2011-05-13T10:26:16-05:00 2010-06-30 CBIZ Tofias 350 Massachusetts Avenue Cambridge MA 02139 990 2009-07-01 050259080 Salve Regina University SALV 4013412142 100 ochre point avenue newport RI 028404190 william b hall 4013412142 2011-05-12 1 Craig Klein 6177610600 2009 2016-02-24 21:20:13Z sr jane gerety rsm 100 ochre point avenue newport RI 028404190 96711281 0 X www.salve.edu X 1947 RI As an academic community that welcomes people of all beliefs, Salve Regina University, a Catholic institution founded by the Sisters of Mercy, seeks wisdom and promotes universal justice. The University, through teaching and research, prepares men and women for responsible lives by imparting and expanding knowledge, developing skills and cultivating enduring values. Through liberal arts and professional programs, students develop their abilities for thinking clearly and creatively, enhance their capacity for sound judgment, and prepare for the challenge of learning throughout their lives. In keeping with the traditions of the Sisters of Mercy, and recognizing that all people are stewards of God's creation, the University encourages students to work for a world that is harmonious, just and merciful. 34 33 1612 50 -161032 -161032 6893666 4245975 74305767 73237529 -744153 758878 385613 623097 80840893 78865479 18864113 20126733 0 33395130 32740946 0 1133743 23788387 23258771 76047630 76126450 4793263 2739029 141630242 146488408 59794983 58297822 81835259 88190586 As an academic community that welcomes people of all beliefs, Salve Regina University, a Catholic institution founded by the Sisters of Mercy, seeks wisdom and promotes universal justice. The University, through teaching and research, prepares men and women for responsible lives by imparting and expanding knowledge, developing skills and cultivating enduring values. Through liberal arts and professional programs, students develop their abilities for thinking clearly and creatively, enhance their capacity for sound judgment, and prepare for the challenge of learning throughout their lives. In keeping with the traditions of the Sisters of Mercy, and recognizing that all people are stewards of God's creation, the University encourages students to work for a world that is harmonious, just and merciful. 0 0 65774400 20126733 73237529 Salve Regina University (the "University"), located in Newport, Rhode Island, is a small comprehensive Catholic university which opened in 1947 and is accredited by the New England Association of Schools and Colleges. The University was founded by and continues to be sponsored by the Sisters of Mercy. The University enrolls approximately 2,500 men and women in a variety of academic programs. The University's student population is predominately from the Northeast region of the United States. The undergraduate programs are based on the liberal arts. The University offers Associates, Baccalaureate, Master degrees, a Certificate of Advanced Graduate Study and a Ph.D. in Humanities. 65774400 1 1 0 1 0 1 0 0 1 1 0 1 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 1 173 0 1 1612 1 1 1 0 0 0 0 1 1 0 0 0 34 33 0 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 1 1 0 RI X X Michael N Grandchamp 4013412142 c/o Salve Regina University 100 newport RI 02840 Lily Bentas 1.00 X 0 0 0 Norman Beretta 1.00 X 0 0 0 Frederick Butler 1.00 X 0 0 0 Peter Crowley 1.00 X 0 0 0 Mary Ann Dillon RSM 1.00 X 0 0 0 Joseph DiStefano 1.00 X 0 0 0 Noreen Drexel 1.00 X 0 0 0 Jane Gerety RSM 1.00 X 0 0 0 Christine Kavanagh RSM 1.00 X 0 0 0 Ellen Kurtz RSM 1.00 X 0 0 0 Marie Langlois 1.00 X 0 0 0 Gloria Lincourt 1.00 X 0 0 0 Rita Munroe DeMayo 1.00 X 0 0 0 Cheryl Mrozowski 1.00 X 0 0 0 Marypatrica Murphy 1.00 X 0 0 0 David Nelson 1.00 X 0 0 0 J Timothy O'Reilly 1.00 X 0 0 0 Nuala Pell 1.00 X 0 0 0 Peter Rector 1.00 X 0 0 0 Donald Reefe 1.00 X 0 0 0 James Salome 1.00 X 0 0 0 Deborah Smith 1.00 X 0 0 0 David Bazarsky 1.00 X 0 0 0 Howard Sutton 1.00 X 0 0 0 Kenneth Walker 1.00 X 0 0 0 David Wallace 1.00 X 0 0 0 Anthony Baudanza 1.00 X 0 0 0 George Carney 1.00 X 0 0 0 Timothy Flanigan 1.00 X 0 0 0 John McGinty 1.00 X 0 0 0 Janet Robinson 1.00 X 0 0 0 Thomas Rodgers 1.00 X 0 0 0 Bishop Thomas Tobin 1.00 X 0 0 0 Sr Jane Gerety RSM 40.00 X X 0 0 22793 Conference of Mercy Higher Educatio 1.00 X 0 0 0 William Hall 40.00 X 221206 0 52919 Sr M Therese Antone RSM 40.00 X 0 0 87102 Dean de la Motte 40.00 X 193358 0 27665 Michael Semenza 40.00 X 175216 0 33238 Laura McPhie Oliveira 40.00 X 144406 0 29517 John Rok 40.00 X 125069 0 52667 Michael Grandchamp 40.00 X 119183 0 53832 Thomas Sabbagh 40.00 X 125925 0 37028 peter liotta 40.00 X 140160 0 7799 1244523 0 404560 15 0 1 0 Farrar Associates Inc 31A Bridge Street Newport RI 02840 General Contractor 3370233 Datatel Inc 4375 Fair Lakes Court Fairfax VA 22033 Software Consultant 1076067 RAD Corporation 171 VFW Drive Rockland MA 02370 General Contractor 1060409 YSC Inc 240 Littleton County Road Harvard MA 01451 General Contractor 653384 Atrion Networking Corporation 30 Service Avenue Warwick RI 02886 Network Services 491113 16 1172895 3073080 1129148 4245975 Tuition 611710 58046451 58046451 Room 611710 8417745 8417745 Meal Plan 611710 3696570 3696570 Fees 611710 3076763 3076763 73237529 1172906 156 1172750 85370 85370 760351 802836 -42485 -42485 -161188 118703 16436816 16936214 -499398 -499398 -499398 352240 106752 245488 245488 asbestos settlement 900099 249593 249593 bookstore 900099 107993 107993 vending/laundry 900099 36116 36116 26392 26392 420094 78865479 73237529 -161032 1543007 20126733 20126733 1254329 462484 674828 117017 25018212 21026612 3363145 628455 817607 626269 161519 29819 3869240 3214200 567133 87907 1781558 1415624 308905 57029 41560 41560 87710 87710 102450 102450 117832 117832 1607586 1349353 253375 4858 149732 109433 40299 2226577 1061405 1088179 76993 1543265 966017 577248 2813779 2408244 381809 23726 890419 698015 174905 17499 2096118 1990837 100117 5164 5971027 5198766 734381 37880 1146663 1039823 101629 5211 food services 2186093 2185111 982 special projects/events 1666066 1481907 157970 26189 books & journals 220321 218209 1432 680 dues & subscriptions 197277 78574 108502 10201 contingency 97214 37223 54876 5115 97082 79561 17521 76126450 65774400 9218307 1133743 114543 224424 2062999 1869289 2140125 1417212 2241911 2566497 23747 32132 2509318 290443 165680236 72820830 89176873 92859406 17270948 18667591 21603623 22533859 4486155 6027555 141630242 146488408 7396855 8020952 44711719 42928792 2173313 2101467 5513096 5246611 59794983 58297822 X 67961376 74507047 7173934 6730222 6699949 6953317 81835259 88190586 141630242 146488408 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 102450 0 0 102450 0 Part IV, Supplemental Information: The University retains consultants to help the University understand the inner workings of the Federal legislative branch of the government. The consultants help provide knowledge of potential funding opportunities and how best to take advantage of those funding opportunities and further the mission of the University. X 1 0.00 1 0 0 1 1 0.00 0 0 33535000 264000 4001000 257000 1444000 36099000 41086000 1268000 -7080000 265000 1474000 33535000 0.79000 0.21000 0.00000 0 0 6953248 6953248 125557175 49739916 75817259 29370156 22897830 6472326 3799657 183084 3616573 92859406 multi-strategy hedge funds 7442416 F fixed income securities 5988886 F short-term investments 5106943 F cash equivalents 520650 F emerging markets debt 1752731 F emerging markets hedged equity 1722233 F 22533859 student deposits 2392089 refundable advances - government 1648290 obligations under capital lease 1206232 5246611 78865479 76126450 2739029 3615819 479 3616298 6355327 64570661 3615819 909588 4525407 60045254 117832 18702393 18820225 78865479 58215813 909588 909588 57306225 117832 18702393 18820225 76126450 Part II, Line 9: Description of How Organization Reports Conservation Easements: The organization makes no mention of the easement in its financial statments. The easement is between the organization and the State of rhode island and stipulates that no demolition or alteration can be made to the exterior of Ochre Court, located in Newport, RI. The organization is aware of the easement and no changes have been made to the exterior thus there is no devoted staff for monitoring, inspecting and/or enforcement of the easement. Part V, Line 4: Description of Intended Use of Endowment Funds: The University uses the endowment funds strictly in accordance with donor intention. The majority of permanent endowment is held for scholarship, teaching, and program expenses. A small portion of the permanent endowment is for student related activities such as athletic programs. The unrestricted endowment is kept in financial reserves to be used at the board of trustees discretion. Part X: Description of Uncertain Tax Positions Under FIN 48: The University accounts for the effect of any uncertain tax positions based on a "more likely than not" threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax benefit is estimated based on a "cumulative probability assessment" that aggregates the estimated tax liability for all uncertain tax positions. The University has identified its tax status as a tax exempt entity as a tax position; however, the University has determined that such tax position does not result in an uncertainty requiring recognition. The University is not currently under examination by any taxing jurisdiction. The University's Federal and state tax returns are generally open for examination for three years following the date filed. Part XI, Line 8 - Other Adjustments: prior period adjustment: 479. Part XII, Line 2d - Other Adjustments: fundraising expenses: 106752. rental expenses: 802836. Part XII, Line 4b - Other Adjustments: scholarships and grants: 18702393. Part XIII, Line 2d - Other Adjustments: fundraising expenses: 106752. rental expenses: 802836. Part XIII, Line 4b - Other Adjustments: scholarships and grants: 18702393. Schedule D, Part II: The University entered into a fifty year easement with the Rhode Island Historic Preservation Society in exchange for a grant intended to help defray the exterior restoration of Ochre Court. Ochre Court, an architecturally significant structure, is used to house University administration. The nature of the easement is such that the University must keep the exterior intact and cannot modify said exterior without the express approval of the RI Historic Preservation Society. In addition, said structure's exterior must be allowed to be viewed by the general public. No modifications have been made since the restoration nor has public access been blocked. 1 1 1 A non-discriminatory policy statement is included in all public announcements and publications. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 THE UNIVERSITY RECEIVES FEDERAL GOVERNMENT FUNDS (TITLE IV) TO BE USED IN THE STUDENT FINANCIAL AID PROGRAM. THE FUNDS RECEIVED INCLUDE PELL GRANTS, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, FEDERAL WORK STUDY AND PARTICIPATION IN THE FFEL LOAN PROGRAMS (SUBSIDIZED STAFFORD, UNSUBSIDIZED STAFFORD, PARENT PLUS LOANS). IN ADDITION, THE UNIVERSITY RECEIVES APPROPRIATIONS FROM THE FEDERAL GOVERNMENT FOR USE IN THE ADMINISTRATION OF JUSTICE PROGRAM AND THE CULTURAL & HISTORIC PRESERVATION PROGRAM. ALL GRANTS ARE REVIEWED, EVALUATED AND REPORTED (A-133) BY THE UNIVERSITY'S INDEPENDENT AUDITOR, MAYER HOFFMAN MCCANN PC. 1 Central America and the Caribbean 0 0 investments 0 0 0 0 Governers Ball 249750 249750 53108 Golf Tournament 102490 102490 53644 352240 352240 106752 106752 245488 1 SCHOLARSHIPS/grants 1456 18773403 FMV Scholarship serving to reduce tuition charged to students Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: In order to be considered for financial aid, you must be an accepted applicant and you need to have submitted the FAFSA and CSS profile forms as well as Salve Regina's own financial aid form. Grants are awarded on the basis of need with consideration given to academic merit. In addition, the University has established an academic scholarship program for outstanding scholastic applicants. The University determines need from comparing total costs to the student family resources provided in the information listed above. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 William Hall 220772 0 0 0 434 0 32777 0 20142 0 274125 0 0 0 Dean de la Motte 192924 0 0 0 434 0 8841 0 18824 0 221023 0 0 0 Michael Semenza 165807 0 0 0 9409 0 24636 0 8602 0 208454 0 0 0 Laura McPhie Oliveira 143991 0 0 0 415 0 16783 0 12734 0 173923 0 0 0 John Rok 124700 0 0 0 369 0 18521 0 34146 0 177736 0 0 0 Michael Grandchamp 119183 0 0 0 0 0 5641 0 48191 0 173015 0 0 0 Thomas Sabbagh 125925 0 0 0 0 0 5533 0 31495 0 162953 0 0 0 Part I, Line 1a The President and chancellor are allowed use of a residence on campus for both personal and University related business use. Also, by contract, the chancellor is a member of a local social club and country club for which the University is responsible for the payment of dues. Both clubs can be used for both personal and University related business use. lastly, the president and chancellor have an individual who performs housekeeping services in their residence and an individual who will drive them to university functions. these benefits are not treated as taxable compensation. Supplemental Information Part III Part II: The University was founded by the Sisters of Mercy and has employees who are affiliated with this religious order. Because of the nature of the order and the poverty vows taken by Sisters listed on Form 990, Part VII and schedule J (the President), W-2 earnings are not reported as these employees are not directly taxable due to religious affiliation. Rather, their compensation is made payable primarily to the Sisters of Mercy and it is the order that determines what portion the employees will receive. Total compensation to the sisters of mercy totalled $481,536 for the 2009 calendar year of which the president and chancellor were a part of. Salve Regina University 050259080 762243TP8 2006-07-25 6000000 Renovation of buildings 0 0 6000000 100242 5899758 2007 0 0 1 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 0 0 0 0 George Antone brother of chancellor 95986 employment 0 Allen Antone Sister-in-law of chancellor 29049 employment 0 Daniel Knight brother-in-law of chancellor 75203 employment 0 Karen DelaMotte wife of vp for academic affairs 32315 employment 0 katherine rok wife of vp for student life 64887 employment 0 X 17 404148 FMV on date of gift X 1 725000 FMV ON DATE OF GIFT 0 0 1 1 Method for Determining Number of Contributors: Part I, Column (b): The number presented on schedule M, Part I represents the number of contributions of non-cash gifts. Third Party Use: Part I, Line 32b: The University utilizes Oppenheimer located in Fall River, MA to broker and liquidate stock gift transactions in the ordinary course of business. Oppenheimer is not a related organization. Form 990, Part VI, Section A, line 6 For an explanation, see the response to Form 990, Part VI, Line 7b below. Form 990, Part VI, Section A, line 7b The Corporate membership shall consist of a single entity affiliated with or sponsored by the Institute of the Sisters of Mercy of the Americas, Inc., which is Conference for Mercy Higher Education, Inc., a Maryland nonstock, not-for-profit corporation (the "CMHE Corporation"). The CMHE Corporation was incorporated, among other things, for the purpose of maintaining and enhancing the Mercy mission for the various Sisters of Mercy colleges and universities throughout the United States. As such, the CMHE Corporation can be a valuable resource for the University for consultation and collaboration. Notwithstanding any provision to the contrary contained in the By-laws, the following matters shall be reserved powers and shall be authorized only by a vote of the Corporate Member: (a) the liquidation, dissolution or merger of the Corporation in conjunction with the Board of Trustees. (b) amendment of the Articles of Incorporation in conjunction with the Board of Trustees. (c) confirmation of appointment of the President selected by the Board of Trustees. the affairs of salve regina university shall be managed by its board of trustees who shall exercise all powers except such powers that are reserved for the corporate member in items a-c listed above. Form 990, Part VI, Section B, line 11 The information for the IRS form 990 is compiled by several members of University administration, primarily the Associate VP for Finance, Vice President for Administration/CFO, and the Associate VP for Human Resources. The review function for this filing rests with the Audit Committee by the virtue of appointment by the Board of Trustees. The Audit Committee is empowered to act on behalf of the full board to review and approve the 990 prior to filing. Each trustee member receives a copy of the filing after the 990 is approved prior to filing and is privy to the minutes of said Audit Committee meetings. Form 990, Part VI, Section B, line 12c At the annual meeting of the Board of Trustees held in October each year, all Trustees, Officers, and key employees must complete a conflict of interest questionnaire. This form discloses any direct business associations, family members and or business associations of family members that exist to put the University on notice of potential conflicts. This information is shared with Senior Administration for monitoring on a day to day basis. If a potential conflict or question arises, it should be reported to the president to be reviewed with the executive committee of the board of trustees for approval or for such action as the executive committee may determine. it is the responsibility of the executive committee to 1) call for additional information, 2) attempt to resolve any conflicts, 3) determine whether a conflict of interest is present (utilizing legal counsel if necessary) and report it to the board of trustees for appropriate action. Form 990, Part VI, Section B, line 15 In May of each year, a questionnaire/evaluation is sent to all Trustees regarding the President's performance. The evaluations are returned to the Chairman of the Board and the results are reviewed and tabulated. Each year, the Chairman of the Board contacts the Associate Vice President of Human Resources and requests compensation survey information for the Presidents at comparable schools (the University has a set of cohort schools similar in size and nature that is used for basis of comparison). The compensation Committee of the Board meets prior to the July Board meeting. They review the results of the evaluations and compensation survey information. The Committee makes a recommendation to the full Board of Trustees. The Board of Trustees votes and approves the compensation package offered to the President at the July Board meeting (in executive session). This process is fully documented. The President meets with and evaluates each of the Vice Presidents in June of each year. The President obtains compensation survey information for the Vice Presidents for comparable schools from the Associate Vice President for Human Resources (similar cohort institutions as the President). The President reports to the Board of Trustees her recommendations for compensation for the Vice Presidents at the July board meeting in Executive session. The Board votes and approves the compensation offered to each Vice President. This process is fully documented. Form 990, Part VI, Section C, line 19 Any request for public inspection requests for University forms 1023, 990, 990-T and/or audited financial statements are granted within 5 business days and can take the form of electronic communication, direct public inspection, or mailing of said documents to the inquiring party. The University currently publishes its form 990 and audited financial statements on its website at http://web.salve.edu/offices/business/finance.cfm as well. the form 990 is also available on www.guidestar.com. The governing documents and the conflict of interest policy are made available to the public upon request. Schedule K, Part I: During 2006, the University entered into a tax exempt debt arrangement through Rhode Island Health and Educational Building Corporation (RIHEBC). This arrangement included a pool of Rhode Island Catholic Schools who also participated in the debt offering which totaled $17,500,000. The University's portion of the pool was $6,000,000. The issue, dated July 26, 2006 was a variable rate debt offering that qualified under section 501(C)(3) non-hospital bonds. The University utilized said proceeds solely for capital expenditure purposes. Specifically, the financing assisted in the renovation of three academic facilities. The major portion of the debt proceeds went into the interior renovation of the Antone Center for the Arts. Also, smaller portions were used to help with the exterior restoration of McAuley Hall and Angelus Hall. All three facilities do not have any private business use. Lastly, all proceeds were expended within 15 months of the date of issue. All other tax exempt financing presently outstanding were all entered into prior to Dec 31, 2002 and are fixed rate debt issued through RIHEBC. Schedule L, Part IV: The University follows a strict policy for hiring faculty and staff. In addition, Salve Regina University is an equal opportunity/affirmative action employer. Candidates are hired into positions using both internal transfers and external candidates. All employees are interviewed and evaluated based upon the qualifications included in the job description for the position offered. All employees are hired at an arm's length and are fully qualified for the position that they fill. Schedule R, Part II: Salve Regina University has direct control of a related tax exempt organization named Stanford White Casino Theatre. The purpose of this related organization is to restore an architecturally significant theatre located in Newport, RI. The nature of control stems from the related organization's board of trustees which is composed of Salve Regina University officers (President and CFO), and two Salve Regina University trustees. The board members serve as a volunteer board, receive no compensation, and are administratively separate. The main purpose of the board is to oversee the fundraising and renovation of the above mentioned theatre. Upon completion of the renovation, the University will be able to use the facilities for artistic performance sru holdings llc 100 ochre point avenue newport RI 02840 050259080 Real Estate Holding Corp. RI 11838000 N/A stanford white casino theatre 100 ochre point avenue newport RI 02840 300307655 Historic Building Restoration RI 501(c)(3) Line 7 N/A conference for mercy higher education 8630 fenton street 934 silver spring MD 20790 431973007 sponsorship MD 501(c)(3) Line 1 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 conference for mercy higher education inc Q 10822