2013-04-11T06:24:40-05:00 2012-06-30 GRANT THORNTON LLP 2001 MARKET STREET SUITE 3100 PHILADELPHIA PA 19103 990 2011-07-01 210634981 GEORGIAN COURT UNIVERSITY % ROBERT KENNY GEOR 7329872200 900 Lakewood Avenue Lakewood NJ 087012097 ROBERT KENNY 2013-04-10 true 2155614200 2011 2016-02-25 16:41:14Z ROSEMARY JEFFRIES 900 LAKEWOOD AVENUE LAKEWOOD NJ 08701 87473517 false X WWW.GEORGIAN.EDU X 1908 NJ To provide a comprehensive liberal arts education in the Roman Catholic tradition, with a special concern for women. The University is committed to justice, respect, integrity, service and compassion. 35 35 940 220 261804 -80428 1938534 3309514 54154907 53704934 1191859 1805597 642129 692384 57927429 59512429 12002677 13115766 0 0 25512654 23926915 112000 100000 1991301 22068309 20690024 59695640 57832705 -1768211 1679724 122329025 121067302 38320467 36971255 84008558 84096047 Georgian Court University offers an innovative liberal arts curriculum that promotes scholarship, service, leadership, and personal development. Focused on the Sisters of Mercy's core values-respect, integrity, service, justice, and compassion-the university offers an extremely safe and nurturing environment. false false 32958808 13115766 54025543 Georgian Court University serves nearly 2,500 students in 30 undergraduate and 9 distinctive graduate programs. Students are enrolled through the GCU School of Business, School of Education and the School of Arts and Sciences. The university also has mounted a growing online program offering graduate degrees in holistic health and homeland security that are taught in a complete virtual environment. Georgian Court, located in historic Lakewood, N.J., is dedicated to the personal and professional success of its students. The university has historic roots as a womens college, but has served male students in evening and graduate courses since the 1970s. In May 2012, GCU announced that it would become fully co-educational by the fall of 2013. The university provides a values-based liberal arts education that enhances the marketability of GCU graduates across various disciplines and emphasizes purposeful leadership that enables graduates to excel in their careers while contributing to the greater good of their communities, state and nation. GCUs 13:1 student-faculty ratio facilitates unique learning relationships on the graduate and undergraduate levels, and is especially helpful for adult learners who are interested in GCUs accelerated programs, who have busy schedules, job and family obligations, or have limited time to attend class. In recent years, GCU has added new areas of study that reflect employment trends. In May 2012 the university graduated 30 new nurses, the first group to matriculate through the GCU-Meridian Health School of Nursing. The university also has added degrees in recent years in such high-demand areas as homeland security, holistic health, exercise science, dance, psychiatric rehabilitation and psychology, and applied behavior analysis---all of which address growing needs in the marketplace. Also, GCU specialty offerings in autism spectrum disorders, Pre-K to 3rd education, sustainability, graphic design & multimedia, and the universitys 52-week M.B.A. mirror the demands of growth industries in New Jersey and beyond. GCU gives students an exceptional learning environment where they conduct research with faculty and gain valuable experience in their disciplines before graduation. Students often work alongside faculty mentors in social work, biochemistry, neurobiology, autism studies, early childhood education, learning disabilities consulting, and school psychology. Those studying criminal justice, dance, exercise science, and business are equally as involved. Georgian Court University prepares students for life beyond the campus gates. By senior year, 61% of students have participated in some type of practicum, internship, field experience, co-op, or clinical assignment. In addition, 74% of students have participated in community service or volunteer work by their senior year. Not only are GCU graduates going off to work for major corporations, school districts, and hospitals, but 45% go on to further their education. The university also extends educational opportunities to senior adults through the McAuley Institute for Lifelong Learning (MILL). The program, launched in 2009, has grown from two pilot courses to more than 40 classes that cover subjects ranging from Italian art, history and politics to computer technology, social networking, and memoir writing. Since its founding, MILL has registered more than 500 seniors, ages 50 and older, for non-credit, college-level courses taught by faculty. STUDENT NEED AT GCU About 99 percent of GCU's full-time first-year students receive aid with an average financial aid package of $30,150. Since 2005, the percentage of full-time freshmen receiving Pell grants (federal aid) has nearly doubled, rising from 32% to 59% of students. In addition, 46% of freshmen in the class entering GCU in fall 2011 were first-generation students. For prospective and current Georgian Court students, paying for college is the single biggest roadblock to pursuing a degree. However, with adequate financial support, Georgian Court students succeed in the classroom. Georgian Court is not a typical institution because its high volume of commuter, graduate students, non-traditional students and Communiversity students (who take courses at an off-campus site) all contribute to school pride in ways that a university with a larger body of resident students is more apt to have. 1661575 STUDENT-ATHLETES AT GCU As a member of the Central Athletic Collegiate Conference, Georgian Court University fields 125 athletes in nine NCAA Division II sports, including basketball, cross country, lacrosse, soccer, softball, volleyball, tennis, and both indoor and outdoor track & field. The GCU athletics program is distinguished by its commitment to building well-rounded athletes who achieve on the field and in the classroom. In keeping with their peers nationally, GCU student-athletes cultivate leadership skills in their individual sports and in their classroom and community involvement. The teams are very active in the community, as well, and have raised money for the Susan B. Komen Walk for the Cure, Make-a-Wish Foundation, National Girls and Women in Sports Day, and the Tournament of Champions while supporting fundraising for cystic fibrosis and multiple sclerosis research. In addition, students regularly host sports clinics for area youth. 6505288 other expenditures to support the operation of offices dedicated to student service activities 41125671 true true false true false false true false false true true true false false true true true false true false true false true true false false false false true true true false false false false false false false false false false false false false false false true false false false false true 136 0 true 940 true true true false false false false true true false false false false X 35 35 false false false false false true true true true false false true true true true true true true true false NJ X ROBERT KENNY 7329872416 900 LAKEWOOD AVENUE LAKEWOOD NJ 08704 X Raymond F Shea Jr Esq 1.0 X 0 0 0 Lesa Lardieri-Wright 1.0 X 0 0 0 Patricia E Koch Esq 1.0 X 0 0 0 Johanna Diaz CPA 1.0 X 0 0 0 Joseph G DiCorcia Esq 1.0 X 0 0 0 John Paul Doyle Esq 1.0 X 0 0 0 Elisabeth Fontenelli 1.0 X 0 0 0 Fiah Gussin 1.0 X 0 0 0 Patricia Smith Heanue 1.0 X 0 0 0 James J Knipper 1.0 X 0 0 0 Robert W Koar 1.0 X 0 0 0 Monsignor Casimir H Ladzinski 1.0 X 0 0 0 Francis G Coleman 1.0 X 0 0 0 Eugenia E Lawson 1.0 X 0 0 0 John K Lloyd 1.0 X 0 0 0 Mary Meehan PHD 1.0 X 0 0 0 Deirdre Mullan RSM PhD 1.0 X 0 0 0 Elizabeth Mulvihill 1.0 X 0 0 0 Linda M Orlando 1.0 X 0 0 0 Carol Rittner RSM DEd 1.0 X 0 0 0 John W Seazholtz 1.0 X 0 0 0 Judge Eugene D Serpentelli 1.0 X 0 0 0 Senator Robert W Singer 1.0 X 0 0 0 Peter R Strohm Esq 1.0 X 0 0 0 Thomas J Sykes AIA PP 1.0 X 0 0 0 Deborah Hanley Williams 1.0 X 0 0 0 Mary Doris Wiswell RSM CAC 1.0 X 0 0 0 Tessa M Breslin 1.0 X 0 0 0 Reverend Paul A Holmes STD 1.0 X 0 0 0 Amelia A McTamaney 1.0 X 0 0 0 Edward Nadworny 1.0 X 0 0 0 Mark N Ricca 1.0 X 0 0 0 Patricia Talone RSM 1.0 X 0 0 0 Regina Ward RSM 1.0 X 0 0 0 Rosemary E Jeffries RSM PhD 35.0 X 0 0 103137 Margaret A Huber 35.0 X 158713 0 10023 Evelyn Saul Quinn 35.0 X 162439 0 24382 Ruth Ann M Burns 35.0 X 116650 0 12262 Suzanne Elliott RSM 35.0 X 0 0 4264 James Monahan 35.0 X 170177 0 11339 Jacqueline Kress PhD 35.0 X 132602 0 11009 Leslie Korb 35.0 X 120724 9540 Linda James PhD 35.0 X 120313 0 10529 Maureen Ryan-Hoffman 35.0 X 105766 0 23097 1087384 0 219582 14 false true false SUNGARD HIGHER EDUCATION 13377 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 MGMT FEES 1487819 ebsco information services 30 Park Road Suite 2 TINTON FALLS NJ 07724 IT SERVICES 203538 Follett Higher Education Group 3146 Solutions Center CHICAGO IL 60677 operate bookstore 279724 Badger Roofing Co Inc 5 Smalley Avenue MIDDLESEX NJ 08846 Contractor 471375 Collegiate Enterprise Solutions LLC 3 Centennial Drive PEABODY MA 01960 Consultant 221588 13 670 1112979 2195865 15066 3309514 TUITION AND FEES 900099 49498849 49498849 RESIDENCE HALLS AND DINING SERVICES 900099 4095572 4095572 BOOKSTORE INCOME 900099 110513 110513 53704934 1075300 442 1074858 0 0 261362 261362 261362 261362 28691285 27960988 730297 730297 730297 670 100 -100 -100 0 0 OTHER STUDENT ACTIVITIES/MISCELLANEOUS 900099 431122 431122 431122 59512429 54025543 261804 1915568 0 13043723 13043723 72043 72043 0 484468 186820 128912 168736 0 18584754 14532653 3374125 677976 615521 466940 118077 30504 2637940 1814279 723607 100054 1604232 1252357 281887 69988 56016 56016 76545 76545 121535 121535 48360 48360 100000 100000 173467 173467 996294 584523 348877 62894 714422 357731 347868 8823 1253114 926993 166986 159135 2388085 2201033 27876 159176 0 1632456 412230 1220226 312068 274661 19190 18217 0 102355 74151 25716 2488 1512157 1512157 0 3481388 3481388 840124 79556 760568 DINING HALL 1435966 1435966 STUDENT PROGRAMS & SERVICES 1017914 999858 18056 STATE/FED GRANT AID SUPPORT 752786 752786 RECRUITING 375064 236048 26576 112440 3399908 1365304 1731790 302814 57832705 41125671 14715733 1991301 0 0 4961291 5747334 285490 1397282 1769752 2204058 0 0 0 0 6342 18727 8753 3772 276866 127595 97739174 33703833 66129312 64035341 36317774 35713366 11321539 10443206 0 0 0 0 1251906 1376621 122329025 121067302 4607247 4352806 120486 133484 1263858 1254815 29824580 28846268 0 0 0 0 1325887 1078623 0 0 1178409 1305259 38320467 36971255 X 66891071 65670261 5077405 6239843 12040082 12185943 84008558 84096047 122329025 121067302 X 1679724 -1592235 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true 2021 false true 4836 6857 false SCHEDULE C, PART II-B, LINE 1 The University engaged Winning Strategies Washington to undertake lobbying and grant-writing assistance on its behalf. The total fees pursuant to this contract for the year ended June 30, 2012 were $48,360. The firm expended 10% of effort on lobbying ($4,836) and 90% on grant-writing assistance. Additionally, the University is a member in the following associations: Association of Independent Colleges and Universities in New Jersey NACUBO EACUBO The Council of Independent Colleges A percentage of the University's membership dues are deemed to be expended for lobbying activities. For the year ended June 30, 2012, the lobbying amount was $2,021. University personnel and students, during the course of various activities throughout the year, meet with legislators to discuss education related topics. The amount of time spent is not material. X 1 1.99 1 0 1 false 0.00 0 44363193 186376 207094 1671348 43085315 37753402 145999 7873124 1409332 44363193 33429111 81117 6229294 1986120 37753402 35278684 5867869 -7501721 215721 33429111 0.62600 0.28300 0.09100 false false 4543047 4543047 74488785 18546144 55942641 15629457 12238213 3391244 3077885 2919476 158409 64035341 HEDGE FUNDS 3529827 INVESTMENTS HELD BY TRUSTEE 2820629 PRIVATE EQUITY FUNDS 1017750 STRUCTURED CREDIT FUNDS 1687927 SPECIAL SITUATIONS FUNDS 1387073 10443206 0 OTHER LIABILITIES 448999 CONDITIONAL ASSET RETIREMENT OBLIG 814146 ANNUITY PAYMENT LIABILITY 42114 1305259 59512429 57832705 1679724 -1592235 -1592235 87489 44804428 -1592235 -13115766 -14708001 59512429 59512429 44716939 44716939 13115766 13115766 57832705 ENDOWMENT FUNDS FORM 990, SCHEDULE D, PART V, LINE 4 The University has adopted an investment policy that is intended to provide a predictable stream of funding to programs from its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the University must hold in perpetuity as well as board-designated funds. 1. Donor-restricted endowment funds are established by donor-restricted gifts and recorded as permanently restricted within the University financial statements. The amount of each individual fund is comprised of the original gift, subsequent gifts if they were to be added to the permanent endowment and accumulations if directed by the donor's gift documents. These funds must be retained in accordance with the explicit donor stipulations. 2. Earnings on these endowed funds are regarded as "net appreciation" and classified as temporarily restricted net assets. These amounts are appropriated for expenditure consistent with the donor guidelines. Donor funded scholarships are awarded annually, in accordance with donor stipulated guidelines and are a component of the University's financial aid budget. 3. Board designated funds, quasi-endowment, functioning as endowments are made up of a debt fund, intended to offset future debt borrowings; a plant fund, intended to supplement operational expenses related to facilities' needs such as deferred maintenance or capital items; and a special projects fund with the ability to react to the changing needs and demands of the higher education environment. INCOME TAXES FORM 990, SCHEDULE D, PART X, LINE 2 The University follows appropriate guidance which prescribes a model for the recognition and measurement of a tax position taken or expected to be taken in a tax return, and provides guidance on recognition, classification, interest and penalties, disclosure and transition. At June 30, 2011 and 2010, the University does not believe its financial statements include any material uncertain tax positions. RECONCILIATION OF REVENUE FORM 990, SCHEDULE D, PART XII, LINE 2D SCHOLARSHIP EXPENSE -$13,115,766 (Reclass) RECONCILIATION OF EXPENSES FORM 990, SCHEDULE D, PART XIII, LINE 4B SCHOLARSHIP EXPENSE $13,115,766 (Reclass) true true true true true true true false false false false false false false false true false true Nondiscrimination Policy Schedule E, Part I, Line 3 The university's notice of nondiscrimination policy is printed on all brochures, web pages, and publications that advertise GCU programs and admissions standards. Financial Aid or Assistance from a Governmental Agency Schedule E, Part I, Line 6a U.S. Department of Education: Student Financial Assistance Cluster - Federal Pell Grant Program Federal Supplemental Educational Opportunity Grant Federal Work Study Program Federal Family Education Loan Program Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) Other U.S. Department of Education Aid - Trio Student Support Services College Access Challenge-Grant Dual Enrollment College Access Challenge-Grant Tools for College Success Improving Teacher Quality State Grants U.S. Department of Interior: Save America's Treasure Grant New Jersey Department of Education: Student Financial Aid Cluster - Tuition Aid Grant Gear Up Grant Distinguished Scholarship Program Urban Scholarship Program Other NJ Department of Education Assistance - Education Opportunity Fund-Grant Education Opportunity Fund-Article IV Passthrough CTI Sponsorship and NJEOFPA Conference Education Opportunity Fund-Summer New Jersey Department of Health and Human Services: Vocational Rehabilitation Direct Services New Jersey Commission for the Blind Aid to Independent Colleges and Universities: NJEFA-Dormitory Safety Trust Fund, Series 2001A -Interest Subsidy NJEFA-Dormitory Safety Trust Fund, Series 2003A -Interest Subsidy true Central America and the Caribbean Grantmaking SCHOLARSHIPS 38503 Middle East and North Africa Grantmaking SCHOLARSHIPS 33540 72043 72043 INSTITUTIONAL GRANT AID Cent. America/Caribbean 1 11800 INSTITUTIONAL GRANT AID Cent. America/Caribbean 1 1513 RELIGIOUS GRANTS & DISCOUNTS Cent. America/Caribbean 1 25190 INSTITUTIONAL GRANT AID Middle East/North Africa 1 33540 false false false false false false MONITORING OF FUNDS PART I, LINE 2 The University grants listed on Schedule F represent scholarships offered to students who matriculate at the University. As such, no monitoring of the grant funds are required because the student may only use the scholarship funds to defray the cost of tuition. X X X X X X X true Ronald Larose Assoc Inc Consultant false 96000 96000 NJ 900 LAKEWOOD AVENUE LAKEWOOD NJ 08704 true INSTITUTIONAL GRANT AID 2010 8642365 TRANSFER SCHOLARSHIPS 382 1704429 ATHLETIC GRANTS 108 995784 NURSING SCHOLARSHIPS 117 792100 RELIGIOUS GRANTS & DISCOUNTS 105 424807 ENDOWED GRANTS 184 484238 MONITORING OF FUNDS PART I, LINE 2 The University grants listed on Schedule I represent scholarships offered to students who matriculate at the University. As such, no monitoring of the grant funds are required because the student may only use the scholarship funds to defray the cost of tuition. X X false true X X X X false false false false false false false false false James Monahan 163492 0 0 0 6685 0 2818 0 8521 0 181516 0 Margaret A Huber 151050 0 0 0 7663 0 2526 0 7497 0 168736 0 Evelyn Saul Quinn 154271 0 0 0 8168 0 3443 0 20939 0 186821 0 Compensation Form 990, Schedule J, Line 1 Housing allowance or residence for personal use and personal services: The President is provided use of a University residence building. The costs are included in other compensation and considered part of the costs customary with said position in order to carry out various job functions. Related personal services such as maintenance and housekeeping on the entire facility are performed by the University. Residency was also provided to an interim Chief Financial Officer, the Dean of Arts and Sciences, and the Director of Financial Aid. All temporary personnel were hired through an agency and provided the benefit due to out-of-state residency. NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY 2007 221829511 646065KQ4 2007-07-19 27196077 ADVANCE REFUNDING/CONSTRUCTION false false false NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY 2003 221829511 64605LFQ6 2003-08-21 15933891 CONSTRUCTION/CAPITAL IMPROVEMENTS false false false NEW JERSEY EDUCATIONAL FACILITIES AUTH 2004A2006A 221829511 646065LMN 2004-04-14 2702688 FINANCING CAPITAL IMPROVEMENTS false false true NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY 2007 221829511 2007-09-28 1050000 PURCHASE PROPERTY false false false 0 0 29252014 1738347 0 13468490 443446 0 0 11457843 0 0 false true true true 0 0 16307409 54 0 0 318678 0 0 14694270 0 0 false false true true 0 0 2702698 0 0 0 39988 0 0 2666270 0 0 false false true true 0 0 1050000 0 0 0 0 0 0 1050000 0 0 false false true true false false true true false 0.00000 0.00000 0.00000 true false false true true false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false 0 false 0 true false false false false 0 false 0 true false false false false 0 false 0 false false false false false 0 false 0 false true FORM 990, PART VI, SECTION A, LINE 7 In April 2006, the Sisters of Mercy of the Regional Community of New Jersey transferred the sponsorship of Georgian Court to the Conference for Mercy Higher Education ("CMHE"). CMHE coordinates collaboration among the 16 Mercy colleges and universities throughout the country on behalf of the Institute of the Sisters of Mercy of the Americas. Georgian Court University has a two-tiered governance structure, the first tier consisting of CMHE (as the University's sole member) and the second being the duly elected Board of Trustees, which includes the President of the University as an ex-officio member. Control of the University and its affairs and property is vested in the Board of Trustees pursuant to the University's By-Laws, subject to the powers reserved to CMHE, including among others, the power to establish the philosophy and mission of the University, elect or remove with or without cause the University president and members of the Board of Trustees, approve expenditures that are in excess of a level requiring approval of the Holy See and merge, consolidate, dissolve, or change the corporate structure of the University. Except to the extent reserved to CMHE, the Board of Trustees is empowered to manage the property and business of the University, including within such authority, the power to delegate such responsibilities and duties to the officers of Georgian Court University as the Board of Trustees deems appropriate. FORM 990, PART VI, SECTION A, LINE 10 The University's Form 990 was prepared by an international public accounting firm in conjunction with the University's financial department. A draft is prepared and distributed to the full audit committee for review. The audit committee recommends and approves for release the form 990. The form 990 is distributed to the full board. FORM 990, PART VI, SECTION B, LINE 12 Each trustee, officer, and key employee of the University is required to annually disclose any conflicts of interest that arise by virtue of their employment, board service, or position with the University. The University monitors compliance with its conflict of interest policy through a conflict of interest statement that is completed by each board member at the annual June meeting. These are reviewed by the Executive Committee of the Board. In addition to the board members, the executive level, all Finance staff, the Purchasing Director, as well as anyone in positions identified by function to have possible influence with contract or financial transactions or systems within the University, complete the questionnaire annually. These are reviewed by the Chief Financial Officer and Director of Human Resources. Any disclosed relationships are communicated to the Controller for the purpose of audit, internal controls and completing the form 990. Potential conflicts are investigated immediately. FORM 990, PART VI, SECTION B, LINE 15 The University undertakes a thorough process to ensure that the executive compensation it pays to its top management official and all of its officers and key employees of organization is reasonable given the market in which the University operates. CEO Compensation: The Executive Committee of the Board, reviews the compensation package of the President annually at its June meeting. Compensation level is decided upon utilizing comparative data received from the Human Resource Department. Officer positions are assigned a salary range established by a compensation study done by an outside firm and the Executive Committee of the Board also reviews the compensation for these employees who are considered highest-paid employees. The officers reside on the President's Administrative Team, categorized as the executive level of the University. FORM 990, PART VI, SECTION C, LINE 19 Governing documents and financial statements are available upon request. Financial statements are listed with bond reporting agencies. Form 990 is provided to the public upon request. FORM 990, Part VII President, Sister Rosemary Jeffries and the VP for Mission and Business Affairs, Sister Suzanne Elliot, are represented as having received no compensation from the University because the Order they represent receives all compensation they would both otherwise be paid. The Sisters of Mercy fulfill various roles within the University. Some positions, which would otherwise be filled with lay persons, are assigned a value for compensation and payments for these services are made to the Sisters of Mercy. The payments made for the calendar year 2011 totaled $980,167 and the compensation for these two positions is included in this figure. This compensation is not treated as taxable income to the Sisters since they are members of a religious Order. Therefore, Sister Rosemary Jeffries, is still deemed to be an independent member of the governing body for purposes of Part VI of the Form 990. FORM 990, PART XI, LINE 5 UNREALIZED LOSS $1,592,235 FORM 990, SCHEDULE K Schedule k, date issued 8/21/2003: this bond refunded a portion of the New Jersey educational facilities authority bonds, Georgian Court college issue, 2003 project b schedule k, date issued 9/28/2007: these bonds were issued by the New Jersey educational facilities authority pursuant to a New Jersey state program to finance capital improvements at institutions of higher education in New Jersey. The bonds were sold based on the credit of the state of New Jersey in the aggregate principal amount of $76,725,000. This amount was allocated to both public and private institutions. A form 8038 was filed for the portion of the issue allocated to the private institutions and a separate form 8038-g was filed for the portion allocated to public institutions. Georgian Court received an amount of $2,635,641 which represents 23.189% of the total amount allocated to private institutions. The 23.189% was applied to the amounts shown on the form 8038 for the private institutions as issue price, costs of issuance and non-refunding proceeds to obtain the portion of these amounts allocable to Georgian Court. The other information provided on schedule k about these bonds relates to the portion of the issue allocated to Georgian Court and not to the amount of the issue in the aggregate. On October 26, 2006, the New Jersey educational facilities authority issued its capital improvement fund bonds, 2006A to refund part of the capital improvement fund 2004 a bonds and part of several other issues of capital improvement bonds. Debt service on the 2004 a bonds was adjusted to take account of the debt service savings that resulted from the refunding. The cusip number and date of issue shown on part i of schedule k and other information provided about these bonds on schedule k relate to the 2004 a bonds. Schedule k, date issued 10/9/2003: this bond issue was issued by the New Jersey educational facilities authority pursuant to a state program to finance dormitory safety improvements. The proceeds were loaned to 12 educational institutions. Georgian Court received a loan of $178,198.33 out of $5,440,339.33. Thus, Georgian Court university received 3.2755% of the loans. This percentage was applied to the issue price and costs of issuance shown on the form 8038 for the bonds to obtain the amounts shown in part i, column (e) and part ii, line 6, column (e). The information about rebate in part iv is for the entire issue and is based on the most recent rebate report received by the authority. The loans made to Georgian Court and the other borrowers were interest free loans. Georgian Court is obligated to repay principal of its loan and the state of New Jersey pays debt service subject to appropriation. CONFERENCE FOR MERCY HIGHER EDUCATION 8630 FENTON STREET 934 SILVER SPRING MD 20190 431973007 Sponsorship MD 501(c)(3) 1 NA false false false false false false false false false false false true false false false false false false false