2011-11-02T12:15:42-05:00 2011-06-30 POTTER & COMPANY PA 434 COPPERFIELD BLVD NE STE A CONCORD NC 28025 990 2010-07-01 562231069 HOOD THEOLOGICAL SEMINARY HOOD 7046366454 1810 LUTHERAN SYNOD DRIVE SALISBURY NC 28144 DR ALBERT JD AYMER 7046366454 2011-10-31 1 SAMUEL M LEDER CPA 7047868189 2010 2016-03-07 17:11:31Z DR ALBERT JD AYMER 1810 LUTHERAN SYNOD DRIVE SALISBURY NC 28144 3624041 0 X WWW.HOODSEMINARY.EDU X EDUCATIONAL INSTITUTION 2001 NC EDUCATIONAL INSTITUTION 18 18 61 0 0 0 1006127 1306611 2133253 1957201 -17332 346092 50782 14137 3172830 3624041 19500 25100 0 0 1753515 1808309 0 0 167753 748986 797235 2522001 2630644 650829 993397 9256934 10519663 48801 50594 9208133 10469069 EDUCATIONAL INSTITUTION 0 0 1099027 25100 1964568 THE ORGANIZATION IS AN INSTITUTION OF HIGHER EDUCATION AND PROVIDES INSTRUCTION, SCHOLARSHIPS AND VARIOUS SUPPORT SERVICES IN ACHIEVING ITS PRIMARY PURPOSE 1099027 1 1 0 0 0 0 0 0 1 1 0 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 1 0 1 61 1 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DR REGINA DANCY 7046366454 1810 LUTHERAN SYNOD DRIVE SALISBURY NC 28144 BISHOP RICHARD K THOMPSON 5.00 X X 0 0 0 REV DR CURTIS WALKER SR 2.00 X 0 0 0 BISHOP GEORGE E BATTLE JR 2.00 X X 0 0 0 BISHOP GEORGE W WALKER SR 2.00 X 0 0 0 MRS BEATRICE HOUSTON 2.00 X 0 0 0 DR RICHARD MARTIN 2.00 X 0 0 0 DR NED STOREY 2.00 X 0 0 0 JANET WARD BLACK 2.00 X 0 0 0 DR CLIFFORD A JONES 2.00 X 0 0 0 BISHOP JOSEPH JOHNSON 2.00 X 0 0 0 BISHOP ROY A HOLMES 2.00 X 0 0 0 TONY ALMEIDA 2.00 X 0 0 0 SARA COOK 2.00 X 0 0 0 CHARLIE DAVIDSON 2.00 X 0 0 0 DR ALAN V RAGLAND 2.00 X 0 0 0 JUDGE ADELE M RILEY 2.00 X 0 0 0 BISHOP LOUIS HUNTER SR 2.00 X 0 0 0 REV DR SHELDON SHIPMAN 5.00 X X 0 0 0 BISHOP JAMES E MCCOY 2.00 X 0 0 0 ROBERT T ROAKES 2.00 X 0 0 0 DR DOUGLAS MAVEN 2.00 X 0 0 0 CLYDE HAMMOND SR 2.00 X 0 0 0 DR GRANT HARRISON JR 2.00 X 0 0 0 DR BRENDA LG SMITH 2.00 X 0 0 0 DR ALBERT JD AYMER 60.00 X X 152006 0 54927 152006 0 54927 1 0 1 0 0 55308 1251303 8550 1306611 TUITION & FEES 611600 1761313 1761313 HOUSING FEES 611710 142478 142478 MEAL PLAN FEES 611710 53410 53410 1957201 108057 108057 6770 6770 6770 6770 238035 238035 238035 238035 OTHER INCOME 611710 7367 7367 7367 3624041 1964568 0 352862 25100 25100 206933 206933 1272158 760245 413227 98686 41924 21360 16394 4170 179955 54026 118977 6952 107339 54414 45833 7092 62849 62849 20699 20699 77809 38696 34394 4719 2411 240 1151 1020 10562 576 8272 1714 42072 18863 21242 1967 93248 26856 63116 3276 27484 4138 21477 1869 1973 1973 146251 59963 78975 7313 24712 10132 13344 1236 MISCELLANEOUS 53226 218 46349 6659 FOOD SERVICE 48823 48823 BAD DEBT EXPENSE 41202 40762 440 DUES & SUSCRIPTIONS 35531 35531 SUPPLIES & MINOR EQUIPM 32902 5119 27244 539 75481 19081 36299 20101 2630644 1099027 1363864 167753 3805765 4381759 188270 109974 300821 231858 18062 18062 2361497 613106 1732538 1748391 3211478 4029619 9256934 10519663 20633 28049 24943 17045 3225 5500 48801 50594 X 4816720 4790639 1514205 2024801 2877208 3653629 9208133 10469069 9256934 10519663 X 993397 267539 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2877208 434296 336625 3648129 2460549 211655 205004 2877208 3093187 237429 -870067 2460549 1.00000 0 0 1544637 202751 1341886 694178 410355 283823 122682 122682 1748391 DAMAGE AND KEY DEPOSITS 5500 5500 3624041 2630644 993397 267539 267539 1260936 3845781 267539 267539 3578242 45799 45799 3624041 2584845 0 2584845 45799 45799 2630644 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: PART VI, LINE 4 INTENDED USE OF ENDOWMENT FUNDS: SCHOLARSHIPS AND FINANCIAL SUPPORT OF THE SEMINARY DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ORGANIZATION HAS ADOPTED ASC 740-10 AS IT RELATES TO UNCERTAIN TAX POSITIONS FOR THE TAX YEARS ENDED JUNE 30, 2011 AND 2010 AND HAS EVALUATED ITS TAX POSITIONS FOR ALL OPEN TAX YEARS. CURRENTLY, THE 2007, 2008 AND 2009 TAX YEARS ARE OPEN AND SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. HOWEVER, THE ORGANIZATION IS NOT CURRENTLY UNDER AUDIT NOR HAS THE ORGANIZATION BEEN CONTACTED BY THE INTERNAL REVENUE SERVICE. BASED ON AN EVALUATION OF THE ORGANIZATION'S TAX POSITIONS, MANAGEMENT BELIEVES ALL POSITIONS TAKEN WOULD BE UPHELD UNDER AN EXAMINATION. THEREFORE, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED FOR THE YEARS ENDED JUNE 30, 2011 AND 2010. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS INVESTMENT FEES PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS INVESTMENT FEES 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 THROUGH PRINT AND ELECTRONIC MEDIA EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 HOOD THEOLOGICAL SEMINARY STUDENTS RECEIVE FINANCIAL ASSISTANCE THROUGH THE U.S. DEPARTMENT OF EDUCATION FEDERAL FAMILY EDUCATION LOAN PROGRAM. FUNDS RECEIVED ARE USED TO PAY TUITION AND FEES. FEDERAL WORK STUDY AWARDS ASSIST STUDENTS THROUGH PARTIAL PAYMENT OF ON-CAMPUS JOBS TO ASSIST IN MEETING STUDENT FINANCIAL NEED. 1 SCHOLARSHIPS AND FINANCIAL AID 35 25100 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: FINANCIAL ASSISTANCE IS AWARDED TO STUDENTS ON THE BASIS OF NEED AND/OR MERIT AS DETERMINED BY SEMINARY ADMISSIONS AND FINANCIAL AID PERSONNEL X 1 0 X X 0 0 0 0 0 0 0 0 0 DR ALBERT JD AYMER 152006 0 0 0 0 0 24594 0 30333 0 206933 0 178272 0 PART I, LINE 1A PRESIDENT AYMER IS AN ORDAINED MINISTER. HOUSING ALLOWANCE PROVIDED AS NON-TAXABLE BENEFIT. FORM 990, PART VI, SECTION B, LINE 11 A DRAFT COPY OF THE 990 RETURN WAS PRESENTED TO THE FINANCE COMMITTEE FOR REVIEW AND APPROVAL. THE FINANCE COMMITTEE PRESENTED THE APPROVED DRAFT FOR FINAL APPROVAL BY THE FULL BOARD OF TRUSTEES AT THEIR REGULARLY SCHEDULED MEETING. FORM 990, PART VI, SECTION B, LINE 12C BOARD TRUSTEES ARE ASKED TO VERBALLY DISCLOSE ANY REAL OR POTENTIAL CONFLICTS OF INTEREST WITH THE SEMINARY AT EACH MEETING OF THE BOARD OF TRUSTEES. ANY ISSUES THAT MAY BE RAISED REGARDING CONFLICTS OF INTEREST ARE DISCUSSED AND RESOLVED AT THE BOARD OF TRUSTEES' LEVEL. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE SEMINARY'S PRESIDENT IS APPROVED ANUALLY BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. ALL OTHER COMPENSATIONS ARE DISCUSSED AND DECIDED BY THE PRESIDENT AND THE FISCAL OFFICER, IN LIGHT OF EACH EMPLOYEE'S ANNUAL WRITTEN EVALUATION, AND ARE TREATED CONFIDENTIALLY. FORM 990, PART VI, SECTION C, LINE 19 THE SEMINARY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION AT THE SEMINARY OFFICES UPON REQUEST. SEMINARY STAFF ARE AVAILABLE TO PROVIDE SUPERVISION AND ANSWER ANY QUESTIONS THE INQUIRING PARTY MAY HAVE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 267,539. ORGANIZATION OVERSIGHT OF AUDIT FORM 990 PART XI LINE 2C THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE AUDIT PREPARED BY THE INDEPENDENT AUDITORS AND HOLDS A MEETING WITH THE AUDITORS PRIOR TO THE FINAL RELEASE OF THE AUDIT. THE FINDINGS OF THE FINANCE COMMITTEE ARE THEN PRESENTED TO THE FULL BOARD OF TRUSTEES IN THE PRESENCE OF THE INDEPENDENT AUDITORS. THE AUDITORS ARE AVAILABLE TO ANSWER QUESTIONS AND CLARIFY POINTS IN THE AUDIT AS NEEDED.