2015-03-07T15:12:40-06:00 2014-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 801B SUNSET DRIVE JOHNSON CITY TN 37604 990 2013-06-01 620535755 MILLIGAN COLLEGE INC MILL 4234618686 P O BOX 750 MILLIGAN COLLEGE TN 37682 JACQUELINE R STEADMAN VP FOR BUSINESS AND FINANCE 4234618686 2015-03-07 1 CHAD KISNER P00738241 4232824511 2015-03-07 2013 2016-02-25 16:41:14Z JACQUELINE R STEADMAN 1 BLOWERS BOULEVARD MILLIGAN COLLEGE TN 37682 41596456 0 X WWW.MILLIGAN.EDU X 1882 TN THE ORGANIZATION IS A CHRISTIAN LIBERAL ARTS COLLEGE. 27 21 845 0 142474 0 3710995 8933392 29607445 31653445 866631 1009619 0 0 34185071 41596456 9814434 11042169 0 0 11751301 12101809 0 0 1489578 9340785 10356508 30906520 33500486 3278551 8095970 71395938 80560749 15480988 14549949 55914950 66010800 AS A CHRISTIAN LIBERAL ARTS COLLEGE, MILLIGAN COLLEGE SEEKS TO HONOR GOD BY EDUCATING MEN AND WOMEN TO BE SERVANT-LEADERS. 0 0 26141894 11042169 31288630 OPERATION OF CHRISTIAN LIBERAL ARTS COLLEGE 26141894 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 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 1836 0 1 845 1 1 1 0 0 0 0 1 1 0 0 0 1 0 X 27 21 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 CHARLES ALLCOTT III CHAIRMAN 1.00 X X 0 0 0 W SCOTT KENT VICE CHAIR 1.00 X X 0 0 0 RONALD G DOVE JR SECRETARY 1.00 X X 0 0 0 WILLIAM R CLEM TREASURER 1.00 X X 0 0 0 THOMAS BANKS MEMBER 1.00 X 0 0 0 THOMAS J BURLESON MEMBER 1.00 X 0 0 0 DAVID CLARK 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 PATRICIA GREEN MEMBER AT LARGE 1.00 X 0 0 0 W B GREENE JR MEMBER 1.00 X 0 0 0 DAVID HAMILTON 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 LEROY LAWSON MEMBER 1.00 X 0 0 0 JOHN MEDING MD MEMBER AT LARGE 1.00 X 0 0 0 CAMERON PERRY MEMBER 1.00 X 0 0 0 RICHARD W PHILLIPS MEMBER 1.00 X 0 0 0 JO ANN RICHARDSON MEMBER 1.00 X 0 0 0 J DONALD SAMS MEMBER 1.00 X 0 0 0 RONALD F SEWELL MEMBER 1.00 X 0 0 0 MARVIN SWINEY MEMBER 1.00 X 0 0 0 MARK H WEBB 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 TAMMY W ELDRIDGE TRUSTEE ROTATION 1.00 X 0 0 0 JAMES EARL GREEN TRUSTEE ROTATION 1.00 X 0 0 0 DAVID O HAMLIN TRUSTEE ROTATION 1.00 X 0 0 0 DENNY MAYES TRUSTEE ROTATION 1.00 X 0 0 0 DANIEL W MCMAHAN TRUSTEE ROTATION 1.00 X 0 0 0 GARY PORTER TRUSTEE ROTATION 1.00 X 0 0 0 JAMES R RICE TRUSTEE ROTATION 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 OMER HAMLIN TRUSTEE EMERITUS 1.00 X 0 0 0 DONALD B MARSHALL TRUSTEE EMERITUS 1.00 X 0 0 0 N JEANNE STARKEY TRUSTEE EMERITUS 1.00 X 0 0 0 WILLIAM B GREER PRESIDENT 40.00 X 187530 0 21363 R GARLAND YOUNG VP FOR ACADEMIC AFFAIRS 40.00 X 84805 0 13333 MARK P FOX VP FOR STUDENT DEVELOPMNT 40.00 X 91230 0 6428 JACQUELINE R STEADMAN VP FOR BUSINESS AND FINANC 40.00 X 101796 0 7199 A LEE FIERBAUGH VP OF MARKETING, ENROLLMEN 40.00 X 90050 0 9567 JACK SIMPSON VP FOR INSTITUTIONAL ADVAN 40.00 X 89495 0 15586 644906 0 73476 2 0 1 0 BURLESON CONSTRUCTION COMPANY P O BOX 1735 JOHNSON CITY TN 37605 CONSTRUCTION SERVICES 2203462 PIONEER CATERERS INC 303 GLENROSE AVENUE NASHVILLE TN 37210 CAFETERIA SERVICES 1250897 THOMAS CONSTRUCTION COMPANY INC 9 WESLEY COURT JOHNSON CITY TN 37601 CONSTRUCTION SERVICES 538928 BEESON LUSK AND STREET INC P O BOX 1909 JOHNSON CITY TN 37605 ARCHITECT SERVICES 129342 APPALACHIAN COLLEGE ASSOCIATION 210 CENTER STREET BEREA KY 40403 LIBRARY SERVICES 125509 5 8933392 2848507 8933392 TUITION AND FEES 611710 26670629 26670629 AUXILIARY ENTERPRISES 611710 4122132 4122132 OTHER INCOME 611710 364815 142474 222341 SUMMER CAMPS 611710 295622 295622 STUDENT AID 611710 108177 108177 92070 92070 31653445 1009619 1009619 41596456 31288630 142474 1231960 9311 9311 10509824 10509824 523034 523034 723023 48964 507098 166961 9393495 7176338 1821132 396025 424324 349841 55027 19456 886662 667645 179613 39404 674305 453127 178110 43068 5792 5792 71325 71325 1381987 1235879 108268 37840 205189 28685 176504 870470 357517 419523 93430 474351 118588 355763 1008654 605193 302596 100865 611838 512830 32790 66218 9767 2692 7075 361504 361504 1610497 966298 483149 161050 361320 216792 108396 36132 OTHER EXPENSES 3271454 1959148 984230 328076 DUES AND SUBSCRIPTIONS 112360 38684 72623 1053 33500486 26141894 5869014 1489578 4557452 4966629 6650047 4733703 478420 3451431 1015581 1067840 647982 934666 221304 231425 53962 93825 58544277 22011753 31508127 36532524 26188252 28400131 74811 148575 71395938 80560749 600425 77352 791842 740484 11766743 11235080 2321978 2497033 15480988 14549949 X 27146319 29624261 9839402 16461361 18929229 19925178 55914950 66010800 71395938 80560749 X 8095970 2025873 -25993 X X 0 1 X 1 1 1 X 4846326 4920712 7571980 3710995 8933392 29983405 4846326 4920712 7571980 3710995 8933392 29983405 14123167 15860238 378184 429404 619812 866631 1009619 3303650 80000 142474 222474 33509529 140081670 0.47330 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 DETERMINTED 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 REVNEUE 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 24581881 2979229 975959 -826081 27710988 20575559 1155781 3475667 -625126 24581881 21587356 721994 -1463516 -270275 20575559 15862911 2316476 3634060 -226091 21587356 12715413 1726463 1474982 -53947 15862911 0.00470 0.71630 0.27900 0 0 1648480 1648480 49928703 17351870 32576833 5274671 3273216 2001455 1692423 1386667 305756 36532524 STOCKS AND MUTUAL FUNDS 27997899 F CORPORATE BONDS 50336 F CASH AND CASH EQUIVALENTS HELD FOR LONG-TERM INVESTMENT 351896 F 28400131 ACCRUED SALARIES AND WAGES 1045805 ADVANCES FROM FEDERAL GOVT FOR STUDENT LOANS 902863 OTHER ACCRUED LIABILITIES AND PAYABLES 228238 ANNUITY PAYMENT LIABILITIES 320127 2497033 X 32563478 2025873 -25993 1999880 30563598 11032858 11032858 41596456 22467628 0 22467628 11032858 11032858 33500486 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(L) - 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, 2014, 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 YEAR ENDED MAY 31, 2014. GENERALLY, THE TAX YEARS BEFORE 2011 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: NET ADJUSTMENT OF ANNUITY PAYMENT LIABILITY -25,993. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 11,032,858. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 11,032,858. 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 FOREIGN STUDENTS ATTENDING THE MILLIGAN COLLEGE CAMPUS IN THE UNITED STATES CENTRAL AMERICA AND THE CARIBBEAN 7 96290 SCHOLARSHIPS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT 0 N/A N/A CASH SCHOLARSHIPS FOR FOREIGN STUDENTS ATTENDING THE MILLIGAN COLLEGE CAMPUS IN THE UNITED STATES EAST ASIA AND THE PACIFIC 1 12000 SCHOLARSHIPS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT 0 N/A N/A CASH SCHOLARSHIPS FOR FOREIGN STUDENTS ATTENDING THE MILLIGAN COLLEGE CAMPUS IN THE UNITED STATES EUROPE (INCLUDING ICELAND & GREENLAND) 7 119250 SCHOLARSHIPS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT 0 N/A N/A CASH SCHOLARSHIPS FOR FOREIGN STUDENTS ATTENDING THE MILLIGAN COLLEGE CAMPUS IN THE UNITED STATES NORTH AMERICA 3 12750 SCHOLARSHIPS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT 0 N/A N/A CASH SCHOLARSHIPS FOR FOREIGN STUDENTS ATTENDING THE MILLIGAN COLLEGE CAMPUS IN THE UNITED STATES SOUTH AMERICA 5 114830 SCHOLARSHIPS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT 0 N/A N/A CASH SCHOLARSHIPS FOR FOREIGN STUDENTS ATTENDING THE MILLIGAN COLLEGE CAMPUS IN THE UNITED STATES SUB-SAHARAN AFRICA 13 167914 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 FOREIGN STUDENTS ATTENDING THE MILLIGAN COLLEGE CAMPUS IN THE UNITED STATES ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT. THE COLLEGE'S PROCEDURES FOR MONITORING GRANT FUNDS FOR FOREIGN STUDENTS ATTENDING MILLIGAN COLLEGE 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 DOMESTIC UNITED STATES STUDENTS ATTENDING THE MILLIGAN COLLEGE CAMPUS IN CARTER COUNTY, TENNESSEE 786 10509824 0 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 187530 0 0 0 0 0 12636 0 8727 0 208893 0 0 0 PART I, LINE 1A FOR THE YEAR ENDED 05/31/14, THE COLLEGE PAID FOR SOME MEALS AND AIRFARE FOR THE PRESIDENT'S WIFE WHEN SHE TRAVELED WITH HIM ON COLLEGE BUSINESS. THE COLLEGE RECEIVED A HOME FOR THE PRESIDENT AS A GIFT FOR THE YEAR ENDED MAY 31, 2014. THE PRESIDENT BEGAN LIVING IN THE HOME IN JANUARY, 2014 OR FOR FIVE MONTHS OF THE FISCAL YEAR. THE HOME IS LOCATED IN JOHNSON CITY, TENNESSEE. FOR THE YEAR ENDED MAY 31, 2014, THE COLLEGE PAID A TOTAL OF $1,250 FOR HOUSEKEEPING SERVICES ONE TME PER MONTH AND $1,360 FOR LAWN CARE SERVICES AT THE HOME OF THE PRESIDENT. PART I, LINE 1B APPROVAL FOR COMPANION TRAVEL EXPENSES WAS GIVEN BY THE BOARD OF TRUSTEES AND DOCUMENTED IN THE MINUTES, WHICH ARE AVAILABLE. PART I, LINE 4B THE COLLEGE ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN IN 2011. THE FIRST CONTRIBUTION WAS MADE IN MARCH, 2012 ON BEHALF OF WILLIAM B. GREER, PRESIDENT. THE CONTRIBUTION FOR THEYEAR ENDED MAY 31, 2014 WAS MADE ON MARCH 19, 2014 FOR $655. 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 1308865 5500000 38851 5461149 2007 0 0 1 1 B 456055 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 DR WILLIAM B GREER PRESIDENT OF MILLIGAN COLLEGE 26890 GRANT FOR A CHILD OF DR. WILLIAM B. GREER TUITION JACQUELINE R STEADMAN VICE PRESIDENT FOR BUSINESS AND FINANCE OF MILLIGAN COLLEGE 26890 GRANT FOR A CHILD OF JACQUELINE R. STEADMAN TUITION DR WILLIAM B GREER PRESIDENT OF MILLIGAN COLLEGE 21571803 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 AND TWO TAX-EXEMPT BONDS OF THE COLLEGE, AND MOST OF THE CHECKING ACCOUNTS OF THE COLLEGE. 0 CARTER COUNTY BANK CARTER COUNTY BANK, OWNED BY MR. W. B. GREENE, JR., TRUSTEE OF THE COLLEGE 10336723 MILLIGAN COLLEGE HAS MOST OF ITS CHECKING ACCOUNTS WITH CARTER COUNTY BANK, WHOSE BALANCES AT MAY 31, 2014 TOTALED APPROXIMATELY $9,336,723.MILLIGAN COLLEGE HAS A $1,000,000 LINE OF CREDIT WITH CARTER COUNTY BANK, OF WHICH THERE HAVE BEEN NO DRAWS AS OF MAY 31, 2014. THE LINE OF CREDIT MATURES NOVEMBER 30, 2014. 0 CARTER COUNTY BANK CARTER COUNTY BANK, OWNED BY MR. W. B. GREENE, JR., TRUSTEE OF THE COLLEGE 880904 ON DECEMBER 5, 2005, MILLIGAN COLLEGE OBTAINED A $5,500,000 TAX-EXEMPT BOND FROM CARTER COUNTY BANK FOR THE CONSTRUCTION OF THE ELIZABETH LEITNER GREGORY CENTER FOR THE LIBERAL ARTS. FOR THE YEAR ENDED MAY 31, 2014, THE BALANCE PAYABLE ON THE BOND WAS $4,191,135. FOR THE YEAR ENDED MAY 31, 2014, THE COLLEGE PAID A TOTAL OF $410,844 TO THE BANK - PRINCIPAL OF $229,983 AND INTEREST EXPENSE OF $180,861. ON DECEMBER 7, 2012, MILLIGAN COLLEGE OBTAINED A $7,500,000 TAX-EXEMPT BOND FROM CARTER COUNTY BANK FOR THE CONSTRUCTION OF THE VILLAGE STUDENT RESIDENT HALLS. FOR THE YEAR ENDED MAY 31, 2014, THE BALANCE PAYABLE ON THE BOND WAS $7,043,945. FOR THE YEAR ENDED MAY 31, 2014, THE COLLEGE PAID A TOTAL OF $470,060 TO THE BANK - PRINCIPAL OF $301,681 AND INTEREST EXPENSE OF $168,379. 0 MR CALVIN L WILSON JR MEMBER OF THE BOARD OF TRUSTEES 21776436 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, 2014, THE COLLEGE HAS APPROXIMATELY SEVENTY FIVE PERCENT OF ITS INVESTMENTS ($21,705,862) 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, 2013, FEES CHARGED WERE $70,574. 0 MR THOMAS J BURLESON MEMBER OF THE BOARD OF TRUSTEES 2203462 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 CONSTRUCTION OF THE VILLAGE STUDENT RESIDENCE HALLS, WHICH WAS STARTED IN JUNE 2012 AND WAS COMPLETED IN AUGUST 2013. BURLESON CONSTRUCITON COMPANY, INC. WAS PAID $2,203,462 FOR THE YEAR ENDED MAY 31, 2014. 0 DR MARSHALL W HAYDEN MEMBER OF THE BOARD OF TRUSTEES 54363 DR. MARSHALL W. HAYDEN IS A MEMBER OF THE BOARD OF TRUSTEES. HIS SISTER IS EMPLOYED BY THE COLLEGE. HER GROSS SALARY FOR THE 2013 CALENDAR YEAR WAS $54,363. 0 MR RONALD G DOVE JR MEMBER OF THE BOARD OF TRUSTEES 34814 MR. RONALD G. DOVE, JR. IS MEMBER OF THE BOARD OF TRUSTEES. HIS SISTER IS EMPLOYED BY THE COLLEGE. HER GROSS SALARY FOR THE 2013 CALENDAR YEAR WAS $34,814. 0 MR DANIEL W MCMAHAN MEMBER OF THE BOARD OF TRUSTEES 320379 MR. DANIEL W. MCMAHAN IS A MEMBER OF THE BOARD OF TRUSTEES. HE IS A SENIOR VICE-PRESIDENT OF BB&T (FORMERLY OLD COLONY INSURANCE) LOCATED IN LOUISVILLE, KENTUCKY. FOR THE YEAR ENDED MAY 31, 2014, THE COLLEGE PAID A TOTAL OF $320,379 FOR INSURANCE SERVICES (GENERAL LIABILITY COVERAGE). $320,379 WAS PAID TO HARTFORD INSURANCE. BB&T REPRESENTS MILLIGAN COLLEGE WITH HARTFORD INSURANCE. MR. DANIEL W. MCMAHAN IS ON ROTATION IN 2014. 0 MR THOMAS BANKS MEMBER OF THE BOARD OF TRUSTEES 6480 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, 2014, THE COLLEGE DID GIVE TUITION SCHOLARSHIPS TO HIS SON. THE VALUE OF THIS TUITION WAS $6,480. 0 X 1 12852 CLOSING STOCK PRICES X 1 2835655 APPRAISAL 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. 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 -25,993. FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FIANNCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THAT OF THE PRIOR YEAR.