2011-12-21T10:26:54-06:00 2011-05-31 RSM MCGLADREY LLC 111 ROUNDABOUT COURT ROCKY MOUNT NC 27804 990 2010-06-01 560554199 CHOWAN UNIVERSITY CHOW 2523986500 ONE UNIVERSITY PLACE MURFREESBORO NC 27855 DONNIE CLARY 2523986500 2011-12-20 1 JAMES W MATTHEWS JR 2524460731 2010 2016-02-24 21:20:13Z M CHRISTOPHER WHITE ONE UNIVERSITY PLACE MURFREESBORO NC 27855 39857437 0 X WWW.CHOWAN.EDU X 1849 NC PRIVATE HIGHER EDUCATIONAL INSTITUTION 39 36 713 5 744 -2409 2985455 3544638 24083365 27733875 1075129 594099 336327 283898 28480276 32156510 8307027 9260355 0 0 9049191 10127816 0 0 550612 7542786 8607848 24899004 27996019 3581272 4160491 41350565 48346253 7111608 6820112 34238957 41526141 X CHOWAN UNIVERSITY IS A COMPREHENSIVE COEDUCATIONAL INSTITUTION COMMITTED TO EXCELLENCE IN TEACHING, LEARNING, SCHOLARLY INQUIRY, AND SERVICE. THE UNIVERSITY PROVIDES THE ENVIRONMENT FOR STUDENTS TO BECOME LEARNERS WHO POSSESS THE SKILLS, KNOWLEDGE, CREATIVITY, AND ETHICAL VALUES NECESSARY TO SURVIVE AND FLOURISH IN A RAPIDLY-CHANGING, CULTURALLY DIVERSE, GLOBAL SOCIETY. CHOWAN UNIVERSITY, AS A CHURCH-RELATED INSTITUTION, WAS FOUNDED UPON AND IS DEDICATED TO JUDEO-CHRISTIAN VALUES. CONSISTENT WITH THIS HERITAGE, THE UNIVERSITY IS GUIDED BY THE HISTORIC PRINCIPLES OF RELIGIOUS AND INTELLECTUAL FREEDOM-ACADEMIC EXCELLENCE, THE DIGNITY AND WORTH OF EACH INDIVIDUAL, AN ATMOSPHERE OF OPEN DIALOGUE, FREEDOM OF INQUIRY AND EXPRESSION, AND A MORAL COMMITMENT TO THE PURSUIT OF TRUTH. 0 0 23913250 21449295 AN EDUCATIONAL INSTITUTION PROVIDING UNDERGRADUATE CURRICULUM AT THE COLLEGE LEVEL. OTHER EXPENSES ARE FOR STUDENT ROOM & BOARD AND ATHLETIC AND CULTURAL EVENTS. 23913250 1 1 0 0 0 0 0 0 1 1 1 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 1 0 0 0 0 0 0 0 0 0 1 42 0 713 1 0 0 0 0 0 0 0 0 0 0 X 39 36 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 1 0 X X DONNIE CLARY 2523986250 ONE UNIVERSITY PLACE MURFREESBORO NC 27855 KEMPER W BAKER X 0 0 0 LYNETTE BUNCH X 0 0 0 RAY FELTON X 0 0 0 RAYMOND D MEIGGS X 0 0 0 CHARLES B POND III X 0 0 0 ELAINE E MYERS X 0 0 0 HARVEY W REINHARDT X 0 0 0 W FRANK ROSE JR X 0 0 0 HUGH C VINCENT JR X 0 0 0 AUSTINE O EVANS X 0 0 0 BYNUM R BROWN X 0 0 0 MARY ANNE CROOM X 0 0 0 JEWELL FAYE GLOVER X 0 0 0 W STEVE HAUSER X 0 0 0 LAWRENCE P HOLLISTER X 0 0 0 JAMES W MASON X 0 0 0 JESSE E VAUGHAN X 0 0 0 GARRY WHITAKER X 0 0 0 RICHARD S WINSTEAD X 0 0 0 E PRESTON GRISSOM X 0 0 0 CECIL S HOLLOMON JR X 0 0 0 JULIAN R MILLS SR X 0 0 0 BARRY E WHITAKER X 0 0 0 STANLEY E DIXON JR X 0 0 0 BURKE E HOLLAND X 0 0 0 MILEY W BUCKY GLOVER X 0 0 0 JANE E NEWSOME X 0 0 0 WAYNE R BROWN X 0 0 0 BETTY R DUKE X 0 0 0 MATTHEW B GLOVER X 0 0 0 WJ BILL LITTLE JR X 0 0 0 C PRESTON MCELHENEY III X 0 0 0 CATHERINE E MOORE X 0 0 0 ROBERT J PACIOCCO X 0 0 0 ROBERT B SPIVEY X 0 0 0 DEBORAH B VINSON X 0 0 0 SENATOR EDWARD W JONES X 0 0 0 RAYMOND LEE RICHARDS X 0 0 0 LINDA B WEAVER X 0 0 0 M CHRISTOPHER WHITE 40.00 X X 239533 0 15126 DONNIE CLARY 40.00 X X 140918 0 8650 CHARLES REVELL 5.00 X 23700 0 0 404151 0 23776 3 0 1 0 PIONEER SCHOOL CATERERS INC 303 GLENROSE AVENUE NASHVILLE TN 37210 FOOD SERVICE 1506576 ARAMARK SERVICE MASTER PO BOX 33170 NEWARK NJ 07188 HOUSEKEEPING 413723 GREENVILLE CONTRACTORS INC PO BOX 423 GREENVILLE NC 27835 ROOF INSTALLATION 406762 B&M CONTRACTORS INC 790 PITTS CHAPEL RD ELIZABETH CITY NC 27909 BUILDING RENOVATIONS 397507 JONES ELECTRIC CONTRACTOR INC 1398 GOVERNOR HARRISON PARKWAY BRODNAX VA 23920 ELECTRICAL WORK 299408 12 1676501 1868137 3544638 TUITION AND FEES 611710 21449295 21449295 AUXILIARY ENTERPRI 611710 6284580 6284580 27733875 540669 540669 14750 14750 14750 14750 7734357 20000 7672927 28000 61430 -8000 53430 53430 DUES 713940 744 744 268404 268404 269148 32156510 21449295 744 7161833 9260355 9260355 404151 404151 7953226 6384960 1252244 316022 330902 252803 65586 12513 960839 699577 231380 29882 478698 448833 7649 22216 152280 152280 11614 1060 1463 9091 474621 387181 83790 3650 784383 784383 449873 365543 53787 30543 19844 19844 64392 59511 4881 1506976 1392234 114742 PLANT OPERATIONS 1675746 1552635 123111 FOOD SERVICES 1559590 1540946 10019 8625 REPAIRS & MAINTENANCE 796567 641820 154747 EXPENDITURE OF GIFTS & 530466 507860 22606 BAD DEBTS 345752 345752 235744 -518731 636405 118070 27996019 23913250 3532157 550612 991904 3700621 3755554 2393815 111843 80989 255855 271567 658483 488719 39238 24320 103585 107559 41732836 24861946 14651060 16870890 18175825 21212600 2290463 2431399 316755 763774 41350565 48346253 1597211 1743906 257396 312310 4628438 4134434 628563 629462 7111608 6820112 X 13055260 17550691 2331018 4530617 18852679 19444833 34238957 41526141 41350565 48346253 X 4160491 3126693 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 20678348 330502 3543882 924000 23628732 18099854 317086 2341809 80401 20678348 21801407 431675 -4133228 18099854 0.82000 0.18000 1 0 1376377 1376377 23250759 11729948 11520811 10712997 8925561 1787436 6392703 4206437 2186266 16870890 SPLIT-INTEREST AGREEMENTS 2431399 F 2431399 FEDERAL CAPITAL CONTRIBUTIONS 629462 629462 32156510 27996019 4160491 3126693 3126693 7287184 25919833 3126693 3126693 22793140 103015 9260355 9363370 32156510 18632649 0 18632649 103015 9260355 9363370 27996019 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE UNIVERSITY HAS A TAX DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE STATING THAT IT QUALIFIES UNDER THE PROVISION 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 UNIVERSITYS TAX POSITIONS AND CONCLUDED THAT THE UNIVERSITY HAD TAKEN NO UNCERTAIN TAX PROVISIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE FINANCIAL ACCOUNTING STANDARD BOARDS (FASB) GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. WITH FEW EXCEPTIONS, THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2007. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCES PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIP ALLOWANCES 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 CHOWAN UNIVERSITY RECEIVES FEDERAL AND STATE GRANTS FOR STUDENT SCHOLARSHIP ASSISTANCE. 1 INSTITUTIONAL SCHOLARSHIPS 1236 7251343 FMV X 1 1 X X X 0 0 0 0 0 0 0 0 0 M CHRISTOPHER WHITE 239533 0 0 0 0 0 11979 0 3147 0 254659 0 214433 0 PART I, LINE 1A THE UNIVERSITY PROVIDES A HOUSE FOR THE PRESIDENT. THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS. JANE NEWSOME TRUSTEE 120288 VARIOUS CONCRETE WORK 0 STEVE HOUSER TRUSTEE 22270 DEADLOCKS- BELK HALL 0 WAYNE BROWN TRUSTEE 53253 PURCHASE OF HOUSE 0 X 1165 ESTIMATED VALUE X 9 549253 APPRAISED VALUE X 1 29500 APPRAISED VALUE X 1 13896 ESTIMATED VALUE X 22 3000 COMPARABLE SALES X PAVING 1 21800 COMPARABLE SALES X FURNITURE 3 4050 COMPARABLE SALES X MUSICAL INSTRUMENTS 2 1140 COMPARABLE SALES X VARIOUS 3 7133 ESTIMATED VALUE 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 TRUSTEES JEWELL FAYE GLOVER AND MATTHEW B. GLOVER - FAMILY RELATIONSHIP. TRUSTEES BARRY E. WHITAKER AND GARRY WHITAKER - FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WAS PROVIDED TO THE MEMBERS OF THE BUSINESS AFFAIRS COMMITTEE OF THE BOARD OF TRUSTEES FOR THEIR REVIEW AND COMMENT BEFORE FINALIZING THE RETURN. THE FINALIZED COPY OF THE FORM 990, EXCLUDING SCHEDULE B, WAS MADE AVAILABLE TO THE FULL BOARD OF TRUSTEES THROUGH EMAIL, HARD COPY, OR POSTING ON THE UNIVERSITY WEBSITE RESTRICTED TO TRUSTEE USE. FORM 990, PART VI, SECTION B, LINE 12C THE UNIVERSITY DISTRIBUTES A COPY OF THE CONFLICT OF INTEREST POLICY, AS STATED IN THE UNIVERSITY'S BYLAWS, TO THE BOARD OF TRUSTEES AND ADMINISTRATIVE OFFICERS. THE TRUSTEES ARE ASKED ANNUALLY TO SIGN A FORM CONFIRMING THAT THEY HAVE READ AND UNDERSTAND THE UNIVERSITY'S CONFLICT OF INTEREST POLICY AND AGREE TO DISCLOSE ANY ACTIVITIES, INTERESTS OR RELATIONSHIPS THAT MAY CREATE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES IS PROVIDED A COPY OF A REPORT FROM THE NORTH CAROLINA INDEPENDENT COLLEGES & UNIVERSITIES WHICH LIST THE SALARY AND BENEFITS OF THE PRESIDENTS AND CHIEF ADMINISTRATIVE STAFF POSITIONS AT THE 36 INDEPENDENT COLLEGES IN NORTH CAROLINA. THIS INFORMATION IS REVIEWED AND DISCUSSED AMONG THE COMMITTEE MEMBERS AND A RECOMMENDATION IS THEN MADE FOR THE FULL BOARD OF TRUSTEE'S APPROVAL REGARDING OF THE PRESIDENT'S SALARY. THE EXECUTIVE COMMITTEE ALSO CONDUCTS AN ANNUAL EVALUATION OF THE PRESIDENT. THE PRESIDENT PROVIDES THE COMPARATIVE SALARY INFORMATION PREVIOUSLY REFERENCED ALONG WITH HIS SALARY RECOMMENDATIONS FOR SENIOR STAFF TO THE EXECUTIVE COMMITTEE FOR APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 REQUESTS MADE IN PERSON WILL BE MADE AVAILABLE WITHIN FIVE BUSINESS DAYS. REQUESTS MADE IN WRITING WILL BE MADE AVAILABLE WITHIN 30 DAYS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 3,126,693.