2012-05-11T08:28:13-05:00 2011-06-30 DISANTO PRIEST & CO 117 METRO CENTER BOULEVARD SUITE 30 WARWICK RI 02886 990 2010-07-01 050312747 NEW ENGLAND INSTITUTE OF TECHNOLOGY NEWE 4014677744 ONE NEW ENGLAND TECH BOULEVARD EAST GREENWICH RI 028181205 ROBERT THEROUX 4014677744 2012-05-09 1 THOMAS N FORSYTHE CPA 4019212000 2012-05-09 2010 2016-02-24 21:20:13Z X RICHARD I GOUSE ONE NEW ENGLAND TECH BOULEVARD EAST GREENWICH RI 028181205 94085915 0 X WWW.NEIT.EDU X 1970 RI THE MISSION OF NEW ENGLAND INSTITUTE OF TECHNOLOGY (NEIT) IS TO PROVIDE SPECIALIZED ASSOCIATE, BACHELOR, AND MASTER'S DEGREE PROGRAMS WHICH PREPARE STUDENTS FOR CAREERS IN TECHNOLOGY. THROUGH THE COMBINATION OF TECHNICAL COURSES AND AN INTEGRATED LIBERAL ARTS CORE, THE PROGRAMS EMPHASIZE THE RELEVANCE OF CONTINUOUS LEARNING TO PERSONAL AND PROFESSIONAL GROWTH. UPON SUCCESSFUL COMPLETION, GRADUATES ARE PREPARED TO ENTER THE WORKFORCE OR TO CONTINUE THEIR EDUCATION. AS AN EXTENSION OF THE PRIMARY MISSION, NEIT OFFERS THE OPPORTUNITY TO PURSUE TECHNOLOGICAL STUDIES TO SATISFY PERSONAL INTERESTS.AS AN INSTITUTION PRIMARILY DEVOTED TO TEACHING AND THROUGH ITS OPEN ADMISSION POLICY, NEIT PROVIDES OPPORTUNITIES FOR STUDENTS FROM DIVERSE EDUCATIONAL BACKGROUNDS AND WITH VARYING LEVELS OF ABILITY TO STUDY IN A VARIETY OF TECHNOLOGICAL FIELDS. 10 8 679 0 59695 39120 342710 222401 66183407 68633150 3914678 1788282 0 24186 70440795 70668019 0 0 0 0 28811232 28976755 0 0 0 20519883 24137210 49331115 53113965 21109680 17554054 248415816 270844391 68281096 69641432 180134720 201202959 GENERAL AND TECHNICAL EDUCATION SERVICES 0 0 53113965 68633150 GENERAL AND TECHNICAL EDUCATION SERVICES 53113965 1 1 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 1 53 0 679 1 1 1 0 0 0 0 0 0 0 0 0 X 10 8 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X NEW ENGLAND INSTITUTE OF TECHNOLOGY 4014677744 ONE NEW ENGLAND TECH BOULEVARD EAST GREENWICH RI 028181205 DR WILLIAM CROASDALE 1.00 X 0 0 0 JOSEPH DEANGELIS 1.00 X 0 0 0 FRANCIS X FLAHERTY 1.00 X 0 0 0 STEVEN L MELTZER 1.00 X 0 0 0 WILLIAM H RIZZINI 1.00 X 0 0 0 ROBERT SHAPIRO 1.00 X 0 0 0 THOMAS J CELONA 1.00 X 0 0 0 PHILLIP KYDD 1.00 X 0 0 0 RICHARD I GOUSE 50.00 X X 594965 0 109434 SETH KURN 50.00 X X 377244 0 74100 THOMAS WYLIE 50.00 X 190267 0 10898 CHERYL C CONNORS 50.00 X 1551497 0 29163 INCL IN REP COMP IS A DEFERRED 50.00 X 0 0 0 COMP PAYOUT OF 1299996 ACCUM 50.00 X 0 0 0 OVER 36 YRS AT THE RATE OF 36111YR 50.00 X 0 0 0 ROBERT THEROUX 50.00 X 225320 0 63193 PHILLIP PARSONS 50.00 X 163842 0 23234 CATHERINE KENNEDY 50.00 X 117574 0 11933 STEVEN KITCHIN 50.00 X 117635 0 11504 DOUGLAS SHERMAN 50.00 X 171981 0 10240 MICHAEL CARUSO 50.00 X 120815 0 20492 THOMAS THIBODEAU 50.00 X 105539 0 7628 JOHN CORMIER 50.00 X 109502 0 0 STANLEY BAILEY 50.00 X 124022 0 0 3970203 0 371819 17 0 1 0 DENNIS LEONARDO 2500 GAR HIGHWAY SWANSEA MA 02777 CONSTRUCTION MANAGEMENT 170538 ADLER POLLOCK & SHEEHAN PC 1 CITIZENS PLAZA 8TH FLOOR PROVIDENCE RI 02903 LEGAL SVCS RELATED TO NEW CAMPUS 162691 2 222401 83407 222401 TUITION INCOME 611710 67010545 67010545 BOOKS AND SUPPLIES 611710 1262583 1262583 MISC. OTHER INCOME 611710 360022 360022 68633150 793574 733879 59695 24382835 23388127 994708 994708 994708 53955 29769 24186 24186 70668019 70361737 59695 24186 2070850 2070850 21754174 21754174 738878 738878 2446906 2446906 1965947 1965947 110601 110601 78818 78818 203910 203910 987060 987060 4486059 4486059 3297951 3297951 525096 525096 3323047 3323047 288196 288196 2311329 2311329 2836527 2836527 285921 285921 STUDENT SCHOLARSHIPS & 3183883 3183883 ENROLLMENT EXPENSES 1004818 1004818 TEMPORARY LABOR 864281 864281 DUES & SUBSCRIPTIONS 237584 237584 LIBRARY EXPENSES 112129 112129 53113965 53113965 0 0 104878657 97665765 126506 135363 3262577 2861536 410530 280650 944876 850743 171359297 38572105 104342019 132787192 34450051 36262542 600 600 248415816 270844391 5588691 10024768 55210000 54605000 5955000 3970000 1527405 1041664 68281096 69641432 X 179034720 200102959 1100000 1100000 180134720 201202959 248415816 270844391 X 17554054 3514185 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1100000 1100000 1100000 1100000 0.00550 0 0 38795788 38795788 40048354 17636645 22411709 29126475 20935460 8191015 63388680 63388680 132787192 MUTUAL FUNDS 5339375 F EQUITY SECURITIES 9460322 F GOVERNMENT SECURITIES 3018247 F CORPORATE BONDS 5767963 F LIMITED LIABILITY PARTNERSHIPS 8997370 F LIMITED LIABILITY COMPANIES 2579265 F PERMANENTLY RESTRICTED EQUITY SECURITIES 1100000 F 36262542 OBLIGATION UNDER INTEREST RATE SWAP 1041664 1041664 70668019 53113965 17554054 3028444 485741 3514185 21068239 73492553 3028444 3028444 70464109 203910 203910 70668019 52910055 0 52910055 203910 203910 53113965 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE INSTITUTE HAS AN ENDOWMENT FUND CONSISTING OF INVESTMENTS AND MONEY MARKET FUNDS OF WHICH $1,100,000 IS PERMANENTLY RESTRICTED. THE PERMANENTLY RESTRICTED PORTION OF THE ENDOWMENT FUND IS TO BE HELD INDEFINITELY, THE INCOME FROM WHICH IS EXPENDABLE TO ESTABLISH THE COMMUNITY SERVICE ENRICHMENT PROGRAM, AS A PERMANENT PART OF THE INSTITUTE'S CURRICULUM. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE INSTITUTE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE INSTITUTE HAS ADOPTED THE FASB ASC TOPIC,"ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES" WHICH PRESCRIBES A COMPREHENSIVE MODEL FOR RECOGNIZING, MEASURING, PRESENTING AND DISCLOSING IN THE CONSOLIDATED FINANCIAL STATEMENTS TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN. AT JUNE 30, 2011, MANAGEMENT BELIEVES NO SUCH PROVISIONS ARE NECESSARY. OTHER ASSETS LISTED IN PART VI - LAND, BUILDINGS AND EQUIPMENT: CONSTRUCTION IN PROGRESS PART XI, LINE 8: OTHER ADJUSTMENT AMOUNT OF $ 485,741 REPRESENTS THE INCREASE IN THE FAIR VALUE OF THE INTEREST RATE SWAP 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 NOTICE OF NONDISCRIMINATION POLICY PUBLISHED IN THE PROVIDENCE JOURNAL BULLETIN SERVING THE GREATER PROVIDENCE AREA. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE INSTITUTE RECEIVES AID FOR ITS STUDENTS UNDER THE PROVISIONS OF TITLE IV OF THE HIGHER EDUCATION ACT. ALUMNI GOLF TOURNAMENT 53955 53955 1350 7746 3161 17512 53955 53955 1350 7746 3161 17512 29769 24186 THE INSTITUTE SPONSORED AN ALUMNI GOLF TOURNAMENT TO RAISE FUNDS FOR STUDENT SCHOLARSHIPS. X 1 1 X X X X X X 0 1 0 0 0 0 0 0 0 RICHARD I GOUSE 438927 0 95431 0 60607 0 95800 0 13634 0 704399 0 0 0 SETH KURN 313012 0 54632 0 9600 0 60466 0 13634 0 451344 0 0 0 THOMAS WYLIE 184267 0 0 0 6000 0 10868 0 30 0 201165 0 0 0 CHERYL C CONNORS 239730 0 0 0 1311767 0 29133 0 30 0 1580660 0 108333 0 INCL IN REP COMP IS A DEFERRED 0 0 0 0 0 0 0 0 0 0 0 0 COMP PAYOUT OF 1299996 ACCUM 0 0 0 0 0 0 0 0 0 0 0 0 OVER 36 YRS AT THE RATE OF 36111YR 0 0 0 0 0 0 0 0 0 0 0 0 ROBERT THEROUX 216320 0 0 0 9000 0 49496 0 13697 0 288513 0 0 0 PHILLIP PARSONS 154742 0 2500 0 6600 0 9600 0 13634 0 187076 0 0 0 DOUGLAS SHERMAN 171981 0 0 0 0 0 8383 0 1857 0 182221 0 0 0 SUPPLEMENTAL INFORMATION PART III THE INSTITUTE PROVIDES ANNUAL CONTRIBUTIONS TO A DEFERRED COMPENSATION PLAN UNDER 457F FOR RICHARD I. GOUSE ($66,667) AND SETH KURN ($31,333). THESE AMOUNTS HAVE NOT YET VESTED AND ARE SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE. DEFERRED COMPENSATION ALSO INCLUDES CONTRIBUTIONS TO A 457B DEFERRED COMPENSATION PLAN FOR RICHARD I. GOUSE, CHERYL C. CONNORS, SETH KURN AND ROBERT THEROUX. INCLUDED IN OTHER COMPENSATION FOR CHERYL C. CONNORS IS A PAYOUT UNDER A DEFERRED COMPENSATION PLAN, WHICH VESTED IN CALENDAR YEAR 2010 ($1,299,996). THESE FUNDS WERE EARNED OVER A 36 YEAR PERIOD AT A RATE OF $36,111 PER YEAR. INCLUDED IN DEFERRED COMPENSATION FOR ROBERT THEROUX IS A CONTRIBUTION TO A RABBI TRUST ($20,000). SERIES 2008 - RHODE ISLAND HEALTH AND EDUCATION BUILDING CORP 521300173 762197CL3 2009-03-01 16120000 SEE SCHEDULE O 0 0 0 SERIES 2010 - RHODE ISLAND HEALTH AND EDUCATION BUILDING CORP 521300173 762197EN1 2010-05-25 40000000 SEE SCHEDULE O 0 0 0 16120000 303921 0 1 1 1 40000000 2618457 529284 30000000 6853324 0 0 0 1 0 0 0 0 1 1 0 0 0 0 1 1 0 1 1 MERRILL LYNCH CAPITAL SERVICES 23.000000000000 1 0 0 0 0 0 0 0 0 0 0 ADLER POLLOCK SHEEHAN PC OF W TRUSTEE/PARTNER - JOSEPH DEANGELIS SERVES AS TRUSTEE TO THE INSTITUTE 162691 REAL ESTATE DEVELOPMENT OF NEW CAMPUS IN EAST GREENWICH. JOSEPH DEANGELIS IS AN ATTORNEY AND PARTNER IN THE LAW FIRM OF ADLER, POLLOCK, AND SHEEHAN, P.C. THE FIRM PROVIDES LEGAL SERVICES TO THE INSTITUTE RELATED TO REAL ESTATE DEVELOPMENT OF THE NEW CAMPUS IN EAST GREENWICH. THE AMOUNT OF LEGAL FEES PERTAINS TO ALL FEES PAID FOR LEGAL SERVICES TO THE FIRM, NOT THE INDIVIDUAL. 0 X CLASSROOM SUPPLIES 1 6000 FMV X AUTOMOTIVE CLASSROOM EQUIPMENT 1 17491 FMV X CLASSROOM SUPPLIES 1 35486 FMV X GEOTHERMAL HEATING/AC FOR CLASSROOM 1 8295 FMV 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 RICHARD I. GOUSE, WHO IS SERVING AS PRESIDENT, IS THE SPOUSE OF THE CURRENT SENIOR V.P. FOR FINANCIAL AFFAIRS AND ENDOWMENT MANAGER AND TREASURER, CHERYL C. CONNORS. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PROVIDED TO THE INSTITUTE'S GOVERNING BODY PRIOR TO ITS FILING. THE PROCESS INCLUDES THE RETURN BEING PREPARED AND THEN PRESENTED TO THE INSTITUTE FOR REVIEW BY THE OFFICERS AND TRUSTEES. A DRAFT IS ALSO SENT TO THE INSTITUTE'S LEGAL REPRESENTATIVES TO DETERMINE THE ADEQUACY AND COMPLIANCE WITH ALL APPROPRIATE REGULATIONS AND LAWS. FORM 990, PART VI, SECTION B, LINE 12C THE INSTITUTE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE IN REGARDS TO THE WRITTEN CONFLICT OF INTEREST POLICY. THE OFFICERS AND TRUSTEES ANNUALLY REVIEW THE POLICY AND SUBMIT CONFLICT OF INTEREST DISCLOSURE FORMS. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE INSTITUTE'S OFFICERS IS DETERMINED THROUGH USE OF A COMPENSATION COMMITTEE OF THE BOARD, INDEPENDENT COMPENSATION CONSULTANT, COMPENSATION STUDY, AND APPROVAL OF THE COMPENSATION COMMITTEE OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE INSTITUTE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE INSTITUTE HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT AUDITOR. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 3,028,444. DECREASE IN FAIR VALUE OF SWAP 485,741. TOTAL TO FORM 990, PART XI, LINE 5: 3,514,185. SCHEDULE K, PART 1, COLUMN F THE PURPOSE OF THE 2008 BOND ISSUANCE REGARDED THE REFUNDING OF THE SERIES 2004 BONDS AND PAYMENT OF CERTAIN EXPENSES WITH RESPECT TO THE 2008 BONDS. THE PURPOSE OF THE 2010 BOND ISSUANCE REGARDED THE REIMBURSEMENT FOR THE PURCHASE OF THE BUILDING AND THE CONSTRUCTION OF THE NEW BUILDING IN EAST GREENWICH FOR THE NEW CAMPUS. SCHEDULE J, COLUMN C SCHEDULE J, COLUMN C, DEFERRED COMPENSATION INCLUDES AMOUNTS CONTRIBUTED UNDER A 457B DEFERRED COMPENSATION PLAN FOR RICHARD I. GOUSE, SETH KURN, CHERYL C. CONNORS, AND ROBERT THEROUX. DEFERRED COMPENSATION ALSO INCLUDES AN ANNUAL AMOUNT CONTRIBUTED TO A DEFERRED COMPENSATION PLAN UNDER 457F, WHICH HAS NOT YET VESTED AND IS SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE FOR RICHARD I. GOUSE AND SETH KURN. ALSO INCLUDED IN DEFERRED COMPENSATION FOR ROBERT THEROUX IS A CONTRIBUTION TO A RABBI TRUST. SCHEDULE J, COLUMN B (II) BONUS COMPENSATION IS SUBJECT TO GOALS SET BY THE COMPENSATION COMMITTEE OF THE BOARD. BONUSES FOR PERFORMANCE RELATED TO FYE 6/30/2010 WERE PAID OUT IN 11/10, SUBSEQUENT TO THE MEETING OF THE COMPENSATION COMMITTEE ON 10/30/10. INCLUDED IN OTHER COMPENSATION FOR CHERYL C. CONNORS IS A PAYOUT UNDER A DEFERRED COMPENSATION PLAN, WHICH VESTED IN CALENDAR YEAR 2010($1,299,996). THESE FUNDS WERE EARNED OVER A 36 YEAR PERIOD AT A RATE OF $36,111 PER YEAR. EG LAND CO LLC ONE NEW ENGLAND TECH BOULEVARD EAST GREENWICH RI 028181205 050515671 REAL ESTATE RI 11000000 NEW ENGLAND INSTITUTE OF TECHNOLOGY NEW ENGLAND TECHNICAL COLLEGE ONE NEW ENGLAND TECH BOULEVARD EAST GREENWICH RI 028181205 050459858 TECHNICAL EDUCATION SERVICES RI 170(B)(1)(A)(II) 501(C)(3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0