2019-04-12T08:35:58-05:00 2018-05-31 990 2017-06-01 610482955 BELLARMINE UNIVERSITY BELL 5022728261 2001 NEWBURG ROAD LOUISVILLE KY 40205 ROBERT L ZIMLICH VP FOR ADMIN. & FINANCE 5022728261 2019-04-12 192.243.74.13 2019-04-12 09:27:46 ED P E583B2156903240F59AA8E2996692F6358B3BFF3 DACFABB84383EBA4A6342C3A1BF86F5F9FCAA573 2017 2019-02-21 02:37:17Z ROBERT L ZIMLICH 2001 NEWBURG ROAD LOUISVILLE KY 40205 149229330 0 X WWW.BELLARMINE.EDU X 1950 KY POST-SECONDARY EDUCATION. 31 31 1896 287 0 -11319 5828707 10258290 123941973 124770415 -651318 4720003 1492318 1347398 130611680 141096106 53385753 56388855 0 0 52024030 52815269 0 0 2302048 28251531 30519598 133661314 139723722 -3049634 1372384 218207932 222444567 88171752 89978840 130036180 132465727 X BELLARMINE UNIVERSITY EDUCATES STUDENTS THROUGH UNDERGRADUATE AND GRADUATE PROGRAMS IN THE LIBERAL ARTS AND PROFESSIONAL STUDIES. THE UNIVERSITY IS AN INDEPENDENT CATHOLIC UNIVERSITY SERVING THE REGION, NATION, AND WORLD THROUGH POST-SECONDARY EDUCATION. 0 0 92095372 54236146 110046364 INSTRUCTION: 2544 STUDENTS IN UNDERGRADUATE CLASSES; 758 STUDENTS IN GRADUATE CLASSES; 875 STUDENTS GRADUATED IN 2017-2018 ACADEMIC SCHOOL YEAR. 9229989 2152710 8789392 AUXILIARY HOUSING: AUXILIARY ENTERPRISES:STUDENT HOUSING IS THE MAJOR AUXILIARY ENTERPRISE. LIVING QUARTERS WERE PROVIDED TO 977 STUDENTS IN THE RESIDENCE HALLS. 18191234 5895419 STUDENT SERVICES: THE FOLLOWING DEPARTMENTS ENCOMPASS THE MAJOR AREAS OF THE UNIVERSITY STUDENT SERVICES DIVISION. STUDENT AFFAIRS, ADMISSIONS AND ENROLLMENT SERVICES, THE OFFICE OF FINANCIAL AID, REGISTRAR'S OFFICE, HEALTH AND COUNSELING SERVICES, ATHLETICS, RECREATION AND INTRAMURAL OFFICES. 4067120 1166317 OTHER PROGRAM SERVICES INCLUDE ACADEMIC SUPPORT, LIBRARY AND COMPUTER TECHNOLOGY SERVICES, AND SUPPORT FOR THE ACADEMIC DIVISIONS. 4067120 1166317 123583715 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 1 0 0 0 1 408 0 1 1896 1 0 0 0 0 0 1 1 0 0 X 31 31 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 KY MA WA AK NH X X ROBERT L ZIMLICH VP FOR ADMIN & FINANCE 5022728261 2001 NEWBURG ROAD LOUISVILLE KY 40205 JOSEPH P CLAYTON TRUSTEE 2.00 X 0 0 0 RUSS COX TRUSTEE 2.00 X 0 0 0 JAMES R ALLEN TRUSTEE 2.00 X 0 0 0 JOHN LANSING TRUSTEE 2.00 X 0 0 0 MICHAEL J MACKIN TRUSTEE 2.00 X 0 0 0 ERNEST W MARSHALL TRUSTEE 2.00 X 0 0 0 LIBBYE MONTOMERY TRUSTEE 2.00 X 0 0 0 WPATRICK MULLOY TRUSTEE 2.00 X 0 0 0 STEVE TRAGER TRUSTEE 2.00 X 0 0 0 BARRY FIELDS TRUSTEE 2.00 X 0 0 0 T W SAMUELS TRUSTEE 2.00 X 0 0 0 LEONARD M SPALDING TRUSTEE 2.00 X 0 0 0 SR JANET MARIE PETERWORTH OSU TRUSTEE 2.00 X 0 0 0 DOUG WHYTE TRUSTEE 2.00 X 0 0 0 ANGELA MASON TRUSTEE 2.00 X 0 0 0 DONALD BERG TRUSTEE 2.00 X 0 0 0 DONALD KELLY TRUSTEE 2.00 X 0 0 0 DR FRANK SCHMIDT TRUSTEE 2.00 X 0 0 0 G JESSE FLYNN TRUSTEE 2.00 X 0 0 0 TOM THOMAS TRUSTEE 2.00 X 0 0 0 WILLIAM E MUDD TRUSTEE 2.00 X 0 0 0 CRAIG GRANT TRUSTEE 2.00 X 0 0 0 BRAD RAY TRUSTEE 2.00 X 0 0 0 DAVID HEINTZMAN TRUSTEE 2.00 X 0 0 0 ANGELA SCHMIDT TRUSTEE 2.00 X 0 0 0 MATT THORNTON TRUSTEE 2.00 X 0 0 0 SHARON DES JARLAIS TRUSTEE 2.00 X 0 0 0 C EDWARD GLASSCOCK TRUSTEE 2.00 X 0 0 0 MICHAEL HOBBS TRUSTEE 2.00 X 0 0 0 STEPHEN G MULLINS TRUSTEE 2.00 X 0 0 0 DR MARIAN A SWOPE TRUSTEE 2.00 X 0 0 0 SUSAN DONOVAN PRESIDENT 40.00 X 589187 0 31574 ROBERT L ZIMLICH VP ADMINISTRATION & FINANC 40.00 X 239959 0 71729 GLENN KOSSE VP DEVELOPMENT & ALUMNI RE 40.00 X 224640 0 43091 HUNT HELM VP COMMUNICATIONS & PUBLIC 40.00 X 187075 0 26582 SEAN RYAN VP ENROLLMENT MANAGEMENT 40.00 X 209186 0 37192 CAROLE PFEFFER VP ACADEMIC AFFAIRS 40.00 X 229220 0 29215 HELEN GRACE RYAN VP STUDENT AFFAIRS 40.00 X 164946 0 17643 DANIEL BAUER FORMER, DEAN OF SCH. OF BU 40.00 X 174767 0 23656 ROBERT COOTER DEAN OF SCH. OF EDUCATION 40.00 X 172632 0 26151 SCOTT DAVENPORT HEAD COACH - MEN'S BASKETB 40.00 X 271996 0 29052 ZAIN KHANDWALA EXECUTIVE DIRECTOR - ADVAN 40.00 X 206167 0 26670 SHARON KERRICK DEAN OF SCH. OF BUS. 40.00 X 185558 0 25048 DORIS TEGART FORMER EXECUTIVE VP, INTERIM PRESIDENT 40.00 X 393932 0 12776 FRED RHODES FORMER VP STUDENT AFFAIRS 40.00 X 205953 0 27029 3455218 0 427408 73 1 1 0 SODEXO 2001 NEWBURG RD LOUISVILLE KY 40205 FOOD SERVICE 4212776 MESSER CONSTRUCTION COMPANY 5158 FISHWICK DR CINCINNATI OH 45216 CONSTRUCTION 1825155 FACILITIES MANAGEMENT SERVICES 4400 BISHOP LANE LOUISVILLE KY 40218 CLEANING SERVICES 1106838 DOE-ANDERSON INC 620 W MAIN ST LOUISVILLE KY 40202 ADVERTISING 894193 ROYALL AND COMPANY 1920 EAST PARHAM ROAD RICHMOND VA 23228 RECRUITING CONSULTANTS 867063 13 172711 520582 9564997 4911772 10258290 TUITION AND FEES 900099 110046364 110046364 AUXLIARY ENTERPRISES-HOUSING 900099 7290187 7290187 FOOD REVENUE 900099 1357013 1357013 CAMPUS STORE 900099 163166 163166 MEMBERSHIP DUES 900099 18074 18074 5895611 5895611 124770415 1824195 1824195 13552 13552 176479 64881 111598 111598 111598 8601659 2187680 5974279 1932804 2627380 254876 2882256 2882256 266608 172711 158109 108499 108499 560 336 224 224 18622 2815 15807 15807 OTHER INCOME 531390 395538 395538 SPORTS CAMP REVENUE 713990 319370 319370 ATHLETIC REVENUE 711210 318597 318597 77765 77765 1111270 141096106 125897492 0 4940324 56388855 56388855 2405868 738484 1386950 280434 38702038 33537652 4079779 1084607 2421272 2055484 277024 88764 6558919 5236857 1169102 152960 2727172 2352568 296769 77835 131242 131242 57575 57575 2441617 1263437 1107714 70466 815537 693629 96880 25028 2579165 2162436 355613 61116 1378187 668564 682009 27614 1780177 935889 844288 1621463 1470560 116772 34131 225081 133008 81693 10380 6138702 5142386 996316 5604362 5604362 546508 33732 512776 OTHER EXPENSES 2626085 1667791 791971 166323 OTHER EXPENSES-PLANT 1321110 446640 867589 6881 MEALS 1223732 985021 125112 113599 CLASSROOM EDUCATIONAL S 668181 662372 5809 1360874 1403988 -145024 101910 139723722 123583715 13837959 2302048 5485 5471 9725360 9435150 7447255 4844460 5037135 4666445 79051 100872 1255932 1043129 193743509 68175243 128023395 125568266 51587402 50237307 11239199 11418897 3807718 15124570 218207932 222444567 3407575 3393716 4754151 4800531 75051912 76848432 4958114 4936161 88171752 89978840 X 81612349 85114247 13850393 10755949 34573438 36595531 130036180 132465727 218207932 222444567 1372384 1057163 0 X X 0 1 X 1 1 1 X X X X 0 55332947 6877145 5042714 1179178 845546 449076 64779006 48648794 3368677 5846276 1253704 863546 413550 55332947 52259548 1322729 -2484343 1301537 741284 406319 48648794 50931015 2117336 1432278 1151734 683373 385974 52259548 43752880 4266540 4970915 1144067 538057 377196 50931015 0.33090 0.66910 0 0 5204537 5204537 134091583 41636885 92454698 29644355 15588298 14056057 24803034 10950060 13852974 125568266 281683 F OTHER ENDOWMENT SECURITIES 396613 F GLOBAL HEDGED EQUITY 5159297 F ABSOLUTE RETURN HEDGE FUND 2123193 F DISTRESSED DEBT 263720 F PRIVATE EQUITY 3194391 F 11418897 ENDOWMENT - REAL ESTATE 15124570 15124570 ANNUITY OBLIGATIONS 1908257 U.S. ADVANCES FOR STUDENT LOANS 589821 LONG TERM CAPITAL LEASE OBLIGATIONS 2438083 4936161 X 85990556 1057163 226142 1283305 84707251 56388855 56388855 141096106 83561009 226142 226142 83334867 56388855 56388855 139723722 PART III, LINE 4: THE HISTORICAL TREASURES OF THE UNIVERSITY CONSIST OF OVER 50,000 ITEMS OF THOMAS MERTON INCLUDING WRITINGS, DRAWINGS, PHOTOGRAPHS, PERSONAL POSSESSIONS, AND OTHER MERTON ARTIFACTS. THEY ARE KEPT IN THE THOMAS MERTON CENTER LOCATED IN THE UNIVERSITY LIBRARY BUILDING. THE MERTON CENTER IS USED FOR SCHOLARLY RESEARCH ON THOMAS MERTON,A WORLD CONTEMPLATIVE AND WRITER. IN ADDITION TO THE MERTON TREASURES, THE UNIVERSITY HAS NUMEROUS DOROTHY DAY TREASURES. DOROTHY DAY WAS A NOTED TWENTIETH CENTURY CATHOLIC SOCIAL ACTIVIST AND THINKER. AMONG THE TREASURES OF THE UNIVERSITY ARE 136 ORIGINAL LETTERS FROM DOROTHY DAY, FOUR SIGNED BOOKS BY DOROTHY DAY, HUNDREDS OF EARLY CATHOLIC WORKER PHOTOS AND 523 CATHOLIC WORKER NEWSPAPERS, MOSTLY COMPLETE FROM THE FIRST ISSUE, 1933 THROUGH 1990. THESE MATERIALS ARE NOW AVAILABLE FOR CONSULTATION BY RESEARCHERS VISITING THE THOMAS MERTON CENTER AT BELLARMINE UNIVERSITY WHO ARE INTERESTED IN THE LIFE AND WORK OF DOROTHY DAY. PART V, LINE 4: THE UNIVERSITY HAS ADOPTED INVESTMENT AND SPENDING POLICIES, APPROVED BY THE BOARD OF TRUSTEES, FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO SUPPORT CURRENT AND FUTURE UNIVERSITY NEEDS, WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THESE ENDOWMENT ASSETS OVER THE LONG-TERM, AND TO BUILD CAPITAL FOR FUTURE USE. THE UNIVERSITY'S SPENDING AND INVESTMENT POLICIES WORK TOGETHER TO ACHIEVE THIS OBJECTIVE. PART X, LINE 2: PURSUANT TO A DETERMINATION BY THE INTERNAL REVENUE SERVICE, THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. GAAP REQUIRES THE UNIVERSITY TO EVALUATE TAX POSITIONS TAKEN BY THE UNIVERSITY AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE UNIVERSITY HAS TAKEN ANY UNCERTAIN TAX POSITIONS. THE UNIVERSITY HAS ANALYZED THE TAX POSITIONS TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) ON ALL INCOME TAX RETURNS THAT REMAIN OPEN TO EXAMINATION BY THE RESPECTIVE TAXING AUTHORITIES. THE UNIVERSITY DOES NOT BELIEVE THAT THERE ARE ANY UNCERTAIN TAX POSITIONS ON THOSE RETURNS THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) THAT SHOULD BE REFLECTED IN THE FINANCIAL STATEMENTS. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE UNIVERSITY BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR TAX YEARS PRIOR TO MAY 31, 2014. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES, SPECIAL EVENTS, AND COST OF GOODS SOLD 68,032. FUND RAISING 158,110. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND DISCOUNTS 56,388,855. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES, SPECIAL EVENTS, AND COST OF GOODS SOLD 68,032. FUND RAISING NETTED AGAINST EXPENSE 158,110. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND DISCOUNTS 56,388,855. SCHEDULE D, PART XI & XII SCHEDULE D, PAGE 4, PART XI, LINE 2D-RENTAL EXPENSES, SPECIAL EVENTS EXPENSE AND COST OF GOODS SOLD WHICH WERE NETTED AGAINST THE REVENUE ACCOUNTS FOR PRESENTATION ON THE 990, BUT INCLUDED AS EXPENSE ON THE AUDITED STATEMENTS.(SEE EXPLANATION SCHEDULE D, PAGE 4, PART XII, LINE 2D BELOW.) SCHEDULE D, PAGE 4, PART XII, LINE 2D-RENTAL EXPENSES, SPECIAL EVENTS EXPENSE AND COST OF GOODS SOLD WHICH WERE NETTED AGAINST THE REVENUE ACCOUNTS FOR PRESENTATION ON THE 990, BUT INCLUDED AS EXPENSE ON THE AUDITED FINANCIAL STATEMENTS. SCHEDULE D, PAGE 4, PART XII, LINE 4B, REPRESENTS SCHOLARSHIPS AND DISCOUNTS THAT ARE NETTED AGAINST THE REVENUE IN THE AUDITED FINANCIAL STATEMENTS BUT SHOWN AS EXPENSES ON THE 990. 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 POLICY IS WRITTEN IN ALL OF THE PUBLICATIONS OF THE UNIVERSITY. ALSO THE POLICY IS BROADCAST THROUGHOUT THE YEAR IN NUMEROUS PUBLIC PUBLICATIONS INCLUDING LOCAL NEWSPAPERS, PROMOTIONAL MATERIALS AND OTHER STUDENT BROCHURES. SCHEDULE E, PART I, LINE 6 BELLARMINE UNIVERSITY PARTICIPATES IN THE FOLLOWING FINANCIAL AID PROGRAMS: FEDERAL PELL GRANT PROGRAM, FEDERAL WORK-STUDY PROGRAM, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM, FEDERAL PERKINS LOAN PROGRAM, FEDERAL DIRECT LOAN PROGRAM, FEDERAL DIRECT PLUS LOAN PROGRAM AND TEACHER EDUCATION ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION GRANTS PROGRAM. THE UNIVERSITY COMPLIES WITH THE ANNUAL SINGLE AUDIT REQUIREMENTS, FILINGS WITH THE FEDERAL AUDITING CLEARINGHOUSE AND THE DEPARTMENT OF EDUCATION FILINGS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES 79 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES 8 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS EUROPE 0 0 PROGRAM SERVICES 128 STUDENTS PARTICPATED IN STUDY ABROAD PROGRAMS SOUTH ASIA 0 0 PROGRAM SERVICES 8 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS AFRICA 0 0 PROGRAM SERVICES 2 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS NORTH AMERICA 0 0 PROGRAM SERVICES 2 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 KNIGHT OF KNIGHTS 203500 89892 113608 52164 41555 19889 RUN FOR RYANN 43425 35434 7991 495 785 6711 4 192394 47385 145009 580 24906 8655 -5250 7619 439319 172711 266608 580 77565 50995 14639 14330 158109 108499 0 SCHOLARSHIPS AND DISCOUNTS 2785 56388855 SCHEDULE I, PART 1, LINE 2 SCHOLARSHIPS AND DISCOUNT AMOUNTS AWARDED TO STUDENTS ARE POSTED DIRECTLY TO EACH STUDENTS' ACCOUNTS RECEIVABLE SUBSIDIARY ACCOUNT. X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 SUSAN DONOVAN PRESIDENT 244397 0 0 0 344790 0 23616 0 7958 0 620761 0 0 0 ROBERT L ZIMLICH VP ADMINISTRATION & FINANC 228109 0 0 0 11850 0 24000 0 47729 0 311688 0 0 0 GLENN KOSSE VP DEVELOPMENT & ALUMNI RE 215370 0 0 0 9270 0 22350 0 20741 0 267731 0 0 0 HUNT HELM VP COMMUNICATIONS & PUBLIC 183565 0 0 0 3510 0 18635 0 7947 0 213657 0 0 0 SEAN RYAN VP ENROLLMENT MANAGEMENT 209186 0 0 0 0 0 21715 0 15477 0 246378 0 0 0 CAROLE PFEFFER VP ACADEMIC AFFAIRS 229220 0 0 0 0 0 23000 0 6215 0 258435 0 0 0 HELEN GRACE RYAN VP STUDENT AFFAIRS 164946 0 0 0 0 0 17240 0 403 0 182589 0 0 0 DANIEL BAUER FORMER, DEAN OF SCH. OF BU 174767 0 0 0 0 0 17933 0 5723 0 198423 0 0 0 ROBERT COOTER DEAN OF SCH. OF EDUCATION 172632 0 0 0 0 0 17345 0 8806 0 198783 0 0 0 SCOTT DAVENPORT HEAD COACH - MEN'S BASKETB 197479 0 71757 0 2760 0 19683 0 9369 0 301048 0 0 0 ZAIN KHANDWALA EXECUTIVE DIRECTOR - ADVAN 206167 0 0 0 0 0 20500 0 6170 0 232837 0 0 0 SHARON KERRICK DEAN OF SCH. OF BUS. 185558 0 0 0 0 0 18958 0 6090 0 210606 0 0 0 DORIS TEGART FORMER EXECUTIVE VP, INTERIM PRESIDE 134960 0 64000 0 194972 0 8646 0 4130 0 406708 0 0 0 FRED RHODES FORMER VP STUDENT AFFAIRS 205953 0 0 0 0 0 20437 0 6592 0 232982 0 0 0 PART I, LINE 5 ANY BONUS CALCULATION IS COMPLETED ON PERFORMANCE OF THE PRESIDENT. PART I, LINE 7 THE EXECUTIVE COMMITTEE REVIEWS THE PRESIDENT'S PERFORMANCE ON AN ANNUAL BASIS. THE EXECUTIVE COMMITTEE OF THE BOARD ESTABLISHES CRITERIA TO BE USED DURING THE NEXT FISCAL YEAR TO ESTABLISH THE GOALS THE PRESIDENT MUST MEET OR EXCEED IN ORDER TO QUALIFY FOR ANY BONUS. THE GOALS ARE ESTABLISHED BASED UPON THE VISION AND THE MISSION OF THE UNIVERSITY. A LOUJEFFCOMETRO GOVERNMENT 616001862 NONEAVAIL 2008-07-10 27230000 REFUNDING & CAP IMPROVE 1 0 0 B LOUJEFFCOMETRO GOVERNMENT 616001862 NONEAVAIL 2009-12-16 18500000 CAPITAL IMPROVEMENTS 1 0 0 C LOUJEFFCOMETRO GOVERNMENT COLLEGE IMPROVEMENT & REFUNDING 616001862 NONEAVAIL 2015-09-01 35405000 REFUNDING & CAP IMPROVE 0 0 0 D LOUJEFFCOMETRO GOVERNMENT COLLEGE IMPROVEMENT REVENUE REFUNDING 616001862 NONEAVAIL 2017-11-29 41290000 REFUNDING 0 0 0 A 2225000 25005000 28146498 363752 82129 13726216 13974401 2010 0 1 1 1 B 2715000 14945000 18277238 454747 251401 33662 16648927 887846 655 2011 0 0 1 1 C 2075000 36435618 2255231 455648 11789 10000145 23682400 30405 2016 0 1 1 1 D 42451537 3923829 242481 38270960 14267 0 1 1 1 A 0 0 0 0 1 0 0 B 0 0 0 0 1 0 0 C 0 0 0 0 1 0 0 D 0 0 0 0 1 0 0 A 0 0 0 1 0 0 0 0 0 B 0 0 0 1 0 0 0 0 0 C 0 0 0 1 0 0 0 0 0 D 0 0 0 1 0 0 0 0 0 A 0 B 0 C 0 SCHEDULE K BONDS ALL BONDS BONDS ISSUED JULY 10, 2008; DECEMBER 16, 2009, SEPTEMBER 2015 AND NOVEMBER 29, 2017 - UNDER THE 2015, 2009, AND 2008 INDENTURES, A DEBT SERVICE RESERVE FUND HAS BEEN ESTABLISHED FOR THE BONDS AND IS REQUIRED TO BE MAINTAINED IN AN AMOUNT EQUAL TO THE LEAST OF: (I) 10% OF THE NET PROCEEDS OF THE BONDS; (II) THE MAXIMUM ANNUAL DEBT SERVICE REQUIREMENTS; OR (III) 125% OF THE AVERAGE ANNUAL DEBT SERVICE REQUIREMENTS. AMOUNTS IN THE DEBT SERVICE RESERVE FUND MAY BE INVESTED BY THE UNIVERSITY ONLY IN INVESTMENT SECURITIES. THE MARKET VALUE OF THOSE SECURITIES AT MAY 31, 2018, WAS $3,923,829, $2,255,231 AND $454,747 FOR THE SERIES 2017, 2015, AND 2009 BONDS RESPECTIVELY, AND ARE REFLECTED AS PLANT FUNDS ON THE STATEMENTS OF FINANCIAL POSITION. (A) BOND ISSUED JULY 10, 2008 - ADDITIONAL INFORMATION: IN JULY 2008, THE UNIVERSITY ISSUED $41,290,000 OF LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES 2008 A & B (BELLARMINE UNIVERSITY PROJECTS) OF WHICH $23,884,969 WAS USED FOR THE PURPOSE OF DEFEASING THE COUNTY OF JEFFERSON, KENTUCKY, COLLEGE REVENUE BONDS, SERIES 2006, AND THE REMAINDER WAS USED TO PROVIDE FUNDS TO BUILD A 146 BED RESIDENCE HALL, TO BUILD AN ADDITION TO A CLASSROOM BUILDING, AND TO RENOVATE AN OFFICE BUILDING. THE 2008 BOND WAS DEFEASED ON NOVEMBER 29, 2017. (B) BOND ISSUED DECEMBER 16, 2009: LOUISVILLE JEFFERSON COUNTY METRO GOVERNMENT: IN DECEMBER 2009, THE UNIVERSITY ISSUED $18,500,000 OF LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE IMPROVEMENT REVENUE BONDS, SERIES 2009 (BELLARMINE UNIVERSITY INCORPORATED PROJECT) OF WHICH THE MAJORITY WAS USED TO PROVIDE FUNDS TO BUILD A 119 BED RESIDENCE HALL, TO BUILD A SUBSTANTIAL ADDITION TO THE MAIN DINING HALL, RENOVATE AND EXPAND THE CAFE', AND ADD 276 SURFACE PARKING SPACES ON CAMPUS. THE TERM OF THE BOND ISSUE IS THIRTY YEARS. (C) BOND ISSUED IN 2015: IN SEPTEMBER 2015, THE UNIVERSITY ISSUED $35,405,000 OF LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE IMPROVEMENT REVENUE AND REVENUE REFUNDING BONDS, SERIES 2015 (BELLARMINE UNIVERSITY PROJECTS) OF WHICH $12,474,245 WAS USED FOR THE PURPOSE OF DEFEASING THE CITY OF SHIVELY, KENTUCKY, COLLEGE REVENUE REFUNDING BONDS, SERIES 2012 (SHIVELY 2012 BONDS) AND THE CITY OF AUDUBON PARK, KENTUCKY, COLLEGE REVENUE REFUNDING BONDS, SERIES 2012 (AUDUBON PARK 2012 BONDS) TOGETHER REFERRED TO AS THE BELLARMINE UNIVERSITY INCORPORATED PROJECT AND $13,138,788 WAS USED TO DEFEASE THE CITY OF SHIVELY, KENTUCKY, COLLEGE IMPROVEMENT REVENUE BONDS, SERIES 2011 (SHIVELY 2011 BONDS) AND THE CITY OF AUDUBON PARK, KENTUCKY, COLLEGE IMPROVEMENT REVENUE BONDS, SERIES 2011 (AUDUBON PARK 2011 BONDS) TOGETHER REFERRED TO AS THE BELLARMINE UNIVERSITY INCORPORATED PROJECT. $10,816,138 WAS USED TO PROVIDE NEW MONEY TO RENOVATE THE FIRST FLOOR OF THE LIBRARY INTO A STATE OF THE ART STUDENT LEARNING SPACE "LANSING LEARNING COMMONS", FOR THE CONSTRUCTION OF THE NEW "CENTRO" BUILDING A 46,000 SQUARE FOOT CLASSROOM AND OFFICE BUILDING, AND RENOVATION OF EXISTING HORRIGAN HALL. (D) BOND ISSUED IN 2017: IN NOVEMBER 2017, THE UNIVERSITY ISSUED $30,280,000 OF LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2017A (BELLARMINE UNIVERSITY PROJECTS) AND ISSUED $11,010,000 OF LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE IMPROVEMENT REVENUE REFUNDING BONDS, TAXABLE SERIES 2017B (BELLARMINE UNIVERSITY PROJECTS) OF WHICH WAS USED FOR THE PURPOSE OF DEFEASING THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES 2008A $25,005,000 (BELLARMINE UNIVERSITY PROJECTS) WHICH WERE ISSUED FOR THE PURPOSE OF CONSTRUCTING A 146 BED RESIDENCE HALL, TO CONSTRUCT AN ADDITION TO A CLASSROOM BUILDING, AND TO RENOVATE AN OFFICE BUILDING AND TO DEFEASE $14,945,000 OF BONDS FROM THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE IMPROVEMENT REVENUE BONDS, SERIES 2009 $16,175,000 (BELLARMINE UNIVERSITY INCORPORATED PROJECT) OF WHICH THE MAJORITY WAS USED TO PROVIDE NEW MONEY TO CONSTRUCT A 119-BED RESIDENCE HALL, TO CONSTRUCT A SUBSTANTIAL ADDITION TO THE MAIN DINING HALL, RENOVATE AND EXPAND THE CAFE, AND ADD 276 SURFACE PARKING SPACES ON CAMPUS. 990, SCHEDULE K, PART II, PROCEEDS LINE 3A: ISSUE PRICE (27,230,000) LESS NET OID (538,862) PLUS INVESTMENT EARNINGS (1,455,360) EQUALS TOTAL PROCEEDS OF ISSUE (28,146,498). LINE 3B: ISSUE PRICE (18,500,000) LESS NET OID (258,902) PLUS INVESTMENT EARNINGS (36,140) EQUALS TOTAL PROCEEDS OF ISSUE (18,277,238). LINE 3C: ISSUE PRICE (35,405,000) PLUS NET OIP (1,024,171) PLUS INVESTMENT EARNINGS (6,447) EQUALS TOTAL PROCEEDS OF ISSUE (36,435,618). LINE 3D: ISSUE PRICE (41,290,000) PLUS NET OIP (1,157,105) PLUS INVESTMENT EARNINGS (4,432) EQUALS TOTAL PROCEEDS OF ISSUE (42,451,537). LINE 3A LINE 3B LINE 3C 27,230,000 18,500,000 35,405,000 - 538,862 - 258,902 + 1,024,171 + 1,455,360 + 36,140 + 6,447 =28,146,498 =18,277,238 =36,435,618 LINE 3D 41,290,000 + 1,157,105 + 4,432 =42,451,537 SCHEDULE K, PART III, PRIVATE BUSINESS USE #9: WE ARE IN THE PROCESS OF DEVELOPING POLICIES AND PROCEDURES. SCHEDULE K, PART IV, ARBITRAGE LINE 2C, BOND COLUMN A: THE REBATE COMPUTATION WAS PERFORMED ON 8/8/2013 BY FROST BROWN TODD, PLLC ATTORNEYS AT LAW LINE 7: WE ARE IN THE PROCESS OF DEVELOPING POLICIES AND PROCEDURES. SCHEDULE K, PART V, PROCEDURES: WE ARE IN THE PROCESS OF DEVELOPING POLICIES AND PROCEDURES. C EDWARD GLASSCOCK CURRENT UNIVERSITY TRUSTEE 26328 LEGAL SERVICES: C. EDWARD GLASSCOCK IS CHAIRMAN EMERITUS AND A MEMBER OF FROST BROWN TODD ATTORNEYS. FROST BROWN TODD IS PAID FOR PERFORMING LEGAL SERVICES FOR BELLARMINE UNIVERSITY. FROST BROWN TODD IS NOT THE ONLY LAW FIRM UTILIZED BY THE UNIVERSITY. MR. GLASSCOCK WAS NOT THE ATTORNEY WHO PERFORMED THE SERVICES FOR WHICH FROST BROWN TODD WAS PAID DURING THE FISCAL YEAR. THE LAW FIRM WAS PAID $26,328 FOR THE PERIOD COVERED BY THIS RETURN. 0 G JESSE FLYNN CURRENT UNIVERSITY TRUSTEE 251898 THE UNIVERSITY HAS FIVE YEAR LEASE WITH TAYLOR AVENUE LLC FOR A PROPERTY LOCATED AT 1961 BISHOPS LANE, LOUISVILLE, KY. MR. FLYNN IS A MEMBER OF TAYLOR AVENUE LLC. THE UNIVERSITY MADE LEASE PAYMENTS ON THIS PROPERTY FOR THE FISCAL YEAR IN THE AMOUNT OF $251,898. 0 SODEXO CONTRIBUTOR TO THE UNIVERSITY 350000 SODEXO PROVIDES FOOD SERVICE TO THE UNIVERSITY. DURING THE FISCAL YEAR THE UNIVERSITY MADE PAYMENTS TO SODEXO IN THE AMOUNT OF $4,212,776. 0 STEVE TRAGER CURRENT UNIVERSITY TRUSTEE 347215 THE UNIVERSITY HAS A 10 YEAR CAPITAL LEASE WITH REPUBLIC BANK & TRUST COMPANY. MR. TRAGER IS CHIEF EXECUTIVE OFFICER OF REPUBLIC BANK & TRUST. THE LEASE WAS AWARDED VIA A COMPETITIVE BID PROCESS. THE UNIVERSIY MADE PAYMENT OF $347,215 FOR THE FISCAL YEAR. 0 RUSSELL F COX CURRENT UNIVERSITY TRUSTEE 214339 THE UNIVERSITY PURCHASES PROMOTIONAL ITEMS FROM MPC PROMOTIONS. RUSSELL COX IS THE SON-IN-LAW OF A PARTIAL OWNER OF THE COMPANY. THE UNIVERSITY MADE PAYMENTS OF $214,339 FOR THE FISCAL YEAR. 0 X 30 4721786 MARKET VALUE X 1 2622 MARKET VALUE X OTHER 14 187364 MARKET VALUE 2 0 1 0 PART I, LINE 32B: THE UNIVERSITY HAS A WRITTEN GIFT ACCEPTANCE POLICY FOR THE REVIEW OF ANY NON-STANDARD CONTRIBUTIONS. THE POLICY REQUIRES THAT PRIOR TO ACCEPTING NON-STANDARD GIFTS THAT THE DEVELOPMENT OFFICERS REVIEW THE NEED OF THE UNIVERSITY FOR SUCH GIFT AND DISCUSS THE GIFT WITH THE AREA VICE-PRESIDENT OR DEAN OF THE DEPARTMENT TO DETERMINE THAT THE GIFT FALLS WITHIN THE UNIVERSITY'S MISSION AND VISION. FINAL APPROVAL OF THE GIFT IS MADE BY THE VICE-PRESIDENT FOR ADMINISTRATION AND FINANCE OR VICE-PRESIDENT FOR DEVELOPMENT AND ALUMNI RELATIONS. FORM 990, PART VI, SECTION A, LINE 2 MR. STEVE TRAGER, CURRENT TRUSTEE, IS THE CEO OF REPUBLIC BANK & TRUST CO.; AND MR. W. PATRICK MULLOY, II, CURRENT TRUSTEE, IS A DIRECTOR AT REPUBLIC BANK & TRUST CO. MR. RUSS COX, CURRENT TRUSTEE, IS THE PRESIDENT AND CEO OF NORTON HEALTHCARE. MR. CRAIG GRANT, CURRENT TRUSTEE, IS A MEMBER OF THE BOARD OF NORTON HEALTHCARE. MR. DAVID HEINTZMAN, CURRENT TRUSTEE, IS CHAIRMAN OF THE BOARD AT STOCK YARD BANK & TRUST. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PREPARED BY INTERNAL STAFF AND REVIEWED IN DETAIL BY THE ASSISTANT VICE-PRESIDENT FOR BUSINESS AFFAIRS. THE AVP IS AN ATTORNEY AND CPA WITH 20+ YEARS OF TAX EXPERIENCE. THE REVIEW IS COMPLETED IN SEVERAL STAGES IN ORDER TO PROCESS ALL THE INFORMATION THOROUGHLY. CONTINUING EDUCATION ON TAX REQUIREMENTS IS PROVIDED TO THOSE INVOLVED WITH THE PREPARATION AND REVIEW OF THE 990. THE RETURN IS GIVEN TO THE AUDIT COMMITTEE. THE AUDIT COMMITTEE REVIEWS AND DISCUSSES THE RETURN. THE AUDIT COMMITTEE REPORTS INFORMATION REGARDING THE 990 TO THE FULL BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION SENDS ITS CONFLICT OF INTEREST POLICY TO ALL BOARD MEMBERS ANNUALLY. THE VP FOR ADMINISTRATION AND FINANCE MONITORS THAT ALL MEMBERS RETURN A SIGNED COPY INDICATING THEY HAVE REVIEWED THE POLICY AND LISTED ANY POTENTIAL CONFLICTS. ADDITIONALLY, ALL EMPLOYEES RECEIVE A UNIVERSITY HANDBOOK AND SIGN ACKNOWLEDGMENT INDICATING SUCH RECEIPT. THE CONFLICT OF INTEREST POLICY IS LOCATED WITHIN THE STAFF HANDBOOK. LASTLY, THE ORGANIZATION MAINTAINS A TELEPHONE LINE IN WHICH EMPLOYEES CAN CONFIDENTIALLY REPORT ANYTHING THAT THEY DEEM AS INAPPROPRIATE WITHIN THE ORGANIZATION; INCLUDING BUT NOT LIMITED TO FRAUD, HARASSEMENT, DISCRIMINATION, CONFLICT OF INTEREST OR MISAPPROPRIATION OF UNIVERSITY FUNDS OR ASSETS. THE CONFIDENTIAL LINE IS (502)272-7535. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENTIAL CONTRACT AND COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S SALARY ON A YEARLY BASIS; INCLUDING BASE COMPENSATION, BONUS AND FRINGE BENEFITS. THE PRESIDENTIAL CONTRACT AND COMPENSATION COMMITTEE EVALUATES THE COMPENSATION OF THE PRESIDENT BASED ON ESTABLISHED GOALS AND DISCUSSES AND APPROVES THE NEW SALARY ON AN ANNUAL BASIS. THE UNIVERSITY AND THE PRESIDENT ARE BOUND BY A CONTRACT. THE CONTRACT IS NEGOTITATED AND REVIEWED BY THE PRESIDENTIAL CONTRACT AND COMPENSATION COMMITTEE OF THE BOARD. AS PART OF THE EVALUATION PROCESS USED BY THE PRESIDENTIAL CONTRACT AND COMPENSATION COMMITTEE OF THE BOARD, MARKET DATA, SALARY SURVEYS OF SIMILAR INSTITUTIONS AND OTHER RELEVANT INFORMATION ARE REVIEWED IN CONJUNCTION WITH THE PRESIDENT'S REPORT ON ACCOMPLISHMENTS AND PROPOSED GOALS. ALL EMPLOYEES, OTHER THAN THE PRESIDENT, ARE EVALUATED BY THEIR IMMEDIATE SUPERVISOR ON AN ANNUAL BASIS. THE VICE-PRESIDENTS OF THE UNIVERSITY ARE EVALUATED BY THE PRESIDENT. THE UNIVERSITY USES CUPA DATA TO COMPARE SALARIES FOR OTHER LIKE INSTITUTIONS TO OUR COMPENSATION. FORM 990, PART VI, SECTION C, LINE 18 THE UNIVERSITY MAKES AVAILABLE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE GENERAL PUBLIC UPON REQUEST DURING THE REGULAR BUSINESS HOURS OF THE UNIVERSITY. THE FORM 990 IS AVAILABLE ON GUIDESTAR FOR PUBLIC INSPECTION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES AVAILABLE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE GENERAL PUBLIC UPON REQUEST DURING THE REGULAR BUSINESS HOURS OF THE UNIVERSITY. THE FORM 990 IS AVAILABLE ON GUIDESTAR FOR PUBLIC INSPECTION. PART XII, LINE 2C THE RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT AND THE SELECTION OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT HAS NOT CHANGED SINCE THE LAST FISCAL YEAR. CHARITABLE REMAINDER UNITRUST KY 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0