2016-11-14T14:15:01-06:00 2015-12-31 GRANT THORNTON LLP 1100 PEACHTREE STREET SUITE 1200 ATLANTA GA 30309 990 2015-01-01 581306896 GOLDEN KEY INTERNATIONAL HONOUR SOCIETY INC % MR DERRICK BROWN GOLD 6786892200 1040 CROWN POINTE PARKWAY Suite 900 ATLANTA GA 303386908 BRAD RAINEY EXECUTIVE DIRECTOR 6786892260 2016-11-15 true Michele N Melchior P00488037 4043302000 2015 2017-02-10 21:41:12Z Golden Key Inc BRAD RAINEY 1040 CROWN POINTE PARKWAY ATLANTA GA 303386908 7152225 false X WWW.GOLDENKEY.ORG X 1977 GA TO ENABLE MEMBERS TO REALIZE THEIR POTENTIAL THROUGH THE ADVANCEMENT OF ACADEMICs, LEADERSHIP AND SERVICE 10 9 41 3000 0 5336180 4939428 327628 179820 72548 53852 2031586 1836705 7767942 7009805 1102417 770091 0 0 2812803 2287309 0 0 442225 4805889 3805824 8721109 6863224 -953167 146581 8826181 2988467 7373240 1391227 1452941 1597240 X TO ENABLE MEMBERS TO REALIZE THEIR POTENTIAL THROUGH THE ADVANCEMENT OF ACADEMICs, LEADERSHIP AND SERVICE. false false 2208291 STUDENT RECOGNITION: STUDENT RECOGNITION IS THE SERVICE ASSOCIATED WITH RECOGNIZING THE TOP 15% OF SOPHOMORES, JUNIORS, SENIORS AND GRADUATE STUDENTS GLOBALLY AT OUR OVER 350 UNIVERSITIES IN 6 COUNTRIES. GOLDEN KEY AND ITS UNIVERSITY PARTNERS RECOGNIZE ALL STUDENTS, WHO MEET THE CRITERIA, PRESENTED TO THE ORGANIZATION BY THE UNIVERSITY FOR THEIR ACADEMIC ACHIEVEMENT. OTHER SERVICES INCLUDE COMMUNICATING THE VALUE ADDED BY JOINING THE SOCIETY, RECRUITING ACCREDITED UNIVERSITIES GLOBALLY TO JOIN THE GOLDEN KEY NETWORK AND FURTHER THE MISSION BY OFFERING ACADEMIC EXCELLENCE, MEMBER BENEFITS, SERVICE AND LEADERSHIP. 1177062 949 UNIVERSITY ACTIVITIES: UNIVERSITY ACTIVITIES IS THE PROGRAM SERVICE ASSOCIATED WITH FUNDING AND OVERALL SUPPORT OF OVER 414 CHAPTERS LOCATED ON THE UNIVERSITY CAMPUS IN 6 COUNTRIES TO FURTHER THE GK MISSION OF: 1) PROVIDING BENEFITS AT THE LOCAL LEVEL, 2) PROMOTING GK AT THE LOCAL LEVEL, 3) FUNDING ALLOCATED TO CHAPTERS FOR LEADERSHIP ACTIVITIES TO INCLUDE ATTENDANCE AT BOTH REGIONAL AND INTERNATIONAL CONFERENCES AND LEADERSHIP POSITIONS WITH THE CHAPTER MODEL, 4) MENTORING ACTIVITIES FOR BOTH ADVISORS AND STUDENTS, AND 5) PROMOTING SERVICE ACTIVITIES AT THE LOCAL LEVEL. 1644710 769143 179820 MEMBER BENEFITS: MEMBER BENEFITS IS THE PROGRAM SERVICE ASSOCIATED WITH PROVIDING BENEFITS TO THE STUDENT MEMBERS, ALUMNI, ADVISORS AND HONORARY MEMBERS. MEMBER BENEFITS INCLUDE: 1) SCHOLARSHIPS, 2) RECOGNITION, 3) LEADERSHIP, 4) CAREER BENEFITS AND TRAINING, 5) MERCHANDISE, 6) MENTORING, 7) REGIONAL AND INTERNATIONAL CONFERENCES, 8) STUDY ABROAD, 9) JOBS AND INTERNSHIPS, AND 10) DISCOUNTED PROGRAMS. 777986 LEADERSHIP, VOLUNTEER TRAINING & OTHER 777986 5808049 true true false false false false false false false true true false false false true true false true false true true false true false false false false false true true false false false false false false false false false false false false false true true true false false true 5 0 true 41 true false true AS NZ CA IN SF false false false false false false false false X 10 9 false false false false true true false true true false true true true true true true true true true true false GA X MR DERRICK BROWN 6786892260 1040 CROWN POINTE PKWY STE 900 ATLANTA GA 30338 BRADFORD RAINEY EXECUTIVE DIRECTOR 40.0 10.0 X X 228800 0 6152 ANITA MILLER BOARD CHAIR 2.0 1.0 X X 0 0 0 DEREK SWEMMER BOARD VICE CHAIR 2.0 1.0 X X 0 0 0 PETER VERUKI BOARD MEMBER 1.0 0.0 X 0 0 0 SELWYN CORNISH BOARD SECRETARY 2.0 1.0 X X 0 0 0 EMILY COSTELLO BOARD MEMBER 1.0 0.0 X 0 0 0 ADNAN BOKHARI BOARD MEMBER 1.0 0.0 X 0 0 0 HARRIET WATKINS BOARD MEMBER / ILC PRESIDENT 1.0 0.0 X 0 0 0 GARY WEED BOARD MEMBER 1.0 1.0 X 0 0 0 Bradley Mason ILC Student member 1.0 0.0 X 0 0 0 MELISSA LEITZELL VP OF COMMUNICATIONS 60.0 0.0 X 109590 0 25271 DERRICK BROWN CONTROLLER 40.0 0.0 X 82409 0 10303 420799 0 41726 2 false true false GOLDNER ASSOCIATES INC 7610 FALLS OF NEUSE RD STE 200 RALEIGH NC 27615 Merchandise 208877 LYON TECHNOLOGY LLC 2939 new college way CUMMING GA 30411 IT SERVICES 157925 INTERNATIONAL SCHOLARSHIP TUITION 1321 MURFREESBORO RD STE 800 NASHVILLE TN 37217 SCHOLARSHIP MNGMT 133000 Ntegral 2451 Cumberland Parkway ATLANTA GA 30339 it services 118938 fidelis 233 Gates road unit A LITTLE FERRY NJ 07643 marketing 840995 7 4758972 180456 4939428 MEMBER SERVICES 611710 179820 179820 179820 53852 53852 0 1192148 1192148 0 0 0 0 0 0 745413 142420 602993 602993 MISCELLANEOUS INCOME 611710 208874 208874 LOSS ON FOREIGN EXCHANGE 900099 -167310 -167310 41564 7009805 388694 1681683 0 742730 742730 27361 27361 0 462565 346924 92513 23128 0 1514821 1288586 91285 134950 36411 29636 3905 2870 126219 109051 7081 10087 147293 120261 15435 11597 0 15823 10349 2290 3184 126216 78835 28616 18765 0 0 0 823078 639216 87604 96258 119296 86225 16671 16400 448935 384462 49048 15425 224742 158821 33990 31931 0 302531 197575 81423 23533 165294 154226 4913 6155 0 265683 263754 790 1139 0 0 239066 155977 65921 17168 89262 58872 15672 14718 CHAPTER FUNDING 232626 232626 MEMBER INVITATION COSTS 495045 490908 4137 ALL OTHER EXPENSES 258227 231654 11656 14917 6863224 5808049 612950 442225 7280046 1741975 0 0 0 0 286862 80617 0 0 0 0 0 0 93815 100925 164873 103161 2465387 1654596 968286 810791 0 97752 0 0 0 0 0 0 32299 53246 8826181 2988467 886091 589521 0 0 283510 245903 0 0 0 0 0 0 0 0 0 0 6203639 555803 7373240 1391227 X 1331132 1468397 21809 28843 100000 100000 1452941 1597240 8826181 2988467 146581 -2282 X X false true X true false X 6940193 6450458 6168299 5663808 5119248 30342006 889424 1039833 892958 790956 745413 4358584 0 0 0 7829617 7490291 7061257 6454764 5864661 34700590 1905361 1905361 0 1905361 1905361 32795229 2434023 1369456 1695337 1320910 1246000 8065726 0 2434023 1369456 1695337 1320910 1246000 8065726 0 48605 73885 204917 151658 41564 520629 10312245 8933632 8961511 7927332 7152225 43286945 0.75762 0.73193 0.18633 0.18525 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 90771 8972 -1991 97752 90745 8 90753 100000 -9255 90745 1.00000 216928 21654 195275 605399 311094 294305 1643060 1321849 321211 810791 0 ACCRUED COMPENSATION 132996 DEFERRED RENT 389003 SUBLEASE TENANT DEPOSITS 33804 555803 X 7321194 1630 309759 311389 7009805 7009805 7176895 1630 312041 313671 6863224 6863224 Schedule D, Part V, Line 4 The basic philosophy governing the investment of the Society's portfolio is the long term preservation of principal. The Society's endowment funds are classified into two separate funds: the General Fund (held in the Golden Key International Honour Society Foundation, Inc.), and the Invest in Excellence Fund (held in the Golden Key International Honour Society, Inc.). The General Fund is a board-designated quasi-endowment fund and the Invest in Excellence Fund is a donor-restricted endowment fund. The General Fund is set aside for current and future scholarships, uses a total return investment approach to maintain purchasing power, and allows for $270,000 in annual spending. Starting in 2014, the annual spending amount was based on a 3-three average of earnings. The Invest in Excellence Fund is used for future scholarships, uses a total return investment approach to maintain purchasing power, and allows for $3,500 in annual spending, after its fair value returns to at least $100,000. In establishing this policy, the Society considered the long-term expected return on its investment assets, the nature and duration of the individual endowment funds, some of which must be maintained in perpetuity because of donor-restrictions, and the possible effects of inflation. The Society's objective is to maintain the purchasing power of the endowment assets as well as to provide additional real growth through investment return. Schedule D, Part X, Line 2 THE SOCIETY RECOGNIZES THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITY, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE SOCIETY, EXCEPT FOR ITS SOUTH AFRICA BRANCH, IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE) AND IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) OF THE CODE. THE SOCIETY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON INCOME WHICH IS DETERMINED TO BE UNRELATED TO ITS EXEMPT PURPOSE, IF ANY. TAX YEARS THAT REMAIN SUBJECT TO EXAMINATION BY MAJOR TAX JURISDICTIONS DATE BACK TO THE YEAR ENDED DECEMBER 31, 2012. THE SOCIETY IS LIABLE FOR ANY TAX RELATED TO ITS SOUTH AFRICA BRANCH. IN ACCORDANCE WITH THE ASC, AN ASSET AND LIABILITY APPROACH IS USED FOR FINANCIAL ACCOUNTING AND REPORTING FOR INCOME TAXES. DEFERRED INCOME TAX ASSETS AND LIABILITIES ARE COMPUTED ANNUALLY FOR THE DIFFERENCE BETWEEN THE FINANCIAL STATEMENT AND TAX BASIS OF ASSETS AND LIABILITIES THAT WILL RESULT IN TAXABLE OR DEDUCTIBLE AMOUNTS IN THE FUTURE BASED ON ENACTED TAX LAWS AND RATES. VALUATION ALLOWANCES ARE ESTABLISHED WHEN NECESSARY TO REDUCE THE DEFERRED INCOME TAX ASSETS TO AMOUNTS EXPECTED TO BE REALIZED. INCOME TAX EXPENSE IS THE TAX PAYABLE OR REFUNDABLE FOR THE PERIOD PLUS OR MINUS THE CHANGE DURING THE PERIOD IN DEFERRED INCOME TAX ASSETS AND LIABILITIES. THERE WERE NO DEFERRED OR CURRENT INCOME TAXES FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014. AS OF DECEMBER 31, 2015 AND 2014, THERE ARE NO KNOWN ITEMS WHICH WOULD RESULT IN A MATERIAL ACCRUAL RELATED TO UNCERTAIN FOREIGN, FEDERAL, OR STATE TAX POSITIONS. Schedule D, Part XI, Line 2d RECLASSIFICATION OF EXPENSES TO REVENUES RECLASS COST OF GOODS SOLD $142,420 RECLASS FOREIGN CURRENCY LOSS $167,339 Schedule D, Part XII, Line 2d RECLASSIFICATION OF EXPENSES TO REVENUES RECLASS COST OF GOODS SOLD $142,420 RECLASS FOREIGN CURRENCY LOSS $167,339 Reclass unrealized loss $2,282 true North America 1 Program Services 198305 East Asia and the Pacific 1 6 Program Services 526438 Sub-Saharan Africa 1 3 Program Services 178265 South Asia Program Services 1675 North America Maintaining offices 132381 East Asia and the Pacific Maintaining offices 255454 Sub-Saharan Africa Maintaining offices 67756 South Asia Maintaining offices 25 East Asia and the Pacific Fundraising 28729 Sub-Saharan Africa Fundraising 8222 North America Grantmaking 35699 East Asia and the Pacific Grantmaking 72670 Sub-Saharan Africa Grantmaking 65243 2 10 2 10 1570862 1570862 HIGHER EDUCATION SCHOLARSHIPS East Asia and the Pacific 78 72670 HIGHER EDUCATION SCHOLARSHIPS North America 38 35699 HIGHER EDUCATION SCHOLARSHIPS Sub-Saharan Africa 92 65243 false false false false false false Schedule F, Part I, Line 2 ALL GRANTS OR SCHOLARSHIPS AWARDED OUTSIDE THE UNITED STATES ARE FIRST RECOGNIZED BY THE EMPLOYEES IN THE REGION. THE EMPLOYEE THEN REQUESTS THE APPROVAL OF THE GRANT OR SCHOLARSHIP AND THE AMOUNT FROM THE NORTH AMERICA OFFICE. ONCE APPROVED, THE NORTH AMERICA OFFICE MAINTAINS THE RECORDS. true HIGHER EDUCATION SCHOLARSHIPS 496 596480 SCHEDULE I, PART I, LINE 2 EACH SCHOLARSHIP IS LISTED ON THE SOCIETY'S WEBSITE ALONG WITH THE CRITERiA FOR EACH SCHOLARSHIP AND FORMAL APPLICATION. THE SOCIETY'S HEADQUARTERS AND ITS AUTHORIZED AGENT REVIEW THE SCHOLARSHIP APPLICATIONS FOR THE REQUIRED DOCUMENTATION, (IE: OFFICIAL ACADEMIC TRANSCRIPT, LETTER OF RECOMMENDATION AND QUALITY OF PAPER SUBMITTED) BEFORE DETERMINING WHO IS AWARDED THE SCHOLARSHIP. THE RECIPIENT IS NOTIFIED AND MUST PROVIDE THEIR PERSONAL INFORMATION AND OTHER DOCUMENTATION BEFORE THE SCHOLARSHIP FUNDS ARE DISBURSED BY HEADQUARTERS TO THEIR RESPECTIVE UNIVERSITY, COLLEGE OR INSTITUTION. SCHEDULE I, PART III, LINE 1 HIGHER EDUCATION SCHOLARSHIPS: SCHOLARSHIPS FOR STUDENTS ATTENDING UNIVERSITIES FOR UNDERGRADUATE AND GRADUATE LEVELS AS WELL AS PROVISION FOR BOOKS AND EDUCATIONAL SUPPLIES. X true true X X X X false false false false false false false false false BRADFORD RAINEY EXECUTIVE DIRECTOR 228800 0 0 0 0 0 704 0 5448 0 234952 0 0 0 SCHEDULE J, LINE 1a BUSINESS CLASS OR FIRST CLASS TRAVEL IS ALLOWED FOR ALL INTERNATIONAL FLIGHTS AND DOMESTIC FLIGHTS WHICH EXCEED 5 HOURS. Form 990, Part VI, Line 6 The society has members who have been recognized for their scholastic achievement and excellence. The members of the society do not retain voting rights to elect the governing body nor are the decisions of the governing body subject to the approval by members. Form 990, Part VI, Line 7a: ELECTION OF BOARD MEMBERS GENERALLY: Individuals are nominated by a Nominations Task Force following a request for prospective board member nominations from multiple sources to include all Society chapters. The Board of Directors shall determine the composition and mandate of the Task Force, which shall have no more than nine members and shall include, as a minimum, all ex-officio members of the board. The number of board members on the Task Force may not exceed the number of non-board members. The Task Force shall represent an appropriate international balance as well as an appropriate constituent balance with a genuine and concerted effort toward diversity. The Task Force shall forward to the Board a proposed slate of candidates, along with a list of all nominees whose names were submitted. Upon receipt of the Task Forces nominations (and, if desired, from among the other nominees) and will forward the Boards slate for ratification by a vote of the active members of the Society. APPOINTMENT OF INTERNATIONAL LEADERSHIP COUNCIL (ILC) PRESIDENT TO THE BOARD: The Board of Directors shall establish the qualifications required of the ILC President which shall include service as an advisor for a continuous period of not less than five years and a distinguished record as an advisor at a chapter in good standing. The ILC President shall be elected in accordance with the election process (Article XII, Section 8) and shall serve, concurrent with his/her term as ILC President, as an ex-officio voting member of the Board of Directors. The ILC President shall serve for a period of three years and may be elected to a second term (continuous or other) but shall be limited to two terms. APPOINTMENT OF ILC STUDENT MEMBER TO THE BOARD: The Board of Directors shall establish the qualifications required of the ILC Student Member, which shall include a distinguished record of at least one full year of leadership and active participation in the Society. The ILC Student Member shall be a student member and shall be elected from among the Society student members in accordance with the election process (Article XII, Section 8). Delegates serving the Society as an advisor are not eligible to run for ILC Student Member. The ILC Student Member shall serve, concurrent with his/her one-year term as ILC Student Member, as an ex-officio voting member of the Board of Directors. The ILC Student Member shall serve for a period of one year, may be elected to a second term (continuous or other) provided he/she remains a student (undergraduate or graduate) but shall be limited to two terms. The ILC Student Member shall chair the Council of Student Members. Form 990, Part VI, Line 11b After the form 990 is prepared by an outside CPA firm, Grant Thornton, LLP, the form is reviewed by the CFO and is subsequently reviewed by the CEO. Once the form has been examined, including the accompanying schedules and statements, and is deemed to the best of knowledge and belief to be true, correct, and complete, the CEO/CFO electronically submits the form to the finance committee for a detailed review on behalf of the board of directors for approval. Upon approval, the CEO signs and the form is then filed. Form 990, Part VI, Line 12c The society monitors and enforces its conflict of interest policy annually by requiring each board member to sign a conflict of interest form. Form 990, Part VI, Line 15a and 15b Comparable salary surveys are obtained through professional agencies to determine the typical range of salary for a given position. These are reviewed on at least an annual basis. CEO compensation is determined by the executive committee of the board of directors and utilizes comparability data. Form 990, Part VI, Line 19 The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request at the United States headquarters in Atlanta, GA. FORM 990 PART IX LINE 11G DESCRIPTION:CONSULTANTS TOTAL FEES:430801 FORM 990 PART IX LINE 11G DESCRIPTION:MEMBER EMAIL INVITATION TOTAL FEES:77803 FORM 990 PART IX LINE 11G DESCRIPTION:MEMBER INVITATION SERVICES TOTAL FEES:208648 FORM 990 PART IX LINE 11G DESCRIPTION:CONTRACTORS TOTAL FEES:105826 GOLDEN KEY INT HONOUR SOCIETY FOUNDATION 1040 CROWN POINTE PARKWAY SUITE 90 ATLANTA GA 30338 270748749 INVESTMENT GA 501 (c)(3) 11-I GKIHS true false false false true true false false false false false true false false false false true false false