2021-05-14T09:58:07-05:00 2020-06-30 KPMG LLP 60 South Street Boston MA 02111 990 2019-07-01 041081650 Bentley University % NANCY ANTUNES BENT 7818912000 175 FOREST STREET WALTHAM MA 024524705 MAUREEN FORRESTER VP AND CFO/TREASURER 7818912000 2021-05-11 true SMITA BALIGA P01643271 6179881000 2021-05-11 2019 2022-09-23 18:48:47Z MAUREEN FORRESTER 175 FOREST STREET WALTHAM MA 024524705 398646224 false X WWW.BENTLEY.EDU X 1917 MA SEE SCHEDULE O. 21 21 3017 250 495108 7155000 12904000 301758000 295215000 6300667 6529866 4214000 1976000 319427667 316624866 89174500 92374756 0 0 135754723 135451681 76879 16590 5501550 88655004 79427095 313661106 307270122 5766561 9354744 657775151 681081992 236287151 269586992 421488000 411495000 X SEE SCHEDULE O. false false 224564672 92374756 250830000 EDUCATION AND STUDENT SUPPORT - FOUNDED IN 1917 AS THE BENTLEY SCHOOL OF ACCOUNTING AND FINANCE, BENTLEY UNIVERSITY PLACES VITAL EMPHASIS ON THE QUALITY OF ITS FACULTY AS DEDICATED TEACHERS/SCHOLARS. ACADEMICS ACROSS ALL DEPARTMENTS ARE COMMITTED TO ESTABLISHING EFFECTIVE TEACHING AND LEARNING RELATIONSHIPS WITH STUDENTS BOTH INSIDE AND OUTSIDE THE CLASSROOM, WHILE SIMULTANEOUSLY PURSUING SCHOLARLY RESEARCH THAT CONTRIBUTE TO THEIR KNOWLEDGE AND THAT SUPPORT THE UNIVERSITY'S TEACHING MISSION. OUR MORE THAN 100 STUDENT ORGANIZATIONS PROVIDE COUNTLESS OPPORTUNITIES FOR INVOLVEMENT, LEARNING, AND LEADERSHIP. 38819722 46361000 AUXILIARY ENTERPRISES - APPROXIMATELY 80% OF BENTLEY'S UNDERGRADUATE STUDENTS LIVE ON CAMPUS-PROVIDED HOUSING. RESIDENCE HALLS INCLUDE SINGLE, DOUBLE, TRIPLE, AND QUADRUPLE OCCUPANCY ROOMS AS WELL AS APARTMENTS AND SUITES. ALL OF THE RESIDENCE HALLS OFFER STUDENTS MODERN DAY AMENITIES. IN ADDITION, THE UNIVERSITY OFFERS RESIDENT STUDENTS SEVERAL DIFFERENT DINING OPTIONS FROM WHICH TO CHOOSE. 263384394 true true false true false false false true false true true true false false true true true false true false true false true false false false false true true true true false false false false false false false false false false true false false false false true true false false true 6075 0 true 3017 true true true false false false false false false false false false false false X 21 21 false false false false false false false true true false false true true true true true true true true false CA MA X X NANCY ANTUNES 7818912688 175 FOREST STREET WALTHAM MA 024524705 X ALISON DAVIS-BLAKE PRESIDENT/TRUSTEE 50.0 0.0 X X 740380 0 97656 MAUREEN FORRESTER VP, CFO/TREASURER 50.0 0.0 X 409035 0 48725 LYNNE ROSANSKY VP FOR ACA AFF/PROVOST 50.0 0.0 X 425675 0 21227 M LYNNE MARKUS PROFESSOR 50.0 0.0 X 387012 0 35025 DONNA MARIA BLANCERO VP, ACA AFF/PROVOST 50.0 0.0 X 347072 0 41327 MAUREEN FLORES VP FOR ADVANCEMENT 50.0 0.0 X 339481 0 48598 JANE FEDOROWICZ PROFESSOR 50.0 0.0 X 337476 0 47571 ROY WIGGINS III FORMER INTERIM CO-PROVOST/DEAN 50.0 0.0 X 330282 0 48686 RANI HOITASH PROFESSOR 50.0 0.0 X 330724 0 47592 CAROLINA FIGUEROA VP, FOR ENROLLMENT MANAGEMENT 50.0 0.0 X 324730 0 48585 MICHAEL PAGE FORMER VP ACA AFF/PROVOST 50.0 0.0 X 337097 0 34659 GOPAL KRISHNAN PROFESSOR 50.0 0.0 X 323593 0 48088 J ANDREW SHEPARDSON VP FOR STUD AFFAIRS & DEAN 50.0 0.0 X 303923 0 47603 ROBERT WITTSTEIN VP AND CIO 50.0 0.0 X 320386 0 29174 JUDITH MALONE VP/GENERAL COUNSEL & SECRETARY 50.0 0.0 X 297112 0 46602 PIERRE BERTHON PROFESSOR 50.0 0.0 X 312086 0 31250 GLORIA C LARSON FORMER PRESIDENT 50.0 0.0 X 298607 0 37894 DANIEL EVERETT FORMER INTERIM CO-PROVOST/DEAN 50.0 0.0 X 285641 0 46803 NANCY ANTUNES FORMER INTERIM CFO 50.0 0.0 X 243690 0 44557 VALERIE FOX VP AND CMO 50.0 0.0 X 257170 0 30055 GEORGE CANGIANO VP, HUMAN RESOURCES 50.0 0.0 X 239800 0 42021 KENNETH CODY FORMER VP-FINANCE/TREASURER 50.0 0.0 X 205761 0 31573 CHRISTOPHER J JOYCE VP MARKETING & COMMUNICATION 50.0 0.0 X 210327 0 26972 JOSHUA BRAND VP FOR EXT RELATIONS 50.0 0.0 X 211764 0 24787 IAN WALL INTERIM VP & CIO 50.0 0.0 X 25149 0 2517 ROBERT E ALAN TRUSTEE 2.0 0.0 X 0 0 0 THOMAS P ALBER TRUSTEE 2.0 0.0 X 0 0 0 KEVIN F ARMATA TRUSTEE 1.0 0.0 X 0 0 0 J TERENCE CARLETON TRUSTEE 2.0 0.0 X 0 0 0 J PAUL CONDRIN III CHAIR/ACTING PRESIDENT 10.0 0.0 X X 0 0 0 STEPHEN L DELVECCHIO TRUSTEE 2.0 0.0 X 0 0 0 CYNTHIA M DEYSHER TRUSTEE 1.0 0.0 X 0 0 0 JOYCE J ELAM TRUSTEE 1.0 0.0 X 0 0 0 WILLIAM C FREDA TRUSTEE 2.0 0.0 X 0 0 0 DAVID L GIUNTA VICE CHAIRMAN 8.0 0.0 X X 0 0 0 TANYA HAIRSTON-WHITNER TRUSTEE 2.0 0.0 X 0 0 0 ANDREW J HAJDUCKY III TRUSTEE 2.0 0.0 X 0 0 0 W CARL KESTER TRUSTEE 1.0 0.0 X 0 0 0 DEBORAH A LEITCH TRUSTEE 1.0 0.0 X 0 0 0 STEVEN MANFREDI TRUSTEE 1.0 0.0 X 0 0 0 I NORMAN MASSRY TRUSTEE 1.0 0.0 X 0 0 0 STEVEN C MILLNER TRUSTEE 1.0 0.0 X 0 0 0 LEBONE C MOSES TRUSTEE 1.0 0.0 X 0 0 0 SUSAN G O'CONNELL TRUSTEE 2.0 0.0 X 0 0 0 MELANIE OTERO TRUSTEE 1.0 0.0 X 0 0 0 GORDON PULSIFER TRUSTEE 1.0 0.0 X 0 0 0 NICKOLAS STAVROPOULOS TRUSTEE 2.0 0.0 X 0 0 0 TIFFANY R WARREN TRUSTEE 1.0 0.0 X 0 0 0 BRIAN T ZINO TRUSTEE 2.0 0.0 X 0 0 0 7843973 0 1009547 322 true true false SODEXO INC AFFILIATES 860 WINTER STREET WALTHAM MA 02451 FOOD SERVICES 11584001 CHAPMAN CONSTRUCTIONDESIGN COMPANY 84 WINCHESTER STREET NEWTON HIGHLANDS MA 02461 CONSTRUCTION 3465463 TIMBERLINE CONSTRUCTION CORPORATION 300 PINE STREET CANTON MA 02021 CONSTRUCTION 2573550 TITAN ROOFING INC 200 TAPLEY STREET SPRINGFIELD MA 01104 CONSTRUCTION 2536800 MCGARR SERVICE CORP 233 NEEDHAM STREET SUITE 530 NEWTON MA 02464 CUSTODIAL SERVICES 2054678 21 4079000 8825000 452645 12904000 Tuition and Fees 900099 248854000 248854000 Auxillary 900099 45961939 45014996 946943 CONFERENCE SERVICES 721000 304525 304525 NATATORIUM USE 713940 94536 94536 295215000 2640224 -22812 2663036 0 0 0 0 0 85911000 82021358 3889642 3889642 118859 3770783 0 0 0 0 0 0 0 0 0 OTHER SOURCES 900099 1976000 1976000 1976000 316624866 295844996 495108 7380762 25000 25000 85755248 85755248 6594508 6594508 0 4452005 303923 3944393 203689 1701078 953020 748058 101372928 85149000 12823648 3400280 8242205 6396076 1546560 299569 12852790 9973960 2411686 467144 6830675 5300707 1281702 248266 1425195 762697 414552 247946 582917 65246 516621 1050 443222 443222 18870 18870 16590 16590 2866122 2866122 2542326 2407325 135001 1761576 1391747 344785 25044 6211293 4478522 1602977 129794 4816391 2595611 2155731 65049 0 12716988 12122427 593601 960 2076273 1450594 398957 226722 0 2679809 2272114 317708 89987 7196227 6778688 417539 0 20162806 19077467 1085339 721574 51340 670234 Purchased Services 9270552 5820904 3449648 STUDY ABROAD 3197740 3197740 LEASING 483131 370735 104057 8339 All Other Expenses 254083 89795 93167 71121 307270122 263384394 38384178 5501550 0 0 47191174 89015920 2092755 4761313 1302167 2775401 0 0 0 0 4275498 3076764 0 0 4218472 4201355 571093000 267031000 308633000 304062000 179255000 164633289 106888000 108186000 0 0 0 0 3919085 369950 657775151 681081992 28796000 33083709 0 0 7841000 12231607 165843000 160805263 0 0 0 0 0 0 0 25000000 33807151 38466413 236287151 269586992 X 300804000 293027000 120684000 118468000 421488000 411495000 657775151 681081992 X 9354744 -6808744 -12539000 X false true X true true true X 8194000 8993000 7672000 7155000 12904000 44918000 0 0 8194000 8993000 7672000 7155000 12904000 44918000 370456 44547544 3134178 3741646 2774163 3159395 2663036 15472418 56024 29927 11273 97224 1395000 1744000 2837000 4214000 1976000 12166000 72653642 1436987321 0.61315 0.57420 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 18870 18870 false LOBBYING EXPENSES PART II-B, LINE 1i BENTLEY UNIVERSITY PAYS MEMBERSHIP DUES TO VARIOUS EDUCATIONAL ASSOCIATIONS WHICH MAY ENGAGE IN LOBBYING ACTIVITIES ON BEHALF OF THEIR MEMBERS, AND THEREFORE THE DUES CREATE INDIRECT LOBBYING EXPENSES FOR THE UNIVERSITY. THE PORTION OF MEMBERSHIP FEES ALLOCABLE TO LOBBYING ACTIVITIES WAS $18,870 FOR THE YEAR ENDED JUNE 30, 2020. 215825 X false 276502744 1773698 -3071238 3026244 8951758 263227202 279725063 1414000 7250000 3145001 8741318 276502744 262996000 3228000 24826000 2871841 8453096 279725063 241944000 4311000 27397000 2889744 7766256 262996000 256630000 2448000 -6853000 3017346 7263654 241944000 0.59877 0.20155 0.19968 false false 31870765 31870765 472687000 215356000 257331000 57434000 51675000 5759000 9101235 9101235 304062000 HEDGE FUNDS 60436000 F PRIVATE EQUITY/VENTURE CAPITAL 33446000 F COMMODITIES 9974000 F LIFE INSURANCE 4330000 F 108186000 0 INTEREST RATE SWAPS 27357402 POST RETIREMENT BENEFITS 5884973 ANNUITY OBLIGATION 2302634 REFUNDABLE U.S. GOVERNMENT GRANTS 2921404 38466413 X 294411000 -6808744 -12539000 -19347744 313758744 2866122 2866122 316624866 304404000 304404000 2866122 2866122 307270122 COLLECTIONS OF ART PART III, LINE 3 THE UNIVERSITY OWNS A MODERN COLLECTION OF ABOUT 30 PAINTINGS AND SCULPTURES THAT APPEAR IN PUBLIC COMMON AREAS THROUGHOUT THE CAMPUS, IN CONFERENCE ROOMS, AND IN THE PRESIDENT'S HOUSE. THE COLLECTION SEEKS TO ENRICH CAMPUS CULTURAL LIFE IN GENERAL, INCREASE THE EDUCATIONAL SCOPE AND OPPORTUNITY FOR APPRECIATION OF THE ARTS BY UNIVERSITY STUDENTS, AND CONTRIBUTE TO THE CULTURAL ENRICHMENT OF THE SURROUNDING COMMUNITY. ENDOWMENT FUNDS PART V, LINE 4 THE UNIVERSITY'S ENDOWMENT PROVIDES FOR SCHOLARSHIPS TO STUDENTS, SUPPORT FOR ACADEMIC PROGRAMS, AND SUPPORT FOR PROGRAM ACTIVITIES. IN ADDITION, QUASI ENDOWMENT REPRESENTS 60% OF ENDOWMENT. THIS AMOUNT IS INVESTED AND THE EARNINGS ARE USED TO SUPPORT UNIVERSITY OPERATIONS. FIN 48 (ASC 740) FOOTNOTE PART X, LINE 2 THE UNIVERSITY IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE, AS AMENDED. ACCORDINGLY, IT IS GENERALLY NOT SUBJECT TO INCOME TAXES EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. THE UNIVERSITY BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2020 OR 2019. OTHER REVENUES INCLUDED IN FINANCIAL STATEMENTS NOT INCLUDED ON FORM 990 PART XI, LINE 2D CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS $( 6,534,000) OTHER NONOPERATING ACTIVITIES $( 965,000) VOLUNTARY RETIREMENT COST $( 5,040,000) TOTAL $(12,539,000) true true true true true true true false false false false false false false false true false true NONDISCRIMINATORY POLICY SCHEDULE E, LINE 3 BENTLEY UNIVERSITY DOES NOT DISCRIMINATE IN ADMISSION OR ACCESS TO, OR TREATMENT OR EMPLOYMENT IN ANY OF ITS EDUCATIONAL PROGRAMS OR ACTIVITIES, INCLUDING SCHOLARSHIPS, LOANS, AND ATHLETICS, ON THE BASIS OF RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY AND/OR EXPRESSION, MARITAL STATUS, AGE, NATIONAL ORIGIN, CITIZENSHIP STATUS, DISABILITY, GENETIC INFORMATION, MILITARY OR VETERAN STATUS. BENTLEY UNIVERSITY MAINTAINS AND SUPPORTS AFFIRMATIVE ACTION PLANS FOR ITS WORKPLACE IN COMPLIANCE WITH FEDERAL LAW. EQUAL OPPORTUNITY EXTENDS TO ALL ASPECTS OF THE EMPLOYMENT RELATIONSHIP, INCLUDING HIRING, PROMOTIONS, TRAINING, WORKING CONDITIONS, COMPENSATION, AND BENEFITS. BENTLEY UNIVERSITY'S POLICIES AND PRACTICES REFLECT THE UNIVERSITY'S COMMITMENT TO NONDISCRIMINATION IN ALL AREAS OF EMPLOYMENT. THE UNIVERSITY COMPLIES WITH TITLE VI OF THE CIVIL RIGHTS ACT, TITLE IX OF THE EDUCATION AMENDMENTS ACT, SECTION 504 OF THE REHABILITATION ACT AND REVENUE PROCEDURE 75-50 PROHIBITING SUCH DISCRIMINATION. ANYONE BELIEVING THAT HE OR SHE HAS EXPERIENCED ADVERSE TREATMENT MAY REGISTER A COMPLAINT WITH THE VICE PRESIDENT, HUMAN RESOURCES AT GCANGIANO@BENTLEY.EDU. THE UNIVERSITY PUBLISHES ITS NONDISCRIMINATION POLICY ON ITS WEBSITE AND IN THE STUDENT HANDBOOK. FINANCIAL AID AND GOVERNMENTAL ASSISTANCE SCHEDULE E, LINE 6A THE UNIVERSITY PARTICIPATES IN THE TITLE IV PROGRAM FOR CAMPUS WORK STUDY, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, THE PERKINS LOAN PROGRAM, DIRECT LENDING, AND PELL GRANTS. THE UNIVERSITY PROVIDES FINANCIAL AID FUNDS TO THE STUDENTS BASED ON GENERALLY ACCEPTED UNIFORM NON-DISCRIMINATORY METHODOLOGY. true East Asia and the Pacific Program Services Study Abroad 561008 Europe (Including Iceland and Greenland) Program Services Study Abroad 2155310 South America Program Services Study Abroad 59523 Sub-Saharan Africa Program Services Study Abroad 59404 Central America and the Caribbean Investments 6939187 East Asia and the Pacific Investments 4399936 Europe (Including Iceland and Greenland) Investments 1117263 Central America and the Caribbean Grantmaking SCHOLARSHIP ASSISTANCE 394350 East Asia and the Pacific Grantmaking SCHOLARSHIP ASSISTANCE 2819604 Europe (Including Iceland and Greenland) Grantmaking SCHOLARSHIP ASSISTANCE 721637 Middle East and North Africa Grantmaking SCHOLARSHIP ASSISTANCE 140090 North America Grantmaking SCHOLARSHIP ASSISTANCE 712170 Russia and the Newly Independent States Grantmaking SCHOLARSHIP ASSISTANCE 373620 South America Grantmaking SCHOLARSHIP ASSISTANCE 660681 South Asia Grantmaking SCHOLARSHIP ASSISTANCE 499300 Sub-Saharan Africa Grantmaking SCHOLARSHIP ASSISTANCE 273056 21886139 21886139 Scholarship Assistance Central America and the Caribbean 19 394350 Acct Credit Scholarship Assistance East Asia and the Pacific 230 2819604 Acct Credit Scholarship Assistance Europe (Including Iceland and Greenland) 32 721637 Acct Credit Scholarship Assistance Middle East and North Africa 6 140090 Acct Credit Scholarship Assistance North America 20 712170 Acct Credit Scholarship Assistance Russia and the Newly Independent States 20 373620 Acct Credit Scholarship Assistance South America 37 660681 Acct Credit Scholarship Assistance South Asia 50 499300 Acct Credit Scholarship Assistance Sub-Saharan Africa 14 273056 Acct Credit true false true true true true MONITORING THE USE OF GRANT FUNDS OUTSIDE THE U.S. PART I, LINE 2 THE UNIVERSITY PROVIDES SCHOLARSHIP ASSISTANCE TO QUALIFIED STUDENTS. MANY SCHOLARSHIPS ARE BASED ON CRITERIA SUCH AS ACADEMIC STRENGTH, ATHLETIC ABILITY, AND LEADERSHIP OR COMMUNITY SERVICE. NON-NEED-BASED SCHOLARSHIP FUNDING IS AWARDED THROUGH THE ADMISSION PROCESS AND USUALLY HAS A GRADE POINT AVERAGE (GPA) OR OTHER REQUIREMENT FOR RENEWAL IN SUBSEQUENT YEARS. TYPES OF MERIT SCHOLARSHIPS INCLUDE THE TRUSTEE SCHOLARSHIP, THE PRESIDENT'S SCHOLARSHIP, AND THE INTERNATIONAL SCHOLARSHIP. ALL SCHOLARSHIP AMOUNTS ARE AUTOMATICALLY CREDITED TO THE INDIVIDUAL'S STUDENT ACCOUNT. BASIS OF ACCOUNTING PART I, LINE 3 THE BASIS OF ACCOUNTING ON THE FINANCIAL STATEMENTS IS ACCRUAL. true MA CONFERENCE FOR WOMEN PO BOX 55071 BOSTON MA 02205 202699177 501(c)(3) 25000 SPONSORSHIP SPONSORSHIP 1 Scholarship Assistance 3524 84422434 HEERF - STUDENT AID 2415 1332814 MONITORING THE USE OF GRANT FUNDS IN THE U.S. PART I, LINE 2 THE UNIVERSITY PROVIDED FINANCIAL SUPPORT TO THE MASSACHUSETTS CONFERENCE FOR WOMEN. THIS ENTITY PROVIDES OPPORTUNITIES FOR BUSINESS NETWORKING, PROFESSIONAL DEVELOPMENT, EDUCATION, AND PERSONAL GROWTH FOR WOMEN. PART III, LINE 1 SCHOLARSHIP ASSISTANCE THE UNIVERSITY PROVIDES SCHOLARSHIP ASSISTANCE TO QUALIFIED STUDENTS. MANY SCHOLARSHIPS ARE BASED ON CRITERIA SUCH AS ACADEMIC STRENGTH, ATHLETIC ABILITY, AND LEADERSHIP OR COMMUNITY SERVICE. NON-NEED-BASED SCHOLARSHIP FUNDING IS AWARDED THROUGH THE ADMISSIONS PROCESS AND USUALLY HAS A GRADE POINT AVERAGE (GPA) OR OTHER REQUIREMENT FOR RENEWAL IN SUBSEQUENT YEARS. TYPES OF MERIT SCHOLARSHIPS INCLUDE THE TRUSTEE SCHOLARSHIP, THE PRESIDENT'S SCHOLARSHIP, AND THE INTERNATIONAL SCHOLARSHIP. THE UNIVERSITY ALSO OFFERS GRANT FUNDS THAT ARE AWARDED BASED ON FINANCIAL NEED AND DO NOT HAVE TO BE REPAID. THE OFFICE OF FINANCIAL ASSISTANCE DETERMINES THE TOTAL AMOUNT OF A STUDENT'S NEED-BASED GRANT FUNDING ACCORDING TO FEDERAL AND INSTITUTIONAL FORMULAS. TYPES OF NEED BASED GRANTS INCLUDE BENTLEY SCHOLARSHIPS, AS WELL AS FEDERAL AND STATE SOURCES. ALL SCHOLARSHIP AMOUNTS ARE AUTOMATICALLY CREDITED TO THE INDIVIDUAL'S STUDENT ACCOUNT. PART III, LINE 2 HEERF - STUDENT AID On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to ease the financial strain across the country created by COVID-19. A portion of that economic relief package included a Higher Education Emergency Relief fund to provide emergency grants to students to help them pay expenses caused by the pandemic's disruption. Bentley received $1,332,814 for emergency financial aid for students. X X X X true true X X X X X X true false false false false false false true false ALISON DAVIS-BLAKE PRESIDENT/TRUSTEE 727017 0 0 0 13363 0 28000 0 69656 0 838036 0 0 0 MAUREEN FORRESTER VP, CFO/TREASURER 377369 0 25000 0 6666 0 28000 0 20725 0 457760 0 0 0 LYNNE ROSANSKY VP FOR ACA AFF/PROVOST 205701 0 0 0 219974 0 20607 0 620 0 446902 0 0 0 M LYNNE MARKUS PROFESSOR 381455 0 0 0 5557 0 28000 0 7025 0 422037 0 0 0 DONNA MARIA BLANCERO VP, ACA AFF/PROVOST 287170 0 57000 0 2902 0 28000 0 13327 0 388399 0 0 0 MAUREEN FLORES VP FOR ADVANCEMENT 325572 0 9000 0 4909 0 28000 0 20598 0 388079 0 0 0 JANE FEDOROWICZ PROFESSOR 330651 0 3000 0 3825 0 28000 0 19571 0 385047 0 0 0 ROY WIGGINS III FORMER INTERIM CO-PROVOST/DEAN 174706 0 0 0 155576 0 28000 0 20686 0 378968 0 0 0 RANI HOITASH PROFESSOR 322063 0 6000 0 2661 0 28000 0 19592 0 378316 0 0 0 CAROLINA FIGUEROA VP, FOR ENROLLMENT MANAGEMENT 298676 0 24000 0 2054 0 28000 0 20585 0 373315 0 0 0 MICHAEL PAGE FORMER VP ACA AFF/PROVOST 331789 0 0 0 5308 0 28000 0 6659 0 371756 0 0 0 GOPAL KRISHNAN PROFESSOR 318635 0 0 0 4958 0 28000 0 20088 0 371681 0 0 0 J ANDREW SHEPARDSON VP FOR STUD AFFAIRS & DEAN 280952 0 12000 0 10971 0 28000 0 19603 0 351526 0 0 0 ROBERT WITTSTEIN VP AND CIO 304153 0 12000 0 4233 0 28000 0 1174 0 349560 0 0 0 JUDITH MALONE VP/GENERAL COUNSEL & SECRETARY 280154 0 12000 0 4958 0 28000 0 18602 0 343714 0 0 0 PIERRE BERTHON PROFESSOR 309769 0 0 0 2317 0 24276 0 6974 0 343336 0 0 0 GLORIA C LARSON FORMER PRESIDENT 294587 0 0 0 4020 0 28000 0 9894 0 336501 0 298607 0 DANIEL EVERETT FORMER INTERIM CO-PROVOST/DEAN 146564 0 0 0 139077 0 27162 0 19641 0 332444 0 0 0 NANCY ANTUNES FORMER INTERIM CFO 232155 0 9500 0 2035 0 24030 0 20527 0 288247 0 0 0 VALERIE FOX VP AND CMO 159212 0 12000 0 85958 0 16657 0 13398 0 287225 0 0 0 GEORGE CANGIANO VP, HUMAN RESOURCES 235301 0 3000 0 1499 0 22453 0 19568 0 281821 0 0 0 KENNETH CODY FORMER VP-FINANCE/TREASURER 204207 0 0 0 1554 0 21231 0 10342 0 237334 0 205761 0 CHRISTOPHER J JOYCE VP MARKETING & COMMUNICATION 197205 0 12000 0 1122 0 19892 0 7080 0 237299 0 0 0 JOSHUA BRAND VP FOR EXT RELATIONS 160561 0 50000 0 1203 0 15000 0 9787 0 236551 0 0 0 PART I, LINE 1A FOR THE CONVENIENCE OF THE UNIVERSITY, THE UNIVERSITY PROVIDES ON-CAMPUS HOUSING FOR ITS PRESIDENT. ESTIMATED ANNUAL RENTAL CHARGES ARE $48,965. THIS COST IS ALLOCATED TO THE PRESIDENT AS A NON-TAXABLE BENEFIT IN SCHEDULE J, PART II, COLUMN(D). IN ADDITION, ESTIMATED PERSONAL COSTS RELATED TO HOUSE SERVICES ARE INCLUDED IN THE PRESIDENT'S TAXABLE INCOME. DURING THE YEAR, THE UNIVERSITY PROVIDED CAR SERVICES TO THE CURRENT AND FORMER PRESIDENT TO BE USED FOR BUSINESS PURPOSES. THE AMOUNT PAID FOR COMMERCIAL CAR SERVICES IS NOT INCLUDED IN THE PRESIDENT'S TAXABLE WAGES AS THE CAR SERVICE WAS USED ONLY TO CONDUCT UNIVERSITY BUSINESS. FROM TIME TO TIME, THE UNIVERSITY MAY PROVIDE CERTAIN PAYMENTS THAT HAVE BEEN GROSSED-UP FOR TAX PURPOSES. FOR CALENDAR YEAR 2019, LYNNE ROSANSKY WAS THE ONLY INDIVIDUAL TO HAVE SUCH A PAYMENT. THIS AMOUNT IS INCLUDED IN HER TAXABLE INCOME. THE UNIVERSITY WILL OCCASIONALLY APPROVE FIRST CLASS TRAVEL FOR TRUSTEES OR OFFICERS WHEN THE TRAVEL IS WITHIN THE GUIDELINES OF THE UNIVERSITY'S TRAVEL POLICY. PART I, LINE 4A LYNNE ROSANSKY AND VALARIE FOX RECEIVED SEVERENCE PAYMENTS OF $176,631 AND $83,975, RESPECTIVELY, DURING THE YEAR. THESE PAYMENTS ARE INCLUDED IN THEIR OTHER REPORTABLE COMPENSATION IN PART II. PART I, LINE 7 NON-FIXED PAYMENTS BONUSES ARE AWARDED TO VICE PRESIDENTS BASED ON RECOMMENDATIONS MADE BY THE PRESIDENT AND ARE APPROVED BY THE COMPENSATION COMMITTEE WITH THE RATIONALE BASED UPON HER ASSESSMENT OF THE INDIVIDUAL'S PERFORMANCE. NANCY ANTUNES, JANE FEDOROWICZ, AND RANI HOITASH ALSO RECEIVED BONUS PAYMENTS DURING THE YEAR BASED ON RECOMMENDATION MADE BY MANAGEMENT AND APPROVED BY A VICE PRESIDENT. PURSUANT TO HER EMPLOYMENT CONTRACT, THE PRESIDENT'S EMPLOYMENT AGREEMENT DOES NOT CONTEMPLATE BONUS COMPENSATION BASED UPON PERFORMANCE. PART II GLORIA LARSON HAS A ONE YEAR ADMINISTRATIVE SABBATICAL IN HER EMPLOYMENT CONTRACT, BEGINNING UPON RETIREMENT. MS. LARSON RETIRED EFFECTIVE JUNE 30, 2018. THE AMOUNT OF HER SABBATICAL WAS PREVIOUSLY REPORTED AS OTHER DEFERRED COMPENSATION. AS A RESULT, THE AMOUNTS PAID FROM HER SABBATICAL HAVE BEEN REPORTED IN PART II, COLUMN F. KENNETH CODY HAS A SIX MONTH ADMINISTRATIVE SABBATICAL IN HIS EMPLOYMENT CONTRACT, BEGINNING UPON RETIREMENT. MR. CODY RETIRED EFFECTIVE DECEMBER 31, 2018. THE AMOUNT OF HIS SABBATICAL WAS PREVIOUSLY REPORTED AS OTHER DEFERRED COMPENSATION. AS A RESULT, THE AMOUNTS PAID FROM HIS SABBATICAL HAVE BEEN REPORTED IN PART II, COLUMN F. ROY WIGGINS III AND DANIEL EVERETT RECEIVED SABBATICAL PAYMENTS DURING THE YEAR. THE AMOUNTS PAID ARE REPORTED IN THEIR RESPECTIVE TAXABLE INCOMES IN PART II, COLUMN B(III). A MDFA SERIES 2010 043431814 57583R2N4 2010-09-16 41816878 REFUNDING SERIES J 1998 true false false B MDFA SERIES 2013B 043431814 000000000 2013-12-10 37157000 REFINANCING false false false C MDFA SERIES 2013A 043431814 000000000 2013-12-10 71143000 REFINANCING/CAPITAL PROJECTS false false false D MDFA SERIES 2016 043431814 57584XKJ9 2016-03-06 40434302 RENOVATE JENNISON & RES HALLS false false false A 14105000 21080000 41816878 0 0 0 454697 0 0 0 41362181 0 2010 true false true true B 0 0 37157000 0 0 0 0 0 0 0 37157000 0 2013 true false true true C 11600000 0 71143000 0 0 0 504913 0 0 11013906 59624181 0 2015 true false true true D 0 0 40434302 0 0 0 434302 0 0 40000000 0 0 false false true true A 0 B false true true true false 0.00550 0.00550 false false false true C false true true true false 0.01020 0.01020 false false false true D false true true true false 0 false false false true A false false true false false false 0 false 0 false true B false false true false true false 0 false 0 false true C false false true true true false 0 false 0 false true D false false true true false false 0 false 0 false true A true B true C true D true PART IV, LINE 2 COLUMN A AND B - MDFA SERIES 2010 AND MDFA SERIES 2013B THE MDFA SERIES 2010 AND MDFA SERIES 2013B BOND ISSUES MEET THE 6-MONTH EXCEPTION OF THE REBATE REQUIREMENT, AS THE GROSS PROCEEDS FROM BOTH BOND ISSUES WERE SPENT WITHIN 6 MONTHS OF THE ISSUE DATES. COLUMN C - MDFA SERIES 2013A THE MDFA SERIES 2013A WAS COMPRISED OF BOTH A PARTIAL REFUNDING AND A PARTIAL ISSUE OF NEW DEBT. THE REFUNDING PORTION OF THE BOND MEETS THE 6-MONTH EXCEPTION OF THE REBATE REQUIREMENT, AS THE GROSS PROCEEDS WERE SPENT WITHIN 6 MONTHS OF THE ISSUE DATE. THE FIRST REBATE CALCULATION FOR THE NEW MONEY PORTION WAS PERFORMED ON AUGUST 15, 2019. COLUMN D - MDFA SERIES 2016 THE FIRST REBATE CALCULATION FOR THE MDFA SERIES 2016 BOND ISSUE WAS PERFORMED ON SEPTEMBER 14, 2020. COLUMN A (PAGE CONTINUES) - MDFA SERIES 2017 THE FIRST REBATE CALCULATION FOR THE MDFA SERIES 2017 BOND ISSUE WAS PERFORMED ON OCTOBER 7, 2020. A MDFA SERIES 2017 043431814 57584X5UI 2017-12-21 22901422 REFUNDING MDFA SERIES 2010 false false false A 0 0 22901422 0 0 0 332544 0 0 0 22568878 0 2018 true false true true A false true true true false 0 false false false true A false true false false false false 0 false 0 false true A true X 29 452645 FMV false true false NONCASH CONTRIBUTIONS PART I, LINE 9 AMOUNTS IN COLUMN B REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. ORGANIZATION'S MISSION FORM 990, PART I, LINE 1 BENTLEY UNIVERSITY CHANGES THE WORLD WITH A TRANSFORMATIVE BUSINESS EDUCATION, INTEGRATED WITH ARTS AND SCIENCES, THAT INSPIRES AND PREPARES ETHICAL LEADERS WHO WILL CONFRONT THE CHALLENGES OF TODAY AND SHAPE THE OPPORTUNITIES OF TOMORROW. ORGANIZATION'S MISSION FORM 990, PART III, LINE 1 Bentley University is more than just one of the nation's top business schools. It is a lifelong-learning community that creates successful leaders who make business a force for positive change. With a combination of business and the arts and sciences and a flexible, personalized approach to education, Bentley provides students with critical thinking and practical skills that prepare them to lead successful, rewarding careers. Founded in 1917, the university enrolls 4,200 undergraduate and 1,000 graduate and PhD students and is set on 163 acres in Waltham, Massachusetts, 10 miles west of Boston. For more information, visit www.bentley.edu. BENTLEY UNIVERSITY ENJOYS A STRONG POSITION IN MANY MAJOR RANKINGS AND LISTS INCLUDING U.S. NEWS & WORLD REPORT, PRINCETON REVIEW, AND MANY OTHER NATIONAL PUBLICATIONS. UNDERGRADUATE AND GRADUATE BUSINESS PROGRAMS AT BENTLEY UNIVERSITY ARE ACCREDITED BY AACSB INTERNATIONAL (THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS). THE UNIVERSITY IS ALSO ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION (NECHE). THESE ACCREDITATIONS INDICATE THAT BENTLEY UNIVERSITY MEETS OR EXCEEDS ESTABLISHED STANDARDS AS DETERMINED BY PERIODIC AACSB PEER GROUP REVIEWS. IN ADDITION, BENTLEY UNIVERSITY IS ONE OF ONLY THREE BUSINESS SCHOOLS IN THE U.S. AND ABOUT 180 BUSINESS SCHOOLS WORLDWIDE TO EARN EQUIS ACCREDITATION, WHICH IS ADMINISTERED BY THE EUROPEAN FOUNDATION FOR MANAGEMENT DEVELOPMENT (EFMD). EQUIS IS THE LEADING INTERNATIONAL SYSTEM OF QUALITY ASSESSMENT, IMPROVEMENT, AND ACCREDITATION OF HIGHER EDUCATION INSTITUTIONS IN MANAGEMENT AND BUSINESS ADMINISTRATION. FORM 990 REVIEW PROCESS FORM 990, PART VI, SECTION B, LINE 11 A FULL AND COMPLETE COPY OF THE FORM 990 AND ALL ITS ACCOMPANYING SCHEDULES WAS SENT ELECTRONICALLY TO THE UNIVERSITY'S TRUSTEE AUDIT COMMITTEE IN APRIL FOR ITS REVIEW. UPON COMPLETION OF THAT REVIEW IN EARLY MAY, THE COMPLETE FORM 990 WAS MADE AVAILABLE TO THE FULL BOARD PRIOR TO FILING WITH THE IRS. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE UNIVERSITY'S BOARD OF TRUSTEES AND SENIOR MANAGEMENT MAY, FROM TIME TO TIME, BE ASSOCIATED, EITHER DIRECTLY OR INDIRECTLY, WITH COMPANIES DOING BUSINESS WITH THE UNIVERSITY. THE UNIVERSITY HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT REQUIRES, AMONG OTHER THINGS, THAT NO MEMBER OF THE BOARD OF TRUSTEES MAY PARTICIPATE IN ANY DECISION IN WHICH HE OR SHE HAS A MATERIAL FINANCIAL INTEREST. EACH TRUSTEE IS REQUIRED TO CERTIFY COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS AS WELL AS DISCLOSE ANY POTENTIAL RELATED-PARTY TRANSACTIONS TO THE AUDIT COMMITTEE. WHEN SUCH A RELATIONSHIP EXISTS, THE UNIVERSITY REQUIRES THAT SUCH TRANSACTIONS BE CONDUCTED AT ARM'S LENGTH, WITH TERMS THAT ARE FAIR AND REASONABLE TO THE UNIVERSITY. FOR SENIOR MANAGEMENT, THE UNIVERSITY REQUIRES ANNUAL DISCLOSURE OF SIGNIFICANT FINANCIAL INTERESTS IN, OR GOVERNANCE OF EMPLOYMENT OR CONSULTING RELATIONSHIPS WITH, ENTITIES DOING BUSINESS WITH THE UNIVERSITY. WHEN SUCH RELATIONSHIPS EXIST, MEASURES ARE TAKEN TO APPROPRIATELY MANAGE THE ACTUAL OR PERCEIVED CONFLICT IN THE BEST INTEREST OF THE UNIVERSITY. COMPENSATION POLICY FORM 990, PART VI, SECTION B, LINE 15 Compensation arrangements for the president and all officers are reviewed and approved, in advance of any payment, by the compensation AND BENEFITS committee of the board of trustees, which is independent of management and free of any conflicts of interest that would interfere with their exercise of independent judgment. The compensation AND BENEFITS committee reviews other non-profit organizations' Forms 990 and general salary surveys and salaries and then submits its recommendations for approval by the full board. IN ADDITION, THE UNIVERSITY PERIODICALLY ENGAGES AN INDEPENDENT PARTY THAT REVIEWS SALARY INFORMATION AND REPORTS RESULTS TO THE COMPENSATION AND BENEFITS COMMITTEE OF THE BOARD OF TRUSTEES. DETAIL OF ALL DISCUSSIONS OF THE TRUSTEE COMPENSATION AND BENEFITS COMMITTEE IS CONTEMPORANEOUSLY DOCUMENTED. THE PROCESS FOR DETERMINING THE COMPENSATION OF THE UNIVERSITY'S PRESIDENT AND ALL OFFICERS IS REASONABLE AND SATISFIES THE REBUTTABLE PRESUMPTION OF TREASURY REGULATION SECTION 53.4958-6. PUBLIC DISCLOSURE FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S PRINCIPAL GOVERNING DOCUMENTS, INCLUDING THE ARTICLES OF INCORPORATION AND BY-LAWS, ARE FILED WITH THE MASSACHUSETTS SECRETARY OF STATE AND THEREFORE AVAILABLE TO THE PUBLIC. THE UNIVERSITY'S FINANCIAL STATEMENTS ARE POSTED ON THE UNIVERSITY'S WEBSITE FOR PUBLIC VIEWING. REGARDING CONFLICT OF INTEREST, THE INDIVIDUAL FORMS SIGNED BY TRUSTEES AND OFFICERS ARE NOT AVAILABLE FOR PUBLIC INSPECTION BUT THE UNIVERSITY'S FINANCIAL STATEMENTS DO INCLUDE A FOOTNOTE DISCUSSING RELATED-PARTY TRANSACTIONS. THE CONFLICT OF INTEREST POLICY IS ALSO AVAILABLE UPON REQUEST. ACTING PRESIDENT START DATE FORM 990, PART VII, SECTION A, LINE 30 EFFECTIVE 6/13/2020, J. PAUL CONDRIN III BECAME THE ACTING PRESIDENT OF THE UNIVERSITY. OTHER CHANGES IN NET ASSETS OR FUND BALANCES FORM 990, PART XI, LINE 9 CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS $( 6,534,000) OTHER NONOPERATING ACTIVITIES $( 965,000) VOLUNTARY RETIREMENT COST $( 5,040,000) TOTAL $(12,539,000) CHARITABLE REMAINDER ANNUITY TRUST (2) 175 FOREST STREET WALTHAM MA 02452 CRAT MA BENTLEY Trust true CHARITABLE REMAINDER ANNUITY TRUST (5) 175 FOREST STREET WALTHAM MA 02452 CRUT MA BENTLEY Trust true false false false false false false false false false false false false false false false false false false false