2013-03-06T17:47:08-06:00 2012-06-30 GRANT THORNTON LLP 2001 MARKET STREET SUITE 3100 PHILADELPHIA PA 19103 990 2011-07-01 231627436 PEIRCE COLLEGE % BRAD K HODGE VP FINANCE PEIR 8884673472 1420 Pine Street Philadelphia PA 19102 Brad K Hodge 2013-02-27 true Frank Giardini 2155614200 2011 2016-03-07 17:11:31Z Brad K Hodge VP Finance 1420 Pine Street Philadelphia PA 19102 31046700 false X www.peirce.edu X 1963 PA FOUNDED IN 1865, PEIRCE COLLEGE IS A PRIVATE, FOUR-YEAR, SPECIALIZED INSTITUTION OFFERING CAREER ORIENTED PROGRAMS TO NON-TRADITIONAL COLLEGE STUDENTS. 19 19 340 0 0 0 6111816 7538172 20579329 21651083 490796 561090 332887 195577 27514828 29945922 6092892 7964640 0 0 13131302 13800132 0 0 663710 14314212 6565572 33538406 28330344 -6023578 1615578 33899686 35362095 11550870 11684182 22348816 23677913 PEIRCE COLLEGE IS IN THE BUSINESS OF TRANSFORMING LIVES. WE DO SO BY MAKING THE BENEFITS OF HIGHER EDUCATION ACCESSIBLE AND ATTAINABLE TO NON-TRADITIONAL COLLEGE STUDENTS OF ALL AGES AND BACKGROUNDS. WE EDUCATE, EMPOWER, AND INSPIRE OUR STUDENTS AND ONE ANOTHER IN A HIGHLY PROFESSIONAL, CAREER-FOCUSED ACADEMIC ENVIRONMENT DEFINED BY TRUST, INTEGRITY, AND MUTUAL RESPECT. WE ARE PASSIONATE ABOUT EQUIPPING OUR STUDENTS TO MAKE A DIFFERENCE IN THEIR COMMUNITIES, WORKPLACES, AND THE WORLD. false false 20914959 7964640 21651083 FOUNDED IN 1865, PEIRCE COLLEGE IS A PRIVATE, FOUR-YEAR, SPECIALIZED INSTITUTION PROVIDING PRACTICAL LEADING-EDGE CURRICULA TO PRIMARILY WORKING ADULT LEARNERS. THE COLLEGE AWARDS THE BACHELOR OF SCIENCE AND ASSOCIATE IN SCIENCE DEGREES. THE DEGREE PROGRAMS ARE IN ACCOUNTING, BUSINESS ADMINISTRATION, CRIMINAL JUSTICE, GENERAL STUDIES, HEALTH INFORMATION ADMINISTRATION, HEALTH INFORMATION TECHNOLOGY, HEALTHCARE ADMINISTRATION, HUMAN RESOURCE MANAGEMENT, INFORMATION TECHNOLOGY AND PARALEGAL STUDIES. PEIRCE COLLEGE OFFERS ITS PROGRAMS UTILIZING THREE INTERCHANGEABLE DELIVERY FORMATS: ON CAMPUS AT ITS CENTER CITY PHILADELPHIA LOCATION, ON SITE AT COMMUNITY LOCATIONS; AND ONLINE THROUGH WEB BASED DISTANCE LEARNING. PEIRCE COLLEGE IS ACCREDITED BY THE MIDDLE STATES COMMISSION ON HIGHER EDUCATION. THE BACHELOR OF SCIENCE AND ASSOCIATE IN SCIENCE DEGREES AND THE CERTIFICATE OF PROFICIENCY IN PARALEGAL STUDIES ARE RECOGNIZED AND APPROVED BY THE AMERICAN BAR ASSOCIATION (ABA). THE ACCREDITATION COUNCIL FOR BUSINESS SCHOOLS AND PROGRAMS (ACBSP) ACCREDITS PEIRCE COLLEGE'S BACHELOR OF SCIENCE AND ASSOCIATE IN SCIENCE DEGREES AND CERTIFICATES OF PROFICIENCY IN BUSINESS ADMINISTRATION AND ACCOUNTING. 20914959 true true false false false false false false false true true false false false true true true false true false false false false false false false false false true true false false false false false false false false false false false false false false false false false false true 2710 0 true 340 true false false false false false false false false false false X 19 19 false false false false false false false true true false false true true true true true true true true false X BRAD K HODGE VP FINANCE 2156709210 1420 PINE STREET Philadelphia PA 19102 Thomas E Bajus 1.0 X 0 0 0 Joseph F Barstys 1.0 X 0 0 0 Stephanie Mays Boyd 1.0 X 0 0 0 Renee Byng Branch 1.0 X 0 0 0 Peter A Caputo 1.0 X 0 0 0 Lisa A Curran 1.0 X 0 0 0 Alphonso Dinson 1.0 X 0 0 0 Mark Edwards 1.0 X 0 0 0 Edward J Mansfield 1.0 X 0 0 0 Margaret A McCausland 1.0 X 0 0 0 Kathryn McCluskey 1.0 X 0 0 0 Martin S Mirman 1.0 X 0 0 0 Barbara A Prutzman 1.0 X 0 0 0 Margaret E Sofio 1.0 X 0 0 0 Joseph T Steuer 1.0 X 0 0 0 ROBERT J SCULLIN 1.0 X 0 0 0 LISA S WALKER 1.0 X 0 0 0 William H Morgan 1.0 X 0 0 0 Katy K Theroux 1.0 X 0 0 0 James J Mergiotti 40.0 X 285309 0 116745 James M Vitale 40.0 X 159863 0 53528 AMY A CALIENDO 40.0 X 83579 0 25289 Patricia A Rucker EDD 40.0 X 196588 0 35624 Charles A Wright 40.0 X 171879 0 24918 Christopher L Duffy 40.0 X 140819 0 10374 Lisa Paris 40.0 X 119923 0 31228 Beverly F Elliot PHD 40.0 X 112823 0 15644 Brad K Hodge 40.0 X 110966 0 15196 1381749 0 328546 16 false true false Barbella Digital Inc 122 Country Club Drive MOORESTOWN NJ 08057 IT Software Consult 220700 Duane Morris LLP 30 South 17th Street PHILADELPHIA PA 19103 Legal 102776 2 7258402 279770 7538172 TUITION AND FEES 812900 21651083 21651083 21651083 358229 358229 0 0 18279 18279 18279 18279 1303639 1100778 202861 202861 202861 0 0 0 NON-CREDIT / PROFESSIONAL DEVELOPMENT 812900 46121 46121 BOOKSTORE 812900 71386 71386 VENDING FEES 812900 13227 13227 46564 46564 177298 29945922 21651083 756667 0 7964640 7964640 0 0 990530 379430 527885 83215 0 10027720 7705483 2017188 305049 455284 333299 105751 16234 1517817 1105620 380412 31785 808781 617386 169994 21401 0 150872 150872 121739 121739 0 0 50110 50110 756788 204215 545191 7382 1043099 1043099 189196 98870 60107 30219 993325 720643 265246 7436 0 283064 151065 129997 2002 38370 22998 11780 3592 0 14703 11445 1679 1579 0 0 1541519 1279461 245101 16957 208208 96580 109454 2174 PROVISION FOR LOSSES ON ACCOUN 525000 525000 SERVICE CONTRACTS 510670 276677 230777 3216 PRINTING 287288 28450 240852 17986 REIMBURSEMENT CONTINGENCY -1140994 -1140994 992615 534691 344441 113483 28330344 20914959 6751675 663710 0 0 1950706 3343555 74514 209376 1045959 710886 0 0 0 0 0 0 0 0 204934 492214 32734443 19567832 13828660 13166611 16551848 16927683 181871 309346 0 0 0 0 61194 202424 33899686 35362095 1725612 2930679 0 0 577340 842517 0 0 0 0 0 0 2945258 2749320 0 0 6302660 5161666 11550870 11684182 X 19987547 21235636 2195994 2279867 165275 162410 22348816 23677913 33899686 35362095 X 1615578 -286481 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 166086 -2429 475 163182 111036 55255 595 800 166086 109454 580 1002 111036 0 109440 14 109454 0.99500 0.00500 true false 27670 27670 17610048 6739931 10870117 15088725 12827901 2260824 8000 8000 13166611 0 REIMBURSEMENT CONTINGENCY 5161666 5161666 29945922 28330344 1615578 -283616 -2865 -286481 1329097 21694801 -283616 -283616 21978417 7967505 7967505 29945922 20365704 20365704 7964640 7964640 28330344 Intended Uses of Endowment Funds Schedule D, Part V, Line 4 THE COLLEGE'S ENDOWMENT CONSISTS OF DONOR-RESTRICTED FUNDS TO BE HELD IN PERPETUITY, WITH INCOME BEING USED TO FUND SCHOLARSHIPS. ORGANIZATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS UNDER FIN 48 SCHEDULE D, PART X, OTHER LIABILITIES The College recognizes or derecognizes tax provisions based on a "more likely than not" threshold. This threshold applies to positions taken or expected to be taken in a tax return. The College does not believe its financial statements include any material uncertain tax positions. OTHER AMOUNT APPEARING IN RECONCILIATION OF CHANGE IN NET ASSETS SCHEDULE D, PART XI, LINE 8 CHANGE IN BENEFICIAL INTEREST IN TRUST HELD BY THIRD PARTY $(2,865) OTHER AMOUNT APPEARING IN RECONCILIATION OF REVENUES SCHEDULE D, PART XII, LINE 4B PELL/SEOG/PHEAA GRANTS: $6,566,470 SCHOLARSHIPS: 1,398,170 CHANGE IN BENEFICIAL INTEREST IN TRUST HELD BY THIRD PARTY 2,865 --------- $7,967,505 ========== OTHER AMOUNT APPEARING IN RECONCILIATION OF EXPENSES SCHEDULE D, PART XIII, LINE 4B THE AMOUNT APPEARING ON LINE 4B OF THE RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS WITH EXPENSES PER RETURN IS COMPRISED OF: SCHOLARSHIPS: $1,398,170 PELL/SEOG/PHEAA GRANTS: 6,566,470 ---------- TOTAL: $7,964,640 true true true true true true true false false false false false false false false true false true Publication of Racially Nondiscriminatory Policy Schedule E, Part I, Line 3 PEIRCE COLLEGE GIVES SCHOLARSHIPS AND GRANTS TO STUDENTS BASED UPON FINANCIAL NEED AND ACADEMIC EXCELLENCE. THE SELECTION OF RECIPIENTS IS MADE BASED UPON OBJECIVE CRITERIA. NO ONE IS DISCRIMINATED AGAINST BASED UPON RACE, RELIGION, GENDER, ETHNIC BACKGROUND, AGE, HANDICAP, STATUS AS A DISABLED VETERAN, OR ANY OTHER REASON. Government Assistance Schedule E, Part I, Line 6a PEIRCE COLLEGE RECEIVED ASSISTANCE FROM THE U.S. DEPARTMENT OF EDUCATION FOR THE FOLLOWING PROGRAMS: FEDERAL PELL GRANT, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT, FEDERAL WORK STUDY, THE CARL D. PERKINS CAREER AND TECHNICAL EDUCATION GRANT, AND THE PREDOMINANTLY BLACK INSTITUTIONS PROGRAMS FORMULA GRANT. PEIRCE COLLEGE ALSO RECEIVED INSTITUTIONAL ASSISTANCE GRANT AND PENNSYLVANIA STATE GRANT FROM THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY. true Federal Pell Grants 1794 5578123 Federal SEOG 484 192686 Unrestricted 773 1273748 Restricted by Donors 65 124422 Pennsylvania State Grant 394 795661 Procedure for Monitoring Use of Grant Funds Inside U.S. Schedule I, Part I, Line 2 All financial aid grants are used for the intended purpose which is to provide aid to students with financial need to cover the students cost of attendance. These grants include federal pell grants, federal SEOG grants, and state PHEAA grants. The College also awards donor restricted grants that are provided from foundations, alumni scholarship donations, and other donors. Additionally, the College provides internal institutional grants to eligible students. These grants are awarded by the Financial Aid Office and posted to the eligible students accounts by the Business Office. These accounts are reconciled by the Business Office and Financial Aid Office on a monthly basis. The Financial Aid Office complies with the U.S. Department of Education guidelines as well as any donor restricted grant guidelines. The Financial Aid Office reports student grant awards to the U.S. Department of Education and PHEAA throughout the year and also submits the required annual FISAP report to the U.S. Department of Education. An annual A-133 audit (financial statements and report of independent certified public accounts in accordance with OMB Circular A-133) is conducted by the Colleges external independent auditors. X X X X X false true false false false false false false false James J Mergiotti 266021 0 0 0 19288 0 95700 0 21045 0 402054 0 0 0 James M Vitale 156356 0 143 0 3364 0 33690 0 19838 0 213391 0 0 0 Patricia A Rucker EDD 165983 0 25150 0 5455 0 34489 0 1135 0 232212 0 0 0 Charles A Wright 164315 0 4150 0 3414 0 6699 0 18219 0 196797 0 0 0 Christopher L Duffy 137240 0 1643 0 1936 0 8288 0 2086 0 151193 0 0 0 Lisa Paris 115623 0 4143 0 157 0 7231 0 23997 0 151151 0 0 0 NONQUALIFIED RETIREMENT PLAN SCHEDULE J, PART I, QUESTION 4B The following represent amounts that were accrued to these individuals: James J. Mergiotti, President & CEO $81,000 Patricia A. Rucker, SVP & Provost $24,530 James M. Vitale, SVP Finance & Administration $24,064 Form 990 Review Process Form 990, Part VI, Line 11b THE FORM 990 WAS PREPARED BY A NATIONALLY RENOWNED ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCIAL DEPARTMENT. THE FORM IS THEN SUBMITTED TO THE FINANCE, AUDIT & FACILITIES MANAGEMENT COMMITTEE OF THE BOARD FOR APPROVAL. A COPY OF THE DRAFT 990 IS THEN CIRCULATED TO THE FULL BOARD OF TRUSTEES FOR DISCUSSION AND COMMENT ON THE INFORMATION CONTAINED IN THE 990 PRIOR TO ITS FILING WITH THE INTERNAL REVENUE SERVICE. Conflict of Interest Policy Monitoring & Enforcement Form 990, Part VI, Line 12c THE COLLEGE REQUIRES EACH EMPLOYEE INCLUDING THE PRESIDENT/CEO AND OTHER KEY EMPLOYEES TO COMPLETE AND SIGN A WRITTEN CONFLICTS OF INTEREST STATEMENT THAT INCLUDES QUESTIONS THAT CAN DETERMINE IF THE EMPLOYEE HAS A RELATIONSHIP, FINANCIAL INTEREST OR BUSINESS AFFILIATION THAT RESULTS IN A CONFLICT OF INTEREST. THESE STATEMENTS ARE COMPLETED ANNUALLY BY THE EMPLOYEE AND AT ANY TIME AN EMPLOYEE BECOMES AWARE OF FACTS WHICH REQUIRE AN ADDITIONAL OR UPDATED DISCLOSURE. THESE STATEMENTS ARE RETURNED TO HUMAN RESOURCES FOR REVIEW AND IF NECESSARY FURTHER ACTION MAY BE REQUIRED. THE COLLEGE ALSO REQUIRES EACH TRUSTEE INCLUDING TRUSTEE OFFICERS TO COMPLETE AND SIGN A CONFLICT OF INTEREST QUESTIONNAIRE THAT CAN DETERMINE IF THE TRUSTEE HAS A RELATIONSHIP, FINANCIAL INTEREST OR BUSINESS AFFILIATION THAT RESULTS IN A CONFLICT OF INTEREST. THESE QUESTIONNAIRES ARE COMPLETED ANNUALLY BY EACH TRUSTEE AND RETURNED TO THE BOARD SECRETARY AND ARE REVIEWED BY THE OFFICE OF THE PRESIDENT AND IF NECESSARY FURTHER ACTION MAY BE REQUIRED. Process for Determining Compensation Form 990, Part VI, Line 15a THE COMPENSATION FOR THE PRESIDENT OF PEIRCE COLLEGE WAS BASED ON WORK DONE BY AN OUTSIDE CONSULTING FIRM COMMISSIONED BY THE BOARD OF TRUSTEES. THE COMPENSATION DATA WAS COMPILED USING INFORMATION FROM OTHER COLLEGES AND UNIVERSITIES AS A GUIDE IN DETERMINING THE COMPENSATION OF THE PRESIDENT. Process for Determining Compensation Form 990, Part VI, Line 15b THE COMPENSATION FOR THE KEY EMPLOYEES OF PEIRCE COLLEGE WAS DETERMINED BY LOCAL AND REGIONAL MARKET SURVEYS AND INFORMATION AND DATA FROM LOCAL AND REGIONAL PUBLICATIONS AND PAPERS. THIS INFORMATION, ALONG WITH INTERNAL EQUITY, DETERMINED THE BASIS HIRE-IN SALARY OF KEY EMPLOYEES. ANNUALLY, KEY EMPLOYEES ARE EVALUATED BY THE PRESIDENT USING A PERFORMANCE MANAGEMENT DOCUMENT (PMD) WHICH IS A STANDARD REVIEW USED BY ALL MANAGERS AND SUPERVISORS THROUGHOUT THE COLLEGE. THE PMD FOR EACH KEY EMPLOYEE IS ALSO REVIEWED BY HUMAN RESOURCES TO ENSURE EQUITY WITHIN THE COLLEGE. THIS PROCESS ALSO DETERMINES THE PERCENT OF MERIT INCREASES RECEIVED. THE MERIT INCREASE PERCENTAGES ARE DETERMINED AS PART OF THE BUDGET PROCESS AND THE LEVEL OF PERCENTAGE INCREASES GIVEN TO THE KEY EMPLOYEES IS BASED ON THE SCORING OUTCOME OF THEIR PMD. ONCE THE MERIT INCREASES FOR THE KEY EMPLOYEES ARE DETERMINED AND APPROVED BY THE PRESIDENT, THE BOARD OF TRUSTEES IS INFORMED OF THE INCREASES. How Documents are Made Available to the Public Form 990, Part VI, Line 19 THE COLLEGE MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC BY RESERVING A COPY AT ITS PLACE OF BUSINESS. THE FORM 990 IS LIKEWISE PUBLISHED ON THE INTERNET AT WWW.GUIDESTAR.ORG. THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC, BUT, IF REQUESTED, WILL BE PROVIDED AT MANAGEMENT'S DISCRETION. form 990, part xi, line 5 other changes in net assets or fund balance UNREALIZED LOSSES ON INVESTMENTS $(283,616) CHANGE IN BENEFICIAl INTEREST IN TRUST HELD BY THIRD PARTY (2,865) ---------- $(286,481) ========== REIMBURSEMENT CONTINGENCY FORM 990, PARTS IX AND X During fiscal year 2011, the College accrued an amount related to a contingency for a potential reimbursement due to a Commonwealth of Pennsylvania agency. The College is in the process of clarifying the agency's findings and claims. Once they are determined, the College expects to negotiate appropriate settlement terms with the agency. Since the initial accrual, the agency has lowered the expected reimbursement from the college. The College has not remitted any funds to the agency as of the submission date of this tax return and believes it is possible some reimbursement may be required. The accrued contingency can be found in other liabilities in Part X and the related reimbursement reduction is shown as reimbursement contingency under other expenses on Part IX.