2021-03-08T09:08:02-06:00 2020-06-30 510232399 BELFINT LYONS & SHUMAN PA 1011 CENTRE RD STE 310 WILMINGTON DE 19805 990 2019-07-01 510109178 GOLDEY-BEACOM COLLEGE INC GOLD 3029988814 4701 LIMESTONE ROAD WILMINGTON DE 19808 KRISTINE SANTOMAURO EXECUTIVE VICE PRESIDENT 3022256268 2021-02-12 1 JONATHAN D MOLL CPA P01053700 3022250600 2021-02-12 2019 2022-09-23 18:48:47Z KRISTINE SANTOMAURO 4701 LIMESTONE ROAD WILMINGTON DE 19808 58296352 0 X WWW.GBC.EDU X 1951 DE TO CONFER THE ASSOCIATE, BACCALAUREATE AND GRADUATE DEGREES ON QUALIFIED STUDENTS. 11 10 355 24 0 0 2143433 735685 32987193 30637411 5886439 6776464 157404 14389 41174469 38163949 19719583 17807411 0 0 8997719 9284296 0 0 211815 6566585 6707962 35283887 33799669 5890582 4364280 189555020 221275268 3170120 27075866 186384900 194199402 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 23673405 16864163 28869049 PROGRAMS OF STUDY-DAY AND EVENING ACADEMIC PROGRAMS WHICH PROVIDE TRAINING AND EDUCATION TO 525 FULL-TIME STUDENTS AND 1,004 PART-TIME STUDENTS. 1950487 590301 1651117 AUXILIARY ENTERPRISES - RESIDENCE HALLS, FOOD SERVICE AND RELATED SUMMER PROGRAMS INCLUDING MODERN APARTMENTS LOCATED ADJACENT TO THE ACADEMIC BUILDING PROVIDING HOUSING FOR 273 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. 4548395 352947 131634 SERVICES PROVIDED TO STUDENTS FOR ACTIVITIES, ATHLETICS, AND FINANCIAL AID AND TO SUPPORT DEPARTMENTS OF THE COLLEGE. 30172287 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 34 0 1 355 1 0 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 155387 0 19505 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 367894 0 46035 ALISON WHITE VP FOR ACADEMIC AFFAIRS 40.00 X 178214 0 34019 EMILY JACKSON ILYAS DEAN OF INFORMATION TECHNOLOGY 40.00 X 158259 0 20122 SUSAN MANNERING EXECUTIVE DIRECTOR OF FINANCE & HR 40.00 X 119005 0 27093 JANE LYSLE DEAN OF ENROLLMENT MANAGEMENT 40.00 X 116484 0 23815 DEBORAH LEITSCH PROFESSOR 40.00 X 117959 0 15676 CHARLES HAMMOND DEAN OF STUDENTS 40.00 X 126960 0 10417 GARY WIRT FORMER PRESIDENT 0.00 X 435705 0 31061 1775867 0 227743 16 1 1 0 EDIS COMPANY 110 SOUTH POPLAR WILMINGTON DE 19801 CONSTRUCTION MANAGEMENT SERVICES 9696781 JENZABAR PO BOX 55018 BOSTON MA 022055018 COMPUTERING SERVICES 349904 NATIONAL HVAC SERVICE 42-A SOUTHGATE BLVD NEW CASTLE DE 19720 HVAC SERVICES 342407 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 828854 PHILADELPHIA PA 191828854 SECURITY SERVICES 250630 BLACKNEY HAYES ARCHITECTS 150 S INDEPENDENT MALL WEST SUITE PHILADELPHIA PA 19106 ARCHITECT SERVICES 249978 11 565511 170174 6312 735685 STUDENT TUITION & FEES 611310 28869049 28869049 RESIDENCE HALL FEES 721000 1629291 1629291 CAMP, ATHLETICS, AND OTHER FEES 611710 131634 131634 FOOD SERVICE REVENUE 611710 7437 7437 30637411 4389411 4389411 22505050 20117664 333 2387386 -333 2387053 2387053 28795 14406 14389 14389 38163949 30651800 0 6776464 17807411 17807411 1036941 405542 561573 69826 6744836 5683018 968274 93544 352501 262517 85215 4769 596095 482599 111489 2007 553923 449360 94824 9739 35009 35009 52380 52380 316758 316758 509263 339644 169619 460991 445792 14316 883 682458 357532 303843 21083 1062444 1062444 1055775 957875 94786 3114 216571 191371 20122 5078 69424 65210 3557 657 940263 607365 331783 1115 179234 82195 97039 STUDENT ACTIVITIES 598370 598370 DATABASE RENTALS 128668 128668 SMALL EQUIPMENT 124910 108777 16133 BAD DEBT EXPENSE 113535 113535 161909 136597 25312 33799669 30172287 3415567 211815 3400 14124152 5549578 11236155 10648 892602 949433 54808 25000 31754 30059 490058 518058 49188119 22154373 9551437 27033746 172957312 167321986 24071 26031 189555020 221275268 720005 3362964 1408292 1381253 19781560 1404900 1041823 1145189 3170120 27075866 X 164738624 171613900 21646276 22585502 186384900 194199402 189555020 221275268 4364280 3450222 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 155440614 75210 9689976 4874699 160331101 146644106 153873 12813155 4170520 155440614 128930305 10900989 11286112 4473300 146644106 107483695 11882856 13264178 3700424 128930305 94924454 13098664 2463342 3002765 107483695 0.87310 0.05750 0.06940 0 0 388137 388137 23194760 16163439 7031321 4392551 3839549 553002 21212671 2151385 19061286 27033746 STUDENT DEPOSITS 205346 ACCRUED PAYROLL 936540 OTHER LIABILITIES 3303 1145189 X 23700401 3450222 14406 3464628 20235773 316758 17611418 17928176 38163949 15885899 14406 14406 15871493 316758 17611418 17928176 33799669 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, 2020 AND 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: CAMPUS STORE COST OF PURCHASES 14,406. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND OTHER ASSISTANCE -NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 17,611,418. PART XII, LINE 2D - OTHER ADJUSTMENTS: CAMPUS STORE COST OF PURCHASES 14,406. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND OTHER ASSISTANCE -NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 17,611,418. 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 1395 17807411 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 COLLEEN PERRY KEITH PRESIDENT 155000 0 0 0 387 0 12841 0 6664 0 174892 0 0 0 KRISTINE SANTOMAURO EXECUTIVE VICE PRESIDENT 288096 0 79384 0 414 0 27720 0 18315 0 413929 0 0 0 ALISON WHITE VP FOR ACADEMIC AFFAIRS 166906 0 10120 0 1188 0 15704 0 18315 0 212233 0 0 0 EMILY JACKSON ILYAS DEAN OF INFORMATION TECHNOLOGY 148648 0 7325 0 2286 0 12967 0 7155 0 178381 0 0 0 GARY WIRT FORMER PRESIDENT 187500 0 112500 0 135705 0 27720 0 3341 0 466766 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 8584826 11194250 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 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.