2012-05-08T16:01:17-04:00 2011-06-30 ERNST & YOUNG US LLP 111 MONUMENT CIRCLE SUITE 2600 Indianapolis IN 46204 990 2010-07-01 042306054 THE AMERICAN COLLEGE OF GREECE AMER 8572847908 10 LIBERTY SQUARE 2ND FLOOR BOSTON MA 02109 KELLY MORRA 2012-05-08 3176817000 2010 2016-02-24 21:20:13Z X Dr David G Horner 10 LIBERTY SQUARE 2ND FLOOR BOSTON MA 02109 18025537 false X WWW.ACG.EDU X 1961 CO SEE SCHEDULE O. 15 14 16 0 0 0 687499 179979 39423050 15931323 1238621 1248767 226414 27076 41575584 17387145 1745550 598460 0 24991974 11286312 0 51348 22060820 12153440 48798344 24038212 -7222760 -6651067 250463469 220934524 10066600 6046957 240396869 214887567 X INTERNATIONAL IN ORIGIN AND OUTLOOK, THE AMERICAN COLLEGE OF GREECE OFFERS A DISTINCTIVE ACADEMIC ETHOS ROOTED IN AMERICAN HIGHER EDUCATION BEST PRACTICES AND INTEGRATING AMERICAN, GREEK AND EUROPEAN CULTURES. THE COLLEGE IS COMMITTED TO EXTENDING EDUCATIONAL OPPORTUNITIES TO QUALIFIED STUDENTS OF DIVERSE BACKGROUNDS AND TO ACTIVE, MUTUALLY SUPPORTIVE INTERACTION WITH ITS ALUMNI. THE FACULTY, DEDICATED TO TEACHING, SCHOLARSHIP AND SERVICE, CULTIVATE A RICH INTELLECTUAL CAMPUS ENVIRONMENT, SERVE NUMEROUS EXTERNAL CONSTITUENCIES AND CONTRIBUTE TO THEIR PROFESSIONAL DISCIPLINES. THROUGH UNDERGRADUATE AND GRADUATE CURRICULA IN THE LIBERAL ARTS AND SCIENCES, BUSINESS AND SELECTED PROFESSIONS, AS WELL AS THROUGH ITS CO-CURRICULAR PROGRAMS, THE COLLEGE ENABLES STUDENTS: - TO DEFINE AND PURSUE THEIR EDUCATIONAL AND PROFESSIONAL GOALS, - TO DEVELOP AS CRITICAL AND CREATIVE THINKERS AND SOCIALLY AWARE INDIVIDUALS, AND - TO PREPARE FOR LIVES OF REFLECTION AS WELL AS RESPONSIBLE CIVIC ENGAGEMENT I false false 15866620 15931323 IN THE CURRENT YEAR ENDING 6/30/11, 2,954 STUDENTS ATTENDED THE UNDERGRADUATE PROGRAM AND 491 GRADUATED WITH DIPLOMAS. THE GRADUATE SCHOOL HAD 166 STUDENTS ENROLLED OF WHOM 36 GRADUATED WITH ADVANCED DEGREES. THE HIGH SCHOOL (ACTUALLY GRADES 7 TO 12) HAD 785 STUDENTS OF WHOM 103 GRADUATED. THE AMERICAN COLLEGE OF GREECE ALSO OFFERED CONTINUING EDUCATION PLUS CULTURAL EVENTS FOR THE COMMUNITY WHICH WERE VERY WELL ATTENDED. 15866620 true true false false false false true false true true false false false true false false true true true true false true false false false false false false true false false false true false false false false false false false false false true true true false false true 9 0 true 16 true false true GR false false true true false false false false false X 15 14 true false true false false false false true true false false true true true true true true true true false X KELLY MORRA 8572847908 10 LIBERTY SQUARE 2ND FLOOR BOSTON MA 02109 X DR DAVID G HORNER 40.0 X X 292500 132500 27388 DR KENYON C BOLTON III 2.0 X 0 0 0 ANN W CALDWELL 2.0 X 0 0 0 HAROLD LEVY 2.0 X 0 0 0 KOSMO KALLIAREKOS 2.0 X 0 0 0 MIKE KOROLOGOS 2.0 X 0 0 0 PHILIP KOROLOGOS ESQ 2.0 X X 0 0 0 KRISTEN SILVERBERG 2.0 X 0 0 0 NIKI LEONDAKIS 2.0 X 0 0 0 ANASTASIOS PARAFESTAS 2.0 X 0 0 0 PETER THUN 2.0 X X 0 0 0 DR ANTHONY T KRONMAN 2.0 X 0 0 0 DR CONCETTA M STEWART 2.0 X 0 0 0 NIKOLAOS KOUMETTIS 2.0 X 0 0 0 DR CHARLES M COOK 2.0 X X 0 0 0 Kelly Morra 1.0 X 0 0 0 TODD G FRITCH 40.0 X 162136 0 30578 JOHN M BAWOROWSKY 40.0 X 180492 0 25065 OLGA JULIUS 40.0 X 106325 0 16101 GABRIEL ALEXOPOULOS 40.0 X 116275 30472 26348 KATHLEEN CROSS 40.0 X 104494 0 25923 NICHOLAS JIAVARAS 40.0 X 141241 0 19383 ILIANA LAZANA 40.0 X 102680 23824 27074 JOHN S BAILEY 0.0 X 187336 75000 67781 1393479 261796 265641 9 true true false KL GATES 1601 K STREET WASHINGTON DC 20006 LEGAL 601768 SOFIA KALOGEROPOULOU 11 VOUTZA STREET ATHENS N. SMYRNI GR 171 21 BUILDING RENOVATIONS 288114 GREGORY PAPPAS 1250 S MICHIGAN AVE 1310 CHICAGO IL 60605 CONSULTING 213235 STEFANOS DIAMANTARAS 4 EL VENIZELOU ST 15237 FILOTHEI ATHENS 0 GR CIVIL ENG/STAT STDY 158772 ERNST YOUNG 200 PLAZA DRIVE SECAUCUS NJ 07094 TAX & ACCOUNTING 114743 5 73503 106476 179979 TUITION & FEES 611600 11579407 11579407 INTERCOMPANY REVENUE - RENTAL INCOME 900099 1621026 1621026 INTERCOMPANY REVENUE - GAIN ON INDEMNITY 900099 2730890 2730890 15931323 1268011 1268011 0 0 13270 0 13270 13270 13270 619148 638392 -19244 -19244 -19244 0 0 0 SNACK BAR INCOME 900099 2614 2614 MISCELLANEOUS REVENUE 900099 11192 11192 13806 17387145 15931323 0 1275843 0 0 598460 598460 0 647551 495377 149584 2590 0 8165893 6235011 1905007 25875 0 1168309 679823 488073 413 1304559 973663 323286 7610 0 520327 520327 33693 33693 0 0 0 329661 35788 293873 360839 118045 242794 616873 111775 501386 3712 197682 33804 163878 0 2209745 1613114 596631 665750 165291 489831 10628 0 0 0 0 4271951 3118524 1153427 96005 82 95923 BAD DEBTS 116920 116920 STUDENT TRANSPORT 1252885 1252885 BOOKS, PERIODICALS & EDCTN 236738 227933 8805 GREEK TAX ASSESSMENT 102915 102915 PUBLICATIONS 18332 18332 1123124 71793 1050811 520 24038212 15866620 8120244 51348 108148069 140361679 551328 35019 978537 263186 121972 133640 154845 55721 654697 643823 96728948 47055000 43421386 49673948 95783947 28956857 648688 810651 250463469 220934524 6352629 4138666 210394 171575 3503577 1736716 10066600 6046957 X 237123480 211533571 543979 584217 2729410 2769779 240396869 214887567 250463469 220934524 X -6651067 -18858235 X false true true X false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 3273391 71832 31215 22440 3353998 2700399 586853 22241 36102 3273391 2640904 95919 58858 75251 20001 2700429 0.00000 0.83000 0.17000 false false 6224529 6224529 70598076 31698376 38899700 18571298 15042915 3528383 1335045 313709 1021336 49673948 0 EMPLOYEE RETIREMENT & SEVERANCE 1736716 1736716 F/S FOOTNOTE FOR ART, TREASURES, ETC. PART III, LINE 1A WORKS OF ART THAT WERE RECEIVED ARE NOT INCLUDED IN REVENUE OR ON THE BALANCE SHEET PER SFAS 116 AND THE INSTRUCTIONS TO FORM 990. THEY ARE MAINTAINED FOR THE BENEFIT OF THE STUDENTS EDUCATIONAL AND CULTURAL BENEFIT. DESCRIPTION OF ORGANIZATION'S COLLECTIONS AND HOW FURTHERS EXEMPT PURPOSE PART III, LINE 4 THE ART WORK IS MADE UP OF DIFFERENT VENUES SUCH AS PAINTINGS, DRAWINGS, ARTIFACTS, COINS, PHOTOGRAPHS, SCULPTURES, ETC. WHILE THE COLLECTION IS PARTICULARLY STRONG IN ART WORKS ORIGINATING FROM GREECE, WORKS FROM OTHER COUNTRIES (INCLUDING THE U.S.) ARE WELL REPRESENTED. WORKS ARE ON CONSTANT DISPLAY ON A ROTATING BASIS AT THE ART GALLERY. MANY SCULPTURES ARE ON DISPLAY THROUGHOUT THE CAMPUS. THE GOAL IS TO EDUCATE AND FOSTER INTEREST IN WORKS OF ART BY THE COLLEGE COMMUNITY, SCHOLARLY RESEARCHERS AND THE PUBLIC AT LARGE. TWELVE ANNUAL VISITING ARTIST PROGRAMS ARE HELD TO FURTHER SHOWCASE & EDUCATE. IN ADDITION, SPECIAL EXHIBITIONS ARE HELD DURING THE YEAR. INTENDED USES OF ENDOWMENT FUND PART V, LINE 4 THE ENDOWMENT FUNDS ARE HELD FOR SCHOLARSHIPS TO DESERVING STUDENTS. THE COLLEGE MATCHES MOST SCHOLARSHIPS IN THE ENDOWMENT FUNDS BEYOND GIVING ADDITIONAL AMOUNTS TO WORTHY STUDENTS. FIN 48 FOOTNOTE PART X, LINE 2 A FIN 48 (ASC 740) FOOTNOTE WAS NOT INCLUDED IN THE AUDITED FINANCIAL STATEMENTS FOR THE CURRENT YEAR. true true true true true true true false false false false false false false false true false true Publication of Racially Nondiscrinimatory Policy Schedule E, Line 3 A RACIALLY NONDISCRIMINATORY POLICY HAS BEEN ADOPTED BY THE ORGANIZATION. THIS INFORMATION IS GIVEN TO STUDENTS AND THE PUBLIC IN ITS MAILINGS, BROCHURES & PUBLICATIONS. IT IS ALSO PROVIDED IN ITS HIRING PRACTICES OF EMPLOYEES. Explanation of Aid or Assistance from Governmental Agency Schedule E, Line 6 IN THE FISCAL YEAR ENDED JUNE 30, 2004, A GRANT OF US $140,000 WAS AWARDED BY THE US AGENCY FOR INTERNATIONAL DEVELOPMENT ("US AID") FOR THE PROCUREMENT OF PC'S, MULTIMEDIA PRESENTATION EQUIPMENT AND COMPUTER NETWORK HARDWARE AND SOFTWARE FOR MBA AND ART CENTRE PROGRAM. THE CONDITIONS SATISFYING THE REQUIREMENTS OF THE GRANT HAVE BEEN FULLY MET. AN AMOUNT OF US $78,050 WAS CLAIMED AND RECEIVED DURING THE FISCAL YEAR ENDED 6/30/06. THE RECEIVABLE ON THE BOOKS AS OF 6/30/05 OF $61,950 WAS RECEIVED FROM US AID DURING THE FISCAL YEAR ENDED 6/30/06. AN ADDITIONAL GRANT OF US $135,000 WAS AWARDED BY THE US AID DURING THE FISCAL YEAR ENDED 6/30/06 FOR THE PROCUREMENT OF HARDWARE, SOFTWARE AND OTHER COMMODITIES FOR THE NEW MASTER'S IN BUSINESS ADMINISTRATION PROGRAM, THE DEREE COLLEGE COMMUNICATION PROGRAM LABORATORIES AND THE PIERCE COLLEGE MULTIMEDIA LABORATORIES. DURING THE CURRENT FISCAL YEAR, $73,503 WAS RECOGNIZED AS INCOME FROM THE OUTSTANDING GRANT. true Europe (Including Iceland and Greenland) 0 0 Investments 1344139 Europe (Including Iceland and Greenland) 0 0 Program Services TUITION & FEES 0 Europe (Including Iceland and Greenland) 1 593 Program Services SCHOOL 23219793 1 593 1 593 24563932 24563932 SCHOLARSHIPS Europe/Iceland/Greenland 93 598460 SCHOLARSHIPS FMV false false false false false false GRANTMAKERS EXPLANATION FOR GRANTS OUTSIDE U.S. PART 1, LINE 2 THE COLLEGE OFFERS SCHOLARSHIPS TO ITS STUDENTS IN ATHENS, GREECE BASED ON ACADEMIC PERFORMANCE AS WELL AS FINANCIAL NEEDS. THE SCHOLARSHIPS ARE DIRECTLY CREDITED TO THE RECIPIENT STUDENT'S ACCOUNT. THE STUDENT ACCOUNTS DEPARTMENT MONITORS THE SCHOLARSHIP FUNDS. THE SCHOLARSHIPS MAY BE REVOKED IF STUDENTS DO NOT ACHIEVE MINIMUM STANDARDS. STUDENT GRADES ARE MONITORED ON A SEMESTER BASIS BY THE SCHOLARSHIP COMMITTEE. X X true true X X X X X false false false false false false false false true true DR DAVID G HORNER 217500 132500 75000 0 0 0 0 0 27388 0 319888 132500 0 0 JOHN S BAILEY 187336 75000 0 0 0 0 9338 0 58443 0 255117 75000 0 0 TODD G FRITCH 162136 0 0 0 0 0 0 0 30578 0 192714 0 0 0 JOHN M BAWOROWSKY 180492 0 0 0 0 0 0 0 25065 0 205557 0 0 0 GABRIEL ALEXOPOULOS 116275 30472 0 0 0 0 14321 5714 4047 2266 134643 38452 0 0 NICHOLAS JIAVARAS 141241 0 0 0 0 0 12781 0 6602 0 160624 0 0 0 ILIANA LAZANA 102680 23824 0 0 0 0 6602 5867 4047 2266 113329 31957 0 0 RELEVANT INFORMATION REGARDING COMPENSATION BENEFITS PART 1, LINE 1A TRAVEL FOR COMPANIONS THE PRESIDENT TRAVELS FOR UNIVERSITY BUSINESS WITH HIS SPOUSE ON A LIMITED BASIS. SPOUSAL TRAVEL EXPENSES ARE FOR A BONA FIDE BUSINESS PURPOSE AND ARE NOT INCLUDED IN TAXABLE COMPENSATION. HOUSING ALLOWANCE HOUSING IS PROVIDED AS NONTAXABLE FRINGE BENEFIT TO U.S. EMPLOYEES LIVING NEAR THE CAMPUS. THIS BENEFIT IS IN CONFORMITY WITH IRC SECTION 911. PER WRITTEN CONTRACTS THAT WERE PREPARED IN CONJUNCTION WITH AN INDEPENDENT CONSULTANT AND APPROVED BY THE BOARD OF DIRECTORS, PRESIDENT DAVID HORNER AND CHANCELLOR JOHN BAILEY ARE PROVIDED HOUSING ON COLLEGE PROPERTY. THIS IS A COMMON PRACTICE FOR COLLEGES. AMOUNTS REPORTED PURSUANT TO A CONTRACT SUBJECT TO INITIAL CONTRACT PART 1, LINE 8 DR. HORNER'S INITIAL CONTRACT WAS PREPARED IN CONJUNCTION WITH YAFEE & ASSOCIATES WHO SPECIALIZE IN THE FIELD OF COMPENSATION. THE BOARD OF TRUSTEES APPROVED THE FINAL CONTRACT BASED UPON THEIR EXPERIENCES AND THE RECOMMENDATIONS OF THE CONSULTANT. THE CONTRACT WAS DRAWN UP BY THE COLLEGE'S OUTSIDE ATTORNEYS. Dr David G Horner Payroll Advance X 23562 23562 false true true Gabriel Alexopoulos Payroll Adv / Loan X 1484 1484 false true true Olga Julius Payroll Advance X 1159 1159 false true true Todd G Fritch Payroll Advance X 976 976 false true true John S Bailey Payroll Advance X 106459 106459 false true true 133640 ORGANIZATION'S MISSION FORM 990, PART I, LINE 1 THE AMERICAN COLLEGE OF GREECE IS A NOT-FOR-PROFIT ENTITY INCORPORATED IN THE UNITED STATES OF AMERICA BUT OPERATED IN ATHENS, GREECE FOR THE PURPOSE OF PROVIDING GREEK CITIZENS WITH THE OPPORTUNITY FOR HIGHER EDUCATION WITH AMERICAN TEACHING METHODS TAUGHT IN ENGLISH. BUSINESS OR FAMILY RELATIONSHIP OF OFFICERS, DIRECT FORM 990, PART VI, LINE 2 MIKE KOROLOGOS, TRUSTEE, AND PHILIP C. KOROLOGOS, TRUSTEE, HAVE A FAMILY RELATIONSHIP. BYLAW CHANGES FORM 990, PART VI, LINE 4 ACG AMENDED ITS BYLAWS BY ADJUSTING THE COMPOSITION OF ITS BOARD OF TRUSTEES. ACG'S BOARD OF TRUSTEES MUST INCLUDE BETWEEN SEVEN AND TWENTY-FIVE MEMBERS OF WHICH AT LEAST ONE MEMBER MUST BE A GRADUATE OF PIERCE COLLEGE AND AT LEAST ONE MEMBER MUST BE A GRADUATE OF DEREE COLLEGE. IN ADDITION, THE PRESIDENT OF ACG WILL BE AN EX-OFFICIO MEMBER OF THE BOARD AND ANY OTHER SUCH PERSONS DESIGNED BY THE BOARD OF TRUSTEES WILL SERVE ON THE BOARD. ALL MEMBERS OF THE BOARD HOLD VOTING RIGHTS. REVIEW PROCESS FORM 990, PART VI, LINE 11 THE FORM 990 WILL BE PROVIDED TO ALL BOARD MEMBERS TO BE REVIEWED PRIOR TO BEING FILED. PRIOR TO SAID REVIEW, IT WILL BE REVIEWED BY THE TREASURER OF THE BOARD. EXPLANATION OF MONITORING AND ENFORCEMENT OF CONFLICTS FORM 990, PART VI, LINE 12C 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. THIS IS MAINTAINED BY THE BOARD FOR THE TRUSTEE AS WELL AS FOR THE PRESIDENT. THE ANNUAL STATEMENTS ARE REVIEWED BY THE ORGANIZATION'S CFO AND DISCUSSED WITH THE AUDIT COMMITTEE WHEN A CONFLICT ARISES. THE AUDIT COMMITTEE RECUSES ITSELF FROM ANY VOTING RELATED TO THE CONFLICTED ACTIVITY. THE PRESIDENT'S OFFICE WITH THE ASSISTANCE OF THAT OF THE CONTROLLER MONITORS ALL CONTRACTS AND ACTIONS OF ALL EMPLOYEES ON A REGULAR BASIS. COMPENSATION REVIEW & APPROVAL PROCESS FOR OFFICERS & KEY EMPLOYEE FORM 990, PART VI, LINES 15A AND 15B COMPENSATION REVIEW WAS DONE BY YAFFEE & CO., AN INDEPENDENT FIRM SPECIALIZING IN THE FIELD OF COMPENSATION. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWED THE FINDINGS AND LOOKED AT COMPARABLE COMPENSATIONS AT OTHER COLLEGES IN THE U.S. AND ABROAD. IT WAS THE COMMITTEE'S FUNCTION TO MONITOR COMPENSATION AND REPORT THEIR RECOMMENDATIONS TO THE FULL BOARD. THE FINANCE COMMITTEE REVIEWED THE BUDGETED SALARY FOR THE FISCAL YEAR TO THE ACTUAL AMOUNTS PAID. COMPENSATION IS BUDGETED AND MONITORED ANNUALLY. THE PRESIDENT'S CONTRACT BECAME EFFECTIVE 7/1/2008. THIS REVIEW WAS LAST COMPLETED IN JUNE 2011 IN WHICH AN OPINION ON THE COMPENSATION LEVEL OF THE ORGANIZATION'S PRESIDENT WAS PROVIDED. OTHER ORGANIZATION DOCUMENTS PUBLICLY AVAILABLE FORM 990, PART VI, LINE 19 THE GOVERNING DOCUMENTS, AS WELL AS, THE CONFLICT OF INTEREST POLICY MAY BE REQUESTED FROM BOARD MEMBERS AT THE OFFICE OF THE CONTROLLER OF THE INSTITUTION IN ATHENS, GREECE. COMPENSATION FORM 990, PART VII, SECTION A THE TRUSTEES OF THE AMERICAN COLLEGE OF GREECE ARE UNPAID VOLUNTEERS. THE OFFICERS OF THE BOARD OF TRUSTEES ARE LISTED AS OFFICERS, BUT ARE UNPAID. MOST EMPLOYEES OF THE COLLEGE WORK IN GREECE AND ARE NOT U.S. CITIZENS AND THEREFORE DO NOT HAVE ANY FILING OF FORM W-2 OR 1099-MISC. IF SAID FILINGS WOULD HAVE BEEN REQUIRED, NO EMPLOYEE HAD INCOME IN EXCESS OF $150,000 IN 2010. AVERAGE HOURS WORKED FOR A RELATED ORGANIZATION FORM 990, PART VII, SECTION A DR. DAVID G. HORNER WORKED 10 HOURS FOR THE AMERICAN UNIVERSITY OF GREECE, A RELATED ORGANIZATION. GABRIEL ALEXOPOULOS WORKED 10 HOURS FOR THE AMERICAN COLLEGE OF GREECE - DEREE, A RELATED ORGANIZATION. ILIANA LAZUNA WORKED 10 HOURS FOR THE AMERICAN COLLEGE OF GREECE - DEREE, A RELATED ORGANIZATION. FOREIGN EXCHANGE DIFFERENTIALS FORM 990, PARTS VIII AND IX FOREIGN EXCHANGE GAINS OF $11,175,357 DUE TO CURRENCY FLUCTUATIONS RELATED TO ASSETS ARE NOT REFLECTED PART VIII OR PART IX OF THIS TAX RETURN. OTHER CHANGES IN NET ASSETS OR FUND BALANCES FORM 990, PART XI, LINE 5 THE OTHER CHANGES ON THIS LINE ARE: UNREALIZED GAIN $4,972,117 INTERCOMPANY TRANSFERS ($35,005,709) CURRENT YEAR TRANSLATION $11,175,357 ------------- ($18,858,235) ============= THE AMERICAN UNIVERSITY OF GREECE C/O FORGACH 53 N PARK AVE50 ROCKVILLE CENTRE NY 11570 841217703 SUPPORT CO 501(C)(3) 11 TYPE-I ACG AMERICAN COLLEGE OF GREECE - DEREE 6 GRAVIAS ST ATHENS, AGHIA PARASKEVI GR GR 153 42 980611322 COLLEGE GR 501(C)(3) 2 ACG false false false false false false false false true false false false false false false false true false ACG - DEREE COLLEGE I 1621026 ACG - DEREE COLLEGE Q 3736599 AMERICAN UNIVERSITY OF GREECE Q 34000000