2011-05-16T16:02:21-05:00 2010-06-30 BKD LLP 120 W 12TH STREET STE 1200 KANSAS CITY MO 64105 990 2009-07-01 440562048 PARK UNIVERSITY PARK 8165846231 8700 NW RIVER PARK DRIVE PARKVILLE MO 64152 DORLA D WATKINS 8165846231 2011-05-15 false 2011-05-16 2009 2016-02-24 21:20:13Z MICHAEL D DROGE 8700 NW RIVER PARK DRIVE PARKVILLE MO 641523795 89102335 false X WWW.PARK.EDU X 1879 MO THE MISSION OF PARK UNIVERSITY, AN ENTREPRENEURIAL INSTITUTION OF LEARNING, IS TO PROVIDE ACCESS TO ACADEMIC EXCELLENCE, WHICH WILL PREPARE STUDENTS TO THINK CRITICALLY, COMMUNICATE EFFECTIVELY, AND ENGAGE IN LIFELONG LEARNING. 24 22 2656 350 -107595 1566890 1143068 69039173 75815056 582042 1697436 1994970 2236544 73183075 80892104 5807771 7311186 0 37142357 41947807 0 683264 31473802 26258743 74423930 75517736 -1240855 5374368 103960394 104573065 43766782 37116955 60193612 67456110 THE MISSION OF PARK UNIVERSITY, AN ENTREPRENEURIAL INSTITUTION OF LEARNING, IS TO PROVIDE ACCESS TO ACADEMIC EXCELLENCE, WHICH WILL PREPARE STUDENTS TO THINK CRITICALLY, COMMUNICATE EFFECTIVELY, AND ENGAGE IN LIFELONG LEARNING. false false 53146729 7311186 73266852 PROVIDING HIGHER EDUCATION TO STUDENTS: THESE ARE EXPENSES CONNECTED WITH INSTRUCTION, ACADEMIC SUPPORT, AND STUDENT SERVICES THAT ARE NOT DIRECTLY CONNECTED TO ACADEMIC PROGRAMS. CURRENTLY PARK UNIVERSITY SERVES APPROXIMATELY 24,000 STUDENTS ANNUALLY IN THE PARKVILLE, MISSOURI AREA, IN THE KANSAS CITY AREA, AT REMOTE LOCATION CAMPUSES, AND ONLINE. 3124996 2548204 AUXILIARY: THESE ARE EXPENSES CONNECTED WITH STUDENT HOUSING, FOOD SERVICE, FITNESS CENTER, AND YOUTH CONSERVATORY OF MUSIC. 56271725 true true false true false false false false true true true false true false false false false false true false false false true true true false true false false false false false false false true true true false false true true true false false true 176 0 true 2656 true false false false false false true true false false false 24 22 false false true false false true false true true false true true true true true true true true true true false X DORLA D WATKINS-VP FINANCE ADM 8165846231 8700 NW RIVER PARK DRIVE PARKVILLE MO 64152 DEANNA K ARMSTRONG 2.00 X 0 0 0 DONALD P ARNDTSEN 2.00 X X 0 0 0 PAMELA BERNEKING 2.00 X 0 0 0 R LYNN BONDURANT 2.00 X 0 0 0 ROBERT C BURNS 2.00 X 0 0 0 FELIPE BUSTILLO 2.00 X 0 0 0 PETER DE SILVA 2.65 X 0 0 0 KATHEEN DODD 2.00 X 0 0 0 ROBERT P DUNN 2.00 X 0 0 0 BONNIE EPPERSON 2.00 X 0 0 0 THOMAS H HOLCOM 2.00 X 0 0 0 BENNY LEE 2.00 X X 0 0 0 ROBERT E MARTIN 2.00 X X 0 0 0 JAMIE METZL 2.00 X 0 0 0 DANNY O'NEILL 2.00 X 0 0 0 RALPH REID 2.00 X 0 0 0 EUGENE A RUIZ 3.00 X X 0 0 0 N GARY WAGES 3.00 X 0 0 0 PHILIP D WHEELER 2.00 X 0 0 0 JULIE WILSON 2.00 X 0 0 0 BRENDA WISNIEWSKI 2.00 X 0 0 0 JOHN C BROWN 2.00 X 0 0 0 SUSAN MCGAUGHEY 2.00 X 0 0 0 JUDY SIMONITSCH 2.50 X 0 0 0 MICHAEL D DROGE 60.00 X 215598 0 21033 ROGER W HERSHEY 60.00 X 210837 0 17173 DORLA D WATKINS 60.00 X 165170 0 13036 LAURIE D MCCORMACK 60.00 X 153653 0 9223 THOMAS PETERMAN 60.00 X 148419 0 10293 THIMIOS ZAHAROPOULOS 60.00 X 128548 0 12529 CLARINDA CREIGHTON 60.00 X 127252 0 12556 RITA WEIGHILL 60.00 X 115670 0 6900 MARILYN G BARTELLS 60.00 X 32902 0 557 PAUL GAULT 20.00 X 24310 0 11384 ROLAND SHELTON 60.00 X 123886 0 4850 ALPHONSO O OGBUEHI 60.00 X 122272 0 8604 NICOLAS A KOUDOU 60.00 X 118679 0 7115 J MARK NOE 60.00 X 107597 0 10015 BEVERLEY BYERS-PEVITTS 60.00 X X 653609 0 8468 2448402 153736 13 true true false NCS PEARSON 2154 E COMMONS AVE STE 4000 CENTENNIAL CO 80122 DIST LEARNING 2417720 KNOWLEDGE OF MONEY 6299 NALL AVE STE 101 MISSION KS 66205 FIN MGMT COURSE 948727 SODEXO 4550 CASCADE RD SE STE 206 GRAND RAPIDS MI 49546 FOOD MGMT 859907 XEROX CORPORATION PO BOX 828187 PHILADELPHIS PA 19182 DOC MGMT 803971 AON RISK SERVICES 4801 MAIN ST STE 350 KANSAS CITY MO 64112 INSURANCE 593839 31 98790 1044278 113529 1143068 TUITION AND FEES 611600 73266852 73266852 AUXILIARY ENTERPRISES 611710 2548204 2548204 75815056 1805031 1805031 430244 430244 801170 801170 801170 801170 8016437 501 8113597 10936 -97160 -10435 -107595 -107595 32450 98790 85698 -53248 -53248 OTHER SOURCES 611710 1006819 1006819 RECOVERY AND INDIRECT COSTS 541900 51559 51559 1058378 80892104 75815056 3933980 7311186 7311186 1666640 317401 1237939 111300 35277345 28154562 6838250 284533 892811 634814 254568 3429 1355965 821246 518936 15783 2755046 2144324 584007 26715 144110 144110 110366 110366 125463 125463 4423538 2714897 1705217 3424 1285606 1285606 2941180 1448158 1389116 103906 2271309 2271309 1150310 788306 362004 718381 433630 150577 134174 131000 131000 375089 290189 84900 3270255 2979968 290287 586949 145583 441366 EDUCATION AND GENERAL 5546465 4962465 584000 AUXILIARY 3124996 3124996 OTHER 53726 53726 75517736 56271725 18562747 683264 676940 269313 3014879 1783115 306368 299185 6186806 6674650 34448 38850 605619 863653 96559263 32613930 65627356 63945333 27342298 30698966 165680 103960394 104573065 7928555 7136940 3043902 3806830 21485000 20945000 3859808 3547535 7449517 1680650 43766782 37116955 X 23585281 34183672 8986879 4784032 27621452 28488406 60193612 67456110 103960394 104573065 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false 12150 12150 74822332 74834482 1000000 250000 false 1000000 1000000 1500000 12150 12150 250000 250000 375000 false false false false false false false false false false false false false false false false false false false false false 36041268 160451 5398395 -506064 -2553246 -126517 38414287 38272008 453259 -2121170 -413155 -25000 -124674 36041268 0.13700 0.74100 0.12200 true false false 359717 359717 14584132 50750681 16632214 48702599 30864733 15981716 14883017 63945333 REFUNDABLE FEDERAL STUDENT LOANS 895650 LINE OF CREDIT 785000 1680650 80892104 75517736 5374368 1888130 1888130 7262498 75469047 1888130 1888130 73580917 7311187 7311187 80892104 68206549 68206549 7311187 7311187 75517736 INTENDED USES FOR ENDOWMENT FUNDS SCHEDULE D, PAGE 2, PART V, LINE 4 THE INTENDED USE FOR THE ENDOWMENT FUNDS IS TO PROVIDE FUNDS FOR OPERATIONS, SCHOLARSHIPS AND ACADEMIC PROGRAMS. LIABILITY UNDER FIN 48 FOOTNOTE SCHEDULE D, PAGE 3, PART X THE INTERNAL REVENUE SERVICE HAS RULED THAT THE UNIVERSITY QUALIFIES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AS A TAX EXEMPT ORGANIZATION, AND IS, THEREFORE, NOT SUBJECT TO TAX UNDER PRESENT INCOME TAX LAWS; HOWEVEVER, CERTAIN INCOME THAT IS CONSIDERED UNRELATED BUSINESS INCOME COULD BE SUBJECT TO TAXATION. THE UNIVERSITY FILES TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. WITH A FEW EXCEPTIONS, THE UNIVERSITY IS NO LONGER SUBJECT TO U.S. FEDERAL EXAMINATION BY TAX AUTHORITIES FOR YEARS BEFORE 2007. RECONCILIATION OF CHANGES - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 8 GRANTS AND SCHOLARSHIPS NETTED FROM REVENUE ON FINANCIALS -7,311,187 GRANTS AND SCHOLARSHIPS NETTED FROM EXPENSES ON FINANCIALS 7,311,187 REVENUE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 4B GRANTS AND SCHOLARSHIPS NETTED FROM REVENUE ON FINANCIALS 7,311,187 EXPENSE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XIII, LINE 4B GRANTS AND SCHOLARSHIPS NETTED FROM EXPENSES ON FINANCIALS 7,311,187 SUPPLEMENTAL FINANCIAL INFORMATION SCHEDULE D, PAGE 4, PART XIV PART V, COLUMN(B)- THE AMOUNTS SHOWN DO NOT TIE TO LAST YEAR'S 990 DUE TO THE IMPLEMENTATION OF THE STATE OF MISSOURI PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (SPMIFA). true true true ALL VISUAL ADVERTISEMENTS INCLUDE OTHER UNDER SERVED CONSTITUENCIES. ALL EMPLOYMENT ADVERTISING INCLUDES AFFIRMATIVE ACTION LANGUAGE. true true true true false false false false false false false false true false PARK UNIVERSITY RECEIVED THE FOLLOWING TYPES OF US DEPARTMENT OF EDUCATION FUNDS/MONIES: FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, FEDERAL FAMILY EDUCATION LOANS, FEDERAL WORKSTUDY, FEDERAL PERKINS LOAN, FEDERAL PELL GRANTS, ACADEMIC COMPETITIVENESS GRANTS, NATIONAL SCIENCE AND MATHMATICS ACCESS TO RETAIN TALENT GRANTS, AND TEACHER EDUCATON ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION GRANTS. true FOUNDER'S DAY 82205 64955 17250 1034 250 50044 FOLLY FETE 31420 21920 9500 4759 3650 14630 1 17615 11915 5700 11331 131240 98790 32450 5793 3650 250 76005 85698 -53248 true ATHLETIC SCHOLARSHIPS 223 1248681 ACADEMIC SCHOLARSHIPS 1586 6062505 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE UNITED STATES SCHEDULE I, PAGE 1, PART I, LINE 2 IN AS MUCH AS ALL GRANTS ARE NON-CASH ASSISTANCE FOR STUDENT RECIPIENTS' TUITION, ROOM, BOARD OR BOOKS, WHEN SUCH REMISSION OCCURS, IT IS A DIRECT REDUCTION OF THE STUDENT'S FEES TO THE UNIVERSITY. SINCE NO GRANT FUNDS ARE IN DIRECT CONTROL OF THE RECIPIENT, THE RECIPIENT IS NOT IN A POSITION TO DIVERT THE GRANT FROM INTENDED USE. FOR ATHLETIC SCHOLARSHIPS, THE ATHLETIC DIRECTOR AND DIRECTOR OF STUDENT FINANCIAL SERVICES, TO ENSURE COMPLIANCE WITH NAIA RULES, MUST MONITOR SCHOLARSHIP EXPENDITURES FOR EACH STUDENT AND PROGRAM. X X X true true X X X X X false false false false false false false false false MICHAEL D DROGE 215082 516 13365 7668 236631 ROGER W HERSHEY 210045 792 10918 6255 228010 DORLA D WATKINS 164894 276 10090 2946 178206 LAURIE D MCCORMACK 153377 276 9223 162876 THOMAS PETERMAN 146926 1493 8899 1394 158712 BEVERLEY BYERS-PEVITTS 102579 551030 6286 2182 662077 550000 FRINGE OR EXPENSE EXPLANATION SCHEDULE J, PAGE 1, PART I, LINE 1A PARK UNIVERSITY PROVIDED ON CAMPUS HOUSING TO THE PRESIDENT. THE FAIR MARKET VALUE OF THE HOUSING QUALIFIED AS A NON-TAXABLE BENEFIT UNDER CODE SECTION 119, AND IS NOT INCLUDED ON FORM W-2. PARK UNIVERSITY PROVIDED PERSONAL SERVICES IN THE FORM OF HOUSEKEEPING SERVICES IN THE PRESIDENT'S ON CAMPUS RESIDENCE TO ACCOMODATE THE SIGNIFICANT NUMBER OF TIMES THE RESIDENCE WAS USED AS A LESS FORMAL MEETING VENUE FOR THE PRESIDENT TO INTERACT WITH: DONORS, TRUSTEES, VISITING DIGNITARIES, PROFESSORS, SPEAKERS, PERFORMERS, ETC. THE FAIR MARKET VALUE WAS NOT TREATED AS TAXABLE INCOME BECAUSE THE COSTS OF HOUSEKEEPING ASSOCIATED WITH THE SIGNIFICANT "PUBLIC" USE OF THE RESIDENCE WAS DEEMED TO BE AN APPROPRIATE BUSINESS EXPENSE. PARK UNIVERSITY PROVIDED SPOUSAL TRAVEL TO THE PRESIDENT. THE FAIR MARKET VALUE WAS NOT TREATED AS TAXABLE COMPENSATION BECAUSE THE TRAVEL WAS DEEMED TO BE FOR THE BONA FIDE BUSINESS PURPOSES OF THE UNIVERSITY. IDA OF PARKVILLE MISSOURI 440562048 701533AA9 2007-09-13 22000000 TO CONSTRUCT A RESID true false 20945000 3 3739437 108689 82479 2008 true false true true false false false false false true false false false false false false UMB NA BANKING 923924 BANKING RELATIONSHIP false X 360 REPLACEMENT COST X 1 125 X 4 86783 AVERAGE CLOSING PRICE X 2 261 COST X SPORTS EQUIP 2 2500 REPLACEMENT COST X STEINWAY PIANO 1 15000 COST X WALL ART 2 5100 COST X STAINED GLASS 1 3400 COST 1 false true true THIRD PARTY USED TO PROCESS NONCASH CONTRIBUTIONS SCHEDULE M, PAGE 1, PART I, LINE 32B AN INDEPENDENT BROKER IS USED TO SELL GIFTS OF SECURITIES SIGNIFICANT CHANGES TO ORGANIZATIONAL DOCUMENTS FORM 990, PAGE 6, PART VI, LINE 4 THE UNIVERSITY MADE SIGNIFICANT CHANGES TO ITS BYLAWS, THE BOARD OF TRUSTEES ("BOARD") HAVING APPROVED AMENDMENT AND RESTATEMENT IN FULL OF ITS BYLAWS ("RESTATED BYLAWS") ON MAY 6, 2011. SIGNIFICANT CHANGES INCLUDED: (1) CHANGES IN THE COMPOSITION, QUALIFICATIONS OF THE VOTING TRUSTEES OF THE UNIVERSITY, WITH: (A) THE ADDITION OF TWO "RECENTLY GRADUATED TRUSTEES" WHO WILL SERVE ALTERNATING TWO-YEAR TERMS; (B) PROVIDING THAT THE IMMEDIATE PAST BOARD CHAIR WILL REMAIN ON THE BOARD DURING THE TERM OF THE SUCCEEDING BOARD CHAIR; (C) MAKING IT CLEAR THAT THE BOARD MAY REMOVE VOTING TRUSTEES WHEN IT DEEMS THAT TO BE IN THE BEST INTEREST OF THE UNIVERSITY. (2) ADDING DETAILED PROVISIONS REGARDING DUTIES AND OBLIGATIONS OF VOTING TRUSTEES, INCLUDING: (A) PARTICIPATION EXPECTATIONS AND ATTENDANCE REQUIREMENTS, (B) PHILANTHROPIC EXPECTATIONS, (C) THE FIDUCIARY DUTIES OF CARE, CONFIDENTIALITY, AND LOYALTY OF VOTING TRUSTEES, HONORARY TRUSTEES AND UNIVERSITY OFFICERS. (3) CHANGE TO THE AUTHORITY AND DUTIES OF CERTAIN UNIVERSITY OFFICERS: (A) THE BOARD VICE CHAIR IS EXPECTED TO SUCCEED THE BOARD CHAIR; (B) THE PRESIDENT WILL SERVE AS AN EX OFFICIO VOTING MEMBER OF ALL BOARD COMMITTEES EXCEPT THE EXECUTIVE AND AUDIT COMMITTEES; (C) THE VICE PRESIDENT & GENERAL COUNSEL WILL PERFORM NON-LEGAL DUTIES ASSIGNED BY THE PRESIDENT PROVIDED THOSE DUTIES DO NOT CONFLICT WITH THE OBLIGATIONS OF THE VICE PRESIDENT & GENERAL COUNSEL TO THE BOARD. (4) THE BOARD'S AD HOC AUDIT AND COMMUNICATIONS COMMITTEES BECAME STANDING COMMITTEES, AND THE STUDENT SERVICES COMMITTEE WAS MERGED INTO THE ACADEMIC AFFAIRS COMMITTEE. (5) THE DUTIES OF THE EXECUTIVE COMMITTEE WERE CLARIFIED AND MODIFIED: (A) DELEGATION TO THE EXECUTIVE COMMITTEE OF THE AUTHORITY AND OBLIGATION TO ASSURE THAT THE COMPENSATION PAID BY THE UNIVERSITY TO THE PRESIDENT AND OTHER UNIVERSITY OFFICERS IS REASONABLE, WITH THE ASSISTANCE OF A COMPENSATION ADVISORY SUBCOMMITTEE OF THE EXECUTIVE COMMITTEE; (B) SEVERAL LIMITATIONS WERE PLACED UPON THE AUTHORITY OF THE EXECUTIVE COMMITTEE TO "ACT FOR THE BOARD." (6) TRUSTEE NOMINATIONS, AND THE NOMINATIONS OF BOARD OFFICERS, BECAME AN OBLIGATION OF THE TRUSTEESHIP COMMITTEE, INSTEAD OF THE EXECUTIVE COMMITTEE. (7) THE INDEMNIFICATION ARTICLE WAS STRENGTHENED, AND THE UNIVERSITY IS REQUIRED TO PURCHASE AND MAINTAIN INSURANCE ON BEHALF OF VOTING TRUSTEES, HONORARY TRUSTEES AND OTHERS ACTING ON BEHALF OF THE UNIVERSITY. (8) THE BOARD IS AUTHORIZED TO ADOPT STANDING RULES TO FACILITATE THE WORK OF THE BOARD. ELECTION OF MEMBERS AND THEIR RIGHTS FORM 990, PAGE 6, PART VI, LINE 7A THE PRESIDENT OF THE PARK UNIVERSITY ALUMNI ASSOCIATION, IF NOT AN EMPLOYEE OF PARK UNIVERSITY, SERVES EX OFFICIO AS A VOTING TRUSTEE. THAT PRESIDENT IS SELECTED BY THE MEMBERS OF THE PARK UNIVERSITY ALUMNI ASSOCIATION. IF THAT PRESIDENT IS UNABLE TO SERVE, THAT ASSOCIATION IS ENTITLED TO NOMINATE, BUT NOT ELECT, A SUBSTITUTE TRUSTEE. POLICIES AND PROCEDURES GOVERNING CHAPTERS FORM 990, PAGE 6, PART VI, LINE 10B PARK UNIVERSITY PROVIDES AN OPERATIONS MANUAL AND PROCEDURES TO ALL CAMPUS CENTER LOCATIONS, IN KEEPING WITH PARK UNIVERSITY'S VISION TO OPERATE AS "ONE UNIVERSITY". ADMINISTRATION AND ALL ACCOUNTING FUNCTIONS ARE PERFORMED AT THE PARKVILLE CAMPUS FOR ALL CAMPUS CENTERS, AND THERE IS AN EMPLOYEE MANUAL WHICH PERTAINS TO ALL EMPLOYEES. ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 FORM 990, PAGE 6, PART VI, LINE 11 THE DRAFT FOR THE FORM 990 IS PREPARED BY THE UNIVERSITY'S CONTROLLER AND THEN REVIEWED BY THE VICE PRESIDENT FOR FINANCE & ADMINISTRATION AND THE VICE PRESIDENT & GENERAL COUNSEL. THE CHAIR OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES ("BOARD") GUIDED THE REVIEW BY THE BOARD OF THE UNIVERSITY'S FORM 990("990") BEFORE IT WAS FILED WITH THE INTERNAL REVENUE SERVICE ("IRS"). THE FORMAL 990 REVIEW WAS CONDUCTED BY THE AUDIT COMMITTEE AT A MEETING TO WHICH ALL TRUSTEES WERE INVITED AND ENCOURAGED TO ATTEND. A NUMBER OF NON-AUDIT COMMITTEE TRUSTEES PARTICIPATED IN THE AUDIT COMMITTEE'S 990 REVIEW MEETING. ALSO PRIOR TO FILING THE UNIVERSITY'S 990 WITH THE IRS, ALL TRUSTEES WERE NOTIFIED THAT THE 990 HAD BEEN POSTED FOR THEIR REVIEW ON THE UNIVERSITY'S SECURE, CONFIDENTIAL, ELECTRONIC "BOARDPORTAL." THE BOARD PORTAL IS THE CHANNEL UTILIZED BY THE UNIVERSITY TO PROVIDE MANAGEMENT AND GOVERNANCE INFORMATION TO THE BOARD. ENFORCEMENT OF CONFLICTS POLICY FORM 990, PAGE 6, PART VI, LINE 12C THE BOARD OF TRUSTEES ("BOARD") OF PARK UNIVERSITY HAS ADOPTED AND REGULARLY MONITORS THE IMPLEMENTATION, PERIODIC REVIEW, AND UPDATING, OF THE PARK UNIVERSITY CONFLICT OF INTEREST POLICY ("POLICY"). AT LEAST ONCE EACH YEAR, EACH "INTERESTED PERSON" (AS DEFINED IN THE POLICY), UNIVERSITY OFFICERS, UNVERSITY TRUSTEES, AND KEY EMPLOYEES OF THE UNIVERSITY ARE REQUIRED TO FILE A PARK UNIVERSITY CONFLICT OF INTEREST DISCLOSURE STATEMENT ("DISCLOSURE STATEMENT"). IN ADDITION, INTERESTED PERSONS ARE REQUIRED TO FILE UPDATED DISCLOSURE STATEMENTS AT ANYTIME POTENTIAL OR ACTUAL CONFLICTS OF INTEREST ARISE. WHEN NEW TRUSTEES ARE ELECTED TO THE BOARD AND WHEN EMPLOYEES BECOME INTERESTED PERSONS, EACH IS REQUIRED TO FILE A DISCLOSURE STATEMENT. THE UNIVERSITY'S VICE PRESIDENT & GENERAL COUNSEL, WHO REPORTS DIRECTLY TO THE BOARD, COLLECTS AND REVIEWS THE DISCLOSURE STATMENTS, AND ADVISES THE BOARD CHAIR AND THE AUDIT COMMITTEE CHAIR OF THE NATURE OF THE CONFLICTS RELATED INFORMATION REPORTED ON THE DISCLOSURE STATEMENTS. THE BOARD OF TRUSTEES HAS DELEGATED TO THE AUDIT COMMITTEE THE AUTHORITY TO TAKE ACTIONS DESCRIBED BELOW. THE AUDIT COMMITTEE INITIATES AN INQUIRY INTO WHETHER A CONFLICT OF INTEREST EXISTS. AN INTERESTED PERSON WHO IS THE SUBJECT OF AN AUDIT COMMITTEE CONFLICTS INQUIRY MAY PRESENT INFORMATION RELEVANT TO THE EXISTENCE OF A CONFLICT OF INTEREST. HOWEVER, THE INTERESTED PERSON MAY NOT PARTICIPATE IN THE DELIBERATIONS OF THE AUDIT COMMITTEE, AND EVEN IF THE INTERESTED PERSON IS A MEMBER OF THE AUDIT COMMITTEE, THE INTERESTED PERSON MAY NOT PARTICIPATE IN THE DELIBERATIONS OF THE AUDIT COMMITTEE THAT ARE RELATED TO THE CONFLICT INQUIRY, AND MAY NOT VOTE ON ANY ISSUE RELATED TO THE CONFLICT INQUIRY, INCLUDING THE EXISTENCE OF A CONFLICT OF INTEREST OR ANY ACTIONS TO BE TAKEN BY THE AUDIT COMMITTEE, THE EXECUTIVE COMMITTEE OR THE BOARD AS A RESULT OF THE EXISTENCE OF A CONFLICT OF INTEREST. THE CHAIR OF THE AUDIT COMMITTEE KEEPS THE BOARD CHAIR, THE EXECUTIVE COMMITTEE, THE TRUSTEESHIP COMMITTEE, THE BOARD OF TRUSTEES AND THE VICE PRESIDENT & GENERAL COUNSEL APPRISED OF THE STATUS OF CONFLICT-RELATED INQUIRIES AND OTHER CONFLICT-RELATED MATTERS THAT ARE WITHIN THE PURVIEW OF THE AUDIT COMMITTEE. THE AUDIT COMMITTEE CHAIR, BOARD CHAIR, AND OTHER TRUSTEES REGULARLY SEEK LEGAL COUNSEL FROM THE VICE PRESIDENT & GENERAL COUNSEL REGARDING CONFLICTS RELATED ISSUES.NO TRUSTEE (MEMBER OF THE BOARD OF TRUSTEES OR THE EXECUTIVE COMMITTEE) WHO HAS A CONFLICT OF INTEREST MAY PARTICIPATE IN DELIBERATIONS OR ANY DECISION MAKING RELATED TO THAT CONFLICT OF INTEREST. COMPENSATION PROCESS FOR TOP OFFICIAL FORM 990, PAGE 6, PART VI, LINE 15A THE BOARD EXECUTIVE COMMITTEE FUNCTIONS AS THE UNIVERSITY'S "AUTHORIZED BODY" WITH REGARDS TO THE COMPENSATION OF THE UNIVERSITY PRESIDENT (WHO IS THE CEO AND TOP MANAGEMENT OFFICIAL OF THE UNIVERSITY), AND THE COMPENSATION OF UNIVERSITY OFFICERS. THE EXECUTIVE COMMITTEE HAS A COMPENSATION ADVISORY SUBCOMMITTEE THAT FOCUSES ON THESE MATTERS, ASSISTS THE EXECUTIVE COMMITTEE, AND MAKE RECOMMENDATIONS TO THE EXECUTIVE COMMITTEE, BUT MAKES NO DECISIONS REGARDING EXECUTIVE COMPENSATION MATTERS. NO TRUSTEE (MEMBER OF THE BOARD OF TRUSTEES OR THE EXECUTIVE COMMITTEE) WHO HAS A CONFLICT OF INTEREST WITH RESPECT TO A COMPENSATION ARRANGEMENT MAY PARTICIPATE IN COMPENSATION DELIBERATIONS OR IN ANY DECISION MAKING OF THE EXECUTIVE COMMITTEE THAT ARE RELATED TO A CONFLICT OF INTEREST OF THE TRUSTEE. THE EXECUTIVE COMMITTEE AND THE PRESIDENT, WITH ASSISTANCE FROM THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION AND THE VICE PRESIDENT & GENERAL COUNSEL OBTAIN COMPARABLE COMPENSATION INFORMATION FROM A VARIETY OF SOURCES, INCLUDING THE MOST CURRENT ADMINISTRATIVE COMPENSATION SURVEY PRODUCED BY THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES ("CUPA SURVEY") AND THE JOINT COMPENSATION AND BENEFITS PROVISION OF LEGAL SERVICES SURVEY REPORT ("NACUA SURVEY") PERIODICALLY COMPILED BY THE NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY ATTORNEYS. THE EXECUTIVE COMMITTEE ALSO CONSIDERS COMPENSATION DATA THAT MAY BE AVAILABLE FROM OTHER SOURCES SUCH AS THE CHRONICLE OF HIGHER EDUCATION. THE EXECUTIVE COMMITTEE USES THAT DATA IN ITS PERIODIC COMPENSATION DELIBERATIONS. THE CUPA SURVEY INCLUDES DATA REGARDING COMPENSATION OF PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE NACUA SURVEY INCLUDES DATA REGARDING COMPENSATION OF ATTORNEYS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED UNIVERSITIES. THE PRESIDENT OF THE UNIVERSITY MAKES RECOMMENDATIONS TO THE EXECUTIVE COMMITTEE REGARDING THE COMPENSATION OF VICE PRESIDENTS OF THE UNIVERSITY AND MAY PARTICIPATE IN DELIBERATIONS RELATED TO COMPENSATION OF UNIVERSITY EMPLOYEES WHOSE COMPENSATION IS CONSIDERED BY THE BOARD CHAIR, THE EXECUTIVE COMMITTEE AND/OR THE BOARD OF TRUSTEES. DELIBERATIONS OF THE EXECUTIVE COMMITTEE REGARDING EXECUTIVE COMPENSATION ARE CONTEMPORANEOUSLY DOCUMENTED AND RECORDS REGARDING EXECUTIVE COMPENSATIONS ARRANGEMENTS. COMPENSATION PROCESS FOR OFFICERS FORM 990, PAGE 6, PART VI, LINE 15B SEE SCHEDULE O, PART VI, LINE 15A FOR COMPENSATION PROCESS FOR OTHER OFFICERS. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION FORM 990, PAGE 6, PART VI, LINE 19 THE PARK UNIVERSITY ("UNIVERSITY") ARTICLES OF INCORPORATION AND AMENDMENTS THERETO ARE PUBLICLY AVAILABLE IN THE OFFICE OF THE MISSOURI SECRETARY OF STATE. THE UNIVERSITY ALSO FILES ITS ARTICLES OF INCORPORATION, AMENDMENTS THERETO, AND THE BYLAWS OF THE UNIVERSITY'S BOARD OF TRUSTEES, WITH THE INTERNAL REVENUE SERVICE. THE UNIVERSITY ENTERTAINS REQUESTS FOR COPIES OF THE CONFLICTS OF INTEREST POLICY. THE UNIVERSITY PROVIDES FINANCIAL INFORMATION ABOUT THE UNIVERSITY TO THE PUBLIC VIA ITS FORM 990. FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION SCHEDULE E, LINE 6 PARK UNIVERSITY RECEIVED THE FOLLOWING TYPES OF US DEPARTMENT OF EDUCATION FUNDS/MONIES: FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, FEDERAL FAMILY EDUCATION LOANS, FEDERAL WORKSTUDY, FEDERAL PERKINS LOAN, FEDERAL PELL GRANTS, ACADEMIC COMPETITIVENESS GRANTS, NATIONAL SCIENCE AND MATHMATICS ACCESS TO RETAIN TALENT GRANTS, AND TEACHER EDUCATON ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION GRANTS. PURPOSE OF ISSUE DESCRIPTION SCHEDULE K IDA OF PARKVILLE, MISSOURI BONDS. ADDITIONAL INFORMATION SCHEDULE O RESTATEMENT OF FINANCIAL STATEMENTS - DURING 2010, PARK CHANGED ITS METHOD OF REPORTING DEFERRED SUMMER TUITION TO ENHANCE THE ACCURACY OF THE FINANCIAL STATEMENTS. FOR THAT REASON, THE FYE 2009'S AUDITED FINANCIAL STATEMENTS WERE RESTATED SO THAT A READER WOULD BE ABLE TO COMPARE RESULTS OF THE TWO YEARS ON THE SAME BASIS OF ACCOUNTING. THE NET IMPACT FOR 2009 WAS TO DECREASE THE BEGINNING NET ASSETS BY 2,576,613 AND DECREASE THE 2009 CHANGE IN NET ASSETS BY 30,878. THEREFORE, THE PRIOR YEAR FIGURES ON THIS FORM 990 WILL NOT TIE TO THE PRIOR YEAR RETURN BY THE FOLLOWING AMOUNTS: PAGE 1, FORM 990 LINE 9 30,878 LINE 12 30,878 LINE 19 30,878 LINE 21 2,607,491 LINE 22 2,607,491 PAGE 11, FORM 990 LINE 2 355,506 LINE 11 508,524 LINE 15 153,018 LINE 19 2,607,491 LINE 26 2,607,491 LINE 27 3,745,561 LINE 29 1,138,070 LINE 33 2,607,491 FORM 990, SCHEDULE L, PART IV NAME OF INTERESTED PERSON UMB BANK, N.A. RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION BANKING AMOUNT OF TRANSACTIONS 609,993 DESCRIPTION OF TRANSACTIONS SINCE 1975 UMB BANK, NA("UMB")(OF WHICH TRUSTEE PETER DESILVA IS THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER), HAS HAD BANKING RELATIONSHIPS WITH PARK UNIVERSITY ("UNIVERSITY"). HISTORICALLY UMB HAS PROVIDED LINES OF CREDIT (1986), BANKCARD SERVICES (1997), ENDOWMENT INVESTMENT SERVICES (1975) AND OTHER COMMERCIAL BANKING SERVICES TO PARK UNIVERSITY ("UNIVERSITY"). IN 2005, THE UNIVERSITY ACCELERATED PLANNING FOR CONSTRUCTION OF A MAJOR NEW RESIDENCE HALL AND A REHABILITATED EXERCISE CENTER ("PROJECT"). IN PREPARATION FOR THAT PROJECT THE UNIVERSITY EXPLORED MANY FINANCING OPTIONS AND INTERVIEWED TWO INTENSELY COMPETITIVE FIRMS, NEITHER OF WHICH MATCHED UMB'S SERVICE, PRICE OR RESPONSIVENESS. THE UMB PARTICIPATION IN THE PROJECT WAS A MAJOR CONTRIBUTING FACTOR TO THE SUCCESSFUL COMPLETION OF THE PROJECT ON TIME AND WITHIN BUDGET. BEYOND THAT, UMB HAS HISTORICALLY BEEN EXCEPTIONALLY SUPPORTIVE OF PARK UNIVERSITY IN DIFFICULT FINANCIAL TIMES WHEN OTHER LENDERS WOULD NOT HAVE BEEN SO COOPERATIVE. SCHEDULE R, PART IV PARK UNIVERSITY DOES RECEIVE INCOME FROM THE GEORGE DAVIS TRUSTS, BUT DISTRIBUTIONS DO NOT EXCEED 25%. PARK VISTA LLC 8700 NW RIVER PARK DRIVE PARKVILLE MO 64152 440562048 LEASING MO PARK UNIV PARK UNIVERSITY ENTERPRISES INC 5700 BROADMOOR ST MISSION KS 662022415 431830400 BUS EDUC MO 501 11A PARK UNIV PARK MCAFEE INC 8700 NW RIVER PARK DRIVE PARKVILLE MO 64152 440562048 INACTIVE MO N/A C CORP 1.00000 false false false false false false false false false false false false false false false false false false 2009 WAS THE FIRST YEAR THAT THE ORGANIZATION MADE THE 501(H) ELECTION.