2012-03-08T14:21:08-06:00 2011-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 100174011 990 2010-07-01 133508093 IONA COLLEGE IONA 9146332483 715 NORTH AVENUE - MCSPEDON HALL NEW ROCHELLE NY 108011890 JONATHAN IVEC 9146332483 2012-03-07 true 2125990100 2010 2016-02-24 21:20:13Z James Liguori 715 NORTH AVENUE MCSPEDON NEW ROCHELLE NY 10801 133673234 false 0928 X WWW.IONA.EDU X 1940 NY IONA COLLEGE IS A DIVERSE COMMUNITY OF LEARNERS AND SCHOLARS DEDICATED TO ACADEMIC EXCELLENCE IN THE TRADITION OF THE CHRISTIAN BROTHERS AND AMERICAN CATHOLIC HIGHER EDUCATION. 33 32 1979 0 767627 20321 8687356 7856446 117922900 122861689 864002 944192 2061978 1371569 129536236 133033896 33672274 36056895 0 0 54713173 55575205 0 0 2445065 30731498 32451738 119116945 124083838 10419291 8950058 169294829 184087443 51123639 50359454 118171190 133727989 X IONA COLLEGE IS A DIVERSE COMMUNITY OF LEARNERS AND SCHOLARS DEDICATED TO ACADEMIC EXCELLENCE IN THE TRADITION OF THE CHRISTIAN BROTHERS AND AMERICAN CATHOLIC HIGHER EDUCATION. WE COMMIT OURSELVES TO EDUCATION WITHIN THE RICH HERITAGE OF THESE LEGACIES, ESPECIALLY INTELLECTUAL INQUIRY AND THE VALUES OF JUSTICE, PEACE, AND SERVICE. IONA COLLEGE GRADUATES WILL BE SOUGHT AFTER BECAUSE THEY WILL BE: (1) ETHICAL AND SKILLED DECISION MAKERS AND PROBLEM SOLVERS MOTIVATED TO LEADERSHIP, SERVICE AND CIVIC RESPONSIBILITY, (2) INDEPENDENT THINKERS INFORMED AND ENRICHED BY A LIBERAL ARTS EDUCATION, (3) LIFELONG LEARNERS SKILLED IN AND ADAPTABLE TO NEW INFORMATION AND TECHNOLOGIES, AND (4) INDIVIDUALS WHO INTEGRATE THE SPIRITUAL, INTELLECTUAL, CIVIC, EMOTIONAL, AND PHYSICAL DIMENSIONS OF THEIR LIVES. THE IONA COLLEGE COMMUNITY WILL ACHIEVE THESE GOALS BY DEDICATED TEACHING ENHANCED THROUGH CREATIVE RESEARCH AND SCHOLARSHIP, INTERNSHIPS, CAREER DEVELOPMENT AND BY PARTICIPATION OF STUDENTS, FACULTY, false false 70814772 36056895 107904861 Iona College is chartered by the State of New York and fully accredited by the Commission on Higher Education of the Middle States Association of Schools and Colleges (CHE-MSA) to offer credit-bearing coursework towards degrees and registered certificates at the undergraduate and graduate levels. In addition to the federal Department of Education approved regional accreditor (CHE-MSA), Iona's academic programs hold multiple professional and special accreditations from outside agencies. Iona offers a wide variety of undergraduate and graduate degrees in the School of Arts and Science and the Hagan School of Business, including undergraduate degree programs for students enrolled in the evening Professional Studies Program. The School of Arts & Science supports the mission of Iona College through its commitment to academic excellence and education in the liberal arts tradition. A community of teacher-scholars devoted to academic excellence, the School of Arts & Science seeks, through the departments that comprise it, to provide all students with an educational foundation that is both traditional and contemporary. Through its major programs at the undergraduate and graduate levels, the School offers courses of study in the traditional liberal arts disciplines and appropriate preprofessional and professional programs that provide academic challenge and intellectual depth, and are rooted in liberal learning. Beyond its own inherent values, such broadly based education serves especially well the needs of students who will be employed in a rapidly evolving work environment and may change careers several times. In furtherance of these commitments, the School of Arts & Science strives to: - provide an education that is current, student-centered, outcome-based, and involves an appropriate mix of classroom-based instruction, independent research, and internship or practical experience; - equip students with the skills necessary for success in a rapidly changing environment: critical thinking, effective oral and written communication, problem solving, ethical decision making, computer competency, and scientific and technological literacy; - instill in students the habits of mind enabling them to possess our most precious human heritage: those ideas, beliefs, and writings that are the basis of intellectual, cultural, and moral development; - deepen students' self-awareness, reflectiveness, and commitment to a core of values that will illuminate both their personal relationships and their relationship to a pluralistic society with the qualities of intelligence, tolerance, decency, and compassion; - recruit, retain, and support the development of a faculty of exceptional teacher-scholars whose pedagogy is informed by research, experience, and scholarship. The Hagan School of Business offers degree programs leading to the Bachelor of Business Administration (B.BA.) degree in seven majors: Accounting, Business Administration, Finance, Information Systems, International Business, Management, and Marketing. 13333055 0 14956828 Iona College provides ancillary auxiliary services to both its student population and its employee base in an effort to support its educational mission. 1. Residential Services As part of the student experience, Iona College offers on-campus residence hall housing and related services. The primary goal of Iona's Residential Life program is to provide a safe, secure and comfortable environment where academic success, as well as the social, emotional, spiritual, physical and cultural development of each resident, is facilitated. 2. Bookstore The College also operates an on-campus bookstore where students can purchase textbooks, study aids, electronics, software, stationery, and related hard goods. 3. Food Services/Cafeteria The College operates an on-campus cafeteria that is committed to providing quality and nutritious food with exceptional service. Resident students and commuters may participate in the full Meal Plan offered at Iona College. 19299326 0 0 Other academic and student support activities are provided for enrolled students and in support of faculty scholarship consistent with standards established by the New York State Education Department, the Commission on Higher Education of the Middle States Association of Schools and Colleges and best practices in American higher education. These include fully staffed and operational libraries, a career development center, counseling center, health services center, IT support center, faculty training center, tutoring and academic support center, campus ministries office, athletics department, and student development office servicing clubs, student government, student media, and student recreation. 103447153 true true false false false false true false true true true false false true true true false true false false false false false true true false false true true false false false false false false false false true false false false false false false false false false true 179 0 true 1979 true true true false false false true true true true false false false false X 33 32 false false false false false false false true true false false true true true true true true true true false X ANDREW MCDERMOTT 9146332008 715 NORTH AVENUE MCSPEDON HALL NEW ROCHELLE NY 10801 Br James A Liguori CFC 40.0 X X 151596 0 20459 James Hynes 1.0 X X 0 0 0 Stephen Reitano 1.0 X X 0 0 0 Michael Beckerich 1.0 X 0 0 0 David Brown 1.0 X 0 0 0 Linda Bruno 1.0 X 0 0 0 Ronald DeFeo 1.0 X 0 0 0 Andrew Dolce 1.0 X 0 0 0 Richard Franchella 1.0 X 0 0 0 Theresa Gottlieb 1.0 X 0 0 0 Julia Considine Greifeld 1.0 X 0 0 0 Robert Grubert 1.0 X 0 0 0 Thomas Hales 1.0 X 0 0 0 Alice Hoersch 1.0 X 0 0 0 Kathleen Hurlie 1.0 X 0 0 0 Robert LaPenta 1.0 X 0 0 0 Bartley Livolsi 1.0 X 0 0 0 Patrick Lynch 1.0 X 0 0 0 Br James MacDonald CFC 1.0 X 0 0 0 Phillip Maisano 1.0 X 0 0 0 David McCabe 1.0 X 0 0 0 J Riley McDonough 1.0 X 0 0 0 JoAnn Murphy 1.0 X 0 0 0 Br Lawrence Murphy CFC 1.0 X 0 0 0 Br Hugh O'Neill CFC 1.0 X 0 0 0 Kamini Pahuja 1.0 X 0 0 0 Peter Riguardi 1.0 X 0 0 0 Armando Rodriguez 1.0 X 0 0 0 Charles Schoenherr 1.0 X 0 0 0 Raymond Vercruysse 1.0 X 0 0 0 Brian Walsh 1.0 X 0 0 0 Lawrence Wills 1.0 X 0 0 0 Br John Driscoll 1.0 X 0 0 0 Helen Lafferty 1.0 X 0 0 0 Mike Hegerty 1.0 X 0 0 0 Warren Rosenberg 40.0 X 226366 0 39890 Kelli Hudson 40.0 X 169638 0 22481 Jonathan Ivec 40.0 X 167783 0 18865 Vincent Calluzzo 40.0 X 204207 0 36350 Brian Nickerson 40.0 X 185074 0 21321 Joanne Laughlin Steele 40.0 X 165888 0 35235 Dimitris Halaris 40.0 X 164155 0 37421 Kurt Engemann 40.0 X 184123 0 14126 Ronald Yager 40.0 X 176137 0 24535 Patrick Lyons 40.0 X 163361 0 13098 Nicholas Beutell 40.0 X 163710 0 32569 Kevin Willard 0.0 X 135028 0 8620 2257066 0 324970 69 true true false DARLIND CONSTRUCTION 1540 ROUTE 55 PO BOX 130 LAGRANGEVILLE NY 12540 CONSTRUCTION 1400870 Chartwells Dining Services 175 Sunnyside Boulevard CHICAGO IL 60693 FOOD SERVICE 2714945 Hennessey Construction Co Inc PO Box 189 14 Oak Street CLOSTER NJ 07624 Construction 1425818 re think group 700 Canal Street 5th Floor STAMFORD CT 06902 Publication/advertis 811250 Platzner International Group Ltd PO Box 111 Wykagyl Station NEW ROCHELLE NY 10804 Rental Services 743959 21 966704 1884901 5004841 579220 7856446 TUITION AND FEES 900099 107904861 107904861 ROOM AND BOARD (& OTHER STUDENT CHARGES) 611710 14054574 14054574 CAFETERIA 611710 704785 704785 BOOKSTORE 611710 127242 127242 VENDING COMMISSIONS 611710 70227 70227 122861689 944192 944192 0 78286 78286 185292 185292 185292 185292 0 272880 966704 617933 -345053 -345053 30300 21405 8895 8895 0 AQUATICS CLUB 713940 308758 308758 SPORTS CAMPS 713940 443919 443919 NCAA DISTRIBUTION 611710 350701 350701 340771 308011 14950 17810 1444149 133033896 122618147 767627 1791676 0 36056895 36056895 0 0 1446672 638454 736043 72175 0 40898208 33355531 6303315 1239362 2307869 1847312 386457 74100 7973449 6382272 1335170 256007 2949007 2360505 493817 94685 0 583232 10143 573089 213130 213130 0 0 104033 104033 2694870 647113 2003245 44512 1801610 818741 823080 159789 1863523 761634 904047 197842 711877 422973 275644 13260 0 7570501 5677876 1853238 39387 1388735 1294323 49585 44827 0 105125 75887 27934 1304 1276780 1206174 70606 0 5103158 4205002 865695 32461 1080001 414586 665415 FOOD SERVICE 4308059 4142376 139925 25758 ATHLETICS 1352370 1325516 26854 ADVANCEMENT 206122 76562 16942 112618 STUDENT ACTIVITIES 642157 642157 PROFESSIONAL DUES AND TRAINING 416079 303151 109372 3556 1030376 781970 241838 6568 124083838 103447153 18191620 2445065 8700 8700 6548063 10957064 3961303 3442480 596332 483862 2166584 1946998 1916414 1834883 182855186 77830886 105384024 105024300 93163 122793 45832905 57844351 2787341 2422012 169294829 184087443 6265824 6794325 3926900 4212046 27088453 25933899 13842462 13419184 51123639 50359454 X 94219282 106352740 9215013 12347759 14736895 15027490 118171190 133727989 169294829 184087443 X 8950058 6606741 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X Educational instruction false 39115043 3312012 7427259 154660 0 104033 49595621 30181581 6600330 2630489 102200 119286 75871 39115043 29647626 5469739 -3594294 170920 1114172 56398 30181581 0.61940 0.30300 0.07760 false false 2512212 2512212 131331312 47526820 83804492 13986457 5287988 8698469 31541651 25016079 6525572 3483555 0 3483555 105024300 MULTI-STRATEGY BOND FUND 14865083 F MULTI-STRATEGY EQUITY FUND 29498623 F GOVERNMENT SECURITIES FUND 9424653 F COMMODITIES FUND 3968743 F CASH VALUE OF LIFE INSURANCE 87249 F 57844351 0 REFUNDABLE ADVANCES FROM U.S. 2300184 ACCRUED POSTRETIREMENT BENEFIT 11119000 13419184 133033896 124083838 8950058 6606741 6606741 15556799 105016047 6606741 1536338 8143079 96872968 104033 36056895 36160928 133033896 89459248 1536338 1536338 87922910 104033 36056895 36160928 124083838 ENDOWMENT FUNDS FORM 990, SCHEDULE D, PART V The College's endowment fund is intended to support its educational mission. Permanent endowment funds are intended to fund student scholarships, faculty support and facility enhancements; quasi endowment funds are reserved to satisfy the College's debt covenants and other strategic initiatives. The College intends on keeping the endowment principal untouched, while using its earnings to satisfy the abovementioned objectives. INCOME TAXES Form 990, Schedule D, Part X, Line 2 Iona College is a tax-exempt organization as described in Section 501(c)(3) of the Internal revenue Code ("the Code"), and is generally exempt from federal income taxes on related income pursuant to Section 501(a) of the Code. The College has processes presently in place to ensure the maintenance of its tax-exempt status. The College recognizes the effect of income tax provisions only if those positions are more likely than not of being sustained. However, as of June 30, 2011 and 2010, no provision for income taxes was determined to be necessary in the financial statements. The College is, however, subject to federal and state income tax on unrelated business income, and a provision for such taxes is included in the accompanying financial statements. reconciliation of revenue Form 990, Schedule D, Part XII Line 2d: Special events expenses (reclass to revenue) $617,933 Gaming Expenses (reclassed to revenue) $21,405 Postretirement related changes: 897,000 -------- Total Line 2d: $1,536,338 Line 4b: Scholarships: $36,056,895 reconciliation of expenses Form 990, Schedule D, Part XIII Line 2d: Special events expenses (reclass to revenue) $617,933 Gaming Expenses (reclassed to revenue) $21,405 Postretirement Benefit Expense $897,000 Total Line 2d: $1,536,338 Line 4b Scholarships: $36,056,895 Schedule D, part III Iona College operates a public gallery near its campus that is open to both students and to the general public, free of charge. The College does not own any of the artwork exhibited in this gallery but receives these pieces for public exhibition. The gallery is intended as a vehicle to increase public appreciation of art and to enhance the student educational experience. true true true true false true true false false false false false false false false true false true Form 990, Schedule E, Line 3 The organization publishes its racially nondiscriminatory policy on the web at www.iona.edu/ombuds. The college also publishes its nondiscriminatory policy in student handbooks. Form 990, Schedule E, Line 4b Ethnic background is an optional question on the admissions application. If students provide the information it is entered into peoplesoft. This data is also kept on employees where provided. Admissions decision letters are maintained in student files and are kept in SFS. The college communications department maintains blueprints on file of any admissions brochures and outsources, and the duplications department maintains copies of any brochure, poster, etc. that has been created internally. Form 990, Schedule E, Line 6A The College receives both federal and state funding for student loans. The college administers the new york state tuition assistance program (TAP) and the pell grants program, a federally funded title iv program. Dinner Dance 981244 777804 203440 270128 30870 143028 Winged Foot 258340 188900 69440 81785 92122 0 1239584 966704 272880 351913 30870 235150 617933 -345053 30300 21055 350 30300 21055 350 21405 8895 NY true false true false 1.00000 Andrew McDermott false false Schedule G, Part II, Line 6 All food and beverages costs associated with both the Dinner Dance and the Winged Foot event are reported in the facility costs on Line 6 of Schedule G, Part II. true SCHOLARSHIPS 3245 36056895 Description of Grants and Assistance FORM 990, SCHEDULE I, PART 1, LINE 2 Iona College gives aid to students in two forms. Merit aid and need based aid. The amount of merit aid a student receives is based on a calculated academic index that is derived from their GPA and SAT scores. Need based aid is determined from the student EFC. Students are given these awards upon acceptance to the College and the awards are renewed on an annual basis assuming the student meets the required cumulative GPA and their need as determined by the FAFSA has not changed. All scholarships issued by the College are intended to be used to defray tuition costs and enable students to matriculate in Iona College; the student has no discretion on how to expend those funds. Accordingly, the College does not formally monitor the use of the scholarship funds since it is required that such funds be used to offset tuition costs. X X X true true X X X false false false false false false false true false Br James A Liguori CFC 136712 0 0 0 14884 0 14272 0 6187 0 172055 0 0 0 Warren Rosenberg 208088 0 0 0 18278 0 21275 0 18615 0 266256 0 0 0 Kelli Hudson 136130 0 30000 0 3508 0 10634 0 11847 0 192119 0 0 0 Jonathan Ivec 158780 0 0 0 9003 0 7357 0 11508 0 186648 0 0 0 Vincent Calluzzo 163860 0 0 0 40347 0 19036 0 17314 0 240557 0 0 0 Brian Nickerson 171942 0 0 0 13132 0 8758 0 12563 0 206395 0 0 0 Joanne Laughlin Steele 153508 0 0 0 12380 0 16797 0 18438 0 201123 0 0 0 Dimitris Halaris 157937 0 0 0 6218 0 16432 0 20989 0 201576 0 0 0 Kurt Engemann 161361 0 0 0 22762 0 13466 0 660 0 198249 0 0 0 Ronald Yager 156091 0 0 0 20046 0 12149 0 12386 0 200672 0 0 0 Patrick Lyons 151962 0 0 0 11399 0 12321 0 777 0 176459 0 0 0 Nicholas Beutell 146971 0 0 0 16739 0 14185 0 18384 0 196279 0 0 0 Kevin Willard 131622 0 0 0 3406 0 3075 0 5545 0 143648 0 0 0 COMPENSATION INFORMATION FORM 990, SCHEDULE J LINE 1A: The President of the College is a member of a religious order and his compensation is usually remit directly to the Order. The President is provided housing in close proximity to the campus; the value of that housing is not included in his taxable income as his presence on the campus is required as a condition of his employment. The College, likewise, pays social club dues for the President. The President uses the social club exclusively for business purposes and the value of the club dues is reported in the nontaxable benefits column on Schedule J. The President occasionally receives personal services (e.g. chauffeur services). LINE 1B: Any expenses incurred by the President with respect to his housing allowance and/or his social club dues are submitted for reimbursement to the Finance office via a check request. THE CHECK REQUEST NEEDS THE APPROVAL OF THE APPROPRIATE PERSON (VP FINANCE IN THIS CASE) BEFORE BEING SUBMITTED TO ACCOUNTS PAYABLE FOR PROCESSING. THE DRIVER IN THIS CASE IS AN IONA COLLEGE EMPLOYEE AND THE STIPEND HE RECEIVES FOR DRIVING IS INCLUDED IN HIS PAYCHECK AND APPROVED BY THE DIRECTOR OF HUMAN RESOURCES. Form 990, Schedule J, Part I, Line 7 Only one officer, director, trustee or key employee received a bonus in fiscal year 2010. VP for Finance and Administration, Kelli Hudson, received a $30,000 bonus prior to her separation from service from the College. The bonus was authorized and approved by the President. X 16 579220 OTHER false true true Schedule M, Question 32a FORM 990, SCHEDULE M To the extent that Iona College receives any noncash contributions of marketable securities, the College's investment advisors are tasked with disposing of the securities. FORM 990, PART VI, LINE 11 The Form 990 was prepared by a nationally renowned accounting firm in conjunction with the organization's financial department. A copy of the draft Form 990 was circulated to the full Board of Trustees for discussion and comment. Each Board Member was provided ample opportunity to comment on the information contained in the 990 prior to its electronic filing with the Internal Revenue Service. FORM 990, PART VI, LINE 12 Each trustee of the College is required to annually disclose any conflicts of interest that arise by virtue of their employment, board service, or position with the College. The College monitors compliance with its conflict of interest policy through an annual questionnaire/disclosure statement that is distributed to these individuals. Potential conflicts are investigated immediately. In an effort to comply with the requirements of increased transparency and disclosure required by the Form 990, The College is in the process of amending its Conflict of Interests Policy to broaden its applicability to officers, directors and key employees. FORM 990, PART VI, LINE 15 The College undertakes a thorough process to ensure that the executive compensation it pays to its top management official and all of its officers and key employees is reasonable given the market in which the College operates. In relevant part, the Board of Directors has established a Compensation Committee of independent persons that have no personal interest in the proposed compensation agreement. FORM 990, PART VI, LINE 19 The taxpayer makes its Form 990 available to the public by retaining a copy at its place of business and is available upon request. The Form 990 is likewise published on the internet at www.guidestar.org. The organization's financial statements, governing documents and conflict of interest policy are not ordinarily made available to the public, but, if requested, will be provided at management's discretion. Form 990, Part IV, Line 4 & Schedule C Iona College does not undertake any direct lobbying activities; however, the College is a dues-paying member in various college and higher education professional associations. by virtue of its membership in these associations, the college may undertake some indirect lobbying activities as a portion of its membership dues may be used to fund higher education advocacy endeavors. the college has not received notification from the associations of its allocable share of non-deductible lobbying expenditures; accordingly the college has not disclosed any amounts on schedule c. this disclosure in schedule o is offered in the interests of full disclosure. Form 990, Part XI, Line 5 Unrealized Gains on Investments - $6,606,741 ----------------------------------------------------------------------- Total Change in Net Assets - 6,606,741