2020-02-19T12:43:39-06:00 2019-06-30 560747981 DIXON HUGHES GOODMAN LLP 999 S SHADY GROVE RD STE 400 MEMPHIS TN 38120 990 2018-07-01 620544854 MEMPHIS COLLEGE OF ART MEMP 9012725100 1930 POPLAR AVENUE MEMPHIS TN 38104 LISA P ZYRIEK CFO 9012725125 2020-02-13 1 AMY M DOOLIN P01297217 9017613000 2020-02-13 4.16.119.113 2020-02-13 08:33:22 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 24B6B5FD99F8E5425F63CC9FF33883586CC1C14C 2018 2020-09-23 17:36:50Z LAURA HINE 1930 POPLAR AVENUE MEMPHIS TN 38104 12783969 0 X WWW.MCA.EDU X 1936 TN SEE SCHEDULE 0 X 10 10 193 0 0 0 2223015 103553 9151509 3892653 637708 2024970 822372 361468 12834604 6382644 3920491 1506786 0 0 4347506 2817455 0 0 100900 19163557 2408321 27431554 6732562 -14596950 -349918 17859407 8527037 17651153 8065140 208254 461897 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 4554782 1506786 4046443 EDUCATIONAL INSTRUCTION FOR STUDENTS IN DEGREE PROGRAMS AND CONTINUING EDUCATION COURSES FOR ADDITIONAL STUDENTS. 4554782 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 53 0 1 193 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 9012725106 1930 POPLAR AVENUE MEMPHIS TN 38104 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 173900 0 15371 LISA ZYRIEK CFO 40.00 X 131390 0 8649 305290 0 24020 2 0 1 0 PEACOCK POPLAR LLC 1969 POPLAR AVENUE MEMPHIS TN 38104 RENT 192000 WINDSTREAM PO BOX 9001013 LOUISVILLE KY 40290 INTERNET SERVICE 158770 2 103553 103553 TUITION AND FEES 611710 3892653 3892653 3892653 93744 93744 593 -593 -593 -593 3842612 4353233 3865018 2399601 -22406 1953632 1931226 1931226 76758 55740 21018 21018 19423 80373 -60950 -60950 STUDENT HOUSING 531110 248203 248203 OTHER INCOME 611710 153790 153790 401993 6382644 4046443 0 2232648 1506786 1506786 342404 63889 195882 82633 2084524 1737172 342790 4562 61604 48517 11811 1276 157961 127474 25094 5393 170962 128457 36372 6133 76254 76254 71546 71546 21695 21695 14103 14103 173603 1022 171801 780 308674 5257 303417 455142 426294 28848 1798 38 1725 35 1691 642 1049 711 711 122317 122317 INSTITUTIONAL SUPPORT 647101 647013 88 STUDENT HOUSING/SERVICE 331205 331205 INSTRUCTIONAL EXPENSES 80127 80127 ACADEMIC SUPPORT 62104 62104 40250 40250 6732562 4554782 2076880 100900 1484760 3402833 569238 59659 30000 3697802 1068332 23976936 20642667 8624389 3334269 3860660 0 132137 122365 17859407 8527037 10083333 4281944 198842 46995 6522811 2989247 846167 746954 17651153 8065140 X -451889 114477 660143 347420 208254 461897 17859407 8527037 X -349918 603561 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 122365 X X 0 4593045 102718 3334171 96039 3174 1262379 4783750 36797 290011 486156 31357 4593045 4707191 8600 414893 308348 38586 4783750 5073369 27000 10116 369576 33718 4707191 5153467 224600 51352 321151 34899 5073369 0.13310 0.00000 0.86690 1 0 799790 799790 19943075 18006088 1936987 3234071 2636579 597492 3334269 PAYABLES RELATED TO THIRD PARTIES 746954 746954 X 5012564 136706 136706 4875858 1506786 1506786 6382644 5362483 136706 136706 5225777 1506786 1506786 6732563 PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF VARIOUS FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. PART X, LINE 2: THE COLLEGE IS QUALIFIED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND ACCORDINGLY IS EXEMPT FROM FEDERAL INCOME TAXES. THE COLLEGE HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2019, AND THERE ARE NO INTEREST AND PENALTIES RELATED TO INCOME TAX ASSESSMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOOD SOLD 80,373. RENTAL EXPENSES 593. FUNDRAISING EXPENSES 55,740. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,506,786. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 80,373. RENTAL EXPENSES 593. FUNDRAISING EXPENSES 55,740. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 1,506,786. 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 51,789 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY PROGRAM 46,631 PELL GRANT PROGRAM 425,196 FEDERAL DIRECT LOAN PROGRAM 1,309,102 HOLIDAY BAZAAR 71966 71966 55089 71966 71966 55089 55089 16877 1 ACADEMIC SCHOLARSHIPS 120 1584789 COMMUNITY EDUCATION SCHOLARSHIPS 48 14438 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 173900 0 0 0 0 0 8750 0 6621 0 189271 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. A THE HEALTH EDUCATION AND HOUSING FACILITY BOARD OF THE COUNTY OF SHELBY 2016-09-29 7225370 REFINANCED PRIOR LOANS 0 0 0 A 3925460 7225370 131047 7094323 0 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 A 0 BUILDINGS 1971019 NET BOOK VALUE EQUIPMENT 166438 NET BOOK VALUE LAND 262300 PURCHASE PRICE 0 0 0 0 PART II IN OCTOBER 2017, THE BOARD OF TRUSTEES OF THE COLLEGE APPROVED A PLAN TO STOP ADMITTING NEW STUDENTS AND PROCEED WITH THE TEACH-OUT OF EXISTING STUDENTS. A FORMAL TEACH-OUT PLAN OF THE EXISTING STUDENTS WAS SUBMITTED AND APPROVED BY THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS ("SACS") AND STATES THE COLLEGE PLANS TO CONTINUE THROUGH MAY 2020. 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, 2019. 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 XI, LINE 9: LIQUIDATION ADJUSTMENT 603,562. ROUNDING -1. PART XI, LINE 9 CHANGE IN NEXT ASSETS RESULTED FROM A LIQUIDATION ADJUSTMENT OF 603,562. FORM 990, PAGE 12, 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, 2019. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT PROCESS OR ITS SELECTION PROCESS DURING THE TAX YEAR.