2015-05-11T14:25:42-05:00 2014-06-30 KPMG LLP 60 South Street Boston MA 02111 990 2013-07-01 041081650 BENTLEY UNIVERSITY % JAMES FUERST BENT 7818912000 175 FOREST STREET Suite WALTHAM MA 024524705 KENNETH B CODY ASSISTANT TREASURER 7818912169 2015-05-11 true TARA D'AGOSTINO P01245482 7818912169 2015-05-08 2013 2016-02-25 16:41:14Z KENNETH CODY 175 FOREST STREET WALTHAM MA 024524705 334362000 false X WWW.BENTLEY.EDU X 1917 MA TO EDUCATE CREATIVE, ETHICAL, AND SOCIALLY RESPONSIBLE ORGANIZATIONAL LEADERS BY CREATING AND DISSEMINATING IMPACTFUL KNOWLEDGE WITHIN AND ACROSS BUSINESS. 26 25 2852 293 977199 -1406 8241000 8412000 245016000 256177000 3120241 16609234 1705000 1570000 258082241 282768234 67993000 70523000 0 0 106188788 110618699 21256 72868 5984445 78561956 79139433 252765000 260354000 5317241 22414234 507885000 565001000 204071000 213190000 303814000 351811000 X TO EDUCATE CREATIVE, ETHICAL, AND SOCIALLY RESPONSIBLE ORGANIZATIONAL LEADERS BY CREATING AND DISSEMINATING IMPACTFUL 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X 0 0 0 J TERENCE CARLETON TRUSTEE 2.0 0.0 X 0 0 0 KENNETH H COLBURN TRUSTEE 1.0 0.0 X 0 0 0 J PAUL CONDRIN III TRUSTEE 1.0 0.0 X 0 0 0 CYNTHIA M DEYSHER TRUSTEE 2.0 0.0 X 0 0 0 JOYCE J ELAM TRUSTEE 1.0 0.0 X 0 0 0 WILLIAM C FREDA TRUSTEE 2.0 0.0 X 0 0 0 DAVID L GIUNTA TRUSTEE 1.0 0.0 X 0 0 0 ANDREW J HAJDUCKY TRUSTEE 2.0 0.0 X 0 0 0 DANIEL A KESHIAN TRUSTEE 2.0 0.0 X 0 0 0 W CARL KESTER TRUSTEE 2.0 0.0 X 0 0 0 FRANCIS F KINGSLEY TRUSTEE 1.0 0.0 X 0 0 0 DEBORAH L LEITCH TRUSTEE 1.0 0.0 X 0 0 0 STEVEN P MANFREDI CHAIRMAN OF BOARD 10.0 0.0 X X 0 0 0 I NORMAN MASSRY TRUSTEE 2.0 0.0 X 0 0 0 SUSAN G O'CONNELL TRUSTEE 1.0 0.0 X 0 0 0 MICHAEL G SPERLINGA TRUSTEE 1.0 0.0 X 0 0 0 NICKOLAS STAVROPOULOS TRUSTEE 1.0 0.0 X 0 0 0 JEROEN VAN DEN HOVEN TRUSTEE 1.0 0.0 X 0 0 0 DAVID H WEENER TRUSTEE 1.0 0.0 X 0 0 0 TANYA N HAIRSTON WHITNER TRUSTEE 2.0 0.0 X 0 0 0 BRIAN T ZINO TRUSTEE 1.0 0.0 X 0 0 0 GLORIA C LARSON PRESIDENT/TRUSTEE 65.0 0.0 X X 621550 0 95756 WILLIAM TORREY VICE PRESIDENT 40.0 0.0 X 393436 0 25782 MICHAEL PAGE VICE PRESIDENT/PROVOST 40.0 0.0 X 375150 0 34313 KENNETH CODY VICE PRESIDENT 40.0 0.0 X 352311 0 27010 JOANN MCKENNA VICE PRESIDENT 40.0 0.0 X 303075 0 30199 J ANDREW SHEPARDSON VICE PRESIDENT 40.0 0.0 X 230613 0 29979 JUDITH MALONE GENERAL COUNSEL 40.0 0.0 X 212621 0 45123 ROBERT GALLIERS PROFESSOR 40.0 0.0 X 402527 0 36313 M LYNNE MARKUS PROFESSOR 40.0 0.0 X 366640 0 34300 JEAN BEDARD PROFESSOR 40.0 0.0 X 348854 0 53817 ROY WIGGINS III DEAN 40.0 0.0 X 313661 0 49718 DAVID PERRY CHIEF MARKETING OFFICER 40.0 0.0 X 284747 0 47728 TRACI LOGAN FORMER VICE PRESIDENT 40.0 0.0 X 341192 0 34815 4546377 0 544853 222 true true false HARVARD MAINTENANCE 570 SEVENTH AVENUE NEW YORK NY 10018 FACILITIES SERVICES 263648 KPMG 60 SOUTH STREET BOSTON MA 02111 AUDITORS 254550 CAMBRIDGE ASSOCIATES 125 HIGH STREET BOSTON MA 02110 INVESTMENT ADVISORS 214382 BOSTON CONSORTIUM 1763 GREAT PLAIN AVE NEEDHAM MA 02492 INTERNAL AUDIT 171295 WELLINGTON MANAGEMENT 280 CONGRESS STREET BOSTON MA 02210 INVESTMENT MGMT FEES 168633 10 1498000 6914000 127572 8412000 TUITION AND FEES 900099 205953000 205953000 AUXILIARY 900099 49293917 47945282 1348635 CONFERENCE SERVICES 721000 824010 824010 NATATORIUM USE 713990 106073 106073 256177000 920000 47116 872884 0 0 0 0 0 0 0 67283000 0 51593766 15689234 0 15689234 15689234 0 0 0 0 0 OTHER SOURCES 900099 1570000 1570000 1570000 282768234 255468282 977199 17910753 0 0 67622920 67622920 2900080 2900080 0 2389711 253359 1842727 293625 0 84792598 70134702 11201835 3456061 6479866 5014077 1120183 345606 11368578 9026089 1918394 424095 5587946 4466617 856940 264389 1775913 1142492 531358 102063 368048 367778 270 295854 295854 2303 2303 72868 72868 0 6767230 5146917 1611098 9215 5551968 4921434 615656 14878 5675058 4431183 878589 365286 0 0 12068830 12038374 27752 2704 1278734 1167679 10187 100868 0 2946615 2357350 408162 181103 7222906 6931269 291637 0 18548325 17853247 695078 715525 64446 651079 PURCHASED SERVICES 8012764 5545677 2116445 350642 STUDY ABROAD 4212175 4212175 LEASING AND RENTALS 1693664 1639221 54443 STUDENT ORGANIZATIONS 1206642 1206642 796879 50410 745697 772 260354000 228126360 26243195 5984445 0 0 23025000 32030000 2627242 3338391 1011758 943609 0 0 0 0 0 0 0 0 2610000 2218952 419568000 183278000 241437000 236290000 159720067 191000669 67340933 77047331 7903000 8054000 0 0 2210000 14078048 507885000 565001000 24049000 24614000 0 0 6615000 5364000 136006000 145455000 0 0 0 0 0 0 0 0 37401000 37757000 204071000 213190000 X 209980000 241795000 50399000 65177000 43435000 44839000 303814000 351811000 507885000 565001000 X 22414234 26447766 -865000 X false true X true true true X 6454171 10039000 6354000 8241000 8412000 39500171 0 0 6454171 10039000 6354000 8241000 8412000 39500171 2563207 36936964 1840710 463000 693982 1124645 872884 4995221 11618 53075 64693 1765829 1871190 2085200 1705000 1570000 8997219 53557304 1175952741 0.68967 0.67740 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 2303 2303 false PART II-B, LINE 1I TOTAL MISCELLANEOUS LOBBYING EXPENSES OF $2,303 INCLUDES DUES PAID TO THE ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES IN MASSACHUSETTS AS IT RELATES TO THEIR LOBBYING EFFORTS. 272465 X false 217933000 6821000 43058000 2415681 6934319 258462000 192708000 7747000 26113000 2267487 6367513 217933000 199966000 2344000 -1968000 2293506 5340494 192708000 162734000 14154000 30201000 2478770 4644230 199966000 150082000 296000 20682000 2688612 5637388 162734000 0.62000 0.16000 0.22000 true false 31871000 31871000 336759000 144767129 191991871 48441000 38310741 10130259 2497000 200130 2296870 236290000 HEDGE FUNDS 55032670 F PARTNERSHIPS 22014661 F 77047331 0 INTEREST RATE SWAP AGREEMENTS 22836000 POST RETIREMENT BENEFITS 8362000 REFUNDABLE U.S GOVERNMENT GRANTS 6559000 37757000 X 309724000 26447766 508000 26955766 282768234 282768234 261727000 1373000 1373000 260354000 260354000 COLLECTIONS OF ART PART III, LINE 4 THE UNIVERSITY OWNS A MODERN COLLECTION OF ABOUT 30 PAINTINGS AND SCULPTURES THAT APPEAR IN PUBLIC COMMON AREAS THROUGHOUT THE CAMPUS, IN CONFERENCE ROOMS, AND IN THE PRESIDENT'S HOUSE. ENDOWMENT FUNDS PART V, LINE 4 THE UNIVERSITY'S ENDOWMENT PROVIDES FOR SCHOLARSHIPS TO STUDENTS, SUPPORT FOR ACADEMIC PROGRAMS, AND SUPPORT FOR PROGRAM ACTIVITIES. IN ADDITION, QUASI ENDOWMENT REPRESENTS 62% OF ENDOWMENT AND THOSE FUNDS ARE AVAILABLE FOR USE ON AN AS-NEEDED BASIS. FIN 48 (ASC 740) FOOTNOTE PART X, LINE 2 THE UNIVERSITY IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE, AS AMENDED. ACCORDINGLY, IT IS GENERALLY NOT SUBJECT TO INCOME TAXES EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. THE UNIVERSITY BELIEVES IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2014 OR 2013. OTHER REVENUES INCLUDED IN FINANCIAL STATEMENTS NOT INCLUDED ON FORM 990 PART XI, LINE 2D CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS $508,000 OTHER EXPENSES INCLUDED IN FINANCIAL STATEMENTS NOT INCLUDED ON FORM 990 PART XII, LINE 2D CHANGE IN VALUE OF SPLIT INTEREST TRUST $802,000 RECLASSIFICATION OF NET ASSETS ($112,000) CHANGE IN POST-RETIREMENT RETIREMENT COSTS $106,000 REFINANCING OF LONG TERM DEBT $577,000 TOTAL $1,373,000 true true true true true true true false false false false false false false false true false true NONDISCRIMINATORY POLICY SCHEDULE E, LINE 3 BENTLEY UNIVERSITY DOES NOT DISCRIMINATE IN ADMISSION OR ACCESS TO, OR TREATMENT OR EMPLOYMENT IN ANY OF ITS EDUCATIONAL PROGRAMS OR ACTIVITIES, INCLUDING SCHOLARSHIPS, LOANS, AND ATHLETICS, ON THE BASIS OF RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY AND/OR EXPRESSION, MARITAL STATUS, AGE, NATIONAL ORIGIN, CITIZENSHIP STATUS, DISABILITY, GENETIC INFORMATION, MILITARY OR VETERAN STATUS. BENTLEY UNIVERSITY MAINTAINS AND SUPPORTS AFFIRMATIVE ACTION PLANS FOR ITS WORKPLACE IN COMPLIANCE WITH FEDERAL LAW. EQUAL OPPORTUNITY EXTENDS TO ALL ASPECTS OF THE EMPLOYMENT RELATIONSHIP, INCLUDING HIRING, PROMOTIONS, TRAINING, WORKING CONDITIONS, COMPENSATION AND BENEFITS. BENTLEY UNIVERSITY'S POLICIES AND PRACTICES REFLECT THE UNIVERSITY'S COMMITMENT TO NONDISCRIMINATION IN ALL AREAS OF EMPLOYMENT. THE UNIVERSITY COMPLIES WITH TITLE VI OF THE CIVIL RIGHTS ACT, TITLE IX OF THE EDUCATION AMENDMENTS, SECTION 504 OF THE REHABILITATION ACT AND REVENUE PROCEDURE 75-50 PROHIBITING SUCH DISCRIMINATION. ANYONE BELIEVING THAT HE OR SHE HAS EXPERIENCED ADVERSE TREATMENT MAY REGISTER A COMPLAINT WITH THE SPECIAL ASSISTANT TO THE PRESIDENT, AT 781.891.2907. FINANCIAL AID AND GOVERNMENTAL ASSISTANCE SCHEDULE E, LINE 6A THE UNIVERSITY PROVIDES FINANCIAL AID FUNDS TO THE STUDENTS BASED ON GENERALLY ACCEPTED UNIFORM NON-DISCRIMINATORY METHODOLOGY. true Europe (Including Iceland and Greenland) Program Services STUDY ABROAD 4111176 East Asia and the Pacific Program Services STUDY ABROAD 1608781 South America Program Services STUDY ABROAD 359913 Middle East and North Africa Program Services STUDY ABROAD 82615 Sub-Saharan Africa Program Services STUDY ABROAD 64711 Central America and the Caribbean Program Services STUDY ABROAD 55206 Central America and the Caribbean Investments 30974035 37256437 37256437 SCHOLARSHIP ASSISTANCE Europe (Including Iceland and Greenland) 167 2183570 ACCT CREDIT SCHOLARSHIP ASSISTANCE East Asia and the Pacific 38 560850 ACCT CREDIT SCHOLARSHIP ASSISTANCE South America 9 141560 ACCT CREDIT SCHOLARSHIP ASSISTANCE Sub-Saharan Africa 1 14100 ACCT CREDIT true false true true true true MONITOR THE USE OF GRANT FUNDS OUTSIDE THE U.S. PART I, LINE 2 THE UNIVERSITY PROVIDES SCHOLARSHIP ASSISTANCE TO QUALIFIED STUDENTS WHO WISH TO STUDY ABROAD. THESE AMOUNTS ARE APPLIED TO EACH STUDENT'S ACCOUNT AND ARE USED TO OFFSET THE COST OF THE PROGRAM. THE STUDENT DOES NOT DIRECTLY RECEIVE THIS ASSISTANCE. BASIS OF ACCOUNTING PART I, LINE 3, COLUMN F THE BASIS OF ACCOUNTING ON THE FINANCIAL STATEMENTS IS ACCRUAL. X X X X X X true MARTS LUNDY 1200 WALL ST W LYND 1200 WALL STREET W LYNDHURST NJ 07071 FUNDRAISING SURVEY false 0 72868 -72868 0 72868 -72868 MA true SCHOLARSHIP ASSISTANCE 2761 67622920 MONITOR THE USE OF GRANT FUNDS IN THE U.S. PART I, LINE 2 THE UNIVERSITY PROVIDES SCHOLARSHIP ASSISTANCE TO QUALIFIED STUDENTS. MANY SCHOLARSHIPS ARE BASED ON CRITERIA SUCH AS ACADEMIC STRENGTH, ATHLETIC ABILITY, LEADERSHIP, OR COMMUNITY SERVICE. NON-NEED-BASED SCHOLARSHIP FUNDING IS AWARDED THROUGH THE ADMISSIONS PROCESS AND USUALLY HAS A GRADE POINT AVERAGE (GPA) OR OTHER REQUIREMENT FOR RENEWAL IN SUBSEQUENT YEARS. TYPES OF MERIT SCHOLARSHIPS INCLUDE THE TRUSTEE SCHOLARSHIP, THE PRESIDENT'S SCHOLARSHIP AND THE INTERNATIONAL SCHOLARSHIP. THE UNIVERSITY ALSO OFFERS GRANT FUNDS THAT ARE AWARDED BASED ON FINANCIAL NEED AND DO NOT HAVE TO BE REPAID. THE OFFICE OF FINANCIAL ASSISTANCE DETERMINES THE TOTAL AMOUNT OF A STUDENT'S NEED-BASED GRANT FUNDING ACCORDING TO FEDERAL AND INSTITUTIONAL FORMULAS. TYPES OF NEED BASED GRANTS INCLUDE BENTLEY SCHOLARSHIPS, AS WELL AS FEDERAL AND STATE SOURCES. ALL SCHOLARSHIP AMOUNTS ARE AUTOMATICALLY CREDITED TO THE INDIVIDUAL'S STUDENT ACCOUNT. X X X X true true X X X X X X false false false false false false false true false GLORIA C LARSON PRESIDENT/TRUSTEE 492411 0 125000 0 4139 0 25500 0 70256 0 717306 0 0 0 WILLIAM TORREY VICE PRESIDENT 370557 0 15000 0 7879 0 25500 0 282 0 419218 0 0 0 MICHAEL PAGE VICE PRESIDENT/PROVOST 350150 0 25000 0 0 0 25500 0 8813 0 409463 0 0 0 KENNETH CODY VICE PRESIDENT 344811 0 7500 0 0 0 25500 0 1510 0 379321 0 0 0 JOANN MCKENNA VICE PRESIDENT 278075 0 25000 0 0 0 25500 0 4699 0 333274 0 0 0 J ANDREW SHEPARDSON VICE PRESIDENT 210613 0 20000 0 0 0 21250 0 8729 0 260592 0 0 0 JUDITH MALONE GENERAL COUNSEL 197621 0 15000 0 0 0 20458 0 24665 0 257744 0 0 0 ROBERT GALLIERS PROFESSOR 330015 0 0 0 72512 0 25500 0 10813 0 438840 0 0 0 M LYNNE MARKUS PROFESSOR 285521 0 0 0 81119 0 25500 0 8800 0 400940 0 0 0 JEAN BEDARD PROFESSOR 284300 0 0 0 64554 0 25500 0 28317 0 402671 0 0 0 ROY WIGGINS III DEAN 252818 0 0 0 60843 0 25500 0 24218 0 363379 0 0 0 DAVID PERRY CHIEF MARKETING OFFICER 264747 0 20000 0 0 0 25500 0 22228 0 332475 0 0 0 TRACI LOGAN FORMER VICE PRESIDENT 333692 0 7500 0 0 0 25500 0 9315 0 376007 0 0 0 BENEFITS PART II, LINE 1 THE UNIVERSITY PROVIDES ON CAMPUS HOUSING FOR ITS PRESIDENT FOR THE CONVENIENCE OF THE UNIVERSITY; ESTIMATED MONTHLY RENTAL CHARGE IS $4,000 OR $48,000 ANNUALLY, AND IS INCLUDED AS A NONTAXABLE BENEFIT IN COLUMN D. IN ADDITION, ESTIMATED PERSONAL COST RELATED TO MAID SERVICE FOR THE HOUSE IS $2,496 WHICH IS INCLUDED AS TAXABLE INCOME. THE UNIVERSITY PROVIDED FIRST CLASS TRAVEL FOR THE PRESIDENT FOR ONE TRIP ON UNIVERSITY BUSINESS DURING THE YEAR. THE FIRST CLASS TRAVEL WAS APPROVED IN ADVANCE BY THE VP FOR BUSINESS AND FINANCE. GLORIA LARSON'S BONUS PART I, LINE 7 & PART II, COLUMN B(II) PURSUANT TO HER EMPLOYMENT CONTRACT, THE PRESIDENT SHALL BE CONSIDERED ANNUALLY BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, FOR A BONUS WITH A TARGET OF 15%, AND A MAXIMUM OF 30% OF THE BASE SALARY. THE AMOUNT OF THE BONUS SHALL BE DETERMINED BY THE COMPENSATION COMMITTEE BASED ON ITS ASSESSMENT OF THE PRESIDENT'S PERFORMANCE AND THAT OF BENTLEY UNIVERSITY AGAINST APPROPRIATE GOALS ESTABLISHED ANNUALLY BY THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE, IN ITS SOLE DISCRETION, MAY DETERMINE NOT TO AWARD A BONUS FOR ANY GIVEN YEAR. TORREY, PAGE, CODY, LOGAN, MCKENNA, AND MALONE RECEIVED BONUS PAYMENTS. THE BONUSES ARE AWARDED BASED ON RECOMMENDATIONS MADE BY THE PRESIDENT AND ARE APPROVED BY THE COMPENSATION AND BENEFITS COMMITTEE WITH THE RATIONALE BASED UPON HER ASSESSMENT OF THE INDIVIDUAL'S PERFORMANCE. PART II, COLUMN B(III) DURING THE REPORTING PERIOD, PROFESSORS GALLIERS, MARKUS, BEDARD AND WIGGINS ALL PARTICIPATED IN ADDITIONAL FACULTY ROLES. THE AMOUNTS IN THIS COLUMN ARE NOT BONUS OR INCENTIVE COMPENSATION, BUT RATHER ADDITIONAL COMPENSATION FOR ADDITIONAL SERVICES PERFORMED. A MA DEVELOPMENT FINANCE AGENCY 043431814 2013-12-10 71143000 REFINANCING/CAPITAL PROJECTS false false false B MA DEVELOPMENT FINANCE AGENCY 043431814 2013-12-10 37157000 REFINANCING false false false C MA DEVELOPMENT FINANCE AGENCY 043431814 57583R2N4 2010-09-16 41816878 REFUNDING false false false A 0 0 71143000 0 0 0 504913 0 0 834306 59624181 10179600 2015 true false false true B 0 0 37157000 0 0 0 0 0 0 0 37157000 0 2013 true false true true C 7506878 0 41816878 0 0 0 454697 0 0 0 41362181 0 2010 true false true true A false true true true false 0.01302 0.00000 0.01302 false false 0.00000 false true B false true true true false 0.00877 0.00000 0.00877 false false 0.00000 false true C 0.00000 0.00000 0.00000 0.00000 A false true false false true false 0 false 0 false true B false false true false true false 0 false 0 false true C false false true false false false 0 false 0 false true A true B true C true BCBS OF MASSACHUSETTS GLORIA LARSON-PRESIDENT 134568 SEE PART V false BUSINESS TRANSACTIONS WITH INTERESTED PERSONS PART IV LINE 1 GLORIA LARSON IS A MEMBER OF THE BOARD OF DIRECTORS OF BLUE CROSS BLUE SHIELD, AN INSURANCE COMPANY THE UNIVERSITY USES TO OFFER HEALTH COVERAGE FOR ITS RETIRED EMPLOYEES ONLY. THEIR APPOINTMENT IS REVIEWED ANNUALLY FOLLOWING RECOMMENDATION OF PRODUCT OFFERING AND PRICING BY AN INDEPENDENT BROKER. MS. LARSON HAS NEVER BEEN INVOLVED IN THE REVIEW OR DECISION PROCESS. X 18 120622 FMV X EQUIPMENT 2 6950 FMV 0 false true false NONCASH CONTRIBUTIONS PART I, COLUMN B THE AMOUNTS IN COLUMN B REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. ORGANIZATION'S MISSION FORM 990, PART III, LINE 1 BENTLEY UNIVERSITY IS ONE OF THE NATIONS' LEADING BUSINESS SCHOOLS, DEDICATED TO PREPARING A NEW KIND OF BUSINESS LEADER AND ONE WITH THE DEEP TECHNICAL SKILLS, THE BROAD GLOBAL PERSPECTIVE AND THE HIGH ETHICAL STANDARDS REQUIRED TO MAKE A DIFFERENCE IN AN EVER-CHANGING WORLD. TO ACHIEVE OUR GOAL, WE INFUSE OUR ADVANCED BUSINESS CURRICULUM WITH THE RICHNESS OF A LIBERAL ARTS EDUCATION. THE RESULTS ARE GRADUATES WHO ARE MAKING AN IMPACT IN THEIR CHOSEN FIELDS AND TURNING THEIR PASSIONS INTO SUCCESS STORIES. LOCATED ON A CLASSIC NEW ENGLAND CAMPUS JUST MINUTES FROM BOSTON, BENTLEY IS A DYNAMIC COMMUNITY OF LEADERS, SCHOLARS AND CREATIVE THINKERS. BENTLEY UNIVERSITY ENJOYS A STRONG POSITION IN MANY MAJOR RANKINGS AND LISTS INCLUDING: U.S. NEWS & WORLD REPORT, BLOOMBERG BUSINESS WEEK, THE PRINCETON REVIEW AND MANY OTHER NATIONAL PUBLICATIONS. UNDERGRADUATE AND GRADUATE BUSINESS PROGRAMS AT BENTLEY UNIVERSITY ARE ACCREDITED BY THE AACSB INTERNATIONAL AND THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS. THE UNIVERSITY IS ALSO ACCREDITED BY THE NEW ENGLAND ASSOCIATION OF SCHOOLS AND COLLEGES INC. (NEASC). ALL OF THESE ACCREDITATIONS INDICATE THAT BENTLEY UNIVERSITY MEETS OR EXCEEDS ESTABLISHED STANDARDS AS DETERMINED BY PERIODIC AACSB PEER GROUP REVIEW. IN ADDITION BENTLEY UNIVERSITY IS ONE OF ONLY TWO BUSINESS SCHOOLS IN THE U.S. AND 130 BUSINESS SCHOOLS WORLDWIDE, TO EARN EUROPEAN QUALITY IMPROVEMENT SYSTEM (EQUIS) ACCREDITATION. EQUIS IS THE LEADING INTERNATIONAL SYSTEM OF QUALITY ASSESSMENT, IMPROVEMENT, AND ACCREDITATION OF HIGHER EDUCATION INSTITUTIONS IN MANAGEMENT AND BUSINESS ADMINISTRATION. PROGRAM SERVICES FORM 990, PART III, LINES 4A-4D LINE 4A, INSTRUCTION: FOUNDED IN 1917 AS THE BENTLEY SCHOOL OF ACCOUNTING AND FINANCE, BENTLEY UNIVERSITY PLACES VITAL EMPHASIS ON THE QUALITY OF ITS FACULTY AS DEDICATED TEACHER-SCHOLARS/SCHOLARS. ACADEMICS ACROSS ALL DEPARTMENTS ARE COMMITTED TO ESTABLISHING EFFECTIVE TEACHING AND LEARNING RELATIONSHIPS WITH STUDENTS BOTH INSIDE AND OUTSIDE THE CLASSROOM, WHILE SIMULTANEOUSLY PURSUING SCHOLARLY RESEARCH THAT CONTRIBUTE TO THE KNOWLEDGE AND THAT SUPPORT THE UNIVERSITY'S TEACHING MISSION. LINE 4B, AUXILIARY ENTERPRISES: APPROXIMATELY 80% OF BENTLEY'S UNDERGRADUATES STUDENTS LIVE ON CAMPUS PROVIDED HOUSING. RESIDENCE HALLS INCLUDE SINGLE, DOUBLE, TRIPLE AND QUADRUPLE-OCCUPANCY ROOMS AS WELL AS APARTMENTS AND SUITES. ALL OF THE RESIDENCE HALLS OFFER STUDENTS MODERN DAY AMENITIES. IN ADDITION THE UNIVERSITY OFFERS RESIDENT STUDENTS SEVERAL DIFFERENT DINING OPTIONS TO CHOOSE. LINE 4C, STUDENT SERVICES: OUR MORE THAN 100 STUDENTS ORGANIZATIONS PROVIDE COUNTLESS OPPORTUNITIES FOR INVOLVEMENT, LEARNING AND LEADERSHIP. THE OFFICE OF STUDENT ACTIVITIES, WORKING WITH THE ASSOCIATION OF BENTLEY ACTIVITIES (ABA), HELPS RECOGNIZE, SUPPORT AND MANAGE ALL OF OUR STUDENT ORGANIZATIONS AND VIBRANT COMMUNITY OF STUDENT LEADERS. THE UNIVERSITY FIRMLY BELIEVES THAT GETTING INVOLVED IN THESE TYPES OF PROGRAMS IS CRUCIAL TO SUCCESS AT THE UNIVERSITY. AT BENTLEY, YOU ARE SURROUNDED BY A STRONG STUDENT LEADER COMMUNITY - AND THAT IS WHAT MAKES OUR CAMPUS SUCH A STRONG AND VIBRANT PLACE TO BE. WE FIRMLY BELIEVE THAT GETTING INVOLVED IN STUDENT ORGANIZATIONS, COMMUNITIES AND CO-CURRICULAR ACTIVITIES IS CRUCIAL TO OUR SUCCESS ON CAMPUS. LINE 4D, OTHER PROGRAM SERVICES: BENTLEY'S BUSINESS-ORIENTED HIGH-TECH CENTERS AND LEARNING FACILITIES GIVE STUDENTS HANDS-ON EXPERIENCE WITH THE LATEST HARDWARE AND SOFTWARE IN FINANCE, INFORMATION SYSTEMS, MARKETING, ACCOUNTING AND LANGUAGES. OUR ACADEMIC CENTERS ENRICH STUDENTS WITH RESOURCES AND THOUGHT LEADERSHIP IN ARTS, ETHICS, INTERNATIONAL EDUCATION, AND SERVICE OPPORTUNITIES. FORM 990 REVIEW PROCESS FORM 990, PART VI, SECTION B, LINE 11 A FULL AND COMPLETE COPY OF THE FORM 990 AND ALL ITS ACCOMPANYING SCHEDULES WAS SENT ELECTRONICALLY TO THE UNIVERSITY'S TRUSTEE AUDIT COMMITTEE IN MID APRIL FOR ITS REVIEW. UPON COMPLETION OF THAT REVIEW, THE COMPLETE FORM 990 WAS MADE AVAILABLE TO THE FULL BOARD IN EARLY MAY PRIOR TO FILING. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE UNIVERSITY'S BOARD OF TRUSTEES AND SENIOR MANAGEMENT MAY, FROM TIME TO TIME, BE ASSOCIATED, EITHER DIRECTLY OR INDIRECTLY, WITH COMPANIES DOING BUSINESS WITH THE UNIVERSITY. THE UNIVERSITY HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT REQUIRES, AMONG OTHER THINGS, THAT NO MEMBER OF THE BOARD OF TRUSTEES MAY PARTICIPATE IN ANY DECISION IN WHICH HE OR SHE HAS A MATERIAL FINANCIAL INTEREST. EACH TRUSTEE IS REQUIRED TO CERTIFY COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS AS WELL AS DISCLOSE ANY POTENTIAL RELATED-PARTY TRANSACTIONS TO THE AUDIT COMMITTEE. WHEN SUCH A RELATIONSHIP EXISTS, THE UNIVERSITY REQUIRES THAT SUCH TRANSACTIONS BE CONDUCTED AT ARM'S LENGTH, WITH TERMS THAT ARE FAIR AND REASONABLE TO THE UNIVERSITY. FOR SENIOR MANAGEMENT, THE UNIVERSITY REQUIRES ANNUAL DISCLOSURE OF SIGNIFICANT FINANCIAL INTERESTS IN, OR GOVERNANCE OF EMPLOYMENT OR CONSUL TING RELATIONSHIPS WITH ENTITIES DOING BUSINESS WITH THE UNIVERSITY. WHEN SUCH RELATIONSHIPS EXIST, MEASURES ARE TAKEN TO APPROPRIATELY MANAGE THE ACTUAL OR PERCEIVED CONFLICT IN THE BEST INTEREST OF THE UNIVERSITY. COMPENSATION POLICY FORM 990, PART VI, SECTION B, LINE 15 SALARY AND BENEFIT COMPENSATION ARRANGEMENTS FOR THE PRESIDENT AND ALL OFFICERS ARE REVIEWED AND APPROVED IN ADVANCE OF ANY PAYMENT BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES WHO IS INDEPENDENT OF MANAGEMENT AND FREE OF ANY CONFLICTS OF INTEREST THAT WOULD INTERFERE WITH THEIR EXERCISE OF INDEPENDENT JUDGMENT. THIS INCLUDES REVIEW OF OTHER NON-PROFIT ORGANIZATIONS FORM 990, GENERAL SALARY SURVEYS AND STUDIES, AND REQUIRES APPROVAL BY THE FULL BOARD. IN ADDITION, THE UNIVERSITY USES AN INDEPENDENT PARTY THAT REVIEWS SALARY INFORMATION AND REPORTS RESULTS TO THE COMPENSATION AND BENEFITS COMMITTEE OF THE BOARD OF TRUSTEES. DETAIL OF ALL DISCUSSIONS WITH THE TRUSTEE COMMITTEE IS CONTEMPORANEOUSLY DOCUMENTED. PUBLIC DISCLOSURE FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S PRINCIPAL GOVERNING DOCUMENTS, INCLUDING THE ARTICLES OF INCORPORATION AND BY-LAWS, ARE FILED WITH THE MASSACHUSETTS SECRETARY OF STATE AND THEREFORE AVAILABLE TO THE PUBLIC. THE UNIVERSITY'S FINANCIAL STATEMENTS ARE POSTED ON THE UNIVERSITY'S WEBSITE FOR PUBLIC VIEWING. REGARDING CONFLICT OF INTEREST, THE INDIVIDUAL FORMS SIGNED BY TRUSTEES AND OFFICERS ARE NOT AVAILABLE FOR PUBLIC INSPECTION BUT THE UNIVERSITY'S FINANCIAL STATEMENTS DO INCLUDE A FOOTNOTE DISCUSSING RELATED-PARTY TRANSACTIONS. THE CONFLICT OF INTEREST POLICY IS ALSO AVAILABLE UPON REQUEST. OTHER CHANGES IN NET ASSETS OR FUND BALANCES 990, PART XI, LINE 9 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP $ 508,000 CHANGE IN VALUE OF SPLIT INTEREST TRUST $ (802,000) RECLASSIFICATION OF NET ASSETS $ 112,000 CHANGE IN POST-RETIREMENT RETIREMENT COSTS $ (106,000) REFINANCING OF LONG TERM DEBT $ (577,000) TOTAL $ (865,000) CHARITABLE REMAINDER ANNUITY TRUST (5) CRAT MA BENTLEY Trust true CHARITABLE REMAINDER UNITRUST (7) CRUT MA BENTLEY Trust true true false false false false true false false false false false false false false false false false false true CRAT A 1151 ACCRUAL CRUT A 72409 ACCRUAL