2025-04-05T09:06:49-05:00 2024-06-30 510232399 BELFINT LYONS & SHUMAN PA 1011 CENTRE RD STE 310 WILMINGTON DE 19805 990 2023-07-01 522027415 DELAWARE COLLEGE OF ART AND DESIGN DELA 3026228867 600 NORTH MARKET STREET WILMINGTON DE 19801 JEAN DAHLGREN PRESIDENT 3026228867 2025-02-14 1 0 JONATHAN D MOLL CPA P01053700 3022250600 2025-02-14 2023 2025-03-06 01:10:19Z JEAN DAHLGREN 600 NORTH MARKET STREET WILMINGTON DE 19801 5335389 0 X WWW.DCAD.EDU X 1996 DE DCAD PROVIDES STUDENTS WITH THOROUGH PREPARATION IN ART AND DESIGN THROUGH ITS PROFESSIONAL ASSOCIATE DEGREE PROGRAMS. THE COLLEGE ALSO SERVES WILMINGTON'S EDUCATIONAL AND CULTURAL LIFE THROUGH ITS CONTINUING EDUCATION PROGRAMS AND COMMUNITY-BASED ACTIVITIES. X 8 8 83 0 0 0 781952 923531 4359055 3859128 -833285 87819 0 0 4307722 4870478 1221408 1090623 0 0 2414932 2274277 0 0 419415 2813452 4242162 6449792 7607062 -2142070 -2736584 10878409 5695247 5305474 5182519 5572935 512728 X DCAD PROVIDES STUDENTS WITH THOROUGH PREPARATION IN ART AND DESIGN THROUGH ITS PROFESSIONAL ASSOCIATE DEGREE PROGRAMS. THE COLLEGE ALSO SERVES WILMINGTON'S EDUCATIONAL AND CULTURAL LIFE THROUGH ITS CONTINUING EDUCATION PROGRAMS AND COMMUNITY-BASED ACTIVITIES. 0 1 3928223 1090623 3859128 THE COLLEGE PROVIDES A 2 YEAR ASSOCIATE DEGREE PROGRAM IN ART AND DESIGN SUPPORTED BY 1) INSTITUTIONAL SUPPORT EXPENSES INCLUDING SALARIES OF ADMINISTRATION, PURCHASED SERVICES, SUPPLIES AND EQUIPMENT, DEVELOPMENT, INSTITUTIONAL RESEARCH, AND MARKETING AND COMMUNICATIONS 2) ACADEMIC SUPPORT EXPENSES INCLUDING INFORMATION TECHNOLOGY AND LIBRARY EXPENSES 3) STUDENT SERVICES 4) INSTRUCTIONAL EXPENSES 5) OPERATION AND MAINTENANCE OF PLANT EXPENSES AND 6) AUXILIARY EXPENSES INCLUDING STUDENT HOUSING. 3928223 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 20 0 1 83 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X THE ORGANIZATION 3026228867 600 NORTH MARKET STREET WILMINGTON DE 19801 THOMAS J SHOPA DIRECTOR 5.00 X 0 0 0 JUSTIN D POSER DIRECTOR 5.00 X 0 0 0 ELIZABETH STROCK TREASURER 5.00 X X 0 0 0 JOY A BARRIST CHAIR 5.00 X X 0 0 0 JOSEPH G CHARMA SECRETARY 5.00 X X 0 0 0 JOSEPH NICHOLAS III DIRECTOR 5.00 X 0 0 0 ANN DUFFIELD VICE CHAIR 5.00 X X 0 0 0 JOHN C HAWKINS DIRECTOR 5.00 X 0 0 0 JEAN DAHLGREN PRESIDENT 40.00 X 197812 0 5767 RICHARD SAVONA CHIEF FINANCIAL OFFICER 40.00 X 128800 0 9223 326612 0 14990 2 0 1 0 METZ CULINARY MANAGEMENT INC 2 WOODLAND DR DALLAS PA 18612 CULINARY SERVICES 277790 MEDICTEK 715 N TATNALL ST WILMINGTON DE 19801 IT SERVICES 186242 BANCROFT CONSTRUCTION COMPANY 1300 N GRANT AVE WILMINGTON DE 19806 CONSTRUCTION 132120 3 425122 498409 923531 TUITION 611710 2997057 2997057 HOUSING INCOME 531110 461000 461000 DINING SERVICES 611710 290937 290937 OTHER EDUCATIONAL FEES 611710 110134 110134 3859128 39771 39771 512959 464911 48048 48048 48048 4870478 3859128 0 87819 1090623 1090623 341603 50895 239813 50895 1649600 839842 681352 128406 2000 900 920 180 145347 70710 61648 12989 135727 61077 62434 12216 1300 585 598 117 18041 8118 8299 1624 38582 38582 10538 10538 309134 139110 142202 27822 488103 219646 224527 43930 1084199 487890 498731 97578 15235 6856 7008 1371 158235 71206 72788 14241 190668 85801 87707 17160 106897 48104 49173 9620 LIQUIDATION COSTS AND R 802000 802000 FOOD AND BEVERAGES 394439 394439 MISCELLANEOUS 357165 84795 271104 1266 BAD DEBT EXPENSE 171446 171446 96180 96180 7607062 3928223 3259424 419415 1274046 1178037 544344 1013648 60442 26744 1900 24079 3501662 0 5294716 3501662 997761 0 2656277 0 10878409 5695247 192846 2341568 27000 2426169 2389640 2659459 451311 5305474 5182519 X 4081755 112728 1491180 400000 5572935 512728 10878409 5695247 X -2736584 -14499 -159600 -2149524 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 997761 7015 62782 667558 400000 1081428 49352 41508 174527 997761 3088392 -58196 1948768 1081428 3195315 971000 40952 1118875 3088392 2952821 443875 -139766 61615 3195315 1.00000 0 0 3431537 3431537 70125 70125 3501662 FINANCE LEASE LIABILITIES 683 OPERATING LEASE LIABILITIES 450628 451311 X 1605294 -14499 -2149524 -2164023 3769317 10538 1090623 1101161 4870478 6505901 0 6505901 10538 1090623 1101161 7607062 PART V, LINE 4: THE ORGANIZATION'S ENDOWMENT FUNDS ARE INTENDED FOR THE USE OF SCHOLARSHIPS AWARDED TO STUDENTS WHO EXCEL ACADEMICALLY AND HAVE FINANCIAL NEED ALONG WITH CAPITAL FUNDS TO BE USED FOR CAPITAL NEEDS. PART X, LINE 2: DCAD ADHERES TO FASB ASC 740, INCOME TAXES. FOR THE YEARS ENDED JUNE 30, 2024 AND 2023 DCAD HAS DETERMINED IT DID NOT HAVE A MATERIAL TAX LIABILITY FOR UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON IMPAIRMENT OF CAPITAL ASSETS -1,730,182. LOSS ON IMPAIRMENT OF RIGHT-TO-USE ASSETS - LEASES -419,342. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIPS NETTED WITH TUITION AND FEES ON FINANCIAL STATEMENTS 1,090,623. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIPS NETTED WITH TUITION AND FEES ON FINANCIAL STATEMENTS 1,090,623. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE PUBLISHES ITS RACIALLY NONDISCRIMINATORY POLICY IN ALL SOLICITATION MATERIAL, INCLUDING ITS EDUCATIONAL CATALOG WHICH IS MADE AVAILABLE TO THE GENERAL COMMUNITY WHICH IT SERVES. SCHEDULE E, PART I, LINE 6 STUDENT FINANCIAL AID 1 SCHOLARSHIPS AND FINANCIAL AID AWARDED TO STUDENTS FOR TUITION AND FEES 119 1090623 ACTUAL CASH VALUE OF REDUCTION FOR TUITION AND FEES REDUCTION IN TUITION AND FEES PART I, LINE 2: THE ORGANIZATION'S PROCEDURES FOR MONITORING THE USE OF SCHOLARSHIPS AND FINANCIAL AID AWARDED TO STUDENTS ARE BASED UPON THE GUIDELINES PROVIDED BY THE U.S. DEPARTMENT OF EDUCATION. X X 0 0 0 0 0 0 0 0 0 JEAN DAHLGREN PRESIDENT 191812 0 6000 0 0 0 0 0 5767 0 203579 0 0 0 DERECOGNITION OF RIGHT-TO-USE OPERATING AND FINANCE LEASE ASSETS 2024-05-01 2369486 REDUCTION OF VALUE OF LAND, BUILDING, AND IMPROVEMENTS IN ACCORDANCE WITH THE LIQUIDATION BASIS OF ACCOUNTING 2024-05-01 1730182 0 0 0 0 FORM 990, SCHEDULE N, PART II DURING APRIL 2024, DCAD'S BOARD OF DIRECTORS VOTED TO PERMANENTLY CLOSE THE SCHOOL AT THE END OF THE 2024 SPRING SEMESTER, AND IMMEDIATELY BEGAN THE WINDING DOWN AND LIQUIDATION PROCESS. EFFECTIVE MAY 1, 2024, DCAD REVALUED ITS ASSETS IN ACCORDANCE WITH THE LIQUIDATION BASIS OF ACCOUTING. AS A RESULT OF THE REEVALUATION, DCAD DERECOGNIZED IT'S RIGHT-OF-USE ASSETS ASSOCIATED WITH THEIR LEASING ARRANGEMENTS AND REDUCED THE VALUE OF ITS LAND, BUILDING, AND IMPROVEMENTS TO AMOUNTS EXPECTED TO BE REALIZED FROM FUTURE DISPOSITION OF THESE ASSETS. FORM 990, PART III, LINE 3 DURING APRIL 2024, THE ORGANIZATION VOTED TO PERMANENTLY CLOSE THE SCHOOL AT THE END OF THE SPRING OF THE 2024 SEMESTER (MAY 2024). FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS COMPLETED BY DCAD'S AUDITORS AND IS DISTRIBUTED TO THE BOARD OF DIRECTORS PRIOR TO FILING. THE CHIEF ADMINISTRATIVE OFFICER DISCUSSES THE FILING WITH THE CHAIR OF THE FINANCE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C DCAD REQUIRES THE VOTING MEMBERS TO SIGN A CONFLICT OF INTEREST POLICY ANNUALLY WHICH REQUIRES THEM TO DECLARE ANY POSSIBLE CONFLICTS PRIOR TO VOTING. FORM 990, PART VI, SECTION B, LINE 15 ALL SALARIES AND COMPENSATION ARE APPROVED ANNUALLY THROUGH THE BUDGET PROCESS. THE FINANCE COMMITTEE REVIEWS THE BUDGET IN DETAIL, NOTING SIGNIFICANT CHANGES, AND BRINGS THOSE CHANGES TO THE ATTENTION OF THE BOARD OF DIRECTORS PRIOR TO THE BOARD'S VOTING ON ITS APPROVAL. ANY REVISED BUDGETS INCLUDING SALARY CHANGES MUST ALSO BE APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY REQUEST. FORM 990, PART XI, LINE 9: LOSS ON IMPAIRMENT OF CAPITAL ASSETS -1,730,182. LOSS ON IMPAIRMENT OF RIGHT-TO-USE ASSETS - LEASES -419,342. FORM 990, PART XII, LINE 2C: THE ORGANIZATION'S BOARD OF DIRECTORS ASSUMES THE RESPONSIBILITY OF OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF ITS INDEPENDENT ACCOUNTANTS. FORM 990, PART XII, LINE 1 THE COLLEGE ADOPTED THE LIQUIDATION BASIS OF ACCOUNTING ON MAY 1, 2024. UNDER THIS BASIS OF ACCOUNTING, ASSETS ARE MEASURED AT THE AMOUNT OF THEIR EXPECTED CASH PROCEEDS FROM LIQUIDATIUOLN AND ESTIMATED DISPOSAL AND OTHER COSTS EXPECTED TO BE PAID DURING LIQUIDATION ARE ACCURED. FORM 990, PART XI, LINE 8 DURING THE YEAR ENDED JUNE 30, 2022, DCAD RECEIVED ARTWORK FOR DISPLAY VALUED AT $159,600. DCAD RECORDED A CAPITAL ASSET AND RECOGNIZED CONTRIBUTION REVENUE TOTALING $159,600 UPON RECEIPT. DURING THE YEAR ENDED JUNE 30, 2024, DCAD DETERMINED THAT OWNERSHIP OF THE ARTWORK WAS NOT TRANSFERRED TO DCAD. AS A RESULT, DCAD REDUCED NET ASSETS WITHOUT DONOR RESTRICTIONS AND TOTAL NET ASSETS AS OF JULY 1, 2022, BY $159,600.