2025-07-09T13:04:43-05:00 2024-08-31 991856619 GRANT THORNTON ADVISORS LLC 53 STATE STREET SUITE 1600 BOSTON MA 02109 990 2023-09-01 510163080 CAMBRIDGE COLLEGE INC CAMB 6178681000 500 RUTHERFORD AVENUE BOSTON MA 02129 DENNIS MADIGAN PRESIDENT & VP OF FIN. & ADMIN 6178681000 2025-07-09 1 1 ERIN COUTURE P01390592 6177237900 2023 2025-03-06 01:10:19Z DENNIS MADIGAN 500 RUTHERFORD AVENUE BOSTON MA 02129 59271964 0 X WWW.CAMBRIDGECOLLEGE.EDU X 1974 MA THE MISSION OF CAMBRIDGE COLLEGE IS TO PROVIDE ACADEMICALLY EXCELLENT (CONTINUED ON SCHEDULE O) X 3 2 525 8 0 0 16039360 419812 19491118 16937948 -325348 1929032 132159 88495 35337289 19375287 3044638 4118710 0 0 17945532 16186816 147770 35400 393051 18374904 13360136 39512844 33701062 -4175555 -14325775 110868797 9490560 72599468 3625671 38269329 5864889 X 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. 0 1 26447122 4118710 16937948 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. 26447122 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 X 105 0 1 525 1 0 0 0 0 0 0 0 0 0 0 0 0 X 3 2 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA NH PR X X DENNIS MADIGAN 6178681000 500 RUTHERFORD AVENUE BOSTON MA 02129 X DEBORAH C JACKSON PRESIDENT (THRU 12/2023) 60.00 0.00 X X 361279 0 51354 STEPHEN E HEALEY INTERIM PRESIDENT (THRU 07/2024) 50.00 0.00 X X 231822 0 18482 DENNIS MADIGAN PRESIDENT & VP OF FINANCE & ADMIN. 50.00 0.00 X X 197776 0 15771 KEVIN MCCALL CHAIR 1.50 0.00 X X 0 0 0 STEPHANIE BROWNE VICE CHAIR 1.00 0.00 X X 0 0 0 CHARLES L ANDERSON MD TREASURER (THRU 07/2024) 1.00 0.00 X X 0 0 0 JAMES SEGEL CLERK (THRU 07/2024) 1.00 0.00 X X 0 0 0 MARCELA ALDAZ-MATOS TRUSTEE (THRU 07/2024) 1.00 0.00 X 0 0 0 KENNETH JOHNSON TRUSTEE (THRU 10/2023) 1.00 0.00 X 0 0 0 TERENCE MCCOURT TRUSTEE (THRU 10/2023) 1.00 0.00 X 0 0 0 JESSE SOLOMON TRUSTEE (THRU 10/2023) 1.00 0.00 X 0 0 0 NITI SETH PROVOST 50.00 0.00 X 200902 0 13660 LAURETTA D SIGGERS - VP OF HR & TALENT DEV. (THRU 06/2024) 50.00 0.00 X 166530 0 15668 PHILLIP E PAGE - VP OF STRATEGIC P'SHIPS. (THRU 06/2024) 50.00 0.00 X 131064 0 49474 THOMAS J CAHILL JR - VP OF INSTIT. ADVANCEMENT (THRU 06/2024) 50.00 0.00 X 148815 0 11843 JOSEPH CULLEN CONTROLLER 50.00 0.00 X 129068 0 70858 JAMES S LEE - DEAN SCHOOL OF UNDERGRADUATE STUDIES 50.00 0.00 X 133982 0 48233 MICHAEL E MARRAPODI - ASSOC PROVOST FOR ONLINE PROGRAMS 50.00 0.00 X 135917 0 21855 PAULA G BRAMANTE - AVP FOR TEACHING & LEARNING TECHNOLOGIES 50.00 0.00 X 138486 0 14862 DORIS A VAN GORDER-MCGOFF INT. DEAN, SCHOOL OF EDU. & COUNS. 50.00 0.00 X 137390 0 8975 2113031 0 341035 34 0 1 0 FOCUS EDUSOLUTIONS INC 500 WEST CUMMING PARK SUITE 2700 WOBURN MA 01801 CONSULTING 893891 NORBELLA INC 46 PLYMPTON STREET BOSTON MA 02118 ADVERTISING 679658 OXER CONSULTING LLC 36 FAIRWAY DUNES LANE ISLE OF PALMS SC 29451 COURSEWORK DEVELOPMENT 566946 GOOGLE LLC PO BOX 883654 LOS ANGELES CA 900883654 ADVERTISING 397825 IHEART MEDIA INC PO BOX 419499 BOSTON MA 02241 ADVERTISING 355563 19 15957 403855 419812 TUITION AND FEES 611310 16555454 16555454 ACADEMIC RELATED INCOME 611710 382494 382494 16937948 741345 741345 74152 0 74152 74152 74152 40999364 85000 39841807 54870 1157557 30130 1187687 1187687 OTHER INCOME 900099 11832 11832 MEMORABILIA SALES 900099 2511 2511 14343 19375287 16937948 0 2017527 4118710 4118710 324014 324014 13076397 11401344 1404044 271009 719661 531444 170366 17851 948003 696606 241250 10147 1118741 830497 266208 22036 749356 749356 226397 226397 35400 35400 154049 154049 2519142 1593256 897187 28699 1152126 833120 319006 393750 323092 70658 696135 400526 295450 159 5565729 4950578 615151 28848 20719 8018 111 17114 5917 11197 329484 1445 328039 673078 471563 195959 5556 291063 20423 270640 COMMENCEMENT COSTS 248438 248438 LIBRARY COSTS 183805 183805 DUES & SUBSCRIPTIONS 107866 50324 55459 2083 OTHER EXPENSES 23756 13753 10003 33701062 26447122 6860889 393051 64215 11062 8135642 2729559 253365 2063777 1660090 960144 409147 0 6527079 49057935 4649677 1091525 42715115 31025 110868797 9490560 3359682 564709 2437136 2437136 66802650 623826 72599468 3625671 X 19797969 3472575 18471360 2392314 38269329 5864889 110868797 9490560 X -14325775 84950 -18163615 X X 0 0 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 42938391 1222716 39746685 4414422 41492289 2843873 555104 842667 42938391 58078665 -5069876 716500 10800000 41492289 61023483 6485704 405776 9024746 58078665 63858020 4858788 451005 7242320 61023483 0.46180 0.33330 0.20490 0 0 0 TUITION DEPOSITS 273713 DUE TO BPU ACQUISITION, LLC 350113 623826 PART V, LINE 4: 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. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 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. X X X 1 MJH GRANT CONSULTING 505 WALTHAM STREET STE 6 WEST NEWTON MA 02465 GRANT WRITING 0 15957 30400 -14443 A10 ASSOCIATES LLC 214 COMMERCIAL STREET STE 202 MALDEN MA 02148 CONSULTING 0 0 5000 -5000 15957 35400 -19443 MA NH PR 1 SCHOLARSHIPS - SEE PART IV 45 106440 SCHOLARSHIPS - SEE PART IV 1 1223 SCHOLARSHIPS - SEE PART IV 13 50222 SCHOLARSHIPS - SEE PART IV 17 15818 SCHOLARSHIPS - SEE PART IV 1 5000 FINANCIAL AID 1500 1690196 MASSACHUSETTS GRANTS 82 300850 WAIVERS, ALUMNI & DISCOUNTS 1113 1948961 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. X X 0 1 0 0 0 0 0 0 0 DEBORAH C JACKSON PRESIDENT (THRU 12/2023) 249410 0 0 0 111869 0 26400 0 24954 0 412633 0 15000 0 STEPHEN E HEALEY INTERIM PRESIDENT (THRU 07/2024) 231030 0 0 0 792 0 18482 0 0 0 250304 0 0 0 NITI SETH PROVOST 199728 0 0 0 1174 0 13461 0 199 0 214562 0 0 0 DENNIS MADIGAN PRESIDENT & VP OF FINANCE & ADMIN. 197500 0 0 0 276 0 15400 0 371 0 213547 0 0 0 JOSEPH CULLEN CONTROLLER 127544 0 0 0 1524 0 11275 0 59583 0 199926 0 0 0 JAMES S LEE - DEAN SCHOOL OF UNDERGRADUATE STUDIES 133466 0 0 0 516 0 10967 0 37266 0 182215 0 0 0 LAURETTA D SIGGERS - VP OF HR & TALENT DEV. (THRU 06/2024) 161667 0 0 0 4863 0 12885 0 2783 0 182198 0 0 0 PHILLIP E PAGE - VP OF STRATEGIC P'SHIPS. (THRU 06/2024) 130272 0 0 0 792 0 11436 0 38038 0 180538 0 0 0 THOMAS J CAHILL JR - VP OF INSTIT. ADVANCEMENT (THRU 06/2024) 147291 0 0 0 1524 0 11788 0 55 0 160658 0 0 0 MICHAEL E MARRAPODI - ASSOC PROVOST FOR ONLINE PROGRAMS 134393 0 0 0 1524 0 10455 0 11400 0 157772 0 0 0 PAULA G BRAMANTE - AVP FOR TEACHING & LEARNING TECHNOLOGIES 125619 0 0 0 12867 0 9400 0 5462 0 153348 0 0 0 PART I, LINE 4B 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. INVESTMENTS DISTRIBUTED TO BPU ACQUISITION, LLC 2024-07-01 9453964 MARKET VALUE 042103865 BPU ACQUISITION LLC 588 LONGMEADOW STREET LONGMEADOW MA 01106 501(C)(3) FIXED ASSETS DISTRIBUTED TO BPU ACQUISITION, LLC 2024-07-01 1043511 BOOK VALUE 042103865 BPU ACQUISITION LLC 588 LONGMEADOW STREET LONGMEADOW MA 01106 501(C)(3) NET ASSETS DISTRIBUTED TO BPU ACQUISITION, LLC 2024-07-01 599500 BOOK VALUE 042103865 BPU ACQUISITION LLC 588 LONGMEADOW STREET LONGMEADOW MA 01106 501(C)(3) 0 1 0 0 PART II, LINE 2E: 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. 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.