Civic Intelligence

Boricua College

990 • Fiscal year 2016 • EIN 51-0175975

Jul 01, 2015 to Jun 30, 2016 • Filed on May 03, 2017

3755 BroadwayNew York, NY 10032

(212) 694-1000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

70th percentile

0.44x

Higher debt load relative to assets than 70% of similar nonprofits.

2016 filings • NTEE B • $50M-$100M nonprofits • Source year 2016

Liabilities / Revenue

82nd percentile

2.27x

Higher debt load relative to revenue than 82% of similar nonprofits.

2016 filings • NTEE B • $50M-$100M nonprofits • Source year 2016

Net Margin

17th percentile

-13%

Higher net margin than 17% of similar nonprofits.

2016 filings • NTEE B • $50M-$100M nonprofits • Source year 2016

Top Officer Pay

24th percentile

$186,178

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2016 filings • NTEE B • $50M-$100M nonprofits • Source year 2016

Asset Growth

77th percentile

4.9%

Faster asset growth than 77% of similar nonprofits.

2016 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2015 to 2016

Revenue Growth

21st percentile

-13%

Faster revenue growth than 21% of similar nonprofits.

2016 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2015 to 2016

Assets

Up

$58,270,150

Up $2,740,829 (+4.9%) from 2015

Net Assets

Up

$32,360,407

Up $2,644,441 (+8.9%) from 2015

Liabilities

Up

$25,909,743

Up $96,388 (+0.4%) from 2015

Revenue

Down

$11,436,346

Down $1,638,744 (-13%) from 2015

Expenses

Down

$12,954,745

Down $772,681 (-5.6%) from 2015

Net Income

Down

-$1,518,399

Down $866,063 (-133%) from 2015

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$80M$60M$40M$20M$0Assets 2010: $10,388,712Liabilities 2010: $5,812,633Net Assets 2010: $4,576,0792010Assets 2011: $35,506,035Liabilities 2011: $19,114,406Net Assets 2011: $16,391,6292011Assets 2012: $35,521,589Liabilities 2012: $18,806,997Net Assets 2012: $16,714,5922012Assets 2013: $34,596,773Liabilities 2013: $17,046,124Net Assets 2013: $17,550,6492013Assets 2014: $57,483,802Liabilities 2014: $27,675,673Net Assets 2014: $29,808,1292014Assets 2015: $55,529,321Liabilities 2015: $25,813,355Net Assets 2015: $29,715,9662015Assets 2016: $58,270,150Liabilities 2016: $25,909,743Net Assets 2016: $32,360,4072016Assets 2017: $57,560,107Liabilities 2017: $26,105,945Net Assets 2017: $31,454,1622017Assets 2018: $76,543,973Liabilities 2018: $20,611,811Net Assets 2018: $55,932,1622018Assets 2019: $72,241,712Liabilities 2019: $19,329,786Net Assets 2019: $52,911,9262019Assets 2020: $72,171,436Liabilities 2020: $20,828,445Net Assets 2020: $51,342,9912020Assets 2022: $59,386,544Liabilities 2022: $15,251,921Net Assets 2022: $44,134,6232022Assets 2025: $46,962,942Liabilities 2025: $11,897,892Net Assets 2025: $35,065,0502025

Highlighted filing

2016

Assets$58,270,150
Liabilities$25,909,743
Net Assets$32,360,407

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$20M$0-$20MExpenses 2010: $12,010,3592010Expenses 2011: $14,284,0332011Expenses 2012: $14,066,8402012Expenses 2013: $13,744,8492013Revenue 2014: $12,225,685Expenses 2014: $14,114,077Net Income 2014: -$1,888,3922014Revenue 2015: $13,075,090Expenses 2015: $13,727,426Net Income 2015: -$652,3362015Revenue 2016: $11,436,346Expenses 2016: $12,954,745Net Income 2016: -$1,518,3992016Revenue 2017: $11,746,316Expenses 2017: $12,666,067Net Income 2017: -$919,7512017Revenue 2018: $39,339,144Expenses 2018: $14,874,914Net Income 2018: $24,464,2302018Revenue 2019: $9,340,055Expenses 2019: $12,404,445Net Income 2019: -$3,064,3902019Revenue 2020: $10,144,788Expenses 2020: $11,592,619Net Income 2020: -$1,447,8312020Revenue 2022: $9,310,938Expenses 2022: $12,837,570Net Income 2022: -$3,526,6322022Revenue 2025: $8,978,301Expenses 2025: $11,282,461Net Income 2025: -$2,304,1602025

Highlighted filing

2016

Revenue$11,436,346
Expenses$12,954,745
Net Income-$1,518,399
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 3, 2017
Return Version
2015v3.0
Gross Receipts
$11,452,850
Mission and Program Overview

Mission

See schedule o for the full mission statement of boricua college.

Boricua college is committed to the principle that culture cannot be separated from education. Boricua aims to provide a solid foundation through individualized programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,918,067$13,459,895▼ $458,172
Investments in Publicly Traded Securities$572,109$662,388▲ $90,279
Accounts Receivable$778,915$602,898▼ $176,017
Pledges and Grants Receivable$362,879$212,628▼ $150,251
Savings and Temporary Cash Investments$864,329$128,497▼ $735,832
Prepaid Expenses and Deferred Charges$116,557$111,152▼ $5,405
Cash and Non-Interest-Bearing Accounts$2,025$2,025→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$55,529,321$58,270,150▲ $2,740,829
Other Assets Total$38,914,440$43,090,667▲ $4,176,227
Liabilities
Mortgage Notes Payable Secured by Investment Property$24,039,188$24,149,107▲ $109,919
Accounts Payable and Accrued Expenses$1,435,084$1,300,150▼ $134,934
Other Liabilities$244,903$435,813▲ $190,910
Deferred Revenue$94,180$24,673▼ $69,507
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$25,813,355$25,909,743▲ $96,388
Net Assets / Fund Balance
Unrestricted Net Assets$28,466,196$31,096,200▲ $2,630,004
Temporarily Rstr Net Assets$1,174,770$1,189,207▲ $14,437
Permanently Rstr Net Assets$75,000$75,000→ $0
Total Net Assets Fund Balance$29,715,966$32,360,407▲ $2,644,441
Total Liabilities and Net Assets / Fund Balance$55,529,321$58,270,150▲ $2,740,829

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$11,178,871$4,697,819$15,876,690
Equipment$229,542$4,272,596$4,502,138
Other Land Buildings$415,924$2,008,727$2,424,651
Buildings$820,236$1,575,060$2,395,296
Land$815,322-$815,322
Other Assets Org$56,259--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$647,950-▲ $14,438-$662,388
2015$636,068-▲ $11,882-$647,950
2014$644,370-▼ $8,302-$636,068
2013$639,100-▲ $5,270-$644,370
2012$629,860-▲ $9,240-$639,100
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Victor Alicea PhDPresidentFT$162,328$23,850$186,178
shivaji senguptavice pres of academic affairsFT$86,647$27,192$113,839
john guzmanVP for academic planning progFT$79,357$18,370$97,727
irving ramirezVP for information technologyFT$77,722$13,041$90,763
elias oyolafinance directorFT$74,576$13,266$87,842
maria montes-moralessenior vice presientFT$39,445$11,927$51,372
Revenue and Support

Revenue Composition

Contributions and Grants
$74,723
Program Service Revenue
$10,981,719
Investment Income
$15,349
Other Revenue
$364,555
All Other Contributions
$21,651
Change in Net Assets
$-1,518,399

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,436,346
Revenue Not Reported on Form 990
$16,504
Total Revenue per Audited Statements
$11,452,850
Total Revenue per Form 990
$11,436,346
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$8,718,905
Other Expenses$4,163,552
Grants and Similar Amounts Paid$72,288
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,526,186$667,670-$6,193,856
Other Employee Benefits$1,072,484$164,740-$1,237,224
Occupancy$691,540$166,293-$857,833
Depreciation Depletion$790,243$20,520-$810,763
Interest$326,606$378,212-$704,818
Current Officers, Directors, Trustees, and Key Employees$260,239$356,684-$616,923
Payroll Taxes$510,419$67,087-$577,506
Office Expenses$294,665$58,946-$353,611
Insurance$167,575$67,861-$235,436
Advertising$170,004$190-$170,194
Information Technology-$122,874-$122,874
Fees for Services Legal-$118,439-$118,439
Pension Plan Contributions$81,904$11,492-$93,396
Other Expenses$27,081$55,404-$82,485
Grants to Domestic Individuals$72,288--$72,288
Fees for Services Accounting-$65,500-$65,500
Travel$4,346$33,551-$37,897
All Other Expenses$9,204$15,754-$24,958
Fees for Services Other$10,000$13,163-$23,163
Conferences and Meetings$7,100--$7,100
Total Functional Expenses$10,095,074$2,859,671$0$12,954,745

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$12,971,249
Expenses per Audited Statements$12,954,745
Total Expenses per Form 990$12,954,745
Expenses Not Reported on Form 990$16,504
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Loans Payable$190,000
Due to Founders$132,340
Tenant Security Deposits$113,473
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The form 990 is prepared by a CPA firm with professional experience in the completion of the form. it is then reviewed and approved by the finance personnel and President prior to submission to the Department of the Treasury. The form is provided to the board during the review process or after filing of the form based on the timing of the board meetings.

Form 990, Part VI, Section B, Line 15

the organization has a special committee which is responsible for the hiring of executive officers. Compensation packages are established based on comparability and other factors and are reviewed and approved annually during the approval of the budget by the board.

Form 990, Part VI, Section C, Line 19

the organization provides the information upon request.

Form 990, Part VI, Section B, Line 12A

THE SCHOOL HAS A CONFLICT OF INTEREST POLICY TO PREVENT THE PERSONAL INTEREST OF BOARD MEMBERS FROM INTERFERING WITH THE PERFORMANCE OF THEIR DUTIES TO THE COLLEGE, OR THE RESULT IN PERSONAL FINANCIAL, PROFESSIONAL, OR POLITICAL GAIN AT THE EXPENSE OF THE COLLEGE. BOARD MEMBERS ARE REQUIRED TO DISCLOSE IN WRITING ANY CONFLICTS OF INTEREST TO THE EXECUTIVE COMMITTEE. Annual conflict of interest forms are required to be signed by all board members and key employees.

Form 990, Part VI, Page 6, Section B, Line 13

THE SCHOOL'S WHISTLEBLOWER POLICY IS INTENDED TO ENCOURAGE EMPLOYEES TO RAISE SERIOUS CONCERNS WITH THE SCHOOL PRIOR TO SEEKING RESOLUTION OUTSIDE THE AGENCY. THE POLICY ENCOURAGES EMPLOYEES TO SHARE QUESTIONS, CONCERNS, SUGGESTIONS OR COMPLAINTS WITH SOMEONE WHO CAN ADDRESS THEM PROPERLY. IN MOST CASES, AN EMPLOYEE'S PRIMARY SUPERVISOR IS IN THE BEST POSITION TO ADDRESS AN AREA OF CONCERN. HOWEVER, IF AN EMPLOYEE IS NOT COMFORTABLE SPEAKING WITH HER/HIS SUPERVISOR OR IS NOT SATISFIED WITH THE SUPERVISOR'S RESPONSE, IS ENCOURAGED TO SPEAK WITH HER/HIS SENIOR MANAGER. SENIOR MANAGERS ARE REQUIRED TO REPORT SUSPECTED VIOLATIONS TO the College's COMPLIANCE OFFICER, WHO HAS SPECIFIC AND EXCLUSIVE RESPONSIBILITY TO INVESTIGATE ALL REPORTED VIOLATIONS.

Filing and Contact Details

Filer

Filer Name
Boricua College
EIN
51-0175975
In Care Of
% ELIAS OYOLA
Phone
2126941000
Address
3755 BROADWAY, NEW YORK, NY 10032

Signing Officer

Name
Victor G Alicea Phd
Title
President
Phone
2126941000
Signed
2017-05-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
VICTOR ALICEA PhD
Formed
1994
Legal Domicile
Ny
Voting Board Members
14
Independent Board Members
13
Employees
399
Volunteers
13

Preparer

Firm
WithumSmithBrown PC
Address
1 SPRING STREET, NEW BRUNSWICK, NJ 08901
Preparer
Catherine Bendall
Phone
7328281614
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 1

The typical boricua student is an adult with a bilingual and bicultural background with family and employment responsibilities. The mission and goals of the college are therefore rooted in three principles of institutional identity: - as a puerto rican institution, boricua college seeks to strengthen puerto rican and latino culture through a bilingual and bicultural approach to all learning. To emphasize this commitment to the inseparability between culture and education, the college offers a program of individualized instruction that aims at enhancing personal learning styles, that takes into consideration the educational and economic difficulties experienced by puerto ricans and spanish-speaking people, and other minorities underrepresented in higher education. By focusing its learning activities on solutions to problems facing these communities, the college prepares students for effective community leadership. - as a liberal arts institution, boricua college aims for high standards of academic performance from both students and faculty. Its curriculum offers students a solid grounding in the concepts and methods of the humanities, social and physical sciences, while providing for careful attention to the development of personal and intellectual skills. All students are expected to acquire a solid foundation in the liberal arts, regardless of their chosen career path. - as a non-traditional institution, boricua offers students the opportunity to design highly individualized learning programs that may be pursued at their own pace to meet their own intellectual and career goals. Learning activities are not confined within college walls. Instead, they unite, in creative and stimulating ways, the world of scholarship and work. Boricua evaluates student progress through multiple measures that reflect the diversity of student goals and recognizes student achievements, both prior to and during enrollment, as worthy of academic credit. Enrollment, as worthy of academic credit.

Form 990, Part III, Line 4A

Boricua College is an independent, private, liberal arts and science, professional not-for-profit college. With four locations located in New York - Manhattan Campus, Bronx Campus and two locations in Brooklyn. Boricua College enrolls approximately 1,200 full-time students in programs leading to Bachelor of Science, Bachelor of Arts, Master of Arts, and Master of Science degrees. There are Five Ways of Learning and Modes of Instruction utilized In all its academic programs, Boricua College has a unique pattern of diversified modes of instruction and ways of learning implemented through five curricular areas. For most students, going to college means taking courses in an institution of higher education, attending lectures on various academic subjects such as history, physics, or math, and taking examinations on those subjects at the end of each term. At Boricua College, lecture-discussion courses constitute an excellent way for college students to master some kinds of information such as knowledge of specifics, methodology, and universal concepts and themes. Such "theoretical studies," however, are only one of five distinct ways in which students are educated and receive academic credit at Boricua. An explanation of each of the five modes of instruction and the way they are integrated into a singular program of student growth and development is described below. - Individualized Instruction: In the courses that use this mode of instruction and way of learning every student meets individually with their assigned full-time faculty member for one hour per week throughout the academic cycle to plan, implement and evaluate a program of learning determined by the curriculum, and designed to meet that student's educational needs and career aspirations. During the first two years, individualized instruction emphasizes the development of carefully identified generic intellectual skills required for the mastery of the basic principles of knowledge of the humanities, social sciences and natural sciences. During the next two years, individualized instruction takes on a more disciplinary character as the student is helped to develop the breadth and depth of intellectual skills and apply them in learning the concepts and literature of his/her field of specialization. In all these courses, a system of instructional modules, developed by the faculty are used as the primary text to guide instruction. - Colloquium: A second unique way of learning at Boricua involves the use of small- group colloquia comprising eight to ten students who meet once a week with their assigned full-time faculty to exchange, share, discuss, and evaluate ideas, issues and problems related to the learning program of the group members. A particular objective of the courses taught through colloquia in the first two years is the development of affective skills necessary for life-long learning and acquisition of knowledge. During the next two years the Colloquium takes on a more disciplinary character as students are helped to develop the breadth and depth of the affective skills and the values inherent in their fields of specialization. - Experiential Studies: This mode of learning involves carefully designed structured experiences of "learning by doing." It aims to develop students' awareness of how simple psychomotor skilled movements evolve into complex professional skills. In the students' first year they participate in structured field experiences under the guidance of their assigned full-time faculty to sharpen their sensory and perceptual awareness and observational skills. They continue on to courses that increase body sensory awareness, physical abilities and complex instrumental skills that integrate the psychomotor with cognitive skills. In the next two years and beyond, the student participates in carefully designed workshops, studio activities and supervised internships related to their academic disciplines and professional goals. - Theoretical Studies: A fourt

Form 990, part XI, line 9 other changes in net assets

During the year ended June 30, 2016 there was an adjustment to net present value on the land lease of -$9,247,774 and a gain on purchase of an investment fund of $13,410,614 for a net gain of $4,162,840 that was recorded as revenue in the GAAP financial statements but has been shown as an other adjustment to net assets in the Form 990.

Form 990, Part III, Line 2

During the year ended june 30, 2016, boricua college purchased the interests of an investment fund through a wholly owned subsidiary, jibaro ny, llc.

Financial Statement Notes

Form 990, Schedule D, Part X, Line 2

The College is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. The College is also exempt from state income taxes. Accordingly, no provision for income taxes has been recorded in the statements of activities and change in net assets. The College has no unrecognized tax benefits at June 30, 2016 and 2015. In addition, the College has no income tax related penalties or interest for the period reported in these financial statements.

FORM 990, SCHEDULE D, Part XI line 2D and XII line 2D

Part XI and Part XII, Line 4b Rental expenses of $16,504 have been shown as a reduction of rental income on the form 990. The rental revenue and expenses were shown gross in the audited financial statements in accordance with US GAAP. Additionally in Part XI, line 4b there is an amount for adjustment to net present value and gain on purchase of investment fund included in the GAAP financial statements as revenue that has been included as an adjustment to net assets in Part XI of the form 990.

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IRS990/Desc0Boricua College is an independent, private, liberal arts and science, professional not-for-profit college. With four locations located in New York - Manhattan Campus, Bronx Campus and two locations in Brooklyn. Boricua College enrolls approximately 1,100 full-time students in programs leading to Bachelor of Science, Bachelor of Arts, Master of Arts, and Master of Science degrees (SEE SCHEDULE O FOR DETAILS).
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IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13President
IRS990/Form990PartVIISectionAGrp/TitleTxt14vice pres of academic affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt15vp for information technology
IRS990/Form990PartVIISectionAGrp/TitleTxt16vp for academic planning prog
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IRS990/MissionDesc0THE TYPICAL BORICUA STUDENT IS AN ADULT WITH A BILINGUAL AND BICULTURAL BACKGROUND WITH FAMILY AND EMPLOYMENT RESPONSIBILITIES. THE MISSION AND GOALS OF THE COLLEGE ARE THEREFORE ROOTED IN THREE PRINCIPLES OF INSTITUTIONAL IDENTITY (SEE SCHEDULE O FOR FULL MISSION DETAILS).
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IRS990/ProgramServiceRevenueGrp/Desc0TUITION

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$47.0$11.9$35.1$8.98$11.3$2.30
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$59.4$15.3$44.1$9.31$12.8$3.53
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$72.2$20.8$51.3$10.1$11.6$1.45
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$72.2$19.3$52.9$9.34$12.4$3.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$76.5$20.6$55.9$39.3$14.9$24.5
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.6$26.1$31.5$11.7$12.7$0.92
2016Detailed filing. Detailed filing data is available for this year.$58.3$25.9$32.4$11.4$13.0$1.52
2015Detailed filing. Detailed filing data is available for this year.$55.5$25.8$29.7$13.1$13.7$0.65
2014Detailed filing. Detailed filing data is available for this year.$57.5$27.7$29.8$12.2$14.1$1.89
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$34.6$17.0$17.6$13.7
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.5$18.8$16.7$14.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.5$19.1$16.4$14.3
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.4$5.81$4.58$12.0