Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $104,260

• 1e · Government grants (contributions)

  $5,308,961

• 1f · All other contributions, gifts and grants

  $8,671,962

• 1g · Noncash contributions included above

  $2,638,423

• 2a · Program service revenue: TUITION AND FEES

  total $235,019,565 · related or exempt $235,019,565

• 2b · Program service revenue: ROOM AND BOARD

  total $54,343,650 · related or exempt $54,343,650

• 3 · Investment income

  total $4,847,067 · unrelated business $16,217 · excluded $4,830,850

• 7a · Gross sales of assets other than inventory

  securities $69,557,799

• 7b · Less cost or other basis and sales expenses

  securities $60,800,265

• 7c · Gain or loss

  securities $8,757,534

• 7d · Net gain or loss

  total $8,757,534 · excluded $8,757,534

• 8a · Fundraising events: gross income

  $4,800

• 8a · Fundraising events: contributions included on line 1c

  $104,260

• 8b · Fundraising events: direct expenses

  $124,892

• 8c · Net income from fundraising events

  total -$120,092 · excluded -$120,092

• 11a · Other revenue: DEFERRED CONTRACT REVE

  total $1,107,648 · related or exempt $1,107,648

• 11b · Other revenue: ATHLETIC EVENT TICKET

  total $700,689 · related or exempt $700,689

• 11c · Other revenue: ICE RINK RENTALS

  total $608,440 · unrelated business $608,440

• 11d · All other revenue

  total $3,738,467 · related or exempt $3,738,467

• 11e · Other revenue, total

  $6,155,244

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $119,392,639 · program services $119,392,639

• 3 · Grants to foreign organizations and individuals

  total $109,000 · program services $109,000

• 5 · Compensation of officers, directors and key employees

  total $4,051,825 · program services $3,612,856 · management and general $231,701 · fundraising $207,268

• 7 · Other salaries and wages

  total $66,274,052 · program services $58,016,751 · management and general $7,228,430 · fundraising $1,028,871

• 8 · Pension plan contributions

  total $3,732,494 · program services $3,128,315 · management and general $540,316 · fundraising $63,863

• 9 · Other employee benefits

  total $11,854,775 · program services $9,475,634 · management and general $1,992,869 · fundraising $386,272

• 10 · Payroll taxes

  total $4,654,830 · program services $4,049,463 · management and general $534,244 · fundraising $71,123

• 11b · Fees: legal

  total $290,797 · program services $60,578 · management and general $230,219

• 11c · Fees: accounting

  total $212,500 · management and general $212,500

• 11f · Fees: investment management

  total $141,487 · management and general $141,487

• 11g · Fees: other

  total $14,104,767 · program services $10,891,230 · management and general $3,000,453 · fundraising $213,084

• 12 · Advertising and promotion

  total $1,892,940 · program services $1,832,203 · management and general $60,737

• 13 · Office expenses

  total $2,127,902 · program services $1,743,160 · management and general $349,125 · fundraising $35,617

• 14 · Information technology

  total $5,054,349 · program services $1,636,827 · management and general $3,228,442 · fundraising $189,080

• 16 · Occupancy

  total $12,605,847 · program services $11,965,042 · management and general $638,729 · fundraising $2,076

• 17 · Travel

  total $4,433,864 · program services $3,919,169 · management and general $459,058 · fundraising $55,637

• 19 · Conferences, conventions and meetings

  total $427,126 · program services $324,135 · management and general $93,859 · fundraising $9,132

• 20 · Interest

  total $5,355,166 · program services $5,246,583 · management and general $108,583

• 22 · Depreciation, depletion and amortization

  total $9,896,622 · program services $9,102,413 · management and general $794,209

• 23 · Insurance

  total $1,946,521 · program services $1,793,897 · management and general $143,865 · fundraising $8,759

• 24a · Other expenses: FOOD SERVICE EXPENSE

  total $16,559,637 · program services $15,728,450 · management and general $793,095 · fundraising $38,092

• 24b · Other expenses: EQUIP. RENTAL & MAINT.

  total $6,165,488 · program services $5,686,919 · management and general $478,569 · fundraising $0

• 24c · Other expenses: SPECIAL EVENT EXPENSES

  total $2,151,685 · program services $1,443,950 · management and general $651,834 · fundraising $55,901

• 24d · Other expenses: LEASE & RENTAL EQUIP.

  total $553,115 · program services $368,369 · management and general $183,788 · fundraising $958

• 24e · All other expenses

  total $7,544,352 · program services $4,409,692 · management and general $3,124,205 · fundraising $10,455

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,393 · end of year $5,393

• 2 · Savings and temporary cash investments

  beginning of year $55,334,845 · end of year $49,240,053

• 3 · Pledges and grants receivable

  beginning of year $2,582,471 · end of year $3,148,798

• 4 · Accounts receivable

  beginning of year $8,077,008 · end of year $10,387,561

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,953,892 · end of year $4,084,377

• 10a · Land, buildings and equipment: cost or other basis

  $365,597,205

• 10b · Land, buildings and equipment: accumulated depreciation

  $153,603,534

• 10c · Land, buildings and equipment, net

  beginning of year $200,116,904 · end of year $211,993,671

• 11 · Investments: publicly traded securities

  beginning of year $69,881,957 · end of year $79,157,322

• 12 · Investments: other securities

  beginning of year $9,048,595 · end of year $11,503,448

• 15 · Other assets

  beginning of year $33,054,181 · end of year $32,838,413

• 17 · Accounts payable and accrued expenses

  beginning of year $18,355,325 · end of year $19,512,785

• 19 · Deferred revenue

  beginning of year $16,365,645 · end of year $17,360,244

• 20 · Tax-exempt bond liabilities

  beginning of year $107,066,016 · end of year $106,187,992

• 23 · Secured mortgages and notes payable

  beginning of year $49,526,324 · end of year $47,633,638

• 25 · Other liabilities

  beginning of year $681,291 · end of year $762,384

• 27 · Net assets without donor restrictions

  beginning of year $115,084,596 · end of year $125,615,886

• 28 · Net assets with donor restrictions

  beginning of year $72,976,049 · end of year $85,286,107

The filer's explanations (Part III)

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.

PART I, LINE 4B

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. 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 2023 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 $30,769 TO THE EXECUTIVE VICE PRESIDENT'S DEFERRED COMPENSATION ACCOUNT IN CALENDAR YEAR 2023 WHICH IS REPORTED IN SCHEDULE J, PART II, COLUMN C.

PART I, LINE 7

SENIOR ADMINISTRATORS 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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• MERRIMACK METEOR INVESTMENT LLC

  INVESTMENT · DE · income $0 · assets $0

  Directly controlled by MERRIMACK COLLEGE

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• CHARITABLE REMAINDER TRUST (1)

  MA · controlled entity