2019-11-15T10:18:05-06:00 2018-12-31 990 2018-01-01 231352008 The American College AMER 6105261000 630 Allendale Road No 400 King of Prussia PA 19406 Yi Tang Chief Financial & Risk Officer 6105261308 2019-11-14 50.233.96.153 2019-11-14 14:00:44 ES P 756EE4E4A7642B128FC6EB7CE6E6003639A3990A 756EE4E4A7642B128FC6EB7CE6E6003639A3990A 2018 2020-04-17 16:48:07Z X The American College of Financial Services George Nichols III 630 Allendale Road No 400 King of Prussia PA 19406 40102024 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 45 215 75 0 0 3418124 2983302 21458755 18650176 1250497 1358502 2624932 2885812 28752308 25877792 371112 417210 0 0 22824271 22720974 114766 230903 2479420 16142345 15814766 39452494 39183853 -10700186 -13306061 69579845 57353215 24330254 25110885 45249591 32242330 X 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. 0 0 21080642 246007 15259173 The Huebner School administers the curriculum leading to the CLU, ChFC, RICP, CLF, and ChSNC professional designations. The WMCP professional designation in wealth management was added in December 2017. It also provides the educational content needed to obtain the CFP professional designation. There are approximately 13,800 students enrolled in these programs. 1320692 5478 793119 The FSCP Program administers the curriculum leading to the FSCP professional designation. There are approximately 1,600 students enrolled in this program. 4489929 165725 2375324 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. 382917 222560 The College's Customized Corporate Consulting Center provides customized training and education to client companies in the financial services arena utilizing its full-time and adjunct faculty and state-of-the-art learning center to make their employees better educated and more productive. 382917 222560 27274180 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 1 184 0 1 215 1 0 0 0 0 0 0 0 0 0 0 0 0 X 46 45 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 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 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 Caroline Feeney Trustee 1.00 X 0 0 0 R David Fritz Trustee 1.00 X 0 0 0 Randall H Harbert Trustee 1.00 X 0 0 0 Thomas H Harris 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 Anne Long 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 Tina M Perrino 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 Tom Robinson 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 Todd M Schoon Interim President & CEO 39.00 1.00 X 225000 0 0 Robert J Johnson President & CEO 39.00 1.00 X 1736592 0 16482 George Nichols President & CEO 39.00 1.00 X 281471 0 12001 Keith Hickerson Chief Operating Officer 40.00 X 425743 0 9438 Yi Tang Chief Financial & Risk Officer 39.00 1.00 X 247682 0 12527 Michael Finke Chief Academic Officer 40.00 X 304523 0 14799 Deborah Glenn Chief Human Resources Officer 40.00 X 251156 0 11912 Edward McEvoy Chief Technology Officer 40.00 X 284405 0 17878 Peter Frisko Chief Advancement Officer 39.00 1.00 X 161358 0 7063 Charles Cronin Interim Vice President - Advancement 39.00 1.00 X 248989 0 17920 Mark Montgomery Deputy Chief Finance & Risk Officer 39.00 1.00 X 156385 0 9363 Sophia Duffy Academic Dean 40.00 X 214355 0 9899 Bryan Johnson Vice President Organizational Effectiveness 40.00 X 193635 0 14463 Brian Kain Vice President Student Experience 40.00 X 182902 0 13338 David Eurich Vice President Product Innovation 40.00 X 203036 0 9998 Jamie Hopkins Associate Professor of Taxation 40.00 X 231752 0 13384 Wade Pfau Professor of Retirement 40.00 X 223411 0 13577 Walter Woerheide Professor of Economics 40.00 X 191728 0 7474 Glenn Boseman Professor of Leadership 40.00 X 207523 0 21585 Phillip Cubeta Assistant Professor of Philanthropy 40.00 X 210396 0 14161 6182042 0 247262 62 0 1 0 Sloan & Company LLC 7 Times Square Tower New York NY 10036 Public Relations Consulting 333199 Barkley 1740 Main Street Kansas City MO 64108 Marketing Consulting 330538 The Regis Company LLC 600 12th Street Golden CO 80401 Course Design Services 325844 Gola Corporate Real Estate Inc 2490 Boulevard of the Generals Norristown PA 19403 Real Estate Broker 296620 Dechert LLP Cira Centre Philadelphia PA 191042808 Legal Services 252340 12 418430 2564872 15032 2983302 Solomon S. Huebner Sch 611310 15259173 15259173 Richard D. Irwin Gradu 611310 2375324 2375324 FSCP 611310 803679 803679 Integrated Learning Pl 611310 212000 212000 18650176 615810 615810 261222 261222 724332 0 724332 724332 724332 14844685 14101993 742692 742692 742692 12750 418430 122239 -109489 -109489 Professional Recertifi 611310 1289392 1289392 Release of deferred re 611310 202408 202408 CE courses & tapes 611310 137580 137580 380367 380367 2009747 25877792 21384255 0 1510235 417210 417210 5560395 1701594 3442807 415994 12618336 11148606 856979 612751 945056 945056 2409447 3348983 -1210606 271070 1187740 1187740 479028 202698 276021 309 94130 94130 230903 230903 90000 90000 2329251 1542675 786576 1238616 1178076 23382 37158 1687201 1380933 254448 51820 1465263 1229145 166671 69447 726529 546376 130782 49371 2034257 1431056 465526 137675 457800 457800 1804507 1497859 212295 94353 456824 12768 246635 197421 Plant Operations 1109337 921812 126621 60904 Curriculum Development 488394 476237 7146 5011 Bank Service Charges 396531 1040 395234 257 Postage and Shipping 363514 19616 343658 240 593584 217496 131352 244736 39183853 27274180 9430253 2479420 2318351 4465318 3539699 3832011 1534314 2066880 236691 135213 556629 921680 43943226 21167974 20738543 22775252 11427223 6561938 25044753 14440860 4183642 2154063 69579845 57353215 5861930 5641667 2450481 3102661 16017843 16366557 24330254 25110885 X 29219704 16872486 16029887 15369844 45249591 32242330 69579845 57353215 X -13306061 -2458737 2757537 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 39183853 39183853 1000000 250000 0 0 10000000 10000000 10000000 10000000 40000000 60000000 0 0 0 0 250000 250000 250000 250000 1000000 1500000 0 0 0 0 68079599 537360 -2830427 4803065 60983467 63416853 1706221 7943519 4986994 68079599 58847567 2580444 3460651 1471809 63416853 52954618 8759660 -837681 2029030 58847567 49808428 2977808 1120383 952001 52954618 0.35250 0.52080 0.12670 0 1 1 7976047 7976047 11619680 425226 11194454 7020203 4799435 2220768 15791826 15402590 389236 1535470 540723 994747 22775252 Univertisy City Science Center Stock 1000 F Vanguard Total Bond Fund 5481503 F Vanguard Developed Markets Fund 3760125 F Vanguard Total Stock Market Fund 5198232 F 14440860 Accrued pension costs 2366557 Loan Payable to the American College Foundation (23-3015130) 14000000 16366557 X 25340095 -2458737 1807883 -650854 25990949 -113157 -113157 25877792 39183853 0 39183853 0 39183853 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. Accounting principles generally accepted in the United States of America require 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, 2018 and 2017, 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, 2018 or 2017. Part XI, Line 2d - Other Adjustments: Transfers from The American College Foundation - EIN 23-3015130 1985749. Net decrease in life insurance cash surrender value -177866. Part XI, Line 4b - Other Adjustments: Expenses from Clambake fundraising event -122239. Mercer fees reducing audited income 9082. 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 neither requests nor requires ethnic or gender information from students who are matriculating or enrolling for courses at the graduate or designation level. The American College neither requests nor requires ethnic or gender information from students who are applying for scholarships to its graduate or designation programs. X X X X X 1 TSM Donor Engagement Team Inc 155 Commerce Drive Freedom PA 15042 Phone solicitation 0 82880 230903 -148023 82880 230903 -148023 AL 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 DC TN UT VA WA WV WI CA Veteran's Center Clambake 431180 418430 12750 102910 7500 6251 431180 418430 12750 102910 7500 6251 116661 -103911 1 Tuition assistance 431 417210 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 can lead to removal of the tuition assistance. X X X 1 1 X X X X 1 1 0 1 0 1 0 0 0 Todd M Schoon Interim President & CEO 225000 0 0 0 0 0 0 0 0 0 225000 0 0 0 Robert J Johnson President & CEO 176044 0 99750 0 1460798 0 7529 0 8953 0 1753074 0 0 0 George Nichols President & CEO 78919 0 0 0 202552 0 10688 0 1313 0 293472 0 0 0 Keith Hickerson Chief Operating Officer 342927 0 50000 0 32816 0 8750 0 688 0 435181 0 0 0 Yi Tang Chief Financial & Risk Officer 220883 0 25000 0 1799 0 11000 0 1527 0 260209 0 0 0 Michael Finke Chief Academic Officer 266049 0 27500 0 10974 0 13250 0 1549 0 319322 0 0 0 Deborah Glenn Chief Human Resources Officer 208575 0 30000 0 12581 0 10385 0 1527 0 263068 0 0 0 Edward McEvoy Chief Technology Officer 205489 0 30000 0 48916 0 16369 0 1509 0 302283 0 0 0 Peter Frisko Chief Advancement Officer 161301 0 0 0 57 0 6635 0 428 0 168421 0 0 0 Charles Cronin Interim Vice President - Advancement 205875 0 20000 0 23114 0 16400 0 1520 0 266909 0 0 0 Mark Montgomery Deputy Chief Finance & Risk Officer 162288 0 2975 0 -8878 0 8077 0 1286 0 165748 0 0 0 Sophia Duffy Academic Dean 165730 0 24000 0 24625 0 8440 0 1459 0 224254 0 0 0 Bryan Johnson Vice President Organizational Effect 165374 0 22000 0 6261 0 13169 0 1294 0 208098 0 0 0 Brian Kain Vice President Student Experience 150716 0 22500 0 9686 0 12000 0 1338 0 196240 0 0 0 David Eurich Vice President Product Innovation 170773 0 20000 0 12263 0 8500 0 1498 0 213034 0 0 0 Jamie Hopkins Associate Professor of Taxation 184760 0 0 0 46992 0 11957 0 1427 0 245136 0 0 0 Wade Pfau Professor of Retirement 199121 0 0 0 24290 0 11880 0 1697 0 236988 0 0 0 Walter Woerheide Professor of Economics 209667 0 0 0 -17939 0 6963 0 511 0 199202 0 0 0 Glenn Boseman Professor of Leadership 166665 0 0 0 40858 0 13272 0 8313 0 229108 0 0 0 Phillip Cubeta Assistant Professor of Philanthropy 203294 0 0 0 7102 0 12453 0 1708 0 224557 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 & CEO's spouse accompanied him on trips to Board meetings and other events where she entertained trustee spouses, held breakfasts, lunches, and lead tours and other outings. The President & CEO obtained approval from the Board chairman each time his spouse accompanied him. This practice was discontinued during 2018 with the change in the President & CEO. The Compensation Committee of the Board has approved a 25% grossup of the annual 457f contribution to participants in this plan to help offset the income tax impact from this item. 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, Lines 4a-b Robert R. Johnson, President & CEO through 4/30/2018 received a severance payout of $1,425,000 representing the remainder of his three-year contract that renewed in November 2017. This amount was a one-time lump sum payment and covered salary and benefits. Jack Hondros, former Chief Marketing Officer received compensation including base salary of $42,343, a payout from his 457b plan of $5,400, and payment of $36,667 from the College's LTIP. Because this is below the dollar threshold, it does not appear in the detail schedules. Part I, Line 5 Under The College's former long-term incentive plan (LTIP), which covered the period 2014-2015, the second of two payments for the LTIP was made in February, 2018 to three participants (the President & CEO, EVP/Chief Operating Officer, and Chief Technology Officer). There is an LTIP in place that covers the period 2016-2018, with the first pay-out scheduled for January, 2019 for participants employed through December, 2018. The stated goals (increased revenue and students served) have not been met for the 2016-2018 period and as a result pay-outs are not planned and related accruals were reversed in 2018. Part I, Line 6 Under The College's former long-term incentive plan (LTIP), which covered the period 2014-2015, the second of two payments for the LTIP was made in February, 2018 to three participants (the President & CEO, EVP/Chief Operating Officer, and Chief Technology Officer). There is an LTIP in place that covers the period 2016-2018, with the first pay-out scheduled for January, 2019 for participants employed through December, 2018. The stated goals (increased revenue and students served) have not been met for the 2016-2018 period and as a result pay-outs are not planned and related accruals were reversed in 2018. Lovasco Consulting Group Inc Partner is a member of the American College Foundation - EIN 23-3015130 54917 The firm performs benefits consulting and administrative services. 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 Board of Trustees for their review. This process involves sending the completed Form electronically and holding a scheduled conference call with Board members to review the Form and address any questions prior to filing. Form 990, Part VI, Section B, line 12c All members of the College's Board of Trustees and defined administrative employees are required to complete the conflict of interest form annually. The returned forms are tabulated to ensure 100% response. The results of the responses are communicated to the Audit & Risk Committee by the Chief Financial & Risk Officer. Any positive responses are reviewed by the Audit & Risk Committee and independent auditors and appropriate action is recommended. 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 1985749. Increase in minimum pension liability -431160. Decrease in life insurance cash surrender value -177866. Other transfers from The American College Foundation EIN23-3015130 1267657. Expenses of Clambake fund raising event 122239. Mercer fees reducing audited income -9082. 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 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1