2025-05-06T09:00:31-05:00 2024-06-30 430765316 RUBINBROWN LLP 7676 FORSYTH BLVD SUITE 2100 SAINT LOUIS MO 63105 990 2023-07-01 922890279 DORSEY COLLEGE HOLDINGS DORS 2485859200 31799 JOHN R ROAD MADISON HEIGHTS MI 48071 DENISE BOCK CFO 2485859200 2025-04-24 1 0 KIMBERLY A RYAN P00829977 3142903300 2023 2025-03-06 01:10:19Z DORSEY COLLEGE DENISE BOCK 31799 JOHN R ROAD MADISON HEIGHTS MI 48071 48103648 0 X WWW.DORSEY.EDU X 2023 MI DORSEY COLLEGE IS COMMITTED TO PROVIDING QUALITY CAREER EDUCATION AND POSITIVE REINFORCEMENT TO ENABLE THE DEVELOPMENT OF SELF-ESTEEM, SELF-RELIANCE, PROFESSIONALISM AND CONFIDENCE IN ALL STUDENTS COUPLED WITH AN OBLIGATION TO SUPPORT THE DIVERSE COMMUNITIES IN WHICH THEY LIVE AND WORK. DORSEY COLLEGE REMAINS A COMMITTED CAREER TRAINING SCHOOL THAT PREPARES INDIVIDUALS FOR PROMISING CAREER OPPORTUNITIES IN THE NURSING, HEALTHCARE, EMERGENCY MEDICAL SERVICES, CULINARY ARTS, SKILLED TRADES, AND BEAUTY FIELDS. 13 13 629 14 0 0 0 0 12609525 47641310 0 0 124065 462338 12733590 48103648 189643 1178911 0 0 6118903 24141988 0 0 0 6595348 25032007 12903894 50352906 -170304 -2249258 45993893 43279235 46164197 45698797 -170304 -2419562 X DORSEY COLLEGE IS COMMITTED TO PROVIDING QUALITY CAREER EDUCATION AND POSITIVE REINFORCEMENT TO ENABLE THE DEVELOPMENT OF SELF-ESTEEM, SELF-RELIANCE, PROFESSIONALISM AND CONFIDENCE IN ALL STUDENTS COUPLED WITH AN OBLIGATION TO SUPPORT THE DIVERSE COMMUNITIES IN WHICH THEY LIVE AND WORK. DORSEY COLLEGE REMAINS A COMMITTED CAREER TRAINING SCHOOL THAT PREPARES INDIVIDUALS FOR PROMISING CAREER OPPORTUNITIES IN THE NURSING, HEALTHCARE, EMERGENCY MEDICAL SERVICES, CULINARY ARTS, SKILLED TRADES, AND BEAUTY FIELDS. 0 0 41871053 1178911 48103648 INSTRUCTIONAL - FACULTY, LIBRARY AND CURRICULUM EXPENSE FOR STUDENTS EARNING CERTIFICATE AND ASSOCIATE DEGREES SERVING APPROXIMATELY 2,100 STUDENTS AS OF THE FISCAL YEAR ENDED 6/30/2024. APPROXIMATELY 5,200 STUDENTS WERE SERVED. STUDENT SERVICES - ALONG WITH ADMISSIONS, ACADEMIC SERVICES, AND FINANCIAL AID DEPARTMENTS. 41871053 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 4632 0 629 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MI X DENISE BOCK 2485859200 31799 JOHN R ROAD MADISON HEIGHTS MI 48071 DONALD TUTTLE CHAIRMAN 1.00 1.00 X 0 0 0 HARRY CHIP PETERSON VICE CHAIRMAN 1.00 1.00 X 0 0 0 CHERYL MATEJKA COMMITTEE CHAIR 1.00 1.00 X 0 0 0 JO ANNA POLLOCK COMMITTEE CHAIR 1.00 1.00 X 0 0 0 PATRICIA PENKOSKE COMMITTEE CHAIR 1.00 1.00 X 0 0 0 JUSTIN FOUST COMMITTEE CHAIR 1.00 1.00 X 0 0 0 HAL GENTRY COMMITTEE CHAIR 1.00 1.00 X 0 0 0 LASHANA BARNES BOARD MEMBER 1.00 1.00 X 0 0 0 CYNTHIA FRISINA BOARD MEMBER 1.00 1.00 X 0 0 0 DAVID MASON BOARD MEMBER 1.00 1.00 X 0 0 0 JERRY SCHEIDEGGER BOARD MEMBER 1.00 1.00 X 0 0 0 GARY SHAW BOARD MEMBER 1.00 1.00 X 0 0 0 LAURA TAYLOR BOARD MEMBER 1.00 1.00 X 0 0 0 JIMMY WILLIAMS BOARD MEMBER (THRU 11/2023) 1.00 1.00 X 0 0 0 JOHN PORTER CORPORATE PRESIDENT/PRESIDENT (LES) 5.00 40.00 X 0 722569 31884 MARK FALKOWSKI CORPORATE SECRETARY/GENERAL COUNSEL 5.00 40.00 X 0 367925 29062 JOHN BARNES CORPORATE VP/PRESIDENT & CEO 40.00 2.00 X 255807 0 2426 DENISE BOCK CORPORATE VICE TREASURER/CFO 40.00 2.00 X 183131 0 10609 JOHN KAUFHOLD CORPORATE TREASURER/CFO (LES) 5.00 40.00 X 0 278551 21172 RICHARD REED CHIEF ADMISSIONS OFFICER 40.00 2.00 X 182301 0 10530 KIM PECK CHIEF ADMINISTRATIVE OFFICER 40.00 2.00 X 148315 0 1366 LANCE A CRAVEN SENIOR VP OF CAMPUS OPERATIONS 40.00 2.00 X 131183 0 1226 KAWESI PRICE DIRECTOR OF INFORMATION TECHNOLOGY 40.00 2.00 X 117767 0 10003 MARCHELLE MCCLEAN VP EDUCATION AND CAREER SERVICES 40.00 2.00 X 116956 0 5089 1135460 1369045 123367 7 0 1 0 MCCLINTOCK & ASSOCIATES 1370 WASHINGTON PIKE BRIDGEVILLE PA 15017 ACCOUNTING SERVICES 306148 1 INSTRUCTION 611310 47641310 47641310 47641310 462338 462338 462338 48103648 48103648 0 0 1178911 1178911 889049 442557 446492 20064231 16518995 3545236 139138 105028 34110 1365704 1043628 322076 1683866 1248299 435567 438000 438000 53220 53220 204000 204000 5133593 5133593 121883 105954 15929 961861 473686 488175 5062186 4829280 232906 56894 16425 40469 1940799 616465 1324334 1150696 1030696 120000 334486 334486 STUDENT SUPPLIES & TEST 2844726 2844726 BAD DEBT 2759210 2759210 INSTRUCTIONAL EXPENSE 2189255 2186887 2368 RECRUITMENT 472938 423662 49276 1308260 913051 395209 50352906 41871053 8481853 0 1188736 496918 647305 1533897 2053893 1538620 0 291250 806092 534878 6188842 1468996 5141600 4719846 16849996 16849996 19306271 17313830 45993893 43279235 2858291 3196371 2807009 2304683 20830220 23066667 19668677 17131076 46164197 45698797 X -170304 -2419562 -170304 -2419562 45993893 43279235 -2249258 0 X 0 1 X 1 1 1 X 4464092 972939 3491153 1724750 496057 1228693 4719846 RIGHT-TO-USE ASSETS 16470143 DUE FROM RELATED PARTIES 781334 SECURITY DEPOSITS 62353 17313830 LEASE LIABILITY 16684244 DUE TO RELATED PARTIES 446832 17131076 46924737 -1178911 -1178911 48103648 0 48103648 49173995 0 49173995 1178911 1178911 50352906 PART XI, LINE 2D - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIP ALLOWANCE -1,178,911. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIP ALLOWANCE 1,178,911. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ALL ADVERTISEMENTS (I.E. CATALOGS) INCLUDE STATEMENTS RECOMMENDED FOR IRS EXEMPT ORGANIZATIONS. DORSEY REGULARLY PUBLICIZES ITS RACIAL NONDISCRIMINATION POLICY STATEMENT IN BROADCAST MEDIA, INCLUDING PERMANENTLY ON ITS WEBSITE, AND IN OTHER MATERIALS TO HELP ENSURE IT IS KNOWN TO THE GENERAL COMMUNITY IT SERVES. SCHEDULE E, PART I, LINE 6 GOVERNMENTAL AID HAS BEEN RECEIVED THIS YEAR AS FOLLOWS: STUDENT FINANCIAL AID FROM THE U.S. DEPARTMENT OF EDUCATION, FEDERAL WORK-STUDY AND FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT PROGRAMS. 1 SCHOLARSHIPS 1518 1178911 PART I, LINE 2: ALL STUDENT AID AWARD LETTERS ARE PREPARED BY DORSEY COLLEGE'S FINANCIAL AID OFFICE. EACH AWARD LETTER HAS A STATEMENT OF CONDITIONS AND IS SIGNED BY THE STUDENT. THE BUSINESS OFFICE POSTS ALL AID TO THE STUDENT'S ACCOUNT FOR ACADEMIC USAGE. BOTH THE BUSINESS OFFICE AND THE FINANCIAL AID OFFICE MONITOR THESE FUNDS. X X 0 0 0 0 0 0 0 0 0 JOHN PORTER CORPORATE PRESIDENT/PRESIDENT (LES) 0 503875 0 218694 0 0 0 16500 0 15384 0 754453 0 0 MARK FALKOWSKI CORPORATE SECRETARY/GENERAL COUNSEL 0 299591 0 68334 0 0 0 15920 0 13142 0 396987 0 0 JOHN KAUFHOLD CORPORATE TREASURER/CFO (LES) 0 278551 0 0 0 0 0 13037 0 8135 0 299723 0 0 JOHN BARNES CORPORATE VP/PRESIDENT & CEO 255807 0 0 0 0 0 2304 0 122 0 258233 0 0 0 DENISE BOCK CORPORATE VICE TREASURER/CFO 183131 0 0 0 0 0 1452 0 9157 0 193740 0 0 0 RICHARD REED CHIEF ADMISSIONS OFFICER 182301 0 0 0 0 0 1512 0 9018 0 192831 0 0 0 A MICHIGAN FINANCE AUTHORITY 386000134 2023-12-01 24163000 RETIRE EXISTING LONG-TERM NOTE PAYABLE AND FUND ISSUANCE COST 0 1 0 A 24163000 163000 1 0 1 1 A 1 0 0 0 1.00000 1.00000 1 0 1 A 0 1 0 0 0 0 0 1 A 1 PART I, BOND ISSUE A: THE BONDS WERE ISSUED TO (I) REFINANCE AND REFUND PRIOR INDEBTEDNESS USED BY DORSEY COLLEGE TO ACQUIRE EDUCATIONAL FACILITIES AND RELATED FACILITIES WITHIN THE STATE OF MICHIGAN, AND (II) PAY COSTS OF ISSUANCE. THE BONDS ARE SECURED BY A BOND GUARANTY AGREEMENT EXECUTED BY LINDENWOOD EDUCATION SYSTEM, A MISSOURI NONPROFIT CORPORATION, AND LINDENWOOD UNIVERSITY, LLC, A MISSOURI LIMITED LIABILITY COMPANY, AS JOINT AND SEVERAL GUARANTORS. ADDITIONAL SECURITY IS PROVIDED THROUGH A SECURITIES ACCOUNT PLEDGE AGREEMENT. U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION SERVES AS BOND TRUSTEE. CLAYTON HOLDINGS, LLC PURCHASED THE BONDS. COMPLIANCE PROCEDURES: THE ORGANIZATION HAS ESTABLISHED WRITTEN PROCEDURES FOR: 1) MONITORING PRIVATE BUSINESS USE OF BOND-FINANCED FACILITIES, 2) ENSURING TIMELY IDENTIFICATION AND CORRECTION OF VIOLATIONS THROUGH REMEDIAL ACTION OR VOLUNTARY CLOSING AGREEMENT PROGRAM, 3) MAINTAINING RECORDS SUPPORTING THE TAX-EXEMPT STATUS, 4) MONITORING ARBITRAGE COMPLIANCE INCLUDING REBATE CALCULATIONS, 5) POST-ISSUANCE COMPLIANCE INCLUDING TIMELY FILINGS THE BOND INDENTURE AND LOAN AGREEMENT PROVISIONS REQUIRE THE MAINTENANCE OF TAX-EXEMPT STATUS OF THE BONDS AND INCLUDE COVENANTS RELATED TO ARBITRAGE COMPLIANCE, USE OF PROCEEDS, AND PRIVATE USE LIMITATIONS. FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF DORSEY COLLEGE HOLDINGS IS LINDENWOOD EDUCATION SYSTEM. FORM 990, PART VI, SECTION B, LINE 11B INFORMATION NEEDED TO COMPLETE THE FORM 990 IS COMPILED BY THE ACCOUNTING DEPARTMENT AND THE RETURN IS PREPARED AND SIGNED BY RUBINBROWN LLP. THE COMPLETED 990, INCLUDING REQUIRED SCHEDULES IS PROVIDED TO THE BOARD OF TRUSTEES BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C PRIOR TO A TRUSTEE ACTION ON A CONTRACT OR TRANSACTION INVOLVING A CONFLICT OF INTEREST, A TRUSTEE HAVING A CONFLICT OF INTEREST AND WHO IS IN ATTENDANCE AT THE MEETING SHALL DISCLOSE ALL FACTS MATERIAL TO THE CONFLICT OF INTEREST. A DIRECTOR OR COMMITTEE MEMBER WHO PLANS NOT TO ATTEND A MEETING AT WHICH HE OR SHE HAS REASON TO BELIEVE THAT THE BOARD OR COMMITTEE WILL ACT ON A MATTER IN WHICH THE PERSON HAS A CONFLICT OF INTEREST SHALL DISCLOSE TO THE CHAIR OF THE MEETING ALL FACTS MATERIAL TO THE CONFLICT OF INTEREST. A PERSON WHO HAS A CONFLICT OF INTEREST SHALL NOT PARTICIPATE IN OR BE PERMITTED TO HEAR THE BOARD'S OR COMMITTEE'S DISCUSSION OF THE MATTER EXCEPT TO DISCLOSE MATERIAL FACTS AND TO RESPOND TO QUESTIONS. A PERSON WHO HAS A CONFLICT OF INTEREST WITH RESPECT TO A CONTRACT OR TRANSACTION THAT WILL BE VOTED ON AT A MEETING SHALL NOT BE COUNTED IN DETERMINING THE PRESENCE OF A QUORUM FOR PURPOSES OF THE VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES APPROVES THE CEO'S COMPENSATION CHANGES AND ANY BONSUES TO BE PAID. ALL OTHER EMPLOYEE COMPENSATION IS REVIEWED AS PART OF THE ANNUAL BUDGET PROCESS AND APPROVED BY THE BOARD OF TRUSTEES. THE AMOUNT OF COMPENSATION IS DETERMINED BY THE BOARD OF TRUSTEES. THIS BOARD OF TRUSTEES CONSISTED OF BOARD MEMBERS WITH VARIOUS PROFESSIONAL, LEGAL, AND BUSINESS BACKGROUNDS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC AT THIS TIME. THE COLLEGE WILL PROVIDE A COPY OF THE IRS FORM 990 UPON WRITTEN REQUEST TO THE COLLEGE. FORM 990, SUPPLEMENTAL INFORMATION THIS IRS FORM 990 INCLUDES THE ACTIVITIES OF DORSEY COLLEGE HOLDINGS, A MICHIGAN NONPROFIT CORPORATION, AND A WHOLLY-OWNED SUBSIDIARY OF LINDENWOOD EDUCATION SYSTEM, WHICH IS A MISSOURI NONPROFIT CORPORATION. DORSEY COLLEGE HOLDINGS WAS FORMED TO HOLD THE ACTIVITIES AND ASSETS OF DORSEY COLLEGE. THE ACTIVITIES OF LINDENWOOD EDUCATION SYSTEM ARE NOT INCLUDED ON THIS IRS FORM 990 FOR DORSEY COLLEGE HOLDINGS, SINCE THE LINDENWOOD EDUCATION SYSTEM WAS ESTABLISHED AS A 501(C)(3), AND THUS REPORTS ITS ACTIVITIES ON A SEPARATE, STAND-ALONE, IRS FORM 990. LINDENWOOD EDUCATION SYSTEM 209 SOUTH KINGSHIGHWAY ST CHARLES MO 63301 430652649 EDUCATIONAL INSTITUTION MO 501(C)(3) LINE 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0