2021-05-17T14:53:27-05:00 2020-06-30 910189318 MOSS ADAMS LLP 4747 EXECUTIVE DR SUITE 1300 SAN DIEGO CA 92121 990 2019-07-01 201269904 SYSTEM MANAGEMENT GROUP SYST 8586428100 11355 NORTH TORREY PINES ROAD LA JOLLA CA 92037 DAVE C LAWRENCE VICE CHANCELLOR, FINANCE 8586428100 2021-05-17 1 PATRICIA J MAYER P00188643 8586271400 2019 2022-09-23 18:48:47Z DAVE C LAWRENCE 11355 NORTH TORREY PINES ROAD LA JOLLA CA 92037 36398383 0 X WWW.NUSYSTEM.ORG X 2005 CA PROVIDE ADMINISTRATIVE SERVICES TO THE ORGANIZATION'S AFFILIATED INSTITUTIONS: THE NATIONAL UNIVERSITY SYSTEM ("NUS"). 19 18 409 18 0 0 6821006 2786543 36357409 32834249 2516624 777591 0 0 45695039 36398383 14766708 3090446 0 0 25271197 29053549 0 0 0 46352492 37795990 86390397 69939985 -40695358 -33541602 214825769 185989054 184746056 181310287 30079713 4678767 PROVIDE ADMINISTRATIVE SERVICES TO THE ORGANIZATION'S AFFILIATED INSTITUTIONS: THE NATIONAL UNIVERSITY SYSTEM ("NUS"). 0 0 61526952 3090446 32834249 PROVIDE SUPPORT AND SERVICES TO THE ORGANIZATIONS IN THE NATIONAL UNIVERSITY SYSTEM ("NUS"). 61526952 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 220 0 1 409 1 0 0 0 0 0 0 0 0 0 0 0 0 X 19 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X MICHELLE BELLO ASSOCIATE VP FINANCE 8586428636 11355 NORTH TORREY PINES ROAD LA JOLLA CA 92037 DR MICHAEL CUNNINGHAM CHANCELLOR, TRUSTEE 45.00 X X 867500 0 30863 SUSAN DIDOMENICO THRU 120 VICE CHANCELLOR, INNOVATION 45.00 X 552500 0 53245 DAN DEVINE THRU 620 CHIEF OPERATING OFFICER 45.00 X 438150 0 53745 JOHN GOIN THRU 1219 PRESIDENT, NUS ONLINE 45.00 X 357154 0 47360 DAVE LAWRENCE VICE CHANCELLOR, FINANCE; TREASURER 45.00 X 289559 0 44345 MICHELLE BELLO ASSOCIATE VICE CHANCELLOR, FINANCE; ASSISTANT SECR 45.00 X 287053 0 44345 SETH ODELL VICE CHANCELLOR, MARKETING 45.00 X 298650 0 30863 CHRIS KRUG THRU 320 VICE CHANCELLOR, IT 45.00 X 252999 0 51855 ANDY SHEAN THRU 1219 VICE PRESIDENT, CHIEF ACADEMIC OFFICER 45.00 X 238371 0 41455 SCOTT PAGE SR VP, SANFORD PROGRAMS 45.00 X 232138 0 43430 RAMON DOURADO NUS ONLINE, DIR FINANCE (THRU 10/2019) 45.00 X 231564 0 30286 CHRIS GRAHAM VICE CHANCELLOR, EXTERNAL RELATIONS 45.00 X 232000 0 27503 CHRISTOPHER RUSSO VICE PRESIDENT, STRATEGY 45.00 X 217600 0 25977 WILLIAM EDGELL GM MARKETING 45.00 X 207500 0 34145 MARK MARREWA AVP, ONLINE OPERATIONS 45.00 X 190750 0 37207 ADRIANA CABRE THRU 819 VICE CHANCELLOR, HUMAN RESOURCES 45.00 X 206856 0 17652 MARC BAILEY WORKFORCE EDUCATION, PUBLIC SAFETY 45.00 X 180000 0 42625 YSIDRO SALAZAR SANFORD HARMONY PROGRAM 45.00 X 176341 0 7776 CARLOS RODRIGUEZ TRUSTEE 3.00 X 0 0 0 DAN PITTARD TRUSTEE 3.00 X 0 0 0 DR DONALD KRIPKE TRUSTEE (THRU 10/2019) 3.00 X 0 0 0 DR E LEE RICE TRUSTEE 3.00 X 0 0 0 DR ERLINDA MARTINEZ TRUSTEE 3.00 X 0 0 0 GERALD CZARNECKI TRUSTEE 3.00 X 0 0 0 HAROLD GREENBERG TRUSTEE 3.00 X 0 0 0 HIEP QUACH TRUSTEE 3.00 X 0 0 0 JAY STONE TRUSTEE (THRU 10/2019) 3.00 X 0 0 0 JEANNE CONNELLY CHAIR, TRUSTEE 3.00 X X 0 0 0 JOANNE PASTULA TRUSTEE 3.00 X 0 0 0 KIM FOLSOM TRUSTEE 3.00 X 0 0 0 KIMBERLY MITCHELL TRUSTEE (THRU 1/2020) 3.00 X 0 0 0 MICHAEL R MCGILL TRUSTEE 3.00 X 0 0 0 REBECCA HENDERSON TRUSTEE (THRU 4/2020) 3.00 X 0 0 0 RICHARD CHISHOLM TREASURER, TRUSTEE 3.00 X X 0 0 0 RUTHANN HEINRICH TRUSTEE 3.00 X 0 0 0 STACY ALLISON TRUSTEE 3.00 X 0 0 0 THOMAS PAGE TRUSTEE 3.00 X 0 0 0 THOMAS TOPUZES SECRETARY, TRUSTEE 3.00 X X 0 0 0 TOM CLEVINGER VICE CHAIR, TRUSTEE 3.00 X X 0 0 0 WH KNIGHT JR TRUSTEE 3.00 X 0 0 0 5456685 0 664677 51 0 1 0 TRADE INTERNATIONAL GROUP 1505 ELEVATION ROAD SAN DIEGO CA 92110 SALES AND MARKETING SERVICES 4186397 ORACLE AMERICA INC PO BOX 44471 SAN FRANCISCO CA 94144 COMPUTER SOFTWARE 1536593 GOOGLE INC PO BOX 39000 SAN FRANCISCO CA 94139 SOCIAL MEDIA ADS 1490258 SIERRA-CEDAR INC PO BOX 402521 ATLANTA GA 30384 SOFTWARE HOSTING 1446543 ARTHUR J GALLAGHER & CO PO BOX 742886 LOS ANGELES CA 900742886 CONSULTANTS 1390584 73 2638351 148192 2786543 PAYMENT FOR SUPPORT 900099 32193574 32193574 OTHER INCOME 900099 640675 640675 32834249 665999 665999 111592 0 111592 111592 111592 36398383 32834249 0 777591 X 336000 336000 2754446 2754446 4283986 4283986 18712328 18712328 717620 717620 3711458 3711458 1628157 1628157 535339 535339 194399 194399 176831 176831 9100010 9100010 241926 163207 78719 132186 21956 110230 4283281 4283281 2898600 2898600 1253226 1253226 291230 291230 7317515 7317515 2721367 2721367 1473589 1473589 EQUIPMENT MAINTENANCE 1855167 1855167 BANK FEES 1550051 1550051 PRINTING - KITS 905245 905245 POSTAGE AND FREIGHT 560460 560460 2305568 2305568 69939985 61526952 8413033 0 1878230 3642605 2586013 2224783 4631074 2334465 2541722 2296609 70500135 55813276 101409484 109960519 5880000 4410000 30030185 7641262 214825769 185989054 6132831 5253713 65199946 64684693 113413279 111371881 184746056 181310287 X -56751295 -49720348 86831008 54399115 30079713 4678767 214825769 185989054 X -33541602 -410383 8551039 X 0 1 X 1 0 X X X 5 JOHN F KENNEDY UNIVERSITY 941610694 2 0 336000 0 NATIONAL UNIVERSITY VIRTUAL HIGH SCHOOL 562438569 10 0 0 0 NORTHCENTRAL UNIVERSITY 900171867 10 0 0 0 CITY UNIVERSITY OF SEATTLE 237421224 2 0 0 0 NATIONAL UNIVERSITY 237172306 2 0 0 0 5 336000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 213750 11553 202197 4417324 2322912 2094412 2296609 INVESTMENTS IN AFFILIATES 109960519 F 109960519 X PART X, LINE 2: THE CONSOLIDATED FINANCIAL STATEMENTS WILL REFLECT A TAX BENEFIT OR LIABILITY ONLY IF IT IS MORE-LIKELY-THAN-NOT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED WILL BE THE LARGEST AMOUNT OF TAX BENEFIT OR LIABILITY THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED ON EXAMINATION. FOR TAX POSITIONS NOT MEETING THE MORE-LIKELY-THAN-NOT TEST, NO TAX BENEFIT OR LIABILITY WOULD BE RECORDED. SMG AND NEP HAVE ANALYZED THEIR TAX POSITIONS TAKEN IN ITS FILINGS WITH THE INTERNAL REVENUE SERVICE AND VARIOUS STATE JURISDICTIONS. SMG AND NEP BELIEVE THAT THEIR INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DO NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON THE CONSOLIDATED FINANCIAL CONDITION, CHANGES IN NET ASSETS, OR CASH FLOWS. ACCORDINGLY, NO RESERVES OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS HAVE BEEN RECORDED AT JUNE 30, 2020 AND 2019. 1 JOHN F KENNEDY UNIVERSITY 100 ELLINWOOD WAY PLEASANT HILL CA 94523 941610694 501(C)(3) 336000 OPERATIONS 1 SANFORD PROGRAMS VARIOUS SCHOLARSHIPS 37 2254446 PART I, LINE 2: SYSTEM MANAGEMENT GROUP IDENTIFIES ELIGIBLE GRANTEES RELATED TO EDUCATIONAL AND COMMUNITY PURPOSES. GRANTEES ARE MONITORED AS APPROPRIATE THROUGH PERIODIC REPORTS AND SITE INSPECTIONS. X 1 1 X X X X 0 0 0 0 0 0 0 1 0 DR MICHAEL CUNNINGHAM CHANCELLOR, TRUSTEE 750000 0 57500 0 60000 0 19600 0 11263 0 898363 0 0 0 SUSAN DIDOMENICO THRU 120 VICE CHANCELLOR, INNOVATION 300000 0 252500 0 0 0 19100 0 34145 0 605745 0 0 0 DAN DEVINE THRU 620 CHIEF OPERATING OFFICER 360000 0 60600 0 17550 0 19600 0 34145 0 491895 0 0 0 JOHN GOIN THRU 1219 PRESIDENT, NUS ONLINE 290000 0 27000 0 40154 0 13215 0 34145 0 404514 0 0 0 DAVE LAWRENCE VICE CHANCELLOR, FINANCE; TREASURER 267032 0 22527 0 0 0 19600 0 24745 0 333904 0 0 0 MICHELLE BELLO ASSOCIATE VICE CHANCELLOR, FINANCE; 267032 0 20021 0 0 0 19600 0 24745 0 331398 0 0 0 SETH ODELL VICE CHANCELLOR, MARKETING 275000 0 23650 0 0 0 19600 0 11263 0 329513 0 0 0 CHRIS KRUG THRU 320 VICE CHANCELLOR, IT 232299 0 20700 0 0 0 17710 0 34145 0 304854 0 0 0 ANDY SHEAN THRU 1219 VICE PRESIDENT, CHIEF ACADEMIC OFFIC 200000 0 14000 0 24371 0 7310 0 34145 0 279826 0 0 0 SCOTT PAGE SR VP, SANFORD PROGRAMS 212917 0 19221 0 0 0 9285 0 34145 0 275568 0 0 0 RAMON DOURADO NUS ONLINE, DIR FINANCE (THRU 10/201 156165 0 0 0 75399 0 3530 0 26756 0 261850 0 0 0 CHRIS GRAHAM VICE CHANCELLOR, EXTERNAL RELATIONS 220000 0 12000 0 0 0 16240 0 11263 0 259503 0 0 0 CHRISTOPHER RUSSO VICE PRESIDENT, STRATEGY 200000 0 17600 0 0 0 1232 0 24745 0 243577 0 0 0 WILLIAM EDGELL GM MARKETING 190000 0 17500 0 0 0 0 0 34145 0 241645 0 0 0 MARK MARREWA AVP, ONLINE OPERATIONS 175000 0 15750 0 0 0 3062 0 34145 0 227957 0 0 0 ADRIANA CABRE THRU 819 VICE CHANCELLOR, HUMAN RESOURCES 149973 0 21748 0 35135 0 12020 0 5632 0 224508 0 0 0 MARC BAILEY WORKFORCE EDUCATION, PUBLIC SAFETY 170000 0 10000 0 0 0 12600 0 30025 0 222625 0 0 0 YSIDRO SALAZAR SANFORD HARMONY PROGRAM 118729 0 8500 0 49112 0 0 0 7776 0 184117 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL IS MADE AVAILABLE TO BOARD MEMBERS IF THE FLIGHT IS OVER 3 HOURS. THIS IS NOT INCLUDED AS TAXABLE INCOME TO SUCH BOARD MEMBERS IF UTILIZED. PART I, LINE 7 OFFICERS AND KEY EMPLOYEES ARE ELIGIBLE FOR BONUSES. BONUSES ARE AWARDED WITHIN A SPECIFIED RANGE IN THE DISCRETION OF THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND ARE BASED ON ACHIEVING GOALS. A CALIFORNIA MUNICIPAL FINANCE AUTHORITY 201563466 13048VGJ1 2019-02-21 67103172 ACQUISITION OF NATIONAL EDUCATION PARTNERS (FKA NORTHCENTRAL UNIVERSITY) 0 0 0 A 67103172 579403 66523768 2019 0 1 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 SCHEDULE K, PART II, LINE 11: OTHER AMOUNTS OF PROCEEDS SPENT: PROCEEDS USED TO REFUND PRIOR TAXABLE BONDS $64,555,000 OTHER PROCEEDS USED FOR INTEREST EXPENSE $1,968,768 FORM 990, PART VI, SECTION B, LINE 11B THE DRAFT FORM 990 WAS DISTRIBUTED TO SENIOR MANAGEMENT AND THE AUDIT COMMITTEE. THE FINAL VERSION OF FORM 990 WAS DISTRIBUTED FOR REVIEW BEFORE FILING TO THE TRUSTEES BY EMAIL. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF TRUSTEES HAS ANUALLY REVIEWED AND APPROVED (BY A MAJORITY OF DISINTERESTED TRUSTEES) THE BUSINESS TRANSACTIONS WITH TRUSTEES OR THEIR AFFILIATED PROFESSIONAL SERVICE FIRMS. SUCH REVIEWS INCLUDE CONSIDERATION OF DATA ON COMPARABLE SERVICE PROVIDERS COLLECTED BY UNIVERSITY COUNSEL. THE INTERESTED TRUSTEES WERE EXCUSED FROM BOARD SESSIONS DURING WHICH THOSE BUSINESS TRANSACTIONS WERE DISCUSSED AND DID NOT PARTICIPATE IN VOTING ON SUCH TRANSACTIONS. QUESTIONNAIRES ARE DISTRIBUTED EVERY JANUARY. COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS MONITORED BY UNIVERSITY COUNSEL AND WAS REVIEWED BY THE BOARD DURING THE YEAR ENDED JUNE 30, 2020. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE CHANCELLOR OF THE NUS IS REVIEWED BY THE BOARD AT THE TIME OF HIRING AND AS NECESSARY THEREAFTER. COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES IS DETERMINED OR REVIEWED BY THE CHANCELLOR. IN BOTH CASES, COMPENSATION IS DETERMINED WITH REGARD TO COMPENSATION PAID TO SENIOR EXECUTIVES OF COMPARABLE NON-PROFIT AND PROPRIETARY INSTITUTIONS IN EDUCATION AND OTHER FIELDS. THE PROCESS IS DOCUMENTED AND WAS LAST COMPLETED IN JUNE 2020. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING FEES: PROGRAM SERVICE EXPENSES 9,100,010. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 9,100,010. FORM 990, PART XI, LINE 9: EQUITY EARNINGS IN AFFILIATE 8,551,039. FINANCIAL STATEMENTS: EXPLANATION: SYSTEM MANAGEMENT GROUP IS INCLUDED IN A COMBINED REPORT WITH THE NATIONAL UNIVERSITY SYSTEM. NATIONAL UNIVERSITY 11355 NORTH TORREY PINES ROAD LA JOLLA CA 92037 237172306 EDUCATIONAL INSTITUTION CA 501(C)(3) LINE 2 N/A 1 NATIONAL UNIVERSITY VIRTUAL HIGH SCHOOL 11355 NORTH TORREY PINES ROAD LA JOLLA CA 92037 562438569 EDUCATIONAL INSTITUTION CA 501(C)(3) LINE 10 N/A 1 NORTHCENTRAL UNIVERSITY 11355 NORTH TORREY PINES ROAD LA JOLLA CA 92037 900171867 EDUCATIONAL INSTITUTION CA 501(C)(3) LINE 10 N/A 1 JOHN F KENNEDY UNIVERSITY 100 ELLINWOOD WAY PLEASANT HILL CA 945234817 941610694 EDUCATIONAL INSTITUTION CA 501(C)(3) LINE 2 N/A 1 NATIONAL UNIVERSITY ACADEMY 11355 NORTH TORREY PINES ROAD LA JOLLA CA 92037 352358696 EDUCATIONAL INSTITUTION CA 501(C)(3) LINE 2 N/A 1 SPECTRUM PACIFIC LEARNING INC 11355 NORTH TORREY PINES ROAD LA JOLLA CA 92037 453996682 INACTIVE CA 501(C)(3) LINE 10 N/A 1 NATIONAL UNIVERSITY INTERNATIONAL INC 11355 NORTH TORREY PINES ROAD LA JOLLA CA 92037 453997908 INACTIVE CA 501(C)(3) LINE 2 N/A 1 CITY UNIVERSITY OF SEATTLE 521 WALL STREET SEATTLE WA 98121 237421224 EDUCATIONAL INSTITUTION WA 501(C)(3) LINE 2 N/A 1 NCU INC 8667 E HARTFORD DR STE 100 SCOTTSDALE CA 85255 832721678 HOLDING COMPANY CA SYSTEM MANAGEMENT GROUP C 1.00000 1 INNOVA MANAGEMENT GROUP INC 8667 E HARTFORD DR STE 100 SCOTTSDALE CA 85255 010898917 HOLDING COMPANY AZ NCU HOLDINGS LLC C 1.00000 1 NATIONAL EDUCATION PARTNERS INC 8667 E HARTFORD DR STE 100 SCOTTSDALE AZ 85255 860930587 SERVICE PROVIDER AZ INNOVA MANAGEMENT GROUP INC C 79595267 118300989 1.00000 1 NCU HOLDINGS LLC 8667 E HARTFORD DR STE 100 SCOTTZDALE AZ 85255 263309860 HOLDING COMPANY DE NCU INC C 1.00000 1 0 1 1 1 1 0 0 0 0 0 0 1 0 1 1 1 1 1 1 CITY UNIVERSITY OF SEATTLE D 231114 CASH CITY UNIVERSITY OF SEATTLE Q 3956414 CASH CITY UNIVERSITY OF SEATTLE L 2773357 CASH JOHN F KENNEDY UNIVERSITY L 999997 CASH JOHN F KENNEDY UNIVERSITY B 336000 CASH JOHN F KENNEDY UNIVERSITY D 763363 CASH JOHN F KENNEDY UNIVERSITY S 549034 CASH NATIONAL UNIVERSITY D 3615892 CASH NATIONAL UNIVERSITY P 41228386 CASH NATIONAL UNIVERSITY E 111475000 CASH NATIONAL UNIVERSITY S 148054 CASH NATIONAL UNIVERSITY E 57205000 CASH NATIONAL UNIVERSITY C 2638351 CASH NATIONAL UNIVERSITY S 4829859 CASH NATIONAL UNIVERSITY L 16017812 CASH NATIONAL UNIVERSITY R 2534860 CASH NATIONAL UNIVERSITY L 15000000 CASH NATIONAL UNIVERSITY L 31394303 CASH NATIONAL UNIVERSITY VIRTUAL HIGH SCHOOL D 862620 CASH NATIONAL UNIVERSITY VIRTUAL HIGH SCHOOL L 255411 CASH NORTHCENTRAL UNIVERSITY E 383974 CASH NORTHCENTRAL UNIVERSITY L 58230900 CASH NORTHCENTRAL UNIVERSITY L 12071500 CASH NORTHCENTRAL UNIVERSITY S 82906 CASH SCHEDULE R, RELATED ORGANIZATIONS: NATIONAL UNIVERSITY SYSTEM THE NUS IS AN ALLIANCE OF EDUCATIONAL INSTITUTIONS, SERVING DIVERSE LEARNERS FROM HIGH SCHOOL TO DOCTORAL PROGRAMS. THE NUS INCLUDES 6 INDEPENDENT NON-PROFIT ORGANIZATIONS EXEMPT UNDER IRC SECTION 501(C)(3): NATIONAL UNIVERSITY, NATIONAL UNIVERSITY VIRTUAL HIGH SCHOOL, NORTHCENTRAL UNIVERSITY, JOHN F. KENNEDY UNIVERSITY (WHICH OFFERS DOCTORAL PROGRAMS AS WELL AS A LAW SCHOOL), CITY UNIVERSITY OF SEATTLE AND SYSTEM MANAGEMENT GROUP (SMG). SMG IS A SUPPORTING ORGANIZATION EXEMPT UNDER IRC SECTION 509(A)(3) WHICH PROVIDES SUPPORT AND SERVICES TO ITS TAX-EXEMPT AFFILIATES IN THE NUS. SPECTRUM PACIFIC LEARNING COMPANY LLC AND NATIONAL UNIVERSITY INTERNATIONAL LLC ARE WHOLLY-OWNED BY NATIONAL UNIVERSITY, AND ARE TREATED AS DISREGARDED ENTITIES FOR TAX PURPOSES. THE BOARD OF TRUSTEES OF EACH NUS AFFILIATE GOVERNS EACH AFFILIATE INDEPENDENTLY. THE BOARD OF TRUSTEES HAS NO AUTHORITY TO REMOVE, REPLACE OR APPOINT A MAJORITY OF THE GOVERNING BODY OF THOSE OTHER AFFILIATES. THE BOARD OF TRUSTEES OF EACH AFFILIATE, ACTING IN ITS INDEPENDENT CAPACITY, PERIODICALLY APPOINTS ITS OWN NEW TRUSTEES. THE BOARD OF TRUSTEES HAS A MAJORITY OVERLAPPING COMPOSITION BETWEEN EACH AFFILIATE OF THE NUS. IN ADDITION, THE NUS AUDIT FIRM PREPARES A SET OF "COMBINED NOT "CONSOLIDATED" AUDITED FINANCIAL STATEMENTS THAT INCLUDE THE EIGHT INDEPENDENT NON-PROFIT ORGANIZATIONS EXEMPT UNDER IRC SECTION 501(C)(3): NATIONAL UNIVERSITY, NATIONAL UNIVERSITY VIRTUAL HIGH SCHOOL, NORTHCENTRAL UNIVERSITY, JOHN F. KENNEDY UNIVERSITY, CITY UNIVERSITY OF SEATTLE, AND SYSTEM MANAGEMENT GROUP.