MARTIN METHODIST COLLEGE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION JUNE 30, 2011 AND 2010

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1 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

2 Table of Contents Page INDEPENDENT AUDITORS REPORT... 1 FINANCIAL STATEMENTS Statements of Financial Position Statements of Activities Statements of Cash Flows Notes to Financial Statements SUPPLEMENTARY INFORMATION Schedule of Current Funds Unrestricted Expenses Schedule of Changes in Property, Plant and Equipment i

3 Independent Auditors Report Board of Trustees Martin Methodist College Pulaski, Tennessee We have audited the accompanying statement of financial position of Martin Methodist College (the College ) as of June 30, 2011, and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of the College s management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Martin Methodist College as of and for the year ended June 30, 2010, were audited by other auditors whose report dated October 20, 2010, expressed an unqualified opinion on those statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the 2011 financial statements referred to above present fairly, in all material respects, the financial position of Martin Methodist College as of June 30, 2011, and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary financial information included in the schedules of current funds unrestricted expenses and changes in property, plant and equipment is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. October 20, 2011 Nashville, Tennessee 2525 West End Avenue, Suite 1100 Nashville, Tennessee phone: fax: An Independent Member of The BDO Seidman Alliance

4 STATEMENT OF FINANCIAL POSITION JUNE 30, 2011 Endowment Current Loan and Similar Funds Funds Funds ASSETS Cash and cash equivalents $ 129,861 $207,277 $ 897,336 Accounts receivable, net of allowance for noncollectible accounts of $257, ,460 Interest receivable 3,408 Recruiting and bookstore inventory 278,722 Prepaid expenses and other assets 37,076 Due from (to) other funds ( 4,451) 193,165 Investments 131,750 11,456,580 Employee receivables 4,770 Cash surrender value life insurance 23,444 Bond issue costs, net Property, plant and equipment, net Cash restricted for plant renovations Total assets $ 1,125,040 $207,277 $12,547,081 LIABILITIES Accounts payable $ 246,378 $ $ Accrued expenses and other liabilities 1,499 Deferred revenue and deposits 142,010 Annuities payable 238,991 Notes payable and long term debt 2,800,000 Capital lease obligations Total liabilities 3,189, ,991 Net assets: Unrestricted (2,085,257) Temporarily restricted 20,410 4,622,070 Permanently restricted 207,277 7,686,020 Total net assets (2,064,847) 207,277 12,308,090 Total liabilities and net assets $ 1,125,040 $207,277 $12,547,081 2

5 Plant Funds Total $ $ 1,234, ,460 3, ,722 37,076 ( 188,714) 50,475 11,638,805 4,770 23,444 67,625 67,625 17,027,421 17,027, , ,094 $ 17,124,901 $31,004,299 $ 10,482 $ 256,860 1, , ,991 6,121,223 8,921,223 69,459 69,459 6,201,164 9,630,042 10,705,168 8,619, ,569 4,861,049 7,893,297 10,923,737 21,374,257 $17,124,901 $31,004,299 See accompanying notes to financial statements. 3

6 STATEMENT OF FINANCIAL POSITION JUNE 30, 2010 Endowment Current Loan and Similar Funds Funds Funds ASSETS Cash and cash equivalents $ 95,083 $206,164 $ 390,471 Accounts receivable, net of allowance for noncollectible accounts of $254, ,087 Interest receivable 2,178 7 Recruiting and bookstore inventory 285,624 Prepaid expenses and other assets 36,889 Due from (to) other funds 43, ,216 Investments 131,750 9,862,051 Employee receivables 3,948 Cash surrender value life insurance 23,328 Bond issue costs, net Property, plant and equipment, net Cash restricted for plant renovations Total assets $1,105,389 $206,164 $10,647,745 LIABILITIES Accounts payable $ 174,442 $ $ Accrued expenses and other liabilities 28,219 Deferred revenue and deposits 126,917 Annuities payable 248,475 Notes payable and long term debt 2,500,000 Capital lease obligations Total liabilities 2,829, ,475 Net assets: Unrestricted (1,755,988) Temporarily restricted 31,799 3,378,266 Permanently restricted 206,164 7,021,004 Total net assets (1,724,189) 206,164 10,399,270 Total liabilities and net assets $ 1,105,389 $206,164 $10,647,745 4

7 Plant Funds Total $ $ 691, ,087 2, ,624 36,889 ( 438,718) 62,865 10,056,666 3,948 23,328 71,314 71,314 15,790,984 15,790,984 32,676 32,676 $ 15,519,121 $27,478,419 $ 164,348 $ 338,790 7,039 35, , ,475 6,963,908 9,463,908 77,533 77,533 7,212,828 10,290,881 8,208,210 6,452,222 98,083 3,508,148 7,227,168 8,306,293 17,187,538 $15,519,121 $27,478,419 See accompanying notes to financial statements. 5

8 STATEMENT OF ACTIVITITES YEAR ENDED JUNE 30, 2011 Endowment and Current Funds Loan Funds Similar Funds Changes in unrestricted net assets: Revenue and gains: Tuition and fees $ 17,651,780 $ $ Auxiliary enterprises 3,280,561 Less student aid ( 8,570,483) Net tuition and fees and auxiliary enterprises 12,361,858 Gifts 742,689 Conference benevolence 479,490 Government grants 368,032 Income from endowment fund investments 259,185 Income from funds held in irrevocable trust 23,142 Other investment income 1,504 Rental income 1,124 Miscellaneous income 305,318 Total unrestricted revenues and gains 14,542,342 Net assets released from restrictions 24, ,465 Total unrestricted revenues and gains and other support 14,566, ,465 Expense and losses: Educational and general: Instructional 4,508,140 Library 245,026 Other academic support 280,273 Student services 3,301,232 Other institutional support 2,568,860 General and administrative 736,416 69,919 Payments to annuitants 39,847 Total educational and general expenses and losses 11,639, ,766 Auxiliary enterprises 1,482,710 Total unrestricted expenses and losses 13,122, ,766 Transfers within unrestricted net assets: Plant acquisitions ( 131,028) Other transfers ( 1,642,127) ( 366,699) Total transfers ( 1,773,155) ( 366,699) Increase (decrease) in unrestricted net assets ( 329,269) Changes in temporarily restricted net assets: Gifts 12,812 2,820 Other investment income 6,444 Actuarial adjustment to annuity liability 8,635 Net realized gains on investments 39,266 Net unrealized gains on investments 1,663,104 Net assets released from restrictions ( 24,201) ( 476,465) Increase (decrease) in temporarily restricted net assets ( 11,389) 1,243,804 Changes in permanently restricted net assets: Gifts 664,495 Other investment income 1, Increase in permanently restricted net assets 1, ,016 Increase (decrease) in net assets ( 340,658) 1,113 1,908,820 Net assets at beginning of year ( 1,724,189) 206,164 10,399,270 Net assets at end of year $( 2,064,847) $207,277 $ 12,308,090 6

9 Plant Funds Total $ $ 17,651,780 3,280,561 ( 8,570,483) 12,361,858 39, , , ,000 1,358, ,185 23,142 1,353 2,857 1,124 99, ,583 1,129,618 15,671, ,925 1,289,591 1,918,543 16,961, ,729 5,223,869 32, ,518 42, , ,656 3,634, ,925 2,973,785 31, ,164 39,847 1,561,439 13,311,152 1,482,710 1,561,439 14,793, ,028 2,008,826 2,139,854 2,496,958 2,167, , ,043 6,444 8,635 39,266 1,663,104 ( 788,925) ( 1,289,591) 120,486 1,352, ,495 1, ,129 2,617,444 4,186,719 8,306,293 17,187,538 $ 10,923,737 $ 21,374,257 See accompanying notes to financial statements. 7

10 STATEMENT OF ACTIVITITES JUNE 30, 2010 Endowment and Current Funds Loan Funds Similar Funds Changes in unrestricted net assets: Revenue and gains: Tuition and fees $ 15,851,887 $ $ Auxiliary enterprises 2,961,008 Less student aid ( 7,378,275) Net tuition and fees and auxiliary enterprises 11,434,620 Gifts 890,709 Conference benevolence 482,936 Government grants 471,259 Income from endowment fund investments 218,883 Income from funds held in irrevocable trust 9,657 Other investment income 2,044 Rental income 290 Miscellaneous income 103,097 Net unrealized gains on investments 115,804 Total unrestricted revenues and gains 13,613, ,804 Net assets released from restrictions 33, ,299 Total unrestricted revenues and gains and other support 13,647, ,103 Expense and losses: Educational and general: Instructional 3,898,378 Library 232,060 Other academic support 264,866 Student services 3,139,118 Other institutional support 2,575,760 General and administrative 765,669 70,719 Payments to annuitants 38,617 Net unrealized losses on investments Total educational and general expenses and losses 10,875, ,336 Auxiliary enterprises 1,475,612 Total unrestricted expenses 12,351, ,336 Transfers within unrestricted net assets: Plant acquisitions ( 103,785) Other transfers ( 1,420,113) ( 484,963) Total transfers ( 1,523,898) ( 484,963) Increase (decrease) in unrestricted net assets ( 227,992) 115,804 Changes in temporarily restricted net assets: Gifts 5,483 3,953 Other investment income 11,941 Actuarial adjustment to annuity liability 41,659 Net realized losses on investments ( 520,872) Net unrealized gains on investments 1,312,871 Net assets released from restrictions ( 33,874) ( 594,299) Increase (decrease) in temporarily restricted net assets ( 28,391) 255,253 Changes in permanently restricted net assets: Gifts 152,710 Other investment income 1, Loan cancellations or write offs ( 9,108) Increase (decrease) in permanently restricted net assets ( 7,491) 152,782 Increase (decrease) in net assets ( 256,383) ( 7,491) 523,839 Net assets at beginning of year ( 1,467,806) 213,655 9,875,431 Net assets at end of year $( 1,724,189) $ 206,164 $ 10,399,270 8

11 Plant Funds Total $ $ 15,851,887 2,961,008 ( 7,378,275) 11,434,620 94, , , , ,883 9,657 2,347 4, , , , ,903 13,836, ,337 1,099, ,240 14,935, ,185 4,565,563 33, ,142 43, , ,847 3,554, ,626 2,940,386 9, ,144 38,617 19,635 19,635 1,553,278 12,538,465 1,475,612 1,553,278 14,014, ,785 1,905,076 2,008,861 1,033, , , ,442 11,941 41,659 ( 520,872) 1,312,871 ( 471,337) ( 1,099,510) ( 273,331) ( 46,469) 152,710 1,689 ( 9,108) 145, ,492 1,020,457 7,545,801 16,167,081 $ 8,306,293 $ 17,187,538 See accompanying notes to financial statements. 9

12 STATEMENT OF CASH FLOWS YEARS ENDED INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Cash flows from operating activities: Student tuition and auxiliary fees, net $ 12,116,251 $ 11,069,764 Government grants 1,358, ,259 Gifts and bequests received 2,050,804 1,997,746 Interest, dividends and capital gains distributions received 270, ,904 Income received from funds held in irrevocable trust 21,919 10,053 Miscellaneous receipts 405, ,587 Payments to faculty, staff and suppliers (13,104,499) (12,296,424) Interest paid ( 425,796) ( 410,521) Net cash provided by operating activities 2,692,538 1,192,368 Cash flows from investing activities: (Advance) repayment by faculty and staff, net ( 822) 2,273 Proceeds from sales and maturities of investments 1,426,676 4,435,723 Proceeds from sale of property, plant and equipment 84,901 Purchase of assets restricted for plant renovations ( 948,411) ( 292,362) Purchase of investments ( 1,307,294) ( 4,034,578) Purchase of property, plant and equipment ( 2,407,467) ( 1,903,204) Net cash used in investing activities ( 3,152,417) ( 1,792,148) Cash flows from financing activities: Proceeds from issuance of notes payable and long term debt 832, ,000 Proceeds from gifts designated for permanent endowment 664, ,710 Repayment of notes payable and long term debt ( 1,374,685) ( 682,062) Payments on capital lease obligation ( 27,739) ( 22,847) Payment to annuitants ( 39,847) ( 38,617) Payment of bond issue costs ( 73,773) Contributions restricted for plant renovations 948, ,362 Net cash provided by financing activities 1,002, ,773 Net increase (decrease) in cash and cash equivalents for the year 542,756 ( 2,007) Cash and cash equivalents at beginning of year 691, ,725 Cash and cash equivalents at end of year $ 1,234,474 $ 691,718 See accompanying notes to financial statements. 10

13 STATEMENT OF CASH FLOWS Continued YEARS ENDED INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Reconciliation of change in net assets to net cash provided by operating activities: Change in net assets $ 4,186,719 $ 1,020,457 Adjustments: Depreciation 1,143, ,705 Amortization 3, ,215 Gain on sale of property, plant and equipment ( 37,414) Payments to annuitants 39,847 38,617 Actuarial adjustment on annuities ( 8,635) ( 41,659) Net realized (gain) loss on sale of investments ( 39,266) 520,872 Net unrealized gain on investments (1,663,104) (1,409,040) Bad debts expense 223, ,441 Loan cancellations or write offs 9,107 Gifts designated for permanent endowment ( 664,495) ( 152,710) Non cash investment gifts ( (( 131,750) Increase in accounts receivable ( 260,700) ( 341,166) (Increase) decrease in interest receivable ( 1,223) 396 Decrease in recruiting and bookstore inventory 6,902 19,606 Increase in prepaid expenses and other assets ( 187) ( 4,168) Increase in cash surrender value life insurance ( 116) ( 226) (Increase) decrease in cash restricted for plant renovations ( 135,418) 454,053 Decrease in accounts payable ( 81,930) ( 80,956) Increase (decrease) in deferred revenue and deposits 15,093 ( 23,690) Decrease in accrued expenses and other liabilities ( 33,759) ( 8,736) Decrease in grant payable ( 25,000) Total adjustments (1,494,181) 171,911 Net cash provided by operating activities $ 2,692,538 $ 1,192,368 Supplemental disclosure of noncash investing and financing activities: During the year ended June 30, 2011 and 2010, the College acquired certain property, plant and equipment totaling $19,665 and $81,124, respectively, as a result of entering into capital lease agreements. See accompanying notes to financial statements. 11

14 A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Martin Methodist College, founded in 1870, is a liberal arts, four year, coeducational, United Methodist related institution of higher education. The College has been granted accreditation and membership at Level II by the Commission on Colleges of Southern Association of Colleges and Schools to offer various Bachelor of Arts and Sciences degrees. The College is located in Pulaski, Tennessee. Financial Statement Presentation The financial statements of the College have been prepared on the accrual basis. For accounting and reporting purposes, the College classifies resources into three net asset categories according to externally (donor) imposed restrictions. A description of the three net asset categories follows: Unrestricted net assets represent those net assets that are not subject to donor imposed stipulations. Contributions received with donor imposed restrictions that are met in the same year as received are reported as revenues of the unrestricted net asset class. Temporarily restricted net assets include net assets subject to donor imposed stipulations that may or will be met either by actions of the College and/or the passage of time. Permanently restricted net assets are those net assets subject to donorimposed stipulations that require the net assets to be maintained permanently by the College. Generally, the donors of these assets permit the College to use all or part of the income earned on related investments for general or specific purposes. 12

15 A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Continued Contributions The College reports gifts of cash and other assets as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when a stipulated time restriction ends or the purpose of the restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. The College reports gifts of land, buildings, and equipment as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Gifts of long lived assets with explicit restrictions that specify how the assets are to be used and gifts of cash or other assets that must be used to acquire long lived assets are reported as restricted support. Absent explicit donor stipulations regarding how long the long lived assets must be maintained, the College reports expirations of donor restrictions when the donated or acquired long lived assets are placed in service. Government Grants Grants and contracts revenue are recognized as expenses are incurred. received before it is earned is recorded as deferred revenue. Funding Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a provision for bad debt expense and an adjustment to a valuation allowance based on its assessment of the current status of individual receivables from students and others. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to the applicable accounts receivable. Investments The College recognizes investments in marketable securities with readily determinable fair values at their fair values in the statement of financial position. Unrealized gains and losses are included in the change in net assets. Certain investments in hedge funds do not have readily determinable market values and, therefore, are valued by a third party valuation service. These hedge funds are valued at their estimated fair values, as provided by the third party valuation service, in the statement of financial position. Investments in land are recognized at appraised values less estimated selling expenses. 13

16 A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Continued Endowment Fund The College s permanently restricted net assets consist of endowment funds established for the purpose of furthering the overall mission of the College. As required by generally accepted accounting principles, net assets associated with endowment funds are classified and reported based on the existence or absence of donor imposed restrictions. The Board of Trustees of the College has interpreted the Uniform Prudent Management of Institutional Funds Act (UPMIFA) as requiring the preservation of the fair value of the original gift as of the gift date of the donor restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the College classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the College in a manner consistent with the standard of prudence prescribed by UPMIFA. In accordance with UPMIFA, the College considers the following factors in making a determination to appropriate or accumulate donor restricted endowment funds: (1) the duration and preservation of the fund, (2) the purpose of the donor restricted endowment fund, (3) general economic conditions, (4) the possible effect of inflation and deflation, (5) the expected total return from income and the appreciation of investments, (6) other resources of the College, and (7) the College s investment policies. Spending Practice. The College has a practice of appropriating for distribution each year 5.5% of its endowment fund s average fair value of the prior three fiscal years through the calendar year end preceding the fiscal year in which the distribution is planned. In establishing this policy, the College considered the long term expected return on its investment assets, the nature and duration of the endowment fund, and the possible effects of inflation. Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts and other receivables, along with accounts and other payables approximate fair value because of the short maturity of those financial instruments. Notes payable and long term debt have fair value approximating carrying value since stated rates are similar to rates currently available to the College for debt with similar terms and remaining maturities. 14

17 A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Continued Property, Plant and Equipment Property, plant and equipment are stated at cost at date of acquisition or estimated fair market value at date of donation in the case of gifts. It is generally the College s policy to capitalize expenditures for these items in excess of $500. Cash transfers are made from the current funds to the plant funds for plant acquisitions and debt service. Depreciation on property, plant and equipment is recorded over the estimated useful lives of the assets on a straight line basis. Long lived assets and certain identifiable intangibles to be held and used or disposed of by the College are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Income Taxes The College is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code; accordingly, no provision for income taxes is included in the financial statements. The College accounts for the effect of any uncertain tax positions based on a more likely than not threshold to the recognition of the tax positions being sustained based on the technical merits of the position under examination by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, any unrecognized tax benefit is estimated based on a cumulative probability assessment that aggregates the estimated tax liability for all uncertain tax positions. Tax positions for the College include, but are not limited to, the tax exempt status and determination of whether certain income is subject to unrelated business income tax; however, the College has determined that such tax positions do not result in an uncertainty requiring recognition. Cash and Cash Equivalents Cash and cash equivalents includes currency, demand deposits, passbook savings, and money market accounts as well as certificates of deposit included in current funds. The College places its cash and cash equivalents with high credit quality financial institutions which, at times, may exceed federally insured limits. Cash and cash equivalents are generally restricted for use in the respective fund categories as disclosed on the statement of financial position. 15

18 A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Continued Advertising Costs Advertising costs are generally expensed as incurred. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the College to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for doubtful accounts, the recovery period of property, plant and equipment, the allocation of certain operating and maintenance expenses to functional categories, fair value of investments and present value of future annuities payable. Reclassifications Certain items for 2010 have been reclassified to conform with the 2011 presentation. Such reclassifications had no effect on the change in net assets or total net assets as previously reported. B. RESTRICTIONS ON NET ASSETS Substantially all of the permanent restrictions on net assets as of June 30, 2011 and 2010 relate to Loan Funds and Endowment and Similar Funds designated to be held in perpetuity. Substantially all of the temporary restrictions on net assets as of June 30, 2011 and 2010 relate to the cumulative net earnings on endowment fund investments, the church leadership program, annuity contracts and funds designated for future plant renovations. 16

19 C. CASH SURRENDER VALUE LIFE INSURANCE Cash surrender value of life insurance totaling $23,444 and a $23,328 at June 30, 2011 and 2010, respectively, represents the cash surrender value of life insurance policies from trustees, net of policy loans, if any. The change in cash surrender values is included as a corresponding change in insurance expense within the unrestricted category for the years ended June 30, 2011 and D. INVESTMENTS Investments are stated at fair value. A summary of investments in Endowment and Similar Funds at June 30, 2011 and 2010 follows: Fair Value Accumulated Amortized or Carrying Unrealized Cost Value Gain (Loss) 2011 Certificates of deposit $ 536,331 $ 536,331 $ Other investments 17,700 17,700 Land 860, ,000 Pooled investments: Fixed income 1,654,584 1,794, ,208 Equity 6,116,923 6,931, ,304 Hedge 1,366,347 1,316,494 ( 49,853) Total pooled investments 9,137,854 10,042, ,695 $10,551,885 $11,456,580 $ 904,695 Fair Value Accumulated Amortized or Carrying Unrealized Cost Value Gain (Loss) 2010 Certificates of deposit $ 535,810 $ 535,810 $ Other investments 18,548 18,548 Land 860, ,000 Pooled investments: Fixed income 1,893,349 1,965,129 71,780 Equity 6,022,479 5,305,866 (716,613) Hedge 1,290,274 1,176,698 (113,576) Total pooled investments 9,206,102 8,447,693 (758,409) $10,620,460 $9,862,051 $(758,409) 17

20 D. INVESTMENTS Continued The investment in land totaling $860,000 consists of approximately two acres of commercial real property located in Gallatin, Tennessee. This property was contributed by a trustee and was designated as permanently restricted Endowment and Similar Funds. In connection with this commercial real property located in Gallatin, Tennessee, the College has issued an irrevocable letter of credit totaling $39,500 in favor of the City of Gallatin, Tennessee with an expiration date of January 23, In addition, the investment included in Current Funds totaling $131,750 consists of a tract of commercial real property located on Highway 64 in Pulaski, Tennessee. The College adopted Financial Accounting Standards Board, Accounting Standards Codification, Section 820, Fair Value Measurements ( FASB ASC 820 ), which establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. FASB ASC 820 describes three levels of inputs that may be used to measure fair value. Level 1 Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date. Level 2 Inputs included quoted prices for similar assets or liabilities in active markets, quote prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves. Level 3 Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the College s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date. The inputs or methodology used for valuing assets or liabilities under FASB ASC 820 are not necessarily an indication of the risk associated with the assets or liabilities. 18

21 D. INVESTMENTS Continued The following are the fair values of the investments in Endowment and Similar Funds according to the fair value hierarchy at June 30, 2011 and 2010: Fair Value Measurements Using Quoted Prices in Active Significant Markets for Observable Fair Value or Identical Assets Inputs Carrying Value (Level 1) (Level 3) 2011 Certificates of deposit $ 536,331 $ 536,331 $ Other investments 17,700 17,700 Land 860, ,000 Pooled investments: Fixed income 1,794,792 1,794,792 Equity 6,931,263 6,931,263 Hedge 1,316,494 1,316,494 Total pooled investments 10,042,549 8,726,055 1,316,494 $11,456,580 $9,262,386 $2,194,194 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Observable Fair Value or Identical Assets Inputs Carrying Value (Level 1) (Level 3) 2010 Certificates of deposit $ 535,810 $ 535,810 $ Other investments 18,548 18,548 Land 860, ,000 Pooled investments: Fixed income 1,965,129 1,965,129 Equity 5,305,866 5,305,866 Hedge 1,176,698 1,176,698 Total pooled investments 8,447,693 7,270,995 1,176,698 $9,862,051 $7,806,805 $2,055,246 19

22 D. INVESTMENTS Continued The certificates of deposit are with various local banks and generally have a maturity of less than one year. The land is commercial real estate located in Gallatin, Tennessee and is valued based on an appraisal less estimated selling costs. The pooled investments are under the custody of the College s investment manager and are made up predominantly of mutual and hedge funds. The mutual fund values are based on the net asset values, which represent the quoted market prices of the underlying investments held by those funds. The fair value of the hedge funds are equal to the net asset values reported by the fund managers. The following table provides further detail of the Level 3 fair value measurements for the year ended June 30, 2011: Other Hedge Investments Land Funds Total Balance at June 30, 2010 $ 18,548 $860,000 $1,176,698 $2,055,246 Total net gains or losses (realized or unrealized) included in change in net assets 47,842 47,842 Purchases, sales, issuance and settlements, net ( 848) 91,954 91,106 Balance at June 30, 2011 $ 17,700 $860,000 $1,316,494 $2,194,194 20

23 D. INVESTMENTS Continued The summary of the investment return and classification in the statement of activities is as follows: Temporarily Permanently Unrestricted Restricted Restricted Total 2011 Current funds and Loan funds: Interest, dividends and capital gains distributions $260,689 $ $1,113 $ 261,802 Endowment and similar funds: Interest and dividends 6, ,965 Net realized gains on investments 39,266 39,266 Net unrealized gains on investments 1,663,104 1,663,104 Plant funds Interest and dividends 1,353 1,353 $262,042 $1,708,814 $1,634 $1,972,490 21

24 D. INVESTMENTS Continued Temporarily Permanently Unrestricted Restricted Restricted Total 2010 Current funds: Interest, dividends and capital gains distributions $ 218,883 $ $ $ 218,883 Endowment and similar funds: Interest and dividends 11, ,013 Net realized losses on investments ( 520,872) ( 520,872) Net unrealized gains on investments 115,804 1,312,871 1,428,675 Plant funds Interest and dividends 2,347 2,347 Net unrealized losses on investments ( 19,635) ( 19,635) $ 317,399 $ 803,940 $72 $ 1,121,411 The College places its investments in certificates of deposit with high credit quality financial institutions which, at times, may exceed Federally insured limits. In previous years, the College contributed six scholarship endowments and six charitable gift annuities as an irrevocable gift to the United Methodist Higher Education Foundation (UMHEF) with the UMHEF administering and funding the underlying scholarship or annuity. As of June 30, 2011 and 2010, funds held by UMHEF in irrevocable trust total $1,431,992 and $1,206,826, respectively, of which $1,187,732 and $1,004,112, respectively, represent scholarships and $244,259 and $202,714, respectively, represent annuities. The College s statement of financial position does not include these scholarship balances. Included in Endowment and Similar Fund investments as of June 30, 2011 and 2010, is an amount equal to the estimated present value of future annuities payable on behalf of the College by UMHEF totaling $15,131 and $15,979, respectively. 22

25 D. INVESTMENTS Continued In addition, the College administers charitable gift annuities with assets totaling $3,564 and $15,545, respectively, held in an investment account and included in Endowment and Similar Fund assets at June 30, 2011 and The related estimated present value of annuities payable is $223,860 and $232,496, respectively, and is included in Endowment and Similar Fund liabilities. As prescribed by the underlying charitable gift annuity agreements, the estimated present value of annuities payable is calculated using a discount rate ranging from 4.6% to 9.6% and applicable mortality tables. Included in Current Fund Revenue Income from Endowment Fund Investments is an amount of $35,099 and $31,798 for the year ended June 30, 2011 and 2010, respectively. This amount represents income from funds held in trust for the Tennessee Annual Conference of The United Methodist Church to which the College is a beneficiary. E. PROPERTY, PLANT AND EQUIPMENT A summary of property, plant and equipment as of June 30, 2011 and 2010 follows: Land $ 756,527 $ 756,527 Buildings and improvements 21,864,877 19,830,310 Furniture, fixtures and equipment 4,123,643 3,713,939 Library books 479, ,839 Vehicles 218, ,462 Construction in progress 361, ,150 27,803,559 25,437,227 Less accumulated depreciation (10,776,138) ( 9,646,243) $ 17,027,421 $ 15,790,984 The estimated cost to complete construction in progress at June 30, 2011 was approximately $1,700,000, which relates primarily to the construction of the East Campus, scheduled for completion in June This contract is with a company affiliated with a Trustee. 23

26 F. NOTES PAYABLE AND LONG TERM DEBT At June 30, 2011 and 2010, the College had a $2,800,000 and $2,600,000, respectively, line of credit arrangement with a financial institution. As of June 30, 2011 and 2010, the outstanding balance on this line of credit totaled $2,800,000 and $2,500,000, respectively. The line of credit matures on January 15, 2012 and is collateralized by nine buildings on the College s campus. This line of credit contains certain covenants including, but not limited to, requirements to (1) promptly notify the financial instruction of claims and litigation, (2) maintain books and records in accordance with generally accepted accounting principles, (3) furnish annually audited financial statements within 120 days of fiscal year end, (4) furnish quarterly internally prepared financial statements with a budget comparison within 45 days of quarter end, (5) maintain a debt service coverage ratio of 1.25 to be tested annually, (6) not enter into an guaranties, loans or other debt without written consent, and (7) not to exceed a maximum leverage ratio of 1.75 to 1, to be tested annually. The interest rate at June 30, 2011 is 4.25%. Related interest expense for the years ended June 30, 2011 and 2010 is $77,265 and $78,967, respectively. As of June 30, 2011 and 2010, the College is obligated under a note payable to local bank totaling $250,000 and $350,000, respectively, for the purpose of refinancing existing debt. Under this arrangement, the administrative building, Colonial Hall, serves as collateral. Principal is due in semi annual payments of $50,000 through a November, 2013 maturity date. Interest is calculated at a variable rate equal to the Wall Street Journal prime rate with a minimum rate of 4.00% and a maximum rate of 18.00%. The interest rate at June 30, 2011 is 4.00%. Related interest expense for the years ended June 30, 2011 and 2010 is $13,182 and $17,250, respectively. As of June 30, 2011 and 2010, the College is obligated under a note payable to a local bank totaling $130,526 and $207,186, respectively, for the purpose of providing partial funding for the completion of the on campus swimming pool facility renovation project. Under this arrangement, the administrative building, Colonial Hall, serves as collateral. Principal and interest is due in monthly installments of $7,117 through July 5, 2014, at an initial interest rate of 5.00% then adjusted annually to Wall Street Journal Prime. The interest rate at June 30, 2011 is 5.00%. Related interest expense for the years ended June 30, 2011 and 2010 is $8,745 and $12,610, respectively. 24

27 F. NOTES PAYABLE AND LONG TERM DEBT Continued As of June 30, 2010, the College was obligated under a note payable to a local bank totaling $696,154 for the purpose of providing partial funding for the completion of the on campus Fine Arts Center renovation project. This note was paid in full during fiscal year Related interest expense for the year ended June 30, 2011 and 2010 is $33,869 and $37,934, respectively. As of June 30, 2011 and 2010, the College is obligated under a non interest bearing equipment financing arrangement totaling $1,998 and $4,933, respectively. Under this arrangement, the related equipment, with a depreciated cost of $4,450 and $6,230, respectively, serves as collateral. Payments are due in monthly installments of $250 through March As of June 30, 2010, the College was obligated under unsecured notes payable to certain Trustees, donors and employees totaling $150,000 for the purpose of providing partial funding for the completion of the Fine Arts Center renovation project. These notes were paid in full during fiscal year Related interest expense for the year ended June 30, 2010 was $13,158. As of June 30, 2011, the College is obligated under a note payable to a local bank totaling $448,495 for the purpose of purchasing certain property located in Giles county, Tennessee. Under this agreement, the related property serves as collateral. Principal and interest are due in 180 monthly payments. The College will make 60 payments of $3,289 through April 26, 2016 at a fixed interest rate of 3.75%. The remaining balance will be amortized over 10 years at a fixed interest rate equal to the prime rate, as quoted in the Wall Street Journal plus 0.50% with a floor of 3.25% and a ceiling of 6.75%. Related interest expense for the year ended June 30, 2011 is $2,874. During fiscal year 2010, the College entered into a $5,670,000 credit facility to provide funding for refinancing the unpaid balances from a Series 2004 bond issuance by The Industrial Development Board of the City of Pulaski and Giles County, Tennessee (IDB) ( Series 2004 Bond ). In connection with this credit facility, the College entered into a loan and promissory note agreement with the IDB. In order to fund this loan and promissory note agreement, the IDB issued certain Series 2010 refunding revenue bonds ( Series 2010 Bond ), pursuant to a bond purchase agreement with a local bank for the purchase of the Series 2010 Bond in principal amounts totaling $5,670,000. These agreements are collateralized by a deed of trust on four tracts of real property on and adjacent to the College s campus. The deed of trust also covers an assignment of rents and all personal property located on the underlying real property. 25

28 F. NOTES PAYABLE AND LONG TERM DEBT Continued Pursuant to the promissory note, the College will pay monthly principal and interest in equal installments of $45,600 for the period from February 1, 2010 through January 1, 2015 at a fixed interest rate of 5.2%. Thereafter, at each fifth year anniversary beginning January 1, 2015, the monthly installment will be adjusted to an amount that results from a re amortization to the maturity date of January 1, The interest rate will also be adjusted at each fifth year anniversary beginning January 1, 2015 to a rate equal to the higher of the then most recently published (i) 5 Year U.S. Treasury Rate plus 2.34% or (ii) prime rate as quoted in The Wall Street Journal plus 2%. In the event the Series 2010 Bond is determined to not be qualified tax exempt obligations, the interest rate in effect may be increased by 2%. Among other customary covenants, the loan agreement contains the following: The College must maintain a debt service coverage ratio of at least 1.25 to 1 to be tested as of the end of each fiscal year. The College must maintain a leverage ratio, as of the end of each fiscal year, of not more than 1.75 to 1. The College must provide annual audited financial statements prepared in accordance with generally accepted accounting principles within 120 days after the close of each fiscal year. The College must provide quarterly unaudited financial statements compared to the College s fiscal budget for all quarters other than the fiscal year end within 45 days after the respective quarter. These must be certified by an authorized officer of the College. The College must provide annual budgets prior to the beginning of each fiscal year. The College is prohibited from entering into certain guaranties, loans or other long term debt. The College must provide notification of the occurrence of certain instances involving litigation, environmental matters, and other events of default. The College was in compliance with the covenants and ratios at June 30,

29 F. NOTES PAYABLE AND LONG TERM DEBT Continued At June 30, 2011 and 2010, the obligations totaled $5,290,204 and $5,555,575, respectively. Related interest expense for the years ended June 30, 2011 and 2010 is $282,281 and $126,733, respectively. Costs of $73,773 associated with the issuance of the credit facility are being amortized to the maturity date, which is 15 years, or over 12 months for the recurring annual costs. The amount of bond issue costs included as Plant Fund assets as of June 30, 2011 and 2010 is net of accumulated amortization of $6,148 and $2,459, respectively. Related amortization expense for the years ended June 30, 2011 and 2010 totaled $3,689 and $202,215, respectively. For the year ended June 30, 2010, the amortization expense includes a write off of bond issue costs from the Series 2004 Bond issue of $95,986. Aggregate maturities associated with notes payable and long term debt as of June 30, 2011 are as follows: Current Plant Funds Funds Total 2012 $2,800,000 $ 476,950 $3,276, , , , , , , , ,032 Thereafter 4,086,239 4,086,239 $2,800,000 $6,121,223 $8,921,223 27

30 G. CAPITAL LEASE OBLIGATIONS A summary of capital lease obligations including future principal maturities and minimum lease payments at June 30, 2011 and 2010 are as follows: 2012 $26, , ,064 Future principal payments 69,459 Interest portion 5,324 Minimum lease payments $74,783 The carrying value of related capital lease assets totaled $86,269 and $89,508 at June 30, 2011 and 2010, respectively. Related interest expense for the year ended June 30, 2011 and 2010 totaled $3,392 and $3,940, respectively. H. RETIREMENT PLAN All College employees with at least two years of service are eligible to participate in the Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA CREF). The College matches employee contributions up to a maximum of five percent of individual s salary. Total retirement plan expense for the years ended June 30, 2011 and 2010 was $171,811 and $157,012, respectively. I. RELATED PARTY TRANSACTIONS As of June 30, 2003, a promise to give from an individual donor totaling $3,000,000 ($1,000,000 annually through 2005) to provide funding for the College s Center for Church Leadership program existed conditioned upon a matching agreement with the College. Amounts from assets of this program totaling $168,718 and $368,718 at June 30, 2011 and 2010, respectively, have been advanced to Plant Fund for repair of facilities and student housing cash flow shortages. In addition, amounts totaling $178,119 have been advanced to Current Fund to cover cash flow shortages. These advances resulted in interfund borrowings totaling $346,837 and $546,837 as of June 30, 2011 and 2010, respectively, which are due back to the Endowment and Similar Funds account established for the program. The balance of $193,165 and $395,216 in the Endowment and Similar Funds at June 30, 2011 and 2010, respectively, is net of due to the Current Fund. The College also purchases various other supplies and services from companies associated with members of the Board of Trustees. 28

31 J. CURRENT REVENUES AFFILIATED ORGANIZATION During the years ended June 30, 2011 and 2010, amounts were received as unrestricted gifts from the Tennessee Conference United Methodist Church of $479,490 and $482,936, respectively. These gifts are based on an allocation of church donated funds accumulated by the Tennessee Conference United Methodist Church to be distributed to associated institutions on an annual basis. K. FUND RAISING COSTS During the years ended June 30, 2011 and 2010, fund raising costs included within other institutional support totaled $717,330 and $642,850, respectively. L. FUNCTIONAL ALLOCATION OF EXPENSES The costs of providing the various programs, fund raising and other activities have been summarized on a functional basis in the statement of activities. Accordingly, plant operations and maintenance along with certain other costs have been allocated among the programs and fund raising activities benefited. M. EXCESS CAPACITY USE AND ROYALTY AGREEMENT During May 2005, the College entered into an agreement to allow a company, Fixed Wireless Holdings, LLC, to use its excess capacity airtime from the educational broadcast service controlled through a license issued by the Federal Communications Commission (FCC) to the College. Under the terms of the agreement, a monthly royalty fee is due from the company as follows: Year Ending May 31, Monthly Royalty Fee 1 5 $ , ,000 Remainder 3,000 29

32 M. EXCESS CAPACITY USE AND ROYALTY AGREEMENT Continued In addition, an initial fee of $50,000 and an additional amount of $150,000 is due from the company. The additional amount is due and payable in three equal installments of $50,000 at the commencement of years 6, 12 and 18 subject to the agreement continuing uninterrupted. The terms of this agreement are subject to initial and ongoing approval by the FCC. Royalty fees for the years ended June 30, 2011 and 2010, totaling $61,850 and $10,200, respectively, are included in unrestricted Plant Fund revenues. N. CONCENTRATIONS OF CREDIT RISK Financial instruments which subject the College to concentrations of credit risk consist primarily of investments in certificates of deposit held by local banks, fixed income and equity mutual funds, hedge funds and governmental financial instruments. The College utilizes various investment instruments. Investments, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investments, it is reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect the amounts reported in the statements of financial position. The College s operations are located in Pulaski, Tennessee and its students come primarily from Tennessee and surrounding states. A major source of revenue is derived from tuition and room and board. Students are granted credit in a normal course of business as it relates to this revenue. The College receives funds which are applied against students accounts from federal and state governmental organizations which provide assistance to students attending institutions of higher education. O. OTHER COMMITMENTS AND CONTINGENCIES Expenditures and costs funded from federal and state financial assistance are subject to adjustment based upon review by the funding agencies and legislative restraints. The amounts, if any that may be disallowed by the funding agencies cannot be determined at this time. Management does not anticipate any significant impact on the College s financial position as a result of adjustment based on a review by any funding agency and/or legislative restraints. The College has entered into various maintenance and service agreements in the normal course of business. 30

33 O. OTHER COMMITMENTS AND CONTINGENCIES The College leases certain equipment under non cancelable operating leases which expire at various dates through February Rent expense for the years ended June 30, 2011 and 2010 amounted to $77,691 and $70,247, respectively. Future minimum lease payments required under non cancelable leases in effect as of June 30, 2011, are: 2012 $57, , , , ,552 $89,846 P. EVALUATION OF SUBSEQUENT EVENTS The College has evaluated subsequent events through October 20, 2011, the issuance date of the College s financial statements, and have determined that there are no subsequent events requiring disclosure. 31

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