2023-05-09T10:09:23-07:00 2022-06-30 990 2021-07-01 161532850 EXCELSIOR COLLEGE EXCE 5184648500 7 Columbia Circle Albany NY 122035159 Richard Hannmann VP for Finance and CFO 5186088198 2023-03-03 1 11 0 AAL2 2021 2023-04-26 12:10:37Z David Schejbal 7 Columbia Circle Albany NY 122035159 75998580 0 X www.excelsior.edu X 1998 NY Excelsior College provides educational opportunity to adult learners with an emphasis on those historically underrepresented in higher education. The College meets students where they are - academically and geographically, offering quality instruction and the assessment of prior learning. 16 16 1131 19 0 0 991619 3794202 75024031 65521228 1973129 2210928 310151 283160 78298930 71809518 881051 3926349 0 0 50465445 48061238 31008 22334 327032 25279157 23205156 76656661 75215077 1642269 -3405559 78995635 65195981 24646917 21067145 54348718 44128836 Excelsior College provides educational opportunity to adult learners with an emphasis on those historically underrepresented in higher education. The College meets students where they are - academically and geographically, offering quality instruction and the assessment of prior learning. 0 0 23456373 3927524 61102930 Undergrad and Graduate Tuition and Fees. During this period, 125,016 undergraduate hours of course instruction, and 16,296 hours of graduate level course instruction were delivered. 5872160 -1175 2600757 Nursing performance and other administered examinations. During this period, the College administered 2,295 credit bearing examinations to students enrolled in its various programs including Nursing, and delivered 5,846 credits in performance examinations to students enrolled in its Nursing programs. 17274607 0 1817541 Enrollment in higher education. During this period, 6,802 new students enrolled in the College while there were 14,987 actively enrolled students as of 6/30/22. 4,450 degrees were awarded from July 1, 2021 through June 30, 2022. 0 0 0 46603140 1 1 0 1 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 150 0 1 1131 1 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Fredy Rivas 5186088390 7 Columbia Circle Albany NY 122035159 David Schejbal President & Chief Executive Officer 37.5 0 X 491510 0 33362 John Caron Provost and Chief Academic Officer Until 12/3/2021 37.50 0 X 300367 0 35142 James C Lettko Chief Operating Officer Until 6/30/2022 37.5 0 X 259943 0 22244 Dawn F Gerrain Chief Marketing and Business Development Officer Until 6/24/2022 37.50 0 X 233540 0 40211 Mark Howe VP of Human Resources 37.50 0 X 230405 0 17774 Saul Morse Chief Technology Officer until 5/20/2022 37.50 0 X 186902 0 36947 Richard Hannmann Vice President for Finance and CFO 37.50 0 X 206077 0 14537 Lisa Daniels AVP - Analytics Decision Support 37.50 0 X 170402 0 35792 Mary Lee Pollard Dean, School of Nursing 37.50 0 X 188172 0 13116 Lisa Braverman VProvost Academic/Fac Sup Until 4/22/2022 37.5 0 X 176851 0 19934 Donn Aiken Deputy CIO Enterprise Systems 37.50 0 X 156488 0 33445 Catherine Seaver Dean, School of Undergraduate Studies 37.50 0 X 157154 0 25989 Li-Fang Shih Special Advisor to Provost 37.50 0 X 155476 0 26780 Heather Chakiris AVP Student Success 37.50 0 X 152922 0 24089 Scott Dolan Dean, School of Graduate Studies 37.50 0 X 147858 0 20850 Michael DiSiena General Counsel 37.50 0 X 144391 0 17909 Christopher Cassirer Interim Provost Starting 12/6/2021 37.50 0 X 16523 0 592 David Baime Board Member 1.2 0 X 0 0 0 Helen Benjamin Chairwoman of the Board till 12/31/21 then board member 1.4 0 X 0 0 0 Kent Clark Board Member 1.2 0 X 0 0 0 Don Dea Chairman starting 1/1/2022 1.4 0 X 0 0 0 Charlene Dukes Board Member 1.2 0 X 0 0 0 Gretchen Evans Board Member 1.2 0 X 0 0 0 Jennifer Gentry Board Member 1.2 0 X 0 0 0 Karen Kocher Board Member 1.2 0 X 0 0 0 Matthew Loeb Board Member 1.2 0 X 0 0 0 KH Maman Board Member 1.2 0 X 0 0 0 Jeanne Meister Secretary of the Board as of Jan 2021 1.4 0 X 0 0 0 Karim Merchant Board Member 1.2 0 X 0 0 0 Quintessa Miller Board Member till 9/30/21 1.2 0 X 0 0 0 Clar Rosso Board Member till 9/30/2021 1.2 0 X 0 0 0 Pamela Tate Board Member till 12/31/2021 1.2 0 X 0 0 0 Rose Wang Vice Chair of the Board as of Jan 2021 1.4 0 X 0 0 0 Khori Whittaker Board Member 1.2 0 X 0 0 0 Alec Whitters Board Member 1.2 0 X 0 0 0 3374981 0 418713 43 0 1 0 Education Dynamics PO BOX 780276 Philadelphia PA 191780276 Advertising Services 3367392 Milton S Eisenhower Library Johns Hopkins University ATTN Ken Flower Assoc Director 3400 N Charles Street Baltimore MD 21218 Library Services 1162833 Ellucian Company LP 2003 Edmund Halley Dr STE 500 Reston VA 20191 Academic Online Service 1025064 Nuvalence LLC 24 4th Street Troy NY 12180 Flexible Pricing Engine 986650 ASSESSMENT TECHNOLOGIES LLC 62277 COLLECTIONS CENTER DR CHICAGO IL 606930622 Academic Technology 650575 47 0 0 0 0 3479280 314922 1547 3794202 Graduate, UG, & Non-Credit Bearing Tuitions & Fees 611310 61102930 61102930 0 0 Examination Fees 611310 2600757 2600757 0 0 Enrollment Related Fees 611310 1817541 1817541 0 0 0 0 0 0 65521228 816427 0 0 816427 0 0 0 0 0 0 0 0 690291 0 406409 0 283882 0 283882 0 0 283882 5177154 0 3782653 0 1394501 0 1394501 0 0 1394501 0 Miscellaneous 611310 -722 -722 0 0 0 0 0 0 -722 71809518 65520506 0 2494810 X 0 0 3926349 3926349 0 0 0 0 2879302 398143 2466956 14203 0 0 0 0 36758216 28393358 8211982 152876 1924730 1268176 646474 10080 3462649 2135710 1306069 20870 3036341 2096381 925785 14175 0 0 0 0 182491 0 182491 0 82650 0 82650 0 164371 0 164371 0 22334 22334 41865 0 41865 0 6635990 4612254 2023736 0 4634719 0 4634719 0 1253568 645762 553901 53905 5014791 958190 4019785 36816 0 0 0 0 1127804 580119 547685 0 314622 241023 73599 0 0 0 0 0 67264 32416 34632 216 7171 0 7171 0 0 0 0 0 1843143 1231409 611734 0 270862 0 270862 0 Credit Card Fees 495921 0 495921 0 College Wide Bad Debt Expense 964995 0 964995 0 Misc. Expense 102929 83850 17522 1557 0 0 0 0 75215077 46603140 28284905 327032 -628759 -737909 11099867 9578025 167175 19112 6714871 6861578 0 0 0 0 1923 0 0 0 4167808 2879544 37463099 20370439 18736370 17092660 38130476 28486292 0 0 140019 122683 0 0 465885 893996 78995635 65195981 9006640 7236675 0 0 5952908 4944311 0 0 0 0 0 0 9679424 8878620 0 0 7945 7539 24646917 21067145 X 50942706 41035159 3406012 3093677 54348718 44128836 78995635 65195981 -3405559 -6814323 0 0 0 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 182290 0 1 12151 194441 0 Schedule C, Part II-B, Line 1 Most of the time/cost is spent in direct contact with various state legislators and agencies, periodically in coordination with the College's registered lobbyist consultants, advocating on behalf of the College. The College works to have state statutes and/or regulations changed, introduced, or interpreted to ensure that the College's interests are advanced. Considerable time was spent with state lawmakers in support of the New York State Board of Regents' change to the regulatory definition of University. Due to COVID-19 and the language of the various federal stimulus packages, considerable time was spent engaging our Congressional delegation on drafting language that would treat 100% online higher education institutions more equitably in the next round of COVID-19 related legislation. Time was also spent sharing the College's perspective on the effectiveness of the current state authorization reciprocity agreements framework with federal education officials. Lastly, efforts were directed toward increasing military tuition assistance at the federal level. 0 70300 0 0 X 0 37961691 103063 -4604065 80943 5000000 41754 28337992 30443033 69014 7563087 76491 0 36952 37961691 27713660 1069069 1760025 69393 0 30328 30443033 26068510 58474 1680359 61536 1295 30852 27713660 22061788 2470141 1633297 56770 8043 31903 26068510 0.9237 0.0576 0.0187 0 0 0 3191185 3191185 0 19282412 7642752 11639660 0 7879 6706 1173 0 12367830 10629065 1738765 0 2613793 2091916 521877 17092660 0 Liabilities to beneficiaries under split interest agreements 7539 7539 X 65401604 -6814323 0 0 0 -6814323 72215927 0 -406409 -406409 71809518 75621486 0 0 0 0 0 75621486 0 -406409 -406409 75215077 Schedule D, Part III, Line 4 Consists of various paintings that have been donated to and/or purchased by the College and have been recorded at their appraised fair market value at the time of donation, or cost at time of purchase. This collection aids in fostering a sense of community and appreciation of the arts for students, faculty and support staff of the College. Schedule D, Part V, Line 4 The intended use of the College's endowment is primarily for scholarships which are given to students to defray the cost of degree completion. Schedule D, Part X, Line 2 The college is classified for tax purposes as an organization under Section 501(c)(3) of the Internal Revenue Code, and except for unrelated business income, if any, is exempt from federal income taxes under Section 501(a) of the code. Therefore, no provision for income taxes is made in the accompanying financial statements. The College follows the FASB guidance regarding accounting for uncertain tax positions. The College believes that it has no uncertain tax positions taken or expected to be taken that could result in an unrecognized tax benefit liability. The College has no federal or state informational tax returns that are currently under examination by the Internal Revenue Service ("IRS") or state authorities. Schedule D, Part XI, Line 4b This amount relates to rental expenses. Schedule D, Part XII, Line 4b This amount relates to rental expenses 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 Schedule E, Part I, Line 3 The organization meets the criteria established in section 4 03-2 of revenue procedures 75-50. The College draws a substantial percentage of its students nationwide and follows a racially nondiscriminatory policy as to students. It satisfies the publicity requirement by including a statement of its racially nondiscriminatory policy as to students in all its brochures and catalogs dealing with student admissions, programs, and scholarships. It also references its racially nondiscriminatory policy in other written advertising that it uses as a means of informing prospective students of its programs. Schedule E, Part I, Line 6 The College receives government assistance in the form of: Federal Direct Loans, Pell grants, FSEOG grants, NYS TAP grants, NYS APTS grants, Federal HEERF grants, HRSA Nursing Student Loan program and HRSA Nursing Faculty Loan Program. The College's participation in the HRSA Nursing Student Loan Program - Baccalaureate Level was revoked on 10/30/2013, due to loan default rates above the acceptable maximum (5%). This program is calculated on dollars in default rather than borrowers in default as is the case in most student loan programs. At the time the program was revoked 5 borrowers were in default with a total loan balance of $6,844 (11.31%). As of June 30, 2016 the College had returned the entire Federal capital contribution and terminated participation in the HRSA Nursing Student Loan program and the HRSA Nursing Faculty Loan Program. The College continues to honor all existing terms and provisions including those related to cancellation and deferment, to which borrowers are entitled. X X X X 1 The Malicki Group LLC 40 Hills Road Loudonville NY 12211 Campaign development and execution 0 0 22334 -22334 0 22334 -22334 NY 1 Scholarships 2284 3926349 0 Schedule I, Part I, Line 2 The College provides individual scholarship assistance to enrolled students in order to defray the cost of tuition and fees. This assistance is provided through direct credit to the student's account with the College, ensuring funds are utilized for their intended purpose. Depending on the source of funds, there may be donor stipulations which students may need to adhere to in order to maintain eligibility of funds. In the event of such, ongoing monitoring is performed by the College's Financial Aid department. X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 David Schejbal President & Chief Executive Officer 445148 0 0 0 46362 0 20300 0 13458 0 525268 0 0 0 John Caron Provost and Chief Academic Officer Until 12/3/2021 299851 0 0 0 516 0 20300 0 15100 0 335767 0 0 0 James C Lettko Chief Operating Officer Until 6/30/2022 259427 0 0 0 516 0 18385 0 4117 0 282445 0 0 0 Dawn F Gerrain Chief Marketing and Business Development Officer Until 6/24/2022 233263 0 0 0 276 0 16915 0 23435 0 273889 0 0 0 Mark Howe VP of Human Resources 229588 0 0 0 817 0 16179 0 1991 0 248575 0 0 0 Richard Hannmann Vice President for Finance and CFO 205977 0 0 0 0 0 14420 0 879 0 221276 0 0 0 Michael DiSiena General Counsel 144270 0 0 0 121 0 10217 0 7740 0 162348 0 0 0 Mary Lee Pollard Dean, School of Nursing 187380 0 0 0 792 0 13116 0 396 0 201684 0 0 0 Saul Morse Chief Technology Officer until 5/20/2022 186625 0 0 0 276 0 13650 0 23435 0 223986 0 0 0 Catherine Seaver Dean, School of Undergraduate Studies 156638 0 0 0 516 0 10850 0 15397 0 183401 0 0 0 Lisa Braverman VProvost Academic/Fac Sup Until 4/22/2022 175326 0 0 0 1524 0 12425 0 8271 0 197546 0 0 0 Lisa Daniels AVP - Analytics Decision Support 170125 0 0 0 276 0 12495 0 23435 0 206331 0 0 0 Li-Fang Shih Special Advisor to Provost 155221 0 0 0 255 0 11200 0 15670 0 182346 0 0 0 Heather Chakiris AVP Student Success 152646 0 0 0 276 0 11025 0 13202 0 177149 0 0 0 Donn Aiken Deputy CIO Enterprise Systems 142972 0 13000 0 516 0 10149 0 23555 0 190192 0 0 0 Scott Dolan Dean, School of Graduate Studies 144516 0 0 0 3342 0 10815 0 10095 0 168768 0 0 0 Schedule J, Part I, Line 1a A monthly housing allowance is provided to the President and is included in his taxable wages. The College reimburses a portion of health club dues of its employees as part of the College's wellness initiative policy. This benefit is available to all college employees, and is included in the taxable income of employees who use this benefit, including officers. Form 990, Part VI, Section B, Line 11b The Form 990 was prepared by the accounting services department at the College. The information within the return was obtained through input from several Officers of the College. Following internal preparation of the return, it was forwarded to the College's independent auditors to seek their input before forwarding to the Audit Committee of the Board of Trustees. The Audit Committee reviewed the final return in depth via teleconference with the Officers of the College and the accounting staff. Management at the College guided the Audit Committee through various schedules included in the filing noting the purpose of the schedule and identifying the origin and sources of the content contained within. All questions posed by the Committee were answered by the Management of the College as documented in the minutes to the meeting. The final return was made available for inspection and review to all Board Members before final filing with the IRS. Form 990, Part VI, Section B, Line 12c The College has maintained and periodically updated a conflicts of interest policy since 1998. The policy is annually distributed to all trustees, officers and key employees, along with a disclosure statement form on which such individuals are to specify actual and potential conflicts of interest. The Chair of the Audit Committee, in conjunction with the College's General Counsel, reviews and evaluates disclosure statements and takes appropriate action to ensure compliance with the policy. Form 990, Part VI, Section B, Line 15 Per the College bylaws, the Board is required to from time to time determine the compensation of the President, and approve the compensation of all other officers of the College, which should in all cases be reasonable and commensurate with the services performed by them. The College conducts regular reviews of President and other senior leader compensation using an external independent compensation consultant, which was most recently done in June,2019 in preparation for a new President search that was completed in mid-2020. This study, commissioned under the direction of the Board of Trustees, looked at comparative data from a competitive pool determined by the external consultant. This study, along with an updated review of College officer compensation, was used in writing the contract for the College's new President in mid-2020, which was approved by the Board of Trustees. The contract is subject to renewal, extension, or termination every three to five years depending on the contract terms by the Board of Trustees. Additionally, the compensation of the President is reviewed annually, and any changes are approved by the Executive Committee of the Board of Trustees. Each year the President and the Board agree to annual goals and the President provides monthly reports on the progress toward these goals. His achievements are the basis for an annual performance review conducted by the Executive Committee of the Board. All board discussions are documented in the Board of Trustee meeting minutes. The President's compensation is, in part, derived from the terms of his contract. The 2019 Executive Compensation study completed by a consultant, discussed in detail below, looked at other college presidents in our list of 27 peer institutions as a comparison. The consultant used the College's most recent year IRS Form 990 and then 'aged' the amounts using industry accepted standards. Any increase of compensation for the President is reviewed by an independent consultant to ensure the resulting compensation is reasonable and compliant with Intermediate Sanctions guidelines according to Treasury Final Regulations Section 53.4958-1. The Office of Human Resources establishes compensation within various grade levels at the College based on several factors such as the current local job market and hiring rate in our area, the national job market and relevant compensation data, the demographics of the region including the degree of difficulty and competition in acquiring the particular talent. In addition, we conduct an annual review of our salary levels and key positions in comparison to a market salary analysis tool and adjust our compensation structure and targeted position salaries accordingly. The study gathers data at the national level as well as industry-specific data and job market information for our region of the country. Salaries within the organization were comparable against this data and targeted adjustments are made where appropriate. The study assesses positions and makes comparisons to comparable staff positions at similarly situated institutions. The review has two objectives: 1. Determine if current pay levels are commensurate with peer roles at peer institutions, and 2.Ensure that compensation is in line with Section 4958 of the Internal Revenue Code. The results of the survey suggested that the College is in line with respect to Section 4958 of the Internal Revenue Code. Form 990, Part VI, Section C, Line 19 Governing documents, the conflict-of-interest policy and the financial statements are available upon request in hard copy and electronic (.pdf) form. Form 990, Part IX, Line 11g Consultant Honoraria $71,653; Consulting Services $3,047,694; Health and Wellness $8,976; Pearson Vue Exam Fees $38,970; Library headcount $835,256; Other Contractual Services $334,555; Videotaping $7,728; Recruiting and Onboarding $143,839; Graphic Resources $16,905; Course Development $33,609; External Call Center $569,091; External Evaluation $13,955; Reseller Revenue Share $1,487,097; Real estate commission $26,663.