2014-11-17T07:35:35-06:00 2014-06-30 010523282 Berry Dunn McNeil & Parker LLC PO Box 1100 Portland ME 041041100 990 2013-07-01 020223955 New England College NEWE 6034282211 98 Bridge St Henniker NH 03242 Paula Amato Vice President-Finance & Admin 6034282211 2014-11-13 1 Barbara J McGuan CPA P00219457 2077752387 2014-11-13 2013 2015-11-30 17:44:51Z Michele D Perkins 98 Bridge St Henniker NH 03242 46081263 0 X WWW.NEC.EDU X 1946 NH An independent liberal arts college offering undergraduate, graduate and professional programs. 17 16 868 25 110745 0 2500514 2681415 40859266 42383954 237959 679105 145932 135586 43743671 45880060 13798874 15026478 0 0 18247575 17775508 0 0 655176 10676705 11453614 42723154 44255600 1020517 1624460 32432752 35270939 8878884 9180674 23553868 26090265 X New England College emphasizes experiential learning as an essential component in the development of an enduring academic community. Building upon a strong liberal arts foundation, we challenge our students to reach their full potential through informed discourse and the pursuit of excellence in a framework of academic freedom that reflects the following values: imaginative, innovative, and creative approaches to all their endeavors; respect for self in the development of personal, social, physical and intellectual abilities; caring and collaborative relationships among members of our community; respect for the varied qualities of individuals, communities, and the world; an appreciation of beauty and elegance in the search for truth; inquiry into and the pursuit of social justice; ethical and responsible citizenship, including service to the community; the pursuit of ecological sustainability; continuous learning and a lifetime of personal achievement. 0 0 36087479 15026478 42273209 The College provides an education that develops critical and creative thinking abilities, effective communication skills, and responsible academic and social commitments; historical and comparative understanding of the humanities, social sciences, and natural sciences; responsiveness to ethical and humane concerns; respect for gender, ethnicity, generational, racial and religious identities, and an appreciation for natural environments and world cultures; and a foundation for lifelong learning. New England College offers undergraduate, graduate and professional programs leading to the degrees of Bachelor of Arts, Bachelor of Science, Master of Science, Master of Education and a doctorate in Higher Education Administration and K-12 Leadership. 36087479 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 47 0 1 868 1 1 1 0 0 0 0 0 0 0 0 0 X 17 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH X Paula Amato 6034282461 98 Bridge Street Henniker NH 032423293 Alexander Scourby Vice Chair 2.00 X X 0 0 0 Alyson Pitman-Giles Secretary 2.00 X X 0 0 0 Edmund C Beebe Jr Trustee 2.00 X 0 0 0 James Murtha PhD Chairman 10.00 X X 0 0 0 Jeffrey K Towle Trustee 2.00 X 0 0 0 John Maguire PhD Trustee 2.00 X 0 0 0 John Stevens Trustee 2.00 X 0 0 0 Mary Simon Streep Trustee 2.00 X 0 0 0 Mary V Bell Trustee 2.00 X 0 0 0 Michele D Perkins EdD President 40.00 X X 269105 0 60181 Scott Simpson Trustee 2.00 X 0 0 0 Stephen A Geremia Trustee 2.00 X 0 0 0 Thomas W Farmen Trustee 2.00 X 0 0 0 TJ Whitelaw Trustee 2.00 X 0 0 0 Daniel Lynch Trustee 2.00 X 0 0 0 Elbridge T Gerry III Trustee 2.00 X 0 0 0 Robert T Hamecs Trustee 2.00 X 0 0 0 Paula A Amato CMA VP of Finance and Administ 40.00 X 171951 0 27413 Debra Nitschke-Shaw Professor 35.00 X 127646 0 28226 Mark T Watman VP of Academic Affairs 40.00 X 134804 0 28090 William K Giles Executive Director or Graduate Admissions 35.00 X 119034 0 19753 Ali Reza Jalili Professor 35.00 X 110201 0 34405 Morgan Smith VP Of Advancement & Communication 40.00 X 140799 0 32180 1073540 0 230248 12 0 1 0 Sasaki Associates Inc 64 Pleasant Street Watertown MA 02472 Architectural Services 239321 SilverTech Associates 196 Bridge Street Manchester NH 03104 Website Design Services 102100 2 408144 2273271 202352 2681415 Tuition and Fees 611710 34981926 34981926 Auxiliary Services 713990 6468886 6358141 110745 Student Services 611710 412383 412383 Various Other Income 611710 395024 395024 Commencement Income 611710 86735 86735 39000 39000 42383954 219198 219198 661110 201203 459907 459907 459907 135586 0 135586 135586 45880060 42273209 110745 814691 15026478 15026478 528650 528650 13160175 10940276 1800961 418938 400508 293489 92390 14629 2730650 2070337 660313 955525 725148 198328 32049 289298 289298 51131 51131 83615 83615 23796 23796 410094 210153 176104 23837 657487 558906 98581 1295907 110264 1153973 31670 400222 400222 1890316 1434561 455755 390520 254843 124376 11301 118725 89569 29156 129747 129747 1617664 458424 1159240 81123 80000 1123 Food Service Operations 2284658 2284658 Other Organizational Op 1288346 1039303 203416 45627 Equipment Purchases 234435 163196 71239 Dues and Memberships 130810 58576 70829 1405 75720 75720 44255600 36087479 7512945 655176 1725500 1509203 208009 206402 922676 642837 2687071 2505823 2894821 3039946 103175 106479 1102381 1538608 42921254 28927587 13446280 13993667 9209835 11727974 133004 0 32432752 35270939 2664139 3653451 1061110 773092 3517567 3592098 431290 14745 1204778 1147288 8878884 9180674 X 12226362 12915022 5663959 6096579 5663547 7078664 23553868 26090265 32432752 35270939 X 1624460 989494 -77557 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 139295 281845 X X 0 9274824 1275871 1659637 271203 23796 11915333 8145908 153674 1176692 153671 47779 9274824 8053266 133675 130848 133675 38206 8145908 6770824 198829 1320516 198829 38074 8053266 5953674 278566 851043 278565 33894 6770824 0.27100 0.57040 0.15860 0 0 750030 750030 23653962 16581829 7072133 15107427 12345758 2761669 3409835 3409835 13993667 Refundable Advances 1147288 1147288 31758872 989494 989494 30769378 23796 15086886 15110682 45880060 29222476 0 29222476 23796 15009328 15033124 44255600 Part III, Line 4: Andy Warhol photographs are part of the College's permanent art collection and is frequently on display at the New England College Gallery in Preston Barn. The Gallery is a focal point for the visual arts in the region. In keeping with the College's mission, the Gallery is accessible, welcoming and free to the community at large. Part V, Line 4: The College's endowment primarily consists of funds established for scholarships. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments. As required by U.S. generally accepted accounting principles (GAAP), net assets associated with endowment funds, including funds designated by the Board of Trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. The College has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the College must hold in perpetuity or for a donor-specified period(s) as well as board-designated funds. Under this policy, as approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to produce results that exceed the price and yield results of appropriate market indices while assuming a moderate level of investment risk. The College's investment objectives are to provide a total return sufficient to support the College's operating budget while preserving the assets against inflation. To meet these objectives the Board seeks a total return of at least 5% greater than the rate of inflation as measured by the Consumer Price Index (U.S. CPI-U) over a long-term horizon. Total return is defined as dividends or interest income, plus or minus realized and unrealized capital appreciation or depreciation at fair market value, net of fees. The maximum amount of endowment income utilization is determined by a spending formula approved by the Board of Trustees. The amount available for spending is set at 5% of the previous three-year average market value for the years ended June 30, 2014 and 2013, respectively. The amounts available to be distributed, net of unspent endowment income, under the spending policy were $458,223 and $409,939 for the years ended June 30, 2014 and 2013, respectively. These amounts are included in change in net assets from operations. Investment income greater or less than the amounts available to be distributed under the spending policy is reported as nonoperating income. Part XI, Line 4b - Other Adjustments: Institutional Financial Aid 15,009,328. Write Off of Unamortized Debt Issue Costs 74,573. Change in fair value of interest rate swap 2,985. Part XII, Line 4b - Other Adjustments: Institutional Financial Aid 15,009,328. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The nondiscrimination policy is prominently included in all application materials as well as on the school's web site and in other printed materials. Schedule E, Part I, Line 6 The college participates in various federal and state governmental financial aid programs. Miscellaneous Fundraising Events 135586 135586 135586 135586 135586 1 State Grant 85 38675 Federal Pell Grant 971 3273310 Federal SEOG Grant 287 305952 Federal Work Study 190 204228 Various Scholarships 855 10904613 FMV Internal Scholarships Endowed Scholarship Recipients 76 299700 Part I, Line 2: All assistance to individuals is in the form of financial aid, grants, scholarships and tuition discounts awarded to students. Assistance is applied directly to the student's account balance. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Michele D Perkins EdD President 267970 0 0 0 1135 0 12981 0 47200 0 329286 0 0 0 Paula A Amato CMA VP of Finance and Administ 171592 0 0 0 359 0 9000 0 18413 0 199364 0 0 0 Debra Nitschke-Shaw Professor 127432 0 0 0 214 0 6752 0 21474 0 155872 0 0 0 Mark T Watman VP of Academic Affairs 134696 0 0 0 108 0 7000 0 21090 0 162894 0 0 0 Morgan Smith VP Of Advancement & Communication 140679 0 0 0 120 0 6779 0 25401 0 172979 0 0 0 A New Hampshire Health and Education Facilities Authority 020279866 2014-02-28 3635802 Refund the outstanding principal of Series 2011 and HUD Bonds 0 0 0 A 43703 3635802 71279 3564523 2014 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 1 0 0 0 0 0 0 A 0 William K Giles Step-son of Alyson Pitman Giles, Secretary 138788 William Giles is the step-son of Alyson Pitman Giles, Secretary of the Board. William was employed by the Organization and held the title of Executive Director of Graduate Admissions. His employement ended in January 2014. The transaction amount includes William's W-2 compensation, employer paid deferred compensation, employer paid nontaxable benefits and employee paid pre-tax benefits. 0 X 1 139295 Most Recent Auction Pric X 4 63057 FMV 0 1 1 Part I, Line 32b: The organization uses a brokerage account to sell contributions of stock. Form 990, Part VI, Section B, line 11 The audit committee reviews the 990 prior to its filing. After their review and any necessary changes are made, each board member is given a copy to review. Form 990, Part VI, Section B, line 12c An annual reporting is conducted by the VP of Finance. The process involves sending out a form each year to all trustees. The form is updated by these individuals and is then reviewed by the VP of Finance to ensure that there were no note-worthy changes in the current year. Form 990, Part VI, Section B, line 15 In 2010, the organization engaged an outside firm to do an extensive executive compensation study for the officers. This study will be used to determine compensation for officers through 2014. Form 990, Part VI, Section C, line 19 The organization includes all of these documents in the college's library - which is available to the public upon request - and in all Vice President offices. Form 990, Part XI, line 9: Change in Fair Value of Interest Rate Swap -2,985. Write off of Unamortized Debt Issue Costs -74,572.