2023-05-01T15:02:50-05:00 2022-06-30 910189318 MOSS ADAMS LLP 3121 W MARCH LN STE 200 STOCKTON CA 952192367 990 2021-07-01 951921340 ART CENTER COLLEGE OF DESIGN ARTC 6263962200 1700 LIDA STREET PASADENA CA 91103 RICHARD HALUSCHAK SVP, CFAO 6263962200 2023-05-01 1 RICHARD HALUSCHAK 999009999 TRACY S PAGLIA P00366884 2099556100 2023-05-01 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z KAREN HOFMANN 1700 LIDA STREET PASADENA CA 91103 165268306 0 X WWW.ARTCENTER.EDU X 1930 CA ART CENTER COLLEGE OF DESIGN OPERATES AN INDEPENDENT, FOUR-YEAR CURRICULUM TO EDUCATE ARTISTS AND DESIGNERS IN COMMUNICATION ARTS AND INDUSTRIAL DESIGN THAT EXTENDS ITS LEGACY OF PROFESSIONAL ART AND DESIGN PRACTICE AND ENABLES ITS GRADUATES TO REALIZE SUCCESS, FULFILLMENT, AND RECOGNITION IN THEIR CHOSEN FIELDS. 25 24 1944 100 -100808 0 12305994 10734860 122791666 133857503 3231387 2351291 239209 234594 138568256 147178248 34414086 29941573 0 0 62547089 70089502 159800 5800 2226843 35649440 42317352 132770415 142354227 5797841 4824021 369337873 387750252 137155957 174776745 232181916 212973507 X LEARN TO CREATE. INFLUENCE CHANGE. 0 0 133718776 29941573 133857503 THE COLLEGE OPERATES AN INDEPENDENT, FOUR-YEAR CURRICULUM TO EDUCATE ARTISTS AND DESIGNERS IN COMMUNICATION ARTS AND INDUSTRIAL DESIGN. THE COLLEGE OFFERS A BACHELOR OF FINE ARTS DEGREE IN SIX MAJORS (CREATIVE DIRECTION; FILM; FINE ART; GRAPHIC DESIGN; ILLUSTRATION; AND PHOTOGRAPHY AND IMAGING) AND A BACHELOR OF SCIENCE DEGREE IN FIVE MAJORS (ENTERTAINMENT DESIGN; INTERACTION DESIGN; PRODUCT DESIGN; SPATIAL EXPERIENCE DESIGN; AND TRANSPORTATION DESIGN). GRADUATE PROGRAMS LEAD TO THE MASTER OF FINE ARTS DEGREE IN: FILM; ART; MEDIA DESIGN PRACTICES; AND GRAPHIC DESIGN. THE GRADUATE PROGRAMS THAT OFFER THE MASTER OF SCIENCE DEGREE ARE: FURNITURE, LIGHTING & FIXTURES; SPATIAL EXPERIENCE DESIGN; INDUSTRIAL DESIGN; AND TRANSPORTATION SYSTEMS AND DESIGN. ALL EXPENDITURES RELATE TO ACADEMIC INSTRUCTION, PROGRAM SUPPORT AND OPERATION OF THE COLLEGE. THE FTE ENROLLMENT FOR JULY 2021 TO JUNE 2022 WAS APPROXIMATELY 2,171 STUDENTS. 133718776 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 2462 0 1 1944 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 25 24 1 0 0 0 0 0 0 1 1 0 0 1 1 0 1 1 1 1 1 0 CA X LINA DEASE 6263962328 1700 LIDA STREET PASADENA CA 91103 LORNE M BUCHMAN PRESIDENT/CEO 40.00 X X 628551 0 84614 EMILY LASKIN SVP, DEVELOPMENT 40.00 X 325510 0 50563 RICHARD HALUSCHAK SVP, CHIEF FINANCIAL & ADMIN OFFICER 40.00 X 298680 0 49129 KAREN HOFMANN PROVOST 40.00 X 264477 0 45054 TOM STERN SVP, ADMISSIONS & ENROLLMENT MGMT 40.00 X 225079 0 40358 ANDREW OGDEN FACULTY CHAIR 40.00 X 201647 0 54889 DAVID MOCARSKI FACULTY CHAIR 40.00 X 204672 0 36433 MARGARET HENDRIE FACULTY CHAIR 40.00 X 199666 0 37503 ANN FIELD FACULTY CHAIR 40.00 X 200191 0 36071 LISA SANCHEZ VP, HUMAN RESOURCES 40.00 X 203473 0 23640 JERED GOLD VP, MARKETING & COMMUNICATIONS 40.00 X 175221 0 41956 AARON BRUCE VP & CHIEF DIVERSITY OFFICER 40.00 X 177697 0 13870 CATHERINE BARON FORMER SVP, ADMISSION/ENROLLMENT 40.00 X 118272 0 0 SU MATHEWS HALE BOARD CHAIR THROUGH 6/2022 1.00 X X 0 0 0 MICHAEL M WARSAW BOARD CHAIR START 6/2022 1.00 X X 0 0 0 LINDA A HILL BOARD VICE CHAIR 1.00 X X 0 0 0 DAVID C MARTIN BOARD SECR THROUGH 6/2022 / TRUSTEE 1.00 X X 0 0 0 STEVEN M HITTER BOARD SECRETARY START 6/2022 1.00 X X 0 0 0 REINER M TRILTSCH BOARD TREASURER THROUGH 6/2022 1.00 X X 0 0 0 TOM GILMORE BOARD TREASURER START 6/2022 1.00 X X 0 0 0 JEFFREY C BARBAKOW TRUSTEE 1.00 X 0 0 0 RONALD BENSION TRUSTEE 1.00 X 0 0 0 KEVIN G BETHUNE TRUSTEE 1.00 X 0 0 0 CHRISTOPHER J BIRCHBY TRUSTEE 1.00 X 0 0 0 WESLEY A COLEMAN TRUSTEE 1.00 X 0 0 0 CLARENCE A DANIELS JR TRUSTEE 1.00 X 0 0 0 JANICE FELDMAN TRUSTEE 1.00 X 0 0 0 SARAH E GAVLAK TRUSTEE 1.00 X 0 0 0 WILLIAM T GROSS TRUSTEE 1.00 X 0 0 0 BRUCE HEAVIN TRUSTEE 1.00 X 0 0 0 TIMOTHY M KOBE TRUSTEE 1.00 X 0 0 0 MELISSA LORA TRUSTEE 1.00 X 0 0 0 SAMUEL J MANN TRUSTEE THROUGH 1/2022 1.00 X 0 0 0 MERLE MULLIN TRUSTEE 1.00 X 0 0 0 PETER W MULLIN TRUSTEE 1.00 X 0 0 0 PRAJNA MURDAYA TRUSTEE 1.00 X 0 0 0 CHARLES E NEARBURG TRUSTEE 1.00 X 0 0 0 IVY ROSS TRUSTEE 1.00 X 0 0 0 MICHELE RUIZ TRUSTEE 1.00 X 0 0 0 ZACHARY E SNYDER TRUSTEE 1.00 X 0 0 0 ALYCE DE ROULET WILLIAMSON TRUSTEE THROUGH 6/2022 1.00 X 0 0 0 3223136 0 514080 156 1 1 0 DEL AMO CONSTRUCTION INC 23840 MADISON STREET TORRANCE CA 90505 CONSTRUCTION SERVICES 8985870 HALSTED CONSTRUCTION INC 4201 KRAFT AVE STUDIO CITY CA 91604 CONSTRUCTION SERVICES 2958279 SECURITAS SECURITY SERVICES USA INC 4330 PARK TERRACE DR WESTLAKE VILLAGE CA 91361 SECURITY SERVICES 2642030 DARIN JOHNSTONE ARCHITECTS 7462 NORTH FIGUEROA SUITE 206 LOS ANGELES CA 90041 ARCHITECTURAL SERVICES 1212432 PBM FACILITY SERVICES PO BOX 6534 PASADENA CA 91109 JANITORIAL SERVICES 1156814 24 6224333 4510527 53826 10734860 TUITION AND FEES 611600 133263518 133263518 AUXILIARY SERVICES 611600 431861 431861 OTHER REVENUE 611600 162124 162124 133857503 982162 982162 56387 56387 461202 125800 335402 335402 335402 19277000 17964258 1312742 1312742 1312742 UBI FROM PASSTHROUGHS 523000 -100808 -100808 -100808 147178248 133857503 -100808 2686693 29941573 29941573 2519033 813386 1326552 379095 53369151 50417837 2049375 901939 3718957 3513299 142808 62850 6410344 6055852 246157 108335 4072017 3846835 156365 68817 368470 368470 146964 146964 5800 5800 381962 381962 9414734 8894099 361526 159109 291081 274984 11178 4919 6637128 6270095 254866 112167 8390440 7926449 322193 141798 4533007 4282332 174067 76608 453245 428180 17405 7660 83111 78515 3191 1405 2397187 2264623 92052 40512 5570041 5262017 213890 94134 2457340 2321449 94362 41529 LICENSES, PERMITS, DUES 412989 390713 15286 6990 UNCOLLECTIBLE ACCOUNTS 382548 361393 14690 6465 STUDENT MATERIALS COSTS 370230 349756 14217 6257 FEES ON BOND DEBT 26875 25389 1032 454 142354227 133718776 6408608 2226843 18009054 18122236 31315916 65189927 4989705 3698116 4524204 4624792 197143 230000 146879 204131 1390424 2487028 182161054 33894939 129935797 148266115 57708991 42961259 118437111 99972586 91691 64410 2590958 1929652 369337873 387750252 13760704 13605403 13268944 13841835 109996315 147205966 129994 123541 137155957 174776745 X 119252961 117425337 112928955 95548170 232181916 212973507 369337873 387750252 X 4824021 -23718238 -432000 117808 X 0 1 X 1 1 1 X 11313748 5749696 5331342 12305994 10734860 45435640 11313748 5749696 5331342 12305994 10734860 45435640 6314222 39121418 2773793 2922258 2004031 1613474 1499751 10813307 56248947 623218660 0.69550 0.62360 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 133281000 19722000 -19440000 4289000 1981000 254000 127039000 98145000 16221000 33233000 11566000 2527000 225000 133281000 99830000 424000 5024000 6513000 419000 201000 98145000 97518000 2337000 3544000 2915000 603000 51000 99830000 90479000 3296000 7252000 2796000 503000 210000 97518000 0.32000 0.47000 0.21000 1 0 9979957 9979957 133539358 27872600 105666758 9792240 5401305 4390935 28849499 621034 28228465 148266115 DOMESTIC EQUITY FUNDS 69250971 F CORPORATE BOND FUNDS 11703824 F MULTI-STRATEGY HEDGE FUND OF FUNDS 5872908 F PRIVATE MARKETS FUND INVESTMENT 13144883 F 99972586 ANNUITY OBLIGATIONS 123541 123541 X 96567973 -23718238 -27118645 -50836883 147404856 -226608 -226608 147178248 115776382 432000 108800 540800 115235582 27118645 27118645 142354227 PART V, LINE 4: THE ENDOWMENTS ARE RESTRICTED BY THE DONORS FOR SCHOLARSHIPS AND SUPPORT FOR EDUCATIONAL PROGRAMS AND INITIATIVES. THE BOARD-DESIGNATED QUASI-ENDOWMENT IS RESTRICTED FOR SCHOLARSHIPS. PART X, LINE 2: THE COLLEGE HAD NO UNCERTAIN TAX POSITIONS FOR THE YEARS ENDED JUNE 30, 2022 OR 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID -27,118,645. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -125,800. UBI FROM PASSTHROUGHS -100,808. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 125,800. NET CHANGE IN ACTUARIAL OBLIGATIONS -17,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 27,118,645. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE PUBLICIZES ITS RACIALLY NONDISCRIMINATORY POLICY THROUGH BROCHURES, PRINT MEDIA, REGISTRATION MATERIALS, AND ITS WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE ADMINISTERS VARIOUS SCHOLARSHIP PROGRAMS AND LOANS PROVIDED BY GOVERNMENTAL AGENCIES INCLUDING: DIRECT LOANS (SUBSIDIZED AND UNSUBSIDIZED), PELL GRANTS, SEOG, AND FEDERAL WORK STUDY PROGRAMS. THE COLLEGE ALSO RECEIVED COVID-19 PANDEMIC RELIEF AID FROM THE U.S. GOVERNMENT IN THE FORM OF HEERF GRANTS THROUGH THE U.S. DEPARTMENT OF EDUCATION. AWARDS ARE MADE BASED UPON THE CRITERIA ESTABLISHED BY THE GOVERNMENTAL AGENCY. EUROPE (INCLUDING ICELAND AND GREENLAND) 0 2 PROGRAM SERVICES GERMANY STUDENT COMMUNITY SUPPORT HUB 315000 EAST ASIA AND THE PACIFIC 0 5 PROGRAM SERVICES CHINA, SOUTH KOREA, AND JAPAN STUDENT COMMUNITY SUPPORT HUB 105000 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 5872908 0 7 0 0 0 7 6292908 0 6292908 1 0 1 1 1 0 PART I, LINE 3: ACCRUAL METHOD PART III ACCOUNTING METHOD: 1 UNDERGRADUATE SCHOLARSHIPS 1930 23630819 GRADUATE SCHOLARSHIPS 207 2924026 PELL GRANTS, SEOG, FEDERAL WORK STUDY, DIRECT LOANS, HEERF I, II & III STUDENT AID 3595 2623551 STUDENT SPECIAL CIRCUMSTANCE TUITION WAIVERS - MEDICAL 9 101239 EDUCATION PROGRAM TUITION DISCOUNTS 279 661938 PART I, LINE 2: GRANT FUNDS ARE RECORDED IN A PROJECT ACCOUNT SO THAT ALL ASSOCIATED REVENUES AND EXPENSES ARE ACCOUNTED FOR RELATED TO A SPECIFIC GRANT. X X X X 1 1 0 0 0 0 0 1 0 LORNE M BUCHMAN PRESIDENT/CEO 623760 0 0 0 4791 0 56890 0 27724 0 713165 0 0 0 EMILY LASKIN SVP, DEVELOPMENT 296700 0 25000 0 3810 0 37390 0 13173 0 376073 0 0 0 RICHARD HALUSCHAK SVP, CHIEF FINANCIAL & ADMIN OFFICER 296700 0 0 0 1980 0 37390 0 11739 0 347809 0 0 0 KAREN HOFMANN PROVOST 264041 0 0 0 436 0 33315 0 11739 0 309531 0 0 0 TOM STERN SVP, ADMISSIONS & ENROLLMENT MGMT 225000 0 0 0 79 0 27185 0 13173 0 265437 0 0 0 ANDREW OGDEN FACULTY CHAIR 200000 0 0 0 1647 0 15260 0 39629 0 256536 0 0 0 DAVID MOCARSKI FACULTY CHAIR 200000 0 0 0 4672 0 23260 0 13173 0 241105 0 0 0 MARGARET HENDRIE FACULTY CHAIR 199230 0 0 0 436 0 23140 0 14363 0 237169 0 0 0 ANN FIELD FACULTY CHAIR 197692 0 0 0 2499 0 22898 0 13173 0 236262 0 0 0 LISA SANCHEZ VP, HUMAN RESOURCES 202415 0 0 0 1058 0 23640 0 0 0 227113 0 0 0 JERED GOLD VP, MARKETING & COMMUNICATIONS 175000 0 0 0 221 0 19335 0 22621 0 217177 0 0 0 AARON BRUCE VP & CHIEF DIVERSITY OFFICER 177173 0 0 0 524 0 13870 0 0 0 191567 0 0 0 CATHERINE BARON FORMER SVP, ADMISSION/ENROLLMENT 0 0 0 0 118272 0 0 0 0 0 118272 0 0 0 PART I, LINES 4A-B CATHERINE BARON, SVP OF ADMISSIONS & ENROLLMENT, ACCEPTED AN EARLY RETIREMENT PACKAGE AND RETIRED AS OF JUNE 30, 2020. AS PART OF THE EARLY RETIREMENT PACKAGE, BARON RECEIVED 1-YEAR OF SALARY CONTINUATION PAY STARTING JULY 1, 2020, IN ADDITION TO $500 A MONTH PAID BY THE COLLEGE FOR 18-MONTHS TOWARDS COBRA FOR BENEFITS CONTINUATION. THE TOTAL OF BOTH OF THESE AMOUNTS FOR THE 2021 CALENDAR YEAR TOTALED $118,272. PRESIDENT LORNE M. BUCHMAN ENTERED INTO A SPLIT INTEREST AGREEMENT WITH THE COLLEGE. MR. BUCHMAN PURCHASED A LIFE INSURANCE POLICY FOR WHICH THE COLLEGE WILL PAY THE PREMIUMS IN THE FORM OF A LOAN TO BE REPAID BY MR. BUCHMAN. THE COLLEGE PAID $32,857 FOR THE PREMIUM IN 2021. PART I, LINE 7 CERTAIN INDIVIDUALS LISTED ON FORM 990, PART VII AND SCHEDULE J RECEIVED NON-FIXED PAYMENTS IN THE FORM OF BONUSES WHICH WERE NOT SPECIFIED BY A FIXED FORMULA AND WHICH REQUIRED THE USE OF DISCRETION TO DETERMINE WHETHER TO MAKE A BONUS PAYMENT AND/OR THE AMOUNT OF BONUS AWARDED. A CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 521705592 130179PL2 2018-08-30 114304457 REFUND BOND DATED 7/16/2014 AND CONSTRUCT, EQUIP, AND IMPROVE FACILITIES 0 0 0 B CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 521705592 130179UN2 2022-02-10 40098184 CONSTRUCT, EQUIP, AND IMPROVE FACILITIES 0 0 0 A 3230000 115383613 954606 40814504 61305000 12309503 1 0 1 1 B 40151244 417901 2918839 36814504 0 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 09/19/2019 SCHEDULSCHEDULE K, PAE K, PART I, COLUMN (E) AND SCHEDULE K, PART II, LINE THE DIFFERENCE BETWEEN THE TOTAL ISSUE PRICE REPORTED ON SCHEDULE K, PART I, COLUMN (E) AND THE TOTAL PROCEEDS OF ISSUE REPORTED ON SCHEDULE K, PART II, LINE 3 PERTAINS TO INVESTMENT INCOME EARNED ON UNSPENT BOND PROCEEDS. LORNE M BUCHMAN PRESIDENT/CEO SPLIT-DOLLAR LIFE INSURANCE X 230000 230000 0 1 1 230000 X 4 53826 HIGH/LOW AVG. OF FMV 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS (DEFINED AS EACH SEPARATE GIFT) IN SCHEDULE M, PART I, COLUMN (B). PART I, LINE 33: THE COLLEGE RECEIVED DONATED GIFTS, INCLUDING FURNITURE AND ACCESSORIES. IT IS THE POLICY OF THE COLLEGE TO RECORD DONATED GIFTS WITH A FAIR MARKET VALUE OF $1.00 OFFSET BY A $1.00 EXPENSE. FORM 990, PART VI, SECTION A, LINE 2 TRUSTEES MERLE MULLIN AND PETER W. MULLIN HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED FIRST BY THE CONTROLLER AND THE CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER. IT IS THEN REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES AND AN ELECTRONIC COPY IS MADE AVAILABLE TO THE FULL BOARD OF TRUSTEES PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS CONFLICT OF INTEREST POLICIES THAT COVER ALL TRUSTEES AND EMPLOYEES. ALL TRUSTEES MUST ATTEST ANNUALLY THAT THEY ARE IN COMPLIANCE WITH THE APPLICABLE POLICY. THE STATEMENTS ARE REVIEWED EACH YEAR BY THE AUDIT COMMITTEE WHICH DETERMINES WHETHER OR NOT AN ACTUAL, APPARENT OR POTENTIAL CONFLICT EXISTS. THE AUDIT COMMITTEE THEN REFERS ALL ACTUAL, APPARENT, OR POTENTIAL CONFLICTS TO THE FULL BOARD OF TRUSTEES WHO WILL DETERMINE BY A TWO-THIRDS MAJORITY VOTE WHETHER OR NOT ACCEPTANCE OF THE CONFLICT IS IN THE COLLEGE'S BEST INTEREST. EMPLOYEES ARE BOUND BY A SIMILAR BUT SEPARATE CONFLICT OF INTEREST POLICY AND ACKNOWLEDGE AND AGREE TO ADHERE TO IT IN WRITING UPON BEING HIRED BY THE COLLEGE AND WHENEVER IT IS REVISED OR AMENDED. FORM 990, PART VI, SECTION B, LINE 15 A) PRESIDENT/CEO AND SENIOR VICE PRESIDENT, CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER - THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS COMPARABLE DATA FROM A VARIETY OF SOURCES AND INCLUDES RESEARCH AND ADVICE FROM ONE OR MORE EXTERNAL COMPENSATION CONSULTANTS AND ATTORNEYS. THE COMPENSATION COMMITTEE THEN MAKES A RECOMMENDATION TO THE FULL BOARD OF TRUSTEES FOR APPROVAL. COMPENSATION IS REVIEWED ON AN ANNUAL BASIS. B) OTHER OFFICERS AND KEY EMPLOYEES - THE PRESIDENT/CEO SETS THE SALARIES FOR THESE POSITIONS USING COMPARABLE DATA FROM EXTERNAL SOURCES INCLUDING AT LEAST ONE PROFESSIONAL COMPENSATION CONSULTANT. COMPENSATION IS REVIEWED ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 THE ARTICLES OF INCORPORATION, BYLAWS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: NET CHANGE IN ACTUARIAL OBLIGATIONS 17,000. UNRELATED BUSINESS INCOME NOT RECORDED ON BOOKS 100,808.