2013-02-06T16:15:05-06:00 2012-06-30 582475857 NICHOLS CAULEY & ASSOCIATES LLC 400 CORDER ROAD WARNER ROBINS GA 310887166 990 2011-07-01 237356941 MIDDLE GEORGIA COLLEGE FOUNDATION INC MIDD 4789343518 1100 SECOND STREET SE COCHRAN GA 31014 CHARLES PARKER 4789343012 2013-01-30 1 LENN L HALL P00530393 4789293888 2013-01-30 2011 2016-02-25 16:41:14Z CHARLES PARKER 1100 2ND STREET SE COCHRAN GA 31014 3910527 0 X WWW.MGC.EDU/FOUNDATION X 1973 GA PROVIDE SCHOLARSHIPS, ETC. TO MIDDLE GA COLLEGE 6 6 0 50 0 0 141966 224999 251492 276489 3394387 3401127 2912 7912 3790757 3910527 129176 118305 0 0 0 0 10200 0 0 3356496 4899978 3495872 5018283 294885 -1107756 76853469 75590683 66185377 64478027 10668092 11112656 MIDDLE GEORGIA COLLEGE FOUNDATION, INC. OPERATES TO SUPPORT MIDDLE GEORGIA COLLEGE BY PROVIDING SCHOLARSHIP FUNDS, SUPPORT FOR ATHLETIC AND OTHER SCHOOL PROGRAMS AND PROVISION OF STUDENT RESIDENCE HALLS. 0 0 223143 118305 AWARDING SCHOLARSHIPS AND PROVIDING SUPPORT FOR SCHOOL ACTIVITIES AT MIDDLE GEORGIA COLLEGE. 4720240 281489 PROVIDE STUDENT HOUSING FOR STUDENTS AT MIDDLE GEORGIA COLLEGE IN RESIDENCE HALLS CONSTRUCTED WITH PROCEEDS FROM THE SALE OF TAX-EXEMPT BONDS ISSUED FOR THAT SPECIFIC PURPOSE. 4943383 1 1 0 0 0 0 0 0 0 1 1 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 1 2 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 GA X MRS LYNN HOBBS 4789343518 1100 SECOND STREET SE COCHRAN GA 31014 X MR JOHN BLACK 0.50 X 0 0 0 MR DAVID LANIER 0.50 X 0 0 0 MR JOHN PHILLIPS 0.50 X 0 0 0 MR RONNIE ROLLINS 0.50 X 0 0 0 MR CHARLES PARKER SR 2.00 X X 0 0 0 MR DWIGHT JONES 2.00 X X 0 0 0 MR CAREY MARTIN 0.30 X 0 0 0 MR CASEY PAULK 0.30 X 0 0 0 MR CHARLES PARKER SR 0.30 X X 0 0 0 MR JOHN PHILLIPS 0.30 X X 0 0 0 MR JOHN BLACK 0.30 X X 0 0 0 MS NANCY STROUD 0.30 X X 0 0 0 MR DWIGHT JONES 0.30 X X 0 0 0 MR CAREY MARTIN 0.30 X 0 0 0 MR CASEY PAULK 0.30 X 0 0 0 MR CHARLES PARKER SR 0.30 X X 0 0 0 MR JOHN PHILLIPS 0.30 X X 0 0 0 MR JOHN BLACK 0.30 X X 0 0 0 MS NANCY STROUD 0.30 X X 0 0 0 MR DWIGHT JONES 0.30 X X 0 0 0 0 0 0 0 0 0 0 0 224999 67036 224999 RENTAL INCOME-STUDENT 531110 276489 276489 276489 3401127 3401127 MANAGEMENT FEE INCOME 900099 5000 5000 BOND AMORTIZATION PREM 900099 2912 2912 7912 3910527 281489 0 3404039 118305 118305 26828 26828 38018 38018 3100412 3100412 104838 104838 TRANSFER OF EXCESS BOND 1500000 1500000 AMORTIZATION OF BOND IS 65949 65949 BUILDING SUPPLIES 34241 34241 MANAGEMENT FEES 12638 12638 17054 7000 10054 5018283 4943383 74900 0 209506 228302 771611 200000 886332 461663 480007 424669 153957 10981108 10706374 62596326 62416538 1660954 1614800 76853469 75590683 3115377 1583027 63070000 62895000 66185377 64478027 X 9273388 9607525 491816 557882 902888 947249 10668092 11112656 76853469 75590683 X -1107756 1552320 X X 0 1 0 X 0 X 119679 342381 390435 141966 224999 1219460 119679 342381 390435 141966 224999 1219460 1219460 211586 347143 299834 269799 269606 1397968 -44150 -230882 18057 -256975 2360453 1111805 0.51660 0.10400 X SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: THE FOLLOWING COST REIMBURSEMENT AMOUNTS BY YEAR, WHICH ARE RELATED TO THE LEASING OF THE STUDENT HOUSING BUILT BY THE FOUNDATION WITH THE TAX-EXEMPT BONDS LISTED IN SCHEDULE K, ARE NOT REFLECTED AS INCOME ITEMS ON THE SUPPORT SCHEDULE. THE FOUNDATION RECEIVES CERTAIN AMOUNTS FROM MIDDLE GEORGIA COLLEGE FOR THE STUDENT HOUSING, AND THOSE AMOUNTS ARE PASSED THROUGH TO THE HOLDERS OF THE TAX-EXEMPT BONDS ISSUED IN PAYMENT OF THE CONSTRUCTION COSTS OF THE STUDENT HOUSING. SUCH COST REIMBURSEMENT AMOUNTS ARE NOT PROPERLY CLASSIFIED AS CONTRIBUTIONS TO THE FOUNDATION OR AS GROSS RECEIPTS FROM RELATED ACTIVITIES. THESE AMOUNTS ARE PART OF A COST-SHARING ARRANGEMENT WHEREBY THE FOUNDATION PASSES THROUGH THE BOND COSTS TO THE COLLEGE. THAT TYPE OF ARRANGEMENT DOES NOT PRODUCE INCOME IN THE NORMAL SENSE OF THE WORD. IN PRIOR YEARS, THESE FOLLOWING AMOUNTS WERE IMPROPERLY INCLUDED AS "OTHER INCOME" ON LINE 10 OF THE SUPPORT SCHEDULE. 2007- INTEREST INCOME FROM SALES-TYPE CAPITAL LEASE $1,258,652 BOND AMORTIZATION PREMIUM $2,912 2008- INTEREST INCOME FROM SALES-TYPE CAPITAL LEASE $1,867,060 BOND AMORTIZATION PREMIUM $2,912 2009- INTEREST INCOME FROM SALES-TYPE CAPITAL LEASE $3,018,797 BOND AMORTIZATION PREMIUM $2,912 2010- INTEREST INCOME FROM SALES-TYPE CAPITAL LEASE $3,124,588 BOND AMORTIZATION PREMIUM $2,912 2011- INTEREST INCOME FROM SALES-TYPE CAPITAL LEASE $3,118,464 BOND AMORTIZATION PREMIUM $2,912 PART II, SECTION B, LINE 10, OTHER INCOME (2011): MANAGEMENT FEE INCOME $5,000 CAPITAL GAINS FROM INVESTMENTS $13,057 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 938477 44763 32613 14148 1001705 876554 54636 15387 8100 938477 788416 82157 17106 11125 876554 869484 51597 -59840 63170 9655 788416 0.94560 0.05440 0 0 16332 16332 870000 461663 408337 424669 INVESTMENTS DESIGNATED FOR CONSTRUCTION & DEBT SERVICE 9594584 F BOARD OF REGENTS POOLED INVESTMENT PROGRAM 1111790 F 10706374 NET INVESTMENT IN SALES-TYPE CAPITAL LEASE 62416538 C 62416538 3910527 5018283 -1107756 -1291 1553611 1552320 444564 3925497 19970 19970 3905527 5000 5000 3910527 3480933 0 3480933 1537350 1537350 5018283 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE FOUNDATION'S ENDOWMENT FUNDS CONSIST OF TEMPORARILY AND PERMANENTLY RESTRICTED FUNDS. THE TEMPORARILY RESTRICTED FUNDS ARE AVAILABLE FOR SPECIFIC SCHOLARSHIPS AND AWARDS OR FOR USE IN FUTURE PERIODS. THE PERMANENTLY RESTRICTED FUNDS ARE BEING HELD INDEFINITELY AND THE INCOME FROM WHICH IS EXPENDABLE FOR THE FOUNDATION'S SUPPORT. THE INTENDED USE OF ALL ENDOWMENT FUNDS IS TO EXPAND EDUCATIONAL OPPORTUNITIES, SUPPORT ATHLETIC PROGRAMS AND AWARD SCHOLARSHIPS FOR THE BENEFIT OF THE STUDENTS OF MIDDLE GEORGIA COLLEGE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE FOLLOWING FOOTNOTE IS INCLUDED IN THE NOTES TO THE FOUNDATION'S AUDITED FINANCIAL STATEMENTS REGARDING THE FOUNDATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS UNDER FIN 48 (ASC 740): MIDDLE GEORGIA COLLEGE FOUNDATION, INC. IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND DOES NOT CONDUCT UNRELATED BUSINESS ACTIVITIES. THEREFORE, THE FOUNDATION HAS MADE NO PROVISION FOR FEDERAL INCOME TAXES IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. IN ADDITION, THE FOUNDATION HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE NOT TO BE A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) OF THE INTERNAL REVENUE CODE. THE FOUNDATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 8 - OTHER ADJUSTMENTS: ADJUSTMENT TO REVENUE & EXPS TO CONVERT GAAP FINANCIAL STMTS TO CASH BASIS 1,553,611. PART XII, LINE 2D - OTHER ADJUSTMENTS: ADJUSTMENT TO REVENUE TO CONVERT GAAP FINANCIAL STMTS TO CASH BASIS FORM 990 19,970. PART XII, LINE 4B - OTHER ADJUSTMENTS: INCOME NETTED AGAINST EXPENSE IN GAAP FINANCIAL STMTS BUT NOT CASH BASIS 990 5,000. PART XIII, LINE 4B - OTHER ADJUSTMENTS: ADJUSTMENT TO EXPS TO CONVERT GAAP FINANCIAL STMTS TO CASH BASIS FORM 990 1,532,350. INCOME NETTED AGAINST EXPENSE IN GAAP FINANCIAL STMTS BUT NOT CASH BASIS 990 5,000. 1 SCHOLARSHIPS AWARDED TO STUDENTS AT MIDDLE GEORGIA COLLEGE 90 63053 BOOK (SAME AS FMV) N/A ATHLETIC PROGRAM SCHOLARSHIPS TO STUDENTS AT MIDDLE GEORGIA COLLEGE 3 9842 BOOK (SAME AS FMV) N/A SUPPORT PROVIDED FOR VARIOUS ATHLETIC PROGRAMS AT MIDDLE GEORGIA COLLEGE; STUDENTS IN GENERAL BENEFITED WITH NO SPECIFIC RECIPIENTS. 7804 BOOK (SAME AS FMV) N/A SUPPORT PROVIDED FOR ALUMNI AND OTHER STUDENT ACTIVITIES AT MIDDLE GEORGIA COLLEGE 550 37606 BOOK (SAME AS FMV) N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: SCHOLARSHIP AWARDS - THE VICE PRESIDENT FOR FISCAL AFFAIRS PROVIDES THE SCHOLARSHIP COMMITTEE WITH A LIST OF SCHOLARSHIPS AVAILABLE AND THE AMOUNT AVAILABLE FOR AWARD IN JANUARY OF EACH YEAR BASED UPON THE DECEMBER MONTH END BALANCES. THE DIRECTOR OF ADVANCEMENT MAINTAINS A SCHOLARSHIP INFORMATION DOCUMENT WHICH LISTS EACH SCHOLARSHIP AND THE ELIGIBILITY REQUIREMENTS FOR EACH AWARD. THE DIRECTOR OF ADVANCEMENT SERVES AS A PRIMARY CONTACT FOR THE SCHOLARSHIP COMMITTEE. STUDENTS COMPLETE A SCHOLARSHIP APPLICATION FOR CONSIDERATION FOR SCHOLARSHIPS. THE SCHOLARSHIP COMMITTEE REVIEWS THE APPLICATIONS IN LIGHT OF THE ELIGIBILITY REQUIREMENTS OF THE AWARDS AND DETERMINES THE RECIPIENTS OF THE SCHOLARSHIPS. A SCHOLARSHIP AWARD FORM IS COMPLETED AND APPROVED BY THE SCHOLARSHIP COMMITTEE. THE VICE PRESIDENT OF FISCAL AFFAIRS APPROVES THE AWARD FORM AFTER VERIFYING THAT THE TOTAL DOLLAR AMOUNT IS AVAILABLE. THE FINANCIAL AID OFFICE REVIEWS THE FORM AND MAKES THE AWARD ON THE STUDENTS' ACCOUNT. BLECKLEY-COCHRAN DEVELOPMENT AUTHORITY 030574334 09348PBC9 2005-11-29 26899298 CONSTRUCTION OF STUDENT HOUSING FOR STUDENTS OF MIDDLE GEORGIA COLLEGE 0 0 0 JOINT DEVELOPMENT AUTHORITY OF BLECKLEY COUNTY AND DODGE COUNTY 261894499 09349AAJ7 2008-02-20 35665315 CONSTRUCTION OF STUDENT HOUSING FOR STUDENTS OF MIDDLE GEORGIA COLLEGE 0 0 0 2007 0 0 1 1 2009 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 1 49500 FAIR MARKET VALUE X COMPUTER 1 500 FAIR MARKET VALUE X LANDSCAPING 1 10000 FAIR MARKET VALUE X ITEMS FOR GALA 18 7036 FAIR MARKET VALUE 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY NICHOLS, CAULEY AND ASSOCIATES, LLC, CERTIFIED PUBLIC ACCOUNTANTS, AND FORWARDED FOR REVIEW TO LYNN HOBBS WHO MAINTAINS THE FINANCIAL RECORDS FOR THE FOUNDATION. A COPY OF THE 990 IS MAILED OR EMAILED TO EACH MEMBER OF THE EXECUTIVE COMMITTEE FOR REVIEW PRIOR TO FILING THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE FOLLOWING PROCEDURES ARE USED BY THE FOUNDATION TO REGULARLY AND CONSISTENTLY MONITOR AND ENFORCE ITS CONFLICT OF INTEREST POLICY: 1. EACH NEW RESPONSIBLE PERSON (ANY OFFICER, EMPLOYEE, OR MEMBER OF THE BOARD OF DIRECTORS) SHALL BE REQUIRED TO REVIEW A COPY OF THE POLICY AND TO ACKNOWLEDGE IN WRITING THAT HE OR SHE HAS DONE SO. 2. EACH RESPONSIBLE PERSON SHALL ANNUALLY COMPLETE A DISCLOSURE FORM IDENTIFYING ANY RELATIONSHIPS, POSITIONS, OR CIRCUMSTANCES IN WHICH THE RESPONSIBLE PERSON IS INVOLVED THAT HE OR SHE BELIEVES COULD CONTRIBUTE TO A CONFLICT OF INTEREST ARISING. SUCH RELATIONSHIPS, POSITIONS, OR CIRCUMSTANCES MIGHT INCLUDE SERVICE AS A DIRECTOR OF OR CONSULTANT TO A NOT-FOR-PROFIT ORGANIZATION, OR OWNERSHIP OF A BUSINESS THAT MIGHT PROVIDE GOODS OR SERVICES TO THE MIDDLE GEORGIA COLLEGE FOUNDATION, INC. ANY SUCH INFORMATION REGARDING BUSINESS INTERESTS OF A RESPONSIBLE PERSON OR A FAMILY MEMBER SHALL BE TREATED AS CONFIDENTIAL AND SHALL GENERALLY BE MADE AVAILABLE ONLY TO THE CHAIR, THE EXECUTIVE DIRECTOR, AND ANY COMMITTEE APPOINTED TO ADDRESS CONFLICTS OF INTEREST, EXCEPT TO THE EXTENT ADDITIONAL DISCLOSURE IS NECESSARY IN CONNECTION WITH THE IMPLEMENTATION OF THIS POLICY. 3. THIS POLICY SHALL BE REVIEWED ANNUALLY BY EACH MEMBER OF THE BOARD OF DIRECTORS. ANY CHANGES TO THE POLICY SHALL BE COMMUNICATED IMMEDIATELY TO ALL RESPONSIBLE PERSONS. NO COMPENSATION WAS PAID BY THE ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC FORM 990, PART VII MR. JOHN BLACK - 1100 SECOND ST., SE, COCHRAN, GA 31014. MR. DAVID LANIER - 201 SECOND STREET, MACON, GA 31201. MR. JOHN PHILLIPS - P. O. BOX 192, COCHRAN, GA 31014. MR. RONNIE ROLLINS - P. O. BOX 339, MACON, GA 31202. MR. CHARLES PARKER, SR. - 106 SURREY PLACE, PERRY, GA 31069. MR. DWIGHT JONES - P. O. BOX 7006, MACON, GA 31209. MR. CAREY MARTIN - 1601 WATSON BLVD, WARNER ROBINS, GA 31093. MR. JOHN BLACK - 1100 SECOND ST., SE, COCHRAN, GA 31014. MR. CASEY PAULK - 1088 COLEY STATION RD, COCHRAN, GA 31014. MR. JOHN PHILLIPS - P. O. BOX 192, COCHRAN, GA 31014. MS. NANCY STROUD - 1100 SECOND ST., SE, COCHRAN, GA 31014. MR. CHARLES PARKER, SR. - 106 SURREY PLACE, PERRY, GA 31069. MR. DWIGHT JONES - P. O. BOX 7006, MACON, GA 31209. MR. JOHN BLACK - 1100 SECOND ST., SE, COCHRAN, GA 31014. MR. CAREY MARTIN - 1601 WATSON BLVD, WARNER ROBINS, GA 31093. MR CASEY PAULK - 1088 COLEY STATION RD, COCHRAN, GA 31014. MR. JOHN PHILLIPS - P. O. BOX 192, COCHRAN, GA 31014. MS. NANCY STROUD - 1100 SECOND ST., SE, COCHRAN, GA 31014. MR. CHARLES PARKER, SR. - 106 SURREY PLACE, PERRY, GA 31069. MR. DWIGHT JONES - P. O. BOX 7006, MACON, GA 31209. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,291. ADJUSTMENT TO REVENUE & EXPS TO CONVERT GAAP FINANCIAL STMTS TO CASH BASIS 1,553,611. TOTAL TO FORM 990, PART XI, LINE 5: 1,552,320. OVERSIGHT OF AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT FORM 990, PART XI, LINE 2C THE FOUNDATION HAS NO FORMAL COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT. HOWEVER, LYNN HOBBS IS THE PRIMARY PERSON RESPONSIBLE FOR PROVIDING INFORMATION TO THE AUDITORS. SCHEDULE K, PART II, LINE 5, COLUMN A: ISSUANCE COSTS FROM PROCEEDS INCLUDE BOND ISSUANCE COSTS OF $531,305 AND CREDIT ENHANCEMENT COSTS OF $219,929. MGC REAL ESTATE FOUNDATION LLC 1100 SECOND STREET SE COCHRAN GA 31014 203650644 CONSTRUCTION OF STUDENT HOUSING FACILITIES GA 1522602 30369290 N/A MGC REAL ESTATE FOUNDATION II LLC 1100 SECOND STREET SE COCHRAN GA 31014 261742855 CONSTRUCTION OF STUDENT HOUSING FACILITIES GA 2119392 43249880 N/A MIDDLE GEORGIA COLLEGE 1100 SECOND STREET SE COCHRAN GA 31014 586002057 FOUNDATION OPERATES IN CONNECTION WITH & FOR BENEFIT OF MIDDLE GA COLLEGE GA IRC SECTION 501(A) 501(C)(3) N/A 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 MIDDLE GEORGIA COLLEGE B 55252 CASH PAID MIDDLE GEORGIA COLLEGE I 3118464 CASH RECEIVED MIDDLE GEORGIA COLLEGE Q 1500000 CASH PAID