2016-05-16T11:16:27-05:00 2015-06-30 263753134 CBIZ TOFIAS 500 BOYLSTON STREET BOSTON MA 02116 990 2014-07-01 050259080 SALVE REGINA UNIVERSITY SALV 4013412142 100 OCHRE POINT AVENUE NEWPORT RI 028404190 WILLIAM B HALL VP OF ADMINISTRATION/CFO 4013412142 2016-05-13 1 CRAIG KLEIN P00734640 6177610600 2016-05-13 2014 2016-08-17 19:52:53Z JANE GERETY RSM 100 OCHRE POINT AVENUE NEWPORT RI 028404190 119887397 0 X WWW.SALVE.EDU X 1934 RI AS AN ACADEMIC COMMUNITY THAT WELCOMES PEOPLE OF ALL BELIEFS, SALVE REGINA UNIVERSITY, A CATHOLIC INSTITUTION FOUNDED BY THE SISTERS OF MERCY, SEEKS WISDOM AND PROMOTES UNIVERSAL JUSTICE. THE UNIVERSITY, THROUGH TEACHING AND RESEARCH, PREPARES MEN AND WOMEN FOR RESPONSIBLE LIVES BY IMPARTING AND EXPANDING KNOWLEDGE, DEVELOPING SKILLS AND CULTIVATING ENDURING VALUES. THROUGH LIBERAL ARTS AND PROFESSIONAL PROGRAMS, STUDENTS DEVELOP THEIR ABILITIES FOR THINKING CLEARLY AND CREATIVELY, ENHANCE THEIR CAPACITY FOR SOUND JUDGMENT, AND PREPARE FOR THE CHALLENGE OF LEARNING THROUGHOUT THEIR LIVES. IN KEEPING WITH THE TRADITIONS OF THE SISTERS OF MERCY, AND RECOGNIZING THAT ALL PEOPLE ARE STEWARDS OF GOD'S CREATION, THE UNIVERSITY ENCOURAGES STUDENTS TO WORK FOR A WORLD THAT IS HARMONIOUS, JUST AND MERCIFUL. 32 31 1528 50 50104 0 4445119 4007276 83817938 90969219 599558 3094268 397375 371150 89259990 98441913 27363158 31629074 0 0 37046868 37202611 0 0 913877 24236200 25803773 88646226 94635458 613764 3806455 161535455 180036806 48410603 66910909 113124852 113125897 X AS AN ACADEMIC COMMUNITY THAT WELCOMES PEOPLE OF ALL BELIEFS, SALVE REGINA UNIVERSITY, A CATHOLIC INSTITUTION FOUNDED BY THE SISTERS OF MERCY, SEEKS WISDOM AND PROMOTES UNIVERSAL JUSTICE. THE UNIVERSITY, THROUGH TEACHING AND RESEARCH, PREPARES MEN AND WOMEN FOR RESPONSIBLE LIVES BY IMPARTING AND EXPANDING KNOWLEDGE, DEVELOPING SKILLS AND CULTIVATING ENDURING VALUES. THROUGH LIBERAL ARTS AND PROFESSIONAL PROGRAMS, STUDENTS DEVELOP THEIR ABILITIES FOR THINKING CLEARLY AND CREATIVELY, ENHANCE THEIR CAPACITY FOR SOUND JUDGMENT, AND PREPARE FOR THE CHALLENGE OF LEARNING THROUGHOUT THEIR LIVES. IN KEEPING WITH THE TRADITIONS OF THE SISTERS OF MERCY, AND RECOGNIZING THAT ALL PEOPLE ARE STEWARDS OF GOD'S CREATION, THE UNIVERSITY ENCOURAGES STUDENTS TO WORK FOR A WORLD THAT IS HARMONIOUS, JUST AND MERCIFUL. 0 0 83864234 31629074 90969219 SALVE REGINA UNIVERSITY (THE "UNIVERSITY"), LOCATED IN NEWPORT, RHODE ISLAND, IS A SMALL COMPREHENSIVE CATHOLIC UNIVERSITY WHICH OPENED IN 1947 AND IS ACCREDITED BY THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES. THE UNIVERSITY WAS FOUNDED BY AND CONTINUES TO BE SPONSORED BY THE SISTERS OF MERCY. THE UNIVERSITY ENROLLS APPROXIMATELY 2,500 MEN AND WOMEN IN A VARIETY OF ACADEMIC PROGRAMS. THE UNIVERSITY'S STUDENT POPULATION IS PREDOMINANTLY FROM THE NORTHEAST REGION OF THE UNITED STATES. THE UNDERGRADUATE PROGRAMS ARE BASED ON THE LIBERAL ARTS. THE UNIVERSITY OFFERS ASSOCIATES, BACCALAUREATE, MASTER DEGREES, A CERTIFICATE OF ADVANCED GRADUATE STUDY AND A PH.D. IN HUMANITIES. 83864234 1 1 0 1 0 0 1 0 0 1 1 1 0 1 1 1 0 1 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 1 3741 0 1 1528 1 1 1 0 0 0 0 1 1 0 0 0 0 X 32 31 0 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 1 1 0 RI X X MICHAEL N GRANDCHAMP 4013412142 C/O SALVE REGINA UNIVERSITY 100 NEWPORT RI 02840 LILY BENTAS TRUSTEE 1.00 X 0 0 0 NORMAN BERETTA TRUSTEE 1.00 X 0 0 0 FREDERICK BUTLER TRUSTEE 1.00 X 0 0 0 PETER CROWLEY TRUSTEE 1.00 X 0 0 0 MARY ANN DILLON RSM TRUSTEE 1.00 X 0 0 0 CHRISTOPHER CARNEY TRUSTEE 1.00 X 0 0 0 LINDORA CABRAL RSM TRUSTEE 1.00 X 0 0 0 CHRISTINE KAVANAGH RSM TRUSTEE 1.00 X 0 0 0 VICTORIA ALMEIDA TRUSTEE 1.00 X 0 0 0 MARIE LANGLOIS TRUSTEE, VICE CHAIR 1.00 X X 0 0 0 GLORIA LINCOURT TRUSTEE 1.00 X 0 0 0 MICHAEL MCMAHON TRUSTEE 1.00 X 0 0 0 CHERYL MROZOWSKI TRUSTEE 1.00 X 0 0 0 MARYPATRICIA MURPHY RSM TRUSTEE, SECRETARY/TREASURER 1.00 X X 0 0 0 DAVID NELSON TRUSTEE 1.00 X 0 0 0 J TIMOTHY O'REILLY TRUSTEE 1.00 X 0 0 0 JOHN CONEYS TRUSTEE 1.00 X 0 0 0 ELLIOT MAXWELL TRUSTEE 1.00 X 0 0 0 JAMES SALOME TRUSTEE 1.00 X 0 0 0 DEBORAH SMITH TRUSTEE 1.00 X 0 0 0 DAVID BAZARSKY TRUSTEE 1.00 X 0 0 0 HOWARD SUTTON TRUSTEE 1.00 X 0 0 0 KENNETH WALKER TRUSTEE 1.00 X 0 0 0 DAVID WALLACE TRUSTEE 1.00 X 0 0 0 TESA VAN MUNCHING TRUSTEE 1.00 X 0 0 0 ROBERT MORAN JR TRUSTEE 1.00 X 0 0 0 MICHAEL STAFF TRUSTEE 1.00 X 0 0 0 JANET ROBINSON TRUSTEE, CHAIRPERSON 1.00 X X 0 0 0 THOMAS RODGERS TRUSTEE 1.00 X 0 0 0 DENICE SPERO TRUSTEE 1.00 X 0 0 0 JANE GERETY RSM PRESIDENT 35.00 X X 0 0 78906 CONFERENCE FOR MERCY HIGHER EDUCATION TRUSTEE 1.00 X 0 0 0 WILLIAM HALL VP ADMINISTRATION/CFO 35.00 X 247692 0 86603 M THERESE ANTONE RSM CHANCELLOR 35.00 X 0 0 84885 DEAN DE LA MOTTE PROVOST 35.00 X 168097 0 32206 MICHAEL SEMENZA VP UNIVERSITY RELATIONS/ADVANCEMENT 35.00 X 186456 0 32644 MICHAEL N GRANDCHAMP AVP FINANCE/CONTROLLER 35.00 X 137748 0 49368 THOMAS BRENNAN AVP TECHNOLOGY/CIO 35.00 X 138253 0 26270 MARGARET HIGGINS VP OF STUDENT DEVELOPMENT 35.00 X 152689 0 19403 JAMES LUDES EXECUTIVE DIRECTOR, PELL CENTER 35.00 X 145889 0 10836 JOHN ROK PROFESSOR 35.00 X 131958 0 29890 1308782 0 451011 34 0 1 0 ROBINSON GREEN BERETTA 50 HOLDEN STREET PROVIDENCE RI 029085713 ARCHITECT 1518757 FARRAR & ASSOCIATES 31A BRIDGE STREET NEWPORT RI 02840 GENERAL CONSTRUCTION CONTRACTOR 1248775 ATRION NETWORKING CORPORATION PO BOX 970058 BOSTON MA 022970058 NETWORK CONSULTING 627779 LIFESPAN P O BOX 414546 BOSTON MA 022414546 HEALTH SERVICES 348058 ELLUCIAN 62814 COLLECTIONS CTR DR CHICAGO IL 606930628 COMPUTER SOFTWARE CONSULTING 341610 13 421535 1171409 2414332 28765 4007276 TUITION 611710 71327957 71327957 ROOM 611710 9724034 9724034 MEAL PLAN 611710 6589845 6589845 FEES 611710 3327383 3327383 90969219 651184 -196 651380 31 31 1168159 990715 177444 177444 50300 127144 22772125 20329072 2443053 2443053 2443053 80736 421535 125697 -44961 -44961 BOOKSTORE 900099 152729 152729 PURCHASE CARD REBATE 900099 37577 37577 ASBESTOS SETTLEMENT 900099 14569 14569 33792 33792 238667 98441913 90969219 50104 3415314 31324034 31324034 305040 305040 1383518 469613 789868 124037 27653989 23778282 3431144 444563 1822717 1487444 295471 39802 4298683 3345729 879640 73314 2043704 1677299 322907 43498 10307 10307 115217 115217 48000 48000 129595 129595 2404458 2014084 386915 3459 261241 229555 31686 485383 151343 334040 1473735 1092874 380861 3545801 3077259 439620 28922 1170458 910190 246281 13987 1209172 1206419 2610 143 6294552 5535770 719270 39512 896814 781975 108859 5980 FOOD SERVICES 3144005 3143059 946 SPECIAL PROJECTS/EVENTS 1478272 1207736 249515 21021 SUPPLIES 1050174 960308 79725 10141 EQUIPMENT RENTAL/MAINT. 509140 90017 419123 1577449 946609 565342 65498 94635458 83864234 9857347 913877 306806 405418 2973891 2256512 2436227 2204716 2089553 1691776 2107539 2311528 66346 55320 298845 348649 193235820 103333520 88460175 89902300 27815930 20372127 31744695 37008699 3235448 23479761 161535455 180036806 7077661 9064397 32880000 49362388 1440000 1735393 7012942 6748731 48410603 66910909 X 95844438 96480123 7624267 6703305 9656147 9942469 113124852 113125897 161535455 180036806 X 3806455 -3714125 -91285 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 48000 0 0 48000 0 PART II-B, LINE 1: THE UNIVERSITY RETAINS CONSULTANTS TO HELP THE UNIVERSITY UNDERSTAND THE INNER WORKINGS OF THE FEDERAL LEGISLATIVE BRANCH OF THE GOVERNMENT. THE CONSULTANTS HELP PROVIDE KNOWLEDGE OF POTENTIAL FUNDING OPPORTUNITIES AND HOW BEST TO TAKE ADVANTAGE OF THOSE FUNDING OPPORTUNITIES AND FURTHER THE MISSION OF THE UNIVERSITY. X 1 0.00 1 0 0 1 1 0.00 0 58633000 1518000 -898000 338000 1909000 57006000 49967000 2805000 7891000 318000 1712000 58633000 44393000 3455000 3982000 293000 1570000 49967000 43715000 3081000 -722000 257000 1424000 44393000 36099000 3464000 5815000 255000 1408000 43715000 0.77370 0.16650 0.05980 0 0 6953248 6953248 137764217 70941991 66822226 38259004 30964779 7294225 10259351 1426750 8832601 89902300 EQUITY FUNDS 12510392 F REIT 2151415 F FIXED INCOME FUNDS 2636292 F TANGIBLE ASSET FUNDS 1965848 F MULTI-STRATEGY HEDGE FUNDS 17744752 F 37008699 DEPOSITS WITH TRUSTEE 19155881 BOND ISSUANCE COST 1035628 OTHER ASSETS 3288252 23479761 STUDENT DEPOSITS 4516108 REFUNDABLE ADVANCES - GOVERNMENT 2232623 6748731 X 65305158 -3714125 1116412 -2597713 67902871 129595 30409447 30539042 98441913 65304113 1116412 1116412 64187701 129595 30318162 30447757 94635458 PART II, LINE 5: THE UNIVERSITY ENTERED INTO A FIFTY YEAR EASEMENT WITH THE RHODE ISLAND HISTORIC PRESERVATION SOCIETY IN EXCHANGE FOR A GRANT INTENDED TO HELP DEFRAY THE EXTERIOR RESTORATION OF OCHRE COURT. OCHRE COURT, AN ARCHITECTURALLY SIGNIFICANT STRUCTURE, IS USED TO HOUSE UNIVERSITY ADMINISTRATION. THE NATURE OF THE EASEMENT IS SUCH THAT THE UNIVERSITY MUST KEEP THE EXTERIOR INTACT AND CANNOT MODIFY SAID EXTERIOR WITHOUT THE EXPRESS APPROVAL OF THE RI HISTORIC PRESERVATION SOCIETY. IN ADDITION, SAID STRUCTURE'S EXTERIOR MUST BE ALLOWED TO BE VIEWED BY THE GENERAL PUBLIC. NO MODIFICATIONS HAVE BEEN MADE SINCE THE RESTORATION NOR HAS PUBLIC ACCESS BEEN BLOCKED. PART II, LINE 9: THE ORGANIZATION MAKES NO MENTION OF THE EASEMENT IN ITS FINANCIAL STATMENTS. THE EASEMENT IS BETWEEN THE ORGANIZATION AND THE STATE OF RHODE ISLAND AND STIPULATES THAT NO DEMOLITION OR ALTERATION CAN BE MADE TO THE EXTERIOR OF OCHRE COURT, LOCATED IN NEWPORT, RI. THE ORGANIZATION IS AWARE OF THE EASEMENT AND NO CHANGES HAVE BEEN MADE TO THE EXTERIOR THUS THERE IS NO DEVOTED STAFF FOR MONITORING, INSPECTING AND/OR ENFORCEMENT OF THE EASEMENT. PART V, LINE 4: THE UNIVERSITY USES THE ENDOWMENT FUNDS STRICTLY IN ACCORDANCE WITH DONOR INTENTION. THE MAJORITY OF PERMANENT ENDOWMENT IS HELD FOR SCHOLARSHIP, TEACHING, AND PROGRAM EXPENSES. A SMALL PORTION OF THE PERMANENT ENDOWMENT IS FOR STUDENT RELATED ACTIVITIES SUCH AS ATHLETIC PROGRAMS. THE UNRESTRICTED ENDOWMENT IS KEPT IN FINANCIAL RESERVES TO BE USED AT THE BOARD OF TRUSTEES DISCRETION. PART X, LINE 2: THE UNIVERSITY ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. THE UNIVERSITY HAS IDENTIFIED ITS TAX STATUS AS A TAX EXEMPT ENTITY AS ITS ONLY SIGNIFICANT TAX POSITION; HOWEVER, THE UNIVERSITY HAS DETERMINED THAT SUCH TAX POSITION DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE UNIVERSITY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE UNIVERSITY'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 990,715. FUNDRAISING EXPENSES 125,697. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 30,318,162. LOSS ON BOND REFINANCING 70,395. CHANGE IN SPLIT INTEREST VALUE 20,890. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 990,715. FUNDRAISING EXPENSES 125,697. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND GRANTS 30,318,162. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A NON-DISCRIMINATORY POLICY STATEMENT IS INCLUDED IN ALL PUBLIC ANNOUNCEMENTS AND PUBLICATIONS. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FEDERAL GOVERNMENT FUNDS (TITLE IV) TO BE USED IN THE STUDENT FINANCIAL AID PROGRAM. THE FUNDS RECEIVED INCLUDE PELL GRANTS, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, FEDERAL WORK STUDY AND PARTICIPATION IN THE FEDERAL DIRECT LOAN PROGRAMS (SUBSIDIZED STAFFORD, UNSUBSIDIZED STAFFORD, PARENT PLUS LOANS). IN ADDITION, THE UNIVERSITY RECEIVED AN APPROPRIATION FROM THE FEDERAL GOVERNMENT FOR USE IN THE REHABILITATIVE SERVICES GRADUATE DEPARTMENT. ALL GRANTS ARE REVIEWED, EVALUATED AND REPORTED (A-133) BY THE UNIVERSITY'S INDEPENDENT AUDITOR, MAYER HOFFMAN MCCANN PC. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 17720201 EAST ASIA AND THE PACIFIC 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION SCHOLARSHIPS TO STUDENTS STUDYING ABROAD 18300 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION SCHOLARSHIPS TO STUDENTS STUDYING ABROAD 19740 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION SCHOLARSHIPS TO STUDENTS STUDYING ABROAD 233750 SOUTH AMERICA 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION SCHOLARSHIPS TO STUDENTS STUDYING ABROAD 12350 SUB-SAHARAN AFRICA 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION SCHOLARSHIPS TO STUDENTS STUDYING ABROAD 20900 0 0 0 0 0 0 18025241 0 18025241 EUROPE (INCLUDING ICELAND & GREENLAND) 33 233750 DIRECT REDUCTION OF TUITION FMV EAST ASIA AND THE PACIFIC 2 18300 DIRECT REDUCTION OF TUITION FMV CENTRAL AMERICA AND THE CARIBBEAN 2 19740 DIRECT REDUCTION OF TUITION FMV SOUTH AMERICA 2 12350 DIRECT REDUCTION OF TUITION FMV SUB-SAHARAN AFRICA 2 20900 DIRECT REDUCTION OF TUITION FMV 0 0 1 1 0 0 PART I, LINE 2: ELIGIBILITY FOR NEED-BASED FINANCIAL AID IS DETERMINED BY FEDERAL DEPARTMENT OF EDUCATION REGULATIONS AND UNIVERSITY POLICIES GOVERNING FINANCIAL AID PROGRAMS. USING THE INFORMATION PROVIDED ON THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA), THE CSS PROFILE AND OTHER REQUIRED DOCUMENTATION, THE OFFICE OF FINANCIAL AID WILL CALCULATE THE AMOUNT OF FAMILY RESOURCES A FAMILY IS EXPECTED TO CONTRIBUTE TOWARDS A STUDENT'S EDUCATIONAL COSTS. THESE RESOURCES, KNOWN AS THE EXPECTED FAMILY CONTRIBUTION (EFC), ARE SUBTRACTED FROM A STANDARD BUDGET OF EDUCATIONAL EXPENSES, OR COST OF ATTENDANCE. THE COST OF ATTENDANCE INCLUDES DIRECT COSTS, FOR WHICH THE STUDENT RECEIVES A BILLING STATEMENT (TUITION, FEES AND ON-CAMPUS ROOM AND BOARD) AS WELL AS ESTIMATED INDIRECT COSTS NOT BILLED BY THE UNIVERSITY (BOOKS, SUPPLIES, PERSONAL EXPENSES, TRANSPORTATION AND OFF-CAMPUS ROOM AND BOARD). THE DIFFERENCE BETWEEN THE EXPECTED FAMILY CONTRIBUTION (EFC) AND THE COST OF ATTENDANCE (COA) IS THE FAMILY'S MAXIMUM ELIGIBILITY FOR NEED-BASED ASSISTANCE. TO REMAIN ELIGIBLE FOR FEDERAL, STATE AND INSTITUTIONAL FINANCIAL AID, A STUDENT MUST MEET THE MINIMUM REQUIREMENTS OF SATISFACTORY ACADEMIC PROGRESS AS PUBLISHED IN THE UNDERGRADUATE CATALOG. GOVERNORS BALL 378781 316135 62646 69455 GOLF OUTING 123490 105400 18090 56242 502271 421535 80736 125697 125697 -44961 1 SCHOLARSHIPS/GRANTS 1822 30229587 FMV SCHOLARSHIP SERVING TO REDUCE TUITION CHARGED TO STUDENTS FEDERAL SCHOLARSHIPS/GRANTS/AID 840 1094447 FMV SCHOLARSHIP SERVING TO REDUCE TUITION CHARGED TO STUDENTS PART I, LINE 2: ELIGIBILITY FOR NEED-BASED FINANCIAL AID IS DETERMINED BY FEDERAL DEPARTMENT OF EDUCATION REGULATIONS AND UNIVERSITY POLICIES GOVERNING FINANCIAL AID PROGRAMS. USING THE INFORMATION PROVIDED ON THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA), THE CSS PROFILE AND OTHER REQUIRED DOCUMENTATION, THE OFFICE OF FINANCIAL AID WILL CALCULATE THE AMOUNT OF FAMILY RESOURCES A FAMILY IS EXPECTED TO CONTRIBUTE TOWARDS A STUDENT'S EDUCATIONAL COSTS. THESE RESOURCES, KNOWN AS THE EXPECTED FAMILY CONTRIBUTION (EFC), ARE SUBTRACTED FROM A STANDARD BUDGET OF EDUCATIONAL EXPENSES, OR COST OF ATTENDANCE. THE COST OF ATTENDANCE INCLUDES DIRECT COSTS, FOR WHICH THE STUDENT RECEIVES A BILLING STATEMENT (TUITION, FEES AND ON-CAMPUS ROOM AND BOARD) AS WELL AS ESTIMATED INDIRECT COSTS NOT BILLED BY THE UNIVERSITY (BOOKS, SUPPLIES, PERSONAL EXPENSES, TRANSPORTATION AND OFF-CAMPUS ROOM AND BOARD). THE DIFFERENCE BETWEEN THE EXPECTED FAMILY CONTRIBUTION (EFC) AND THE COST OF ATTENDANCE (COA) IS THE FAMILY'S MAXIMUM ELIGIBILITY FOR NEED-BASED ASSISTANCE. TO REMAIN ELIGIBLE FOR FEDERAL, STATE AND INSTITUTIONAL FINANCIAL AID, A STUDENT MUST MEET THE MINIMUM REQUIREMENTS OF SATISFACTORY ACADEMIC PROGRESS AS PUBLISHED IN THE UNDERGRADUATE CATALOG. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 WILLIAM HALL VP ADMINISTRATION/CFO 247192 0 0 0 500 0 31672 0 54931 0 334295 0 0 0 DEAN DE LA MOTTE PROVOST 167764 0 0 0 333 0 12287 0 19919 0 200303 0 0 0 MICHAEL SEMENZA VP UNIVERSITY RELATIONS/ADVANCEMENT 185987 0 0 0 469 0 24458 0 8186 0 219100 0 0 0 MICHAEL N GRANDCHAMP AVP FINANCE/CONTROLLER 137748 0 0 0 0 0 10188 0 39180 0 187116 0 0 0 THOMAS BRENNAN AVP TECHNOLOGY/CIO 138253 0 0 0 0 0 9868 0 16402 0 164523 0 0 0 MARGARET HIGGINS VP OF STUDENT DEVELOPMENT 152306 0 0 0 383 0 11187 0 8216 0 172092 0 0 0 JAMES LUDES EXECUTIVE DIRECTOR, PELL CENTER 145889 0 0 0 0 0 10415 0 421 0 156725 0 0 0 JOHN ROK PROFESSOR 131958 0 0 0 0 0 6982 0 22908 0 161848 0 0 0 PART I, LINE 1A THE PRESIDENT AND CHANCELLOR ARE ALLOWED USE OF A RESIDENCE ON CAMPUS FOR BOTH PERSONAL AND UNIVERSITY RELATED BUSINESS USE. ALSO, BY CONTRACT, THE CHANCELLOR IS A MEMBER OF A LOCAL SOCIAL CLUB AND COUNTRY CLUB FOR WHICH THE UNIVERSITY IS RESPONSIBLE FOR THE PAYMENT OF DUES. BOTH CLUBS CAN BE USED FOR BOTH PERSONAL AND UNIVERSITY RELATED BUSINESS USE. LASTLY, THE PRESIDENT AND CHANCELLOR HAVE AN INDIVIDUAL WHO PERFORMS HOUSEKEEPING SERVICES IN THEIR RESIDENCE AND AN INDIVIDUAL WHO WILL DRIVE THEM TO UNIVERSITY FUNCTIONS. THESE BENEFITS ARE NOT TREATED AS TAXABLE COMPENSATION. PART II: THE UNIVERSITY WAS FOUNDED BY THE SISTERS OF MERCY AND HAS EMPLOYEES WHO ARE AFFILIATED WITH THIS RELIGIOUS ORDER. BECAUSE OF THE NATURE OF THE ORDER AND THE POVERTY VOWS TAKEN BY SISTERS LISTED ON FORM 990, PART VII, W-2 EARNINGS ARE NOT REPORTED AS THESE EMPLOYEES ARE NOT DIRECTLY TAXABLE DUE TO RELIGIOUS AFFILIATION. RATHER, THEIR COMPENSATION IS MADE PAYABLE PRIMARILY TO THE SISTERS OF MERCY AND IT IS THE ORDER THAT DETERMINES WHAT PORTION THE EMPLOYEES WILL RECEIVE. TOTAL COMPENSATION TO THE SISTERS OF MERCY TOTALED $667,000 FOR THE 2014 CALENDAR YEAR OF WHICH THE PRESIDENT AND CHANCELLOR WERE A PART OF. A RI HEALTH AND EDUCATIONAL BUILDING CORPORATION 521300173 2011-12-19 32980000 CURRENT REFUND OF 3 PRIOR ISSUES (1999, 2002A, 2002B) 0 0 0 B RI HEALTH AND EDUCATIONAL BUILDING CORPORATION 521300173 2015-05-07 27500000 REFUND 2006 & RENOVATION/ADDITION ACADEMIC FACILITY 0 0 0 A 32980000 657590 32322410 2012 1 0 1 1 B 27500000 475000 912676 3285000 22827324 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 0 B 0 1 0 0 1 0 0 0 0 A 1 B 1 PART I: DURING 2011, THE UNIVERSITY ENTERED INTO ANOTHER TAX EXEMPT DEBT ARRANGEMENT THROUGH THE RHODE ISLAND HEALTH AND EDUCATION BUILDING CORPORATION (RIHEBC). THE TOTAL DEBT OFFERING TOTALED $32,980,000. THE ISSUE, DATED DECEMBER 19, 2011 WAS A FIXED RATE DEBT OFFERING THAT QUALIFIED UNDER SECTION 501(C)(3) NON-HOSPITAL BONDS. THIS ENTIRE OFFERING WAS A PRIVATE PLACEMENT WITH CENTURY BANK LOCATED IN MEDFORD, MASSACHUSETTS. THE UNIVERSITY UTILIZED SAID PROCEEDS (PLUS THE DEBT SERVICE RESERVE AND PRINCIPAL/INTEREST DEPOSIT ACCOUNTS) SOLELY FOR THE REFINANCING OF THREE EXISTING FIXED RATE DEBT OFFERINGS TO ACHIEVE A MORE FAVORABLE INTEREST RATE. PROCEEDS FROM THE THREE ORIGINAL OFFERINGS, ONE FROM 1999 AND TWO FROM 2002, WERE USED FOR A NUMBER OF DIFFERENT PURPOSES FROM DORMITORY CONSTRUCTION, LIBRARY CONSTRUCTION, RECREATION CENTER CONSTRUCTION, DORMITORY RENOVATION, AND PROPERTY PURCHASES FOR DORMITORY AND ADMIN. USE. IN EACH INSTANCE, ALL FACILITIES INVOLVED DO NOT HAVE ANY PRIVATE BUSINESS USE. LASTLY, ALL PROCEEDS WERE EXPENDED WITH 3 MONTHS OF THE DATE OF ISSUE. DURING 2015, THE UNIVERSITY ENTERED INTO A TAX EXEMPT DEBT ARRANGEMENT THROUGH THE RHODE ISLAND HEALTH AND EDUCATION BUILDING CORPORATION (RIHEBC). THE TOTAL DEBT OFFERING TOTALED 27,500,000. THE ISSUE, DATED MAY 7, 2015 WAS SPLIT INTO THREE SEPARATE SUB ISSUES (A,B AND C) WITH ONE BEING A FIXED RATE OFFERING AND THE OTHER TWO WERE VARIABLE RATE OFFERINGS. THE ENTIRE ARRANGEMENT QUALIFIED UNDER SECTION 501(C)(3) NON-HOSPITAL BONDS. THIS ENTIRE OFFERING WAS A PRIVATE PLACEMENT WITH CENTURY BANK LOCATED IN MEDFORD, MASSACHUSETTS. THE UNIVERSITY WILL USE THE MAJORITY OF THE PROCEEDS FOR THE ADDITION AND RENOVATION TO ITS MAIN ACADEMIC FACILITY (O'HARE ACADEMIC CENTER). IN ADDITION, THE BALANCE OF THE PROCEEDS WERE USED TO REFUND THE EXISITING 2006 ISSUE WHOSE PURPOSE WAS FOR THE RENOVATION OF THREE SEPARATE ACADEMIC FACILITIES (ANTONE CENTER FOR THE ARTS, MCAULEY HALL AND ANGELUS HALL). ALL FOUR FACILITIES IN QUESTION DO NOT HAVE ANY PRIVATE BUSINESS USE. LASTLY, BECAUSE THE CLOSING OF THIS ISSUE TOOK PLACE 2 MONTHS PRIOR TO THE CLOSE OF THE FY '15 TAX PERIOD, THE UNIVERSITY MAINTAINED A CONTRUCTION FUND TO SATISFY RENOVATION COSTS IN THE SUCCEEDING TAX YEAR. SCHEDULE K, PART III, LINE 9: THE ORGANIZATION ENSURES THAT ALL NONQUALIFIED BONDS OF THE ISSUE ARE REMEDIATED IN ACCORDANCE WITH THE REQUIREMENTS UNDER REGULATIONS SECTIONS 1.141-12 AND 1.145-2. THE PROCEDURES WERE IN WRITING AS OF JUNE 30, 2015. BUILDING USE IS ANNUALLY REVIEWED IN LIGHT OF COMPLIANCE WITH IRS REGULATIONS. SCHEDULE K, PART IV, LINE 7: THE ORGANIZATION MONITORS THE REQUIREMENTS OF SECTION 148. THESE PROCEDURES WERE IN WRITING AS OF JUNE 30, 2015. DANIEL KNIGHT BROTHER-IN-LAW OF CHANCELLOR 13600 EMPLOYMENT 0 PART IV: THE UNIVERSITY FOLLOWS A STRICT POLICY FOR HIRING FACULTY AND STAFF. IN ADDITION, SALVE REGINA UNIVERSITY IS AN EQUAL OPPORTUNITY/AFFIRMATIVE ACTION EMPLOYER. CANDIDATES ARE HIRED INTO POSITIONS USING BOTH INTERNAL TRANSFERS AND EXTERNAL CANDIDATES. ALL EMPLOYEES ARE INTERVIEWED AND EVALUATED BASED UPON THE QUALIFICATIONS INCLUDED IN THE JOB DESCRIPTION FOR THE POSITION OFFERED. ALL EMPLOYEES ARE HIRED AT AN ARM'S LENGTH AND ARE FULLY QUALIFIED FOR THE POSITION THAT THEY FILL. X 10 28765 FMV ON DATE OF GIFT 0 0 1 0 PART I, COLUMN (B): THE NUMBER PRESENTED ON SCHEDULE M, PART I REPRESENTS THE NUMBER OF CONTRIBUTIONS OF NON-CASH GIFTS. FORM 990, PART VI, SECTION A, LINE 6 FOR AN EXPLANATION, SEE THE RESPONSE TO FORM 990, PART VI, LINE 7B BELOW. FORM 990, PART VI, SECTION A, LINE 7B THE CORPORATE MEMBERSHIP SHALL CONSIST OF A SINGLE ENTITY AFFILIATED WITH OR SPONSORED BY THE INSTITUTE OF THE SISTERS OF MERCY OF THE AMERICAS, INC., WHICH IS CONFERENCE FOR MERCY HIGHER EDUCATION, INC., A MARYLAND NONSTOCK, NOT-FOR-PROFIT CORPORATION (THE "CMHE CORPORATION"). THE CMHE CORPORATION WAS INCORPORATED, AMONG OTHER THINGS, FOR THE PURPOSE OF MAINTAINING AND ENHANCING THE MERCY MISSION FOR THE VARIOUS SISTERS OF MERCY COLLEGES AND UNIVERSITIES THROUGHOUT THE UNITED STATES. AS SUCH, THE CMHE CORPORATION CAN BE A VALUABLE RESOURCE FOR THE UNIVERSITY FOR CONSULTATION AND COLLABORATION. NOTWITHSTANDING ANY PROVISION TO THE CONTRARY CONTAINED IN THE BY-LAWS, THE FOLLOWING MATTERS SHALL BE RESERVED POWERS AND SHALL BE AUTHORIZED ONLY BY A VOTE OF THE CORPORATE MEMBER: (A) THE LIQUIDATION, DISSOLUTION OR MERGER OF THE CORPORATION IN CONJUNCTION WITH THE BOARD OF TRUSTEES. (B) AMENDMENT OF THE ARTICLES OF INCORPORATION IN CONJUNCTION WITH THE BOARD OF TRUSTEES. (C) CONFIRMATION OF APPOINTMENT OF THE PRESIDENT SELECTED BY THE BOARD OF TRUSTEES. THE AFFAIRS OF SALVE REGINA UNIVERSITY SHALL BE MANAGED BY ITS BOARD OF TRUSTEES WHO SHALL EXERCISE ALL POWERS EXCEPT SUCH POWERS THAT ARE RESERVED FOR THE CORPORATE MEMBER IN ITEMS A-C LISTED ABOVE. FORM 990, PART VI, SECTION B, LINE 11 THE INFORMATION FOR THE IRS FORM 990 IS COMPILED BY SEVERAL MEMBERS OF UNIVERSITY ADMINISTRATION, PRIMARILY THE ASSOCIATE VP FOR FINANCE, VICE PRESIDENT FOR ADMINISTRATION/CFO, AND THE ASSOCIATE VP FOR HUMAN RESOURCES. THE REVIEW FUNCTION FOR THIS FILING RESTS WITH THE AUDIT COMMITTEE BY THE VIRTUE OF APPOINTMENT BY THE BOARD OF TRUSTEES. THE AUDIT COMMITTEE IS EMPOWERED TO ACT ON BEHALF OF THE FULL BOARD TO REVIEW AND APPROVE THE 990 PRIOR TO FILING. EACH TRUSTEE MEMBER RECEIVES A COPY OF THE FILING AFTER THE 990 IS APPROVED PRIOR TO FILING AND IS PRIVY TO THE MINUTES OF SAID AUDIT COMMITTEE MEETINGS. FORM 990, PART VI, SECTION B, LINE 12C AT THE ANNUAL MEETING OF THE BOARD OF TRUSTEES HELD IN OCTOBER EACH YEAR, ALL TRUSTEES, OFFICERS, AND KEY EMPLOYEES MUST COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THIS FORM DISCLOSES ANY DIRECT BUSINESS ASSOCIATIONS, FAMILY MEMBERS AND OR BUSINESS ASSOCIATIONS OF FAMILY MEMBERS THAT EXIST TO PUT THE UNIVERSITY ON NOTICE OF POTENTIAL CONFLICTS. THIS INFORMATION IS SHARED WITH SENIOR ADMINISTRATION FOR MONITORING ON A DAY TO DAY BASIS. IF A POTENTIAL CONFLICT OR QUESTION ARISES, IT SHOULD BE REPORTED TO THE PRESIDENT TO BE REVIEWED WITH THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES FOR APPROVAL OR FOR SUCH ACTION AS THE EXECUTIVE COMMITTEE MAY DETERMINE. IT IS THE RESPONSIBILITY OF THE EXECUTIVE COMMITTEE TO 1) CALL FOR ADDITIONAL INFORMATION, 2) ATTEMPT TO RESOLVE ANY CONFLICTS, 3) DETERMINE WHETHER A CONFLICT OF INTEREST IS PRESENT (UTILIZING LEGAL COUNSEL IF NECESSARY) AND REPORT IT TO THE BOARD OF TRUSTEES FOR APPROPRIATE ACTION. FORM 990, PART VI, SECTION B, LINE 15 IN MAY OF EACH YEAR, A QUESTIONNAIRE/EVALUATION IS SENT TO ALL TRUSTEES REGARDING THE PRESIDENT'S PERFORMANCE. THE EVALUATIONS ARE RETURNED TO THE CHAIRMAN OF THE BOARD AND THE RESULTS ARE REVIEWED AND TABULATED. EACH YEAR, THE CHAIRMAN OF THE BOARD CONTACTS THE ASSOCIATE VICE PRESIDENT OF HUMAN RESOURCES AND REQUESTS COMPENSATION SURVEY INFORMATION FOR THE PRESIDENTS AT COMPARABLE SCHOOLS (THE UNIVERSITY HAS A SET OF COHORT SCHOOLS SIMILAR IN SIZE AND NATURE THAT IS USED FOR BASIS OF COMPARISON). THE COMPENSATION COMMITTEE OF THE BOARD MEETS PRIOR TO THE JULY BOARD MEETING. THEY REVIEW THE RESULTS OF THE EVALUATIONS AND COMPENSATION SURVEY INFORMATION. THE COMMITTEE MAKES A RECOMMENDATION TO THE FULL BOARD OF TRUSTEES. THE BOARD OF TRUSTEES VOTES AND APPROVES THE COMPENSATION PACKAGE OFFERED TO THE PRESIDENT AT THE JULY BOARD MEETING (IN EXECUTIVE SESSION). THIS PROCESS IS FULLY DOCUMENTED. THE PRESIDENT MEETS WITH AND EVALUATES EACH OF THE VICE PRESIDENTS IN JUNE OF EACH YEAR. THE PRESIDENT OBTAINS COMPENSATION SURVEY INFORMATION FOR THE VICE PRESIDENTS FOR COMPARABLE SCHOOLS FROM THE ASSOCIATE VICE PRESIDENT FOR HUMAN RESOURCES (SIMILAR COHORT INSTITUTIONS AS THE PRESIDENT). THE PRESIDENT REPORTS TO THE BOARD OF TRUSTEES HER RECOMMENDATIONS FOR COMPENSATION FOR THE VICE PRESIDENTS AT THE JULY BOARD MEETING IN EXECUTIVE SESSION. THE BOARD REVIEWS THE COMPENSATION OFFERED TO EACH VICE PRESIDENT. THIS PROCESS IS FULLY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 ANY REQUEST FOR PUBLIC INSPECTION REQUESTS FOR UNIVERSITY FORMS 1023, 990, 990-T AND/OR AUDITED FINANCIAL STATEMENTS ARE GRANTED WITHIN 5 BUSINESS DAYS AND CAN TAKE THE FORM OF ELECTRONIC COMMUNICATION, DIRECT PUBLIC INSPECTION, OR MAILING OF SAID DOCUMENTS TO THE INQUIRING PARTY. THE UNIVERSITY CURRENTLY PUBLISHES ITS FORM 990 AND AUDITED FINANCIAL STATEMENTS ON ITS WEBSITE AT HTTP://WWW.SALVE.EDU/OFFICE-SERVICE/BUSINESS-OFFICE AS WELL. THE FORM 990 IS ALSO AVAILABLE ON WWW.GUIDESTAR.COM. THE GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: LOSS ON BOND REFINANCING -70,395. CHANGE IN SPLIT INTEREST VALUE -20,890. SRU HOLDINGS LLC 100 OCHRE POINT AVENUE NEWPORT RI 02840 050259080 REAL ESTATE HOLDING CORP. RI 0 11838000 N/A STANFORD WHITE CASINO THEATRE 100 OCHRE POINT AVENUE NEWPORT RI 02840 300307655 HISTORIC BUILDING RESTORATION RI 501(C)(3) LINE 7 SALVE REGINA UNIVERSITY 1 CONFERENCE FOR MERCY HIGHER EDUCATION 8630 FENTON STREET 934 SILVER SPRING MD 20790 431973007 SPONSORSHIP MD 501(C)(3) LINE 1 N/A 0 SPLIT INTEREST TRUST TRUST RI N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 PART II: SALVE REGINA UNIVERSITY HAS DIRECT CONTROL OF A RELATED TAX EXEMPT ORGANIZATION NAMED STANFORD WHITE CASINO THEATRE. THE PURPOSE OF THIS RELATED ORGANIZATION HAS BEEN TO RESTORE AN ARCHITECTURALLY SIGNIFICANT THEATRE LOCATED IN NEWPORT, RI. THE NATURE OF CONTROL STEMS FROM THE RELATED ORGANIZATION'S BOARD OF TRUSTEES WHICH IS COMPOSED OF SALVE REGINA UNIVERSITY OFFICERS (PRESIDENT AND CFO), AND TWO SALVE REGINA UNIVERSITY TRUSTEES. THE BOARD MEMBERS SERVE AS A VOLUNTEER BOARD, RECEIVE NO COMPENSATION, AND ARE ADMINISTRATIVELY SEPARATE. UPON COMPLETION OF THE RENOVATION, THE UNIVERSITY WILL BE ABLE TO USE THE FACILITIES FOR ARTISTIC PERFORMANCE. WITH THE COMPLETION OF THE RESTORATION OF THE THEATRE AND BUILDING OPENING, THE UNIVERSITY IS NOW PARTY TO A 30 YEAR LEASE AGREEMENT WITH THE BUILDING OWNER, THE INTERNATIONAL TENNIS HALL OF FAME. TERMS OF THE LEASE GIVES THE UNIVERSITY EXCLUSIVE USE, MINUS 40 NAMED DATES PER YEAR AT THE OWNERS DISCRETION, IN EXCHANGE FOR A NOMINAL ANNUAL LEASE PAYMENT AND ASSUMPTION OF ALL OPERATING COSTS. IT IS NOW HOME TO THE SALVE REGINA UNIVERSITY THEATRE DEPARTMENT.