2022-05-11T04:32:16-05:00 2021-06-30 366055558 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 990 2020-07-01 841217703 THE AMERICAN UNIVERSITY OF GREECE FOUNDATION AMER 8572847908 31 STATE STREET 4TH FL BOSTON MA 02109 KELLY A MORRA SVP OF FIN/CFO/TREAS 8572847908 2022-05-11 1 KELLY MORRA XXX-XX-XXXX ERIN COUTURE P01390592 6177237900 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z DR DAVID G HORNER 31 STATE STREET TH FL BOSTON MA 02109 50986754 0 X N/A X 1991 CO ACTS AS A SUPPORTING ORGANIZATION WITH FINANCIAL ASSISTANCE (CONTINUED ON SCHEDULE O) 24 24 11 27 6654 2035 103350 164830 0 0 2066601 21825682 0 0 2169951 21990512 0 0 0 0 2005052 1978679 0 0 0 1219471 1205918 3224523 3184597 -1054572 18805915 233102046 302640728 3985024 829605 229117022 301811123 TO SUPPORT THE AMERICAN COLLEGE OF GREECE WHICH CONDUCTS AND MAINTAINS SCHOOLS & INSTITUTIONS OF LEARNING IN GREECE. 0 0 2574076 0 0 THE AMERICAN UNIVERSITY OF GREECE FOUNDATION (AUGF) HAS PROVIDED FINANCIAL SUPPORT FOR THE AMERICAN COLLEGE OF GREECE (ACG) BY PAYING PROGRAM EXPENSES OF $2,574,076 PLUS MANAGEMENT AND GENERAL EXPENSES OF $610,521 ON ITS BEHALF. THIS ASSISTED THE AMERICAN COLLEGE OF GREECE IN BEING ABLE TO FURTHER ITS OWN TAX-EXEMPT PURPOSES BY UTILIZING ITS OWN FUNDS FOR EDUCATION. 2574076 1 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 15 0 1 11 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 24 24 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA X X KELLY MORRA 8572847908 31 STATE STREET FLOOR 4 BOSTON MA 02109 DEMETRIOS LOGOTHETIS CHAIR 1.00 2.00 X X 0 0 0 DEBORAH WINCE-SMITH VICE CHAIR 1.00 2.00 X X 0 0 0 LEE ANN LEAHY SECRETARY 1.00 2.00 X X 0 0 0 DR BILL ANTHOLIS TRUSTEE 1.00 2.00 X 0 0 0 DRAKE BEHRAKIS TRUSTEE 1.00 2.00 X 0 0 0 SPIROS BOUAS TRUSTEE 1.00 2.00 X 0 0 0 JOHN CHACHAS TRUSTEE 1.00 2.00 X 0 0 0 ALMA DE METROPOLIS TRUSTEE 1.00 2.00 X 0 0 0 DR SUSAN FUHRMAN TRUSTEE 1.00 2.00 X 0 0 0 DR MATT GLENDINNING TRUSTEE 1.00 2.00 X 0 0 0 DR DENA HARITOS TSAMITIS TRUSTEE 1.00 2.00 X 0 0 0 KOSMO KALLIAREKOS TRUSTEE 1.00 0.00 X 0 0 0 DR MARTHA J KANTER TRUSTEE 1.00 2.00 X 0 0 0 PARIS KARASSO TRUSTEE 1.00 0.00 X 0 0 0 HARIKLIA KARIS TRUSTEE 1.00 2.00 X 0 0 0 VANA LAVIDAS TRUSTEE 1.00 2.00 X 0 0 0 ALEXANDER MACRIDIS TRUSTEE 1.00 2.00 X 0 0 0 ANGELO MANIOUDAKIS TRUSTEE 1.00 2.00 X 0 0 0 DR DAN MILLER TRUSTEE 1.00 2.00 X 0 0 0 DR HELENA MITCHELL TRUSTEE 1.00 2.00 X 0 0 0 LISA O'DONNELL TRUSTEE 1.00 2.00 X 0 0 0 ALEXANDRA PAPALEXOPOULOU TRUSTEE 1.00 0.00 X 0 0 0 DR JOHN PYROVOLAKIS TRUSTEE 1.00 2.00 X 0 0 0 MILTON SIPP TRUSTEE 1.00 2.00 X 0 0 0 DR DAVID G HORNER PRESIDENT 15.00 35.00 X 300388 264917 92716 KELLY A MORRA CFO, SVP FINANCE & U.S. OPERATIONS 10.00 30.00 X 230943 0 52482 THIMIOS D ZAHAROPOULOS PROVOST 10.00 40.00 X 83047 145448 78882 ALISON TOWNLEY VICE PRESIDENT OF ADVANCEMENT 10.00 30.00 X 216138 0 57547 MARA NISDEO DEAN, NA ENROLLMENT & STUDY ABROAD 10.00 30.00 X 100873 0 9933 JONATHAN CARROLL DIR CORP & FDN REL/MAJ GIFTS OFFICER 10.00 30.00 X 102441 0 10500 LOREN SAMONS II SENIOR VP & CHIEF ACADEMIC OFFICER 10.00 30.00 X 107500 0 0 1141330 410365 302060 6 0 1 0 CAMBRIDGE ASSOCIATES 125 HIGH ST CAMBRIDGE MA 02110 INV MGT FEE 556274 GRANT THORNTON LLP 75 STATE STREET BOSTON MA 02109 ACCOUNTING 135338 2 64830 100000 164830 361572 6654 354918 50460352 28996242 21464110 21464110 21464110 21990512 0 6654 21819028 959841 959841 763074 763074 79709 79709 79604 79604 96451 96451 51954 51954 25719 25719 130450 130450 584802 584802 249825 249825 17017 17017 53816 53816 22462 22462 49834 49834 8457 8457 11582 11582 3184597 2574076 610521 0 1855459 1747620 5009238 2997081 8143518 15008280 126250 4839895 13777910 213180649 268825158 73287 158429 233102046 302640728 639477 714861 64830 3280717 114744 3985024 829605 X 229117022 301811123 229117022 301811123 233102046 302640728 X 18805915 57888186 -4000000 X 0 1 X 1 0 X X X 1 THE AMERICAN COLLEGE OF GREECE 042306054 2 1 3184597 0 1 3184597 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 EQUITY AND HEDGE FUNDS 268825158 F 268825158 INTERCOMPANY PAYABLE - ACG US 35443 457B LIABILITY 79301 114744 X PART X, LINE 2: FIN 48 FOOTNOTE THE AMERICAN UNIVERSITY OF GREECE FOUNDATION IS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF THE AMERICAN COLLEGE OF GREECE. GREEK LAW DOES NOT SUBJECT NOT-FOR-PROFIT EDUCATIONAL INSTITUTIONS TO INCOME TAX ON TUITION REVENUES. THE COLLEGE IS DESCRIBED IN SECTION 5O1(C)(3) OF THE INTERNAL REVENUE CODE, AS AMENDED (THE CODE), AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE AMERICAN COLLEGE OF GREECE RESEARCH CENTER IS A GREEK NOT-FOR-PROFIT ASSOCIATION AND DESCRIBED IN SECTION 501(C)(3) OF THE CODE, AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE AMERICAN UNIVERSITY OF GREECE FOUNDATION WAS ORGANIZED TO SUPPORT THE OPERATIONS OF ACG AND IS DESCRIBED IN SECTION 501(C)(3) OF THE CODE, AND IS GENERALLY EXEMPT FROM INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. THE COLLEGE IS REQUIRED TO ASSESS UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT THERE WERE NO SUCH POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 231719565 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 6295579 EUROPE (INCLUDING ICELAND & GREENLAND) 0 2 PROGRAM SERVICES EMPLOYMENT 426940 0 2 0 0 0 2 238442084 0 238442084 1 0 1 0 1 0 PART I, LINE 3: THE ACCOUNTING METHOD FOR THE AMOUNTS REPORTED ON PART I, LINE 3, COLUMN F ARE REPORTED PER THE ORGANIZATION'S GENERAL LEDGER REPORTING. PART III ACCOUNTING METHOD: X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 DR DAVID G HORNER PRESIDENT 173849 264917 50000 0 76539 0 61125 26111 3741 1739 365254 292767 0 0 THIMIOS D ZAHAROPOULOS PROVOST 83047 141510 0 0 0 3938 33375 25983 9848 9676 126270 181107 0 0 KELLY A MORRA CFO, SVP FINANCE & U.S. OPERATIONS 230315 0 0 0 628 0 35250 0 17232 0 283425 0 0 0 ALISON TOWNLEY VICE PRESIDENT OF ADVANCEMENT 215653 0 0 0 485 0 31500 0 26047 0 273685 0 0 0 PART I, LINE 1A SPOUSE TRAVEL: THE RELATED ORGANIZATION, THE AMERICAN COLLEGE OF GREECE PAID FOR TRAVEL FOR THE PRESIDENT'S SPOUSE FOR PURPOSES OF CONDUCTING BUSINESS OF THE COLLEGE. THE PRESIDENT'S SPOUSE WAS AN EMPLOYEE UNTIL HER DEATH IN APRIL 2020. THIS BENEFIT WAS TREATED AS A REIMBURSED BUSINESS EXPENSE AND IS NOT CONSIDERED COMPENSATION TO THE PRESIDENT. HOUSING ALLOWANCE: THE PRESIDENT AND PROVOST ARE PROVIDED HOUSING IN CONNECTION WITH THE GREECE CAMPUS. THE VALUE ASSOCIATED WITH SUCH HOUSING IS INCLUDED IN COLUMN (D) FOR EACH INDIVIDUAL. SOCIAL DUES: THE AMERICAN UNIVERSITY OF GREECE FOUNDATION PROVIDES THE PRESIDENT WITH A MEMBERSHIP TO THE HARVARD CLUB. THE RELATED ORGANIZATION, THE AMERICAN COLLEGE OF GREECE, PAYS MEMBERSHIP DUES TO THE PROPELLOR CLUB IN GREECE. THE MEMBERSHIPS ARE CONSIDERED TAXABLE COMPENSATION TO THE PRESIDENT AND ARE REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). PERSONAL SERVICES: THE AMERICAN UNIVERSITY OF GREECE FOUNDATION PROVIDES THE PRESIDENT WITH FINANCIAL PLANNING-RELATED SERVICES. THE SERVICES ARE CONSIDERED TAXABLE COMPENSATION TO THE PRESIDENT AND ARE REPORTED ON SCHEDULE J, PART II, COLUMN (B)(III). PART I, LINE 3 COMPENSATION OF THE PRESIDENT THE EXECUTIVE COMMITTEE OF THE BOARD UNDERTAKES AN ANNUAL REVIEW OF THE PRESIDENT'S PERFORMANCE. ONCE REVIEWED BY THE EXECUTIVE COMMITTEE, AND IN THE ABSENCE OF THE PRESIDENT, THE COMMITTEE MAKES RECOMMENDATIONS FOR ACTION TO THE FULL BOARD. ADDITIONALLY, THE PRESIDENT REPORTS TO THE FULL BOARD IN A FORMAL WRITTEN PRESIDENT'S REPORT THREE TIMES EACH YEAR WITH AN UPDATE ON ALL STRATEGIC INITIATIVES AND ACADEMIC, FINANCIAL AND OTHER MATTERS OF IMPORTANCE. IN CERTAIN YEARS IN WHICH THERE ARE CHANGES TO THE PRESIDENT'S COMPENSATION OR A NEW EMPLOYMENT CONTRACT IS SIGNED, THE EXECUTIVE COMMITTEE'S REVIEW IS SUPPORTED BY A COMPENSATION REVIEW PERFORMED BY AN INDEPENDENT FIRM SPECIALIZING IN THE FIELD OF COMPENSATION, AS WELL AS COMPARABLE COMPENSATION AT OTHER COLLEGES IN THE U.S. AND ABROAD. THE REVIEW OF THE EXECUTIVE COMMITTEE IS DOCUMENTED IN THE BOARD MINUTES. COMPENSATION IS VOTED ON AND APPROVED BY THE BOARD. THE PRESIDENT IS RESPONSIBLE FOR THE REVIEW OF COMPENSATION FOR THE CFO, THE PROVOST AND ALL OF HIS DIRECT REPORTS. THE REVIEW IS BASED ON PERFORMANCE AND A COMPARATIVE ANALYSIS OF COMPENSATION PAID AT OTHER COLLEGES IN THE U.S. AND ABROAD. PART I, LINE 7 PRESIDENT, DR. DAVID G. HORNER RECEIVED A BONUS IN CALENDAR YEAR 2020. THIS AMOUNT IS REPORTED ON SCHEDULE J, PART II, COLUMN B(II). FORM 990, PART I, LINE 1 FOR THE SOLE BENEFIT OF THE AMERICAN COLLEGE OF GREECE WHICH CONSISTS OF A HIGH SCHOOL AND COLLEGE IN ATHENS, GREECE. FORM 990, PART VI, SECTION A, LINE 7A POWER TO ELECT OR APPOINT MEMBERS THE BOARD OF DIRECTORS OF THE FOUNDATION IS APPOINTED BY THE AMERICAN COLLEGE OF GREECE. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE FORM 990 IS PREPARED BY THE AMERICAN UNIVERSITY OF GREECE FOUNDATION'S INDEPENDENT ACCOUNTING FIRM WITH INFORMATION PROVIDED BY MANAGEMENT. INITIAL REVIEW OF THE COMPLETED FORM IS PERFORMED BY THE CFO AND AUDIT COMMITTEE. AFTER COMPLETE REVIEW BY THE AUDIT COMMITTEE AND PRIOR TO FILING THE FORM, A COPY OF THE FORM AS IT IS ULTIMATELY FILED IS PROVIDED TO ALL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY PERSONS COVERED UNDER THE POLICY: POLICY APPLIES TO THE BOARD OF TRUSTEES, THE PRESIDENT, CFO, PROVOST, AND ALL MEMBERS OF THE PRESIDENT'S CABINET, INCLUDING THE EMPLOYEES LISTED ON THE FORM 990. PRACTICES FOR MONITORING PROPOSED OR ONGOING TRANSACTIONS FOR CONFLICT OF INTEREST: EACH INDIVIDUAL COVERED UNDER THIS POLICY SIGNS AN ANNUAL STATEMENT THAT THEY ADHERE TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND THAT THEY DISCLOSE ANY POTENTIAL CONFLICTS. LEVEL AT WHICH CONFLICTS ARE REVIEWED: THE ANNUAL STATEMENTS ARE REVIEWED BY THE ORGANIZATION'S CFO AND DISCUSSED WITH THE AUDIT COMMITTEE WHEN A CONFLICT ARISES. THE PRESIDENT'S OFFICE MONITORS ALL CONTRACTS AND ACTIONS OF ALL EMPLOYEES ON A REGULAR BASIS. LEVEL AT WHICH DETERMINATION AS TO WHETHER A CONFLICT EXISTS ARE MADE: THE AUDIT COMMITTEE MAKES THE FINAL DETERMINATION OF WHETHER A CONFLICT EXISTS. RESTRICTIONS IMPOSED ON PERSONS WITH A CONFLICT: INTERESTED PERSONS ARE RECUSED FROM DISCUSSIONS AND VOTING ON ANY TOPIC THAT MAY CONSTITUTE A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION REVIEW PROCESS THE EXECUTIVE COMMITTEE OF THE BOARD UNDERTAKES AN ANNUAL REVIEW OF THE PRESIDENT'S PERFORMANCE. ONCE REVIEWED BY THE EXECUTIVE COMMITTEE, AND IN THE ABSENCE OF THE PRESIDENT, THE COMMITTEE MAKES RECOMMENDATIONS FOR ACTION TO THE FULL BOARD. ADDITIONALLY, THE PRESIDENT REPORTS TO THE FULL BOARD IN A FORMAL WRITTEN PRESIDENT'S REPORT THREE TIMES EACH YEAR WITH AN UPDATE ON ALL STRATEGIC INITIATIVES AND ACADEMIC, FINANCIAL AND OTHER MATTERS OF IMPORTANCE. IN CERTAIN YEARS IN WHICH THERE ARE CHANGES TO THE PRESIDENT'S COMPENSATION OR A NEW EMPLOYMENT CONTRACT IS SIGNED, THE EXECUTIVE COMMITTEE'S REVIEW IS SUPPORTED BY A COMPENSATION REVIEW PERFORMED BY AN INDEPENDENT FIRM SPECIALIZING IN THE FIELD OF COMPENSATION, AS WELL AS COMPARABLE COMPENSATION AT OTHER COLLEGES IN THE U.S. AND ABROAD. THE REVIEW OF THE EXECUTIVE COMMITTEE IS DOCUMENTED IN THE BOARD MINUTES. COMPENSATION IS VOTED ON AND APPROVED BY THE BOARD. THE PRESIDENT IS RESPONSIBLE FOR THE REVIEW OF COMPENSATION FOR THE CFO, THE PROVOST AND ALL OF HIS DIRECT REPORTS. THE REVIEW IS BASED ON PERFORMANCE AND A COMPARATIVE ANALYSIS OF COMPENSATION PAID AT OTHER COLLEGES IN THE U.S. AND ABROAD. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS MADE AVAILABLE THE GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST AT THE AMERICAN UNIVERSITY OF GREECE FOUNDATION OFFICE. GENERAL STATEMENT REGARDING THE COVID-19 PANDEMIC: IN MARCH 2020, THE WORLD HEALTH ORGANIZATION DECLARED THE OUTBREAK OF A NOVEL CORONAVIRUS (COVID-19) AS A PANDEMIC, WHICH CONTINUES TO SPREAD THROUGHOUT THE WORLD. THE OUTBREAK OF THE DISEASE HAS AFFECTED TRAVEL, COMMERCE, AND FINANCIAL MARKETS GLOBALLY. THE COLLEGE HAS, AND CONTINUES TO CLOSELY MONITOR, THE COVID-19 PANDEMIC AND ITS IMPACT ON THE GLOBAL COMMUNITY. THOUGH THE FULL IMPACT OF COVID-19, AND THE SCOPE OF ANY IMPACT ON THE COLLEGE'S OPERATIONS AND FINANCIAL CONDITION, CANNOT YET BE DETERMINED, POTENTIAL ADVERSE CONSEQUENCES TO THE COLLEGE MAY INCLUDE A DECLINE IN ENROLLMENT, A DECLINE IN DEMAND FOR COLLEGE HOUSING, POSTPONEMENT OR CANCELLATION OF FUNDRAISING AND CULTURAL EVENTS, AND A DECREASE IN INTEREST AND INVESTMENT INCOME FROM THE COLLEGE'S INVESTMENT ASSETS. TO DATE, COVID-19 HAS NOT HAD A SIGNIFICANT IMPACT ON THE COLLEGE'S FINANCIAL CONDITION. FORM 990, PART XI, LINE 9: INTERCOMPANY TRANSFER -4,000,000. THE AMERICAN COLLEGE OF GREECE 6 GRAVIAS STREET 153 42 ATHENS AGHIA PARASKEVI GR 042306054 HIGH SCHOOL CO 501(C)(3) LINE 2 N/A 0 THE AMERICAN COLLEGE OF GREECE RESEARCH CENTER 6 GRAVIAS STREET 153 42 ATHENS AGHIA PARASKEVI GR 980611322 COLLEGE GR 501(C)(3) LINE 2 ACG 1 THE AMERICAN COLLEGE OF GREECE - GREECE 6 GRAVIAS STREET 153 42 ATHENS AGHIA PARASKEVI GR COLLEGE GR DORMANT NFP ACG 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 1 0