2017-02-01T16:05:19-06:00 2016-06-30 510232399 BELFINT LYONS & SHUMAN PA 1011 CENTRE RD STE 310 WILMINGTON DE 19805 990 2015-07-01 510109178 GOLDEY-BEACOM COLLEGE INC GOLD 3029988814 4701 LIMESTONE ROAD WILMINGTON DE 19808 KRISTINE SANTOMAURO EXECUTIVE VICE PRESIDENT 3022256268 2017-01-24 1 JONATHAN D MOLL CPA P01053700 3022250600 2015 2021-01-29 14:40:06Z KRISTINE SANTOMAURO 4701 LIMESTONE ROAD WILMINGTON DE 19808 43514707 0 X WWW.GBC.EDU X 1951 DE TO CONFER THE ASSOCIATE, BACCALAUREATE AND GRADUATE DEGREES ON QUALIFIED STUDENTS. 9 8 329 34 0 -4767 1282621 1718970 36664083 38023078 6803900 3142787 124844 150413 44875448 43035248 16042503 17430581 0 0 7515257 7624945 0 0 258281 5032841 5323391 28590601 30378917 16284847 12656331 125629160 138299898 4645312 4643871 120983848 133656027 X GOLDEY-BEACOM COLLEGE PROVIDES ACCESSIBLE EDUCATION OF THE HIGHEST QUALITY, OFFERING UNDERGRADUATE AND MASTERS-LEVEL PROGRAMS. AS A TEACHING-ORIENTED INSTITUTION OF HIGHER LEARNING, THE COLLEGE EMPHASIZES INSTRUCTIONAL EXCELLENCE IN THE CLASSROOM AND IS COMMITTED TO SUSTAINING FACULTY WHO ARE CARING, DEDICATED AND KNOWLEDGEABLE IN THEIR RESPECTIVE FIELDS; WHO MOTIVATE THEIR STUDENTS TO REALIZE THEIR FULL LEARNING POTENTIAL; AND WHO REPRESENT THE VERY BEST IN TEACHING EXCELLENCE. 0 0 21997264 16616097 36498696 PROGRAMS OF STUDY-DAY AND EVENING ACADEMIC PROGRAMS WHICH PROVIDE TRAINING AND EDUCATION TO 669 FULL-TIME STUDENTS AND 1,993 PART-TIME STUDENTS. 1848936 481334 1524382 AUXILIARY ENTERPRISES - RESIDENCE HALLS, FOOD SERVICE AND RELATED SUMMER PROGRAMS INCLUDING MODERN APARTMENTS LOCATED ADJACENT TO THE ACADEMIC BUILDING PROVIDING HOUSING FOR 221 STUDENTS. FOOD SERVICE FACILITIES AND OTHER RELATED SERVICES AVAILABLE FOR STUDENTS AND SUMMER PROGRAM ATTENDEES. THE CAMPUS STORE SELLS SCHOOL SUPPLIES, COLLEGE APPAREL, AND SMALL MISCELLANEOUS ITEMS TO STUDENTS TO ASSIST IN PROVIDING A COLLEGIATE EXPERIENCE. 3511911 333150 0 SERVICES PROVIDED TO STUDENTS FOR ACTIVITIES, ATHLETICS, AND FINANCIAL AID AND TO SUPPORT DEPARTMENTS OF THE COLLEGE. 27358111 1 1 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0 1 35 0 1 329 1 0 0 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X KRISTINE SANTOMAURO 3029988814 4701 LIMESTONE ROAD WILMINGTON DE 19808 JAVED GILANI TRUSTEE 2.00 X 0 0 0 E THOMAS HARVEY TRUSTEE 2.00 X 0 0 0 JOAN VERBONITZ PANIK TRUSTEE 2.00 X 0 0 0 R JEFFREY JOHNSON BOARD SECRETARY/TREASURER 2.00 X 0 0 0 JOHN J PATTERSON III BOARD CHAIR 2.00 X 0 0 0 CORNELIA N WINNER TRUSTEE 2.00 X 0 0 0 GARY WIRT PRESIDENT 40.00 X X 445622 0 32623 MARK OLAZAGASTI BOARD VICE CHAIR 2.00 X 0 0 0 URSULA SHARP TRUSTEE 2.00 X 0 0 0 KRISTINE SANTOMAURO EXECUTIVE VICE PRESIDENT 40.00 X 286526 0 42501 EMILY JACKSON ILYAS DEAN 40.00 X 143051 0 21980 ALISON WHITE DEAN 40.00 X 124675 0 25801 IBRAHIM ELSAIFY ASSOCIATE PROFESSOR 40.00 X 114728 0 15034 HIBBATUL OMAR PROFESSOR 40.00 X 110297 0 22799 DEBORAH LEITSCH PROFESSOR 40.00 X 105916 0 13934 MOHAMMAD ILYAS FORMER PRESIDENT 40.00 X 449136 0 29208 1779951 0 203880 8 1 1 0 NATIONAL HVAC SERVICE 42-A SOUTHGATE BLVD NEW CASTLE DE 19720 HVAC SERVICE 179925 DELAWARE EXPRESS SHUTTLE & TOURS INC 2825 OGLETOWN ROAD NEWARK DE 19713 TRANSPORTATION SERVICES FOR THE COLLEGE 118479 POTTER ANDERSON CORROON LLP 1313 NORTH MARKET STREET PO BOX 951 WILMINGTON DE 19899 LEGAL SERVICES 114033 3 1191276 527694 1718970 STUDENT TUITION & FEES 611710 36498696 36498696 RESIDENCE HALL FEES 721000 1489894 1489894 CAMPUS STORE REVENUE 451211 34488 34488 38023078 3218080 3218080 404166 477296 2163 -73130 -2163 -75293 -75293 MISCELLANEOUS INCOME 900099 150413 150413 150413 43035248 38023078 0 3293200 17430581 17430581 778549 252759 433878 91912 5644393 4845846 693124 105423 269447 204358 58292 6797 468528 394738 66616 7174 464028 381472 70577 11979 161463 161463 53000 53000 128827 128827 68572 68572 271464 258488 12756 220 954079 475933 467848 10298 132478 132478 989240 885225 100907 3108 147070 144277 2793 932156 610427 321729 135878 63891 71987 STUDENT ACTIVITIES 425737 425737 SMALL EQUIPMENT 289641 252891 36750 EQUIPMENT MAINTENANCE 282981 264880 16781 1320 FOOD SERVICES 160226 160226 190579 105332 67990 17257 30378917 27358111 2762525 258281 2450 2450 9411504 8968807 1439531 1353478 537161 46042 47600 42721 423833 412986 26545991 18550081 8022197 7995910 105726720 119456873 18164 20631 125629160 138299898 199950 219950 4445362 4423921 4645312 4643871 X 106126524 118491465 6169052 6450540 8688272 8714022 120983848 133656027 125629160 138299898 12656331 15848 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 94924454 13098664 2463342 3002765 107483695 83030478 10985215 3298740 2389979 94924454 59110992 13788009 10373806 242329 83030478 53646071 86484 5617005 238568 59110992 47586681 4170231 2116072 226913 53646071 0.86010 0.08110 0.05890 0 0 388137 388137 19593755 13433194 6160561 3654499 2909294 745205 2909600 2207593 702007 7995910 ADVANCED TUITION & FEES 3153160 STUDENT DEPOSITS 471217 ACCRUED PAYROLL 769712 OTHER LIABILITIES 22534 FEDERAL PORTION PERKINS LOAN FUND 7298 4423921 X 26746841 15848 15848 26730993 128827 16175428 16304255 43035248 14074662 0 14074662 128827 16175428 16304255 30378917 PART V, LINE 4: BOARD-DESIGNATED, UNRESTRICTED ENDOWMENT FUNDS ARE INTENDED FOR SCHOOL'S OPERATIONS AND DRAWS ARE MADE ACCORDING TO THE SCHOOL'S SPENDING POLICY. PERMANENTLY RESTRICTED ENDOWMENT FUNDS ARE HELD BY THE SCHOOL IN PERPETUITY, IN ACCORDANCE WITH DONOR INTENT. PART X, LINE 2: INCOME NOT RELATED TO THE COLLEGE'S TAX-EXEMPT PURPOSE MAY BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA IMPOSE A THRESHOLD FOR DETERMINING WHEN AN INCOME TAX BENEFIT CAN BE RECOGNIZED IN REGARD TO UNCERTAIN TAX POSITIONS. THE COLLEGE HAS DETERMINED THAT NO LIABILITY FOR UNCERTAIN TAX POSITIONS IS REQUIRED TO BE ACCRUED AND INCLUDED IN THE STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2016 AND 2015. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND OTHER ASSISTANCE -NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 16,175,428. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND OTHER ASSISTANCE -NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 16,175,428. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 FREQUENT NEWSPAPER ADVERTISING SCHEDULE E, PART I, LINE 6 STUDENT FINANCIAL AID CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 33247 EUROPE (INCLUDING ICELAND & GREENLAND) INVESTMENTS 94736 0 0 0 0 0 0 127983 0 127983 0 0 0 0 0 0 1 SCHOLARSHIPS AND FINANCIAL AID AWARDED TO STUDENTS FOR TUITION AND HOUSING 2916 17430581 ACTUAL CASH VALUE OF REDUCTION FOR TUITION, FEES, AND HOUSING. REDUCTION IN TUITION, FEES, AND HOUSING. PART I, LINE 2: THE COLLEGE'S PROCEDURES FOR MONITORING THE USE OF SCHOLARSHIPS AND FINANCIAL AID AWARDED TO STUDENTS ARE BASED UPON THE GUIDELINES PROVIDED BY THE U.S. DEPARTMENT OF EDUCATION. X 1 1 X X 0 0 0 0 0 0 0 0 0 GARY WIRT PRESIDENT 375000 0 37500 0 33122 0 26235 0 6388 0 478245 0 0 0 KRISTINE SANTOMAURO EXECUTIVE VICE PRESIDENT 244418 0 16036 0 26072 0 26235 0 16266 0 329027 0 0 0 EMILY JACKSON ILYAS DEAN 137163 0 4700 0 1188 0 11925 0 10055 0 165031 0 0 0 ALISON WHITE DEAN 115981 0 8052 0 642 0 9607 0 16194 0 150476 0 0 0 MOHAMMAD ILYAS FORMER PRESIDENT 236620 0 0 0 212516 0 26235 0 2973 0 478344 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FOLLOWING PROCESS WILL BE USED TO ALLOW THE TRUSTEES TO REVIEW THE FORM 990 PRIOR TO ITS SUBMISSION: 1) THE AUDITOR SUBMITS RECOMMENDED COMPLETED FORM 990 TO THE VICE PRESIDENT (VP) FOR REVIEW. 2) UPON THE VP'S APPROVAL OF THE COMPLETED FORM 990, THE VP ELECTRONICALLY SENDS THE RECOMMENDED COPY TO THE FULL BOARD ASKING THEM TO REVIEW THE FORM AND GET BACK TO THE VP BY A DESIGNATED DATE WITH ANY QUESTIONS THEY HAVE. 3) IF QUESTIONS ARE RECEIVED FROM THE TRUSTEES, THE VP IS RESPONSIBLE FOR OBTAINING THE ANSWERS AND REPLYING TO THE TRUSTEES PROMPTLY. 4) ONCE ALL TRUSTEE QUESTIONS HAVE BEEN ANSWERED, THE VP WILL SIGN THE FORM 990 AND INITIATE THE ELECTRONIC SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE IS REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN A STATEMENT ACKNOWLEDGING THEIR UNDERSTANDING AND COMPLIANCE WITH THE POLICY. UNDER THE COLLEGE'S PERSONNEL POLICY MANUAL, PAID OFFICERS AND ALL OTHER EMPLOYEES ARE ADVISED TO AVOID ANY POTENTIAL CONFLICTS OF INTEREST AND ARE REQUIRED TO NOTIFY THE COLLEGE IMMEDIATELY SHOULD ANY SUCH CONFLICTS ARISE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMPENSATION PROCESS IS USED TO DETERMINE THE ANNUAL COMPENSATION FOR THE PRESIDENT, THE VICE PRESIDENTS, AND ANY OTHER KEY EMPLOYEE EARNING MORE THAN $150,000 PER YEAR AT GOLDEY-BEACOM COLLEGE. PRESIDENT - THE CHAIRMAN OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, WHO IS ALSO ALWAYS THE CHAIR OF THE FULL BOARD, REVIEWS AND DETERMINES THE ANNUAL COMPENSATION OF THE PRESIDENT OF THE COLLEGE. IN HIS/HER DELIBERATIONS, THE CHAIRMAN GENERALLY CONSULTS WITH THE OTHER INDEPENDENT MEMBERS OF THE BOARD'S EXECUTIVE COMMITTEE. THE CHAIRMAN AND ALL OTHER MEMBERS OF THE COMMITTEE, EXCLUDING THE PRESIDENT, ARE ALWAYS INDEPENDENT INDIVIDUALS WHO MUST NOT DRAW ANY BENEFITS FROM THE COLLEGE. THEY ARE ALSO REQUIRED TO SIGN A WRITTEN NO-CONFLICT-OF-INTEREST DECLARATION FOR THE RECORD. IN DETERMINING THE ANNUAL COMPENSATION OF THE PRESIDENT, THE CHAIRMAN AND HIS/HER ASSOCIATES NORMALLY TAKE INTO CONSIDERATION THE WIDELY REPORTED AND PUBLISHED DATA OF PRESIDENTIAL COMPENSATION IN SUCH PUBLICATIONS AS THE CHRONICLE OF HIGHER EDUCATION AND THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR). AFTER FINALIZING THE DECISION, THE CHAIRMAN COMMUNICATES IT TO THE PRESIDENT IN A MEETING. VICE PRESIDENTS/KEY EMPLOYEES EARNING MORE THAN $150,000 PER YEAR - THE PRESIDENT OF THE COLLEGE INITIATES THE REVIEW OF THE COMPENSATION OF THE VICE PRESIDENTS AND ALL KEY EMPLOYEES WHO EARN MORE THAN $150,000 PER YEAR. IN HIS/HER REVIEW, THE PRESIDENT TAKES INTO CONSIDERATION THE COMPENSATION DATA PUBLISHED BY THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR). BASED ON THE COMPENSATION DATA AND THE PERFORMANCE OF THE EMPLOYEES MAKING MORE THAN $150,000, THE PRESIDENT REVIEWS AND DETERMINES THE NEW COMPENSATION FOR THESE EMPLOYEES FOR THE SUBSEQUENT YEAR. AFTER CONSULTING WITH THE CHAIRMAN OF THE BOARD OF TRUSTEES, THE PRESIDENT COMMUNICATES THE DECISION TO THE RELEVANT EMPLOYEES ON THEIR NEW COMPENSATION IN FORMAL MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S ANNUAL AUDIT REPORT IS AVAILABLE IN THE COLLEGE LIBRARY. WHEN A SPECIFIC REQUEST IS RECEIVED FOR A COPY OF THE AUDIT OR FORM 990, A COPY IS SUPPLIED. ALSO, THE COLLEGE'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC FOR REVIEW UPON REQUEST. THE CURRENT MISSION AND PHILOSOPHY STATEMENT ARE AVAILABLE ON THE COLLEGE WEBSITE AT WWW.GBC.EDU. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR AUDITOR SELECTION PROCESS DURING THE TAX YEAR.