2016-05-11T11:46:17-05:00 2015-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 46 PUBLIC SQUARE SUITE 400 WILKESBARRE PA 18701 990 2014-07-01 240804602 KING'S COLLEGE KING 5702085837 133 NORTH RIVER STREET WILKESBARRE PA 18711 JOHN J RYAN CSC PRESIDENT 5707062394 2016-05-05 1 EDWARD A KOLLAR CPA EA P00012018 5708200100 2016-05-05 2014 2016-08-17 19:52:53Z JOHN J RYAN CSC 133 NORTH RIVER STREET WILKESBARRE PA 18711 85240979 0 X WWW.KINGS.EDU X 1946 PA PROVIDES STUDENTS WITH A LIBERAL ARTS EDUCATION ENABLING THEM TO LEAD MEANINGFUL & SATISFYING LIVES. 39 30 1300 150 432323 0 3953343 3631972 73558946 74037604 6337507 4791151 20428 27412 83870224 82488139 24828739 24424567 0 0 33879613 35498889 0 0 1408401 20045771 20453990 78754123 80377446 5116101 2110693 172708848 209818695 60963517 96894065 111745331 112924630 X KING'S COLLEGE, A CATHOLIC COLLEGE IN THE HOLY CROSS TRADITION, PROVIDES STUDENTS WITH A BROAD-BASED LIBERAL ARTS EDUCATION WHICH OFFERS THE INTELLECTUAL, MORAL, AND SPIRITUAL PREPARATION THAT ENABLES THEM TO LEAD MEANINGFUL AND SATISFYING LIVES. 0 0 70512069 24424567 73669057 KING'S COLLEGE IS A NOT-FOR-PROFIT EDUCATIONAL INSTITUTION WHICH PROVIDES UNDERGRADUATE, GRADUATE AND PROFESSIONAL EDUCATION TO ITS STUDENTS. THE COLLEGE WAS FOUNDED IN 1946 AND WELCOMES STUDENTS INTO ITS COMMUNITY WITHOUT REGARD TO GENDER, RACE, RELIGION, DISABILITY OR NATIONAL ORIGIN, AND SEEKS TO ASSIST TALENTED STUDENTS OF MODEST FINANCIAL MEANS.THE COLLEGE HAS 2,300 STUDENTS, OF WHOM 1,811 ARE FULL-TIME UNDERGRADUATES. APPROXIMATELY 93% OF THE COLLEGE'S PRESENT FULL-TIME UNDERGRADUATE STUDENT BODY IS COMPRISED OF RESIDENTS FROM PENNSYLVANIA, NEW YORK, AND NEW JERSEY.DURING THE YEAR ENDED JUNE 30, 2015, THE COLLEGE PROVIDED STUDENT FINANCIAL AID FROM INTERNAL RESOURCES OF APPROXIMATELY $23,335,223. 70512069 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 1 3103 0 1 1300 1 1 1 0 0 0 0 1 1 0 0 0 0 X 39 30 1 1 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X THOMAS GRABER CPA 5702085837 133 NORTH RIVER STREET WILKESBARRE PA 187110801 MR THOMAS R SMITH CHAIRMAN 1.00 X X 0 0 0 MR MARK DECESARIS VICE-CHAIRMAN 1.00 X X 0 0 0 MRS KAREN KEEFER SECRETARY 1.00 X X 0 0 0 MR RICHARD A ALLEY MD DIRECTOR 1.00 X 0 0 0 MR THOMAS P CURRAN MD DIRECTOR 1.00 X 0 0 0 REV JOHN F DENNING DIRECTOR 1.00 X 0 0 0 MR BRENDAN P DOUGHER DIRECTOR 1.00 X 0 0 0 MRS JANE B FEINSTEIN DIRECTOR 1.00 X 0 0 0 MR SCOTT HENRY DIRECTOR 1.00 X 0 0 0 DR JONATHAN P HOSEY DIRECTOR 1.00 X 0 0 0 JOSEPH E KLUGER ESQ DIRECTOR 1.00 X 0 0 0 MS KATHLEEN MCCARTHY LAMBERT DIRECTOR 1.00 X 0 0 0 GERTRUDE C MCGOWAN ESQ DIRECTOR 1.00 X 0 0 0 MR MICHAEL D MOLEWSKI DIRECTOR 1.00 X 0 0 0 MR TIMOTHY J MORRIS DIRECTOR 1.00 X 0 0 0 MR JOHN G NACKLEY DIRECTOR 1.00 X 0 0 0 MR JOHN D O'BRIEN DIRECTOR 1.00 X 0 0 0 MR JAMES T O'HARA ESQ DIRECTOR 1.00 X 0 0 0 REV THOMAS J O'HARA CSC DIRECTOR 1.00 X 0 0 0 REV GERARD J OLINGER CSC DIRECTOR 1.00 X 0 0 0 MR CHARLES E PARENTE DIRECTOR 1.00 X 0 0 0 MR RICHARD J PINOLA DIRECTOR 1.00 X 0 0 0 REV MARK L POORMAN CSC PHD DIRECTOR 1.00 X 0 0 0 REV DANIEL GROODY CSC PHD DIRECTOR 1.00 X 0 0 0 REV JAMES L REBETA CSC DIRECTOR 1.00 X 0 0 0 MRS VIRGINIA S ROSE DIRECTOR 1.00 X 0 0 0 MR DAVID SCHANKWEILER DIRECTOR 1.00 X 0 0 0 MR JAMES V SCHNEIDER DIRECTOR 1.00 X 0 0 0 MR DAVID J SELINGO ESQ DIRECTOR 1.00 X 0 0 0 MS CATHERINE J SERAFIN ESQ DIRECTOR 1.00 X 0 0 0 MS PATRICIA E SINEX DIRECTOR 1.00 X 0 0 0 REV KEVIN P SPICER CSC PHD DIRECTOR 1.00 X 0 0 0 BRO DONALD STABROWSKI CSC DIRECTOR 1.00 X 0 0 0 MR WALTER TISCHER DIRECTOR 1.00 X 0 0 0 MR GLENN W TYRANSKI DIRECTOR 1.00 X 0 0 0 MS SUSAN E UNVARSKY DIRECTOR 1.00 X 0 0 0 REV OLIVER F WILLIAMS CSC DIRECTOR 1.00 X 0 0 0 REV JOHN L YOUNG CSC MD DIRECTOR 1.00 X 0 0 0 MR EBERHARD FABER DIRECTOR 1.00 X 0 0 0 MR JOSEPH A FRANK SR DIRECTOR EMERITUS 1.00 X 0 0 0 MR ALLAN M KLUGER ESQ DIRECTOR EMERITUS 1.00 X 0 0 0 MR JAMES L PURCELL ESQ DIRECTOR EMERITUS 1.00 X 0 0 0 MR JOHN M RANDOLPH JR DIRECTOR EMERITUS 1.00 X 0 0 0 MR Y JUDD SHOVAL DIRECTOR EMERITUS 1.00 X 0 0 0 MR JESSE J WATKINS DIRECTOR EMERITUS 1.00 X 0 0 0 REV JOHN J RYAN CSC PRESIDENT 40.00 X 0 0 22883 JOHN LOYACK VP BUSINESS AFFAIRS/CFO 40.00 X 158249 0 20315 FREDERICK PETTIT VP INSTUTIONAL ADVANCEMENT 40.00 X 164485 0 25138 DR BERNARD HEALEY PROFESSOR 40.00 X 133485 0 20317 NICHOLAS HOLODICK EDD VP ACADEMIC AFFAIRS 40.00 X 130430 0 22429 FEVZI AKINCI ASSOCIATE DEAN 40.00 X 138601 0 28333 CORRY UNIS VP ENROLLMENT MANAGEMENT 40.00 X 124072 0 29085 MS JANET MERCINCAVAGE VP OF STUDENT AFFAIRS 40.00 X 123666 0 23664 972988 0 192164 15 0 1 0 PANZITTA ENTERPRISES 72 GEORGE AVE WILKES BARRE PA 18705 CONSTRUCTION SERVICE 2968700 CONGREGATION OF THE HOLY CROSS US PROVI PO BOX 1064 NOTRE DAME IN 46556 ADMIN & FACULTY 683187 BLUE CROSS OF NORTHEASTERN PA 19 NORTH MAIN STREET WILKES BARRE PA 18711 INSURANCE CONSULTING 496075 SODEXO 4880 PAYSPHERE CIRCLE CHICAGO IL 60674 FACILITY/DINING MGMT 204664 HUMAN CAPITAL CORPORATION 1560 SHERMAN AVE 1010 EVANSTON IL 60201 ENROLLMENT MGMT 195162 12 75695 1524661 2031616 20629 3631972 STUDENT TUITION & FEES 611600 62161981 62161981 AUXILIARY (ROOM/BOARD) 721310 11752703 11368870 383833 INTERNAL PRINT REVENUE 611600 109637 109637 SPORTS TEAM INCOME 711210 9783 9783 THEATRE ADMISSION 711110 3500 3500 74037604 3153714 46882 3106832 130352 94382 35970 35970 1608 34362 4226011 2588574 1637437 1637437 1637437 46040 75695 69884 -23844 -23844 DEPOSIT FORFEITURES 611600 14712 14712 FINES (LIBRARY & PRKG) 812930 574 574 15286 82488139 73669057 432323 4754787 24424567 24424567 672436 433645 238791 25858131 22164229 3106073 587829 1561092 1334225 191561 35306 5696204 4737436 754321 204447 1711026 1449192 219069 42765 46414 46414 70395 70395 1384314 779844 588772 15698 302376 297742 3734 900 3351508 2558309 719705 73494 887160 632686 240673 13801 4105335 3554017 507296 44022 679943 634046 19034 26863 83275 65623 17652 1736884 1736884 3947215 3512231 395440 39544 495829 161002 334827 FOOD 1831295 1741601 35854 53840 LOSS ON DEBT REFUNDING 509298 509298 ATHLETIC TEAM EXPENSES 314662 314662 REPAIRS AND MAINTENANCE 259771 248155 11616 448316 165618 269249 13449 80377446 70512069 8456976 1408401 12313 1461910 1226033 4133790 4161722 1843883 2114576 2474413 2417852 37918 35604 231818 327224 174057518 62697390 94073408 111360128 2289605 941357 57975771 61249885 8186332 25972001 172708848 209818695 5688156 4431033 2640991 2550209 42835000 67655000 4189720 16854298 5609650 5403525 60963517 96894065 X 57751632 58083950 21092564 21392886 32901135 33447794 111745331 112924630 172708848 209818695 X 2110693 -831975 -99419 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 68607492 785391 3657608 2885229 70165262 61398164 370798 9627708 2789178 68607492 49703899 1302555 4546155 1654445 -7500000 61398164 55315775 3560210 -75944 1596142 7500000 49703899 48432886 1085136 7869667 2071914 55315775 0.27200 0.47700 0.25100 1 0 20467632 20467632 104460360 40771700 63688660 32017821 21925690 10092131 17111705 17111705 111360128 4600271 F BAY RESOURCE PARTNERS 32087 F BENEFICIAL INTERESTS IN ASSETS HELD BY OTHERS 56617527 F 61249885 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 6923796 DEPOSITS WITH BOND TRUSTEE 18609725 U/R CAPITAL FUND - PENN STAR 438480 25972001 AGENCY FUNDS PAYABLE 518860 REFUNDABLE ADVANCES - GRANTS 1880506 FAIR VALUE - INTEREST RATE SWAP 3247140 DEFERRED FINANCING COSTS -242981 5403525 X 58552797 -831975 -23197749 -24029724 82582521 -94382 -94382 82488139 57373498 331275 331275 57042223 23335223 23335223 80377446 PART V, LINE 4: THE COLLEGE'S ENDOWMENT IS USED TO PROVIDE SCHOLARSHIPS TO STUDENTS AND PROVIDE FUNDS TO OFFSET FACULTY SALARIES AND DEVELOPMENT COSTS. PART X, LINE 2: THE COLLEGE ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD IS MET. MANAGEMENT HAS DETERMINED THAT THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD IN FISCAL YEAR 2015 AND 2014. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. THE COLLEGE'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR THE YEARS ENDED JUNE 30, 2014, 2013, AND 2012 REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. PART XI, LINE 2D - OTHER ADJUSTMENTS: INSTITUTIONALLY FUNDED FINANCIAL AID -24,424,567. UNREALIZED GAINS ON INTEREST RATE SWAPS 137,474. ADDITIONAL FINANCIAL AID 1,089,344. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -94,382. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 94,382. CHANGES IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS 236,893. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONALLY FUNDED FINANCIAL AID 24,424,567. ADDITIONAL FINANCIAL AID -1,089,344. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE'S BROADCAST ADVERTISEMENTS DO NOT SPECIFICALLY INCLUDE ITS NONDISCRIMINATION POLICIES. THESE POLICIES ARE EXPLICITLY STATED IN ALL PRINTED BROCHURES, CATALOGS, AND ON THE COLLEGE'S WEBSITE. SCHEDULE E, PART I, LINE 6 KING'S COLLEGE RECEIVES OPERATING FUNDS DESIGNATED BY GOVERNMENT FUNDING AGENCIES FOR PARTICULAR OPERATING PURPOSES. CERTAIN STUDENTS OF THE COLLEGE WERE RECIPIENTS OF GRANTS UNDER THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE ACT. THE COLLEGE ACTS AS THE CUSTODIAN AND DISBURSING AGENT FOR THESE FUNDS. FATHER FARBER GOLF TOURNAMENT 29560 20825 8735 4216 9453 2516 LACKENMIER DINNER 92175 54870 37305 5535 31394 16770 121735 75695 46040 4216 14988 31394 19286 69884 -23844 1 COLLEGE ENDOWED SCHOLARSHIPS 1716 23275631 MCGOWAN HISPANIC OUTREACH 9 320860 EPAT GRANT; SCHOLARSHIP 15 220000 HOLY CROSS MISSION DEVELOPMENT SCHOLARSHIP 20 55500 SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT 253 205687 RESIDENT ASSISTANT SCHOLARSHIPS 30 346889 PART I, LINE 2: THE COLLEGE'S FINANCIAL AID OFFICE EVALUATES EACH STUDENT'S FINANCIAL NEED, AS DETERMINED THROUGH INFORMATION PROVIDED ON THE STUDENT FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). MANAGEMENT AWARDS MERIT SCHOLARSHIPS TO INDIVIDUALS THAT QUALIFY, BASED ON DONOR STIPULATIONS (I.E. SPECIFIC MAJORS, LOCALITY, ETC.) AND AWARDS FEDERAL, STATE, AND PRIVATE NEED BASED AWARDS TO PROVIDE ADDITIONAL RESOURCES TO STUDENTS FOR THEIR HIGHER EDUCATION. INDIVIDUALS RECEIVING AWARDS ARE ON CAMPUS AND MEET WITH FINANCIAL AID COUNSELORS TO ENSURE STUDENTS ARE IN FACT WITHIN THE U.S. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 JOHN LOYACK VP BUSINESS AFFAIRS/CFO 158249 0 0 0 0 0 1070 0 19245 0 178564 0 0 0 FREDERICK PETTIT VP INSTUTIONAL ADVANCEMENT 164485 0 0 0 0 0 12941 0 12197 0 189623 0 0 0 DR BERNARD HEALEY PROFESSOR 133485 0 0 0 0 0 8606 0 11711 0 153802 0 0 0 NICHOLAS HOLODICK EDD VP ACADEMIC AFFAIRS 130430 0 0 0 0 0 10950 0 11479 0 152859 0 0 0 FEVZI AKINCI ASSOCIATE DEAN 138601 0 0 0 0 0 9134 0 19199 0 166934 0 0 0 CORRY UNIS VP ENROLLMENT MANAGEMENT 124072 0 0 0 0 0 10647 0 18438 0 153157 0 0 0 PART I, LINE 1A THE COLLEGE PAID THE INITIATION FEES AND MONTHLY DUES MEMBERSHIPS FOR FR. JOHN RYAN, C.S.C., DR. NICHOLAS HOLODICK, AND MR. FREDERICK PETTIT TO THE WESTMORELAND CLUB. THE WESTMORELAND CLUB IS A NON-PROFIT SOCIAL CLUB USED BY MEMBERS OF MANAGEMENT TO HOST MEETINGS WITH BUSINESS PARTNERS OF THE COLLEGE, BOARD MEMBERS, POTENTIAL DONORS, FACULTY AND STAFF. FR. JOHN RYAN, C.S.C., DR. NICHOLAS HOLODICK, AND MR. FREDERICK PETTIT WERE NOT TAXED ON THE MEMBERSHIP DUES PAID BY THE COLLEGE ON THEIR BEHALF. PART I, LINE 1B THE EXPENSES INCURRED AT THE WESTMORELAND CLUB ARE SUBJECT TO THE DOCUMENTATION REQUIREMENTS OF THE COLLEGE. A DALLAS AREA MUNICIPAL AUTHORITY 231746641 2014-10-10 70000000 REFUND EXISTING DEBT OBLIGATIONS, CAPITAL PROJECTS, PROPERTY ACQUISITION 0 0 0 A 70000000 20217791 269828 6661994 42850387 2015 1 0 0 1 A 0 0 1 1 0 0 0 1 A 0 0 0 0 1 1 FIRST NATIONAL BANK M&T 16.000000000000 1 0 0 0 1 A 1 CHARLES PARENTE DIRECTOR 132017 LACKAWANNA AMERICAN INSURANCE (LAI) MAINTAINS THE COLLEGE'S WORKERS COMPENSATION POLICY. LAI IS A WHOLLY OWNED SUBSIDIARY OF LACKAWANNA CASUALTY COMPANY (LCC). LCC IS OWNED BY PAGNOTTI ENTERPRISES. MR. PARENTE IS A MINORITY OWNER AND OFFICER OF PAGNOTTI ENTERPRISES.ALL TRANSACTIONS WITH LACKAWANNA CASUALTY COMPANY AND PAGNOTTI ENTERPRISES WERE CONDUCTED AT ARM'S LENGTH. 0 GERTRUDE C MCGOWAN ESQ DIRECTOR 496075 MS. MCGOWAN IS A VICE PRESIDENT OF BLUE CROSS OF NEPA. BLUE CROSS OF NEPA (THROUGH ITS SUBSIDIARY FIRST PRIORITY) PROCESSES MEDICAL CLAIMS ON BEHALF OF THE COLLEGE. THE PAYMENT AMOUNT REPRESENTS AN ADMINISTRATIVE FEE PAID. THE COLLEGE IS SELF INSURED AND PAYS ALL MEDICAL CLAIMS. ALL TRANSACTIONS WITH FIRST PRIORITY HEALTH WERE CONDUCTED AT ARM'S LENGTH. 0 SCOTT HENRY DIRECTOR 119308 MR. HENRY IS THE OWNER OF MARTZ TRAILWAYS. THE COLLEGE PAID MARTZ TRAILWAYS FOR TRANSPORTATION SERVICES. ALL TRANSACTIONS WITH MARTZ TRAILWAYS WERE CONDUCTED AT ARM'S LENGTH. 0 CHARLES PARENTE DIRECTOR 3039055 MR. PARENTE IS A LIMITED PARTNER OF FRIENDS OF KING'S, LLP, WHICH IS A PARTNER OF RPG KING'S, LP. THE COLLEGE ENTERED INTO A LEASE AGREEMENT WITH RPG KING'S, LP, IN CONJUNCTION WITH A MULTIUSE BUILDING ADJACENT TO THE COLLEGE'S CAMPUS. THE BUILDING CONSISTS PRIMARILY OF STUDENT HOUSING AND VARIOUS RETAIL SUITES. THE DISCLOSED AMOUNT OF $1,369,055 REFLECTS THE CASH PAID BY THE COLLEGE TO RPG KING'S, LP IN CONJUNCTION WITH THE STATED LEASE AGREEMENT, INCLUDING REIMBURSABLE COSTS. THE ORIGINAL LEASE TERM IS THIRTY YEARS, WITH A PURCHASE OPTION AVAILABLE AFTER SEVEN YEARS. ALL TRANSACTIONS WITH FRIENDS OF KING'S LLP WERE CONDUCTED AT ARM'S LENGTH. IN APRIL OF 2015, THE COLLEGE PURCHASED THE EQUITY INTEREST IN RPG KING'S LP FROM FRIENDS OF KINGS FOR APPROXIMATELY $1,670,000. 0 MARK DECESARIS VICE CHAIRMAN 3039055 MR. DECESARIS IS A LIMITED PARTNER OF FRIENDS OF KING'S, LLP, WHICH IS A PARTNER OF RPG KING'S, LP. THE COLLEGE ENTERED INTO A LEASE AGREEMENT WITH RPG KING'S, LP, IN CONJUNCTION WITH A MULTIUSE BUILDING ADJACENT TO THE COLLEGE'S CAMPUS. THE BUILDING CONSISTS PRIMARILY OF STUDENT HOUSING AND VARIOUS RETAIL SUITES. THE DISCLOSED AMOUNT OF $1,369,055 REFLECTS THE CASH PAID BY THE COLLEGE TO RPG KING'S, LP IN CONJUNCTION WITH THE STATED LEASE AGREEMENT, INCLUDING REIMBURSABLE COSTS. THE ORIGINAL LEASE TERM IS THIRTY YEARS, WITH A PURCHASE OPTION AVAILABLE AFTER SEVEN YEARS. ALL TRANSACTIONS WITH FRIENDS OF KING'S LLP WERE CONDUCTED AT ARM'S LENGTH. IN APRIL OF 2015, THE COLLEGE PURCHASED THE EQUITY INTEREST IN RPG KING'S LP FROM FRIENDS OF KINGS FOR APPROXIMATELY $1,670,000. 0 MICHAEL MOLEWSKI DIRECTOR 3039055 MR. MOLEWSKI IS A LIMITED PARTNER OF FRIENDS OF KING'S, LLP, WHICH IS A PARTNER OF RPG KING'S, LP. THE COLLEGE ENTERED INTO A LEASE AGREEMENT WITH RPG KING'S, LP, IN CONJUNCTION WITH A MULTIUSE BUILDING ADJACENT TO THE COLLEGE'S CAMPUS. THE BUILDING CONSISTS PRIMARILY OF STUDENT HOUSING AND VARIOUS RETAIL SUITES. THE DISCLOSED AMOUNT OF $1,369,055 REFLECTS THE CASH PAID BY THE COLLEGE TO RPG KING'S, LP IN CONJUNCTION WITH THE STATED LEASE AGREEMENT, INCLUDING REIMBURSABLE COSTS. THE ORIGINAL LEASE TERM IS THIRTY YEARS, WITH A PURCHASE OPTION AVAILABLE AFTER SEVEN YEARS. ALL TRANSACTIONS WITH FRIENDS OF KING'S LLP WERE CONDUCTED AT ARM'S LENGTH. IN APRIL OF 2015, THE COLLEGE PURCHASED THE EQUITY INTEREST IN RPG KING'S LP FROM FRIENDS OF KINGS FOR APPROXIMATELY $1,670,000. 0 RICHARD PINOLA DIRECTOR 3039055 MR. PINOLA IS A LIMITED PARTNER OF FRIENDS OF KING'S, LLP, WHICH IS A PARTNER OF RPG KING'S, LP. THE COLLEGE ENTERED INTO A LEASE AGREEMENT WITH RPG KING'S, LP, IN CONJUNCTION WITH A MULTIUSE BUILDING ADJACENT TO THE COLLEGE'S CAMPUS. THE BUILDING CONSISTS PRIMARILY OF STUDENT HOUSING AND VARIOUS RETAIL SUITES. THE DISCLOSED AMOUNT OF $1,369,055 REFLECTS THE CASH PAID BY THE COLLEGE TO RPG KING'S, LP IN CONJUNCTION WITH THE STATED LEASE AGREEMENT, INCLUDING REIMBURSABLE COSTS. THE ORIGINAL LEASE TERM IS THIRTY YEARS, WITH A PURCHASE OPTION AVAILABLE AFTER SEVEN YEARS. ALL TRANSACTIONS WITH FRIENDS OF KING'S LLP WERE CONDUCTED AT ARM'S LENGTH. IN APRIL OF 2015, THE COLLEGE PURCHASED THE EQUITY INTEREST IN RPG KING'S LP FROM FRIENDS OF KINGS FOR APPROXIMATELY $1,670,000. 0 EBERHARD FABER DIRECTOR 3039055 MR. FABER IS A LIMITED PARTNER OF FRIENDS OF KING'S, LLP, WHICH IS A PARTNER OF RPG KING'S, LP. THE COLLEGE ENTERED INTO A LEASE AGREEMENT WITH RPG KING'S, LP, IN CONJUNCTION WITH A MULTIUSE BUILDING ADJACENT TO THE COLLEGE'S CAMPUS. THE BUILDING CONSISTS PRIMARILY OF STUDENT HOUSING AND VARIOUS RETAIL SUITES. THE DISCLOSED AMOUNT OF $1,369,055 REFLECTS THE CASH PAID BY THE COLLEGE TO RPG KING'S, LP IN CONJUNCTION WITH THE STATED LEASE AGREEMENT, INCLUDING REIMBURSABLE COSTS. THE ORIGINAL LEASE TERM IS THIRTY YEARS, WITH A PURCHASE OPTION AVAILABLE AFTER SEVEN YEARS. ALL TRANSACTIONS WITH FRIENDS OF KING'S LLP WERE CONDUCTED AT ARM'S LENGTH. IN APRIL OF 2015, THE COLLEGE PURCHASED THE EQUITY INTEREST IN RPG KING'S LP FROM FRIENDS OF KINGS FOR APPROXIMATELY $1,670,000. 0 Y JUDD SHOVAL DIRECTOR EMERITUS 398426 MR. SHOVAL IS AN OFFICER OF AMBIT FUNDING. THE COLLEGE IS AN INVESTOR IN AMBIT FUNDING. THE AMOUNT REFLECTS THE FAIR VALUE OF THE INVESTMENT AS OF YEAR-END, IN ACCORDANCE WITH GENNERALLY ACCEPTED ACCOUNTING PRINCIPLES. ALL TRANSACTIONS WITH AMBIT FUNDING WERE CONDUCTED AT ARM'S LENGTH. 0 JOSEPH KLUGER DIRECTOR 106145 MR. KLUGER IS A PARTNER AT THE LAW FIRM OF HOURIGAN, KLUGER, AND QUINN. THE COLLEGE PAID FOR LEGAL SERVICES PERFORMED BY HOURIGAN, KLUGER, AND QUINN. ALL TRANSACTIONS WITH HOURIGAN, KLUGER, AND QUINN WERE CONDUCTED AT ARM'S LENGTH. 0 FORM 990, PART VI, SECTION A, LINE 2 ATTY. JOE KLUGER (DIRECTOR) AND ATTY. ALLAN KLUGER (DIRECTOR EMERITUS) HAVE A FAMILY RELATIONSHIP. MARK DECESARIS (VICE CHAIRMAN), EBERHARD FABER (DIRECTOR), MICHAEL MOLEWSKI (DIRECTOR), RICHARD PINOLA (DIRECTOR), AND CHARLES PARENTE (DIRECTOR) HAVE BUSINESS RELATIONSHIPS. REV. THOMAS O'HARA, C.S.C. IS THE PROVINCIAL OF THE U.S. PROVINCE OF HOLY CROSS. THE PRESIDENT OF KING'S COLLEGE, FR. JOHN J. RYAN, C.S.C. (ALONG WITH ALL OTHER PRIESTS AND BROTHERS ON CAMPUS) ARE MEMBERS OF THE U.S. PROVINCE OF HOLY CROSS. THE PRIESTS THAT ARE MEMBERS OF THE BOARD OF DIRECTORS ARE ALSO MEMBERS OF THE U.S. PROVINCE. FORM 990, PART VI, SECTION A, LINE 3 THE MANAGEMENT OF THE DINING SERVICES AND FACILITIES DEPARTMENTS ARE CONTRACTED OUT TO SODEXO. THE RESPECTIVE MANAGERS FROM SODEXO REPORT TO THE COLLEGE'S CFO AND ULTIMATE DECISION MAKING RESTS WITH THE CFO, INCLUDING PERSONNEL DECISIONS. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE CORPORATION OF KING'S COLLEGE INCLUDE ALL FULL-FLEDGED MEMBERS OF THE CONGREGATION OF HOLY CROSS WHOSE OFFICIAL ASSIGNMENT IS DIRECTLY RELATED TO KING'S COLLEGE. THE MEMBERS MEET AT LEAST ANNUALLY AND AS OFTEN AS DEEMED NECESSARY BY THE MEMBERS, CORPORATE OFFICERS OR BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CORPORATION, THROUGH CONSULTATION WITH VARIOUS BOARD COMMITTEES, ELECT THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS ACTS AS THE GOVERNING BODY OF THE COLLEGE. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PROVIDED TO THE COLLEGE'S AUDIT COMMITTEE, IN DRAFT FORM, DURING A REGULARLY SCHEDULED MEETING. THE INFORMATION PRESENTED TO THE COMMITTEE MEMBERS IS PROVIDED TO THEM PRIOR TO THE MEETING DATE. THE COMMITTEE MEMBERS REVIEW THE 990 INDIVIDUALLY AND RAISE QUESTIONS AND CONCERNS REGARDING THE INFORMATION PRESENTED TO MANAGEMENT DURING THE MEETING. FOLLOWING DISCUSSION, MEMBERS OF THE COMMITTEE VOTE TO AUTHORIZE THE COLLEGE'S MANAGEMENT TO SUBMIT THE FORM 990, AS PRESENTED OR WITH IDENTIFIED CHANGES. FOLLOWING THE APPROVAL BY THE AUDIT COMMITTEE THE FINAL FORM 990 IS DISTRIBUTED TO EACH BOARD MEMBER AND POSTED TO A SECURE WEBSITE ACCESSIBLE BY BOARD MEMBERS. FOLLOWING A THIRTY DAY REVIEW PERIOD, MANAGEMENT WILL AUTHORIZE THE FILING OF THE FORM. FORM 990, PART VI, SECTION B, LINE 12C THE CHAIRMAN OF THE BOARD DISTRIBUTES, EXPLAINS, AND COLLECTS COMPLETED CONFLICT OF INTEREST STATEMENTS AT LEAST ANNUALLY. THESE STATEMENTS ARE REVIEWED BY THE BUSINESS OFFICE WHO OBTAINS ADDITIONAL INFORMATION, IF REQUIRED. THE CHAIRMAN OF THE BOARD ATTENDS ALL BOARD MEETINGS WHERE ACTIONS ARE VOTED ON TO ENSURE INDIVIDUALS WITH POTENTIAL CONFLICTS OF INTEREST DO NOT PROVIDE COMMENTARY OR PARTICIPATE IN THE EVALUATION OF THE TRANSACTION. THESE INDIVIDUALS ARE ALSO FORBIDDEN TO VOTE ON ACTIONS WHERE POTENTIAL CONFLICTS ARE PRESENT. FORM 990, PART VI, SECTION B, LINE 15 THE COLLEGE'S BOARD OF DIRECTORS CONTAINS AN EXECUTIVE COMPENSATION COMMITTEE TO DETERMINE THE COMPENSATION OF THE CEO AND VARIOUS VICE PRESIDENTS. COMPENSATION IS BASED ON AN EVALUATION OF SALARIES PAID TO INDIVIDUALS AT COMPARABLE INSTITUTIONS OF HIGHER EDUCATION, WITHIN SIMILAR GEOGRAPHICAL REGIONS. THIS INFORMATION IS ACCUMULATED THROUGH DATA PUBLISHED BY THE EASTERN ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS (EACUBO). FOLLOWING REVIEW OF COMPARABLE DATA, THE CEO PREPARES PERFORMANCE EVALUATIONS ON THE VARIOUS VICE PRESIDENTS WITHIN THE COLLEGE, BASED ON ESTABLISHED CRITERIA. THE CEO SUBMITS SALARY RECOMMENDATIONS FOR THESE POSITIONS TO THE BOARD'S EXECUTIVE COMPENSATION COMMITTEE FOR ULTIMATE APPROVAL. THE CEO PERFORMANCE EVALUATION IS PERFORMED BY THE EXECUTIVE COMPENSATION COMMITTEE AND A SALARY RECOMMENDATION IS PRESENTED AND APPROVED FOLLOWING THAT PROCESS. FORM 990, PART VI, SECTION C, LINE 18 THE COLLEGE MAINTAINS PUBLIC INSPECTION COPIES OF FORMS 990 AND FORM 990-T IN THE COLLEGE'S BUSINESS OFFICE DURING REGULARLY SCHEDULED HOURS. FURTHER, A COPY OF THE FORM 990 IS AVAILABLE ON THE WORLD WIDE WEB AT WWW.GUIDESTAR.ORG. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. THE CONFLICT OF INTEREST POLICY AND THE BYLAWS ARE AVAILABLE ON THE COLLEGE'S WEBSITE TO INDIVIDUALS WITH ACCESS TO THE COLLEGE'S NETWORK. FORM 990, PART XI, LINE 9: UNREALIZED GAINS ON INTEREST RATE SWAPS 137,474. CHANGES IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS -236,893. FORM 990, PART XI, LINE 2C: THERE HAS BEEN NO CHANGE IN THE SELECTION OR OVERSIGHT OF THE INDEPENDENT AUDITORS. THE COLLEGE PUBLICLY BID THEIR AUDIT SERVICES DURING THE SPRING OF 2006. AT THAT TIME, THE EXISTING AUDITOR WAS RETAINED AS THE INDEPENDENT AUDITORS OF THE COLLEGE BASED ON RECOMMENDATION OF THE COMMITTEE. THE AUDIT COMMITTEE MEETS THREE TIMES A YEAR, AND ANNUALLY EVALUATES THE PERFORMANCE OF THE INDEPENDENT AUDITORS, ASSESSES FEES FOR SERVICES, AND FORMALLY RECOMMENDS APPOINTMENT OF THE FIRM TO THE FULL BOARD FOR APPROVAL. RPG KING'S ASSOCIATES LP 100 WEST LANCASTER AVE SUITE 100 WAYNE PA 19087 263049551 CAMPUS BUILDING RENTAL PA N/A RELATED -52976 13820963 0 0 0.89000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0