2011-11-09T19:12:23-06:00 2011-06-30 BLACKBURN CHILDERS & STEAGALL PLC 801B SUNSET DRIVE JOHNSON CITY TN 376043033 990 2010-07-01 561065978 MID-ATLANTIC CHRISTIAN UNIVERSITY MID- 2523342007 715 NORTH POINDEXTER STREET ELIZABETH CITY NC 27909 KURTIS L KIGHT 2523342007 2011-11-09 1 THOMAS S GREER 4232824511 2011-11-05 2010 2016-03-07 17:11:31Z KURTIS L KIGHT 715 NORTH POINDEXTER STREET ELIZABETH CITY NC 27909 3427453 0 X WWW.MACUNIVERSITY.EDU X 1948 NC MID-ATLANTIC CHRISTIAN UNIVERSITY IS AN UNDERGRADUATE INSTITUTION OF CHRISTIAN HIGHER EDUCATION WHOSE MISSION IS TO IMPACT THE WORLD BY TRANSFORMING ORDINARY PEOPLE INTO EXTRAORDINARY CHRISTIAN LEADERS. 15 14 118 8 0 0 1490810 1192402 2190886 2228629 3459 6422 0 0 3685155 3427453 383953 433872 0 0 384548 408316 0 0 135379 3012400 2925380 3780901 3767568 -95746 -340115 4096097 3892565 1156171 1269651 2939926 2622914 MID-ATLANTIC CHRISTIAN UNIVERSITY IS AN UNDERGRADUATE INSTITUTION OF CHRISTIAN HIGHER EDUCATION WHOSE MISSION IS TO IMPACT THE WORLD BY TRANSFORMING ORDINARY PEOPLE INTO EXTRAORDINARY CHRISTIAN LEADERS. 0 0 1906525 433872 1362000 OPERATION OF UNIVERSITY GRANTING BOTH TWO AND FOUR YEAR DEGREES. 1906525 1 1 0 0 0 0 0 0 1 1 0 0 1 1 1 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 232 0 1 118 1 0 0 0 0 0 0 0 0 0 0 X 15 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X KURTIS L KIGHT VICE PRESIDENT FOR FINANCE 2523342007 715 NORTH POINDEXTER STREET ELIZABETH CITY NC 27909 GENE M LANGLEY 2.00 X X 0 0 0 WYETT H COLCLASURE II 2.00 X X 0 0 0 DENISE M MOULDEN 2.00 X X 0 0 0 CAPRICE J HAIRSTON 2.00 X X 0 0 0 BENJAMIN H ALLEN 2.00 X 0 0 0 JAMES A BENNETT 2.00 X 0 0 0 DARRELL M BLACKWELL 2.00 X 0 0 0 LARRY D COOPER 2.00 X 0 0 0 GREGORY D HAND 2.00 X 0 0 0 PETER L KUNKLE 2.00 X 0 0 0 WILLIAM C MCCRACKEN 2.00 X 0 0 0 CURT W NORDHIELM 2.00 X 0 0 0 M LUSETTA SLAGLE 2.00 X 0 0 0 W KEITH TANKARD 2.00 X 0 0 0 CHRISTOPHER A HUX 2.00 X 0 0 0 WAYNE MURPHY 2.00 X 0 0 0 D CLAY PERKINS 40.00 X 59279 0 9502 KURTIS L KIGHT 40.00 X 32952 0 4728 KEVIN W LARSEN 40.00 X 48709 0 9244 KENDALL S GREENE 40.00 X 19214 0 9138 WILLIAM K WOOD 40.00 X 32887 0 9149 193041 0 41761 0 0 0 0 THOMPSON HOSPITALITY 1704 WEEKSVILLE ROAD ELIZABETH CITY NC 27909 FOOD SERVICE PROVIDER 320027 AULTRA ADMINISTRATVE GROUP P O BOX 6910 CANTON OH 447060910 HEALTH INSURANCE PREMIUMS 131618 AULTRA ADMINISTRATVE GROUP P O BOX 6910 CANTON OH 447060910 HEALTH LIABILITY/CLAIMS 129053 4 84700 1107702 1192402 TUITION AND FEES 611710 1362000 1362000 AUXILIARY ENTERPRISES 611710 790104 790104 OTHER INCOME 611710 76525 76525 2228629 6422 6422 3427453 1362000 0 873051 71518 71518 362354 362354 408316 146609 189153 72554 81029 25632 55397 45730 45730 244364 77299 167065 AUXILIARY ENTERPRISES 749514 749514 INSTRUCTION 593324 593324 INSTITUTIONAL SUPPORT 581630 518805 62825 STUDENT SERVICES 455639 455639 ACADEMIC SUPPORT 174150 174150 3767568 1906525 1725664 135379 14037 10426 152515 194606 70148 39407 8090857 4915038 3351915 3175819 142750 113222 364732 359085 4096097 3892565 110699 150671 21733 22700 981101 1072742 40000 20000 2638 3538 1156171 1269651 X 2510400 2205062 427526 415852 2000 2000 2939926 2622914 4096097 3892565 X -340115 23102 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2305812 181157 174159 -84700 0 0 2576428 2044893 114065 232306 -85452 0 0 2305812 2396828 66789 -272122 -146602 0 0 2044893 0.00000 0.99650 0.00350 0 0 181108 181108 6277802 3370211 2907591 1631947 1544827 87120 3175819 OTHER ASSETS 46820 CASH SURRENDER VALUE OF LIFE INSURANCE 47638 BENEFICIAL INTEREST IN CHARITABLE LEAD TRUST 264627 359085 OTHER 3538 3538 3427453 3767568 -340115 23102 23102 -317013 3384327 23102 296126 319228 3065099 362354 362354 3427453 3502241 97027 97027 3405214 362354 362354 3767568 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE PERMANENTLY RESTRICTED NET ASSETS ("ENDOWMENTS") ARE COMPOSED OF FUNDS RESTRICTED FOR SCHOLARSHIPS, FACULTY SCHOLARSHIPS, MISSIONS AND GENERAL USE. THE ENDOWMENTS REPRESENT FUNDS RECEIVED WITH DONOR IMPOSED STIPULATIONS THAT THEY BE MAINTAINED IN PERPETUITY BY THE UNIVERSITY. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: NOTE 15 - UNCERTAIN TAXES THE UNIVERSITY FOLLOWS FASB ASC, WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF JUNE 30, 2011, THE UNIVERSITY HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE UNIVERSITY'S CONSOLIDATED FINANCIAL STATEMENTS. THE UNIVERSITY'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IN THE CONSOLIDATED FINANCIAL STATEMENTS. NO INTEREST OR PENALTIES WERE RECORDED DURING THE YEAR ENDED JUNE 30, 2011. GENERALLY, THE TAX YEARS BEFORE 2006 ARE NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAXING AUTHORITIES. PART XII, LINE 2D - OTHER ADJUSTMENTS: REVENUE OF MID-ATLANTIC CHRISTIAN UNIVERSITY FOUNDATION, INC. 296,126. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 362,354. PART XIII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES OF MID-ATLANTIC CHRISTIAN UNIVERSITY FOUNDATION, INC. 97,027. PART XIII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS OFFSETTING STUDENT TUITION AND FEES 362,354. 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 THE POLICY IS PUBLISHED IN THE UNIVERSITY CATALOG, NEWSLETTERS, THE MID-ATLANTIC CHRISTIAN UNIVERSITY WEBSITE, ADMISSIONS, STUDENT APPLICATIONS, EMPLOYMENT APPLICATIONS, AND SOLICITATIONS. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 MID-ATLANTIC CHRISTIAN UNIVERSITY PARTICIPATES IN THE TITLE IV STUDENT FINANCIAL AID PROGRAMS OF THE UNITED STATES DEPARTMENT OF EDUCATION. THE UNIVERSITY ALSO RECEIVES ASSISTANCE FROM THE NORTH CAROLINA STATE LOTTERY. 1 MID-ATLANTIC CHRISTIAN UNIVERISTY FOUNDATION INC 715 NORTH POINDEXTER STREET ELIZABETH CITY NC 27909 561467140 501(C)(3) 71518 0 N/A TRANSFERS FOR ENDOWMENT LOSSES CASH SCHOLARSHIPS FOR STUDENTS ATTENDING MID-ATLANTIC CHRISTIAN UNIVERSITY IN PASQUOTANK COUNTY, NORTH CAROLINA 155 362354 0 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE UNIVERSITY 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 FOURTEEN 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 UNIVERSITY'S PROCEDURES FOR MONITORING GRANT FUNDS IN THE U.S. ARE AS FOLLOWS: THE UNIVERSITY 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 UNIVERSITY'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 UNIVERSITY'S INDEPENDENT AUDITORS. FORM 990, PART VI, SECTION B, LINE 11 BEFORE THE FORM 990 IS FILED WITH THE INTERNAL REVENUE SERVICE, A COPY OF THE TAX RETURN IS EMAILED TO THE BOARD OF TRUSTEES AND THERE IS A DETAILED DISCUSSION OF THE TAX RETURN WITH THE FINANCE AND AUDIT COMMITTEES. FORM 990, PART VI, SECTION B, LINE 12C THIS IS REVIEWED ANNUALLY AT THE MEETING OF THE FINANCE COMMITTEE AND OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE POLICY ON THE PROCESS FOR DETERMINING COMPENSATION OF ANY EMPLOYEE MAKING OVER $100,000 OR THE HIGHEST PAID EMPLOYEE APPROACHING THAT AMOUNT, APPLIES TO THE COMPENSATION OF THE FOLLOWING PERSON(S) EMPLOYED BY MID-ATLANTIC CHRISTIAN UNIVERSITY: THE CHIEF EMPLOYED EXECUTIVE. AS OF THIS TIME, THERE ARE NO OTHER OFFICERS OR KEY EMPLOYEES RECEIVING COMPENSATION AT THAT LEVEL. THE PROCESS INCLUDES ALL OF THESE ELEMENTS: 1. REVIEW AND APPROVAL. THE COMPENSATION OF THE PERSON(S) IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES OR EXECUTIVE COMMITTEE OF THE UNIVERSITY, PROVIDED THAT PERSONS WITH CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT AT ISSUE ARE NOT INVOLVED IN THIS REVIEW AND APPROVAL. 2. USE OF DATA AS TO COMPARABLE COMPENSATION. THE COMPENSATION OF THE PERSON(S) IS REVIEWED AND APPROVED USING DATA AS TO COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. 3. CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING. THERE IS CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING WITH RESPECT TO THE DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. THIS IS ACCOMPLISHED BY HAVING THE PUBLIC CONTACT THE CHIEF FINANCIAL OFFICER. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 23,102. OVERSIGHT OF THE AUDIT AND SELECTION OF AN INDEPENDENT ACCOUNTANT FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING THE FINANCE COMMITTEE AND THE AUDIT COMMITTEE ASUME RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT, AND THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. MID-ATLANTIC CHRISTIAN UNIVERSITY FOUNDATION INC 715 NORTH POINDEXTER STREET ELIZABETH CITY NC 27909 561467140 MAKING GRANTS TO MID-ATLANTIC CHRISTIAN UNIVERSITY FOR SCHOLARSHIP FUNDING NC 501(C)(3) LINE 7 N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 THE MACU FOUNDATION GAVE THE C 84700 CASH PAID UNIVERSITY GRANTS FOR FUNDING STUDENT AND FACULTY SCHOLARSHIPS AND FOR INSTITUIONAL OPERATIONS (GENERAL FUND LIBRARY ETC)