2022-02-21T13:44:52-06:00 2021-05-31 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2020-06-01 953075415 INSTITUTE FOR SHIPBOARD EDUCATION INST 9702364319 2243 CENTRE AVENUE NO 300 FORT COLLINS CO 80526 BOBBY BARBER CFO/VP OF FINANCE 9702364319 2022-02-18 1 BOBBY BARBER 999009999 AMANDA ADAMS P00748038 7043771678 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z BOBBY BARBER 2243 CENTRE AVENUE NO 300 FORT COLLINS CO 80526 6285148 0 X SEMESTERATSEA.ORG X 1971 DE THE INSTITUTE FOR SHIPBOARD EDUCATION ("THE INSTITUTE") ORGANIZES & ADMINISTERS THE SEMESTER AT SEA STUDY ABROAD PROGRAM WHICH OFFERS COLLEGE LEVEL COURSES IN CONJUNCTION WITH TRAVELING THE WORLD FOR A SEMESTER TO UNDERGRADS, GRADUATE STUDENTS, AND GAP YEAR STUDENTS. THE SEMESTER AT SEA PROGRAM IS ALSO OPEN TO LIFE LONG LEARNERS WHO ADD VALUE TO THE SHIP COMMUNITY. THE INSTITUTE DELIVERS THIS PROGRAM VIA A FLOATING VESSEL AND PLANS TWO VOYAGES TO COINCIDE WITH THE TRADITIONAL SEMIANNUAL SEMESTERS OFFERED BY MOST UNIVERSITIES. THE PROGRAM IS ACADEMICALLY SPONSORED BY OUR PARTNER COLORADO STATE UNIVERSITY AND ADMINISTERED BY THE INSTITUTE. 23 21 174 23 0 0 4514086 3425379 32948131 693047 1508299 1673013 -8975 957 38961541 5792396 5661583 0 0 0 6848891 4259459 0 0 1260422 23967462 9261029 36477936 13520488 2483605 -7728092 66150264 59066099 24470278 23156215 41679986 35909884 X THE INSTITUTE'S MISSION IS TO EDUCATE INDIVIDUALS WITH THE GLOBAL UNDERSTANDING NECESSARY TO ADDRESS THE CHALLENGES OF OUR INTERDEPENDENT WORLD. WITH THE WORLD AS OUR CLASSROOM, OUR PROGRAMS INTEGRATE MULTIPLE-COUNTRY STUDY, INTERDISCIPLINARY COURSEWORK, AND EXPERIENTIAL LEARNING FOR MEANINGFUL ENGAGEMENT IN THE GLOBAL COMMUNITY. 0 0 4536406 92160 THE INSTITUTE FOR SHIPBOARD EDUCATION ORGANIZES & ADMINISTERS THE EDUCATIONAL SEMESTER AT SEA PROGRAM. UNDERGRAD STUDENTS TAKE COLLEGE LEVEL COURSES IN CONJUNCTION WITH TRAVELING THE WORLD FOR A SEMESTER. THE INSTITUTE PLANS TWO VOYAGES TO COINCIDE WITH THE TRADITIONAL SEMIANNUAL SEMESTERS OFFERED BY MOST UNIVERSITIES. THE PROGRAM IS ACADEMICALLY SPONSORED BY COLORADO STATE UNIVERSITY AND ADMINISTERED BY THE INSTITUTE. THE FALL 2020 AND SPRING 2021 VOYAGES WERE CANCELLED DUE TO THE ONGOING PANDEMIC. 5021345 598367 THE INSTITUTE OPERATES AN ANNUAL REUNION WHICH IS EITHER SHIP BASED AT A US PORT OR A SHORT THREE TO FIVE DAY VOYAGE. THE INSTITUTE ALSO HAS PROGRAM EXPENSES THAT ARE VOYAGE RELATED IN NATURE BUT NOT DIRECTLY ATTRIBUTABLE TO ANY SINGLE VOYAGE. 9557751 1 1 0 0 0 0 0 0 0 1 1 0 1 0 1 1 0 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 28 0 1 174 1 0 0 0 0 0 0 0 0 0 0 0 0 X 23 21 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA AL AK AZ AR CA CO CT FL GA HI IL KS KY ME MD MA MI MN MO MS NH NJ NM NY NC ND OH OK OR PA RI SC TN UT WA WV WI X BOBBY BARBER 9704918818 2243 CENTRE AVENUE NO 300 FORT COLLINS CO 80526 GREGORY CHAPMAN CHAIRMAN 0.50 X X 0 0 0 LISA SLAVID VICE CHAIRMAN 0.50 X X 0 0 0 DWIGHT ALLISON TRUSTEE 0.50 X 0 0 0 KRISTINA BELFIORE TRUSTEE 0.50 X 0 0 0 LISA BRAUN-GLAZER TRUSTEE 0.50 X 0 0 0 RANDY DAVIS TRUSTEE 0.50 X 0 0 0 MIKE DEREZIN TRUSTEE 0.50 X 0 0 0 JAMES DEUTSCH TRUSTEE 0.50 X 0 0 0 CHRISTOPHER FOREMAN TRUSTEE 0.50 X 0 0 0 KENN GAITHER TRUSTEE 0.50 X 0 0 0 DAN GARVEY TRUSTEE 0.50 X 0 0 0 DENNIS GERTMENIAN TRUSTEE 0.50 X 0 0 0 MARISA HUBER TRUSTEE 0.50 X 0 0 0 TOM HUDNUT TRUSTEE 0.50 X 0 0 0 KRISTIN KARST TRUSTEE 0.50 X 0 0 0 TOMMY KNAPP TRUSTEE 0.50 X 0 0 0 ANN MILLER TRUSTEE 0.50 X 0 0 0 EMILY POAGUE TRUSTEE 0.50 X 0 0 0 MARJORIE SEAWELL TRUSTEE 0.50 X 0 0 0 JOHN TYMITZ TRUSTEE 0.50 X 0 0 0 RICHARD WOLF TRUSTEE 0.50 X 0 0 0 SCOTT MARSHALL TRUSTEE, CEO 40.00 X X 202600 0 33628 GARY RANSDELL TRUSTEE, PRESIDENT 40.00 X X 74384 0 11913 LARRY D GRANT VP OF STRATEGIC INITIATIVE 40.00 X 246735 0 24766 AUDRA BRICKNER VP OF ADVANCEMENT 40.00 X 174106 0 32710 BOBBY BARBER VP OF FINANCE 40.00 X 157600 0 23965 LAYNE HANSON VP OF PUBLIC AFFAIRS 40.00 X 125813 0 20180 LAURA ROTH VP OF STUDENT AFFAIRS/ENROLLMENT MANAGEMENT 40.00 X 117558 0 22651 1098796 0 169813 8 0 1 0 CRUISE MANAGEMENT INTERNATIONAL 4770 BISCAYNE BLVD MIAMI FL 33137 SHIP TECHNICAL AND HOTEL MANAGEMENT 1718925 TOGUT SEGAL AND SEGAL LLP ONE PENN PLAZA SUITE 3335 NEW YORK NY 10119 LEGAL 398711 VEDDER PRICE 8677 SOLUTION CENTER CHICAGO IL 606778006 LEGAL 204209 SHIELD GEO SERVICES LIMITED 33 CANTON ROAD HONG KONG CITY TSIM SHA TSUI KOW HK RISK MANAGEMENT 176040 HAMILTON MILLER & BIRTHISEL LLP 150 S E SECOND AVE STE 1200 MIAMI FL 33131 LEGAL 174529 13 1029202 2396177 95504 3425379 PROGRAM FEES 611600 693047 693047 693047 1028804 1028804 905258 192153 453202 0 452056 192153 644209 644209 37030 39550 -2520 -2520 3477 3477 3477 5792396 690527 0 1676490 322525 139739 133219 49567 3104381 1345023 1282262 477096 602563 272089 201490 128984 229990 111775 81875 36340 291581 291581 56603 56603 13445 13445 774706 478638 88004 208064 227644 90866 78227 58551 569262 247905 225434 95923 46646 20314 18472 7860 176 37 139 1639 714 649 276 7095 3090 2810 1195 2927061 2780437 102858 43766 251841 109673 99732 42436 VESSEL OPERATIONS 3660561 3660561 VOYAGE EXPENSE 411859 288162 17349 106348 AUXILIARY EVENTS 497 497 20413 8728 8305 3380 13520488 9557751 2702315 1260422 6389562 2454446 6194387 5118454 730808 20500 101643 66720 450688 715552 26976880 10303204 19585357 16673676 24683964 26010101 8000000 8000000 13855 6650 66150264 59066099 625053 493766 914658 2316182 1029202 1029202 21901365 19317065 24470278 23156215 X 24436425 17188350 17243561 18721534 41679986 35909884 66150264 59066099 X -7728092 2010917 -52927 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8719369 160871 1714537 211290 10383487 5746676 2715210 257483 8719369 3568159 2115895 62622 5746676 2579873 690438 297848 3568159 2154831 257802 167240 2579873 0.00000 1.00000 0.00000 0 0 26976880 10303204 16673676 16673676 INVESTMENT IN DELOS CRUISE HOLDINGS LLC 8000000 C 8000000 OTHER CURRENT LIABILITIES 120627 CAPITAL LEASE 17618498 DEFERRED GAIN ON SALE LEASEBACK OF VESSEL 1577940 19317065 X 7929831 2010917 30066 70347 2111330 5818501 13445 -39550 -26105 5792396 13699933 30066 162824 192890 13507043 13445 13445 13520488 PART V, LINE 4: THE INSTITUTE'S ENDOWMENT CONSISTS OF FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING SCHOLARSHIPS AND PROGRAM OPERATIONS. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. PART X, LINE 2: MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GAAP ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT THE INSTITUTE CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT MAY 31, 2021. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THAT THE INSTITUTE HAD NO UNCERTAIN INCOME TAX POSITIONS AT MAY 31, 2021 AND 2020. THE INSTITUTE IS SUBJECT TO AUDIT BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR TAX PERIODS IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: ALLOWANCE ON PLEDGES 69,784. GAIN ON FOREIGN CURRENCY TRANSLATION 563. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED NET OF REVENUES -39,550. PART XII, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT EXPENSE 123,274. COST OF GOODS SOLD REPORTED NET OF REVENUES 39,550. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEMESTER AT SEA IS A LEARNING EXPERIENCE DESIGNED TO TRANSFORM STUDENTS OF EVERY RACE, COLOR, AND CREED INTO A CITIZEN AND SCHOLAR OF THE WORLD. THE EMPLOYEE HANDBOOK, VOYAGER HANDBOOK AND ALL JOB DESCRIPTIONS FOR HIRING CONTAIN NONDISCRIMINATORY LANGUAGE. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED A PAYCHECK PROTECTION PROGRAM LOAN ("PPP LOAN") IN THE AMOUNT OF $1,029,202. THE PPP LOAN WAS GRANTED BY THE SMALL BUSINESS ADMINISTRATION UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT ("CARES ACT"). THE SCHOOL APPLIED FOR AND RECEIVED FULL FORGIVENESS OF THE LOAN, AND HAS RECOGNIZED THE LOAN FORGIVENESS AS GRANT REVENUE. THE SCHOOL RECEIVED A SECOND PPP LOAN. SUBSEQUENT TO YEAR-END, THE INSTITUTE APPLIED AND RECEIVED FULL FORGIVENESS FOR THE SECOND PPP LOAN AND HAS RECORDED THE BALANCE AS A CURRENT LIABILITY ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF MAY 31, 2021. EAST ASIA AND THE PACIFIC 0 1 PROGRAM SERVICES FIELD EXCURSION 237 EUROPE (INCLUDING ICELAND & GREENLAND) 0 2 PROGRAM SERVICES FIELD EXCURSION 116466 NORTH AMERICA 0 1 PROGRAM SERVICES FIELD EXCURSION 176040 SUB-SAHARAN AFRICA 0 1 PROGRAM SERVICES FIELD EXCURSION 21583 EAST ASIA AND THE PACIFIC 0 0 PROGRAM-RELATED INVESTMENT 8000000 0 5 0 0 0 5 8314326 0 8314326 0 0 1 0 0 0 PART I, LINE 2: ALL OF THE INSTITUTE FOR SHIPBOARD EDUCATION'S (ISE) FOREIGN PROGRAM EXPENSES ARE FOR FIELD TOUR TRIPS. FIELD TOUR OPERATORS ARE VETTED FOR HEALTH, SAFETY AND ORGANIZATIONAL STRENGTH. ISE IS CONFIDENT BEFORE THEY BEGIN WORKING WITH A PROVIDER THAT IT IS A REPUTABLE ORGANIZATION. ALSO, ISE'S POOL OF PROVIDERS IS FAIRLY STABLE AS THEY OFTEN RETURN TO THE SAME DESTINATIONS. ISE HAS NUMEROUS LONG TERM PARTNERSHIPS OF 5 YEARS OR MORE. MOST SERVICES ARE PAID FOR AFTER SERVICES HAVE BEEN PROVIDED ALTHOUGH THEY DO USE DEPOSITS FROM TIME TO TIME. ISE TAKES SEVERAL STEPS TO SAFEGUARD PAYMENTS MADE TO FOREIGN SUPPLIERS. 1.) ISE ESTIMATES AND TRACKS ALL EXPECTED PAYMENTS BASED ON PLANNED PROGRAMS AND THEN ACTUAL SALES; 2.) ISE MAKES SOME DEPOSITS IN ADVANCE, BUT FULL PAYMENT IS NOT MADE UNTIL AFTER THE SERVICE HAS BEEN DELIVERED; 3.) ISE USES ISE REPRESENTED LIAISONS ON EACH FIELD TRIP IN ORDER TO ENSURE SAFETY AND THAT ALL TRIPS PROVIDE PROMISED SERVICES; 4). ISE STAYS IN CONTACT WITH ALL PROVIDERS AFTER PAYMENT TO ENSURE THAT THE FUNDS HAVE BEEN SUCCESSFULLY RECEIVED ON THEIR END. PART III ACCOUNTING METHOD: X 1 1 X X X 0 0 0 0 0 0 0 1 0 LARRY D GRANT VP OF STRATEGIC INITIATIVE 207560 0 0 0 39175 0 4907 0 19859 0 271501 0 0 0 SCOTT MARSHALL TRUSTEE, CEO 202500 0 0 0 100 0 5250 0 28378 0 236228 0 0 0 AUDRA BRICKNER VP OF ADVANCEMENT 168856 0 5000 0 250 0 4378 0 28332 0 206816 0 0 0 BOBBY BARBER VP OF FINANCE 157500 0 0 0 100 0 4083 0 19882 0 181565 0 0 0 PART I, LINE 1A TRAVEL FOR THE PRESIDENT'S SPOUSE MAY BE AUTHORIZED WHEN THE SPOUSE'S PRESENCE IS EXPECTED OR IS APPROPRIATE FOR THE PURPOSES OF THE TRAVEL. TO OBTAIN AUTHORIZATION FOR THE SPOUSE'S TRAVEL, THE PRESIDENT IS REQUIRED TO WRITE A BRIEF MEMORANDUM TO THE CHAIR OF THE BOARD OF TRUSTEES REQUESTING THE TRAVEL. IF APPROVED, THE CHAIR OF THE BOARD SHALL SIGN THE MEMORANDUM. SINCE EXPENSES FOR SPOUSAL TRAVEL WOULD ONLY BE APPROVED IN CIRCUMSTANCES WHERE THERE IS A BUSINESS PURPOSE FOR SUCH TRAVEL, THE PAYMENT OF SUCH EXPENSES WOULD BE TREATED AS A NONTAXABLE BENEFIT. PART I, LINE 7 AUDRA BRICKNER'S BONUS WAS BASED ON PERFORMANCE. X 13 95504 FMV 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 7A ON JUNE 4TH, 2015, THE INSTITUTE ENTERED INTO AN AFFILIATION AGREEMENT WITH COLORADO STATE UNIVERSITY TO HELP ADMINISTER AND SUPERVISE THE ACADEMIC COMPONENT OF THE PROGRAM, WHICH INCLUDES BUT NOT LIMITED TO FACULTY APPROVAL, ADMISSIONS CRITERIA, COURSE APPROVAL, LIBRARY SERVICES, COURSE REGISTRATION, AWARDING COURSE CREDITS, AND ISSUING TRANSCRIPTS. THE UNIVERSITY SHALL APPOINT, IN CONSULTATION WITH THE INSTITUTE, UP TO TWO MEMBERS OF THE UNIVERSITY ADMINISTRATION TO ACT AS NON-VOTING, NON-FIDUCIARY OBSERVERS AT MEETINGS OF THE INSTITUTE GOVERNING BOARD. SUCH OBSERVERS SHALL BE SUBJECT TO REQUIREMENTS OF CONFIDENTIALITY WITH RESPECT TO INFORMATION LEARNED AT ANY MEETING OF THE INSTITUTE BOARD OF TRUSTEES, EXCEPT THAT IT IS PERMITTED AND EXPECTED THAT THE OBSERVERS SHALL MAKE REGULAR AND FULL REPORTS TO THE UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM. A DRAFT IS SUBMITTED TO MANAGEMENT FOR THEIR REVIEW. UPON APPROVAL BY MANAGEMENT, THE 990 IS SUBMITTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE INSTITUTE FOR SHIPBOARD EDUCATION (ISE) DEVOTES THREE PAGES OF ITS EMPLOYEE POLICY MANUAL TO THE AREA OF "CONFLICT OF INTEREST AND BUSINESS ETHICS." EVERY FULL TIME EMPLOYEE OF ISE RECEIVES A COPY OF THIS MANUAL WHEN THEY ARE HIRED AND MUST BE ACCOUNTABLE AND ADHERE TO ALL POLICIES DURING THE EMPLOYMENT TENURE. EACH DEPARTMENT VICE PRESIDENT IS RESPONSIBLE TO ENSURE THAT ALL ISE POLICIES ARE FOLLOWED IN THEIR SPECIFIC DEPARTMENT. IN THE EVENT OF A POTENTIAL CONFLICT, THE INTERESTED PERSON REFRAINS FROM ALL DISCUSSIONS AND VOTE ON THE MATTER. ISE BOARD MEMBERS ARE REQUIRED TO FILL OUT A CONFLICT OF INTEREST QUESTIONNAIRE ON A ROUTINE BASIS. THE BOARD THEN REVIEWS ANY CONFLICTS OF INTEREST AND THE PARTY WITH A CONFLICT IS ABSTAINED FROM VOTING IN ANY MATTERS RELATED. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR THE PRESIDENT AND OTHER EMPLOYEES INVOLVES PERFORMING AN ANALYSIS BASED ON VARIOUS SALARY SURVEY PUBLICATIONS, SUCH AS THE COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION ("CUPA") AND THE CHRONICLE OF HIGHER EDUCATION SALARY SURVEY. THE PRESIDENT AND BOARD OF TRUSTEES EXECUTIVE COMMITTEE APPROVE ALL SALARY INCREASES FOR ALL EMPLOYEES. THE PRESIDENT/CEO'S CONTRACT WAS PREPARED BY A HIGHER EDUCATION ATTORNEY WHO SPECIALIZES IN SENIOR MANAGEMENT CONTRACTS. IT WAS REVIEWED BY THE FULL BOARD. THE FULL BOARD APPROVES THE CONTRACT OF THE PRESIDENT AND THE MINUTES FROM THE MEETING ARE DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION PROVIDES COPIES OF ITS GOVERNING INSTRUMENTS, CONFLICT OF INTEREST POLICY AND OTHER MATTERS TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN ON FOREIGN CURRENCY TRANSACTION 563. BAD DEBT EXPENSE -123,274. ALLOWANCE ON PLEDGES 69,784. EXPLORER MARITIME LLC 2410 OLD IVY ROAD CHARLOTTESVILLE VA 22903 261598279 DORMANT ENTITY DE 0 0 INSITUTE FOR SHIPBOARD EDUCATION