2025-05-15T09:18:11-05:00 2024-06-30 390859910 BAKER TILLY ADVISORY GROUP LP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2023-07-01 510109178 GOLDEY-BEACOM COLLEGE GOLD 3029988814 4701 LIMESTONE ROAD WILMINGTON DE 19808 SUSAN MANNERING VICE PRESIDENT FOR FINANCE/CFO 3029988814 2025-05-14 1 0 KERRI N BOGDA CPA P00760402 7177404863 2025-05-13 2023 2025-03-06 01:10:19Z SUSAN MANNERING 4701 LIMESTONE ROAD WILMINGTON DE 19808 53850345 0 X WWW.GBC.EDU X 1951 DE TO CONFER THE ASSOCIATE, BACCALAUREATE AND GRADUATE DEGREES ON QUALIFIED STUDENTS. 13 12 278 28 28711 8114 259768 283167 15993876 16812330 15789973 8701349 52174 472107 32095791 26268953 5079935 5478470 0 0 10120500 10058388 0 0 577212 11431384 12552953 26631819 28089811 5463972 -1820858 228247251 243469111 20860171 19823645 207387080 223645466 EMPOWERING LEARNERS TO ACHIEVE EXCELLENCE BY LINKING KNOWLEDGE TO PRACTICE. 0 0 12151668 4737005 13202806 PROGRAMS OF STUDY DAY AND EVENING ACADEMIC PROGRAMS WHICH PROVIDE TRAINING AND EDUCATION TO 769 FULLTIME STUDENTS AND 384 PART-TIME STUDENTS. 4222512 741465 3562388 AUXILIARY ENTERPRISES - RESIDENCE HALLS, DINING SERVICE AND RELATED SUMMER PROGRAMS INCLUDING MODERN APARTMENTS LOCATED ADJACENT TO THE ACADEMIC BUILDING PROVIDING HOUSING FOR 269 STUDENTS DURING THE FALL SEMESTER AND 258 STUDENTS DURING THE SPRING SEMESTER. DININGSERVICE FACILITIES AND OTHER RELATED SERVICES AVAILABLE FOR STUDENTS AND SUMMER PROGRAM ATTENDEES. 6089620 49635 THE CAMPUS STORE SELLS SCHOOL SUPPLIES, COLLEGE APPAREL, AND SMALL MISCELLANEOUS ITEMS TO STUDENTS TO ASSIST IN PROVIDING A COLLEGIATE EXPERIENCE. 22463800 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 47 0 278 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 13 12 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X SUSAN MANNERING 3029988814 4701 LIMESTONE ROAD WILMINGTON DE 19808 CORNELIA N WINNER EDD BOARD CHAIR 2.00 X X 0 0 0 MARK R OLAZAGASTI VICE BOARD CHAIR 2.00 X X 0 0 0 R JEFFREY JOHNSON BOARD SECRETARY/TREASURER 2.00 X X 0 0 0 LEE H BURSTEIN TRUSTEE 2.00 X 0 0 0 JAVED GILANI MD TRUSTEE 2.00 X 0 0 0 DORRELL GREEN TRUSTEE 2.00 X 0 0 0 ERIKA JORGENSEN TRUSTEE 2.00 X 0 0 0 NOREEN D LASORSA TRUSTEE 2.00 X 0 0 0 JOAN VERBONITZ PANIK TRUSTEE 2.00 X 0 0 0 JOHN J PATTERSON III TRUSTEE 2.00 X 0 0 0 MELODY PHILLIPS TRUSTEE 2.00 X 0 0 0 MARCIA B WOOD CPA CGMA TRUSTEE 2.00 X 0 0 0 COLLEEN PERRY KEITH PRESIDENT 40.00 X X 392380 0 33108 CHARLES HAMMOND VP OPERATIONS AND PLANNING 40.00 X 204275 0 18634 SUSAN MANNERING VP FINANCE/CFO 40.00 X 166552 0 56468 JOEL WORDEN VP ACADEMIC AFFAIRS/PROVOST 40.00 X 173151 0 55424 PETER RYSAVY CIO 40.00 X 142601 0 25753 SCOTT GLENN ASSISTANT PROFESSOR 40.00 X 123514 0 7045 LARRY EBY EX. DIR. INSTITUTIONAL ADVANCEMENT 40.00 X 112771 0 42475 JEREMY BENOIT ATHLETIC DIRECTOR 40.00 X 112389 0 18260 FATMA ABDEL-RAOUF PROFESSOR 40.00 X 110227 0 35106 KRISTINE SANTOMAURO FORMER EX. VICE PRESIDENT 0.00 X 179701 0 33645 ALISON WHITE FORMER VP ACAD AFFAIRS/PROVOST 0.00 X 118194 0 17113 1835755 0 343031 14 1 1 0 METZ CULINARY MANAGEMENT 2 WOODLAND DR DALLAS PA 18612 DINING SERVICES 1203809 PASKILL ONE ROBERTS AVE GLENSIDE PA 19038 MARKETING SERVICES 748235 NATIONAL HVAC SERVICE 42-A SOUTHGATE BLVD NEW CASTLE DE 19720 HVAC SERVICES 527168 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 828854 PHILADELPHIA PA 191828854 SECURITY SERVICES 355388 JENZABAR LOCKBOX PO BOX 55018 BOSTON MA 022055018 COMPUTERING SERVICES 349697 13 84350 198817 4905 283167 TUITION 611310 13202806 13202806 ROOM AND BOARD 721310 3541000 3541000 AUXILIARY SERVICES 611310 68524 68524 16812330 5925359 -662 5926021 45484 0 45484 45484 45484 30344414 27519285 49139 2825129 -49139 2775990 2775990 15467 12968 2499 2499 INSURANCE PROCEEDS 900099 216618 216618 ATHLETIC DEPARTMENT INC. 900099 49747 49747 CATERING REVENUE 611710 29373 29373 128386 128386 424124 26268953 16814829 28711 9142246 5478470 5478470 1124289 589919 448308 86062 7256162 5788608 1136403 331151 396431 326694 41531 28206 1281506 1025896 176719 78891 57075 57075 71885 71885 458356 458356 1379261 830159 549102 1096818 1078335 10001 8482 183193 108326 69109 5758 1157652 1146102 2619 8931 1267072 1170335 91587 5150 91096 76680 13584 832 83674 51747 31685 242 312923 1697 311226 2282797 1469452 810089 3256 279381 138640 140741 UBIT EXPENSE 1935 1761 174 DINING SERVICES 1207609 1207609 ATHLETIC EXPENSE 597643 597643 ADMINISTRATIVE EXPENSE 569206 139071 418554 11581 1455377 1236656 210051 8670 28089811 22463800 5048799 577212 42176 32251 2027526 2587290 28023 31010 964284 346715 15000 25000 32767 32890 746923 576612 59768209 26945113 34621307 32823096 188728511 206031139 916819 835132 123915 147976 228247251 243469111 145106 1042943 849462 476449 18680512 18155500 1185091 148753 20860171 19823645 X 182938501 196018464 24448579 27627002 207387080 223645466 228247251 243469111 -1820858 18079244 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 170635834 136502 25379340 8897705 187253971 163305254 111900 15763982 8545302 170635834 194950785 803869 -24625094 7824306 163305254 160331101 58543 40247071 5685930 194950785 155440614 75210 9689976 4874699 160331101 0.85000 0.06000 0.09000 0 0 388137 388137 51401690 21604280 29797410 6744556 4369692 2374864 1233826 971141 262685 32823096 FINANCE LEASE LIABILITIES 42271 OPERATING LEASE LIABILITIES 106482 148753 X 38438539 18079244 -5922626 12156618 26281921 -12968 -12968 26268953 22180153 12968 12968 22167185 5922626 5922626 28089811 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. U.S. GAAP IMPOSES 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, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: GRANTS AND ASSISTANCE NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS -5,464,270. INVESTMENT MANAGEMENT FEES NETTED AGAINST INCOME ON THE FINANCIAL STATEMENTS -458,356. PART XI, LINE 4B - OTHER ADJUSTMENTS: CAMPUS STORE EXPENSES -12,968. PART XII, LINE 2D - OTHER ADJUSTMENTS: CAMPUS STORE EXPENSES 12,968. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND ASSISTANCE NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 5,464,270. INVESTMENT MANAGEMENT FEES NETTED AGAINST INCOME ON THE FINANCIAL STATEMENTS 458,356. 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 THE COLLEGE RECEIVES FEDERAL STUDENT AID FUNDING. 1 SCHOLARSHIPS AND FINANCIAL AID AWARDED TO STUDENTS FOR TUITION AND HOUSING 699 5478470 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 COLLEEN PERRY KEITH PRESIDENT 364247 0 26945 0 1188 0 32670 0 438 0 425488 0 0 0 JOEL WORDEN VP ACADEMIC AFFAIRS/PROVOST 172531 0 350 0 270 0 14783 0 40641 0 228575 0 0 0 SUSAN MANNERING VP FINANCE/CFO 157863 0 5095 0 3594 0 13669 0 42799 0 223020 0 0 0 CHARLES HAMMOND VP OPERATIONS AND PLANNING 197805 0 6200 0 270 0 17766 0 868 0 222909 0 0 0 KRISTINE SANTOMAURO FORMER EX. VICE PRESIDENT 150514 0 28800 0 387 0 15818 0 17827 0 213346 0 0 0 PETER RYSAVY CIO 142071 0 350 0 180 0 11070 0 14683 0 168354 0 0 0 LARRY EBY EX. DIR. INSTITUTIONAL ADVANCEMENT 107861 0 3884 0 1026 0 9272 0 33203 0 155246 0 0 0 ALISON WHITE FORMER VP ACAD AFFAIRS/PROVOST 94293 0 22758 0 1143 0 9006 0 8107 0 135307 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 THE NON-FIXED PAYMENTS WERE BONUS PAYMENTS TO THE PRESIDENT OF THE COLLEGE 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 SEE PART VI 0 0 0 A 1844500 20000000 220924 19779076 2020 0 0 1 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 SCHEDULE K, PART I, COLUMN F: DESCRIPTION OF PURPOSE: COLLEGE CAMPUS CONSTRUCTION AND RENOVATION FORM 990, PART VI, SECTION A, LINE 4 THE BOARD BYLAWS WERE UPDATED FEBRUARY 2024 AS FOLLOWS: THE PRESIDENT SHALL BE AUTHORIZED TO ENTER INTO AGREEMENTS, PURCHASES AND/OR CONTRACTS WITH A TOTAL VALUE UP TO $250,000 WITHOUT REVIEW BY THE BOARD OF TRUSTEES. ANY AGREEMENT WITH A TOTAL VALUE OF $250,000 OR ABOVE MUST RECEIVE BOARD OF TRUSTEE OR EXECUTIVE COMMITTEE REVIEW AND APPROVAL. 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 VICE PRESIDENT OF FINANCE/CFO (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 AND EXECUTIVE LEADERSHIP TEAM MEMBER IS REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN A STATEMENT ACKNOWLEDGING THEIR UNDERSTANDING AND COMPLIANCE WITH THE POLICY. THE VICE PRESIDENT FOR FINANCE/CFO COLLECTS AND REVIEWS THE STATEMENTS. 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 (CUPAHR). 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 (CUPAHR) AND CONSULTATION WITH A 3RD PARTY COMPENSATION CONSULTANT. 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. 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.