2013-01-15T16:09:50-06:00 2012-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 1361 S WILCOX DRIVE KINGSPORT TN 37660 990 2011-06-01 581363100 KING COLLEGE INC KING 4236524718 1350 KING COLLEGE ROAD BRISTOL TN 37620 JAMES P DONAHUE 4236526002 2013-01-15 1 CHAD KISNER P00738241 4232461725 2013-01-10 2011 2016-02-25 16:41:14Z JAMES P DONAHUE 1350 KING COLLEGE ROAD BRISTOL TN 37620 37922073 0 X WWW.KING.EDU X 1867 TN OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER LEARNING. 30 30 678 50 23647 0 1753841 1267180 32512127 35937039 1621450 357656 18646 360198 35906064 37922073 12566639 12499662 0 0 858109 895051 0 0 558385 22007040 23959774 35431788 37354487 474276 567586 60031181 60040014 10315554 10503501 49715627 49536513 TO EDUCATE STUDENTS IN AN ACADEMICALLY RIGOROUS AND COLLEGEIATE SETTING THAT INTEGRATES CHRISTIAN FAITH, SCHOLARSHIP, SERVICE AND CAREER, LEADING TO MEANINGFUL LIVES OF ACHIEVEMENT AND CULTURAL TRANSFORMATION IN CHRIST. 0 0 30101177 12499662 35471868 OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER LEARNING. 30101177 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 1 0 0 0 0 1 0 0 0 0 1 66 0 1 678 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 0 X 30 30 1 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 COLLEGE BUSINESS OFFICE 1350 BRISTOL TN 37620 WILLIAM G ADAMS 1.00 X X 0 0 0 LOIS A CLARKE 1.00 X X 0 0 0 DR JON HARR 1.00 X X 0 0 0 JAMES P DONAHUE 1.00 X X 0 0 0 WILLIAM C ARGABRITE 1.00 X 0 0 0 DR WILLIAM T BRYANT 1.00 X 0 0 0 E NEAL CALDWELL 1.00 X 0 0 0 DAVID L COFFEY 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 ALBERT L GAYLE 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 SCOTT JACKSON 1.00 X 0 0 0 DR 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 PORTER 1.00 X 0 0 0 DR RICHARD A RAY 1.00 X 0 0 0 MARK D RYAN 1.00 X 0 0 0 KNOX H SHERER 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 JUDY F STONE 1.00 X 0 0 0 FREDERICK B TAYLOR 1.00 X 0 0 0 JAMES F VAN DYKE 1.00 X 0 0 0 TARIQ ZAIDI 1.00 X 0 0 0 HUGH O MACLELLAN JR 1.00 X 0 0 0 DR GREGORY D JORDAN 50.00 X 298003 0 28501 JAMES P DONAHUE 50.00 X 122837 0 24486 PAUL M PERCY 50.00 X 124997 0 23491 LEANN HUGHES 50.00 X 89986 0 18049 ROBERT A LITTLETON 50.00 X 80280 0 22049 716103 0 116576 3 0 1 0 ARAMARK CORPORATION CAMPUS SVCS 1350 KING COLLEGE ROAD BRISTOL TN 37620 CAFETERIA VENDOR 1325945 ACS BENEFIT SERVICES 8025 NORTH POINT BOULEVARD SUITE 1 WINSTONSALEM NC 27106 EMPLOYEE BENEFITS ADMINISTRATOR 310904 PEARCE ADMINISTRATION P O BOX 71326 PHILADELPHIA PA 191761326 INSURANCE SERVICES-STUDENT INSURANCE 278603 FIRST AMERICAN EQUIPMENT FINANCE P O BOX 3202 CAROL STREAM IL 601323202 LEASING LAPTOPS 252975 EDUCATIONAL & INSTITUTIONAL INS ADMINIST 200 SOUTH WACKER DRIVE SUITE 1000 CHICAGO IL 60606 INSURANCE SERVICES-PROPERTY AND CASUALTY 205886 11 1267180 44994 1267180 TUITION AND FEES 611710 32094297 32094297 AUXILIARY ENTERPRISES 611710 3041020 3041020 OTHER INCOME 611710 801722 801722 35937039 357656 357656 23647 0 23647 23647 23647 GAINS FROM INSURANCE P 611710 336551 336551 336551 37922073 35471868 23647 1159378 12499662 12499662 895051 302257 592794 995310 704879 268037 22394 100235 100235 871097 871097 INSTRUCTION 9194267 9194267 STUDENT SERVICES 5309143 5309143 INSTITUTIONAL SUPPORT 4484975 4484975 AUXILIARY ENTERPRISES 1530554 1530554 1474193 560415 377787 535991 37354487 30101177 6694925 558385 1465569 1582475 2092133 1322967 1332307 1497112 1760845 1651108 142594 120957 111065 165664 37944347 19283410 18737054 18660937 26530913 27348479 7858701 7690315 60031181 60040014 1336648 1364499 3449583 3113585 2931340 3515074 2597983 2510343 10315554 10503501 X 15280409 14582398 3401635 3895166 31033583 31058949 49715627 49536513 60031181 60040014 X 567586 -746700 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 30467315 84513 507121 0 0 0 31058949 26472467 213707 3781141 0 0 0 30467315 24122502 90739 2382941 -123715 0 0 26472467 30654515 167508 -6699521 0 0 0 24122502 0.00000 1.00000 0.00000 0 0 221575 221575 25409176 10348699 15060477 4689696 4181409 508287 7623900 4753302 2870598 18660937 INVESTMENT IN ARTWORK AND BOOKS 4820081 F INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES 988886 F ASSETS HELD IN CHARITABLE REMAINDER UNITRUSTS 1422798 F INVESTMENT IN REAL ESTATE 458550 F 7690315 DEPOSITS HELD IN CUSTODY FOR OTHERS 405146 OTHER ACCRUED LIABILITIES AND PAYABLES 454501 UNREDEEMED BONDS, COUPONS 31650 CAPITAL LEASE 79351 LIABILITY UNDER UNITRUST AGREEMENTS 511213 U.S. GOVERNMENT LOAN FUNDS REFUNDABLE 1028482 2510343 37922073 37354487 567586 -574314 -172386 -746700 -179114 24675711 -574314 -172386 -746700 25422411 12499662 12499662 37922073 24854825 0 24854825 12499662 12499662 37354487 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: NOTE 15 - UNCERTAINTY IN INCOME TAXES THE COLLEGE 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, 2012, THE COLLEGE HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COLLEGE'S FINANCIAL STATEMENTS. THE COLLEGE'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 YEAR ENDED MAY 31, 2012. GENERALLY, THE TAX YEARS BEFORE 2009 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: GAINS (LOSSES) ON BENEFICIAL INTEREST IN PERPETUAL TRUST -16,666. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS -155,720. TOTAL TO SCHEDULE D, PART XI, LINE 8: -172,386. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN (LOSS) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES -16,666. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS -155,720. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,499,662. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,499,662. 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 COLLEGE'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 COLLEGE RECEIVES FINANCIAL ASSSITANCE FROM TWO GOVERNMENTAL AGENCIES - THE UNITED STATES DEPARTMENT OF EDUCATION AND THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. KING COLLEGE PARTICIPATES IN THE TITLE IV STUDENT FINANCIAL AID PROGRAMS. THE COLLEGE HAS RECEIVED A RESEARCH GRANT FROM THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. 1 THE COLLEGE AWARDED FINANCIAL AID TOTALING $12,499,622 FOR STUDENTS ATTENDING KING COLLEGE, WHOSE MAIN CAMPUS IS IN SULLIVAN COUNTY, TENNESSEE. 1579 12499662 0 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE COLLEGE 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 COLLEGE'S PROCEDURES FOR MONITORING GRANT FUNDS IN THE U. S. ARE AS FOLLOWS: THE COLLEGE 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 COLLEGE'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 COLLEGE'S INDEPENDENT AUDITORS. X 0 1 X X X X 0 0 0 0 0 0 0 0 0 DR GREGORY D JORDAN 298003 0 0 0 0 0 15000 0 13501 0 326504 0 0 0 PART I, LINE 1A THE COLLEGE PAYS CLUB DUES AT THE COUNTRY CLUB OF BRISTOL, THE VIRGINIAN, AND THE OLDE FARM FOR GREGORY D. JORDAN, THE PRESIDENT OF THE COLLEGE. THE COLLEGE 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 X 4 44994 AVG PRICE FOR DAY 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 LOIS A CLARKE, TRUSTEE, IS THE MOTHER OF FRANK D. GLASSCOCK, TRUSTEE. 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 COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -574,314. GAINS (LOSSES) ON BENEFICIAL INTEREST IN PERPETUAL TRUST -16,666. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS -155,720. TOTAL TO FORM 990, PART XI, LINE 5: -746,700. OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT AUDITOR 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. 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 THE ACADEMY AT KING D 1500000 NOTE PAYABLE LOAN GUARANTEE FOR THE ACADEMY AT KING PART V, LINE 1D THE COLLEGE CREATED THE ACADEMY AT KING (THE ACADEMY) DURING THE YEAR ENDED MAY 31, 2008. THE ACADEMY WAS SEPARATED FROM THE COLLEGE DURING THE YEAR ENDED MAY 31, 2010, AS THE COLLEGE NO LONGER WAS CONSIDERED TO HAVE CONTROLLING MEMBERSHIP IN THE BOARD OF THE ACADEMY. HOWEVER, THE COLLEGE IS LEASING LAND TO THE ACADEMY FOR $1 PER YEAR. THE ACADEMY HAS ISSUED DEBT TO CONSTRUCT A FACILITY ON THE LAND THAT IS LEASED FROM THE COLLEGE. THE COLLEGE IS ACTING AS A GUARANTOR OF THE ACADEMY'S DEBT. IF THE ACADEMY FAILS TO PAY THE DEBT, THE COLLEGE WILL ASSUME THE DEBT AND THE RELATED ASSET. SPECIFICALLY, THE ACADEMY HAS A NOTE FOR $1,750,000, WHICH HAS SCHEDULED MATURITIES THROUGH MAY 31, 2014, WHICH THE COLLEGE IS GUARANTEEING. AT MAY 31, 2012, THE BALANCE OF THE ACADEMY'S NOTE IS $1,500,000.