2020-04-20T12:17:32-05:00 2019-06-30 363990892 Capin Crouse LLP 3050 Saturn Street Suite 104 Brea CA 92821 990 2018-07-01 951644035 Point Loma Nazarene University POIN 6198492200 3900 Lomaland Drive San Diego CA 92106 Joseph D LaLuzerne VP of Finance 6198492200 2020-04-20 1 Ted R Batson Jr P00721951 7145770988 139.146.132.42 2020-04-20 13:17:17 ED P 75F19D5050521AE02F3F91AA310241EA5EA6A259 9C5A57CDECE814145236AB8B710559900C4A9D00 2018 2020-11-19 02:30:22Z Robert Brower 3900 Lomaland Drive San Diego CA 92106 151872977 0 X www.pointloma.edu X 1918 CA Non-profit Christian university. 23 20 2584 21 0 0 4871806 5953545 137953607 144154491 1408032 1697271 -559032 -45077 143674413 151760230 30494051 31707643 0 0 62603254 67861322 65425 0 1657196 39996634 41207104 133159364 140776069 10515049 10984161 183595272 195131706 70648811 71856063 112946461 123275643 X See Schedule OPoint Loma Nazarene University exists to provide higher education in a vital Christian community where minds are engaged and challenged, character is modeled and formed, and service becomes an expression of faith. We aspire to be a learning community where grace is foundational, truth is pursued, and holiness is a way of life. 0 0 78648106 31705793 144154491 Instructional activities, including student aid, prepare students to address the complex issues facing our world today with integrity and forward thinking. PLNU graduates enter the workforce prepared to influence our world for good. PLNU serves more than 4,600 students offering more than 50 undergraduate areas of study and 12 graduate programs throughout Southern California. 18247385 Student Services enriches the student experience and resources like the Offices of Strengths and Vocation, the Wellness Center, Outdoor Leadership and Recreation, Spiritual Development, and Student Financial Services. 6431301 1850 Academic Support bolsters PLNU students' academic experience through resources like the Tutorial Center, PLNU's Ryan Library, Information Technology Services, and Media and Technology. 103326792 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 1 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 1 0 0 0 1 6562 0 1 2584 1 1 1 0 0 0 0 1 1 0 0 0 1 0 0 0 X 23 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X Jim Bergherm 6198492429 3900 Lomaland Drive San Diego CA 92106 Robert Brower President 40.00 1.00 X X 357497 0 41746 Douglas Pierce Chair 1.00 1.00 X X 0 0 0 Rick Power Vice Chair 1.00 X X 0 0 0 Mary Leland Secretary 1.00 X X 0 0 0 Steven R Scott Trustee 1.00 X 0 0 0 Jan Stone Trustee 1.00 X 0 0 0 Craig K Furusho Trustee 1.00 X 0 0 0 Larry Fry Trustee 1.00 X 0 0 0 Jose Hernandez Trustee 1.00 X 0 0 0 John Nells Trustee 1.00 X 0 0 0 Donald R Schengel Trustee 1.00 X 0 0 0 Orlando R Serrano Trustee 1.00 X 0 0 0 Rob Songer Trustee 1.00 X 0 0 0 Mendell Thompson Trustee 1.00 1.00 X 0 0 0 Carol Van Buskirk Trustee 1.00 X 0 0 0 Daryl C Nicholson Trustee 1.00 1.00 X 0 0 0 Cindy Zabuska Trustee 1.00 X 0 0 0 Gary Smee Trustee 1.00 1.00 X 0 0 0 Maria Covarrubias Trustee 1.00 X 0 0 0 Joy Straub Trustee 1.00 X 0 0 0 Dan Spaite Trustee 1.00 X 0 0 0 Ken Baruth Trustee 1.00 X 0 0 0 Dan Chung Trustee 1.00 X 0 0 0 George R Latter Jr VP of Finance 40.00 1.00 X 205018 0 33542 Kerry Fulcher Provost 40.00 X 205293 0 53186 Alison Reaser Chief Economist 40.00 X 259717 0 28503 Catherine Smith VP of Student Dev. 40.00 X 165936 0 39691 Maria Zack Department Chair 40.00 X 150614 0 14547 Corey Fling Chief Information Officer 40.00 X 157041 0 34958 Dan Bothe School Dean 40.00 X 152439 0 27971 1653555 0 274144 64 0 1 0 Bycor General Contractors Inc 6490 Marindustry Dr Suite A San Diego CA 92121 Construction/Remodel 11708620 Sodexo Dept 880328 Los Angeles CA 90088 Cafeteria Contractor 5839410 IBM Corporation PO Box 534151 Atlanta GA 30353 Consultant 944089 Carrier Johnson CULTURE 1301 3rd Avenue San Diego CA 92101 Construction/Remodel 764497 LightWerks Communication Systems Inc 3331 Jack Northop Ave Hawthorne CA 90250 Media Contractor 535693 29 987462 279229 745097 3941757 387059 5953545 Tuition and fees 611710 120124009 120124009 Auxiliary revenue 611710 20184279 20184279 Other program revenue 611710 3846203 3846203 144154491 1749082 1749082 51811 -51811 -51811 -51811 15859 987462 60936 -45077 -45077 151760230 144154491 0 1652194 1850 1850 31705793 31705793 901400 132311 690065 79024 95955 95955 51794603 38226410 12679272 888921 2733035 2049095 636013 47927 8115045 4448283 3534323 132439 4221284 3013088 1140214 67982 136719 4555 131834 330 112275 112275 5075541 1791107 3239850 44584 1279736 981007 254634 44095 2609340 1903628 551204 154508 2502889 445440 1980236 77213 7433516 367600 7061171 4745 2955202 1970304 893192 91706 419885 255263 157136 7486 2079344 2079215 129 7298727 7279044 19590 93 663782 112929 550853 Cafeteria Contractor 5128717 5128717 Equipment 1158388 477276 677351 3761 Equipment Rental 518516 95489 421540 1487 1834527 762433 1061199 10895 140776069 103326792 35792081 1657196 X 7278365 11455090 26966485 14875893 3955623 4023361 5411811 5131318 3826856 3273914 1575028 1632254 187668438 72997300 104534441 114671138 29902029 39923509 4171 144634 141058 183595272 195131706 7240840 8613432 6941773 7013755 44869222 43336795 3299832 3435329 8297144 9456752 70648811 71856063 X 108286700 117936568 4659761 5339075 112946461 123275643 183595272 195131706 X 10984161 197427 -852406 X X 0 1 X 1 1 1 X 6045327 5330038 5748838 4871806 5953545 27949554 6045327 5330038 5748838 4871806 5953545 27949554 27158 27922396 592173 696102 764880 1411633 1749082 5213870 12828 15859 28687 33192111 638872304 0.84120 0.87080 X Schedule A, Part II, Line 10, Explanation of Other Income: Fundraising Event Fees - 2017 Amount: $ 12,828. 2018 Amount: $ 15,859. Schedule A, Part II: The organization is a school as described under 170(b)(1)(A)(ii) and is not required to complete a public support schedule. Schedule A, Part II is completed to verify that the School qualifies under public charity status section (170(b)(1)(A)(vi) and qualifies to use the first listed special rule for Schedule B reporting. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 61133217 2950788 -569037 730399 1695537 61089032 55740428 3676193 2744985 1028389 61133217 51408918 1506170 3773586 948246 55740428 51961162 1712902 -777398 365291 1122457 51408918 47361554 5208162 -211742 396812 51961162 0.47840 0.52160 0 1 1 3286464 3286464 155589949 56713847 98876102 18939855 13404471 5535384 9852170 2878982 6973188 114671138 Fair value of swap agreement liability 5260461 Payable to related exempt organization 4196291 9456752 119460394 197427 -791470 -594043 120054437 31705793 31705793 151760230 109131212 60936 60936 109070276 31705793 31705793 140776069 Part V, Line 4: Provide scholarship funds and support the general operations of the Foundation and University. Part XI, Line 2d - Other Adjustments: Fundraising event expense 60,936. Adjustment to swap agreement liability -852,406. Part XI, Line 4b - Other Adjustments: Scholarships netted to tuition revenue per books 31,705,793. Part XII, Line 2d - Other Adjustments: Fundraising event expense 60,936. Part XII, Line 4b - Other Adjustments: Scholarships netted to tuition revenue per books 31,705,793. Form 990, Schedule D, Part V, Lines 2a - 2c: In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 06/30/2019. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Schedule D, Part V, Lines 2a-2c: Line 2a - Without donor restrictions Line 2b - With donor restrictions 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Published annually in The San Diego Union-Tribune. Schedule E, Part I, Line 6 The University receives funding from the federal government, and as a result, is required to comply with various regulations related to those funding programs. East Asia and the Pacific 0 0 Program Services LoveWorks Short-Term Missions 55995 Europe 0 0 Program Services LoveWorks Short-Term Missions 12340 South America 0 0 Program Services LoveWorks Short-Term Missions 20866 Central America and the Caribbean 0 0 Program Services LoveWorks Short-Term Missions 11657 Russia and Neighboring States 0 0 Program Services LoveWorks Short-Term Missions 4728 0 0 0 0 0 0 105586 0 105586 0 0 0 0 0 0 Part I, line 3: The organization tracked expenditures in accordance with the accrual basis of accounting. President's Gathering 843837 843837 CJR Hope Rising 98643 94774 3869 47847 3 60841 48851 11990 13088 1003321 987462 15859 60935 60935 -45076 1 Student Scholarships/Awards 2432 31705793 Part I, Line 2: The University awards grants, scholarships & student loans based on various, predefined criteria. Students must qualify for the assistance. Student enrollment and continuing eligibility are verified on an ongoing basis. Amounts are applied directly to student accounts and no cash changes hands. X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Robert Brower President 347718 0 611 0 9168 0 22414 0 20029 0 399940 0 0 0 George R Latter Jr VP of Finance 204218 0 602 0 198 0 16923 0 17286 0 239227 0 0 0 Kerry Fulcher Provost 204561 0 603 0 129 0 16902 0 36920 0 259115 0 0 0 Alison Reaser Chief Economist 259166 0 551 0 0 0 18384 0 10632 0 288733 0 0 0 Catherine Smith VP of Student Dev. 165204 0 603 0 129 0 13855 0 26480 0 206271 0 0 0 Maria Zack Department Chair 149882 0 603 0 129 0 12284 0 2777 0 165675 0 0 0 Corey Fling Chief Information Officer 156411 0 603 0 27 0 12987 0 22541 0 192569 0 0 0 Dan Bothe School Dean 151767 0 603 0 69 0 12917 0 15528 0 180884 0 0 0 Part I, Line 1a The University allows members of the Board of Trustees to bring their spouse to one of the two annual meetings each year. The University will pay the spouse's travel expenses and it is reportable as compensation. The University provides housing for the Chief Economist. This housing is paid for directly by the University and is treated as taxable wages included in reportable compensation. The University reimburses the President for the cost of house cleaning or landscaping expenses when his residence is used for University business. A California Municipal Finance Authority 201563466 2014-05-01 30010000 Variable rate loan - Refinance of the 12/20/11 Bonds 0 0 0 B California Municipal Finance Authority 201563466 2014-05-01 19874975 Fixed rate loan - Construction of new science building 0 0 0 A 5060000 30010000 30010000 2009 1 0 1 1 B 1183188 19874975 278717 19596258 2018 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 1 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 Date Rebate Computation Performed Issuer Name: California Municipal Finance Authority Date the Rebate Computation was Performed: 06/26/2019 Issuer Name: California Municipal Finance Authority Date the Rebate Computation was Performed: 06/26/2019 Robert Brower Officer of the University Housing Equity Agreement X 365400 365400 0 1 1 George Latter Jr Officer of the University Housing Equity Agreement X 58000 58000 0 1 1 Kerry Fulcher Key employee of the University Housing Equity Agreement X 325000 325000 0 1 1 DRC Partners Trustee Daryl Nicholson owns more than 35% of DRC Partners. Business loan X 5000000 4382918 0 1 1 5131318 Alisha Brower Family of Robert Brower, President 31782 W2 Employee 0 DRC Partners Trustee Daryl Nicholson is a partner of DRC Partners. 576547 Rental income for space leased to PLNU 0 Kenny Ortega Family of Kerry Fulcher, Provost 39509 W2 Employee 0 Aimee Stone Cooper Family of Jan Stone, Trustee 20016 W2 Employee 0 Schedule L Part II, Explanation of loan to DRC Partners: During the tax year ended 6/30/2015, the University made a $3,500,000 loan to DRC Partners. There was no similar loan in prior years. Legal counsel was consulted during the formation of the loan. In February 2017 this loan was increased to $5,000,000. X 46 18005 Experts X 906 Cost X 2 8500 Cost X 3 81954 Cost X 1 250000 Appraisal X 1 5800 Cost X Personal Property - Non-real estate 4 14814 Cost X Musical Instruments/Equip. 2 5500 Experts X Gift Cards and Baskets 7 1581 Cost 1 0 1 1 Part I, Column (b): The number of contribtuions represent the number of contributions received, not the number of items donated. Part I, Line 32b: The organization used a real estate agent to sell the donated real estate. Form 990, Part VI, Section A, line 1 The governing board has an executive committee which, with several specific exceptions, has the authority to act for the board on all matters should the executive committee determine that it would be imprudent wait for the next board meeting to take action. The committee is composed of the chairs of the standing committees (except for the audit and risk management committees), the university president, the president of the PLNU Foundation and the officers of the board (the chair, vice chair, and secretary.) The board, through its policy manual and various adopted resolutions, has delegated specific levels of responsibility and authority to the university president in order to enable him and others at the university to make timely operational decisions. The president works with an administrative cabinet that has been hired by the president and approved by the board in carrying out his delegated responsibilities and in operating the university on a day to day basis. The administrative cabinet is composed of the university president, the vice president of finance and administration, the vice president for external relations, the vice president for spiritual development, the vice president for student development, the vice president for university advancement, and the provost. The only individual who also serves as a member of the governing body is the university president. Form 990, Part VI, Section B, line 11b The Form 990 is prepared by an independent CPA firm, reviewed in detail by the finance team, and distributed to the board of trustees prior to being filed with the IRS. Form 990, Part VI, Section B, line 12c Conflict of interest statements are completed annually by all members of the governing body, as well as officers and key employees. The statements are reviewed by the Chairman of the Audit Committee of the Board of Trustees. The finance team also monitors all transactions for potential conflicts of interest. Form 990, Part VI, Section B, line 15 Each year at the spring board meeting of the University's Board of Trustees, the Executive Committee of the board receives a report in executive session from the Associate Vice President for Human Resources which compares the salaries of the University President and senior administrators (the Administrative Cabinet) to salaries for similar positions using four different salary surveys. Following discussion of this information, the Executive Committee takes action to set the salaries of the President and Administrative Cabinet for the following year, subject to approval of the full board, and records this action in the minutes of its meeting. Form 990, Part VI, Section C, line 19 The organizing documents, conflict of interest policy, and the financial statements are available upon request. Form 990, Part X, Lines 27 - 29: In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 06/30/2019. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $117,936,568 Line 29 - Net assets with donor restrictions 5,339,075 ____________ Total net assets $123,275,643 Form 990, Part XI, line 9: Adjustment to swap agreement liability -852,406. Form 990, Part XII, line 2c: The University Board of Trustees has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed since the prior year. Point Loma Nazarene University Foundation 3900 Lomaland Drive San Diego CA 92106 953948691 Support Point Loma Nazarene University CA 501(C)(3) Line 11c - Type I Point Loma Nazarene University 0 Charitable Remainder Trust (3) Hold assets and remit income to University CA Point Loma Nazarene University 0 Charitable Remainder Unitrust (4) Hold assets and remit income to University CA Point Loma Nazarene University 0 Pooled Income Fund (4) Hold assets and remit income to University CA Point Loma Nazarene University 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 Point Loma Nazarene University Foundation C Point Loma Nazarene University Foundation N Point Loma Nazarene University Foundation O