2020-11-09T15:00:03-06:00 2019-12-31 990 2019-01-01 231352008 The American College AMER 6105261000 630 Allendale Road No 400 King of Prussia PA 19406 Mark Montgomery Chief Financial & Risk Officer 6105261518 2020-11-09 67.216.77.104 2020-11-09 15:59:31 ES P C0078D5970B84EE7AAD63DBA4E5A804BE879687B C0078D5970B84EE7AAD63DBA4E5A804BE879687B 2019 2021-01-29 14:40:06Z The American College of Financial Services George Nichols III 630 Allendale Road No 400 King of Prussia PA 19406 35093302 0 X www.theamericancollege.edu X 1927 PA The mission of The American College of Financial Services is to raise the level of professionalism in financial services by promoting ongoing education, ethical practices, and the pursuit of new knowledge for the benefit of society. 46 44 209 75 0 0 2983302 2983371 18650176 20520091 1358502 1018945 2885812 4640156 25877792 29162563 417210 529095 0 0 22720974 20630534 230903 0 2738509 15814766 15289211 39183853 36448840 -13306061 -7286277 57353215 64656917 25110885 25415938 32242330 39240979 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 17988175 357675 17380470 The Huebner School administers the curriculum leading to the CLU, ChFC, RICP, CLF, ChSNC, and WMCP professional designations. It also provides the educational content needed to obtain the CFP professional designation. There are approximately 13,000 students enrolled in these programs. 844433 12540 562976 The FSCP Program administers the curriculum leading to the FSCP professional designation. There are approximately 1,000 students enrolled in this program. 3872213 158880 2576645 The Irwin Graduate School administers the curriculum leading to the Master of Science in Management, the Master of Science in Financial Services, the Chartered Advisor in Philanthropy (CAP) designation, and the Doctoral Program in Financial and Retirement Planning. There are approximately 800 students enrolled in these programs. 22704821 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 0 1 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 0 1 149 0 1 209 1 0 0 0 0 0 0 0 0 0 0 0 0 X 46 44 0 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 WA X John G Wells 6105261510 630 Allendale Road Suite 400 King of Prussia PA 19406 George Nichols President & CEO 39.00 1.00 X X 708405 0 12575 Todd M Schoon Executive Vice President 40.00 X X 325000 0 0 Yi Tang term 520 CFRO 39.00 1.00 X 276569 0 32936 Edward McEvoy Chief Technology Officer 40.00 X 280516 0 20275 Deborah Glenn Chief HR Officer 40.00 X 277383 0 21426 Michael Finke Professor & Frank M. Engle Chair 40.00 X 275541 0 21580 Larry Patrizi EVP and Provost 40.00 X 261904 0 13620 Stephen Grourke Chief Advancement Officer 39.00 1.00 X 245368 0 27173 Charles Cronin Vice President, Advancement 40.00 X 242492 0 18222 Wade Pfau Professor of Retirement Income 40.00 X 211452 0 33098 Phillip Cubeta Asst Prof, Philanthropy 40.00 X 221283 0 18101 Kevin Lynch Academic Instructor 40.00 X 209523 0 19218 Mark Montgomery Deputy CFRO 39.00 1.00 X 195044 0 31812 Gerald Herbison Assistant Professor & Director, CLF Program 40.00 X 202648 0 23957 Sophia Duffy Assistant Vice President & Director of Complia 40.00 X 192388 0 30178 Bryan Johnson VP Organ Effectiveness 40.00 X 186737 0 29514 James Katsaounis Chief Marketing Officer 40.00 X 189675 0 16237 David Eurich VP, Product Innovation 40.00 X 190712 0 9023 Walter Woerheide Former Academic Dean 0.00 X 106932 0 610 Andrew G Aiello Trustee 1.00 X 0 0 0 David M Anderson Trustee 1.00 X 0 0 0 Daralee S Barbera Trustee 1.00 X 0 0 0 Scott L Berlin Trustee 1.00 X 0 0 0 Christopher O Blunt Trustee 1.00 X 0 0 0 Andrew J Bucklee Trustee 1.00 X 0 0 0 Ron Carson Trustee 1.00 X 0 0 0 Anurag Chandra Trustee 1.00 X 0 0 0 George I Connolly Trustee 1.00 X 0 0 0 Patrick Corey Trustee 1.00 X 0 0 0 J Scott Davison Trustee 1.00 X 0 0 0 Edward G Deutschlander Trustee 1.00 X 0 0 0 Anthony J Domino Trustee 1.00 X 0 0 0 Matt Foran Trustee 1.00 X 0 0 0 R David Fritz Trustee 1.00 X 0 0 0 Timothy J Gerend Trustee 1.00 X 0 0 0 Randall H Harbert Trustee 1.00 X 0 0 0 Salene Hitchcock-Gear Trustee 1.00 X 0 0 0 John M Howard Trustee 1.00 X 0 0 0 Gary T Huffman Trustee 1.00 X 0 0 0 Fred H Jonske Trustee 1.00 X 0 0 0 Kevin M Kimbrough Trustee 1.00 X 0 0 0 Paul A LaPiana Trustee 1.00 X 0 0 0 James J Meehan Trustee 1.00 X 0 0 0 Knut A Olson Trustee 1.00 X 0 0 0 Robdert B Plybon Trustee 1.00 X 0 0 0 Ron L Ransom Trustee 1.00 X 0 0 0 J Greg Reber Trustee 1.00 X 0 0 0 M Michael Rooney Trustee 1.00 X 0 0 0 Aaron Seurkamp Trustee 1.00 X 0 0 0 Kurt Shallow Trustee 1.00 X 0 0 0 Robert D Shapiro Trustee 1.00 X 0 0 0 Clara Shih Trustee 1.00 X 0 0 0 Frederick J Sievert Trustee 1.00 X 0 0 0 Jon S Stenberg Trustee 1.00 X 0 0 0 Scott Stolz Trustee 1.00 X 0 0 0 Wesley V Thompson Trustee 1.00 X 0 0 0 Thomas P Tooley Trustee 1.00 X 0 0 0 Leo C Tucker Trustee 1.00 X 0 0 0 Steven J Valerius Trustee 1.00 X 0 0 0 Michael J Vietri Trustee 1.00 X 0 0 0 Mary A Weiss Trustee 1.00 X 0 0 0 Robert J Wernecke Trustee 1.00 X 0 0 0 Doyle J Williams Trustee 1.00 X 0 0 0 4799572 0 379555 49 1 1 0 idfive LLP 31 Mosher St 3rd Floor Baltimore MD 21217 Marketing and Retention Consulting 946685 Dechert LLP Cira Centre 2929 Arch Street Philadelphia PA 191042808 Legal Services 266075 Thomas M Brinker 187 Willits Way Glen Mills PA 19342 Academic Center Director, Course Instruc 231103 Sloan & Company LLC 1150 18th Street NW Suite 800 Washington DC 20036 Public Relations Consulting 203718 The Regis Company LLC 600 12th Street Ste 150 Golden CO 80401 Course Design Services 163038 10 385750 2597621 230724 2983371 Solomon S. Huebner Sch 611310 17380470 17380470 Richard D. Irwin Gradu 611310 2576645 2576645 FSCP 611310 562976 562976 20520091 511511 511511 188329 188329 806304 0 806304 806304 806304 6271445 49800 5813811 0 457634 49800 507434 507434 14000 385750 116928 -102928 -102928 Professional Recertifi 611310 2808075 2808075 Event Registrations 611310 619906 619906 Institutional book sal 611310 79944 79944 240526 240526 3748451 29162563 25074846 0 1104346 529095 529095 3364095 1376512 1733735 253848 13158728 9740516 2556574 861638 876919 876919 2201326 2817558 -904114 287882 1029466 1029466 416124 162794 252300 1030 92247 92247 2817476 2336897 372140 108439 1352028 1302331 25719 23978 2209731 1449493 656605 103633 764378 69913 694465 655904 476928 129651 49325 2471925 1420320 511253 540352 1631846 297879 1304630 29337 470042 485 225468 244089 Plant Operations 988287 6882 981405 0 Bank Service Charges 410050 1166 408624 260 Curriculum Development 406827 388640 18187 Other General Administr 181333 23169 153597 4567 421013 304243 -95174 211944 36448840 22704821 11005510 2738509 4465318 9659696 3832011 3878353 2066880 1431961 135213 110382 921680 1107640 46570722 17865215 22775252 28705507 6561938 9378858 14440860 7648647 2154063 2735873 57353215 64656917 5641667 5982840 3102661 3293143 16366557 16139955 25110885 25415938 X 16872486 23402270 15369844 15838709 32242330 39240979 57353215 64656917 X -7286277 1827071 -8888 12466743 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 36565768 36565768 1000000 250000 0 0 10000000 10000000 10000000 10000000 40000000 60000000 250000 250000 250000 250000 1000000 1500000 121500 121500 X X 0 60983467 475259 6354378 13731646 54081458 68079599 537360 -2830427 4803065 60983467 63416853 1706221 7943519 4986994 68079599 58847567 2580444 3460651 1471809 63416853 52954618 8759660 -837681 2029030 58847567 0.19180 0.58600 0.22220 0 1 1 7976047 7976047 16879805 893909 15985896 2418626 272044 2146582 17609517 15904810 1704707 1686727 794452 892275 28705507 University City Science Center Stock 1000 F Vanguard Total Bond Market Fund 3990113 F Vanguard Total Stock Mkt Fund 3657534 F 7648647 Accrued pension costs 2257604 Loan Payable to the American College Foundation (23-3015130) 13838153 Other liabilities 44198 16139955 X 31593871 1818183 545997 2364180 29229691 -67128 -67128 29162563 36565768 116928 116928 36448840 0 36448840 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 V, Line 4: Endowment funds are solicited and managed by The American College Foundation - EIN 23-3015130 - in support of the mission of The American College subject to donor/fund restrictions. Part X, Line 2: The Internal Revenue Service has classified The American College and the Foundation 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, 2019 and 2018, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the consolidated financial statements. 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, 2019 or 2018. Part XI, Line 2d - Other Adjustments: Transfers from The American College Foundation - EIN 23-3015130 573559. Net decrease in life insurance cash surrender value -27564. Rounding 2. Part XI, Line 4b - Other Adjustments: Expenses from Clambake fundraising event -116928. Gain on sale of Fixed Assets 49800. Part XII, Line 2d - Other Adjustments: Expenses from Veteran's Center Clambake event 116928. 0 0 0 0 0 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 students who are matriculating or enrolling for courses at the graduate or designation level. The American College requests but does not require ethnic or gender information from students who are applying for scholarships to its graduate or designation programs. 0 AZ AK AR CO CT FL GA HI IL KS KY 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 Veteran's Center Clambake 399750 385750 14000 85511 25000 6417 399750 385750 14000 85511 25000 6417 116928 -102928 1 Tuition assistance 260 529095 Part I, 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 1 1 X X X X 0 1 0 1 0 1 0 0 0 George Nichols President & CEO 640714 0 47500 0 20191 0 10688 0 1887 0 720980 0 0 0 Todd M Schoon Executive Vice President 225000 0 100000 0 0 0 0 0 0 0 325000 0 0 0 Yi Tang term 520 CFRO 231189 0 35000 0 10380 0 11531 0 21405 0 309505 0 0 0 Edward McEvoy Chief Technology Officer 231179 0 35000 0 14337 0 18449 0 1826 0 300791 0 0 0 Deborah Glenn Chief HR Officer 231181 0 35000 0 11202 0 12066 0 9360 0 298809 0 0 0 Michael Finke Professor & Frank M. Engle Chair 265624 0 0 0 9917 0 13250 0 8330 0 297121 0 0 0 Larry Patrizi EVP and Provost 251146 0 0 0 10758 0 8777 0 4843 0 275524 0 0 0 Stephen Grourke Chief Advancement Officer 213867 0 0 0 31501 0 10673 0 16500 0 272541 0 0 0 Charles Cronin Vice President, Advancement 205568 0 15000 0 21924 0 16400 0 1822 0 260714 0 0 0 Wade Pfau Professor of Retirement Income 200390 0 0 0 11062 0 12989 0 20109 0 244550 0 0 0 Phillip Cubeta Asst Prof, Philanthropy 204064 0 0 0 17219 0 16280 0 1821 0 239384 0 0 0 Kevin Lynch Academic Instructor 58172 0 0 0 151351 0 4631 0 14587 0 228741 0 0 0 Mark Montgomery Deputy CFRO 185798 0 20000 0 -10754 0 9264 0 22548 0 226856 0 0 0 Gerald Herbison Assistant Professor & Director, CLF 139883 0 0 0 62765 0 2789 0 21168 0 226605 0 0 0 Sophia Duffy Assistant Vice President & Director 165527 0 15000 0 11861 0 10725 0 19453 0 222566 0 0 0 Bryan Johnson VP Organ Effectiveness 172526 0 10000 0 4211 0 13760 0 15754 0 216251 0 0 0 James Katsaounis Chief Marketing Officer 178775 0 15000 0 -4100 0 8913 0 7324 0 205912 0 0 0 David Eurich VP, Product Innovation 170536 0 10000 0 10176 0 8500 0 523 0 199735 0 0 0 Walter Woerheide Former Academic Dean 10445 0 0 0 96487 0 0 0 610 0 107542 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. 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 4b Jack Hondros, former Chief Marketing Officer received a payout from his 457b plan of $2,700. Walter Woerheide, former Academic Dean, received compensation including base salary of $10,444.61 and a payout from his 457b plan of $$96,487.29. Because some of these amounts are below the dollar threshold, these former employees may not appear in the detail schedules. 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. Part I, Line 6 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. Lovasco Consulting Group Inc Partner is a member of the American College Foundation - EIN 23-3015130 54000 The firm performs benefits consulting and administrative services. 0 X 1 100000 Independent appraisal X 2 109224 NYSE listing X Silver Tea Service 1 21500 Independent appraisa 2 0 1 0 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 Audit Committee of the Board of Trustees for their review. This process involves sending the completed Form electronically to the Committee and reviewing the Form during its 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 has a relationship with an independent compensation consultant who provides information as requested by the Compensation Committee for deliberation. Annually, the Compensation Committee will approve the compensation of the President & CEO and select leadership staff with input from the independent consultant. The President & CEO will recommend and obtain Board (Compensation Committee) approval for the compensation for the key employees/disqualified persons. Historically, the data is compared with data provided by the compensation consultant. If there are any concerns, the Committee would contact the compensation consultant. 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: Transfers from The American College Foundation EIN 23-3015130 573559. Increase in minimum pension liability 203310. Decrease in life insurance cash surrender value -27565. Other transfers from The American College Foundation EIN23-3015130 11359878. Adjustment to sync College and Foundation from 2018 loan interest 357561. The American College Foundation 630 Allendale Road Suite 400 King of Prussia PA 19406 233015130 Solicit and manage funds for the benefit of The American College PA 501(c)3 Line 12a, I The American College 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 CCH software outage