2016-04-22T09:57:43-07:00 2015-06-30 990 2014-07-01 590936101 EMBRY-RIDDLE AERONAUTICAL UNIVERSITY INC EMBR 3862266000 600 South Clyde Morris Boulevard Daytona Beach FL 32114 Randall Howard Senior Vice President & CFO 3862266499 2016-04-22 2014 2016-08-17 19:52:53Z Dr John P Johnson 600 S Clyde Morris Blvd Daytona Beach FL 32114 412446193 0 X www.erau.edu X 1960 FL Embry-Riddle Aeronautical University is an independent, non-profit, coeducational university serving students motivated toward careers in aviation and aerospace. Campuses in Daytona Beach, Florida and Prescott, Arizona provide education in traditional settings, while a network of learning centers throughout the United States and abroad serve civilian and military students through ERAU-Worldwide. Embry-Riddle prepares graduates for productive careers and responsible citizenship with special emphasis on the needs of aviation, aerospace, engineering and related fields. The curriculum emphasizes communication and analytical skills, understanding the free enterprise system, extending the knowledge of aviation and aerospace, promoting ethical behavior, delivering continuing educational opportunities for adults, developing broadly educated individuals, and engaging in research that addresses needs in aviation and aerospace-related industries. See http://www.erau.edu/ for information. 17 15 6557 0 67729 0 9001499 11471210 379039670 396551582 7791716 2597582 801115 597626 396634000 411218000 52005372 65280798 0 0 195921452 205991494 45806 35667 1244052 126181370 123736041 374154000 395044000 22480000 16174000 571041000 665824000 222708000 299357000 348333000 366467000 Embry-Riddle Aeronautical University is an independent, non-profit, coeducational university serving students motivated toward careers in aviation and aerospace. Campuses in Daytona Beach, Florida and Prescott, Arizona provide education in traditional settings, while a network of learning centers throughout the United States and abroad serve civilian and military students through ERAU-Worldwide. Embry-Riddle prepares graduates for productive careers and responsible citizenship with special emphasis on the needs of aviation, aerospace, engineering and related fields. The curriculum emphasizes communication and analytical skills, understanding the free enterprise system, extending the knowledge of aviation and aerospace, promoting ethical behavior, delivering continuing educational opportunities for adults, developing broadly educated individuals, and engaging in research that addresses needs in aviation and aerospace-related industries. See http://www.erau.edu/ for information. 0 0 290645994 65280798 396551582 Embry-Riddle Aeronautical University provided comprehensive education leading to undergraduate,graduate, and doctoral degrees, seminars, short courses and research activity to 30,071 part-time and full-time students. 0 0 0 290645994 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0 1 1 0 0 0 1 395 0 1 6557 1 1 1 1 GM SN 0 0 0 1 1 0 0 0 1 0 X 17 15 0 1 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 AZ FL X X X Embry-Riddle Aeronautical University Inc 3862266000 600 South Clyde Morris Boulevard Daytona Beach FL 32114 Mori Hosseini Board Member 5 X 0 0 0 James Henderson Board Member 5 X 0 0 0 Joseph Martin Board Member 3 X 0 0 0 Zane Rowe Board Member 3 X 0 0 0 John Amore Board Member 2 X 0 0 0 Kenneth Dufour Board Member 2 X 0 0 0 Charles Duva Board Member 2 X 0 0 0 Karen Holbrook Board Member 2 X 0 0 0 Ronald Keys Board Member 2 X 0 0 0 Arthur J Lichte Board Member 2 X 0 0 0 Glenn S Ritchey Board Member 2 X 0 0 0 David Robertson Board Member 2 X 0 0 0 Jean G Rosanvallon Board Member 2 X 0 0 0 Jon Slangerup Board Member 2 X 0 0 0 Nicole Stott Board Member 2 X 0 0 0 David O'Maley Board Member 2 X 0 0 0 C Jeffrey Knittel Board Member 2 X 0 0 0 John P Johnson President 50 X 870120 0 0 Eric B Weekes Senior Executive Vice President, CFO 40 X 335014 0 0 George Herbst Interim Vice President, CFO 40 X 246988 0 0 Randall Howard Senior Vice President, CFO 40 X 135399 0 0 Richard Heist Chief Academic Officer, Daytona Beach Campus 40 X 303561 0 0 John Watret Chancellor, Worldwide Campus 40 X 290638 0 0 Francis Ayers Chancellor, Prescott Campus 40 X 281230 0 0 Rodney Cruise Vice President Administration 40 X 272830 0 0 William Hampton Vice President Enrollment 40 0 X 246524 0 0 Brandon Young Vice President of Human Resources 40 0 X 210965 0 0 Tim Brady Dean - College of Aviation 40 0 X 181271 0 0 Bernadine Douglas Vice-President- External Relations 40 X 464221 0 0 Steven Ridder Director of Athletics 40 X 456896 0 0 Louis Seno Vice President Corporate Relations & Govt Affairs 40 X 248976 0 0 Maj Mirmirani Dean - College of Engineering 40 X 220317 0 0 Scott Shappell Faculty 40 0 X 207782 0 0 4972732 0 0 233 0 1 0 Perry McCall Construction Inc 6262 Greenland Rd Jacksonville FL 32258 Construction Services 4896641 Sodexo Inc and Affiliates 600 South Clyde Morris Blvd Daytona Beach FL 32114 Dining Services/Bldg Services 3173451 Lockheed Martin PO Box 905146 Charlotte NC 282905149 Research Services 2856085 Coleman Goodemote Construction Inc 619 N Beach St Daytona Beach FL 321142215 Construction Services 2167815 WFF Facility Services PO Box 958204 St Louis MO 631958204 Cleaning Services 1590038 50 0 0 194358 0 6364210 4912642 304878 11471210 Higher Education 611310 396551582 396551582 0 0 0 0 0 0 396551582 2413806 2413806 0 0 94 94 0 0 0 0 0 0 263945 0 0 0 263945 0 263945 0 0 263945 0 308239 0 124557 0 183682 183682 183682 0 0 113821 194358 46092 67729 67729 0 0 0 0 0 0 0 1323496 1057544 265952 265952 0 0 0 411218000 399415116 67729 263945 0 0 65280798 65280798 0 0 0 0 4972732 609370 4363362 0 0 0 0 0 151210191 115848361 34749684 612146 11270999 8401800 2824769 44430 26844397 20010759 6727817 105821 11693175 8716504 2930576 46095 0 0 0 0 410078 125075 285003 0 202921 23284 179637 0 233000 0 233000 0 35667 35667 62000 0 62000 0 20183869 11001422 9070088 112359 3220885 2559018 658517 3350 7462321 3827953 3614444 19924 3027459 1456930 1570121 408 0 0 0 0 6066072 2541155 3524917 0 11137251 6922583 4076374 138294 0 0 0 0 764536 472578 282532 9426 7001000 0 7001000 0 0 0 0 0 29440104 21913104 7527000 0 4900825 1883718 3017107 Fuel and oil 3474507 3336782 137725 0 Equipment rental 16718123 8812210 7900463 5450 Rent 5715547 4063897 1651650 0 Miscellaneous 3715543 2838693 766168 110682 395044000 290645994 103153954 1244052 120303000 134373000 0 0 2868000 3265000 10002000 9311000 0 0 0 0 12595000 12786000 2908000 2869000 8989000 4159000 592595000 293514000 284207000 299081000 0 123170000 194562000 0 0 0 0 5999000 5418000 571041000 665824000 45704000 49214000 0 2440000 2392000 153321000 217546000 0 0 0 0 2894000 10929000 0 0 18349000 19276000 222708000 299357000 X 308120000 322731000 19869000 20713000 20344000 23023000 348333000 366467000 571041000 665824000 X 16174000 1657000 0 0 0 303000 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 233000 0 0 233000 0 Schedule C, Part II-B, Line 1 Schedule C, Part II-B, Line 1 - The University retains lobbying firms at the state and federal levels. Within the state, our lobbying activity is primarily done in support of programs that benefit students of private institutions within the State of Florida (e.g. the Florida Resident Access Grant program that provides scholarships to Florida residents who attend private institutions) and other state policy or funding issues that are of interest to the University. At the federal level, our lobbying activity focuses on support of our research centers and other educational initiatives. Our federal lobbying efforts also focus on advocating for policy development within the Federal Aviation Administration [FAA] that will positively impact our students, as they progress through pilot or air traffic management educational programs - two areas heavily regulated by the FAA. We work to make the FAA aware of how potential policy changes affect our collegiate programs. 87614000 2693000 3796000 920000 0 0 93183000 73660000 1056000 15008000 2110000 0 0 87614000 63052000 1935000 9379000 706000 0 0 73660000 62356000 2122000 -832000 594000 0 0 63052000 48197000 1843000 12870000 554000 0 0 62356000 0.62 0.25 0.13 0 0 7526000 0 7526000 353322000 0 145176000 208146000 0 0 0 0 169014000 0 148338000 20676000 62733000 0 0 62733000 299081000 Mutual Funds 111547000 F Deposits with Fiduciaries 83015000 F 194562000 0 Advances for student loans and financial aid 10178000 Student deposits and advance payments 9098000 19276000 X 349557000 1657000 0 0 303000 1960000 347597000 0 63621000 63621000 411218000 331423000 0 0 0 0 0 331423000 0 63621000 63621000 395044000 Schedule D, Part V, Line 4 Schedule D, Part V, Line 4 - Endowment funds are used primarily for student scholarships. Schedule D, Part X, Line 2 The University is exempt from the federal and state income taxes under Section 501(a) of the Internal Revenue Code (the Code) as an organization described in Section 501(c)(3) of the Code. Accordingly, the financial statements do not include an income tax provision, except for certain taxable transactions. The University complies with the provisions of FASB ASC 740 - Income Taxes (formerly FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109 ("Fin48"). Under ASC 740, the University must recognize the tax benefit associated with tax positions taken for tax return purposes when it is more-likely-than-not that the position will be sustained. Management of the University does not believe there are any material uncertain tax positions and accordingly has not recognized any liability for unrecognized tax benefits. The University has filed Internal Revenue Service Form 990 tax returns as required and all other applicable returns in those jurisdictions where it is required. The University believes that it is no longer subject to U.S. federal, state, and local, or non-U.S. tax examinations by tax authorities for year before 2010. However, the University is still open to examination by tax authorities from fiscal year 2010 forward. For the years ended June 30, 2015, 2014 and 2013, there was no interest or penalties recorded or included in the consolidated statement of activities. Earnings from unrelated business activities were immaterial for the years ended June 30, 2015, 2014 and 2013. Accordingly, no provision for income taxes has been made in the accompanying consolidated financial statements. Schedule D, Part XI, Line 2d $303,000 of revenues was the gain on the extinguishment of debt. Schedule D, Part XI, Line 4b $63,621,000 of Institutionally Funded Scholarship expenses were reported on the audited financial statements, as a contra-revenue account. Schedule D, Part XII, Line 4b $63,621,000 of Institutionally Funded Scholarship expenses were reported on the financial statements as a contra-revenue amount. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The University publicizes its non-discrimination policy at multiple locations of the University's website, including the following pages: Admissions, Transfer Students, Campus Life, and Diversity & Inclusion. The non-discrimination policy is also published on he undergraduate applications (in both hard copy and electronic formats), in the Student Catalog, on University Information CD's , and in the University Mission Statement. Schedule E, Part I, Line 6 The University receives financial assistance from Federal and State agencies for student financial aid and academic research. East Asia and the Pacific 1 14 Program Services Higher Education 3145545 Europe (including Iceland and Greenland) 1 2 Program Services Higher Education 276754 2 16 3422299 1 0 1 0 0 0 Schedule F, Part I, Line 3 ERAU Deutschland GmbH - Equity Method; Embry-Riddle Aeronautical University Asia LTD - Consolidation X X X X X X X 1 ARIA Calls and Cards 717 W St German Street Saint Cloud MN 56301 Coordinates telephone fundraising activities 1 36413 35667 746 36413 35667 746 All States Blue Gold Gala 271010 166449 104561 0 0 0 0 0 38408 Golf Tournament 37169 27909 9260 0 0 7524 0 0 160 0 308179 194358 113821 0 0 7524 0 0 38568 46092 67729 1 Tuition Waivers 324 2806336 Scholarships 14035 57707311 Grants in Aid 6350 4767151 Schedule I, Part I, Line 2 Financial Aid funds are awarded and monitored by the Financial Aid Department. Research awards are monitored by the Office of Sponsored Research. X X X X 1 1 X X X X 1 0 0 0 0 0 0 0 0 John P Johnson President 464790 0 310130 0 95200 0 23400 0 17355 0 910875 0 0 0 Eric B Weekes Senior Executive Vice President, CFO 335014 0 0 0 0 0 23400 0 0 0 358414 0 0 0 George Herbst Interim Vice President, CFO 221250 0 25000 0 738 0 22163 0 150 0 269301 0 0 0 Randall Howard Senior Vice President, CFO 109900 0 25130 0 369 0 9923 0 69 0 145391 0 0 0 Richard Heist Chief Academic Officer, Daytona Beach Campus 282231 0 20130 0 1200 0 23400 0 11634 0 338595 0 0 0 John Watret Chancellor, Worldwide Campus 279308 0 10130 0 1200 0 23400 0 17380 0 331418 0 0 0 Francis Ayers Chancellor, Prescott Campus 259500 0 15130 0 6600 0 23400 0 276 0 304906 0 0 0 Rodney Cruise Vice President Administration 256500 0 15130 0 1200 0 23400 0 11659 0 307889 0 0 0 William Hampton Vice President Enrollment 220194 0 25130 0 1200 0 22154 0 7602 0 276280 0 0 0 Brandon Young Vice President of Human Resources 184635 0 25130 0 1200 0 19180 0 17380 0 247525 0 0 Tim Brady Dean - College of Aviation 179941 0 130 0 1200 0 16465 0 11623 0 209359 0 0 Bernadine Douglas Vice-President- External Relations 166029 0 0 0 298192 0 15305 0 7939 0 487465 0 0 0 Steven Ridder Director of Athletics 408519 0 130 0 48247 0 23400 0 17380 0 497676 0 0 0 Louis Seno Vice President Corporate Relations & Govt Affairs 207692 0 40130 0 1154 0 13662 0 253 0 262891 0 0 0 Maj Mirmirani Dean 218987 0 130 0 1200 0 19709 0 251 0 240277 0 0 0 Scott Shappell Faculty 207652 0 130 0 0 0 19002 0 17380 0 244164 0 0 0 Schedule J, Part I, Line 1a For the President and his wife as approved by the compensation committee of the Board of Trustees and stated in President's employment contract given that it's customary for people serving in those positions to travel in first class. Cabinet members and employees may also travel first class but must be approved in advance by the President. When it is not feasible to travel commercial, charter travel may be used as approved by the President. Travel for Companions - Companions of Cabinet members when they participate in ERAU business and/or fund raising and when approved in advance by the President. President's wife when traveling for business related and/or fundraising purposes and as stated in President's employment contract. Housing allowance or residence for personal use - Housing allowance for President as approved by the compensation committee of the Board of Trustees and stated in the President's employment contract. Housing allowance for the Director of Athletics/Head Basketball Coach and as stated in his employment contract. This is treated as fully taxable compensation and are reported on Part II, Column Biii. Health or social club dues - Dues for the President as approved by the compensation committee of the Board of Trustees and stated in the President's employment contract for business and fundraising purposes. Dues for the Chief Development Officer, Executive Vice-President/Chief Academic Officer and Chief Financial Officer as approved by the President for business and fundraising purposes. Schedule J, Part I, Line 4 Severance Payments: Bernadine Douglas - $275,000 A Volusia County Educational Facilities Authority 800000613 928836JK2 2005-08-18 49583229 Refund 1996 Bonds 0 0 0 B Volusia County Educational Facilities Authority 800000613 928836JU0 2011-07-07 47545048 Refund 1999A&B Bonds 0 0 0 C Volusia County Educational Faciliies Authority 800000613 000000000 2013-11-08 29010659 Refund Series 2013 0 0 0 D Volusia County Educational Facilities Authority 800000613 000000000 2015-02-12 50740000 Refund 2005 New Funding 0 0 0 A 15116150 0 49583229 3300281 0 0 321020 1537876 0 0 43740473 0 0 1 1 1 B 6090000 0 47545048 4079287 0 0 561230 521903 0 0 42261522 0 1 0 1 1 C 3522000 0 29010659 2582000 0 0 165073 0 0 0 26263586 1 0 1 1 D 0 0 56477039 0 0 0 324722 0 0 56152317 0 0 1 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 C 0 0 1 0 1 0 0 0.0146 0.0146 0 0 1 D 0 0 1 0 1 0 0 0.005 0.005 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 D 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 D 1 Schedule K, Part II, Line 11-08/18/2005 49,583,229 Volusia County Educational Facilities Authority The other spend proceeds are the refunding proceeds of the issue. Schedule K, Part II, Line 11-07/07/2011 47,545,048 Volusia County Educational Facilities Authority The other spend proceeds are the refunding proceeds of the issue. Schedule K, Part II, Line 11-11/08/2013 29,010,659 Volusia County Educational Faciliies Authority The other spend proceeds are the refunding proceeds of the issue. Schedule K, Part II, Line 11-02/12/2015 50,740,000 Volusia County Educational Facilities Authority The other spend proceeds are the refunding proceeds of the issue. Schedule K, Part IV, Line 2c-08/18/2005 49,583,229 Volusia County Educational Facilities Authority Rebate computations completed 6/30/15. Schedule K, Part IV, Line 2c-07/07/2011 47,545,048 Volusia County Educational Facilities Authority Rebate computations completed 6/30/15. Schedule K, Part IV, Line 2c-11/08/2013 29,010,659 Volusia County Educational Faciliies Authority Rebate computations completed 6/30/15. Schedule K, Part IV, Line 2c-02/12/2015 50,740,000 Volusia County Educational Facilities Authority Rebate computations completed 6/30/15. A Volusia County Educational Facilties Authority 800000613 928836KD6 2015-03-23 76273696 Capital Improvements 0 0 0 A 0 0 76273696 0 0 0 773696 0 0 0 0 75500000 0 0 0 1 A 0 0 0 0 0 0 0 0 0 1 A 0 0 0 1 1 0 0 0 1 A 1 Schedule K, Part II, Line 12-03/23/2015 76,273,696 Volusia County Educational Facilties Authority The other unspent proceeds are the proceeds in the construction fund. Schedule K, Part IV, Line 2c-03/23/2015 76,273,696 Volusia County Educational Facilties Authority Rebate computations completed 6/30/15. Intervest Construction Inc Trustee Hosseini is a principal 473267 Approximately $364,000 were lease payments and $109,000 were utility and property tax payments.The lease is fair market value. 0 HF Commercial Investments LLP Trustee Hosseini is a principal 273096 Lease payments for office space. The lease is fair market value. 0 MHK of Volusia County Inc Trustee Hosseini is a principal 34020 Air charter service provided at fair market value. 0 Airsure Limited LLC Trustee Henderson is a principal 1199377 Aircraft Insurance provided at fair market value. 0 X 9 13680 Sale of comparable properties X 1100 Cost of donated property X 2 11425 Cost of donated property X 7 115362 Selling prive of donated property X 3 2810 Sale of comparable property X 5 330 Cost of donated property X Equipment-Machinery 13 105288 Cost of donated property X Gift certificates and real property 231 53240 Cost of donated property X Services 8 1645 Cost of donated property 1 0 1 0 Form 990, Part VI, Section A, Line 3 The University's Prescott Campus delegated responsibility for building and grounds maintenance to a contractor, Sodexo LLC. Form 990, Part VI, Section B, Line 11b Form 990 was completed by University staff and forwarded to the Audit Committee of the Board of Trustees of Embry-Riddle Aeronautical University. The Audit Committee met and reviewed the form and University staff were invited to participate in order to answer questions. At the end of the session, the Audit Committee voted to approve the 990. After the meeting, a copy of the 990 was sent to the entire University's Board of Trustees. After allowing the Trustees time to review the form and ask questions, any material changes were incorporated into the document. The finalized document was filed with the IRS. Form 990, Part VI, Section B, Line 12c The University's Internal Audit Department annually sends out and receives conflicts of interest disclosure forms from University employees and Board of Trustees. Moreover, actual or potential conflicts of interest are reviewed, evaluated, and monitored by the University's Office of General Counsel. Conflicts are either resolved or forwarded to Human Resources and the particular employee's supervisory chain of command for disciplinary action for an unresolved conflict of interest. Form 990, Part VI, Section B, Line 15 The University's Vice President of Human Resources and President review comparability data for all University top management employees, and the President is required to approve all salaries at or above $100,000. The Vice President of Human Resources provides salary and benefit comparability data to the Chairman of the Board of Trustees who reviews the data with the Executive Committee of the Board of Trustees in relation to salary and benefits of the President and CEO. Form 990, Part VI, Section C, Line 19 The University makes its governing documents, conflict of interest policy and financial statements available to the public upon request. The Form 990 and audited consolidated financial statements are disclosed on the University's website. Form 990, Part XI, Line 9 Gain on extinguishment of debt - VCEFA Series 2005 bonds were partially refunded by Series 2015A bonds on February 12, 2015. ERAU Deutschland GmbH Kurfuerstenstrasse 56 Berlin GM 10785 Higher Education GM 0 276754 N/A Embry-Riddle Aeronautical University Asia LTD 75 Bukit Timah Road 02 01 02 Boon Siew Building Singapore SN 069543 980681431 Higher Education SN 3146676 896355 N/A EMBRY-RIDDLE AERONAUTICAL UNIVERSITY ASIA LTD 150 CECIL STREET SINGAPORE SN 069543 980681431 HIGHER EDUCATION SN section 501(c)(3) SCHOOL N/A ERAU Holdings Inc 600 South Clyde Morris Boulevard Daytona Beach FL 32114 061638801 Holding Company FL C 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Extension filed in