2018-03-16T15:37:31-07:00 2017-05-31 990 2016-06-01 042111203 TRUSTEES OF CLARK UNIVERSITY TRUS 5087937499 950 Main Street Worcester MA 01610 Katherine Cannon Controller 5087937455 2018-03-14 140.232.223.130 2016 2021-01-29 14:40:06Z Clark University David Angel 950 Main Street Worcester MA 01610 215386251 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. 28 28 2576 683 -240830 -268763 14799651 13756185 142371464 137594414 6321801 8035958 1250524 1547006 164743440 160933563 61265039 60421890 0 0 67169151 69428792 26876 24697 6211888 38400590 37111646 166861656 166987025 -2118216 -6053462 568383900 600379121 111432473 108464045 456951427 491915076 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 62900279 0 122779132 Instruction and academic support, with program expenditures of $62,900,279. Clark's fall 2016 enrollment consisted of 2,289 undergraduates and 1,009 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. 7529924 2065567 0 Research, with program expenditures of $7,529,924 and grant contributions of $5,766,289. 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 $775,525. Additionally, Clark provided funding to students to support their research and LEEP projects in the amount of $1,290,042. 58356323 58356323 0 Financial Aid, with expenditures/income offsets of $58,356,323. Clark is committed to being affordable to those students able to meet the high academic expectations of our faculty. Approximately 90% of undergraduate students receive some level of financial assistance, which is distributed on the basis of both merit and financial need. 12734980 0 14592074 Auxiliary Services includes providing high quality residence halls, food service, and campus store services to Clark students. There are program expenditures of $12,734,980 and offsetting revenue of $14,592,074. 13237053 0 1613896 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. 25972033 0 16205970 154758559 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 1 1 1 0 0 0 1 1 1 1 0 1 0 0 0 0 1 0 1 1 1 1 0 0 0 1 1 1 0 0 1 5914 0 1 2576 1 1 1 0 0 0 0 0 1 1 0 0 0 X 28 28 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 David Chaifetz 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 Barbara Dyer 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 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 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 Ronald Walter Trustee 2 0 X 0 0 0 Cynthia Wolpert Trustee 2 0 X 0 0 0 David Angel Officer 40 0 X 381604 0 47194 Katherine Cannon Officer 40 0 X 135651 0 26068 Julie Dolan Officer 40 0 X 316528 0 26875 John Foley Officer 40 0.25 X 158651 0 15949 Davis Baird Key Employee 40 0 X 259630 0 25982 Nancy Budwig Key Employee 40 0 X 177604 0 34446 Paula David Key Employee 40 0 X 242291 0 34565 William Fisher Key Employee 40 0 X 204562 0 21105 Pennie Turgeon Key Employee 40 0 X 185298 0 39714 Jeffrey Hite Gillooly Key Employee 40 0 X 300171 0 44754 Matthew Malsky Key Employee 40 0 X 152741 0 15386 Robert Johnston Director of Marsh Institute & Prof 40 0 X 198381 0 36511 Catherine Usoff Dean of Graduate School of Management 40 0 X 255944 0 42264 Jonathan Kappel Exec Director of Principal Gifts 40 0 X 206128 0 25543 Donald Honeman Dean of Admissions & Financial Aid 40 0 X 184271 0 19874 Anthony Bebbington Director of Geography & Prof 40 0 X 177182 0 40813 3536637 0 497043 103 0 1 0 Sodexo Inc Affiliates 9801 Washington Blvd Gaithersburg MD 20878 Food service management 5348372 David W White and Son Inc 635 River Rd Bow NH 03304 Construction 2312940 CIEE-Council International Study 300 Fore Street Portland ME 04101 Study Abroad 978104 All State Construction 449 Cooke Street Farmington CT 06034 Construction 612073 Umass Memorial Medical Group Treasury Management Department Worcester MA 01604 Healthcare 442260 22 0 0 0 0 4758482 8997703 1142537 13756185 Tuition and fees 611310 121657220 121657220 0 0 Housing 721310 8984751 8984751 0 0 Food Services 722310 5371289 5371289 0 0 Geographic Software 443120 375108 375108 0 0 Campus Store 453000 236034 236034 0 0 970012 970012 0 0 137594414 2127628 0 0 2127628 1262 0 0 1262 217212 217212 0 0 390177 0 233859 0 156318 0 156318 0 0 156318 6834109 53291788 3849279 50369550 2984830 2922238 5907068 0 -240830 6147898 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Energy incentives/grants 900099 572556 572556 0 0 Workers Comp incentives/rebates 900099 125726 125726 0 0 475194 475194 0 0 1173476 160933563 138985102 -240830 8433106 501324 501324 59493805 59493805 426761 426761 0 0 2967173 706116 1902894 358163 0 0 0 0 53329946 42518671 8402751 2408524 3736614 2967808 583987 184819 5706827 4600640 854345 251842 3688232 2861392 643516 183324 483641 483641 0 0 113468 10695 102080 693 174236 0 174236 0 6000 0 6000 0 24697 24697 1322915 0 1322915 0 2815113 1736813 830048 248252 456949 297965 143295 15689 3628844 2939863 46159 642822 195223 186586 7915 722 926929 842425 48849 35655 4598951 840691 3727219 31041 2012170 1795403 34542 182225 0 0 0 0 1343570 1000721 96608 246241 1395670 1284056 109472 2142 0 0 0 0 8325394 7137324 964230 223840 556681 1055 547947 7679 Study Abroad/Away 1459704 1459704 0 0 Other Food Service 4527698 4527698 0 0 Library acquisitions 1450218 1450161 57 0 Other expenses - Misc 831436 4900365 -4170055 101126 486836 9786876 -10362432 1062392 166987025 154758559 6016578 6211888 6091831 211750 33305148 55646232 4562728 3206271 1065367 1855117 0 0 0 0 6728679 6713613 260457 382096 1145085 698157 229948466 117156414 114872902 112792052 63520568 70518824 329650265 340959003 5879084 5907850 0 0 1301786 1488156 568383900 600379121 12284890 12676199 0 0 9727507 10539520 73064459 69207517 0 0 0 0 0 0 200000 100000 16155617 15940809 111432473 108464045 X 123967405 125268976 197351814 225823708 135632208 140822392 456951427 491915076 568383900 600379121 X -6053462 45761225 0 0 0 -4744114 X 0 1 X 1 1 1 X 15071513 14471658 12855694 14799651 13756185 70954701 0 0 0 0 0 0 0 0 0 0 0 0 15071513 14471658 12855694 14799651 13756185 70954701 118073 70836628 5245943 3595819 2747972 2536306 2502420 16628460 110050 75327 458800 250340 0 894517 0 0 0 0 0 0 88477678 0 0.80062 0.76697 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 21693 0 0 21693 0 Schedule C, Part II-B, Line 1 Gerald D'Amico works with the University to make us aware of federal and state programs, the funding of which may be of assistance to Clark programs. A small portion of the President's and VP for Government and Community Relations' time is spent meeting with and calling government officials. 0 0 X X X 1 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 299286423 12123813 58133097 4478668 8725193 1465662 354873810 0.15 0.32 0.53 1 0 0 18944612 18944612 0 195231377 109116618 86114759 0 1424498 843324 581174 0 12276382 7196472 5079910 0 2071597 0 2071597 112792052 0 0 Other 349837 F Partnerships/alternative investments 340609166 F 340959003 0 Annuities payable 6856185 Perkins federal liability contra 5342654 PILOT liability 1084484 Conditional Asset Retirement Obligation 1079269 Capital lease obligation 583006 China tax liability reserve 226500 Fiscal agent liability 205363 Interest rate swap 159825 Deferred compensation-President 150000 Miscellaneous liabilities and other 100175 FIN 48 liability 89495 Cash card liability 32465 Potter unitrust Salvation Army 49% 31204 Payroll deduction gift clearing-RE 184 15940809 X 146861527 45761225 0 0 -58744205 -12982980 159844507 1322915 -233859 1089056 160933563 107711799 0 0 0 233859 233859 107477940 1322915 58186170 59509085 166987025 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 revenue to expense: tuition remissions -58,173,341. Re-class revenue to change in net assets; student loan activity, 6489. Change in the value of post-retirement health obligation, -46,337. Change in the value of the interest rate swap, 444,573. Change in the value of split interest and beneficial interest in outside trust, 186,370. Change in annuity and unitrust obligation, -1,017,546. Financial aid tuition reductions, -144,413.Capital Contribution to Jonas Realty Corp. -4,317,665. Elimination of related party activity from consolidated statement 4,317,665. Schedule D, Part XI, Line 4b Rental reclass -233,859. Schedule D, Part XII, Line 2d Rental reclass 233,859. Schedule D, Part XII, Line 4b Reclass tuition reductions from contra-revenue to expense, 58,173,341. Reclass aid for auxiliary from contra-revenue to expense 144,413. Reclass expenses from Related Organization -131,584. 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. Schedule E, Part I, Line 5c 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 1 Grantmaking 5218 East Asia and the Pacific 0 3 Grantmaking 24650 Europe (including Iceland and Greenland) 0 6 Grantmaking 10303 North America (including Canada and Mexico, but not the United States) 0 2 Grantmaking 8335 South America 0 2 Grantmaking 9229 Sub-Saharan Africa 0 1 Grantmaking 25032 South Asia 0 1 Grantmaking 1858 Central America and the Caribbean 0 0 Program Services conferences 3591 East Asia and the Pacific 0 0 Program Services conferences 16706 Europe (including Iceland and Greenland) 0 0 Program Services conferences 59956 Middle East and North Africa 0 0 Program Services conferences 14449 North America (including Canada and Mexico, but not the United States) 0 0 Program Services conferences 15801 South America 0 0 Program Services conferences 6829 South Asia 0 0 Program Services conferences 513 Central America and the Caribbean 0 0 Program Services instruction 1234 East Asia and the Pacific 0 0 Program Services instruction 861401 Europe (including Iceland and Greenland) 0 2 Program Services instruction 489269 North America (including Canada and Mexico, but not the United States) 0 3 Program Services instruction 14429 Russia and the newly independent States 0 0 Program Services instruction 36689 Central America and the Caribbean 0 0 Program Services professional development 1277 Europe (including Iceland and Greenland) 0 0 Program Services professional development 2130 Middle East and North Africa 0 0 Program Services professional development 1267 Central America and the Caribbean 0 0 Program Services program development 936 East Asia and the Pacific 0 1 Program Services program development 38739 Europe (including Iceland and Greenland) 0 3 Program Services program development 74201 Middle East and North Africa 0 0 Program Services program development 566 North America (including Canada and Mexico, but not the United States) 0 0 Program Services program development 159 Russia and the newly independent States 0 0 Program Services program development 8998 South Asia 0 0 Program Services program development 3883 Sub-Saharan Africa 0 0 Program Services program development 209 Central America and the Caribbean 0 0 Program Services student recruitment 965 East Asia and the Pacific 0 0 Program Services student recruitment 22117 Europe (including Iceland and Greenland) 0 0 Program Services student recruitment 11907 Middle East and North Africa 0 0 Program Services student recruitment 16671 South Asia 0 0 Program Services student recruitment 14226 Sub-Saharan Africa 0 0 Program Services student recruitment 3360 Central America and the Caribbean 0 0 Investments 1775598 0 25 3582701 Central America and the Caribbean Research 16400 wire transfer 0 East Asia and the Pacific Research 57760 wire transfer 0 Europe (including Iceland and Greenland) Research 59140 wire transfer 0 North America (including Canada and Mexico, but not the United States) Research 117301 check 0 South America Research 23600 wire transfer 0 10 1 Research Grants Central America and the Caribbean 1 4700 check 0 Research Grants Central America and the Caribbean 1 10000 check 0 Research Grants Europe (including Iceland and Greenland) 5 43736 check and electronic funds transfer 0 Research Grants Middle East and North Africa 3 13269 check and electronic funds transfer 0 Research Grants South America 1 6300 electronic funds transfer 0 Research Grants Sub-Saharan Africa 1 25000 electronic funds transfer 0 Scholarships East Asia and the Pacific 2 17528 check and electronic funds transfer 0 Scholarships Europe (including Iceland and Greenland) 10 23505 check and electronic funds transfer 0 Scholarships Sub-Saharan Africa 5 7894 check and electronic funds transfer 0 1 0 0 1 1 0 Schedule F, Part I, Line 2 PRE-AWARD SUBRECIPIENT MONITOR: Federal awards are identified by informing each subrecipient of CFDA title and number, award name and number, award year, and name of Federal agency. If any of this information is not available, the pass-through entity shall provide the best information available to describe the Federal award. The subrecipient is advised of requirements imposed by governing laws, regulations, and provisions of contracts or grant agreements and supplemental requirements imposed by the pass-through entity. The subrecipient's activities are monitored to ensure awards are used for authorized purposes in compliance with laws, regulations, and the provisions of contracts or grant agreements and performance goals are achieved. Assurance is ascertained that any subrecipient expending $750,000 or more in Federal awards during the subrecipient's fiscal year must meet the audit requirements of Uniform Grant Guidance (formerly OMB A-133). A management decision on audit findings must be issued within six months after receipt of the subrecipient's audit report and ensure that the subrecipient takes appropriate and timely corrective action. A determination is made as to whether subrecipient audits necessitate adjustment of the pass-through entity's own records. Each subrecipient is required to permit the pass-through entity and auditors to have access to the records and financial statements as necessary for the pass-through entity to comply with this part. POST-AWARD SUBRECIPIENT MONITORING: The Principal Investigator (PI) or Program Director (PD) is responsible for monitoring the activities. The subrecipient should submit progress reports, technical reports and other deliverables to the PI/PD by specified due dates. The PI/PD is responsible for forwarding copies of the subrecipient's report(s) to the Office of Sponsored Programs and Research (OSPR). Subrecipient invoices submitted to the university must contain the following information: invoice on subcontractor's letterhead, date of invoice, invoice number, period of performance covered by the invoice, itemized description of services and backup documentation, current period costs including cost sharing, cumulative project costs and subrecipient contact person with respect to invoice. Invoice must be signed by an authorized official of the subcontractor and must contain a certification that all payments requested are for appropriate purposes and in accordance with the agreements set forth in the application and award documents. The PI/PD is responsible for reviewing and approving invoices from subrecipient(s) for adherence to the budget and submitting invoices for payment in Smart Buy Plus. Grant Accounting will review the subrecipient's invoice(s) for the following: period of performance is within the contract period, appropriate invoice format and level of detail, signature by authorized subrecipient representatives, evidence of cost sharing, if applicable, and availability of funding. Grant Accounting is responsible for ensuring that subrecipients that expend $750,000 or more of Federal funds each fiscal year submit an Audit Certification Letter. 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 U.S. 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 X X X 1 Pentera Inc 8650 Commerce Park Place Suite G Indianapolis IN 46268 Planned giving consulting 0 0 24697 -24697 0 24697 -24697 MA 1 Assumption College 500 Salisbury Street Worcester MA 01609 042105776 501(c)(3) 31100 0 Research University of Oklahoma 660 Parrington Oval Norman OK 73019 731377584 501(c)(3) 74071 0 Research University of Connecticut 115 North Eagleville Road Storrs CT 06269 060772160 501(C)(3) 38856 0 Research University of New Hampshire Service Building Room 109 Durham NH 03824 026000937 501(c)(3) 53820 0 Research Florida Atlantic University 777 Glades Road Boca Raton FL 33431 650385507 501(c)(3) 67391 0 Research Lawrence Berkeley National Laboratory 1 Cyclotron Road Berkeley CA 94720 942951741 501(c)(3) 17195 0 Research College of the Holy Cross College Street Worcester MA 01610 042103558 501(c)(3) 19668 0 Research Smith College 10 Elm Street Northampton MA 01063 041834040 501(c)(3) 23333 0 Research University of South Florida 4202 East Fowler Avenue Tampa FL 33620 593102112 501(c)(3) 32716 0 Research University of Washington 22 Odegaard Seattle WA 98195 916001537 501(c)(3) 123131 0 Research Virginia Polytechnic Institute and State University 300 Turner Street NW Blacksburg VA 24061 546001805 501(c)(3) 12599 0 Research 11 0 Undergraduate scholarships 2009 44178068 0 Graduate scholarships 18 51201 0 Graduate remissions 646 12726924 0 Undergraduate remissions 200 1256993 0 Graduate awards 215 596269 0 Undergraduate awards 304 684349 0 Schedule I, Part I, Line 2 PRE-AWARD SUBRECIPIENT MONITOR: Federal awards are identified by informing each subrecipient of CFDA title and number, award name and number, award year, and name of Federal agency. If any of this information is not available, the pass-through entity shall provide the best information available to describe the Federal award. The subrecipient is advised of requirements imposed by governing laws, regulations, and provisions of contracts or grant agreements and supplemental requirements imposed by the pass-through entity. The subrecipient's activities are monitored to ensure awards are used for authorized purposes in compliance with laws, regulations, and the provisions of contracts or grant agreements and performance goals are achieved. Assurance is ascertained that any subrecipient expending $750,000 or more in Federal awards during the subrecipient's fiscal year must meet the audit requirements of Uniform Grant Guidance (formerly OMB A-133). A management decision on audit findings must be issued within six months after receipt of the subrecipient's audit report and ensure that the subrecipient takes appropriate and timely corrective action. A determination is made as to whether subrecipient audits necessitate adjustment of the pass-through entity's own records. Each subrecipient is required to permit the pass-through entity and auditors to have access to the records and financial statements as necessary for the pass-through entity to comply with this part. POST-AWARD SUBRECIPIENT MONITORING: The Principal Investigator (PI) or Program Director (PD) is responsible for monitoring the activities. The subrecipient should submit progress reports, technical reports and other deliverables to the PI/PD by specified due dates. The PI/PD is responsible for forwarding copies of the subrecipient's report(s) to the Office of Sponsored Programs and Research (OSPR). Subrecipient invoices submitted to the university must contain the following information: invoice on subcontractor's letterhead, date of invoice, invoice number, period of performance covered by the invoice, itemized description of services and backup documentation, current period costs including cost sharing, cumulative project costs and subrecipient contact person with respect to invoice. Invoice must be signed by an authorized official of the subcontractor and must contain a certification that all payments requested are for appropriate purposes and in accordance with the agreements set forth in the application and award documents. The PI/PD is responsible for reviewing and approving invoices from subrecipient(s) for adherence to the budget and submitting invoices for payment in Smart Buy Plus. Grant Accounting will review the subrecipient's invoice(s) for the following: period of performance is within the contract period, appropriate invoice format and level of detail, signature by authorized subrecipient representatives, evidence of cost sharing, if applicable, and availability of funding. Grant Accounting is responsible for ensuring that subrecipients that expend $750,000 or more of Federal funds each fiscal year submit an Audit Certification Letter. 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 331604 0 50000 0 0 0 26500 0 20694 0 428798 0 0 0 Katherine Cannon Officer 135651 0 0 0 0 0 25216 0 852 0 161719 0 0 Julie Dolan Officer 301528 0 15000 0 0 0 26500 0 375 0 343403 0 0 0 John Foley Officer 158651 0 0 0 0 0 15657 0 292 0 174600 0 0 0 Davis Baird Key Employee 259630 0 0 0 0 0 25607 0 375 0 285612 0 0 0 Nancy Budwig Key Employee 177604 0 0 0 0 0 18088 0 16358 0 212050 0 0 0 Paula David Key Employee 242291 0 0 0 0 0 24350 0 10215 0 276856 0 0 0 William Fisher Key Employee 204562 0 0 0 0 0 20186 0 919 0 225667 0 0 0 Jeffrey Hite Gillooly Key Employee 300171 0 0 0 0 0 26500 0 18254 0 344925 0 0 0 Matthew Malsky Key Employee 152741 0 0 0 0 0 15193 0 193 0 168127 0 0 0 Pennie Turgeon Key Employee 185298 0 0 0 0 0 18455 0 21259 0 225012 0 0 0 Anthony Bebbington Director of Geography & Prof 177182 0 0 0 0 0 16905 0 23908 0 217995 0 0 0 Donald Honeman Dean of Admissions & Financial Aid 184271 0 0 0 0 0 18527 0 1347 0 204145 0 0 0 Robert Johnston Director of Marsh Institute & Prof 198381 0 0 0 0 0 18130 0 18381 0 234892 0 0 0 Jonathan Kappel Exec Director of Principal Gifts 206128 0 0 0 0 0 20855 0 4688 0 231671 0 0 0 Catherine Usoff Dean of Graduate School of Management 238444 0 17500 0 0 0 24213 0 18051 0 298208 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 FY17 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 $2800 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 12290000 921513 50334445 0 0 0 273558 78412 0 0 0 0 2009 1 0 1 1 B 4275000 0 20099208 0 0 0 253048 0 0 5616353 14229806 0 2013 1 0 1 1 C 1265000 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 I, Column f-04/07/2008 50,255,000 Massachusetts Development Finance Agency Refund MDFA2000 (OID: 11/2/2000), refund MDFA02A (OID: 11/26/2002), refund MDFA02B (OID: 11/26/2002), construct and equip library. Schedule K, Part I, Column f-12/01/2011 20,098,799 Massachusetts Development Finance Agency Refund MDFA1998 (OID:11/10/1998), finance the construction, renovation and/or equipping of certain facilities of the Institution and to pay the costs of issuing the Bonds. Schedule K, Part I, Column f-10/01/2015 17,895,000 Massachusetts Development Finance Agency Refund MDFA2005 (OID: 11/03/2005), capital repairs and improvements to the campus, acquisition of technology and data network equipment for use on campus, and payment of issuance costs. Schedule K, Part IV, Line 2c-04/07/2008 50,255,000 Massachusetts Development Finance Agency MDFA2008 Rebate computation performed 4/7/2017. Schedule K, Part IV, Line 2c-12/01/2011 20,098,799 Massachusetts Development Finance Agency MDFA2011 Rebate computation performed 12/1/2016. Schedule K, Part IV, Line 2c-10/01/2015 17,895,000 Massachusetts Development Finance Agency MDFA2015 Rebate computation performed 8/31/2017. FERPA student FERPA excluded 10000 Student merit grant Educational grant Christopher Cannon Employee is the son of K. Cannon, officer 62702 Compensation for position of Mail and Delivery Supervisor 0 Jocelyne Bauduy Employee is the wife of President David Angel 26270 Compensation for position of Special Assistant to the President's Office 0 Substantial contributor Substantial contributor has an ownership interest in excess of 5% in Public Consulting Group 371270 Public Consulting Group purchases educational programs from Clark's Graduate School of Management for their employees. This substantial contributor has an ownership interest in excess of 5% in PCG. 0 Eric Epstein Trustee and Director of Davidson Kempner 106489 Clark has an investment in funds managed by Davidson Kempner and paid management fees of approximately $106,489 to the partnership. 0 Jack Foley Officer of Clark, Trustee of Jonas Realty Corp 182000 Clark leases 939 Main Street from Related Organization Jonas Realty Corp, of which Jack Foley is a Trustee. The rental expense paid to Jonas Realty Corp in FY17 = $182,000. 0 X 1 3506 selling price X 33 1139031 market value 1 0 1 1 Schedule M, Part I, Line 32b The University engaged Skinner Auctioneers and Appraisers to sell the donated artwork, "Venetian Flower Seller". 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 March 2,2018 meeting of the committee. The Board has authorized the submittal 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 office and the Office of Sponsored Programs and Research. Form 990, Part XI, Line 9 Transfer capital contribution to Related Organization-Jonas Realty Corp -4,317,665.Change in value of split interest agreement -1,017,546. Change in value of interest rate swap 444,573. Change in value of beneficial interest in outside trust 186,370.Change in post-retirement health obligation -46,337. Student loan activity-net 6,491. 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 4317665 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 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 an accurate return Clark University required additional time to gather and validate all information.