2018-03-23T15:10:02-05:00 2017-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 801B SUNSET DRIVE JOHNSON CITY TN 37604 990 2016-06-01 581363100 KING UNIVERSITY INC KING 4236526002 1350 KING COLLEGE ROAD BRISTOL TN 37620 JAMES P DONAHUE CHIEF FINANCIAL OFFICER 4236526002 2018-03-15 1 CHAD KISNER P00738241 4232824511 2018-03-12 67.237.221.218 2018-03-15 14:05:32 ED P 1086C511314BED2342A7C788A18FBE6D45C6826F 1086C511314BED2342A7C788A18FBE6D45C6826F 2016 2021-01-29 14:40:06Z JAMES P DONAHUE 1350 KING COLLEGE ROAD BRISTOL TN 37620 51288142 0 X WWW.KING.EDU X 1867 TN MISSION:WE PREPARE STUDENTS IN OUR CHRISTIAN ACADEMIC COMMUNITY TO EXCEL AS THOUGHTFUL, RESOURCEFUL, AND RESPONSIBLE CITIZENS WITH A PASSION FOR SERVING GOD, THE CHURCH, AND THE WORLD. WE ACCOMPLISH THIS THROUGH EXCELLENT TEACHING, HIGH EXPECTATIONS, WORTHWHILE EXAMPLE, AND FIDELITY TO OUR PRESBYTERIAN HERITAGE. OUR MISSION IS THE SAME FOR ALL CAMPUSES AND SITES; FOR ONLINE LEARNING; AND FOR ALL PROGRAMS, CURRICULAR AND EXTRACURRICULAR, GRADUATE AND UNDERGRADUATE.VISION:WE AIM TO BE THE PREEMINENT SMALL TO MEDIUM-SIZED CHRISTIAN UNIVERSITY IN THE UPPER SOUTH, WITH A REPUTATION EARNED THERE AND BEYOND AS A SCHOOL SERIOUS ABOUT ITS CHRISTIAN COMMITMENT, FOCUSED ON STUDENT SUCCESS, DEDICATED TO ACADEMIC EXCELLENCE, AND SUCCESSFUL IN PRODUCING GRADUATES WHO EXCEL WHEREVER THEY LIVE, WORK, AND SERVE. 22 22 978 50 0 0 777184 2327791 45144160 43790058 2162409 5170293 0 0 48083753 51288142 12354067 12115305 0 0 21057798 20380220 0 0 391333 16040337 15955547 49452202 48451072 -1368449 2837070 70225781 69236553 16671536 14468592 53554245 54767961 X WE PREPARE STUDENTS IN OUR CHRISTIAN ACADEMIC COMMUNITY TO EXCEL AS THOUGHTFUL, RESOURCEFUL, AND RESPONSIBLE CITIZENS WITH A PASSION FOR SERVING GOD, THE CHURCH, AND THE WORLD. WE ACCOMPLISH THIS THROUGH EXCELLENT TEACHING, HIGH EXPECTATIONS, WORTHWHILE EXAMPLE, AND FIDELITY TO OUR PRESBYTERIAN HERITAGE. OUR MISSION IS THE SAME FOR ALL CAMPUSES AND SITES; FOR ONLINE LEARNING; AND FOR ALL PROGRAMS, CURRICULAR AND EXTRACURRICULAR, GRADUATE AND UNDERGRADUATE. 0 0 36937941 12115305 43774780 THE OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER LEARNING. 36937941 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4296 0 1 978 1 0 0 0 0 0 1 1 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 TN X LETTIE T JACKSON 4236524719 KING UNIVERSITY BUSINESS OFFICE BRISTOL TN 37620 MR WARREN PAYNE CHAIR 1.00 X X 0 0 0 MR ROBERT SCOTT H MACLELLAN VICE-CHAIR 1.00 X X 0 0 0 DR WILLIAM D HEIZER II SECRETARY 1.00 X X 0 0 0 MRS NELL KING BIEGER TRUSTEE 1.00 X 0 0 0 DR E NEAL CALDWELL TRUSTEE 1.00 X 0 0 0 MR J WILLIAM FERGUSON III TRUSTEE 1.00 X 0 0 0 MR DAVID A FLANIGAN JR TRUSTEE 1.00 X 0 0 0 MR BEN M FRIZZELL JR TRUSTEE 1.00 X 0 0 0 MR PETER HOLLER TRUSTEE 1.00 X 0 0 0 MR THEODORE M HUTCHESON JR TRUSTEE 1.00 X 0 0 0 DR J THOMAS LEWIS TRUSTEE 1.00 X 0 0 0 DR J MILLER LISTON TRUSTEE EMERITUS 1.00 X 0 0 0 MR THOMAS H LOWE TRUSTEE 1.00 X 0 0 0 DR F EUGENE MCFARLANE TRUSTEE 1.00 X 0 0 0 MR PAUL MONTGOMERY TRUSTEE 1.00 X 0 0 0 DR KAREN RHEA TRUSTEE 1.00 X 0 0 0 MR H ALLEN ROES TRUSTEE 1.00 X 0 0 0 MR SCOTT W SHELDON TRUSTEE 1.00 X 0 0 0 MR JOHN F SHOULDERS JR TRUSTEE 1.00 X 0 0 0 MR WILLIAM STRAUGHAN TRUSTEE 1.00 X 0 0 0 MRS ANDREA WHITE TRUSTEE 1.00 X 0 0 0 MRS AMY WILLIAMS TRUSTEE 1.00 X 0 0 0 DR RICHARD A RAY TRUSTEE, INTERIM PRESIDENT 50.00 X X 114291 0 5688 MR ALEXANDER W WHITAKER IV PRESIDENT-08/01/16 T0 PRESENT 50.00 X 135597 0 11111 MR JAMES P DONAHUE TREASURER/CHIEF FINANCIAL OFFICER 50.00 X 142999 0 37145 DR MATT ROBERTS VP FOR ACADEMIC AFFAIRS 50.00 X 91619 0 34955 DR ROBERT A LITTLETON VP FOR STUDENT AFFAIRS 50.00 X 83101 0 24512 MR JOHN W KING-THRU 033117 VP FOR DEVELOPMENT 50.00 X 94484 0 35205 DR RANDALL C BLEVINS DEAN-SCH OF BUSINESS/PROF MGMT/MKT 50.00 X 116772 0 4628 MRS RHONDA M MORGAN INTERIM DEAN-SCH OF NURSING/PROF NURSING 50.00 X 105652 0 18161 884515 0 171405 5 0 1 0 LEARNING HOUSE 427 SOUTH FOURTH STREET SUITE 300 LOUISVILLE KY 402023493 3RD PARTY EDUCATION PROVIDER 3558828 ACS BENEFIT SERVICES P O BOX 2000 WINSTONSALEM NC 27102 3RD PARTY ADMIN-EMPLOYEE BENEFIT PLANS 3334187 ARAMARK CORPORATION CAMPUS SERVICES 1350 KING COLLEGE BRISTOL TN 37620 CAFETERIA VENDOR 1643259 A BOOK COMPANY LLC P O BOX 634194 CINCINNATI OH 452634194 3RD PARTY TEXTBOOK PROVIDER 389607 TIAACREF P O BOX 933326 ATLANTA GA 311933329 RETIREMENT PLAN ADMINISTRATOR 379567 11 2327791 10197 2327791 TUITION AND FEES 611710 40570507 40570507 AUXILIARY ENTERPRISES 611710 2559104 2543826 15278 OTHER INCOME 611710 396521 396521 UNIVERSITY BOOKSTORE SALES 611710 263926 263926 43790058 363611 363611 4806682 0 4806682 4806682 4806682 51288142 43774780 0 5185571 12115305 12115305 1012239 298834 548299 165106 16518374 14258465 2183749 76160 354369 308140 43176 3053 1218094 1030657 183489 3948 1277144 819160 438827 19157 33933 33933 96887 96887 200958 200958 646509 195634 426631 24244 915249 486363 400239 28647 303603 182162 121441 1049300 676693 351516 21091 1025593 856678 162351 6564 173905 173905 1327441 796465 530976 428677 255963 172714 MISCELLANEOUS INTANGIBL 5371499 841714 4494870 34915 DINING SERVICES 1416110 1416110 RENT/LEASE EXPENSE-KING 911157 911157 MISCELLANEOUS OTHER EXE 411609 209879 201730 1643117 1278562 356107 8448 48451072 36937941 11121798 391333 206585 221769 2493103 1352266 2248294 1931302 1108847 1049423 127543 135567 558902 623448 45392201 24955298 21404087 20436903 34333096 36554793 7745324 6931082 70225781 69236553 2635361 2266101 5141320 3659039 6280922 6257882 2613933 2285570 16671536 14468592 X 18242507 18736574 2062654 2421271 33249084 33610116 53554245 54767961 70225781 69236553 X 2837070 -809112 -814242 X X 0 1 X 1 1 1 X 1510402 2854332 1968689 777184 2327791 9438398 1510402 2854332 1968689 777184 2327791 9438398 3773159 5665239 186180 146372 318153 211447 363611 1225763 285109 285109 10949270 217105089 0.51740 0.53850 X SCHEDULE A, PART I, LINES 2 AND 7 KING COLLEGE RECEIVED AN IRS DETERMINATION LETTER OCTOBER 29, 1979 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. AS OF JUNE 1, 2013, KING COLLEGE OFFICIALLY BECAME KING UNIVERSITY. THERE WAS NO CHANGE TO THE STRUCTURE OF THE ORGANIZATION. PER THE 2013 INSTRUCTIONS FOR SCHEDULE B, SCHEDULE OF CONTRIBUTORS, THE INTERNAL REVENUE SERVICE HAS CLARIFIED THAT IN ORDER FOR THE UNIVERSITY 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 34048381 339659 3987609 -3608492 34767157 33838114 45120 1314269 -1149122 34048381 32356144 1158126 1581456 -1257612 33838114 32051040 122135 3778157 -3595188 32356144 31058949 648443 5477704 -5134056 32051040 0.00000 0.96670 0.03330 0 0 205000 205000 29060245 12990043 16070202 147925 79776 68149 6264694 5383260 881434 9714337 6502219 3212118 20436903 INVESTMENT IN ARTWORK AND BOOKS 4722981 F INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES 1226570 F ASSETS HELD IN CHARITABLE REMAINDER UNITRUSTS 522981 F INVESTMENT IN REAL ESTATE 458550 F 6931082 DEPOSITS HELD IN CUSTODY FOR OTHERS 228577 OTHER ACCRUED LIABILITIES AND PAYABLES 579751 UNREDEEMED BONDS, COUPONS 31650 CAPITAL LEASES 386398 LIABILITY UNDER UNITRUST AGREEMENTS 115371 U.S. GOVERNMENT LOAN FUNDS REFUNDABLE 943823 2285570 X 37549483 -809112 -814242 -1623354 39172837 12115305 12115305 51288142 36335767 0 36335767 12115305 12115305 48451072 PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS IS FOR GENERAL USE, STUDENT LOAN FUNDS, SCHOLARSHIPS, TECHNOLOGY, CHAIRS AND OTHER. PART X, LINE 2: NOTE 12 - UNCERTAINTY IN INCOME TAXES THE UNIVERSITY FOLLOWS THE FASB ASC, WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF MAY 31, 2017 AND 2016, THE UNIVERSITY HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE UNIVERSITY'S FINANCIAL STATEMENTS. THE UNIVERSITY'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE FINANCIAL STATEMENTS. HOWEVER, NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEARS ENDED MAY 31, 2017 AND 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN (LOSS) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES 21,373. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS -835,615. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,115,305. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,115,305. 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 POLICY IS STATED ON ALL OF KING UNIVERSITY'S PRINTED MATERIALS, BROCHURES, AND ONLINE. SCHEDULE E, PART I, LINE 6 KING UNIVERSITY RECEIVES FINANCIAL ASSSITANCE FROM TWO GOVERNMENTAL AGENCIES - THE UNITED STATES DEPARTMENT OF EDUCATION AND THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. KING UNIVERSITY PARTICIPATES IN THE TITLE IV STUDENT FINANCIAL AID PROGRAMS. THE UNIVERSITY HAS RECEIVED A RESEARCH GRANT FROM THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. KING UNIVERSITY ALSO RECEIVES FUNDING FROM THE DEPARTMENT OF VETERANS AFFAIRS AND FROM THE STATE OF TENNESSEE AND ITS AGENCIES. 1 THE UNIVERSITY AWARDED FINANCIAL AID TOTALING $12,115,305 FOR STUDENTS ATTENDING KING UNIVERSITY, WHOSE MAIN CAMPUS IS IN SULLIVAN COUNTY, TENNESSEE. 1668 12115305 0 N/A N/A PART I, LINE 2: THE UNIVERSITY DOES NOT GIVE ANY NON-CASH SCHOLARSHIPS. SCHOLARSHIPS ARE DISBURSED TO STUDENTS THROUGH CREDITING THEIR STUDENT ACCOUNTS. IF THE STUDENT HAS EXCESS SCHOLARSHIP FUNDS AS THE RESULT OF TITLE IV AID, THEN THESE FUNDS ARE AUTOMATICALLY DISBURSED TO THE STUDENT BY CHECK WITHIN 14 DAYS. IF THE EXCESS FUNDS ARE THE RESULT OF SOMETHING OTHER THAN TITLE IV AID, THE STUDENT MUST REQUEST A REFUND AND THESE FUNDS ARE DISBURSED TO THE STUDENT BY CHECK. THE UNIVERSITY'S PROCEDURES FOR MONITORING GRANT FUNDS IN THE U. S. ARE AS FOLLOWS: THE UNIVERSITY HAS APPOINTED DIRECTORS, WHO REPORT TO THE APPROPRIATE VICE PRESIDENTS, OVERALL 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 UNIVERSITY'S CONTROLLER AFTER REQUESTS ARE MADE BY THE DIRECTOR TO THE CONTROLLER. THE CONTROLLER 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 UNIVERSITY'S INDEPENDENT AUDITORS. X X X X 0 0 0 0 0 0 0 0 0 MR JAMES P DONAHUE TREASURER/CHIEF FINANCIAL OFFICER 142999 0 0 0 0 0 6940 0 30205 0 180144 0 0 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 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S FORM 990 WAS REVIEWED BY THE FINANCE COMMITTEE BEFORE ITS FIING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE CHIEF FINANCIAL OFFICER EVALUATES ALL CONTRACTS AND MAJOR TRANSACTIONS TO ENSURE POLICY IS FOLLOWED. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE OF THE BOARD OF TRUSTEES MEETS ANNUALLY TO DISCUSS AND EVALUATE THE PRESIDENT'S PERFORMANCE. THEY SET AN INCREASE IF THERE IS ONE. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: GAINS (LOSSES) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS 21,373. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS -835,615. FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT AND FOR THE SELECTION OF AN INDEPENDENT ACCOUNTANT, AND THIS HAS NOT CHANGED FROM THE PRIOR YEAR.