New England Institute of Technology

“Richard i. Gouse, who is serving as president, is the spouse of the current senior v.p. For financial affairs and endowment manager and treasurer, cheryl c. Connors. He has no oversight or authority in the employment status, assigned duties, evaluation or compensation level assigned to cheryl c. Connors. He does not supervise cheryl c. Connors and has no reporting relationship. Only independent members of the board are involved in compensation and evaluative determinations.”

“The form 990 is provided to the institute's governing body(board of trustees) prior to the return's filing. The review process of the return includes presentation to and review by the senior financial officers of the institute and all members of the board of trustees. A draft of the return is also provided to the institute's legal counsel for compliance with applicable laws and regulations concerning disclosure of governance process and reporting of executive compensation.”

“The institute regularly and consistently monitors and enforces compliance in regards to the written conflict of interest policy. The officers and trustees annually review the policy and submit conflict of interest disclosure forms, as well as to annually sign acknowledgements of their review and compliance with the institute's conflict of interest policy.”

“The compensation of the institute's officers is determined under the authority of the compensation committee of the board, with the advice and findings of an independent compensation consultant, a compensation study assessing comparable data, and subject to the final approval of the compensation committee. This process is consistent with the rebuttable presumption described in regulation section 53.4958-6(c).”

“The institute makes its governing documents, conflict of interest policy and financial statements available for view to members of the public who have made a written request. The institute has an audit committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent auditor. Part vii, column f, estimated amount of other compensation: other compensation included under column f includes employer match for 403(b) contributions, employer 457(b) contributions and 457(f) credits for certain officers, and employer benefit costs for health, dental and life insurance benefits for the individuals listed.”

“Phillip kydd, a non-compensated individual trustee was paid through his company, the gemini group, compensation as an independent contractor for consulting services. The amount paid for the fiscal year end june 30, 2024 was $ 91,531. The amount per the 1099nec for calendar year 2023, which is within the institute's fiscal year end, was $ 91,859.”

“Decrease in obligation under interest rate swap -267,046.”

“The process has not changed from the prior year.”

“The purpose of the 2008 bond issuance regarded the refunding of the series 2004 bonds and payment of certain expenses with respect to the 2008 bonds. The purpose of the 2015 bond issuance regarded the finance, design, construction and equipping of a 400 bed residence hall facility located on the institute's campus. The purpose of the 2017 bond issuance regarded the advance refunding of the series 2010 bonds.”

“The award of performance incentive payments is conducted in connection with a comprehensive annual evaluative process on qualitative and quantitative metrics deemed appropriate to the respective positions by the compensation committee of the board. Only certain senior executive level positions are elibible to receive these non-fixed payments, which have parameters and limitations in accordance with the applicable employment agreements for certain executives and the institute's compliance process for executive compensation under section 4958 of the internal revenue code. The compensation committee retains control in determining and assessing progress in achievement of the relevant metrics. All payments to individuals in senior executive positions (president, executive vice president, senior vice president of finance and treasurer) are made pursuant to decisions by the compensation committee of the board. Bonuses for performance related to fye 6/30/2023 were paid out in november 2023, subsequent to the meeting of the compensation committee on 11/02/23. Schedule j, column b(iii): included in schedule j, part ii, column b(iii), other reportable compensation, is a housing allowance and an automobile allowance for richard i. Gouse. The terms governing calculation of the housing allowance are defined and authorized in the employment agreement between the president and the institute. The president's employment agreement as well as all subsequent amendments are reviewed and approved by the compensation committee of the board. Included in other reportable compensation for cheryl c. Connors is a payment in assocation with an automobile benefit ($10,800) and a payout under a 457(f) non-qualified deferred compensation plan, which vested in calendar year 2023 ($106,272). These funds accrued in accordance with a multiyear schedule for deferred compensation credits and which amounts accrued through june 30, 2023 were vested and payable upon completion of service through that date. Included in column f are amounts previously reported as deferred compensation credits accrued for cheryl c. Connors in prior forms 990. The amounts listed as other reportable compensation for the remaining 9 senior administrators reflect payments in association with an automobile benefit. Schedule j, column c: deferred compensation includes employer contributions to a 457b deferred compensation plan for richard i. Gouse and cheryl c. Connors. Deferred compensation also includes an annual amount credited to a 457f non-qualified deferred compensation plan for richard i. Gouse and cheryl c. Connors, and employer amounts contributed to a defined contribution retirement plan for all the individuals listed with an amount in column c.”