2017-03-17T14:54:50-05:00 2016-05-31 560574444 CHERRY BEKAERT LLP 1111 Metropolitan Ave Ste 1000 Charlotte NC 28204 990 2015-06-01 560532297 Brevard College Corporation BREV 8288848219 One Brevard College Drive Brevard NC 287123306 DEBORAH P HALL VP BUSINESS & FINANCE 8288848219 2017-03-07 1 JANICE A RATICA P00358837 7043771678 2015 2021-01-29 14:40:06Z david c joyce One Brevard College Drive Brevard NC 287123306 34495024 0 X WWW.BREVARD.EDU X 1934 NC BREVARD COLLEGE IS COMMITTED TO AN EXPERIENTIAL LIBERAL ARTS EDUCATION THAT ENCOURAGES PERSONAL GROWTH AND INSPIRES ARTISTIC, INTELLECTUAL, AND SOCIAL ACTION. 30 28 533 415 212533 -18182 2894161 2602112 22791162 23871810 1114508 1417916 693177 734451 27493008 28626289 9461397 9781739 0 0 8812916 9681906 0 0 287106 7674685 7712496 25948998 27176141 1544010 1450148 56270887 59036795 14594003 18274672 41676884 40762123 BREVARD COLLEGE IS COMMITTED TO AN EXPERIENTIAL LIBERAL ARTS EDUCATION THAT ENCOURAGES PERSONAL GROWTH AND INSPIRES ARTISTIC, INTELLECTUAL, AND SOCIAL ACTION. 0 0 8712986 23906051 Brevard College is a baccalaureate-awarding institution committed to a residential liberal arts education that encourages personal growth and inspires artistic, intellectual, and social action. Brevard is accredited by the Southern Association of Colleges and Schools- Commission on Colleges; the National Association of Schools of Music; and the Teacher Education Accrediting Council. During fiscal year 2016, instruction was provided to 729 students. 695 students were US citizens and 407 were NC residents. The student body consisted of students representing 33 states and 22 foreign countries. 3876985 Brevard College graduated 110 students with a Baccalaureate degree. 9781739 9781739 The College provided a residential educational experience for 540 of the 729 students. 22371710 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 58 0 1 533 1 1 1 0 0 0 0 1 1 0 0 0 0 X 30 28 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NC X DEBORAH HALL 8288848219 ONE BREVARD COLLEGE DRIVE BREVARD NC 28712 Timothy Bailey DIRECTOR 1.00 X 0 0 0 Betsy Barefoot DIRECTOR 1.00 X 0 0 0 John Boggs DIRECTOR 1.00 X 0 0 0 Harley Dickson Jr DIRECTOR 1.00 X 0 0 0 Lloyd Fisher DIRECTOR 1.00 X 0 0 0 Richard Gardner DIRECTOR 1.00 X 0 0 0 Jimmy Harris DIRECTOR 1.00 X 0 0 0 Reginald Heinitsh Jr DIRECTOR 1.00 X 0 0 0 Ray Henley DIRECTOR 1.00 X 0 0 0 James Holmes III DIRECTOR 1.00 X 0 0 0 Peter Johnson DIRECTOR 1.00 X 0 0 0 A Edwin Jones DIRECTOR 1.00 X 0 0 0 W Bradley Lakeson Jr DIRECTOR 1.00 X 0 0 0 Mark Lemel DIRECTOR 1.00 X 0 0 0 Kathi Levine DIRECTOR 1.00 X 0 0 0 Linda Martinson DIRECTOR 1.00 X 0 0 0 Donald Moore DIRECTOR 1.00 X 0 0 0 Barbara Nesbitt DIRECTOR 1.00 X 0 0 0 Jack Parker DIRECTOR 1.00 X 0 0 0 Alfred Platt Jr DIRECTOR 1.00 X 0 0 0 David Shi DIRECTOR 1.00 X 0 0 0 Connell Stafford DIRECTOR 1.00 X 0 0 0 Jerry Stone DIRECTOR 1.00 X 0 0 0 Elizabeth Taylor DIRECTOR 1.00 X 0 0 0 Dona Vaughn DIRECTOR 1.00 X 0 0 0 Davis Whitfield-Cargile DIRECTOR 1.00 X 0 0 0 Barbara A Hulsey CHAIR 1.00 X 0 0 0 W Heathley Weldon VICE CHAIR 1.00 X 0 0 0 J Phillip Jerome SECRETARY 1.00 X 0 0 0 David Joyce PRESIDENT 40.00 X X 224780 0 5310 Deborah Hall VP Business & Finance 40.00 X 100256 0 5635 Chad Holt VP Admissions & Financial Aid 40.00 X 112903 0 5610 437939 0 16555 3 0 1 0 Pioneer College Caterers 303 GLENROSE AVE NASHVILLE TN 37210 DINING SERVICES 465478 Brevard Partners of TN GP 1487 Springvale Rd Morristown TN 37813 rent 286650 Jenzabar Inc PO Box 55018 Boston MA 022055018 Software and Support 246621 New Reach Media Inc 16607 Blanco Rd 12202 SAN ANTONIO TX 78232 contact services for Admissions 205390 Platt Management Group Inc 33 West Main Street Brevard NC 28712 Construction 158254 17 70808 79090 2452214 75756 2602112 TUITION AND FEES 900099 18444902 18444902 auxiliary services 900099 5426908 5214375 212533 23871810 445412 445412 940 940 485451 0 485451 485451 485451 6828945 5856441 972504 972504 972504 13580 70808 12294 1286 1286 MISCELLANEOUS 900099 246774 246774 246774 28626289 23906051 212533 1905593 9781739 9781739 335981 335981 7524242 5397444 1942950 183848 1104576 795534 277325 31717 717107 512178 187580 17349 649284 354 648930 103751 103751 74167 74167 334805 231054 103751 13986 1686 12300 1260031 1063377 173858 22796 169846 31887 137959 1278511 1132619 145862 30 484471 435608 32748 16115 516027 367808 148219 1438012 1282765 155247 171519 171519 OTHER EXPENSES 901195 770195 130139 861 lease expense 316891 293878 20923 2090 27176141 22371710 4517325 287106 2029286 2964944 2720959 3459335 481535 1047573 323212 272413 267833 253050 240329 247724 56485828 28864347 24279098 27621481 24965793 22421925 962842 748350 56270887 59036795 1617961 2665534 316476 325008 204696 80408 9512127 8732574 239568 4233674 2703175 2237474 14594003 18274672 X 13664353 13761543 3591799 2334158 24420732 24666422 41676884 40762123 56270887 59036795 X 1450148 -2180268 -74167 -110474 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 24230180 288917 -839696 1146714 22532687 23518890 912455 859402 1060567 24230180 21683970 451492 2392675 1009247 23518890 18606527 482278 3601912 959247 47500 21683970 19985279 116467 -566297 928922 18606527 0.00000 1.00000 0.00000 0 0 191372 191372 41941261 20903080 21038181 8128072 7118575 1009497 6225123 842692 5382431 27621481 mutual funds 15773395 F equity securities 4331839 F FIXED INCOME 2316691 F 22421925 ANNUITIES PAYABLE 405654 AMOUNTS HELD FOR OTHERS 24417 CAPITAL LEASE PAYABLE 22212 ASSET RETIREMENT OBLIGATION 635191 LINE OF CREDIT 1150000 2237474 X 16530294 -2180268 38359 -9892213 -12034122 28564416 74167 -12294 61873 28626289 17445055 38359 12294 50653 17394402 9781739 9781739 27176141 Part III, Line 4: two of the key majors at the college are art and music. the art collections are used in classes and are also part of the academic culture. Part V, Line 4: the endowment funds are used to support the institution in perpetuity for scholarships, lectureships and various other operations and buildings on campus. Part X, Line 2: The College is exempt from federal income tax under the provisions of Section 501(c)(3) of the Internal Revenue Code ("IRC"). Management believes that the College continues to satisfy the requirements of a tax-exempt organization and is not subject to tax. Accordingly, no provision for income taxes has been reflected in the accompanying financial statements. Management has evaluated the effect of FASB guidance on accounting for uncertainty in income taxes. The guidance clarifies the accounting for uncertainty in income taxes recognized in an entity's financial statements by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The College's policy is to record a liability for any tax position taken that is beneficial to the College, including any related interest and penalties, when it is more likely than not the position taken by management with respect to a transaction or class of transactions will be overturned by a taxing authority upon examination. Management believes there are no such positions as of May 31, 2016 and 2015 and, accordingly, no liability has been accrued. Part XI, Line 2d - Other Adjustments: funded tuition discounts REDUCING TUITION INCOME -1,784,266. unfunded tuition discounts REDUCING TUITION INCOME -7,997,473. present value adjustment to annuities payable -61,613. change in value of assets held by others -30,623. loan cancellations and loss provisions -18,238. Part XI, Line 4b - Other Adjustments: FUNDRAISING EXPENSES SHOWN NET OF REVENUE ON 990 -12,294. Part XII, Line 2d - Other Adjustments: fundraising expenses shown net of revenue on 990 12,294. Part XII, Line 4b - Other Adjustments: funded tuition discounts REDUCING TUITION INCOME 1,784,266. unfunded tuition discounts REDUCING TUITION INCOME 7,997,473. 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's NON-DISCRIMINATION POLICY IS STATED IN ALL MAJOR PUBLICATIONS and the transylvania times. Schedule E, Part I, Line 6 THE COLLEGE RECEIVED STUDENT FINANCIAL AID GRANTS FROM THE U.S. DEPARTMENT OF EDUCATION AND THE NC STATE EDUCATION ASSISTANCE AUTHORITY. golf tournament 35540 32500 3040 1551 1974 589 ARTS GALA 48848 38308 10540 7240 400 540 84388 70808 13580 1551 9214 400 1129 12294 1286 1 scholarships 729 9781739 Part I, Line 2: Financial aid is available to students who can show financial need, academic achievement, leadership/service, athletics ability, and/or talent. Academic and leadership awards are determined through the Admissions area, athletics awards are determined by the respective coach, talent/departmental awards are determined through those academic areas, and the Financial Aid Office coordinates all awards with federal, state and institutional need-based aid. X X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 David Joyce PRESIDENT 216830 0 150 0 7800 0 0 0 5310 0 230090 0 0 0 Part I, Line 1a A discretionary spending account is provided to the President. it is used for college events, Presidential travel, and to support any unanticipated college needs. It is not for personal use. All expenditures are required to be documented. in addition, The President was provided a membership at a local country club to be used for fundraising activities and other college business. Use of the membership is substantiated. Lastly, the College provides housing and weekly housekeeping services to the President for the convenience of the employer so that the President can perform essential College business and activities at the home. A nc cap facs fin agy edl facs rev 561592154 65818peu9 2007-04-02 13550000 refinance old issue-fix rates-sell own bonds 0 0 0 A 13542665 13150000 392665 13150000 2007 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 0 0 0 0 0 A 0 platt management group inc AL PLATT IS A PRINCIPAL OF PLATT MANAGEMENT GROUP AND ALSO ON THE BOARD. 158254 PLATT MANAGEMENT GROUP PERFORMED SERVICES FOR THE COLLEGE DURING THE YEAR. ALL SERVICES WERE AT FAIR MARKET VALUE AND ARMS LENGTH. 0 X 1471 $1/item X 9 46810 fmv X MISCELLANEOUS 46 27475 FMV 0 0 1 0 Form 990, Part VI, Section B, line 11 It is the policy of the College that the Audit Committee of the board shall review Form 990 prior to filing it with the IRS. Once the Audit Committee has reviewed Form 990 and officially accepted it, a copy of the public disclosure copy will be made available to all Board members. Board members are provided an opportunity to comment on the Form prior to filing. College management then coordinates the filing of Form 990 with the IRS. Form 990, Part VI, Section B, line 12c the members of the board of trustees and officers are required to sign a copy of the conflict of interest policy on an annual basis. in the event a trustee has a potential conflict during the year, that trustee would recuse himself/herself from any discussion or vote. Form 990, Part VI, Section B, line 15 The process adopted by the President's Compensation Committee of the Board of Trustees for its annual determination of the compensation of the President is as follows: By the end of the Winter Board of Trustees' meeting, the Board will advise the President whether his or her contract will be renewed. By April 1st, the President will submit a self-assessment to the Compensation Committee responding to each objective. By May 1st, the Compensation Committee will review the report, communicate its feedback to the President, and issue a report and presidential salary and benefits recommendation to the Executive Committee. The Compensation Committee will use at least two sources of comparable data to determine the appropriate salary and benefits. Those sources are generally the annual compensation reports of the AGB (Association of Governing Board) and the NCICU (North Carolina Independent Colleges and Universities). However, similar sources may be used as alternatives from time to time. Documentation of the comparable data used will be part of the permanent file substantiating compensation. The Executive Committee will make a final decision about the President's salary before the Spring Board of Trustees meeting for final approval by the Board during the Spring meeting. With regards to senior staff, market data from the North Carolina Independent Colleges and Universities on administrative salaries will be reviewed by the president. the president will advise the board who will approve compensation for the senior staff. additionally, the college recently participated in a wage study through agb and that data is available to confirm wages of the president and other key employees. Form 990, Part VI, Section C, line 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY IS AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, line 9: loan cancellations and loss provisions -18,238. present value adjustments to annuities payable -61,613. change in value of assets held by others -30,623.