2020-07-08T12:05:58-05:00 2019-08-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT SUITE 500 AUBURN HILLS MI 48326 990 2018-09-01 381308480 WALSH COLLEGE OF ACCOUNTANCY & BUSINESS ADMINISTRATION WALS 2486898282 3838 LIVERNOIS RD TROY MI 48083 HELEN C KIEBA-TOLKSDORF VP CFO & TREASURER 2486898282 2020-04-24 1 LYNNE HUISMANN P00053811 2483757100 2020-04-24 73.161.36.242 2020-04-24 16:03:46 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 EBB51160BF2136090E0706D858221EDFD566B897 2018 2021-01-29 14:40:06Z MARSHA KELLIHER 3838 LIVERNOIS RD TROY MI 48083 31894255 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. 26 24 366 24 -62410 -62410 918821 992607 25407478 23652210 3990537 509448 300550 478857 30617386 25633122 692126 688255 0 0 17057721 16107842 15750 0 958284 10731617 10454982 28497214 27251079 2120172 -1617957 70397032 67430996 19376618 20187425 51020414 47243571 X WALSH PROVIDES A TRANSFORMATIVE BUSINESS EDUCATION THAT COMBINES THEORY, APPLICATION, AND PROFESSIONAL EXPERIENCE TO PREPARE GRADUATES FOR SUCCESSFUL CAREERS. 0 0 13572282 23651518 WALSH PROVIDES A TRANSFORMATIVE BUSINESS EDUCATION THAT COMBINES THEORY, APPLICATION, AND PROFESSIONAL EXPERIENCE TO PREPARE GRADUATES FOR SUCCESSFUL CAREERS. WALSH'S NATIONALLY RANKED PROGRAMS INCLUDE HANDS-ON CURRICULUM DELIVERED IN SMALL CLASS SETTINGS, BOTH ON-GROUND AND ONLINE, BY ACADEMIC FACULTY WITH REAL-WORLD EXPERIENCES. MORE THAN 2,800 STUDENTS WERE ENROLLED FOR FY 2018-2019. 2297065 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. 688255 688255 A VARIETY OF SCHOLARSHIPS ARE AVAILABLE TO INCOMING UNDERGRADUATE AND GRADUATE STUDENTS AND INCLUDE ACADEMIC AWARDS, COMMUNITY COLLEGE EXCELLENCE AWARDS, AND MULTICULTURAL AWARDS. 633602 692 THE WALSH COLLEGE LIBRARY COLLECTION CONSISTS OF APPROXIMATELY 26,000 VOLUMES TOTALLY FOCUSED TO SUPPORT THE BUSINESS PROGRAMS OFFERED AT WALSH. IN ADDITION, THERE ARE OVER 366,000 E-BOOKS AND 130 ONLINE DATABASES. 633602 692 17191204 1 1 0 0 0 0 0 0 0 1 1 0 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 26 0 1 366 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 26 24 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 EDWARD T GWILT TRUSTEE (PART-YEAR) 0.30 0.30 X 0 0 0 JACKIE BUCHANAN TRUSTEE 0.30 0.00 X 0 0 0 RICHARD D AGINIAN TRUSTEE (PART-YEAR) 0.30 0.00 X 0 0 0 EDWARD D CALLAGHAN PHD TRUSTEE 4.50 0.00 X 16160 0 0 BETTY S CHU MD TRUSTEE 0.30 0.00 X 0 0 0 DONALD H CLAYTON TRUSTEE (PART-YEAR) 0.30 0.00 X 0 0 0 VAN E CONWAY TRUSTEE 0.30 0.00 X 0 0 0 MICHAEL DAVENPORT TRUSTEE 0.30 0.00 X 0 0 0 DAVID GIRODAT TRUSTEE 0.30 0.30 X 0 0 0 SHIRLEY E GOFRANK TRUSTEE 0.30 0.00 X 0 0 0 DENNIS HARDER TRUSTEE 0.30 0.30 X 0 0 0 ALAN J KAUFMAN TRUSTEE 0.30 0.30 X 0 0 0 KATHLEEN M KOSMATKA TRUSTEE 0.30 0.00 X 0 0 0 BARBARA J MAHONE TRUSTEE 0.30 0.00 X 0 0 0 DAVID J PETOSKEY TRUSTEE/VICE-CHAIR 0.30 0.00 X 0 0 0 BRIAN PILARSKI TRUSTEE 0.30 0.30 X 0 0 0 MICHAEL J PLOTZKE TRUSTEE/CHAIR 0.30 0.00 X 0 0 0 THOMAS W PROCTOR TRUSTEE 0.30 0.30 X 0 0 0 MADHAVA REDDY TRUSTEE 0.30 0.00 X 0 0 0 WILLIAM C RONEY III TRUSTEE 0.30 0.00 X 0 0 0 GERALD SCHAFER TRUSTEE 0.30 0.30 X 0 0 0 LOUIS C SCHMIDT JR TRUSTEE 0.30 0.30 X 0 0 0 MICHAEL A SEMANCO TRUSTEE 0.30 0.00 X 0 0 0 TOM WALSH TRUSTEE 0.30 0.00 X 0 0 0 NEAL F ZALENKO TRUSTEE (PART-YEAR) 0.30 0.00 X 0 0 0 A MARK ZEFFIRO TRUSTEE 0.30 0.00 X 0 0 0 MICHELLE ACCIVATTI TRUSTEE 0.30 0.00 X 0 0 0 MICHELE HONOMICHL TRUSTEE 0.30 0.00 X 0 0 0 DAVID C LEWIS TRUSTEE 0.30 0.00 X 0 0 0 DOUG SLOCUM TRUSTEE 0.30 0.00 X 0 0 0 ELIZABETH BARNES VP, CHIEF HR OFFICER 40.00 0.00 X 186193 0 36545 SUSAN FOLEY VP, CHIEF DEVELOPMENT OFFICER 39.00 1.00 X 194474 0 25039 MARSHA KELLIHER PRESIDENT AND CEO 39.00 1.00 X 349996 0 43803 HELEN KIEBA-TOLKSDORF VP, CFO AND TREASURER 39.00 1.00 X 205044 0 18810 MICHAEL RINKUS EXEC VP AND CAO 40.00 0.00 X 228239 0 40232 PATRICIA SWANSON VP, MARKETING AND ENROLLMENT SERVICES 40.00 0.00 X 156415 0 34607 MICHAEL LEVENS FACULTY 40.00 0.00 X 216030 0 37495 RICHARD BERSCHBACK FACULTY 40.00 0.00 X 214406 0 39225 ANN SAURBIER FACULTY 40.00 0.00 X 186920 0 42995 DAVE SCHIPPERS FACULTY 40.00 0.00 X 178336 0 12394 MARLA SCAFE FACULTY 40.00 0.00 X 173519 0 35924 2305732 0 367069 32 0 1 0 CARETECH 901 WILSHIRE DR SUITE 100 TROY MI 48084 IT SYSTEMS SUPPORT 1800130 THE YAFFE GROUP 26100 AMERICAN DR SUITE 401 SOUTHFIELD MI 48034 MARKETING 747439 MEDIA GENESIS INC 1441 E MAPLE RD SUITE 200 TROY MI 48083 MARKETING 488000 KOSCH FOOD SERVICE 324 EAST STREET ROCHESTER HILLS MI 48307 FOOD SERVICE 315541 EAB GLOBAL INC 2445 M STREET NW WASHINGTON DC 20037 ENROLLMENT SERVICES 284720 12 901025 51467 40115 992607 TUITION AND FEES 611600 23558747 23558747 BOOKSTORE COMMISSIONS 611600 92771 92771 LIBRARY REVENUE 611600 692 692 23652210 529502 -62410 591912 478857 0 478857 478857 478857 6241079 6207118 54015 33961 -54015 -20054 -20054 25633122 23652210 -62410 1050715 688255 688255 1492808 393583 886745 212480 11167782 9109409 1606435 451938 114658 79075 35583 2428634 1817891 505247 105496 903960 681911 174517 47532 97702 97702 226829 226829 884062 103359 770203 10500 1215255 25993 1180817 8445 442073 155080 261790 25203 1738950 869475 869475 1961514 577445 1351171 32898 487307 412283 62568 12456 102494 45260 54875 2359 374117 374117 1836550 1663915 145087 27548 181971 181971 LIBRARY SERVICES 335137 335137 BAD DEBT EXPENSE 178119 178119 SPECIAL EVENTS 109387 59524 39934 9929 RECRUITING 45476 23954 21522 238039 149655 76884 11500 27251079 17191204 9101591 958284 1599669 997303 2323265 4246617 67771 20305 449482 259278 688669 779483 54661466 21011058 34673458 33650408 26530584 23423700 2983452 3051737 1080682 1002165 70397032 67430996 1363686 883097 828222 526625 13241068 12837800 3943642 5939903 19376618 20187425 X 49188409 45375094 811378 868477 1020627 1000000 51020414 47243571 70397032 67430996 X -1617957 74080 -2232968 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1000000 0 -42243 957757 1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000 0.00000 0.00000 0.00000 0 1 1 3133312 3133312 37366855 11111943 26254912 8719465 6641802 2077663 5441834 3257313 2184521 33650408 ACCRUED PENSION 5809745 OTHER LONG TERM LIABILITIES 130158 5939903 22798369 74080 956475 1030555 21767814 3865308 3865308 25633122 26824936 262111 262111 26562825 688254 688254 27251079 PART V, LINE 4: THE COLLEGE HAS A TOTAL OF 85 ENDOWMENTS. 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 703,200. INTEREST EXPENSE RECORDED AS UNREALIZED 199,260. LOSS ON SALE OF ASSETS 54,015. PART XI, LINE 4B - OTHER ADJUSTMENTS: PENSION INCOME 2,232,968. TRANSFERS FROM FOUNDATION 901,025. SCHOLARSHIPS 688,254. FOUNDATION UNREALIZED LOSSES 43,061. PART XII, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSE RECORDED AS UNREALIZED 199,260. GAIN/LOSS ON SALE OF ASSETS 54,015. FOUNDATION EXPENSES - SEPARATE 990 FILED 8,836. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 688,254. 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'S NONDISCRIMINATORY POLICY IS ON ALL STUDENT APPLICATIONS, COLLEGE PUBLICATIONS, AND IS POSTED ON THE WEBSITE. SCHEDULE E, PART I, LINE 6 THE INSTITUTION 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 619039 0 0 0 0 0 0 619039 0 619039 1 0 1 0 0 0 1 SCHOLARSHIPS 287 688254 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 ELIZABETH BARNES VP, CHIEF HR OFFICER 179484 0 5335 0 1374 0 14679 0 21866 0 222738 0 0 0 SUSAN FOLEY VP, CHIEF DEVELOPMENT OFFICER 186708 0 5550 0 2216 0 14985 0 10054 0 219513 0 0 0 MARSHA KELLIHER PRESIDENT AND CEO 303692 0 15000 0 31304 0 22000 0 21803 0 393799 0 0 0 HELEN KIEBA-TOLKSDORF VP, CFO AND TREASURER 192993 0 5737 0 6314 0 15920 0 2890 0 223854 0 0 0 MICHAEL RINKUS EXEC VP AND CAO 188580 0 5606 0 34053 0 17882 0 22350 0 268471 0 0 0 PATRICIA SWANSON VP, MARKETING AND ENROLLMENT SERVICE 151385 0 4500 0 530 0 12381 0 22226 0 191022 0 0 0 MICHAEL LEVENS FACULTY 123512 0 3050 0 89468 0 17239 0 20256 0 253525 0 0 0 RICHARD BERSCHBACK FACULTY 128253 0 3180 0 82973 0 17124 0 22101 0 253631 0 0 0 ANN SAURBIER FACULTY 100914 0 4000 0 82006 0 15200 0 27795 0 229915 0 0 0 DAVE SCHIPPERS FACULTY 112812 0 2790 0 62734 0 10681 0 1713 0 190730 0 0 0 MARLA SCAFE FACULTY 124599 0 1610 0 47310 0 13849 0 22075 0 209443 0 0 0 PART I, LINE 1A HEALTH CLUB DUES ARE PAID FOR DIRECTLY BY THE COLLEGE TO THE HEALTH CLUB FOR ALL OFFICERS WHO ARE ALSO FULL TIME EMPLOYEES OF THE COLLEGE AND ARE INCLUDED IN THEIR W-2'S. THE COLLEGE'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 1303000 14230000 128128 14101872 2015 1 0 1 1 A 0 0 0 0 0 0 0 A 0 1 0 0 1 1 JP MORGAN CHASE BANK 3.000000000000 0 0 0 0 0 A 1 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 1800130 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 2019. 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 XI, LINE 9: PENSION ADJUSTMENT -2,232,968. 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 0 1 1 1 0 1 0 0 WALSH COLLEGE FOUNDATION C 901025 CASH TRANSACTION