05/2022) 267254 0 0 0 14000 0 10776 0 12953 0 304983 0 0 0 RUTHANNE MADSEN VP FOR ENROLLMENT MANAGEMENT 276331 0 0 0 978 0 11788 0 3217 0 292314 0 0 0 JAN ROBERTS-BRESLIN INT. PROVOST & VP FOR ACADEMIC AFF. 209781 0 15000 0 5957 0 11787 0 30897 0 273422 0 0 0 SHARI D STIER CHIEF HR OFFICER (THRU 03/2022) 226564 0 0 0 17937 0 8464 0 10920 0 263885 0 0 0 DAVID CHRISTOPHER HOWSE VP, OFFICE OF THE ARTS & EXEC DIR 248042 0 0 0 864 0 9938 0 3464 0 262308 0 0 0 MEREDITH AINBINDER VP AND GENERAL COUNSEL(THRU 06/2022) 205343 0 0 0 993 0 8344 0 14348 0 229028 0 0 0 CHRISTINE HUGHES FORMER GENERAL COUNSEL 0 0 0 0 113856 0 0 0 4809 0 118665 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL THE PRESIDENT MAY TRAVEL VIA FIRST CLASS IN ORDER TO CARRY OUT HIS/HER DUTIES AS REQUIRED BY THE COLLEGE. THE PRESIDENT HAS THE AUTHORITY TO APPROVE FIRST CLASS TRAVEL FOR VICE PRESIDENTS WHEN WARRANTED AND WITH PRIOR APPROVAL. SUCH ACCOMMODATIONS FOR THE PRESIDENT AND VICE PRESIDENTS ARE NOT INCLUDED IN TAXABLE WAGES AS THEY ARE PROVIDED FOR THE BENEFIT OF THE COLLEGE. HOUSING AND PERSONAL SERVICES IN ACCORDANCE WITH COLLEGE POLICY AND INTERNAL REVENUE CODE SECTION 119, THE COLLEGE REQUIRES THE PRESIDENT TO LIVE IN A RESIDENCE OWNED BY THE COLLEGE AS A CONDITION OF EMPLOYMENT DURING HIS TENURE. THE PRESIDENTIAL RESIDENCE IS PROVIDED FOR THE CONVENIENCE OF THE COLLEGE AND EXTENSIVELY USED FOR BUSINESS OF THE COLLEGE. HOUSEKEEPING IS PROVIDED TO MAINTAIN THE APPEARANCE OF THE RESIDENCE FOR COLLEGE FUNCTIONS. THE VALUE OF THE PERSONAL USE OF THE HOME IS INCLUDED IN NON-TAXABLE BENEFITS REPORTED ON SCHEDULE J PART II COLUMN (D). THE VALUE OF THE HOME WAS BASED ON AN INDEPENDENT MARKET APPRAISAL. ONE LISTED INDIVIDUAL RECEIVED A TAXABLE HOUSING ALLOWANCE. THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION AND REPORTED ON SCHEDULE J PART II COLUMN (B)(III). TAX INDEMNIFICATION AND GROSS-UP PAYMENTS THE COLLEGE PROVIDED CERTAIN PAYMENTS TO EMPLOYEES REPORTED ON SCHEDULE J PART II THAT WERE GROSSED UP FOR TAX PURPOSES. THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION AND REPORTED ON SCHEDULE J PART II COLUMN (B)(III). PART I, LINE 4A SEVERANCE AGREEMENTS AND PAYMENT WILLIAM GILLIGAN, VP FOR INFORMATION TECHNOLOGY, SIGNED A VOLUNTARY EARLY RETIREMENT PROGRAM AGREEMENT AND LEFT HIS POSITION IN DECEMBER 2020. MR. GILLIGAN RECEIVED $275,100 IN CALENDAR YEAR 2021 AND WILL RECEIVE $137,550 IN CALENDAR YEAR 2022. SUBSEQUENT TO HIS SIGNING THE AGREEMENT, MR. GILLIGAN AGREED TO REJOIN THE COLLEGE IN JUNE 2021 AS INTERIM PRESIDENT WHILE THE COLLEGE'S PRESIDENTIAL SEARCH COMMITTEE REVIEWS POTENTIAL CANDIDATES FOR THE PERMANENT ROLE. THE PORTION OF HIS SEVERANCE PAID IN CALENDAR YEAR 2021 IS INCLUDED ON SCHEDULE J, PART II, COLUMN B(III). CHRISTINE HUGHES, VP AND GENERAL COUNSEL/CLERK, SIGNED A VOLUNTARY EARLY RETIREMENT PROGRAM AGREEMENT AND LEFT HER POSITION IN OCTOBER 2020. PURSUANT TO THIS AGREEMENT, MRS. HUGHES RECEIVED $115,122 IN CALENDAR YEAR 2021. THIS AMOUNT IS INCLUDED ON SCHEDULE J, PART II, COLUMN B(III). MARGARET INGS, INTERIM VP FOR GOVERNMENT AND COMMUNITY RELATIONS, SIGNED A VOLUNTARY EARLY RETIREMENT PROGRAM AGREEMENT AND LEFT HER POSITION IN JUNE 2021. PURSUANT TO THIS AGREEMENT, MRS. INGS RECEIVED $136,308 IN CALENDAR YEAR 2021 AND WILL RECEIVE $103,692 IN CALENDAR YEAR 2022. THE PORTION OF HER SEVERANCE PAID IN CALENDAR YEAR 2021 IS INCLUDED ON SCHEDULE J, PART II, COLUMN B(III). PART I, LINE 7 NON-FIXED PAYMENT A LISTED INDIVIDUAL RECEIVED A BONUS FOR RECOGNITION OF ADDITIONAL SERVICES PROFORMED. THIS AMOUNT WAS APPROVED BY MANAGEMENT. A CMFA SERIES 2011 201563566 13048TMZ3 2011-12-08 55463072 LOS ANGELES BUILDING 1 0 0 B MDFA SERIES 2015 043431814 57583U7F9 2015-05-14 143055842 CONSTRUCTION OF DORM. & RENOV. 0 0 0 C MDFA SERIES 2016A 043431814 57584XD57 2016-12-06 204166939 RENOVATION OF DORM 0 0 0 D MDFA SERIES 2017A 043431814 57584XU74 2017-09-14 112429423 ADVANCE REFUND OF DEBT 0 0 0 A 52400000 55463072 4837952 621432 50003688 2014 0 0 1 1 B 15865000 143055842 7468507 892053 77471533 57223749 2017 0 1 1 1 C 3410000 204166939 15397662 1185722 187583555 2019 0 0 1 1 D 112429423 846841 111582582 2017 0 1 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 1 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 SCHEDULE K THE SERIES 2015 BONDS WERE ISSUED TO REFUND THE COLLEGE'S OUTSTANDING SERIES 2006 DEBT AS WELL AS FINANCE THE CONSTRUCTION OF THE 2 BOYLSTON PLACE DORMITORY. THE SERIES 2017A BONDS WERE ISSUED TO ADVANCE REFUND THE SERIES 2010A DEBT, AND THE COLLEGE FULLY DEFEASED THE REMAINDER OF THE SERIES 2010A ISSUANCE USING OPERATING CASH DURING FISCAL 2018. THE SERIES 2017B BONDS WERE ISSUED TO ADVANCE REFUND SERIES 2011 DEBT. PART IV, LINE 2C FOR THE SERIES 2011 ISSUANCE, THE REBATE CALCULATION WAS PERFORMED AS OF JUNE 30, 2017. FOR THE SERIES 2015 ISSUANCE, THE REBATE CALCULATION WAS PERFORMED AS OF JUNE 30, 2018. FOR THE SERIES 2016A AND SERIES 2017A ISSUANCES, THE REBATE CALCULATION WAS PERFORMED AS OF JUNE 30, 2020. FOR THE SERIES 2017 AND SERIES 2018 ISSUANCES, THE REBATE CALCULATION WAS PERFORMED AS OF JUNE 30, 2021. FOR ALL REBATE CALCULATIONS PERFORMED, NO REBATE WAS DUE. A CMFA SERIES 2017B 201563466 13048T6J7 2017-09-19 62717607 ADVANCE REFUND OF DEBT 0 0 0 B MDFA SERIES 2018 043431814 57584YFK0 2018-04-11 24367428 WORKING CAPITAL 0 0 0 A 62717607 55416465 523293 6777849 2017 0 1 1 1 B 24367428 367428 24000000 2018 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 1 0 1 0 0 0 0 1 B 0 1 0 1 0 0 0 0 1 A 1 B 1 JORDAN C WILSON PELTON FMR. OFF. DAUGHTER 42621 EMERSON EMPLOYEE 0 X 6 743658 FAIR MARKET VALUE 2 0 1 0 PART I, COLUMN (B): AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART I, LINE 6: THE COLLEGE IDENTIFIED THE AREAS AND DEPARTMENTS THAT USE VOLUNTEERS DURING THE TAX YEAR. THESE DEPARTMENTS WERE ASKED TO ESTIMATE THE NUMBER OF VOLUNTEERS USED FOR THE VARIOUS PROGRAMS. THE TYPES OF SERVICES PROVIDED BY THESE VOLUNTEERS INCLUDE PHONE-A-THONS, ORIENTATION, CAMPUS TOUR GUIDES, AND INFORMATION SESSIONS. THE NUMBER OF VOLUNTEERS DOES NOT INCLUDE PAID EMPLOYEES WHO VOLUNTEER THEIR TIME OUTSIDE OF NORMAL WORKING HOURS. FORM 990, PART V, LINE 1A: THE NUMBER FROM 2021 FORM 1096 BOX 3 INCLUDES 5,804 FORMS 1098-T. FORM 990, PART VI, SECTION A, LINE 1A EXECUTIVE COMMITTEE THE BYLAWS DELEGATES GENERAL SUPERVISION OF THE ADMINISTRATION AND PROPERTY OF THE COLLEGE TO AN EXECUTIVE COMMITTEE IN BETWEEN MEETINGS OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE INCLUDES TRUSTEES DESIGNATED BY THE CHAIR. FORM 990, PART VI, SECTION A, LINE 4 DURING THE FISCAL YEAR, EMERSON COLLEGE AMENDED ITS BYLAWS SO THAT THE CLERK POSITION WAS REPLACED WITH SECRETARY/CLERK AND ASSISTANT SECRETARY/CLERK. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM WITH INFORMATION PROVIDED BY MANAGEMENT. A DRAFT FORM 990 IS GIVEN TO THE AUDIT COMMITTEE FOR THEIR REVIEW. DURING THIS REVIEW, QUESTIONS REGARDING THE DRAFT FORM 990 ARE ANSWERED BY MANAGEMENT. CHANGES ARE MADE IF NECESSARY. THE FORM 990 IS THEN MADE AVAILABLE TO ALL MEMBERS OF THE GOVERNING BODY BEFORE THE FORM IS ELECTRONICALLY FILED WITH THE IRS AND MADE PUBLICLY AVAILABLE. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY THE BY-LAWS OF THE BOARD OF TRUSTEES CONTAINS A WRITTEN CONFLICT OF INTEREST POLICY. MEMBERS OF THE BOARD COMPLETE ANNUAL CONFLICT OF INTEREST QUESTIONNAIRES. A TRUSTEE SHOULD DISCLOSE AN ACTUAL/POTENTIAL CONFLICT TO THE CHAIR (OR VICE-CHAIR) AND GENERAL COUNSEL. AS A BEST PRACTICE, OFFICERS AND KEY EMPLOYEES ALSO ACKNOWLEDGE RECEIPT OF, AND FAMILIARITY WITH THE POLICY, AND COMPLETE AN ANNUAL CONFLICT OF INTEREST QUESTIONNAIRE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW THE PURPOSE OF THE COMPENSATION COMMITTEE IS TO ESTABLISH A FAIR AND APPROPRIATE COMPENSATION PACKAGE FOR THE PRESIDENT. THE COMMITTEE MAY ALSO, UPON REQUEST OF THE PRESIDENT, ADVISE ON COMPENSATION OF THE OTHER HIGHLY COMPENSATED MEMBERS OF THE ADMINISTRATION. THE PRESIDENT MAY NOT ATTEND MEETINGS OF THE COMPENSATION COMMITTEE WHEN THE PRESIDENT'S COMPENSATION IS UNDER CONSIDERATION. ALL COMPENSATION AT THE COLLEGE IS BASED ON COMPARATIVE DATA AND DOCUMENTED EITHER IN BOARD MINUTES OR HUMAN RESOURCES RECORDS. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC INSPECTION EMERSON COLLEGE MAKES AVAILABLE FORM 990 ON ITS WEBSITE, AND FORM 990-T UPON REQUEST. DURING THE YEAR, THE COLLEGE RECEIVES REGULAR REQUESTS FOR THE TAX DOCUMENTS AND THESE REQUESTS ARE NORMALLY FULFILLED WITHIN A DAY. THE COLLEGE MAKES AVAILABLE ITS GOVERNING DOCUMENTS (BY-LAWS) ON THE COLLEGE'S WEBSITE. THE COLLEGE MAKES AVAILABLE ON ITS WEBSITE ITS CONFLICT OF INTEREST POLICY AND ITS FINANCIAL STATEMENTS. FORM 990, PART XI, LINE 9: MARLBORO TRANSACTION CONTRIBUTION 425,000.