2022-04-07T08:58:32-05:00 2021-05-31 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2020-06-01 464884633 UNIVERSITY STUDIES ABROAD CONSORTIUM UNIV 7757846569 1664 N VIRGINIA ST MS 0323 RENO NV 895570323 DAVID MUSTARD DIRECTOR OF FINANCE 7757846569 2022-04-07 1 DAVID MUSTARD 999009999 DANIEL V ROMANO P00504182 2125990100 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z DR ALYSSA NOTA 1664 N VIRGINIA ST MS 0323 RENO NV 895570323 2488528 0 X USAC.EDU X 2014 NV TO ORGANIZE AND ADMINISTER STUDY ABROAD PROGRAMS FOR UNIVERSITY STUDENTS WHICH (SEE SCHEDULE O) ENCOURAGE AND FACILITATE THE ACQUISITION AND USE OF FOREIGN LANGUAGES AND ACADEMIC DISCIPLINES. 10 10 89 0 0 0 21476 18497 27678815 1090661 334433 225248 9853 1120865 28044577 2455271 1038826 16000 0 0 11284715 6128773 0 0 61526 14150447 1405091 26473988 7549864 1570589 -5094593 41233258 35535738 6768017 3662233 34465241 31873505 X THE MISSION OF UNIVERSITIES STUDIES ABROAD CONSORTIUM (""USAC"") IS TO PROVIDE STUDENTS WITH THE OPPORTUNITY TO DEVELOP THE KNOWLEDGE, SKILLS, AND ATTITUDES TO SUCCEED IN THE GLOBAL SOCIETY OF THE 21ST CENTURY. WE STRIVE TO PROVIDE AN AUTHENTIC, QUALITY CONTEXT IN WHICH STUDENTS MAY GROW INTO ENGAGED CITIZENS OF THE WORLD, NOT ONLY IN THE CLASSROOM BUT ALSO THROUGH FIELD TRIPS, INTEGRATED LIVING AND ACADEMIC EXPERIENCES, SPORTS, INTERNSHIPS, AND VOLUNTEER AND SERVICE LEARNING OPPORTUNITIES. 0 1 4606826 16000 521425 USAC ADMINISTERED AND FACILITATED SPECIALTY PROGRAMS FOR OVER 3883 U.S. UNIVERSITY STUDENTS AT 30 SITES IN 17 FOREIGN COUNTRIES. THE PROGRAMS RANGE IN LENGTH FROM 3 WEEKS TO A FULL ACADEMIC YEAR. USAC PROGRAMS DELIVER AFFORDABLE STUDY ABROAD OPPORTUNITIES WHILE FULFILLING THE GOAL OF PROVIDING OUR STUDENTS WITH THE OPPORTUNITY TO DEVELOP THE KNOWLEDGE, INTER-CULTURAL COMPETENCIES AND SKILLS TO SUCCEED IN THE 21ST CENTURY. USAC HAS SPECIALTY PROGRAMS LOCATED IN BRAZIL, CHILE, CHINA, COSTA RICA, CUBA, CZECH REPUBLIC, ENGLAND, FRANCE, GERMANY, INDIA, IRELAND, ITALY, SPAIN, THAILAND AND URUGUAY. 569048 569236 USAC PARTNERED WITH OVER 24 FOREIGN UNIVERSITIES TO PROVIDE AN ACADEMIC EDUCATION AND INTERNATIONALIZATION FOR OVER 862 STUDENTS. STUDENTS PARTICIPATED IN PROGRAMS THAT RANGED IN LENGTH FROM 4 WEEKS TO A FULL ACADEMIC YEAR AT UNIVERSITIES IN AUSTRALIA, ENGLAND, IRELAND, ISRAEL, JAPAN, SOUTH KOREA, NETHERLANDS, NEW ZEALAND, SCOTLAND, SOUTH AFRICA, AND SWEDEN. 5175874 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 X 17 0 1 89 1 0 1 BR CI CH CS EZ UK FR GM GH IN EI IT SP TH UY 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 NV X X DAVID MUSTARD 7756825877 1664 N VIRGINIA ST MS 0323 RENO NV 895570323 ORLINA BOTEVA BOARD DIRECTOR 1.00 0.00 X 0 0 0 KATE WRAY CHETTRI BOARD DIRECTOR 1.00 0.00 X 0 0 0 CORRINE HENKE BOARD DIRECTOR 1.00 0.00 X 0 0 0 DOUG LEE BOARD DIRECTOR 1.00 0.00 X 0 0 0 COLLEEN MARCHWICK BOARD DIRECTOR 1.00 0.00 X 0 0 0 DAVE SHINTANI BOARD DIRECTOR 1.00 0.00 X 0 0 0 SAMMY SPANN BOARD DIRECTOR 1.00 0.00 X 0 0 0 SUSAN THOMPSON BOARD DIRECTOR 1.00 0.00 X 0 0 0 JOY WANDERI BOARD DIRECTOR 1.00 0.00 X 0 0 0 MEREDITH FANT WILSON BOARD OF DIRECTOR 1.00 0.00 X 0 0 0 DR ALYSSA NOTA PRESIDENT/CEO 40.00 0.00 X 134002 0 13853 KIMBERLE TULMAN SECRETARY 40.00 0.00 X 101449 0 7057 DAVID MUSTARD TREASURER (AS OF 09/2020) 40.00 0.00 X 20754 0 1456 FRIEDRICH ROSKE DIRECTOR OF IT 40.00 0.00 X 104405 0 10090 360610 0 32456 3 0 0 0 0 18497 18497 PARTNERSHIP PROGRAM 611710 569236 569236 SPECIALTY PROGRAM 611710 488928 488928 ROOM AND BOARD 721000 28957 28957 EDUCATIONAL TOURS 561520 3540 3540 1090661 225248 225248 55056 33257 21799 21799 21799 EMPLOYEE RETENTION CR. 900099 902370 902370 FOREIGN EXCHANGE GAIN 900099 129000 129000 NEVADA TAX REFUND 900099 66000 66000 1696 1696 1099066 2455271 1090661 0 1346113 16000 16000 448712 381405 67307 4313490 2961372 1312840 39278 99260 52327 44734 2199 1015149 851887 147602 15660 252162 141228 106545 4389 15992 15992 102617 75864 26753 73752 73752 11578 3709 7869 63491 63491 150991 90595 60396 57906 3289 54617 104833 83866 20967 3184 2937 247 2529 2529 205596 205596 87273 25601 61672 ABROAD SCHOOL FEES 339726 339726 BAD DEBTS 116352 116352 TOURS & ACTIVITIES 15341 15341 DUES AND PUBLICATIONS 8630 8630 45300 5745 39555 7549864 5175874 2312464 61526 22322104 12955672 1453311 1368035 406159 1144373 241249 458471 6509862 855175 5799522 5654687 11009604 13954500 1309 0 41233258 35535738 5852253 1583533 0 316744 915764 1761956 6768017 3662233 X 34410134 31731642 55107 141863 34465241 31873505 41233258 35535738 X -5094593 2724585 178 -221906 X 0 1 X 1 0 X 67072 33933 26366 21476 18497 167344 28380322 29942484 31298569 27678815 1090661 118390851 151472 141217 145171 148804 149339 736003 28598866 30117634 31470106 27849095 1258497 119294198 0 0 0 119294198 44755 58356 97527 377186 246816 824640 44755 58356 97527 377186 246816 824640 48 1081 6884 1950 1099066 1109029 28643669 30177071 31574517 28228231 2604379 121227867 0.98400 0.99580 0.00680 0.00410 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2016 AMOUNT: $ 48. 2017 AMOUNT: $ 1,081. 2018 AMOUNT: $ 6,884. 2019 AMOUNT: $ 1,950. 2020 AMOUNT: $ 1,099,066. 387976 387976 4481489 430913 4050576 18241 5247 12994 212815 149439 63376 1409341 269576 1139765 5654687 PPP LOAN 1761956 1761956 X 4855331 2724585 149339 -507352 2366572 2488759 -33488 -33488 2455271 7447067 149161 33488 182649 7264418 285446 285446 7549864 PART X, LINE 2: THE CONSORTIUM IS ORGANIZED AS A NEVADA NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE IRS AS EXEMPT FROM FEDERAL INCOME TAXES UNDER IRC SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN IRC SECTION 501(C)(3) AND QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION. THE CONSORTIUM IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, THE CONSORTIUM IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES. THE CONSORTIUM DETERMINED THAT IT IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAS NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. THE WHOLLY-OWNED SUBSIDIARIES ARE CONSIDERED DISREGARDED ENTITIES FOR TAX PURPOSES. THE CONSORTIUM ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES, WHICH REQUIRES THE RECOGNITION OF UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN WHEN IT IS "MORE LIKELY THAN NOT" TO BE SUSTAINED UPON EXAMINATION BY TAX AUTHORITIES. THE CONSORTIUM DID NOT HAVE A LIABILITY FOR UNRECOGNIZED TAX BENEFITS AS OF MAY 31, 2021. THE CONSORTIUM'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ACCRUED ON ANY UNRECOGNIZED TAX BENEFITS. AS OF MAY 31, 2021, THE CONSORTIUM DID NOT HAVE ANY UNRECOGNIZED TAX BENEFITS; THEREFORE, THE CONSORTIUM DID NOT HAVE ANY INTEREST OR PENALTIES EXPENSE RELATED TO UNRECOGNIZED TAX BENEFITS FOR THE YEAR ENDED MAY 31, 2021. THE CONSORTIUM IS NOT SUBJECT TO FEDERAL INCOME TAX EXAMINATIONS FOR YEARS BEFORE 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: PARTNERSHIP PROGRAM EXPENSES -269,446. EXCHANGE AGREEMENT TRUE UP -221,906. SCHOLARSHIPS -16,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE -33,488. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 33,488. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 16,000. PARTNERSHIP PROGRAM EXPENSES 269,446. PART X, LINE 1: PAYCHECK PROTECTION PROGRAM LOAN THE CONSORTIUM WAS GRANTED A $915,764 LOAN AND A $846,192 LOAN UNDER THE PAYCHECK PROTECTION PROGRAM ("PPP") ADMINISTERED BY A SMALL BUSINESS ADMINISTRATION (SBA) APPROVED PARTNER. THE LOANS ARE UNCOLLATERALIZED AND ARE FULLY GUARANTEED BY THE FEDERAL GOVERNMENT. THE CONSORTIUM IS ELIGIBLE FOR LOAN FORGIVENESS OF UP TO 100% OF THE LOAN, UPON MEETING CERTAIN REQUIREMENTS. THE CONSORTIUM HAS RECORDED NOTES PAYABLE AND WILL RECORD THE FORGIVENESS UPON BEING LEGALLY RELEASED FROM THE LOAN OBLIGATION BY THE SBA FOR EACH LOAN. NO FORGIVENESS INCOME HAS BEEN RECORDED FOR THE YEAR ENDED MAY 31, 2021. THE CONSORTIUM APPLIED FOR AND RECEIVED SBA APPROVAL FOR THE FORGIVENESS OF THE PPP LOAN IN THE AMOUNT OF $915,764 IN JUNE 2021. THE CONSORTIUM EXPECTS TO RECEIVE 100% LOAN FORGIVENESS OF THE PPP LOAN IN THE AMOUNT OF $846,192. CENTRAL AMERICA AND THE CARIBBEAN 3 15 PROGRAM SERVICES STUDY ABROAD PROGRAMS 261293 EAST ASIA AND THE PACIFIC 4 8 PROGRAM SERVICES STUDY ABROAD PROGRAMS 202668 EUROPE (INCLUDING ICELAND & GREENLAND) 16 38 PROGRAM SERVICES STUDY ABROAD PROGRAMS 1838323 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAMS 10085 SOUTH AMERICA 3 5 PROGRAM SERVICES STUDY ABROAD PROGRAMS 292830 SOUTH ASIA 1 1 PROGRAM SERVICES STUDY ABROAD PROGRAMS 43716 SUB-SAHARAN AFRICA 1 2 PROGRAM SERVICES STUDY ABROAD PROGRAMS 29206 28 69 0 0 28 69 2678121 0 2678121 1 0 1 0 0 0 PART III ACCOUNTING METHOD: FORM 990, SCHEDULE F, PART I, LINE 3, COLUMN (F): USAC ACCOUNTS FOR EXPENDITURES AND CASH GRANTS USING THE ACCRUAL METHOD. 1 USAC ANNUAL SCHOLARSHIP 5 6500 USAC MISC SCHOLARSHIP 6 5500 USAC NETWORK SCHOLARSHIP 3 4000 PART I, LINE 2: TO ENSURE PROPER USE OF THE GRANTS AWARDED, USAC CREDITS THE GRANT AMOUNT DIRECTLY TO THE PROGRAM FEE ON THE STUDENT'S ACCOUNT LIMITING ITS DIVERSION TO UNINTENDED USES. X X X 0 0 0 0 0 0 0 0 0 FORM 990, PART III, LINE 3 COVID-19 WAS DECLARED A GLOBAL PANDEMIC BY THE WORLD HEALTH ORGANIZATION ON MARCH 11, 2020, AND THE RELATED RESPONSES BY PUBLIC HEALTH AND GOVERNMENTAL AUTHORITIES TO CONTAIN ITS OUTBREAK AND SPREAD, ADVERSELY IMPACTED WORKFORCES, ECONOMICS, AND FINANCIAL MARKETS GLOBALLY. DURING THE ORGANIZATION'S 2021 FISCAL YEAR USAC WAS UNABLE TO OPERATE MANY OF ITS PROGRAMS. THIS WAS PARTIALLY DUE TO COUNTRY-BASED RESTRICTIONS THAT PREVENTED STUDENTS FROM THE UNITED STATES FROM GOING TO CERTAIN LOCATIONS. THIS WAS ALSO DUE TO OPERATIONAL CHANGES BASED ON THE REDUCED NUMBER OF STUDENTS ABLE TO ENROLL IN PROGRAMS. DURING FY21, ON-LINE COURSES WERE INTRODUCED AS A SUBSTITUTE FOR IN-PERSON COURSES, HOWEVER THESE PROGRAMS WERE NOT PERMANENT, AND MOST HAVE BEEN DISCONTINUED. AS AN ORGANIZATION WITH A MISSION BASED IN INTERNATIONAL RELATIONSHIPS AND TRAVEL, USAC CONTINUES TO CLOSELY MONITOR ITS OPERATIONS, LIQUIDITY, AND CAPITAL RESOURCES AS A RESULT OF COVID-19 AND IS MAKING CHANGES TO PROGRAMS AND POLICIES AS NEEDED TO ACCOMMODATE THE HIGH LEVEL OF UNCERTAINTY SURROUNDING INTERNATIONAL PROGRAMS. FORM 990, PART VI, SECTION A, LINE 1 EXCEPT AS OTHERWISE PROVIDED BY LAW, THE ARTICLES OF INCORPORATION, OR THE BY LAWS, THE ACTIVITIES AND AFFAIRS OF USAC ARE TO BE CONDUCTED AND ALL CORPORATE POWERS SHALL BE EXERCISED BY OR UNDER THE DIRECTION OF THE BOARD. HOWEVER, THE BOARD MAY DELEGATE THE MANAGEMENT OF THE ACTIVITIES OF USAC TO ONE OR MORE COMMITTEES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY A NATIONAL INDEPENDENT ACCOUNTING FIRM WITH THE ASSISTANCE OF MANAGEMENT. SUBSEQUENT TO THE PREPARATION THE RETURN IS REVIEWED BY MULTIPLE LAYERS OF MANAGEMENT AND ONCE FINALIZED SENT TO THE BOARD FOR REVIEW AND APPROVAL PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, OFFICER, AND MEMBER OF A COMMITTEE WITH BOARD DELEGATED POWERS MUST ANNUALLY SIGN A CONFLICT OF INTEREST DISCLOSURE STATEMENT. ADDITIONALLY, MANAGEMENT STAFF AND KEY EMPLOYEES ARE REQUIRED TO COMPLETE THE SAME ANNUAL STATEMENT. THE STATEMENT AFFIRMS SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY; B. HAS READ AND UNDERSTANDS THE POLICY; C. HAS AGREED TO COMPLY WITH THE POLICY; AND D. UNDERSTANDS THE CORPORATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. TO ENSURE THE CORPORATION OPERATES IN A MANNER CONSISTENT WITH CHARITABLE PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS, PERIODIC REVIEWS ARE CONDUCTED. THERE ARE PROCEDURES INCLUDED IN THE "CONFLICT OF INTEREST ANNUAL STATEMENT" IF A POTENTIAL CONFLICT IS IDENTIFIED. FORM 990, PART VI, SECTION B, LINE 15 PER ARTICLE V, SECTION 3, OF THE USAC BYLAWS, THE BOARD, OR ANY AUTHORIZED COMMITTEE OF THE BOARD, SHALL REVIEW AND APPROVE THE COMPENSATION, INCLUDING BENEFITS, OF THE OFFICERS OF THE CORPORATION TO ENSURE THAT EACH SUCH OFFICER'S COMPENSATION IS JUST AND REASONABLE. SUCH REVIEW AND APPROVAL SHALL OCCUR WHEN THE OFFICER IS INITIALLY HIRED, WHENEVER THE OFFICER'S TERM OF EMPLOYMENT IS RENEWED OR EXTENDED. DURING THE INITIAL HIRING PROCESS COMPENSATION OF KEY EMPLOYEES IS SCREENED BY THE HUMAN RESOURCES MANAGER AND GOES THROUGH SEVERAL STEPS OF APPROVAL. THE PROCESS INCLUDES RESEARCH ON PAY RATES AND COMPARABLE SALARIES. KEY EMPLOYEE COMPENSATION IS REVIEWED ANNUALLY DURING THE REVIEW PROCESS. FORM 990, PART VI, SECTION C, LINE 19 ALL COPIES OF OUR GOVERNING DOCUMENTS, CONFLICT POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: EXCHANGE AGREEMENT TRUE UP -221,906. USAC CHILE AV REPUBLICA 470 1 COMUNA SANTIAGO CI STUDY ABROAD CI 0 0 USAC USAC FRANCE - PAU UNIVERSITE DE PAU ET DES PAYS PAU FR 64000 STUDY ABROAD FR 0 0 USAC USAC GERMANY SCHARNHORSTSTRABE 1 LUENEBURG GM 21335 STUDY ABROAD GM 0 0 USAC USAC GHANA UNIVERSITY OF GHANA LEGON ACCRA GH STUDY ABROAD GH 0 0 USAC USAC ITALIA VIA VENTIMIGLIA 115 TORINO IT 10126 STUDY ABROAD IT 0 0 USAC USAC SPAIN CAMPUS UNIV EDIFICIO BIBLIOTE LEIOA BIZKAIA SP SP 49640 STUDY ABROAD SP 0 0 USAC USAC FRANCE - LYON UNIVERSITE LUMIERE LYON 2 LYON FR 69007 STUDY ABROAD FR 0 0 USAC USAC IRELAND COMPANY UNIVERSITY COLLEGE CORK CORK EI T12 K8AF STUDY ABROAD EI 0 0 USAC ASSOCIATION CIVIC USAC ESPANA BLVR MONTEVIDEO UY 2633 STUDY ABROAD UY 0 0 USAC UNIVERSITY STUDIES ABROAD CONSORTIUM PASEO DE LOS TURISTAS FRENTE AL PA PUNTARENAS CS STUDY ABROAD CS USAC 1 USAC FOUNDATION OF THAILAND CHIANG MAI UNIVERSITY 239 HUAYKAEW MUANG GHIAMG MAI TH STUDY ABROAD TH USAC 1 USAC UNITED KINGDOM LIMITED KILDARE HOUSE 3 DORSET RISE LONDON UK STUDY ABROAD UK USAC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 USAC (COSTA RICA) R 229992 AMT TRANSFERRED USAC (THAILAND) R 78948 AMT TRANSFERRED USAC (UNITED KINGDOM) R 122223 AMT TRANSFERRED FORM 990, SCHEDULE R, PART I: THE ENTITIES LISTED IN PART I ARE NONFUNCTIONAL ENTITIES, ORGANIZED FOR THE SOLE PURPOSE OF HOLDING BANK ACCOUNTS AND PAYING PAYROLL EXPENSES IN THE FOREIGN COUNTRIES IN WHICH USAC OPERATES. USAC HAS TAKEN THE POSITION THAT THEY ARE DISREGARDED AND THERE IS NO REPORTABLE ACTIVITY OR ASSETS IN THESE ENTITIES. FORM 990, SCHEDULE R, PART II: THE ENTITIES LISTED IN PART II ARE NONFUNCTIONAL CORPORATIONS, ORGANIZED FOR THE SOLE PURPOSE OF HOLDING BANK ACCOUNTS AND PAYING PAYROLL EXPENSES IN THE FOREIGN COUNTRIES. USAC HAS TAKEN THE POSITION THAT THEY ARE CONTROLLED FOREIGN CORPORATIONS AND THERE IS NO REPORTABLE ACTIVITY OR ASSETS HELD IN THESE ENTITIES.