2018-05-15T16:09:17-05:00 2017-06-30 350921680 CROWE HORWATH LLP 9600 Brownsboro Road Suite 400 Louisville KY 402411122 990 2016-07-01 610444671 Centre College CENT 8592385451 600 West Walnut Street Danville KY 40422 Brian Hutzley VP, CFO & Treasurer 2018-05-15 true Rachel Spurlock P00520729 5023263996 2016 2022-09-23 18:48:47Z Dr John A Roush 600 West Walnut Street Danville KY 40422 150119389 false X www.centre.edu X 1959 KY Centre College is an educational community dedicated to study in the liberal arts as a means to develop the intellectual, personal, and moral potential of its students. 38 38 1459 40 17840 0 10981674 14680544 66301724 71644489 13679213 13977411 245420 288435 91208031 100590879 27388783 31899875 0 0 29738724 29807197 0 0 1913877 32392763 34257012 89520270 95964084 1687761 4626795 412173679 443314672 104281867 97186065 307891812 346128607 Centre College is a small, independent, and selective educational community dedicated to study in the liberal arts as a means to develop the intellectual, personal, and moral potential of its students. (Continued in Schedule O) false false 76428028 31899875 71853264 FOUNDED IN 1819, THE SOLE MISSION OF CENTRE, A NATIONALLY RANKED RESIDENTIAL CO-ED PRIVATE LIBERAL ARTS COLLEGE, IS TO PROVIDE EXCEPTIONAL POST-SECONDARY UNDERGRADUATE EDUCATION TO ITS STUDENTS. WE GUARANTEE THE OPPORTUNITY TO STUDY ABROAD, TO HAVE AN INTERNSHIP, AND TO GRADUATE IN FOUR YEARS. TO DEVELOP A GLOBAL PERSPECTIVE ABOUT 85 PERCENT OF OUR STUDENTS STUDY ABROAD, WITH CENTRE PROFESSORS, AT LEAST ONCE. COUPLED WITH SMALL CLASSES, HIGH GRADUATION RATES, ENGAGED PROFESSORS, AND REAL-WORLD PREPARATION FOR CAREER, GRADUATES ENJOY A HIGH SUCCESS RATE FOR EMPLOYMENT OR GRADUATE DEGREE ACCEPTANCE. 76428028 true true false false false false false true false true true true false true true true true false true true true false true false false false false false true true true false false false false false false true false true false true false false false false true false false false true 1795 0 true 1459 true true true true FR UK false false false false false false false false false X 38 38 false false false false false false false true true false false true true true true true true true false false KY X Scott Owens 8592385457 600 West Walnut Street Danville KY 40422 Mark E Nunnelly Board Chairman 1.0 X X 0 0 0 James C Seabury III Board Vice Chairman 1.0 X X 0 0 0 Crit Luallen Secretary 1.0 X X 0 0 0 Robert T Brockman Life Trustee 1.0 X 0 0 0 J David Grissom Life Trustee 1.0 X 0 0 0 Randal B Kell Life Trustee 1.0 X 0 0 0 Nelson D Rodes Jr Life Trustee 1.0 X 0 0 0 Thomas R Baeker Trustee 1.0 X 0 0 0 John R Barton Trustee 1.0 X 0 0 0 Benjamin Beaton Trustee 1.0 X 0 0 0 William S Bowmer III Trustee 1.0 X 0 0 0 Anita M Britton Trustee 1.0 X 0 0 0 Sheila A Burks Trustee 1.0 X 0 0 0 Rutherford B Campbell Trustee 1.0 X 0 0 0 Greg W Caudill Trustee 1.0 X 0 0 0 Paul W Chellgren Trustee 1.0 X 0 0 0 Jess Correll Trustee 1.0 X 0 0 0 Robert L Elliott Trustee 1.0 X 0 0 0 Barb Emler Trustee 1.0 X 0 0 0 Angie Evans Trustee 1.0 X 0 0 0 Craig Hille Trustee 1.0 X 0 0 0 G Watts Humphrey Trustee 1.0 X 0 0 0 Lea Stromire Johnson Trustee 1.0 X 0 0 0 Beth P Klein Trustee 1.0 X 0 0 0 Tao Le Trustee 1.0 X 0 0 0 Jeff Mackin Trustee 1.0 X 0 0 0 Kenneth J Mardick Trustee 1.0 X 0 0 0 Daryll W Martin Trustee 1.0 X 0 0 0 Thomas H Meeker Trustee 1.0 X 0 0 0 Brian Mefford Trustee 1.0 X 0 0 0 John H Newman Trustee 1.0 X 0 0 0 Peggy P Patterson Trustee 1.0 X 0 0 0 George W Privett Jr Trustee 1.0 X 0 0 0 Richard Riney Trustee 1.0 X 0 0 0 Eddy Roberts Jr Trustee 1.0 X 0 0 0 James A Smith Trustee 1.0 X 0 0 0 Lee Tatum Trustee 1.0 X 0 0 0 Kevin D Taylor Trustee 1.0 X 0 0 0 John A Roush President 50.0 X 415107 0 42688 Stephanie L Fabritius VP Academic, Dean 50.0 X 179261 0 26173 Brian Hutzley Vice President, CFO, and Treasurer 40.0 X 16522 0 1620 James P Leahey VP for Legal Affairs and Gift Planning 50.0 X 130947 0 29946 Shawn Lyons VP for Development and Alumni Engagement 50.0 X 129919 0 32586 Kay Drake Vice President for Human Resources 50.0 X 122536 0 13636 Richard W Trollinger Senior Philanthropy Advisor 50.0 X 502566 0 26349 John R Farris Senior Investment Advisor 40.0 X 153333 0 18391 William R Hays VP and Dean of Student Life 50.0 X 121409 0 20586 Robert Nesmith Dean of Admission and Financial Aid 50.0 X 104462 0 30084 Michael Strysick Director of Communications 50.0 X 100288 0 17987 1976350 0 260046 24 false true true SODEXO INC AFFILIATES PO BOX 70060 CHICAGO IL 60673 FOOD SERVICE 4024334 ABEL CONSTRUCTION COMPANY 3401 Bashford Avenue Ct Louisville KY 40218 CONTRACTOR 3763185 MCCOY CONSTRUCTION CO INC 101 THOROUGHBRED DR DANVILLE KY 40422 CONTRACTOR 909360 EBSCO PO BOX 830625 BIRMINGHAM AL 35283 LIBRARY SUBSCRIPTION SERVICES 283004 ROSS TARRANT ARCHITECTS INC 101 Old Lafayette Ave Lexington KY 40502 ARCHITECTS 239982 7 0 0 0 0 226396 14454148 3179979 14680544 Comprehensive Fee 611710 70296392 70296392 Auxiliary Services 611710 1348097 1348097 0 0 0 0 71644489 3673122 17840 3655282 0 0 59832799 49528510 10304289 0 10304289 10304289 Miscellaneous 900099 208775 208775 Fitness Center 900099 79660 79660 0 0 0 0 288435 100590879 71853264 17840 14039231 30074170 30074170 1825705 1825705 0 0 1610591 232428 725572 652591 77279 77279 21350994 16988770 3823381 538843 1798827 1388707 337715 72405 3374061 2371106 862518 140437 1595445 1188037 328162 79246 127191 0 127191 0 113365 0 113365 0 0 0 0 0 0 0 1316718 1316718 3579964 3579964 0 0 263228 43529 219699 0 969550 605123 292200 72227 134652 68724 34935 30993 2958017 1219915 1638102 100000 2327907 2198263 112941 16703 0 0 0 0 39092 852 38240 0 2702572 2702572 0 0 0 0 4523389 4345737 177652 484778 484778 Library Operations 1352847 1352847 Foreign Studies Programs 2227938 2227938 Norton Arts Center Programs 1426206 1426206 Planned Project Costs 2510156 2510156 7199442 0 6989010 210432 95964084 76428028 17622179 1913877 15557 20899 2884790 8585023 30379472 22747727 113700 360403 0 0 0 774854 788244 182964 172995 1183194 444594 196495166 89471314 105310335 107023852 86293665 123550362 157869741 149926939 0 0 0 27165407 29693634 412173679 443314672 5813264 5490107 0 0 0 0 75649427 76527969 0 0 4000000 0 18819176 15167989 104281867 97186065 X 104380488 119038823 49886486 63070379 153624838 164019405 0 0 0 0 0 0 307891812 346128607 412173679 443314672 X 4626795 30922283 0 0 0 2687717 X false true X true true true X 18621685 23844709 7482441 10797666 14454148 75200649 0 0 18621685 23844709 7482441 10797666 14454148 75200649 25221962 49978687 2609111 2986605 3686548 4010222 3673122 16965608 0 0 0 0 0 0 80352 87130 84709 78207 79660 410058 92576315 326646161 0.5399 0.6059 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - FITNESS CENTER, COLUMN A - 80352.0, COLUMN B - 87130.0, COLUMN C - 84709.0, COLUMN D - 78207.0, COLUMN E - 79660.0, COLUMN F - 410058.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 578725 X X X false 273857968 11593132 42774663 5877463 6700311 1316718 314331271 285886308 -5242540 5132946 4892290 5667649 1358807 273857968 267165187 15329127 14453606 4651683 5194588 1215341 285886308 231243960 5820759 39580474 4191749 4066799 1221458 267165187 207316357 2487888 31785282 3920656 5089145 1335766 231243960 0.3653 0.5215 0.1132 true false 19212511 19212511 150791171 65597399 85193772 26133298 23873915 2259383 358186 358186 107023852 Private Equity Securities 53722192 F Small cap equities 35334622 F Alternative Equity Strategies 791653 F Notes receivable and other 1608895 F Large cap equities 58469577 F 149926939 Funds Held in Trust by Others 29554597 Other Receivables 139037 29693634 FV Adjustment in Interest Rate Swaps 11340793 Annuity Payment & Life Income Obligations 2172462 Advances from Federal Govt. for student loans 595565 Deposits and Agency Funds 1059169 15167989 X 102534498 30922283 0 0 0 30922283 71612215 1316718 27661946 28978664 100590879 64297703 0 0 0 0 0 64297703 1316718 30349663 31666381 95964084 Schedule D, Part III, Line 4 Collections of art - description of collections Collections include paintings, glass and sculpture. The art collection exists primarily to help fulfill the liberal arts education mission of the College. Many, but not all, pieces are displayed throughout campus for viewing by the campus community and visitors. Schedule D, Part V, Line 4 Intended uses of endowment funds Centre's endowment is used exclusively to partially fund the mission of the College, including, but not limited to, student scholarship, operations and debt retirement. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The College operates as a nonprofit corporation and is exempt from income taxes under Internal Revenue Code Section 501(c)(3). Additionally, the College follows accounting Standards applicable to uncertain tax positions. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit will be recorded. The College would recognize interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The College recognized and accrued no amounts for interest and penalties as of June 30, 2017 or 2016 or for the years then ended. As of June 30, 2017 and 2016, there were no uncertain tax positions identified. Management does not expect the total amount of unrecognized tax benefits to change significantly in the next 12 months. Forms 990 and 990-T filed by the College are subject to examination by the Internal Revenue Service (IRS) for up to three years from the extended due date of each return. Management believes Forms 990 and 900-T have been filed appropriately. Forms 990 and 990-T filed by the College are no longer subject to examination for the fiscal years ended June 30, 2014 and prior. Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements FINANCIAL AID AND SCHOLARSHIPS - 30349663 ACTUARIAL LIABILTY FOR ANNUITY OBLIGATIONS - 1382388 VALUATION CHANGE IN INTEREST RATE SWAPS - -4370105 Write off of uncollectible pledges - 300000 - Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements FINANCIAL AID AND SCHOLARSHIPS - 30349663 - 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 In addition to the Equal Opportunity Employer notice that appears with all of Centre's employment ads, the College has an official nondiscrimination statement that is reprinted in major publications such as our introduction-to-the-College brochure, the admission viewbook, and the catalog. The statement also appears on the College's website. Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT Centre College receives assistance from the federal student aid program to fund the cost of attendance for eligible students. These programs include Pell, Federal Work Study, Perkins, Federal Supplemental Educational Opportunity grants and Stafford loans. Federal assistance from other sources include the National Science Foundation and the U.S. Environmental Protection Agency. Europe (Including Iceland and Greenland) 0 1 Program Services SEMESTER STUDY ABROAD 693970 North America (Canada & Mexico only) 0 1 Program Services SEMESTER STUDY ABROAD 227100 Europe (Including Iceland and Greenland) 0 0 Program Services SCHOLARSHIPS 1178012 North America (Canada & Mexico only) 0 0 Program Services SCHOLARSHIPS 468018 East Asia and the Pacific 0 0 Program Services SEMESTER STUDY ABROAD 138193 Central America and the Caribbean 0 Investments 20687937 East Asia and the Pacific 0 0 Program Services SCHOLARSHIPS 179675 0 2 0 0 0 2 23572905 0 23572905 SCHOLARSHIPS East Asia and the Pacific 13 179675 Credit 0 N/A N/A SCHOLARSHIPS North America (Canada & Mexico only) 39 468018 Credit 0 N/A N/A SCHOLARSHIPS Europe (Including Iceland and Greenland) 100 1178012 Credit 0 N/A N/A true false true true true false true INSTITUTIONAL SCHOLARSHIPS 1274 30074170 0 N/A N/A Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. All student scholarships, grants, or other assistance are monitored throughout the award, acceptance, and application processes. Appropriate records are maintained and documented. X X X true true X X X false false false false false false false true false John A Roush President 308129 0 103000 0 3978 0 26750 0 15938 0 457795 0 0 0 Stephanie L Fabritius VP Academic, Dean 161459 0 16796 0 1006 0 16714 0 9459 0 205434 0 0 0 James P Leahey VP for Legal Affairs and Gift Planning 105947 0 25000 0 0 0 12227 0 17719 0 160893 0 0 0 Shawn Lyons VP for Development and Alumni Engagement 129130 0 0 0 789 0 14617 0 17969 0 162505 0 0 0 Richard W Trollinger Senior Philanthropy Advisor 198880 0 0 0 303686 0 12789 0 13560 0 528915 0 301720 0 John R Farris Senior Investment Advisor 153333 0 0 0 0 0 2861 0 15530 0 171724 0 0 0 Schedule J, Part I, Line 1a Travel for companions At times spouses are expected to accompany interested persons on business trips. Any amounts deemed to be personal in nature are treated as taxable compensation. Schedule J, Part I, Line 1a Housing allowance or residence for personal use John Roush, President, Stephanie Fabritius, Dean, and Brian Hutzley, VP Finance & Treasurer are required to reside in on-campus housing per their employment agreement. Exempt under IRC 119. Schedule J, Part I, Line 1a Health or social club dues or initiation fees The College purchased a membership in the local country club in the President's name to gain access to the facilities for occasional business purposes. The use is 100% business and not considered to be taxable compensation. Schedule J, Part I, Line 7 Non-fixed payments Bonuses are earned based on meeting goals set at the beginning of the year by the President of the College. A County of Boyle Kentucky 616000756 103462BD8 2008-04-24 34385000 Current Refunding false false false B County of Boyle Kentucky 616000756 2017-03-16 39155000 Refunding of 2007-1 Bond false false false A 0 0 35675876 0 0 0 233242 101758 0 0 35340876 0 2010 true false true true B 0 0 42814355 0 0 0 450368 0 0 0 42363987 0 2017 true false true true A false false true false false 0.0 0.0 0.0 false false true B false false false false 0.0 0.0 0.0 false false true A false false true false true true See Part VI false false false false true B false false true false false false false false true A true B true Schedule K, Part II, Line 3 Total procceds of issues - 2008 bond The difference between Part I(e)B issue price and Part II, Line 3B total proceeds of $1,290,876 is the result of investments earnings. Schedule K, Part IV, Line 2c Exception to Rebate All bond proceeds have been spent. Therefore the rebate calculation does not need to be performed. Schedule K, Part IV, Line 4b Providers identified with a hedge UBS 29.7 years PNC 25.3 years SEE PART V 100750 INSTITUTIONAL SCHOLARSHIP Education Assistance MIKE FABRITIUS HUSBAND OF STEPHANIE FABRITIUS, OFFICER 57852 COMPENSATION false ELIZABETH TROLLINGER WIFE OF RICHARD TROLLINGER, officer 19427 COMPENSATION false Schedule L, Part III GRANTS OR ASSISTANCE BENEFITING INTERESTED PERSONS COLLEGES, UNIVERSITIES AND PRIMARY AND SECONDARY SCHOOLS ARE NOT REQUIRED TO IDENTIFY INTERESTED PERSONS TO WHOM THEY HAVE PROVIDED SCHOLARSHIPS, FELLOWSHIPS AND SIMILAR FINANCIAL ASSISTANCE PURSUANT TO THE INSTRUCTIONS TO FORM 990, SCH L, PART III, COLUMNS (A) AND (B) HAVE BEEN LEFT BLANK. X 2 12000 Market value X 65 3167979 Market value 1 false true false Schedule M, Part I Explanations of reporting method for number of contributions Securities - Publicly traded - number of contributions Cars and other vehicles - NUMBER OF ITEMS CONTRIBUTED Form 990, Part III, Line 1 Organization's Mission (Continued From Part III) Centre nurtures in its students the ability to think logically and critically, to work creatively, to analyze and compare values, and to write and speak with clarity and grace. It acquaints students with the range of accomplishments of the human mind and spirit in a variety of arts and theoretical disciplines. It enables students to choose and fulfill significant responsibilities in society. In short, Centre's highest priority is to prepare its students for lives of learning, leadership, and service. Form 990, Part VI, Line 1a Delegate broad authority to a committee There shall be an Executive Committee of the Board of Trustees appointed each year by the Chair of the Board, and approved by vote of the Board. The Executive Committee shall have all the powers of the Board of Trustees when the Board is not in session, except the power to elect or remove the President of the College, to amend the Charter and Bylaws of the College, and to elect new Trustees. The Executive Committee shall consist of nine or more members, including the Chair of the Board, the Vice Chair of the Board and the Secretary of the Board. Any action of the Executive Committee to be effective must be authorized by at least five affirmative votes. Form 990, Part VI, Line 11b Review of form 990 by governing body A draft of the form 990 and supplemental schedules is prepared by the Controller with assistance from an independent accounting firm. The final form 990 and supplemental schedules was provided electronically to the Board of Trustees prior to filing with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy All trustees and officers are surveyed annually, via an extensive questionnaire, to disclose a variety of relationships with each other or directly with the College. This survey is reviewed and maintained by College counsel, and reviewed by both the VP Finance and the Controller. Those found to have a potential conflict, or the appearance of such, do not participate in final related business discussions or votes. Form 990, Part VI, Line 15a Process to establish compensation of top management official The Board of Trustees has a Committee on Compensation and Performance Evaluation, composed of eight members of the Board, which reviews the performance of the President on an annual basis. As part of the evaluation of the President, the Committee reviews an expansive report written by the President on the drivers and goals associated with his work, and also reviews objective institutional data. In setting the compensation of the President in the President's current contract, the Committee employs an independent consultant who provides an assessment of compensation from comparable presidents at comparable colleges. For the current contract, the consultant provided recommendations to the Committee, which then made recommendations to the entire Board of Trustees. The Board of Trustees approves the base salary for the President under the current contract, and has established a maximum percentage for any annual incentive compensation. Each year, in connection with the evaluation of the President, the Committee makes recommendations on any incentive compensation for which the President is eligible, subject to the approval of the Board of Trustees. Written documentation of contract discussions, approvals, attendance, and action taken are maintained on campus by a non-Board member. The President is currently completing the third year of a five-year contract. Form 990, Part VI, Line 19 Required documents available to the public Audited financial statements are available on our website. Currently the conflict of interest policy and governing documents are not required to be made available by the IRS. Form 990, Part XI, Line 9 Other changes in net assets or fund balances ACTUARIAL LIABILITY FOR ANNUITY OBLIGATIONS - -1382388; VALUATION CHANGE IN INTEREST RATE SWAPS - 4370105; Write off of uncollectible pledges - -300000; Charitable Remainder Trust (3) 600 West Walnut Street Danville KY 40422 Charitable Remainder Trust KY NA Trust false Charitable Remainder Trust (2) 600 West Walnut Street Danville KY 40422 Charitable Remainder Trust FL NA Trust false Charitable Remainder Trust 600 West Walnut Street Danville KY 40422 Charitable Remainder Trust CO NA Trust false Charitable Remainder Trust 600 West Walnut Street Danville KY 40422 Charitable Remainder Trust OR NA Trust false false false false false false false false false false false false false false false false false false false false