2021-11-15T13:55:03-06:00 2020-12-31 990 2020-01-01 231352008 The American College AMER 6105261000 630 Allendale Road No 400 King of Prussia PA 19406 Mark Montgomery Chief Financial & Risk Officer 6105261518 2021-11-15 Mark Montgomery XXX-XX-XXXX 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z The American College of Financial Services George Nichols III 630 Allendale Road No 400 King of Prussia PA 19406 50646100 0 X www.theamericancollege.edu X 1927 PA See Schedule OThe mission of The American College of Financial Services is to provide applied financial knowledge and education, promote lifelong learning, and advocate for ethical standards for the benefit of society. 24 22 215 75 0 0 2983371 7481155 20520091 18432082 1018945 5328671 4640156 1657555 29162563 32899463 529095 881718 0 0 20630534 24232670 0 0 3014846 15289211 12827129 36448840 37941517 -7286277 -5042054 64656917 102688115 25415938 18318039 39240979 84370076 X The mission of The American College of Financial Services is to provide applied financial knowledge and education, promote lifelong learning, and advocate for ethical standards for the benefit of society. 0 0 19010077 556078 12691505 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 12,800 students enrolled in these programs. 638776 8140 510352 The FSCP Program administers the curriculum leading to the FSCP professional designation. There are approximately 900 students enrolled in this program. 3594244 317500 2558000 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 900 students enrolled in these programs. 3344656 0 2672225 Includes Professional Recertification Program (PRP) fees of 2,582,225 and Ethics membership fees of $90,000. 3344656 0 2672225 26587753 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 1 0 0 0 0 1 0 0 0 1 167 0 1 215 1 0 0 0 0 0 0 0 0 0 0 0 0 X 24 22 1 0 1 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 WA X John G Wells 6105261510 630 Allendale Road Suite 400 King of Prussia PA 19406 George Nichols President & CEO 39.00 1.00 X X 1187165 0 14491 Larry Patrizi EVP and Provost 40.00 X 503531 0 29706 David Stoeffel Chief Business Development Officer 40.00 X 448442 0 41992 Stephen Grourke Chief Advancement Officer 39.00 1.00 X 367458 0 49819 Edward McEvoy Chief Technology Officer 40.00 X 318964 0 22019 Deborah Glenn Chief HR Officer 40.00 X 315416 0 30835 Michael Finke Professor & Frank M. Engle Chair 40.00 X 276477 0 23725 Charles Cronin Vice President, Advancement 40.00 X 268485 0 18897 Mark Montgomery CFRO (As of 5/20) 39.00 1.00 X 249586 0 48299 James Katsaounis Chief Marketing Officer 40.00 X 243891 0 23671 Phillip Cubeta Asst Prof, Philanthropy 40.00 X 229134 0 18064 Wade Pfau Professor of Retirement Income 40.00 X 220666 0 42286 Sophia Duffy Assistant Vice President & Director of Complia 40.00 X 215653 0 49595 David Eurich VP, Business Development 40.00 X 213190 0 10500 Bryan Johnson VP Organ Effectiveness 40.00 X 209303 0 38820 Yi Tang term 520 CFRO 39.00 1.00 X 201121 0 20377 Brian Kain VP, Business Development 40.00 X 197170 0 33864 Edward Digges Executive Director, Veteran's Center 40.00 X 205645 0 16411 Kathleen Irwin Assoc.Provost,VP Academics 40.00 X 191121 0 36660 Gwendolyn Hall Assoc. Provost, VP Student Experience 40.00 X 169827 0 16975 Grady Batchelor VP, Institute for Learning Innovation 40.00 X 163292 0 7919 Jack Hondros Former Chief Marketing Officer 0.00 X 135253 0 610 Todd M Schoon Executive Vice President 40.00 X X 106000 0 0 Scott L Berlin Trustee 1.00 X 0 0 0 Christopher O Blunt Trustee 1.00 X 0 0 0 George I Connolly Trustee 1.00 X 0 0 0 Michael Davidson Trustee 1.00 X 0 0 0 J Scott Davison Trustee 1.00 X 0 0 0 Edward G Deutschlander Trustee 1.00 X 0 0 0 Matt Foran Trustee 1.00 X 0 0 0 R David Fritz Trustee 1.00 X 0 0 0 Timothy J Gerend Trustee 1.00 X 0 0 0 Randall H Harbert Trustee 1.00 X 0 0 0 Salene Hitchcock-Gear Trustee 1.00 X 0 0 0 John M Howard Trustee 1.00 X 0 0 0 Rodger Johnson Trustee 1.00 X 0 0 0 Fred H Jonske Trustee 1.00 X 0 0 0 James J Meehan Trustee 1.00 X 0 0 0 Knut A Olson Trustee 1.00 X 0 0 0 Ron L Ransom Trustee 1.00 X 0 0 0 Micheal Rosenzweig Trustee 1.00 X 0 0 0 Frederick J Sievert Trustee 1.00 X 0 0 0 Wesley V Thompson Trustee 1.00 X 0 0 0 Mary A Weiss Trustee 1.00 X 0 0 0 6636790 0 595535 41 1 1 0 IDFive LLC 31 Mosher St 3rd Floor Baltimore MD 21217 Marketing consulting 1145618 Dechert LLP Cira Centre 2929 Arch Street Philadelphia PA 19104 Legal services 428594 Grant Thorton LLP 2001 Market Street Two Commerce Sq Philadelphia PA 19103 System implementation consulting 406813 Sloane & Company LLC 1150 18th Street NW Washington DC 20036 Public relations consulting 200359 Thomas M Brinker Jr 187 Willits Way Glen Mills PA 19342 Adjunct Center Director 168997 13 422500 3142050 3916605 1039000 7481155 Solomon S. Huebner 611310 12691505 12691505 Other Program Revenue 611310 2672225 2672225 Richard D. Irwin Gradu 611310 2558000 2558000 FSCP 611310 510352 510352 18432082 495526 495526 281779 281779 1344251 0 1344251 1344251 1344251 22469625 2000 17638480 0 4831145 2000 4833145 4833145 38980 422500 108157 -69177 -69177 Institutional book sal 611310 100702 100702 100702 32899463 19877035 0 5541273 881718 881718 8038964 3098477 4113188 827299 11148247 10021773 347686 778788 1089249 1089249 2731684 3567589 -1288530 452625 1224526 1224526 647314 169264 477315 735 93300 93300 2915884 2012962 736482 166440 1399130 1348019 8588 42523 1493945 1078898 280419 134628 505076 261773 170970 72333 247407 143977 73926 29504 921995 787928 83208 50859 1740798 1356354 213568 170876 355599 1024 261820 92755 Curriculum development 992475 992475 Plant operations 916652 706277 129439 80936 Bank service charges 440047 1315 434162 4570 Other general administr 157507 157930 -110398 109975 37941517 26587753 8338918 3014846 9659696 6931231 3878353 1579665 1431961 1138354 110382 44931 1107640 1620089 46163052 15085008 28705507 31078044 9378858 6321102 7648647 34002598 2735873 19972101 64656917 102688115 5982840 5720558 3293143 9991279 16139955 2606202 25415938 18318039 X 23402270 27480497 15838709 56889579 39240979 84370076 64656917 102688115 X -5042054 -2385400 -3549289 56105840 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 121500 X X 0 54081458 3595469 688778 9275786 49089919 60983467 475259 6354378 13731646 54081458 68079599 537360 -2830427 4803065 60983467 63416853 1706221 7943519 4986994 68079599 58847567 2580444 3460651 1471809 63416853 0.23060 0.55000 0.21940 0 0 7976047 7976047 17120803 1491164 15629639 5279782 636028 4643754 15643868 12957816 2686052 142552 142552 31078044 Vanguard Total Bond Market Fund 14833938 F Vanguard Developed Markets Fund 5203933 F Vanguard Total Stock Fund 8399469 F Vanguard Short-Term Bond Fund 5565258 F 34002598 Life insurance cash surrender values - contributed policies 10375422 Life insurance cash surrender values - COLI policies 9596679 19972101 Accrued pension costs 1517815 Other liabilities 44675 Loan payable 1043712 2606202 X 32209708 -2385400 1589488 -795912 33005620 -106157 -106157 32899463 38049674 108157 108157 37941517 0 37941517 Part III, Line 4: The Circular Corners Statue is prominenly 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. Part X, Line 2: The Internal Revenue Service has classified The American College and the Foundation 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, 2020 and 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the consolidated financial statements. The College recognizes accrued interest and penalties associated with uncertain tax positions, if any. There were no income tax related interest and penalties recorded for either of the years ended December 31, 2020 or 2019. Part XI, Line 2d - Other Adjustments: Change in life insurance cash surrender values 98221. Change in COLI cash surrender values 209194. Transfers from the American College Foundation EIN 23-3015130 1282073. Part XI, Line 4b - Other Adjustments: Expenses from Conference for African American Financial Professionals -108157. Gain on sale of fixed asset 2000. Part XII, Line 2d - Other Adjustments: Expenses from the Conference of African American Financial Professionals 108157. 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 Schedule E, Part I, Line 4 The American College requests but does not require ethnic or gender information from students who are matriculating or enrolling for courses at the graduate or designation level. The American College requests but does not require ethnic or gender information from students who are applying for scholarships to its graduate or designation programs. 0 AZ AK AR CO CT FL GA HI IL KS KY LA MN MD ME MA MI MO MS NH NM NJ NY NC ND OH OK OR PA RI TN UT VA WA WV WI CA AL DE ID IN IA MT NE NV SC SD TX VT WY Conference of African American Fi 461480 422500 38980 8001 33300 66856 461480 422500 38980 8001 33300 66856 108157 -69177 1 Tuition assistance 456 881718 0 Part I, Line 2: The College monitors activity of students to whom it provides tuition assistance. Those with no course activity for eight months after the award are notified and a process is initiated that can lead to removal of the tuition assistance. X 1 1 X X X X 0 1 0 1 0 1 0 0 0 George Nichols President & CEO 719356 0 445600 0 22209 0 11181 0 3310 0 1201656 0 0 0 Larry Patrizi EVP and Provost 409017 0 70700 0 23814 0 13558 0 16148 0 533237 0 0 0 David Stoeffel Chief Business Development Officer 405078 0 39800 0 3564 0 14250 0 27742 0 490434 0 0 0 Stephen Grourke Chief Advancement Officer 299779 0 59600 0 8079 0 14250 0 35569 0 417277 0 0 0 Edward McEvoy Chief Technology Officer 252484 0 61500 0 4980 0 20153 0 1866 0 340983 0 0 0 Deborah Glenn Chief HR Officer 246613 0 61500 0 7303 0 15952 0 14883 0 346251 0 0 0 Michael Finke Professor & Frank M. Engle Chair 274235 0 0 0 2242 0 13454 0 10271 0 300202 0 0 0 Charles Cronin Vice President, Advancement 213461 0 42600 0 12424 0 17031 0 1866 0 287382 0 0 0 Mark Montgomery CFRO (As of 5/20) 210158 0 38900 0 528 0 10808 0 37491 0 297885 0 0 0 James Katsaounis Chief Marketing Officer 195434 0 47700 0 757 0 9763 0 13908 0 267562 0 0 0 Phillip Cubeta Asst Prof, Philanthropy 211905 0 6105 0 11124 0 16198 0 1866 0 247198 0 0 0 Wade Pfau Professor of Retirement Income 202531 0 5995 0 12140 0 13489 0 28797 0 262952 0 0 0 Sophia Duffy Assistant Vice President & Director 155469 0 29150 0 31034 0 10877 0 38718 0 265248 0 0 0 David Eurich VP, Business Development 177115 0 35400 0 675 0 8827 0 1673 0 223690 0 0 0 Bryan Johnson VP Organ Effectiveness 172817 0 35800 0 686 0 14289 0 24531 0 248123 0 0 0 Yi Tang term 520 CFRO 139093 0 61500 0 528 0 5322 0 15055 0 221498 0 0 0 Brian Kain VP, Business Development 149289 0 46200 0 1681 0 12461 0 21403 0 231034 0 0 0 Edward Digges Executive Director, Veteran's Center 185230 0 0 0 20415 0 12082 0 4329 0 222056 0 0 0 Kathleen Irwin Assoc.Provost,VP Academics 177492 0 12500 0 1129 0 9308 0 27352 0 227781 0 0 0 Gwendolyn Hall Assoc. Provost, VP Student Experienc 155354 0 0 0 14473 0 7462 0 9513 0 186802 0 0 0 Grady Batchelor VP, Institute for Learning Innovatio 149639 0 0 0 13653 0 6473 0 1446 0 171211 0 0 0 Jack Hondros Former Chief Marketing Officer 0 0 0 0 135253 0 0 0 610 0 135863 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. 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 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 4b Jack Hondros, former Chief Marketing Officer, received the final payout of $135,253 from his 457b plan. 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 The College's Leadership Advisory Council 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. There are two scheduled payouts - February 2024 and the second for February 2028 coinciding with The College's 100 year anniversary. Part I, Line 6 In 2019 The College implemented short and long term incentive plans for top level executives. The Short Term Incentive Plan (STIP) is offered to The College's Leadership Advisory Council 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. There are two scheduled payouts - February 2024 and the second for February 2028 coinciding with The College's 100 year anniversary. X 2 1039000 NYSE listing 0 1 0 Form 990, Part VI, Section A, line 2 Todd and Scott are Trustees and have a business relationship. Form 990, Part VI, Section A, line 4 The American College Foundation - EIN 23-3015130 - was merged into The American College on September 16, 2020. 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 has a relationship with an independent compensation consultant who provides information as requested by the Compensation Committee for deliberation. Annually, the Compensation Committee will approve the compensation of the President & CEO and select leadership staff with input from the independent consultant. The President & CEO will recommend and obtain Board (Compensation Committee) approval for the compensation for the key employees/disqualified persons. Historically, the data is compared with data provided by the compensation consultant. If there are any concerns, the Committee would contact the compensation consultant. 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: Final transfer from The American College Foundation (23-3015130) 49700394. Increase in life insurance cash surrender value - contributed policies 98220. Increase in life insurance cash surrender value - COLI policies 209194. Decrease in minimum pension liability 914057. Release of restricted funds from The American College Foundation - EIN 23-3 1282073. Other transfers from The American College Foundation - EIN 23-3015130 3901902. The American College Foundation 630 Allendale Road Suite 400 King of Prussia PA 19406 233015130 Formerly solicited and managed funds for the benefit of The American College PA 501(c)(3) Line 12a, I The American College 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1