2014-05-12T12:04:30-05:00 2013-06-30 ERNST & YOUNG US LLP 111 MONUMENT CIRCLE SUITE 4000 Indianapolis IN 46204 990 2012-07-01 841217703 The American University of Greece % KELLY MORRA AMER 8572847908 10 Liberty Square 2nd Floor Suite Boston MA 02109 KELLY MORRA 2014-05-07 3176817000 2012 2015-11-30 17:44:51Z Dr David G Horner 10 LIBERTY SQUARE 2ND FLOOR BOSTON MA 02109 102912764 false X n/a X 1991 CO ACTS AS A SUPPORTING AGENCY WITH FINANCIAL ASSISTANCE FOR THE SOLE BENEFIT OF THE AMERICAN COLLEGE OF GREECE (AN IRC SECT 501(C)(3) ENTITY) WHICH CONSISTS OF A HIGH SCHOOL AND COLLEGE IN ATHENS, GREECE. 17 16 11 16 0 25706438 100000000 0 0 1682801 1260591 0 0 27389239 101260591 0 0 0 0 1494095 1040906 0 0 0 1811029 1013089 3305124 2053995 24084115 99206596 71371312 177742482 3187588 2700675 68183724 175041807 THE GOVERNING BOARD HAS NOT ADOPTED A SEPARATE MISSION STATEMENT BEYOND THE ORIGINAL BYLAWS OF THE AMERICAN UNIVERSITY OF GREECE WHICH STATES THAT IT "...IS A COLORADO NON-PROFIT CORPORATION WHOSE CORPORATE PURPOSE IS TO SUPPORT THE AMERICAN COLLEGE OF GREECE WHICH LATTER INSTITUTION CONDUCTS AND MAINTAINS SCHOOLS & INSTITUTIONS OF LEARNING IN GREECE, AND TO PERFORM SUCH ACTIVITIES AS STATED IN THE CORPORATION'S CERTIFICATE OF INCORPORATION." false false 1638024 0 0 THE AMERICAN UNIVERSITY OF GREECE HAS PROVIDED FINANCIAL SUPPORT FOR THE AMERICAN COLLEGE OF GREECE BY PAYING PROGRAM EXPENSES OF $1,638,024 PLUS MANAGEMENT AND GENERAL EXPENSES OF $415,971 ON ITS BEHALF. THIS ASSISTED THE AMERICAN COLLEGE OF GREECE IN BEING ABLE TO FURTHER ITS OWN TAX EXEMPT PURPOSES BY UTILIZING ITS OWN FUNDS FOR EDUCATION. 1638024 true true false false false false false false false false true true false false true true false true false true true false false false false false false false false true false false false false false false true false false false false false false true true false false false true 19 0 true 11 true false false false false false false false false false false X 17 16 true false false false false true false true true false false true true true true true true true false false MA X KELLY MORRA 8572847908 10 LIBERTY SQUARE BOSTON MA 02109 X DR KENYON C BOLTON III 1.0 2.0 X ANN W CALDWELL 1.0 2.0 X X DR CHARLES M COOK 1.0 2.0 X X HAROLD LEVY 1.0 2.0 X X KOSMO KALLIAREKOS 1.0 2.0 X MIKE KOROLOGOS 1.0 2.0 X PHILIP C KOROLOGOS ESQ 1.0 2.0 X X KRISTEN SILVERBERG 1.0 2.0 X ANASTASIOS PARAFESTAS 1.0 2.0 X PETER THUN 1.0 2.0 X DR ANTHONY T KRONMAN 1.0 2.0 X DR CONCETTA M STEWART 1.0 2.0 X NIKOLAOS KOUMETTIS 1.0 2.0 X DR DAVID G HORNER 10.0 40.0 X X 363633 334864 120395 Nikos M Ebeoglou 1.0 2.0 X Ulysses A Kyriacopoulos 1.0 2.0 X Lena G Triantogiannis 1.0 2.0 X Kelly Morra 10.0 30.0 X 225717 51191 GEORGE TRIANTARIS 5.0 35.0 X 188261 42960 EVANTHIA GEROLIS 40.0 0.0 X 106572 12537 JOHN S BAILEY 0.0 0.0 X 831209 1219499 0 1715392 1554363 227083 5 true true false CAMBRIDGE ASSOCIATES 125 HIGH STREET BOSTON MA 02110 INVESTMENT MGMT FEES 200000 1 100000000 100000000 0 695822 695822 0 0 0 0 0 2216942 1652173 564769 564769 564769 0 0 0 0 101260591 1260591 0 0 0 0 760146 760146 25000 25000 186600 186600 14500 14500 4223 4223 50437 50437 0 132082 132082 80667 80667 0 0 283889 283889 82034 82034 182035 182035 30974 30974 14600 14600 0 49801 49801 80635 80635 0 25227 25227 0 0 10249 10249 8713 8713 BOARD EXPENSES 30550 30550 MA REGISTRATION FEES 1100 1100 DUES & SUBSCRIPTIONS 399 399 MISCELLANEOUS 134 134 2053995 1638024 415971 0 327970 139974 6791236 56052302 0 0 0 0 0 0 0 0 0 0 0 0 18797 5274 20413 20413 10165 11926798 35011965 52296346 86515991 0 0 0 0 0 16976 71371312 177742482 535264 40031 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2652324 2660644 3187588 2700675 X 68183724 175041807 0 0 0 0 68183724 175041807 71371312 177742482 X 99206596 7650217 1270 X false true X true false X X X false false false THE AMERICAN COLLEGE OF GREECE 042306054 02 true 2053995 1 2053995 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 20413 20413 EQUITY AND HEDGE FUNDS 86515991 F 86515991 0 INTERCOMPANY PAYABLE - ACG US 2574472 INTERCOMPANY PAYABLE - ACG GREECE 69196 457B LIABILITY 16976 2660644 X FIN 48 FOOTNOTE PART X, LINE 2 Under Greek law for "not-for-profit organizations" the College is not subject to income tax. However, certain returns such as payroll withholdings and stamp taxes are subject to examination by the tax authorities. Such returns have not been examined by the tax authorities since the College was established in Greece. The College is exempt from U.S. income taxes on related income under Section 501(c)(3) of the Internal Revenue Code (the Code). An audit performed by Greek authorities was carried out in 1995 and a report issued by the tax auditor confirming the "not-for-profit" status of the college. Until such time as a further tax audit is completed, the tax position of the College cannot be confirmed. Central America and the Caribbean Investments INVESTMENTS 75326545 75326545 75326545 true false false false false false X true true X X X X X true false false false false false false false false DR DAVID G HORNER 330495 334864 0 33138 67500 17062 0 35833 431133 387759 0 Kelly Morra 225454 0 263 30000 0 21191 0 276908 0 0 0 GEORGE TRIANTARIS 187998 0 263 28500 0 14460 0 231221 0 0 0 JOHN S BAILEY 831209 1219499 0 0 0 0 831209 1219499 831209 1219499 SCHEDULE J PART I LINE 1 DAVID HORNER RECEIVED A TAXABLE STIPEND REPRESENTING THE APPROXIMATE TAX DIFFERENCES BETWEEN THE UNITED STATES AND GREECE. LINE 3 THE SAME INDIVIDUALS SERVE ON BOTH ACG AND AUG COMPENSATION COMMITTEES. THE COMMITTEES REPRESENT EACH INDIVIDUAL ORGANIZATION. LINE 4A JOHN BAILEY, FORMER CHANCELLOR, RETIRED EFFECTIVE JULY 1, 2011. A RETIREMENT PAYMENT OF $2,102,584 WAS REPORTED AS DEFERRED COMPENSATION ON THE 2011 FORM 990. HIS 2012 W-2 REPORTED TOTAL COMPENSATION OF $2,050,708. THE DIFFERENCE BETWEEN THE W-2 AMOUNT AND WHAT WAS REPORTED AS DEFERRED LAST YEAR, WAS AN ADVANCE WHICH WAS ACTUALLY PAID TO HIM IN 2011. REPORTABLE COMPENSATION FROM AUG WAS REDUCED FOR THE DIFFERENCE. THE AMOUNT REPORTED IN SCHEDULE J, PART II, COLUMN B(III) REPRESENTS THE PAYMENT IN 2012 OF THE AMOUNT THAT WAS DEFERRED IN 2011. $831,209 OF THE RETIREMENT WAS FUNDED BY AUG, AND $1,219,499 WAS FUNDED BY ACG. DR. BAILEY SERVED CONTINUOUSLY AS PRESIDENT OF THE COLLEGE FOR NEARLY THIRTY-THREE (33) YEARS FROM SEPTEMBER 30, 1975 UNTIL JULY 1, 2008 AND, DURING THAT TIMEFRAME WAS AN EMPLOYEE OF THE COLLEGE BASED AT THE COLLEGE'S FACILITIES IN ATHENS, GREECE. HE SERVED CONTINUOUSLY AS CHANCELLOR OF THE COLLEGE FROM JULY 1, 2008 THROUGH JUNE 30, 2011, PURSUANT TO THE TERMS OF AN EMPLOYMENT AGREEMENT BETWEEN ACG AND DR. BAILEY, DATED JUNE 26, 2009 WITH THE EFFECTIVE DATE OF JULY 1, 2008 AND A TERMINATION DATE OF NO LATER THAN JUNE 30, 2011. THROUGHOUT HIS TENURE AS PRESIDENT, DR. BAILEY SERVED ACG AND AUG IN AN EXEMPLARY MANNER, DEVOTING HIS EFFORTS FOR APPROXIMATELY 33 YEARS TO THE INTERESTS AND SUCCESS OF THE COLLEGE. HE WAS INSTRUMENTAL IN THE GROWTH OF THE COLLEGE AND ITS EDUCATIONAL PROGRAMS DURING HIS TENURE AS PRESIDENT AND MADE INVALUABLE CONTRIBUTIONS TO THE COLLEGE AND ITS COMMUNITY THROUGHOUT HIS LONG-TERM SERVICE AND DEVOTION TO THE COLLEGE. IT IS CUSTOMARY FOR UNITED STATES-BASED COLLEGES AND UNIVERSITIES COMPARABLE TO THE COLLEGE TO PROVIDE RETIREMENT PLANS AND EMPLOYER CONTRIBUTIONS TO SUCH PLANS ON BEHALF OF THEIR PRESIDENTS. THE BOARDS OF TRUSTEES OF ACG AND AUG (COMBINED, THE "BOARDS") RESPECTIVELY DESIRED TO PROVIDE A RETIREMENT BENEFIT TO DR. BAILEY IN LIGHT OF HIS EXEMPLARY SERVICE AND CONTRIBUTIONS TO THE COLLEGE AND IN ACCORDANCE WITH CUSTOM AND PRACTICE AT COMPARABLE INSTITUTIONS. THE COLLEGE RETAINED THE SERVICES OF A COMPENSATION CONSULTANT, MR. RAYMOND D. COTTON, J.D., M.SC., OF ML STRATEGIES, TO RENDER AN OPINION AS TO THE REASONABLENESS OF THE AMOUNT TO BE PROVIDED TO DR. BAILEY BY ACG AND AUG FOR HIS RETIREMENT PURSUANT TO THE TERMS OF THE RETIREMENT AGREEMENT, AND MR. COTTON HAS RENDERED AN OPINION THAT THE COMPENSATION TERMS OF THE RETIREMENT AGREEMENT ARE REASONABLE. THE PARTIES NEGOTIATED THIS RETIREMENT AGREEMENT WITH THE ASSISTANCE OF THEIR OWN RESPECTIVE COUNSEL AND CONCLUDED THAT THE RETIREMENT AGREEMENT WAS FAIR AND REASONABLE. SANDRA SUE HORNER SEE SUPPLEMENTAL INFO 25000 EMPLOYMENT false SCHEDULE L, PART IV, COLUMN B 1) DR. DAVID G. HORNER, PRESIDENT, SPOUSE SANDRA IS EMPLOYED BY AMERICAN UNIVERSITY OF GREECE. EXECUTIVE COMMITTEE FORM 990, PART VI, LINE 1A THE BOARD OF TRUSTEES HAS A STANDING EXECUTIVE COMMITTEE COMPRISED OF THE CHAIRMAN (WHO SERVES AS THE COMMITTEE CHAIR), THE VICE CHAIR, TREASURER, SECRETARY, AND STANDING COMMITTEE CHAIRS. THE COLLEGE PRESIDENT SERVES AS EX OFFICIO MEMBER OF THE COMMITTEE. HOWEVER, CURRENTLY, AS THE BY-LAWS ARE BEING REVIEWED BY THE GOVERNANCE COMMITTEE, THE BOARD VOTED TO APPROVE THE FORMATION OF AN AD HOC BOARD PLANNING COMMITTEE TO ACT IN LIEU OF THE EXEC COMMITTEE. THE AD HOC BOARD PLANNING COMMITTEE IS MADE UP OF THE CHAIR, VICE-CHAIR, TREASURER AND SECRETARY WITH THE COLLEGE PRESIDENT AS AN EX-OFFICIO MEMBER. THE COMMITTEE MEETS IN BETWEEN BOARD MEETINGS AND PROVIDES COPIES OF MINUTES TO ALL MEMBERS OF THE BOARD OF TRUSTEES. BUSINESS OR RELATIONSHIP OF OFFICERS, DIRECT FORM 990, PART VI, LINE 2 MIKE KOROLOGOS, TRUSTEE, AND PHILIP C. KOROLOGOS, TRUSTEE, HAVE A FAMILY RELATIONSHIP. POWER TO ELECT AND APPOINT MEMBERS FORM 990, PART VI, LINE 7A THE BOARD OF TRUSTEES OF THE AMERICAN UNIVERSITY OF GREECE ARE SELECTED BY THE BOARD OF TRUSTEES OF THE AMERICAN COLLEGE OF GREECE, A RELATED ORGANIZATION. FORM 990 REVIEW PROCESS FORM 990, PART VI, LINE 11 THE FORM 990 WILL BE PRESENTED TO THE ENTIRE BOARD FOR ITS APPROVAL PRIOR TO IT BEING FILED. PRIOR TO SAID REVIEW, IT WILL BE REVIEWED BY THE CFO AND THE AUDIT COMMITTEE. EXPLANATION OF MONITORING AND ENFORCEMENT OF CONFLICTS FORM 990, PART VI, LINE 12C PRACTICES FOR MONITORING PROPOSED OR ONGOING TRANSACTIONS FOR CONFLICT OF INTEREST: EACH BOARD MEMBER SIGNS AN ANNUAL STATEMENT THAT THEY ADHERE TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND THAT NO CONFLICTS HAVE OCCURRED DURING THE YEAR. PERSONS COVERED UNDER THE POLICY: POLICY APPLIES TO THE BOARD OF TRUSTEES AS WELL AS THE PRESIDENT. LEVEL AT WHICH DETERMINATION AS TO WHETHER A CONFLICT EXISTS ARE MADE: THE AUDIT COMMITTEE MAKES THE DETERMINATION OF WHETHER A CONFLICT EXISTS. LEVEL AT WHICH CONFLICTS ARE REVIEWED: THE ANNUAL STATEMENTS ARE REVIEWED BY THE ORGANIZATION'S CFO AND DISCUSSED WITH THE AUDIT COMMITTEE WHEN A CONFLICT ARISES. THE PRESIDENT'S OFFICE MONITORS ALL CONTRACTS AND ACTIONS OF ALL EMPLOYEES ON A REGULAR BASIS. RESTRICTIONS IMPOSED ON PERSONS WITH A CONFLICT: BOARD MEMBERS ARE RECUSED FROM DISCUSSIONS AND VOTING ON ANY TOPIC THAT MAY CONSTITUTE A CONFLICT. COMPENSATION REVIEW & APPROVAL PROCESS FOR OFFICERS & KEY EMPLOYEES FORM 990, PART VI, LINE 15A & 15B THE COMPENSATION REVIEW OF THE PRESIDENT IS DONE BY YAFEE & CO, AN INDEPENDENT FIRM SPECIALIZING IN THE FIELD OF COMPENSATION. IN ADDITION, THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWED THE FINDINGS AND LOOKED AT COMPARABLE COMPENSATION IN THE U.S. & ABROAD (RELATED ENTITY FUNCTIONS IN ATHENS, GREECE). THE COMMITTEE MONITORED THE COMPENSATION AND REPORTED TO THE FULL BOARD WITH ITS APPROVAL. THIS REVIEW WAS LAST COMPLETED IN NOVEMBER 2012 IN WHICH AN OPINION ON THE COMPENSATION LEVEL OF THE ORGANIZATION'S PRESIDENT WAS PROVIDED. THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLYEES IS REVIEWED BY THE PRESIDENT. OTHER ORGANIZATION DOCUMENT PUBLICLY AVAILABLE FORM 990, PART VI, LINE 19 THE GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS MAY BE REQUESTED FROM BOARD MEMBERS AT THE OFFICE OF THE CONTROLLER OF THE AMERICAN COLLEGE OF GREECE IN ATHENS, GREECE. OTHER CHANGES IN NET ASSETS OR FUND BALANCES FORM 990, PART XI, LINE 9 Foreign Exchange Gain - $ 1,270 THE AMERICAN COLLEGE OF GREECE 6 GRAVIAS STREET ATHENS,AGHIA PARASKEVI GR GR 153 42 042306054 HIGH SCHOOL GR 501(c)(3) 2 NA false AMERICAN COLLEGE OF GREECE - DEREE 6 GRAVIAS STREET ATHENS,AGHIA PARASKEVI GR GR 153 42 980611322 COLLEGE GR 501(c)(3) 2 ACG true THE AMERICAN COLLEGE OF GREECE-GREECE 6 GRAVIAS STREET ATHENS,AGHIA PARASKEVI GR GR 153 42 INACTIVE GR NFP ASSOC ACG true false false false false false false false false false false false false false false true false false false true