2013-02-11T12:58:36-06:00 2012-06-30 232932984 PARENTEBEARD LLC 1650 MARKET STREET SUITE 4500 PHILADELPHIA PA 19103 990 2011-07-01 231352626 CHESTNUT HILL COLLEGE CHES 2152487084 9601 GERMANTOWN AVENUE PHILADELPHIA PA 19118 LAURI STRIMKOVSKY 2152487084 2013-02-05 1 JULIUS GREEN CPA P00350393 2159720701 2011 2016-02-25 16:41:14Z LAURI STRIMKOVSKY 9601 GERMANTOWN AVENUE PHILADELPHIA PA 19118 59056245 0 X WWW.CHC.EDU X 1924 PA PRIVATE LIBERAL ARTS COLLEGE SPONSORED BY THE CONGREGATION OF THE SISTERS OF ST. JOSEPH. 28 28 990 40 34301 0 4589362 5024723 45544188 47527136 398402 58300 116587 61592 50648539 52671751 13059158 13563229 0 0 16378708 17709439 0 0 1442499 19681837 19531563 49119703 50804231 1528836 1867520 65470284 67197845 40173807 41130769 25296477 26067076 X CHESTNUT HILL COLLEGE, FOUNDED IN 1924, IS AN INDEPENDENT, CATHOLIC INSTITUTION THAT FOSTERS EQUALITY THROUGH EDUCATION. THE COLLEGE ESPOUSES THE BELIEFS AND VALUES INHERENT IN THE JUDEO-CHRISTIAN TRADITION WHILE IT RESPECTS THE CONTRIBUTIONS MADE BY OTHER FAITH TRADITIONS IN THE DEVELOPMENT OF THE WHOLE PERSON. THE COLLEGE NURTURES A SENSE OF INTEGRITY, SPIRITUALITY, AND SOCIAL JUSTICE IN ALL. THE MISSION OF THE COLLEGE IS TO PROVIDE STUDENTS WITH A HOLISTIC EDUCATION IN AN INCLUSIVE CATHOLIC COMMUNITY MARKED BY ACADEMIC EXCELLENCE, SHARED RESPONSIBILITY, PERSONAL AND PROFESSIONAL GROWTH, SERVICE TO ONE ANOTHER AND TO THE GLOBAL COMMUNITY, AND CONCERN FOR THE EARTH. 0 0 42329133 13563229 47527136 BASED ON A STRONG LIBERAL ARTS TRADITION, THE COLLEGE OFFERS ACADEMIC PROGRAMS OF EXCELLENCE IN THE AREAS OF UNDERGRADUATE, GRADUATE, AND CONTINUING & PROFESSIONAL STUDIES. UNDERGRADUATE STUDENTS MAY STUDY TOWARDS BACHELOR'S DEGREES IN ONE OF TWO SCHOOLS OF THE COLLEGE. THE SCHOOL OF UNDERGRADUATE STUDIES OFFERS A RIGOROUS LIBERAL ARTS EDUCATION THAT PROVIDES STUDENTS WITH A BROAD BACKGROUND IN THE HUMANITIES, SOCIAL SCIENCES, AND NATURAL SCIENCES. THE SCHOOL OF CONTINUING & PROFESSIONAL STUDIES (AN ACCELERATED PROGRAM) EXTENDS OPPORTUNITIES FOR UNDERGRADUATE STUDY TO MATURE MEN AND WOMEN DURING EVENING AND WEEKEND HOURS. IN THE SCHOOL OF GRADUATE STUDIES, STUDENTS MAY PURSUE MASTERS DEGREES IN THE FOLLOWING AREAS: APPLIED TECHNOLOGY, COUNSELING PSYCHOLOGY, EDUCATION, HOLISTIC SPIRITUALITY, AND HUMAN SERVICES. A DOCTORAL PROGRAM IN COUNSELING PSYCHOLOGY IS ALSO OFFERED. THE COLLEGE'S TOTAL ENROLLMENT AS MEASURED IN THE FALL 2011 SEMESTER WAS 2,309 STUDENTS COMPRISED AS FOLLOWS IN EACH OF THE THREE SCHOOLS OF STUDY: SCHOOL OF UNDERGRADUATE STUDIES = 919; SCHOOL OF CONTINUING AND PROFESSIONAL STUDIES = 629; SCHOOL OF GRADUATE STUDIES = 761. 42329133 1 1 0 1 0 0 0 0 0 1 1 0 0 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 0 0 0 0 0 0 0 1 0 0 0 0 1 36 0 1 990 1 1 1 0 0 0 0 1 1 0 0 0 0 X 28 28 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X LAURI STRIMKOVSKY VP FINANCIAL AFFAIRS 2152487084 9601 GERMANTOWN AVENUE PHILADELPHIA PA 191182693 CAROL JEAN VALE SSJ 50.00 X X 0 0 0 BARBARA D'LORIO 0.50 X X 0 0 0 ANNE P MYERS SSJ 0.50 X X 0 0 0 PATRICIA MAY AGGER 0.50 X 0 0 0 HARRY BARBIN 0.50 X 0 0 0 REGINA BELL SSJ 0.50 X 0 0 0 MARY DACEY SSJ 0.50 X 0 0 0 MICHAEL F DUNLEAVY 0.50 X 0 0 0 CAROL MCCULLOUGH FITZGERALD 0.50 X 0 0 0 CONSTANCE GILDER SSJ 0.50 X 0 0 0 STEVEN J GORDON PHD 0.50 X 0 0 0 KENT GRISWOLD PHD 0.50 X 0 0 0 JACK GULATI 0.50 X 0 0 0 NAN HECHENBERGER 0.50 X 0 0 0 MARGARET MCCAFFERY 0.50 X 0 0 0 CATHERINE LOCKYER MOULTON 0.50 X 0 0 0 SHAUN F O'MALLEY 0.50 X 0 0 0 JOELLEN PARSONS 0.50 X 0 0 0 CATHERINE ROBINSON SSJ 0.50 X 0 0 0 JOHN SABIA JR 0.50 X 0 0 0 JACK J SANDOSKI 0.50 X 0 0 0 RONALD ZEMNICK 0.50 X 0 0 0 CAROL ZINN SSJ 0.50 X 0 0 0 FRANK L DAVEY 0.50 X 0 0 0 STEPHEN GARDNER 0.50 X 0 0 0 JAMES B GINTY JD 0.50 X 0 0 0 KAREN KELLY 0.50 X 0 0 0 THOMAS LYNCH RADMUSN 0.50 X 0 0 0 KATHRYN MILLER SSJ 50.00 X 0 0 0 LAURI STRIMKOVSKY 50.00 X 152250 0 21853 KENNETH SOPRANO 50.00 X 196707 0 24072 KENNETH HICKS 50.00 X 191720 0 29682 LYNN ORTALE 50.00 X 124236 0 37904 GEORGE MCKENNA 50.00 X 124236 0 10256 JOSEPH MICUCCI 50.00 X 116309 0 18661 SCOTT BROWNING 50.00 X 112744 0 17164 STEPHEN GUERRIERO 50.00 X 103225 0 16466 1121427 0 176058 8 0 1 0 CHARTWELLS DINING SERVICE COMPASS GROUP USA PO BOX 91337 CHICAGO IL 60693 DINING SERVICE 2419829 WS CUMBY 938 LINCOLN AVENUE SPRINGFIELD PA 19064 CONTRACTOR/BUILDER 2346306 ALLIED BARTON SECURITY 3606 HORIZON DR KING OF PRUSSIA PA 19406 SECURITY SERVICES 1442352 ARTHUR JACKSON COMPANY 7025 WEST CHESTER PIKE UPPER DARBY PA 19082 HOUSEKEEPING SERVICES 887924 ARAMARK CORPORATION 24818 NETWORK PLACE CHICAGO IL 60673 PHYSICAL PLANT SERVICE 642930 17 123430 1848679 3052614 3997 5024723 TUITION, FEES, AUXILIA 611600 47527136 47527136 47527136 201375 201375 71355 10502 60853 60853 60853 6148264 6291339 -143075 -143075 -143075 39921 123430 82653 -42732 -42732 9170 0 9170 9170 CATERING REVENUE 722320 34301 34301 34301 52671751 47527136 34301 85591 13563229 13563229 176728 176728 14379314 12405304 1269590 704420 550085 479414 43448 27223 1602587 1322442 165861 114284 1000725 854166 98056 48503 646768 646768 56600 56600 119285 119285 38968 38968 1164470 724995 116860 322615 862317 21244 839373 1700 1950955 1110120 713329 127506 539646 495192 44454 4283350 3257823 1025527 307590 218182 50227 39181 388104 181257 162830 44017 558451 418838 139613 2007784 1505838 501946 100632 100632 DINING SERVICES 2361199 2066049 295150 SECURITY SERVICES 1480069 1110052 370017 STUDENT RELATED ACTIVIT 781817 781817 CONTRIBUTED SERVICES EX 759548 645616 113932 1124010 1066923 44037 13050 50804231 42329133 7032599 1442499 1625514 1114934 2274778 2573931 3903871 3698395 847380 761354 81443040 30856327 48460754 50586713 6580009 6663609 1490064 1505155 287914 293754 65470284 67197845 5756193 5599021 1796484 1661351 18175000 17710000 11549803 12062308 2896327 4098089 40173807 41130769 X 17326373 16988383 2936740 3302964 5033364 5775729 25296477 26067076 65470284 67197845 X 1867520 -1096921 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 119285 119285 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: DURING THE YEAR, THE COLLEGE HAS RETAINED THE SERVICES OF LOBBYING FIRMS FOR THE PURPOSE OF DEVELOPING RELATIONSHIPS WITH LEGISLATORS, WHICH MAY INCLUDE LOBBYING ACTIVITIES TO OBTAIN GOVERNMENT FUNDS. 6069695 742365 -232698 6579362 5185864 77277 806554 6069695 4574186 195120 416558 5185864 4990947 40467 -457228 4574186 0.00000 0.97000 0.03000 0 0 10506160 10506160 58118199 21342590 36775609 10868340 8552653 2315687 1950341 961084 989257 50586713 STUDENT DEPOSITS AND ADVANCES 965973 ADVANCES FROM FEDERAL GOVERNMENT - STUDENT LOANS 599417 ANNUITIES PAYABLE 80976 CURRENT VALUE OF DERIVATIVE INSTRUMENT 2080163 CAPITAL LEASE OBLIGATION 371560 4098089 52671751 50804231 1867520 -30594 -1066327 -1096921 770599 38756816 -30594 691041 -14629569 -13969122 52725938 38968 -93155 -54187 52671751 37986217 691041 93142 784183 37202034 38968 13563229 13602197 50804231 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT FUND IS USED PRIMARILY FOR THE AWARDING OF SCHOLARSHIPS TO STUDENTS. OTHER USES MAY INCLUDE THE FUNDING OF EDUCATION-RELATED ACTIVITIES SUCH AS PURCHASING LIBRARY RESOURCES OR THE FUNDING OF A LECTURE SERIES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") GUIDANCE, AS IT RELATES TO UNCERTAIN TAX POSITIONS. MANAGEMENT HAS REVIEWED ITS CURRENT AND PAST FEDERAL AND STATE INCOME TAX POSITIONS AND HAS DETERMINED, BASED ON CLEAR AND UNAMBIGUOUS TAX LAW AND REGULATIONS,THAT THE TAX POSITIONS TAKEN ARE CERTAIN AND THAT THERE IS NO LIKELIHOOD THAT A MATERIAL TAX ASSESSMENT WOULD BE MADE IF A RESPECTIVE GOVERNMENT AGENCY EXAMINED TAX RETURNS SUBJECT TO AUDIT. ACCORDINGLY, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED. CURRENTLY, THE 2009, 2010, AND 2011 TAX YEARS ARE OPEN AND SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE AND THE PENNSYLVANIA DEPARTMENT OF REVENUE. HOWEVER, THE COLLEGE IS NOT CURRENTLY UNDER AUDIT NOR HAS THE COLLEGE BEEN CONTACTED BY THESE JURISDICTIONS. ANY INTEREST AND PENALTIES RELATED TO INCOME TAXES ARE INCLUDED IN INCOME TAX EXPENSE. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF DERIVATIVE INSTRUMENT -1,066,340. ROUNDING 13. TOTAL TO SCHEDULE D, PART XI, LINE 8: -1,066,327. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF DERIVATIVE INSTRUMENT -1,066,340. SCHOLARSHIPS & GRANTS -13,563,229. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -82,653. RENTAL EXPENSES -10,502. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 82,653. RENTAL EXPENSES 10,502. ROUNDING -13. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS & GRANTS 13,563,229. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE COLLEGE PROVIDES A STATEMENT IN ALL PUBLICATIONS AND ON ITS WEBSITE REGARDING ITS NONDISCRIMINATORY POLICY. THE COLLEGE IS SIGNIFICANTLY DIVERSE IN THAT THE PERCENTAGES OF AMERICAN INDIAN, ASIAN, AFRICAN-AMERICAN, AND HISPANIC STUDENTS CONSTITUTE 35.0%, 32.6%, AND 35% OF THE TOTAL STUDENT POPULATION, AS MEASURED IN THE FALL OF 2008, 2009, AND 2010, RESPECTIVELY. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVED $440,326 IN EDUCATION RELATED GRANTS FROM FEDERAL GOVERNMENT AGENCIES; AND $1,408,353 FROM STATE GRANTS. FALL GOLF INVITATIONAL 81510 55415 26095 1000 33380 175 7715 SCHOLARSHIP GALA 81841 68015 13826 141 14879 400 24963 163351 123430 39921 1000 141 33380 14879 575 32678 82653 -42732 1 SCHOLARSHIPS AND FELLOWSHIPS 1522 13563229 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE STUDENTS RECEIVING SCHOLARSHIPS AND FELLOWSHIPS ARE JUDGED BY THE COLLEGE ON THE BASIS OF ACADEMIC ACHIEVEMENT, FINANCIAL NEED AND OTHER OBJECTIVE STANDARDS. X 0 0 X X 0 0 0 0 0 0 0 0 0 LAURI STRIMKOVSKY 152250 0 0 0 0 0 0 0 21853 0 174103 0 0 0 KENNETH SOPRANO 196707 0 0 0 0 0 0 0 24072 0 220779 0 0 0 KENNETH HICKS 191720 0 0 0 0 0 0 0 29682 0 221402 0 0 0 LYNN ORTALE 124236 0 0 0 0 0 0 0 37904 0 162140 0 0 0 PART I, LINE 1A THE COLLEGE RENTS AN APARTMENT NEAR THE COLLEGE IN WHICH THE VICE PRESDIENT FOR STUDENT LIFE, LYNN ORTALE, RESIDES. BECAUSE OF HER POSITION AT THE COLLEGE, THIS IS A CONDITION OF HER EMPLOYMENT. THE COLLEGE PAYS THE RENT DIRECTLY TO THE LANDLORD AND NO PART OF THE BENEFIT WAS TAXABLE INCOME TO THE INDIVIDUAL, HOWEVER, THIS AMOUNT WAS INCLUDED AS A NONTAXABLE BENEFIT UNDER OTHER COMPENSATION ON SCHEDULE J. PHILA AUTHORITY - INDUSTRIAL DEVELOPMENT - SERIES A 232237287 71782AAA0 2007-03-29 10365000 ADVANCE REFUNDING OF 1999 BONDS - SEE BELOW FOR DETAILS 1 0 0 PHILA AUTHORITY - INDUSTRIAL DEVELOPMENT - SERIES B 232237287 71782AAB8 2007-03-29 8855000 PURCHASED LAND AND BUILDINGS 0 0 0 455000 10365000 150810 658 2007 0 1 1 1 590000 8855000 169844 562 8684594 2007 0 0 1 1 0 0 0 0 1 0 0 1 1 0 0.00000 0.00000 0.00000 1 0 1 1 WELLS FARGO BANK NC 22.600000000000 1 0 0 0 0 0 1 0 0 0 0 SCHEDULE K SUPPLENTAL INFORMATION BOND ISSUE A - ADVANCE REFUNDING OF THE HOSPITALS AND HIGHER EDUCATIONAL FACILITIES AUTHORITY OF PHILADELPHIA'S COLLEGE REVENUE BONDS SERIES OF 1999 (CHESTNUT HILL COLLEGE PROJECT) ISSUED ON MARCH 10, 1999 FOR NEW BUILDING AND REPAIRS AND TO CURRENTLY REFUND PRIOR ISSUES THAT FUNDED REHABILITATION AND EQUIPTING OF FACILITIES FORM 990, SCHEDULE K, PART V: NO WRITTEN PROCEDURES TO UNDERTAKE CORRECTIVE ACTION WERE IN PLACE AS OF JUNE 30, 2012. PROCEDURES ARE CURRENTLY IN THE PROCESS OF BEING WRITTEN AND WILL BE IN PLACE DURING FISCAL YEAR ENDING JUNE 30, 2013. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE ORGANIZATION ARE THE GENERAL COUNCIL OF THE CONGREGATION OF THE SISTERS OF SAINT JOSEPH. THEY HAVE THE SAME VOTING RIGHTS AS THE OTHER BOARD DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 AND ALL ACCOMPANYING SCHEDULES ARE PREPARED AND REVIEWED BY THE COLLEGE'S EXTERNAL AUDIT FIRM. AFTER THE INITIAL REVIEW, THE FORM 990 IS THEN DISTRIBUTED TO THE AUDIT COMMITTEE MEMBERS FOR THEIR REVIEW AND APPROVAL. THE FULL BOARD OF DIRECTORS RECEIVES THE RETURN PRIOR TO THE RETURN BEING FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS A SUBSTANTIVE WRITTEN CONFLICT OF INTEREST POLICY THAT COVERS BOARD MEMBERS AND ANY OTHER INDIVIDUAL CONSIDERED AN INTERESTED PERSON. BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES SIGN AN ANNUAL CONFLICT OF INTEREST STATEMENT WHICH INCLUDES COMPREHENSIVE QUESTIONS ON FAMILY AND BUSINESS RELATIONSHIPS. ANY POTENTIAL OR ACTUAL CONFLICT IS FULLY DISCLOSED TO THE CHAIRPERSON OF THE BOARD, WHO WILL DETERMINE WHETHER OR NOT THE TRANSACTION IS IN THE BEST INTEREST OF THE ORGANIZATION. THE INTERESTED PARTY IS EXCLUDED FROM ALL DISCUSSIONS AND DECISIONS RELATED TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING THE COMPENSATION FOR THE COLLEGE PRESIDENT AND THE OFFICERS IS DOCUMENTED IN THE COLLEGE'S "PROCESS FOR DETERMINING COMPENSATION" POLICY. THE PRESIDENT OF THE COLLEGE, A SISTER OF ST. JOSEPH, RECEIVES NO COMPENSATION. THE BOARD OF DIRECTORS APPROVES THE FISCAL YEAR BUDGET WHICH CONTAINS THE TOTAL COMPENSATION AMOUNT FOR THE YEAR. SPECIFIC DISCUSSIONS ON COMPENSATION ARE NOT RECORDED IN BOARD MINUTES, HOWEVER, COMPENSATION IS A COMPONENT OF THE BUDGET WHICH IS FULLY DOCUMENTED. THE PRESIDENT AND VICE PRESIDENT FOR FINANCIAL AFFAIRS DETERMINE THE SALARIES OF OFFICERS AND OTHER COLLEGE EMPLOYEES BASED ON THE BUDGET AND MARKET DATA FROM COMPARABLE INSTITUTIONS. THE ORGANIZATION USES CUPA SALARY DATA TO VERIFY ANY COMPENSATION DECISIONS ARE WITHIN FAIR MARKET RANGE FOR THE INDUSTRY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AT THE COLLEGE'S ACCOUNTING OFFICE. EACH REQUEST FOR THE DOCUMENTS WILL BE REVIEWED AND APPROVED BY THE VICE PRESIDENT FOR FINANCIAL AFFAIRS ON A CASE-BY-CASE BASIS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -30,594. CHANGE IN VALUE OF DERIVATIVE INSTRUMENT -1,066,340. ROUNDING 13. TOTAL TO FORM 990, PART XI, LINE 5: -1,096,921. AUDIT OVERSIGHT: FORM 990, PAGE 12, PART XII, LINE 2C THE COLLEGE HAS AN AUDIT COMMITTEE WHICH IS RESPONSIBLE FOR THE SELECTION OF THE INDEPENDENT AUDITORS AND THEY ARE ALSO RESPONSIBLE FOR REVIEWING AND APPROVING THE FINANCIAL STATEMENTS. THE PROCESS HAS NOT CHANGED FROM PRIOR YEARS. CONGREGATION OF THE SISTERS OF ST JOSEPH 9701 GERMANTOWN AVENUE PHILADELPHIA PA 19118 LOCAL COMMUNITIES ENGAGE IN TEACHING, HUMAN SVC AND CHARITABLE PURSUITS PA 501(C)(3) LINE 1 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0