2022-04-14T15:46:06-05:00 2021-06-30 510232399 BELFINT LYONS & SHUMAN PA 1011 CENTRE RD STE 310 WILMINGTON DE 19805 990 2020-07-01 510109178 GOLDEY-BEACOM COLLEGE INC GOLD 3029988814 4701 LIMESTONE ROAD WILMINGTON DE 19808 KRISTINE SANTOMAURO EXECUTIVE VICE PRESIDENT 3022256268 2022-04-14 1 KRISTINE SANTOMAURO 999009999 JONATHAN D MOLL CPA P01053700 3022250600 2022-04-14 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z KRISTINE SANTOMAURO 4701 LIMESTONE ROAD WILMINGTON DE 19808 49295270 0 X WWW.GBC.EDU X 1951 DE TO CONFER THE ASSOCIATE, BACCALAUREATE AND GRADUATE DEGREES ON QUALIFIED STUDENTS. 11 10 275 28 0 0 735685 4948056 30637411 28448580 6776464 9727986 14389 10300 38163949 43134922 17807411 18035603 0 0 9284296 9391876 0 0 516756 6707962 9070859 33799669 36498338 4364280 6636584 221275268 256322879 27075866 24747022 194199402 231575857 X IN ITS SECOND CENTURY, GOLDEY-BEACOM COLLEGE REAFFIRMS ITS COMMITMENT TO THE PROUD TRADITION OF PROVIDING ACCESSIBLE, HIGH-QUALITY, CAREER-FOCUSED EDUCATION. AN INDEPENDENT, MULTILEVEL COLLEGE, GOLDEY-BEACOM COLLEGE OFFERS CHALLENGING UNDERGRADUATE AND GRADUATE PROGRAMS. AS A TEACHING-ORIENTED INSTITUTION OF HIGHER LEARNING, THE COLLEGE EMPHASIZES INSTRUCTIONAL EXCELLENCE IN THE CLASSROOM AND IS COMMITTED TO SUSTAINING FACULTY WHO ARE CARING, DEDICATED AND KNOWLEDGEABLE IN THEIR RESPECTIVE FIELDS, WHO MOTIVATE THEIR STUDENTS TO REALIZE THEIR FULL LEARNING POTENTIAL, AND, ABOVE ALL, WHO REPRESENT TEACHING EXCELLENCE. GOLDEY-BEACOM COLLEGE IS FURTHER COMMITTED TO PROVIDING A CARING, WHOLESOME, INTELLECTUALLY STIMULATING LEARNING ENVIRONMENT TO ITS STUDENTS SO THEY MAY GROW AS INDIVIDUALS AND BECOME WORTHY, PRODUCTIVE MEMBERS OF SOCIETY. 0 0 24106968 17320058 27340928 PROGRAMS OF STUDY-DAY AND EVENING ACADEMIC PROGRAMS WHICH PROVIDE TRAINING AND EDUCATION TO 780 FULL-TIME STUDENTS AND 603 PART-TIME STUDENTS. 3107777 306282 960765 AUXILIARY ENTERPRISES - RESIDENCE HALLS, FOOD SERVICE AND RELATED SUMMER PROGRAMS INCLUDING MODERN APARTMENTS LOCATED ADJACENT TO THE ACADEMIC BUILDING PROVIDING HOUSING FOR 159 STUDENTS. FOOD SERVICE FACILITIES AND OTHER RELATED SERVICES AVAILABLE FOR STUDENTS AND SUMMER PROGRAM ATTENDEES. THE CAMPUS STORE SELLS SCHOOL SUPPLIES, COLLEGE APPAREL, AND SMALL MISCELLANEOUS ITEMS TO STUDENTS TO ASSIST IN PROVIDING A COLLEGIATE EXPERIENCE. 4733738 409263 157187 SERVICES PROVIDED TO STUDENTS FOR ACTIVITIES, ATHLETICS, AND FINANCIAL AID AND TO SUPPORT DEPARTMENTS OF THE COLLEGE. 31948483 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 16 0 1 275 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X KRISTINE SANTOMAURO 3029988814 4701 LIMESTONE ROAD WILMINGTON DE 19808 COLLEEN PERRY KEITH PRESIDENT 40.00 X X 352071 0 54110 JAVED GILANI TRUSTEE 2.00 X 0 0 0 E THOMAS HARVEY III TRUSTEE 2.00 X 0 0 0 JOAN VERBONITZ PANIK TRUSTEE 2.00 X 0 0 0 R JEFFREY JOHNSON BOARD SECRETARY/TREASURER 2.00 X X 0 0 0 JOHN J PATTERSON III TRUSTEE 2.00 X 0 0 0 CORNELIA N WINNER BOARD VICE CHAIR 2.00 X X 0 0 0 MARK OLAZAGASTI BOARD CHAIR 2.00 X X 0 0 0 URSULA SHARP TRUSTEE 2.00 X 0 0 0 NOREEN D LASORSA TRUSTEE 2.00 X 0 0 0 MARK HOLODICK TRUSTEE 2.00 X 0 0 0 KRISTINE SANTOMAURO EXECUTIVE VICE PRESIDENT 40.00 X 416003 0 59780 ALISON WHITE VP FOR ACADEMIC AFFAIRS 40.00 X 181471 0 38083 CHARLES HAMMOND VP FOR STUDENT AFFARIS AND ATHLETICS 40.00 X 150605 0 13356 EMILY JACKSON ILYAS DEAN OF INFORMATION TECHNOLOGY 40.00 X 156354 0 25059 SUSAN MANNERING ASST. VP OF FINANCIAL SVCS AND HR 40.00 X 114377 0 45025 FATMA ABDEL-RAOUF PROFESSOR 40.00 X 111595 0 27361 JANE LYSLE DEAN OF ENROLLMENT MANAGEMENT 40.00 X 108911 0 33272 DEBORAH LEITSCH PROFESSOR 40.00 X 113237 0 20600 WILLIAM DANIEL YOUNG DIRECTOR OF DBA PROGRAM 40.00 X 114095 0 31174 1818719 0 347820 14 0 1 0 EDIS COMPANY 110 SOUTH POPLAR WILMINGTON DE 19801 CONSTRUCTION MANAGEMENT SERVICES 11192074 PS & L 1 ROBERTS AVE GLENSIDE PA 19038 MARKETING SERVICES 895008 METZ CULINARY MANAGEMENT 2 WOODLAND DR DALLAS PA 18612 DINING SERVICES 680491 NATIONAL HVAC SERVICES 42-A SOUTHGATE BLVD NEW CASTLE DE 19720 HVAC SERVICES 435328 JENZABAR PO BOX 55018 BOSTON MA 022055018 COMPUTERING SERVICES 373411 13 4818790 129266 4948056 STUDENT TUITION & FEES 611310 27340928 27340928 RESIDENCE HALL FEES 721000 726391 726391 FOOD SERVICE REVENUE 611710 224074 224074 CAMP, ATHLETICS, AND OTHER FEES 611710 157187 157187 28448580 4786980 4786980 11086539 6015615 129918 5070924 -129918 4941006 4941006 25115 14815 10300 10300 43134922 28458880 0 9727986 18035603 18035603 989161 434526 473554 81081 6813835 5437346 1057254 319235 356490 241547 99738 15205 672613 477975 169958 24680 559777 432819 99384 27574 53107 53107 60050 60050 335176 335176 706120 586040 120080 1051808 1040929 9848 1031 563090 242452 304415 16223 902478 896857 5621 1121840 1017333 100870 3637 105173 89011 14258 1904 89514 86497 3017 1862191 1315481 544632 2078 172247 54978 117269 FOOD SERVICES 677970 677970 COVID 406830 124641 282189 STUDENT ACTIVITIES 276766 276766 BOND INTEREST & FEES 199971 161977 37994 486528 317735 144685 24108 36498338 31948483 4033099 516756 14124152 7168704 11236155 3374109 10648 57971 949433 871485 25000 74369 30059 31431 518058 644815 59851271 23028735 27033746 36822536 167321986 207249773 26031 27686 221275268 256322879 3362964 1734089 1381253 891253 19781560 19709696 1404900 1404900 1145189 1007084 27075866 24747022 X 171613900 206275516 22585502 25300341 194199402 231575857 221275268 256322879 6636584 30739871 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 160331101 58543 40247071 5685930 194950785 155440614 75210 9689976 4874699 160331101 146644106 153873 12813155 4170520 155440614 128930305 10900989 11286112 4473300 146644106 107483695 11882856 13264178 3700424 128930305 0.87041 0.04746 0.08213 0 0 388137 388137 41759552 17085540 24674012 6557819 3772099 2785720 11145763 2171096 8974667 36822536 STUDENT DEPOSITS 183628 ACCRUED PAYROLL 821217 OTHER LIABILITIES 2239 1007084 X 57047871 30739871 14815 30754686 26293185 335176 16506561 16841737 43134922 19671416 14815 14815 19656601 335176 16506561 16841737 36498338 PART V, LINE 4: BOARD-DESIGNATED, UNRESTRICTED ENDOWMENT FUNDS ARE INTENDED FOR SCHOOL'S OPERATIONS AND DRAWS ARE MADE ACCORDING TO THE SCHOOL'S SPENDING POLICY. PERMANENTLY RESTRICTED ENDOWMENT FUNDS ARE HELD BY THE SCHOOL IN PERPETUITY, IN ACCORDANCE WITH DONOR INTENT. PART X, LINE 2: INCOME NOT RELATED TO THE COLLEGE'S TAX-EXEMPT PURPOSE MAY BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA IMPOSE A THRESHOLD FOR DETERMINING WHEN AN INCOME TAX BENEFIT CAN BE RECOGNIZED IN REGARD TO UNCERTAIN TAX POSITIONS. THE COLLEGE HAS DETERMINED THAT NO LIABILITY FOR UNCERTAIN TAX POSITIONS IS REQUIRED TO BE ACCRUED AND INCLUDED IN THE STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2021 AND 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: CAMPUS STORE PURCHASES 14,815. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND OTHER ASSISTANCE -NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 16,506,561. PART XII, LINE 2D - OTHER ADJUSTMENTS: CAMPUS STORE PURCHASES 14,815. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND OTHER ASSISTANCE -NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 16,506,561. 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 IN ITS ACADEMIC CATALOG. THE CATALOG IS AVAILABLE TO ALL PARTS OF THE COMMUNITY IT SERVES VIA THE COLLEGE'S ONLINE DIGITAL MEDIA. SCHEDULE E, PART I, LINE 6 STUDENT FINANCIAL AID 1 SCHOLARSHIPS AND FINANCIAL AID AWARDED TO STUDENTS FOR TUITION AND HOUSING 1326 18035603 ACTUAL CASH VALUE OF REDUCTION FOR TUITION, FEES, AND HOUSING. REDUCTION IN TUITION, FEES, AND HOUSING. PART I, LINE 2: THE COLLEGE'S PROCEDURES FOR MONITORING THE USE OF SCHOLARSHIPS AND FINANCIAL AID AWARDED TO STUDENTS ARE BASED UPON THE GUIDELINES PROVIDED BY THE U.S. DEPARTMENT OF EDUCATION. X 1 1 X X 0 0 0 0 0 0 0 1 0 KRISTINE SANTOMAURO EXECUTIVE VICE PRESIDENT 286234 0 129355 0 414 0 28215 0 31565 0 475783 0 0 0 COLLEEN PERRY KEITH PRESIDENT 304797 0 46500 0 774 0 28215 0 25895 0 406181 0 0 0 ALISON WHITE VP FOR ACADEMIC AFFAIRS 162698 0 10280 0 8493 0 16111 0 21972 0 219554 0 0 0 EMILY JACKSON ILYAS DEAN OF INFORMATION TECHNOLOGY 146478 0 7590 0 2286 0 13124 0 11935 0 181413 0 0 0 CHARLES HAMMOND VP FOR STUDENT AFFARIS AND ATHLETICS 139740 0 10690 0 175 0 12034 0 1322 0 163961 0 0 0 SUSAN MANNERING ASST. VP OF FINANCIAL SVCS AND HR 105780 0 8365 0 232 0 9563 0 35462 0 159402 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE - THE COLLEGE'S PRESIDENT IS REQUIRED TO LIVE IN AN ON-CAMPUS RESIDENCE. THE ARRANGEMENT MEETS THE IRC EXCLUSION FROM GROSS INCOME AND IS THEREFORE EXCLUDED FROM COMPENSATION REPORTED ON THE PRESIDENT'S FORM W-2. PART I, LINE 7 CERTAIN COLLEGE OFFICERS RECEIVE BONUS PAYMENTS WHICH ARE BASED UPON ACHIEVING DOCUMENTED GOALS. THIS TYPE OF COMPENSATION IS PURSUANT TO THE COLLEGE'S COMPENSATION PROCESS WHICH ENSURES THAT THE AMOUNT OF TOTAL COMPENSATION, DETERMINED BY THE BOARD OF TRUSTEES, IS FAIR AND REASONABLE. A DELAWARE ECONOMIC DEVELOPMENT AUTHORITY 510269736 2020-05-14 20000000 COLLEGE CAMPUS CONSTRUCTION AND RENOVATION 0 0 0 A 20000000 220924 16440218 3338858 0 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 0 0 0 0 1 A 1 FORM 990, PART VI, SECTION B, LINE 11B THE FOLLOWING PROCESS WILL BE USED TO ALLOW THE TRUSTEES TO REVIEW THE FORM 990 PRIOR TO ITS SUBMISSION: 1) THE AUDITOR SUBMITS RECOMMENDED COMPLETED FORM 990 TO THE EXECUTIVE VICE PRESIDENT (VP) FOR REVIEW. 2) UPON THE VP'S APPROVAL OF THE COMPLETED FORM 990, THE VP ELECTRONICALLY SENDS THE RECOMMENDED COPY TO THE FULL BOARD ASKING THEM TO REVIEW THE FORM AND GET BACK TO THE VP BY A DESIGNATED DATE WITH ANY QUESTIONS THEY HAVE. 3) IF QUESTIONS ARE RECEIVED FROM THE TRUSTEES, THE VP IS RESPONSIBLE FOR OBTAINING THE ANSWERS AND REPLYING TO THE TRUSTEES PROMPTLY. 4) ONCE ALL TRUSTEE QUESTIONS HAVE BEEN ANSWERED, THE VP WILL SIGN THE FORM 990 AND INITIATE THE ELECTRONIC SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE IS REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN A STATEMENT ACKNOWLEDGING THEIR UNDERSTANDING AND COMPLIANCE WITH THE POLICY. UNDER THE COLLEGE'S PERSONNEL POLICY MANUAL, PAID OFFICERS AND ALL OTHER EMPLOYEES ARE ADVISED TO AVOID ANY POTENTIAL CONFLICTS OF INTEREST AND ARE REQUIRED TO NOTIFY THE COLLEGE IMMEDIATELY SHOULD ANY SUCH CONFLICTS ARISE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMPENSATION PROCESS IS USED TO DETERMINE THE ANNUAL COMPENSATION FOR THE PRESIDENT, THE VICE PRESIDENTS, AND ANY OTHER KEY EMPLOYEE EARNING MORE THAN $150,000 PER YEAR AT GOLDEY-BEACOM COLLEGE. PRESIDENT - THE CHAIRMAN OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, WHO IS ALSO ALWAYS THE CHAIR OF THE FULL BOARD, REVIEWS AND DETERMINES THE ANNUAL COMPENSATION OF THE PRESIDENT OF THE COLLEGE. IN HIS/HER DELIBERATIONS, THE CHAIRMAN GENERALLY CONSULTS WITH THE OTHER INDEPENDENT MEMBERS OF THE BOARD'S EXECUTIVE COMMITTEE. THE CHAIRMAN AND ALL OTHER MEMBERS OF THE COMMITTEE, EXCLUDING THE PRESIDENT, ARE ALWAYS INDEPENDENT INDIVIDUALS WHO MUST NOT DRAW ANY BENEFITS FROM THE COLLEGE. THEY ARE ALSO REQUIRED TO SIGN A WRITTEN NO-CONFLICT-OF-INTEREST DECLARATION FOR THE RECORD. IN DETERMINING THE ANNUAL COMPENSATION OF THE PRESIDENT, THE CHAIRMAN AND HIS/HER ASSOCIATES NORMALLY TAKE INTO CONSIDERATION THE WIDELY REPORTED AND PUBLISHED DATA OF PRESIDENTIAL COMPENSATION IN SUCH PUBLICATIONS AS THE CHRONICLE OF HIGHER EDUCATION AND THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR). AFTER FINALIZING THE DECISION, THE CHAIRMAN COMMUNICATES IT TO THE PRESIDENT IN A MEETING. VICE PRESIDENTS/KEY EMPLOYEES EARNING MORE THAN $150,000 PER YEAR - THE PRESIDENT OF THE COLLEGE INITIATES THE REVIEW OF THE COMPENSATION OF THE VICE PRESIDENTS AND ALL KEY EMPLOYEES WHO EARN MORE THAN $150,000 PER YEAR. IN HIS/HER REVIEW, THE PRESIDENT TAKES INTO CONSIDERATION THE COMPENSATION DATA PUBLISHED BY THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR). BASED ON THE COMPENSATION DATA AND THE PERFORMANCE OF THE EMPLOYEES MAKING MORE THAN $150,000, THE PRESIDENT REVIEWS AND DETERMINES THE NEW COMPENSATION FOR THESE EMPLOYEES FOR THE SUBSEQUENT YEAR. AFTER CONSULTING WITH THE CHAIRMAN OF THE BOARD OF TRUSTEES, THE PRESIDENT COMMUNICATES THE DECISION TO THE RELEVANT EMPLOYEES ON THEIR NEW COMPENSATION IN FORMAL MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S ANNUAL AUDIT REPORT IS AVAILABLE IN THE COLLEGE LIBRARY. WHEN A SPECIFIC REQUEST IS RECEIVED FOR A COPY OF THE AUDIT OR FORM 990, A COPY IS SUPPLIED. ALSO, THE COLLEGE'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC FOR REVIEW UPON REQUEST. THE CURRENT MISSION AND PHILOSOPHY STATEMENT ARE AVAILABLE ON THE COLLEGE WEBSITE AT WWW.GBC.EDU.