2011-01-14T07:24:38-06:00 2010-06-30 ParenteBeard LLC 46 Public Square Suite 400 WilkesBarre PA 18701 990 2009-07-01 240804602 KING'S COLLEGE KING 5702085837 133 NORTH RIVER STREET WILKESBARRE PA 18711 LISA MARIE MCCAULEY EDD CPA 5702085837 2010-12-23 1 Julius Green CPA 5708200100 2009 2016-02-24 21:20:13Z Thomas J O'Hara CSC 133 NORTH RIVER STREET WILKESBARRE PA 18711 85628618 0 X www.kings.edu X 1946 PA PROVIDES STUDENTS WITH A LIBERAL ARTS EDUCATION ENABLING THEM TO LEAD MEANINGFUL & SATISFYING LIVES. 36 32 1512 0 175795 -7291 6935071 6017100 64318277 66859151 -4515496 3264710 133637 77469 66871489 76218430 19964845 21466528 0 31923725 32959570 4814 40923 1237310 17915669 18861646 69809053 73328667 -2937564 2889763 139680975 143045975 47906327 48129789 91774648 94916186 KING'S COLLEGE, A CATHOLIC COLLEGE IN THE HOLY CROSS TRADITION, PROVIDES STUDENTS WITH A BROAD-BASED LIBERAL ARTS EDUCATION WHICH OFFERS THE INTELLECTUAL, MORAL, AND SPIRITUAL PREPARATION THAT ENABLES THEM TO LEAD MEANINGFUL AND SATISFYING LIVES. 0 0 64483143 21466528 66704632 KING'S COLLEGE IS A NOT-FOR-PROFIT EDUCATIONAL INSTITUTION WHICH PROVIDES UNDERGRADUATE, GRADUATE AND PROFESSIONAL EDUCATION TO ITS STUDENTS. THE COLLEGE WAS FOUNDED IN 1946 AND WELCOMES STUDENTS INTO ITS COMMUNITY WITHOUT REGARD TO GENDER, RACE, RELIGION, DISABILITY OR NATIONAL ORIGIN, AND SEEKS TO ASSIST TALENTED STUDENTS OF MODEST FINANCIAL MEANS.THE COLLEGE HAS APPROXIMATELY 2,700 STUDENTS, OF WHOM 1,966 ARE FULL-TIME UNDERGRADUATES. APPROXIMATELY 94% OF THE COLLEGE'S PRESENT FULL-TIME UNDERGRADUATE STUDENT BODY IS COMPRISED OF RESIDENTS FROM PENNSYLVANIA, NEW YORK, AND NEW JERSEY.DURING THE YEAR ENDED JUNE 30, 2010, THE COLLEGE PROVIDED STUDENT FINANCIAL AID FROM INTERNAL RESOURCES OF APPROXIMATELY $20,701,000. 64483143 1 1 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 56 0 1512 1 1 1 1 EI SW CJ BD 0 0 0 0 0 36 32 1 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X Thomas Graber CPA 5702085837 133 NORTH RIVER STREET WILKESBARRE PA 187110801 Mr Walter Tischer 1.00 X 0 0 0 MR RICHARD A ALLEY MD 1.00 X 0 0 0 MR AMILCAR ARROYO 1.00 X 0 0 0 REV THOMAS E CHAMBERS 1.00 X 0 0 0 Ms Catherine J Serafin 1.00 X 0 0 0 MR PETER J DANCHAK 1.00 X 0 0 0 MR MARK DECESARIS 1.00 X 0 0 0 REV JOHN F DENNING 1.00 X 0 0 0 MR JAMES M DEPOLO 1.00 X 0 0 0 Mr James T O'hara Esq 1.00 X 0 0 0 MRS JANE B FEINSTEIN 1.00 X 0 0 0 SR JANE LOUISE FORKIN 1.00 X 0 0 0 MR ROBERT C FRIEDMAN 1.00 X 0 0 0 MR JAMES F GETZ 1.00 X 0 0 0 Rev Thomas P Looney C 1.00 X 0 0 0 JOSEPH E KLUGER ESQ 1.00 X 0 0 0 BRO STEPHEN LAMENDOLA 1.00 X 0 0 0 GERTRUDE C MCGOWAN ESQ 1.00 X 0 0 0 MR MICHAEL D MOLEWSKI 1.00 X 0 0 0 MR TIMOTHY J MORRIS 1.00 X 0 0 0 MR JOHN G NACKLEY 1.00 X 0 0 0 MR JOHN D O'BRIEN 1.00 X 0 0 0 MR CHARLES E PARENTE 1.00 X 0 0 0 MR RICHARD J PINOLA 1.00 X 0 0 0 REV JAMES L REBETA 1.00 X 0 0 0 DAVID A SCHANKWEILER 1.00 X 0 0 0 MR BENJAMIN W SHOVAL 1.00 X 0 0 0 MS PATRICIA E SINEX 1.00 X 0 0 0 BRO DONALD STABROWSKI 1.00 X 0 0 0 MS LINDA A STESNEY 1.00 X 0 0 0 DR BARBARA E WALL 1.00 X 0 0 0 REV OLIVER F WILLIAMS 1.00 X 0 0 0 REV JOHN L YOUNG CSC 1.00 X 0 0 0 MRS MADGE K BENOVITZ 1.00 X 0 0 0 MR JOSEPH A FRANK SR 1.00 X 0 0 0 MR ALLEN M KLUGER ESQ 1.00 X 0 0 0 ANTHONY J PANAWAY ESQ 1.00 X 0 0 0 JAMES L PURCELL ESQ 1.00 X 0 0 0 Mr John M Randolph Jr 1.00 X 0 0 0 Mr Y Judd Shoval 1.00 X 0 0 0 Mr Jesse J Watkins 1.00 X 0 0 0 MR EBERHARD FABER 1.00 X X 0 0 0 MR THOMAS R SMITH 1.00 X X 0 0 0 MRS KAREN KEEFER 1.00 X X 0 0 0 DR LISA MARIE MCCAULEY 40.00 X 129471 0 19125 REV THOMAS O'HARA CSC 40.00 X 0 0 29951 MR JOSEPH BALZ 32.00 X 39287 0 338 DR NICHOLAS HOLODICK 40.00 X 145463 0 17290 MS Joyce Armstrong 40.00 X 115665 0 14366 MS JANET MERCINCAVAGE 40.00 X 108888 0 17821 Mr Bernard Healey 40.00 X 116200 0 12114 MR Frank Oliver 40.00 X 118941 0 11332 Mr Steven Seitchik 40.00 X 57027 0 2364 773915 0 122337 11 0 1 0 Eastern Province of Holy Cross 835 Clinton Avenue Bridgeport CT 06604 Administrative & Faculty 667243 Panzitta Enterprises 72 George Avenue WilkesBARRE PA 18705 Construction SERVICES 629518 Elite Brokerage Services 191 Sheree Blvd Suite 201 Exton PA 19341 Actuarial Valuations and supplemental in 349658 Sodexho 4880 Paysphere Circle Chicago IL 60674 Facilities and dining service management 319292 rice's Food Equipment 9 Industrial Drive Fernbrook Dallas PA 18612 Food Service Equipment 314345 21 1576993 4440107 6017100 STUDENT TUITION & FEES 611600 55904358 55904358 AUXILIARY (ROOM/BOARD) 721310 10938985 10771450 167535 Sports Team Income 711210 10412 10412 Theatre Admission 711110 5396 5396 66859151 2837233 2837233 111255 72062 39193 39193 -17000 56193 9765603 9338126 427477 427477 427477 Affinity Income 900003 25260 25260 Miscellaneous 900009 9882 9882 FINES (LIBRARY & PRKG) 812930 3134 3134 38276 76218430 66704632 175795 3320903 21466528 21466528 218172 218172 24710818 21022448 3033152 655218 1840700 1554223 238036 48441 4703508 3953740 587859 161909 1486372 1255040 192215 39117 319292 319292 103320 103320 65000 65000 40923 40923 1380758 745964 618028 16766 418007 377138 38319 2550 3030787 1831829 1122321 76637 774280 593064 167457 13759 2633 2633 3608754 3205592 366511 36651 626109 573446 25768 26895 128005 90108 26910 10987 1378694 1371924 6770 3560860 3169165 356086 35609 354699 152890 201809 FOOD 1816819 1704777 59357 52685 ATHLETIC TEAM EXPENSES 343138 343138 DUES AND SUBSCRIPTIONS 333051 203840 123086 6125 REPAIRS AND MAINTENANCE 256910 244637 12273 Unrelated Business Inco 2886 2886 357644 301727 42879 13038 73328667 64483143 7608214 1237310 73618 176113 3202891 2521036 7481834 6357476 2007558 1826507 56508 48231 308800 316315 124565269 44058774 79422907 80506495 26878532 28767224 12948227 14171041 2483922 2488108 4816178 5867429 139680975 143045975 4705390 5250934 1925837 1897924 36340000 34930000 300000 240000 4635100 5810931 47906327 48129789 X 51391016 51991609 15521589 16142033 24862043 26782544 91774648 94916186 139680975 143045975 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 44686604 1508921 4500781 2263420 48432886 61779947 1610755 -16834873 1869225 44686604 0.25000 0.75000 1 0 13746634 13746634 80546362 26285829 54260533 28245940 17240163 11005777 2026333 532782 1493551 80506495 6868767 F Highbridge Capital 3376941 F Bay Resource Parnters 796392 F East Advisors Offshore Fund 1255009 F One William St. Offhore Fd 1356771 F Gramercy Emerging Markets 517161 F 14171041 AGENCY FUNDS PAYABLE 569756 BOND PREMIUM 313514 REFUNDABLE ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 1970014 INTEREST RATE SWAP 2957647 5810931 76218430 73328667 2889763 1045212 -793437 251775 3141538 55841166 1045212 -21494538 -20449326 76290492 -72062 -72062 76218430 52699628 72062 72062 52627566 20701101 20701101 73328667 Part V, Line 4: Description of Intended Use of Endowment Funds: Part V, line 4: THE COLLEGE'S ENDOWMENT IS USED TO PROVIDE SCHOLARSHIPS TO STUDENTS AND PROVIDE FUNDS TO OFFSET FACULTY SALARIES AND DEVELOPMENT COSTS. Part X: Description of Uncertain Tax Positions Under FIN 48: Part X: The College adopted FIN 48, "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109" as of July 1, 2007. The College has evaluated the tax positions regarding related and unrelated activities and determined that no positions meet the "more likely than not" standard stated in the pronouncement. Accordingly, the College has not recorded any liabilities associated with the adoption of FIN 48. Part XI, Line 8 - Other Adjustments: UNREALIZED LOSS ON INTEREST RATE SWAPS: -1208035. CHANGES IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS: 414598. Part XII, Line 2d - Other Adjustments: UNREALIZED LOSS ON INTEREST RATE SWAPS: -1208035. CHANGES IN BENEFICIAL INTEREST IN PERPETUAL TRUSTS: 414598. INSTITUTIONALLY FUNDED FINANCIAL AID: -20701101. Part XII, Line 4b - Other Adjustments: RENTAL EXPENSES: -72062. Part XIII, Line 2d - Other Adjustments: RENTAL EXPENSES: 72062. Part XIII, Line 4b - Other Adjustments: INSTITUTIONALLY FUNDED FINANCIAL AID: 20701101. 1 1 0 THE COLLEGE'S BROADCAST ADVERTISEMENTS DO NOT SPECIFICALLY INCLUDE ITS NONDISCRIMINATION POLICIES. THESE POLICIES ARE EXPLICITLY STATED IN ALL PRINTED BROCHURES, CATALOGS, AND ON THE COLLEGE'S WEBSITE. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 KING'S COLLEGE RECEIVES OPERATING FUNDS DESIGNATED BY GOVERNMENT FUNDING AGENCIES FOR PARTICULAR OPERATING PURPOSES. CERTAIN STUDENTS OF THE COLLEGE WERE RECIPIENTS OF GRANTS UNDER THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE ACT. THE COLLEGE ACTS AS THE CUSTODIAN AND DISBURSING AGENT FOR THESE FUNDS. 1 X X X X X X 1 Richard Leiser Consulting 0 0 40000 -40000 40000 -40000 PA 1 College Endowed Scholarships 1631 21282628 Federal Supplemental Education Opportunity Grant 115 183900 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: THE COLLEGE'S FINANCIAL AID OFFICE EVALUATES EACH STUDENT'S FINANCIAL NEED, AS DETERMINED THROUGH INFORMATION PROVIDED ON THE STUDENT FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). MANAGEMENT AWARDS MERIT SCHOLARSHIPS TO INDIVIDUALS THAT QUALIFY, BASED ON DONOR STIPULATIONS (I.E. SPECIFIC MAJORS, LOCALITY, ETC.) AND AWARDS FEDERAL, STATE, AND PRIVATE NEED BASED AWARDS TO PROVIDE ADDITIONAL RESOURCES TO STUDENTS FOR THEIR HIGHER EDUCATION. INDIVIDUALS RECEIVING AWARDS ARE ON CAMPUS AND MEET WITH FINANCIAL AID COUNSELORS TO ENSURE STUDENTS ARE IN FACT WITHIN THE U.S. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DR NICHOLAS HOLODICK 145463 0 0 0 0 0 13322 0 3968 0 162753 0 0 0 Part I, Line 1a Part I, Line 1a: THE COLLEGE PAYS THE INITIATION FEES AND MONTHLY DUES MEMBERSHIPS FOR FR. THOMAS O'HARA, C.S.C., DR. NICHOLAS HOLODICK, DR. LISA MARIE MCCAULEY, AND DR. FRANK OLIVER TO THE WESTMORELAND CLUB. THE WESTMORELAND CLUB IS A NON-PROFIT SOCIAL CLUB USED BY MEMBERS OF MANAGEMENT TO HOST MEETINGS WITH BUSINESS PARTNERS OF THE COLLEGE, BOARD MEMBERS, POTENTIAL DONORS, FACULTY AND STAFF. Part I, Line 1b Part I, Line 1b: THE EXPENSES INCURRED AT THE WESTMORELAND CLUB ARE SUBJECT TO THE DOCUMENTATION REQUIREMENTS OF THE COLLEGE. PA HIGHER EDUCATIONAL FACILITIES AUTHORITY 232243852 70917nvq4 2003-06-01 10500000 TO FINANCE CLOSNG OF N FRNKLN ST, MISC CAPITAL PROJ, PAY ISS COSTS, ADV RFND 0 0 CITY OF WILKES-BARRE FINANCE AUTHORITY 205684698 968250AA8 2007-05-01 12000000 TO FINANCE RENOV OF STUDENT RES HALLS & GYM, ACQ OF CAP EQPT, SITE IMPRVMTS 0 0 11036340 9893131 120606 1024962 2003 1 0 1 1 12000000 167205 12018547 2008 0 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 1 1 0 0 0 1 1 1 0 0 0 1 MR PETER J DANCHAK DIRECTOR 860832 PETER J. DANCHAK IS PRESIDENT OF THE NORTHEAST REGION OF PNC BANK, N.A. THE COLLEGE PAYS FEES RELATED TO NUMEROUS TRANSACTIONS WITH PNC BANK AND ITS AFFILIATES.ALL TRANSACTIONS WITH PNC BANK, N.A. WERE CONDUCTED AT ARM'S LENGTH. 0 MR CHARLES E PARENTE DIRECTOR 161000 LACKAWANNA AMERICAN INSURANCE (LAI) MAINTAINS THE COLLEGE'S WORKERS COMPENSATION POLICY. LAI IS A WHOLLY OWNED SUBSIDIARY OF LACKAWANNA CASUALTY COMPANY (LCC). LCC IS OWNED BY PAGNOTTI ENTERPRISES. MR. PARENTE IS A MINORITY OWNER AND OFFICER OF PAGNOTTI ENTERPRISES.ALL TRANSACTIONS WITH LACKAWANNA CASUALTY COMPANY AND PAGNOTTI ENTERPRISES WERE CONDUCTED AT ARM'S LENGTH. 0 GERTRUDE C MCGOWAN ESQ DIRECTOR 211000 MS. MCGOWAN IS A VICE PRESIDENT OF FIRST PRIORITY HEALTH. FIRST PRIORITY PROCESSES MEDICAL CLAIMS ON BEHALF OF THE COLLEGE. THE PAYMENT AMOUNT REPRESENTS AN ADMINISTRATIVE FEE PAID. THE COLLEGE IS SELF INSURED AND PAYS ALL MEDICAL CLAIMS.ALL TRANSACTIONS WITH FIRST PRIORITY HEALTH WERE CONDUCTED AT ARM'S LENGTH. 0 MR CHARLES E PARENTE DIRECTOR 146000 MR. PARENTE AND HIS CHILDREN ARE MINORITY OWNERS OF SORDONI CONSTRUCTION SERVICES. THE AMOUNTS PAID TO SORDONI CONSTRUCTION SERVICES IN 2009/10 WERE RELATED TO THE INSTALLATION OF A FOUNTAIN IN THE COLLEGE'S COURTYARD.ALL TRANSACTIONS WITH SORDONI CONSTRUCTION SERVICES WERE CONDUCTED AT ARM'S LENGTH. 0 Form 990, Part VI, Section A, line 2 Atty. Joe Kluger (Board member) is the son of Atty. Allen Kluger (Director Emeritus). Mark DeCesaris (Board Member) is the Managing Director and Chief Financial Officer of W.P. Carey, LLC. W.P. Carey is an investment company, specializing in real estate. The company is publicly traded on the NYSE. Currently, Eberhard Faber and Charles Parente are Board members of W.P. Carey, LLC. Rev. Thomas Looney, C.S.C. is the Provincial of the Eastern Province Of Holy Cross. The President of King's College, Fr. Thomas O'Hara, C.S.C. (along with all other priests and brothers on campus) are members of the Eastern Province of Holy Cross. The priests that are members of the Board of Directors may also be members of the Eastern Province. Mr. James T. O'hara, Esq. (Board member), is the brother of Rev. Thomas J. O'Hara (President). Mr. Benjamin Shoval (Board member), is the son of Y. Judd Shoval (Director Emeritus). Form 990, Part VI, Section A, line 3 The management of the dining services and facilities departments are contracted out to Sodexo. The respective managers from Sodexo report to the College's CFO and ultimate decision making rests with the CFO, including personnel decisions. Form 990, Part VI, Section B, line 11 THE FORM 990 IS PROVIDED TO THE COLLEGE'S AUDIT COMMITTEE, IN DRAFT FORM, DURING A REGULARLY SCHEDULED MEETING. THE INFORMATION PRESENTED TO THE COMMITTEE MEMBERS IS PROVIDED TO THEM ONE WEEK PRIOR TO THE MEETING DATE. THE COMMITTEE MEMBERS REVIEW THE 990 INDIVIDUALLY AND RAISE QUESTIONS AND CONCERNS REGARDING THE INFORMATION PRESENTED TO MANAGEMENT DURING THE MEETING. FOLLOWING DISCUSSION, MEMBERS OF THE COMMITTEE VOTE TO AUTHORIZE THE COLLEGE'S MANAGEMENT TO SUBMIT THE FORM 990, AS PRESENTED OR WITH IDENTIFIED CHANGES. FOLLOWING THE APPROVAL BY THE AUDIT COMMITTEE THE FINAL FORM 990 IS DISTRIBUTED TO EACH BOARD MEMBER AND ANY CONCERNS ARE ADDRESSED AS NECESSARY. Form 990, Part VI, Section B, line 12c THE ASSISTANT SECRETARY OF THE BOARD DISTRIBUTES, EXPLAINS, AND COLLECTS COMPLETED CONFLICT OF INTEREST STATEMENTS. THESE STATEMENTS ARE REVIEWED BY THE ASSISTANT SECRETARY WHO OBTAINS ADDITIONAL INFORMATION, IF REQUIRED. THE ASSISTANT SECRETARY ATTENDS ALL BOARD MEETINGS WHERE ACTIONS ARE VOTED ON TO ENSURE INDIVIDUALS WITH POTENTIAL CONFLICTS OF INTEREST DO NOT PROVIDE COMMENTARY OR PARTICIPATE IN THE EVALUATION OF THE TRANSACTION. THESE INDIVIDUALS ARE ALSO FORBIDDEN TO VOTE ON ACTIONS WHERE POTENTIAL CONFLICTS ARE PRESENT. Form 990, Part VI, Section B, line 15 THE COLLEGE'S BOARD OF DIRECTORS CONTAINS AN EXECUTIVE COMPENSATION COMMITTEE TO DETERMINE THE COMPENSATION OF THE CEO AND VARIOUS VICE PRESIDENTS. COMPENSATION IS BASED ON AN EVALUATION OF SALARIES PAID TO INDIVIDUALS AT COMPARABLE INSTITUTIONS OF HIGHER EDUCATION, WITHIN SIMILAR GEOGRAPHICAL REGIONS. THIS INFORMATION IS ACCUMULATED THROUGH DATA PUBLISHED BY THE EASTERN ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS (EACUBO). FOLLOWING REVIEW OF COMPARABLE DATA, THE CEO PREPARES PERFORMANCE EVALUATIONS ON THE VARIOUS VICE PRESIDENTS WITHIN THE COLLEGE, BASED ON ESTABLISHED CRITERIA. THE CEO SUBMITS SALARY RECOMMENDATIONS FOR THESE POSITIONS TO THE BOARD'S EXECUTIVE COMPENSATION COMMITTEE FOR ULTIMATE APPROVAL. THE CEO PERFORMANCE EVALUATION IS PERFORMED BY THE EXECUTIVE COMPENSATION COMMITTEE AND A SALARY RECOMMENDATION IS PRESENTED AND APPROVED FOLLOWING THAT PROCESS. Form 990, Part VI, Section C, line 18 Form 990, Part VI, Section C, Line 18: THE COLLEGE MAINTAINS PUBLIC INSPECTION COPIES OF FORMS 990 AND FORM 990-T IN THE COLLEGE'S BUSINESS OFFICE DURING REGULARLY SCHEDULED HOURS. FURTHER, A COPY OF THE FORM 990 IS AVAILABLE ON THE WORLD WIDE WEB AT WWW.GUIDESTAR.ORG. Form 990, Part VI, Section C, line 19 Form 990, Part VI, Section C, Line 19: THE COLLEGE DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. Form 990, Part XI, Line 2C: There has been no change in the selection or oversight of the independent auditors. The College publicly bid their audit services during the spring of 2006. At which time, the existing auditor was retained as the independent auditors of the College based on recommendation of the Committee. The Audit Committee meets three times a year.