2015-05-14T18:37:37-07:00 2014-06-30 990 2013-07-01 951246140 SOUTHWESTERN LAW SCHOOL SOUT 2137386818 3050 Wilshire Blvd Los Angeles CA 900101106 Paul J Kalush III Chief Financial Officer 2137385722 2015-05-14 2013 2016-02-25 16:41:14Z Susan Westerberg Prager 3050 Wilshire Blvd Los Angeles CA 900101106 54273845 0 X www.swlaw.edu X 1911 CA The mission of Southwestern Law School is to produce highly skilled graduates who are capable of integrating theory and practice to meet the challenges of the twenty-first century. 25 25 688 31 0 0 1426152 2144763 43761301 47861875 401175 583265 127907 436441 45716535 51026344 7479215 8198759 0 0 23819420 24275531 59400 0 373781 13725675 15718127 45083710 48192417 632825 2833927 100188654 102463837 48422422 45174419 51766232 57289418 The mission of Southwestern Law School is to produce highly skilled graduates who are capable of integrating theory and practice to meet the challenges of the twenty-first century. Through excellent faculty committed to promoting the highest level of professionalism, Southwestern seeks to create a vibrant academic community with a student-centered approach to legal education. 0 0 37631035 8198759 47861875 Higher Education: Four JD programs are offered: a three-year, full-time day program; a four-year, part-time evening program; PLEAS, a four-year, part-time program for students with child-care responsibilities; and SCALE, an accelerated two-Year, full-time program featuring small classes, practical skills training, and real-world experience. LLM programs are also offered in general law studies and entertainment law. Southwestern maintains an average class size of 1,000-1,100 students. 0 0 0 37631035 1 1 0 0 0 0 0 0 0 1 1 0 1 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1716 0 1 688 1 0 0 0 0 0 1 1 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA X Paul J Kalush III 2137386818 3050 Wilshire Blvd Los Angeles CA 900101106 Thomas H Hoberman Chair of the Board of Trustees 1 0 X X 0 0 0 Michael J Downer Vice Chair of the Board of Trustees 0.8 0 X X 0 0 0 Julie K Xanders Vice Chair of the Board of Trustees 0.8 0 X X 0 0 0 Daphne M Anneet Board Member 0.4 0 X 0 0 0 Paul Aronzon Board Member 0.4 0 X 0 0 0 Michael E Cahill Board Member 0.4 0 X 0 0 0 Phyllis Cheng Board Member 0.4 0 X 0 0 0 Dennis PR Codon Board Member 0.4 0 X 0 0 0 Thomas L Driscoll Board Member 0.4 0 X 0 0 0 Darin J Feinstein Board Member 0.4 0 X 0 0 0 Rory M Hernandez Board Member 0.4 X 0 0 0 Anthony Kidd Board Member 0.4 0 X 0 0 0 Lauren B Leichtman Board Member 0.4 0 X 0 0 0 Wayne Levin Board Member 0.4 0 X 0 0 0 Hon Ronald SW Lew Board Member 0.4 0 X 0 0 0 Roger Lowenstein Board Member 0.4 0 X 0 0 0 Sanford P Paris Board Member 0.4 0 X 0 0 0 Daniel M Petrocelli Board Member 0.4 0 X 0 0 0 Hon Robert H Philibosian Board Member 0.4 0 X 0 0 0 John A Schulman Board Member 0.4 0 X 0 0 0 Larraine Segil Board Member 0.4 0 X 1000 0 0 John Spirtos Board Member 0.4 0 X 0 0 0 Robert G van Schoonenberg Board Member 0.4 0 X 0 0 0 Hon Arleigh M Woods Board Member 0.4 0 X 0 0 0 Heidi Yoshioka Board Member 0.4 0 X 750 0 0 Steven P Byrne Special Advisor to the Board of Trustees 0.4 X 750 0 0 Susan W Prager Dean/CEO 40 0 X 56320 0 116 Austen L Parrish Interim Dean/CEO 40 0 X 270024 0 43575 Janice Manis Chief Operating Officer 40 0 X 191758 0 19305 Paul J Kalush III Chief Financial Officer 40 0 X 168680 0 22672 Janis K Yokoyama Corporate Secretary 40 0 X 142998 0 14575 Debra L Bassett Faculty 40 0 X 224743 0 20575 Arthur F McEvoy Faculty 40 0 X 220078 0 20335 John Tehranian Faculty 40 0 X 217715 0 26847 Robert C Lind Faculty 40 0 X 212671 0 43907 Steven G Krone Faculty 40 0 X 207278 0 33428 Bryant G Garth Former Dean & Chief Exective Officer 40 0 X 198786 0 23645 2113551 0 268980 80 1 1 0 Kensington Caterers 5556 West Washington Blvd Los Angeles CA 90016 Catering 265339 Grant Thornton LLP 1000 Wilshire Blvd Suite 300 Los Angeles CA 90017 Accounting Services 137329 2 0 0 35975 0 425440 1683348 108809 2144763 Student Tuition & Fees 611310 46090573 46090573 0 0 Student Housing Revenue 611710 1563544 1563544 0 0 Interest Earned on Student Loans 611710 127376 127376 0 0 Sales and Services of Educational Departments 611710 54888 54888 0 0 Federal Workstudy Off-Campus 611710 25494 25494 0 0 0 0 0 0 47861875 622755 0 0 622755 0 0 0 0 0 0 0 0 1251298 0 1681730 0 -430432 0 -430432 0 0 -430432 1507874 0 1547364 0 -39490 0 -39490 0 0 -39490 8630 35975 18407 -9777 0 -9777 Student Convenience (i.e. Parking) 812930 564273 0 0 564273 Conference Revenue 611710 180004 180004 0 0 Journal of Legal Education Subsidy 611310 22500 0 0 22500 109873 0 0 109873 876650 51026344 48041879 0 839702 0 0 8198759 8198759 0 0 0 0 948157 0 907795 40362 338366 338366 0 0 18307327 14981654 3164647 161026 1334741 1073193 247055 14493 1950862 1498048 429690 23124 1396078 1089619 296175 10284 209565 209565 0 0 61012 16602 44410 0 128888 0 128888 0 0 0 0 0 0 0 0 0 0 0 723372 229380 450888 43104 400500 242295 149279 8926 1775897 337004 1433094 5799 29570 17803 11767 0 2069 2069 0 0 3382452 2118876 1263576 0 992008 926452 52635 12921 0 0 0 0 882796 573742 255312 53742 1546620 1421581 125039 0 0 0 0 0 3223720 2134827 1088893 0 212585 123919 88666 0 Library Books & Course Materials 1639779 1639779 0 0 Winter Intersession Program Expenses 178080 178080 0 0 Orientation & Graduation 109620 109620 0 0 Loan Bad Debt 104826 104826 0 0 114768 64976 49792 0 48192417 37631035 10187601 373781 2580440 703638 7207800 9200547 2087534 2529050 506834 705130 0 0 0 0 0 0 0 0 1817511 1627824 102366015 45000713 58528621 57365302 15804793 18975506 0 0 11343024 11054780 0 0 312097 302060 100188654 102463837 7786988 5321365 0 0 1968100 1703918 28572426 28033016 0 0 0 0 0 0 0 0 10094908 10116120 48422422 45174419 X 37136425 40184615 4342538 5668024 10287269 11436779 51766232 57289418 100188654 102463837 2833927 2689259 0 0 0 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11324682 556617 2195579 340910 0 0 13735968 9638928 359132 1667062 340440 0 0 11324682 9756734 499512 -307848 309470 0 0 9638928 8609194 277985 1167535 297980 0 0 9756734 7502693 429538 750903 73940 0 0 8609194 0 1 0 0 0 2373648 6048180 8421828 5865261 75772155 34823211 46814205 0 0 0 0 6800 3870665 3252499 624966 0 8429306 6925003 1504303 57365302 Student Loans 11054780 C 11054780 0 Advances for Student Loans (Perkins) 8959898 Lease Payable 1000952 Deferred Rent - Land 155270 10116120 X 46438228 2689259 0 0 0 2689259 43748969 0 7277375 7277375 51026344 40915042 0 0 0 0 0 40915042 0 7277375 7277375 48192417 Schedule D, Part V, Line 4 Southwestern Law School's endowment fund primarily provides financial assistance in the form of scholarships to Southwestern law students. The endowment fund also provides Professorships for Southwestern faculty and supplemental operating income. Schedule D, Part X, Line 2 The Law School is exempt from federal income taxes pursuant to Section 501(c)(3) of the Internal Revenue Code. The Law School has received a favorable determination letter from the Internal Revenue Service indicating that they qualify for tax-exempt status. The Law School is also exempt from California income taxes under the related State provisions. Management believes that the Law School will continue to be exempt from taxes. As of July 1, 2010, the Law School adopted accounting guidance related to uncertain tax positions. In accordance with this guidance, management is required to determine whether a tax position of the Law School is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Law School recording a tax liability that would reduce net assets. The Law School has reviewed all significant tax positions for material tax jurisdictions including the U.S. federal and California state tax jurisdictions for which the statute of limitations remained open which is generally three years for federal and state taxes and four years for California. The open tax years are 2010 through 2014 for federal and 2009 through 2014 for California tax years and determined there were no material unrecognized tax benefits. However, the statue can be extended if there was a failure to file a necessary tax return. In addition, there have been no material changes in unrecognized benefits since July 1, 2013, nor are any anticipated in the 12 months following June 30, 2014. However, management's conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. There have been no related tax penalties or interest, which would be classified as operating or interest expense in the statement of operations. Schedule D, Part XI, Line 4b Financial statements include student financial aid of $7,277,375 as a reduction of revenue while the 990 records this amount as an expense. Schedule D, Part XII, Line 4b Financial statements include student financial aid of $7,277,375 as a reduction of revenue while the 990 records this amount as an expense. 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 non-discrimination policy is published on the internet at http://www.swlaw.edu/about/nondiscrimination/ and in the school catalog. Schedule E, Part I, Line 6 The law school currently receives funding for the Federal Workstudy program. The school also participated in the Federal Perkins revolving loan program. Both the Federal Workstudy program and the Federal Perkins revolving loan program provide financial assistance to Southwestern law School students. Awards Recognition Reception & Silent Auction 44605 35975 8630 0 200 0 13329 4878 0 0 0 44605 35975 8630 0 200 0 13329 4878 0 18407 -9777 1 Scholarship Awards 438 7559812 Federal Workstudy Grants 263 455317 0 Faculty Research Grants 19 145830 0 Professorships 4 37800 0 Schedule I, Part I, Line 2 Southwestern Law School offers a number of scholarships from income provided by gifts from donors as well as its own general funds. Qualifications for amounts of scholarships vary, but the determination of awards is generally based on financial need and scholastic achievement, as well as the amount of funds available. X X 0 1 X X X X X 0 0 0 0 0 0 0 1 0 Austen L Parrish Interim Dean/CEO 194011 0 25000 0 51013 0 22950 0 20625 0 313599 0 0 0 Bryant G Garth Former Dean & Chief Exective Officer 188786 0 0 0 10000 0 18000 0 5645 0 222431 0 0 0 Janice Manis Chief Operating Officer 173378 0 0 0 18380 0 17415 0 1890 0 211063 0 0 0 Paul J Kalush III Chief Financial Officer 158280 0 0 0 10400 0 15300 0 7372 0 191352 0 0 0 Janis K Yokoyama Corporate Secretary 128548 0 0 0 14450 0 13005 0 1570 0 157573 0 0 0 Robert C Lind Faculty 163771 0 0 0 48900 0 19710 0 24197 0 256578 0 0 0 Debra L Bassett Faculty 188243 0 0 0 36500 0 20250 0 325 0 245318 0 0 0 John Tehranian Faculty 186215 0 0 0 31500 0 19710 0 7137 0 244562 0 0 0 Steven G Krone Faculty 204778 0 0 0 2500 0 0 0 33428 0 240706 0 0 0 Arthur F McEvoy Faculty 195053 0 0 0 25025 0 19845 0 490 0 240413 0 0 0 Schedule J, Part I, Line 1a Social club dues of $2,688 were paid by the organization to allow Dean/CEO of the organization to network so as to publicly advance the Law School. This amount was not treated as reportable compensation. The Dean/CEO also received an annual automobile allowance of $6,000 and a $10,000 allowance for community affairs which advance the Law School's interest in the community. These amounts were treated as reportable compensation and were part of the Dean/CEO employment contract which was approved by the Law School's Board of Trustees. Schedule J, Part I, Line 1b Social club dues (in this case $2,688) are paid by the organization as a business expense as they provide professional networking opportunities which increases the public's awareness of the institution. Schedule J, Part I, Line 3 The Board of Trustees meets to determine the compensation package for Southwestern's Dean/CEO. Form 990s of other organizations as well as compensation surveys are used to determine the Dean/CEO's salary. The Board considers Southwestern's internal budgeted salary increase in conjunction with the other salary information listed above to target a responsible compensation package. The Board of Trustees approves the compensation package. This process takes place annually. Schedule J, Part I, Line 7 The Interim Dean/CEO was eligible for an annual discretionary bonus. The Board of Trustees confers and determines, in its sole discretion, whether a bonus for prior year service will be awarded. The Board of Trustees considers the Dean/CEO's record of service and contributions, if any, to the improvement of the Law school's graduate bar passage rates, fundraising and endowment enhancement, enhancement of the visibility, reputation and stature of the Law School in the community, success in faculty hiring, improvement in the law School's ranking by nationally recognized organizations and progress in executing the Law School's Strategic Plan. A California Educational Facilities Authority 521705592 130175A77 2003-05-29 12283629 To refund the Authority's Series 1994 bonds (Original issue date of 10/01/94). 0 0 0 B California Municipal Finance Authority 201563466 13048TMA8 2011-10-27 20839207 To finance the design and construction of a student housing facility 0 0 0 A 4885000 0 12628218 0 0 0 228389 0 0 0 12399828 0 0 1 1 1 B 0 0 20839207 1609750 2282631 0 416770 0 0 16530056 0 0 2013 0 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 1 B 1 Schedule K, Part IV, Line 2c-05/29/2003 12,283,629 California Educational Facilities Authority Arbitrage procedures were performed on October 9, 2008 and based on the findings there were no and will be no rebate liability for these bonds. There was no positive arbitrage earnings created with the refunding proceeds. There were not enough sale proceeds used for issuance costs to generate possible arbitrage during the computation period. The bond fund was a bona fide debt service fund and accordingly the bond fund is not subject to rebate. There was no reserve fund established for the bonds. There were not unexpended proceeds of the refunded bonds that could become transferred proceeds of the bonds. There were no replacement proceeds of the bonds. Due to all of these factors there is no rebate liability for these bonds. Lisa Gear Family Member of Paul Kalush, Chief Financial Officer 102852 Employment Compensation 0 Dennis Yokoyama Family Member of Janis Yokoyama, Corporate Secretary 163441 Employment Compensation 0 X 9 108809 FMV 0 0 1 0 Form 990, Part VI, Section B, Line 11b The 990 is prepared by management and is then reviewed by an independent accounting firm. The 990 is then sent to all the members of the Board of Trustees before it is filed. Form 990, Part VI, Section B, Line 12c A questionnaire is sent to Board of Trustee members and all officers on an annual basis which they are required to complete. Any conflicts of interest that might arise are subsequently discussed to determine whether appropriate action, if any, is warranted. Form 990, Part VI, Section B, Line 15 The compensation committee meets to determine the compensation package for Southwestern's Dean/CEO. Form 990s of other organizations as well as compensation surveys are used to determine the Dean/CEO's salary. The committee considers Southwestern's internal budgeted salary increase in conjunction with the other salary information listed above to target a responsible compensation package. The Board of Trustees approves the compensation package. This process is undertaken on an annual basis for our Dean/CEO. Form 990, Part VI, Section C, Line 19 These documents are not made available to the general public.