2013-11-08T13:06:14-06:00 2012-12-31 990 2012-01-01 231352008 The American College AMER 6105261510 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 Neal RFegely 6105261501 2013-11-08 2012 2016-02-24 21:20:13Z Laurence Barton 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 33576657 0 X www.theamericancollege.edu X 2012 PA The mission of The American College is to raise the level of professionalism of its students and, by extension, the financial services industry as a whole. By imparting expert knowledge and by emphasizing that such knowledge must be regularly renewed and ethically applied, the College seeks to strengthen not only its students' professionalism, but also the financial security of individuals, families, businesses, and the societies they serve. 48 47 238 90 0 0 7509608 2636708 27614571 28995853 679113 700767 1817858 1243329 37621150 33576657 0 0 0 0 15485325 16182672 0 0 1967657 13673071 14265732 29158396 30448404 8462754 3128253 53143353 57885011 12935272 11375706 40208081 46509305 X The mission of The American College is to raise the level of professionalism of its students and, by extension, the financial services industry as a whole. By imparting expert knowledge and by emphasing that such knowledge must be regularly renewed and ethically applied, the College seeks to strengthen not only its students' professionalism, but also the financial security of individuals, families, businesses, and the societies they serve. 0 0 13164345 21440788 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 16,900 students enrolled in these programs. 2917705 4462507 LUTC Program - The LUTC program administers the curriculum leading to the LUTCF and FSS professional designations. There are approximately 6,500 students enrolled in these programs. 1637427 2431345 Richard D. Irwin School of Management - The Irwin School administers the curriculum leading to the Master of Science degree. Specialities are offerred in Financial Planning and Advanced Leadership. There are approximately 800 students in the Graduate School. 689574 661214 Corporate Consulting Center - Provides customized training and education to client companies in the financial services arena utilizing the College's resources. 689574 661214 18409051 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 270 0 1 238 1 0 0 0 0 0 0 0 0 0 0 X 48 47 0 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 Treasurer 6105261510 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 Michael A Bell 1.00 X 0 0 0 Wendy A Benson 1.00 X 0 0 0 Lee V Bethel 1.00 X 0 0 0 Christopher O Blunt 1.00 X 0 0 0 Peter C Browne 1.00 X 0 0 0 Edward W Cassidy 1.00 X 0 0 0 Nicholas M Cecere 1.00 X 0 0 0 Susan M Cooper 1.00 X 0 0 0 Michael J Corey 1.00 X 0 0 0 Ralph L Crews 1.00 X 0 0 0 Michael C Davidson 1.00 X 0 0 0 J Scott Davison 1.00 X 0 0 0 Caroline Feeney 1.00 X 0 0 0 Peter A Golato 1.00 X 0 0 0 John W Greene 1.00 X 0 0 0 Randall H Harbert 1.00 X 0 0 0 Thomas H Harris 1.00 X 0 0 0 John L Haver 1.00 X 0 0 0 Gary T Huffman 1.00 X 0 0 0 Fred H Jonske 1.00 X 0 0 0 Michael L Kalen 1.00 X 0 0 0 Terri R Kallsen 1.00 X 0 0 0 Karen Eilers Lahey 1.00 X 0 0 0 James J Meehan 1.00 X 0 0 0 James A Mitchell 1.00 X 0 0 0 Deanna M Mulligan 1.00 X 0 0 0 Linda S Need 1.00 X 0 0 0 Bruce G Parker 1.00 X 0 0 0 Scott R Perry 1.00 X 0 0 0 Robert B Plybon 1.00 X 0 0 0 Reginald N Rabjohns 1.00 X 0 0 0 Phillip C Richards 1.00 X 0 0 0 Michael Rosenzweig 1.00 X 0 0 0 David R Rubinowitz 1.00 X 0 0 0 Albert J Schiff 1.00 X 0 0 0 Todd M Schoon 1.00 X 0 0 0 Robert D Shapiro 1.00 X 0 0 0 Frederick J Sievert 1.00 X 0 0 0 J Eric Smith 1.00 X 0 0 0 Nikki L Sorum 1.00 X 0 0 0 Leo C Tucker 1.00 X 0 0 0 Michael J Vietri 1.00 X 0 0 0 Robert J Wernecke 1.00 X 0 0 0 Doyle J Williams 1.00 X 0 0 0 Charles R Wright 1.00 X 0 0 0 Robert Wright 1.00 X 0 0 0 Laurence Barton 39.00 1.00 X 1223542 0 32793 Neal R Fegely 39.00 1.00 X 416148 0 28454 John G Wells 40.00 X 93228 0 8441 Walter Woerheide 40.00 X 271169 0 28981 Jack Hondros 40.00 X 285469 0 29242 Stephen Tarr 40.00 X 192760 0 23752 Edward McEvoy 40.00 X 169005 0 11436 Charles Cronin 39.00 1.00 X 211096 0 8923 Glenn Boseman 32.00 X 278176 0 19563 Craig Lemoine 32.00 X 272558 0 8115 Paul Tanella 40.00 X 232751 0 14411 David Littell 32.00 X 212905 0 11766 Mary Quist-Newins 32.00 X 203429 0 9009 4062236 0 234886 12 0 1 0 Oberon Technologies Inc 2640 Wildwood Trail Saline MI 48176 Software/editorial support 189999 Evans Continental LLC 3649 W Road Signal Mountain TN 37377 Management/sales consulting 147549 Cedarcrestone Inc PO Box 402521 Atlanta GA 303842521 Software consulting 128584 Matthew Greenwald & Associates Inc 4201 Connecticut Avenue NW Suite Washington DC 20008 Research study 123275 O3 World LLC 1339 Frankford Avenue Suite 3 Philadelphia PA 19125 Software Development 113328 5 2636708 31799 2636708 Solomon S. Huebner Sch 611310 21440787 21440787 LUTC Program 611310 4462507 4462507 Richard D. Irwin Gradu 611310 2431345 2431345 Corporate Consulting C 611310 661214 661214 28995853 700767 700767 PACE fees 611310 402606 402606 Royalties 611310 215547 215547 Ethics membership fees 611310 149000 149000 476176 476176 1243329 33576657 30023635 0 916314 1719456 1719456 1191093 280708 696462 213923 10025335 7361082 2016767 647486 598035 598035 1687241 2329955 -878936 236222 961512 961512 188098 30041 151700 6357 92000 92000 1645938 979231 295891 370816 1190259 1111412 16121 62726 319044 332061 -36283 23266 801703 733828 67875 41171 41171 1804917 45402 1759515 511420 306576 145079 59765 4088622 3409713 346223 332686 1077174 1077174 333202 237 332965 Printing and publicatio 1045328 1041246 4907 -825 Bank service charges/cr 388504 0 388504 0 Professional developmen 215761 226577 -13914 3098 Bad debt expense 136933 32524 104409 0 385658 147287 226234 12137 30448404 18409051 10071696 1967657 8571805 13875795 8159939 0 7083694 5456202 2844050 3361384 393782 329097 586208 800913 16851853 13814007 3631559 3037846 19654045 28550028 2218271 2473746 53143353 57885011 5372788 5631647 1697642 1396942 5864842 4347117 12935272 11375706 X 31673874 37251053 8534207 9258252 40208081 46509305 53143353 57885011 X 3128253 1621313 1551658 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 7319 7319 304441085 304448404 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 12297 19440 2937 7319 41993 250000 250000 250000 250000 1000000 1500000 Part IV, Supplemental Information: Part I-A, Line 1; The College worked with organizations including trade associations in opposition to proposed legislation that would adversly impact one or more of its designations. 34956582 3642329 3687000 975004 41310907 34827356 1711521 -301942 1280353 34956582 31985325 380624 3087692 626285 34827356 25984363 2165832 5124590 1289460 31985325 32907896 1245573 -6923779 1245327 25984363 0.31000 0.56600 0.12400 0 1 1 4123328 1169411 2953917 12728525 12644596 83929 3037846 University City Science Center stock 1000 C Investment portfolio 28549028 F 28550028 Annuity obligation 233282 Accrued pension costs 4113835 4347117 X 36221629 1621313 1023659 2644972 33576657 0 33576657 30448404 0 30448404 0 30448404 Description of Uncertain Tax Positions Under FIN 48: Part X, Line 2: Accounting principles generally accepted in the United States of America requires entities to evaluate, measure, recognize and disclose any uncertain income tax positions taken on their income tax returns. Management has evaluated the impact of this standard and believes that it does not have a material impact on the amounts reported in the College's consolidated financial statements. The College recognizes accrued interest and penalties associated with uncertain tax positions, if any, as part of the income tax provision. There was no income tax related interest and penalties recorded for the years ended December 31, 2012 and 2011. The tax returns of the College for the years ended December 31, 2009, 2010, and 2011 are subject to examination by the Internal Revenue Service and other various taxing authorities, generally for three years after they were filed. Part XI, Line 2d - Other Adjustments: Transfer of net assets from The American College Foundation - EIN 23-301530 1023659. 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 Explanation of Nondiscriminatory Policy Publication 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. Explanation of Document Retention 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 117856 122145 -4289 Schultz & Williams Inc 325 Chestnut St Suite 700 Philadelphia PA 191062422 Campaign consulting 0 0 21665 -21665 117856 143810 -25954 AL AK AZ AR CA 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 SC TN UT VA WA WV WI 1 Tuition assistance 45 39194 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: The College uses an excel spreadsheet and a series of contracts within its billing system to track and maintian activity for recipients of tuition assistance. X X 1 1 X X X X 0 1 0 1 0 1 0 0 0 Laurence Barton 467692 0 135000 0 620850 0 14087 0 18706 0 1256335 0 0 0 Neal R Fegely 250000 0 40000 0 126148 0 16250 0 12204 0 444602 0 0 0 Walter Woerheide 177490 0 10000 0 83679 0 14199 0 14782 0 300150 0 0 0 Jack Hondros 218558 0 51875 0 15036 0 13805 0 15437 0 314711 0 0 0 Stephen Tarr 161716 0 20000 0 11044 0 12937 0 10815 0 216512 0 0 0 Edward McEvoy 156154 0 10000 0 2851 0 10292 0 1144 0 180441 0 0 0 Charles Cronin 180000 0 25000 0 6096 0 7598 0 1325 0 220019 0 0 0 Glenn Boseman 168620 0 0 0 109556 0 13190 0 6373 0 297739 0 0 0 Craig Lemoine 114029 0 0 0 158529 0 6896 0 1219 0 280673 0 0 0 Paul Tanella 142956 0 70205 0 19590 0 8240 0 6171 0 247162 0 0 0 David Littell 106068 0 0 0 106837 0 5614 0 6152 0 224671 0 0 0 Mary Quist-Newins 160209 0 0 0 43220 0 7531 0 1478 0 212438 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. At the instruction of the Board's Compensation Committee, Participants in the ISERP Plan were partially grossed up to offset the tax impact of taxable distributions made in 2012. 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 the COO 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 4b The following employees had the respective amounts contributed to the College's Individual Supplemental Employee Retirement Plan (ISERP) in 2012: Laurence Barton - $83,750 Neal Fegely - $25,150 Jack Hondros - $16,750 Stephen Tarr - $16,750 Walter Woerheide - $16,750 Part I, Line 5 Part I, Line 5: The President & CEO and COO had a three year performance incentive plan that ran from January 1, 2008 through December 31, 2010. The plan consisted of 5 distinct elements and included meeting consolidated revenue targets (including both the College and The American College Foundation EIN 23-3015130) as one of the criteria which was weighted between 15% and 20% of the elements of the plan. The covered individuals must have been on staff as of December 31, 2010 in order to be eligible for an award that was paid in 2011 and 2012. The President & CEO, COO, and CMO (Chief Marketing Officer) have a three year performance incentive plan that runs from January 1, 2011 through December 31, 2013. The plan consists of 7 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 15% and 30% of the elements of the plan. The covered individuals must be on staff as of December 31, 2013 in order to be eligible for an award that will be payable in 2014 through 2016. Part I, Line 6 Part I, Line 5: The President & CEO and COO had a three year performance incentive plan that ran from January 1, 2008 through December 31, 2010. The plan consisted of 5 distinct elements and included meeting consolidated revenue targets (including both the College and The American College Foundation EIN 23-3015130) as one of the criteria which was weighted between 15% and 20% of the elements of the plan. The covered individuals must have been on staff as of December 31, 2010 in order to be eligible for an award that was paid in 2011 and 2012. The President & CEO, COO, and CMO (Chief Marketing Officer) have a three year performance incentive plan that runs from January 1, 2011 through December 31, 2013. The plan consists of 7 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 15% and 30% of the elements of the plan. The covered individuals must be on staff as of December 31, 2013 in order to be eligible for an award that will be payable in 2014 through 2016. Supplemental Information Part III Part II Col B (iii) explanation - Laurence Barton, President & CEO 1. $457,500 - 2012 payment for multi-year incentinve 2. $83,750 - SERP current year funding. 3. $79,601 - Additional compensation for teaching various programs not included in the base salary. Total Other Reportable Compensation is $620,851. The President & CEO is not compensated for his additional role as Professor of Management. He derives additional compensation for periodic teaching of courses. X 3 31799 Market value 0 0 0 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 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. 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. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 9: Net assets transferred from The American College Foundation - #23-3015130 1023659. Decrease in minimum pension liability 527999. The American College 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 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1