2024-04-10T10:48:37-05:00 2023-05-31 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2022-06-01 560532297 BREVARD COLLEGE CORPORATION BREV 8288848219 ONE BREVARD COLLEGE DRIVE BREVARD NC 287123306 DR BRADLEY J ANDREWS PRESIDENT 8288848219 2024-04-07 1 DR BRADLEY J ANDREWS 999009999 0 AMY DOSIK P00890743 7043771678 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR BRADLEY J ANDREWS ONE BREVARD COLLEGE DRIVE BREVARD NC 287123306 51240139 0 X WWW.BREVARD.EDU X 1934 NC TO PROVIDE AN EXPERIENTIAL LIBERAL ARTS EDUCATION. 24 24 656 470 15641 0 8148233 3243279 28960236 28979730 1767937 1105593 1210999 1602745 40087405 34931347 13571302 12190565 0 0 11578392 12235312 0 0 348738 9288668 9653864 34438362 34079741 5649043 851606 84469822 83131104 23895641 23002772 60574181 60128332 BREVARD COLLEGE IS COMMITTED TO AN EXPERIENTIAL LIBERAL ARTS EDUCATION THAT ENCOURAGES PERSONAL GROWTH AND INSPIRES ARTISTIC, INTELLECTUAL, AND SOCIAL ACTION. 0 0 23506501 12190565 21228022 BREVARD COLLEGE IS A BACCALAUREATE-AWARDING INSTITUTION COMMITTED TO A RESIDENTIAL LIBERAL ARTS EDUCATION THAT ENCOURAGES PERSONAL GROWTH AND INSPIRES ARTISTIC, INTELLECTUAL AND SOCIAL ACTION. BREVARD IS ACCREDITED BY THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS-COMMISSION ON COLLEGES; THE NATIONAL ASSOCIATION OF SCHOOLS OF MUSIC; AND THE TEACHER EDUCATION ACCREDITING COUNCIL. DURING FISCAL YEAR 2023, INSTRUCTION WAS PROVIDED TO 801 STUDENTS. 727 STUDENTS WERE U.S. CITIZENS WITH 403 RESIDING IN HOUSEHOLDS FROM NC. THE STUDENT BODY REPRESENTS STUDENTS FROM 32 U.S. STATES AND 17 FOREIGN COUNTRIES. BREVARD COLLEGE HAS BEEN NAMED ONE OF THE BEST VALUE SCHOOLS IN NC AND HAS ALSO BEEN LISTED BY U.S. NEWS & WORLD REPORT AS ONE OF THE BEST REGIONAL COLLEGES IN THE SOUTH. 4230120 7736067 A BREVARD COLLEGE EDUCATION EXTENDS FAR BEYOND THE WALLS OF A CLASSROOM. OF THE COLLEGE'S 801 STUDENTS, 622 TOOK PART IN THE RESIDENTIAL EDUCATION EXPERIENCE. ALL OF THE FACILITIES ON THE BREVARD COLLEGE CAMPUS ARE JUST A SHORT WALK OR BIKE AWAY. THIS DESIGN ALLOWS STUDENTS TO FOCUS ON EDUCATION, GROWTH AND FUN WITHOUT THE HASSLE OF THE RUSHING FROM PLACE TO PLACE. THE RELAXED ATMOSPHERE OF COMFORTABLE LIVING AND DINING SPACES ARE COMPLEMENTED WITH THE STATE-OF-THE-ART EDUCATION FACILITIES INCLUDING A MODERN LIBRARY AND A WORLD-CLASS CONCERT HALL. 27736621 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 0 1 1 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 141 0 1 656 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NC X DR BRADLEY J ANDREWS 8288848264 ONE BREVARD COLLEGE DRIVE BREVARD NC 28712 W HEATHLEY WELDON CHAIR 1.00 X X 0 0 0 J PHILLIP JEROME VICE-CHAIR 1.00 X X 0 0 0 W BRADLEY LAKESON JR SECRETARY 1.00 X X 0 0 0 DR BETSY O BAREFOOT DIRECTOR 1.00 X 0 0 0 DR B BARBARA BOERNER DIRECTOR 1.00 X 0 0 0 DR JOHN S BOGGS DIRECTOR 1.00 X 0 0 0 ISAAC BRADLEY DIRECTOR 1.00 X 0 0 0 LT GENERAL RONALD L BURGESS JR DIRECTOR 1.00 X 0 0 0 JOE DEPIPPO DIRECTOR 1.00 X 0 0 0 ART FISHER DIRECTOR 1.00 X 0 0 0 CALVIN HARRELSON III DIRECTOR 1.00 X 0 0 0 REGINALD D HEINITSH JR DIRECTOR 1.00 X 0 0 0 BARBARA A HULSEY DIRECTOR 1.00 X 0 0 0 A EDWIN JONES DIRECTOR 1.00 X 0 0 0 DR MARK LEMEL DIRECTOR 1.00 X 0 0 0 BARBARA M NESBITT DIRECTOR 1.00 X 0 0 0 LEIGH ANN PICKUP DIRECTOR 1.00 X 0 0 0 ALFRED F PLATT JR DIRECTOR 1.00 X 0 0 0 FRANK STOKES DIRECTOR 1.00 X 0 0 0 JERRY STONE DIRECTOR 1.00 X 0 0 0 ELIZABETH O TAYLOR DIRECTOR 1.00 X 0 0 0 DONA D VAUGHN DIRECTOR 1.00 X 0 0 0 W GIL WEST DIRECTOR 1.00 X 0 0 0 MICHAEL WHITEHEAD DIRECTOR 1.00 X 0 0 0 BRADLEY ANDREWS PRESIDENT (BEGINNING JAN 1, 2022) 40.00 X 236542 0 35931 DEBORA D'ANNA VP STUDENT SUCCESS & SERVICES 40.00 X 103834 0 14194 R CHAD HOLT VP ADMISSIONS & FINANCIAL AID 40.00 X 106250 0 25416 JUAN MASCARO VP FOR FINANCE AND OPERATIONS/CFO 40.00 X 147693 0 30624 PATRICK WAGNER VP FOR ALUMNI AFFAIRS & DEVELOPMENT 40.00 X 106062 0 33006 DAVID JOYCE FORMER PRESIDENT (ENDING DEC 31, 2021) 40.00 X 115553 0 452 815934 0 139623 6 1 1 0 SYSCO CHARLOTTE LLC PO BOX 96 CONCORD NC 28026 FOOD SERVICE 854218 CAROLINA SPECIALTIES CONSTRUCTION PO BOX 825 HENDERSONVILLE NC 28793 CONSTRUCTION 718259 CREDO DESIGN ARCHITECTS 940 GOLF HOUSE ROAD W 200 WHITSETT NC 27377 ARCHITECT 397627 YOUNG TRANSPORTATION 843 RIVERSIDE DR ASHEVILLE NC 28804 TRANSPORTATION 242579 COOPER CONSTRUCTION COMPANY INC 761 S ALLEN RD FLAT ROCK NC 28731 CONSTRUCTION 186319 9 101778 160906 2980595 165581 3243279 TUITION AND FEES 611310 20824085 20824085 AUXILIARY SERVICES 611310 7751708 7736067 15641 OTHER PROGRAM FEES 611310 403937 403937 28979730 819154 819154 16575181 1000 16289708 34 285473 966 286439 286439 7053 101778 19050 -11997 -11997 INSURANCE PROCEEDS 900099 1614742 1614742 1614742 34931347 28964089 15641 2708338 12190565 12190565 1008654 681343 299650 27661 8943212 6814770 1883183 245259 91114 9106 77863 4145 1478509 132768 1344590 1151 713823 541395 153256 19172 26555 26555 108757 108757 81557 81557 796147 661064 135083 1891775 1719145 144005 28625 1797645 1246667 550978 706944 601317 92409 13218 630475 133214 497261 2252014 2059693 192321 DUES & SUBSCRIPTIONS 560235 258842 291963 9430 801760 686732 114951 77 34079741 27736621 5994382 348738 3650 3880 9634518 7658740 2573636 2616508 1520796 1058868 46781 71381 179064 277478 77063357 36739925 38406999 40323432 27372553 25325384 3970743 5077030 761082 718403 84469822 83131104 2875119 1694145 19970705 20261895 1049817 1046732 23895641 23002772 X 22095413 22895797 38478768 37232535 60574181 60128332 84469822 83131104 X 851606 -1242497 -54958 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 34470393 910464 -234263 1491790 33654804 37793585 566622 -2089475 1800339 34470393 29304293 1920517 7826694 1257919 37793585 29185259 505658 1195973 1582597 29304293 29744372 409309 278200 1246622 29185259 0.02140 0.97860 0.00000 0 0 408314 408314 64092926 31368824 32724102 6425506 3144818 3280688 6136611 2226283 3910328 40323432 MW EUREKA FUND 2197553 F HUDSON BAY INTERNATIONAL FUND 1901411 F BLUE OWL CREDIT INCOME CORP 509372 F BLACKSTONE REAL ESTATE INCOME TRUST 468694 F 5077030 ANNUITIES PAYABLE 141308 ASSET RETIREMENT OBLIGATION 765792 REFUNDABLE FEDERAL GOVERNMENT ADVANCES 139632 1046732 21478865 -1242497 -1242497 22721362 81557 12128428 12209985 34931347 21881626 74007 74007 21807619 81557 12190565 12272122 34079741 PART III, LINE 4: TWO OF THE KEY MAJORS AT THE COLLEGE ARE ART AND MUSIC. THE ART COLLECTIONS ARE USED IN CLASSES AND ARE ALSO PART OF THE ACADEMIC CULTURE. PART V, LINE 4: THE ENDOWMENT FUNDS ARE USED TO SUPPORT THE INSTITUTION IN PERPETUITY FOR SCHOLARSHIPS, LECTURESHIPS AND VARIOUS OTHER OPERATIONS AND BUILDINGS ON CAMPUS. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. PART XI, LINE 4B - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EVENT EXPENSES -19,049. STUDENT FINANCIAL AID NETTED AGAINST REVENUE 12,090,827. GEER FUNDING RECEIVED 56,650. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT FUNDRAISING EVENT EXPENSES 19,049. PRESENT VALUE ADJUSTMENTS TO ANNUITIES PAYABLE 12,279. CHANGE IN VALUE OF CHARITABLE TRUSTS 42,679. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID NETTED AGAINST REVENUE 12,090,827. GEER GRANTS EXPENDED 99,738. 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 COLLEGE'S NON-DISCRIMINATION POLICY IS STATED IN ALL MAJOR PUBLICATIONS AND THE TRANSYLVANIA TIMES. SCHEDULE E, PART I, LINE 6 THE COLLEGE RECEIVED STUDENT FINANCIAL AID GRANTS FROM THE U.S. DEPARTMENT OF EDUCATION AND THE NC STATE EDUCATION ASSISTANCE AUTHORITY. THE COLLEGE ALSO RECEIVED GRANT FUNDING FROM THE HIGHER EDUCATION EMERGENCY RELIEF FUND, A PAYCHECK PROTECTION PROGRAM LOAN, AND THE EMPLOYEE RETENTION CREDIT THROUGH THE CARES ACT. EUROPE 0 0 INVESTMENTS 2197553 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 1901411 0 0 0 0 0 0 4098964 0 4098964 1 0 1 1 0 0 PART I, LINE 3: THE AMOUNT REPORTED IN PART I, LINE 3 REPRESENTS THE FAIR MARKET VALUE OF FOREIGN INVESTMENTS HELD AT THE END OF THE YEAR. PART III ACCOUNTING METHOD: GOLF TOURNAMENT 34606 33453 1153 400 1400 1605 6436 200 1754 GALA 74225 68325 5900 7255 108831 101778 7053 400 1400 1605 6436 200 9009 19050 -11997 1 STUDENT AID 751 12090827 TUITION RATES TUITION ASSISTANCE STUDENT AID PROVIDED BY GEER 47 99738 PART I, LINE 2: FINANCIAL AID IS AVAILABLE TO STUDENTS WHO CAN SHOW FINANCIAL NEED, ACADEMIC ACHIEVEMENT, LEADERSHIP/SERVICE, ATHLETICS ABILITY, AND/OR TALENT. ACADEMIC AND LEADERSHIP AWARDS ARE DETERMINED THROUGH THE ADMISSIONS AREA, ATHLETICS AWARDS ARE DETERMINED BY THE RESPECTIVE COACH, TALENT/DEPARTMENTAL AWARDS ARE DETERMINED THROUGH THOSE ACADEMIC AREAS, AND THE FINANCIAL AID OFFICE COORDINATES ALL AWARDS WITH FEDERAL, STATE AND INSTITUTIONAL NEED-BASED AID. NORTH CAROLINA GOVERNOR'S EMERGENCY EDUCATION RELIEF (GEER) FUNDS WERE AVAILABLE TO STUDENTS RESIDING IN NORTH CAROLINA, AS DETERMINED BY THE FAFSA. GRANTS WERE AWARDED TO QUALIFYING STUDENTS ON A FIRST-COME-FIRST-SERVED BASIS, BASED ON AN APPLICATION PROCESS FOR FALL AND SPRING TERMS. SUMMER TERM AMOUNTS AWARDED WERE BASED ON EACH STUDENT'S CREDIT HOURS DURING THE APPLICABLE SEMESTER. X X X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 BRADLEY ANDREWS PRESIDENT (BEGINNING JAN 1, 2022) 236542 0 0 0 0 0 5000 0 30931 0 272473 0 0 0 JUAN MASCARO VP FOR FINANCE AND OPERATIONS/CFO 147693 0 0 0 0 0 0 0 30624 0 178317 0 0 0 DAVID JOYCE FORMER PRESIDENT (ENDING DEC 31, 202 115553 0 0 0 0 0 0 0 452 0 116005 0 0 0 PART I, LINE 1A THE PRESIDENT WAS PROVIDED A MEMBERSHIP AT A LOCAL COUNTRY CLUB TO BE USED FOR FUNDRAISING ACTIVITIES AND OTHER COLLEGE BUSINESS. USE OF THE MEMBERSHIP IS SUBSTANTIATED. LASTLY, THE COLLEGE PROVIDES HOUSING AND WEEKLY HOUSEKEEPING SERVICES TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL COLLEGE BUSINESS AND ACTIVITIES AT THE HOME. BOTH BENEFITS ARE A CONDITION OF EMPLOYMENT AND THEREFORE ARE NOT TREATED AS TAXABLE. PART I, LINE 4A THE FORMER PRESIDENT, DAVID JOYCE, WAS ENTITLED TO A SEVERANCE BENEFIT. THE PAYOUT OF SUCH BENEFIT WAS EFFECTIVE AS OF RETIREMENT, PROVIDED FULFILLMENT OF DAVID JOYCE'S CONTRACT THROUGH DECEMBER 31, 2021. THE FORMER PRESIDENT IS TO BE PAID 100% OF HIS BASE SALARY FOR AN ENTITLEMENT PERIOD OF 24 MONTHS. DAVID JOYCE RECEIVED PAYMENT UNDER THE PLAN DURING CALENDAR YEAR 2022 IN THE AMOUNT OF $115,553. X 8 108802 AVG. TRADING VALUE X MISC ITEMS 55 56779 FMV 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE OF THE BOARD REVIEWED FORM 990 PRIOR TO ITS FILING WITH THE IRS. AFTER THE AUDIT COMMITTEE FINALIZED ITS REVIEW AND OFFICIALLY ACCEPTED THE FORM 990, A COPY OF THE PUBLIC DISCLOSURE COPY WAS MADE AVAILABLE TO ALL BOARD MEMBERS. BOARD MEMBERS WERE PROVIDED AN OPPORTUNITY TO COMMENT ON THE FORM PRIOR TO ITS FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE MEMBERS OF THE BOARD OF TRUSTEES AND OFFICERS ARE REQUIRED TO SIGN A COPY OF THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS. IN THE EVENT A TRUSTEE HAS A POTENTIAL CONFLICT DURING THE YEAR, THAT TRUSTEE WOULD RECUSE HIMSELF/HERSELF FROM ANY DISCUSSION OR VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS ADOPTED BY THE PRESIDENT'S COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES FOR ITS ANNUAL DETERMINATION OF THE COMPENSATION OF THE PRESIDENT IS AS FOLLOWS: BY THE END OF THE WINTER BOARD OF TRUSTEES' MEETING, THE BOARD WILL ADVISE THE PRESIDENT WHETHER HIS OR HER CONTRACT WILL BE RENEWED. BY APRIL 1ST, THE PRESIDENT WILL SUBMIT A SELF-ASSESSMENT TO THE COMPENSATION COMMITTEE RESPONDING TO EACH OBJECTIVE. BY MAY 1ST, THE COMPENSATION COMMITTEE WILL REVIEW THE REPORT, COMMUNICATE ITS FEEDBACK TO THE PRESIDENT, AND ISSUE A REPORT AND PRESIDENTIAL SALARY AND BENEFITS RECOMMENDATION TO THE EXECUTIVE COMMITTEE. THE COMPENSATION COMMITTEE WILL USE AT LEAST TWO SOURCES OF COMPARABLE DATA TO DETERMINE THE APPROPRIATE SALARY AND BENEFITS. THOSE SOURCES ARE GENERALLY THE ANNUAL COMPENSATION REPORTS OF THE AGB (ASSOCIATION OF GOVERNING BOARD) AND THE NCICU (NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES). HOWEVER, SIMILAR SOURCES MAY BE USED AS ALTERNATIVES FROM TIME TO TIME. DOCUMENTATION OF THE COMPARABLE DATA USED WILL BE PART OF THE PERMANENT FILE SUBSTANTIATING COMPENSATION. THE EXECUTIVE COMMITTEE WILL MAKE A FINAL DECISION ABOUT THE PRESIDENT'S SALARY BEFORE THE SPRING BOARD OF TRUSTEES MEETING FOR FINAL APPROVAL BY THE BOARD DURING THE SPRING MEETING. WITH REGARDS TO SENIOR STAFF, MARKET DATA FROM THE NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES ON ADMINISTRATIVE SALARIES WILL BE REVIEWED BY THE PRESIDENT. THE PRESIDENT WILL ADVISE THE BOARD WHO WILL APPROVE COMPENSATION FOR THE SENIOR STAFF. ADDITIONALLY, THE COLLEGE RECENTLY PARTICIPATED IN A WAGE STUDY THROUGH AGB AND THAT DATA IS AVAILABLE TO CONFIRM WAGES OF THE PRESIDENT AND OTHER KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: PRESENT VALUE ADJUSTMENTS TO ANNUITIES PAYABLE -12,279. CHANGE IN VALUE OF CHARITABLE TRUSTS -42,679. BREVARD COLLEGE REAL ESTATE LLC ONE BREVARD COLLEGE DRIVE BREVARD NC 28712 560532297 REAL ESTATE HOLDING COMPANY NC 39618 2094033 BREVARD COLLEGE