2013-04-15T12:52:59-05:00 2012-05-31 420714325 MCGLADREY LLP 111 ROUNDABOUT COURT ROCKY MOUNT NC 27804 990 2011-06-01 560547511 LOUISBURG COLLEGE LOUI 9194962521 501 N MAIN STREET LOUISBURG NC 27549 MARK LA BRANCHE 9194973226 2013-04-15 1 JAMES W MATTHEWS JR P00173928 2524460731 2011 2016-02-25 16:41:14Z MARK LA BRANCHE 501 N MAIN ST LOUISBURG NC 27549 24092148 0 X HTTP://WWW.LOUISBURG.EDU/ X 1928 NC TO PROVIDE EDUCATION OPPORTUNITIES TO STUDENTS UNDER A COLLEGE DEGREE PROGRAM. 26 26 360 100 0 0 2774952 3348371 12931681 13626468 636684 601271 91277 269812 16434594 17845922 3716055 4069219 0 0 5697207 6125455 0 0 0 5909507 6136093 15322769 16330767 1111825 1515155 26758584 26726672 9085381 8849900 17673203 17876772 TO PROVIDE HIGHER EDUCATION OPPORTUNITIES TO STUDENTS UNDER A COLLEGE DEGREE PROGRAM. 0 0 13126416 4069219 10102944 APPROXIMATELY 716 STUDENTS FOR THE FALL SEMESTER AND 606 STUDENTS FOR THE SPRING SEMESTER WERE PROVIDED COLLEGE LEVEL COURSES LEADING TO AN ASSOCIATES DEGREE AND THE OPPORTUNITY TO TRANSFER TO OTHER INSTITUTIONS OF HIGHER LEARNING. 13126416 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 36 0 1 360 1 0 0 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X DR MARK LABRANCHE 9194973207 501 N MAIN STREET LOUISBURG NC 27549 LUCY ALLEN 0.00 X 0 0 0 ANN BOWEN 0.00 X 0 0 0 CLYDE HARRIS 0.00 X 0 0 0 DR WILLIAM JOHN CAMERON 0.00 X 0 0 0 MICHAEL W BODDIE 0.00 X 0 0 0 DR EDGAR J BOONE 0.00 X 0 0 0 WILLIAM R CROSS 0.00 X 0 0 0 DAVID DEBERRY 0.00 X 0 0 0 WILLIAM H DOVE 0.00 X 0 0 0 KIM SPIVEY 0.00 X 0 0 0 JOHN HATCHER 0.00 X 0 0 0 EMILY HODGES 0.00 X 0 0 0 SEYMOUR HOLT 0.00 X 0 0 0 LYNDA LUMPKIN 0.00 X 0 0 0 BOBBIE RICHARDSON 0.00 X 0 0 0 BETH M NORRIS 0.00 X 0 0 0 RUSSELL ODOM 0.00 X 0 0 0 ELY J PERRY III 0.00 X 0 0 0 FRED ROBERSON 0.00 X 0 0 0 SUE C ROBERTSON 0.00 X 0 0 0 JOHN F STROTMEYER 0.00 X 0 0 0 C BOYD STURGES 0.00 X 0 0 0 ROGER G TAYLOR 0.00 X 0 0 0 JAMES P WEST 0.00 X 0 0 0 WILLIAM C SHELTON 0.00 X 0 0 0 DR MARK D LABRANCHE 40.00 X 207000 0 21420 BELINDA G FAULKNER 40.00 X 90000 0 21327 JOHN LENTZ 0.00 X 0 0 0 BRIAN SCOTT WILDER 0.00 X 0 0 0 REV JON STROTHER 0.00 X 0 0 0 JIM ECK 40.00 X 97500 0 15531 394500 0 58278 1 0 1 0 ATHENA HOUSING 354 COOL SPRINGS BLVD FRANKLIN TN 37067 HOUSING 2199338 CHARTWELLS PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE 1329684 NATIONAL MANAGEMENT RESOURCES PO BOX 1223 LAGRANGE GA 30241 HOUSEKEEPING/JANITORIAL 272768 BAKER ROOFING 517 MERCURY ST RALEIGH NC 27611 ROOFING CONTRACTOR 169550 MCGLADREY AND PULLEN LLP 111 ROUNDABOUT COURT ROCKY MOUNT NC 27804 AUDITING/ACCOUNTING 111555 5 765730 2582641 3348371 TUITION AND FEES 611710 9801036 9801036 AUXILIARY ENTERPRISES 611710 3825432 3825432 13626468 299363 299363 50775 0 50775 50775 50775 6548134 6244851 1375 303283 -1375 301908 301908 OTHER INCOME 900099 212570 212570 TICKET SALES 711300 6467 6467 219037 17845922 10102944 0 4394607 4069219 4069219 4935556 3793110 1142446 353551 197477 156074 427937 344806 83131 408411 332320 76091 173243 173243 86559 66118 20441 176371 69118 107253 727163 697867 29296 168337 153445 14892 96497 13443 83054 691003 690946 57 FOOD SERVICES 1241776 1241776 REPAIRS/MAINTENANCE 559114 280808 278306 BAD DEBTS 467048 467048 SUPPLIES 379263 370658 8605 1369719 805305 564414 16330767 13126416 3204351 0 4624 2411 2536900 1115956 636849 710072 807725 743072 700120 516422 426476 376615 59310 70590 22378447 10819204 10755328 11559243 9541887 10408725 904879 820144 384486 403422 26758584 26726672 699716 691217 23215 6266081 5597016 2119584 2538452 9085381 8849900 X 5793196 5610063 2294242 2557661 9585765 9709048 17673203 17876772 26758584 26726672 X 1515155 -1311586 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11755514 232349 -61626 352260 75865 11498112 10689772 429644 1142134 460562 45474 11755514 9953571 57075 1121847 394602 48119 10689772 9736561 138389 -303379 18000 9553571 0.03300 0.84400 0.12300 1 0 248574 248574 13480561 5506095 7974466 8649312 5313109 3336203 11559243 AGENCY FUNDS 265203 REFUNDABLE ADVANCES 583289 LIABLITY FOR PENSION BENEFITS 1689960 2538452 17845922 16330767 1515155 -515516 -796070 -1311586 203569 13527692 -515516 343732 -171784 13699476 77227 4069219 4146446 17845922 12185696 1375 1375 12184321 77227 4069219 4146446 16330767 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE HAS A TAX DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE STATING THAT IT QUALIFIES UNDER THE PROVISIONS OF THE APPLICABLE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. MANAGEMENT EVALUATED THE COLLEGES TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD'S (FASB) GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. WITH FEW EXCEPTIONS, THE COLLEGE IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2008. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST -129,440. DEFINED BENEFIT PENSION PLAN CHANGES -666,630. TOTAL TO SCHEDULE D, PART XI, LINE 8: -796,070. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF EQUIPMENT 1,375. DEFICIENCY OF INVESTMENT RETURN OVER SPENDING POLICY 342,357. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 4,069,219. PART XIII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF EQUIPMENT 1,375. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 4,069,219. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 VARIOUS FINANCIAL AID AWARDS ARE RECEIVED FROM FEDERAL AND STATE AGENCIES TO ASSIST THE SCHOOL AND STUDENTS IN EDUCATIONAL OPPORTUNITIES. 1 INSTITUTIONAL SCHOLARSHIPS 511 3443049 COLLEGE TUITION FEDERAL AND STATE GRANTS 511 626170 COLLEGE TUITION PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: STUDENTS ARE REQUIRED TO COMPLETE A FAFSA. ELIGIBILITY FOR SCHOLARSHIPS IS DETERMINED BY THE APPLICABLE FEDERAL AND STATE GUIDELINES, BY THEIR ACADEMIC CREDENTIALS, ATHLETIC CREDENTIALS, OR FINANCIAL NEED. STUDENTS ARE APPROPRIATELY AWARDED SCHOLARSHIPS IN THE FINANCIAL AID OFFICE AND THE AWARDS ARE TRANSFERRED TO THE STUDENTS' ACCOUNTS IN THE BUSINESS OFFICE. ALL SCHOLARSHIP AND GRANT FUNDS ARE RECONCILED EACH SEMESTER AND REPORTED TO THE APPROPRIATE AUTHORITIES OR AGENCIES. FUNDS ARE ALSO AUDITED ANNUALLY. X 1 1 X X X 0 0 0 0 0 0 0 0 0 DR MARK D LABRANCHE 165000 0 0 0 42000 0 0 0 21420 0 228420 0 0 0 PART I, LINE 1A THE COLLEGE PROVIDES A RESIDENCE AND PAYS COMPENSATION TO THE PRESIDENT OF THE COLLEGE. THE PRESIDENT IS REQUIRED TO LIVE AT THE RESIDENCE. EMILY HODGES TRUSTEE AND INSURANCE AGENT 354312 COMMERCIAL, STUDENT, ATHLETIC, AND LIABILITY INSURANCE 0 FORM 990, PART VI, SECTION B, LINE 11 THE TAX RETURN IS REVIEWED INTERNALLY THEN PRESENTED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES FOR APPROVAL. THE FINAL RETURN IS PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY ELECTRONICALLY PRIOR TO ITS SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C LOUISBURG COLLEGE HAS FORMED A STANDING AUDIT COMMITTEE THAT OVERSEES THE CONFLICT OF INTEREST POLICY. EACH BOARD MEMBER IS REMINDED ANNUALLY AT THE FALL BOARD MEETING THAT HE OR SHE IS TO DISCLOSE ANY INTERESTS THAT COULD GIVE RISE TO A CONFLICT. THE ORGANIZATION'S CFO WILL DISCLOSE TO THE AUDIT COMMITTEE ANY INDIVIDUAL BOARD MEMBERS WHO DO BUSINESS WITH THE INSTITUTION. FORM 990, PART VI, SECTION B, LINE 15 ALL KEY EMPLOYEES' SALARIES ARE COMPARED WITH DATA FROM SIMILAR PRIVATE COLLEGES BEFORE THE POSITION IS AUTHORIZED. LOUISBURG COLLEGE USES DATA PROVIDED BY THE NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES ORGANIZATION WHICH PROVIDES COMPARATIVE DATA BASED ON THE SIZE AND ENROLLMENT OF THE COLLEGE. FORM 990, PART VI, SECTION C, LINE 19 LOUISBURG COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANICAL STATEMENTS AVAILABLE TO THE PUBLIC IF REQUESTED. REQUESTERS MUST PRESENT THEMSELVES AT THE COLLEGE, STATE THE REASON FOR THE REQUEST, AND PAY FOR PHOTOCOPIES OF THE DOCUMENTS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -515,516. CHANGE IN VALUE OF BENEFICIAL INTEREST -129,440. DEFINED BENEFIT PENSION PLAN CHANGES -666,630. TOTAL TO FORM 990, PART XI, LINE 5: -1,311,586.