2011-05-12T12:14:59-05:00 2010-06-30 McClintock & Associates 1370 Washington Pike Bridgeville PA 15017 990 2009-07-01 590972013 COMPASS ROSE FOUNDATION INC DBA SOUTHWEST FLORIDA COLLEGE COMP 7275350298 7855 126TH AVE N LARGO FL 33773 GREG JONES 7275350298 2011-05-09 1 Chad Dinco 4122575980 2009 2016-02-24 21:20:13Z GREGORY JONES 7855 126TH AVE LARGO FL 33773 43442271 0 X http://www.swfc.edu X 1964 FL EDUCATION 9 5 0 0 0 0 0 24030056 10890859 39761 27132226 697781 798196 24767598 38821281 646875 486258 0 12647248 7889584 0 0 9695694 4581359 22989817 12957201 1777781 25864080 26291365 43189251 7835547 103692 18455818 43085559 TO GOVERN, MANAGE AND OVERSEE AN ACCREDITED, POST-SECONDARY COLLEGE. 0 1 6364047 38821281 INSTRUCTIONAL AND STUDENT RELATED EXPENSES FOR SOUTHWEST FLORIDA COLLEGE IN FT. MYERS AND TAMPA 6364047 1 0 0 0 0 0 0 0 0 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 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 9 5 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X GREGORY JONES 7275350298 7855 126TH AVE N LARGO FL 33773 DOUG DEVAUX 10.00 X 18500 0 0 DONALD C JONES 40.00 X X X 2475072 0 10293 SHARON JONES 40.00 X X X 451677 0 10293 GREGORY JONES 40.00 X X X 797665 0 28451 MARK KING 10.00 X 3400 0 0 DEAN JOHNSTON 10.00 X 3400 0 0 JOHN HUSTON 10.00 X 5200 0 0 SIGRID EDWARDS 10.00 X 2400 0 0 STEVE BELCHER 10.00 X 1600 0 0 TOM TIMOTHY 40.00 X 265594 0 1000 STEPHEN CALABRO 40.00 X 575390 0 0 4599898 0 50037 5 0 1 0 DICKSTEIN SHAPIRO LLP PO BOX 759110 BALTIMORE MD 21275 LEGAL 563541 CENAGE LEARNING PO BOX 6904 FLORENCE KY 41022 EDUCATION SERVICES 467988 ECOLLEGECOM 4900 S MONACO ST SUITE 200 DENVER CO 80237 ONLINE FEES 409601 AETNA PO BOX 532430 ATLANTA GA 303532430 HEALTHCARE SERVICES 320754 CONTACT DIRECT MARKETING 2091 E MURRAY HOLLADAY RD STE 21 SALT LAKE CITY UT 841175174 MARKETING 318976 10 Tuition Rev SWFC-FM 611600 10890859 10890859 10890859 544213 544213 681631 146594 535037 535037 535037 1132758 29384328 1147422 2781651 -14664 26602677 26588013 26588013 808482 545323 263159 263159 38821281 38821281 0 0 486258 486258 7052282 2531901 4520381 50170 17599 32571 258209 148587 109622 528923 200494 328429 1019477 310049 709428 93486 93486 1047857 1033741 14116 44533 44533 188419 187978 441 533719 533719 7943 7943 78947 22825 56122 95255 95255 295087 255897 39190 200597 200597 Licensing Fees 316542 316542 Bad Debt Expense 200436 200436 Materials & Supplies 89864 89864 Student Expenses 61026 61026 Postage 53816 53816 254355 105808 148547 12957201 6364047 6593154 0 1956896 679642 7275949 20755720 1073992 54468 8400870 407185 235097 63925 11433270 1689524 12016760 9743746 1004534 2214760 3545348 51724 0 26291365 43189251 1089401 1000 863181 4625000 1109240 18172 148725 84520 7835547 103692 X 18455818 43085559 18455818 43085559 26291365 43189251 X 0 1 0 X 1 1 X 3118557 3118557 3116812 744196 2372616 5046063 842400 4203663 151838 102928 48910 9743746 Investment in Subsidiary 3545348 C 3545348 RENTAL DEPOSITS 84520 84520 38821281 12957201 25864080 -1234339 -1234339 24629741 38278859 -1234339 691917 -542422 38821281 0 38821281 13649118 691917 691917 12957201 0 12957201 Part XII, Line 2d - Other Adjustments: COST OF SALES: 545323. RENTAL EXPENSES: 146594. Part XIII, Line 2d - Other Adjustments: COST OF SALES: 545323. RENTAL EXPENSES: 146594. 1 1 1 THE NONDISCRIMINATORY POLICIES ARE STATED IN ALL NEWSPAPER ADS BROADCAST MEDIA AND STUDENT BROCHURES. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 SOUTHWEST FLORIDA COLLEGE PARTICIPATES IN FEDERAL TITLE IV, HEA PROGRAMS FOR ELIGIBLE STUDENTS 1 1 various scholarships given to students 486258 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: The Financial Aid Department is available to help eligible students in procuring financial assistance to meet the cost of a college education. The primary responsibility for meeting the cost of education rests with the student and his or her family; however, the financial aid programs are designed to provide assistance to students whose personal resources are not sufficient to meet the full cost of their education. The majority of financial aid is provided through federal student aid programs that are administered by the Office of Federal Student Aid (FSA) in the U.S. Department of Education. These programs include the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Academic Competitiveness Grant (ACG), Federal Work-Study (FWS), Federal Family Educational Loan Program (FFELP), and the William D. Ford Federal Direct Loan Program. Most federal student aid is based on financial need rather than scholastic achievement and is awarded regardless of sex, age, race, color, religion, creed, or national origin. Most grants are targeted to low- income students. However, students do not have to be low income or show financial need to receive certain loans. Need is defined as the difference between the cost of education for one academic year and the amount a student can reasonably be expected to contribute to the cost of education for the same period. Students are strongly encouraged to apply for financial aid well in advance of the start of school to allow ample time for application processing. Financial aid applications must be completed fully, accurately and supported by proper documentation before approval can be granted and the aid awarded. Depending on the enrollment date, students may be required to apply for financial aid more than once during the calendar year. The College administers its financial aid programs in accordance with federal and state laws and its own institutional policies. Compliance with the rules and regulations governing financial aid is the responsibility of both the student and the College and students who are not in compliance with the regulations will be ineligible to receive financial assistance. CONSUMER INFORMATION Most of the public disclosure information required by the Higher Education Amendments of 1986 has been included in this catalog. Financial Aid Representatives are available to discuss consumer information in more detail with current and prospective students and to address any questions or concerns that may arise. Detailed information regarding Southwest Florida College and its Financial Aid programs, Completion/Graduation rates and Campus Crime Report can be obtained in the Learning Resource Center. In addition, the Learning Resource Center can provide information regarding the Family Educational Rights and Privacy Act (FERPA) and Drug and Alcohol Abuse Prevention. FINANCIAL AID ELIGIBILITY Student eligibility criteria for all of the federal student aid programs require that a student must: Be enrolled or accepted for enrollment as a regular student in an eligible program at an eligible institution of higher education; Provide a valid and verifiable social security number; Not be simultaneously enrolled in a secondary school; Have a high school diploma or its recognized equivalent (General Education Development Certificate GED); Be a U.S. Citizen or eligible non-citizen; Be registered with Selective Service (or exempt) if a male student over 18 years of age; For Federal Pell Grants and Federal SEOG, not have previously received a baccalaureate degree; Have a need for financial assistance, as defined by the individual program requirements (not required for Unsubsidized and PLUS Loans); Maintain satisfactory academic progress; Not be in default on any Federal Title IV Loan or owe a repayment on any Federal Title IV Grant received for attendance at any institution; Not have borrowed in excess of annual or aggregate limits on any Title IV Loan; Not have had been convicted of or have pled nolo contender or guilty to a crime involving fraud in obtaining Title IV, HEA financial assistance; Have signed a statement on the Free Application for Federal Student Aid (FAFSA) certifying that Federal Student Aid will be used only for educational purposes. Be enrolled on at least a half-time basis (FFEL and Direct Loan recipients only) Not have been convicted of a Federal or State offense involving the possession or sale of a controlled substance during a period of enrollment for which the student was receiving Title IV, HEA financial assistance. Be enrolled full-time to be eligible for an Academic Competitiveness Grant or a National Science and Mathematics Access to Retain Talent Grant. APPLICATION FOR FINANCIAL AID To apply for financial aid, a student must complete the Free Application for Federal Student Aid (FAFSA). The application must be completed with great care and accuracy. The Financial Aid Department is available to assist students in the completion of this form and to answer any questions pertaining to it. The FAFSA is used to determine eligibility for most types of financial aid programs. Once processed, the application will produce an Expected Family Contribution (EFC) amount that determines eligibility. When combined with other resources, a student's aid package may not exceed the cost of attendance. Financial aid from federal programs is not guaranteed from one year to the next and students must reapply every year. If the student transfers to another college or university, the financial aid does not automatically transfer with them. Students should check with their new school to find out the appropriate procedures for reapplying for financial aid. X X X X X 0 1 0 0 0 0 0 1 0 DONALD C JONES 367274 0 130120 0 1977678 0 0 0 10293 0 2485365 0 0 0 SHARON JONES 223105 0 79044 0 149528 0 0 0 10293 0 461970 0 0 0 GREGORY JONES 360290 0 117000 0 320375 0 0 0 28451 0 826116 0 0 0 TOM TIMOTHY 135000 0 0 0 130594 0 0 0 1000 0 266594 0 0 0 STEPHEN CALABRO 150894 0 62961 0 361535 0 0 0 0 0 575390 0 0 0 Part I, Line 4a The Organization maintained a supplemental plan ("SERP II") for Mr. Donald Jones, which made a distribution to him of his entire interest in 2009. The SERP II sought to provide Mr. Jones with the value of an annuity providing to him with 60% of his final pay with the Organization following his career with the Organization of 34 years (offset by retirement benefits Mr. Jones has received from other plans). The total amount of the benefit distribution was $1,976,458.96. The Organization formerly maintained a supplemental plan ("SERP II") for Ms. Sharon Jones, which made a distribution to her of her entire interest in 2008. During 2009, a mathematical error was discovered in the benefit distribution to Ms. Jones during 2008. A corrective distribution was made to Ms. Jones during 2009 equal to $148,725.62. Part I, Line 7 The Organization maintains an incentive compensation program that pays variable compensation based on the satisfaction by the Organization and the executive, if and to the extent satisfied, of pre-established customer satisfaction, financial and similar goals established by the Compensation Committee and the Board. During 2007, the Organization announced that it would be soliciting purchasers for the sale of Southwest Florida College, in connection with which the executives of the Organization were principally employed. In order to facilitate the sale of that College by ensuring continuity of the College's management, the Board developed a Pay to Stay program for certain members of its senior staff. Under the Pay to Stay program, understanding that executives would pursue other opportunities knowing they would likely soon lose their jobs, certain executives were promised bonus payments if they remained with the Organization through certain key dates. The first date was January 2, 2009, at which time the executive was to receive a payment equal to one-half of his base pay. The second date was the date of closing of the sale of the College, at which time the executive, if he were still employed, would receive another payment equal to one-half of his base pay. Under this program, Mr. Gregory Jones received $318,240, Dr. Stephen Calabro received $173,255.33 and Mr. Thomas Timothy received $130,000. Mr. Donald Jones and Mrs. Sharon Jones were not eligible to participate in this program. [NOTE: In the Form 990 for the Organizations' fiscal year ended June 30, 2009, it was erroneously reported that these Pay to Stay program participants received distributions under the program subject to reporting on the Form 990 for the Organizations' fiscal year ended June 30, 2009. The distributions on the Form 990 for the Organizations' fiscal year ended June 30, 2009 actually were made in 2009 and therefore are reflected in the figures disclosed in this paragraph. Accordingly, this Form 990 is a re-disclosure of the same amounts disclosed for Mr. Gregory Jones, Dr. Stephen Calabro and Mr. Thomas Timothy on the Form 990 for the Organizations' fiscal year ended June 30, 2009.] Incident to the sale of Southwest Florida College, whereby Dr. Calabro would cease employment with the Organization, the Board approved a one time base pay amount to be payable to Dr. Calabro due to a variety of considerations. Principally among them were: (i) the desire to reward Dr. Calabro for the many years of service and the commitment he had shown during the sale process, (ii) his substandard retirement benefits throughout his career with the Organization, and (iii) the absence of any severance benefits. The payment amount was $178,612.67. SALE OF ALL ASSETS AND RELATED LIABILITIES OF SOUTHWEST FLORIDA COLLEGE 2009-11-02 29139528 SALES PRICE 270397028 SFC ACQUISITION CORP 1685 MEDICAL LAND FORT MYERS FL 33907 CORPORATION 0 1 0 1 Part II, Line 2e: DR. Calabro became an employee for the successor organization and Mr. Don Jones, Ms. Sharon Jones and Mr. Gregory Jones became independent contractors. Part II, Line 2e: Mr. Don Jones, Ms. Sharon Jones and Mr. Gregory Jones were required to commit to personal non-competition obligations with the purchaser as a condition of the sale transaction, for which they receive cash consideration over the non-compete period from the purchaser if they continue to comply with the non-competition obligations. Form 990, Part III, line 3 Changes in Program Services THE ORGANIZATION SOLD ITS ASSETS THAT WERE USED TO RUN SOUTHWEST FLORIDA COLLEGE. THE ORGANIZATION NO LONGER RUNS THE DAY TO DAY OPERATIONS OF THE SCHOOL. Form 990, Part VI, Section A, line 2 Donald Jones (Director and Chief Executive Officer) and Sharon Jones (Director and Treasurer) are married. Gregory Jones (Director and President) is their son. Thomas Timothy (key employee) is Sharon Jones' son. Form 990, Part VI, Section B, line 11 A copy of the completed Form 990 is presented to the Board members in advance of a regular meeting of the Board. The Board members are afforded the opportunity to ask questions and request changes (if there are perceived factual inaccuracies). The final Form 990 is approved as presented or, if applicable, as changed, by a majority vote of the members present at the meeting. Form 990, Part VI, Section B, line 12c The Organization maintains a Conflict of Interest Policy to ensure that conflicts between and among the Organization, its employees and its directors are properly disclosed and, if improper, avoided. The Organization enforces this policy by requiring that improper conflict of interest relationships are avoided or eliminated and by ensuring that Directors with real or perceived conflicts abstain from debating or voting upon matters related to the conflict. Form 990, Part VI, Section B, line 15 The Organization's Board has adopted a Compensation Policy (the "Policy") for Covered Individuals. Pursuant to the Policy, a Compensation Committee of independent directors was established to review the compensation of all employees specified as having a substantial influence over the organization and who receive remuneration from the Organization, including, among others, the Organization's President and Chief Executive Officer, the Organization's President and the Organization's Chief Financial Officer. The Compensation Committee is advised by an independent compensation consultant, which opines to the Compensation Committee that the level of compensation paid and the process by which compensation is established meet applicable IRS reasonableness and "safe harbor" standards. The outside compensation consultant provides data of compensation provided at similar organizations to ensure that the Organization does not compensate in excess of market norms. Form 990, Part VI, Section C, line 19 Compass Rose Foundation, over the course of its fiscal year, publicly reports its fiscal and governing profile under requirements coming from the United States Department of Education, Florida Department of Education Commission for Independent Education and the Accrediting Council of Independent Colleges and Schools. SUNSTATE COLLEGE INC 2040 COLONIAL BLVD FORT MYERS FL 33907 592390702 POST SECONDARY EDUCATION SCHOOL FL N/A C 1.00000 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 SUNSTATE COLLEGE D 31013