2012-05-15T13:25:04-05:00 2011-06-30 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2010-07-01 381381271 HOPE COLLEGE HOPE 6163957810 141 E 12TH STREET HOLLAND MI 49423 THOMAS BYLSMA 6163957810 2012-05-14 1 VICKI L VANDENBERG CPA 2695674500 2010 2016-02-24 21:20:13Z THOMAS BYLSMA 141 E 12TH STREET HOLLAND MI 49423 199695686 0 X WWW.HOPE.EDU X 1866 MI THE MISSION OF HOPE COLLEGE IS TO EDUCATE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE IN A GLOBAL SOCIETY THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS OF RECOGNIZED EXCELLENCE IN THE LIBERAL ARTS AND IN THE CONTEXT OF THE HISTORIC CHRISTIAN FAITH. 33 30 3273 0 2184932 -31171 39682491 17968215 86393431 109565178 2772822 3445792 0 0 128848744 130979185 27110625 27644720 0 0 48432915 50958287 0 0 4053583 45036366 43996001 120579906 122599008 8268838 8380177 370634160 392694322 105676421 98681914 264957739 294012408 THE MISSION OF HOPE COLLEGE IS TO EDUCATE STUDENTS FOR LIVES OF LEADERSHIP AND SERVICE IN A GLOBAL SOCIETY THROUGH ACADEMIC AND CO-CURRICULAR PROGRAMS OF RECOGNIZED EXCELLENCE IN THE LIBERAL ARTS AND IN THE CONTEXT OF THE HISTORIC CHRISTIAN FAITH. 0 0 106974199 26214687 102134925 THE ORGANIZATION PROVIDED COMPREHENSIVE LITERACY & SCIENCE COURSES OF STUDY TO OVER 3,000 FULL TIME EQUIVALENT STUDENTS IN THE FALL OF 2010 AND SPRING OF 2011. IT WAS ALSO INVOLVED IN ADMINISTRATIVE, AUXILLARY OPERATIONS & STUDENT SERVICES TO SUPPORT THE CAMPUS. 5835530 1430033 5245321 THE ORGANIZATION IS INVOLVED IN RESEARCH TO MAINTAIN ONE OF THE TOP CHEMISTRY & BIOLOGY DEPTS IN THE COUNTRY, UTILIZE RESEARCH AS A TEACHING TOOL IN THE CLASSROOM & TO FACILITATE LEARNING. 112809729 1 1 0 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 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 276 0 1 3273 1 1 1 0 0 0 0 0 0 0 0 0 X 33 30 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MI X THOMAS BYLSMA VICE-PRESIDENT CFO 6163957810 HOPE COLLEGE 141 E 12TH ST HOLLAND MI 49423 MARY BAUMAN 1.00 X 0 0 0 MICHELLE BOMBE 40.00 X 67346 0 19075 JOEL BOUWENS 1.00 X X 0 0 0 TIMOTHY BROWN 1.00 X 0 0 0 JAMES BULTMAN 40.00 X X 279108 0 69243 ANTHONY CASTILLO 1.00 X 0 0 0 SANDRA CHURCH 1.00 X 0 0 0 TOM CLAUS 1.00 X 0 0 0 KENNITH ELZINGA 1.00 X 0 0 0 TED ETHERIDGE 1.00 X 0 0 0 RON HARTGERINK 1.00 X 0 0 0 TAYLOR HOLBROOK 1.00 X 0 0 0 BRIAN KOOP 1.00 X X 0 0 0 DAVID LOWRY 1.00 X X 0 0 0 PAUL MUSHERURE 1.00 X 0 0 0 STEPHEN NORDEN 1.00 X 0 0 0 RICHARD POSTMA 1.00 X 0 0 0 A PAUL SCHAAP 1.00 X 0 0 0 PETER SEMEYN 1.00 X 0 0 0 DAVID VAN ANDEL 1.00 X 0 0 0 SUZANNE CHERI DEVOS VANDER WEIDE 1.00 X 0 0 0 EMILIE WIERDA 1.00 X 0 0 0 LESLIE WONG 1.00 X 0 0 0 GEORGE ZUIDEMA 1.00 X 0 0 0 WILLIAM BOERSMA 1.00 X 0 0 0 JAMES JURRIES 1.00 X 0 0 0 CAROL SYTSMA 1.00 X 0 0 0 DANIEL GORDON 1.00 X 0 0 0 DEAN OVERMAN 1.00 X 0 0 0 DOUGLAS RUCH 1.00 X 0 0 0 JOANNE STEWART 40.00 X 77382 0 8468 JILL VER STEEG 1.00 X 0 0 0 JEFFREY CLARK 1.00 X 0 0 0 BETH SNYDER 1.00 X 0 0 0 WILLIAM VANDERBILT 40.00 X 134000 0 25412 THOMAS BYLSMA 40.00 X 154120 0 45459 SCOTT WOLTERINK 40.00 X 138000 0 25849 RICHARD FROST 40.00 X 120613 0 65848 RICHARD RAY 40.00 X 125000 0 50588 GREG MAYBURY 40.00 X 127931 0 49989 JOHN LUNN 40.00 X 114098 0 23088 TODD STEEN 40.00 X 113436 0 22714 GERALD RADEMAKER 40.00 X 0 0 0 CARL HEIDEMAN 40.00 X 113603 0 23261 MOSES LEE 40.00 X 139125 0 69202 JAMES BOELKINS 40.00 X 86461 0 13957 1703762 0 498196 20 0 1 0 BLUE CROSS-BLUE SHIELD MICHIGAN 86 MONROE CENTER NW GRAND RAPIDS MI 49503 HEALTH INSURANCE ADMINISTRATION 440210 ELZINGA & VOLKERS 86 E 6TH STREET HOLLAND MI 49423 CONSTRUCTION 299688 CREATIVE DINING SERVICE ONE ROYAL PARK DRIVE SUITE 3 ZEELAND MI 49464 FOOD SERVICE MANAGEMENT 247500 BERT REIMINK PLUMBING PO BOX 1106 HOLLAND MI 49422 PLUMBING 238366 EAST MUSKEGON ROOFING 1665 HOLTON ROAD MUSKEGON MI 49445 ROOFING 235298 9 6819707 11148508 918621 17968215 TUITION & FEES 611600 79683695 79683695 AUXILIARY ENTERPRISES 611600 20112174 20112174 OTHER PROGRAM INCOME 900099 4630049 4630049 BOOKSTORE INCOME 611600 2679089 2679089 HAWORTH CONFERENCE CTR 721000 1465674 1465674 994497 275239 719258 109565178 1747744 1747744 70414549 68716501 1698048 1698048 1698048 130979185 107380246 2184932 3445792 27644720 27644720 1231651 1153089 40912 37650 39430868 35544877 2062766 1823225 3394240 3025475 196535 172230 4142088 3516071 365928 260089 2759440 2498042 133699 127699 82390 43361 39029 97450 97450 658422 658422 1747156 1509563 122461 115132 993184 573199 419985 4076938 3678772 116172 281994 990278 955472 24273 10533 3997199 3851191 76035 69973 3192383 2880170 39876 272337 576235 332671 239557 4007 2116820 1890320 192207 34293 6722003 6002749 610358 108896 985450 831917 148920 4613 FOOD SERVICE & LAUNDRY 6809208 6693779 34832 80597 TUITION WAIVERS 2634228 2350932 149383 133913 INVENTORY PURCHASES 1883949 1764968 61960 57021 OTHER MAINTENANCE & REP 1643966 1601899 21907 20160 BOOKS AND PERIODICALS 973860 970125 1852 1883 3814882 3496367 301162 17353 122599008 112809729 5735696 4053583 20734385 25427120 38487754 39624803 10495745 16697457 734372 759372 916871 859231 234383508 83425224 154052122 150958284 69749060 63338866 74429447 94020040 1034404 1009149 370634160 392694322 2608972 1871065 1001718 975508 66875000 62440000 35190731 33395341 105676421 98681914 X 115884813 124400006 37614775 55089434 111458151 114522968 264957739 294012408 370634160 392694322 X 8380177 20674492 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 147340680 2892355 22269678 6236784 166265929 136409372 7210456 9924183 6203331 147340680 169328092 6115889 -32575797 6458812 136409372 0.17900 0.68050 0.14050 0 0 19354732 19354732 189030842 65764809 123266033 23998229 17660415 6337814 1999705 1999705 150958284 LIMITED PARTNERSHIPS AND HEDGE FUNDS 83972198 F MORTGAGES, LAND CONTRACTS & OTHER 10047842 F 94020040 ANNUITIES PAYABLE & TRUSTS 9023166 ACCUMULATED POST-RETIREMENT BENEFITS 9625972 REFUNDABLE FEDERAL PERKINS LOAN ADVANCES 6256381 STUDENTS' AND OTHER DEPOSITS 1249521 ACCRUED LIABILITIES 4978695 INTERST RATE SWAP 2261606 33395341 130979185 122599008 8380177 20093005 581487 20674492 29054669 123350535 20093005 581487 20674492 102676043 658422 27644720 28303142 130979185 94295866 0 94295866 658422 27644720 28303142 122599008 PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN SPLIT VALUE INTEREST AGREEMENTS 581,487. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGES IN VALUE OF SPLIT INTEREST AGREEMENT 581,487. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS & FELLOWSHIPS 27,644,720. PART XIII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL SCHOLARSHIPS & FELLOWSHIPS 27,644,720. THE COLLEGE IS A NOT-FOR-PROFIT CORPORATION AND HAS BEEN RECOGNIZED AS TAX-EXEMPT PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE ORGANIZATION AND RECOGNIZE A TAX LIABILITY IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COLLEGE, AND HAS CONCLUDED THAT AS OF JUNE 30, 2011, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COLLEGE IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO JUNE 30, 2008. 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 RACIALLY NONDISCRIMINATORY POLICY STATEMENT IS INCLUDED ON VARIOUS PUBLICITY & POLICY STATEMENTS, INCLUDING OUR WEBSITE & TELEVISION ADS, AS WELL AS OUR CATALOG & STUDENT HANDBOOK, WHICH IS AVAILABLE UPON REQUEST. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 HOPE COLLEGE RECEIVES GRANTS AND FINANCIAL AID FROM VARIOUS FEDERAL AND STATE AGENCIES THAT ARE USED IN THE FURTHERANCE OF THE COLLEGE'S EXEMPT PURPOSE OF PROVIDING QUALITY EDUCATION. 1 SCHOLARSHIP - TUITION/BOOKS 2685 27644720 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: HOPE SCHOLARSHIP/GRANT FUNDS ARE DISBURSED TO THE RECIPIENT UPON PROOF OF ELIGILIBITY (I.E. FINANCIAL NEED OR ACADEMIC MERIT) AND UPON PROOF OF EXPENSE INCURRED. X X 0 0 X X X X X 0 0 0 0 0 0 0 0 0 JAMES BULTMAN 279108 0 0 0 0 0 25725 0 43518 0 348351 0 0 0 WILLIAM VANDERBILT 134000 0 0 0 0 0 14070 0 11342 0 159412 0 0 0 THOMAS BYLSMA 154120 0 0 0 0 0 16170 0 29289 0 199579 0 0 0 SCOTT WOLTERINK 138000 0 0 0 0 0 14490 0 11359 0 163849 0 0 0 RICHARD FROST 120613 0 0 0 0 0 12127 0 53721 0 186461 0 0 0 RICHARD RAY 125000 0 0 0 0 0 13125 0 37463 0 175588 0 0 0 GREG MAYBURY 127931 0 0 0 0 0 0 0 49989 0 177920 0 0 0 MOSES LEE 139125 0 0 0 0 0 14608 0 54594 0 208327 0 0 0 PART I, LINE 1A THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS AS PART OF HIS EMPLOYMENT WITH THE COLLEGE. INCLUDED IN NONTAXABLE BENEFITS IS THE FAIR MARKET VALUE OF THE HOUSE VALUED AT $24,750. A DONOR PROVIDES AN ANNUAL GIFT FOR THE PRESIDENT AND VICE PRESIDENTS TO BELONG TO A LOCAL COUNTRY CLUB AS A WAY TO PROMOTE THE COLLEGE. THIS INCLUDES 2 MEMBERSHIPS VALUED AT $7,820 EACH AND ARE INCLUDED IN NONTAXABLE BENEFITS. PART I, LINE 1B THERE IS NOT A "POLICY" THAT THE PRESIDENT LIVE ON CAMPUS IT IS PART OF HIS EMPLOYMENT. THERE IS ALSO NOT A "POLICY" FOR THE COUNTRY CLUB MEMBERSHIP IT IS SIMPLY A DONOR DESIGNATED GIFT. MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY 521285150 594519D23 2004-07-28 25000000 CONSTRUCTION OF DEVOS FIELDHOUSE AND MARTHA MILLER CENTER 0 0 0 MICHIGAN FINANCE AUTHORITY 800596186 NONEAVAIL 2010-12-17 10200000 REFINANCE MHEFA SERIES 1999 BONDS 0 0 0 6575000 26112952 781245 9578455 218550 135996 15398706 2006 1 0 1 1 10200000 10200000 1 0 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 1 SCHEDULE K, PART 1, COLUMN A AND B - F: PART I.A.(F). THE PURPOSE OF THE BONDS ISSUED ON JULY 28, 2004 IS (A) TO CURRENTLY REFUND (I) A PORTION OF THE MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY ("MHEFA") LIMITED OBLIGATION REVENUE AND REVENUE REFUNDING BONDS, SERIES 1994 (HOPE COLLEGE PROJECT), DATED JUNE 16, 1994, AND (II) THE MHEFA LIMITED OBLIGATION REVENUE BONDS (HOPE COLLEGE PROJECT), SERIES 1996B, DATED JUNE 4, 1996, (B) TO PAY THE COSTS OF CONSTRUCTING, EQUIPPING AND FURNISHING THE DEVOS FIELD HOUSE AND THE MARTHA MILLER CENTER FOR GLOBAL COMMUNICATIONS, AND RENOVATING GRAVES HALL, LUBBERS HALL AND THE DOW CENTER, (C) TO PAY CAPITALIZED INTEREST ON THE NEW MONEY PORTION OF THE BONDS, AND (D) TO PAY THE COSTS OF ISSUING AND SECURING THE BONDS. PART I.B.(F). THE PUROSES OF THE BONDS ISSUED ON DECEMBER 17, 2010 IS TO CURRENTLY REFUND THE MHEFA LIMITED OBLIGATION REVENUE REFUNDING BONDS (HOPE COLLEGE PROJECT), SERIES 1999, DATED MARCH 24, 1999. SCHEDULE K, PART II, LINE 3: TOTAL PROCEEDS INCLUDES INVESTMENT PROCEEDS OF $1,112,952 FOR COLUMN A. MICHELLE BOMBE PURCHASE OF COMPUTER X 2430 810 0 0 1 810 RT LONDON MR. RICHARD POSTMA IS A BOARD MEMBER OF HOPE COLLEGE AND OWNER 100465 MR. RICHARD POSTMA IS AN OWNER OF RT LONDON USED FOR RESIDENCE HALL FURNISHINGS WHICH WERE COMPETITIVELY BID. 0 PRINTERY AND MULTI PACKAGING SOLUTI MR. TED ETHERIDGE IS A BOARD MEMBER OF HOPE COLLEGE AND CO-OWNER 138381 MR. TED ETHERIDGE IS A CO-OWNER OF THE PRINTERY AND MULTI PACKAGING SOLUTIONS WHICH ARE BOTH VENDORS OF THE COLLEGE. ALL PURCHASES WERE COMPETITIVELY BID. 0 CROWN MOTORS MS. EMILIE WIERDA IS A BOARD MEMBER OF HOPE COLLEGE AND OWNER 144849 MS. EMILIE WIERDA IS AN OWNER OF CROWN MOTORS USED FOR COMPANY AUTOMOBILES AND SERVICE SUPPLIES FOR VEHICLES. ALL PURCHASES WERE COMPETITIVELY BID. 0 CREATIVE DINING SERVICES MR. THOMAS BYLSMA IS AN OFFICER OF HOPE COLLEGE AND A BOARD MEMBER 7711216 MR. THOMAS BYLSMA IS A BOARD MEMBER OF CREATIVE DINING SERVICES. ALL PURCHASES WERE COMPETITIVELY BID. 0 CREATIVE DINING SERVICES MR. RICHARD FROST IS AN OFFICER OF HOPE COLLEGE AND A BOARD MEMBER 7711216 MR. RICHARD FROST IS A BOARD MEMBER OF CREATIVE DINING SERVICES. ALL PURCHASES WERE COMPETITIVELY BID. 0 X 69 843621 NYSE - FMV X 1 30000 FMV X PIANO 1 45000 FMV 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES ARE PROVIDED WITH A REASONABLE OPPORTUNITY TO REVIEW AND COMMENT TO EXECUTIVE LEADERSHIP ON THE FORM 990 OF HOPE COLLEGE BEFORE ITS FILED WITH THE INTERNAL REVENUE SERVICE. FURTHER, THE EXECUTIVE LEADERSHIP OF HOPE COLLEGE PROVIDES THE MINUTES OF THE AUDIT COMMITTEE FORM 990 REVIEW TO THE BOARD OF TRUSTEES SHOWING AN OVERVIEW OF THE HIGHLIGHTS AT THE NEXT REGULARLY SCHEDULED BOARD MEETING FOLLOWING THE FILING OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF TRUSTEES PREPARE AND SIGN CONFLICT STATEMENTS ANNUALLY. THESE STATEMENTS ARE REVIEWED AT THE OCTOBER BOARD OF TRUSTEE MEETING TO ENSURE COMPLIANCE WITH THE CONFLICT POLICY. MEMBERS OF THE COMMITTEE WITH A PERSONAL INVOLVEMENT IN A PARTICULAR DECISION WILL EXCUSE THEMSELVES FROM DISCUSSION LEADING TO A DECISION AND FROM THE DECISION ITSELF, AND THIS DISCLOSURE AND ABSENCE WILL BE NOTED IN THE MINUTES OF THE MEETING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES (BOT) APPROVES A RECOMMENDED COMPENSATION INCREASE BROUGHT TO THE BOT FROM THE CFO. THE COMPENSATION INCREASE IS HIGHLY CORRELATED TO THE TUITION INCREASE APPROVED FOR THE FOLLOWING ACADEMIC YEAR. THE RATES RECOMMENDED ARE DETERMINED BY LOOKING AT THE FOLLOWING FACTORS: COST OF LIVING (CPI), CUPA (COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION) SURVEYS, AND THE LAKESHORE HUMAN RESOURCES MANAGEMENT ASSOCIATION SURVEYS - WHICH IS A CHAPTER OF THE SOCIETY OF HUMAN RESOURCES MANAGEMENT (SHRM). SINCE WE ARE NOT A "UNION" SCHOOL WE DO NOT HAVE DELIBERATION BUT IF DISCUSSION DOES OCCUR DURING THE BOT APPROVAL PROCESS, IT WOULD BE DOCUMENTED IN THE BOT MINUTES FOR THAT SPECIFIC MEETING. THE CEO'S (PRESIDENT'S) COMPENSATION IS BASED UPON A RECOMMENDATION FROM THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND IS THEN APPROVED BY THE FULL BOARD OF TRUSTEES. COMPARISON DATA IS USED ALONG WITH EVALUATION OF PERFORMANCE IN THEIR DECISION. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION MAKES FORM 990 AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 20,093,005. CHANGE IN SPLIT VALUE INTEREST AGREEMENTS 581,487. TOTAL TO FORM 990, PART XI, LINE 5: 20,674,492. FORM 990, PART XII, LINE 2C THE OVERSIGHT PROCESS FOR THE AUDIT HAS NOT CHANGED SINCE LAST YEAR.