2020-05-13T11:36:56-05:00 2019-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2018-07-01 042134818 LABOURE COLLEGE LABO 6173223500 303 ADAMS STREET MILTON MA 02186 DR LILY HSU PRESIDENT 6173223500 2020-05-13 1 LYNNE JOHNSON P00757336 6179129000 73.226.132.236 2020-05-13 11:26:01 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 AECF77219117B6B1EC9B6AE33341583F740A001D 2018 2020-11-19 02:30:22Z DR LILY HSU 303 ADAMS STREET MILTON MA 02186 18898169 0 X WWW.LABOURE.EDU X 1951 MA LABOURE COLLEGE PROVIDES HIGH-QUALITY EDUCATION AND PREPARES (SEE SCH. O FOR CONTINUATION) WOMEN AND MEN FOR CAREERS IN NURSING AND ALLIED HEALTH FIELDS. INHERENT IN THE CATHOLIC IDENTITY OF THE COLLEGE AND OUR EDUCATIONAL MISSION IS A COMMITMENT TO JUDAEO-CHRISTIAN PRINCIPLES WHICH INFLUENCE THE ACADEMIC CURRICULA AND THE COLLEGE ENVIRONMENT. CONSISTENT WITH THESE PRINCIPLES, THE COLLEGE SEEKS TO GIVE OPPORTUNITIES TO A DIVERSE POPULATION OF STUDENTS TO CONTINUE THEIR EDUCATION AS MATURE ADULTS AND RESPONSIBLE WORLD CITIZENS. 10 10 235 12 0 0 219120 221983 17640757 18257710 62053 366176 -60322 27367 17861608 18873236 821751 969048 0 0 10962641 11340471 0 8025 195361 4601775 4451979 16386167 16769523 1475441 2103713 33868279 36231443 17690493 17949944 16177786 18281499 X LABOURE COLLEGE PROVIDES HIGH-QUALITY EDUCATION AND PREPARES WOMEN AND MEN FOR CAREERS IN NURSING AND ALLIED HEALTH FIELDS. 0 0 13025227 969048 18265742 LABOURE COLLEGE HAS A UNIQUE AND EXTENSIVE 127 YEAR HISTORY IN THE EDUCATION OF HEALTH CARE PROFESSIONALS IN THE GREATER BOSTON AREA. APPROXIMATELY 800 STUDENTS, MOST PART TIME, RECEIVE AN EDUCATION WHICH THE DISTINCT FOCUS OF EDUCATION FOR PRACTICE IN THE HEALTH SECTOR. WE ARE COMMITTED TO PREPARING INDIVIDUALS TO DELIVER PATIENT-CENTERED CARE AS MEMBERS OF AN INTERDISCIPLINARY TEAM. THE INDIVIDUAL PROGRAMS PROVIDE CLINICAL EDUCATION EMPHASIZING EVIDENCE-BASED PRACTICE, INCLUDING THE LATEST RESEARCH AND CLINICAL EXPERTISE, QUALITY IMPROVEMENT APPROACHES AND THE USE OF INFORMATION TECHNOLOGY ARE IMPORTANT COMPONENTS OF EACH PROGRAM. WE ARE REGIONALLY ACCREDITED BY NECHE AND EACH OF OUR PROGRAMS ARE ACCREDITED. DISCIPLINE-SPECIFIC SPECIALIZED ACCREDITING BODY. (CONTINUED ON SCHEDULE O)LABOURE IS A PRIVATE, INDEPENDENT, NON-PROFIT COLLEGE LOCATED IN MILTON, MA. 13025227 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 22 0 1 235 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 0 1 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X WILLIAM MCDONALD 6173223500 303 ADAMS STREET MILTON MA 02186 DAMIEN DEVASTO DIRECTOR (TRUSTEE), CHAIR 0.30 X X 0 0 0 JOSEPH M RIZZO DIRECTOR (TRUSTEE), VICE-CHAIR 0.30 X X 0 0 0 KIM BASSETT DIRECTOR (TRUSTEE) 0.30 X 0 0 0 LAURA DOWNING DIRECTOR (TRUSTEE) 0.30 X 0 0 0 NEAL F FINNEGAN DIRECTOR (TRUSTEE) 0.30 X 0 0 0 JOSEPH GILL DIRECTOR (TRUSTEE) (UNTIL 12/31/18) 0.30 X 0 0 0 CHRISTOPHER C HARDING DIRECTOR (TRUSTEE) 0.30 X 0 0 0 DAVID HOUSTON DIRECTOR (TRUSTEE) (FROM 1/1/19) 0.30 X 0 0 0 LILY S HSU DIRECTOR (TRUSTEE) 0.30 X 0 0 0 KEVIN LEARY DIRECTOR (TRUSTEE) (THRU 3/6/19) 0.30 X 0 0 0 HONORABLE ANTOINETTE E MCLEAN LEONE DIRECTOR (TRUSTEE) 0.30 X 0 0 0 MARCEL VERNON DIRECTOR (TRUSTEE) 0.30 X 0 0 0 DEBRA TOWNSLEY PRESIDENT 40.00 X 112123 0 5173 MARILYN GARDNER VP OF ACADEMIC AFFAIRS 40.00 X 211630 0 12470 MATTHEW GREGORY VP OF STUDENT AFFAIRS 40.00 X 132954 0 20985 THOMAS MAHER INTERIM VP OF ADMIN AND FINANCE (UNTIL 6/27/19) 40.00 X 32019 0 292 ROY SCHIFILLITI VP OF STRATEGY & PARTNERSHIPS 40.00 X 204633 0 36501 JUSTIN ROY VP OF ENROLLMENT & MARKETING 40.00 X 47398 0 6813 WILLIAM MCDONALD VP OF ADMIN AND FINANCE (FROM 6/27/19) 40.00 X 123445 0 2000 KATHLEEN STUBBS FACULTY 40.00 X 154762 0 13399 QUINTIN LATIN CHIEF INFORMATION OFFICER 40.00 X 123268 0 30260 KAREN MANNING DIRECTOR OF NURSING 40.00 X 148884 0 32719 ANGELA GATES FACULTY 40.00 X 123386 0 20720 JOANNE FOLEY FACULTY 40.00 X 139284 0 31274 DR JACK CALARESO FORMER PRESIDENT 40.00 X 191906 0 4683 1745692 0 217289 16 1 1 0 GREENBERG TRAURIG LLP ONE INTERNATIONAL PLACE BOSTON MA 02110 LEGAL 172744 MMI INC 855 MAIN STREET BRIDGEPORT CT 06604 CUSTODIAL SERVICES 141864 JENZABAR PO BOX 55018 BOSTON MA 02205 SOFTWARE SUPPORT 129697 3 221983 221983 TUITION FEES 611310 18257710 18257710 18257710 112994 112994 278115 24933 253182 253182 253182 LOAN INCOME FEE 900099 8032 8032 19335 19335 27367 18873236 18265742 0 385511 969048 969048 797563 294324 423529 79710 8726936 7862791 841539 22606 176011 147850 26411 1750 969783 657546 304409 7828 670178 563490 100527 6161 221643 186182 33245 2216 64295 54009 9644 642 8025 8025 10992 10992 292029 250495 40195 1339 166427 12168 153943 316 244954 10627 224347 9980 96020 96020 1100592 410853 657575 32164 134041 104018 27973 2050 119930 42284 75975 1671 296435 207396 85519 3520 448915 314077 129508 5330 SUPPLIES 761698 614100 147598 MISCELLANEOUS EXPENSES 76210 76210 STUDENT ACTIVITIES 37426 37426 380372 286543 83776 10053 16769523 13025227 3548935 195361 12020158 11470580 11129 10908 5631478 6620703 555766 418158 254664 164753 14424928 2696763 12029381 11728165 2054375 3337238 3763801 28465 33868279 36231443 1439062 977147 296856 254264 8079915 7886655 748259 748259 7126401 8083619 17690493 17949944 X 12928580 14919151 2013540 2126582 1235666 1235766 16177786 18281499 33868279 36231443 2103713 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3342916 2015681 320359 5678956 3106682 5600 230634 3342916 2788390 100 318192 3106682 2613359 100 6630 32000 2588089 2561252 1000 89607 38500 2613359 0.42020 0.21760 0.36220 0 0 2000000 2000000 11076607 1495743 9580864 1348321 1201020 147301 11728165 COMMON FUND MULTI STRATEGY EQUITY FUND 1987240 C COMMON FUND MULTI STRATEGY BOND FUND 1631561 C CERTIFICATE OF DEPOSIT 145000 C 3763801 TUITION AND FEES BILLED IN ADVANCE 8083619 8083619 X 17904188 -969048 -969048 18873236 0 18873236 15800475 0 15800475 969048 969048 16769523 PART V, LINE 4: ENDOWMENT FUNDS ARE PRIMARILY USED FOR SCHOLARSHIPS. PART X, LINE 2: THE COLLEGE IS RECOGNIZED AS A NON-PROFIT ORGANIZATION EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, WHEREBY ONLY UNRELATED BUSINESS INCOME, AS DEFINED BY SECTION 512(A)(1) OF THE CODE, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE COLLEGE RECOGNIZES A TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES. MANAGEMENT EVALUATED THE COLLEGE'S TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAD NO MATERIAL UNCERTAINTIES IN INCOME TAXES AS OF JUNE 30, 2019 AND 2018. WITH FEW EXCEPTIONS, THE COLLEGE IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2016. THE COLLEGE WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID NETTED WITH TUITION AND FEES REVENUE ON AUDITED FS -969,048. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID NETTED WITH TUITION AND FEES REVENUE ON AUDITED FS 969,048. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE MEETS THE GUIDELINE IDENTIFIED IN REV. PROC. 75-50, 1975-2 C.B. 587, SEC. 4.03 2(C). THEREFORE, THE COLLEGE IS NOT REQUIRED TO USE THE NEWSPAPER OR BROADCAST MEDIA. THE STATEMENT OF NONDISCRIMINATORY POLICY IS ON THE WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES STUDENT FINANCIAL AID FROM FEDERAL AND STATE AGENCIES. THE COLLEGE'S FINANCIAL AID OFFICE MONITORS THE GRANTS AND MAINTAINS THE GRANT RECORDS. SCHEDULE E, LINE 6B: AS A RESULT OF THE CHANGE IN CONTROL ON JUNE 30, 2013, THE COLLEGE PROVIDED TO THE US DEPARTMENT OF EDUCATION ("USDOE") VARIOUS DOCUMENTS FOR THEIR ACCEPTANCE AND APPROVAL IN ORDER TO MAINTAIN CONTINUED ELIGIBILITY IN THE TITLE IV FINANCIAL AID PROGRAMS (THE "PROGRAM"). THE USDOE HAD NOTIFIED THE COLLEGE THAT THE SUBMISSION WAS INCOMPLETE AND AS A RESULT, THE USDOE STATED THAT THE COLLEGE LOST INSTITUTIONAL ELIGIBILITY TO PARTICIPATE IN THE PROGRAM. MANAGEMENT BELIEVED THE APPLICABLE REQUIREMENTS WERE PROPERLY MET. REINSTATEMENT OF ELIGIBILITY IN THE PROGRAM WAS CONTINGENT UPON THE USDOE'S ACCEPTANCE OF THE SUBMISSION OF THE COLLEGE'S AUDITED FINANCIAL STATEMENTS AS OF JUNE 30, 2013 AND AN APPROVED LETTER OF CREDIT. THE COLLEGE WAS REINSTATED BY THE USDOE IN THE PROGRAM ON NOVEMBER 27, 2013. 1 STUDENT FINANCIAL AID 336 969048 FMV ALL GRANTS ARE FOR FINANCIAL ASSISTANCE TO ATTEND LABOURE COLLEGE PART I, LINE 2: THE FINANCIAL AID DEPARTMENT ISSUES AND MONITORS STUDENT FINANCIAL AID AWARDS. THE FINANCE DIVISION MONITORS THE SCHOLARSHIPS AND DISCOUNTS REFLECTED ON STUDENT BILLING. STUDENT AID IS AWARDED ACCORDING TO THE COLLEGE'S PROCEDURES. STUDENT AID IS AWARDED BASED ON MEETING ESTABLISHED CRITERIA WHICH INCLUDE ACADEMIC ACHIEVEMENT AND FINANCIAL NEED. X X 1 0 0 0 0 0 0 0 0 MARILYN GARDNER VP OF ACADEMIC AFFAIRS 209344 0 0 0 2286 0 10563 0 1907 0 224100 0 0 0 MATTHEW GREGORY VP OF STUDENT AFFAIRS 132804 0 0 0 150 0 8203 0 12782 0 153939 0 0 0 ROY SCHIFILLITI VP OF STRATEGY & PARTNERSHIPS 203874 0 0 0 759 0 7312 0 29189 0 241134 0 0 0 KATHLEEN STUBBS FACULTY 154142 0 0 0 620 0 2467 0 10932 0 168161 0 0 0 QUINTIN LATIN CHIEF INFORMATION OFFICER 123034 0 0 0 234 0 3902 0 26358 0 153528 0 0 0 KAREN MANNING DIRECTOR OF NURSING 148133 0 0 0 751 0 3978 0 28741 0 181603 0 0 0 JOANNE FOLEY FACULTY 139085 0 0 0 199 0 0 0 31274 0 170558 0 0 0 DR JACK CALARESO FORMER PRESIDENT 85267 0 0 0 106639 0 3489 0 1194 0 196589 0 0 0 PART I, LINE 4A DURING THE YEAR THERE WERE SEVERANCE PAYMENTS OF $104,500 MADE TO DR. JACK CALERESO, FORMER PRESIDENT. ALL AMOUNTS PAID HAVE BEEN REPORTED ON FORM W-2 AS TAXABLE INCOME AND ARE PROPERLY DISCLOSED ON SCHEDULE J, PART II AND FORM 990, PART VII, AS REQUIRED BY THE INSTRUCTIONS TO THE FORM 990. THE TERMS AND CONDITIONS OF SUCH AGREEMENT ARE CONFIDENTIAL AND WILL BE MADE AVAILABLE TO THE IRS UPON ITS REQUEST. A MASSACHUSETTS DEVELOPMENT FINANCE AUTHORITY 043431814 2013-07-18 9040000 SEE PART VI 0 0 0 A 999562 9040000 204840 8835160 2013 0 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 1 0 0 0 0 0 1 A 1 SCHEDULE K, PART I, COLUMN F: THE ACQUISTION AND RENOVATION OF THE FIVE ACRES OF LAND AND IMPROVEMENTS THEREON AT 303 ADAMS STREET, MILTON, MA. FOR THE RELOCATION OF THE BORROWER'S CAMPUS THERETO, INCLUDING CREATION OF APPROXIMATELY 130 ADDITIONAL PARKING SPACES. GENERAL REFURBISHMENT AND ADA COMPLIANCE IMPROVEMENTS; ACQUISITION AND INSTALLATION OF MISCELLANEOUS FURNITURE, FIXTURES AND EQUIPMENT AT THE ABOVE-REFERNECED PROPERTY, AND PAYING CERTAIN COSTS OF ISSUING THE BONDS AND OTHER COMMON COSTS. FORM 990, PART VI, SECTION A, LINE 6 THERE IS A SLATE OF MEMBERS. CURRENTLY THE SLATE IS COMPOSED OF TEN INDIVIDUALS. THE COLLEGE BYLAWS HAVE ALWAYS CLEARLY ENUMERATED WHAT THE MEMBERS ARE ALLOWED TO DO. FORM 990, PART VI, SECTION A, LINE 7B THE GOVERNANCE DECISIONS OF THE CURRENT SLATE OF MEMBERS ARE LIMITED TO APPROVING CHANGES TO THE ARTICLES OF ORGANIZATION; APPROVING MERGERS, DISSOLUTION, OR CONSOLIDATIONS; AND APPROVING CHANGES OF THE PURPOSE OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11B THE COLLEGE'S AUDITORS REVIEW THE FORM 990 PRIOR TO ITS REVIEW AND APPROVAL BY THE LABOURE COLLEGE FINANCE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C THE PRESIDENT ANNUALLY GATHERS RESPONSES AND MONITORS COMPLIANCE. THE PRESIDENT, VICE PRESIDENTS, AND DIRECTORS MUST PROVIDE A STATEMENT IDENTIFYING ANY CONFLICT OF INTEREST. ANY INDIVIDUAL WHO HAS A CONFLICT OF INTEREST CANNOT PARTICIPATE IN DECISIONS RELATED TO THE CONFLICT UNTIL THE END OF THE CONFLICT OF INTEREST. THE PRESIDENT PERFORMS THE REVIEW AND DETERMINES WHETHER CONFLICTS EXIST. FORM 990, PART VI, SECTION B, LINE 15 ON AN ANNUAL BASIS, DIRECTORS OF THE COLLEGE BOARD REVIEW AND DETERMINE THE COMPENSATION OF THE COLLEGE PRESIDENT. ON AN ANNUAL BASIS, THE PRESIDENT PERFORMS AN ANNUAL REVIEW OF COMPENSATION OF OFFICERS. THE REVIEW INCLUDES COMPARISON TO INDUSTRY DATA, INDIVIDUAL PERFORMANCE DATA, INCREASES PROVIDED TO OTHER EMPLOYEES, AND OTHER FACTORS. THE PRESIDENT DETERMINES THE COMPENSATION OF OFFICERS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE PROVIDES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). THE FORM 990 IS AVAILABLE VIA GUIDESTAR AND MASSACHUSETTS ATTORNEY GENERAL'S OFFICE WEBSITES.