2017-04-17T21:57:45-05:00 2016-05-31 560574444 CHERRY BEKAERT LLP 1111 Metropolitan Ave Ste 1000 Charlotte NC 28204 990 2015-06-01 953075415 INSTITUTE FOR SHIPBOARD EDUCATION INST 8008540195 2243 Centre Avenue No 300 Fort Collins CO 80526 LARRY D GRANT CFO 8008540195 2017-04-16 1 Janice A Ratica P00358837 7043771678 2015 2021-01-29 14:40:06Z X LARRY D GRANT 2243 Centre Avenue No 300 Fort Collins CO 80526 37144823 0 X WWW.SEMESTERATSEA.COM X 1971 DE THE INSTITUTE FOR SHIPBOARD EDUCATION ADMINISTERS THE SEMESTER AT SEA EDUCATIONAL PROGRAM. 27 26 192 33 0 0 4948696 2216718 50142728 33743524 246246 188073 17721 4790 55355391 36153105 6880676 5019046 0 0 4505461 4607080 0 0 556132 30330382 22123617 41716519 31749743 13638872 4403362 16913270 21432357 2618784 3750574 14294486 17681783 X THE INSTITUTE FOR SHIPBOARD EDUCATION (the institute) organizes and ADMINISTERS THE SEMESTER AT SEA PROGRAm, the world's premier program for study abroad. open to students of all majors, semester at sea offers 12 to 15 transferable credit college level courses per semi-annual voyage which coincides with traditional university semesters. the program is academically sponsored by the University of Virginia. Driven by the intention to educate individuals with the global understanding necessary to address the challenges of an interdependent world, the institute also sponsors short duration educational voyages attended by alumni, lifelong learners and staff as ship availability permits. 0 0 27958466 5019046 33743524 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 THE UNIVERSITY OF VIRGINIA AND ADMINISTERED BY THE INSTITUTE. Ise's academic partner will be Colorado State University beginning on June 1, 2016. 27958466 1 1 0 0 0 0 0 0 1 1 1 1 0 1 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 27 0 192 1 0 1 UK 0 0 0 1 1 0 0 0 0 X 27 26 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 aLLISON Dwight Trustee 0.50 X 0 0 0 GREG Chapman 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 Dennis Gertmenian Trustee 0.50 X 0 0 0 Jeff Glazer Trustee 0.50 X 0 0 0 Leigh Grossman Trustee 0.50 X 0 0 0 Tom Hudnut 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 Sara Kutler Trustee 0.50 X 0 0 0 Erin Lastinger Trustee 0.50 X 0 0 0 ANNE MILLER TRUSTEE 0.50 X 0 0 0 Todd Miller Trustee 0.50 X 0 0 0 Jonathan Murray Trustee 0.50 X 0 0 0 Gary Ransdell Trustee 0.50 X 0 0 0 Stuart Saunders Trustee 0.50 X 0 0 0 MARJORIE SEAWELL TRSUTEE 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 LOREN Crabtree President/ CEO/trustee 40.00 X X 149500 0 0 Larry Grant V.P. of Finance / CFO 40.00 X 206936 0 16722 Michael Zoll V.P. of Program Admin 40.00 X 139368 0 22466 Kenn Gaither Former President through 7/31/15 40.00 X 149747 0 11129 Beth McCarthy V.P. of Enrollment ManagemENT THROUGH 6/2/15 40.00 X 114745 0 0 MELISSA BINGLER ASSOCIATE V.P. OF ADVANCEMENT 40.00 X 115316 0 6306 875612 0 56623 6 0 1 0 Abercrombie & Kent 1411 OPUS PLACE EXECUTIVE TOWERS W DOWNERS GROVE IL 60515 Field Program Operator 789090 Destination Asia Roppongi OG Building 5F 1-3-4 Nish Minato-ku Tokyo 106-0031 JA Field Program Operator 749788 V-ships 24 AV DE FONTVIELLE BP 639 MC 98013 MN Manages Ship Operations 334200 VEDDER PRICE 1633 BROADWAY 47TH FLOOR NEW YORK NY 10019 LEGAL SERVICES 312404 VACATIONS CONSULTING 1660 TRADE CENTER WAY 1 NAPLES FL 34109 FIELD Program Operator 274921 5 2216718 56679 2216718 PROGRAM FEES 611600 30708258 30708258 FIELD PROGRAM 611710 2815600 2815600 CAMPUS STORE 451211 217875 217875 BOOKS AND VIDEOS 451211 1791 1791 33743524 180801 180801 950445 5751 947757 1167 2688 4584 7272 7272 47584 42794 4790 4790 36153105 33743524 0 192863 5019046 5019046 932235 932235 2815394 1333382 1110843 371169 599905 235999 314344 49562 259546 160940 70945 27661 225689 225689 448739 85069 363670 242053 30908 161959 49186 248472 248472 493264 457812 35452 79414 76408 1076 1930 145998 145998 387135 164203 222932 COST OF SHIP OPERATIONS 14517059 14517059 COST OF FIELD PROGRAMS 2790932 2790932 Cost of credits program 626074 626074 PUBLIC RELATIONS/ RECRU 577571 520150 7253 50168 1341217 1008249 326512 6456 31749743 27958466 3235145 556132 5137156 12404024 2870084 1587886 374444 650760 236561 75763 165444 352253 1404660 938979 215392 465681 6138137 4555857 1776052 1340133 16913270 21432357 915634 916483 1400218 2481685 6164 0 296768 352406 2618784 3750574 X 6968310 11589999 5228566 3894679 2097610 2197105 14294486 17681783 16913270 21432357 X 4403362 -76311 -939754 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 2094940 64470 -4579 2154831 1921505 108991 64444 2094940 1927788 112972 -75620 34248 9387 1921505 4625168 51068 33806 2627223 155031 1927788 4897680 17283 289795 4625168 0.00000 1.00000 0.00000 0 0 1404660 938979 465681 465681 securities 4555857 F 4555857 OTHER CURRENT ASSETS 1063650 REMAINDER INTEREST IN LIFE ESTATE 276483 1340133 OTHER CURRENT LIABILITIES 352406 352406 X 31065329 -76311 -5011465 -5087776 36153105 0 36153105 26730697 0 26730697 5019046 5019046 31749743 Part V, Line 4: The Institute's endowment consists of funds established for a variety of purposes including both donor-restricted funds and board-designated endowment funds. 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, 2016. 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, 2016 AND 2015. Part XI, Line 2d - Other Adjustments: change in value of life estate 7,581. Scholarship Expense recorded as offset AGAINST revenue in audit -5,019,046. Part XII, Line 4b - Other Adjustments: SCHOLARSHIP EXPENSES RECORDED AS OFFSET AGAINST REVENUE IN AUDIT 5,019,046. 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. 1 East Asia and the Pacific 0 0 PROGRAM SERVICES FIELD TRIPS 279259 Europe (Including Iceland & Greenland) 0 0 PROGRAM SERVICES FIELD TRIPS 340819 Middle East and North Africa 0 0 PROGRAM SERVICES FIELD TRIPS 373678 Sub-Saharan Africa 0 0 PROGRAM SERVICES FIELD TRIPS 342029 Sub-Saharan Africa 0 0 PROGRAM SERVICES FIELD TRIPS 88528 0 0 0 0 0 0 1424313 0 1424313 0 0 0 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. Rock the Dock Event 25864 25864 20429 parent reception/bon voyage 4824 4824 22365 2 16896 16896 47584 47584 42794 42794 4790 1 SCHOLARSHIPS FOR COLLEGE EDUCATION 1253 5019046 Part I, Line 2: the monies are credited directly to the student accounts and never exceed the costs charged. X 1 1 X X X 0 0 0 0 0 0 0 0 0 Larry Grant V.P. of Finance / CFO 206936 0 0 0 0 0 0 0 16722 0 223658 0 0 0 Michael Zoll V.P. of Program Admin 139368 0 0 0 0 0 0 0 22466 0 161834 0 0 0 Kenn Gaither Former President through 7/31/15 149747 0 0 0 0 0 0 0 11129 0 160876 0 0 0 Part I, Line 1a The companion of the president of ISE is permitted to travel with him as part of the president's employment contract. From time to time, a companion may accompany the Academic Dean, Executive Dean, or Director during one of the semester or enrichment voyages. X 11 56679 MEAN PRICE X SHARES 0 0 0 1 Part I, Line 32b: NON-CASH "STOCK" CONTRIBUTIONS ARE RECEIVED INTO ONE OF ISE'S BROKERAGE ACCOUNTS HELD AT WELLS FARGO ADVISORS. THE SPECIFIC STOCK CONTRIBUTION IS THEN EITHER LIQUIDATED OR HELD UPON THE RECOMMENDATION OF THE INVESTMENT ADVISOR AT WELLS FARGO. Form 990, Part VI, Section A, line 7a ON JUNE 4TH, 2014 THE INSTITUTE AMENDED THEIR AGREEMENT WITH UNIVERSITY OF VIRGINIA. THE UNIVERSITY NO LONGER HAS ANY OBLIGATIONS TO PROVIDE MEMBERS TO THE BOARD OF TRUSTEES, BUT CAN APPOINT TWO DESIGNATED NON-VOTING REPRESENTATIVES OF THE UNIVERSITY TO ATTEND INSTITUTE BOARD OF TRUSTEE MEETINGS AND SHALL HAVE FULL ACCESS TO INFORMATION FROM THESE MEETINGS. Form 990, Part VI, Section B, line 11 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 APPOVES 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 -56,056. change in value of life estate 7,581. UVA Profit Share -255,000. loss on contribution receivable -636,279. EXPLORER MARITIME LLC 2410 old ivy road CHARLOTTESVILLE VA 22903 261598279 OWNS SHIP USED FOR THE INSTITUTE FOR SHIPBOARD EDUCATION'S MISSION DE 0 0 N/A