2016-03-09T17:39:39-06:00 2015-05-31 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2014-06-01 560532297 BREVARD COLLEGE CORPORATION BREV 8288848219 ONE BREVARD COLLEGE DRIVE BREVARD NC 287123306 DEBORAH P HALL VP BUSINESS & FINANCE 8288848219 2016-02-19 1 JANICE A RATICA P00358837 7043771678 2014 2016-08-17 19:52:53Z DAVID C JOYCE ONE BREVARD COLLEGE DRIVE BREVARD NC 287123306 32057421 0 X WWW.BREVARD.EDU X 1934 NC BREVARD COLLEGE IS COMMITTED TO AN EXPERIENTIAL LIBERAL ARTS EDUCATION THAT ENCOURAGES PERSONAL GROWTH AND INSPIRES ARTISTIC, INTELLECTUAL, AND SOCIAL ACTION. 34 32 494 443 0 0 2350018 2894161 21977577 22791162 1649880 1114508 604814 693177 26582289 27493008 8497097 9461397 0 0 8365043 8812916 0 0 338847 7526718 7674685 24388858 25948998 2193431 1544010 55140606 56270887 14744048 14594003 40396558 41676884 X BREVARD COLLEGE IS COMMITTED TO AN EXPERIENTIAL LIBERAL ARTS EDUCATION THAT ENCOURAGES PERSONAL GROWTH AND INSPIRES ARTISTIC, INTELLECTUAL, AND SOCIAL ACTION. 0 0 8496026 23061070 BREVARD COLLEGE, A BACCALAUREATE-AWARDING INSTITUTION, IS COMMITTED TO AN EXPERIENTIAL LIBERAL ARTS EDUCATION THAT ENCOURAGES PERSONAL GROWTH AND INSPIRES ARTISTIC, INTELLECTUAL, AND SOCIAL ACTION. THE COLLEGE IS AN ACCREDITED MEMBER OF THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS-COMMISSION ON COLLEGES, THE NATIONAL ASSOCIATION OF SCHOOLS OF MUSIC, AND THE TEACHER EDUCATION ACCREDITING COUNCIL. BREVARD COLLEGE OFFERS A HANDS-ON APPROACH TO LEARNING WITH A HIGHLY ENGAGED FACULTY IN A SMALL CLASSROOM SETTING. DURING FISCAL YEAR 2015, INSTRUCTION WAS PROVIDED TO 699 FULL-TIME STUDENTS. OF THOSE STUDENTS, 533 WERE RESIDENTIAL, 645 WERE US CITIZENS, AND 377 WERE RESIDENTS OF NORTH CAROLINA. THE STUDENT BODY REPRESENTED 35 STATES AND 29 FOREIGN COUNTRIES. 109 STUDENTS RECEIVED A BACCALAUREATE DEGREE DURING THE 2014-15 ACADEMIC YEAR. 4042156 FUNDS WERE USED TO PROVIDE FOOD, CAMPUS STORE AND TRANSPORTATION TO STUDENTS. 9461397 9461397 THE COLLEGE AWARDED APPROXIMATELY $9.5 MILLION IN SCHOLARSHIPS TO 698 STUDENTS DURING THE 2014-15 ACADEMIC YEAR. 21999579 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 84 0 1 494 1 1 1 0 0 0 0 1 1 0 0 0 0 X 34 32 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X DEBORAH P HALL 8288848219 ONE BREVARD COLLEGE DRIVE BREVARD NC 28712 TIMOTHY J BAILEY DIRECTOR 1.00 X 0 0 0 BETSY O BAREFOOT DIRECTOR 1.00 X 0 0 0 JOHN S BOGGS DIRECTOR 1.00 X 0 0 0 C HARLEY DICKSON JR DIRECTOR 1.00 X 0 0 0 LLOYD G FISHER DIRECTOR 1.00 X 0 0 0 RICHARD T GARDNER DIRECTOR 1.00 X 0 0 0 JAMES JIMMY T HARRIS DIRECTOR 1.00 X 0 0 0 SUE T HATCHER DIRECTOR 1.00 X 0 0 0 REG D HEINITSH JR DIRECTOR 1.00 X 0 0 0 RAY HENLEY DIRECTOR 1.00 X 0 0 0 JAMES E HOLMES III DIRECTOR 1.00 X 0 0 0 J PHILLIP JEROME DIRECTOR 1.00 X 0 0 0 PETER JOHNSON DIRECTOR 1.00 X 0 0 0 A EDWIN JONES DIRECTOR 1.00 X 0 0 0 DYEANN B JORDAN DIRECTOR 1.00 X 0 0 0 ROBERT S LAWRENCE DIRECTOR 1.00 X 0 0 0 MARK S LEMEL DIRECTOR 1.00 X 0 0 0 KATHI L LEVINE DIRECTOR 1.00 X 0 0 0 LINDA MARTINSON DIRECTOR 1.00 X 0 0 0 BARBARA M NESBITT DIRECTOR 1.00 X 0 0 0 JACK PARKER DIRECTOR 1.00 X 0 0 0 ALFRED F PLATT JR DIRECTOR 1.00 X 0 0 0 DAVID E SHI DIRECTOR 1.00 X 0 0 0 RAY N SIMMONS DIRECTOR 1.00 X 0 0 0 CONNELL STAFFORD DIRECTOR 1.00 X 0 0 0 WILLIAM STANBACK DIRECTOR 1.00 X 0 0 0 JERRY STONE DIRECTOR 1.00 X 0 0 0 ELIZABETH O TAYLOR DIRECTOR 1.00 X 0 0 0 DONA D VAUGHN DIRECTOR 1.00 X 0 0 0 DAVIS WHITFIELD-CARGILE DIRECTOR 1.00 X 0 0 0 DONALD L MOORE CHAIR 1.00 X X 0 0 0 BARBARA A HULSEY VICE CHAIR 1.00 X X 0 0 0 W HEATH WELDON SECRETARY 1.00 X X 0 0 0 DAVID C JOYCE PRESIDENT 40.00 X X 225014 0 5262 DEBORAH HALL VP BUSINESS & FINANCE 40.00 X 98405 0 5526 CHAD R HOLT VP ADMISSIONS & FINANCIAL AID 40.00 X 115233 0 5526 438652 0 16314 2 0 1 0 PIONEER COLLEGE CATERERS 303 GLENROSE AVE NASHVILLE TN 37210 DINING SERVICES 1442533 MCMILLAN PAZDAN SMITH 400 AUGUST STREET SUITE 200 GREENVILLE SC 29601 ARCHITECT FEES 365036 NEW REACH MEDIA INC 16607 BLANCO RD 12202 SAN ANTONIO TX 78232 MAIL AND EMAIL CONTACT SERVICES FOR ADMI 226493 BREVARD PARTNERS OF TN GP 1487 SPRINGVALE RD MORRISTOWN TN 37813 RENT 221812 MAINSTAGE THEATRICAL SUPPLY 2665 BROAD AVE STE 5 MEMPHIS TN 38112 MATERIALS FOR DUNHAM RENOVATION 200552 11 82610 92642 2718909 27253 2894161 TUITION AND FEES 900099 17790516 17790516 STUDENT ROOM AND BOARD 900099 5000646 5000646 22791162 433660 433660 1913 1913 420740 0 420740 420740 420740 5230797 4549949 680848 680848 680848 15080 82610 14464 616 616 MISCELLANEOUS 900099 269908 269908 269908 27493008 23061070 0 1537777 9461397 9461397 334207 334207 6938449 4844618 1886989 206842 900228 734940 131599 33689 640032 491734 129491 18807 48272 2892 45380 112038 112038 70305 70305 350 350 12901 601 12300 458616 295548 128072 34996 239220 76213 163007 1259721 1126568 132414 739 418060 344797 51527 21736 541737 427320 114417 1512262 1351509 160753 127802 127802 CONTRACTED FOOD SERVICE 1258725 1258725 OTHER EXPENSES 774372 688941 85431 PROFESSIONAL FEES 465706 300987 157419 7300 LEASE EXPENSE 266823 245425 18960 2438 107775 107775 25948998 21999579 3610572 338847 6100511 2029286 2937819 2720959 374861 481535 321331 323212 214713 267833 177423 240329 52094695 27815597 23981592 24279098 20052331 24965793 980025 962842 55140606 56270887 1403521 1617961 306060 316476 175797 204696 10093052 9512127 239568 2765618 2703175 14744048 14594003 X 12815571 13664353 4060014 3591799 23520973 24420732 40396558 41676884 55140606 56270887 X 1544010 -175178 -70305 -18201 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 23518890 912455 859402 1060567 24230180 21683970 451492 2392675 1009247 23518890 18606527 482278 3601912 959247 47500 21683970 19985279 116467 -566297 928922 18606527 18116796 481382 2816901 1429800 19985279 0.00000 1.00000 0.00000 0 0 191372 191372 41856909 20119439 21737470 8054938 6875064 1179874 1991476 821094 1170382 24279098 MUTUAL FUNDS 17782332 F EQUITY SECURITIES 4677300 F FIXED INCOME 2506161 F 24965793 ANNUITIES PAYABLE 465386 AMOUNTS HELD FOR OTHERS 24856 CAPITAL LEASE PAYABLE 35232 ASSET RETIREMENT OBLIGATION 677701 LINE OF CREDIT 1500000 2703175 X 17782392 -175178 -9479598 -9654776 27437168 70305 -14465 55840 27493008 16502066 14465 14465 16487601 9461397 9461397 25948998 PART III, LINE 4: TWO OF THE KEY MAJORS AT THE COLLEGE ARE ART AND MUSIC. THE ART COLLECTIONS ARE USED IN CLASSES AND ALSO PART OF THE ACADEMIC CULTURE. PART V, LINE 4: THE ENDOWMENT FUNDS ARE USED TO SUPPORT THE INSTITUTION IN PERPETUITY FOR SCHOLARSHIPS, LECTURESHIPS AND VARIOUS OTHER OPERATIONS AND BUILDINGS ON CAMPUS. PART X, LINE 2: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). MANAGEMENT BELIEVES THAT THE COLLEGE CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AND IS NOT SUBJECT TO TAX. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN REFLECTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. MANAGEMENT HAS EVALUATED THE EFFECT OF FASB GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE GUIDANCE CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS BY PRESCRIBING A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE COLLEGE'S POLICY IS TO RECORD A LIABILITY FOR ANY TAX POSITION TAKEN THAT IS BENEFICIAL TO THE COLLEGE, INCLUDING ANY RELATED INTEREST AND PENALTIES, WHEN IT IS MORE LIKELY THAN NOT THE POSITION TAKEN BY MANAGEMENT WITH RESPECT TO A TRANSACTION OR CLASS OF TRANSACTIONS WILL BE OVERTURNED BY A TAXING AUTHORITY UPON EXAMINATION. MANAGEMENT BELIEVES THERE ARE NO SUCH POSITIONS AS OF MAY 31, 2015 AND 2014 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDED TUITION DISCOUNTS REDUCING TUITION INCOME -2,023,333. UNFUNDED TUITION DISCOUNTS REDUCING TUITION INCOME -7,438,064. PRESENT VALUE ADJUSTMENT TO ANNUITIES PAYABLE -6,070. CHANGE IN VALUE OF ASSETS HELD BY OTHERS -277. LOAN CANCELLATIONS AND LOSS PROVISIONS -11,854. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES SHOWN NET OF REVENUE ON 990 -14,465. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES SHOWN NET OF REVENUE ON 990 14,465. PART XII, LINE 4B - OTHER ADJUSTMENTS: FUNDED TUITION DISCOUNTS REDUCING TUITION INCOME 2,023,333. UNFUNDED TUITION DISCOUNTS REDUCING TUITION INCOME 7,438,064. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NON-DISCRIMINATION POLICY IS STATED IN ALL MAJOR PUBLICATIONS AND THE TRANSYLVANIA TIMES SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVED STUDENT FINANCIAL AID GRANTS FROM THE U.S. DEPARTMENT OF EDUCATION AND THE NC STATE EDUCATION ASSISTANCE AUTHORITY. GOLF TOURNAMENT 66460 58010 8450 1236 2815 2705 GALA 31230 24600 6630 5979 150 1579 97690 82610 15080 1236 8794 150 4284 14464 616 1 SCHOLARSHIPS 698 9461397 PART I, LINE 2: FINANCIAL AID IS AVAILABLE TO STUDENTS WHO CAN SHOW FINANCIAL NEED, ACADEMIC ACHIEVEMENT, LEADERSHIP/SERVICE, ATHLETICS ABILITY, AND/OR TALENT. ACADEMIC AND LEADERSHIP AWARDS ARE DETERMINED THROUGH THE ADMISSIONS AREA, ATHLETICS AWARDS ARE DETERMINED BY THE RESPECTIVE COACH, TALENT/DEPARTMENTAL AWARDS ARE DETERMINED THROUGH THOSE ACADEMIC AREAS, AND THE FINANCIAL AID OFFICE COORDINATES ALL AWARDS WITH FEDERAL, STATE AND INSTITUTIONAL NEED-BASED AID. X X X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 DAVID C JOYCE PRESIDENT 217064 0 150 0 7800 0 0 0 5262 0 230276 0 0 0 PART I, LINE 1A A DISCRETIONARY SPENDING ACCOUNT IS PROVIDED TO THE PRESIDENT. IT IS USED FOR COLLEGE EVENTS, PRESIDENTIAL TRAVEL, AND TO SUPPORT ANY UNANTICIPATED COLLEGE NEEDS. IT IS NOT FOR PERSONAL USE. ALL EXPENDITURES ARE REQUIRED TO BE DOCUMENTED. IN ADDITION, THE PRESIDENT WAS PROVIDED A MEMBERSHIP AT A LOCAL COUNTRY CLUB TO BE USED FOR FUNDRAISING ACTIVITIES AND OTHER COLLEGE BUSINESS. USE OF THE MEMBERSHIP IS SUBSTANTIATED. LASTLY, THE COLLEGE PROVIDES HOUSING AND WEEKLY HOUSEKEEPING SERVICES TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL COLLEGE BUSINESS AND ACTIVITIES AT THE HOME. A NC CAP FACS FIN AGY EDL FACS REV 561592154 65818PEU9 2007-04-02 13550000 REFINANCE OLD ISSUE-FIX RATES-SELL OWN BONDS 0 0 0 A 13542665 13150000 392665 13150000 2007 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 0 0 0 0 0 A 0 PLATT ARCHITECTURE AL PLATT IS THE OWNER OF PLATT ARCHITECTURE AND A BOARD MEMBER. 144012 PLATT ARCHITECTURE PERFORMED SERVICES FOR THE COLLEGE DURING THE YEAR. ALL TRANSACTIONS WERE AT FAIR MARKET VALUE AND AT ARM'S LENGTH. 0 X 6 DONOR X MISCELLANEOUS 52 27247 FMV 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION UPDATED ITS BYLAWS IN OCTOBER 2014. THESE UPDATES REMOVED THE BOARD CHAIR'S ABILITY TO APPOINT COMMITTEES OF THE BOARD. IN ADDITION, THE BOARD CHAIR NO LONGER APPOINTS TWO CHAIRS TO THE EXECUTIVE COMMITTEE. HOWEVER, THE BOARD CHAIR CAN NOMINATE TWO TRUSTEES TO THE EXECUTIVE COMMITTEE. THIS NOMINATION MUST BE APPROVED BY THE MAJORITY OF THE TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11 IT IS THE POLICY OF THE COLLEGE THAT THE EXECUTIVE COMMITTEE OF THE BOARD REVIEW THE 990. IN ADDITION, A COPY OF THE 990 IS MADE AVAILABLE TO ALL BOARD MEMBERS FOR THEIR WRITTEN COMMENTS. ONCE THE EXECUTIVE COMMITTEE APPROVES THE 990, COLLEGE MANAGEMENT WILL SUBMIT THE FORM TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE MEMBERS OF THE BOARD OF TRUSTEES AND OFFICERS ARE REQUIRED TO SIGN A COPY OF THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS. IN THE EVENT A TRUSTEE HAS A POTENTIAL CONFLICT DURING THE YEAR, THAT TRUSTEE WOULD RECUSE HIMSELF/HERSELF FROM ANY DISCUSSION OR VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS ADOPTED BY THE PRESIDENT'S COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES FOR ITS ANNUAL DETERMINATION OF THE COMPENSATION OF THE PRESIDENT IS AS FOLLOWS: BY THE END OF THE WINTER BOARD OF TRUSTEES' MEETING, THE BOARD WILL ADVISE THE PRESIDENT WHETHER HIS OR HER CONTRACT WILL BE RENEWED. BY APRIL 1ST, THE PRESIDENT WILL SUBMIT A SELF-ASSESSMENT TO THE COMPENSATION COMMITTEE RESPONDING TO EACH OBJECTIVE. BY MAY 1ST, THE COMPENSATION COMMITTEE WILL REVIEW THE REPORT, COMMUNICATE ITS FEEDBACK TO THE PRESIDENT, AND ISSUE A REPORT AND PRESIDENTIAL SALARY AND BENEFITS RECOMMENDATION TO THE EXECUTIVE COMMITTEE. THE COMPENSATION COMMITTEE WILL USE AT LEAST TWO SOURCES OF COMPARABLE DATA TO DETERMINE THE APPROPRIATE SALARY AND BENEFITS. THOSE SOURCES ARE GENERALLY THE ANNUAL COMPENSATION REPORTS OF THE AGB (ASSOCIATION OF GOVERNING BOARD) AND THE NCICU (NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES). HOWEVER, SIMILAR SOURCES MAY BE USED AS ALTERNATIVES FROM TIME TO TIME. DOCUMENTATION OF THE COMPARABLE DATA USED WILL BE PART OF THE PERMANENT FILE SUBSTANTIATING COMPENSATION. THE EXECUTIVE COMMITTEE WILL MAKE A FINAL DECISION ABOUT THE PRESIDENT'S SALARY BEFORE THE SPRING BOARD OF TRUSTEES MEETING FOR FINAL APPROVAL BY THE BOARD DURING THE SPRING MEETING. WITH REGARDS TO SENIOR STAFF, MARKET DATA FROM THE NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES ON ADMINISTRATIVE SALARIES WILL BE REVIEWED BY THE PRESIDENT. THE PRESIDENT WILL ADVISE THE BOARD WHO WILL APPROVE COMPENSATION FOR THE SENIOR STAFF. ADDITIONALLY, THE COLLEGE RECENTLY PARTICIPATED IN A WAGE STUDY THROUGH AGB AND THAT DATA IS AVAILABLE TO CONFIRM WAGES OF PRESIDENT AND OTHER KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY IS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: LOAN CANCELLATIONS AND LOSS PROVISIONS -11,854. PRESENT VALUE ADJUSTMENTS TO ANNUITIES PAYABLE -6,070. CHANGE IN VALUE OF ASSETS HELD BY OTHERS -277.