2011-02-15T12:51:37-06:00 2010-05-31 BLACKBURN CHILDERS & STEAGALL PLC 440 East Sullivan Street Kingsport TN 37660 990 2009-06-01 581363100 KING COLLEGE INC KING 4236524718 1350 KING COLLEGE ROAD BRISTOL TN 37620 JAMES P DONAHUE 4236526002 2011-02-15 1 CHAD KISNER 4232461725 2011-02-15 2009 2016-02-24 21:20:13Z JAMES P DONAHUE 1350 KING COLLEGE ROAD BRISTOL TN 37620 32625732 0 X WWW.KING.EDU X 1867 TN OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER LEARNING. 31 31 666 50 16774 0 1991409 2349024 25395923 28689568 1068138 1570366 0 16774 28455470 32625732 8699853 9914448 0 0 623292 832610 0 0 479321 21017822 20005903 30340967 30752961 -1885497 1872771 62825963 64687975 18911757 17148911 43914206 47539064 TO EDUCATE STUDENTS IN AN ACADEMICALLY RIGOROUS AND COLLEGEIATE SETTING THAT INTEGRATES CHRISTIAN FAITH, SCHOLARSHIP, SERVICE AND CAREER, LEADING TO MEANINGFUL LIVES OF ACHIEVEMENT AND CULTURAL TRANSFORMATION IN CHRIST. 0 1 24675570 9914448 28429697 OPERATION OF COLLEGE 24675570 1 1 0 0 0 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 1 1 1 0 0 0 1 0 0 0 1 55 0 1 666 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 31 31 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X LETTIE T JACKSON 4236524719 KING COLLEGE BUSINESS OFFICE 1350 BRISTOL TN 37620 M JEFFREY BYRD 1.00 X X 0 0 0 WILLIAM G ADAMS 1.00 X X 0 0 0 LOIS A CLARKE 1.00 X X 0 0 0 JAMES P DONAHUE 1.00 X X 0 0 0 DR W RICHARD BEAVER 1.00 X 0 0 0 DR WILLIAM T BRYANT 1.00 X 0 0 0 E NEAL CALDWELL 1.00 X 0 0 0 DAVID L COFFEY 1.00 X 0 0 0 DAVID A FLANIGAN JR 1.00 X 0 0 0 BEN M FRIZZELL JR 1.00 X 0 0 0 FRANK D GLASSCOCK 1.00 X 0 0 0 JEFFERSON J GREGORY 1.00 X 0 0 0 DR JON HARR 1.00 X 0 0 0 ROBERT C HART 1.00 X 0 0 0 DR WILLIAM D HEIZER 1.00 X 0 0 0 THEODORE M HUTCHESON J 1.00 X 0 0 0 SCOTT JACKSON 1.00 X 0 0 0 DR THOMAS LEWIS 1.00 X 0 0 0 DR J MILLER LISTON 1.00 X 0 0 0 ROBERT H MACLELLAN 1.00 X 0 0 0 ALDEN M MAIER 1.00 X 0 0 0 DR E PERRY MOBLEY 1.00 X 0 0 0 MARCIA PORTER 1.00 X 0 0 0 DR RICHARD A RAY 1.00 X 0 0 0 MARK D RYAN 1.00 X 0 0 0 JOHN F SHOULDERS JR 1.00 X 0 0 0 GERRY U STEPHENS 1.00 X 0 0 0 JUDY F STONE 1.00 X 0 0 0 FREDERICK B TAYLOR 1.00 X 0 0 0 JAMES F VAN DYKE 1.00 X 0 0 0 AMY B WILLIAMS 1.00 X 0 0 0 TARIQ ZAIDI 1.00 X 0 0 0 WALTER B LUMSDEN 1.00 X 0 0 0 HUGH O MACLELLAN JR 1.00 X 0 0 0 DR GREGORY D JORDAN 50.00 X X X 243433 0 13637 JAMES P DONAHUE 50.00 X X 114980 0 16478 PAUL M PERCY 50.00 X X 114775 0 15478 LEANN HUGHES 50.00 X 84925 0 16128 ROBERT A LITTLETON 50.00 X 76575 0 16103 MICAH CREWS 50.00 X 61269 0 15978 695957 0 93802 3 0 1 0 ARAMARK CORPORATION CAMPUS SVCS 1350 KING COLLEGE ROAD BRISTOL TN 37620 CAFETERIA VENDOR 1184510 KEN ROSS ARCHITECTS INC 210 EAST WATAUGA AVENUE JOHNSON CITY TN 37601 ARCHITECTURAL SERVICES 524000 ACS BENEFIT SERVICES 8025 NORTH POINT BOULEVARD SUITE 1 WINSTONSALEM NC 27106 EMPLOYEE BENEFITS ADMINISTRATOR 319916 MARKEL INSURANCE COMPANY 4600 COX ROAD GLEN ALLEN VA 23060 INSURANCE SERVICES-STUDENT 233750 JOHNSON CITY WOFFORD BROTHERS INSURANCE 806 EAST JACKSON BOULEVARD SUITE 3 JONESBOROUGH TN 37659 INSURANCE SERVICES-PROPERTY AND CASUALTY 175084 15 2349024 1124823 2349024 TUITION AND FEES 611710 25197624 25197624 AUXILIARY ENTERPRISES 611710 3232073 3232073 OTHER INCOME 611710 259871 259871 28689568 1570366 1570366 16774 16774 16774 16774 32625732 28429697 16774 1830237 9914448 9914448 832610 321645 510965 944584 623425 292821 28338 510616 510616 976598 976598 INSTRUCTION 7329012 7329012 STUDENT SERVICES 4459655 4459655 INSTITUTIONAL SUPPORT 2991050 2991050 AUXILIARY ENTERPRISES 1500730 1500730 LIBRARY 526655 526655 767003 316020 450983 30752961 24675570 5598070 479321 1566232 2039959 920396 828653 2110541 1923128 122623 122604 119833 126187 36971460 17672842 20150926 19298618 21611060 23618485 16224352 16730341 62825963 64687975 1182052 1163333 669719 197182 9700000 8900000 3123688 2926862 4236298 3961534 18911757 17148911 X 11488313 13941904 1848556 2881746 30577337 30715414 43914206 47539064 62825963 64687975 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 24122502 90739 2382941 -123715 0 0 26472467 30654515 167508 -6699521 0 0 0 24122502 0.00000 1.00000 0.00000 0 0 221575 221575 25072458 9506735 15565723 4422987 4046327 376660 7254440 4119780 3134660 19298618 GUARANTEED INVESTMENT CONTRACT 9238835 F ARTWORK 4405131 F BENEFICIAL INTEREST IN CHARITABLE LEAD ANNUITY TRUST 908643 F BENEFICIAL INTEREST IN CHARITABLE REMAINDER TRUST 1569182 F INVESTMENT IN REAL ESTATE 608550 F 16730341 OTHER LIABILITIES 426112 DEPOSITS HEALD IN CUSTODY FOR OTHERS 391528 UNREDEEMED BONDS, COUPONS 31650 CAPITAL LEASE 153069 FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 1228451 CHARITABLE GIFT ANNUITY OBLIGATIONS 63303 LIABILITY UNDER UNITRUST AGREEMENTS 634993 U.S. GOVERNMENT LOAN FUNDS REFUNDABLE 1032428 3961534 32625732 30752961 1872771 1349940 402147 1752087 3624858 24463371 1349940 402147 1752087 22711284 9914448 9914448 32625732 20838513 0 20838513 9914448 9914448 30752961 Part X: Description of Uncertain Tax Positions Under FIN 48: NOTE 19 - UNCERTAINTY IN INCOME TAXES THE COLLEGE FOLLOWS THE FASB ACCOUNTING STANDARDS CODIFICATION, WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF MAY 31, 2010, THE COLLEGE HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COLLEGE'S FINANCIAL STATEMENTS. THE COLLEGE'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE FINANCIAL STATEMENTS. HOWEVER, NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEAR ENDED MAY 31, 2010. GENERALLY, THE TAX YEARS BEFORE 2006 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. FEDERALLY FUNDED FINANCIAL AID PROGRAMS ARE SUBJECT TO SPECIAL AUDIT. SUCH AUDITS COULD RESULT IN CLAIMS AGAINST THE RESOURCES OF THE COLLEGE. NO PROVISION HAS BEEN MADE FOR ANY LIABILITIES THAT MAY ARISE FROM SUCH AUDITS SINCE THE AMOUNTS, IF ANY, CANNOT BE DETERMINED AT THIS DATE. Part XI, Line 8 - Other Adjustments: CHANGES IN INTEREST IN GIFT ANNUITIES-UNRESTRICTED: 14087. NET ADJUSTMENT IN UNITRUST ASSUMPTIONS-TEMPORARILY RESTRICTED: 302875. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS-PERMANENTLY RESTRICTED: 4206. GAIN (LOSS) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES: 80979. Part XII, Line 2d - Other Adjustments: CHANGES IN INTEREST IN GIFT ANNUITIES-UNRESTRICTED: 14087. NET ADJUSTMENT OF UNITRUST ASSUMPTIONS-TEMPORARILY RETRICTED: 302875. GAIN (LOSS) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES: 80979. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS-PERMANENTLY RESTRICTED: 4206. Part XII, Line 4b - Other Adjustments: FINANCIAL AID DISCOUNTS: 9914448. Part XIII, Line 4b - Other Adjustments: FINANCIAL AID DISCOUNTS: 9914448. 1 1 1 THE POLICY IS STATED ON ALL OF KING COLLEGE'S PRINTED MATERIALS, BROCHURES, AND ONLINE. 1 1 1 1 0 0 0 1 0 0 0 0 THERE IS ONE INSTITUTIONAL SCHOLARSHIP BASED ON RACE, WHICH IS THE MARTIN LUTHER KING SCHOLARSHIP, WHICH MUST BE AWARDED TO AN AFRICAN-AMERICAN. 1 0 KING COLLEGE RECEIVES FINANCIAL ASSSITANCE FROM TWO GOVERNMENTAL AGENCIES - THE UNITED STATES DEPARTMENT OF EDUCATION AND THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. KING COLLEGE PARTICIPATES IN THE TITLE IV STUDENT FINANCIAL AID PROGRAMS. THE COLLEGE HAS RECEIVED A RESEARCH GRANT FROM THE UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES. 1 1 CASH SCHOLARSHIPS FOR STUDENTS ATTENDING KING COLLEGE IN SULLIVAN COUNTY, TENNESSEE 1250 9914448 0 N/A N/A Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: THE COLLEGE DOES NOT GIVE ANY NON-CASH SCHOLARSHIPS. SCHOLARSHIPS ARE DISBURSED TO STUDENTS THROUGH CREDITING THEIR STUDENT ACCOUNTS. IF THE STUDENT HAS EXCESS SCHOLARSHIP FUNDS AS THE RESULT OF TITLE IV AID, THEN THESE FUNDS ARE AUTOMATICALLY DISBURSED TO THE STUDENT BY CHECK WITHIN 14 DAYS. IF THE EXCESS FUNDS ARE THE RESULT OF SOMETHING OTHER THAN TITLE IV AID, THE STUDENT MUST REQUEST A REFUND AND THESE FUNDS ARE DISBURSED TO THE STUDENT BY CHECK. THE COLLEGE'S PROCEDURES FOR MONITORING GRANT FUNDS IN THE U. S. ARE AS FOLLOWS: THE COLLEGE HAS APPOINTED DIRECTORS, WHO REPORT TO THE APPROPRIATE VICE PRESIDENTS, OVER ALL FEDERAL GRANT PROGRAMS. THESE DIRECTORS ARE CHARGED WITH PERFORMING ALL GRANT-RELATED ACTIVITIES INCLUDING APPLICATION, MONITORING OF EXPENDITURES AND REPORTING, WITH THE EXCEPTION OF DRAW-DOWNS OF FEDERAL FUNDS. DRAW-DOWNS ARE PERFORMED BY THE COLLEGE'S CONTROLLER AFTER REQUESTS ARE MADE BY THE DIRECTOR TO THE CONTROLLER. THE CONTROLLER REVIEWS THE REQUESTS FOR DRAW-DOWNS, WHICH INCLUDE DOCUMENTATION OF ALL DIRECT AND INDIRECT PROGRAM EXPENSES, BEFORE MAKING THE DRAW-DOWNS. A SINGLE AUDIT IS PERFORMED ANNUALLY BY THE COLLEGE'S INDEPENDENT AUDITORS. X 0 1 X X X X 0 0 0 0 0 0 0 0 0 DR GREGORY D JORDAN 243433 0 0 0 0 0 2063 0 11574 0 257070 0 0 0 Part I, Line 1a THE COLLEGE PAYS CLUB DUES AT THE COUNTRY CLUB OF BRISTOL AND THE OLDE FARM FOR GREGORY D. JORDAN, PRESIDENT OF THE COLLEGE. THE COLLEGE PAYS CLUB DUES AT THE COUNTRY CLUB OF BRISTOL FOR LEANN HUGHES, THE VICE-PRESIDENT FOR MARKETING/DEVELOPMENT. Part I, Line 1b NO FORMAL POLICY EXISTS. HOWEVER, INVOICES ARE REQUIRED BEFORE PAYMENTS ARE MADE. Part I, Line 4a N/A Part I, Line 5 N/A Part I, Line 6 N/A Part I, Line 7 N/A Part I, Line 8 N/A JAMES P DONAHUE VICE PRESIDENT FOR BUSINESS OPERATIONS/CFO 590993 JAMES P. DONAHUE, THE VICE PRESIDENT FOR BUSINESS OPERATIONS/CFO OF KING COLLEGE, WAS THE TREASURER OF THE ACADEMY AT KING, A PRIVATE, TUITION-BASED, CATEGORY 1 HIGH SCHOOL AND A RELATED TAX-EXEMPT ORGANIZATION, FOR PART OF THE YEAR ENDED MAY 31, 2010. DURING OCTOBER 2009, THE COLLEGE AND THE ACADEMY TOOK THE NECESSARY STEPS TO ELIMINATE THE NEED TO PRESENT CONSOLIDATED FINANCIAL STATEMENTS. THE STEPS INVOLVED WERE SEPARATING THE CONTROL OF THE ACADEMY FROM THE COLLEGE AND MAKING THE ACADEMY FINANCIALLY INDEPENDENT. FINANCIAL INDEPENDENCE WAS ACHIEVED IN THAT THE COLLEGE IS NO LONGER PROVIDING FUNDS FOR THE ACADEMY'S OPERATING EXPENSES. THE BOARD OF THE ACADEMY AT KING WAS ALSO SEPARATED FROM THE COLLEGE'S BOARD. THIS CHANGE IN PRESENTATION OF FINANCIAL STATEMENTS REQUIRED RESTATEMENT OF THE EARLIEST PERIOD PRESENTED. THIS RESULTED IN A REDUCTION OF NET ASSETS IN THE AMOUNT OF $590,993 AS OF MAY 31, 2009. DURING THE YEAR ENDED MAY 31, 2010, ALL ACCOUNTS WERE SETTLED WITH THE ACADEMY. 0 X 1 985650 OPINION OF EXPERT X 7 139173 AVG PRICE FOR DAY 0 0 0 Form 990, Part III, line 3 Changes in Program Services DURING OCTOBER, 2009, THE COLLEGE AND THE ACADEMY AT KING, A PRIVATE, TUITION-BASED, CATEGORY 1 HIGH SCHOOL, TOOK THE NECESSARY STEPS TO ELIMINATE THE NEED TO PRESENT CONSOLIDATED FINANCIAL STATEMENTS. THE STEPS INVOLVED WERE SEPARATING THE CONTROL OF THE ACADEMY FROM THE COLLEGE AND MAKING THE ACADEMY FINANCIALLY INDEPENDENT. FINANCIAL INDEPENDENCE WAS ACHIEVED IN THAT THE COLLEGE IS NO LONGER PROVIDING FUNDS FOR THE ACADEMY'S OPERATING EXPENSES. THE BOARD OF THE ACADEMY WAS ALSO SEPARATED FROM THE COLLEGE'S BOARD. DURING THE YEAR ENDED MAY 31, 2010, ALL ACCOUNTS WERE SETTLED WITH THE ACADEMY. Form 990, Part VI, Section A, line 2 LOIS A CLARKE, TRUSTEE, IS THE MOTHER OF FRANK D. GLASSCOCK, TRUSTEE. Form 990, Part VI, Section B, line 11 THE FINANCE COMMITTEE HAS THE AUTHORITY TO, AND WILL REVIEW AND APPROVE THE FORM 990 BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. Form 990, Part VI, Section B, line 12c THE CHIEF FINANCIAL OFFICER EVALUATES ALL CONTRACTS AND MAJOR TRANSACTIONS TO ENSURE POLICY IS FOLLOWED. Form 990, Part VI, Section B, line 15 THE PERSONNEL COMMITTEE OF THE BOARD OF TRUSTEES MEETS ANNUALLY TO DISCUSS AND EVALUATE THE PRESIDENT'S PERFORMANCE. THEY SET AN INCREASE IF THERE IS ONE. Form 990, Part VI, Section C, line 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 2C OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT AND FOR THE SELECTION OF AN INDEPENDENT ACCOUNTANT, AND THIS HAS NOT CHANGED FROM THE PRIOR YEAR. THE ACADEMY AT KING 5825 OLD JONESBORO ROAD BRISTOL TN 37620 364645221 OPERATION OF PRIVATE HIGH SCHOOL TN 501(c)(3) Line 2 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0