2021-04-13T16:15:46-05:00 2020-05-31 540504608 BROWN EDWARDS & COMPANY LLP 1715 PRATT DRIVE STE 2700 BLACKSBURG VA 24060 990 2019-06-01 560547498 BELMONT ABBEY COLLEGE INC BELM 7044616814 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 WILLIAM THIERFELDER PRESIDENT 7044616814 2021-04-13 MARK WOOLWINE P00647446 5404433606 2021-04-12 2019 2022-09-23 18:48:47Z WILLIAM THIERFELDER 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 49405708 0 X WWW.BELMONTABBEYCOLLEGE.EDU X 1960 NC BELMONT ABBEY COLLEGE OFFERS BACCALAUREATE LEVEL EDUCATION IN HUMANITIES, NATURAL SCIENCES, SOCIAL SCIENCES, AND PROFESSIONAL STUDIES. 24 24 555 0 0 0 5858767 9146174 32213068 30834594 1291961 1198459 142168 128999 39505964 41308226 9088394 8857396 0 0 15025824 15910929 0 0 2344932 15063966 15345961 39178184 40114286 327780 1193940 36598376 37740490 18641742 19046565 17956634 18693925 X THE MISSION OF BELMONT ABBEY COLLEGE IS TO EDUCATE STUDENTS IN THE LIBERAL ARTS AND SCIENCES SO THAT IN ALL THINGS, GOD MAY BE GLORIFIED. IN THIS ENDEAVOR, WE ARE GUIDED BY THE CATHOLIC INTELLECTUAL TRADITION AND THE BENEDICTINE SPIRIT OF PRAYER AND LEARNING. EXEMPLIFYING BENEDICTINE HOSPITALITY, WE WELCOME A DIVERSE BODY OF STUDENTS AND PROVIDE THEM WITH AN EDUCATION THAT WILL ENABLE THEM TO LEAD LIVES OF INTEGRITY, SUCCEED PROFESSIONALLY, BECOME RESPONSIBLE CITIZENS, AND BE A BLESSING TO THEMSELVES AND TO OTHERS. 0 0 32929145 8857396 30867728 INSTRUCTION - BELMONT ABBEY COLLEGE PROVIDES EDUCATION FOR STUDENTS IN THE LIBERAL ARTS AND SCIENCES SO THAT IN ALL THINGS, GOD MAY BE GLORIFIED. IN THIS ENDEAVOR, THE COLLEGE IS GUIDED BY THE CATHOLIC INTELLECTUAL TRADITION AND THE BENEDICTINE SPIRIT OF PRAYER AND LEARNING. EXEMPLIFYING BENEDICTINE HOSPITALITY, THE COLLEGE WELCOMES A DIVERSE BODY OF STUDENTS AND PROVIDES THEM WITH AN EDUCATION THAT WILL ENABLE THEM TO LEAD LIVES OF INTEGRITY, TO SUCEED PROFESSIONALLY, TO BECOME RESPONSIBLE CITIZENS, AND TO BE A BLESSING TO THEMSELVES AND TO OTHERS. DURING THE 2019-2020 ACADEMIC YEAR THE COLLEGE ENROLLED APPROXIMATELY 1,550 STUDENTS. 32929145 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 1 0 0 0 0 1 0 0 0 1 107 0 1 555 1 0 0 0 0 0 0 0 0 0 0 0 0 X 24 24 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X ALLAN MARK 7044616736 100 BELMONT - MT HOLLY ROAD BELMONT NC 28012 THE REV ELIAS CORREA-TORRES OSB TRUSTEE 1.00 X 0 0 0 MR CHARLES C CORNELIO CHAIRMAN 5.00 X X 0 0 0 MR RICHARD HOEFLING SECRETARY 5.00 X X 0 0 0 MR WILLIAM L ESSER IV TRUSTEE 1.00 X 0 0 0 MR JOE MCCULLOUGH TRUSTEE 1.00 X 0 0 0 MR THOMAS J MOLONY TRUSTEE 0.50 X 0 0 0 MR STEVE LUQUIRE TRUSTEE 1.00 X 0 0 0 MR DAN A NASS TRUSTEE 1.00 X 0 0 0 MR JAMES V HETZEL TRUSTEE 2.00 X 0 0 0 MR HANS LENGERS TRUSTEE 1.00 X 0 0 0 MR NICHOLA OMIRLY TRUSTEE 1.00 X 0 0 0 RT REV PLACID D SOLARI OSB CHANCELLOR 3.00 X X 0 0 0 THE HONORABLE ROBERT J CONRAD JR TRUSTEE 1.00 X 0 0 0 REV MONSIGNOR ANTHONY J MARCACCIO TRUSTEE 1.00 X 0 0 0 MR LEROY DAVIS TRUSTEE 1.00 X 0 0 0 MR MARIO FLORES JR TRUSTEE 1.00 X 0 0 0 MRS REGINA P MOODY TRUSTEE 1.00 X 0 0 0 MRS SILVIA RODRIQUEZ TRUSTEE 1.00 X 0 0 0 BROTHER ANSELM CUNDIFF OSB TRUSTEE 1.00 X 0 0 0 BROTHER TOBIAH ABBOTT OSB TRUSTEE 1.00 X 0 0 0 MR JAMES CRAWFORD III JD LLM MA TRUSTEE 1.00 X 0 0 0 MRS HEATHER FINKE TRUSTEE 1.00 X 0 0 0 MR THOMAS KELLY TRUSTEE 1.00 X 0 0 0 MR TERENCE M MURPHY TRUSTEE 1.00 X 0 0 0 FATHER DAVID BROWN TRUSTEE 1.00 X 0 0 0 DR WILLIAM THIERFELDER PRESIDENT 60.00 X 367958 0 49384 MR ALLAN MARK EXECUTIVE VICE PRESIDENT 60.00 X 195792 0 20984 DR DAVID WILLIAMS VICE PROVOST 50.00 X 112848 0 11371 MR RICHARD G SWANSON VICE PRESIDENT COLLEGE RELATIONS 50.00 X 121298 0 9668 MS AUGUSTA L GLADD ASSOCIATION VICE PRESIDENT FOR STRATEGIC INITIATIV 50.00 X 155937 0 11338 MRS MARY E HODGES CONTROLLER 50.00 X 122835 0 11769 MR STEPHEN MISS ATHLETIC DIRECTOR 50.00 X 149792 0 18258 MR ROLANDO N RIVAS MARKETING DIRECTOR 50.00 X 113306 0 5575 MRS CHERYL J TROTTER EXECUTIVE DIRECTOR OF HR AND OPERATIONS 50.00 X 102773 0 4080 1442539 0 142427 9 0 1 0 CHARTWELLS DINING SERVICES PO BOX 417632 BOSTON MA 02241 FOOD SERVICES 2487267 SSC SERVICE SOLUTIONS PO BOX 742268 ATLANTA GA 30374 MAINTENANCE/JANITORIAL 1777528 CHOATE CONSTRUCTION COMPANY 2907 PROVIDENCE ROAD STE 400 CHARLOTTE NC 28211 CONSTRUCTION 1110549 ELLUCIAN COMPANY LP 4375 FAIR LAKES COURT FAIRFAX VA 22033 COMPUTER/NETWORK SERVICES 1034720 THE REGISTRY FOR COLLEGE AND UNIVERSITY 3 CENTENNIAL DRIVE SUITE 320 PEABODY MA 01960 CONSULTING 226100 11 1854146 7292028 393741 9146174 TUITION AND FEES 611310 23723758 23723758 AUXILIARY SERVICES 611710 6644428 6644428 MISCELLANEOUS PROGRAM 611710 466408 466408 30834594 482227 482227 8750051 8033819 716232 716232 716232 96797 63663 33134 33134 DISTRIBUTION FROM FUNDS HELD IN T 611710 95865 95865 95865 41308226 30867728 0 1294324 8857396 8857396 947795 160777 467622 319396 12171249 10444979 1019508 706762 403343 365111 25391 12841 1484775 1279869 121334 83572 903767 737768 98395 67604 82485 82485 26355 26355 1733881 1425469 209406 99006 372633 106489 266144 357142 198195 125437 33510 977802 803877 118092 55833 1127709 875980 106768 144961 162874 132369 20917 9588 781322 781322 1008926 829465 121851 57610 478563 418087 41062 19414 CONTRACT SERVICES 3544474 1091540 2063076 389858 FOOD SERVICES 2095109 2095109 STUDENT SERVICES 1574533 1551340 21593 1600 REPAIRS 292610 237759 36725 18126 729543 536244 134192 59107 40114286 32929145 4840209 2344932 16082 977751 3328798 189137 1130817 854198 863746 1332743 62659 69122 439763 495287 32151806 10740129 20977122 21411677 7648002 10289089 55178 97802 2076209 2023684 36598376 37740490 2098119 1730656 602974 2083055 15252102 14461086 688547 771768 18641742 19046565 X 2792300 2820198 15164334 15873727 17956634 18693925 36598376 37740490 X 1193940 -408207 -48442 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9627450 1896075 747569 469575 -471874 12273393 9209111 747637 219627 306900 242025 9627450 9306363 287701 717172 925500 176625 9209111 8765240 337720 907562 549923 154236 9306363 9200732 198142 -188034 288700 156900 8765240 0.15250 0.75240 0.09510 1 0 25879241 5845574 20033667 6069265 4894555 1174710 203300 203300 21411677 ASSETS HELD UNDER SPLIT-INTEREST AGREEMENT 77643 FUNDS HELD IN TRUST 1946041 2023684 STUDENT DEPOSITS 340000 OBLIGATION UNDER SPLIT-INTEREST AGREEMENT 34840 CAPITAL LEASE OBLIGATIONS 138100 OTHER LIABILITIES 258828 771768 X 34087466 -408207 2055977 -8905838 -7258068 41345534 26355 -63663 -37308 41308226 33350174 2055977 63662 2119639 31230535 26355 8857396 8883751 40114286 PART V, LINE 4: SCHOLARSHIPS AND SPECIFIC DEPARTMENTAL ACTIVITIES. PART X, LINE 2: MANAGEMENT EVALUATED THE COLLEGE'S TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH PROVISIONS OF THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (A.S.C.). PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASSIFY FINANCIAL AID -8,857,396. CHANGE IN FUNDS HELD IN TRUST -47,521. CHANGE IN FUNDS SPLIT-INTEREST AGREEMENTS -921. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVENTORY COST OF SALES -63,663. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COST OF SALES 63,663. OTHER -1. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFY FINANCIAL AID 8,857,396. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 BELMONT ABBEY COLLEGE ADMITS STUDENTS OF ANY RACE, COLOR, RELIGION, NATIONAL AND ETHNIC ORIGIN TO ALL THE RIGHTS, PRIVILEGES, PROGRAMS, AND ACTIVITIES GENERALLY ACCORDED OR MADE AVAILABLE TO STUDENTS AT THE SCHOOL. IT DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, RELIGION, NATIONAL AND ETHNIC ORIGIN IN ADMINISTRATION OF ITS EDUCATIONAL POLICIES, ADMISSIONS POLICIES, SCHOLARSHIP AND LOAN PROGRAMS, AND ATHLETIC OR OTHER SCHOOL-ADMINISTERED PROGRAMS. SCHEDULE E, PART I, LINE 6 BELMONT ABBEY COLLEGE STUDENTS RECEIVE A VARIETY OF FEDERAL AND STATE GRANTS AND LOANS, INCLUDING PELL GRANTS, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, NORTH CAROLINA LEGISLATIVE TUITION GRANTS AND NORTH CAROLINA INCENTIVE GRANTS. 1 SCHOLARSHIPS AND FELLOWSHIPS TO STUDENTS 1336 8857396 PART I, LINE 2: BELMONT ABBEY COLLEGE UTILIZES VARIOUS DATABASES TO STORE AND MONITOR DATA PERTAINING TO THE AWARDING AND DISBURSEMENT OF GRANTS RECEIVED IN THE UNITED STATES. ALL GRANTS RECEIVED ARE PROPERLY APPLIED AS PAYMENTS TOWARD STUDENTS' ACCOUNTS APPROPRIATELY. ALL PARTICIPATING GRANTING ORGANIZATIONS HAVE COMPLIANCE REQUIREMENTS THAT ARE ADHERED TO AND AUDITED ANNUALLY IN ACCORDANCE WITH THE OFFICE OF BUDGET AND MANAGEMENT (OMB) UNIFORM GUIDANCE. AS SUCH, THE COLLEGE PRESENTS SCHEDULES OF EXPENDITURES OF FEDERAL AND STATE AWARDS SUMMARIZING ALL EXPENDITURES USING THE ACCRUAL BASIS OF ACCOUNTING. X X 1 1 X X 0 0 0 0 0 0 0 0 0 DR WILLIAM THIERFELDER PRESIDENT 293098 0 0 0 74860 0 36200 0 13184 0 417342 0 0 0 MR ALLAN MARK EXECUTIVE VICE PRESIDENT 195000 0 0 0 792 0 7800 0 13184 0 216776 0 0 0 MS AUGUSTA L GLADD ASSOCIATION VICE PRESIDENT FOR STRAT 155000 0 0 0 937 0 6200 0 5138 0 167275 0 0 0 MR STEPHEN MISS ATHLETIC DIRECTOR 149000 0 0 0 792 0 5960 0 12298 0 168050 0 0 0 PART I, LINE 1A GROSS-UP PAYMENTS ARE PAYMENTS FOR LONG-TERM DISABILITY PAID BY THE COLLEGE AND INCLUDED IN THE EMPLOYEE'S W-2. BELMONT ABBEY COLLEGE PROVIDES A HOUSING ALLOWANCE TO CERTAIN EMPLOYEES AS CONTRACTUALLY PROVIDED. SUCH HOUSING IS SUBJECT TO ALL APPLICABLE FEDERAL, STATE, AND LOCAL TAX WITHHOLDINGS. JAMES THIERFELDER CHILD OF PRESIDENT 31567 DEPENDENT TUITION FINANCIAL AID THOMAS THIERFELDER CHILD OF PRESIDENT 27653 DEPENDENT TUITION LUKE THIERFELDER CHILD OF PRESIDENT 1080 DEPENDENT TUITION SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORG 1500000 CASH CONTRIBUTION 0 SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORG 99530 TEACHING SERVICES 0 SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORG 51278 RENOVATIONS IN LIEU OF RENT 0 SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORG 533294 REIMBURSEMENTS OF EXPENSES 0 X 8 303483 FMV ON DATE OF DONATION X 1 89000 APPRAISAL X MEALS 2 1258 RECEIPTS 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 -HOEFLING AND THIERFELDER HAVE COMMON BUSINESS RELATIONSHIP. -HOEFLING AND THEIRFELDER SERVE ON THE CHARLOTTE BUSINESS COUNCIL. -ABBOT PLACID SERVED AS A NON-BENEFICIARY TRUSTEE OF A CHARITABLE REMAINDER UNITRUST OF WHICH THE COLLEGE IS A BENEFICIARY. -ABBOT PLACID IS THE PRESIDENT OF SOUTHERN BENEDICTINE SOCIETY AND CHANCELLOR OF THE COLLEGE. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF BELMONT ABBEY COLLEGE, INC. (BAC) ARE THE CHAPTER OF BELMONT ABBEY. IN ACCORDANCE WITH ITS RULES AND PROCEDURES, THE BUSINESS AFFAIRS OF THE COLLEGE SHALL BE MANAGED BY THE BOARD OF TRUSTEES OR BY SUCH COMMITTEES AS THE BOARD MAY ESTABLISH PURSUANT TO THE BY-LAWS AND THE CHARTER OF THE COLLEGE. THE BOARD OF TRUSTEES OF THE COLLEGE SHALL CONSIST OF NOT LESS THAN TWENTY (20) NOT MORE THAN FORTY (40) TRUSTEES. THE MEMBER OF THE COLLEGE SHALL BE ENTITLED TO A MINIMUM REPRESENTATION OF THE BOARD OF TRUSTEES OF SEVEN (7) MEMBER, ONE (1) OF WHOM SHALL BE THE ABBOT OF BELMONT ABBEY, THE CHANCELLOR EX-OFFICIO OF THE COLLEGE. SUCH REPRESENTATION SHALL BE LIMITED TO A MAXIMUM OF TWENTY-FIVE PERCENT (25%) OF THE TOTAL BOARD OF TRUSTEES THAT MAY BE SERVING FROM TIME TO TIME PROVIDED THE MINIMUM REPRESENTATION OF SEVEN (7) MEMBERS IS ALWAYS OBSERVED. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER OF BAC HAVE THE AUTHORITY TO ELECT OR REMOVE TRUSTEES AS OUTLINED IN THE ARTICLES OF INCORPORATION AND AMENDMENTS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER OF BAC HAVE RESERVED CERTAIN POWERS IN THE ARTICLES OF INCORPORATION OR AMENDMENTS THERETO AS FOLLOWS: -TO LEASE, SELL, MORTGAGE, OR ENCUMBER REAL ESTATE OWNED BY BAC; -TO MERGE, AFFILIATE, LIQUIDATE, OR DISSOLVE BAC; -TO AMEND THE ARTICLES OF INCORPORATION OF BAC; AND -TO TERMINATE THE EXISTENCE OF BAC PURSUANT TO THE NON-PROFIT LAWS OF NORTH CAROLINA. FURTHER, THE MEMBER SHALL APPROVE IN WRITING THE FOLLOWING ACTIONS OF THE BOARD OF TRUSTEES OF BAC: -THE ELECTION AND/OR REMOVAL OF TRUSTEES; -ANY AMENDMENT OF THE BY-LAWS OF BAC; -THE APPOINTMENT OF THE PRESIDENT OF BAC; AND -THE ADOPTION OF ANY CAPITAL BUDGET OR THE ADOPTION OF ANY BUDGET REFLECTION OPERATING DEFICITS OF BAC. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT SENT THE DRAFT 990 (PUBLIC INSPECTION COPY) TO EACH MEMBER OF THE FINANCE AND ADMINISTRATION COMMITTEE FOR REVIEW AND QUESTIONS. AFTER THE COMMITTEE HAS REVIEWED AND RESPONDED TO ANY QUESTIONS, MANAGEMENT SENDS THE PUBLIC INSPECTION COPY OF THE 990 TO EACH TRUSTEE. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST ANNUALLY WITH THEIR EMPLOYMENT CONTRACT. BOARD MEMBERS ARE REQUIRED TO FILE A REPORT ANNUALLY WHICH DISCLOSES ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE TERM AND CONDITIONS OF EACH AMENDMENT TO THE PRESIDENT'S EMPLOYMENT CONTRACT ARE PRESENTED TO THE BOARD OF TRUSTEES EXECUTIVE COMMITTEE FOR DISCUSSION, COMMENT AND APPROVAL. PEER INSTITUTION COMPENSATION DATA IS PROVIDED FOR CONSIDERATION AS PART OF THE APPROVAL PROCESS. LIFE INSURANCE BENEFITS, IF ANY PROPOSED, WOULD ALSO BE REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE WILL MAKE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF TRUSTS -48,442. PART XII LINE 2C THERE HAVE BEEN NO CHANGES TO THE PROCESS FROM THE PRIOR YEAR. SOUTHERN BENEDICTINE SOCIETY OF NORTH CAROLINA 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 560530237 RELIGIOUS COMMUNITY NC 501(C)(3) LINE 1 N/A 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 SOUTHERN BENEDICTINE SOCIETY C 1500000 CASH CONTRIBUTION SOUTHERN BENEDICTINE SOCIETY K 2004699 FMV - RENTAL OF FACILITIES SOUTHERN BENEDICTINE SOCIETY P 161161 FMV - OTHER OPERATING EXPENSES SOUTHERN BENEDICTINE SOCIETY Q 568706 FMV - OTHER OPERATING