2022-11-09T08:59:40-06:00 2021-12-31 990 2021-01-01 231352008 The American College AMER 6105261000 630 Allendale Road 400 King of Prussia PA 19406 MARK MONTGOMERY Chief Financial Officer 6105261000 2022-11-09 MARK MONTGOMERY XXX-XX-XXXX 0 AAL1 IAL1 2021 2022-09-23 18:48:47Z The American College of Financial Se George Nichols III 630 Allendale Road 400 King of Prussia PA 19406 47139695 0 X www.theamericancollege.edu X 1927 PA The mission of The American College of Financial Services (continued on next page). 26 24 226 75 0 0 7481155 11290063 18432082 22831492 5328671 3773811 1657555 1906514 32899463 39801880 881718 1530238 0 0 24232670 26309351 0 0 2549690 12827129 14037934 37941517 41877523 -5042054 -2075643 102688115 101126239 18318039 18786999 84370076 82339240 X The mission of The American College of Financial Services is to provide applied financial knowledge and education, promote life-long learning, and advocate for ethical standards for the benefit of society. 0 0 22342552 1045012 16055552 The Huebner School administers the curriculum leading to the CLU, ChFC,RICP, CLF, ChSNC, and WMCP professional designations. It also providesthe educational content needed to obtain the CFP professionaldesignation. There are approximately 13,100 students enrolled in theseprograms. 4120557 472420 2961068 The Irwin Graduate School administers the curriculum leading to theMaster of Science in Management, the Master of Science in FinancialServices, the Chartered Advisor in Philanthropy (CAP) designation, andthe Doctoral Program in Financial and Retirement Planning. There areapproximately 1,120 students enrolled in these programs. 798314 12805 573675 The FSCP Program administers the curriculum leading to the FSCPprofessional designation. There are approximately 1,100 students enrolledin this program. 4510377 3387969 Includes Professional Recertification Program (PRP) fees of 2,863,875. 4510377 3387969 31771800 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 179 0 1 226 1 0 0 0 0 0 0 0 0 0 0 1 0 X 26 24 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK AZ CO KY MD MA MI NH NY OH OK OR OK X John G Wells 6105261510 630 Allendale Rd Suite 400 King of Prussia PA 19406 X George Nichols III President & CEO 40.00 X X 1088258 0 13851 Todd Schoon EVP and Senior Advisor to the President 40.00 X X 112400 0 0 Scott Berlin Trustee 1.00 X 0 0 0 Chris Blunt Trustee 1.00 X 0 0 0 Wallace Boston Trustee 1.00 X 0 0 0 George Connolly Trustee 1.00 X 0 0 0 Susan Cooper Trustee 1.00 X 0 0 0 Michael Davidson Trustee 1.00 X 0 0 0 Scott Davison Trustee 1.00 X 0 0 0 Edward Deutschlander Trustee 1.00 X 0 0 0 Matt Foran Trustee 1.00 X 0 0 0 David Fritz Trustee 1.00 X 0 0 0 Timothy Gerend Trustee 1.00 X 0 0 0 Randall Harbert Trustee 1.00 X 0 0 0 Salene Hitchcock-Gear Trustee 1.00 X 0 0 0 John Howard Trustee 1.00 X 0 0 0 Michael James Trustee 1.00 X 0 0 0 Rodger Johnson Trustee 1.00 X 0 0 0 Fred Jonske Trustee 1.00 X 0 0 0 Cheri Lytle Trustee 1.00 X 0 0 0 Knut Olson Trustee 1.00 X 0 0 0 James Meehan Trustee 1.00 X 0 0 0 Kristi Rodriguez Trustee 1.00 X 0 0 0 Michael Rosenzweig Trustee 1.00 X 0 0 0 Frederick Sievert Trustee 1.00 X 0 0 0 Mary Weiss Trustee 1.00 X 0 0 0 Larry Patrizi thru June 2021 EVP and Provost 40.00 X 472417 0 16682 Gwen Hall eff June 2021 EVP and Provost 40.00 X 349916 0 22596 Mark Montgomery Chief Financial and Risk Officer 40.00 X 271586 0 38437 David Stoeffel SVP Business Development 40.00 X 486452 0 18251 Stephen Grourke SVP Advancement 40.00 X 377942 0 18942 Deborah Glenn Chief Human Resources Officer 40.00 X 313162 0 18754 Ed McEvoy Chief Information Officer 40.00 X 309713 0 21386 James Katsaounis thru August 2021 Chief Marketing Officer 40.00 X 267009 0 8484 Michael Finke Professor and Frank M. Engel Chair 40.00 X 265206 0 17856 Tip Cronin VP Advancement 40.00 X 264101 0 18266 Kathleen Irwin thru Oct 2021 Associate Provost 40.00 X 242298 0 16830 Philip Cubeta Assistant Professor of Philanthropy 40.00 X 218255 0 18146 Steven Prew VP Business Development 40.00 X 216902 0 7549 5255617 0 256030 70 0 1 0 Torch Enterprises 3225 McLeod Drive Suite 100 Las Vegas NV 89121 Consulting 380566 Sloane and Company LLC 1150 18th Street NW Suite 800 Washington DC 20036 Public Relations Consulting 240000 Seer Interactive 1033 N 2nd Street 2F Philadelphia PA 19123 Advertising and Marketing 194729 Stephen Parrish 3429 Haley Pointe Rd St Augustine FL 32084 Program Consulting 132067 Dechert LLP 2929 Arch Street Philadelphia PA 191042808 Legal Services 130229 8 X 858250 10431813 18283 11290063 Solomon S. Huebner 611310 16055552 16055552 Other Program Revenue 611310 3241197 3241197 Richard D. Irwin Gradu 611310 2961068 2961068 FSCP 611310 573675 573675 22831492 1082990 1082990 242339 242339 1781458 0 1781458 1781458 1781458 9670010 6979189 2690821 2690821 2690821 94571 858250 358626 -264055 -264055 Institutional Book Sal 611130 146772 146772 146772 39801880 22978264 0 5533553 1530238 1530238 4325966 2275016 1673007 377943 16753589 13042005 2713321 998263 1112835 1112835 2799225 4261182 -1841479 379522 1317736 1317736 421180 250658 170473 49 98504 98504 30000 30000 3799935 2979176 672913 147846 1023416 981235 2611 39570 1426882 1152622 213971 60289 462348 308081 58075 96192 277200 177104 70997 29099 905283 761554 53083 90646 1862237 1559989 204749 97499 383022 293538 89484 Curriculum Development 1269874 1269874 Plant Operations 842043 701578 98239 42226 Other General Administr 741257 519472 127515 94270 Bank Service Charge 494753 2016 485945 6792 41877523 31771800 7556033 2549690 6931231 7827460 1579665 4625312 1138354 1443427 44931 36924 1620089 1952363 46227399 16947245 31078044 29280154 6321102 9907828 34002598 24063362 19972101 21989409 102688115 101126239 5720558 6402002 9991279 10977113 2606202 1407884 18318039 18786999 X 27480497 22566933 56889579 59772307 84370076 82339240 102688115 101126239 X -2075643 -1101346 1146153 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 142552 X X 0 45679213 2679107 585320 6696613 42247027 54081458 3595469 -2721928 9275786 45679213 60983467 475259 6354378 13731646 54081458 68079599 537360 -2830427 4803065 60983467 63416853 1706221 7943519 4986994 68079599 0.17230 0.59210 0.23560 0 0 7976047 7976047 17129502 2116030 15013472 5279782 1137195 4142587 15699516 13694020 2005496 142552 142552 29280154 Vanguard Total Bond 12395040 F Vanguard Total Stock 6544270 F Vanguard ST Bond 5124052 F 24063362 Life Insurance CSV - contributed policies 10333510 Life Insurance CSV - COLI policies 11655899 21989409 Accrued Pension 403662 Loan Payable 990441 Annuities Payable 13781 1407884 X 38956786 -1161346 286252 -875094 39831880 -30000 -30000 39801880 42206149 358626 358626 41847523 30000 30000 41877523 Part V, Line 4: The College's endowment funds are held in perpetuity and the investment earnings are used in accordance with the donor's intent which ultimately align with the mission of the College. Part X, Line 2: The College recognizes accrued interest and penalties associated with uncertain tax positions, if any. There were no income tax related interest and penalties recorded for either of the years ended December 31,2021 or 2020. Part III, Line 4 The Circular Corners Statue is prominenly displayed and enhances the visual footprint of the building. The Huebner Tea Set was used by the College's founder and was contributed by his family. It is displayed in the College's Executive Suite. Part X, Line 2 The Internal Revenue Service has classified The American College as exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code ("Code"); as organizations, contributions to which are deductable under Section 170(c) of the Code; and as organizations that are not private foundations as defined in Section 509(a) of the Code. U.S. GAAP requires management to evaluate tax positions taken and recognize a tax liability, if the College has taken an uncertain tax position that more likely than not would not be sustained upon examination by a government authority. Management has analyzed the tax position taken by the College and has concluded that as of December 31, 2021 and 2020, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 Schedule E, Part I, Line 4 The American College requests but does not require ethnic or gender information from all students who are matriculating or enrolling for courses at the graduate or designation level. The College has begun to offer scholarships to members of underserved communities based on race and/or gender. Schedule E, Part I, Line 7 The American College of Financial Services provides equal opportunity to students and employees, regardless of race, color, and national or ethnic origin. AZ AK AR CO CT FL GA HI IL KS LA MN MD ME MA MI MO MS NH NM NJ NY NC ND OH OK OR PA RI TN UT VA WA WV WI CA AL DE ID IN IA MT NE NV SC SD TX VT WY KY Conference of African American Fin 952821 858250 94571 2490 37000 319136 0 952821 858250 94571 2490 37000 319136 358626 -264055 1 Tuition Assistance 1200 1530238 Part 1, Line 2 The College monitors activity of students to whom it provides tuition assistance. Those with no course activity for eight months after the award are notified and a process is initiated that can lead to removal of the tuition assistance. X X X 1 1 X X X X 0 1 0 1 0 1 0 0 0 George Nichols III President & CEO 699817 0 366877 0 21564 0 11300 0 2551 0 1102109 0 0 0 David Stoeffel SVP Business Development 389437 0 97015 0 0 0 14500 0 3751 0 504703 0 0 0 Larry Patrizi thru June 2021 EVP and Provost 241680 0 97015 0 133722 0 9231 0 7451 0 489099 0 0 0 Stephen Grourke SVP Advancement 285832 0 84300 0 7810 0 14500 0 4442 0 396884 0 0 0 Gwen Hall eff June 2021 EVP and Provost 304258 0 26800 0 18858 0 13069 0 9527 0 372512 0 0 0 Deborah Glenn Chief Human Resources Officer 237398 0 68600 0 7164 0 15860 0 2894 0 331916 0 0 0 Ed McEvoy Chief Information Officer 244576 0 59215 0 5922 0 19520 0 1866 0 331099 0 0 0 Mark Montgomery Chief Financial and Risk Officer 215977 0 55069 0 540 0 11612 0 26825 0 310023 0 0 0 Michael Finke Professor and Frank M. Engel Chair 263964 0 0 0 1242 0 15390 0 2466 0 283062 0 0 0 Tip Cronin VP Advancement 206877 0 46100 0 11124 0 16400 0 1866 0 282367 0 0 0 James Katsaounis thru August 2021 Chief Marketing Officer 152205 0 54600 0 60204 0 6342 0 2142 0 275493 0 0 0 Kathleen Irwin thru Oct 2021 Associate Provost 145522 0 40500 0 56276 0 7131 0 9699 0 259128 0 0 0 Philip Cubeta Assistant Professor of Philanthropy 204078 0 3053 0 11124 0 16280 0 1866 0 236401 0 0 0 Steven Prew VP Business Development 153149 0 61855 0 1898 0 6010 0 1539 0 224451 0 0 0 Part I, Line 1a The Executive Committee of the Board has authorized the President to travel first class air on trips over four hours. The President and certain members of the Executive Leadership team are also allowed a housing allowance and/or health or social Club dues or initiation fees as part of their employment agreements. Part I, Line 3 The College's Compensation Committee, composed of Board members, determines the base compensation and annual incentive award of the President & CEO. They also review and approve the President & CEO's recommendations for other members of the College's leadership team. The award amounts are tied to individual performance and based on a qualitative evaluation of the accomplishment of goals that are determined at the beginning of the year. Part I, Line 5: In 2019 The College implemented short and long term incentive plans for top level executives. The Short Term Incentive Plan (STIP) is offered to The College's Leadership Advisory Council with annual payouts based on the achievement of enterprise-wide goals and objectives. The first payout was made in February 2020 for the 2019 calendar year. The Long Term Incentive Plan (LTIP) is offered to The College's Executive Leadership Team and is designed to retain and reward key executives based on the achievement of The College's long-term strategic objectives. There are two scheduled payouts - February 2024 and the second for February 2028 coinciding with The College's 100 year anniversary. Form 990, Part VI, Section A, line 2 Todd Schoon is a College Trustee and he serves on the Board of OneAmerica where Scott Davison, also a College Trustee, is the CEO. Form 990, Part VI, Section B, line 11b The Form 990 is completed by Finance staff and reviewed by the Chief Finance & Risk Officer for accuracy and completeness. It is then reviewed by the College's independent auditors. Once these steps are completed, it is presented to the College's Finance & Investment Committee and the full Board of Trustees for their review. This process involves sending the completed Form electronically to the Committee and Board and reviewing the Form during Committee's quarterly meeting prior to filing. Form 990, Part VI, Section B, line 12c All members of the College's Board of Trustees and all employees are required to complete the conflict of interest form annually. The returned forms are tabulated to ensure 100% response. The results of the Board member's responses are communicated to the Audit and Risk Committee and independent auditors and appropriate action is recommended. The results of the employee responses are communicated to the Chief Financial & Risk Officer and independent auditors and appropriate action is taken. Form 990, Part VI, Section B, line 15 The College's Compensation Committee, composed of Board members, determines the base compensation and annual incentive award of the President & CEO. They also review and approve the President & CEO's recommendations for other members of the College's leadership team. The award amounts are tied to individual performance and based on a qualitative evaluation of the accomplishment of goals that are determined at the beginning of the year. Form 990, Part VI, Section C, line 18 The governing documents, conflict of interest policy, and financial statements are made available to the public on an as requested basis. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy, and financial statements are made available to the public on an as requested basis. Form 990, Part XI, line 9: Increase in minimum pension liability 1214377. Other Changes (Life insurance CSV and Gain on Sale of Assets) -68224.