2014-04-14T16:57:07-05:00 2013-05-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 777 E WISCONSIN AVENUE 32ND FLOOR MILWAUKEE WI 53202 990 2012-06-01 390808497 BELOIT COLLEGE BELO 6083632205 700 COLLEGE ST BELOIT WI 53511 LAURIE STICKELMAIER 6083632205 2014-04-09 1 TROY E MARINE CPA P00187863 4147775500 2014-04-09 2012 2015-11-30 17:44:51Z DR H SCOTT BIERMAN 700 COLLEGE ST BELOIT WI 53511 72274635 0 X WWW.BELOIT.EDU X 1846 WI SEE SCHEDULE O 30 30 1713 116 171312 0 11484288 6917386 54056484 56032001 1566443 4538215 1013615 759428 68120830 68247030 23092367 24408662 0 0 27534923 27193890 0 0 2516013 24048007 20486799 74675297 72089351 -6554467 -3842321 220675323 233649445 79236871 79784886 141438452 153864559 X SEE SCHEDULE O 0 0 61918037 24408662 56032001 BELOIT COLLEGE IS A LIBERAL ARTS COLLEGE FOUNDED ON THE WISCONSIN FRONTIER IN 1846, WAS BORN OUT OF A BELIEF THAT A PARTICULAR BRAND OF EDUCATION COULD ENERGIZE AND TRANSFORM LIVES, AND BY EXTENSION, THE WORLD. BELOIT CONTINUES TO BELIEVE THIS AND DELIVERS IT THROUGH A "LIBERAL ARTS IN PRACTICE" CURRICULUM THAT ENGAGES STUDENTS IN AN EXPLORATION OF IDEAS, COMPELS STUDENTS TO DEEPLY KNOW THEIR SUBJECTS, AND REQUIRES THEM TO DEMONSTRATE THAT THEY DO. THAT FOCUS, ON PROVIDING A RIGOROUS AND REWARDING EDUCATION AND PREPARATION HAS LONG SET THE COLLEGE AND ITS STUDENTS APART.DURING THE 2012-13 ACADEMIC YEAR, THE COLLEGE SERVED 1,359 STUDENTS, FROM 33 COUNTRIES, 49 STATES AND THE DISTRICT OF COLUMBIA. COURSES WERE OFFERED IN FALL, SPRING AND SUMMER SESSIONS. EDUCATIONAL SERVICES WERE PROVIDED BOTH DOMESTICALLY AND THROUGH STUDY ABROAD PROGRAMS. THE COLLEGE GRADUATED 374 STUDENTS DURING THE YEAR WHILE PROVIDING FINANCIAL ASSISTANCE TO APPROXIMATELY 1,269 STUDENTS.HAILED AS ONE OF 40 "COLLEGES THAT CHANGE LIVES" BY FORMER NEW YORK TIMES EDUCATION EDITOR, LOREN POPE, BELOIT OFFERS STUDENTS ACCESS TO MORE THAN 50 ACADEMIC PROGRAMS, 100 PLUS STUDENT CLUBS, 19 VARSITY SPORTS, AND COUNTLESS OTHER OPPORTUNITIES THAT RANGE FROM HANDS-ON FIELD AND INTERNSHIP EXPERIENCES BOTH LOCALLY AND GLOBALLY, TO COLLEGE FUNDED STUDENT BUSINESS STARTUPS. 61918037 1 1 0 0 0 1 0 1 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 1 229 0 1 1713 1 1 1 0 0 0 0 1 1 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X X LAURIE STICKELMAIER 6083632250 700 COLLEGE STREET BELOIT WI 53511 MR BILL BOYD 1.00 X 0 0 0 MR CHRISTOPHER D BARTOL 1.00 X 0 0 0 MR CHUCK MCQUAID 1.00 X 0 0 0 MR DICK NIEMIEC 1.00 X 0 0 0 MR DONALD CARSON 1.00 X 0 0 0 MR EUGENE ZELTMANN 1.00 X 0 0 0 MR HAROLD F MAYER 1.00 X 0 0 0 MR DON J WYATT 1.00 X 0 0 0 MR JACK ROZRAN 1.00 X 0 0 0 MR JAMES PACKARD 1.00 X 0 0 0 MR JAMES SANGER 1.00 X 0 0 0 MR JONATHON P MASON 1.00 X 0 0 0 MR OSCAR E CARDONA 1.00 X 0 0 0 MR PETER CHATILOVICZ 1.00 X 0 0 0 MR PHEE BOON KANG 1.00 X 0 0 0 MR RICHARD CLAYTON 1.00 X 0 0 0 MR ROBERT SHAW 1.00 X 0 0 0 MR ROBERT YOUNG 1.00 X 0 0 0 MS SHAMS RASHID 1.00 X 0 0 0 MR STEPHEN H MAHLE 1.00 X 0 0 0 MR STEVEN COHEN 1.00 X 0 0 0 MR THOMAS O'NEILL 1.00 X 0 0 0 MR THOMAS WALCOTT 1.00 X 0 0 0 MS DIANE HENDRICKS 1.00 X 0 0 0 MS JO FROMAN 1.00 X 0 0 0 MS JOANNA KUTTER 1.00 X 0 0 0 MS JUDITH MILLER 1.00 X 0 0 0 MS MARGARET ROBINSON 1.00 X 0 0 0 MS NINA WEISSBERG 1.00 X 0 0 0 MS SUDHA P QUAMME 1.00 X 0 0 0 DR ANN DAVIES 40.00 X 159831 0 20859 DR CHRISTINA KLAWITTER 40.00 X 114066 0 11489 DR H SCOTT BIERMAN 40.00 X 405249 0 48965 MR JOHN NICHOLAS 40.00 X 159796 0 17248 MR R JEFF PUCKETT 40.00 X 230550 0 34311 MS CONNIE TRUESDALE 40.00 X 57356 0 15434 MS NANCY BENEDICT 40.00 X 138870 0 23429 MR BILL FLANAGAN 40.00 X 112658 0 11842 MR JERRY GUSTAFSON 40.00 X 111406 0 19602 MS BETH MONTIERO 40.00 X 136164 0 24847 1625946 0 228026 9 1 1 0 BON APPETIT PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE 3358379 RENAISSANCE ROOFING PO BOX 5024 ROCKFORD IL 61125 CONSTRUCTION 439983 FURMAN BROS LANDSCAPING 13447 E LAKE SHORE RD CLINTON WI 53525 LANDSCAPING & GROUNDS MAINTENANCE 436629 KLOBUCAR CONSTRUCTION 3140 EAST COUNTY ROAD S BELOIT WI 53511 CONSTRUCTION 306891 WORLD LEARNING KIPLING ROAD PO BOX 676 BRATTLEBORO VT 053020676 EDUCATION SERVICES 292663 24 9364 1414370 5493652 847609 6917386 TUITION & FEES 812900 47344990 47344990 ROOM, BOARD & OTHER 812900 8687011 8687011 56032001 2652585 2652585 1542 1542 16999 0 16999 16999 16999 5904134 4001009 17495 1903125 -17495 1885630 1885630 10666 9364 9101 1565 1565 MISCELLANEOUS INCOME 900099 588214 3205 585009 CONFERENCES 721000 151108 151108 739322 68247030 56032001 171312 5126331 23217834 23217834 1190828 1190828 1454323 480869 700437 273017 19453661 15568278 2552659 1332724 1326054 1041276 195028 89750 3575605 2807785 622181 145639 1384247 1079107 202243 102897 204904 99623 104211 1070 86950 86950 114520 114520 5144325 3754171 987401 402753 44001 27914 14658 1429 2246437 1619402 564140 62895 600 600 1313742 1313742 1214481 1014391 131189 68901 317691 244547 52901 20243 566531 566531 4001064 3417507 583557 249363 11164 238199 FOOD SERVICE 3131284 3052706 65867 12711 REPAIRS & MAINTENANCE 1253561 862695 388882 1984 MISCELLANEOUS OTHER 597345 547067 50278 72089351 61918037 7655301 2516013 317883 549212 7731187 4773099 5443365 3932463 913195 1556694 8238274 7591370 52385 17780 163623 123016 133018685 56741765 78374619 76276920 114277508 133708837 857111 634306 4306173 4485748 220675323 233649445 3979205 4651230 89967 2109694 58540000 58440000 16627699 14583962 79236871 79784886 X 45821196 53307305 21520964 24804131 74096292 75753123 141438452 153864559 220675323 233649445 X -3842321 15654449 613979 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 140000 336773 1 1 722579 X X X 0 113282605 2651213 19722487 1307842 4636580 129711883 118664445 2774411 -2634589 1206005 4315657 113282605 102942506 4474866 15831503 1238397 3346033 118664445 89083136 6038079 12660647 1345392 3493964 102942506 124956518 7156062 -33237676 1471230 8320538 89083136 0.35000 0.53000 0.12000 0 0 1593634 1593634 113090597 46622376 66468221 75744 75744 0 8729750 6057989 2671761 9528960 3985656 5543304 76276920 STUDENT DEPOSITS 661553 FUNDS HELD FOR OTHERS 826924 REFUNDABLE LOAN FUNDS 2509015 ANNUITIES PAYABLE 3045824 DERIVATIVE LIABILITY 7540646 14583962 X 60001377 15654449 -23785582 -8131133 68132510 114520 114520 68247030 47575270 9101 9101 47566169 114520 24408662 24523182 72089351 PART III, LINE 4: THE COLLEGE MAINTAINS AN ANTHROPOLOGICAL MUSEUM AND AN ART MUSEUM. THE COLLECTIONS ARE DISPLAYED FOR PUBLIC VIEWING. HOWEVER, SPACE LIMITATIONS REQUIRE THAT ONLY PORTIONS OF THE COLLECTION ARE DISPLAYED AT A GIVEN TIME. THE COLLECTIONS AND THEIR PRESERVATION ARE USED IN THE CLASSROOM SETTING FOR INSTRUCTIONAL PURPOSES IN AREAS OF STUDY SUCH AS ANTHROPOLOGY, ART AND MUSEUM STUDIES. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE PURPOSE OF THE COLLEGE'S ENDOWMENT FUND IS TO PROVIDE A CONTINUOUS SOURCE OF FUNDING TO SUPPORT THE MISSION OF THE INSTITUTION. ENDOWMENT FUND EXPENDITURES PROVIDE FUNDING FOR SCHOLARSHIPS, FACULTY SALARIES, LIBRARY RESOURCES, AND OTHER PROGRAM ACTIVITIES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2013 AND 2012. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR FISCAL YEARS 2009 AND THEREAFTER ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID -24,408,662. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 329,797. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 284,182. SPECIAL EVENTS EXPENSE 9,101. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE 9,101. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 24,408,662. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 BELOIT COLLEGE IS A FOUR YEAR PRIVATE LIBERAL ARTS INSTITUTION THAT DRAWS STUDENTS NOT ONLY NATION WIDE BUT WORLD WIDE. MATERIALS USED IN PROMOTIONAL ACTIVITIES AND RECRUITING EFFORTS INCLUDE STATEMENTS THAT BELOIT COLLEGE DOES NOT DISCRIMINATE AGAINST STUDENTS, APPLICANTS FOR ADMISSION, APPLICANTS FOR FINANCIAL ASSISTANCE, APPLICANTS FOR EMPLOYMENT, OR EMPLOYEES ON THE BASIS OF SEX, RACE, COLOR, RELIGION, NATIONAL ORIGIN, ANCESTRY, AGE, SEXUAL ORIENTATION, OR PHYSICAL OR MENTAL DISABILITIES UNRELATED TO INSTITUTIONAL JOBS, PROGRAMS, OR ACTIVITIES. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 BELOIT COLLEGE DID RECEIVE FEDERAL FUNDS, WHICH WERE USED FOR STUDENT PROGRAMS/ENTITLEMENTS SUCH AS PELL GRANTS, SEOG GRANTS, AND WORKSTUDY PROGRAMS. 1 SOUTH AMERICA 0 0 EDUCATIONAL SERVICES PROGRAM SERVICES 11224 EUROPE/ICELAND/GREENLAND 0 0 EDUCATIONAL SERVICES PROGRAM SERVICES 377958 CENTRAL AMERICA & THE CARIBBEAN 0 0 EDUCATIONAL SERVICES PROGRAM SERVICES SUB-SAHARAN AFRICA 0 0 EDUCATIONAL SERVICES PROGRAM SERVICES MIDDLE EAST AND NORTH AFRICA 0 0 EDUCATIONAL SERVICES PROGRAM SERVICES EAST ASIA AND THE PACIFIC 0 0 EDUCATIONAL SERVICES, ABROAD STUDENT SUPPORT PROGRAM SERVICES 62700 RUSSIA 0 1 EDUCATIONAL SERVICES, ABROOAD STUDENT SUPPORT PROGRAM SERVICES 13590 NORTH AMERICA 0 0 EDUCATIONAL SERVICES PROGRAM SERVICES 0 1 0 0 0 1 465472 0 465472 SCHOLARSHIP SOUTH AMERICA 11 116299 SEE PART VI SCHOLARSHIP EUROPE/ ICELAND/ GREENLAND 49 574898 SEE PART VI SCHOLARSHIP RUSSIA 4 63373 SEE PART VI SCHOLARSHIP SUB-SAHARAN AFRICA 8 89609 SEE PART VI SCHOLARSHIP MIDDLE EAST / NORTH AFRICA 4 32942 SEE PART VI SCHOLARSHIP EAST ASIA / PACIFIC 19 211678 SEE PART VI SCHOLARSHIP SOUTH ASIA 4 48423 SEE PART VI SCHOLARSHIP CENT. AMERICA / CARIBBEAN 4 53606 SEE PART VI SCHOLARSHIP NORTH AMERICA 0 0 SEE PART VI 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: IN CASES WHERE FUNDS ARE SPENT AWAY FROM CAMPUS, APPROPRIATE DOCUMENTATION IS REQUIRED TO BE SUBMITTED AND APPROVED TO SUBSTANTIATE THE EXPENSE. SCHEDULE F, PART III, COLUMN E: GRANT FUNDS AWARDED IN THE FORM OF STUDENT FINANCIAL ASSISTANCE IS CREDITED TO THEIR TUITION ACCOUNT TO ASSIST IN COVERING THE COST OF TUITION. BUC OPEN 20030 9364 10666 3280 3580 2241 20030 9364 10666 3280 3580 2241 9101 1565 1 STUDENT FINANCIAL ASSISTANCE 1261 23217834 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GRANTS ARE AWARDED IN THE FORM OF FINANCIAL ASSISTANCE TOWARDS THE PAYMENT OF TUITION AND FEES IN WHICH CASE THE GRANT AMOUNTS ARE APPLIED DIRECTLY TO THE STUDENT'S ACCOUNT. OTHER GRANTS ARE AWARDED FOR VARIOUS REASONS TO STUDENTS, FACULTY AND STAFF FOR EDUCATIONAL OR WORK RELATED ACTIVITIES. IN THESE CASES EXPENSE VERIFICATION IS REQUIRED IN THE FORM OF RECEIPTS AND OTHER APPROPRIATE DOCUMENTATION. X X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DR ANN DAVIES 159831 0 0 0 0 0 15915 0 4944 0 180690 0 0 0 DR H SCOTT BIERMAN 365249 0 35000 0 5000 0 25000 0 23965 0 454214 0 0 0 MR JOHN NICHOLAS 157296 0 2500 0 0 0 16069 0 1179 0 177044 0 0 0 MR R JEFF PUCKETT 230550 0 0 0 0 0 23616 0 10695 0 264861 0 0 0 MS NANCY BENEDICT 138870 0 0 0 0 0 14464 0 8965 0 162299 0 0 0 MS BETH MONTIERO 136164 0 0 0 0 0 14170 0 10677 0 161011 0 0 0 PART I, LINE 1A PART I, LINE 1A: TRAVEL FOR COMPANIONS - SPOUSAL TRAVEL IS PAID FOR BY THE COLLEGE WHEN THE SPOUSE ASSISTS THE BELOIT COLLEGE EMPLOYEE WITH THE COLLEGE BUSINESS ACTIVITIES IN PERFORMING SPECIFIC DUTIES. THE ONLY SUCH SPOUSAL TRAVEL PAID FOR BY THE COLLEGE WAS THAT OF THE PRESIDENT'S SPOUSE. ALL EXPENDITURES MADE BY THE COLLEGE FOR TRAVEL OF THE SPOUSE WERE ATTRIBUTABLE TO SPECIFIC DUTIES IN THE FURTHERANCE OF THE MISSION OF THE COLLEGE. HOUSING ALLOWANCE OR RESIDENT FOR PERSONAL USE - AS A CONDITION OF EMPLOYMENT, THE PRESIDENT OF BELOIT COLLEGE IS REQUIRED TO RESIDE IN THE PRESIDENT'S HOUSE. THE PRESIDENT'S HOUSE SERVES BOTH AS A PERSONAL RESIDENCE AS WELL AS A VENUE FOR THE CARRYING ON OF COLLEGE BUSINESS REGULARLY. THE COLLEGE HAS DETERMINED THAT THE VALUE OF THE USE OF THIS PERSONAL RESIDENCE IS NOT CONSIDERED TAXABLE INCOME TO THE PRESIDENT AS PROVIDED FOR IN INTERNAL REVENUE CODE SECTION 119. CONSISTENT WITH THE USE OF THE RESIDENCE AS A VENUE FOR COLLEGE BUSINESS, A PART-TIME HOUSEKEEPER IS ASSIGNED TO CLEAN UP AND ASSISTANCE WITH SUCH USE. A WISC HEALTH & EDUCATIONAL FACILITIES AUTHORITY 391337855 97710BTF9 2010-04-28 28394743 REFINANCE OF 2007 SERIES BOND 1 1 0 B WISC HEALTH & EDUCATIONAL FACILITIES AUTHORITY 391337855 97710BUM2 2010-04-28 30000000 REFINANCE OF 2007 SERIES BOND 1 1 0 A 28394743 26203048 400960 1790735 2010 1 0 1 1 B 30000000 29475000 525000 2010 1 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 1 1 CHASE BANK 30.000000000000 0 0 0 0 1 A 1 B 1 DIANE HENDRICKS TRUSTEE 137422 ONE OF THE COLLEGE'S TRUSTEES WHO IS A LOCAL CORPORATE OWNER PURCHASED THE COLLEGE'S PARTNERSHIP SHARES IN A LOCAL HOTEL TO FURTHER THEIR BUSINESS OBJECTIVES WITHIN THE LOCAL COMMUNITY. 0 X 1 NO VALUE ASSIGNED X NO VALUE ASSIGNED X 37 805880 COST OR MARKET X 1 NO VALUE ASSIGNED X 1 NO VALUE ASSIGNED X 1 NO VALUE ASSIGNED X COMPUTER EQUIPMENT 3 41729 OTHER X PIANO 2 NO VALUE ASSIGNED X UNREIMBURED BOARD MEETING TRAVEL EXPENSE 1 NO VALUE ASSIGNED 0 1 1 NON REPORTING OF REVENUE: PART I, LINE 33: THE COLLEGE, AS A MATTER OF ACCOUNTING POLICY, DOES NOT RECORD REVENUE FOR WORKS OF ART ADDED TO ITS COLLECTIONS, AS ALLOWED UNDER SFAS 116. FURTHERMORE, ITEMS USED AS PROPS IN THE COLLEGE'S THEATER PROGRAM AND USED BOOKS DONATED TO THE COLLEGE'S LIBRARY ARE NOT REPORTED AS REVENUE FOR FINANCIAL STATEMENT PURPOSES. FORM 990, PART I, LINE 1: THE PRIMARY AIM OF BELOIT COLLEGE IS TO PROVIDE A LEARNING AND LIVING ENVIRONMENT DEDICATED TO THE CULTIVATION OF LIBERALLY EDUCATED PERSONS. FOR MORE THAN 150 YEARS, THE COLLEGE'S GOALS HAVE REMAINED CONSTANT: TO PROVIDE STUDENTS WITH A BROAD GROUNDING IN FACT; THE EXPERIENCE OF MASTERING AN AREA OF KNOWLEDGE; THE ABILITY AND INCLINATION TO INTEGRATE, ASSIMILATE, AND EVALUATE; A CONTINUING CONCERN FOR VALUES; ENTHUSIASM FOR PERSONAL CREATIVITY; AN AESTHETIC SENSIBILITY; A GLOBAL PERSPECTIVE, AND MOST IMPORTANTLY, THE DESIRE TO CONTINUE LEARNING. RELATED TO THESE GOALS ARE SEVERAL MAJOR COMMITMENTS THAT HAVE LONG HELPED TO GUIDE THE OPERATION OF BELOIT COLLEGE: A DEDICATION TO THE PURSUIT OF EXCELLENCE; A DEDICATION TO FREE INQUIRY AND COMMITMENT AS EXEMPLIFIED BY THE COLLEGE'S OWN TRADITIONS; AN INTEGRITY OF PURPOSE AND PERFORMANCE STEADFAST AGAINST EXPEDIENCY OR EXPLOITATION; A SPIRIT OF TOLERANCE THAT WILL PERPETUATE FREEDOM, WHETHER OF WORK, WORSHIP, SPEECH, PRESS, OR ACADEMIC RESEARCH; THE CONCEPT OF GOVERNMENT BY CONSENT OF THE GOVERNED, CONSTITUTIONALLY EXPRESSED; THE IDEAL OF A PROGRESSIVE SOCIAL ORDER BASED UPON EQUAL OPPORTUNITY AND EQUAL JUSTICE UNDER THE LAW. FORM 990, PART III, LINE 1: BELOIT COLLEGE ENGAGES THE INTELLIGENCE, IMAGINATION, AND CURIOSITY OF ITS STUDENTS, EMPOWERING THEM TO LEAD FULFILLING LIVES MARKED BY HIGH ACHIEVEMENT, PERSONAL RESPONSIBILITY, AND PUBLIC CONTRIBUTION IN A DIVERSE SOCIETY. OUR EMPHASIS ON INTERNATIONAL AND INTERDISCIPLINARY PERSPECTIVES, THE INTEGRATION OF KNOWLEDGE WITH EXPERIENCE, AND CLOSE COLLABORATION AMONG PEERS, PROFESSORS, AND STAFF EQUIPS OUR STUDENTS TO APPROACH THE COMPLEX PROBLEMS OF THE WORLD ETHICALLY AND THOUGHTFULLY. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BELOIT COLLEGE BOARD OF TRUSTEES ACTS AS THE COMPENSATION COMMITTEE. THERE ARE 5 MEMBERS OF THIS COMMITTEE, THE CHAIR OF THE BOARD AND 4 MEMBERS ELECTED FROM THE FULL BOARD. THE PROCESS USED TO DETERMINE THE COMPENSATION OF THE PRESIDENT AND TO REVIEW THE COMPENSATION OF THE OFFICERS OF THE COLLEGE IS DETAILED BELOW: 1. MARKET DATA FROM COMPENSATION SURVEYS OF MEMBER COLLEGES OF THE ASSOCIATED COLLEGES OF THE MIDWEST/GREAT LAKES COLLEGES ASSOCIATION (ACM/GLCA), MEMBER COLLEGES OF THE WISCONSIN ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES (WAICU), AND TWENTY COMPARATIVE NATIONAL RESIDENTIAL LIBERAL ARTS COLLEGES BELOIT USES FOR A VARIETY OF PURPOSES ARE USED TO COMPARE THE SALARIES, BENEFITS AND OTHER PERQUISITES OF THE PRESIDENT AND OFFICERS OF THE COLLEGE. 2. THE EXECUTIVE COMMITTEE USES THE MARKET DATA AS PART OF THEIR DECISION PROCESS. PRIOR TO THE SPRING BOARD OF TRUSTEE MEETING THE EXECUTIVE COMMITTEE IS ALSO PROVIDED WITH AN ANNUAL REPORT AND REFLECTION ON THE PREVIOUS YEAR AUTHORED BY THE PRESIDENT. THIS IS DISCUSSED BY THE EXECUTIVE COMMITTEE WITH THE PRESIDENT AND IN EXECUTIVE SESSION AT THEIR SPRING MEETING. FOLLOWING THIS DISCUSSION, THE EXECUTIVE COMMITTEE DECIDES ON A COMPENSATION PROPOSAL TO BRING TO THE FULL BOARD. 3. THE EXECUTIVE COMMITTEE TAKES THEIR RECOMMENDATION REGARDING THE PRESIDENT'S COMPENSATION FOR REVIEW AND CONSIDERATION TO THE FULL BOARD ALSO AT THE SPRING BOARD OF TRUSTEE MEETING. AT THIS MEETING, THE EXECUTIVE COMMITTEE SUMMARIZES THE PRESIDENT'S ANNUAL REPORT, THEIR OWN DELIBERATIONS, AND THE ARGUMENT FOR THE COMPENSATION RECOMMENDATION THEY ARE PROPOSING. 4. ONCE THE COMPENSATION PACKAGE IS APPROVED, IT IS COMMUNICATED TO THE VICE PRESIDENT FOR HUMAN RESOURCES AND OPERATIONS WHO IMPLEMENTS THE DECISION FOR THE NEXT FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 11 BELOIT COLLEGE'S FORM 990 WAS PREPARED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM. A DRAFT OF THE FORM 990 WAS PROVIDED ELECTRONICALLY TO THE BOARD OF TRUSTEES AUDIT COMMITTEE FOR REVIEW AT THE APRIL AUDIT COMMITTEE MEETING. THE APRIL MEETING AGENDA INCLUDED DISCUSSION OF QUESTIONS OR CONCERNS REGARDING THE INFORMATION CONTAINED IN THE FORM 990. ONCE ALL ISSUES AND QUESTIONS REGARDING THE RETURN WERE RESOLVED, THE FORM 990 WAS FINALIZED TO INCORPORATE ANY NECESSARY CHANGES. AN UPDATED VERSION WAS PROVIDED ELECTRONICALLY TO THE CONTROLLER TO DISTRIBUTE TO THE AUDIT COMMITTEE FOR ADDITIONAL MATTERS TO BE ADDRESSED AND RESOLVED. THE FINALIZED VERSION OF FORM 990 WAS FILED WITH THE IRS ON OR BEFORE APRIL 15TH FILING DEADLINE. TO RESPECT THE WISHES OF CERTAIN DONORS TO REMAIN ANONYMOUS, WE HAVE CHOSEN NOT TO PROVIDE A FULL DISCLOSURE COPY OF THE 990 TO THE FULL GOVERNING BOARD OF BELOIT COLLEGE. THE BOARD DOES, HOWEVER, RECEIVE A FULL REPORT LESS THE DONOR NAMES AND ADDRESSES TO REVIEW. A FULL DISCLOSURE COPY, WITH ALL DONOR INFORMATION, WILL BE FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES AND OFFICERS ARE REQUIRED TO COMPLETE CONFLICT OF INTEREST DOCUMENTS ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE COLLEGE PARTICIPATES ANNUALLY IN AN OFFICER COMPENSATION SURVEY CONDUCTED BY THE WISCONSIN ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES (WAICU), AND AN ANNUAL ADMINISTRATIVE SALARY SURVEY CONDUCTED BY THE ASSOCIATED COLLEGES OF THE MIDWEST (ACM) WITH BI-ANNUAL INCLUSION OF THE GREAT LAKES COLLEGE ASSN (GLCA). THE SURVEYS ARE REVIEWED AS A PART OF THE PROCESS FOR DETERMINING ENCUMBENT SALARY INCREASES ANNUALLY. ADDITIONALLY, THE SURVEYS AND INDEPENDENT COMPARABILITY DATA FROM THE WAICU AND ACM/GLCA SCHOOLS WERE UTILIZED TO DETERMINE COMPENSATION FOR HIRING EXECUTIVES, OFFICERS AND KEY STAFF TO FILL VACANCIES. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE COLLEGE'S WEB SITE. OTHER DOCUMENTS MAY BE MADE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 14: THE COLLEGE DOES HAVE AN ORGANIZATION WIDE DOCUMENT RETENTION POLICY IN PLACE AT THE TIME OF THIS FILING, THE BELOIT COLLEGE RECORD RETENTION AND DESTRUCTION POLICY RECENTLY APPROVED BY THE ADMINISTRATION. THE COLLEGE HAS BEEN ENGAGED IN A PROCESS TO COMPLETE THE DEPARTMENTAL POLICY DOCUMENTATION IN TIME FOR THE NEXT REPORTING CYCLE. A FEW DEPARTMENTS HAVE COMPLETED THEIR INTERNAL DOCUMENT RETENTION AND DESTRUCTION GUIDELINES AND PUT THEM INTO PRACTICE, THE ACCOUNTING OFFICE IS ONE, BUT THERE ARE SOME THAT HAVE NOT. THOSE DEPARTMENTS WITHIN THE COLLEGE ORGANIZATION THAT ARE STILL IN THE PROCESS OF CREATING AND IMPLEMENTING A POLICY SPECIFIC TO THEIR AREA WILL HAVE THESE COMPLETED BY THE END OF THE CURRENT FISCAL YEAR (MAY 31, 2014). CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 329,797. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 284,182.