2007 SERIES A
CONTINUING DISCLOSURE – June 30, 2012
THE TRUSTEES OF THE STEVENS INSTITUTE OF TECHNOLOGY
Introduction
The Trustees of the Stevens Institute of Technology (“Stevens” or “the University”),
located in Hoboken, New Jersey, is a private, independent technological university founded in
1870 with a bequest from Edwin A. Stevens. Stevens is a New Jersey nonprofit corporation and
an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as
amended (the “Code”). The Institute offers baccalaureate, master’s, and doctoral degrees in
engineering, science, computer science, and business and technology management, and
baccalaureate and master’s degrees in the humanities.
The distinctive approach of the University calls for each undergraduate program
engineering, science, computer science, business, and the humanities—to encompass study in a
variety of fields within and outside the core discipline. All of Stevens’ students, regardless of
their concentration, receive exposure to the humanities; conversely, students in the humanities
receive a solid foundation in mathematics and the sciences. This comprehensive and unified
approach thoroughly prepares Stevens graduates to solve a broad spectrum of technological and
other challenges both within and outside their chosen disciplines.
Undergraduate enrollment is approximately 2,550 students; graduate enrollment is
approximately 3,700 full and part-time students. There are more than 38,000 alumni of Stevens,
many of whom hold leadership positions in a broad spectrum of professions throughout the
world.
History
Since opening its doors in 1870, Stevens has educated some of our nation’s most
prominent inventors, innovators, and entrepreneurs—individuals whose lives and work
profoundly changed everyday life. The broadly based, rigorous Stevens curriculum has
consistently produced outstanding graduates with an understanding of a wide range of
disciplines.
Stevens is named for a distinguished family who perpetuated a tradition in American
engineering, dating back to the early days of the Industrial Revolution. John Stevens, a colonel in
the Revolutionary War, purchased the land that now includes the 55-acre campus of the
University in Hoboken, New Jersey from the State of New Jersey in 1784. Before 1800, Colonel
Stevens was a pioneer in the development of the steamboat, and by 1825 he had designed the
first American-built steam locomotive.
Robert Stevens, one of Col. John Stevens' sons, invented the T-rail, the form of railroad
track in use today throughout the world. With his brother, Edwin, Robert built and profitably
operated the first commercial railroad in the United States. Edwin himself was active in the
design and construction of ironclad vessels for the U.S. Navy. With another brother, John Cox
Stevens, who was the first Commodore of the New York Yacht Club, Edwin joined in the
syndicate that built and raced the yacht America. In 1851, that vessel defeated all the English
contenders to become the first winner of the famed trophy now known as the America's Cup.
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When Edwin Stevens died in 1868, his will provided for the establishment of the
University that bears his family name, through a generous contribution of land and funds for
building and endowment. Stevens Institute of Technology opened its doors in 1870. The
original trustees determined that Stevens should have a single, rigorous engineering curriculum
leading to a baccalaureate degree they designated Mechanical Engineer. The undergraduate
program encompassed most of the then existing and emerging engineering disciplines and was
firmly grounded in scientific principles. Stevens’ first president, Henry Morton, was the
founding president of the American Society of Mechanical Engineers and held the group's first
meeting on the Stevens campus in 1880.
In June of 1907, all classes adopted an Honor System, which eventually became the
cornerstone for all student self-government at Stevens and continues to this day as an essential
element in the University's undergraduate life. Over the years, the University evolved from a
small, four-year undergraduate college of engineering into a much larger multifaceted institution
with considerable research activity. Female undergraduates first entered Stevens in 1971.
Stevens seeks to develop its graduates as leaders who possess the skills and insight
needed to renew American innovation, competitive spirit and productivity. As Stevens moves
forward into this new century, its strong commitment to academic excellence will position the
college as a national force in higher education.
Recognition
Stevens has been ranked 23rd in the nation for return on investment for students in a 2012
Bloomberg Business Week Study.
Stevens is ranked 13th in the nation for career services by The Princeton Review’s 2013
edition of “The Best 377 Colleges”
Ranked 12th in the nation for alumni with the highest mid-career salaries by
CNNMoney.com
In its 2013 edition, The Princeton Review ranked Stevens 9th in the nation in the
category, “College City Gets High Marks”, for its hometown of Hoboken
Ranked 75th in the category of Best National Universities in the 2013 edition of “Best
Colleges” by U.S. News & World Report
Stevens is home to three National Research Centers of Excellence: The National Center
for Secure and Resilient Maritime Commerce; The Systems Engineering Research
Center: and the Atlantic Center for the Innovative Design & Control of Small Ships
Ranked 40th in Learfield Sports Directors’ Cup standings for 2011-2012 athletics seasons
Captured the CAANJ Cup, honoring the N.J. DIII institution with the most athletic
success, for the 2010-2011 and 2011-2012 seasons
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Listed among the top 11 schools for insurance and technology talent in Insurance &
Technology 2012
Awarded honorable mention in Wall Street & Technology’s 2012 list of the 11 schools
that capital market executives list as their favorite in hiring computer programming and
engineering graduates
Ranked eighth in the nation for the number of engineering master’s degrees awarded in
2011 by the American Society for Engineering Education (ASEE)
Won two first-place prizes in the 2011 U.S. Department of Energy (DOE) Solar
Decathlon and selected to compete in 2013 Solar Decathlon
Included on U.S. News & World Report’s Short List of 10 National Universities that
Produce the Most Interns
The United States Distance Learning Association (USDLA) presented Stevens with the
2010 and 2011 International Distance Learning Award, the most prestigious award for
excellence in distance learning
The U.S. Distance Learning Association has honored Stevens’ WebCampus for
excellence in distance learning with its 21st Century Award for Best Practices in Distance
Learning
Stevens is among the first universities in the United States to be designated by the U.S.
National Security Agency (NSA) as a National Center of Academic Excellence in
Information Assurance Research for academic years 2008-2013 (re-designated for 20092014)
Schools and programs
Stevens offers degree programs and courses through the following schools:
The Charles V. Schaefer, Jr. School of Engineering and Science, with degrees offered by
the following departments: Civil Environmental and Ocean Engineering; Chemical and
Materials Engineering; Chemistry, Chemical Biology & Biomedical Engineering; Computer
Science; Electrical and Computer Engineering; Mathematical Sciences; Mechanical
Engineering & Physics & Engineering Physics.
College of Arts & Letters, with degrees offered by the Division of Humanities and
Social Sciences and the Division of Technology and the Arts;
The Wesley J. Howe School of Technology Management, with degrees offered in
Business & Technology and Quantitative Finance at the bachelors level, master’s programs
in Technology Management, Telecommunications Management, Business Intelligence &
Analytics and Information Systems, and numerous credit-bearing graduate certificates in
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areas such as Information Systems, Telecommunications, Project Management and General
Management. The Howe School launched a Masters of Business Administration degree in
2003, and also offers the EMBA, EMTM, and Ph.D. degrees.
The School of Systems & Enterprises (SSE), offering a bachelor’s degree in Engineering
Management; master’s degrees offered in Enterprise Systems; Engineering Management;
Systems Engineering and Architecture; Financial Engineering; Software Engineering, Space
Systems Engineering; Infrastructure Systems; Systems Security Engineering; and Technical
Leadership; and the Ph.D. in Systems Engineering, Financial Engineering, Engineering
Management and Enterprise Systems.
Accreditation
The Commission on Higher Education of the Middle States Association of Colleges and
Schools, an institutional accrediting agency recognized by the U.S. Secretary of Education and
the Commission on Recognition of Postsecondary Accreditation, has accredited Stevens Institute
of Technology since 1927. The most recently completed accreditation with the Middle States
Association was in 2008, for a ten year term ending in 2018.
Stevens has nine undergraduate programs in engineering (biomedical engineering,
chemical engineering, civil engineering, computer engineering, electrical engineering,
engineering management, environmental engineering, mechanical engineering and general
engineering with a concentration in naval engineering), all of which are accredited by the
Accreditation Board for Engineering and Technology (ABET).
The American Chemical Society certifies the undergraduate program in chemistry and
chemical biology and the Computing Accreditation Commission of ABET accredits the
undergraduate computer science program.
Campus and Facilities
Stevens occupies a 55-acre park-like campus in Hoboken, New Jersey, atop Castle Point,
a promontory overlooking the Hudson River and midtown Manhattan. The campus is easily
accessible from New York and New Jersey, as Hoboken is the terminus of the NJ Transit rail
system and offers regular commuter service to New York via the PATH system and ferryboat
service.
The Founder’s building, Edwin A. Stevens Hall, is home to the Charles V. Schaefer, Jr.
School of Engineering & Science and houses several academic departments, classrooms,
laboratories, and the theater-style Grace E. and Kenneth W. DeBaun Auditorium, which was also
the site of the first organizational meeting of the American Society of Mechanical Engineers
(ASME) on April 7, 1880.
Academic buildings on campus include the Morton-Pierce-Kidde complex, which
contains offices for the College of Arts & Letters, and mathematical science departments, and the
McLean Chemical Sciences & Engineering Building, which houses the Chemical Engineering,
Biomedical Engineering, Chemistry and Chemical Biology departments. Additional academic
buildings include the Burchard Building, Carnegie Laboratory of Engineering, the Lieb Building,
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Nicoll Environmental Laboratory, Rocco Technology Center, Altorfer Academic Complex and
the S. C. Williams Library. The Davidson Laboratory Building is one of the largest and most
internationally renowned hydrodynamics and ocean engineering research facilities.
The administrative offices of the college are in the Wesley J. Howe Center, a fourteenstory structure, which also serves as a meeting facility and includes the Pierce Dining Hall,
College Store, and a U.S. Post Office. The Griffith Building houses offices, maintenance shops
and stock rooms.
The Lawrence T. Babbio, Jr. Center for Technology Management, a six-story, 95,000
square-foot structure serves as the signature headquarters for the Wesley J. Howe School of
Technology Management and the School of Systems & Enterprises at Stevens. Designed as a
world-class infrastructure, the Babbio Center provides a technologically advanced learning
environment that promotes creative interaction while enabling wireless access to up-to-themoment information. The center features 14 classrooms with varied levels of multimedia and
distance learning capability; a 125-seat auditorium; a main atrium; a technical center and main
mezzanine study lounge; six conference centers and a Business Research/Computer Lab; 10
Student Breakout Areas and 31 faculty offices; and a highly flexible development space with
capacity to respond to market needs.
In 1994, the Charles V. Schaefer, Jr. Athletic and Recreation Center, a 63,000 square foot
facility, was built to include the Canavan Arena, indoor training center with an artificial turf
floor, exercise room, swimming pool and three combination squash-racquetball courts. The
Schaefer Center dramatically improved the ability to recruit top students who are athletically
talented. The William Hall Walker Gymnasium was built in 1916 in an elliptical design shape to
house an indoor running track and other practice and trainings areas. This facility was recently
renovated to include team locker rooms and a weight training center to further enhance the
varsity athletic experience and performance. The Debaun Field, located directly behind the
Schaefer Center, has playing areas for many outdoor varsity teams, including soccer and
lacrosse, and is also the location for the Dobbelaar Baseball Field. Tennis courts are located on
the north and east points of campus.
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Academic, Administration and Research Buildings
Building
Number of
Stories
Net Square
Footage
4
2
3
7
7
3
3
3
4
2
14
2
1
3
6
2
5
43,301
13,451
10,901
67,631
55,960
14,614
6,531
12,294
48,697
10,343
77,348
35,103
4,169
5,423
58,707
31,063
13,500
Edwin A. Stevens Hall
Carnegie Laboratory of Engineering
Lieb Building
Burchard Building
McClean Chemical Science and Engineering Building
Morton
Pierce
Kiddie
S. C. Williams Library & Computer Center
Jacobus Hall
Wesley J. Howe Center
Davidson Laboratory
Nicoll Environmental Laboratory
Vincent A. Rocco Technology Center
Babbio Center for Technology Management
Griffith Building
Altorfer Academic Complex
Residence Halls and Bed Capacity
Residence Hall
Castle Point Apartments
Davis Hall
Hayden Hall
Humphreys Hall
Lore El Center
Palmer Hall
Jonas Hall
538 Washington
733 Jefferson
600 River Street Terrace
604 River Street Terrace
110 Washington
1036 Park Avenue
The Curling Club
800 Madison St.
Marbella
Juliana
Shipyard
TOTAL
Number of
Beds
205
218
132
160
17
90
233
31
44
52
92
24
18
149
141
17
19
44
1,686
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Housing and Residence Life
The campus includes student residences in Palmer Hall, Humphreys Hall, Davis Hall,
Hayden Hall, Jonas Hall, Castle Point Apartments, the Lore-El Center, and River Street Terrace
Suites. Stevens’ residences are also maintained in leased facilities at 733 Jefferson Street, 110
Washington Street, 538 Washington Street, 1036 Park Avenue, The Curling Club, 800 Madison
Street, The Marbella, The Juliana, and the Shipyard apartments. Jacobus Student Center provides
student-life programs and student activity rooms. There are several faculty and administrative
houses on campus, including Hoxie House, Colonial House, Alexander House, Pond House and
Pollara House, and several parking areas, as well as nine fraternity and four sorority houses.
River Terrace, which spans almost an entire city block, began housing students in the fall
of 2006. The project completely renovated four brownstone apartment buildings on River Street
in Hoboken into a higher end suite-style student community comprised of 144 beds in various
combinations of singles and doubles with private and semi-private bathroom facilities. The
following chart shows Stevens’ student housing patterns over the past several years:
Fall
Semester
2006
2007
2008
2009
2010
2011
2012
Stevens Students
Participating in
Housing
1,220
1,255
1,426
1,549
1,643
1,695
1,735
In the year 2000, Stevens had five undergraduate residence halls and approximately 809
undergraduate residential students. After converting a residence hall for undergraduate students,
adding new residence halls and leasing off-campus facilities for both undergraduate and graduate
students, Stevens now operates 18 residence halls and leased units to house the increase in the
undergraduate population.
Governance
Under the terms of incorporation established in 1870, the Board of Trustees of Stevens
(the “Trustees” or “Board”) was given comprehensive governance powers, including the powers
to appoint a President, govern the affairs of the Institute, and oversee its management. At
present, the Board includes leaders in American business and industry, both alumni and nonalumni.
The University’s By-laws provide for up to 42 Trustees, including up to 36 Charter
Trustees with renewable three-year terms, up to five Alumni Trustees with terms of two years, or
one year in the case of the President of the Stevens Alumni Association, and two faculty
members, all as voting members; plus non-voting life members, including Emeritus Trustees.
The University also includes faculty participants on certain committees of the Board of Trustees.
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There are several standing committees serving the Board of Trustees including, among
others, the following: the Executive Committee, the Investment Committee, the Audit
Committee and the Nominating and Corporate Governance Committee.
Voting Members of the Board of Trustees
The table below sets forth the current voting members and the occupation of each member of the
Board of Trustees.
Name
Occupation
Lawrence T. Babbio, Jr. ’66, B.E., M.B.A.,
’01, HonDEng
Senior Advisor, Warburg Pincus
Anthony Barrese, ’70, B.E., ’71, M.E., ’78,
Ph.D.
Faculty Trustee, Associate Dean and Chief of
Staff, School of Systems and Enterprises, Stevens
Institute of Technology
Stephen T. Boswell ’89, B.A., M.A., ’91,
Ph.D., P.E.
President & CEO, Boswell Engineering
Thomas A. Corcoran ’67, B.E., ’03,
HonDEng
President & CEO, Gemini Air Cargo
Philip P. Crowley ’71, B.S., J.D.
Assistant General Counsel, Johnson & Johnson
Corp.
Martin C. Fliesler ’65, B.E., ’68 J.D.
Partner, Fliesler Meyer LLP
Joseph J. Garvey ’71, B.E., ’76 J.D.,
Alumni Trustee
Partner, Garvey, Ballou & Rogalski
Sean Hanlon ’80, B.S., CFP
Chairman and CEO, Hanlon Investment
Management, Inc.
Mark LaRosa '93, B.S., Alumni Trustee
CEO, QuotaCrush
Matthew R. Libera, ’81, B.S., ’83 M.S., ’87 Faculty Trustee, Professor of Materials Science,
Sc.D.
Charles V. Schaefer, Jr. School of Engineering,
Stevens Institute of Technology
Richard S. Magee '63, B.E., M.S. Sc.D.,
Alumni Trustee
Consultant
Lisa M. Mascolo ’82, B.S.P.M.
CEO Optimos
Sandeep Mathrani ’83, B.E., M.S., ’86
M.E., ’11 HonDEng
CEO General Growth Properties, Inc.
Victoria L. O’Connor ’11, B.S., Alumni
Trustee
Provision Sales Account Manager, Thompson
Reuters Tax & Accounting
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Hillary Paul ’10, B.E., Alumni Trustee
Student, Teacher’s College, Columbia University
Spyros Polemis, ’61, M.E.
Chairman and Managing Director, Seacrest
Shipping Company Ltd.
Richard R. Roscitt ’73, B.E., M.B.A.
Chairman & CEO, SMobile Systems, Inc.
Virginia P. Ruesterholz ’83, B.E., ’91
M.S., ’08 HonDEng
Retired President, Verizon Communications
Ronald E. Salluzzo ’72, B.B.A.
President, State and Local Government and
Education, Attain, LLC
John A. Schepisi, Esq., '65, B.E., ’68 J.D.
Founder, Schepisi & McLaughlin, P.A.
Thomas H. Scholl ’70, B.A.
General Partner, Novak Biddle Venture Partners
Frank J. Semcer, Sr., ’65, B.E., ’71 M.B.A.
CEO, Chairman, Micro Stamping Group
Steven Shulman ’62, M.E, ’63, M.S., ’02,
HonDEng
Principal, The Hampton Group
James M. Walsh ’69, B.S., ’71, M.S.,
M.B.A.
Managing Director & Chief Operating Officer for
Marketing, Prisma Capital Partners LP
Administration
The following information identifies the University’s administrative team and describes their
qualifications and principal areas of responsibility:
Nariman Farvardin, B.S., M.S., Ph.D., became the seventh president of Stevens Institute of
Technology on July 1, 2011. He served as a member of the faculty for twenty-seven years at the
University of Maryland and as Acting President for two months in 2010, during his tenure as
Senior Vice President for Academic Affairs and Provost, positions he held since 2007. Dr.
Farvardin is an accomplished researcher in the areas of information theory and coding,
multimedia signal compression and transmission, high-speed networks, and wireless networks.
Among his accomplishments as Provost was spearheading the development and implementation
of the University’s ambitious strategic plan, Transforming Maryland: Higher Expectations. From
1994 to 2000, Dr. Farvardin served as Chair of The Department of Electrical and Computer
Engineering, where he was Professor. He was appointed Dean of the A. James Clark School of
Engineering in 2000. Dr. Farvardin has made significant contributions to a number of
communications standards and practical systems in data communication, image and video
compression, and voice coding in wireless applications. A fellow of the Institute of Electrical and
Electronics Engineers (IEEE), Dr. Farvardin holds seven U.S. patents in data communication,
image coding, and wireless communication, and has co-authored more than 150 technical papers
in journals and conference proceedings. He served multi-year terms as associate editor for two
IEEE publications: Transactions on Communications, from 1986 to 1990, and Transactions on
Information Theory, from 1992 to 1995. A passionate advocate of technological innovation, Dr.
Farvardin has served on the boards of several companies and educational non-profit
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organizations. He was chosen by the Governor of Maryland to serve on the state’s task forces for
Science, Technology, Engineering and Mathematics (STEM) and Nano-biotechnology, and he
chaired the University System of Maryland’s Task Force on Cybersecurity. Dr. Farvardin cofounded Zagros Networks, a venture-funded fabless semiconductor company and NovaTherm
Technologies, a high-tech start-up company that develops technologies to improve the energy
efficiency of buildings. In recognition of his contributions to technology education and his
support of innovation and entrepreneurship, Dr. Farvardin was featured in The Washington Post
as one of the “Five to Watch” in 2003. Among his honors are the National Science Foundation’s
Presidential Young Investigator Award, the George Corcoran Award for Outstanding
Contributions to Electrical Engineering Education, and the University of Maryland’s Invention
of the Year Award in Information Sciences. Dr. Farvardin earned his bachelor’s, master’s, and
doctoral degrees from the Rensselaer Polytechnic Institute in Troy, New York, in 1979, 1980,
and 1983, respectively.
George P. Korfiatis, B.S., M.S., Ph.D., was appointed Provost and University Vice President of
the University in December 2006. He had served as Dean of the University’s Charles V.
Schaefer, Jr. School of Engineering and Science since 2002. An internationally recognized
expert in the field of environmental engineering, he was the founding director of the Center for
Environmental Systems and a professor of civil, environmental and ocean engineering at
Stevens. He has also performed environmental remediation research funded by NASA, the
National Science Foundation, the U.S. Army, and other governmental and military research
agencies. Under his leadership, the Stevens Center for Environmental Systems has developed
research partnerships with other major universities, industry and government agencies. He
earned a doctorate in water resources/environmental engineering at Rutgers University, a
master’s degree in civil and environmental engineering at Rutgers and a master of science degree
in water resources engineering from Rutgers.
Michael Bruno, B.S., M.S., Ph.D, was appointed Dean of the Charles V. Schaefer, Jr. School of
Engineering & Science in February 2007 after serving as director of The Center for Maritime
Systems since 2003. A 1996 Fulbright Scholar and recipient of the American Society of Civil
Engineers’ Outstanding Service Award, Dr. Bruno is an expert in ocean and coastal engineering
and has made significant contributions to his field. He has served in numerous national
positions, including the Transportation Research Board, The Defense Science Board, and The
National Research Council as well as serving as an advisor to federal, state, and local
government officials. Dr. Bruno holds a doctoral degree in ocean engineering jointly from the
Woods Hole Oceanographic Institute and the Massachusetts Institute of Technology, as well as a
master’s degree in civil engineering from the University of California at Berkeley and a
bachelor’s degree in civil engineering from the New Jersey Institute of Technology.
Dinesh Verma, B.S., M.S., Ph.D., was appointed Dean of the School of Systems and
Enterprises (SSE) in March 2007 after serving as Associate Dean for Executive Education and
Outreach in Stevens’ Charles V. Schaefer, Jr. School of Engineering & Science. Prior to joining
Stevens, he served as Technical Director at Lockheed Martin Undersea Systems in Manassas,
Va. He is a fellow of the International Council on Systems Engineering (INCOSE), has authored
more than 85 technical papers, book reviews and technical monographs, and has coauthored two
books. He earned both his doctoral and masters of science degrees in industrial and systems
engineering from Virginia Polytechnic Institute.
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Lisa M. Dolling, B.A., M.A., M.Phil., Ph.D., was appointed Dean of the College of Arts and
Letters in April 2009 after having served as Associate Dean for Academic Development of the
College since its inception in June 2007. She served as director of the University’s Department
of Philosophy since joining Stevens in fall 2004. Prior to coming to Stevens, Dolling was
associate professor of philosophy at St. Johns University in New York City, where she also
served as executive director of the University Honors College. Her areas of expertise include the
philosophy of science, the philosophy of quantum theory, and hermeneutics, which are the focus
of her numerous publications. She holds a master’s degree in philosophy from Fordham
University, M.Phil and Ph. D. degrees in philosophy from the Graduate Center of the City
University of New York, a certificate from the Higher Institute of Philosophy in Louvain,
Belgium, and a bachelor’s degree in philosophy from Manhattanville College.
Gregory Prastacos BSc, MSc, EScD, was appointed Dean of the Wesley J. Howe School of
Technology Management in February 2012. Prior to joining Stevens, he served as Professor and
Rector at the Athens University of Economics and Business (AUEB). During his more than 30
years at AUEB, he was a powerful agent of change, advocating for academic excellence and
continuously launching innovative and impactful curricula and research programs. He is an
internationally recognized scholar in the field of operations research, making seminal
contributions in operations management and supply chain management, as well as significant
contributions in finance, business strategy, human resources management, innovation and
organizational change in the information economy.
Maureen Weatherall, B.S., M.S., Ph.D., was appointed Vice President for University
Enrollment and Academic Services in November 2001 after having served as Vice President for
Undergraduate Enrollment since 1998 and Dean of Admissions since 1993 and was named Chief
Administrative Officer in 2010. A Stevens graduate, she worked at AT&T until joining Stevens.
She earned her Doctor of Education in Higher Education Management and Policy at the
University of Pennsylvania in 2006.
Henry P. Dobbelaar, Jr., B.S., M.S., was appointed Vice President for Facilities, Support
Services and Community Relations in 2005, after having served as Vice President of Facilities
and Support Services since 2002. He is the founder and Director of the Construction
Management Program in the Department of Civil, Environmental and Ocean Engineering. He
has many years of business experience in the construction industry and a deep knowledge of
construction management.
Randy L. Greene, CPA, MBA, was appointed Vice President of Finance, Chief Financial
Officer and Treasurer in 2008. Mr. Greene has an MBA in accounting and finance from the
Johnson Graduate School of Management at Cornell University and has more than 25 years of
professional experience in public, private and not-for-profit organizations. He began his higher
education career at Cornell University, where he held various positions in accounting, financial
affairs, treasury and sponsored research management, culminating in the position of controller at
Cornell’s Weill Medical College in New York City. Since 2000, Mr. Greene was the Assistant
Vice President for Finance and University Controller at New York University, where he
improved the systems, structures and culture of the accounting and financial compliance
operations of the university.
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Kathy L. Schulz, Esq., was appointed Vice President, General Counsel and Secretary in
September 2010. She is responsible for all legal matters on behalf of the University and serves
as Secretary to the University’s Board of Trustees. Before joining Stevens, Ms. Schulz served as
Associate General Counsel at Yale University from 2008 to 2010, and as Associate General
Counsel at New York University from 1994 to 2008. Prior to that time, Ms. Schulz practiced at
Debevoise & Plimpton in NYC. She received her B.A. from Ramapo College, cum laude, in
1983, and her J.D. from Yeshiva University, magna cum laude, in 1987. She is admitted to
practice in Connecticut, New York and New Jersey.
Conflict of Interest
All Trustees and key members of the Administration are required to submit an annual
Conflict of Interest statement covering their relationships, and those of their families, with the
University and vendors of the University. The statements are reviewed by the Chairman of the
Board of Trustees and the Audit Committee. The statements of the Chairman and of the
President are reviewed by the Audit Committee of the Board.
Student Enrollment & Full-Time Equivalency (FTE)
The following table indicates the total enrollment and FTE of traditional undergraduate,
traditional graduate and professional studies* students for the fall semester of the following
academic years:
Enrollment
TR
TR
Fall
Undergraduate Graduate/PS
Semester
Students
Students
2005-06
1,789
2,966
2006-07
1,848
3,239
2007-08
2,044
3,371
2008-09
2,148
3,415
2009-10
2,262
3,495
2010-11
2,369
3,260/579PS
2011-12
2,427
3,114/594PS
2012-13
2,458
3,101/625
Total
4,755
5,087
5,415
5,563
5,757
6,208
6,137
6,184
FTE
TR
TR
Fall
Undergraduate Graduate/PS
Semester
FTE
FTE
2008-09
2,142
2,781
2009-10
2,259
2,400
2010-11
2,372
2,404
2011-12
2,427
2,380
2012-13
2,545
2,520
Total
4,923
4,659
4,776
4,807
5,065
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The University’s strength in its academic programs, faculty, administrators and facilities
indicate that a stable demand for its educational programs will continue; however, no assurance
can be given that it will do so. Over the last few years there has been a shift in full-time versus
part-time students as reflected in our unduplicated headcount. The University is continually
marketing and providing academic programs, including unique non-semester based delivery, that
meet the demand of the marketplace. In addition, “WebCampus,” the university’s on-line
learning program, has helped broaden the reach of Stevens and attracts students from all over the
world.
Student Admissions
Undergraduate Students The following tables set forth the total number of First-Time FullTime Freshman undergraduate applications received and accepted and the number of students
enrolled in the fall semester of the academic years indicated.
Academic
Year
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
Applications
Received
2,418
2,448
2,810
2,864
2,972
3,228
3,600
4,087
Percent
Incr.
2.9%
1.2%
14.8%
1.9%
3.8%
8.6%
11.5%
13.5%
Applications
Accepted
1,212
1,276
1,415
1,525
1,514
1,515
1,500
1,653
Percent
Accepted
50.1%
52.1%
50.4%
53.2%
51.0%
46.9%
41.6%
40.5%
Students
Enrolled
518
527
521
545
561
550
559
558
Percent
Yield
42.7%
41.3%
36.8%
35.7%
37.0%
36.3%
37.2%
37.8%
The Undergraduate Admissions office has improved selectivity and maintained a high
yield while increasing overall student enrollment. Stevens continues to attract students from
areas outside of New Jersey, with 38% of the incoming first-year class in fall 2012 comprised of
out-of-state students.
The following table sets forth the mid-range SAT and ACT scores and the percentage of
students in the top 10% and top 20% of their high school classes admitted to Stevens during the
fall semester of the following academic years:
Fall Semester
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
Average
SAT Score
1180-1370
1160-1360*
1170-1360
1160-1350
1160-1360
1180-1340
1190-1380
1210-1380
Average
ACT Score
23-28
24-29
24-30
24-29
24-29
25-30
25-30
27-32
Rank in Class
Top 10
49%
54%
48%
53%
58%
58%
56%
60%
Rank in Class
Top 20
71%
77%
72%
76%
78%
81%
81%
81%
*National SAT average decline
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Graduate Students Stevens is committed to initiatives to enroll more new graduate
students annually so that it can sustain the growth of the important graduate revenue stream
through innovative, customized, and tailored programs that meet the future needs of business and
industry.
The following table sets forth the total number of applications received and the percent of
candidates accepted and enrolled in graduate programs of the Institute during the 2005-2013
academic years:
Academic
Year
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
Percent
Applications Increase
3,047
(12.3)%
3,877
27.2%
2,629
32.2%
3,507
33.4%
3,034
(13.5)%
3,243
6.9%
3,342
3.05%
4,032
20.7%
Applications
Accepted
2,075
2,346
1,566
1,842
1,981
2,343
2,481
2,831
Percent
Accepted
68.1%
60.5%
59.6%
52.5%
65.2%
72.2%
74.2%
70.2%
Students
Enrolled
1,373
1,542
966
1,051
904
923
861
1,008
Percent
Yield
66.2%
65.7%
61.7%
57.1%
45.6%
39.4%
34.7%
35.6%
Tuition and Fees
The following table shows the Institute’s tuition, room and board changes for the last
several academic years.
Academic
Year
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
Undergraduate
Tuition
30,240
31,750
33,300
34,900
36,600
38,400
40,300
41,670
Total
Potential
Fees1
3,403
3,700
3,885
3,965
3,950
1,416
1,482
1,526
Room and
Board
9,280
10,000
10,500
11,580
12,150
12,730
14,214
14,214
Undergraduate
Per Credit
Hour
1,008
1,058
1,110
1,163
1,220
1,280
1,343
1,390
Graduate
Per Credit
Hour
920
965
995
1,040
1,100
1,160
1,220
1,280
1 Total Potential Fees include the following fees: lab fee; orientation; student activity; technology; health insurance and transfer orientation.
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Financial Aid
Financial aid in the form of grants and scholarships provided to students each of the last
seven years is listed in the following table. Approximately 87% of Stevens students receive
need-based financial aid. Federal, state and institutional grants are awarded based on the results
of the Free Application of Federal Student Aid (FAFSA) and the College Scholarship Service
(CSS) Profile. Federal grants include Pell grants and Federal Supplemental Education
Opportunity Grant (FSEOG). State grants include Tuition Aid Grant, Educational Opportunity
Fund, Bloustein Distinguished Scholar, Garden State Scholar, Vermont State Grant and Rhode
Island State Grants. The University’s merit aid is based on the student’s academic achievement
and potential.
Fiscal
Year
Ended
June 30
2005
2006
2007
2008
2009
2010
2011
2012
Federal
Grants
1,326,195
1,064,058
1,354,416
1,918,827
1,389,554
2,905,376
3,499,201
2,863,389
State
Grants
1,879,509
1,974,423
2,141,430
2,371,265
2,339,328
2,796,274
2,611.466
2.495.859
Institute
Grants
8,434,356
9,629,953
9,310,000
12,088,952
12,178,485
13,240,487
11,883,846
12,091,548
Institute
Merit Aid
11,075,709
13,035,921
14,907,015
16,225,024
19,682,714
21,756,388
25,840,021
27,778,610
Total
22,697,897
25,921,172
27,712,861
32,604,068
35,590,081
40,698,525
43,834,534
45,229,406
Institute’s
Discount
Rate
43.1
42.7
42.5
42.1
42.0
44.0
41.8
41.69
Competition and Peer Schools
Based on cross-application data, surveys, and interviews, Stevens considers the following
to be its principal competing and peer private higher education institutions:
Carnegie Mellon University
Case Western Reserve University
Cornell University
Drexel University
Lehigh University
Massachusetts Institute of Technology (MIT)
Northwestern University
Rensselaer Polytechnic Institute
Rochester Institute of Technology (RIT)
Worcester Polytechnic Institute
Athletics
Stevens has 26 NCAA Division III teams for men and women with each competing at a
high level, and several playing in championship tournaments each year. Most of the teams
participate in the Empire 8 Athletic Conference and other affiliations include MACFA, NIWFA,
United Volleyball Conference, Centennial Conference and IHSA. Student-athletes have an
overall G.P.A. of approximately 3.2 and come from many different states, adding diversity to the
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Stevens student body and providing assistance in recruitment. Stevens fields teams in the
following varsity sports:
Baseball (Men)
Basketball (Men and Women)
Cross Country (Men and Women)
Equestrian (Women)
Fencing (Men and Women)
Field Hockey (Women)
Golf (Men)
Indoor Track and Field (Men and Women)
Lacrosse (Men and Women)
Tennis (Men and Women)
Track and Field (Men and Women)
Soccer (Men and Women)
Softball (Women)
Swimming (Men and Women)
Volleyball (Men and Women)
Wrestling (Men)
Research
Members of the faculty engage in research across all departments at Stevens, reaching a
high level of multi-disciplinary integration. For the latest fiscal year end June 30, 2012, research
grants and contracts accounted for approximately 21% of the University’s total revenues.
Fiscal Year Ended
June 30,
2005
2006
2007
2008
2009
2010
2011
2012
Contract Research
and Services
26,301,429
27,287,607
29,504,740
28,309,403
24,995,793
34,472,810
36,574,431
34,357,813
Stevens has research centers including
The Design and Manufacturing Institute (DMI), which develops new systems that realign
and integrate all facets of product design and manufacturing to optimize cost, quality,
efficiency and speed to market.
The Highly Filled Materials Institute, which conducts research that will ultimately
enhance manufacturing capabilities through the optimal application of ceramics,
magnetics, and other key materials for which processing and shaping present large
hurdles.
The Center for Environmental Systems works closely with members of the chemical,
telecommunications, electronics, plastics, and waste treatment industries, as well as with
the U.S. Armed Forces and the U.S. Department of Energy.
The Center for Maritime Systems (MSL) and the Davidson Laboratory comprise a
hydrodynamic and ocean engineering hub that combines the resources of an academic
institution with those of a quick-response commercial facility. The Center has an
international reputation in marine craft development and testing. The Laboratory recently
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expanded its research activities to include such areas as beach erosion, shore protection,
coastal pollution, acoustics, and turbulence modeling.
The Center for Innovation for Engineering and Science Education (CIESE) works with
educators worldwide to improve K-12 science and mathematics education through the
use of technology. The Center’s mission is to catalyze and support excellence in teaching
and learning of science, technology, engineering, mathematics (STEM) and other core
subjects.
The Center for Global Technology Management integrates the concepts and principles of
technology management into strategies for the economic development of nations, regions
and firms. The Center also extends the discipline of technology management to
incorporate research and education that promotes economic growth in developing
nations.
Recently established Centers are:
The National Center for Secure and Resilient Maritime Commerce (CSR), which
responds to an identified national need for a program that takes advantage of the
unsurpassed research capabilities and intellectual capital of U.S. colleges and universities
to fill knowledge and technology gaps for the Department of Homeland Security.
The Systems Engineering Research Center (SERC) seeks to enhance and enable the
nation’s capability in systems engineering for the successful development, integration,
testing and sustainability of complex defense systems, as well as other complex services
and enterprises.
The Center for Complex Adaptive Sociotechnological Systems (COMPASS) is a research
center focusing on the study of complex Sociotechnological (human-engineered) systems
and organizations.
Faculty
The University holds institutional memberships in a variety of professional associations
including, among others, the following: the Association of Independent Technological
Universities (AITU), which represents many private research institutions; the Middle States
Association of Colleges & Secondary Schools, which provides institutional accreditation
services; the Accreditation Board for Engineering & Technology (ABET), which provides
accreditation services for engineering programs; the Association of Governing Boards (AGB),
which represents and offers services to trustee boards; the Council on Governmental Relations
(COGR), which supports government-funded research programs; and the Association of
Independent Colleges & Universities of New Jersey (AICUNJ), which provides support to
private institutions in New Jersey.
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The chart below shows full-time faculty and tenured faculty for the academic years 2005
through 2013. Stevens attributes the increase in the number of tenured faculty primarily to the
growth and development of research contracts and grants.
Academic Year
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
Total
210
231
267
239
239
236
242
245
Tenured
77
82
70
74
76
76
79
83
Employees
Stevens has a total headcount of approximately 824 full time and 137 part-time
employees. The Institute has a contract with 31 members of the Teamsters Union, Local 641,
representing maintenance and other physical plant workers. The contract with Local 641 expires
December 31, 2013.
The University believes that it has a good and collaborative relationship with its
employees.
Pension and Retirement Plan
Substantially all full-time faculty, senior administrative, professional research,
administrative, professional and support staff employees are eligible to participate in the defined
contribution pension plan which is underwritten by TIAA/CREF.
Litigation
Stevens is party to various legal actions arising in the ordinary course of operations. In
the opinion of management, no litigation, individually or in the aggregate, is currently pending or
to the knowledge of the University, threatened against it, which would if adversely determined
against Stevens result in liability in excess of available insurance coverage or to the extent not
covered by insurance, a material adverse effect on Stevens’ financial condition, results of
operations or assets.
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State of New Jersey Support
A portion of the income for Stevens used to come from funds appropriated each year by
the legislature of New Jersey under the Independent Colleges and Universities Assistance Act.
The University received New Jersey state appropriation for the most recent fiscal years as
follows:
Fiscal Year
Ended June 30
2005
2006
2007
2008
2009
2010
2011
2012
$
Amount
Received
1,196,723
1,050,876
879,051
905,533
853,236
791,345
0
0
Endowment and Similar Funds
The Investment Committee of the Board of Trustees, which meets at least monthly, is
charged with the responsibility and the authority to manage the University’s endowment
investments. The committee is supported actively both by the Office of Finance and by external
financial advisors in order to consider both the immediate requirements of the Institute and the
longer term goals to optimize investment returns and the preservation of capital. The committee
allocates funds among external established managers and partnerships and monitors their
performance monthly against benchmark rates of return, adherence to defined styles and audited
financial information.
The operating policy of the committee closely follows accepted standards for investment
managers and gives considerable emphasis to maximum total return strategies. All investments
are with professional managers and funds of funds.
The table below shows the performance of the Institute’s investments for the period
commencing July 1, 2011 through June 30, 2012.
Fiscal Year ending June 30, 2012
Total Return
1.21%
The Investment Committee meets with the Office of Finance throughout the year to
review the outlook against which its policies and procedures are established.
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The balance of the University’s endowment net assets as of the fiscal year end of each of
the past four fiscal years is summarized in the table below:
Endowment - Fiscal Year Ended June 30
2009
2010
2011
2012
Permanently
Restricted
$100,008,998
$101,138,717
$100,766,336
$103,032,863
Unrestricted
(3,234,047)
(433,307)
9,313,137
7,730,814
Temporarily
Restricted
32,347,305
33,508,842
34,021,143
30,653,322
$129,122,256
$134,214,252
$144,100,616
$141,416,999
Total
Spending Rate
Stevens follows a “spending rate” policy, which is a bi-annual transfer of assets from
endowment gains, to support the operating budget of the University. The rate is authorized by
the Board of Trustees consistent with the long-term goal of preserving the value of the
investments in real terms (after inflation) while providing a predictable flow of funds to support
operations.
The University’s policy permits the use of total investment return (dividend and interest
income and capital gains) at a spending rate of 5.0% of a trailing three-year average year-end
market value.
Outstanding Indebtedness
As of June 30, 2012, Stevens had the following long-term debt outstanding:
New Jersey Educational Facilities Authority
Revenue Bonds
2007 Revenue Refunding Series A Bonds
1998 Series I Bonds
Capital Improvement Fund, Series 2000 A Bonds
Capital Improvement Fund, Series 2000 B Bonds
Dormitory Safety Trust Fund, Series 2003 A
Dormitory Safety Trust Fund, Series 2001 A and B
Equipment Leasing Fund, Series 2003 A Bonds
Equipment Leasing Fund, Series 2001 A Bonds
Less: Unamortized discount
Long-term debt, net
Outstanding
Principal Amount
$
$
71,060,000
5,330,000
80,000
857,499
90,000
661,944
78,079,443
(91,283)
77,988,160
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Liquidity
On June 10, 2010, the University entered into a $20,000,000 line of credit with PNC
Bank secured by a mortgage on a University building. This agreement was extended on
November 30, 2011 to February 28, 2012, with all terms and conditions remaining in effect. On
February 28th, the agreement was further extended to February 28, 2013, again with all terms
and conditions remaining in place. This credit facility bears interest at one hundred seventy five
(175) basis points (1.75%) above the LIBOR one month rate, resulting in an interest rate of
1.995% and 1.935% at June 30, 2012 and 2011, respectively. As of June 30, 2012 and 2011, the
outstanding balance on the line of credit was $12,760,415 and $15,033,792, respectively.
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