2019-05-06T14:58:19-07:00 2018-06-30 990 2017-07-01 161532850 EXCELSIOR COLLEGE EXCE 5184648500 7 Columbia Circle Albany NY 122035159 James Baldwin President 5184648500 2019-05-06 74.123.146.10 2017 2019-02-21 02:37:17Z James N Baldwin 7 Columbia Circle Albany NY 122035159 92693487 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. 19 19 1625 19 0 0 2169016 1719130 96759766 83940322 1463485 698252 1019676 391598 101411943 86749302 766260 584137 0 0 71414658 62941398 39501 10950 541150 27038220 23212992 99258639 86749477 2153304 -175 66692370 64942553 30055347 27276326 36637023 37666227 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 28865480 348640 68713627 During this period, 154,676 undergraduate hours of course instruction, and 21,444 hours of graduate level course instruction were delivered. 8284491 212052 8598120 During this period, the College administered 11,780 credit bearing examinations to students enrolled in its various programs including Nursing and administered 1,634 performance examinations to students enrolled in its Nursing programs. 21729430 23445 6017918 Enrollment in higher education. During this period, 8,748 new students enrolled in the College while there were 25,520 actively enrolled students as of 6/30/18. 5,129 students completed degree requirements between 7/1/17 and 6/30/18. 1418283 0 610657 Other Program Services consists of: (1) The "Presidents' Forum" which provides higher education institutions the opportunity to exchange knowledge and perceptions of current models and tools for successful operation in an online environment. (2) The College's "Educators Serving Educators" program which works with higher education institutions to develop and deliver online programs and courses specializing in assisting institutions that serve individuals traditionally underrepresented in higher education. (3) The "National Cybersecurity Institute at Excelsior College" is an academic research center dedicated to assisting government, industry, military, and academic sectors meet the challenges in cybersecurity policy, technology, and education. (4) The Excelsior College Press which publishes contemporary nonfiction in areas that support the academic interests of the College. (5) The College collects interest on student loans. 1418283 0 610657 60297684 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 1 0 0 0 0 0 0 0 0 0 0 1 222 0 1 1625 1 0 0 0 0 0 1 1 0 0 0 0 X 19 19 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 Helen Benjamin Chairwoman of the Board from Jan. 2018 1.4 X 0 0 0 Terry Conry Board Member 1.2 X 0 0 0 Don Dea Board Member 1.2 X 0 0 0 William G Harris Board Member 1.2 X 0 0 0 Debbie Hatmaker Board Member 1.2 X 0 0 0 Garry Jaunal Board Member 1.2 X 0 0 0 Matthew Loeb Board Member 1.2 X 0 0 0 Michael Loughran Board Member 1.2 X 0 0 0 KH Maman Board Member 1.2 X 0 0 0 Frank Mayadas Board Member 1.2 X 0 0 0 Karim R Merchant Board Member 1.2 X 0 0 0 Jerry L Neff Chairman of the Board until Dec. 2017 1.4 X 0 0 0 Mary O'connor Vice Chair 1.4 X 0 0 0 David Oliker Treasurer of the Board 1.4 X 0 0 0 Sharon I Richie Board Member 1.2 X 0 0 0 Pamela Tate Secretary of the Board 1.4 X 0 0 0 Rose Q Wang Board Member 1.2 X 0 0 0 Khori Whittaker Board Member 1.2 X 0 0 0 Alec Whitters Board Member 1.2 X 0 0 0 James N Baldwin President and CEO 37.5 X 323783 0 55713 Deborah L Sopczyk Provost 37.5 X 251507 0 42906 James C Lettko Chief Operating Officer 37.5 X 248202 0 20449 Karl Lawrence VP of Finance to Feb. 2018 37.5 X 237531 0 34931 Dawn F Gerrain Chief Marketing and Business Development Officer 37.5 X 221639 0 27103 Mark Howe VP of HR 37.5 X 218916 0 17238 Keith Barrows VP of Institutional Advancement to Nov. 2017 37.5 X 210634 0 35255 Thomas L Hausmann Chief Information Officer from July 2017 37.5 X 92029 0 12209 Ronald Marzitelli Interim VP for IT & CIO to July 2017 37.5 X 173197 0 10503 James Cox Interim VP of Finance from Feb. 2018 37.5 X 124792 0 3465 Karen Halaco General Counsel 37.5 X 169442 0 31141 Mary Lee Pollard Dean, School of Nursing 37.5 X 178921 0 12485 George Timmons Dean, School of Liberal Arts 37.5 X 174026 0 19666 Li-Fang Shih Dean, School of Business & Tech 37.5 X 150681 0 35364 Robert Waters Dean, School of Public Service 37.5 X 198999 0 24116 Susan A Dewan AVP for Military Education 37.5 X 178147 0 21130 Emilsen S Holguin Associate Provost 37.5 X 167054 0 30830 Laurie Carbo-Porter Associate Provost 37.5 X 166035 0 30956 Paul Kelly HR & Change Facilitator 37.5 X 153569 0 34082 Wayne A Brown VP for IT & Chief Information Officer to May 2017 0 X 144405 0 9742 John M Pontius VP for Finance and Administration to July 2016 0 X 170959 0 11076 Christa Montagnino VP for Extended Education to March 2017 0 X 127074 0 16575 Cathy Kushner Special Assistant of Leadership Academy 37.5 X 141682 0 31101 4223224 0 568036 56 1 1 0 MILTON S EISENHOWER LIBRARY Johns Hopkins University Baltimore MD 21218 Library Services 1560804 THE MARTIN GROUP LLC 620 Main Steet Buffalo NY 14202 Advertising Services 1391883 INSIDETRACK INC Department LA 22614 Pasadena CA 911852614 Educational Management & Student Services Provider 1285192 GOOGLE INC Department No 33654 PO Box 39000 San Francisco CA 941393654 Advertising Services 898376 WAINSCHAF ASSOCIATES INC 589 3rd Avenue Extension Rensselaer NY 12144 Construction Services 725458 63 0 0 0 0 1360287 358843 0 1719130 Graduate, UG, & Non-Credit Bearing Tuition 611310 68713627 68713627 0 0 Examination Fees 611310 8598120 8598120 0 0 Enrollment Related Fees 611310 6017918 6017918 0 0 Educators Serving Educators Fees 611310 423344 423344 0 0 Presidents' Forum Fees 611310 85313 85313 0 0 102000 102000 0 0 83940322 687400 0 0 687400 0 0 0 0 0 0 0 0 1107194 0 753439 0 353755 0 353755 0 0 353755 5201598 0 5190746 0 10852 0 10852 0 0 10852 0 Merchandise 611310 14339 14339 0 0 Miscellaneous 611310 2906 2906 0 0 Bad Check Charges 611310 1650 1650 0 0 18948 18948 0 0 37843 86749302 83978165 0 1052007 0 0 584137 584137 0 0 0 0 3171209 630294 2417402 123513 0 0 0 0 48668251 40571168 7849220 247863 2268046 1641989 608132 17925 4852530 3427002 1389965 35563 3981362 3100176 851163 30023 0 0 0 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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 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 867909 159786 134631 23682 2703 4161 1131780 0.926 0.06 0.014 0 0 0 3359285 3359285 0 19613836 5105419 14508417 0 728731 626670 102061 0 11948644 9179854 2768790 0 2440017 936741 1503276 22241829 0 Liabilities to beneficiaries under split interest agreements 13967 Deferred Rent 118359 132326 X 88536564 1029379 4444 0 0 1033823 87502741 0 -753439 -753439 86749302 87507360 4444 0 0 0 4444 87502916 0 -753439 -753439 86749477 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), $682 included in 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. The remaining $7,361 represents expenditures used to support operations for the quasi-endowment. 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 ($753,439). Schedule D, Part XII, Line 4b Includes rental expenses ($753,439). 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. Europe (including Iceland and Greenland) 0 0 Program Services To present at NACADA annual conference. 1021 Middle East and North Africa 0 0 Program Services To visit international partnerships and Israel Study Abroad students & seminaries, and to recruit new students and seminaries. 25335 0 0 26356 0 0 0 0 0 0 Schedule F, Part I, Line 3 Schedule F, Part I, Line 3 - The accrual basis of accounting is used to account for all foreign expenditures. 1 Scholarships 1669 584137 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 N Baldwin President and CEO 279919 0 0 0 43864 0 19596 0 513 0 343892 0 0 0 Deborah L Sopczyk Provost 249983 0 0 0 1524 0 18200 0 25468 0 295175 0 0 0 James C Lettko Chief Operating Officer 247686 0 0 0 516 0 17500 0 3207 0 268909 0 0 0 Karl Lawrence VP of Finance to Feb. 2018 235255 0 0 0 2276 0 16870 0 20824 0 275225 0 0 0 Dawn F Gerrain Chief Marketing and Business Development Officer 221487 0 0 0 152 0 0 0 27193 0 248832 0 0 0 Mark Howe VP of HR 218400 0 0 0 516 0 15400 0 2096 0 236412 0 0 0 Keith Barrows VP of Institutional Advancement to Nov. 2017 185063 0 10000 0 15571 0 6499 0 28846 0 245979 0 0 0 Ronald Marzitelli Interim VP for IT & CIO to July 2017 165721 0 0 0 7476 0 10503 0 138 0 183838 0 0 0 Karen Halaco General Counsel 168926 0 0 0 516 0 12127 0 19271 0 200840 0 0 0 Mary Lee Pollard Dean, School of Nursing 178355 0 0 0 566 0 12485 0 258 0 191664 0 0 0 George Timmons Dean, School of Liberal Arts 173846 0 0 0 180 0 12600 0 7156 0 193782 0 0 0 Li-Fang Shih Dean, School of Business & Tech 149061 0 0 0 1620 0 11200 0 24224 0 186105 0 0 0 Robert Waters Dean, School of Public Service 198333 0 0 0 665 0 14535 0 9839 0 223372 0 0 0 Susan A Dewan AVP for Military Education 177630 0 0 0 516 0 10805 0 10584 0 199535 0 0 0 Emilsen S Holguin Associate Provost 166874 0 0 0 180 0 10360 0 20560 0 197974 0 0 0 Laurie Carbo-Porter Associate Provost 163944 0 0 0 2091 0 11896 0 19319 0 197250 0 0 0 Paul Kelly HR & Change Facilitator 128111 0 0 0 25458 0 4568 0 29605 0 187742 0 0 0 Wayne A Brown VP for IT & Chief Information Officer to May 2017 129604 0 0 0 14801 0 7984 0 1865 0 154254 0 0 0 John M Pontius VP for Finance and Administration to July 2016 0 0 0 0 170959 0 0 0 0 0 170959 0 0 0 Cathy Kushner Special Assistant of Leadership Academy 140158 0 0 0 1524 0 10396 0 21467 0 173545 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 Keith Barrows - Severance payment of $15,385, John Pontius - Severance payment of $170,959, James Baldwin - 457(b) Supplemental non-qualified retirement plan contribution of $36,000. Miguel Corona Husband of Officer Christa Montagnino 25767 Payment for conducting instructional services 0 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. 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 2014 Executive Compensation study completed by a consultant, discussed in detail below, looked at other college presidents in our list of 22 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. 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.