2026-02-17T14:55:34-06:00 2025-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2024-07-01 340714777 URSULINE COLLEGE URSU 4406468301 2550 LANDER ROAD PEPPER PIKE OH 44124 DR DAVID KING PRESIDENT 4406468301 2026-02-16 1 0 CHRISTOPHER B ANDERSON P00226559 2163630100 2024 2025-03-06 01:10:19Z DR DAVID KING 2550 LANDER ROAD PEPPER PIKE OH 44124 55732629 0 X WWW.URSULINE.EDU X 1871 OH URSULINE COLLEGE OFFERS HOLISTIC EDUCATION THAT TRANSFORMS STUDENTS FOR SERVICE, LEADERSHIP AND PROFESSIONAL EXCELLENCE BY PROVIDING UNDERGRADUATE AND GRADUATE PROGRAMS THAT FOSTER LIFELONG LEARNING AND PERSONAL WISDOM IN AN ENVIRONMENT CHARACTERIZED BY: CATHOLIC ANDURSULINE HERITAGE; WOMEN-CENTERED LEARNING; VALUES-BASED CURRICULA; AND AN INCLUSIVE, GLOBAL PERSPECTIVE. 28 28 586 1 30104 29897 3370116 3808582 31190475 34039695 7855367 4023077 140622 88985 42556580 41960339 11860397 12524875 0 0 16116528 16507027 0 0 1082557 12559730 14542379 40536655 43574281 2019925 -1613942 93221543 92101874 3473541 2872159 89748002 89229715 X THE EDUCATION OF INDIVIDUALS AT BOTH THE UNDERGRADUATE AND GRADUATE LEVEL. THE COLLEGE OFFERS 35 DEGREE PROGRAMS IN THE FIELDS OF NURSING AND HEALTHCARE, BUSINESS, CREATIVE ARTS, HUMANITIES, EDUCATION, AND STEM. APPROXIMATELY 1,000 STUDENTS ATTEND THE COLLEGE IN-PERSON AND ONLINE. 0 0 39572126 12524875 34040462 THE EDUCATION OF INDIVIDUALS AT BOTH THE UNDERGRADUATE AND GRADUATE LEVEL. THE COLLEGE OFFERS 35 DEGREE PROGRAMS RANGING FROM FASHION DESIGN AND SPORTS MANAGEMENT TO EDUCATION AND DOCTOR OF NURSING PRACTICE. APPROXIMATELY 1,000 STUDENTS ATTEND THE COLLEGE IN-PERSON AND ONLINE. 39572126 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 117 0 1 586 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 28 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 0 1 1 0 X URSULINE COLLEGE 4406468301 2550 LANDER RD PEPPER PIKE OH 44124 SR LAURA BREGAR OSU TRUSTEE 0.50 X 0 0 0 AMY CHEATHAM TYE TRUSTEE 0.50 X 0 0 0 JEANNE COLLERAN TRUSTEE 0.50 X 0 0 0 TERI HERRMANN CORLETZI CHAIR 0.50 X X 0 0 0 DIXIE LEE DAVIS TRUSTEE 0.50 X 0 0 0 SR MAUREEN DOYLE OSU TRUSTEE 0.50 X 0 0 0 GEORGE J GOUDREAU JR TRUSTEE 0.50 X 0 0 0 GINA GUNNING TRUSTEE 0.50 X 0 0 0 JOCELYN JONES TRUSTEE 0.50 X 0 0 0 MARY KHOURI TRUSTEE 0.50 X 0 0 0 MHOIRE MCGRATH CADE TRUSTEE 0.50 X 0 0 0 ELIZABETH MCINTYRE TRUSTEE 0.50 X 0 0 0 SR CHERYL MENTKOWSKI OSU TRUSTEE 0.50 X 0 0 0 CYNTHIA MOORE-HARDY TRUSTEE 0.50 X 0 0 0 JOHN M NEWMAN JR CHAIR 0.50 X 0 0 0 KIMBERLEY OSBORNE-MILSTEIN TRUSTEE 0.50 X 0 0 0 ANTHONY PANZICA TRUSTEE 0.50 X 0 0 0 RAMYA RAMADURAI TRUSTEE 0.50 X 0 0 0 SR GRETCHEN RODENFELS OSU TRUSTEE 0.50 X 0 0 0 MARTIN RODRIGUEZ TRUSTEE 0.50 X 0 0 0 MICHAEL SANTELLI TRUSTEE 0.50 X 0 0 0 REGINA SAWYER TRUSTEE 0.50 X 0 0 0 MICHAEL J SILVESTRO TRUSTEE 0.50 X 0 0 0 LISA SUTTON TRUSTEE 0.50 X 0 0 0 RICHARD TURGEON TRUSTEE 0.50 X 0 0 0 PAM WRIGHT TRUSTEE 0.50 X 0 0 0 ANNETTE BLACKWELL TRUSTEE 0.50 X 0 0 0 KATHRYN LAFONTANA VP ACADEMIC AFFAIRS 37.50 X 140805 0 21294 DAVID KING PRESIDENT 37.50 X 128674 0 780 DEANNE HURLEY VP OF STUDENT AFFAIRS 37.50 X 118832 0 10729 CHERYL NOVISKI VP/CFO FINANCE 37.50 X 49670 0 5469 RICHARD M BROWN VP OF ENROLLMENT MANAGEMENT 37.50 X 130575 0 4077 ERIN BASILIUS PROGRAM DIRECTOR, PHYSICIAN ASST. 37.50 X 103991 0 18927 JANET BAKER ASSOC DEAN, GRADUATE NURSING 37.50 X 104904 0 14325 PATRICIA SHARPNACK DEAN OF NURSING&PROFESSOR 37.50 X 121420 0 14885 898871 0 90486 10 0 1 0 METZ CULINARY MANAGEMENT 2 WOODLAND DR DALLAS PA 18612 FOOD SERVICE 908840 ASSESSMENT TECHNOLOGIES 62277 COLLECTIONS CENTER DR CHICAGO IL 60693 ONLINE ASSESSMENT 401192 ALL FOR YOU JANITORIAL 11245 CAMEL LANE CHARDON OH 44024 JANITORIAL SERVICES 319000 3 ENROLLMENT MARKETING INC 352 MAIN ST 333 ONEONTA NY 13820 ADMISSION SERVICES 253269 GARDINER SERVICE COMPANY PO BOX 74805 CLEVELAND OH 44194 MAINTENANCE SERVICES 229902 5 1164217 2644365 3808582 TUITION AND FEES 900099 31127203 31127203 ROOM AND BOARD 900099 2762274 2762274 OTHER PROGRAM REVENUE 900099 122277 122277 BOOKSTORE 900099 27941 27941 34039695 2426518 -793 2427311 88218 0 88218 88218 30897 57321 14504867 863982 13552080 220210 952787 643772 1596559 1596559 ALUMNAE SNACK BAR 900099 767 767 767 41960339 34040462 30104 4081191 X 12524875 12524875 610905 553647 35626 21632 12747490 11552714 743401 451375 349488 316732 20381 12375 1822136 1651326 106261 64549 977008 885436 56977 34595 421040 421040 63835 63835 45053 45053 5741743 5202483 359925 179335 541221 520681 5952 14588 538091 483218 17035 37838 1462503 1273264 142829 46410 316832 275781 30978 10073 SUPPLIES 1161215 1150703 6942 3570 EQUIPMENT, FURNITURE 1152876 893365 221651 37860 UTILITIES 1043498 908293 102029 33176 RECRUIT., PUBLICATIONS 419780 307327 98262 14191 1634692 1072281 441421 120990 43574281 39572126 2919598 1082557 3181974 3410258 1281980 810571 959178 821565 680350 938665 235738 102523 92411161 56572546 37071395 35838615 43011258 43351930 5877480 5762514 922190 1065233 93221543 92101874 1870682 1237413 72325 69275 1530534 1565471 3473541 2872159 X 38582898 36122966 51165104 53106749 89748002 89229715 93221543 92101874 -1613942 1095655 0 X 0 1 X 1 1 1 X 3281393 8033773 4296114 3370116 3808582 22789978 3281393 8033773 4296114 3370116 3808582 22789978 2766272 20023706 1118967 1130415 1906276 5377242 2514736 12047636 -725058 -725058 34112556 149979505 0.58700 0.60430 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECIAL EVENT REVENUE - 2021 AMOUNT: $ 4,888. IMPAIRMENT LOSS - 2021 AMOUNT: $ -729,946. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 48852811 133050 4446834 4325264 49107431 49990856 -61612 5432698 4000000 2509131 48852811 49155888 1600887 5170257 5936176 49990856 58865298 1301208 -8007473 3003145 49155888 47079985 -930563 14649799 1933923 58865298 0.02490 0.55874 0.41636 0 0 179270 179270 71971392 38642011 33329381 20260499 17930535 2329964 35838615 OTHER NON-PUBLICLY TRADED INVESTMENTS 5762514 F 5762514 GOVERNMENTAL LOAN PROGRAM 1289708 OPERATING LEASE LIABILITIES 275763 1565471 X 30486066 1095655 1095655 29390411 45053 12524875 12569928 41960339 31004353 0 31004353 45053 12524875 12569928 43574281 PART V, LINE 4: INTENDED USE OF ENDOWMENT FUNDS - DISTRIBUTIONS FROM ENDOWMENT FUNDS ARE SPENT IN ACCORDANCE WITH THE DONOR'S RESTRICTIONS APPLICABLE TO FUNDS BEING DISTRIBUTED. ANNUAL DISTRIBUTIONS FROM ENDOWMENT FUNDS ARE CALCULATED USING THE AVERAGE MARKET VALUE OF INVESTABLE ASSETS OF THE PAST THREE YEARS IN THE PERMANENTLY RESTRICTED FUND. FOR THE YEAR ENDED JUNE 30, 2025, THE COLLEGE UTILIZED A SPENDING RATE OF 5% AS SET AND APPROVED BY THE BOARD OF TRUSTEES. EXPENDITURES ARE USED TO FURTHER THE EDUCATIONAL PURPOSES OF THE COLLEGE. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE - THE COLLEGE IS A NON-PROFIT ORGANIZATION THAT IS TAX EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN FOR POSSIBLE RECOGNITION AND MEASUREMENT IN THE FINANCIAL STATEMENTS BASED UPON PRESCRIBED CRITERIA. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE AND HAS CONCLUDED THAT, AS OF JUNE 30, 2025, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE SUCH RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COLLEGE'S INFORMATIONAL AND TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE IRS GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS RECORDED AS A REDUCTION OF TUITION REVENUE ON FINANCIAL STMTS. 12,524,875. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS RECORDED AS A REDUCTION OF TUITION REVENUE ON FINANCIAL STMTS. 12,524,875. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 IN ACCORDANCE WITH SECTION 4.03 OF REVENUE PROCEDURE 75-50, THE COLLEGE HAS MET THE PUBLICATION REQUIREMENT BY INCLUDING ITS RACIAL NONDISCRIMINATION POLICY IN ALL OF ITS BROCHURES AND CATALOGUES DEALING WITH STUDENT ADMISSIONS, PROGRAMS, AND SCHOLARSHIPS. THE COLLEGE ALSO POSTS ITS POLICY ON ITS WEBSITE. SCHEDULE E, PART I, LINE 6 FINANCIAL AID FROM A GOVERNMENTAL AGENCY - THE COLLEGE PARTICIPATES IN VARIOUS STATE AND FEDERAL STUDENT FINANCIAL ASSISTANCE PROGRAMS WHICH ARE REGULATED FOR COMPLIANCE BY VARIOUS GOVERNMENT DEPARTMENTS. THE COLLEGE AND ITS STUDENTS RECEIVED APPROXIMATELY $18.0 MILLION FOR THE YEAR ENDED JUNE 30, 2025; OF THIS AMOUNT, A SUBSTANTIAL PORTION IS UTILIZED FOR PAYMENT OF TUITION AND FEES. 1 SCHOLARSHIPS 960 12524875 PART I, LINE 2: MONITORING USE OF GRANT FUNDS - THE COLLEGE'S ONLY GRANT-MAKING ACTIVITY IS TO PROVIDE SCHOLARSHIPS TO THOSE STUDENTS THAT MEET CERTAIN FINANCIAL AND MERIT CRITERIA. THESE SCHOLARSHIPS ARE DEDUCTED FROM EACH RECIPIENT'S BILL FOR TUITION AND FEES. AS SUCH, THE COLLEGE IS ASSURED THAT ITS GRANTS ARE USED FOR THE INTENDED PURPOSE OF HELPING STUDENTS WITH EDUCATIONAL EXPENSES. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 KATHRYN LAFONTANA VP ACADEMIC AFFAIRS 140805 0 0 0 0 0 0 0 21294 0 162099 0 0 0 PART I, LINE 1A BENEFITS PROVIDED TO CERTAIN EMPLOYEES - THE COLLEGE PROVIDED A HOUSING ALLOWANCE AND TRAVEL FOR COMPANIONS FOR ITS PRESIDENT, DR. KING. FORM 990, PART VI, SECTION A, LINE 4 CHANGES TO GOVERNING DOCUMENTS - THE COLLEGE AMENDED AND RESTATED ITS ARTICLES OF INCORPORATION TO CHANGE ITS MEMBERS FROM THE URSULINE SISTERS TO A SOLE MEMBER, GANNON UNIVERSITY. OTHER CHANGES TO THE ARTICLES INCLUDED VARIOUS PROVISIONS NEEDED TO COMPLY WITH THE CHANGE OF CONTROL AND MERGER AGREEMENT BY AND BETWEEN URSULINE COLLEGE AND GANNON UNIVERSITY. THE MERGER WAS NOT COMPLETED BY JUNE 30, 2025. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE CORPORATION - THE MEMBERS OF THE COLLEGE ARE THE PRESIDENT OF THE URSULINE SISTERS OF CLEVELAND AND THOSE DESIGNATED BY THE LEADERSHIP TEAM OF THE URSULINE SISTERS OF CLEVELAND. EFFECTIVE JUNE 30, 2025, GANNON UNIVERSITY BECAME THE SOLE MEMBER. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS' POWER TO ELECT BOARD MEMBERS - THE MEMBERS OF THE COLLEGE HAVE THE POWER TO APPOINT ALL BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B DECISION APPROVAL BY THE MEMBERS - THE MEMBERS OF THE COLLEGE HAVE APPROVAL RIGHTS OVER CERTAIN MAJOR DECISIONS OF THE BOARD INCLUDING CHANGE IN MISSION, ELECTION OF TRUSTEES, AMENDMENTS TO ARTICLES OF INCORPORATION OR REGULATIONS, SALE OF ASSETS OUT OF THE ORDINARY COURSE OF BUSINESS, SALE OF SUBSTANTIALLY ALL ASSETS OF THE CORPORATION, AND THE MERGER OR DISSOLUTION OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B REVIEW OF FORM 990 - AFTER PREPARATION OF FORM 990 BY THE INDEPENDENT PUBLIC ACCOUNTANTS, THE CHAIR OF THE FINANCE COMMITTEE REVIEWS IT. THE FORM 990 IS THEN PROVIDED TO ALL BOARD MEMBERS PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C MONITORING AND ENFORCEMENT OF CONFLICT POLICY - THE COLLEGE REVIEWS ITS CONFLICT POLICY WITH THE BOARD ANNUALLY. ON AN ON-GOING BASIS, THE COMMITTEES OF THE BOARD INQUIRE ABOUT POTENTIAL CONFLICTS BASED UPON GENERAL KNOWLEDGE OF BUSINESS OR PERSONAL RELATIONSHIPS AMONG FELLOW BOARD MEMBERS. THE COLLEGE'S FINANCE DEPARTMENT ALSO ASSISTS WITH REVIEWING TRANSACTIONS FOR WHICH CONFLICTS MAY EXIST. WHEN A CONFLICT ARISES, THE INDIVIDUAL WITH THE CONFLICT IS NOT PERMITTED TO VOTE OR PARTICIPATE IN THE DISCUSSION OF THE PROPOSED TRANSACTION. THE DECISION ABOUT THE TRANSACTION IS MADE BY PERSONS WHO ARE INDEPENDENT OF THE PERSON WITH THE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION DETERMINATION - THE BOARD'S FINANCE COMMITTEE REVIEWS THE COMPENSATION PROVIDED TO THE PRESIDENT AND OTHER COMPENSATED OFFICERS ANNUALLY. THE COMMITTEE UTILIZES COMPARATIVE DATA, AND THIS REVIEW WAS LAST PERFORMED IN 2022. THE MEMBERS OF THE FINANCE COMMITTEE ARE INDEPENDENT OF THE EMPLOYEES FOR WHOM COMPENSATION DECISIONS ARE BEING MADE. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS - THE COLLEGE DOES NOT MAKE ITS FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY OR GOVERNING DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART IX, LINE 11G CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 5,202,483. MANAGEMENT AND GENERAL EXPENSES 359,925. FUNDRAISING EXPENSES 179,335. TOTAL EXPENSES 5,741,743. URSULINE STUDENT LEARNING CENTER LLC 2550 LANDER ROAD PEPPER PIKE OH 44124 340714777 REAL ESTATE OH 0 0 URSULINE COLLEGE ARROW PROPERTY HOLDINGS LLC 2550 LANDER ROAD PEPPER PIKE OH 44124 340714777 REAL ESTATE OH 652115 0 URSULINE COLLEGE URSULINE SISTERS OF CLEVELAND(UNTIL 63025) 2600 LANDER ROAD PEPPER PIKE OH 44124 340832279 RELIGIOUS ORDER OH 501(C)(3) LINE 1 N/A 0 GANNON UNIVERSITY(BEG63025) 109 UNIVERSITY SQUARE ERIE PA 16541 250496976 EDUCATION PA 501(C)(3) LINE 2 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 URSULINE COLLEGE M 58519 COST