2018-04-10T16:27:52-05:00 2017-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 801B SUNSET DRIVE JOHNSON CITY TN 37604 990 2016-06-01 620535755 MILLIGAN COLLEGE INC MILL 4234618686 P O BOX 750 MILLIGAN COLLEGE TN 37682 JACQUELINE R STEADMAN VP FOR BUSINESS AND FINANCE 4234618686 2018-04-09 1 CHAD KISNER P00738241 4232824511 2018-04-07 96.38.29.242 2018-04-09 00:19:19 ED P 1086C511314BED2342A7C788A18FBE6D45C6826F 1086C511314BED2342A7C788A18FBE6D45C6826F 2016 2021-01-29 14:40:06Z JACQUELINE R STEADMAN 1 BLOWERS BOULEVARD MILLIGAN COLLEGE TN 37682 38587215 0 X WWW.MILLIGAN.EDU X 1882 TN THE ORGANIZATION IS A CHRISTIAN LIBERAL ARTS COLLEGE. 26 23 869 1 70006 -6092 7057563 4350508 32040133 32763965 1518173 1472742 0 0 40615869 38587215 12072153 12720735 0 0 13863443 14234632 0 0 1580892 11469851 11948424 37405447 38903791 3210422 -316576 100815660 105185442 18216466 19329424 82599194 85856018 AS A CHRISTIAN LIBERAL ARTS COLLEGE, MILLIGAN COLLEGE SEEKS TO HONOR GOD BY EDUCATING MEN AND WOMEN TO BE SERVANT-LEADERS. 0 0 30489204 12720735 32532433 OPERATION OF CHRISTIAN LIBERAL ARTS COLLEGE 30489204 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 0 1 1 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 1 1934 0 1 869 1 1 1 0 0 0 0 1 1 0 0 0 1 0 X 26 23 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 CHAIRMAN 1.00 X X 0 0 0 RONALD G DOVE JR VICE CHAIR 1.00 X X 0 0 0 GARY PORTER SECRETARY 1.00 X X 0 0 0 WILLIAM R CLEM TREASURER 1.00 X X 0 0 0 THOMAS 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 TAMMY W ELDRIDGE MEMBER 1.00 X 0 0 0 HARRY E FONTAINE JR MEMBER 1.00 X 0 0 0 JAMES FRASURE MD MEMBER 1.00 X 0 0 0 BRENDA GREEN MEMBER 1.00 X 0 0 0 JAMES EARL GREEN MEMBER 1.00 X 0 0 0 PATRICIA GREEN MEMBER AT LARGE 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 MEMBER 1.00 X 0 0 0 MARSHALL W HAYDEN MEMBER 1.00 X 0 0 0 C DANNY JOHNSON MEMBER 1.00 X 0 0 0 STEPHEN MOORE MEMBER 1.00 X 0 0 0 RICHARD W PHILLIPS OD MEMBER 1.00 X 0 0 0 JAMES R RICE SR MD MEMBER 1.00 X 0 0 0 RONALD F SEWELL MEMBER AT LARGE 1.00 X 0 0 0 MARK H WEBB DDS MEMBER AT LARGE 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 CHARLES ALLCOTT III TRUSTEE ROTATION 1.00 X 0 0 0 GREG JOHNSON TRUSTEE ROTATION 1.00 X 0 0 0 SCOTT KENT TRUSTEE ROTATION 1.00 X 0 0 0 JOHN MEDING MD TRUSTEE ROTATION 1.00 X 0 0 0 JOHN K BANKS TRUSTEE EMERITUS 1.00 X 0 0 0 DENNIS A BRATTON TRUSTEE EMERITUS 1.00 X 0 0 0 W EDWARD FINE TRUSTEE EMERITUS 1.00 X 0 0 0 CAMERON PERRY TRUSTEE EMERITUS 1.00 X 0 0 0 JO ANN RICHARDSON TRUSTEE EMERITUS 1.00 X 0 0 0 N JEANNE STARKEY TRUSTEE EMERITUS 1.00 X 0 0 0 MARVIN SWINEY TRUSTEE EMERITUS 1.00 X 0 0 0 WILLIAM B GREER PRESIDENT 40.00 X 209056 0 23554 R GARLAND YOUNG VP FOR ACADEMIC AFFAIRS 40.00 X 88358 0 15399 MARK P FOX VP FOR STUDENT DEVELOPMENT 40.00 X 93981 0 10170 JACQUELINE R STEADMAN VP FOR BUSINESS & FINANCE 40.00 X 106466 0 10770 A LEE HARRISON VP OF MARKETING, ENROLLMENT 40.00 X 97237 0 10115 JACK SIMPSON VP FOR INST ADVANCEMENT 40.00 X 89647 0 15259 ANDREW HULL DIRECTOR-PHYSICIAN ASSISTNT STUDIES 40.00 X 108385 0 14544 793130 0 99811 3 0 1 0 ENERGY SYSTEMS GROUP LLC P O BOX 634987 CINCINNATI OH 452634987 ENERGY SERVICE PROVIDER 3560938 PIONEER COLLEGE CATERERS INC 303 GLENROSE AVENUE NASHVILLE TN 37210 CAFETERIA SERVICES 1238589 TEKLINKS INC P O BOX 830674 BIRMINGHAM AL 35283 INFORMATION TECHNOLOGY SERVICES 136482 APPALACHIAN COLLEGE ASSOCIATION INC 210 CENTER STREET BEREA KY 40403 LIBRARY SERVICES 128826 MURRAY GUARD INC P O BOX 1000 MEMPHIS TN 38148 SECURITY SERVICES 119104 8 4350508 497026 4350508 TUITION AND FEES 611710 27518519 27518519 AUXILIARY ENTERPRISES 611710 4282668 4282668 SUMMER CAMPS 611710 347797 347797 MARRIED STUDENT HOUSING 611710 269572 269572 OTHER INCOME 611710 231532 70006 161526 113877 113877 32763965 1472742 1472742 38587215 32532433 70006 1634268 5063 5063 12685297 12685297 30375 30375 812713 53565 569980 189168 11107798 8658152 2018935 430711 540459 450032 69108 21319 972506 740615 193475 38416 801156 555683 198052 47421 2494 2494 85445 85445 90878 90878 1421807 1213271 189596 18940 191328 72241 119087 969773 421556 428501 119716 615298 153824 461474 1098728 665261 330923 102544 760055 649822 43149 67084 15492 10428 5064 616265 616265 2291188 1374713 687356 229119 433350 260010 130005 43335 EQUIPMENT AND FACILITY 478586 198728 279858 DUES AND SUBSCRIPTIONS 157296 42038 114183 1075 2720441 1632265 816132 272044 38903791 30489204 6833695 1580892 7433791 4653381 3746222 6342836 4626449 4410938 884567 936192 1076197 1134648 305642 329940 100814 157232 80156727 33626122 45191362 46530605 34691327 38892998 2759289 1796672 100815660 105185442 2258426 1511246 803853 856209 10131491 9551840 2160259 5496197 2862437 1913932 18216466 19329424 X 32760638 32884935 17725644 20116872 32112912 32854211 82599194 85856018 100815660 105185442 X -316576 3680550 -107150 X X 0 1 X 1 1 1 X 3710995 8933392 4600930 7057563 4350508 28653388 3710995 8933392 4600930 7057563 4350508 28653388 8187921 20465467 866631 1009619 1414050 1518173 1472742 6281215 80000 142474 197201 64419 70006 554100 35488703 156815282 0.57670 0.51890 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 1506161 X X 0 38922910 719020 4901403 -1414661 -182382 42946290 29296058 11443852 -352732 -1154133 -310135 38922910 27710988 1046647 1415345 -849264 -27658 29296058 24581881 976450 2979229 -826081 -491 27710988 20575559 1217414 3475667 -625126 -61633 24581881 0.00310 0.76320 0.23370 0 0 2991093 2991093 68213399 27011213 41202186 0 7289309 5065628 2223681 1662926 1549281 113645 46530605 MUTUAL FUNDS 30139441 F EXCHANGE-TRADED AND CLOSED-END FUNDS 7631143 F UNIT INVESTMENT TRUSTS 33689 F BONDS 398940 F CASH AND CASH EQUIVALENTS HELD FOR LONG-TERM INVESTMENT 689785 F 38892998 OTHER ACCRUED LIABILITIES AND PAYABLES 293205 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 869705 ANNUITY PAYMENT LIABILITIES 689061 REMAINDER TRUST LIABILITY 61961 1913932 X 29354065 3680550 -107150 3573400 25780665 12806550 12806550 38587215 26097241 0 26097241 12806550 12806550 38903791 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, 2017. 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, 2017 AND 2016, 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, 2017 AND 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: NET ADJUSTMENT OF ANNUITY PAYMENT LIABILITY -107,150. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST STUDENT TUITION AND FEES 12,715,672. INVESTMENT FEES NETTED AGAINST INVESTMENT INCOME 90,878. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST STUDENT TUITION AND FEES 12,715,672. INVESTMENT FEES NETTED AGAINST INVESTMENT INCOME 90,878. 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. 1 0 0 0 0 0 0 0 0 0 CASH SCHOLARSHIPS FOR U.S. STUDENTS AT MILLIGAN COLLEGE WHO ARE STUDYING ABROAD CENTRAL AMERICA AND THE CARIBBEAN 3 30375 SCHOLARSHIPS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT 0 N/A 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. 1 CASH SCHOLARSHIPS FOR STUDENTS ATTENDING THE MILLIGAN COLLEGE CAMPUS IN CARTER COUNTY, TENNESSEE, U.S. 886 12685297 0 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 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 COLLEGE'S INDEPENDENT AUDITORS. X X X 0 1 X X 0 1 0 0 0 0 0 0 0 WILLIAM B GREER PRESIDENT 209056 0 0 0 0 0 14899 0 8655 0 232610 0 0 0 PART I, LINE 1A FOR THE YEAR ENDED 05/31/17, 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 4B 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, 2017 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 2044518 5500000 38851 5461149 2007 0 0 1 1 B 1403642 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 30250 GRANT TUITION 34728 GRANT TUITION DR WILLIAM B GREER PRESIDENT OF MILLIGAN COLLEGE 24899638 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 A NOTE PAYABLE ($15,048,037) OF THE COLLEGE, AND MOST OF THE CHECKING ACCOUNTS OF THE COLLEGE ($9,851,601). 0 CARTER COUNTY BANK CARTER COUNTY BANK, OWNED BY DR. WILLIAM B. GREENE, JR., TRUSTEE OF COLLEGE 10851601 MILLIGAN COLLEGE HAS MOST OF ITS CHECKING ACCOUNTS WITH CARTER COUNTY BANK, A DIVISION OF THE BANK OF TENNESSEE, WHOSE BALANCES AT MAY 31, 2017 TOTALED APPROXIMATELY $9,851,601.MILLIGAN COLLEGE HAS A $1,000,000 LINE OF CREDIT WITH CARTER COUNTY BANK, A DIVISION OF THE BANK OF TENNESSEE, OF WHICH THERE HAVE BEEN NO DRAWS AS OF MAY 31, 2017. THE LINE OF CREDIT MATURES NOVEMBER 8, 2017. 0 CARTER COUNTY BANK CARTER COUNTY BANK, OWNED BY DR. WILLIAM B. GREENE, JR., TRUSTEE OF COLLEGE 880904 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, 2017, THE BALANCE PAYABLE ON THE BOND WAS $3,455,482. FOR THE YEAR ENDED MAY 31, 2017, THE COLLEGE PAID A TOTAL OF $410,844 TO THE BANK - PRINCIPAL OF $256,227 AND INTEREST EXPENSE OF $154,617. 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, 2017, THE BALANCE PAYABLE ON THE BOND WAS $6,096,358. FOR THE YEAR ENDED MAY 31, 2017, THE COLLEGE PAID A TOTAL OF $470,060 TO THE BANK - PRINCIPAL OF $323,424 AND INTEREST EXPENSE OF $146,636. 0 CARTER COUNTY BANK CARTER COUNTY BANK, OWNED BY DR. WILLIAM B. GREENE, JR., TRUSTEE OF COLLEGE 448135 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, 2017, THE BALANCE PAYABLE ON THE NOTE PAYABLE WAS $2,065,983. FOR THE YEAR ENDED MAY 31, 2017, THE COLLEGE PAID A TOTAL OF $164,051 TO THE BANK - PRINCIPAL OF $94,276 AND INTEREST EXPENSE OF $69,775.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, 2017, THE BALANCE PAYABLE ON THE NOTE PAYABLE WAS $3,430,214. FOR THE YEAR ENDED MAY 31, 2017, THE COLLEGE PAID A TOTAL OF $284,084 TO THE BANK - PRINCIPAL OF $169,786 AND INTEREST EXPENSE OF $114,298. 0 MR RONALD G DOVE JR MEMBER OF THE BOARD OF TRUSTEES 41253 MR. RONALD G. DOVE, JR. IS MEMBER OF THE BOARD OF TRUSTEES. HIS SISTER IS EMPLOYED BY THE COLLEGE. HER GROSS SALARY FOR THE 2016 CALENDAR YEAR WAS $41,253. 0 MR CALVIN L WILSON JR MEMBER OF THE BOARD OF TRUSTEES 30310253 MR. CALVIN L. WILSON, JR., A SENIOR INVESTMENT ADVISOR WITH UBS FINANCIAL SERVICES, INC. (UBS), IS A MEMBER OF THE BOARD OF TRUSTEES. HE ALSO SERVES AS AN ADVISOR TO THE COLLEGE'S INVESTMENT COMMITTEE, BUT HE IS NOT A VOTING MEMBER OF THIS COMMITTEE. AT MAY 31, 2017, THE COLLEGE HAS APPROXIMATELY SEVENTY FIVE PERCENT OF ITS INVESTMENTS ($30,276,972) WITH UBS. FEES CHARGED BY UBS ARE COMPATIBLE WITH OTHER COMPANIES. FEES AVERAGE ABOUT 0.45% PER TRANSACTION. FOR THE CALENDAR YEAR ENDED DECEMBER 31, 2016, FEES CHARGED WERE $33,281. 0 X 1 1024 KELLY BLUE BOOK X 21 496002 CLOSING STOCK PRICES 0 1 0 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 SUBMITS 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 -107,150. 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 ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THAT OF THE PRIOR YEAR.