2024-05-03T11:22:04-05:00 2023-06-30 263753134 CBIZ MHM LLC 500 BOYLSTON STREET BOSTON MA 02116 990 2022-07-01 042103731 MERRIMACK COLLEGE MERR 9788375000 315 TURNPIKE STREET NORTH ANDOVER MA 01845 JEFFREY DOGGETT EDD EVP/CFO & COO 9788375000 2024-04-23 1 JEFFREY DOGGETT EDD 999009999 1 CRAIG KLEIN P00734640 6177610600 2024-04-23 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CHRISTOPHER E HOPEY 315 TURNPIKE STREET NORTH ANDOVER MA 01845 317419335 0 X WWW.MERRIMACK.EDU X 1947 MA MERRIMACK COLLEGE IS A COMPREHENSIVE, CATHOLIC AUGUSTINIAN INSTITUTION OF HIGHER EDUCATION. 26 25 2173 100 658987 0 19437825 13019435 249497976 270164815 4065677 2909235 3619063 5148706 276620541 291242191 105652571 111425791 0 0 77607745 82939823 0 0 3011615 79161722 84148624 262422038 278514238 14198503 12727953 336077023 380055246 166283806 191994601 169793217 188060645 X MERRIMACK COLLEGE IS A COMPREHENSIVE, CATHOLIC AUGUSTINIAN INSTITUTION THAT PROVIDES RIGOROUS UNDERGRADUATE, PROFESSIONAL AND GRADUATE PROGRAMS FOR STUDENTS. 0 0 164873570 111425791 218755493 EDUCATIONAL INSTRUCTION: MERRIMACK COLLEGE OFFERS UNDERGRADUATE AND GRADUATE DEGREES IN THE LIBERAL ARTS, BUSINESS, SCIENCE AND ENGINEERING, NURSING AND HEALTH SCIENCES, AND EDUCATION PROGRAMS. THE COLLEGE COMMUNITY INCLUDES OVER 4,000 UNDERGRADUATE STUDENTS AND OVER 1,500 GRADUATE STUDENTS. 33001856 55877850 AUXILIARY SERVICES: A PRIMARILY RESIDENTAL 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 SOFTBALL, FOOTBALL, BASKETBALL, ICE RINKS, BOAT HOUSE, AND TRACK AND FIELD FACILITIES. 38833392 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. 17593064 ACADEMIC SUPPORT - MERRIMACK COLLEGE PROVIDES ACADEMIC SUPPORT SERVICES TO ITS STUDENTS AND FACULTY INCLUDING A COMPREHENSIVE LIBRARY, ART GALLERY, CREATIVE WRITING VENUE, ACADEMIC COMPUTING SERVICES, AND ACADEMIC TUTORING. 17593064 254301882 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 1 7876 0 1 2173 1 1 1 0 0 0 0 1 1 0 0 0 0 1 0 X 26 25 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CO MD MA MI NV NH NY OK OR SC WA X X X JEFFREY DOGGETT EDD EVPCFO & COO 9788375000 315 TURNPIKE STREET NORTH ANDOVER MA 01845 CHRISTOPHER E HOPEY PHD PRESIDENT 40.00 X X 1130736 0 144783 JOHN T BOYCE CHAIR 1.00 X X 0 0 0 KEVIN LUCEY VICE CHAIR 1.00 X X 0 0 0 REV DAVID A CREGAN OSA PHD VICE CHAIR 1.00 X X 0 0 0 MARYBETH MCINNIS ESQ VICE CHAIR 1.00 X X 0 0 0 KAREN J CAMBRAY TREASURER 1.00 X X 0 0 0 JOANNE BENTLEY TRUSTEE 1.00 X 0 0 0 BRUCE BOUCHARD TRUSTEE 1.00 X 0 0 0 PETER CAULO TRUSTEE 1.00 X 0 0 0 ALVIN M CHAPITAL III TRUSTEE 1.00 X 0 0 0 REV FRANCIS J HORN OSA JCD TRUSTEE 1.00 X 0 0 0 DENNIS LEONARD TRUSTEE 1.00 X 0 0 0 PAUL MUCCI TRUSTEE 1.00 X 0 0 0 REV ARTHUR PURCARO OSA TRUSTEE 1.00 X 0 0 0 KEVIN RHODES TRUSTEE 1.00 X 0 0 0 KEVIN ROUTHIER TRUSTEE 1.00 X 0 0 0 PATRICK J SULLIVAN TRUSTEE 1.00 X 0 0 0 JAMES E SCAMMON TRUSTEE 1.00 X 0 0 0 MARQUES TORBERT TRUSTEE 1.00 X 0 0 0 VERY REV ROBERT HAGAN OSA TRUSTEE 1.00 X 0 0 0 MICHAEL P ARCIDI TRUSTEE 1.00 X 0 0 0 MATTHEW CARPENTER-DENNIS ESQ TRUSTEE 1.00 X 0 0 0 LYNNE CHASE TRUSTEE 1.00 X 0 0 0 FRANCIS DUANE TRUSTEE 1.00 X 0 0 0 REV KEVIN DEPRINZIO OSA PHD TRUSTEE 1.00 X 0 0 0 MICHAEL J FRANCO ESQ TRUSTEE 1.00 X 0 0 0 JEFFREY DOGGETT EDD EVP/CFO & COO 40.00 X 633550 0 82102 NICHOLAS MCDONALD ESQ SECRETARY/VP/GENERAL COUNSEL 40.00 X 312550 0 23163 CAITLYN BOSWORTH ACTING/ASST SECRETARY (EFF JUNE 23) 40.00 X 146913 0 42518 JOHN CONDON PHD VP, ACADEMIC AFFAIRS & PROVOST 40.00 X 320516 0 55504 LEILA C RICE VP, DEVELOPMENT & ALUMNI RELATIONS 40.00 X 335013 0 56258 ANDREW MAYLOR VP & CHIEF BUSINESS OFFICER 40.00 X 293064 0 50347 JEREMY GIBSON DIRECTOR OF ATHLETICS 40.00 X 300833 0 55280 PATRICIA A SENDALL PROFESSOR EMERITA 40.00 X 309510 0 37212 NAIRA CAMPBELL-KYUREGHYAN PROFESSOR 40.00 X 298510 0 33154 4081195 0 580321 164 0 1 0 METEOR LEARNING INC 301 EDGEWATER PLACE SUITE 210 WAKEFIELD MA 01880 PROFESSIONAL SERVICES 7969409 ON-SITE MEDICAL SERVICES LLC 71 BELKNAP AVENUE NEWPORT NH 03773 MEDICAL SERVICES 1040717 PEACE PLUS MAINTENANCE CORP 900 CHELMSFORD ST TOWER 3 11TH F LOWELL MA 01851 JANITORIAL SERVICES 1027529 CAGGIANO CONSULTING 45 WASHBURN AVENUE NEEDHAM MA 024922315 MARKETING & DESIGN SERVICES 1023447 EAB GLOBAL INC 2445 M STREET NW WASHINGTON DC 20037 EDUCATION INSTITUTIONS 802480 40 149637 3742207 9127591 5240075 13019435 TUITION AND FEES 611710 218755493 218755493 ROOM AND BOARD 721000 51409322 51409322 270164815 3174363 3174363 25865217 26130345 -265128 -265128 -265128 67990 149637 46799 21191 21191 DEFERRED CONTRACT REVE 900099 954379 954379 ICE RINK RENTALS 713940 658987 658987 ATHLETIC EVENT TICKET 900099 481922 481922 3032227 3032227 5127515 291242191 274633343 658987 2930426 111370791 111370791 55000 55000 3986258 3096324 262621 627313 61321577 53672763 6469084 1179730 3331683 2740690 499344 91649 9829658 8013961 1412134 403563 4470647 3836563 517919 116165 286775 24554 262221 147600 147600 141487 141487 13265636 11031131 2044784 189721 1681642 1581348 100294 2219433 1614214 487241 117978 4840104 1328402 3493744 17958 11929532 11490279 415508 23745 3457294 3005651 378466 73177 403936 361910 37393 4633 5315831 5203098 112684 49 9003025 8345966 656903 156 1829249 1696607 124410 8232 FOOD SERVICE EXPENSE 15240323 14532335 671870 36118 EQUIP. RENTAL & MAINT. 5235357 4872102 341203 22052 SPECIAL EVENT EXPENSES 2335986 1489148 770279 76559 LEASE & RENTAL EQUIP. 714008 526904 178638 8466 6101406 4412141 1674914 14351 278514238 254301882 21200741 3011615 5393 5393 50442432 55334845 2383106 2582471 6940063 8077008 1521886 1953892 343943507 143826603 183358578 200116904 61091562 69881957 7086482 9048595 23247521 33054181 336077023 380055246 18466647 18355325 10673429 16365645 75127771 107066016 51319676 49526324 10000000 0 696283 681291 166283806 191994601 X 106916490 115084596 62876727 72976049 169793217 188060645 336077023 380055246 X 12727953 5830558 -291083 X 0 1 X 1 1 1 X 6691834 5565203 16159644 19437825 13019435 60873941 6691834 5565203 16159644 19437825 13019435 60873941 9565964 51307977 2155259 2088058 1265460 1477638 3174363 10160778 37060 51340 28075 41030 67990 225495 71260214 1190307371 0.72000 0.77680 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GROSS INCOME FROM FUNDRAISING - 2018 AMOUNT: $ 37,060. 2019 AMOUNT: $ 51,340. 2020 AMOUNT: $ 28,075. 2021 AMOUNT: $ 41,030. 2022 AMOUNT: $ 67,990. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 20000 0 1 40000 60000 0 PART II-B, LINE 1: THE COLLEGE IS A MEMBER IN CERTAIN PROFESSIONAL ORGANIZATIONS INCLUDING THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS, ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES IN MASSACHUSETTS, NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES, 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. PART II-B, LINE 1G: DURING THE FISCAL YEAR, SALARIED STAFF SPENT TIME ADVOCATING FOR NATIONAL HIGHER EDUCATION LEGISLATION IN ASSOCIATION WITH OUR INDUSTRY REPRESENTATION AS WELL AS ADVANCING A MERRIMACK INITIATIVE TO CREATE A THREE-YEAR DEGREE. ALLOCATED COSTS ARE REPORTED ABOVE IN PART II-B, LINE 1G. PART II-B, LINE 1I: DURING THE FISCAL YEAR, SALARIED STAFF SPENT TIME ADVOCATING FOR THE PASSAGE OF A REDEVELOPMENT PROPOSAL WITH THE TOWN OF NORTH ANDOVER. THIS INCLUDED SPEAKING AT PUBLIC HEARINGS AND OTHER FORMS OF OUTREACH TO THE COMMUNITY. ALLOCATED COSTS ARE REPORTED ABOVE IN PART II-B, LINE 1I. 65709445 6545018 7272003 1512748 1762589 76251129 74119235 3026184 -8415241 1454490 1566243 65709445 55666092 3894656 17443395 1547349 1337559 74119235 58940409 644773 -1055955 1457347 1405788 55666092 58487986 536709 2628428 1380702 1332012 58940409 0.20190 0.79810 0.00000 0 0 9790240 9790240 244197895 77146044 167051851 59820269 50516537 9303732 30135103 16164022 13971081 200116904 ESCROW DEPOSITS 127853 DEPOSITS WITH BOND TRUSTEES 32616229 RIGHT OF USE ASSET 310099 33054181 REFUNDABLE ADV. U.S GOV'T GRANTS 681291 681291 X 185261187 5830558 -111716874 -105886316 291147503 141487 -46799 94688 291242191 166993759 46799 46799 166946960 141487 111425791 111567278 278514238 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. ALL USES OF ENDOWMENT FUND EARNINGS ARE IN ACCORDANCE WITH DONOR INTENT CONSISTENT WITH INSTITUTIONAL MISSION. ENDOWMENT FUNDS PRIMARILY PROVIDE FOR THE FOLLOWING: STUDENT FINANCIAL AID, STUDENT SERVICES, ACADEMIC SUPPORT, ATHLETIC PROGRAMS AND CAPITAL PROJECTS. PART X, LINE 2: THE COLLEGE IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS. THE COLLEGE HAS DETERMINED THAT ITS TAX STATUS AND DECISIONS OVER WHICH ACTIVITIES ARE RELATED AND UNRELATED ARE ITS ONLY TAX POSITIONS AND THAT SUCH POSITIONS DO NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE COLLEGE'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. NO EXAMINATIONS ARE CURRENTLY IN PROCESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN NET VALUE OF SPLIT INTEREST OBLIGATIONS 23,917. UNIVERSITY FUNDED FINANCIAL AID - TUITION DISCOUNT -111,425,791. DEBT SERVICE RESERVE TERMINATION PAYMENT -315,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES INCLUDED ON FORM 990, PART VIII -46,799. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES INCLUDED ON FORM 990, PART VIII 46,799. PART XII, LINE 4B - OTHER ADJUSTMENTS: UNIVERSITY FUNDED FINANCIAL AID - TUITION DISCOUNT 111,425,791. 1 1 1 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 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. 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. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTMAKING 55000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDY ABROAD TRIPS/PROGRAMS 250000 0 0 0 0 0 0 305000 0 305000 EUROPE (INCLUDING ICELAND & GREENLAND) 11 0 55000 CREDIT TO STUDENT ACCOUNT FMV 1 0 1 0 0 0 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. PART III ACCOUNTING METHOD: GOLF TOURNAMENT 217627 149637 67990 46577 222 217627 149637 67990 46577 222 46799 21191 1 STUDENT SCHOLARSHIPS 4833 11370791 FMV REDUCTION IN TUITION PART I, LINE 2: A REPORT IS RUN AT THE END OF EACH SEMESTER TO REVIEW EACH STUDENT'S CUMULATIVE GPA AND PROGRESS TOWARD THEIR DEGREE. STUDENTS RECEIVING MERIT AWARDS WHO FAIL TO ACHIEVE GOOD ACADEMIC STANDING ARE REVIEWED FOR ALTERNATIVE INSTITUTIONAL FUNDING. EVERY EFFORT IS MADE TO FIND ALTERNATIVE FUNDING FOR STUDENTS NOT MEETING GOOD ACADEMIC STANDING. X X X X 1 1 X X X X X 1 1 0 0 0 0 0 1 0 CHRISTOPHER E HOPEY PHD PRESIDENT 743000 0 149000 0 238736 0 109258 0 35525 0 1275519 0 225000 0 JEFFREY DOGGETT EDD EVP/CFO & COO 555550 0 70000 0 8000 0 49427 0 32675 0 715652 0 0 0 LEILA C RICE VP, DEVELOPMENT & ALUMNI RELATIONS 280973 0 52750 0 1290 0 24588 0 31670 0 391271 0 0 0 JOHN CONDON PHD VP, ACADEMIC AFFAIRS & PROVOST 267048 0 40778 0 12690 0 23666 0 31838 0 376020 0 0 0 JEREMY GIBSON DIRECTOR OF ATHLETICS 271776 0 21920 0 7137 0 23756 0 31524 0 356113 0 0 0 PATRICIA A SENDALL PROFESSOR EMERITA 117312 0 0 0 192198 0 10239 0 26973 0 346722 0 0 0 ANDREW MAYLOR VP & CHIEF BUSINESS OFFICER 165828 0 0 0 127236 0 5531 0 44816 0 343411 0 0 0 NICHOLAS MCDONALD ESQ SECRETARY/VP/GENERAL COUNSEL 272500 0 39750 0 300 0 23163 0 0 0 335713 0 0 0 NAIRA CAMPBELL-KYUREGHYAN PROFESSOR 110400 0 0 0 188110 0 9754 0 23400 0 331664 0 0 0 CAITLYN BOSWORTH ACTING/ASST SECRETARY (EFF JUNE 23) 131666 0 15000 0 247 0 10576 0 31942 0 189431 0 0 0 PART I, LINE 1A THE PRESIDENT AND THE EXECUTIVE VICE PRESIDENT MAY UTILIZE FIRST CLASS TRAVEL AND TRAVEL WITH COMPANIONS UNDER THE TERMS OF THEIR RESPECTIVE EMPLOYMENT CONTRACTS. SOCIAL CLUB DUES WERE PAID FOR ON BEHALF OF THE PRESIDENT, EXECUTIVE VICE PRESIDENT, AND DIRECTOR OF ATHLETICS. THIS EXPENSE WAS INCURRED PRIMARILY FOR BUSINESS PURPOSES; ANY PERSONAL USE WAS TREATED AS TAXABLE INCOME. THE VP & CHIEF BUSINESS OFFICER RESIDED IN A COLLEGE-OWNED HOUSE IN CALENDAR YEAR 2022, FROM JANUARY THROUGH JUNE. THE FAIR MARKET VALUE RENTAL VALUE WAS TREATED AS A NON-TAXABLE BENEFIT AND WAS INCLUDED IN SCHEDULE J, PART II, COLUMN D. PART I, LINES 4A-B SCHEDULE J, PART I, LINE 4A SEVERANCE ARRANGEMENT THE PRESIDENT'S EMPLOYMENT CONTRACT INCLUDES A SEVERANCE PROVISION THAT PROVIDES UP TO TWELVE MONTHS OF SALARY. NO AMOUNTS WERE PAID UNDER THIS PROVISION DURING THE CURRENT YEAR. THE EXECUTIVE VICE PRESIDENT'S EMPLOYMENT CONTRACT INCLUDES A SEVERANCE PROVISION THAT PROVIDES NINE MONTHS OF BASE SALARY. NO AMOUNTS WERE PAID UNDER THIS PROVISION DURING THE CURRENT YEAR. SEVERANCE PAYMENTS WERE MADE IN CALENDAR YEAR 2022 TO FORMER EMPLOYEES IN THE AMOUNT OF $505,137. SCHEDULE J, PART I, LINE 4B DEFERRED COMPENSATION PRESIDENT HOPEY PARTICIPATES IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F). PROVIDED PRESIDENT HOPEY IS EMPLOYED BY THE COLLEGE, THE COLLEGE WILL CREDIT A DEFERRED COMPENSATION ACCOUNT EACH FISCAL YEAR. THE COLLEGE CREDITED $83,333 TO PRESIDENT HOPEY'S DEFERRED COMPENSATION ACCOUNT IN CALENDAR YEAR 2022 WHICH IS REPORTED IN SCHEDULE J, PART II, COLUMN C. THE EXECUTIVE VICE PRESIDENT PARTICIPATES IN A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT UNDER INTERNAL REVENUE CODE SECTION 457(F). PROVIDED THE EXECUTIVE VICE PRESIDENT IS EMPLOYED BY THE COLLEGE, THE COLLEGE WILL CREDIT A DEFERRED COMPENSATION ACCOUNT EACH FISCAL YEAR. THE COLLEGE CREDITED $23,077 TO THE EXECUTIVE VICE PRESIDENT'S DEFERRED COMPENSATION ACCOUNT IN CALENDAR YEAR 2022 WHICH IS REPORTED IN SCHEDULE J, PART II, COLUMN C. PART I, LINE 7 MEMBERS OF THE SENIOR LEADERSHIP TEAM TYPICALLY RECEIVE AN ANNUAL BONUS. EACH MEMBER COMPLETES A SELF-EVALUATION, MEETS WITH THEIR SUPERVISOR TO REVIEW PRIOR YEAR GOALS AND SET CURRENT YEAR GOALS. WHEN APPLICABLE, THE BONUSES ARE PROVIDED AT THE DISCRETION OF THE PRESIDENT AND THE VICE PRESIDENTS. THE COMPENSATION COMMITTEE OF THE BOARD REVIEWS AND APPROVES THE BONUSES OF MEMBERS OF THE EXECUTIVE LEADERSHIP TEAM. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583UL48 2014-07-10 21817579 CONSTRUCTION PROJECTS 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57584XQ87 2017-05-24 30802795 CONSTRUCTION PROJECTS 0 0 0 C MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57584YN70 2021-06-20 26458066 CONSTRUCTION PROJECTS 0 0 0 D MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57584Y4J5 2022-12-22 33153447 CONSTRUCTION PROJECTS 0 0 0 A 1790000 21868813 1345846 416638 20053201 53128 2015 0 0 1 1 B 835000 32021831 288970 514487 30518839 1398374 2020 0 0 1 1 C 26458066 928102 473537 25000803 55624 2023 0 0 1 1 D 33153447 2519775 558698 3000000 74974 27000000 0 0 0 1 A 0 0 1 1 0 0.00170 0.00000 0.00170 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 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 0 0 0 0 1 A 1 B 1 C 1 D 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2023 ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2023 ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2023 ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/30/2023 SCHEDULE K, PART II, LINE 3: FOR BOND ISSUE A (SERIES 2014), TOTAL PROCEEDS OF ISSUE INCLUDE INVESTMENT EARNINGS OF $51,234. FOR BOND ISSUE B (SERIES 2017), TOTAL PROCEEDS OF ISSUE INCLUDE INVESTMENT EARNINGS OF $700,198. 68000 MERIT SCHOLARSHIP X 6 5121648 FMV X PIANOS 2 114450 FMV X AUCTION ITEMS 3 3977 FMV 0 0 1 0 PART I, COLUMN (B): AMOUNTS IN COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART VI, SECTION A, LINE 3 MERRIMACK COLLEGE HAS A MANAGEMENT AGREEMENT WITH R GALLANT ASSOCIATES LLC UNDER WHICH R GALLANT ASSOCIATES LLC IS RESPONSIBLE FOR MANAGING THE OPERATION OF ICE RINK PREMISES ON THE COLLEGE CAMPUS. NO COMPENSATION WAS PROVIDED BY THE MANAGEMENT COMPANY TO ANY OF THE COLLEGE'S CURRENT OR FORMER OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES OR HIGHEST COMPENSATED EMPLOYEES LISTED IN PART VII, SECTION A. THE AGREEMENT WAS MADE AT ARM'S LENGTH. FORM 990, PART VI, SECTION B, LINE 11B INFORMATION FOR FORM 990 IS GATHERED AND COMPILED BY THE DEPARTMENT OF FISCAL AFFAIRS AND USED TO POPULATE THE RETURN IN CONJUNCTION WITH TAX ADVISORS FROM A NATIONAL ACCOUNTING FIRM. THE RESULTING DRAFT FORM 990 IS FORWARDED TO THE PRESIDENT, EXECUTIVE VICE PRESIDENT, IN HOUSE LEGAL COUNSEL, AND THE AUDIT AND RISK MANAGEMENT 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. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE REQUIRES THE PRESIDENT AND BOARD MEMBERS TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THESE DOCUMENTS ARE REVIEWED BY THE OFFICE OF GENERAL COUNSEL AND ARE ADDRESSED AS NECESSARY. 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 OR 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. FORM 990, PART VI, SECTION B, LINE 15 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 THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) AND OTHER INDUSTRY STANDARDS DATA. IN ADDITION TO RECEIVING SALARY DATA, THE COMPENSATION COMMITTEE CONDUCTS A PRESIDENTAL 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 MEET WITH THE PRESIDENT TO DISCUSS THE TRUSTEES' REVIEW. COMPENSATION IS ALSO DISCUSSED FOR THE UPCOMING YEAR AND DOCUMENTED. 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 PREDETERMINED GOALS. THE BOARD OF TRUSTEES' COMPENSATION COMMITTEE USES A PUBLISHED SALARY SURVEY FROM REGIONAL ACADEMIC INSTITUTIONS COMPARABLE TO MERRIMACK TO BENCHMARK THE OFFICERS' SALARY UTILIZING THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) 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. FORM 990, PART VI, SECTION C, 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, THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE, AND THE COLLEGE'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN NET VALUE OF SPLIT INTEREST OBLIGATIONS 23,917. DEBT SERVICE RESERVE TERMINATION PAYMENT -315,000. MERRIMACK METEOR INVESTMENT LLC 315 TURNPIKE STREET NORTH ANDOVER MA 01845 INVESTMENT DE 127513 5332691 MERRIMACK COLLEGE CHARITABLE REMAINDER TRUST (1) MA N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0