2017-11-14T17:42:38-06:00 2016-12-31 990 2016-01-01 231352008 The American College AMER 6105261000 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 Yi Tang Chief Financial & Risk Officer 6105261308 2017-11-14 67.216.77.125 2017-11-14 18:40:31 ES P 4AF754960C2D2B0893694E177A46022AA6A004E0 4AF754960C2D2B0893694E177A46022AA6A004E0 2016 2017-02-10 21:41:12Z The American College of Financial Services Robert R Johnson 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 45188395 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 45 259 90 0 0 6231051 1774771 28956336 27547078 3402248 3541537 4266821 1220822 42856456 34084208 228252 250734 0 0 19822641 23699948 121710 111990 1637165 17739863 16794031 37912466 40856703 4943990 -6772495 64599068 58797202 9810369 9372738 54788699 49424464 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 17353484 136496 21959447 The Huebner School administers the curriculum leading to the CLU, ChFC, RICP, RHU, REBC, CLF, CASL, ChHC, and ChSNC professional designations. There are approximately 17,800 students enrolled in these programs. 1748880 1644 2887579 The FSCP Program administers the curriculum leading to the FSCP professional designations. There are approximately 4,000 students enrolled in this program. 2995833 112594 2291408 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 1,100 students enrolled in these programs. 912379 408644 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. 912379 408644 23010576 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 0 1 1 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 196 0 1 259 1 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 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 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 Wendy A Benson Trustee 1.00 X 0 0 0 Lee V Bethel Trustee 1.00 X 0 0 0 James J Carbone Trustee 1.00 X 0 0 0 Ron Carson Trustee 1.00 X 0 0 0 George I Connolly Trustee 1.00 X 0 0 0 Michael J Corey Trustee 1.00 X 0 0 0 Ralph L Crews Trustee 1.00 X 0 0 0 J Scott Davison Trustee 1.00 X 0 0 0 Anthony J Domino Trustee 1.00 X 0 0 0 Michael Doughty Trustee 1.00 X 0 0 0 Caroline Feeney Trustee 1.00 X 0 0 0 Anthony M Garcia Trustee 1.00 X 0 0 0 Campbell T Gerrish Trustee 1.00 X 0 0 0 Peter A Golato 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 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 James A Mitchell Trustee 1.00 X 0 0 0 Linda S Need Trustee 1.00 X 0 0 0 Knut A Olson Trustee 1.00 X 0 0 0 Robert B Plybon Trustee 1.00 X 0 0 0 Phillip C Richards Trustee 1.00 X 0 0 0 M Michael Rooney Trustee 1.00 X 0 0 0 Michael Rosenzweig Trustee 1.00 X 0 0 0 Albert J Schiff Trustee 1.00 X 0 0 0 Richard J Schindler Trustee 1.00 X 0 0 0 Robert D Shapiro 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 Thomas P Tooley Trustee 1.00 X 0 0 0 Leo C Tucker Trustee 1.00 X 0 0 0 Tina M Perrino 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 Robert R Johnson President & CEO 40.00 X 673591 0 30017 Keith Hickerson Executive Vice President & COO 40.00 X 436111 0 21410 Yi Tang Chief Financial & Risk Officer 40.00 X 250270 0 24537 Charles T Cronin Senior Vice President - Advancement 40.00 X 260670 0 13963 Deborah Glenn Chief Human Resources Officer 40.00 X 233254 0 15674 Jack Hondros Chief Marketing Officer 40.00 X 359747 0 32070 Bryan Johnson Vice President - Organizational Effectiveness 40.00 X 200451 0 24411 Edward McEvoy Chief Technology Officer 40.00 X 288559 0 16598 Sophia Duffy Associate Dean - Academics 40.00 X 185137 0 19026 Craig Lemoine Assiciate Professor - Financial Planning 40.00 X 301518 0 25551 Jamie Hopkins Associate Professor - Taxation 40.00 X 269214 0 13676 Glenn Bosemann Dean - Graduate School 40.00 X 252151 0 21976 David Littell Proferror of Taxation 40.00 X 216021 0 20587 Wade Pfau Professof - Retirement Income 40.00 X 208400 0 25418 Laurence Barton Former President & CEO 0.00 X 592875 0 25418 Neal R Fegely Former Chief Financial & Risk Officer 0.00 X 356225 0 10743 5084194 0 341075 59 1 1 0 Ernst & Young US LLP PO Box 640382 Pittsburgh PA 152640382 Website Design Services 809346 The Archer Group 2333 N King Street 4th Floor Wilmington DE 19801 Website Design Services 385830 Stratus Interactive LLC 144 East Market Street West Chester PA 19382 Marketing Consulting 382122 Sierra-Cedar Inc PO Box 402521 Atlanta GA 303842521 Systems Consulting 350369 Sloan & Company 7 Times Square Tower New York NY 10036 Public Relations Consulting 261697 9 271770 1503001 82109 1774771 Solomon S. Huebner Sch 611310 21959447 21959447 Richard D. Irwin Gradu 611310 2887579 2887579 FSCP Program 611310 2291408 2291408 Customized Corporate C 611310 408644 408644 27547078 1149231 1149231 13396656 11004350 2392306 2392306 2392306 33391 271770 99837 -66446 -66446 Professional Recertifi 611310 689674 689674 Ethics Center Membersh 611310 225000 225000 royalties 611310 180915 180915 191679 191679 1287268 34084208 28834346 0 3475091 250734 250734 3541019 326190 2958616 256213 16265084 11384477 4397440 483167 48907 48907 2548476 2527982 -135450 155944 1296462 1296462 415872 183540 223655 8677 78996 78996 111990 111990 2085661 1267186 766964 51511 1303756 1221720 17255 64781 1449998 362068 1052414 35516 1248643 1157862 90781 5393 5393 1957349 65439 1891910 901221 593043 252301 55877 3721051 2942706 478021 300324 2578 2578 1137195 1137195 401591 295707 105884 Printing and Publicatio 585814 533777 52037 0 Bad Debt Expense 414754 1650 413104 0 Bank Service Charges 368860 0 368860 0 Library Services 201113 194116 3450 3547 514186 -7307 517759 3734 40856703 23010576 16208962 1637165 5508648 2458224 4377421 3240073 3033278 2053561 284533 412965 984170 542848 21023565 17952633 2572238 3070932 45557137 43819324 2281643 3199275 64599068 58797202 5450587 5308967 1014207 1091346 3345575 2972425 9810369 9372738 X 38664133 32594911 16124566 16829553 54788699 49424464 64599068 58797202 X -6772495 -405151 1813411 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 10000000 10000000 10000000 10000000 40000000 60000000 8242 971 0 0 9213 250000 250000 250000 250000 1000000 1500000 58847567 2580444 3460651 1471809 63416853 52954618 8759660 -837681 2029030 58847567 49808428 2977808 1120383 952001 52954618 43310907 3540277 3952710 995466 49808428 34956582 5642329 3687000 975004 0 43310907 0.39710 0.47720 0.12570 0 1 1 4934608 3806762 1127846 15317311 14068706 1248605 771646 77165 694481 3070932 University City Science Center stock 1000 F Investment portfolio 43818324 F 43819324 Life insurance cash values 3199275 3199275 Accrued pension costs 2752779 Annuity obligations 71997 Capital lease obligation 147649 2972425 X 35002598 -405151 1323541 918390 34084208 0 34084208 40856703 0 40856703 0 40856703 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, 2016 and 2015, 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, 2016 or 2015. Part XI, Line 2d - Other Adjustments: Transfers from The American College Foundation EIN 23-3015130 1309037. Net increase in life insurance cash surrender value 14504. 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 The non-discrimination policy is published in our brochures, on our admission and matriculation forms, and appears on the College's website as part of its privacy policy. 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 0 Harris Connect 1511 Rt 22 - Suite C-25 Brewster NY 10509 Phone solicitation 0 76935 114310 -37375 Grenzebach Glier & Associates PO Box 88277 Department A Chicago IL 606801277 Fundraising consulting 0 0 139476 -139476 76935 253786 -176851 AL AK AZ 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 Veteranm's Center Clambake 305161 271770 33391 38589 39266 21982 305161 271770 33391 38589 39266 21982 99837 -66446 0 Tuition assistance 108 250734 Part I, Line 2: The funds awarded to the students are disbursed directly to the College as the student enrolls in courses. X X 1 1 X X X X 1 0 0 1 0 1 0 0 0 Robert R Johnson President & CEO 450000 0 135000 0 88591 0 11912 0 18105 0 703608 0 0 0 Keith Hickerson Executive Vice President & COO 300000 0 75000 0 61111 0 13421 0 7989 0 457521 0 0 0 Yi Tang Chief Financial & Risk Officer 211539 0 20000 0 18731 0 8462 0 16075 0 274807 0 0 0 Charles T Cronin Senior Vice President - Advancement 190000 0 50000 0 20670 0 12351 0 1612 0 274633 0 0 0 Deborah Glenn Chief Human Resources Officer 175000 0 50000 0 8254 0 9571 0 6103 0 248928 0 0 0 Jack Hondros Chief Marketing Officer 220000 0 50000 0 89747 0 17607 0 14463 0 391817 0 0 0 Bryan Johnson Vice President - Organizational Effe 158846 0 35000 0 6605 0 12708 0 11703 0 224862 0 0 0 Edward McEvoy Chief Technology Officer 195000 0 45000 0 48559 0 15606 0 992 0 305157 0 0 0 Sophia Duffy Associate Dean - Academics 153813 0 0 0 31324 0 3077 0 15949 0 204163 0 0 0 Craig Lemoine Assiciate Professor - Financial Plan 146093 0 0 0 155425 0 9499 0 16052 0 327069 0 0 0 Jamie Hopkins Associate Professor - Taxation 145000 0 1246 0 122968 0 6623 0 7053 0 282890 0 0 0 Glenn Bosemann Dean - Graduate School 186807 0 0 0 65344 0 14951 0 7025 0 274127 0 0 0 David Littell Proferror of Taxation 160836 0 0 0 55185 0 12893 0 7694 0 236608 0 0 0 Wade Pfau Professof - Retirement Income 192003 0 0 0 16397 0 9601 0 15817 0 233818 0 0 0 Laurence Barton Former President & CEO 143077 0 0 0 449798 0 9601 0 15817 0 618293 0 0 0 Neal R Fegely Former Chief Financial & Risk Office 283923 0 0 0 72302 0 1694 0 9049 0 366968 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 accompanies him on trips to Board meetings and other events where she entertains trustee spouses, holding breakfasts, lunches, and leading tours and other outings. The President & CEO must obtain approval from the Board chairman each time his spouse accompanies him. 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 senior 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, Line 4a Laurence Barton, former President and CEO, received $592,875 including salary of $143,077 that coverd the period January through November 2016 and a contract buyout of $479,798 that covered the period December 2016 through December 2018. Neal R. Fegely, former Chief Financial & Risk Officer received $347,301 including $ 215,217 in severance in the form of salary continuation covering February 2016 through December 2016, January 2016 salary and a payout of accumulated unused paid time off (PTO) of $59,782, and a long-term incentive payment of $72,302. Part I, Line 5 The College had long-term incentive plans (LTIP) for three different periods in place in 2016. The final payment for the plan covering 2011 - 2013 was made in 2016 to the former Chief Operating Officer and Chief Marketing Officer. The first of two payments (the second will be made in 2017) for an LTIP covering 2014 and 2015 was made to four participants (the current Chief Operating Officer, the Chief Marketing Officer, the Chief Technology Officer, and the VP of Organizational Effectiveness). The College's Senior Leadership Team participates in the third LTIP that covers the period 2016 - 2018 and is based on revenue and students served. To receive payments under this plan, participants must be employed through December 2018. Payments will be made equally from 2019 to 2021. Part I, Line 6 The College had two long-term incentive plans (LTIP) with criteria that included net income in place in 2016. The final payment for the plan covering 2011 - 2013 was made in 2016 to the former Chief Operating Officer and Chief Marketing Officer. The first of two payments (the second will be made in 2017) for an LTIP covering 2014 and 2015 was made to four participants (the current Chief Operating Officer, the Chief Marketing Officer, the chief Technology Officer, and the VP of Organizational Effectiveness). Alvarez & Marsal Trustee Ablert J. Schiff is an officer of the firm 92706 The firm the was engaged as a result of an open bid process to perform compensation consulting services. 0 X 1 82109 Daily pricing on NYSE 0 1 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 and Chief Operating Officer for accuracy and completeness. It is then reviewed by the College's independent auditors and legal counsel. 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 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 1309037. Decrease in minimum pension liability 489870. Increase in life insurance cash surrender value 14504. Form 990, Part XII, Line 2c: The Audit & Risk Committee is responsible for the oversight of the audit and the selection of the indepedent accountant. This process remains unchanged from the prior year. The American College Foundation 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 233015130 Solicit and manage funds for the benefit of The American College PA 501(c)(3) Line 11 The American College 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1