Peirce College

“Effective june 30, 2025 peirce college merged with lackawanna college whereupon the separate existence of peirce college ceased and lackawanna college became the surviving corporation. The articles of incorporation of lackawanna college in effect at the time of merger serve as the articles of incorporation for the surviving corporation.”

“The form 990 was prepared by a nationally renowned accounting firm in conjunction with the organization's financial department. The form is then submitted to an audit, risk & compliance management committee of the board for approval. A copy of the draft 990 is then circulated to the full board of trustees for discussion and comment on the information contained in the 990 prior to its filing with the internal revenue service.”

“Conflict of interest policy monitoring & enforcement: annually the college requires each employee, including the president/ceo and other key employees, to complete and sign a conflict of interest questionnaire to determine if the employee has a relationship, financial interest or business affiliation that could result in a conflict of interest. Employees are required to update their disclosure if at any time their circumstances change. These questionnaires are returned to human resources for review to determine if any further action is required. Annually the college requires each trustee, including trustee officers, to complete and sign a conflict of interest questionnaire to determine if the trustee has a relationship, financial interest or business affiliation that could result in a conflict of interest. Trustees are required to update their disclosure if at any time their circumstances change. These questionnaires are returned to the board secretary for review by the office of the president to determine if any further action is required. If a potential condlict of interest is identified, the following procedures are followed: (a) an interested person may participate in a board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the business relationship involving the possible conflict of interest. (b) the chairperson of the board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to that proposed business relationship. (c) after exercising due diligence, the board or committee shall determine whether the college can obtain with reasonable efforts a more advantageous business relationship from a person or entity that would not give rise to a conflict of interest. (d) if a more advantageous business relationship is not reasonably possible under circumstances not producing a conflict of interest, the board or committee shall determine by a majority vote of the disinterested trustees if the business relationship is in the college's best interest, for it's own benefit, and if it is fair and reasonable. Based on that determination, the board or committee will decide whether or not to enter into the business relationship.”

“Process for determining compensation. The compensation for the president was determined based on the data from other colleges and universities. The executive committee of the board of trustees reviews that data to determine appropriate compensation, and the decision is contemporaneously documented in the meeting minutes. Annually, the board of trustees reviews the president's performance and compensation. Determination for the key employees was determined by local and regional market surveys and information and data from local and regional publications. This information, along with internal equity, determin the basis for a hire-in salary of key employees, annually, key employees are evaluated by the president using a performance review, which is the standard review used by all employees throughout the college. This process also determines the percent of merit increases received. The merit increase percentages are determned as part of the budget process, and the level of percentage increases given to the key employees is based on the scoring outcome of their performance review.”

“How documents are made available to the public: the college makes its form 990 available to the public by reserving a copy at its place of business. The form 990 is likewise published on the internet at www.guidestar.org. Peirce college makes its conflict of interest policy, governing documents and financial statements available to the public to the extent required by law.”

“Description of organization mission: peirce college is a private accredited institutuion offering certicates/associate/bachelor/master degrees in career oriented programs geared towards adult learners.”

“Effective june 30, 2025 peirce college merged with lackawanna college. Peirce college did not survive as a result of the merger. At the time of merger, lackawanna college planned to continue the academic programs previously offered at peirce college. The merger agreement stipulated that students of the peirce college would be otherwise provided for by another comparable lackawanna college academic program or by another university or college via an affiliation or articulation agreement.”

“Organization's mission: peirce college empowers adult learners to improve their lives by achieving career goals through academic offerings aligned with evolving workforce needs.”

“Program service: founded in 1865, peirce college is a private institution providing practical leading-edge curricula primarily to working adult learners. The college awards master, bachelor, and associate degrees as well as certificates in business, health care, information technology, liberal studies and legal studies. Peirce college is acredited by the middle states commission on higher education. The bachelor of science, associate of science and the certificate of proficiency in paralegal studies are recognized and approved by the american bar association (aba). The accreditation council for business schools and programs (acbsp) accredits peirce college's bachelor, associate and certificates of proficiency in business administration and accounting.”

“Net asset transfer to lackawanna college upon merger -24,865,247.”

“Effective june 30, 2025 peirce college merged with and into lackawanna college whereupon the separate existence of peirce college ceased and lackawanna college became the surviving organization. From and after the effective date, lackawanna college assumed all assets and liabilities of peirce college. The financial statements referenced in part xii reflect the financial standing of peirce college immediately before the merger.”