2018-03-06T14:34:41-06:00 2017-06-30 560574444 CHERRY BEKAERT LLP 1111 Metropolitan Ave Ste 1000 Charlotte NC 28204 990 2016-07-01 560530242 Meredith College MERE 9197608516 3800 Hillsborough Street Raleigh NC 27607 CRAIG BARFIELD vp for business & finance 9197608516 2018-03-06 1 Amanda Adams P00748038 7043771678 66.168.122.91 2018-03-06 14:31:56 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 0B670C8C210F0245D71F1F8B052AA4E3CE9649D0 2016 2021-01-29 14:40:06Z dr jo allen 3800 Hillsborough Street Raleigh NC 27607 156427816 0 X www.meredith.edu X 1891 NC Founded in 1891, Meredith College is one of the largest independent women's colleges in the U.S. Meredith offers comprehensive liberal arts and professional studies for undergraduate women. Meredith also offers coeducational M.B.A., M.A.T., M.Ed. and M.S. in Nutrition programs and coeducational business, paralegal, dietetics and pre-health certificate programs. 36 36 1322 350 28628 0 13073472 10704612 69808838 72373058 3761356 7871445 0 5026 86643666 90954141 22286227 24253798 0 0 28656904 30879484 20087 8981 1557916 24965896 25508629 75929114 80650892 10714552 10303249 180314153 191718614 70320048 67392549 109994105 124326065 Meredith College, grounded in the liberal arts and committed to professional preparation, educates and inspires students to live with integrity and provide leadership for the needs, opportunities and challenges of society. 0 0 36690984 63443606 EDUCATIONAL AND GENERAL EXPENSES: INSTRUCTIONAL, PUBLIC SERVICE, LIBRARY, STUDENT SERVICES, PLANT OPERATIONS, STUDENT AID. MEREDITH COLLEGE IS GOING STRONG. CHARTERED IN 1891, MEREDITH IS ONE OF THE NATION'S LARGEST INDEPENDENT PRIVATE WOMEN'S COLLEGES. OUR STUDENT BODY HAS GROWN TO NEARLY 2,000 AND INCLUDES MEN AT THE GRADUATE LEVEL IN BUSINESS, EDUCATION, AND NUTRITION; POSTBACCALAUREATE CERTIFICATES IN PRE-HEALTH AND BUSINESS; A PARALEGAL PROGRAM, AND MORE. MEREDITH CHALLENGES STUDENTS TO EXPLORE THEIR INTERESTS, EXPAND THEIR SKILLS, AND BUILD ON THEIR STRENGTHS. OUR GRADUATES GO ON TO USE THEIR INTELLECT AND ABILITIES TO MAKE A POSITIVE IMPACT ON THE WORLD. U.S. NEWS, THE PRINCETON REVIEW AND FORBES.COM HAVE ALL INCLUDED MEREDITH IN THEIR "BEST COLLEGES" LISTS. 24253798 24253798 SCHOLARSHIPS AND GRANTS: THE COLLEGE PROVIDES APPROXIMATELY 1,655 STUDENTS WITH SCHOLARSHIPS AND GRANTS TO ASSIST IN THE PURSUIT OF UNDERGRADUATE AND GRADUATE DEGREES. 9123886 8929452 AUXILIARY ENTERPRISES: THE COLLEGE PROVIDES A NUMBER OF SERVICES THAT SUPPORT LEARNING, BUILD COMMUNITY AND ENHANCE THE OVERALL QUALITY OF STUDENT LIFE. THESE INCLUDE, BUT ARE NOT LIMITED TO, RESIDENTIAL HOUSING, APARTMENTS, DINING, BOOKSTORE AND MAIL SERVICES. 70068668 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 2992 0 1 1322 1 1 1 1 IT 0 0 0 1 1 1 2 0 0 0 X 36 36 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X CRAIG M BARFIELD 9197608516 3800 HILLSBOROUGH ST RALEIGH NC 27607 H Alexander Holmes Chair 1.00 X 0 0 0 Leslie Landis Hayes Vice Chair 1.00 X 0 0 0 Christie Bishop Barbee Member 1.00 X 0 0 0 Margaret R Beale Member 1.00 X 0 0 0 Elizabeth Triplett Beam MemBER 1.00 X 0 0 0 Gregory Bennett MEMBER 1.00 X 0 0 0 Robert H Brodney MEMBER 1.00 X 0 0 0 Yvette M Brown MEMBER 1.00 X 0 0 0 Nancy Williams Cheek MEMBER 1.00 X 0 0 0 Thomas EH Conway Jr MEMBER 1.00 X 0 0 0 Josephine Cooper MEMBER 1.00 X 0 0 0 Javier Diaz de Leon MeMBER 1.00 X 0 0 0 Mary Dossenbach MemBER 1.00 X 0 0 0 Robert W Eaves Jr MEMBER 1.00 X 0 0 0 Sam E Ewell Jr MEMBER 1.00 X 0 0 0 Betsy Porter Fritschel MEMBER 1.00 X 0 0 0 Amanda Shelton Houser MEMBER 1.00 X 0 0 0 Ann Batson James MEMBER 1.00 X 0 0 0 Phillip Kirk Jr MEMBER 1.00 X 0 0 0 Durwood Laughinghouse MEMBER 1.00 X 0 0 0 Carolyn Leith meMBER 1.00 X 0 0 0 Ann Lowery Member 1.00 X 0 0 0 Billy D Maddalon MEMBER 1.00 X 0 0 0 Hulene McLean MEMBER 1.00 X 0 0 0 Carol Lancaster Milano MEMBER 1.00 X 0 0 0 Ginger Alexander Neustadt MEMBER 1.00 X 0 0 0 William Keller Normann MEMBER 1.00 X 0 0 0 Sarah Parker MeMBER 1.00 X 0 0 0 Lisa Robie Poole Member 1.00 X 0 0 0 Elizabeth Vance Raft MEMBER 1.00 X 0 0 0 Nancy Pentecost Siska MEMBER 1.00 X 0 0 0 Silda Wall Spitzer MEMBER 1.00 X 0 0 0 Frances Jennings Teter MEMBER 1.00 X 0 0 0 Donna Wilson Thagard MEMBER 1.00 X 0 0 0 Lou Perry Tippet MEMBER 1.00 X 0 0 0 Richard Urquhart Member 1.00 X 0 0 0 JO ALLEN PRESIDENT 40.00 X 350456 0 33608 N Jean Jackson VP College Programs 40.00 X 173449 0 15827 Charles Barton VP Institutional Advancement 40.00 X 175340 0 8918 CRAIG BARFIELD VP for Business and Finance 40.00 X 170084 0 9518 MATTHEW Poslusny Senior VP & Provost 40.00 X 162187 0 19096 Kristie Ogilvie Dean 40.00 X 184837 0 17033 Elizabeth Wolfinger Dean 40.00 X 148234 0 8301 Jeffrey Howlett CIO 40.00 X 139613 0 17256 John Mecham Professor 40.00 X 125029 0 5447 Bing Yu Assoc. Professor 40.00 X 121008 0 13488 1750237 0 148492 22 0 1 0 Aramark Corporation 27310 Network Place Chicago IL 606731273 Dining and Facilities Mgmt. 3349568 Ammons Building Corp 7200-101 ACC Blvd Raleigh NC 27617 Construction 1450020 Piedmont Service Group Inc 1031 Nowell Rd Raleigh NC 27607 Building Contractor 595625 Teamcraft Roofing Inc 1316 N Long Street Salisbury NC 28144 Roofing Contractor 411719 Davidson Sash and Door Inc 1358 Piedmont Drive Lexington NC 27295 Building Contractor 324551 12 38545 625671 10040396 626819 10704612 TUITION AND FEES 900099 62168723 62168723 housing, dining & other 900099 8929452 8929452 workshops & other fees 900099 1274883 1274883 72373058 965224 28628 936596 72352770 65446549 6906221 6906221 6906221 32152 38545 27126 5026 5026 90954141 72373058 28628 7847843 24253798 24253798 1118483 891432 185668 41383 22566433 17985446 3746028 834959 1084940 864697 180100 40143 4254445 3390793 706238 157414 1855183 1478581 307960 68642 123926 123926 8981 8981 211548 211548 568431 568431 2118828 1688706 351725 78397 1149798 1080810 68988 396866 316302 65880 14684 1808322 1808322 4182685 3931724 250961 375712 375712 EXPENDITURES OF RESTRIC 2809571 2809571 PROGRAM ACTIVITIES 2747551 2747551 ADMINISTRATIVE AND OVER 2504405 2003169 417222 84014 FOOD AND FOOD SERVICE 1938042 1938042 4572944 2879724 1463921 229299 80650892 70068668 9024308 1557916 14991599 17617288 6321215 6020867 920255 1015160 31840 27814 101955 9150 141725229 74381550 67769787 67343679 56336604 68918819 32479455 29392921 605824 476161 755619 896755 180314153 191718614 4904133 3725860 49991095 49197268 3325000 3225000 12099820 11244421 70320048 67392549 X 22634283 27854692 22248564 28276599 65111258 68194774 109994105 124326065 180314153 191718614 X 10303249 4009333 19378 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 94303471 2846969 11478429 2224032 1642132 104762705 96523500 4294862 -2734015 2228528 1552348 94303471 93872324 6035911 177435 2308463 1253707 96523500 81375442 2822900 13494986 2381943 1439061 93872324 75673912 2417559 6714436 2087131 1343334 81375442 0.22540 0.63740 0.13720 0 0 1356190 351485 1707675 124787419 66810773 57976646 14140499 7570777 6569722 1089636 1089636 67343679 CHARITABLE TRUSTS inv. 548096 F FUND OF FUNDS 19290957 F PRIVATE EQUITY 3261787 F PRIVATE REAL ESTATE FUNDS 439039 F TIMBER 3565320 F REITS 2287722 F 29392921 STUDENT Deposits 296691 ACCRUED RETIREMENT OBLIGATIONS 9054450 DUE TO DONORS OF TRUSTS 272797 ASSET RETIREMENT OBLIGATION 1620483 11244421 X 62722188 4009333 -24226672 -20217339 82939527 211548 7803066 8014614 90954141 56212672 27126 27126 56185546 211548 24253798 24465346 80650892 Part V, Line 4: THE COLLEGE'S ENDOWMENT CONSISTS OF APPROXIMATELY 507 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. Part X, Line 2: The College's policy is to record a liability for unrecognized tax benefits, and any related interest and penalties, when it is more likely than not a tax 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 June 30, 2017 and 2016 and, accordingly, no liability has been accrued. Part XI, Line 2d - Other Adjustments: institutional grants shown net of tuition on financials -24,253,798. Special Event Expenses Reported Net of Revenue 27,126. Part XI, Line 4b - Other Adjustments: INVESTMENT RETURN IN EXCESS OF AMOUNTS DESIGNATED FOR CURRENT OPERATIONS 7,803,066. Part XII, Line 2d - Other Adjustments: Special Event Expenses Reported Net of Revenue 27,126. Part XII, Line 4b - Other Adjustments: institutional grants shown net of tuition on financials 24,253,798. . 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 MEREDITH'S FULL NON-DISCRIMINATION POLICY IS PRINTED IN COLLEGE PUBLICATIONS SUCH AS THE 2016-2017 UNDERGRADUATE CATALOGUE WHICH IS DISTRIBUTED IN PRINT FORM AND ON THE COLLEGE WEBSITE. IN ADDITION, IT IS ALSO PUBLISHED IN THE NEWS AND OBSERVER, UNDERGRADUATE RECRUITMENT MATERIALS, AND GRADUATE PROGRAM RECRUITMENT MATERIALS. Schedule E, Part I, Line 6 IN FURTHERANCE OF ITS EDUCATIONAL MISSIONS, MEREDITH COLLEGE RECEIVES FUNDS IN SUPPORT OF ITS STUDENTS. europe 1 1 PROGRAM SERVICE STUDENT STUDY ABROAD, Alumni Travel 776180 Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Program Service STUDENT Study Abroad 120139 Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 investments 1934488 1 1 0 0 1 1 2830807 0 2830807 1 0 1 1 0 0 SCHEDULE F, PART IV, LINE 1 ALTHOUGH THE COLLEGE HAD INDIRECT TRANSFERS OF PROPERTY TO VARIOUS FOREIGN CORPORATIONS THROUGH PARTNERSHIP INVESTMENTS, NONE OF THE TRANSFERS WERE HIGH ENOUGH TO REQUIRE FORM 926 REPORTING. SCHEDULE F, PART IV, LINE 3 ALTHOUGH THE COLLEGE HAD AN OWNERSHIP IN CERTAIN FOREIGN CORPORATIONS (INVESTMENTS) DURING THE TAX YEAR, THE INVESTMENT AMOUNT WAS NOT HIGH ENOUGH TO RENDER THE FILING OF FORM 5471. SCHEDULE F, PART IV, LINE 4 MEREDITH COLLEGE IS AN INVESTOR IN ONE OR MORE "PASSIVE FOREIGN INVESTMENT COMPANIES ("PFICS"). THEY RECEIVED NO TAXABLE DISTRIBUTIONS FROM ANY OF THE FUNDS DURING FISCAL YEAR 2017. FORM 8621 IS NOT BEING FILED PURSUANT TO IRS GUIDANCE SET FORTH IN REG SEC 1.1291-1(E). Golf Tournament 16400 6755 9645 9222 4647 Autism Gala 54297 31790 22507 4158 5440 3659 70697 38545 32152 13380 5440 8306 27126 5026 1 INSTITUTIONAL GRANTS, FINANCIAL AID & SCHOLARSHIPS 1655 21662837 2590961 tuition rates financial aid and scholarships Part I, Line 2: meredith college financial assistance office has systems and internal procedures in place that ensures the proper determination, disbursement and monitoring of grants and scholarships. these systems and procedures comply with the federal student title iv aid regulations, north carolina state education assistance authority rules, and institutional policies. X X 1 1 X X X 0 0 0 0 0 0 0 1 0 JO ALLEN PRESIDENT 323134 0 25000 0 2322 0 23250 0 10358 0 384064 0 0 0 N Jean Jackson VP College Programs 170400 0 0 0 3049 0 8702 0 7125 0 189276 0 0 0 Charles Barton VP Institutional Advancement 169334 0 0 0 6006 0 8594 0 324 0 184258 0 0 0 CRAIG BARFIELD VP for Business and Finance 170084 0 0 0 0 0 8594 0 924 0 179602 0 0 0 MATTHEW Poslusny Senior VP & Provost 161090 0 0 0 1097 0 8999 0 10097 0 181283 0 0 0 Kristie Ogilvie Dean 184336 0 0 0 501 0 9346 0 7687 0 201870 0 0 0 Elizabeth Wolfinger Dean 147358 0 0 0 876 0 7343 0 958 0 156535 0 0 0 Jeffrey Howlett CIO 139217 0 0 0 396 0 7573 0 9683 0 156869 0 0 0 Part I, Line 1a THE PRESIDENT IS PROVIDED WITH A RESIDENCE FOR PERSONAL USE AS WELL AS HOUSEKEEPING SERVICES FOR THE CONVENIENCE OF THE COLLEGE SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL SCHOOL BUSINESS AND ACTIVITIES AT THE HOME. THIS RESIDENCE IS PROVIDED FOR THE CONVENIENCE OF THE COLLEGE IN HAVING THE FUNCTIONS OF THE OFFICE OF THE PRESIDENT EFFICIENTLY DISCHARGED AND AS A CONDITION OF EMPLOYMENT AS PRESIDENT OF THE COLLEGE. FOR THE BENEFIT AND CONVENIENCE OF THE COLLEGE, THE PRESIDENT'S RESIDENCE SHALL BE AVAILABLE, AND SHALL BE USED, FOR COLLEGE-RELATED BUSINESS AND ENTERTAINMENT ON A REGULAR AND CONTINUING BASIS. THE APPROXIMATE RENTAL VALUE OF THE HOME IS $3,500 PER MONTH. THESE ARE TREATED AS NONTAXABLE BENEFITS. Part I, Line 7 Dr. Jo Allen received a discretionary performance-based bonus of $25,000 that was approved by the board of trustees. A north carolina capital facilities finance agency 561592154 65818pgh6 2008-04-03 18000000 SEE PART VI 0 0 0 B NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY 561592154 65818PGG8 2008-04-03 39331510 SEE PART VI 1 0 0 C North carolina capital facilities finance agency 561592154 65818PLG2 2016-09-29 8826029 See PART VI 0 0 0 A 18093366 707232 158198 28688 12699248 2009 1 0 1 1 B 8735000 7800000 42187138 601074 515495 9932 9653354 287500 2009 0 1 1 1 C 165000 8826067 8213368 176521 2009 0 1 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 1 0 0 1 1 B 0 0 0 1 0 0 0 1 1 C 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 FORM 990, SCHEDULE K, PART I, LINE A, COLUMN (F): TO RETIRE AN OUTSTANDING NOTE TO WACHOVIA BANK, N.A., DATED JANUARY 12, 2006, IN THE AMOUNT OF $4,500,000, THE PROCEEDS OF WHICH WERE USED TO PAY THE COSTS OF RENOVATING TWO EXISTING RESIDENCE HALLS AND A CLASSROOM BUILDING, AND TO PAY THE COST OF CONSTRUCTION AND EQUIP A RESIDENCE HALL AND RELATED CAPITAL IMPROVEMENTS ON THE COLLEGE'S CAMPUS. FORM 990, SCHEDULE K, PART I, LINE B, COLUMN (F): TO REFUND ALL OF THE OUTSTANDING SERIES 2001 BONDS ISSUED ON SEPTEMBER 5, 2001 TO PAY THE COST OF CONSTRUCTION AND EQUIP A RESIDENCE HALL AND RELATED CAPITAL IMPROVEMENTS ON THE COLLEGE'S CAMPUS. Form 990, Schedule K, Part I, Line C, Column F: To refund in advance of their maturities $7,800,000 in aggregate principal amount of the outstanding 2008A bonds and pay issuance costs. FORM 990, SCHEDULE K, PART II, COLUMNS A, B & C, LINE 3: THE DIFFERENCE BETWEEN THE AMOUNTS ON LINE 3 AND THE ISSUE PRICES LISTED IN PART I, COLUMN E, IS DUE TO INVESTMENT EARNINGS ON BOND PROCEEDS PENDING DISBURSEMENT. FORM 990, SCHEDULE K, PART II, COLUMN A, LINE 6: AS OF THE END OF THE 12-MONTH PERIOD, THE AMOUNT HELD WAS $0; HOWEVER, THE AMOUNT OF $4,500,000 WAS USED FOR REFUNDING PURPOSES. FORM 990, SCHEDULE K, PART II, COLUMN b, LINE 6: AS OF THE END OF THE 12-MONTH PERIOD, THE AMOUNT HELD WAS $0; HOWEVER, THE AMOUNT OF $31,119,784 WAS USED FOR REFUNDING PURPOSES. Form 990, Schedule K, Part II, Column C, Line 6: As of the end of the 12-month period, the amount held was $0; however, the amount of $8,644,849 was used for refunding purposes. FORM 990, SCHEDULE K, PART II, COLUMN B, LINE 9: THIS REPRESENTS THE REMAINING AMOUNT IN THE COST OF ISSUANCE ACCOUNT AND IN THE CONSTRUCTION ACCOUNT APPLIED TO PAY INTEREST ON THE BONDS FOLLOWING THE END OF THE CONSTRUCTION PERIOD. FORM 990, SCHEDULE K, PART II, COLUMN B, LINE 11: THIS REPRESENTS THE AMOUNTS DERIVED FROM ESCROW FUND RESTRUCTURING THAT WERE APPLIED TO PAY INTEREST ON THE BONDS ($246,000) AND FEES AND EXPENSES RELATING TO THE ESCROW RESTRUCTURING ($41,500). Form 990, Schedule K, Part II, Column C, Line 11: This represents the amount derived from the advanced refunding that was applied to pay interest on the bonds. Form 990, Schedule K, Part IV, Column A, Line 2C: No rebate computation has been performed since the exception rebate was met. Form 990, Schedule K, Part IV, Column B, Line 2C: The last rebate computation was performed July 30, 2014. X 23 626819 fmv 0 0 1 1 Part I, Line 32b: FOR GIFTS OF REAL ESTATE TO THE COLLEGE, AN AGENT IS SELECTED BY THE COLLEGE TO SELL THE PROPERTY. Form 990, Part VI, Section B, line 11b THE BUSINESS AND FINANCE COMMITTEE WILL REVIEW AND APPROVE THE 990. FOR PRIVACY PURPOSES, THE FULL BOARD ONLY RECEIVES A PUBLIC DISCLOSURE COPY OF THE 990 FOR THEIR REVIEW PRIOR TO FILING WITH THE IRS. HOWEVER, THE FORM 990 IS AVAILABLE UPON REQUEST. Form 990, Part VI, Section B, line 12c The Board Affairs Committee monitors the Trustees' conflict of interest policy including distributing, collecting, and reviewing conflict of interest forms annually. in addition, the chair of the investment committee reviews conflict of interest forms for the members of that committee for any potential conflict specifically related to their role on that committee. In the event of a conflict, the individual involved would recuse themselves from any vote on the matter. Form 990, Part VI, Section B, line 15 THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, AN INDEPENDENT BODY. THE COMMITTEE RELIES UPON DATA FROM COMPARABLE COLLEGES OBTAINED BY NCICU AND FROM FORMS 990 OF SIMILARLY SITUATED COLLEGES AND UNIVERSITIES. IN ADDITION, THE COMMITTEE ALSO CONSIDERS THE RESULTS OF THE PRESIDENT'S ANNUAL PERFORMANCE EVALUATION. THE DECISION IS DOCUMENTED IN THE MINUTES OF THE COMMITTEE. THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES IS INDEPENDENTLY REVIEWED ON EVERY SALARY LEVEL. THE COLLEGE REVIEWS SALARY DATA FROM VARIOUS SOURCES, SUCH AS CUPA. Form 990, Part VI, Section C, line 19 the financial statements are available upon request and are available in the president's annual report, which is posted on the COllege's website. the conflict of interest policy and the governing documents are not available to the public. Form 990, Part XI, line 9: CHANGE IN POSTRETIREMENT BENEFIT OBLIGATIONS 1,107,141. LOSS ON BOND REFINANCING -1,087,763. cooperating raleigh colleges po box 120 raleigh NC 27607 237158371 support member institutions NC 501(c)(3) Line 12a, I N/A 0 CHARITABLE REMAINDER TRUST (4) INVESTMENT NC N/A T 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0