2011-05-10T16:26:07-05:00 2010-06-30 GRANT THORNTON LLP 666 THIRD AVENUE NEW YORK NY 100174011 990 2009-07-01 133508093 IONA COLLEGE IONA 9146332483 715 NORTH AVENUE - MCSPEDON HALL NEW ROCHELLE NY 108011890 Jonathan C Ivec 9146332183 2011-05-10 true 2125429609 2009 2016-02-24 21:20:13Z JAMES LIGUORI 715 NORTH AVENUE MCSPEDON NEW ROCHELLE NY 10801 150331935 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. 34 33 1979 0 473121 9561713 8687356 115509227 117922900 916572 864002 132788 2061978 126120300 129536236 31204211 33672274 0 0 52840767 54713173 0 0 1610966 30117719 30731498 114162697 119116945 11957603 10419291 164756392 169294829 58369895 51123639 106386497 118171190 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, s false false 65549887 33609208 104654766 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. Iona's student body is comprised of 3,249 undergraduate students, 896 graduate students and 65 Professional Studies Program Students. Iona boasts a student to faculty ratio of 13 to 1. 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 at Iona College is one of the nation's most outstanding business schools, according to the Princeton Review. 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 10309476 63066 12920215 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. Over 1,076 Iona students choose to live in one of the College's five housing options. 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. 3723355 0 1173371 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. 79582718 true true false false false false true false true true true false true false false false false false true false false true true true false false false false false false false false true 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 34 33 true false false false false false false true true false false true true true true true false true true false X ANDREW MCDERMOTT 9146332480 715 NORTH AVENUE MCSPEDON HALL NEW ROCHELLE NY 10801 Br James A Liguori CFC 1.0 X X 299829 0 1162 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 Laurence downes 1.0 X X 0 0 0 John Driscoll 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 Thomas Hales 1.0 X 0 0 0 Alice Hoersch 1.0 X 0 0 0 Kathleen Hurlie 1.0 X 0 0 0 Helen Lafferty 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 James MacDonald 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 Lawrence Murphy 1.0 X 0 0 0 Kevin Plunkett 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 John Verrier 1.0 X 0 0 0 Brian Walsh 1.0 X 0 0 0 Lawrence Wills 1.0 X 0 0 0 Warren Rosenberg 35.0 X 227607 0 22519 Kelli Hudson 40.0 X 206182 0 16640 Jonathan Ivec 40.0 X 0 0 0 Richard Petriccione 35.0 X 209746 0 20401 Vincent Calluzzo 35.0 X 201157 0 20143 Brian Nickerson 35.0 X 199053 0 9857 Joanne Steele Laughlin 35.0 X 168583 0 17774 Kevin Willard 35.0 X 282036 0 11827 Dimitris Halaris 35.0 X 166704 0 23387 Kurt Engemann 35.0 X 165702 0 13718 Donald Moscato 35.0 X 165274 0 13342 Charles Cante 35.0 X 158066 0 14860 2449939 0 185630 60 false true false DARLIND CONSTRUCTION 1540 ROUTE 55 PO BOX 130 LAGRANGEVILLE NY 12540 CONSTRUCTION 4002036 Chartwells Dining Services 175 Sunnyside Boulevard CHICAGO IL 60693 FOOD SERVICE 2398072 Hennessey Construction Co Inc PO Box 189 14 Oak Street CLOSTER NJ 07624 Construction 1028926 re think group 700 Canal Street 5th Floor STAMFORD CT 06902 Publication/advertis 1001518 Tarter Krinsky Drogin LLP 1350 Broadway 11th Floor NEW YORK NY 10018 Legal Services 441946 18 731196 1580520 6375640 484586 8687356 TUITION AND FEES 900099 104654766 104654766 ROOM AND BOARD (& OTHER HOUSING CHARGES) 611710 11985934 11985934 ATHLETICS 611710 347919 347919 CAFETERIA 611710 659025 659025 BOOKSTORE 611710 159279 159279 115977 70152 45825 117922900 861052 861052 0 0 76986 76986 76986 76986 20436527 2950 20436527 2950 2950 2950 295125 731196 359172 -64047 -64047 0 0 AQUATICS CLUB 713940 347779 347779 INSURANCE SETTLEMENTS 900099 1191713 1191713 DAY CAMP SERVICES 900099 418599 418599 90948 39300 54522 -2874 2049039 129536236 117098071 473121 3277688 0 33672274 33672274 0 0 2890116 2081607 737745 70764 0 38572805 27782079 9846279 944447 1570740 1570740 8716832 22468 8694364 2962680 2962680 0 520549 520549 217049 217049 0 0 78102 78102 2908415 671926 2226601 9888 1834632 664851 1087375 82406 1813539 800891 874847 137801 441146 149518 289512 2116 2096 2096 6812128 1192479 5599689 19960 1041360 967623 63305 10432 0 98590 81944 8096 8550 1383085 1309833 73252 0 5044302 4088992 955310 1276695 426131 850564 FOOD SERVICE 3821152 3718172 99312 3668 ATHLETICS 978259 929231 37872 11156 ADVANCEMENT 689933 146421 238404 305108 STUDENT ACTIVITIES 571263 339226 232037 PROFESSIONAL DUES AND TRAINING 382885 275009 103445 4431 816318 259947 556132 239 119116945 79582718 37923261 1610966 7734 8700 13550181 6548063 6852152 3961303 449712 596332 2324568 2166584 2512456 1916414 178332758 72948734 103147589 105384024 71382 93163 33030720 45832905 2809898 2787341 164756392 169294829 10590128 6265824 4511214 3926900 30448820 27088453 12819733 13842462 58369895 51123639 X 77597352 94219282 14617880 9215013 14171265 14736895 106386497 118171190 164756392 169294829 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X Educational instruction 25181581 6600330 2630489 102200 119286 75871 34115043 29647626 469739 -3594294 170920 1114172 56398 25181581 0.52960 0.43200 0.03840 false false 2512212 2512212 130785801 44645814 86139987 30834493 23571579 7262914 14200252 4731341 9468911 105384024 MULTI-STRATEGY BOND FUND 13011689 F SHORT-TERM FUND 0 F MULTI-STRATEGY EQUITY FUND 21610162 F GOVERNMENT SECURITIES FUND 9296700 F COMMODITIES FUND 1910799 F CASH VALUE OF LIFE INSURANCE 3555 F 45832905 0 REFUNDABLE ADVANCES FROM U.S. GOVERNMENT 2227814 ACCRUED POSTRETIREMENT BENEFITS 11512000 ASSET RETIREMENT OBLIGATION 102648 13842462 129536236 119116945 10419291 1990402 625000 2615402 13034693 98198500 1990402 359172 2349574 95848926 78102 33609208 33687310 129536236 85788807 359172 359172 85429635 78102 33609208 33687310 119116945 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; term endowment funds are reserved to satisfy the College's debt covenants. 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 In July 2006, new guidance was issued in the area of "Accounting for Uncertainty in Income Taxes." The new standard clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This standard provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The standard also provides guidance on measurement, classification, interest and penalties, and disclosure. It was effective for the College on July 1, 2008, and had no material impact on the accompanying financial statements. The tax years ended 2007, 2008, and 2009 are still open to audit for both federal and state purposes. The College has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered tax positions. reconciliation of net assets Postretirement related changes: $625,000 reconciliation of revenue Form 990, Schedule D, Part XII Line 2d: Special events expenses (reclass to revenue) 359,172 Line 4b: Scholarships: $33,609,766 reconciliation of expenses Form 990, Schedule D, Part XIII Line 2d: Special events expenses (reclass to revenue) 359,172 Line 4b Scholarships: $33,609,766 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 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. true false true true 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. false false false false false false false false true false The College receives both federal and state funding student loans. The College administers the New York State Tuition Assistance Program (TAP) and the Pell Grants Program, a federally funded Title IV program. true Dinner Dance 632750 440750 192000 809 207291 2800 35784 Winged Foot 256710 193990 62720 12550 89153 10785 2 136861 96456 40405 1026321 731196 295125 13359 296444 2800 46569 359172 -64047 true X SCHOLARSHIPS 3434 33609208 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 scorces. 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 true true X X X X X false false false false false false false true false Br James A Liguori CFC 268474 0 0 0 31355 0 0 0 1162 0 300991 0 0 0 Warren Rosenberg 208380 0 0 0 19227 0 21661 0 858 0 250126 0 0 0 Kelli Hudson 200706 0 0 0 5476 0 15845 0 795 0 222822 0 0 0 Richard Petriccione 189667 0 0 0 20079 0 19623 0 778 0 230147 0 0 0 Vincent Calluzzo 180839 0 0 0 20318 0 19375 0 768 0 221300 0 0 0 Brian Nickerson 185731 0 0 0 13322 0 9134 0 723 0 208910 0 0 0 Joanne Steele Laughlin 155969 0 0 0 12614 0 17096 0 678 0 186357 0 0 0 Kevin Willard 275160 0 0 0 6876 0 10959 0 868 0 293863 0 0 0 Dimitris Halaris 160265 0 0 0 6439 0 16724 0 6663 0 190091 0 0 0 Kurt Engemann 143572 0 0 0 22130 0 13195 0 523 0 179420 0 0 0 Donald Moscato 144681 0 0 0 20593 0 12834 0 508 0 178616 0 0 0 Charles Cante 132684 0 0 0 25382 0 14293 0 567 0 172926 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. In 2010, the President did receive taxable income and the College issued him a W-2. 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. 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. X 23 484586 OTHER false false 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 2 Richard Petriccione, VP for Advancement, and Joanne Murphy, trustee, have a business relationship. 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 officer, director, trustee and key employee 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. 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. The Compensation committee contracts with a compensation consultant to complete a market assessment and competitive position analysis for the College's top executives. The compensation consultant utilizes comparability and benchmarking surveys to ensure that the College compensates its executives commensurate with the market. The compensation committee will then set the compensation for the relevant executive and document the decision in board minutes. 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 VI, Line 13 The College implemented a whistleblower policy in the year ending June 30, 2010 as a measure of best corporate governance practices. 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.