2014-02-26T15:11:34-06:00 2013-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 1361 S WILCOX DRIVE KINGSPORT TN 37660 990 2012-06-01 581363100 KING UNIVERSITY KING 4236524718 1350 KING COLLEGE ROAD BRISTOL TN 37620 JAMES P DONAHUE 4236526002 2014-02-25 1 CHAD KISNER P00738241 4232461725 2014-02-25 2012 2015-11-30 17:44:51Z JAMES P DONAHUE 1350 KING COLLEGE ROAD BRISTOL TN 37620 46772419 0 X WWW.KING.EDU X 1867 TN OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER LEARNING. 21 21 781 50 0 0 1267180 1510402 35937039 39264663 357656 5712245 360198 285109 37922073 46772419 12499662 12775577 0 0 895051 890119 0 0 502164 23959774 26499824 37354487 40165520 567586 6606899 60040014 68054093 10503501 11695033 49536513 56359060 TO EDUCATE STUDENTS IN AN ACADEMICALLY RIGOROUS AND COLLEGIATE SETTING THAT INTEGRATES CHRISTIAN FAITH, SCHOLARSHIP, SERVICE AND CAREER, LEADING TO MEANINGFUL LIVES OF ACHIEVEMENT AND CULTURAL TRANSFORMATION IN CHRIST. 0 0 31660134 12775577 39123166 OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER LEARNING. 31660134 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 107 0 1 781 1 0 0 0 0 0 1 1 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X LETTIE T JACKSON 4236524719 KING UNIVERSITY BUSINESS OFFICE BRISTOL TN 37620 WILLIAM G ADAMS 1.00 X X 0 0 0 RICHARD A RAY 1.00 X X 0 0 0 WILLIAM T BRYANT 1.00 X X 0 0 0 WILLIAM C ARGABRITE 1.00 X 0 0 0 E NEAL CALDWELL 1.00 X 0 0 0 DAVID A FLANIGAN JR 1.00 X 0 0 0 BEN M FRIZZELL JR 1.00 X 0 0 0 FRANK D GLASSCOCK 1.00 X 0 0 0 JEFFERSON J GREGORY 1.00 X 0 0 0 ROBERT C HART 1.00 X 0 0 0 DR WILLIAM D HEIZER 1.00 X 0 0 0 THEODORE M HUTCHESON JR 1.00 X 0 0 0 DR JOSEPH THOMAS LEWIS 1.00 X 0 0 0 DR J MILLER LISTON 1.00 X 0 0 0 ROBERT H MACLELLAN 1.00 X 0 0 0 ALDEN M MAIER 1.00 X 0 0 0 MARCIA M PORTER 1.00 X 0 0 0 H ALLEN ROES 1.00 X 0 0 0 JOHN F SHOULDERS JR 1.00 X 0 0 0 GERRY U STEPHENS 1.00 X 0 0 0 FREDERICK B TAYLOR 1.00 X 0 0 0 JAMES P DONAHUE 50.00 X X 133672 0 23850 DR GREGORY D JORDAN 50.00 X 343183 0 26182 PAUL M PERCY 50.00 X 131266 0 22983 LEANN HUGHES 50.00 X 98441 0 17000 ROBERT A LITTLETON 50.00 X 84672 0 21000 791234 0 111015 3 0 1 0 ARAMARK CORPORATION CAMPUS SERVICES 1350 KING COLLEGE BRISTOL TN 37620 CAFETERIA VENDOR 1176785 LEARNING HOUSE 427 S FOURTH STREET SUITE 300 LOUISVILLE KY 402023493 3RD PARTY EDUCATION PROVIDER 775025 LEONARD ROOFING 1534 EUCLID AVENUE BRISTOL VA 24201 CONTRACTOR SERVICES 343601 PREMIER TRANSPORTATION LLC 1500 BREDA DRIVE KNOXVILLE TN 37918 STUDENT TRANSPORT-ATHLETICS/ACTIVITIES 263028 MCGUIREWOODS LLP PROMENAGE II 1230 PEACHTREE ST S ATLANTA GA 303093534 LEGAL SERVICES 122579 6 1510402 14157 1510402 TUITION AND FEES 611710 35627762 35627762 AUXILIARY ENTERPRISES 611710 3210295 3210295 OTHER INCOME 611710 426606 426606 39264663 186180 186180 5526065 0 5526065 5526065 5526065 GAINS FROM INSURANCE PROCEEDS 611710 285109 285109 285109 46772419 39123166 0 6138851 12775577 12775577 890119 258524 631595 989308 682099 307209 122956 122956 864960 596364 268596 INSTRUCTION 9883336 9883336 INSTITUTIONAL SUPPORT 6283153 6283153 STUDENT SERVICES 5281712 5281712 AUXILIARY ENTERPRISES 1647451 1647451 1426948 535071 389713 502164 40165520 31660134 8003222 502164 1582475 216963 1322967 3623001 1497112 3296309 1651108 1813455 120957 122602 165664 97500 38201392 20000265 18660937 18201127 27348479 32777173 7690315 7905963 60040014 68054093 1364499 1528574 3113585 4239964 3515074 3442875 2510343 2483620 10503501 11695033 X 14582398 19968088 3895166 4509763 31058949 31881209 49536513 56359060 60040014 68054093 X 6606899 215648 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 31058949 648443 5477704 -5134056 32051040 30467315 84513 507121 31058949 26472467 213707 3781141 30467315 24122502 90739 2382941 -123715 26472467 30654515 167508 -6699521 24122502 0.00000 0.99470 0.00530 0 0 221575 221575 25517573 10720465 14797108 4756788 4236693 520095 7705456 5043107 2662349 18201127 INVESTMENT IN ARTWORK AND BOOKS 4820081 F INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES 1162703 F ASSETS HELD IN CHARITABLE REMAINDER UNITRUSTS 1464629 F INVESTMENT IN REAL ESTATE 458550 F 7905963 DEPOSITS HELD IN CUSTODY FOR OTHERS 415656 OTHER ACCRUED LIABILITIES AND PAYABLES 510624 UNREDEEMED BONDS, COUPONS 31650 CAPITAL LEASE 36661 LIABILITY UNDER UNITRUST AGREEMENTS 473081 U.S. GOVERNMENT LOAN FUNDS REFUNDABLE 1015948 2483620 X 34212490 215648 215648 33996842 12775577 12775577 46772419 27389943 0 27389943 12775577 12775577 40165520 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: GENERAL USE, STUDENT LOAN FUNDS, SCHOLARSHIPS, TECHNOLOGY, CHAIRS AND OTHER. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: NOTE 13 - UNCERTAINTY IN INCOME TAXES THE UNIVERSITY FOLLOWS THE FASB ACCOUNTING STANDARDS CODIFICATION, WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF MAY 31, 2013 AND 2012, THE UNIVERSITY HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE UNIVERSITY'S FINANCIAL STATEMENTS. THE UNIVERSITY'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE FINANCIAL STATEMENTS. HOWEVER, NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEARS ENDED MAY 31, 2013 AND 2012. GENERALLY, THE TAX YEARS BEFORE 2010 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN (LOSS) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES 173,817. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS 41,831. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,775,577. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,775,577. 1 1 1 1 1 1 1 0 0 0 1 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE POLICY IS STATED ON ALL OF KING UNIVERSITY'S PRINTED MATERIALS BROCHURES, AND ONLINE. EXPLANATION OF RACIAL DISCRIMINATION SCHEDULE E, PART I, LINE 5 THERE IS ONE INSTITUTIONAL SCHOLARSHIP BASED ON RACE, WHICH IS THE MARTIN LUTHER KING SCHOLARSHIP, WHICH MUST BE AWARDED TO AN AFRICAN-AMERICAN. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 KING UNIVERSITY RECEIVES FINANCIAL ASSSITANCE FROM TWO GOVERNMENTAL AGENCIES - THE UNITED STATES DEPARTMENT OF EDUCATION AND THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. KING UNIVERSITY PARTICIPATES IN THE TITLE IV STUDENT FINANCIAL AID PROGRAMS. THE UNIVERSITY HAS RECEIVED A RESEARCH GRANT FROM THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. 1 THE UNIVERSITY AWARDED FINANCIAL AID TOTALING $12,775,577 FOR STUDENTS ATTENDING KING UNIVERSITY, WHOSE MAIN CAMPUS IS IN SULLIVAN COUNTY, TENNESSEE. 1470 12775577 0 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 14 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. X 0 1 X X X X 0 0 0 0 0 0 0 0 0 JAMES P DONAHUE 133672 0 0 0 0 0 6850 0 17000 0 157522 0 0 0 DR GREGORY D JORDAN 343183 0 0 0 0 0 12500 0 13682 0 369365 0 0 0 PAUL M PERCY 131266 0 0 0 0 0 5983 0 17000 0 154249 0 0 0 PART I, LINE 1A THE UNIVERSITY PAYS CLUB DUES AT THE COUNTRY CLUB OF BRISTOL, THE VIRGINIAN, AND THE OLDE FARM FOR GREGORY D. JORDAN, THE PRESIDENT OF THE UNIVERSITY. THE UNIVERSITY PAYS CLUB DUES AT THE COUNTRY CLUB OF BRISTOL FOR LEANN HUGHES, THE VICE-PRESIDENT FOR MARKETING/DEVELOPMENT. PART I, LINE 1B NO FORMAL POLICY EXISTS. HOWEVER, INVOICES ARE REQUIRED BEFORE PAYMENTS ARE MADE. N/A PART I, LINE 5 N/A PART I, LINE 6 N/A PART I, LINE 7 N/A PART I, LINE 8 N/A FORM 990, PART VI, SECTION B, LINE 11 A COMPLETE COPY OF THE ORGANIZATION'S FINAL FORM 990 (INCLUDING ALL REQUIRED SCHEDULES), AS ULTIMATELY FILED WITH THE IRS, 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 IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CHIEF FINANCIAL OFFICER EVALUATES ALL CONTRACTS AND MAJOR TRANSACTIONS TO ENSURE POLICY IS FOLLOWED. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE OF THE BOARD OF TRUSTEES MEETS ANNUALLY TO DISCUSS AND EVALUATE THE PRESIDENT'S PERFORMANCE. THEY SET AN INCREASE IF THERE IS ONE. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: GAINS (LOSSES) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS 173,817. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS 41,831. FINANCIAL STATEMENTS AND REPORTING FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT AND FOR THE SELECTION OF AN INDEPENDENT ACCOUNTANT, AND THIS HAS NOT CHANGED FROM THE PRIOR YEAR. NAME CHANGE FORM 990, LINE C, PAGE 1, NAME OF ORGANIZATION EFFECTIVE JUNE 1, 2013, KING COLLEGE, INC. OFFICIALLY CHANGED ITS NAME TO KING UNIVERSITY. THERE WAS NO CHANGE TO THE STRUCTURE OF THE ORGANIZATION. THE ACADEMY AT KING 5825 OLD JONESBORO ROAD BRISTOL TN 37620 364645221 OPERATION OF PRIVATE HIGH SCHOOL TN 501(C)(3) LINE 2 N/A 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 THE ACADEMY AT KING D 1500000 NOTE PAYABLE LOAN GUARANTEE FOR THE ACADEMY AT KING PART V, LINE 1D THE UNIVERSITY CREATED THE ACADEMY AT KING (THE ACADEMY) DURING THE YEAR ENDED MAY 31, 2008. THE ACADEMY WAS SEPARATED FROM THE UNIVERSITY DURING THE YEAR ENDED MAY 31, 2010, AS THE UNIVERSITY NO LONGER WAS CONSIDERED TO HAVE CONTROLLING MEMBERSHIP IN THE BOARD OF THE ACADEMY. HOWEVER, THE ACADEMY CONTINUED TO BE DISCLOSED AS A RELATED PARTY TO THE UNIVERSITY. THE UNIVERSITY CONTINUED LEASING LAND TO THE ACADEMY FOR $1 PER YEAR. THE ACADEMY ISSUED DEBT TO CONSTRUCT A FACILITY ON THE LAND LEASED FROM THE UNIVERSITY, AND THE UNIVERSITY ACTED AS A GUARANTOR OF THE ACADEMY'S DEBT. SUBSEQUENT TO THE MAY 31, 2013 YEAR END, THE ACADEMY CEASED OPERATIONS. THE UNIVERSITY ASSUMED THE ACADEMY'S NOTE PAYABLE ON JUNE 28, 2013, WITH AN OUTSTANDING BALANCE OF $1,500,000, A MATURITY DATE OF JULY 1, 2018, AND AN INTEREST RATE OF 3.45%. IN ADDITION, THE UNIVERSITY HAS ASSUMED THE ASSET RELATED TO THE DEBT, WHICH THE UNIVERSITY PLANS TO USE AS AN ACADEMIC BUILDING.