2023-03-24T12:08:57-05:00 2021-06-30 363990892 Capin Crouse LLP 3200 Guasti Road Suite 230 Ontario CA 91761 990 2021-01-01 272912448 University of Saint Katherine UNIV 7609431107 277 Rancheros Dr 200 San Marcos CA 92069 Dr Frank Papatheofanis President 7609431107 2023-03-24 1 Dr Frank Papatheofanis 999009999 Daren Daiga P01074795 5055022746 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z X Dr Frank Papatheofanis 277 Rancheros Dr 200 San Marcos CA 92069 4348645 0 X www.USK.edu X 2010 CA Independent liberal arts college formed in Orthodox Christian tradition to award BA, BS & MA degrees. 13 13 0 13 0 0 1127728 880970 6139489 3417636 553 80 40450 23074 7308220 4321760 2492522 1497355 0 0 2708756 1467663 0 0 0 1393851 980179 6595129 3945197 713091 376563 1906305 2802140 337996 626069 1568309 2176071 X To provide a balanced education in the liberal arts & sciences, founded and rooted in the life of the Orthodox Christian Tradition - inquiry seeking wisdom. 0 0 2381209 512714 3291856 University of Saint Katherine (USK) is a regionally accredited undergraduate college of liberal arts and sciences that focuses its integrative, interdisciplinary teaching in the core areas of composition, English language and literature, American government and history, economics, business, and the sciences as part of general education and instruction in concentration-specific degree requirements. Outstanding teaching and research - with relevance to the practical world and Christian witness as guiding principles - is our primary purpose - inquiry seeking wisdom. We aim to graduate creative and compassionate leaders. USK's enrollment for Spring 2021 was 265. College programs encompass 19 degree-granting programs, as well as interdisciplinary collaborations, laboratories, and programs whose work cuts across traditional departmental boundaries. We realize these aims in a singularly collegial, interdisciplinary atmosphere while educating outstanding students to become creative members of society. All students complete a six-semester interdisciplinary core, one semester of college algebra, one semester of introductory statistics and critical problem solving, two semesters of science, one semester of Orthodox Christian theology and one semester of New Testament. 1000455 984641 125780 The University's Athletic Program was created to inspire a diverse group of student-athletes in the developments of spirit, soul, and body through Christ-centered leadership, integrated learning, and athletic excellence.USK received NAIA Full Membership in the Spring of 2019. We strive to meet all standards and regulations of the National Association of Intercollegiate Athletics (NAIA). 3381664 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 X 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X Laurel Maguire 7609431107 277 Rancheros Dr Suite 200 San Marcos CA 92069 X Daniel Braun Chairman of the Board 1.00 X X 0 0 0 Concetta Smarius - Treasurer Chair Audit & Finance Comm 1.00 X X 0 0 0 Angelo Georggin Esq Trustee 1.00 X 0 0 0 Arturo Alemany Trustee 1.00 X 0 0 0 Carol Vassiliadis Trustee 1.00 X 0 0 0 Despina Georggin Esq Trustee 1.00 X 0 0 0 John Dempsey Trustee 1.00 X 0 0 0 Penny Brunner Trustee 1.00 X 0 0 0 Steven Kreta Trustee 1.00 X 0 0 0 Thomas Buchanan Trustee 1.00 X 0 0 0 Terry Orr-Weaver Trustee 1.00 X 0 0 0 Andrew Geleris Trustee 1.00 X 0 0 0 Tom Braun Trustee 1.00 X 0 0 0 Dr Frank Papatheofanis President/Interim Secretary 40.00 X 0 0 0 Charlotte Fowler CFO 40.00 X 0 0 0 0 0 0 0 0 0 0 0 805838 75132 880970 Tuition and fees 611310 3417636 3417636 3417636 80 80 32939 26885 6054 6054 6054 Credit card rewards 900099 7116 7116 9904 9904 17020 4321760 3417636 0 23154 1497355 1497355 140000 129472 10528 1200733 1112159 88574 126930 117386 9544 14132 14132 147548 147548 68371 26690 41681 29423 28885 538 20880 13972 6908 50414 5011 45403 115398 2898 112500 107979 107158 821 1619 1619 23828 22875 953 21727 11029 10698 Athletic Equip/Uniforms 254088 254088 Other operations 47428 2198 45230 Memberships 40534 21764 18770 Student life/bookstore 28754 28668 86 8056 56 8000 3945197 3381664 563533 0 38516 25970 495145 1178439 655460 706249 115060 93158 2141 2267 68610 92729 413112 265961 167263 147151 363682 324550 428 231627 1906305 2802140 155142 146380 96126 409073 86728 70616 337996 626069 X 912849 1469822 655460 706249 1568309 2176071 1906305 2802140 376563 231199 0 X 0 1 X 1 1 1 X 1539208 616014 308758 1127728 880970 4472678 1539208 616014 308758 1127728 880970 4472678 1761903 2710775 14613 33019 47632 3762 14600 18362 -1640 18891 11313 262891 17020 308475 4847147 21924550 0.55930 0.39960 X Schedule A, Part II, Line 10, Explanation of Other Income: Other income - 2017 Amount: $ -1,640. 2018 Amount: $ 18,891. 2019 Amount: $ 11,313. 2020 Amount: $ 31,692. 2021 Amount: $ 17,020. ERC - 2020 Amount: $ 231,199. Schedule A, Part II: The organization is a school as described under 170(b)(1)(A)(ii) and is not required to complete a public support schedule. Schedule A, Part II is completed to verify the School can qualify under public charity status section 170(b)(1)(A)(vi) and, therefore, qualifies to use the first listed special rule for Schedule B reporting. Schedule A, Part II, Columns (a) - (e): Per the instructions public support is measured using a 5-year computation period that includes the current and four prior tax years (including short years). The organization had a short year in 2021. The below chart clarifies the information represented in Schedule A, Part II: Column (a) - Twelve months ending 12/31/2017 Column (b) - Twelve months ending 12/31/2018 Column (c) - Twelve months ending 12/31/2019 Column (d) - Twelve months ending 12/31/2020 Column (e) - Six month period ending 6/30/2021 Schedule A, Part II, Line 10, Column (d): For the fiscal year ending 6/30/2021, the organization qualified and applied for the employee retention credit (ERC). A prior period adjustment related to this credit has been reported on Part XI, Line 8 to reflect the revenue received related to the ERC but not reported on the prior return. Schedule A, Part II, Line 10, column (d) has been updated to reflect the revenue as other income in the period to which it applies. See Schedule O for an additional detailed description around the prior period adjustment. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 186379 165528 20851 226733 100433 126300 147151 Student notes receivable 324550 C 324550 Other assets 428 ERC Receivable 231199 231627 2981723 26885 26885 2954838 1366922 1366922 4321760 2605160 26885 26885 2578275 1366922 1366922 3945197 Part XI, Line 2d - Other Adjustments: Rental expenses 26,885. Part XI, Line 4b - Other Adjustments: Scholarships netted against revenue 1,366,922. Part XII, Line 2d - Other Adjustments: Rental expenses 26,885. Part XII, Line 4b - Other Adjustments: Scholarships netted against revenue 1,366,922. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The organization currently enrolls students of racial minority groups in meaningful numbers consistent with the publicity exception found in Rev. Proc. 75-50 section 4.03(2)(b). The University has updated its website to be in full compliance with the Rev. Proc. 2019-22 standards in order to check yes to Line 3 on future Form 990s without relying on one of the exceptions. Schedule E, Part I, Line 6 Federal financial aid funds are received from the U.S. Department of Education under Title IV of the Higher Education Act. The grants are provided to USK to award student assistance under the following programs: Federal Work Study (FWS) and Supplemental Educational Opportunity Grant (SEOG). During 2021, USK applied for and received the Higher Education Emergency Relief Fund (HEERF) and Payroll Protection Plan (PPP) grants to provide emergency financial aid grants to students for expenses related to the disruption of campus operations due to the coronavirus (COVID-19) outbreak. USK also used the funds to reimburse themselves for refunds of tuition, as well as supplies needed due to the impact of COVID-19, thus meeting the conditions of the grant. The University also received Employee retention tax credits for 2020 which were granted in 2021. 1 HEERF Grants 218 130433 Scholarships 250 1366922 Part I, Line 2: University of Saint Katherine awards financial aid to students in accordance with the University's institutional financial aid policies. All scholarships and grants are awarded to current students of the institution, thus enabling the institution to track their academic performance and use of all scholarship and grant funds. Academic awards to new students are based on test scores and GPA. Scholarships and grant funds are directly applied to the student accounts, with no cash changing hands. Form 990, Part V, Lines 1a and 2a and Part VII: The organization is filing this Form 990 for a short period beginning 1/1/2021 and ending 6/30/2021. The above referenced parts and lines require information based on tax forms filed for the calendar year that falls within the tax year. Since the short period did not include a calendar year ended within its tax year, we reported -0- in accordance with the instructions. Form 990, Part VI, Section A, line 1a The organization has an Executive Committee made up of the Board Chair, Board Secretary, and one additional Board member. The Executive Committee has the broad authority to act on behalf of the full Board. Form 990, Part VI, Section A, line 2 Angelo Georggin (trustee) and Despina Georggin (trustee) have a family relationship. Daniel Braun (Board Chair) and Tom Braun (trustee) have a family relationship. Form 990, Part VI, Section B, line 11b The Form 990 is prepared by an independent CPA firm and is reviewed in detail by the CFO and President. A copy of the Form 990 is provided to the organization's governing body before it is filed with the Internal Revenue Service. Form 990, Part VI, Section B, line 12c Board members and officers sign an annual conflict of interest policy. The signed statements are reviewed by the President as well as the Audit and Finance Committee chair. If a confict arises, then it is addressed by the board and actions are executed accordingly. Any board member or officer with a conflict would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship. Form 990, Part VI, Section B, line 15 The compensation arrangements of the President and CFO are approved in advance by an authorized body of the organization composed entirely of individuals who do not have a conflict of interest with respect to the compensation arrangement. The authorized body obtained and relied upon appropriate comparability data prior to making its determination. The authorized body adequately documented the basis for its determination concurrently with making that determination, including the voting record. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy, and financial statements are available upon request. Form 990 Part XI, Line 8 The prior period adjustment reported on Form 990, Part XI, Line 8 is to recognize the Employee Retention Credit related to activity for the period ended December 31, 2020 that was applied for and received during the six-month period ended June 30, 2021.