2023-07-14T14:38:09-05:00 2022-08-31 363990892 Capin Crouse LLP 1330 Avenue of the Americas Suite 23A New York NY 10019 990 2021-09-01 131810448 The King's College KING 2126597200 56 Broadway New York NY 10004 Jennifer Anderson VP Finance/Treasurer 2126597200 2023-07-14 1 Jennifer Anderson 999009999 Daren Daiga P01074795 5055022746 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z Stockwell Day 56 Broadway New York NY 10004 20298052 0 X www.tkc.edu X 1938 NY Christian college preparing students for principled leadership around the world. 8 7 330 107 0 0 7050102 4530128 18279572 14589198 9435 13543 110065 128054 25449174 19260923 9966662 7670578 0 0 8995812 8847527 0 0 479152 9825357 9853308 28787831 26371413 -3338657 -7110490 28690287 24121511 5393215 12645351 23297072 11476160 X See Schedule O 0 0 23230187 7670578 14612613 Education of students - the College had enrollment of 355 degree seeking students for Fall 2021 and 306 degree seeking students for Spring 2022.Through its commitment to the truths of Christianity and a biblical worldview, The King's College seeks to transform society by preparing students for careers in which they help to shape and eventually to lead strategic public and private institutions, and by supporting faculty members as they directly engage culture through writing and speaking publicly on critical issues.(Description continues on Schedule O)At The King's College, we seek to understand society, to strengthen and apply our intellect, and to develop Christian character, so that we may challenge, change, and improve our culture. For four years, our students are shaped by a relevant and sophisticated biblical worldview. Students become persuasive, influential graduates who communicate with clarity and force and who succeed in challenging professions. This is accomplished through our core curriculum and major courses leading to degrees in Politics, Philosophy and Economics; Media, Culture and the Arts; Finance; Business Management; Religious and Theological Studies; English; Philosophy; Humanities and Journalism, Culture and Society. In 2021, the College entered into an agreement to promote and support King's online degree programs in Politics, Philosophy and Economics; Liberal Studies; Business Management; and Religious and Theological Studies. The first students began a course of studies in April 2022.We educate young leaders to seamlessly integrate their faith, ethics, and morality into their lives and careers. Students are immersed in challenging academic and spiritual study that demands thinking, communicating, and problem-solving with the mind, heart, and soul. We require engagement with complex ideas to guide the strategic institutions of society - government, commerce, law, media, civil society, education, the arts, and the Church. We participate in a demanding curriculum and present unique opportunities to students in the heart of New York City. We are not a college for the faint of heart - we call our students to be good, brave, and ready. 23230187 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 1 608 0 1 330 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 7 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA MD MI PA SC X Judy Barringer 2126597200 56 Broadway New York NY 10004 X Thomas Gibson Trustee (part year), President 67.50 X X 187580 0 76212 Brian Brenberg EVP/Assoc. Professor of Bus. & Econ. 50.00 X 191722 0 35720 Bracey Fuenzalida Director of Information Technology 52.00 X 123069 0 68559 Oluwadamilola Kabiawu Associate Professor of Finance 50.00 X 151770 0 33300 Frank Torino VP Finance/Treasurer 60.00 X 157230 0 24328 Paul Glader Prof. of Journalism, Media & Entr. 50.00 X 144098 0 32091 Kimberly Reeve Associate Professor of Business 47.50 X 124721 0 25753 Matthew Parks Chief Academic Officer, Int. Provost 55.00 X 114449 0 31396 Bridget Rogers Chief Development Officer 61.00 X 142449 0 2930 Dawn Fotopulos Professor of Business 65.00 X 120987 0 21015 David Leedy VP of Student Development 40.00 X 55619 0 56624 Megan Dishman Chief of Staff & Board Secretary 50.00 X 85072 0 20044 Stockwell Day Vice Chairman Chairman (part year), Interim Pres. 0.75 X X 0 0 0 Timothy Dunn Chairman (part year) 0.80 X X 0 0 0 Henry Morriello Vice Chairman (part year), Chairman 5.00 X X 0 0 0 Stephen Douglass Trustee 0.80 X 0 0 0 David A Palomares Trustee 0.70 X 0 0 0 Launa Stayer-Maloney Trustee (part year) 0.75 X 0 0 0 Susie Wilson Trustee 0.50 X 0 0 0 Rodney Bergen Trustee 0.75 X 0 0 0 Soon Chung Trustee 0.75 X 0 0 0 Jim Cunningham Trustee 0.75 X 0 0 0 Marvin Kehler Trustee 0.75 X 0 0 0 Lisa Troutt Trustee (part year) 0.50 X 0 0 0 David L Bahnsen Trustee (part year) 1.00 X 0 0 0 1598766 0 427972 20 0 1 0 Gemelli Enterprises LLC 131 Boston Ave Massapequa NY 11758 Building Repair Services 274515 Patterson Belknap Webb & Tyler LLP 1133 Avenue of the Americas New York NY 100366710 Legal Services 235370 MSVT LLC 63 Emerald Street Suite 601 Keene NH 03431 Academic Consulting 234992 Allied Universal 161 Washington Street Suite 600 Conshohocken PA 19428 Security Services 149588 International Benefits Administrators L 100 Garden City Plaza Suite 110 Garden City NY 11530 Administration 142585 5 154417 4375711 19324 4530128 Tuition and fees 611600 12314417 12314417 Auxiliary enterprises 611710 2274781 2274781 14589198 14437 14437 1073831 969192 104639 104639 104639 60647 61541 -894 -894 -894 10339 6396 3943 3943 19472 19472 19472 19260923 14612613 0 118182 7670578 7670578 1510357 507507 855899 146951 6062396 5730525 331871 88472 78939 8033 1500 613555 581601 24087 7867 572747 475877 76791 20079 224962 224962 68370 68370 1315575 961593 152925 201057 13465 3480 9985 326365 312497 11639 2229 310328 272253 34452 3623 5462214 4994376 393409 74429 232176 210092 18822 3262 100096 94835 5221 40 618909 537213 68699 12997 414067 388423 21564 4080 319693 70608 248169 916 Bad debts expense 83953 83953 Dues and subscriptions 70497 67785 2710 2 Equipment 52298 51296 882 120 240340 220709 19631 26371413 23230187 2662074 479152 2330558 3983753 2240468 1655335 1412630 650790 1390148 1056822 16118 14484 316195 946346 18011628 3035361 20118247 14976267 601534 592776 264389 244938 28690287 24121511 1186059 1349346 2405093 1513064 8528537 1802063 1254404 5393215 12645351 X 20120671 8661993 3176401 2814167 23297072 11476160 28690287 24121511 X -7110490 -4710422 X 0 1 X 1 1 1 X 39073556 3938560 6486740 7050102 4530128 61079086 39073556 3938560 6486740 7050102 4530128 61079086 39323232 21755854 694317 1033127 183586 976803 1085844 3973677 3396 789 0 0 0 4185 117672 93092 71260 67462 21896 371382 65428330 100650664 0.33250 0.34840 X Schedule A, Part II: The organization is a school as described under 170(b)(1)(A)(ii) and is not required to complete a public support schedule. Schedule A, Part II is completed to verify the School can qualify under public charity status section 170(b)(1)(A)(vi) and, therefore, qualifies to use the first listed special rule for Schedule B reporting. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 483006 1389 295 484100 482932 94 20 483006 488981 6680 12729 482932 476964 12017 488981 476964 648 648 476964 1.00000 0 0 9338800 9338800 6361333 40000 1273632 5127701 903132 728656 174476 1300221 983742 316479 68142 49331 18811 14976267 Annuities payable 31189 Deferred rent liability 1223215 1254404 Part V, Line 4: Proceeds from the endowment funds are used to fund scholarships for students based on criteria set up when the endowment fund was established. 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 follows a racially nondiscriminatory policy as to students in its programs. The College's promotional activities for its programs are designed to inform all racial segments in the general communities within the area of the availability of the College. This included participating in several college fairs that were part of the National Hispanic College Fair Circuit and Infinite Scholars. A clause is included in the College's catalog, and also on the homepage of its website effective May 2020. A statement of non-discrimination is also included in the email signature of recruitment emails to prospective students. Schedule E, Part I, Line 6 The King's College was approved on June 26, 2008 to participate in Title IV Federal Student Financial Aid programs. The King's College also received funding from the Higher Education Emergency Relief Funds as part of the CARES Act funding. 1 Scholarships and financial aid 343 7467431 HEERF grants 56 126647 Housing grants 28 76500 Part I, Line 2: The King's College continuously monitors the academic progress of students receiving scholarship and financial aid funds. All scholarships and financial aid and housing grants are applied directly to the student accounts and therefore, no cash changes hands. X X 1 1 X X 0 0 0 0 0 0 0 0 0 Thomas Gibson Trustee (part year), President 187133 0 0 0 447 0 0 0 76212 0 263792 0 0 0 Brian Brenberg EVP/Assoc. Professor of Bus. & Econ. 191549 0 0 0 173 0 4092 0 31628 0 227442 0 0 0 Bracey Fuenzalida Director of Information Technology 122857 0 0 0 212 0 2640 0 65919 0 191628 0 0 0 Oluwadamilola Kabiawu Associate Professor of Finance 151525 0 0 0 245 0 3250 0 30050 0 185070 0 0 0 Frank Torino VP Finance/Treasurer 156307 0 0 0 923 0 3339 0 20989 0 181558 0 0 0 Paul Glader Prof. of Journalism, Media & Entr. 143908 0 0 0 190 0 3062 0 29029 0 176189 0 0 0 Kimberly Reeve Associate Professor of Business 124466 0 0 0 255 0 2684 0 23069 0 150474 0 0 0 Part I, Line 1a As a condition of employment, and as a convenience to the College, a housing residence is provided to Thomas Gibson, President. This was not included in taxable compensation. Pursuant to Internal Revenue Code Section 107, ministerial housing allowances are provided for qualifying ministerial employees. This is not included in taxable compensation. David Leedy met the qualifications for and received a ministerial housing allowance during the tax year. On occasion, President Gibson's wife accompanies him as a volunteer representative of the College at specific events when appropriate. The travel for companions is for a business purpose and was not included in taxable income. TKC Operations Inc See Part V 688825 Payment for admissions and marketing services as well as online program support and fundraising support. 1 Sch L, Part IV, column (b): Greater than 35% controlled entity of a substantial contributor and a family member of Soon Chung, Trustee Form 990, Part III, Line 1 Through its commitment to the truths of Christianity and a biblical worldview, The King's College seeks to transform society by preparing students for careers in which they help to shape and eventually lead strategic public and private institutions, and by supporting faculty members as they directly engage culture through writing and speaking publicly on critical issues. The King's College seeks to transform society as it educates students for the long-term goal of leading strategic public and private institutions by providing a foundation in classic social and political theory, Western history, economic analysis, philosophical inquiry, logic, abstract thought, theology, and the disciplines of writing and the spoken word. The College aims to equip students with life-long habits of mind, intellectual skills, and enduring motivations, rather than merely vocational skills or pre-professional training. We recognize the need to educate students as whole persons with the moral astuteness, intellectual insight, and personal discipline to become autonomous (literally, law-governed) adults. To that end, we aspire to a form of education that integrates classroom instruction, extra-curricular commitments, and service to the larger community. Even though our program is not in spirit vocational or pre-professional, we recognize that our graduates must be prepared to enter an economy and a society that already exists and cannot be made to order. To that end, we are committed to equipping students with a thorough understanding of the organization of contemporary society and the various professions that influence the "strategic institutions" (government, business, law, the media, civil society, education, the arts, and the church); to give them realistic maps of how careers in those fields typically advance; and to acquaint them with the proximate steps, whether through further education or entry-level positions, that will set them on a course towards longer-term success. The King's College serves students who seek a rigorous undergraduate education that is rooted in the Christian liberal arts tradition. The College is open to all students, regardless of their religious affiliations. The College is also committed to supporting faculty members as they provide a rigorous undergraduate education to students and also as they directly engage culture through writing and speaking publicly on critical issues. Form 990, Part VI, Section A, line 2 Launa Stayer-Maloney and David A. Palomares - Family relationship Form 990, Part VI, Section A, line 4 The bylaws were amended to reflect a change in the process for nominating board members. They were also updated to change the position of President to a non-voting member of the Board of Trustees; the President shall serve ex-officio, non-voting member of the Board. Form 990, Part VI, Section B, line 11b The first draft of the 990 will be reviewed by the Controller. A revised draft will then be submitted for review to the College's VP Finance/Treasurer. Once the above referenced individuals review and approve the draft 990, and any required changes are made, a final draft will be provided to the Audit Committee of the Board of Trustees, which has been delegated by the Board of Trustees, to review the Form 990. After review by the Audit Committee, a copy will be provided to the full Board of Trustees as well. The names and addresses of contributors are removed from Schedule B in the copy provided to the Audit Committee and Board of Trustees because the information is confidential. Form 990, Part VI, Section B, line 12c The conflict of interest policy is circulated yearly in connection with the annual meeting. The Board of Trustees, Officers, and Key Employees are asked to review the policy and provide updated information, disclose any potential conflicts of interest, and sign the form. The Board Secretary monitors and keeps track of the disclosures made. Any conflicts of interest are reported to the Governance Committee of the Board of Trustees, and are reflected in the minutes. If an issue that involves a conflict of interest were to arise at a board meeting, the interested person would abstain from voting. Form 990, Part VI, Section B, line 15 Line 15a - Compensation Process for Top Official The process for determining compensation for the President includes a review by the full Board, use of comparability data, and documentation of the deliberation and decision in the Board minutes. 15b - Compensation Process for Officers Final approval of Other Officer/Key Employee salaries is the responsibility of the Board of Trustees. Salary recommendations are initially prepared by the President based on his/her assessment of performance. In addition, the President and Board annually review compensation survey data collected by the College and University Professional Association for Human Resources (CUPA-HR) which reports higher education compensation levels on a national and regional basis. The deliberation and approval of the compensation is documented in the minutes of the Board. Form 990, Part VI, Section C, line 19 The King's College makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Form 990, Part VII, Section A Calendar Year Reporting of Compensation The compensation data reflected in Part VII is reported based on the calendar year 2021 whereas most of the information provided in the Form 990 is for the fiscal year (9/1/21 - 8/31/22). Form 990, Part XI, line 9: Loss on asset impairment -4,710,422. 102 SPE LLC 102 Greenwich Street New York NY 10006 131810448 Holds property and debt NY 0 15220961 The King's College Northeastern Bible College 56 Broadway New York NY 10004 221546174 College NJ 501(c)(3) Line 2 The King's College 1 New York Foundation for Leadership 818 West 7th Street Fleet 1004 Los Angeles CA 90017 460470325 Supporting Org CA 501(c)(3) Line 12a, I The King's College 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0