2021-02-16T15:14:03-07:00 2020-05-31 990 2019-06-01 042111203 TRUSTEES OF CLARK UNIVERSITY TRUS 5087937499 950 Main Street Worcester MA 01610 Danielle Manning Executive VP & Treasurer 5087937455 2021-02-18 2019 2022-09-23 18:48:47Z Clark University David Fithian 950 Main Street Worcester MA 01610 259124899 0 X www.clarku.edu X 1887 MA Clark University's mission is to educate undergraduate and graduate students to be imaginative and contributing citizens of the world, and to advance the frontiers of knowledge and understanding through rigorous scholarship and creative effort. 25 25 2591 342 -163590 -199946 16144931 25963306 149116993 164140320 8001506 9390489 1275281 1453483 174538711 200947598 68707296 77428841 0 0 73119826 76957589 0 0 5895402 40333722 42934695 182160844 197321125 -7622133 3626473 615842469 609464924 103911245 99952634 511931224 509512290 X Clark University's mission is to educate undergraduate and graduate students to be imaginative and contributing citizens of the world, and to advance the frontiers of knowledge and understanding through rigorous scholarship and creative effort. Clark fosters a commitment to excellence in studying traditional academic disciplines, as well as innovation in exploring questions that cross disciplinary boundaries. 0 0 70832492 0 150035565 Instruction and academic support, with program expenditures of $70,832,492. Clark's fall 2019 enrollment consisted of 2,349 undergraduates and 1,149 graduate students. Our motto - and mission - is "Challenge Convention; Change Our World", and our faculty members work to inspire their students to utilize their liberal arts based education to make a real difference in the communities in which they live and work. We also have strong graduate programs, which include masters' level degrees and eight PhD programs. 11674829 4567515 0 Research, with program expenditures of $11,674,829 and grant contributions of $9,077,682. Clark is committed to a program of research and has a very professionally active faculty, virtually all of whom are engaged in sponsored or unsponsored research and creative activity. This includes grants to organizations of $2,021,541. Additionally, Clark provided funding to students to support their research and LEEP projects in the amount of $1,353,471. There were also grants awarded through the CARES Act of $921,220 and emergency relief assistance of $271,283. 72861326 72861326 0 Financial Aid, with expenditures/income offsets of $72,861,326. Clark is committed to being affordable to those students able to meet the high academic expectations of our faculty. Approximately 91% of undergraduate students receive some level of financial assistance, which is distributed on the basis of both merit and financial need. 12994037 0 13799356 Auxiliary Services includes providing high quality residence halls, food service, and campus store services to Clark students. There are program expenditures of $12,994,037 and offsetting revenue of $13,799,356. 15489728 0 1462966 Student Services programs support an environment for students that encourages them to become active, involved and responsible citizens in global communities. Resources are expended to provide support to students in achieving their non-academic goals and providing a balanced and healthy social environment. 28483765 0 15262322 183852412 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 1 1 0 0 0 0 1 1 1 1 0 1 0 0 0 0 1 0 1 1 1 1 0 0 0 1 1 1 0 0 1 7296 0 1 2591 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X X Danielle Manning 5087937455 950 Main Street Worcester MA 01610 David Angel Officer 40 0 X 433662 0 51091 Jeffrey Hite Gillooly Key Employee 40 0 X 324704 0 48057 Davis Baird Key Employee 40 0 X 303641 0 50131 Pennie Turgeon Key Employee 40 0 X 276367 0 74777 John LaBrie Key Employee 40 0 X 290627 0 54860 Ronald Eastman Director of Clark Labs 40 0 X 247423 0 48794 Robert Johnston Director of Marsh Institute & Prof 40 0 X 219337 0 39401 Priscilla Elsass Associate Professor 40 0 X 220646 0 32159 Jonathan Kappel Exec Director of Principal Gifts 40 0 X 219773 0 26989 Meredith Twombley Key Employee 40 0 X 199312 0 42354 Julie Dolan Officer 40 0 X 208862 0 29336 Paula David Key Employee 40 0 X 200905 0 26305 Yuko Aoyama Key Employee 40 0 X 193238 0 28111 Frances Magee Key Employee 40 0 X 180431 0 28420 Joseph Kalinowski Asst VP Info Tech 40 0 X 178389 0 18220 John Foley Officer 40 0 X 176774 0 17595 Jim Collins Officer 40 0 X 172883 0 18608 Nancy Budwig Former Key Employee 40 0 X 148144 0 21867 Katherine Cannon Officer 40 0 X 149697 0 16202 Matthew Malsky Key Employee 40 0 X 136631 0 13927 Jason M Barnett Trustee 2 0 X 0 0 0 Andrew Brandman Trustee 2 0 X 0 0 0 Ingrid Busson-Hall Trustee 2 0 X 0 0 0 Kevin Cherry Trustee 2 0 X 0 0 0 Rebecca Colin Trustee 2 0 X 0 0 0 Roy DiNicola Trustee 2 0 X 0 0 0 Mona Domosh Trustee 2 0 X 0 0 0 Eric Epstein Trustee 2 0 X 0 0 0 Richard Freeland Trustee 2 0 X 0 0 0 Ross Gillman Trustee 15.00 0 X 0 0 0 Daniel Hirsch Trustee 2 0 X 0 0 0 Ellen Hughes-Cromwick Trustee 2 0 X 0 0 0 Nancie Julian Trustee 2 0 X 0 0 0 Gary Labovich Trustee 2 0 X 0 0 0 Lawrence Landry Trustee 2 0 X 0 0 0 Cynthia Michael-Wolpert Trustee 2 0 X 0 0 0 Antonio Molestina Trustee 2.0 0 X 0 0 0 John O'Brien Trustee 2 0 X 0 0 0 Lee Plave Trustee 2 0 X 0 0 0 Joseph Poku Trustee 2 0 X 0 0 0 Vickie H Riccardo Trustee 2 0 X 0 0 0 Paul Saltzman Trustee 2 0 X 0 0 0 Ron Shaich Trustee 2 0 X 0 0 0 Robert Stevenish Trustee 2 0 X 0 0 0 David Strassler Trustee 2 0 X 0 0 0 Steven Swain Trustee 2 0 X 0 0 0 Tony Tilton Trustee 2 0 X 0 0 0 Wendi J Trilling Trustee 2 0 X 0 0 0 Bruce Weiller Trustee 2 0 X 0 0 0 4481446 0 687204 124 1 1 0 Sodexo Inc Affiliates 9801 Washingtonian Blvd Gaithersburg MD 20878 Food services 5839138 J Calnan and Associates Inc 3 Batterymarch Park Quincy MA 02169 Construction 1140377 DelSignore Electrical Contractors 849 West Boylston Street Worcester MA 01606 Electrical 835974 All State Construction Inc 449 Cooke Street Farmington CT 06034 Construction 729543 UMass Memorial Medical Group Community Medical Group Admin Worcester MA 01605 Healthcare 511566 42 0 0 0 0 7676377 18286929 6256393 25963306 Tuition and fees 611310 149430243 149430243 0 0 Housing 721310 8571470 8571470 0 0 Food services 722310 5049413 5049413 0 0 Geographic Software 443120 248266 248266 0 0 Campus Store 453000 178473 178473 0 0 662455 662455 0 0 164140320 3395480 0 0 3395480 11906 0 0 11906 208235 208235 0 0 579820 0 283904 0 295916 0 295916 0 0 295916 9563500 54313000 9434603 48458794 128897 5854206 5983103 0 -163590 6146693 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Energy incentives/grants 900099 200878 200878 0 0 Insurance incentive/rebate 900099 94941 94941 0 0 653513 653513 0 0 949332 200947598 165297887 -163590 9849995 1981297 1981297 75268710 75268710 178834 178834 0 0 3410103 1824016 1188089 397998 0 0 0 0 58210888 46016028 9677785 2517075 3960385 3130707 658429 171249 7470791 5905702 1242048 323041 3905422 3087258 649292 168872 524146 524146 0 0 406559 28601 364750 13208 195885 0 195885 0 0 0 0 0 0 0 1427111 0 1427111 0 6860829 5121936 1627621 111272 663059 101139 559121 2799 3261628 2353585 454938 453105 1111067 1012361 68805 29901 916424 688858 144002 83564 4752392 651111 4098375 2906 1684635 1492856 51395 140384 0 0 0 0 1081505 781611 154733 145161 1377579 1272657 102590 2332 0 0 0 0 9116507 8037326 998054 81127 595844 470 588308 7066 Study Abroad/Away 2063787 2063787 0 0 Other food service 4314614 4314614 0 0 Library Acquisitions 1522444 1522444 0 0 Other expense - Misc. 928408 5943966 -5129971 114413 130272 10548392 -11548049 1129929 197321125 183852412 7573311 5895402 293462 377010 30245171 54354674 5095050 5848866 1340639 1534658 0 0 0 0 6742030 6872365 755787 994242 736772 837596 242221003 135095594 109450613 107125409 105581883 93534299 349488176 332914958 4620682 3668104 0 0 1492204 1402743 615842469 609464924 14042047 14327559 0 0 11678342 11829991 62932759 58488163 0 0 0 0 0 0 0 0 15258097 15306921 103911245 99952634 X 132470772 135006427 379460452 374505863 511931224 509512290 615842469 609464924 X 3626473 -4677847 0 0 0 -1367560 X 0 1 X 1 1 1 X 14799651 13756185 24128374 16144931 25963306 94792447 0 0 0 0 0 0 0 0 0 0 0 0 14799651 13756185 24128374 16144931 25963306 94792447 7881867 86910580 2296567 2285208 2847124 3306817 3703302 14439018 250340 0 0 0 0 250340 0 0 0 0 0 0 109481805 208235 0.79384 0.80613 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 17397 0 0 17397 0 Schedule C, Part II-B, Line 1 There were no paid lobbyists for FY20. A small portion of the President's and Vice President for Community and Government Relations' time is spent meeting with and calling government officials. 0 0 X X X 0 417571575 11816086 2331792 6724954 12260537 2097655 410636307 436869340 1370351 -336747 6470808 11837913 2022648 417571575 408808150 9430109 37823793 5956784 11327979 1907948 436869341 369079796 7800049 50318626 5685496 10871985 1832839 408808151 403722250 3560695 -21059146 5210579 10221964 1711460 369079796 0.15 0.37 0.48 1 0 0 17059765 17059765 0 207279868 126646947 80632921 0 1424498 1314706 109792 0 13768011 7133941 6634070 0 2688861 0 2688861 107125409 0 0 Partnerships/alternative investments 332552670 F Other 362288 F 332914958 0 Annuities payable 5998569 Perkins federal liability contra 4130123 Conditional Asset Retirement Obligation 1833256 Interest rate swap liability 1169839 PILOT liability 858858 ED Health Self Insured IBNR 362400 Deferred compensation- President 300000 China tax liability 188814 Custodial funds 186047 Capital lease obligation 133772 Student health insurance 116494 Cash card liability 15300 Miscellaneous tax liabilities and other 13449 15306921 X 120853462 -4677847 0 0 -74273082 -78950929 199804391 1427111 -283904 1143207 200947598 123608660 0 0 0 239708 239708 123368952 1427111 72525062 73952173 197321125 Schedule D, Part III, Line 1 The University houses certain collections of works of art, literary works and artifacts. These collections are protected and preserved for public exhibition, education, research, and the furtherance of public service. They are neither disposed of for financial gain nor encumbered in any manner. Accordingly, these collections are not recorded or capitalized for financial statement purposes. Schedule D, Part III, Line 4 Clark University has art and book collections that are used by students and faculty to enhance curriculum. On occasion, these works have been accessed for scholarly research. Schedule D, Part V, Line 4 The University has adopted an endowment investment philosophy, which combined with the spending rate, attempts to provide a predictable stream of returns thereby making funds available to programs that are supported by its endowment, while at the same time seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the organization must hold in perpetuity or for donor-specified periods, as well as, board-designated funds. Under the University's Investment Policy and spending rate, both of which are approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to produce an inflation-adjusted return in excess of the spending rate over a long period of time. The use of the distribution is for mission related activities including student scholarships, library acquisitions, research, academic support, student loans, and instruction. Schedule D, Part X, Line 2 The University is required to assess uncertain tax positions and has determined that there were no such positions that are material to the consolidated financial statements. Schedule D, Part XI, Line 2d Reclass tuition remissions from contra revenue,-$72,861,326. Reclass student loan program revenue, -$1,182,786. Reclass student loan program expenses, $1,217,396. Change in value of post-retirement health obligation in non-operating activity, $5,535. Change in value of the interest rate swap, -$976,070. Change in value of split interest and beneficial interest in outside trust, -$89,461. Change in annuity and unitrust obligation, -$342,174. Endowment expense - other, -$44,196. Schedule D, Part XI, Line 4b Reclass of rental property expense to revenue, -$283,904. Schedule D, Part XII, Line 2d Endowment expense-other, -$44,196. Reclass of rental property expense to revenue, $283,904. Schedule D, Part XII, Line 4b Reclass tuition reductions from contra-revenue to expense, $72,712,730. Reclass aid for auxiliary from contra revenue to expense, $148,596. Elimination of related party activity from consolidated statement, -$336,264. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Policy is printed in student handbooks, is available on the school website, and is referenced in all print media. The University also publicizes its non-discriminatory policy in all faculty and staff job ads. Schedule E, Part I, Line 6 To provide financial assistance to our students, the University participates in the Title IV program for Pell, Direct Lending, Campus Work Study and Supplemental Education Opportunity Grants. The Perkins Loan program is no longer active as the authority for schools to make new Federal Perkins Loans ended on September 30, 2017. The University continues to service existing Perkins balances. In addition, the University was awarded a CARES Act: Higher Education Emergency Relief Fund grant from the Department of Education of $1.9 million in March, 2020 to pay for some of the additional costs incurred related to the closing of campus due to COVID-19. 1 East Asia and the Pacific 0 0 Grantmaking 16130 Europe (including Iceland and Greenland) 0 1 Grantmaking 26131 North America (including Canada and Mexico, but not the United States) 0 0 Grantmaking 5286 South America 0 0 Grantmaking 7938 South Asia 0 0 Grantmaking 1493 Sub-Saharan Africa 0 0 Grantmaking 53298 Central America and the Caribbean 0 0 Program Services Conferences 6384 East Asia and the Pacific 0 0 Program Services Conferences 56717 Europe (including Iceland and Greenland) 0 1 Program Services Conferences 48946 Middle East and North Africa 0 0 Program Services Conferences 7794 North America (including Canada and Mexico, but not the United States) 0 1 Program Services Conferences 8986 South America 0 0 Program Services Conferences 3640 South Asia 0 0 Program Services Conferences 1500 Sub-Saharan Africa 0 0 Program Services Conferences 2902 Central America and the Caribbean 0 0 Program Services Instruction 912 East Asia and the Pacific 0 0 Program Services Instruction 863157 Europe (including Iceland and Greenland) 0 6 Program Services Instruction 1309137 Middle East and North Africa 0 0 Program Services Instruction 8244 North America (including Canada and Mexico, but not the United States) 0 1 Program Services Instruction 10052 Russia and the newly independent States 0 0 Program Services Instruction 7418 South America 0 1 Program Services Instruction 300 South Asia 0 0 Program Services Instruction 25500 Sub-Saharan Africa 0 0 Program Services Instruction 2253 Central America and the Caribbean 0 0 Program Services Program development 792 East Asia and the Pacific 0 1 Program Services Program development 15569 Europe (including Iceland and Greenland) 0 2 Program Services Program development 6758 Middle East and North Africa 0 0 Program Services Program development 3128 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Program development 1845 South America 0 0 Program Services Program development 4457 Sub-Saharan Africa 0 0 Program Services Program development 4857 Central America and the Caribbean 0 0 Program Services Student recruitment 783 East Asia and the Pacific 0 0 Program Services Student recruitment 1607287 Europe (including Iceland and Greenland) 0 0 Program Services Student recruitment 98407 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Student recruitment 5706 South America 0 0 Program Services Student recruitment 623 South Asia 0 0 Program Services Student recruitment 182030 Sub-Saharan Africa 0 0 Program Services Student recruitment 18900 Central America and the Caribbean 0 0 Investments 9300095 0 14 13725355 East Asia and the Pacific Research 36544 wire transfer 0 1 0 Research grants Central America and the Caribbean 1 1885 electronic funds transfer 0 Research grants Europe (including Iceland and Greenland) 12 37403 check and electronic funds transfer 0 Research grants Middle East and North Africa 1 566 electronic funds transfer 0 Research grants Sub-Saharan Africa 1 18281 electronic funds transfer 0 Scholarships Central America and the Caribbean 1 500 electronic funds transfer 0 Scholarships East Asia and the Pacific 3 7286 check and electronic funds transfer 0 Scholarships Europe (including Iceland and Greenland) 18 47144 check and electronic funds transfer 0 Scholarships Middle East and North Africa 3 5459 check and electronic funds transfer 0 Scholarships South America 4 16815 check and electronic funds transfer 0 Scholarships Sub-Saharan Africa 4 3251 check and electronic funds transfer 0 1 0 0 1 1 0 Schedule F, Part I, Line 2 PRE-AWARD SUBRECIPIENT MONITOR: Federal awards are identified by informing each subrecipient of CFDA title and number, award name and number, award year, and name of Federal agency. If any of this information is not available, the pass-through entity shall provide the best information available to describe the Federal award. The subrecipient is advised of requirements imposed by governing laws, regulations, and provisions of contracts or grant agreements and supplemental requirements imposed by the pass-through entity. The subrecipient's activities are monitored to ensure awards are used for authorized purposes in compliance with laws, regulations, and the provisions of contracts or grant agreements and performance goals are achieved. Assurance is ascertained that any subrecipient expending $750,000 or more in Federal awards during the subrecipient's fiscal year must meet the audit requirements of Uniform Grant Guidance (formerly OMB A-133). A management decision on audit findings must be issued within six months after receipt of the subrecipient's audit report and ensure that the subrecipient takes appropriate and timely corrective action. A determination is made as to whether subrecipient audits necessitate adjustment of the pass-through entity's own records. Each subrecipient is required to permit the pass-through entity and auditors to have access to the records and financial statements as necessary for the pass-through entity to comply with this part. POST-AWARD SUBRECIPIENT MONITORING: The Principal Investigator (PI) or Program Director (PD) is responsible for monitoring the activities. The subrecipient should submit progress reports, technical reports and other deliverables to the PI/PD by specified due dates. The PI/PD is responsible for forwarding copies of the subrecipient's report(s) to the Office of Sponsored Programs and Research (OSPR). Subrecipient invoices submitted to the university must contain the following information: invoice on subcontractor's letterhead, date of invoice, invoice number, period of performance covered by the invoice, itemized description of services and backup documentation, current period costs including cost sharing, cumulative project costs and subrecipient contact person with respect to invoice. Invoice must be signed by an authorized official of the subcontractor and must contain a certification that all payments requested are for appropriate purposes and in accordance with the agreements set forth in the application and award documents. The PI/PD is responsible for reviewing and approving invoices from subrecipient(s) for adherence to the budget and submitting invoices for payment in Smart Buy Plus. Grant Accounting will review the subrecipient's invoice(s) for the following: period of performance is within the contract period, appropriate invoice format and level of detail, signature by authorized subrecipient representatives, evidence of cost sharing, if applicable, and availability of funding. Grant Accounting is responsible for ensuring that subrecipients that expend $750,000 or more of Federal funds each fiscal year submit an Audit Certification Letter along with a copy of subrecipient's audited financial statements. The following is required to close out a subrecipient award: receipt of final invoice, receipt of cost share documentation, if applicable, time and effort certifications, final progress and technical reports, annual audit certification letter. Grant Accounting is responsible for tracking payments made to individuals or organizations and where payments are sent when outside of the US as required by the Schedules F and I - Form 990. EDUCATIONAL ASSISTANCE: Educational assistance is awarded based on financial need and merit. Need based assistance is awarded after review of the student's FAFSA, tax return information, W-2 statements, and other relevant financial documents. Students are required to maintain satisfactory academic progress in order to continue to be eligible for need based assistance. Students' Grade Point Averages and earned units are reviewed each academic year to ensure satisfactory academic progress is achieved. Merit based educational assistance is awarded to students via Committee. Students who are awarded merit based assistance are required to maintain satisfactory academic progress in accordance with the terms of the assistance received. Need and merit based educational assistance are funded directly to the student's accounts receivable balance to offset tuition, fees, and room and board. Any resulting refunds are issued to the student. Students are granted research awards by their academic departments and work with faculty advisors who monitor the research performed by the student. 1 Public Consulting Group 148 State Street 10th Floor Boston MA 02109 042942913 1265239 0 Employment training The University of Arizona University of Arizona Tucson AZ 85721 742652689 501c3 413221 0 Research University of Illinois 420 NE Glen Oak Ave Number 401 Peoria IL 61603 376000511 501c3 207275 0 Research Virginia Polytechnic Institute and State University 300 Turner Street Blacksburg VA 24061 546001805 501c3 37932 0 Research University of California Santa Barbara UC Santa Barbara Santa Barbara CA 93106 956006145 501c3 33289 0 Research Florida Atlantic University 777 Glades Rd Boca Raton FL 33431 650385507 501c3 16551 0 Research Princeton University Princeton University Princeton NJ 08544 210634501 501c3 6496 0 Research 6 1 Undergraduate scholarships 2105 51213777 0 Graduate scholarships 20 147296 0 Graduate remissions 931 20499803 0 Undergraduate remissions 92 948574 0 Graduate awards 213 835854 0 Undergraduate awards 1472 1623406 0 Schedule I, Part I, Line 2 PRE-AWARD SUBRECIPIENT MONITOR: Federal awards are identified by informing each subrecipient of CFDA title and number, award name and number, award year, and name of Federal agency. If any of this information is not available, the pass-through entity shall provide the best information available to describe the Federal award. The subrecipient is advised of requirements imposed by governing laws, regulations, and provisions of contracts or grant agreements and supplemental requirements imposed by the pass-through entity. The subrecipient's activities are monitored to ensure awards are used for authorized purposes in compliance with laws, regulations, and the provisions of contracts or grant agreements and performance goals are achieved. Assurance is ascertained that any subrecipient expending $750,000 or more in Federal awards during the subrecipient's fiscal year must meet the audit requirements of Uniform Grant Guidance (formerly OMB A-133). A management decision on audit findings must be issued within six months after receipt of the subrecipient's audit report and ensure that the subrecipient takes appropriate and timely corrective action. A determination is made as to whether subrecipient audits necessitate adjustment of the pass-through entity's own records. Each subrecipient is required to permit the pass-through entity and auditors to have access to the records and financial statements as necessary for the pass-through entity to comply with this part. POST-AWARD SUBRECIPIENT MONITORING: The Principal Investigator (PI) or Program Director (PD) is responsible for monitoring the activities. The subrecipient should submit progress reports, technical reports and other deliverables to the PI/PD by specified due dates. The PI/PD is responsible for forwarding copies of the subrecipient's report(s) to the Office of Sponsored Programs and Research (OSPR). Subrecipient invoices submitted to the university must contain the following information: invoice on subcontractor's letterhead, date of invoice, invoice number, period of performance covered by the invoice, itemized description of services and backup documentation, current period costs including cost sharing, cumulative project costs and subrecipient contact person with respect to invoice. Invoice must be signed by an authorized official of the subcontractor and must contain a certification that all payments requested are for appropriate purposes and in accordance with the agreements set forth in the application and award documents. The PI/PD is responsible for reviewing and approving invoices from subrecipient(s) for adherence to the budget and submitting invoices for payment in Smart Buy Plus. Grant Accounting will review the subrecipient's invoice(s) for the following: period of performance is within the contract period, appropriate invoice format and level of detail, signature by authorized subrecipient representatives, evidence of cost sharing, if applicable, and availability of funding. Grant Accounting is responsible for ensuring that subrecipients that expend $750,000 or more of Federal funds each fiscal year submit an Audit Certification Letter along with a copy of subrecipient's audited financial statements. The following is required to close out a subrecipient award: receipt of final invoice, receipt of cost share documentation, if applicable, time and effort certifications, final progress and technical reports, annual audit certification letter. Grant Accounting is responsible for tracking payments made to individuals or organizations and where payments are sent when outside of the US as required by the Schedules F and I - Form 990. EDUCATIONAL ASSISTANCE: Educational assistance is awarded based on financial need and merit. Need based assistance is awarded after review of the student's FAFSA, tax return information, W-2 statements, and other relevant financial documents. Students are required to maintain satisfactory academic progress in order to continue to be eligible for need based assistance. Students' Grade Point Averages and earned units are reviewed each academic year to ensure satisfactory academic progress is achieved. Merit based educational assistance is awarded to students via Committee. Students who are awarded merit based assistance are required to maintain satisfactory academic progress in accordance with the terms of the assistance received. Need and merit based educational assistance are funded directly to the student's accounts receivable balance to offset tuition, fees, and room and board. Any resulting refunds are issued to the student. Students are granted research awards by their academic departments and work with faculty advisors who monitor the research performed by the student. X X X 1 1 X X X X X X 1 0 0 0 0 0 0 1 0 David Angel Officer 383662 0 50000 0 0 0 28000 0 23091 0 484753 0 0 0 Jeffrey Hite Gillooly Key Employee 322704 0 2000 0 0 0 28000 0 20057 0 372761 0 0 0 Davis Baird Key Employee 301641 0 2000 0 0 0 28000 0 22131 0 353772 0 0 0 Pennie Turgeon Key Employee 174098 0 0 0 102269 0 27618 0 47159 0 351144 0 0 0 John LaBrie Key Employee 240627 0 50000 0 0 0 25418 0 29442 0 345487 0 0 0 Ronald Eastman Director of Clark Labs 247422 0 0 0 0 0 25384 0 23410 0 296216 0 0 0 Robert Johnston Director of Marsh Institute & Prof 219337 0 0 0 0 0 19138 0 20263 0 258738 0 0 0 Priscilla Elsass Associate Professor 220646 0 0 0 0 0 21551 0 10607 0 252804 0 0 0 Jonathan Kappel Exec Director of Principal Gifts 217773 0 2000 0 0 0 21911 0 5078 0 246762 0 0 0 Meredith Twombley Key Employee 197312 0 2000 0 0 0 20223 0 22131 0 241666 0 0 0 Julie Dolan Officer 193862 0 15000 0 0 0 16154 0 13183 0 238199 0 0 0 Paula David Key Employee 42441 0 0 0 158464 0 20262 0 6043 0 227210 0 0 0 Yuko Aoyama Key Employee 193238 0 0 0 0 0 19471 0 8641 0 221350 0 0 0 Frances Magee Key Employee 178431 0 2000 0 0 0 18090 0 10330 0 208851 0 0 0 Joseph Kalinowski Asst VP Info Tech 176388 0 2000 0 0 0 16708 0 1512 0 196608 0 0 0 John Foley Officer 174774 0 2000 0 0 0 17034 0 561 0 194369 0 0 0 Jim Collins Officer 170883 0 2000 0 0 0 15908 0 2700 0 191491 0 0 0 Nancy Budwig Former Key Employee 148144 0 0 0 0 0 14634 0 7233 0 170011 0 0 0 Katherine Cannon Officer 147697 0 2000 0 0 0 14523 0 1678 0 165898 0 0 0 Matthew Malsky Key Employee 136631 0 0 0 0 0 13569 0 358 0 150558 0 0 0 Schedule J, Part I, Line 1a Jocelyne Bauduy, wife of President David Angel, travels on bona fide business trips in her position as Special Assistant to the President. President David Angel is required to live in a house owned by the University. The value of the house is estimated to be $3,200 per month. No value was included in compensation. David Angel, Davis Baird, and Jeff Gillooly have memberships at The Worcester Club for the purpose of University related entertaining. Schedule J, Part I, Line 3 The University's Board of Trustees has formed an Executive Compensation Committee which is charged with establishing the President's compensation and approving the President's written employment contract. The Committee engages independent compensation consultants and reviews comparable industry data when determining the President's compensation. Schedule J, Part I, Line 4 Paula David received a severance payment of $160,297. In addition, the University contributed $16,030 to her 403b plan and an additional $3,304 toward her health insurance. Pennie Turgeon received a severance payment of $102,300 and a contribution of $10,200 to her 403b plan. Schedule J, Part I, Line 7 The University entered into a deferred compensation agreement with President David Angel. Payment to President Angel is at the discretion of the Board of Trustees and payable at the conclusion of six years from the date of the agreement. If the Board approves payment, the maximum amount attributable to FY20, would be $50k. A Massachusetts Development Finance Agency 043431814 57583RUU7 2008-04-07 50255000 See Part VI. 0 0 0 B Massachusetts Development Finance Agency 043431814 57583UJY5 2011-12-01 20098799 See Part VI. 0 0 0 C Massachusetts Development Finance Agency 043431814 PRIVATE00 2015-10-01 17895000 See Part VI. 0 0 0 D Massachusetts Development Finance Agency 043431814 PRIVATE00 2020-04-03 10750000 Refund MDFA11 (OID: 12/01/2011) 0 0 0 A 16610000 1068043 50334445 0 0 0 273558 78412 0 0 0 0 2009 1 0 1 1 B 8268799 11830000 20099208 0 0 0 253048 0 0 5616353 14229806 0 2013 1 0 1 1 C 3400000 0 17895000 0 0 0 152148 0 0 3025805 14717047 0 2017 0 0 1 1 D 0 0 10750000 0 0 0 0 0 0 0 10750000 0 2020 1 0 1 1 A 0 0 1 0 0 0.0023 0 0.0023 1 0 1 B 0 0 0 0 0 0 0 1 0 1 C 0 0 0 0 0 0 0 1 0 1 D 0 0 0 0 0 0 0 1 0 1 A 0 0 1 1 1 1 Barclay's 30 0 0 0 0 0 B 0 1 0 1 0 0 0 0 0 C 0 1 0 1 0 0 0 0 0 D 0 1 0 1 0 0 0 0 0 A 1 B 1 C 1 D 1 Schedule K, Part I, Column f-04/07/2008 50,255,000 Massachusetts Development Finance Agency Refund MDFA00 (OID: 11/2/00), Refund MDFA02A (OID: 11/26/2002), Refund MDFA02B (OID: 11/26/2002), Construct & equip library. Schedule K, Part I, Column f-12/01/2011 20,098,799 Massachusetts Development Finance Agency Refund MDFA98 (OID: 11/10/98 ), Finance the construction, renovation and/or equipping of certain facilities of the institution and to pay the costs of issuing the bonds. Schedule K, Part I, Column f-10/01/2015 17,895,000 Massachusetts Development Finance Agency Refund MDFA05 (OID: 11/03/2005 ), Capital repairs and improvements to the campus, acquisition of technology and data network equipment for use on campus, and payment of issuance costs. Schedule K, Part IV, Line 2c-04/07/2008 50,255,000 Massachusetts Development Finance Agency 4/7/2008 $50,255,000 Massachusetts Development Finance Agency - Clark has engaged AMTEC to perform the arbitrage rebate computations for MDFA series 2008. Their computations covered the period from April 7, 2008 thru April 7, 2020, with future valued to April 7, 2021 computation date. The report dated June 18, 2020 provided that the issue qualified for the Eighteen Month Spending Exception from rebate. Schedule K, Part IV, Line 2c-12/01/2011 20,098,799 Massachusetts Development Finance Agency 12/01/2011 $20,098,799 Massachusetts Development Finance Agency - Clark has engaged AMTEC to perform the arbitrage rebate computations for the MDFA Series 2011. Their computations covered the period from December 1, 2011 thru July 1, 2020, with no future value date as the bonds have been redeemed . The report, dated July 24, 2020 provided their calculation and conclusion that no rebate liability existed and reporting to the IRS was not required at this time. Schedule K, Part IV, Line 2c-10/01/2015 17,895,000 Massachusetts Development Finance Agency 10/01/2015 $17,895,000 Massachusetts Development Finance Agency - Clark has engaged AMTEC to perform the arbitrage rebate computations for the MDFA Series 2015. Their computations covered the period from August 27, 2015 thru August 27, 2020, with future valued to August 31, 2021. The report, dated September 23, 2020, provided their calculation and conclusion that no rebate liability existed and reporting to the IRS was not required at this time. Schedule K, Part IV, Line 2c-04/03/2020 10,750,000 Massachusetts Development Finance Agency 04/03/20 $10,750,000 Massachusetts Development Finance Agency - Clark has engaged AMTEC to perform the arbitrage rebate computations for the MDFA Series 2020. The first value report is scheduled for March 31, 2021. Substantial Contributor Substantial contributor, ownership interest in excess of 5% Public Consulting Group. 1265239 PCG is subcontractor on grant from the Department of Labor Please see Part V Christopher Cannon Employee is son of officer, K. Cannon 34970 Compensation for position of custodian/utility 0 Jocelyne Bauduy Employee is wife of the President 28012 Compensation for position of Special Assistant to the President's Office. 0 Alyssa Spencer Employee is the daughter of Trustee Vickie Ricardo 40112 Compensation for the position of Assistant Director of Stewardship. 0 Eric Epstein Trustee and Director Davidson Kempner 60000 Clark had an investment in funds managed by Davidson Kempner that was fully redeemed as of July 24,2019. Clark paid management fees of approximately $60,000 to the partnership. 0 Jack Foley Officer of Clark, Trustee of Jonas Realty Corp 182000 Clark leases 939 Main Street from Related Organization Jonas Realty Corporation of which Jack Foley is a Trustee. The rental expense paid to Jonas Realty Corp in FY20 was $182,000. 0 Jack Foley Officer of Clark, Treasurer and board member of the Community Development Corporation 78650 Mr. Foley is Treasurer and a board member of the Community Development Corporation, to whom Clark has guaranteed a line of credit up to $500,000 related to restoration of the Main South neighborhood. The balance of the line of credit outstanding as of the end of FY20 was $78,650. 0 Schedule L, Part III Clark has entered into a subcontract agreement with Public Consulting Group to perform services and provide support for a federal grant from the Department of Labor. One of Clark's substantial contributors has an ownership interest in excess of 5% in PCG. The amount paid under the agreement for FY20 was $1,265,239 X 23 6256393 Market value 0 0 1 0 Form 990, Part III, Line 4a In March 2020, the World Health Organization declared the outbreak of COVID-19 to be a global pandemic. At that time, the University moved to an online learning platform for the remainder of the academic year. All instruction and student support services were delivered remotely. Form 990, Part III, Line 4d In March 2020, the World Health Organization declared the outbreak of COVID-19 to be a global pandemic. At that time, housing and meal operations were significantly curtailed with the exception of those required to support a small number of international students who were unable to get home due to pandemic-related travel restrictions. Form 990, Part VI, Section B, Line 11b The Audit Committee of the Board of Trustees was authorized and requested to review the administration's draft responses to the Form 990. This was completed at the XX XX XXXX meeting of the committee. The Board has authorized submission to the Internal Revenue Service with the approval of the Audit Committee. In addition, a draft of the 990 is posted on the trustee web page and each member is notified of the opportunity to review before submission. Form 990, Part VI, Section B, Line 12c Each trustee, senior administrator, and faculty member is required to complete annually a conflict of interest disclosure form. Faculty forms are reviewed by the Grants Office within the Office of Academic Affairs. Trustees and senior administrators' disclosures are reviewed by the Assistant Secretary of the Corporation and the Executive Vice President, who is also the Treasurer of the Board of Trustees. Form 990, Part VI, Section B, Line 15 The University's Board of Trustees has formed an Executive Compensation Committee which is charged with establishing the President's compensation and approving the President's written employment contract. The Committee engages independent compensation consultants and reviews comparable industry data when determining the President's compensation. Form 990, Part VI, Section C, Line 19 Clark University's governing documents, conflict of interest policy and financial documents are all considered public documents. The governing documents, including the provisions of Jonas Clark's will, the by-laws of the University and the Articles of Incorporation are available for viewing in Goddard Library and are also publicly available as a result of several public debt issuances through the Massachusetts Development Finance Agency (MDFA). Financial statements are similarly available and are also posted on the University's website and through Guidestar. The conflict of interest policy is available upon request from the Board of Trustees and the Office of Sponsored Programs and Research. Form 990, Part XI, Line 9 Change in value of split interest agreement, -$342,174. Change in value of interest rate swap, -$976,070. Change in value of beneficial interest in outside trust, -$89,461. Student loan activity-net, $34,610. Change in post-retirement health obligation, $5,535. Jonas Realty Corp 950 Main Street Worcester MA 01610 475234687 Support the Trustees of Clark University and similar nonprofit entities under Section 501(c)(3). MA 501(c)(3) 11c III FI Trustees of Clark University 1 Charitable Remainder Trust (19) 950 Main Street Worcester MA 01610 Charitable Trust MA N/A T 0 0 0 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 Jonas Realty Corp d 9700000 Original principal on four loans. Jonas Realty Corp k 182000 Negotiated rate - deemed fair market value. Schedule R, Part V, Line 1l Clark performed accounting services for Jonas Realty Corporation. The amount of the transaction is below the reporting threshold for reporting on line 2. Extension was necessary in order to compile all the necessary data to submit an accurate and complete filing