BREVARD COLLEGE CORPORATION: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- BREVARD COLLEGE CORPORATION (EIN 56-0532297)
- Tax period
- 2011-06-01 to 2012-05-31
- Filed
- 2013-04-10
- IRS object ID
- 201301019349300350
- Schema version
- 2011v1.5
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule D
- Schedule E
- Schedule G
- Schedule I
- Schedule J
- Schedule K
- Schedule O
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2013-04-10T20:59:49-05:00 | Timestamp |
| Tax Period End Date | 2012-05-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 560574444 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CHERRY BEKAERT LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1111 METROPOLITAN AVENUE SUITE 1000 | AddressLine1 |
| City | CHARLOTTE | City |
| State | NC | State |
| ZIP Code | 28204 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-06-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 560532297 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BREVARD COLLEGE CORPORATION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | BREV | NameControl |
| Phone | 8288848219 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | ONE BREVARD COLLEGE DRIVE | AddressLine1 |
| City | BREVARD | City |
| State | NC | State |
| ZIP Code | 287123306 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | DEBORAH P HALL | Name |
| Title | VP BUSINESS | Title |
| Phone | 8288848219 | Phone |
| Date Signed | 2013-04-04 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | JANICE A RATICA | Name |
| PTIN | P00358837 | PTIN |
| Phone | 7043771678 | Phone |
| Date Prepared | 2013-04-04 | DatePrepared |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-25 16:41:14Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | DAVID C JOYCE | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | ONE BREVARD COLLEGE DRIVE | AddressLine1 |
| City | BREVARD | City |
| State | NC | State |
| ZIP Code | 287123306 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 27214435 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | WWW.BREVARD.EDU | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1934 | YearFormation |
| State Legal Domicile | NC | StateLegalDomicile |
| Activity Or Mission Description | 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. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 34 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 34 | NbrIndependentVotingMembers |
| Total Nbr Employees | 419 | TotalNbrEmployees |
| Total Nbr Volunteers | 34 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | -892 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 2835501 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 2286591 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 17601739 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 18143982 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 1805251 | InvestmentIncomePriorYear |
| Investment Income Current Year | 1092220 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 572843 | OtherRevenuePriorYear |
| Other Revenue Current Year | 793130 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 22815334 | TotalRevenuePriorYear |
| Total Revenue Current Year | 22315923 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 6511157 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 6875132 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 8359940 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 7661839 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 255773 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 7642812 | OtherExpensePriorYear |
| Other Expenses Current Year | 7498488 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 22513909 | TotalExpensesPriorYear |
| Total Expenses Current Year | 22035459 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 301425 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 280464 | RevenuesLessExpensesCY |
| Total Assets BOY | 51778137 | TotalAssetsBOY |
| Total Assets EOY | 48992688 | TotalAssetsEOY |
| Total Liabilities BOY | 17995462 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 16675540 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 33782675 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 32317148 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 19252030 | Expense |
| Grants | 6875132 | Grants |
| Revenue | 18564654 | Revenue |
| Description | 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 650 STUDENTS RECEIVED EDUCATION. | Description |
| Total Program Service Expense | 19252030 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 1 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 0 | LobbyingActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 1 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 1 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 1 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 1 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 1 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 1 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 1 | TaxExemptBonds |
| Invest Tax Exempt Bonds | 0 | InvestTaxExemptBonds |
| Escrow Account | 0 | EscrowAccount |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuer |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | 0 | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 78 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Number Of Employees | 419 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 1 | ForeignFinancialAccount |
| Name Of Foreign Country | CJ | NameOfForeignCountry |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributions |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | 0 | FundsToPayPremiums |
| Premiums Paid | 0 | PremiumsPaid |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 34 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 34 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 0 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| States Where Copy Of Return Is Filed | NC | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DEBORAH P HALL | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 8288848219 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | ONE BREVARD COLLEGE DRIVE | AddressLine1 |
| City | BREVARD | City |
| State | NC | State |
| ZIP Code | 28712 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (49 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer | FormerFormer |
|---|---|---|---|---|---|---|---|
| TIMOTHY J BAILEY | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| BETSY O BAREFOOT | |||||||
| DIRECTOR/CO-DIR POLICY CEN | 1.00 | X | 0 | 0 | 0 | ||
| LEONARD S BULLOCK | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| TOMMIE L CASSADY | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| LLOYD G FISHER | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| R EDWARD GASH | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| JIMMY HARRIS | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| SUSAN T HATCHER | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| REGINALD D HEINITSH JR | |||||||
| CHAIR | 1.00 | X | 0 | 0 | 0 | X | |
| JAMES E HOLMES III | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| BARBARA HULSEY | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | X | |
| J PHILLIP JEROME | |||||||
| 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 | ||
| BRYAN R JONES | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| DAVID C JOYCE | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| JOHN S BOGGS | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| ROBERT S LAWRENCE | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| KATHI L LEVINE | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| ALTON T LOFTIS | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| LINDA MARTINSON | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| HENRY C MCDONALD III | |||||||
| VICE CHAIR | 1.00 | X | 0 | 0 | 0 | X | |
| JOSEPH P MCGUIRE | |||||||
| DIRECTOR, PAST CHAIR | 1.00 | X | 0 | 0 | 0 | ||
| BARBARA M NESBITT | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| ALFRED F PLATT JR | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| LIZETTE PRYOR | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| C HARLEY DICKSON JR | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| JERRY STONE | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| ELIZABETH O TAYLOR | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| DONALD L MOORE | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| DONA D VAUGHN | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| W HEATHLEY WELDON | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| MIKE WHITEHEAD | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| RALPH L ABERNETHY JR | |||||||
| EMERITUS DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| DOUGLAS W BOOTH | |||||||
| EMERITUS DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| JOHN A CARTER | |||||||
| EMERITUS DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| ROBERT I DALTON JR | |||||||
| EMERITUS DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| F CROWDER FALLS | |||||||
| EMERITUS DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| BERNARD R FITZGERALD | |||||||
| EMERITUS DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| DYEANN B JORDAN | |||||||
| EMERITUS DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| ALBERT G MYERS JR | |||||||
| EMERITUS DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| JACK PARKER | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| BD RODGERS | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| RAY N SIMMONS | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| WILLIAM C STANBACK | |||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | ||
| JOHN HARDT | |||||||
| VICE PRESIDENT - ACADEMIC | 40.00 | 91569 | 0 | 10960 | X | ||
| DEBORAH HALL | |||||||
| VICE PRESIDENT - BUSINESS | 40.00 | 91102 | 0 | 5872 | X | ||
| CHARLES TEAGUE | |||||||
| INTERIM PRES 6.1 - 12.31 | 40.00 | 98094 | 0 | 2125 | X | ||
| DREW VAN HORN | |||||||
| FORMER PRESIDENT THRU 5.31.11 | 40.00 | 325774 | 0 | 3542 | X | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 606539 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 22499 | TotalOtherCompensation |
| Number Individuals GT100 K | 1 | NumberIndividualsGT100K |
| Formers Listed | 1 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| ARAMARK | |||||
| ONE BREVARD COLLEGE DRIVE | BREVARD | NC | 28712 | FOOD SERVICES | 1122952 |
| UNICCO | |||||
| 275 GROVE STREET | NEWTON | MA | 02466 | MAINTENANCE & HOUSEKEEPING | 1035550 |
| CARDINAL BUILDING SYSTEMS LLC | |||||
| PO BOX 746 | BREVARD | NC | 28712 | CONSTRUCTION CONTRACTOR | 260950 |
| JOHNSON CONTROLS | |||||
| 44 BUCK SHOALS ROAD | ARDEN | NC | 28704 | CONSTRUCTION CONTRACTOR | 180957 |
| CHERRY BEKAERT | |||||
| 1111 METROPOLITAN AVENUE | CHARLOTTE | NC | 28204 | ACCOUNTING | 122891 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 5 | NumberOfContractorsGT100K |
| Fundraising Events | 27099 | FundraisingEvents |
| Government Grants | 470686 | GovernmentGrants |
| All Other Contributions | 1788806 | AllOtherContributions |
| Noncash Contributions | 20327 | NoncashContributions |
| Total Contributions | 2286591 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (2 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| TUITION AND FEES | 900099 | 14002220 | 14002220 |
| STUDENT ROOM AND BOARD | 900099 | 4141762 | 4141762 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 18143982 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 495021 | TotalRevenueColumn |
| Exclusion | $495,021 | ExclusionAmount |
Gross Rents GrossRents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | 369470 | Real |
Less Rental Expenses LessRentalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | 0 | Real |
Rental Income Or Loss RentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | 369470 | Real |
Net Rental Income Or Loss NetRentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 369470 | TotalRevenueColumn |
| Exclusion | $369,470 | ExclusionAmount |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 5484976 | Securities |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 4887777 | Securities |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 597199 | Securities |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 597199 | TotalRevenueColumn |
| Exclusion | $597,199 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Income Fundraising Events | 13723 | GrossIncomeFundraisingEvents |
| Cntrbtns Rprtd Fundraising Events | 27099 | CntrbtnsRprtdFundraisingEvents |
| Fundraising Direct Expenses | 10735 | FundraisingDirectExpenses |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 2988 | TotalRevenueColumn |
| Exclusion | $2,988 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | MISCELLANEOUS | Description |
| Business Code | 900099 | BusinessCode |
| Total Revenue Column | 420672 | TotalRevenueColumn |
| Related Or Exempt Function Income | 420672 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 420672 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 22315923 | TotalRevenueColumn |
| Related Or Exempt Function Income | 18564654 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $1,464,678 | ExclusionAmount |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 6875132 | Total |
| Program Services | 6875132 | ProgramServices |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 629037 | Total |
| Program Services | 102518 | ProgramServices |
| Management And General | 526519 | ManagementAndGeneral |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 5726486 | Total |
| Program Services | 4758031 | ProgramServices |
| Management And General | 799997 | ManagementAndGeneral |
| Fundraising | 168458 | Fundraising |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 69186 | Total |
| Program Services | 51701 | ProgramServices |
| Management And General | 15828 | ManagementAndGeneral |
| Fundraising | 1657 | Fundraising |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 705709 | Total |
| Program Services | 582117 | ProgramServices |
| Management And General | 104694 | ManagementAndGeneral |
| Fundraising | 18898 | Fundraising |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 531421 | Total |
| Program Services | 402379 | ProgramServices |
| Management And General | 114837 | ManagementAndGeneral |
| Fundraising | 14205 | Fundraising |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 42396 | Total |
| Management And General | 42396 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 118614 | Total |
| Management And General | 118614 | ManagementAndGeneral |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 45269 | Total |
| Management And General | 45269 | ManagementAndGeneral |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1035120 | Total |
| Program Services | 1035120 | ProgramServices |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 8987 | Total |
| Management And General | 4187 | ManagementAndGeneral |
| Fundraising | 4800 | Fundraising |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 640503 | Total |
| Program Services | 556293 | ProgramServices |
| Management And General | 58709 | ManagementAndGeneral |
| Fundraising | 25501 | Fundraising |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 169734 | Total |
| Program Services | 68878 | ProgramServices |
| Management And General | 100279 | ManagementAndGeneral |
| Fundraising | 577 | Fundraising |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1047473 | Total |
| Program Services | 922425 | ProgramServices |
| Management And General | 123838 | ManagementAndGeneral |
| Fundraising | 1210 | Fundraising |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 374873 | Total |
| Program Services | 337446 | ProgramServices |
| Management And General | 16960 | ManagementAndGeneral |
| Fundraising | 20467 | Fundraising |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 546976 | Total |
| Program Services | 439319 | ProgramServices |
| Management And General | 107657 | ManagementAndGeneral |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1502354 | Total |
| Program Services | 1342654 | ProgramServices |
| Management And General | 159700 | ManagementAndGeneral |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 137688 | Total |
| Program Services | 114256 | ProgramServices |
| Management And General | 23432 | ManagementAndGeneral |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices | Management And GeneralManagementAndGeneral |
|---|---|---|---|
| CONTRACTED FOOD SERVICE | 905424 | 905424 | |
| OTHER EXPENSES | 647186 | 560998 | 86188 |
| PROFESSIONAL FEES | 205658 | 149275 | 56383 |
| LEASE EXPENSE | 48751 | 29516 | 19235 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 21482 | Total |
| Program Services | 18548 | ProgramServices |
| Management And General | 2934 | ManagementAndGeneral |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 22035459 | Total |
| Program Services | 19252030 | ProgramServices |
| Management And General | 2527656 | ManagementAndGeneral |
| Fundraising | 255773 | Fundraising |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 6083629 | BOY |
| EOY | 1341907 | EOY |
Pledges And Grants Receivable PledgesAndGrantsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 521843 | BOY |
| EOY | 504490 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 282612 | BOY |
| EOY | 280680 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 354905 | BOY |
| EOY | 352308 | EOY |
Inventories For Sale Or Use InventoriesForSaleOrUse
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 212545 | BOY |
| EOY | 202505 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 145288 | BOY |
| EOY | 138568 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 48734084 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 23438307 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 26300317 | BOY |
| EOY | 25295777 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 16394933 | BOY |
| EOY | 19515720 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1482065 | BOY |
| EOY | 1360733 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 51778137 | BOY |
| EOY | 48992688 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2204990 | BOY |
| EOY | 1441634 | EOY |
Grants Payable GrantsPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 304842 | BOY |
| EOY | 304842 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 221519 | BOY |
| EOY | 223322 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 11715829 | BOY |
| EOY | 11196569 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3548282 | BOY |
| EOY | 3509173 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 17995462 | BOY |
| EOY | 16675540 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 7985476 | BOY |
| EOY | 7226109 | EOY |
Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2882739 | BOY |
| EOY | 2178043 | EOY |
Permanently Restricted Net Assets PermanentlyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 22914460 | BOY |
| EOY | 22912996 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 33782675 | BOY |
| EOY | 32317148 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 51778137 | BOY |
| EOY | 48992688 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 280464 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | -1745991 | ReconcilationOtherChanges |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 1 | FederalGrantAuditRequired |
| Federal Grant Audit Performed | 1 | FederalGrantAuditPerformed |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| School170b1 Aii | X | School170b1Aii |
Schedule B IRS990ScheduleB
Contributor Info ContributorInfo
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor Number | RESTRICTED | ContributorNumber |
Contributor Name Business ContributorNameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor Address US ContributorAddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Aggregate Contributions | RESTRICTED | AggregateContributions |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Collect Used For Public Exhibition | X | CollectUsedForPublicExhibition |
| Collect Used For Preservation | X | CollectUsedForPreservation |
| Solicited Assets For Sale | 0 | SolicitedAssetsForSale |
Current Year CurrentYear
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 19985279 | BeginningOfYearBalance |
| Contributions | 116467 | Contributions |
| Investment Earnings Or Losses | -566297 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | 928922 | GrantsOrScholarships |
| End Of Year Balance | 18606527 | EndOfYearBalance |
Current Year Minus1 Year CurrentYearMinus1Year
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 18116796 | BeginningOfYearBalance |
| Contributions | 481382 | Contributions |
| Investment Earnings Or Losses | 2816901 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | 1429800 | GrantsOrScholarships |
| End Of Year Balance | 19985279 | EndOfYearBalance |
Current Year Minus2 Years CurrentYearMinus2Years
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 16417019 | BeginningOfYearBalance |
| Contributions | 1860210 | Contributions |
| Investment Earnings Or Losses | 2418672 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | 2460178 | GrantsOrScholarships |
| Other Expenditures | 118927 | OtherExpenditures |
| End Of Year Balance | 18116796 | EndOfYearBalance |
Current Year Minus3 Years CurrentYearMinus3Years
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Of Year Balance | 21843997 | BeginningOfYearBalance |
| Contributions | 409599 | Contributions |
| Investment Earnings Or Losses | -4258698 | InvestmentEarningsOrLosses |
| Grants Or Scholarships | 1117135 | GrantsOrScholarships |
| Other Expenditures | 140000 | OtherExpenditures |
| Administrative Expenses | 320746 | AdministrativeExpenses |
| End Of Year Balance | 16417017 | EndOfYearBalance |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Designated EOY Balance | 0.00000 | BoardDesignatedEOYBalance |
| Permanent Endowment EOY Balance | 1.00000 | PermanentEndowmentEOYBalance |
| Term Endowment EOY Balance | 0.00000 | TermEndowmentEOYBalance |
| Endowments Held By Unrelated Orgs | 0 | EndowmentsHeldByUnrelatedOrgs |
| Endowments Held By Related Orgs | 0 | EndowmentsHeldByRelatedOrgs |
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 121372 | OtherCostOrOtherBasis |
| Book Value | 121372 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 40401221 | OtherCostOrOtherBasis |
| Depreciation | 19505510 | Depreciation |
| Book Value | 20895711 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 8145892 | OtherCostOrOtherBasis |
| Depreciation | 3932797 | Depreciation |
| Book Value | 4213095 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 65599 | OtherCostOrOtherBasis |
| Book Value | 65599 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 25295777 | TotalOfBookValueLandBuildings |
Other Securities OtherSecurities (3 entries)
| DescriptionDescription | Book ValueBookValue | Method Of ValuationMethodOfValuation |
|---|---|---|
| MUTUAL FUNDS | 13999934 | F |
| EQUITY SECURITIES | 3989848 | F |
| FIXED INCOME | 1525938 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Securities | 19515720 | TotalOfBookValueSecurities |
Other Liabilities OtherLiabilities (5 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| ANNUITIES PAYABLE | $513,582 |
| AMOUNTS HELD FOR OTHERS | $30,365 |
| CAPITAL LEASE PAYABLE | $82,635 |
| ASSET RETIREMENT OBLIGATION | $632,591 |
| LINE OF CREDIT | $2,250,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 3509173 | TotalOfAmounts |
| Total Revenue | 22315923 | TotalRevenue |
| Total Expenses | 22035459 | TotalExpenses |
| Excess Or Deficit For Year | 280464 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | -1582399 | NetUnrealizedGLOnInvestments |
| Other | -$163,592 | OtherAmount |
| Total Adjustments | -1745991 | TotalAdjustments |
| Excess Or Deficit Per FS | -1465527 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 15171724 | TotRevenueEtcAuditedFinclStmt |
| Net Unrealized Gains Investments | -1582399 | NetUnrealizedGainsInvestments |
| Other Revenues | -6875132 | OtherRevenues |
| Revenue Not Rptd F990 | -8457531 | RevenueNotRptdF990 |
| Revenue Subtotal | 23629255 | RevenueSubtotal |
| Investment Expenses Not Included | 45269 | InvestmentExpensesNotIncluded |
| Other Revenues Not Included | -1358601 | OtherRevenuesNotIncluded |
| Revenue Not Rptd On Fin Stmt | -1313332 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 22315923 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 15125793 | TotExpensesEtcAuditedFinclStmt |
| Other Expenses Included | 10735 | OtherExpensesIncluded |
| Expenses Not Rptd F990 | 10735 | ExpensesNotRptdF990 |
| Expenses Subtotal | 15115058 | ExpensesSubtotal |
| Investment Expenses Not Included2 | 45269 | InvestmentExpensesNotIncluded2 |
| Other Expenses Not Included | 6875132 | OtherExpensesNotIncluded |
| Expenses Not Rptd On Fin Stmt | 6920401 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 22035459 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (8 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| 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. | |
| 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 INTENDED USE OF ENDOWMENT FUNDS: |
| PART X: | MANAGEMENT HAS EVALUATED THE EFFECT OF FASB GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOMES 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, 2012 AND 2011 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. | DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: |
| LOAN CANCELLATIONS AND LOSS PROVISIONS -5,617. PRESENT VALUE ADJUSTMENTS TO ANNUITIES PAYABLE -53,548. CHANGE IN VALUE OF ASSETS HELD BY OTHERS -104,427. TOTAL TO SCHEDULE D, PART XI, LINE 8: -163,592. | PART XI, LINE 8 - OTHER ADJUSTMENTS: | |
| FUNDED TUITION DISCOUNTS REDUCING TUITION INCOME -2,684,954. UNFUNDED TUITION DISCOUNTS REDUCING TUITION INCOME -4,190,178. | PART XII, LINE 2D - OTHER ADJUSTMENTS: | |
| FUNDRAISING EXPENSES SHOWN NET OF REVENUE ON 990 -10,735. SPENDING RATE IN EXCESS OF INVESTMENT EARNINGS -1,464,370. PRIVATE GIFTS & GRANTS SHOWN AS NON-OPERATING ACTIVITY ON FINANCIALS 116,504. | PART XII, LINE 4B - OTHER ADJUSTMENTS: | |
| FUNDRAISING EXPENSES SHOWN NET OF REVENUE ON 990 10,735. | PART XIII, LINE 2D - OTHER ADJUSTMENTS: | |
| FUNDED TUITION DISCOUNTS REDUCING TUITION INCOME 2,684,954. UNFUNDED TUITION DISCOUNTS REDUCING TUITION INCOME 4,190,178. | PART XIII, LINE 4B - OTHER ADJUSTMENTS: |
Schedule E IRS990ScheduleE
| Field | Value | IRS element (for citing) |
|---|---|---|
| Nondiscriminatory Policy Stmt | 1 | NondiscriminatoryPolicyStmt |
| Policy Statement In Brochures Etc | 1 | PolicyStatementInBrochuresEtc |
| Policy Publ Via Broadcast Media | 1 | PolicyPublViaBroadcastMedia |
| Maint Racial Composition Records | 1 | MaintRacialCompositionRecords |
| Maint Scholarships Records | 1 | MaintScholarshipsRecords |
| Maint Copies Of Brochures Etc | 1 | MaintCopiesOfBrochuresEtc |
| Maint Copies Of All Solicitations | 1 | MaintCopiesOfAllSolicitations |
| Discriminate Race Students Rights | 0 | DiscriminateRaceStudentsRights |
| Discriminate Race Admiss Policies | 0 | DiscriminateRaceAdmissPolicies |
| Discriminate Race Emplmn Faculty | 0 | DiscriminateRaceEmplmnFaculty |
| Discriminate Race Scholarships | 0 | DiscriminateRaceScholarships |
| Discriminate Race Educ Policies | 0 | DiscriminateRaceEducPolicies |
| Discriminate Race Use Of Fclts | 0 | DiscriminateRaceUseOfFclts |
| Discriminate Race Athletic Prog | 0 | DiscriminateRaceAthleticProg |
| Discriminate Race Other Acty | 0 | DiscriminateRaceOtherActy |
| Government Financial Aid Received | 1 | GovernmentFinancialAidReceived |
| Government Financial Aid Revoked | 0 | GovernmentFinancialAidRevoked |
| Compliance With Rev Proc7550 | 1 | ComplianceWithRevProc7550 |
Form990 Schedule E Part II Form990ScheduleEPartII (2 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| 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. |
Schedule G IRS990ScheduleG
Events Information EventsInformation
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Event1 | GOLF TOURNAMENT | NameOfEvent1 |
| Gross Receipts Event1 | 25320 | GrossReceiptsEvent1 |
| Charitable Contributions Event1 | 18700 | CharitableContributionsEvent1 |
| Gross Revenue Event1 | 6620 | GrossRevenueEvent1 |
| Other Direct Expenses Event1 | 5189 | OtherDirectExpensesEvent1 |
| Name Of Event2 | GALA | NameOfEvent2 |
| Gross Receipts Event2 | 15502 | GrossReceiptsEvent2 |
| Charitable Contributions Event2 | 8399 | CharitableContributionsEvent2 |
| Gross Revenue Event2 | 7103 | GrossRevenueEvent2 |
| Other Direct Expenses Event2 | 5546 | OtherDirectExpensesEvent2 |
| Gross Receipts Total | 40822 | GrossReceiptsTotal |
| Charitable Contributions Total | 27099 | CharitableContributionsTotal |
| Gross Revenue Total Events | 13723 | GrossRevenueTotalEvents |
| Other Direct Expenses Total Events | 10735 | OtherDirectExpensesTotalEvents |
| Direct Expense Summary Events | 10735 | DirectExpenseSummaryEvents |
| Net Income Summary | 2988 | NetIncomeSummary |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Records Maintained | 1 | RecordsMaintained |
Form990 Schedule I Part III Form990ScheduleIPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Type Of Grant | SCHOLARSHIPS | TypeOfGrant |
| Number Of Recipients | 650 | NumberOfRecipients |
| Amount Of Cash Grant | 6875132 | AmountOfCashGrant |
Form990 Schedule I Part IV Form990ScheduleIPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | PROCEDURE FOR MONITORING GRANTS IN THE U.S.: | Identifier |
| Return Reference | PART I, LINE 2: | ReturnReference |
| Explanation | 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. | Explanation |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | X | TravelForCompanions |
| Discretionary Spending Account | X | DiscretionarySpendingAccount |
| Club Dues Or Fees | X | ClubDuesOrFees |
| Personal Services | X | PersonalServices |
| Written Policy Re T And E Expenses | 0 | WrittenPolicyReTAndEExpenses |
| Substantiation Required | 1 | SubstantiationRequired |
| Compensation Committee | X | CompensationCommittee |
| Form990 Of Other Organizations | X | Form990OfOtherOrganizations |
| Written Employment Contract | X | WrittenEmploymentContract |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 1 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 1 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | 0 | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | 0 | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | 0 | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | 0 | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | 0 | AnyNonFixedPayments |
| Initial Contract Exception | 0 | InitialContractException |
Form990 Schedule J Part II Form990ScheduleJPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | DREW VAN HORN | NamePerson |
| Base Compensation Filing Org | 170000 | BaseCompensationFilingOrg |
| Comp Based On Related Orgs | 0 | CompBasedOnRelatedOrgs |
| Bonus Filing Org | 145659 | BonusFilingOrg |
| Bonus Related Orgs | 0 | BonusRelatedOrgs |
| Other Compensation Filing Org | 10115 | OtherCompensationFilingOrg |
| Other Compensation Related Orgs | 0 | OtherCompensationRelatedOrgs |
| Deferred Comp Filing Org | 3542 | DeferredCompFilingOrg |
| Deferred Comp Related Orgs | 0 | DeferredCompRelatedOrgs |
| Nontaxable Benefits Filing Org | 0 | NontaxableBenefitsFilingOrg |
| Nontaxable Benefits Related Orgs | 0 | NontaxableBenefitsRelatedOrgs |
| Total Compensation Filing Org | 329316 | TotalCompensationFilingOrg |
| Total Compensation Related Orgs | 0 | TotalCompensationRelatedOrgs |
| Comp Report Prior990 Filing Org | 125000 | CompReportPrior990FilingOrg |
| Comp Report Prior990 Related Orgs | 0 | CompReportPrior990RelatedOrgs |
Form990 Schedule J Part III Form990ScheduleJPartIII (3 entries)
| Return ReferenceReturnReference | ExplanationExplanation |
|---|---|
| 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, LINES 4A-B | THE FORMER PRESIDENT RECEIVED THE PAYMENTS FROM HIS DEFERRED COMPENSATION PLAN AFTER HIS DEPARTURE IN MAY 2011. PAYMENT IS INCLUDED IN THE 2011 W-2. ALL CURRENT PAYMENTS MADE WERE REPORTED AS DEFERRED IN PRIOR FORMS 990. |
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI
Issuer Name IssuerName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NC CAP FACS FIN AGY EDL FACS REV | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Issuer EIN | 561592154 | IssuerEIN |
| CUSIP Number | 65818PEU9 | CUSIPNumber |
| Date Issued | 2007-04-02 | DateIssued |
| Issue Price | 13550000 | IssuePrice |
| Description Of Purpose | REFINANCE OLD ISSUE-FIX RATES-SELL OWN BONDS | DescriptionOfPurpose |
| Defeased | 0 | Defeased |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuer |
| Pool Financing | 0 | PoolFinancing |
Form990 Schedule K Part II Form990ScheduleKPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Proceeds | 13542665 | TotalProceeds |
| Refunding Escrow | 13150000 | RefundingEscrow |
| Issuance Costs From Proceeds | 392665 | IssuanceCostsFromProceeds |
| Capital Expenditures | 13150000 | CapitalExpenditures |
| Year Of Subst Completion | 2007 | YearOfSubstCompletion |
| Current Refunding | 1 | CurrentRefunding |
| Advance Refunding | 0 | AdvanceRefunding |
| Final Allocation Made | 1 | FinalAllocationMade |
| Adequate Books And Recds Maintaind | 1 | AdequateBooksAndRecdsMaintaind |
Form990 Schedule K Part III Form990ScheduleKPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Owning Bond Financed Property | 0 | OwningBondFinancedProperty |
| Any Lease Arrangements | 0 | AnyLeaseArrangements |
| Mngment Cntrct Bond Financd Prprty | 0 | MngmentCntrctBondFinancdPrprty |
| Any Research Agreements | 0 | AnyResearchAgreements |
| Prcntge Prvt Business Use By Others | 0.00010 | PrcntgePrvtBusinessUseByOthers |
| Percentage Of Prvt Business Re UBI | 0.00010 | PercentageOfPrvtBusinessReUBI |
| Total Private Business Use | 0.00020 | TotalPrivateBusinessUse |
| Post Issuance Compliance Procdrs | 1 | PostIssuanceComplianceProcdrs |
Form990 Schedule K Part IV Form990ScheduleKPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form8038 T Filed | 0 | Form8038TFiled |
| Variable Rate Issue | 0 | VariableRateIssue |
| Hedge Identified In Books And Recds | 0 | HedgeIdentifiedInBooksAndRecds |
| Gross Proceeds Invested In GIC | 0 | GrossProceedsInvestedInGIC |
| Gross Proceeds Invested | 0 | GrossProceedsInvested |
| Exception To Rebate | 0 | ExceptionToRebate |
Form990 Schedule K Part VI Form990ScheduleKPartVI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Explanation | SCHEDULE K, PART I, BOND ISSUES: (A) ISSUER NAME: NC CAP FACS FIN AGY EDL FACS REV (F) DESCRIPTION OF PURPOSE: REFINANCE OLD ISSUE-FIX RATES SELL OWN BONDS. | Explanation |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (6 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| 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. | |
| FORM 990, PART XI, LINE 5: | NET UNREALIZED LOSSES ON INVESTMENTS: -1,582,399. LOAN CANCELLATIONS AND LOSS PROVISIONS -5,617. PRESENT VALUE ADJUSTMENTS TO ANNUITIES PAYABLE -53,548. CHANGE IN VALUE OF ASSETS HELD BY OTHERS -104,427. TOTAL TO FORM 990, PART XI, LINE 5: -1,745,991. | CHANGES IN NET ASSETS OR FUND BALANCES: |
| PASSIVE FOREIGN INVESTMENTS | BREVARD COLLEGE IS AN INVESTOR IN ONE OR MORE "PASSIVE FOREIGN INVESTMENT COMPANIES" ("PFICS"). THE COLLEGE IS AN INVESTOR IN THE GARGOYLE HEDGED VALUE (CI) FUND LTD LOCATED IN THE CAYMAN ISLANDS. THEY RECEIVED NO TAXABLE DISTRIBUTIONS FROM ANY OF THE ABOVE FUNDS DURING FISCAL YEAR 2012. FORM 8621 IS NOT BEING FILED PURSUANT TO IRS GUIDANCE SET FORTH IN REG SEC. 1.1291-1(E). |