2017-03-28T09:51:04-05:00 2016-06-30 570381582 ELLIOTT DAVIS DECOSIMO LLC PLLC 1901 MAIN STREET SUITE 900 COLUMBIA SC 29201 990 2015-07-01 570314408 PRESBYTERIAN COLLEGE PRES 8648338205 PO BOX 975 CLINTON SC 29325 SUSAN MADDUX VP OF FINANCE & ADMINISTRATION 8648338205 2017-03-22 1 DENISE P HILL CPA P00046615 8032560002 2015 2021-01-29 14:40:06Z ROBERT STATON 503 S BROAD STREET CLINTON SC 29325 88595905 0 X WWW.PRESBY.EDU X 1880 SC PRESBYTERIAN COLLEGE EXISTS TO PROVIDE AN EDUCATION IN THE ARTS AND SCIENCES WITHIN A DISTINCTLY CHRISTIAN CONTEXT. THE LIBERAL ARTS TRADITION CAN BE ACHIEVED SUCCESSFULLY ONLY THROUGH AN ACADEMIC PROGRAM WHICH IS CHARACTERIZED BY EXCELLENCE AND THROUGH ACTIVITIES WHICH CONTRIBUTE TO GROWTH OF ABLE MINDS, SOUND BODIES, AND STRONG MORAL CHARACTER. THE COLLEGE CALLS FOR THE PURSUIT OF LEARNING TO TAKE PLACE IN AN ENVIRONMENT OF GENUINE INTELLECTUAL FREEDOM. PRESBYTERIAN COLLEGE SCHOOL OF PHARMACY PROVIDES PHARMACY EDUCATION WITH A LIBERAL ARTS COLLEGE APPROACH, INTEGRATING CLASSROOM LEARNING WITH PRACTICAL EXPERIENCE WHILE EMPHASIZING COMMUNITY, VALUING EACH STUDENT, AND FOCUSING ON PATIENT CARE. 33 32 919 250 -132293 -143015 10492861 6382142 62738062 57103846 3784997 1358066 85796 -230940 77101716 64613114 23937127 22964723 0 0 22232840 21600780 0 0 1068295 22764503 20537585 68934470 65103088 8167246 -489974 175609305 170559358 41850506 42755823 133758799 127803535 X PRESBYTERIAN COLLEGE IS A PRIVATE, RESIDENTIAL, FOUR-YEAR LIBERAL ARTS COLLEGE LOCATED ON A BEAUTIFUL 240-ACRE CAMPUS IN CLINTON, SOUTH CAROLINA. WITH SMALL CLASSES AND FACULTY WHO WANT THE BEST FOR THEIR STUDENTS, OUR SUPPORTIVE COMMUNITY PROVIDES MORE THAN AN EXCEPTIONAL LIBERAL ARTS EDUCATION. PC EMPOWERS STUDENTS TO BE SERVANT LEADERS IN THEIR COMMUNITIES THROUGH CHALLENGING ACADEMICS AND A CULTURE OF HONOR AND ETHICS. SINCE 1880 PC HAS BEEN INSPIRING STUDENTS TO "BE INSPIRED FOR LIFE". BE INSPIRED FOR LIFE IS ABOUT THE TRANSFORMATIVE PROCESS OF FINDING YOUR PASSION, AND LEARNING HOW TO LEARN AND GROW THROUGH EXPERIENCES AND RELATIONSHIPS. OUR COMMITMENT TO A STRONG LIBERAL ARTS CURRICULUM DEVELOPS CRITICAL THINKING SKILLS ACROSS DISCIPLINES, AND MAKES PC GRADUATES WELL-ROUNDED, THOUGHTFUL AND INTELLIGENT CONTRIBUTORS IN SOCIETY. OUR RIGOROUS ACADEMICS PROMOTE EXCELLENCE AND SUCCESS, WITH 90 PERCENT OF OUR STUDENTS IN GRADUATE PROGRAMS OR HAVE SECURED JOBS WITHIN SIX MONTHS OF GRAD 0 0 57848593 22964723 56973788 PRESBYTERIAN COLLEGE IS A PRIVATE, RESIDENTIAL, FOUR-YEAR LIBERAL ARTS COLLEGE. WITH SMALL CLASSES AND FACULTY WHO WANT THE BEST FOR THEIR STUDENTS, OUR SUPPORTIVE COMMUNITY PROVIDES MORE THAN AN EXCEPTIONAL LIBERAL ARTS EDUCATION. PC EMPOWERS STUDENTS TO BE SERVANT LEADERS IN THEIR COMMUNITIES THROUGH CHALLENGING ACADEMICS AND A CULTURE OF HONOR AND ETHICS. THE MISSION OF THE SCHOOL OF PHARMACY AT PRESBYTERIAN COLLEGE IS TO IMPROVE THE HEALTH OF SOUTH CAROLINIANS AND SOCIETY IN GENERAL BY DEVELOPING PHARMACY STUDENTS WITH AN UNWAVERING ETHICAL FOUNDATION WHO WILL POSITIVELY IMPACT THE DELIVERY OF QUALITY, EQUITABLE PHARMACY CARE; WHO WILL DEDICATE THEIR LIVES TO COMMUNITY SERVICE; AND WHO WILL PROVIDE ENLIGHTENED LEADERSHIP IN ADDRESSING THE HEALTH CARE NEEDS OF A DIVERSE PATIENT POPULATION. 57848593 1 1 0 1 0 0 0 1 0 1 1 0 0 1 1 1 0 1 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 0 1 1 0 0 0 0 1 0 0 0 1 108 0 1 919 1 1 1 0 0 0 0 1 1 0 0 0 0 X 33 32 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X DAWN DURHAM 8648338477 ON CAMPUS CLINTON SC 29325 DR KENNETH R COUCH BOARD MEMBER 1.00 X 0 0 0 MR ROBERT H HOPKINS BOARD MEMBER 1.00 X 0 0 0 MR WILLIAM D S KUHNE BOARD MEMBER 1.00 X 0 0 0 MR WILLIAM D LOEBLE JR BOARD MEMBER 1.00 X 0 0 0 MR LARRY W MASSEY BOARD MEMBER 1.00 X 0 0 0 DR ALLEN C MCSWEEN BOARD MEMBER 1.00 X 0 0 0 MR THOMAS R PARRISH BOARD MEMBER 1.00 X 0 0 0 MRS ELOISE F SHEPHERD BOARD MEMBER 1.00 X 0 0 0 MR RICHARD P SPENCER BOARD MEMBER 1.00 X 0 0 0 MR JOHN H STROUD BOARD MEMBER 1.00 X 0 0 0 DR E LANE ALDERMAN BOARD MEMBER 1.00 X 0 0 0 MRS ERNESTINE A GILLAM BOARD MEMBER 1.00 X 0 0 0 MR THOMAS H MILTON BOARD MEMBER 1.00 X 0 0 0 MR DAVID F PARKER II SECRETARY 1.00 X X 0 0 0 MR G PATRICK PHILLIPS CHAIRMAN 1.00 X X 0 0 0 MR EG LASSITER BOARD MEMBER 1.00 X 0 0 0 MR LONNIE THOMPSON LAWSON III BOARD MEMBER 1.00 X 0 0 0 MR WILLIAM M MATTHEWS BOARD MEMBER 1.00 X 0 0 0 MR JAMES L MEDFORD BOARD MEMBER 1.00 X 0 0 0 DR WELTON O'NEAL JR BOARD MEMBER 1.00 X 0 0 0 MR J MCNEILL SINGLETON VICE CHAIRMAN 1.00 X X 0 0 0 MR JAMES W SPRADLEY JR BOARD MEMBER 1.00 X 0 0 0 MR ROLAND F YOUNG BOARD MEMBER 1.00 X 0 0 0 MRS BRITTANY REESE BOARD MEMBER 1.00 X 0 0 0 MR JAMES D SAMPLES JR BOARD MEMBER 1.00 X 0 0 0 MR JAMES H POWELL BOARD MEMBER 1.00 X 0 0 0 MR WILLIAM B SHEARER JR BOARD MEMBER 1.00 X 0 0 0 MR IRWIN BELK BOARD MEMBER 1.00 X 0 0 0 MR GEORGE H CORNELSON BOARD MEMBER 1.00 X 0 0 0 MR WILLIAM W GASTON BOARD MEMBER 1.00 X 0 0 0 MR RICHARD H MONK BOARD MEMBER 1.00 X 0 0 0 MR WILLIAM AL SIBLEY BOARD MEMBER 1.00 X 0 0 0 MR JAMES W SPRADLEY BOARD MEMBER 1.00 X 0 0 0 LAVERNE CLIFTON FUHRMAN DIRECTOR OF THE SCHOOL OF 40.00 X 199078 0 20159 BRIAN PATRICK REESE DIRECTOR OF ATHLETICS 40.00 X 113208 0 15257 ROBERT STATON PRESIDENT 40.00 X 125472 0 7000 JOY SMITH VICE PRESIDENT OF CAMPUS LIFE 40.00 X 115025 0 6119 SUSAN MADDUX VICE PRESIDENT OF FINANCE 40.00 X 164595 0 12726 BARBARA FAYAD VP OF HUMAN RESOURCES 40.00 X 96073 0 12067 DON RABER PROVOST 40.00 X 108654 0 15174 GRADY JONES VICE PRESIDENT OF ADVANCEMENT 40.00 X 180360 0 12849 LEWIS MCKELVEY PROFESSOR 40.00 X 118014 0 15404 CHARLES ASBILL PROFESSOR 40.00 X 144038 0 17360 GREGORY NIBERT COACH 40.00 X 127945 0 16918 LAURA FOX PROFESSOR 40.00 X 136775 0 14619 JENNIFER CLEMENTS PROFESSOR 40.00 X 113258 0 12868 CLAUDE C LILLY FORMER PRESIDENT 0.00 X 311119 0 22984 ELIZABETH BRAXTON FORMER VP OF ADVANCEMENT 0.00 X 131250 0 0 2184864 0 201504 47 1 1 0 SODEXO MANAGEMENT INC 401 S HOLLAND ST CLINTON SC 29325 FOOD SERVICE 2618475 THE BUDD GROUP PO BOX 890856 CHARLOTTE NC 28289 FACILITIES 1209660 BD&E 681 ANDERSEN DR PITTSBURGH PA 152202766 MARKETING SERVICES 589894 THE HARPER CORPORATION 35 WEST COURT STREET SUITE 400 GREENVILLE SC 29601 FACILITIES 547132 CANNON ROOFING PO BOX 3030 SPARTANBURG SC 29304 FACILITIES 467716 13 732397 5649745 839820 6382142 TUITION, ROOM, AND BOARD 611310 55059941 55059941 ATHLETIC REVENUE 611310 1393107 1263049 130058 OTHER REVENUE 611310 519287 519287 SUMMER CONFERENCES 532000 131511 131511 57103846 1930139 1930139 8858 8858 31435 0 31435 31435 31435 23410718 23982791 -572073 -572073 -572073 OTHER INVESTMENT K1S 900099 -8882 -8882 STANDARD CANDY K1 311000 -262351 -262351 -271233 64613114 56973788 -132293 1389477 22964723 22964723 1287401 913016 194385 180000 16323381 14387085 1479819 456477 1017821 897158 87324 33339 1746814 1469199 199732 77883 1225363 1068403 114003 42957 174906 132748 42158 75740 56805 18935 3185075 2429928 708464 46683 62170 51913 9888 369 2394250 1919832 368334 106084 529737 449645 52258 27834 2735789 2090532 641679 3578 1859582 1571395 270371 17816 74751 61047 10260 3444 834373 705543 121748 7082 2475246 1851212 623991 43 697136 560720 130587 5829 DINING HALL AND FOOD CH 2749105 2051196 656145 41764 REPAIRS AND MAINTENANCE 1849838 1496263 353537 38 OTHER EXPENSES 906182 769951 119156 17075 BAD DEBT EXPENSE -66295 -49721 -16574 0 65103088 57848593 6186200 1068295 14991449 17181404 4572134 4550355 304613 420036 905265 1021112 30666 92624 136043 108600166 56638561 51190377 51961605 89245038 81851240 2299297 2068567 97473 0 11911035 11338330 175609305 170559358 7061376 8775378 742432 933747 33247000 32247000 799698 799698 41850506 42755823 X 20326761 18977017 23844773 18874918 89587265 89951600 133758799 127803535 175609305 170559358 X -489974 -5286713 -388580 210003 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 1 200 0 0 1 150 0 0 350 0 PART II-B, LINE 1: PRESBYTERIAN COLLEGE, AS ONE OF TWENTY MEMBERS OF THE SOUTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES (SCICU) AND IN CONJUNCTION WITH THE SOUTH CAROLINA HIGHER EDUCATION TUITION GRANTS COMMISSION, PARTICIPATES IN THE TUITION GRANTS AWARENESS PROGRAM SPONSORED BY THESE TWO ORGANIZATIONS. THE COLLEGE STUDENTS TAKE PART IN AN ANNUAL WRITING CAMPAIGN, SHARING WITH THEIR RESPECTIVE STATE LEGISLATORS THE BENEFITS THAT TUITION GRANTS HAVE AFFORDED THE STUDENTS. THESE LETTERS PRECEDE THE SOUTH CAROLINA INDEPENDENT COLLEGE AND UNIVERSITY DAY PROCLAIMED EACH SPRING BY THE GOVERNOR WHEN SEVERAL PC STUDENTS VISIT THE STATE HOUSE AS GUESTS ALONG WITH OTHER STUDENTS FROM SCICU MEMBER INSTITUTIONS. A RECEPTION SPONSORED BY SCICU AFFORDS THE STUDENTS AN OPPORTUNITY TO MEET THEIR LEGISLATORS, AND THEY ARE ALSO RECOGNIZED AS SPECIAL GUESTS IN BOTH THE HOUSE AND SENATE CHAMBERS. 3516777 X X 0 90068862 764293 -861373 4016781 2146386 407146 83401469 92030809 2121108 1852572 3533803 1956496 445328 90068862 83445435 1082543 12916054 3236316 1872182 304725 92030809 75009975 4016979 9385825 3403372 1447832 116140 83445435 74965735 4047147 1224323 3419289 1724900 83041 75009975 0.08910 0.91090 1 0 4795281 4795281 84289621 43255818 41033803 11028937 10500206 528731 8486327 2882537 5603790 51961605 TRUST FUND ASSETS 5096406 CONTRIBUTIONS RECEIVABLE FROM TRUSTS 1663966 OTHER ASSETS 1061180 COLLECTIONS 3516778 11338330 ADVANCES FROM FEDERAL GOVERNMENT 799698 799698 X 36198910 -5286713 -5330 -5292043 41490953 388580 22733581 23122161 64613114 42138363 0 42138363 22964725 22964725 65103088 PART III, LINE 4: THE COLLEGE'S COLLECTIONS ARE MADE UP OF ARTIFACTS OF HISTORICAL SIGNIFICANCE AND ART OBJECTS. THESE COLLECTIONS ARE HELD FOR PUBLIC EXHIBITIONS, EDUCATION, AND RESEARCH. PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF APPROXIMATELY 737 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING SCHOLARSHIPS AND SUPPORT OF ACADEMIC AND SPORTS PROGRAMS. PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3). DUE TO THIS DETERMINATION, THE COLLEGE IS ALSO EXEMPT FROM STATE INCOME TAXES. THE COLLEGE IS SUBJECT TO FEDERAL AND STATE INCOME TAX ON ITS NET UNRELATED BUSINESS INCOME. THE COLLEGE ADOPTED THE PROVISIONS OF FASB GUIDANCE ON INCOME TAXES RELATED TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THIS GUIDANCE CLARIFIES ACCOUNTING FOR UNCERTAINTY IN A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN BY AN ENTITY AND HENCE IN THE INCOME TAXES RECOGNIZED IN FINANCIAL STATEMENTS. ESSENTIALLY, THE COLLEGE WOULD RECORD A LIABILITY IF IT TOOK A POSITION ABOUT TAXES DUE THAT WAS LIKELY TO BE DISPUTED AND HAD A REASONABLE CHANCE OF BEING OVERRULED BY A TAXING AUTHORITY. MANAGEMENT BELIEVES THERE ARE NO SUCH POSITIONS AS OF JUNE 30, 2016 AND 2015 AND ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. TAX YEARS ENDED JUNE 30, 2013 OR LATER REMAIN OPEN TO EXAMINATION BY TAXING AUTHORITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN CSV LIFE -5,330. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 22,964,723. K-1 INCOME NOT INCLUDED ON FINANCIAL STATEMENTS -231,142. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON THE FINANCIAL STATEMENTS 22,964,723. ROUNDING 2. 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 COLLEGE PUBLISHES IN THE OFFICIAL RECRUITING LITERATURE THE FOLLOWING: PRESBYTERIAN COLLEGE DOES NOT DISCRIMINATE AGAINST ANY APPLICANT OR STUDENT ON THE BASIS OF RACE, SEX, RELIGION, NATIONAL ORIGIN OR HANDICAP. SCHEDULE E, PART I, LINE 6 PRESBYTERIAN COLLEGE STUDENTS MAY RECEIVE TITLE IV AID, FEDERAL LOANS, AND/OR SC TUITION GRANT ASSISTANCE. GREECE 0 2 EDUCATIONAL PROGRAM STUDENT AND FACULTY TRAVEL 75186 SCOTLAND 0 2 EDUCATIONAL PROGRAM STUDENT AND FACULTY TRAVEL 171857 SOUTH AUSTRALIA 0 1 EDUCATIONAL PROGRAM STUDENT AND FACULTY TRAVEL 105506 ENGLAND 0 2 EDUCATIONAL PROGRAM STUDENT AND FACULTY TRAVEL 54846 0 7 0 0 0 7 407395 0 407395 0 0 0 0 0 0 PART I, LINE 3: THE ORGANIZATION USES ITS STANDARD ACCOUNTING METHOD TO RECORD THESE EXPENDITURES. 1 SCHOLARSHIPS TO ATTEND PRESBYTERIAN COLLEGE 970 22964723 PART I, LINE 2: PRESBYTERIAN COLLEGE AWARDS SCHOLARSHIPS, GRANTS, AND LOANS TO ITS STUDENTS. THE PROCEDURES FOR MONITORING THE USE OF THE FUNDS ARE PART OF THE FINANCIAL AID GUIDELINES AND THEY ARE UTILIZED TO DETERMINE THE QUALIFICATIONS OF THE RECIPIENT. THE GUIDELINES ARE PUBLISHED IN THE PRESBYTERIAN COLLEGE ACADEMIC CATALOG AND COMPLY WITH THE ELIGIBILITY REQUIREMENTS PUBLISHED BY THE US DEPARTMENT OF EDUCATION AND THE SC DEPARTMENT OF REVENUE. COMPLIANCE AUDITS ARE ALSO COMPLETED ANNUALLY BY AN INDEPENDENT ACCOUNTING FIRM. THE GRANTS AND SCHOLARSHIPS AWARDED ARE APPLIED DIRECTLY TO THE STUDENTS' ACCOUNTS. X X 1 1 X X X 1 0 0 0 0 0 0 0 0 LAVERNE CLIFTON FUHRMAN DIRECTOR OF THE SCHOOL OF 199078 0 0 0 0 0 15377 0 4782 0 219237 0 0 0 SUSAN MADDUX VICE PRESIDENT OF FINANCE 160995 0 3600 0 0 0 8778 0 3948 0 177321 0 0 0 GRADY JONES VICE PRESIDENT OF ADVANCEMENT 180360 0 0 0 0 0 7020 0 5829 0 193209 0 0 0 CHARLES ASBILL PROFESSOR 144038 0 0 0 0 0 10988 0 6372 0 161398 0 0 0 LAURA FOX PROFESSOR 136775 0 0 0 0 0 9837 0 4782 0 151394 0 0 0 CLAUDE C LILLY FORMER PRESIDENT 301202 0 9917 0 0 0 12290 0 10694 0 334103 0 0 0 ELIZABETH BRAXTON FORMER VP OF ADVANCEMENT 131250 0 0 0 0 0 0 0 0 0 131250 0 0 0 PART I, LINE 1A DR. ROBERT STATON, PRESIDENT OF PREBYTERIAN COLLEGE, IS PROVIDED A HOUSE AND CAR. THE COLLEGE PROVIDES HOUSING TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL COLLEGE BUSINESS AND ACTIVITIES AT THE HOME. CLUB MEMBERSHIP IS USED TO ENTERTAIN DONORS AND OTHERS FOR COLLEGE BUSINESS. PART I, LINE 4A DR. CLAUDE LILLY LEFT THE COLLEGE IN JULY 2015 AND STARTED RECEIVING SEVERANCE. HIS SEVERENCE PACKAGE WAS FOR ONE YEAR. ELIZABETH BRAXTON, VP LEFT THE COLLEGE IN NOVEMBER 2014 AND STARTED RECEIVING SEVERANCE. HER SEVERANCE PACKAGE WAS FOR ONE YEAR. A SC JOBS ECONOMIC DEVELOPMENT AUTHORITY 570960018 CUSIPNONE 2015-06-30 33247000 REFUND 32,992,000 BOND 0 0 0 A 33247000 255000 32992000 1 0 1 1 A 0 0 0 0 1 0 1 A 0 1 1 0 1 1 SUNTRUST 10.000000000000 0 0 0 0 1 A 1 SCHEDULE K, PART II, LINE 14 THREE PRIOR BONDS WERE REFUNDED BY THE 2015 BOND: EDUCATIONAL FACILITIES AUTHORITY ISSUE PRICE OF $23,500,000 ON 08/05/2009 EDUCATIONAL FACILITIES AUTHORITY ISSUE PRICE OF $3,550,000 ON 07/30/2010 EDUCATIONAL FACILITIES AUTHORITY ISSUE PRICE OF $7,871,000 ON 12/21/2011 BRIAN REESE MR. REESE IS AN EMPLOYEE OF PRESBYTERIAN COLLEGE. 30100 TUITION ASSISTANCE FOR FAMILY GREGORY NIBERT MR. NIBERT IS AN EMPLOYEE OF PRESBYTERIAN COLLEGE. 3660 TUITION ASSISTANCE FOR FAMILY DAVID PARKER DAVID PARKER IS A TRUSTEE ON THE PRESBYTERIAN COLLEGE BOARD. 22000 FINANCIAL AID FOR HIS TWO CHILDREN BB&T INSURANCE THOMAS R. PARRISH, TRUSTEE, IS REGIONAL PRESIDENT OF BB&T INSURANCE 478366 THE COLLEGE PURCHASED INSURANCE FROM BB&T INSURANCE. ALL TRANSACTIONS WERE AT ARM'S LENGTH AND FAIR MARKET VALUE. 0 X 36 839820 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 THE INSTITUTIONS FORM 990 IS REVIEWED BY THE COLLEGE'S CONTROLLER, THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, AND THE PRESIDENT. THE FORM 990, INCLUDING ALL SCHEDULES, IS PROVIDED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES AND IS AN AGENDA ITEM FOR A MEETING OF THE AUDIT COMMITTEE, WHERE THOSE TRUSTEES ASK ANY QUESTIONS THEY HAVE OF THE COLLEGE STAFF. THE TRUSTEES OF THE AUDIT COMMITTEE ARE INDEPENDENT AND EXPERIENCED IN FINANCIAL MATTERS. THE INSTITUTION PROVIDES THE FINAL FORM 990 AND ALL SCHEDULES EXCEPT SCHEDULE B TO ALL VOTING MEMBERS OF THE GOVERNING BOARD BEFORE THE FORM IS FILED. (A REDACTED VERSION OF SCHEDULE B, EXCLUDING DONOR NAMES AND ADDRESSES IS PROVIDED TO ALL TRUSTEES TO PROTECT DONOR PRIVACY. AUDIT COMMITTEE MEMBERS, HOWEVER, WOULD HAVE ALREADY REVIEWED THE UN-REDACTED VERSION OF SCHEDULE B, AS NOTED ABOVE). FORM 990, PART VI, SECTION B, LINE 12C BOARD OF TRUSTEES, COLLEGE OFFICERS, AND OTHER EMPLOYEES COMPLETE A CONFLICT OF INTEREST FORM ON AN ANNUAL BASIS. FORMS ARE REVIEWED BY THE COLLEGE PRESIDENT AND THE VICE PRESIDENT OF FINANCE AND ADMINISTRATION. BOARD MEMBERS WITH CONFLICTS RECUSE THEMSELVES FROM RELATED DECISIONS. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES AFTER REVIEWING END OF THE YEAR EVALUATIONS. THE PROCESS IS PART OF A TWO DAY MEETING IN AUGUST. SALARY IS COMPARED WITH CUPA DATA FOR A COMPARISON SET OF SCHOOLS. OFFICER SALARIES ARE DETERMINED BY THE COLLEGE PRESIDENT BASED ON MID-YEAR AND END OF YEAR EVALUATIONS OF SATISFACTORY ACHIEVEMENT OF GOALS AND OBJECTIVES, AND CUPA DATA FOR A COMPARISON GROUP OF SCHOOLS FOR SIMILIAR POSITIONS IS ALSO CONSIDERED. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILBLE FOR INSPECTION. FORM 990, PART XI, LINE 9: CASH SURRENDER VALUE ADJUSTMENT -5,330. K-1 ACTIVITY NOT ON THE FINANCIALS 231,142. INCOME ATTRIBUTABLE TO THE PRESBYTERIAN REAL ESTATE FDN. AND COLLEGE FDN. -15,809. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. PRESBYTERIAN COLLEGE FOUNDATION PO BOX 975 CLINTON SC 29325 571021640 HOLD AND MANAGE PLANNED GIFTS FOR THE BENEFIT OF THE COLLEGE SC 501(C)(3) LINE 11B, II N/A 0 PRESBYTERIAN REAL ESTATE FOUNDATION PO BOX 975 CLINTON SC 29325 571021641 HOLD AND MANAGE REAL ESTATE GIFTS FOR THE BENEFIT OF THE COLLEGE SC 501(C)(3) LINE 11B, II N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 SCHEDULE R, PART V, LINE 2 THE COLLEGE'S EMPLOYEES DO A NOMINAL AMOUNT OF WORK FOR THE PC FOUNDATION AND THE PC RE FOUNDATION AT NO COST TO EITHER ENTITY.