Civic Intelligence

Palm Beach Atlantic University Inc.

990 • Fiscal year 2021 • EIN 59-1092732

Jul 01, 2020 to Jun 30, 2021 • Filed on Apr 12, 2022

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

47th percentile

0.24x

Higher debt load relative to assets than 47% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

52nd percentile

0.48x

Higher debt load relative to revenue than 52% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Net Margin

25th percentile

0.4%

Higher net margin than 25% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

73rd percentile

$769,890

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Asset Growth

47th percentile

10%

Faster asset growth than 47% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Revenue Growth

30th percentile

2.1%

Faster revenue growth than 30% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Assets

Up

$243,912,659

Up $23,089,459 (+10%) from 2020

Net Assets

Up

$186,547,207

Up $15,169,517 (+8.9%) from 2020

Liabilities

Up

$57,365,452

Up $7,919,942 (+16%) from 2020

Revenue

Up

$119,213,584

Up $2,487,476 (+2.1%) from 2020

Expenses

Down

$118,783,963

Down $355,736 (-0.3%) from 2020

Net Income

Up

$429,621

Up $2,843,212 (+118%) from 2020

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

2021

Assets$243,912,659
Liabilities$57,365,452
Net Assets$186,547,207

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

2021

Revenue$119,213,584
Expenses$118,783,963
Net Income$429,621
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Apr 12, 2022
Return Version
2020v4.2
Gross Receipts
$119,245,613
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$110,077,635$105,837,432▼ $4,240,203
Investments Other Securities$58,017,765$73,152,706▲ $15,134,941
Pledges and Grants Receivable$26,662,719$25,753,323▼ $909,396
Cash and Non-Interest-Bearing Accounts$16,690,340$16,457,047▼ $233,293
Savings and Temporary Cash Investments$3,141,271$3,971,390▲ $830,119
Prepaid Expenses and Deferred Charges$3,319,005$3,241,763▼ $77,242
Other Notes and Loans Receivable, Net$1,084,156$2,759,768▲ $1,675,612
Accounts Receivable$1,165,984$1,327,505▲ $161,521
Investments in Publicly Traded Securities$664,325$965,686▲ $301,361
Total Assets$220,823,200$243,912,659▲ $23,089,459
Other Assets Total$0$10,446,039▲ $10,446,039
Liabilities
Tax Exempt Bond Liabilities$34,414,658$32,101,258▼ $2,313,400
Other Liabilities$2,977,963$12,854,326▲ $9,876,363
Deferred Revenue$5,388,506$8,085,406▲ $2,696,900
Accounts Payable and Accrued Expenses$6,664,383$4,324,462▼ $2,339,921
Total Liabilities$49,445,510$57,365,452▲ $7,919,942
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$93,089,561$93,449,938▲ $360,377
Net Assets With Donor Restrictions$78,288,129$93,097,269▲ $14,809,140
Total Net Assets Fund Balance$171,377,690$186,547,207▲ $15,169,517
Total Liabilities and Net Assets / Fund Balance$220,823,200$243,912,659▲ $23,089,459

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$62,652,162$85,925,828$148,577,990
Land$23,177,258-$23,177,258
Equipment$5,486,271$15,088,271$20,574,542
Other Land Buildings$14,375,441-$14,375,441
Leasehold Improvements$146,300$31,710$178,010
Other Securities$70,439,672--
Closely Held Equity Interests$2,713,034--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$85,378,000$2,732,000▲ $14,269,000$352,251$97,750,000
2019$85,935,291$2,369,506▲ $1,319,789$424,780$85,378,000
2018$85,658,707$1,016,094▲ $2,218,387-$85,935,291
2017$81,170,465$2,133,989▲ $5,355,464$422,546$85,658,707
2016$77,129,027$1,225,000▲ $6,517,918$842,860$81,170,465
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
William FlemingPresident (former)-$506,458$263,432$769,890
Dr Debra a SchwinnPresidentFT$329,852$78,528$408,380
John KautzVice President for FinanceFT$189,082$33,738$222,820
Jeffrey LewisDean of Gregory School ofFT$188,555$31,940$220,495
Randolph E RichardsProvost, CAOFT$162,932$48,643$211,575
Connie ShepherdExecutive VP Strategy & PlFT$152,027$40,129$192,156
Mary CopelandProfessorFT$163,766$27,227$190,993
Timothy WorleyVice President for Admiss.FT$155,427$35,452$190,879
Laura BishopExecutive VP for AdvancementFT$151,146$35,103$186,249
Samuel VoorhiesAssociate ProfessorFT$136,657$25,367$162,024
Dana StrachanAssociate Dean for AcademiFT$130,412$23,208$153,620
Robert LloydDean of the School of ArtsFT$118,232$33,961$152,193
Mona HicksVice President for Human ResourcesFT$114,762$8,433$123,195
Bernard CuetoVice President for Spiritual Development & CampusFT$102,459$18,531$120,990
Robert LutzVice President for Student DevelopmentFT$92,894$15,310$108,204

Highest Paid Contractors

ContractorServicesLocationCompensation
Millenia Lakes Owner I LPRent591 WEST PUTNAM AVENUE, Greenwich, CT 06830$251,635
Templeton & Company LLPAccounting222 LAKEVIEW AVE STE 1200, West Palm Beach, FL 33401$191,339
Love 900 LLCRentPO BOX 28 GEDNEY STATION, White Plains, NY 10605$185,411
TimelymdTelehealth Provider1315 S ADAMS ST, Fort Worth, TX 76104$138,960
Shutts & Bowen LLPLegal200 S BISCAYNE BOULEVARD STE 4100, Miami, FL 33131$131,708
Revenue and Support

Revenue Composition

Contributions and Grants
$18,629,928
Program Service Revenue
$99,385,955
Investment Income
$1,105,610
Other Revenue
$92,091
All Other Contributions
$9,092,050
Change in Net Assets
$429,621

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded9$2,095,346Fair Market Value
Other Non Cash Contri Table1$94,032Fair Market Value
Total Noncash Contributions10$2,189,378-

Audited Revenue Reconciliation

Revenue per Audited Statements
$77,898,530
Revenue Not Reported on Financial Statements
$41,315,054
Revenue Not Reported on Form 990
$14,743,786
Other Revenue Adjustments
$41,276,305
Total Revenue per Audited Statements
$92,642,316
Total Revenue per Form 990
$119,213,584
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$41,276,305
Salaries, Compensation, and Employee Benefits$40,438,499
Other Expenses$37,069,159
Total Fundraising Expense$1,716,250
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$41,276,305--$41,276,305
Other Salaries and Wages$24,616,169$2,457,913$858,100$27,932,182
Depreciation Depletion$6,467,616$311,134-$6,778,750
Other Employee Benefits$2,920,210$3,027,213$114,866$6,062,289
All Other Expenses$2,060,465$1,189,664-$3,250,129
Current Officers, Directors, Trustees, and Key Employees$922,052$1,954,607$260,300$3,136,959
Other Expenses$2,823,225$244,953-$3,068,178
Office Expenses$1,790,169$1,042,209$128,379$2,960,757
Fees for Services Other$197,546$2,486,228$228,567$2,912,341
Payroll Taxes$1,737,236$341,767$82,128$2,161,131
Insurance$1,992,094$95,833-$2,087,927
Information Technology$396,306$1,579,098-$1,975,404
Advertising$794,252$699,953$9,025$1,503,230
Pension Plan Contributions$936,041$179,448$30,449$1,145,938
Interest$1,015,723$48,863-$1,064,586
Occupancy$404,581$288,744-$693,325
Travel$313,470$14,922$4,436$332,828
Fees for Services Accounting-$232,973-$232,973
Fees for Services Legal-$221,841-$221,841
Fees for Service Investment Mgmnt Fees-$138,194-$138,194
Total Functional Expenses$99,169,727$17,897,986$1,716,250$118,783,963

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$118,783,963
Total Expenses per Audited Statements$77,472,799
Expenses per Audited Statements$77,468,909
Expenses Not Reported on Financial Statements$41,315,054
Other Expense Adjustments$41,276,305
Expenses Not Reported on Form 990$3,890
International Activity

International Summary

Offices
0
Employees
0
Spending
$389,358

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, Columbia, Costa Rica, Czech Republic, Ecuador, France, Germany, Greece, Haiti, India, Italy, Jordan, Mexico, New Zealand, South Africa, South Korea, Spain, Uganda, United Kingdom, and Zambia.00$389,358
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$5,900
Fundraising Direct Expenses$3,890
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Alumni Golf Tournament$30,150$5,900$3,890$2,010
Total Events$30,150$5,900$3,890$2,010
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 BurkeSpouse Is Owner of Hedrick Brothers Construction Co., Inc.Building Permits and Construction ServicesNo$2,314,473
Vice Chairman Mike StevensMarshall and Vera Lea Rinker FoundationInterest on Paint Store LoanNo$75,000
Trustee Scott HawkinsShareholder in Jones, Foster, Johnson and Stubbs, P.a.Legal ServicesNo$33,461
Trustee James Jenkins and Trustee JElder at Memorial Presbyterian ChurchProperty RentalNo$28,247
Trustee John LittleJohn Little Attorney at Gunster YoakleyLegal ServicesNo$11,165
Trustee James ScrogginsPastor at First Baptist Church of West Palm Beach, Inc.Ministry Partnership AgreementNo$250
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Obligations$10,446,039
Cash Flow Hedge$1,102,456
Deposits and Other Liabilities$1,032,061
Annuities Payable$188,986
Advances From Federal Government for Student Loans$84,784

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 35% controlled entity
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 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 members of the board of trustees.

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 approval upon the recommendation of 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
Dr Debra a Schwinn
Title
President
Phone
5618032004
Signed
2022-04-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Debra a Schwinn
Formed
1968
Legal Domicile
Fl
Voting Board Members
28
Independent Board Members
28
Employees
1,325
Volunteers
175

Preparer

Firm
Templeton & Company Llp
Address
222 LAKEVIEW AVENUE SUITE 1200, WEST PALM BEACH, FL 33401
Preparer
Richard Juback
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 581,900. Change in value of split-interest trusts 1,300,996.

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, for faculty salaries, and professional development and maintain facilities.

PART X, LINE 2:

The university has been recognized by the internal revenue service (irs) 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, 2021 and 2020, there were no interest or penalties recorded or included in the university's financial statements. The university is no longer subject to income tax examinations for years prior to 2018. Earnings from unrelated business activities were not significant for the years ended june 30, 2021 and 2020; therefore, no related income taxes are accrued in the accompanying financial statements.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense 3,890. Unrealized cash flow hedge loss 581,900. Change in value of split-interest trusts 1,300,996.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Unsponsored scholarships 30,238,950. Sponsored scholarships 2,931,015. Athletic scholarships 2,835,806. Pell grants 4,087,011. Higher education emergency relief 1,183,523.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense 3,890.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Unsponsored scholarships 30,238,950. Sponsored scholarships 2,931,015. Athletic scholarships 2,835,806. Pell grants 4,087,011. Higher education emergency relief 1,183,523.

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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 4,133 FULL AND PART-TIME STUDENTS IN 55 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 APPROXIMATELY 3,162 STUDENTS.
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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