2012-04-17T09:12:39-05:00 2011-05-31 MCGLADREY & PULLEN LLP 111 ROUNDABOUT COURT ROCKY MOUNT NC 27804 990 2010-06-01 560547511 LOUISBURG COLLEGE LOUI 9194962521 501 N MAIN STREET LOUISBURG NC 27549 MARK D LABRANCHE 9194973226 2012-04-16 1 JAMES W MATTHEWS JR 2524460731 2010 2016-02-24 21:20:13Z MARK D LABRANCHE 501 N MAIN ST LOUISBURG NC 27549 22045715 0 X HTTP://WWW.LOUISBURG.EDU/ X 1928 NC EDUCATIONAL OPPORTUNITIES TO PROVIDE A HIGHER EDUCATION TO STUDENTS UNDER A COLLEGE DEGREE PROGRAM. 29 29 341 100 0 0 2100949 2774952 11949709 12931681 686228 636684 138272 91277 14875158 16434594 3376715 3716055 0 0 5676945 5697207 0 0 334000 5580714 5909507 14634374 15322769 240784 1111825 25083662 26758584 9416532 9085381 15667130 17673203 TO PROVIDE HIGHER EDUCATION OPPORTUNITIES TO STUDENTS UNDER A COLLEGE DEGREE PROGRAM. 0 0 12359834 3716055 9506249 APPROXIMATELY 677 STUDENTS FOR THE FALL SEMESTER AND 581 STUDENTS FOR THE SPRING SEMESTER WERE PROVIDED COLLEGE LEVEL COURSES LEADING TO AN ASSOCIATES DEGREE AND THE AND THE OPPERTUNITY TO TRANSFER COURSES TO OTHER INSTITUTIONS OF HIGHER LEARNING. 12359834 1 1 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 1 0 0 0 0 0 0 0 0 0 0 0 0 1 30 0 1 341 1 0 0 0 0 0 0 0 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X BELINDA FAULKNER 9194973207 501 N MAIN STREET LOUISBURG NC 27549 LUCY ALLEN X 0 0 0 ANN BOWEN X 0 0 0 THOMAS L BLALOCK X 0 0 0 DR WILLIAM JOHN CAMERON X 0 0 0 MICHAEL W BODDIE X 0 0 0 WILLIAM R CROSS X 0 0 0 DAVID DEBERRY X 0 0 0 WILLIAM H DOVE X 0 0 0 KIM SPIVEY X 0 0 0 JOHN HATCHER X 0 0 0 RAYMOND B HODGES X 0 0 0 SEYMOUR HOLT X 0 0 0 ROBERT L JONES X 0 0 0 BILLY MERRITT X 0 0 0 BETH M NORRIS X 0 0 0 RUSSELL ODOM X 0 0 0 ELY J PERRY III X 0 0 0 FRED ROBERSON X 0 0 0 SUE C ROBERTSON X 0 0 0 JOHN F STROTMEYER X 0 0 0 C BOYD STURGES X 0 0 0 ROGER G TAYLOR X 0 0 0 JAMES P WEST X 0 0 0 WILLIAM C SHELTON X 0 0 0 MARK D LABRANCHE 40.00 X 165000 0 63420 JIM ECK 40.00 X 97500 0 15531 BELINDA FAULKNER 40.00 X 90000 0 21327 JASON MODLIN 40.00 X 0 0 0 CHARLES SLOAN 40.00 X 0 0 0 JOHN LENTZ X 0 0 0 DIETRA HOLLOMAN X 0 0 0 REV JON STROTHER X 0 0 0 352500 0 100278 1 0 1 0 ATHENA HOUSING 354 COOL SPRINGS BLVD FRANKLIN TN 37067 HOUSING 2199388 CHARTWELLS PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE 1329684 NATIONAL MANAGEMENT RESOURCES PO BOX 1224 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 740649 2034303 2774952 TUITION AND FEES 611710 9255926 9255926 AUXILIARY ENTERPRISES 611710 3675755 3675755 12931681 386361 386361 63782 63782 63782 63782 5859669 1775 5608257 2864 251412 -1089 250323 250323 TICKET SALES 711300 27495 27495 27495 16434594 9506249 0 4153393 3716055 3716055 4528483 3617980 576503 334000 423150 179510 243640 384322 310502 73820 361252 305212 56040 132021 132021 78564 370 78194 92020 45425 46595 153714 60606 93108 750312 676344 73968 163563 150183 13380 163858 27843 136015 603149 602808 341 FOOD SERVICES 1233825 1233825 REPAIRS/MAINTENANCE 758815 410698 348117 SUPPLIES 378061 358416 19645 INSURANCE 315240 209534 105706 BAD DEBTS 257075 257075 829290 454523 374767 15322769 12359834 2628935 334000 2350 4624 1143473 2536900 773401 636849 920334 807725 890904 700120 387642 426476 26636 59310 20882211 10126883 10263699 10755328 9467785 9541887 822952 904879 384486 384486 25083662 26758584 687872 699716 6256852 6266081 2471808 2119584 9416532 9085381 X 4843179 5793196 1781773 2294242 9042178 9585765 15667130 17673203 25083662 26758584 X 1111825 894248 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10689772 429644 1142134 460562 45474 11755514 9953571 57075 1121847 394602 48119 10689772 9736561 138389 -303379 18000 9553571 0.03500 0.15000 0.81500 1 0 248574 248574 12832228 5204555 7627673 7801409 4922328 2879081 10755328 AGENCY FUNDS 338115 REFUNDABLE ADVANCES 579262 LIABLITY FOR PENSION BENEFITS 1202207 2119584 16434594 15322769 1111825 533222 361026 894248 2006073 12542417 533222 1089 534311 12008106 44541 4381947 4426488 16434594 11563262 1089 1089 11562173 44541 3716055 3760596 15322769 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: TO PROVIDE STUDENT SCHOLARSHIPS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: MANAGEMENT EVALUATED THE COLLEGES TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAS 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 2007. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF BENEFICIAL INTEREST 81,927. DEFINED BENEFIT PENSION PLAN CHANGES 279,099. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF EQUIPMENT 1,089. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,716,055. EXCESS OF INVESTMENT RETURN OVER SPENDING POLICY 665,892. PART XIII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF EQUIPMENT 1,089. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,716,055. 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 THE COLLEGE RECEIVES VARIOUS GRANTS AND AWARDS FROM FEDERAL AND STATE AGENCIES TO ASSIST WITH EDUCATIONAL PROGRAMS. THE AMOUNT OF GOVERNMENT GRANTS (CONTRIBUTIONS) IS INCLUDED ON FORM 990, PART VIII, LINE 1F. 1 INSTITUTIONAL SCHOLARSHIPS 511 1652377 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 MARK D LABRANCHE 165000 0 0 0 0 0 9900 0 53520 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. RAY HODGES TRUSTEE/INS AGENT 316000 THE COLLEGE PURCHASED COMMERCIAL, STUDENT, ATHLETIC AND LIABILITY INSURANCE FROM MR. HODGES. THE COLLEGE ACQUIRED COMPETITIVE BIDS FROM OTHER AGENTS AND MR. HODGES WAS THE LOW BIDDER. 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 COMPARARIVE 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 GAINS ON INVESTMENTS: 533,222. CHANGE IN VALUE OF BENEFICIAL INTEREST 81,927. DEFINED BENEFIT PENSION PLAN CHANGES 279,099. TOTAL TO FORM 990, PART XI, LINE 5: 894,248.