2021-05-13T11:25:50-05:00 2020-06-30 366055558 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2019-07-01 042103567 ENDICOTT COLLEGE ENDI 9782322384 376 HALE STREET BEVERLY MA 01915 ANTHONY FERULLO VP OF FINANCE 9782322384 2021-05-12 1 ERIN COUTURE P01390592 6177237900 2019 2022-09-23 18:48:47Z STEVEN DISALVO 376 HALE STREET BEVERLY MA 01915 167975276 0 X WWW.ENDICOTT.EDU X 1939 MA UNDERGRADUATE AND GRADUATE EDUCATION. (CONTINUED ON SCHEDULE O). ENDICOTT INTEGRATES PROFESSIONAL AND LIBERAL ARTS WITH EXPERIENTIAL LEARNING INCLUDING INTERNSHIPS. 31 29 1357 221 6286517 0 4312936 5202385 158259839 152961106 3123857 3355930 776026 566936 166472658 162086357 36970862 40068500 0 0 63664900 66785605 0 0 1710355 46443138 42825084 147078900 149679189 19393758 12407168 391074969 399754172 120991510 126596107 270083459 273158065 X ENDICOTT COLLEGE OFFERS STUDENTS A VIBRANT ACADEMIC ENVIRONMENT THAT REMAINS TRUE TO ITS FOUNDING PRINCIPLE OF INTEGRATING PROFESSIONAL AND LIBERAL ARTS WITH EXPERIENTIAL LEARNING. FOR MORE INFORMATION SEE SCHEDULE O. 0 0 97448956 39901833 144741477 *EDUCATION AND AUXILIARY* SEE SCHEDULE O. *EDUCATION AND AUXILIARY*ENDICOTT'S UNDERGRADUATE COLLEGE OFFERS BACHELOR OF FINE ARTS, BACHELOR OF ART, AND BACHELOR OF SCIENCE DEGREES. TRADITIONAL UNDERGRADUATE ENROLLMENT FOR FALL 2019 WAS 2,889 STUDENTS. ENDICOTT'S GRADUATE AND VAN LOAN PROFESSIONAL STUDIES PROGRAMS GRANT ASSOCIATE IN ARTS, ASSOCIATE IN SCIENCE, BACHELOR OF ARTS, BACHELOR OF SCIENCE, MASTER OF ARTS, MASTER OF EDUCATION, MASTER OF SCIENCE, MASTER OF BUSINESS ADMINISTRATION, DOCTOR OF EDUCATION AND DOCTOR OF PHILOSOPHY DEGREES. THE GRADUATE AND VAN LOAN PROFESSIONAL STUDIES PROGRAMS ENROLLMENT, INCLUDING PROGRAMS BEVERLY AND BOSTON, MASSACHUSETTS, MADRID, SPAIN, AND LEYSIN, SWITZERLAND WAS 2,177 STUDENTS AS OF FALL 2019. IN ADDITION TO DEGREE PROGRAMS, PROFESSIONAL DEVELOPMENT PROGRAMS AND CONSULTING ARE OFFERED. ENDICOTT COLLEGE'S ACADEMIC OFFERINGS PROVIDE UNDERGRADUATES WITH AN ENRICHING AND CHALLENGING EDUCATIONAL EXPERIENCE. STUDENTS SELECT FROM A BROAD ARRAY OF MAJOR AND MINOR PROGRAM OFFERINGS WHICH ARE AUGMENTED BY COURSEWORK IN THE LIBERAL ARTS AND REQUIRED EXPERIENTIAL LEARNING OPPORTUNITIES WITHIN THEIR PROFESSIONAL AREAS OF STUDY.OF THE TOTAL UNDERGRADUATE ENROLLMENT, NEARLY 93% LIVE ON CAMPUS. THE COLLEGE OFFERS A LARGE VARIETY OF RESIDENCE HALL OPTIONS, RANGING FROM TRADITIONAL TO APARTMENT-STYLE HOUSING. FACILITIES CONSIST OF CONVERTED MANSIONS, SMALL HOUSES, TOWNHOUSES, AND LARGER RESIDENCE HALLS. FOR THE FALL 2019 SEMESTER, 2,681 STUDENTS WERE RESIDENTIAL STUDENTS, INCLUDING 126 STUDENTS WHO WERE STUDYING ABROAD AND EXPECTED BACK IN THE SPRING SEMESTER. ALL RESIDENT STUDENTS ON CAMPUS MUST ENROLL IN ONE OF FOUR MEAL PLANS OFFERED DURING THE ACADEMIC YEAR. DINING OPTIONS INCLUDE A LARGE DINING HALL, TWO CAFES, AND A LODGE. 12549980 0 0 *ACADEMIC SUPPORT* SEE SCHEDULE O. *ACADEMIC SUPPORT*ENDICOTT OFFERS STUDENTS VARIOUS PROGRAMS AND FACILITIES TO ENHANCE AND ENCOURAGE THEIR ACTIVE PARTICIPATION IN THE INTELLECTUAL LIFE OF THE COLLEGE AND PROMOTE THEIR SUCCESSFUL PERFORMANCE IN THE CLASSROOM. THIS IS ACCOMPLISHED THROUGH STATE-OF-THE-ART ACADEMIC TECHNOLOGY, THE DIANE M. HALLE LIBRARY, ACADEMIC ADMINISTRATION, ACADEMIC RESOURCES AND STUDENT SUCCESS, AND THE SINGLE PARENT PROGRAM. 14305918 0 104601 *STUDENT SERVICES* SEE SCHEDULE O. *STUDENT SERVICES* STUDENT SERVICES SUPPORT THE ACADEMIC AND PERSONAL DEVELOPMENT OF EACH STUDENT THROUGH A VARIETY OF OFFICES AND PROGRAMS, INCLUDING STUDENT ACTIVITIES, PERSONAL COUNSELING, HEALTH, COMMUNITY SERVICE, AND ATHLETIC PROGRAMS. EXPERIENCE BEYOND THE CLASSROOM SETTING AFFORDSSTUDENTS WITH OPPORTUNITIES TO GAIN A GREATER UNDERSTANDING AND APPRECIATION OF SELF, OTHERS, AND THE WORLD AROUND THEM. THE STUDENT AFFAIRS DIVISION IS DESIGNED TO COMPLEMENT AND SUPPLEMENT THE ACADEMIC EXPERIENCE OF EVERY STUDENT. OTHER FUNCTIONS INCLUDED IN STUDENT SERVICES INCLUDE THE ADMISSIONS, FINANCIAL AID, REGISTRAR, AND CAREER DEVELOPMENT. BOOKSTORE AND VENDING REVENUE IS CONSIDERED RELATED TO STUDENT SERVICES. 7957110 166667 8115028 CONFERENCE AND EDUCATION SERVICES/OTHER 7957110 166667 8115028 132261964 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 1 289 0 1 1357 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 31 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X ANTHONY FERULLO 9782322384 376 HALE STREET BEVERLY MA 019152096 KATHLEEN H BARNES INT PRES(THRU 6/19)/PROV(THRU 6/20) 60.00 0.00 X 323211 0 77773 EVAN LIPP VP ADMISSION/FINANCIAL AID 50.00 0.00 X 312844 0 48272 DAVID VIGNERON VP INSTITUTIONAL ADVANCEMENT 50.00 0.00 X 244856 0 50498 ANTHONY FERULLO VP OF FINANCE 50.00 0.00 X 242181 0 64039 KAREN ABBOTT GENERAL COUNSEL 50.00 0.00 X 224473 0 52589 STEVEN R DISALVO PRESIDENT (AS OF 07/2019) 60.00 0.00 X X 216292 0 44718 BRIAN WYLIE ASST VP/DIRECTOR OF ATHLETICS 40.00 0.00 X 201043 0 51573 LAURA ROSSI-LE VP AND DEAN OF COLLEGE 50.00 0.00 X 200085 0 47098 SARA QUAY DEAN, SCHOOL OF EDUCATION 40.00 0.00 X 182721 0 35422 CHRYSTAL PORTER ASSOCIATE PROVOST 40.00 0.00 X 169842 0 42585 THOMAS J ALEXANDER TRUSTEE 2.00 0.00 X 0 0 0 SAMUEL CABOT III TRUSTEE 2.00 0.00 X 0 0 0 CHAD CRANDELL TRUSTEE - TREASURER 3.00 0.00 X X 0 0 0 ALISA DE GASPE BEAUBIEN TRUSTEE 2.00 0.00 X 0 0 0 F SAMUEL EBERTS III TRUSTEE 1.00 0.00 X 0 0 0 R ROBERT FANNING JR TRUSTEE 2.00 0.00 X 0 0 0 PETER FLAHERTY TRUSTEE (AS OF 06/2020) 2.00 0.00 X 0 0 0 NANCY FRATES TRUSTEE 2.00 0.00 X 0 0 0 PATRICIA HEFTLER TRSUTEE 2.00 0.00 X 0 0 0 MELISSA HEMPSTEAD TRUSTEE - VICE CHAIR 3.00 0.00 X X 0 0 0 WILLIAM F HOWARD TRUSTEE 3.00 0.00 X 0 0 0 RICHARD HUTCHINSON TRUSTEE 1.00 0.00 X 0 0 0 VIRGINIA JUDGE TRUSTEE 2.00 0.00 X 0 0 0 MICHELLE LABOSSIERE TRUSTEE - CLERK 3.00 0.00 X X 0 0 0 JOHN MACNEIL TRUSTEE 2.00 0.00 X 0 0 0 MARSHA MCDONOUGH TRUSTEE 2.00 0.00 X 0 0 0 CYNTHIA MERKLE TRUSTEE - CHAIR 3.00 0.00 X X 0 0 0 AYUNE MICHEL TRUSTEE 1.00 0.00 X 0 0 0 JON PAYSON TRUSTEE (AS OF 06/2020) 2.00 0.00 X 0 0 0 MYRT HARPER ROSE TRUSTEE 2.00 0.00 X 0 0 0 ERNEST M SANTIN TRUSTEE 2.00 0.00 X 0 0 0 JOANNA SCHULMAN TRUSTEE 2.00 0.00 X 0 0 0 ELIZABETH SCHWARTZ TRUSTEE 2.00 0.00 X 0 0 0 DOUGLAS SEYMOUR TRUSTEE 3.00 0.00 X 0 0 0 W THOMAS SPENCER JR TRUSTEE 2.00 0.00 X 0 0 0 MICHAEL SHEEHAN TRUSTEE 2.00 0.00 X 0 0 0 STEVEN TADLER TRUSTEE 2.00 0.00 X 0 0 0 ANTHONY J VENUTI TRUSTEE 2.00 0.00 X 0 0 0 SHEILA WALSH TRUSTEE 2.00 0.00 X 0 0 0 CHARLENE I WAX TRUSTEE 2.00 0.00 X 0 0 0 2317548 0 514567 104 0 1 0 KPMG LLP 60 SOUTH STREET BOSTON MA 02111 ACCOUNTING 172832 TELSERV 7 PROGRESS DRIVE CROMWELL CT 06416 TECHNOLOGY 142195 EDGEPRO FLOORING 248 SOUTH MAIN STREET MIDDLETON MA 01949 FLOORING 132177 HOLLAND & KNIGHT LLP 10 ST JAMES AVE STE 1200 BOSTON MA 02116 LEGAL 114914 LONGROAD ENERGY HOLDINGS 3815 E THOUSAND OAKS BLVD WESTLAKE VILLAGE CA 91362 SOLAR ENERGY 112937 5 97122 2779001 2326262 63492 5202385 TUITION AND FEES 611710 114756716 114756716 RESIDENCE AND DINING 721000 30595943 30595943 CONFERENCE & EDUCATION SERVICES 611710 6119679 209227 5910452 ATHLETICS 900099 433112 54737 378375 PARKING FINES 900099 330740 330740 724916 724916 152961106 3137551 -2310 3139861 6021849 5803470 218379 218379 218379 41213 97122 85449 -44236 -44236 PRIOR DEFERRED REVENUE EARNED 900099 271000 271000 CHAPEL 900099 96592 96592 BOOKSTORE COMMISSIONS 900099 89247 89247 154333 154333 611172 162086357 147283451 6286517 3314004 166667 166667 38019365 38019365 1882468 1882468 1843397 909476 882773 51148 116229 116229 50161466 43120445 6165172 875849 2921272 2492604 374462 54206 8142035 7016297 984884 140854 3601206 3047119 489368 64719 4571484 4571484 80510 79981 529 115683 115683 306226 306226 3739716 1711222 1879851 148643 535733 276000 247285 12448 2465201 2013339 394586 57276 1956486 1956486 4041540 3841384 158687 41469 913704 741031 142955 29718 2601118 2492140 101939 7039 8854190 8483230 347001 23959 1231190 1186231 44959 FOOD SERVICE 6105528 5964720 119817 20991 SERVICE/SUPP. CONTRACTS 1476156 1260134 216022 SMALL/ NON-CAP. EQUIP 730349 666993 62665 691 PRINTING/PUBLICATIONS 724341 524837 131771 67733 2375929 1758549 504297 113083 149679189 132261964 15706870 1710355 21499598 23447743 0 2159093 1693958 3151807 3123948 0 0 0 0 717891 682405 360105827 90202202 262834742 269903625 79821431 85666651 15961612 15084231 0 0 0 4928795 151611 391074969 399754172 9096527 7118701 0 9993237 14885727 81136636 79130883 0 12530305 14754498 0 8234805 10706298 120991510 126596107 X 255662747 258164224 14420712 14993841 270083459 273158065 391074969 399754172 X 12407168 -3813342 -5519220 X 0 1 X 1 1 1 X 3410507 4425226 4790848 4312935 5202385 22141901 3410507 4425226 4790848 4312935 5202385 22141901 235376 21906525 1616260 1405767 2277153 3155942 3139861 11594983 400138 77613 477751 820293 851476 852903 844585 647301 4016558 38231193 670520749 0.57300 0.58720 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2015 AMOUNT: $ 86,909. 2016 AMOUNT: $ 86,357. 2017 AMOUNT: $ 85,807. 2018 AMOUNT: $ 73,634. 2019 AMOUNT: $ 41,213. OTHER MISCELLANEOUS - 2015 AMOUNT: $ 587,183. 2016 AMOUNT: $ 567,789. 2017 AMOUNT: $ 492,845. 2018 AMOUNT: $ 561,772. 2019 AMOUNT: $ 415,237. RETAINED DEPOSITS - 2015 AMOUNT: $ 0. 2016 AMOUNT: $ 0. 2017 AMOUNT: $ 98,277. 2018 AMOUNT: $ 77,713. 2019 AMOUNT: $ 86,250. VENDING COMMISSIONS - 2015 AMOUNT: $ 62,932. 2016 AMOUNT: $ 82,330. 2017 AMOUNT: $ 90,518. 2018 AMOUNT: $ 78,799. 2019 AMOUNT: $ 15,354. BOOKSTORE COMMISSION - 2015 AMOUNT: $ 83,269. 2016 AMOUNT: $ 115,000. 2017 AMOUNT: $ 85,456. 2018 AMOUNT: $ 52,667. 2019 AMOUNT: $ 89,247. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 95672750 3050263 -1126850 280343 97315820 88721853 3334842 3924956 308901 95672750 79002338 4804183 5186591 271259 88721853 67161904 4564505 7532489 256560 79002338 64555615 4150853 -1297073 247491 67161904 0.88500 0.10300 0.01200 0 0 10884132 10884132 320728567 69429821 251298746 0 26861996 20772381 6089615 1631132 1631132 269903625 LIABILITY - INTEREST RATE SWAPS 10073016 REFUNDABLE ADVANCES - US GOV'T 633282 10706298 X 115549314 -3813342 -3813342 119362656 306226 42417475 42723701 162086357 109471115 0 109471115 306226 39901848 40208074 149679189 PART III, LINE 4: COLLECTIONS OF ART ENDICOTT COLLEGE DOES NOT HAVE A SEPARATE ART COLLECTION REPORTED IN THE FINANCIAL STATEMENT. HOWEVER, ENDICOTT'S HALLE LIBRARY HOUSES COLLECTIONS OF BOOKS, PERIODICALS, AND OTHER REFERENCE MATERIALS. THE ENDICOTT COLLEGE ARCHIVES ARE ALSO A PART OF HALLE LIBRARY. THE PURPOSE OF THE ARCHIVES IS TO PRESERVE AND INTERPRET THE HISTORY OF THE COLLEGE. THIS IS ACCOMPLISHED THROUGH A PERMANENT COLLECTION THAT INCLUDES, BUT IS NOT LIMITED TO, ARCHIVAL DOCUMENTS THAT CHRONICLE THE DEVELOPMENT OF THE COLLEGE, PHOTOGRAPHS, EPHEMERA, ORAL HISTORY, AND ARTIFACTS. THE ARCHIVES ENHANCE THE APPRECIATION AND UNDERSTANDING OF ENDICOTT COLLEGE'S HERITAGE, PRESERVING DOCUMENTATION OF THE EVOLUTION AND GROWTH OF THE INSTITUTION AND THE INFLUENCE THE INSTITUTION HAS WITHIN THE EXTENDED COMMUNITY. PART V, LINE 2: ENDICOTT COLLEGE HAS ADOPTED FASB ASU 2016-14, PRESENTATON OF THE FINANCIAL STATEMENTS FOR NOT-FOR-PROFIT ENTITIES. AS A RESULT, THE JUNE 30, 2020 AUDITED FINANCIAL STATEMENTS CLASSIFY THE NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS, OR NET ASSETS WITH DONOR RESTRICTIONS. FOR PURPOSES OF PART V, LINE 2, ENDICOTT COLLEGE HAS REPORTED ITS YEAR END ENDOWMENT BALANCE WITHOUT DONOR RESTRICTIONS AS A QUASI-ENDOWMENT AND ITS YEAR END BALANCE WITH DONOR RESTRICTIONS AS PERMANENT DOWNMENT AND TEMPORARILY RESTRICTED ENDOWMENT, RESPECTIVELY. PART V, LINE 4: ENDICOTT'S ENDOWMENT INCLUDES 123 FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING SCHOLARSHIPS, ACADEMIC PROGRAMS, AND ASSISTANCE TO STUDENTS WITH DISABILITIES. FUNDS RESTRICTED TO SCHOLARSHIPS ARE AWARDED BASED ON A COMBINATION OF FINANCIAL NEED AND OTHER DONOR-SPECIFIED CRITERIA. 89% OF THE ENDOWMENT IS UNRESTRICTED. INCOME AND DIVIDENDS ARE REINVESTED, AND APROPRIATIONS (DRAWS) ARE MADE ONLY FOR DONOR-STIPULATED PRUPOSES; THAT AMOUNT IS TYPICALLY LESS THAN 1% OF THE ENDOWMENT. GENERALLY, THE MAXIMUM DRAW IS NO GREATER THAN 5% OF THE AVERAGE FAIR VALUE OF EACH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT. IN 2020 THE AMOUNT APPROPRIATED WAS $280,343. ENDICOTT EXPECTS THE CURRENT SPENDING POLICY TO ALLOW ITS ENDOWMENT TO MAINTAIN ITS PURCHASING POWER BY GROWING AT A RATE GREATER THAN PLANNED PAYOUTS. THE COLLEGE TRANSFERS OPERATNG FUNDS ON AN ANNUAL BASIS IN ORDER TO HELP BUILD THE ENDOWMENT. IN FISCAL YEAR 2020 A TOTAL OF APPROXIMATELY, $3,000,000 WAS ADDED. PART X, LINE 2: UNCERTAIN TAX POSITIONS THE COLLEGE IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE) AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT THERE WERE NO SUCH POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: CHANGES IN LIABILITY FOR INTEREST SWAP 2,515,627. SCHOLARSHIPS 39,901,848. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 39,901,848. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ENDICOTT'S STATEMENTS ON NONDISCRIMINATION CAN BE FOUND IN ALL MAJOR DOCUMENTS OF THE COLLEGE INCLUDING: THE UNDERGRADUATE AND GRADUATE CATALOGS, EMPLOYEE HANDBOOK, STUDENT HANDBOOK, INTERNSHIP DIRECTORY, FACTS AND FIGURES, ANNUAL REPORT, SOUNDINGS MAGAZINE AND MANY OTHER DOCUMENTS PUBLISHED BY THE COLLEGE. THE STATEMENT IS ALSO LOCATED ON THE COLLEGE WEBSITE AND IN MANY ONLINE PUBLICATIONS. SCHEDULE E, PART I, LINE 6 ENDICOTT COLLEGE PARTICIPATES IN FEDERAL STUDENT AID PROGRAMS AS WELL AS MASSACHUSETTS STUDENT AID PROGRAMS. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 1 3 PROGRAM SERVICES STUDY ABROAD 2995218 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDY ABROAD 155129 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD 44338 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 14273021 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 1772643 EAST ASIA AND THE PACIFIC 0 0 GRANTMAKING 99425 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING 10400 1 3 0 0 1 3 19350174 0 19350174 ENDICOTT STUDENT AID EUROPE (INCLUDING ICELAND & GREENLAND) 422 1772643 ACCT CREDIT ENDICOTT STUDENT AID EAST ASIA AND THE PACIFIC 27 99425 ACCT CREDIT ENDICOTT STUDENT AID CENTRAL AMERICA AND THE CARIBBEAN 4 10400 ACCT CREDIT 1 0 0 1 0 0 PART I, LINE 2: MONITOR THE USE OF GRANT FUNDS OUTSIDE OF THE U.S. THE PROCEDURE FOR AWARDING SCHOLARSHIP AID TO STUDENTS STUDYING ABROAD FOLLOWS THE SAME PROCEDURE AS SCHOLARSHIP AID AWARDED TO STUDENTS STUDYING AT THE BEVERLY, MASSACHUSETTS CAMPUS. STUDENTS ARE AWARDED AID BASED ON MERIT AND/OR FINANCIAL NEED. ALL STUDENTS MUST APPLY FOR FINANCIAL AID AND SUBMIT A FREE APPLICATION FOR STUDENT AID (FAFSA). EACH APPLICANT'S FINANCIAL STATUS IS EVALUATED SO THAT AWARDS WILL ACCOMMODATE A PARTICULAR STUDENT'S NEED. STUDENTS MAY ALSO BE CONSIDERED FOR ENDICOTT PRESIDENTIAL ACADEMIC SCHOLARSHIPS. ALL STUDENT AID RECORDS ARE MAINTAINED IN THE OFFICE OF FINANCIAL AID AND ARE REVIEWED IN THE COURSE OF FINANCIAL AND A-133 AUDITS PERFORMED BY KPMG LLP. STUDENTS STUDYING ABROAD ARE BILLED TUITION AT ENDICOTT'S RATE OR THE STUDY ABROAD PROGRAM'S RATE IF IT IS HIGHER. STUDENTS ARE BILLED FOR ENDICOTT'S AVERAGE MEALS AND HOUSING COSTS AS WELL AS ANY OTHER FEES CHARGED BY THE PROGRAM. STUDENT AID AWARDS ARE POSTED TO STUDENT ACCOUNTS, THEREBY REDUCING THE AMOUNT THE FAMILY MUST REMIT TO THE COLLEGE. PAYMENT IS MADE BY THE COLLEGE TO THE STUDY ABROAD AGENCY OR UNIVERSITY UPON RECEIPT OF AN INVOICE AND DETERMINATION THAT THE STUDENT HAS PAID ENDICOTT. PART I, LINE 3: ACCOUNTING METHOD USED THE ACCOUNTING METHOD USED TO REPORT EXPENSES FOLLOWS THE ACCRUAL METHOD WHICH IS ALSO THE METHOD OF THE ORGANIZATION'S BOOKS AND RECORDS. PART III ACCOUNTING METHOD: KEYS GOLF TOURN. 56573 32275 24298 26571 149 5297 GULL GOLF TOURN. 43487 33947 9540 7930 6794 1780 1 38275 30900 7375 19391 17537 138335 97122 41213 34501 26334 24614 85449 -44236 1 CITY OF BEVERLY 191 CABOT STREET BEVERLY MA 01915 GOV'T 166667 GENERAL SUPPORT 1 0 ENDICOTT MERIT/ACADEMIC SCHOLARSHIP 2651 22786540 ENDICOTT NEED-BASED SCHOLARSHIPS 2760 13971778 SPECIAL/PRESIDENT'S DISCRETIONARY SCHOLARSHIP 34 446680 ENDOWMENT AND DONOR RESTRICTED SCHOLARSHIPS 254 366636 FEDERAL SEOG 184 179159 MA GILBERT GRANT/MA PT STUDENT GRANT 399 163850 ENDICOTT YELLOW RIBBON 21 83722 ENDICOTT ROTC GRANT 4 21000 PART I, LINE 2: MONITORING THE USE OF GRANTS IN THE U.S. IN RECOGNITION OF THE CLOSE RELATIONSHIP BETWEEN THE COLLEGE AND THE CITY OF BEVERLY, AN ANNUAL GIFT IS PRESENTED TO THE MAYOR OF THE CITY TO ASSIST IN THE FURTHERANCE OF THE CITY OF BEVERLY'S INITIATIVES. ENDICOTT COLLEGE PROVIDES SCHOLARSHIPS AND GRANT AID TO ELIGIBLE STUDENTS THROUGH ITS OWN RESOURCES, AS WELL AS FEDERAL AND STATE PROGRAMS. TO QUALIFY FOR SCHOLARSHIPS OR GRANT AID, A STUDENT MUST BE ENROLLED IN AN APPROVED PROGRAM AND BE IN GOOD ACADEMIC STANDING. MOST OF THE AID PROGRAMS REQUIRE THAT STUDENTS DEMONSTRATE FINANCIAL NEED. ENDICOTT AWARDS ARE MADE ON A FUNDS-AVAILABLE BASIS TO DESERVING STUDENTS. THE COLLEGE MAKES EVERY EFFORT TO ENSURE THAT A QUALITY EDUCATION IS AVAILABLE TO ALL STUDENTS, REGARDLESS OF INCOME LEVEL, RACE, RELIGION, DISABILITY, NATIONAL OR ETHNIC ORIGIN, AGE OR GENDER. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 KATHLEEN H BARNES INT PRES(THRU 6/19)/PROV(THRU 6/20) 319901 0 0 0 3310 0 38754 0 39019 0 400984 0 0 0 EVAN LIPP VP ADMISSION/FINANCIAL AID 312430 0 0 0 414 0 22400 0 25872 0 361116 0 0 0 DAVID VIGNERON VP INSTITUTIONAL ADVANCEMENT 219813 0 0 0 25043 0 19862 0 30636 0 295354 0 0 0 ANTHONY FERULLO VP OF FINANCE 241911 0 0 0 270 0 32548 0 31491 0 306220 0 0 0 KAREN ABBOTT GENERAL COUNSEL 224059 0 0 0 414 0 29857 0 22732 0 277062 0 0 0 STEVEN R DISALVO PRESIDENT (AS OF 07/2019) 215294 0 0 0 998 0 15385 0 29333 0 261010 0 0 0 BRIAN WYLIE ASST VP/DIRECTOR OF ATHLETICS 200575 0 0 0 468 0 23101 0 28472 0 252616 0 0 0 LAURA ROSSI-LE VP AND DEAN OF COLLEGE 196654 0 0 0 3431 0 26516 0 20582 0 247183 0 0 0 SARA QUAY DEAN, SCHOOL OF EDUCATION 181946 0 0 0 775 0 14398 0 21024 0 218143 0 0 0 CHRYSTAL PORTER ASSOCIATE PROVOST 165450 0 0 0 4392 0 13651 0 28934 0 212427 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE STEVEN DISALVO LIVED IN ON-CAMPUS HOUSING FOR THE CONVIENCE OF ENDICOTT COLLEGE AND THE HOUSING IS THEREFORE NOT TAXABLE. THE RESIDENCE IS USED EXTENSIVELY FOR COLLEGE FUNCTIONS. STEVEN DISALVO'S FAMILY HAS NEVER LIVED IN THE ON-CAMPUS RESIDENCE PROVIDED TO HIM; HE MAINTAINS A PERSONAL RESIDENCE IN ANOTHER CITY. DR. BARNES SERVED AS INTERIM PRESIDENT FROM MAY 2018 THROUGH JUNE 2019 DR. BARNES LIVED IN ON-CAMPUS HOUSING FROM AUGUST 2018 THROUGH JUNE 2019 FOR THE CONVENIENCE OF ENDICOTT COLLEGE AND THE HOUSING IS THEREFORE NOT TAXABLE. THE RESIDENCE IS USED EXTENSIVELY FOR COLLEGE FUNCTIONS. DR. BARNES'S FAMILY HAS NEVER LIVED IN THE ON-CAMPUS RESIDENCE PROVIDED TO HER; SHE MAINTAINS A PERSONAL RESIDENCE IN ANOTHER CITY. THE VALUE OF THE HOUSING ALLOWANCE IS INCLUDED IN SCHEDULE J, PART II UNDER COLUMN (D) NONTAXABLE BENEFITS. PART I, LINE 3 METHODS TO ESTABLISH COMPENSATION THE PRESIDENT IS COMPENSATED IN ACCORDANCE WITH A MULTI-YEAR COMPENSATION PLAN THAT IS BASED UPON RESEARCH ON COMPENSATION AWARDED TO PRESIDENTS IN SIMILAR INSTITUTIONS, TOGETHER WITH AN APPRAISAL OF THE PRESIDENT'S PERFORMANCE. THE PRESIDENT'S PERFORMANCE IS REVIEWED BY THE BOARD OF TRUSTEES ON AN ANNUAL BASIS. IN AUGUST 2015 AN OUTSIDE CONSULTANT WAS ENGAGED TO COMPLETE AN EXECUTIVE COMPENSATION SURVEY. THE SURVEY INCLUDED 19 PEER COLLEGES. THE RESULTS OF THE SURVEY ESTABLISHED THE PRESIDENT'S COMPENSATION IS APPROPRIATE. A MASS DEV FIN AGENCY SERIES 2015 043431814 000000000 2015-03-31 18000000 CONSTRUCTION 0 0 0 B MASS DEV FIN AGENCY SERIES 2017 043431814 000000000 2017-03-15 32625000 REFINANCE DEBT 0 0 0 C MASS DEV FIN AGENCY SERIES 2017B 043431815 000000000 2017-12-06 25900000 CONSTRUCTION 0 0 0 D MASS DEV FIN AGENCY SERIES 2017C 043431814 000000000 2017-12-06 8893000 REFINANCE DEBT 0 0 0 A 1846980 18000000 18000000 2015 0 0 1 1 B 2910000 32625000 176038 32448962 2017 0 1 1 1 C 25900000 196618 25703382 2019 0 0 0 1 D 689701 8893000 68832 8824618 2017 0 1 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 SAMUEL ALEXANDER FAM. MEM-TRUSTEE 116229 FACULTYCOMP 0 X 7 63492 FMV 0 0 0 0 PART I, COLUMN (B): THE COLLEGE IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN (B). FORM 990, PART III, LINE 1: SHAPED BY A BOLD AND ENTREPRENEURIAL SPIRIT, ENDICOTT COLLEGE OFFERS STUDENTS A VIBRANT ACADEMIC ENVIRONMENT THAT REMAINS TRUE TO ITS FOUNDING PRINCIPLE OF INTEGRATING PROFESSIONAL AND LIBERAL ARTS WITH EXPERIENTIAL LEARNING, INCLUDING INTERNSHIP OPPORTUNITIES ACROSS DISCIPLINES. THE COLLEGE FOSTERS A SPIRIT OF EXCELLENCE BY CREATING A CHALLENGING YET SUPPORTIVE ENVIRONMENT IN WHICH STUDENTS ARE ENCOURAGED TO TAKE INTELLECTUAL RISKS, PURSUE SCHOLARLY AND CREATIVE INTERESTS, CONTRIBUTE TO THE COMMUNITY, AND EXPLORE DIVERSE CAREER PATHS. ENDICOTT IS COMMITTED TO SUPPORTING THE PERSONAL AND PROFESSIONAL DEVELOPMENT OF ITS STUDENTS, PREPARING THEM TO ASSUME MEANINGFUL ROLES WITHIN THE GREATER COMMUNITY BOTH DOMESTICALLY AND INTERNATIONALLY. ENDICOTT COLLEGE IS COMMITTED TO PROVIDING AN EDUCATIONAL EXPERIENCE THAT WILL ENCOURAGE STUDENTS TO VIEW THE CONCEPT OF DIVERSITY FROM A VARIETY OF PERSPECTIVES IN ORDER TO FOSTER UNDERSTANDING AND ULTIMATELY GREATER RESPECT AND ACCEPTANCE AMONG INDIVIDUALS. EMBRACING DIVERSITY MEANS UNDERSTANDING AND RESPECTING OUR INDIVIDUAL DIFFERNECES, WHICH INCLUDES THE DIMENSIONS OF RACE, ETHNICITY, GENDER, SEXUAL ORIENTATION, SOCIO-ECONOMIC STATUS, AGE, DIFFERING ABILITIES (E.G. PHYSICAL, EMOTIONAL, AND COGNITIVE), RELIGIOUS AND POLITICAL BELIEFS. CENTRAL TO THE EXPLORATION OF THE DIFFERENCES AND SIMILIARITIES AMONG INDIVIDUALS IS THE NEED TO OFFER A SAFE, POSITIVE, AND SUPPORTIVE ENVIRONMENT. THE GOAL IS TO REACH A GREATER UNDERSTANDING OF EACH OTHER AND TO MOVE BEYOND SIMPLE TOLERANCE TO EMBRACING AND CELEBRATING THE RICH DIMENSIONS OF DIVERSITY CONTAINED WITHIN EACH INDIVIDUAL. FORM 990, PART III, LINE 4: PROGRAM SERVICE ACCOMPLISHMENTS ENDICOTT COLLEGE WAS RANKED IN THE TOP TIER OF NORTHERN REGIONAL UNIVERSITIES AT #23 OF 176 INSTITUTIONS IN THE 2020 U.S. NEWS AND WORLD REPORT BEST COLLEGES RANKINGS. THE COLLEGE WAS RECOGNIZED AS A LEADER IN SEVERAL OTHER CATEGORIES PUBLISHED BY U.S. NEWS, INCLUDING "BEST COLLEGES FOR VETERANS", "A+ SCHOOLS FOR B STUDENTS", "MOST INNOVATIVE SCHOOLS", "CO-OPS/INTERNSHIPS", "BEST VALUE SCHOOLS", "TOP PERFORMERS IN SOCIAL MOBILITY AND "BEST UNDERGRADUATE TEACHING PROGRAMS". IN FISCAL 2020, THE OFFICE OF ADMISSION RECEIVED 5,264 APPLICATIONS FOR TRADITIONAL UNDERGRADUATE STUDENTS IN FALL 2019, ACCEPTED 68% OF THE APPLICANTS, AND ENROLLED 25% OF THOSE ACCEPTED FOR ADMISSION. THE COLLEGE AWARDED 64 ASSOCIATE DEGREES, 802 BACHELOR DEGREES, 578 MASTERS' DEGREES AND 9 DOCTORAL DEGREES IN ACADEMIC YEAR 2018-19. OUR GRADUATES HAD A FIRST-TIME PASS RATE OF 86% ON EXTERNAL EXAMINATIONS FOR ATHLETIC TRAINING, 91% FOR UNDERGRADUATE NURSING AND 85% AND 92% FOR GRADUATE NURSING AND A FINAL PASS RATE OF 100% FOR THE TITLE II EDUCATOR'S EXAMS. EXTERNAL LICENSURE FOR THESE PROGRAMS IS ASSESSED BY THE NATA BOARD OF CERTIFICATION LICENSURE, NATIONAL COUNCIL LICENSURE EXAMINATION, AMERICAN NURSES CREDENTIALING CENTER AND AMERICAN ASSOCIATION OF NURSE PRACTITIONERS AND THE MASSACHUSETTS DEPARTMENT OF EDUCATION LICENSURE RESPECTIVELY. ENDICOTT'S RETENTION RATE OF FRESHMAN ENTERING 2019 AND RETURNING 2020 WAS 83%. THE SIX YEAR GRADUATION RATE FOR FRESHMAN ENTERING 2014 WAS 78%. OF THE 2019 GRADUATES WHO RESPONDED TO CAREER SURVEYS, 98% REPORTED THAT THEY WERE EITHER EMPLOYED, CONTINUING EDUCATION, VOLUNTEERING, SERVING IN THE MILITARY, OR SELF-EMPLOYED WITHIN 12 MONTHS OF GRADUATION. 78% WERE EMPLOYED FULL-TIME. 90% OF THOSE WERE IN EMPLOYMENT RELATED TO THEIR MAJOR, AND 29% FOUND EMPLOYMENT THROUGH A FORMER INTERNSHIP SITE OR CONTACT. COMMUNITY SERVICE IS EMBRACED AT ENDICOTT, WITH 47% OF THE ENDICOTT STUDENT BODY PARTICIPATING IN COMMUNITY SERVICE, FOR A TOTAL OF 16,247 COMMUNITY SERVICE HOURS PERFORMED BY 1,355 STUDENTS. THE STATE AND NATIONAL AVERAGE IS 28% AND 30%, RESPECTIVELY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE TAX RETURN INFORMATION IS GATHERED FROM THE FINANCE OFFICE AND USED TO POPULATE THE FORM 990 IN CONJUNCTION WITH GRANT THORTON LLP, INDEPENDENT TAX CONSULTANT. ONCE THE DRAFT TAX RETURN IS FULLY ANALYZED AND REVIEWED BY THE MANAGEMENT TEAM, IT IS PRESENTED TO THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. A REPRESENTATIVE OF GRANT THORNTON'S TAX GROUP ATTENDS THE SCHEDULED MEETING TO ENSURE THAT ALL PERSONS HAVE HAD AN OPPORTUNITY TO ASK QUESTIONS AND DISCUSS THE CONTENT OF THE TAX RETURN. FOLLOWING THE FINANCE COMMITTEE REVIEW AND APPROVAL, IT IS PRESENTED TO THE ENTIRE BOARD OF TRUSTEES FOR THEIR REVIEW, COMMENT AND APPROVAL PRIOR TO THE FILING OF THE FORM WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY IN 2010, ENDICOTT'S BOARD OF TRUSTEES APPROVED A REVISED POLICY THAT COVERS BOARD OF TRUSTEE MEMBERS, OFFICERS, AND KEY EMPLOYEES. THOSE COVERED IN THE POLICY ARE REQUIRED TO EXECUTE AND SUBMIT TO THE VICE PRESIDENT OF FINANCE AN ANNUAL STATEMENT THAT ACKNOWLEDGES THEY RECEIVED, READ, AND UNDERSTAND THE CONFLICT OF INTEREST POLICY; THEY UNDERSTAND THAT ENDICOTT COLLEGE IS A NOT-FOR-PROFIT ENTITY WHICH MUST NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS; AND THAT THE COLLEGE MUST BE OPERATED FOR THE PURPOSES STATED IN ITS BYLAWS. THEY AGREE TO COMPLY WITH THE POLICY AND ACKNOWLEDGE THAT, EXCEPT AS INDICATED IN THE SPACE PROVIDED ON THE ANNUAL STATEMENT, THEY HAVE NOTHING TO DISCLOSE THAT IS IN CONFLICT WITH THE ESTABLISHED POLICY. SHOULD ANY CHANGE OCCUR IN THEIR SITUATION, THEY WILL SUBMIT A FURTHER STATEMENT COVERING THE MATTER. THE VICE PRESIDENT OF FINANCE WILL FOLLOW THE PROCEDURES SET FORTH IN THE POLICY FOR ANY STATEMENT THAT INCLUDES A DISCLOSURE OF CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION POLICY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES IS RESPONSIBLE FOR DUE DILIGENCE OF THE CHIEF EXECUTIVE OFFICER AND SENIOR MANAGEMENT'S COMPENSATION TO ASSURE THAT ENDICOTT COMPLIES WITH IRS REQUIREMENTS FOR NOT-FOR-PROFIT COMPENSATION. THE COMMITTEE REVIEWS AND DISCUSSES COMPENSATION OF COMPARABLE JOBS IN COMPARABLE COLLEGES AND UNIVERSITIES IN THE BOSTON AREA AND NEW ENGLAND. THE PRESIDENT IS COMPENSATED IN ACCORDANCE WITH A MULTI-YEAR COMPENSATION PLAN THAT IS BASED UPON RESEARCH ON COMPENSATION AWARDED TO PRESIDENTS IN SIMILAR INSTITUTIONS, TOGETHER WITH AN APPRAISAL OF THE PRESIDENT'S PERFORMANCE. THE PRESIDENT'S PERFORMANCE IS REVIEWED BY THE BOARD ON AN ANNUAL BASIS. THE CONCLUSIONS AND RECOMMENDATIONS OF THE COMPENSATION COMMITTEE ARE REVIEWED AND APPROVED REGULARLY BY THE FULL BOARD. THE MEMBERSHIP OF THE COMPENSATION COMMITTEE IS FREE OF CONFLICT OF INTEREST IN DETERMINING COMPENSATION. THE COMMITTEE ALSO REVIEWS AND GUIDES MANAGEMENT WITH RESPECT TO IMPLEMENTATION OF THE COMPENSATION POLICY FOR ALL OTHER EMPLOYEES. SALARIES ARE REVIEWED AND ADJUSTED ANNUALLY, BASED ON PERFORMANCE (AS MEASURED IN AN ANNUAL PERFORMANCE REVIEW) AND CHANGES IN RESPONSIBILITY. MINUTES OF COMPENSATION COMMITTEE MEETINGS ARE DOCUMENTED. AN INDEPENDENT COMPENSATION CONSULTANT WAS ENGAGED IN OCTOBER 2019 TO COMPLETE AN EXECUTIVE COMPENSATION SURVEY. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC DISCLOSURE THE ORGANIZATION'S FORM 990, GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE FORM 990 AND AUDITED FINANCIAL STATEMENTS ARE POSTED ON THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AND THE FORM 990 IS POSTED AT WWW.GUIDESTAR.ORG. FORM 990, PART XI, LINE 9: CHANGE ON INTEREST RATE SWAP AGREEMENT -2,515,627. LOSS ON DISPOSAL OF ASSET -3,003,593.