2012-11-15T08:23:11-06:00 2011-12-31 The American College 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 990 2011-01-01 231352008 The American College AMER 6105261510 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 Neal R Fegely 6105261501 2012-11-15 Neal R Fegely 6105261510 2011 2016-02-24 21:20:13Z Laurence Barton 270 S Bryn Mawr Avenue Bryn Mawr PA 19010 37621150 0 X www.theamericancollege.edu X 1927 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 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. 50 49 210 49 0 0 5044597 7509608 25727648 27614571 652895 679113 685309 1817858 32110449 37621150 0 0 0 0 15247888 15485325 0 0 2021312 13896049 13673071 29143937 29158396 2966512 8462754 45008986 53143353 12439868 12935272 32569118 40208081 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 11453914 0 19750144 Solomon S. Huebner School - The Huebner School administers the curriculum leading to the CLU, ChFC, RHU, REBC, CLF, CASL, and ChHC professional designations. There are approximately 17,900 students enrolled in these programs. 2903661 0 4782980 LUTC Program - The LUTC program administers the curriculum leading to the LUTCF and FSS professional designations. There are approximately 7,900 students enrolled in these programs. 1651475 0 2338040 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 900 students in the Graduate School. 639035 0 743407 Corporate Consulting Center - Provides customized training and education to client companies in the financial services arena utilizing the College's resources. 639035 743407 16648085 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 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 250 0 1 210 1 0 0 0 0 0 0 0 0 0 0 X 50 49 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 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 Lewis W Fogel 1.00 X 0 0 0 Peter A Golato 1.00 X 0 0 0 John W Greene 1.00 X 0 0 0 Thomas W 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 Charles C Jones 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 John W McTigue 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 William T O'Donnell 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 Burvin E Pugh 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 Michael J Vietri 1.00 X 0 0 0 Randy F Wallake 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 40.00 X 871687 0 21804 Neal R Fegely 40.00 X 349609 0 28261 John G Wells 40.00 X 91517 0 8245 Walter Woerheide 40.00 X 237959 0 28555 Jack Hondros 40.00 X 256761 0 29242 Stephen D Tarr 40.00 X 180590 0 23752 Charles T Cronin 40.00 X 156959 0 8923 Glenn Boseman 32.00 X 231210 0 19563 Paul Tanella 40.00 X 204988 0 8115 David Littell 32.00 X 198081 0 14411 Craig Lemoine 32.00 X 186555 0 11766 Phillip Cubeta 32.00 X 186170 0 9009 3152086 0 211646 27 0 1 0 Cedar Crestone Inc PO Box 402521 Atlanta GA 303842521 PeopleSoft consulting services 514303 Sprout Ventures PO Box 310 Exton PA 19341 Consulting services 252917 Oberon Technologies Inc 2640 Wildwood Trail Saline MI 48176 Software consulting services 130755 Evans Continental LLC 3649 W Road Signal Mountain TN 37377 Management Consulting services 127962 4 7509608 79120 7509608 Solomon S. Huebner Sch 611310 19750144 19750144 LUTC Program 611310 4782980 4782980 Richard D. Irwin Gradu 611310 2338040 2338040 Corporate Consulting C 611310 743407 743407 27614571 679113 679113 Conferment 611310 650403 650403 PACE fees 611310 487663 487663 Royalties 611310 139810 139810 539982 539982 1817858 37621150 29292619 0 818923 1395873 1395873 1090017 268208 660925 160884 10285055 7049073 2561926 674056 331406 331406 1439699 1974080 -741686 207305 943275 943275 190807 47409 137740 5658 80325 80325 1514479 771466 594928 148085 1303977 928648 56597 318732 315517 343240 -56179 28456 751091 711876 39015 200 59441 59441 1299600 31129 1268471 509608 287352 157966 64290 4375370 2991327 996799 387244 1191354 1191354 250224 249224 1000 Printing and publicatio 982426 957822 2070 22534 Bank service charges 433710 0 433710 0 Professional developmen 193848 -5204 197502 1550 Bad debt expense 141293 137082 4211 0 80001 95136 -16453 1318 29158396 16648085 10488999 2021312 3658712 8571805 8535976 8159939 3116282 7083694 3152839 2844050 350847 393782 496610 586208 16368389 12736830 4566531 3631559 19108017 19654045 2023172 2218271 45008986 53143353 5768051 5372788 2350832 1697642 4320985 5864842 12439868 12935272 X 29866771 31673874 2702347 8534207 32569118 40208081 45008986 53143353 X 8462754 -823791 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 2937 0 2937 0 29155459 0 29158396 0 1000000 0 250000 0 0 0 1000000 1000000 1000000 3000000 4500000 12297 19440 2937 34674 250000 250000 250000 750000 1125000 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. 34827356 1711521 -301942 1280353 34956582 31985325 380624 3087692 626285 34827356 25984363 2165832 5124590 1289460 31985325 32907896 1245573 -6923779 1245327 25984363 0.33620 0.57140 0.09240 0 1 1 4080576 1622810 2457766 12287813 11114020 1173793 3631559 University City Science Center Stock 1000 C Investment portfolio 19653045 F 19654045 Annuity obligations 241362 Accrued pension costs 5623480 5864842 37621150 29158396 8462754 -433433 -390358 -823791 7638963 38646644 -433433 1458927 1025494 37621150 0 37621150 29158396 0 29158396 0 29158396 Description of Uncertain Tax Positions Under FIN 48: Part X: 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 beleives 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, 2011 and 2010. The tax returns of the College for the years ended December 31, 2008, 2009, and 2010 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 8 - Other Adjustments: Net assets transferred from the American College Foundation EIN 23-3015130 1458927. Increase in minimum pension liability -1849285. Total to Schedule D, Part XI, Line 8: -390358. 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 1 Harris Connect 1511 Route 22 Suite C-25 Brewster NY 10509 Phone solicitation 0 106510 96094 10416 Schultz & Williams Inc 325 Chestnut Street Suite 700 Philadelphia PA 191062422 Campaign consulting 0 0 9163 -9163 106510 105257 1253 AL AK AZ AR CA CO CT FL GA HI IL KS KY MN MD MA ME MI MO MS NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI LA Schedule G, Part I, Line 2b, Column (v) The College engaged Schultz and Williams to conduct a feasibility study in 2009 and periodic consulting for an 80th Anniversary Campaign to run from 2010 to 2014. The College engaged Harris Connect to solicit unrestricted funds from students and alumni. X X 1 1 X X X X 0 1 0 1 0 1 0 0 0 Laurence Barton 450000 0 112500 0 309187 0 13905 0 7899 0 893491 0 0 0 Neal R Fegely 250000 0 40000 0 59609 0 15810 0 12451 0 377870 0 0 0 Walter Woerheide 177490 0 10100 0 50369 0 12970 0 15585 0 266514 0 0 0 Jack Hondros 207500 0 45000 0 4261 0 13805 0 15437 0 286003 0 0 0 Stephen D Tarr 161716 0 20000 0 -1126 0 12937 0 10815 0 204342 0 0 0 Charles T Cronin 151962 0 0 0 4997 0 7598 0 1325 0 165882 0 0 0 Glenn Boseman 164885 0 0 0 66325 0 13190 0 6373 0 250773 0 0 0 Paul Tanella 137917 0 65549 0 1522 0 6896 0 1219 0 213103 0 0 0 David Littell 102997 0 0 0 95084 0 8240 0 6171 0 212492 0 0 0 Craig Lemoine 113300 0 0 0 73255 0 5614 0 6152 0 198321 0 0 0 Phillip Cubeta 169950 0 0 0 16220 0 7531 0 1478 0 195179 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 2011. 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. In determining the President & CEO's and COO's compensation package, the Committee utilizes an independent compensation consultant. Additionally, the Committee also approves incentive payments proposed by the President & CEO for key employees/disqualified persons. The proposed payments are compared to data provided by the compensation consultant. Part I, Line 4b The following employees had the respective amounts contributed to the College's Individual Supplemental Employee Retirement Plan (ISERP) in 2011: Laurence Barton - $41,250 Neal Fegely - $12,375 Jack Hondros - $8,250 Stephen Tarr - $8,250 Walter Woerheide - $8,250 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 will be payable in 2011 through 2013. 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 targets (including both the College and The American College Foundation EIN 23-3015130) as one of the criteria which is 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 6: 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 operating margin 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 will be payable in 2011 through 2013. 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 Student Margin targets (including both the College and The American College Foundation EIN 23-3015130) as one of the criteria which is weighted between 15% and 25% 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. $228,750 - 2011 payment for multi-year incentinve 2. $41,250 - SERP current year funding. 3. $39,187 - Additional compensation for teaching various programs not included in the base salary. Total Other Reportable Compensation is $309,187. The President & CEO is not compensated for his additional role as Professor of Management. He derives additional compensation for periodic teaching of courses. X 2 79120 Market value 0 1 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 and approval. 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 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 5: Net unrealized losses on investments: -433433. Net assets transferred from the American College Foundation EIN 23-3015130 1458927. Increase in minimum pension liability -1849285. Total to Form 990, Part XI, Line 5: -823791. The American College Foundation 270 S Bryn Mawr Avenue Philadelphia 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 1 0 0 0 0 0 0 1