2026-05-14T07:41:14-05:00 2025-06-30 263753134 CBIZ ADVISORS LLC 53 STATE STREET 17TH FLOOR BOSTON MA 02109 990 2024-07-01 042103544 BABSON COLLEGE BABS 7812395298 231 FOREST STREET BABSON PARK MA 024570310 KATHERINE CRAVEN EVP, CAO/CFO 7812395298 2026-05-14 1 1 CRAIG KLEIN P00734640 6178075000 2026-05-14 2024 2025-03-06 01:10:19Z STEPHEN SPINELLI 231 FOREST STREET BABSON PARK MA 024570310 537785766 0 X WWW.BABSON.EDU X 1919 MA BABSON COLLEGE EDUCATES ENTREPRENEURIAL LEADERS WHO CREATE GREAT ECONOMIC AND SOCIAL VALUE EVERYWHERE. BABSON COLLEGE IS A GLOBAL LEADER IN MANAGEMENT EDUCATION WITH APPROXIMATELY 2,800 UNDERGRADUATE AND NEARLY 1,100 GRADUATE ENROLLMENT. OUR INNOVATIVE CURRICULA CHALLENGE STUDENTS TO THINK CREATIVELY AND ACROSS DISCIPLINARY BOUNDARIES. WE CULTIVATE THE WILLINGNESS TO TAKE AND MANAGE RISK, THE ABILITY TO ENERGIZE OTHERS TOWARD A GOAL, AND THE COURAGE TO ACT RESPONSIBLY. OUR STUDENTS UNDERSTAND THAT LEADERSHIP REQUIRES BOTH TECHNICAL KNOWLEDGE AND A SOPHISTICATED APPRECIATION OF INSTITUTIONS, SOCIETIES, CULTURES, AND THE SELF. THEY WELCOME THE CHALLENGE OF LEARNING CONTINUOUSLY AND TAKING RESPONSIBILITY FOR THEIR CAREERS. OUR STUDENTS WILL BE KEY CONTRIBUTORS IN ESTABLISHED ENTERPRISES AS WELL AS EMERGING VENTURES. 32 31 2642 1929 183705 0 54837938 47570704 272301619 273554450 28340746 33993645 3299137 4495198 358779440 359613997 63420928 63596533 0 0 154221571 160840837 0 0 12543636 106659155 110301616 324301654 334738986 34477786 24875011 1197853331 1261222358 255409697 244015776 942443634 1017206582 BABSON COLLEGE EDUCATES ENTREPRENEURIAL LEADERS WHO IMPACT COMMUNITIES EVERYWHERE. 0 0 289940410 63596533 273482812 BABSON COLLEGE ENROLLS APPROXIMATELY 2,800 UNDERGRADUATE AND NEARLY 1,100 GRADUATE STUDENTS FROM THE UNITED STATES AND MORE THAN 80 COUNTRIES WORLDWIDE. THE COLLEGE OFFERS EDUCATION IN BUSINESS AND LIBERAL ARTS, AND IT GRANTS THE BACHELOR OF SCIENCE DEGREE THROUGH ITS UNDERGRADUATE PROGRAM. THE COLLEGE ALSO GRANTS MASTER OF BUSINESS ADMINISTRATION DEGREES AND CUSTOM MASTER OF SCIENCE DEGREES THROUGH THE F.W. OLIN GRADUATE SCHOOL OF BUSINESS AT BABSON COLLEGE. ADDITIONALLY, BABSON OFFERS DISTINCT EXECUTIVE EDUCATION PROGRAMS TO HELP COMPANIES REACH THEIR STRATEGIC GOALS. 289940410 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 1 1 0 0 1 397 0 1 2642 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 32 31 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 CA MA X X X ANTHONY FIERRO 7812395298 231 FOREST STREET NICHOLS 179 BABSON PARK MA 02457 STEPHEN SPINELLI PRESIDENT 50.00 0.00 X X 1052300 0 111923 JEFFERY S PERRY CHAIR, BOARD OF TRUSTEES 1.20 0.00 X X 0 0 0 CRAIG R BENSON VICE CHAIR, BOARD OF TRUSTEES 1.20 0.00 X X 0 0 0 DEBORAH L DE SANTIS VICE CHAIR, BOARD OF TRUSTEES 1.20 0.00 X X 0 0 0 ERIC G JOHNSON VICE CHAIR, BOARD OF TRUSTEES 1.20 0.00 X X 0 0 0 JEFFREY J MCLANE TREASURER 1.20 0.00 X X 0 0 0 HARSHA V AGADI TRUSTEE 1.20 0.00 X 0 0 0 KANARATH P BALARAJ TRUSTEE (AS OF 10/10/24) 1.20 0.00 X 0 0 0 ETTORE V BIAGIONI TRUSTEE 1.20 0.00 X 0 0 0 PHILIP H BOULTON TRUSTEE 1.20 0.00 X 0 0 0 MARTHA BUCKLEY TRUSTEE 1.20 0.00 X 0 0 0 ANDREW J BUTLER TRUSTEE 1.20 0.00 X 0 0 0 CYRIL C CAMUS TRUSTEE 1.20 0.00 X 0 0 0 ANTHONY R CHIASSON TRUSTEE 1.20 0.00 X 0 0 0 WARREN CROSS JR TRUSTEE 1.20 0.00 X 0 0 0 RICHELIEU W DENNIS JR TRUSTEE 1.20 0.00 X 0 0 0 BRETT A GORDON TRUSTEE 1.20 0.00 X 0 0 0 BRUCE T HERRING TRUSTEE 1.20 0.00 X 0 0 0 RYUSUKE HONJO TRUSTEE 1.20 0.00 X 0 0 0 JOHN E JOHNSON TRUSTEE 1.20 0.00 X 0 0 0 FRED SC KIANG TRUSTEE 1.20 0.00 X 0 0 0 RYAN KRATZ TRUSTEE (AS OF 10/10/24) 1.20 0.00 X 0 0 0 MICHAEL S LORBER TRUSTEE 1.20 0.00 X 0 0 0 CHRISTOPHER P MALONE TRUSTEE 1.20 0.00 X 0 0 0 AUDREY MCLOGHLIN TRUSTEE 1.20 0.00 X 0 0 0 RAMON A MENDIOLA TRUSTEE 1.20 0.00 X 0 0 0 COREY N ONEILL TRUSTEE 1.20 0.00 X 0 0 0 KENNETH G ROMAZNI TRUSTEE 1.20 0.00 X 0 0 0 JAMES A RULLO TRUSTEE 1.20 0.00 X 0 0 0 SOMIA FARID SILBER TRUSTEE 1.20 0.00 X 0 0 0 AMANDA G STRONG TRUSTEE 1.20 0.00 X 0 0 0 DAVIDE D VISCO TRUSTEE 1.20 0.00 X 0 0 0 KATHERINE CRAVEN EXECUTIVE VICE PRESIDENT, CAO/CFO 40.00 0.00 X 520293 0 61306 MICHAEL LAYISH SECRETARY & CLERK 40.00 0.00 X 334330 0 85411 ARIEL ARMONY PROVOST (AS OF 11/18/24) 40.00 0.00 X 138597 0 4856 EDWARD CHIU EXECUTIVE VICE PRESIDENT 40.00 0.00 X 1007482 0 85543 RICHARD BLISS PROFESSOR 40.00 0.00 X 442708 0 40388 JAY RAO PROFESSOR 40.00 0.00 X 504472 0 77952 BEN CHEVRETTE VICE PRESIDENT, DEVELOPMENT 40.00 0.00 X 490708 0 71886 KELLY LYNCH EXECUTIVE VICE PRESIDENT 40.00 0.00 X 491639 0 40649 ANDREW CORBETT PROFESSOR 40.00 0.00 X 433260 0 71981 KENICHI MATSUNO PROFESSOR/FMR VP ACAD AFFAIRS & DEAN 40.00 0.00 X 352764 0 38728 5768553 0 690623 459 1 1 0 C4G LLC DBA CLOUD FOR GOOD LLC 1854A HENDERSONVILLE RD ASHEVILLE NC 28803 IT CONSULTING 2593677 BEACON HILL SOLUTIONS GROUP LLC 152 BOWDOIN STREET BOSTON MA 02108 STAFFING 609499 CSL CONSULTING LLC 152 MIDDLESEX TURNPIKE BURLINGTON MA 01803 PROJECT MANAGEMENT 592749 ACADEMY EXPRESS LLC 111 PATERSON AVENUE HOBOKEN NJ 07030 TRANSPORTATION 490608 PMA CONSULTANTS LLC 226 WEST LIBERTY STREET ANN ARBOR MI 48104 PROJECT MANAGEMENT 453699 23 1144511 46426193 1833558 47570704 TUITION & FEES 900099 215529244 215529244 ROOM & BOARD 900099 42271595 42271595 ED/NON-ED PROGRAM REV. 900099 15753611 15681973 71638 273554450 9481416 -276934 9758350 4495198 0 4495198 4495198 389001 4106197 202683998 178171769 24512229 24512229 24512229 359613997 273482812 183705 38376776 57559712 57559712 6036821 6036821 2912859 580168 1762378 570313 1698701 1698701 122384343 98755598 16417612 7211133 9611832 7754808 1289197 567827 16054076 12952399 2153270 948407 8179026 6598823 1097021 483182 385677 385677 273012 59400 213612 1879861 1879861 371740 110018 259610 2112 7761424 7114665 573176 73583 7940117 6375024 992878 572215 8631896 8010819 396923 224154 17608832 17318930 223254 66648 12480306 10107781 1423558 948967 2775257 2775257 4809003 4809003 21752201 21394107 275769 82325 FOOD & BEVERAGE SERVICE 13510145 12920091 21331 568723 PROFESSIONAL CONSULTING 5880191 2921181 2879700 79310 BAD DEBT EXPENSE 2617509 2617509 STUDENT FEE EXPENSE 1214082 1214082 410363 255513 10113 144737 334738986 289940410 32254940 12543636 58722811 26878867 5601815 5922529 69538652 73430720 3941596 5141232 389310 330436 13364583 11013580 679522173 363897937 295113018 315624236 174855632 187676471 566177554 625581723 10148360 9622564 1197853331 1261222358 50835356 44279243 58423810 62340467 123550520 116607602 14550000 13035000 8050011 7753464 255409697 244015776 X 372524492 387359452 569919142 629847130 942443634 1017206582 1197853331 1261222358 24875011 49887937 0 X 0 1 X 1 1 1 X 37979875 64936566 48818122 54837938 47570704 254143205 37979875 64936566 48818122 54837938 47570704 254143205 51746359 202396846 6480507 8794527 10921876 13433789 14253548 53884247 50040 6170 56210 308083662 1265433259 0.65700 0.67510 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GROSS INCOME - FUNDRAISING - 2021 AMOUNT: $ 49,140. GROSS INCOME - GAMING - 2021 AMOUNT: $ 900. 2022 AMOUNT: $ 6,170. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 1 1 0 SCHEDULE C, PART II-B, LINE 1 LOBBYING ACTIVITIES THE ORGANIZATION PAYS MEMBERSHIP DUES TO MEMBER ORGANIZATIONS WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES. X X X 0 741033186 14623318 84800370 5962869 21235811 813258194 685764464 15093456 64763882 5361682 19226934 741033186 662431288 12653399 28797419 3517349 14600293 685764464 701494830 8355522 -34631791 4074599 8712674 662431288 489737817 6421834 222208932 3701040 13172713 701494830 0.31200 0.26100 0.42700 0 0 1600545 1600545 505816468 263081440 242735028 108386062 70707796 37678266 63719098 30108701 33610397 315624236 ALTERNATIVE INVESTMENTS 625581723 F 625581723 GOVERNMENT ADVANCES FOR STUDENT LOANS 462785 INTEREST RATE SWAP LIABILITY 2140409 LEASE LIABILITIES 5150270 7753464 X PART III, LINE 1A: WORKS OF ART, HISTORICAL TREASURES, LITERARY WORKS AND ARTIFACTS, WHICH ARE PRESERVED AND PROTECTED FOR EDUCATIONAL, RESEARCH, AND PUBLIC EXHIBITION PURPOSES, ARE NOT CAPITALIZED. THEY ARE NEITHER DISPOSED OF FOR FINANCIAL GAIN NOR ENCUMBERED IN ANY MANNER. ACCORDINGLY, SUCH COLLECTION ITEMS ARE NOT RECORDED FOR FINANCIAL STATEMENT PURPOSES. PART V, LINE 4: BABSON COLLEGE'S ENDOWMENT CONSISTS OF OVER 300 INDIVIDUAL FUNDS WHICH HAVE BEEN ESTABLISHED OVER TIME FOR VARIOUS PURPOSES, INCLUDING SCHOLARSHIPS, CHAIRS AND PROFESSORSHIPS, FACILITIES, ATHLETICS, AND OTHER EDUCATIONAL SERVICES. PART X, LINE 2: THE COLLEGE 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 COLLEGE HAS IDENTIFIED ITS TAX STATUS AS A TAX EXEMPT ENTITY AND ITS DETERMINATION OF WHICH REVENUES ARE RELATED OR UNRELATED TO BE ITS ONLY SIGNIFICANT TAX POSITIONS; HOWEVER, THE COLLEGE HAS DETERMINED THAT SUCH TAX POSITIONS DO NOT RESULT IN UNCERTAINTIES REQUIRING RECOGNITION. THE COLLEGE IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTIONS. THE COLLEGE'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEE SUPPLEMENTAL PAGE SCHEDULE E, PART I, LINE 3: BABSON COLLEGE PROHIBITS DISCRIMINATING ON THE BASIS OF RACE, COLOR, NATIONALITY OR ETHNIC ORIGIN, RELIGION, SEX, LIFESTYLE, SEXUAL ORIENTATION PREFERENCE, AGE, HANDICAP, OR VETERAN STATUS. THIS POLICY IS PUBLISHED IN THE FACULTY AND STAFF HANDBOOK. BABSON COLLEGE MEETS THE REQUIREMENTS OF SECTIONS 4.01 THROUGH 4.05 OF REV. PROC 75-50, COVERING RACIAL NONDISCRIMINATION, BECAUSE IT DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS FROM AROUND THE U.S. AND WORLD, ENROLLS STUDENTS OF RACIAL MINORITY GROUPS IN MEANINGFUL NUMBERS, AND FOLLOWS A RACIALLY NONDISCRIMINATORY POLICY AS TO STUDENTS. SCHEDULE E, PART I, LINE 6: GOVERNMENT FINANCIAL AID - BABSON COLLEGE RECEIVES FEDERAL AID TO ENHANCE SCHOLARSHIP AND WORK STUDY PROGRAMS. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 5545631 EAST ASIA AND THE PACIFIC 0 2 FUNDRAISING DEVELOPMENT 57075 EUROPE (INCLUDING ICELAND & GREENLAND) 0 2 FUNDRAISING DEVELOPMENT 38683 NORTH AMERICA 0 2 FUNDRAISING DEVELOPMENT 8173 SOUTH ASIA 0 1 FUNDRAISING DEVELOPMENT 3880 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES ELECTIVE ABROAD 123049 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ELECTIVE ABROAD 157100 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ELECTIVE ABROAD 644707 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES ELECTIVE ABROAD 74499 SOUTH AMERICA 0 0 PROGRAM SERVICES ELECTIVE ABROAD 90270 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDENT STUDY ABROAD 342284 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDENT STUDY ABROAD 5273620 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES STUDENT STUDY ABROAD 41570 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDENT STUDY ABROAD 14356 EAST ASIA AND THE PACIFIC 0 3 PROGRAM SERVICES EXECTUTIVE EDUCATION 81316 EUROPE (INCLUDING ICELAND & GREENLAND) 0 12 PROGRAM SERVICES EXECTUTIVE EDUCATION 230547 MIDDLE EAST AND NORTH AFRICA 0 1 PROGRAM SERVICES EXECTUTIVE EDUCATION 27916 SOUTH AMERICA 0 5 PROGRAM SERVICES EXECTUTIVE EDUCATION 101658 EAST ASIA AND THE PACIFIC 0 0 GRANTS TO RECIPIENTS 1058251 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTS TO RECIPIENTS 4224208 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTS TO RECIPIENTS 201706 SOUTH AMERICA 0 0 GRANTS TO RECIPIENTS 174295 SUB-SAHARAN AFRICA 0 0 GRANTS TO RECIPIENTS 378361 0 7 0 21 0 28 6578298 12314857 18893155 INSTITUTIONAL GRANTS/SCHOLARSHIPS EAST ASIA AND THE PACIFIC 46 1058251 CREDIT TO STUDENT ACCOUNTS FMV INSTITUTIONAL GRANTS/SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 150 4224208 CREDIT TO STUDENT ACCOUNTS FMV INSTITUTIONAL GRANTS/SCHOLARSHIPS MIDDLE EAST AND NORTH AFRICA 6 201706 CREDIT TO STUDENT ACCOUNTS FMV INSTITUTIONAL GRANTS/SCHOLARSHIPS SUB-SAHARAN AFRICA 12 378361 CREDIT TO STUDENT ACCOUNTS FMV INSTITUTIONAL GRANTS/SCHOLARSHIPS SOUTH AMERICA 5 174295 CREDIT TO STUDENT ACCOUNTS FMV 1 0 1 1 1 1 SCHEDULE F, PART I, LINE 2: THE PROCEDURES FOR NEED-BASED AWARDS INCLUDE REVIEW AND RESOLUTION OF ALL FEDERAL-PROCESSOR-IDENTIFIED ELIGIBILITY CONFLICTS, AND 100% VERIFICATION OF REPORTED PARENT AND STUDENT INCOMES. FOR ALL FUNDS, THERE IS A SEPARATION OF THE AWARDING AND DISBURSEMENT FUNCTIONS (DIFFERENT INDIVIDUALS RESPONSIBLE FOR EACH), MONTHLY RECONCILIATIONS BETWEEN STUDENT ACCOUNTS AND THE COLLEGE'S GENERAL LEDGER, AND AN ANNUAL AUDIT IN ACCORDANCE WITH OMB CIRCULAR A-133. SCHEDULE F, PART I, LINE 3: ALL THE NUMBERS ARE BASED ON THE AMOUNTS ASSOCIATED WITH THE ACTIVITY ON THE ORGANIZATION'S TRIAL BALANCE. 1 INSTITUTIONAL GRANTS/SCHOLARSHIPS 1641 0 57559712 FMV CREDIT TO STUDENT ACCOUNTS SCHEDULE I, PART I, LINE 2: THE PROCEDURES FOR NEED-BASED AWARDS INCLUDE REVIEW AND RESOLUTION OF ALL FEDERAL-PROCESSOR-IDENTIFIED ELIGIBILITY CONFLICTS, AND 100% VERIFICATION OF REPORTED PARENT AND STUDENT INCOMES. FOR ALL FUNDS, THERE IS A SEPARATION OF THE AWARDING AND DISBURSEMENT FUNCTIONS (DIFFERENT INDIVIDUALS RESPONSIBLE FOR EACH), MONTHLY RECONCILIATIONS BETWEEN STUDENT ACCOUNTS AND THE COLLEGE'S GENERAL LEDGER, AND AN ANNUAL AUDIT IN ACCORDANCE WITH OMB CIRCULAR A-133. X X X X 0 1 X X X 0 1 0 0 0 0 0 1 1 1 STEPHEN SPINELLI PRESIDENT 912790 0 42500 0 97010 0 60528 0 51395 0 1164223 0 0 0 EDWARD CHIU EXECUTIVE VICE PRESIDENT 744516 0 250000 0 12966 0 38028 0 47515 0 1093025 0 0 0 JAY RAO PROFESSOR 498901 0 0 0 5571 0 26680 0 51272 0 582424 0 0 0 KATHERINE CRAVEN EXECUTIVE VICE PRESIDENT, CAO/CFO 469327 0 50000 0 966 0 60528 0 778 0 581599 0 0 0 BEN CHEVRETTE VICE PRESIDENT, DEVELOPMENT 408548 0 81740 0 420 0 38028 0 33858 0 562594 0 0 0 KELLY LYNCH EXECUTIVE VICE PRESIDENT 440673 0 50000 0 966 0 38028 0 2621 0 532288 0 0 0 ANDREW CORBETT PROFESSOR 431528 0 0 0 1732 0 28841 0 43140 0 505241 0 0 0 RICHARD BLISS PROFESSOR 440116 0 0 0 2592 0 21798 0 18590 0 483096 0 0 0 MICHAEL LAYISH SECRETARY & CLERK 324239 0 10091 0 0 0 37498 0 47913 0 419741 0 0 0 KENICHI MATSUNO PROFESSOR/FMR VP ACAD AFFAIRS & DEAN 350432 0 0 0 2332 0 38028 0 700 0 391492 0 0 0 SCHEDULE J, PART I, LINE 1A: HOUSING ALLOWANCE AND PERSONAL SERVICES: THE PRESIDENT IS REQUIRED TO LIVE IN CAMPUS HOUSING AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF BABSON COLLEGE. THE FAIR MARKET VALUE OF THE HOUSING IS INCLUDED AS A NONTAXABLE BENEFIT. HEALTH OR SOCIAL CLUB: THE PRESIDENT AND SR. VP OF ADVANCEMENT RECEIVED AN ANNUAL MEMBERSHIP TO A LOCAL COUNTRY CLUB FOR BUSINESS USE RELATED TO THE COLLEGE. SCHEDULE J, PART I, LINE 1B: ALL OF THE ITEMS CHECKED ABOVE ARE INCLUDED AS PART OF THE INDIVIDUAL'S EMPLOYMENT CONTRACT AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. SCHEDULE J, PART I, LINE 4B: EFFECTIVE JULY 1, 2019 THE COLLEGE ENTERED INTO A NON-QUALIFIED SECTION 457(F) ARRANGEMENT WITH ITS PRESIDENT. UNDER THE TERMS OF THE PLAN, THE PRESIDENT WILL RECEIVE A CREDIT TO HIS ACCOUNT OF NO LESS THAN $52,500 FOR EACH PLAN YEAR HE HOLDS THE TITLE OF THE PRESIDENT OF THE COLLEGE ON JUNE 30TH OF SUCH PLAN YEAR. AMOUNTS AWARDED UNDER THE PLAN WERE 100% VESTED AT THE TIME OF THE AWARD. $52,500 WAS CREDITED IN 2024 AND IS INCLUDED IN SCHEDULE J, PART II, COLUMN B (III). SCHEDULE J, PART I, LINE 7: CERTAIN LISTED INDIVIDUALS MAY RECEIVE A NON-FIXED PAYMENT BONUS. ALL BONUSES ARE APPROVED BY THE PRESIDENT AND REVIEWED BY HUMAN RESOURCES. SCHEDULE J, PART I, LINE 8: STEPHEN SPINELLI, PRESIDENT AS OF 7/1/2019, IS UNDER HIS INITIAL CONTRACT WITH BABSON COLLEGE. A MA DEVELOPMENT FINANCE AGENCY (2022) 043431814 57584Y2D0 2022-01-05 63872340 SEE PART VI 0 0 0 B MA DEVELOPMENT FINANCE AGENCY (2017) 043431814 57584YBM0 2017-12-26 38092499 ATH/WELLNESS CENTER CONST. 0 0 0 C MA DEVELOPMENT FINANCE AGENCY (2015A) 043431814 57584XCC3 2015-08-05 26750183 REFINANCE DEBT (2005A) & (2007A) 0 0 0 D MA DEVELOPMENT FINANCE AGENCY (2008A) 043431814 57583RUW3 2008-04-17 36475000 SEE PART VI 0 0 0 A 5880000 63872340 585526 63286814 2022 1 0 1 1 B 4060000 38669269 444320 38224949 2020 0 0 0 1 C 11660000 26750183 312136 26438047 2015 1 1 1 1 D 19745000 36475000 250504 29208 36195288 2008 1 0 1 1 A 0 1 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 1 0 0 0.00200 0.00000 0.00200 0 0 1 C 0 1 1 1 0 0.00100 0.00000 0.00100 0 0 1 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 1 1 GOLDMAN SACHS 25.000000000000 0 0 0 0 1 A 1 B 1 C 1 D 1 SCHEDULE K, PART I, COLUMN (A) ISSUER NAME, BOND A, (2022): MASSACHUSETTS DEVELOPMENT FINANCE AGENCY SCHEDULE K, PART I, COLUMN (A) ISSUER NAME, BOND B, (2017): MASSACHUSETTS DEVELOPMENT FINANCE AGENCY SCHEDULE K, PART I, COLUMN (A) ISSUER NAME, BOND C, (2015A): MASSACHUSETTS DEVELOPMENT FINANCE AGENCY SCHEDULE K, PART I, COLUMN (A) ISSUER NAME, BOND D, (2008): MASSACHUSETTS DEVELOPMENT FINANCE AGENCY SCHEDULE K, PART I, COLUMN F, BOND A, (2022): DESCRIPTION OF PURPOSE: REFINANCE DEBT (2015B, 2013, 2011) DATED 8/28/2015, 7/17/2013, AND 7/7/2011. SCHEDULE K, PART I, COLUMN F, BOND C, (2015A): DESCRIPTION OF PURPOSE: REFINANCE DEBT (2007A AND 2005A) DATED 10/04/2007 AND 8/31/2005. SCHEDULE K, PART I, COLUMN F, BOND D (2008): DESCRIPTION OF PURPOSE: REFINANCE DEBT (2002A) DATED 6/27/2002 FOR THE NEW ASTROTURF ATHLETIC FIELD SCHEDULE K, PART II, COLUMN B, LINE 3: THE TOTAL PROCEEDS EXCEED THE ISSUE PRICE DUE TO INVESTMENT EARNINGS ON THE PROJECT FUND. PART II, COLUMN A, C, AND D, LINE 11: THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE NO LONGER IN ESCROW. PART IV, COLUMN B, LINE 2C: AN ARBITRAGE REBATE COMPUTATION WAS PERFORMED ON 12/26/2022. PART IV, COLUMN C, LINE 2C: AN ARBITRAGE REBATE COMPUTATION WAS PERFORMED ON 05/31/2023. PART IV, COLUMN D, LINE 2C: AN ARBITRAGE REBATE COMPUTATION WAS PERFORMED ON 04/17/2023. 15000 TUITION GRANT X 50 1833558 AVG. OF HI & LOW 0 0 1 0 SCHEDULE M, PART I, COLUMN (B): BABSON USED THE NUMBER OF CONTRIBUTIONS RECEIVED FOR COLUMN (B). SCHEDULE M, PART I, LINE 32B: BABSON UTILIZES THE SERVICES OF A BROKER TO SELL DONATED SECURITIES. FORM 990, PART VI, SECTION A, LINE 1A PURSUANT TO THE ORGANIZATION'S BYLAWS, THE BOARD OF TRUSTEES SHALL HAVE AN EXECUTIVE COMMITTEE WHICH SHALL CONSIST OF THE PRESIDENT OF THE CORPORATION, THE CHAIRPERSON OF THE BOARD OF TRUSTEES, THE VICE CHAIRPERSON(S) OF THE BOARD OF TRUSTEES, THE CHAIRPERSON-ELECT OF THE BOARD OF TRUSTEES AND SUCH OTHER TRUSTEES AS SHALL BE APPOINTED BY THE CHAIRPERSON OF THE BOARD OF TRUSTEES OF THE CORPORATION FOR TERMS OF ONE (1) YEAR, BUT ANY MEMBER MAY BE REAPPOINTED. DURING THE INTERVALS BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, SUBJECT TO SUCH LIMITATIONS AS MAY BE PRESCRIBED BY RESOLUTION OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE SHALL HAVE GENERAL SUPERINTENDENCE AND ADMINISTRATION OF THE CURRENT MANAGEMENT OF THE AFFAIRS OF THE CORPORATION, AND MAY EXERCISE ALL THE AUTHORITY OF THE BOARD OF TRUSTEES WITH RESPECT THERETO INCLUDING THE POWER TO AUTHORIZE THE SEAL OF THE CORPORATION TO BE AFFIXED TO ALL PAPERS THAT MAY REQUIRE IT. FORM 990, PART VI, SECTION A, LINE 2 TRUSTEES JOHN E. JOHNSON AND ERIC G. JOHNSON HAVE A FAMILY RELATIONSHIP. PRESIDENT STEPHEN SPINELLI AND VICE CHAIR/TRUSTEE CRAIG R. BENSON HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED AND REVIEWED BY CBIZ ADVISORS, LLC. THE FULL 990 RETURN, INCLUDING SCHEDULE B, IS THEN REVIEWED BY SENIOR MANAGEMENT AND THE AUDIT COMMITTEE. THE FINAL FORM 990, WITH THE EXCEPTION OF SCHEDULE B, IS THEN MADE AVAILABLE TO THE FULL BOARD OF TRUSTEES PRIOR TO FILING WITH THE IRS. SCHEDULE B IS AVAILABLE TO ANY MEMBER OF THE BOARD OF TRUSTEES UPON REQUEST. CBIZ ADVISORS, LLC SIGNS THE RETURN AS PAID PREPARER. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR ALL TRUSTEES ARE REQUIRED TO COMPLETE AND SIGN A CONFLICT OF INTEREST QUESTIONNAIRE AND STATEMENT OF COMPLIANCE. THEIR RESPONSE TO THE QUESTIONNAIRE IS REVIEWED BY MANAGEMENT. IN ADDITION, PAYROLL AND VENDOR FILES ARE REVIEWED FOR THE EXISTENCE OF TRANSACTIONS WITH RELATED PARTIES. IF A CONFLICT OCCURS, THE BOARD MEMBER WILL RECUSE HIM OR HERSELF FROM ANY MATTERS RELATING TO THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE PRESIDENT AND OFFICERS OF THE COLLEGE IS REVIEWED BY HUMAN RESOURCES AT LEAST ONCE A YEAR. THIS REVIEW INCLUDES COMPARING RELEVANT, INDEPENDENT MARKET COMPENSATION AND IS DOCUMENTED. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES IS PROVIDED APPROPRIATE INFORMATION INCLUDING A RECOMMENDATION FOR COMPENSATION (OR INCREASE IN COMPENSATION). ANY CHANGE TO COMPENSATION FOR THE PRESIDENT AND OFFICERS IS APPROVED BY THIS COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 BABSON COLLEGE'S FINANCIAL STATEMENTS CAN BE FOUND AT WWW.BABSON.EDU. BABSON DOES NOT MAKE AVAILABLE TO THE PUBLIC OUR CONFLICT OF INTEREST POLICY OR OTHER GOVERNING DOCUMENTS. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT. THE COMMITTEE REVIEWS AND APPROVES THE AUDITED FINANCIAL STATEMENTS. 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