2012-03-01T10:10:09-06:00 2011-06-30 NICHOLS CAULEY & ASSOCIATES LLC 400 CORDER ROAD WARNER ROBINS GA 310887166 990 2010-07-01 237356941 MIDDLE GEORGIA COLLEGE FOUNDATION INC C/O CHARLES PARKER CHAIRMAN MIDD 4789343012 1100 SECOND STREET SE COCHRAN GA 31014 LARRY SUMNER CPA 4789346333 2012-01-13 1 LENN L HALL 4789293888 2012-01-13 2010 2016-02-24 21:20:13Z CHARLES PARKER 1100 2ND STREET SE COCHRAN GA 31014 3790757 0 X WWW.MGC.EDU/FOUNDATION X 1973 GA PROVIDE SCHOLARSHIPS, ETC. TO MIDDLE GA COLLEGE 29 23 0 50 0 0 390435 141966 277575 251492 7776942 3394387 2912 2912 8447864 3790757 134172 129176 0 0 0 0 33600 10200 10200 3276958 3356496 3444730 3495872 5003134 294885 76635625 76853469 64780750 66185377 11854875 10668092 MIDDLE GEORGIA COLLEGE FOUNDATION, INC. OPERATES TO SUPPORT MIDDLE GEORGIA COLLEGE BY PROVIDING SCHOLARSHIP FUNDS, SUPPORT FOR ATHLETIC AND OTHER SCHOOL PROGRAMS AND PROVISION OF STUDENT RESIDENCE HALLS. 0 0 231126 129176 AWARDING SCHOLARSHIPS AND PROVIDING SUPPORT FOR SCHOOL ACTIVITIES AT MIDDLE GEORGIA COLLEGE. 3190412 251492 PROVIDE STUDENT HOUSING FOR STUDENTS AT MIDDLE GEORGIA COLLEGE IN RESIDENCE HALLS CONSTRUCTED WITH PROCEEDS FROM THE SALE OF TAX-EXEMPT BONDS ISSUED FOR THAT SPECIFIC PURPOSE. 3421538 1 1 0 0 0 0 0 0 0 1 1 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 2 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 X 29 23 1 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 GA X MRS LYNN HOBBS 4789343012 1100 SECOND STREET SE COCHRAN GA 31014 DR RICHARD ANDERSON 0.30 X 0 0 0 MS JENNIFER BARFIELD 0.30 X 0 0 0 MRS WANDA BARRS 0.30 X 0 0 0 MR JERRY BLAND 0.30 X 0 0 0 MR ALAN CURTIS 0.30 X 0 0 0 MR FRANK ERWIN 0.50 X 0 0 0 MR JOE FISHER 0.30 X 0 0 0 MR BRAD FRANKLIN 0.30 X 0 0 0 MS NYLAN HINSON 0.50 X 0 0 0 MS LYNN HOBBS 0.30 X 0 0 0 MR MANSFIELD JENNINGS 0.30 X 0 0 0 MR JODY LYLES 0.30 X 0 0 0 MR JOHN P MCELVEEN 0.30 X 0 0 0 MS LAURA MEADOWS 0.30 X 0 0 0 MR MICHAEL J PARKERSON 0.30 X 0 0 0 MR JOHN PHILLIPS 0.50 X 0 0 0 MR LEO PHILLIPS 0.30 X 0 0 0 MR MIKE PRUETT 0.30 X 0 0 0 MR GLENN SAWYER 0.30 X 0 0 0 MR MARTY SMITH 0.30 X 0 0 0 MS MAXINE SMITH 0.30 X 0 0 0 MR W MICHAEL STOY 0.30 X 0 177747 27532 MR ERNIE TRIPP 0.30 X 0 0 0 MS MARY ELLEN WILSON 0.30 X 0 0 0 MR JAMES WRIGHT 0.30 X 0 0 0 MR CHARLES PARKER SR 2.00 X X 0 0 0 MR CASEY PAULK 1.00 X X 0 0 0 MR LARRY SUMNER 2.00 X X 0 0 0 MR M A BUTCH HALL 1.00 X X 0 0 0 MR CARY MARTIN 0.10 X 0 0 0 MR GLENN SAWYER 0.10 X 0 0 0 MR CHARLES PARKER SR 0.30 X X 0 0 0 MR W MICHAEL STOY 0.30 X X 0 0 0 MRS LYNN HOBBS 1.00 X X 0 0 0 MR JOHN PHILLIPS 0.10 X X 0 0 0 MR M A BUTCH HALL 0.10 X X 0 0 0 MR CARY MARTIN 0.10 X 0 0 0 MR GLENN SAWYER 0.10 X 0 0 0 MR CHARLES PARKER SR 1.50 X X 0 0 0 MR W MICHAEL STOY 0.30 X X 0 0 0 MRS LYNN HOBBS 3.00 X X 0 0 0 MR JOHN PHILLIPS 0.10 X X 0 0 0 MR M A BUTCH HALL 0.10 X X 0 0 0 0 177747 27532 0 0 1 0 0 141966 5573 141966 RENTAL INCOME-STUDENT 531110 251492 251492 251492 3394387 3394387 BOND AMORTIZATION PREM 900099 2912 2912 2912 3790757 251492 0 3397299 129176 129176 26754 26754 30417 30417 10200 10200 888 888 3104826 3104826 101950 101950 AMORTIZATION OF BOND IS 65948 65948 MANAGEMENT FEES 12638 12638 BOND TRUSTEE FEES 7000 7000 INSURANCE 6075 6075 3495872 3421538 64134 10200 209581 209506 1057452 771611 836832 356825 581957 480007 142726 448405 10242129 10686660 62675302 62596326 1726478 1660954 76635625 76853469 1630750 3115377 63150000 63070000 64780750 66185377 X 10486936 9273388 509156 491816 858783 902888 11854875 10668092 76635625 76853469 X 294885 -1481668 X X 0 1 0 X 0 X 153936 119679 342381 390435 141966 1148397 153936 119679 342381 390435 141966 1148397 1148397 312367 211586 347143 299834 269799 1440729 -548157 1217414 1639090 3021709 3127500 8457556 11046682 887117 0.10400 0.14240 X THE FOUNDATION MEETS THE "FACTS AND CIRCUMSTANCES" TEST TO QUALIFY AS A PUBLICLY SUPPORTED ORGANIZATION FOR 2010 AS EXPLAINED BELOW. THE FOUNDATION'S GOVERNING BODY REPRESENTS THE BROAD INTERESTS OF THE PUBLIC AND PROVIDES FACILITIES DIRECTLY FOR THE BENEFIT OF THE GENERAL PUBLIC ON A CONTINUING BASIS. MORE SPECIFICALLY, THE FOUNDATION AND ITS GOVERNING BODY PROMOTES IN VARIOUS WAYS THE CAUSE OF HIGHER EDUCATION, EXPANDS EDUCATIONAL OPPORTUNITIES, SUPPORTS ATHLETIC PROGRAMS, AND ACQUIRES AND ADMINISTERS FUNDS TO BE USED TO AWARD SCHOLARSHIPS AND CREATE ENDOWMENTS FOR THE BENEFIT OF STUDENTS AND FACULTY OF MIDDLE GEORGIA COLLEGE IN COCHRAN, GA. ALSO, THROUGH TWO WHOLLY-OWNED SUBSIDIARIES, THE FOUNDATION HAS CONSTRUCTED SIX RESIDENCE HALLS WHICH ARE LEASED BY THE UNIVERSITY SYSTEM OF GEORGIA FOR THE BENEFIT OF THE STUDENTS OF MIDDLE GEORGIA COLLEGE. SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: PART II, SECTION B, LINE 10, OTHER INCOME: INTEREST INCOME FROM SALES-TYPE CAPITAL LEASE $3,124,588 BOND AMORTIZATION PREMIUM $2,912 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 876554 54636 15387 8100 938477 788416 82157 17106 11125 876554 869484 51597 -59840 63170 9655 788416 0.96210 0.03790 0 0 16332 16332 820500 356825 463675 480007 INVESTMENTS DESIGNATED FOR CONSTRUCTION & DEBT SERVICE 10686660 F 10686660 NET INVESTMENT IN SALES-TYPE CAPITAL LEASE 62596326 C 62596326 3790757 3495872 294885 5449 -1487117 -1481668 -1186783 3793916 5449 5449 3788467 2290 2290 3790757 4980699 1484827 1484827 3495872 0 3495872 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE FOLLOWING FOOTNOTE IS INCLUDED IN THE NOTES TO THE FOUNDATION'S AUDITED FINANCIAL STATEMENTS REGARDING THE FOUNDATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS UNDER FIN 48 (ASC 740): MIDDLE GEORGIA COLLEGE FOUNDATION, INC. IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND DOES NOT CONDUCT UNRELATED BUSINESS ACTIVITIES. THEREFORE, THE FOUNDATION HAS MADE NO PROVISION FOR FEDERAL INCOME TAXES IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. IN ADDITION, THE FOUNDATION HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE NOT TO BE A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) OF THE INTERNAL REVENUE CODE. THE FOUNDATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 8 - OTHER ADJUSTMENTS: ADJUSTMENT TO REVENUE & EXPS TO CONVERT GAAP FINANCIAL STMTS TO CASH BASIS -1,487,117. PART XII, LINE 4B - OTHER ADJUSTMENTS: ADJUSTMENT TO REVENUE TO CONVERT GAAP FINANCIAL STMTS TO CASH BASIS FORM 990 2,290. PART XIII, LINE 2D - OTHER ADJUSTMENTS: ADJUSTMENT TO EXPS TO CONVERT GAAP FINANCIAL STMTS TO CASH BASIS FORM 990 1,484,827. 1 SCHOLARSHIPS AWARDED TO STUDENTS AT MIDDLE GEORGIA COLLEGE 156 75579 BOOK (SAME AS FMV) N/A ATHLETIC PROGRAM SCHOLARSHIPS TO STUDENTS AT MIDDLE GEORGIA COLLEGE 6 12650 BOOK (SAME AS FMV) N/A SUPPORT PROVIDED FOR VARIOUS ATHLETIC PROGRAMS AT MIDDLE GEORGIA COLLEGE; STUDENTS IN GENERAL BENEFITED WITH NO SPECIFIC RECIPIENTS. 15986 BOOK (SAME AS FMV) N/A SUPPORT PROVIDED FOR ALUMNI AND OTHER STUDENT ACTIVITIES AT MIDDLE GEORGIA COLLEGE 550 24961 BOOK (SAME AS FMV) N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: SCHOLARSHIP AWARDS - THE VICE PRESIDENT FOR FISCAL AFFAIRS PROVIDES THE SCHOLARSHIP COMMITTEE WITH A LIST OF SCHOLARSHIPS AVAILABLE AND THE AMOUNT AVAILABLE FOR AWARD IN JANUARY OF EACH YEAR BASED UPON THE DECEMBER MONTH END BALANCES. THE DIRECTOR OF ADVANCEMENT MAINTAINS A SCHOLARSHIP INFORMATION DOCUMENT WHICH LISTS EACH SCHOLARSHIP AND THE ELIGIBILITY REQUIREMENTS FOR EACH AWARD. THE DIRECTOR OF ADVANCEMENT SERVES AS A PRIMARY CONTACT FOR THE SCHOLARSHIP COMMITTEE. STUDENTS COMPLETE A SCHOLARSHIP APPLICATION FOR CONSIDERATION FOR SCHOLARSHIPS. THE SCHOLARSHIP COMMITTEE REVIEWS THE APPLICATIONS IN LIGHT OF THE ELIGIBILITY REQUIREMENTS OF THE AWARDS AND DETERMINES THE RECIPIENTS OF THE SCHOLARSHIPS. A SCHOLARSHIP AWARD FORM IS COMPLETED AND APPROVED BY THE SCHOLARSHIP COMMITTEE. THE VICE PRESIDENT OF FISCAL AFFAIRS APPROVES THE AWARD FORM AFTER VERIFYING THAT THE TOTAL DOLLAR AMOUNT IS AVAILABLE. THE FINANCIAL AID OFFICE REVIEWS THE FORM AND MAKES THE AWARD ON THE STUDENTS' ACCOUNT. 0 0 0 0 0 0 0 0 0 MR W MICHAEL STOY 0 177747 0 0 0 0 0 18418 0 9114 0 205279 0 0 BLECKLEY-COCHRAN DEVELOPMENT AUTHORITY 030574334 09348PBC9 2005-11-29 26899298 CONSTRUCTION OF STUDENT HOUSING FOR STUDENTS OF MIDDLE GEORGIA COLLEGE 0 0 0 JOINT DEVELOPMENT AUTHORITY OF BLECKLEY COUNTY AND DODGE COUNTY 261894499 09349AAJ7 2008-02-20 35665315 CONSTRUCTION OF STUDENT HOUSING FOR STUDENTS OF MIDDLE GEORGIA COLLEGE 0 0 0 80000 26899298 2265731 2652474 531305 219929 21229859 2007 0 0 1 1 35665315 3264761 2999661 668014 27232879 1500000 2009 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 MR. JOHN PHILLIPS AND MR. LEO PHILLIPS ARE BROTHERS WHO ARE BOTH FOUNDATION TRUSTEES. MR. FRANK ERWIN IS THE SON-IN-LAW OF MR. MIKE PRUETT AND BOTH ARE FOUNDATION TRUSTEES. MR. CASEY PAULK IS THE SON-IN-LAW OF MR. JAMES WRIGHT AND BOTH ARE FOUNDATION TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY NICHOLS, CAULEY AND ASSOCIATES, LLC, CERTIFIED PUBLIC ACCOUNTANTS, AND FORWARDED FOR REVIEW TO LYNN HOBBS WHO MAINTAINS THE FINANCIAL RECORDS FOR THE FOUNDATION. A COPY OF THE 990 IS MAILED OR EMAILED TO EACH MEMBER OF THE EXECUTIVE COMMITTEE FOR REVIEW PRIOR TO FILING THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE FOLLOWING PROCEDURES ARE USED BY THE FOUNDATION TO REGULARLY AND CONSISTENTLY MONITOR AND ENFORCE ITS CONFLICT OF INTEREST POLICY: 1. EACH NEW RESPONSIBLE PERSON (ANY OFFICER, EMPLOYEE, OR MEMBER OF THE BOARD OF DIRECTORS) SHALL BE REQUIRED TO REVIEW A COPY OF THE POLICY AND TO ACKNOWLEDGE IN WRITING THAT HE OR SHE HAS DONE SO. 2. EACH RESPONSIBLE PERSON SHALL ANNUALLY COMPLETE A DISCLOSURE FORM IDENTIFYING ANY RELATIONSHIPS, POSITIONS, OR CIRCUMSTANCES IN WHICH THE RESPONSIBLE PERSON IS INVOLVED THAT HE OR SHE BELIEVES COULD CONTRIBUTE TO A CONFLICT OF INTEREST ARISING. SUCH RELATIONSHIPS, POSITIONS, OR CIRCUMSTANCES MIGHT INCLUDE SERVICE AS A DIRECTOR OF OR CONSULTANT TO A NOT-FOR-PROFIT ORGANIZATION, OR OWNERSHIP OF A BUSINESS THAT MIGHT PROVIDE GOODS OR SERVICES TO THE MIDDLE GEORGIA COLLEGE FOUNDATION, INC. ANY SUCH INFORMATION REGARDING BUSINESS INTERESTS OF A RESPONSIBLE PERSON OR A FAMILY MEMBER SHALL BE TREATED AS CONFIDENTIAL AND SHALL GENERALLY BE MADE AVAILABLE ONLY TO THE CHAIR, THE EXECUTIVE DIRECTOR, AND ANY COMMITTEE APPOINTED TO ADDRESS CONFLICTS OF INTEREST, EXCEPT TO THE EXTENT ADDITIONAL DISCLOSURE IS NECESSARY IN CONNECTION WITH THE IMPLEMENTATION OF THIS POLICY. 3. THIS POLICY SHALL BE REVIEWED ANNUALLY BY EACH MEMBER OF THE BOARD OF DIRECTORS. ANY CHANGES TO THE POLICY SHALL BE COMMUNICATED IMMEDIATELY TO ALL RESPONSIBLE PERSONS. NO COMPENSATION WAS PAID BY THE ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC FORM 990, PART VII DR. RICHARD ANDERSON - P. O. BOX 494, COCHRAN, GA 31014. MS. JENNIFER BARFIELD - 116 RIDGEWAY DRIVE, FORT VALLEY, GA 31030. MRS. WANDA BARRS - 465 RUTH CHURCH ROAD, COCHRAN, GA 31014. MR. JERRY BLAND - 132 BRACEWELL ROAD, HELENA, GA 31037. MR. ALAN CURTIS - 375 LIMESTONE ROAD, COCHRAN, GA 31014. MR. FRANK ERWIN - 1769 DUBLIN HIGHWAY, EASTMAN, GA 31023. MR. JOE FISHER - 100 SW DYKES STREET, COCHRAN, GA 31014. MR. BRAD FRANKLIN - 3605 CANTERBURY ROAD, TRENT WOODS, NC 28562. MS. NYLAN HINSON - 801 MIDDLE GROUND CHURCH RD, EASTMAN, GA 31023. MR. MANSFIELD JENNINGS - P. O. BOX 1298, HAWKINSVILLE, GA 31036. MR. JODY LYLES - P. O. BOX 49, COCHRAN, GA 31014. MS. LYNN HOBBS - 268 SAM BUTLER RD, COCHRAN, GA 31014. MS. LAURA MEADOWS - 1899 ANJACO ROAD, NW, ATLANTA, GA 30309. MR. MICHAEL J. PARKERSON - 1095 BLUE RIDGE AVE, APT 1, ATLANTA, GA 30306. MR. JOHN PHILLIPS - P. O. BOX 192, COCHRAN, GA 31014. MR. LEO PHILLIPS - P. O. BOX 192, COCHRAN, GA 31014. MR. MIKE PRUETT - 1000 EVERGREEN CIRCLE, EASTMAN, GA 31023. MR. GLENN SAWYER - 146 E. DYKES STREET, COCHRAN, GA 31014. MR. MARTY SMITH - 3445 HWY 80 W, DUDLEY, GA 31022. MS. MAXINE SMITH - 104 ARMSTRONG STREET, ST SIMONS ISLAND, GA 31522. MR. JAMES WRIGHT - 345 WESTSIDE RD, COCHRAN, GA 31014. MR. ERNIE TRIPP - 1519 EASTMAN HWY, COCHRAN, GA 31014. MR. CHARLES PARKER, SR. - 106 SURREY PLACE, PERRY, GA 31069. MR. CASEY PAULK - 1088 COLEY STATION RD, COCHRAN, GA 31014. MR. LARRY SUMNER - P. O. BOX 535, COCHRAN, GA 31014. MR M. A. (BUTCH) HALL - 150 IDLEWOOD CIRCLE, HAWKINSVILLE, GA 31036. MR. CARY MARTIN - 1601 WATSON BLVD, WARNER ROBINS, GA 31093. MR. W. MICHAEL STOY - 154 WHIPPOORWILL LANDING, COCHRAN, GA 31014. MR. JOHN P. MCELVEEN - 108 WEST PETER ST., COCHRAN, GA 31014. MS. MARY ELLEN WILSON - 1711 RODDY HWY, COCHRAN, GA 31014. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 5,449. ADJUSTMENT TO REVENUE & EXPS TO CONVERT GAAP FINANCIAL STMTS TO CASH BASIS -1,487,117. TOTAL TO FORM 990, PART XI, LINE 5: -1,481,668. OVERSIGHT OF AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT FORM 990, PART XI, LINE 2C THE FOUNDATION HAS NO FORMAL COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT. HOWEVER, LYNN HOBBS IS THE PRIMARY PERSON RESPONSIBLE FOR PROVIDING INFORMATION TO THE AUDITORS. SCHEDULE K, PART II, LINE 5, COLUMN A: ISSUANCE COSTS FROM PROCEEDS INCLUDE BOND ISSUANCE COSTS OF $531,305 AND CREDIT ENHANCEMENT COSTS OF $219,929. MGC REAL ESTATE FOUNDATION LLC 1100 SECOND STREET SE COCHRAN GA 31014 203650644 CONSTRUCTION OF STUDENT HOUSING FACILITIES GA 1505689 30380374 N/A MGC REAL ESTATE FOUNDATION II LLC 1100 SECOND STREET SE COCHRAN GA 31014 261742855 CONSTRUCTION OF STUDENT HOUSING FACILITIES GA 2118166 44583020 N/A MIDDLE GEORGIA COLLEGE 1100 SECOND STREET SE COCHRAN GA 31014 586002057 FOUNDATION OPERATES IN CONNECTION WITH & FOR BENEFIT OF MIDDLE GA COLLEGE GA IRC SECTION 501(A) 501(C)(3) N/A 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 MIDDLE GEORGIA COLLEGE B 49472 CASH PAID MIDDLE GEORGIA COLLEGE I 3124588 CASH RECEIVED