2012-04-05T19:07:01-05:00 2011-05-31 BAKER TILLY VIRCHOW KRAUSE LLP 115 SOUTH 84TH STREET SUITE 400 MILWAUKEE WI 53214 990 2010-06-01 390808497 BELOIT COLLEGE BELO 6083632205 700 COLLEGE ST BELOIT WI 53511 JOHN M NICHOLAS 6083632205 2012-03-26 1 TROY E MARINE CPA 4147775500 2012-03-26 2010 2016-02-24 21:20:13Z DR H SCOTT BIERMAN 700 COLLEGE ST BELOIT WI 53511 194429645 0 X WWW.BELOIT.EDU X 1846 WI SEE SCHEDULE O 24 24 1804 50 122204 0 17087941 10254906 51512305 52687182 377416 5193025 583378 814067 69561040 68949180 21057899 22248689 0 0 26238861 26246471 0 0 1600066 20491790 19590940 67788550 68086100 1772490 863080 215529799 229100293 76147477 76321651 139382322 152778642 SEE SCHEDULE O 0 0 59716580 22248689 52687182 IN THE 2010-2011 ACADEMIC YEAR BELOIT COLLEGE SERVED 1,428 STUDENTS FROM 41 COUNTRIES, 49 STATES AND THE DISTRICT OF COLUMBIA. THESE SERVICES WERE OFFERED IN THREE SEPARATE EDUCATIONAL SESSIONS IN THE FALL, SPRING AND SUMMER. EDUCATIONAL ACTIVITIES OCCURRED DOMESTICALLY BOTH ON AND OFF THE CENTRAL CAMPUS AND ALSO OCCURRED OVERSEAS THROUGH STUDY ABROAD PROGRAMS. 301 STUDENTS GRADUATED DURING THE YEAR AND APPROXIMATELY 1,260 STUDENTS RECEIVE FINANCIAL ASSISTANCE FROM BELOIT COLLEGE. 59716580 1 1 0 0 1 0 1 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 195 0 1 1804 1 1 1 0 0 0 0 1 1 0 0 0 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 1 0 X X RICK LEMKE 6083632205 700 COLLEGE STREET BELOIT WI 53511 MR GENE BANUCCI 1.00 X 0 0 0 MR OSCAR E CARDONA 1.00 X 0 0 0 MR DONALD CARSON 1.00 X 0 0 0 MR RICHARD CLAYTON 1.00 X 0 0 0 MR STEVEN COHEN 1.00 X 0 0 0 MR JOHN HAILER 1.00 X 0 0 0 MR PHEE BOON KANG 1.00 X 0 0 0 MS JOANNA KUTTER 1.00 X 0 0 0 MR STEPHEN H MAHLE 1.00 X 0 0 0 MR HAROLD F MAYER 1.00 X 0 0 0 MS JUDITH MILLER 1.00 X 0 0 0 MR DICK NIEMIEC 40.00 X 0 0 0 MR THOMAS ONEILL 1.00 X 0 0 0 MR JAMES PACKARD 1.00 X 0 0 0 MR SHAMS RASHID 1.00 X 0 0 0 MS BARBARA REYNOLDS 1.00 X 0 0 0 MS MARGARET ROBINSON 1.00 X 0 0 0 MR JACK ROZRAN 1.00 X 0 0 0 MR JAMES SANGER 1.00 X 0 0 0 MR ROBERT SHAW 1.00 X 0 0 0 MR THOMAS WALCOTT 1.00 X 0 0 0 MS NINA WEISSBERG 1.00 X 0 0 0 MR J DON WYATT 1.00 X 0 0 0 MR EUGENE ZELTMANN 1.00 X 0 0 0 DR H SCOTT BIERMAN 40.00 X 310510 0 49979 DR ANN DAVIES 40.00 X 141934 0 18820 MR JOHN NICHOLAS 40.00 X 160436 0 20577 MS NANCY BENEDICT 40.00 X 139834 0 14520 MR R JEFF PUCKETT 40.00 X 86036 0 8812 MR BILL FLANAGAN 40.00 X 110555 0 11398 MS CONNIE TRUESDALE 40.00 X 55258 0 15111 MR JOHN JUNGCK 40.00 X 107088 0 19772 MR JERRY GUSTAFSON 40.00 X 113939 0 19141 MS SUSAN CLEVERSON 40.00 X 99013 0 19108 MS NANCY MCDOWELL 40.00 X 94454 0 14340 MS EMILY CHAMLEE-WRIGHT 40.00 X 86407 0 20010 MR FRANK MCGOVERN 40.00 X 13223 0 1050 1225590 0 178130 8 0 1 0 HUMANA INC 1100 EMPLOYERS BLVD GREEN BAY WI 54344 INSURANCE ADMIN 588770 E & N HUGHES CO INC N2629 COPLIEN RD BOX 408 MONROE WI 53566 CONSTRUCTION 543059 BANK OF NEW YORK MELLON ONE WALL STREET NEW YORK NY 10286 FINANCIAL SERVICES 526784 PETERSON COMPANIES INC 8326 WYOMING TRAIL CHISAGO MN 55013 CONSTRUCTION 524628 KLOBUCAR CONSTRUCTION 3140 EAST COUNTY ROAD S BELOIT WI 53511 CONSTRUCTION 348571 11 13126 2056552 8185228 1861913 10254906 TUITION & FEES 812900 44422292 44422292 ROOM, BOARD & OTHER 812900 8264890 8264890 52687182 2172392 2172392 3470 3470 20132 20132 20132 20132 128469047 20863 125448644 20633 3020403 230 3020633 3020633 11532 13126 11188 344 344 MISCELLANEOUS INCOME 900099 688049 688049 CONFERENCES 721000 102072 102072 790121 68949180 52687182 122204 5884888 21093435 21093435 1155254 1155254 1143935 412292 547687 183956 19157592 15714591 2563502 879499 1434307 1113892 230840 89575 3166028 2501242 580660 84126 1344609 1066531 202881 75197 66806 19053 44040 3713 107712 107712 132893 132893 5710987 4262574 1261665 186748 26058 12827 13231 1814924 1475900 297382 41642 1350 1350 1602027 1526348 75679 1068283 931130 90335 46818 326524 300000 17732 8792 3241651 3241651 3500748 3185502 315246 248889 949 247940 STUDENT MEAL COSTS 1154895 1108776 46119 COLLECTIONS 512408 512408 MISCELLANEOUS OTHER 74785 80875 -6090 68086100 59716580 6769454 1600066 477511 471297 21345839 11512207 14695298 4820895 26561349 1448493 8207939 8378195 64801 72666 131929 419919 128901841 49960348 73139612 78941493 65756235 117623362 800952 828273 4348334 4583493 215529799 229100293 4711943 4248528 453276 210821 58640000 58640000 12342258 13222302 76147477 76321651 X 41856372 57112089 26263299 22486666 71262651 73179887 139382322 152778642 215529799 229100293 X 863080 12533240 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 554541 0 0 722579 X X X 0 102942506 4474866 15831503 1238397 3346033 118664445 89083136 6038079 12660647 1345392 3493964 102942506 124956518 7156062 -33237676 1471230 8320538 89083136 0.35740 0.64140 0.00120 0 0 1593634 1593634 112050939 40869114 71181825 75744 75744 0 7620751 5889779 1730972 7560773 3125711 4435062 78941493 STUDENT DEPOSITS 1040606 FUNDS HELD FOR OTHERS 734394 REFUNDABLE LOAN FUNDS 2519706 ANNUITIES PAYABLE 3114478 DERIVATIVE LIABILITY 5770118 ASSET RETIREMENT OBLIGATION 43000 13222302 68949180 68086100 863080 11498987 1034253 12533240 13396320 59112026 11498987 -21203248 -9704261 68816287 132893 132893 68949180 45715706 11188 11188 45704518 132893 22248689 22381582 68086100 PART III, LINE 4: THE COLLEGE MAINTAINS AN ANTHROPOLOGICAL MUSEUM AND AN ART MUSEUM. THE COLLECTIONS ARE DISPLAYED FOR PUBLIC VIEWING. HOWEVER, SPACE LIMITATIONS REQUIRE THAT ONLY PORTIONS OF THE COLLECTION ARE DISPLAYED AT A GIVEN TIME. THE COLLECTIONS AND THEIR PRESERVATION ARE USED IN THE CLASSROOM SETTING FOR INSTRUCTIONAL PURPOSES IN AREAS OF STUDY SUCH AS ANTHROPOLOGY, ART AND MUSEUM STUDIES. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE PURPOSE OF THE COLLEGE'S ENDOWMENT FUND IS TO PROVIDE A CONTINUOUS SOURCE OF FUNDING TO SUPPORT THE MISSION OF THE INSTITUTION. ENDOWMENT FUND EXPENDITURES PROVIDE FUNDING FOR SCHOLARSHIPS, FACULTY SALARIES, LIBRARY RESOURCES, AND OTHER PROGRAM ACTIVITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 718,724. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 312,182. OTHER ADJUSTMENTS DUE TO BAD DEBTS 3,347. SPECIAL EVENTS EXPENSE 0. PART XII, LINE 2D - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID -22,248,689. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 718,724. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 312,182. OTHER ADJUSTMENTS DUE TO BAD DEBTS 3,347. SPECIAL EVENTS EXPENSE 11,188. PART XIII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE 11,188. PART XIII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 22,248,689. PART X, LINE 2: THE COLLEGE FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE COLLEGE FOR UNCERTAIN TAX POSITIONS AS OF MAY 31, 2011 AND 2010. THE COLLEGE'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. OPEN TAX YEARS SUBJECT TO EXAMINATION BY THE U.S. TAXING AUTHORITIES ARE FOR THE YEARS 2008 TO 2011, WHICH STATUTES EXPIRE IN 2011 TO 2013, RESPECTIVELY. OPEN TAX YEARS SUBJECT TO EXAMINATION BY THE STATE TAXING AUTHORITIES ARE FOR THE YEARS 2007 TO 2011, WHICH STATUTES EXPIRE IN 2011 TO 2014, RESPECTIVELY. 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 BELOIT COLLEGE IS A FOUR YEAR PRIVATE LIBERAL ARTS INSTITUTION THAT DRAWS STUDENTS NOT ONLY NATION WIDE BUT WORLD WIDE. MATERIALS USED IN PROMOTIONAL ACTIVITIES AND RECRUITING EFFORTS INCLUDE STATEMENTS THAT BELOIT COLLEGE DOES NOT DISCRIMINATE AGAINST STUDENTS, APPLICANTS FOR ADMISSION, APPLICANTS FOR FINANCIAL ASSISTANCE, APPLICANTS FOR EMPLOYMENT, OR EMPLOYEES ON THE BASIS OF SEX, RACE, COLOR, RELIGION, NATIONAL ORIGIN, ANCESTRY, AGE, SEXUAL ORIENTATION, OR PHYSICAL OR MENTAL DISABILITIES UNRELATED TO INSTITUTIONAL JOBS, PROGRAMS, OR ACTIVITIES. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 BELOIT COLLEGE DID RECEIVE FEDERAL FUNDS, WHICH WERE USED FOR STUDENT PROGRAMS/ENTITLEMENTS SUCH AS PELL GRANTS, SEOG GRANTS, AND WORKSTUDY PROGRAMS. 1 SOUTH AMERICA 0 0 ABROAD STUDENT SUPPORT PROGRAM SERVICES 17035 SOUTH AMERICA 0 0 STUDENT RESEARCH PROGRAM SERVICES 0 EUROPE 0 1 EDUCATIONAL SERVICES PROGRAM SERVICES 137538 CENTRAL AMERICA & THE CARIBBEAN 0 0 ABROAD STUDENT SUPPORT PROGRAM SERVICES 9228 SUB-SAHARAN AFRICA 0 0 EDUCATIONAL SERVICES PROGRAM SERVICES 29973 MIDDLE EAST AND NORTH AFRICA 0 0 EDUCATIONAL SERVICES PROGRAM SERVICES 0 EAST ASIA AND THE PACIFIC 0 0 EDUCATIONAL SERVICES PROGRAM SERVICES 63540 0 1 0 0 0 1 257314 0 257314 SCHOLARSHIP SOUTH AMERICA 13 130665 SEE PART VI SCHOLARSHIP EUROPE/ ICELAND/ GREENLAND 49 449142 SEE PART VI SCHOLARSHIP RUSSIA 14 147109 SEE PART VI SCHOLARSHIP SUB-SAHARAN AFRICA 12 107615 SEE PART VI SCHOLARSHIPS MIDDLE EAST / NORTH AFRICA 5 39209 SEE PART VI SCHOLARSHIPS EAST ASIA / PACIFIC 25 248696 SEE PART VI SCHOLARSHIPS SOUTH ASIA 3 12842 SEE PART VI SCHOLARSHIPS CENT. AMERICA / CARIBBEAN 0 0 SEE PART VI SCHOLARSHIPS NORTH AMERICA 3 19976 SEE PART VI 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: GRANT FUNDS AWARDED IN THE FORM OF STUDENT FINANCIAL ASSISTANCE IS CREDITED TO THEIR TUITION ACCOUNT TO ASSIST IN COVERING THE COST OF TUITION. IN CASES WHERE FUNDS ARE SPENT AWAY FROM CAMPUS, APPROPRIATE DOCUMENTATION IS REQUIRED TO BE SUBMITTED AND APPROVED TO SUBSTANTIATE THE EXPENSE. BUC OPEN 24658 13126 11532 6847 4341 24658 13126 11532 6847 4341 11188 344 1 STUDENT FINANCIAL ASSISTANCE 1260 21093435 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GRANTS ARE AWARDED IN THE FORM FINANCIAL ASSISTANCE TOWARDS THE PAYMENT OF TUITION AND FEES IN WHICH CASE THE GRANT AMOUNTS ARE APPLIED DIRECTLY TO THE STUDENT'S ACCOUNT. OTHER GRANTS ARE AWARDED FOR VARIOUS REASONS TO STUDENTS, FACULTY AND STAFF FOR EDUCATIONAL OR WORK RELATED ACTIVITIES. IN THESE CASES EXPENSE VERIFICATION IS REQUIRED IN THE FORM OF RECEIPTS AND OTHER APPROPRIATE DOCUMENTATION. X X X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DR H SCOTT BIERMAN 277010 0 28500 0 5000 0 24500 0 25479 0 360489 0 0 0 DR ANN DAVIES 138601 0 0 0 3333 0 14042 0 4778 0 160754 0 0 0 MR JOHN NICHOLAS 151686 0 0 0 8750 0 15649 0 4928 0 181013 0 0 0 MS NANCY BENEDICT 139834 0 0 0 0 0 14086 0 434 0 154354 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS SPOUSAL TRAVEL IS PAID FOR BY THE COLLEGE WHEN THE SPOUSE ASSISTS THE BELOIT COLLEGE EMPLOYEE WITH THE COLLEGE BUSINESS ACTIVITIES IN PERFORMING SPECIFIC DUTIES. THE ONLY SUCH SPOUSAL TRAVEL PAID FOR BY THE COLLEGE WAS THAT OF THE PRESIDENT'S SPOUSE. ALL EXPENDITURES MADE BY THE COLLEGE FOR TRAVEL OF THE SPOUSE WERE ATTRIBUTABLE TO SPECIFIC DUTIES IN THE FURTHERANCE OF THE MISSION OF THE COLLEGE. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE AS A CONDITION OF EMPLOYMENT, THE PRESIDENT OF BELOIT COLLEGE IS REQUIRED TO RESIDE IN THE PRESIDENT'S HOUSE. THE PRESIDENT'S HOUSE SERVES BOTH AS A PERSONAL RESIDENCE AS WELL AS A VENUE FOR THE CARRYING ON OF COLLEGE BUSINESS REGULARLY. THE COLLEGE HAS DETERMINED THAT THE VALUE OF THE USE OF THIS PERSONAL-RESIDENCE IS NOT CONSIDERED TAXABLE INCOME TO THE PRESIDENT AS PROVIDED FOR IN INTERNAL REVENUE CODE SECTION 119. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES THE COLLEGE PAYS DUES TO A COUNTRY CLUB FOR THE PRESIDENT OF THE COLLEGE AND ITS VICE PRESIDENTS. THESE PERSONS USE THE COUNTRY CLUB SOLELY FOR COLLEGE BUSINESS AND DO NOT USE THE CLUB FOR PERSONAL ENTERTAINMENT PURPOSES. EXAMPLES OF CUSTOMARY USE OF THE COUNTRY CLUB INCLUDE BUSINESS LUNCHES, THE PRESIDENT'S INAUGURATION DINNER, AND TRUSTEE LUNCHEONS AND DINNERS FROM TIME TO TIME. PERSONAL SERVICES (E.G. MAID, CHAUFFER, CHEF) THE COLLEGE PAYS FOR HOUSEKEEPING SERVICES UP TO 5-HOURS PER DAY AT THE COLLEGE PRESIDENT'S RESIDENCE, THE PRESIDENTS' HOUSE. THE HOUSEKEEPING SERVICES ARE PAID FOR PRIMARILY IN THE INTEREST OF MAINTAINING THE COLLEGE'S FACILITIES IN PRESENTABLE CONDITION TO FACILITATE THE CARRYING ON OF COLLEGE BUSINESS AT THE RESIDENCE. PERSONAL BENEFITS TO THE COLLEGE PRESIDENT ARE INCIDENTAL TO THE PRIMARY PURPOSE OF STEWARDSHIP OF THE EXEMPT ORGANIZATION'S ASSETS. WISC HEALTH & EDUCATIONAL FACILITIES AUTHORITY 391337855 97710BTF9 2010-04-28 28394743 REFINANCE OF 2007 SERIES BOND 1 1 0 WISC HEALTH & EDUCATIONAL FACILITIES AUTHORITY 391337855 97710BTF9 2010-04-28 28394743 REFINANCE OF 2007 SERIES BOND 1 1 0 28394742 26203048 400960 1790735 2010 1 0 1 1 30000000 29475000 525000 2010 1 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 1 CHASE BANK 30.000000000000 0 0 0 0 0 X 3 NO VALUE ASSIGNED X NO VALUE ASSIGNED X NO VALUE ASSIGNED X 75 1861913 COST OR MARKET 0 1 1 NON REPORTING OF REVENUE: PART I, LINE 33: THE COLLEGE, AS A MATTER OF ACCOUNTING POLICY, DOES NOT RECORD REVENUE FOR WORKS OF ART ADDED TO ITS COLLECTIONS, AS ALLOWED UNDER SFAS 116. FURTHERMORE, ITEMS USED AS PROPS IN THE COLLEGE'S THEATER PROGRAM AND USED BOOK DONATED TO THE COLLEGE'S LIBRARY ARE NOT REPORTED AS REVENUE FOR FINANCIAL STATEMENT PURPOSES. FORM 990, PART VI, SECTION B, LINE 11 BELOIT COLLEGE'S FORM 990 WAS PREPARED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM. A DRAFT OF THE FORM 990 WAS PROVIDED ELECTRONICALLY TO THE BOARD OF TRUSTEES AUDIT COMMITTEE FOR REVIEW AT THE APRIL AUDIT COMMITTEE MEETING. THE APRIL MEETING AGENDA INCLUDED DISCUSSION OF QUESTIONS OR CONCERNS REGARDING THE INFORMATION CONTAINED IN THE FORM 990. ONCE ALL ISSUES AND QUESTIONS REGARDING THE RETURN WERE RESOLVED, THE FORM 990 WAS FINALIZED TO INCORPORATE ANY NECESSARY CHANGES. AN UPDATED VERSION WAS PROVIDED ELECTRONICALLY TO THE CONTROLLER TO DISTRIBUTE TO THE AUDIT COMMITTEE FOR ADDITIONAL MATTERS TO BE ADDRESSED AND RESOLVED. THE FINALIZED VERSION OF FORM 990 WAS FILED WITH THE IRS ON OR BEFORE THE APRIL 15TH FILING DEADLINE. TO RESPECT THE WISHES OF CERTAIN DONORS TO REMAIN ANONYMOUS, WE HAVE CHOSEN NOT TO PROVIDE A FULL DISCLOSURE COPY OF THE 990 TO THE FULL GOVERNING BOARD OF BELOIT COLLEGE. A FULL DISCLOSURE COPY, WITH ALL DONOR INFORMATION, WILL BE FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES AND OFFICERS ARE REQUIRED TO COMPLETE CONFLICT OF INTEREST DOCUMENTS ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE COLLEGE PARTICIPATES ANNUALLY IN AN OFFICER COMPENSATION SURVEY CONDUCTED BY THE WISCONSIN ASSOCIATION OF INDEPENDENT COLLEGES AND UNIVERSITIES (WAICU), AS WELL AS AN ANNUAL ADMINISTRATIVE SALARY SURVERY CONDUCTED BY THE ASSOCIATED COLLEGES OF THE MIDWEST (ACM). IN 2010, INDEPENDENT COMPARABILITY DATA FROM THE WAICU AND ACM SALARY SURVERYS WERE UTILIZED AS PART OF THE PROCESS UNDERTAKEN TO DETERMINE THE TOTAL COMPENSATION OF THE COLLEGE PRESIDENT AND ITS ACADEMIC DEAN. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE COLLEGE'S WEB SITE. OTHER DOCUMENTS MAY BE MADE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 11,498,987. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS 718,724. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 312,182. OTHER ADJUSTMENTS DUE TO BAD DEBTS 3,347. SPECIAL EVENTS EXPENSE 0. TOTAL TO FORM 990, PART XI, LINE 5: 12,533,240. FORM 990, PART I, LINE 1: THE PRIMARY AIM OF BELOIT COLLEGE IS TO PROVIDE A LEARNING AND LIVING ENVIRONMENT DEDICATED TO THE CULTIVATION OF LIBERALLY EDUCATED PERSONS. FOR MORE THAN 150 YEARS, THE COLLEGE'S GOALS HAVE REMAINED CONSTANT: TO PROVIDE STUDENTS WITH A BROAD GROUNDING IN FACT; THE EXPERIENCE OF MASTERING AN AREA OF KNOWLEDGE; THE ABILITY AND INCLINATION TO INTEGRATE, ASSIMILATE, AND EVALUATE; A CONTINUING CONCERN FOR VALUES; ENTHUSIASM FOR PERSONAL CREATIVITY; AN AESTHETIC SENSIBILITY; A GLOBAL PERSPECTIVE, AND MOST IMPORTANTLY, THE DESIRE TO CONTINUE LEARNING. RELATED TO THESE GOALS ARE SEVERAL MAJOR COMMITMENTS THAT HAVE LONG HELPED TO GUIDE THE OPERATION OF BELOIT COLLEGE: A DEDICATION TO THE PURSUIT OF EXCELLENCE; A DEDICATION TO FREE INQUIRY AND COMMITMENT AS EXEMPLIFIED BY THE COLLEGE'S OWN TRADITIONS; AN INTEGRITY OF PURPOSE AND PERFORMANCE STEADFAST AGAINST EXPEDIENCY OR EXPLOITATION; A SPIRIT OF TOLERANCE THAT WILL PERPETUATE FREEDOM, WHETHER OF WORK, WORSHIP, SPEECH, PRESS, OR ACADEMIC RESEARCH; THE CONCEPT OF GOVERNMENT BY CONSENT OF THE GOVERNED, CONSTITUTIONALLY EXPRESSED; THE IDEAL OF A PROGRESSIVE SOCIAL ORDER BASED UPON EQUAL OPPORTUNITY AND EQUAL JUSTICE UNDER THE LAW. FORM 990, PART III, LINE 1: THE PRIMARY AIM OF BELOIT COLLEGE IS TO PROVIDE A LEARNING AND LIVING ENVIRONMENT DEDICATED TO THE CULTIVATION OF LIBERALLY EDUCATED PERSONS. FOR MORE THAN 150 YEARS, THE COLLEGE'S GOALS HAVE REMAINED CONSTANT: TO PROVIDE STUDENTS WITH A BROAD GROUNDING IN FACT; THE EXPERIENCE OF MASTERING AN AREA OF KNOWLEDGE; THE ABILITY AND INCLINATION TO INTEGRATE, ASSIMILATE, AND EVALUATE; A CONTINUING CONCERN FOR VALUES; ENTHUSIASM FOR PERSONAL CREATIVITY; AN AESTHETIC SENSIBILITY; A GLOBAL PERSPECTIVE, AND MOST IMPORTANTLY, THE DESIRE TO CONTINUE LEARNING. RELATED TO THESE GOALS ARE SEVERAL MAJOR COMMITMENTS THAT HAVE LONG HELPED TO GUIDE THE OPERATION OF BELOIT COLLEGE: A DEDICATION TO THE PURSUIT OF EXCELLENCE; A DEDICATION TO FREE INQUIRY AND COMMITMENT AS EXEMPLIFIED BY THE COLLEGE'S OWN TRADITIONS; AN INTEGRITY OF PURPOSE AND PERFORMANCE STEADFAST AGAINST EXPEDIENCY OR EXPLOITATION; A SPIRIT OF TOLERANCE THAT WILL PERPETUATE FREEDOM, WHETHER OF WORK, WORSHIP, SPEECH, PRESS, OR ACADEMIC RESEARCH; THE CONCEPT OF GOVERNMENT BY CONSENT OF THE GOVERNED, CONSTITUTIONALLY EXPRESSED; THE IDEAL OF A PROGRESSIVE SOCIAL ORDER BASED UPON EQUAL OPPORTUNITY AND EQUAL JUSTICE UNDER THE LAW.