2022-05-11T15:31:29-05:00 2021-06-30 263753134 CBIZ MHM LLC 500 BOYLSTON STREET BOSTON MA 02116 990 2020-07-01 050259080 SALVE REGINA UNIVERSITY SALV 4013412142 100 OCHRE POINT AVENUE NEWPORT RI 028404190 WILLIAM B HALL VP OF ADMINISTRATION/CFO 4013412142 2022-05-06 1 WILLIAM HALL 999009999 BRENDA L BOOTH P01342395 6177610600 2022-05-06 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z DR KELLI J ARMSTRONG 100 OCHRE POINT AVENUE NEWPORT RI 028404190 133894662 0 X WWW.SALVE.EDU X 1934 RI AS AN ACADEMIC COMMUNITY THAT WELCOMES PEOPLE OF ALL BELIEFS, (SEE SCHEDULE O FOR CONTINUATION) SALVE REGINA UNIVERSITY, A CATHOLIC INSTITUTION FOUNDED BY THE SISTERS OF MERCY, SEEKS WISDOM AND PROMOTES UNIVERSAL JUSTICE. THE UNIVERSITY, THROUGH TEACHING AND RESEARCH, PREPARES MEN AND WOMEN FOR RESPONSIBLE LIVES BY IMPARTING AND EXPANDING KNOWLEDGE, DEVELOPING SKILLS AND CULTIVATING ENDURING VALUES. THROUGH LIBERAL ARTS AND PROFESSIONAL PROGRAMS, STUDENTS DEVELOP THEIR ABILITIES FOR THINKING CLEARLY AND CREATIVELY, ENHANCE THEIR CAPACITY FOR SOUND JUDGMENT, AND PREPARE FOR THE CHALLENGE OF LEARNING THROUGHOUT THEIR LIVES. IN KEEPING WITH THE TRADITIONS OF THE SISTERS OF MERCY, AND RECOGNIZING THAT ALL PEOPLE ARE STEWARDS OF GOD'S CREATION, THE UNIVERSITY ENCOURAGES STUDENTS TO WORK FOR A WORLD THAT IS HARMONIOUS, JUST AND MERCIFUL. 34 33 1474 50 -45268 0 7849281 7950353 108447282 112820910 2127977 4784420 318073 319446 118742613 125875129 44818883 46387907 0 0 41139265 42114316 0 0 1271804 28631808 31121479 114589956 119623702 4152657 6251427 192416863 216016613 54896021 53118188 137520842 162898425 X AS AN ACADEMIC COMMUNITY THAT WELCOMES PEOPLE OF ALL BELIEFS, SALVE REGINA UNIVERSITY, A CATHOLIC INSTITUTION FOUNDED BY THE SISTERS OF MERCY, SEEKS WISDOM AND PROMOTES UNIVERSAL JUSTICE. THE UNIVERSITY, THROUGH TEACHING AND RESEARCH, (SEE SCHEDULE O FOR CONTINUATION) PREPARES MEN AND WOMEN FOR RESPONSIBLE LIVES BY IMPARTING AND EXPANDING KNOWLEDGE, DEVELOPING SKILLS AND CULTIVATING ENDURING VALUES. THROUGH LIBERAL ARTS AND PROFESSIONAL PROGRAMS, STUDENTS DEVELOP THEIR ABILITIES FOR THINKING CLEARLY AND CREATIVELY, ENHANCE THEIR CAPACITY FOR SOUND JUDGMENT, AND PREPARE FOR THE CHALLENGE OF LEARNING THROUGHOUT THEIR LIVES. IN KEEPING WITH THE TRADITIONS OF THE SISTERS OF MERCY, AND RECOGNIZING THAT ALL PEOPLE ARE STEWARDS OF GOD'S CREATION, THE UNIVERSITY ENCOURAGES STUDENTS TO WORK FOR A WORLD THAT IS HARMONIOUS, JUST AND MERCIFUL. 0 0 105843628 46387907 112820910 SALVE REGINA UNIVERSITY (THE "UNIVERSITY"), LOCATED IN NEWPORT, RHODE ISLAND, IS A SMALL COMPREHENSIVE CATHOLIC UNIVERSITY WHICH OPENED IN 1947 AND IS ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION, INC., FORMERLY KNOWN AS THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES. THE UNIVERSITY WAS FOUNDED BY AND CONTINUES TO BE SPONSORED BY THE SISTERS OF MERCY. THE UNIVERSITY ENROLLS APPROXIMATELY 2,700 MEN AND WOMEN IN A VARIETY OF ACADEMIC PROGRAMS. THE UNIVERSITY'S STUDENT POPULATION IS PREDOMINATELY FROM THE NORTHEAST REGION OF THE UNITED STATES. THE UNDERGRADUATE PROGRAMS ARE BASED ON THE LIBERAL ARTS. THE UNIVERSITY OFFERS BACCALAUREATE AND MASTER DEGREES, A CERTIFICATE OF ADVANCED GRADUATE STUDY AND A PH.D. IN HUMANITIES AND INTERNATIONAL RELATIONS. 105843628 1 1 0 1 0 0 1 0 0 1 1 1 0 0 1 1 0 1 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 1 3668 0 1 1474 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 34 33 0 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 1 1 0 RI X X MICHAEL N GRANDCHAMP 4013412142 C/O SALVE REGINA UNIVERSITY 100 NEWPORT RI 02840 DAVID BAZARSKY TRUSTEE 1.00 X 0 0 0 LILY BENTAS TRUSTEE 1.00 X 0 0 0 NORMAN BERETTA TRUSTEE 1.00 X 0 0 0 CHRISTOPHER CARNEY TRUSTEE 1.00 X 0 0 0 DENNIS ALGERE TRUSTEE 1.00 X 0 0 0 MARY ANN DILLON RSM TRUSTEE 1.00 X 0 0 0 TIMOTHY BURNS TRUSTEE 1.00 X 0 0 0 CHRISTINE KAVANAGH RSM TRUSTEE 1.00 X 0 0 0 BERNARD MCKAY TRUSTEE 1.00 X 0 0 0 MICHAEL MCMAHON TRUSTEE 1.00 X 0 0 0 CHERYL MROZOWSKI TRUSTEE, CHAIR 1.00 X X 0 0 0 MARYPATRICIA MURPHY RSM TRUSTEE, SECRETARY 1.00 X X 0 0 0 DAVID NELSON TRUSTEE 1.00 X 0 0 0 JOHN CONEYS TRUSTEE 1.00 X 0 0 0 ELLIOT MAXWELL TRUSTEE 1.00 X 0 0 0 PAUL PERRAULT TRUSTEE, TREASURER 1.00 X X 0 0 0 KATHLEEN WALGREEN TRUSTEE 1.00 X 0 0 0 NANCY CARDOZA TRUSTEE 1.00 X 0 0 0 DAVID LOCKE TRUSTEE 1.00 X 0 0 0 ROBERT MORAN JR TRUSTEE, VICE CHAIR 1.00 X X 0 0 0 MICHAEL STAFF TRUSTEE 1.00 X 0 0 0 SARAH RODGERS MCNEILL TRUSTEE 1.00 X 0 0 0 THOMAS RODGERS TRUSTEE 1.00 X 0 0 0 JULIA UPTON RSM TRUSTEE 1.00 X 0 0 0 DENICE SPERO TRUSTEE 1.00 X 0 0 0 WILLIAM LUCEY TRUSTEE 1.00 X 0 0 0 JOHN SULLIVAN TRUSTEE 1.00 X 0 0 0 PETER CROWLEY TRUSTEE 1.00 X 0 0 0 SUSAN MOORADIAN TRUSTEE 1.00 X 0 0 0 GERALD LAVALLEE TRUSTEE 1.00 X 0 0 0 JACQUELINE MARIE KIESLICH RSM TRUSTEE 1.00 X 0 0 0 KELLI J ARMSTRONG PRESIDENT 35.00 X X 349085 0 82553 HELEN DORFLINGER RYAN TRUSTEE 1.00 X 0 0 0 CONFERENCE FOR MERCY HIGHER EDUCATION TRUSTEE 1.00 X 0 0 0 WILLIAM HALL VP ADMINISTRATION/CFO 35.00 X 268256 0 49834 M THERESE ANTONE RSM CHANCELLOR 35.00 X 0 0 118765 MICHAEL SEMENZA VP UNIVERSITY RELATIONS/ADVANEMENT 35.00 X 208760 0 34728 JAMES LUDES EXECUTIVE DIRECTOR PELL CENTER 35.00 X 171834 0 12685 JAMES FOWLER VP FOR STUDENT ENROLLMENT 35.00 X 156119 0 37696 NANCY SCHREIBER PROVOST 35.00 X 219625 0 34860 MICHAEL GRANDCHAMP ASSOCIATE VP FINANCE 35.00 X 163457 0 33767 ERIC MILNER DIRECTOR OF FACILITY/GROUNDS 35.00 X 146751 0 12599 TOBIAS STAPLETON DEAN OF GRADUATE STUDIES 35.00 X 156262 0 30558 STEVEN RODENBORN DEAN OF UNDERGRADUATE STUDIES 35.00 X 141009 0 36221 IRVING BRUCKSTEIN CHIEF INFORMATION OFFICER 35.00 X 155896 0 37380 2137054 0 521646 60 0 1 0 SODEXO 9801 WASHINGTONIAN BLVD GAITHERSBURG MD 20878 FOOD/CUSTODIAL SERVICE 4746933 CARNEGIE DARTLETTT 210 LITTLETON RD WESTFORD MA 01886 MARKETING SERVICES 667825 CLINICAL RESEARCH SEQUENCING PLATFORM 415 MAIN STREET CAMBRIDGE MA 021421401 COVID TESTING 617500 CISCO PO BOX 742927 LOSANGELES CA 900742921 NETWORKING SERVICES 472099 I DESIGN 4514 COLE AVE SUITE DALLAS TX 75205 ONLINE PROGRAM MANAGEMENT 471233 26 3056536 4893817 60145 7950353 TUITION 611710 92441641 92441641 MEAL PLAN 611710 10051056 10051056 FEES 611710 6345876 6345876 ROOM 611710 3982337 3982337 112820910 991274 -45268 1036542 104911 19659 85252 85252 85252 11793020 7989929 9945 3803091 -9945 3793146 3793146 BOOKSTORE 900099 143382 143382 VENDOR REBATE 900099 75989 75989 14823 14823 234194 125875129 112820910 -45268 5149134 46387907 46387907 1765535 710859 854920 199756 30947540 26142412 4273367 531761 2067694 1598910 410263 58521 4944541 3901685 946471 96385 2389006 1940731 392314 55961 80284 80284 103284 103284 24000 24000 604104 604104 2737887 1912515 681236 144136 856815 420088 436727 345948 200859 145089 2075916 1347497 728419 5347658 4863425 448028 36205 637370 376192 257699 3479 1058371 1058371 7482922 6725321 715983 41618 1204889 1058349 146540 FOOD SERVICES 3059021 3058986 35 SPECIAL PROJECTS/EVENTS 1551521 1377377 138421 35723 COVID 1253541 1253541 SUPPLIES 1067105 969369 85364 12372 1630843 1188671 386285 55887 119623702 105843628 12508270 1271804 2027903 2017412 18493662 17811019 2640971 1519045 1181988 1109521 2048276 1877438 57755 46799 500240 407267 218089172 124953868 96981010 93135304 31065088 46847781 30965511 44434719 6454459 6810308 192416863 216016613 6534418 7863030 37859173 35880577 931527 621018 9570903 8753563 54896021 53118188 X 110532872 131499458 26987970 31398967 137520842 162898425 192416863 216016613 X 6251427 19460110 -333954 X 0 1 X 1 1 1 X 5465275 5110291 4194537 7849281 7950353 30569737 5465275 5110291 4194537 7849281 7950353 30569737 4646902 25922835 320598 1235237 1532230 1446894 1096185 5631144 320306 348022 354972 378407 234194 1635901 37836782 525792672 0.68510 0.68700 X FORM 990, SCHEDULE A, PART I, LINE 7: THE BASIS OF SALVE REGINA UNIVERSITY'S PUBLIC CHARITY STATUS HAS BEEN AND CONTINUES TO BE ITS QUALIFICATION AS A SCHOOL DESCRIBED IN SECTION 170(B)(1)(A)(II). THE ORGANZIATION HAS CHECKED BOX 7 ON SCHEDULE A, PART I AND COMPLETED SCHEDULE A, PART II IN ORDER TO DEMONSTRATE ITS QUALIFICATION TO FOLLOW THE SPECIAL RULE FOR ABBREVIATED REPORTING OF CONTRIBUTIONS ON FORM 990, SCHEDULE B. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 24000 0 0 0 24000 0 PART II-B, LINE 1: THE UNIVERSITY RETAINS CONSULTANTS TO HELP THE UNIVERSITY UNDERSTAND THE INNER WORKINGS OF THE FEDERAL LEGISLATIVE BRANCH OF THE GOVERNMENT. THE CONSULTANTS HELP PROVIDE KNOWLEDGE OF POTENTIAL FUNDING OPPORTUNITIES AND HOW BEST TO TAKE ADVANTAGE OF THOSE FUNDING OPPORTUNITIES AND FURTHER THE MISSION OF THE UNIVERSITY. X 1 0.00 1 0 0 1 1 0.00 0 63213000 2632000 18583000 520000 2275000 81633000 63790000 3084000 -911000 473000 2277000 63213000 62711000 1928000 1990000 450000 2389000 63790000 59885000 1324000 4006000 424000 2080000 62711000 53951000 2435000 5976000 358000 2119000 59885000 0.72950 0.27050 0 0 5923948 5923948 168549052 93378338 75170714 41894976 31575530 10319446 1721196 1721196 93135304 EQUITY FUNDS 17209031 F REIT 3834938 F MULTI-STRATEGY HEDGE FUNDS 15711901 F PRIVATE EQUITY 7678849 F 44434719 STUDENT DEPOSITS 6621968 REFUNDABLE ADVANCES - GOVERNMENT 1130330 LIABILITY FOR FUNDS HELD IN TRUST 1001265 8753563 X 99841072 19460110 19659 19479769 80361303 604104 44909722 45513826 125875129 74463489 19659 19659 74443830 604104 44575768 45179872 119623702 PART II, LINE 5: THE UNIVERSITY ENTERED INTO A FIFTY YEAR EASEMENT WITH THE RHODE ISLAND HISTORIC PRESERVATION SOCIETY IN EXCHANGE FOR A GRANT INTENDED TO HELP DEFRAY THE EXTERIOR RESTORATION OF OCHRE COURT. OCHRE COURT, AN ARCHITECTURALLY SIGNIFICANT STRUCTURE, IS USED TO HOUSE UNIVERSITY ADMINISTRATION. THE NATURE OF THE EASEMENT IS SUCH THAT THE UNIVERSITY MUST KEEP THE EXTERIOR INTACT AND CANNOT MODIFY SAID EXTERIOR WITHOUT THE EXPRESS APPROVAL OF THE RI HISTORIC PRESERVATION SOCIETY. IN ADDITION, SAID STRUCTURE'S EXTERIOR MUST BE ALLOWED TO BE VIEWED BY THE GENERAL PUBLIC. NO MODIFICATIONS HAVE BEEN MADE SINCE THE RESTORATION NOR HAS PUBLIC ACCESS BEEN BLOCKED. PART II, LINE 9: THE ORGANIZATION MAKES NO MENTION OF THE EASEMENT IN ITS FINANCIAL STATMENTS. THE EASEMENT IS BETWEEN THE ORGANIZATION AND THE STATE OF RHODE ISLAND AND STIPULATES THAT NO DEMOLITION OR ALTERATION CAN BE MADE TO THE EXTERIOR OF OCHRE COURT, LOCATED IN NEWPORT, RI. THE ORGANIZATION IS AWARE OF THE EASEMENT AND NO CHANGES HAVE BEEN MADE TO THE EXTERIOR THUS THERE IS NO DEVOTED STAFF FOR MONITORING, INSPECTING AND/OR ENFORCEMENT OF THE EASEMENT. PART V, LINE 4: THE UNIVERSITY USES THE ENDOWMENT FUNDS STRICTLY IN ACCORDANCE WITH DONOR INTENTION. THE MAJORITY OF PERMANENT ENDOWMENT IS HELD FOR SCHOLARSHIP, TEACHING, AND PROGRAM EXPENSES. A SMALL PORTION OF THE PERMANENT ENDOWMENT IS FOR STUDENT RELATED ACTIVITIES SUCH AS ATHLETIC PROGRAMS. THE UNRESTRICTED ENDOWMENT IS KEPT IN FINANCIAL RESERVES TO BE USED AT THE BOARD OF TRUSTEES DISCRETION. PART X, LINE 2: THE UNIVERSITY ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. THE UNIVERSITY HAS IDENTIFIED ITS TAX STATUS AS A TAX EXEMPT ENTITY AS ITS ONLY SIGNIFICANT TAX POSITION; HOWEVER, THE UNIVERSITY HAS DETERMINED THAT SUCH TAX POSITION DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE UNIVERSITY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE UNIVERSITY'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 19,659. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 44,575,768. CHANGE IN SPLIT INTEREST VALUE 333,954. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 19,659. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 44,575,768. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A NON-DISCRIMINATORY POLICY STATEMENT IS INCLUDED IN ALL PUBLIC ANNOUNCEMENTS AND PUBLICATIONS. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FEDERAL GOVERNMENT FUNDS (TITLE IV) TO BE USED IN THE STUDENT FINANCIAL AID PROGRAM. THE FUNDS RECEIVED INCLUDE PELL GRANTS, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, FEDERAL WORK STUDY AND PARTICIPATION IN THE FEDERAL DIRECT LOAN PROGRAMS (SUBSIDIZED STAFFORD, UNSUBSIDIZED STAFFORD, PARENT PLUS LOANS). IN ADDITION, THE UNIVERSITY RECEIVED AN APPROPRIATION FROM THE FEDERAL GOVERNMENT FOR USE IN THE REHABILITATIVE SERVICES GRADUATE DEPARTMENT. ALL GRANTS ARE REVIEWED, EVALUATED AND REPORTED (A-133) BY THE UNIVERSITY'S INDEPENDENT AUDITOR, MAYER HOFFMAN MCCANN PC. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 10793471 0 0 0 0 0 0 10793471 0 10793471 1 0 1 1 1 0 PART III ACCOUNTING METHOD: 1 FEDERAL SCHOLARSHIPS/GRANTS/AID 905 0 1840539 FMV SCHOLARSHIP SERVING TO REDUCE TUITION CHARGED TO STUDENTS SCHOLARSHIPS/GRANTS 2064 0 44547368 FMV SCHOLARSHIP SERVING TO REDUCE TUITION CHARGED TO STUDENTS PART I, LINE 2: ELIGIBILITY FOR NEED-BASED FINANCIAL AID IS DETERMINED BY FEDERAL DEPARTMENT OF EDUCATION REGULATIONS AND UNIVERSITY POLICIES GOVERNING FINANCIAL AID PROGRAMS. USING THE INFORMATION PROVIDED ON THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA), THE CSS PROFILE AND OTHER REQUIRED DOCUMENTATION, THE OFFICE OF FINANCIAL AID WILL CALCULATE THE AMOUNT OF FAMILY RESOURCES A FAMILY IS EXPECTED TO CONTRIBUTE TOWARDS A STUDENT'S EDUCATIONAL COSTS. THESE RESOURCES, KNOWN AS THE EXPECTED FAMILY CONTRIBUTION (EFC), ARE SUBTRACTED FROM A STANDARD BUDGET OF EDUCATIONAL EXPENSES, OR COST OF ATTENDANCE. THE COST OF ATTENDANCE INCLUDES DIRECT COSTS, FOR WHICH THE STUDENT RECEIVES A BILLING STATEMENT (TUITION, FEES AND ON-CAMPUS ROOM AND BOARD) AS WELL AS ESTIMATED INDIRECT COSTS NOT BILLED BY THE UNIVERSITY (BOOKS, SUPPLIES, PERSONAL EXPENSES, TRANSPORTATION AND OFF-CAMPUS ROOM AND BOARD). THE DIFFERENCE BETWEEN THE EXPECTED FAMILY CONTRIBUTION (EFC) AND THE COST OF ATTENDANCE (COA) IS THE FAMILY'S MAXIMUM ELIGIBILITY FOR NEED-BASED ASSISTANCE. TO REMAIN ELIGIBLE FOR FEDERAL, STATE AND INSTITUTIONAL FINANCIAL AID, A STUDENT MUST MEET THE MINIMUM REQUIREMENTS OF SATISFACTORY ACADEMIC PROGRESS AS PUBLISHED IN THE UNDERGRADUATE CATALOG. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 KELLI J ARMSTRONG PRESIDENT 290381 0 0 0 58704 0 21575 0 60978 0 431638 0 0 0 WILLIAM HALL VP ADMINISTRATION/CFO 267790 0 0 0 466 0 20851 0 28983 0 318090 0 0 0 NANCY SCHREIBER PROVOST 219159 0 0 0 466 0 16609 0 18251 0 254485 0 0 0 MICHAEL SEMENZA VP UNIVERSITY RELATIONS/ADVANEMENT 208294 0 0 0 466 0 24990 0 9738 0 243488 0 0 0 MICHAEL GRANDCHAMP ASSOCIATE VP FINANCE 163457 0 0 0 0 0 12292 0 21475 0 197224 0 0 0 JAMES FOWLER VP FOR STUDENT ENROLLMENT 155746 0 0 0 373 0 12004 0 25692 0 193815 0 0 0 IRVING BRUCKSTEIN CHIEF INFORMATION OFFICER 155896 0 0 0 0 0 12000 0 25380 0 193276 0 0 0 TOBIAS STAPLETON DEAN OF GRADUATE STUDIES 156262 0 0 0 0 0 8269 0 22289 0 186820 0 0 0 JAMES LUDES EXECUTIVE DIRECTOR PELL CENTER 171453 0 0 0 381 0 12267 0 418 0 184519 0 0 0 STEVEN RODENBORN DEAN OF UNDERGRADUATE STUDIES 141009 0 0 0 0 0 10875 0 25346 0 177230 0 0 0 ERIC MILNER DIRECTOR OF FACILITY/GROUNDS 146751 0 0 0 0 0 10953 0 1646 0 159350 0 0 0 PART I, LINE 1A THE PRESIDENT AND CHANCELLOR ARE ALLOWED USE OF A RESIDENCE ON CAMPUS FOR BOTH PERSONAL AND UNIVERSITY RELATED BUSINESS USE. ALSO, BY CONTRACT, THE CHANCELLOR IS A MEMBER OF A LOCAL SOCIAL CLUB AND COUNTRY CLUB FOR WHICH THE UNIVERSITY IS RESPONSIBLE FOR THE PAYMENT OF DUES. BOTH CLUBS CAN BE USED FOR BOTH PERSONAL AND UNIVERSITY RELATED BUSINESS USE. LASTLY, THE PRESIDENT AND CHANCELLOR HAVE AN INDIVIDUAL WHO PERFORMS HOUSEKEEPING SERVICES IN THEIR RESIDENCE AND AN INDIVIDUAL WHO WILL DRIVE THEM TO UNIVERSITY FUNCTIONS. THESE BENEFITS ARE NOT TREATED AS TAXABLE COMPENSATION. PART II: THE UNIVERSITY WAS FOUNDED BY THE SISTERS OF MERCY AND HAS EMPLOYEES WHO ARE AFFILIATED WITH THIS RELIGIOUS ORDER. BECAUSE OF THE NATURE OF THE ORDER AND THE POVERTY VOWS TAKEN BY SISTERS LISTED ON FORM 990, PART VII, W-2 EARNINGS ARE NOT REPORTED AS THESE EMPLOYEES ARE NOT DIRECTLY TAXABLE DUE TO RELIGIOUS AFFILIATION. RATHER, THEIR COMPENSATION IS MADE PAYABLE PRIMARILY TO THE SISTERS OF MERCY AND IT IS THE ORDER THAT DETERMINES WHAT PORTION THE EMPLOYEES WILL RECEIVE. TOTAL COMPENSATION TO THE SISTERS OF MERCY TOTALED $244,787 FOR THE 2020 CALENDAR YEAR OF WHICH THE FORMER PRESIDENT AND CHANCELLOR WERE A PART OF. A RI HEALTH AND EDUCATIONAL BUILDING CORPORATION 050259080 000000000 2011-12-19 32980000 CURRENT REFUND OF 3 PRIOR ISSUES (1999, 2002A, 2002B) 0 0 0 B RI HEALTH AND EDUCATIONAL BUILDING CORPORATION 050259080 000000000 2015-05-07 27500000 REFUND 2006 & RENOVATION/ADDITION ACADEMIC FACILITY 0 0 0 A 32980000 657590 32322410 2012 1 0 1 1 B 27500000 475000 23740000 3285000 2017 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: RI HEALTH AND EDUCATIONAL BUILDING CORPORATION DATE THE REBATE COMPUTATION WAS PERFORMED: 05/07/2020 PART I: DURING 2011, THE UNIVERSITY ENTERED INTO ANOTHER TAX EXEMPT DEBT ARRANGEMENT THROUGH THE RHODE ISLAND HEALTH AND EDUCATION BUILDING CORPORATION (RIHEBC). THE TOTAL DEBT OFFERING TOTALED $32,980,000. THE ISSUE, DATED DECEMBER 19, 2011 WAS A FIXED RATE DEBT OFFERING THAT QUALIFIED UNDER SECTION 501(C)(3) NON-HOSPITAL BONDS. THIS ENTIRE OFFERING WAS A PRIVATE PLACEMENT WITH CENTURY BANK LOCATED IN MEDFORD, MASSACHUSETTS. THE UNIVERSITY UTILIZED SAID PROCEEDS (PLUS THE DEBT SERVICE RESERVE AND PRINCIPAL/INTEREST DEPOSIT ACCOUNTS) SOLELY FOR THE REFINANCING OF THREE EXISTING FIXED RATE DEBT OFFERINGS TO ACHIEVE A MORE FAVORABLE INTEREST RATE. PROCEEDS FROM THE THREE ORIGINAL OFFERINGS, ONE FROM 1999 AND TWO FROM 2002, WERE USED FOR A NUMBER OF DIFFERENT PURPOSES FROM DORMITORY CONSTRUCTION, LIBRARY CONSTRUCTION, RECREATION CENTER CONSTRUCTION, DORMITORY RENOVATION, AND PROPERTY PURCHASES FOR DORMITORY AND ADMIN. USE. IN EACH INSTANCE, ALL FACILITIES INVOLVED DO NOT HAVE ANY PRIVATE BUSINESS USE. LASTLY, ALL PROCEEDS WERE EXPENDED WITH 3 MONTHS OF THE DATE OF ISSUE. DURING 2015, THE UNIVERSITY ENTERED INTO A TAX EXEMPT DEBT ARRANGEMENT THROUGH THE RHODE ISLAND HEALTH AND EDUCATION BUILDING CORPORATION (RIHEBC). THE TOTAL DEBT OFFERING TOTALED 27,500,000. THE ISSUE, DATED MAY 7, 2015 WAS SPLIT INTO THREE SEPARATE SUB ISSUES (A,B AND C) WITH ONE BEING A FIXED RATE OFFERING AND THE OTHER TWO WERE VARIABLE RATE OFFERINGS. THE ENTIRE ARRANGEMENT QUALIFIED UNDER SECTION 501(C)(3) NON-HOSPITAL BONDS. THIS ENTIRE OFFERING WAS A PRIVATE PLACEMENT WITH CENTURY BANK LOCATED IN MEDFORD, MASSACHUSETTS. THE UNIVERSITY WILL USE THE MAJORITY OF THE PROCEEDS FOR THE ADDITION AND RENOVATION TO ITS MAIN ACADEMIC FACILITY (O'HARE ACADEMIC CENTER). IN ADDITION, THE BALANCE OF THE PROCEEDS WERE USED TO REFUND THE EXISITING 2006 ISSUE WHOSE PURPOSE WAS FOR THE RENOVATION OF THREE SEPARATE ACADEMIC FACILITIES (ANTONE CENTER FOR THE ARTS, MCAULEY HALL AND ANGELUS HALL). ALL FOUR FACILITIES IN QUESTION DO NOT HAVE ANY PRIVATE BUSINESS USE. THE PROJECT WAS COMPLETED DURING THE WINTER OF 2017 AND THE CONSTRUCTION FUND WAS FULLY LIQUIDATED IN JANUARY 2017. LORRIE TAYLOR BURNS WIFE OF CURRENT BOARD MEMBER 57217 FULL-TIME FACULTY 0 X 6 60145 FMV AS OF DONATION DATE 0 0 1 0 PART I, LINE 32B: THE NUMBER REPORTED IN COLUMN (B) OF SCHEDULE M REPRESENTS THE NUMBER OF CONTRIBUTIONS OF EACH ITEM. FORM 990, PART VI, SECTION A, LINE 6 FOR AN EXPLANATION, SEE THE RESPONSE TO FORM 990, PART VI, LINE 7B BELOW. FORM 990, PART VI, SECTION A, LINE 7B THE CORPORATE MEMBERSHIP SHALL CONSIST OF A SINGLE ENTITY AFFILIATED WITH OR SPONSORED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS, INC., WHICH IS CONFERENCE FOR MERCY HIGHER EDUCATION, INC., A MARYLAND NONSTOCK, NOT-FOR-PROFIT CORPORATION (THE "CMHE CORPORATION"). THE CMHE CORPORATION WAS INCORPORATED, AMONG OTHER THINGS, FOR THE PURPOSE OF MAINTAINING AND ENHANCING THE MERCY MISSION FOR THE VARIOUS SISTERS OF MERCY COLLEGES AND UNIVERSITIES THROUGHOUT THE UNITED STATES. AS SUCH, THE CMHE CORPORATION CAN BE A VALUABLE RESOURCE FOR THE UNIVERSITY FOR CONSULTATION AND COLLABORATION. NOTWITHSTANDING ANY PROVISION TO THE CONTRARY CONTAINED IN THE BY-LAWS, THE FOLLOWING MATTERS SHALL BE RESERVED POWERS AND SHALL BE AUTHORIZED ONLY BY A VOTE OF THE CORPORATE MEMBER: (A) THE LIQUIDATION, DISSOLUTION OR MERGER OF THE CORPORATION IN CONJUNCTION WITH THE BOARD OF TRUSTEES. (B) AMENDMENT OF THE ARTICLES OF INCORPORATION IN CONJUNCTION WITH THE BOARD OF TRUSTEES. (C) CONFIRMATION OF APPOINTMENT OF THE PRESIDENT SELECTED BY THE BOARD OF TRUSTEES. THE AFFAIRS OF SALVE REGINA UNIVERSITY SHALL BE MANAGED BY ITS BOARD OF TRUSTEES WHO SHALL EXERCISE ALL POWERS EXCEPT SUCH POWERS THAT ARE RESERVED FOR THE CORPORATE MEMBER IN ITEMS A-C LISTED ABOVE. FORM 990, PART VI, SECTION B, LINE 11B THE INFORMATION FOR THE IRS FORM 990 IS COMPILED BY SEVERAL MEMBERS OF UNIVERSITY ADMINISTRATION, PRIMARILY THE ASSOCIATE VP FOR FINANCE, VICE PRESIDENT FOR ADMINISTRATION/CFO, AND THE ASSOCIATE VP FOR HUMAN RESOURCES. THE REVIEW FUNCTION FOR THIS FILING RESTS WITH THE AUDIT COMMITTEE BY THE VIRTUE OF APPOINTMENT BY THE BOARD OF TRUSTEES. THE AUDIT COMMITTEE IS EMPOWERED TO ACT ON BEHALF OF THE FULL BOARD TO REVIEW AND APPROVE THE 990 PRIOR TO FILING. EACH TRUSTEE MEMBER RECEIVES A COPY OF THE FILING AFTER THE 990 IS APPROVED PRIOR TO FILING AND IS PRIVY TO THE MINUTES OF SAID AUDIT COMMITTEE MEETINGS. FORM 990, PART VI, SECTION B, LINE 12C AT THE ANNUAL MEETING OF THE BOARD OF TRUSTEES HELD IN OCTOBER EACH YEAR, ALL TRUSTEES, OFFICERS, AND KEY EMPLOYEES MUST COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THIS FORM DISCLOSES ANY DIRECT BUSINESS ASSOCIATIONS, FAMILY MEMBERS AND OR BUSINESS ASSOCIATIONS OF FAMILY MEMBERS THAT EXIST TO PUT THE UNIVERSITY ON NOTICE OF POTENTIAL CONFLICTS. THIS INFORMATION IS SHARED WITH SENIOR ADMINISTRATION FOR MONITORING ON A DAY TO DAY BASIS. IF A POTENTIAL CONFLICT OR QUESTION ARISES, IT SHOULD BE REPORTED TO THE PRESIDENT TO BE REVIEWED WITH THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES FOR APPROVAL OR FOR SUCH ACTION AS THE EXECUTIVE COMMITTEE MAY DETERMINE. IT IS THE RESPONSIBILITY OF THE EXECUTIVE COMMITTEE TO 1) CALL FOR ADDITIONAL INFORMATION, 2) ATTEMPT TO RESOLVE ANY CONFLICTS, 3) DETERMINE WHETHER A CONFLICT OF INTEREST IS PRESENT (UTILIZING LEGAL COUNSEL IF NECESSARY) AND REPORT IT TO THE BOARD OF TRUSTEES FOR APPROPRIATE ACTION. FORM 990, PART VI, SECTION B, LINE 15 IN MAY OF EACH YEAR, A QUESTIONNAIRE/EVALUATION IS SENT TO ALL TRUSTEES REGARDING THE PRESIDENT'S PERFORMANCE. THE EVALUATIONS ARE RETURNED TO THE CHAIRMAN OF THE BOARD AND THE RESULTS ARE REVIEWED AND TABULATED. EACH YEAR, THE CHAIRMAN OF THE BOARD CONTACTS THE ASSOCIATE VICE PRESIDENT OF HUMAN RESOURCES AND REQUESTS COMPENSATION SURVEY INFORMATION FOR THE PRESIDENTS AT COMPARABLE SCHOOLS (THE UNIVERSITY HAS A SET OF COHORT SCHOOLS SIMILAR IN SIZE AND NATURE THAT IS USED FOR BASIS OF COMPARISON). THE COMPENSATION COMMITTEE OF THE BOARD MEETS PRIOR TO THE JULY BOARD MEETING. THEY REVIEW THE RESULTS OF THE EVALUATIONS AND COMPENSATION SURVEY INFORMATION. THE COMMITTEE MAKES A RECOMMENDATION TO THE FULL BOARD OF TRUSTEES. THE BOARD OF TRUSTEES VOTES AND APPROVES THE COMPENSATION PACKAGE OFFERED TO THE PRESIDENT AT THE JULY BOARD MEETING (IN EXECUTIVE SESSION). THIS PROCESS IS FULLY DOCUMENTED. THE PRESIDENT MEETS WITH AND EVALUATES EACH OF THE VICE PRESIDENTS IN JUNE OF EACH YEAR. THE PRESIDENT OBTAINS COMPENSATION SURVEY INFORMATION FOR THE VICE PRESIDENTS FOR COMPARABLE SCHOOLS FROM THE ASSOCIATE VICE PRESIDENT FOR HUMAN RESOURCES (SIMILAR COHORT INSTITUTIONS AS THE PRESIDENT). THE PRESIDENT REPORTS TO THE BOARD OF TRUSTEES HER RECOMMENDATIONS FOR COMPENSATION FOR THE VICE PRESIDENTS AT THE JULY BOARD MEETING IN EXECUTIVE SESSION. THE BOARD REVIEWS THE COMPENSATION OFFERED TO EACH VICE PRESIDENT. THIS PROCESS IS FULLY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 ANY REQUEST FOR PUBLIC INSPECTION REQUESTS FOR UNIVERSITY FORMS 1023, 990, 990-T AND/OR AUDITED FINANCIAL STATEMENTS ARE GRANTED WITHIN 5 BUSINESS DAYS AND CAN TAKE THE FORM OF ELECTRONIC COMMUNICATION, DIRECT PUBLIC INSPECTION, OR MAILING OF SAID DOCUMENTS TO THE INQUIRING PARTY. THE UNIVERSITY CURRENTLY PUBLISHES ITS FORM 990 AND AUDITED FINANCIAL STATEMENTS ON ITS WEBSITE AT HTTP://WWW.SALVE.EDU/OFFICE-SERVICE/BUSINESS-OFFICE AS WELL. THE FORM 990 IS ALSO AVAILABLE ON WWW.GUIDESTAR.COM. THE GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST VALUE -333,954. SRU HOLDINGS LLC 100 OCHRE POINT AVENUE NEWPORT RI 02840 050259080 REAL ESTATE HOLDING CORP. RI 0 9438000 N/A STANFORD WHITE CASINO THEATRE 100 OCHRE POINT AVENUE NEWPORT RI 02840 300307655 HISTORIC BUILDING RESTORATION RI 501(C)(3) LINE 7 SALVE REGINA UNIVERSITY 1 CONFERENCE FOR MERCY HIGHER EDUCATION 8630 FENTON STREET 934 SILVER SPRING MD 20790 431973007 SPONSORSHIP MD 501(C)(3) LINE 1 N/A 0 SPLIT INTEREST TRUSTS (2) TRUST RI SALVE REGINA UNIVERSITY T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PART II: SALVE REGINA UNIVERSITY HAS DIRECT CONTROL OF A RELATED TAX EXEMPT ORGANIZATION NAMED STANFORD WHITE CASINO THEATRE. THE PURPOSE OF THIS RELATED ORGANIZATION HAS BEEN TO RESTORE AN ARCHITECTURALLY SIGNIFICANT THEATRE LOCATED IN NEWPORT, RI. THE NATURE OF CONTROL STEMS FROM THE RELATED ORGANIZATION'S BOARD OF TRUSTEES WHICH IS COMPOSED OF SALVE REGINA UNIVERSITY OFFICERS (PRESIDENT AND CFO), AND TWO SALVE REGINA UNIVERSITY TRUSTEES. THE BOARD MEMBERS SERVE AS A VOLUNTEER BOARD, RECEIVE NO COMPENSATION, AND ARE ADMINISTRATIVELY SEPARATE. SINCE COMPLETION OF THE RENOVATION, THE UNIVERSITY HAS BEEN ABLE TO USE THE FACILITIES FOR ARTISTIC PERFORMANCE. WITH THE COMPLETION OF THE RESTORATION OF THE THEATRE AND BUILDING OPENING, THE UNIVERSITY IS NOW PARTY TO A 30 YEAR LEASE AGREEMENT WITH THE BUILDING OWNER, THE INTERNATIONAL TENNIS HALL OF FAME. TERMS OF THE LEASE GIVES THE UNIVERSITY EXCLUSIVE USE, MINUS 40 NAMED DATES PER YEAR AT THE OWNERS DISCRETION, IN EXCHANGE FOR A NOMINAL ANNUAL LEASE PAYMENT AND ASSUMPTION OF ALL OPERATING COSTS. IT IS NOW HOME TO THE SALVE REGINA UNIVERSITY THEATRE DEPARTMENT.