2022-05-05T11:28:58-07:00 2021-06-30 990 2020-07-01 161532850 EXCELSIOR COLLEGE EXCE 5184648500 7 Columbia Circle Albany NY 122035159 Richard Hannmann VP for Finance and CFO 5186088198 2022-05-05 1 11 1 AAL2 2020 2022-09-23 18:48:47Z David Schejbal 7 Columbia Circle Albany NY 122035159 81427652 0 X www.excelsior.edu X 1998 NY Excelsior College provides educational opportunity to adult learners with an emphasis on those historically underrepresented in higher education. The College meets students where they are - academically and geographically, offering quality instruction and the assessment of prior learning. 19 19 1215 20 0 0 1031269 991619 73487690 75024031 1233590 1973129 134702 310151 75887251 78298930 571400 881051 0 0 48679583 50465445 60000 31008 274459 23961363 25279157 73272346 76656661 2614905 1642269 73174799 78995635 26125519 24646917 47049280 54348718 Excelsior College provides educational opportunity to adult learners with an emphasis on those historically underrepresented in higher education. The College meets students where they are - academically and geographically, offering quality instruction and the assessment of prior learning. 0 0 19602901 555967 60181120 Undergrad and Graduate Tuition. During this period, 139,532 undergraduate hours of course instruction, and 19,398 hours of graduate level course instruction were delivered. 11501849 325084 7733154 Nursing performance and other administered examinations. During this period, the College administered 5,997 credit bearing examinations to students enrolled in its various programs including Nursing, and delivered 20,792 credits in performance examinations to students enrolled in its Nursing programs. 18120605 0 7109757 Enrollment in higher education. During this period, 6,712 new students enrolled in the College while there were 16,372 actively enrolled students as of 6/30/21. 5,768 degrees were awarded from July 1, 2020 through June 30, 2021. 0 0 0 49225355 1 1 0 1 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 137 0 1 1215 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Hillary S Koldin 5186088382 7 Columbia Circle Albany NY 122035159 James N Baldwin President & Chief Executive Officer until July 2020 37.5 X 347602 0 44318 John Caron Provost and Chief Academic Officer 37.5 X 300602 0 22160 James C Lettko Chief Operating Officer 37.5 X 259589 0 22243 Dawn F Gerrain Chief Marketing and Business Development Officer 37.5 X 233704 0 38959 Mark Howe VP of Human Resources 37.5 X 229837 0 17868 David Schejbal President & Chief Executive Officer as of Aug 2020 37.5 X 206860 0 16062 Richard Hannmann Vice President for Finance and CFO 37.5 X 205865 0 14505 Saul Morse Chief Technology Officer 37.5 X 190757 0 20578 Lisa Daniels AVP - Analytics Decision Support 37.5 X 170454 0 34531 Mary Lee Pollard Dean, School of Nursing 37.5 X 188002 0 13087 Li-Fang Shih Special Advisor to Provost 37.5 X 160675 0 30133 Karen Halaco General Counsel until June 2020, Sr Dir HR Prog & Comp Support as of June 2020 37.5 X 159255 0 27078 Donn Aiken Deputy CIO Enterprise Systems 37.5 X 154338 0 31558 Catherine Seaver Dean, School of Undergraduate Studies 37.5 X 155685 0 24043 Scott Dolan Dean, School of Graduate Studies 37.5 X 149549 0 15842 Susan A Dewan AVP - Student Success/Military 37.5 X 143021 0 11835 Michael DiSiena Deputy Counsel until June 2020, Acting General Counsel as of June 2020 37.5 X 116800 0 15582 David Baime Board Member 1.2 X 0 0 0 Helen Benjamin Chair of the Board 1.4 X 0 0 0 Kent Clark Board Member 1.2 X 0 0 0 Don Dea Treasurer of the Board 1.4 X 0 0 0 Charlene Dukes Board Member 1.2 X 0 0 0 Gretchen Evans Board Member 1.2 X 0 0 0 Jennifer Gentry Board Member 1.2 X 0 0 0 Karen Kocher Board Member 1.2 X 0 0 0 Matthew Loeb Board Member 1.2 X 0 0 0 KH Maman Board Member 1.2 X 0 0 0 Jeanne Meister Secretary of the Board as of Jan 2021 1.4 X 0 0 0 Karim Merchant Board Member 1.2 X 0 0 0 Quintessa Miller Board Member 1.2 X 0 0 0 Mary O'Conner Board Member 1.2 X 0 0 0 Clar Rosso Board Member 1.2 X 0 0 0 Pamela Tate Vice Chair of the Board until Dec 2020 1.4 X 0 0 0 Rose Wang Secretary of the Board until Dec 2020, Vice Chair of the Board as of Jan 2021 1.4 X 0 0 0 Khori Whittaker Board Member 1.2 X 0 0 0 Alec Whitters Board Member 1.2 X 0 0 0 3372595 0 400382 40 0 1 0 Education Dynamics PO BOX 780276 Philadelphia PA 191780276 Advertising Services 2630011 Milton S Eisenhower Library Johns Hopkins University ATTN Ken Flower Assoc Director 3400 N Charles Street Baltimore MD 21218 Library Services 1370255 Ellucian Company LP 2003 Edmund Halley Dr STE 500 Reston VA 20191 Academic Online Service 939642 Charter Communications Holdings LLC PO BOX 207818 Dallas TX 753207818 Advertising Services 840134 Nuvalence LLC 24 4th Street Troy NY 12180 Flexible Pricing Engine 715735 52 0 0 0 0 457354 534265 16569 991619 Graduate, UG & Non-Credit Bearing Tuition 611310 60181120 60181120 0 0 Examination Fees 611310 7733154 7733154 0 0 Enrollment Related Fees 611310 7109757 7109757 0 0 0 0 0 0 75024031 832626 0 0 832626 0 0 0 0 0 0 0 0 689916 0 396184 0 293732 0 293732 0 0 293732 3873041 0 2732538 0 1140503 0 1140503 0 0 1140503 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Merchandise 611310 1980 1980 0 0 Miscellaneous 611310 1491 1491 0 0 Bad Check Charges 611310 105 105 0 0 12843 12843 0 0 16419 78298930 75040450 0 2266861 X 0 0 881051 881051 0 0 0 0 2983254 567393 2401712 14149 0 0 0 0 38900433 30958960 7834391 107082 1860365 1270929 584920 4516 3446954 2260224 1174134 12596 3274439 2395322 870200 8917 0 0 0 0 331050 0 331050 0 80200 0 80200 0 168421 0 168421 0 31008 31008 41566 0 41566 0 9785741 7468464 2317277 0 4820598 0 4820598 0 1478768 839844 580048 58876 4203136 758452 3408867 35817 0 0 0 0 852972 438139 414833 0 51501 51765 -264 0 0 0 0 0 39631 32344 7287 0 14770 0 14770 0 0 0 0 0 1758361 1246532 511829 0 233470 0 233470 0 Credit Card Fees 638665 0 638646 19 College Wide Bad Debt Expense 710650 0 710650 0 Misc Expense 69657 55936 12242 1479 0 0 0 0 76656661 49225355 27156847 274459 -535764 -628759 15247942 11099867 331883 167175 5485366 6714871 0 0 0 0 927 1923 0 0 2696010 4167808 37184848 18448478 19010158 18736370 30573968 38130476 0 0 140368 140019 0 0 223941 465885 73174799 78995635 7627627 9006640 0 0 8534280 5952908 0 0 0 0 0 0 9950993 9679424 0 0 12619 7945 26125519 24646917 X 44414698 50942706 2634582 3406012 47049280 54348718 73174799 78995635 1642269 5591149 0 0 66020 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 187586 0 1 23094 210680 0 Schedule C, Part II-B, Line 1 The majority of time/cost is spent in direct contact with various state legislators and agencies, periodically in coordination with the College's registered lobbyist consultants, advocating on behalf of the College's Associate, Bachelor, and Master Degree Nursing programs. The College works to have state statutes and/or regulations changed, introduced, or interpreted to ensure that the College's Nursing graduates are eligible for Registered Nurse licensure in various states. A significant portion of cost/time is spent preparing materials to aid College Officials, in coordination with the College's registered lobbyist consultants, in educating government officials on the fact that Excelsior College graduates are as prepared for licensure as nursing graduates from more traditional programs. Time is also spent drafting correspondence to agencies geared toward ensuring Excelsior College nursing graduates are and will be eligible for licensure. Additionally, considerable time was spent with our NYS law makers in gaining their support to influence the NYS Board of Regents to change the definition of University status in NY which would allow Excelsior College to change its name to Excelsior University. Finally, due to COVID-19 and the language of the various federal stimulus packages, considerable time was spent engaging our CODEL on drafting language that would treat 100% online higher education institutions more equitably in the next round of COVID-19 related legislation. 0 70300 0 0 X 0 30443033 69014 7563087 76491 0 36952 37961691 27713660 1069069 1760025 69393 0 30328 30443033 26068510 58474 1680359 61536 1295 30852 27713660 22061788 2470141 1633297 56770 8043 31903 26068510 19885670 222171 2248360 45215 201503 47694 22061789 0.9329 0.0415 0.0256 0 0 0 3191185 3191185 0 19282412 6794748 12487664 0 7879 5924 1955 0 12120078 9807830 2312248 0 2583294 1839976 743318 18736370 0 Liabilities to beneficiaries under split interest agreements 7945 7945 X 84286913 5591149 650 0 0 5591799 78695114 0 -396184 -396184 78298930 77053495 650 0 0 0 650 77052845 0 -396184 -396184 76656661 Schedule D, Part III, Line 4 Consists of various paintings that have been donated to and/or purchased by the college and have been recorded at their appraised fair market value at the time of donation, or cost at time of purchase. This collection aids in fostering a sense of community and appreciation of the arts for students, faculty, and support staff of the college. Schedule D, Part V, Line 4 The intended use of the College's endowment is primarily for scholarships which are given to students to defray the cost of degree completion. Schedule D, Part X, Line 2 The College is classified for tax purposes as an organization under Section 501(c)(3) of the Internal Revenue Code, and except for unrelated business income, if any, is exempt from federal income taxes under Section 501(a) of the Code. Therefore, no provision for income taxes is made in the accompanying financial statements. The College follows the FASB guidance regarding accounting for uncertain tax positions. The College believes that it has no uncertain tax positions taken or expected to be taken that could result in an unrecognized tax benefit liability. The College has no federal or state informational tax returns that are currently under examination by the Internal Revenue Service ("IRS") or state authorities. Schedule D, Part XI, Line 4b This amount relates to rental expenses. Schedule D, Part XII, Line 4b This amount relates to rental expenses. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 Schedule E, Part I, Line 3 The organization meets the criteria established in section 4 03-2 of revenue procedures 75-50. The College draws a substantial percentage of its students nationwide and follows a racially nondiscriminatory policy as to students. It satisfies the publicity requirement by including a statement of its racially nondiscriminatory policy as to students in all its brochures and catalogs dealing with student admissions, programs, and scholarships. It also references its racially nondiscriminatory policy in other written advertising that it uses as a means of informing prospective students of its programs. Schedule E, Part I, Line 6 The college receives government assistance in the form of: Federal Direct Loans, Pell grants, FSEOG grants, NYS TAP grants, NYS APTS grants, HRSA Nursing Student Loan program and the HRSA Nursing Faculty Loan Program. The College's participation in the HRSA Nursing Student Loan Program - Baccalaureate Level was revoked on 10/30/13, due to loan default rates above the acceptable maximum (5%). This program is calculated on dollars in default rather than borrowers in default as is the case in most student loan programs. At the time the program was revoked 5 borrowers were in default with a total loan balance of $6,844 (11.31%). As of June 30, 2016 the College had returned the entire Federal capital contribution and terminated participation in the HRSA Nursing Student Loan program and the HRSA Nursing Faculty Loan Program. The College continues to honor all existing terms and provisions including those related to cancellation and deferment, to which borrowers are entitled. X X X X 1 The Malicki Group LLC 40 Hills Road Loudonville NY 12211 Campaign development and execution 0 228009 31008 197001 228009 31008 197001 NY 1 Scholarships 1477 881051 0 Schedule I, Part I, Line 2 The College provides individual scholarship assistance to enrolled students in order to defray the cost of tuition and fees. This assistance is provided through direct credit to the student's account with the college, ensuring funds are utilized for their intended purpose. Depending on the source of funds, there may be donor stipulations which students may need to adhere to in order to maintain eligibility of funds. In the event of such, ongoing monitoring is performed by the College's Financial Aid department. X X 1 1 X X X X X X 1 0 0 0 0 0 0 0 0 James N Baldwin President & Chief Executive Officer until July 2020 190083 0 30000 0 127518 0 19250 0 830 0 367681 0 0 0 David Schejbal President & Chief Executive Officer as of Aug 2020 179731 0 8200 0 18929 0 10904 0 5554 0 223318 0 0 0 James C Lettko Chief Operating Officer 258798 0 250 0 541 0 18344 0 4157 0 282090 0 0 0 Dawn F Gerrain Chief Marketing and Business Development Officer 233178 0 250 0 276 0 16877 0 22220 0 272801 0 0 0 Mark Howe VP of Human Resources 229070 0 250 0 516 0 16143 0 1983 0 247962 0 0 0 Richard Hannmann Vice President for Finance and CFO 205515 0 250 0 0 0 14388 0 879 0 221032 0 0 0 John Caron Provost and Chief Academic Officer 299836 0 250 0 516 0 8198 0 14220 0 323020 0 0 0 Michael DiSiena Deputy Counsel until June 2020, Acting General Counsel as of June 2020 116454 0 250 0 95 0 8265 0 7364 0 132428 0 0 0 Mary Lee Pollard Dean, School of Nursing 186960 0 250 0 792 0 13087 0 396 0 201485 0 0 0 Saul Morse Chief Technology Officer 190327 0 250 0 180 0 9450 0 11266 0 211473 0 0 0 Catherine Seaver Dean, School of Undergraduate Studies 154919 0 250 0 516 0 9634 0 14668 0 179987 0 0 0 Scott Dolan Dean, School of Graduate Studies 149154 0 250 0 145 0 10791 0 5111 0 165451 0 0 0 Lisa Daniels AVP - Analytics Decision Support 169928 0 250 0 276 0 12449 0 22220 0 205123 0 0 0 Li-Fang Shih Special Advisor to Provost 160245 0 250 0 180 0 11718 0 18505 0 190898 0 0 0 Karen Halaco General Counsel until June 2020, Sr Dir HR Prog & Comp Support as of June 2020 158439 0 250 0 566 0 11403 0 15932 0 186590 0 0 0 Donn Aiken Deputy CIO Enterprise Systems 146812 0 7250 0 276 0 10126 0 21570 0 186034 0 0 0 Susan A Dewan AVP - Student Success/Military 95213 0 0 0 47808 0 6871 0 5222 0 155114 0 0 0 Schedule J, Part I, Line 1a A monthly housing allowance is provided to the President and is included in his taxable wages. The College reimburses a portion of health club dues of its employees as part of the College's wellness initiative policy. This benefit is available to all college employees, and is included in the taxable income of employees who use this benefit, including officers. Schedule J, Part I, Line 4 Susan A. Dewan - severance payment of $36,877 Form 990, Part VI, Section B, Line 11b The Form 990 was prepared by the accounting services department at the College. The information within the return was obtained through input from several Officers of the College. Following internal preparation of the return, it was forwarded to the College's independent auditors to seek their input before forwarding to the Audit Committee of the Board of Trustees. The Audit Committee reviewed the final return in depth via teleconference with the Officers of the College and the accounting staff. Management at the College guided the Audit Committee through various schedules included in the filing noting the purpose of the schedule and identifying the origin and sources of the content contained within. All questions posed by the Committee were answered by the Management of the College as documented in the minutes to the meeting. The final return was made available for inspection and review to all Board Members before final filing with the IRS. Form 990, Part VI, Section B, Line 12c The College has maintained and periodically updated a conflicts of interest policy since 1998. The policy is annually distributed to all trustees, officers and key employees, along with a disclosure statement form on which such individuals are to specify actual and potential conflicts of interest. The Chair of the Audit Committee, in conjunction with the College's General Counsel, reviews and evaluates disclosure statements and takes appropriate action to ensure compliance with the policy. Form 990, Part VI, Section B, Line 15 Per the College bylaws, the Board is required to from time to time determine the compensation of the President, and approve the compensation of all other officers of the College, which should in all cases be reasonable and commensurate with the services performed by them. The College conducts regular reviews of President and other senior leader compensation using an external independent compensation consultant, which was most recently done in June, 2019 in preparation for a new President search that was completed in mid-2020. This study, commissioned under the direction of the Board of Trustees, looked at comparative data from a competitive pool determined by the external consultant. This study, along with an updated review of College officer compensation, was used in writing the contract for the College's new President in mid 2020, which was approved by the Board of Trustees. This contract is subject to renewal, extension, or termination every three to five years depending on the contract terms by the Board of Trustees. Additionally, the compensation of the President is reviewed annually and any changes are approved by the Executive Committee of the Board of Trustees. Each year the President and the Board agree to annual goals and the President provides monthly reports on the progress toward these goals. His achievements are the basis for an annual performance review conducted by the Executive Committee of the Board. All Board discussions are documented in the Board of Trustee meeting minutes. The President's compensation is, in part, derived from the terms of his contract. The 2019 Executive Compensation study completed by a consultant, discussed in detail below, looked at other college presidents in our list of 27 peer institutions as a comparison. The consultant used the College's most recent year IRS Form 990 and then 'aged' the amounts using industry accepted standards. Any increase of compensation for the President is reviewed by an independent consultant to ensure the resulting compensation is reasonable and compliant with Intermediate Sanctions guidelines according to Treasury Final Regulations Section 53.4958-1. The Office of Human Resources establishes compensation within various grade levels at the College based on several factors such as the current local job market and hiring rate in our area, the national job market and relevant compensation data, the demographics of the region including the degree of difficulty and competition in acquiring the particular talent. In addition, we conduct an annual review of our salary levels and key positions in comparison to a market salary analysis tool and adjust our compensation structure and targeted position salaries accordingly. The study gathers data at the national level as well as industry-specific data and job market information for our region of the country. Salaries within the organization were comparable against this data and targeted adjustments are made where appropriate. The study assesses positions and makes comparisons to comparable staff positions at similarly situated institutions. The review has two objectives: 1.Determine if current pay levels are commensurate with peer roles at peer institutions, and 2. Ensure that compensation is in line with Section 4958 of the Internal Revenue Code. The results of the survey suggested that the College is in line with respect to Section 4958 of the Internal Revenue Code. Form 990, Part VI, Section C, Line 19 Governing documents, the conflict of interest policy and the financial statements are available upon request in hard copy and electronic (.pdf) form. Form 990, Part IX, Line 11g Consultant Honoraria $106,887; Consulting Services $3,274,987; Health and Wellness $7,367; Pearson Vue Exam Fees $551,392; Library Headcount $874,875; Other Contractual Services $3,081,397; Videotaping $47,743; Recruiting and Onboarding $111,120; Graphic Resources $10,645; Course Development $12,000; External Call Center $375,785; External Evaluation $36,461; Reseller Revenue Share $1,268,420; Real Estate Commission $26,663