2014-04-12T22:01:45-05:00 2013-05-31 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2012-06-01 560532297 BREVARD COLLEGE CORPORATION BREV 8288848219 ONE BREVARD COLLEGE DRIVE BREVARD NC 287123306 DEBORAH P HALL 8288848219 2014-04-08 1 KELLIANNE F BENSON P01345659 7043771678 2014-04-08 2012 2015-11-30 17:44:51Z DAVID C JOYCE ONE BREVARD COLLEGE DRIVE BREVARD NC 287123306 34853136 0 X WWW.BREVARD.EDU X 1934 NC BREVARD IS A SMALL LIBERAL ARTS COLLEGE OFFERING DISTINCTIVE UNDERGRADUATE DEGREES IN ONE OF THE MOST BEAUTIFUL SETTINGS ON EARTH, THE BLUE RIDGE MOUNTAINS OF WESTERN NORTH CAROLINA. 31 30 438 18 0 -1069 2286591 4689443 18143982 18889846 1092220 2117909 793130 612047 22315923 26309245 6875132 7072322 0 0 7661839 7721121 0 0 365487 7498488 7641226 22035459 22434669 280464 3874576 48992688 53383277 16675540 16032044 32317148 37351233 X BREVARD COLLEGE IS A BACCALAUREATE, RESIDENTIAL, CHURCH-AFFILIATED INSTITUTION SITUATED IN THE SOUTHERN APPALACHIAN MOUNTAINS. OFFERING AN EDUCATION IN THEORETICAL AND APPLIED LIBERAL ARTS, BREVARD ENGAGES AND CHALLENGES STUDENTS IN INTEGRATING KNOWLEDGE AND PRACTICAL EXPERIENCE. THE PROGRAMS AND OPPORTUNITIES OF THE COLLEGE PROVIDE GRADUATES THE FOUNDATION FOR FURTHER FORMAL STUDY, MEANINGFUL VOCATIONS, RESPONSIBLE CITIZENSHIP, AND LIFELONG PERSONAL AND PROFESSIONAL DEVELOPMENT. 0 0 16211686 7072322 14965965 THE COLLEGE IS A FULLY ACCREDITED MEMBER OF THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS AND THE NATIONAL ASSOCIATION OF SCHOOLS OF MUSIC. THE PRIMARY GOAL OF BREVARD IS TO PROVIDE EDUCATION. APPROX 701 STUDENTS RECEIVED EDUCATION. 4657337 4162068 FUNDS WERE USED TO PROVIDE FOOD, CAMPUS STORE AND TRANSPORTATION TO STUDENTS. 20869023 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 1 0 1 0 0 0 0 0 0 0 0 1 64 0 438 1 0 0 0 0 0 0 0 0 0 0 X 31 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X DEBORAH P HALL 8288848219 ONE BREVARD COLLEGE DRIVE BREVARD NC 28712 TIMOTHY J BAILEY 1.00 X 0 0 0 BETSY O BAREFOOT 1.00 X 0 0 0 JOHN S BOGGS 1.00 X 0 0 0 C HARLEY DICKSON JR 1.00 X 0 0 0 LLOYD G FISHER 1.00 X 0 0 0 RICHARD T GARDNER 1.00 X 0 0 0 JIMMY HARRIS 1.00 X 0 0 0 SUSAN T HATCHER 1.00 X 0 0 0 JAMES E HOLMES III 1.00 X 0 0 0 J PHILLIP JEROME 1.00 X 0 0 0 PETER JOHNSON 1.00 X 0 0 0 A EDWIN JONES 1.00 X 0 0 0 ROBERT S LAWRENCE 1.00 X 0 0 0 KATHI L LEVINE 1.00 X 0 0 0 ALTON T LOFTIS 1.00 X 0 0 0 LINDA MARTINSON 1.00 X 0 0 0 BARBARA M NESBITT 1.00 X 0 0 0 JACK PARKER 1.00 X 0 0 0 ALFRED F PLATT JR 1.00 X 0 0 0 BD RODGERS 1.00 X 0 0 0 RAY N SIMMONS 1.00 X 0 0 0 WILLIAM C STANBACK 1.00 X 0 0 0 JERRY STONE 1.00 X 0 0 0 ELIZABETH O TAYLOR 1.00 X 0 0 0 DONA D VAUGHN 1.00 X 0 0 0 W HEATH WELDON 1.00 X 0 0 0 MIKE WHITEHEAD 1.00 X 0 0 0 DONALD L MOORE 1.00 X X 0 0 0 BARBARA HULSEY 1.00 X X 0 0 0 REGINALD D HEINITSH JR 1.00 X X 0 0 0 DAVID C JOYCE 40.00 X X 211713 0 5160 DEBORAH HALL 40.00 X 91878 0 2373 JOHN HARDT 40.00 X 77074 0 7786 380665 0 15319 1 0 1 0 UNICCO 275 GROVE STREET NEWTON MA 02466 MAINTENANCE & HOUSEKEEPING 1040813 CHARTWELLS DINING SERVICES PO BOX 417632 BOSTON MA 022417632 DINING SERVICES 543123 ARAMARK ONE BREVARD COLLEGE DRIVE BREVARD NC 28712 FOOD SERVICES 447914 CARDINAL BUILDING SYSTEMS LLC PO BOX 746 BREVARD NC 28712 CONSTRUCTION CONTRACTOR 260950 4 40431 118610 4530402 121540 4689443 TUITION AND FEES 900099 14728503 14728503 STUDENT ROOM AND BOARD 900099 4161343 4161343 18889846 467324 467324 373989 0 373989 373989 373989 10180773 8530188 1650585 1650585 1650585 14299 40431 13703 596 596 MISCELLANEOUS 900099 237462 237462 237462 26309245 19127308 0 2492494 7072322 7072322 395984 395984 6074229 5808529 265700 721105 692771 28334 529803 400584 108662 20557 21634 21634 114942 114942 51218 51218 1031282 1031282 13198 2302 10896 441017 328365 94945 17707 174659 65477 108682 500 1092721 965383 126858 480 405097 368438 15346 21313 583862 476667 107195 1466741 1308596 158145 170031 108955 61076 CONTRACTED FOOD SERVICE 940597 940597 OTHER EXPENSES 754654 632041 122613 PROFESSIONAL FEES 335445 242285 93160 LEASE EXPENSE 44128 30747 13381 22434669 20869023 1200159 365487 1341907 4167947 504490 2973379 280680 264655 352308 320738 202505 189238 138568 172070 49226368 24904049 25295777 24322319 19515720 20019916 1360733 953015 48992688 53383277 1441634 1527821 304842 304862 223322 169743 11196569 10657130 3509173 3372488 16675540 16032044 X 7226109 10682188 2178043 3447414 22912996 23221631 32317148 37351233 48992688 53383277 X 3874576 1535176 -51218 -502331 177882 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 18606527 482278 3601912 959247 47500 21683970 19985279 116467 -566297 928922 18606527 18116796 481382 2816901 1429800 19985279 16417019 1860210 2418672 2460178 118927 18116796 21843997 409599 -4258698 1117135 140000 320746 16417017 0.00000 0.93040 0.06960 0 0 191372 191372 40621584 17779698 22841886 8347813 7124351 1223462 65599 65599 24322319 MUTUAL FUNDS 15115377 F EQUITY SECURITIES 3171456 F FIXED INCOME 1733083 F 20019916 ANNUITIES PAYABLE 510542 AMOUNTS HELD FOR OTHERS 14878 CAPITAL LEASE PAYABLE 59113 ASSET RETIREMENT OBLIGATION 662955 LINE OF CREDIT 2125000 3372488 X 17339341 1535176 -7072322 -5537146 22876487 51218 3381540 3432758 26309245 15376050 13703 13703 15362347 7072322 7072322 22434669 PART III, LINE 4: TWO OF THE KEY MAJORS AT THE COLLEGE ARE ART AND MUSIC. THE ART COLLECTIONS ARE USED IN CLASSES AND ALSO PART OF THE ACADEMIC CULTURE. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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 EASUREMENT 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, 2013 AND 2012 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. INCOME TAX RETURNS FOR THE TAX YEAR 2009 AND AFTERWARDS ARE SUBJECT TO AUDIT. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDED TUITION DISCOUNTS REDUCING TUITION INCOME -1,464,252. UNFUNDED TUITION DISCOUNTS REDUCING TUITION INCOME -5,608,070. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES SHOWN NET OF REVENUE ON 990 -13,703. SPENDING RATE IN EXCESS OF INVESTMENT EARNINGS 2,642,620. PRIVATE GIFTS & GRANTS SHOWN AS NON-OPERATING ACTIVITY ON FINANCIALS 752,623. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES SHOWN NET OF REVENUE ON 990 13,703. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDED TUITION DISCOUNTS REDUCING TUITION INCOME 1,464,252. UNFUNDED TUITION DISCOUNTS REDUCING TUITION INCOME 5,608,070. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 NON-DISCRIMINATION POLICY IS STATED IN ALL MAJOR PUBLICATIONS AND THE TRANSYLVANIA TIMES EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE 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 38680 32550 6130 1381 295 2285 1616 GALA 16050 7881 8169 5858 500 1768 54730 40431 14299 1381 295 8143 500 3384 13703 596 1 SCHOLARSHIPS 701 7072322 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 DAVID C JOYCE 202813 0 250 0 8650 0 0 0 5160 0 216873 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. PART I, LINE 1B THERE IS A POLICY IN PROCESS FOR SPOUSAL TRAVEL. ALL OTHER ACTIVITIES HAVE A WRITTEN POLICY. PART I, LINE 4A THE COLLEGE CONTINUED TO PAY OUT FORMER PRESIDENT DREW VAN HORN'S SEVERANCE AGREEMENT DURING 2012. THE SEVERANCE PACKAGE WHICH BEGAN IN JUNE 2011 CONSISTED OF SALARY, MEDICAL AND DENTAL REIMBURSEMENT, AND A DEFERRED COMPENSATION PLAN. THE FINAL PAYMENT TOWARD HEALTH / DENTAL OCCURRED IN DECEMBER 2012. 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 0.00010 0.00010 0.00020 0 0 1 A 0 0 0 0 0 0 0 0 0 A 0 DEBORAH HALL VP BUSINESS FINANCE DEBORAH HALL AND DAVID PRICE ARE SIBLINGS. 168024 DAVID PRICE, OWNER OF DPI CONSTRUCTION PERFORMED GRADING AND LANDSCAPING SERVICES FOR THE COLLEGE. ALL SERVICES WERE AT ARM'S LENGTH AND FAIR MARKET VALUE. 0 X 24 3744 FMV X 9765 FMV X 1 70000 FMV X MISCELLANEOUS 28 38031 FMV 0 0 0 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTIONS: PART I, COLUMN (B): NUMBER OF CONTRIBUTIONS REPRESENT THE TOTAL NUMBER OF DIFFERENT INDIVIDUALS CONTRIBUTING ITEMS. FORM 990, PART VI, SECTION B, LINE 11 IT IS THE POLICY OF THE COLLEGE THAT THE EXECUTIVE COMMITTEE OF THE BOARD REVIEW THE 990. IN ADDITION, A COPY OF THE 990 IS MADE AVAILABLE TO ALL BOARD MEMBERS FOR THEIR WRITTEN COMMENTS. ONCE THE EXECUTIVE COMMITTEE APPROVES THE 990, COLLEGE MANAGEMENT WILL SUBMIT THE FORM TO 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 PRESIDENT AND OTHER KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE NOT AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: LOAN CANCELLATIONS AND LOSS PROVISIONS -7,850. PRESENT VALUE ADJUSTMENTS TO ANNUITIES PAYABLE 74,030. CHANGE IN VALUE OF ASSETS HELD BY OTHERS 111,702. FORM 990, PART XII, LINE 2C THERE IS AN AUDIT COMMITTEE THAT OVERSEES THE AUDIT PROCESS AS WELL AS THE 990.