2011-05-12T12:42:53-05:00 2010-06-30 GRANT THORNTON LLP 2001 MARKET STREET SUITE 3100 PHILADELPHIA PA 19103 990 2009-07-01 210634981 GEORGIAN COURT UNIVERSITY GEOR 7329872200 900 Lakewood Avenue Lakewood NJ 087012097 SUZANNE ELLIOTT RSM 7329872200 2011-05-09 true 2155614200 2009 2016-02-24 21:20:13Z ROSEMARY JEFFRIES 900 LAKEWOOD AVENUE LAKEWOOD NJ 08704 78686673 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 1067 170 233148 -38949 9681337 2729161 53572565 54968474 -3146343 866193 417820 516550 60525379 59080378 10135103 11485942 0 0 26327147 26101965 0 144713 2160866 22213733 21048634 58675983 58781254 1849396 299124 115283030 118956310 41913240 39899476 73369790 79056834 Georgian Court University offers students an innovative liberal arts curriculum that broadly covers the arts and sciences, and delivers highly specialized training to help students thrive in their careers. GCU students are engaged in scholarship, service, leadership, and personal development, and graduate to become competent professionals, compassionate leaders, and engaged citizens committed to servant leadership. Most recent data show that GCU students last year invested more than 13,945 hours in volunteer work as they helped Gulf Coast families still reeling from the effects of Hurricane Katrina; advocated for immigration reform and anti-poverty campaigns; and worked with poor women in Peru to promote microeconomics, holistic health, and early childhood education. Nearly 90 GCU classes incorporate service learning as an academic component, regularly connecting students and faculty with more than 15 agencies and 70 organizations. Student leaders in GCU's 16 honor societies and 30 clu false false 31415156 11485942 55115693 Georgian Court serves 1,969 undergraduates in 31 majors and 916 graduate students in 10 distinctive programs. GCU's Women's College and University College offer courses through the School of Arts and Humanities; the School of Sciences and Mathematics; the School of Education; and the School of Business. Women's College: The Women's College at GCU in Lakewood is dedicated to the success of women, both personally and professionally. Open to both residential and commuter students, the college provides a values-based liberal arts education that makes Women's College students extremely marketable in multidisciplinary fields. The emphasis is on building strong women leaders who excel in their careers; contribute to the greater good of their communities, state, and nation; and can approach any obstacle with confidence. Studies show that students at women's colleges like GCU develop high self-esteem, are better prepared for their first job, and are mentored for leadership roles. University College: University College encompasses the coeducational, nonresidential undergraduate, graduate, and certificate offerings at GCU. University College at Georgian Court University helps adult learners-students who have family obligations, hectic employment schedules, and limited time to attend class-achieve their educational and career goals. University College offers flexible scheduling, technology-enhanced courses, and convenient locations throughout the state, all while upholding the high caliber of education that is expected of GCU. Evening, weekend, online, and accelerated classes, as well as a variety of convenient locations, are all part of the University College advantage. Programs are offered starting in the early evening at the GCU main campus in Lakewood, and during the day and evening at GCU at Woodbridge, and GCU at the New Jersey Coastal Communiversity in Wall. GCU has added several new areas of study in recent years, keeping pace with market demands for talented professionals in nursing, homeland security, holistic health, wellness and exercise science, dance, and psychiatric rehabilitation and psychology. Georgian Court continues to develop unique faculty-student research opportunities in areas such as biochemistry; neurobiology; autism studies; early childhood education; learning disabilities teacher consulting; social work; environmental education; criminal justice; community counseling; and school psychology. At least 69% of first-year students at least occasionally spend time with faculty members on activities other than course work, and by their senior year, one in five students has conducted research with a professor. Beyond the classroom, students also participate in field experiences, and by graduation, 64 percent have completed a practicum, internship, co-op, or clinical assignment. Georgian Court is also meeting the need for educational enrichment programming for senior adults seeking intellectual challenge and academic involvement on a college campus. The university's new McAuley Institute for Lifelong Learning offers nearly 20 courses of five to seven weeks, covering topics from history and politics to Renaissance art and modern literature. The institute has attracted upward of 313 members since October 2009. Scholarships and Grants: 96% of full-time freshmen receive aid, and 93% of all students receive aid. The average institutional grant was $9,122 for all full-time students. 3346370 Student Athletic & Academic Programs: Georgian Court participates in the Central Atlantic Collegiate Conference, NCAA Division II athletics, fielding 126 athletes in eight sports, including basketball, cross country, lacrosse, soccer, softball, tennis, track & field, and volleyball. The GCU Athletics program is distinguished by its commitment to building well-rounded student-athletes. Studies show that women who participate in competitive sports reap rewards that enhance all aspects of their lives. In a nationwide survey, 80% of women identified as key leaders in Fortune 500 companies participated in sports. GCU student-athletes are living proof of this-they maintain high grade point averages, participate regularly in community service projects, and take on leadership roles throughout the university. Our coaching staff is dedicated to helping our student-athletes achieve on the field and in life. GCU student athletes, including those on the university's championship softball, soccer and lacrosse teams, maintain an average GPA of 3.13. In recent years, they have worked with the Tournament of Champions to provide basketball and soccer instruction to physically challenged individuals; raised $2,500 for hunger relief efforts; promoted breast cancer awareness; conducted homeless outreach; and collected used athletic shoes for a program that turns recycled shoe rubber into turf fields, basketball courts and playgrounds for underserved neighborhoods. 5339806 other expenditures to support the operation of offices dedicated to student service activities 40101332 true true false true false true false false true true true false true false false false false true true true false false true true true false false false false false false false false false false false false false false false true false false false true 141 0 true 1067 true true true false false false false true true false false false 35 35 false false false false false true true true true false false true true true true true true true true false NJ X SUZANNE ELLIOTT RSM 7329872262 900 LAKEWOOD AVENUE LAKEWOOD NJ 08704 Patricia E Koch Esq 1.0 X 0 0 0 Raymond F Shea Jr Esq 1.0 X 0 0 0 Brian Buckelew 1.0 X 0 0 0 John F Croddick Sr 1.0 X 0 0 0 Margaret E Crowley RSM phd 1.0 X 0 0 0 Allison DePalma Dammann 1.0 X 0 0 0 Johanna Diaz CPA 1.0 X 0 0 0 Joseph DiCorcia Esq 1.0 X 0 0 0 Marie Michele Donnelly RSM 1.0 X 0 0 0 John Paul Doyle Esq 1.0 X 0 0 0 Helen Donovan Feulner EdD 1.0 X 0 0 0 Elisabeth Fontenelli 1.0 X 0 0 0 Fiah Gussin 1.0 X 0 0 0 Amy J Habib 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 Lesa Lardieri-Wright 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 Mary Louise Miller RSM Esq 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 edd 1.0 X 0 0 0 John W Seazholtz 1.0 X 0 0 0 Eugene D Serpentelli Esq 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 Rosemary Jeffries RSM PhD 35.0 X 0 0 95503 Joseph F Gower phd 35.0 X 174678 0 26691 Barbara A Gliwa 35.0 X 165764 0 27105 Margaret A Huber phd 35.0 X 156269 0 20352 Ruth Ann Burns 35.0 X 138932 0 24933 Dennis Kelly 35.0 X 137973 0 29724 Mary Ellen Fuhrman RSM 35.0 X 0 0 3842 Suzanne Elliott RSM 35.0 X 0 0 1457 Mary Lee Batesko phd 35.0 X 114644 0 15737 Jacqueline Kress phd 35.0 X 121414 0 17774 Evelyn Saul-Quinn 35.0 X 112198 0 28177 Linda James phd 35.0 X 115963 0 17375 Andrew P Christ 35.0 X 111597 0 2228 Eduardo S Paderon Phd 0.0 X 18000 0 50 1367432 0 310948 10 true true false SUNGARD HIGHER EDUCATION 13377 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 MGMT FEES 1162824 ebsco information services 17-19 washington st TENAFLY NJ 07670 IT SERVICES 218849 Atlantic Roofing Corp 5001 Commerce Drive PO Box 720 GREEN LANE PA 18054 Contractor 560496 3 127567 1921769 679825 10154 2729161 TUITION AND FEES 900099 50724781 50724781 RESIDENCE HALLS AND DINING SERVICES 900099 4123225 4123225 BOOKSTORE INCOME 900099 120468 120468 54968474 1360761 -2038 1362799 0 0 235186 235186 235186 235186 18983479 19478047 -494568 -494568 -494568 117375 127567 115973 1402 1402 24550 12275 12275 12275 0 OTHER STUDENT ACTIVITIES/MISCELLANEOUS 900099 267687 267687 267687 59080378 55115693 233148 1002376 0 11485942 11485942 0 0 1111141 172754 785074 153313 0 19189692 14769287 3455519 964886 1291662 910867 304392 76403 2864883 1870569 869261 125053 1644587 1217753 339728 87106 55262 55262 159828 159828 133481 133481 27000 27000 144713 144713 130150 130150 25700 25700 646387 166715 470132 9540 1340496 926845 240126 173525 2488722 2383326 33956 71440 0 1899268 484811 1414457 345081 303045 22179 19857 0 128883 89767 28571 10545 1640079 1640079 0 3550983 3550983 829441 57356 772085 DINING HALL 1440936 1440936 STUDENT PROGRAMS & SERVICES 1084014 1064554 19460 STATE/FED GRANT AID SUPPORT 975470 975470 RECRUITING 882938 232180 604602 46156 REPAIRS & MAINTENANCE 1002704 212664 788885 1155 2261811 1255529 748568 257714 58781254 40101332 16519056 2160866 2506502 3780477 3241816 499235 2017457 1884130 15784 14055 12106 12067 87320 85767 94369813 26557653 69192576 67812160 28603736 33805433 8026505 9789804 1579228 1273182 115283030 118956310 3753254 4758894 125300 126049 1919515 1347892 32451285 31251457 2938129 1647206 725757 767978 41913240 39899476 X 58610769 63835772 3125659 3433733 11633362 11787329 73369790 79056834 115283030 118956310 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true 27000 false true 2013 29013 false SCHEDULE C, PART II-B, LINE 1 The University contracts with one individual, Nan S. Wells, to undertake lobbying activities on its behalf. The total fees pursuant to this contract for the year ended June 30, 2010 was $27,000. Additionally, the University is a member in the following associations: Association of Independent Colleges and Universities 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, 2010, the lobbying amount was $2,013. 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 0.57 1 1 1 false 33429111 138314 6229294 38120 39758599 35278684 5867869 -7501721 215721 33429111 0.65800 0.29600 0.04500 false false 0 4543047 4543047 0 72138321 14458803 57679518 14266990 9735696 4531294 3421456 2363155 1058301 67812160 HEDGE FUNDS 4118051 INVESTMENTS HELD BY TRUSTEE 3003304 PRIVATE EQUITY FUNDS 371190 STRUCTURED CREDIT FUNDS 1747259 SPECIAL SITUATIONS FUNDS 550000 9789804 0 MISCELLANEOUS 161910 CONDITIONAL ASSET RETIREMENT 561155 ANNUITY PAYMENT LIABILITY 44913 767978 59080378 58781254 299124 5387920 5387920 5687044 52982356 5387920 -11485942 -6098022 59080378 59080378 47295312 47295312 11485942 11485942 58781254 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, 2010 and 2009, 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 -11,485,942 (Reclass) RECONCILIATION OF EXPENSES FORM 990, SCHEDULE D, PART XIII, LINE 4B SCHOLARSHIP EXPENSE 11,485,942 (Reclass) true true true The university's Notice of Nondiscrimination policy is printed on all brochures, Web pages, and publications that advertise GCU programs and admissions standards. true true true true false false false false false false false false true false U.S. DEPARTMENT OF EDUCATION: STUDENT FINANCIAL ASSISTANCE- FEDERAL PELL GRANT PROGRAM FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT FEDERAL WORK STUDY PROGRAM FEDERAL PERKINS LOAN PROGRAM FEDERAL FAMILY EDUCATION LOAN PROGRAM NATIONAL SCIENCE AND MATHEMATICS ACCESS TO RETAIN TALENT GRANT TEACH GRANT ACADEMIC COMPETITIVENESS GRANT OTHER U.S DEPARTMENT OF EDUCATION AID- TRIO STUDENT SUPPORT SERVICES UPWARD BOUND NJ 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: NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS EDUCATION OPPORTUNITY FUND-GRANT EDUCATION OPPORTUNITY FUND-ARTICLE IV EDUCATION OPPORTUNITY FUND-SUMMER NJ DEPARTMENT OF HEALTH AND HUMAN SERVICES: VOCATIONAL REHABILITATION DIRECT SERVICES NJ COMMISSION FOR THE BLIND AID TO INDEPENDENT COLLEGES AND UNIVERSITIES NJEFA - DORMITORY SAFETY TRUST FUND, SERIES 2001 A - INTEREST SUBSIDY true X X X X X X X true Ronald Larose Assoc false 99000 99000 NJ Golf Outing 97010 48735 48275 38079 Gala 131550 71620 59930 71638 1 16382 7212 9170 6256 244942 127567 117375 115973 115973 1402 24550 12275 true 0.73000 24550 12275 12275 12275 NJ true false false false 0.75000 0.25000 Stephanie Ferrier Ross Basen 900 LAKEWOOD AVENUE LAKEWOOD NJ 08704 false Stephanie Ferrier Ross Basen 0 Managed raffle as part of event fundraising X true 12275 true Scholarships 240 1899750 Grants 475 1234070 Athletic Grants 114 946400 EOF Supplemental Grant 80 179042 Nursing Scholarships 73 456750 Resident Assistant Grant 15 147585 Sister of Mercy Discount 1 2258 Catholic Schools Educator Grant - UG 2 1128 Catholic Schools Educator Grant - Grad 28 61045 Senior Citizen Discount 9 20816 Family Discount 19 39518 Mercy ResidenceGrant 2 10800 Semester Graduate Assistantship 6 25020 Catholic High School Grant 37 71500 Deacons Discount 2 2086 President/Leader Scholarship 5 126076 Girl Scout Award 6 2750 Music Scholarship 4 19500 Phi Theta Kappa Scholarship 61 482500 Full Year Graduate Assistantship 15 231381 Mercy Grant 14 75675 GCU-ILEM Scholarship 72 189863 GCUOutstandingLeaderAward 21 97500 IntlEducationGrant 3 57960 Vol/PTMinistryGrant 49 141464 Transfer Scholarship 441 1798700 Phi Theta Kappa PT 4 5100 Court Heritage 7 32500 GCU Incentive Grant 33 108550 Delores Perron U/G Scholarship 1 7859 NJ Girls State Scholarship 9 54000 Women in Science 3 25000 Brookdale CC Grant 129 228000 GCUSch/UpperClass 301 1702400 Ministry 5 10398 Honors Scholarship 63 132000 GCU Award 69 161250 Mercy Mission Award 1 3879 GCU FUNDING ENDOWED SCHOLARSHIP 90 188604 SEOG Match 133 83333 FWS Match 209 68466 Endowed Scholarships 44 79976 Other Scholarships 57 183157 YELLOW RIBBON PROGRAM 4 16345 COLLEGE WORKSTUDY 48 73988 FORM 990, SCHEDULE I, PART I 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 false X X X false false false false false false false false false Joseph F Gower phd 166040 0 0 0 8638 0 15116 0 11575 0 201369 0 0 0 Barbara A Gliwa 157598 0 0 0 8166 0 14291 0 12814 0 192869 0 0 0 Margaret A Huber phd 148841 0 0 0 7428 0 13000 0 7352 0 176621 0 0 0 Ruth Ann Burns 131969 0 0 0 6963 0 12186 0 12747 0 163865 0 0 0 Dennis Kelly 128738 0 0 0 9235 0 11891 0 17833 0 167697 0 0 0 Eduardo S Paderon Phd 18000 0 0 0 0 0 0 0 50 0 18050 0 0 0 Compensation Form 990, Schedule J, Line 1 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 services such as maintenance and housekeeping on this facility are performed by the University. The University provides the use of a University residence building to the Vice President of Enrollment. This benefit is not provided pursuant to a written policy, rather it represents a benefit provided to this particular officer to facilitate his job functions at the University. New Jersey Educational Facilities Authority 2007 221829511 646065KQ4 2007-07-19 27196077 ADVANCE REFUNDING/CONSTRUCTIONS false false New Jersey Educational Facilities Authority 2003 221829511 64605LFQ6 2003-08-21 15933891 CONSTRUCTION/CAPITAL IMPRVMTS false false New Jersey Educational Facilities Auth 20042006A 221829511 646065LMN 2004-04-14 2702688 FINANCING CAPITAL IMPRVMTS false false New Jersey Educational Facilities Authority 2007 221829511 2007-09-28 1050000 PURCHASE PROPERTY false false New Jersey Educational Facilities Authority TR BDS 221829511 64605NBUT 2003-10-09 180934 DORMITORY SAFETY IMPRVMTS false false 29252014 1738347 13468490 443446 11457843 false true true true 16307409 54 318678 14694742 false false true true 2702698 39988 2666270 false false true true 1050000 1050000 false false true true 180934 2735 178198 false false true true false false true false false false false false true false false false false false false false false false false false false false false false false false false false false false false false false false true false false false false false true false false false false false false false false false false false false true false false false false true false 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 990. The 990 is distributed to the full board. FORM 990, PART VI, SECTION B, LINE 12 Each officer, director, trustee 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 above parties, Finance staff, as well as anyone with purchasing responsibilities within the University, complete the questionnaire annually and are reviewed by the Vice President for Mission & Business Affairs and Director of Human Resources. Any disclosed relationships are communicated to the Controller for the purpose of completing the 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, SCHEDULE J-2 Eduardo Paderon is a former officer of the University. In the year ending June 30, 2010, Mr. Paderon received compensation for services rendered as an adjunct professor. President, Sister Rosemary Jeffries; Special Assistant to the President, Sister Mary Ellen Fuhrman; and VP for Mission and Business Affairs, Sister Suzanne Elliot, are represented on Schedule J-2, Part I 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 2009 totaled $1,119,764 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 and, therefore, Sister Rosemary Jeffries, is still deemed to be an independent board member for purposes of Part VI of the Form 990. RELATED PARTY TRANSACTIONS ALLISON DEPALMA, TRUSTEE, VICE PRESIDENT OF SCHOOR DEPALMA, SUBSEQUENTLY COMPANY SOLD, CMX, ENGINEERING SERVICES FOR YEAR TOTALED $14,854. ALL SERVICES WERE AT ARMS LENGTH AND IN ACCORDANCE WITH THE UNIVERSITY CONFLICT OF INTEREST POLICY. 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 FACILIITES 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, 2006 A 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 false false false false false false false false false false true false false false false false false false