Civic Intelligence

Merrimack College

990 • Fiscal year 2019 • EIN 04-2103731

Jul 01, 2018 to Jun 30, 2019 • Filed on May 28, 2020

315 Turnpike StreetNorth Andover, MA 01845

(978) 837-5000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

69th percentile

0.51x

Higher debt load relative to assets than 69% of similar nonprofits.

2019 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2019

Liabilities / Revenue

59th percentile

0.64x

Higher debt load relative to revenue than 59% of similar nonprofits.

2019 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2019

Net Margin

50th percentile

4.5%

Higher net margin than 50% of similar nonprofits.

2019 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2019

Top Officer Pay

57th percentile

$1,003,210

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2019 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2019

Asset Growth

39th percentile

2.4%

Faster asset growth than 39% of similar nonprofits.

2019 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Revenue Growth

77th percentile

12%

Faster revenue growth than 77% of similar nonprofits.

2019 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Assets

Up

$267,280,022

Up $6,249,897 (+2.4%) from 2018

Net Assets

Up

$129,777,947

Up $9,399,234 (+7.8%) from 2018

Liabilities

Down

$137,502,075

Down $3,149,337 (-2.2%) from 2018

Revenue

Up

$216,093,052

Up $22,457,419 (+12%) from 2018

Expenses

Up

$206,334,218

Up $21,814,157 (+12%) from 2018

Net Income

Up

$9,758,834

Up $643,262 (+7.1%) from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$600M$400M$200M$0Assets 2010: $119,943,173Liabilities 2010: $53,455,072Net Assets 2010: $66,488,1012010Assets 2011: $123,129,389Liabilities 2011: $53,851,442Net Assets 2011: $69,277,9472011Assets 2012: $121,723,369Liabilities 2012: $57,194,584Net Assets 2012: $64,528,7852012Assets 2013: $155,591,280Liabilities 2013: $89,355,436Net Assets 2013: $66,235,8442013Assets 2014: $168,103,963Liabilities 2014: $90,729,620Net Assets 2014: $77,374,3432014Assets 2015: $203,844,093Liabilities 2015: $115,579,474Net Assets 2015: $88,264,6192015Assets 2016: $199,865,836Liabilities 2016: $106,606,463Net Assets 2016: $93,259,3732016Assets 2017: $251,432,441Liabilities 2017: $142,361,523Net Assets 2017: $109,070,9182017Assets 2018: $261,030,125Liabilities 2018: $140,651,412Net Assets 2018: $120,378,7132018Assets 2019: $267,280,022Liabilities 2019: $137,502,075Net Assets 2019: $129,777,9472019Assets 2020: $276,990,380Liabilities 2020: $139,232,256Net Assets 2020: $137,758,1242020Assets 2021: $325,006,014Liabilities 2021: $157,194,421Net Assets 2021: $167,811,5932021Assets 2022: $336,077,023Liabilities 2022: $166,283,806Net Assets 2022: $169,793,2172022Assets 2023: $380,055,246Liabilities 2023: $191,994,601Net Assets 2023: $188,060,6452023Assets 2024: $402,359,036Liabilities 2024: $191,457,043Net Assets 2024: $210,901,9932024

Highlighted filing

2019

Assets$267,280,022
Liabilities$137,502,075
Net Assets$129,777,947

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400M$300M$200M$100M$0Expenses 2010: $78,189,4472010Expenses 2011: $84,953,8592011Expenses 2012: $97,875,0102012Revenue 2013: $106,269,468Expenses 2013: $105,215,674Net Income 2013: $1,053,7942013Revenue 2014: $127,124,755Expenses 2014: $121,115,888Net Income 2014: $6,008,8672014Revenue 2015: $146,940,792Expenses 2015: $136,293,472Net Income 2015: $10,647,3202015Revenue 2016: $171,201,736Expenses 2016: $152,829,705Net Income 2016: $18,372,0312016Revenue 2017: $182,254,937Expenses 2017: $171,190,107Net Income 2017: $11,064,8302017Revenue 2018: $193,635,633Expenses 2018: $184,520,061Net Income 2018: $9,115,5722018Revenue 2019: $216,093,052Expenses 2019: $206,334,218Net Income 2019: $9,758,8342019Revenue 2020: $233,932,785Expenses 2020: $222,531,333Net Income 2020: $11,401,4522020Revenue 2021: $259,690,431Expenses 2021: $240,536,507Net Income 2021: $19,153,9242021Revenue 2022: $276,620,541Expenses 2022: $262,422,038Net Income 2022: $14,198,5032022Revenue 2023: $291,242,191Expenses 2023: $278,514,238Net Income 2023: $12,727,9532023Revenue 2024: $323,088,151Expenses 2024: $301,533,780Net Income 2024: $21,554,3712024

Highlighted filing

2019

Revenue$216,093,052
Expenses$206,334,218
Net Income$9,758,834
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 28, 2020
Return Version
2018v3.1
Gross Receipts
$232,248,824
Mission and Program Overview

Mission

Merrimack college is a comprehensive, catholic augustinian institution that serves students from the greater new england area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$149,622,650$159,577,108▲ $9,954,458
Investments in Publicly Traded Securities$56,938,137$57,571,627▲ $633,490
Savings and Temporary Cash Investments$16,484,676$15,669,549▼ $815,127
Accounts Receivable$4,984,404$5,754,828▲ $770,424
Pledges and Grants Receivable$4,278,396$3,837,425▼ $440,971
Prepaid Expenses and Deferred Charges$1,313,120$2,481,393▲ $1,168,273
Investments Other Securities$2,091,956$1,964,630▼ $127,326
Cash and Non-Interest-Bearing Accounts$6,450$6,550▲ $100
Total Assets$261,030,125$267,280,022▲ $6,249,897
Other Assets Total$25,310,336$20,416,912▼ $4,893,424
Liabilities
Tax Exempt Bond Liabilities$112,514,700$110,731,796▼ $1,782,904
Accounts Payable and Accrued Expenses$13,652,974$13,233,981▼ $418,993
Deferred Revenue$13,165,648$12,185,985▼ $979,663
Other Liabilities$1,318,090$1,350,313▲ $32,223
Total Liabilities$140,651,412$137,502,075▼ $3,149,337
Net Assets / Fund Balance
Unrestricted Net Assets$69,206,478$78,410,854▲ $9,204,376
Permanently Rstr Net Assets$51,172,235$51,367,093▲ $194,858
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$120,378,713$129,777,947▲ $9,399,234
Total Liabilities and Net Assets / Fund Balance$261,030,125$267,280,022▲ $6,249,897

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$131,178,372$61,081,413$192,259,785
Equipment$6,667,254$39,752,472$46,419,726
Other Land Buildings$18,053,220$9,996,409$28,049,629
Land$3,678,262-$3,678,262
Other Assets Org$20,294,059--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$58,487,986$536,709▲ $2,628,428$1,332,012$58,940,409
2017$54,359,205$999,887▲ $5,012,559$654,660$58,487,986
2016$49,914,139$596,344▲ $5,710,950$629,596$54,359,205
2015$51,275,154$444,480▲ $56,733$706,956$49,914,139
2014$46,564,537$4,672,496▲ $1,900,349$787,710$51,275,154
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Christopher E HopeyPresidentFT$509,750$493,460$1,003,210
Basil a StewartSr. VP of Finance and CFOFT$282,880$81,379$364,259
Jeffrey DoggettExecutive Vice President/COOFT$282,535$81,109$363,644
Allan WeatherwaxSr VP/provostFT$253,763$85,464$339,227
Mark DennehyFormer Assoc. Athletic Dir./coach-$83,852$247,832$331,684
Sara BrazdaVP of Dev & Alumni RelationsFT$251,100$50,662$301,762
Catherine UsoffProfessor, Health SciencesFT$218,542$56,627$275,169
Kyle McinnisDean, Health SciencesFT$210,094$60,790$270,884
Nicholas McdonaldVice President/general CounselFT$228,340$39,832$268,172
Walter FoggSpecial Assistant to the PresidentFT$217,746$42,427$260,173
Anthony ErwinVP, Enrollment Mgmt. & Student AffairsFT$231,265$22,069$253,334
Anthony ErwinVP, Enrollment Mgmt. & Student Affai-$215,965$37,369$253,334

Highest Paid Contractors

ContractorServicesLocationCompensation
Meteor Learning INCProfessional Services35 VILLAGE ROAD SUITE 100, Middleton, MA 01949$1,757,138
Brothers Of The Order Of HermitsAdmin & Instruction196 ELM STREET, Andover, MA 01810$366,059
Jenzabar INCIt ServicesPO BOX 845939, Boston, MA 02284$310,306
Red River LLCIt Services21 WATER ST STE 500, Claremont, NH 03743$265,532
Allied Printing Services INCPrinting Services1 ALLIED WAY, Manchester, CT 06042$265,487
Revenue and Support

Revenue Composition

Contributions and Grants
$6,691,834
Program Service Revenue
$201,093,132
Investment Income
$3,814,886
Other Revenue
$4,493,200
All Other Contributions
$4,750,634
Change in Net Assets
$9,758,834

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded13$122,733Fair Market Value (FMV)
Total Noncash Contributions13$122,733-

Audited Revenue Reconciliation

Revenue per Audited Statements
$215,992,669
Revenue Not Reported on Financial Statements
$100,383
Revenue Not Reported on Form 990
$-74,362,339
Other Revenue Adjustments
$-42,210
Total Revenue per Audited Statements
$141,630,330
Total Revenue per Form 990
$216,093,052
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$74,002,739
Salaries, Compensation, and Employee Benefits$70,868,804
Other Expenses$61,462,675
Total Fundraising Expense$2,578,798
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$73,690,039--$73,690,039
Other Salaries and Wages$45,996,570$6,282,994$1,113,173$53,392,737
Other Employee Benefits$6,875,287$1,090,642$277,071$8,243,000
Depreciation Depletion$7,146,001$503,028$146$7,649,175
Fees for Services Other$5,521,016$1,441,251$87,496$7,049,763
Occupancy$6,264,969$425,658$15,494$6,706,121
All Other Expenses$5,127,938$1,405,685$57,870$6,591,493
Interest$4,620,913$22,160$63$4,643,136
Payroll Taxes$3,170,570$485,646$72,826$3,729,042
Pension Plan Contributions$2,588,528$532,438$72,052$3,193,018
Travel$2,509,842$100,378$71,088$2,681,308
Office Expenses$1,960,290$511,107$172,610$2,644,007
Current Officers, Directors, Trustees, and Key Employees$1,761,707$228,157$321,143$2,311,007
Information Technology$1,314,428$877,040$17,187$2,208,655
Other Expenses$1,779,824$72,346$9,211$1,861,381
Insurance$1,147,511$67,185$5,824$1,220,520
Advertising$890,919$87,332$34,187$1,012,438
Fees for Services Legal$68,565$540,035-$608,600
Conferences and Meetings$430,361$96,717$3,592$530,670
Foreign Grants$312,700--$312,700
Fees for Service Investment Mgmnt Fees-$142,593-$142,593
Fees for Services Accounting-$132,710$490$133,200
Total Functional Expenses$187,306,520$16,448,900$2,578,798$206,334,218

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$206,334,218
Total Expenses per Audited Statements$132,231,096
Expenses per Audited Statements$132,188,886
Expenses Not Reported on Financial Statements$74,145,332
Other Expense Adjustments$74,002,739
Expenses Not Reported on Form 990$42,210
International Activity

International Summary

Offices
0
Employees
0
Spending
$1,317,818

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Europe (including Iceland and Greenland)Program ServicesStudy Abroad00$541,453
East Asia and the PacificProgram ServicesStudy Abroad00$391,715
Europe (including Iceland and Greenland)Grantmaking-00$160,700
East Asia and the PacificGrantmaking-00$119,600
Sub-saharan AfricanProgram ServicesStudy Abroad00$71,950
Sub-saharan AfricanGrantmaking-00$32,400
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$42,210
Fundraising Gross Income$37,060
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tournament$108,085$37,060$10,261$26,799
Total Events$108,085$37,060$42,210$-5,150
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
REFUNDABLE ADV. U.S GOV'T GRANTS$1,350,313

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMassachusetts Development Finance Agency2012-08-13$64,209,436REFUND BOND ISSUE
CMassachusetts Development Finance Agency2017-05-24$30,802,795CONSTRUCTION PROJECTS
BMassachusetts Development Finance Agency2014-07-10$21,817,579CONSTRUCTION PROJECTS

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$64,209,436--$973,098
C$31,364,037--$514,487
B$21,868,813--$469,766

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 2

Alfred j. Arcidi and philip m. Arcidi have a family relationship.

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 in calendar year 2018, 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, senior vp for finance and admin/cfo, 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, senior vp for finance and admin/cfo, executive vice president, and board members to complete a conflict of interest questionnaire. These documents are reviewed by the department of fiscal affairs and any violations 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 and the massachusetts attorney general's website.

Filing and Contact Details

Filer

Filer Name
Merrimack College
EIN
04-2103731
Phone
9788375000
Address
315 TURNPIKE STREET, NORTH ANDOVER, MA 01845

Signing Officer

Name
Jeffrey Doggett
Title
Executive Vice President/COO
Phone
9788375000
Signed
2020-05-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christopher Hopey
Formed
1947
Legal Domicile
Ma
Voting Board Members
26
Independent Board Members
24
Employees
2,186
Volunteers
100

Preparer

Firm
Cbiz Mhm LLC
Address
500 BOYLSTON STREET, BOSTON, MA 02116
Preparer
Craig Klein
Phone
6177610600
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in net value of split interest obligations -21,879.

Financial Statement Notes

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 -21,879. University funded financial aid -74,002,739.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Fundraising expenses included on form 990, part viii -42,210.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expenses included on form 990, part viii 42,210.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

University funded financial aid 74,002,739.

Raw XML AppendixShowing 400 of 1,407 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt1BROTHERS OF THE ORDER OF HERMITS
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2JENZABAR INC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt3RED RIVER LLC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt4ALLIED PRINTING SERVICES INC
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IRS990/Desc0EDUCATIONAL INSTRUCTION: MERRIMACK COLLEGE OFFERS UNDERGRADUATE AND GRADUATE DEGREES IN THE LIBERAL ARTS, BUSINESS, SCIENCE AND ENGINEERING, AND EDUCATION PROGRAMS. THE COLLEGE COMMUNITY INCLUDES OVER 3,600 UNDERGRADUATE STUDENTS AND 650 GRADUATE STUDENTS.
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$402$191$211$323$302$21.6
2023Detailed filing. Detailed filing data is available for this year.$380$192$188$291$279$12.7
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$336$166$170$277$262$14.2
2021Detailed filing. Detailed filing data is available for this year.$325$157$168$260$241$19.2
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$277$139$138$234$223$11.4
2019Detailed filing. Detailed filing data is available for this year.$267$138$130$216$206$9.76
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$261$141$120$194$185$9.12
2017Detailed filing. Detailed filing data is available for this year.$251$142$109$182$171$11.1
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$200$107$93.3$171$153$18.4
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$204$116$88.3$147$136$10.6
2014Detailed filing. Detailed filing data is available for this year.$168$90.7$77.4$127$121$6.01
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$156$89.4$66.2$106$105$1.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$122$57.2$64.5$97.9
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$123$53.9$69.3$85.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$120$53.5$66.5$78.2
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)3 • $250M-$1B nonprofits