2026-03-12T09:15:21-05:00 2025-05-31 620647474 BLACKBURN CHILDERS & STEAGALL PLC 541 SID MARTIN ROAD SUITE C JOHNSON CITY TN 37615 990 2024-06-01 581363100 KING UNIVERSITY KING 4236524718 1350 KING COLLEGE ROAD BRISTOL TN 37620 CORI HORNBECK CFO 4236526002 2026-03-10 1 1 SARAH PRESNELL P01269151 4232824511 2026-03-10 2024 2025-03-06 01:10:19Z CORI HORNBECK 1350 KING COLLEGE ROAD BRISTOL TN 37620 40819321 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 27 630 50 0 0 6863462 9826053 30794356 29548607 2138773 1331946 0 51307 39796591 40757913 13064324 12968080 0 0 14476499 13951462 0 0 585527 12757220 13643827 40298043 40563369 -501452 194544 69558771 75640616 12611028 16404026 56947743 59236590 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 30840875 12968080 29599914 THE OPERATION AND MAINTENANCE OF AN INSTITUTION OF HIGHER LEARNING. 30840875 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 0 0 0 0 0 0 0 0 0 1 205 0 1 630 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 JACOB JASEN EIGE 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 MR RODNEY FOGG 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 MR CHAD COUCH 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 246688 0 2167 MR JAMES P DONAHUE TREASURER/CHIEF FINANCIAL 50.00 X X 172500 0 14115 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 WARREN PAYNE TRUSTEE EMERITUS 1.00 X 0 0 0 MR TOM LEWIS TRUSTEE EMERITUS 1.00 X 0 0 0 MR ANDREW TOOLEY PRESIDENT 50.00 X X 194377 0 8278 DR MATT ROBERTS VP FOR ACADEMIC AFFAIRS 50.00 X 118844 0 14115 DR ROBERT A LITTLETON VP FOR STUDENT AFFAIRS 50.00 X 86365 0 7492 DR JON P HARR VP FOR ENROLLMENT MANAGEME 50.00 X 97422 0 9951 MS MICHELLE LAUX VP FOR ADVANCEMENT 50.00 X 109427 0 4952 MR DAVID HICKS VP FOR ATHLETICS 50.00 X 139544 0 7492 1165167 0 68562 6 0 1 0 0 9826053 9826053 TUITION AND FEES 611710 26366305 26366305 AUXILIARY ENTERPRISES 611710 2906190 2906190 OTHER INCOME 611710 276112 276112 29548607 355784 355784 976162 0 976162 976162 976162 112715 61408 51307 51307 40757913 29599914 0 1331946 12968080 12968080 1269295 527071 647882 94342 10970325 9597107 975589 397629 1711842 767109 944733 34177 34177 102490 102490 149662 149662 74948 11214 63734 1081886 1081886 974227 892127 72161 9939 559267 559267 1207732 1207732 480614 480614 MISCELLANEOUS INTANGIBL 4176378 2266229 1881729 28420 DINING SERVICES 1510474 1510474 SUPPLIES AND MATERIALS 676936 576771 91761 8404 DUES AND SUBSCRIPTIONS 550550 419085 131075 390 2064486 1305608 712475 46403 40563369 30840875 9136967 585527 37509 13081 2235321 6644409 37124 31879 1550640 2172331 237975 185690 151354 212446 318538 278681 52446417 32291268 19337566 20155149 38358163 37770080 5691361 5746237 1603220 2430633 69558771 75640616 1738032 1871315 1652220 2514823 6777939 9988647 2442837 2029241 12611028 16404026 X 12271403 12299755 44676340 46936835 56947743 59236590 69558771 75640616 X 194544 2039427 54876 X X 0 1 X 1 1 1 X 5231922 5428852 2555590 1863462 9826053 24905879 5231922 5428852 2555590 1863462 9826053 24905879 6027977 18877902 238556 99219 304279 610715 355784 1608553 26514432 160825802 0.71200 0.89570 X SCHEDULE A, PART VI, LIST OF UNUSUAL GRANTS: DESCRIPTION: CASH DATE: 06/01/25 AMOUNT: 1000035. 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 39867681 221097 2931474 2595036 40425216 38788787 437179 3257103 2615388 39867681 37562390 645992 3210511 2630106 38788787 37406380 201381 2716769 2762140 37562390 36797332 138976 3447038 2976966 37406380 0.89751 0.10249 0 0 311700 311700 29649147 16170829 13478318 126674 120686 5988 7529088 6676489 852599 14829808 9323264 5506544 20155149 INVESTMENT IN ARTWORK AND BOOKS 4288381 F INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES 1374306 F INVESTMENT IN REAL ESTATE 83550 F 5746237 DEPOSITS HELD IN CUSTODY FOR OTHERS 16273 OTHER ACCRUED LIABILITIES AND PAYABLES 639219 UNREDEEMED BONDS, COUPONS 31650 U.S. GOVERNMENT LOAN FUNDS REFUNDABLE 271824 FINANCE LEASE LIABILITY 756368 OPERATING LEASE LIABILITY 313907 2029241 X 29795882 2039427 116284 2155711 27640171 149662 12968080 13117742 40757913 27507035 61408 61408 27445627 149662 12968080 13117742 40563369 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, 2025 AND 2024, 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 YEARS ENDED MAY 31, 2025 AND 2024. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN (LOSS) ON BENEFICIAL INTEREST IN PERPETUAL TRUSTS HELD BY THIRD PARTIES 54,876. BOOKSTORE SALES REPORTED AT NET 61,408. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,968,080. PART XII, LINE 2D - OTHER ADJUSTMENTS: BOOKSTORE SALES REPORTED AT NET 61,408. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID DISCOUNTS 12,968,080. 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. 12968080 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 246688 0 0 0 0 0 0 0 2167 0 248855 0 0 0 MR ANDREW TOOLEY PRESIDENT 194377 0 0 0 0 0 0 0 8278 0 202655 0 0 0 MR JAMES P DONAHUE TREASURER/CHIEF FINANCIAL 172500 0 0 0 0 0 0 0 14115 0 186615 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 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 54,876. CHAGES IN ACTUARIAL UNITRUST ASSUMPTIONS 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.