2016-12-06T11:40:37-06:00 2016-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 801B SUNSET DRIVE JOHNSON CITY TN 37604 990 2015-06-01 620535755 MILLIGAN COLLEGE INC MILL 4234618686 P O BOX 750 MILLIGAN COLLEGE TN 37682 JACQUELINE R STEADMAN VP FOR BUSINESS AND FINANCE 4234618686 2016-12-05 1 CHAD KISNER P00738241 4232824511 2016-11-22 2015 2017-02-10 21:41:12Z JACQUELINE R STEADMAN 1 BLOWERS BOULEVARD MILLIGAN COLLEGE TN 37682 40615869 0 X WWW.MILLIGAN.EDU X 1882 TN THE ORGANIZATION IS A CHRISTIAN LIBERAL ARTS COLLEGE. 28 24 884 1 64419 0 4600930 7057563 31304394 32040133 1414050 1518173 0 0 37319374 40615869 11249432 12072153 0 0 12644595 13863443 0 0 1597340 10407871 11469851 34301898 37405447 3017476 3210422 83043269 100815660 14001618 18216466 69041651 82599194 AS A CHRISTIAN LIBERAL ARTS COLLEGE, MILLIGAN COLLEGE SEEKS TO HONOR GOD BY EDUCATING MEN AND WOMEN TO BE SERVANT-LEADERS. 0 0 29269563 12072153 31786373 OPERATION OF CHRISTIAN LIBERAL ARTS COLLEGE 29269563 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 1936 0 1 884 1 1 1 0 0 0 0 1 1 0 0 0 0 X 28 24 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 W SCOTT KENT CHAIRMAN 1.00 X X 0 0 0 DENNY MAYES 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 CHARLES ALLCOTT III MEMBER AT LARGE 1.00 X 0 0 0 THOMAS BANKS MEMBER 1.00 X 0 0 0 BEN CACHIARAS MEMBER 1.00 X 0 0 0 RONALD G DOVE JR 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 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 GREG JOHNSON MEMBER 1.00 X 0 0 0 JOHN MEDING MD MEMBER AT LARGE 1.00 X 0 0 0 STEVEN MOORE MEMBER 1.00 X 0 0 0 RICHARD W PHILLIPS OD MEMBER 1.00 X 0 0 0 JAMES R RICE MD MEMBER 1.00 X 0 0 0 J DONALD SAMS-060115 TO 072516 MEMBER 1.00 X 0 0 0 RONALD F SEWELL MEMBER 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 THOMAS J BURLESON TRUSTEE ROTATION 1.00 X 0 0 0 DAVID CLARK TRUSTEE ROTATION 1.00 X 0 0 0 WILLIAM B GREENE JR 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 207593 0 23607 R GARLAND YOUNG VP FOR ACADEMIC AFFAIRS 40.00 X 87720 0 16407 MARK P FOX VP FOR STUDENT DEVELOPMNT 40.00 X 93363 0 10220 JACQUELINE R STEADMAN VP FOR BUSINESS AND FINANC 40.00 X 103876 0 11003 A LEE HARRISON VP OF MARKETING, ENROLLMEN 40.00 X 94484 0 10328 JACK SIMPSON VP FOR INSTITUTIONAL ADVAN 40.00 X 89224 0 16176 676260 0 87741 2 0 1 0 PIONEER COLLEGE CATERERS INC 303 GLENROSE AVENUE NASHVILLE TN 37210 CAFETERIA SERVICES 1280014 BURLESON CONSTRUCTION COMPANY INC P O BOX 1735 JOHNSON CITY TN 37605 CONSTRUCTION SERVICES 872367 ENERGY SYSTEMS GROUP LLC P O BOX 634987 CINCINNATI OH 452634987 ENERGY SERVICE PROVIDER 416662 BUILDING SYSTEMS TECHNOLOGY INC 1310 CENTERPOINT BOULEVARD KNOXVILLE TN 37932 BUILDING SYSTEMS INTEGRATOR 228515 APPALACHIAN COLLEGE ASSOCIATION INC 210 CENTER STREET BEREA KY 40403 LIBRARY SERVICES 119846 5 7057563 373928 7057563 TUITION AND FEES 611710 26729038 26729038 AUXILIARY ENTERPRISES 611710 4462408 4462408 SUMMER CAMPS 611710 386097 386097 OTHER INCOME 611710 253760 64419 189341 STUDENT AID 611710 124943 124943 83887 83887 32040133 1518173 1518173 40615869 31786373 64419 1707514 3166 3166 12046197 12046197 22790 22790 766141 51971 539270 174900 10719768 8319348 1983949 416471 492818 404008 66763 22047 1117157 855938 218957 42262 767559 529293 193026 45240 5930 5930 100681 100681 103869 103869 1471140 1306766 148537 15837 145119 29178 115941 875696 368043 389157 118496 557201 139300 417901 1183209 716837 355232 111140 653746 489698 88795 75253 7771 5091 2680 477350 477350 2130047 1278028 639014 213005 415191 249115 124557 41519 EQUIPMENT AND FACILITY 307342 184405 92203 30734 DUES AND SUBSCRIPTIONS 154026 64121 87622 2283 2881533 1728920 864460 288153 37405447 29269563 6538544 1597340 5540843 7433791 4629503 3746222 3553438 4626449 699085 884567 1110845 1076197 249331 305642 85970 100814 76556646 31365284 35901896 45191362 31130358 34691327 142000 2759289 83043269 100815660 1172385 2258426 716863 803853 10692584 10131491 0 2160259 1419786 2862437 14001618 18216466 X 29376310 32760638 18695842 17725644 20969499 32112912 69041651 82599194 83043269 100815660 X 3210422 -1752029 12099150 X X 0 1 X 1 1 1 X 7571980 3710995 8933392 4600930 7057563 31874860 7571980 3710995 8933392 4600930 7057563 31874860 12267079 19607781 619812 866631 1009619 1414050 1518173 5428285 0 80000 142474 197201 64419 484094 37787239 152891885 0.51890 0.46450 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 29296058 11133717 -352732 -1154133 38922910 27710988 1018989 1415345 -849264 29296058 24581881 975959 2979229 -826081 27710988 20575559 1155781 3475667 -625126 24581881 21587356 721994 -1463516 -270275 20575559 0.00340 0.82310 0.17360 0 0 2991093 2991093 63839551 25275386 38564165 0 6852716 4585256 2267460 2873286 1504642 1368644 45191362 MUTUAL FUNDS 29964547 F EXCHANGE-TRADED AND CLOSED-END FUNDS 3132307 F UNIT INVESTMENT TRUSTS 29193 F COMMON STOCKS 8145 F CASH AND CASH EQUIVALENTS HELD FOR LONG-TERM INVESTMENT 1557135 F 34691327 OTHER ACCRUED LIABILITIES AND PAYABLES 263240 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 881424 ANNUITY PAYMENT LIABILITIES 726271 REMAINDER TRUST LIABILITY 991502 2862437 X 26633050 -1752029 -57934 -1809963 28443013 12172856 12172856 40615869 25232591 0 25232591 12172856 12172856 37405447 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, 2016. 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, 2016 AND 2015, 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, 2016 AND 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: NET ADJUSTMENT OF ANNUITY PAYMENT LIABILITY -57,934. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST STUDENT TUITION AND FEES 12,068,987. INVESTMENT FEES NETTED AGAINST INVESTMENT INCOME 103,869. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED AGAINST STUDENT TUITION AND FEES 12,068,987. INVESTMENT FEES NETTED AGAINST INVESTMENT INCOME 103,869. 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 STUDYING ABROAD EUROPE (INCLUDING ICELAND AND GREENLAND) 3 16290 SCHOLARSHIPS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT 0 N/A N/A CASH SCHOLARSHIPS FOR U.S. STUDENTS STUDYING ABROAD SUB-SAHARAN AFRICA 1 6500 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. 894 12046197 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 207593 0 0 0 0 0 13899 0 9708 0 231200 0 0 0 PART I, LINE 1A FOR THE YEAR ENDED 05/31/16, 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, 2016 WAS $0. 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 1788292 5500000 38851 5461149 2007 0 0 1 1 B 1080217 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 MRS JACQUELINE R STEADMAN VICE PRESIDENT FOR BUSINESS AND FINANCE OF MILLIGAN COLLEGE 57100 GRANT FOR CHILDREN OF JACQUELINE R. STEADMAN TUITION DR WILLIAM B GREER PRESIDENT OF MILLIGAN COLLEGE 22574367 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 ($12,291,750) OF THE COLLEGE, AND MOST OF THE CHECKING ACCOUNTS OF THE COLLEGE ($10,780,207). 0 CARTER COUNTY BANK CARTER COUNTY BANK, OWNED BY DR. WILLIAM B. GREENE, JR., TRUSTEE OF COLLEGE 11780207 MILLIGAN COLLEGE HAS MOST OF ITS CHECKING ACCOUNTS WITH CARTER COUNTY BANK, A DIVISION OF THE BANK OF TENNESSEE, WHOSE BALANCES AT MAY 31, 2016 TOTALED APPROXIMATELY $10,780,207.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, 2016. THE LINE OF CREDIT MATURES NOVEMBER 30, 2016. 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, 2016, THE BALANCE PAYABLE ON THE BOND WAS $3,711,708. FOR THE YEAR ENDED MAY 31, 2016, THE COLLEGE PAID A TOTAL OF $410,844 TO THE BANK - PRINCIPAL OF $245,583 AND INTEREST EXPENSE OF $165,261. 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, 2016, THE BALANCE PAYABLE ON THE BOND WAS $6,419,783. FOR THE YEAR ENDED MAY 31, 2016, THE COLLEGE PAID A TOTAL OF $470,060 TO THE BANK - PRINCIPAL OF $315,510 AND INTEREST EXPENSE OF $154,550. 0 CARTER COUNTY BANK CARTER COUNTY BANK, OWNED BY DR. WILLIAM B. GREENE, JR., TRUSTEE OF COLLEGE 222140 ON JULY 1, 2015, AS PART OF THE ACQUISITION OF EMMANUEL CHRISTIAN SEMINARY, THE COLLEGE ASSUMED A NOTE PAYABLE FROM CARTER COUNTY BANK, WITH AN OUTSTANDING BALANCE OF 2,313,737, WHICH IS SECURED BY REAL ESTATE. FOR THE YEAR ENDED MAY 31, 2016, THE BALANCE PAYABLE ON THE NOTE PAYABLE WAS $2,160,259. THE FOR THE YEAR ENDED MAY 31, 2016, THE COLLEGE PAID A TOTAL OF $222,140 TO THE BANK - PRINCIPAL OF $153,479 AND INTEREST EXPENSE OF $68,661. 0 MR THOMAS J BURLESON MEMBER OF THE BOARD OF TRUSTEES 872367 MR. THOMAS J. BURLESON, OWNER OF BURLESON CONSTRUCTION COMPANY,INC., IS A MEMBER OF THE BOARD OF TRUSTEES. BURLESON CONSTRUCTION COMPANY, INC. SERVED AS THE GENERAL CONTRACTOR FOR THE RENOVATIONS TO THE SCIENCE BUILDING AND COMPLETED RENOVATIONS TO THE B. D. PHILLIPS MEMBORIAL BUILDING FOR ENGINEERING LABS IN 2016. BURLESON CONSTRUCITON COMPANY, INC. WAS PAID $872,367 FOR THE YEAR ENDED MAY 31, 2016. 0 DR MARSHALL W HAYDEN MEMBER OF THE BOARD OF TRUSTEES 49877 DR. MARSHALL W. HAYDEN IS A MEMBER OF THE BOARD OF TRUSTEES. HIS SISTER IS EMPLOYED BY THE COLLEGE. HER GROSS SALARY FOR THE 2015 CALENDAR YEAR WAS $49,877. 0 MR RONALD G DOVE JR MEMBER OF THE BOARD OF TRUSTEES 36405 MR. RONALD G. DOVE, JR. IS MEMBER OF THE BOARD OF TRUSTEES. HIS SISTER IS EMPLOYED BY THE COLLEGE. HER GROSS SALARY FOR THE 2015 CALENDAR YEAR WAS $36,405. 0 MR CALVIN L WILSON JR MEMBER OF THE BOARD OF TRUSTEES 26897654 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, 2016, THE COLLEGE HAS APPROXIMATELY SEVENTY FIVE PERCENT OF ITS INVESTMENTS ($26,855,558) 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, 2015, FEES CHARGED WERE $42,096. 0 MR THOMAS BANKS MEMBER OF THE BOARD OF TRUSTEES 14400 MR. THOMAS BANKS, THE COLLEGE'S ATTORNEY, IS A MEMBER OF THE BOARD OF TRUSTEES. MR. BANKS IS NOT PAID CASH FOR HIS SERVICES AS THE COLLEGE'S ATTORNEY. HOWEVER, FOR THE YEAR ENDED MAY 31, 2016, THE COLLEGE DID GIVE TUITION SCHOLARSHIPS TO JOHN BANKS' GRANDSON. JOHN BANKS IS THE BROTHER OF THOMAS BANKS. THE VALUE OF THIS TUITION WAS $14,400. 0 X 16 373928 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 11 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 AND DID COMPARE THAT INFORMATION WITH PEER INSTITUTIONS AT THE TIME THE SALARY WAS DETERMINED OR HIRE DATE. 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. OTHER OFFICERS OR KEY EMPLOYEES: SALARY INCREASES FOR OFFICERS ARE THE SAME PERCENTAGE GIVEN TO OTHER STAFF OF THE ORGANIZATION. THE PRESIDENT OF THE COLLEGE REVIEWS SALARIES OF OTHER OFFICERS AND COMPARES THEM WITH DATA FROM PEER INSTITUTIONS. THE PRESIDENT MAY RECOMMEND INCREASES OVER AND ABOVE THE PERCENTAGE INCREASES BASED ON MERIT OR TO MOVE SALARIES INTO MEDIAN RANGE OF PEER INSTITUTIONS. THE PRESIDENT PRESENTS THESE RECOMMENDATIONS TO THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. THE SALARIES OF ALL OFFICERS ARE 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 -57,934. EXCESS OF ASSETS OVER LIABILITIES ASSUMED OF EMMANUEL CHRISTIAN SEMINARY 12,157,084. 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. FORM 990, LINE C, PAGE 1 EFFECTIVE JULY 1, 2015, PURSUANT TO THE LAWS OF THE STATE OF TENNESSEE, EMMANUEL CHRISTIAN SEMINARY MERGED WITH AND WAS ABSORBED BY MILLIGAN COLLEGE.