2011-02-11T15:42:34-06:00 2010-06-30 BLACKBURN CHILDERS & STEAGALL PLC 440 East Sullivan Street Kingsport TN 37660 990 2009-07-01 620484185 TUSCULUM COLLEGE TUSC 4236367300 P O BOX 5100 GREENEVILLE TN 37744 Steven J Gehret 4236367300 2011-02-11 1 CHAD KISNER 4232461725 2011-02-11 2009 2016-02-24 21:20:13Z STEVEN J GEHRET P O BOX 5100 GREENEVILLE TN 37744 33886788 0 X HTTP://WWW.TUSCULUM.EDU X 1794 TN OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER EDUCATION 26 26 1056 50 0 0 3650749 3011261 29693896 31036682 3390 66311 -112562 -227466 33235473 33886788 7907849 7856421 0 697682 840586 0 520208 26532962 26469670 35138493 35166677 -1903020 -1279889 76408236 76261393 25602713 24619725 50805523 51641668 Tusculum College provides a liberal arts education in a Judeo-Christian and civic arts environment. 0 0 23868825 24806167 OPERATION OF COLLEGE 23868825 1 1 0 0 0 0 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 1 131 0 1 1056 1 0 0 0 0 0 0 0 0 0 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X X STEVEN J GEHRET CFO 4236367300 TUSCULUM COLLEGE GREENEVILLE TN 37745 KENNETH A BOWMAN 8.00 X X 0 0 0 EDWARD J KORMONDY 2.00 X X 0 0 0 Mark R Williams 5.00 X X 0 0 0 DONALD R RABER 3.00 X X 0 0 0 ElIZABETH T AUSTIN 1.00 X 0 0 0 D LARRY BROTHERTON 1.00 X 0 0 0 David W Baker 1.00 X 0 0 0 Alan B Corley 1.00 X 0 0 0 Robert S Cowles III 1.00 X 0 0 0 LAMAR C DEMPSTER 1.00 X 0 0 0 SAMUEL L DOAK 1.00 X 0 0 0 DANIEL M DONALDSON 1.00 X 0 0 0 JAMES F DURHAM 1.00 X 0 0 0 JAMES A EMORY 1.00 X 0 0 0 Dwight B Ferguson Jr 1.00 X 0 0 0 TOM R FERGUSON 1.00 X 0 0 0 Thomas J Garland 1.00 X 0 0 0 CHARLOTTE O GRAY 1.00 X 0 0 0 JAMES W HICKERSON 1.00 X 0 0 0 Frank J Horsman 1.00 X 0 0 0 BRANDON C HULL 1.00 X 0 0 0 HUGH O JAYNES 1.00 X 0 0 0 Lester Lattany 1.00 X 0 0 0 HARDY LISTON JR 1.00 X 0 0 0 S WILEY MILLIGAN 1.00 X 0 0 0 SCOTT M NISWONGER 1.00 X 0 0 0 JANE S PILLONI 1.00 X 0 0 0 J WILEY PRUGH 1.00 X 0 0 0 JOSEPH S SCHWARTZ 1.00 X 0 0 0 ANGUS R SHAW III 1.00 X 0 0 0 JOAN BARBER SMITH 1.00 X 0 0 0 WARREN L SNEAD 1.00 X 0 0 0 WILLIAM E STORY 1.00 X 0 0 0 JOSEPH J VOGT 1.00 X 0 0 0 ANGELO A VOLPE 1.00 X 0 0 0 Jerry F Ward 1.00 X 0 0 0 Ann E Westervelt 1.00 X 0 0 0 Nancy B Moody 45.00 X X 143308 0 12234 STEVEN J GEHRET 45.00 X X 136445 0 12876 Kimberly Estep 45.00 X X 102098 0 11609 Jacquelyn Elliot 45.00 X X 113117 0 9957 Frankie DeBusk 45.00 X X 218210 0 12478 713178 0 59154 5 0 1 0 SODEXHO INC and AFFILIATES 2 SHILOH ROAD P O BOX 5032 GREENEVILLE TN 37745 Cafeteria Vendor 1257119 TIAA-CREF P O BOX 933326 ATLANTA GA 311933326 MANAGE RETIREMENT PLAN 900585 EDFINANCIAL SERVICES P O BOX 36014 KNOXVILLE TN 379306014 STUDENT LOAN REPAYMENT SERVICING 485545 JP Morgan Chase 1 BANK PLAZA CHICAGO IL 60670 Purchasing card merchant 249998 McInturff Milligan & Brooks Towne Square Center P O Box 1600 Greeneville TN 37744 Insurance 234095 19 1794498 1216763 3011261 TUITION AND FEES 611710 24806167 24806167 AUXILIARY ENTERPRISES 611710 5863429 5863429 OTHER INCOME 611710 367086 367086 31036682 66311 66311 ENDOWMENT INCOME (LOSS 611710 -227466 -227466 -227466 33886788 24806167 0 6069360 7856421 7856421 840586 471690 368896 1725182 1725182 1305195 1305195 1749398 1749398 INSTRUCTION 6836337 6836337 STUDENT SERVICES 5398855 5398855 INSTITUTION SUPPORT 3865307 3345099 520208 AUXILIARY ENTERPRISES 2283874 2283874 PUBLIC SERVICE 1820440 1820440 1485082 1485082 35166677 23868825 10777644 520208 1211 1211 1933685 1880886 383155 244653 1602346 1449561 1323231 965237 322649 295971 142332 114139 79233442 21891913 58898997 57341529 11639074 13780435 161556 187771 76408236 76261393 1607505 1104261 1600749 1989589 19745216 19120098 1748545 1505079 900698 900698 25602713 24619725 X 34785715 35439790 2885796 3086085 13134012 13115793 50805523 51641668 76408236 76261393 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14038945 477130 1843744 -450984 15908835 15818201 926252 -2085012 -620496 14038945 0.00000 0.87340 0.12660 0 0 210405 210405 71920834 15978402 55942432 2910831 2310214 600617 4191372 3603297 588075 57341529 LONG TERM INVESTMENTS 13780435 F 13780435 ADVANCES FROM FEDERAL GOVT FOR STUDENT LOANS 900698 900698 Part X: Description of Uncertain Tax Positions Under FIN 48: NOTE 13 - UNCERTAINTY IN INCOME TAXES THE COLLEGE FOLLOWS THE FASB ACCOUNTING STANDARDS CODIFICATION, WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF JUNE 30, 2010, THE COLLEGE HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COLLEGE'S CONSOLIDATED FINANCIAL STATEMENTS. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE CONSOLIDATED FINANCIAL STATEMENTS. HOWEVER, NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEAR ENDED JUNE 30, 2010. GENERALLY, THE TAX YEARS BEFORE 2006 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. 1 1 1 This policy is used in all recruitment material for students and is defined in the student handbook. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 THE ONLY GOVERNMENTAL AGENCY THAT PROVIDES FINANCIAL ASSISTANCE IS THE UNITED STATES DEPARTMENT OF EDUCATION. 1 1 CASH SCHOLARSHIPS FOR STUDENTS ATTENDING TUSCULUM COLLEGE IN GREENE COUNTY, TENNESSEE. 851 7856421 0 N/A N/A Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: The College does not give any non-cash scholarships. Scholarships are disbursed to students through crediting their student accounts. If the student has any excess scholarship funds over their charges, these funds are disbursed to the student by check. The College's procedures for monitoring grant funds in the U.S. are as follows: The College has appointed Directors, who report to the appropriate Vice Presidents, over all federal grant programs. These Directors are charged with performing all grant-related activities including application, monitoring of expenditures and reporting, with the exception of draw-downs of federal funds. Draw-downs are performed by the College's Controller after requests are made by the Director to the Controller. The Controller reviews the requests for draw-downs, which include documentation of all direct and indirect program expenses, before making the draw-downs. A single audit is performed annually by the College's independent auditors. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Nancy B Moody 143308 0 0 0 0 0 7327 0 4907 0 155542 0 0 0 Frankie DeBusk 218210 0 0 0 0 0 7571 0 4907 0 230688 0 0 0 Part I, Line 1a TUSCULUM COLLEGE OWNS A HOUSE ON THE COLLEGE'S CAMPUS WHERE THE PRESIDENT (NANCY B. MOODY) LIVES. DURING THE COLLEGE'S SEARCH FOR A PRESIDENT, IT WAS STIPULATED THAT THE COLLEGE WANTED THE PRESIDENT TO LIVE ON CAMPUS. THE PRESIDENT'S HOUSE (WHICH IS ON CAMPUS) IS CLEANED BY CAMPUS HOUSEKEEPING SERVICES (THE SAME ONES THAT CLEAN STUDENT DORMS). Part I, Line 1b PROVISIONS FOR THE PRESIDENT'S ON-CAMPUS RESIDENCE WERE INCLUDED IN HER EMPLOYMENT CONTRACT. Part I, Line 4a AS STATED ABOVE, PROVISIONS FOR THE PRESIDENT'S ON-CAMPUS RESIDENCE WERE INCLUDED IN HER EMPLOYMENT CONTRACT. THE BOARD OF TRUSTEES HAS A COMPENSATION COMMITTEE FOR THE COMPENSATION OF THE PRESIDENT. HOWEVER, FRANKIE DEBUSK'S COMPENSATION IS DETERMINED SOLELY BY THE PRESIDENT. THE COMPENSATION COMMITTEE REVIEWED FORM 990'S OF PEER INSTITUTIONS WHEN DETERMINING THE PRESIDENT'S COMPENSATION. THIS WAS NOT DONE ON FRANKIE DEBUSK. YES, AS STATED IN COMPENSATION COMMITTEE COMMENTS ABOVE. Part I, Line 5 NOT APPLICABLE Part I, Line 6 NOT APPLICABLE Part I, Line 7 NONE NOTED Part I, Line 8 NONE NOTED THE HEALTH EDUCATIONAL & HOUSING FACILITY BD OF THE CITY OF TUSCULUM TN 625359390 2008-06-23 20288511 To finance buildings and real property of the College 0 0 20288511 191059 561359 2008 1 0 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 1 0 0 NA 0 NA 0 James W Hickerson Member of the Board of Trustees 136574 Mr. James W. Hickerson, President and CEO of Andrew Johnson Bank, is a member of the Board of Trustees, the Finance and Investment Committee, and the Audit Committee. The College has two notes payable at the bank ($133,825 as of 06/30/10) as well as a checking account ($2,749 as of 06/30/10). The interest rate on both notes is 8.50% which is considered to be reasonable. 0 Brandon C Hull Member of the Board of Trustees 58579 Mr. Brandon C. Hull, President and CEO of Greeneville Federal Bank, is a member of the Board of Trustees. The College has one note payable ($58,579 as of 06/30/10). The interest rate on the note is 7.50% which is considered to be reasonable. 0 Scott M Niswonger Member of the Board of Trustees 1611119 Dr. Scott M. Niswonger has a material (between 1% and 10%) ownership interest in GreenBank in Greeneville, TN. The College has the majority of its banking relationship ($1,309,679 as of 06/30/10), all of its merchant card banking services, a mortgage banking relationship ($42,242 as of 06/30/10), and a commercial lending relationship ($58,945 as of 06/30/10) with GreenBank. Dr. Niswonger was also a guarantor of gift pledges that were the collateral for a loan ($200,253, which was paid off as of 06/30/10) the College had with GreenBank. 0 Donald R Raber Member of the Board of Trustees 400000 Mr. Donald R. Raber, President of Aldebaran Financial, Inc. is a member of the Board of Trustees and Chair of the Finance and Investment Committee. Mr. Raber manages approximately $400,000 of Tusculum College's unrestricted cash in short-term cash and cash equivalents. Mr. Raber and Aldebaran Financial, Inc., in this capacity, has no benefit received from providing these services. 0 Mark Williams Member of the Board of Trustees 136574 Mr. Mark Williams, a broker at Century 21, Legacy, and a Director of the Board of Andrew Johnson Bank, is a member of Tusculum College's Board of Trustees. As a Trustee, he gains access to new employee hires in order to approach them as a broker agent for real estate sales and acquisitions. the College also has a banking and mortgage banking relationship with Andrew Johnson Bank, as mentioned above. 0 Scott M Niswonger Member of the Board of Trustees 1891019 In March, 2010, the College established an irrevocable standby line of credit with First Tennessee Bank in the amount of $1,891,019. This letter of credit is 100% guaranteed by two members of the College's Board of Trustees, Dr. Scott M. Niswonger and Dr. D. Larry Brotherton. As of June 30, 2010, $0 was outstanding on the letter of credit. This irrevocable standby letter of credit expires June 30, 2011 if the College does not terminate the agreement prior to that date at the direction of the United States Department of Education. 0 D Larry Brotherton Member of the Board of Trustees 1891019 In March, 2010, the College established an irrevocable standy line of credit with First Tennessee Bank in the amount of $1,891,019. This letter of credit is 100% guaranteed by two members of the College's Board of Trustees, Dr. D. Larry Brotherton and Dr. Scott M. Niswonger. As of June 30,2010, $0 was outstanding on the letter of credit. This irrevocable standby letter of credit expires June 30, 2011 if the College does not terminate the agreement prior to that date at the direction of the United States Department of Education. 0 Form 990, Part VI, Section B, line 11 The Form 990 will be presented by an independent CPA firm to the Audit Committe. Both the Audit Committee and the Executive Committee will review the Form 990, and will then have a two-week period of time to comment. After the two-week period, if there are no comments, the full Board reviews and votes on the acceptance of the Form 990, which will then be filed with the Internal Revenue Service. Form 990, Part VI, Section B, line 12c Annually, each member of the Board of Trustees submits a signed conflict of interest agreement. At this time, any known conflicts or potential conflicts of interest are disclosed to the governing body. Should the potential of a conflict of interest arise, the subject will be disclosed and the governing board member will excuse themselves from voting on the matter in question. Form 990, Part VI, Section B, line 15 The CEO's compensation is reviewed by the Board of Trustees and negotiated by one's length of service by the Chairman of the Board on the advice from an independent counsel to the governing board. Other key employees receive a bi-annual evaluation at which time compensation is comparable with CUPA. The evaluation document is reviewed and approved by the President. 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. Form 990, Part VII Contact Addresses for Officers, Directors, Etc KENNETH A. BOWMAN - 100 TECHNICAL DRIVE, AlcOA CENTER, PA 15069-0001. EDWARD J. KORMONDY - 1388 LUCILE AVENUE, LOS ANGELES, CA 90026-1520. Mark R. Williams - 2040 E. Andrew Johnson Highway, GREENEVILLE, TN 37745. DONALD R. RABER - 400 COUNTRYSHIRE COURT, KINGSPORT, TN 37663. ElIZABETH T. AUSTIN - 116 Windsor Drive, NASHVILLE, TN 37205. D. LARRY BROTHERTON - P. O. BOX 1469, EASLEY, SC 29640. David W. Baker - 161 Inverness Drive West, Englewood, CO 80112. Alan B. Corley - P. O. BOX 874, GrEENEVILLE, TN 37744. Robert S. Cowles, III - 1000 Cowles Clinic Way, C-100, Greensboro, GA 30642 LAMAR C. DEMPSTER - 6208 MOUNTAIN PARK DRIVE, KNOXVILLE, TN 37918-9223. SAMUEL L. DOAK - P. O. BOX 5172, GREENEVILLE, TN 37743. DANIEL M. DONALDSON - 110 N. MAIN STREET, GREENEVILLE, TN 37743. JAMES F. DURHAM - 5118 FOUNTAINHEAD DRIVE, BRENTWOOD, TN 37027. JAMES A. EMORY - 415 FAIRGOUNDS ROAD, GREENEVILLE, TN 37745-4355. Dwight B. Ferguson, Jr. - 111 Chestnut Ridge Drive, Jonesborough, TN 37659. TOM R. FERGUSON - 1875 West Allen's Bridge Road, GREENEVILLE, TN 37743. Thomas J. Garland - 40 Saville Way, GrEENEVILLE, TN 37745. CHARLOTTE O. GRAY - 316 SOUTH MAIN AVENUE, ALBANY, NY 12208-2305. JAMES W. HICKERSON - P. O. BOX 907, GREENEVILLE, TN 37744-0907. Frank J. Horsman - 4561 Kettering Drive NE, Roswell, GA 30075. BRANDON C. HULL - P. O. BOX 460, GREENEVILLE, TN 37744-0460. HUGH O. JAYNES - 8221 CORTELAND DRIVE, KNOXVILLE, TN 37909. Lester Lattany - 926 W. Oakland Avenue, Johnson City, TN 37602-4039. HARDY LISTON, JR. - 3602 Delverton Way, KNOXVILLE, TN 37912. S. WILEY MILLIGAN - 100 Andrew Johnson Drive, GREENEVILLE, TN 37743-5510. SCOTT M. NISWONGER - P. O. BOX 938, GREENEVILLE, TN 37744. JANE S. PILLONI - 142 CLEAR MOUNTAIN TRAIL, GREENEVILLE, TN 37745. J. WILEY PRUGH - 109 WEST MCKEE STREET, APT. 2, GREENEVILLE, TN 37743. JOSEPH S. SCHWARTZ - 311 HIALEAH DRIVE, CHERRY HILL, NJ 08002-2033. ANGUS R. SHAW III - 1013 SOMERSET DRIVE, JOHNSON CITY, TN 37604. JOAN BARBER SMITH - 275 CHESTNUT RIDGE ROAD, QUEENSBURY, NY 12804. WARREN L. SNEAD - 1834 COTTAGE DRIVE, GREENEVILLE, TN 37745. WILLIAM E. STORY - 1745 North Mills Avenue, #100, ORLANDO, FL 32803. JOSEPH J. VOGT - 10715 ROCK ARBOR WAY, KNOXVILLE, TN 37922. ANGELO A. VOLPE - 734 LOWELAND ROAD, COOKEVILLE, TN 38501. Jerry F. Ward - 908 Lyle Circle, GREENEVILLE, TN 37745-6435. Ann E. Westervelt - 11 Mossy Point Road, Ticonderoga , NY 12883. Nancy B. Moody - P. O. Box 5048, GrEENEVILLE, TN 37743. FORM 990, PART XI, LINE 2C RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND OF THE FINANCIAL STATEMENTS TUSCULUM COLLEGE'S PROCESS FOR ITS AUDIT COMMITTEE, WHICH ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE ANNUAL AUDIT OF ITS FINANCIAL STATEMENTS AND FOR THE SELECTION OF AN INDEPENDENT ACCOUNTANT, HAS NOT CHANGED FROM THE PRIOR YEAR. Tusculum Tomorrow Trust P O Box 5100 Greeneville TN 37743 621159245 Provides charitable grants to Tusculum College TN 501(c)(3) Exempt PF Tusculum College 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tusculum Tomorrow Trust C 36000