2021-06-11T07:45:49-05:00 2020-08-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT SUITE 500 AUBURN HILLS MI 48326 990 2019-09-01 381308480 WALSH COLLEGE OF ACCOUNTANCY & BUSINESS ADMINISTRATION WALS 2486898282 3838 LIVERNOIS RD TROY MI 48083 HELEN C KIEBA-TOLKSDORF VP CFO & TREASURER 2486898282 2021-04-12 1 LYNNE HUISMANN P00053811 2483757100 2021-04-12 2019 2022-09-23 18:48:47Z MICHAEL LEVENS 3838 LIVERNOIS RD TROY MI 48083 51740674 0 X WWW.WALSHCOLLEGE.EDU X 1922 MI WALSH COLLEGE PROVIDES A TRANSFORMATIVE BUSINESS EDUCATION THAT COMBINES (CONTINUED ON SCH O) THEORY, APPLICATION, AND PROFESSIONAL EXPERIENCE TO PREPARE GRADUATES FOR SUCCESSFUL CAREERS. 24 22 353 22 10925 0 992607 1268118 23652210 22519757 509448 506201 478857 296993 25633122 24591069 688255 1118950 0 0 16107842 17019535 0 0 1027229 10454982 10456677 27251079 28595162 -1617957 -4004093 67430996 67204250 20187425 22797178 47243571 44407072 X WALSH PROVIDES A TRANSFORMATIVE BUSINESS EDUCATION THAT COMBINES THEORY, APPLICATION, AND PROFESSIONAL EXPERIENCE TO PREPARE GRADUATES FOR SUCCESSFUL CAREERS. 0 0 14081070 22519562 WALSH PROVIDES A TRANSFORMATIVE BUSINESS EDUCATION THAT COMBINES THEORY, APPLICATION, AND PROFESSIONAL EXPERIENCE TO PREPARE GRADUATES FOR SUCCESSFUL CAREERS. WALSH'S INTERNATIONALLY AND NATIONALLY RANKED PROGRAMS INCLUDE HANDS-ON CURRICULUM DELIVERED IN SMALL CLASS SETTINGS, BOTH ONGROUND AND ONLINE, BY ACADEMIC FACULTY WITH REAL-WORLD EXPERIENCES. MORE THAN 2,500 STUDENTS WERE ENROLLED FOR FY 2019-2020. 2405733 STUDENT SERVICESWALSH PROVIDES STUDENTS A STRONG NETWORK OF SUPPORT INCLUDING ADMISSIONS AND ACADEMIC ADVISING, FINANCIAL AID, VETERAN SERVICES, STUDENT LIFE, ACADEMIC TUTORING, AND CAREER SERVICES. SUPPORT BEGINS WITH ENROLLMENT SPECIALISTS AT THE FIRST ADMISSIONS INQUIRY AND CONTINUES BEYOND GRADUATION WITH OUR EXTENSIVE RANGE OF CAREER SERVICES. 928300 928300 SCHOLARSHIPSA VARIETY OF SCHOLARSHIPS ARE AVAILABLE TO INCOMING UNDERGRADUATE AND GRADUATE STUDENTS AND INCLUDE ACADEMIC AWARDS, COMMUNITY COLLEGE EXCELLENCE AWARDS, AND MULTICULTURAL AWARDS. 828280 190650 195 THE WALSH LIBRARY COLLECTION CONSISTS OF APPROXIMATELY 26,000 VOLUMES TOTALLY FOCUSED TO SUPPORT THE BUSINESS PROGRAMS OFFERED AT WALSH. IN ADDITION, THERE ARE OVER 62,000 E-BOOKS AND 119 ONLINE DATABASES.CARES ACT ADDITIONS OF 190,650ALL STUDENTS THAT WERE CURRENTLY ENROLLED IN CLASSES WITH A COMPLETED FAFSA ON FILE WITH FINANCIAL AID WERE ELIGIBLE FOR THE INITIAL CARES ACT: HIGHER EDUCATION EMERGENCY RELIEF FUND STUDENT PAYMENT. STUDENTS WITH AN EFC OF 5500 OR LOWER ON THEIR FAFSA WERE DEEMED TO HAVE A HIGHER FINANCIAL NEED AND WERE ALLOCATED A LARGER PAYMENT THAN THOSE WITH A SCORE HIGHER THAN 5500. 828280 190650 195 18243383 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 0 1 25 0 1 353 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 24 22 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X HELEN KIEBA-TOLKSDORF 2486898282 3838 LIVERNOIS ROAD TROY MI 48083 X MARSHA KELLIHER PRESIDENT AND CEO - PART YEAR 39.00 1.00 X 326119 0 32576 MICHAEL RINKUS EXEC VP AND CAO - PART YEAR 40.00 0.00 X 233598 0 38531 RICHARD BERSCHBACK FACULTY 40.00 0.00 X 218409 0 37531 MICHAEL LEVENS PRESIDENT AND CEO 39.00 1.00 X 209542 0 34060 DAVE SCHIPPERS FACULTY 40.00 0.00 X 212693 0 14410 ANN SAURBIER FACULTY 40.00 0.00 X 185327 0 40360 MARLA SCAFE FACULTY 40.00 0.00 X 188642 0 35029 HELEN KIEBA-TOLKSDORF VP, CFO AND TREASURER 39.00 1.00 X 202294 0 18959 ELIZABETH BARNES VP, CHIEF HR OFFICER 40.00 0.00 X 186219 0 34750 SUSAN FOLEY VP, CHIEF DEVELOPMENT OFFICER 39.00 1.00 X 194795 0 24709 JOHN MOORE FACULTY 40.00 0.00 X 190853 0 24471 PATRICIA SWANSON VP, MARKETING AND ENROLLMENT 40.00 0.00 X 157315 0 32751 EDWARD D CALLAGHAN PHD TRUSTEE - PART YEAR 4.50 0.00 X 16640 0 0 MICHAEL J PLOTZKE TRUSTEE/CHAIR 0.30 0.00 X X 0 0 0 DAVID J PETOSKEY TRUSTEE/VICE-CHAIR 0.30 0.00 X X 0 0 0 GERALD SCHAFER TRUSTEE/INTERIM PRESIDENT AND CEO 39.00 1.00 X X 0 0 0 A MARK ZEFFIRO TRUSTEE 0.30 0.00 X 0 0 0 ALAN J KAUFMAN TRUSTEE 0.30 0.30 X 0 0 0 BARBARA J MAHONE TRUSTEE 0.30 0.00 X 0 0 0 BETTY S CHU MD TRUSTEE 0.30 0.00 X 0 0 0 BRIAN PILARSKI TRUSTEE 0.30 0.30 X 0 0 0 DAVID C LEWIS TRUSTEE 0.30 0.00 X 0 0 0 DAVID GIRODAT TRUSTEE 0.30 0.30 X 0 0 0 DENNIS HARDER TRUSTEE 0.30 0.30 X 0 0 0 DOUG SLOCUM TRUSTEE 0.30 0.00 X 0 0 0 JACKIE BUCHANAN TRUSTEE 0.30 0.00 X 0 0 0 KATHLEEN M KOSMATKA TRUSTEE 0.30 0.00 X 0 0 0 LOUIS C SCHMIDT JR TRUSTEE 0.30 0.30 X 0 0 0 MADHAVA REDDY TRUSTEE 0.30 0.00 X 0 0 0 MICHAEL A SEMANCO TRUSTEE 0.30 0.00 X 0 0 0 MICHAEL DAVENPORT TRUSTEE 0.30 0.00 X 0 0 0 MICHELE HONOMICHL TRUSTEE 0.30 0.00 X 0 0 0 MICHELLE ACCIAVATTI TRUSTEE 0.30 0.00 X 0 0 0 SHIRLEY E GOFRANK TRUSTEE - PART YEAR 0.30 0.00 X 0 0 0 THOMAS W PROCTOR TRUSTEE 0.30 0.30 X 0 0 0 TOM WALSH TRUSTEE 0.30 0.00 X 0 0 0 VAN E CONWAY TRUSTEE 0.30 0.00 X 0 0 0 WILLIAM C RONEY III TRUSTEE 0.30 0.00 X 0 0 0 2522446 0 368137 32 0 1 0 CARETECH 901 WILSHIRE DR SUITE 100 TROY MI 48084 IT SYSTEMS SUPPORT 1978191 EAB GLOBAL INC 2445 M STREET NW WASHINGTON DC 20037 ENROLLMENT SERVICES 806828 MEDIA GENESIS INC 1441 E MAPLE RD SUITE 200 TROY MI 48083 MARKETING 574396 THE YAFFE GROUP 26100 AMERICAN DR SUITE 401 SOUTHFIELD MI 48034 MARKETING 446165 KOSCH FOOD SERVICE 324 EAST STREET ROCHESTER HILLS MI 48307 FOOD SERVICE 298013 16 840304 427814 1268118 TUITION AND FEES 611600 22451700 22451700 BOOKSTORE COMMISSIONS 611600 67862 67862 LIBRARY REVENUE 611600 195 195 22519757 420812 10925 409887 296993 0 296993 296993 296993 27234759 235 27149605 0 85154 235 85389 85389 24591069 22519757 10925 792269 1118950 1118950 1784272 406591 1157984 219697 11469555 9547342 1406750 515463 135601 95640 39961 2685713 1998427 556114 131172 944394 715810 176819 51765 207503 207503 238141 238141 1153453 173257 967303 12893 1048098 25640 1012114 10344 384399 124427 217367 42605 1927936 963968 963968 1997610 672026 1319592 5992 255504 212411 37285 5808 49461 17388 31727 346 245478 245478 1817451 1632071 159936 25444 188585 188585 LIBRARY SERVICES 288017 288017 RECRUITING 233421 12903 220518 BAD DEBT EXPENSE 65694 2571 63123 SPECIAL EVENTS 56877 32678 18499 5700 299049 203266 95783 28595162 18243383 9324550 1027229 997303 3403411 4246617 1480344 20305 208698 259278 283404 779483 814922 54732260 22431551 33650408 32300709 23423700 24618323 3051737 4094439 1002165 0 67430996 67204250 883097 921594 526625 430144 12837800 12419532 2755000 5939903 6270908 20187425 22797178 X 45375094 42584219 1868477 1822853 47243571 44407072 67430996 67204250 X -4004093 1916347 -748753 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1000000 -42243 957757 1000000 1000000 1000000 1000000 1000000 1000000 0.00000 0.00000 0.00000 1 3133312 3133312 37380809 12052378 25328431 8760905 6943119 1817786 5457234 3436054 2021180 32300709 ALTERNATIVE INVESTMENTS 4094439 F 4094439 ACCRUED PENSION 6113968 OTHER LONG TERM LIABILITIES 156940 6270908 25617928 1902601 801311 2703912 22914016 1677053 1677053 24591069 27698336 31474 31474 27666862 928300 928300 28595162 PART V, LINE 4: THE COLLEGE HAS A TOTAL OF 85 ENDOWMENTS, WHICH ARE HELD BY THE FOUNDATION. 74 OF THESE ENDOWMENTS ARE FOR UNDERGRADUATE AND GRADUATE SCHOLARSHIPS. THE REMAINING ENDOWMENTS PROVIDE TUTORING, SUPPORT FOR ACCOUNTING FUNDAMENTALS AND STUDENT GOVERNMENT, AND AN AWARD FOR ACADEMIC EXCELLENCE. PART XI, LINE 2D - OTHER ADJUSTMENTS: FOUNDATION REVENUE - SEPARATE 990 FILED 801,311. PART XI, LINE 4B - OTHER ADJUSTMENTS: PENSION INCOME 748,753. SCHOLARSHIPS 928,300. PART XII, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSE RECORDED AS UNREALIZED 26,782. FOUNDATION EXPENSES - SEPARATE 990 FILED 4,692. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 928,300. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 WALSH'S NONDISCRIMINATORY POLICY IS ON ALL STUDENT APPLICATIONS, COLLEGE PUBLICATIONS, AND IS POSTED ON THE WEBSITE. SCHEDULE E, PART I, LINE 6 WALSH RECEIVED FEDERAL PELL GRANTS AND FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS, BASED UPON STUDENT ELIGIBILITY, FROM THE FEDERAL DEPARTMENT OF EDUCATION. THE INSTITUTION ALSO RECEIVED GRANTS FROM THE STATE OF MICHIGAN BASED UPON STUDENT ELIGIBILITY. THESE FUNDS ARE USED TO ASSIST STUDENTS WITH THEIR COST OF ATTENDANCE. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS N/A 615270 0 0 0 0 0 0 615270 0 615270 1 0 1 0 0 0 PART III ACCOUNTING METHOD: 1 SCHOLARSHIPS 302 928300 CASH N/A CARES ACT GRANT 821 190650 0 CASH N/A PART I, LINE 2: SCHOLARSHIPS ARE APPLIED DIRECTLY TO INSTITUTIONAL CHARGES. DIRECT COSTS INCURRED TO SUPPORT THE PRIMARY FUNCTIONS OF WALSH COLLEGE ARE SPECIFICALLY IDENTIFIED TO THE BENEFITING ACTIVITY. RESTRICTED FUNDS, INCLUDING FEDERAL AWARDS, ARE RECORDED IN SEPARATE FUNDS AND DIRECT EXPENDITURES OF THESE PROGRAMS ARE RESTRICTED TO THE EXCLUSIVE PURPOSE OF THE AWARD. ALL SPONSORED PROJECTS ARE INCLUDED IN THE DIRECT COST BASE. INDIRECT COSTS ARE ALLOCATED PROPORTIONALLY AS PRESCRIBED IN OMB CIRCULAR A-21. ANY UNDER RECOVERY OF INDIRECT COSTS FROM ANY SPONSORED ACTIVITY IS NOT CHARGED TO ANY OTHER SPONSORED PROJECT EITHER DIRECTLY OR INDIRECTLY. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 MARSHA KELLIHER PRESIDENT AND CEO - PART YEAR 314308 0 0 0 11811 0 22400 0 10176 0 358695 0 0 0 MICHAEL RINKUS EXEC VP AND CAO - PART YEAR 194428 0 0 0 39170 0 18060 0 20471 0 272129 0 0 0 RICHARD BERSCHBACK FACULTY 131643 0 0 0 86766 0 17459 0 20072 0 255940 0 0 0 MICHAEL LEVENS PRESIDENT AND CEO 123969 0 0 0 85573 0 16790 0 17270 0 243602 0 0 0 DAVE SCHIPPERS FACULTY 116111 0 3450 0 93132 0 12742 0 1668 0 227103 0 0 0 ANN SAURBIER FACULTY 103864 0 0 0 81463 0 15147 0 25213 0 225687 0 0 0 MARLA SCAFE FACULTY 139579 0 0 0 49063 0 14943 0 20086 0 223671 0 0 0 HELEN KIEBA-TOLKSDORF VP, CFO AND TREASURER 198386 0 0 0 3908 0 16007 0 2952 0 221253 0 0 0 ELIZABETH BARNES VP, CHIEF HR OFFICER 184499 0 0 0 1720 0 14760 0 19990 0 220969 0 0 0 SUSAN FOLEY VP, CHIEF DEVELOPMENT OFFICER 191926 0 0 0 2869 0 15354 0 9355 0 219504 0 0 0 JOHN MOORE FACULTY 104903 0 0 0 85950 0 15268 0 9203 0 215324 0 0 0 PATRICIA SWANSON VP, MARKETING AND ENROLLMENT 156770 0 0 0 545 0 12542 0 20209 0 190066 0 0 0 PART I, LINE 1A HEALTH CLUB DUES ARE PAID FOR DIRECTLY BY WALSH TO THE HEALTH CLUB FOR ALL OFFICERS WHO ARE ALSO FULL TIME EMPLOYEES OF THE COLLEGE AND ARE INCLUDED IN THEIR W-2'S. WALSH'S PRESIDENT AND CHIEF DEVELOPMENT OFFICER ARE PROVIDED WITH A SOCIAL CLUB MEMBERSHIP FOR CONDUCTING BUSINESS MEETINGS. THE DUES ARE NOT INCLUDED IN TAXABLE INCOME AS ALL USE IS FOR BUSINESS PURPOSES. A MICHIGAN FINANCE AUTHORITY 800596186 NONEAVAIL 2014-08-27 14230000 SEE SUPPLEMENTAL INFO IN PART VI 0 0 0 A 1731000 14230000 128128 14101872 2015 1 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 1 1 1 JP MORGAN CHASE BANK 1.000000000000 0 0 0 0 0 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MICHIGAN FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 01/27/2020 SCH. K, PART I: SCH K, PART I, BOND ISSUE "A", COLUMN F: REFINANCE ON 8/27/14 THE SERIES 2010 BONDS, ISSUED ON APRIL 30, 2010 TO BUILD A 33,100 SQUARE FOOT ADDITION TO THE EXISTING BUILDING AND RENOVATE 20,500 SQUARE FEET OF EXISTING BUILDING SPACE FOR A TOTAL OF 53,600 SQUARE FEET. CARETECH OWNER - MADHAVA REDDY IS A BOARD MEMBER 1996091 CARETECH IS PAID FOR PROVIDING IT SUPPORT SERVICES; THE COLLEGE'S CONTRACT WITH CARETECH PRECEDED MR. REDDY'S OWNERSHIP IN THE COMPANY. 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY ALL OFFICERS OF THE COLLEGE AND THEN BY THE AUDIT AND RISK MANAGEMENT COMMITTEE AND SENT TO THE BOARD OF TRUSTEES. THE FINAL 990 IS THEN POSTED TO AN INTERNAL BOARD SITE. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES, OFFICERS, EXECUTIVE AND SELECTIVE KEY ADMINISTRATORS ARE REQUIRED TO FILE A CONFLICT OF INTEREST STATEMENT ANNUALLY AND EVERY TIME THERE IS A DECISION UNDER CONSIDERATION IN WHICH SUCH A PERSON MAY HAVE AN INTEREST. IF A CONFLICT IS DISCOVERED, THE PERSON WITH THE CONFLICT WILL REMOVE THEMSELF FROM THE ROOM DURING ANY DISCUSSION AND RECUSE THEMSELF FROM ANY MOTION, VOTE OR PROPOSAL. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE OFFICERS IS APPROVED BY THE GOVERNANCE AND COMPENSATION COMMITTEE & BY THE BOARD OF TRUSTEES. THE COMPENSATION IS EITHER SET BY WRITTEN CONTRACT AND/OR ANNUALLY BASED ON COMPENSATION SURVEYS AND/OR INDEPENDENT COMPENSATION CONSULTANT. THIS PROCESS WAS LAST PERFORMED IN 2020. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC THROUGH WRITTEN OR VERBAL REQUESTS. FORM 990, PART VII, COLUMN (D): HOURS WORKED FOR RELATED ORGANIZATION BOARD MEMBER EDWARD CALLAGHAN IS AN ADJUNCT FACULTY MEMBER WHO TAUGHT CLASSES DURING THE YEAR. THE COMPENSATION SHOWN IN PART VII IS FOR HIS SERVICES AS A FACULTY MEMBER RATHER THAN AS A BOARD MEMBER. FORM 990, PART VII, COLUMN (B): HOURS WORKED FOR RELATED ORGANIZATION THE OFFICERS LISTED ON PART VII OF FORM 990 EACH SPEND 1 HOUR PER WEEK WORKING FOR THE WALSH COLLEGE FOUNDATION, A RELATED ORGANIZATION. FORM 990, PART VII, COLUMN (D): HOURS WORKED FOR RELATED ORGANIZATION MICHAEL LEVENS IS LISTED AS THE CURRENT PRESIDENT & CEO, A ROLE THAT BEGAN IN AUGUST 2020. THE COMPENSATION SHOWN IN PART VII IS FOR HIS SERVICES AS A FACULTY MEMBER IN CALENDAR YEAR 2019. FORM 990, PART XI, LINE 9: PENSION ADJUSTMENT -748,753. FORM 990, PART XII, LINE 2C - OVERSIGHT OF AUDIT: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. THE WALSH COLLEGE FOUNDATION 3838 LIVERNOIS TROY MI 48083 200664128 RAISE FUNDS FOR SCHOLARSHIPS AND GENERAL SUPPORT OF WALSH COLLEGE MI 501(C)(3) 7 WALSH COLLEGE 1 0 0 1 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 WALSH COLLEGE FOUNDATION C 840304 CASH TRANSACTION