2016-02-22T16:02:20-06:00 2015-06-30 382157642 MANER COSTERISAN PC 2425 E GRAND RIVER SUITE 1 LANSING MI 489123291 990 2014-07-01 381459365 OLIVET COLLEGE OLIV 2697497133 320 SOUTH MAIN STREET OLIVET MI 49076 JACQUELINE LOOSER VP OF FINANCE & ADMINISTRATION 2697497133 2016-02-09 1 BRUCE J DUNN CPA P00010228 5173237500 2014 2016-08-17 19:52:53Z JACQUELINE LOOSER 320 SOUTH MAIN STREET OLIVET MI 49076 38173656 0 X WWW.OLIVETCOLLEGE.EDU X 1920 MI TO PROVIDE A LIBERAL ARTS EDUCATION. 26 26 681 26 0 0 4701852 2380348 27836183 27047719 902042 1646306 51670 178884 33491747 31253257 9712262 9902011 0 0 10419410 9998016 0 0 749657 8819769 8554477 28951441 28454504 4540306 2798753 47088921 49543551 12181538 13026123 34907383 36517428 X TO PROVIDE A UNIQUE LIBERAL ARTS EDUCATION ALLOWING STUDENTS TO ENGAGE IN BOTH CURRICULAR AND CO-CURRICULAR PROGRAMS THAT COMBINE REAL WORLD EXPERIENCES WITH LECTURES AND SERVICE LEARNING. 0 0 9902011 9902011 FINANCIAL AID IN VARIOUS FORMS TO ASSIST INDIVIDUALS IN FINANCING THEIR UNDERGRADUATE EDUCATION. 991 STUDENTS BENEFITTED. 7441841 4661703 AUXILIARY - ROOM, BOARD, ATHLETICS AND BOOKSTORE FOR STUDENTS OBTAINING THEIR UNDERGRADUATE EDUCATION. 5951782 22051124 INSTRUCTION AND RELATED SUPPORT - PROVIDING A LIBERAL ARTS UNDERGRADUATE EDUCATION. 991 STUDENTS ENROLLED FALL 2014. 2000438 334892 STUDENT SERVICES - ASSISTS STUDENTS AND PARENTS IN NAVIGATING THE WORLD OF COLLEGE FINANCES AND COURSEWORK. STUDENTS CAN REQUEST A TRANSCRIPT, MAKE A PAYMENT, RECEIVE FINANCIAL AID, BE ASSIGNED A WORK-STUDY JOB AND RECEIVE HELP WITH REGISTERING FOR CLASSES. 2000438 334892 25296072 1 1 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 1 31 0 1 681 1 0 0 0 0 0 1 1 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 MI X X JENNIFER WILLIS 2697497133 320 SOUTH MAIN STREET OLIVET MI 49076 X CHARLES MCPHAIL TRUSTEE 2.00 X 0 0 0 DAVID LABRECQUE TRUSTEE 2.00 X 0 0 0 DR MARGARET DIMOND TRUSTEE 2.00 X 0 0 0 DAVID E HATHAWAY TRUSTEE 2.50 X 0 0 0 G ASENATH ANDREWS TRUSTEE 0.50 X 0 0 0 ROBERT M LAWRENCE TRUSTEE 2.50 X 0 0 0 DENNIS DAUGHERTY TRUSTEE 2.50 X 0 0 0 DR ROBERT EWIGLEBEN TRUSTEE 2.00 X 0 0 0 JAMEY FITZPATRICK TRUSTEE 2.00 X 0 0 0 ROD HATHAWAY TRUSTEE 2.00 X 0 0 0 DR SHARON HOBBS TRUSTEE 0.50 X 0 0 0 DR TIMOTHY HODGE TRUSTEE 2.00 X 0 0 0 THOMAS HOISINGTON TRUSTEE 2.00 X 0 0 0 JEFF WILDERN TRUSTEE 2.00 X 0 0 0 DAVID T HAYHOW TRUSTEE 2.00 X 0 0 0 MIKE DIETERLE TRUSTEE 2.00 X 0 0 0 MAUREEN SMYTH TRUSTEE 0.50 X 0 0 0 KENNETH MILNER TRUSTEE 2.00 X 0 0 0 DENISE P HOOD TRUSTEE 2.00 X 0 0 0 SANDRA BOYER ASSISTANT SECRETARY 2.50 X 0 0 0 THOMAS BURKE ASSISTANT TREASURER 2.50 X 0 0 0 THOMAS E KOLASSA CHAIR 2.50 X X 0 0 0 DOUG FEDERAU VICE CHAIR 0.50 X X 0 0 0 WILLIAM MIDDLEBROOKS VICE CHAIR 2.00 X X 0 0 0 KAREN L VAN HENTENRYCK SECRETARY 2.50 X X 0 0 0 STANLEY F DOLE JR TREASURER 3.00 X X 0 0 0 DR STEVEN M COREY PRESIDENT 40.00 X 214920 0 23103 WILLIAM KURTZ 7114-4115 VP & CFO 40.00 X 20666 0 16477 JACQUELINE LOOSER VP OF FINANCE & ADMIN 40.00 X 70721 0 16477 MARIA DAVIS VP & ACADEMIC DEAN 40.00 X 121414 0 5397 WILLIAM S HULL VP FOR INSTITUTIONAL ADVAN 40.00 X 108610 0 9366 536331 0 70820 3 0 1 0 CHARTWELL'S 450 S MAIN STREET OLIVET MI 49076 FOOD SERVICES 1998490 CSM 444 W MICHIGAN AVE SUITE 100 KALAMAZOO MI 49007 CONSTRUCTION MANAGEMENT 515281 2 90105 2290243 2380348 TUITION AND FEES 611600 22051124 22051124 AUXILIARY REVENUE 900099 4661703 4661703 ACTIVITIES REVENUE 900099 334892 334892 27047719 347814 347814 7957068 5450 6664026 0 1293042 5450 1298492 1298492 12980 90105 35750 -22770 -22770 422277 220623 201654 201654 31253257 27047719 0 1825190 9902011 9902011 407722 340596 48315 18811 8045910 6739664 941262 364984 185750 152501 23776 9473 758223 622505 97048 38670 600411 492937 76853 30621 68038 68038 2672274 2312264 239758 120252 12303 8775 1563 1965 1186932 614770 521901 50261 361105 258775 95450 6880 886873 857270 26080 3523 454543 385884 22401 46258 85329 55578 22074 7677 176237 170069 5111 1057 1548437 1494242 44904 9291 246651 97500 149151 MAINTENANCE EXPENSE 385138 377726 5829 1583 FOOD SERVICE 345440 297516 18636 29288 ACTIVITIES EXPENSE 113210 113210 SPECIAL EVENTS 11967 2279 625 9063 28454504 25296072 2408775 749657 539142 795957 748503 634682 466874 677415 1405909 1468182 247622 415908 245527 168784 51703470 23881885 26292903 27821585 13882094 14381290 3260347 3179748 47088921 49543551 1035210 1806109 8260829 8293485 2885499 2926529 12181538 13026123 X 15193974 17095326 5132306 4715689 14581103 14706413 34907383 36517428 47088921 49543551 X 2798753 -1063882 -124826 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14443878 212956 576661 339757 -64037 118038 14839737 11158753 1203658 2086855 57632 -52244 14443878 10050088 237126 1187832 23040 293253 11158753 9754361 364524 -63499 5298 10050088 8241908 224086 1290867 2500 9754361 0.03570 0.12570 0.83860 0 0 471615 471615 32608425 12537067 20071358 9722401 6862719 2859682 8901029 4482099 4418930 27821585 SPLIT INTEREST AGREEMENTS 3179748 F 3179748 STUDENT DEPOSITS 375821 DUE TO GOVERNMENT UPON COLLECTION OF STUDENT LOANS 1549452 LIABILITES UNDER SPLIT INTEREST AGREEMENT 919814 LIABILITES UNDER GIFT ANNUITIES 81442 2926529 X 18812645 -1063882 374411 -689471 19502116 11751141 11751141 31253257 18808866 256373 256373 18552493 9902011 9902011 28454504 PART V, LINE 4: THE INTENT OF THE COLLEGE IS TO USE THE INCOME AND A PORTION OF THE APPRECIATION OF THE ENDOWMENT FUNDS TO SUPPORT THE PROGRAMS OF THE COLLEGE. DONORS HAVE RESTRICTED MUCH OF THE ENDOWMENT TO SUPPORT SPECIFIC PROGRAMS, AND THE COLLEGE HONORS SUCH RESTRICTIONS. THE LARGEST RESTRICTED FUNDS ARE FOR SCHOLARSHIPS. PART X, LINE 2: IN PREPARATION OF TAX RETURNS, TAX POSITIONS ARE TAKEN BASED ON INTERPRETATION OF FEDERAL, STATE AND LOCAL INCOME TAX LAWS. MANAGEMENT PERIODICALLY REVIEWS AND EVALUATES THE STATUS OF UNCERTAIN TAX POSITIONS AND MAKES ESTIMATES OF AMOUNTS, INCLUDING INTEREST AND PENALTIES, ULTIMATELY DUE OR OWED. NO AMOUNTS HAVE BEEN IDENTIFIED, OR RECORDED, AS UNCERTAIN POSITIONS. FEDERAL, STATE AND LOCAL TAX RETURNS GENERALLY REMAIN OPEN FOR EXAMINATION BY THE VARIOUS TAXING AUTHORITIES FOR A PERIOD OF THREE TO FOUR YEARS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES OF BOOKSTORE 220,623. INVESTMENT FEES 118,038. SPECIAL EVENTS 35,750. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND OTHER STUDENT FINANCIAL AID 9,902,011. SALE OF FIXED ASSETS 5,450. LEADERSHIP CAMPAIGN 1,283,526. ENDOWMENT APPRECIATION 347,198. NON OPERATING CONTRIBUTIONS 212,956. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES OF BOOKSTORE 220,623. SPECIAL EVENTS 35,750. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND OTHER STUDENT FINANCIAL AID 9,902,011. PART V THE ENDOWMENT INCLUDES $3,179,748 OF SPLIT-INTEREST AGREEMENTS THAT OLIVET COLLEGE DOES NOT RECEIVE A CURRENT RETURN ON. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE OLIVET COLLEGE MISSION STATEMENT INCLUDES A NON-DISCRIMINATORY POLICY. THIS MISSION STATEMENT IS SENT TO ALL PROSPECTIVE/CURRENT STUDENTS AND IS READILY AVAILABLE THROUGH THE ADMISSIONS PROCESS. DINNER 58940 53430 5510 15808 10442 GOLF OUTING 44145 36675 7470 9500 103085 90105 12980 15808 19942 35750 -22770 1 FINANCIAL AID AND SCHOLARSHIPS 991 9902011 PART I, LINE 2: FINANCIAL AID AND SCHOLARSHIPS FOR OLIVET COLLEGE STUDENTS ENROLLED AND ATTENDING CLASSES. ALL RECORDS ARE RETAINED BY THE COLLEGE. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 DR STEVEN M COREY PRESIDENT 214920 0 0 0 0 0 8440 0 14663 0 238023 0 0 0 A MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY 521285150 2007-05-17 1980000 ACQUISITION AND REPLACEMENT OF CAMPUS HEATING SYSTEM 0 0 0 A 1980000 30767 1949233 2007 0 0 1 1 A 0 0 1 0 1 1 0.03260 0.03260 0 0 0 A 0 0 1 0 0 0 0 0 0 A 0 FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS RECEIVED BY THE CFO FROM THE THIRD PARTY PREPARER AND IT IS REVIEWED AND DISCUSSED WITH THE PRESIDENT. A COPY OF THE 990 IS MADE AVAILABLE BY E-MAIL TO ALL VOTING MEMBERS OF THE BOARD OF TRUSTEES WITH AN OPPORTUNITY FOR COMMENTS OR QUESTIONS. THE BOARD OF TRUSTEES HAS DELEGATED AUTHORITY AND RESPONSIBILITY FOR APPROVING THE 990 TO THE FINANCE COMMITTEE OF THE BOARD. THE 990 IS REVIEWED BY THE FINANCE COMMITTEE AND IS DISCUSSED AT A FINANCE COMMITTEE MEETING. AFTER REVIEW AND APPROVAL BY THE FINANCE COMMITTEE THE 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, IN OCTOBER, EACH TRUSTEE IS REQUIRED TO COMPLETE FORMS DISCLOSING ANY CONFLICT OR POTENTIAL CONFLICT. THE FORMS ARE REVIEWED BY THE ASSISTANT TO THE PRESIDENT. ANY DISCLOSED CONFLICT OR POTENTIAL CONFLICT IS THEN REPORTED TO THE PRESIDENT AND THE CHAIR OF THE BOARD OF TRUSTEES. THE POLICY ALSO REQUIRES TRUSTEES TO DISCLOSE CONFLICTS OR POTENTIAL CONFLICTS AT THE EARLIEST PRACTICAL TIME. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCE DEPARTMENT DOES BENCHMARKING STUDIES OF ALL POSITIONS USING INDUSTRY DATA OF SIMILAR SIZED INSTITUTIONS. THESE BENCHMARKS ARE USED ALONG WITH EMPLOYEE EVALUATIONS TO DETERMINE COMPENSATION OF ALL STAFF INCLUDING OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 ALL INFORMATION IS AVAILABLE UPON REQUEST. FORM 990 IS ALSO POSTED ANNUALLY ON GUIDESTAR'S WEBSITE. THE 990 IS PUBLIC INFORMATION THROUGH THE MICHIGAN ATTORNEY GENERAL'S OFFICE. FORM 990, PART VII COMPENSATION REPORTED ON PART VII OF THE 990 IS BASED ON CALENDAR YEAR COMPENSATION USING A CASH METHOD OF REPORTING AS REQUIRED BY THE IRS INSTRUCTIONS FOR FORM 990, PART VII. COMPENSATION REPORTED ON THE FUNCTIONAL ALLOCATION SCHEDULE ON PART IX IS REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING FOR THE FISCAL YEAR AND INCLUDES ALL FORMS OF COMPENSATION TO OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES AS REQUIRED BY THE IRS INSTRUCTIONS FOR FORM 990. FORM 990, PART XI, LINE 9: CHANGE IN VALUATION OF SPLIT-INTEREST AGREEMENTS -124,826. FORM 4562 EMPLOYER IDENTIFICATION NUMBER: 38-1459365 FOR THE YEAR ENDING JUNE 30, 2015 OLIVET COLLEGE, HEREBY ELECTS, PURSUANT TO IRC SEC. 168(K)(2)(D)(III), NOT TO CLAIM THE ADDITIONAL 50% DEPRECIATION ALLOWABLE UNDER IRC SEC. 168(K) FOR THE FOLLOWING QUALIFYING PROPERTY PLACED IN SERVICE DURING THE TAX YEAR ENDING JUNE 30, 2015. ALL PROPERTY IN THE 3, 5, 7 & 15 YEAR CLASS.