2012-04-20T15:12:17-05:00 2011-06-30 KPMG LLP 300 North Greene Street Greensboro NC 27401 990 2010-07-01 591083502 NOVA SOUTHEASTERN UNIVERSITY INC NOVA 9542625272 3301 College Avenue Fort Lauderdale FL 33314 George L Hanbury II 9542627500 2012-04-20 Allison Franklin 3362753394 2010 2016-02-24 21:20:13Z George L Hanbury II 3301 College Avenue Fort Lauderdale FL 33314 945439934 0 X www.nova.edu X 1964 FL Nova Southeastern University's primary activity is to provide educational services. 28 19 9115 1483 4064787 -1650455 33395602 72205671 578589029 586016948 -217675 2976358 609712 430263 612376668 661629240 55716482 59497882 0 0 322627184 326407690 0 0 2551320 211568183 210788889 589911849 596694461 22464819 64934779 980662933 1069954961 531169004 549059134 449493929 520895827 X The mission of Nova Southeastern University, a private, not-for -profit institution, is to offer a diverse array of innovative academic programs that complement on-campus educational opportunities and resources with accessible distance-learning programs to foster academic excellence, intellectual inquiry, leadership, research, and commitment to community through engagement of student and faculty members in a dynamic lifelong learning environment. 0 0 339816891 28956444 509736841 Instructional Services: Offers undergraduate, graduate,professional degrees and certification programs to full and part time students. 72744969 116366 6272504 Academic Support: Library Program operates a 325,000 square feetmain campus library and branch libraries. Other programs includecomputer services, museum of art operations, student educationcenter operations and maintenance of facilities dedicated toinstructional activities. 35607842 5716656 33553636 Auxiliary Enterprises: Health Profession Division provides outpatientmedical services including dental, optometry, pharmacy,occupational and physical therapy. Additionally, five dormitoryfacilities are operated. 70881951 24708416 39860588 Agency ServicesPublic ServiceResearchScholarship and FellowshipDepreciation and InterestUnexpended Plant ExpensesGrande Oaks affiliate 70881951 24708416 39860588 519051653 1 1 0 1 0 0 0 1 0 1 1 0 0 0 1 1 0 1 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 1 1 0 0 0 0 1 1059 0 9115 1 1 1 1 CJ BF JM 0 0 0 1 1 0 0 0 0 X 28 19 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 AZ CA GA IN OR FL X X X WDavid Heron 9542625291 3301 College Avenue Fort Lauderdale FL 33314 X Barry J Silverman 0.50 X 0 0 0 W Tinsley Ellis 0.50 X 0 0 0 Mitchell Berger 0.50 X 0 0 0 Keith Brown 0.50 X 0 0 0 Alan B Levan 0.50 X 0 0 0 Nell McMillan Lewis 0.50 X 0 0 0 Albert J Miniaci 0.50 X 0 0 0 Samuel Morrison 0.50 X 0 0 0 Paul M Sallarulo 0.50 X 0 0 0 Franklin L Smith 0.50 X 0 0 0 Rick Case 0.50 X 0 0 0 Andrew J DiBattista 0.50 X 0 0 0 R Douglas Donn 0.50 X 0 0 0 Arthur J Falcone 0.50 X 0 0 0 Silvia Flores 0.50 X 0 0 0 David W Horvitz 0.50 X 0 0 0 H Wayne Huizenga 0.50 X 0 0 0 Royal F Jonas 0.50 X 27500 0 0 Milton Jones 0.50 X 0 0 0 J Kenneth Tate 0.50 X 0 0 0 Zachariah P Zachariah 0.50 X 0 0 0 Ronald G Assaf 0.50 X 0 0 0 Thomas E Lynch 0.50 X 0 0 0 E Clay Shaw Jr 0.50 X 0 0 0 Ray Ferrero Jr 37.50 X X 784143 0 28730 George L Hanbury II 37.50 X X 404632 0 28730 Mike Jackson 0.50 X 0 0 0 Martin R Press 0.50 X 0 0 0 Frederick Lippman 37.50 X 362306 0 24500 Francis A De Piano 37.50 X 274040 0 28730 H Wells Singleton 37.50 X 320084 0 28730 John Santulli 37.50 X 231039 0 27333 David M Fields 37.50 X 287137 0 14095 Joseph Harbaugh 37.50 X 337481 0 32960 Jan E Kronmiller 37.50 X 303148 0 27044 Anthony J Silvagni 37.50 X 304681 0 28730 Tracy A Favreau 37.50 X 278561 0 24984 Robert S Oller 37.50 X 266483 0 28730 4181235 0 323296 479 0 1 0 Moss Miller Joint Venture LLC 614 S Federal Highway FT LAUDERDALE FL 33301 Construction 10571433 Collegiate Risk Management 110 Athens Street Tarpon Springs FL 34689 Insurance 5921941 Panza Maurer Maynard & Neel PA 3600 N Federal Highway FT LAUDERDALE FL 33308 Legal Counsel 4161482 Grycon LLC 4101 Ravenswood Road Ste 325 Dania Beach FL 33312 Construction 3267928 Ernst and Young PO Box 406725 Atlanta GA 30384 Accounting 801081 29 1201994 38723374 32280303 72205671 Tuition and Fees 611710 531504764 531504764 Auxilliary Operations 611710 33492763 33492763 Other revenue 611710 17325633 17325633 GRANDE OAKS, LLC 713910 3693788 3693788 586016948 953110 953110 38188 38188 318604 83930 234674 234674 234674 282937205 1686957 281367619 1271483 1569586 415474 1985060 1985060 421522 1201994 596932 -175410 -175410 861729 490730 370999 370999 661629240 548830397 4064787 36528385 59497882 59497882 4448948 2953848 1495100 258637943 231465348 25985369 1187226 16368533 14570196 1723862 74475 29535205 26370901 3031858 132446 17417061 15503992 1833842 79227 5078027 124663 4953364 1472679 41799 1430880 766163 766163 25230940 21570759 3569118 91063 10052381 7378294 2673754 333 27305351 20894698 5993599 417054 7586459 6671516 912648 2295 44593598 37866931 6709851 16816 6133478 4806171 1285410 41897 3275612 3003256 269197 3159 12325232 12316144 9088 32022297 30911072 1074944 36281 9849102 5661140 4187962 Bad Debt Expense 6707040 5307999 1399041 Small Equipment 4917971 4709075 203173 5723 Special Promotions 4814892 3445909 922707 446276 Dues and Membership 1702474 934383 764941 3150 Taxes and Licenses 1110691 235781 861011 13899 5844502 2809896 3034606 596694461 519051653 75091488 2551320 27143381 49832646 28294581 48263764 24529358 22463473 19949930 23578090 5529816 5219986 1332810 1657285 5806927 6035451 963343884 231588370 693651028 731755514 127653130 144261326 28630465 22911098 0 18141507 13976328 980662933 1069954961 61726412 56946844 83152636 88512535 347803511 364100254 38486445 39499501 531169004 549059134 X 372770688 436453349 59256608 64258142 17466633 20184336 449493929 520895827 980662933 1069954961 X 64934779 6467119 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 766163 0 0 766163 0 X X X X 0 54223000 6187000 7509000 -3466000 64453000 46189000 3570000 307000 4157000 54223000 59078000 1587000 -12779000 1697000 46189000 0.56770 0.12510 0.30720 0 0 72145134 72145134 7608322 619562929 107769010 519402241 15682723 9645900 6036823 105312948 52168605 53144343 143031828 62004855 81026973 731755514 Other Current Liabilities 10879407 Med Mal Reserve (Asserted Claims) 919000 Accrued Workman's Comp 1854376 EDCT LG LIAB RSV (ASSERTED CLMS) 21000 EDCT LG LIAB RSV (ASSERTED CLMS) 2172000 INC BUT NOT REP RSVS - HPD 1902000 LT REFUNDABLE PERKINS 4785718 Grande Oaks Other LT Liabilities 6244582 EDCT LG LIAB INC BUT NOT REP RSV 3071000 LT DUE ANNUITIES 132838 LT AGENCY FUND LIABILITIES 1722800 DEFERRED RENT LIABILITY 3272693 HEALTH CENTERS REFUND PAYABLES 364745 DHHS LIABILITY 2133221 Sunshine Line of Credit 1000 LT Due Annuities Current 23121 39499501 Part III, Line 1a: The Museum of Art acquires art for its collection through purchase or gift. As permitted by SFAS 116, accounting for contributions received and contributions made, the Museum does not include its collection items as assets in the consolidated statement of financial position. Accordingly, no value has been assigned to the Museum's art collection. The University's policy requires any proceeds from sales of collection items to be used to acquire other items for the collection. Proceeds from the sale of collection items and expenditures for collection items purchased are reflected in the consolidated statement of activities separately from revenues and expenses. Part III, Line 4: Nova Southeastern University operates the Museum of Art/Fort Lauderdale. In service to the public, the mission of the Museum is to actively engage diverse audiences in the appreciation of works of art throught innovative exhibitions, education programs, publications, and collection activities. This mission is consistent with the University's exempt educational purpose. Description of Intended Use of Endowment Funds: Part V, Line 4: The University's endowment consists of aproximately 233 individual endowments established for a variety of purposes. The University considers the following factors in making a determination to appropriate or accumuate donor restricted funds: a) the purposes of the institution b) the intent of the donors of the endowment fund c) the terms of the applicable instrument d) the long and short term needs of the institution e) general economic conditions f) possible effects of inflation or deflation g) the other resources of the institution h) perpetuation of the endowment Description of Uncertain Tax Positions Under FIN 48: Part X: Accounting for Uncertainity in Income Taxes: The University follows the guidance contained in ASC 740, Income Taxes. ASC 740 addresses the accounting for uncertainity in income taxes recognized in an entity's financial statements and prescribes a threshold of more-likely-than- not for recognition and de-recognition of tax positions taken or expected to be taken in a tax return. There were no uncertain tax positions recorded in the consolidated financial statements for fiscal years 2010 and 2011. 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 Consistent with all federal and state laws, rules, regulations, and/or local ordinances (e.g. Title VII, Title VI, Title III, Title II, Rehab Act, ADA, Title IX), it is the policy of Nova Southeastern University not to engage in discrimination or harassment against any persons because of race, color, religion or creed, sex, pregnancy, national or ethnic origin, non-disqualifying disability, age, ancestry, marital status, sexual orientation, unfavorable discharge from the military, veteran status, political beliefs or affiliations, and to comply with all federal and state nondiscrimination, equal opportunity and affirmative action laws, orders, and regulations. This nondiscrimination policy applies to admissions, enrollment, scholarships, loan programs, athletics, employment, and access to, participation in, and treatment in all university centers, programs, and activities. NSU admits students of any race, color, religion or creed, sex, pregnancy, national or ethnic origin, non-disqualifying disability, age, ancestry, marital status, sexual orientation, unfavorable discharge from the military, veteran status, political beliefs or affiliations, and activities generally accorded or made available to students at NSU and does not discriminate in the administration of its educational policies, admission policies, scholarship and loan programs, and athletic and other school administered programs. Explanation of Government Financial Assistance Schedule E, Part I, Line 6 Students receive financial aid from the federal government. State aid is provided through grants. 0 Central America/Caribbean 6 12 Program Service Academic Studies 1173733 Central America/Caribbean 1 0 Program Services Captive Insurance 145966 12 0 12 1319699 0 1319699 Scholarships Scholarships 21 53168 cash cash 1 0 1 0 0 0 0 Golf Classics 644620 481200 163420 72731 Fishing Tournament 178250 84950 93300 78927 12 800646 635844 164802 445274 1623516 1201994 421522 596932 596932 -175410 1 Institutional Scholarships 11899 59497882 Book n/a Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: Institutional grants awarded to students are booked to individual student accounts and to each college departmental account using specific contra revenue account codes. The number of recipients and amount of cash varies by center and program. Funds set aside for scholarships are budgeted annually and included in the university's budget plan approved by the Board of Trustees. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 Ray Ferrero Jr 611562 0 0 0 172581 0 24500 0 4230 0 812873 0 0 0 George L Hanbury II 376805 0 0 0 27827 0 24500 0 4230 0 433362 0 0 0 Frederick Lippman 343280 0 0 0 19026 0 24500 0 0 0 386806 0 0 0 Francis A De Piano 274040 0 0 0 0 0 24500 0 4230 0 302770 0 0 0 H Wells Singleton 308944 0 0 0 11140 0 24500 0 4230 0 348814 0 0 0 John Santulli 231039 0 0 0 0 0 23103 0 4230 0 258372 0 0 0 David M Fields 287137 0 0 0 0 0 9865 0 4230 0 301232 0 0 0 Joseph Harbaugh 328981 0 0 0 8500 0 24500 0 8460 0 370441 0 0 0 Jan E Kronmiller 228148 0 0 0 75000 0 22814 0 4230 0 330192 0 0 0 Anthony J Silvagni 300134 0 0 0 4547 0 24500 0 4230 0 333411 0 0 0 Tracy A Favreau 207545 0 0 0 71016 0 20754 0 4230 0 303545 0 0 0 Robert S Oller 266483 0 0 0 0 0 24500 0 4230 0 295213 0 0 0 Part I, Line 1a Supplemental Compensation Information: A housing allowance is provided to the president of the University. This allowance is fully taxable to the recipient. The University pays for club dues on behalf of certain executives. These amounts are treated as taxable to the employee and included in his or her compensation. Supplemental Information Part III Part Part VI, Section A. Royal F. Jonas, Trustee, is an independent contractor and provides consulting services for the organization. He recieves a 1099 from the organization. This information has been disclosed in Part VII, Section A,(D) and Part IX, Line 11g. He is not included in Part VI, Line 1b as he is not an independent voting member of the Board of Trustees. Broward County Educational Facilities Authority Series 2004A2004B 521626969 115015DD8 2004-04-01 45673537 Refinance 1994 Bonds,Construction of University Center 0 0 0 Broward County Educational Facilities Authority Series 2004C 521626969 115015EX3 2004-04-01 35750000 Construction of Orlando University Center 0 0 0 Broward County Educational Facilities Authority Series 2008A 521626969 115015FY0 2008-10-23 60000000 Construction of Chiller Plant and Dormitory Building 0 0 0 Broward County Educational Facilities Authority Series 2006 521626969 115015FR5 2006-04-12 99951270 Undergraduate Dormitory and University Center 0 0 0 45673538 1604188 632187 607542 18116676 24712945 2007 1 0 1 1 35750000 439499 297605 35012896 2007 0 0 1 1 60000000 682472 400684 58916844 2008 0 0 1 1 99951270 9181173 1028556 2421361 87320180 2007 0 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 1 0 0 1 0.01000 0.00000 0.01000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 1 0 0 1 0.03350 0.00000 0.03350 1 1 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 Museum of Art Series 2007A 596000531 115015EX4 2007-09-26 1950000 Building Renovation and Refinance of Museum Bonds/Debt 0 0 0 Town of Davie Florida Series 2009 596046527 115015EX5 2009-05-29 60000000 Equipping, Renovating University School 0 0 0 Higher Educational Facility Financing Authority Series 2011 900058227 34073TCV7 2011-02-15 37878793 Refinance 2000 Bonds, Construction of West Palm Beach Student Educational Ce 0 0 0 1950000 39000 1471513 439487 2008 1 0 1 1 60000000 491850 59508150 2010 0 0 1 1 37878793 1821473 650626 22278960 13127734 2011 1 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 1 1 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 0 15819 Tuition Waiver for dependents 53697 Scholarship for dependents Name not disclosed Family member of Andrew DiBattista,Trustee 1723124 Daughter of Andrew DiBattista, Trustee, is owner of ReBro, Inc. ReBro provides storage services to the organization. ReBro, Inc. received $1,723,124 for vendor services for fiscal year 2011. 0 Albert J Miniaci Trustee 194134 Albert J. Miniaci,Trustee, is owner of Paramount Coffee Services,Inc. Paramount supplies coffee products and services to the University. Paramount Coffee Services, Inc. received $194,134 for fiscal year 2011 for vendor services and supplies. 0 Raymond G Ferrero III Family member of Ray Ferrero, Jr., Officer 90005 Raymond G. Ferrero, III is an employee of NSU and a family member of Ray Ferrero,Jr., an Officer of NSU. Raymond G. Ferrero, III was paid $90,005 for calendar year 2010 in compensation as an NSU employee. 0 Paul Bianco Family member of Barry Silverman, MD, Trustee 31632 Paul Bianco is a family member of Barry Silverman, MD, a Trustee of NSU. Mr. Bianco is employed by a NSU Vendor: Fleit, Gibbons, Gutman, Bongini, Bianco,P.L., a law firm. NSU has paid the vendor $31,632 for fiscal year 2011. 0 Royal Flagg Jonas Trustee 27500 Royal Flagg Jonas is a Trustee, as well as, a consultant/independent contractor for NSU. The interested person was paid $27,500 as a consultant and issued a 1099. 0 Martin R Press Trustee 64168 Martin R. Press, Trustee, is a shareholder in Gunster, Yoakley & Stewart, P.A., a law firm. The law firm was paid $64,168 by NSU for fiscal year 2011 for legal services. 0 H Wayne Huizenga Trustee 720000 H. Wayne Huizenga has a 5% interest in the Miami Dolphins football team. The Miami Dolphins rented land and space from NSU in the amount of $720,000 for fiscal year 2011. 0 Form 990, Part VI, Section A, line 2 Did any officer, director, trustee or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? H. Wayne Huizenga, Trustee, has a business relationship with David Horvitz, Trustee. Form 990, Part VI, Section B, line 11 Part VI, Section B, Line 11b Describe the process used by the organization to review this Form 990: The organization has contracted with KPMG to review the 990. Upon final review by KPMG, the Form 990 is submitted to the President of the organization for review. Upon approval, the Form 990 is made available to the Board of Trustees. The Form 990 is signed and submitted electronically to the IRS. Form 990, Part VI, Section B, line 12c Description of Process to Monitor Transactions for Conflicts of Interest: The University asks the governing Board of Trustees, officers, directors and key employees to respond to a questionnaire and disclose on a yearly basis. The questionnaire is designed to collect information and monitor compliance. Form 990, Part VI, Section B, line 15 Process for determining compensation of Officers and Key positions: Each year a comparative analysis is performed by a compensation analyst in human resources and is provided to the compensation committee appointed by the Chairman of the Board of NSU. The analysis is reported to the Executive Committee and then to the Board of Trustees of the University. Form 990, Part VI, Section C, line 19 Availability of Governing documents, conflict of interest policy and financial statements to general public: NSU's audited financial statements can be found in its Annual Report on its website: www.Nova.edu. In addition, the public at large, may receive a copy of the report upon request. Part XI, Line 5, Changes in Net Assets: Change in Net Assets: Net Unrealized gains on investments: $6,012,504 Prior Period Adjustments: 454,615 Total to Form 990, Part XI, Line 5: 6,467,119 NSU Grande Oaks LLC 3201 W Rolling Hills Circle Fort Lauderdale FL 33328 204811801 Golf Course FL 4268890 5169460 Nova Southeastern University Inc NSU Park Plaza LLC 3301 College Ave Fort Lauderdale FL 33314 030380632 Commercial Real Estate FL 700000 5400000 Nova Southeastern University Inc NSU Health Professions Division Foundation Inc 3200 South University Dr Fort Lauderdale FL 33328 650456144 Support FL 501 (c) (3) PC Nova Southeastern University Inc 0 NSU Guaranty Insurance Company LTD c/o Willis Mgt PO Box 30600 KY1 12 Grand Cayman CJ KY1-1203 Insurance Captive CJ Nova Southeastern University Inc C 100 100 1.00000 Academical Village Research and Education Foundation Inc 3301 College Ave Fort Lauderdale FL 33314 202618049 Dormant FL Nova Southeastern University Inc C 100 100 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0