2017-05-15T14:29:14-05:00 2016-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1650 MARKET STREET SUITE 4500 PHILADELPHIA PA 19103 990 2015-07-01 231352665 DELAWARE VALLEY UNIVERSITY DELA 2154894898 700 EAST BUTLER AVE DOYLESTOWN PA 189012607 JENNIFER SAUER CPA VP FINANCE & ADMINISTRATION 2154894898 2017-05-05 1 JULIUS C GREEN CPA P00350393 2159720701 2015 2021-01-29 14:40:06Z DR MARIA GALLO 700 EAST BUTLER AVE DOYLESTOWN PA 189012607 105130911 0 X WWW.DELVAL.EDU X 1896 PA A PRIVATE FOUR-YEAR UNIVERSITY PROVIDING HIGHER EDUCATION TO INDIVIDUALS SEEKING ADVANCEMENT. 24 24 1522 2145 11267 10267 3413673 3816850 59872397 65935026 1715305 -1847875 13372392 14563124 78373767 82467125 25716526 29171969 0 0 32646164 34012631 0 0 808842 21686343 23663143 80049033 86847743 -1675266 -4380618 119548255 114460662 50152993 48898673 69395262 65561989 X WE ARE INSPIRED BY THE IDEALS OF OUR FOUNDER WHO, IN 1896, EMPHASIZED RESPECT FOR ALL PEOPLE AND IDEAS, WHO HONORED KNOWLEDGE WITH PRACTICE, PROGRESS AND THE COMMON GOOD. OUR HISTORICAL COMMITMENT TO EXPERIENTIAL LEARNING INTEGRATES THEORY AND PRACTICE AND PREPARES UNDERGRADUATE AND GRADUATE STUDENTS TO MEET THE CHALLENGES OF A COMPLEX GLOBAL ENVIRONMENT AND TO ENGAGE IN LIFELONG LEARNING. WE PROVIDE STUDENTS WITH THE REQUISITE SKILLS AND A SPIRIT OF INQUIRY THAT ENRICH AND INFORM THEIR LIVES, PREPARE THEM TO PURSUE MEANINGFUL CAREERS, AND FULFILL SOCIETAL, COMMUNITY AND FAMILY RESPONSIBILITIES. 0 0 66902257 29171969 65965422 DELAWARE VALLEY UNIVERSITY (THE "UNIVERSITY") OPERATES A PRIVATE, CO-EDUCATIONAL FOUR-YEAR INSTITUTION LOCATED IN DOYLESTOWN, BUCKS COUNTY, PENNSYLVANIA. THE UNIVERSITY WAS FOUNDED IN 1896 AND CURRENTLY ENROLLS OVER 1,600 FULL-TIME UNDERGRADUATE STUDENTS. THE UNIVERSITY'S FOCUS IS IN THE AREAS OF HIGH-SCIENCE, AGRICULTURE, BIOLOGICAL AND PHYSICAL SCIENCES, LIBERAL ARTS, TEACHER EDUCATION, AND BUSINESS. BESIDES ITS FULL-TIME UNDERGRADUATE PROGRAMS, THE UNIVERSITY OFFERS ASSOCIATE OF SCIENCE DEGREE PROGRAMS AND CONTINUING PROFESSIONAL STUDIES PROGRAMS INCLUDING EVENING AND SUMMER SESSIONS. IN ADDITION, THE UNIVERSITY OFFERS FIVE GRADUATE DEGREE PROGRAMS: MASTER OF SCIENCE, EDUCATIONAL LEADERSHIP; MASTER OF SCIENCE, TEACHING AND LEARNING; MASTER OF BUSINESS ADMINISTRATION; MASTER OF ARTS, POLICY STUDIES; AND MASTER OF ARTS, COUNSELING PSYCHOLOGY. 66902257 1 1 0 0 0 0 1 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 146 0 1 1522 1 1 1 0 0 0 0 1 1 1 1 0 0 0 X 24 24 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X CHERYL A MOYER AVP OF FINANCE 2152492456 700 EAST BUTLER AVE DOYLESTOWN PA 189012607 DR SUSAN B WARD CHAIRPERSON 0.30 X X 0 0 0 MAJID ALSAYEGH VICE CHAIRPERSON 0.30 X X 0 0 0 CHRISTOPHER H ASPLEN ESQ TREASURER 0.30 X X 0 0 0 JONATHAN MANDELL SECRETARY 0.30 X X 0 0 0 CAROL AICHELE TRUSTEE 0.30 X 0 0 0 CHARLES ALPUCHE TRUSTEE 0.30 X 0 0 0 LT GENERAL RONALD BAILEY TRUSTEE 0.30 X 0 0 0 DAVID A BECHER TRUSTEE 0.30 X 0 0 0 MARLENE M DE LA CRUZ TRUSTEE (BEGIN 3/5/16) 0.30 X 0 0 0 ANDREW G DOUGHERTY TRUSTEE 0.30 X 0 0 0 DR GREGORY G GALLANT TRUSTEE 0.30 X 0 0 0 EDWARD A GASTINEAU TRUSTEE 0.30 X 0 0 0 ELIZABETH H GEMMILL TRUSTEE 0.30 X 0 0 0 ARTHUR D HERSHEY TRUSTEE 0.30 X 0 0 0 EMILY R KEGGAN TRUSTEE 0.30 X 0 0 0 DR KEVIN L KEIM TRUSTEE 0.30 X 0 0 0 JOSEPH C KRAUSKOPF TRUSTEE 0.30 X 0 0 0 ROBERT LIPINSKI TRUSTEE 0.30 X 0 0 0 KATHERINE LITTLEFIELD TRUSTEE (BEGIN 9/18/15) 0.30 X 0 0 0 W THOMAS LOMAX TRUSTEE 0.30 X 0 0 0 MICHAEL MOSS TRUSTEE (TERM 5/7/16) 0.30 X 0 0 0 WILLIAM J MULLIN TRUSTEE (TERM 9/18/15) 0.30 X 0 0 0 MICHAEL O'CONNOR TRUSTEE 0.30 X 0 0 0 LAURA OWEN TRUSTEE 0.30 X 0 0 0 HELEN PISZEK-NELSON TRUSTEE 0.30 X 0 0 0 MARGUERITE C QUINN TRUSTEE (TERM 5/7/16) 0.30 X 0 0 0 RICHARD A REIF TRUSTEE (TERM 5/7/16) 0.30 X 0 0 0 ALAN SHERIFF TRUSTEE 0.30 X 0 0 0 DR JAMES F TRAINER TRUSTEE (TERM 9/18/15) 0.30 X 0 0 0 WILLIAM L WILSON TRUSTEE (TERM 9/18/15) 0.30 X 0 0 0 DR JOSEPH S BROSNAN PRESIDENT (TERM 6/30/2016) 60.00 X 427028 0 39121 ARTHUR D GLASS II VP FINANCE & ADMIN. (TERM 2/2016) 55.00 X 231696 0 29227 BASHAR HANNA VP ACADEMIC AFFAIRS & FACULTY DEAN 55.00 X 230413 0 32354 ARTHUR D GOON VP, ENROLLMENT MANAGEMENT 55.00 X 170232 0 33037 BENJAMIN E RUSILOSKI DEAN, ARTS & SCIENCES 55.00 X 165375 0 22753 KIM LONG DEAN, BUSINESS AND HUMANITIES 55.00 X 158083 0 22170 APRIL VARI VP, STUDENT AFFAIRS 55.00 X 155081 0 21734 1537908 0 200396 16 0 1 0 PARKHURST DINING SERVICES PO BOX 644091 PITTSBURGH PA 15264 FOOD SERVICE PROVIDER 2581530 RUFFALOCODY LLC PO BOX 718 DEMOINE IA 503030718 ENROLLMENT MANAGEMENT SERVICES 484939 WIGGIN & DANA LLP PO BOX 1832 NEW HAVEN CT 065081832 LEGAL SERVICES 318765 BACKE 100 MATSONFORD ROAD BLDG 3 SUITE WAYNE PA 19087 BRANDING/MARKETING CONSULTANT 318701 BERKS DEAF & HARD OF HEARING SERVIC 2045 CENTRE AVENUE READING PA 19605 SIGN LANGUAGE INTERPRETERS 143056 9 12000 91161 458752 3254937 430752 3816850 TUITION AND FEES 611310 65935026 65935026 65935026 1113540 1113540 5100 37371 -32271 -32271 -32271 18841150 2943 21739670 65838 -2898520 -62895 -2961415 -2961415 16307 91161 70204 -53897 -53897 1130084 750703 379381 379381 DINING SERVICES INCOME 722210 7048499 7048499 RESIDENCE HALLS 611310 6007153 6007153 PRODUCTION UNITS FARM INCOME 900099 422152 422152 792107 30396 11267 750444 14269911 82467125 65965422 11267 12673586 29171969 29171969 705330 705330 24969545 13319584 11209384 440577 1504556 805263 672657 26636 4834864 2521026 2230449 83389 1998336 1039037 924930 34369 1079610 1079610 105278 105278 253493 253493 3369152 2662440 651515 55197 518910 506367 12543 1417842 1204163 159598 54081 406322 403603 1596 1123 1491299 1491299 423755 372301 40909 10545 109121 101577 7544 1414517 1391270 23247 4119802 3603418 516384 429005 427805 1200 CONSTRUCTION 1795241 1795241 EQUIPMENT & REPAIRS 1437264 1437264 IMPAIRMENT LOSS 1381156 1381156 MEALS 985882 923027 59536 3319 2925494 2344447 482641 98406 86847743 66902257 19136644 808842 140263 137883 2329326 2361177 2155709 1890835 2061193 1711681 2145319 2068674 1148598 1159117 820612 830543 129473217 57079765 73917806 72393452 29633973 28332042 1473195 1212584 3381156 2000000 341105 362674 119548255 114460662 3822944 5094640 3380218 3829519 37920986 32954334 382172 4422606 1980000 2666673 2597574 50152993 48898673 X 44656391 41277467 17435280 15281229 7303591 9003293 69395262 65561989 119548255 114460662 -4380618 547345 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 2 283.00 1 0 0.00 0 30634431 1729920 -1272644 286369 1125115 253493 29426730 32764423 864352 -12602 258152 2442301 281289 30634431 30679243 840723 4015331 244954 2281354 244566 32764423 31770724 517223 2369019 231085 3549835 196803 30679243 33066877 634695 -167204 773012 896712 93920 31770724 0.30140 0.30590 0.39270 0 0 12157985 12157985 86767785 36870035 49897750 23686779 18598505 5088274 6860668 1611225 5249443 72393452 FUNDS HELD IN CUSTODY FOR OTHERS 842833 REFUNDABLE ADVANCES FOR STUDENT LOANS 1754741 2597574 X 53428737 547345 -30444011 -29896666 83325403 -858278 -858278 82467125 57262010 858278 858278 56403732 30444011 30444011 86847743 PART II, LINE 9: THE UNIVERSITY OWNS APPROXIMATELY 283 ACRES OF LAND IN BUCKS AND MONTGOMERY COUNTIES UNDER AGRICULTURAL CONSERVATION EASEMENTS PURSUANT TO THE AGRICULTURAL AREA SECURITY LAW. UNDER THESE AGRICULTURAL CONSERVATION EASEMENTS, THE UNIVERSITY'S USE OF THE LAND IS LIMITED TO THE PRODUCTION OF CROPS, LIVESTOCK AND LIVESTOCK PRODUCTS, AND OTHER AGRICULTURAL PRODUCTION. PART V, LINE 4: THE USE OF ENDOWMENT FUNDS IS BASED ON THE RESTRICTION PLACED BY THE DONOR. ANY BOARD-DESIGNATED QUASI-ENDOWMENT FUNDS ARE USED PRIMARILY FOR STUDENT SCHOLARSHIPS. PART X, LINE 2: THE UNIVERSITY FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") GUIDANCE THAT REQUIRES A TAX POSITION TO BE RECOGNIZED OR DERECOGNIZED BASED ON THE "MORE LIKELY THAN NOT" THRESHOLD. THE UNIVERSITY DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS. THE UNIVERSITY'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. NO INTEREST OR PENALTIES WERE RECOGNIZED IN 2016 AND 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS -28,915,427. IMPAIRMENT LOSS -1,381,156. LOSS ON REFUNDING OF BONDS -147,428. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -750,703. RENTAL EXPENSE -37,371. SPECIAL EVENTS EXPENSE -70,204. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 750,703. RENTAL EXPENSE 37,371. SPECIAL EVENTS EXPENSE 70,204. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 28,915,427. IMPAIRMENT LOSS 1,381,156. LOSS ON REFUNDING OF BONDS 147,428. 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 NON-DISCRIMINATION POLICY OF THE UNIVERSITY IS INCLUDED IN ALL EXTERNALLY TARGETED PUBLICATIONS, THE UNIVERSITY CATALOG, AND THE WEBSITE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FEDERAL FUNDS UNDER THE PERKINS LOAN, PELL GRANT, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT, COLLEGE WORK STUDY, AND OTHER MISCELLANEOUS FEDERAL RESEARCH AND DEVELOPMENT GRANTS. ADDITIONALLY, THE UNIVERSITY RECEIVES VARIOUS GRANTS FROM THE COMMONWEALTH OF PENNSYLVANIA AND ITS POLITICAL SUBDIVISIONS. DVC GOLF CLASSIC 107468 91161 16307 64524 5680 107468 91161 16307 64524 5680 70204 -53897 1 VARIOUS STUDENT SCHOLARSHIPS 1600 29171969 PART I, LINE 2: NEED-BASED GRANTS AWARDED BASED ON FINANCIAL AID NEEDS ANALYSIS. OTHER GRANTS/SCHOLARSHIPS AWARDED BASED ON MEETING REQUIREMENTS SET FORTH BY THE DONOR. X 1 1 X X X 0 0 0 0 0 0 0 0 0 DR JOSEPH S BROSNAN PRESIDENT (TERM 6/30/2016) 301705 0 0 0 125323 0 30282 0 8839 0 466149 0 0 0 ARTHUR D GLASS II VP FINANCE & ADMIN. (TERM 2/2016) 229210 0 0 0 2486 0 20629 0 8598 0 260923 0 0 0 BASHAR HANNA VP ACADEMIC AFFAIRS & FACULTY DEAN 226939 0 0 0 3474 0 15866 0 16488 0 262767 0 0 0 ARTHUR D GOON VP, ENROLLMENT MANAGEMENT 170232 0 0 0 0 0 16457 0 16580 0 203269 0 0 0 BENJAMIN E RUSILOSKI DEAN, ARTS & SCIENCES 159142 0 0 0 6233 0 14323 0 8430 0 188128 0 0 0 KIM LONG DEAN, BUSINESS AND HUMANITIES 156021 0 0 0 2062 0 14042 0 8128 0 180253 0 0 0 APRIL VARI VP, STUDENT AFFAIRS 154506 0 0 0 575 0 13905 0 7829 0 176815 0 0 0 PART I, LINE 1A JOSEPH BROSNAN, THE UNIVERSITY PRESIDENT, IS REQUIRED TO RESIDE ON CAMPUS AS A CONVENIENCE TO THE UNIVERSITY AND AS A CONDITION OF EMPLOYMENT. AS SUCH, THIS BENEFIT IS NOT INCLUDED IN HIS TAXABLE COMPENSATION. A PENNSYLVANIA HIGHER EDUCATION FACILITIES AUTHORITY 232243852 70917SBL6 2012-10-18 34853500 CONSTRUCTION/EQUIPMENT/FURNISHINGS - LIFE & SCIENCE BLDING, BOND REFINANCE 0 0 0 A 1075000 34853500 2315562 364968 10018896 22190456 2013 1 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 A 1 X 6 395752 CLOSING PRICE X LIVESTOCK - HORSE 1 35000 APPRAISAL 1 0 1 0 PART I, COLUMN (B): THE NUMBER REPORTED IN COLUMN B REFERS TO THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1 THE MEMBERSHIP OF THE EXECUTIVE COMMITTEE CONSISTS OF 9 TRUSTEES AND INCLUDES THE UNIVERSITY PRESIDENT, THE CHAIRPERSON AND THE VICE CHAIRPERSON OF THE BOARD, PLUS OTHER TRUSTEES AS VOTED BY THE BOARD. THIS COMMITTEE MAY EXERCISE ALL THE POWERS AND THE AUTHORITY OF THE BOARD OF TRUSTEES EXCEPT FOR THE FOLLOWING: THE FILLING OF VACANCIES IN THE BOARD OF TRUSTEES, THE ADOPTION, AMENDMENT, OR REPEAL OF THE BYLAWS, THE AMENDMENT OR APPEAL OF ANY RESOLUTION OF THE BOARD OF TRUSTEES AND THE PURCHASE OR SALE OR LONG-TERM LEASING (GREATER THAN FIVE YEARS) OF ANY REAL ESTATE, OR THE PLEDGING OR MORTGAGING OF THE SAME. FORM 990, PART VI, SECTION A, LINE 4 TRUSTEES WHO HAVE SERVED FOR 12 CONSECUTIVE YEARS MUST NOW TAKE A 2 YEAR HIATUS INSTEAD OF 1 YEAR BEFORE THEY CAN BE CONSIDERED FOR RE-ELECTION. THE BOARD NOW RESERVES THE RIGHT TO IMMEDIATELY AND INDEFINITELY REMOVE ANY HONORARY OR TRUSTEE EMERITUS IN THE EVENT OF EXTENUATING CIRCUMSTANCES - INCLUDING, BUT NOT LIMITED TO, SUSPECTED ILLEGAL OR UNETHICAL BEHAVIOR. THE DEFINITION OF A QUORUM HAS BEEN AMENDED FROM "ELEVEN MEMBERS" TO "AT LEAST 50% OF THE BOARD AND BOARD MEMBERS MAY BE CONSIDERED PRESENT THROUGH CONFERENCE TELEPHONE OR OTHER ELECTRONIC TECHNOLOGY. THE EXECUTIVE COMMITTEE NOW CONSISTS OF NINE TRUSTESS INSTEAD OF NOT FEWER THAN 6 AND NOT MORE THAN 8". FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED IN DETAIL BY MANAGEMENT OF THE UNIVERSITY INCLUDING THE ASSISTANT VP OF FINANCE AND THE VP OF FINANCE AND ADMINISTRATION. THE 990 IS THEN REVIEWED BY THE INVESTMENT AND FINANCE COMMITTEE OF THE BOARD AND MADE AVAILABLE TO THE ENTIRE BOARD OF TRUSTEES PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST SURVEYS ARE COMPLETED ANNUALLY BY THE BOARD OF TRUSTEES AND DELAWARE VALLEY UNIVERSITY STAFF. THESE SURVEYS ARE REVIEWED BY SENIOR MANAGEMENT TO DETERMINE IF THERE IS ANY POTENTIAL CONFLICT OF INTEREST. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST BY THE BOARD OF DIRECTORS AND OFFICERS, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF HIS OR HER FINANCIAL INTEREST AND MUST BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IF AN EMPLOYEE HAS A VESTED INTEREST IN A FIRM THAT IS DOING BUSINESS WITH THE UNIVERSITY, THE EMPLOYEE MUST REPORT THE INTEREST TO THE PRESIDENT AND MUST NOT REPRESENT THE UNIVERSITY IN TRANSACTIONS BETWEEN THE FIRM AND THE UNIVERSITY. NO EMPLOYEE CAN ACCEPT EMPLOYMENT IN ANY ORGANIZATION WHICH CONDUCTS BUSINESS WITH THE UNIVERSITY OR IS A UNIVERSITY COMPETITOR. FACULTY WHO TEACH PART TIME AT OTHER EDUCATIONAL INSTITUTIONS ARE NOT CONSIDERED IN VIOLATION OF THIS POLICY. VIOLATION OF THIS POLICY WILL RESULT IN DISCIPLINARY ACTION, UP TO AND INCLUDING DISCHARGE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES USES A COMPENSATION CONSULTANT AND INDEPENDENT COMPENSATION SURVEYS TO DETERMINE THE PRESIDENT'S COMPENSATION ANNUALLY. THE SERVICES OF THE COMPENSATION CONSULTANT WERE LAST USED IN 2014. THE EXECUTIVE COMMITTEE APPROVES THE COMPENSATION. THE EXECUTIVE COMMITTEE IS COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD. COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES ARE GROUPED WITH ALL OTHER EMPLOYEES WHEN DETERMINING COMPENSATION. THE BOARD OF TRUSTEES APPROVES ALL EMPLOYEE COMPENSATION AND SALARY INCREASES AS PART OF THE ANNUAL BUDGET PROCESS. THE REVIEW AND APPROVAL PROCESS IS DOCUMENTED VIA MINUTES OF THE BOARD OF TRUSTEES AND/OR MINUTES FROM THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. CHARITABLE REMAINDER ANNUITY TRUST (2) CHARITABLE TRUST PA DELAWARE VALLEY UNIVERSITY 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0