2019-03-07T10:51:17-06:00 2018-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1650 MARKET STREET SUITE 4500 PHILADELPHIA PA 191037341 990 2017-07-01 221500484 CENTENARY UNIVERSITY CENT 9088521400 400 JEFFERSON STREET HACKETTSTOWN NJ 07840 DENTON L STARGEL CFO 9088521400 2019-03-07 1 JULIUS C GREEN CPA P00350393 2159720701 X 96.89.178.186 2019-03-07 08:32:39 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 F58787FA80410BAE38B710EAF9FCC5760AD3BCDF 2017 2019-02-21 02:37:17Z DR ROSALIND REICHARD 400 JEFFERSON STREET HACKETTSTOWN NJ 07840 67367938 0 X WWW.CENTENARYUNIVERSITY.EDU X 1867 NJ CENTENARY U. OFFERS POST- SECONDARY DEGREES FROM ASSOCIATE THROUGH MASTERS DEGREES AND BEYOND. 25 25 1022 72 247202 -35108 2596039 4438959 56356404 55012139 130100 117492 2281052 2389757 61363595 61958347 20114732 20353622 0 0 23321830 20535636 0 0 621252 23861746 21379499 67298308 62268757 -5934713 -310410 93235010 93250585 46175369 45707597 47059641 47542988 X CENTENARY UNIVERSITY IS AN INCLUSIVE AND COLLABORATIVE LEARNING COMMUNITY DEDICATED TO PREPARING ITS STUDENTS TO ENTER SOCIETY AS PROFESSIONAL AND GLOBAL CITIZENS BY PROVIDING EXPERIENCES THAT FOSTER SKILLS OF CRITICAL THOUGHT AND PURPOSEFUL ACTION. THE CENTENARY EXPERIENCE IS DISTINGUISHED BY A FUNDAMENTAL BELIEF IN THE FULL POTENTIAL OF EACH STUDENT, A STRONG LIBERAL ARTS FOUNDATION, CAREER PREPARATION, AND A CULTURE OF SERVICE TO THE COMMUNITY AND TO THE WORLD. 0 0 45149938 20353622 47158829 INSTRUCTIONAL - CENTENARY UNIVERSITY IS A COMMUNITY OF LEARNERS DISTINGUISHED BY A DIVERSE STUDENT BODY, A DEDICATED FACULTY AND STAFF AND STIMULATING EDUCATION OPPORTUNITIES. CENTENARY UNIVERSITY IS COMMITTED TO QUALITY LIBERAL ARTS AND CAREER STUDIES EDUCATION WITH A SUBSTANTIAL INTERNATIONAL DIMENSION TO ENGAGE STUDENTS IN LEARNING AND PREPARE THEM FOR A SATISFYING CAREER, SUCCESSFUL LIVES, COMMUNITY SERVICE, AND LIFELONG INTELLECTUAL PURSUITS. AS THE PRIMARY EDUCATIONAL AND CULTURAL RESOURCE OF NORTHWEST NEW JERSEY, CENTENARY OFFERS A RANGE OF UNDERGRADUATE AND PROFESSIONAL PROGRAMS, AS WELL AS NON-DEGREE COURSES FOR PROFESSIONAL AND PERSONAL DEVELOPMENT. 4135524 0 7853310 THE AUXILIARY SERVICES AT CENTENARY UNIVERSITY ARE ORGANIZED TO SUPPORT CERTAIN STUDENT ACTIVITIES AND PROVIDE STUDENT HOUSING AND OTHER FACILITIES AND SERVICES FOR THE BENEFIT OF THE CAMPUS OF CENTENARY UNIVERSITY. UNIVERSITY DORMITORIES (CONSISTING OF 8 RESIDENCE HALLS AND 2 HOUSES) PROVIDE LIVING QUARTERS FOR APPROXIMATELY 760 STUDENTS. AUXILIARY SERVICES ALSO PROVIDES RECREATIONAL FACILITIES, DINING SERVICES, PARKING AND OTHER SELF-SUPPORTING FACULTY, STAFF AND STUDENT SERVICES. 49285462 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 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 1 152 0 1 1022 1 1 1 0 0 0 0 1 1 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X DENTON L STARGEL CFO 9088521400 400 JEFFERSON STREET HACKETTSTOWN NJ 07840 RAY NISIVOCCIA TRUSTEE 2.00 X 0 0 0 WOLFGANG GSTATTENBAUER CHAIRMAN 2.00 X X 0 0 0 KENNETH LEE HAHN 1ST VICE CHAIRPERSON 2.00 X X 0 0 0 NORMAN WORTH 2ND VICE CHAIRPERSON 2.00 X X 0 0 0 LUCINDA THOMAS EMBERSITS SECRETARY 2.00 X X 0 0 0 DAVID JOHNSON TREASURER 2.00 X X 0 0 0 SUSAN BATEMAN ESQ TRUSTEE 2.00 X 0 0 0 AUDREY BONAPARTE-WATTS TRUSTEE 2.00 X 0 0 0 DR HOWARD BURRELL TRUSTEE 2.00 X 0 0 0 DR STANLEY CAINE TRUSTEE 2.00 X 0 0 0 MICHAEL T CATAPANO TRUSTEE 2.00 X 0 0 0 DAVID D DALLAS TRUSTEE 2.00 X 0 0 0 REV DR FRANK L FOWLER III TRUSTEE 2.00 X 0 0 0 ELIZABETH FRIDAY-SKODA TRUSTEE 2.00 X 0 0 0 MICHAEL B LAVERY ESQ TRUSTEE 2.00 X 0 0 0 ROCHELLE MAKELA-GOODMAN TRUSTEE 2.00 X 0 0 0 MERRI MILLMAN TRUSTEE 2.00 X 0 0 0 DR ROSALIND REICHARD TRUSTEE 2.00 X 0 0 0 JIM SALERNO TRUSTEE 2.00 X 0 0 0 BISHOP JOHN R SCHOL TRUSTEE 2.00 X 0 0 0 STEVE SOMERS TRUSTEE 2.00 X 0 0 0 LINDA VAN WINKLE WATKINS TRUSTEE 2.00 X 0 0 0 BRYAN WATKINSON TRUSTEE 2.00 X 0 0 0 DR EDWARD YAW TRUSTEE 2.00 X 0 0 0 ALDEN SIEGEL TRUSTEE 2.00 X 0 0 0 AMY D'OLIVO VP ACADEMIC AFFAIRS 40.00 X 129492 0 25981 DENTON STARGEL VP BUSINESS & FINANCE 40.00 X 64604 0 4285 ROGER ANDERSON CFO/COO (UNTIL 5/17) 40.00 X 193793 0 13192 JOHN CAIRNO VICE PRESIDENT (UNTIL 7/17) 40.00 X 109149 0 14019 DAVID P HANEY PRESIDENT 40.00 X 302500 0 53893 DR BARBARA LEWTHWAITE FORMER PRESIDENT/FACULTY MEMBER 35.00 X 150500 0 12879 VIRGINA GALDIERI EXECUTIVE DIRECTOR HR 35.00 X 127732 0 18849 ROBERT MILLER VP, ENROLLMENT MANAGEMENT 35.00 X 136205 0 18314 DEIRDRE CHRISTOFALO VP ONLINE EDUCATION 35.00 X 138852 0 0 KATHY NAASZ FACULTY 35.00 X 150854 0 7562 1503681 0 168974 14 0 1 0 CHARTWELL DINNING PO BOX 417632 BOSTON MA 022417632 FOOD SERVICE 2586635 R FAUCETT CONSTRUCTION INC 122 MAIN STREET FLEMINGTON NJ 08822 CONSTRUCTION SVCS. 1860461 NATIONAL MANAGEMENT RESOURCES PO BOX 1224 LAGRANGE GA 30241 MAINTENANCE SERVICES 1640453 ELLUCIAN COMPANY LP 4375 FAIR LAKES CT FAIRFAX VA 22033 INFORMATION TECH SVC. 967655 ROBERT FERRILLI LLC 41 SOUTH HADDON AVENUE HADDONFIELD NJ 08033 INFORMATION TECH SVC. 249909 20 60550 58461 4319948 1540705 4438959 TUITION 611600 47156354 47156354 ROOM AND BOARD 611600 7042041 7042041 AUXILIARY INCOME 611600 811269 811269 COLLEGE RADIO STATION 515100 2475 2475 55012139 282719 282719 139167 263659 -124492 -124492 -73811 -50681 4942750 4509399 598578 433351 -598578 -165227 -165227 40060 60550 37955 2105 2105 INSURANCE PROCEEDS 611310 1229359 1229359 SUMMER YOUTH CAMP 721214 601593 321013 280580 ACCT CORRECTIONS 611310 357404 357404 323788 323788 2512144 61958347 55012139 247202 2260047 20353622 20353622 822980 666614 131677 24689 15871207 12850582 2589131 431494 612405 478612 113288 20505 1797674 897894 874714 25066 1431370 1104571 290170 36629 101870 101870 124897 2374 122523 38774 38774 2197112 846913 1343844 6355 1045282 21071 1024211 1055713 928838 110897 15978 782181 92447 689734 3964103 2911361 1032384 20358 255708 233448 12956 9304 89925 74644 15281 1072960 1072960 4394156 3273647 1098538 21971 1108821 170324 938497 FOOD SERVICE 2561873 2559248 428 2197 CPAG EXPENSES 798016 798016 INSTRUCTIONAL EXPENSES 560023 286395 273628 BAD DEBT 386893 386893 841192 734841 99645 6706 62268757 49285462 12362043 621252 671842 1045344 3256879 1526254 663454 1435861 2162018 1832698 1006444 1020239 41497 7568 579462 450286 113120748 43221718 70343820 69899030 13309594 14709971 1200000 1323334 93235010 93250585 3073191 3458773 872277 1234199 788437 197599 253576 35841266 34131630 4050777 4534018 1778337 1668886 46175369 45707597 X 41334814 38909381 1466882 3763665 4257945 4869942 47059641 47542988 93235010 93250585 -310410 793757 0 X 0 1 X 1 1 1 X 0 1 X 12242600 611997 1400190 402656 13852131 10727935 526577 1516140 528052 12242600 10603214 723925 -192385 406819 10727935 10352059 219248 266750 234843 10603214 3336934 6170140 962908 117923 10352059 0.56000 0.35000 0.09000 0 0 2574470 2574470 92572243 34380771 58191472 530049 84280 445769 11292139 6908759 4383380 6151847 1847908 4303939 69899030 REFUNDABLE LOAN PROGRAMS 1100645 ASSET RETIREMENT OBLIGATION 70875 CHARITABLE GIFT ANNUITY LIAB. 497366 1668886 X 42659103 793757 -20394612 -19600855 62259958 -301614 -301614 61958344 42175759 301614 301614 41874145 20394612 20394612 62268757 PART IV, LINE 1B: AN AGENCY ACCOUNT IS USED TO ACCOUNT FOR RESOURCES HELD BY THE UNIVERSITY, AS CUSTODIAN OR FISCAL AGENT, FOR A STUDENT, FACULTY OR STAFF ORGANIZATION. THE MOST COMMON TYPE OF AGENCY ACCOUNT IS A DEPOSITORY ACCOUNT WHERE A STUDENT WILL LEAVE ON DEPOSIT A CERTAIN SUM OF MONEY THAT WILL BE RETURNED IF THERE IS NO DAMAGE TO HIS OR HER ROOM. IN ADDITION ANOTHER COMMON TYPE OF ACCOUNT IS A CLUB ACCOUNT. DEPOSITS WOULD COME FROM DUES OR PROCEEDS FROM SALES OR EVENTS. EXPENDITURES WOULD BE AUTHORIZED CLUB/ORGANIZATION EXPENSES. PART IV, LINE 2B: CUSTODIAL ACCOUNTS ARE SET UP FOR STUDENT ORGANIZATIONS THAT RAISE MONEY TO FUND CLUB ACTIVITIES (I.E., T-SHIRTS, SNACKS, AND SO FORTH). ALSO, ACCOUNTS ARE SET UP FOR DEPARTMENTS THAT COLLECT MONEY FROM STUDENTS TO PAY STATE EXAMINATION FEES TO THE DEPT. OF EDUCATION IN ONE CHECK. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT FUNDS ARE COMPRISED OF BOARD RESTRICTED AND DONOR RESTRICTED FUNDS AND ARE HELD TO SUPPORT THE EDUCATIONAL AND OPERATING PROGRAMS OF THE UNIVERSITY. THE BOARD RESTRICTED FUNDS ARE INTEND TO BE USED TO ASSIST THE UNIVERSITY IN FUNDING NECESSARY FUTURE COSTS. THE UNIVERSITY INTENDS TO LEAVE THE PRINCIPAL UNTOUCHED FOR DONOR RESTRICTED FUNDS AND WILL NOT USE THESE FUNDS FOR ANY PURPOSE THAT IS NOT CONSISTENT WITH THE UNIVERSITY'S EXEMPT STATUS. EARNINGS FROM BOTH FUNDS ARE USED TO DEFRAY INSTRUCTIONAL, ACADEMIC SUPPORT, STUDENT AID AND OTHER INSTITUTIONAL EXPENSES THAT MAY ARISE. PART X, LINE 2: CENTENARY UNIVERSITY AND THE FOUNDATION ACCOUNT FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD AT JUNE 30, 2018 AND 2017. CENTENARY UNIVERSITY AND THE FOUNDATION'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -20,353,622. INVESTMENT FEES -38,774. LOSS ON REFINANCING -2,216. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -263,659. FUNDRAISING EXPENSES -37,955. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 263,659. FUNDRAISING EXPENSES 37,955. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 20,353,622. INVESTMENT FEES 38,774. LOSS ON REFINANCING 2,216. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE UNIVERSITY MEETS THE REQUIREMENT OF SUBSECTION 4.03; CONSEQUENTLY, THIS SECTION DOES NOT APPLY. THE COLLEGE FITS THE DESCRIPTION OF 2B. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES SUCH FINANCIAL AID AS PELL, SEOG, DIRECT LENDING AND PARTICIPATES IN THE PERKINS LOAN PROGRAM. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES EDUCATIONAL SERVICE TRIP 19730 0 0 0 0 0 0 19730 0 19730 0 0 0 0 0 0 DIAMOND OF DREAMS GALA 100610 60550 40060 17236 911 19808 100610 60550 40060 17236 911 19808 37955 2105 1 FINANCIAL AID 1278 20353622 PART I, LINE 2: THE INSTITUTION MONITORS, PROCESSES, RECONCILES, AND ADMINISTERS ITS AID PROGRAMS THROUGH A SHARED APPROACH. PROGRAM ADMINISTRATION IS THE MAIN RESPONSIBILITY OF THE UNIVERSITY'S FINANCIAL AID OFFICE; THE UNIVERSITY'S CONTROLLER'S OFFICE HANDLES THE FISCAL DUTIES, WHICH INCLUDE REQUESTING CASH DRAWS FROM G-5, TRACKING FEDERAL AUTHORIZATION, DETERMINING MATCHING REQUIREMENTS, AND PROGRAM RECONCILIATIONS. THE STUDENT BILLING OFFICE APPLIES PAYMENTS TO STUDENTS' ACCOUNTS. THIS SHARED APPROACH ALLOWS FOR SEGREGATION OF DUTIES BETWEEN THE DETERMINATION OF AWARDS AND PROCESSING PAYMENTS. X X 1 0 X X X X 1 0 0 0 0 0 0 1 0 AMY D'OLIVO VP ACADEMIC AFFAIRS 129492 0 0 0 0 0 8759 0 17222 0 155473 0 0 0 ROGER ANDERSON CFO/COO (UNTIL 5/17) 103989 0 0 0 89804 0 4371 0 8821 0 206985 0 0 0 DAVID P HANEY PRESIDENT 275000 0 27500 0 0 0 10875 0 43018 0 356393 0 0 0 DR BARBARA LEWTHWAITE FORMER PRESIDENT/FACULTY MEMBER 150000 0 0 0 500 0 8250 0 4629 0 163379 0 0 0 ROBERT MILLER VP, ENROLLMENT MANAGEMENT 136205 0 0 0 0 0 8180 0 10134 0 154519 0 0 0 KATHY NAASZ FACULTY 122707 0 0 0 28147 0 7562 0 0 0 158416 0 0 0 PART I, LINE 1A THE PRESIDENT IS PROVIDED USE OF A HOUSE OWNED BY THE UNIVERSITY. THE RELATED SERVICES SUCH AS FACILITIES, MAINTENANCE, AND HOUSEKEEPING ARE PROVIDED BY THE UNIVERSITY. THE HOUSING IS TREATED AS A NONTAXABLE BENEFIT. PART I, LINE 4A THE ORGANIZATION PAID ROGER ANDERSON SEVERANCE BEGINNING IN MAY 2017. PART I, LINE 7 THE BOARD SETS SPECIFIC GOALS FOR THE PRESIDENT. ANNUAL EVALUATION BY THE COMPENSATION COMMITTEE OF THE PRESIDENT AND MEETING THOSE SPECIFIC GOALS RESULTS IN A BONUS. X 3 21127 NYSE X HORSES 15 1507000 CERTIFIED APPRAISAL X 8 FT. MOTT COMBINATION HOODS FOR LABS 1 8000 APPRAISAL X VARIOUS EQUIPMENT & SUPPLIES 3 4578 APPRAISAL X HARPSICHORD AND MAHOGANY OFFICE FURNITURE 1 0 VALUE NOT RECORDED O 15 0 1 0 PART I, COLUMN (B): THE AMOUNT IN COLUMN B IS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED INTERNALLY AND THEN PRESENTED THE AUDIT COMMITTEE AND THE BOARD FOR APPROVAL. THE FULL BOARD WILL RECEIVE THE FORM 990 TO REVIEW PRIOR TO THE FORM 990'S SUBMISSION TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH OFFICER, DIRECTOR, TRUSTEE AND KEY EMPLOYEE IS REQUIRED UPON HIRE, AND ANNUALLY, TO COMPLETE A "CONFLICT OF INTEREST QUESTIONNAIRE". THIS IS MONITORED BY BUSINESS AND FINANCE AND HUMAN RESOURCES. KEY ITEMS REVIEWED INCLUDE ASKING IF THE PERSON OR MEMBER OF THEIR FAMILY HAS BUSINESS DEALINGS WITH THE UNIVERSITY OR ORGANIZATIONS AFFILIATED WITH THE UNIVERSITY. IF A CONFLICT IS DETERMINED TO EXIST, IT IS RESOLVED ACCORDINGLY, WHICH INCLUDES ENSURING THE INDIVIDUAL IS EXCUSED FROM DISCUSSION ON ANY MATTERS ASSOCIATED WITH THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE UNIVERSITY FOLLOWS A PROCESS TO ENSURE THAT EXECUTIVE AND TOP MANAGEMENT COMPENSATION IS REASONABLE. COMPENSATION IS COMPARED TO INDUSTRY STANDARDS, BY POSITION AND FISCAL AND MANAGERIAL RESPONSIBILITIES. THE PROPOSED COMPENSATION IS PRESENTED TO THE BOARD OF TRUSTEES' COMPENSATION COMMITTEE FOR APPROVAL AND RECOMMENDATION TO THE BOARD OF TRUSTEES FOR FINAL APPROVAL. MEMBERS OF THE BOARD'S COMPENSATION COMMITTEE ARE INDEPENDENT PERSONS WHO HAVE NO PERSONAL INTEREST IN THE PROPOSED COMPENSATION ARRANGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC REVIEW, UPON REQUEST SUBMITTED THROUGH THE FINANCE DEPARTMENT, ATTN: DENTON L. STARGEL, CFO, 400 JEFFERSON STREET, HACKETTSTOWN, NJ 07840. CENTENARY EQUESTRIAN FOUNDATION 400 JEFFERSON STREET HACKETTSTOWN NJ 07940 475219553 EQUESTRIAN ACTIVITIES NJ 0 51456654 CENTENARY UNIVERSITY 1 1 1 1 THIS FORM 990 IS BEING FILED LATE DUE TO AN INADVERTENT OMISSION ON THE PART OF THE INDEPENDENT ACCOUNTING FIRM. TECHNICAL FAILURES RELATED TO SOFTWARE WHICH KEEPS TRACK OF FILINGS LED TO THE INADVERTENT INACTION IN FILING THE REQUISITE EXTENSIONS. BOTH THE ORGANIZATION AND ITS ACCOUNTING FIRM RECOGNIZE THE IMPORTANCE OF FILING ALL RETURN REQUIREMENTS TIMELY AND THIS OMISSION IS A RARE OMISSON THAT HAS BEEN NOTED. CHANGES TO THE PROCESS HAVE BEEN ESTABLISHED TO ENSURE THAT FUTURE FILINGS ARE ALL CAPTURED INTERNALLY SO THAT TIMELY FILINGS CAN BE MADE.