2019-04-15T14:43:40-05:00 2018-05-31 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2017-06-01 953075415 INSTITUTE FOR SHIPBOARD EDUCATION INST 8008540195 2243 CENTRE AVENUE NO 300 FORT COLLINS CO 80526 LARRY D GRANT CFO & VP OF FINANCE 8008540195 2019-04-14 1 AMANDA ADAMS P00748038 7043771678 68.142.180.174 2019-04-14 20:18:42 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 4A7654AB2157CB2B3475243DE130E1233F2F2828 2017 2019-02-21 02:37:17Z LARRY D GRANT 2243 CENTRE AVENUE NO 300 FORT COLLINS CO 80526 74546431 0 X WWW.SEMESTERATSEA.COM X 1971 DE THE INSTITUTE FOR SHIPBOARD EDUCATION ("THE INSTITUTE") ORGANIZES & ADMINISTERS THE SEMESTER AT SEA STUDY ABROAD PROGRAM WHICH OFFERS COLLEGE LEVEL COURSES IN CONJUNCTION WITH TRAVELING THE WORLD FOR A SEMESTER TO UNDERGRADS, GRADUATE STUDENTS, AND GAP YEAR STUDENTS. THE SEMESTER AT SEA PROGRAM IS ALSO OPEN TO LIFE LONG LEARNERS WHO ADD VALUE TO THE SHIP COMMUNITY. THE INSTITUTE DELIVERS THIS PROGRAM VIA A FLOATING VESSEL AND PLANS TWO VOYAGES TO COINCIDE WITH THE TRADITIONAL SEMIANNUAL SEMESTERS OFFERED BY MOST UNIVERSITIES. THE PROGRAM IS ACADEMICALLY SPONSORED BY OUR PARTNER COLORADO STATE UNIVERSITY AND ADMINISTERED BY THE INSTITUTE. 25 24 188 15 0 0 4136495 3948628 37159477 36583812 218897 896465 73609 844 41588478 41429749 5823077 5455542 0 0 5773855 6313165 0 0 1038480 23479279 24715193 35076211 36483900 6512267 4945849 28328694 59713891 4048454 30428889 24280240 29285002 X THE INSTITUTE'S MISSION IS TO EDUCATE INDIVIDUALS WITH THE GLOBAL UNDERSTANDING NECESSARY TO ADDRESS THE CHALLENGES OF OUR INTERDEPENDENT WORLD. WITH THE WORLD AS OUR CLASSROOM, OUR PROGRAMS INTEGRATE MULTIPLE-COUNTRY STUDY, INTERDISCIPLINARY COURSEWORK, AND EXPERIENTIAL LEARNING FOR MEANINGFUL ENGAGEMENT IN THE GLOBAL COMMUNITY. 0 0 31140361 5455542 36583812 THE INSTITUTE FOR SHIPBOARD EDUCATION ORGANIZES & ADMINISTERS THE EDUCATIONAL SEMESTER AT SEA PROGRAM. UNDERGRAD STUDENTS TAKE COLLEGE LEVEL COURSES IN CONJUNCTION WITH TRAVELING THE WORLD FOR A SEMESTER. THE INSTITUTE PLANS TWO VOYAGES TO COINCIDE WITH THE TRADITIONAL SEMIANNUAL SEMESTERS OFFERED BY MOST UNIVERSITIES. THE PROGRAM IS ACADEMICALLY SPONSORED BY COLORADO STATE UNIVERSITY AND ADMINISTERED BY THE INSTITUTE. THE INSTITUTE ALSO OPERATES AN ANNUAL REUNION WHICH IS EITHER SHIP BASED AT A US PORT OR A SHORT THREE TO FIVE DAY VOYAGE. 31140361 1 1 0 0 0 0 0 0 0 1 1 0 1 0 1 1 0 1 1 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 32 0 1 188 1 0 1 UK 0 0 0 1 1 0 0 0 0 X 25 24 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA AL AK AZ AR CA CO CT FL GA HI IL KS KY ME MD MA MI MN MO MS NH NJ NM NY NC ND OH OK OR PA RI SC TN UT WA WV WI X BOBBY BARBER 9704918818 2243 CENTRE AVENUE NO 300 FORT COLLINS CO 80526 GARY RANSDELL PRESIDENT & CEO BEGAN 1/18 40.00 X X 0 0 0 LOREN CRABTREE PRESIDENT & CEO RESIGNED 8/17 40.00 X X 247416 0 17502 TOM HUDNUT CHAIRMAN 0.50 X X 0 0 0 GREG CHAPMAN VICE CHAIRMAN 0.50 X X 0 0 0 DWIGHT ALLISON TRUSTEE 0.50 X 0 0 0 LISA BRAUN-GLAZER TRUSTEE 0.50 X 0 0 0 JOHN CASTEEN TRUSTEE 0.50 X 0 0 0 RANDY DAVIS TRUSTEE 0.50 X 0 0 0 MIKE DEREZIN TRUSTEE 0.50 X 0 0 0 JAMES DEUTSCH TRUSTEE 0.50 X 0 0 0 CHRIS FOREMAN TRUSTEE 0.50 X 0 0 0 KENN GAITHER TRUSTEE 0.50 X 0 0 0 DAN GARVEY TRUSTEE 0.50 X 0 0 0 DENNIS GERTMENIAN TRUSTEE 0.50 X 0 0 0 LEIGH GROSSMAN TRUSTEE 0.50 X 0 0 0 KRISTIN KARST TRUSTEE 0.50 X 0 0 0 TOMMY KNAPP TRUSTEE 0.50 X 0 0 0 APARNA KOTHARY TRUSTEE 0.50 X 0 0 0 JONATHON MURRAY TRUSTEE 0.50 X 0 0 0 STUART SAUNDERS TRUSTEE 0.50 X 0 0 0 MARJORIE SEAWELL TRUSTEE 0.50 X 0 0 0 MICHAEL SEGAL TRUSTEE 0.50 X 0 0 0 LARRY SILVER TRUSTEE 0.50 X 0 0 0 LISA SLAVID TRUSTEE 0.50 X 0 0 0 JOHN TYMITZ TRUSTEE 0.50 X 0 0 0 RICH WOLF TRUSTEE 0.50 X 0 0 0 LARRY GRANT CFO & V.P. OF FINANCE 40.00 X 213229 0 34002 AUDRA BRICKNER V.P. OF ADVANCEMENT 40.00 X 176881 0 39580 MICHAEL ZOLL SR EXEC FOR VOYAGE ADMIN 40.00 X 145537 0 37380 BOBBY BARBER CONTROLLER 40.00 X 131002 0 28243 MELISSA BINGLER ASSOCIATE V.P. OF ADVANCEM 40.00 X 125232 0 26435 PETE NYSSEN VP OF INFORMATION TECHNOLOGY 40.00 X 114625 0 35196 1153922 0 218338 7 0 1 0 CRUISE MANAGEMENT INTERNATIONAL 4770 BISCAYNE BLVD MIAMI FL 33137 SHIP TECHNICAL & HOTEL MANAGEMENT 9005315 SHIP SUPPLY OF FLORIDA INC 10800 NW 103RD ST SUITE 1 MIAMI FL 33178 SHIP HOTEL MANAGER 3894285 DESTINATION ASIA HONG KONG 99 QUEENS RD UNIT 5705 CENTRAL HONG KING TOKYO JA FIELD PROGRAM OPERATOR 993258 ABERCROMBIE KENT PTY LTD 1411 OPUS PL 300 DOWNERS GROVE IL 60515 FIELD PROGRAM OPERATOR 717069 VEDDER PRICE 8677 SOLUTION CENTER CHICAGO IL 60677 LEGAL SERVICES 634619 27 3948628 337174 3948628 PROGRAM FEES 611600 33307202 33307202 FIELD PROGRAM 611710 3276610 3276610 36583812 619730 619730 321690 33000000 113899 32931056 207791 68944 276735 276735 72571 71727 844 844 41429749 36583812 0 897309 5455542 5455542 1372259 716867 490295 165097 3732058 2037188 1265990 428880 134123 60393 51434 22296 733068 269720 361759 101589 341657 193341 109032 39284 96573 96573 16289 16289 824851 280260 468261 76330 470444 318514 151930 354834 18228 331140 5466 454486 12574 434462 7450 260610 260610 448143 293191 123359 31593 46923 40117 6806 549230 549212 18 216267 68341 147926 273586 125657 147929 COST OF SHIP OPERATIONS 16053579 16053579 VOYAGE EXPENSE 4632437 4632437 16941 15200 1741 36483900 31140361 4305059 1038480 11794116 8319069 928843 938805 143569 731594 221680 465371 481664 300964 26776757 2062411 737181 24714346 12957991 16227438 8000000 1063650 16304 28328694 59713891 1775892 1852984 2211251 2111450 61311 26464455 4048454 30428889 X 18733764 22344843 3108265 3855756 2438211 3084403 24280240 29285002 28328694 59713891 X 4945849 85461 -26548 X 0 1 X 1 0 X 2579873 690438 297848 3568159 2154831 257802 167240 2579873 2094940 64470 -4579 2154831 1921505 108991 64444 2094940 1927788 112972 -75620 34248 9387 1921505 0.00000 0.87170 0.12830 0 0 26776757 2062411 24714346 24714346 INVESTMENT IN DELOS CRUISE HOLDINGS LLC 8000000 C 8000000 OTHER CURRENT LIABILITIES 40358 CAPITAL LEASE 24268851 DEFERRED GAIN ON SALE LEASEBACK OF VESSEL 2155246 26464455 X 36059668 85461 -5455542 -5370081 41429749 0 41429749 31054906 26548 26548 31028358 5455542 5455542 36483900 PART V, LINE 4: THE INSTITUTE'S ENDOWMENT CONSISTS OF FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING SCHOLARSHIPS AND PROGRAM OPERATIONS. PART X, LINE 2: MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT THE INSTITUTE CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT MAY 31, 2018. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THAT THE INSTITUTE HAD NO UNCERTAIN INCOME TAX POSITIONS AT MAY 31, 2018 AND 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIP EXPENSE RECORDED AS OFFSET AGAINST REVENUE IN AUDIT -5,455,542. PART XII, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT RECOVERY -14,292. LOSS ON FOREIGN CURRENCY TRANSACTIONS 40,840. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP EXPENSES RECORDED AS OFFSET AGAINST REVENUE IN AUDIT 5,455,542. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 SEMESTER AT SEA IS A LEARNING EXPERIENCE DESIGNED TO TRANSFORM STUDENTS OF EVERY RACE, COLOR, AND CREED INTO A CITIZEN AND SCHOLAR OF THE WORLD. THE EMPLOYEE HANDBOOK, VOYAGER HANDBOOK AND ALL JOB DESCRIPTIONS FOR HIRING CONTAIN NONDISCRIMINATORY LANGUAGE. EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES FIELD EXCURSION 1284489 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES FIELD EXCURSION 92488 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES FIELD EXCURSION 724846 EAST ASIA AND THE PACIFIC 0 0 PROGRAM-RELATED INVESTMENT 8000000 0 0 0 0 0 0 10101823 0 10101823 1 0 1 0 0 0 PART I, LINE 2: ALL OF ISE'S FOREIGN PROGRAM EXPENSES ARE FOR FIELD TOUR TRIPS. FIELD TOUR OPERATORS ARE VETTED FOR HEALTH, SAFETY AND ORGANIZATIONAL STRENGTH. ISE IS CONFIDENT BEFORE THEY BEGIN WORKING WITH A PROVIDER THAT IT IS A REPUTABLE ORGANIZATION. ALSO, ISE'S POOL OF PROVIDERS IS FAIRLY STABLE AS THEY OFTEN RETURN TO THE SAME DESTINATIONS. ISE HAS NUMEROUS LONG TERM PARTNERSHIPS OF 5 YEARS OR MORE. MOST SERVICES ARE PAID FOR AFTER SERVICES HAVE BEEN PROVIDED ALTHOUGH WE DO USE DEPOSITS FROM TIME TO TIME. ISE TAKES SEVERAL STEPS TO SAFEGUARD PAYMENTS MADE TO FOREIGN SUPPLIERS. 1.) ISE ESTIMATES AND TRACKS ALL EXPECTED PAYMENTS BASED ON PLANNED PROGRAMS AND THEN ACTUAL SALES; 2.) ISE MAKES SOME DEPOSITS IN ADVANCE, BUT FULL PAYMENT IS NOT MADE UNTIL AFTER THE SERVICE HAS BEEN DELIVERED; 3.) ISE USES ISE REPRESENTED LIAISONS ON EACH FIELD TRIP IN ORDER TO ENSURE SAFETY AND THAT ALL TRIPS PROVIDE PROMISED SERVICES; 4). ISE STAYS IN CONTACT WITH ALL PROVIDERS AFTER PAYMENT TO ENSURE THAT THE FUNDS HAVE BEEN SUCCESSFULLY RECEIVED ON THEIR END. PARENT RECEPTION/BON VOYAGE 17008 17008 18209 REGIONAL EVENTS 52371 52371 53518 1 3192 3192 72571 72571 71727 71727 844 1 SCHOLARSHIPS FOR COLLEGE EDUCATION 1436 5455542 BOOK TUITION REDUCTION PART I, LINE 2: FINANCIAL AID AWARDS ARE ADMINISTERED BY THE INSTITUTE AND ARE USED TO OFFSET CHARGES TO STUDENT ACCOUNTS. NO EXCHANGE OF FUNDS OCCURS. THE AWARD IS SIMPLY A CREDIT TOWARDS THE STUDENTS' TUITION BALANCES. X 1 1 X X X 0 0 0 0 0 0 0 0 0 LOREN CRABTREE PRESIDENT & CEO RESIGNED 8/17 247416 0 0 0 0 0 17319 0 183 0 264918 0 0 0 LARRY GRANT CFO & V.P. OF FINANCE 213229 0 0 0 0 0 14926 0 19076 0 247231 0 0 0 AUDRA BRICKNER V.P. OF ADVANCEMENT 176881 0 0 0 0 0 12382 0 27198 0 216461 0 0 0 MICHAEL ZOLL SR EXEC FOR VOYAGE ADMIN 145537 0 0 0 0 0 10188 0 27192 0 182917 0 0 0 BOBBY BARBER CONTROLLER 131002 0 0 0 0 0 9170 0 19073 0 159245 0 0 0 MELISSA BINGLER ASSOCIATE V.P. OF ADVANCEM 125232 0 0 0 0 0 8766 0 17669 0 151667 0 0 0 PART I, LINE 1A TRAVEL FOR THE PRESIDENT'S SPOUSE MAY BE AUTHORIZED WHEN THE SPOUSE'S PRESENCE IS EXPECTED OR IS APPROPRIATE FOR THE PURPOSES OF THE TRAVEL. TO OBTAIN AUTHORIZATION FOR THE SPOUSE'S TRAVEL, THE PRESIDENT IS REQUIRED TO WRITE A BRIEF MEMORANDUM TO THE CHAIR OF THE BOARD OF TRUSTEES REQUESTING THE TRAVEL. IF APPROVED, THE CHAIR OF THE BOARD SHALL SIGN THE MEMORANDUM. SINCE EXPENSES FOR SPOUSAL TRAVEL WOULD ONLY BE APPROVED IN CIRCUMSTANCES WHERE THERE IS A BUSINESS PURPOSE FOR SUCH TRAVEL, THE PAYMENT OF SUCH EXPENSES WOULD BE TREATED AS A NONTAXABLE BENEFIT. X 5 321690 FMV 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 7A ON JUNE 4TH, 2015, THE INSTITUTE ENTERED INTO AN AFFILIATION AGREEMENT WITH COLORADO STATE UNIVERSITY TO HELP ADMINISTER AND SUPERVISE THE ACADEMIC COMPONENT OF THE PROGRAM, WHICH INCLUDES BUT NOT LIMITED TO FACULTY APPROVAL, ADMISSIONS CRITERIA, COURSE APPROVAL, LIBRARY SERVICES, COURSE REGISTRATION, AWARDING COURSE CREDITS, AND ISSUING TRANSCRIPTS. THE UNIVERSITY SHALL APPOINT, IN CONSULTATION WITH THE INSTITUTE, UP TO TWO MEMBERS OF THE UNIVERSITY ADMINISTRATION TO ACT AS NON-VOTING, NON-FIDUCIARY OBSERVERS AT MEETINGS OF THE INSTITUTE GOVERNING BOARD. SUCH OBSERVERS SHALL BE SUBJECT TO REQUIREMENTS OF CONFIDENTIALITY WITH RESPECT TO INFORMATION LEARNED AT ANY MEETING OF THE INSTITUTE BOARD OF TRUSTEES, EXCEPT THAT IT IS PERMITTED AND EXPECTED THAT THE OBSERVERS SHALL MAKE REGULAR AND FULL REPORTS TO THE UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM. A DRAFT IS SUBMITTED TO MANAGEMENT FOR THEIR REVIEW. UPON APPROVAL BY MANAGEMENT, THE 990 IS SUBMITTED TO THE AUDIT COMMITTEE FOR THEIR REVIEW AND APPROVAL. THE FORM IS THEN MADE AVAILABLE TO THE ENTIRE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ISE DEVOTES THREE PAGES OF ITS EMPLOYEE POLICY MANUAL TO THE AREA OF "CONFLICT OF INTEREST AND BUSINESS ETHICS." EVERY FULL TIME EMPLOYEE OF ISE RECEIVES A COPY OF THIS MANUAL WHEN THEY ARE HIRED AND MUST BE ACCOUNTABLE AND ADHERE TO ALL POLICIES DURING THE EMPLOYMENT TENURE. EACH DEPARTMENT VICE PRESIDENT IS RESPONSIBLE TO ENSURE THAT ALL ISE POLICIES ARE FOLLOWED IN THEIR SPECIFIC DEPARTMENT. IN THE EVENT OF A POTENTIAL CONFLICT, THE INTERESTED PERSON REFRAINS FROM ALL DISCUSSIONS AND VOTE ON THE MATTER. ISE BOARD MEMBERS ARE REQUIRED TO FILL OUT A CONFLICT OF INTEREST QUESTIONNAIRE ON A ROUTINE BASIS. THE BOARD THEN REVIEWS ANY CONFLICTS OF INTEREST AND THE PARTY WITH A CONFLICT IS ABSTAINED FROM VOTING IN ANY MATTERS RELATED. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR THE PRESIDENT AND OTHER EMPLOYEES INVOLVES PERFORMING AN ANALYSIS BASED ON VARIOUS SALARY SURVEY PUBLICATIONS, SUCH AS THE COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION ("CUPA") AND THE CHRONICLE OF HIGHER EDUCATION SALARY SURVEY. THE PRESIDENT AND BOARD OF TRUSTEES EXECUTIVE COMMITTEE APPROVE ALL SALARY INCREASES FOR ALL EMPLOYEES. THE PRESIDENT/CEO'S CONTRACT WAS PREPARED BY A HIGHER EDUCATION ATTORNEY WHO SPECIALIZES IN SENIOR MANAGEMENT CONTRACTS. IT WAS REVIEWED BY THE FULL BOARD. THE FULL BOARD APPROVES THE CONTRACT OF THE PRESIDENT AND THE MINUTES FROM THE MEETING ARE DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION PROVIDES COPIES OF ITS GOVERNING INSTRUMENTS, CONFLICT OF INTEREST POLICY AND OTHER MATTERS TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: LOSS ON FOREIGN CURRENCY TRANSACTION -40,840. BAD DEBT RECOVERY 14,292. EXPLORER MARITIME LLC 2410 OLD IVY ROAD CHARLOTTESVILLE VA 22903 261598279 DORMANT ENTITY DE 0 0 INSITUTE FOR SHIPBOARD EDUCATION