2012-11-15T12:49:12-06:00 2012-06-30 010523282 Berry Dunn McNeil & Parker LLC 1000 Elm Street 15th Floor Manchester NH 03101 990 2011-07-01 020223955 New England College NEWE 6034282211 98 Bridge St Henniker NH 03242 Paula Amato 6034282211 2012-11-14 1 Rachel Williamson CPA P00186614 6036697337 2012-11-14 2011 2016-02-24 21:20:13Z Michele D Perkins 98 Bridge St Henniker NH 03242 44019056 0 X WWW.NEC.EDU X 1946 NH An independent liberal arts college offering undergraduate, graduate and professional programs. 23 22 858 10 85750 -10982 1832711 3028704 39953341 39762687 252848 167282 122566 132879 42161466 43091552 12468315 12694072 0 0 18514553 17775525 0 0 742724 10907830 10579013 41890698 41048610 270768 2042942 29867090 29602020 10112129 8094159 19754961 21507861 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 33230968 12694072 39650837 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 Education and Master of Science. 33230968 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 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 48 0 1 858 1 1 1 0 0 0 0 0 0 0 0 0 X 23 22 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 1.00 X X 0 0 0 Alison Pitman Giles 1.00 X 0 0 0 Barbara E Sherwin MD 1.00 X 0 0 0 David Pilla 1.00 X 0 0 0 Edmund C Beebe Jr 1.00 X 0 0 0 Edward Bond Jr 1.00 X 0 0 0 Garrett E Pierce 1.00 X 0 0 0 James Murtha PhD 1.00 X X 0 0 0 Jeffrey K Towle 1.00 X 0 0 0 John A Samenfeld 1.00 X X 0 0 0 John Maguire PhD 1.00 X 0 0 0 John Stevens 1.00 X 0 0 0 Karen A Storthz PhD 1.00 X 0 0 0 Katrina Lantos Swett 1.00 X 0 0 0 Mary Simon Streep 1.00 X 0 0 0 Mary V Bell 1.00 X 0 0 0 Michele D Perkins EdD 35.00 X X 240045 0 57624 Robert MacPherson 1.00 X 0 0 0 Scott Simpson 1.00 X 0 0 0 Stephen A Geremia 1.00 X 0 0 0 Thomas W Farmen PhD 1.00 X 0 0 0 TJ Whitelaw 1.00 X 0 0 0 Virginia T Bell 1.00 X 0 0 0 Paula A Amato CMA 35.00 X 132130 0 30474 Debra Nitschke-Shaw 35.00 X 127021 0 26602 Hilton V Hallock 35.00 X 139154 0 15951 James Garvey 35.00 X 116206 0 27640 Nelly Lejter 35.00 X 102027 0 28653 Wayne F Lesperance 35.00 X 113083 0 16439 969666 0 203383 8 0 1 0 0 410147 2618557 55041 3028704 Tuition and Fees 611710 32745731 32745731 Auxiliary Services 713990 5921066 5835316 85750 Various Other Income 611710 491005 491005 Student Services 611710 458159 458159 Commencement Income 611710 86275 86275 60451 34351 26100 39762687 149850 149850 944936 927504 17432 17432 17432 132879 0 132879 132879 43091552 39650837 85750 326261 12694072 12694072 460273 460273 12998088 10576728 1953131 468229 344378 260227 55569 28582 3020918 2284814 736104 951868 699813 216235 35820 414846 414846 43851 43851 75048 75048 38206 38206 453412 272909 144938 35565 641440 530610 110830 661006 268305 392701 346921 346921 1683614 1237793 445821 383034 253266 121539 8229 34225 10687 23538 154733 154733 1753556 460994 1292562 19006 16320 2686 Food Service Operations 1947031 1947031 Other Organizational Op 1531598 1160319 331686 39593 Equipment Purchases 170686 107314 63372 Athletics Fundraising 125196 125196 101604 34920 65174 1510 41048610 33230968 7074918 742724 412378 678092 89818 96260 229352 1011080 2389858 2354331 2555157 2698129 105104 115953 1024582 853078 39219254 25615279 14115168 13603975 7970876 8058109 974797 133013 29867090 29602020 2468890 1754779 1078663 682433 3380000 3887453 2111601 514515 1072975 1254979 10112129 8094159 X 11042775 11296250 3335988 4701738 5376198 5509873 19754961 21507861 29867090 29602020 X 2042942 -290042 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 142550 X X 0 8053266 133675 130848 133675 38206 8145908 6770824 198829 1320516 198829 38074 8053266 5953674 278566 851043 278565 33894 6770824 7046385 251114 -1062989 251114 29722 5953674 0.18730 0.65890 0.15380 1 0 86855 86855 22709236 14358457 8350779 13861410 11256822 2604588 2561753 2561753 13603975 Refundable Advances 1089093 Fair Value of Interest Rate Swap Agreement 165886 1254979 43091552 41048610 2042942 -36435 -253607 -290042 1752900 30069232 -36435 -36435 30105667 38206 12947679 12985885 43091552 28316332 0 28316332 38206 12694072 12732278 41048610 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. Description of Intended Use of Endowment Funds: 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, 2012 and 2011, respectively. The amounts distributed, net of unspent endowment income, under the spending policy were $376,186 and $341,455 for the years ended June 30, 2012 and 2011, 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 8 - Other Adjustments: Bond Costs -87,721. Fair Value of Interest Rate Swap -165,886. Total to Schedule D, Part XI, Line 8: -253,607. Part XII, Line 4b - Other Adjustments: Institutional Financial Aid 12,694,072. Bond Costs 87,721. Change in fair value of interest rate swap 165,886. Part XIII, Line 4b - Other Adjustments: Institutional Financial Aid 12,694,072. 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 The nondiscrimination policy is prominently included in all application materials as well as on the school's web site and in other printed materials. Explanation of Government Financial Assistance Schedule E, Part I, Line 6 The college participates in various federal and state governmental financial aid programs. Miscellaneous Fundraising Events 132879 132879 132879 132879 132879 1 State Grant 67 33227 Federal Pell Grant 397 1553361 Federal SEOG Grant 304 308768 Federal Work Study 218 207220 Various Scholarships 898 10402137 FMV Internal Scholarships Endowed Scholarship Recipients 93 189359 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, 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 230469 0 0 0 9576 0 12430 0 45194 0 297669 0 0 0 Paula A Amato CMA 131967 0 0 0 163 0 7025 0 23449 0 162604 0 0 0 Debra Nitschke-Shaw 126890 0 0 0 131 0 6722 0 19880 0 153623 0 0 0 Hilton V Hallock 138991 0 0 0 163 0 7020 0 8931 0 155105 0 0 0 X 1 42138 X Vacation Rental 3 9300 FMV X Sporting Event Tickets 4 1381 FMV X Lobster Dinner 2 200 X Alumni Event 1 2022 0 1 1 Third Party Use: 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. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized losses on investments: -36,435. Bond Costs -87,721. Fair Value of Interest Rate Swap -165,886. Total to Form 990, Part XI, Line 5: -290,042. Form 990, Part XII, Line 2c: This process has not changed from the prior year.