2011-04-11T09:31:16-05:00 2010-05-31 RSM McGladrey Inc 230 N Elm St Ste 1100 Greensboro NC 27401 990 2009-06-01 560547498 BELMONT ABBEY COLLEGE INC BELM 7044616814 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 WILLIAM THIERFELDER 7044616814 2011-03-30 1 Adrienne McKinney 3362724551 2009 2016-02-24 21:20:13Z WILLIAM THIERFELDER 100 BELMONT-MOUNT HOLLY ROAD BELMONT NC 28012 38271810 0 X www.belmontabbeycollege.edu X 1960 NC SEE SCHEDULE OBELMONT ABBEY COLLEGE OFFERS BACCALAUREATE LEVEL EDUCATION IN HUMANITIES, NATURAL SCIENCES, SOCIAL SCIENCES, AND PROFESSIONAL STUDIES. 33 32 555 13 -19698 -19698 3035596 3227705 27526823 30882394 -735767 7078 -32534 -19586 29794118 34097591 9789852 11664254 0 12266716 11863958 0 1020592 10058734 10436244 32115302 33964456 -2321184 133135 19934505 19898401 11247543 10047797 8686962 9850604 OUR MISSION IS TO EDUCATE STUDENTS IN THE LIBERAL ARTS AND SCIENCES SO THAT IN ALL THINGS GOD MAY BE GLORIFIED. IN THIS ENDEAVOR, WE ARE GUIDED BY THE CATHOLIC INTELLECTUAL TRADITION AND THE BENEDICTINE SPIRIT OF PRAYER AND LEARNING. EXEMPLIFYING BENEDICTINE HOSPITALITY, WE WELCOME A DIVERSE BODY OF STUDENTS AND PROVIDE THEM WITH AN EDUCATION THAT WILL ENABLE THEM TO LEAD LIVES OF INTEGRITY, TO SUCCEED PROFESSIONALLY, TO BECOME RESPONSIBLE CITIZENS, AND TO BE A BLESSING TO THEMSELVES AND TO OTHERS. 0 0 27319939 11664254 30882394 Academic - Belmont Abbey College offers 17 Bachelor of Arts and 6 Bachelor of Sciences programs in the Humanities, Natural Sciences and Professional Studies. During the 2009-2010 academic year the College enrolled 1,638 students with 305 graduating in May 2010. 27319939 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 1 0 0 1 1 1 1 0 0 0 1 0 0 0 1 87 0 1 555 1 1 1 0 0 0 0 1 1 0 0 0 1 1 33 32 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 0 0 X Wayne Scroggins 7044616717 100 Belmont-mt holly rd belmont NC 28012 WILLIAM K THIERFELDER 60.00 X X 247780 0 37762 wayne J scroggins 60.00 X 145865 0 35303 kenneth davison 50.00 X 129308 0 27386 Anne Daly 50.00 X 145895 0 11170 lucas c lamadrid 50.00 X 123439 0 23819 marcia makl 40.00 X 103162 0 11434 RITA LEWIS 40.00 X 43390 0 7542 Paul J Polking 3.00 X 0 0 0 Rt REV PLACID D SOLARI 3.00 X 0 0 0 rev msgr mauricio west 1.00 X 0 0 0 richard hoefling 3.00 X X 0 0 0 Very REV DAVID BROWN 1.00 X 0 0 0 Rt Rev Oscar Burnett 1.00 X 0 0 0 JOHN m CHURCH 1.00 X 0 0 0 sr pauline m clifford 1.00 X 0 0 0 sharon l folk 1.00 X 0 0 0 Robert W Dineen 1.00 X 0 0 0 Rev Francis Forster 1.00 X 0 0 0 ROBERT M GALLAGHER 3.00 X 0 0 0 ROBERT HEALY 1.00 X 0 0 0 Paul L Herndon 1.00 X 0 0 0 Raymond Jones 3.00 X 0 0 0 Kevin T Kennelly 3.00 X 0 0 0 Rev Joseph W Koterski SJ 1.00 X 0 0 0 BARBARA LAUGHLIN 3.00 X 0 0 0 Hans Lengers 1.00 X 0 0 0 br james a liguori 3.00 X 0 0 0 Dr charles j meakin iii 1.00 X 0 0 0 REGINA MOODY 1.00 X 0 0 0 robert g morgan 1.00 X 0 0 0 MICHAEL MULVANEY 1.00 X 0 0 0 DR J PATRICK O'LEARY 1.00 X 0 0 0 charles a pol 1.00 X 0 0 0 Jerry Schmitt 3.00 X 0 0 0 MICHAEL SNYDER 3.00 X 0 0 0 Dr kevin j soden 1.00 X 0 0 0 D Harding Stowe 1.00 X 0 0 0 Br Anthony Swofford OSB 1.00 X 0 0 0 Peter Tonon 1.00 X 0 0 0 joseph a tronco 3.00 X 0 0 0 HOWARD WHEELER JR 3.00 X 0 0 0 938839 0 154416 6 0 1 0 chartwells dining services PO Box 91337 Chicago IL 60693 Food Services 1632308 WFF management services P O BOX 958204 st louis MO 63195 maintenance management 1045904 Imagemark Business Services Inc P O BOX 3386 Hickory NC 28603 Marketing and Printing 354312 Southern Benedictine Society 100 Belmont Mt Holly Road Belmont NC 28012 TEACHING OR ADMINISTRATORS 234590 North American Lawn & Landscape 4200 Performance Road CHARLOTTE NC 28214 Landscape Services 207041 28 1483376 1744329 96091 3227705 Tuition AND FEES 611710 24136639 24136639 AUXILIARY SERVICES 611710 6243519 6243519 Misc. Program 611710 502236 502236 30882394 184697 184697 112 112 3905252 4082871 -177619 -177619 -177619 71650 91348 -19698 -19698 34097591 30882394 -19698 7190 11664254 11664254 927727 283527 460064 184136 9186037 6604663 2112856 468518 73352 52739 16872 3741 956240 687527 219942 48771 720602 518105 165744 36753 105048 105048 3915450 2855562 1007458 52430 245603 118137 122860 4606 404334 384077 20238 19 655984 584482 59695 11807 490194 419928 44042 26224 89526 67523 21753 250 527090 285614 241476 550190 493764 47108 9318 393430 37340 356090 STUDENT SERVICES 966026 795277 110212 60537 RENTAL EXPENSES 365812 365812 PRINTING 316394 88017 195876 32501 equipment rental 268671 90051 176675 1945 Entertainment 193122 133042 24138 35942 949370 790498 115778 43094 33964456 27319939 5623925 1020592 30751 30207 4455604 4099408 147919 107000 570045 755148 27951 22449 35534 36227 47249 320646 11941761 4865445 6885595 7076316 5649641 5261168 189160 239758 1895056 1950074 19934505 19898401 1303689 1167213 44153 44153 2425000 2210000 1438000 5579237 3815140 1895464 1373291 11247543 10047797 X -3207375 -449562 1988251 1640694 9906086 8659472 8686962 9850604 19934505 19898401 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7055374 81086 778816 89700 159300 7666276 8550457 59600 -1473667 81016 7055374 0.00000 0.88000 0.12000 0 0 7993367 2750834 5242533 515032 61269 453763 3131888 2053342 1078546 301474 301474 7076316 CONTRIBUTIONS REC. FROM TRUST 29267 BENEFICIAL INTEREST IN TRUST 1877124 DEFERRED LOAN COST 43683 1950074 STUDENT DEPOSITS 855921 Other liabilities 516448 Accrued Pension Liability 922 1373291 34097591 33964456 133135 942367 88140 1030507 1163642 25193409 942367 1648217 179488 2770072 22423337 11674254 11674254 34097591 24039767 1648217 91348 1739565 22300202 11664254 11664254 33964456 Part V, Line 4: Description of Intended Use of Endowment Funds: SCHOLARSHIPS AND SPECIFIC DEPARTMENTAL ACTIVITIES. Part V, Endowment Funds The past year's figures represent a restatement due to changes between net asset classifications. The Uniform Management of Institutional Funds Act (UMIFA) was repealed and replaced by the Uniform Prudent Management of Institutional Funds Act (UPMIFA) in North Carolina. In connection with the issuance of the new legislation, Belmont Abbey reviewed all endowment funds for proper classification. The college determined that several gifts were improperly classified as permanently restricted endowment funds. PART XI, LN 8, OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENT: 87,540 CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE: 600 PART XII, LN 2D, OTHER ADJUSTMENTS: CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE: 600 UBIT Expenses: 91,348 CHANGE IN SPLIT INTEREST AGREEMENTS: 87,540 PART XII, LN 4B: OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIPS: 11,664,254 DEBT FORGIVENESS: 10,000 PART XIII, LN 2D, OTHER ADJUSTMENTS: UBIT EXPENSES: 91,348 PART XIII, LN 4B, OTHER ADUSTMENTS: GRANTS AND SCHOLARSHIPS: 11,664,254 1 1 1 See Schedule o. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 BELMONT ABBEY COLLEGE STUDENTS RECEIVE A VARIETY OF FEDERAL AND STATE GRANTS AND LOANS, INCLUDING PELL GRANTS, SUPPLEMENTAL EDUCATIONS OPPORTUNITY GRANTS, NC LEGISLATIVE TUITION GRANTS, AND NC STUDENT INCENTIVE GRANTS. 1 1 SCHOLARSHIPS AND FELLOWSHIPS TO STUDENTS 888 11664254 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: The org. utilizes various databases to store & monitor all data pertaining to the awarding and disbursement of grants received in the U.S. All grants received are properly applied as payments toward students' accounts appropriately. All participating granting organizations have compliance requirements that are adhered to & audited annually in accordance with the Office of Mgt. and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. As such, the org. presents schedules of Expenditures of Federal and State Awards summarizing all expenditures using the accrual basis of accounting. X 1 1 X X X 0 0 0 0 0 0 0 0 0 WILLIAM K THIERFELDER 189730 0 0 0 58050 0 1326 0 36436 0 285542 0 0 0 wayne J scroggins 144342 0 0 0 1523 0 5861 0 29442 0 181168 0 0 0 kenneth davison 128703 0 0 0 605 0 5523 0 21863 0 156694 0 0 0 Anne Daly 144786 0 0 0 1109 0 5718 0 5452 0 157065 0 0 0 Sth Benedictine X 1438000 1438000 0 1 1 SOCIETY X 0 1 1 1438000 Kathryn S Gallagher Relative of Trustee 25711 Relative of a trustee employed by BAC from June 2009 through February 2010 0 Douglas Ehmann Former Board Member 207041 Landscaping 0 X 1 100 market value X 1880 Market Value X 134 market value X 1 50000 Appraisal X 1 61 market value X Framing 1 250 MARKET VALUE X Painting 1 300 MARKET VALUE X FORGIVE DEBT 1 10000 FACE VALUE OF DEBT X Furniture 7 8854 Market VALUE X Sport Equipment 1 5285 mARKET VALUE X Subscription 1 50 marKET VALUE X Mower 1 2500 mARKET VALUE X Signs 2 426 mARKET VALUE X Renovations 1 3650 mARKET VALUE X RFTM Registration 1 120 mARKET VALUE X Statue 1 10000 mARKET VALUE X Videos 2 160 market VALUE X Marketing 1 1500 mARKET VALUE X Construction materials 1 2758 mARKET VALUE X Construction Services 1 500 mARKET VALUE X Bball poster 1 114 maRKET VALUE X Counseling Service 1 500 marKET VALUE 0 1 1 Third Party Use: Part I, Line 32b: Stocks are sold automatically by the organization's broker who receives the shares. For the real estate contribution, the organization hired an unrelated third party realtor to list and sell the property. Form 990, Part VI, Section A, line 2 HOEFLING AND POLKING-FAMILY RELATIONSHIP GALLAGHER, HOEFLING, THIEFELDER, KENNELLY, WEST-COMMON BUSINESS RELATIONSHIP Form 990, Part VI, Section A, line 6 The Members of Belmont Abbey College, Inc. (BAC) are the Chapter of Belmont Abbey. In accordance with its rules and procedures, the business and affairs of the College shall be managed by the Board of Trustees or by such committees as the Board may establish pursuant to the By-laws and the Charter of the college. The board of trustees of the college shall consist of not less than twenty (20) nor more than forty (40) trustees. The members of the College shall be entitled to a minimum representation on the board of trustees of seven (7) members, one (1) of whom shall be the Abbot of Belmont Abbey, the Chancellor ex-officio of the College. Such representation shall be limited to a maximum of twenty-five percent (25%) of the total Board of Trustees that may be serving from time to time provided the minimum representation of seven (7) members is always observed. Form 990, Part VI, Section A, line 7a The Members of BAC have the authority to elect or remove trustees as outlined in the articles of incorporation and amendments. Form 990, Part VI, Section A, line 7b The Members of BAC have reserved certain powers in the Articles of Incorporation or amendments thereto as follows: To lease, sell, mortgage, or encumber real estate owned by BAC; To merge, affiliate, liquidate, or dissolve BAC; To amend the Articles of Incorporation of BAC; and To terminate the existence of BAC pursuant to the non-profit laws of NC. Further, the Members shall approve in writing the following actions of the Board of Trustees of BAC: The election and/or removal of Trustees; Any amendment by the by-laws of BAC; The appointment of the President of BAC; and The adoption of any capital budget or the adoption of any budget reflecting operating deficits of BAC. Form 990, Part VI, Section B, line 11 The Finance Committee reviewed the draft 990 in detail. Based on this review they approved and sent the 990 to the full Board of Trustees with their recommendation to file. (A copy of the 990 was sent to each trustee to review in advance of the Board meeting.) The Board accepted the Finance Committee's recommendation Form 990, Part VI, Section B, line 12c All employees are required to disclose any conflicts of interest annually with their employment contract. Board members are required to file a report annually which discloses any interests that could give rise to conflicts. Form 990, Part VI, Section B, line 15a The terms and conditions of each amendment to the President's employment agreement are presented to the Board of Trustees' Executive Committee for discussion, comment and approval. Peer institution compensation data is provided for consideration as part of the approval process. Life Insurance benefits, if any proposed, would also be reviewed and approved by the Executive Committee. Form 990, Part VI, Section C, line 19 THE ORGANIZATION WILL MAKE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. Form 990, Schedule E, Ln 3: Organization PUBLISHED THE FOLLOWING STATEMENT IN ITS ADMISSION MATERIALS, APPLICATION, AND NEWS advertisement: "ADMISSION GRANTED TO QUALIFIED APPLICANTS without regard to RACE, SEX, AGE, CREED, HANDICAP, OR NATIONAL or ethnic origin." Southern Benedictine Society of North Carolina 100 Belmont-Mount Holly Road Belmont NC 28012 560530237 Religious Community NC 501(c)(3) Line 1 N/A 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 Southern Benedictine Society J 1645167 Southern Benedictine Society O 171957 Southern Benedictine Society P 89919