Civic Intelligence

Palm Beach Atlantic University Inc.

990 • Fiscal year 2017 • EIN 59-1092732

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 02, 2017

901 S Flagler DriveWest Palm Beach, FL 33401

(561) 803-2083

Siviq Scores

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

Liabilities / Assets

41st percentile

0.23x

Higher debt load relative to assets than 41% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

48th percentile

0.47x

Higher debt load relative to revenue than 48% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Net Margin

34th percentile

0.2%

Higher net margin than 34% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

29th percentile

$315,755

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Asset Growth

32nd percentile

2.0%

Faster asset growth than 32% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

31st percentile

0.1%

Faster revenue growth than 31% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Assets

Up

$218,876,299

Up $4,363,461 (+2.0%) from 2016

Net Assets

Up

$167,968,462

Up $5,474,960 (+3.4%) from 2016

Liabilities

Down

$50,907,837

Down $1,111,499 (-2.1%) from 2016

Revenue

Up

$108,626,105

Up $160,536 (+0.1%) from 2016

Expenses

Up

$108,430,709

Up $2,753,336 (+2.6%) from 2016

Net Income

Down

$195,396

Down $2,592,800 (-93%) from 2016

Historical Trend

Balance Sheet Trend

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

$400M$300M$200M$100M$0Assets 2010: $184,559,133Liabilities 2010: $52,272,786Net Assets 2010: $132,286,3472010Assets 2011: $193,881,010Liabilities 2011: $49,465,716Net Assets 2011: $144,415,2942011Assets 2012: $196,323,019Liabilities 2012: $53,990,676Net Assets 2012: $142,332,3432012Assets 2013: $202,964,281Liabilities 2013: $51,526,734Net Assets 2013: $151,437,5472013Assets 2014: $214,704,905Liabilities 2014: $51,149,770Net Assets 2014: $163,555,1352014Assets 2015: $217,649,725Liabilities 2015: $55,015,852Net Assets 2015: $162,633,8732015Assets 2016: $214,512,838Liabilities 2016: $52,019,336Net Assets 2016: $162,493,5022016Assets 2017: $218,876,299Liabilities 2017: $50,907,837Net Assets 2017: $167,968,4622017Assets 2018: $221,631,922Liabilities 2018: $47,048,480Net Assets 2018: $174,583,4422018Assets 2019: $219,345,774Liabilities 2019: $45,189,678Net Assets 2019: $174,156,0962019Assets 2020: $220,823,200Liabilities 2020: $49,445,510Net Assets 2020: $171,377,6902020Assets 2021: $243,912,659Liabilities 2021: $57,365,452Net Assets 2021: $186,547,2072021Assets 2022: $276,408,667Liabilities 2022: $66,058,413Net Assets 2022: $210,350,2542022Assets 2023: $311,756,131Liabilities 2023: $74,095,769Net Assets 2023: $237,660,3622023Assets 2024: $358,293,038Liabilities 2024: $123,538,207Net Assets 2024: $234,754,8312024

Highlighted filing

2017

Assets$218,876,299
Liabilities$50,907,837
Net Assets$167,968,462

Operations Trend

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

$200M$150M$100M$50M$0-$50MExpenses 2010: $79,837,2892010Expenses 2011: $83,899,6212011Expenses 2012: $85,121,5832012Expenses 2013: $89,136,7692013Revenue 2014: $105,198,462Expenses 2014: $95,950,532Net Income 2014: $9,247,9302014Revenue 2015: $102,880,444Expenses 2015: $101,896,904Net Income 2015: $983,5402015Revenue 2016: $108,465,569Expenses 2016: $105,677,373Net Income 2016: $2,788,1962016Revenue 2017: $108,626,105Expenses 2017: $108,430,709Net Income 2017: $195,3962017Revenue 2018: $119,320,652Expenses 2018: $111,520,097Net Income 2018: $7,800,5552018Revenue 2019: $112,532,514Expenses 2019: $115,643,637Net Income 2019: -$3,111,1232019Revenue 2020: $116,726,108Expenses 2020: $119,139,699Net Income 2020: -$2,413,5912020Revenue 2021: $119,213,584Expenses 2021: $118,783,963Net Income 2021: $429,6212021Revenue 2022: $154,657,206Expenses 2022: $127,072,588Net Income 2022: $27,584,6182022Revenue 2023: $161,436,330Expenses 2023: $141,222,958Net Income 2023: $20,213,3722023Revenue 2024: $138,472,309Expenses 2024: $149,222,950Net Income 2024: -$10,750,6412024

Highlighted filing

2017

Revenue$108,626,105
Expenses$108,430,709
Net Income$195,396
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 2, 2017
Return Version
2016v3.0
Gross Receipts
$108,795,995
Mission and Program Overview

Mission

The mission of palm beach atlantic university is to prepare students for lifelong learning and leadership by offering excellent undergraduate, graduate and professional programs of study in the arts, humanities, sciences and selected professions.

Pba is a private christian university offering undergraduate, graduate & professional programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$104,520,474$110,087,215▲ $5,566,741
Investments in Publicly Traded Securities$44,122,781$49,624,706▲ $5,501,925
Pledges and Grants Receivable$29,874,771$29,070,519▼ $804,252
Cash and Non-Interest-Bearing Accounts$13,255,997$12,142,552▼ $1,113,445
Savings and Temporary Cash Investments$13,215,612$9,113,355▼ $4,102,257
Investments Other Securities$5,552,919$4,820,768▼ $732,151
Prepaid Expenses and Deferred Charges$2,883,898$3,013,617▲ $129,719
Accounts Receivable$751,887$761,470▲ $9,583
Other Notes and Loans Receivable, Net$334,499$242,097▼ $92,402
Total Assets$214,512,838$218,876,299▲ $4,363,461
Liabilities
Tax Exempt Bond Liabilities$40,930,032$38,986,959▼ $1,943,073
Accounts Payable and Accrued Expenses$4,617,995$6,197,793▲ $1,579,798
Other Liabilities$4,653,011$3,751,318▼ $901,693
Deferred Revenue$1,818,298$1,971,767▲ $153,469
Total Liabilities$52,019,336$50,907,837▼ $1,111,499
Net Assets / Fund Balance
Unrestricted Net Assets$88,110,731$93,251,546▲ $5,140,815
Temporarily Rstr Net Assets$53,867,492$53,014,108▼ $853,384
Permanently Rstr Net Assets$20,515,279$21,702,808▲ $1,187,529
Total Net Assets Fund Balance$162,493,502$167,968,462▲ $5,474,960
Total Liabilities and Net Assets / Fund Balance$214,512,838$218,876,299▲ $4,363,461

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$62,927,824$68,752,822$131,680,646
Equipment$5,551,619$36,830,895$42,382,514
Other Land Buildings$23,112,242-$23,112,242
Land$18,400,790-$18,400,790
Leasehold Improvements$94,740$609,045$703,785

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$77,129,027$1,225,000▲ $6,517,918$842,860$81,170,465
2015$79,782,977$625,599▼ $8,726$670,122$77,129,027
2014$80,100,088$1,069,818▲ $1,402,097$1,020,283$79,782,977
2013$73,607,439$2,018,011▲ $7,326,870$581,966$80,100,088
2012$70,028,839$624,505▲ $6,492,768$819,293$73,607,439
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
William FlemingPresidentFT$274,363$41,392$315,755
John KautzVice President for FinanceFT$194,314$17,110$211,424
Gene Fant JrProvost, CAOFT$176,689$26,282$202,971
Mary FerrillDirector of Medical MissionsFT$151,932$15,034$166,966
Daniel BrownDirector of Faculty DeveloFT$142,735$20,734$163,469
Leslie TurnerDean of Rinker School of BFT$134,789$28,255$163,044
Timothy WorleyVice President for AdmissionsFT$153,019$7,840$160,859
Vicki PughVice President for DevelopFT$139,759$15,180$154,939
Curt J CarlsonAssistant ProfessorFT$128,487$21,846$150,333
Joanne MasellaDean of School of NursingFT$127,130$18,315$145,445

Highest Paid Contractors

ContractorServicesLocationCompensation
Aramark Services INCFood, Facilities, And Uniform Services7513 CENTRAL INDUSTRIAL DR, Riviera Beach, FL 33404$4,590,442
National Management ResourcesFacilities Management113 CORPORATE PARK E, Lagrange, GA 30241$1,777,483
Hedrick Brothers Construction Co INCConstruction Services2200 CENTREPARK WEST DRIVE 100, West Palm Beach, FL 33409$1,580,694
Bms Cat INCRestoration And Construction Services303 ARTHUR ST, Fort Worth, TX 76107$1,163,075
Wellington Reserve LLCProperty Management696 NE 125 STREET, North Miami, FL 33161$654,466
Revenue and Support

Revenue Composition

Contributions and Grants
$10,223,832
Program Service Revenue
$95,449,259
Investment Income
$2,584,000
Other Revenue
$369,014
All Other Contributions
$6,529,088
Change in Net Assets
$195,396

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded39$2,294,249Fair Market Value
Other Non Cash Contri Table49$12,418Fair Market Value
Other Non Cash Contri Table55$9,175Fair Market Value
Other Non Cash Contri Table67$7,779Fair Market Value
Other Non Cash Contri Table12$2,225Fair Market Value
Other Non Cash Contri Table12$1,062Fair Market Value
Total Noncash Contributions234$2,326,908-

Audited Revenue Reconciliation

Revenue per Audited Statements
$75,015,781
Revenue Not Reported on Financial Statements
$33,610,324
Revenue Not Reported on Form 990
$5,449,454
Other Revenue Adjustments
$33,584,972
Total Revenue per Audited Statements
$80,465,235
Total Revenue per Form 990
$108,626,105
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$40,099,503
Other Expenses$34,746,234
Grants and Similar Amounts Paid$33,584,972
Total Fundraising Expense$1,477,777
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$33,584,972--$33,584,972
Other Salaries and Wages$24,893,884$3,908,532$765,870$29,568,286
Depreciation Depletion$6,127,537$511,901-$6,639,438
Other Employee Benefits$4,132,769$763,590$146,320$5,042,679
All Other Expenses$3,181,658$1,399,081$126,694$4,707,433
Other Expenses$1,281,213$1,666,287$69,086$2,947,500
Fees for Services Other$623,032$2,153,753$9,000$2,785,785
Insurance$875,799$1,666,957-$2,542,756
Payroll Taxes$1,780,120$328,903$63,025$2,172,048
Information Technology$875,205$887,071-$1,762,276
Current Officers, Directors, Trustees, and Key Employees$702,029$820,690$140,346$1,663,065
Pension Plan Contributions$1,355,078$250,371$47,976$1,653,425
Occupancy$1,150,448$496,612-$1,647,060
Interest-$1,262,978-$1,262,978
Advertising$264,834$880,845$13,657$1,159,336
Office Expenses$652,528$163,738$76,399$892,665
Travel$573,469$51,811$19,404$644,684
Fees for Services Accounting-$93,277-$93,277
Fees for Services Legal-$82,089-$82,089
Fees for Service Investment Mgmnt Fees-$25,352-$25,352
Total Functional Expenses$87,467,110$19,485,822$1,477,777$108,430,709

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$108,430,709
Total Expenses per Audited Statements$74,990,275
Expenses per Audited Statements$74,820,385
Expenses Not Reported on Financial Statements$33,610,324
Other Expense Adjustments$33,584,972
Expenses Not Reported on Form 990$169,890
International Activity

International Summary

Offices
0
Employees
0
Spending
$637,150

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Program ServicesProgram Services - Study Abroad for EducationInternational Study Available in Chile, Czech Republic, Ecuador, France, India, Italy, Jordan, Mexico, New Zealand, South Africa, Spain, Uganda and United Kingdom.00$637,150
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$221,685
Fundraising Direct Expenses$162,890
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Women of Distinction$142,547$99,674$23,454$76,220
Alumni Assn Golf Tourn.$147,981$89,676$34,915$54,761
Total Events$335,272$221,685$162,890$58,795
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Trustee Cathleen T BurkHedrick Brothers ConstructionBuilding Permits and Construction of Sports FieldNo$5,960,255
Trustee James ScrogginsPastor at First Baptist Church of West Palm Beach, Inc.Ministry Partnership AgreementNo$181,990
Trustee Mike StevensMarshall and Vera Lea Rinker FoundationRent on Quattlebaum PropertyNo$170,000
Trustee James Jenkins and Trustee JElder at Memorial Presbyterian ChurchProperty RentalNo$30,790
Chairman Scott HawkinsShareholder in Jones, Foster, Johnson and Stubbs. P.a.Legal ServicesNo$16,095
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Cash Flow Hedge$2,197,504
Deposits and Other Liabilities$789,234
Advances From Federal Government for Student Loans$433,327
Annuities Payable$331,253

Bond Issues

BondIssuerIssuedIssue PricePurpose
APalm Beach County Educational Facilities Rev Bond2012-12-19$40,375,000Finance acquisition, construction, and equipping of capital projects.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A----

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
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
Yes
Business relationship with organization members
Yes
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Daniel brown and mary ferrill are highly compensated/key employees who are married.

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

The audit committee chairman, vp of finance and controller's office reviews the form 990. The university also sends an electronic copy of the form 990 to every member of the board of trustees with a request to confirm they received it.

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

Trustees are required to file on an annual basis a disclosure and compliance statement disclosing their personal interest, direct or indirect, in any university transaction during the previous year and affirming that (i) they have read the university conflict of interest and commitment policy, (ii) they will avoid participating in any university decision in which the individual or any affiliate could be said to have personal financial or other stake in the decision or where other outside influences could influence the trustee's independent judgment. Copies of all disclosure and compliance statements shall be kept as a matter of record in the presidents office.

Form 990, Part VI, Section B, Line 15

The board reviews the compensation of the president annually. Information is collected on new and vacant positions from search committees as well as data from many sources including, but not limited to, cupa-hr, cccu, auup, florida department of labor etc. Human resources reviews the different positions, description of the positions, and the proposed salary for content and fit within the campus salary structure. Final review and approval of all full-time offers of employment at the director level and above are presented to the president for his approval upon the recommendation of the the appropriate vice president.

Form 990, Part VI, Section C, Line 19

UPON WRITTEN REQUEST.

Filing and Contact Details

Filer

Filer Name
Palm Beach Atlantic University Inc
EIN
59-1092732
Phone
5618032083
Address
901 S FLAGLER DRIVE, WEST PALM BEACH, FL 33401

Signing Officer

Name
John Kautz Iii
Title
Sr VP Finance Admin & Planning
Phone
5618032083
Signed
2017-11-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Kautz Iii
Formed
1968
Legal Domicile
Fl
Voting Board Members
32
Independent Board Members
32
Employees
1,521
Volunteers
175

Preparer

Firm
Templeton & Company Llp
Address
222 LAKEVIEW AVENUE SUITE 1200, WEST PALM BEACH, FL 33401
Preparer
John R Templeton
Phone
5617989988
Supplemental Narrative

Additional Explanations

FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

Pba is a private, independent university dedicated to the intentional integration of christian principles. As a community of learners, the university provides students with a rigorous educational environment that leads to intellectual, spiritual and personal character development.

FORM 990, PART XI, LINE 9:

Unrealized cash flow hedge gain/loss 1,150,614. Change in value of split-interest trusts 1,342,372.

FORM 990, PART XII, LINE 2C:

The university has not changed its oversight process policy.

Financial Statement Notes

PART III, LINE 4:

The university periodically receives artwork from donors for public exhibition purposes. Such artwork collection has not been recorded since the university does not have objective and measurable fair values to assign to the artwork.

PART V, LINE 4:

The intended use of the endowment funds is to generate income to provide student scholarships, to enhance certain faculty salaries, and professional development and to maintain facilities.

PART X, LINE 2:

The university has been recognized by the internal revenue service as an organization exempt from federal income taxes under section 501(c)(3) of the internal revenue code (irc). Accordingly, no provision for income taxes has been recorded in the financial statements. The university is required to operate in conformity with the provisions of the irc to maintain its exempt status. The university recognizes the tax benefit associated with tax positions taken for tax return purposes when it is more likely than not the position will be sustained. The university does not believe there are any uncertain tax positions. For the years ended june 30, 2017 and 2016, there were no interest or penalties recorded or included in the universitys financial statements. The university is no longer subject to income tax examinations for years prior to 2014.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense 162,890. Unrealized cash flow hedge gain 1,150,614. Change in value of split-interest trusts 1,342,372. Billboard rental expense 7,000.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Unsponsored scholarships 24,359,260. Sponsored scholarships 3,397,689. Athletic scholarships 2,246,866. Pell grants 3,581,157.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense 162,890. Billboard rental expense 7,000.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Unsponsored scholarships 24,359,260. Sponsored scholarships 3,397,689. Athletic scholarships 2,246,866. Pell grants 3,581,157.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0PALM BEACH ATLANTIC UNIVERSITY PROVIDES HIGHER EDUCATION TO APPROXIMATELY 3,764 FULL AND PART TIME STUDENTS IN 50 UNDERGRADUATE, 9 GRADUATE, AND 3 PROFESSIONAL DEGREE PROGRAMS. CONTINUING EDUCATION, STUDENT HOUSING, A DINING HALL, A BOOKSTORE, AND OTHER AUXILIARY SERVICES ARE PROVIDED FOR THE STUDENTS CONVENIENCE. FINANCIAL AID IS PROVIDED TO APPOXIMATELY 3,275 STUDENTS.
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IRS990/Form990PartVIISectionAGrp/PersonNm43LESLIE TURNER
IRS990/Form990PartVIISectionAGrp/PersonNm44JOANNE MASELLA
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$358$124$235$138$149$10.8
2023Detailed filing. Detailed filing data is available for this year.$312$74.1$238$161$141$20.2
2022Detailed filing. Detailed filing data is available for this year.$276$66.1$210$155$127$27.6
2021Detailed filing. Detailed filing data is available for this year.$244$57.4$187$119$119$0.43
2020Detailed filing. Detailed filing data is available for this year.$221$49.4$171$117$119$2.41
2019Detailed filing. Detailed filing data is available for this year.$219$45.2$174$113$116$3.11
2018Detailed filing. Detailed filing data is available for this year.$222$47.0$175$119$112$7.80
2017Detailed filing. Detailed filing data is available for this year.$219$50.9$168$109$108$0.20
2016Detailed filing. Detailed filing data is available for this year.$215$52.0$162$108$106$2.79
2015Detailed filing. Detailed filing data is available for this year.$218$55.0$163$103$102$0.98
2014Detailed filing. Detailed filing data is available for this year.$215$51.1$164$105$96.0$9.25
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$203$51.5$151$89.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$196$54.0$142$85.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$194$49.5$144$83.9
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$185$52.3$132$79.8