2012-03-14T15:28:08-05:00 2011-05-31 CHERRY BEKAERT & HOLLAND LLP 1111 METROPOLITAN AVENUE SUITE 1000 CHARLOTTE NC 28204 990 2010-06-01 560532297 BREVARD COLLEGE CORPORATION BREV 8288848219 ONE BREVARD COLLEGE DRIVE BREVARD NC 287123306 DEBORAH P HALL 8288848219 2012-03-08 1 JANICE A RATICA 7043771678 2012-03-08 2010 2016-02-24 21:20:13Z DAVID C JOYCE ONE BREVARD COLLEGE DRIVE BREVARD NC 287123306 27131118 0 X WWW.BREVARD.EDU X 1934 NC 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. 35 34 432 30 0 0 4668243 2835501 17217494 17601739 1081327 1805251 666466 572843 23633530 22815334 6220222 6511157 0 0 8428888 8359940 86498 0 254029 8115278 7642812 22850886 22513909 782644 301425 50607663 51778137 18448380 17995462 32159283 33782675 X 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. 0 0 19500866 6511157 17778291 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 675 STUDENTS RECEIVED EDUCATION. 19500866 1 1 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 99 0 432 1 1 1 1 CJ 0 0 0 0 0 0 0 0 X 35 34 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X DEBORAH P HALL 8288848219 ONE BREVARD COLLEGE DRIVE BREVARD NC 28712 TIMOTHY J BAILEY 1.00 X 0 0 0 BETSY O BAREFOOT 1.00 X 0 0 0 LEONARD S BULLOCK 1.00 X 0 0 0 TOMMIE L CASSADY 1.00 X 0 0 0 RICHARD A ELDRIDGE JR 1.00 X X 0 0 0 LLOYD G FISHER 1.00 X 0 0 0 R EDWARD GASH 1.00 X 0 0 0 SUSAN T HATCHER 1.00 X 0 0 0 REGINALD D HEINITSH JR 1.00 X X 0 0 0 JAMES E HOLMES III 1.00 X 0 0 0 BARBARA HULSEY 1.00 X 0 0 0 J PHILLIP JEROME 1.00 X 0 0 0 A EDWIN JONES 1.00 X 0 0 0 BRYAN R JONES 1.00 X 0 0 0 THE REV MICHAEL JORDAN 1.00 X 0 0 0 JOHN S BOGGS 1.00 X 0 0 0 ROBERT S LAWRENCE 1.00 X 0 0 0 KATHI L LEVINE 1.00 X 0 0 0 ALTON T LOFTIS 1.00 X 0 0 0 LINDA MARTINSON 1.00 X 0 0 0 HENRY C MCDONALD III 1.00 X 0 0 0 JOSEPH P MCGUIRE 1.00 X X 0 0 0 BARBARA M NESBITT 1.00 X 0 0 0 ALFRED F PLATT JR 1.00 X 0 0 0 C HARLEY DICKSON JR 1.00 X 0 0 0 JERRY STONE 1.00 X 0 0 0 ELIZABETH O TAYLOR 1.00 X 0 0 0 DONALD L MOORE 1.00 X 0 0 0 DAVID C NEUMANN 1.00 X 0 0 0 DONA D VAUGHN 1.00 X 0 0 0 W HEATHLEY WELDON 1.00 X 0 0 0 RALPH L ABERNETHY JR 1.00 X 0 0 0 DOUGLAS W BOOTH 1.00 X 0 0 0 JOHN A CARTER 1.00 X 0 0 0 ROBERT I DALTON JR 1.00 X 0 0 0 F CROWDER FALLS 1.00 X 0 0 0 BERNARD R FITZGERALD 1.00 X 0 0 0 DYEANN B JORDAN 1.00 X 0 0 0 ALBERT G MYERS JR 1.00 X 0 0 0 JOHNIE H JONES 1.00 X 0 0 0 JACK PARKER 1.00 X 0 0 0 CHRIS B REINHARDT 1.00 X 0 0 0 BD RODGERS 1.00 X 0 0 0 RAY N SIMMONS 1.00 X 0 0 0 WILLIAM C STANBACK 1.00 X 0 0 0 WILLIAM G ERVIN 1.00 X 0 0 0 DREW L VAN HORN 40.00 X 167845 0 4958 JOHN HARDT 40.00 X 91002 0 10119 DEBORAH HALL 40.00 X 82984 0 5063 341831 0 20140 1 0 1 0 ARAMARK 1 BREVARD COLLEGE DRIVE BREVARD NC 28712 FOOD SERVICE 1143636 SODEXO INC & AFFILIATES PO BOX 536922 ATLANTA GA 30353 MAINTENANCE AND HOUSEKEEPING 618204 JOHNSON CONTROLS 44 BUCK SHOALS ROAD ARDEN NC 28704 CONSTRUCTION 591779 UNICCO 275 GROVE STREET NEWTON MA 02466 MAINTENANCE AND HOUSEKEEPING 517560 JENZABAR INC 101 HUNTINGTON AVENUE STE 2200 BOSTON MA 02199 SOFTWARE 102245 5 23000 603071 2209430 2835501 TUITION AND FEES 900099 13530303 13530303 STUDENT ROOM AND BOARD 900099 4071436 4071436 17601739 494992 494992 405849 405849 405849 405849 5605285 4295026 1310259 1310259 1310259 11200 23000 20758 -9558 -9558 MISCELLANEOUS 900099 176552 176552 176552 22815334 17778291 0 2201542 6511157 6511157 361971 361971 6339950 4838055 1334463 167432 189870 142314 45712 1844 962628 606998 339697 15933 505521 391061 101452 13008 23442 23442 108302 108302 1051048 1052254 -1206 8913 4800 4113 629121 543494 63541 22086 190190 83488 106084 618 1064901 918747 142172 3982 310364 275561 14857 19946 672409 573523 98886 1539888 1376298 163590 142389 124154 18235 CONTRACTED FOOD SERVICE 947785 947785 PROFESSIONAL FEES 250814 157379 87855 5580 LEASE EXPENSE 77377 45088 28689 3600 SMALL EQUIPMENT 17178 17178 608691 529561 79130 22513909 19500866 2759014 254029 2437695 6083629 121613 521843 448490 282612 321670 354905 217350 212545 142814 145288 48287990 21987673 27090077 26300317 18481103 16394933 1346851 1482065 50607663 51778137 1989572 2204990 304839 304842 356924 221519 12215087 11715829 3581958 3548282 18448380 17995462 X 7919308 7985476 1966953 2882739 22273022 22914460 32159283 33782675 50607663 51778137 X 301425 1321967 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 18116796 481382 2816901 1429800 19985279 16417019 1860210 2418672 2460178 118927 18116796 21843997 409599 -4258698 1117135 140000 320746 16417017 0.00200 0.99800 0 0 121372 121372 40050447 18302263 21748184 8064702 3685410 4379292 51469 51469 26300317 MUTUAL FUNDS 13083480 F EQUITY SECURITIES 1178458 F ALTERNATIVE INVESTMENTS 2132995 F 16394933 ANNUITIES PAYABLE 590205 AMOUNTS HELD FOR OTHERS 29994 CAPITAL LEASE PAYABLE 115815 ASSET RETIREMENT OBLIGATION 607268 LINE OF CREDIT 2205000 3548282 22815334 22513909 301425 1077198 244769 1321967 1623392 15764253 1077198 -6266388 -5189190 20953443 1861891 1861891 22815334 16023510 20758 20758 16002752 6511157 6511157 22513909 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. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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 UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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, 2011 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 8 - OTHER ADJUSTMENTS: LOAN CANCELLATIONS AND LOSS PROVISIONS -5,969. PRESENT VALUE ADJUSTMENTS TO ANNUITIES PAYABLE 98,615. CHANGE IN VALUE OF ASSETS HELD BY OTHERS 152,123. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDED TUITION DISCOUNTS REDUCING TUITION INCOME -2,421,370. LOAN CANCELLATIONS & LOSS PROVISIONS -5,969. PRESENT VALUE ADJUSTMENTS TO ANNUITIES PAYABLE 98,615. CHANGE IN NET ASSETS HELD BY OTHERS 152,123. UNFUNDED TUITION DISCOUNTS REDUCING TUITION INCOME -4,089,787. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES SHOWN NET OF REVENUE ON 990 -20,758. SPENDING RATE IN EXCESS OF INVESTMENT EARNINGS 1,882,649. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES SHOWN NET OF REVENUE ON 990 20,758. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FUNDED TUITION DISCOUNTS REDUCING TUITION INCOME 2,421,370. UNFUNDED TUITION DISCOUNTS REDUCING TUITION INCOME 4,089,787. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 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. THE COLLEGE ALSO RECEIVED A PASS-THROUGH GRANT ORIGINALLY FROM THE U.S. DEPT. OF AGRICULTURE: FOREST SERVICE AND A PASS-THROUGH GRANT ORIGINALLY FROM THE LIBRARY OF CONGRESS. GOLF TOURNAMENT 34200 23000 11200 20758 34200 23000 11200 20758 20758 -9558 1 SCHOLARSHIPS 650 6511157 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: 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. X X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 DREW L VAN HORN 166459 0 0 0 1386 0 4958 0 0 0 172803 0 0 0 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 4B THE COLLEGE HAS A DEFERRED COMPENSATION PLAN FOR THE PRESIDENT. HE HAS NOT RECEIVED ANY FUNDS FROM THE PLAN, BUT THE COLLEGE HAS PAID $25,000 FOR THE PAST 5 YEARS AND THE PRESIDENT WILL RECEIVE THE FUNDS AT THE END OF THE 5-YEAR TERM. NC CAP FACS FIN AGY EDL FACS REV 561592154 65818PEU9 2007-04-02 13550000 REFINANCE OLD ISSUE-FIX RATES-SELL OWN BONDS 0 0 0 13542665 13150000 392665 2007 1 0 1 1 0 0 0 0 0.00010 0.00010 0.00020 1 0 0 0 0 0 0 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. SALARY ADJUSTMENTS WILL TAKE EFFECT AT SEPTEMBER 1. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 1,077,198. LOAN CANCELLATIONS AND LOSS PROVISIONS -5,969. PRESENT VALUE ADJUSTMENTS TO ANNUITIES PAYABLE 98,615. CHANGE IN VALUE OF ASSETS HELD BY OTHERS 152,123. TOTAL TO FORM 990, PART XI, LINE 5: 1,321,967. 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 2011. FORM 8621 IS NOT BEING FILED PURSUANT TO IRS GUIDANCE SET FORTH IN REG SEC. 1.1291-1(E).