2012-04-17T09:06:08-05:00 2011-05-31 BLACKBURN CHILDERS & STEAGALL PLC 440 EAST SULLIVAN STREET KINGSPORT TN 37660 990 2010-06-01 581363100 KING COLLEGE INC KING 4236524718 1350 KING COLLEGE ROAD BRISTOL TN 37620 JAMES P DONAHUE 4236526002 2012-04-17 1 CHAD KISNER 4232461725 2012-04-10 2010 2016-02-24 21:20:13Z JAMES P DONAHUE 1350 KING COLLEGE ROAD BRISTOL TN 37620 35906064 0 X WWW.KING.EDU X 1867 TN OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER LEARNING. 30 30 678 50 18646 -18606 2349024 1753841 28689568 32512127 1570366 1621450 16774 18646 32625732 35906064 9914448 12566639 0 0 832610 858109 0 0 497066 20005903 22007040 30752961 35431788 1872771 474276 64687975 60031181 17148911 10315554 47539064 49715627 TO EDUCATE STUDENTS IN AN ACADEMICALLY RIGOROUS AND COLLEGEIATE SETTING THAT INTEGRATES CHRISTIAN FAITH, SCHOLARSHIP, SERVICE AND CAREER, LEADING TO MEANINGFUL LIVES OF ACHIEVEMENT AND CULTURAL TRANSFORMATION IN CHRIST. 0 0 29226203 12566639 32126318 OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER LEARNING. 29226203 1 1 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 1 66 0 1 678 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 0 X 30 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X LETTIE T JACKSON 4236524719 KING COLLEGE BUSINESS OFFICE 1350 BRISTOL TN 37620 WILLIAM G ADAMS 1.00 X X 0 0 0 LOIS A CLARKE 1.00 X X 0 0 0 DR JON HARR 1.00 X X 0 0 0 JAMES P DONAHUE 1.00 X X 0 0 0 WILLIAM C ARGABRITE 1.00 X 0 0 0 DR WILLIAM T BRYANT 1.00 X 0 0 0 E NEAL CALDWELL 1.00 X 0 0 0 DAVID L COFFEY 1.00 X 0 0 0 DAVID A FLANIGAN JR 1.00 X 0 0 0 BEN M FRIZZELL JR 1.00 X 0 0 0 ALBERT L GAYLE 1.00 X 0 0 0 FRANK D GLASSCOCK 1.00 X 0 0 0 JEFFERSON J GREGORY 1.00 X 0 0 0 ROBERT C HART 1.00 X 0 0 0 DR WILLIAM D HEIZER 1.00 X 0 0 0 THEODORE M HUTCHESON JR 1.00 X 0 0 0 SCOTT JACKSON 1.00 X 0 0 0 DR THOMAS LEWIS 1.00 X 0 0 0 DR J MILLER LISTON 1.00 X 0 0 0 ROBERT H MACLELLAN 1.00 X 0 0 0 ALDEN M MAIER 1.00 X 0 0 0 MARCIA PORTER 1.00 X 0 0 0 DR RICHARD A RAY 1.00 X 0 0 0 MARK D RYAN 1.00 X 0 0 0 KNOX H SHERER 1.00 X 0 0 0 JOHN F SHOULDERS JR 1.00 X 0 0 0 GERRY U STEPHENS 1.00 X 0 0 0 JUDY F STONE 1.00 X 0 0 0 FREDERICK B TAYLOR 1.00 X 0 0 0 JAMES F VAN DYKE 1.00 X 0 0 0 TARIQ ZAIDI 1.00 X 0 0 0 WALTER B LUMSDEN 1.00 X 0 0 0 HUGH O MACLELLAN JR 1.00 X 0 0 0 DR GREGORY D JORDAN 50.00 X 268481 0 15907 JAMES P DONAHUE 50.00 X 118244 0 18212 PAUL M PERCY 50.00 X 121128 0 18000 LEANN HUGHES 50.00 X 89197 0 16712 ROBERT A LITTLETON 50.00 X 83657 0 17712 MICAH CREWS 50.00 X 66328 0 17545 747035 0 104088 3 0 1 0 ARAMARK CORPORATION CAMPUS SVCS 1350 KING COLLEGE ROAD BRISTOL TN 37620 CAFETERIA VENDOR 1272589 ACS BENEFIT SERVICES 8025 NORTH POINT BOULEVARD SUITE 1 WINSTONSALEM NC 27106 EMPLOYEE BENEFITS ADMINISTRATOR 339709 FIRST AMERICAN EQUIPMENT FINANCE P O BOX 3202 CAROL STREAM IL 601323202 LEASING LAPTOPS 298584 MARKEL INSURANCE COMPANY 4600 COX ROAD GLEN ALLEN VA 23060 INSURANCE SERVICES-STUDENT 275135 EDUCATIONAL & INSTITUTIONAL INS ADMINIST 200 SOUTH WACKER DRIVE SUITE 1000 CHICAGO IL 60606 INSURANCE SERVICES-PROPERTY AND CASUALTY 203808 15 1753841 518531 1753841 TUITION AND FEES 611710 28648608 28648608 AUXILIARY ENTERPRISES 611710 3477710 3477710 OTHER INCOME 611710 385809 385809 32512127 1621450 1621450 18646 18646 18646 18646 35906064 32126318 18646 2007259 12566639 12566639 858109 332830 525279 1064992 774888 265822 24282 445963 445963 895935 895935 INSTRUCTION 8502182 8502182 STUDENT SERVICES 4654388 4654388 INSTITUTIONAL SUPPORT 3210757 3210757 AUXILIARY ENTERPRISES 1878320 1878320 LIBRARY 516956 516956 837547 364763 472784 35431788 29226203 5708519 497066 2039959 3557702 828653 1332307 1923128 1760845 122604 142594 126187 111065 37305831 18568777 19298618 18737054 23618485 26530913 16730341 7858701 64687975 60031181 1163333 1336648 197182 3449583 8900000 2926862 2931340 3961534 2597983 17148911 10315554 X 13941904 15280409 2881746 3401635 30715414 31033583 47539064 49715627 64687975 60031181 X 474276 1702287 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 26472467 213707 3781141 0 0 0 30467315 24122502 90739 2382941 -123715 0 0 26472467 30654515 167508 -6699521 0 0 0 24122502 0.00000 1.00000 0.00000 0 0 221575 221575 25087806 10002037 15085769 4491707 4121215 370492 7504743 4445525 3059218 18737054 INVESTMENT IN ARTWORK 4816081 F BENEFICIAL INTEREST IN CHARITABLE LEAD ANNUITY TRUST 1005552 F BENEFICIAL INTEREST IN CHARITABLE REMAINDER TRUST 1578518 F INVESTMENT IN REAL ESTATE 458550 F 7858701 OTHER LIABILITIES 418045 DEPOSITS HELD IN CUSTODY FOR OTHERS 418852 UNREDEEMED BONDS, COUPONS 31650 CAPITAL LEASE 114880 CHARITABLE GIFT ANNUITY OBLIGATIONS 7178 LIABILITY UNDER UNITRUST AGREEMENTS 569229 U.S. GOVERNMENT LOAN FUNDS REFUNDABLE 1038149 2597983 35906064 35431788 474276 2877562 -1357016 181741 1702287 2176563 26398728 2877562 181741 3059303 23339425 12566639 12566639 35906064 22865149 0 22865149 12566639 12566639 35431788 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: NOTE 18 - UNCERTAINTY IN INCOME TAXES THE COLLEGE FOLLOWS THE FASB ASC, WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF MAY 31, 2011, THE COLLEGE HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COLLEGE'S FINANCIAL STATEMENTS. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE FINANCIAL STATEMENTS. HOWEVER, NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEAR ENDED MAY 31, 2011. GENERALLY, THE TAX YEARS BEFORE 2008 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. FEDERALLY FUNDED FINANCIAL AID PROGRAMS ARE SUBJECT TO SPECIAL AUDIT. SUCH AUDITS COULD RESULT IN CLAIMS AGAINST THE RESOURCES OF THE COLLEGE. NO PROVISION HAS BEEN MADE FOR ANY LIABILITIES THAT MAY ARISE FROM SUCH AUDITS SINCE THE AMOUNTS, IF ANY, CANNOT BE DETERMINED AT THIS DATE. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGES IN INTEREST IN GIFT ANNUITIES-UNRESTRICTED 9,732. NET ADJUSTMENT IN UNITRUST ASSUMPTIONS-TEMPORARILY RESTRICTED 67,547. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS-PERMANENTLY RESTRICTED 7,553. GAIN (LOSS) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIE 96,909. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGES IN INTEREST IN GIFT ANNUITIES-UNRESTRICTED 9,732. NET ADJUSTMENT OF UNITRUST ASSUMPTIONS-TEMPORARILY RETRICTED 67,547. GAIN (LOSS) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES 96,909. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS-PERMANENTLY RESTRICTED 7,553. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,566,639. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,566,639. 1 1 1 1 1 1 1 0 0 0 1 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE POLICY IS STATED ON ALL OF KING COLLEGE'S PRINTED MATERIALS, BROCHURES, AND ONLINE. EXPLANATION OF RACIAL DISCRIMINATION SCHEDULE E, PART I, LINE 5 THERE IS ONE INSTITUTIONAL SCHOLARSHIP BASED ON RACE, WHICH IS THE MARTIN LUTHER KING SCHOLARSHIP, WHICH MUST BE AWARDED TO AN AFRICAN-AMERICAN. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 KING COLLEGE RECEIVES FINANCIAL ASSSITANCE FROM TWO GOVERNMENTAL AGENCIES - THE UNITED STATES DEPARTMENT OF EDUCATION AND THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. KING COLLEGE PARTICIPATES IN THE TITLE IV STUDENT FINANCIAL AID PROGRAMS. THE COLLEGE HAS RECEIVED A RESEARCH GRANT FROM THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. 1 CASH SCHOLARSHIPS FOR STUDENTS ATTENDING KING COLLEGE IN SULLIVAN COUNTY, TENNESSEE 1250 12566639 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 EXCESS SCHOLARSHIP FUNDS AS THE RESULT OF TITLE IV AID, THEN THESE FUNDS ARE AUTOMATICALLY DISBURSED TO THE STUDENT BY CHECK WITHIN 14 DAYS. IF THE EXCESS FUNDS ARE THE RESULT OF SOMETHING OTHER THAN TITLE IV AID, THE STUDENT MUST REQUEST A REFUND AND 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 0 1 X X X X 0 0 0 0 0 0 0 0 0 DR GREGORY D JORDAN 268481 0 0 0 0 0 3406 0 12501 0 284388 0 0 0 PART I, LINE 1A THE COLLEGE PAYS CLUB DUES AT THE COUNTRY CLUB OF BRISTOL AND THE OLDE FARM FOR GREGORY D. JORDAN, PRESIDENT OF THE COLLEGE. THE COLLEGE PAYS CLUB DUES AT THE COUNTRY CLUB OF BRISTOL FOR LEANN HUGHES, THE VICE-PRESIDENT FOR MARKETING/DEVELOPMENT. PART I, LINE 1B NO FORMAL POLICY EXISTS. HOWEVER, INVOICES ARE REQUIRED BEFORE PAYMENTS ARE MADE. N/A PART I, LINE 5 N/A PART I, LINE 6 N/A PART I, LINE 7 N/A PART I, LINE 8 N/A X 1 401000 OPINION OF EXPERT X 8 117231 AVG PRICE FOR DAY 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 LOIS A CLARKE, TRUSTEE, IS THE MOTHER OF FRANK D. GLASSCOCK, TRUSTEE. FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE COMMITTEE HAS THE AUTHORITY TO, AND WILL REVIEW AND APPROVE THE FORM 990 BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE CHIEF FINANCIAL OFFICER EVALUATES ALL CONTRACTS AND MAJOR TRANSACTIONS TO ENSURE POLICY IS FOLLOWED. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE OF THE BOARD OF TRUSTEES MEETS ANNUALLY TO DISCUSS AND EVALUATE THE PRESIDENT'S PERFORMANCE. THEY SET AN INCREASE IF THERE IS ONE. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE 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 GAINS ON INVESTMENTS: 2,877,562. PRIOR PERIOD ADJUSTMENTS: -1,357,016. CHANGES IN INTEREST IN GIFT ANNUITIES-UNRESTRICTED 9,732. NET ADJUSTMENT IN UNITRUST ASSUMPTIONS-TEMPORARILY RESTRICTED 67,547. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS-PERMANENTLY RESTRICTED 7,553. GAIN (LOSS) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIE 96,909. TOTAL TO FORM 990, PART XI, LINE 5: 1,702,287. OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT AUDITOR FORM 990, PART XII, LINE 2C THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT AND FOR THE SELECTION OF AN INDEPENDENT ACCOUNTANT, AND THIS HAS NOT CHANGED FROM THE PRIOR YEAR. THE ACADEMY AT KING 5825 OLD JONESBORO ROAD BRISTOL TN 37620 364645221 OPERATION OF PRIVATE HIGH SCHOOL TN 501(C)(3) LINE 2 N/A 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 THE ACADEMY AT KING D 1750000 NOTE PAYABLE LOAN GUARANTEE FOR THE ACADEMY AT KING PART V, LINE 1D THE COLLEGE CREATED THE ACADEMY AT KING (THE ACADEMY) DURING THE YEAR ENDED MAY 31, 2008. THE ACADEMY WAS SEPARATED FROM THE COLLEGE DURING THE YEAR ENDED MAY 31, 2010, AS THE COLLEGE NO LONGER WAS CONSIDERED TO HAVE CONTROLLING MEMBERSHIP IN THE BOARD OF THE ACADEMY. HOWEVER, THE COLLEGE IS LEASING LAND TO THE ACADEMY FOR $1 PER YEAR. THE ACADEMY HAS ISSUED DEBT TO CONSTRUCT A FACILITY ON THE LAND THAT IS LEASED FROM THE COLLEGE. THE COLLEGE IS ACTING AS A GUARANTOR OF THE ACADEMY'S DEBT. IF THE ACADEMY FAILS TO PAY THE DEBT, THE COLLEGE WILL ASSUME THE DEBT AND THE RELATED ASSET. SPECIFICALLY, THE ACADEMY HAS A NOTE FOR $1.75 MILLION, WHICH HAS SCHEDULED MATURITIES THROUGH MAY 31, 2014, WHICH THE COLLEGE IS GUARANTEEING.