2018-05-10T12:45:01-05:00 2017-06-30 390859910 Baker Tilly Virchow Krause LLP 1650 Market Street Suite 4500 Philadelphia PA 191037341 990 2016-07-01 231352354 Lebanon Valley College LEBA 7178676421 101 North College Avenue Annville PA 17003 SHAWN CURTIN VP Finance & Administration 7178676421 2018-05-09 1 Julius C Green CPA P00350393 2159720701 2016 2022-09-23 18:48:47Z Lewis E Thayne 101 North College Avenue Annville PA 17003 163490177 0 X www.lvc.edu X 1866 PA Provides educational services at the undergraduate and graduate level. 31 26 1840 656 394243 -103365 9413305 10999418 67195820 82791322 551796 7306724 14051477 1112976 91212398 102210440 34849515 37575079 0 0 29916003 31491117 0 0 1528937 22299706 22739816 87065224 91806012 4147174 10404428 174204435 185627421 40600043 41427108 133604392 144200313 X LEBANON VALLEY COLLEGE delivers a transformative education built on the liberal arts. We develop students who think critically and creatively across boundaries; who solve complex problems; who communicate effectively; and who value differences among human beings. Our graduates are empowered to pursue a life of learning, citizenship, and success. 0 0 83019381 37575079 83104174 Lebanon Valley College, founded in 1866, offers bachelor's degrees in 42 majors: master's degrees in athletic training, business administration, music education, science in STEM education, and speech-language pathology, and a doctoral degree in physical therapy. Located eight miles from Hershey, Pennsylvania, this liberal arts college of 1910 total enrolled students produces alumni who attend prestigious graduate and professional schools, and are employed by top companies and school districts. 83019381 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 2738 0 1 1840 1 1 1 0 0 0 0 1 1 0 0 0 0 X 31 26 1 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 PA X Gabriel Paz 7178676421 101 North College Avenue Annville PA 17003 X Wesley T Dellinger Chair 1.00 X X 0 0 0 Katherine J Bishop Vice Chair 1.00 X X 0 0 0 Kristen R Angstadt Vice Chair 1.00 X X 0 0 0 Elizabeth R Unger Assistant Secretary 1.00 X X 0 0 0 Lewis E Thayne President 40.00 X X 329295 0 43483 Jeanne D Arnold Trustee 1.00 X 0 0 0 Philip Benesch Faculty Trustee (Term 5/2017) 40.00 X 66542 0 18562 Michael S Beyer Trustee 1.00 X 0 0 0 Edward D Breen Trustee 1.00 X 0 0 0 Terence C Brown Trustee (Term 5/2017) 1.00 X 0 0 0 David A Cass Trustee 1.00 X 0 0 0 Susan M Corbett Trustee 1.00 X 0 0 0 Geret P DePiper Trustee 1.00 X 0 0 0 Susanne Harley Dombrowski Trustee 1.00 X 0 0 0 Laura Eldred Faculty Trustee 1.00 X 61549 0 17017 James G Glasgow Trustee 1.00 X 0 0 0 M Louise Hess Trustee 1.00 X 0 0 0 Gregory J Hessinger Trustee (Term 5/2017) 1.00 X 0 0 0 Gregory A High Trustee 1.00 X 0 0 0 Wendie DiMatteo Holsinger Trustee 1.00 X 0 0 0 George J King Trustee 1.00 X 0 0 0 Vidya K Lala student trustee (term 5/2017) 1.00 X 3324 0 0 Seth Mendelsohn Trustee/adjunct faculty 1.00 X 13500 0 0 Carroll Skip Missimer Trustee 1.00 X 0 0 0 Shilesky Montalvo Student Trustee 1.00 X 417 0 0 Chester Q Mosteller Trustee 1.00 X 0 0 0 Kathryn N Oriel Faculty Trustee 1.00 X 96440 0 25763 Lynn G Phillips Trustee 1.00 X 0 0 0 Jeffrey j ritchie Faculty Trustee 40.00 X 75226 0 19171 Elliott Robinson Trustee 1.00 X 0 0 0 Elyse E Rogers Trustee 1.00 X 0 0 0 Karen A Schmitt Trustee 1.00 X 0 0 0 rev william s shillady Trustee (Term 5/2017) 1.00 X 0 0 0 Tracey A Stover Trustee 1.00 X 0 0 0 Ryan H Tweedie Trustee 1.00 X 0 0 0 Rebecca Whalen Student Trustee 1.00 X 466 0 0 Samuel A Willman Trustee (Term 5/2017) 1.00 X 0 0 0 Shawn P Curtin VP FINANCE/Treasurer 40.00 X 178586 0 34861 Steven O'Day VP for Strat. Initiavies/Secretary 40.00 X 139790 0 12718 michael green vp academic affairs/dean of Faculty 40.00 X 194826 0 24174 Edwin Wright VP of Enrollment Management 40.00 X 162124 0 42845 Daniel Helwig VP of Advancement 40.00 X 194074 0 31241 gregory krikorian vp student affairs 40.00 X 139008 0 32578 stan dacko assoc. prof. physICAL theRapy 40.00 X 126966 0 29419 DAVID SHAPIRO CIO/DIRECTOR INFORMATION Technology 40.00 X 118184 0 26200 DONALD SANTOSTEFANO SR. DIRECTOR OF FACILITIES MGMT 40.00 X 116669 0 27164 Marcia Epler assoc. prof. physICAL theRapy 40.00 X 106590 0 15778 2123576 0 400974 15 0 1 0 METZ CULINARY MANAGEMENT 2 woodland drive dallas PA 18612 FOOD SERVICES 3822124 ARTHUR FUNK & SONS INC 1405 BIRCH ROAD LEBANON PA 17042 CONSTRUCTION SERVICES 2143255 JEM GROUP LLC 509 NORTH SECOND STREET HARRISBURG PA 17101 CONSTRUCTION SERVICES 894826 STANTEC ARCHITECTURE INC 13980 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 ARCHITECTURAL SERVICES 727636 BENCHMARK CONSTRUCTION 4121 OREGON PIKE BROWNSTOWN PA 17508 CONSTRUCTION SERVICES 687835 20 5825 55526 2641702 8296365 271469 10999418 STUDENT TUITION AND FEES 611310 69462646 69462646 Auxiliary Enterprises 611310 13328676 13328676 82791322 961135 4693 956442 77458 65656 11802 11802 11802 67545838 61200249 6345589 6345589 6345589 13751 55526 13832 -81 -81 ATHLETIC CAMPS & TOURNAMENTS 713990 312852 312852 arnold Sports Center 713990 242092 242092 conference-Dormitories 721000 147458 147458 398853 398853 1101255 102210440 83104174 394243 7712605 49173 49173 37525906 37525906 1184952 650294 427927 106731 23517100 19877108 2748771 891221 1589965 1343749 176622 69594 3465544 2901101 418970 145473 1733556 1435683 228403 69470 88173 44087 44086 84025 84025 33000 33000 251546 251546 4912153 4296263 558773 57117 893599 837620 55979 1870872 1420564 394888 55420 195038 176799 17921 318 1636681 1636681 992186 869073 65877 57236 824775 824775 5841988 5841988 467017 467017 Repair/Maintenance 1235378 778371 444151 12856 Minor Equip. Purchase 720026 613791 105366 869 Library Materials 659446 659446 PRIZES/awards 356004 356004 1677909 1167483 503773 6653 91806012 83019381 7257694 1528937 4000 4000 8096701 9725222 3697876 7042438 723787 1040469 2252091 2342350 29818 28973 1103907 1106659 180830302 90102773 88250736 90727529 51941108 52253910 14035218 16970746 4069193 4385125 174204435 185627421 5611760 6684638 96719 52895 29604856 29852548 1019506 704273 4267202 4132754 40600043 41427108 X 75348005 74732624 16182021 26104973 42074366 43362716 133604392 144200313 174204435 185627421 X 10404428 187945 3548 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 33000 33000 0 Part II-B, Line 1: Paid $33,000 to Long Nyquist & Associates to assist in identifying and applying for eligible grants. X X X 0 57520255 2625832 7032742 1243889 1431031 64503909 58759938 2416987 -1161066 1164126 1331478 57520255 55275576 3538698 2239712 1084898 1209150 58759938 46103144 5173448 6179402 1047090 1133328 55275576 45126214 1347586 1732280 1005251 1097685 46103144 0.20060 0.58940 0.21000 0 0 2474725 2474725 133933562 63490281 70443281 21806310 16460218 5346092 22615705 10152274 12463431 90727529 alternative investments 16590068 F CSV LIFE INSURANCE POLICIES 380678 F 16970746 LIABILITY ON ANNUITY CONTRACTS 825863 STUDENT CREDIT BALANCES AND DEPOSITS 1470177 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 1836714 4132754 X 66569768 187945 -35908105 -35720160 102289928 -79488 -79488 102210440 55973847 79488 79488 55894359 35911653 35911653 91806012 Part III, Line 4: The College's collection consists of artwork, rare books, and other objects. The collection is held for education, research, and public exhibition and is protected, kept unencumbered, cared for, and preserved. Part V, Line 4: To support educational programs in accordance with the donor designations. Part X, Line 2: The College follows the FASB guidance that requires a tax position to be recognized based on a "more likely than not" to be sustained upon examination threshold. The College does not believe its financial statements include any uncertain tax positions. Part XI, Line 2d - Other Adjustments: Student educational grants netted against revenue on financials -35,673,234. Change in cash surrender value of life insurance policy 3,548. INVESTMENT EXPENSES NETTED ON THE FINANCIALS -238,419. Part XI, Line 4b - Other Adjustments: Rental Expenses -65,656. FUNDRAISING EXPENSES -13,832. Part XII, Line 2d - Other Adjustments: Rental expense 65,656. FUNDRAISING EXPENSES 13,832. Part XII, Line 4b - Other Adjustments: Student educational grants netted against revenue on financials 35,673,234. INVESTMENT FEES NETTED ON THE FINANCIALS 238,419. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 THE POLIcy is included on the College's catalog, website, PUBLICATIONS, ETC. Schedule E, Part I, Line 6 THE COLLEGE RECEIVES VARIOUS FEDERAL GRANTS DIRECTLY FROM THE U.S. DEPARTMENT OF EDUCATION. THESE GRANTS INCLUDE SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, COLLEGE WORK-STUDY FUNDING, AND PELL GRANTS. THE COLLEGE ALSO RECEIVES GRANTS FROM THE COMMONWEALTH OF PENNSYLVANIA. Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 INVESTMENTS 588528 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 PROGRAM SERVICE EXPENSES STUDY ABROAD PROGRAM 492427 East Asia and the Pacific - Australia, Brunei, Burma, Cambodia, 0 0 PROGRAM SERVICE EXPENSES RECRUITING EXPENSES 14720 Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 27200 East Asia and the Pacific 0 0 PROGRAM SERVICES STUDY ABROAD PROGRAM 250134 0 0 0 0 0 0 1373009 0 1373009 1 0 0 0 0 0 LVEP golf tournament 51077 44502 6575 1145 1100 4330 332 LVC Golf Classic 18200 11024 7176 750 3150 2476 549 69277 55526 13751 1895 4250 6806 881 13832 -81 1 ANVILLE TOWNSHIP 36 NORTH LANCASTER STREET ANNVILLE PA 17003 236003026 N/A 26000 0 CASH N/A UNRESTRICTED CONTRIBUTION TO SUPPORT THE TOWNSHIP ANVILLE-CLEONA SCHOOL DISCTICT 500 SOUTH WHITE OAK STREET ANNVILLE PA 17003 231602952 N/A 20000 0 CASH N/A UNRESTRICTED CONTRIBUTION TO SUPPORT THE SCHOOL DISTRICT 2 0 LVC GRANTS & SCHOLARSHIPS 1608 35527995 CASH N/A SEOG GRANTS 34 125533 CASH N/A STUDENT AWARDS 139 32686 CASH N/A PELL GRANTS 433 1764850 CASH N/A FACULTY ACADEMIC GRANTS 18 21586 CASH N/A TEACH GRANTS 10 33550 CASH N/A LVC GRANTS TO FOREIGN STUDENTS 2 19706 CASH N/A Part I, Line 2: All students applying for federal funds are required to submit the Free Application for Federal Student Aid ("FAFSA"). The financial aid office reviews the results of the FAFSA, which dictates what and how much federal funding the individual student is eligible for. If the student is determined to be in compliance with all federal regulations, as determined by the Dept. of Ed., the financial aid office awards the student the appropriate funding. Student files regarding eligibility are maintained by the financial aid office. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 Lewis E Thayne President 329295 0 0 0 0 0 23850 0 19633 0 372778 0 0 0 Shawn P Curtin VP FINANCE/Treasurer 178586 0 0 0 0 0 16756 0 18105 0 213447 0 0 0 Steven O'Day VP for Strat. Initiavies/Secretary 139790 0 0 0 0 0 12332 0 386 0 152508 0 0 0 michael green vp academic affairs/dean of Faculty 194826 0 0 0 0 0 17514 0 6660 0 219000 0 0 0 Edwin Wright VP of Enrollment Management 162124 0 0 0 0 0 24616 0 18229 0 204969 0 0 0 Daniel Helwig VP of Advancement 194074 0 0 0 0 0 17357 0 13884 0 225315 0 0 0 gregory krikorian vp student affairs 139008 0 0 0 0 0 13155 0 19423 0 171586 0 0 0 stan dacko assoc. prof. physICAL theRapy 126966 0 0 0 0 0 12086 0 17333 0 156385 0 0 0 Part I, Line 1a from the employment agreement between Lebanon Valley College and Lewis E. Thayne - "The College shall pay or reimburse the Executive for all reasonable business expenses incurred by the Executive (and his spouse where there is a legitimate business reason for his spouse to accompany him) in connection with the performance of his duties and obligations under this agreement. Such payments shall include reasonable reimbursements for tickets, subscriptions, etc. for the Executive and his spouse to work-related fund raising events in the community. These reimbursements are not considered taxable benefits to the employee. These expenditures shall be subject to the review and approval of the Chair of the Board." A ANNVILLE TOWNSHIP AUTHORITY 236003026 2004-09-17 6000000 SEE PART VI 0 0 0 B ANNVILLE TOWNSHIP AUTHORITY 236003026 2007-11-29 10000000 SEE PART VI 0 0 0 C ANNVILLE TOWNSHIP AUTHORITY 236003026 2008-05-21 5066000 SEE PART VI 0 0 0 D ANNVILLE TOWNSHIP AUTHORITY 236003026 2009-08-11 5425000 SEE PART VI 0 0 0 A 2195000 6000000 6000000 2004 1 0 1 1 B 971235 10000000 10000000 2009 0 0 1 1 C 2940000 5066000 22240 2177760 2866000 2009 1 0 1 1 D 800000 5425000 5425000 2009 1 0 1 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 0 B 0 0 1 0 0 0 0 0 0 C 0 0 1 0 0 0 0 0 0 D 0 0 1 0 0 0 0 0 0 A 0 B 0 C 0 D 0 PART I, COLUMN F: PURPOSE OF BOND: A) REFUNDING OF NOTE PAYABLE OF 1997 B) CONSTRUCTION PROJECTS C) REFUNDING OF NOTES PAYABLE OF 1999 AND 2001 AND CONSTRUCTION PROJECTS D) REFUNDING OF NOTES PAYABLE OF 2004 AND LINE OF CREDIT FOR REDEMPTION OF 1999 BONDS E) CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, EQUIPPING, AND FURNISHING COLLEGE FACILITIES AND VARIOUS CAPITAL ADDITIONS, ACQUISITIONS, AND IMPROVEMENTS F) REFUNDING OF NOTE PAYABLE OF 2005 G) CONSTRUCTION & PURCHASE OF EQUIPMENT SCHEDULE K, PART III LINE 9, PART IV LINE 7, AND PART V THE COLLEGE HAS PROCEDURES IN PLACE TO MONITOR COMPLIANCE AND IS IN THE PROCESS OF FORMALIZING A WRITTEN POLICY. SCHEDULE K, PART I AND PART II LINE 3 PROCEEDS FOR BONDS ISSUED 12/07/16: PROCEEDS REPORTED IN PART I COLUMN F REPRESENT THE ENTIRE BOND OFFERING. THE PROCEEDS REPORTED ON PART II ARE THE AMOUNT OF BONDS DRAWN DOWN AS OF 6/30/17. A ANNVILLE TOWNSHIP AUTHORITY 236003026 2010-11-18 5200000 SEE PART VI 0 0 0 B ANNVILLE TOWNSHIP AUTHORITY 236003026 2013-07-30 5825000 SEE PART VI 0 0 0 C ANNVILLE TOWNSHIP AUTHORITY 236003026 2016-12-07 22000000 SEE PART VI 0 0 0 A 500000 5200000 67950 5132050 2012 0 0 1 1 B 1765000 5825000 5825000 2013 1 0 1 1 C 1822430 120331 1702099 2018 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 0 B 0 0 1 0 0 0 0 0 0 C 0 1 0 0 0 0 FIRST NATIONAL BANK OF PENNSYLVANIA 0 0 0 0 0 A 0 B 0 C 0 X 8 271469 mean share price 0 1 1 Part I, Column (b): The number in column (b) represents the number of contributors. Part I, Line 32b: Donations of stocks are sold upon receipt by the college's investment manager. Form 990, Part VI, Section A, line 2 Trustee Susanne Harley Dombrowski has a business relationship with trustees Carroll "Skip" Missimer and Wesley T. Dellinger. Trustees Gregory A. High and Chester Q. Mosteller have a business relationship. Form 990, Part VI, Section A, line 3 THE COLLEGE OUTSOURCED ITS FOOD SERVICE TO Metz. The college also outsourced its bookstore operations to Barnes and Noble. Form 990, Part VI, Section B, line 11b After completion and review by management, The Audit Committee of the Board reviewed the complete 990 in detail during the March audit committee meeting. A full copy of the 990 was posted on the College's portal for the full board's review prior to filing with the IRS. Form 990, Part VI, Section B, line 12c The conflict of interest policy is distributed annually. In the case of the board and senior staff, including the President, the governance Committee developed a form which is scheduled to be completed annually. Language on the forms was modified in 2010 to better reflect IRS Form 990 definitions / requirements. Completed Trustee forms are reviewed by the Executive Assistant to the President and members of the governance Committee. Members of the governance Committee note any responses that require attention. Form 990, Part VI, Section B, line 15 Compensation of the President and VPs is reviewed annually by the Compensation Subcommittee of the Board to ensure that compensation does not exceed fair market value. External benchmark data from CUPA-HR is shared as a part of this review. The Compensation subcommittee makes the determination and the process is noted in meeting minutes. Form 990, Part VI, Section C, line 19 Governing Documents, conflict of interest policy, and financial statements are available at 101 North College Avenue upon request. FORM 990, PART VI, LINE 1 The Executive Committee is comprised of officers of the Board, chairs of standing committees, and up to four additional trustees as appointed by the Chair of the Board. All members of the Executive Committee must be voting members of the Board of Trustees. The bylaws of the Board of Trustees stipulate that the Executive Committee has, and may exercise all powers of the Board of Trustees in the transaction of the business of the College between meetings of the Board. Unless specifically empowered by the Board, the Executive Committee may not take any action inconsistent with a prior act of the Board of Trustees, award degrees, alter Bylaws, locate permanent buildings in tax-exempt property held for College purposes, purchase or sell, mortgage or lease or otherwise acquire or dispose of real property, remove or appoint the President of the College, adopt the annual budget, elect trustees or board officers, or take any other action that has been reserved by or for the Board. FORM 990, PART VII THE FOLLOWING TRUSTEES ARE ALSO ON THE FACULTY OF LEBANON VALLEY COLLEGE WORKING either FULLTIME, as part-time adjunct professor, OR STUDENT EMPLOYEES WORKING DURING THE ACADEMIC YEAR. COMPENSATION REPORTED ON PART VII RELATES TO THEIR EMPLOYMENT POSITIONS: - philip benesch - jeffrey ritchie - laura eldred - seth mendelsohn - shilesky montalvo - vidya lala - kathryn oriel - rebecca whalen Form 990, Part XI, line 9: Change in cash surrender value of life insurance policy 3,548. FORM 990, PART VI, LINE 14: SEPARATE RETENTION POLICIES ARE MAINTAINED AT THE DEPARTMENT/DIVISIONAL LEVELS. IT IS THE COLLEGE'S GOAL TO CONSOLIDATE THESE POLICIES AND DEVELOP AN INSTITUTIONAL WIDE RETENTION POLICY. Vale LLC 101 NORTH COLLEGE AVENUE ANNVILLE PA 170030501 463835416 MUSIC PRODUCTION PA 1790 953 lebanon valley college lebanon valley college physical therapy & sports rehab clinic 101 NORTH COLLEGE AVENUE ANNVILLE PA 170030501 464917810 PHYSICAL THERAPY AND SPORTS REHABILIATION PA 94314 188960 lebanon valley college