2020-05-05T13:30:24-07:00 2019-06-30 990 2018-07-01 161532850 EXCELSIOR COLLEGE EXCE 5184648500 7 Columbia Circle Albany NY 122035159 James Baldwin President 5184648500 2020-05-05 24.194.171.120 2018 2021-01-29 14:40:06Z James N Baldwin 7 Columbia Circle Albany NY 122035159 82108901 0 X www.Excelsior.edu X 1998 NY Excelsior College provides educational opportunity to adult learners with an emphasis on those historically underrepresented in higher education. The College meets students where they are - academically and geographically, offering quality instruction and the assessment of prior learning. 15 15 1431 23 0 0 1719130 1431656 83940322 77919254 698252 357707 391598 240381 86749302 79948998 584137 445716 0 0 62941398 51559190 10950 4236 178031 23212992 22824345 86749477 74833487 -175 5115511 64942553 69203012 27276326 25428974 37666227 43774038 Excelsior College provides educational opportunity to adult learners with an emphasis on those historically underrepresented in higher education. The College meets students where they are - academically and geographically, offering quality instruction and the assessment of prior learning. 0 0 22471470 444126 64993684 During this period, 146,315 undergraduate hours of course instruction, and 20,780 hours of graduate level course instruction were delivered. 8085193 1590 7712675 During this period, the College administered 9,923 credit bearing examinations to students enrolled in its various programs including Nursing, and delivered 12,690 credits in performance examinations to students enrolled in its Nursing programs. 18706292 0 5212895 Enrollment in higher education. During this period, 8,733 new students enrolled in the College while there were 25,528 actively enrolled students as of 6/30/19. 6,054 degrees were awarded between 7/1/18 and 6/30/19. 0 0 0 49262955 1 1 0 1 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 124 0 1 1431 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Hillary S Koldin 5186088382 7 Columbia Circle Albany NY 122035159 David Baime Board Member 1.2 X 0 0 0 Helen Benjamin Chair of the Board 1.4 X 0 0 0 Don Dea Treasurer of the Board 1.4 X 0 0 0 Debbie Hatmaker Board Member 1.2 X 0 0 0 Matthew Loeb Board Member 1.2 X 0 0 0 KH Maman Board Member 1.2 X 0 0 0 Jeanne Meister Board Member 1.2 X 0 0 0 Karim Merchant Board Member 1.2 X 0 0 0 Jerry Neff Board Member 1.2 X 0 0 0 Mary O'Connor Vice Chair of the Board (until Dec 2018) 1.4 X 0 0 0 Clar Rosso Board Member 1.2 X 0 0 0 Pamela Tate Secretary of the Board (until Dec 2018), Vice Chair of the Board (as of Jan 2019) 1.4 X 0 0 0 Rose Wang Secretary of the Board (as of Jan 2019) 1.4 X 0 0 0 Khori Whittaker Board Member 1.2 X 0 0 0 Alec Whitters Board Member 1.2 X 0 0 0 Terry Conry Board Member 1.2 X 0 0 0 Garry Jaunal Board Member 1.2 X 0 0 0 Michael Loughran Board Member 1.2 X 0 0 0 Frank Mayadas Board Member 1.2 X 0 0 0 Gregory Ratliff Board Member 1.2 X 0 0 0 William Harris Board Member 1.2 X 0 0 0 David Oliker Board Member 1.2 X 0 0 0 Sharon Richie Board Member 1.2 X 0 0 0 James Baldwin President and CEO 37.50 X 338591 0 43367 Deborah Sopczyk Provost and Chief Academic Officer 37.5 X 256202 0 42452 James Lettko Chief Operating Officer 37.5 X 252868 0 20722 Dawn Gerrain Chief Marketing and Business Development Officer 37.5 X 226770 0 37241 Mark Howe VP of HR 37.5 X 223784 0 16660 James Cox Interim VP for Finance (until Aug 2018) 37.5 X 185198 0 12857 Karen Halaco General Counsel 37.5 X 174936 0 27209 Richard Hannmann VP for Finance and CFO (as of Aug 2018) 37.5 X 80030 0 0 Thomas Hausmann Chief Information Officer (until Sept 2018) 37.5 X 122364 0 17295 Mary Lee Pollard Dean, School of Nursing 37.5 X 182164 0 12715 Li-Fang Shih Dean, School of Undergrad 37.5 X 164405 0 32004 Emilsen Holguin Assoc Provost - Student Experience 37.5 X 178644 0 27259 Robert Waters Dean, School of Graduate 37.5 X 192605 0 23732 Susan Dewan AVP - Student Success/Milit 37.5 X 179898 0 19151 Laurie Carbo-Porter Associate Provost - Academic Affairs 37.5 X 165697 0 27002 Catherine Dechance FPD - AND 37.5 X 155030 0 7820 Lisa Daniels AVP - Analytics Decision Spt 37.5 X 153228 0 32642 George Timmons Dean, School of Liberal Arts 37.5 X 121969 0 7801 3354383 0 407929 40 1 1 0 THE MARTIN GROUP LLC 620 Main Steet Buffalo NY 14202 Advertising Services 3772773 MILTON S EISENHOWER LIBRARY Johns Hopkins University Baltimore MD 21218 Library Services 1441420 UNIT4 BUSINESS SOFTWARE INC 3 Burlington Woods Drive Suite 201 Burlington MA 01803 Software Implementation 987761 INSIDETRACK INC Department LA 22614 Pasadena CA 911852614 Educational Management & Student Services Provider 811250 HEARST CORPORATION Albany Times Union PO BOX 80068 Rescott AZ 863048068 Advertising Services 798497 56 0 0 0 0 1049136 382520 0 1431656 Graduate, UG, & Non-Credit Bearing Tuition 611310 64993684 64993684 0 0 Examination Fees 611310 7712675 7712675 0 0 Enrollment Related Fees 611310 5212895 5212895 0 0 0 0 0 0 77919254 860843 0 0 860843 0 0 0 0 0 0 0 0 775335 0 574956 0 200379 0 200379 0 0 200379 65311 1016500 58412 1526535 6899 -510035 -503136 0 0 -503136 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Merchandise 611310 16232 16232 0 0 Miscellaneous 611310 -511 -511 0 0 Bad Check Charges 611310 1470 1470 0 0 22811 22811 0 0 40002 79948998 77959256 0 558086 0 0 445716 445716 0 0 0 0 2696778 653048 2043730 0 0 0 0 0 39911410 33002149 6843296 65965 1866094 1335164 526312 4618 3778316 2612935 1159867 5514 3306592 2589762 709458 7372 0 0 0 0 1812963 0 1812963 0 69078 0 69078 0 163404 0 163404 0 4236 4236 34444 0 34444 0 5885453 4220427 1664007 1019 3769745 0 3769745 0 1442508 863389 554064 25055 3508959 710384 2754598 43977 0 0 0 0 1222787 600624 622163 0 811739 630216 171032 10491 0 0 0 0 178221 61170 108732 8319 39624 0 39624 0 0 0 0 0 2183663 1565809 617854 0 136047 0 136047 0 Credit Card Fees 687057 75 685597 1385 College Wide Bad Debt Expense 878671 0 878671 0 Misc. Expense -18 -27913 27815 80 0 0 0 0 74833487 49262955 25392501 178031 -617348 -675831 10718044 15660000 452086 140963 3683302 3559391 0 0 0 0 1286 2003 37537 29765 1910491 1808352 36074897 15922006 22241829 20152891 26194776 27844191 0 0 255429 200765 0 0 65121 480522 64942553 69203012 5505440 5452083 0 0 9848043 9101944 0 0 0 0 0 0 11790517 10861663 0 0 132326 13284 27276326 25428974 X 35312646 41316389 831648 914171 1521933 1543478 37666227 43774038 64942553 69203012 5115511 992300 0 0 0 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 187683 0 1 16029 203712 0 Schedule C, Part II-B, Line 1 The majority of time/cost is spent in direct contact with various state legislators and other state government officials, in coordination with the College's registered lobbyist consultants, defending the College's Associate, Bachelor, and Master Degree Nursing programs. The College works to have state statutes and/or regulations changed or introduced to ensure that the College's Nursing graduates are eligible for Registered Nurse licensure in those states. A significant portion of cost/time is spent preparing materials to aid College Officials, in coordination with the College's registered lobbyist consultants, in educating government officials on the fact that Excelsior College graduates are as prepared for licensure as nursing graduates from more traditional programs. Time is also spent drafting proposed legislation that would ensure Excelsior College nursing graduates would be eligible for licensure in various states. 0 70300 0 0 X 0 26068510 58474 1680359 61536 1295 30852 27713660 22061788 2470141 1633297 56770 8043 31903 26068510 19885670 222171 2248360 45215 201503 47694 22061789 17896760 885449 1263251 35615 75077 49098 19885670 1131780 181683 25388 28707 -341 5240 1305245 0.927 0.055 0.018 0 0 0 3191185 3191185 0 18767461 5147211 13620250 0 7879 4359 3520 0 11876903 9377334 2499569 0 2231469 1393102 838367 20152891 0 Liabilities to beneficiaries under split interest agreements 13284 13284 X 82030911 992300 4622 0 0 996922 81033989 0 -1084991 -1084991 79948998 75923100 4622 0 0 0 4622 75918478 0 -1084991 -1084991 74833487 Schedule D, Part III, Line 4 Consists of various paintings that have been donated to and/or purchased by the college and have been recorded at their appraised fair market value at the time of donation, or cost at time of purchase. This collection aids in fostering a sense of community and appreciation of the arts for students, faculty, and support staff of the college. Schedule D, Part V, Line 1e In accordance with the State of New York Prudent Management of Institutional Funds Act (NYPMIFA), the $1,295 listed as other expenditures represents the College's transfer of funds related to the appreciation of endowment assets to Unrestricted Net Assets from Temporarily Restricted Net Assets to maintain the corpus of underwater endowment funds. Schedule D, Part V, Line 1g Beginning in fiscal year 2016 the College included Board designated funds in its endowment footnote disclosure in the audited financial statements. Therefore, this is how it is reflected in Part V as well. Schedule D, Part V, Line 4 The intended use of the College's endowment is primarily for scholarships which are given to students to defray the cost of degree completion. Schedule D, Part X, Line 2 The College is classified for tax purposes as an organization under Section 501(c)(3) of the Internal Revenue Code, and except for unrelated business income, if any, is exempt from federal income taxes under Section 501(a) of the Code. Therefore, no provision for income taxes is made in the accompanying financial statements. The College follows the FASB guidance regarding accounting for uncertain tax positions. The College believes that it has no uncertain tax positions taken or expected to be taken that could result in an unrecognized tax benefit liability. The College has no federal or state informational tax returns that are currently under examination by the Internal Revenue Service ("IRS") or state authorities. Schedule D, Part XI, Line 4b Includes rental expenses ($574,956) and loss on disposal of assets ($510,035). Schedule D, Part XII, Line 4b Includes rental expenses ($574,956) and loss on disposal of assets ($510,035). 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 Schedule E, Part I, Line 3 The organization meets the criteria established in section 4 03-2 of revenue procedures 75-50. The College draws a substantial percentage of its students nationwide and follows a racially nondiscriminatory policy as to students. It satisfies the publicity requirement by including a statement of its racially nondiscriminatory policy as to students. In all its brochures and catalogs dealing with student admissions, programs, and scholarships. It also references its racially nondiscriminatory policy in other written advertising that it uses as a means of informing prospective students of its programs. Schedule E, Part I, Line 6 The college receives government assistance in the form of; Federal Direct Loans, Pell grants, FSEOG grants, NYS TAP grants, NYS APTS grants, HRSA Nursing Student Loan program and the HRSA Nursing Faculty Loan Program. The College's participation in the HRSA Nursing Student Loan Program - Baccalaureate Level was revoked on 10/30/13, due to loan default rates above the acceptable maximum (5%). This program is calculated on dollars in default rather than borrowers in default as is the case in most student loan programs. At the time the program was revoked 5 borrowers were in default with a total loan balance of $6,844 (11.31%). As of June 30, 2016 the College had returned the entire Federal capital contribution and terminated participation in the HRSA Nursing Student Loan program and the HRSA Nursing Faculty Loan Program. The College continues to honor all existing terms and provisions including those related to cancellation and deferment, to which borrowers are entitled. Middle East and North Africa 0 0 Program Services Visit international partnerships and Israel Study Abroad students & seminaries 7733 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Attend conference held in Toronto, Canada 6988 0 0 14721 0 0 0 0 0 0 Schedule F, Part I, Line 3 The accrual basis of accounting is used to account for all foreign expenditures. 1 Scholarships 1138 445716 0 Schedule I, Part I, Line 2 The College provides individual scholarship assistance to enrolled students in order to defray the cost of tuition and fees. This assistance is provided through direct credit to the student's account with the college, ensuring funds are utilized for their intended purpose. Depending on the source of funds, there may be donor stipulations which students may need to adhere to in order to maintain eligibility of funds. In the event of such, ongoing monitoring is performed by the College's Financial Aid department. X 1 1 X X X X X X 1 0 0 0 0 0 0 0 0 James Baldwin President and CEO 306727 0 0 0 31864 0 19250 0 513 0 358354 0 0 0 Deborah Sopczyk Provost and Chief Academic Officer 252352 0 0 0 1524 0 0 0 3157 0 257033 0 0 0 James Lettko Chief Operating Officer 252352 0 0 0 516 0 17823 0 3157 0 273848 0 0 0 Dawn Gerrain Chief Marketing and Business Development Officer 226494 0 0 0 276 0 15159 0 22220 0 264149 0 0 0 Mark Howe VP of HR 223268 0 0 0 516 0 15684 0 1234 0 240702 0 0 0 James Cox Interim VP for Finance (until Aug 2018) 183674 0 0 0 1524 0 12857 0 762 0 198817 0 0 0 Karen Halaco General Counsel 174420 0 0 0 516 0 12515 0 14952 0 202403 0 0 0 Mary Lee Pollard Dean, School of Nursing 181648 0 0 0 516 0 12715 0 258 0 195137 0 0 0 Li-Fang Shih Dean, School of Undergrad 164226 0 0 0 180 0 12159 0 19934 0 196499 0 0 0 Emilsen Holguin Assoc Provost - Student Experience 178464 0 0 0 180 0 11108 0 16241 0 205993 0 0 0 Robert Waters Dean, School of Graduate 192089 0 0 0 516 0 14102 0 9889 0 216596 0 0 0 Susan Dewan AVP - Student Success/Milit 179382 0 0 0 516 0 11004 0 8405 0 199307 0 0 0 Laurie Carbo-Porter Associate Provost - Academic Affairs 165181 0 0 0 516 0 11900 0 15360 0 192957 0 0 0 Catherine Dechance FPD - AND 154514 0 0 0 516 0 5775 0 2303 0 163108 0 0 0 Lisa Daniels AVP - Analytics Decision Spt 153048 0 0 0 180 0 11210 0 21522 0 185960 0 0 0 Schedule J, Part I, Line 1a The College reimburses a portion of health club dues of its employees as part of the College's wellness initiative policy. This benefit is available to all college employees, and is included in the taxable income of employees who use this benefit, including officers. Schedule J, Part I, Line 4 George Timmons - Severance payment of $42,369. Form 990, Part VI, Section B, Line 11b The Form 990 was prepared by the accounting services department at the College. The information within the return was obtained through input from several Officers of the College. Following internal preparation of the return, it was forwarded to the College's independent auditors to seek their input before forwarding to the Audit Committee of the Board of Trustees. The Audit Committee reviewed the final return in depth via teleconference with the Officers of the College and the accounting staff. Management at the College guided the Audit Committee through various schedules included in the filing noting the purpose of the schedule and identifying the origin and sources of the content contained within. All questions posed by the Committee were answered by the Management of the College as documented in the minutes to the meeting. The final return was made available for inspection and review to all Board Members before final filing with the IRS. Form 990, Part VI, Section B, Line 12c The College has maintained and periodically updated a conflicts of interest policy since 1998. The policy is annually distributed to all trustees, officers and key employees, along with a disclosure statement form on which such individuals are to specify actual and potential conflicts of interest. The Chair of the Audit Committee, in conjunction with the College's General Counsel, reviews and evaluates disclosure statements and takes appropriate action to ensure compliance with the policy. Form 990, Part VI, Section B, Line 14 Financial records are retained in accordance with the College's standard record retention policy. In addition, grant awards, certain mortgage and contractual arrangement require additional retention time frames. Other departments in the College such as the Registrar and Financial Aid offices retain student records as required under federal regulations and agencies guidelines. Form 990, Part VI, Section B, Line 15 Per the College bylaws, the Board is required to from time to time determine the compensation of the President, and approve the compensation of all other officers of the College, which should in all cases be reasonable and commensurate with the services performed by them. In 2010, a comprehensive independent study of the President's compensation was conducted by an external consultant, and was updated again in 2014, and again in 2019 in preparation for a new President search expected to be completed by mid-2020. This study, commissioned under the direction of the Board of Trustees, looked at comparative data from a competitive pool determined by the external consultant. This study, along with an updated review of College officer compensation, was used in writing the contract for the College's new President in late 2016, which was approved by the Board of Trustees. This contract was updated in the fall of 2018 and is subject to renewal, extension, or termination every three to five years depending on the contract terms by the Board of Trustees. Additionally, the compensation of the President is reviewed annually and any changes are approved by the Executive Committee of the Board of Trustees. Each year the President and the Board agree to annual goals and the President provides monthly reports on the progress toward these goals. His achievements are the basis for an annual performance review conducted by the Executive Committee of the Board. All Board discussions are documented in the Board of Trustee meeting minutes. The President's compensation is, in part, derived from the terms of his contract. The 2019 Executive Compensation study completed by a consultant, discussed in detail below, looked at other college presidents in our list of 27 peer institutions as a comparison. The consultant used the College's most recent year IRS Form 990 and then 'aged' the amounts using industry accepted standards. Any increase of compensation for the President is reviewed by an independent consultant to ensure the resulting compensation is reasonable and compliant with Intermediate Sanctions guidelines according to Treasury Final Regulations Section 53.4958-1. The Office of Human Resources establishes compensation within various grade levels at the College based on several factors such as the current local job market and hiring rate in our area, the demographics of the region including the degree of difficulty and competition in acquiring the particular talent. In addition, a compensation study was performed in 2014 by an external consultant that compared duties, responsibilities, and compensation for all job titles of the college. The study gathered data at the national level as well as industry-specific data and job market information for our region of the country. Salaries within the organization were comparable against this data. In 2014, at the direction of the Board of Trustees, the Office of Human Resources completed an executive compensation survey through a consultant. The study assessed eleven positions and made comparisons to comparable staff positions at 22 similarly situated institutions. The study had two objectives: 1.Determine if current pay levels are commensurate with peer roles at peer institutions, and 2. Ensure that compensation is in line with Section 4958 of the Internal Revenue Code. The results of the survey suggested that the College is in line with respect to Section 4958 of the Internal Revenue Code. In addition to these compensation studies, the Office of Human Resources annually reviews salaries for all internal positions against market compensation data provided through an outside consultant. Form 990, Part VI, Section C, Line 19 Governing documents, the conflict of interest policy and the financial statements are available upon request in hard copy and electronic (.pdf) form.