2023-05-15T09:14:28-05:00 2022-06-30 043000523 O'CONNOR & DREW PC 25 BRAINTREE HILL OFFICE PARK SUITE 102 BRAINTREE MA 02184 990 2021-07-01 521859814 MONTSERRAT COLLEGE OF ART INC MONT 9789214242 23 ESSEX STREET BEVERLY MA 01915 BRIAN PELLINEN INTERIM PRESIDENT 9789214242 2023-05-12 1 BRIAN PELLINEN 999009999 JEFFREY J CARUSO P00303577 7817294949 2023-05-12 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z BRIAN PELLINEN 23 ESSEX STREET BEVERLY MA 01915 17310420 0 X WWW.MONTSERRAT.EDU X 1992 MA MONTSERRAT COLLEGE OF ART, IS A SMALL INDEPENDENT ART COLLEGE, WHICH PROVIDES AND INDIVIDUALIZED EDUCATION TO ARTISTS AND DESIGNERS THAT IS FOCUSED ON THE PROFESSIONAL AND PERSONAL SUCCESS OF EACH STUDENT. 17 15 291 0 0 0 1061902 2402694 16832398 14749803 46148 39285 32903 -1242 17973351 17190540 5792451 5870125 0 0 5833110 6275205 0 0 198823 4376789 4871495 16002350 17016825 1971001 173715 16506023 17112239 6409986 7568261 10096037 9543978 X FOUNDED BY WORKING CREATIVE PROFESSIONALS, MONTSERRAT COLLEGE OF ART PROVIDES AN INDIVIDUALIZED EDUCATION FOCUSED ON MAXIMIZING THE PROFESSIONAL AND PERSONAL SUCCESS OF EACH STUDENT. STRUCTURED AROUND EXPERIENTIAL LEARNING, STUDIO PRACTICE, LIBERAL ARTS, AND PROFESSIONAL PREPARATION, THE MISSION OF THE COLLEGE IS TO ENSURE THAT ITS GRADUATES LEAVE EQUIPPED WITH THE COMPETENCE, CONFIDENCE, AND HABITS OF MIND TO BUILD LIVES OF CREATIVE ENTERPRISE AND COMMUNITY ENGAGEMENT. MONTSERRAT RECOGNIZES ITS ROLE AS AN ECONOMIC DRIVER AND CULTURAL LEADER IN THE REGION. MONTSERRAT COLLEGE OF ART IS A NON-PROFIT, INDEPENDENT ART SCHOOL, ACCREDITED BY THE NATIONAL ASSOCIATION OF SCHOOLS OF ART AND DESIGN (NASAD) AND BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION (NECHE), THROUGH ITS COMMISSION ON INSTITUTIONS OF HIGHER EDUCATION TO AWARD THE BACHELOR OF FINE ARTS DEGREE IN 10 STUDIO CONCENTRATIONS. THE COLLEGE IS ALSO A MEMBER OF THE ASSOCIATION OF INDEPENDENT COLLEGES OF ART AND DESIGN. 0 0 12938995 5870125 15903274 MONTSERRAT HAS AN ACTIVE STUDENT BODY OF 360+ STUDENTS AS OF FALL 2021 AND EMPLOYEES 70+ FACULTY MEMBERS. ITS SMALL SIZE ALLOWS FOR MORE ACADEMIC ATTENTION TO THE PROGRESS OF EACH INDIVIDUAL STUDENT. WE BELIEVE IN PREPARING OUR STUDENTS FOR SUCCESSFUL, ENJOYABLE CAREERS IN CREATIVE FIELDS. THAT'S WHY WE INCORPORATE EXPERIENCE-BASED LEARNING INTO OUR CURRICULUM AND ASSIST STUDENTS WITH FINDING MEANINGFUL INTERNSHIPS THAT MOST COMPLETE DURING THEIR JUNIOR YEAR. MONTSERRAT COLLEGE OF ART OFFERS A WIDE VARIETY OF ART, DESIGN AND WRITING PROGRAMS IN A STUDENT-CENTERED ENVIRONMENT THAT'S RIGOROUS, AND COLLABORATIVE. 12938995 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 41 0 1 291 1 0 0 0 0 0 1 1 0 0 0 0 X 17 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X LISA SHAWNEY 9789214242 23 ESSEX STREET BEVERLY MA 01915 MICHAEL J BELLIVEAU PHD VICE CHAIR OF ADVANCEMENT 1.00 X 0 0 0 MERCEDES SHERROD EVANS BOARD CHAIR 1.00 X X 0 0 0 BLYTH HAZEN TRUSTEE FACULTY REP 38.00 X 65400 0 8364 SARAH DINEEN TRUSTEE 1.00 X 0 0 0 CHRIS KOEPLIN TRUSTEE 1.00 X 0 0 0 JANUARY O'NEIL TRUSTEE 1.00 X 0 0 0 TONY LAING PHD TRUSTEE 1.00 X 0 0 0 RACHEL PERRY TRUSTEE 1.00 X 0 0 0 BARBARA SCHAYE VICE CHAIR 1.00 X X 0 0 0 JOSEPH M GISO TREASURER 1.00 X X 0 0 0 JOHN SUTYAK SECRETARY 1.00 X X 0 0 0 JOSUE BESSIAKE STUDENT TRUSTEE 1.00 X 0 0 0 TYSON J LYNCH ESQ VICE CHAIR 1.00 X 0 0 0 JEFF HAMILTON TRUSTEE 1.00 X 0 0 0 KENNETH TURNER TRUSTEE 1.00 X 0 0 0 THOMAS GRANT TRUSTEE 1.00 X 0 0 0 DR VELDA MCRAE-YATES TRUSTEE 1.00 X 0 0 0 KATHRINE B WINTERS TRUSTEE 1.00 X 0 0 0 LISA SHAWNEY CFO 38.00 X 57692 0 3640 KURT STEINBERG PRESIDENT 38.00 X 263692 0 23929 BRIAN PELLINEN DEAN OF ACADEMIC AFFAIRS 38.00 X 121000 0 16640 507784 0 52573 2 0 1 0 TIRO DESIGN & CONSTRUCTION 23 BROADWAY BEVERLY MA 01915 GENERAL CONTRACTOR 254773 ALLIED UNIVERSAL SECURITY SERVICES 580 HARRISON AVENUE BOSTON MA 02118 SECURITY 156738 FRASER ENGINEERING 65 COURT STREET NEWTON MA 02458 MECHANICAL CONTRACTOR 100898 3 115650 1153471 1133573 2402694 UNDERGRADUATE TUITION 611710 10892005 10892005 STUDENT HOUSING 611710 2648820 2648820 STUDENT FEES 611710 726530 726530 CONTINUING EDUCATION 611710 401108 401108 STUDENT ART SUPPLIES 611710 81340 81340 14749803 39285 39285 85583 115650 119880 -34297 -34297 MISCELLANEOUS 611710 33055 33055 33055 17190540 14782858 0 4988 5870125 5870125 703740 245536 458204 4514987 3504507 905278 105202 48105 34636 12507 962 657728 473564 171009 13155 350645 252464 91168 7013 4658 4658 57671 57671 837971 306370 486350 45251 130079 81079 42077 6923 474959 224345 249943 671 851851 648461 203390 242670 162470 67091 13109 182613 155521 27092 535556 456103 79453 248278 153943 94335 MAINTENANCE 796063 278848 517215 SECURITY 174240 174240 MISCELLANEOUS EXPENSES 143969 85891 51541 6537 CREDIT CARD AND BANK FE 76403 76403 114514 5132 109382 17016825 12938995 3879007 198823 3173124 2839038 92080 55685 58349 70587 202875 197001 20115119 9555629 8971811 10559490 4007784 3390438 16506023 17112239 525931 493694 805609 599467 4968946 6350600 109500 124500 6409986 7568261 X 7486964 7041972 2609073 2502006 10096037 9543978 16506023 17112239 X 173715 -605894 -119880 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X TEACHING 1 3079804 326497 -548125 2858176 1367922 1043804 668078 3079804 1328644 56000 -16722 1367922 756411 527103 71907 21689 5088 1328644 729153 500 52911 21258 4895 756411 0.57563 0.42437 1 0 1129346 1129346 13483316 5816822 7666494 1547445 204995 1342450 3366713 2945513 421200 588299 588299 0 10559490 STUDENT HOUSING DEPOSITS 124500 124500 X 10714521 -605894 -605894 11320415 5870125 5870125 17190540 11266580 119880 119880 11146700 5870125 5870125 17016825 PART III, LINE 1A: COLLECTION ITEMS ACQUIRED EITHER THROUGH PURCHASE OR DONATION ARE NOT CAPITALIZED. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IF PURCHASED WITH UNRESTRICTED ASSETS AND AS DECREASES IN TEMPORARILY RESTRICTED OR PERMANENTLY RESTRICTED NET ASSETS IF PURCHASED WITH DONOR-RESTRICTED ASSETS. CONTRIBUTIONS OF COLLECTION ITEMS ARE NOT RECOGNIZED IN THE STATEMENT OF ACTIVITIES. PROCEEDS FROM DEACQUISITIONS OR INSURANCE RECOVERIES ARE REFLECTED ON THE STATEMENT OF ACTIVITIES BASED ON THE ABSENCE OR EXISTENCE AND NATURE OF DONOR-IMPOSED RESTRICTIONS. PART V, LINE 4: THE COLLEGE INTENDED USE OF ENDOWMENT FUNDS IS TO PROVIDE A PREDICTABLE STREAM OF REVENUE TO PROGRAMS SUPPORTED BY ENDOWMENT FUNDS. PART X, LINE 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES REQUIRE AN ENTITY TO ASSESS THE PROBABILITY THAT A TAX POSITION HAS A "MORE LIKELY THAN NOT" (MLTN) SUSTAINABILITY AFTER REVIEW BY TAX AUTHORITIES. IF A TAX POSITION IS DEEMED NOT TO MEET THIS THRESHOLD, ANY UNRECOGNIZED TAX BENEFITS AND COSTS ARE ESTIMATED AND RECOGNIZED. TAX RETURNS ARE ROUTINELY OPEN FOR REVIEW BY THE TAX AUTHORITIES FOR THREE YEARS FROM THEIR DUE DATE. IN CERTAIN CIRCUMSTANCES THE STATUTE OF LIMITATIONS MAY REMAIN OPEN INDEFINITELY. AS A NOT-FOR-PROFIT ENTITY EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, THE COLLEGE MAY, HOWEVER, BE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 5,870,125. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING 119,880. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 5,870,125. 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 DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS FROM THE NORTHEASTERN REGION OF THE UNITED STATES. THE COLLEGE'S NONDISCRIMINATION POLICY IS IN ALL BROCHURES ETC. AND ON THE COLLEGE'S WEBSITE. THE WEBSITE IS A MAJOR TOOL IN RECRUITING STUDENTS WORLDWIDE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FEDERAL AND STATE FINANCIAL AID FOR QUALIFIED STUDENTS AND DISBURSES THE FUNDS DIRECTLY TO THE QUALIFIED STUDENTS AUCTION 201233 115650 85583 15800 40411 63669 201233 115650 85583 15800 40411 63669 119880 -34297 1 NEED BASED SCHOLARSHIPS 381 1033541 MERIT BASED SCHOLARSHIPS 347 4167336 OTHER GRANTS 50 531458 HOUSING GRANT 90 137790 PART I, LINE 2: THE COLLEGE REVIEWS AND MAKES SURE ALL STUDENTS RECEIVING GOVERNMENT GRANTS ARE ELIGIBLE TO RECEIVE THOSE GRANTS BEFORE DISBURSEMENT OF FUNDS. X X 0 0 0 0 0 0 0 0 0 KURT STEINBERG PRESIDENT 263692 0 0 0 0 0 0 0 23929 0 287621 0 0 0 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY REVENUE BONDS SERIES 2020A 043431814 2020-02-28 3595000 DEBT REFINANCE 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY REVENUE BONDS SERIES 2020B 043431814 2020-02-28 1645000 DEBT REFINANCE 0 0 0 A 0 0 0 0 B 0 0 0 0 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 0 B 0 JO BRODERICK DEAN OF COLLEGE RELATIONS 7093 THE KEY EMPLOYEE'S SPOUSE IS THE OWNER OF A COMPANY FROM WHICH THE COLLEGE PURCHASES PRINTING SERVICES AND SUPPLIES. 0 FORM 990, PART VI, SECTION B, LINE 11B THE COLLEGE'S FORM 990 IS DISTRIBUTED TO THE BOARD FOR REVIEW AND APPROVAL BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES AND MANAGEMENT EMPLOYEES ARE REQUIRED TO SIGN A CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE PRESIDENT IS DETERMINED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC UPON REQUEST. ITS AUDITED FINANCIAL STATEMENTS ARE POSTED ON ITS WEBSITE. FORM 990, PART XI, LINE 9: FUNDRAISING -119,880. FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE ASSUMES OVERSIGHT OF THE AUDIT OF THE COLLEGE'S FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAD NOT CHANGED FROM PRIOR YEARS.