2012-05-15T17:02:42-05:00 2011-06-30 CHERRY BEKAERT & HOLLAND LLP 1029 GREENE STREET AUGUSTA GA 30901 990 2010-07-01 237434499 PAINE COLLEGE PAIN 7068218217 1235 FIFTEENTH STREET AUGUSTA GA 30901 DR GEORGE C BRADLEY 7068218315 2012-05-15 1 ELIZABETH MORRISON 7067243557 2012-05-15 2010 2016-02-24 21:20:13Z DR GEORGE C BRADLEY 1235 15TH STREET AUGUSTA GA 30901 20837418 0 X WWW.PAINE.EDU X 1882 GA HIGHER EDUCATION AND EMPHASIZES ETHICAL AND SPIRITUAL VALUES 20 20 737 20 0 0 5275835 7456333 12778679 12948396 245800 195309 155387 237380 18455701 20837418 1454051 1441308 0 0 10537448 11122358 0 0 0 6477009 9011494 18468508 21575160 -12807 -737742 25767243 27620725 7236338 8439754 18530905 19180971 PAINE COLLEGE STRIVES TO PROVIDE A QUALITY LIBERAL ARTS EDUCATION THAT EMPHASIZES ETHICAL AND SPIRITUAL VALUES, SOCIAL RESPONSIBILITY AND PERSONAL DEVELOPMENT. 0 0 14273183 1441308 13185776 THE PURPOSE OF THE COLLEGE IS FOR THE HIGHER EDUCATION OF STUDENTS. 14273183 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 0 0 0 0 0 0 0 0 0 0 1 436 0 1 737 1 0 0 0 0 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 GA X X DR GEORGE BRADELY 7068218200 PAINE COLLEGE AUGUSTA GA 30901 REV CINDY H AUTRY 5.00 X 0 0 0 MR CLAYTON P BOARDMAN III 1.00 X 0 0 0 REV GARY DEAN 1.00 X 0 0 0 REV JAMES CASON 1.00 X 0 0 0 DR CARMICHAEL CRUTCHFIELD 1.00 X 0 0 0 DR EDDIE CHEEKS 1.00 X 0 0 0 DR VARNELL GAINES 1.00 X 0 0 0 REV DR PAUL GARDNER 1.00 X 0 0 0 MR WAYNE B KENDALL 1.00 X 0 0 0 BISHOP JAMES R KING JR 1.00 X 0 0 0 DR DAVID PETERSON 1.00 X 0 0 0 MRS HARRIET REID 1.00 X 0 0 0 DR LOUISE RICE 1.00 X 0 0 0 DR SILAS NORMAN JR 1.00 X 0 0 0 REV DUMAS SHELNUTT JR 1.00 X 0 0 0 MR FRED THOMPSON 1.00 X 0 0 0 BISHOP BENJAMIN M WATSON 1.00 X 0 0 0 ROBERT L BELL 1.00 X 0 0 0 REV WILLIAM G GRIFFIN 1.00 X 0 0 0 BISHOP MARSHALL GILMORE 1.00 X 0 0 0 DR ORA MCCONNER JONES 1.00 X 0 0 0 MARK CALLAWAY 1.00 X 0 0 0 MS JESSYE NORMAN 1.00 X 0 0 0 MS HELENE CARTER 40.00 X 63731 0 4313 DRGEORGE C BRADLEY 40.00 X X 161892 0 15691 MARSHALL-BRADLEY 40.00 X 80717 0 6169 DR TINA CARDENAS 40.00 X 73160 0 9176 MR LEROY SUMMERS 40.00 X 80584 0 2549 MR BRANDON BROWN 40.00 X 82531 0 3960 DR CHERYL EVANS JONES 40.00 X 83498 0 9413 BISHOP KENNETH W CARTER 1.00 X 0 0 0 MR STIRLING KNIGHT 1.00 X 0 0 0 DR PHILIP THOMAS 1.00 X 0 0 0 MS FRANCES WIMBERLEY 40.00 X 63019 0 4313 689132 0 55584 1 0 1 0 THOMPSON HOSPITALITY LLC 505 HUNTER PARK DRIVE HERNDON VA 20170 FOOD SERVICE COMPANY 2303885 R W ALLEN P O BOX 2406 AUGUSTA GA 30903 CONSTRUCTION 383400 ROBINSON GROUP CONSULTING INC 1604 DARIEN CLUB DR DARIEN IL 60561 CONSULTING 188686 MBS P O BOX 617 COLUMBIA MO 65205 SCHOOL SUPPLY 168553 PARAGON 3904 GOSHEN LANE N AUGUSTA GA 30906 COMPUTER 129914 6 4853545 2602788 7456333 STUDENT TUITION & FEES 611710 9805228 9805228 AUXILLIARY ENTERPRISES 611710 3143168 3143168 12948396 195309 195309 OTHER INCOME 611710 237380 237380 237380 20837418 13185776 0 195309 1441308 1441308 689132 689132 8572905 6742301 1830604 1860321 1355260 505061 37326 37326 86572 86572 87564 87564 489977 180409 309568 48704 15593 33111 675092 383732 291360 38110 28562 9548 2975446 1752426 1223020 773876 498646 275230 154844 141604 13240 161103 161103 604592 604592 517399 517399 AUXILLIARY ENTERPRISES 1073643 1073643 PROVISIONS FOR DOUBTFUL 789346 55107 734239 OTHER INSTITUTIONAL SUP 497900 497900 21575160 14273183 7301977 0 1195348 343347 2024504 1090693 2110324 2456809 8807 8807 22644 22644 31244993 17663150 11617240 13581843 6759130 7729691 1388748 1542365 640498 844526 25767243 27620725 1637292 2134513 1182672 1210874 3687506 3597799 728868 1496568 7236338 8439754 X 8252976 7756063 5391492 6478655 4886437 4946253 18530905 19180971 25767243 27620725 X -737742 1387808 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8269791 60516 1212760 402420 9140647 7977525 339244 546240 593218 8269791 9551999 306238 206186 1119522 967376 7977525 0.54120 0.45880 0 0 1863022 1863022 20199016 17663150 2535866 615754 615754 8047201 8047201 520000 520000 13581843 SHORT-TERM INVESTMENTS 1542365 F 1542365 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOAN 728868 CAPITAL LEASE PAYABLE 767700 1496568 20837418 21575160 -737742 1387808 1387808 650066 22137662 1387808 1387808 20749854 87564 87564 20837418 21487596 0 21487596 87564 87564 21575160 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: TEMPORARILY RESTRICTED - NET ASSETS RESULTING FROM CONTRIBUTIONS RESTRICTED BY OUTSIDE SOURCES ARE REPORTED AS TEMPORARILY RESTRICTED AND ARE DISTINGUISHED FROM UNRESTRICTED NET ASSETS ALLOCATED TO SPECIFIC PURPOSE BY ACTION OF THE GOVERNING BOARD. EXTERNALLY RESTRICTED NET ASSETS MAY ONLY BE UTILIZED IN ACCORDANCE WITH THE PURPOSES ESTABLISHED BY THE SOURCE OF NET ASSETS AND ARE IN CONTRAST WITH UNRESTRICTED NET ASSETS OVER WHICH THE GOVERNING BOARD RETAINS FULL CONTROL FOR USE IN ACHIEVING ANY OF ITS INSTITUTIONAL PURPOSES. HOWEVER, IF A RESTRICTION IS FULFILLED IN THE SAME TIME PERIOD IN WHICH THE CONTRIBUTION IS RECEIVED, THE COLLEGE REPORTS THE SUPPORT AS UNRESTRICTED. PERMANENTLY RESTRICTED - NET ASSETS ARISING FROM CONTRIBUTIONS, WHICH ARE REQUIRED TO BE INVESTED AND MAINTAINED IN PERPETUITY, ARE CLASSIFIED AS PERMANENTLY RESTRICTED. NET INVESTMENT INCOME ON ASSETS PLEDGED FOR PERMANENTLY RESTRICTED NET ASSETS IS CLASSIFIED AS RESTRICTED EARNINGS OR GAINS, BASED ON RESTRICTIONS PLACED ON THE USE OF THE NET APPRECIATION BY THE DONOR. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE HAS EVALUATED THE EFFECT OF GAAP GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES THAT BECAME EFFECTIVE THIS YEAR. THE COLLEGE IS TAX EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT BELIEVES THAT THE COLLEGE CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AND THEREFORE HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2011 . PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT EXPENSE REPORTED UNDER FUNCTIONAL EXPENSES 87,564. PART XIII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT EXPENSE REPORTED UNDER FUNCTIONAL EXPENSES 87,564. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE ADMINISTERS THE FEDERAL PERKINS LOAN PROGRAM TO PROVIDE FINANCIAL AID TO STUDENTS. 1 INSTITUTIONAL SCHOLARSHIP 57 287987 BOOK INSTITUTIONAL SCHOLARSHIP AND GRANTS 257 1153321 BOOK PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE ADMISSIONS OFFICE MAKES THE DETERMINATION FOR THE INSTITUTIONAL (SCHOLASTIC - ACADEMIC, CSRA, PRESIDENTIAL, TRANSFER) SCHOLARSHIPS. THE CRITERIA IS BASED ON HIGH SCHOOL GRADE POINT AVERAGE, ACT OR SAT SCORES, AND COLLEGE GPA AND EARNED HOURS. ONCE ADMISSIONS DETERMINES ELIGIBILITY, AWARDS ARE DISTRIBUTED BY THE FINANCIAL AID OFFICE. 0 0 0 0 0 0 0 0 0 DRGEORGE C BRADLEY 161892 0 0 0 0 0 9725 0 5966 0 177583 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WAS PRESENTED TO THE FINANCE COMMITTEE FOR THEIR APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C IT IS THE POLICY OF PAINE COLLEGE TO PROHIBIT ITS EMPLOYEES FROM ENGAGING IN ANY ACTIVITY, PRACTICE, OR ACT WHICH CONFLICTS WITH, OR APPEARS TO CONFLICT WITH, THE INTEREST OF THE COLLEGE, ITS DONORS OR ITS CUSTOMER ORGANIZATIONS. EMPLOYEES HAVE AN OBLIGATION TO AVOID CONFLICT OF INTEREST AND THE APPEARANCE OF CONFLICT OF INTEREST AND TO REFER QUESTIONS OR CONCERNS ABOUT POTENTIAL CONFLICTS OF INTEREST TO THEIR SUPERVISOR. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE DIRECTORS' COMPENSATION SHALL BE REVIEWED AND SET ANNUALLY BY THE EXECUTIVE COMMITTEE AFTER THE EXECUTIVE SESSION. FORM 990, PART VI, SECTION C, LINE 18 PAINE COLLEGE'S 990 IS POSTED ON THE ANOTHER'S WEBSITE. FORMS 1023 AND 990 ARE ALSO AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 PAINE COLLEGE'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 1,387,808. FINANCE COMMITTEE FORM 990, PART XI, 2A AND 2C PAINE COLLEGE'S FINANCE COMMITTEE CONSTITUTES A STANDING COMMITTEE OF THE BOARD AND RECOMMENDS, FOR APPROVAL OF THE BOARD, AN ACCOUNTANT OR FIRM OF ACCOUNTANTS, TO REVIEW THE FINANCIAL OPERATIONS OF THE ORGANIZATION. SINGLE AUDIT ACT AND OMB CIRCULAR A-133 FORM 990, PART XI, PAGE 11 THE ORGANIZATION HAS DESIGNED AND IMPLEMENTED INTERNAL CONTROLS OVER COMPLIANCE WITH GRANT REQUIREMENTS. THE ORGANIZATION IS ALSO SUBJECT TO AN ANNUAL OMB CIRCULAR A-133 AUDIT, WHICH TESTS THE ORGANIZATION'S INTERNAL CONTROLS OVER COMPLIANCE FOR FEDERAL GRANT COMPLIANCE REQUIREMENTS. FORM 8899 AND 1098-C FORM 990, PART V, 7G, & 7H THE ORGANIZTION DID NOT RECEIVE CONTRIBUTIONS OF QUALIFIED INTELLECTUAL PROPERTY AND WAS THEREFORE NOT REQUIRED TO FILE FORM 8899. THE ORGANIZTION DID NOT RECEIVE CONTRIBUTIONS OF CARS AND WAS THEREFORE NOT REQUIRED TO FILE FORM 1098-C. THE ORGANIZATION DID NOT HAVE ANY REPORTABLE GAMING (GAMBLING) WINNINGS TO PRIZE WINNERS AND THEREFORE THE BACKUP WITHOLDING RULES DID NOT APPLY. RENTENTION OF RECORDS FORM 990, PART VI, SECTION B, LINE 14 ALL RECORDS MUST BE RETAINED FOR THE LENGTH OF TIME SPECIFIED BY THE FEDERAL OFFICE OF MANAGEMENT & BUDGET. IF ANY LITIGATION WERE INITIATED PRIOR TO THE SIX-YEAR LIMITATION, RECORDS MUST BE KEPT UNTIL THE RESOLUTION OF ALL ISSUES ARISING FROM THESE ACTIONS.