2017-01-24T20:24:18-06:00 2016-06-30 946214841 Armanino LLP 12657 Alcosta Blvd Ste 500 San Ramon CA 945834600 990 2015-07-01 943204136 Menlo College MENL 6505433753 1000 El Camino Real Atherton CA 94027 Steven Weiner Executive VP, Finance & Admin 6505433753 2017-01-23 1 Katy Brown P00650274 9257902600 2015 2021-01-29 14:40:06Z Steven Weiner 1000 El Camino Real Atherton CA 94027 39266849 0 X WWW.MENLO.EDU X 1994 CA TO DEVELOP FUTURE LEADERS THROUGH A LIBERAL ARTS-BASED BUSINESS EDUCATION THAT INTEGRATES ACADEMIC STUDY AND FIELDWORK IN A SILICON VALLEY ENVIRONMENT UNMATCHED IN ITS POTENTIAL FOR INNOVATION. 21 21 432 31 0 0 1152973 802571 34752581 35041120 1014001 41174 552486 884776 37472041 36769641 12997678 13797712 0 0 13441415 13923349 19800 0 94500 12507333 12066008 38966226 39787069 -1494185 -3017428 66559832 44583864 12668006 16683138 53891826 27900726 X MENLO COLLEGE WAS FOUNDED IN 1927 AS A COMPONENT OF MENLO SCHOOL AND COLLEGE. ON JULY 1, 1994, THE COLLEGE COMMENCED OPERATIONS AS A SEPARATE, NON-PROFIT, COEDUCATIONAL INSTITUTION OF HIGHER EDUCATION. THE SEPARATION BETWEEN MENLO SCHOOL AND MENLO COLLEGE WAS FINALIZED IN 2008. TODAY MENLO OPERATES AS A SMALL, INNOVATIVE, PRIVATE RESIDENTIAL COLLEGE RECOGNIZED BY U.S. NEWS & WORLD REPORT AND THE PRINCETON REVIEW FOR THE EXCELLENCE OF ITS PROGRAMS. 0 0 34624854 13797712 35041120 The College provides instruction to approximately 769 full-time students in a four-year undergraduate management program. Expenditures include dormitory, dining, student union, and health services. 34624854 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 153 0 1 432 1 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X Steven Weiner Executive VP Finance & Admin 6505433753 1000 EL CAMINO REAL ATHERTON CA 94027 T Geir Ramleth Chairman 1.00 X 0 0 0 Micah Kane Vice Chairman 1.00 X 0 0 0 Charles J Keenan III Vice Chairman 1.00 X 0 0 0 Thomas Byers Trustee 1.00 X 0 0 0 Lee Caraher Trustee 1.00 X 0 0 0 Andrea Cunningham Trustee 1.00 X 0 0 0 Howard Dallmar Trustee 1.00 X 0 0 0 James A Davlin Trustee 1.00 X 0 0 0 Chris Garrett Trustee 1.00 X 0 0 0 J Michael Gullard Trustee 1.00 X 0 0 0 Richard L Humphreys Sr Trustee 1.00 X 0 0 0 David C Irmer Sr Trustee 1.00 X 0 0 0 Harry W Kellogg Jr Trustee 1.00 X 0 0 0 Connor Limont Trustee 1.00 X 0 0 0 Jordan Long Trustee 1.00 X 0 0 0 Larry Lopez Trustee 1.00 X 0 0 0 Sean Mendy Trustee 1.00 X 0 0 0 Thomas Morehouse Trustee 1.00 X 0 0 0 James T Rea Trustee 1.00 X 0 0 0 William Redmon Trustee 1.00 X 0 0 0 Thomas J Scannell Trustee 1.00 X 0 0 0 Richard Moran President 40.00 X 386344 0 46296 Steven Weiner Executive VP of Finance & Admin. 40.00 X 236616 0 30747 James Woolever Provost 40.00 X 158161 0 20857 Terry Givens Provost 40.00 X 114387 0 14512 Soumendra De Faculty 40.00 X 162507 0 24253 Angela Schmiede Dean, Acad & Prof Success 40.00 X 141069 0 33637 Leslie Sekerka Associate Professor 40.00 X 140169 0 22798 Kenneth Leong Faculty 40.00 X 139044 0 23636 Deborah McCabe Faculty 40.00 X 138556 0 24653 1616853 0 241389 32 0 1 0 Sodexo Inc & Affiliates 1000 El Camino Real Atherton CA 94027 Food services 2460017 KIS 48383 Fremont Blvd 122 Fremont CA 94538 Computer/Systems/Network 307245 Gachina Landscape Management Inc 1130 OBrien Drive Menlo Park CA 94025 Landscaping/Grounds 259650 Capital Solutions Bancorp LLC PO Box 930330 Atlanta GA 311930330 Janitorial Services 214457 J D Matthews Construction 7610 Crews Rd Gilroy CA 95020 Construction 191249 5 64102 738469 802571 Student Tuition 611600 28810064 28810064 Auxiliary Fees 611600 6231056 6231056 35041120 484464 484464 2053918 2497077 131 -443159 -131 -443290 -443290 Other Revenue 900099 884776 884776 884776 36769641 35041120 0 925950 13797712 13797712 905000 230000 675000 10190020 9303521 811499 75000 764793 580770 177273 6750 1326047 728897 591900 5250 737489 650560 79429 7500 216887 216887 83483 83483 60190 60190 1348209 998931 349278 226774 116457 110317 159847 101242 58605 388209 388209 1399465 1302072 97393 652219 610304 41915 75126 63264 11862 9301 9301 2368236 2250057 118179 666666 404272 262394 Operations and Maintena 2112748 1248347 864401 Program - Dining Hall 2110969 2110969 Program Other 113196 66598 46598 Other Expenses 74483 60881 13602 39787069 34624854 5067715 94500 919858 721458 2169341 2167656 308176 358900 7087301 10127779 64979 60120 175644 529814 20088897 12333135 30023080 7755762 24970976 17322378 649031 5111776 191446 428221 66559832 44583864 1259711 1608571 10477934 13383182 1000000 930361 691385 12668006 16683138 X 41672213 15926518 4688659 4455181 7530954 7519027 53891826 27900726 66559832 44583864 X -3017428 -690461 -22275738 -7473 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10956560 16415 -342191 250000 10380784 10980132 104666 121762 250000 10956560 9371014 348767 1510351 250000 10980132 8784403 1825 850467 265681 9371014 7758993 1004587 412053 391230 8784403 0.09260 0.72430 0.18310 0 0 202500 202500 52423 52423 0 12005203 7479529 4525674 2928255 1929080 999175 4900516 2872103 2028413 7755762 Other Stocks 270998 F Partnership Interests 4840778 F 5111776 Accrued Salaries/Payroll Taxes 554699 Annuity Reserves 136686 691385 X 22287493 -690461 13498 -13805185 -14482148 36769641 0 36769641 26002855 13498 13498 25989357 13797712 13797712 39787069 Part V, Line 4: Endowment assets include those assets of donor-restricted funds that the College must hold in perpetuity or for a donor-specified period(s). As well as Board-designated funds, the College expects its endowment funds, over time, to provide an average rate of return of approximately 5 percent annually. Actual returns in any given year may vary from this amount. Part X, Line 2: The College has received determination letters from the Internal Revenue Service and the State of California indicating that the College is exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code of 1954, as amended and the Revenue and Taxation Code of the State of California, respectively. Accordingly, no provision for income taxes has been made in the accompanying financial statements. The College has evaluated its current tax positions and has concluded that as of June 30, 2016 and 2015, the College does not have any significant uncertain tax positions for which a reserve would be necessary. Part XI, Line 2d - Other Adjustments: Change in MOU funds value -7,473. Scholarships and financial aid -13,797,712. Part XII, Line 4b - Other Adjustments: Scholarships and financial aid 13,797,712. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Menlo College includes in all registration materials the following statement regarding equal opportunity and access to its programs. The same statement is published on the Menlo College website as follows: Menlo does not discriminate on the basis of race, color, national origin, gender, sexual orientation, disability, age, or other attributes protected by law in any of its policies, procedures, or practices. The nondiscrimination policy covers admission and access to, and treatment and employment in, the College's programs and activities. Menlo College draws 69% of students from California, and 56% of students are from minority groups. Schedule E, Part I, Line 6 Students attending the College receive support in the form of scholarships and financial aid from state and federal governments. 1 Institutional scholarships 787 13797712 Part I, Line 2: Menlo College requires financial aid applicants submit evidence of eligibility and maintains ongoing records of attendance and scholastic achievements by all recipients. X 1 1 X X 0 0 0 0 0 0 0 0 0 Richard Moran President 386344 0 0 0 0 0 12000 0 34296 0 432640 0 0 0 Steven Weiner Executive VP of Finance & Admin. 236616 0 0 0 0 0 22500 0 8247 0 267363 0 0 0 James Woolever Provost 158161 0 0 0 0 0 12717 0 8140 0 179018 0 0 0 Soumendra De Faculty 162507 0 0 0 0 0 14234 0 10019 0 186760 0 0 0 Angela Schmiede Dean, Acad & Prof Success 141069 0 0 0 0 0 12684 0 20953 0 174706 0 0 0 Leslie Sekerka Associate Professor 140169 0 0 0 0 0 12780 0 10018 0 162967 0 0 0 Kenneth Leong Faculty 139044 0 0 0 0 0 12391 0 11245 0 162680 0 0 0 Deborah McCabe Faculty 138556 0 0 0 0 0 13409 0 11244 0 163209 0 0 0 Part I, Line 1a Campus housing was provided to the President as a condition of employment. Form 990, Part VI, Section A, line 4 The ByLaws were amended in May 2016 to reeflect the discontinuation of one of the referenced standing committees (Audit & Budget) and the formulation of two new standing committees (the Audit Committee and the Finance Committee). Form 990, Part VI, Section B, line 11 BEFORE FILING, THE FORM 990 IS REVIEWED BY THE BOARD AUDIT COMMITTEE, AND IS THEN SHARED WITH THE FULL BOARD MEMBERSHIP. Form 990, Part VI, Section B, line 12c The Conflict of Interest policy applies to Interested Persons, which include any director, principal officer, or member of a committee with board delegated powers who have a direct or indirect financial interest in a potential transaction with Menlo College. Trustees are required to sign an annual Conflict of Interest form disclosing any potential conflicts at the October board meeting. A person with a potential conflict of interest may present material facts to the board or committee contemplating the potentially conflicted transaction. Non-interested members then determine whether a conflict of interest exists. If a conflict is determined to exist, the non-interested board or committee members investigate whether there is a more advantageous option available to Menlo College that would not present a conflict of interest. After evaluating options, a majority vote of non-interested members is needed to proceed with the proposed conflicted transaction. Persons with a potential conflict of interest are not permitted to participate in discussion or voting on matters pertaining to the potential conflict. Failure to disclose possible or actual conflicts of interest will result in investigation and/or appropriate disciplinary and corrective action. Form 990, Part VI, Section B, line 15 Comparable data was reviewed, and compensation and benefit payments were determined and approved by the Board and/or the Board's Executive Committee, and the CEO. Form 990, Part VI, Section C, line 19 Upon written request, the Organization will provide copies of financial statements and filed tax returns. The Organization relies on Guidestar to publish their tax return on the internet. Form 990, Part XI, line 9: Change in MOU Funds Value -7,473. Form 990, Part XII, Line 2c: The process has not changed from the prior year. Form 990, Part XI, Line 8: During a review of the carrying values of fixed assets during 2016, management of the College determined the value of certain fixed assets transferred to the College in previous years in conjunction with the 1994 Separation Agreement between the College, the Supporting Charity and Menlo School were overstated. The College determined that the transaction met all the conditions stipulated by accounting principles generally accepted in the U.S. to qualify as an asset transfer, and that the carrying value on the books of the Supporting Charity at the date of the transfer approximated the fair value due to various factors including the age of the buildings and planned replacement and renovation costs. The effect of the restatement resulted in a reduction of depreciation expense and an increase to the change in net assets of $783,968 in each of the years ended June 30, 2015 and 2014, and a reduction of fixed assets, net, unrestricted net assets and total net assets of $22,275,738 and $23,059,706 as of June 30, 2015 and June 30, 2014, respectively. Menlo School and Menlo College 1000 El Camino Real Atherton CA 94027 941156656 HOLDS TITLE TO BUILDINGS USED BY MENLO SCHOOL AND MENLO COLLEGE CA 501(C)(3) Line 11a, I N/A 0 Pooled Income Fund Investments CA N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 Menlo School and Menlo College Q 247582 FMV Menlo School and Menlo College P 235 FMV