2023-05-15T11:19:27-05:00 2022-06-30 FORVIS LLP 111 E Wayne St Suite 600 Fort Wayne IN 46802 990 2021-07-01 381367080 AQUINAS COLLEGE % TIMOTHY STAFFORD AQUI 6166328900 1700 FULTON STREET EAST GRAND RAPIDS MI 495061801 TIMOTHY J STAFFORD VP FOR FINANCE 6166322885 2023-05-15 true LISA VANDEWEERT 999009999 Lauren R Denton P01571860 2604604000 2 2021 2023-04-26 12:10:37Z DR ALICIA CORDOBA 1700 FULTON STREET EAST GRAND RAPIDS MI 495061801 72294185 false X WWW.AQUINAS.EDU X 1892 MI AQUINAS COLLEGE STRIVES TO BE AMONG THE PREMIER CATHOLIC COLLEGES IN THE MIDWEST RECOGNIZED FOR ITS EXCELLENCE IN PREPARING THE WHOLE PERSON TO LEAD A LIFE OF PURPOSE AND SUCCESS. 15 14 879 15 132844 96441 9859270 10674238 47914563 46175966 7402762 3438724 135759 277403 65312354 60566331 24506521 25191647 0 0 19882741 20080817 93719 27076 1176286 15463148 16922563 59946129 62222103 5366225 -1655772 140086964 130597146 36318729 38172805 103768235 92424341 X AQUINAS COLLEGE, AN INCLUSIVE EDUCATIONAL COMMUNITY ROOTED IN THE CATHOLIC DOMINICAN TRADITION, PROVIDES A LIBERAL ARTS EDUCATION WITH A GLOBAL PERSPECTIVE, EMPHASIZES CAREER PREPARATION FOCUSED ON LEADERSHIP AND SERVICES TO OTHERS, AND FOSTERS A COMMITMENT TO A LIFELONG LEARNING DEDICATED TO THE PURSUIT OF TRUTH AND THE COMMON GOOD. false false 53953766 25167622 46175966 AQUINAS COLLEGE SERVES 1,238 UNDERGRADUATE AND 124 GRADUATE STUDENT THE COLLEGE STRIVES TO PROVIDE A LIBERAL ARTS EDUCATION WITH A GLOBAL PERSPECTIVE, EMPHASIZING CAREER PREPARATION FOCUSED ON LEADERSHIP AND SERVICE TO OTHERS, ROOTED IN THE CATHOLIC DOMINICAN TRADITION. 53953766 true true false false false false false false false true true false false true true false true false true false true false true true true false false false true true true false false false false false true false false false false true true false false false false false false false true 1775 0 879 true true true true EI false false false true true false false false false false false X 15 14 false false false false false true true true true false false false true true true false false true true false MI X TIMOTHY STAFFORD 6166322920 1700 FULTON STREET EAST GRAND RAPIDS MI 495061801 KEVIN QUINN PRESIDENT 40.0 0.0 X 291566 0 25412 ERIN CRAIG VP FOR ENROLLMENT MANAGEMENT 40.0 0.0 X 199560 0 18024 LISA VANDEWEERT VP FOR FINANCE/CFO 40.0 0.0 X 166239 0 26960 STEPHEN GERMIC INTERIM PRESIDENT 40.0 0.0 X 170786 0 11453 GINA OSTERGREN VICE PRESIDENT FOR ADVANCEMENT 40.0 0.0 X 142213 0 25610 NICHOLAS DAVIDSON VICE PRESIDENT FOR ATHLETICS 40.0 0.0 X 103205 0 25643 KATHARINA HAUSLER-GROSS ASSOCIATE PROVOST, ENGAGEMENT 40.0 0.0 X 100898 0 23119 BRIAN DIVITA ASSOCIATE PROFESSOR, BUSINESS 40.0 0.0 X 103472 0 18356 TIMOTHY STAFFORD INTERIM CFO 40.0 0.0 X 60560 0 25445 MARCIE HILLARY CHAIR 0.6 0.0 X X 0 0 0 KIMBERLY HANRAHAN TREASURER 0.6 0.0 X X 0 0 0 JAMES RABAUT SECRETARY 0.6 0.0 X X 0 0 0 SANDRA DELGADO TRUSTEE 0.6 0.0 X 0 0 0 RICK HEUVELMAN TRUSTEE 0.6 0.0 X 0 0 0 JOHN LOWERY TRUSTEE 0.6 0.0 X 0 0 0 ANDOLA MATHIS TRUSTEE 0.6 0.0 X 0 0 0 THOMAS MCGOVERN TRUSTEE 0.6 0.0 X 0 0 0 JOE MURPHY TRUSTEE 0.6 0.0 X 0 0 0 SR BARBARA REID OP TRUSTEE 0.6 0.0 X 0 0 0 THOMAS WELCH JR VICE CHAIR 0.6 0.0 X X 0 0 0 SAMUEL CUMMINGS TRUSTEE 0.6 0.0 X 0 0 0 ROBERT WOODHOUSE JR TRUSTEE 0.6 0.0 X 0 0 0 MARGARET KENNEDY TRUSTEE 0.6 0.0 X 0 0 0 MATT BIERSACK TRUSTEE 0.6 0.0 X 0 0 0 1338499 0 200022 9 false true false CREATIVE DINING SERVICES ONE ROYAL PART DRIVE ZEELAND MI 49464 DINING SERVICES 2075191 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DR CHICAGO IL 60693 INFORMATION TECH 1422390 WAYBETTER MARKETING INC PO BOX 1439 COLUMBIA MD 21044 MARKETING CAMPAIGNS 199882 PRESIDIO TECHNOLOGY CAPITAL PO BOX 74390 CHICAGO IL 60690 INFORMATION TECH 197574 DEAN TRAILWAYS OF MICHIGAN 4812 AURELIUS RD LANSING MI 48910 TRANSPORTATION 428789 12 168010 3945942 6560286 315644 10674238 TUITION AND FEES 611310 40227275 40227275 AUXILIARY SERVICES 611710 5633238 5633238 OTHER REVENUE 900099 315453 180639 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28498562 0 0 100000 100000 15214714 5294614 0 0 1860959 825323 36318729 38172805 X 42540205 39664548 61228030 52759793 103768235 92424341 140086964 130597146 X -1655772 -8533839 -1154283 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 48084905 767871 -5708198 1021800 804389 41318389 38432321 1160786 10420119 1025200 903121 48084905 38297011 715474 679103 740100 519167 38432321 38958461 691765 1949936 745000 2558151 38297011 35224095 2878052 2495672 674900 964458 38958461 0.84000 0.16000 true false 2483678 2483678 84633070 29265759 55367311 20534558 12127702 8406856 17914911 15967360 1947551 3590838 3383763 207075 68412471 CASH VALUE OF LIFE INSURANCE 17042 BENEFICIAL INTEREST IN TRUSTS 10222160 10239202 0 AGREEMENT 6060 STUDENT AND OTHER DEPOSITS 374596 REFUNDABLE PERKINS LOAN ADVANCES 33586 FUNDS HELD IN TRUST FOR OTHERS 10813 CAPITALIZED LEASE OBLIGATIONS 400268 DERIVATIVE LIABILITY 0 825323 27170821 -8533839 65704 -8468135 35638956 263670 24663705 24927375 60566331 38514715 65704 65704 38449011 263670 23509422 23773092 62222103 SCHEDULE D, PART V, LINE 4 THE COLLEGE'S ENDOWMENT FUNDS ARE DEVOTED TO FURTHER THE MISSION OF THE COLLEGE. ASC 740 MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D FUNDRAISING EXPENSES $ 65,704 PART XI, LINE 4B CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $ 1,154,244 STUDENT AID $23,509,422 INTEREST RATE SWAP VALUATION $ 39 TOTAL $24,663,705 PART XII, LINE 2D FUNDRAISING EXPENSES $ 65,704 PART XII, LINE 4B STUDENT AID $23,509,422 true true true true true true true false false false false false false false false true false true SCHEDULE E, PART I, LINE 3 THE SCHOOL'S MISSION AND PROCLAMATION ON DIVERSITY ARE PUBLISHED IN THE CATALOG, RECRUITMENT MATERIALS, ADMISSIONS MATERIALS AND WEBSITE. SCHEDULE E, PART I, LINE 6A AQUINAS COLLEGE PROVIDES STUDENTS WITH APPLICABLE FEDERAL TITLE IV STUDENT ASSISTANCE PROGRAMS AND THAT OF MICHIGAN GRANTS AND SCHOLARSHIPS. true East Asia and the Pacific 0 0 Program Services SCHOLARSHIPS 218620 North America 0 0 Program Services SCHOLARSHIPS 316698 Russia and the Newly Independent States 0 0 Program Services SCHOLARSHIPS 22500 South America 0 0 Program Services SCHOLARSHIPS 120297 Sub-Saharan Africa 0 0 Program Services SCHOLARSHIPS 61893 Central America and the Caribbean 0 0 Program Services INVESTMENTS 2851206 Europe (Including Iceland and Greenland) 0 0 Program Services SCHOLARSHIPS 1227403 Central America and the Caribbean 0 0 Program Services SCHOLARSHIP 23000 0 0 0 0 4841617 4841617 SCHOLARSHIPS East Asia and the Pacific 9 218620 TUITION DISC SCHOLARSHIPS Europe (Including Iceland and Greenland) 42 1227403 TUITION DISC SCHOLARSHIPS North America 12 316698 TUITION DISC SCHOLARSHIPS Russia and the Newly Independent States 1 22500 TUITION DISC SCHOLARSHIPS South America 5 120297 TUITION DISC SCHOLARSHIPS Sub-Saharan Africa 5 61893 TUITION DISC SCHOLARSHIPS Central America and the Caribbean 1 23000 TUITION DISC false false false false false false X X X X X X X true J MILITO AND ASSOCIATES INC CALL CENTER false 27076 27076 MI WEGE PRO-AM GOL 194925 136300 58625 7666 13040 11517 8536 EMERITUS EVENIN 34550 27800 6750 850 9341 6458 1 6310 3910 2400 6144 2152 235785 168010 67775 7666 13890 27002 17146 65704 2071 true SCHOLARSHIPS 1212 23177211 SCHEDULE I, PART I, LINE 2 STUDENTS RECEIVE SCHOLARSHIPS AS CREDITS AGAINST TUITION. THESE SCHOLARSHIPS CAN BE BASED ON NEED, ACADEMIC PERFORMANCE, AND/OR ATHLETICS. X X X true true X X false false false false false false false false false KEVIN QUINN PRESIDENT (LEFT 12/2021) 291566 0 0 0 0 0 4027 0 21385 0 316978 0 LISA VANDEWEERT LEFT 012022 VP FOR FINANCE/CFO 166239 0 0 0 0 0 2625 0 24335 0 193199 0 STEPHEN GERMIC INTERIM PRESIDENT 170786 0 0 0 0 0 2018 0 9435 0 182239 0 GINA OSTERGREN VICE PRESIDENT FOR ADVANCEMENT 142213 0 0 0 0 0 2250 0 23360 0 167823 0 ERIN CRAIG VP FOR ENROLLMENT MANAGEMENT 199560 0 0 0 0 0 2110 0 15914 0 217584 0 SCHEDULE J, PART I, LINE 1A PRESIDENT KEVIN QUINN RECEIVES TRAVEL BENEFITS FOR HIS SPOUSE. THE PRESIDENT ALSO RECEIVES A HOUSING ALLOWANCE, AS REQUIRED BY THE BOARD. THE SECT. 119 RULES ARE MET AND, AS A RESULT, THE FAIR MARKET VALUE OF THIS BENEFIT IS CONSIDERED NONTAXABLE COMPENSATION TO THE PRESIDENT. COUNTRY CLUB DUES ARE ALSO PAID FOR. THE COUNTRY CLUB IS FOR BUSINESS USE ONLY. THESE BENEFITS ARE TREATED AS NON-TAXABLE COMPENSATION. A MICHIGAN FINANCE AUTHORITY 800596186 594479GN1 2021-07-21 4580000 DEBT REFINANCING AND CAPITAL IMPRO false false false B MICHIGAN FINANCE AUTHORITY 800596186 594479GP6 2021-07-21 5685000 DEBT REFINANCING AND CAPITAL IMPRO false false false C MICHIGAN FINANCE AUTHORITY 800596186 594479GQ4 2021-07-21 16535000 DEBT REFINANCING AND CAPITAL IMPRO false false false A 2607011 0 4967669 366315 153592 0 88867 0 0 0 0 0 2021 true false true true B 3235995 0 6166201 454694 190649 0 110308 0 0 0 0 0 2021 true false true true C 9411993 0 17934588 1322492 554509 0 320833 0 0 0 0 0 2021 true false true true A false false false false 0 false false false true B false false false false 0 false false false true C false false false false 0 false false false true A false true false false 0 false 0 false true B false true false false 0 false 0 false true C false true false false 0 false 0 false true A true B true C true RICK HEUVELMAN BOARD MEMBER ATH. FIELD UPGRADE X 150000 100000 false false true 100000 X 1 1500 DONOR PROVIDED X 525 FAIR MARKET VALUE X 16 313619 AVERAGE PRICE false true false SCHEDULE M, PART I THE AMOUNTS LISTED IN PART I, COLUMN B ARE BASED ON THE NUMBER OF CONTRIBUTORS FOR EACH TYPE OF PROPERTY CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 1B RICK HEUVELMAN IS CONSIDERED NON-INDEPENDENT DUE TO A TRANSACTION ON SCHEDULE L. FORM 990, PART VI, SECTION A, LINE 7A TWO OF THE MEMBERS OF THE BOARD OF TRUSTEES SHALL BE APPOINTED BY THE PRIORESS OF THE SISTERS OF THE ORDER OF ST. DOMINIC OF OUR LADY OF THE SACRED HEART (THE DOMINICAN SISTERS). THE PRIORESS MAY, BUT NEED NOT, APPOINT HERSELF AS ONE OF HER TWO APPOINTEES. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN POWERS RELATING TO THE CONTROL AND OPERATION OF THE CORPORATION ARE RESERVED TO THE DOMINICAN SISTERS. THE RESERVED POWERS REQUIRE THE APPROVAL OF THE DOMINICAN SISTERS ACTING THROUGH THE PRIORESS, FOR CERTAIN ACTIONS TAKEN BY THE BOARD OF TRUSTEES. THOSE ACTIONS ARE: 1. THE ACQUISITION, DISPOSITION, OR CONSTRUCTION, IN ONE TRANSACTION OR A SERIES OF RELATED TRANSACTIONS, OF REAL PROPERTY AND IMPROVEMENTS OF A VALUE OF FIVE MILLION DOLLARS ($5,000,000) OR MORE. 2. A CHANGE IN THE MISSION OF THE CORPORATION. 3. A CHANGE TO THE BOARD COMPOSITION, INCLUDING THE NUMBER OF BOARD MEMBERS. 4. A CHANGE IN WHO WILL RECEIVE THE REMAINING ASSETS OF THE CORPORATION AFTER SATISFACTION OF ALL LIABILITIES, DEBTS AND OBLIGATIONS OF THE CORPORATION UPON DISSOLUTION OF THE CORPORATION. 5. TO AMEND OR REPEAL THE ARTICLES, IN WHOLE OR IN PART. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE VICE PRESIDENT FOR FINANCE. THE FORM 990 DRAFT REVIEW PROCESS BEGINS WITH OUR ACCOUNTING AND TAX ADVISING FIRM, FOLLOWED BY THE PRESIDENT AND THE BOARD TREASURER. THE BOARD TREASURER MAKES THE FORM 990 AVAILABLE TO MEMBERS OF THE BOARD EXCLUDING SCHEDULE B. FORM 990, PART VI, SECTION B, LINE 12C THE ASSISTANT TO THE PRESIDENT ANNUALLY DELIVERS AND COLLECTS THE CONFLICT OF INTEREST STATEMENTS FROM ALL ACTIVE BOARD OF TRUSTEE MEMBERS WHICH ARE THEN MADE AVAILABLE FOR REVIEW BY THE EXECUTIVE COMMITTEE OF THE BOARD. IF A CONFLICT ARISES, THERE IS A MEETING WITH THE INDIVIDUAL WITH WHOM THE CONFLICT EXISTS. IF THE CONFLICT IS NOT ELIMINATED, THE INDIVIDUAL IS REMOVED FROM THEIR ROLE. FORM 990, PART VI, SECTION B, LINE 15A & 15B THE FULL BOARD OF TRUSTEES ANNUALLY REVIEWS AND APPROVES THE COMPENSATION PACKAGE FOR THE PRESIDENT BASED ON NUMEROUS FACTORS INCLUDING PERFORMANCE AND COMPARABILITY DATA. THROUGH THE ANNUAL REVIEW AND APPROVAL PROCESS OF THE BUDGET, THE FINANCE COMMITTEE OF THE BOARD APPROVES STAFF COMPENSATION. THIS PROCESS WAS MOST RECENTLY UNDERTAKEN IN 2021. FORM 990, PART VI, SECTION C, LINE 19 ALL DOCUMENTS OPEN TO PUBLIC INSPECTION ARE MADE AVAILABLE UPON REQUEST. PART XI, LINE9 CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS $-1,154,244 INTEREST RATE SWAP VALUATION $ -39 TOTAL $-1,154,283