2013-05-01T14:27:15-07:00 2012-06-30 990 2011-07-01 570314408 PRESBYTERIAN COLLEGE PRES 8648338477 PO Box 975 Clinton SC 29325 Susan Maddux 8648338205 2013-05-01 2011 2016-02-25 16:41:14Z Claude C Lilly 503 S Broad Street Clinton SC 29325 68191198 0 X www.presby.edu X Non-Profit Organization 1880 SC Presbyterian College exists to provide an education in the arts and sciences within a distinctly Christian context. The purpose is set forth with the conviction that education in the liberal arts tradition can be achieved successfully only through an academic program which is characterized by excellence and through activities which contribute to growth of able minds,sound bodies, and strong moral character. The college calls for the pursuit of learning to take place in an environment of genuine intellectual freedom. Presbyterian College School of Pharmacy provides pharmacy education with a liberal arts college approach, integrating classroom learning with practical experience while emphasizing community, valuing each student, and focusing on patient care. 36 35 936 250 552340 302744 11174379 5785257 48174258 52628760 3635704 1560884 246855 282965 63231196 60257866 22952652 25251551 0 0 22641591 19107337 0 0 1135609 18458635 19018307 64052878 63377195 -821682 -3119329 160039554 156762168 42629290 42325144 117410264 114437024 Presbyterian College exists to provide an education in the arts and sciences within a distinctly Christian context. The purpose is set forth with the conviction that education in the liberal arts tradition can be achieved successfully only through an academic program which is characterized by excellence and through activities which contribute to growth of able minds,sound bodies, and strong moral character. The college calls for the pursuit of learning to take place in an environment of genuine intellectual freedom. The College opened the School of Pharmacy in the Fall of 2010. The School provides pharmacy education with a liberal arts college approach, integrating classroom learning with practical experience while emphasizing community, valuing each student, and focusing on patient care. 0 0 58639254 25251551 52628760 Higher Education: Provision of undergraduate education for 1144 full time equivalent students and including room and board for 1127 students. Provision of pharmacy education for 157 full time equivalent students. 0 0 0 58639254 1 1 0 1 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 0 1 1 0 0 0 0 1 0 0 0 0 1 153 0 1 936 1 1 1 0 0 0 0 1 1 0 0 0 0 X 36 35 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X Michael Chasteen 8648338477 503 South Broad Street Clinton SC 29325 William D Brearley 1 X 0 0 0 Allen C McSween 1 X 0 0 0 Larry W Massey 1 X 0 0 0 Richard P Spencer 1 X 0 0 0 William A Gray 1 X 0 0 0 Robert H Hopkins 1 X 0 0 0 Roland F Young 1 X 0 0 0 J McNeill Singleton 1 X 0 0 0 Thomas A Whitaker 1 X 0 0 0 Jeffrey G Reynolds 1 X 0 0 0 William B Shearer 1 X 0 0 0 Thomas R Parrish 1 X 0 0 0 Robert M Hicklin 1 X 0 0 0 William M Matthews 1 X 0 0 0 G Patrick Phillips 1 X 0 0 0 James W Spradley 1 X 0 0 0 Thomas L Thomason 1 X 0 0 0 W Rutledge Galloway 1 X 0 0 0 Charles C Heyward Sr 1 X 0 0 0 James H Powell 1 X 0 0 0 C Douglas Warner 1 X 0 0 0 E Lane Alderman 1 X 0 0 0 William D Loeble 1 X 0 0 0 Eloise F Shepherd 1 X 0 0 0 Austin A Adams 1 X 0 0 0 Thomas H Milton 1 X 0 0 0 James D Samples 1 X 0 0 0 David F Parker II 1 X 0 0 0 Susan C Reynolds 1 X 0 0 0 James L Medford 1 X 0 0 0 Kenneth R Couch 1 X 0 0 0 Ernestine A Gillam 1 X 0 0 0 William D S Kuhne 1 X 0 0 0 Welton O'Neal 1 X 0 0 0 Lonnie T Lawson 1 X 0 0 0 John H Stroud 1 X 0 0 0 John V Griffith 40 X 212653 0 78076 Morris M Galloway 40 X 114174 0 59122 Robert E Staton 40 X 138798 0 10182 Richard E Stull 40 X 174311 0 26217 Anita Gustafson 40 X 111869 0 20445 Brian Reese 40 X 113320 0 21835 Debroah Thompson 40 X 73524 0 7719 Raymond Carnley 40 X 55026 0 9956 John T Johnson 40 X 139642 0 26279 Charles S Asbill 40 X 136078 0 24493 L Cliff Fuhrman 40 X 142306 0 9615 Laura Fox 40 X 123177 0 16004 Lewis McKelvey 40 X 120135 0 15539 Harold Nichols 40 X 114092 0 18796 Gregory Nibert 40 X 112770 0 25327 Julie Sease 40 X 102976 0 13592 Margaret Franklin 40 X 101410 0 2732 2086261 0 385929 15 0 1 0 Brewington Contractors 100 Sunflower Lane Clinton SC 29325 Construction 614079 RuffaloCody LLC PO Box 3018 Cedar Rapids IA 52406 Enrollment Management 219279 2 0 0 0 0 280970 5504287 176285 5785257 Tuition, room and board 611310 50774959 50774959 0 0 Summer Conferences 532000 192552 10241 182311 0 Food Service and Bookstore Commission 721310 251529 247613 3916 0 Athletic Revenue 611310 913094 849304 63790 0 Other Revenue 611310 496626 496626 0 0 0 0 0 0 52628760 1319295 1314587 4708 0 0 0 0 0 10873 0 10873 0 33124 0 121 0 33003 0 33003 33003 0 0 8174800 0 7933211 0 241589 0 241589 241961 -372 0 0 Standard Candy K-1 311000 287114 0 287114 0 Other K-1s 900099 -48025 -48025 0 0 0 0 0 0 239089 60257866 53920269 552340 0 0 0 25251551 25251551 0 0 0 0 632216 265540 242986 123690 0 0 0 0 14899809 12960369 1390385 549055 919883 751781 117122 50980 1596413 1467614 90798 38001 1059016 904401 105840 48775 0 0 0 0 67905 4509 63396 0 66850 0 66850 0 0 0 0 0 0 0 45468 45468 0 0 3046402 2721660 312478 12264 21260 11117 10036 107 1754378 1629318 34829 90231 308334 181998 108233 18103 0 0 0 0 2498437 2328927 158695 10815 2046989 1954363 68590 24036 0 0 0 0 31785 28055 3645 85 985322 959285 20858 5179 0 0 0 0 3471786 3245536 202960 23290 536060 350250 176985 8825 Equipments 513971 388832 109349 15790 Dining Hall Charges and Food 2706013 2596440 44026 65547 Bad Debts 93472 0 93472 0 Other Miscellaneous Expenses 823875 592240 180799 50836 63377195 58639254 3602332 1135609 0 0 5724359 5227956 5925386 5489905 325766 247804 0 0 0 0 767542 773404 24983 18825 535108 736501 102376664 43687753 52521175 58688911 75794724 75841106 1154934 1511300 97473 97473 0 0 17168104 8128983 160039554 156762168 7141023 6920763 0 0 21493 11693 33415000 34591000 0 0 0 0 0 0 1250000 0 801774 801688 42629290 42325144 X 21847739 19386581 12346169 10313135 83216356 84737308 117410264 114437024 160039554 156762168 X -3119329 146089 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 1 200 0 0 1 150 1 0 0 350 0 SchC_P2B_S00_L01 Schedule C, Part II-B, Line 1 Presbyterian College, as one of twenty members of South Carolina Independent Colleges and Universities (SCICU) and in conjunction with the South Carolina Higher Education Tuition Grants Commission, participates in the Tuition Grants Awareness program sponsored by there two organizations. The College students take part in an annual letter writing campaign, sharing with their respective state legislators the benefits that tuition grants have afforded the students. These letters precede South Carolina Independent College and University Day-proclaimed each spring by the governor-when several PC students visit the state house as guests along with other students from SCICU member institutions. A reception sponsored by SCICU affords the students an opportunity to meet their legislators, and they are also recognized as special guests in both the house and senate chambers. 0 8664080 0 0 X X 0 74965735 4047147 1224323 3419289 1724900 83041 75009975 65694233 3811664 13098422 5332248 2180953 125383 74965735 58859154 3231627 7783731 2489344 1462695 228240 65694233 84028567 2843755 -22563862 3229583 1936877 282846 58859154 0.07 0.93 0 1 0 0 4201159 4201159 0 80333985 35606001 44727984 0 0 0 0 0 7965116 8057312 -92196 0 9876404 24440 9851964 58688911 Trust Fund Assets 4887845 Contributions Receivable from Trusts 2198607 Other Assets 1042531 8128983 0 Advances from Federal Government 799698 Trust Liabilities 1990 801688 60257866 63377195 -3119329 -276661 0 0 0 392606 115945 -3003384 35038239 -276661 0 0 -30144 -306805 35345044 45468 24867354 24912822 60257866 38041624 0 0 0 0 0 38041624 45468 25290103 25335571 63377195 SchD_P03_S00_L04 Schedule D, Part III, Line 4 The College's collections are made up of library books, artifacts of historical significance and art objects. These collections are held for public exhibition, education and research. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The College's endowment consists of approximately 759 individual funds established for a variety of purposes including scholarships and support of academic and sports programs. SchD_P10_S00_L02 Schedule D, Part X, Line 2 The Internal Revenue Service has determined that the College is exempt fromm federal income taxes under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3). Due to this determination, the College is also exempt from state income taxes. The College is subject to federal and state income tax on its net unrelated business income. The college adopted the provisions of FASB guildance on income taxes related to the accounting for uncertainty in income taxes. This guidance clarifies accounting for uncertainty in a tax position taken or expected to be taken by an entity and hence in the income taxes recognized in financial statements. Essentially, the College would record a liability if it took a position about taxes due that was likely to be disputed and had a reasonable chance of being overruled by a taxing authority. Managment believes there are no such positions as of June 30, 2012 and 2011 and accordingly, no liability has been accrued. Tax years ended June 30, 2009 or later remain open to examination by taxing authority. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 K-1 Revenue and Expenses: $422,750; Foundation Revenues: ($30,144). SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Foundation Revenues: $30,144 SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Scholarships: $25,251,551; K-1 Revenues: ($384,197) SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Scholarships: $25,251,551; K-1 Expenses: $38,552 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The College publishes in the offical recruiting literature the following: Presbyterian College does not discriminate against any applicant or student on the basis of race, sex, religion, national origin or handicap. SchE_P01_S00_L06 Schedule E, Part I, Line 6 Presbyterian College students may receive title IV aid, federal loans and/or SC tuition grant assistance. East Asia and the Pacific 0 2 Program Services Travel expenses for students and faculty members as part of their educational program. 80210 Europe (including Iceland and Greenland) 0 6 Program Services Travel expenses for students and faculty going to various European destinations as part of their educational program. 111624 South America 0 2 Program Services Travel expenses for students and faculty members as part of their educational program. 1974 Central America and the Caribbean 0 2 Program Services Travel expenses for students and faculty as part of their educational program. 21720 0 12 215528 0 0 0 0 0 0 1 Scholarships to attend Presbyterian College 1178 25251551 0 SchI_P01_S00_L02 Schedule I, Part I, Line 2 Presbyterian College awards scholarships to its students. Scholarships are awarded by the Office of Financial Aid who is responsible for matching recipients with the eligible scholarship awards. Scholarships are reviewed annually to monitor compliance with the terms of the scholarships. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 John V Griffith 197153 0 0 0 15500 0 19550 0 58526 0 290729 0 0 0 Morris M Galloway 99174 0 0 0 15000 0 8483 0 50639 0 173296 0 0 0 Richard E Stull 169791 0 0 0 4520 0 10273 0 15944 0 200528 0 0 0 John T Johnson 136334 0 0 0 3308 0 7938 0 18341 0 165921 0 0 0 Charles S Asbill 132881 0 0 0 3197 0 7673 0 16820 0 160571 0 0 0 L Cliff Fuhrman 139642 0 0 0 2664 0 0 0 9615 0 151921 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The President is a minister. As part of his call in lieu of a manse, he is provided a housing allowance. Club membership is used for entertaining donors and others on College business. SchJ_P01_S00_L03 Schedule J, Part I, Line 3 The President's compensation is determined by the Executive Committee of the Board of Trustees after reviewing end of the year evaluation. The process is part of a two day meeting in August. The salary is compared with CUPA data for a comparison on set of schools. Education Facilities Authority for Private Non-profit Institution of Higher Education 576000286 CUSIPNONE 2009-08-05 23500000 Refund $27,000,000 bond partially 0 0 0 Education Facilities Authority for Private Non-profit Institution of Higher Education 576000286 CUSIPNONE 2010-07-30 3550000 Refund $27,000,000 bond partially 0 0 0 Education Facilities Authority for Private Nonprofit Institution of Higher Education 576000286 CUSIPNONE 2011-12-21 7871000 Refund prior Pharmacy bond and refinance bank loan 0 0 0 330000 0 23500000 0 0 0 0 0 0 23500000 0 0 2009 1 0 1 1 0 0 3550000 0 0 0 50000 0 0 3500000 0 0 2009 1 0 1 1 0 0 7871000 0 0 0 114580 0 0 7756420 0 0 2010 1 0 1 1 0 0 1 1 0 0 0 0 1 0 0 1 1 0 0 0 0 1 0 0 1 1 0 0 0 0 1 1 1 1 SunTrust 5 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 Tuition Discount Children of officers 28680 Merit Scholarships Children of Officers/Board Members 18000 Thomas R Parrish BBT Insurance Board of Trustees 376091 Premium paid on insurance 0 X 25 173645 FMV X Donated supplies 2 2640 Cost 0 1 0 F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The institution's form 990 is prepared in the College's accounting office, then reviewed by the Controller, the EVP for Finance, and the President. The Form 990, including all schedules, is provided to the Audit Committee of the Board of Trustees and is an agenda item for a meeting of the Audit Committee, where those trustees ask any questions they have of the College staff. The trustees on the Audit Committee are independent and experienced in financial matters. After review by external tax advisors, the institution provides the final form 990 and all schedules except schedule B to all voting members of the governing board before the form is filed. (A redacted version of Schedule B, excluding donor names and addresses is provided to all trustees. Audit Committee members, however, would have already reviewed the un-redacted version of Schedule B, as noted above.) F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c Board of Trustees, College officers and other employees complete a Conflict of Interest Form on an annual basis. Forms are reviewed by the College President and the EVP of Finance and Administration. Board members with conflicts recuse themselves from related decisions. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The President's compensation is determined by the Executive Committee of the Board of Trustees after reviewing end of the year evaluation. The process is part of a two day meeting in August. Salary is compared with CUPA data for a comparison set of schools. Officer salaries are determined by the College President based on a mid-year and end-of-year evaluation of satisfactory achievement of goals and objectives. CUPA data for a comparison group of schools for similiar positions is also considered. Officer salaries and comparative CUPA data are presented to both the Executive and Human Resource Committee of the Board. All of these decisions are documentated in agendas and records of the appropriate committees and in the personnel files. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The College's governing documents, Conflict of Interest policy and audited financial statements are avaliable for inspection. F990_P11_S00_L05 Form 990, Part XI, Line 5 k-1 revenue and expenses: $422,750; Unrealized losses: ($276,661) Presbyterian College Foundation P O Box 975 Clinton SC 29325 571021640 Foundation exists to benefit Presbyterian College which provides higher education to 1133 students. SC 501(c)(3) 11-Type II N/A Presbyterian Real Estate Foundation P O Box 975 Clinton SC 29325 571021641 Foundation exists to benefit Prebyterian College which provides higher education to 1133 students. SC 501(c)(3) 11-Type II N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 Presbyterian College Foundation n 0 Presbyterian Real Estate Foundation n 0 SchR_P05_S00_L02 Schedule R, Part V, Line 2 The College's employees do a nominal amount of work for the PC Foundation and the PC RE Foundation, at no cost to either entity.