2013-03-12T15:21:52-05:00 2012-06-30 KPMG LLP 300 North Greene Street Suite 400 Greensboro NC 27401 990 2011-07-01 570314422 WOFFORD COLLEGE % BARBARA F JEFFERSON WOFF 8645974226 429 North Church Street Spartanburg SC 293033663 ROBERT KEASLER 2013-03-12 true 3362753394 2011 2016-02-25 16:41:14Z Benjamin B Dunlap 429 NORTH CHURCH STREET Spartanburg SC 293033662 145285829 false X www.wofford.edu X 1856 SC The purpose of Wofford College is to function as a liberal arts institution of superior quality. 31 31 1100 41 0 11224891 12277396 61535852 66633041 2023793 8373451 512068 1498563 75296604 88782451 24263857 26575515 0 0 28666644 29489717 0 0 2111610 26887980 27690801 79818481 83756033 -4521877 5026418 308597717 286969524 87305742 74670654 221291975 212298870 THE PURPOSE OF WOFFORD COLLEGE IS TO FUNCTION AS A LIBERAL ARTS INSTITUTION OF SUPERIOR QUALITY. ITS CHIEF CONCERN IS THE DEVELOPMENT OF AN INTELLECTUAL, SPIRITUAL, AND AESTHETIC ATMOSPHERE IN WHICH SERIOUS AND INQUIRING MINDS OF STUDENTS AND FACULTY ALIKE WILL BE CHALLENGED TO A COMMON SEARCH FOR TRUTH AND FREEDOM, WHEREVER THAT SEARCH MAY LEAD, AND IN WHICH EACH PERSON MAY BECOME AWARE OF HIS OR HER OWN INDIVIDUAL WORTH, WHILE ASPIRING TO HIGH STANDARDS OF LEARNING AND MORALITY. IN SUCH AN ENVIRONMENT ALL MEMBERS OF THE WOFFORD COMMUNITY SHOULD DEVELOP INTELLECTUAL CURIOSITY, INDEPENDENCE OF THOUGHT, MATURITY OF JUDGMENT, SELF-DISCIPLINE, RELIGIOUS FAITH, AND MORAL CHARACTER SO THAT THEY WILL BE EVER SENSITIVE TO THE DUTIES AND RESPONSIBILITIES OF GOOD CITIZENSHIP AND RENDER EFFECTIVE LEADERSHIP AND GENEROUS SERVICE TO THE COMMUNITIES IN WHICH THEY LIVE. THIS CONCEPT OF LIBERAL EDUCATION IS IN HARMONY WITH THE IDEALS OF THE UNITED METHODIST CHURCH, TO WHICH THE COLLEGE IS RELATED, AN false false 73903986 26575515 67723436 WOFFORD COLLEGE PROVIDED LIBERAL ARTS EDUCATION TO 1,485 FULL-TIME EQUIVALENT STUDENTS DURING 2011-2012, GRADUATING APPROXIMATELY 323 STUDENTS WITH BA OR BS DEGREES. 73903986 true true false false false false false false false true true true false false true false true false true false true false false false true false false false true true true false false false false false false false false false false true false false false false true false false false false true 351 0 true 1100 true false false false false false false false false false false X 31 31 true false false false false true false true true false false false true true true true true true true false X BARBARA F JEFFERSON 8645974232 429 NORTH CHURCH STREET Spartanburg SC 293033663 B MIKE ALEXANDER JR 1.0 X 0 0 0 PAULA B BAKER 1.0 X 0 0 0 JAMES E BOSTIC JR 1.0 X 0 0 0 JUSTIN A CONVERSE 1.0 X 0 0 0 J HAROLD CHANDLER 1.0 X 0 0 0 WILLIAM R COBB 1.0 X 0 0 0 FREDERICK D GIBBS 1.0 X 0 0 0 JIMMY I GIBBS 1.0 X 0 0 0 D CHRISTIAN GOODALL 1.0 X 0 0 0 H NEEL HIPP JR 1.0 X 0 0 0 LAURA J HOY 1.0 X 0 0 0 JAMES M JOHNSON 1.0 X 0 0 0 DOUGLAS H JOYCE 1.0 X 0 0 0 HUGH C LANE JR 1.0 X 0 0 0 BETTY J MONTGOMERY 1.0 X 0 0 0 MARSHALL L MEADORS JR 1.0 X 0 0 0 M STEWART MUNGO 1.0 X 0 0 0 CORRY W OAKES III 1.0 X 0 0 0 L LEON PATTERSON 1.0 X 0 0 0 D GRANT PEACOCK 1.0 X 0 0 0 J PATRICK PROTHRO 1.0 X 0 0 0 STANLEY E PORTER 1.0 X 0 0 0 JEROME J RICHARDSON 1.0 X 0 0 0 C MICHAEL SMITH 1.0 X 0 0 0 JOE E TAYLOR JR 1.0 X 0 0 0 JOELLA F UTLEY 1.0 X 0 0 0 JOHN B WHITE JR 1.0 X 0 0 0 EDWARD B WILE 1.0 X 0 0 0 REV JOHN W HIPP 1.0 X 0 0 0 STEWART H JOHNSON 1.0 X 0 0 0 DR DANIEL B MORRISON 1.0 X 0 0 0 J EDWIN REEVES JR 1.0 X 0 0 0 BENJAMIN B DUNLAP 37.5 X 582820 0 51309 MARION B PEAVEY SR 37.5 X 230751 0 76357 DAVID S WOOD SR 37.5 X 181312 0 95884 ROBERT L KEASLER JR 37.5 X 186728 0 74081 DAVID M BEACHAM 37.5 X 115870 0 18351 JENNIE MUNROE JOHNSON 37.5 X 245725 0 25391 RICHARD A JOHNSON 37.5 X 123756 0 19158 MICHAEL W AYERS 37.5 X 168930 0 47091 JAMES EDWIN PROCTOR 37.5 X 123484 0 18528 MICHAEL K YOUNG 37.5 X 151289 0 19955 JOAB M LESESNE 1.0 X 24000 0 0 2134665 0 446105 22 true true false LINBECK GROUP LLC PO BOX 22500 HOUSTON TX 772272500 CONSTRUCTION 495269 CONTROL MANAGEMENT INC 3101 CARLISLE STREET COLUMBIA SC 29205 HVAC 271110 FURMAN BABB PAINTING INC 355 WHITNEY ROAD SUITE 2 SPARTANBURG SC 29303 PAINTING 158954 KPMG LLP DEPT 0613 PO BOX 120613 DALLAS TX 753120001 ACCOUNTING SERVICES 142225 WELLINGTON TRUST COMPANY NA PO BOX 13766 NEWARK NJ 071883766 INVESTMENT MGT 125337 9 1654324 10623072 989119 12277396 TUITION 611600 50535451 50535451 AUXILIARY ENTERPRISES 900099 13665933 13665933 ATHLETIC PROGRAM REVENUE 711210 1794593 1794593 STUDENT FINES AND FEES 611600 126957 126957 SPECIAL PROGRAM FUNDING REVENUE 611600 510107 510107 66633041 2657942 0 0 2657942 0 0 313574 60680 252894 252894 252894 62031734 37187 56294447 58965 5737287 -21778 5715509 5715509 222782 89286 133496 133496 0 0 OTHER/MISCELLANEOUS REVENUE 900099 1112173 1112173 1112173 88782451 67745214 0 8759841 0 26575515 26575515 0 0 1361596 220709 876378 264509 0 21537799 18651154 1906643 980002 1598644 1362420 157913 78311 3427038 2340764 933981 152293 1564640 1312693 173981 77966 70031 66286 3745 0 56795 685 56110 0 171475 0 171475 0 0 0 0 0 0 1418000 0 1418000 0 729358 592745 110207 26406 110332 63132 47200 0 1768776 1407074 290224 71478 990554 897587 77437 15530 0 0 0 0 2507393 2507393 0 0 1091862 825199 226251 40412 0 0 0 0 174318 101128 71615 1575 2266537 2266537 0 0 0 5503770 5503770 0 0 516030 155141 360889 0 FOOD PURCHASES (ARAMARK) 3444951 3444951 0 0 REPAIRS AND MAINTENANCE 1785941 1780841 5100 0 ENTERTAINMEMT AND FOOD 1154349 778503 182144 193702 BOOKS/PERIODICALS 677539 646971 11469 19099 3252790 2402788 659675 190327 83756033 73903986 7740437 2111610 632886 1384349 0 0 7303624 5399488 362836 606181 0 0 0 0 881083 745764 0 0 1509832 1881147 190120482 76825428 108749437 113295054 30527649 35050196 135180076 119870005 0 0 0 0 23450294 8737340 308597717 286969524 8406610 4416815 0 0 2629173 2958431 62598105 56364213 0 0 0 0 0 0 0 0 13671854 10931195 87305742 74670654 X 44916130 46961366 63853737 48404205 112522108 116933299 221291975 212298870 308597717 286969524 X 5026418 -14019523 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 165107417 3056272 -6937495 4557313 2506198 154162683 141028050 1630254 29380514 4667644 2263757 165107417 131591734 1437875 15250724 5209864 2042419 141028050 170827405 3544064 -36753789 3964580 2061366 131591734 0.01950 0.98050 false false 0 25922863 25922863 0 132156083 55791673 76364410 0 30831124 21033754 9797370 0 1210412 1210412 113295055 ABSOLUTE RETURN FUNDS 12695396 F DIRECTIONAL HEDGE FUNDS 31776401 F TRUST FUNDS 45425583 F TRUST FUNDS 18969459 F DEBT COMMON TRUST FUNDS 8265655 F REAL ESTATE 2737511 F 119870005 0 ADVANCES FROM FEDERAL GOVERNMENT 918787 POST-RETIREMENT BENEFIT OBLIGATIONS 7507585 ASSET RETIREMENT OBLIGATIONS 1226104 LIABILITY FOR CHARITABLE REMAINDER 871122 ANNUITIES PAYABLE 407597 10931195 88782451 83756033 5026418 -14037984 18461 -14019523 -8993105 46639108 -14037984 -14037984 60677092 28105359 28105359 88782451 55632213 55632213 28123820 28123820 83756033 Endowment Funds Part V, Line 4 The Colleges endowment consists of approximately 750 individual funds established for a variety of purposes including the funding of scholarships, professorships and the general operations of the College. Other Adjustments Part XI, Line 8 Net Pell Grants 18,461 ------------ Total Other Adjustments 18,461 ============ Other Revenue Recociliation Items Part XII, Line 4b The following items are not included in Revenue on the consolidated financial statements, however, these items are included in revenue reported on Form 990: Investment Expenses 1,418,000 Bad Debt Expense 190,985 Tuition Discounts, Scholarships, and Grants 25,218,855 Pell Grants Received 1,338,199 Direct Rental Expense (60,680) ------------ Total for Part XII, Line 4b 28,105,359 ============ Other Expense Recociliation Items Part XIII, Line 4b The following items are not included in ExpenseS on the consolidated financial statements, however, these items were reclassed to expense to be properly included in the expenses reported on Form 990: Investment Expenses 1,418,000 Tuition Discounts, Scholarships and Grants 25,218,855 Pell Grants Distributed 1,356,660 Bad Debt Expense 190,985 Rental Expense (60,680) ----------- Total for Part XIII, Line 4B 28,123,820 =========== true true true true true true true false false false false false false false false true false true Nondiscrimination Policy Schedule E, Line 3 Wofford College generally published the following statement in all of its course catalogues, brochures, and on its website: It is the policy of Wofford College to provide equal opportunities and reasonable accommodation to all persons regardless of race, color, creed, religion, sex, age, national origin, disability, veteran status, sexual orientation or other legally protected status in accordance with applicable federal and state laws. Financial Aid/Assistance From a Governmental Agency Schedule E, Line 6A The college receives annual payments from the city of Spartanburg and county of Spartanburg to repay the college for the construction of a physical activities building and football stadium constructed in 1994-1995. The college receives federal pell grants and work study funds from the U.S. Department of Education and in-turn awards these funds to its students with financial need. In addition, the college is reimbursed by the National Aeronautics and Space Administration and the National Science Foundation for a couple of small research projects on campus. South America 0 0 Program Services STUDY ABROAD 0 Sub-Saharan Africa 0 0 Program Services STUDY ABROAD 0 Europe (Including Iceland and Greenland) 0 0 Program Services STUDY ABROAD 0 Central America and the Caribbean 0 0 Program Services STUDY ABROAD 0 South Asia 0 0 Program Services STUDY ABROAD 0 East Asia and the Pacific 0 0 Program Services STUDY ABROAD 0 Middle East and North Africa 0 0 Program Services STUDY ABROAD 0 0 0 0 0 0 0 false false false false false false ALUMNI DANCE 150152 0 150152 0 0 0 0 0 64084 GOLF TOURNAMENT 72630 0 72630 0 0 0 0 0 25202 0 0 0 0 0 0 0 0 0 0 222782 0 222782 0 0 0 0 0 89286 89286 133496 true FINANCIAL AID (SCHOLARSHIPS & GRANTS) 1413 26575515 N/A N/A MONITORING THE USE OF GRANT FUNDS SCHEDULE I, PART I, LINE 2 Grants and scholarships are provided to students only for tuition, fees and room and board. The funds are applied directly to students' accounts and cannot be used for other purposes. X false false X X X X false false false false false false false false false BENJAMIN B DUNLAP 305562 0 150000 0 127258 0 0 0 51309 0 634129 0 0 0 MARION B PEAVEY SR 230751 0 0 0 0 0 50053 0 26304 0 307108 0 0 0 DAVID S WOOD SR 181312 0 0 0 0 0 50053 0 45831 0 277196 0 0 0 ROBERT L KEASLER JR 186728 0 0 0 0 0 50053 0 24028 0 260809 0 0 0 JENNIE MUNROE JOHNSON 195725 0 50000 0 0 0 0 0 25391 0 271116 0 0 0 MICHAEL W AYERS 158930 0 10000 0 0 0 25119 0 21972 0 216021 0 0 0 JOAB M LESESNE 24000 0 0 0 0 0 0 0 0 0 24000 0 0 0 MICHAEL K YOUNG 126289 0 25000 0 0 0 0 0 19955 0 171244 0 0 0 RESIDENCE FOR PERSONAL USE SCHEDULE J, PART I, LINE 1A WOFFORD COLLEGE PROVIDES A HOUSE FOR PERSONAL USE TO DR. BENJAMIN B. DUNLAP, PRESIDENT OF WOFFORD COLLEGE. It is customary for the President to live on campus so that he is available at all times and is able to entertain donors, students, prospects, etc in his home. The fair market value of $24,000 is not included in his taxable compensation, however, it is disclosed on Schedule J as a non-taxable benefit. WOFFORD COLLEGE ALSO PROVIDES A HOUSE FOR PERSONAL USE TO DR. DAVID WOOD, DEAN OF WOFFORD COLLEGE. It is customary for the dean to live on campus so that he is available at all times and is able to entertain donors, students, prospects, etc in his home. The fair market value of $24,000 is not included in his taxable compensation, however, it is disclosed on Schedule J as a non-taxable benefit. SOUTH CAROLINA EDUCATION FACILITIES AUTHORITY 576000286 281901BW7 2007-03-28 12982017 EDUCATIONAL FACILITIES REVENUE false false false SOUTH CAROLINA EDUCATION FACILITIES AUTHORITY 576000286 281901CA4 2007-03-28 4680000 EDUCATIONAL FACILITIES REVENUE false false SOUTH CAROLINA EDUCATION FACILITIES AUTHORITY 576000286 836896HC7 2008-06-05 19018274 EDUCATIONAL FACILITIES REVENUE false false false SC JOBS ECONOMIC DEVELOPMENT AUTHORITY 570960018 2010-12-23 25000000 ECONOMIC DEVELOPMENT REVENUE BONDS false false false 0 0 12982017 0 0 0 192543 0 0 12789474 0 0 2008 false false true true 0 0 4680000 0 0 0 65865 0 0 4614135 0 0 2007 false false true true 0 0 19018274 0 0 0 256210 0 0 18762064 0 0 2009 false false true true 0 0 28450000 0 0 0 100000 0 0 24900000 0 0 2012 false false false true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false 0 false 0 false false false true false 0 false 0 false false false false false 0 false 0 false false false false false 0 false 0 false false FORM 990, SCHEDULE K, PART II, COLUMN (D), LINE 3 0 THE PART I, COLUMN (D) "ISSUE PRICE" DOES NOT AGREE WITH THE PART II, LINE 3 "TOTAL PROCEEDS OF ISSUE" DUE TO THE INCLUSION OF INVESTMENT EARNINGS ON THE PROCEEDS AMOUNTS. X 2 1280 APPRAISED X 10069 FMV X 31 946984 FMV X SEE ATTACHMENT 9 30787 0 false false true OTHER NONCASH GIFTS SCHEDULE M, PART I, QUESTION 25 TYPE OF PROPERTY NUMBER OF CONTRIBUTIONS REVENUE REPORTED BANQUETS AND RECEPTIONS 5 9,756 ALUMNI GIFTS 1 62 PARKING 1 600 RENOVATION SUPPLIES 2 20,369 ------------- TOTAL 30,787 ============= THIRD PARTIES USED TO PROCESS CONTRIBUTIONS FORM 990, SCHEDULE M, LINE 32A Wofford College utilizes external brokers to sell donated securities and real estate agents to sell donated land. BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 2 Mr. Jerry Richardson and Dr. Danny Morrison, two members of the Board of Trustees, have a business relationship in that Mr. Richardson is the owner/founder of the Carolina Panthers and Dr. Morrison is the current President of the Carolina Panthers. The Carolina Panthers pay a fee to the college to conduct their training camp on campus. ELECTION OF BOARD MEMBERS PART VI, SECTION A, LINE 7A Members of the governing body, the Board of Trustees, in accordance with the Will of Benjamin Wofford (founder), are elected by the South Carolina Conference of the United Methodist Church. The process for trustee selection and election is one involving advice and consent among and between members of the Board of Trustees and appropriate representatives of the church body. 990 REVIEW PROCESS PART VI, SECTION B, LINE 11B The Form 990 is provided to the Audit Committee of the Board of Trustees before filing to be reviewed. The final Form 990 is provided to the full Board after filing. MONITOR AND ENFORCE CONFLICT OF INTEREST POLICY PART VI, SECTION B, LINE 12 The College's Conflict of Interest Policy applies to its Board of Trustees and officers. It is the responsibility of each Trustee and officer to ensure that appropriate representatives of the College are made aware of situations that involve personal, familial, or business relationships that could conflict with the interests of the College so that the College can satisfy the requirements of all applicable laws, including, without limitation, the provisions of South Carolina Code Annotated Section 33-31-831 ("Statute"). Each Trustee and officer is required annually to review Conflict of Interest policy and the Statute and disclose any personal, familial, or business matters, transactions, or relationships that reasonably could be construed to give rise to a conflict of interest, real or apparent, involving the College, that would affect his or her independent, unbiased judgment in carrying out his or her duties to the College. In addition, each Trustee and officer must disclose promptly in writing any such matters, transactions, or relationships, not previously disclosed, that come to his or her attention during the course of a year. COMPENSATION REVIEW PART VI, SECTION B, LINE 15 The Senior Vice President for Operations and Finance performs research and presents comparability data to the executive compensation committee who then determine compensation. DOCUMENTS AVAILABLE TO THE PUBLIC PART VI, SECTION C, LINE 19 The College's Annual Audited Financial Statements, IRS Determination Letter, and Form 990 and Schedules are available to the public upon request. OTHER CHANGES IN NET ASSETS PART XI, LINE 5 NET UNREALIZED GAINS (LOSSES) ON INVESTMENTS (14,037,984) NET PELL GRANTS 18,461 ----------- TOTAL (14,019,523) =========== SC CONFERENCE OF THE UNITED METH CHURCH 4908 COLONIAL DRIVE COLUMBIA SC 29203 CHURCH SC 501(C)(3) 1 NA false CHARITABLE REMAINDER UNITRUSTS (5) 429 NORTH CHURCH STREET SPARTANBURG SC 293033663 CHAR TRUST SC WOFFORD COLLEGE TRUST false false true false false false false false false false false false false false false false false false SC CONF OF THE UNITED METHODIST CHURCH C 386334 FMV