2019-03-29T11:10:02-07:00 2018-05-31 990 2017-06-01 042111203 TRUSTEES OF CLARK UNIVERSITY TRUS 5087937499 950 Main Street Worcester MA 01610 Katherine Cannon Controller 5087937455 2019-03-29 140.232.223.130 2017 2019-02-21 02:37:17Z Clark University David Angel 950 Main Street Worcester MA 01610 224696597 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 2554 548 -591914 -640416 13756185 24128374 137594414 139993642 8035958 12340790 1547006 1311912 160933563 177774718 60421890 62531011 0 0 69428792 71038440 24697 0 6373624 37111646 38877160 166987025 172446611 -6053462 5328107 600379121 631485553 108464045 105745706 491915076 525739847 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 63966671 0 125259473 Instruction and academic support, with program expenditures of $63,966,671. Clark's fall 2017 enrollment consisted of 2,240 undergraduates and 913 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. 7853177 1727734 0 Research, with program expenditures of $7,853,177 and grant contributions of $5,841,427. 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 $484,241. Additionally, Clark provided funding to students to support their research and LEEP projects in the amount of $1,243,493. 60803277 60803277 0 Financial Aid, with expenditures/income offsets of $60,803,277. Clark is committed to being affordable to those students able to meet the high academic expectations of our faculty. Approximately 89% of undergraduate students receive some level of financial assistance, which is distributed on the basis of both merit and financial need. 12869879 0 14368834 Auxiliary Services includes providing high quality residence halls, food service, and campus store services to Clark students. There are program expenditures of $12,869,879 and offsetting revenue of $14,368,834. 13935518 0 1550303 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. 26805397 0 15919137 159428522 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 0 0 1 1 1 0 0 0 0 1 1 1 0 0 1 5862 0 1 2554 1 1 1 0 0 0 0 0 0 0 0 0 X 25 25 1 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X X Julie L Dolan 5087937455 950 Main Street Worcester MA 01610 Jason M Barnett Trustee 2 0 X 0 0 0 Andrew Brandman 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 Elyse Darefsky 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 2 0 X 0 0 0 Wolfgang Hammes Trustee 2 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 John O'Brien Trustee 2 0 X 0 0 0 Lee Plave Trustee 2 0 X 0 0 0 Jodi Reiskind Trustee 2 0 X 0 0 0 Vickie H Riccardo Trustee 2 0 X 0 0 0 Steven Roberts Trustee 2 0 X 0 0 0 Paul Saltzman Trustee 2 0 X 0 0 0 Linda Savitsky 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 Robert Stevenish II Trustee 2 0 X 0 0 0 David Strassler Trustee 2 0 X 0 0 0 Theresa Strempek Trustee 2 0 X 0 0 0 Steven Swain Trustee 10 0 X 0 0 0 Sumner Tilton Trustee 2 0 X 0 0 0 Wendi J Trilling Trustee 2 0 X 0 0 0 Cynthia Wolpert Trustee 2 0 X 0 0 0 David Angel Officer 40 0 X 392578 0 48778 Katherine Cannon Officer 40 0 X 139378 0 14397 Julie Dolan Officer 40 0 X 319132 0 29352 John Foley Officer 40 0.25 X 165404 0 16608 Davis Baird Key Employee 40 0 X 263567 0 26352 Paula David Key Employee 40 0 X 245967 0 35188 William Fisher Key Employee 40 0 X 212302 0 26227 Jeffrey Hite Gillooly Key Employee 40 0 X 302197 0 45712 Frances Magee Key Employee 40 0 X 168395 0 36025 Matthew Malsky Key Employee 40 0 X 156065 0 15070 Pennie Turgeon Key Employee 40 0 X 190166 0 64631 Catherine Usoff Dean of Graduate School of Management 40 0 X 253261 0 42973 Robert Johnston Director of Marsh Institute & Prof 40 0 X 210649 0 33355 Jonathan Kappel Exec Director of Principal Gifts 40 0 X 209617 0 25988 Donald Honeman Dean of Admissions & Financial Aid 40 0 X 187623 0 19644 Ronald Eastman Director of Clark Labs 40 0 X 181604 0 19410 3597905 0 499710 107 0 1 0 Sodexo Inc Affiliates 9801 Washington Blvd Gaithersburg MD 20878 Food service management 5169716 DelSignore Electrical Contractors 849 West Boylston Street Worcester MA 01606 Electrical 1197933 Umass Memorial Medical Group Treasury Management Department Worcester MA 01604 Healthcare 527501 Patriot Restoration 204 Cedar Hill Street Marlborough MA 01752 Construction/repair contractor 385066 Highclere International Investors 235 Bayberry Lane Westport CT 06880 Investment management 274574 22 0 0 0 0 5587883 18540491 8280087 24128374 Tuition and fees 611310 124458580 124458580 0 0 Housing 721310 8730393 8730393 0 0 Food Services 722310 5423874 5423874 0 0 Geographic Software 443120 340756 340756 0 0 Campus Store 453000 214567 214567 0 0 825472 825472 0 0 139993642 2714602 0 0 2714602 5578 0 0 5578 231847 231847 0 0 370124 0 243180 0 126944 0 126944 0 0 126944 20257029 36042280 9429217 37249482 10827812 -1207202 9620610 0 -591914 10212524 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Energy Incentives/Grants 900099 375949 375949 0 0 Workers Comp Incentive/Rebates 900099 141770 141770 0 0 435402 435402 0 0 953121 177774718 141178610 -591914 13059648 420053 420053 61829856 61829856 281102 281102 0 0 2912052 1045313 1502826 363913 0 0 0 0 54428386 42833532 8960147 2634707 3795719 2987119 624861 183739 6119799 4863001 966867 289931 3782484 2929803 663274 189407 491702 491702 0 0 151958 32636 119322 0 189132 1052 188080 0 0 0 0 0 0 0 1569402 0 1569402 0 2876439 1763587 985226 127626 528964 304531 222759 1674 3494329 2380564 439056 674709 1806345 1797775 7061 1509 629647 576276 34864 18507 3966780 512262 3422300 32218 2143032 1899983 60182 182867 0 0 0 0 1366136 954354 91181 320601 1425662 1319489 104078 2095 0 0 0 0 8584640 7610900 918517 55223 566010 4412 553919 7679 Study Abroad/Away 1753297 1753297 0 0 Other food service 4589777 4589777 0 0 Other expenses-Misc 1122446 5310754 -4280023 91715 Library acquisitions 1497447 1497410 37 0 124015 9437982 -10509471 1195504 172446611 159428522 6644465 6373624 211750 158557 55646232 47834652 3206271 5745569 1855117 713382 0 0 0 0 6713613 6704485 382096 315791 698157 505314 231965013 121942363 112792052 110022650 70518824 87450438 340959003 364659548 5907850 5537044 0 0 1488156 1838123 600379121 631485553 12676199 14078281 0 0 10539520 10485969 69207517 66121899 0 0 0 0 0 0 100000 0 15940809 15059557 108464045 105745706 X 125268976 129238509 225823708 245305288 140822392 151196050 491915076 525739847 600379121 631485553 X 5328107 28702458 0 0 0 -205794 X 0 1 X 1 1 1 X 14471658 12855694 14799651 13756185 24128374 80011562 0 0 0 0 0 0 0 0 0 0 0 0 14471658 12855694 14799651 13756185 24128374 80011562 4434696 75576866 3595819 2747972 2536306 2502420 3078971 14461488 75327 458800 250340 0 0 784467 0 0 0 0 0 0 95257517 0 0.79340 0.8006 X 0 1 0 0 0 0 1 13510 0 0 13510 0 Schedule C, Part II-B, Line 1 There were no paid lobbyists for FY18. A small portion of the President's and VP of Community and Government Relations' time is spent meeting with and calling government officials. 0 0 X X X 0 408808150 9430109 37823793 5956784 11327979 1907948 436869341 369079796 7800049 50318626 5685496 10871985 1832839 408808151 403722250 3560695 -21059146 5210579 10221964 1711460 369079796 392092388 2129236 25113524 4713627 9339994 1559277 403722250 354873810 1490257 50688500 4517234 8948173 1494772 392092388 0.15 0.32 0.53 1 0 17873484 0 17873484 199447888 0 114763691 84684197 1424498 0 1162619 261879 11965507 0 6016053 5949454 1253636 0 0 1253636 110022650 0 0 Other 356821 F Partnerships/alternative investments 364302727 F 364659548 0 Annuities payable 6734476 Perkins federal liability contra 5325634 Conditional Asset Retir.Obligation 1068739 Pilot Liability 1009383 Capital lease obligation 270984 Deferred compensation - President 200000 Agency - HECCMA 159217 FIN 48 Liability 89495 China tax liability reserve 78621 Cash Card liability 43568 Agency-NE Education Ins Assoc 41962 Potter unitrust Salvation Army 49% 31362 Agency-NEBUG 5691 Miscellaneous tax liabilities and other 272 Payroll Deduction gift Clearing-RE 153 15059557 X 144251387 28702458 0 0 -60899568 -32197110 176448497 1569401 -243180 1326221 177774718 110707961 0 0 0 240680 240680 110467281 1569401 60409929 61979330 172446611 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,-$60,771,273. Reclass student loan program revenue, $177,521. Reclass student loan program expenses, -$164,472. Change in value of post-retirement health obligation in non-operating activity, -$41,972. Change in value of interest rate swap, $524,155. Change in value of split interest and beneficial interest in outside trust, $141,426. Change in annuity and unitrust obligation, -$762,453. Reclass non-operating write-off to expense, -$2,500. Schedule D, Part XI, Line 4b Reclass of rental property expense to revenue, -$243,180. Schedule D, Part XII, Line 2d Reclass rental property expense to revenue, $243,180. Reclass non-operating write-off to expense, -$2,500. Schedule D, Part XII, Line 4b Reclass tuition reductions from contra-revenue to expense, $60,607,003. Reclass aid for auxiliary from contra-revenue to expense, $164,270. Elimination of related party activity from consolidated statement, -$361,344. 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 Campus Work Study, Supplemental Education Opportunity Grants and the Perkins Loan program. 1 Central America and the Caribbean 0 0 Grantmaking 12600 East Asia and the Pacific 0 0 Grantmaking 46830 Europe (including Iceland and Greenland) 0 0 Grantmaking 155452 Middle East and North Africa 0 0 Grantmaking 46827 North America (including Canada and Mexico, but not the United States) 0 0 Grantmaking 3098 South America 0 0 Grantmaking 31569 Sub-Saharan Africa 0 2 Grantmaking 104257 South Asia 0 0 Grantmaking 2296 Central America and the Caribbean 0 0 Program Services Conferences 1909 East Asia and the Pacific 0 0 Program Services Conferences 10413 Europe (including Iceland and Greenland) 0 0 Program Services Conferences 65835 Middle East and North Africa 0 0 Program Services Conferences 959 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Conferences 24454 South America 0 0 Program Services Conferences 2432 Central America and the Caribbean 0 0 Program Services Instruction 4380 East Asia and the Pacific 0 0 Program Services Instruction 827543 Europe (including Iceland and Greenland) 0 0 Program Services Instruction 776862 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Instruction 946 Russia and the newly independent States 0 0 Program Services Instruction 26135 South America 0 0 Program Services Instruction 23146 South Asia 0 2 Program Services Instruction 1000 Sub-Saharan Africa 0 0 Program Services Instruction 2435 Central America and the Caribbean 0 0 Program Services Professional development 542 East Asia and the Pacific 0 0 Program Services Professional development 1044 Europe (including Iceland and Greenland) 0 0 Program Services Professional development 4056 Central America and the Caribbean 0 0 Program Services Program development 1160 East Asia and the Pacific 0 0 Program Services Program development 46720 Europe (including Iceland and Greenland) 0 4 Program Services Program development 55735 Middle East and North Africa 0 0 Program Services Program development 1864 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Program development 1644 South America 0 0 Program Services Program development 514 Sub-Saharan Africa 0 1 Program Services Program development 4480 East Asia and the Pacific 0 1 Program Services Student recruitment 17073 Europe (including Iceland and Greenland) 0 0 Program Services Student recruitment 3860 Middle East and North Africa 0 0 Program Services Student recruitment 4842 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Student recruitment 14424 South America 0 0 Program Services Student recruitment 2337 South Asia 0 0 Program Services Student recruitment 935 Central America and the Caribbean 0 0 Investments 1293177 0 10 3625785 Central America and the Caribbean Research 12600 wire transfer 0 East Asia and the Pacific Research 24288 wire transfer 0 Europe (including Iceland and Greenland) Research 13000 wire transfer 0 South America Research 14300 wire transfer 0 5 1 Research grants Europe (including Iceland and Greenland) 8 59625 check and electronic funds transfer 0 Research grants Middle East and North Africa 9 46827 check and electronic funds transfer 0 Research grants Sub-Saharan Africa 1 38449 electronic funds transfer 0 Research grants East Asia and the Pacific 2 12246 electronic funds transfer 0 Research grants South Asia 1 975 check 0 Scholarships Europe (including Iceland and Greenland) 17 58792 check and electronic funds transfer 0 1 0 0 1 1 0 Schedule F, Part I, Line 1 Headcount shown in column (c) -Number of employees, agents, and independent contractors in the region-refers to independent contractors. 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 the procurement system. 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. Schedule F, Part IV, Line 4 All instances in which Clark was a direct or indirect shareholder of a passive foreign investment company occurred through participation in limited partnerships. Forms 8621 were filed at the partnership level. No filings were required of Clark. Schedule F, Part IV, Line 5 All instances in which Clark had an ownership interest in a foreign partnership occurred through its participation in limited partnerships. In one case, the partnership filed the necessary form 8865. In all other cases, Clark's participation was beneath filing thresholds. 1 ABT Associates Inc 10 Fawcett Street Suite 5 Cambridge MA 02138 042347643 501(c)(3) 14399 0 Research University of Oklahoma 660 Parrington Oval Norman OK 73019 731377584 501(c)(3) 12008 0 Research University of Connecticut 115 North Eagleville Road Storrs CT 06269 060772160 501(c)(3) 59468 0 Research University of New Hampshire Service Building Room 109 Durham NH 03824 026000937 501(c)(3) 112123 0 Research Florida Atlantic University 777 Glades Road Boca Raton FL 33431 650385507 501(c)(3) 34570 0 Research Salem State University 352 Lafayette Street Salem MA 01970 042325342 501(c)(3) 8859 0 Research VA Institute of Marine Science 1375 Greate Road Gloucester Point VA 23062 546001802 501(c)(3) 42186 0 Research University of Washington 22 Odegaard Seattle WA 98195 916001537 501(c)(3) 85568 0 Research Virginia Polytechnic Institute and State University 300 Turner Street NW Blacksburg VA 24061 546001805 501(c)(3) 44873 0 Research 8 1 Undergraduate scholarships 1940 44385687 0 Graduate scholarships 12 65332 0 Graduate remissions 684 15209485 0 Undergraduate remissions 171 1039699 0 Graduate awards 237 619328 0 Undergraduate awards 276 508464 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 the procurement system. 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 0 0 0 0 0 0 0 1 0 David Angel Officer 342578 0 50000 0 0 0 27000 0 21778 0 441356 0 0 0 Katherine Cannon Officer 139378 0 0 0 0 0 13794 0 603 0 153775 0 0 0 Julie Dolan Officer 304132 0 15000 0 0 0 27000 0 2352 0 348484 0 0 0 John Foley Officer 165404 0 0 0 0 0 16321 0 287 0 182012 0 0 0 Davis Baird Key Employee 263567 0 0 0 0 0 26000 0 352 0 289919 0 0 0 Paula David Key Employee 245967 0 0 0 0 0 24725 0 10463 0 281155 0 0 0 William Fisher Key Employee 212302 0 0 0 0 0 19996 0 6231 0 238529 0 0 0 Jeffrey Hite Gillooly Key Employee 302197 0 0 0 0 0 27000 0 18712 0 347909 0 0 0 Frances Magee Key Employee 168395 0 0 0 0 0 17384 0 18642 0 204421 0 0 0 Matthew Malsky Key Employee 156065 0 0 0 0 0 14884 0 186 0 171135 0 0 0 Pennie Turgeon Key Employee 190166 0 0 0 0 0 19045 0 45586 0 254797 0 0 0 Catherine Usoff Dean of Graduate School of Management 242161 0 11100 0 0 0 24585 0 18388 0 296234 0 0 0 Robert Johnston Director of Marsh Institute & Prof 210649 0 0 0 0 0 15578 0 17777 0 244004 0 0 0 Jonathan Kappel Exec Director of Principal Gifts 209617 0 0 0 0 0 21212 0 4776 0 235605 0 0 0 Donald Honeman Dean of Admissions & Financial Aid 187623 0 0 0 0 0 18812 0 831 0 207266 0 0 0 Ronald Eastman Director of Clark Labs 181604 0 0 0 0 0 5380 0 14030 0 201014 0 0 0 Schedule J, Part I In FY15, 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 FY18 would be $50k. 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 $3,276 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 7 All bonuses listed in Schedule J are performance based. 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 A 13670000 970424 50334445 0 0 0 273558 78412 0 0 0 0 2009 1 0 1 1 B 5230000 0 20099208 0 0 0 253048 0 0 5616353 14229806 0 2013 1 0 1 1 C 1960000 0 17895000 0 0 0 152148 0 0 3025805 14717047 0 2017 0 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 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 A 1 B 1 C 1 Schedule K, Part IV, Line 2c-04/07/2008 50,255,000 Massachusetts Development Finance Agency MDFA08 Rebate calculation performed 4/07/2018. Schedule K, Part IV, Line 2c-12/01/2011 20,098,799 Massachusetts Development Finance Agency MDFA11 Rebate calculation performed 12/01/2017. Schedule K, Part IV, Line 2c-10/01/2015 17,895,000 Massachusetts Development Finance Agency MDFA15 Rebate calculation performed 08/31/2017. Christopher Cannon Employee is the son of K. Cannon, officer 56085 Compensation for position of Mail and Delivery Supervisor 0 Jocelyne Bauduy Employee is the wife of President David Angel 26670 Compensation for position of Special Assistant to the President's office 0 Alyssa Spencer Employee is the daughter of Trustee Vickie Riccardo 35652 Compensation for the position of Assistant Director of Stewardship 0 Substantial Contributor Substantial contributor has an ownership interest in excess of 5% in Public Consulting Group. 52610 Public Consulting Group purchases educational programs from Clark's Graduate School of Management for their employees. This substanital contributor has an ownership interest in excess of 5% in PCG. 0 Eric Epstein Trustee and Director of Davidson Kempner 112982 Clark has an investment in funds managed by Davidson Kempner and paid management fees of approximately $112,982 to the partnership. 0 Jack Foley Officer of Clark, Trustee and Officer of Jonas Realty Corp. 182000 Clark leases 939 Main Street from related organization Jonas Realty Corp. of which Jack Foley is a Trustee and Officer. The rental expense paid to Jonas Realty Corp in FY18 = $182,000. 0 X 48 8279899 market value X Art supplies 2 188 sales proceeds 0 0 1 0 Form 990, Part VI, Section A, Line 2 Two of Clark's Trustees are related. Robert Stevenish and Robert Stevenish II are father and son. Form 990, Part VI, Section A, Line 7a Members of the Clark University Board of Trustees are responsible for the election of trustees for vacant positions. Alumni Association members elect the Alumni trustees positions for the University Board. 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 3/12/2019 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 Periodically, the Chairman of the Board of Trustees requests the Executive Vice President to provide comparable institution compensation data. Data is obtained from a combination of information disclosed in the Chronicle of Higher Education and from salary surveys, including those available from the College and University Personnel Association (CUPA). These data are submitted directly without editing. The Board Chair advises the full Board of Trustees of the compensation level of the President. The University also engages a professional compensation consultant and has established an Executive Compensation Committee. The Committee, which meets annually, is charged by the full Board of Trustees with establishing the President's compensation with the assistance of the consultant, who develops appropriate performance metrics and collects comparable institutional survey data. Form 990, Part VI, Section C, Line 19 Clark University's governing documents, conflict of interest policy and financial statements 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 Transfer capital contribution to Related Organization - Jonas Realty Corp.-$80,000. Change in value of split interest agreement, -$762,453. Change in value of interest rate swap, $524,155. Change in value of beneficial interest in outside trust, $141,426. Change in post-retirement health obligation, -$41,971 . Student loan activity-net, $13,049. 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 (21) 950 Main Street Worcester MA 01610 Charitable Trust MA N/A T 0 0 1 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 Jonas Realty Corp b 80000 Value of assets transferred as a capital contribution. 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 threshold for reporting on line 2. In order to file a complete and accurate return Clark needed additional time to allow for collection of all external information