CAMBRIDGE COLLEGE INC: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- CAMBRIDGE COLLEGE INC (EIN 51-0163080)
- Tax period
- 2023-09-01 to 2024-08-31
- Filed
- 2025-07-09
- IRS object ID
- 202521909349300842
- Schema version
- 2023v6.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule D
- Schedule E
- Schedule G
- Schedule I
- Schedule J
- Schedule N
- Schedule O
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2025-07-09T13:04:43-05:00 | ReturnTs |
| Tax Period End | 2024-08-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 991856619 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GRANT THORNTON ADVISORS LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 53 STATE STREET SUITE 1600 | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02109 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-09-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 510163080 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CAMBRIDGE COLLEGE INC | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | CAMB | BusinessNameControlTxt |
| Phone | 6178681000 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 500 RUTHERFORD AVENUE | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02129 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | DENNIS MADIGAN | PersonNm |
| Person Title | PRESIDENT & VP OF FIN. & ADMIN | PersonTitleTxt |
| Phone | 6178681000 | PhoneNum |
| Signature | 2025-07-09 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | ERIN COUTURE | PreparerPersonNm |
| PTIN | P01390592 | PTIN |
| Phone | 6177237900 | PhoneNum |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | DENNIS MADIGAN | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 500 RUTHERFORD AVENUE | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02129 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $59,271,964 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | WWW.CAMBRIDGECOLLEGE.EDU | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1974 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | THE MISSION OF CAMBRIDGE COLLEGE IS TO PROVIDE ACADEMICALLY EXCELLENT (CONTINUED ON SCHEDULE O) | ActivityOrMissionDesc |
| Contract Termination | Yes (X) | ContractTerminationInd |
| Voting Members Governing Body | 3 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 2 | VotingMembersIndependentCnt |
| Total Employee | 525 | TotalEmployeeCnt |
| Total Volunteers | 8 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $16,039,360 | PYContributionsGrantsAmt |
| CY Contributions Grants | $419,812 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $19,491,118 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $16,937,948 | CYProgramServiceRevenueAmt |
| PY Investment Income | -$325,348 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,929,032 | CYInvestmentIncomeAmt |
| PY Other Revenue | $132,159 | PYOtherRevenueAmt |
| CY Other Revenue | $88,495 | CYOtherRevenueAmt |
| PY Total Revenue | $35,337,289 | PYTotalRevenueAmt |
| CY Total Revenue | $19,375,287 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $3,044,638 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $4,118,710 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $17,945,532 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $16,186,816 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $147,770 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $35,400 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $393,051 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $18,374,904 | PYOtherExpensesAmt |
| CY Other Expenses | $13,360,136 | CYOtherExpensesAmt |
| PY Total Expenses | $39,512,844 | PYTotalExpensesAmt |
| CY Total Expenses | $33,701,062 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$4,175,555 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$14,325,775 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $110,868,797 | TotalAssetsBOYAmt |
| Total Assets EOY | $9,490,560 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $72,599,468 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $3,625,671 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $38,269,329 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $5,864,889 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | TO PROVIDE ACADEMICALLY EXCELLENT, TIME-EFFICIENT AND COST-EFFECTIVE HIGHER EDUCATION FOR A DIVERSE POPULATION OF WORKING ADULTS FOR WHOM THOSE OPPORTUNITIES MAY HAVE BEEN LIMITED OR DENIED. SEE SCHEDULE O, STATEMENT REGARDING SIGNIFICANT DISPOSITION OF NET ASSETS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | Yes (1) | SignificantChangeInd |
| Expense | $26,447,122 | ExpenseAmt |
| Grant | $4,118,710 | GrantAmt |
| Revenue | $16,937,948 | RevenueAmt |
| Desc | FOR MORE THAN 50 YEARS CAMBRIDGE COLLEGE HAS BEEN A LEADER AND PIONEER IN ADULT LEARNING. WITH A MAIN CAMPUS IN BOSTON, MASSACHUSETTS, AND FOUR REGIONAL LOCATIONS NATIONWIDE, WE PROVIDE ACADEMICALLY EXCELLENT, TIME-EFFICIENT, AND AFFORDABLE HIGHER EDUCATION TO A DIVERSE POPULATION OF ADULT LEARNERS. OUR MORE THAN 400 FULL-TIME AND PART-TIME FACULTY ARE SCHOLAR-PRACTITIONERS WHO BRING THEIR EXPERIENCE INTO THE CLASSROOM. EACH YEAR, WE ENROLL OVER 3,400 STUDENTS IN OUR UNDERGRADUATE, MASTER'S, AND DOCTORAL DEGREE PROGRAMS AND CERTIFICATE OF ADVANCED GRADUATE STUDIES PROGRAMS.SEE SCHEDULE O, STATEMENT REGARDING SIGNIFICANT DISPOSITION OF NET ASSETS. | Desc |
| Total Program Service Expenses | $26,447,122 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | Yes (1) | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | 0 | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | Yes (1) | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | Yes (1) | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | Yes (1) | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| Info In Schedule O Part V | Yes (X) | InfoInScheduleOPartVInd |
| IRP Document | 105 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 525 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 3 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 2 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | MA | StatesWhereCopyOfReturnIsFldCd |
| States Where Copy Of Return Is Fld | NH | StatesWhereCopyOfReturnIsFldCd |
| States Where Copy Of Return Is Fld | PR | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
| Other | Yes (X) | OtherInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | DENNIS MADIGAN | PersonNm |
| Phone | 6178681000 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 500 RUTHERFORD AVENUE | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02129 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | Yes (X) | InfoInScheduleOPartVIIInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (20 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| DEBORAH C JACKSON | ||||||||
| PRESIDENT (THRU 12/2023) | 60.00 | 0.00 | Yes (X) | Yes (X) | $361,279 | $0 | $51,354 | |
| STEPHEN E HEALEY | ||||||||
| INTERIM PRESIDENT (THRU 07/2024) | 50.00 | 0.00 | Yes (X) | Yes (X) | $231,822 | $0 | $18,482 | |
| DENNIS MADIGAN | ||||||||
| PRESIDENT & VP OF FINANCE & ADMIN. | 50.00 | 0.00 | Yes (X) | Yes (X) | $197,776 | $0 | $15,771 | |
| KEVIN MCCALL | ||||||||
| CHAIR | 1.50 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| STEPHANIE BROWNE | ||||||||
| VICE CHAIR | 1.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| CHARLES L ANDERSON MD | ||||||||
| TREASURER (THRU 07/2024) | 1.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| JAMES SEGEL | ||||||||
| CLERK (THRU 07/2024) | 1.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| MARCELA ALDAZ-MATOS | ||||||||
| TRUSTEE (THRU 07/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| KENNETH JOHNSON | ||||||||
| TRUSTEE (THRU 10/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| TERENCE MCCOURT | ||||||||
| TRUSTEE (THRU 10/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JESSE SOLOMON | ||||||||
| TRUSTEE (THRU 10/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| NITI SETH | ||||||||
| PROVOST | 50.00 | 0.00 | Yes (X) | $200,902 | $0 | $13,660 | ||
| LAURETTA D SIGGERS - VP OF | ||||||||
| HR & TALENT DEV. (THRU 06/2024) | 50.00 | 0.00 | Yes (X) | $166,530 | $0 | $15,668 | ||
| PHILLIP E PAGE - VP OF | ||||||||
| STRATEGIC P'SHIPS. (THRU 06/2024) | 50.00 | 0.00 | Yes (X) | $131,064 | $0 | $49,474 | ||
| THOMAS J CAHILL JR - VP OF | ||||||||
| INSTIT. ADVANCEMENT (THRU 06/2024) | 50.00 | 0.00 | Yes (X) | $148,815 | $0 | $11,843 | ||
| JOSEPH CULLEN | ||||||||
| CONTROLLER | 50.00 | 0.00 | $129,068 | $0 | $70,858 | Yes (X) | ||
| JAMES S LEE - DEAN SCHOOL OF | ||||||||
| UNDERGRADUATE STUDIES | 50.00 | 0.00 | $133,982 | $0 | $48,233 | Yes (X) | ||
| MICHAEL E MARRAPODI - ASSOC | ||||||||
| PROVOST FOR ONLINE PROGRAMS | 50.00 | 0.00 | $135,917 | $0 | $21,855 | Yes (X) | ||
| PAULA G BRAMANTE - AVP FOR | ||||||||
| TEACHING & LEARNING TECHNOLOGIES | 50.00 | 0.00 | $138,486 | $0 | $14,862 | Yes (X) | ||
| DORIS A VAN GORDER-MCGOFF | ||||||||
| INT. DEAN, SCHOOL OF EDU. & COUNS. | 50.00 | 0.00 | $137,390 | $0 | $8,975 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,113,031 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $341,035 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 34 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FOCUS EDUSOLUTIONS INC | |||||
| 500 WEST CUMMING PARK SUITE 2700 | WOBURN | MA | 01801 | CONSULTING | $893,891 |
| NORBELLA INC | |||||
| 46 PLYMPTON STREET | BOSTON | MA | 02118 | ADVERTISING | $679,658 |
| OXER CONSULTING LLC | |||||
| 36 FAIRWAY DUNES LANE | ISLE OF PALMS | SC | 29451 | COURSEWORK DEVELOPMENT | $566,946 |
| GOOGLE LLC | |||||
| PO BOX 883654 | LOS ANGELES | CA | 900883654 | ADVERTISING | $397,825 |
| IHEART MEDIA INC | |||||
| PO BOX 419499 | BOSTON | MA | 02241 | ADVERTISING | $355,563 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 19 | CntrctRcvdGreaterThan100KCnt |
| Government Grants | $15,957 | GovernmentGrantsAmt |
| All Other Contributions | $403,855 | AllOtherContributionsAmt |
| Total Contributions | $419,812 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| TUITION AND FEES | 611310 | $16,555,454 | $16,555,454 |
| ACADEMIC RELATED INCOME | 611710 | $382,494 | $382,494 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $16,937,948 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $741,345 | TotalRevenueColumnAmt |
| Exclusion | $741,345 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $74,152 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $74,152 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $74,152 | TotalRevenueColumnAmt |
| Exclusion | $74,152 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $40,999,364 | SecuritiesAmt |
| Other | $85,000 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $39,841,807 | SecuritiesAmt |
| Other | $54,870 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $1,157,557 | SecuritiesAmt |
| Other | $30,130 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,187,687 | TotalRevenueColumnAmt |
| Exclusion | $1,187,687 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | ExclusionExclusionAmt |
|---|---|---|---|
| OTHER INCOME | 900099 | $11,832 | $11,832 |
| MEMORABILIA SALES | 900099 | $2,511 | $2,511 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $14,343 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $19,375,287 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $16,937,948 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $2,017,527 | ExclusionAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,118,710 | TotalAmt |
| Program Services | $4,118,710 | ProgramServicesAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $324,014 | TotalAmt |
| Management And General | $324,014 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,076,397 | TotalAmt |
| Program Services | $11,401,344 | ProgramServicesAmt |
| Management And General | $1,404,044 | ManagementAndGeneralAmt |
| Fundraising | $271,009 | FundraisingAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $719,661 | TotalAmt |
| Program Services | $531,444 | ProgramServicesAmt |
| Management And General | $170,366 | ManagementAndGeneralAmt |
| Fundraising | $17,851 | FundraisingAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $948,003 | TotalAmt |
| Program Services | $696,606 | ProgramServicesAmt |
| Management And General | $241,250 | ManagementAndGeneralAmt |
| Fundraising | $10,147 | FundraisingAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,118,741 | TotalAmt |
| Program Services | $830,497 | ProgramServicesAmt |
| Management And General | $266,208 | ManagementAndGeneralAmt |
| Fundraising | $22,036 | FundraisingAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $749,356 | TotalAmt |
| Management And General | $749,356 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $226,397 | TotalAmt |
| Management And General | $226,397 | ManagementAndGeneralAmt |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $35,400 | TotalAmt |
| Fundraising | $35,400 | FundraisingAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $154,049 | TotalAmt |
| Management And General | $154,049 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,519,142 | TotalAmt |
| Program Services | $1,593,256 | ProgramServicesAmt |
| Management And General | $897,187 | ManagementAndGeneralAmt |
| Fundraising | $28,699 | FundraisingAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,152,126 | TotalAmt |
| Program Services | $833,120 | ProgramServicesAmt |
| Management And General | $319,006 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $393,750 | TotalAmt |
| Program Services | $323,092 | ProgramServicesAmt |
| Management And General | $70,658 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $696,135 | TotalAmt |
| Program Services | $400,526 | ProgramServicesAmt |
| Management And General | $295,450 | ManagementAndGeneralAmt |
| Fundraising | $159 | FundraisingAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,565,729 | TotalAmt |
| Program Services | $4,950,578 | ProgramServicesAmt |
| Management And General | $615,151 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $28,848 | TotalAmt |
| Program Services | $20,719 | ProgramServicesAmt |
| Management And General | $8,018 | ManagementAndGeneralAmt |
| Fundraising | $111 | FundraisingAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $17,114 | TotalAmt |
| Program Services | $5,917 | ProgramServicesAmt |
| Management And General | $11,197 | ManagementAndGeneralAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $329,484 | TotalAmt |
| Program Services | $1,445 | ProgramServicesAmt |
| Management And General | $328,039 | ManagementAndGeneralAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $673,078 | TotalAmt |
| Program Services | $471,563 | ProgramServicesAmt |
| Management And General | $195,959 | ManagementAndGeneralAmt |
| Fundraising | $5,556 | FundraisingAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $291,063 | TotalAmt |
| Program Services | $20,423 | ProgramServicesAmt |
| Management And General | $270,640 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Management And GeneralManagementAndGeneralAmt | Program ServicesProgramServicesAmt | FundraisingFundraisingAmt |
|---|---|---|---|---|
| COMMENCEMENT COSTS | $248,438 | $248,438 | ||
| LIBRARY COSTS | $183,805 | $183,805 | ||
| DUES & SUBSCRIPTIONS | $107,866 | $55,459 | $50,324 | $2,083 |
| OTHER EXPENSES | $23,756 | $10,003 | $13,753 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $33,701,062 | TotalAmt |
| Program Services | $26,447,122 | ProgramServicesAmt |
| Management And General | $6,860,889 | ManagementAndGeneralAmt |
| Fundraising | $393,051 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $64,215 | BOYAmt |
| EOY | $11,062 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,135,642 | BOYAmt |
| EOY | $2,729,559 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $253,365 | BOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,063,777 | BOYAmt |
| EOY | $1,660,090 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $960,144 | BOYAmt |
| EOY | $409,147 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $0 | LandBldgEquipCostOrOtherBssAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,527,079 | BOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $49,057,935 | BOYAmt |
| EOY | $4,649,677 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,091,525 | BOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $42,715,115 | BOYAmt |
| EOY | $31,025 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $110,868,797 | BOYAmt |
| EOY | $9,490,560 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,359,682 | BOYAmt |
| EOY | $564,709 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,437,136 | BOYAmt |
| EOY | $2,437,136 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $66,802,650 | BOYAmt |
| EOY | $623,826 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $72,599,468 | BOYAmt |
| EOY | $3,625,671 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $19,797,969 | BOYAmt |
| EOY | $3,472,575 | EOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $18,471,360 | BOYAmt |
| EOY | $2,392,314 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $38,269,329 | BOYAmt |
| EOY | $5,864,889 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $110,868,797 | BOYAmt |
| EOY | $9,490,560 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | -$14,325,775 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $84,950 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$18,163,615 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| School | Yes (X) | SchoolInd |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
CY Endwmt Fund CYEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $42,938,391 | BeginningYearBalanceAmt |
| Investment Earnings Or Losses | $1,222,716 | InvestmentEarningsOrLossesAmt |
| Other Expenditures | $39,746,685 | OtherExpendituresAmt |
| End Year Balance | $4,414,422 | EndYearBalanceAmt |
CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $41,492,289 | BeginningYearBalanceAmt |
| Investment Earnings Or Losses | $2,843,873 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | $555,104 | GrantsOrScholarshipsAmt |
| Other Expenditures | $842,667 | OtherExpendituresAmt |
| End Year Balance | $42,938,391 | EndYearBalanceAmt |
CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $58,078,665 | BeginningYearBalanceAmt |
| Investment Earnings Or Losses | -$5,069,876 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | $716,500 | GrantsOrScholarshipsAmt |
| Other Expenditures | $10,800,000 | OtherExpendituresAmt |
| End Year Balance | $41,492,289 | EndYearBalanceAmt |
CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $61,023,483 | BeginningYearBalanceAmt |
| Investment Earnings Or Losses | $6,485,704 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | $405,776 | GrantsOrScholarshipsAmt |
| Other Expenditures | $9,024,746 | OtherExpendituresAmt |
| End Year Balance | $58,078,665 | EndYearBalanceAmt |
CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $63,858,020 | BeginningYearBalanceAmt |
| Investment Earnings Or Losses | $4,858,788 | InvestmentEarningsOrLossesAmt |
| Grants Or Scholarships | $451,005 | GrantsOrScholarshipsAmt |
| Other Expenditures | $7,242,320 | OtherExpendituresAmt |
| End Year Balance | $61,023,483 | EndYearBalanceAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Designated Balance EOY | 0.46180 | BoardDesignatedBalanceEOYPct |
| Prmnnt Endowment Balance EOY | 0.33330 | PrmnntEndowmentBalanceEOYPct |
| Term Endowment Balance EOY | 0.20490 | TermEndowmentBalanceEOYPct |
| Endowments Held Unrelated Org | 0 | EndowmentsHeldUnrelatedOrgInd |
| Endowments Held Related Org | 0 | EndowmentsHeldRelatedOrgInd |
| Total Book Value Land Buildings | $0 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| TUITION DEPOSITS | $273,713 |
| DUE TO BPU ACQUISITION, LLC | $350,113 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $623,826 | TotalLiabilityAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART V, LINE 4: | FormAndLineReferenceDesc |
| Explanation | THE COLLEGE'S ENDOWMENT CONSISTS OF 32 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS QUASI-ENDOWMENTS. NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES WHICH FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. EFFECTIVE JULY 1, 2024, THE COLLEGE TRANSFERRED ESSENTIALLY ALL OF ITS ASSETS AND CERTAIN LIABILITIES, INCLUDING ITS ENDOWMENT FUND, TO BPU ACQUISITION, LLC, PURSUANT TO AN ACQUISITION AGREEMENT. THIS TRANSFER WAS PART OF A BROADER TRANSACTION IN WHICH THE COLLEGE CEASED ITS EDUCATIONAL OPERATIONS AND BEGAN THE PROCESS OF DISSOLUTION AND WINDING UP ITS AFFAIRS. | ExplanationTxt |
Schedule E IRS990ScheduleE
| Field | Value | IRS element (for citing) |
|---|---|---|
| Nondiscriminatory Policy Stmt | Yes (1) | NondiscriminatoryPolicyStmtInd |
| Policy Stmt In Brochures Etc | Yes (1) | PolicyStmtInBrochuresEtcInd |
| Plcy Pblczd Via Broadcast Media | Yes (1) | PlcyPblczdViaBroadcastMediaInd |
| Maintain Racial Comp Recs | Yes (1) | MaintainRacialCompRecsInd |
| Maintain Scholarships Recs | Yes (1) | MaintainScholarshipsRecsInd |
| Maintain Cpy Of Brochures Etc | Yes (1) | MaintainCpyOfBrochuresEtcInd |
| Maintain Cpy Of All Sol | Yes (1) | MaintainCpyOfAllSolInd |
| Discriminate Race Stdnts Rghts | 0 | DiscriminateRaceStdntsRghtsInd |
| Discriminate Race Admiss Plcy | 0 | DiscriminateRaceAdmissPlcyInd |
| Discriminate Race Emplm Fculty | 0 | DiscriminateRaceEmplmFcultyInd |
| Discriminate Race Schs | 0 | DiscriminateRaceSchsInd |
| Discriminate Race Educ Plcy | 0 | DiscriminateRaceEducPlcyInd |
| Discriminate Race Use Of Fclts | 0 | DiscriminateRaceUseOfFcltsInd |
| Discriminate Race Athlt Prog | 0 | DiscriminateRaceAthltProgInd |
| Discriminate Race Other Acty | 0 | DiscriminateRaceOtherActyInd |
| Government Financial Aid Rcvd | Yes (1) | GovernmentFinancialAidRcvdInd |
| Government Financial Aid Rvkd | 0 | GovernmentFinancialAidRvkdInd |
| Compliance With Rev Proc7550 | Yes (1) | ComplianceWithRevProc7550Ind |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| SCHEDULE E, PART I, LINE 3 | CAMBRIDGE COLLEGE IS COMMITTED TO AN EDUCATIONAL AND WORK ENVIRONMENT IN WHICH ALL INDIVIDUALS ARE TREATED WITH RESPECT AND DIGNITY. EACH INDIVIDUAL HAS THE RIGHT TO STUDY AND WORK IN A PROFESSIONAL ATMOSPHERE THAT PROMOTES EQUAL OPPORTUNITIES AND PROHIBITS UNLAWFUL DISCRIMINATORY PRACTICES, INCLUDING HARASSMENT. THEREFORE, THE COLLEGE EXPECTS THAT ALL RELATIONSHIPS AMONG PERSONS IN THE EDUCATIONAL SETTING AND THE WORKPLACE WILL BE BUSINESS-LIKE AND FREE OF BIAS, PREJUDICE AND HARASSMENT. IT IS THE POLICY OF THE COLLEGE TO ENSURE EQUAL OPPORTUNITY WITHOUT DISCRIMINATION OR HARASSMENT ON THE BASIS OF RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, AGE, DISABILITY, MARITAL STATUS, CITIZENSHIP, NATIONAL ORIGIN, GENETICS, OR ANY OTHER CHARACTERISTIC PROTECTED BY LAW. CAMBRIDGE COLLEGE PROHIBITS ANY SUCH DISCRIMINATION OR HARASSMENT. THE COLLEGE'S NON-DISCRIMINATORY POLICY CAN BE FOUND ON ITS WEBSITE AT HTTP://WWW.CAMBRIDGECOLLEGE.EDU/NON-DISCRIMINATION-AND-HARASSMENT. |
| SCHEDULE E, PART I, LINE 6 | THE COLLEGE RECEIVED INSTITUTIONAL AID FROM THE U.S. DEPARTMENT OF EDUCATION. |
Schedule G IRS990ScheduleG
| Field | Value | IRS element (for citing) |
|---|---|---|
| Email Solicitations | Yes (X) | EmailSolicitationsInd |
| In Person Solicitations | Yes (X) | InPersonSolicitationsInd |
| Solicitation Of Non Govt Grants | Yes (X) | SolicitationOfNonGovtGrantsInd |
| Agrmt Prof Fundraising Acty | Yes (1) | AgrmtProfFundraisingActyInd |
Fundraiser Activity Info FundraiserActivityInfoGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | ActivityActivityTxt | Fundraiser Control Of FundsFundraiserControlOfFundsInd | Gross ReceiptsGrossReceiptsAmt | Retained By ContractorRetainedByContractorAmt | Net To OrganizationNetToOrganizationAmt |
|---|---|---|---|---|---|---|---|---|
| MJH GRANT CONSULTING | ||||||||
| 505 WALTHAM STREET STE 6 | WEST NEWTON | MA | 02465 | GRANT WRITING | 0 | $15,957 | $30,400 | -$14,443 |
| A10 ASSOCIATES LLC | ||||||||
| 214 COMMERCIAL STREET STE 202 | MALDEN | MA | 02148 | CONSULTING | 0 | $0 | $5,000 | -$5,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Gross Receipts | $15,957 | TotalGrossReceiptsAmt |
| Total Retained By Contractors | $35,400 | TotalRetainedByContractorsAmt |
| Total Net To Organization | -$19,443 | TotalNetToOrganizationAmt |
| Licensed States | MA | LicensedStatesCd |
| Licensed States | NH | LicensedStatesCd |
| Licensed States | PR | LicensedStatesCd |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp (8 entries)
| Grant TypeGrantTypeTxt | RecipientRecipientCnt | Cash GrantCashGrantAmt |
|---|---|---|
| SCHOLARSHIPS - SEE PART IV | 45 | $106,440 |
| SCHOLARSHIPS - SEE PART IV | 1 | $1,223 |
| SCHOLARSHIPS - SEE PART IV | 13 | $50,222 |
| SCHOLARSHIPS - SEE PART IV | 17 | $15,818 |
| SCHOLARSHIPS - SEE PART IV | 1 | $5,000 |
| FINANCIAL AID | 1500 | $1,690,196 |
| MASSACHUSETTS GRANTS | 82 | $300,850 |
| WAIVERS, ALUMNI & DISCOUNTS | 1113 | $1,948,961 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 2: | ALL FUNDS DONATED BY INDIVIDUALS, CORPORATIONS OR FOUNDATIONS ARE RECORDED AS TEMPORARILY RESTRICTED UNTIL FUNDS ARE IDENTIFIED AS APPLICABLE TO FINANCIAL AID FOR A STUDENT. FUNDS ARE SUBSEQUENTLY CREDITED TO THE STUDENT'S ACCOUNTS. ALL AWARDS ARE UNDER THE DIRECTION OF THE FINANCIAL AID OFFICE TO ENSURE COMPLIANCE WITH DONORS' DIRECTIONS. |
| SCHEDULE I, PART III: | DESCRIPTIONS OF GRANTS OR ASSISTANCE SCHOLARSHIPS FOR WOMEN MAKING LIFE CHANGES THROUGH EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $106,440 SCHOLARSHIP FOR TEACHERS AND SOCIAL SERVICES STUDENTS IN THE BOSTON AREA SEEKING TO ADVANCE THEIR CAREERS THROUGH EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $1,223 SCHOLARSHIPS FOR STUDENT WORKING TOWARDS CIVIL RIGHTS AND SOCIAL JUSTICE IN THEIR PERSONAL LIVES OR EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $50,222 SCHOLARSHIPS FOR STUDENTS MAKING LIFE CHANGES THROUGH EDUCATION, PER DONOR RESTRICTIONS, AMOUNTED TO $15,818 SCHOLARSHIPS FOR MALE PROTESTANT STUDENTS FROM BOSTON AREA SCHOOLS, PER DONOR RESTRICTIONS, AMOUNTED TO $5,000 THE REMAINING $3,940,007 IS COMPRISED OF FINANCIAL AID $1,690,196, MASSACHUSETTS GRANTS $300,850, AND WAIVERS & DISCOUNTS $1,948,961. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | 0 | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (11 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DEBORAH C JACKSON | ||||||||||||||
| PRESIDENT (THRU 12/2023) | $249,410 | $0 | $0 | $0 | $111,869 | $0 | $26,400 | $0 | $24,954 | $0 | $412,633 | $0 | $15,000 | $0 |
| STEPHEN E HEALEY | ||||||||||||||
| INTERIM PRESIDENT (THRU 07/2024) | $231,030 | $0 | $0 | $0 | $792 | $0 | $18,482 | $0 | $0 | $0 | $250,304 | $0 | $0 | $0 |
| NITI SETH | ||||||||||||||
| PROVOST | $199,728 | $0 | $0 | $0 | $1,174 | $0 | $13,461 | $0 | $199 | $0 | $214,562 | $0 | $0 | $0 |
| DENNIS MADIGAN | ||||||||||||||
| PRESIDENT & VP OF FINANCE & ADMIN. | $197,500 | $0 | $0 | $0 | $276 | $0 | $15,400 | $0 | $371 | $0 | $213,547 | $0 | $0 | $0 |
| JOSEPH CULLEN | ||||||||||||||
| CONTROLLER | $127,544 | $0 | $0 | $0 | $1,524 | $0 | $11,275 | $0 | $59,583 | $0 | $199,926 | $0 | $0 | $0 |
| JAMES S LEE - DEAN SCHOOL OF | ||||||||||||||
| UNDERGRADUATE STUDIES | $133,466 | $0 | $0 | $0 | $516 | $0 | $10,967 | $0 | $37,266 | $0 | $182,215 | $0 | $0 | $0 |
| LAURETTA D SIGGERS - VP OF | ||||||||||||||
| HR & TALENT DEV. (THRU 06/2024) | $161,667 | $0 | $0 | $0 | $4,863 | $0 | $12,885 | $0 | $2,783 | $0 | $182,198 | $0 | $0 | $0 |
| PHILLIP E PAGE - VP OF | ||||||||||||||
| STRATEGIC P'SHIPS. (THRU 06/2024) | $130,272 | $0 | $0 | $0 | $792 | $0 | $11,436 | $0 | $38,038 | $0 | $180,538 | $0 | $0 | $0 |
| THOMAS J CAHILL JR - VP OF | ||||||||||||||
| INSTIT. ADVANCEMENT (THRU 06/2024) | $147,291 | $0 | $0 | $0 | $1,524 | $0 | $11,788 | $0 | $55 | $0 | $160,658 | $0 | $0 | $0 |
| MICHAEL E MARRAPODI - ASSOC | ||||||||||||||
| PROVOST FOR ONLINE PROGRAMS | $134,393 | $0 | $0 | $0 | $1,524 | $0 | $10,455 | $0 | $11,400 | $0 | $157,772 | $0 | $0 | $0 |
| PAULA G BRAMANTE - AVP FOR | ||||||||||||||
| TEACHING & LEARNING TECHNOLOGIES | $125,619 | $0 | $0 | $0 | $12,867 | $0 | $9,400 | $0 | $5,462 | $0 | $153,348 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 4B | FormAndLineReferenceDesc |
| Explanation | DEBORAH C. JACKSON, PRESIDENT, PARTICIPATES IN A NONQUALIFIED DEFERRED COMPENSATION PLAN AND AMOUNTS ARE DETERMINED AND CONTRIBUTED IN ACCORDANCE WITH THE PRESIDENT'S EMPLOYMENT AGREEMENT. AMOUNTS CONTRIBUTED TO THE PLAN VESTED ON AUGUST 31, 2023. | ExplanationTxt |
Schedule N IRS990ScheduleN
Disposition Of Assets Detail DispositionOfAssetsDetail (3 entries)
| Assets Distri Or Expnss PaidAssetsDistriOrExpnssPaidDesc | DistributionDistributionDt | Fair Market Value Of AssetFairMarketValueOfAssetAmt | Method Of FMV DeterminationMethodOfFMVDeterminationTxt | EINEIN | Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | IRC SectionIRCSectionTxt |
|---|---|---|---|---|---|---|---|---|---|
| BPU ACQUISITION LLC | |||||||||
| INVESTMENTS DISTRIBUTED TO BPU ACQUISITION, LLC | 2024-07-01 | $9,453,964 | MARKET VALUE | 042103865 | 588 LONGMEADOW STREET | LONGMEADOW | MA | 01106 | 501(C)(3) |
| BPU ACQUISITION LLC | |||||||||
| FIXED ASSETS DISTRIBUTED TO BPU ACQUISITION, LLC | 2024-07-01 | $1,043,511 | BOOK VALUE | 042103865 | 588 LONGMEADOW STREET | LONGMEADOW | MA | 01106 | 501(C)(3) |
| BPU ACQUISITION LLC | |||||||||
| NET ASSETS DISTRIBUTED TO BPU ACQUISITION, LLC | 2024-07-01 | $599,500 | BOOK VALUE | 042103865 | 588 LONGMEADOW STREET | LONGMEADOW | MA | 01106 | 501(C)(3) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Director Of Successor2 | 0 | DirectorOfSuccessor2Ind |
| Employee Of Successor2 | Yes (1) | EmployeeOfSuccessor2Ind |
| Owner Of Successor2 | 0 | OwnerOfSuccessor2Ind |
| Receive Compensation2 | 0 | ReceiveCompensation2Ind |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART II, LINE 2E: | FormAndLineReferenceDesc |
| Explanation | PERSON(S) INVOLVED: FOLLOWING THE COLLEGE'S SIGNIFICANT DISPOSITION OF ASSETS, STEPHEN E. HEALEY, NITI SETH, AND DENNIS MADIGAN WERE APPOINTED AS OFFICERS AND EMPLOYEES OF BPU ACQUISITION, LLC, A WHOLLY-OWNED DISREGARDED ENTITY OF BAY PATH UNIVERSITY, DESCRIBED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (12 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| EXPLANATION REGARDING THE SIGNIFICANT DISPOSITION OF NET ASSETS: | ON JULY 1, 2024, CAMBRIDGE COLLEGE CONTRIBUTED SUBSTANTIALLY ALL OF ITS ASSETS TO BPU ACQUISITION, LLC D/B/A CAMBRIDGE COLLEGE AT BAY PATH UNIVERSITY, A MASSACHUSETTS LIMITED LIABILITY COMPANY AND PUBLIC CHARITY THAT IS WHOLLY CONTROLLED BY THE MASSACHUSETTS NONPROFIT CORPORATION THAT OWNS AND OPERATES BAY PATH UNIVERSITY. AS A RESULT OF THIS TRANSACTION, CAMBRIDGE COLLEGE CEASED DOING BUSINESS AND IS IN THE PROCESS OF DISSOLVING THE CORPORATE LEGAL ENTITY AND WINDING UP ITS AFFAIRS. THE TRANSACTION IS SUBJECT TO FINAL REGULATORY APPROVALS OF THE DEPARTMENT OF EDUCATION AND MASSACHUSETTS ATTORNEY GENERAL, AMONG OTHERS. FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: TIME-EFFICIENT, AND COST-EFFECTIVE HIGHER EDUCATION FOR A DIVERSE POPULATION OF WORKING ADULTS. |
| FORM 990, PART III, LINE 3 | EFFECTIVE JULY 1, 2024, THE COLLEGE TRANSFERRED ESSENTIALLY ALL OF ITS ASSETS AND LIABILITIES TO BPU ACQUISITION, LLC D/B/A CAMBRIDGE COLLEGE AT BAY PATH UNIVERSITY, AND HAS BEGUN THE PROCESS OF DISSOLVING THE CORPORATE LEGAL ENTITY AND WINDING UP ITS AFFAIRS. |
| FORM 990, PART V, LINE 1A: | THE AMOUNT LISTED HAS BEEN REDUCED BY THE NUMBER OF FORMS 1098-T THAT WERE FILED. THE ORGANIZATION FILED 2,629 FORMS 1098-T. |
| FORM 990, PART VI, SECTION A, LINE 1A | EXECUTIVE COMMITTEE THE ESTABLISHED EXECUTIVE COMMITTEE CONSISTS OF THE CHAIRS OF ALL STANDING BOARD COMMITTEES, AS DESCRIBED IN SECTION 4.13(A), AND THE OFFICERS OF THE BOARD. THE CHAIR ACTS AS THE CHAIR OF THE EXECUTIVE COMMITTEE, AND THE VICE CHAIR ACTS AS VICE CHAIR OF THE EXECUTIVE COMMITTEE. THE PRESIDENT SERVES AS A MEMBER OF THE EXECUTIVE COMMITTEE, EX-OFFICIO, WITH VOTE. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT FOR THE BOARD OF TRUSTEES TO ADDRESS ROUTINE BUSINESS BETWEEN REGULAR BOARD MEETINGS; IT ASSISTS AND ADVISES THE CHAIR AND THE PRESIDENT IN THEIR RESPONSIBILITIES TO HELP THE BOARD OF TRUSTEES FUNCTION EFFECTIVELY AND EFFICIENTLY; AND HAS THE AUTHORITY TO ACT FOR THE BOARD OF TRUSTEES ON ALL MATTERS EXCEPT FOR THE FOLLOWING, WHICH ARE RESERVED FOR THE BOARD: SELECTION AND TERMINATION OF THE PRESIDENT; ADOPTION OF THE ANNUAL BUDGET; SELECTION AND REMOVAL OF TRUSTEES OR OFFICERS APPOINTED BY THE TRUSTEES; INCURRING OF SUBSTANTIAL INDEBTEDNESS ON BEHALF OF THE COLLEGE; CAPITAL EXPENDITURES THAT REQUIRE APPROVAL BY THE BOARD UNDER APPLICABLE BOARD OF TRUSTEES POLICY; RELOCATION OF THE COLLEGE OR MAJOR DECISIONS PERTAINING TO THE PRINCIPAL OFFICE OF THE COLLEGE; AND ANY ACTIONS WHICH REQUIRE BY LAW THE VOTE OF THE BOARD,INCLUDING AMENDMENT OF THE ARTICLES OF ORGANIZATION OR THE BYLAWS; MERGER OR CONSOLIDATION OF THE COLLEGE; DISSOLUTION OF THE COLLEGE; OR THE INITIATION OF BANKRUPTCY PROCEEDINGS. |
| FORM 990, PART VI, SECTION B, LINE 11B | FORM 990 REVIEW PROCESS THE 990 WAS PREPARED AND REVIEWED BY A NATIONAL ADVISORY FIRM USING INFORMATION PROVIDED BY THE CONTROLLER. THE FORM IS SUBSEQUENTLY REVIEWED BY THE VP OF FINANCE AND ADMINISTRATION, AS WELL AS THE PRESIDENT. PRIOR TO FILING, A COPY OF FORM 990 WAS PROVIDED TO THE ENTIRE BOARD OF TRUSTEES. |
| FORM 990, PART VI, SECTION B, LINE 12C | CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT THE COLLEGE USES A CONFLICT OF INTEREST DISCLOSURE FORM TO MONITOR COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. ANNUALLY, OFFICERS AND DIRECTORS ARE REQUIRED TO COMPLETE THE DISCLOSURE FORM. THE PROCESS IS ADMINISTERED BY THE TRUSTEES AND GOVERNANCE COMMITTEE WITH ASSISTANCE FROM THE OFFICE OF THE PRESIDENT. EFFECTIVE IMPLEMENTATION OF THIS POLICY REQUIRES, FIRST, THE FULL DISCLOSURE OF INDIVIDUAL INTERESTS THAT MIGHT CONFLICT WITH THE BEST INTERESTS OF THE COLLEGE. SECOND, THE TRUSTEES, OFFICERS, EMPLOYEES, AND OTHER REPRESENTATIVES WHO HAVE DISCLOSED A POTENTIAL CONFLICT OF INTEREST SHALL REFRAIN FROM PARTICIPATING IN THE COLLEGE'S CONSIDERATION OF ANY PROPOSED BUSINESS OR FINANCIAL RELATIONSHIP IN WHICH HE OR SHE IS INTERESTED, EXCEPT TO RESPOND TO QUESTIONS OR TO PROVIDE FURTHER INFORMATION. IF A TRANSACTION OR RELATIONSHIP REQUIRES A VOTE, THE INTERESTED PARTY SHOULD NOT BE PRESENT AT THE TIME OF THE VOTE. |
| FORM 990, PART VI, SECTION B, LINE 15A | PROCESS FOR DETERMINING COMPENSATION THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SERVES AS THE COMPENSATION COMMITTEE. WHEN DETERMINING THE PRESIDENT'S COMPENSATION, HUMAN RESOURCES PROVIDES A COMPENSATION ANALYSIS FOR SIMILARLY SITUATED PRESIDENTIAL SALARIES. A WRITTEN CONTRACT IS NEGOTIATED AND THE EMPLOYMENT AND COMPENSATION PACKAGE IS THEN APPROVED BY THE BOARD OF TRUSTEES. |
| FORM 990, PART VI, SECTION C, LINE 18 | AVAILABILITY OF FORM 990 FOR PUBLIC INSPECTION CAMBRIDGE COLLEGE'S FORM 990 IS AVAILABLE VIA REQUEST FROM THE COLLEGE. THE FORM 990 IS ALSO AVAILABLE ONLINE FROM GUIDESTAR, THE MASSACHSUETT'S ATTORNEY GENERAL'S OFFICE AND OTHER SUCH SOURCES. |
| FORM 990, PART VI, SECTION C, LINE 19 | HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC CAMBRIDGE COLLEGE MAKES AVAILABLE COPIES OF ITS BY-LAWS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE GENERAL PUBLIC UPON REQUEST. |
| FORM 990, PART VII, SECTION A: | CERTAIN INDIVIDUALS REPORTED ON PART VII, SECTION A AND SCHEDULE J, PART II, RECEIVE COMPENSATION FOR TEACHING COURSES AT THE COLLEGE. |
| FORM 990, PART XI, LINE 9: | TRANSFER OF NET ASSETS TO BPU ACQUISITION, LLC -11,096,975. LOSS ON DISPOSAL OF FIXED AND INTANGIBLE ASSETS -6,396,540. WRITE-OFF OF UNCOLLECTIBLE PLEDGES -641,767. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENT -28,333. |
| FORM 990. PART XII, LINE 2C: | AS PART OF THE ACQUISITION TRANSACTION EFFECTIVE JULY 1, 2024, THE COLLEGE RECEIVED AUDITED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) FOR THE PERIOD ENDING JUNE 30, 2024. THE FINANCIAL STATEMENTS DISCLOSE THE COLLEGE'S ACTIVITIES PRIOR TO THE CESSATION OF THE COLLEGE'S OPERATIONS AND THE DISSOLUTION OF ITS NET ASSETS. HOWEVER, FOR FEDERAL TAX REPORTING PURPOSES, THE COLLEGE RETAINED ITS ORIGINAL FISCAL YEAR ENDING AUGUST 31, 2024, IN ORDER TO FULLY REPORT THE TRANSFER OF NET ASSETS AND RELATED ACTIVITIES THROUGH THE END OF THE FISCAL YEAR. AS A RESULT, THE COLLEGE DID NOT RECEIVE AUDITED FINANCIAL STATEMENTS COVERING THE FULL TAX YEAR ENDING AUGUST 31, 2024. ACCORDINGLY, FORM 990, PART IV, LINE 12A AND PART XII, LINE 2B ARE ANSWERED "NO" TO REFLECT THAT AUDITED FINANCIAL STATEMENTS WERE NOT PREPARED FOR THE COMPLETE FISCAL YEAR. |
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