2013-05-15T14:19:45-05:00 2012-06-30 273858252 DEAN DORTON ALLEN FORD PLLC 106 W VINE STREET SUITE 600 LEXINGTON KY 40507 990 2011-07-01 610444708 MIDWAY COLLEGE MIDW 8598465701 512 EAST STEPHENS STREET MIDWAY KY 40347 LYEN C CREWS 8598465701 2013-05-10 1 LEIGH MCKEE P00169845 8592552341 2011 2016-02-25 16:41:14Z DR JOHN P MARSDEN 512 EAST STEPHENS STREET MIDWAY KY 40347 26975970 0 X WWW.MIDWAY.EDU X 1865 KY KENTUCKY'S ONLY COLLEGE FOR WOMEN AND A FORERUNNER IN COEDUCATIONAL ADULT ACCELERATED LEARNING. 25 25 656 75 94657 -22664 3682842 2862343 20602257 22190027 1066888 1481509 708739 409848 26060726 26943727 2667741 2687945 0 0 11197352 14549301 20840 0 263646 10531860 9636415 24417793 26873661 1642933 70066 54929924 52989353 18033439 17032963 36896485 35956390 X MIDWAY COLLEGE IS A FULLY-ACCREDITED LIBERAL ARTS INSTITUTION OF HIGHER EDUCATION LOCATED IN MIDWAY, KENTUCKY. MIDWAY OFFERS TWO UNIQUE ACADEMIC OPPORTUNITIES: THE TRADITIONAL WOMEN'S DAY COLLEGE, AND THE SCHOOL FOR CAREER DEVELOPMENT. MIDWAY'S TRADITIONAL WOMEN'S DAY COLLEGE, KENTUCKY'S ONLY COLLEGE FOR WOMEN, PROVIDES A LIVING, LEARNING ENVIRONMENT THAT ENABLES STUDENTS TO ASSUME ROLES OF RESPONSIBILITY AND LEADERSHIP AS CONTEMPORARY WOMEN. THE COLLEGE ASSISTS EACH STUDENT IN THE DEVELOPMENT OF PERSONAL INTEGRATION AND SELF SUFFICIENCY THROUGH A STRONG LIBERAL ARTS EDUCATION AND THROUGH CAREER STUDIES, BOTH AT THE ASSOCIATE AND BACCALAUREATE DEGREE LEVELS. MIDWAY'S SCHOOL FOR CAREER DEVELOPMENT ASSISTS BOTH WOMEN AND MEN WHO ARE EMPLOYED AND OF NON-TRADITIONAL COLLEGE AGE TO EARN UNDERGRADUATE AND GRADUATE DEGREES THROUGH AN ACCELERATED EVENING PROGRAM. 0 0 11734080 2687945 20853453 THE COLLEGE ASSISTS EACH STUDENT TO DEVELOP A MEASURE OF PERSONAL INTEGRATION AND SELF-SUFFICIENCY THROUGH A STRONG LIBERAL ARTS EDUCATION AND THROUGH CAREER STUDIES BOTH AT THE ASSOCIATE AND BACCALAUREATE DEGREE LEVELS. THE COLLEGE PROVIDES A WOMEN'S DAY COLLEGE, AND A CO-EDUCATIONAL ACCELERATED DEGREE-COMPLETION PROGRAM FOR NONTRADITIONAL STUDENTS AT EXTENSION SITES AND ON CAMPUS. 856558 THE COLLEGE PROVIDES ACADEMIC SUPPORT TO STUDENTS IN THE FORM OF ACADEMIC ADVISORS, ACADEMIC COUNSELING, AND LIBRARY AND COMPUTER SERVICES. THE COLLEGES 13 - 1 STUDENT-FACULTY RATIO ENSURES EASY ACCESS TO AND DEVELOPMENT OF GOOD RELATIONSHIPS WITH FACULTY. 4487019 THE COLLEGE PROVIDES STUDENTS WITH A NUMBER OF OPPORTUNITIES TO BECOME INVOLVED IN SOCIAL, RECREATIONAL, EDUCATIONAL AND CULTURAL ACTIVITIES. ANNUAL EVENTS INCLUDE HANGING OF THE GREENS AND GRADUATION FESTIVITIES. CHORALE CONCERTS AND OTHER FINE ARTS PROGRAMS ADD A CULTURAL DIMENSION TO CAMPUS LIFE. THESE PROGRAMS PROVIDE STUDENTS THE OPPORTUNITY TO SUPPLEMENT ACADEMIC LEARNING, SHARPEN LEADERSHIP SKILLS AND ACTIVELY PARTICIPATE IN THE PROCESS OF PLANNING AND ORGANIZING PROGRAMS AND EVENTS. 2123401 36959 THE COLLEGE PROVIDES AUXILIARY SERVICES FOR STUDENTS AND FACULTY. THESE SERVICES INCLUDE FOOD SERVICES, RESIDENCE HALL ACTIVITIES, AND LEADERSHIP PROGRAMS. 2123401 36959 19201058 1 1 0 1 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 94 0 1 656 1 1 1 0 0 0 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 KY X LYEN C CREWS II 8598465701 512 EAST STEPHENS STREET MIDWAY KY 403471112 DR SUVAS G DESAI 1.00 X 0 0 0 ANNE E BOLTON 1.00 X 0 0 0 BOB M HUTCHISON 1.00 X 0 0 0 EMILY T GABLE 1.00 X 0 0 0 JOE A GRAVISS 1.00 X 0 0 0 LINDA L GREEN 1.00 X 0 0 0 DONNA S HALL 1.00 X 0 0 0 CHARLES R HEMBREE 1.00 X 0 0 0 JANET L HUNTER 1.00 X 0 0 0 MALCOLM W JENNINGS 1.00 X 0 0 0 ELIZABETH L JONES 1.00 X 0 0 0 DENISE H MCCLELLAND 1.00 X 0 0 0 DONNA R MOORE 1.00 X 0 0 0 JAMES J O'BRIEN 1.00 X 0 0 0 DR JAMES P ROACH 1.00 X 0 0 0 GEORGIA H RODES 1.00 X 0 0 0 BELINDA BOWLING BEWKES METZGER 1.00 X 0 0 0 LARRY B TAYLOR 1.00 X 0 0 0 DAVID E SCHEURICH 1.00 X 0 0 0 DAN D STEWART JR 1.00 X 0 0 0 LYLE F WOLF 1.00 X 0 0 0 NANCY MILLENSIFER 1.00 X 0 0 0 ANITA M BRITTON 1.00 X 0 0 0 SUSAN M WALDEN 1.00 X 0 0 0 MIRA BALL 1.00 X 0 0 0 DR ROBERT VOGEL 40.00 X 0 0 0 DR SARAH LAWS 40.00 X 209462 0 19624 LYEN CREWS II 40.00 X 138039 0 15174 WILLIAM G BROWN 40.00 X 109992 0 13242 JOHNIE DEAN 40.00 X 114634 0 13589 JUDITH MARCUM 40.00 X 111017 0 8164 ROY MUNDY 40.00 X 100071 0 7221 ELLEN GREGORY 40.00 X 100020 0 7217 MICHELLE PATRICK 40.00 X 55995 0 9388 WILLIAM DRAKE 40.00 X 234772 0 121101 BARBARA KITCHEN 40.00 X 113020 0 8363 BARRY BLEIDT 40.00 X 196716 0 18461 CECIL DAVID MATTHEWS 40.00 X 147494 0 15908 MARTHA WELLS 40.00 X 140004 0 15383 CARMITA COLEMAN 40.00 X 106038 0 10881 1877274 0 283716 14 0 1 0 MESSER CONSTRUCTION 854 WEST MAIN STREET LEXINGTON KY 40508 CONSTRUCTION SERVICES 2435416 LEARNING HOUSE 333 GUTHRIE STREET SUITE 200 LOUISVILLE KY 40202 ONLINE WEB SERVICES 845320 DATATEL 4375 FAIR LAKES COURT FAIRFAX VA 22033 SOFTWARE INSTALLATION & MAINTENANCE 355147 PLATTFORM ADVERTISING 3111 PAYSPHERE CIRCLE CHICAGO IL 60674 ADVERTISING 152939 LEXINGTON HERALD LEADER PO BOX 630495 CINCINNATI OH 45263 ADVERTISING 144731 7 2862343 13500 2862343 TUITION AND FEES 900099 20498097 20498097 AUXILIARY 722210 1680223 75540 1604683 CAFETERIA SALES 722320 11707 11707 22190027 206864 206864 13089 2523 10566 10566 443 10123 1304365 0 29720 1304365 -29720 1274645 1274645 RECOVERIES OF LOSSES O 900099 355356 355356 HORSE BOARDING INCOME 721310 25188 18221 6967 MISCELLANEOUS INCOME 900099 18738 18738 399282 26943727 20890412 94657 3096315 2687945 2687945 1560914 1194476 342157 24281 10739971 8274679 2299343 165949 376929 282263 87294 7372 984056 637062 336228 10766 887431 767503 105821 14107 132126 1562 130431 133 63531 63531 147522 147522 265092 46674 210732 7686 1472775 1409320 56325 7130 95267 84675 10545 47 824136 169507 654629 270982 213348 50885 6749 529942 529942 1425821 1273271 152550 105025 12907 92118 SOFTWARE, LICENSES & FE 1144425 917937 226488 FOOD SERVICES 733001 473885 259116 BAD DEBT EXPENSE 680531 680531 REPAIRS & MAINTENANCE 326050 23058 302992 1420189 730986 669777 19426 26873661 19201058 7408957 263646 3338320 1890390 1695080 379106 439162 1419346 303941 332036 17551 0 85523 106749 46210364 19374413 26764812 26835951 21113595 20856340 961221 961221 164416 164416 46303 43798 54929924 52989353 3654504 2275859 1488294 2274782 10468902 10086961 2421739 2395361 18033439 17032963 X 19920811 20506420 7002360 5705224 9973314 9744746 36896485 35956390 54929924 52989353 X 70066 -1010161 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 403 403 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: MIDWAY COLLEGE IS A MEMBER OF VARIOUS PROFESSIONAL ORGANIZATIONS, TO WHICH IT PAID DUES OF $8,297, OF WHICH $403 WAS ALLOCATED TO LOBBYING EXPENDITURES. 23254482 2768406 395418 3954884 22463422 18762497 3958712 3355836 2822563 23254482 16715097 774029 1882998 609627 18762497 19439701 502601 -3047591 179614 16715097 0.34100 0.40590 0.25310 1 0 2507423 2507423 32715209 10953546 21761663 9382341 7189391 2192950 1605391 1231476 373915 26835951 ANNUITIES PAYABLE 615860 ADVANCES FROM FED & STATE GOV FOR STUDENT LOANS 241836 INTEREST RATE SWAP AGREEMENT 276462 LINE OF CREDIT 1000000 CASH ACCOUNT DEFICIT 261203 2395361 26943727 26873661 70066 -446247 -563914 -1010161 -940095 23240354 -446247 12373 -433874 23674228 3269499 3269499 26943727 24180449 322513 322513 23857936 147522 2868203 3015725 26873661 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT FUNDS ARE HELD BY THE COLLEGE AND USED FOR THE PURPOSE STIPULATED BY THE DONOR. CURRENTLY, THE ENDOWMENT FUNDS OF THE COLLEGE ARE DIRECTED BY DONORS TO PROVIDE TUITION SCHOLARSHIPS FOR MIDWAY COLLEGE STUDENTS AND OFFSET COMPENSATION EXPENSE OF MIDWAY COLLEGE FACULTY. IT IS MIDWAY COLLEGE'S INTENT TO COMPLY WITH THE DONORS' STIPULATIONS FOR THESE FUNDS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE HAS ADOPTED THE PROVISIONS OF GAAP RELATING TO UNCERTAINTY IN INCOME TAXES. THE ASSESSMENT INCLUDES EVALUATING THE TAX POSITIONS TAKEN ON ALL INCOME TAX RETURNS THAT REMAIN OPEN TO EXAMINATION BY THE RESPECTIVE TAXING AUTHORITIES (RETURNS FILED AFTER 2008). THE COLLEGE DOES NOT BELIEVE THAT THERE ARE ANY UNCERTAIN TAX POSITIONS ON THOSE RETURNS THAT SHOULD BE REFLECTED IN THE FINANCIAL STATEMENTS. PART XI, LINE 8 - OTHER ADJUSTMENTS: ANNUITY LIABILITY ADJUSTMENT -4,969. DECREASE IN INTEREST IN ASSETS HELD IN TRUST -315,021. CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAP AGREEMENTS 9,850. UNCOLLECTIBLE PLEDGES -253,774. TOTAL TO SCHEDULE D, PART XI, LINE 8: -563,914. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED AGAINST REVENUE ON 990 2,523. CHANGE IN FMV OF SWAP 9,850. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FELLOWSHIPS 2,687,945. REVENUES AND EXPENSES NETTED ON THE FINANCIAL STATEMENTS 180,258. INVESTMENT EXPENSES NETTED AGAINST INCOME ON THE FINANCIAL STATEMENTS 147,522. UNCOLLECTIBLE PLEDGES 253,774. PART XIII, LINE 2D - OTHER ADJUSTMENTS: ANNUITY LIABILITY ADJUSTMENT 4,969. RENTAL EXPENSES NETTED AGAINST REVENUE ON 990 2,523. DECREASE IN ASSETS HELD IN TRUST BY OTHERS 315,021. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FELLOWSHIPS 2,687,945. REVENUES AND EXPENSES NETTED ON THE FINANCIAL STATEMENTS 180,258. PART V, LINE 2C TERM ENDOWMENT INCLUDES TEMPORARILY RESTRICTED FUNDS. 1 1 1 1 1 1 1 0 0 0 1 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 ALL PUBLIC ADVERTISEMENTS, AS WELL AS LITERATURE GIVEN TO PROSPECTIVE STUDENTS, DESCRIBES THE COLLEGE AS BEING AN EQUAL OPPORTUNITY INSTITUTION. EXPLANATION OF RACIAL DISCRIMINATION SCHEDULE E, PART I, LINE 5 MIDWAY COLLEGE HAS ESTABLISHED A SCHOLARSHIP FUND FOR ALL MINORITY STUDENTS. MINORITY STUDENTS ARE ELIGIBLE TO RECEIVE 100% TUITION SCHOLARSHIPS. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE ACTS AS A CONDUIT FOR DISBURSING STUDENT FINANCIAL AID PAYMENTS TO STUDENTS FROM FUNDS PROVIDED BY FEDERAL AGENCIES. THE PURPOSES OF THE FUNDS ARE DEFINED BY FEDERAL AGENCIES. THEY ARE DISBURSED BY THE COLLEGE IN ACCORDANCE WITH THOSE DEFINED PURPOSES. 1 SCHOLARSHIPS 398 2687945 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE FUNDS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT, WHICH DIRECTLY OFFSETS TUITION, FEES, ROOM AND BOARD. X X X X X X 1 0 X X X 0 0 0 0 0 0 0 0 0 DR SARAH LAWS 209462 0 0 0 0 0 14041 0 5583 0 229086 0 0 0 LYEN CREWS II 138039 0 0 0 0 0 9591 0 5583 0 153213 0 0 0 WILLIAM DRAKE 234772 0 0 0 0 0 14250 0 106851 0 355873 0 0 0 BARRY BLEIDT 196716 0 0 0 0 0 13770 0 4691 0 215177 0 0 0 CECIL DAVID MATTHEWS 147494 0 0 0 0 0 10325 0 5583 0 163402 0 0 0 MARTHA WELLS 140004 0 0 0 0 0 9800 0 5583 0 155387 0 0 0 PART I, LINE 1A PART I, LINE 1A: DISCRETIONARY SPENDING ACCOUNT: PRESIDENTS WILLIAM B. DRAKE AND ROBERT VOGEL HAVE AN UNLIMITED DISCRETIONARY SPENDING ACCOUNT. ALL PRESIDENTIAL SPENDING IS REVIEWED BI-ANNUALLY FOR COLLEGE EXPENSE POLICY COMPLIANCE BY THE CHAIR OF THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. HEALTH AND SOCIAL CLUB DUES AND INITIATION FEES: GOLF CLUB DUES, CAPITAL IMPROVEMENT ASSESSMENTS AND MONTHLY REQUIRED MEAL FEES FOR PRESIDENTS WILLIAM B. DRAKE, JR. AND ROBERT VOGEL ARE PAID BY MIDWAY COLLEGE. THE PERSONAL PORTION OF THE DUES HAVE BEEN ADDED TO BOTH PRESIDENTS' W-2. PERSONAL SERVICES: MIDWAY COLLEGE PROVIDES WEEKLY MAID SERVICE AT PINKERTON-ROUSE HOUSE, A HISTORICAL RESIDENCE OWNED BY MIDWAY COLLEGE AND PROVIDED TO THE PRESIDENTS FOR PERSONAL USE. MIDWAY COLLEGE PROVIDES MEALS FOR THE PERSONAL CONSUMPTION OF THE PRESIDENTS AND THEIR SPOUSES. TRAVEL FOR COMPANIONS: PRESIDENT WILLIAM B. DRAKE'S CONTRACT PROVIDED FOR THE TRAVEL OF ONE COMPANION, EITHER HIS WIFE OR CHILD. THE VALUE OF THIS TRAVEL IS INCLUDED IN HIS W-2. MIDWAY COLLEGE PROVIDES PROFESSIONAL LANDSCAPING AND MAINTENANCE AT PINKERTON-ROUSE HOUSE, A HISTORICAL RESIDENCE OWNED BY MIDWAY COLLEGE AND PROVIDED TO PRESIDENTS FOR PERSONAL USE. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: MIDWAY COLLEGE PROVIDES THE PINKERTON-ROUSE HOUSE, A HISTORICAL RESIDENCE, TO PRESIDENTS FOR PERSONAL USE. CITY OF MIDWAY KENTUCKY 616001871 NONEAVAIL 2009-11-30 10489500 REFUND PRIOR BONDS, CONSTRUCT CLASSROOM BUILDING, PURCHASE SOFTWARE SYSTEM 0 0 0 4499657 10523281 26065 9812350 693846 1 0 0 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 1 PNC BANK 4.700000000000 0 0 0 0 0 DR WILLIAM DRAKE INVESTMENT X 6662 332036 0 1 1 332036 FORM 990, PART VI, SECTION B, LINE 11 POLICY FOR REVIEWING 990: THE BOARD REVIEWED THE 990 AT A MEETING PRIOR TO FILING THE 990. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST FORM IS COMPLETED ANNUALLY AND MONITORED BY THE BOARD OF TRUSTEES LIASON. THE CONFLICT OF INTEREST POLICY WAS RE-SENT TO ALL BOARD MEMBERS WHO DID NOT RETURN THE SIGNED DOCUMENT. FORM 990, PART VI, SECTION B, LINE 15A THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. ANNUALLY, AT THE MAY MEETING OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE DELIBERATES UPON THEIR EVALUATION OF THE PRESIDENT'S PERFORMANCE AND PRESIDENTIAL COMPENSATION DATA ON COMPARABLE INSTITUTIONS FROM THE ADMINISTRATIVE COMPENSATION SURVEY PUBLISHED BY THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) TO ESTABLISH A COMPENSATION LEVEL FOR THE COMING ACADEMIC YEAR. ALL OTHER EXECUTIVES AND KEY EMPLOYEE'S COMPENSATION IS DETERMINED BY THE PRESIDENT. PERFORMANCE EVALUATIONS ARE CONDUCTED ANNUALLY BY DEPARTMENT DIRECTORS AND VICE-PRESIDENT IN-CHARGE. THE EVALUATIONS, INCLUDING COMPENSATION INCREASES, ARE THEN FORWARDED TO THE PRESIDENT. THE BOARD OF TRUSTEES, IN THEIR ANNUAL BUDGET PROCESS, SETS A POOL FOR COMPENSATION INCREASES. THE PRESIDENT REVIEWS THE EVALUATIONS AND SUGGESTED COMPENSATION INCREASES, THEN DETERMINES EACH EMPLOYEE'S COMPENSATION INCREASE SO AS TO CONFORM IN TOTAL WITH THE POOL SET BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S 990,990T, AND GOVERNING DOCUMENTS MAY BE AVAILABLE UPON REQUEST. THE FINANCIAL STATEMENTS ARE NOT AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -446,247. ANNUITY LIABILITY ADJUSTMENT -4,969. DECREASE IN INTEREST IN ASSETS HELD IN TRUST -315,021. CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAP AGREEMENTS 9,850. UNCOLLECTIBLE PLEDGES -253,774. TOTAL TO FORM 990, PART XI, LINE 5: -1,010,161. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR FOR OVERSIGHT OF THE AUDIT OR SELECTION OF THE AUDITORS.