Apollo Group, Inc., through its subsidiaries -- University of Phoenix, Apollo Global, Carnegie Learning, College for Financial Planning, and Institute for Professional Development -- has established itself as a leading provider of higher education programs for working adults.
The Company's educational programs and services are provided at the high school, undergraduate and graduate levels in 36 states and the District of Columbia; Puerto Rico; Alberta and British Columbia, Canada; Mexico; Chile; and the Netherlands, as well as online throughout the world.
At the end of fiscal 2012, Apollo Group reported 328,400 students enrolled in its degree programs with the University of Phoenix, down from 380,800 a year ago. Breakdown by degree: Associates - 102,600; Bachelors - 172,600; Masters - 46,400; Doctoral - 6,800.
For fiscal 2012, the company reported revenues of $4.25 billion, down from $4.7 billion the previous year, and net income of $417.0 million.
In 2012, University of Phoenix began realigning its ground locations throughout the U.S., which will directly impact approximately 4% of total Degreed Enrollment, or around 13,000 students. This plan includes closing 115 locations, consisting of 90 learning and student resource centers, which are generally smaller satellite locations, and 25 campuses. University of Phoenix will preserve a national coast-to-coast network of 112 locations and plans to retain a presence in 36 states, the District of Columbia and Puerto Rico.
The Apollo Group has been under criticism from the Dept. of Education and Congress for enrolling students who are unlikely to graduate and leaving them with high amount of student loan debt. The company made changes to its enrollment policies and use of marketing to recruit new students which has reduced enrollment numbers.
Apollo Group, Inc. was founded in 1973 in response to a gradual shift in higher education demographics from a student population dominated by youth to one in which approximately half the students are adults and over 80 percent of whom work full-time. Apollo's founder, John Sperling, believed -- and events proved him right -- that lifelong employment with a single employer would be replaced by lifelong learning and employment with a variety of employers. Lifelong learning requires an institution dedicated solely to the education of working adults.
Comprehensive health care coverage -- including medical and prescription drug benefits, dental benefits, vision benefits, and a Company-paid Employee Assistance Plan. Employees are eligible for health care coverage on the first day of the month following 60 days of continuous employment. Unless otherwise stated, employee’s share the cost on a pre-tax basis with Apollo Group, Inc. This coverage is available to regular, full-time employees who are compensated at 40 hours per week. The medical, dental and vision plans offer network and non-network benefits.
Life Insurance -- Coverage equal to two times the employee’s annual salary or targeted income, up to a specified amount. This coverage also includes Accidental Death and Dismemberment (AD&D) insurance that provides benefits for loss of life, limbs or sight due to an accident. Apollo Group, Inc. pays for the full cost of this coverage.
401(k) Savings and Investment Plan -- Employees may contribute up to 50% of their earnings on a pre-tax basis up to a specified maximum which is set by the IRS each year. Employees are eligible to begin contributing to the 401(k) Savings and Investment Plan (the Plan) on the first of the month following 60 days of active, continuous employment. This plan has an automatic enrollment feature: upon meeting the eligibility requirements, employees will be automatically enrolled in the Moderate Investment model at five percent of gross compensation. Employees may elect to make a pre-tax contribution in an amount other than five percent of earnings by enrolling online. Upon completing one year of full-time service with the company, Plan participants will receive employer matching contributions. Employee and Employer matching contributions are 100% vested. Matching contributions are subject to change at the Company’s discretion. Upon meeting the eligibility requirements, rollover contributions from other qualified plans are accepted into the Plan.
Sick Leave -- After completing 60 days of continuous full-time employment, regular employees begin accruing sick leave at a specified accrual rate. Sick leave accruals may be carried from year to year.
Vacation -- All eligible employees begin earning vacation upon completing three months of employment. At the beginning of each fiscal year, eligible employees receive an advance of their vacation hours for that year.
Education Tuition Program -- To support our mission of meeting the higher education needs of working adults, Apollo Group, Inc. offers a very generous Education Tuition Program. Employees and their eligible dependents can take advantage this benefit immediately upon hire.
Updated January 9, 2013