2017-05-15T10:29:47-05:00 2016-06-30 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2015-07-01 041286950 EMERSON COLLEGE % JONATHAN PEARSALL EMER 6178248500 120 BOYLSTON STREET BOSTON MA 021164624 MAUREEN MURPHY VP Admin & Finance 6178248426 2017-05-10 true Robert J Butler Jr P00037953 6177237900 2017-05-10 2015 2021-01-29 14:40:06Z Lee Pelton 120 BOYLSTON STREET BOSTON MA 021164624 226673785 false X www.emerson.edu X 1880 MA TO EDUCATE STUDENTS TO BECOME LEADERS IN COMMUNICATION AND THE ARTS AND TO ADVANCE SCHOLARSHIP AND CREATIVE WORK THAT BRINGS INNOVATION, DEPTH AND DIVERSITY TO THESE DISCIPLINES. 30 28 3312 1200 2195738 -3313555 9321951 7592129 197803112 203986252 4076386 3198792 5002189 5750610 216203638 220527783 35200507 37730936 0 0 83253575 85458803 0 0 4343902 89522556 84557458 207976638 207747197 8227000 12780586 765608286 772424484 355912243 356717006 409696043 415707478 X Emerson College is the only four year college in the United States devoted exclusively to communication and performing arts. (Continued in Schedule O) false false 133238830 37730936 169221963 EMERSON COLLEGE PROVIDES UNDERGRADUATE AND GRADUATE PROGRAMS CHALLENGING STUDENTS TO THINK AND COMMUNICATE WITH CLARITY, SUBSTANCE AND INSIGHT. THE CURRICULUM INTEGRATES COMMUNICATION WITH LIBERAL ARTS AND EMPHASIZES A GLOBAL OUTLOOK AND PRACTICAL EXPERIENCE TO HELP DEVELOP THE INHERENT CAPACITIES OF EACH STUDENT. THE COLLEGE EDUCATES APPROXIMATELY 3,791 UNDERGRADUATE AND 642 GRADUATE STUDENTS ANNUALLY - FROM 49 U.S. STATES AND 53 COUNTRIES. THE COLLEGE HAS MORE THAN 450 FULL AND PART-TIME FACULTY. 45851114 0 36569622 AUXILIARY ENTERPRISES PROVIDE SERVICES FOR THE STUDENTS TO ENSURE THEY ARE APPROPRIATELY SUPPORTED. THE SERVICES INCLUDE ROOM, BOARD AND THE BOOKSTORE. 179089944 true true false false false false false false false true true true false false true true true false true true true false true false true false false false true true true false false false false false false true false false false true false false false false false false false false true 5355 0 true 3312 true true true true NL false false false true true false false false false X 30 28 true false true false false false false true true false false true true true true true true true true false AL AK AR CA CO CT DE DC HI ID IN IA KS ME MA MN MS MO MT NE NV NH NM NC ND OH RI SC SD TN TX UT VT VA WV WI WY X X X JONATHAN PEARSALL 6178248426 120 BOYLSTON STREET BOSTON MA 021164624 Jeffrey D Greenhawt Chairman 2.0 0.0 X X 0 0 0 Vincent J Di Bona Vice Chairman 2.0 0.0 X X 0 0 0 Albert M Jaffe Vice Chairman 2.0 0.0 X X 0 0 0 Steven Samuels Vice Chairman 2.0 0.0 X X 0 0 0 Richard Janssen Treasurer 2.0 0.0 X X 0 0 0 Michael MacWade Board Member 2.0 0.0 X 0 0 0 Marillyn Zacharis Secretary 2.0 0.0 X X 0 0 0 Eric Alexander Board Member 2.0 0.0 X 0 0 0 Dan Black Board Member 2.0 0.0 X 0 0 0 Bobbi Brown Board Member 2.0 0.0 X 0 0 0 Brian Carty Board Member (THRU 12/15) 2.0 0.0 X 0 0 0 Dan Cohen Board Member 2.0 0.0 X 0 0 0 Robert Friend Board Member 2.0 0.0 X 0 0 0 Linda Gersh Board Member 2.0 0.0 X 0 0 0 Ira Goldstone Board Member 2.0 0.0 X 0 0 0 Gary Grossman Board Member 2.0 0.0 X 0 0 0 Doug Herzog Board Member 2.0 0.0 X 0 0 0 Leo Hindery Jr Board Member 2.0 0.0 X 0 0 0 Douglas Holloway Board Member 2.0 0.0 X 0 0 0 Judy Huretas Board Member 2.0 0.0 X 0 0 0 Ann Leary Board Member 2.0 0.0 X 0 0 0 Robert Miller Board Member 2.0 0.0 X 0 0 0 Andrea Montoni Board Member 2.0 0.0 X 0 0 0 Max Mutchnick Board Member 2.0 0.0 X 0 0 0 Michelle Perkins Board Member 2.0 0.0 X 0 0 0 Patricia Peyton Board Member 2.0 0.0 X 0 0 0 Mark Reinganum Board Member 2.0 0.0 X 0 0 0 Linda Schwartz Board Member 2.0 0.0 X 0 0 0 Raj Sharma Board Member 2.0 0.0 X 0 0 0 Susan Namm Spencer Board Member 2.0 0.0 X 0 0 0 M Lee Pelton President/Trustee 40.0 0.0 X X 720903 0 148378 Michaela Whelan Provost & VP for Academic Aff. 40.0 0.0 X 255853 0 31515 Christine Hughes VP & Gen. Counsel and Clerk 40.0 0.0 X 212213 0 31537 Maureen Murphy VP for Admin. and Finance 40.0 0.0 X 310080 0 51197 Ruthanne Madsen VP for Enrollment Management 40.0 0.0 X 195300 0 17781 William Gilligan VP for Information Technology 40.0 0.0 X 245340 0 42369 Donna Heiland thru 216 VP & Special Ass. to President 40.0 0.0 X 210746 0 27971 Jeffrey Schoenherr thru 215 VP of Devel. & Alumni Relation 40.0 0.0 X 208334 0 7510 Sylvia Spears VP for Diversity and Inclusion 40.0 0.0 X 218131 0 41333 Andrew Tiedemann VP for Comm. and Marketing 40.0 0.0 X 201531 0 44041 2778431 0 443632 94 false true false ELKUS MANFREDI ARCHITECTS 25 Drydock Avenue BOSTON MA 02110 ARCHITECTURAL SERV 3398705 PROSPECT BUILDING SERVICES 360 Pearl Street MALDEN MA 02148 CLEANING SERVICES 378408 BENNETT COMMUNICATIONS INC ONE Bennett Lane QUINCY MA 02169 TELECOMMUNICATIONS 239842 GOODWIN PROCTER LLP 100 Northern Avenue BOSTON MA 02210 LEGAL SERVICES 201509 LOIS L LINDAUER SEARCHES 420 Boylston Street Suite 604 BOSTON MA 02116 EXECUTIVE SEARCHES 136297 9 314862 4039728 3237539 469095 7592129 TUTION & FEES 611710 169221963 169221963 ROOM & BOARD 611710 34310175 34310175 BOOKSTORE COMMISSION 611710 135544 135544 AUXILIARY - OTHER 611710 318570 318570 203986252 2580619 2211619 0 2521332 2521332 1210141 1898971 -688830 0 -688830 -688830 4681958 4063785 618173 618173 618173 197241 314862 183246 13995 13995 0 0 THEATER REVENUE 531390 1805333 1805333 SUMMER CONFERENCE 531390 390405 390405 MISCELLANEOUS 611710 1708375 1708375 3904113 220527783 205694627 2195738 4676289 0 36940373 36940373 790563 790563 0 2168476 1695922 277554 195000 33711 33711 66353596 55090969 9016177 2246450 4442659 3681804 602563 158292 7822416 6170146 1009805 642465 4637945 3843644 629050 165251 0 852091 852091 108328 108328 0 0 184500 184500 3985036 3333387 545542 106107 1179760 1002102 164004 13654 3882820 3231434 528856 122530 1923891 1595048 261045 67798 0 6615071 5600132 916516 98423 3895001 3132279 512628 250094 0 175337 142720 23357 9260 9451393 8122127 1329266 0 19259990 16551221 2708769 3818871 3281776 537095 OTHER SERVICES 9196982 7702023 1260511 234448 OTHER FOOD SERVICES 8824127 7583081 1241046 0 MISCELLENEOUS 7011747 5996269 981348 34130 RENOVATIONS/CONTRACTS MAINT 3122215 2683099 439116 1070298 919825 150473 207747197 179089944 24313351 4343902 X 0 0 34519809 53090405 4439736 4470492 3470044 741498 0 0 0 0 2478960 2581458 0 0 2121942 3822110 727158438 219574456 488154709 507583982 136823760 134138719 93211503 65573784 0 0 0 0 387823 422036 765608286 772424484 23036743 28372273 0 0 13975246 12387162 314921855 311979365 0 0 0 0 0 0 0 0 3978399 3978206 355912243 356717006 X 377924043 384919487 8089000 5376492 23683000 25411499 409696043 415707478 765608286 772424484 X 12780586 -6713075 -56076 X false true X true true true X 4789333 6805007 5278420 9321951 7592129 33786840 0 0 4789333 6805007 5278420 9321951 7592129 33786840 4248153 29538687 5590187 6516158 2284893 6627339 6312092 27330669 0 72304 58481 137033 43286 197241 508345 61625854 924818974 0.47932 0.49812 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 149219391 2548023 -3660131 3912756 144194527 146174009 7028768 -175992 3807394 149219391 127945924 2217617 19228787 3218319 146174009 117064905 1397951 12298021 2814953 127945924 118988122 1522529 -853654 2592092 117064905 0.80780 0.15780 0.03440 false false 64709055 64709055 552210149 160040497 392169652 2701912 1195520 1506392 64918456 58338439 6580017 42618866 42618866 507583982 FUNDS HELD BY BOND TRUSTEE 54908692 F ALTERNATIVE INVESTMENTS 10665092 F 65573784 0 CAPITAL LEASE OBLIGATION 2748579 REFUNDABLE ADVANCES GOVT GRANT 1229627 3978206 X 177925413 -6713076 2026142 -4686934 182612347 184500 37730936 37915436 220527783 171913979 2082218 2082218 169831761 184500 37730936 37915436 207747197 ENDOWMENT FUNDS Schedule D, Part V, Line 4 The Colleges endowment consists of approximately 150 individual funds established for a variety of purposes including both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments. THE PURPOSE OF THE COLLEGE'S ENDOWMENT FUND IS TO SUPPORT THE EDUCATIONAL MISSION OF THE COLLEGE BY PROVIDING A RELIABLE SOURCE OF FUNDS FOR CURRENT AND FUTURE USE THROUGH QUARTERLY DRAWDOWNS. THE ENDOWMENT IS USED TO FUND SCHOLARSHIPS AND GRANTS AS WELL AS TO PROVIDE SUPPORT FOR PROGRAM SERVICES. Under the Colleges current long-term investment spending policy, which is within the guidelines specified under state law, the College generally spends up to 3% of the average market value of the qualifying endowment investment pool at the end of the previous five calendar years. The Board of Trustees may authorize higher amounts for certain endowments and can increase the spending rate up to 5%. ASC 740 Income Tax Footnote Schedule D, Part X, Line 2 The College generally does not provide for income taxes since it is a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code. ASC 740, Income Taxes, permits an entity to recognize the benefit and requires accrual of an uncertain tax position only when the position is "more likely than not" to be sustained in the event of examination by tax authorities. In evaluating whether a tax position has met the recognition threshold, the College must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. ASC 740 also provides guidance on the recognition, measurement, and classification of income tax uncertainties, along with any related interest or penalties. Tax positions deemed to meet the "more likely than not" threshold are recorded as a tax expense in the current year. The College analyzed all open tax years, as defined by the statutes of limitations. Open tax years are those that are open for exam by taxing authorities. Major jurisdictions for the College include Federal and the Commonwealth of Massachusetts. The College believes it has no significant uncertain tax positions. Schedule D, Part XI, Line 2D Rental Expenses $1,898,971 Fundraising Expenses $183,247 Change in Value of Charitable Remainder Trust ($56,076) ------------ Total $2,026,142 ============ Schedule D, Part XII, Line 2D Rental Expenses $1,898,971 Fundraising Expenses $183,247 ------------ Total $2,082,218 ============ Schedule D, Part XI, Line 4B and Part XII, Line 4B Scholarships $37,730,936 true true true true true true true false false false false false false false false true false true NONDISCRIMINATORY POLICY Schedule E, Part I, Line 3 THE COLLEGE'S NONDISCRIMINATORY POLICY IS AVAILABLE IN THE COLLEGE'S ADMISSION CATALOG AND THE COLLEGE'S WEBSITE. EMERSON COLLEGE ADMITS QUALIFIED STUDENTS REGARDLESS OF RACE, COLOR, RELIGIOUS BELIEFS, NATIONAL AND ETHNIC ORIGIN, SEX, SEXUAL ORIENTATION, GENDER IDENTIY, AGE, OR DISABILITY TO ALL OF THE RIGHTS, PRIVLEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE COLLEGE. EMERSON COLLEGE DOES NOT UNLAWFULLY DISCRIMINATE ON THE BASIS OF RACE, COLOR, RELIGIOUS BELIEFS, NATIONAL AND ETHNIC ORIGIN, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, AGE, DISABILITY, OR ANY OTHER CATEGORY PROTECTED BY LAW IN THE ADMINISTRATION OF ITS EDUCATIONAL POLICIES, ADMISSION POLICIES, SCHOLARSHIP AND LOAN PROGRAMS, ATHLETIC PROGRAMS, OR OTHER COLLEGE-ADMINISTRATED PROGRAMS OR ACTIVITIES. FINANCIAL AID OR ASSISTANCE Schedule E, Part I, Line 6a THE COLLEGE PARTICIPATES IN A NUMBER OF FEDERAL FINANCIAL PROGRAMS FOR ITS STUDENTS WHO HAVE FILED A FAFSA AND ARE ELIGIBLE FOR FEDERAL FINANCIAL AID. true Europe (Including Iceland and Greenland) 1 36 Program Services SEMESTER ABROAD CLASS 2387715 Central America and the Caribbean Investments INVESTMENTS 26095049 Europe (Including Iceland and Greenland) Investments INVESTMENTS 2899875 1 36 1 36 31382639 31382639 Scholarships Europe (Including Iceland and Greenland) 100 790563 true false false false false true MONITORING THE USE OF GRANT FUNDS OUTSIDE THE U.S. SCHEDULE F, PART I, LINE 2 EMERSON COLLEGE AWARDS INSTITUTIONAL FINANCIAL ASSISTANCE PRIMARILY ON THE BASIS OF DEMONSTRATED FINANCIAL NEED. COLLEGE MONITORING OF THE FUNDS INCLUDES DIRECTLY CREDITING AWARDS TO STUDENT ACCOUNTS WHICH ASSURES THAT FUNDS ARE USED FOR THE EDUCATION PURPOSE INTENDED. ALL AID RECIPIENTS MUST MAINTAIN SATISFACTORY ACADEMIC PROGRESS AS OUTLINED IN THE EMERSON COLLEGE STUDENT HANDBOOK. STUDENTS RECEIVING FEDERAL AID MUST HAVE A MINIMUM OF A "C" (2.0) GRADE POINT AVERAGE BY TH END OF THEIR SECOND ACADEMIC YEAR. FINANCIAL AID RECIPIENTS MAY NOT BE IN DEFAULT ON ANY EDUCATION LOANS, OWE A REFUND ON ANY GRANT, OR DEMONSTRATE ANY UNWILLINGNESS TO REPAY AN EDUCATIONAL LOAN. SCHEDULE F, PART I, LINE 3, COLUMN (F) GRANTMAKING EXPENDITURES FOR SCHOLARSHIPS ARE REPORTED IN COLUMN (F) AT THEIR BOOK VALUE. AMOUNTS SHOWN IN COLUMN (F) FOR INVESTMENTS ARE REPORTED AT THEIR FAIR MARKET VALUE. EXPENDITURES FOR THE SEMESTER ABROAD CLASSES ARE ACCOUNTED FOR UNDER THE ACCRUAL METHOD OF ACCOUNTING. FOREIGN FILING REQUIREMENTS SCHEDULE F, PART IV The College has certain alternative investments that may make transfers to or generate ownership interests in foreign corporations or partnerships. As such, Schedule F Part IV reflects these transfers and interests. The College has reviewed these investments for any transfers or interests that are required to be further reported on Forms 926, 5471, 8621, or 8865. GOLF TOURNAMENT 71975 46475 25500 400 1994 19649 36 10642 ALUMNI REUNION 440128 268387 171741 1119 8100 64860 6140 70306 0 512103 314862 197241 400 3113 27749 64896 6140 80948 183246 13995 true Emerson College Funded Scholarships 2440 36512476 FMV State Scholarships 243 427897 FMV MONITOR THE USE OF GRANT FUNDS IN THE U.S. SCHEDULE I, PART I, LINE 2 EMERSON COLLEGE AWARDS INSTITUTIONAL FINANCIAL ASSISTANCE PRIMARILY ON THE BASIS OF DEMONSTRATED FINANCIAL NEED. COLLEGE MONITORING OF THE FUNDS INCLUDES DIRECTLY CREDITING AWARDS TO THE STUDENT ACCOUNTS WHICH ASSURES THAT FUNDS ARE USED FOR THE EDUCATION PURPOSE INTENDED. ALL AID RECIPIENTS MUST MAINTAIN SATISFACTORY ACADEMIC PROGRESS AS OUTLINED IN THE EMERSON COLLEGE STUDENT HANDBOOK. STUDENTS RECEIVING FEDERAL AID MUST HAVE A MINIMUM OF A "C" (2.0) GRADE POINT AVERAGE BY THE END OF THEIR SECOND ACADEMIC YEAR. FINANCIAL AID RECIPIENTS MAY NOT BE IN DEFAULT ON ANY EDUCATION LOANS, OWE A REFUND ON ANY GRANT, OR DEMONSTRATE ANY UNWILLINGNESS TO REPAY AN EDUCATIONAL LOAN. X X X X true true X X X X X X true false false false false false false false false M Lee Pelton President/Trustee 645177 0 0 0 75726 0 23850 0 124528 0 869281 0 0 0 Michaela Whelan Provost & VP for Academic Aff. 254575 0 0 0 1278 0 23153 0 8362 0 287368 0 0 0 Christine Hughes VP & Gen. Counsel and Clerk 210273 0 0 0 1940 0 19215 0 12322 0 243750 0 0 0 Maureen Murphy VP for Admin. and Finance 305534 0 0 0 4546 0 23850 0 27347 0 361277 0 0 0 Ruthanne Madsen VP for Enrollment Management 194895 0 0 0 405 0 17781 0 0 0 213081 0 0 0 William Gilligan VP for Information Technology 238731 0 0 0 6609 0 29050 0 13319 287709 0 0 0 Donna Heiland thru 216 VP & Special Ass. to President 208825 0 0 0 1921 0 19009 0 8962 238717 0 0 0 Jeffrey Schoenherr thru 215 VP of Devel. & Alumni Relation 40441 0 0 0 167893 0 3703 0 3807 215844 0 0 0 Sylvia Spears VP for Diversity and Inclusion 216095 0 0 0 2036 0 20051 0 21282 259464 0 0 0 Andrew Tiedemann VP for Comm. and Marketing 199640 0 0 0 1891 0 18761 0 25280 245572 0 0 0 Schedule J, Part I, Line 1a FIRST-CLASS TRAVEL THE COLLEGE'S POLICY OUTLINES THAT THE PRESIDENT AND VICE PRESIDENTS MAY TAKE FIRST CLASS TRAVEL ON COLLEGE-RELATED BUSINESS. IN ACCORDANCE WITH COLLEGE POLICY, THE PRESIDENT OCCASIONALLY TAKES FIRST CLASS TRAVEL FOR BUSINESS PURPOSES. PERMISSION FOR FIRST-CLASS TRAVEL BY THE PRESIDENT AND VICE PRESIDENTS IS GIVEN TO ALLOW THEM TO BEST REPRESENT THE INSTITUTION AFTER TRAVEL AND THEREFORE IS NOT INCLUDED IN COMPENSATION. Schedule J, Part I, Line 1a HOUSING FOR PERSONAL USE AND PERSONAL SERVICES IN ACCORDANCE WITH COLLEGE POLICY AND INTERNAL REVENUE CODE SECTION 119, THE COLLEGE REQUIRES THE PRESIDENT TO LIVE IN A RESIDENCE OWNED BY THE COLLEGE AS A CONDITION OF EMPLOYMENT DURING HIS TENURE. THE PRESIDENTIAL RESIDENCE IS PROVIDED FOR THE CONVENIENCE OF THE COLLEGE AND EXTENSIVELY USED FOR BUSINESS OF THE COLLEGE. HOUSEKEEPING IS PROVIDED TO MAINTAIN THE APPEARANCE OF THE RESIDENCE FOR COLLEGE FUNCTIONS. THE VALUE OF THE PERSONAL USE OF THE HOME IS INCLUDED IN NON-TAXABLE BENEFITS REPORTED ON SCHEDULE J PART II COLUMN (D). THE VALUE OF THE HOME WAS BASED ON AN INDEPENDENT MARKET APPRAISAL. schedule j, part i, line 1a tax indemnification and gross-up payments THE COLLEGE PROVIDED CERTAIN PAYMENTS TO EMPLOYEES REPORTED ON SCHEDULE J PART II THAT WERE GROSSED UP FOR TAX PURPOSES. THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION AND REPORTED ON SCHEDULE J PART II COLUMN (B)(III). Schedule J, Part I, Line 4a Severance Agreements The President's employment contract includes a severance provision that provides for the lesser of two years of salary or salary for the remainder of his term. No amounts were paid under this provision during calendar year 2015. A MDFA-SERIES 2010 A 043431814 57583RY74 2010-06-24 124760655 DORMS/CLASSROOMS/OFFICE/THEATER false false false B CMFA SERIES 2011 201563466 13048tmz3 2011-12-08 55463072 LOS ANGELES BUILDING false false false C MDFA Series 2015 043431814 57583u7J1 2015-05-14 143055842 Construction of Dormitory & renova false false false A 8455000 0 124760655 0 0 0 941526 0 0 109067272 14751857 0 2012 true false true true B 0 0 55463072 0 4837952 0 621432 0 0 50003688 5459384 0 2014 false false true true C 0 0 143055842 0 7468507 0 892053 0 0 26154494 64692256 43848532 false true true true A false false false false 0.00080 0.00080 false false false true B false false false false 0 false false false true C false false false false 0 false false false true A false false true false false 0 false 0 false true B false false true false false 0 false 0 false true C false false true false false 0 false 0 false true A true B true C true Schedule K, Part IV, Line 2c FOR BOND ISSUE A (SERIES 2010), THE REBATE CALCULATION WAS PERFORMED as of December 31, 2014. FOR BOND ISSUE B (SERIES 2013), THE REBATE CALCULATION WAS PERFORMED as of JUNE 30, 2016. FOR BOND ISSUE C (SERIES 2015), THE REBATE CALCULATION WAS PERFORMED as of AUGUST 14, 2016. 38304 SCHOLARSHIP MERIT Schedule L, Part III, Line 1 Grants benefitting interested persons The college granted a merit scholarship to one student who is the child of a current member of the board of trustees. The college ensured the SCHOLARSHIP was awarded based on merit to the eligible student who met the required academic standing. The trustee does not have any influence in the decision making process for awarding scholarships. X 8 469095 FAIR MARKET VALUE false true false PART I, COLUMN (B) AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. VOLUNTEERS Form 990, Part I, Line 6 the college identified the areas and departments that use volunteers during the tax year. these departments were asked to estimate the number of volunteers used for the various programs. the types of services provided by these volunteers include phone-a-thons, orientation, campus tour guides, and information sessions. the number does not include employees. Mission Form 990, Part III, Line 1 The College is organized into two schools, each of which offers both undergraduate and graduate degree programs: the School of the Arts and the School of Communication. In addition to its Boston, Massachusetts location, the College maintains campuses in Los Angeles, California and Kasteel Well, The Netherlands. Business relationships Form 990, Part VI, Section A, line 2 DURING THE FISCAL YEAR ENDED JUNE 30, 2016, TRUSTEES VINCENT J. DI BONA AND GARY GROSSMAN HAD A BUSINESS RELATIONSHIP. Changes to the Organization's Bylaws Form 990, Part VI, Section A, line 4 The college's bylaws were amended March, 2016 to grant the Chief Financial Officer the right to serve as Assistant Treasurer to the Board for the purposes of executing real estate documents pursuant to Massachusetts General Laws Ch. 155s8. FORM 990 REVIEW PROCESS PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM WITH INFORMATION PROVIDED BY MANAGEMENT. A DRAFT FORM 990 IS GIVEN TO THE AUDIT COMMITTEE FOR THEIR REVIEW. DURING THIS REVIEW, QUESTIONS REGARDING THE DRAFT FORM 990 ARE ANSWERED BY MANAGEMENT. CHANGES ARE MADE IF APPROPRIATE. THE FORM 990 IS THEN PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY BY WAY OF A SECURE, PASSWORD PROTECTED WEBSITE ON WHICH THE ENTIRE FORM 990 AND ALL REQUIRED SCHEDULES ARE AVAILABLE FOR REVIEW. ALL TRUSTEES ARE ASKED TO REVIEW THE FILING AND FORWARD ANY COMMENTS TO MANAGEMENT FOR CONSIDERATION AND DISCUSSION IF NECESSARY WITH THE INDEPENDENT TAX RETURN PREPARER. AT THE END OF THE REVIEW PERIOD, THE FINAL RETURN, AS IT WILL BE FILED WITH THE IRS, IS PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY PRIOR TO FILING. CONFLICT OF INTEREST POLICY PART VI, SECTION B, LINE 12C THE BY-LAWS OF THE BOARD OF TRUSTEES CONTAIN A WRITTEN CONFLICT OF INTEREST POLICY. OFFICERS AND MEMBERS OF THE BOARD ANNUALLY ACKNOWLEDGE RECEIPT OF, AND FAMILIARITY WITH, THE POLICY. WHEN AN INDIVIDUAL DISCLOSES A POSSIBLE CONFLICT OF INTEREST, OR WHEN A POSSIBLE CONFLICT IS OTHERWISE IDENTIFIED, IT IS REFERRED TO THE PRESIDENT OF THE COLLEGE AND THE CHAIR OF THE BOARD OF TRUSTEES. THE CHAIR REVIEWS THE POSSIBLE CONFLICT OF INTEREST AND, IF WARRANTED, SELECTS AN AD HOC COMMITTEE TO REVIEW THE POSSIBLE CONFLICT OF INTEREST. THE PRESIDENT AND THE VICE PRESIDENT AND GENERAL COUNSEL OF THE COLLEGE PREPARE A MEMORANDUM DESCRIBING THE POTENTIAL CONFLICT OF INTEREST THAT IS SENT TO THE MEMBERS OF THE AD HOC COMMITTEE. THE MEMBERS OF THE AD HOC COMMITTEE MEET AND DETERMINE WHETHER TO PERMIT THE POTENTIAL CONFLICT OF INTEREST. If the trustee has a conflict, they must recuse themselves from any committees tasked with making a decision on the topic where they have a conflict. COMPENSATION REVIEW PART VI, SECTION B, LINES 15A AND 15B EVERY YEAR, THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS COMPENSATION PAID TO ALL OFFICERS AND KEY EMPLOYEES TO ENSURE THAT SAID EMPLOYEES ARE COMPENSATED REASONABLY. ADDITIONALLY, EVERY OTHER YEAR, THE COLLEGE PERFORMS AN IN-DEPTH COMPENSATION REVIEW OF ITS OFFICERS AND KEY EMPLOYEES WITH THE ASSISTANCE OF AN INDEPENDENT OUTSIDE COMPENSATION CONSULTANT. IN EITHER CASE, IF NECESSARY, THE COLLEGE REVISES THE COMPENSATION PAID. AS PART OF THE VICE PRESIDENT COMPENSATION REVIEW, INDEPENDENT OUTSIDE COMPENSATION CONSULTANTS WORK WITH THE PRESIDENT AND CONSIDER THE RESPONSIBILITIES OF EACH POSITION, THE COLLEGE'S NEEDS AND EXPECTATIONS WITH RESPECT TO EACH POSITION, THE JOB PERFORMANCE OF EACH VICE PRESIDENT, THE FINANCIAL HEALTH OF THE COLLEGE, AND COMPREHENSIVE COMPARABLE DATA. WITH THIS INFORMATION, INDEPENDENT OUTSIDE COMPENSATION CONSULTANTS MAKE A RECOMMENDATION FOR THE VICE PRESIDENTS COMPENSATION WHICH IS THEN SHARED WITH THE PRESIDENT FOR APPROVAL, AND FINALLY WITH THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES FOR THEIR FINAL APPROVAL. THE PRESIDENTS COMPENSATION IS DETERMINED ON A CONTRACTUAL BASIS. IN DETERMINING THE PRESIDENTS COMPENSATION, AN INDEPENDENT OUTSIDE COMPENSATION CONSULTANT CONSIDERS COMPARABLE DATA FOR SIMILAR INSTITUTIONS, THE RESPONSIBILITIES OF THE POSITION, THE COLLEGE'S NEEDS AND EXPECTATIONS WITH RESPECT TO THE POSITION, AND THE FINANCIAL HEALTH OF THE COLLEGE. WITH THIS INFORMATION, THE INDEPENDENT OUTSIDE COMPENSATION CONSULTANT MAKES A RECOMMENDATION WHICH IS FORMALLY APPROVED BY THE BOARD OF TRUSTEES. THE ABOVE PROCESS, INCLUDING IDENTIFICATION OF THE BOARD MEMBERS WHO WERE PRESENT AND APPROVED THE COMPENSATION, IS DOCUMENTED IN THE MEETING MINUTES OF THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND THE FULL BOARD OF TRUSTEES, RESPECTIVELY. THESE MINUTES ARE THEN APPROVED AT THE NEXT MEETING OF THE RESPECTIVE GROUPS. AS DESCRIBED, THE COMPENSATION PROCEDURES OF THE COLLEGE MET THE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION. PUBLIC INSPECTION PART VI, SECTION C, LINE 19 EMERSON COLLEGE MAKES AVAILABLE FORM 990 ON ITS WEBSITE, AND FORM 990-T UPON REQUEST. DURING THE YEAR, THE COLLEGE RECEIVES REGULAR REQUESTS FOR THE TAX DOCUMENTS AND THESE REQUESTS ARE NORMALLY FULFILLED WITHIN A DAY. THE COLLEGE MAKES AVAILABLE ITS GOVERNING DOCUMENTS (BY-LAWS) ON THE COLLEGE'S WEBSITE. THE COLLEGE MAKES AVAILABLE ON ITS WEBSITE ITS CONFLICT OF INTEREST POLICY AND ITS FINANCIAL STATEMENTS. OTHER CHANGES IN NET ASSETS FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS INCLUDE THE CHANGE IN PRESENT VALUE OF A CHARITABLE REMAINDER TRUST IN THE AMOUNT OF ($56,076).