2012-03-05T10:04:26-06:00 2011-06-30 MCGLADREY & PULLEN LLP 221 THIRD AVENUE SE STE 300 CEDAR RAPIDS IA 524011512 990 2010-07-01 942515428 PALMER COLLEGE OF CHIROPRACTIC-WEST PALM 5638845871 90 E TASMAN SAN JOSE CA 95134 THOMAS TIEMEIER 5638845871 2012-03-05 1 KAY HEGARTY 3192985333 2010 2016-02-24 21:20:13Z DENNIS MARCHIORI DC 1000 BRADY STREET DAVENPORT IA 52803 10869602 0 X WWW.PALMER.EDU X 1980 CA THE MISSION OF THE COLLEGES OF PALMER COLLEGE SYSTEM IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC QUALIFIED TO SERVE AS PRIMARY CONTACT HEALTH CARE PROVIDERS; TO ADVANCE THE UNDERSTANDING OF CHIROPRACTIC THROUGH RESEARCH; AND TO SERVE HUMANITY THROUGH PATIENT CARE AND COMMUNITY EDUCATION. 16 16 183 52 0 0 205439 153809 8468776 8994780 42267 12400 336453 45129 9052935 9206118 569237 392041 0 0 5038829 4946630 0 0 0 3452142 3403483 9060208 8742154 -7273 463964 5156676 4815644 9944381 8965941 -4787705 -4150297 X THE MISSION OF PALMER COLLEGE OF CHIROPRACTIC, BASED ON THE PALMER TENETS, IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC QUALIFIED TO SERVE AS DIRECT ACCESS PRIMARY HEALTH CARE PROVIDERS AND CLINICIANS, COMPETENT IN WELLNESS PROMOTION, HEALTH ASSESSMENT, DIAGNOSIS AND THE CHIROPRACTIC MANAGEMENT OF THE PATIENT'S HEALTH CARE NEEDS. PALMER IS COMMITTED TO ADVANCING THE UNDERSTANDING OF CHIROPRACTIC THROUGH RESEARCH; TO PROVIDING SERVICE TO THE FIELD OF CHIROPRACTIC, INCLUDING CONTINUING EDUCATION; AND TO SERVING HUMANITY THROUGH PATIENT CARE AND COMMUNITY EDUCATION. 0 0 6938334 392041 8994780 TEACHING THE ART OF CHIROPRACTIC AND OTHER ACTIVITIES RELATED TO EDUCATION. THE ENROLLMENT CONSISTS OF 286 FULL TIME AND 8 PART TIME STUDENTS. 6938334 1 1 0 0 0 0 0 0 1 1 0 1 0 0 1 0 1 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 0 1 28 0 1 183 1 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 1 1 1 0 CA X ALEXIS VANDER HORN 5638845102 1000 BRADY STREET DAVENPORT IA 52803 VICKIE A PALMER 2.00 X X 0 0 0 TREVOR V IRELAND DC 20.00 X X 0 0 0 KENT FORNEY 10.00 X X 0 0 0 WILLIAM L WILKE 2.00 X 0 0 0 KENNETH R KOUPAL 2.00 X 0 0 0 KENT PILCHER 2.00 X 0 0 0 ERVIN MALCHEFF DC 2.00 X 0 0 0 BARRY MCALPINE DC 2.00 X 0 0 0 MICHAEL HAHN DC 2.00 X 0 0 0 MARK HESLIP DC 2.00 X 0 0 0 CHARLES KELLER DC MA 2.00 X 0 0 0 PAUL PETERSON DC 2.00 X 0 0 0 SUSAN HATFIELD 2.00 X 0 0 0 WILLIAM MORGAN DC 2.00 X 0 0 0 JOHN HUSTON 2.00 X 0 0 0 PAUL VANDUYNE 2.00 X 0 0 0 THOMAS TIEMEIER 40.00 X 0 180679 29400 LYNNE LINDSTROM 40.00 X 0 54948 7531 DENNIS MARCHIORI 40.00 X 0 296346 39735 WILLIAM MEEKER DC 40.00 X 0 193110 41032 WILLIAM DUMONTHIER 40.00 X 112971 0 27971 THOMAS SOUZA 40.00 X 135419 0 11985 THOMAS MILUS 40.00 X 122293 0 22088 DOMINICK J SCUDERI 40.00 X 112721 0 25895 GREGORY SNOW 40.00 X 120829 0 10031 LARRY PATTEN 40.00 X 0 272720 14953 604233 997803 230621 6 1 1 0 XEROX CORPORATION PO BOX 7405 PASADENA CA 91109 COPY & PRINTING SERVICE 174078 SERVICE BY MEDALLION 2522 LEIGHORN ST MOUNTAIN VIEW CA 94043 JANITORIAL SERVICE 148620 ARAMARK CORPORATION 500 E MIDDLEFIELD RD MOUNTAIN VIEW CA 94043 FOOD SERVICE 106778 3 134351 19458 153809 TUITION AND FEES 611600 8476118 8476118 CLINIC REVENUE 611710 275374 275374 AUXILIARY SERVICES 611710 243288 243288 8994780 12311 12311 9103 9103 9103 9103 1663573 1663484 89 89 89 INT ON LOANS RECEIVABL 900099 34327 34327 SUNDRY INCOME 900099 1297 1297 OTHER INCOME 900099 402 402 36026 9206118 8994780 0 57529 392041 392041 4021610 3633142 388468 925020 735563 189457 44197 44197 198 198 50706 37830 12876 42296 18715 23581 1239310 1003841 235469 70496 44020 26476 11368 7453 3915 269581 269581 242372 242372 OUTSIDE SERVICES 506090 112079 394011 SUPPLIES 380634 290141 90493 EQUIPMENT RENTAL & MAIN 246048 197515 48533 OTHER EXPENSES 77827 51084 26743 STUDENT SERVICES AND AC 54506 53663 843 167854 91666 76188 8742154 6938334 1803820 0 624067 1889630 308575 570081 25990 56259 143802 144363 348687 329681 3560334 2875847 781237 684487 1490581 9670 1433737 1131473 5156676 4815644 8774575 7796135 1169806 1169806 9944381 8965941 X -4870218 -4240100 34388 41678 48125 48125 -4787705 -4150297 5156676 4815644 X 463964 173444 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 87268 10307 2500 95075 81623 7145 1500 87268 99383 -16260 1500 81623 1.00000 0 1 1 1673078 1238307 434771 1887256 1637540 249716 684487 STUDENT LOANS 1131473 F 1131473 9206118 8742154 463964 173444 173444 637408 8987323 173444 173444 8813879 392239 392239 9206118 8349915 0 8349915 392239 392239 8742154 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO PROVIDE STUDENT SCHOLARSHIPS, OTHER EXPENDITURES FOR FACILITIES AND PROGRAMS, ADMINISTRATIVE/GENERAL EXPENSES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE FOUNDATION AND THE COLLEGE FILE A FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY. WHEN THESE RETURNS ARE FILED, IT IS HIGHLY CERTAIN THAT SOME POSITIONS TAKEN WOULD BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES, WHILE OTHERS ARE SUBJECT TO UNCERTAINTY ABOUT THE MERITS OF THE TAX POSITION TAKEN OR THE AMOUNT OF THE POSITION THAT WOULD ULTIMATELY BE SUSTAINED. EXAMPLES OF TAX POSITIONS COMMON TO COLLEGES INCLUDE SUCH MATTERS AS THE FOLLOWING: THE TAX EXEMPT STATUS OF EACH ENTITY AND VARIOUS POSITIONS RELATIVE TO POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME (UBIT). UBIT IS REPORTED ON FORM 990-T, AS APPROPRIATE. THE BENEFIT OF TAX POSITION IS RECOGNIZED IN THE FINANCIAL STATEMENTS IN THE PERIOD IN WHICH, BASED ON ALL AVAILABLE EVIDENCE, MANAGEMENT BELIEVES THAT IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING THE RESOLUTION OF APPEALS OR LITIGATION PROCESSES, IF ANY. TAX POSITIONS ARE NOT OFFSET OR AGGREGATED WITH OTHER POSITIONS. TAX POSITIONS THAT MEET THE "MORE LIKELY THAN NOT" RECOGNITION THRESHOLD ARE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS MORE THAN 50% LIKELY TO BE REALIZED ON SETTLEMENT WITH THE APPLICABLE TAXING AUTHORITY. THE PORTION OF THE BENEFITS ASSOCIATED WITH TAX POSITIONS TAKEN THAT EXCEEDS THE AMOUNT MEASURED AS DESCRIBED ABOVE IS REFLECTED AS A LIABILITY FOR UNCERTAIN TAX BENEFITS IN THE ACCOMPANYING STATEMENTS OF FINANCIAL POSITION ALONG WITH ANY ASSOCIATED INTEREST AND PENALTIES THAT WOULD BE PAYABLE TO THE TAXING AUTHORITIES UPON EXAMINATION. THERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY AS OF JUNE 30, 2011 OR 2010. FORMS 990 AND 990-T FILED BY THE FOUNDATION AND THE COLLEGE ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS) UP TO THREE YEARS FROM THE EXTENDED DUE DATE OF EACH RETURN. FORMS 990 AND 990-T FILED BY THE FOUNDATION AND THE COLLEGE ARE NO LONGER SUBJECT TO EXAMINATION FOR THE FISCAL YEARS ENDED JUNE 30, 2007 AND PRIOR. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL GRANTS 392,041. INVESTMENT MANAGEMENT FEE SHOWN AS EXPENSE 198. PART XIII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL GRANTS 392,041. INVESTMENT MANAGEMENT FEE SHOWN AS EXPENSE 198. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 PALMER COLLEGE OF CHIROPRACTIC PUBLISHES ITS EQUAL OPPORTUNITY STATEMENT IN PRINTED MATERIALS THROUGHOUT THE STUDENT RECRUITMENT AND ORIENTATION PERIOD. PALMER COLLEGE OF CHIROPRACTIC DOES NOT ROUTINELY USE NEWSPAPER OR BROADCAST MEDIA IN ITS STUDENT RECRUITMENT EFFORTS. HOWEVER, THE COLLEGE DOES PUBLICIZE ITS RACIALLY NONDISCRIMINATORY POLICY IN A WAY THAT MAKES THE POLICY KNOWN TO PROSPECTIVE STUDENTS BY PUBLISHING THE COLLEGE'S EQUAL OPPORTUNITY STATEMENT IN PRINTED MATERIALS PROVIDED THROUGHOUT THE STUDENT RECRUITMENT PERIOD. IN ADDITION, THE COLLEGE'S EQUAL OPPORTUNITY STATEMENT IS PROVIDED TO CURRENT STUDENTS AND THE GREATER COLLEGE COMMUNITY IN THE COLLEGE CATALOG, WHICH IS AVAILABLE IN PRINT AND ON THE PALMER WEBSITE, AS WELL AS IN THE STUDENT HANDBOOK, WHICH IS DISTRIBUTED TO ALL STUDENTS DURING THE STUDENT ORIENTATION PROGRAM. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 FEDERAL GRANTS: PELL GRANT PROGRAM SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (SEOG) FEDERAL WORK STUDY PROGRAMS (FWS) PERKINS LOAN PROGRAM 1 EDUCATION GRANTS 83 138115 N/A N/A STUDENT SCHOLARSHIPS 101 253926 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE MONITORS ELIGIBILITY FOR THESE AWARDS BY ASSESSING STUDENT RECORDS, FINANCIAL NEED AND ACADEMIC PERFORMANCE. SCHOLARSHIP COMMITTEE REVIEWS APPLICATIONS FOR AWARDS. X X 0 1 X X X X X 0 0 0 0 0 0 0 0 0 THOMAS TIEMEIER 0 179389 0 0 0 1290 0 12993 0 16407 0 210079 0 0 DENNIS MARCHIORI 0 295896 0 0 0 450 0 18375 0 21360 0 336081 0 0 WILLIAM MEEKER DC 0 191820 0 0 0 1290 0 15093 0 25939 0 234142 0 0 LARRY PATTEN 0 272720 0 0 0 0 0 0 0 14953 0 287673 0 0 PART I, LINE 1A FIRST CLASS OR CHARTER TRAVEL - THERE IS A TRAVEL POLICY. FIRST CLASS TRAVEL IS NOT ADDRESSED AS IT IS NORMALLY NOT PERMITTED UNDER THAT POLICY. HOWEVER, THE CURRENT CHAIRMAN OF THE BOARD OF TRUSTEES IS A RESIDENT OF ANCHORAGE, ALASKA. THE RESPONSIBILITIES OF THIS POSITION REQUIRE MORE TRAVEL THAN REGULAR BOARD MEMBERS. FLIGHT SCHEDULES AND THE TIME ZONE DIFFERENCES ATTENDING REQUIRED MEETINGS OFTEN LEAVE LITTLE TIME FOR RECOVERY FROM THE FLIGHT AND MEETING PREPARATION. THEREFORE, AS APPROVED BY THE FULL BOARD OF TRUSTEES, THE CHAIRMAN AND ONLY THE CHAIRMAN IS ALLOWED TO FLY FIRST CLASS. CHARTER TRAVEL IS ALSO NOT ADDRESSED IN THE POLICY AS AIRLINE TRAVEL IS REIMBURSED AT THE LOWEST (COACH) FARE FOR A TRIP. HOWEVER, IF MULTIPLE INDIVIDUALS ARE TRAVELING TO THE SAME LOCATION FOR THE SAME MEETING AND CHARTER TRAVEL IS LESS EXPENSIVE THAN INDIVIDUAL AIRFARES THEN CHARTER TRAVEL IS ALLOWED. IN NORMAL YEARS, CHARTER TRAVEL IS ONLY ALLOWED ONCE OR TWICE A YEAR. TRAVELS FOR COMPANIONS - FOR ONE BOARD MEETING A YEAR, SPOUSES OF BOARD MEMBERS ARE INVITED TO ATTEND A BOARD MEETING. IF A SPOUSE ATTENDS, THE COLLEGE DOES REIMBURSE THE BOARD MEMBER FOR THE SPOUSE'S TRAVEL. HOWEVER, EACH BOARD MEMBER IS PROVIDED AN IRS FORM 1099 FOR THE COST OF THAT TRAVEL. ON A LESS FREQUENT BASIS, SPOUSES OF EXECUTIVES ARE INVITED TO BOARD MEETING. THE COST OF THAT TRAVEL IS ADDED TO AN EMPLOYEE'S IRS FORM W-2. PART I, LINE 1B SEE EXPLANATION FOR PART 1A FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS ONE CLASS OF MEMBERS, DENOMINATED AS "CERTIFICATE HOLDERS." THE CERTIFICATE HOLDERS MEET AT LEAST ANNUALLY. SEE ADDITIONAL EXPLANATION OF RIGHTS AND DUTIES IN RESPONSE TO FORM 990, PART VI, LINES 7A AND 7B. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS, DENOMINATED AS "CERTIFICATE HOLDERS," APPOINT EACH AND EVERY "TRUSTEE" ON THE BOARD OF TRUSTEES, THE ORGANIZATION'S GOVERNING BODY, PURSUANT TO THE FOLLOWING PROCESS. (1) EACH MEMBER OF THE BOARD OF TRUSTEES AND EACH CERTIFICATE HOLDER ARE ENTITLED TO NOMINATE AS MANY NOMINEE TRUSTEES AS THERE ARE VACANCIES ON THE BOARD OF TRUSTEES. CURRENT TRUSTEES AND CERTIFICATE HOLDERS ARE REQUIRED TO SUBMIT NOMINATIONS IN WRITING TO THE TRUSTEE DEVELOPMENT AND GOVERNANCE COMMITTEE OF THE BOARD OF TRUSTEES. (2) ALL PERSONS WHOSE NAMES HAVE BEEN PROVIDED AS NOMINEES IS EVALUATED BY THE TRUSTEE DEVELOPMENT AND GOVERNANCE COMMITTEE. (3) THE TRUSTEE DEVELOPMENT AND GOVERNANCE COMMITTEE SUBMITS THE NAMES AND EVALUATIONS OF ALL NOMINEES TO THE CERTIFICATE HOLDERS. (4) TRUSTEES ARE CHOSEN BY BALLOT BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE CERTIFICATES OUTSTANDING. EACH CERTIFICATE HOLDER IS ENTITLED TO ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B THOSE PROVISIONS OF THE ARTICLES OF INCORPORATION AND/OR THE BYLAWS OF THE CORPORATION THAT AFFECT THE RIGHTS, POWERS AND/OR DUTIES OF THE CERTIFICATE HOLDERS, INCLUSIVE OF THE RIGHT TO ELECT CERTIFICATE HOLDERS AND TRUSTEES AND/OR DISSOLVE THE CORPORATION OR SELL ALL OF ITS ASSETS OR EFFECT A MERGER OR CONSOLIDATION, MUST BE APPROVED BY A MAJORITY VOTE OF ALL OF THE CERTIFICATE HOLDERS. (SEE AMENDED & RESTATED ARTICLES OF INCORPORATION - 2008, ARTICLE IV, AND BYLAWS - 2008, ARTICLE II). FORM 990, PART VI, SECTION B, LINE 11 AFTER COMPLETION OF THE DRAFT OF THE FORM 990 BY AN EXTERNAL ACCOUNTING FIRM, THE FORM 990 DRAFT IS SHARED WITH THE CHIEF FINANCIAL OFFICER AND HIS STAFF FOR THEIR REVIEW AND CORRECTION OF ANY ERRORS. ONCE THOSE CORRECTIONS HAVE BEEN MADE, THE FORM 990 DRAFT IS SHARED WITH THE AUDIT COMMITTEE OF THE COLLEGE'S BOARD OF TRUSTEES. THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES HAS BEEN DESIGNATED AS THE COMMITTEE TO REVIEW THE FORM 990 BEFORE IT IS FILED. THE AUDIT COMMITTEE AND CHIEF FINANCIAL OFFICER (TREASURER) WILL MEET TO REVIEW THE DRAFT FORM 990 WITH REPRESENTATIVES OF THE ACCOUNTING FIRM WHO COMPLETED THE DRAFT FORM 990, IF CONSIDERED NECESSARY. ONCE THE DRAFT HAS BEEN REVIEWED AND ANY CORRECTIONS MADE, COPIES OF THE FORM 990 WILL BE PROVIDED TO THE FULL BOARD OF TRUSTEES. ONCE BOARD RECEIPT HAS BEEN DETERMINED, THE TREASURER WILL SIGN AND FILE THE 990 WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES OFFICERS AND DIRECTORS TO COMPLETE AN ANNUAL FORM TO COMPLY WITH ITS CONFLICT OF INTEREST POLICY. KEY EMPLOYEES ARE NOT REQUIRED TO COMPLETE THIS FORM. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CONSIDERS SEVERAL SOURCES IN DETERMINING COMPENSATION FOR SENIOR ADMINISTRATORS SUCH AS THE ACC SURVEYS, CHRONICLE OF HIGHER EDUCATION SURVEYS, GUIDANCE FROM PROFESSIONAL COMPENSATION CONSULTANTS AND ALSO WITH SURVEYS CONDUCTED BY OUR HUMAN RESOURCES DEPARTMENT. THE BOARD OF TRUSTEES' EXECUTIVE COMMITTEE WHO, PERIODICALLY, DURING THE YEAR, MEETS TO REVIEW THE CHANCELLOR'S PERFORMANCE AND SETS THE CHANCELLOR'S COMPENSATION. ANNUALLY, THE CHANCELLOR MEETS WITH THE EXECUTIVE COMMITTEE OF THE BOARD TO REVIEW SALARIES OF THE SENIOR ADMINISTRATORS. THE CHANCELLOR SETS SENIOR ADMINISTRATORS' SALARIES WITH OVERSIGHT FROM THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 PALMER COLLEGE DOES NOT MAKE ITS POLICIES, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 173,444. AUDITED FINANCIAL STATEMENTS FORM 990, PART IV, LINE 12A THE ORGANIZATION IS INCLUDED IN THE CONSOLIDATED ENTITY AUDIT WITH PALMER COLLEGE FOUNDATION AND RECEIVES CONSOLIDATED GAAP FINANACIAL STATEMENTS ON AN ANNUAL BASIS FROM INDEPENDENT AUDITORS. THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. PALMER COLLEGE FOUNDATION 1000 BRADY STREET DAVENPORT IA 52803 426081293 EDUCATION IA 501(C)(3) 2 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0