2013-05-15T13:07:13-05:00 2012-06-30 GRANT THORNTON LLP 226 CAUSEWAY STREET BOSTON MA 021142155 990 2011-07-01 042103731 Merrimack College % ALEXA ABOWITZ MERR 9788375000 315 Turnpike Street North Andover MA 01845 ALEXA ABOWITZ 2013-05-15 true LAURA J KENNEY 6177237900 2011 2016-02-24 21:20:13Z Christopher Hopey 315 Turnpike Street North Andover MA 01845 100772909 false X www.merrimack.edu X 1947 MA Merrimack's mission is to prepare students to adapt creatively to tomorrow's realities through excellence in the liberal arts, sciences, and the professions. 22 21 1660 35 334004 -346063 3409479 3525836 76724380 90224622 1124386 1059768 2933161 2825675 84191406 97635901 23542341 28591383 0 0 34483582 39223440 0 0 1723765 26927936 30060187 84953859 97875010 -762453 -239109 123129389 121723369 53851442 57194584 69277947 64528785 X INSPIRED BY THE CATHOLIC FAITH AND THE AUGUSTINIAN TRADITION, OUR VISION IS TO: A. PREPARE STUDENTS TO ADAPT CREATIVELY TO TOMORROW'S REALITIES THROUGH EXCELLENCE IN THE LIBERAL ARTS, SCIENCES, AND THE PROFESSIONS. B. BUILD A COMMUNITY OF SCHOLARS WELCOMING AND RESPECTING A DIVERSITY OF BACKGROUNDS, EXPERIENCES, BELIEFS, AND PERSPECTIVES. C. CULTIVATE THE INTELLECTUAL, MORAL, SPIRITUAL, PHYSICAL, AND PERSONAL AWARENESS NEEDED TO MAKE WISE CHOICES FOR LIFE, CAREER AND SERVICE. D. ENCOURAGE AND SUPPORT SCHOLARLY WORK THAT CONTRIBUTES TO THE WISDOM ON WHICH SOCIETY BASES ITS DECISIONS. E. ENGAGE OTHER EDUCATIONAL INSTITUTIONS, INDUSTRIES, AND AGENCIES OF SOCIAL CHANGES IN COLLABORATIVE EFFORTS FOSTERING A JUST, PEACEFUL, AND SUSTAINABLE WORLD. false false 50364909 28454925 73012387 Educational Instruction: Merrimack College offers undergraduate degrees in the liberal arts, business, science and engineering, and education programs in addition to offering masters programs in education and a range of certificate, licensure and degree completion offerings. The college community includes approximately 2,200 day students and 250 evening students. 12821764 19787792 Auxiliary Services: A primarily residential college, Merrimack houses students in a variety of living arrangements, from residence halls for first-year students to apartments for seniors. Residential life provides a living/learning environment, promoting personal growth and encouraging students to develop their whole selves. Merrimack dining service seeks to provide the finest quality meals and services to the entire Merrimack community, students, faculty, staff and guests. The college also has athletic facilities, including baseball, softball, football, basketball, and an ice arena. 14560590 Student Services: Merrimack College provides various services to the student body, including counseling, career guidance, financial aid, registrar, student activities, campus ministry, health services and athletic programs. 4920844 academic support expenditures 4920844 82668107 true true false true false false false false false true true false false true true true true false true false true false true false true false false false true true true false false false false false false false false false false true false false false false false false false false false true 5117 1 true 1660 true true true false false false false true true false false false false X 22 21 false false true true false false false true true false false true true true true true true true true false MA X ALEXA ABOWITZ 9788375150 315 TURNPIKE STREET North Andover MA 01845 Christopher Hopey 40.0 X X 393738 0 53639 Brian C Mitchell 1.0 X 0 0 0 Timothy R Murphy 1.0 X 0 0 0 Marybeth McInnis 1.0 X 0 0 0 Patrick B Maraghy 1.0 X 0 0 0 Rev Anthony M Genovese 1.0 X 0 0 0 Rev Joseph Calderone 1.0 X 0 0 0 Tom Carroll 1.0 X 0 0 0 Michael K Crowe 1.0 X 0 0 0 F Ken Duane 1.0 X 0 0 0 Rev Joseph L Farrell 1.0 X 0 0 0 Rev William T Garland 1.0 X 0 0 0 Rev Robert P Hagan 1.0 X 0 0 0 Paul Jordan 1.0 X 0 0 0 Karen Kalil-Brown 1.0 X 0 0 0 Thomas J Kinton Jr 1.0 X 0 0 0 William P Leahy 1.0 X 0 0 0 Rev Gary N McCloskey 1.0 X 0 0 0 Timothy McCoy 1.0 X 0 0 0 John Pasini 1.0 X 0 0 0 Andrea Robertson 1.0 X 0 0 0 FATHER PETER M DONOHUE OSA 1.0 X 0 0 0 Mark Vadala 40.0 X 168622 0 21429 Alexa Abowitz 40.0 X 161406 0 19364 Mark Dennehy 40.0 X 183107 0 35741 Kristin Greene 40.0 X 166130 0 5315 Josephine Modica-Napolitano 40.0 X 163920 0 13688 Susan Thorn 40.0 X 150029 0 36858 James Dennis 40.0 X 141718 0 35469 1528670 0 221503 26 false true false Grant Thornton LLP 226 Causeway Street 6th Floor BOSTON MA 02114 Auditing 334469 Financial Aid Services Inc 180 Interstate North Parkway Suite ATLANTA GA 30339 Consultant 251972 Jenzabar Inc PO Box 845939 BOSTON MA 022845939 IT Services 222555 Eduventures Inc Prudential Twr 9th Fl 800 Boylesto BOSTON MA 02199 Consultant 205565 Bingham McCutchen LLP PO Box 3486 BOSTON MA 022413486 Attorney 167004 10 8530 822352 2694954 99120 3525836 TUITION & FEES 611710 73012387 73012387 ROOM & BOARD 721000 17212235 17212235 90224622 1108055 -8862 1116917 191 191 0 2950758 2999236 -48478 -48478 -48478 45024 8530 137772 -92748 -92748 0 0 ICE RINK RENTALS 342866 342866 CONFERENCE AND EVENT RENTALS 645721 645721 CAMPS INCOME 63805 63805 1866031 1866031 2918423 97635901 92800179 334004 975882 0 27940864 27940864 650519 650519 0 852052 683801 168251 0 29800241 24051119 4843834 905288 1524681 1196503 274955 53223 4937507 3874743 887620 175144 2108959 1657365 390897 60697 0 204870 204870 354600 354600 0 0 40888 40888 2776532 1947235 790083 39214 409292 395994 13298 1439165 918015 421675 99475 464955 115825 348063 1067 0 2480335 2302027 166496 11812 1400219 1285497 50197 64525 0 111379 55276 52045 4058 1883451 1828311 55089 51 0 4896948 4376383 516898 3667 624573 591460 30134 2979 FOOD SERVICE EXPENSE 5540063 5143412 366875 29776 EQUIPMENT RENTAL MAINTENANCE 2227838 1218624 951532 57682 LIBRARY BOOKS & PUBLICATIONS 502681 501556 1125 MEMBERSHIP DUES 192325 89210 97192 5923 4510073 2528169 1940971 40933 97875010 82668107 13483138 1723765 0 0 3809239 9730920 2767167 1389541 2031063 3036229 0 0 0 0 1752101 0 28414 11284 2097406 2117346 137410104 73980504 65806280 63429600 36239020 33345680 1739377 2195307 0 0 0 0 6859322 6467462 123129389 121723369 5161309 8169386 0 0 7088186 9521841 37666165 35585326 0 0 0 0 339569 256637 0 0 3596213 3661394 53851442 57194584 X 39147715 36082743 11679820 9439667 18450412 19006375 69277947 64528785 123129389 121723369 X -239109 -4510053 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true LOBBYING ACTIVITIES PART II-B, LINE 11 The college is a member in certain professional organizations including the National Association of College and University Business Officers, and other regional organizations. A portion of these membership dues may be considered lobbying expenses, but the college has not made any internal allocation of such dues. 37192284 576036 528977 852185 2361308 35083804 30837487 379215 6795911 820229 0 0 37192384 28045769 514113 3286043 878865 129573 0 30837487 35373939 510080 -5885453 925780 1027017 0 28045769 0.24000 0.54000 0.22000 false false 213318 213318 93586217 40661954 52924263 1040656 500114 540542 33933129 28463561 5469568 8636784 4354875 4281909 63429600 DEPOSITS WITH BOND TRUSTEES 6013593 CASH SURRENDER VALUE OF SDLI 458972 OTHER ASSETS -5103 6467462 0 REFUNDABLE ADV. - US GOVERNMENT 3661394 3661394 97635901 97875010 -239109 -478414 -4031639 -4510053 -4749162 93222731 -478414 -4031639 -4510053 97732784 40888 -137771 -96883 97635901 97971893 137771 137771 97834122 40888 40888 97875010 Intended Uses of Endowment Funds Schedule D, Part V, Line 4 The College maintains and spends its endowment funds prudently under the guidelines of the laws of the Commonwealth of Massachusetts in order to maximize investment return while preserving donor corpus. Endowment funds primarily provide for the following: student financial aid, student services, academic support, athletic programs and capital projects. All uses of endowment fund earnings are in accordance with donor intent consistent with institutional mission. FIN 48- ASC 470 Schedule D, Part X, Line 2 The College is a not-for-profit organization that is generally exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provisions for income taxes related to tax exempt activities is recorded in the financial statements. The College recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. There have been no material changes in unrecognized benefits during the years ended June 30, 2012. It is the College's policy to record estimated interest and penalties (if any) as part of management and general expense. Management believes that the College's income tax returns for fiscal years ending prior to June 30, 2008 are no longer subject to examination by tax authorities in its major tax jurisdictions. Schedule D, Part XI, Line 7 Provision for losses- Perkins Loan Program ($2,300,000) Bequest adjustment ($1,731,639) Total ($4,031,639) Revenues included on 990 but not on financial statements Schedule D, Part XII, Line 4b FUNDRAISING EXPENSES INCLUDED ON PART VIII PER FORM 990 INSTRUCTIONS: $137,771 Expenses Included on Financial Statements but not 990 Schedule D, Part XIII, Line 2d FUNDRAISING EXPENSES INCLUDED ON PART VIII PER FORM 990 INSTRUCTIONS: $137,771 true true true true true true true false false false false false false false false true false true Publication of Racially Nondiscriminatory Policy Schedule E, Part I, Line 3 Merrimack College does not discriminate in admission or access to any of its educational programs or activities. The College's nondiscriminatory policy is available on the College's website. Government Assistance Schedule E, Part I, Line 6a The College received Federal Title IV monies from the United States Department of Education as well as from various state agencies. true Central America and the Caribbean Program Services Study Abroad 20935 East Asia and the Pacific 0 0 Program Services Study Abroad 184402 Europe (Including Iceland and Greenland) 0 0 Program Services Study Abroad 1342337 South America 0 0 Program Services Study Abroad 15690 Middle East and North Africa 0 0 Program Services Study Abroad 22166 0 0 0 0 1585530 1585530 Scholarship Aid East Asia/Pacific 6 76710 Acct Credit Scholarship Aid Europe/Iceland/Greenland 49 433601 Acct Credit Scholarship Aid South America 1 3750 Acct Credit Meal Stipend East Asia/Pacific 6 19840 Check Meal Stipend Europe/Iceland/Greenland 47 115518 Check Meal Stipend South America 1 1100 Check true false false false true false Procedure for Monitoring Use of Grant Funds Outside U.S. Schedule F, Part I, Line 2 The College provides certain scholarship aid to students while participating in study abroad programs. Eligibility for the aid is determined prior to disbursement and is monitored periodically throughout the term of the grant by the College's Office of Financial Aid. Reunion 28738 4185 24553 0 0 24515 52135 38279 8911 Homecoming 17916 2810 15106 0 0 0 1659 8945 2590 1 6900 1535 5365 0 0 0 0 300 439 53554 8530 45024 0 0 24515 53794 47524 11940 137773 -92749 true Student Scholarships 2031 27940864 Procedure for Monitoring Use of Grant Funds Inside U.S. Schedule I, Part I, Line 2 A report is run at the end of each semester with student identification and names, fund name, and cumulative GPA. Students who fail to achieve the required cumulative GPA are notified that the award is cancelled. They are provided an opportunity to appeal the decision. Appeals are reviewed by the Financial Aid Appeals Committee. X true true X X X X X true false false false false false false false false Christopher Hopey 388962 0 0 0 4776 0 27970 0 25669 0 447377 0 0 0 Mark Vadala 168106 0 0 0 516 0 14450 0 6979 0 190051 0 0 0 Alexa Abowitz 161286 0 0 0 120 0 0 0 19364 0 180770 0 0 0 Mark Dennehy 182987 0 0 0 120 0 13812 0 21929 0 218848 0 0 0 Kristin Greene 110638 0 0 0 55492 0 0 0 5315 0 171445 0 0 0 Josephine Modica-Napolitano 163404 0 0 0 516 0 13092 0 596 0 177608 0 0 0 Susan Thorn 127787 0 0 0 22242 0 11189 0 25669 0 186887 0 0 0 James Dennis 131975 0 0 0 9743 0 11939 0 23530 0 177187 0 0 0 Housing allowance or residence for personal use Schedule J, Part I, Line 1a The President of the College was provided a housing allowance during FY 2012. The housing allowance is treated as taxable income. SEVERANCE PAYMENTS SCHEDULE J, PART I, LINE 4A KRISTIN GREENE RECEIVED A SEVERANCE PAYMENT TOTALLING $55,383.96. THE COLLEGE IS NOT OBLIGATED TO PAY ANY ADDITIONAL AMOUNTS IN FUTURE PERIODS. SUSAN THORN RECEIVED A SEVERANCE PAYMENT TOTALLING $22,112.38. THE COLLEGE IS NOT OBLIGATED TO PAY ANY ADDITIONAL AMOUNTS IN FUTURE PERIODS. JAMES DENNIS RECEIVED A SEVERANCE PAYMENT TOTALLING $8,077.20. THE COLLEGE IS NOT OBLIGATED TO PAY ANY ADDITIONAL AMOUNTS IN FUTURE PERIODS. Massachusetts Development Finance Agency 043431814 2009-10-30 11500000 Refund Bond Issue and Related Swap false true false 316200 0 11500000 0 0 11270000 230000 0 0 0 0 0 2009 true false true true false false false false 0.00000 0.00000 0.00000 true false true false 0 false 0 false true X 6 86095 FMV X Troy Silver Bars 1 8750 FMV X Gold Coins 1 4275 FMV false true true Third Party Assistance of Noncash Contributions SCHEDULE M, PART 1, LINE 32A THE COLLEGE UTILIZES A REGISTERED INVESTMENT ADVISOR TO IMMEDIATELY SELL ALL GIFTS OF STOCK. NUMBER OF ITEMS RECIEVED PART I, COLUMN B AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. Significant Changes to Governing Documents Form 990, Part VI, Line 4 The By-Laws were amended on March 3, 2012 to create two new officer positions: an Immediate Past Chair Position (to be occupied by the said immediate past chair if he or she remains on the Board) and a Second Vice Chair position. Significant Diversion of Assets Form 990, Part VI, Line 5 The College's administration discovered abnormalities in the administration of the Perkins Loan Program. It was determined that between 2000 and 2007 numerous Perkins loans had been created and assigned to students without adequate supporting documentation. The College assessed the Perkins Loan program and hired an outside forensic accounting firm during Fiscal Year 2012 to conduct a thorough review. The College has recorded a loss provision of $4.1 million. The College has been in contact and is working with the U.S. Department of Education and other federal agencies to help resolve all issues related to this situation. Form 990 Review Process Form 990, Part VI, Line 11b Information for Form 990 is gathered and compiled by the Department of Fiscal Affairs and used to populate the tax return in conjunction with tax advisors from a national accounting firm. The resulting draft tax return is forwarded to the president, in house legal counsel, and the audit and finance committee of the board of trustees for their review before filing. A copy of the Form 990 is provided to every voting board member prior to filing with the IRS. Conflict of Interest Policy Monitoring & Enforcement Form 990, Part VI, Line 12c A trustee shall be considered to have conflict of interest if (A) such trustee has existing or potential financial or other interest which impairs or might reasonably appear to impair such member's independent, unbiased judgment in the discharge of their responsibilities to the college, or (B) such trustee is aware that a member of his or her family (which for purposes of this paragraph shall be a spouse or child) or any organization in which such trustee (or member of his or her family) is an officer, director, employee, member, partner, trustee, or controlling stockholder, has such existing or potential financial or other interests. All trustees shall disclose to the board any possible conflict of interest at the earliest practicable time. No trustee shall vote on any matter under consideration at a board of committee meeting in which such trustee has a conflict of interest. The minutes of such meeting shall reflect that a disclosure was made and that the trustee having a conflict of interest abstained from voting. Any trustee who is uncertain whether they have a conflict of interest in any matter may request the board or committee to determine whether a conflict of interest exists. The board or committee shall resolve the question by majority vote. Violation of this policy may result in removal from office. Every year, the college requires the VP for Administration and legal counsel, VP for Finance and CFO, President, and board members to complete a conflict of interest questionnaire. These documents are reviewed by the Department of Fiscal Affairs and Vice President for Administration and legal counsel and any violations are addressed as necessary. Process for Determining Compensation Form 990, Part VI, Line 15a According to Article VII, Section 7 of the Merrimack College By-Laws, the compensation committee shall review the compensation and benefits of the officers of the corporation who are employees of the College and make recommendations for action by the board. The board of trustees' compensation committee uses a published salary survey taken from regional academic institutions comparable to Merrimack to benchmark the President's salary utilizing CUPA and other industry standards data. In addition to receiving salary data, the compensation committee conducts a presidential evaluation process in which all members of the board of trustees are asked to input their opinions regarding the President's achievement towards goals and expectations established annually by the board. Once consensus is reached regarding performance, a similar discussion is held concerning compensation relative to achievements and established objectives. IN THE ABSENCE OF THE PRESIDENT, The committee presents its recommendations to the board of trustees in executive session for review and approval. The board of trustees chair and the chair of the compensation committee then meets with the President to discuss trustees review. Compensation is also discussed for the upcoming year and documented. Process for Determining Compensation Form 990, Part VI, Line 15b The compensation committee is also responsible for working with the president in the evaluation and compensation for officers of Merrimack College. The president works with senior management to establish goals and objectives and to conduct an annual performance appraisal based on the goals set. The board of trustees compensation committee uses a published salary survey from regional academic institutions comparable to Merrimack to benchmark the officer's salary utilizing CUPA and other industry standards data. The President discusses the evaluation and compensation of officers with the compensation committee. Compensation is also discussed for the coming year and documented with the committee in regards to senior management and key employees. How Documents are Made Available to the Public Form 990, Part VI, Line 19 The College's governing documents, conflict of interest policy and financial statements are available upon request. The College's Form 990 is available at www.Guidestar.org. Form 990, Part XI, Line 5 Provision for losses - Perkins Loan program ($2,300,000) Bequest adjustment ($1,731,639) Unrealized loss ($478,414) Total ($4,510,053)