2021-04-12T08:35:23-05:00 2020-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 801B SUNSET DRIVE JOHNSON CITY TN 376043033 990 2019-06-01 620535755 MILLIGAN COLLEGE INC MILL 4234618686 P O BOX 750 MILLIGAN COLLEGE TN 37682 JACQUELINE R STEADMAN VP FOR BUSINESS AND FINANCE 4234618686 2021-04-12 1 SARAH PRESNELL P01269151 4232824511 2021-04-07 2019 2022-09-23 18:48:47Z JACQUELINE R STEADMAN 1 BLOWERS BOULEVARD MILLIGAN COLLEGE TN 37682 46547624 0 X WWW.MILLIGAN.EDU X 1882 TN THE ORGANIZATION IS A CHRISTIAN LIBERAL ARTS COLLEGE. 24 20 839 1 0 0 6194870 5807942 35998969 38385465 2669285 2354217 0 0 44863124 46547624 14104813 15603072 0 0 15143256 15675495 0 0 1157842 12174461 12701641 41422530 43980208 3440594 2567416 107758792 111462499 18090181 19338014 89668611 92124485 AS A CHRISTIAN LIBERAL ARTS COLLEGE, MILLIGAN COLLEGE SEEKS TO HONOR GOD BY EDUCATING MEN AND WOMEN TO BE SERVANT-LEADERS. 0 0 37034430 15603072 38118115 OPERATION OF CHRISTIAN LIBERAL ARTS COLLEGE 37034430 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1928 0 1 839 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 24 20 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X JACQUELINE R STEADMAN 4234618686 1 BLOWERS BOULEVARD MILLIGAN COLLEGE TN 37682 DENNY MAYES TRUSTEE ROTATION 1.00 X 0 0 0 CHARLES ALLCOTT III MEMBER 1.00 X 0 0 0 TOM BANKS MEMBER 1.00 X 0 0 0 TOMMY BURLESON MEMBER 1.00 X 0 0 0 BEN CACHIARAS MEMBER 1.00 X 0 0 0 DAVID CLARK MEMBER 1.00 X 0 0 0 DALE CLAYTON MEMBER 1.00 X 0 0 0 ERIC DEATON MEMBER 1.00 X 0 0 0 TAMMY W ELDRIDGE TRUSTEE ROTATION 1.00 X 0 0 0 JIM FRASURE MEMBER 1.00 X 0 0 0 JAMES EARL GREEN TRUSTEE ROTATION 1.00 X 0 0 0 PATRICIA GREEN MEMBER 1.00 X 0 0 0 WILLIAM B GREENE JR MEMBER 1.00 X 0 0 0 DAVID HAMILTON MEMBER 1.00 X 0 0 0 DAVID O HAMLIN TRUSTEE ROTATION 1.00 X 0 0 0 GREG JOHNSON MEMBER 1.00 X 0 0 0 JOHN MEDING MD MEMBER 1.00 X 0 0 0 STEPHEN MOORE TRUSTEE ROTATION 1.00 X 0 0 0 LOTTIE RYANS MEMBER 1.00 X 0 0 0 JOHN J WIGGINS MEMBER 1.00 X 0 0 0 CALVIN L WILSON JR MEMBER 1.00 X 0 0 0 MARSHALL W HAYDEN MEMBER 1.00 X 0 0 0 WILLIAM R CLEM MEMBER 1.00 X 0 0 0 BRENDA GREEN MEMBER 1.00 X 0 0 0 MARK H WEBB DDS MEMBER 1.00 X 0 0 0 RONALD F SEWELL SECRETARY 1.00 X X 0 0 0 SCOTT KENT TREASURER 1.00 X X 0 0 0 RICHARD W PHILLIPS OD VICE CHAIR 1.00 X X 0 0 0 RONALD G DOVE JR CHAIR 1.00 X X 0 0 0 WILLIAM B GREER PRESIDENT 40.00 X 227110 0 25373 R GARLAND YOUNG VP FOR ACADEMIC AFFAIRS 40.00 X 96004 0 12787 MARK P FOX VP FOR STUDENT DEVELOPMENT 40.00 X 95975 0 9515 JACQUELINE R STEADMAN VP FOR BUSINESS & FINANCE 40.00 X 116498 0 11602 A LEE HARRISON VP OF MARKETING, ENROLLMEN 40.00 X 96287 0 15898 RHAJON SMITH VP FOR INST ADVANCEMENT 40.00 X 70010 0 4901 ANDREW HULL DIRECTOR-PHYSICIAN ASSISTN 40.00 X 135246 0 16330 CHRISTY ISBELL DIRECTOR-OCCUPATIONAL THERAPY 40.00 X 106088 0 7525 943218 0 103931 4 0 1 0 PIONEER COLLEGE CATERERS 303 GLENROSE AVENUE NASHVILLE TN 37210 FOOD SERVICE 1337904 HARTFORD PO BOX 660916 DALLAS TX 75266 RETIREMENT SERVICES 303158 BSN SPORTS PO BOX 660176 DALLAS TX 75266 SPORTS EQUIPMENT 230537 BURLESON CONSTRUCTION PO BOX 1735 JOHNSON CITY TN 37605 CONSTRUCTION 185959 CDW GOVERNMENT INC 75 REMITTANCE DRIVE CHICAGO IL 60675 INFORMATION TECHNOLOGY 155411 9 5807942 365484 5807942 TUITION AND FEES 611710 33059680 33059680 AUXILIARY ENTERPRISES 611710 4198925 4198925 STUDENT HOUSING 611710 373466 373466 SUMMER CAMPS 611710 345747 345747 OTHER INCOME 611710 267350 267350 140297 140297 38385465 2354217 2354217 46547624 38118115 0 2621567 25823 25823 15538249 15538249 39000 39000 830230 173661 489063 167506 12435664 9949714 2079621 406329 638475 536120 78259 24096 883978 698771 150355 34852 887148 683375 166118 37655 7675 7675 80750 80750 118654 118654 1452833 1262653 184880 5300 210865 106802 104063 996759 561874 356243 78642 747894 301740 405355 40799 1097046 1030846 61260 4940 850513 737514 54564 58435 19314 15978 3336 544582 544582 2452623 2288297 152063 12263 360238 23973 336265 ALL OTHER EXPENSES 2870246 1722147 861074 287025 COVID REFUNDS 742753 742753 DUES AND SUBSCRIPTIONS 148896 50558 98338 43980208 37034430 5787936 1157842 5963832 9185650 5801823 4745703 4313316 4253822 755971 2058844 884481 713656 306468 277827 82895 113233 81190676 39842725 42949691 41347951 44987868 47043499 1712447 1722314 107758792 111462499 1544039 1935826 1519301 1300087 8336824 7702714 4908327 7236236 1781690 1163151 18090181 19338014 X 35692670 35233507 53975941 56890978 89668611 92124485 107758792 111462499 X 2567416 -74447 -37095 X X 0 1 X 1 1 1 X 7057563 4350508 5080628 6194870 5807942 28491511 7057563 4350508 5080628 6194870 5807942 28491511 689515 27801996 1518173 1472742 1938462 2669285 2235566 9834228 64419 70006 64071 198496 38524235 172906950 0.72170 0.69060 X SCHEDULE A, PART I, LINES 2 AND 7 MILLIGAN COLLEGE RECEIVED AN IRS DETERMINATION LETTER APRIL 3, 1947 STATING THAT THE ORGANIZATION WAS RECOGNIZED AS AN ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ADDITIONALLY, THE ORGANIZATION WAS ALSO DETERMINED NOT TO BE A PRIVATE FOUNDATION AS DEFINED IN SECTION 509(A) OF THE CODE BECAUSE IT WAS AN ORGANIZATION DESCRIBED IN SECTION 509(A)(1) AND SECTION 170(B)(1)(A)(II), WHICH IS IDENTIFIED IN SCHEDULE A, PART I, LINE 2, AS A SCHOOL. IT IS AN EDUCATIONAL ORGANIZATION WHICH NORMALLY MAINTAINS A REGULAR FACULTY AND CURRICULUM AND NORMALLY HAS A REGULARLY ENROLLED BODY OF PUPILS OR STUDENTS IN ATTENDANCE AT THE PLACE WHERE ITS EDUCATIONAL ACTIVITIES ARE REGULARLY CARRIED ON. PER THE 2013 INSTRUCTIONS FOR SCHEDULE B, SCHEDULE OF CONTRIBUTORS, THE INTERNAL REVENUE SERVICE HAS CLARIFIED THAT IN ORDER FOR THE COLLEGE TO REPORT ITS CONTRIBUTIONS UNDER THE SPECIAL RULE, THE ORGANIZATION MUST NOW CHECK BOX 7 OF SCHEDULE A, PART I, AND COMPLETE SCHEDULE A, PART II, SUPPORT SCHEDULE FOR ORGANIZATIONS DESCRIBED IN SECTIONS 170(B)(1)(A)(IV) AND 170(B)(1)(A)(VI). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED PART II-B, LINE 1: PAYMENT TO THE TENNESSEE INDEPENDENT COLLEGES AND UNIVERSITIES ASSOCIATION FOR ANNUAL DUES INCLUDED A $110 PORTION FOR LOBBYING EXPENSES. 1506161 X X 0 45269781 1057254 1963244 568959 47721320 46039821 893610 216835 1880485 45269781 42946290 1263858 3488059 1527231 131155 46039821 38922910 719020 4901403 1414661 182382 42946290 29296058 11443852 -352732 1154133 310135 38922910 0.75550 0.24450 0 0 2991093 2991093 69080473 32262994 36817479 7468145 6083134 1385011 1650965 1496597 154368 41347951 MUTUAL FUNDS 34404831 F EXCHANGE-TRADED AND CLOSED-END FUNDS 8265891 F CASH AND CASH EQUIVALENTS HELD FOR LONG-TERM INVESTMENTS 4372777 F 47043499 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 646878 ANNUITY PAYMENT LIABILITIES 506807 REMAINDER TRUST LIABILITY 9466 1163151 X 30740184 -74447 -37095 -111542 30851726 118651 15577247 15695898 46547624 28284310 0 28284310 118651 15577247 15695898 43980208 PART III, LINE 4: COLLLECTION - CHRISTIAN EDUCATION LIBRARY: THIS COLLECTION WAS ACQUIRED THRU THE MERGER OF EMMANUEL CHRISTIAN SEMINARY AND MILLIGAN COLLEGE ON JULY 1, 2015. THE VALUE OF THIS COLLECTION WAS $1,506,161 AS OF MAY 31, 2020. THE COLLEGE'S COLLECTION CONSISTS OF ARTIFACTS OF HISTORICAL SIGNIFICANCE, INCLUDING CHRISTIAN EDUCATION LITERATURE AND VARIOUS OTHER DOCUMENTS AND ITEMS. THE COLLECTION HAS BEEN CAPITALIZED USING COST OF ITEMS ACQUIRED OR ESTIMATED COST IF APPLICABLE. EACH OF THE ITEMS IS CATALOGUED FOR EDUCATION, RESEARCH, AND CURATORIAL PURPOSES, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS IS FOR GENERAL USE; SCHOLARSHIPS; TECHNOLOGY, CHAIRS AND OTHER. PART X, LINE 2: NOTE 1(M) - UNCERTAIN TAX POSITIONS THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE; ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE FINANCIAL STATEMENTS. THE COLLEGE FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION (FASB ASC), WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF MAY 31, 2018 AND 2017, THE COLLEGE HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COLLEGE'S FINANCIAL STATEMENTS. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE FINANCIAL STATEMENTS. NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEARS ENDED MAY 31, 2018 AND 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: NET ADJUSTMENT OF ANNUITY PAYMENT LIABILITY -37,095. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST STUDENT TUITION AND FEES 15,577,247. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST STUDENT TUITION AND FEES 15,577,247. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COLLEGE'S RACIALLY NONDISCRIMINATORY POLICY IS PUBLICIZED THROUGH RADIO ADVERTISEMENTS, PRINT PUBLICATIONS SUCH AS THE COLLEGE CATALOG, AND FINANCIAL AID AND RELATED MATERIALS, AND ADS FOR EMPLOYMENT. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FINANCIAL ASSISTANCE FOR STUDENT FINANCIAL AID PROGRAMS SUCH AS THE FEDERAL PELL GRANT PROGRAM, AND MANY OTHERS FROM THE UNITED STATES DEPARTMENT OF EDUCATION. THE COLLEGE ALSO RECEIVES STUDENT FINANCIAL ASSISTANCE FROM THE STATE OF TENNESSEE IN THE FORM OF VARIOUS GRANTS AND LOTTERY SCHOLARSHIPS. 0 0 0 0 0 0 0 0 0 0 CASH SCHOLARSHIPS FOR U.S. STUDENTS AT MILLIGAN COLLEGE WHO ARE STUDYING ABROAD MIDDLE EAST AND NORTH AFRICA 1 15000 SCHOLARSHIPS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT N/A N/A CASH SCHOLARSHIPS FOR U.S. STUDENTS AT MILLIGAN COLLEGE WHO ARE STUDYING ABROAD EUROPE 2 24000 SCHOLARSHIPS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT N/A 0 0 0 0 0 0 PART I, LINE 2: THE COLLEGE DOES NOT GIVE ANY NON-CASH SCHOLARSHIPS. SCHOLARSHIPS TO U.S. STUDENTS STUDYING ABROAD ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT. THE COLLEGE'S PROCEDURES FOR MONITORING GRANT FUNDS FOR U. S. STUDENTS STUDYING ABROAD ARE AS FOLLOWS: THE COLLEGE HAS APPOINTED DIRECTORS, WHO REPORT TO THE APPROPRIATE VICE-PRESIDENTS, OVER ALL FOREIGN SCHOLARSHIPS. THESE DIRECTORS ARE CHARGED WITH PERFORMING ALL GRANT-RELATED ACTIVITIES INCLUDING APPLICATIONS, MONITORING OF EXPENDITURES AND REPORTING. DOCUMENTATION IS MADE OF ALL DIRECT AND INDIRECT PROGRAM EXPENSES. A SINGLE AUDIT IS PERFORMED ANNUALLY BY THE COLLEGE'S INDEPENDENT AUDITORS. PART III ACCOUNTING METHOD: 1 EAST TENNESSEE STATE UNIVERSITY 1276 GILBREATH DRIVE JOHNSON CITY TN 37614 626021046 20000 GRANT TO ETSU CASH SCHOLARSHIPS FOR STUDENTS ATTENDING THE MILLIGAN COLLEGE CAMPUS IN CARTER COUNTY, TENNESSEE, U.S. 937 15538249 N/A N/A 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 ACCOUNTING MANAGER AFTER REQUESTS ARE MADE BY THE DIRECTOR TO THE ACCOUNTING MANAGER. THE ACCOUNTING MANAGER 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 X 0 1 X X 0 0 0 0 0 0 0 0 0 WILLIAM B GREER PRESIDENT 227110 0 0 0 0 0 16188 0 9185 0 252483 0 0 0 ANDREW HULL DIRECTOR-PHYSICIAN ASSISTN 135246 0 0 0 0 0 9832 0 6498 0 151576 0 0 0 PART I, LINE 1A FOR THE YEAR ENDED 05/31/20, THE COLLEGE PAID FOR SOME MEALS AND AIRFARE FOR THE PRESIDENT'S WIFE WHEN SHE TRAVELED WITH HIM ON COLLEGE BUSINESS. A HOME WAS DONATED TO THE COLLEGE IN DECEMBER, 2013 TO BE USED AS THE PRESIDENT'S HOME. THE PRESIDENT AND HIS WIFE MOVED INTO THE HOME IN JANUARY, 2014. LANDSCAPING SERVICES ARE PROVIDED BY THE COLLEGE AT THE HOME. ONE TIME PER MONTH, THE COLLEGE PROVIDES HOUSEKEEPING SERVICES FOR THE HOME. PART I, LINE 1B APPROVAL FOR COMPANION TRAVEL EXPENSES WAS GIVEN BY THE BOARD OF TRUSTEES. MINUTES ARE AVAILABLE. APPROVAL FOR THE PRESIDENT TO LIVE IN THE HOME WAS GIVEN BY THE BOARD OF TRUSTEES. MINUTES ARE AVAILABLE. PART I, LINE 3 COMPENSATION SURVEYS FOR COLLEGE PRESIDENTS ARE OBTAINED FROM THIRD PARTY SOURCES. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE COMPENSATION SURVEYS INFORMATION AND PRESENTS SALARY RECOMMENDATIONS TO THE ENTIRE BOARD OF TRUSTEES FOR APPROVAL. THE BOARD OF TRUSTEES CONSIDERS THE DATA FROM THE COMPARATIVE COMPENSATION SURVEYS AS WELL AS RESULTS OF PERFORMANCE EVALUATIONS IN MAKING THEIR RECOMMENDATIONS FOR SALARY INCREASES. PART I, LINE 4 THE COLLEGE ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN IN 2011. THE FIRST CONTRIBUTION WAS MADE IN MARCH, 2012 ON BEHALF OF WILLIAM B. GREER, PRESIDENT. THE CONTRIBUTION MADE FOR THE YEAR ENDED MAY 31, 2020 WAS $0. PART I, LINE 5 NOT APPLICABLE PART I, LINE 6 NOT APPLICABLE PART I, LINE 7 NOT APPLICABLE PART I, LINE 8 NOT APPLICABLE A THE HEALTH & EDUCATIONAL FACILITIES BD OF THE CITY OF ELIZABETHTON TN 626000283 2005-12-05 5500000 CONSTRUCTION AND EQUIPPING OF EDUCATIONAL FACILITIES 0 0 0 B THE INDUSTRIAL DEVELOPMENT BOARD OF CARTER COUNTY TN 461322210 2012-12-07 7500000 ACQUISITION, CONSTRUCTION AND EQUIPPING OF STUDENT RESIDENCE FACILITIES 0 0 0 A 2877336 5500000 38851 5461149 2007 0 0 1 1 B 2419951 7500000 47840 7452160 2013 0 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 A 1 B 1 DR WILLIAM B GREER PRESIDENT OF MILLIGAN COLLEGE IN MAY 2014, DR. WILLIAM B. GREER, THE PRESIDENT OF MILLIGAN COLLEGE, WAS APPOINTED TO THE BOARD OF DIRECTORS OF CARTER COUNTY BANK, WHICH HOLDS A LINE OF CREDIT, TWO TAX-EXEMPT BONDS, AND TWO NOTES PAYABLE ($12,333,848) OF THE COLLEGE, AND MOST OF THE CHECKING ACCOUNTS OF THE COLLEGE ($13,651,636). 0 CARTER COUNTY BANK CARTER COUNTY BANK, OWNED BY DR. WILLIAM B. GREENE, JR., TRUSTEE OF COLLEGE MILLIGAN COLLEGE HAS MOST OF ITS CHECKING ACCOUNTS WITH CARTER COUNTY BANK, A DIVISION OF THE BANK OF TENNESSEE, WHOSE BALANCES AT MAY 31, 2020 TOTALED APPROXIMATELY $13,651,636. 0 CARTER COUNTY BANK CARTER COUNTY BANK, OWNED BY DR. WILLIAM B. GREENE, JR., TRUSTEE OF COLLEGE ON DECEMBER 5, 2005, MILLIGAN COLLEGE OBTAINED A $5,500,000 TAX-EXEMPT BOND FROM CARTER COUNTY BANK, A DIVISION OF THE BANK OF TENNESSEE, FOR THE CONSTRUCTION OF THE ELIZABETH LEITNER GREGORY CENTER FOR THE LIBERAL ARTS. FOR THE YEAR ENDED MAY 31, 2020, THE BALANCE PAYABLE ON THE BOND WAS $2,622,664. FOR THE YEAR ENDED MAY 31, 2020, THE COLLEGE PAID A TOTAL OF $410,832 TO THE BANK - PRINCIPAL OF $287,708 AND INTEREST EXPENSE OF $123,134. ON DECEMBER 7, 2012, MILLIGAN COLLEGE OBTAINED A $7,500,000 TAX-EXEMPT BOND FROM CARTER COUNTY BANK, A DIVISION OF THE BANK OF TENNESSEE, FOR THE CONSTRUCTION OF THE VILLAGE STUDENT RESIDENT HALLS. FOR THE YEAR ENDED MAY 31, 2020, THE BALANCE PAYABLE ON THE BOND WAS $5,080,050. FOR THE YEAR ENDED MAY 31, 2020, THE COLLEGE PAID A TOTAL OF $470,060 TO THE BANK - PRINCIPAL OF $346,400 AND INTEREST EXPENSE OF $123,660. 0 CARTER COUNTY BANK CARTER COUNTY BANK, OWNED BY DR. WILLIAM B. GREENE, JR., TRUSTEE OF COLLEGE ON JULY 1, 2015, AS PART OF THE ACQUISITION OF EMMANUEL CHRISTIAN SEMINARY, THE COLLEGE ASSUMED A NOTE PAYABLE FROM CARTER COUNTY BANK, A DIVISION OF THE BANK OF TENNESSEE, WITH AN OUTSTANDING BALANCE OF 2,313,737, WHICH IS SECURED BY REAL ESTATE. FOR THE YEAR ENDED MAY 31, 2020, THE BALANCE PAYABLE ON THE NOTE PAYABLE WAS $1,795,770. FOR THE YEAR ENDED MAY 31, 2020, THE COLLEGE PAID A TOTAL OF $153,904 TO THE BANK - PRINCIPAL OF $72,099 AND INTEREST EXPENSE OF $81,805.ON JUNE 15, 2016, MILLIGAN COLLEGE OBTAINED A $3,600,000 NOTE PAYABLE FROM CARTER COUNTY BANK, A DIVISION OF THE BANK OF TENNESSEE, FOR THE ENERGY EFFICIENCY PROJECT, WHICH IS SECURED BY REAL ESTATE. FOR THE YEAR ENDED MAY 31, 2020, THE BALANCE PAYABLE ON THE NOTE PAYABLE WAS $2,835,364. FOR THE YEAR ENDED MAY 31, 2020, THE COLLEGE PAID A TOTAL OF $309,910 TO THE BANK - PRINCIPAL OF $205,094 AND INTEREST EXPENSE OF $104,816. 0 MR RONALD G DOVE JR MEMBER OF THE BOARD OF TRUSTEES MR. RONALD G. DOVE, JR. IS MEMBER OF THE BOARD OF TRUSTEES. HIS SISTER IS EMPLOYED BY THE COLLEGE. HER GROSS SALARY FOR THE 2019 CALENDAR YEAR WAS $44,542. 0 MR TOMMY BURLESON MEMBER OF THE BOARD OF TRUSTEES 185959 CONTRACTOR HIRED BY MILLIGAN COLLEGE. 0 X 22 365484 CLOSING STOCK PRICES 0 1 1 PART I, LINE 32B: THE INSTITUTION HIRES A WEALTH MANAGEMENT FIRM TO RECEIVE TRANSFERS OF STOCK FROM DONORS AND TO SELL SAID SECURITIES UPON RECEIPT. THE INVESTMENT ADVIS0R WITH THE THIRD PARTY FIRM VERIFIES SALES OF SECURITIES WITH THE VP FOR BUSINESS AND FINANCE EACH TIME A GIFT OF STOCK IS RECEIVED. FORM 990, PART VI, SECTION A, LINE 2 BRENDA GREEN, A MEMBER OF THE BOARD OF TRUSTEES, IS A SISTER-IN-LAW OF JAMES EARL GREEN, A MEMBER OF THE BOARD OF TRUSTEES. WILLIAM B. GREER, PRESIDENT OF MILLIGAN COLLEGE, IS A DIRECTOR ON THE BANK OF TENNESSEE'S BOARD OF DIRECTORS. WILLIAM B. GREENE, JR., A TRUSTEE OF MILLIGAN COLLEGE, IS THE OWNER OF THE BANK OF TENNESSEE. FORM 990, PART VI, SECTION B, LINE 11B A COMPLETE COPY OF THE COLLEGE'S FINAL FORM 990 (INCLUDING ALL REQUIRED SCHEDULES), AS ULTIMATELY FILED WITH THE INTERNAL REVENUE SERVICE, WAS PROVIDED TO EACH PERSON WHO WAS A VOTING MEMBER OF THE GOVERNING BODY AT THE TIME THE FORM 990 WAS PROVIDED, WHETHER IN PAPER OR ELECTRONIC FORM, BEFORE ITS FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH MEMBER OF THE BOARD OF TRUSTEES IS REQUESTED TO SUBMIT 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 PRESIDENT: THE BOARD OF TRUSTEES APPROVED THE SALARY OF THE PRESIDENT OF THE COLLEGE AT HIRE DATE BASED ON REVIEW OF HISTORICAL DATA AND PEER INSTITUTIONS. AT LEAST EVERY THREE YEARS, THE BOARD CONDUCTS AN EVALUATION OF THE PRESIDENT; DURING THIS PROCESS, COMPARATIVE SALARY DATA WITH PEER INSTITUTIONS IS REVIEWED. SALARY INCREASES CAN BE APPROVED AT THIS TIME. THE BOARD OF TRUSTEES ALSO PASSED A RESOLUTION THAT THE PRESIDENT WOULD RECEIVE THE SAME PERCENTAGE INCREASE AS OTHER STAFF OF THE COLLEGE ON AN ANNUAL BASIS. THE SALARY OF THE PRESIDENT IS APPROVED AS PART OF THE BUDGETING PROCESS BY THE BOARD OF TRUSTEES ANNUALLY. 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 XI, LINE 9: NET ADJUSTMENT OF ANNUITY PAYMENT LIABILITY -37,095. FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THAT OF THE PRIOR YEAR.