2021-05-05T10:28:01-05:00 2020-06-30 410746749 CLIFTONLARSONALLEN LLP 610 W GERMANTOWN PIKE SUITE 400 PLYMOUTH MEETING PA 19462 990 2019-07-01 510064335 WESLEY COLLEGE INC WESL 3027362484 120 NORTH STATE STREET DOVER DE 19901 DENNIS E STARK VP OF FINANCE 3027362484 2021-05-03 1 CONNIE M LIRA P00481097 2156433900 2021-05-03 2019 2022-09-23 18:48:47Z ROBERT CLARK II 120 NORTH STATE STREET DOVER DE 19901 45511514 0 X WWW.WESLEY.EDU X 1873 DE TO BE AMONG THE FINEST STUDENT-CENTERED LEARNING COMMUNITIES IN THE LIBERAL ARTS TRADITION 21 21 556 21 0 0 3508091 12533787 36494570 31680317 128190 839322 939763 458088 41070614 45511514 14835713 14027048 0 0 14359879 13639636 0 0 343003 14531626 16238795 43727218 43905479 -2656604 1606035 34385655 34931905 14076133 14157987 20309522 20773918 X WESLEY COLLEGE IS A UNITED METHODIST INSTITUTION OF HIGHER EDUCATION THAT SEEKS TO BE AMONG THE FINEST STUDENT-CENTERED LEARNING COMMUNITIES IN THE LIBERAL ARTS TRADITION. CONSISTENT WITH OUR METHODIST HERITAGE, THE COLLEGE AFFIRMS MEANING AND PURPOSE IN LIFE THROUGH JUSTICE, COMPASSION, INCLUSION AND SOCIAL RESPONSIBILITIES THAT ENHANCE COMMUNITY LIFE AND RESPECT FOR THE ENVIRONMENT. WESLEY COLLEGE EXISTS TO LIBERATE AND EMPOWER ITS STUDENTS WITH THE KNOWLEDGE, SKILLS, ETHICAL ATTITUDE AND CAPACITY FOR CRITICAL THINKING NEEDED TO ACHIEVE PERSONAL AND PROFESSIONAL GOALS AND TO CONTRIBUTE TO THE LOCAL AND GLOBAL SOCIETY. 0 0 33474848 14027048 31680317 WESLEY COLLEGE IS A UNITED METHODIST INSTITUTION OF HIGHER EDUCATION THAT SEEKS TO BE AMONG THE FINEST STUDENT-CENTERED LEARNING COMMUNITIES IN THE LIBERAL ARTS TRADITION. CONSISTENT WITH OUR METHODIST HERITAGE, THE COLLEGE AFFIRMS MEANING AND PURPOSE IN LIFE THROUGH JUSTICE, COMPASSION, INCLUSION AND SOCIAL RESPONSIBILITIES THAT ENHANCE COMMUNITY LIFE AND RESPECT FOR THE ENVIRONMENT. WESLEY COLLEGE EXISTS TO LIBERATE AND EMPOWER ITS STUDENTS WITH THE KNOWLEDGE, SKILLS, ETHICAL ATTITUDE AND CAPACITY FOR CRITICAL THINKING NEEDED TO ACHIEVE PERSONAL AND PROFESSIONAL GOALS AND TO CONTRIBUTE TO THE LOCAL AND GLOBAL SOCIETY. 33474848 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 28 0 556 1 0 0 0 0 0 0 0 0 0 0 0 0 X 21 21 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X DENNIS E STARK VP OF FINANCE 3027362484 120 NORTH STATE STREET DOVER DE 19901 ROBERT CLARK II PRESIDENT 40.00 X 231162 0 27165 JEFFREY K GIBSON VP ACADEMIC AFFAIRS - LEFT JUN 2020 40.00 X 142479 0 12245 MALCOLM D'SOUZA DEAN OF SPONSORED RESEARCH 40.00 X 142064 0 2378 WILLIAM J STRICKLAND CHAIR 1.00 X X 0 0 0 WILLIAM H WILLIS JR VICE CHAIR 1.00 X X 0 0 0 STEPHANIE SMITH CHRISTIANO SECRETARY 1.00 X X 0 0 0 CHARLES R DASHIELL JR DIRECTOR 1.00 X 0 0 0 CHARLES BURTON DIRECTOR 1.00 X 0 0 0 DR WILLIAM E BAZZELLE SR DIRECTOR 1.00 X 0 0 0 DAVID V BLAEUER DIRECTOR 1.00 X 0 0 0 SCOTT R BROWN DIRECTOR 1.00 X 0 0 0 TIMOTHY J CONSTANTINE DIRECTOR 1.00 X 0 0 0 REV BOYD B ETTER DIRECTOR 1.00 X 0 0 0 REV VICKI GORDY-STITH DIRECTOR 1.00 X 0 0 0 REV W LEROY JONES DIRECTOR 1.00 X 0 0 0 ALAN B LEVIN DIRECTOR 1.00 X 0 0 0 DONALD L MASTEN DIRECTOR 1.00 X 0 0 0 REV CHARLOTTE A NICHOLS DIRECTOR 1.00 X 0 0 0 MATHEW T SELLITTO DIRECTOR 1.00 X 0 0 0 HARRY D WILLIS DIRECTOR 1.00 X 0 0 0 KEVIN BAIRD DIRECTOR 1.00 X 0 0 0 LARRY MERCARDANTE DIRECTOR 1.00 X 0 0 0 HONORABLE CHARLES H TOLIVER IV DIRECTOR 1.00 X 0 0 0 GREGORY V MOORE DIRECTOR 1.00 X 0 0 0 515705 0 41788 3 0 1 0 NATIONAL MANAGEMENT RESOURCES CORP PO BOX 1224 LAGRANGE GA 30241 FACILITIES MAINTENANCE 1973219 ARAMARK DINING SERVICES 120 N STATE STREET DOVER DE 19901 DINING SERVICES 1854873 ELLUCIAN COMPANY LP 62578 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 IT SERVICES 1616214 FERGUSON ENTERPRISES INC PO BOX 417592 BOSTON MA 02241 REPAIRS, MAINTENANCE CAPITAL PROJECTS 1390131 C & N SERVICES LLC 126 THORNHILL COURT DOVER DE 19904 REPAIRS, MAINTENANCE CAPITAL PROJECTS 1052979 15 11765772 768015 16676 12533787 TUITION AND FEES 611600 27945553 27945553 MEAL PLAN 611710 2176732 2176732 STUDENT RESIDENT HOUSING 531110 1472456 1472456 AUXILIARY INCOME 900099 85576 85576 31680317 48054 48054 791268 0 791268 791268 791268 OTHER REVENUE 900099 458088 458088 458088 45511514 31680317 0 1297410 14027048 14027048 258325 209244 41331 7750 11062853 9049981 1865439 147433 351684 312060 38291 1333 1252836 887222 350728 14886 713938 596632 106305 11001 109356 109356 69270 69270 15577 15577 242419 58727 182879 813 67583 2521 18583 46479 657567 334498 312316 10753 1679331 10002 1669329 5188401 3079090 2077317 31994 222108 193340 28768 12999 5289 7710 481992 285676 196316 1946280 1153556 792724 464391 212174 252217 DINING HALL 2221601 2209087 10835 1679 STUDENT SERVICES 417728 416667 1061 BAD DEBT 339190 339190 EQUIPMENT 237174 181143 56031 1865828 250891 1547116 67821 43905479 33474848 10087628 343003 1543704 1316351 81226 1106035 1004479 1045651 3093473 6364 4627 67502647 41151882 27145437 26350765 3420069 3127074 6994 4961 30175 30175 34385655 34931905 1893594 3143906 2406287 2346998 449982 537633 8767772 7147712 558498 981738 14076133 14157987 X 12078101 13752332 8231421 7021586 20309522 20773918 34385655 34931905 X 1606035 -720271 -421368 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 3450244 119100 396517 15577 3157250 3281329 1000 196544 28629 3450244 4763130 37186 339889 504969 1353907 3281329 4741331 19324 2475 4763130 4697889 43442 303 4741634 0.50000 0.00000 0.50000 0 0 3204025 3204025 43356948 23932012 19424936 3037542 1056718 1980824 14654933 14503464 151469 3249199 1659688 1589511 26350765 FAIR VALUE OF INTEREST RATE SWAP 930096 LEASES PAYABLE 51642 981738 X 30934352 -720271 -13841314 -14561585 45495937 15577 15577 45511514 30048588 0 30048588 15577 13841314 13856891 43905479 PART IV, LINE 2B: FUNDS ARE RAISED BY STUDENTS AND THEN HELD FOR DISBURSEMENT FOR STUDENT ACTIVITIES. THERE ARE NO RESTRICTIONS IMPOSED BY THE COLLEGE ON ACCESSING THE FUNDS, OTHER THAN THEY MUST BE AUTHORIZED BY THE CLUB TO DO SO; EACH CLUB IS RESPONSIBLE FOR ITS OWN FINANCIAL RECONCILIATIONS AND ACCOUNTABILITY POLICIES. PART V, LINE 4: THE ENDOWMENT FUNDS ARE INTENDED TO BE USED TO PROVIDE SCHOLARSHIPS. PART X, LINE 2: THE COLLEGE QUALIFIES AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE FINANCIAL STATEMENTS. ALTHOUGH THE COLLEGE IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES, THE ENTITY WAS REQUIRED TO ADOPT ASC 740 ACCOUNTING FOR INCOME TAXES, WHICH APPLIES TO ALL ENTITIES INCLUDING THOSE THAT ARE TAX EXEMPT UNDER 501(C)(3). ASC 740 CLARIFIES THE ACCOUNTING AND REPORTING FOR INCOME TAXES WHERE INTERPRETATION OF THE TAX LAW MAY BE UNCERTAIN. ASC 740 PRESCRIBES A COMPREHENSIVE MODEL FOR THE FINANCIAL STATEMENT RECOGNITION, MEASUREMENT, PRESENTATION, AND DISCLOSURE OF INCOME TAX UNCERTAINTIES WITH RESPECT TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN TAX RETURNS. MANAGEMENT HAS REVIEWED ITS CURRENT AND PAST FEDERAL INCOME TAX POSITIONS AND HAS DETERMINED, BASED ON CLEAR AND UNAMBIGUOUS TAX LAW AND REGULATIONS, THAT THE TAX POSITIONS TAKEN ARE CERTAIN AND THERE IS NO LIKELIHOOD THAT A MATERIAL TAX ASSESSMENT WOULD BE MADE IF THE RESPECTIVE GOVERNMENT AGENCY EXAMINED TAX RETURNS SUBJECT TO AUDIT. ACCORDINGLY, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT AID NETTED WITH REVENUE ON FINANCIAL STATEMENTS -13,323,980. HEERF ASSISTANCE NETTED WITH REVENUE ON FINANCIAL STATEMENTS -517,334. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID NETTED WITH REVENUE ON FINANCIAL STATEMENTS 13,323,980. HEERF ASSISTANCE NETTED WITH REVENUE ON FINANCIAL STATEMENTS 517,334. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A NON-DISCRIMINAITON POLICY STATEMENT IS INCLUDED IN EVERY STUDENT HANDOUT WHICH IS DISTRIBUTED TO ALL POTENTIAL STUDENTS. SCHEDULE E, PART I, LINE 6 MONEY IS RECEIVED FROM THE DEPARTMENT OF EDUCATION AND AWARDED TO STUDENTS ACCORDING TO APPLICABLE FEDERAL GUIDELINES. 1 FINANCIAL AID 1127 13509714 0 N/A N/A HEERF STUDENT GRANTS 217 517334 0 N/A N/A PART I, LINE 2: ALL FINANCIAL AID IS APPLIED DIRECTLY TO STUDENT ACCOUNTS AT THE COLLEGE, NO FUNDS ARE RELEASED TO THE STUDENT DIRECTLY AND AS SUCH THE COLLEGE CAN ENSURE ALL FUNDS ARE USED FOR THEIR INTENDED PURPOSE. IN ADDITION, WESLEY COLLEGE PROVIDED DIRECTLY TO STUDENTS WITH HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF) GRANT/ASSISTANCE FUNDS, THE GUIDANCE PROVIDED BY THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT WAS FOLLOWED IN AWARDING AND MONITORING THESE FUNDS. X 1 1 X 0 0 0 0 0 0 0 0 0 ROBERT CLARK II PRESIDENT 231162 0 0 0 0 0 13800 0 13365 0 258327 0 0 0 JEFFREY K GIBSON VP ACADEMIC AFFAIRS - LEFT JUN 2020 142479 0 0 0 0 0 4500 0 7745 0 154724 0 0 0 PART I, LINE 1A AS PART OF HIS EMPLOYMENT AGREEMENT, THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS AND IS PROVIDED HOUSING. BECAUSE THE HOUSING IS ON CAMPUS AND A REQUIRED COMPONENT OF HIS EMPLOYMENT, THE AMOUNT IS NOT INCLUDED IN HIS COMPENSATION. PART I, LINE 1B THE HOUSING ALLOWANCE IS PART OF THE CONTRACTUAL OBLIGATION WITH THE PRESIDENT. THE CONTRACT WAS REVIEWED AND APPROVED BY GOVERNANCE PRIOR TO BEING EXECUTED. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE SHALL BE COMPOSED OF THE CHAIR OF THE BOARD, THE VICE CHAIR OF THE BOARD, THE SECRETARY OF THE BOARD, AND THE CHAIR OF EACH STANDING COMMITTEE (EXCEPT THE COMMITTEE ON AUDIT), THE DOVER DISTRICT SUPERINTENDENT, AND TWO (2) MEMBERS-AT-LARGE NOMINATED BY THE CHAIR AND ELECTED ANNUALLY BY THE BOARD OF TRUSTEES AT THE FALL MEETING OF THE BOARD. THE CHAIR SHALL PRESIDE AT ALL MEETINGS AND THE PRESIDENT SHALL BE THE STAFF PERSON TO THE COMMITTEE. THE EXECUTIVE COMMITTEE SHALL EXERCISE ALL POWERS OF THE BOARD WHEN THE BOARD IS NOT IN SESSION. THE EXECUTIVE COMMITTEE, UPON NOMINATION BY THE COMMITTEE ON TRUSTEE DEVELOPMENT, MAY ELECT TRUSTEES TO FILL VACANCIES OCCURRING BETWEEN MEETINGS OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE SHALL ENSURE THAT THERE IS AN UPDATED MASTER PLAN SETTING GOALS AND STRATEGY FOR THE COLLEGE THAT INCLUDES BOTH ACADEMIC AND FINANCIAL CONSIDERATIONS. FORM 990, PART VI, SECTION A, LINE 2 WILLIAM H. WILLIS, JR., VICE CHAIR, AND HARRY D. WILLIS, DIRECTOR, HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERSHIP OF THE WESLEY COLLEGE SHALL BE THE MEMBERS OF THE PENINSULA-DELAWARE ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR ITS SUCCESSOR. FORM 990, PART VI, SECTION A, LINE 7A WESLEY COLLEGE SHALL BE GOVERNED BY A THIRTY (30) MEMBER BOARD OF TRUSTEES, TWENTY-EIGHT (28) OF WHOM SHALL BE ELECTED BY THE MEMBERS OF THE CORPORATION THAT CONSISTS OF MEMBERS OF THE PENINSULA-DELAWARE ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR ITS SUCCESSOR. THE DOVER DISTRICT SUPERINTENDENT OF THE UNITED METHODIST CHURCH AND PRESIDENT OF THE COLLEGE SHALL BE EX-OFFICIO MEMBERS. OF THE ELECTED TRUSTEES, TWENTY (20) SHALL BE LAY PERSONS, AT LEAST TEN (10) OF WHOM SHALL BE MEMBERS OF LOCAL CHURCHES OF THE PENINSULA-DELAWARE ANNUAL CONFERENCE. EIGHT (8) ELECTED TRUSTEES SHALL BE ORDAINED CLERGY, AT LEAST FIVE (5) OF WHOM SHALL BE MEMBERS OF THE PENINSULA-DELAWARE ANNUAL CONFERENCE. THE EXECUTIVE COMMITTEE, UPON NOMINATION BY THE COMMITTEE ON TRUSTEE DEVELOPMENT, MAY ELECT TRUSTEES TO FILL VACANCIES OCCURRING BETWEEN MEETINGS OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. A DRAFT OF THE RETURN IS PROVIDED TO THE COLLEGE FOR REVIEW WITH ANY CHANGES INCORPORATED INTO THE FILING BEFORE THE RETURN IS FINALIZED. THE RETURN IS PROVIDED TO THE GOVERNING BODY BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL TRUSTEES AND OFFICERS OF THE COLLEGE. WHEN A POTENTIAL CONFLICT OF INTEREST EXISTS, THE TRUSTEE SHALL MAKE KNOWN THE POTENTIAL CONFLICT TO THE BOARD OR COMMITTEE ON WHICH THE TRUSTEE SERVES AND SHALL BE RECUSED FROM THE ANY DISCUSSION AND/OR VOTE RELATED TO THE POTENTIAL CONFLICT OF INTEREST. THE VP OF FINANCE MONITORS ALL MATTERS RELATED TO CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS ARE ON RECORD WITH THE STATE OF DELAWARE, AND ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SWAP CONTRACTS -421,368.