2016-02-03T08:29:56-06:00 2015-06-30 510232399 BELFINT LYONS & SHUMAN PA 1011 CENTRE RD STE 310 WILMINGTON DE 19805 990 2014-07-01 510109178 GOLDEY-BEACOM COLLEGE INC GOLD 3029988814 4701 LIMESTONE ROAD WILMINGTON DE 19808 KRISTINE SANTOMAURO VICE PRESIDENT 3022256268 2016-01-26 1 JONATHAN D MOLL CPA P01053700 3022250600 2014 2016-04-25 22:37:26Z KRISTINE SANTOMAURO 4701 LIMESTONE ROAD WILMINGTON DE 19808 60636343 0 X WWW.GBC.EDU X 1951 DE TO CONFER THE ASSOCIATE, BACCALAUREATE AND GRADUATE DEGREES ON QUALIFIED STUDENTS. 8 7 326 28 0 0 1000390 1282621 34351889 36664083 6272923 6803900 59872 124844 41685074 44875448 13516368 16042503 0 0 8812463 7515257 0 0 255351 4878738 5032841 27207569 28590601 14477505 16284847 113900315 125629160 7172378 4645312 106727937 120983848 X GOLDEY-BEACOM COLLEGE PROVIDES ACCESSIBLE EDUCATION OF THE HIGHEST QUALITY, OFFERING UNDERGRADUATE AND MASTERS-LEVEL PROGRAMS. AS A TEACHING-ORIENTED INSTITUTION OF HIGHER LEARNING, THE COLLEGE EMPHASIZES INSTRUCTIONAL EXCELLENCE IN THE CLASSROOM AND IS COMMITTED TO SUSTAINING FACULTY WHO ARE CARING, DEDICATED AND KNOWLEDGEABLE IN THEIR RESPECTIVE FIELDS; WHO MOTIVATE THEIR STUDENTS TO REALIZE THEIR FULL LEARNING POTENTIAL; AND WHO REPRESENT THE VERY BEST IN TEACHING EXCELLENCE. 0 0 20191271 15091172 35114127 PROGRAMS OF STUDY-DAY AND EVENING ACADEMIC PROGRAMS WHICH PROVIDE TRAINING AND EDUCATION TO 682 FULL-TIME STUDENTS AND 1,975 PART-TIME STUDENTS. 1819184 484981 1549956 AUXILIARY ENTERPRISES - RESIDENCE HALLS, FOOD SERVICE AND RELATED SUMMER PROGRAMS INCLUDING MODERN APARTMENTS LOCATED ADJACENT TO THE ACADEMIC BUILDING PROVIDING HOUSING FOR 235 STUDENTS. FOOD SERVICE FACILITIES AND OTHER RELATED SERVICES AVAILABLE FOR STUDENTS AND SUMMER PROGRAM ATTENDEES. THE CAMPUS STORE SELLS SCHOOL SUPPLIES, COLLEGE APPAREL, AND SMALL MISCELLANEOUS ITEMS TO STUDENTS TO ASSIST IN PROVIDING A COLLEGIATE EXPERIENCE. 3422513 466350 0 SERVICES PROVIDED TO STUDENTS FOR ACTIVITIES, ATHLETICS, AND FINANCIAL AID AND TO SUPPORT DEPARTMENTS OF THE COLLEGE. 25432968 1 1 0 0 0 0 0 0 0 1 1 0 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 0 0 0 0 1 37 0 1 326 1 1 1 0 0 0 0 0 0 0 0 0 X 8 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X KRISTINE SANTOMAURO 3029988814 4701 LIMESTONE ROAD WILMINGTON DE 19808 X MOHAMMAD ILYAS PRESIDENT 40.00 X X 1458447 0 31687 JAVED GILANI TRUSTEE 2.00 X 0 0 0 E THOMAS HARVEY TRUSTEE 2.00 X 0 0 0 JOAN VERBONITZ PANIK TRUSTEE 2.00 X 0 0 0 R JEFFREY JOHNSON BOARD SECRETARY/TREASURER 2.00 X 0 0 0 JOHN J PATTERSON III BOARD CHAIR 2.00 X 0 0 0 CORNELIA N WINNER TRUSTEE 2.00 X 0 0 0 MARK OLAZAGASTI BOARD VICE PRESIDENT 2.00 X 0 0 0 KRISTINE SANTOMAURO VICE PRESIDENT 40.00 X 444644 0 41577 GARY WIRT PRESIDENT-ELECT 40.00 X 601806 0 31975 EMILY JACKSON ILYAS DEAN 40.00 X 139601 0 17790 ALISON WHITE DEAN 40.00 X 117541 0 24151 IBRAHIM ELSAIFY ASSOCIATE PROFESSOR 40.00 X 116167 0 16666 HIBBATUL OMAR PROFESSOR 40.00 X 108503 0 23639 DEBORAH LEITSCH PROFESSOR 40.00 X 103185 0 13607 FATMA ABDEL-RAOUF PROFESSOR 40.00 X 101989 0 12835 3191883 0 213927 9 0 1 0 BUTLER WOODCRAFTERS INC 1204 BROOK DR WILMINGTON DE 19803 CONTRACT FURNITURE 160758 JENZABAR 101 HUNTINGTON AVENUE SUITE 2200 BOSTON MA 02199 HIGHER EDUCATION MANAGEMENT SOFTWARE 126301 2 1119898 162723 1282621 STUDENT TUITION & FEES 611710 35114127 35114127 RESIDENCE HALL FEES 721000 1511078 1511078 CAMPUS STORE REVENUE 451211 38878 38878 36664083 3486268 3486268 19078527 15702271 58624 3376256 -58624 3317632 3317632 MISCELLANEOUS INCOME 900099 124844 124844 124844 44875448 36664083 0 6928744 16042503 16042503 1199798 839856 299951 59991 5179717 4050726 1005895 123096 249531 176319 61228 11984 452329 320312 110501 21516 433882 336224 86359 11299 34325 34325 39000 39000 161090 161090 95689 95689 294722 283253 11469 857311 407885 439457 9969 104229 104229 895635 791322 101525 2788 151593 141608 8060 1925 883161 594166 282082 6913 135377 67515 67862 STUDENT ACTIVITIES 424534 424534 SMALL EQUIPMENT 305659 251434 53240 985 EQUIPMENT MAINTENANCE 225328 208411 16917 FOOD SERVICES 186992 186992 238196 109990 123321 4885 28590601 25432968 2902282 255351 2550 2450 9150335 9411504 1737155 1439531 445953 537161 63079 47600 331882 423833 25742606 17720409 8268676 8022197 93900685 105726720 0 18164 113900315 125629160 112350 199950 7060028 4445362 7172378 4645312 X 92244944 106126524 5864073 6169052 8618920 8688272 106727937 120983848 113900315 125629160 X 16284847 -3175868 1146932 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 83030478 10985215 3298740 2389979 94924454 59110992 13788009 10373806 242329 83030478 53646071 86484 5617005 238568 59110992 47586681 4170231 2116072 226913 53646071 35326116 5677943 6774941 192319 47586681 0.84000 0.09000 0.07000 0 0 388137 388137 19223365 12857089 6366276 3437016 2705014 732002 2694088 2158306 535782 8022197 ADVANCED TUITION & FEES 3009832 STUDENT DEPOSITS 466503 ACCRUED PAYROLL 697361 OTHER LIABILITIES 26333 FEDERAL PORTION PERKINS LOAN FUND 245333 4445362 X 26616255 -3175868 -3175868 29792123 161090 14922236 15083326 44875449 13507275 0 13507275 161090 14922236 15083326 28590601 PART V, LINE 4: BOARD-DESIGNATED, UNRESTRICTED ENDOWMENT FUNDS ARE INTENDED FOR SCHOOL'S OPERATIONS AND DRAWS ARE MADE ACCORDING TO THE SCHOOL'S SPENDING POLICY. PERMANENTLY RESTRICTED ENDOWMENT FUNDS ARE HELD BY THE SCHOOL IN PERPETUITY, IN ACCORDANCE WITH DONOR INTENT. PART X, LINE 2: INCOME NOT RELATED TO THE COLLEGE'S TAX-EXEMPT PURPOSE MAY BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA IMPOSE A THRESHOLD FOR DETERMINING WHEN AN INCOME TAX BENEFIT CAN BE RECOGNIZED IN REGARD TO UNCERTAIN TAX POSITIONS. THE COLLEGE HAS DETERMINED THAT NO LIABILITY FOR UNCERTAIN TAX POSITIONS IS REQUIRED TO BE ACCRUED AND INCLUDED IN THE STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2015 AND 2014. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND OTHER ASSISTANCE -NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 14,922,236. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND OTHER ASSISTANCE -NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 14,922,236. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 FREQUENT NEWSPAPER ADVERTISING SCHEDULE E, PART I, LINE 6 STUDENT FINANCIAL AID 1 SCHOLARSHIPS AND FINANCIAL AID AWARDED TO STUDENTS FOR TUITION AND HOUSING 2772 16042503 ACTUAL CASH VALUE OF REDUCTION FOR TUITION, FEES, AND HOUSING. REDUCTION IN TUITION, FEES, AND HOUSING. PART I, LINE 2: THE COLLEGE'S PROCEDURES FOR MONITORING THE USE OF SCHOLARSHIPS AND FINANCIAL AID AWARDED TO STUDENTS ARE BASED UPON THE GUIDELINES PROVIDED BY THE U.S. DEPARTMENT OF EDUCATION. X 1 1 X X 0 0 0 0 0 0 0 0 0 MOHAMMAD ILYAS PRESIDENT 473240 0 979607 0 5600 0 25740 0 5947 0 1490134 0 0 0 KRISTINE SANTOMAURO VICE PRESIDENT 210978 0 222410 0 11256 0 25740 0 15837 0 486221 0 0 0 GARY WIRT PRESIDENT-ELECT 315499 0 273918 0 12389 0 25740 0 6235 0 633781 0 0 0 EMILY JACKSON ILYAS DEAN 133817 0 4600 0 1184 0 11559 0 6231 0 157391 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FOLLOWING PROCESS WILL BE USED TO ALLOW THE TRUSTEES TO REVIEW THE FORM 990 PRIOR TO ITS SUBMISSION: 1) THE AUDITOR SUBMITS RECOMMENDED COMPLETED FORM 990 TO THE VICE PRESIDENT (VP) FOR REVIEW. 2) UPON THE VP'S APPROVAL OF THE COMPLETED FORM 990, THE VP ELECTRONICALLY SENDS THE RECOMMENDED COPY TO THE FULL BOARD ASKING THEM TO REVIEW THE FORM AND GET BACK TO THE VP BY A DESIGNATED DATE WITH ANY QUESTIONS THEY HAVE. 3) IF QUESTIONS ARE RECEIVED FROM THE TRUSTEES, THE VP IS RESPONSIBLE FOR OBTAINING THE ANSWERS AND REPLYING TO THE TRUSTEES PROMPTLY. 4) ONCE ALL TRUSTEE QUESTIONS HAVE BEEN ANSWERED, THE VP WILL SIGN THE FORM 990 AND INITIATE THE ELECTRONIC SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE IS REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN A STATEMENT ACKNOWLEDGING THEIR UNDERSTANDING AND COMPLIANCE WITH THE POLICY. UNDER THE COLLEGE'S PERSONNEL POLICY MANUAL, PAID OFFICERS AND ALL OTHER EMPLOYEES ARE ADVISED TO AVOID ANY POTENTIAL CONFLICTS OF INTEREST AND ARE REQUIRED TO NOTIFY THE COLLEGE IMMEDIATELY SHOULD ANY SUCH CONFLICTS ARISE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMPENSATION PROCESS IS USED TO DETERMINE THE ANNUAL COMPENSATION FOR THE PRESIDENT, THE VICE PRESIDENTS, AND ANY OTHER KEY EMPLOYEE EARNING MORE THAN $150,000 PER YEAR AT GOLDEY-BEACOM COLLEGE. PRESIDENT - THE CHAIRMAN OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, WHO IS ALSO ALWAYS THE CHAIR OF THE FULL BOARD, REVIEWS AND DETERMINES THE ANNUAL COMPENSATION OF THE PRESIDENT OF THE COLLEGE. IN HIS/HER DELIBERATIONS, THE CHAIRMAN GENERALLY CONSULTS WITH THE OTHER INDEPENDENT MEMBERS OF THE BOARD'S EXECUTIVE COMMITTEE. THE CHAIRMAN AND ALL OTHER MEMBERS OF THE COMMITTEE, EXCLUDING THE PRESIDENT, ARE ALWAYS INDEPENDENT INDIVIDUALS WHO MUST NOT DRAW ANY BENEFITS FROM THE COLLEGE. THEY ARE ALSO REQUIRED TO SIGN A WRITTEN NO-CONFLICT-OF-INTEREST DECLARATION FOR THE RECORD. IN DETERMINING THE ANNUAL COMPENSATION OF THE PRESIDENT, THE CHAIRMAN AND HIS/HER ASSOCIATES NORMALLY TAKE INTO CONSIDERATION THE WIDELY REPORTED AND PUBLISHED DATA OF PRESIDENTIAL COMPENSATION IN SUCH PUBLICATIONS AS THE CHRONICLE OF HIGHER EDUCATION AND THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR). AFTER FINALIZING THE DECISION, THE CHAIRMAN COMMUNICATES IT TO THE PRESIDENT IN A MEETING. VICE PRESIDENTS/KEY EMPLOYEES EARNING MORE THAN $150,000 PER YEAR - THE PRESIDENT OF THE COLLEGE INITIATES THE REVIEW OF THE COMPENSATION OF THE VICE PRESIDENTS AND ALL KEY EMPLOYEES WHO EARN MORE THAN $150,000 PER YEAR. IN HIS/HER REVIEW, THE PRESIDENT TAKES INTO CONSIDERATION THE COMPENSATION DATA PUBLISHED BY THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR). BASED ON THE COMPENSATION DATA AND THE PERFORMANCE OF THE EMPLOYEES MAKING MORE THAN $150,000, THE PRESIDENT REVIEWS AND DETERMINES THE NEW COMPENSATION FOR THESE EMPLOYEES FOR THE SUBSEQUENT YEAR. AFTER CONSULTING WITH THE CHAIRMAN OF THE BOARD OF TRUSTEES, THE PRESIDENT COMMUNICATES THE DECISION TO THE RELEVANT EMPLOYEES ON THEIR NEW COMPENSATION IN FORMAL MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S ANNUAL AUDIT REPORT IS AVAILABLE IN THE COLLEGE LIBRARY. WHEN A SPECIFIC REQUEST IS RECEIVED FOR A COPY OF THE AUDIT OR FORM 990, A COPY IS SUPPLIED. ALSO, THE COLLEGE'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC FOR REVIEW UPON REQUEST. THE CURRENT MISSION AND PHILOSOPHY STATEMENT ARE AVAILABLE ON THE COLLEGE WEBSITE AT WWW.GBC.EDU. FORM 990, PART VII, SECTION A AND FORM 990, SCHEDULE J, PART 2 DURING THE YEAR ENDED JUNE 30, 2014, THE COLLEGE TERMINATED A NONQUALIFIED RETIREMENT PLAN FOR SENIOR MANAGEMENT. THE COLLEGE VESTED CERTAIN BENEFITS AND TREATED THEM AS IMMEDIATELY TAXABLE PURSUANT TO SECTION 457(F) OF THE INTERNAL REVENUE CODE (IRC). THE TERMINATION OF THE PLAN AND LIQUIDATION OF BENEFITS HAVE BEEN DESIGNED TO MEET THE REQUIREMENTS OF IRC SECTION 409A AND IRS TREASURY REGULATION 1.409A-3(J)(4)(IX)(C). BENEFITS ACCRUED TO SENIOR MANAGEMENT WERE TAXABLE DURING THE CALENDAR YEAR 2014 AND, THEREFORE, INCLUDED IN FORM 990, PART VII AND FORM 990, SCHEDULE J. HOWEVER, THESE EXPENSES WERE INCURRED PRIOR TO THE FISCAL YEAR ENDED JUNE 30, 2015 AND, THEREFORE, NOT INCLUDED IN FORM 990, PART IX. FORM 990, PART XI, LINE 9: ADVANCED TUITION AND FEES 1,146,932.