2012-04-04T18:22:19-05:00 2011-06-30 GRANT THORNTON LLP 2001 MARKET STREET SUITE 3100 PHILADELPHIA PA 19103 990 2010-07-01 210634981 GEORGIAN COURT UNIVERSITY GEOR 7329872200 900 Lakewood Avenue Lakewood NJ 087012097 RONALD RECK 2012-04-03 2155614200 2010 2016-02-24 21:20:13Z ROSEMARY JEFFRIES 900 LAKEWOOD AVENUE LAKEWOOD NJ 08701 87469489 false X WWW.GEORGIAN.EDU X 1908 NJ To provide a comprehensive liberal arts education in the Roman Catholic tradition, with a special concern for women. The University is committed to justice, respect, integrity, service and compassion. 35 35 1003 178 226768 -224292 2729161 1938534 54968474 54154907 866193 1191859 516550 642129 59080378 57927429 11485942 12002677 0 0 26101965 25512654 144713 112000 2393759 21048634 22068309 58781254 59695640 299124 -1768211 118956310 122329025 39899476 38320467 79056834 84008558 Georgian Court University offers an innovative liberal arts curriculum that promotes scholarship, service, leadership, and personal development. Focused on the Sisters of Mercy's core values-respect, integrity, service, justice, and compassion-the university offers an extremely safe and nurturing environment. GCU students, who learn in classrooms where there is typically a 13-to-1 faculty-student ratio, are served by the school's historic Women's College and its coed University College, and graduate to become competent professionals, compassionate leaders, and engaged citizens. Last year, GCU students donated approximately 3,400 volunteer hours to causes throughout New Jersey and the nation. GCU students assisted in domestic abuse and women's shelters; advocated for the homeless and for affordable housing solutions; mentored high school and middle school athletes; raised money and awareness for a range of issues, including poverty, breast cancer, and autism; and donated labor and time false false 32434298 12002677 54450726 Georgian Court University serves 1,722 undergraduates in 30 majors and 783 graduate students in 11 distinctive programs. Of the 2,555 students enrolled in the GCU School of Business, School of Education and School of Arts and Sciences, 1,309 of them take classes through GCU's historic Women's College. About 1,246 are enrolled in Georgian Court's University College, which offers co-educational classes and flexible day and evening courses. WOMEN'S COLLEGE The Women's College, located on GCU's Lakewood campus, is dedicated to the personal and professional success of women. It is open to residential and commuter students, and provides a values-based liberal arts education that enhances the marketability of GCU's female graduates across various disciplines. The Women's College emphasizes leadership that enables women to excel in their careers while contributing to the greater good of their communities, state and nation. Women's College students learn to approach any obstacle with confidence, high self-esteem, and extraordinary preparation. UNIVERSITY COLLEGE GCU's University College offers courses on the graduate and undergraduate levels, and provides a co-educational environment where women and men thrive. It is especially helpful for adult learners who are interested in GCU's accelerated programs, and have busy schedules, job and family obligations, or limited time to attend class. In addition, University College courses--many of them available in the evenings or online--are offered at off-site campuses in Woodbridge, N.J., Wall Township, N.J., and other locations. In recent years, GCU has added new areas of study that reflect employment trends. Programs in nursing, homeland security, holistic health, exercise science, dance, psychiatric rehabilitation and psychology, and applied behavior analysis address growing needs in the marketplace. In addition, GCU specialty offerings in autism spectrum disorders, Pre-K to 3rd education, sustainability, graphic design, multimedia design, and the university's 52-week M.B.A. mirror the demands of growth industries in New Jersey and beyond. GCU gives students an exceptional learning environment where they conduct research with faculty and gain valuable experience in their disciplines before graduation. Students often work alongside faculty mentors in biochemistry, neurobiology, autism studies, early childhood education, learning disabilities consulting, and school psychology. Those studying social work, criminal justice, dance, exercise science, and business are equally as involved. At least 19 percent of GCU students complete research with a faculty member by their senior year, and studies also show that by their senior year, 61 percent of students have participated in some form of practicum, internship, field experience, or clinical assignment. Among first-year students, 64 percent report occasionally spending time with faculty members on activities other than coursework. The university also extends educational opportunities to senior adults through the McAuley Institute for Lifelong Learning (MILL). The program, launched in 2009, has grown from two pilot courses to more than 40 classes that cover subjects ranging from Italian art, history and politics to computer technology, social networking, and memoir writing. MILL has more than 500 seniors, ages 50 and older, who enroll in non-credit, college-level courses that meet for 4-6 weeks, and are taught by faculty experts from a variety of disciplines. SCHOLARSHIPS & GRANTS About 99 percent of GCU's full-time first-year students receive aid, and 96 percent of all Georgian Court students receive some form of financial aid. On average, full-time freshmen receive $14,287 in financial aid, while the average institutional grant for all students is $10,618. 1639450 STUDENT ATHLETIC AND ACADEMIC PROGRAMS As a member of the Central Athletic Collegiate Conference, Georgian Court University fields 125 athletes in eight NCAA Division II sports, including basketball, cross country, lacrosse, soccer, softball, volleyball, tennis, and both indoor and outdoor track & field. The GCU athletics program is distinguished by its commitment to building well-rounded athletes who achieve on the field and in the classroom. In keeping with their peers nationally, GCU student-athletes cultivate leadership skills in their individual sports and in their classroom and community involvement. Incoming student-athletes arrive at Georgian Court with an average high school GPA of 3.35, and continuing athletes average a 3.05 GPA. The teams are very active in the community, as well, and have raised money for the Susan B. Komen Walk for the Cure, Make-a-Wish Foundation, and Tournament of Champions while supporting fundraising for cystic fibrosis and multiple sclerosis research. In addition, students regularly host sports clinics for area youth, and coordinate activities for the annual National Women & Girls in Sports Day. 6465165 other expenditures to support the operation of offices dedicated to student service activities 40538913 true true false true false true false false true true true false false true true true false true false true false true true true false false false true true true false false false false false false false false false false false false false false false true false false false false true 142 0 true 1003 true true true false false false false true true false false false false X 35 35 false false false false false true true true true false false true true true true true true true true false NJ X RONALD D RECK 7329872416 900 LAKEWOOD AVENUE LAKEWOOD NJ 08704 X Patricia E Koch Esq 1.0 X 0 0 0 Raymond F Shea Jr Esq 1.0 X 0 0 0 Johanna Diaz CPA 1.0 X 0 0 0 Joseph DiCorcia Esq 1.0 X 0 0 0 John Paul Doyle Esq 1.0 X 0 0 0 Elisabeth Fontenelli 1.0 X 0 0 0 Fiah Gussin 1.0 X 0 0 0 Patricia Smith Heanue 1.0 X 0 0 0 James J Knipper 1.0 X 0 0 0 Robert W Koar 1.0 X 0 0 0 Monsignor Casimir H Ladzinski 1.0 X 0 0 0 Lesa Lardieri-Wright 1.0 X 0 0 0 Eugenia E Lawson 1.0 X 0 0 0 John K Lloyd 1.0 X 0 0 0 Mary Meehan phd 1.0 X 0 0 0 Deirdre Mullan RSM phd 1.0 X 0 0 0 Elizabeth Mulvihill 1.0 X 0 0 0 Linda M Orlando 1.0 X 0 0 0 Carol Rittner RSM edd 1.0 X 0 0 0 John W Seazholtz 1.0 X 0 0 0 Eugene D Serpentelli Esq 1.0 X 0 0 0 Senator Robert W Singer 1.0 X 0 0 0 Peter R Strohm Esq 1.0 X 0 0 0 Thomas J Sykes AIA PP 1.0 X 0 0 0 Deborah Hanley Williams 1.0 X 0 0 0 Mary Doris Wiswell RSM CAC 1.0 X 0 0 0 Tessa M Breslin 1.0 X 0 0 0 Francis G Coleman 1.0 X 0 0 0 Reverend Paul A Holmes 1.0 X 0 0 0 Amelia A McTamaney 1.0 X 0 0 0 Edward Nadworny 1.0 X 0 0 0 Mark N Ricca 1.0 X 0 0 0 Patricia Talone RSM 1.0 X 0 0 0 Regina Ward RSM 1.0 X 0 0 0 Rosemary Jeffries RSM PhD 35.0 X 0 0 98996 Margaret A Huber phd 35.0 X 156691 0 15739 Ruth Ann Burns 35.0 X 139264 0 21333 Dennis Kelly 35.0 X 81183 0 17136 Evelyn Saul-Quinn 35.0 X 151735 0 27100 Suzanne Elliott RSM 35.0 X 0 0 7227 Mary Lee Batesko phd 35.0 X 119134 0 13997 Jacqueline Kress phd 35.0 X 129906 0 14195 Linda James phd 35.0 X 125450 0 13963 Maureen Ryan Hoffman 35.0 X 110293 0 25362 Carol Kontos Cohen 35.0 X 126050 0 13417 Joseph F Gower phd X 142636 0 21599 1282342 0 290064 9 true true false SUNGARD HIGHER EDUCATION 13377 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 MGMT FEES 1551178 ebsco information services 30 Park Road Suite 2 TINTON FALLS NJ 07724 IT SERVICES 210338 Benjamin R Harvey Co Inc 9 Cindy Lane OCEAN NJ 07712 Contractor 970903 FHEG 3146 Solutions Center CHICAGO IL 60677 operate bookstore 253567 Grant Thornton LLP 33960 Treasury Center CHICAGO IL 60694 Professional Service 115027 6 76930 870766 990838 10129 1938534 TUITION AND FEES 900099 49830288 49830288 RESIDENCE HALLS AND DINING SERVICES 900099 4212503 4212503 BOOKSTORE INCOME 900099 112116 112116 54154907 1029949 -395 1030344 0 0 227163 227163 227163 227163 29660486 29498576 161910 161910 161910 43815 76930 40134 3681 3681 6700 3350 3350 3350 0 OTHER STUDENT ACTIVITIES/MISCELLANEOUS 900099 407935 407935 407935 57927429 54450726 226768 1311401 0 11930725 11930725 71952 71952 0 610181 178835 258916 172430 0 20064999 15087137 3863566 1114296 198273 162166 29111 6996 2941592 1984541 808326 148725 1697609 1276968 317312 103329 56016 56016 52983 52983 121402 121402 25000 25000 112000 112000 173289 173289 65104 65104 639904 186062 444991 8851 1233841 859656 241273 132912 2785077 2719127 23792 42158 0 1732206 416026 1316180 338794 303389 14767 20638 0 109306 85188 19739 4379 1575254 1575254 0 3637405 3637405 719830 56951 662879 DINING HALL 1389347 1389347 STUDENT PROGRAMS & SERVICES 1110197 1097483 12714 STATE/FED GRANT AID SUPPORT 891035 891035 RECRUITING 1040343 251167 668083 121093 REPAIRS & MAINTENANCE 824459 125689 698770 3547517 1344349 1809930 393238 59695640 40538913 16762968 2393759 3780477 4961291 499235 285490 1884130 1769752 14055 6342 12067 8753 85767 276866 96351759 30222447 67812160 66129312 33805433 36317774 9789804 11321539 1273182 1251906 118956310 122329025 4758894 4607247 126049 120486 1347892 1263858 31251457 29824580 1647206 1325887 767978 1178409 39899476 38320467 X 63835772 66891071 3433733 5077405 11787329 12040082 79056834 84008558 118956310 122329025 X -1768211 6719935 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 1975 false true 25000 26975 false SCHEDULE C, PART II-B, LINE 1 The University contracted with one individual, Nan S. Wells, to undertake lobbying activities on its behalf. The total fees pursuant to this contract for the year ended June 30, 2011 were $5,000. Upon expiration of Ms. Well's contract, the University engaged Winning Strategies Washington to undertake lobbying and grant-writing assistance on its behalf. The total fees pursuant to this contract for the year ending June 30, 2011 were $20,000. Additionally, the University is a member in the following associations: National Association of Independent Colleges and Universities NACUBO EACUBO The Council of Independent Colleges A percentage of the University's membership dues are deemed to be expended for lobbying activities. For the year ended June 30, 2011, the lobbying amount was $1,975. University personnel and students, during the course of various activities throughout the year, meet with legislators to discuss education related topics. The amount of time spent is not material. X 1 2.00 1 1 0 1 false 0.00 0 true 37753402 145999 7873124 1409332 44363193 33429111 81117 6229294 1986120 37753402 35278684 5867869 -7501721 215721 33429111 0.63900 0.27100 0.09000 false false 4543047 4543047 73610272 16493326 57116946 15130836 11099327 4031509 3067604 2629794 437810 66129312 HEDGE FUNDS 3635955 INVESTMENTS HELD BY TRUSTEE 2996298 PRIVATE EQUITY FUNDS 741552 STRUCTURED CREDIT FUNDS 2513042 SPECIAL SITUATIONS FUNDS 586192 PRIVATE EQUITY COMMITTED 848500 11321539 0 MISCELLANEOUS 321469 CONDITIONAL ASSET RETIREMENT 812895 ANNUITY PAYMENT LIABILITY 44045 1178409 57927429 59695640 -1768211 6719935 6719935 4951724 52644687 6719935 -12002677 -5282742 57927429 57927429 47692963 47692963 12002677 12002677 59695640 ENDOWMENT FUNDS FORM 990, SCHEDULE D, PART V, LINE 4 The University has adopted an investment policy that is intended to provide a predictable stream of funding to programs from its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the University must hold in perpetuity as well as board-designated funds. 1. Donor-restricted endowment funds are established by donor-restricted gifts and recorded as permanently restricted within the University financial statements. The amount of each individual fund is comprised of the original gift, subsequent gifts if they were to be added to the permanent endowment and accumulations if directed by the donor's gift documents. These funds must be retained in accordance with the explicit donor stipulations. 2. Earnings on these endowed funds are regarded as "net appreciation" and classified as temporarily restricted net assets. These amounts are appropriated for expenditure consistent with the donor guidelines. Donor funded scholarships are awarded annually, in accordance with donor stipulated guidelines and are a component of the University's financial aid budget. 3. Board designated funds, quasi-endowment, functioning as endowments are made up of a debt fund, intended to offset future debt borrowings; a plant fund, intended to supplement operational expenses related to facilities' needs such as deferred maintenance or capital items; and a special projects fund with the ability to react to the changing needs and demands of the higher education environment. INCOME TAXES FORM 990, SCHEDULE D, PART X, LINE 2 The University follows appropriate guidance which prescribes a model for the recognition and measurement of a tax position taken or expected to be taken in a tax return, and provides guidance on recognition, classification, interest and penalties, disclosure and transition. At June 30, 2011 and 2010, the University does not believe its financial statements include any material uncertain tax positions. RECONCILIATION OF REVENUE FORM 990, SCHEDULE D, PART XII, LINE 2D SCHOLARSHIP EXPENSE -12,002,677 (Reclass) RECONCILIATION OF EXPENSES FORM 990, SCHEDULE D, PART XIII, LINE 4B SCHOLARSHIP EXPENSE 12,002,677 (Reclass) true true true true true true true false false false false false false false false true false true Nondiscrimination Policy Schedule E, Part I, Line 3 The university's notice of nondiscrimination policy is printed on all brochures, web pages, and publications that advertise GCU programs and admissions standards. Financial Aid or Assistance from a Governmental Agency Schedule E, Part I, Line 6a U.S. Department of Education: Student Financial Assistance Cluster - Federal Pell Grant Program Federal Supplemental Educational Opportunity Grant Federal Work Study Program Federal Family Education Loan Program National Science and Mathematics Access to Retain Talent (SMART) Grants Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) Academic Competitiveness Grant Other U.S. Department of Education Aid - Trio Student Support Services College Access Challenge-Grant Dual Enrollment Improving Teacher Quality State Grants U.S. Department of Health and Human Services: Autism Training for Educational Staff in New Jersey U.S. Department of Commerce: Sea Grant Support New Jersey Department of Education: Student Financial Aid Cluster- Tuition Aid Grant Gear Up Grant Distinguished Scholarship Program Urban Scholarship Program Other NJ Department of Education Assistance: Education Opportunity Fund-Grant Education Opportunity Fund-Article IV Education Opportunity Fund-Summer New Jersey Department of Health and Human Services: Vocational Rehabilitation Direct Services New Jersey Commission for the Blind Ocean County Department of Parks and Recreation New Jersey State Council on the Arts Ocean County Cultural and Heritage Commission Aid to Independent Colleges and Universities: NJEFA-Dormitory Safety Trust Fund, Series 2001 A -Interest Subsidy NJEFA-Dormitory Safety Trust Fund, Series 2003 A -Interest Subsidy true South America Grantmaking SCHOLARSHIPS 35500 Central America and the Caribbean Grantmaking SCHOLARSHIPS 36452 71952 71952 INSTITUTIONAL GRANT AID Cent. America/Caribbean 1 13464 INSTITUTIONAL GRANT AID South America 1 5800 ATHLETIC GRANTS South America 1 29000 RELIGIOUS GRANTS & DISCOUNTS Cent. America/Caribbean 1 22988 ENDOWED GRANTS South America 1 700 false false false false false false MONITORING OF FUNDS PART I, LINE 2 The University grants listed on Schedule F represent scholarships offered to students who matriculate at the University. As such, no monitoring of the grant funds are required because the student may only use the scholarship funds to defray the cost of tuition. X X X X X X X true Ronald Larossa Assoc 131 Maplewood Ave Maplewood NJ 07020 Consultant false 108000 108000 NJ Golf Outing 120745 76930 43815 40134 0 120745 76930 43815 40134 40134 3681 NJ 900 LAKEWOOD AVENUE LAKEWOOD NJ 08704 true INSTITUTIONAL GRANT AID 1887 7827483 TRANSFER SCHOLARSHIPS 507 1903400 ATHLETIC GRANTS 109 912534 NURSING SCHOLARSHIPS 86 530800 RELIGIOUS GRANTS & DISCOUNTS 154 507933 ENDOWED GRANTS 114 248575 MONITORING OF FUNDS PART I, LINE 2 The University grants listed on Schedule I represent scholarships offered to students who matriculate at the University. As such, no monitoring of the grant funds are required because the student may only use the scholarship funds to defray the cost of tuition. X X false false X X X X false false false false false false false false false Joseph F Gower phd 129841 0 0 0 12795 0 8818 0 12781 0 164235 0 Margaret A Huber phd 149200 0 0 0 7491 0 7584 0 8155 0 172430 0 Ruth Ann Burns 132243 0 0 0 7021 0 7108 0 14225 0 160597 0 Evelyn Saul-Quinn 144321 0 0 0 7414 0 7068 0 20032 0 178835 0 Compensation Form 990, Schedule J, Line 1 The President is provided use of a University residence building. The costs are included in other compensation and considered part of the costs customary with said position in order to carry out various job functions. Related services such as maintenance and housekeeping on this facility are performed by the University. The University provides the use of a University residence building to the Vice President of Enrollment. This benefit is not provided pursuant to a written policy, rather it represents a benefit provided to this particular officer or to facilitate his/her job functions at the University. Residency was also provided to an interim CFO, Dean and Director of Financial Aid. All temporary personnel were hired through an agency and provided the benefit due to out-of-state residency. New Jersey Educational Facilities Authority 2007 221829511 646065KQ4 2007-07-19 27196077 ADVANCE REFUNDING/CONSTRUCTION false false false New Jersey Educational Facilities Authority 2003 221829511 64605LFQ6 2003-08-21 15933891 CONSTRUCTION/CAPITAL IMPRVMTS false false false New Jersey Educational Facilities Auth 20042006A 221829511 646065LMN 2004-04-14 2702688 FINANCING CAPITAL IMPRVMTS false false true New Jersey Educational Facilities Authority 2007 221829511 nonenonen 2007-09-28 1050000 PURCHASE PROPERTY false false false 0 0 29252014 1738347 0 13468490 443446 0 0 11457843 0 0 false true true true 0 0 16307409 54 0 0 318678 0 0 14694742 0 0 false false true true 0 0 2702698 0 0 0 39988 0 0 2666270 0 0 false false true true 0 0 1050000 0 0 0 0 0 1050000 0 0 0 false false true true false false true false true 0.00000 0.00000 0.00000 true false false true false true 0.00000 0.00000 0.00000 true false false false false true 0.00000 0.00000 0.00000 true false false false false true 0.00000 0.00000 0.00000 true false false false false true false false false false false true false false false false false false false false false false false true Form 990, Schedule K See Schedule O. FORM 990, PART VI, SECTION A, LINE 7 In April 2006, the Sisters of Mercy of the Regional Community of New Jersey transferred the sponsorship of Georgian Court to the Conference for Mercy Higher Education ("CMHE"). CMHE coordinates collaboration among the 16 Mercy colleges and universities throughout the country on behalf of the Institute of the Sisters of Mercy of the Americas. Georgian Court University has a two-tiered governance structure, the first tier consisting of CMHE (as the University's sole member) and the second being the duly elected Board of Trustees, which includes the President of the University as an ex-officio member. Control of the University and its affairs and property is vested in the Board of Trustees pursuant to the University's By-Laws, subject to the powers reserved to CMHE, including among others, the power to establish the philosophy and mission of the University, elect or remove with or without cause the University president and members of the Board of Trustees, approve expenditures that are in excess of a level requiring approval of the Holy See and merge, consolidate, dissolve, or change the corporate structure of the University. Except to the extent reserved to CMHE, the Board of Trustees is empowered to manage the property and business of the University, including within such authority, the power to delegate such responsibilities and duties to the officers of Georgian Court University as the Board of Trustees deems appropriate. FORM 990, PART VI, SECTION A, LINE 10 The University's Form 990 was prepared by an international public accounting firm in conjunction with the University's financial department. A draft is prepared and distributed to the full audit committee for review. The audit committee recommends and approves for release the 990. The 990 is distributed to the full board. FORM 990, PART VI, SECTION B, LINE 12 Each officer, director, trustee and key employee of the University is required to annually disclose any conflicts of interest that arise by virtue of their employment, board service, or position with the University. The University monitors compliance with its conflict of interest policy through a conflict of interest statement that is completed by each board member at the annual June meeting. These are reviewed by the Executive Committee of the Board. In addition to the board members, the executive level, all Finance staff, the Purchasing Director, as well as anyone with significant purchasing responsibilities within the University, complete the questionnaire annually and are reviewed by the Chief Financial Officer and Director of Human Resources. Any disclosed relationships are communicated to the Controller for the purpose of completing the 990. Potential conflicts are investigated immediately. FORM 990, PART VI, SECTION B, LINE 15 The University 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 of organization is reasonable given the market in which the University operates. CEO Compensation: The Executive Committee of the Board, reviews the compensation package of the President annually at its June meeting. Compensation level is decided upon utilizing comparative data received from the Human Resource Department. Officer positions are assigned a salary range established by a compensation study done by an outside firm and the Executive Committee of the Board also reviews the compensation for these employees who are considered highest-paid employees. The officers reside on the President's Administrative Team, categorized as the executive level of the University. FORM 990, PART VI, SECTION C, LINE 19 Governing documents and financial statements are available upon request. Financial statements are listed with bond reporting agencies. Form 990 is provided to the public upon request. FORM 990, Attachment 4 Joseph Gower is a former officer of the University. In the year ended June 30, 2011, Mr. Gower received compensation for services rendered as a full professor. Mr. Gower also received sabbatical pay prior to assuming his teaching role. President, Sister Rosemary Jeffries and VP for Mission and Business Affairs, Sister Suzanne Elliot, are represented on Attachment 4 as having received no compensation from the University because the Order they represent receives all compensation they would both otherwise be paid. The Sisters of Mercy fulfill various roles within the University. Some positions, which would otherwise be filled with lay persons, are assigned a value for compensation and payments for these services are made to the Sisters of Mercy. The payments made for the calendar year 2010 totaled $1,118,500 and the compensation for these two positions is included in this figure. This compensation is not treated as taxable income to the Sisters since they are members of a religious Order and, therefore, Sister Rosemary Jeffries, is still deemed to be an independent board member for purposes of Part VI, Section A, Question 1b of the Form 990. FORM 990, SCHEDULE K Schedule k, date issued 8/21/2003: this bond refunded a portion of the New Jersey educational facilities authority bonds, Georgian Court college issue, 2003 project b schedule k, date issued 9/28/2007: these bonds were issued by the New Jersey educational facilities authority pursuant to a New Jersey state program to finance capital improvements at institutions of higher education in New Jersey. The bonds were sold based on the credit of the state of New Jersey in the aggregate principal amount of $76,725,000. This amount was allocated to both public and private institutions. A form 8038 was filed for the portion of the issue allocated to the private institutions and a separate form 8038-g was filed for the portion allocated to public institutions. Georgian Court received an amount of $2,635,641 which represents 23.189% of the total amount allocated to private institutions. The 23.189% was applied to the amounts shown on the form 8038 for the private institutions as issue price, costs of issuance and non-refunding proceeds to obtain the portion of these amounts allocable to Georgian Court. The other information provided on schedule k about these bonds relates to the portion of the issue allocated to Georgian Court and not to the amount of the issue in the aggregate. On October 26, 2006, the New Jersey educational facilities authority issued its capital improvement fund bonds, 2006A to refund part of the capital improvement fund 2004 a bonds and part of several other issues of capital improvement bonds. Debt service on the 2004 a bonds was adjusted to take account of the debt service savings that resulted from the refunding. The cusip number and date of issue shown on part i of schedule k and other information provided about these bonds on schedule k relate to the 2004 a bonds. Schedule k, date issued 10/9/2003: this bond issue was issued by the New Jersey educational facilities authority pursuant to a state program to finance dormitory safety improvements. The proceeds were loaned to 12 educational institutions. Georgian Court received a loan of $178,198.33 out of $5,440,339.33. Thus, Georgian Court university received 3.2755% of the loans. This percentage was applied to the issue price and costs of issuance shown on the form 8038 for the bonds to obtain the amounts shown in part i, column (e) and part ii, line 6, column (e). The information about rebate in part iv is for the entire issue and is based on the most recent rebate report received by the authority. The loans made to Georgian Court and the other borrowers were interest free loans. Georgian Court is obligated to repay principal of its loan and the state of New Jersey pays debt service subject to appropriation. 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