2024-04-18T13:21:08-05:00 2023-06-30 BDO USA 421 Fayetteville Street Suite 300 Raleigh NC 27601 990 2022-07-01 200371529 The University of Mount Olive Foundation % JAY REBMAN UNIV 9196582502 634 HENDERSON STREET MOUNT OLIVE NC 283651263 KENNETH BUCHANAN CFO/SVP FOR FINANCE 9196582502 2024-04-17 true KENNETH BUCHANAN 999009999 Sandra L Feinsmith P01064157 9192781936 2024-04-15 2 2022 2023-04-26 12:10:37Z KENNETH BUCHANAN 634 HENDERSON STREET MOUNT OLIVE NC 283651263 948904 false X WWW.UMO.EDU/SUPPORT-UMO X 2003 NC SEE SCHEDULE O 16 15 0 16 0 0 0 0 958901 948660 39 244 0 0 958940 948904 0 0 0 0 0 0 0 0 0 908843 895216 908843 895216 50097 53688 9147004 8792705 12356261 11948274 -3209257 -3155569 THE PURPOSE OF THIS NONPROFIT FOUNDATION IS TO SEEK ALTERNATIVE SOURCES OF SUPPORT TO STRENGTHEN THE UNIVERSITY OF MOUNT OLIVE'S OUTREACH TO STUDENTS AND THE COMMUNITY. false false 895216 0 948660 HOLD CERTAIN REAL ESTATE USED BY THE UNIVERSITY OF MOUNT OLIVE INC IN CARRYING OUT ITS EXEMPT PURPOSE. 895216 true false false false false false false false false false true false false false false true false true false false false false false false false false false false false true false false false false false false false false false false false false false true false false false true 0 0 0 false false false false false false false false false false false false X 16 15 false false false false false false false true true false false true true true true true true false false false NC X JAY REBMAN 9196582502 634 HENDERSON ST MOUNT OLIVE NC 283651263 H EDWARD CROOM BOARD MEMBER 1.0 50.0 X 0 254150 33134 KENNETH BUCHANAN ASSISTANT TREASURER 1.0 50.0 X 0 159211 38166 I RAY MCDONALD JR CHAIRPERSON 1.0 0.0 X X 0 0 0 WILLIAM H BRYAN TREASURER 1.0 0.0 X X 0 0 0 DEAN ROUSE VICE CHAIRPERSON 1.0 0.0 X X 0 0 0 DR J WILLIAM BYRD BOARD MEMBER 1.0 0.0 X 0 0 0 ED CROMARTIE BOARD MEMBER 1.0 0.0 X 0 0 0 WENDY CRUMPLER BOARD MEMBER 1.0 0.0 X 0 0 0 ROGER B DAVIS SR BOARD MEMBER 1.0 0.0 X 0 0 0 OLIVIA B HOLDING BOARD MEMBER 1.0 0.0 X 0 0 0 BILLY KORNEGAY BOARD MEMBER 1.0 0.0 X 0 0 0 STEPHANIE KORNEGAY BOARD MEMBER 1.0 0.0 X 0 0 0 GREY MORGAN BOARD MEMBER 1.0 0.0 X 0 0 0 TOWNSEND QUINN BOARD MEMBER 1.0 0.0 X 0 0 0 JAMES E WILLIAMS BOARD MEMBER 1.0 0.0 X 0 0 0 SCOTT WINSLOW BOARD MEMBER 1.0 0.0 X 0 0 0 EARL WORLEY JR BOARD MEMBER 1.0 1.0 X 0 0 0 0 413361 71300 0 false true false 0 0 RENTAL-PROGRAM REVENUE 611710 948660 948660 948660 244 244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 948904 948660 244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 530523 530523 0 361518 361518 3175 3175 895216 895216 0 0 0 0 385679 393187 0 0 0 0 0 0 0 0 0 0 0 0 3015 2726 15844530 7447738 8758310 8396792 0 0 0 0 0 0 0 0 0 0 9147004 8792705 254797 171379 0 0 0 0 0 0 0 0 0 0 12101464 11776895 0 0 0 0 12356261 11948274 X -3209257 -3155569 0 0 -3209257 -3155569 9147004 8792705 53688 X X false true X true false X X 1 UNIVERSITY OF MOUNT OLIVE 560623936 2 true 0 0 1 0 0 true false false false false false false false false false false false false false false false SCHEDULE A, PART IV, SECTION C, LINE 1: THE FOUNDATION IS EFFECTIVELY MANAGED AND SUPERVISED BY ITS SUPPORTED ORGANIZATION, THE UNIVERSITY OF MOUNT OLIVE. THE FOUNDATION BYLAWS STATE THAT THE FOUNDATION BOARD WILL ALWAYS INCLUDE THE BOARD CHAIR OF THE UNIVERSITY, THE PRESIDENT OF THE UNIVERSITY, AND THE VP FOR ADVANCEMENT OF THE UNIVERSITY. THREE OF THE SIX FOUNDATION OFFICERS ARE UNIVERSITY EMPLOYEES. UNIVERSITY EMPLOYEES MANAGE/SUPERVISE THE DAILY ACTIVITIES OF THE ORGANIZATION. THERE WAS NO VP FOR ADVANCEMENT OF THE UNIVERSITY IN 2022. 14460720 6063928 8396792 1383810 1383810 0 8396792 0 0 X SCHEDULE D, PART X, LINE 2: MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT THE ORGANIZATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE INCOME TAXES TOPIC OF THE FASB ASC. false false false false false false false false false H EDWARD CROOM BOARD MEMBER 0 254150 0 0 0 0 0 25500 0 7634 0 287284 0 0 KENNETH BUCHANAN ASSISTANT TREASURER 0 159211 0 0 0 0 0 27000 0 11166 0 197377 0 0 FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: THE PURPOSE OF THIS NONPROFIT FOUNDATION IS TO FULFILL THE OBLIGATIONS OF THE FOUNDATION, PRIMARILY DEBT SERVICE. FORM 990, PART VI, SECTION B, LINE 11B: THE FORM 990 IS REVIEWED BY THE CONTROLLER & CFO PRIOR TO PROVIDING A COPY TO THE UNIVERSITY BOARD MEMBERS. THE FORM IS DISTRIBUTED TO THE BOARD MEMBERS PRIOR TO A SCHEDULED MEETING DURING WHICH THE FORM IS APPROVED. FORM 990, PART VI, SECTION B, LINE 12C: THE CONFLICT OF INTEREST POLICY UNDERGOES CONSTANT REVIEW, AND ANY CONFLICTS ARE DISCLOSED. FORM 990, PART VI, SECTION B, LINE 15: THE FOUNDATION DOES NOT PAY ANY COMPENSATION; THE ONLY PAID POSITIONS ARE FULL-TIME EMPLOYEES OF THE UNIVERSITY OF MOUNT OLIVE (UMO) AND ACCORDINGLY ARE PAID BY UMO. UMO HAS A PROCESS IN PLACE FOR DETERMINING SUCH COMPENSATION. THAT PROCESS STATES THE FOLLOWING: COMPENSATION FOR THE PRESIDENT, VP OF INSTITUTIONAL ADVANCEMENT, AND VP FINANCE AND ADMINISTRATION REQUIRE THE USE OF A COMPENSATION COMMITTEE, INDEPENDENT CONSULTANT, COMPENSATION SURVEY, OR BOARD/COMMITTEE APPROVAL. FORM 990, PART VI, SECTION C, LINE 19: FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). THE ARTICLES OF INCORPORATION AND ARTICLES OF AMENDMENT ARE LOCATED ON THE NC SECRETARY OF STATE WEBSITE. THE CURRENT CONFLICT OF INTEREST POLICY IS AVAILABLE ON THE INTERNAL FRESCO WEBSITE UNDER INSTITUTIONAL POLICIES AND PROCEDURES COLLECTION. FORM 990, PART XII, LINE 2C: THE REVIEW AND OVERSIGHT PROCESS HAS NOT CHANGED SINCE THE PRECEDING YEAR. UNIVERSITY OF MOUNT OLIVE INC 634 HENDERSON STREET MOUNT OLIVE NC 283651263 560623936 STUDENT EDUC. NC 501(C)(3) LINE 2 NA false false false false false false false false false false true false false false true true false false false false UNIVERSITY OF MOUNT OLIVE INC J 948660 FMV