2015-03-24T12:25:20-05:00 2014-05-31 420714325 MCGLADREY LLP 230 N ELM ST STE 1100 GREENSBORO NC 27401 990 2013-06-01 560547498 BELMONT ABBEY COLLEGE INC BELM 7044616814 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 WILLIAM THIERFELDER PRESIDENT 7044616814 2015-02-13 1 ADRIENNE MCKINNEY P00819656 3362724551 2013 2016-02-25 16:41:14Z WILLIAM THIERFELDER 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 39834662 0 X WWW.BELMONTABBEYCOLLEGE.EDU X 1960 NC BELMONT ABBEY COLLEGE OFFERS BACCALAUREATE LEVEL EDUCATION IN HUMANITIES, NATURAL SCIENCES, SOCIAL SCIENCES, AND PROFESSIONAL STUDIES. 30 28 600 29 0 0 4832244 4006186 36626986 29223202 657377 723754 -49922 42920 42066685 33996062 14072082 6189510 0 0 14872981 13932633 0 0 1434172 11799718 11870966 40744781 31993109 1321904 2002953 23363469 30979736 11422154 17292798 11941315 13686938 X OUR MISSION IS TO EDUCATE STUDENTS IN THE LIBERAL ARTS AND SCIENCES SO THAT IN ALL THINGS GOD MAY BE GLORIFIED. IN THIS ENDEAVOR, WE ARE GUIDED BY THE CATHOLIC INTELLECTUAL TRADITION AND THE BENEDICTINE SPIRIT OF PRAYER AND LEARNING. EXEMPLIFYING BENEDICTINE HOSPITALITY, WE WELCOME A DIVERSE BODY OF STUDENTS AND PROVIDE THEM WITH AN EDUCATION THAT WILL ENABLE THEM TO LEAD LIVES OF INTEGRITY, TO SUCCEED PROFESSIONALLY, TO BECOME RESPONSIBLE CITIZENS, AND TO BE A BLESSING TO THEMSELVES AND TO OTHERS. 0 0 25980713 6189510 29266122 INSTRUCTION - PROVIDE EDUCATION FOR STUDENTS IN THE LIBERAL ARTS AND SCIENCES SO THAT IN ALL THINGS, GOD MAY BE GLORIFIED. IN THIS ENDEAVOR, THE COLLEGE IS GUIDED BY THE CATHOLIC INTELLECTUAL TRADITION AND THE BENEDICTINE SPIRIT OF PRAYER AND LEARNING. EXEMPLIFYING BENEDICTINE HOSPITALITY, THE COLLEGE WELCOMES A DIVERSE BODY OF STUDENTS AND PROVIDES THEM WITH AN EDUCATION THAT WILL ENABLE THEM TO LEAD LIVES OF INTEGRITY, TO SUCCEED PROFESSIONALLY, TO BECOME RESPONSIBLE CITIZENS, AND TO BE A BLESSING TO THEMSELVES AND TO OTHERS. DURING THE 2013-2014 ACADEMIC YEAR THE COLLEGE ENROLLED 3,193 STUDENTS.INSTITUTIONAL SUPPORT - PROVIDE COMMUNICATION AND ACTIVITIES FOR THE COLLEGE'S ALUMNI AND COMMUNITY MEMBERS, SUCH AS HOMECOMING, TO ENABLE THE COLLEGE TO MAINTAIN A PRODUCTIVE RELATIONSHIP WITH COMMUNITY MEMBERS AND STUDENTS WHO HAVE GRADUATED AND CREATED FOR THEMSELVES A SUCCESSFUL LIFE. THE COLLEGE PROVIDES A WAY FOR SUCH GRADUATES TO "GIVE BACK" TO HELP FURTHER FUND THE COLLEGE'S MISSION OF EDUCATING STUDENTS. MANAGE THE COLLEGE'S ENDOWMENT TO THE BENEFIT OF THE INSTITUTION AND THE STUDENTS IT SERVICES.STUDENT SERVICES - PROVIDE FOR STUDENTS THE ENVIRONMENT NECESSARY FOR SUCCESSFULLY BECOMING WELL-ROUNDED INDIVIDUALS. THESE SERVICES INCLUDE A WELLNESS CENTER WITH A HEALTH CLINIC AND COUNSELING CENTER, AN HONORS INSTITUTE, ATHLETIC ACTIVITIES, STUDY ABROAD, INFORMATION TECHNOLOGY SERVICES, PERFORMING ARTS AND OTHER STUDENT ACTIVITIES. ALSO INCLUDED ARE ROOM AND BOARD SERVICES AS WELL AS GROUNDS, EQUIPMENT AND BUILDING MAINTENANCE AND REPAIRS. SUCH SERVICES ASSURE THAT THE STUDENTS THAT HAVE BEEN PLACED INTO THE CARE OF THE COLLEGE ARE PROPERLY ATTENDED TO AND THEREFORE PREPARED TO ENGAGE IN THE LEARNING ENVIRONMENT. 25980713 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 1 1 0 0 0 1 0 0 0 1 88 0 1 600 1 0 0 0 0 0 1 1 0 0 0 0 X 30 28 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X ALLAN MARK 7044616736 100 BELMONT-MT HOLLY RD BELMONT NC 28012 X RT REV PLACID D SOLARI CHANCELLOR 3.00 X 0 0 0 REV MSGR MAURICIO WEST CHAIRMAN 3.00 X 0 0 0 RICHARD HOEFLING SECRETARY 3.00 X X 0 0 0 BROTHER TOBIAH ABBOTT OSB TRUSTEE 1.00 X 0 0 0 EVELYN KELLY ANDERSON TRUSTEE 1.00 X 0 0 0 KENNETH D BELL TRUSTEE 1.00 X 0 0 0 THE REVEREND DAVID BROWN OSB TRUSTEE 1.00 X 0 0 0 RT REV OSCAR BURNETT TRUSTEE 1.00 X 0 0 0 ROBERT A DESTRO TRUSTEE 1.00 X 0 0 0 ROBERT W DINEEN TRUSTEE 1.00 X 0 0 0 SHARON L FOLK TRUSTEE 1.00 X 0 0 0 REV FRANCES FORSTER TRUSTEE 1.00 X 0 0 0 MR ROBERT GALLAGHER TRUSTEE 1.00 X 0 0 0 PAUL L HERNDON TRUSTEE 1.00 X 0 0 0 RAYMOND JONES TRUSTEE 1.00 X 0 0 0 CHRISTOPHER KIRCHGESSNER TRUSTEE 1.00 X 0 0 0 REV JOSEPH W KOTERSKI SJ TRUSTEE 1.00 X 0 0 0 WILLIAM LAWLER TRUSTEE 1.00 X 0 0 0 HANS LENGERS TRUSTEE 1.00 X 0 0 0 MR ROBERT LUDDY TRUSTEE 1.00 X 0 0 0 DR JEANNE-MARGARET MCNALLY TRUSTEE 1.00 X 0 0 0 REGINA P MOODY TRUSTEE 1.00 X 0 0 0 MR PAUL POLKING TRUSTEE 1.00 X 0 0 0 ROGER REGELBRUGGE TRUSTEE 1.00 X 0 0 0 EDWARD C RUFF TRUSTEE 8.00 X 0 0 0 LOUIS SCHMITT TRUSTEE 3.00 X 0 0 0 MICHAEL SNYDER TRUSTEE 3.00 X 0 0 0 MICHAEL SOIGNET TRUSTEE 1.00 X 0 0 0 PETER TONON TRUSTEE 1.00 X 0 0 0 WILLIAM K THIERFELDER PRESIDENT 60.00 X X 323209 0 65171 WAYNE J SCROGGINS VP ADM & FINANCE 60.00 X 166749 0 19130 ALLAN MARK CFO 60.00 X 126497 0 17049 RICHARD G SWANSON VP COLLEGE RELATIONS 50.00 X 186629 0 28880 ANNE DALY VP ACADEMIC AFFAIRS 50.00 X 171330 0 12713 RITA LEWIS CORPORATE SECRETARY 40.00 X 43244 0 9638 1017658 0 152581 5 0 1 0 CHARTWELLS DINING SERVICES PO BOX 417632 BOSTON MA 02241 FOOD SERVICES 2003283 SSC SERVICE SOLUTIONS PO BOX 742268 ATLANTA GA 30374 MAINTENANCE/JANITORIAL 1573490 HOWARD B JONES & SON INC 123 ZENKER ROAD LEXINGTON SC 29072 TENNIS COURT CONSTRUCTION 248400 PEDULLA TRUCKING EXCAVATING AND PAVING 1275 SHINN FARM ROAD MOORESVILLE NC 28115 TENNIS COURT CONSTRUCTION 209167 IMAGEMARK BUSINESS SERVICES INC PO BOX 799 GLOUESTER VA 23061 PRINTING SERVICES 195337 12 193036 3813150 66961 4006186 TUITION AND FEES 611710 21915902 21915902 AUXILIARY SERVICES 611710 6792644 6792644 MISC. PROGRAM 611710 514656 514656 29223202 293117 293117 6204572 10459 5773935 10459 430637 0 430637 430637 97126 54206 42920 42920 33996062 29266122 0 723754 X 6189510 6189510 1170240 278205 646215 245820 10242092 8310741 1423083 508268 396663 321864 55114 19685 1305369 1059216 181374 64779 818269 663968 113694 40607 123346 123346 4731783 3334652 1232490 164641 196811 85664 12729 98418 223322 170160 38456 14706 803307 803307 625570 529039 47501 49030 103756 92391 9281 2084 754879 754879 1041136 931817 74962 34357 306505 42745 263760 STUDENT SERVICES 642248 479966 107042 55240 EQUIPMENT RENTAL 330879 162390 156081 12408 REPAIRS 233924 226468 5113 2343 RENTAL EXPENSES 224487 224487 1529013 1319244 87983 121786 31993109 25980713 4578224 1434172 34816 22287 1917283 2824607 1842940 1242487 889148 999106 43293 51795 528944 582259 23347282 7023245 9722527 16324037 5985963 6289540 238995 239669 2159560 2403949 23363469 30979736 1497084 1367578 3619910 3712559 1505000 1250000 935900 935900 3113916 2881307 750344 7145454 11422154 17292798 X -1989951 -205635 4666707 4306319 9264559 9586254 11941315 13686938 23363469 30979736 X 2002953 176180 -433510 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8487467 183579 718069 182900 178000 9028215 7650283 111660 981001 101600 153877 8487467 7971380 171444 -152241 101600 238700 7650283 7666276 41854 900358 140584 103107 -879 8365676 7055374 81086 778816 89700 159300 7666276 0.00000 0.80540 0.19460 1 0 19960331 4366127 15594204 3371108 2657118 713990 15843 15843 16324037 CONTRIBUTIONS REC. FROM TRUST 16083 BENEFICIAL INTEREST IN TRUST 2289475 ASSETS HELD UNDER SPLIT INTEREST AGREEMENT 98391 2403949 STUDENT DEPOSITS 240943 OTHER LIABILITIES 557614 OBLIGATION UNDER SPLIT INTEREST AGREEMENT 55219 CAPITAL LEASE OBLIGATIONS 6291678 7145454 X 29481816 176180 1878388 -6623020 -4568452 34050268 -54206 -54206 33996062 27736193 1878388 54206 1932594 25803599 6189510 6189510 31993109 PART V, LINE 4: SCHOLARSHIPS AND SPECIFIC DEPARTMENTAL ACTIVITIES. PART X, LINE 2: MANAGEMENT EVALUATED THE COLLEGE'S TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC). PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENTS 145,998. CHANGE IN CSV OF LIFE INSURANCE 885. RECLASS SCHOLARSHIP GRANTS -6,189,510. EXPECTED LOSS ON CONTRIBUTIONS RECEIVABLE -580,393. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVENTORY COSTS -54,206. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COSTS 54,206. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIPS 6,189,510. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEE SCHEDULE O. SCHEDULE E, PART I, LINE 6 BELMONT ABBEY COLLEGE STUDENTS RECEIVE A VARIETY OF FEDERAL AND STATE GRANTS AND LOANS, INCLUDING PELL GRANTS, SUPPLEMENTAL EDUCATIONS OPPORTUNITY GRANTS, NC LEGISLATIVE TUITION GRANTS, AND NC STUDENT INCENTIVE GRANTS. 1 SCHOLARSHIPS AND FELLOWSHIPS TO STUDENTS 1284 6189510 PART I, LINE 2: THE ORG. UTILIZES VARIOUS DATABASES TO STORE & MONITOR ALL DATA PERTAINING TO THE AWARDING AND DISBURSEMENT OF GRANTS RECEIVED IN THE U.S. ALL GRANTS RECEIVED ARE PROPERLY APPLIED AS PAYMENTS TOWARD STUDENTS' ACCOUNTS APPROPRIATELY. ALL PARTICIPATING GRANTING ORGANIZATIONS HAVE COMPLIANCE REQUIREMENTS THAT ARE ADHERED TO & AUDITED ANNUALLY IN ACCORDANCE WITH THE OFFICE OF MGT. AND BUDGET (OMB) CIRCULAR A-133, AUDITS OF STATES, LOCAL GOVERNMENTS, AND NON-PROFIT ORGANIZATIONS. AS SUCH, THE ORG. PRESENTS SCHEDULES OF EXPENDITURES OF FEDERAL AND STATE AWARDS SUMMARIZING ALL EXPENDITURES USING THE ACCRUAL BASIS OF ACCOUNTING. X X 1 1 X X 0 0 0 0 0 0 0 0 0 WILLIAM K THIERFELDER PRESIDENT 247713 0 0 0 75496 0 6673 0 58498 0 388380 0 0 0 WAYNE J SCROGGINS VP ADM & FINANCE 164128 0 0 0 2621 0 6809 0 12321 0 185879 0 0 0 RICHARD G SWANSON VP COLLEGE RELATIONS 178345 0 0 0 8284 0 7700 0 21180 0 215509 0 0 0 ANNE DALY VP ACADEMIC AFFAIRS 170221 0 0 0 1109 0 6840 0 5873 0 184043 0 0 0 STH BENEDICTINE SOCIETY X 1438000 935900 0 1 1 935900 ABBOT OF BELMONT ABBEY-THE RIGHT RE CHANCELLOR/PRES SBS 49135 INTEREST -THE SOUTHERN BENEDICTINE SOCIETY RECEIVED INTEREST ON THE LOAN DISCLOSED ON SCHEDULE L, PART II. 0 ROBERT DINEEN TRUSTEE 80000 CEO FOR LINCOLN FINANCIAL NETWORK, THE COLLEGE'S LIFE INSURANCE PROVIDER 0 SOUTHERN BENEDICTINE SOCIETY RELATED TAX EXEMPT ORGANIZATION - SEE SCH R 621500 PAYMENT FOR CAPITAL LEASE ON DORMITORIES OWNED BY THE SOCIETY 0 PART IV, ITEM (B) THE SITTING ABBOT ALSO SERVES AS BOTH CHANCELLOR OF THE COLLEGE AND PRESIDENT OF THE SOUTHERN BENEDICTINE SOCIETY (SBS) BY VIRTUE OF HIS POSITION. HE IS ALSO ON THE BOARD OF THE COLLEGE. X 1 3200 FAIR MARKET VALUE X 2575 FAIR MARKET VALUE X 1 43172 FAIR MARKET VALUE X PIANOS 2 11120 FAIR MARKET VALUE X EVENT TICKETS 2 6894 FAIR MARKET VALUE 0 1 1 PART I, LINE 32B: STOCKS ARE SOLD AUTOMATICALLY BY THE ORGANIZATION'S BROKER WHO RECEIVES THE SHARES. FORM 990, PART VI, SECTION A, LINE 2 HOEFLING, THIERFELDER-COMMON BUSINESS RELATIONSHIP. ABBOT PLACID, MR. GALLAGHER AND FR. WEST HAVE COMMON ACTIVITIES WITHIN THE DIOCESE. GALLAGHER, HOEFLING, LENGERS, RUFF, THIERFELDER, AND WEST ALL SERVE ON THE CHARLOTTE BUSINESS COUNCIL. FR. WEST AND MR. JONES ARE BOTH DIRECTORS OF THE FOUNDATION OF THE ROMAN CATHOLIC DIOCESE OF CHARLOTTE. MR. RUFF SERVES ON DIOCESAN FINANCE COUNCIL. GALLAGHER, LENGERS, RUFF, REGELBRUGGE, SCHMITT, AND POLKING RECEIVED INTEREST INCOME FROM THE COLLEGE ON INVESTMENT IN COLLEGE BONDS. GALLAGHER AND HOEFLING-COMMON BUSINESS RELATIONSHIP. HOEFLING AND POLKING-FAMILY RELATIONSHIP. GALLAGHER-SON WAS ADJUNCT PROFESSOR. EDWARD RUFF SERVED AS GRANTOR OF A CHARITABLE REMAINDER UNITRUST OF WHICH THE COLLEGE IS THE BENEFICIARY. ABBOT PLACID SERVED AS A NON-BENEFICIARY TRUSTEE OF THE UNITRUST. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF BELMONT ABBEY COLLEGE, INC. (BAC) ARE THE CHAPTER OF BELMONT ABBEY. IN ACCORDANCE WITH ITS RULES AND PROCEDURES, THE BUSINESS AND AFFAIRS OF THE COLLEGE SHALL BE MANAGED BY THE BOARD OF TRUSTEES OR BY SUCH COMMITTEES AS THE BOARD MAY ESTABLISH PURSUANT TO THE BY-LAWS AND THE CHARTER OF THE COLLEGE. THE BOARD OF TRUSTEES OF THE COLLEGE SHALL CONSIST OF NOT LESS THAN TWENTY (20) NOR MORE THAN FORTY (40) TRUSTEES. THE MEMBERS OF THE COLLEGE SHALL BE ENTITLED TO A MINIMUM REPRESENTATION OF THE BOARD OF TRUSTEES OF SEVEN (7) MEMBERS, ONE (1) OF WHOM SHALL BE THE ABBOT OF BELMONT ABBEY, THE CHANCELLOR EX-OFFICIO OF THE COLLEGE. SUCH REPRESENTATION SHALL BE LIMITED TO A MAXIMUM OF TWENTY-FIVE PERCENT (25%) OF THE TOTAL BOARD OF TRUSTEES THAT MAY BE SERVING FROM TIME TO TIME PROVIDED THE MINIMUM REPRESENTATION OF SEVEN (7) MEMBERS IS ALWAYS OBSERVED. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF BAC HAVE THE AUTHORITY TO ELECT OR REMOVE TRUSTEES AS OUTLINED IN THE ARTICLES OF INCORPORATION AND AMENDMENTS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF BAC HAVE RESERVED CERTAIN POWERS IN THE ARTICLES OF INCORPORATION OR AMENDMENTS THERETO AS FOLLOWS: TO LEASE, SELL, MORTGAGE, OR ENCUMBER REAL ESTATE OWNED BY BAC; TO MERGE, AFFILIATE, LIQUIDATE, OR DISSOLVE BAC; TO AMEND THE ARTICLES OF INCORPORATION OF BAC; AND TO TERMINATE THE EXISTENCE OF BAC PURSUANT TO THE NON-PROFIT LAWS OF NC. FURTHER, THE MEMBERS SHALL APPROVE IN WRITING THE FOLLOWING ACTIONS OF THE BOARD OF TRUSTEES OF BAC: THE ELECTION AND/OR REMOVAL OF TRUSTEES; ANY AMENDMENT BY THE BY-LAWS OF BAC; THE APPOINTMENT OF THE PRESIDENT OF BAC; AND THE ADOPTION OF ANY CAPITAL BUDGET OR THE ADOPTION OF ANY BUDGET REFLECTING OPERATING DEFICITS OF BAC. FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE COMMITTEE REVIEWED THE DRAFT 990 (PUBLIC INSPECTION COPY) IN DETAIL. BASED ON THIS REVIEW THEY APPROVED THE 990 (PUBLIC INSPECTION COPY) FOR FILING. SUBSEQUENTLY, THE PUBLIC INSPECTION COPY WAS SENT TO EACH TRUSTEE IN ADVANCE OF THE FILING DATE (APRIL 15). FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST ANNUALLY WITH THEIR EMPLOYMENT CONTRACT. BOARD MEMBERS ARE REQUIRED TO FILE A REPORT ANNUALLY WHICH DISCLOSES ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE TERMS AND CONDITIONS OF EACH AMENDMENT TO THE PRESIDENT'S EMPLOYMENT AGREEMENT ARE PRESENTED TO THE BOARD OF TRUSTEES' EXECUTIVE COMMITTEE FOR DISCUSSION, COMMENT AND APPROVAL. PEER INSTITUTION COMPENSATION DATA IS PROVIDED FOR CONSIDERATION AS PART OF THE APPROVAL PROCESS. LIFE INSURANCE BENEFITS, IF ANY PROPOSED, WOULD ALSO BE REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE. THESE PROCESSES ARE ALSO FOLLOWED TO DETERMINE COMPENSATION FOR EACH MEMBER OF EXECUTIVE MANAGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION WILL MAKE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART VII, SECTION A, COLUMN F: THE ORGANIZATION, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN COLUMN F, PART VII AND NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS. FORM 990, PART IX, LINE 11G CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 812,465. MANAGEMENT AND GENERAL EXPENSES 1,159,786. FUNDRAISING EXPENSES 136,033. TOTAL EXPENSES 2,108,284. CONSULTING FEES: PROGRAM SERVICE EXPENSES 92,929. MANAGEMENT AND GENERAL EXPENSES 10,723. FUNDRAISING EXPENSES 200. TOTAL EXPENSES 103,852. FOOD SERVICES: PROGRAM SERVICE EXPENSES 1,658,795. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,658,795. OTHER : PROGRAM SERVICE EXPENSES 770,463. MANAGEMENT AND GENERAL EXPENSES 61,981. FUNDRAISING EXPENSES 28,408. TOTAL EXPENSES 860,852. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 145,998. CHANGE IN CSV OF LIFE INSURANCE 885. EXPECTED LOSSES FROM CONTRIBUTIONS RECEIVABLE -580,393. FORM 990, SCHEDULE E, LN 3: ORGANIZATION PUBLISHED THE FOLLOWING STATEMENT IN ITS ADMISSION MATERIALS, APPLICATION, AND NEWS ADVERTISEMENT: "ADMISSION GRANTED TO QUALIFIED APPLICANTS WITHOUT REGARD TO RACE, SEX, AGE, CREED, HANDICAP, OR NATIONAL OR ETHNIC ORIGIN." FORM 990, SCHEDULE R, PART V, LINE 2 THE PRIOR YEAR AMOUNTS WERE CHANGED IN THE CURRENT YEAR AUDITED FINANCIAL STATEMENTS. THE COLLEGE DETERMINED AN ADDITIONAL $455,623 SHOULD BE DISCLOSED IN THE TYPE Q AMOUNT FOR THE PRIOR YEAR. SOUTHERN BENEDICTINE SOCIETY OF NORTH CAROLINA 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 560530237 RELIGIOUS COMMUNITY NC 501(C)(3) LINE 1 N/A 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 1 1 0 0 SOUTHERN BENEDICTINE SOCIETY K 2499888 FAIR MARKET VALUE SOUTHERN BENEDICTINE SOCIETY P 45457 FAIR MARKET VALUE SOUTHERN BENEDICTINE SOCIETY Q 608011 FAIR MARKET VALUE SOUTHERN BENEDICTINE SOCIETY E 935900 OUTSTANDING BALANCE