2012-05-15T08:04:47-05:00 2011-06-30 DEAN DORTON ALLEN FORD PLLC 106 W VINE STREET SUITE 600 LEXINGTON KY 40507 990 2010-07-01 610444708 MIDWAY COLLEGE MIDW 8598465701 512 EAST STEPHENS STREET MIDWAY KY 40347 DR ROBERT VOGEL 8598465701 2012-05-14 1 LEIGH MCKEE 8592552341 2010 2016-02-24 21:20:13Z DR ROBERT VOGEL 512 EAST STEPHENS STREET MIDWAY KY 40347 26093011 0 X WWW.MIDWAY.EDU X 1865 KY KENTUCKY'S ONLY COLLEGE FOR WOMEN AND A FORERUNNER IN COEDUCATIONAL ADULT ACCELERATED LEARNING. 28 28 638 78 85794 -35955 4425514 3682842 17863158 20602257 560260 1066888 523378 708739 23372310 26060726 2712334 2667741 0 0 9858159 11197352 25008 20840 286797 7136778 10531860 19732279 24417793 3640031 1642933 47917422 54929924 15220610 18033439 32696812 36896485 X MIDWAY COLLEGE IS A FULLY-ACCREDITED LIBERAL ARTS INSTITUTION OF HIGHER EDUCATION LOCATED IN MIDWAY, KENTUCKY. MIDWAY OFFERS TWO UNIQUE ACADEMIC OPPORTUNITIES: THE TRADITIONAL WOMEN'S DAY COLLEGE, AND THE SCHOOL FOR CAREER DEVELOPMENT. MIDWAY'S TRADITIONAL WOMEN'S DAY COLLEGE, KENTUCKY'S ONLY COLLEGE FOR WOMEN, PROVIDES A LIVING, LEARNING ENVIRONMENT THAT ENABLES STUDENTS TO ASSUME ROLES OF RESPONSIBILITY AND LEADERSHIP AS CONTEMPORARY WOMEN. THE COLLEGE ASSISTS EACH STUDENT IN THE DEVELOPMENT OF PERSONAL INTEGRATION AND SELF SUFFICIENCY THROUGH A STRONG LIBERAL ARTS EDUCATION AND THROUGH CAREER STUDIES, BOTH AT THE ASSOCIATE AND BACCALAUREATE DEGREE LEVELS. MIDWAY'S SCHOOL FOR CAREER DEVELOPMENT ASSISTS BOTH WOMEN AND MEN WHO ARE EMPLOYED AND OF NON-TRADITIONAL COLLEGE AGE TO EARN UNDERGRADUATE AND GRADUATE DEGREES THROUGH AN ACCELERATED EVENING PROGRAM. 0 0 13691093 19396136 THE COLLEGE ASSISTS EACH STUDENT TO DEVELOP A MEASURE OF PERSONAL INTEGRATION AND SELF-SUFFICIENCY THROUGH A STRONG LIBERAL ARTS EDUCATION AND THROUGH CAREER STUDIES BOTH AT THE ASSOCIATE AND BACCALAUREATE DEGREE LEVELS. THE COLLEGE PROVIDES A WOMEN'S DAY COLLEGE, AND A CO-EDUCATIONAL ACCELERATED DEGREE-COMPLETION PROGRAM FOR NONTRADITIONAL STUDENTS AT EXTENSION SITES AND ON CAMPUS. 1108902 THE COLLEGE PROVIDES ACADEMIC SUPPORT TO STUDENTS IN THE FORM OF ACADEMIC ADVISORS, ACADEMIC COUNSELING, AND LIBRARY AND COMPUTER SERVICES. THE COLLEGES 13 - 1 STUDENT-FACULTY RATIO ENSURES EASY ACCESS TO AND DEVELOPMENT OF GOOD RELATIONSHIPS WITH FACULTY. 3049206 THE COLLEGE PROVIDES STUDENTS WITH A NUMBER OF OPPORTUNITIES TO BECOME INVOLVED IN SOCIAL, RECREATIONAL, EDUCATIONAL AND CULTURAL ACTIVITIES. ANNUAL EVENTS INCLUDE HANGING OF THE GREENS AND GRADUATION FESTIVITIES. CHORALE CONCERTS AND OTHER FINE ARTS PROGRAMS ADD A CULTURAL DIMENSION TO CAMPUS LIFE. THESE PROGRAMS PROVIDE STUDENTS THE OPPORTUNITY TO SUPPLEMENT ACADEMIC LEARNING, SHARPEN LEADERSHIP SKILLS AND ACTIVELY PARTICIPATE IN THE PROCESS OF PLANNING AND ORGANIZING PROGRAMS AND EVENTS. 2360807 357181 THE COLLEGE PROVIDES AUXILIARY SERVICES FOR STUDENTS AND FACULTY. THESE SERVICES INCLUDE FOOD SERVICES, RESIDENCE HALL ACTIVITIES, AND LEADERSHIP PROGRAMS. 2360807 357181 20210008 1 1 0 1 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 107 0 1 638 1 1 1 0 0 0 0 0 0 0 0 0 X 28 28 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 KY X LYEN C CREWS II 8598465701 512 EAST STEPHENS STREET MIDWAY KY 403471112 MIRA S BALL 1.00 X 0 0 0 JUDITH B ALEXANDER 1.00 X 0 0 0 DR KAREN W BEARDEN 1.00 X 0 0 0 ANNE E BOLTON 1.00 X 0 0 0 GEORGE F DUTHIE 1.00 X 0 0 0 EMILY T GABLE 1.00 X 0 0 0 JOE A GRAVISS 1.00 X 0 0 0 LINDA L GREEN 1.00 X 0 0 0 DONNA S HALL 1.00 X 0 0 0 CHARLES R HEMBREE 1.00 X 0 0 0 JANET L HUNTER 1.00 X 0 0 0 MALCOLM W JENNINGS 1.00 X 0 0 0 ELIZABETH L JONES 1.00 X 0 0 0 DENISE MCCLELLAND 1.00 X 0 0 0 DONNA R MOORE 1.00 X 0 0 0 JAMES J O'BRIEN 1.00 X 0 0 0 JULIANNE W PERRY 1.00 X 0 0 0 DR JAMES P ROACH 1.00 X 0 0 0 GEORGIA H RODES 1.00 X 0 0 0 FON ROGERS II 1.00 X 0 0 0 LARRY B TAYLOR 1.00 X 0 0 0 DAVID E SCHEURICH 1.00 X 0 0 0 DAN D STEWART JR 1.00 X 0 0 0 LYLE F WOLF 1.00 X 0 0 0 DR CBAKINS SR 1.00 X 0 0 0 NANCY MILLENSIFER 1.00 X 0 0 0 ANITA M BRITTON 1.00 X 0 0 0 SUSAN M WALDEN 1.00 X 0 0 0 DR WILLIAM DRAKE 40.00 X 227838 0 169758 DR SARAH LAWS 40.00 X 204566 0 25711 LYEN CREWS II 40.00 X 127369 0 21277 WILLIAM G BROWN 40.00 X 104183 0 19011 JAMES WOMBLES 40.00 X 129813 0 17389 JUDITH MARCUM 40.00 X 106347 0 15933 JEREMY SCARBROUGH 40.00 X 11347 0 864 ELLEN GREGORY 40.00 X 89806 0 12559 ROY MUNDY 40.00 X 89898 0 12325 MICHELLE PATRICK 40.00 X 34497 0 4576 KAREN BEARDEN 40.00 X 6954 0 532 BARBARA KITCHEN 40.00 X 106895 0 15865 LANNY FOSS 40.00 X 159785 0 21634 BARRY BLEIDT 40.00 X 109854 0 17904 1502198 0 354806 11 0 1 0 LEARNING HOUSE INC 333 GUTHRIE STREET SUITE 200 LOUISVILLE KY 40202 ONLINE WEB SERVICES 810000 SOFTWARE INFORMATION SYSTEMS PO BOX 890500 CHARLOTTE NC 28289 MAINTENANCE & SERVICES 373854 LEXINGTON HERALD-LEADER PO BOX 630495 CINCINNATI OH 45263 ADVERTISING 230236 KENTUCKY PRESS SERVICE 101 CONSUMER LANE FRANFORT KY 40601 ADVERTISING 184919 DATATEL INC 4375 FAIR OAKS COURT FAIRFAX VA 22033 SOFTWARE MAINTENANCE & SERVICE 160705 7 3682842 1410000 3682842 TUITION AND FEES 900099 19054146 19054146 AUXILIARY 722210 1533767 66057 1467710 CAFETERIA SALES 722320 14344 14344 20602257 205072 205072 9623 1805 7818 7818 3643 4175 892296 30480 892296 -30480 861816 861816 MISCELLANEOUS INCOME 900099 357181 357181 RECOVERIES OF LOSSES O 900099 341990 341990 HORSE BOARDING INCOME 721310 1750 1750 700921 26060726 19753317 85794 2538773 2667741 2667741 1332363 1058757 247828 25778 9210260 7591881 1450749 167630 201960 128999 64047 8914 440642 250045 184318 6279 12127 122 12005 17492 3773 13719 72200 15574 56626 20840 20840 125201 125201 1380087 1303559 76528 907306 841339 63015 2952 132531 99839 27456 5236 367545 367545 1143008 1067536 75472 PHARMACY EXPENSE 2218829 2218829 COMPUTER SUPPLIES 844193 802844 41349 BAD DEBT EXPENSE 474303 474303 REPAIRS & MAINTENANCE 457286 206635 244014 6637 FOOD SERVICES 428484 419603 8881 1963395 1532932 387932 42531 24417793 20210008 3920988 286797 4629 5056800 3338320 944531 1695080 562636 439162 285679 303941 16514 17551 480896 85523 44736491 17971679 19246842 26764812 12337498 15740612 8767777 6334204 164416 164416 49204 46303 47917422 54929924 2884407 3654504 577807 1488294 10500000 10468902 1258396 2421739 15220610 18033439 X 16605078 19920811 6657581 7002360 9434153 9973314 32696812 36896485 47917422 54929924 X 1642933 2556740 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 212 212 0 EXPLANATION OF OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: MIDWAY COLLEGE IS A MEMBER OF THE KENTUCKY CHAMBER OF COMMERCE AND COMMERCE LEXINGTON, TO WHICH IT PAID DUES OF $2,498, $212 OF WHICH WERE ALLOCATED TO LOBBYING. 18762497 3958710 3355836 2822563 23254480 16715097 774029 1882998 609627 18762497 19439701 502601 -3047591 179614 16715097 0.32010 0.40190 0.27800 1 0 2577370 2577370 29935929 10058993 19876936 8923404 6731696 2191708 3299788 1180990 2118798 26764812 MORTGAGE NOTES 480168 F MINERAL INTERESTS 961221 F ASSETS HELD IN TRUST BY OTHERS 4892815 F 6334204 ANNUITIES PAYABLE 736064 ADVANCES FROM FED & STATE GOV. FOR STUDENT LOAN 153356 INTEREST RATE SWAP AGREEMENT 286312 LINE OF CREDIT 1000000 CASH ACCOUNT DEFICIT 246007 2421739 26060726 24417793 1642933 2097683 459057 2556740 4199673 25605456 2097683 493083 2590766 23014690 125201 2920835 3046036 26060726 21405783 34026 34026 21371757 125201 2920835 3046036 24417793 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT FUNDS ARE HELD BY THE COLLEGE AND USED FOR THE PURPOSE STIPULATED BY THE DONOR. CURRENTLY, THE ENDOWMENT FUNDS OF THE COLLEGE ARE DIRECTED BY DONORS TO PROVIDE TUITION SCHOLARSHIPS FOR MIDWAY COLLEGE STUDENTS AND OFFSET COMPENSATION EXPENSE OF MIDWAY COLLEGE FACULTY. IT IS MIDWAY COLLEGE'S INTENT TO COMPLY WITH THE DONORS' STIPULATIONS FOR THESE FUNDS. DURING 2011, THE COLLEGE DETERMINED THAT A CASH ACCOUNT CONSIDERED TO BE PART OF ENDOWMENT HAD NOT BEEN DISCLOSED IN THE COMPOSITION OF ENDOWMENT DISCLOSURE FOR THE YEAR ENDED JUNE 30, 3010. THE RESULT OF THIS OMISSION INCREASED TEMPORARILY RESTRICTED AND TOTAL ENDOWMENT ASSETS BY $2,056,885. PER THE AUDITED FINANCIAL STATEMENTS, THIS AMOUNT IS INCLUDED IN THE CURRENT YEAR CHANGE IN ENDOWMENT FUNDS. THIS AMOUNT IS INCLUDED IN PART V, LINE 1B FOR 2011. ACTUAL CONTRIBUTIONS TO THE ENDOWMENT FUNDS FOR 2011 IS $1,901,824. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COLLEGE HAS EVALUATED THE TAX POSITIONS TAKEN ON ALL INCOME TAX RETURNS THAT REMAIN OPEN TO EXAMINATION BY THE RESPECTIVE TAXING AUTHORITIES (THOSE RETURNS FILED FOR THE YEARS 2008 THROUGH 2010) AND DOES NOT BELIEVE THERE ARE ANY UNCERTAIN POSITIONS ON THOSE RETURNS THAT SHOULD IMPACT THE FINANCIAL STATEMENTS. PART XI, LINE 8 - OTHER ADJUSTMENTS: ANNUITY LIABILITY ADJUSTMENT -4,629. INCREASE IN INTEREST IN ASSETS HELD IN TRUST 491,278. CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAP AGREEMENTS -27,592. PART XII, LINE 2D - OTHER ADJUSTMENTS: INCREASE IN INTEREST IN ASSETS HELD BY TRUST BY OTHERS 491,278. RENTAL EXPENSES NETTED AGAINST REVENUE ON 990 1,805. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FELLOWSHIPS 2,667,741. REVENUE NETTED AGAINST EXPENSES ON FINANCIAL STATEMENTS 253,094. PART XIII, LINE 2D - OTHER ADJUSTMENTS: ANNUITY LIABILITY ADJUSTMENT 4,629. RENTAL EXPENSES NETTED AGAINST REVENUE ON 990 1,805. CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAP 27,592. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND FELLOWSHIPS 2,667,741. REVENUE NETTED AGAINST EXPENSES ON FINANCIAL STATEMENTS 253,094. PART V, LINE 2C TERM ENDOWMENT INCLUDES TEMPORARILY RESTRICTED FUNDS. 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 ALL PUBLIC ADVERTISEMENTS, AS WELL AS LITERATURE GIVEN TO PROSPECTIVE STUDENTS, DESCRIBES THE COLLEGE AS BEING AN EQUAL OPPORTUNITY INSTITUTION. EXPLANATION OF RACIAL DISCRIMINATION SCHEDULE E, PART I, LINE 5 MIDWAY COLLEGE HAS ESTABLISHED A SCHOLARSHIP FUND FOR ALL MINORITY STUDENTS. MINORITY STUDENTS ARE ELIGIBLE TO RECEIVE 100% TUITION SCHOLARSHIPS. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE COLLEGE ACTS AS A CONDUIT FOR DISBURSING STUDENT FINANCIAL AID PAYMENTS TO STUDENTS FROM FUNDS PROVIDED BY FEDERAL AGENCIES. THE PURPOSES OF THE FUNDS ARE DEFINED BY FEDERAL AGENCIES. THEY ARE DISBURSED BY THE COLLEGE IN ACCORDANCE WITH THOSE DEFINED PURPOSES. X X X X X 1 THOMAS VAN LANINGHAM 651 CATAMOUNT WAY LILBURN GA 30047 PHONE & MAIL SOLICITATION 0 1640 20840 -19200 1640 20840 -19200 KY 1 SCHOLARSHIPS 356 2667741 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE FUNDS ARE CREDITED DIRECTLY TO THE STUDENT'S ACCOUNT, WHICH DIRECTLY OFFSETS TUITION, FEES, ROOM AND BOARD. X X X X X X 1 0 X X X 0 0 0 0 0 0 0 0 0 DR WILLIAM DRAKE 227838 0 0 0 0 0 0 0 169758 0 397596 0 0 0 DR SARAH LAWS 204566 0 0 0 0 0 0 0 25711 0 230277 0 0 0 LANNY FOSS 159785 0 0 0 0 0 0 0 21634 0 181419 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS: PRESIDENT WILLIAM B. DRAKE'S CONTRACT PROVIDES FOR THE TRAVEL OF ONE COMPANION, EITHER HIS WIFE OR CHILD. THE VALUE OF THIS TRAVEL IS INCLUDED IN HIS W-2. TAX INDEMNIFICATION AND GROSS UP PAYMENTS: PRESIDENT WILLIAM B. DRAKE IS AN ORDAINED MINISTER. FICA TAX IS NOT WITHHELD FROM HIS PAYCHECK. THE EMPLOYER PORTION OF THE FICA TAX THAT WOULD HAVE BEEN PAID ON HIS SALARY IS THEN GIVEN TO DR. DRAKE. DISCRETIONARY SPENDING ACCOUNT: PRESIDENT WILLIAM B. DRAKE HAS AN UNLIMITED DISCRETIONARY SPENDING ACCOUNT. ALL PRESIDENTIAL SPENDING IS REVIEWED BI-ANNUALLY FOR COLLEGE EXPENSE POLICY COMPLIANCE BY THE CHAIR OF THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. HEALTH AND SOCIAL CLUB DUES AND INITIATION FEES: GOLF CLUB DUES, CAPITAL IMPROVEMENT ASSESSMENTS AND MONTHLY REQUIRED MEAL FEES FOR PRESIDENT WILLIAM B. DRAKE, JR. ARE PAID BY MIDWAY COLLEGE. THE PERSONAL PORTION OF THE DUES IS ADDED TO PRESIDENT DRAKE'S W-2. PERSONAL SERVICES: MIDWAY COLLEGE PROVIDES WEEKLY MAID SERVICE AT PINKERTON-ROUSE HOUSE, A HISTORICAL RESIDENCE OWNED BY MIDWAY COLLEGE AND PROVIDED TO PRESIDENT WILLIAM B. DRAKE, JR. FOR PERSONAL USE. MIDWAY COLLEGE PROVIDES MEALS FOR THE PERSONAL CONSUMPTION OF PRESIDENT AND MRS. WILLIAM B. DRAKE, JR. MIDWAY COLLEGE PROVIDES PROFESSIONAL LANDSCAPING AND MAINTENANCE AT PINKERTON-ROUSE HOUSE, A HISTORICAL RESIDENCE OWNED BY MIDWAY COLLEGE AND PROVIDED TO PRESIDENT WILLIAM B. DRAKE, JR. FOR PERSONAL USE. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: MIDWAY COLLEGE PROVIDES THE PINKERTON-ROUSE HOUSE, A HISTORICAL RESIDENCE, TO PRESIDENT WILLIAM B. DRAKE, JR. FOR HIS PERSONAL USE. CITY OF MIDWAY KENTUCKY 616001871 2009-11-30 10489500 REFUND PRIOR BONDS, CONSTRUCT CLASSROOM BUILDING, PURCHASE SOFTWARE SYSTEM 0 0 0 4499657 10521258 26065 9467595 1036579 1 0 0 1 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 1 PNC BANK 4.700000000000 0 0 0 0 0 DR WILLIAM DRAKE INVESTMENT X 6662 303941 0 1 1 303941 X 1 1000 FAIR MARKET VALUE X 1 1337000 FAIR MARKET VALUE X HORSES 9 72000 FAIR MARKET VALUE 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 THE NUMBER OF COMMITTEES OF THE BOARD WAS REDUCED FROM 8 TO 3. FORM 990, PART VI, SECTION B, LINE 11 POLICY FOR REVIEWING 990: THE BOARD REVIEWED THE 990 AT A MEETING PRIOR TO FILING THE 990. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST FORM IS COMPLETED ANNUALLY AND MONITORED BY THE BOARD OF TRUSTEES LIASON. THE CONFLICT OF INTEREST POLICY WAS RE-SENT TO ALL BOARD MEMBERS WHO DID NOT RETURN THE SIGNED DOCUMENT. FORM 990, PART VI, SECTION B, LINE 15A THE PRESIDENT'S COMPENSATION IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. ANNUALLY, AT THE MAY MEETING OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE DELIBERATES UPON THEIR EVALUATION OF THE PRESIDENT'S PERFORMANCE AND PRESIDENTIAL COMPENSATION DATA ON COMPARABLE INSTITUTIONS FROM THE ADMINISTRATIVE COMPENSATION SURVEY PUBLISHED BY THE COLLEGE AND UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR) TO ESTABLISH A COMPENSATION LEVEL FOR THE COMING ACADEMIC YEAR. ALL OTHER EXECUTIVES AND KEY EMPLOYEE'S COMPENSATION IS DETERMINED BY THE PRESIDENT. PERFORMANCE EVALUATIONS ARE CONDUCTED ANNUALLY BY DEPARTMENT DIRECTORS AND VICE-PRESIDENT IN-CHARGE. THE EVALUATIONS, INCLUDING COMPENSATION INCREASES, ARE THEN FORWARDED TO THE PRESIDENT. THE BOARD OF TRUSTEES, IN THEIR ANNUAL BUDGET PROCESS, SETS A POOL FOR COMPENSATION INCREASES. THE PRESIDENT REVIEWS THE EVALUATIONS AND SUGGESTED COMPENSATION INCREASES, THEN DETERMINES EACH EMPLOYEE'S COMPENSATION INCREASE SO AS TO CONFORM IN TOTAL WITH THE POOL SET BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S 990,990-T, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. THE FINANCIAL STATEMENTS ARE NOT AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 2,097,683. CHANGE IN FAIR MARKET VALUE OF INTEREST RATE SWAP AGREEMENTS -27,592. ANNUITY LIABILITY ADJUSTMENT -4,629. INCREASE IN INTEREST IN ASSETS HELD IN TRUST 491,278. TOTAL TO FORM 990, PART XI, LINE 5: 2,556,740. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR FOR OVERSIGHT OF THE AUDIT OR SELECTION OF THE AUDITORS.