2015-01-30T11:43:45-07:00 2014-05-31 990 2013-06-01 042111203 CLARK UNIVERSITY CLAR 5087937499 950 Main Street Worcester MA 01610 Katherine Cannon Controller 5087937455 2015-01-30 2013 2016-02-25 16:41:14Z David Angel 950 Main Street Worcester MA 01610 226776633 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. 31 31 2657 1250 75327 0 15071513 14471659 130319142 133068844 16774383 14728656 342128 652648 162507166 162921807 52972990 56294519 0 0 61429946 63589706 43429 21448 5520583 34337536 36640904 148783901 156546577 13723265 6375230 551488040 596241532 115396891 115599819 436091149 480641713 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 58964009 0 116803538 Instruction and academic support, with program expenditures of $58,964,009. Clark's fall 2014 enrollment consisted of 2,380 undergraduates and 1,171 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. 6893419 308996 5403673 Research, with program expenditures of $6,893,419 and revenues from grants and contracts of $5,403,673. 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. 55985523 55985523 0 Financial Aid, with expenditures/income offsets of $55,985,523. Clark is committed to being affordable to those students able to meet the high academic expectations of our faculty. Approximately 88% of undergraduate students receive some level of financial assistance, which is distributed on the basis of both merit and financial need. 12662747 0 14047147 Auxiliary Services includes providing high quality residence halls, food service, and book store services to Clark students. There are program expenditures of $12,662,747 and offsetting revenue of $14,047,147. 11932432 0 2747586 Student Services program supports an environment for students that encourages them to become active, involved and responsible citizens in global communities. Resources are expended to provide students support in achieving their non-academic goals and providing a balanced and healthy social environment. 24595179 0 16794733 146438130 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 1 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 0 0 0 1 6287 0 1 2657 1 1 1 1 LU 0 0 0 0 0 0 0 0 X 31 31 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X Julie L Dolan 5087937455 950 Main Street Worcester MA 01610 Jennifer Abrams Trustee 2 0 X 0 0 0 Dimitry Anselme Trustee 2 0 X 0 0 0 Jay Ash Trustee 2 0 X 0 0 0 Andrew Brandman Trustee 2 0 X 0 0 0 Marla Byrnes 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 Elyse Darefsky Trustee 2 0 X 0 0 0 Gregory Degermajian Trustee 2 0 X 0 0 0 Dennis Dimitri Trustee 2 0 X 0 0 0 Catherine Dunham 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 Mark Fishman 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 Lawrence Hershoff Trustee 2 0 X 0 0 0 Daniel Hirsch Trustee 2 0 X 0 0 0 Peter Klein Trustee 15 0 X 0 0 0 Lawrence Landry Trustee 2 0 X 0 0 0 Lowell Potiker Trustee 2 0 X 0 0 0 Jodi Reiskind 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 Jeffrey Siegal 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 Theresa Strempek Trustee 2 0 X 0 0 0 Steven Swain Trustee 2 0 X 0 0 0 Sumner Tilton Trustee 2 0 X 0 0 0 Ronald Walter Trustee 2 0 X 0 0 0 David Angel Officer 40 0 X 310478 0 68762 Katherine Cannon Officer 40 0 X 122027 0 16667 Julie Dolan Officer 40 0 X 102663 0 17083 John Foley Officer 40 0 X 146030 0 37606 Davis Baird Key Employee 40 0 X 225467 0 22343 Nancy Budwig Key Employee 40 0 X 165288 0 32154 James Collins Key Employee 30 0 X 165415 0 70459 Paula David Key Employee 40 0 X 227994 0 32344 William Fisher Key Employee 40 0 X 192620 0 19881 Donald Honeman Key Employee 40 0 X 171890 0 17739 Andrew McGadney Key Employee 40 0 X 290617 0 27423 Andrea Michaels Key Employee 40 0 X 155014 0 34418 Pennie Turgeon Key Employee 40 0 X 169491 0 56631 Deborah Dwork Faculty 40 0 X 188137 0 18719 Ronald Eastman Faculty 40 0 X 173155 0 38020 James Gomes Director of Mosakowski Institute 40 0 X 160309 0 58568 Robert Johnston Faculty 40 0 X 179212 0 35682 Catherine Usoff Dean Graduate School of Management 40 0 X 246743 0 41080 3392550 0 645579 72 0 1 0 Sodexo Inc Affiliates 9801 Washington Blvd Gaithersburg MD 20878 Food service management 5012385 Cutler Associates Incorporated 43 Harvard Street Worcester MA 016150049 Construction 2908102 Consigli Construction Co Inc 72 Summer Street Milford MA 01757 Construction Management 1652893 Tecta America Corp 508 Thomson Park Drive Cranberry Park Drive PA 16066 Roofing Contractor 688670 UMASS Memorial Medical Community Practices 109 Belmont Street Worcester MA 01610 Health Service Provider 449076 29 0 0 0 0 4713239 9758420 867753 14471659 Tuition and fees 611310 117346960 117346960 0 0 Geographic Software 443120 523486 523486 0 0 Auxiliary 611710 14031647 14031647 0 0 Student Loan 522291 189081 189081 0 0 All Other 900099 977670 977670 0 0 0 0 0 0 133068844 3289516 0 0 3289516 47 0 0 47 183035 183035 0 0 375781 0 252560 0 123221 0 123221 0 0 123221 49846762 25194597 40036063 23566203 9810699 1628394 11439093 0 75327 11363766 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Energy Incentives-Grants 900099 252926 252926 0 0 Workers Comp Incentives/Rebates 900099 93466 93466 0 0 0 0 0 0 346392 162921807 133598271 75327 14776550 209364 209364 55895240 55895240 189915 189915 0 0 3036300 1079931 1642173 314196 0 0 0 0 48176292 38496457 7518471 2161364 3395612 2713154 529673 152785 5683586 4538463 883071 262052 3297916 2635093 514434 148389 633565 579955 40277 13333 80119 8325 71204 590 156743 0 150756 5987 0 0 0 0 21448 21448 1102016 0 1102016 0 1567039 1277422 223907 65710 781186 408899 242743 129544 3267353 2430929 411336 425088 1927300 1643051 135821 148428 0 0 0 0 4325151 921523 3368303 35325 2084660 1815167 95787 173706 0 0 0 0 1364656 1023787 95102 245767 1659494 1561162 96287 2045 0 0 0 0 7554258 6688770 825478 40010 401907 2140 391802 7965 Study Abroad/Off Campus 2563430 2323649 230978 8803 Food Service-Auxiliary 4376129 4376129 0 0 Library Acquisitions 1484486 1484486 0 0 Misc 1211200 5433080 -4338016 116136 100212 8702039 -9643739 1041912 156546577 146438130 4587864 5520583 25517758 6164546 16363907 46018331 5505050 4973413 613113 500101 0 0 0 0 95728 115847 191361 259716 1258722 1188909 218433769 98116011 119777876 120317758 71893999 72785454 303381683 336930090 5381584 5281174 0 0 1507259 1706193 551488040 596241532 10275906 12288504 0 0 9768487 10678667 78940339 76111195 0 0 0 0 0 0 750000 650000 15662159 15871453 115396891 115599819 X 115787024 128055991 192056994 222038927 128247131 130546795 436091149 480641713 551488040 596241532 X 6375230 39125575 0 0 0 -950241 X 0 1 X 1 1 1 X 28028872 13515608 15210416 15071513 14471658 86298067 0 0 0 0 0 0 0 0 0 0 0 0 28028872 13515608 15210416 15071513 14471658 86298067 29602300 56695767 6248094 5135148 5407813 5245943 3595819 25632817 69409 0 1083858 110050 75327 1338644 0 0 0 0 0 0 113269528 0 0.50054 0.50603 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 31758 0 0 31758 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 Community and Government Relations' time is spent meeting with and calling government officials. 0 0 X X X 0 354873500 1490257 50688500 4517234 8948173 1494772 392092078 299286423 12123813 58133097 4478668 8725193 1465662 354873810 316926482 1812063 -5223151 8446464 4360313 1422194 299286423 263602730 5629721 61478734 4246716 8161429 1376558 316926482 214649752 17220794 45363929 4387849 7946652 1297244 263602730 0.16 0.31 0.53 1 0 202280 14678425 14880705 0 189109513 92049570 97059943 0 104563 65684 38879 0 10981577 6000757 4980820 0 3357411 0 3357411 120317758 0 0 Partnerships/Alternative Investments 336608911 F Other 321179 F 336930090 0 Annuities payable 7789310 Perkins federal liability contra 5480196 PILOT liability 1309142 Conditional Asset Retirement Obligation 1090699 FIN 48 liability 89495 Deferred compensation-VP 69883 Capital lease obligation 33319 UBI tax liability 9409 15871453 X 144974433 39125575 0 0 -56223493 -17097918 162072351 1102016 -252560 849456 162921807 100423869 0 0 0 252560 252560 100171309 1102016 55273252 56375268 156546577 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 the 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, which the organization must hold in perpetuity or for donor-specified periods. 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 scholarship, library acquisitions, research, academic support, student loans, and instruction. Schedule D, Part X The University currently has a reserve of $89,495. for potential FIN 48 liabilities. Per the advice of our external auditing firm, we did not mention the reserve in the FIN 48 footnote, as the reserve was not deemed material to the financial statements. Schedule D, Part X, Line 2 The University is a not-for-profit organization as described in Section 501(c)(3) of the Internal Revenue Code, as amended (the Code), and is generally exempt from income taxes pursuant to Section 501(a) of the Code. The University is required to assess uncertain tax positions and has determined that there were no such positions that are material to the financial statements. If such positions existed, it is the University's policy to record estimated interest and penalties as part of the general and institutional expense. No interest or penalties have been recorded for the years ended May 21, 2013 and 2014. Management believes that the University's income tax returns for fiscal years ending May 31, 2009 and prior are no longer subject to examination by tax authorities in its major tax jurisdictions. Schedule D, Part XI, Line 2d Reclass tuition remissions ($55,086,139.) Student loan program expense in non-operating activity, ($143,897) Change in value of post retirement health obligation in non-operating activity ($43,216.) Change in the value of the interest rate swap ($70,910). Change in the value of split interest and beneficial interest in outside trust ($1,021,151.) Schedule D, Part XI, Line 4b Reclass rental property expense to revenue ($252,560.) Schedule D, Part XII, Line 2d Reclass rental property expense to revenue $252,560. Schedule D, Part XII, Line 4b Reclass tuition reductions from contra-revenue to expense, $55,086,139. Student loan program expenses in non-operating activity, $143,897. Change in value of post retirement health obligation in non-operating activity, $43,216. 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 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 programs. 1 Central America and the Caribbean 0 0 Grantmaking 5000 East Asia and the Pacific 0 0 Grantmaking 113036 Europe (including Iceland and Greenland) 0 0 Grantmaking 106081 Middle East and North Africa 0 0 Grantmaking 8888 South Asia 0 0 Grantmaking 7987 South America 0 0 Grantmaking 13721 Sub-Saharan Africa 0 0 Grantmaking 51862 Central America and the Caribbean 0 0 Program Services conferences 3072 East Asia and the Pacific 0 0 Program Services conferences 7437 Europe (including Iceland and Greenland) 0 0 Program Services conferences 101667 Middle East and North Africa 0 0 Program Services conferences 14809 North America (including Canada and Mexico, but not the United States) 0 0 Program Services conferences 10775 Russia and the newly independent States 0 0 Program Services conferences 187 South America 0 0 Program Services conferences 3535 South Asia 0 0 Program Services conferences 1902 Sub-Saharan Africa 0 0 Program Services conferences 4302 Central America and the Caribbean 0 0 Program Services instruction 23970 East Asia and the Pacific 0 0 Program Services instruction 1424 Europe (including Iceland and Greenland) 0 0 Program Services instruction 589864 Middle East and North Africa 0 0 Program Services instruction 2363 North America (including Canada and Mexico, but not the United States) 0 0 Program Services instruction 3798 Russia and the newly independent States 0 0 Program Services instruction 76432 South Asia 0 0 Program Services instruction 375 Central America and the Caribbean 0 0 Program Services program development 11818 East Asia and the Pacific 0 0 Program Services program development 58125 Europe (including Iceland and Greenland) 0 0 Program Services program development 45544 Middle East and North Africa 0 0 Program Services program development 5346 North America (including Canada and Mexico, but not the United States) 0 0 Program Services program development 1044 Russia and the newly independent States 0 0 Program Services program development 16063 South America 0 0 Program Services program development 2205 South Asia 0 0 Program Services program development 2756 Sub-Saharan Africa 0 0 Program Services program development 4215 Central America and the Caribbean 0 0 Program Services student recruitment 2613 East Asia and the Pacific 0 0 Program Services student recruitment 20740 Europe (including Iceland and Greenland) 0 0 Program Services student recruitment 2535 Middle East and North Africa 0 0 Program Services student recruitment 4231 North America (including Canada and Mexico, but not the United States) 0 0 Program Services student recruitment 1657 South America 0 0 Program Services student recruitment 5077 South Asia 0 0 Program Services student recruitment 15455 Sub-Saharan Africa 0 0 Program Services student recruitment 1845 East Asia and the Pacific 0 0 Program Services research 6965 Sub-Saharan Africa 0 0 Program Services research 3725 Central America and the Caribbean 0 0 Investments 6815917 0 0 8180363 Europe (including Iceland and Greenland) research 27681 wire transfer 0 North America (including Canada and Mexico, but not the United States) research 26257 check 0 South Asia research 25816 check 0 South America research 20420 wire transfer 0 3 1 research grants East Asia and the Pacific 1 36489 transfer 0 research grants Sub-Saharan Africa 1 15592 check 0 scholarships Europe (including Iceland and Greenland) 7 21706 check 0 scholarships Sub-Saharan Africa 2 11237 check 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 $500,000 or more in Federal awards during the subrecipient's fiscal year must meet the audit requirements of OMB A-133. A management decision on audit findings must be issued within six months after receipt of the subrecipient's audit report and management must follow up to 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 Research and Sponsored Programs (ORSP). Subrecipient invoices submitted to the university must contain the following information: invoice must be 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, including cost sharing, subrecipient contact person with respect to invoice, invoice must be signed by an authorized official of the subcontractor, invoice 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. The signature of the PI/PD on the invoice indicates that the review has taken place and that the invoice adheres to budget. 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, signatures of the PI/PD, certification of signature by authorized subrecipient representatives, funds are available in contract, and cost share documentation is provide, if applicable. Grant Accounting is responsible for ensuring that subrecipients that expend $500,000 or more of federal funds each fiscal year submit an A133 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 A133 certification letter. Grant Accounting is responsible for tracking payments made to individuals or organizations where payments are made when out 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 transcripts, 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 Washburn and McGoldrick Inc 950 New Loundon Street Latham NY 12110 Campaign consulting 0 0 21448 -21448 0 21448 -21448 MA 1 Assumption College Salisbury Street Worcester MA 01609 042105776 501(c)(3) 11710 0 Research Bridgewater State University 131 Summer Street Bridgewater MA 02325 043010428 501(c)(3) 44491 0 College of the Holy Cross College Street Worcester MA 01610 042103558 501(c)(3) 10968 0 National Oceanic and Atmospheric Administration PO Box 979008 St Louis MO 63197 061834875 government org 78062 0 Research Worcester Polytechnic Institiute West Street Worcester MA 01609 042121659 501(c)(3) 12054 0 Research University of Maryland PO Box 775 Cambridge MD 21613 526002033 501(c)(3) 48370 0 Research 6 0 Undergraduate scholarships 2040 39952008 0 Graduate scholarships 95 125090 0 Graduate remissions 840 14001122 0 Undergraduate remissions 163 939797 0 Graduate awards 140 599350 0 Undergraduate awards 167 277874 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 $500,000 or more in Federal awards during the subrecipient's fiscal year must meet the audit requirements of OMB A-133. A management decision on audit findings must be issued within six months after receipt of the subrecipient's audit report and management must follow up to 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 Research and Sponsored Programs (ORSP). Subrecipient invoices submitted to the university must contain the following information: invoice must be 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, including cost sharing, subrecipient contact person with respect to invoice, invoice must be signed by an authorized official of the subcontractor, invoice 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. The signature of the PI/PD on the invoice indicates that the review has taken place and that the invoice adheres to budget. 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, signatures of the PI/PD, certification of signature by authorized subrecipient representatives, funds are available in contract, and cost share documentation is provide, if applicable. Grant Accounting is responsible for ensuring that subrecipients that expend $500,000 or more of federal funds each fiscal year submit an A133 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 A133 certification letter. Grant Accounting is responsible for tracking payments made to individuals or organizations where payments are made when out 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 transcripts, 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 278394 0 32085 0 0 0 25500 0 43694 0 379673 0 Davis Baird Key Employee 225467 0 0 0 0 0 22343 0 432 0 248242 0 0 0 Nancy Budwig Key Employee 165288 0 0 0 0 0 16827 0 15690 0 197805 0 0 0 James Collins Key Employee 138969 0 26447 0 0 0 46201 0 24617 0 236234 0 0 0 Paula David Key Employee 227994 0 0 0 0 0 22931 0 9844 0 260769 0 0 0 William Fisher Key Employee 192620 0 0 0 0 0 19192 0 1104 0 212916 0 0 0 John Foley Officer 146030 0 0 0 0 0 14416 0 23502 0 183948 0 0 0 Donald Honeman Key Employee 171890 0 0 0 0 0 17239 0 872 0 190001 0 0 0 Andrew McGadney Key Employee 245412 0 39039 0 6166 0 25500 0 2355 0 318472 0 0 0 Andrea Michaels Key Employee 155014 0 0 0 0 0 16015 0 18749 0 189778 0 0 Pennie Turgeon Key Employee 169491 0 0 0 0 0 16996 0 40002 0 226489 0 0 0 Deborah Dwork Faculty 188138 0 0 0 0 0 18719 0 404 0 207261 0 0 0 Ronald Eastman Faculty 173156 0 0 0 0 0 18016 0 20393 0 211565 0 0 0 James Gomes Director of Mosakowski Institute 160309 0 0 0 0 0 16187 0 42731 0 219227 0 0 0 Robert Johnston Faculty 179212 0 0 0 0 0 18491 0 17591 0 215294 0 0 0 Catherine Usoff Dean Graduate School of Management 246743 0 0 0 0 0 25158 0 16354 0 288255 0 0 0 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. No value was included in compensation. David Angel, Davis Baird, and Andrew McGadney have memberships at the Worcester Club for the purpose of University related entertaining. Appropriate business expenses are paid by the University. Schedule J, Part I, Line 7 All bonuses listed in Schedule J were performance based. A Massachusetts Development Finance Agency 043431814 57583REQ4 2005-11-03 20000000 Refund MIFA96 (OID 5/2/96) Construct & Equip residence hall 0 0 0 B Massachusetts Development Finance Agency 043431814 57583RUU7 2008-04-07 50255000 Refund MDFA00 (OID: 11/2/00), Refund MDFA02A (OID:11/26/2002), See Part VI. 0 0 0 C Massachusetts Development Finance Agency 043431814 57583UJY5 2011-12-01 20098799 Refund MDFA98 (OID 11/10/98), See Part VI. 0 0 0 A 4195000 0 21554838 0 1319559 0 253854 241643 0 16430547 3309235 0 2008 0 1 1 1 B 8475000 795271 50334445 0 0 0 273558 78412 0 10080875 39901600 0 2009 1 0 1 1 C 1595000 0 20099208 0 0 0 253048 0 0 5616353 14229806 0 2013 1 0 1 1 A 0 0 0 0 0 0 0 1 0 1 B 0 0 1 0 0 0.0023 0 0.0023 1 0 1 C 0 0 0 0 0 0 0 1 0 1 A 1 0 0 0 0 0 B 0 1 1 1 1 1 Barclay's 30 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 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 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 IV, Line 2c-04/07/2008 50,255,000 Massachusetts Development Finance Agency Clark has engaged AMTEC to perform the arbitrage rebate computations for the MDFA series 2008. Their computations covered the period from April 7,2008 through April 7,2014-the end of the fifth bond year and computation date. The report dated May 7,2014 provided that the issue qualified for the Eighteen Month Spending Exception from rebate. Schedule K, Part IV, Line 2c-12/01/2011 20,098,799 Massachusetts Development Finance Agency Clark has engaged AMTEC to perform the arbitrage rebate computations for the MDFA Series 2011. Their computations cover the period from December 1,2011 through December 31,2013, with activity future valued to December 1,2016 - the end of the fifth bond year and the computation date. The report, dated December 19, 2013, provided their calculation and conclusion that no rebate liability existed and reporting to the IRS was not required at this time. Christopher Cannon Employee is the son of K. Cannon, officer 47584 Compensation for position of Mail and Delivery assistant 0 Jocelyne Bauduy Employee is wife of President 23009 Compensation for position of Special Assistant to the President's Office 0 William S Mosakowski Former Trustee, substantial contributor, ownership interest in excess of 5% in Public Consulting Grp 281020 Public Consulting Group purchases educational programs from Clark's Graduate School of Management for their employees. Mr. Mosakowski has an ownership interest in excess of 5% in PCG. 0 Eric Epstein Trustee and Director Davidson Kempner 94000 Prior to Mr. Epstein joining the Board, Clark invested in Davidson Kempner. Clark paid management fees of approximately $94,000. to the partnership in the current tax year. 0 X 52 867753 market value 0 0 1 0 Form 990, Part VI, Section A, Line 2 Robert Stevenish was a trustee for a portion of 2013, but is not listed in Part VII as he was not a trustee at the end of the year. His son, Robert Stevenish II is a trustee and was during all of 2013. 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 January , 2015 meeting of the committee. The Board has authorized the submittal to the Internal Revenue Service with the approval of the Audit Committee. In addition, the reviewed 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 Historically, the Chairman of the Board of Trustees requests the Vice President for Planning and Finance to provide comparable institution compensation data. Data is obtained from a combination of publicly available forms 990, 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 discusses performance metrics, including a review of the objectives achieved, with both the President and the Board of Trustees. 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 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 public 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 Change in value of interest rate swap, ($70,910.) Change in beneficial interest in outside trust, $1,149,174. Change in beneficial interest in outside trust, ($128,023.) Charitable Remainder Trust (27) 950 Main Street Worcester MA 01610 Charitable Trust MA N/A T 0 Lead Annuities (4) 950 Main Street Worcester MA 01610 Charitable Trust MA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 The University had not received all necessary information to file an accurate return on the due date.