2013-02-12T06:28:42-06:00 2012-06-30 620647474 BLACKBURN CHILDERS & STEAGALL PLC 1361 S WILCOX DRIVE KINGSPORT TN 37660 990 2011-07-01 620484185 TUSCULUM COLLEGE TUSC 4236367300 P O BOX 5100 GREENEVILLE TN 37744 STEPHEN J GEHRET 4236367300 2013-02-11 1 CHAD KISNER P00738241 4232461725 2013-02-11 2011 2016-02-25 16:41:14Z STEPHEN J GEHRET P O BOX 5100 GREENEVILLE TN 37744 40874106 0 X HTTP://WWW.TUSCULUM.EDU X 1794 TN OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER EDUCATION 27 8 1245 50 0 0 3457993 6192656 33576717 34243842 80792 21801 254659 415807 37370161 40874106 8815922 9134877 0 0 583802 858452 0 0 614481 26750272 27016499 36149996 37009828 1220165 3864278 76892397 79655196 23842319 22798443 53050078 56856753 TUSCULUM COLLEGE PROVIDES A LIBERAL ARTS EDUCATION IN A JUDEO-CHRISTIAN AND CIVIC ARTS ENVIRONMENT. 0 0 25489721 9134877 27378298 OPERATION OF COLLEGE 25489721 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 1 0 0 0 0 1 2832 0 1 1245 1 0 0 0 0 0 0 0 0 0 0 X 27 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X STEPHEN J GEHRET CFO VP OF FINANCE 4236367300 TUSCULUM COLLEGE GREENEVILLE TN 37745 KENNETH A BOWMAN 8.00 X X 0 0 0 EDWARD J KORMONDY 2.00 X X 0 0 0 MARK R WILLIAMS 5.00 X X 0 0 0 DWIGHT B FERGUSON JR 3.00 X X 0 0 0 ROBERT H BAILEY 1.00 X 0 0 0 DAVID W BAKER 1.00 X 0 0 0 FRANK M BROGDEN 1.00 X 0 0 0 D LARRY BROTHERTON 1.00 X 0 0 0 ALAN B CORLEY 1.00 X 0 0 0 ROBERT S COWLES III 1.00 X 0 0 0 LAMAR C DEMPSTER 1.00 X 0 0 0 JUDITH KOFROTH DOMER 1.00 X 0 0 0 DANIEL M DONALDSON 1.00 X 0 0 0 JAMES F DURHAM 1.00 X 0 0 0 JAMES A EMORY 1.00 X 0 0 0 WILLIAM E STORY 1.00 X 0 0 0 ANNA B GAMBLE 1.00 X 0 0 0 THOMAS J GARLAND 1.00 X 0 0 0 CHARLOTTE O GRAY 1.00 X 0 0 0 JAMES W HICKERSON 1.00 X 0 0 0 FRANK J HORSMAN 1.00 X 0 0 0 BRANDON C HULL 1.00 X 0 0 0 HUGH O JAYNES 1.00 X 0 0 0 LESTER D LATTANY 1.00 X 0 0 0 HARDY LISTON JR 1.00 X 0 0 0 S WILEY MILLIGAN 1.00 X 0 0 0 SCOTT M NISWONGER 1.00 X 0 0 0 DONALD R RABER 1.00 X 0 0 0 ANGUS R SHAW III 1.00 X 0 0 0 JOAN BARBER SMITH 1.00 X 0 0 0 WARREN L SNEAD 1.00 X 0 0 0 WILLIAM E STORY 1.00 X 0 0 0 JOSEPH J VOGT 1.00 X 0 0 0 ANGELO A VOLPE 1.00 X 0 0 0 JERRY F WARD 1.00 X 0 0 0 ANN E WESTERVELT 1.00 X 0 0 0 NANCY B MOODY 45.00 X 228768 0 5585 STEPHEN J GEHRET 45.00 X 136942 0 2579 FRANK T DEBUSK 45.00 X 96674 0 5585 MELINDA DUKES 45.00 X 96123 0 127 THOMAS STEIN 45.00 X 88800 0 3332 647307 0 17208 2 0 1 0 SODEXO INC AND AFFILIATES 2 SHILOH ROAD P O BOX 5032 GREENEVILLE TN 37743 CAFETERIAL VENDOR 1468197 TIAA-CREF P O BOX 933326 ATLANTA GA 311933326 MANAGE RETIREMENT PLAN 609637 THE INDEPENDENT COLLEGE ENTERPRISE 2300 MACCORKLE AVENUE SE CHARLESTON WV 25304 INTEGRATED INFO MGMNT SYSTEM 277060 MCINTURFF MILLIGAN AND BROOKS TOWN SQUARE CENTER P O BOX 1600 GREENEVILLE TN 37744 INSURANCE SERVICES 247408 MBS TEXTBOOK EXCHANGE INC 2711 WEST ASH STREET COLUMBIA MO 65203 WHOLESALE TEXTBOOK DISTRIBUTOR 224137 10 1779831 4412825 144190 6192656 TUITION AND FEES 611710 27378298 27378298 AUXILIARY ENTERPRISES 611710 6610837 6610837 OTHER INCOME 611710 254707 254707 34243842 21801 21801 ENDOWMENT INCOME (LOSS 611710 415807 415807 415807 40874106 27378298 0 7303152 9134877 9134877 858452 250100 608352 1596024 1596024 1094598 1094598 1674592 1674592 INSTRUCTION 7123444 7123444 STUDENT SERVICES 5441031 5441031 INSTITUTION SUPPORT 4148598 3534117 614481 AUXILIARY ENTERPRISES 2397943 2397943 3540269 3540269 37009828 25489721 10905626 614481 4761 1261 2843099 2110000 163601 2469238 1306907 1943899 1112067 1140547 321757 402379 91531 88212 79297401 24173015 56148462 55124386 14774228 16267075 125984 108199 76892397 79655196 1382090 1073178 1628633 1710868 19066419 18942164 864479 162550 900698 909683 23842319 22798443 X 38650012 39128467 591746 3749150 13808320 13979136 53050078 56856753 76892397 79655196 X 3864278 -57603 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 16813326 757682 610708 -265000 17916716 15908835 723127 405277 -223913 16813326 14038945 477130 1843744 -450984 15908835 15818201 926252 -2085012 -620496 14038945 0.13640 0.82100 0.04260 0 1 1 210405 210405 72003604 18684352 53319252 2515590 1701167 814423 4567802 3787496 780306 55124386 LONG-TERM INVESTMENTS 16267075 F 16267075 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 900698 DUE TO RELATED ORGANIZATION 8985 909683 40874106 37009828 3864278 -48618 -8985 -57603 3806675 31686165 -48618 -4446 -53064 31739229 9134877 9134877 40874106 27874951 0 27874951 9134877 9134877 37009828 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE COLLEGE'S PERMANENTLY RESTRICTED NET ASSETS (ENDOWMENT FUNDS) ARE COMPOSED OF FUNDS RESTRICTED FOR SCHOLARSHIPS, PLANT AND GENERAL USE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: NOTE 14 - 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 JUNE 30, 2012, THE COLLEGE HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COLLEGE'S CONSOLIDATED FINANCIAL STATEMENTS. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE CONSOLIDATED FINANCIAL STATEMENTS. HOWEVER, NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEAR ENDED JUNE 30, 2012. GENERALLY, THE TAX YEARS BEFORE 2009 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. PART XII, LINE 2D - OTHER ADJUSTMENTS: REVENUES LESS EXPENSES OF EXEMPT PRIVATE FOUNDATION -4,446. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 9,134,877. PART XIII, LINE 2D - OTHER ADJUSTMENTS: REVENUES LESS EXPENSES OF EXEMPT PRIVATE FOUNDATION PART XIII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 9,134,877. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THIS POLICY IS USED IN ALL RECRUITMENT MATERIAL FOR STUDENTS AND IS DEFINED IN THE STUDENT HANDBOOK. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE ONLY GOVERNMENTAL AGENCY THAT PROVIDES FINANCIAL ASSISTANCE IS THE UNITED STATES DEPARTMENT OF EDUCATION. 1 CASH SCHOLARSHIPS FOR STUDENTS ATTENDING TUSCULUM COLLEGE IN GREENE COUNTY, TENNESSEE. 985 9134877 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 ANY EXCESS SCHOLARSHIP FUNDS OVER THEIR CHARGES, 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 X 1 1 X X X X 0 0 0 0 0 0 0 0 0 NANCY B MOODY 228768 0 0 0 0 0 0 0 5585 0 234353 0 0 0 PART I, LINE 1A TUSCULUM COLLEGE OWNS A HOUSE ON THE COLLEGE'S CAMPUS WHERE THE PRESIDENT (NANCY B. MOODY) LIVES. DURING THE COLLEGE'S SEARCH FOR A PRESIDENT, IT WAS STIPULATED THAT THE COLLEGE WANTED THE PRESIDENT TO LIVE ON CAMPUS. THE PRESIDENT'S HOUSE (WHICH IS ON CAMPUS) IS CLEANED BY CAMPUS HOUSEKEEPING SERVICES (THE SAME ONES THAT CLEAN STUDENT DORMS). PART I, LINE 1B PROVISIONS FOR THE PRESIDENT'S ON-CAMPUS RESIDENCE WERE INCLUDED IN HER EMPLOYMENT CONTRACT. PART I, LINE 3 AS STATED ABOVE, PROVISIONS FOR THE PRESIDENT'S ON-CAMPUS RESIDENCE WERE INCLUDED IN HER WRITTEN EMPLOYMENT CONTRACT. THE BOARD OF TRUSTEES HAS A COMPENSATION COMMITTEE FOR THE COMPENSATION OF THE PRESIDENT. THE COMPENSATION COMMITTEE REVIEWED FORM 990'S OF PEER INSTITUTIONS WHEN DETERMINING THE PRESIDENT'S COMPENSATION. PART I, LINE 5 NOT APPLICABLE PART I, LINE 6 NOT APPLICABLE PART I, LINE 7 NONE NOTED PART I, LINE 8 NONE NOTED THE HEALTH EDUCATIONAL & HOUSING FACILITY BD OF THE CITY OF TUSCULUM TN 625359390 2008-06-23 20288511 TO FINANCE BUILDINGS AND REAL PROPERTY OF THE COLLEGE 0 0 0 124255 20288511 191059 561359 2008 1 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 1 0 0 NA 0 0 0 NA 0 0 JAMES W HICKERSON MEMBER OF THE BOARD OF TRUSTEES 600052 MR. JAMES W. HICKERSON, PRESIDENT AND CEO OF ANDREW JOHNSON BANK, IS A MEMBER OF THE BOARD OF TRUSTEES AND THE FINANCE AND INVESTMENT COMMITTEE, AND IS THE CHAIR OF THE AUDIT COMMITTEE. THE COLLEGE HAS A BANKING RELATIONSHIP WITH ANDREW JOHNSON BANK - TWO CHECKING ACCOUNTS ($484,164 AS OF 06/30/12) AND TWO NOTES PAYABLE ($115,888 AS OF 06/30/12). THE VARIABLE INTEREST RATE ON BOTH NOTES PAYABLE AT 06/30/12 IS 5.00%, WHICH IS CONSIDERED TO BE REASONABLE. 0 BRANDON C HULL MEMBER OF THE BOARD OF TRUSTEES 79527 MR. BRANDON C. HULL, PRESIDENT AND CEO OF GREENEVILLE FEDERAL BANK, IS A MEMBER OF THE BOARD OF TRUSTEES. THE COLLEGE HAS A BANKING RELATIONSHIP WITH GREENEVILLE FEDERAL BANK - ONE CHECKING ACCOUNT ($32,865 AS OF 06/30/12) ONE NOTE PAYABLE ($46,662 AS OF 06/30/12). THE INTEREST RATE ON THE NOTE PAYABLE AT 06/30/12 IS 6.00%, WHICH IS CONSIDERED TO BE REASONABLE. 0 DONALD R RABER MEMBER OF THE BOARD OF TRUSTEES 427907 MR. DONALD R. RABER, PRESIDENT OF ALDEBARAN FINANCIAL, INC. IS A MEMBER OF THE BOARD OF TRUSTEES AND SERVES ON THE INVESTMENT COMMITTEE AND FINANCE COMMITTEE OF THE BOARD OF TRUSTEES OF THE COLLEGE. AS OF 06/30/12, MR. RABER MANAGES $427,907 OF THE COLLEGE'S UNRESTRICTED CASH IN SHORT-TERM CASH AND CASH EQUIVALENTS. MR. RABER AND ALDEBARAN FINANCIAL, INC., IN THIS CAPACITY, RECEIVE NO BENEFIT FROM PROVIDING THESE SERVICES. 0 MARK R WILLIAMS SECRETARY OF THE BOARD OF TRUSTEES 600052 MR. MARK WILLIAMS, A BROKER AT CENTURY 21, LEGACY, AND A DIRECTOR OF THE BOARD OF ANDREW JOHNSON BANK, IS THE SECRETARY OF TUSCULUM COLLEGE'S BOARD OF TRUSTEES. AS A TRUSTEE, HE GAINS ACCESS TO NEW EMPLOYEE HIRES IN ORDER TO APPROACH THEM AS A BROKER AGENT FOR REAL ESTATE SALES AND ACQUISITIONS. THE COLLEGE HAS A BANKING RELATIONSHIP WITH ANDREW JOHNSON BANK - TWO CHECKING ACCOUNTS ($484,164 AS OF 06/30/12) AND TWO NOTES PAYABLE ($115,888 AS OF 06/30/12). THE VARIABLE INTEREST RATE ON BOTH NOTES PAYABLE AT 06/30/12 IS 5.00%. THE INTEREST RATES ON THESE TWO NOTES ARE BASED UPON THE TOTAL RELATIONSHIP BETWEEN THE BANK AND THE COLLEGE. 0 X COMPUTER EQUIPMENT 1 144190 FAIR MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WILL BE PRESENTED BY AN INDEPENDENT CPA FIRM TO THE AUDIT COMMITTEE. BOTH THE AUDIT COMMITTEE AND THE EXECUTIVE COMMITTEE WILL REVIEW THE FORM 990, AND WILL THEN HAVE A TEN DAY PERIOD OF TIME TO COMMENT. AFTER THIS TEN DAY PERIOD, THE FULL BOARD OF TRUSTEES WILL REVIEW THE FORM 990, AND WILL ALSO HAVE A TEN DAY PERIOD OF TIME TO COMMENT. THE BOARD OF TRUSTEES WILL THEN VOTE ON THE ACCEPTANCE OF THE FORM 990, WHICH WILL THEN BE FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH MEMBER OF THE BOARD OF TRUSTEES SUBMITS A SIGNED CONFLICT OF INTEREST AGREEMENT. AT THIS TIME, ANY KNOWN CONFLICTS OR POTENTIAL CONFLICTS OF INTEREST ARE DISCLOSED TO THE GOVERNING BODY. SHOULD THE POTENTIAL OF A CONFLICT OF INTEREST ARISE, THE SUBJECT WILL BE DISCLOSED AND THE GOVERNING BOARD MEMBER WILL EXCUSE THEMSELVES FROM VOTING ON THE MATTER IN QUESTION. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS REVIEWED BY THE BOARD OF TRUSTEES AND NEGOTIATED BY ONE'S LENGTH OF SERVICE BY THE CHAIRMAN OF THE BOARD ON THE ADVICE FROM AN INDEPENDENT COUNSEL TO THE GOVERNING BOARD. OTHER OFFICERS OR KEY EMPLOYEES RECEIVE A BI-ANNUAL EVALUATION, AT WHICH TIME COMPENSATION IS COMPARABLE WITH CUPA-HR DATA. THE EVALUATION DOCUMENT IS REVIEWED AND APPROVED BY THE PRESIDENT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION 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: -48,618. PRIOR PERIOD ADJUSTMENTS: -8,985. TOTAL TO FORM 990, PART XI, LINE 5: -57,603. RESPONSIBILITY FOR OVERSIGHT OF AUDIT & SELECTION OF INDEPENDENT ACCOUNTANT FORM 990, PART XII, LINE 2C TUSCULUM COLLEGE'S PROCESS FOR ITS AUDIT COMMITTEE, WHICH ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE ANNUAL AUDIT OF ITS FINANCIAL STATEMENTS AND FOR THE SELECTION OF AN INDEPENDENT ACCOUNTANT, HAS NOT CHANGED FROM THE PRIOR YEAR. TUSCULUM TOMORROW TRUST P O BOX 5100 GREENEVILLE TN 37743 621159245 PROVIDES CHARITABLE GRANTS TO TUSCULUM COLLEGE TN 501(C)(3) EXEMPT PF TUSCULUM COLLEGE 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TUSCULUM TOMORROW TRUST C 36000 CASH RECEIPTS