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Arcadia University Revenue Bonds, Series of 2016

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Arcadia University Revenue Bonds, Series of 2016 SUPPLEMENT DATED DECEMBER 15, 2015 to OFFICIAL STATEMENT DATED MAY 20, 2015 relating to MONTGOMERY COUNTY HIGHER EDUCATION AND HEALTH AUTHORITY (Commonwealth of Pennsylvania) Arcadia University Revenue Bonds, Series of 2016 The purpose of this Supplement is to amend and supplement certain information contained in the Official Statement dated May 20, 2015 (the “Original Official Statement”) relating to the above-referenced bonds. This Supplement should be read in conjunction with the Original Official Statement. Terms used in this Supplement have the same meaning as in the Preliminary Official Statement, unless specifically otherwise defined herein. The University has updated Appendix A attached to the Original Official Statement to reflect new information since the Original Official Statement was published on May 20, 2015. That original Appendix A is hereby replaced in its entirety with the one attached hereto. Since the publication of the Original Official Statement, the University has finalized its audited financial statements for the fiscal year ended May 31, 2015. The financial statements of the University for the fiscal years ended May 31, 2015 and May 31, 2014 are attached hereto as Appendix B and supplement the financial statements included in Appendix B to the Original Official Statement. Such financial statements have been audited by Baker Tilly Virchow Krause, LLP, a firm of independent certified public accountants, to the extent and for the periods indicated in their report which appears in APPENDIX B hereto. The Original Official Statement, as supplemented by this Supplement, is to be read and construed as a single document. BofA Merrill Lynch [ THIS PAGE INTENTIONALLY LEFT BLANK ] APPENDIX A CERTAIN INFORMATION REGARDING ARCADIA UNIVERSITY [ THIS PAGE INTENTIONALLY LEFT BLANK ] Introduction and History Arcadia University (the “University” or “Arcadia”), was founded in 1853 in Beaver, Pennsylvania, in the western part of the state, as Beaver Female Seminary. It was one of the country’s first private institutions to provide women with an education equivalent to that offered to men. In 1872 the school attained collegiate status and changed its name to Beaver College. Beaver College moved to Jenkintown, Pennsylvania, near Philadelphia, in 1925 and acquired its present campus in nearby Glenside, Pennsylvania, in 1928. Two campus locations were maintained until 1962, when its activities were consolidated at the Glenside campus. In 1972 Beaver College became a coeducational institution, and in 2001 it was approved for university status by the Pennsylvania State Department of Education and renamed Arcadia University. For fall 2015, the University has a full-time equivalent (“FTE”) enrollment of 3,253 students and a total headcount of 3,984 students (2,640 undergraduate and 1,344 graduate students). Originally under the auspices of the Methodist Episcopal Church, there exists an historic relationship with the Presbyterian Church (U.S.A.); however, the University is currently independent of any church control and fosters an ecumenical spirit. The University’s campus is the former country estate of William Welsh Harrison. Grey Towers Castle, the principal building on the former estate, is a formal National Historic Landmark. The campus takes its character from the original massive stone buildings of the estate in a natural setting of wooded slopes and open rolling lawns. Since 1948, Arcadia University has offered international programs for students to gain a global perspective as part of their undergraduate education. Through the Center for Education Abroad, and now The College of Global Studies, Arcadia has educated overseas more than 60,000 students from more than 350 colleges and universities in the United States. Arcadia has also developed two satellite campuses: one in Christiana, Delaware, and one in King of Prussia, Pennsylvania, to expand offerings in the region. The University currently offers 49 undergraduate programs leading to the degrees of Bachelor of Arts, Bachelor of Science and Bachelor of Fine Arts. At the graduate level, the University offers 14 degree programs at the Masters level, two doctorate programs, six dual degree programs and 19 graduate certificate programs. Mission Statement Arcadia University provides a distinctively global, integrative, and personal learning experience for intellectually curious undergraduate and graduate students in preparation for a life of scholarship, service, and professional contribution. Vision Statement Building upon its legacy of distinction in global education, Arcadia University will be a vibrant and supportive community of diverse scholars and learners; renowned for its high-quality faculty, staff, and students; acclaimed for its student-centered focus; and valued for making a difference in the lives of its graduates. Governance of the University Governance of the University rests with the Board of Trustees (the “Board”). The Board consists of no fewer than 18 or more than 50 trustees; at least 30 percent of the trustees are required to be University alumni. There are four classifications for trustees: term, recent graduate, honorary and ex-officio. The only trustees entitled to vote on any matter are term, recent graduate and ex- officio. Trustees are elected by a two-thirds (2/3) vote of Trustees present at the meeting where an election is held. Trustees serve for four-year terms and serve no more than three four-year terms. Recent graduate trustees serve for two years. Recent graduate trustees who have served for one two-year term, including any partial terms, are not eligible to serve again as a trustee until one year has elapsed after the end of their term. The Board may grant an exception to these maximum term limits subject to the needs of the University. The Board is organized into an Executive Committee, which exercises all the powers of the Board when the Board is not in session (except for certain actions which require approval of the full Board), and seven standing committees that conduct much of the deliberative and investigative work of the Board. These committees contain administrators, faculty, and, where pertinent, student representatives. From time to time, the University does business with firms with which a Trustee is affiliated. Such transactions are permitted only if they are on terms no less favorable to the University than could be obtained from unrelated parties and the Trustee discloses the conflict and abstains from voting on any matters related thereto. The current members of the Board are set forth in the following table. A-2 Board of Trustees Christopher R. van de Velde Danielle S. Frank ’12 Chair of the Board Term Expires: June 30, 2018 Former Township Manager Whitemarsh Township J. Wesley Hardin Term Expires: June 30, 2018 President Electronic Instruments, AMETEK, Inc Jo Bennett, J.D., SPHR Term Expires: June 30, 2019 Vice Chair of the Board Partner, Stevens & Lee, P.C. Jean S. Hassler ‘00M Term Expires: June 30, 2018 Former nurse, teacher Term Expires: June 30, 2018 Charles W. Lentz, ‘03M Vice Chair of the Board John W. Hlywak Jr. Principal Principal , The William Group, Inc. McKinley Elementary, Abington Township Term Expires: June 30, 2018 Term Expires: June 30, 2018 Thomas S. Johnston ‘96 Madeline J. Stein, ‘68 Chief Executive Officer Vice Chair of the Board Mucosis Community Volunteer Term Expires: February 28, 2019 Term Expires: June 30, 2018 Richard L. Jones Jr. Dr. Joycellen Young Auritt ‘71 Retired President and CEA Licensed Psychologist Abington Memorial Hospital Term Expires: June 30, 2018 Term Expires: June 30, 2018 Joan N. Brantz, ‘65 Laura M. Korman ‘89, ‘95M Retired Immigration Social Worker Community Volunteer Term Expires: June 30, 2018 Term Expires: June 30, 2018 Mr. Lawrence R. Catuzzi Babette Senker Krug ‘68, 81M Retired Investment Banker and College Retired school teacher Football Coach Term Expires: June 30, 2018 Term Expires: February 28, 2019 Nancy R. Kyle Patricia DeBow ‘02 Corporate Communications and Investor Strategy Consultant, Accenture Relations Specialist Term Expires: June 30, 2018 Term Expires: June 30, 2018 John A. Doherty ’14 Alison L. Aaron Madsen, Esq. ‘85 Term Expires: June 30, 2019 Attorney Term Expires: June 30, 2018 Thora T. Easton ‘68 Retired Global Education Consultant Thomas P. McCollum, ‘83 and Marketing Manager Co-founder Term Expires: June 30, 2018 Bull’s Eye, Sales and Marketing Firm Term Expires: June 30, 2018 A-3 Ana Pujols McKee, M.D. William U. Westerfield Executive Vice President and Retired Partner, PriceWaterhouse Coopers Chief Medical Officer Term Expires: February 28, 2019 The Joint Commission Term Expires: June 30, 2018 Theodore V. Wood, Jr. Retired President Marc McKenna, M.D. Tigaco, Inc. Physician, Chestnut Hill Family Practice Term Expires: June 30, 2018 Term Expires: June 30, 2018 Ex-Officio Trustee Hugh G. Moulton, Esq. Retired Executive Vice President Dr. Nicolette DeVille Christensen Unisource Worldwide, Inc. President Term Expires: June 30, 2018 Arcadia University David A. Plastino Trustees Emeritus Retired, Senior VP of Private Banking, UBS Financial Services, Inc. Marilyn Sunners Cranin ‘54 Term Expires: February 28, 2019 Landscape Designer Clair M. Raubenstine, CPA, CMA, CFM Beverly Rappaport Goldberg, ‘53 Retired Executive Vice President and CFO Former Executive PHH Corporation Abington Memorial Hospital Term Expires: June 30, 2018 Ann N. Greene Gerald B. Rorer Retired Assistant to the Dean of Admissions Real Estate Investor University of Pennsylvania Term
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