2015-11-16T11:27:30-06:00 2014-12-31 The American College 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 990 2014-01-01 231352008 The American College AMER 6105261510 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 Neal R Fegely Chief Financial Officer 6105261501 2015-11-16 6105261510 2014 2016-04-25 22:37:26Z Robert R Johnson 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 37565417 0 X www.theamericamcollege.edu X 1927 PA The mission of The American College is to raise the level of professionalism in financial services by promoting ongoing education, ethical practices, and the pursuit of new knowledge for the benefit of society. 46 45 239 90 0 0 2574535 4218209 29204727 30064514 951929 1555994 2636867 1633680 35368058 37472397 83406 81137 0 0 16289857 18828357 139978 146409 2009015 16125594 17010708 32638835 36066611 2729223 1405786 62544994 63883457 8790002 11130598 53754992 52752859 X The mission of The American College is to raise the level of professionalism in financial services by promoting ongoing education, ethical practices, and the pursuit of new knowledge for the benefit of society. 0 0 15793220 43212 23739152 Solomon S. Huebner School - The Huebner School administers the curriculum leading to the CLU, ChFC, RHU, REBC, CLF, CASL, RICP, and ChHC professional designations. There are approximately 18,700 students enrolled in these programs. 1732549 2141 2467848 LUTC and FSCP Programs - The LUTC and FSCP programs administer the curriculum leading to the LUTCF, FSS, and FSCP professional designations. There are approximately 3,600 students enrolled in these programs. 2808086 35784 2973820 Richard D. Irwin School of Management and Doctoral Program - The Irwin School administers the curriculum leading to the Master of Science degrees. Specialities are offerred in Financial Planning and Advanced Leadership. There are approximately 860 students in the Graduate School. The Doctoral Program provides a PhD in Financial and Retirement Planning. There are currently 36 students in this program. 2145726 883694 Integrated Learning Platform - Provides customized training and education to client companies in the financial services arena utilizing the College's resources.Certified Financial Analyst - Provides educational products for individuals preparing for the three levels testing that comprise the CFA examination. 2145726 883694 22479581 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 1 0 0 1 0 0 0 0 1 0 0 0 1 211 0 1 239 1 0 0 0 0 0 0 0 0 0 0 X 46 45 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK AZ CO KY MD MA MI NH NY OH OK OR WA X John G Wells 6105261510 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 David M Anderson Trustee 1.00 X 0 0 0 Wendy A Benson Trustee 1.00 X 0 0 0 Lee V Bethel Trustee 1.00 X 0 0 0 Christopher O Blunt Trustee 1.00 X 0 0 0 Peter C Browne Trustee 1.00 1.00 X 0 0 0 Ron Carson Trustee 1.00 X 0 0 0 Edward W Cassidy Trustee 1.00 X 0 0 0 Nicholas M Cecere Trustee 1.00 X 0 0 0 George I Connolly Trustee 1.00 X 0 0 0 Susan M Cooper Trustee 1.00 X 0 0 0 Michael J Corey Trustee 1.00 X 0 0 0 Ralph L Crews Trustee 1.00 X 0 0 0 J Scott Davison Trustee 1.00 X 0 0 0 Michael Doughty Trustee 1.00 X 0 0 0 Caroline Feeney Trustee 1.00 X 0 0 0 Anthony M Garcia Trustee 1.00 X 0 0 0 Peter A Golato Trustee 1.00 X 0 0 0 Randall H Harbert Trustee 1.00 X 0 0 0 Thomas H Harris Trustee 1.00 X 0 0 0 Salene Hitchcock-Gear Trustee 1.00 X 0 0 0 Gary T Huffman Trustee 1.00 X 0 0 0 Fred Jonske Trustee 1.00 X 0 0 0 Paul A LaPiana Trustee 1.00 X 0 0 0 Anne Long Trustee 1.00 X 0 0 0 Eugene F LoVasco Trustee 1.00 1.00 X 0 0 0 James J Meehan Trustee 1.00 X 0 0 0 James A Mitchell Trustee 1.00 X 0 0 0 Linda S Need Trustee 1.00 1.00 X 0 0 0 Scott R Perry Trustee 1.00 X 0 0 0 Robert B Plybon Trustee 1.00 X 0 0 0 Reginald N Rabjohns Trustee 1.00 1.00 X 0 0 0 Phillip C Richards Trustee 1.00 X 0 0 0 Michael Rosenzweig Trustee 1.00 1.00 X 0 0 0 Albert J Schiff Trustee 1.00 1.00 X 0 0 0 Todd M Schoon Trustee 1.00 X 0 0 0 Robert D Shapiro Trustee 1.00 X 0 0 0 Frederick J Sievert Trustee 1.00 X 0 0 0 Nikki L Sorum Trustee 1.00 X 0 0 0 Jon S Stenberg Trustee 1.00 X 0 0 0 Thomas P Tooley Trustee 1.00 X 0 0 0 Leo C Tucker Trustee 1.00 X 0 0 0 Mary A Weiss Trustee 1.00 X 0 0 0 Robert J Wernecke Trustee 1.00 X 0 0 0 Doyle J Williams Trustee 1.00 X 0 0 0 Robert Wright Trustee 1.00 X 0 0 0 Laurence Barton President & CEO - 1/14 39.00 1.00 X 367331 0 17880 Michael Davidson President & CEO - 2/14 to 9/14 39.00 1.00 X 248462 0 0 Robert Johnson President & CEO - 10/14 to 12/14 39.00 1.00 X 154321 0 4895 Neal R Fegely Chief Operating Officer 39.00 1.00 X 395622 0 28569 John G Wells Treasurer & Controller 39.00 1.00 X 109352 0 9195 Keith Hickerson Executive Vice President 40.00 X 291654 0 6814 Walter Woerheide Chief Academic Officer 40.00 X 248177 0 31138 Jack Hondros Chief Marketing Officer 40.00 X 353560 0 30111 Edward McEvoy Chief Technology Officer 40.00 X 235166 0 16425 Charles Cronin Senior Vice President - Advancement 39.00 1.00 X 221656 0 12412 Stephen Tarr Senior Vice President 40.00 X 193361 0 35184 David Littell Director - New York Life Retirement Center 40.00 X 270266 0 16528 Craig Lemoine Assistant Professor of Finance 40.00 X 257548 0 18175 Glenn Boseman Dean - Graduate School 40.00 X 246400 0 20015 Christopher Woehrle Assistant Professor - Taxation 40.00 X 226976 0 12783 Paul Tanella Vice President - Sales 40.00 X 223208 0 10731 4043060 0 270855 44 0 1 0 Dechert LLP PO Box 7247-6643 Philadelphia PA 191706643 Legal services 373467 Korn & Ferry International NW 5064 PO Box 1450 Minneapolis MN 554855064 Executive Search Services 213292 Sloan & Company 7 Times Square Tower New York NY 10036 Public Relations Consulting 148683 Clark Hill PLC PO Box 3760 Pittsburgh PA 15230 Legal Services 137081 Allen McLellan 1405 North Red Maple Way Downington PA 19335 Course development/instruction 130147 8 4218209 23603 4218209 Solomon S. Huebner Sch 611310 23739152 23739152 Richard D. Irwin Schoo 611310 2973820 2973820 LUTC and FSCP Programs 611310 2467848 2467848 Customized Consulting 611310 810654 810654 Chartered Financial An 611310 73040 73040 30064514 1555994 1555994 43200 191050 93020 -49820 -49820 Royalties 611310 400186 400186 PACE fees 611310 365646 365646 Membership fees 611310 243000 243000 674668 674668 1683500 37472397 31748014 0 1506174 81137 81137 2977879 271591 2473876 232412 12238427 9333483 2268915 636029 1094974 471 1094503 1467648 2636091 -1391218 222775 1049429 1049429 1023399 293193 730206 86992 86992 146409 146409 1445747 1065074 380673 1534854 1442084 23080 69690 575081 330561 219616 24904 927826 855422 72404 63819 63819 1842126 61581 1780545 645112 357485 203629 83998 5133378 4292484 403805 437089 948480 948480 377240 225238 152002 Printing and Publicatio 939106 931307 7399 400 Bank Service Charges 396402 0 396402 0 Recruiting/Employment 381042 413 380629 0 Library Services 214331 208582 4162 1587 475773 254803 219250 1720 36066611 22479581 11578015 2009015 14472220 3703552 3866489 3359266 2962827 3783526 475223 379623 709625 617435 18835622 15792947 3100200 3042675 34259253 46294602 2699157 2702778 62544994 63883457 5869926 5491432 879473 1319255 2040603 4319911 8790002 11130598 X 43470425 39740661 10284567 13012198 53754992 52752859 62544994 63883457 X 1405786 -538782 -1869137 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 971 971 36065640 36066611 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 2937 7319 8242 971 19469 250000 250000 250000 250000 1000000 1500000 49808428 2977808 1120383 952001 52954618 43310907 3540277 3952710 995466 49808428 34956582 5642329 3687000 975004 43310907 34827356 1711521 -301942 1280353 34956582 31985325 380624 3087692 626285 34827356 0.35590 0.50560 0.13850 0 1 1 4684676 2936009 1748667 14150946 12856938 1294008 3042675 Univeersity City science Center Stock 1000 C Investment portfolio 46293602 C 46294602 Annuity obligation 105103 Accrued pension costs 4214808 4319911 X 38170401 -538780 1236784 698004 37472397 0 37472397 36066611 0 36066611 0 36066611 Part V, Line 4: Endowment funds are solicited and managed by the American College Foundation - EIN# 23-3015130 in support of the mission of The American College subject to donor/fund restrictions. Part X, Line 2: The Internal Revenue Service ("IRS") has classified The American College and the Foundation as exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code ("Code"); as organizations, contributions to which are deductible under Section 170(c) of the Code; and as organizations that are not private foundations as defined in Section 509(a) of the Code. Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken and recognize a tax liability, if the College has taken an uncertain tax position that more likely than not would not be sustained upon examination by a government authority. Management has analyzed the tax positions taken by the College and has concluded that as of December 31, 2014 and 2013, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the consolidated financial statements. The College recognizes accrued interest and penalties associated with uncertain tax positions, if any. There were no income tax related interest and penalties recorded for the years ended December 31, 2014 and 2013. The tax returns of the College for the years ended December 31, 2011 through 2014 are or will be subject to examination by the IRS and other various taxing authorities, generally for three years after they are filed. Part XI, Line 2d - Other Adjustments: Transfer of net assets from the American College Foundation - EIN 23-301513 1131349. Increase in cash surrender values 105435. 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 The non-discrimination policy is published in our brochures, on our admission and matriculation forms, and appears on the College's website as part of its privacy policy. Schedule E, Part I, Line 4 The American College neither requests nor requires ethnic or gender information from students who are matriculating or enrolling for courses at the graduate or designation level. The American College neither requests nor requires ethnic or gender information from students who are applying for scholarships to its designation or graduate programs. X X X 0 Harris Connect 1511 Rt 22 - Suite C-25 Brewster NY 10509 Phone solicitation 0 104591 112265 -7674 Schultz & Williams Inc 5 Chestnut St Suite 700 Philadelphia PA 191062422 Campaign consulting 0 0 34144 -34144 104591 146409 -41818 AL AK AZ AR CO CT FL GA HI IL KS KY LA MN MD ME MA MI MO MS NH NM NJ NY NC ND OH OK OR PA RI DC TN UT VA WA WV WI CA Veteran's Center Clambake 234250 191050 43200 38168 21345 33507 234250 191050 43200 38168 21345 33507 93020 -49820 0 Tuition assistance 56 81137 X 1 1 X X X X 0 0 0 1 0 1 0 0 0 Laurence Barton President & CEO - 1/14 186923 0 150000 0 30408 0 14354 0 3526 0 385211 0 0 0 Michael Davidson President & CEO - 2/14 to 9/14 198462 0 50000 0 0 0 0 0 0 0 248462 0 0 0 Robert Johnson President & CEO - 10/14 to 12/14 100385 0 0 0 53936 0 2008 0 2887 0 159216 0 0 0 Neal R Fegely Chief Operating Officer 288500 0 35000 0 72122 0 16738 0 11831 0 424191 0 0 0 Keith Hickerson Executive Vice President 265385 0 0 0 26269 0 6350 0 464 0 298468 0 0 0 Walter Woerheide Chief Academic Officer 177490 0 0 0 70687 0 14199 0 16939 0 279315 0 0 0 Jack Hondros Chief Marketing Officer 220000 0 80000 0 53560 0 17600 0 12511 0 383671 0 0 0 Edward McEvoy Chief Technology Officer 185000 0 35000 0 15166 0 14800 0 1625 0 251591 0 0 0 Charles Cronin Senior Vice President - Advancement 180000 0 40000 0 1656 0 11700 0 712 0 234068 0 0 0 Stephen Tarr Senior Vice President 161716 0 35000 0 -3355 0 12937 0 22247 0 228545 0 0 0 David Littell Director - New York Life Retirement 116016 0 0 0 154250 0 7386 0 9142 0 286794 0 0 0 Craig Lemoine Assistant Professor of Finance 118798 0 0 0 138750 0 7722 0 10453 0 275723 0 0 0 Glenn Boseman Dean - Graduate School 179650 0 0 0 66750 0 14372 0 5643 0 266415 0 0 0 Christopher Woehrle Assistant Professor - Taxation 132663 0 0 0 94313 0 2653 0 10130 0 239759 0 0 0 Paul Tanella Vice President - Sales 155943 0 49265 0 18000 0 9319 0 1412 0 233939 0 0 0 Part I, Line 1a Part I, Line 1a; The President & CEO's spouse accompanies him on trips to Board meetings and other events where she entertains trustee spouses, holding breakfasts, lunches, and leading tours and other outings. The President & CEO must obtain approval from the Board Chairman each time his spouse accompanies him. Part I, Line 3 The College's Compensation Committee, composed of Board members, determines the base compensation and annual incentive award of the President & CEO as well as other payouts for both the President & CEO and select senior management. This process involves evaluating payments proposed by the President & CEO and using an independent compensation consultant as needed. Part I, Line 5 The President & CEO, COO, EVP (Executive Vice President), CMO (Chief Marketing Officer), and CTO(Chief Technology Officer) have a three year performance incentive plan that runs from January 1, 2014 through December 31, 2016. The plan consists of 5 distinct elements and includes meeting consolidated revenue and operating margin targets (including both the College and The American College Foundation EIN 23-3015130) as two of the criteria which are weighted between 10% and 30% of the elements of the plan. The covered individuals must be on staff as of December 31, 2016 order to be eligible for an award that will be payable in 2017 through 2019. Part I, Line 6 The President & CEO, COO, EVP (Executive Vice President), CMO (Chief Marketing Officer), and CTO(Chief Technology Officer) have a three year performance incentive plan that runs from January 1, 2014 through December 31, 2016. The plan consists of 5 distinct elements and includes meeting consolidated revenue and operating margin targets (including both the College and The American College Foundation EIN 23-3015130) as two of the criteria which are weighted between 10% and 30% of the elements of the plan. The covered individuals must be on staff as of December 31, 2016 order to be eligible for an award that will be payable in 2017 through 2019. Laurence Barton Former President & CEO 101816 Purchased keyman life insurance policy for cash value of the policy - $101,816. 0 Albert J Schiff Trustee 93250 Trustee is an officer of a firm that handles a special insurance program for eight senior staff. the annual contributions were $93,250 which was .0029% of operating expenses. the trustee derived a service fee of $200.Before this program began, the issue was discussed with the Board and this trustee received approval to handle the transaction on an annual basis waiving any conflicts. 0 X 3 23603 Daily pricing - NYSE 0 1 0 Form 990, Part VI, Section A, line 2 Three trustees on the College's Board have an equity interest in an organization that makes contributions to the College but does not otherwise conduct business with the College. Form 990, Part VI, Section B, line 11 The Form 990 is completed by Finance staff and reviewed by the Chief Operating Officer for accuracy and completeness. It is then reviewed by the College's independent auditors. Once these steps are completed, it is presented to the College's Board of Trustees for their review. This process involves sending the completed form along with relevant instructions and explanations and following up with a Board-wide conference call question and answer session. Once this process has been completed, the Form 990 is electronically filed. Form 990, Part VI, Section B, line 12c All members of the College's Board of Trustees and defined administrative employees are required to complete the conflict of interest form annually. The returned forms are tabulated to ensure 100% response. The results of the responses are communicated to the Audit Committee by the Chief Operating Officer. Any positive responses are reviewed by the Audit Committee and independent auditors and appropriate action is recommended. Form 990, Part VI, Section B, line 15 The College has a relationship with an independent compensation consultant who provides information as requested by the Compensation Committee for deliberation. Annually, the Compensation Committee will approve the compensation of the President & CEO and select senior staff with input from the independent consultant. The President & CEO will recommend and obtain Board (Compensation Committee) approval for the compensation for the key employees/disqualified persons. Historically, the data is compared with data provided by the compensation consultant. If there are any concerns, the Committee would contact the compensation consultant. The College's President & CEO, Dr. Laurence Barton resigned effective January 31, 2014 for medical reasons. Michael Davidson was appointed Acting President & CEO by the Board of Trustees on February 1, 2014 while an executive search was conducted. Dr. Robert Johnson became President & CEO of the College on October 1, 2014. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy, and financial statements are made available to the public on an as requested basis. Form 990, Part XI, line 9: Net assets transferred from The American College Foundation - #23-3015130 1131349. Increase in minimum pension liability -3105923. Increase in life insurance policy cash values 105437. The American Colleger Foundation 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 233015130 Solicit and manage funds for the benefit of The American College PA 501(c)(3) Line 11a, I 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1