2023-05-12T14:11:24-05:00 2022-06-30 135565207 KPMG LLP 60 SOUTH STREET TWO FINANCIAL CENTER BOSTON MA 02111 990 2021-07-01 041081650 BENTLEY UNIVERSITY BENT 7818912000 175 FOREST STREET WALTHAM MA 024524705 MAUREEN FORRESTER VP AND CFO/TREASURER 7818912000 2023-05-08 1 MAUREEN FORRESTER 999009999 SMITA BALIGA P01643271 6179881000 2023-05-05 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z E LABRENT CHRITE 175 FOREST STREET WALTHAM MA 024524705 379626354 0 X WWW.BENTLEY.EDU X 1917 MA SEE SCHEDULE O 22 20 2656 250 471973 92144 15599000 19190000 267732000 319168000 8244614 12015044 703000 1517000 292278614 351890044 85072441 104803498 0 0 124662057 136660997 98990 102100 5364319 76882611 82818514 286716099 324385109 5562515 27504935 756187665 744363755 229595665 218594755 526592000 525769000 X SEE SCHEDULE O 0 0 284027547 104803498 320685000 TUITION, FEES, AND AUXILIARYFOUNDED IN 1917 AS THE BENTLEY SCHOOL OF ACCOUNTING AND FINANCE, BENTLEY UNIVERSITY PLACES VITAL EMPHASIS ON THE QUALITY OF ITS FACULTY AS DEDICATED TEACHERS/SCHOLARS. ACADEMICS ACROSS ALL DEPARTMENTS ARE COMMITTED TO ESTABLISHING EFFECTIVE TEACHING AND LEARNING RELATIONSHIPS WITH STUDENTS BOTH INSIDE AND OUTSIDE THE CLASSROOM, WHILE SIMULTANEOUSLY PURSUING SCHOLARLY RESEARCH THAT CONTRIBUTES TO THEIR KNOWLEDGE AND THAT SUPPORTS THE UNIVERSITY'S TEACHING MISSION. OUR MORE THAN 100 STUDENT ORGANIZATIONS PROVIDE COUNTLESS OPPORTUNITIES FOR INVOLVEMENT, LEARNING, AND LEADERSHIP.SEE SCHEDULE O FOR CONTINUATIONAPPROXIMATELY 75% OF BENTLEY'S UNDERGRADUATE STUDENTS LIVE IN CAMPUS-PROVIDED HOUSING. RESIDENCE HALLS INCLUDE SINGLE, DOUBLE, TRIPLE, AND QUADRUPLE OCCUPANCY ROOMS AS WELL AS APARTMENTS AND SUITES. ALL OF THE RESIDENCE HALLS OFFER STUDENTS MODERN DAY AMENITIES. IN ADDITION, THE UNIVERSITY OFFERS RESIDENT STUDENTS SEVERAL DIFFERENT DINING OPTIONS FROM WHICH TO CHOOSE. 284027547 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 6217 0 1 2656 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 22 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA X X NANCY ANTUNES 7818912000 175 FOREST STREET WALTHAM MA 024524705 E LABRENT CHRITE PRESIDENT/TRUSTEE (AS OF 6/21) 50.00 X X 472260 0 55716 J PAUL CONDRIN III CHAIR/FORMER PRESIDENT (6/20-6/21) 50.00 X 261231 0 90 DAVID L GIUNTA VICE CHAIR 8.00 X X 0 0 0 ROBERT E ALAN TRUSTEE 2.00 X 0 0 0 THOMAS P ALBER TRUSTEE 2.00 X 0 0 0 KEVIN F ARMATA TRUSTEE 1.00 X 0 0 0 PAULINE CALLENDER HAN TRUSTEE 1.00 X 0 0 0 J TERENCE CARLETON TRUSTEE 2.00 X 0 0 0 STEPHEN L DELVECCHIO TRUSTEE 2.00 X 0 0 0 JOYCE J ELAM TRUSTEE 2.00 X 0 0 0 DANIEL FARLEY TRUSTEE 1.00 X 0 0 0 MELANIE FOLEY TRUSTEE 2.00 X 0 0 0 STEVEN C MILLNER TRUSTEE 1.00 X 0 0 0 LEBONE C MOSES TRUSTEE 1.00 X 0 0 0 SUSAN G O'CONNELL TRUSTEE 2.00 X 0 0 0 MELANIE OTERO TRUSTEE 1.00 X 0 0 0 BILL PAPPAS TRUSTEE 2.00 X 0 0 0 GORDON E PULSIFER TRUSTEE 1.00 X 0 0 0 DEBORA L SPAR TRUSTEE 1.00 X 0 0 0 NIKOLAS STAVROPOULOS TRUSTEE 2.00 X 0 0 0 TIFFANY R WARREN TRUSTEE 1.00 X 0 0 0 BRIAN T ZINO TRUSTEE 2.00 X 0 0 0 MAUREEN FORRESTER VP, CFO/TREASURER 50.00 X 429157 0 39731 DONNA MARIA BLANCERO VP, ACA AFF/PROVOST 50.00 X 387735 0 39552 MAUREEN FLORES VP, FOR ADVANCEMENT 50.00 X 376402 0 40658 CAROLINA FIGUEROA VP, FOR ENROLLMENT MANAGEMENT 50.00 X 317544 0 42837 JUDITH MALONE VP/GENERAL COUNSEL & SECRETARY 50.00 X 315355 0 41083 J ANDREW SHEPARDSON VP, STUDENT AFFAIRS & DEAN 50.00 X 315148 0 42113 RICK OCHES INTERIM VP ACA AFF (AS OF 3/22) 50.00 X 272621 0 26829 GEORGE CANGIANO VP, HUMAN RESOURCES 50.00 X 267001 0 40165 CHRISTOPHER J JOYCE VP, MARKETING & COMM. 50.00 X 249950 0 25675 SUSAN WALSH INT VP & CIO (UNTIL 10/3/21) 50.00 X 232890 0 13044 KATHERINE LAMPLEY VP, DIV/INCLUSION 50.00 X 198186 0 15036 ELIZABETH HESS VP & CIO (AS OF 10/4/21) 50.00 X 73295 0 4402 M LYNNE MARKUS PROFESSOR 50.00 X 405972 0 27596 RANI HOITASH PROFESSOR 50.00 X 379700 0 41058 MARTIN CONYON PROFESSOR 50.00 X 366934 0 40743 KARTIK RAMAN PROFESSOR 50.00 X 355717 0 41827 ROY WIGGINS III PROFESSOR 50.00 X 349827 0 42063 ALISON DAVIS-BLAKE FORMER PRESIDENT 0.00 X 346154 0 0 DANIEL EVERETT FORMER INTERIM CO-PROV/DEAN 50.00 X 298301 0 40837 NANCY ANTUNES FORMER INTERIM CFO 50.00 X 250272 0 40388 IAN WALL FORMER INTERIM VP & CIO 50.00 X 119216 0 1161 7040868 0 702604 355 1 1 0 SODEXO INC & AFFILIATES 860 WINTER STREET WALTHAM MA 02451 FOOD SERVICES 11089233 TIMBERLINE CONSTRUCTION CORPORATION 300 PINE STREET CANTON MA 02021 CONSTRUCTION 2423188 TITAN ROOFING INC 200 TAPLEY STREET SPRINGFIELD MA 01104 CONSTRUCTION 1974000 CHAPMAN CONSTRUCTIONDESIGN COMPANY 84 WINCHESTER STREET NEWTON HIGHLANDS MA 02461 CONSTRUCTION 1895644 C & W FACILITY SERVICES INC 140 KENDRICK STREET NEEDHAM MA 02494 CUSTODIAL SERVICES 811490 42 10425000 8765000 1372917 19190000 TUITION, FEES, AND AUXILIARY 900099 319168000 318219776 349693 598531 319168000 3251354 26976 3224378 36500000 27736310 8763690 8763690 95304 8668386 OTHER SOURCES 900099 1517000 1517000 1517000 351890044 319736776 471973 12491295 167375 167375 96252807 96252807 8383316 8383316 4168775 587767 3355166 225842 1013942 298301 715641 104536817 88918914 12512753 3105150 7934654 6497442 1131009 306203 12104970 9912385 1725447 467138 6901839 5651702 983791 266346 2009763 817194 1192569 450233 5215 445018 423441 423441 21377 21377 102100 102100 3022109 3022109 2592642 2443423 149219 3350185 3296970 42379 10836 6441061 5166082 1124447 150532 5054620 3710579 1314045 29996 14595661 13940921 654500 240 2163931 1948657 3373 211901 2333143 1577356 632645 123142 4078878 3842214 236664 18140365 17087827 1052538 969961 37224 932737 PURCHASED SERVICES 11093478 7686927 3089865 316686 STUDY ABROAD 2073714 2073714 LEASING 1487931 1426034 51429 10468 MEDICAL TESTING SUPPLIE 670987 669984 1003 1845034 1627217 180078 37739 324385109 284027547 34993243 5364319 0 0 79697436 99124261 3705556 2698734 3160580 2852434 0 0 0 0 0 0 0 0 4110823 2236058 592065000 298967000 294285000 293098000 205432270 149766268 165796000 194588000 0 0 0 0 0 0 756187665 744363755 28749180 31423179 0 0 17404054 8475475 154576489 170317512 0 0 0 0 0 0 0 0 28865942 8378589 229595665 218594755 X 367364000 376826000 159228000 148943000 526592000 525769000 756187665 744363755 X 27504935 -26984935 -1343000 X 0 1 X 1 1 1 X 7672000 7155000 12904000 15599000 19190000 62520000 7672000 7155000 12904000 15599000 19190000 62520000 1171993 61348007 2774163 3159395 2663036 2269481 3224378 14090453 56024 29927 11273 24775 93144 215143 2837000 4214000 1976000 703000 1517000 11247000 88072596 1474956246 0.69660 0.65100 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER SOURCES - 2017 AMOUNT: $ 2,837,000. 2018 AMOUNT: $ 4,214,000. 2019 AMOUNT: $ 1,976,000. 2020 AMOUNT: $ 703,000. 2021 AMOUNT: $ 1,517,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 21377 21377 0 PART II-B, LINE 1: BENTLEY UNIVERSITY PAYS MEMBERSHIP DUES TO VARIOUS EDUCATIONAL ASSOCIATIONS WHICH MAY ENGAGE IN LOBBYING ACTIVITIES ON BEHALF OF THEIR MEMBERS, AND THEREFORE THE DUES CREATE INDIRECT LOBBYING EXPENSES FOR THE UNIVERSITY. THE PORTION OF MEMBERSHIP FEES ALLOCABLE TO LOBBYING ACTIVITIES WAS $21,377 FOR THE YEAR ENDED JUNE 30, 2022. 215150 X 0 359232653 3588000 -16638949 3462448 9657552 333061704 263227202 3518401 104823556 3153191 9183315 359232653 276502744 1773698 -3071238 3026244 8951758 263227202 279725063 1414000 7250000 3145001 8741318 276502744 262996000 3228000 24826000 2871841 8453096 279725063 0.58951 0.18056 0.22993 0 0 31871000 31871000 492641000 241825000 250816000 59217000 57142000 2075000 8336000 8336000 293098000 HEDGE FUNDS 82607000 F PRIVATE EQ/VENTURE CAP 88699000 F COMMODITIES 16926000 F LIFE INSURANCE 6356000 F 194588000 POST RETIREMENT BENEFITS 6369113 ANNUITY OBLIGATION 2009476 8378589 X 320540000 -26984935 -1343000 -28327935 348867935 3022109 3022109 351890044 321363000 0 321363000 3022109 3022109 324385109 PART III, LINE 4: COLLECTIONS OF ART THE UNIVERSITY OWNS A MODERN COLLECTION OF ABOUT 35 PAINTINGS AND SCULPTURES THAT APPEAR IN PUBLIC COMMON AREAS THROUGHOUT THE CAMPUS, IN CONFERENCE ROOMS, AND IN THE PRESIDENT'S HOUSE. THE COLLECTION SEEKS TO ENRICH CAMPUS CULTURAL LIFE IN GENERAL, INCREASE THE EDUCATIONAL SCOPE AND OPPORTUNITY FOR APPRECIATION OF THE ARTS BY UNIVERSITY STUDENTS, AND CONTRIBUTE TO THE CULTURAL ENRICHMENT OF THE SURROUNDING COMMUNITY. PART V, LINE 4: ENDOWMENT FUNDS THE UNIVERSITY'S ENDOWMENT PROVIDES FOR SCHOLARSHIPS TO STUDENTS, SUPPORT FOR ACADEMIC PROGRAMS, AND SUPPORT FOR PROGRAM ACTIVITIES. IN ADDITION, QUASI ENDOWMENT REPRESENTS 59% OF ENDOWMENT. THIS AMOUNT IS INVESTED AND THE EARNINGS ARE USED TO SUPPORT UNIVERSITY OPERATIONS. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE THE UNIVERSITY IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE, AS AMENDED. ACCORDINGLY, IT IS GENERALLY NOT SUBJECT TO INCOME TAXES EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. THE UNIVERSITY BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2022 OR 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS -900,000. OTHER NONOPERATING ACTIVITIES -443,000. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NONDISCRIMINATORY POLICY BENTLEY UNIVERSITY DOES NOT DISCRIMINATE IN ADMISSION OR ACCESS TO, OR TREATMENT OR EMPLOYMENT IN ANY OF ITS EDUCATIONAL PROGRAMS OR ACTIVITIES, INCLUDING SCHOLARSHIPS, LOANS, AND ATHLETICS, ON THE BASIS OF RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY AND/OR EXPRESSION, MARITAL STATUS, AGE, NATIONAL ORIGIN, CITIZENSHIP STATUS, DISABILITY, GENETIC INFORMATION, MILITARY OR VETERAN STATUS. BENTLEY UNIVERSITY MAINTAINS AND SUPPORTS AFFIRMATIVE ACTION PLANS FOR ITS WORKPLACE IN COMPLIANCE WITH FEDERAL LAW. EQUAL OPPORTUNITY EXTENDS TO ALL ASPECTS OF THE EMPLOYMENT RELATIONSHIP, INCLUDING HIRING, PROMOTIONS, TRAINING, WORKING CONDITIONS, COMPENSATION, AND BENEFITS. BENTLEY UNIVERSITY'S POLICIES AND PRACTICES REFLECT THE UNIVERSITY'S COMMITMENT TO NONDISCRIMINATION IN ALL AREAS OF EMPLOYMENT. SCHEDULE E, PART I, LINE 6 FINANCIAL AID AND GOVERNMENTAL ASSISTANCE THE UNIVERSITY PARTICIPATES IN THE TITLE IV PROGRAM FOR CAMPUS WORK STUDY, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, THE PERKINS LOAN PROGRAM, DIRECT LENDING, AND PELL GRANTS. THE UNIVERSITY PROVIDES FINANCIAL AID FUNDS TO THE STUDENTS BASED ON GENERALLY ACCEPTED UNIFORM NON-DISCRIMINATORY METHODOLOGY. LINE 3 - EXPLANATION OF NONDISCRIMINATORY POLICY, CONTINUED: THE UNIVERSITY COMPLIES WITH TITLE VI OF THE CIVIL RIGHTS ACT, TITLE IX OF THE EDUCATION AMENDMENTS ACT, SECTION 504 OF THE REHABILITATION ACT AND REVENUE PROCEDURE 75-50 PROHIBITING SUCH DISCRIMINATION. ANYONE BELIEVING THAT HE OR SHE HAS EXPERIENCED ADVERSE TREATMENT MAY REGISTER A COMPLAINT WITH THE VICE PRESIDENT, HUMAN RESOURCES AT GCANGIANO@BENTLEY.EDU. THE UNIVERSITY PUBLISHES ITS NONDISCRIMINATION POLICY ON ITS WEBSITE AND IN THE STUDENT HANDBOOK. 1 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 117778 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD 1824742 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDY ABROAD 27823 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD 50439 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD 52932 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 748366 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 2679688 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 771021 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 279270 NORTH AMERICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 740671 RUSSIA AND THE NEWLY INDEPENDENT STATES 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 768644 SOUTH AMERICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 988921 SOUTH ASIA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 755133 SUB-SAHARAN AFRICA 0 0 GRANTMAKING SCHOLARSHIP ASSISTANCE 651602 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 5452539 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 7976641 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 0 INVESTMENTS 852539 0 0 0 0 0 0 6272789 18465960 24738749 SCHOLARSHIP ASSISTANCE CENTRAL AMERICA AND THE CARIBBEAN 31 748366 ACCT CREDIT SCHOLARSHIP ASSISTANCE EAST ASIA AND THE PACIFIC 218 2679688 ACCT CREDIT SCHOLARSHIP ASSISTANCE EUROPE (INCLUDING ICELAND & GREENLAND) 38 771021 ACCT CREDIT SCHOLARSHIP ASSISTANCE MIDDLE EAST AND NORTH AFRICA 17 279270 ACCT CREDIT SCHOLARSHIP ASSISTANCE NORTH AMERICA 26 740671 ACCT CREDIT SCHOLARSHIP ASSISTANCE RUSSIA AND NEIGHBORING STATES 33 768644 ACCT CREDIT SCHOLARSHIP ASSISTANCE SOUTH AMERICA 54 988921 ACCT CREDIT SCHOLARSHIP ASSISTANCE SOUTH ASIA 73 755133 ACCT CREDIT SCHOLARSHIP ASSISTANCE SUB-SAHARAN AFRICA 33 651602 ACCT CREDIT 1 0 1 1 1 1 PART I, LINE 2: MONITORING THE USE OF GRANT FUNDS OUTSIDE THE U.S. THE UNIVERSITY PROVIDES SCHOLARSHIP ASSISTANCE TO QUALIFIED STUDENTS. MANY SCHOLARSHIPS ARE BASED ON CRITERIA SUCH AS ACADEMIC STRENGTH, ATHLETIC ABILITY, AND LEADERSHIP OR COMMUNITY SERVICE. NON-NEED-BASED SCHOLARSHIP FUNDING IS AWARDED THROUGH THE ADMISSIONS PROCESS AND USUALLY HAS A GRADE POINT AVERAGE (GPA) OR OTHER REQUIREMENT FOR RENEWAL IN SUBSEQUENT YEARS. TYPES OF MERIT SCHOLARSHIPS INCLUDE AWARDS RANGING FROM $10,000 TO $30,000 AND A LIMITED NUMBER OF FULL TUITION AWARDS. ALL SCHOLARSHIP AMOUNTS ARE AUTOMATICALLY CREDITED TO THE INDIVIDUAL'S STUDENT ACCOUNT. PART I, LINE 3: BASIS OF ACCOUNTING THE BASIS OF ACCOUNTING ON THE FINANCIAL STATEMENTS IS ACCRUAL. PART III ACCOUNTING METHOD: X X 1 EAB GLOBAL 2445 M STREET NW WASHINGTON DC 20037 CONSULTS ON DIRECT MAIL PROGRAM 0 235008 102100 132908 235008 102100 132908 AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OR OK PA RI SC SD TN TX UT VT VA WA WV WI WY SCHEDULE G, PART I, 2B, COLUMN III EAB GLOBAL SOLICITS DONATIONS ON BEHALF OF BENTLEY UNIVERSITY THROUGH DIRECT MAIL AND DIRECT EMAILING CAMPAIGNS. EAB DOES NOT HAVE CUSTODY OR CONTROL OVER ANY CONTRIBUTIONS RAISED ON BEHALF OF THE UNIVERSITY. SCHEDULE G, PART I, LINE 2B, COLUMN V THE AMOUNT PAID TO EAB GLOBAL REFLECTS THE COST FOR PROFESSIONAL FUNDRAISING, PRODUCTION OF PRINTED MATERIALS, AS WELL AS THE COMPREHENSIVE CREATIVE DEVELOPMENT OF MULTI-CHANNEL COMMUNICATIONS FOR DIRECT SOLICITATION CAMPAIGN. 1 MA CONFERENCE FOR WOMEN PO BOX 55071 BOSTON MA 02205 202699177 501(C)(3) 18000 0 SPONSORSHIP THE REGENTS OF THE UNIVERSITY OF COLORADO 1800 N GRANT ST STE 400 DENVER CO 80203 846000555 501(C)(3) 23603 0 RESEARCH CARLETON COLLEGE ONE NORTH COLLEGE STREET NORTHFIELD MN 55057 410694747 501(C)(3) 60507 0 RESEARCH OREGON STATE UNIVERSITY 4238 SW RESEARCH WAY CORVALLIS OR 97333 936022772 501(C)(3) 65265 0 RESEARCH 4 0 SCHOLARSHIP ASSISTANCE 3882 92776434 HEERF - STUDENT AID 1605 3476373 PART I, LINE 2: MONITORING THE USE OF GRANT FUNDS IN THE U.S. THE UNIVERSITY PROVIDED FINANCIAL SUPPORT TO THE MASSACHUSETTS CONFERENCE FOR WOMEN. THIS ENTITY PROVIDES OPPORTUNITIES FOR BUSINESS NETWORKING, PROFESSIONAL DEVELOPMENT, EDUCATION, AND PERSONAL GROWTH FOR WOMEN. THE UNIVERSITY OCCASIONALLY MAKES PAYMENTS TO INSTITIUTIONS AS SUBAWARDEES OF ITS RESEARCH GRANT PROGRAMS. WHEN APPROVING INVOICE PAYMENTS CHARGED TO RESEARCH GRANTS, THE VALIDITY OF THE EXPENSES ARE VERIFIED BY THE PRINCIPAL INVESTIGATOR, WHILE COMPLIANCE AND ALLOWABILITY OF CHARGES ARE MONITORED BY THE OFFICE OF SPONSORED PROGRAMS. PART III, LINE 1 THE UNIVERSITY PROVIDES SCHOLARSHIP ASSISTANCE TO QUALIFIED STUDENTS. MANY SCHOLARSHIPS ARE BASED ON CRITERIA SUCH AS ACADEMIC STRENGTH, ATHLETIC ABILITY, AND LEADERSHIP OR COMMUNITY SERVICE. NON-NEED-BASED SCHOLARSHIP FUNDING IS AWARDED THROUGH THE ADMISSIONS PROCESS AND USUALLY HAS A GRADE POINT AVERAGE (GPA) OR OTHER REQUIREMENT FOR RENEWAL IN SUBSEQUENT YEARS. TYPES OF MERIT SCHOLARSHIPS INCLUDE AWARDS RANGING FROM $10,000 TO $30,000 AND A LIMITED NUMBER OF FULL TUITION AWARDS. THE UNIVERSITY ALSO OFFERS NEED-BASED AID GRANT FUNDS THAT ARE AWARDED BASED ON FINANCIAL NEED AND DO NOT HAVE TO BE REPAID. THE OFFICE OF FINANCIAL ASSISTANCE DETERMINES THE TOTAL AMOUNT OF A STUDENT'S NEED-BASED GRANT FUNDING ACCORDING TO FEDERAL AND INSTITUTIONAL FORMULAS. TYPES OF NEED-BASED GRANTS INCLUDE BENTLEY SCHOLARSHIPS, AS WELL AS FEDERAL AND STATE SOURCES. ALL SCHOLARSHIP AND NEED-BASED AID GRANT AMOUNTS ARE AUTOMATICALLY CREDITED TO THE INDIVIDUAL'S STUDENT ACCOUNT. PART III, LINE 2 ON 03/11/2021, THE PRESIDENT OF THE UNITED STATES SIGNED THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF III) INTO LAW, AUTHORIZED BY THE AMERICAN RESCUE PLAN (ARP), PUBLIC LAW 117-2. THESE FUNDS SUPPORT STUDENTS AND HIGHER EDUCATION INSTITUTIONS WITH EXPENSES AND FINANCIAL NEEDS TO ENSURE LEARNING CONTINUES DURING THE COVID-19 PANDEMIC. THE UNIVERSITY PROVIDED $3,476,373 OF GRANTS TO STUDENTS FROM THE HEERF III FUNDS. X X X X X 1 1 X X X X X X 1 0 0 0 0 0 0 1 0 E LABRENT CHRITE PRESIDENT/TRUSTEE (AS OF 6/21) 460144 0 0 0 12116 0 26351 0 29365 0 527976 0 0 0 MAUREEN FORRESTER VP, CFO/TREASURER 399835 0 17875 0 11447 0 18750 0 20981 0 468888 0 0 0 M LYNNE MARKUS PROFESSOR 393117 0 8620 0 4235 0 20590 0 7006 0 433568 0 0 0 DONNA MARIA BLANCERO VP, ACA AFF/PROVOST 365149 0 14000 0 8586 0 19625 0 19927 0 427287 0 0 0 RANI HOITASH PROFESSOR 366856 0 8346 0 4498 0 20400 0 20658 0 420758 0 0 0 MAUREEN FLORES VP, FOR ADVANCEMENT 360649 0 9375 0 6378 0 19850 0 20808 0 417060 0 0 0 MARTIN CONYON PROFESSOR 346964 0 7816 0 12154 0 21125 0 19618 0 407677 0 0 0 KARTIK RAMAN PROFESSOR 344630 0 7077 0 4010 0 21183 0 20644 0 397544 0 0 0 ROY WIGGINS III PROFESSOR 335329 0 7825 0 6673 0 21116 0 20947 0 391890 0 0 0 CAROLINA FIGUEROA VP, FOR ENROLLMENT MANAGEMENT 307202 0 8000 0 2342 0 21193 0 21644 0 360381 0 0 0 J ANDREW SHEPARDSON VP, STUDENT AFFAIRS & DEAN 294938 0 7688 0 12522 0 21500 0 20613 0 357261 0 0 0 JUDITH MALONE VP/GENERAL COUNSEL & SECRETARY 298522 0 10125 0 6708 0 21500 0 19583 0 356438 0 0 0 ALISON DAVIS-BLAKE FORMER PRESIDENT 0 0 0 0 346154 0 0 0 0 0 346154 0 0 0 DANIEL EVERETT FORMER INTERIM CO-PROV/DEAN 286119 0 7046 0 5136 0 20967 0 19870 0 339138 0 0 0 GEORGE CANGIANO VP, HUMAN RESOURCES 256266 0 7575 0 3160 0 19568 0 20597 0 307166 0 0 0 RICK OCHES INTERIM VP ACA AFF (AS OF 3/22) 262624 0 7195 0 2802 0 19890 0 6939 0 299450 0 0 0 NANCY ANTUNES FORMER INTERIM CFO 239335 0 8248 0 2689 0 18786 0 21602 0 290660 0 0 0 CHRISTOPHER J JOYCE VP, MARKETING & COMM. 240682 0 7125 0 2143 0 18244 0 7431 0 275625 0 0 0 J PAUL CONDRIN III CHAIR/FORMER PRESIDENT (6/20-6/21) 258462 0 0 0 2769 0 0 0 90 0 261321 0 0 0 SUSAN WALSH INT VP & CIO (UNTIL 10/3/21) 209946 0 15000 0 7944 0 12972 0 72 0 245934 0 0 0 KATHERINE LAMPLEY VP, DIV/INCLUSION 192254 0 5250 0 682 0 14966 0 70 0 213222 0 0 0 IAN WALL FORMER INTERIM VP & CIO 40370 0 0 0 78846 0 1154 0 7 0 120377 0 0 0 PART I, LINE 1A FOR THE CONVENIENCE OF THE UNIVERSITY, THE UNIVERSITY PROVIDES ON CAMPUS HOUSING FOR ITS PRESIDENT. ESTIMATED RENTAL CHARGES FOR THE CALENDAR YEAR 2021 (06/01/2021-12/31/2021) ARE $29,133. THIS COST IS ALLOCATED TO THE PRESIDENT AS A NON TAXABLE BENEFIT IN COLUMN D. IN ADDITION, ESTIMATED PERSONAL COSTS RELATED TO HOUSE SERVICES ARE INCLUDED IN THE PRESIDENT'S TAXABLE INCOME. FROM TIME TO TIME, THE UNIVERSITY MAY PROVIDE CAR SERVICES TO THE PRESIDENT TO BE USED FOR BUSINESS PURPOSES. THE AMOUNT PAID FOR COMMERCIAL CAR SERVICES IS NOT INCLUDED IN THE PRESIDENT'S TAXABLE WAGES AS THE CAR SERVICE WAS USED ONLY TO CONDUCT UNIVERSITY BUSINESS. RELOCATION EXPENSES WERE PROVIDED BY THE UNIVERSITY FOR THE CURRENT PRESIDENT AND ARE INCLUDED IN THE PRESIDENT'S TAXABLE INCOME. FROM TIME TO TIME, THE UNIVERSITY MAY PROVIDE CERTAIN PAYMENTS THAT HAVE BEEN GROSSED-UP FOR TAX PURPOSES. FOR CALENDAR YEAR 2021, MAUREEN FORRESTER, DONNA MARIA BLANCERO, GEORGE CANGIANO, CHRISTOPHER J. JOYCE, JUDITH MALONE, AND SUSAN WALSH HAD SUCH PAYMENTS. THESE AMOUNTS ARE INCLUDED IN THEIR RESPECTIVE TAXABLE INCOME. THE UNIVERSITY WILL OCCASIONALLY APPROVE FIRST CLASS TRAVEL FOR TRUSTEES OR OFFICERS WHEN THE TRAVEL IS WITHIN THE GUIDELINES OF THE UNIVERSITY'S TRAVEL POLICY. THE PRESIDENT'S SPOUSE TRAVELS OCCASIONALLY WITH THE PRESIDENT WHEN NECESSARY FOR BUSINESS PURPOSES. TRAVEL FOR BUSINESS PURPOSES IS NOT INCLUDED AS TAXABLE INCOME. PART I, LINE 4A ALISON DAVIS-BLAKE AND IAN WALL RECEIVED SEVERANCE PAYMENTS DURING THE YEAR. THESE PAYMENTS OF $346,154 AND $78,462 RESPECTIVELY, ARE INCLUDED IN THEIR TAXABLE INCOMES. PART I, LINE 7 NON-FIXED PAYMENTS BONUSES AWARDED TO THE PRESIDENT ARE DETERMINED BY THE COMPENSATION COMMITTEE BASED ON ITS ASSESSMENT OF THE PRESIDENT'S PERFORMANCE AND THAT OF BENTLEY UNIVERSITY AGAINST APPROPRIATE GOALS ESTABLISHED ANNUALLY BY THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE, IN ITS SOLE DISCRETION MAY DETERMINE NOT TO AWARD A BONUS FOR ANY GIVEN YEAR. BONUSES ARE AWARDED TO VICE PRESIDENTS BASED ON RECOMMENDATIONS MADE BY THE PRESIDENT AND ARE APPROVED BY THE COMPENSATION AND BENEFITS COMMITTEE WITH THE RATIONALE BASED UPON THE PRESIDENT'S ASSESSMENT OF THE INDIVIDUAL'S PERFORMANCE. BONUS PAYMENTS ARE AWARDED TO ALL OTHER EMPLOYEES BASED ON RECOMMENDATIONS MADE BY MANAGEMENT AND APPROVED BY THEIR RESPECTIVE VICE PRESIDENT. A MDFA SERIES 2016 043431814 57584XKJ9 2016-03-08 40434302 RENOVATE JENNISON & RES HALLS 0 0 0 B MDFA SERIES 2017 043431814 57584X5U1 2017-12-21 22901422 REFUNDING MDFA SERIES 2010 0 0 0 C MDFA SERIES 2021A 043431814 57584YS34 2021-09-01 92193468 REFUND MDFA SER. 2013A & 2013B 0 0 0 A 40434302 354219 40080083 2016 0 0 1 1 B 1265000 22901422 285368 22616054 2018 1 0 1 1 C 92193468 406706 91786762 2021 1 0 1 1 A 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 C 0 1 1 1 0 0.01570 0.00000 0.01570 0 0 1 A 0 0 1 1 0 0 0 0 1 B 0 0 1 1 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 PART IV, LINE 2 COLUMN A - MDFA SERIES 2016 THE FINAL REBATE CALCULATION FOR THE MDFA SERIES 2016 BOND ISSUE WAS PERFORMED ON SEPTEMBER 14, 2020. COLUMN B - MDFA SERIES 2017 THE FINAL REBATE CALCULATION FOR THE MDFA SERIES 2017 BOND ISSUE WAS PERFORMED ON OCTOBER 7, 2020. COLUMN C - MDFA SERIES 2021A THE FIRST REBATE CALCULATION FOR THE MDFA SERIES 2021A BOND ISSUE IS DUE SEPTEMBER 30, 2026. X 18 1372917 FMV 0 1 0 PART I, COLUMN (B): NONCASH CONTRIBUTIONS AMOUNTS IN COLUMN B REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART I, LINE 1 ORGANIZATION'S MISSION BENTLEY UNIVERSITY CHANGES THE WORLD WITH A TRANSFORMATIVE BUSINESS EDUCATION, INTEGRATED WITH ARTS AND SCIENCES, THAT INSPIRES AND PREPARES ETHICAL LEADERS WHO WILL CONFRONT THE CHALLENGES OF TODAY AND SHAPE THE OPPORTUNITIES OF TOMORROW. FORM 990, PART III, LINE 1 ORGANIZATION'S MISSION BENTLEY UNIVERSITY IS MORE THAN JUST ONE OF THE NATION'S TOP BUSINESS SCHOOLS. IT IS A LIFELONG-LEARNING COMMUNITY THAT CREATES SUCCESSFUL LEADERS WHO MAKE BUSINESS A FORCE FOR POSITIVE CHANGE. WITH A COMBINATION OF BUSINESS AND THE ARTS AND SCIENCES AND A FLEXIBLE, PERSONALIZED APPROACH TO EDUCATION, BENTLEY PROVIDES STUDENTS WITH CRITICAL THINKING AND PRACTICAL SKILLS THAT PREPARE THEM TO LEAD SUCCESSFUL, REWARDING CAREERS. FOUNDED IN 1917, THE UNIVERSITY ENROLLS 4,000 UNDERGRADUATE AND 1,000 GRADUATE AND PHD STUDENTS AND IS SET ON 163 ACRES IN WALTHAM, MASSACHUSETTS, 10 MILES WEST OF BOSTON. FOR MORE INFORMATION, VISIT WWW.BENTLEY.EDU. BENTLEY UNIVERSITY ENJOYS A STRONG POSITION IN MANY MAJOR RANKINGS AND LISTS INCLUDING U.S. NEWS & WORLD REPORT, PRINCETON REVIEW, AND MANY OTHER NATIONAL PUBLICATIONS. UNDERGRADUATE AND GRADUATE BUSINESS PROGRAMS AT BENTLEY UNIVERSITY ARE ACCREDITED BY THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS (AACSB INTERNATIONAL). THE UNIVERSITY IS ALSO ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION (NECHE). THESE ACCREDITATIONS INDICATE THAT BENTLEY UNIVERSITY MEETS OR EXCEEDS ESTABLISHED STANDARDS AS DETERMINED BY PERIODIC AACSB PEER GROUP REVIEWS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS A FULL AND COMPLETE COPY OF THE FORM 990 AND ALL ITS ACCOMPANYING SCHEDULES WAS SENT ELECTRONICALLY TO THE UNIVERSITY'S TRUSTEE AUDIT COMMITTEE IN APRIL FOR ITS REVIEW. UPON COMPLETION OF THAT REVIEW IN EARLY MAY, THE COMPLETE FORM 990 WAS MADE AVAILABLE TO THE FULL BOARD PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MEMBERS OF THE UNIVERSITY'S BOARD OF TRUSTEES AND SENIOR MANAGEMENT MAY, FROM TIME TO TIME, BE ASSOCIATED, EITHER DIRECTLY OR INDIRECTLY, WITH COMPANIES DOING BUSINESS WITH THE UNIVERSITY. THE UNIVERSITY HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT REQUIRES, AMONG OTHER THINGS, THAT NO MEMBER OF THE BOARD OF TRUSTEES MAY PARTICIPATE IN ANY DECISION IN WHICH HE OR SHE HAS A MATERIAL FINANCIAL INTEREST. EACH TRUSTEE IS REQUIRED TO CERTIFY COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS AS WELL AS DISCLOSE ANY POTENTIAL RELATED-PARTY TRANSACTIONS TO THE AUDIT COMMITTEE. WHEN SUCH A RELATIONSHIP EXISTS, THE UNIVERSITY REQUIRES THAT SUCH TRANSACTIONS BE CONDUCTED AT ARM'S LENGTH, WITH TERMS THAT ARE FAIR AND REASONABLE TO THE UNIVERSITY. FOR SENIOR MANAGEMENT, THE UNIVERSITY REQUIRES ANNUAL DISCLOSURE OF SIGNIFICANT FINANCIAL INTERESTS IN, OR GOVERNANCE OF EMPLOYMENT OR CONSULTING RELATIONSHIPS WITH, ENTITIES DOING BUSINESS WITH THE UNIVERSITY. WHEN SUCH RELATIONSHIPS EXIST, MEASURES ARE TAKEN TO APPROPRIATELY MANAGE THE ACTUAL OR PERCEIVED CONFLICT IN THE BEST INTEREST OF THE UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION POLICY COMPENSATION ARRANGEMENTS FOR THE PRESIDENT AND ALL OFFICERS ARE REVIEWED AND APPROVED IN ADVANCE OF ANY PAYMENT BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES WHO IS INDEPENDENT OF MANAGEMENT AND FREE OF ANY CONFLICTS OF INTEREST THAT WOULD INTERFERE WITH THEIR EXERCISE OF INDEPENDENT JUDGMENT. THE COMPENSATION COMMITTEE REVIEWS OTHER NON-PROFIT ORGANIZATIONS' FORMS 990, GENERAL SALARY SURVEYS AND STUDIES, AND THEN SUBMITS ITS RECOMMENDATIONS FOR APPROVAL BY THE FULL BOARD. IN ADDITION, THE UNIVERSITY PERIODICALLY ENGAGES AN INDEPENDENT PARTY THAT REVIEWS SALARY INFORMATION AND REPORTS RESULTS TO THE COMPENSATION AND BENEFITS COMMITTEE OF THE BOARD OF TRUSTEES. DETAIL OF ALL DISCUSSIONS OF THE TRUSTEE COMPENSATION COMMITTEE IS CONTEMPORANEOUSLY DOCUMENTED. THE PROCESS FOR DETERMINING THE COMPENSATION OF THE UNIVERSITY'S PRESIDENT AND ALL OFFICERS IS REASONABLE AND SATISFIES THE REBUTTABLE PRESUMPTION OF TREASURY REGULATION SECTION 53.4958-6. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC DISCLOSURE THE UNIVERSITY'S PRINCIPAL GOVERNING DOCUMENTS, INCLUDING THE ARTICLES OF INCORPORATION AND BY-LAWS, ARE FILED WITH THE MASSACHUSETTS SECRETARY OF STATE AND THEREFORE AVAILABLE TO THE PUBLIC. THE UNIVERSITY'S FINANCIAL STATEMENTS ARE POSTED ON THE UNIVERSITY'S WEBSITE FOR PUBLIC VIEWING. REGARDING CONFLICT OF INTEREST, THE INDIVIDUAL FORMS SIGNED BY TRUSTEES AND OFFICERS ARE NOT AVAILABLE FOR PUBLIC INSPECTION BUT THE UNIVERSITY'S FINANCIAL STATEMENTS DO INCLUDE A FOOTNOTE DISCUSSING RELATED-PARTY TRANSACTIONS. THE CONFLICT OF INTEREST POLICY IS ALSO AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS -900,000. OTHER NONOPERATING ACTIVITIES -443,000. CHARITABLE REMAINDER ANNUITY TRUST (2) 175 FOREST STREET WALTHAM MA 02452 CRAT MA BENTLEY T 1 CHARITABLE REMAINDER ANNUITY TRUST (5) 175 FOREST STREET WALTHAM MA 02452 CRUT MA BENTLEY T 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CHARITABLE REMAINDER ANNUITY TRUST (2) A 20420 FMV