2022-04-22T14:31:27-05:00 2021-06-30 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2020-07-01 231352632 ELIZABETHTOWN COLLEGE ELIZ 7173611000 ONE ALPHA DRIVE ELIZABETHTOWN PA 170222298 GERALD L SILBERMAN SENIOR VP ADMIN & FINANCE 7173611000 2022-05-16 1 GERALD SILBERMAN XXX-XX-XXXX SCOTT THOMPSETT P00741490 2125990100 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z CECILIA MCCORMICK ONE ALPHA DRIVE ELIZABETHTOWN PA 170222298 88917418 0 X WWW.ETOWN.EDU X 1899 PA PROVIDE A TRANSFORMATIVE EDUCATIONAL EXPERIENCE THAT CULTIVATES STRENGTHS OF ITS STUDENTS. 30 30 1528 0 70560 0 7143800 19294966 65248211 65466171 1178315 2111004 483241 1088542 74053567 87960683 20792295 24766205 0 0 39924113 38771390 0 0 1360044 29190806 24346173 89907214 87883768 -15853647 76915 208983291 231323231 81643729 78420693 127339562 152902538 X SEE SCHEDULE O 0 0 76193844 24766205 66068767 SEE SCHEDULE O 1342925 0 0 SEE SCHEDULE O 77536769 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 90 0 1 1528 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 30 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X JAYMA REAGGS SENIOR ACCOUNTANT 7173611217 ONE ALPHA DRIVE ELIZABETHTOWN PA 170222298 RICK BAKER TRUSTEE 1.00 0.00 X 0 0 0 AUDREY BENNETT TRUSTEE 1.00 0.00 X 0 0 0 DANIEL BETANCOURT TRUSTEE 1.00 0.00 X 0 0 0 BERNICE H BOLLMAN TRUSTEE (THRU 7/20) 1.00 0.00 X 0 0 0 NEVIN COOLEY TRUSTEE 1.00 0.00 X 0 0 0 JOYCE DAVIS TRUSTEE 1.00 0.00 X 0 0 0 ROBERT J DOLAN TRUSTEE 1.00 0.00 X 0 0 0 WARREN ESHBACH TRUSTEE 1.00 0.00 X 0 0 0 FRANKLIN FOX TRUSTEE 1.00 0.00 X 0 0 0 JAMES L FRITZ ESQ TRUSTEE 1.00 0.00 X 0 0 0 DR DAVID E FUCHS TRUSTEE 1.00 0.00 X 0 0 0 DR ALBERT GRANGER TRUSTEE 1.00 0.00 X 0 0 0 SARAH LANPHIER HIMES TRUSTEE (THRU 7/20) 1.00 0.00 X 0 0 0 MARIALICE MARTY HOLLINGER TRUSTEE 1.00 0.00 X 0 0 0 JAN LANE TRUSTEE 1.00 0.00 X 0 0 0 P EDWARD LOVELIDGE CHAIRMAN 1.00 0.00 X X 0 0 0 MICHAEL J MASON TRUSTEE 1.00 0.00 X 0 0 0 THOMAS MCGONIGLE TRUSTEE 1.00 0.00 X 0 0 0 LEANNA MEISER ASST. SECRETARY OF BOARD 1.00 0.00 X X 0 0 0 JOHN D MILLER JR ESQ TRUSTEE 1.00 0.00 X 0 0 0 EDWARD MURPHY TRUSTEE (THRU 7/20) 1.00 0.00 X 0 0 0 RICHARD D POOLE TRUSTEE 1.00 0.00 X 0 0 0 DUSTY PUTNAM TRUSTEE 1.00 0.00 X 0 0 0 VELMA A REDMOND TRUSTEE 1.00 0.00 X 0 0 0 DAVID REIST TRUSTEE 1.00 0.00 X 0 0 0 PAMELA A REIST TRUSTEE 1.00 0.00 X 0 0 0 BRADLEY RHOADS TREASURER 1.00 0.00 X X 0 0 0 J ALEXANDER RISSER TRUSTEE 1.00 0.00 X 0 0 0 JOSEPH SCHULTZ TRUSTEE 1.00 0.00 X 0 0 0 JAMES SHREINER TRUSTEE 1.00 0.00 X 0 0 0 MICHAEL SPANGLER VICE CHAIRMAN 1.00 0.00 X X 0 0 0 JUDY WARE SECRETARY OF BOARD 1.00 0.00 X X 0 0 0 REV DR WILLIAM A WAUGH TRUSTEE (THRU 7/20) 1.00 0.00 X 0 0 0 EDWARD E WHITE JR TRUSTEE 1.00 0.00 X 0 0 0 CECILIA MCCORMICK PRESIDENT 40.00 0.00 X 354917 0 43818 DAVID C BEIDLEMAN VP FOR INST. ADVANCEMENT 40.00 0.00 X 201644 0 34521 ELIZABETH RIDER SR. VP OF ACADEMIC AFFAIRS 40.00 0.00 X 173602 0 20615 CELESTINO LIMAS VP STUDENT LIFE 40.00 0.00 X 130908 0 29690 GERALD L SILBERMAN SENIOR VP ADMIN & FINANCE 40.00 0.00 X 224218 0 15243 JOHN CHAMPOLI VP ENROLLMENT MANAGEMENT 40.00 0.00 X 188743 0 34737 HOSSEIN VARAMINI PROFESSOR OF BUSINESS 40.00 0.00 X 163279 0 27900 WILLIAM STUCKEY PROFESSOR OF PHYSICS 40.00 0.00 X 131208 0 24949 LYNN ECKROTE DIR. PHYSICIAN ASSISTANT PROGRAM 40.00 0.00 X 122755 0 29488 KRISTI KNEAS ASSOC PROV - ACAD & FAC AFFAIRS 40.00 0.00 X 112927 0 28631 RYAN RILEY ASSISTANT TO THE PRESIDENT 40.00 0.00 X 128792 0 29669 1932993 0 319261 34 0 1 0 WARFEL CONSTRUCTION COMPANY 1110 ENTERPRISE ROAD EAST PETERSBURG PA 17520 CONSTRUCTION 1357616 HIGH CONSTRUCTION COMPANY 1853 WILLIAM PENN WAY LANCASTER PA 17601 CONSTRUCTION 1289617 JEM GROUP LLC 214 SENATE AVE SUITE 302 CAMP HILL PA 17011 CONSTRUCTION 1272128 MARSHALL CRAFT ASSOCIATES 2031 CLIPPER PARK RD 105 BALTIMORE MD 21211 ARCHITECTS 265518 WAYBETTER MARKETING INC PO BOX 1439 COLUMBIA MD 21044 MARKETING 242325 10 21000 6635550 12638416 340184 19294966 TUITION & FEES 611310 54601595 54601595 ROOM & BOARD 721310 10571193 10571193 AUXILIARY ENTERPRISES 532420 293383 237299 56084 65466171 1688562 -126400 1814962 172750 0 172750 172750 140876 31874 734706 312264 422442 422442 422442 901583 644471 257112 257112 HIGH CNTR MEMBER DUES 900099 658680 658680 658680 87960683 66068767 70560 2526390 24766205 24766205 1893964 243453 1117150 533361 25595773 20988534 4095324 511915 1687795 1383992 270047 33756 8236302 7015687 1154985 65630 1357556 1113196 217209 27151 126859 126859 134933 134933 30217 30217 576274 472545 92204 11525 604362 604362 904773 732866 162859 9048 1193066 966383 214752 11931 2175708 2088680 65271 21757 102097 82699 18377 1021 45183 36598 8133 452 2213665 2213665 5756668 5526402 172699 57567 738853 709298 22166 7389 STRATEGIC INITIATIVES 1708257 1383688 307486 17083 EQUIPMENT 1266582 1025931 227985 12666 COST OF FOOD 1124319 1124319 0 0 CONTRACTED SERVICES 885179 716995 159332 8852 4759178 4214412 515826 28940 87883768 77536769 8986955 1360044 0 0 16416219 22963766 3697542 2783143 1335014 1483587 0 0 0 0 888475 573657 544603 499871 630321 711174 194454022 94049030 100602987 100404992 7708702 12986928 75043862 87845611 0 0 0 0 2115566 1070502 208983291 231323231 2715666 4202819 0 0 0 0 42002638 44648836 3958684 3273013 0 0 364937 1209791 3500000 0 29101804 25086234 81643729 78420693 X 44108303 46461809 83231259 106440729 0 0 0 0 0 0 127339562 152902538 208983291 231323231 X 76915 21988319 3497742 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1400 548299 X X 0 0 1 X 89021231 6896059 22302423 2203369 6213171 109803173 87947613 535810 5229066 1495816 3195442 89021231 83800640 3050983 5502523 1777728 2628805 87947613 80829812 603269 6686577 1624266 2694752 83800640 73376820 2516193 7703260 1135592 1630869 80829812 0.15900 0.44700 0.39400 1 0 19519612 19519612 158164587 85646118 72518469 14248824 8402912 5845912 2520999 2520999 100404992 PRIVATE EQUITY 5448899 F REAL ASSETS 706817 F REAL ESTATE 377560 F MULTI-STRATEGY 77754338 F ANNUITY FUNDS 1197476 F FUNDS IN TRUST 2360521 F 87845611 ANNUITY CONTRACTS AND TRUST LIABILITY 3150680 POST-RETIREMENT LIABILITY 18489963 ADVANCES FROM FEDERAL GOVERNMENT 632804 INTEREST RATE SWAP AGREEMENT 2812787 25086234 X 90142979 21988319 5100 -20983317 1010102 89132877 -1172194 -1172194 87960683 64580003 5100 1172194 1177294 63402709 24481059 24481059 87883768 PART III, LINE 4: COLLECTIONS OF ART, HISTORICAL TREASURES & OTHER SIMILAR ASSETS THE ORGANIZATION REPORTS $548,299 OF ART AND SCULPTURES ON ITS BALANCE SHEET FOR THE YEAR ENDING 6/30/2021. THESE COLLECTIONS FURTHER THE ORGANIZATION'S EXEMPT EDUCATIONAL PURPOSE BY FOSTERING AN APPRECIATION OF THE LIBERAL ARTS FOR THE STUDENTS, STAFF AND VISITORS TO THE COLLEGE CAMPUS. PART IV, LINE 2B: ESCROW AND CUSTODIAL ARRANGEMENTS THE COLLEGE HOLDS DEPOSITS THAT RELATE PRIMARILY TO SUMMER AND FALL SESSION TUITION AND MATRICULATION AND BREAKAGE DEPOSITS RECEIVED PRIOR TO JUNE 30. THE COLLEGE ALSO HOLDS AGENCY FUNDS THAT CONSIST OF ASSETS HELD FOR THE COLLEGE'S STUDENT ORGANIZATIONS. IN ADDITION, THE COLLEGE HOLDS CERTAIN FUNDS HELD BY A DESIGNATED TRUSTEE FOR THE PAYMENT ON CONSTRUCTION COSTS AND MAINTENANCE OF DEBT RESERVE FUNDS AND FUNDS HELD IN RESERVE FOR PAYMENT OF FUTURE EMPLOYEE HEALTHCARE COSTS. PART V, LINE 4: ENDOWMENT FUNDS THE COLLEGE'S ENDOWMENT FUND IS INTENDED TO PROVIDE FUNDING FOR SCHOLARSHIPS, PROFESSORSHIPS, LECTURESHIPS AND OTHER AWARDS. THE ENDOWMENT'S EARNINGS ARE USED TO FUND THE COLLEGE'S DAILY OPERATIONS, INCLUDING STUDENT SCHOLARSHIPS, STUDENT PROGRAMS, AND OTHER CAMPUS ACTIVITIES; THE ENDOWMENT'S PRINCIPAL IS INTENDED TO REMAIN UNTOUCHED FOR FURTHER INVESTMENT GROWTH. PART X, LINE 2: INCOME TAXES THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2021 AND 2020. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON INTEREST RATE SWAP 1,180,493. SCHOLARSHIPS RECLASSED TO FORM 990, PART IX -22,163,810. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSED COST OF GOODS SOLD -644,471. RECLASSED EMPLOYEE RETENTION TAX CREDIT -527,723. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASSED COST OF GOODS SOLD 644,471. RECLASSED EMPLOYEE RETENTION TAX CREDIT 527,723. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS RECLASSED TO FORM 990, PART IX 22,163,810. POST-RETIREMENT BENEFIT EXPENSE 2,317,249. 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 COLLEGE'S RACIALLY NONDISCRIMINATORY POLICY APPEARS IN ITS CATALOG, AS WELL AS IN THE ADMISSIONS PROSPECTUS. IT IS ALSO INCLUDED IN ALL ADVERTISEMENTS AND RECRUITING LITERATURE AS WELL AS ON ITS WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL AID FUNDS FROM THE DEPARTMENT OF EDUCATION VIA THE FOLLOWING PROGRAMS: FEDERAL PELL GRANTS, FEDERAL SUPPLEMENTAL EDUCATIONAL GRANTS, FEDERAL WORK STUDY PROGRAM, THE NATIONAL SCIENCE FOUNDATION, AND THE FEDERAL DIRECT LOAN PROGRAM. IN ADDITION, THE COLLEGE DISPENSED CERTAIN EMERGENCY FINANCIAL AID TO STUDENTS AS REQUIRED BY THE HIGHER EDUCATION EMERGENCY RELIEF FUND "HEERF." CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 82382 0 0 0 0 0 0 82382 0 82382 1 0 1 1 1 0 PART III ACCOUNTING METHOD: FORM 990, SCHEDULE F, PART IV ELIZABETHTOWN COLLEGE INVESTS DIRECTLY IN VARIOUS ALTERNATIVE INVESTMENTS THAT MAY BE ORGANIZED AS EITHER FOREIGN CORPORATIONS OR FOREIGN PARTNERSHIPS; IT LIKEWISE, INVESTS IN DOMESTIC LIMITED PARTNERSHIPS THAT MAY, IN TURN, INVEST IN FOREIGN CORPORATIONS OR PARTNERSHIPS. NEVERTHELESS, ELIZABETHTOWN COLLEGE'S INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR THE FILING OF FORMS 926, 5471, 8621, OR 8865. TO THE EXTENT THAT ELIZABETHTOWN COLLEGE IS REQUIRED TO COMPLETE ONE (OR MORE) OF THESE FOREIGN FORMS, THEY ARE FILED WITH THE FORM 990-T FILING. 1 INSTITUTIONAL GIFT AID 1513 19272616 HIGHER EDUCATION EMERGENCY RELIEF FUNDS 1864 2518575 ENDOWED SCHOLARSHIPS 510 2052652 RESTRICTED CURRENT SCHOLARSHIPS 96 640263 SEOG 279 282099 PART I, LINE 2: GRANTS OR OTHER ASSISTANCE IN THE UNITED STATES ELIZABETHTOWN COLLEGE PROVIDES SCHOLARSHIPS TO STUDENTS MATRICULATING AT THE COLLEGE. STUDENTS RECEIVING SCHOLARSHIPS ARE NOT PERMITTED ANY DISCRETION ON HOW TO SPEND THOSE FUNDS AS ALL AMOUNTS ARE USED TO SATISFY TUITION COSTS. ACCORDINGLY, ALL FUNDS GRANTED ARE USED TO DEFRAY THE COST OF TUITION AND NO FURTHER MONITORING OF THE GRANTS IS REQUIRED. FORM 990, SCHEDULE I, PART III THE COLLEGE PARTICIPATED IN THE GOVERNMENT APPROVED RELIEF PACKAGES "HEERF" GRANTED BETWEEN APRIL 2020 AND MARCH 2021. A CERTAIN PERCENTAGE OF THE HEERF FUNDING IS REQUIRED TO BE ALLOCATED TO THE COLLEGE'S STUDENT POPULATION FOR EMERGENCY AID AND RELIEF. NO FURTHER MONITORING OF THE USE OF HEERF FUNDING IS REQUIRED BY THE COLLEGE (AS THE AID IS NOT DISPENSED UNLESS THE STUDENT MEETS THE ELIGIBILITY REQUIREMENTS). X X X 0 1 X X X 0 0 0 0 0 0 0 0 0 CECILIA MCCORMICK PRESIDENT 354917 0 0 0 0 0 22333 0 21485 0 398735 0 0 0 GERALD L SILBERMAN SENIOR VP ADMIN & FINANCE 224218 0 0 0 0 0 15000 0 243 0 239461 0 0 0 DAVID C BEIDLEMAN VP FOR INST. ADVANCEMENT 201644 0 0 0 0 0 13921 0 20600 0 236165 0 0 0 JOHN CHAMPOLI VP ENROLLMENT MANAGEMENT 188743 0 0 0 0 0 13333 0 21404 0 223480 0 0 0 ELIZABETH RIDER SR. VP OF ACADEMIC AFFAIRS 173602 0 0 0 0 0 11130 0 9485 0 194217 0 0 0 HOSSEIN VARAMINI PROFESSOR OF BUSINESS 163279 0 0 0 0 0 10460 0 17440 0 191179 0 0 0 CELESTINO LIMAS VP STUDENT LIFE 130908 0 0 0 0 0 9090 0 20600 0 160598 0 0 0 RYAN RILEY ASSISTANT TO THE PRESIDENT 128792 0 0 0 0 0 9417 0 20252 0 158461 0 0 0 WILLIAM STUCKEY PROFESSOR OF PHYSICS 131208 0 0 0 0 0 6874 0 18075 0 156157 0 0 0 LYNN ECKROTE DIR. PHYSICIAN ASSISTANT PROGRAM 122755 0 0 0 0 0 8888 0 20600 0 152243 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE AND PERSONAL SERVICES THE PRESIDENT OF THE COLLEGE IS PROVIDED A HOME IN CLOSE PROXIMITY TO THE CAMPUS AS A CONDITION OF HER EMPLOYMENT. THE VALUE OF THE RESIDENCE PROVIDED TO THE PRESIDENT ON CAMPUS HAS NOT BEEN ASSIGNED A FAIR MARKET VALUE AND IS NOT INCLUDED IN SCHEDULE J, PART II, COLUMN (D). AS REQUIRED, THE COLLEGE PROVIDES CLEANING AND MAINTENANCE SERVICES FOR THE EMPLOYER PROVIDED HOUSING. VP FOR ENROLLMENT, JOHN CHAMPOLI, RECEIVES ON-CAMPUS HOUSING; THE VALUE OF THE HOUSING HAS NOT BEEN ASSIGNED A FAIR MARKET VALUE AND IS NOT INCLUDED IN THE COMPENSATION REPORTED. THE COLLEGE IS IN THE PROCESS OF REVIEWING THIS HOUSING ARRANGEMENT TO ENSURE IT IS REPORTED ACCURATELY TO BE COMPLIANT WITH IRS REGULATIONS. PART I, LINE 1A: SOCIAL CLUB MEMBERSHIPS THE COLLEGE PAYS THE SOCIAL CLUB MEMBERSHIP DUES OF THE PRESIDENT AND THE VICE PRESIDENT FOR ADVANCEMENT SO THAT THEY MAY HOST DONORS AND OTHER BUSINESS GUESTS OF THE COLLEGE AT ACTIVITIES DESIGNED TO BENEFIT THE COLLEGE. TO THE EXTENT THAT THESE INDIVIDUALS INCUR ANY PERSONAL EXPENSES RELATED TO THEIR SOCIAL CLUB USAGE, THEY ARE REQUIRED TO REIMBURSE THE COLLEGE. ALL BUSINESS EXPENDITURES MUST BE SUBSTANTIATED TO BE EXCLUDED FROM THEIR WAGES. A DAUPHIN COUNTY GENERAL AUTHORITY 232336949 2019-05-02 14000000 FUND CAPITAL PROJECTS 0 0 0 B DAUPHIN COUNTY GENERAL AUTHORITY 232336949 2016-03-17 20560000 REFINANCE OF 2006 BONDS 0 0 0 C DAUPHIN COUNTY GENERAL AUTHORITY 232336949 2017-11-16 4000000 FUND CAPITAL PROJECTS 0 0 0 D DAUPHIN COUNTY GENERAL AUTHORITY 232336949 2018-01-04 10000000 FUND CAPITAL PROJECTS 0 0 0 A 14000000 185000 8033000 5812000 2022 0 0 0 1 B 5860000 20560000 200351 20359649 2016 1 0 1 1 C 4000000 60820 3939180 2019 0 0 1 1 D 10000000 139680 9860320 2019 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 B 0 0 0 1 1 0 0 0 1 C 0 0 0 1 1 0 0 0 1 D 0 1 0 0 1 0 0 0 1 A 1 B 1 C 1 D 1 FORM 990, SCHEDULE K, PART IV, LINE 2(C) EACH OF THE COLLEGE'S BOND ISSUANCES REPORTED ON THE SCHEDULE K WILL HAVE NO REBATE DUE AND AN ARBITRAGE REBATE CALCULATION IS NOT REQUIRED. THE ISSUANCES DID NOT PROVIDE THE COLLEGE WITH FUNDS UPFRONT AND INSTEAD THE COLLEGE WAS REIMBURSED FOR ITS EXPENDITURES AFTER THEY OCCURRED. NONE OF THE BOND FUNDS WERE HELD BY THE COLLEGE AND, THEREFORE, WERE NOT INVESTED IN SECURITIES. SCHEDULE K, PART I - DESCRIPTION OF BOND PURPOSE THE PROCEEDS OF THE 2009 SERIES A & B REVENUE BONDS WERE USED TO REFUND THE COLLEGE'S 2006 VARIABLE RATE BOND AND TO FUND VARIOUS ENERGY PROJECTS ON CAMPUS. PART II - LINE 8 - YEAR OF SUBSTANTIAL COMPLETION FOR THE 2009 SERIES A BOND A - THE COLLEGE'S ENERGY PROJECTS WERE COMPLETED IN 2013. FOR THE SERIES B REVENUE BOND, THE COLLEGE USED THESE PROCEEDS TO REFINANCE PREVIOUSLY ISSUED BONDS, AND THUS, THE YEAR OF COMPLETION IS 2009. PART IV THE COLLEGE IS USING THE BOND PROCEEDS TO FINANCE A PROJECT CONSISTING OF THE DESIGN, PLANNING, ACQUISITION, AND CONSTRUCTION OF CERTAIN CAPITAL PROJECTS RELATED TO THE COLLEGE, INCLUDING THE RENOVATION OF HACKMAN HALL AND SCHREIBER HALL AND CAMPUS CLASSROOMS FOR THE COLLEGE'S PHYSICIAN ASSISTANCE PROGRAM. A ELIZABETHTOWN INDUSTRIAL DEVELOPMENT AUTHORITY 550801341 2009-08-03 14555000 REFINANCE OF 2006 BONDS 0 0 0 A 6300000 14555000 14555000 2009 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 0 A 1 X 2 1400 FMV X 1 FMV X 12 323256 FMV X PIANO 1 8000 FMV X BLINDS 2 7527 FMV 0 1 0 SCHEDULE M, PART I COLUMN (B): METHOD USED ELIZABETHTOWN COLLEGE USES THE NUMBER OF CONTRIBUTIONS AS THE METHOD FOR DETERMINING THE AMOUNT IN COLUMN (B). GENERAL EXPLANATORY STATEMENT REGARDING THE COVID-19 IMPACT AS A RESPONSE TO COVID-19, THE GOVERNMENT APPROVED THREE RELIEF PACKAGES BETWEEN APRIL 2020 AND MARCH 2021. CONGRESS SET ASIDE APPROXIMATELY $76.6 BILLION BETWEEN THE CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY ACT (CARES), CORONAVIRUS RESPONSE AND RELIEF SUPPLEMENTAL APPROPRIATIONS ACT (CRRSAA) AND THE AMERICAN RESCUE PLAN (ARP) TO BE ALLOTTED TO THE EDUCATIONAL STABILIZATION FUND THROUGH THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF). THE COLLEGE RECEIVED $1,350,544 IN HEERF FUNDING IN THE YEAR ENDING JUNE 30, 2021. UNDER THE HEERF PROGRAM, NO LESS THAN 50 PERCENT OF THE FULL GRANT IS TO BE USED FOR DIRECT EMERGENCY AID TO STUDENTS. THE REMAINING PORTION OF THE FULL GRANT WAS TO BE USED BY INSTITUTIONS TO COVER ANY COSTS ASSOCIATED WITH SIGNIFICANT CHANGES TO THE DELIVERY OF INSTRUCTION DUE TO CORONAVIRUS. INSTITUTIONS ARE GIVEN ONE CALENDAR YEAR FROM THE DATE OF THE AWARD IN THEIR HEERF GRANT AWARD NOTIFICATION TO COMPLETE THE PERFORMANCE OF THEIR HEERF GRANT. THE COLLEGE FULLY COMPLIED WITH THE HEERF MANDATE AND DISTRIBUTED ALL STUDENT PROCEEDS AS REQUIRED. FORM 990, PART III, LINE 1 - ORGANIZATION'S MISSION ELIZABETHTOWN COLLEGE ENGAGES STUDENTS IN A DYNAMIC, INTEGRATED LEARNING PROCESS THAT BLENDS THE LIBERAL ARTS AND PROFESSIONAL STUDIES. CHALLENGED TO TAKE RESPONSIBILITY FOR THEIR EDUCATION, STUDENTS AT ELIZABETHTOWN EMBARK ON A JOURNEY OF SELF-TRANSFORMATION THAT INVOLVES INTELLECTUAL, SOCIAL, AND PERSONAL GROWTH. THE COLLEGE IS COMMITTED TO EDUCATING THE WHOLE PERSON WITHIN A RELATIONSHIP-CENTERED LEARNING COMMUNITY WHERE COMMON GOALS ARE ACHIEVED THROUGH ENGAGEMENT IN A RIGOROUS ACADEMIC CURRICULUM AND THOUGHTFUL CO-CURRICULAR EXPERIENCES. STUDENTS ARE ENCOURAGED TO DEVELOP AND CHALLENGE THEIR OWN VALUES, WHILE SEEKING TO UNDERSTAND AND APPRECIATE ALTERNATIVE PERSPECTIVES. EMBEDDED IN AN EVER-CHANGING GLOBAL CONTEXT, THE COLLEGE PROMOTES THE DEVELOPMENTAL, COLLABORATIVE AND COMPLEX NATURE OF LEARNING. IN SEEKING TO "EDUCATE FOR SERVICE," ELIZABETHTOWN COLLEGE BELIEVES THAT STUDENTS CAN PERFORM NO GREATER SERVICE THAN THEY DO WHEN SHARING KNOWLEDGE AND CREATIVITY WITH OTHERS. OPPORTUNITIES TO STRENGTHEN SCHOLARSHIP AND LEADERSHIP EXTEND BEYOND THE CLASSROOM, AND STUDENTS LEARN ACTIVELY THROUGH PRACTICAL EXPERIENCES AND CIVIC ENGAGEMENT. THE IMPACT OF AN ELIZABETHTOWN COLLEGE EDUCATION IS LONG LASTING AND FAR-REACHING BECAUSE IT IS DEEPLY TRANSFORMATIVE. STUDENTS ACQUIRE NEW HABITS OF MIND AND HEART-SOME IN THE COURSE OF THE UNDERGRADUATE EXPERIENCE, OTHERS AS STUDENTS GROW BEYOND COLLEGE. AT ELIZABETHTOWN COLLEGE, STUDENTS ARE INSPIRED AND CHALLENGED TO: - ASSUME RESPONSIBILITY FOR THEIR INTELLECTUAL DEVELOPMENT, PERSONAL GROWTH AND WELL-BEING. STUDENTS WILL LEARN TO SHARPEN THEIR CURIOSITY AND BECOME AWARE OF THE CAPABILITIES, STRATEGIES AND RESOURCES. - REASON, ANALYZE AND ENGAGE IN CRITICAL THINKING. STUDENTS WILL MAKE, SYSTEMATICALLY EVALUATE, AND, IF NECESSARY, REFUTE ARGUMENTS AND CLAIMS - BOTH THEIR OWN AND THOSE OF OTHERS. - DEMONSTRATE THOUGHTFUL AND ARTICULATE COMMUNICATION BY APPLYING KNOWLEDGE IN A VARIETY OF CONTEXTS, INCLUDING WRITING, SPEAKING, LISTENING AND INTERPRETATION. - UNDERSTAND THE CREATIVE PROCESS AND ITS ROLE IN HUMAN EXPRESSION, AND CULTIVATE THE ABILITY TO MAKE INFORMED AESTHETIC JUDGMENTS. - NAVIGATE DIVERSE CULTURAL WORLDVIEWS AND PERSPECTIVES, WITH THE REALIZATION THAT DIFFERING FRAMES OF REFERENCE INFLUENCE ANALYSIS, COMMUNICATION AND BEHAVIOR. - MAKE REFLECTIVE ETHICAL DECISIONS AND ACT WITH INTEGRITY TO SEEK JUST OUTCOMES WITH RELATIONSHIPS, COMMUNITIES AND SOCIETY. - APPLY AND INTEGRATE DIFFERENT STRANDS OF LEARNING AND COMPREHEND INTERCONNECTIONS IN THE PROCESS OF GAINING KNOWLEDGE AND EXPERIENCE. - IDENTIFY AND CULTIVATE A SENSE OF PURPOSE THAT INSPIRES A COMMITMENT TO MEANINGFUL WORK IN SERVICE TO SOCIETY. FORM 990, PART III - PROGRAM SERVICE, LINE 4A ELIZABETHTOWN COLLEGE, OFFERS ITS 1,900 STUDENTS OVER 50 MAJORS AND MORE THAN 80 MINORS AND CONCENTRATIONS IN THE LIBERAL ARTS, SCIENCES AND PROFESSIONAL STUDIES. THE COLLEGE PROVIDES UNDERGRADUATE EDUCATION, CONTINUING EDUCATION, AND GRADUATE EDUCATION. A 12:1 FTE STUDENT-TO FACULTY RATIO AND AVERAGE CLASS SIZE OF 15 PROVIDES STUDENTS WITH MEANINGFUL INTERACTIONS WITH PROFESSORS, 88.5% OF WHOM HOLD A PH.D. OR TERMINAL DEGREE IN THEIR FIELD. FOUNDED IN 1899, THE INSTITUTION ORIGINALLY OPERATED AS AN ACADEMY, OFFERING A LIMITED CURRICULUM. IN 1921, THE PENNSYLVANIA DEPARTMENT OF PUBLIC INSTRUCTION ACCREDITED THE COLLEGE AND AUTHORIZED IT TO GRANT BACHELOR'S DEGREES IN THE ARTS AND SCIENCES. IN MAY 1948, ELIZABETHTOWN WAS ACCREDITED BY THE MIDDLE STATES ASSOCIATION OF COLLEGE AND SCHOOLS. SINCE THE LATE 1940'S, ELIZABETHTOWN HAS GROWN SIGNIFICANTLY - IN STUDENT AND FACULTY POPULATION, IN ACADEMIC AND CO-CURRICULAR OFFERINGS AND IN THE NUMBER AND QUALITY OF CAMPUS FACILITIES. TO PROVIDE THE SUPERIOR CLASSROOMS AND CUTTING-EDGE TECHNOLOGY NECESSARY TO PREPARE STUDENTS FOR THEIR FUTURE, THE COLLEGE HAS ENHANCED ITS FACILITIES SIGNIFICANTLY OVER THE PAST SEVERAL YEARS. TODAY, THE 200-ACRE SUBURBAN CAMPUS IS A BEAUTIFUL MARRIAGE OF STATELY 1900S ARCHITECTURE - SYMBOLIC OF THE COLLEGE'S CENTURY-OLD HERITAGE - AND STATE-OF-THE-ART ACADEMIC AND CO CURRICULAR BUILDINGS. IN 2019, THE COLLEGE OPENED THE BOWERS CENTER FOR SPORTS, FITNESS, AND WELL-BEING. THIS STATE OF THE ART FACILITY INCLUDES CARDIO, STRENGTH, AND FITNESS AREAS ALONG WITH MULTI-USE COURTS, LOCKER ROOMS, ATHLETIC TRAINING AREA, A LARGE LOUNGE AREA, AND A DEMONSTRATION KITCHEN AND SNACK BAR. THIS FACILITY ENCOMPASSES OVER 80,000 SF AND HAS BECOME A CENTERPIECE OF CO-CURRICULAR LIFE FOR MANY STUDENTS. OTHER FACILITIES INCLUDE THE HIGH LIBRARY, LEFFLER CHAPEL AND PERFORMANCE CENTER, STUDENT RESIDENCE FACILITIES AND ATHLETIC FACILITIES. ZUG MEMORIAL HALL SERVES AS THE COLLEGE'S PERFORMING AND FINE ARTS TEACHING CENTER, COMPLETE WITH AN ART GALLERY, A RECITAL HALL AND AN ON-CAMPUS MUSIC THERAPY CLINIC. THE BROSSMAN COMMONS SERVES AS A FULL SERVICE STUDENT UNION WITH DINING, RETAIL, OFFICE, AND GATHERING SPACES. THE JAMES B. HOOVER CENTER FOR BUSINESS HOUSES THE COLLEGE'S PERENNIALLY STRONG BUSINESS PROGRAM. ITS MODERN FACILITIES PROVIDE OUR STUDENTS WITH A LEARNING ENVIRONMENT IN WHICH THEY CAN GAIN THE EXPERIENCE NEEDED TO HANDLE REAL-WORLD BUSINESS ISSUES WITH EXPERTISE AND INTEGRITY. THIS BUILDING ALSO HOUSES THE EDWARD R. MURPHY CENTER FOR CONTINUING EDUCATION AND DISTANCE LEARNING, WHICH PROVIDES A VARIETY OF LEARNING PROGRAMS FOR ADULT LEARNERS, AND THE S. DALE HIGH CENTER FOR FAMILY BUSINESS, WHICH PROVIDES SUPPORT TO CENTRAL PENNSYLVANIA'S FAMILY BUSINESSES. THE MASTERS CENTER FOR SCIENCE, MATHEMATICS AND ENGINEERING PROVIDES THE CLASSROOMS, MODERN LABORATORIES AND RESEARCH FACILITIES ESSENTIAL FOR A 21ST-CENTURY SCIENCE EDUCATION. FORM 990, PART III - PROGRAM SERVICE, LINE 4B THE COLLEGE PROVIDES LIBRARY SERVICES INCLUDING ON-LINE SEARCHES, PHYSICAL VISITS/ATTENDANCE, AND RESEARCH INSTRUCTION. THE HIGH LIBRARY PARTNERS WITH ELIZABETHTOWN COLLEGE STUDENTS, FACULTY, AND STAFF TO PROMOTE LEARNING AND DISCOVERY AS IT EDUCATES. IT IS COMMITTED TO CONNECTING PEOPLE WITH IDEAS AND TO CREATING AN INTELLECTUAL AND CULTURAL COMMONS-BOTH PHYSICAL AND VIRTUAL-WHERE INDIVIDUALS CAN EXPERIENCE THE POWER OF SHARING INFORMATION. THE LIBRARY STIMULATES, INSPIRES AND ENGAGES ITS COMMUNITY BY OFFERING RESOURCES AND SUPPORT FOR CREATIVE AND CRITICAL INQUIRY. GOAL 1: PROVIDE RELIABLE ACCESS TO INFORMATION RESOURCES TO EDUCATE THE COLLEGE COMMUNITY FOR LIVES OF SERVICE AND LEADERSHIP AS CITIZENS OF THE WORLD. GOAL 2: PROVIDE PROFESSIONAL EXPERTISE: HELP STUDENTS DISCOVER THE RESOURCES NEEDED TO ENHANCE CLASSROOM SUCCESS AND TO NAVIGATE DIVERSE CULTURAL PERSPECTIVES; PROVIDE DIRECTION AND VISION FOR THE COLLEGE WITH REGARD TO INTELLECTUAL PROPERTY, INFORMATION TECHNOLOGY AND DIGITAL INITIATIVES. GOAL 3: CREATE THE COMMONS: SUPPORT SPACES THAT ALLOW STUDENTS TO WORK SINGLY AND IN GROUPS TO ACQUIRE NEW HABITS OF MIND. GOAL 4: PARTNER WITH STUDENTS, FACULTY, STAFF AND OTHER OFFICES AT THE COLLEGE TO FUEL MOTIVATION, CATALYZE CURIOSITY AND FOSTER PURPOSEFUL LIFE WORK. GOAL 5: DEEPEN CAMPUS ENGAGEMENT WITH THE COMMUNITY AND THE WORLD TO EXPAND INTELLECTUAL HORIZONS AND HELP OUR SCHOLARS APPLY AND INTEGRATE THEIR LEARNING. PURSUE SUPPLEMENTARY CAPITAL TO SUPPORT THIS GOAL AND OTHER SPECIAL PROJECTS. FORM 990, PART VI, SECTION A, LINE 2 FAMILY AND BUSINESS RELATIONSHIPS BOARD MEMBERS DAVID REIST AND PAMELA A. REIST HAVE A FAMILY RELATIONSHIP. BOARD MEMBERS JOHN D. MILLER JR. ESQ AND AUDREY BENNETT HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW THE FORM 990 WAS PREPARED BY A NATIONALLY RENOWNED ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCIAL DEPARTMENT. A DRAFT OF THE FORM 990 WAS REVIEWED BY GRANT THORNTON WITH THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. A COPY OF THE FORM 990 WAS POSTED ELECTRONICALLY TO A BOARD OF TRUSTEE WEBSITE ALLOWING FOR REVIEW. FOLLOWING BOARD REVIEW AND SUBSEQUENT UPDATES TO THE RETURN, IF ANY, THE FORM 990 WAS ELECTRONICALLY FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY EACH OFFICER, DIRECTOR, TRUSTEE AND KEY EMPLOYEE OF THE COLLEGE IS REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST THAT ARISE BY VIRTUE OF THEIR EMPLOYMENT, BOARD SERVICE, OR POSITION WITH THE COLLEGE. THE COLLEGE MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH AN ANNUAL QUESTIONNAIRE/DISCLOSURE STATEMENT THAT IS DISTRIBUTED TO THE TRUSTEES. POTENTIAL CONFLICTS ARE REVIEWED ON A TIMELY BASIS. FORM 990, PART VI, SECTION B, LINE 15 DETERMINATION OF COMPENSATION THE COLLEGE UNDERTAKES A THOROUGH PROCESS TO ENSURE THAT THE EXECUTIVE COMPENSATION IT PAYS TO ITS TOP MANAGEMENT OFFICIAL AND ALL OF ITS OFFICERS AND KEY EMPLOYEES OF THE COLLEGE IS REASONABLE GIVEN THE MARKET IN WHICH THE COLLEGE OPERATES. THE BOARD OF TRUSTEES HAS ESTABLISHED AN EXECUTIVE COMMITTEE OF INDEPENDENT PERSONS THAT HAVE NO PERSONAL INTEREST IN THE PROPOSED COMPENSATION AGREEMENT. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES ANNUALLY REVIEWS THE PERFORMANCE OF THE PRESIDENT AGAINST AGREED UPON OBJECTIVES FOR THE YEAR. ALL OTHER OFFICERS ARE REVIEWED ANNUALLY. FINALLY, THE COLLEGE ANNUALLY PARTICIPATES IN TWO COMPENSATION SURVEYS PREPARED BY INDEPENDENT VENDORS THAT BENCHMARK THE PRESIDENT'S COMPENSATION IN COMPARISON TO PEER INSTITUTIONS, IN TERMS OF SIZE, GEOGRAPHY, AND CURRICULUM. TO ENSURE THAT THE COLLEGE'S COMPENSATION POLICIES REMAIN CONSISTENT WITH THE GEOGRAPHY IN WHICH IT OPERATES, IT CONDUCTED ITS MOST RECENT COMPENSATION STUDY IN DECEMBER OF 2021. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS AVAILABLE TO THE PUBLIC THE COLLEGE MAKES ITS FORM 990 AVAILABLE ON CAMPUS AND IS LIKEWISE PUBLISHED ON THE INTERNET AT WWW.GUIDESTAR.ORG. THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC, BUT, IF REQUESTED, WILL BE PROVIDED AT MANAGEMENT'S DISCRETION. FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAP 1,180,493. POST RETIREMENT BENEFIT 2,317,249.