2011-04-14T16:25:08-05:00 2010-05-31 BAKER TILLY VIRCHOW KRAUSE LLP 115 South 84th Street Suite 400 Milwaukee WI 53214 990 2009-06-01 390808497 Beloit College BELO 6083632205 700 College St Beloit WI 53511 John M Nicholas 6083632205 2011-04-13 1 Troy E Marine CPA 4147775500 2011-04-13 2009 2016-02-24 21:20:13Z Dr H Scott Bierman 700 College St Beloit WI 53511 140217720 0 X www.beloit.edu X 1846 WI SEE SCHEDULE O 24 24 1785 50 135290 0 13224283 17087941 48429930 51512305 -3104023 377416 845240 583378 59395430 69561040 19003386 21057899 0 27375154 26238861 37961 0 1487672 22207229 20491790 68623730 67788550 -9228300 1772490 198260113 215529799 75306892 76147477 122953221 139382322 See Schedule O 0 0 59510585 21057899 51512305 In the 2009-2010 academic year Beloit College served 1,446 students from 40 countries, 49 states and the District of Columbia. These services were offered in three separate educational sessions in the Fall, Spring and Summer. Educational activities occurred domestically both on and off the central campus and also occurred overseas through study abroad programs. 313 students graduated during the year and approximately 1,250 students receive financial assistance from Beloit College. 59510585 1 1 0 0 1 0 1 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 147 0 1 1785 1 1 1 0 0 0 0 1 1 0 0 0 24 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 X Rick Lemke 6083632205 700 College Street Beloit WI 53511 Dr H Scott Bierman 40.00 X X 266250 0 49586 Mr Gene Banucci 1.00 X 0 0 0 Mr Oscar E Cardona 1.00 X 0 0 0 Mr Donald Carson 1.00 X 0 0 0 Mr Richard Clayton 1.00 X 0 0 0 Mr Steven Cohen 1.00 X 0 0 0 Mr John Hailer 1.00 X 0 0 0 Mr Phee Boon Kang 1.00 X 0 0 0 Mr Stephen H Mahle 1.00 X 0 0 0 Mr Harold F Mayer 1.00 X 0 0 0 Ms Judith Miller 1.00 X 0 0 0 Mr Thomas Oneill 1.00 X 0 0 0 Mr James Packard 1.00 X 0 0 0 Mr Shams Rashid 1.00 X 0 0 0 Ms Barbara Reynolds 1.00 X 0 0 0 Ms Margaret Robinson 1.00 X 0 0 0 Mr Jack Rozran 1.00 X 0 0 0 Mr James Sanger 1.00 X 0 0 0 Mr Robert Shaw 1.00 X 0 0 0 Mr Thomas Walcott 1.00 X 0 0 0 Ms Nina Weissberg 1.00 X 0 0 0 Mr J Don Wyatt 1.00 X 0 0 0 Mr Eugene Zeltmann 1.00 X 0 0 0 Dr Arthur Elman 1.00 X 0 0 0 Mr Michael Koss 1.00 X 0 0 0 Dr Ann Davies 40.00 X 135311 0 18382 Ms Nancy Benedict 40.00 X 140862 0 14655 Mr John Nicholas 40.00 X 171692 0 26243 Mr Bill Flanagan 40.00 X 112055 0 11536 Ms Connie Truesdale 40.00 X 63945 0 15193 Mr John B Spencer 40.00 X 114295 0 16333 Mr Jerry Gustafson 40.00 X 120826 0 19253 Mr John Jungck 40.00 X 112775 0 19888 Ms Susan Cleverson 40.00 X 103500 0 19220 Dr Lynn Franken 40.00 X 112550 0 14572 Mr Dick Niemiec 40.00 X 24333 0 1279 Mr Frank McGovern 40.00 X 106287 0 9384 1584681 0 235524 11 1 1 0 Humana Inc 1100 Employers Blvd Green Bay WI 54344 Insurance Admin 526126 Bank of New York Mellon One Wall Street New York NY 10286 Financial Services 254244 Associated Colleges of the Midwest 205 W Wacker Drive Suite 200 Chicago IL 60606 Educational Services 209340 Corporate Contractors 655 Third St Suite 300 Beloit WI 53511 Construction 198689 Klobucar Construction 3140 East County Road S Beloit WI 53511 Construction 139665 7 7055 1789715 15291171 1250230 17087941 TUITION & FEES 812900 43374449 43374449 ROOM, BOARD & OTHER 812900 8137856 8137856 51512305 1467327 1467327 4810 4810 3991 3991 20637 20637 20637 20637 69195306 356531 70141310 505248 -946004 -148717 -1094721 -1094721 7758 7055 10122 -2364 -2364 MISCELLANEOUS INCOME 900099 446461 446461 CONFERENCES 721000 114653 114653 561114 69561040 51512305 135290 825504 19970875 19970875 1087024 1087024 1063305 380013 536888 146404 18879550 15655576 2459303 764671 1412746 1122647 225295 64804 3545602 2848218 620808 76576 1337658 1075083 201715 60860 111583 26865 81028 3690 133400 133400 502289 502289 7389153 6118476 1018951 251726 24633 11823 12810 1547567 1291581 229044 26942 12270 12270 1478823 1406068 72755 1028162 896858 80914 50390 328688 296384 24038 8266 2800440 2800440 3284074 2988686 295388 313777 11334 269100 33343 Student Meal Costs 1027090 1027090 Library Collections 442836 442836 Miscellaneous Other 67005 40438 26567 67788550 59510585 6790293 1487672 489788 477511 23476937 21345839 11740197 14695298 2770495 26561349 7943990 8207939 46012 64801 293759 131929 120176600 47036988 74382898 73139612 72063168 65756235 776089 800952 4276780 4348334 198260113 215529799 6027025 4711943 154268 453276 56005000 58640000 200000 12920599 12342258 75306892 76147477 X 39180746 41856372 13956702 26263299 69815773 71262651 122953221 139382322 198260113 215529799 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 500000 29 508440 0 0 722579 X X X 0 89083136 6038079 12660647 1345392 3493964 102942506 124956518 7156062 -33237676 1471230 8320538 89083136 0.34730 0.65160 0.00110 0 0 1397634 1397634 99892476 36644352 63248124 75744 75744 0 8887036 7067232 1819804 9923710 3249660 6674050 73139612 STUDENT DEPOSITS 443181 FUNDS HELD FOR OTHERS 728294 REFUNDABLE LOAN FUNDS 2554424 ANNUITIES PAYABLE 3033890 DERIVATIVE LIABILITY 5582469 12342258 69561040 67788550 1772490 13022015 -27338 1661934 14656611 16429101 60802262 13022015 -21288626 -8266611 69068873 502289 -10122 492167 69561040 46238483 10122 10122 46228361 502289 21057900 21560189 67788550 Part III, Line 4: The college maintains an anthropological museum and an art museum. The collections are displayed for public viewing. However, space limitations require that only portions of the collection are displayed at a given time. The collections and their preservation are used in the classroom setting for instructional purposes in areas of study such as anthropology, art and museum studies. Part V, Line 4: Description of Intended Use of Endowment Funds: The purpose of the college's endowment fund is to provide a continuous source of funding to support the mission of the institution. Endowment fund expenditures provide funding for scholarships, faculty salaries, library resources, and other program activities. Part XI, Line 8 - Other Adjustments: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS: 513264. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS: 207451. Other Adjustments due to Bad Debts: 951441. SPECIAL EVENTS EXPENSE: -10222. Part XII, Line 2d - Other Adjustments: STUDENT FINANCIAL AID: -21057900. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS: 513264. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS: 207451. Other Adjustments due to Bad Debts: -951441. Part XII, Line 4b - Other Adjustments: SPECIAL EVENTS EXPENSE: -10122. Part XIII, Line 2d - Other Adjustments: SPECIAL EVENTS EXPENSE: 10122. Part XIII, Line 4b - Other Adjustments: STUDENT FINANCIAL AID: 21057900. SCHEDULE D, PART X: ORGANIZATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS UNDER FIN 48 IN ACCORDANCE WITH THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, THE COLLEGE ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE COLLEGE MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERIT OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE COLLEGE AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME. THERE WERE NO SIGNIFICANT UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES DURING FISCAL YEAR 2010. OPEN TAX YEARS SUBJECT TO EXAMINATION BY THE U.S. TAXING AUTHORITIES ARE FOR THE YEARS 2007 TO 2010, WHICH STATUTES EXPIRE IN 2010 TO 2012, RESPECTIVELY. OPEN TAX YEARS SUBJECT TO EXAMINATION BY THE STATE TAXING AUTHORITIES ARE FOR THE YEARS 2006 TO 2010, WHICH STATUTES EXPIRE IN 2010 TO 2013, RESPECTIVELY. 1 1 1 Beloit college is a four year private liberal arts institution that draws students not only nation wide but world wide. Materials used in promotional activities and recruiting efforts include statements that Beloit college does not discriminate against students, applicants for admission, applicants for financial assistance, applicants for employment, or employees on the basis of sex, race, color, religion, national origin, ancestry, age, sexual orientation, or physical or mental disabilities unrelated to institutional jobs, programs, or activities. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 BELOIT COLLEGE DID RECEIVE FEDERAL FUNDS, WHICH WERE USED FOR STUDENT PROGRAMS/ENTITLEMENTS SUCH AS PELL GRANTS, SEOG GRANTS, AND WORKSTUDY PROGRAMS. 1 1 South America 0 Abroad Student Support Program Services South America 2 Student Research Program Services 15522 Europe 0 Educational Services Program Services 125534 Russia/Independent States 1 Abroad Student Support Program Services 3000 Sub-Saharan Africa 0 Educational Services Program Services 34460 Middle East and North Africa 0 Educational Services Program Services East Asia and the Pacific 0 Educational Services Program Services 53265 0 3 231781 South America 17 140655 SEE PART VI Europe/ Iceland/ Greenland 57 507359 SEE PART VI Russia 3 18650 SEE PART VI Sub-Saharan Africa 7 63801 SEE PART VI Middle East / North Africa 2 10250 SEE PART VI East Asia / Pacific 28 264454 SEE PART VI South Asia 5 45118 SEE PART VI Cent. America / Caribbean 5 36737 SEE PART VI Procedure for Monitoring Grants Outside the U.S.: Schedule F, Part I, Line 2: Grant funds awarded in the form of student financial assistance is credited to their tuition account to assist in covering the cost of tuition. In cases where funds are spent away from campus, appropriate documentation is required to be submitted and approved to substantiate the expense. 1 Student Financial Assistance 1250 19970875 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: Grants are awarded in the form financial assistance towards the payment of tuition and fees in which case the grant amounts are applied directly to the student's account. Other grants are awarded for various reasons to students, faculty and staff for educational or work related activities. In these cases expense verification is required in the form of receipts and other appropriate documentation. X X X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Dr H Scott Bierman 266250 0 0 0 0 0 26125 0 23461 0 315836 0 0 0 Dr Ann Davies 135311 0 0 0 0 0 13469 0 4913 0 153693 0 0 0 Ms Nancy Benedict 140862 0 0 0 0 0 14086 0 569 0 155517 0 0 0 Mr John Nicholas 156492 0 0 0 15200 0 15649 0 10594 0 197935 0 0 0 Mr Dick Niemiec 24333 0 0 0 0 0 0 0 1279 0 25612 0 0 0 Mr Frank McGovern 106287 0 0 0 0 0 5061 0 4323 0 115671 0 0 0 Part I, Line 1a Travel for Companions Spousal travel is paid for by the College when the spouse assists the Beloit College employee with the College business activities in performing specific duties. The only such spousal travel paid for by the College was that of the President's spouse. All expenditures made by the College for travel of the spouse were attributable to specific duties in the furtherance of the mission of the College. Housing Allowance or Residence for Personal Use As a condition of employment, the President of Beloit College is required to reside in the President's house. The President's house serves both as a personal residence as well as a venue for the carrying on of College business regularly. The College has determined that the value of the use of this personal-residence is not considered taxable income to the President as provided for in Internal Revenue Code Section 119. For the fiscal year 2009-10, the residence was used for 1 month by former interim president Niemiec. The residence was then used by president Bierman for 11-months. Health or Social Club Dues or Initiation Fees The college pays dues to a country club for the President of the College and its Vice Presidents. These persons use the country club solely for College business and do not use the club for personal entertainment purposes. Examples of customary use of the country club include business lunches, the President's inauguration dinner, and trustee luncheons and dinners from time to time. Personal Services (e.g. Maid, Chauffer, Chef) The College pays for housekeeping services up to 5-hours per day at the College President's residence, the Presidents' house. The housekeeping services are paid for primarily in the interest of maintaining the College's facilities in presentable condition to facilitate the carrying on of College business at the residence. Personal benefits to the College President are incidental to the primary purpose of stewardship of the exempt organization's assets. Former Officer Compensation Richard Niemiec's position as Interim President of Beloit College ended on June 30, 2009 when he returned to his role as a trustee of the college. Wisc Health & Educational Facilities Authority 391337855 97710BTF9 2010-04-28 28394743 Refinance of 1 1 Wisc Health & Educational Facilities Authority 391337855 97710BTF9 2010-04-28 28394743 2007 Series Bond 1 1 28394742 26203048 400960 1790735 2010 1 0 1 1 30000000 29475000 525000 2010 1 0 1 1 0 0 0 0 0 1 0 0 0 0 0 1 0 1 1 Chase Bank 30.000000000000 0 0 0 X 47 1202117 COST OR MARKET X MATCHING GIFT EQUIPMENT CREDITS 1 48113 OTHER 0 1 1 Non Reporting of Revenue: Part I, Line 33: The College, as a matter of accounting policy, does not record revenue for works of art added to its collections, as allowed under SFAS 116. Furthermore, items used as props in the College's theater program and used book donated to the College's library are not reported as revenue for financial statement purposes. Form 990, Part VI, Section B, line 11 Beloit College's form 990 was prepared by an independent certified public accounting firm. A draft of the form 990 was provided electronically to the Board of Trustees audit committee for review at the April Audit Committee meeting. The April meeting agenda included discussion of questions or concerns regarding the information contained in the form 990. Once all issues and questions regarding the return were resolved, the form 990 was finalized to incorporate any necessary changes. An updated version was provided electronically to the controller to distribute to the Audit Committee for additional matters to be addressed and resolved. The finalized version of Form 990 was filed with the IRS on or before the April 15th filing deadline. Form 990, Part VI, Section B, line 12c Trustees and officers are required to complete conflict of interest documents annually. Form 990, Part VI, Section B, line 15 The college participates annually in an officer compensation survey conducted by the Wisconsin Association of Independent Colleges and Universities (WAICU), as well as an annual administrative salary survery conducted by the Associated Colleges of the Midwest (ACM). In 2009, independent comparability data from the WAICU and ACM salary surverys were utilized as part of the process undertaken to determine the total compensation of the college president and its academic dean. Form 990, Part VI, Section C, line 19 No documents available to public. Form 990, Part I, Line 1: The primary aim of Beloit College is to provide a learning and living environment dedicated to the cultivation of liberally educated persons. For more than 150 years, the college's goals have remained constant: to provide students with a broad grounding in fact; the experience of mastering an area of knowledge; the ability and inclination to integrate, assimilate, and evaluate; a continuing concern for values; enthusiasm for personal creativity; an aesthetic sensibility; a global perspective, and most importantly, the desire to continue learning. Related to these goals are several major commitments that have long helped to guide the operation of Beloit College: a dedication to the pursuit of excellence; a dedication to free inquiry and commitment as exemplified by the college's own traditions; an integrity of purpose and performance steadfast against expediency or exploitation; a spirit of tolerance that will perpetuate freedom, whether of work, worship, speech, press, or academic research; the concept of government by consent of the governed, constitutionally expressed; the ideal of a progressive social order based upon equal opportunity and equal justice under the law. Form 990, Part III, Line 1: The primary aim of Beloit College is to provide a learning and living environment dedicated to the cultivation of liberally educated persons. For more than 150 years, the college's goals have remained constant: to provide students with a broad grounding in fact; the experience of mastering an area of knowledge; the ability and inclination to integrate, assimilate, and evaluate; a continuing concern for values; enthusiasm for personal creativity; an aesthetic sensibility; a global perspective, and most importantly, the desire to continue learning. Related to these goals are several major commitments that have long helped to guide the operation of Beloit College: a dedication to the pursuit of excellence; a dedication to free inquiry and commitment as exemplified by the college's own traditions; an integrity of purpose and performance steadfast against expediency or exploitation; a spirit of tolerance that will perpetuate freedom, whether of work, worship, speech, press, or academic research; the concept of government by consent of the governed, constitutionally expressed; the ideal of a progressive social order based upon equal opportunity and equal justice under the law.