2011-03-24T13:10:09-05:00 2010-05-31 Cherry Bekaert & Holland LLP 1111 Metropolitan Avenue Suite 1000 Charlotte NC 28204 990 2009-06-01 560532297 BREVARD COLLEGE CORPORATION BREV 8288838292 ONE BREVARD COLLEGE DRIVE BREVARD NC 28712 DEBORAH P HALL 8288838292 2011-03-11 1 7043771678 2011-03-08 2009 2016-02-24 21:20:13Z drew l van horn phd ONE BREVARD COLLEGE DRIVE BREVARD NC 28712 23969553 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 35 474 34 0 -2920 2319179 4668243 16291709 17217494 -738866 1081327 673285 666466 18545307 23633530 5857207 6220222 0 8626146 8428888 86498 393621 8225253 8115278 22708606 22850886 -4163299 782644 47954402 50607663 18136353 18448380 29818049 32159283 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 19944468 6220222 17429021 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. 19944468 1 1 0 0 0 0 1 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 96 0 474 1 1 1 1 CJ 0 0 0 0 0 0 0 35 35 1 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 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 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 C THOMAS LATIMER III 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 BARBARA M NESBITT 1.00 X 0 0 0 ALFRED F PLATT JR 1.00 X 0 0 0 MELVIN J SCALES 1.00 X 0 0 0 JERRY STONE 1.00 X 0 0 0 ELIZABETH O TAYLOR 1.00 X 0 0 0 DAVID G THOMPSON 1.00 X 0 0 0 BONNIE S VANDEGRIFT 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 REGINALD D HEINITSH JR 1.00 X 0 0 0 JOSEPH P MCGUIRE 1.00 X 0 0 0 DREW L VAN HORN 40.00 X 171252 0 33499 john hardt 40.00 X 93189 0 11700 DEBORAH HALL 40.00 X 84575 0 4340 349016 0 49539 1 0 1 0 SODEXO INC & AFFILIATES PO BOX 536922 ATLANTA GA 30353 MAINTENANCE AND HOUSEKEEPING 1236526 ARAMARK 1 BREVARD COLLEGE DRIVE BREVARD NC 28712 FOOD SERVICE 1156540 johnson controls 44 buck shoals road arden NC 28704 construction 357950 western builders po box 96 sylva NC 28779 construction 314633 united engineering group 370 north louisiana avenue asheville NC 28806 engineering services 158185 5 14950 762234 3891059 150469 4668243 TUITION AND FEES 900099 13146161 13146161 STUDENT ROOM AND BOARD 900099 4071333 4071333 17217494 593138 593138 450830 450830 450830 450830 797626 309437 488189 488189 488189 30695 14950 26586 4109 4109 MISCELLANEOUS 900099 211527 211527 211527 23633530 17429021 0 1536266 6220222 6220222 398555 398555 6677994 5137128 1312941 227925 132104 99569 30489 2046 701818 543204 137030 21584 518417 404375 97432 16610 22126 22126 97253 97253 86498 86498 1236486 1236486 8466 5189 3277 635835 550481 69107 16247 172222 135256 36966 1217185 1056850 156359 3976 356943 323027 15323 18593 661378 540687 120691 1557724 1392138 165586 148121 132199 15922 CONTRACTED FOOD SERVICE 947737 947737 PROFESSIONAL FEES 213422 111772 78522 23128 lease expense 104686 16896 84190 3600 small equipment 13476 13476 fundraising expenses -26586 -26586 748804 679221 69583 22850886 19944468 2512797 393621 2161259 2437695 263292 121613 323106 448490 309539 321670 203364 217350 124589 142814 47561813 20471736 27345825 27090077 15963879 18481103 1259549 1346851 47954402 50607663 1787624 1989572 266589 304839 379348 356924 12694212 12215087 3008580 3581958 18136353 18448380 X 7214908 7919308 2304629 1966953 20298512 22273022 29818049 32159283 47954402 50607663 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 16417019 1860210 2418672 2460178 118927 18116796 21843997 409599 -4258698 1117135 140000 320746 16417017 0.00000 1.00000 0 0 121372 121372 39397572 17019502 22378070 7991400 3452234 4539166 51469 51469 27090077 mutual funds 15802359 F equity securities 924000 F alternative investments 1754744 F 18481103 ANNUITIES PAYABLE 620405 AMOUNTS HELD FOR OTHERS 82505 capital lease payable 179636 ASSET RETIREMENT OBLIGATION 574412 LINE OF CREDIT 2125000 3581958 23633530 22850886 782644 1390222 168368 1558590 2341234 19138754 1390222 -4500213 -3109991 22248745 1384785 1384785 23633530 18208891 26586 26586 18182305 4668581 4668581 22850886 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. Part V, Line 4: Description of Intended Use of Endowment Funds: to support the institution in perpetuity for scholarships, lectureships and various other operations and buildings on campus. Part X: Description of Uncertain Tax Positions Under FIN 48: the internal revenue service has determined that the college qualifies under section 501(c)(3) of the internal revenue code and is, therefore, not generally subject to income taxes under present laws. 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 that 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, 2010 and, accordingly, no liability has been accrued. Part XI, Line 8 - Other Adjustments: loan cancellations and loss provisions: 6601. present value adjustments to annuities payable: 57557. change in value of assets held by others: 104210. Part XII, Line 2d - Other Adjustments: TUITION DISCOUNTS REDUCING TUITION INCOME: -4668581. loan cancellations & loss provisions: 6601. present value adjustments to annuities payable: 57557. change in net assets held by others: 104210. Part XII, Line 4b - Other Adjustments: fundraising expenses shown net of revenue on 990: -26586. spending rate in excess of investment earnings: 1411371. Part XIII, Line 2d - Other Adjustments: fundraising expenses shown net of revenue on 990: 26586. Part XIII, Line 4b - Other Adjustments: TUITION DISCOUNTS REDUCING TUITION INCOME: 4668581. 1 1 1 NON-DISCRIMINATION POLICY IS STATED IN ALL MAJOR PUBLICATIONS 1 1 1 1 0 0 0 0 0 0 0 0 1 0 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. IN ADDITION, THE COLLEGE RECEIVED A GRANT FROM THE U.S. DEPT OF HOUSING & URBAN DEVELOPMENT. 1 X X X X X X 1 capital development assist with campaign 0 4668243 86498 4581745 4668243 86498 4581745 tornado club golf tournament 45645 14950 30695 11250 15336 45645 14950 30695 11250 15336 26586 4109 1 scholarships 673 6220222 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 0 1 0 0 0 0 0 0 DREW L VAN HORN 170000 0 0 0 1252 0 33499 0 0 0 204751 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 well documented. The President was provided a membership at a local country club to be used for fundraising activities. Use of the membership is well documented. 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 4a 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 13542665 13150000 392665 13150000 2007 1 0 1 1 0 0 0 0 0 0.00000 0.00090 0.00090 1 0 0 0 0 0 0 X 6 125559 fmv X furniture 1 9960 fmv 0 0 0 Form 990, Part VI, Section A, line 2 JOHN GARDNER AND BETSY BAREFOOT, DIRECTOR AND CO-DIRECTOR OF THE POLICY CENTER, ARE MARRIED. BETSY BAREFOOT IS ALSO A TRUSTEE OF THE COLLEGE. JOHN GARDNER IS PAID A SALARY AND BENEFITS FROM THE POLICY CENTER. The President of the College determines Ms. barefoot's salary based on competitive salaries for similar services. 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 board of trustees members and officers are required to sign a copy of the conflict of interest policy on an annual basis. in the event of a potential conflict, that person would recuse themselves 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 and the NCICU. 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. By September 1, the President will submit a report to the Compensation Committee with updated data as to enrollment and fundraising. By October 1, the Compensation Committee will submit its recommendation for any bonus to the Executive Committee. By the Fall meeting of the Board, the Executive Committee will determine the amount of any bonus and so advise the President and the Board. 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. 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 2010. FORM 8621 IS NOT BEING FILED PURSUANT TO IRS GUIDANCE SET FORTH IN REG SEC. 1.1291-1(E).