2014-04-14T15:35:09-05:00 2013-05-31 420714325 MCGLADREY LLP 230 N ELM ST STE 1100 GREENSBORO NC 27401 990 2012-06-01 560547498 BELMONT ABBEY COLLEGE INC BELM 7044616814 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 WILLIAM THIERFELDER 7044616814 2014-04-11 1 ADRIENNE MCKINNEY P00819656 3362724551 2012 2015-11-30 17:44:51Z WILLIAM THIERFELDER 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 49307680 0 X WWW.BELMONTABBEYCOLLEGE.EDU X 1960 NC BELMONT ABBEY COLLEGE OFFERS BACCALAUREATE LEVEL EDUCATION IN HUMANITIES, NATURAL SCIENCES, SOCIAL SCIENCES, AND PROFESSIONAL STUDIES. 31 25 637 33 -49922 -49922 3414853 4832244 34909290 36626986 913517 657377 -9207 -49922 39228453 42066685 13398987 14072082 0 0 13849817 14872981 0 0 1394783 11483138 11799718 38731942 40744781 496511 1321904 20452970 23363469 10289911 11422154 10163059 11941315 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 34173408 14072082 36626986 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 2012-2013 ACADEMIC YEAR THE COLLEGE ENROLLED 3,329 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. 34173408 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 0 0 0 0 1 0 0 0 1 90 0 1 637 1 1 1 0 0 0 0 1 1 0 0 0 0 X 31 25 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 0 0 X ALLAN MARK 7044616736 100 BELMONT-MT HOLLY RD BELMONT NC 28012 X RT REV PLACID D SOLARI 3.00 X 0 0 0 REV MSGR MAURICIO WEST 3.00 X 0 0 0 RICHARD HOEFLING 3.00 X X 0 0 0 BROTHER TOBIAH ABBOTT OSB 1.00 X 0 0 0 EVELYN KELLY ANDERSON MD 1.00 X 0 0 0 KENNETH D BELL 1.00 X 0 0 0 THE REVEREND DAVID BROWN OSB 1.00 X 0 0 0 RT REV OSCAR BURNETT 1.00 X 0 0 0 ROBERT A DESTRO 1.00 X 0 0 0 ROBERT W DINEEN 1.00 X 0 0 0 MR DOUG EHMANN 1.00 X 0 0 0 SHARON L FOLK 1.00 X 0 0 0 REV FRANCIS FORSTER 1.00 X 0 0 0 MR ROBERT GALLAGHER 1.00 X 0 0 0 PAUL L HERNDON 1.00 X 0 0 0 RAYMOND JONES 1.00 X 0 0 0 KEVIN T KENNELLY 1.00 X 0 0 0 REV JOSEPH W KOTERSKI SJ 1.00 X 0 0 0 HANS LENGERS 1.00 X 0 0 0 JOE LINDSLEY 1.00 X 0 0 0 MR ROBERT LUDDY 1.00 X 0 0 0 MR PHILLIP MAISANO 1.00 X 0 0 0 DR JEANNE-MARGARET MCNALLY 1.00 X 0 0 0 REGINA P MOODY 1.00 X 0 0 0 MR PAUL POLKING 1.00 X 0 0 0 ROGER REGELBRUGGE 1.00 X 0 0 0 EDWARD C RUFF 8.00 X 0 0 0 LOUIS SCHMITT 3.00 X 0 0 0 MICHAEL SNYDER 3.00 X 0 0 0 PETER TONON 1.00 X 0 0 0 WILLIAM K THIERFELDER 60.00 X X 275838 0 43744 WAYNE J SCROGGINS 60.00 X 172372 0 26819 RICHARD G SWANSON 50.00 X 54670 0 7233 ANNE DALY 50.00 X 170704 0 14010 LUCAS C LAMADRID 50.00 X 125421 0 27718 RITA LEWIS 40.00 X 44117 0 9279 MARCIA MAKL 40.00 X 104668 0 14585 947790 0 143388 5 0 1 0 CHARTWELLS DINING SERVICES PO BOX 417632 BOSTON MA 02241 FOOD SERVICES 1529907 SSC SERVICE SOLUTIONS PO BOX 742268 ATLANTA GA 30374 MAINTENANCE/JANITORIAL 1315993 IMAGEMARK PO BOX 3386 HICKORY NC 28603 PRINTING 245560 UNDERGROUND SYSTEMS INC PO BOX 2494 LENIOR NC 28645 GROUNDS MAINTENANCE 180106 SONNY'S CONSTRUCTION CO INC 1265 OLD CHARLOTTE ROAD CONCORD NC 28027 BUILDING MAINTENANCE 165190 7 243519 4588725 893730 4832244 TUITION AND FEES 611710 29172198 29172198 AUXILIARY SERVICES 611710 6949477 6949477 MISC. PROGRAM 611710 505311 505311 36626986 357218 357218 7404575 7104416 300159 300159 300159 86657 136579 -49922 -49922 42066685 36626986 -49922 657377 X 14072082 14072082 971925 303706 516623 151596 11270743 8829728 1871994 569021 410544 321628 68189 20727 1342045 1051385 222905 67755 877724 687627 145784 44313 119848 119848 4526553 3126587 1185007 214959 123083 82381 379 40323 250207 151348 80874 17985 1237867 1237867 699471 604591 71496 23384 108516 91999 14762 1755 492066 492066 663893 526998 108281 28614 301071 33187 267884 STUDENT SERVICES 640308 554591 49237 36480 EQUIPMENT RENTAL 467545 184202 270176 13167 RENTAL EXPENSES 215309 215309 0 0 ENTERTAINMENT 179485 91295 32425 55765 1774496 1514831 150726 108939 40744781 34173408 5176590 1394783 85999 34816 2068425 1917283 45052 1842940 638339 889148 19354 0 55821 43293 1171371 528944 15781783 6059256 8003911 9722527 6306043 5985963 109610 238995 1949045 2159560 20452970 23363469 1380774 1497084 44153 0 386351 3619910 1750000 1505000 1438000 935900 3340535 3113916 1950098 750344 10289911 11422154 X -977322 -1989951 2217226 4666707 8923155 9264559 10163059 11941315 20452970 23363469 X 1321904 610721 -154369 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 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 8550457 59600 -1473667 81016 7055374 0.00000 0.83520 0.16480 1 0 12583548 3606753 8976795 3182542 2452503 730039 15693 15693 9722527 CONTRIBUTIONS REC. FROM TRUST 8201 BENEFICIAL INTEREST IN TRUST 2151359 2159560 STUDENT DEPOSITS 296563 OTHER LIABILITIES 453781 750344 X 30259090 610721 1896589 -13712805 -11205495 41464585 602100 602100 42066685 29082934 1896589 513646 2410235 26672699 14072082 14072082 40744781 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: SCHOLARSHIPS AND SPECIFIC DEPARTMENTAL ACTIVITIES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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 221,676. CHANGE IN CSV OF LIFE INSURANCE 1,022. UBIT EXPENSES 136,579. RECLASS SCHOLARSHIP GRANTS -14,072,082. PART XI, LINE 4B - OTHER ADJUSTMENTS: FORGIVENESS OF DEBT 602,100. PART XII, LINE 2D - OTHER ADJUSTMENTS: UBIT EXPENSES 136,579. IMPAIRMENT OF BUILDING 377,067. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIPS 14,072,082. 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 SEE SCHEDULE O. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE 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 1328 14072082 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 200964 0 0 0 74874 0 0 0 43744 0 319582 0 0 0 WAYNE J SCROGGINS 169751 0 0 0 2621 0 6977 0 19842 0 199191 0 0 0 ANNE DALY 169595 0 0 0 1109 0 6840 0 7170 0 184714 0 0 0 LUCAS C LAMADRID 124672 0 0 0 749 0 5294 0 22424 0 153139 0 0 0 STH BENEDICTINE X 1438000 935900 0 1 1 SOCIETY X 0 1 1 935900 ABBOT OF BELMONT ABBEY-THE RIGHT RE CHANCELLOR/PRES SBS 75495 INTEREST -THE SOUTHERN BENEDICTINE SOCIETY RECEIVED INTEREST ON THE LOAN DISCLOSED ON SCHEDULE, PART II. 0 0 ROBERT DINEEN TRUSTEE 93000 CEO FOR LINCOLN FINANCIAL NETWORK, THE COLLEGE'S LIFE INSURANCE PROVIDER 0 PART IV, ITEM (B) RELATIONSHIP 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 134000 MARKET VALUE X HANDTRUCKS 1 5130 MARKET VALUE X FORGIVE DEBT 2 602100 FACE VALUE OF DEBT X MUSICAL INSTRUMENT 1 6500 MARKET VALUE X SPORT EQUIPMENT 1 146000 MARKET VALUE 0 1 1 THIRD PARTY USE: 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, KENNELLY-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, SCHMITT, KENNELLY 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. 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 15A 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. 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. OTHER FEES FORM 990, PART IX, LINE 11G OTHER: PROGRAM SERVICE EXPENSES 3,126,587. MANAGEMENT AND GENERAL EXPENSES 1,185,007. FUNDRAISING EXPENSES 214,959. TOTAL EXPENSES 4,526,553. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 221,676. CHANGE IN CSV OF LIFE INSURANCE 1,022. IMPAIRMENT OF BUILDING AND EQUIPMENT -377,067. 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." 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 1876989 FAIR MARKET VALUE SOUTHERN BENEDICTINE SOCIETY P 109382 FAIR MARKET VALUE SOUTHERN BENEDICTINE SOCIETY Q 103299 FAIR MARKET VALUE SOUTHERN BENEDICTINE SOCIETY E 935900 OUTSTANDING BALANCE