2021-02-22T14:30:34-06:00 2020-06-30 350921680 CROWE LLP 135 N Pennsylvania Street Suite 200 Indianapolis IN 46204 990 2019-07-01 350868086 Franklin College of Indiana FRAN 3177388000 101 Branigin Blvd Franklin IN 46131 Joseph B Hornett Vice President & CFO 2021-02-22 true Nicole Bencik P00756195 3176321100 2019 2022-09-23 18:48:47Z Franklin College Joseph B Hornett 101 Branigin Blvd Franklin IN 46131 65320397 false X www.franklincollege.edu X 1937 IN A Franklin College education fosters independent thinking, innovation, leadership, and action for ever-changing professions and a globally connected world. 31 30 862 50 11588 0 4251164 2720623 35114926 33847096 3679122 2050465 43121 70944 43088333 38689128 15424021 16099824 0 16033958 17101479 40000 1013157 14504495 14295068 45962474 47536371 -2874141 -8847243 147361132 142128594 25821306 30281035 121539826 111847559 A Franklin College education fosters independent thinking, innovation, leadership, and action for ever-changing professions and a globally connected world. false false 18719769 29412270 INSTRUCTION - DESIGNING AND DELIVERING THE ACADEMIC CURRICULUM FOR UNDERGRADUATE AND GRADUATE STUDENTS. 16099824 16099824 SCHOLARSHIPS - GRANTS TO STUDENTS TO REDUCE STUDENTS' COST OF ATTENDANCE. 6841071 4424176 STUDENT SERVICES - ACTIVITIES RELATED TO STUDENTS' LIVES OUTSIDE THE CLASSROOM. THIS INCLUDES: STUDENT AFFAIRS, RESIDENCE LIFE, COLLEGE CHAPLAIN, ADMISSIONS, FINANCIAL AID OFFICE, ACADEMIC RECORDS, AND ATHLETICS. 41660664 true true false true false false true true true true false false false true true true false true false true false false true true false false false true true true false false false false false false true false false true true false false false false true false false false true 1430 0 true 862 true true true false false false false true true false false false false false false X 31 30 true false false false false false false true true false false true true true true true true true false false IN X Joseph B Hornett 3177388027 101 BRANIGIN BLVD Franklin IN 46131 Devin Anderson Vice Chair 2.0 X X 0 0 0 Douglas Tillman Vice Chair 2.0 X X 0 0 0 James Due Chair of the Board 2.0 X X 0 0 0 James Napolitan Treasurer 2.0 X X 0 0 0 John Auld Jr Vice Chair 2.0 X X 0 0 0 John Talley Vice Chair 2.0 X X 0 0 0 Michael O'Dell Vice Chair 2.0 X X 0 0 0 Natalie Roberts Vice Chair 2.0 X X 0 0 0 Peter Cangany Vice Chair 2.0 X X 0 0 0 Robert Brown Vice Chair 2.0 X X 0 0 0 Stephen Huddleston Secretary 2.0 X X 0 0 0 Susan Williams Vice Chair 2.0 X X 0 0 0 Worthe Holt Jr Vice Chair 2.0 X X 0 0 0 Carol Tumey Trustee 2.0 X 890 0 0 Christine Fields Trustee 2.0 X 0 0 0 Daniel Hann Trustee 2.0 X 0 0 0 John Chiarotti Trustee 2.0 X 0 0 0 John Dickerson Trustee 2.0 X 0 0 0 Katharine Kruse Trustee 2.0 X 0 0 0 Mark Harrison Trustee 2.0 X 0 0 0 Mary Ann Collier Trustee 2.0 X 0 0 0 R Martin Umbarger Trustee 2.0 X 0 0 0 Rafael Sanchez Jr Trustee 2.0 X 0 0 0 Randy Stocklin Trustee 2.0 X 0 0 0 Robert DeVoss Trustee 2.0 X 0 0 0 Robert Schafstall Trustee 2.0 X 0 0 0 Samuel Bush Trustee 2.0 X 0 0 0 Sean Thomasson Trustee 2.0 X 0 0 0 Susan DeVoss Trustee 2.0 X 0 0 0 Theressa Wright Trustee 2.0 X 0 0 0 Todd Bemis Trustee 2.0 X 0 0 0 Andrew Hendricks Acting Vice President of Enrollment & Financial Aid/Head Swimming & Diving Coach 40.0 X 67675 0 29120 Andrew Jones Vice President for Student Development & Dean of Students 40.0 X 31322 0 9214 Dana Cummings Vice President Development and Alumni Engagement 40.0 X 159304 0 47529 Joseph Hornett Vice President and Chief Financial Officer 40.0 X 168347 0 28017 Kate Coffman Vice President and Dean of Admissions & Financial Aid (Left Nov. 15, 2019) 40.0 X 125855 0 17138 Kerry Prather President (Started Jan. 14, 2020) 40.0 X 105980 0 41840 Kristin Flora Acting Vice President for Academic Affairs & Dean of the College 40.0 X 60264 0 17773 Lori Schroeder Provost and Dean of the College 40.0 X 145001 0 46172 Thomas J Minar President (Left Jan. 11, 2020) 40.0 X 347826 0 61973 Tim Garner Acting Associate Vice President for Academic Affairs 40.0 X 125745 0 33690 Mike Leonard Head Football Coach/Director of Development 40.0 X 106534 0 21810 Thomas Meehan Program Director & Assistant Professor 40.0 X 119368 0 40188 1564111 0 394464 9 false true false Eat'n Park Hospitality Group Inc PO Box 644091 Pittsburgh PA 15264 Food Service 1527008 Morgan Stanley Global Banking Operations 1300 Thames St Wharf 4th Floor Baltimore MD 212319907 Investment Consultant 339529 EAB Global Inc PO Box 603519 Charlotte NC 282603519 Enrollment Consultant 175193 Huddleston & Huddleston Clarke House 98 W Jefferson St Franklin IN 46131 Legal 155053 Isaacson Miller Inc 263 Summer St 7th Floor Boston MA 02210 Executive Search 130659 9 24825 405664 2290134 79694 2720623 Tuition and Fees 611600 29411780 29411780 Auxiliary Enterprises 611600 4394415 4394415 Camps & Conferences-Catering 722320 27622 16483 11139 Bookstore 451211 13279 13279 0 0 0 0 33847096 2290313 311 2290002 79024 9543 69481 0 69481 69481 26379304 26619152 -239848 0 -239848 -239848 3410 24825 2574 836 836 Miscellaneous income 900099 489 489 Fitness Facility 713940 138 138 0 0 0 0 627 38689128 33836446 11588 2120471 16099824 16099824 1399126 322741 866210 210175 12277749 10962531 987752 327466 1374094 1149802 147963 76329 1134633 1006709 90059 37865 915877 806107 73504 36266 221552 221552 124343 124343 40000 40000 319529 319529 3036655 2483200 429962 123493 72158 45213 26522 423 478536 298795 143123 36618 272402 230326 42076 179372 160877 10910 7585 179372 160877 10910 7585 49285 49285 3300346 3157077 116830 26439 382503 382503 Plant Operations 3884079 3715270 137751 31058 Equipment & Equipment Rental 377353 251821 125334 198 Professional Education and Dues 285593 170538 106135 8920 Food 106358 69895 28798 7665 1025632 569061 421499 35072 47536371 41660664 4862550 1013157 126819 294807 2564832 2790678 1000774 1036370 571320 443911 0 0 0 0 167600 167348 380600 353179 138459613 81918613 57612180 56541000 78502328 73835808 4587681 5275370 1656148 1194125 190850 195998 147361132 142128594 1358845 1995455 3503553 510859 2701910 17170133 17111370 186500 246076 0 0 3380000 2200000 3214969 2522671 25821306 30281035 X 60787888 54607884 60751938 57239675 121539826 111847559 147361132 142128594 -8847243 -845024 0 X false true X true true true X 2428447 3129867 3374637 4251164 2720623 15904738 0 0 2428447 3129867 3374637 4251164 2720623 15904738 1729324 14175414 1951040 1456937 1916554 2178309 2369337 9872177 0 0 0 0 0 0 10957 7531 16461 16460 3410 54819 25831734 174467969 0.5488 0.5669 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - OTHER INCOME, COLUMN A - 10957.0, COLUMN B - 7531.0, COLUMN C - 16461.0, COLUMN D - 16460.0, COLUMN E - 3410.0, COLUMN F - 54819.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 1890 1890 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY The College pays membership dues to Independent Colleges of Indiana, of which $1,890 of the funds are used for lobbying. 0 52935 X X false false true X 87386625 392878 908781 1427888 3474206 83786190 87618795 1573366 2982181 1387689 3400028 87386625 84607136 1157302 6577506 1381196 3341953 87618795 80617215 940770 7621674 1348825 3223698 84607136 84715894 535052 53992 1452068 3235655 80617215 0.3368 0.5592 0.104 false false 11020872 11020872 105060255 64811686 40248569 21625629 17106927 4518702 752857 752857 56541000 Advances from federal agency for student loans 1059423 Liabilities under charitable annuity and unitrust agreements 1394214 Capital lease obligation 69034 2522671 X 21436868 -845024 12117 -832907 22269775 319529 16099824 16419353 38689128 31129135 12117 12117 31117018 319529 16099824 16419353 47536371 Schedule D, Part III, Line 4 Collections of art - description of collections Collections from various scholars, dignitaries, and artists enhance the intellectual atmosphere on campus. Schedule D, Part IV, Line 2b Explanation of escrow agreement The College holds cash for student campus organizations, which are funded by an Activity Fee on student's tuition statements. Schedule D, Part V, Line 4 Intended uses of endowment funds The endowment provides support for the operation of the college and helps the college fulfill its mission by providing scholarships and faculty support. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The College is exempt from federal income taxes under Section 501(c)(3) of the United States Internal Revenue Code. The College is not considered to be a private foundation. Current accounting standards require the College to disclose the amount of potential benefit or obligation to be realized as a result of an examination performed by a taxing authority. For the years ended June 30, 2020 and 2019, management has determined that the College does not have any tax positions that result in any uncertainties regarding the possible impact on the College's financial statements. The College does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The College recognizes interest and/or penalties related to income tax matters in income tax expense. The College did not have any amounts accrued for interest and penalties at June 30, 2020 or 2019. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 Rent Expense - 9543 Fundraiser Expense - 2574 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Scholarships - 16099824 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 Rent Expense - 9543 Fundraiser Expense - 2574 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Scholarships - 16099824 true true true true true true true false false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY Franklin College is committed to the principle and practice of equal opportunity for all its students, faculty, employees and applicants for admission and employment. For that reason, the college provides equal employment opportunities to all of its employees and applicants on the basis of merit and without regard to the individual's race, color, religion, gender, disability, age, national origin, marital status, or sexual orientation in accordance with state and federal laws and any other characteristic protected by law. The college prohibits, forbids, and will not tolerate any verbal, physical or other conduct that belittles or demeans any individual on the basis of the above-listed statuses. All employees, managers, supervisors and job applicants are covered by this commitment. No person or employee, no matter what his or her title or position, has the authority expressed, actual, apparent or implied to discriminate against any employee of the college. This policy applies to all terms and conditions of employment, admission to and enrollment in Franklin College, including, but not limited to, recruitment, selection, hiring, benefits, educational policies, admission policies, financial aid, scholarship and loan programs, housing athletic and other college-administered programs and activities. Franklin College posts the nondiscrimination policy on its website. Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT The organization receives Pell Grants, SEOG and Work Study funds from the federal government. The organization also receives funds from the State of Indiana which include 21st Century, Freedom of Choice, and other Hoosier scholarships and/or grants. true Europe (Including Iceland and Greenland) 0 0 Program Services STUDY ABROAD 123360 Central America and the Caribbean 0 0 Program Services STUDY ABROAD 28869 Central America and the Caribbean 0 0 Investments 7247825 East Asia and the Pacific 0 0 Program Services STUDY ABROAD 50244 Europe (Including Iceland and Greenland) 0 0 Investments 532938 0 0 0 0 0 0 7983236 0 7983236 true false true true true false Schedule F, Part I, Line 2 Procedures for monitoring use of grant funds The Financial Aid Office and Business Office operate together to ensure grants are used for educational purposes. Grants are applied to students' accounts by the Business Office after the grants are approved and disbursed by the Financial Aid Office. Schedule F, Part I, Line 2 PROCEDURES FOR MONITORING USE OF GRANT FUNDS The Financial Aid Office and Business Office operate together to ensure grants are used for educational purposes. Grants are applied to students' accounts by the Business Office after the grants are approved and disbursed by the Financial Aid Office. X X X X X X X true Thomas P Miller & Associates LLC 1630 N Meridian St Suite 430 Indianapolis IN 46202 Grant Consultant false 100000 40000 60000 100000 40000 60000 IN Griz Golf Outing 28235 24825 3410 500 2074 0 0 28235 24825 3410 500 2074 2574 836 true SCHOLARSHIPS 903 16099824 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. The Financial Aid Office and Business Office operate together to ensure grants are used for educational purposes. Grants are applied to students' accounts by the Business Office after the grants are approved and disbursed by the Financial Aid Office. X X X false true X X X false false false false false false false false false Thomas J Minar President (Left Jan. 11, 2020) 320514 0 0 0 27312 0 40400 0 21573 0 409799 0 0 0 Dana Cummings Vice President Development and Alumni Engagement 159004 0 0 0 300 0 24155 0 23374 0 206833 0 0 0 Joseph Hornett Vice President and Chief Financial Officer 168097 0 0 0 250 0 24155 0 3862 0 196364 0 0 0 Lori Schroeder Provost and Dean of the College 145001 0 0 0 0 0 22211 0 23961 0 191173 0 0 0 Tim Garner Acting Associate Vice President for Academic Affairs 125745 0 0 0 0 0 18390 0 15300 0 159435 0 0 0 Thomas Meehan Program Director & Assistant Professor 119368 0 0 0 0 0 18084 0 22104 0 159556 0 0 0 Schedule J, Part I, Line 1a Travel for companions Travel expenses for the President's spouse are paid by the College when accompanying him during travel. The spouse is expected to be in attendance for fundraising events, meetings with trustees, and various meetings. This is not treated as taxable compensation. Schedule J, Part I, Line 1a Housing allowance or residence for personal use The President is required to reside in the President's home as part of his duties as President. Because this is required as part of employment, this is not treated as taxable compensation. Schedule J, Part I, Line 1a Health or social club dues or initiation fees Club dues are paid for the President. All are treated as taxable compensation and appear on the Forms W-2 for these individuals. Schedule J, Part I, Line 1b Written policy regarding payment or reimbursement of expenses The Board of Trustees determines eligibility for these benefits for the President. The President approves reimbursement for all other staff/faculty positions. A Indiana Finance Authority 351602316 000000000 2017-06-08 17000000 Construction, renovation, expansion of Science Center, and refunding of the Series 2003 Bonds false false false A 0 0 17040825 0 0 0 0 0 0 11140825 5900000 2019 true false true true A false false true true false 0.0 0.0 0.0 false false true A false true false false true false false false true A true Schedule K, Part II, Line 3 Total Proceeds of Issue TOTAL PROCEEDS OF ISSUE DOES NOT MATCH ISSUE PRICE BECAUSE THERE WERE $40,825 IN INVESTMENT EARNINGS. SEE PART V SEE PART V 20325 Tuition Remission Student Financial Assistance SEE PART V SEE PART V 14000 Merit Based Scholarship Student Financial Assistance See Part V See Part V 25000 MERIT BASED SCHOLARSHIP Student Financial Assistance Stephen Huddleston Owner of Huddleston & Huddleston 155053 General Counsel Fees false Schedule L, Part III GRANTS OR ASSISTANCE BENEFITTING INTERESTED PERSONS PER IRS INSTRUCTIONS, COLLEGES, UNIVERSITIES, AND PRIMARY AND SECONDARY SCHOOLS ARE NOT REQUIRED TO IDENTIFY INTERESTED PERSONS TO WHOM THEY PROVIDED SCHOLARSHIPS, FELLOWSHIPS, AND SIMILAR FINANCIAL ASSISTANCE. INSTEAD, THESE ORGANIZATIONS MUST, IN PART III, GROUP EACH TYPE OF FINANCIAL ASSISTANCE (FOR EXAMPLE, NEED-BASED SCHOLARSHIPS, MERIT SCHOLARSHIPS, DISCOUNTED TUITION) PROVIDED TO INTERESTED PERSONS IN SEPARATE LINES. FOR EACH LINE, THE SCHOOL SHOULD REPORT IN COLUMN (C) THE AGGREGATE DOLLAR AMOUNT OF EACH TYPE OF ASSISTANCE, THE TYPE OF ASSISTANCE IN COLUMN (D), AND THE PURPOSE OF THE ASSISTANCE IN COLUMN (E), UNLESS SUCH REPORTING WOULD BE AN UNAUTHORIZED DISCLOSURE OF STUDENT EDUCATION RECORDS UNDER THE FAMILY EDUCATIONAL RIGHTS AND PRIVACY ACT (FERPA). COLUMNS (A) AND (B) SHOULD BE LEFT BLANK FOR THESE LINES. X 15 71506 Market value X Equipment 2 5300 Market value X Supplies 19 2888 Market value 0 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - The number of contributions Received Other - Equipment The number of contributions received Other - Supplies The number of contributions received Form 990, Part VI, Line 15b PROCESS USED TO ESTABLISH COMPENSATION OF OTHER OFFICERS THE PRESIDENT IS RESPONSIBLE FOR DETERMINING THE COMPENSATION FOR ALL EMPLOYEES AND OTHER OFFICERS OF THE COLLEGE. ON OCCASION, THE PRESIDENT USES COMPARABILITY DATA FROM THE INDEPENDENT COLLEGES OF INDIANA, CUPA, AND SALARY SURVEYS TO DETERMINE COMPENSATION AS NEEDED. THIS PROCESS IS COMPLETED ANNUALLY AND WAS LAST UNDERTAKEN IN 2020. Form 990, Part VI, Line 1a Delegate broad authority to a committee The Executive Committee shall be composed of the Chairman, the immediate past chairman, the ten Vice-Chairs, the Secretary, and the Treasurer, all ex officio with vote. The President shall be a member ex officio without vote. The Chairman of the Board shall serve as Chairman of the Executive Committee. At the call of the Chairman, the committee shall meet between regular meetings of the Board for the purpose of expediting orders of the Board of Trustees and overseeing the approved program and development of the College. The Executive Committee shall have and may exercise, during the intervals between the meetings of the Board of Trustees, all powers vested in the Board of Trustees, but actions taken by the executive committee may be subject to review. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons SUSAN DEVOSS AND ROBERT DEVOSS - Family relationship Form 990, Part VI, Line 11b Review of form 990 by governing body The form 990 is reviewed by the audit committee. Then a copy of the form 990 is provided to every member of the governing body before it is filed with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy All employees and Trustees annually sign a conflict of interest statement. The President is responsible for reviewing the statements for College employees. The Audit Committee is responsible for reviewing the statements of the Trustees and the President. Any Board member conflicts of interest that are disclosed are reported to the Chair of the Board who ensures the individual abstains from voting on matters related to the conflict. Form 990, Part VI, Line 15a Process to establish compensation of top management official The President's Committee of the Board of Trustees establishes the President's compensation annually. This is done through a review process by which the President's performance is assessed. The Committee uses comparative salary data, including Forms 990 of other organizations, to make its final decision. The decision is then recommended to the Board of Trustees. The Board then votes on the matter. The deliberations and decisions are documented in the board minutes. This process was last undertaken in 2020. Form 990, Part VI, Line 19 Required documents available to the public AN ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE NOT REQUIRED DISCLOSURES PURSUANT TO INTERNAL REVENUE CODE (IRC) SECTION 6104. THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC AT THIS TIME. CHARITABLE REMAINDER TRUSTS (4) 101 Branigin Blvd Franklin IN 46131 CHARITABLE REMAINDER TRUST IN na Trust false false false false false false false false false false false false false false false false false false false STATE OF LEGAL DOMICILE INDIANA - 3 WASHINGTON - 1