2017-04-13T09:23:29-05:00 2016-05-31 540504608 BROWN EDWARDS & COMPANY LLP 1715 PRATT DRIVE STE 2700 BLACKSBURG VA 24060 990 2015-06-01 560547498 BELMONT ABBEY COLLEGE INC BELM 7044616814 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 WILLIAM THIERFELDER PRESIDENT 7044616814 2017-04-11 MARK WOOLWINE P00647446 5404433606 2017-04-11 2015 2021-01-29 14:40:06Z WILLIAM THIERFELDER 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 37672083 0 X WWW.BELMONTABBEYCOLLEGE.EDU X 1960 NC BELMONT ABBEY COLLEGE OFFERS BACCALAUREATE LEVEL EDUCATION IN HUMANITIES, NATURAL SCIENCES, SOCIAL SCIENCES, AND PROFESSIONAL STUDIES. 25 25 537 9 0 0 3833362 4616218 27843242 28707175 520227 262354 177605 124756 32374436 33710503 5889786 6332416 0 0 12850774 13359119 0 0 1294312 13155609 13443025 31896169 33134560 478267 575943 29234263 31783785 13249381 16143642 15984882 15640143 X THE MISSION OF BELMONT ABBEY COLLEGE IS TO EDUCATE STUDENTS IN THE LIBERAL ARTS AND SCIENCES SO THAT IN ALL THINGS, GOD MAY BE GLORIFIED. IN THIS ENDEAVOR, WE ARE GUIDED BY THE CATHOLIC INTELLECTUAL TRADITION AND THE BENEDICTINE SPIRIT OF PRAYER AND LEARNING. EXEMPLIFYING BENEDICTINE HOSPITALITY, WE WELCOME A DIVERSE BODY OF STUDENTS AND PROVIDE THEM WITH AN EDUCATION THAT WILL ENABLE THEM TO LEAD LIVES OF INTEGRITY, SUCCEED PROFESSIONALLY, BECOME RESPONSIBLE CITIZENS, AND BE A BLESSING TO THEMSELVES AND TO OTHERS. 0 0 26807287 6332416 28724380 INSTRUCTION - BELMONT ABBEY COLLEGE PROVIDES EDUCATION FOR STUDENTS IN THE LIBERAL ARTS AND SCIENCES SO THAT IN ALL THINGS, GOD MAY BE GLORIFIED. IN THIS ENDEAVOR, THE COLLEGE IS GUIDED BY THE CATHOLIC INTELLECTUAL TRADITION AND THE BENEDICTINE SPIRIT OF PRAYER AND LEARNING. EXEMPLIFYING BENEDICTINE HOSPITALITY, THE COLLEGE WELCOMES A DIVERSE BODY OF STUDENTS AND PROVIDES THEM WITH AN EDUCATION THAT WILL ENABLE THEM TO LEAD LIVES OF INTEGRITY, TO SUCEED PROFESSIONALLY, TO BECOME RESPONSIBLE CITIZENS, AND TO BE A BLESSING TO THEMSELVES AND TO OTHERS. DURING THE 2015-2016 ACADEMIC YEAR THE COLLEGE ENROLLED APPROXIMATELY 1,500 STUDENTS. 26807287 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 1 1 0 0 0 0 1 0 0 0 1 101 0 1 537 1 0 0 0 0 0 1 1 0 0 0 0 X 25 25 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X ALLAN MARK 7044616736 100 BELMONT - MT HOLLY ROAD BELMONT NC 28012 X DR KELLY ANDERSON TRUSTEE 1.00 X 0 0 0 BROTHER TOBIAH ABBOTT OSB TRUSTEE 1.00 X 0 0 0 FR ELIAS CORREA-TORRES OSB TRUSTEE 1.00 X 0 0 0 MR ROBERT A DESTRO TRUSTEE 1.00 X 0 0 0 MS SHARON L FOLK TRUSTEE 1.00 X 0 0 0 MR ROBERT M GALLAGHER TRUSTEE 1.00 X 0 0 0 MR RICHARD HOEFLING SECRETARY 3.00 X X 0 0 0 MR KEVIN KENNELLY CHAIRMAN 5.00 X X 0 0 0 MR KURT KIMBALL TRUSTEE 1.00 X 0 0 0 REV CHRISTOPHER KIRCHGESSNER OSB TRUSTEE 2.00 X 0 0 0 MR ROBERT L LUDDY TRUSTEE 1.00 X 0 0 0 MR JOE MCCULLOUGH TRUSTEE 1.00 X 0 0 0 DR JEANNE-MARGARET MCNALLY RSM TRUSTEE 1.00 X 0 0 0 MR THOMAS MOLONY TRUSTEE 0.50 X 0 0 0 MRS REGINA P MOODY TRUSTEE 1.00 X 0 0 0 MR DAN NASS TRUSTEE 1.00 X 0 0 0 MR MARK NORCROSS TRUSTEE 1.00 X 0 0 0 MR PAUL J POLKING TRUSTEE 1.00 X 0 0 0 MR ROGER REGELBRUGGE TRUSTEE 1.00 X 0 0 0 MR EDWARD C RUFF TRUSTEE 1.00 X 0 0 0 BR PAUL SHANLEY OSB TRUSTEE 1.00 X 0 0 0 MR MICHAEL SNYDER TRUSTEE 1.00 X 0 0 0 MR MICHAEL D SOIGNET TRUSTEE 3.00 X 0 0 0 RT REV PLACID D SOLARI OSB CHANCELLOR 3.00 X X 0 0 0 MR WILLIAM T LAWER TRUSTEE 1.00 X 0 0 0 WILLIAM K THIERFELDER PRESIDENT 60.00 X X 335061 0 80469 RICHARD G SWANSON VICE PRESIDENT - COLLEGE RELATIONS 50.00 X 184092 0 43406 ALLAN MARK CHIEF FINANCIAL OFFICER 60.00 X 188784 0 30812 DAVID WILLIAMS VICE PRESIDENT - ACADEMIC AFFAIRS 50.00 X 131600 0 27854 839537 0 182541 4 0 1 0 CHARTWELLS DINING SERVICES PO BOX 417632 BOSTON MA 02241 FOOD SERVICES 1861574 SSC SERVICE SOLUTIONS PO BOX 742268 ATLANTA GA 30374 MAINTENANCE/JANITORIAL 1675272 ELLUCIAN SUPPORT INC 14083 COLLECTIONS CENTER DR CHICAGO IL 60693 COMPUTER/NETWORK SERVICES 1206112 MXN CORP PO BOX 538469 ATLANTA GA 30353 COMPUTER/SYSTEMS PROVIDER 765272 SOUTHERN BENEDICTINE SOCIETY 100 BELMONT - MT HOLLY ROAD BELMONT NC 28012 FACILITIES LEASING 621500 17 193021 4423197 1248238 4616218 TUITION AND FEES 611310 20908695 20908695 AUXILIARY SERVICES 611710 7318829 7318829 MISCELLANEOUS PROGRAM 611710 479651 479651 28707175 245306 245306 3746637 148150 3719459 158280 27178 -10130 17048 17048 101046 83841 17205 17205 DISTRIBUTION FROM FUNDS HELD IN T 611710 107551 107551 107551 33710503 28724380 0 369905 6332416 6332416 1022078 266493 517177 238408 10111069 8734166 944953 431950 391701 339658 35743 16300 1046187 1002074 37506 6607 788084 648369 96254 43461 81995 81995 52372 52372 904139 685585 175260 43294 254838 178426 1174 75238 561216 386014 144388 30814 886124 706289 144211 35624 1000555 829768 92486 78301 143334 134741 8408 185 743548 743548 1303087 988097 252592 62398 286678 7873 283315 -4510 CONTRACT SERVICES 3256744 1080476 1970888 205380 FOOD SERVICES 1865334 1865334 STUDENT SERVICES 1007280 974577 26838 5865 EQUIPMENT RENTAL 352740 178766 161061 12913 743041 724617 6340 12084 33134560 26807287 5032961 1294312 23931 10101 2124881 2394661 521155 208661 934353 1034554 99974 49774 352670 385679 28459791 8948491 16161676 19511300 6469680 6015069 199257 49266 2346686 2124720 29234263 31783785 1040701 1283380 412338 468914 5037000 7662975 6759342 6728373 13249381 16143642 X 2512458 2952545 3748236 3005003 9724188 9682595 15984882 15640143 29234263 31783785 X 575943 -432637 -488045 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9200732 198142 -188034 288700 156900 8765240 9029223 159782 423927 237000 175200 9200732 8487467 184587 718069 182900 178000 9029223 7650283 111660 981001 101600 153877 8487467 7971380 171444 -152241 101600 238700 7650283 0.00000 0.85240 0.14760 1 0 22993401 5420469 17572932 5246622 3528022 1718600 219768 219768 19511300 ASSETS HELD UNDER SPLIT-INTEREST AGREEMENT 83857 FUNDS HELD IN TRUST 2040863 2124720 STUDENT DEPOSITS 330912 OBLIGATION UNDER SPLIT-INTEREST AGREEMENT 44195 CAPITAL LEASE OBLIGATIONS 5942544 OTHER LIABILITIES 410722 6728373 X 28281537 -432637 1802682 -6830481 -5460436 33741973 52372 -83842 -31470 33710503 28626276 1802682 73822 1876504 26749772 52372 6332416 6384788 33134560 PART V, LINE 4: SCHOLARSHIPS AND SPECIFIC DEPARTMENTAL ACTIVITIES. PART X, LINE 2: MANAGEMENT EVALUATED THE COLLEGE'S TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH PROVISIONS OF THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (A.S.C.). PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASSIFY FINANCIAL AID -6,332,416. UNCOLLECTIBLE CONTRIBUTIONS RECEIVABLE -287,000. CHANGE IN FUNDS HELD IN TRUST -212,693. CHANGE IN FUNDS SPLIT-INTEREST AGREEMENTS 2,628. OTHER -1,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVENTORY COST OF SALES -83,842. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COST OF SALES 83,842. OTHER -10,020. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFY FINANCIAL AID 6,332,416. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ORGANIZATION PUBLISHED THE FOLLOWING STATEMENT IN ITS ADMISSION MATERIALS, APPLICATION, AND NEWS ADVERTISEMENTS: "ADMISSION GRANTED TO QUALIFIED APPLICANTS WITHOUT REGARD TO RACE, SEX, AGE, CREED, HANDICAP, OR NATIONAL OR ETHNIC ORIGIN." SCHEDULE E, PART I, LINE 6 BELMONT ABBEY COLLEGE STUDENTS RECEIVE A VARIETY OF FEDERAL AND STATE GRANTS AND LOANS, INCLUDING PELL GRANTS, SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS, NORTH CAROLINA LEGISLATIVE TUITION GRANTS AND NORTH CAROLINA INCENTIVE GRANTS. 1 SCHOLARSHIPS AND FELLOWSHIPS TO STUDENTS 1125 6332416 0 PART I, LINE 2: THE COLLEGE UTILIZES VARIOUS DATABASES TO STORE AND MONITOR DATA PERTAINING TO THE AWARDING AND DISBURSEMENT OF GRANTS RECEIVED IN THE US. ALL GRANTS RECEIVED ARE PROPERLY APPLIED AS PAYMENTS TOWARD STUDENTS' ACCOUNTS APPROPRIATELY. ALL PARTICIPATING GRANTING ORGANIZATIONS HAVE COMPLIANCE REQUIREMENTS THAT ARE ADHERED TO AND AUDITED ANNUALLY IN ACCORDANCE WITH THE OFFICE OF BUDGET AND MANAGEMENT (OMB) CIRCULAR A-133, AUDITS OF STATES, LOCAL GOVERNMENTS, AND NON-PROFIT ORGANIZATIONS. AS SUCH, THE COLLEGE PRESENTS SCHEDULES OF EXPENDITURES OF FEDERAL AND STATE AWARDS SUMMARIZING ALL EXPENDITURES USING THE ACCRUAL BASIS OF ACCOUNTING. X X 1 1 X X 0 0 0 0 0 0 0 0 0 WILLIAM K THIERFELDER PRESIDENT 255429 0 0 0 79632 0 10640 0 69829 0 415530 0 0 0 RICHARD G SWANSON VICE PRESIDENT - COLLEGE RELATIONS 181416 0 0 0 2676 0 7700 0 35706 0 227498 0 0 0 ALLAN MARK CHIEF FINANCIAL OFFICER 188046 0 0 0 738 0 7800 0 23012 0 219596 0 0 0 DAVID WILLIAMS VICE PRESIDENT - ACADEMIC AFFAIRS 130973 0 0 0 627 0 5417 0 22437 0 159454 0 0 0 JOSEPH THIERFELDER CHILD OF PRESIDENT 20304 DEPENDENT TUITION ELIZABETH THIERFELDER CHILD OF PRESIDENT 19575 DEPENDENT TUITION SARAH SWANSON CHILD OF VICE PRESIDENT 6705 DEPENDENT TUITION SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORG 621500 LEASE ON DORMS 0 SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORG 115945 CASH CONTRIBUTION 0 SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORG 1248238 LIBRARY DONATION 0 SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORG 66372 TEACHING SERVICES 0 SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORG 168280 RENOVATIONS IN LIEU OF RENT 0 SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORG 454675 REIMBURSEMENTS OF EXPENSES 0 X 2 87514 FMV ON DATE OF DONATION X 1 1248238 VALUATION LESS DEPR X ENVISION SOFA 1 2500 ESTIMATE X BOSCH TABLE SAW 1 350 ESTIMATE 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 -HOEFLING AND THIERFELDER HAVE COMMON BUSINESS RELATIONSHIP. -ABBOT PLACID AND GALLAGHER HAVE COMMON ACTIVITIES WITHIN THE DIOCESE. -GALLAGHER, HOEFLING, RUFF, AND THEIRFELDER SERVE ON THE CHARLOTTE BUSINESS COUNCIL. -RUFF SERVES ON DIOCESAN FINANCE COUNCIL. -GALLAGHER AND HOEFLING HAVE COMMON BUSINESS RELATIONSHIP. -HOEFLING AND POLKING HAVE FAMILY RELATIONSHIP. -RUFF SERVED AS GRANTOR OF A CHARITABLE REMAINDER UNITRUST OF WHICH THE COLLEGE IS A BENEFICIARY. ABBOT PLACID SERVED AS A NON-BENEFICIARY TRUSTEE OF THE UNITRUST. -ABBOT PLACID IS THE PRESIDENT OF SOUTHERN BENEDICTINE SOCIETY AND CHANCELLOR OF THE COLLEGE. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF BELMONT ABBEY COLLEGE, INC. (BAC) ARE THE CHAPTER OF BELMONT ABBEY. IN ACCORDANCE WITH ITS RULES AND PROCEDURES, THE BUSINESS AFFAIRS OF THE COLLEGE SHALL BE MANAGED BY THE BOARD OF TRUSTEES OR BY SUCH COMMITTEES AS THE BOARD MAY ESTABLISH PURSUANT TO THE BY-LAWS AND THE CHARTER OF THE COLLEGE. THE BOARD OF TRUSTEES OF THE COLLEGE SHALL CONSIST OF NOT LESS THAN TWENTY (20) NOT MORE THAN FORTY (40) TRUSTEES. THE MEMBER OF THE COLLEGE SHALL BE ENTITLED TO A MINIMUM REPRESENTATION OF THE BOARD OF TRUSTEES OF SEVEN (7) MEMBER, ONE (1) OF WHOM SHALL BE THE ABBOT OF BELMONT ABBEY, THE CHANCELLOR EX-OFFICIO OF THE COLLEGE. SUCH REPRESENTATION SHALL BE LIMITED TO A MAXIMUM OF TWENTY-FIVE PERCENT (25%) OF THE TOTAL BOARD OF TRUSTEES THAT MAY BE SERVING FROM TIME TO TIME PROVIDED THE MINIMUM REPRESENTATION OF SEVEN (7) MEMBERS IS ALWAYS OBSERVED. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER OF BAC HAVE THE AUTHORITY TO ELECT OR REMOVE TRUSTEES AS OUTLINED IN THE ARTICLES OF INCORPORATION AND AMENDMENTS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBER OF BAC HAVE RESERVED CERTAIN POWERS IN THE ARTICLES OF INCORPORATION OR AMENDMENTS THERETO AS FOLLOWS: -TO LEASE, SELL, MORTGAGE, OR ENCUMBER REAL ESTATE OWNED BY BAC; -TO MERGE, AFFILIATE, LIQUIDATE, OR DISSOLVE BAC; -TO AMEND THE ARTICLES OF INCORPORATION OF BAC; AND -TO TERMINATE THE EXISTENCE OF BAC PURSUANT TO THE NON-PROFIT LAWS OF NORTH CAROLINA. FURTHER, THE MEMBER SHALL APPROVE IN WRITING THE FOLLOWING ACTIONS OF THE BOARD OF TRUSTEES OF BAC: -THE ELECTION AND/OR REMOVAL OF TRUSTEES; -ANY AMENDMENT OF THE BY-LAWS OF BAC; -THE APPOINTMENT OF THE PRESIDENT OF BAC; AND -THE ADOPTION OF ANY CAPITAL BUDGET OR THE ADOPTION OF ANY BUDGET REFLECTION OPERATING DEFICITS OF BAC. FORM 990, PART VI, SECTION B, LINE 11 MANAGEMENT SENT THE DRAFT 990 (PUBLIC INSPECTION COPY) TO EACH MEMBER OF THE FINANCE AND ADMINISTRATION COMMITTEE FOR REVIEW AND RESPONDED TO ANY QUESTIONS; UPDATING THE DRAFT AS NECESSARY. AFTER COMMITTEE REVIEW, MANAGEMENT FILED THE FORM 990 AND SUBSEQUENTLY, THE PUBLIC INSPECTION COPY WAS SENT TO EACH TRUSTEE IN ADVANCE OF THE FILING DEADLINE (APRIL 18, 2017). FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST ANNUALLY WITH THEIR EMPLOYMENT CONTRACT. BOARD MEMBERS ARE REQUIRED TO FILE A REPORT ANNUALLY WHICH DISCLOSES ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE TERM AND CONDITIONS OF EACH AMENDMENT TO THE PRESIDENT'S EMPLOYMENT CONTRACT ARE PRESENTED TO THE BOARD OF TRUSTEES EXECUTIVE COMMITTEE FOR DISCUSSION, COMMENT AND APPROVAL. PEER INSTITUTION COMPENSATION DATA IS PROVIDED FOR CONSIDERATION AS PART OF THE APPROVAL PROCESS. LIFE INSURANCE BENEFITS, IF ANY PROPOSED, WOULD ALSO BE REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE WILL MAKE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART VII, SECTION A, COLUMN F: THE COLLEGE, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN COLUMN F, PART VII AND NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS. FORM 990, PART XI, LINE 9: OTHER CHANGE IN NET ASSETS 9,020. UNCOLLECTIBLE CONTRIBUTIONS RECEIVABLE -287,000. CHANGE IN VALUE OF TRUSTS -210,065. FORM 990, PART XII, LINE 2C: NO CHANGE IN PROCESS FROM PRIOR YEAR. SOUTHERN BENEDICTINE SOCIETY OF NORTH CAROLINA 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 560530237 RELIGIOUS COMMUNITY NC 501(C)(3) LINE 1 N/A 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 SOUTHERN BENEDICTINE SOCIETY C 1363683 CASH AND LIBRARY BUILDING CONTRIB SOUTHERN BENEDICTINE SOCIETY K 2424182 FMV - DORM LEASE AND FACILITIES SOUTHERN BENEDICTINE SOCIETY P 241722 FMV - OTHER OPERATING EXPENSES SOUTHERN BENEDICTINE SOCIETY Q 488825 FMV - OTHER OPERATING