2014-10-21T14:09:59-05:00 2014-06-30 620647474 BLACKBURN CHILDERS & STEAGALL PLC 801B SUNSET DRIVE JOHNSON CITY TN 376043033 990 2013-07-01 561065978 MID-ATLANTIC CHRISTIAN UNIVERSITY MID- 2523342007 715 NORTH POINDEXTER STREET ELIZABETH CITY NC 27909 CAROL M STUART ASSISTANT VP FOR FINANCE 2523342010 2014-10-20 1 THOMAS S GREER P00067526 4232824511 2014-10-15 2013 2015-11-30 17:44:51Z CAROL M STUART 715 NORTH POINDEXTER STREET ELIZABETH CITY NC 27909 4742266 0 X WWW.MACUNIVERSITY.EDU X 1948 NC MID-ATLANTIC CHRISTIAN UNIVERSITY IS AN UNDERGRADUATE INSTITUTION OF CHRISTIAN HIGHER EDUCATION WHOSE MISSION IS TO IMPACT THE WORLD BY TRANSFORMING ORDINARY PEOPLE INTO EXTRAORDINARY CHRISTIAN LEADERS. 16 15 120 3 0 0 2531223 2230613 2217573 2494699 9691 16954 0 0 4758487 4742266 438246 326159 0 0 407514 1991675 0 33780 220116 3330083 1976783 4175843 4328397 582644 413869 3609824 4323146 1169981 1469434 2439843 2853712 MID-ATLANTIC CHRISTIAN UNIVERSITY IS AN UNDERGRADUATE INSTITUTION OF CHRISTIAN HIGHER EDUCATION WHOSE MISSION IS TO IMPACT THE WORLD BY TRANSFORMING ORDINARY PEOPLE INTO EXTRAORDINARY CHRISTIAN LEADERS. THE UNIVERSITY GRANTS BOTH TWO AND FOUR YEAR DEGREES. 0 0 2513343 326159 2494699 MID-ATLANTIC CHRISTIAN UNIVERSITY IS AN UNDERGRADUATE INSTITUTION OF CHRISTIAN HIGHER LEARNING WHOSE MISSION IS TO IMPACT THE WORLD BY TRANSFORMING ORDINARY PEOPLE INTO EXTRAORDINAARY CHRISTIAN LEADERS. THE UNIVERSITY GRANTS BOTH TWO AND FOUR YEAR DEGREES. 2513343 1 1 0 0 0 0 0 0 0 1 1 0 0 1 0 1 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 240 0 1 120 1 0 0 0 0 0 0 0 0 0 0 X 16 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X CAROL M STUART ASSISTANT VP FOR FINANCE 2523342010 715 NORTH POINDEXTER STREET ELIZABETH CITY NC 27909 GENE M LANGLEY CHAIRMAN 2.00 X X 0 0 0 WYETT H COLCLASURE II VICE-CHAIRMAN 2.00 X X 0 0 0 CAPRICE J HAIRSTON SECRETARY 2.00 X X 0 0 0 BENJAMIN H ALLEN TRUSTEE 2.00 X 0 0 0 ROGER A BRADY TRUSTEE 2.00 X 0 0 0 RICHARD CLARK TRUSTEE 2.00 X 0 0 0 LARRY D COOPER TRUSTEE 2.00 X 0 0 0 ROYCE E EVERETTE JR TRUSTEE 2.00 X 0 0 0 GREGORY D HAND TRUSTEE 2.00 X 0 0 0 DAVE HILEMAN TRUSTEE 2.00 X 0 0 0 EDWARD L JONES TRUSTEE 2.00 X 0 0 0 EDWIN R LOWEN TRUSTEE 2.00 X 0 0 0 WILLIAM C MCCRACKEN TRUSTEE 2.00 X 0 0 0 DAVE MILAM TRUSTEE 2.00 X 0 0 0 JONITA D SHOAFF TRUSTEE 2.00 X 0 0 0 W KEITH TANKARD TRUSTEE 2.00 X 0 0 0 W KEITH WOOD TRUSTEE 2.00 X 0 0 0 D CLAY PERKINS PRESIDENT, MACU 40.00 X 70469 0 47110 KURTIS L KIGHT VP FOR FINANCE 40.00 X 61181 0 17223 KEVIN W LARSEN VP FOR ACADEMIC AFFAIRS 40.00 X 75737 0 21228 JOHN W MAURICE JR VP FOR INSTITUTIONAL ADVANCEMENT 40.00 X 0 0 0 KENDALL S GREENE VP FOR ENROLLMENT SERVICES 40.00 X 27619 0 51290 235006 0 136851 0 0 0 0 THOMPSON HOSPITALITY 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 FOOD SERVICE PROVIDER 350182 1 83321 2147292 741 2230613 TUITION AND FEES 611710 1542156 1542156 AUXILIARY ENTERPRISES 611710 881592 881592 OTHER INCOME 611710 70951 70951 2494699 16954 16954 4742266 2494699 0 16954 326159 326159 406046 215462 159294 31290 1255930 830472 369021 56437 25442 14704 9585 1153 243023 137287 96912 8824 61234 33175 25943 2116 12589 1170 10839 580 36460 36460 33780 33780 9892 9892 177331 146325 31006 68048 29790 24998 13260 91314 23913 67401 165134 65056 100078 56903 39182 17721 21877 13499 8378 55764 55764 296632 84943 211689 OTHER EXPENSES 426304 40018 351367 34919 CAFETERIA 307198 307198 RECRUITING EVENTS 73024 73024 SCHOLARSHIPS 54550 54550 123763 77416 39596 6751 4328397 2513343 1594938 220116 140148 641214 293054 87201 21253 28407 8367306 5611292 2962461 2756014 93604 100143 99304 710167 3609824 4323146 171079 201799 23788 21028 975114 1246607 1169981 1469434 X 2360261 2772625 77582 81087 2000 0 2439843 2853712 3609824 4323146 413869 0 X X 0 1 X 1 1 1 X 1490810 1192402 1090036 2531223 2230613 8535084 1490810 1192402 1090036 2531223 2230613 8535084 1582978 6952106 3459 6422 541 9691 16954 37067 8572151 11078301 0.81100 X SCHEDULE A, PART I, LINES 2 AND 7 MID-ATLANTIC CHRISTIAN UNIVERSITY RECEIVED AN IRS DETERMINATION LETTER 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 DETERMINED 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 REVENUE SERVICE HAS CLARIFIED THAT IN ORDER FOR THE UNIVERSITY 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 2771129 134543 220183 -83321 -2000 3040534 2265520 445371 152520 -92282 2771129 2576428 81016 -302037 -89887 2265520 2305812 181157 174159 -84700 2576428 2044893 114065 232306 -85452 2305812 0.14260 0.84210 0.01540 0 0 181108 181108 6345427 3998235 2347192 1840771 1613057 227714 2756014 OTHER ASSETS 656031 CASH SURRENDER VALUE OF LIFE INSURANCE 54136 710167 X 4713147 380361 380361 4332786 409480 409480 4742266 4027872 26896 26896 4000976 327421 327421 4328397 PART V, LINE 4: THE PERMANENTLY RESTRICTED NET ASSETS ("ENDOWMENTS") ARE COMPOSED OF FUNDS RESTRICTED FOR SCHOLARSHIPS, FACULTY SCHOLARSHIPS, MISSIONS AND GENERAL USE. THE ENDOWMENTS REPRESENT FUNDS RECEIVED WITH DONOR IMPOSED STIPULATIONS THAT THEY BE MAINTAINED IN PERPETUITY BY THE UNIVERSITY. THE UNIVERSITY DETERMINES NET ASSET CLASSIFICATION AND ENDOWMENT SPENDING POLICY IN ACCORDANCE WITH THE HISTORIC DOLLAR VALUE OF THE GIFTS THAT CREATED THE ENDOWMENTS. PART X, LINE 2: NOTE 14 - UNCERTAIN TAXES THE UNIVERSITY FOLLOWS FASB ASC, WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF JUNE 30, 2014 AND 2013, THE UNIVERSITY HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE UNIVERSITY'S CONSOLIDATED FINANCIAL STATEMENTS. THE UNIVERSITY'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE CONSOLIDATED FINANCIAL STATEMENTS. NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEARS ENDED JUNE 30, 2014 AND 2013. GENERALLY, THE TAX YEARS BEFORE 2011 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE OF MID-ATLANTIC CHRISTIAN UNIVERSITY FOUNDATION, INC. 380,361. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 326,159. GRANT FROM MID-ATLANTIC CHRISTIAN UNIVERSITY FOUNDATION, INC. 83,321. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES OF MID-ATLANTIC CHRISTIAN UNIVERSITY FOUNDATION, INC. 26,896. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 326,159. TRANSFER TO MID-ATLANTIC CHRISTIAN UNIVERSTIY FOUNDATION, INC. 1,262. 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 POLICY IS PUBLISHED IN THE UNIVERSITY CATALOG, NEWSLETTERS, THE MID-ATLANTIC CHRISTIAN UNIVERSITY WEBSITE, ADMISSIONS, STUDENT APPLICATIONS, EMPLOYMENT APPLICATIONS, AND SOLICITATIONS. SCHEDULE E, PART I, LINE 6 MID-ATLANTIC CHRISTIAN UNIVERSITY PARTICIPATES IN THE TITLE IV STUDENT FINANCIAL AID PROGRAMS OF THE UNITED STATES DEPARTMENT OF EDUCATION. THE UNIVERSITY ALSO RECEIVES ASSISTANCE FROM THE NORTH CAROLINA NEED-BASED SCHOLARSHIP. 1 FINANCIAL PLANNING MINISTRY 2010 MAIN STREET IRVINE CA 926147265 A PROGRAM TO ASSIST IN "PLANNED GIVING" BY SETTING UP AN EST 0 0 33780 -33780 33780 -33780 NC SCHEDULE G, PART I, LINE 2B, COLUMN (V) FINANCIAL PLANNING MINISTRY'S PROGRAM IS TO ASSIST IN "PLANNED GIVING" BY SETTING UP AN ESTATE PLAN. THE OVERALL ARCH IS "FUNDRAISING" THROUGH PLANNED GIVING. D. CLAY PERKINS, PRESIDENT OF MID-ATLANTIC CHRISTIAN UNIVERSITY, IS THE SECRETARY OF FINANCIAL PLANNING MINISTRY. HE DOES NOT BENEFIT FINANCIALLY FROM FINANCIAL PLANNING MINISTRY. 1 CASH GRANTS/SCHOLARSHIPS WERE MADE FOR STUDENTS ATTENDING MID-ATLANTIC CHRISTIAN UNIVERSITY IN PASQUOTANK COUNTY, NORTH CAROLINA. 187 326159 0 N/A N/A PART I, LINE 2: THE UNIVERSITY DOES NOT GIVE ANY NON-CASH SCHOLARSHIPS. SCHOLARSHIPS ARE DISBURSED TO STUDENTS THROUGH CREDITING THEIR STUDENT ACCOUNTS. IF THE STUDENT HAS EXCESS SCHOLARSHIP FUNDS AS THE RESULT OF TITLE IV AID, THEN THESE FUNDS ARE AUTOMATICALLY DISBURSED TO THE STUDENT BY CHECK WITHIN FOURTEEN DAYS. IF THE EXCESS FUNDS ARE THE RESULT OF SOMETHING OTHER THAN TITLE IV AID, THE STUDENT MUST REQUEST A REFUND AND THESE FUNDS ARE DISBURSED TO THE STUDENT BY CHECK. THE UNIVERSITY'S PROCEDURES FOR MONITORING GRANT FUNDS IN THE U.S. ARE AS FOLLOWS: THE UNIVERSITY 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 UNIVERSITY'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 UNIVERSITY'S INDEPENDENT AUDITORS. FORM 990, PART VI, SECTION B, LINE 11 A COMPLETE COPY OF THE UNIVERSITY'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 THIS IS REVIEWED ANNUALLY AT THE MEETING OF THE FINANCE COMMITTEE AND OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE POLICY ON THE PROCESS FOR DETERMINING COMPENSATION OF ANY EMPLOYEE MAKING OVER $100,000 OR THE HIGHEST PAID EMPLOYEE APPROACHING THAT AMOUNT, APPLIES TO THE COMPENSATION OF THE FOLLOWING PERSON(S) EMPLOYED BY MID-ATLANTIC CHRISTIAN UNIVERSITY: THE CHIEF EMPLOYED EXECUTIVE. AS OF THIS TIME, THERE ARE NO OTHER OFFICERS OR KEY EMPLOYEES RECEIVING COMPENSATION AT THAT LEVEL. THE PROCESS INCLUDES ALL OF THESE ELEMENTS: 1. REVIEW AND APPROVAL. THE COMPENSATION OF THE PERSON(S) IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES OR EXECUTIVE COMMITTEE OF THE UNIVERSITY, PROVIDED THAT PERSONS WITH CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT AT ISSUE ARE NOT INVOLVED IN THIS REVIEW AND APPROVAL. 2. USE OF DATA AS TO COMPARABLE COMPENSATION. THE COMPENSATION OF THE PERSON(S) IS REVIEWED AND APPROVED USING DATA AS TO COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. 3. CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING. THERE IS CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING WITH RESPECT TO THE DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. THIS IS ACCOMPLISHED BY HAVING THE PUBLIC CONTACT THE CHIEF FINANCIAL OFFICER. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING THE FINANCE COMMITTEE AND THE AUDIT COMMITTEE ASSUME RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT, AND THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. MID-ATLANTIC CHRISTIAN UNIVERSITY FOUNDATION INC 715 NORTH POINDEXTER STREET ELIZABETH CITY NC 27909 561467140 MAKING GRANTS TO MID-ATLANTIC CHRISTIAN UNIVERSITY FOR SCHOLARSHIP FUNDING NC 501(C)(3) LINE 7 N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 MID-ATLANTIC CHRISTIAN UNIVERSITY C 83321 CASH PAID FOUNDATION INC GAVE MID-ATLANTIC CHRISTIAN UNIVERSITY GRANTS FOR FUNDING STUDENT AND FACULTY SCHOLAR- SHIPS AND FOR INSTITUTIONAL OPERA- TIONS (GENERAL FUND LIBRARY ETC) MID-ATLANTIC CHRISTIAN UNIVERSITY R 1262 CASH PAID TRANSFERRED TO MID-ATLANTIC CHRISTIAN UNIVERSITY FOUNDATION INC MONEY FOR THE ENDOWMENT FUND