2022-05-10T04:27:23-05:00 2021-06-30 366055558 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2020-07-01 041286950 EMERSON COLLEGE EMER 6178248500 120 BOYLSTON STREET BOSTON MA 021164624 PAUL DWORKIS VP ADMINISTRATION & FINANCE 6178248500 2022-05-16 1 PAUL DWORKIS XXX-XX-XXXX ERIN COUTURE P01390592 6177237900 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z PAUL DWORKIS 120 BOYLSTON STREET BOSTON MA 021164624 400393526 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. 30 29 2993 1200 0 0 8553598 14669799 256656858 243137552 8170290 12767852 7686892 5121195 281067638 275696398 52130599 59630086 0 0 109460847 108086142 0 0 6019000 108485131 107515107 270076577 275231335 10991061 465063 1047810953 1139244716 596318596 613201218 451492357 526043498 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.ON JULY 23, 2020, EMERSON COLLEGE COMPLETED AN ACQUISITION OF MARLBORO COLLEGE, LOCATED IN MARLBORO, VERMONT. AS PART OF THE ACQUISITION, EMERSON COLLEGE INVITED EXISTING MARLBORO COLLEGE STUDENTS AND FACULTY TO JOIN THE EMERSON COMMUNITY TO CONTINUE THEIR COURSEWORK AND TEACHING. 0 0 166893436 59630086 210339370 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 3,700 UNDERGRADUATE AND 1,400 GRADUATE STUDENTS ANNUALLY - THIS YEAR FROM 50 U.S. STATES, WASHINGTON, D.C., PUERTO RICO, GUAM, AND 63 COUNTRIES. THE COLLEGE HAS MORE THAN 600 FULL AND PART-TIME FACULTY. 59153000 0 35430312 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. 226046436 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 0 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 7143 0 1 2993 1 1 1 1 NL 0 0 0 1 1 0 0 0 0 0 0 X 30 29 1 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 JONATHAN PEARSALL 6178248426 120 BOYLSTON STREET BOSTON MA 021164621 M LEE PELTON PRESIDENT/TRUSTEE (THRU 05/2021) 40.00 0.00 X X 755038 0 156519 PAUL DWORKIS VP FOR ADMINISTRATION AND FINANCE 40.00 0.00 X 356922 0 52767 MICHAELE WHELAN PROVOST AND VP FOR ACADEMIC AFFAIRS 40.00 0.00 X 334794 0 29932 JOHN MALCOLM VP FOR INSTITUTIONAL ADVANCEMENT 40.00 0.00 X 335163 0 10199 WILLIAM GILLIGAN VP(THRU 12/20)/INT PRES(AS OF 6/21) 40.00 0.00 X X 290638 0 21489 ALLISON SAMPSON VP & EXEC. DIR., L.A. PROGRAM 40.00 0.00 X 279032 0 29821 CHRISTINE HUGHES THRU 102020 VP & GENERAL COUNSEL AND CLERK 40.00 0.00 X 271779 0 25202 RUTHANNE MADSEN VP FOR ENROLLMENT MANAGEMENT 40.00 0.00 X 278044 0 18087 SYLVIA SPEARS VP FOR EQUITY AND SOCIAL JUSTICE 40.00 0.00 X 244103 0 40651 ROBERT BUTLER AVP FOR ADMINISTRATION AND FINANCE 40.00 0.00 X 264972 0 6459 MARGARET INGS THRU 062021 VP FOR GOVT & COMMUNITY RELATIONS 40.00 0.00 X 235630 0 13649 MEREDITH AINBINDER VP AND GENERAL COUNSEL (AS OF 11/20) 40.00 0.00 X 169027 0 22654 JEFFREY D GREENHAWT CHAIR (THRU 05/21)/BOARD MEMBER 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 MICHAEL MACWADE TREAS. (THRU 05/21)/BOARD MEMBER 2.00 0.00 X X 0 0 0 MARILLYN ZACHARIS SECRETARY 2.00 0.00 X X 0 0 0 ERIC ALEXANDER BOARD MEMBER 2.00 0.00 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 KEVIN BRIGHT BOARD MEMBER/VICE CHAIR(AS OF 05/21) 2.00 0.00 X X 0 0 0 ELLEN CALMAS BOARD MEMBER/TREAS. (AS OF 05/21) 2.00 0.00 X X 0 0 0 DAN COHEN BOARD MEMBER (THRU 05/2021) 2.00 0.00 X 0 0 0 DENA DAVIS BOARD MEMBER (AS OF 08/2020) 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 GARY GROSSMAN BOARD MEMBER 2.00 0.00 X 0 0 0 DOUG HERZOG BOARD MEMBER 2.00 0.00 X 0 0 0 LEO HINDERY JR BOARD MEMBER (THRU 07/2020) 2.00 0.00 X 0 0 0 DOUGLAS HOLLOWAY BOARD MEMBER/VICE CHAIR(AS OF 05/21) 2.00 0.00 X X 0 0 0 MICHAEL MARA BOARD MEMBER 2.00 0.00 X 0 0 0 ROBERT MILLER BOARD MEMBER 2.00 0.00 X 0 0 0 ANDREA MONTONI BOARD MEMBER 2.00 0.00 X 0 0 0 MICHELLE PERKINS BOARD MEMBER (THRU 05/2021) 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 MARC REINGANUM BOARD MEMBER (THRU 05/2021) 2.00 0.00 X 0 0 0 SHEILA ROBINSON BOARD MEMBER 2.00 0.00 X 0 0 0 LINDA SCHWARTZ BOARD MEMBER 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 (AS OF 08/2020) 2.00 0.00 X 0 0 0 3815142 0 427429 186 0 1 0 HOLLAND AND KNIGHT LLP 10 ST JAMES AVE 1200 BOSTON MA 02116 LEGAL SERVICES 436481 5 HORIZONS DIGITAL LLC 350 GRANITE ST 1202 BRAINTREE MA 02184 DIGITAL MARKETING SERVICES 347064 GRANT THORNTON LLP 75 STATE ST BOSTON MA 02109 AUDIT/TAX SERVICES 219724 THE FLOWERS COUNSEL GROUP LLC 4 COPLEY PLACE BOSTON MA 02116 LEGAL SERVICES 186000 2 CENT AUTOCALLS LLC 19107 TWO RIVER LANE BOCA RATON FL 33498 POLLING SERVICES 158885 19 6242868 8426931 602432 14669799 TUITION & FEES 611710 210339370 210339370 ROOM & BOARD 611710 32646191 32646191 AUXILIARY - OTHER 611710 107752 107752 BOOKSTORE COMMISSION 611710 44239 44239 243137552 11183021 11183021 2604000 2604000 863921 978856 -114935 -114935 -114935 125303103 123718272 1584831 1584831 1584831 MISCELLANEOUS 611710 2632130 2632130 2632130 275696398 245769682 0 15256917 59443655 59443655 186431 186431 3362938 1067965 1771087 523886 38102 38102 85183220 67420179 14799551 2963490 706003 556122 122075 27806 12657538 9396934 2062742 1197862 6138341 4835198 1061385 241758 957388 957388 313613 313613 36 36 501898 501898 1509922 1060896 447153 1873 1334607 1064085 233579 36943 1176536 937431 205778 33327 3235622 2553658 560559 121405 8810265 6766506 1485331 558428 238878 193836 42550 2492 680708 509435 111827 59446 22895195 18774060 4121135 20252237 16606834 3645403 5259089 4312453 946636 OTHER SERVICES 10449437 7949462 2338311 161664 OTHER FOOD SERVICES 8002347 6560220 1440049 2078 RENOV./CONTRACTS MAINT 6174534 2521520 3652914 100 SPACE RENTALS (COVID) 5030640 5030640 0 0 10692155 8298916 2306797 86442 275231335 226046436 43165899 6019000 136096 213625 73569616 80999043 4144805 4130576 5156449 2950003 1668789 1371821 2725188 2190297 1044643383 283458579 773973399 761184804 183878429 260155478 63214 59918 0 0 2494968 25989151 1047810953 1139244716 41732858 42379950 19613189 21764828 533718891 524897652 1253658 24158788 596318596 613201218 X 406305028 446539889 45187329 79503609 451492357 526043498 1047810953 1139244716 X 465063 50175088 23910990 X 0 1 X 1 1 1 X 7698561 10444894 9744382 8553598 14669799 51111234 7698561 10444894 9744382 8553598 14669799 51111234 5504465 45606769 6617011 6951639 13393514 7960301 14650942 49573407 77195 79060 90100 246355 100930996 1187904249 0.45190 0.43530 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2016 AMOUNT: $ 77,195. 2017 AMOUNT: $ 79,060. 2018 AMOUNT: $ 90,100. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 36 36 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 COLLEGE AND UNIVERSITY BUSINESS OFFICERS AND ITS AFFILIATES ("NACUBO"). THE AMOUNT IS NEGLIGIBLE. THIS REPRESENTS THE ONLY LOBBYING ACTIVITIES OF THE COLLEGE. 183295624 23866410 59889154 7424962 259626226 180509388 2805692 4723915 4743371 183295624 171633889 3221142 10248986 4594629 180509388 161079646 2599143 12186354 4231254 171633889 144194527 4031000 16915119 4061000 161079646 0.72360 0.11410 0.16230 0 0 76843446 76843446 923377718 248419819 674957899 5940310 4308832 1631478 34446933 30729928 3717005 4034976 4034976 761184804 CAPITAL LEASE OBLIGATIONS 23191705 REFUNDABLE ADVANCES GOVT GRANT 967083 24158788 X 292839177 50175088 24889846 75064934 217774243 501898 57420257 57922155 275696398 218288536 979356 979356 217309180 501898 57420257 57922155 275231335 PART V, LINE 4: ENDOWMENT FUNDS THE COLLEGE'S ENDOWMENT CONSISTS OF APPROXIMATELY 225 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 978,856. MARLBORO TRANSACTION CONTRIBUTION 23,910,990. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID - EMERSON SCHOLARSHIPS 57,420,257. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 978,856. FINANCIAL STATEMENT ROUNDING 500. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID - EMERSON SCHOLARSHIPS 57,420,257. 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 IDENTITY, 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 19 PROGRAM SERVICES SEMESTER ABROAD CLASS 1600067 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 43017601 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 186431 0 19 0 0 0 19 44804099 0 44804099 EMERSON COLLEGE FUNDED SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 22 186431 0 0 0 1 0 0 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. 1 EMERSON COLLEGE FUNDED SCHOLARSHIPS 2976 57233826 0 HEERF STUDENT PASS THROUGH FUNDS (NOT INCLUDED IN THE SCHOLARSHIPS ABOVE) 989 2209829 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 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. X X X X 1 1 X X X X X X 1 0 0 0 0 0 0 0 0 M LEE PELTON PRESIDENT/TRUSTEE (THRU 05/2021) 647233 0 0 0 107805 0 25838 0 130681 0 911557 0 0 0 PAUL DWORKIS VP FOR ADMINISTRATION AND FINANCE 322862 0 0 0 34060 0 18375 0 34392 0 409689 0 0 0 MICHAELE WHELAN PROVOST AND VP FOR ACADEMIC AFFAIRS 331440 0 0 0 3354 0 18380 0 11552 0 364726 0 0 0 JOHN MALCOLM VP FOR INSTITUTIONAL ADVANCEMENT 331809 0 0 0 3354 0 0 0 10199 0 345362 0 0 0 WILLIAM GILLIGAN VP(THRU 12/20)/INT PRES(AS OF 6/21) 256500 0 0 0 34138 0 19257 0 2232 0 312127 0 0 0 ALLISON SAMPSON VP & EXEC. DIR., L.A. PROGRAM 268874 0 0 0 10158 0 15086 0 14735 0 308853 0 0 0 CHRISTINE HUGHES THRU 102020 VP & GENERAL COUNSEL AND CLERK 200781 0 0 0 70998 0 13393 0 11809 0 296981 0 0 0 RUTHANNE MADSEN VP FOR ENROLLMENT MANAGEMENT 266905 0 0 0 11139 0 14858 0 3229 0 296131 0 0 0 SYLVIA SPEARS VP FOR EQUITY AND SOCIAL JUSTICE 240381 0 0 0 3722 0 13624 0 27027 0 284754 0 0 0 ROBERT BUTLER AVP FOR ADMINISTRATION AND FINANCE 238500 0 0 0 26472 0 5409 0 1050 0 271431 0 0 0 MARGARET INGS THRU 062021 VP FOR GOVT & COMMUNITY RELATIONS 228656 0 0 0 6974 0 12600 0 1049 0 249279 0 0 0 MEREDITH AINBINDER VP AND GENERAL COUNSEL (AS OF 11/20) 168271 0 0 0 756 0 8826 0 13828 0 191681 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. NO HIGHLY COMPENSATED INDIVIDUALS RECEIVED A TAXABLE HOUSING ALLOWANCE IN CALENDAR YEAR 2020. 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 PAYMENT WILLIAM GILLIGAN, VP FOR INFORMATION TECHNOLOGY, SIGNED A VOLUNTARY EARLY RETIREMENT PROGRAM AGREEMENT AND LEFT HIS POSITION IN DECEMBER 2020. MR. GILLIGAN WILL RECEIVE $412,650 TO BE PAID IN CALENDAR YEARS 2021 AND 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. CHRISTINE HUGHES, VP AND GENERAL COUNSEL/CLERK, SIGNED A VOLUNTARY EARLY RETIREMENT PROGRAM AGREEMENT AND LEFT HER POSITION IN OCTOBER 2020. MRS. HUGHES WILL RECEIVE $156,985, OF WHICH $42,517 WAS PAID IN CALENDAR YEAR 2020 AND IS INCLUDED IN HER W-2 AND REPORTED ON SCHEDULE J PART II COLUMN B(III). SEVERANCE AGREEMENTS THE PRESIDENT'S EMPLOYMENT CONTRACT INCLUDES A SEVERANCE PROVISION THAT PROVIDES FOR THE LESSER OF TWO YEARS OF SALARY OR SALARY FOR THE REMAINDER OF HIS TERM. NO AMOUNTS WERE PAID UNDER THIS PROVISION DURING THE CALENDAR YEAR 2020. NOTE THAT PRESIDENT PELTON RESIGNED FROM EMERSON COLLEGE IN MAY 2021, AND NO SEVERANCE PAYMENTS WERE OBLIGATED TO BE PAID. 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 11950000 143055842 7468597 892053 77471533 57223749 2017 0 1 1 1 C 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 1 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 PART I, COLUMN F: 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 DAUGHTER BOARD MEM. 38102 EMERSON EMPLOYEE 0 X 7 602432 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 DOES NOT INCLUDE EMPLOYEES. FORM 990, PART V, LINE 1A: THE NUMBER FROM 2020 FORM 1096 BOX 3 INCLUDES 5,804 FORMS 1098-T. FORM 990, PART VI, SECTION A, LINE 1 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 CONSISTS OF THE OFFICERS OF THE BOARD, THE PRESIDENT, AND A TRUSTEE ELECTED BY THE CHAIR. IN ADDITION TO GENERAL SUPERVISION BETWEEN BOARD MEETINGS, THE EXECUTIVE COMMITTEE HAS AUTHORITY TO APPROVE THE APPOINTMENT OF VICE PRESIDENTS AND DEANS OF SCHOOLS PROPOSED BY THE PRESIDENT OF THE COLLEGE, EXERCISE GENERAL OVERSIGHT OVER HUMAN RESOURCES POLICIES, AND APPOINT ACTING TREASURER AND/OR ACTING SECRETARY UNTIL THE NEXT ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIPS DURING THE FISCAL YEAR ENDED JUNE 30, 2021, TRUSTEES ERIC ALEXANDER AND MARC REINGANUM HAD A BUSINESS RELATIONSHIP WITH ONE ANOTHER. FORM 990, PART VI, SECTION A, LINE 4 SIGNIFICANT CHANGES TO BYLAWS IN OCTOBER 2020, EMERSON COLLEGE AMENDED ITS BYLAWS TO REFINE DISCUSSION TOPICS FOR SPECIAL MEETINGS OF THE BOARD OF TRUSTEES. NOW, SPECIAL MEETINGS OF THE BOARD OF TRUSTEES MAY BE HELD AT ANY TIME AND AT ANY PLACE WHEN CALLED BY THE CHAIR, THE PRESIDENT OF EMERSON COLLEGE, OR BY ONE OR MORE TRUSTEES ANY DISCUSSIONS MAY BE HELD ON ANY TOPIC. FURTHER, TRUSTEES MUST BE GIVEN TWO DAY'S ADVANCE NOTICE OF A MEETING, RATHER THAN THE PREVIOUS FIVE DAY'S NOTICE. ALSO, IN THE EVENT OF AN EMERGENCY AS DETERMINED BY AT LEAST FIVE TRUSTEES, RATHER THAN TWO-THIRDS OF TRUSTEES IN OFFICE, 24 HOURS NOTICE MUST BE GIVEN FOR A MEETING TO TAKE PLACE, RATHER THAN 48 HOURS. 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 APPROPRIATE. THE FORM 990 IS THEN PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY BY WAY OF A SECURE, PASSWORD PROTECTED WEBSITE ON WHICH THE ENTIRE FORM 990 AND ALL REQUIRED SCHEDULES ARE AVAILABLE FOR REVIEW. ALL TRUSTEES ARE ASKED TO REVIEW THE FILING AND FORWARD ANY COMMENTS TO MANAGEMENT FOR CONSIDERATION AND DISCUSSION IF NECESSARY WITH THE INDEPENDENT TAX RETURN PREPARER. AT THE END OF THE REVIEW PERIOD, THE FINAL RETURN, AS IT WILL BE FILED WITH THE IRS, IS PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY THE BY-LAWS OF THE BOARD OF TRUSTEES CONTAIN A WRITTEN CONFLICT OF INTEREST POLICY. OFFICERS AND MEMBERS OF THE BOARD ANNUALLY ACKNOWLEDGE RECEIPT OF, AND FAMILIARITY WITH, THE POLICY. WHEN AN INDIVIDUAL DISCLOSES A POSSIBLE CONFLICT OF INTEREST, OR WHEN A POSSIBLE CONFLICT IS OTHERWISE IDENTIFIED, IT IS REFERRED TO THE PRESIDENT OF THE COLLEGE AND THE CHAIR OF THE BOARD OF TRUSTEES. THE CHAIR REVIEWS THE POSSIBLE CONFLICT OF INTEREST AND, IF WARRANTED, SELECTS AN AD HOC COMMITTEE TO REVIEW THE POSSIBLE CONFLICT OF INTEREST. THE PRESIDENT AND THE VICE PRESIDENT AND GENERAL COUNSEL OF THE COLLEGE PREPARE A MEMORANDUM DESCRIBING THE POTENTIAL CONFLICT OF INTEREST THAT IS SENT TO THE MEMBERS OF THE AD HOC COMMITTEE. THE MEMBERS OF THE AD HOC COMMITTEE MEET AND DETERMINE WHETHER TO PERMIT THE POTENTIAL CONFLICT OF INTEREST. IF THE TRUSTEE HAS A CONFLICT, THEY MUST RECUSE THEMSELVES FROM ANY COMMITTEES TASKED WITH MAKING A DECISION ON THE TOPIC WHERE THEY HAVE A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW DURING FISCAL YEAR 2017, THE COLLEGE REVIEWED AND REVISED THE COMPENSATION PAID TO ALL ITS OFFICERS AND KEY EMPLOYEES. THE COLLEGE WAS ASSISTED THROUGHOUT THE PROCESS BY INDEPENDENT OUTSIDE COUNSEL. VICE PRESIDENT COMPENSATION RECOMMENDATIONS ARE MADE BY THE PRESIDENT AND REVIEWED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. AFTER DISCUSSION, THE COMMITTEE APPROVES RECOMMENDED COMPENSATION TO BE SUBMITTED TO THE FULL BOARD OF TRUSTEES. THE PRESIDENT AND VICE PRESIDENT COMPENSATIONS ARE THEN CONSIDERED AT A MEETING OF THE FULL BOARD OF TRUSTEES. AFTER DISCUSSION, THE BOARD OF TRUSTEES APPROVE COMPENSATION TERMS FOR THE PRESIDENT AND EACH VICE PRESIDENT. AT THE MEETINGS OF BOTH THE COMPENSATION COMMITTEE AND THE BOARD OF TRUSTEES, IT IS FIRST DETERMINED THAT NO MEMBER OF THE COMMITTEE OR BOARD HAS A CONFLICT OF INTEREST. THEN, THE COMMITTEE AND BOARD CONSIDER THE RESPONSIBILITIES OF EACH POSITION, THE COLLEGE'S NEEDS AND EXPECTATIONS WITH RESPECT TO EACH POSITION, THE JOB PERFORMANCE OF EACH VICE PRESIDENT AND THE PRESIDENT, THE FINANCIAL HEALTH OF THE COLLEGE, AND COMPREHENSIVE COMPARABLE DATA PROVIDED BY AN INDEPENDENT NATIONAL COMPENSATION CONSULTING FIRM. THE ABOVE PROCESS, INCLUDING IDENTIFICATION OF THE BOARD MEMBERS WHO WERE PRESENT AND APPROVED THE COMPENSATION, WAS DOCUMENTED IN THE MINUTES OF THE BOARD OF TRUSTEES MEETING. THESE MINUTES WERE THEN APPROVED AT THE NEXT BOARD OF TRUSTEES MEETING. AS DESCRIBED, THE COMPENSATION PROCEDURES OF THE COLLEGE MEET THE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION. 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 23,910,990. IMPACT OF THE COVID-19 PANDEMIC: ON MARCH 10, 2020, COMMONWEALTH OF MASSACHUSETTS GOVERNOR CHARLIE BAKER DECLARED A STATE OF EMERGENCY IN RESPONSE TO THE COVID-19 CORONAVIRUS ("COVID-19") PANDEMIC. DURING THE YEAR ENDED JUNE 30, 2021, THE COLLEGE CONTINUED TO INCUR COVID-19 RELATED EXPENSES. THESE INCLUDE, BUT ARE NOT LIMITED TO, $5,030,640 FOR SPACE RENTALS AT NEARBY HOTELS TO DEDENSIFY THE CAMPUS, AS WELL AS $3,388,000 TO TEST STUDENTS, FACULTY, AND STAFF FOR THE VIRUS. AS PART OF THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF) PROGRAM, THE COLLEGE PROVIDED FINANCIAL ASSISTANCE TO STUDENTS IN NEED AND USED THE INSTITUTIONAL PORTION OF FUNDS AWARDED TO DEFRAY COVID-19 RELATED COSTS INCURRED.