2015-03-13T07:54:20-05:00 2014-06-30 273858252 DEAN DORTON ALLEN FORD PLLC 106 W VINE STREET SUITE 600 LEXINGTON KY 40507 990 2013-07-01 610444708 MIDWAY COLLEGE MIDW 8598465701 512 EAST STEPHENS STREET MIDWAY KY 40347 DR JOHN P MARSDEN PRESIDENT 8598465701 2015-02-26 1 LEIGH MCKEE P00169845 8592552341 2013 2016-02-25 16:41:14Z DR JOHN P MARSDEN 512 EAST STEPHENS STREET MIDWAY KY 40347 22894578 0 X WWW.MIDWAY.EDU X 1865 KY MIDWAY COLLEGE SHAPES AND INSPIRES THE LIVES OF STUDENTS IN KENTUCKY'S ONLY COLLEGE FOR WOMEN AND IN COEDUCATIONAL UNDERGRADUATE AND GRADUATE PROGRAMS THROUGH A STUDENT-CENTERED, GLOBAL EDUCATION THAT LEADS TO REWARDING CAREERS AND RESPONSIBLE CITIZENSHIP. 19 19 558 34 118424 0 916525 3002008 19604497 16474339 -2836962 2953059 77644 376831 17761704 22806237 2921667 3048949 0 0 12210274 9292161 0 0 298198 8806674 8422697 23938615 20763807 -6176911 2042430 47609501 50167716 16135959 15355592 31473542 34812124 X MIDWAY COLLEGE IS AN ACCREDITED INSTITUTION OF HIGHER EDUCATION LOCATED IN MIDWAY, KENTUCKY, FOUNDED IN 1847 AS THE KENTUCKY FEMALE ORPHAN SCHOOL. THE RESIDENTIAL CAMPUS REMAINS KENTUCKY'S ONLY WOMEN'S COLLEGE, BUT THE INSTITUTION ALSO OFFERS CO-ED ACCELERATED PROGRAMS IN THE EVENING AND ONLINE. DEGREES OFFERED INCLUDE ASSOCIATE, BACCALAUREATE AND MASTER'S DEGREES. 1 0 8626827 3048949 15352257 MIDWAY COLLEGE IS KENTUCKY'S ONLY COLLEGE FOR WOMEN OFFERING A LIBERAL ARTS FOUNDATION THROUGH A GENERAL EDUCATION CURRICULUM AND CAREER FOCUSED PREPARATION THROUGH MAJORS AT THE UNDERGRADUATE LEVEL. IN ADDITION, THE COLLEGE PROVIDES COEDUCATIONAL ACCELERATED ADULT UNDERGRADUATE AND GRADUATE PROGRAMS IN THE EVENINGS AT THE MAIN CAMPUS AND AT AN OFF CAMPUS SITE IN LEXINGTON AND ONLINE. ALL PROGRAMS ARE INTENDED TO LEAD TO REWARDING CAREERS AND RESPONSIBLE CITIZENSHIP. 796529 THE COLLEGE PROVIDES ACADEMIC SUPPORT TO STUDENTS IN THE FORM OF ACADEMIC ADVISORS, ACADEMIC COUNSELING, AND LIBRARY AND COMPUTER SERVICES. THE COLLEGES 14-1 STUDENT-FACULTY RATIO ENSURES EASY ACCESS TO AND DEVELOPMENT OF GOOD RELATIONSHIPS WITH FACULTY. 3662278 MIDWAY COLLEGE PROVIDES STUDENTS WITH A NUMBER OF OPPORTUNITIES TO BECOME INVOLVED IN SOCIAL, RECREATIONAL, EDUCATIONAL, AND CULTURAL ACTIVITIES. ANNUAL EVENTS INCLUDE NIGHT OF LIGHTS, THE LAST SUPPER, MIDWAY CHRISTMAS VESPERS, AND GRADUATION FESTIVITIES. CHORALE CONCERTS AND STUDENT PRODUCTIONS ADD A CULTURAL DIMENSION TO CAMPUS LIFE. A NUMBER OF STUDENT ACTIVITIES AND ORGANIZATIONS PROVIDE STUDENTS WITH THE OPPORTUNITY TO SUPPLEMENT ACADEMIC LEARNING, SHARPEN LEADERSHIP SKILLS, AND ACTIVELY PARTICIPATE IN THE PROCESS OF PLANNING AND ORGANIZING PROGRAMS. 1999113 17520 THE COLLEGE PROVIDES AUXILIARY SERVICES FOR STUDENTS AND FACULTY. THESE SERVICES INCLUDE FOOD SERVICES AND RESIDENCE HALL ACTIVITIES. 1999113 17520 15084747 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 104 0 1 558 1 1 1 0 0 0 0 1 1 1 1 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 KY X MARK R WADLINGTON 8598466290 512 EAST STEPHENS STREET MIDWAY KY 403471112 MIRA S BALL LIFE TRUSTEE 1.00 X 0 0 0 DR SUVIAS G DESAI TRUSTEE 1.00 X 0 0 0 ANNE E BOLTON TRUSTEE 1.00 X 0 0 0 BOB M HUTCHISON TRUSTEE 1.00 X 0 0 0 EMILY T GABLE TRUSTEE 1.00 X 0 0 0 LINDA L GREEN SECRETARY 1.00 X 0 0 0 DONNA S HALL TRUSTEE 1.00 X 0 0 0 CHARLES R HEMBREE TRUSTEE 1.00 X 0 0 0 JANET L HUNTER VICE CHAIR 1.00 X 0 0 0 DONNA R MOORE CHAIR 1.00 X 0 0 0 ELIZABETH L JONES TRUSTEE 1.00 X 0 0 0 DENISE MCCLELLAND TRUSTEE 1.00 X 0 0 0 DR JAMES P ROACH TRUSTEE 1.00 X 0 0 0 BELINDA B METZGER TRUSTEE 1.00 X 0 0 0 LARRY B TAYLOR TRUSTEE 1.00 X 0 0 0 DAN D STEWART JR TRUSTEE 1.00 X 0 0 0 LYLE F WOLF TRUSTEE 1.00 X 0 0 0 ANITA M BRITTON TRUSTEE 1.00 X 0 0 0 SUSAN M WALDEN TRUSTEE 1.00 X 0 0 0 DR JOHN P MARSDEN PRESIDENT 40.00 X 202640 0 63808 LAURA ARMESTO PROVOST 40.00 X 80000 0 26000 LYEN CREWS II UNTIL 53113 VP BUSINESS AFFAIRS 40.00 X 134308 0 9864 SCOTT FITZPATRICK VP OF ADVANCEMENT 40.00 X 33423 0 5543 KAREN L PETKO ASSIS VP OF STUDENTS 40.00 X 81394 0 9256 ELLEN GREGORY VP OF MARKETING & COLLEGE COMMUNICATIONS 40.00 X 105000 0 11550 ROY MUNDY VP OF DEVELOPMENT - UNTIL 5/17/13 40.00 X 65485 0 2619 MARK WADLINGTON VP OF BUSINESS AFFAIRS & CFO 40.00 X 0 0 0 ROBERT VOGEL INTERIM PRESIDENT - UNTIL 1/31/13 40.00 X 44933 0 10025 MARLENE M HELM FACULTY-MAT PROGRAM - UNTIL 12/15/13 40.00 X 123994 0 10912 ERIC BOLLAND FACULTY-BUSINESS 40.00 X 104053 0 25299 WILLIAM G BROWN ASSOCIATE PROVOST 40.00 X 115500 0 17275 JOHNIE DEAN DIRECTOR COMPLIANCE & RESEARCH 40.00 X 106139 0 11132 BARBARA KITCHEN DEAN HEALTH SCIENCES 40.00 X 115500 0 19860 1312369 0 223143 8 0 1 0 LEARNING HOUSE 333 GUTHRIE STREET 200 LOUISVILLE KY 40202 ONLINE COURSE DELIVERY 848790 HAMBURG PROPERTIES LLC PO BOX 55470 LEXINGTON KY 40555 BUILDING RENT 185952 PLATTFORM ADVERTISING 3111 PAYSPHERE CIRCLE CHICAGO IL 60674 ADVERTISING 169402 ELLUCIANDATATEL 4375 FAIR LAKES CIRCLE FAIRFAX VA 22033 SOFTWARE INSTALLATION & MAINTENANCE 156943 LEXINGTON HERALD LEADER 100 MIDLAND AVENUE LEXINGTON KY 40508 ADVERTISING 138939 8 18256 2983752 629216 3002008 TUITION AND FEES 900099 15011993 15011993 AUXILIARY 722210 1442293 108927 1333366 CAFETERIA SALES 722320 20053 20053 16474339 149396 149396 23980 13033 10947 10947 8366 2581 2851240 12420 0 59997 2851240 -47577 2803663 2803663 22280 18256 15311 6969 6969 RECOVERIES OF LOSSES ON UNCOLLECT 900099 340264 340264 MISCELLANEOUS INCOME 900099 17520 17520 HORSE BOARDING INCOME 721310 1131 1131 358915 22806237 15369777 118424 4316028 3048949 3048949 794296 598379 174490 21427 7073921 5347820 1532846 193255 46883 55875 -9892 900 802106 569527 215454 17125 574955 430316 129015 15624 188243 7475 180331 437 178567 178567 1032618 875938 149906 6774 889107 636789 245577 6741 49265 28996 20187 82 720514 202377 518137 206954 194908 8158 3888 532167 532167 1473061 1315534 157527 185347 11953 173394 SOFTWARE LICENSES & FEE 722954 492414 230540 BAD DEBT EXPENSE 499933 499933 MISCELLANEOUS 424342 191165 201232 31945 REPAIRS & MAINTENANCE 290250 3142 287108 1029375 573257 456118 20763807 15084747 5380862 298198 1363838 436621 107687 169100 21580 1351000 515710 291511 564734 493634 91904 194429 35445815 16883800 20043114 18562015 23641332 27123399 1218307 1202863 41295 343144 47609501 50167716 2161523 1415569 514421 871117 9688348 9272336 3771667 3796570 16135959 15355592 X 15548529 16496267 6688492 8758578 9236521 9557279 31473542 34812124 47609501 50167716 X 2042430 751760 -8263 552655 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 483 483 0 PART II-B, LINE 1: MIDWAY COLLEGE IS A MEMBER OF THE KENTUCKY CHAMBER OF COMMERCE AND COMMERCE LEXINGTON, TO WHICH IT PAID DUES OF $960, $144 OF WHICH WERE ALLOCATED TO LOBBYING. MIDWAY COLLEGE IS A MEMBER OF THE NATIONAL ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES, TO WHICH IT PAID DUES OF $3,065, $215 OF WHICH WERE ALLOCATED TO LOBBYING. MIDWAY COLLEGE IS ALSO A MEMBER OF OTHER PROFESSIONAL ASSOCIATIONS, TO WHICH IT PAID DUES IN TOTAL OF $5,190, $124 OF WHICH WERE ALLOCATED TO LOBBYING. 24913995 223917 3952630 648612 28441930 22463422 191605 3208656 949688 24913995 23254482 2768406 841664 4401130 22463422 18762497 3958713 3355835 2822563 23254482 16715097 774029 1882998 609627 18762497 0.35600 0.33600 0.30790 1 0 1486824 1486824 27893368 12267172 15626196 4512377 3340209 1172168 1553246 1276419 276827 18562015 ANNUITIES PAYABLE 500241 INTEREST RATE SWAP AGREEMENT 46329 LINE OF CREDIT 3250000 3796570 X 20867210 751760 657972 1409732 19457478 178567 3170192 3348759 22806237 17520365 105317 105317 17415048 178567 3170192 3348759 20763807 PART V, LINE 4: ENDOWMENT FUNDS ARE HELD BY THE COLLEGE AND USED FOR THE PURPOSE STIPULATED BY THE DONOR. CURRENTLY, THE ENDOWMENT FUNDS OF THE COLLEGE ARE DIRECTED BY DONORS TO PROVIDE TUITION SCHOLARSHIPS FOR MIDWAY COLLEGE STUDENTS AND OFFSET COMPENSATION EXPENSE OF MIDWAY COLLEGE FACULTY. IT IS MIDWAY COLLEGE'S INTENT TO COMPLY WITH THE DONORS' STIPULATIONS FOR THESE FUNDS. PART X, LINE 2: THE COLLEGE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND A SIMILAR PROVISION OF STATE LAW. HOWEVER, THE COLLEGE IS SUBJECT TO FEDERAL INCOME TAX ON ANY UNRELATED BUSINESS TAXABLE INCOME. THE COLLEGE IS NOT CONSIDERED TO BE A PRIVATE FOUNDATION. THE COLLEGE HAS ADOPTED THE PROVISIONS OF GAAP RELATING TO UNCERTAINTY IN INCOME TAXES. THE ASSESSMENT INCLUDES EVALUATING THE TAX POSITIONS TAKEN ON ALL INCOME TAX RETURNS THAT REMAIN OPEN TO EXAMINATION BY THE RESPECTIVE TAXING AUTHORITIES (RETURNS FILED AFTER 2010). THE COLLEGE DOES NOT BELIEVE THAT THERE ARE ANY UNCERTAIN TAX POSITIONS ON THOSE RETURNS THAT SHOULD BE REFLECTED IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: EXPENSES NETTED AGAINST REVENUE ON 990 28,344. INCREASE IN INTEREST IN ASSETS HELD IN TRUST BY OTHERS 523,311. CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAP 106,317. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FELLOWSHIPS 3,048,949. REVENUE NETTED AGAINST EXPENSES ON FINANCIAL STATEMENTS 121,243. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES NETTED AGAINST REVENUE ON 990 28,344. ANNUITY LIABILITY ADJUSTMENT 76,973. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FELLOWSHIPS 3,048,949. REVENUE NETTED AGAINST EXPENSES ON FINANCIAL STATEMENTS 121,243. PART V, LINE 2C TERM ENDOWMENT INCLUDES TEMPORARILY RESTRICTED FUNDS. 1 1 1 1 1 1 1 0 0 0 1 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ALL PUBLIC ADVERTISEMENTS, AS WELL AS LITERATURE GIVEN TO PROSPECTIVE STUDENTS, DESCRIBES THE COLLEGE AS BEING AN EQUAL OPPORTUNITY INSTITUTION. SCHEDULE E, PART I, LINE 5 MIDWAY COLLEGE HAS ESTABLISHED A SCHOLARSHIP FUND FOR ALL MINORITY STUDENTS. MINORITY STUDENTS ARE ELIGIBLE TO RECEIVE 100% TUITION SCHOLARSHIPS. SCHEDULE E, PART I, LINE 6 THE COLLEGE ACTS AS A CONDUIT FOR DISBURSING STUDENT FINANCIAL AID PAYMENTS TO STUDENTS FROM FUNDS PROVIDED BY FEDERAL AGENCIES. THE PURPOSES OF THE FUNDS ARE DEFINED BY FEDERAL AGENCIES. THEY ARE DISBURSED BY THE COLLEGE IN ACCORDANCE WITH THOSE DEFINED PURPOSES. SPOTLIGHT AWARDS 40536 18256 22280 15311 40536 18256 22280 15311 15311 6969 1 SCHOLARSHIPS 331 3048949 PART I, LINE 2: THE FUNDS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT, WHICH DIRECTLY OFFSETS TUITION, FEES, ROOM AND BOARD. X X X 1 0 X X X 0 0 0 0 0 0 0 0 0 DR JOHN P MARSDEN PRESIDENT 202640 0 0 0 0 0 9329 0 54479 0 266448 0 0 0 PART I, LINE 1A HEALTH AND SOCIAL CLUB DUES AND INITIATION FEES: SOCIAL CLUB DUES AND QUARTERLY REQUIRED MEAL FEES FOR THE PRESIDENT ARE PAID BY MIDWAY COLLEGE. THE PERSONAL PORTION OF THE DUES IS ADDED TO THE W-2 OF THE PRESIDENT. MIDWAY COLLEGE PROVIDES FOR MEALS TO THE PRESIDENT FOR ON-CAMPUS, BUSINESS ACTIVITIES DIRECTED BY THE BOARD. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: MIDWAY COLLEGE PROVIDES THE PINKERTON-ROUSE HOUSE, A HISTORICAL RESIDENCE, TO THE COLLEGE PRESIDENT, WHICH IS FURNISHED FOR THE CONVENIENCE OF THE COLLEGE AND IS REQUIRED AS A CONDITION OF THE PRESIDENT'S EMPLOYMENT. A CITY OF MIDWAY KENTUCKY 616001871 NONEAVAIL 2009-11-30 10500000 REFUND PRIOR BONDS, CONSTRUCT CLASSROOM BUILDING, PURCHASE SOFTWARE SYSTEM 0 0 0 A 10500000 41295 10458705 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 1 1 PNC BANK 4.700000000000 0 0 0 0 0 A 0 DR WILLIAM DRAKE FORMER PRESIDENT INVESTMENT X 6662 493634 0 1 1 493634 SCHEDULE L, PART II - LOAN TO AND FROM INTERESTED PERSONS ALSO INCLUDED IN "RELATED PARTY RECEIVABLE" AT JUNE 30, 2014 IS $75,389 ALSO DUE FROM DR. WILLIAM B. DRAKE, JR. FOR ASSESSED BACK FEDERAL INSURANCE CONTRIBUTIONS ACT (FICA) TAXES PAID BY THE COLLEGE ON HIS BEHALF. THIS RECEIVABLE WAS WRITTEN OFF DURING 2014. X 4 610195 MARKET VALUE X HORSES 3 18500 FAIR MARKET VALUE X HORSE SUPPLIE 1 380 FAIR MARKET VALUE X NURSING SUPPL 1 141 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART III, LINE 2 MIDWAY COLLEGE OFFERED A NON-CREDIT COLLEGE READINESS PROGRAM BASED ON A CONTRACT WITH THE PANAMANIAN GOVERNMENT. HIGH SCHOOL GRADUATES FROM PANAMA PARTICIPATED IN A NINE MONTH PROGRAM CONSISTING OF COURSES IN ENGLISH CONVERSATION, LEADERSHIP AND CULTURAL ACTIVITIES, AND WEEKEND EXCURSIONS. FORM 990, PART VI, SECTION B, LINE 11 POLICY FOR REVIEWING 990: THE BOARD REVIEWED THE 990 AT A MEETING PRIOR TO FILING THE 990. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST FORM IS COMPLETED ANNUALLY AND MONITORED BY THE PRESIDENT'S OFFICE IN CONJUNCTION WITH THE CHAIRMAN OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15A THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. ANNUALLY AT THE MAY MEETING OF THE BOARD OF TRUSTEES THE EXECUTIVE COMMITTEE DELIBERATES UPON THEIR EVALUATION OF THE PRESIDENT'S PERFORMANCE AND PRESIDENTIAL COMPENSATION DATA. ALL OTHER EXECUTIVES AND KEY EMPLOYEE'S COMPENSATION IS DETERMINED BY THE PRESIDENT. PERFORMANCE EVALUATIONS ARE CONDUCTED ANNUALLY BY DEPARTMENT DIRECTORS AND VICE-PRESIDENT IN-CHARGE. THE EVALUATIONS INCLUDING COMPENSATION INCREASES ARE THEN FORWARDED TO THE PRESIDENT. THE PRESIDENT REVIEWS THE EVALUATIONS AND SUGGESTED COMPENSATION INCREASES THEN DETERMINES EACH EMPLOYEE'S COMPENSATION INCREASE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S 990,990T, AND GOVERNING DOCUMENTS MAY BE AVAILABLE UPON REQUEST. THE FINANCIAL STATEMENTS ARE NOT AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: ANNUITY LIABILITY ADJUSTMENT -76,973. INCREASE IN INTEREST IN ASSETS HELD IN TRUST 523,311. CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAP AGREEMENTS 106,317. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR FOR OVERSIGHT OF THE AUDIT OR SELECTION OF THE AUDITORS. FORM 990, PART VII THE AMOUNTS OF OTHER COMPENSATION FROM THE ORGANIZATION IN COLUMN (F) INCLUDE A NON-TAXABLE HOUSING BENEFIT FOR PRESIDENT DR. JOHN P. MARSDEN OF $43,212 AND FORMER PRESIDENT DR. ROBERT VOGEL OF $3,928. THIS VALUE REPRESENTS THEIR APPLICABLE PERCENTAGE OF THE ANNUAL FAIR RENTAL VALUE OF THE PROPERTY PER IRC SECTION 119(D) PLUS DIRECT UTILITIES OF THE PROPERTY.