2013-01-23T17:25:39-06:00 2012-06-30 EBELHAR WHITEHEAD PLLC 100 WEST THIRD STREET SUITE 200 OWENSBORO KY 42303 990 2011-07-01 610466713 KENTUCKY WESLEYAN COLLEGE % COURTNEY LEMASTERS KENT 2709263111 3000 FREDERICA STREET OWENSBORO KY 42301 CINDRA K STIFF 2013-01-23 true Joshua D Meyer CPA 2709262922 2011 2016-02-25 16:41:14Z CINDRA STIFF 3000 FREDERICA STREET OWENSBORO KY 42301 61993189 false X www.kwc.edu X 1858 KY FOSTER A LIBERAL ARTS EDUCATION THAT NOURISHES, STIMULATES AND PREPARES FUTURE LEADERS INTELLECTUALLY, SPIRITUALLY AND PHYSICALLY TO ACHIEVE SUCCESS IN LIFE. 32 32 639 0 0 3541567 2110399 16648728 16211680 1530885 -1990585 77687 124710 21798867 16456204 6230543 5956486 0 0 6736964 7371699 0 0 117778 7773483 7567145 20740990 20895330 1057877 -4439126 51030783 47028451 11580114 10775698 39450669 36252753 FOSTER A LIBERAL ARTS EDUCATION THAT NOURISHES, STIMULATES AND PREPARES FUTURE LEADERS INTELLECTUALLY, SPIRITUALLY AND PHYSICALLY TO ACHIEVE SUCCESS IN LIFE. false false 18442669 5956486 16211680 KENTUCKY WESLEYAN COLLEGE, IN PARTNERSHIP WITH THE UNITED METHODIST CHURCH, PROVIDES INSTRUCTION AND RELATED ACTIVITIES TO STUDENTS BY OFFERING A QUALITY LIBERAL ARTS EDUCATION AND OPPORTUNITIES FOR PERSONAL GROWTH AND LEADERSHIP. 18442669 true true false false false false false false false true true false false true true true true false true false false false false false true false false false true true true false false false false false false false false false false false false false false false false false false false false true 63 0 true 639 true false false false false false false false false false false X 32 32 true false false false false false false true true false false false true true true true false true true false KY X COURTNEY LEMASTERS 2709263111 3000 FREDERICA ST OWENSBORO KY 42301 THOMAS C MAJOR 1.0 X 0 0 0 K WAYNE FOSTER 1.0 X 0 0 0 R MITCH SETTLE 1.0 X 0 0 0 CONNIE LOU BARNETT 1.0 X 0 0 0 MARK CARROL 1.0 X 0 0 0 BARTON D DARRELL 1.0 X 0 0 0 REV THOMAS W EBLEN 1.0 X 0 0 0 W JEFFERY FOREMAN 1.0 X 0 0 0 REV MARK A GIBBONS 1.0 X 0 0 0 REV THOMAS B GRIEB 1.0 X 0 0 0 HAROLD L HALL II 1.0 X 0 0 0 DAVID E HOCKER 1.0 X 0 0 0 JOHN W JONES 1.0 X 0 0 0 ARBA KENNER MD 1.0 X 0 0 0 JOSEPH G KENNY 1.0 X 0 0 0 DENNIS W KIRTLEY 1.0 X 0 0 0 MARCIA SMITH LAWRENCE 1.0 X 0 0 0 W GLENN SOWARDS 1.0 X 0 0 0 E PHILLIPS MALONE 1.0 X 0 0 0 DON P MOORE III 1.0 X 0 0 0 C KENNETH PETERS MD 1.0 X 0 0 0 RANDALL L RASKIN 1.0 X 0 0 0 J C SCHERTZINGER OD 1.0 X 0 0 0 RUTH C SEYDEL 1.0 X 0 0 0 REV DR JAY F SMITH 1.0 X 0 0 0 JOHN H WALLACE JR 1.0 X 0 0 0 DAVID R WATKINS MD 1.0 X 0 0 0 JACK T WELLS 1.0 X 0 0 0 RYNE WILLIAMS 1.0 X 0 0 0 REV DALE A CARDEN 1.0 X 0 0 0 REV DR HAROLD W DORSEY 1.0 X 0 0 0 REV DR W R JENNINGS 1.0 X 0 0 0 J EDWARD MADDOX 1.0 X 0 0 0 WADE MOUNTZ 1.0 X 0 0 0 BERNIE BETTINELLI 1.0 X 0 0 0 REV DR JAMES SHEPHERD 1.0 X 0 0 0 ANN SMISER 1.0 X 0 0 0 PINY SMITH 1.0 X 0 0 0 GEORGE GREENWELL 1.0 X 0 0 0 DR JEFFREY B BARBER 1.0 X 0 0 0 E LUELLEN PYLES 1.0 X 0 0 0 PHILLIP J SHEPHERD 1.0 X 0 0 0 BISHOP OF KY CONFERENCE 1.0 X 0 0 0 CINDRA STIFF 40.0 X 105350 0 8196 SCOTT KRAMER 40.0 X 85663 0 20169 PAULA DEHN 40.0 X 120785 0 8557 WILLARD TURNER 40.0 X 145833 0 31742 RICHARD BOROWSKI 40.0 X 31000 0 2260 488631 0 70924 3 false true false SODEXO INC AND AFFILIATES 3000 FREDERICA STREET OWENSBORO KY 42301 FOOD SERVICES 1331535 SODEXO INC AND AFFILIATES 4880 PAYSPHERE CIRCLE CHICAGO IL 60674 FACILITIES CONTRACT 208666 FOLLETT HIGHER EDUCATION GROUP 3146 SOLUTIONS CENTER CHICAGO IL 60677 BOOKSTORE CONTRACTOR 145009 DANCO CONSTRUCTION 3201 INTERSTATE DRIVE EVANSVILLE IN 47715 CONSTRUCTION 401425 ERNIE DAVIES SONS MECHANICAL INC 1518 EAST ELEVENTH STREET OWENSBORO KY 42303 HVAC CONTRACTOR 165795 5 222771 1887628 11361 2110399 TUITION & FEES 611600 13229014 13229014 AUXILIARY INCOME 611710 2519408 2519408 OTHER SOURCES 611710 463258 463258 16211680 643510 643510 0 0 214940 124416 90524 90524 90524 42697655 45331750 -2634095 -2634095 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true X false false false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29501267 123384 -631384 805777 91702 28095788 25360673 134057 4660788 602695 51556 29501267 23362798 62386 1935489 25360673 27494245 1595351 -5726798 23362798 0.99304 0.00696 true false 240000 100417 340417 1510000 22530053 8816426 15223627 3541716 1482287 2059429 5851594 5541745 309849 104316 104316 18037638 FUNDS HELD IN TRUST BY OTHERS 3061407 CASH SURRENDER VALUE-LIFE INS. 377959 BEQUEST RECEIVABLE 639124 BOND ISSUANCE COSTS, NET 117157 4195647 0 DEPOSITS & AGENCY FUNDS 66518 ANNUITIES PAYABLE 310589 ASSET RETIREMENT OBLIGATION 268970 REFUNDABLE U.S. GOV LOAN FUNDS 865938 POSTRETIREMENT BENEFIT LIABILI 385277 INTEREST RATE SWAP AGREEMENT 353622 2250914 16456204 20895330 -4439126 1538741 -297531 1241210 -3197916 13242721 80819 80819 13161902 3294302 3294302 16456204 15019663 80819 80819 14938844 5956486 5956486 20895330 INTENDED USE OF ENDOWMENT FUNDS SCH D, PART V, LINE 4 PRESERVATION OF CAPITAL - OVER THE INVESTMENT TIME HORIZON, CAPITAL GAINS ARE TO BE PROTECTED. A POSITIVE RETURN IS EXPECTED OVER THE INVESTMENT TIME HORIZON; ALTHOUGH THERE MAY BE PERIODS WITH NEGATIVE RETURNS. DURING THE INTERIM, THE FUND MAY SACRIFICE SOME POSITIVE RETURNS IN ORDER TO PROTECT AGAINST LOSSES. PRESERVATION OF PURCHASING POWER - ASSET GROWTH, EXCLUSIVE OF CONTRIBUTIONS AND WITHDRAWALS, SHOULD EXCEED THE RATE OF INFLATION IN ORDER TO PRESERVE PURCHASING POWER OF THE FUND'S ASSETS. THE FUND IS WILLING TO ASSUME A MODERATE AMOUNT OF RISK IN ORDER TO REACH ITS LONG-TERM GROWTH OBJECTIVES. ANNUAL SPENDABLE INCOME - AN ANNUAL SPENDABLE INCOME (EARNED INCOME AND REALIZED GAINS) AS APPROVED BY THE FINANCE COMMITTEE WILL SUPPORT THE COLLEGE GENERAL OPERATIONS AND RESTRICTED PROGRAMS IN ACCORDANCE WITH THE DONOR SPECIFICATIONS. RECONCILIATION TO AUDIT REPORT - REVENUE SCH. D, PART XII OTHER REVENUE ON BOOKS NOT ON RETURN: SPECIAL EVENT EXPENSE $80,819 OTHER REVENUE ON RETURN NOT ON BOOKS: STUDENT AID DISCOUNTS $5,956,486 NON-OPERATING INVESTMENT INCOME $(2,662,184) RECONCILIATION TO AUDIT REPORT - EXPENSES SCH. D, PART XIII OTHER EXPENSES ON BOOKS NOT ON RETURN: SPECIAL EVENT EXPENSE $80,819 OTHER EXPENSES ON RETURN NOT ON B0OKS: STUDENT AID DISCOUNTS $5,956,486 RECONCILIATION OF CHANGE IN NET ASSETS SCH. D, PART XI OTHER CHANGE IN FUND BALANCE: PRESENT VALUE ADJUSTMENT OF ANNUITIES $(13,329) CHANGE IN VALUE OF BENEFICIAL INTEREST IN TRUSTS $(173,018) LOAN REPAYMENTS $3,673 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT $(114,857) SCHEDULE D, PART X, LINE 2 FIN 48 FOOTNOTE THE COLLEGE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND A SIMILAR PROVISION OF STATE LAW. THE COLLEGE HAS BEEN CLASSIFIED AS A PUBLIC CHARITY QUALIFIED FOR CHARITABLE CONTRIBUTIONS UNDER IRC SECTION 170. HOWEVER THE COLLEGE IS SUBJECT TO FEDERAL INCOME TAX ON ANY UNRELATED BUSINESS TAXABLE INCOME. THE COLLEGE IS NOT CONSIDERED TO BE A PRIVATE FOUNDATION. THE COLLEGE FILES TAX RETURNS IN THE US FEDERAL JURISDICTION. WITH FEW EXCEPTIONS, THE COLLEGE IS NO LONGER SUBJECT TO US FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2009. true true true true true true true false false false false false false false false true false true PUBLICIZED NONDISCRIMINATORY POLICY PART I, LINE 3 CATALOG AND SOLICITATION MATERIAL HAVE STATEMENTS REGARDING NONDISCRIMINATION. RECEIVED FINANCIAL ASSISTANCE FROM GOVERNMENTAL AGENCY SCHEDULE E, PART I, LINE 6A THE ORGANIZATION RECEIVES FINANCIAL AID FROM THE U.S. DEPARTMENT OF EDUCATION. ALL-STAR GAME 87530 87530 3513 62535 GOLF SCRAMBLE 27475 27475 14771 0 115005 115005 3513 77306 80819 34186 true STUDENT AID DISCOUNTS 703 5956486 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS SCH I, PART 1, LINE 2 SCHOLARSHIPS ARE MONITORED BY THE FINANCIAL AID OFFICE AND THE BUSINESS OFFICE. THE FINANCIAL AID OFFICE AWARDS ALL SCHOLARSHIPS TO STUDENTS BASED ON THEIR FINANCIAL NEED AND ACADEMIC MERIT. THE BUSINESS OFFICE MONITORS SCHOLARSHIPS BASED ON THE SATISFACTORY ACADEMIC PROGRESS POLICY INSTITUTED BY THE INSTRITUTION. BOTH THE FINANCIAL AID OFFICE AND BUSINESS OFFICE RECONCILE ALL SCHOLARSHIPS EACH SEMESTER TO VERIFY THAT THEY INDEED ARE CORRECT ON THE STUDENTS ACCOUNT AND IN THE G/L SYSTEM. X X X true true X X false false false false false false false false false WILLARD TURNER 145833 0 0 0 0 0 2812 28930 177575 0 0 PERSONAL SERVICES FOR EMPLOYEES FORM 990, SCH. J, PART I, LINE 1A THE PRESIDENT OF THE INSTITUTION HAS A SPECIFIC CUSTODIAN FOR HIS HOME AND IS PAID THROUGH THE INSTITUTION'S BI-WEEKLY PAYROLL SYSTEM. CITY OF OWENSBORO KY 616001888 2010-03-26 5875000 REFINANCING OF CERTAIN OUTSTANDING false false false 188168 0 5875000 0 0 0 104862 0 874294 4895844 0 0 false false true true false false false false 0 false false true true BB&T 7. true true true 0 false false MAKING DOCUMENTS AVAILABLE TO THE PUBLIC 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. FAMILY RELATIONSHIPS AMONG OFFICERS, DIRECTORS, AND KEY EMPLOYEES FORM 990, PART VI, SECTION A, LINE 2 DAVID HOCKER (TRUSTEE) IS BROTHER-IN-LAW TO HAROLD HALL (TRUSTEE). MONITORING OF THE CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO COMPLETE AN ANNUAL FORM STATING THEIR COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. DETERMINATION OF COMPENSATION - MANAGEMENT FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF TRUSTEES REFERENCES OTHER COMPARABLE SMALL COLLEGE COMPENSATION DATA FROM ACB & CIC TO NEGOTIATE BEGINNING SALARY AND BENEFITS OF INCOMING PRESIDENTS; ANNUAL REVIEW OF JOB PERFORMANCE IS COMPLETED WITH THE BOARD OF TRUSTEE CHAIRMAN. DETERMINATION OF COMPENSATION - KEY EMPLOYEES FORM 990, PART VI, SECTION B, LINE 15B SALARY DATA FROM OTHER COMPARABLE INSTITUTIONS IS USED TO DETERMINE BEGINNING SALARIES OF ALL OFFICERS; NEGOTIATIONS ARE MANAGED BY THE COLLEGE PRESIDENT; ANNUAL REVIEW OF JOB PERFORMANCE AND SALARY LEVEL IS COMPLETED FOR EACH OFFICER BY THE PRESIDENT; ANNUAL AIKCU SALARY DATA BY POSITION IS ALSO REFERENCED. REVIEW OF 990 TO GOVERNING BODY BEFORE FILING FORM 990, PART VI, SECTION B, LINE 11 THE V.P. OF FINANCE AND THE CONTROLLER REVIEW THE DRAFT OF THE 990 AND SUPPLY A COPY TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES VIA EMAIL BEFORE FILING THE FINAL 990 TAX RETURN. OTHER CHANGES IN NET ASSETS OR FUND BALANCES FORM 990, PART XI, LINE 5 UNREALIZED GAINS/(LOSSES) ON INVESTMENTS $1,538,741 PRESENT VALUE ADJUSTMENT OF ANNUITIES $(13,329) CHANGE IN VALUE OF BENEFICIAL INTEREST IN TRUSTS (173,018) LOAN REPAYMENTS $3,673 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT $(114,857)