2026-04-14T11:05:34-07:00 2025-05-31 990 2024-06-01 060653264 CULINARY INSTITUTE OF AMERICA CULI 8454511478 1946 CAMPUS DRIVE HYDE PARK NY 12538 MARIA KRUPIN VP-FINANCE & ADMINISTRATION 8454511478 2026-04-11 1 2024 2025-03-06 01:10:19Z MICHIEL BAKKER 1946 CAMPUS DRIVE HYDE PARK NY 12538 225485185 0 X WWW.CIACHEF.EDU X 1946 NY THE CULINARY INSTITUTE OF AMERICA IS A PRIVATE, NOT-FOR-PROFIT COLLEGE DEDICATED TO BETTERING THE NATION AND THE WORLD, BY MEANS OF OUTSTANDING EDUCATION, PRACTICE, AND SCHOLARSHIP ON ALL ASPECTS OF FOOD AND THE ENTERPRISES RELATED TO IT. THROUGH TRANSFORMATIVE LEARNING EXPERIENCE, THE CIA PREPARES FOOD LEADERS, INNOVATORS AND EXPERTS FOR PERSONAL AND PROFESSIONAL SUCCESS. 25 25 1169 25 4291896 0 15476936 15417378 197721660 208384758 435382 130306 213698 -59430 213847676 223873012 40832867 45599006 0 0 76333514 81251753 0 0 3391983 81536134 86076554 198702515 212927313 15145161 10945699 554154060 573397666 167389850 162631826 386764210 410765840 THE CULINARY INSTITUTE OF AMERICA IS A PRIVATE, NOT-FOR-PROFIT COLLEGE DEDICATED TO BETTERING THE NATION AND THE WORLD, BY MEANS OF OUTSTANDING EDUCATION, PRACTICE, AND SCHOLARSHIP ON ALL ASPECTS OF FOOD AND THE ENTERPRISES RELATED TO IT. THROUGH TRANSFORMATIVE LEARNING EXPERIENCE, THE CIA PREPARES FOOD LEADERS, INNOVATORS AND EXPERTS FOR PERSONAL AND PROFESSIONAL SUCCESS. 0 0 176440520 45599006 204554030 THE CULINARY INSTITUTE OF AMERICA (CIA) IS WIDELY RECOGNIZED AS THE WORLD'S PREMIER CULINARY COLLEGE DEDICATED TO DRIVING LEADERSHIP DEVELOPMENT FOR THE FOOD SERVICE AND HOSPITALITY INDUSTRY. THE CIA WAS FOUNDED IN 1946 AND HAS ENJOYED A DISTINCTIVE AND SUCCESSFUL HISTORY CHARACTERIZED BY RAPID EXPANSION IN ITS OVER 75 YEARS OF SERVICE. TODAY MORE THAN 3200 STUDENTS REPRESENTING EVERY STATE AND MORE THAN 40 COUNTRIES ARE ENROLLED IN DEGREE PROGRAMS. THE CIA OFFERS ASSOCIATE DEGREES IN CULINARY ARTS AND BAKING AND PASTRY ARTS; AND BACHELOR DEGREE MAJORS IN FOOD BUSINESS MANAGEMENT, HOSPITALITY MANAGEMENT, CULINARY SCIENCE, APPLIED FOOD STUDIES, AND A BACHELOR'S OF PROFESSIONAL STUDIES OFFERED THROUGH THE DEGREE COMPLETION PROGRAM IN EITHER CULINARY ARTS OR BAKING AND PASTRY ARTS.THE CURRICULA FOR BOTH THE ASSOCIATE AND BACHELOR'S DEGREE INCLUDE A REQUIRED INTERNSHIP THAT PROVIDES REAL-WORLD EXPERIENCE AT TOP RESTAURANTS, HOTELS, RESORTS AND OTHER FOOD SERVICE COMPANIES. STUDENTS MAY ALSO OPT TO PARTICIPATE IN AN OVERSEAS TRAVEL EXPERIENCE IN JAPAN, SINGAPORE AND SPAIN. STUDENTS MAY ALSO TAKE PART IN AN IMMERSIVE LEARNING EXPERIENCE WITH A SEMESTER LONG DEEP DIVE INTO SPECIFIC CONCENTRATIONS IN ADVANCED WINE, BEVERAGE AND HOSPITALITY, FARM-TO-TABLE, PRACTICE OF A SUSTAINABLE TABLE, ADVANCED CONCEPTS IN BAKING AND PASTRY, ASIAN CUISINE, BEVERAGE PRODUCTION AND SERVICE, CUISINES AND CULTURES OF AFRICA AND ITS DIASPORA IN THE AMERICA'S, INTRAPRENEURSHIP, JAPANESE CUISINES, LATIN AMERICAN CUISINE STUDIES AND MEDITERRANEAN CUISINES. THE CIA OFFERS AN ON-LINE MASTER'S DEGREE IN FOOD BUSINESS, SUSTAINABLE FOOD SYSTEMS, AND WINE AND BEVERAGE MANAGEMENT, AS WELL AS, GRADUATE CERTIFICATES IN CULINARY ARTS, CONFERENCES AND CONSULTING SERVICES HAVE MADE THE CIA THE "THINK TANK" OF THE FOOD SERVICE INDUSTRY IN AREAS OF HEALTH AND WELLNESS, SUSTAINABILITY AND FOOD ETHICS, WORLD CUISINE AND CULTURES AND PROFESSIONAL EXCELLENCE AND INNOVATION. THE CIA CONSULTING GROUP TAILORS' PROGRAMS FOR THE FOOD SERVICE INDUSTRY AND THE MILITARY IN RESEARCH AND DEVELOPMENT, FLAVOR EXPLORATION, PRODUCT TESTING, TRAINING AS WELL AS PROCHEF (R) CERTIFICATION. THE CIA LEADERSHIP PROGRAMS, SPEARHEADED BY THE CIA STRATEGIC INITIATIVES GROUP, HELP FOOD SERVICE PROFESSIONALS LEARN MORE ABOUT THE NEXT WAVE OF CHANGE. CONFERENCES AND LEADERSHIP RETREATS FOCUS ON TOPICS AND TRENDS CRUCIAL TO THE FOOD SERVICE INDUSTRY INCLUDING FLAVOR DEVELOPMENT, HEALTH AND WELLNESS, NUTRITION SCIENCE, VOLUME FOOD SERVICE MENU R&D AND COLLABORATION BETWEEN PRODUCTION AGRICULTURE AND VOLUME FOOD SERVICE. THE CIA ALSO OFFERS PROGRAM COURSES FOR PROFESSIONAL AND FOOD ENTHUSIASTS TAUGHT BY EXPERT INSTRUCTORS THESE CLASSES ARE DESIGNED TO HELP FOOD ENTHUSIAST GROW THEIR KNOWLEDGE AND GAIN CONFIDENCE BY OFFERING INTENSIVE BOOT CAMPS, HANDS-ON COOKING CLASSES, WINE AND BEVERAGE CLASSES, AND CHEF DEMONSTRATIONS. THE CIA HAS CAMPUSES IN HYDE PARK, NEW YORK, ST. HELENA AND NAPA, CALIFORNIA, SAN ANTONIO, TEXAS AND SINGAPORE. 0 0 0 176440520 1 1 0 0 0 0 1 1 0 1 1 1 0 1 1 1 0 1 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 280 0 0 1169 1 1 1 1 SN 0 0 0 1 1 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 CA NY TX X MARY RIZZO 8454511376 1946 CAMPUS DRIVE HYDE PARK NY 12538 LAWRENCE T RYAN CHANCELLOR 40 0 X 927558 0 222470 MARK ERICKSON PROVOST 40 0 X 528470 0 121292 MICHIEL BAKKER PRESIDENT 40 0 X 465955 0 61856 MARIA KRUPIN VICE PRESIDENT-FINANCE 40 0 X 409399 0 107463 DANIEL VINH VICE PRESIDENT-MARKETING AND STRATEGY 40 0 X 336660 0 103807 GENEVIEVE S FELDER MANAGING DIRECTOR OF SINGAPORE 40 0 X 347120 0 68411 MICHAEL SPERLING VICE PRESIDENT-ACADEMIC AFFAIRS 40 0 X 312377 0 96881 WILLIAM REIDY VICE PRESIDENT-ADVANCEMENT 40 0 X 294558 0 92020 RACHEL BIRCHWOOD VICE PRESIDENT-ENROLLMENT MANAGEMENT 40 0 X 278846 0 68056 HERMAN TIETJEN ASSOCIATE VP- CHIEF OF STAFF 40 0 X 249526 0 72564 SUSAN CUSSEN ASSOCIATE VP- BRANCH CAMPUSES 40 0 X 270538 0 49803 KATHLEEN MERGET ASSOCIATE VP AND DEAN OF STUDENT AFFAIRS 40 0 X 242725 0 63664 THOMAS BENSEL MANAGING DIRECTOR OF GREYSTONE 40 0 X 223607 0 63395 ADAM BUSBY GENERAL MANAGER OF GREYSTONE 40 0 X 193467 0 63427 ALICE ELIOT TRUSTEE 1.15 0 X 0 0 0 NICOLE MILLER REGAN TRUSTEE 1.15 0 X 0 0 0 ANNE FINK VICE CHAIRMAN 1.15 0 X X 0 0 0 JOHN C METZ TRUSTEE 1.15 0 X 0 0 0 SHEP GORDON TRUSTEE 1.15 0 X 0 0 0 MARK SARAZIN CHAIRMAN 1.15 0 X X 0 0 0 MICHAEL MINA TRUSTEE 1.15 0 X 0 0 0 PHILIP JONES TREASURER 1.15 0 X X 0 0 0 RALPH BRENNAN TRUSTEE 1.15 0 X 0 0 0 RAYMOND BICKSON TRUSTEE 1.15 0 X 0 0 0 NOAH GLASS TRUSTEE 1.15 0 X 0 0 0 J RILEY LAGESEN TRUSTEE 1.15 0 X 0 0 0 BOB UNANUE TRUSTEE 1.15 0 X 0 0 0 TED RICH TRUSTEE 1.15 0 X 0 0 0 STANLEY CHENG TRUSTEE 1.15 0 X 0 0 0 CLARICE TURNER TRUSTEE 1.15 0 X 0 0 0 CLAUDIA SCHUBERT TRUSTEE 1.15 0 X 0 0 0 CARLTON MCCOY TRUSTEE 1.15 0 X 0 0 0 MARC HOFFMAN TRUSTEE 1.15 0 X 0 0 0 REGYNALD WASHINGTON SECRETARY 1.15 0 X X 0 0 0 MANEET CHAUHAN TRUSTEE 1.15 0 X 0 0 0 BRIDGET MCCALL TRUSTEE 1.15 0 X 0 0 0 ARASH AZARBARZIN TRUSTEE 1.15 0 X 0 0 0 KYLE CONNAUGHTON TRUSTEE 1.15 0 X 0 0 0 ADAM CROCINI TRUSTEE 1.15 0 X 0 0 0 JOYCE BROWN TERM ENDS 10-2024 TRUSTEE 1.15 0 X 0 0 0 5080806 0 1255109 189 0 1 0 Restaurant Associates 330 Fifth Avenue New York NY 10001 Dining Services 8071385 LCS Companies of NY 36 Cottage Street Poughkeepsie NY 12601 Custodial Services 5331857 LCS Services of California 500 First Street Napa CA 94559 Landscaping Services 3402031 Consigli Construction 199 West Road Pleasant Valley NY 12569 Construction 1978306 Storm King Group Inc 72 Summer Street Milford MA 01757 Construction 1926878 51 0 0 1968965 0 808607 12639806 4339287 15417378 TUITION, DORM & STUDENT FEES 611310 192949912 192949912 0 0 EDUCATIONAL SERVICES 611310 9824635 8281826 1542809 0 SPECIAL EVENTS 611310 3801722 1558799 2242923 0 STUDENT MEALS INCOME 611310 1219951 1219951 0 0 BOOKSTORE INCOME 611310 588538 250068 338470 0 0 0 0 0 208384758 105161 0 12472 92689 0 0 0 0 349989 349989 0 0 274611 0 175904 0 98707 0 98707 -56515 155222 0 0 25145 0 0 0 25145 25145 0 0 25145 340624 1968965 1436269 -1095645 0 -1095645 ALUMNI & STUDENT FEES 900099 171150 0 0 171150 REBATES & MISC INCOME 900099 398710 0 0 398710 17659 0 0 17659 587519 223873012 204554030 4291896 -390292 X 0 0 44617274 44617274 981732 981732 0 0 5621234 1157348 4053915 409971 0 0 0 0 54446274 44093837 8725183 1627254 3427449 2702765 641298 83386 13721012 10491901 2863230 365881 4035784 3066522 855586 113676 0 0 0 0 292675 0 292675 0 201684 0 201684 0 0 0 0 0 0 0 0 0 0 0 27105992 23766724 3158444 180824 2907022 672410 2234287 325 2792412 2597594 179202 15616 2298249 214111 2084138 0 0 0 0 0 6373036 5554065 817226 1745 1794850 1191308 492694 110848 0 0 0 0 63682 41805 21580 297 4484958 3904370 579180 1408 0 0 0 0 10457843 8610739 1751707 95397 4353353 3321961 1031392 0 FOOD & BEVERAGE COSTS 12219968 11826526 338852 54590 STUDENT SUPPLIES 2100133 2091135 8088 910 EQUIPMENT 1990412 1343213 473481 173718 NON FOOD COST OF GOODS SOLD 1067756 957484 66844 43428 5572529 3235696 2224124 112709 212927313 176440520 33094810 3391983 22568781 17297096 31502652 37479806 30713671 31258797 4232192 2278997 0 0 0 0 62591 60177 2256271 2201998 3057834 3375290 472738351 217980098 253238282 254758253 2354936 3669687 175542181 188160339 0 0 0 0 28624669 32857226 554154060 573397666 8907133 8825049 676698 628642 26861351 25190562 109154318 103179238 0 0 0 0 0 0 0 0 21790350 24808335 167389850 162631826 X 273106801 293997231 113657409 116768609 386764210 410765840 554154060 573397666 10945699 13055931 0 0 0 0 X 0 1 X 1 1 1 X 14279130 17865006 34622891 15476936 15417378 97661341 14279130 17865006 34622891 15476936 15417378 97661341 0 97661341 -1363 -10016 353964 425044 268593 1036222 0 0 0 0 0 0 220324 736987 829814 792882 928143 3508150 102205713 872002851 0.95554 0.94509 X Schedule A, Part II, Line 10 FOR FISCAL YEAR 24-25, OTHER INCOME PRIMARILY REPRESENTS, ALUMNI AND STUDENT RELATED FEES AND FUNDRAISING EVENTS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 2 10 0 0 0 1 1 40 1635 1 0 1255453 0 0 X X 0 154768202 10152332 10822771 7486921 0 0 168256384 144302202 1619303 16046810 7200113 0 0 154768202 151051280 1417771 -611640 7555209 0 0 144302202 162266753 1373996 -4776337 7813132 0 0 151051280 128238412 894121 40636353 7502133 0 0 162266753 0.52 0.22 0.26 0 0 0 8516253 8516253 0 368006049 138460452 229545597 0 0 0 0 0 96216049 79519646 16696403 0 0 0 0 254758253 MULTISTRATEGY FUNDS 187508056 F PRIVATE EQUITY 650111 F REAL ASSETS 2172 F 188160339 OTHER RECEIVABLES 462347 RIGHT OF USE LEASE ASSET 10734741 DEPOSITS WITH TRUSTEES 6602894 NET INVESTMENT IN LEASE 5621113 EQUITY METHOD INVESTMENT 9436131 32857226 0 FINANCING LEASE OBLIGATION 11124127 OTHER ACCRUED LIABILITIES 13684208 24808335 X 194468950 13055931 0 0 -44072166 -31016235 225485185 0 -1612173 -1612173 223873012 170411523 0 0 0 1471043 1471043 168940480 0 43986833 43986833 212927313 Schedule D, Part II, Line 5 THE INSTITUTE HAS A WRITTEN POLICY WHICH ENSURES MAINTENANCE OF BOTH CONSERVATION EASEMENTS. THERE ARE TWO EASEMENTS, SCENIC HUDSON EASEMENT AND THE WINNAKEE EASEMENT. THE SCENIC HUDSON EASEMENT WAS CREATED TO PROTECT VIEW SHEDS FROM AND TO THE HUDSON RIVER. MAINTENANCE OF THE AREA INCLUDES MONTHLY TOURS TO INSPECT FOR GARBAGE, FIRE PITS, AND ANY OTHER DISTURBANCE TO THE PROPERTY. THE WINNAKEE EASEMENT WAS CREATED TO PROTECT WATER QUALITY. MAINTENANCE OF THESE AREAS, ALSO INCLUDE REGULAR INSPECTIONS FOR TRASH AND ANY OTHER HUMAN DISTURBANCE. WE ALSO ARE RESPONSIBLE, PER THE EASEMENT, TO REGULARLY INSPECT THE STORMWATER CONTROL FEATURES INSTALLED TO PROTECT THE WATER QUALITY. Schedule D, Part II, Line 9 THE VALUE OF THE PROPERTY, WHICH BOTH CONSERVATION EASEMENTS ARE ON, ARE INCLUDED IN THE LAND VALUE ON OUR BALANCE SHEET. COSTS ASSOCIATED WITH INSPECTING AND MAINTAINING BOTH EASEMENTS, ARE INCLUDED IN THE INSTITUTE'S OPERATING EXPENSES, ON THE REVENUE AND EXPENSE STATEMENT. Schedule D, Part III, Line 4 THE INSTITUTE'S COLLECTION INCLUDES, AN ART COLLECTION RECEIVED FROM BOB GUTENSTEIN. THIS COLLECTION IS ON DISPLAY AT THE RESTAURANT ON THE COPIA CAMPUS. THE INSTITUTE, ALSO HAS A MUSEUM LOCATED ON THE COPIA CAMPUS IN CALIFORNIA. THE MUSEUM IS USED TO PUBLICLY DISPLAY, THE VARIOUS ART ITEMS RECEIVED FROM THE CHUCK WILLIAMS FOUNDATION AND WAYNE BENTSON. Schedule D, Part V, Line 4 THE INSTITUTE HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR A PERCENTAGE OF ITS ENDOWMENT FUND BASED ON THE FUND'S AVERAGE FAIR VALUE OVER THE PRIOR 12 QUARTERS. THE SPENDING RATE IS 5% FOR FISCAL YEAR 24-25. ENDOWMENT SPENDING IS PRIMARILY USED, TO FUND STUDENT SCHOLARSHIPS AND SOME OPERATING EXPENDITURES. Schedule D, Part X, Line 2 THE INSTITUTE FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE INSTITUTE IS EXEMPT FROM FEDERAL INCOME TAX UNDER INTERNAL REVENUE CODE ("THE CODE") SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3), THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE INSTITUTE HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE INSTITUTE HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN ITS CONSOLIDATED FINANCIAL STATEMENTS. Schedule D, Part XI, Line 2d SCHOLARSHIPS AND GRANTS TO STUDENTS ($ 45,599,006), NET OF SINGAPORE AFFILIATE REVENUES ( $1,526,840) Schedule D, Part XI, Line 4b FUNDRAISING & VINEYARD RENTAL EXPENSES Schedule D, Part XII, Line 2d DEDUCTING EXPENSES FOR OUR SINGAPORE AFFILIATE. Schedule D, Part XII, Line 4b FUNDRAISING EXPENSES & VINEYARD RENTAL EXPENSES ($1,612,173) ,NET OF SCHOLARSHIPS AND GRANTS TO STUDENTS $ 45,599,006 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 RESPECT FOR DIVERSITY IS ONE OF THE INSTITUTE'S FIVE CORE VALUES. THE INSTITUTE'S RACIAL NONDISCRIMINATORY POLICY IS CLEARLY EXPRESSED ON ALL MATERIALS WHICH ARE USED IN THE SOLICITATION OF PROSPECTIVE STUDENTS. Schedule E, Part I, Line 6 THE INSTITUTE RECEIVES VARIOUS FEDERAL FUNDS, SUCH AS PELL, SEOG, VETERAN BENEFITS GRANTS, AND VARIOUS STATE GRANTS TO SUBSIDIZE THE STUDENT EDUCATIONAL COSTS. 1 East Asia and the Pacific 1 3 Program Services EXPENSES FOR CULINARY PROGRAM 2020163 East Asia and the Pacific 0 0 Grantmaking SCHOLARSHIPS TO FOREIGN STUDENTS 981732 1 3 3001895 SCHOLARSHIPS TO FOREIGN STUDENTS East Asia and the Pacific 981732 SCHOLARSHIPS CREDITED TO STUDENT'S ACCOUNT 1 0 1 1 0 0 Schedule F, Part I, Line 1 THE AWARDED SCHOLARSHIP AMOUNTS, FOR FOREIGN STUDENTS ARE CREDITED TO THE STUDENTS ACCOUNTS. THIS ENABLES THE INSTITUTE TO VERIFY THAT THE USE OF THE FUNDS ARE USED FOR EDUCATIONAL PURPOSES. Schedule F, Part I, Line 2 THE INSTITUTE IS PROVIDING ASSISTANCE TO IT'S SINGAPORE AFFILIATE, AND IT IS CONFIRMED THAT SUCH FUNDS ARE USED FOR EDUCATIONAL PURPOSES. Schedule F, Part I, Line 3 THE EXPENDITURES PER REGION ARE PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. ANNUAL GALA 1272177 1084756 187421 0 0 310251 17630 0 391891 GOLF TOURNAMENT 588873 465673 123200 0 0 82926 13634 0 224416 10 448539 418536 30003 0 0 95251 31001 0 269269 2309589 1968965 340624 0 0 488428 62265 0 885576 1436269 -1095645 1 STUDENT SCHOLARSHIPS AND GRANTS. NUMBER OF RECIPIENTS IS 2,049, ESTIMATED AS FOLLOWS; TOTAL NUMBER OF STUDENTS (2,499) X ESTIMATED PERCENTAGE OF STUDENTS WHO RECEIVE SCHOLARSHIPS AND GRANTS (82%). 2049 44617274 COSTS Schedule I, Part I, Line 2 WHEN DETERMINING THE DISTRIBUTION OF GRANTS AND LOANS TO STUDENTS, THE CULINARY INSTITUTE OF AMERICA COMPLIES WITH THE GUIDELINES OF THE U.S. DEPT. OF EDUCATION - TITLE IV REGULATIONS, NY STATE BOARD OF REGENTS AND THE ACCREDITING COMMISSION OF CAREER SCHOOLS AND COLLEGES OF TECHNOLOGY (ACCSCT) AND MIDDLE STATES ASSOCIATION COMMISSION ON HIGHER EDUCATION. X X 1 1 X X X 0 0 0 0 0 0 0 1 0 LAWRENCE T RYAN CHANCELLOR 747607 0 0 0 179951 0 113289 0 109181 0 1150028 0 104200 0 MICHIEL BAKKER PRESIDENT 334704 0 75000 0 56251 0 36058 0 25798 0 527811 0 0 0 GENEVIEVE S FELDER MANAGING DIRECTOR OF SINGAPORE 196262 0 1500 0 149358 0 20334 0 48077 0 415531 0 0 0 MARK ERICKSON PROVOST 389663 0 42400 0 96407 0 74401 0 46890 0 649761 0 84800 0 MARIA KRUPIN VICE PRESIDENT-FINANCE 297366 0 30383 0 81651 0 68307 0 39155 0 516862 0 70000 0 DANIEL VINH VICE PRESIDENT-MARKETING AND STRATEGY 246517 0 27321 0 62822 0 58713 0 45094 0 440467 0 60000 0 WILLIAM REIDY VICE PRESIDENT-ADVANCEMENT 243093 0 0 0 51465 0 48163 0 43857 0 386578 0 51000 0 MICHAEL SPERLING VICE PRESIDENT-ACADEMIC AFFAIRS 230306 0 26540 0 55531 0 51861 0 45020 0 409258 0 53100 0 THOMAS BENSEL MANAGING DIRECTOR OF GREYSTONE 221509 0 0 0 2099 0 24638 0 38757 0 287003 0 0 0 SUSAN CUSSEN ASSOCIATE VP- BRANCH CAMPUSES 218749 0 0 0 51788 0 23379 0 26423 0 320339 0 0 0 RACHEL BIRCHWOOD VICE PRESIDENT-ENROLLMENT MANAGEMENT 225787 0 0 0 53059 0 24133 0 43922 0 346901 0 0 0 ADAM BUSBY GENERAL MANAGER OF GREYSTONE 189707 0 1500 0 2260 0 20742 0 42684 0 256893 0 0 0 HERMAN TIETJEN ASSOCIATE VP- CHIEF OF STAFF 198773 0 0 0 50754 0 22968 0 49597 0 322092 0 0 0 KATHLEEN MERGET ASSOCIATE VP AND DEAN OF STUDENT AFFAIRS 194968 0 0 0 47757 0 21335 0 42329 0 306389 0 0 0 Schedule J, Part I, Line 1a THE PRESIDENT IS PROVIDED WITH RESIDENTIAL HOUSING ON CAMPUS, FOR THE CONVENIENCE OF THE COLLEGE. THE ESTIMATED FAIR VALUE OF THE HOUSING IS INCLUDED ON SCHEDULE J AS A NONTAXABLE BENEFIT. AN INDEPENDENT CONTRACTOR IS USED TO MAINTAIN AND CLEAN THE PRESIDENTS RESIDENCE, WHICH IS INSTITUTE PROPERTY. Schedule J, Part I, Line 3 THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES HAS THE OVERALL RESPONSIBILITY FOR THE COMPENSATION REVIEW OF THE PRESIDENT. AN ANNUAL REVIEW IS BASED ON FOUR FACTORS, SUMMATIVE PERFORMANCE APPRAISAL, ACHIEVEMENT OF ANNUAL GOALS, MARKET ANALYSIS AND INSTITUTIONAL NEEDS. THE PRESIDENT SUBMITS A STATUS REPORT ON THE CURRENT YEAR'S GOALS, YEAR END RESULTS AND PROPOSED GOALS FOR THE UPCOMING YEAR. THE COMPENSATION COMMITTEE WILL ALSO RECEIVE APPROPRIATE PEER AND BENCHMARK DATA FROM THE HUMAN RESOURCES OFFICE. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES WILL REVIEW THE PRESIDENT'S PERFORMANCE AND DISCUSS THEIR CONCLUSIONS ORALLY WITH THE PRESIDENT TO ENSURE THE ACCURATE AND FAIRNESS OF JUDGEMENTS. THE COMPENSATION COMMITTEE WILL THEN DISCUSS ITS CONCLUSIONS AND COMPENSATION RECOMMENDATION WITH THE PRESIDENT. THE PRESIDENT HAS A WRITTEN EMPLOYMENT CONTRACT. THE PRESIDENT HAS THE OVERALL RESPONSIBILITY FOR THE COMPENSATION REVIEW OF THE VICE PRESIDENTS. A MARKET ANALYSIS IS DONE BY THE HUMAN RESOURCES OFFICE WHICH ALSO INCLUDES PEER AND BENCHAMARK DATA. THIS ANALYSIS IS THEN USED AS A TOOL FOR DETERMINING SALARY CHANGES AND IS REVIEWED WITH THE COMPENSATION COMMITTEE PRIOR TO IMPLEMENTATION. THE SCHEDULE J ALSO DETAILS THE TOTAL COMPENSATION PAID TO THE INSTITUTE'S OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES. THE ABOVE SCHEDULE J, ALSO INCLUDES AMOUNTS CONTRIBUTED AND DISTRIBUTED FROM THE INSTITUTE'S EXECUTIVE COMPENSATION PLAN. ON JUNE 1ST OF EACH YEAR, THE INSTITUTE DEPOSITS AND INVESTS 10% OF EACH EXECUTIVE OFFICER'S BASE PAY INTO A DEFERRED COMPENSATION ASSET PLAN. THE INITIAL VALUE OF THESE DEPOSITS ARE INCLUDED IN THE "DEFERRED COMPENSATION" COLUMN ON SCHEDULE J. VESTING OCCURS 3 YEARS FOLLOWING THE INITIAL DEPOSIT. EVEN THOUGH THIS SCHEDULE RECOGNIZES DEFERRED COMPENSATION AS WAGES EARNED, THIS TYPE OF COMPENSATION MAY BE FORFEITED, IF THE OFFICER IS NO LONGER EMPLOYED AT THE INSTITUTE. YEARLY, THE VESTED DEPOSITS AND ANY ASSOCIATED REALIZED GAINS OR LOSSES WILL BE DISTRIBUTED TO EACH EXECUTIVE OFFICER. THESE DISTRIBUTIONS ARE INCLUDED IN THE "OTHER COMPENSATION" COLUMN IN SCHEDULE J. EFFECTIVELY, THE VALUE OF THE ORIGINAL DEPOSITS ARE BEING REPORTED AS COMPENSATION TWICE ON THE SCHEDULE J. COLUMN F, ON SCHEDULE J, SHOWS THE AMOUNTS WHICH ARE BEING DUPLICATED FROM THE PRIOR YEAR. Schedule J, Part I, Line 7 THE ORGANIZATION ESTABLISHES GOALS FOR IT'S OFFICERS, KEY EMPLOYEES AND HIGHEST COMPENSATED EMPLOYEES TO MEET. IF THE GOALS ARE MET, THEN A BONUS IS PAID TO THE INDIVIDUAL. A CALIFORNIA STATEWIDE COMMISSION DEVELOPMENT AUTHORITY-SERIES 2008 680164610 130795ZR1 2008-11-18 18200000 CONSTRUCTION AND REFUNDING 0 0 0 B DORM AUTHORITY OF THE STATE OF NEW YORK -SERIES 2013 146000293 649907VHZ 2013-09-19 31057404 CONSTRUCTION 0 0 0 C DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION SERIES 2016A 273106797 267045HV7 2016-09-14 39943701 CONSTRUCTION AND REFUNDING 0 0 0 D CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY SERIES 2016B 660164610 13080SNJ9 2016-08-30 15222106 CONSTRUCTION 0 0 0 A 12880000 0 18209473 0 0 0 335748 82794 0 6005375 11776083 0 2009 0 0 1 1 B 6150000 6895000 30940454 0 0 0 353780 0 0 30663624 0 0 2015 0 1 1 1 C 13685000 0 40171616 0 0 0 607854 0 0 11278276 28057571 0 0 1 1 1 D 8645000 0 15232888 0 0 0 252966 0 0 6241020 0 8728119 0 0 1 1 A 0 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 0 C 0 0 1 0 0 0 0 0 D 0 0 0 0 0 0 0 A 0 0 1 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 D 0 0 1 0 1 0 0 0 1 A 0 B 0 C 0 D 0 Schedule K, Part I-11/18/2008 18,200,000 CALIFORNIA STATEWIDE COMMISSION DEVELOPMENT PART OF THE PROCEEDS OF THE 2008 ISSUE, $11,776,083 WAS USED TO REFUND A 2005 BOND ISSUE. ALSO THE 2008 BONDS WERE CONSIDERED REFUNDED IN 2010 DUE TO A TAX EVENT KNOWN AS A REISSUANCE, EVENTHOUGH THE NAMES OF THE BONDS HAVE NOT CHANGED, THESE BONDS WERE ALSO RESTRUCTURED IN FISCAL YEAR 20-21. Schedule K, Part I-09/14/2016 39,943,701 DUTCHESS COUNTY LOCAL DEVELOPMENT PART OF THE PROCEEDS OF THE 2016A ISSUE, $28,057,571 WAS USED TO REFUND THE 2004A & 2004C BONDS. THE REMAINING PROCEEDS WILL BE SPENT ON CAPITAL EXPENDITURES Schedule K, Part II, Line 3-11/18/2008 18,200,000 CALIFORNIA STATEWIDE COMMISSION DEVELOPMENT THE TOTAL PROCEEDS IN PART II, HAVE BEEN ADJUSTED FOR INVESTMENT EARNINGS RECEIVED OF $9,473 WHICH IS THE DIFFERENCE FROM THE ORIGINAL BOND ISSUE PRICE SHOWN IN PART I, COLUMN E Schedule K, Part II, Line 3-09/19/2013 31,057,404 DORM AUTHORITY OF THE STATE OF NEW YORK THE TOTAL PROCEEDS IN PART II, HAVE BEEN ADJUSTED FOR INVESTMENT EARNINGS RECEIVED OF $-116,950 WHICH IS THE DIFFERENCE FROM THE ORIGINAL BOND ISSUE PRICE SHOWN IN PART I, COLUMN E Schedule K, Part II, Line 3-09/14/2016 39,943,701 DUTCHESS COUNTY LOCAL DEVELOPMENT THE TOTAL PROCEEDS IN PART II, HAVE BEEN ADJUSTED FOR INVESTMENT EARNINGS RECEIVED OF $227,915, WHICH IS THE DIFFERENCE FROM THE ORIGINAL BOND ISSUE PRICE SHOWN IN PART I, COLUMN E Schedule K, Part II, Line 3-08/30/2016 15,222,106 CALIFORNIA STATEWIDE COMMUNITIES THE TOTAL PROCEEDS IN PART II, HAVE BEEN ADJUSTED FOR INVESTMENT EARNINGS RECEIVED OF $10,782, WHICH IS THE DIFFERENCE FROM THE ORIGINAL BOND ISSUE PRICE SHOWN IN PART I, COLUMN E A DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION -SERIES 2018 273106797 267045KSO 2018-07-17 26143341 REFUNDING 0 0 0 B DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION-SERIES 2021 273106797 267045PF3 2021-10-21 19754059 REFUNDING/ ACQUISITION 0 0 0 C DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION-SERIES 2022A 273106797 267045QA3 2022-04-04 12058550 REFUNDING 0 0 0 A 6115000 0 26152006 0 149973 0 369342 0 0 0 25624027 0 2018 1 0 1 1 B 1125000 0 19757255 0 0 0 353496 0 0 0 12505363 6895000 2021 1 0 1 1 C 950000 0 12063355 0 0 0 209099 0 0 0 11849451 0 2022 1 0 1 1 A 0 0 0 0 0 0 B 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 A 0 B 0 C 0 Schedule K, Part I-07/17/2018 26,143,341 DUTCHESS COUNTY LOCAL DEVELOPMENT ALL OF THE PROCEEDS OF THE 2018 ISSUE, $26,152,006 WAS USED TO REFUND THE 2004D & 2006 BONDS. Schedule K, Part II, Line 3-07/17/2018 26,143,341 DUTCHESS COUNTY LOCAL DEVELOPMENT THE TOTAL PROCEEDS IN PART II, HAVE BEEN ADJUSTED FOR INVESTMENT EARNINGS RECEIVED OF $8,665 WHICH IS THE DIFFERENCE FROM THE ORIGINAL BOND ISSUE PRICE SHOWN IN PART I, COLUMN E Schedule K, Part I-10/21/2021 19,754,059 DUTCHESS COUNTY LOCAL DEVELOPMENT PART OF THE PROCEEDS OF THE 2021 ISSUE, WAS USED TO REDEEM EARLY $6,895,000 OF THE SERIES 2013 BONDS. THE REMAINING PROCEEDS WAS SPENT ON THE ACQUISTION OF STUDENT TOWNHOUSES. Schedule K, Part II, Line 3-10/21/2021 19,754,059 DUTCHESS COUNTY LOCAL DEVELOPMENT THE TOTAL PROCEEDS IN PART II, HAVE BEEN ADJUSTED FOR INVESTMENT EARNINGS RECEIVED OF $3,196 WHICH IS THE DIFFERENCE FROM THE ORIGINAL BOND ISSUE PRICE SHOWN IN PART I, COLUMN E Schedule K, Part I-04/04/2022 12,058,550 DUTCHESS COUNTY LOCAL DEVELOPMENT ALL OF THE PROCEEDS OF THE 2022A ISSUE, WAS USED TO REFUND THE 2012 BONDS. Schedule K, Part II, Line 3-04/04/2022 12,058,550 DUTCHESS COUNTY LOCAL DEVELOPMENT THE TOTAL PROCEEDS IN PART II, HAVE BEEN ADJUSTED FOR INVESTMENT EARNINGS RECEIVED OF $4,805 WHICH IS THE DIFFERENCE FROM THE ORIGINAL BOND ISSUE PRICE SHOWN IN PART I, COLUMN E X 15 213290 FMV X 452 3103013 COST X 1 242 COST X CAPITAL EQUIPMENT 50 1236032 COST 0 0 1 0 Form 990, Part VI, Section B, Line 11b THE INSTITUTE'S FORM 990 IS PRIMARILY PREPARED BY THE INSTITUTE'S CONTROLLER. ONCE COMPLETED, IT IS REVIEWED BY THE V.P. OF FINANCE AND/OR THE DIRECTOR OF FINANCE AND ACCOUNTING. A FINAL REVIEW, IS ALSO DONE BY THE INSTITUTE'S INDEPENDENT PUBLIC ACCOUNTING FIRM. AFTER REVISIONS ARE MADE, THE FORM IS THEN ELECTRONICALLY FILED AND MADE AVAILABLE TO THE PUBLIC VIA ONLINE, PRIMARILY THROUGH THE GUIDESTAR.ORG WEBSITE. Form 990, Part VI, Section B, Line 12c CONFLICTS OF INTEREST FOR BOARD MEMBERS ARE CLEARLY DEFINED BY THE INSTITUTE'S BOARD OF TRUSTEES POLICY MANUAL. TRUSTEES ARE REQUIRED TO DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST, AND TO ABSTAIN FROM VOTING ON ANY MATTERS, IN WHICH THEY HAVE A CONFLICT OF INTEREST. INDIVIDUAL TRUSTEES, AND MEMBERS OF THEIR FAMILY OR ANY ORGANIZATION IN WHICH A TRUSTEE OR MEMBER OF HIS OR HER FAMILY IS A STOCKHOLDER, MAY NOT HAVE EXISTING OR POTENTIAL FINANCIAL OR OTHER INTERESTS THAT MIGHT IMPAIR THEIR INDEPENDENT, UNBIASED JUDGMENT IN THE DISCHARGE OF THEIR RESPONSIBILITIES TO THE COLLEGE . THE COLLEGE MAINTAINS A CURRENT COMPLETED CONFLICT OF INTEREST STATEMENT FOR ALL TRUSTEES. THIS REVIEW IS DONE ANNUALLY FOR EACH BOARD MEMBER. THE INSTITUTE'S AUDIT COMMITTEE MONITORS TO ENSURE THAT THERE IS COMPLIANCE WITH THE POLICY. KEY EMPLOYEES, UPON HIRING ARE ALSO REQUIRE TO COMPLETE SIMILAR QUESTIONNAIRES. Form 990, Part VI, Section B, Line 15 THE BOARD OF TRUSTEES HAS THE OVERALL RESPONSIBILITY FOR THE COMPENSATION REVIEW OF THE PRESIDENT. AN ANNUAL REVIEW IS BASED ON FOUR FACTORS, SUMMATIVE PERFORMANCE APPRAISAL, ACHIEVEMENT OF ANNUAL GOALS, MARKET ANALYSIS AND INSTITUTIONAL NEEDS. THE PRESIDENT SUBMITS A STATUS REPORT ON THE CURRENT YEAR'S GOALS, YEAR END RESULTS AND PROPOSED GOALS FOR THE UPCOMING YEAR. THE COMPENSATION COMMITTEE WILL ALSO RECEIVE APPROPRIATE PEER AND BENCHMARK DATA FROM THE HUMAN RESOURCES OFFICE. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES WILL REVIEW THE PRESIDENT'S PERFORMANCE AND DISCUSS THEIR CONCLUSIONS ORALLY WITH THE PRESIDENT TO ENSURE THE ACCURATE AND FAIRNESS OF JUDGEMENTS. THE COMPENSATION COMMITTEE WILL THEN DISCUSS ITS CONCLUSIONS AND COMPENSATION RECOMMENDATION WITH THE PRESIDENT. THE PRESIDENT HAS A WRITTEN EMPLOYMENT CONTRACT. THE PRESIDENT HAS THE OVERALL RESPONSIBILITY FOR THE COMPENSATION REVIEW OF THE VICE PRESIDENTS. A MARKET ANALYSIS IS DONE BY THE HUMAN RESOURCES OFFICE WHICH ALSO INCLUDES PEER AND BENCHAMARK DATA. THIS ANALYSIS IS THEN USED AS A TOOL FOR DETERMINING SALARY CHANGES AND IS REVIEWED WITH THE COMPENSATION COMMITTEE PRIOR TO IMPLEMENTATION. THE COMMITTEE CONTEMPORANOUSELY DOCUMENTS ITS DISCUSSION ON THE COMPENSATION ANALYSIS. THE COMPENSATION PROCEDURES MEET THE THREE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION: (1) THE COMPENSATION ARRANGEMENT IS APPROVED IN ADVANCE BY A COMMITTEE FREE OF CONFLICTS OF INTERESTS; (2) THE COMMITTEE RELIED ON APPROPRIATE COMPARABILITY DATA; (3) THE COMMITTEE ADEQUATELY AND TIMELY DOCUMENTED THE BASIS FOR THE DECISION. Form 990, Part VI, Section C, Line 19 THE FORM 990 AND THE ACCOMPANYING FINANCIAL STATEMENTS ARE READILY AVAILABLE TO THE PUBLIC AS REQUIRED. THESE DOCUMENTS CAN BE OBTAINED UPON REQUEST BY THE PUBLIC OR IS READILY AVAILABLE ON THE INTERNET (WWW. GUIDESTAR.ORG). Form 990, Part IX, Line 11g OTHER FEES FOR SERVICES, PRIMARILY INCLUDE CONTRACTED FACILITIES MANAGEMENT COSTS , STUDENT DINING SERVICES , RESTAURANTS AND OTHER EDUCATIONAL PROGRAMS , COPY CENTER AND MAILROOM SERVICES, ADMISSIONS LEADS AND INQUIRY SERVICES, HUMAN RESOURCES AND EMPLOYEE RECRUITMENT. 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