2021-05-13T16:55:36-05:00 2020-06-30 560747981 DIXON HUGHES GOODMAN LLP 999 S SHADY GROVE RD STE 400 MEMPHIS TN 38120 990 2019-07-01 620544854 MEMPHIS COLLEGE OF ART MEMP 9012725100 PO BOX 771431 MEMPHIS TN 381771431 LISA P ZYRIEK CFO 9012725125 2021-05-12 1 LAKRISHA J WATSON P01677333 9017613000 2021-05-12 2019 2022-09-23 18:48:47Z X LAURA HINE PO BOX 771431 MEMPHIS TN 381771431 5605103 0 X WWW.MCA.EDU X 1936 TN SEE SCHEDULE 0 X 10 10 136 0 0 0 103553 54506 3892653 1382130 2024970 3622719 361468 528708 6382644 5588063 1506786 606372 0 0 2817455 2155956 0 0 70489 2408321 2564304 6732562 5326632 -349918 261431 8527037 723329 8065140 421000 461897 302329 MEMPHIS COLLEGE OF ART IS DEDICATED TO TEACHING THE PRACTICE, HISTORY AND APPRECIATION OF VISUAL ART AND DESIGN; CHALLENGING ALL STUDENTS TO REACH THEIR HIGHEST INDIVIDUAL POTENTIAL, AND PREPARING GRADUATES TO SUCCEED IN THEIR CAREERS AND CHANGE THE WORLD. 0 0 2564737 606372 1634531 EDUCATIONAL INSTRUCTION FOR STUDENTS IN DEGREE PROGRAMS AND CONTINUING EDUCATION COURSES FOR ADDITIONAL STUDENTS. 2564737 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 136 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 TN X X LISA P ZYRIEK 9012891989 PO BOX 771431 MEMPHIS TN 381771431 HENRY DOGGRELL CHAIR 5.00 X 0 0 0 MICHAEL V LANDRUM TREASURER 3.00 X 0 0 0 CECIL C HUMPHREYS JR SECRETARY 2.00 X 0 0 0 GARY BACKAUS BOARD MEMBER 1.00 X 0 0 0 ALLISON GARROTT BRASWELL BOARD MEMBER 1.00 X 0 0 0 JIM GILLILAND BOARD MEMBER 1.00 X 0 0 0 RHYNETTE HURD BOARD MEMBER 1.00 X 0 0 0 SUE LAYMAN LIGHTMAN BOARD MEMBER 1.00 X 0 0 0 MURRAY RISS BOARD MEMBER 1.00 X 0 0 0 TATE WILSON BOARD MEMBER 1.00 X 0 0 0 LAURA HINE PRESIDENT 40.00 X 173335 0 13288 LISA ZYRIEK CFO 40.00 X 138387 0 10663 311722 0 23951 2 0 1 0 PEACOCK POPLAR LLC 1969 POPLAR AVENUE MEMPHIS TN 38104 RENT 220000 WINDSTREAM PO BOX 9001013 LOUISVILLE KY 40290 INTERNET SERVICE 150731 2 54506 54506 TUITION AND FEES 611710 1382130 1382130 1382130 13779 13779 3608940 0 3608940 3608940 3608940 186398 17040 169358 169358 409 0 409 409 OTHER INCOME 611710 252401 252401 STUDENT HOUSING 531110 106540 106540 358941 5588063 1634531 0 3899026 X 606372 606372 427506 427506 1456046 1171987 223979 60080 32853 25509 7344 107511 84178 18074 5259 132040 83066 44340 4634 41909 41909 86289 86289 1803 1803 2891 2400 491 175187 780 174407 293743 11144 282599 310180 282267 27913 5 5 795 795 295 295 397067 397067 115482 115482 INSTITUTIONAL SUPPORT 617349 617324 25 STUDENT HOUSING/SERVICE 226020 226020 CLOSING COSTS/BANK CHAR 135600 135600 MISCELLANEOUS 90478 90478 69211 69211 5326632 2564737 2691406 70489 3402833 132656 569238 569238 30000 1068332 21435 0 0 3334269 0 122365 0 8527037 723329 4281944 46995 2989247 746954 421000 8065140 421000 X 114477 302329 347420 0 461897 302329 8527037 723329 X 261431 -420999 X X 0 0 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1262379 13779 40000 1227132 9026 4593045 102718 3334171 96039 3174 1262379 4783750 36797 290011 486156 31357 4593045 4707191 8600 414893 308348 38586 4783750 5073369 27000 10116 369576 33718 4707191 0 0 0 RESERVE ACCOUNTS 421000 421000 PART V, LINE 4: MCA HAS CLOSED ITS OPERATIONS AS OF 6/30/20 AND ENDOWMENT FUNDS WERE EITHER TRANSFERRED TO OTHER ORGANIZATIONS PER THE ENDOWMENT AGREEMENT OR THROUGH VERBAL DIRECTION, OR WERE LIQUIDATED AND USED IN THE TEACH OUT AT MCA. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ALL ADVERTISEMENTS INCLUDE A STATEMENT OF THE NONDISCRIMINATORY POLICY OF THE COLLEGE. SCHEDULE E, PART I, LINE 6 FEDERAL WORK STUDY PROGRAM 43,613 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY PROGRAM 35,309 PELL GRANT PROGRAM 146,764 FEDERAL DIRECT LOAN PROGRAM 456,480 HOLIDAY BAZAAR 38164 38164 11613 ART SALE 135736 135736 4881 1 12498 12498 546 186398 186398 17040 17040 169358 1 ACADEMIC SCHOLARSHIPS 51 614260 PART I, LINE 2: THE ASSISTANCE IS IN THE FORM OF SCHOLARSHIPS WHICH ARE AWARDED ANNUALLY BASED ON THE STUDENTS MEETING CERTAIN GPA STANDARDS AND EXTENT OF NEED. X 0 0 0 0 0 0 0 0 0 LAURA HINE PRESIDENT 173335 0 0 0 0 0 7292 0 5996 0 186623 0 0 0 PART I, LINE 3 A SELECT GROUP OF BOARD OF TRUSTEES, TO INCLUDE THE CHAIR, VICE CHAIR, TREASURER AND IMMEDIATE PAST CHAIR DETERMINE THE PAY OF THE PRESIDENT. BUILDINGS 1936987 NET BOOK VALUE EQUIPMENT 597492 NET BOOK VALUE LAND 799790 NET BOOK VALUE ENDOWMENT FUNDS 79000 CASH DISTRIBUTION 620476301 RHODES COLLEGE 2000 NORTH PKWY MEMPHIS TN 38112 501(C)(3) ENDOWMNET FUNDS 544807 CASH DISTRIBUTION 626048540 UNIVERSITY OF MEMPHIS 3720 ALUMNI AVE MEMPHIS TN 38152 501(C)(3) ENDOWMENT FUNDS 13422 CASH DISTRIBUTION 581723645 CFGM 1900 UNION AVENUE MEMPHIS TN 38104 501(C)(3) 0 0 0 0 FORM 990, PAGE 1, LINE 1, MISSION STATEMENT MEMPHIS COLLEGE OF ART IS DEDICATED TO TEACHING THE PRACTICE, HISTORY AND APPRECIATION OF VISUAL ART AND DESIGN; CHALLENGING ALL STUDENTS TO REACH THEIR HIGHEST INDIVIDUAL POTENTIAL, AND PREPARING GRADUATES TO SUCCEED IN THEIR CAREERS AND CHANGE THE WORLD THROUGH THEIR CREATIVITY. FOUNDED IN 1936, IT IS ONE OF ONLY FOUR INDEPENDENT, REGIONALLY AND NATIONALLY ACCREDITED ART COLLEGES IN THE SOUTH, AND IS THE ONLY ONE TO OFFER GRADUATE DEGREES. MCA'S ACADEMIC PROGRAMS INCLUDE ANIMATION, DIGITAL CINEMA, DIGITAL MEDIA, DRAWING, GRAPHIC DESIGN, ILLUSTRATION, PAINTING, PHOTOGRAPHY, PRINTMAKING, SCULPTURE AND SEQUENTIAL NARRATIVE (COMICS.) THE LIBERAL ARTS PROGRAM IS COMPRISED OF ART HISTORY, HUMANITIES, MATHEMATICS/NATURAL SCIENCES, AND SOCIAL SCIENCES. MEMPHIS COLLEGE OF ART MEETS STRIDENT QUALITY STANDARDS AND IS ACCREDITED BY BOTH THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS AND THE NATIONAL ASSOCIATION OF SCHOOLS OF ART AND DESIGN (NASAD). WE ARE ALSO A MEMBER OF THE ASSOCIATION OF INDEPENDENT COLLEGES OF ART AND DESIGN (AICAD). THE MEMPHIS COLLEGE OF ART'S UNDERGRADUATE DEGREE PROGRAMS SERVE STUDENTS FROM ACROSS THE REGION AND REPRESENT 80 DIFFERENT ZIP CODES, WITH THE LARGE MAJORITY COMING FROM SHELBY COUNTY AND SURROUNDING COUNTIES. THE MCA STUDENT BODY WELL REPRESENTS THE BROAD DIVERSITY OF OUR METROPOLITAN AREA, WITH 34% MALE AND 66% FEMALE AND 47.8% PERSONS OF COLOR. THE 2010 CENSUS FOUND THAT AN ESTIMATED 26.5% OF RESIDENTS WITHIN MEMPHIS CITY LIMITS WERE LIVING IN POVERTY, THE HIGHEST RATE AMONG THE 51 U.S. METRO AREAS WITH POPULATIONS OF AT LEAST 1 MILLION. MCA EXHIBITS A STRONG COMMITMENT TO SERVING LOW-INCOME MEMBERS OF OUR COMMUNITY. NINETY-NINE PERCENT (99%) OF OUR DEGREE-SEEKING STUDENTS RECEIVE SOME TYPE OF FINANCIAL AID AND OVER SIXTY-FOUR PERCENT (64.3%) OF OUR STUDENTS QUALIFY AS LOW INCOME FOR PURPOSES OF QUALIFYING FOR PELL GRANTS FROM THE FEDERAL GOVERNMENT. THROUGH MCA'S INNOVATIVE PROFESSIONAL PRACTICE, (OR P2) PROGRAM, STUDENTS LEARN ABOUT ENTREPRENEURSHIP, BUILDING A PORTFOLIO, AND OTHER ESSENTIAL PROFESSIONAL BUSINESS PRACTICES THAT WILL FOSTER THEIR SUCCESSFUL CAREERS AFTER GRADUATION. MCA ALSO SERVES AS THE KEY COMMUNITY ARTS EDUCATION RESOURCE FOR THE MEMPHIS METROPOLITAN REGION. OUR COMMUNITY EDUCATION PROGRAMS ENCOMPASS ADULT ART EDUCATION, SATURDAY SCHOOL, THE SUMMER ART CAMP, THE SUMMER ART ACADEMY, IDEALS (INSPIRING AND DEVELOPING EMERGING ARTISTS FOR LIFELONG SUCCESS), ART TEACHER IN-SERVICE PROGRAM, TOURS & DEMONSTRATIONS, ADVANCED PLACEMENT ART CLASSES, VISUAL ART SHOWCASE, NATIONAL PORTFOLIO DAYS, AND CLASSROOM VISITS/OUTREACH EVENTS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE PRESIDENT, THE VICE PRESIDENT OF FINANCE, THE CHAIRMAN OF THE BOARD AND THE CHAIR OF THE FINANCE COMMITTEE BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY MCA HAS DIRECTORS AND TRUSTEES REVIEW THE POLICY AND SIGN THAT THEY ARE IN COMPLIANCE OR REVEAL ANY CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A A SELECT GROUP OF BOARD OF TRUSTEES, TO INCLUDE THE CHAIR, VICE CHAIR, TREASURER AND IMMEDIATE PAST CHAIR DETERMINES THE PAY OF THE PRESIDENT. NATIONAL AND REGIONAL SALARY COMPARISON'S FROM THE CHRONICLE OF HIGHER EDUCATION, SHRM AND OTHER PUBLIC SOURCES OF INFORMATION WERE USED AS COMPARABILITY DATA. FORM 990, PART VI, SECTION C, LINE 19 BY REQUEST. FORM 990, PART IX, LINE 24E ACADEMIC SUPPORT: PROGRAM SERVICE EXPENSES 35,727. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 35,727. INSTRUCTIONAL EXPENSES: PROGRAM SERVICE EXPENSES 33,484. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 33,484. FORM 990, PART XI, LINE 9: ROUNDING 1. SET UP RESERVE ACCOUNTS FOR SCHOOL CLOSING -421,000. FORM 990, PART XII, LINE 1: AS A RESULT OF THE COLLEGE'S BOARD OF TRUSTEES APPROVING THE TEACH-OUT PLAN, THE COLLEGE ADOPTED THE LIQUIDATION BASIS OF ACCOUNTING EFFECTIVE OCTOBER 1, 2017. THE LIQUIDATION BASIS OF ACCOUNTING IS CONSIDERED APPROPRIATE WHEN LIQUIDATION OF AN ORGANIZATION IS IMMINENT. UNDER THE LIQUIDATION BASIS OF ACCOUNTING, ASSETS ARE VALUED AT THEIR NET REALIZABLE VALUES AND LIABILITIES ARE STATED AT THEIR ESTIMATED SETTLEMENT AMOUNTS. ESTIMATES FOR FUTURE OPERATING COSTS EXPECTED TO BE INCURRED DURING THE LIQUIDATION PERIOD HAVE BEEN ACCRUED AND ANTICIPATED REVENUES EXPECTED TO BE COLLECTED HAVE BEEN INCLUDED ON THE STATEMENT OF NET ASSETS IN LIQUIDATION AS OF JUNE 30, 2020. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT PROCESS OR ITS SELECTION PROCESS DURING THE TAX YEAR.