2016-05-11T13:34:09-05:00 2015-06-30 540504608 BROWN EDWARDS & COMPANY LLP 1715 PRATT DRIVE SUITE 2700 BLACKSBURG VA 24060 990 2014-07-01 540505940 RANDOLPH-MACON COLLEGE RAND 8047988372 POST OFFICE BOX 5005 ASHLAND VA 230055505 ROBERT R LINDGREN PRESIDENT 8047988372 2016-05-10 1 MARK WOOLWINE P00647446 5404433606 2014 2016-08-17 19:52:53Z ROBERT R LINDGREN POST OFFICE BOX 5005 ASHLAND VA 230055505 82021099 0 X WWW.RMC.EDU X 1830 VA SEE STATEMENT ON SCHEDULE O.RANDOLPH-MACON COLLEGE IS AN INSTITUTION OF HIGHER EDUCATION, OFFERING BACCALAUREATE DEGREES IN A LIBERAL ARTS CURRICULUM.AT RANDOLPH-MACON THE MATURATION AND TESTING OF THE SKILLS, VALUES, AND CHARACTER REQUIRED FOR A LIFETIME OF CHALLENGES EXTENDS BEYOND THE CLASSROOM. STUDENTS ARE ENCOURAGED TO MEET WITH FACULTY BOTH SOCIALLY AND INTELLECTUALLY, AND THEY HAVE THE OPPORTUNITY TO PARTICIPATE IN A VARIETY OF EXTRA-CURRICULAR ACTIVITIES. INTERACTION WITHIN THE COLLEGE COMMUNITY IS ASSURED BY RESIDENTIAL ENVIRONMENT AND AN ENROLLMENT OF OVER FOURTEEN HUNDRED. LOCATED IN ASHLAND, VIRGINIA RANDOLPH-MACON COLLEGE OFFERS A CURRICULUM AND A CULTURAL LIFE ENRICHED BY THE CLOSE PROXIMITY OF METROPOLITAN RICHMOND AND WASHINGTON, D.C. A RANDOLPH-MACON EDUCATION CONVEYS A SENSE OF LIFE DEFINED BY HISTORICAL CONTINUITY AND ETHICAL RESPONSIBILITY. FOUNDED BY METHODISTS IN 1830, RANDOLPH-MACON IS AN INDEPENDENT COLLEGE THAT RETAINS A RELATIONSHIP WITH THE UNITED METHODIST 43 42 1140 150 439435 0 9973189 13612857 55158866 60902727 16747313 5592096 1127283 1014928 83006651 81122608 23129933 26030027 0 0 25516748 26188731 48487 55111 2372303 19375499 22930786 68070667 75204655 14935984 5917953 262609298 275084085 58752636 62862986 203856662 212221099 X SEE STATEMENT ON SCHEDULE O.RANDOLPH-MACON IS AN UNDERGRADUATE, COEDUCATIONAL COLLEGE OF THE LIBERAL ARTS. THE PURPOSE OF A RANDOLPH-MACON EDUCATION IS TO DEVELOP THE MIND AND THE CHARACTER OF ITS STUDENTS. THEY ARE CHALLENGED TO COMMUNICATE EFFECTIVELY, TO THINK ANALYTICALLY AND CRITICALLY, TO EXPERIENCE AND APPRECIATE THE CREATIVE PROCESS, TO DEVELOP QUALITIES OF LEADERSHIP, AND TO SYNTHESIZE WHAT THEY KNOW WITH WHO THEY ARE. AT RANDOLPH-MACON COLLEGE THE LIBERAL ARTS CONSTITUTE A COMPREHENSIVE EDUCATIONAL OPPORTUNITY. THE CURRICULUM INCLUDES EXPOSURE BOTH TO BROAD PERSPECTIVES AND SPECIFIC CONCEPTS. STUDENTS EXPLORE THE NATURAL AND SOCIAL SCIENCES, THE ARTS, AND THE HUMANITIES, WHILE THEY ALSO ACHIEVE A DEEPER UNDERSTANDING OF THE SINGLE DISCIPLINE IN WHICH THEY MAJOR. THEY ARE GUIDED IN THIS ENDEAVOR BY A FACULTY OF TEACHER-SCHOLARS WHO ARE DEDICATED TO THE LIBERAL ARTS AND ACTIVE IN THEIR PROFESSIONAL DISCIPLINES AND IN THE EXTRA-CURRICULAR LIFE OF THE CAMPUS. 0 0 67318464 26030027 61386830 RANDOLPH-MACON COLLEGE IS AN INSTITUTION OF HIGHER EDUCATION PROVIDING A FOUR YEAR LIBERAL ARTS CURRICULUM TO APPROXIMATELY 1,400 STUDENTS. 67318464 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 59 0 1 1140 1 1 1 0 0 0 0 0 0 0 0 0 X 43 42 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X PAUL T DAVIES VP OF ADMIN FIN 8047527241 310 N CENTER ST ASHLAND VA 23005 YVONNE W BRANDON EDD TRUSTEE 1.00 X 0 0 0 L PRESTON BRYANT JR THE HON TRUSTEE 1.00 X 0 0 0 J W WHITING CHISMAN JR TRUSTEE 1.00 X 0 0 0 RALPH R CROSBY JR TRUSTEE 1.00 X 0 0 0 WILLIAM A DAVIS JR TRUSTEE 1.00 X 0 0 0 SANJAY TANDON TRUSTEE 1.00 X 0 0 0 ROBIN ANNE FLOYD TRUSTEE 1.00 X 0 0 0 CYNTHIA H LEE TRUSTEE 1.00 X 0 0 0 TIMOTHY P O'BRIEN TRUSTEE 1.00 X 0 0 0 SUSAN D SCHICK TRUSTEE 1.00 X 0 0 0 MICHAEL A JESSEE PHD TRUSTEE 1.00 X 0 0 0 WILLIAM B KILDUFF ESQ TRUSTEE 1.00 X 0 0 0 FRANK E LAUGHON JR TRUSTEE 1.00 X 0 0 0 ROBERT R LINDGREN ESQ PRESIDENT 40.00 X X 288072 0 126530 STEPHEN P LONG MD TRUSTEE 1.00 X 0 0 0 ANDREW K MALONEY ESQ TRUSTEE 1.00 X 0 0 0 DAVID L MEYER TRUSTEE 1.00 X 0 0 0 FRANK J MURPHY III TRUSTEE 1.00 X 0 0 0 ALLISON M O'BRIEN TRUSTEE 1.00 X 0 0 0 MARK V OGREN REV TRUSTEE 1.00 X 0 0 0 STEVEN M PARKER TRUSTEE 1.00 X 0 0 0 HAYWOOD A PAYNE JR VICE CHAIR 1.00 X X 0 0 0 DONALD E PERRY TRUSTEE 1.00 X 0 0 0 ALAN B RASHKIND ESQ CHAIRMAN 2.00 X X 0 0 0 DIANNE L REYNOLDS-CANE MD TRUSTEE 1.00 X 0 0 0 BENJAMIN S SCHAPIRO TRUSTEE 1.00 X 0 0 0 LEE B SPENCER JR ESQ SECRETARY 1.00 X X 0 0 0 SAMUEL E VICHNESS PHD TRUSTEE 1.00 X 0 0 0 R DOUGLAS WHITE TRUSTEE 1.00 X 0 0 0 CHARLES W WORNOM TRUSTEE 1.00 X 0 0 0 DAVID E YAWARS TRUSTEE 1.00 X 0 0 0 JAN M CARTER MD TRUSTEE 1.00 X 0 0 0 YOUNG JIN CHO BISHOP TRUSTEE 1.00 X 0 0 0 J PETER CLEMENTS TRUSTEE 1.00 X 0 0 0 DAVID G MELESKI TRUSTEE 1.00 X 0 0 0 WESLEY A NICHOLS TRUSTEE 1.00 X 0 0 0 HAROLD E STARKE JR ESQ TRUSTEE 1.00 X 0 0 0 MALINDA E DUNN TRUSTEE 1.00 X 0 0 0 F GILLIS GREEN TRUSTEE 1.00 X 0 0 0 R EARL JOHNSON TRUSTEE 1.00 X 0 0 0 DONNA F KLEPPER TRUSTEE 1.00 X 0 0 0 AINSLIE M ROSE TRUSTEE 1.00 X 0 0 0 LINWOOD A STAUB TRUSTEE 1.00 X 0 0 0 CHARLES W STEGER TRUSTEE 1.00 X 0 0 0 PAUL T DAVIES VP ADMIN & FINANCE, TREASU 40.00 X 156475 0 74051 JENNIFER THOMPSON EXE ASST TO PRESIDENT & ASST SECRETARY BOT 40.00 X 64167 0 9739 DIANE M LOWDER VP ADVANCEMENT 40.00 X 155077 0 35139 DAVID L LESESNE VP ENROLLMENT 40.00 X 151383 0 47589 WILLIAM T FRANZ PROVOST 40.00 X 155699 0 23171 M THOMAS INGE FACULTY 40.00 X 135122 0 20445 GRANT AZDELL VP STUDENT AFFAIRS 40.00 X 113784 0 23778 SERGE HP SCHREINER FACULTY 40.00 X 108288 0 9655 LAUREN C BELL DEAN OF ACADEMIC AFFAIRS 40.00 X 107975 0 14724 DAVID M COPPOLA FACULTY 40.00 X 112285 0 18657 1548327 0 403478 13 0 1 0 ENGLISH CONSTRUCTION COMPANY INC PO BOX P-7000 LYNCHBURG VA 24505 CONSTRUCTION SERVICES 10030179 CHARTWELLS PO BOX 91337 CHICAGO IL 606931337 FOOD SERVICES 3942412 ACB CONSTRUCTION 130 THOMPSON ST STE C ASHLAND VA 23005 CONSTRUCTION SERVICES 503117 RIDDLEBERGER BROTHERS INC PO BOX 27 MT CRAWFORD VA 22841 HVAC SERVICES 485049 SOUTHWEST CONTRACT 17 PROFESSIONAL DRIVE TEMPLE TX 76504 FURNISHINGS 323754 25 522747 13090110 232181 13612857 TUITION AND FEES 611310 49162149 49162149 AUXILIARY SERVICES 611310 11740578 11740578 60902727 2341252 2401 2338851 107563 13772 93791 93791 93791 3250844 0 3250844 3250844 3250844 958603 884719 73884 18011 55873 MISCELLANEOUS PROGRAMS 900099 466092 466092 SUMMER PROGRAM 900099 240652 240652 LANGUAGE ACADEMY 900099 140509 140509 847253 81122608 61386830 439435 5683486 26030027 26030027 1406400 628814 426433 351153 19152287 16991523 1080304 1080460 1356286 1106912 154261 95113 2874841 2649476 137121 88244 1398917 1186949 131122 80846 2275 2275 55111 55111 739421 739421 590067 383383 190748 15936 855377 785383 20278 49716 2594705 2127977 187770 278958 1140563 1113334 12028 15201 3109324 2992573 104734 12017 515264 393263 33153 88848 1019090 819805 82638 116647 1130441 1076633 53808 3560183 3246945 308209 5029 368335 368335 STUDENT FOOD SERVICE 3580500 3580500 POST RETIREMENT BENEFIT 1359851 1359851 INTERCOLLEGIATE ATHLETI 1232398 1232398 OTHER SUPPLIES, SERVICE 740684 580261 121399 39024 392308 392308 75204655 67318464 5513888 2372303 X 3957909 5963158 3367848 9608608 6725174 7769013 2015313 2312668 4206281 4253708 260726 328009 141756749 50660507 89060329 91096242 101573629 100820575 48539932 50129116 2902157 2802988 262609298 275084085 6161140 3458309 2312419 2251478 33055000 37455000 1408567 2434042 626702 592119 15188808 16672038 58752636 62862986 X 74596806 72260310 78106300 86835856 51153556 53124933 203856662 212221099 262609298 275084085 X 5917953 2536993 -90509 X X 0 1 X 1 1 1 X 20256183 10641002 9413141 9973189 13612857 63896372 20256183 10641002 9413141 9973189 13612857 63896372 12218644 51677728 7022521 1298680 2572168 2327552 2446414 15667335 97142 97142 3076080 8262240 14587153 3250844 29176317 108837166 271748608 0.47480 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 2275 2275 0 PART II-B, LINE 1: THE COLLEGE IS A MEMBER OF THE COUNCIL OF INDEPENDENT COLLEGES IN VIRGINIA (CICV), AN ASSOCIATION OF 28 INDEPENDENT COLLEGES AND UNIVERSITIES. CICV WORKS TO PROMOTE THE INTERESTS OF NON-PROFIT, INDEPENDENT HIGHER EDUCATION IN VIRGINIA. CICV WORKED TO INITIATE AND CONTINUES TO PROMOTE THE STATE'S NON-NEED BASED TUITION ASSISTANCE PROGRAM FOR VIRGINIA STUDENTS ATTENDING A PRIVATE INSTITUTION. ADDITIONALLY, CICV MONITORS LEGISLATIVE AND REGULATORY ACTIONS WHICH AFFECT THE MEMBERSHIP BY A PRESENCE DURING THE GENERAL ASSEMBLY SESSIONS TO REVIEW PROPOSED LEGISLATION AND INTERACT WITH VARIOUS ADMINISTRATIVE AGENCIES. CICV IS ENGAGED IN PROMOTING THE AWARENESS OF VIRGINIA'S INDEPENDENT COLLEGES TO POTENTIAL STUDENTS THROUGH PUBLICATIONS AND BY SPONSORING VA PRIVATE COLLEGE WEEK. CICV ALSO PROVIDES ANALYZED DATA TO MEMBER INSTITUTIONS AND APPROPRIATE STATE AGENCIES TO PROMOTE VENTURES WHERE EFFICIENCIES CAN BE ACHIEVED BY THE PARTICIPATION OF A GROUP OF INSTITUTIONS. THE COLLEGE PAYS A MEMBERSHIP FEE BASED UPON STUDENT POPULATION. FOR THE YEAR ENDED JUNE 30, 2015, CICV EXPENDED APPROXIMATELY 11.71% OF THE MEMBERSHIP FEE FOR LOBBYING ACTIVITIES. THE COLLEGE IS A MEMBER OF THE NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES (NAICU). NAICU SERVES AS THE UNIFIED NATIONAL VOICE OF INDEPENDENT HIGHER EDUCATION. SINCE 1976, THE ASSOCIATION HAS REPRESENTED PRIVATE COLLEGES AND UNIVERSITIES ON POLICY ISSUES WITH THE FEDERAL GOVERNMENT, SUCH AS THOSE AFFECTING STUDENT AID, TAXATION, AND GOVERNMENT REGULATION. THE NAICU STAFF MEETS WITH POLICYMAKERS, TRACKS CAMPUS TRENDS, CONDUCTS RESEARCH, ANALYZES HIGHER EDUCATION ISSUES, PUBLISHES INFORMATION, HELPS COORDINATE STATE-LEVEL ACTIVITIES, AND ADVISES MEMBERS OF LEGISLATIVE AND REGULATORY DEVELOPMENTS WITH POTENTIAL IMPACT ON THEIR INSTITUTIONS. NAICU SPEARHEADED INITIATIVES INCLUDE THE STUDENT AID ALLIANCE, AN EFFORT TO ENHANCE FUNDING FOR EXISTING STUDENT AID PROGRAMS, AND THE NONPARTISAN NATIONAL CAMPUS VOTER REGISTRATION PROJECT. NAICU'S 1,000 MEMBERS NATIONWIDE REFLECT THE DIVERSITY OF PRIVATE, NONPROFIT HIGHER EDUCATION IN THE UNITED STATES. MEMBERS INCLUDE TRADITIONAL LIBERAL ARTS COLLEGES, MAJOR RESEARCH UNIVERSITIES, CHURCH- AND FAITH-RELATED INSTITUTIONS, HISTORICALLY BLACK COLLEGES AND UNIVERSITIES, WOMEN'S COLLEGES, PERFORMING AND VISUAL ARTS INSTITUTIONS, TWO-YEAR COLLEGES, AND SCHOOLS OF LAW, MEDICINE, ENGINEERING, BUSINESS, AND OTHER PROFESSIONS. NAICU IS COMMITTED TO CELEBRATING AND PROTECTING THIS DIVERSITY OF THE NATION'S PRIVATE COLLEGES AND UNIVERSITIES. FOR THE YEAR ENDED JUNE 30, 2015, NAICU EXPENDED APPROXIMATELY 7% OF THE MEMBERSHIP FEE FOR LOBBYING ACTIVITIES. 1506320 X X X 0 149933815 2225737 7359787 1603511 5364300 229674 152321854 129759886 2842287 24073626 1402435 5721485 -381936 149933815 118586298 2977348 14491352 1282876 4852137 160099 129759886 120318665 3673013 1445389 1259119 5556471 35179 118586298 103125070 1986950 22427480 1255518 5526873 438444 120318665 0.47440 0.32300 0.20260 1 0 4390651 4390651 115477224 35655396 79821828 308834 68201 240633 19618015 14936910 4681105 1962025 1962025 91096242 CASH AND TEMPORARY INVESTMENTS 4228034 F MARKETABLE ALTERNATIVE ASSETS 28687587 F NONMARKETABLE ALTERNATIVE ASSETS 8233141 F REAL ESTATE/MORTGAGES AND OTHER 8980354 F 50129116 ANNUITIES PAYABLE 1512765 POST RETIREMENT BENEFIT LIABILITY 11746310 REFUNDABLE LOAN PROGRAMS 2484986 INTEREST RATE SWAP AGREEMENT LIABILITY 927977 16672038 X 56265692 2536993 -624461 1912532 54353160 739421 26030027 26769448 81122608 47901255 898491 898491 47002764 739421 27462470 28201891 75204655 PART III, LINE 4: RANDOLPH-MACON COLLEGE MAINTAINS A COLLECTION OF ORIGINAL ART WHICH SERVES AS A PRIMARY SOURCE FOR RESEARCH, EDUCATION AND EDIFICATION. BUILT AROUND A DONATION OF ORIENTAL ART FROM THE ESTATE OF SENATOR HUGH SCOTT, AN ALUMNUS OF THE COLLEGE, THE PRESENT COLLECTION HAS BEEN FORMED MOSTLY FROM DONATIONS TO FURTHER THE PERMANENT HOLDINGS IN ART FOR THE BENEFIT OF FACULTY AND STUDENTS. NO ASPECT OR ITEM FROM THE PERMANENT COLLECTION IS OFFERED FOR SALE OR PURCHASE; THE COLLECTION REMAINS INTACT FOR ACADEMIC STUDY. PART X, LINE 2: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVEUNE CODE. THE FEDERAL FORM 990 OF THE COLLEGE ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: BOOK STORE COST OF GOODS SOLD NETTED AGAINST INCOME 884,719. RENTAL EXPENSES NETTED AGAINST INCOME 13,772. CHANGE IN VALUE OF INTEREST RATE SWAP -90,509. CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION -1,359,851. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -72,592. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND FINANCIAL AID PAID 26,030,027. PART XII, LINE 2D - OTHER ADJUSTMENTS: BOOK STORE COST OF GOODS SOLD NETTED AGAINST INCOME 884,719. RENTAL EXPENSES NETTED AGAINST INCOME 13,772. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND FINANCIAL AID PAID 26,030,027. CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION 1,359,851. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 72,592. 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 NON-DISCRIMINATORY POLICY IS STATED IN THE COLLEGE CATALOG, ADMISSIONS BROCHURES AND IN RECRUITING MATERIALS. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVES FEDERAL FINANCIAL AID MOST OF WHICH IS PASSED THROUGH TO STUDENTS. X X X X X X 1 GRENZEBACH GLIER & ASSOCIATES 401 N MICHIGAN AVENUE STE 2800 CHICAGO IL 60611 CAMPAIGN CONSULTATION 0 0 23577 -23577 RUFFALO CODY PO BOX 3018 CEDAR RAPIDS IA 524063018 TELEPHONE SOLICITATIONS 0 0 31535 -31535 55112 -55112 VA 1 COLLEGE DESIGNATED (UNFUNDED) GRANTS AND SCHOLARSHIPS 1405 23713180 DONOR RESTRICTED (FUNDED) GRANTS AND SCHOLARSHIPS 476 2216006 FEDERAL SUPPLEMENTAL GRANTS 95 100841 PART I, LINE 2: ALL GRANTS REPORTED IN PART III OF SCHEDULE I ARE TO STUDENTS OF THE COLLEGE FOR FINANCIAL ASSISTANCE WITH THEIR COSTS OF ATTENDANCE. GRANTS ARE ELECTRONICALLY TRANSMITTED BY THE OFFICE OF FINANCIAL AID INTO THE ACCOUNTS RECEIVABLE SYSTEM OF THE BUSINESS OFFICE BASED UPON SYSTEM IDENTIFICATION NUMBERS FOR INDIVIDUALS. EACH STUDENT IS ABLE TO COMPARE THE AID POSTED AGAINST HIS BILLING STATEMENT FOR TUITION AND FEES TO THE AWARD LETTER HE RECEIVED FROM THE FINANCIAL AID OFFICE. ADDITIONALLY, DURING THE COLLEGE'S ANNUAL AUDIT, THIS PROCESS IS TESTED FOR ACCURACY NOT ONLY OF AMOUNTS AND ASSIGNMENT TO CORRECT INDIVIDUALS, BUT ALSO FOR ANY RESTRICTIONS OF GRANT FUNDING REGARDING AWARDEE ATTRIBUTES REQUIRED TO QUALIFY FOR ANY PARTICULAR AWARD. LINE THREE IN PART III REPORTS THE FEDERALLY FUNDED SUPPLEMENTAL GRANTS; THE COLLEGE ANNUALLY CONTRACTS FOR AN AUDIT IN ACCORDANCE WITH THE REQUIREMENTS OF OMB CIRCULAR A-133. X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 ROBERT R LINDGREN ESQ PRESIDENT 282445 0 0 0 5627 0 90900 0 35630 0 414602 0 0 0 PAUL T DAVIES VP ADMIN & FINANCE, TREASU 155701 0 0 0 774 0 30048 0 44003 0 230526 0 0 0 DIANE M LOWDER VP ADVANCEMENT 151352 0 0 0 3725 0 30976 0 4163 0 190216 0 0 0 DAVID L LESESNE VP ENROLLMENT 151113 0 0 0 270 0 14220 0 33369 0 198972 0 0 0 WILLIAM T FRANZ PROVOST 154511 0 0 0 1188 0 14262 0 8909 0 178870 0 0 0 M THOMAS INGE FACULTY 131414 0 0 0 3708 0 12339 0 8106 0 155567 0 0 0 A INDUSTRIAL DEVELOPMENT AUTHORITY OF THE TOWN OF ASHLAND VIRGINIA 521353936 2004-12-15 4900000 RENOVATE DORMITORIES, REFURBISH GYM, UPGRADE HVAC IN GYM & ADDITIONAL DORMS 0 0 0 B ECONOMIC DEVELOPMENT AUTHORITY OF THE TOWN OF ASHLAND VIRGINIA 521353936 2011-04-01 10000000 CONSTRUCT DORMITORY, RENNOVATE HOUSE, OTHER CAPITAL IMPROVEMENTS 0 0 0 C ECONOMIC DEVELOPMENT AUTHORITY OF THE TOWN OF ASHLAND VIRGINIA 521353936 2013-02-01 10000000 REFINANCE SER. 1998 VCBA REVENUE BOND 0 0 0 D ECONOMIC DEVELOPMENT AUTHORITY OF THE TOWN OF ASHLAND VIRGINIA 521353936 2012-12-20 10000000 CONSTRUCT APARTMENT STYLE DORMITORY, ADDITIONAL FACILITIES AND CAPITAL IMPRO 0 0 0 A 4900000 118517 59895 5183020 2007 0 0 1 1 B 10000000 123450 9882353 2011 0 0 1 1 C 10000000 170000 9830000 2013 1 0 1 1 D 4555000 162004 4392997 2014 0 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 D 0 0 0 0 0 0 0 A 0 0 0 1 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 C 0 0 0 0 1 1 SUNTRUST BANK 10.000000000000 0 0 0 0 0 D 0 0 0 0 1 1 BB&T COMPANY 8.300000000000 0 0 0 0 0 A 0 B 0 C 0 D 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: INDUSTRIAL DEVELOPMENT AUTHORITY OF THE TOWN OF ASHLAND, VIRGI DATE THE REBATE COMPUTATION WAS PERFORMED: 10/09/2015 51185 TUITION REMISSION TO SUPPORT THE EDUCATION OF EMPLOYEES' DEPENDENTS MARK OGREN TRUSTEE 10000 MARK OGREN IS MARRIED TO MARGIE TURBYFILL, WHO PROVIDES CAREER COUNSELING TO STUDENTS IN THE PURNELL BAILEY PRE-MINISTERIAL PROGRAM ON A CONTRACTED BASIS. 0 WILLIAM F CARNE PHD FORMER EX-OFFICIO TRUSTEE 2011-12 40534 WILLIAM F. CARNE IS THE FATHER OF CARA CARNE WHO WAS HIRED ON 2/7/13 BY THE DEVELOPMENT OFFICE OF COLLEGE ADVANCEMENT. CARA CARNE'S GROSS COMPENSATION DURING FY15 WAS $40,534. 0 X 53 221551 AVE HIGH/LOW AT TRANSFER X VIDEO CAMERA 1 10630 DONOR VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 PROCESS FOR REVIEWING 990: THE TREASURER, CONTROLLER AND PRESIDENT CONSULT TO DETERMINE THAT A DRAFT OF THE 990 FORM IS ACCURATE TO THE BEST OF THEIR KNOWLEDGE. THE DRAFT IS THEN MADE AVAILABLE TO ALL MEMBERS OF THE BOARD OF TRUSTEES (BOT) ELECTRONICALLY. CORRECTIONS, COMMENTS AND SUGGESTIONS FROM ALL MEMBERS ARE COMPILED AND, AS APPROPRIATE, INCORPORATED INTO THE RETURN, AND, BY CHARTER MANADATE, THE AUDIT COMMITTEE OF THE BOT REVIEWS THE DRAFT BEFORE FINAL FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY EACH FALL THE ASSISTANT SECRETARY TO THE BOARD OF TRUSTEES DISTRIBUTES THE CONFLICT OF INTEREST DISCLOSURE STATEMENTS TO THE TRUSTEES AND TO COVERED EMPLOYEES. SHE IS RESPONSIBLE FOR ENSURING THAT ALL DISTRIBUTED STATEMENTS ARE COMPLETED AND RETURNED AND REVIEWED FOR POTENTIAL CONFLICTS. THE VICE PRESIDENT FOR FINANCE AND ADMINISTRATION REPORTS THE RESULTS OF THE QUESTIONNAIRES TO THE AUDIT COMMITTEE OF THE BOARD. THE AUDIT COMMITTEE REPORTS CONFLICTS TO THE FULL BOARD FOR APPROPRIATE RESOLUTION. FORM 990, PART VI, SECTION B, LINE 15 LINE 15A: A COMMITTEE APPOINTED BY THE CHAIR OF THE BOARD OF TRUSTEES, CHAIRED BY A MEMBER OF THE BOARD OF TRUSTEES, AND CONSISTING IN MAJORITY OF TRUSTEES, WORKED WITH AND WAS ADVISED BY A PROFESSIONAL SEARCH CONSULTANT TO SELECT AND HIRE A NEW PRESIDENT OF THE COLLEGE WHOSE CONTRACT WAS NEGOTIATED IN 2005. ANNUALLY THEREAFTER, THE PRESIDENT'S PERFORMANCE WAS EVALUATED AND HIS COMPENSATION REVIEWED BY A SPECIAL COMMITTEE OF TRUSTEES APPOINTED FOR THAT EXPRESS PURPOSE BY THE CHAIR OF THE BOARD OF TRUSTEES. THEIR DELIBERATIONS INCLUDED REVIEW OF DATA FROM THE 990S OF OTHER INSTITUTIONS AND OF SURVEYS ON PRESIDENTIAL COMPENSATION AVAILABLE THROUGH MULTIPLE SOURCES. IN EARLY 2013, DURING NEGOTIATIONS FOR A NEW CONTRACT, THIS COMPENSATION COMMITTEE DELIBERATED TERMS FOR THE COLLEGE, REFERENCING MULTIPLE COMPARABLE PRESIDENTIAL SALARY SURVEYS WITH ASSISTANCE FROM ATTORNEYS FAMILIAR WITH EXECUTIVE CONTRACTS AND FROM A COLLEGE AND UNIVERSITY PRESIDENTIAL SEARCH CONSULTANT FAMILIAR WITH CONTRACTS AND COMPENSATION. THE PRESIDENT WAS REPRESENTED BY INDEPENDENT COUNSEL, AND NEGOTIATIONS CULMINATED IN A CONTRACT RATIFIED BY THE BOARD OF TRUSTEES IN 2013. FORM 990, PART VI, SECTION C, LINE 18 UPON REQUEST FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST FORM 990, PART X, LINES 27 AND 28: THE COLLEGE CHANGED ITS METHOD OF ACCOUNTING FOR CONTRIBUTIONS RESTRICTED TO ACQUIRE LONG-LIVED ASSETS. THE EFFECT OF THIS CHANGE IN ACCOUNTING PRINCIPLE WAS AN INCREASE IN TEMPORARILY RESTRICTED NET ASSETS AND A DECREASE IN UNRESTRICTED NET ASSETS AT JUNE 30, 2014 OF $35,713,802. THE TOTAL NET ASSETS AT JUNE 30, 2014 DID NOT CHANGE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP -90,509. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART IX, LINE 12: ADVERTISING AND PROMOTION EXPENSES INCLUDE, BUT ARE NOT LIMITED TO, THE PRINTING AND PUBLICATION OF MATERIALS TO MAKE POTENTIAL STUDENTS AWARE OF THE COLLEGE'S PROGRAMS AND OPPORTUNITIES. THIS LINE ALSO INCLUDES THE EXPENSES OF PUBLICIZING EVENTS AND ACTIVITIES SPONSORED BY ALUMNI RELATIONS, OFFICE OF ADVANCEMENT, ATHLETICS AND OTHER DEPARTMENTS ON CAMPUS TO STUDENTS, FACULTY, STAFF, ALUMNI AND THE GENERAL PUBLIC.