2024-04-04T06:26:26-05:00 2023-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 801B SUNSET DRIVE JOHNSON CITY TN 376043033 990 2022-06-01 581363100 KING UNIVERSITY KING 4236524718 1350 KING COLLEGE ROAD BRISTOL TN 37620 JAMES P DONAHUE CHIEF FINANCIAL OFFICER 4236526002 2024-04-03 1 JAMES DONAHUE 999009999 0 SARAH PRESNELL P01269151 4232824511 2024-04-03 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JAMES P DONAHUE 1350 KING COLLEGE ROAD BRISTOL TN 37620 38280060 0 X WWW.KING.EDU X 1867 TN MISSION:WE PREPARE STUDENTS IN OUR CHRISTIAN ACADEMIC COMMUNITY TO EXCEL AS THOUGHTFUL, RESOURCEFUL, AND RESPONSIBLE CITIZENS WITH A PASSION FOR SERVING GOD, THE CHURCH, AND THE WORLD. WE ACCOMPLISH THIS THROUGH EXCELLENT TEACHING, HIGH EXPECTATIONS, WORTHWHILE EXAMPLE, AND FIDELITY TO OUR PRESBYTERIAN HERITAGE. OUR MISSION IS THE SAME FOR ALL CAMPUSES AND SITES; FOR ONLINE LEARNING; AND FOR ALL PROGRAMS, CURRICULAR AND EXTRACURRICULAR, GRADUATE AND UNDERGRADUATE.VISION:WE AIM TO BE THE PREEMINENT SMALL TO MEDIUM-SIZED CHRISTIAN UNIVERSITY IN THE UPPER SOUTH, WITH A REPUTATION EARNED THERE AND BEYOND AS A SCHOOL SERIOUS ABOUT ITS CHRISTIAN COMMITMENT, FOCUSED ON STUDENT SUCCESS, DEDICATED TO ACADEMIC EXCELLENCE, AND SUCCESSFUL IN PRODUCING GRADUATES WHO EXCEL WHEREVER THEY LIVE, WORK, AND SERVE. 27 27 695 50 0 0 5428852 6555990 34152261 31117485 3350326 606585 0 0 42931439 38280060 12581430 12087092 0 0 15982844 15141489 0 0 585884 15157536 13655099 43721810 40883680 -790371 -2603620 69555277 64258036 12828075 9612599 56727202 54645437 X WE PREPARE STUDENTS IN OUR CHRISTIAN ACADEMIC COMMUNITY TO EXCEL AS THOUGHTFUL, RESOURCEFUL, AND RESPONSIBLE CITIZENS WITH A PASSION FOR SERVING GOD, THE CHURCH, AND THE WORLD. WE ACCOMPLISH THIS THROUGH EXCELLENT TEACHING, HIGH EXPECTATIONS, WORTHWHILE EXAMPLE, AND FIDELITY TO OUR PRESBYTERIAN HERITAGE. OUR MISSION IS THE SAME FOR ALL CAMPUSES AND SITES; FOR ONLINE LEARNING; AND FOR ALL PROGRAMS, CURRICULAR AND EXTRACURRICULAR, GRADUATE AND UNDERGRADUATE. 0 0 29909624 12087092 31117485 THE OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER LEARNING. 29909624 1 1 0 0 0 0 0 0 0 1 1 1 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 0 1 0 0 0 0 0 0 0 0 1 209 0 1 695 1 0 0 0 0 0 0 0 0 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 TN X LETTIE T JACKSON 4236524719 KING UNIVERSITY BUSINESS OFFICE BRISTOL TN 37620 MR WARREN PAYNE TRUSTEE 1.00 X 0 0 0 MR ROBERT SCOTT H MACLELLAN CHAIR 1.00 X X 0 0 0 DR WILLIAM D HEIZER II SECRETARY 1.00 X X 0 0 0 MRS NELL KING BIEGER VICE-CHAIR 1.00 X X 0 0 0 MR STEVE SWORD TRUSTEE 1.00 X 0 0 0 MR J WILLIAM FERGUSON III TRUSTEE 1.00 X 0 0 0 MR DAVID A FLANIGAN JR TRUSTEE 1.00 X 0 0 0 MR BEN M FRIZZELL JR TRUSTEE 1.00 X 0 0 0 MR PETER HOLLER TRUSTEE 1.00 X 0 0 0 MR THEODORE M HUTCHESON JR TRUSTEE 1.00 X 0 0 0 DR J THOMAS LEWIS TRUSTEE 1.00 X 0 0 0 MR BENJAMIN CHERRY TRUSTEE 1.00 X 0 0 0 MR THOMAS H LOWE TRUSTEE 1.00 X 0 0 0 MR PAUL MONTGOMERY TRUSTEE 1.00 X 0 0 0 DR RICHARD RAY TRUSTEE 1.00 X 0 0 0 DR KAREN RHEA TRUSTEE 1.00 X 0 0 0 MR H ALLEN ROES TRUSTEE 1.00 X 0 0 0 MR SCOTT W SHELDON TRUSTEE 1.00 X 0 0 0 MR JOHN F SHOULDERS JR TRUSTEE 1.00 X 0 0 0 MRS KAREN VANN TRUSTEE 1.00 X 0 0 0 MRS ANDREA WHITE TRUSTEE 1.00 X 0 0 0 MRS AMY WILLIAMS TRUSTEE 1.00 X 0 0 0 MR ALEXANDER W WHITAKER IV PRESIDENT; EX-OFFICIO 50.00 X X 379319 0 10212 MR JAMES P DONAHUE TREASURER/CHIEF FINANCIAL 50.00 X X 166599 0 31694 MR DANIEL H HURST TRUSTEE 1.00 X 0 0 0 MR JASON E MUMPOWER TRUSTEE 1.00 X 0 0 0 MR DWIGHT O OWENS TRUSTEE 1.00 X 0 0 0 DR TODD EVERHART TRUSTEE 1.00 X 0 0 0 MR MILLER LISTON TRUSTEE 1.00 X 0 0 0 DR MATT ROBERTS VP FOR ACADEMIC AFFAIRS 50.00 X 106427 0 31694 DR ROBERT A LITTLETON VP FOR STUDENT AFFAIRS 50.00 X 79238 0 18123 DR JON P HARR VP FOR ENROLLMENT MANAGEME 50.00 X 95561 0 31694 827144 0 123417 3 0 1 0 WILEY EDU LLC 851 TRAFALGAR CT SUITE 420 W MAITLAND FL 32751 ONLINE EDUCATION SERVICES 2120537 METZ CULINARY MANAGEMENT TWO WOODLAND DRIVE DALLAS PA 18612 FOOD SERVICES 1583573 PREMIER TRANSPORTATION LLC 1500 BREDA DRIVE KNOXVILLE TN 37918 TRANSPORTATION 410053 CAPTURE LLC 2303 RIVER RD SUITE 201 LOUISVILLE KY 40206 MARKETING AND RECRUITMENT 184600 GLOBALIZATON PARTNERS LLC 175 FEDERAL ST FLOOR 17 BOSTON MA 02110 ADMINISTRATION 127388 7 592444 5963546 125349 6555990 TUITION AND FEES 611710 27532342 27532342 AUXILIARY ENTERPRISES 611710 3005152 3005152 OTHER INCOME 611710 477285 477285 UNIVERSITY BOOKSTORE SALES 611710 102706 102706 31117485 304279 304279 302306 0 302306 302306 302306 38280060 31117485 0 606585 12087092 12087092 1099946 452331 568585 79030 12362017 10741828 1287495 332694 1679526 765029 914497 29402 29402 103654 103654 152766 152766 221192 110245 110947 945885 945885 998460 945027 44773 8660 348717 348717 991731 569718 400913 21100 500398 500398 MISCELLANEOUS INTANGIBL 4230530 824297 3372269 33964 DINING SERVICES 1406502 1406502 SUPPLIES AND MATERIALS 595667 487726 103950 3991 HEERF GRANTS 592444 592444 2537751 1519829 911477 106445 40883680 29909624 10388172 585884 19348 11073 6340138 2164718 1481760 1568836 509213 345749 168471 160976 291706 326492 48050904 30931580 16987206 17119324 37857706 36455393 5681203 5596145 218526 509330 69555277 64258036 2547557 2211644 2598955 1797763 6035372 4110544 1646191 1492648 12828075 9612599 X 15269057 13173557 41458145 41471880 56727202 54645437 69555277 64258036 X -2603620 606913 -85058 X X 0 1 X 1 1 1 X 3168208 5783646 5231922 5428852 2555990 22168618 3168208 5783646 5231922 5428852 2555990 22168618 1386345 20782273 351557 576316 238556 99219 304279 1569927 23738545 173799220 0.87550 0.85760 X SCHEDULE A, PART I, LINES 2 AND 7 KING COLLEGE RECEIVED AN IRS DETERMINATION LETTER OCTOBER 29, 1979 STATING THAT THE ORGANIZATION WAS RECOGNIZED AS AN ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ADDITIONALLY, THE ORGANIZATION WAS ALSO DETERMINED NOT TO BE A PRIVATE FOUNDATION AS DEFINED IN SECTION 509(A) OF THE CODE BECAUSE IT WAS AN ORGANIZATION DESCRIBED IN SECTION 509(A)(1) AND SECTION 170(B)(1)(A)(II), WHICH IS IDENTIFIED IN SCHEDULE A, PART I, LINE 2 AS A SCHOOL. IT IS AN EDUCATIONAL ORGANIZATION WHICH NORMALLY MAINTAINS A REGULAR FACULTY AND CURRICULUM AND NORMALLY HAS A REGULARLY ENROLLED BODY OF PUPILS OR STUDENTS IN ATTENDANCE AT THE PLACE WHERE ITS EDUCATIONAL ACTIVITIES ARE REGULARLY CARRIED ON. AS OF JUNE 1, 2013, KING COLLEGE OFFICIALLY BECAME KING UNIVERSITY. THERE WAS NO CHANGE TO THE STRUCTURE OF THE ORGANIZATION. PER THE 2013 INSTRUCTIONS FOR SCHEDULE B, SCHEDULE OF CONTRIBUTORS, THE INTERNAL REVENUE SERVICE HAS CLARIFIED THAT IN ORDER FOR THE UNIVERSITY TO REPORT ITS CONTRIBUTIONS UNDER THE SPECIAL RULE, THE ORGANIZATION MUST NOW CHECK BOX 7 OF SCHEDULE A, PART I, AND COMPLETE SCHEDULE A, PART II, SUPPORT SCHEDULE FOR ORGANIZATIONS DESCRIBED IN SECTIONS 170(B)(1)(A)(IV) AND 170(B)(1)(A)(VI). RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 37562390 645992 3210511 2630106 38788787 37406380 201381 2716769 2762140 37562390 36797332 138976 3447038 2976966 37406380 35936954 146735 2584426 1870783 36797332 35207811 588075 2136168 1995100 35936954 0 0 205000 205000 29421385 15408146 14013239 170925 158365 12560 6893761 6443177 450584 11359833 8921892 2437941 17119324 INVESTMENT IN ARTWORK AND BOOKS 4288381 F INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES 1224214 F INVESTMENT IN REAL ESTATE 83550 F 5596145 DEPOSITS HELD IN CUSTODY FOR OTHERS 137035 OTHER ACCRUED LIABILITIES AND PAYABLES 638144 UNREDEEMED BONDS, COUPONS 31650 U.S. GOVERNMENT LOAN FUNDS REFUNDABLE 367651 FINANCE LEASE LIABILITY 318168 1492648 X 26562057 606913 -237824 369089 26192968 12087092 12087092 38280060 28643822 0 28643822 12239858 12239858 40883680 PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS IS FOR GENERAL USE, STUDENT LOAN FUNDS, SCHOLARSHIPS, TECHNOLOGY, CHAIRS AND OTHER. PART X, LINE 2: NOTE 11 - UNCERTAINTY IN INCOME TAXES THE UNIVERSITY FOLLOWS THE FASB ASC, WHICH PROVIDES GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ORGANIZATION'S FINANCIAL STATEMENTS. AS OF MAY 31, 2023 AND 2022, THE UNIVERSITY HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE UNIVERSITY'S FINANCIAL STATEMENTS. THE UNIVERSITY'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, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN (LOSS) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES -74,522. INVESTMENT INCOME RECORDED NET OF INVESTMENT FEES -152,766. CHANGES IN ACTUARIAL UNITRUST ASSUMPTIONS -10,536. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,087,092. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,087,092. INVESTMENT FEES 152,766. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE POLICY IS STATED ON ALL OF KING UNIVERSITY'S PRINTED MATERIALS, BROCHURES, AND ONLINE. SCHEDULE E, PART I, LINE 6 KING UNIVERSITY RECEIVES FINANCIAL ASSSITANCE FROM ONE GOVERNMENTAL AGENCY - THE UNITED STATES DEPARTMENT OF EDUCATION. KING UNIVERSITY PARTICIPATES IN THE TITLE IV STUDENT FINANCIAL AID PROGRAMS. KING UNIVERSITY ALSO RECEIVES FUNDING FROM THE DEPARTMENT OF VETERANS AFFAIRS AND FROM THE STATE OF TENNESSEE AND ITS AGENCIES. 1 THE UNIVERSITY AWARDED FINANCIAL AID FOR STUDENTS ATTENDING KING UNIVERSITY, WHOSE MAIN CAMPUS IS IN SULLIVAN COUNTY, TENNESSEE. 1252 12087092 N/A N/A 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 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 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, OVERALL 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. X X X X 0 0 0 0 0 0 0 0 0 MR ALEXANDER W WHITAKER IV PRESIDENT; EX-OFFICIO 379319 0 0 0 0 0 0 0 10212 0 389531 0 0 0 MR JAMES P DONAHUE TREASURER/CHIEF FINANCIAL 166599 0 0 0 0 0 0 0 31694 0 198293 0 0 0 PART I, LINE 5 NOT APPLICABLE PART I, LINE 6 NOT APPLICABLE PART I, LINE 7 NOT APPLICABLE PART I, LINE 8 NOT APPLICABLE X 3 112174 FMV X 14 9704 FMV X SMALL MISC ITEMS 17 3471 FMV 0 0 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS REPORTED FOR EACH TYPE OF PROPERTY REPRESENTS THE NUMBER OF TIMES EACH TYPE OF PROPERTY WAS RECEIVED BY THE UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S FORM 990 WAS REVIEWED BY THE FINANCE COMMITTEE BEFORE ITS FILING 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 UNIVERSITY DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: GAINS (LOSSES) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS -74,522. CHAGES IN ACTUARIAL UNITRUST ASSUMPTIONS -10,536. FORM 990, PART XII, LINE 2C 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.