2014-02-11T07:26:34-06:00 2013-06-30 620647474 BLACKBURN CHILDERS & STEAGALL PLC 1361 S WILCOX DRIVE KINGSPORT TN 37660 990 2012-07-01 620484185 TUSCULUM COLLEGE TUSC 4236367300 P O BOX 5100 GREENEVILLE TN 37744 STEPHEN J GEHRET 4236367300 2014-02-10 1 CHAD KISNER P00738241 4232461725 2014-02-10 2012 2015-11-30 17:44:51Z STEPHEN J GEHRET P O BOX 5100 GREENEVILLE TN 37744 40704625 0 X HTTP://WWW.TUSCULUM.EDU X 1794 TN OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER EDUCATION 27 8 1233 50 0 0 6192656 4058991 34243842 35966175 21801 105545 415807 573914 40874106 40704625 9134877 9660534 0 0 858452 827238 0 0 605660 27016499 28734140 37009828 39221912 3864278 1482713 79655196 86029350 22798443 27100897 56856753 58928453 TUSCULUM COLLEGE PROVIDES A LIBERAL ARTS EDUCATION IN A JUDEO-CHRISTIAN AND CIVIC ARTS ENVIRONMENT. 0 0 26796291 9660534 28862043 OPERATION OF COLLEGE 26796291 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 1 2862 0 1 1233 1 0 0 0 0 0 0 0 0 0 0 X 27 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X STEPHEN J GEHRET CFO VP OF FINANCE 4236367300 TUSCULUM COLLEGE GREENEVILLE TN 37745 KENNETH A BOWMAN 8.00 X X 0 0 0 MARK R WILLIAMS 5.00 X X 0 0 0 DWIGHT FERGUSON 3.00 X X 0 0 0 ROBERT H BAILEY 1.00 X 0 0 0 DAVID W BAKER 1.00 X 0 0 0 FRANK M BROGDEN 1.00 X 0 0 0 D LARRY BROTHERTON 1.00 X 0 0 0 ALAN B CORLEY 1.00 X 0 0 0 SAMUEL L DOAK 1.00 X 0 0 0 JUDITH KOFROTH DOMER 1.00 X 0 0 0 DANIEL M DONALDSON 1.00 X 0 0 0 JAMES F DURHAM 1.00 X 0 0 0 JAMES A EMORY 1.00 X 0 0 0 TOM R FERGUSON 1.00 X 0 0 0 ANNA B GAMBLE 1.00 X 0 0 0 THOMAS J GARLAND 1.00 X 0 0 0 CHARLOTTE O GRAY 1.00 X 0 0 0 FRANK J HORSMAN 1.00 X 0 0 0 BRANDON C HULL 1.00 X 0 0 0 EDWARD J KORMONDY 1.00 X 0 0 0 LESTER D LATTANY 1.00 X 0 0 0 S WILEY MILLIGAN 1.00 X 0 0 0 SCOTT M NISWONGER 1.00 X 0 0 0 DONALD R RABER 1.00 X 0 0 0 JANE SHANKS PILLONI 1.00 X 0 0 0 JOSEPH S SCHWARTZ 1.00 X 0 0 0 ANGUS R SHAW III 1.00 X 0 0 0 JOAN BARBER SMITH 1.00 X 0 0 0 WARREN L SNEAD 1.00 X 0 0 0 PAUL E STANTON JR 1.00 X 0 0 0 WILLIAM E STORY 1.00 X 0 0 0 JOSEPH J VOGT 1.00 X 0 0 0 ANGELO A VOLPE 1.00 X 0 0 0 JERRY F WARD 1.00 X 0 0 0 ANN E WESTERVELT 1.00 X 0 0 0 NANCY B MOODY 45.00 X 267950 0 9949 STEPHEN J GEHRET 45.00 X 142758 0 5274 THOMAS H STEIN 45.00 X 130000 0 8060 MELINDA DUKES 45.00 X 125000 0 2500 BLAIR F HENLEY 45.00 X 120000 0 2460 HEATHER E PATCHETT 45.00 X 110000 0 7756 FRANKIE T DEBUSK 45.00 X 106240 0 7681 1001948 0 43680 7 0 1 0 BURLESON CONSTRUCTION COMPANY INC 3216 SOUTH ROAN STREET JOHNSON CITY TN 37601 CONSTRUCTION 2260212 SODEXO INC AND AFFILIATES 2 SHILOH ROAD P O BOX 5032 GREENEVILLE TN 37743 CAFETERIAL VENDOR 1665512 THE INDEPENDENT COLLEGE ENTERPRISE 2300 MACCORKLE AVENUE SE CHARLESTON WV 25304 HOST FOR COMPUTER SOFTWARE-COLLEAGUE 762940 TIAA-CREF P O BOX 933326 ATLANTA GA 311933326 MANAGE RETIREMENT PLAN 697929 ROCKY TOP MATERIALS 2707 JOHN DEERE DRIVE KNOXVILLE TN 37917 SUPPLIER/CONSTR-USDA RES HALL CONSTRUCTI 220887 10 32000 1780985 2246006 20705 4058991 TUITION AND FEES 611710 28862043 28862043 AUXILIARY ENTERPRISES 611710 6767475 6767475 OTHER INCOME 611710 336657 336657 35966175 105545 105545 ENDOWMENT INCOME (LOSS) 611710 573914 573914 573914 40704625 28862043 0 7783591 X 9660534 9660534 827238 272107 555131 1704371 375477 1328894 847516 847516 1721058 1721058 INSTRUCTION 7399109 7399109 STUDENT SERVICES 5627237 5627237 INSTITUTION SUPPORT 4799411 4193751 605660 AUXILIARY ENTERPRISES 2693951 2693951 3941487 3461827 479660 39221912 26796291 11819961 605660 1261 1261 2110000 2737422 2469238 2019636 1943899 2681676 1140547 822189 402379 436505 88212 125599 83973640 25633602 55124386 58340038 16267075 18825024 108199 40000 79655196 86029350 1073178 1895097 1710868 1586930 18942164 0 162550 22709187 909683 909683 22798443 27100897 X 39128467 39400319 3749150 6200938 13979136 13327196 56856753 58928453 79655196 86029350 X 1482713 419522 169465 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 17916716 150162 996170 -270000 -1652273 17140775 16813326 757682 610708 -265000 17916716 15908835 723127 405277 -223913 16813326 14038945 477130 1843744 -450984 15908835 15818201 926252 -2085012 -620496 14038945 0.09510 0.82400 0.08090 0 1 1 324290 324290 72097312 20042915 52054397 2614649 1696853 917796 8937389 3893834 5043555 58340038 LONG-TERM INVESTMENTS 18825024 F 18825024 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 900698 DUE TO RELATED ORGANIZATION 8985 909683 X 31707248 419522 275635 695157 31012091 9692534 9692534 40704625 29573779 12401 12401 29561378 9660534 9660534 39221912 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE COLLEGE'S PERMANENTLY RESTRICTED NET ASSETS (ENDOWMENT FUNDS) ARE COMPOSED OF FUNDS RESTRICTED FOR SCHOLARSHIPS, PLANT AND GENERAL USE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: NOTE 14 - UNCERTAINTY IN INCOME TAXES THE COLLEGE FOLLOWS THE FASB ACCOUNTING STANDARDS CODIFICATION, WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF JUNE 30, 2013 AND 2012, RESPECTIVELY, THE COLLEGE HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COLLEGE'S CONSOLIDATED FINANCIAL STATEMENTS. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE CONSOLIDATED FINANCIAL STATEMENTS. HOWEVER, NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEARS ENDED JUNE 30, 2013 AND 2012. GENERALLY, THE TAX YEARS BEFORE 2010 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUES OF EXEMPT PRIVATE FOUNDATION 106,170. CHANGE IN VALUE OF CHARITABLE GIFT ANNUITIES 169,465. PART XI, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 9,660,534. DONATION FROM EXEMPT PRIVATE FOUNDATION 32,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES OF EXEMPT PRIVATE FOUNDATION 12,401. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 9,660,534. 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 THIS POLICY IS USED IN ALL RECRUITMENT MATERIAL FOR STUDENTS AND IS DEFINED IN THE STUDENT HANDBOOK. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE ONLY GOVERNMENTAL AGENCY THAT PROVIDES FINANCIAL ASSISTANCE IS THE UNITED STATES DEPARTMENT OF EDUCATION. 1 CASH SCHOLARSHIPS FOR STUDENTS ATTENDING TUSCULUM COLLEGE IN GREENE COUNTY, TENNESSEE. 1014 9660534 0 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE DOES NOT GIVE ANY NON-CASH SCHOLARSHIPS. SCHOLARSHIPS ARE DISBURSED TO STUDENTS THROUGH CREDITING THEIR STUDENT ACCOUNTS. IF THE STUDENT HAS ANY EXCESS SCHOLARSHIP FUNDS OVER THEIR CHARGES, THESE FUNDS ARE DISBURSED TO THE STUDENT BY CHECK. THE COLLEGE'S PROCEDURES FOR MONITORING GRANT FUNDS IN THE U.S. ARE AS FOLLOWS: THE COLLEGE HAS APPOINTED DIRECTORS, WHO REPORT TO THE APPROPRIATE VICE PRESIDENTS, OVER ALL FEDERAL GRANT PROGRAMS. THESE DIRECTORS ARE CHARGED WITH PERFORMING ALL GRANT-RELATED ACTIVITIES INCLUDING APPLICATION, MONITORING OF EXPENDITURES AND REPORTING, WITH THE EXCEPTION OF DRAW-DOWNS OF FEDERAL FUNDS. DRAW-DOWNS ARE PERFORMED BY THE COLLEGE'S CONTROLLER AFTER REQUESTS ARE MADE BY THE DIRECTOR TO THE CONTROLLER. THE CONTROLLER REVIEWS THE REQUESTS FOR DRAW-DOWNS, WHICH INCLUDE DOCUMENTATION OF ALL DIRECT AND INDIRECT PROGRAM EXPENSES, BEFORE MAKING THE DRAW-DOWNS. A SINGLE AUDIT IS PERFORMED ANNUALLY BY THE COLLEGE'S INDEPENDENT AUDITORS. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 NANCY B MOODY 238331 0 0 0 29619 0 4393 0 5556 0 277899 0 0 0 PART I, LINE 1A TUSCULUM COLLEGE OWNS A HOUSE ON THE COLLEGE'S CAMPUS WHERE THE PRESIDENT (NANCY B. MOODY) LIVES. DURING THE COLLEGE'S SEARCH FOR A PRESIDENT, IT WAS STIPULATED THAT THE COLLEGE WANTED THE PRESIDENT TO LIVE ON CAMPUS. THE PRESIDENT'S HOUSE (WHICH IS ON CAMPUS) IS CLEANED BY CAMPUS HOUSEKEEPING SERVICES (THE SAME ONES THAT CLEAN STUDENT DORMS). PART I, LINE 1B PROVISIONS FOR THE PRESIDENT'S ON-CAMPUS RESIDENCE WERE INCLUDED IN HER EMPLOYMENT CONTRACT. PART I, LINE 3 AS STATED ABOVE, PROVISIONS FOR THE PRESIDENT'S ON-CAMPUS RESIDENCE WERE INCLUDED IN HER WRITTEN EMPLOYMENT CONTRACT. THE BOARD OF TRUSTEES HAS A COMPENSATION COMMITTEE FOR THE COMPENSATION OF THE PRESIDENT. THE COMPENSATION COMMITTEE REVIEWED FORM 990'S OF PEER INSTITUTIONS WHEN DETERMINING THE PRESIDENT'S COMPENSATION. PART I, LINE 5 NOT APPLICABLE PART I, LINE 6 NOT APPLICABLE PART I, LINE 7 NONE NOTED PART I, LINE 8 NONE NOTED SCOTT M NISWONGER MEMBER OF THE BOARD OF TRUSTEES 7000000 MR. SCOTT M. NISWONGER, A MEMBER OF THE BOARD OF FIRST HORIZONS NATIONAL CORPORATIONS, WHICH IS THE HOLDING COMPANY FOR FIRST TENNESSEE BANK, IS A MEMBER OF THE BOARD OF TRUSTEES. THE COLLEGE HAS A $6,000,000 LINE OF CREDIT WITH FIRST TENNESSEE BANK, OF WHICH $3,211,165 HAS BEEN DRAWN UPON AS OF 06/30/13 AND A $1,000,000 LINE OF CREDIT, OF WHICH THERE HAVE BEEN NO DRAWS AS OF 06/30/13. 0 DONALD R RABER CHAIR OF THE AUDIT COMMITTEE 432000 MR. DONALD R. RABER, PRESIDENT OF ALDEBARAN FINANCIAL, INC. IS THE CHAIR OF THE AUDIT COMMITTEE OF THE COLLEGE. AS OF 06/30/13, MR. RABER MANAGES $432,000 OF THE COLLEGE'S UNRESTRICTED CASH IN SHORT-TERM CASH AND CASH EQUIVALENTS. MR. RABER AND ALDEBARAN FINANCIAL, INC., IN THIS CAPACITY, RECEIVE NO BENEFIT FROM PROVIDING THESE SERVICES. 0 MARK R WILLIAMS SECRETARY OF THE BOARD OF TRUSTEES 1317342 MR. MARK WILLIAMS, A BROKER AT CENTURY 21, LEGACY, AND A DIRECTOR OF THE BOARD OF ANDREW JOHNSON BANK, IS THE SECRETARY OF TUSCULUM COLLEGE'S BOARD OF TRUSTEES. AS A TRUSTEE, HE GAINS ACCESS TO NEW EMPLOYEE HIRES IN ORDER TO APPROACH THEM AS A BROKER AGENT FOR REAL ESTATE SALES AND ACQUISITIONS. THE COLLEGE HAS A BANKING RELATIONSHIP WITH ANDREW JOHNSON BANK - THREE CHECKING ACCOUNTS ($1,201,454 AS OF 06/30/13). ALSO, THERE WERE TWO NOTES PAYABLE ($115,888 AS OF 07/01/12) WHICH WERE PAID IN FULL AS OF 06/30/13. THE VARIABLE INTEREST RATE ON BOTH NOTES PAYABLE WAS 6.75%. THE INTEREST RATES ON THESE TWO NOTES WAS BASED UPON THE TOTAL RELATIONSHIP BETWEEN THE BANK AND THE COLLEGE. 0 TAX-EXEMPT BOND ISSUE FORM 990, PART IV, LINE 24A ON JANUARY 9, 2013, TUSCULUM COLLEGE PAID OFF ALL THE TAX-EXEMPT BONDS WITH A LOAN FROM THE UNITED STATES DEPARTMENT OF AGRICULTURE, RURAL DEVELOPMENT - A TOTAL OF $18,895,316. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WILL BE PRESENTED BY AN INDEPENDENT CPA FIRM TO THE AUDIT COMMITTEE. BOTH THE AUDIT COMMITTEE AND THE EXECUTIVE COMMITTEE WILL REVIEW THE FORM 990, AND WILL THEN HAVE A TEN DAY PERIOD OF TIME TO COMMENT. AFTER THIS TEN DAY PERIOD, THE FULL BOARD OF TRUSTEES WILL REVIEW THE FORM 990, AND WILL ALSO HAVE A TEN DAY PERIOD OF TIME TO COMMENT. THE BOARD OF TRUSTEES WILL THEN VOTE ON THE ACCEPTANCE OF THE FORM 990, WHICH WILL THEN BE FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH MEMBER OF THE BOARD OF TRUSTEES SUBMITS A SIGNED CONFLICT OF INTEREST AGREEMENT. AT THIS TIME, ANY KNOWN CONFLICTS OR POTENTIAL CONFLICTS OF INTEREST ARE DISCLOSED TO THE GOVERNING BODY. SHOULD THE POTENTIAL OF A CONFLICT OF INTEREST ARISE, THE SUBJECT WILL BE DISCLOSED AND THE GOVERNING BOARD MEMBER WILL EXCUSE THEMSELVES FROM VOTING ON THE MATTER IN QUESTION. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS REVIEWED BY THE BOARD OF TRUSTEES AND NEGOTIATED BY ONE'S LENGTH OF SERVICE BY THE CHAIRMAN OF THE BOARD ON THE ADVICE FROM AN INDEPENDENT COUNSEL TO THE GOVERNING BOARD. OTHER OFFICERS OR KEY EMPLOYEES RECEIVE A BI-ANNUAL EVALUATION, AT WHICH TIME COMPENSATION IS COMPARABLE WITH CUPA-HR DATA. THE EVALUATION DOCUMENT IS REVIEWED AND APPROVED BY THE PRESIDENT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. ALL OTHER FUNCTIONAL EXPENSES FORM 990, PART IX, LINE 24E PUBLIC SERVICE: PROGRAM SERVICE EXPENSES 1,790,628. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,790,628. ACADEMIC SUPPORT: PROGRAM SERVICE EXPENSES 1,671,199. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,671,199. LOSS-EXTINGUISHMENT OF DEBT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 479,660. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 479,660. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF CHARITABLE GIFT ANNUITIES 169,465. RESPONSIBILITY FOR OVERSIGHT OF AUDIT & SELECTION OF INDEPENDENT ACCOUNTANT FORM 990, PART XII, LINE 2C TUSCULUM COLLEGE'S PROCESS FOR ITS AUDIT COMMITTEE, WHICH ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE ANNUAL AUDIT OF ITS FINANCIAL STATEMENTS AND FOR THE SELECTION OF AN INDEPENDENT ACCOUNTANT, HAS NOT CHANGED FROM THE PRIOR YEAR. TUSCULUM TOMORROW TRUST P O BOX 5100 GREENEVILLE TN 37743 621159245 PROVIDES CHARITABLE GRANTS TO TUSCULUM COLLEGE TN 501(C)(3) EXEMPT PF TUSCULUM COLLEGE 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TUSCULUM TOMORROW TRUST C 32000 CASH RECEIPTS