2023-11-14T15:35:12-06:00 2022-12-31 990 2022-01-01 231352008 The American College AMER 6105261000 630 Allendale Road 400 King of Prussia PA 19406 MARK MONTGOMERY Chief Financial Officer 6105261000 2023-11-06 MARK MONTGOMERY XXX-XX-XXXX 0 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z The American College of Financial Se George Nichols III 630 Allendale Road 400 King of Prussia PA 19406 47106825 0 X www.theamericancollege.edu X 1927 PA The mission of The American College of Financial Services (continued on next page). 26 24 232 75 0 0 11290063 13794611 22831492 26306068 3773811 1185702 1906514 1478155 39801880 42764536 1530238 2589587 0 0 26309351 28204678 0 0 3105903 14037934 15579326 41877523 46373591 -2075643 -3609055 101126239 95423850 18786999 21394682 82339240 74029168 X The mission of The American College of Financial Services is to provide applied financial knowledge and education, promote life-long learning, and advocate for ethical standards for the benefit of society. 0 0 24416559 1381204 18907813 The Huebner School administers the curriculum leading to the CLU, ChFC, RICP, CLF, ChSNC, and WMCP professional designations. It also provides the educational content needed to obtain the CFP professional designation. There are approximately 14,000 students enrolled in theseprograms. 3807176 777931 2948219 The Irwin Graduate School administers the curriculum leading to the Master of Science in Management, the Master of Science in Financial Services, the Chartered Advisor in Philanthropy (CAP) designation, and the Doctoral Program in Financial and Retirement Planning. There are approximately 1,160 students enrolled in these programs. 699696 8680 541834 The FSCP Program administers the curriculum leading to the FSCP professional designation. There are approximately 1,000 students enrolled in this program. 5046847 421772 4221999 The College's Professional Recertification Program (PRP) ensures professional designation holders remain current and serve as an emblem of excellence and expertise to their peers and clients. The Black Executive Leadership Program was launched in 2022. Continuing Education, Course Fees, and Textbooks Fees are included here. 5046847 421772 4221999 33970278 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 233 0 1 232 1 0 0 0 0 0 0 0 0 0 0 1 0 X 26 24 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK AZ CO KY MD MA MI NH NY OH OK OR OK X Alexander Eom 6105261263 630 Allendale Rd Suite 400 King of Prussia PA 19406 George Nichols President & CEO 40.00 X X 1156836 0 18176 Todd Schoon EVP and Senior Advisor to 40.00 X X 112500 0 0 Scott Berlin Trustee 1.00 X 0 0 0 Chris Blunt Trustee 1.00 X 0 0 0 Wallace Boston Trustee 1.00 X 0 0 0 Brandon Carter Trustee 1.00 X 0 0 0 George Connolly Trustee 1.00 X 0 0 0 Susan Cooper Trustee 1.00 X 0 0 0 Michael Davidson Trustee 1.00 X 0 0 0 Scott Davison Trustee 1.00 X 0 0 0 Edward Deutschlander Trustee 1.00 X 0 0 0 Matt Foran Trustee 1.00 X 0 0 0 David Fritz Trustee 1.00 X 0 0 0 Timothy Gerend Trustee 1.00 X 0 0 0 Randall Harbert Trustee 1.00 X 0 0 0 Salene Hitchcock-Gear Trustee 1.00 X 0 0 0 John Howard Trustee 1.00 X 0 0 0 Michael James Trustee 1.00 X 0 0 0 Michelle Johnson Trustee 1.00 X 0 0 0 Rodger Johnson Trustee 1.00 X 0 0 0 Fred Jonske Trustee 1.00 X 0 0 0 Cheri Lytle Trustee 1.00 X 0 0 0 Knut Olson Trustee 1.00 X 0 0 0 Kristi Rodriguez Trustee 1.00 X 0 0 0 Michael Rosenzweig Trustee 1.00 X 0 0 0 Frederick Sievert Trustee 1.00 X 0 0 0 Mark Montgomery Chief Financial and Risk Officer 40.00 X 314769 0 44573 Gwen Hall EVP and Provost 40.00 X 527938 0 25307 Deborah Glenn Chief Human Resources Offi 40.00 X 323853 0 19645 Ed McEvoy Chief Information Officer 40.00 X 333526 0 22893 Jared Trexler Chief Marketing Officer 40.00 X 273084 0 13185 David Stoeffel EVP and Provost 40.00 X 505493 0 19303 Kirk Trasborg Chief Strategy Officer 40.00 X 259284 0 23090 Dave Eurich VP Business Development 40.00 X 196802 0 12983 Grady Batchelor SVP Institute for Learning Innovation 40.00 X 249168 0 12094 Steve Grourke SVP Advancement 40.00 X 377856 0 19817 Michael Finke Professor and Frank M. Engle Chair 40.00 X 265376 0 20066 Charles Cronin VP Advancement 40.00 X 243274 0 18641 Hilary Fiorella Exec Dir - Center for Women in Financial Services 40.00 X 210062 0 29494 Karim Hill Exec Dir - Center for Economic Empowerment and Equ 40.00 X 222095 0 12830 Dien Vien Exec Dir - Center for Philanthropy 40.00 X 235462 0 27458 5807378 0 339555 72 0 1 0 Push10 Inc 1500 Chestnut Street Suite 2 19 Philadelphia PA 19102 Website Consulting 368225 Faegre Drinker Biddle & Reath LLP One Logan Square Suite 2000 PHiladelphia PA 19103 Legal Services 267287 Engine Room Technology 370 E Gowen Avenue Philadelphia PA 19119 Website Consulting 237621 Sloane & Company LLC One World Trade Center 285 Fulton New York NY 10007 PR and Marketing 235788 Torch Enterprises Inc 3225 Mcleod Drive Suite 100 Las Vegas NV 89121 Consulting 200006 11 1053000 12741611 4044 13794611 Solomon S. Huebner 611310 18907813 18907813 Other Program Revenue 611310 3908202 3908202 Richard D. Irwin Gradu 611310 2948219 2948219 FSCP 611310 541834 541834 26306068 1042741 1042741 227009 227009 1956347 0 1956347 1956347 1956347 3234985 3092024 142961 142961 142961 231267 1053000 1250265 -1018998 -1018998 Institutional Book Sal 611130 150887 150887 162910 162910 313797 42764536 26619865 0 2350060 2589587 2589587 5428419 2494808 2324781 608830 17066405 13120989 2976085 969331 1612945 1612945 2664251 4350335 -2082014 395930 1432658 1432658 332234 16185 316049 106592 106592 4246529 3523823 586116 136590 1013438 997304 3659 12475 1760161 1393917 293221 73023 699242 515966 40952 142324 546743 356606 130516 59621 630169 79460 199428 351281 1746845 1394561 242711 109573 429221 350874 78347 Curriculum Development 1397662 1396011 1651 Other General Administr 1276356 1064588 101702 110066 Plant Operations 854946 676138 126659 52149 Bank Service Charge 539188 532825 6363 46373591 33970278 9297410 3105903 7827460 2583686 4625312 12143813 1443427 2202921 36924 62208 1952363 2483743 46898603 18694090 29280154 28204513 9907828 15240174 24063362 9440295 21989409 23062497 101126239 95423850 6402002 7329933 10977113 12602953 1407884 1461796 18786999 21394682 X 22566933 13587233 59772307 60441935 82339240 74029168 101126239 95423850 X -3609055 -5133460 432443 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 142552 X X 0 42247027 2211222 -554959 1354586 42548704 45679213 2679107 585320 6696613 42247027 54081458 3595469 -2721928 9275786 45679213 60983467 475259 6354378 13731646 54081458 68079599 537360 -2830427 4803065 60983467 0.16360 0.59390 0.24250 0 0 7976047 7976047 17201002 2744165 14456837 5395222 1649763 3745459 15710095 14300162 1409933 616237 616237 28204513 Vanguard Total Bond 9440295 F 9440295 Life Insurance CSV - contributed policies 10293868 Life Insurance CSV - COLI policies 12768629 23062497 Accrued Pension 470047 Loan Payable 980299 Annuities Payable 11450 1461796 X 38900408 -5133460 1269332 -3864128 42764536 0 42764536 47623856 1250265 1250265 46373591 0 46373591 Part V, Line 4: The College's endowment funds are held in perpetuity and the investment earnings are used in accordance with the donors' intents, which ultimately align with the mission of the College. Part X, Line 2: The Internal Revenue Service has classified The American College as exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code ("Code"); as organizations, contributions to which are deductable under Section 170(c) of the Code; and as organizations that are not private foundations as defined in Section 509(a) of the Code. U.S. GAAP requires management to evaluate tax positions taken and recognize a tax liability, if the College has taken an uncertain tax position that more likely than not would not be sustained upon examination by a government authority. Management has analyzed the tax position taken by the College and has concluded that as of December 31, 2022 and 2021, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. Part XI, Line 2d - Other Adjustments: (Gain)/Loss on life insurance CSV 19067. CAAFP 1250265. Part XII, Line 2d - Other Adjustments: CAAFP Expenses moved to Statement of Revenue 1250265. Part III, Line 4 The Circular Corners Statue is prominently displayed and enhances the visual footprint of the building. The Huebner Tea Set was used by the College's founder and was contributed by his family. It is displayed in the College's Executive Suite. 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 Schedule E, Part I, Line 3 The American College offers private donor funded scholarships as educational assistance for underserved communities in line with the College's mission. Schedule E, Part I, Line 4 The American College does not require ethnic and gender information from students who are matriculating or enrolling for courses at the graduate or designation levels. The College offers students the opportunity to voluntarily provide race, gender, and other demographics on the student profiles after enrollment. The College has begun to offer private donor funded scholarships to members of underserved communities. Schedule E, Part I, Line 5 The College has begun to offer private donor funded scholarship assistance to members of underserved communities. Schedule E, Part I, Line 7 The American College of Financial Services provides equal opportunity to students and employees, regardless of race, color, and national or ethnic origin. X X X X X X 0 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY Conference of African American Fin 1284267 1053000 231267 715100 24256 510909 0 1284267 1053000 231267 715100 24256 510909 1250265 -1018998 1 Tuition Assistance 1238 2589587 X X X 1 1 X X X X 0 1 0 1 0 1 0 0 0 George Nichols President & CEO 741472 0 393800 0 21564 0 15250 0 2926 0 1175012 0 0 0 Gwen Hall EVP and Provost 396580 0 112500 0 18858 0 15250 0 10057 0 553245 0 0 0 David Stoeffel EVP and Provost 389429 0 112500 0 3564 0 15250 0 4053 0 524796 0 0 0 Steve Grourke SVP Advancement 285646 0 84400 0 7810 0 15000 0 4817 0 397673 0 0 0 Mark Montgomery Chief Financial and Risk Officer 244229 0 70000 0 540 0 16535 0 28038 0 359342 0 0 0 Ed McEvoy Chief Information Officer 259004 0 68600 0 5922 0 20652 0 2241 0 356419 0 0 0 Deborah Glenn Chief Human Resources Offi 248089 0 68600 0 7164 0 16330 0 3315 0 343498 0 0 0 Jared Trexler Chief Marketing Officer 220658 0 50600 0 1826 0 10991 0 2194 0 286269 0 0 0 Michael Finke Professor and Frank M. Engle Chair 264134 0 0 0 1242 0 17225 0 2841 0 285442 0 0 0 Kirk Trasborg Chief Strategy Officer 248042 0 10000 0 1242 0 12500 0 10590 0 282374 0 0 0 Dien Vien Exec Dir - Center for Philanthropy 212860 0 1570 0 21032 0 10589 0 16869 0 262920 0 0 0 Charles Cronin VP Advancement 205850 0 25000 0 12424 0 16400 0 2241 0 261915 0 0 0 Grady Batchelor SVP Institute for Learning Innovatio 198586 0 35000 0 15582 0 9885 0 2209 0 261262 0 0 0 Hilary Fiorella Exec Dir - Center for Women in Finan 200498 0 0 0 9564 0 8165 0 21329 0 239556 0 0 0 Karim Hill Exec Dir - Center for Economic Empow 219985 0 0 0 2110 0 10589 0 2241 0 234925 0 0 0 Dave Eurich VP Business Development 170767 0 25000 0 1035 0 11050 0 1933 0 209785 0 0 0 Part I, Line 1a The Executive Committee of the Board has authorized the President to travel first class air on trips over four hours. The President and certain members of the Executive Leadership team are also allowed a housing allowance and/or health or social Club dues or initiation fees as part of their employment agreements. Part I, Line 3 The College's Compensation Committee, composed of Board members, determines the base compensation and annual incentive award of the President & CEO. They also review and approve the President & CEO's recommendations for other members of the College's leadership team. The award amounts are tied to the College's goals as well as individual performance and based on a qualitative evaluation of the accomplishment of goals that are determined at the beginning of the year. Part I, Line 5: In 2019 The College implemented short and long term incentive plans for top level executives. The Short Term Incentive Plan (STIP) is offered to members of the College's Leadership with annual payouts based on the achievement of enterprise-wide goals and objectives. The first payout was made in February 2020 for the 2019 calendar year. The Long Term Incentive Plan (LTIP) is offered to The College's Executive Leadership Team and is designed to retain and reward key executives based on the achievement of The College's long-term strategic objectives. The next potential payout date is February 2028, coinciding with The College's 100 year anniversary. Form 990, Part VI, Section A, line 2 Todd Schoon is a College Trustee and he serves on the Board of OneAmerica where Scott Davison, also a College Trustee, is the CEO. Form 990, Part VI, Section B, line 11b The Form 990 is completed by Finance staff and reviewed by the Chief Finance & Risk Officer for accuracy and completeness. It is then reviewed by the College's independent auditors. Once these steps are completed, it is presented to the College's Finance & Investment Committee and the full Board of Trustees for their review. This process involves sending the completed Form electronically to the Committee and Board and reviewing the Form during Committee's quarterly meeting prior to filing. Form 990, Part VI, Section B, line 12c All members of the College's Board of Trustees and all employees are required to complete the conflict of interest form annually. The returned forms are tabulated to ensure 100% response. The results of the Board member's responses are communicated to the Audit and Risk Committee and independent auditors and appropriate action is recommended. The results of the employee responses are communicated to the Chief Financial & Risk Officer and independent auditors and appropriate action is taken. Form 990, Part VI, Section B, line 15 The College's Compensation Committee, composed of Board members, determines the base compensation and annual incentive award of the President & CEO. They also review and approve the President & CEO's recommendations for other members of the College's leadership team. The award amounts are tied to individual performance and based on a qualitative evaluation of the accomplishment of goals that are determined at the beginning of the year. Form 990, Part VI, Section C, line 18 The governing documents, conflict of interest policy, and financial statements are made available to the public on an as requested basis. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy, and financial statements are made available to the public on an as requested basis. Form 990, Part XI, line 9: Increase in minimum pension liability 413376. Other Changes (Change in Life insurance CSV) 19067.