2013-04-12T12:58:49-05:00 2012-05-31 420714325 MCGLADREY LLP 230 N ELM ST STE 1100 GREENSBORO NC 27401 990 2011-06-01 560547498 BELMONT ABBEY COLLEGE INC BELM 7044616814 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 WILLIAM THIERFELDER 7044616814 2013-04-09 1 ADRIENNE MCKINNEY P00819656 3362724551 2011 2016-02-25 16:41:14Z WILLIAM THIERFELDER 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 45763735 0 X WWW.BELMONTABBEYCOLLEGE.EDU X 1960 NC BELMONT ABBEY COLLEGE OFFERS BACCALAUREATE LEVEL EDUCATION IN HUMANITIES, NATURAL SCIENCES, SOCIAL SCIENCES, AND PROFESSIONAL STUDIES. 32 26 613 25 -9207 -9207 3759242 3414853 33404075 34909290 449067 913517 -25252 -9207 37587132 39228453 12970168 13398987 0 0 13127185 13849817 0 0 903229 11501399 11483138 37598752 38731942 -11620 496511 20831687 20452970 9897074 10289911 10934613 10163059 X OUR MISSION IS TO EDUCATE STUDENTS IN THE LIBERAL ARTS AND SCIENCES SO THAT IN ALL THINGS GOD MAY BE GLORIFIED. IN THIS ENDEAVOR, WE ARE GUIDED BY THE CATHOLIC INTELLECTUAL TRADITION AND THE BENEDICTINE SPIRIT OF PRAYER AND LEARNING. EXEMPLIFYING BENEDICTINE HOSPITALITY, WE WELCOME A DIVERSE BODY OF STUDENTS AND PROVIDE THEM WITH AN EDUCATION THAT WILL ENABLE THEM TO LEAD LIVES OF INTEGRITY, TO SUCCEED PROFESSIONALLY, TO BECOME RESPONSIBLE CITIZENS, AND TO BE A BLESSING TO THEMSELVES AND TO OTHERS. 0 0 31342194 13398987 34909290 ACADEMIC - BELMONT ABBEY COLLEGE OFFERS 17 BACHELOR OF ARTS AND 6 BACHELOR OF SCIENCES PROGRAMS IN THE HUMANITIES, NATURAL SCIENCES AND PROFESSIONAL STUDIES. DURING THE 2010-2011 ACADEMIC YEAR THE COLLEGE ENROLLED 1,711 STUDENTS.THE COLLEGE PROVIDES SEVERAL PROGRAMS THROUGH THE OFFICES OF ACADEMIC ASSISTANCE, CAREER SERVICES AND LIBRARY SERVICES TO ASSIST STUDENTS TO BECOME ACADEMICALLY SUCCESSFUL. THESE SERVICES INCLUDE INDIVIDUAL COACHING AND TUTORING, CAREER COUNSELING AND ASSESSMENT, INFORMATIONAL RESOURCES, AND VARIOUS WORKSHOPS GEARED TOWARD ACADEMIC SUCCESS.IN ADDITION TO ACADEMIC SUPPORT, BELMONT ABBEY COLLEGE OFFERS MANY PROGRAMS TO ASSIST STUDENTS TO BECOME WELL-ROUNDED INDIVIDUALS. THESE SERVICES INCLUDE A WELLNESS CENTER WITH A HEALTH CLINIC AND COUNSELING, CENTER, AN HONORS INSTITUTE, ATHLETIC ACTIVITIES, STUDY ABROAD, INFORMATION TECHNOLOGY SERVICES, PERFORMING ARTS, AND OTHER STUDENT ACTIVITIES. 31342194 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 1 0 0 0 0 1 0 0 0 0 1 2166 0 1 613 1 1 1 0 0 0 0 1 1 0 0 0 0 X 32 26 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X WAYNE SCROGGINS 7044616712 100 BELMONT-MT HOLLY RD BELMONT NC 28012 X RT REV PLACID D SOLARI 3.00 X 0 0 0 REV MSGR MAURICIO WEST 3.00 X 0 0 0 KENNETH D BELL 1.00 X 0 0 0 RT REV OSCAR BURNETT 1.00 X 0 0 0 MARK A COLLAR 1.00 X 0 0 0 ROBERT A DESTRO 1.00 X 0 0 0 SHARON L FOLK 1.00 X 0 0 0 ROBERT W DINEEN 1.00 X 0 0 0 REV FRANCIS FORSTER 1.00 X 0 0 0 JOE LINDSLEY 1.00 X 0 0 0 PAUL L HERNDON 1.00 X 0 0 0 RAYMOND JONES 3.00 X 0 0 0 KEVIN T KENNELLY 3.00 X 0 0 0 REV JOSEPH W KOTERSKI SJ 1.00 X 0 0 0 HANS LENGERS 1.00 X 0 0 0 ROGER REGELBRUGGE 1.00 X 0 0 0 DR CHARLES J MEAKIN III 1.00 X 0 0 0 EDWARD C RUFF 5.00 X 0 0 0 REGINA P MOODY 1.00 X 0 0 0 CHARLES A POL 1.00 X 0 0 0 JERRY SCHMITT 3.00 X 0 0 0 MICHAEL SNYDER 3.00 X 0 0 0 D HARDING STOWE 1.00 X 0 0 0 BR ANTHONY SWOFFORD OSB 1.00 X 0 0 0 PETER TONON 1.00 X 0 0 0 WILLIAM K THIERFELDER 60.00 X 268830 0 47732 WAYNE J SCROGGINS 60.00 X 160949 0 28768 KENNETH DAVISON 50.00 X 101035 0 21444 ANNE DALY 50.00 X 170774 0 11696 LUCAS C LAMADRID 50.00 X 125044 0 26235 RITA LEWIS 40.00 X 44188 0 8442 RICHARD HOEFLING 3.00 X 0 0 0 MARCIA MAKL 40.00 X 105739 0 12064 976559 0 156381 6 0 1 0 CHARTWELLS DINING SERVICES PO BOX 91337 CHICAGO IL 60693 FOOD SERVICES 1724889 SSC SERVICE SOLUTIONS 1845 MIDPARK ROAD STE 201 KNOXVILLE TN 37921 MAINTENANCE MANAGEMENT 1022772 BARNES AND NOBLE 112 FIFRTH STREET 2ND FLOOR NEW YORK NY 10011 COLLEGE BOOKSTORE 558111 IMAGEMARK PO BOX 3386 HICKORY NC 28603 MARKETING AND PRINTING 336287 O'MEARA FERGUSON WHELAN AND CONWAY 350 S MAIN ST STE 220 ANN ARBOR MI 48104 CONSULTING 191199 7 1481546 1933307 29176 3414853 TUITION AND FEES 611710 27793694 27793694 AUXILIARY SERVICES 611710 6707212 6707212 MISC. PROGRAM 611710 408384 408384 34909290 392922 392922 6955947 6435352 520595 520595 520595 90723 99930 -9207 -9207 39228453 34909290 -9207 913517 13398987 13398987 933484 312825 517941 102718 10051595 6995172 2617952 438471 337202 234668 87825 14709 1720873 1193839 451426 75608 806663 561378 210097 35188 95484 95484 4784168 3400332 1351926 31910 136131 99585 36546 329075 284013 32698 12364 1055795 940714 96077 19004 641302 511407 102675 27220 138790 98139 39556 1095 483877 483877 617146 549877 56160 11109 207480 30216 177264 STUDENT SERVICES 751248 614137 120520 16591 EQUIPMENT RENTAL 361349 153702 196900 10747 RENTAL EXPENSES 350827 350827 ENTERTAINMENT 203505 174405 9640 19460 1326961 954094 285832 87035 38731942 31342194 6486519 903229 39149 85999 3036885 2068425 63447 45052 563875 638339 20612 19354 21690 55821 790439 1171371 13779391 5775480 7024316 8003911 6817742 6306043 240841 109610 2212691 1949045 20831687 20452970 1412243 1380774 44153 44153 386351 1985000 1750000 1438000 1438000 3582570 3340535 1435108 1950098 9897074 10289911 X -213552 -977322 2159699 2217226 8988466 8923155 10934613 10163059 20831687 20452970 X 496511 -1268065 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7971380 171444 -152241 101600 238700 0 7650283 7666276 41854 900358 140584 103107 -879 8365676 7055374 81086 778816 89700 159300 7666276 8550457 59600 -1473667 81016 7055374 0.00000 0.86000 0.14000 0 0 8492290 3033557 5458733 547124 97960 449164 3416790 2643963 772827 1323187 1323187 8003911 CONTRIBUTIONS REC. FROM TRUST 16269 BENEFICIAL INTEREST IN TRUST 1921615 DEFERRED LOAN COST 11161 1949045 STUDENT DEPOSITS 319513 OTHER LIABILITIES 1630585 1950098 39228453 38731942 496511 -1022023 -246042 -1268065 -771554 26286216 -1022023 1634885 -246042 366820 25919396 13309057 13309057 39228453 27067770 1634885 99930 1734815 25332955 13398987 13398987 38731942 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: SCHOLARSHIPS AND SPECIFIC DEPARTMENTAL ACTIVITIES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: MANAGEMENT EVALUATED THE COLLEGE'S TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC). PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -247,385. CHANGE IN CSV OF LIFE INSURANCE 1,343. TOTAL TO SCHEDULE D, PART XI, LINE 8: -246,042. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENTS -247,385. CHANGE IN CSV OF LIFE INSURANCE 1,343. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASS SCHOLARSHIP GRANTS 13,398,987. FORGIVENESS OF DEBT 10,000. UBIT EXPENSES -99,930. PART XIII, LINE 2D - OTHER ADJUSTMENTS: UBIT EXPENSES 99,930. PART XIII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIPS 13,398,987. 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 SEE SCHEDULE O. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 BELMONT ABBEY COLLEGE STUDENTS RECEIVE A VARIETY OF FEDERAL AND STATE GRANTS AND LOANS, INCLUDING PELL GRANTS, SUPPLEMENTAL EDUCATIONS OPPORTUNITY GRANTS, NC LEGISLATIVE TUITION GRANTS, AND NC STUDENT INCENTIVE GRANTS. 1 0 0 0 0 0 0 0 0 0 FINANCIAL AID FOR STUDY ABROAD PROGRAM IN IRELAND EUROPE 4 8000 PAID DIRECTLY TO PROGRAM STUDENTS ATTENDED CASH 0 0 0 0 0 0 1 SCHOLARSHIPS AND FELLOWSHIPS TO STUDENTS 972 13398987 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE ORG. UTILIZES VARIOUS DATABASES TO STORE & MONITOR ALL DATA PERTAINING TO THE AWARDING AND DISBURSEMENT OF GRANTS RECEIVED IN THE U.S. ALL GRANTS RECEIVED ARE PROPERLY APPLIED AS PAYMENTS TOWARD STUDENTS' ACCOUNTS APPROPRIATELY. ALL PARTICIPATING GRANTING ORGANIZATIONS HAVE COMPLIANCE REQUIREMENTS THAT ARE ADHERED TO & AUDITED ANNUALLY IN ACCORDANCE WITH THE OFFICE OF MGT. AND BUDGET (OMB) CIRCULAR A-133, AUDITS OF STATES, LOCAL GOVERNMENTS, AND NON-PROFIT ORGANIZATIONS. AS SUCH, THE ORG. PRESENTS SCHEDULES OF EXPENDITURES OF FEDERAL AND STATE AWARDS SUMMARIZING ALL EXPENDITURES USING THE ACCRUAL BASIS OF ACCOUNTING. X X 1 1 X X 0 0 0 0 0 0 0 0 0 WILLIAM K THIERFELDER 199597 0 0 0 69233 0 0 0 47732 0 316562 0 0 0 WAYNE J SCROGGINS 159426 0 0 0 1523 0 4617 0 24151 0 189717 0 0 0 ANNE DALY 169665 0 0 0 1109 0 4703 0 6993 0 182470 0 0 0 LUCAS C LAMADRID 124295 0 0 0 749 0 3640 0 22595 0 151279 0 0 0 STH BENEDICTINE X 1438000 1438000 0 1 1 SOCIETY X 0 1 1 1438000 ABBOT OF BELMONT ABBEY CHANCELLOR/PRES SBS 75495 INTEREST -THE SOUTHERN BENEDICTINE SOCIETY RECEIVED INTEREST ON THE LOAN DISCLOSED ON SCHEDULE, PART II. 0 0 PART IV, ITEM (B) RELATIONSHIP THE SITTING ABBOT ALSO SERVES AS BOTH CHANCELLOR OF THE COLLEGE AND PRESIDENT OF THE SOUTHERN BENEDICTINE SOCIETY (SBS) BY VIRTUE OF HIS POSITION. HE IS ALSO ON THE BOARD OF THE COLLEGE. X 9280 MARKET VALUE X 4000 MARKET VALUE X 2 3413 MARKET VALUE X 2 5896 MARKET VALUE X PALLET STORAGE 1 4320 MARKET VALUE X FORGIVE DEBT 1 10000 FACE VALUE OF DEBT 0 1 1 THIRD PARTY USE: PART I, LINE 32B: STOCKS ARE SOLD AUTOMATICALLY BY THE ORGANIZATION'S BROKER WHO RECEIVES THE SHARES. FORM 990, PART VI, SECTION A, LINE 2 HOEFLING, THIERFELDER, KENNELLY-COMMON BUSINESS RELATIONSHIP ABBOT PLACID, MR. GALLAGHER AND FR. WEST HAVE COMMON ACTIVITIES WITHIN THE DIOCESE. GALLAGHER, HOEFLING, LENGERS, RUFF, THIERFELDER, AND WEST ALL SERVE ON THE CHARLOTTE BUSINESS COUNCIL. FR. WEST AND MR. JONES ARE BOTH DIRECTORS OF THE FOUNDATION OF THE ROMAN CATHOLIC DIOCESE OF CHARLOTTE. MR. RUFF SERVES ON DIOCESAN FINANCE COUNCIL. LENGERS, RUFF, JERRY SCHMITT AND KENNELLY RECEIVED INTEREST INCOME FROM THE COLLEGE ON INVESTMENT IN COLLEGE BONDS. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF BELMONT ABBEY COLLEGE, INC. (BAC) ARE THE CHAPTER OF BELMONT ABBEY. IN ACCORDANCE WITH ITS RULES AND PROCEDURES, THE BUSINESS AND AFFAIRS OF THE COLLEGE SHALL BE MANAGED BY THE BOARD OF TRUSTEES OR BY SUCH COMMITTEES AS THE BOARD MAY ESTABLISH PURSUANT TO THE BY-LAWS AND THE CHARTER OF THE COLLEGE. THE BOARD OF TRUSTEES OF THE COLLEGE SHALL CONSIST OF NOT LESS THAN TWENTY (20) NOR MORE THAN FORTY (40) TRUSTEES. THE MEMBERS OF THE COLLEGE SHALL BE ENTITLED TO A MINIMUM REPRESENTATION OF THE BOARD OF TRUSTEES OF SEVEN (7) MEMBERS, ONE (1) OF WHOM SHALL BE THE ABBOT OF BELMONT ABBEY, THE CHANCELLOR EX-OFFICIO OF THE COLLEGE. SUCH REPRESENTATION SHALL BE LIMITED TO A MAXIMUM OF TWENTY-FIVE PERCENT (25%) OF THE TOTAL BOARD OF TRUSTEES THAT MAY BE SERVING FROM TIME TO TIME PROVIDED THE MINIMUM REPRESENTATION OF SEVEN (7) MEMBERS IS ALWAYS OBSERVED. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF BAC HAVE THE AUTHORITY TO ELECT OR REMOVE TRUSTEES AS OUTLINED IN THE ARTICLES OF INCORPORATION AND AMENDMENTS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF BAC HAVE RESERVED CERTAIN POWERS IN THE ARTICLES OF INCORPORATION OR AMENDMENTS THERETO AS FOLLOWS: TO LEASE, SELL, MORTGAGE, OR ENCUMBER REAL ESTATE OWNED BY BAC; TO MERGE, AFFILIATE, LIQUIDATE, OR DISSOLVE BAC; TO AMEND THE ARTICLES OF INCORPORATION OF BAC; AND TO TERMINATE THE EXISTENCE OF BAC PURSUANT TO THE NON-PROFIT LAWS OF NC. FURTHER, THE MEMBERS SHALL APPROVE IN WRITING THE FOLLOWING ACTIONS OF THE BAORD OF TRUSTEES OF BAC: THE ELECTION AND/OR REMOVAL OF TRUSTEES; ANY AMENDMENT BY THE BY-LAWS OF BAC; THE APPOINTMENT OF THE PRESIDENT OF BAC; AND THE ADOPTION OF ANY CAPITAL BUDGET OR THE ADOPTION OF ANY BUDGET REFLECTING OPERATING DEFICITS OF BAC. FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE COMMITTEE REVIEWED THE DRAFT 990 (PUBLIC INSPECTION COPY) IN DETAIL. BASED ON THIS REVIEW THEY APPROVED THE 990 (PUBLIC INSPECTION COPY) FOR FILING. SUBSEQUENTLY, THE PUBLIC INSPECTION COPY WAS SENT TO EACH TRUSTEE IN ADVANCE OF THE FILING DATE (APRIL 15). FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST ANNUALLY WITH THEIR EMPLOYMENT CONTRACT. BOARD MEMBERS ARE REQUIRED TO FILE A REPORT ANNUALLY WHICH DISCLOSES ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE TERMS AND CONDITIONS OF EACH AMENDMENT TO THE PRESIDENT'S EMPLOYMENT AGREEMENT ARE PRESENTED TO THE BOARD OF TRUSTEES' EXECUTIVE COMMITTEE FOR DISCUSSION, COMMENT AND APPROVAL. PEER INSTITUTION COMPENSATION DATA IS PROVIDED FOR CONSIDERATION AS PART OF THE APPROVAL PROCESS. LIFE INSURANCE BENEFITS, IF ANY PROPOSED, WOULD ALSO BE REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION WILL MAKE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART VII, SECTION A, COLUMN F: THE ORGANIZATION, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN COLUMN F, PART VII AND NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,022,023. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -247,385. CHANGE IN CSV OF LIFE INSURANCE 1,343. TOTAL TO FORM 990, PART XI, LINE 5: -1,268,065. FORM 990, SCHEDULE E, LN 3: ORGANIZATION PUBLISHED THE FOLLOWING STATEMENT IN ITS ADMISSION MATERIALS, APPLICATION, AND NEWS ADVERTISEMENT: "ADMISSION GRANTED TO QUALIFIED APPLICANTS WITHOUT REGARD TO RACE, SEX, AGE, CREED, HANDICAP, OR NATIONAL OR ETHNIC ORIGIN." SOUTHERN BENEDICTINE SOCIETY OF NORTH CAROLINA 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 560530237 RELIGIOUS COMMUNITY NC 501(C)(3) LINE 1 N/A 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 SOUTHERN BENEDICTINE SOCIETY J 1630565 FAIR MARKET VALUE SOUTHERN BENEDICTINE SOCIETY O 115870 FAIR MARKET VALUE SOUTHERN BENEDICTINE SOCIETY A 74311 FAIR MARKET VALUE SOUTHERN BENEDICTINE SOCIETY E 1438000 OUTSTANDING BALANCE