2012-03-07T11:07:31-05:00 2011-06-30 EBELHAR WHITEHEAD PLLC 100 WEST THIRD STREET SUITE 200 OWENSBORO KY 42303 990 2010-07-01 610466713 KENTUCKY WESLEYAN COLLEGE KENT 2709263111 3000 FREDERICA STREET OWENSBORO KY 42301 CINDRA K STIFF 2012-03-05 true Jeffrey T Ebelhar CPA 2709262922 2010 2016-02-24 21:20:13Z CINDRA STIFF 3000 FREDERICA STREET OWENSBORO KY 42301 30653223 false X www.kwc.edu X 1858 KY FOSTER A LIBERAL ARTS EDUCATION THAT NOURISHES, STIMULATES AND PREPARES FUTURE LEADERS INTELLECTUALLY, SPIRITUALLY AND PHYSICALLY TO ACHIEVE SUCCESS IN LIFE. 32 32 576 0 0 0 2632305 3541567 16669829 16648728 864203 1530885 85438 77687 20251775 21798867 6035815 6230543 0 0 7027892 6736964 0 0 107884 6960540 7773483 20024247 20740990 227528 1057877 46803953 51030783 11379312 11580114 35424641 39450669 FOSTER A LIBERAL ARTS EDUCATION THAT NOURISHES, STIMULATES AND PREPARES FUTURE LEADERS INTELLECTUALLY, SPIRITUALLY AND PHYSICALLY TO ACHIEVE SUCCESS IN LIFE. false false 18643138 6230543 16648728 KENTUCKY WESLEYAN COLLEGE, IN PARTNERSHIP WITH THE UNITED METHODIST CHURCH, PROVIDES INSTRUCTION AND RELATED ACTIVITIES TO STUDENTS BY OFFERING A QUALITY LIBERAL ARTS EDUCATION AND OPPORTUNITIES FOR PERSONAL GROWTH AND LEADERSHIP. 18643138 true true false false false false false false true true false false true true true true false true false false false false false false false false false true true true false false false false false false false false false false false false false false false false false false false false true 16 0 true 576 true false false false false false false false false false false X 32 32 true false false false false false false true true false false false true true true true false true true false KY X COURTNEY LEMASTERS 2709263111 3000 FREDERICA ST OWENSBORO KY 42301 K WAYNE FOSTER 1.0 X 0 0 0 R MITCH SETTLE 1.0 X 0 0 0 CONNIE LOU BARNETT 1.0 X X 0 0 0 MARK CARROL 1.0 X 0 0 0 BARTON D DARRELL 1.0 X X 0 0 0 REV THOMAS W EBLEN 1.0 X 0 0 0 W JEFFERY FOREMAN 1.0 X X 0 0 0 REV MARK A GIBBONS 1.0 X 0 0 0 REV THOMAS B GRIEB 1.0 X 0 0 0 HAROLD L HALL II 1.0 X 0 0 0 DAVID E HOCKER 1.0 X 0 0 0 JOHN W JONES 1.0 X 0 0 0 ARBA KENNER MD 1.0 X 0 0 0 JOSEPH G KENNY 1.0 X 0 0 0 DENNIS W KIRTLEY 1.0 X 0 0 0 MARCIA SMITH LAWRENCE 1.0 X 0 0 0 W GLENN SOWARDS 1.0 X 0 0 0 E PHILLIPS MALONE 1.0 X 0 0 0 DON P MOORE III 1.0 X X 0 0 0 C KENNETH PETERS MD 1.0 X 0 0 0 RANDALL L RASKIN 1.0 X 0 0 0 J C SCHERTZINGER OD 1.0 X 0 0 0 RUTH C SEYDEL 1.0 X 0 0 0 REV DR JAY F SMITH 1.0 X 0 0 0 JOHN H WALLACE JR 1.0 X 0 0 0 DAVID R WATKINS MD 1.0 X 0 0 0 JACK T WELLS 1.0 X 0 0 0 DR ROGER W GARDNER 1.0 X 0 0 0 REV DALE A CARDEN 1.0 X 0 0 0 REV DR HAROLD W DORSEY 1.0 X 0 0 0 REV DR W R JENNINGS 1.0 X 0 0 0 J EDWARD MADDOX 1.0 X 0 0 0 WADE MOUNTZ 1.0 X 0 0 0 G CHAD PERRY III 1.0 X 0 0 0 REV DR JAMES SHEPHERD 1.0 X 0 0 0 ANN SMISER 1.0 X 0 0 0 PINY SMITH 1.0 X 0 0 0 DR JEFFREY B BARBER 1.0 X 0 0 0 E LUELLEN PYLES 1.0 X 0 0 0 PHILLIP J SHEPHERD 1.0 X 0 0 0 BISHOP OF KY CONFERENCE 1.0 X 0 0 0 MATT MISTRETTA 1.0 X 0 0 0 CINDRA STIFF 40.0 X 105000 0 7025 SCOTT KRAMER 40.0 X 85000 0 1826 GARY GALLUP 40.0 X 63063 0 1359 KIRK PURDOM 40.0 X 118000 0 12543 PAULA DEHN 40.0 X 121200 0 7361 CHERYL KING 40.0 X 180000 0 20348 WILLARD TURNER 40.0 X 0 0 0 RICHARD BOROWSKI 40.0 X 0 0 0 672263 0 50462 4 false true false SODEXO INC AND AFFILIATES 3000 FREDERICA STREET OWENSBORO KY 42301 FOOD SERVICES 1190572 SODEXO INC AND AFFILIATES 4880 PAYSPHERE CIRCLE CHICAGO IL 60674 FACILITIES CONTRACT 213411 FOLLETT HIGHER EDUCATION GROUP 3146 SOLUTIONS CENTER CHICAGO IL 60677 BOOKSTORE CONTRACTOR 172614 STEVENS STRATEGY LLC PO BOX 72 12 ISLAND VIEW GRANTHAM NH 03753 CONSULTING FIRM 343088 4 253837 3287730 3541567 TUITION & FEES 611600 13451232 13451232 AUXILIARY INCOME 611710 2689843 2689843 OTHER SOURCES 611710 507653 507653 16648728 591423 591423 0 0 208103 130416 77687 77687 77687 9663402 8723940 939462 939462 939462 0 0 0 0 21798867 16726415 1530885 0 6230543 6230543 0 0 706698 706698 0 4668157 3696836 886753 84568 53618 37023 15528 1067 937587 649150 273587 14850 370904 256103 107402 7399 526876 526876 39555 39555 86434 86434 0 0 0 3084 3084 68034 68034 313748 313748 240896 240896 0 0 364715 364715 0 101576 101576 303076 303076 0 776614 776614 213082 213082 AUXILIARY EXPENSES 1235787 1235787 GENERAL INSTITUTIONAL SUPPORT 1039155 1039155 STUDENT SERVICES 1524581 1524581 INSTRUCTION 498952 498952 ACADEMIC SUPPORT 181767 181767 255551 255551 20740990 18643138 1989968 107884 235789 340441 1741001 1505414 377967 459243 960502 925216 131850 169881 33074247 15049532 18669275 18024715 20261581 24009580 4425988 5596293 46803953 51030783 1065338 1142310 1437855 1414172 5875000 5875000 745748 876165 2255371 2272467 11379312 11580114 X 5307405 8759605 1062023 1097040 29055213 29594024 35424641 39450669 46803953 51030783 X 1057877 2968151 X false true true X true true X false false false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 25360673 134057 4660788 602695 51556 29501267 23362798 62386 1935489 25360673 27494245 1595351 -5726798 23362798 0.99210 0.00790 true false 240000 100417 340417 1510000 21942957 8353115 15099842 3384954 1312851 2072103 5845844 5383566 462278 50075 50075 18024715 FUNDS HELD IN TRUST BY OTHERS 3234425 CASH SURRENDER VALUE-LIFE INS. 373152 BEQUEST RECEIVABLE 1866410 BOND ISSUANCE COSTS, NET 122306 5596293 0 DEPOSITS & AGENCY FUNDS 176187 ANNUITIES PAYABLE 325287 ASSET RETIREMENT OBLIGATION 263023 REFUNDABLE U.S. GOV LOAN FUNDS 882738 POSTRETIREMENT BENEFIT LIABILI 386467 INTEREST RATE SWAP AGREEMENT 238765 2272467 21798867 20740990 1057877 2664782 303369 2968151 4026028 14757783 14757783 7041084 7041084 21798867 14510447 14510447 6230543 6230543 20740990 INTENDED USE OF ENDOWMENT FUNDS SCH D, PART V, LINE 4 PRESERVATION OF CAPITAL - OVER THE INVESTMENT TIME HORIZON, CAPITAL GAINS ARE TO BE PROTECTED. A POSITIVE RETURN IS EXPECTED OVER THE INVESTMENT TIME HORIZON; ALTHOUGH THERE MAY BE PERIODS WITH NEGATIVE RETURNS. DURING THE INTERIM, THE FUND MAY SACRIFICE SOME POSITIVE RETURNS IN ORDER TO PROTECT AGAINST LOSSES. PRESERVATION OF PURCHASING POWER - ASSET GROWTH, EXCLUSIVE OF CONTRIBUTIONS AND WITHDRAWALS, SHOULD EXCEED THE RATE OF INFLATION IN ORDER TO PRESERVE PURCHASING POWER OF THE FUND'S ASSETS. THE FUND IS WILLING TO ASSUME A MODERATE AMOUNT OF RISK IN ORDER TO REACH ITS LONG-TERM GROWTH OBJECTIVES. ANNUAL SPENDABLE INCOME - AN ANNUAL SPENDABLE INCOME (EARNED INCOME AND REALIZED GAINS) AS APPROVED BY THE FINANCE COMMITTEE WILL SUPPORT THE COLLEGE GENERAL OPERATIONS AND RESTRICTED PROGRAMS IN ACCORDANCE WITH THE DONOR SPECIFICATIONS. RECONCILIATION TO AUDIT REPORT - REVENUE SCH. D, PART XII OTHER REVENUE ON RETURN NOT ON BOOKS: STUDENT AID DISCOUNTS $6,230,543 NON-OPERATING INVESTMENT INCOME $810,541 RECONCILIATION TO AUDIT REPORT - EXPENSES SCH. D, PART XIII OTHER EXPENSES ON RETURN BUT NOT ON B0OKS: STUDENT AID DISCOUNTS $ 6,230,543 RECONCILIATION OF CHANGE IN NET ASSETS SCH. D, PART XI OTHER CHANGE IN FUND BALANCE: PRESENT VALUE ADJUSTMENT OF ANNUITIES $(7,412) CHANGE IN VALUE OF BENEFICIAL INTEREST IN TRUSTS $318,864 LOAN REPAYMENTS $3,490 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT $(673) CHANGE IN DONOR INTENT $(10,900) SCHEDULE D, PART X, LINE 2 FIN 48 FOOTNOTE THE COLLEGE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND A SIMILAR PROVISION OF STATE LAW. THE COLLEGE HAS BEEN CLASSIFIED AS A PUBLIC CHARITY QUALIFIED FOR CHARITABLE CONTRIBUTIONS UNDER IRC SECTION 170. HOWEVER THE COLLEGE IS SUBJECT TO FEDERAL INCOME TAX ON ANY UNRELATED BUSINESS TAXABLE INCOME. THE COLLEGE IS NOT CONSIDERED TO BE A PRIVATE FOUNDATION. THE COLLEGE FILES TAX RETURNS IN THE US FEDERAL JURISDICTION. WITH FEW EXCEPTIONS, THE COLLEGE IS NO LONGER SUBJECT TO US FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2008. true true true true true true true false false false false false false false false true false true PUBLICIZED NONDISCRIMINATORY POLICY PART I, LINE 3 CATALOG AND SOLICITATION MATERIAL HAVE STATEMENTS REGARDING NONDISCRIMINATION. RECEIVED FINANCIAL ASSISTANCE FROM GOVERNMENTAL AGENCY SCHEDULE E, PART I, LINE 6A THE ORGANIZATION RECEIVES FINANCIAL AID FROM THE U.S. DEPARTMENT OF EDUCATION. true STUDENT AID DISCOUNTS 764 6230543 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS SCH I, PART 1, LINE 2 SCHOLARSHIPS ARE MONITORED BY THE FINANCIAL AID OFFICE AND THE BUSINESS OFFICEY THE FINANCIAL AID OFFICE AWARDS ALL SCHOLARSHIPS TO STUDENTS BASED ON THEIR FINANCIAL NEED AND ACADEMIC MERIT. THE BUSINESS OFFICE MONITORS SCHOLARSHIPS BASED ON THE SATISFACTORY ACADEMIC PROGRESS POLICY INSTITUTED BY THE INSTRITUTION. BOTH THE FINANCIAL AID OFFICE AND BUSINESS OFFICE RECONCILE ALL SCHOLARSHIPS EACH SEMESTER TO VERIFY THAT THEY INDEED ARE CORRECT ON THE STUDENTS ACCOUNT AND IN THE G/L SYSTEM. X X X true true X X false false false false false false false false false CHERYL KING 180000 0 0 0 0 0 3848 16500 200348 0 0 PERSONAL SERVICES FOR EMPLOYEES FORM 990, SCH. J, PART I, LINE 1A THE PRESIDENT OF THE INSTITUTION HAS A SPECIFIC CUSTODIAN FOR HER HOME AND IS PAID THROUGH THE INSTITUTION'S BI-WEEKLY PAYROLL SYSTEM. CITY OF OWENSBORO KY 616001888 2010-03-26 5875000 REFINANCING OF CERTAIN OUTSTANDING false false false 5875000 104862 874294 4895844 false false true true false false false false false 0.00000 0.00000 0.00000 false false true true BB&T 7. false false false false false MAKING DOCUMENTS AVAILABLE TO THE PUBLIC 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. FAMILY RELATIONSHIPS AMONG OFFICERS, DIRECTORS, AND KEY EMPLOYEES FORM 990, PART VI, SECTION A, LINE 2 DAVID HOCKER (TRUSTEE) IS BROTHER-IN-LAW TO HAROLD HALL (TRUSTEE). MONITORING OF THE CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO COMPLETE AN ANNUAL FORM STATING THEIR COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. DETERMINATION OF COMPENSATION - MANAGEMENT FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF TRUSTEES REFERENCES OTHER COMPARABLE SMALL COLLEGE COMPENSATION DATA FROM ACB & CIC TO NEGOTIATE BEGINNING SALARY AND BENEFITS OF INCOMING PRESIDENTS; ANNUAL REVIEW OF JOB PERFORMANCE IS COMPLETED WITH THE BOARD OF TRUSTEE CHAIRMAN. DETERMINATION OF COMPENSATION - KEY EMPLOYEES FORM 990, PART VI, SECTION B, LINE 15B SALARY DATA FROM OTHER COMPARABLE INSTITUTIONS IS USED TO DETERMINE BEGINNING SALARIES OF ALL OFFICERS; NEGOTIATIONS ARE MANAGED BY THE COLLEGE PRESIDENT; ANNUAL REVIEW OF JOB PERFORMANCE AND SALARY LEVEL IS COMPLETED FOR EACH OFFICER BY THE PRESIDENT; ANNUAL AIKCU SALARY DATA BY POSITION IS ALSO REFERENCED. REVIEW OF 990 TO GOVERNING BODY BEFORE FILING FORM 990, PART VI, SECTION B, LINE 11 THE V.P. OF FINANCE AND THE CONTROLLER REVIEW THE DRAFT OF THE 990 AND SUPPLY A COPY TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES VIA EMAIL BEFORE FILING THE FINAL 990 TAX RETURN. OTHER CHANGES IN NET ASSETS OR FUND BALANCES FORM 990, PART XI, LINE 5 UNREALIZED GAINS/(LOSSES) ON INVESTMENTS $2,664,782 PRESENT VALUE ADJUSTMENT OF ANNUITIES $(7,412) CHANGE IN VALUE OF BENEFICIAL INTEREST IN TRUSTS $318,864 LOAN REPAYMENTS $3,490 CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT $(673) CHANGE IN DONOR INTENT $(10,900)