2022-02-19T09:53:17-06:00 2021-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2020-07-01 042104778 NICHOLS COLLEGE NICH 5082131560 CENTER ROAD PO BOX 5000 DUDLEY MA 015715000 JAMIE SKOWYRA CFO 5082132386 2022-02-08 1 JAMIE SKOWYRA 999009999 BARBARA E KING P00005629 5087557107 2022-02-08 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JAMIE SKOWYRA CENTER ROAD PO BOX 5000 DUDLEY MA 01571 67640230 0 X WWW.NICHOLS.EDU X 1815 MA NICHOLS COLLEGE IS COMMITTED TO PROVIDING THE BEST CAREER-FOCUSED BUSINESS EDUCATION IN NEW ENGLAND. MORE THAN 94 PERCENT OF GRADUATES ARE EMPLOYED IN WORK RELATED TO THEIR MAJOR.A DYNAMIC BUSINESS PROGRAM IS PARALLELED BY COMPREHENSIVE PROGRAMS IN THE LIBERAL ARTS. ON THE GRADUATE LEVEL, THIS INCLUDES NICHOLS MBA AND MASTER OF SCIENCE DEGREES IN ACCOUNTING, ORGANIZATIONAL LEADERSHIP AND COUNTERTERRORISM, IN ADDITION, ACCELERATED AND ONLINE FORMATS ARE OFFERRED TO ADULT POPULATIONS. THE FRIENDLY, NURTURING CAMPUS IN DUDLEY, MASS. OFFERS A BROAD SPECTRUM OF CO-CURRICULAR ACTIVITIES AND A FULL RANGE OF ATHLETIC OPPORTUNITIES. 29 29 698 110 0 0 11345231 8486735 55609883 52580857 681705 623064 5729 0 67642548 61690656 22031489 21617020 0 0 18094531 17105478 0 0 965907 19132744 19460566 59258764 58183064 8383784 3507592 104926781 117903001 22543837 24659789 82382944 93243212 X NICHOLS COLLEGE STRIVES TO DEVELOP TOMORROW'S LEADERS THROUGH A DYNAMIC, CAREER-FOCUSED BUSINESS EDUCATION. THE COLLEGE TRANSFORMS STUDENTS INTO SUCCESSFUL GRADUATES WHO RESPOND TO CHALLENGES, ARE EAGER FOR RESPONSIBILITY, AND ASSUME SIGNIFICANT ROLES IN THE GLOBAL ECONOMY. THE NICHOLS EXPERIENCE HAPPENS IN A WELCOMING ENVIRONMENT WHERE STUDENTS ARE ENCOURAGED TO LEARN AND GROW UNDER THE GUIDANCE OF MENTORING FACULTY AND STAFF COMMITTED TO STUDENT SUCCESS. 0 0 48603532 21617020 52580857 NICHOLS COLLEGE PROVIDES EDUCATION TO APPROXIMATELY 1,041 DEGREE-SEEKING STUDENTS INCLUDING 941 FULL TIME STUDENTS,AND 100 PART-TIME STUDENTS, LEADING TO ASSOCIATES, BACHELORS, AND MASTERS DEGREES, PRIMARILY IN BUSINESS. APPROXIMATELY 747 OF THE 941 FULL TIME DAY STUDENTS ARE PROVIDED WITH FOOD AND HOUSING. THE COLLEGE ADDITIONALLY PROVIDES ADMISSIONS SERVICES, FINANCIAL AID SERVICES, ATHLETIC OPPORTUNITIES, RESIDENCE LIFE SUPPORT, CAREER PLACEMENT, NEW STUDENT ORIENTATIONS, HEALTH SERVICES, AND REGISTRAR SERVICES TO THE STUDENT BODY. 48603532 1 1 0 0 0 0 1 0 0 1 1 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 69 0 1 698 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 29 29 1 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA AK AL CA CO CT FL GA HI IL KS KY ME MD MI MN MS NV NH NJ NM NY NC ND OH OK OR PA RI TN UT VA WA WV WI AR SC X JAMIE L SKOWYRA 5082132386 NICHOLS COLLEGE DUDLEY MA 01571 STEPHEN A DAVIS TRUSTEE 2.00 X 0 0 0 CONSTANTINE ALEXANDER SECRETARY 2.00 X X 0 0 0 ROBERT B KUPPENHEIMER TRUSTEE 2.00 X 0 0 0 JAMES C BROWN TRUSTEE 2.00 X 0 0 0 JAMES W COGHLIN SR TRUSTEE 2.00 X 0 0 0 JOHN H DAVIS CHAIRMAN OF THE BOARD 2.00 X X 0 0 0 SAMUEL R HAINES TRUSTEE 2.00 X 0 0 0 RICHARD T MOORE TRUSTEE 2.00 X 0 0 0 RANDALL V BECKER TRUSTEE 2.00 X 0 0 0 ALICE C BELDEN TRUSTEE 2.00 X 0 0 0 JOHN H MCCLUTCHY JR TRUSTEE 2.00 X 0 0 0 JANE T BIRCKHEAD TRUSTEE 2.00 X 0 0 0 ASUMAN GOKSEL TRUSTEE 2.00 X 0 0 0 THOMAS J HALL VICE CHAIRMAN OF THE BOARD 2.00 X X 0 0 0 THOMAS H NILES TRUSTEE 2.00 X 0 0 0 DAVID G HALE TRUSTEE 2.00 X 0 0 0 PETER L LYNCH TRUSTEE 2.00 X 0 0 0 DAVID G BEDARD TRUSTEE 2.00 X 0 0 0 JOSEPH T BARTULIS JR TRUSTEE 2.00 X 0 0 0 TAMMY A WOLF TRUSTEE 2.00 X 0 0 0 JENNIE L CAISSIE TRUSTEE 2.00 X 0 0 0 THOMAS S LODGE TREASURER 2.00 X X 0 0 0 CAROLYN BURKE TRUSTEE 2.00 X 0 0 0 JONATHAN M BIRTWELL TRUSTEE 2.00 X 0 0 0 EDWIN B DONAHUE TRUSTEE 2.00 X 0 0 0 STEFANY C MENDEZ TRUSTEE 2.00 X 0 0 0 ANNA DYAKIV TRUSTEE 2.00 X 0 0 0 ALVAH D ROCK TRUSTEE 2.00 X 0 0 0 JAIME PARIS BOISVERT TRUSTEE 2.00 X 0 0 0 SUSAN ENGELKEMEYER PRESIDENT 37.50 X 413526 0 24084 JAMIE SKOWYRA VP FOR BUSINESS & FINANCE 37.50 X 125739 0 19886 WILLIAM PIECZYNSKI VP ADVANCEMENT 37.50 X 156066 0 24363 WILLIAM BOFFI VP ENROLLMENT 37.50 X 164020 0 24439 MAURI PELTO VP FOR ACADEMIC AFFAIRS 37.50 X 147017 0 20390 ROBERT LAVIGNE AVP OF FACILITIES 37.50 X 146659 0 27531 KERRY CALNAN ASSOCIATE PROFESSOR ACCOUN 37.50 X 160167 0 5796 JARED HAMILTON INTERIM CHIEF TECHNOLOGY O 37.50 X 117125 0 18628 BRYANT RICHARDS FACULTY 37.50 X 113010 0 18008 LUANNE WESTERLING FACULTY 37.50 X 119790 0 9653 BRIAN MCCOY FORMER FACULTY 37.50 X 117405 0 18233 1780524 0 211011 11 1 1 0 SODEXO AFFILIATES 10 EARHART DR BUFFALO NY 14221 DINING SERVICES 2035988 CLINICAL RESEARCH SEQUENCING PLATFORM 415 MAIN STREET CAMBRIDGE MA 02142 PROFESSIONAL SERVICES 1407931 LAURING CONSTRUCTION COMPANY INC 23 BRIGHAM ROAD WORCESTER MA 01609 CONSTRUCTION 851060 EAGLE CLEANING CORP 997 MILLBURY STREET SUITE A WORCESTER MA 01607 MAINTENANCE SERVICES 766027 NORTHEAST SECURITY INC 265 WASHINTON STREET WESTWOOD MA 02090 SECURITY SERVICES 452183 5 2267985 6218750 27562 8486735 TUITION & RELATED FEES 611710 43409687 43409687 AUXILIARY REVENUE 611710 9171170 9171170 52580857 624101 624101 5948537 5949574 -1037 -1037 -1037 61690656 52580857 0 623064 21617020 21617020 1780524 1780524 12320971 11405696 345871 569404 2024208 1577129 390119 56960 979775 813690 129026 37059 269628 269628 93996 93996 60536 60536 613795 314375 271724 27696 436758 432058 3200 1500 3689872 3428334 248339 13199 432457 334496 28918 69043 588176 564649 21177 2350 4539964 4358366 163460 18138 383403 51497 331906 SUPPLIES 2382385 361255 2016172 4958 FOOD SERVICE 2274320 2274320 VENDOR SERVICES 2196395 625098 1537997 33300 UNCOLLECTIBLE ACCT 714676 714676 784205 445549 206356 132300 58183064 48603532 8613625 965907 146715 1013849 2079847 298168 2146091 1021791 2075715 1868229 411454 2249002 112849236 47118534 67959183 65730702 27399842 43000330 2707934 2720930 104926781 117903001 1041356 2542209 146875 18695518 19372905 2660088 2744675 22543837 24659789 X 50194417 54193940 32188527 39049272 82382944 93243212 104926781 117903001 X 3507592 7385623 -32947 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 60.20 0 0 0 1 0 0.00 0 1 21828052 4915397 5978936 621824 32100561 17344974 5698756 425954 1641632 21828052 15417314 1557516 660761 290617 17344974 13682006 1346570 643067 254329 15417314 11566313 1126108 1292357 302772 13682006 0.18940 0.81060 0 0 1391657 1391657 102454393 40304610 62149783 8680321 6813924 1866397 322865 322865 65730702 DEFERRED TUITION AND FEES 2744675 2744675 48254416 7385623 -32947 7352676 40901740 60536 20728380 20788916 61690656 37394148 0 37394148 60536 20728380 20788916 58183064 PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF INDIVIDUAL DONOR RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE COLLEGE CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED AS NON-EXPENDABLE NET ASSETS IS CLASSIFIED AS EXPENDABLE NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE COLLEGE IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE COLLEGE MAY CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE COLLEGE AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE COLLEGE; AND THE INVESTMENT POLICIES OF THE COLLEGE. THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF TRUSTEES, THE COLLEGE'S FINANCE COMMITTEE SHALL SEEK TO INVEST THE ENDOWMENT FUNDS IN SUCH A MANNER THAT THE INVESTMENTS WILL PROVIDE A SPENDABLE RETURN CONSISTENT WITH A LONG-TERM GOAL OF PRESERVING THE FUNDS IN REAL TERMS. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE COLLEGE RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE COLLEGE HAS INVESTED IN DEBT AND EQUITY SECURITIES THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE COLLEGE HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION, AS NEEDED, AMOUNTS FOR THE PURPOSE OF SCHOLARSHIPS AND FINANCIAL AID, SPECIAL PROGRAMS, CAPITAL IMPROVEMENTS, AND ACADEMIC AND ATHLETIC SUPPORT PROGRAMS. IN ESTABLISHING THIS POLICY, THE COLLEGE CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. THIS IS CONSISTENT WITH THE COLLEGE'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF ITS ENDOWMENT. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE COLLEGE TO RETAIN AS A FUND OF PERPETUAL DURATION. THERE WERE NO SUCH DEFICIENCIES AS OF JUNE 30, 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST 77,906. LOSS ON EXTINGUISHMENT OF DEBT -110,853. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 20,728,380. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 20,728,380. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NOTICES OF THE SCHOOL'S DISCRIMINATION POLICY ARE POSTED ON CAMPUS BULLETIN BOARDS. THE POLICY IS INCLUDED IN SCHOOL BROCHURES, SCHOOL CATALOGS, SCHOOL WEBSITE, AND NEWSPAPER ADVERTISEMENTS. SCHEDULE E, PART I, LINE 6 NICHOLS COLLEGE RECEIVES FINANCIAL ASSISTANCE FROM THE GOVERNMENT THROUGH GRANTS THAT ARE PROVIDED TO THE STUDENTS TO FUND THEIR EDUCATION. 1 INSTITUTIONAL FINANCIAL AID 1076 21617020 PART I, LINE 2: NICHOLS COLLEGE PARTICIPATES IN TITLE IV FUNDING. STUDENTS MUST COMPLETE THE FAFSA FORM TO APPLY FOR AID. X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 SUSAN ENGELKEMEYER PRESIDENT 320439 0 86056 0 7031 0 5252 0 18832 0 437610 0 0 0 WILLIAM BOFFI VP ENROLLMENT 164020 0 0 0 0 0 5980 0 18459 0 188459 0 0 0 WILLIAM PIECZYNSKI VP ADVANCEMENT 156066 0 0 0 0 0 5814 0 18549 0 180429 0 0 0 ROBERT LAVIGNE AVP OF FACILITIES 146659 0 0 0 0 0 5323 0 22208 0 174190 0 0 0 MAURI PELTO VP FOR ACADEMIC AFFAIRS 147017 0 0 0 0 0 5176 0 15214 0 167407 0 0 0 KERRY CALNAN ASSOCIATE PROFESSOR ACCOUN 160167 0 0 0 0 0 4496 0 1300 0 165963 0 0 0 BRIAN MCCOY FORMER FACULTY 117405 0 0 0 0 0 3489 0 14744 0 135638 0 0 0 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2021-04-01 20000000 REFINANCE DEBT, DESIGN OF NEW RESIDENCE HALL AND OTHER CAPITAL PROJECTS 0 0 0 A 20000000 202658 16900000 3100000 1 0 0 1 A 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 A 0 X 4 27562 NYSE 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 JOHN DAVIS AND STEPHEN DAVIS ARE BROTHERS. FORM 990, PART VI, SECTION A, LINE 7A THE CHAIR AND OTHER OFFICERS OF THE COLLEGE, EXCEPT THE PRESIDENT AND ANY VICE PRESIDENTS, SHALL BE ELECTED BY THE BOARD FROM ITS MEMBERS AT ITS ANNUAL MEETING AND SHALL HOLD OFFICE UNTIL THEIR SUCCESSORS ARE DULY ELECTED AND QUALIFIED. FORM 990, PART VI, SECTION B, LINE 11B THE FORM WILL BE DISTRIBUTED TO ALL OF THE TRUSTEES AT THE JANUARY BOARD MEETING, AND THEN FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE COMPLETES AN ANNUAL CONFLICT OF INTEREST STATEMENT. REPORTED CONFLICTS ARE REVIEWED AND APPROVED (IF APPROPRIATE) BY THE BOARD'S EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES APPROVES THE SALARY FOR THE PRESIDENT ANNUALLY. THE COLLEGE UTILIZES THE SERVICES OF AN INDEPENDENT COMPENSATION CONSULTANT TO SET APPROPRIATE SALARY RANGES FOR THE OFFICERS OF THE ORGANIZATION. THE PRESIDENT DETERMINES THE ACTUAL SALARIES AS PART OF THE MERIT INCREASE/ANNUAL BUDGET PROCESS. FORM 990, PART VI, SECTION C, LINE 19 ALL FORMS ARE AVAILABLE ON REQUEST FROM FINANCIAL OPERATIONS. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST 77,906. LOSS ON EXTINGUISHMENT OF DEBT -110,853. DUDLEY FAIRWAYS LLC 123 CENTER ROAD DUDLEY MA 01571 821874136 REAL ESTATE MA DUDLEY LINKS OPERATIONS LLC 123 CENTER ROAD DUDLEY MA 01571 320535323 GOLF COURSE OPERATED BY OUTSIDE MGMT COMPANY MA GERALD & MARILY FELS CHARITABLE LEAD ANNUITY TRUST CENTER ROAD DUDLEY MA 01571 CHARITABLE LEAD ANNUITY TRUST MA T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0