2017-04-13T18:06:29-05:00 2016-05-31 990 2015-06-01 610482955 BELLARMINE UNIVERSITY BELL 5022728261 2001 NEWBURG ROAD LOUISVILLE KY 40205 ROBERT L ZIMLICH VP FOR ADMIN. & FINANCE 5022728261 2017-04-13 2015 2021-01-29 14:40:06Z ROBERT L ZIMLICH 2001 NEWBURG ROAD LOUISVILLE KY 40205 136986700 0 X WWW.BELLARMINE.EDU X 1950 KY POST-SECONDARY EDUCATION. 30 28 1769 543 0 -5494 7150622 12908034 112556612 119721953 2596654 2752779 2222826 1157755 124526714 136540521 47001938 51186314 0 0 47633168 49395268 0 0 2838998 25232315 26924067 119867421 127505649 4659293 9034872 200745735 215614439 79627328 88884132 121118407 126730307 X BELLARMINE UNIVERSITY EDUCATES STUDENTS THROUGH UNDERGRADUATE AND GRADUATE PROGRAMS IN THE LIBERAL ARTS AND PROFESSIONAL STUDIES. THE UNIVERSITY IS AN INDEPENDENT CATHOLIC UNIVERSITY SERVING THE REGION, NATION, AND WORLD THROUGH POST-SECONDARY EDUCATION. 0 0 84427726 49194941 104283943 INSTRUCTION: 2846 STUDENTS IN UNDERGRADUATE CLASSES; 1487 STUDENTS IN GRADUATE CLASSES; 909 STUDENTS GRADUATED IN 2015-2016 ACADEMIC SCHOOL YEAR. 9154290 1991373 9532988 AUXILIARY HOUSING: AUXILIARY ENTERPRISES:STUDENT HOUSING IS THE MAJOR AUXILIARY ENTERPRISE. LIVING QUARTERS WERE PROVIDED TO 1125 STUDENTS IN THE RESIDENCE HALLS. 16685118 5905022 STUDENT SERVICES, STUDENT AFFAIRS OFFICE, ADMISSIONS AND ENROLLMENT SERVICES,REGISTRARS OFFICE, HEALTH AND COUNSELING SERVICES, ATHLETICS AND RECREATION 5230756 879092 ACADEMIC SUPPORT, LIBRARY AND COMPUTER TECHNOLOGY SERVICES, SUPPORT FOR THE FOUR ACADEMIC DIVISIONS 5230756 879092 115497890 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 1 0 0 0 1 432 0 1 1769 1 0 0 0 0 0 1 1 0 0 X 30 28 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 KY MA WA AK NH X X ROBERT L ZIMLICH VP FOR ADMIN & FINANCE 5022728261 2001 NEWBURG ROAD LOUISVILLE KY 40205 JOSEPH J MCGOWAN PRESIDENT, DECEASED 40.00 X X 677901 0 88013 JOSEPH P CLAYTON TRUSTEE 2.00 X 0 0 0 RUSS COX TRUSTEE 2.00 X 0 0 0 JAMES R ALLEN TRUSTEE 2.00 X 0 0 0 JOHN LANSING TRUSTEE 2.00 X 0 0 0 MICHAEL J MACKIN TRUSTEE 2.00 X 0 0 0 ERNEST W MARSHALL TRUSTEE 2.00 X 0 0 0 LIBBYE MONTOMERY TRUSTEE 2.00 X 0 0 0 REV JOSEPH E KURTZ DD TRUSTEE 2.00 X 0 0 0 WPATRICK MULLOY TRUSTEE 2.00 X 0 0 0 STEVE TRAGER TRUSTEE 2.00 X 0 0 0 JOE REAGAN TRUSTEE 2.00 X 0 0 0 T W SAMUELS TRUSTEE 2.00 X 0 0 0 LEONARD M SPALDING TRUSTEE 2.00 X 0 0 0 SR JANET MARIE PETERWORTH OSU TRUSTEE 2.00 X 0 0 0 DOUG WHYTE TRUSTEE 2.00 X 0 0 0 ANGELA MASON TRUSTEE 2.00 X 0 0 0 DONALD BERG TRUSTEE 2.00 X 0 0 0 MICHAEL MCCALLISTER TRUSTEE 2.00 X 0 0 0 MARIA GERWING HAMPTON TRUSTEE 2.00 X 0 0 0 G JESSE FLYNN TRUSTEE 2.00 X 0 0 0 JOYCE HAGAN TRUSTEE 2.00 X 0 0 0 WILLIAM E MUDD TRUSTEE 2.00 X 0 0 0 KATHY DAWLEY TRUSTEE 2.00 X 0 0 0 CRAIG GRANT TRUSTEE 2.00 X 0 0 0 BRAD RAY TRUSTEE 2.00 X 0 0 0 DAVID HEINTZMAN TRUSTEE 2.00 X 0 0 0 ANGELA SCHMIDT TRUSTEE 2.00 X 0 0 0 MATT THORNTON TRUSTEE 2.00 X 0 0 0 GARY ULMER TRUSTEE 2.00 X 0 0 0 DORIS TEGART EXECUTIVE VP, INTERIM PRESIDENT 40.00 X 246901 0 34277 ROBERT L ZIMLICH VP ADMINISTRATION & FINANC 40.00 X 235196 0 55141 GLENN KOSSE VP DEVELOPMENT & ALUMNI RE 40.00 X 214318 0 36482 HUNT HELM VP COMMUNICATIONS & PUBLIC 40.00 X 186063 0 19527 SEAN RYAN VP ENROLLMENT MANAGEMENT 40.00 X 212023 0 40570 CAROLE PFEFFER VP ACADEMIC AFFAIRS 40.00 X 211267 0 25999 HELEN GRACE RYAN VP STUDENT AFFAIRS 40.00 X 140143 0 15044 DANIEL BAUER DEAN OF SCH. OF BUS. 40.00 X 175608 0 31871 ROBERT COOTER DEAN OF SCH. OF EDUCATION 40.00 X 174044 0 23480 SCOTT DAVENPORT HEAD COACH - MEN'S BASKETB 40.00 X 242864 0 27042 ZAIN KHANDWALA EXECUTIVE DIRECTOR - ADVAN 40.00 X 206198 0 5872 MICHAEL MATTEI PROFESSOR SCHOOL OF BUSINE 40.00 X 166135 0 27125 FRED RHODES FORMER VP STUDENT AFFAIRS 40.00 X 203850 0 30366 3292511 0 460809 66 1 1 0 MESSER CONSTRUCTION COMPANY 5158 FISHWICK DR CINCINNATI OH 45216 CONSTRUCTION 7595276 SODEXO 2001 NEWBURG RD LOUISVILLE KY 40203 FOOD SERVICE 4140856 DOE-ANDERSON INC 620 W MAIN ST LOUISVILLE KY 40202 ADVERTISING 1174729 FACILITIES MANAGEMENT SERVICES 4400 BISHOP LANE LOUISVILLE KY 40218 CLEANING SERVICES 944733 ROYALL AND COMPANY 1920 EAST PARHAM ROAD RICHMOND VA 23228 RECRUITING CONSULTANTS 812177 5 138085 543656 12226293 5092663 12908034 TUITION AND FEES 900099 104283943 104283943 AUXLIARY ENTERPRISES-HOUSING 900099 7592643 7592643 FOOD REVENUE 900099 1765927 1765927 CAMPUS STORE 900099 157272 157272 MEMBERSHIP DUES 900099 17146 17146 5905022 5905022 119721953 1955863 1955863 15416 15416 203075 34396 168679 168679 168679 999000 217500 781500 781500 781500 286734 138085 178199 108535 108535 3175 1726 1449 1449 38597 14358 24239 24239 OTHER INCOME 531390 447383 447383 SPORTS CAMP REVENUE 713990 313790 313790 ACADEMIC RELATED PARKING 812930 93680 93680 854853 136540521 120601045 0 3031442 51186314 51186314 2457339 710275 1472184 274880 35725296 31019510 3696428 1009358 2444634 2048965 312746 82923 6334259 4994300 1164670 175289 2433740 2099756 270493 63491 112154 14859 95545 1750 68761 68761 2027682 1620033 158455 249194 1035059 606750 24634 403675 2594813 2412901 114834 67078 1397976 656578 706732 34666 1675782 1663290 12492 1522861 1401784 74455 46622 224168 148284 54434 21450 3352417 2545094 807323 4657272 4657272 433011 361039 63773 8199 UNRELATED BUSINESS INCO 521 521 OTHER EXPENSES 3407195 3615999 -426994 218190 MEALS 1372249 1055979 214918 101352 OTHER EXPENSES-PLANT 1192863 1119303 67934 5626 1849283 1559605 214423 75255 127505649 115497890 9168761 2838998 5190 5235 12620888 12854086 6763948 8276462 2357406 2859115 85779 73431 2447735 1226157 190076461 59496093 115212282 130580368 43167766 42300267 14628966 13818886 3455775 3620432 200745735 215614439 6879378 5234558 2672059 2736936 66222400 76284450 3853491 4628188 79627328 88884132 X 75847380 78637382 11806308 14178307 33464719 33914618 121118407 126730307 200745735 215614439 9034872 -3422972 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 0 52259548 1322729 -2484343 1301537 741284 406319 48648794 50931015 2117336 1432278 1151734 683373 385974 52259548 43752880 4266540 4970915 1144067 538057 377196 50931015 38574903 1140935 5913542 1028552 509501 338447 43752880 41225490 1062421 -2009908 935819 444787 322494 38574903 0.24510 0.75490 0 0 5111118 5111118 120420342 37024649 83395693 18213955 12539423 5674532 46331046 9932021 36399025 130580368 460966 F OTHER ENDOWMENT SECURITIES 4495903 F GLOBAL HEDGED EQUITY 4408579 F ABSOLUTE RETURN HEDGE FUND 1432660 F DISTRESSED DEBT 566382 F PRIVATE EQUITY 2454396 F 13818886 ANNUITY OBLIGATIONS 1497772 U.S. ADVANCES FOR STUDENT LOANS 722443 LONG TERM CAPITAL LEASE OBLIGATIONS 2407973 4628188 X 82169414 -3422972 238179 -3184793 85354207 51186314 51186314 136540521 76557514 238179 238179 76319335 51186314 51186314 127505649 PART III, LINE 4: THE HISTORICAL TREASURES OF THE UNIVERSITY CONSIST OF OVER 50,000 ITEMS OF THOMAS MERTON INCLUDING WRITINGS, DRAWINGS, PHOTOGRAPHS, PERSONAL POSSESSIONS, AND OTHER MERTON ARTIFACTS. THEY ARE KEPT IN THE THOMAS MERTON CENTER LOCATED IN THE UNIVERSITY LIBRARY BUILDING. THE MERTON CENTER IS USED FOR SCHOLARLY RESEARCH ON THOMAS MERTON,A WORLD CONTEMPLATIVE AND WRITER. IN ADDITION TO THE MERTON TREASURES, THE UNIVERSITY HAS NUMEROUS DOROTHY DAY TREASURES. DOROTHY DAY WAS A NOTED TWENTIETH CENTURY CATHOLIC SOCIAL ACTIVIST AND THINKER. AMONG THE TREASURES OF THE UNIVERSITY ARE 136 ORIGINAL LETTERS FROM DOROTHY DAY, FOUR SIGNED BOOKS BY DOROTHY DAY, HUNDREDS OF EARLY CATHOLIC WORKER PHOTOS AND 523 CATHOLIC WORKER NEWSPAPERS, MOSTLY COMPLETE FROM THE FIRST ISSUE, 1933 THROUGH 1990. THESE MATERIALS ARE NOW AVAILABLE FOR CONSULTATION BY RESEARCHERS VISITING THE THOMAS MERTON CENTER AT BELLARMINE UNIVERSITY WHO ARE INTERESTED IN THE LIFE AND WORK OF DOROTHY DAY. PART V, LINE 4: THE UNIVERSITY HAS ADOPTED INVESTMENT AND SPENDING POLICIES, APPROVED BY THE BOARD OF TRUSTEES, FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO SUPPORT CURRENT AND FUTURE UNIVERSITY NEEDS, WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THESE ENDOWMENT ASSETS OVER THE LONG-TERM, AND TO BUILD CAPITAL FOR FUTURE USE. THE UNIVERSITY'S SPENDING AND INVESTMENT POLICIES WORK TOGETHER TO ACHIEVE THIS OBJECTIVE. PART X, LINE 2: PURSUANT TO A DETERMINATION BY THE INTERNAL REVENUE SERVICE, THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. GAAP REQUIRES THE UNIVERSITY TO EVALUATE TAX POSITIONS TAKEN BY THE UNIVERSITY AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE UNIVERSITY HAS TAKEN ANY UNCERTAIN TAX POSITIONS. THE UNIVERSITY HAS ANALYZED THE TAX POSITIONS TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) ON ALL INCOME TAX RETURNS THAT REMAIN OPEN TO EXAMINATION BY THE RESPECTIVE TAXING AUTHORITIES. THE UNIVERSITY DOES NOT BELIEVE THAT THERE ARE ANY UNCERTAIN TAX POSITIONS ON THOSE RETURNS THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) THAT SHOULD BE REFLECTED IN THE FINANCIAL STATEMENTS. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE UNIVERSITY BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR TAX YEARS PRIOR TO MAY 31, 2013. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES, SPECIAL EVENTS, AND COST OF GOODS SOLD 59,980. ATHLETIC TEAM FUND RAISING 178,199. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND DISCOUNTS 51,186,314. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES, SPECIAL EVENTS, AND COST OF GOODS SOLD 59,980. ATHLETIC TEAM FUND RAISING NETTED AGAINST EXPENSE 178,199. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND DISCOUNTS 51,186,314. SCHEDULE D, PART XI & XII SCHEDULE D, PAGE 4, PART XI, LINE 2D-RENTAL EXPENSES, SPECIAL EVENTS EXPENSE AND COST OF GOODS SOLD WHICH WERE NETTED AGAINST THE REVENUE ACCOUNTS FOR PRESENTATION ON THE 990, BUT INCLUDED AS EXPENSE ON THE AUDITED STATEMENTS.(SEE EXPLANATION SCHEDULE D, PAGE 4, PART XII, LINE 2D BELOW.) SCHEDULE D, PAGE 4, PART XI, LINE 4B-ATHLETIC TEAM FUND RAISING ARE NETTED AGAINST EXPENSES IN THE AUDITED STATEMENTS BUT SHOWN AS INCOME ON THE 990. SCHOLARSHIPS AND DISCOUNTS ARE NETTED AGAINST THE REVENUE IN THE AUDITED FINANCIAL STATEMENTS BUT SHOWN AS EXPENSE ON THE 990. SCHEDULE D, PAGE 4, PART XII, LINE 2D-RENTAL EXPENSES, SPECIAL EVENTS EXPENSE AND COST OF GOODS SOLD WHICH WERE NETTED AGAINST THE REVENUE ACCOUNTS FOR PRESENTATION ON THE 990, BUT INCLUDED AS EXPENSE ON THE AUDITED FINANCIAL STATEMENTS. SCHEDULE D, PAGE 4, PART XII, LINE 4B, REPRESENTS SPORTS CAMP REVENUE AND ATHLETIC TEAM FUND RAISING NETTED AGAINST EXPENSE IN THE AUDITED STATEMENTS, AND SHOWN AS REVENUE ON THE 990. SCHOLARSHIPS AND DISCOUNTS ARE NETTED AGAINST THE REVENUE IN THE AUDITED FINANCIAL STATEMENTS BUT SHOWN AS EXPENSE ON THE 990. 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 WRITTEN IN ALL OF THE PUBLICATIONS OF THE UNIVERSITY. ALSO THE POLICY IS BROADCAST THROUGHOUT THE YEAR IN NUMEROUS PUBLIC PUBLICATIONS INCLUDING LOCAL NEWSPAPERS, PROMOTIONAL MATERIALS AND OTHER STUDENT BROCHURES. SCHEDULE E, PART I, LINE 6 BELLARMINE UNIVERSITY PARTICIPATES IN THE FOLLOWING FINANCIAL AID PROGRAMS: FEDERAL PELL GRANT PROGRAM, FEDERAL WORK-STUDY PROGRAM, FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM, FEDERAL PERKINS LOAN PROGRAM, FEDERAL DIRECT LOAN PROGRAM, FEDERAL DIRECT PLUS LOAN PROGRAM AND TEACHER EDUCATION ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION GRANTS PROGRAM. THE UNIVERSITY COMPLIES WITH THE ANNUAL SINGLE AUDIT REQUIREMENTS, FILINGS WITH THE FEDERAL AUDITING CLEARINGHOUSE AND THE DEPARTMENT OF EDUCATION FILINGS. CENTRAL AMERICA AND THE CARIBBEAN PROGRAM SERVICES 92 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS EAST ASIA AND THE PACIFIC PROGRAM SERVICES 27 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS EUROPE PROGRAM SERVICES 116 STUDENTS PARTICPATED IN STUDY ABROAD PROGRAMS SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, PROGRAM SERVICES 14 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS SOUTH ASIA PROGRAM SERVICES 7 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS AFRICA PROGRAM SERVICES 2 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS NORTH AMERICA PROGRAM SERVICES 8 STUDENTS PARTICIPATED IN STUDY ABROAD PROGRAMS 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 KNIGHT OF KNIGHTS 121252 15400 105852 45261 38041 22550 DESIGNER SHOW HOUSE 94395 63444 30951 10623 6717 13611 5 209172 59241 149931 24922 10798 700 4976 424819 138085 286734 80806 55556 700 41137 178199 108535 0 SCHOLARSHIPS AND DISCOUNTS 2558 51186314 X X X X 1 1 X X X X 0 0 0 1 0 0 0 1 0 JOSEPH J MCGOWAN PRESIDENT, DECEASED 421858 0 175970 0 80073 0 26500 0 61513 0 765914 0 0 0 DORIS TEGART EXECUTIVE VP, INTERIM PRESIDENT 232610 0 0 0 14291 0 25305 0 8972 0 281178 0 0 0 ROBERT L ZIMLICH VP ADMINISTRATION & FINANC 200085 0 0 0 35111 0 22295 0 32846 0 290337 0 0 0 GLENN KOSSE VP DEVELOPMENT & ALUMNI RE 193214 0 0 0 21104 0 22295 0 14187 0 250800 0 0 0 HUNT HELM VP COMMUNICATIONS & PUBLIC 175651 0 0 0 10412 0 18592 0 935 0 205590 0 0 0 SEAN RYAN VP ENROLLMENT MANAGEMENT 192979 0 0 0 19044 0 21174 0 19396 0 252593 0 0 0 CAROLE PFEFFER VP ACADEMIC AFFAIRS 199877 0 0 0 11390 0 20141 0 5858 0 237266 0 0 0 HELEN GRACE RYAN VP STUDENT AFFAIRS 132787 0 0 0 7356 0 14504 0 540 0 155187 0 0 0 DANIEL BAUER DEAN OF SCH. OF BUS. 166348 0 0 0 9260 0 17771 0 14100 0 207479 0 0 0 ROBERT COOTER DEAN OF SCH. OF EDUCATION 157666 0 0 0 16378 0 17301 0 6179 0 197524 0 0 0 SCOTT DAVENPORT HEAD COACH - MEN'S BASKETB 181636 0 51345 0 9883 0 18333 0 8709 0 269906 0 0 0 ZAIN KHANDWALA EXECUTIVE DIRECTOR - ADVAN 188042 0 0 0 18156 0 0 0 5872 0 212070 0 0 0 MICHAEL MATTEI PROFESSOR SCHOOL OF BUSINE 140391 0 0 0 25744 0 16807 0 10318 0 193260 0 0 0 FRED RHODES FORMER VP STUDENT AFFAIRS 184412 0 0 0 19438 0 20763 0 9603 0 234216 0 0 0 PART I, LINE 5 THE BONUS CALCULATION USES THE FOLLOWING CRITERIA: BALANCED BUDGET CLEAN AUDIT OPINION (REGULAR AUDIT AND FEDERAL A133 AUDIT) FUNDRAISING ENROLLMENT, AND OTHER GOALS. PART I, LINE 7 THE EXECUTIVE COMMITTEE REVIEWS THE PRESIDENT'S PERFORMANCE ON AN ANNUAL BASIS. THE EXECUTIVE COMMITTEE OF THE BOARD ESTABLISHES CRITERIA TO BE USED DURING THE NEXT FISCAL YEAR TO ESTABLISH THE GOALS THE PRESIDENT MUST MEET OR EXCEED IN ORDER TO QUALIFY FOR ANY BONUS. THE GOALS ARE ESTABLISHED BASED UPON THE VISION AND THE MISSION OF THE UNIVERSITY. A LOUJEFFCOMETRO GOVERNMENT 616001862 NONEAVAIL 2008-07-10 27230000 REFUNDING & CAP IMPROVE 0 0 0 B LOUJEFFCOMETRO GOVERNMENT 616001862 NONEAVAIL 2009-12-16 18500000 CAPITAL IMPROVEMENTS 0 0 0 C CITY OF SHIVELY KY COLLEGE IMPROVEMENT BONDS 616001912 NONEAVAIL 2011-04-20 7100000 CAPITAL IMPROVEMENTS 1 0 0 D CITY OF AUDUBON PARK KY COLLEGE IMPROVEMENT BONDS 616001777 NONEAVAIL 2011-05-11 6000000 CAPITAL IMPROVEMENTS 1 0 0 A 1900000 28132896 2661576 363752 61106 13726216 11305415 14831 2010 0 1 1 1 B 1955000 18268653 1338081 251401 22363 16648927 7881 2011 0 0 1 1 C 514000 6586000 7100000 149050 6950950 2012 0 0 1 1 D 436000 5564000 6000000 71700 5928300 2012 0 0 1 1 A 0 0 0 0 1 0 0 B 0 0 0 0 1 0 0 C 0 0 0 0 1 0 0 D 0 0 0 0 1 0 0 A 0 0 0 1 0 0 0 0 0 B 0 1 0 0 0 0 0 0 0 C 0 1 0 0 1 0 0 0 0 D 0 1 0 0 1 0 0 0 0 A 0 B 0 C 0 D 0 SCHEDULE K BONDS ALL BONDS BONDS ISSUED JULY 10, 2008: DECEMBER 16, 2009 AND SEPTEMBER 2015 - UNDER THE 2015, 2009, AND 2008 INDENTURES, A DEBT SERVICE RESERVE FUND HAS BEEN ESTABLISHED FOR THE BONDS AND IS REQUIRED TO BE MAINTAINED IN AN AMOUNT EQUAL TO THE LEAST OF: (I) 10% OF THE NET PROCEEDS OF THE BONDS; (II) THE MAXIMUM ANNUAL DEBT SERVICE REQUIREMENTS; OR (III) 125% OF THE AVERAGE ANNUAL DEBT SERVICE REQUIREMENTS. AMOUNTS IN THE DEBT SERVICE RESERVE FUND MAY BE INVESTED BY THE UNIVERSITY ONLY IN INVESTMENT SECURITIES. THE MARKET VALUE OF THOSE SECURITIES AT MAY 31, 2016, WAS $2,277,477, $1,338,081 AND $2,661,576 FOR THE SERIES 2015, 2009, AND 2008 BONDS RESPECTIVELY, AND ARE REFLECTED AS PLANT FUNDS ON THE STATEMENTS OF FINANCIAL POSITION. BOND ISSUED JULY 10, 2008 - ADDITIONAL INFORMATION: IN JULY 2008, THE UNIVERSITY ISSUED $41,290,000 OF LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES 2008 A & B (BELLARMINE UNIVERSITY PROJECTS) OF WHICH $23,884,969 WAS USED FOR THE PURPOSE OF DEFEASING THE COUNTY OF JEFFERSON, KENTUCKY, COLLEGE REVENUE BONDS, SERIES 2006, AND THE REMAINDER WAS USED TO PROVIDE FUNDS TO BUILD A 146 BED RESIDENCE HALL, TO BUILD AN ADDITION TO A CLASSROOM BUILDING, AND TO RENOVATE AN OFFICE BUILDING. BOND ISSUED DECEMBER 16, 2009: LOUISVILLE JEFFERSON COUNTY METRO GOVERNMENT: IN DECEMBER 2009, THE UNIVERSITY ISSUED $18,500,000 OF LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE IMPROVEMENT REVENUE BONDS, SERIES 2009 (BELLARMINE UNIVERSITY INCORPORATED PROJECT) OF WHICH THE MAJORITY WAS USED TO PROVIDE FUNDS TO BUILD A 119 BED RESIDENCE HALL, TO BUILD A SUBSTANTIAL ADDITION TO THE MAIN DINING HALL, RENOVATE AND EXPAND THE CAFE', AND ADD 276 SURFACE PARKING SPACES ON CAMPUS. THE TERM OF THE BOND ISSUE IS THIRTY YEARS. BONDS ISSUED IN 2011: CITY OF SHIVELY, KY AND CITY OF AUDUBON PARK, KY: IN APRIL 2011, THE UNIVERSITY ISSUED $7,100,000 OF CITY OF SHIVELY, KENTUCKY COLLEGE IMPROVEMENT REVENUE BONDS, SERIES 2011 (SHIVELY BONDS) AND IN MAY 2011, THE UNIVERSITY ISSUED $6,000,000 OF CITY OF AUDUBON PARK, KENTUCKY, COLLEGE IMPROVEMENT REVENUE BONDS, SERIES 2011 (AUDUBON PARK BONDS) TOGETHER REFERRED TO AS THE BELLARMINE UNIVERSITY INCORPORATED PROJECT OF WHICH THE MAJORITY WAS USED TO PROVIDE FUNDS TO BUILD A 129 BED RESIDENCE HALL, TO BUILD AN ARBORETA IN THE CENTER OF THE RESIDENCE HALL COMPLEX, AND TO MAKE SUBSTANTIAL REPAIRS TO THE SPORTS RECREATION AND FITNESS CENTER. THESE BONDS WERE DEFEASED IN SEPTEMBER 2015. BONDS ISSUED IN 2012: CITY OF SHIVELY, KY AND CITY OF AUDUBON PARK, KY: IN NOVEMBER 2012,THE UNIVERSITY ISSUED $5,160,000 OF CITY OF SHIVELY, KENTUCKY, COLLEGE REVENUE REFUNDING BONDS, SERIES 2012 (SHIVELY 2012 BONDS) AND $7,190,000 OF CITY OF AUDUBON PARK, KENTUCKY, COLLEGE REVENUE REFUNDING BONDS, SERIES 2012 (AUDUBON PARK 2012 BONDS) TOGETHER REFERRED TO AS THE BELLARMINE UNIVERSITY INCORPORATED PROJECT OF WHICH THE MAJORITY WAS USED TO REFUND LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE REFUNDING AND IMPROVEMENT REVENUE BOND SERIES 2008 B AND THE REMAINDER WAS USED TO COVER BOND ISSUANCE COSTS. THESE BONDS WERE DEFEASED IN SEPTEMBER 2015. BOND ISSUED IN 2015: IN SEPTEMBER 2015, THE UNIVERSITY ISSUED $35,405,000 OF LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, COLLEGE IMPROVEMENT REVENUE AND REVENUE REFUNDING BONDS, SERIES 2015 (BELLARMINE UNIVERSITY PROJECTS) OF WHICH $12,474,245 WAS USED FOR THE PURPOSE OF DEFEASING THE CITY OF SHIVELY, KENTUCKY, COLLEGE REVENUE REFUNDING BONDS, SERIES 2012 (SHIVELY 2012 BONDS) AND THE CITY OF AUDUBON PARK, KENTUCKY, COLLEGE REVENUE REFUNDING BONDS, SERIES 2012 (AUDUBON PARK 2012 BONDS) TOGETHER REFERRED TO AS THE BELLARMINE UNIVERSITY INCORPORATED PROJECT AND $13,138,788 WAS USED TO DEFEASE THE CITY OF SHIVELY, KENTUCKY, COLLEGE IMPROVEMENT REVENUE BONDS, SERIES 2011 (SHIVELY 2011 BONDS) AND THE CITY OF AUDUBON PARK, KENTUCKY, COLLEGE IMPROVEMENT REVENUE BONDS, SERIES 2011 (AUDUBON PARK 2011 BONDS) TOGETHER REFERRED TO AS THE BELLARMINE UNIVERSITY INCORPORATED PROJECT. $10,816,138 WAS USED TO PROVIDE NEW MONEY TO RENOVATE THE FIRST FLOOR OF THE LIBRARY INTO A STATE OF THE ART STUDENT LEARNING SPACE "LANSING LEARNING COMMONS", FOR THE CONSTRUCTION OF THE NEW "CENTRO" BUILDING A 46,000 SQUARE FOOT CLASSROOM AND OFFICE BUILDING, AND RENOVATION OF EXISTING HORRIGAN HALL. THE DEFEASANCE OF THE 2012 AND 2011 BONDS RESULTED IN A LOSS OF $50,154 AND $172,482 RESPECTIVELY DUE TO THE UNAMORTIZED BOND ISSUANCE COSTS. IN ADDITION, THE DEFEASANCE OF THE SWAP ON THE AUDUBON PARK BONDS AND THE SHIVELY BONDS RESULTED IN A SWAP TERMINATION FEE OF $124,000 AND $125,000 RESPECTIVELY. SERIES 2015 BONDS ARE FIXED RATE, TAX EXEMPT BONDS, WITH A TERM OF THIRTY YEARS. 990, SCHEDULE K, PART II, PROCEEDS LINE 3A: ISSUE PRICE (27,230,000) LESS NET OID (538,862) PLUS INVESTMENT EARNINGS (1,441,758) EQUALS TOTAL PROCEEDS OF ISSUE (28,132,896). LINE 3B: ISSUE PRICE (18,500,000) LESS NET OID (258,902) PLUS INVESTMENT EARNINGS (27,555) EQUALS TOTAL PROCEEDS OF ISSUE (18,268,653). LINE 3C ENTITY 2: ISSUE PRICE (35,405,000) PLUS NET OIP (1,024,171) PLUS INVESTMENT EARNINGS (1,087) EQUALS TOTAL PROCEEDS OF ISSUE (36,430,258). LINE 3A LINE 3B LINE 3C (ENTITY 2) 27,230,000 18,500,000 35,405,000 - 538,862 - 258,902 + 1,024,171 + 1,441,758 + 27,555 + 1,087 =28,132,896 =18,268,653 =36,430,258 SCHEDULE K, PART III, PRIVATE BUSINESS USE #9: WE ARE IN THE PROCESS OF DEVELOPING POLICIES AND PROCEDURES. SCHEDULE K, PART IV, ARBITRAGE LINE 2C, BOND COLUMN A: THE REBATE COMPUTATION WAS PERFORMED ON 8/8/2013 BY FROST BROWN TODD, PLLC ATTORNEYS AT LAW LINE 7: WE ARE IN THE PROCESS OF DEVELOPING POLICIES AND PROCEDURES. SCHEDULE K, PART V, PROCEDURES: WE ARE IN THE PROCESS OF DEVELOPING POLICIES AND PROCEDURES. A CITY OF SHIVELY KY COLLEGE REFUNDING BONDS 616001912 NONEAVAIL 2012-11-27 5161000 REFUNDING 1 0 0 B CITY OF AUDUBON PARK KY COLLEGE REFUNDING BONDS 616001777 NONEAVAIL 2012-11-08 7910000 REFUNDING 1 0 0 C LOUJEFFCOMETRO GOVERNMENT COLLEGE IMPROVEMENT & REFUNDING 616001862 NONEAVAIL 2015-09-01 35405000 REFUNDING & CAP IMPROVE 0 0 0 A 615040 4544960 5160000 29252 14353 12828 5103567 0 1 1 1 B 922560 6987440 7910000 23567 7886433 0 1 1 1 C 665000 36430258 2277477 421321 11789 10000145 23682400 37126 2016 0 1 1 1 A 0 0 0 0 1 0 0 B 0 0 0 0 1 0 0 C 0 0 0 0 1 0 0 A 0 1 0 0 1 0 0 0 0 B 0 1 0 0 1 0 0 0 0 C 0 0 0 1 0 0 0 0 0 A 0 B 0 0 C EDWARD GLASSCOCK FORMER UNIVERSITY TRUSTEE LEGAL SERVICES: C. EDWARD GLASSCOCK IS CHAIRMAN EMERITUS AND A MEMBER OF FROST BROWN TODD ATTORNEYS. FROST BROWN TODD IS PAID FOR PERFORMING LEGAL SERVICES FOR BELLARMINE UNIVERSITY. FROST BROWN TODD IS NOT THE ONLY LAW FIRM UTILIZED BY THE UNIVERSITY. MR. GLASSCOCK WAS NOT THE ATTORNEY WHO PERFORMED THE SERVICES FOR WHICH FROST BROWN TODD WAS PAID DURING THE FISCAL YEAR. THE LAW FIRM WAS PAID $45,628 FOR THE PERIOD COVERED BY THIS RETURN. 0 G JESSE FLYNN CURRENT UNIVERSITY TRUSTEE THE UNIVERSITY HAS FIVE YEAR LEASE WITH TAYLOR AVENUE LLC FOR A PROPERTY LOCATED AT 1961 BISHOPS LANE, LOUISVILLE, KY. MR. FLYNN IS A MEMBER OF TAYLOR AVENUE LLC. THE UNIVERSITY MADE LEASE PAYMENTS ON THIS PROPERTY FOR THE FISCAL YEAR IN THE AMOUNT OF $243,315. 0 SODEXO CONTRIBUTOR TO THE UNIVERSITY SODEXO PROVIDES FOOD SERVICE TO THE UNIVERSITY. DURING THE FISCAL YEAR THE UNIVERSITY MADE PAYMENTS TO SODEXO IN THE AMOUNT OF $4,452,236. 0 X 1 390 MARKET VALUE X 1 10066 MARKET VALUE X 11 610729 MARKET VALUE X 2 4466571 MARKET VALUE X OTHER 1 4907 MARKET VALUE 2 0 1 0 PART I, LINE 32B: THE UNIVERSITY HAS A WRITTEN GIFT ACCEPTANCE POLICY FOR THE REVIEW OF ANY NON-STANDARD CONTRIBUTIONS. THE POLICY REQUIRES THAT PRIOR TO ACCEPTING NON-STANDARD GIFTS THAT THE DEVELOPMENT OFFICERS REVIEW THE NEED OF THE UNIVERSITY FOR SUCH GIFT AND DISCUSS THE GIFT WITH THE AREA VICE-PRESIDENT OR DEAN OF THE DEPARTMENT TO DETERMINE THAT THE GIFT FALLS WITHIN THE UNIVERSITY'S MISSION AND VISION. FINAL APPROVAL OF THE GIFT IS MADE BY THE VICE-PRESIDENT FOR ADMINISTRATION AND FINANCE OR VICE-PRESIDENT FOR DEVELOPMENT AND ALUMNI RELATIONS. FORM 990, PART VI, SECTION A, LINE 2 MR. STEVE TRAGER, CURRENT TRUSTEE, IS THE CEO OF REPUBLIC BANK & TRUST CO.; AND MR. W. PATRICK MULLOY, II, CURRENT TRUSTEE, IS A DIRECTOR AT REPUBLIC BANK & TRUST CO. MR. RUSS COX, CURRENT TRUSTEE, IS THE EXECUTIVE VICE-PRESIDENT AND COO OF NORTON HEALTHCARE. MR. CRAIG GRANT, CURRENT TRUSTEE, IS A MEMBER OF THE BOARD OF NORTON HEALTHCARE AND MS. MARIA HAMPTON, CURRENT TRUSTEE, IS THE CURRENT VICE-CHAIR OF THE NORTON HEALTHCARE BOARD. MR. GARY ULMER, CURRENT TRUSTEE IS THE BROTHER-IN-LAW OF MR. RUSS COX, CURRENT TRUSTEE. MR. STEVE MULLINS, CURRENT TRUSTEE AND FAMILY MEMBERS INVESTED IN COMFY COW ICE CREAM WHEN MR. DON BERG, CURRENT TRUSTEE WAS THE CEO OF COMFY COW. MR. STEVE TRAGER,CURRENT TRUSTEE AND MR. GARY ULMER, CURRENT TRUSTEE ARE CO-OWNERS OF THE LOUISVILLE BATS, A MINOR LEAGUE BASEBALL CLUB. FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS PREPARED BY INTERNAL STAFF AND REVIEWED IN DETAIL BY THE ASSISTANT VICE-PRESIDENT FOR BUSINESS AFFAIRS. THE AVP IS AN ATTORNEY AND CPA WITH 20+ YEARS OF TAX EXPERIENCE. THE REVIEW IS COMPLETED IN SEVERAL STAGES IN ORDER TO PROCESS ALL THE INFORMATION THOROUGHLY. CONTINUING EDUCATION ON TAX REQUIREMENTS IS PROVIDED TO THOSE INVOLVED WITH THE PREPARATION AND REVIEW OF THE 990. THE RETURN IS GIVEN TO THE AUDIT COMMITTEE. THE AUDIT COMMITTEE REVIEWS AND DISCUSSES THE RETURN. THE AUDIT COMMITTEE REPORTS INFORMATION REGARDING THE 990 TO THE FULL BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION SENDS ITS CONFLICT OF INTEREST POLICY TO ALL BOARD MEMBERS ANNUALLY. THE VP FOR ADMINISTRATION AND FINANCE MONITORS THAT ALL MEMBERS RETURN A SIGNED COPY INDICATING THEY HAVE REVIEWED THE POLICY AND LISTED ANY POTENTIAL CONFLICTS. ADDITIONALLY, ALL EMPLOYEES RECEIVE A UNIVERSITY HANDBOOK AND SIGN ACKNOWLEDGMENT INDICATING SUCH RECEIPT. THE CONFLICT OF INTEREST POLICY IS LOCATED WITHIN THE STAFF HANDBOOK. LASTLY, THE ORGANIZATION MAINTAINS A TELEPHONE LINE IN WHICH EMPLOYEES CAN CONFIDENTIALLY REPORT ANYTHING THAT THEY DEEM AS INAPPROPRIATE WITHIN THE ORGANIZATION; INCLUDING BUT NOT LIMITED TO FRAUD, HARASSEMENT, DISCRIMINATION, CONFLICT OF INTEREST OR MISAPPROPRIATION OF UNIVERSITY FUNDS OR ASSETS. THE CONFIDENTIAL LINE IS (502)272-7535. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENTIAL CONTRACT AND COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S SALARY ON A YEARLY BASIS; INCLUDING BASE COMPENSATION, BONUS AND FRINGE BENEFITS. THE PRESIDENTIAL CONTRACT AND COMPENSATION COMMITTEE EVALUATES THE COMPENSATION OF THE PRESIDENT BASED ON ESTABLISHED GOALS AND DISCUSSES AND APPROVES THE NEW SALARY ON AN ANNUAL BASIS. THE UNIVERSITY AND THE PRESIDENT ARE BOUND BY A CONTRACT. THE CONTRACT IS NEGOTITATED AND REVIEWED BY THE PRESIDENTIAL CONTRACT AND COMPENSATION COMMITTEE OF THE BOARD. AS PART OF THE EVALUATION PROCESS USED BY THE PRESIDENTIAL CONTRACT AND COMPENSATION COMMITTEE OF THE BOARD, MARKET DATA, SALARY SURVEYS OF SIMILAR INSTITUTIONS AND OTHER RELEVANT INFORMATION ARE REVIEWED IN CONJUNCTION WITH THE PRESIDENT'S REPORT ON ACCOMPLISHMENTS AND PROPOSED GOALS. ALL EMPLOYEES, OTHER THAN THE PRESIDENT, ARE EVALUATED BY THEIR IMMEDIATE SUPERVISOR ON AN ANNUAL BASIS. THE VICE-PRESIDENTS OF THE UNIVERSITY ARE EVALUATED BY THE PRESIDENT. THE UNIVERSITY USES CUPA DATA TO COMPARE SALARIES FOR OTHER LIKE INSTITUTIONS TO OUR COMPENSATION. FORM 990, PART VI, SECTION C, LINE 18 THE UNIVERSITY MAKES AVAILABLE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE GENERAL PUBLIC UPON REQUEST DURING THE REGULAR BUSINESS HOURS OF THE UNIVERSITY. THE FORM 990 IS AVAILABLE ON GUIDESTAR FOR PUBLIC INSPECTION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES AVAILABLE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE GENERAL PUBLIC UPON REQUEST DURING THE REGULAR BUSINESS HOURS OF THE UNIVERSITY. THE FORM 990 IS AVAILABLE ON GUIDESTAR FOR PUBLIC INSPECTION. PART XII, LINE 2C THE RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT AND THE SELECTION OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT HAS NOT CHANGED SINCE THE LAST FISCAL YEAR. CHARITABLE REMAINDER UNITRUST KY 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0