2011-02-10T09:18:52-07:00 2010-06-30 990 2009-07-01 570314408 PRESBYTERIAN COLLEGE PRES 8648338206 PO Box 975 Clinton SC 29325 Morris Galloway 8648338205 2011-02-10 2009 2016-02-24 21:20:13Z John V Griffith 503 South Broad Street Clinton SC 29325 86176192 0 X www.presby.edu X Non-Profit Organization 1880 SC Presbyterian College exists to provide an education in the arts and sciences within a distinctly Christian context. The purpose is set forth with the conviction that education in the liberal arts tradition can be achieved successfully only through an academic program which is characterized by excellence and through activities which contribute to growth of able minds,sound bodies, and strong moral character. The college calls for the pursuit of learning to take place in an environment of genuine intellectual freedom. 45 44 939 250 192628 -23826 6251282 6247279 42141332 46277772 -1819452 768328 88412 67038 46661574 53360417 19596603 22552859 0 0 19436560 19920936 185074 0 1447381 15926325 16307202 55144562 58780997 -8482988 -5420580 139878425 149296591 34999671 42269627 104878754 107026964 Presbyterian College exists to provide an education in the arts and sciences within a distinctly Christian context. The purpose is set forth with the conviction that education in the liberal arts tradition can be achieved successfully only through an academic program which is characterized by excellence and through activities which contribute to growth of able minds,sound bodies, and strong moral character. The college calls for the pursuit of learning to take place in an environment of genuine intellectual freedom. With the approval of the Board of Trustees, the College will open a School of Pharmacy in the Fall of 2010. 0 0 52761616 22552859 53374445 Higher Education: Provision of undergraduate education for 1193 full time equivalent students and including room and board for 1108 students, and start-up costs related to opening a School of Pharmacy. 0 0 0 52761616 1 1 0 1 0 0 1 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 1 0 0 0 1 142 0 1 939 1 1 1 0 0 0 1 1 1 1 0 0 0 45 44 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Walter Ridgely 8648338206 503 South Broad Street Clinton SC 29325 William D Brearley 1 X 0 0 0 Jerry W Howington 1 X 0 0 0 G Daniel McCall 1 X 0 0 0 Allen C McSween 1 X 0 0 0 Donnie R Woods 1 X 0 0 0 Larry W Massey 1 X 0 0 0 Richard P Spencer 1 X 0 0 0 G Anderson Douglas Jr 1 X 0 0 0 William A Gray 1 X 0 0 0 Robert H Hopkins 1 X 0 0 0 G Richard Query 1 X 0 0 0 Mary V Suitt 1 X 0 0 0 Roland F Young 1 X 0 0 0 J McNeill Singleton 1 X 0 0 0 Thomas A Whitaker 1 X 0 0 0 Jeffrey G Reynolds 1 X 0 0 0 Alvin D Sewell 1 X 0 0 0 William B Shearer 1 X 0 0 0 E G Lassiter III 1 X 0 0 0 Mark T Nelson 1 X 0 0 0 Thomas R Parrish 1 X 0 0 0 Robert M Hicklin 1 X 0 0 0 William M Matthews 1 X 0 0 0 G Patrick Phillips 1 X 0 0 0 James W Spradley 1 X 0 0 0 Thomas L Thomason 1 X 0 0 0 Sean P Foley 1 X 0 0 0 Welton O'Neal Jr 1 X 0 0 0 Paula Harper Bethea 1 X 0 0 0 Elaine T Freeman 1 X 0 0 0 W Rutledge Galloway 1 X 0 0 0 Charles C Heyward Sr 1 X 0 0 0 Joseph E Patrick Jr 1 X 0 0 0 James H Powell 1 X 0 0 0 C Douglas Warner 1 X 0 0 0 E Lane Alderman 1 X 0 0 0 David P Berry 1 X 0 0 0 Susan F DeWyngaert 1 X 0 0 0 William D Loeble 1 X 0 0 0 Eloise F Shepherd 1 X 0 0 0 Austin A Adams 1 X 0 0 0 Thomas H Milton 1 X 0 0 0 James D Samples 1 X 0 0 0 David F Parker II 1 X 0 0 0 Susan C Reynolds 1 X 0 0 0 John V Griffith 40 X 224505 0 67711 Morris M Galloway 40 X 126068 0 20310 Robert E Staton 40 X 137838 0 9628 Robert K Holyer 40 X 131926 0 16419 Richard E Stull 40 X 207914 0 16826 William M McDonald 40 X 97140 0 15949 John T Johnson 40 X 149476 0 12075 Charles S Asbill 40 X 142313 0 13354 L Cliff Fuhrman 40 X 147736 0 8578 Laura Fox 40 X 129027 0 5162 Harold E Nichols 40 X 112186 0 7961 1606129 0 193973 14 0 1 0 Brewington Contractors 100 Sunflower Lane Clinton SC 29325 Construction 275064 McMillan Pazdan Smith LLC P O Box 100199 Columbia SC 29202 Architecture 116940 2 0 0 0 0 401694 5845585 525139 6247279 Tuition, room and board 611310 44383196 44383196 0 0 Summer Conference 532000 191947 18310 173637 0 Athletic Revenue 611310 807188 775634 31554 0 Food Service and Bookstore Commissions 721310 197118 185457 11661 0 Other Revenue 611310 698323 698323 0 0 0 0 0 0 46277772 2521303 0 134 2521169 0 0 0 0 8716 0 8716 0 47345 0 872 0 46473 0 46473 46473 0 0 31047900 0 32800875 0 -1752975 0 -1752975 -1752975 0 0 31232 0 14028 17204 17204 0 0 Standard Candy K-1 311000 -32637 0 -32637 0 Laurens County Restaurant Project LLC 722100 -437 0 -437 0 Other K-1s 900099 27719 27719 0 0 0 0 0 0 -5355 53360417 44399341 192628 2521169 0 22552859 22552859 1195327 484524 587113 123690 0 14602269 12204916 1671924 725429 955152 732255 157880 65017 2101519 1675111 318222 108186 1066669 885241 120063 61365 71292 71292 59950 59950 350 350 263970 263970 1308878 1073665 209234 25979 53301 44616 7060 1625 1847665 1613269 129028 105368 291592 171231 105610 14751 2253158 2111519 134937 6702 1531110 1461826 40159 29125 58141 30224 27061 856 891570 876996 13900 674 3026457 2828904 179166 18387 566068 360827 197061 8180 Dining Hall Charges and Food 2671124 2552904 35526 82694 Minor Equipment and Supplies 908048 685966 198667 23415 Bad Debts 182255 0 182229 26 Other Miscellaneous Expenses 322273 150793 125918 45562 58780997 52761616 4572000 1447381 0 0 4691875 4811413 5158280 3517383 692795 248204 0 0 0 0 920450 831591 51551 28925 0 0 101560077 38866385 56833043 62693692 61026450 67645753 860776 986643 1500 97473 0 0 9641705 8435514 139878425 149296591 6516536 7964792 0 0 0 0 27704757 30000000 0 0 0 0 0 0 3500000 778378 804835 34999671 42269627 X 17256907 17464812 8368539 9780988 79253308 79781164 104878754 107026964 139878425 149296591 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 1 200 0 0 1 150 1 0 0 350 0 SchC_P2B_S00_L01 Schedule C, Part II-B, Line 1 Presbyterian College, as one of twenty members of South Carolina Independent Colleges and Universities (SCICU) and in conjunction with the South Carolina Higher Education Tuition Grants Commission, participates in the Tuition Grants Awareness program sponsored by these two organizations. PC students take part in an annual letter writing campaign, sharing with their respective state legislators the benefits that tuition grants have afforded the students. These letters precede South Carolina Independent College and University Day- proclaimed each spring by the governor- when several PC students visit the state house as guests along with other students from SCICU member institutions. A reception sponsored by SCICU affords the students an opportunity to meet their legislators, and they are also recognized as special guests in both the house and senate chambers. 0 8369213 0 0 X X 0 58859154 3231627 7783731 2489344 1462695 228240 65694233 84028567 2843755 -22563862 3229583 1936877 282846 58859154 0.049 0.951 0 1 0 0 4154518 4154518 0 78941347 31884666 47056681 0 0 0 0 0 9274068 6981719 2292349 0 9190144 0 9190144 62693692 0 F 755490 F Cash Surrender Value of Life Insurance 231153 F 986643 Investment in Real Estate Held for Sale 97473 C 97473 Trust Fund Assets 4528751 Contribution Receivable from Trusts 2904969 Other Assets 1001794 8435514 0 Advances from Federal Government 799698 Other Liabilities 5137 804835 53360417 58780997 -5420580 5280024 0 0 0 2350827 7630851 2210271 38188607 5280024 0 0 -22480183 -17200159 55388766 263970 -2292319 -2028349 53360417 35978336 0 0 0 24643 24643 35953693 263970 22563334 22827304 58780997 SchD_P03_S00_L04 Schedule D, Part III, Line 4 The College's collections are made up of library books, artifacts of historical significance and art objects. These collections are held for public exhibition, education and research. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The College's endowment consists of approximately 725 individual funds established for a variety of purposes including scholarships and the support of academic and sports programs. SchD_P10_S00_L00 Schedule D, Part X The Internal Revenue has determined that the College is exempt from federal income taxes under section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3). Due to this determination, the College is also exempt from state income taxes. The College is subject to federal and state income tax on its net unrelated business income. The College adopted the provision of FASB guidance on income taxes related to the accounting for uncertainty in income taxes. This guidance clarifies accounting for uncertainty in a tax position taken or expected to be taken by an entity and hence in the income taxes recognized in financial statements. Essentially, the College would record a liability if it took a position about taxes due that was likely to be disputed and had a reasonable chance of being overruled by a taxing authority. Management believes there are no such positions as of June 30, 2010 and 2009 and accordingly, no liability has been accured. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 K-1 revenue and expenses are not reported on the College financial statements. Foundation revenue and expenses are not reported on the College's 990. They are filed as separate entities. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Financial Aid is reported as contra revenue in the financial statement. Gains from PC Foundation and PC RE Foundation are included in the financial statements, but these foundations are separate tax entities. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b K-1 losses are not reported on the financial statements. Fundraising event expenses reported as expenses on financial statement. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Tranfers from PC Foundation are included in the financial statements but not reported on the College's tax return, since the Foundation is a separate tax entity. Expenses related to fundraising events listed as offset to revenue on 990. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Financial Aid is reported as a contra revenue on the financial statements. K-1 expenses are not reported on the financial statements. 1 1 1 The College publishes in official recruiting literature the following: Presbyterian College does not discriminate against any applicant or student on the basis of race, sex, religion, national origin or handicap. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 Presbyterian College students may receive title IV aid, federal loans and/or SC tuition grant assistance. 1 East Asia and the Pacific 0 2 Program Services Travel expenses for students and faculty members as part of their educational program. 51996 Europe (including Iceland and Greenland) 0 6 Program Services Travel expenses for students and faculty going to various European destinations as part of their educational program. 122443 Central America and the Caribbean 0 3 Program Services Semester travel expenses for students and faculty members as part of their educational program. 69285 Middle East and North Africa 0 2 Program Services Travel expenses for students and faculty members as part of their educational program. 72082 Sub-Saharan Africa 0 1 Program Services Travel expenses for students and faculty as part of their educational program. 21940 0 14 337746 SchF_P01_S00_L03 Schedule F, Part I, Line 3 The College pays travel agents and travel costs for Maymesters and Semester Abroad trips. Travel costs may be paid directly to hotels, restaurants, etc in foreign countries as part of the educational trip. Scotsman Club PC Invitational Golf Tournament 23880 0 23880 0 0 0 7862 0 6166 Elliott Poss Golf Tournament 7352 0 7352 0 0 0 0 0 0 0 31232 0 31232 0 0 0 7862 0 6166 14028 17204 1 Scholarships to attend Presbyterian College 1207 22552859 0 SchI_P01_S00_L02 Schedule I, Part I, Line 2 Presbyterian College awards scholarships to its students. Scholarships are awarded by the Office of Financial Aid who is responsible for matching recipients with the eligible scholarship awards. Scholarships are reviewed annually to monitor compliance with the terms of the scholarship. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 John V Griffith 209005 0 0 0 15500 0 19550 0 48161 0 292216 0 0 Morris M Galloway 106977 0 0 0 19091 0 9466 0 10844 0 146378 0 0 0 Robert E Staton 131838 0 0 0 6000 0 7453 0 2175 0 147466 0 0 Robert K Holyer 118813 0 0 0 13113 0 8833 0 7586 0 148345 0 0 0 Richard E Stull 200340 0 0 0 7574 0 9390 0 7436 0 224740 0 0 John T Johnson 142782 0 0 0 6694 0 5744 0 6331 0 161551 0 0 0 L Cliff Fuhrman 141211 0 0 0 6525 0 5979 0 2599 0 156314 0 0 0 Charles S Asbill 135842 0 0 0 6471 0 5553 0 7801 0 155667 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The President is a minister. As part of his call in lieu of a manse, he is provided a housing allowance. Club membership is used for entertaining donors and others on College business. SchJ_P01_S00_L03 Schedule J, Part I, Line 3 The President's compensation is determined by the Executive Committee of the Board of Trustees after reviewing the end of the year evaluation. The process is part of a two day meeting in August. The salary is compared with CUPA data for a comparison set of schools. Education Facilities Authority for Private Non-Profit Institution of Higher Education 576000286 CUSIPNONE 2009-04-01 6500000 Pharmacy School building renovation 0 0 Education Facilities Authority for Private Non-Profit Institution of Higher Education 576000286 CUSIPNONE 2009-08-05 23500000 Refund $27,000,000 bond partially 0 0 6500000 0 0 0 78775 0 6421225 2010 0 0 1 1 23500000 0 23500000 0 54754 0 0 2009 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 1 SunTrust 5 0 0 0 Scholarships and Tuition Remission Children of Officers received tuition remission under standard employee policy 29178 BB&T Insurance Service Thomas R Parrish -Regional Manager Board of Trustees 454332 Premiums paid on Insurance for the College 0 X 25 387258 FMV X 1 13131 FMV X 1 56581 New-Cost X Business travel not reimbursed 6 2492 IRS standard mileage rate or cost X Supplies and location for events 5 3454 Cost X Donated supplies and equipments 2 3493 Cost X Donated professional construction 6 58730 Cost 0 0 1 0 F990_P06_S0B_L11 Form 990, Part VI, Section B, Line 11 Form 990 is made available to the Finance Committee and all Trustees for review prior to filling. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c Board of Trustees, College officers and other employees complete a Conflict of Interest Form on an annual basis. Forms are reviewed by the College President and the Executive Vice President of Finance and Administration. Board members with conflicts recuse themselves from these decisions. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The President's compensation is determined by the Executive Committee of the Board of Trustees after reviewing the end of the year evaluation. The process is part of two day meeting in August. The salary is compared with CUPA data for a comparison set of schools. Officer salaries are determined by the College President based on a mid-year and end-of-year evaluation of the satisfactory achievement of goals and objectives. CUPA data for a comparison group of schools for similar positions is considered. Officer salaries and comparative CUPA data are presented to both the Executive and Human Resource Committee of the Board. All of these decisions are documented in the agendas and records of the appropriate committee and in the personnel files. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The College's governing documents, conflicts of interest policy, and audited financial statements are available for inspection. Presbyterian College Foundation P O Box 975 Clinton SC 29325 571021640 Foundation exists to benefit Presbyterian College which provides higher education to 1194 students. SC 501(c)(3) 11-Type II N/A Presbyterian Real Estate Foundation P O Box 975 Clinton SC 29325 571021641 Foundation exists to benefit Prebyterian College which provides higher education to 1194 students. SC 501(c)(3) 11-Type II N/A Laurens County Restaurant Project LLC P O Box 299 Clinton SC 29325 010766346 Restaurant SC N/A Unrelated -433 206492 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 Presbyterian College Foundation n 0 Presbyterian Real Estate Foundation n 0 Presbyterian College Foundation h 10615