Civic Intelligence

MID Continent College

990 • Fiscal year 2016 • EIN 61-0673582

Jul 01, 2015 to Jun 30, 2016 • Filed on May 15, 2017

Organization ProfileWWW.MIDCONTINENT.EDU
99 East Powell RoadMayfield, KY 42066-9007

(270) 247-8521

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

46th percentile

0.19x

Higher debt load relative to assets than 46% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2016

Net Margin

100th percentile

2209%

Higher net margin than 100% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

20th percentile

$92,047

Higher top officer pay than 20% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

3rd percentile

-25%

Faster asset growth than 3% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets46th percentile

Assets

Down

$16,378,357

Down $5,334,689 (-25%) from 2015

Net Assets

Down

$13,266,662

Down $5,261,940 (-28%) from 2015

Liabilities

Down

$3,111,695

Down $72,749 (-2.3%) from 2015

Revenue And Expenses
Liabilities / RevenueScore unavailableNet Margin100th percentile

Revenue

Down

-$104,610

Down $4,463,224 (-102%) from 2015

Expenses

Down

$2,206,535

Down $534,084 (-19%) from 2015

Net Income

Down

-$2,311,145

Down $3,929,140 (-243%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2011: $28,094,608Liabilities 2011: $8,309,327Net Assets 2011: $19,785,2812011Assets 2012: $29,258,587Liabilities 2012: $8,345,904Net Assets 2012: $20,912,6832012Assets 2013: $30,628,699Liabilities 2013: $8,760,861Net Assets 2013: $21,867,8382013Assets 2014: $24,917,530Liabilities 2014: $8,006,923Net Assets 2014: $16,910,6072014Assets 2015: $21,713,046Liabilities 2015: $3,184,444Net Assets 2015: $18,528,6022015Assets 2016: $16,378,357Liabilities 2016: $3,111,695Net Assets 2016: $13,266,6622016Assets 2017: $9,092,319Liabilities 2017: $1,332,455Net Assets 2017: $7,759,8642017Assets 2018: $8,114,569Liabilities 2018: $1,153,879Net Assets 2018: $6,960,6902018Assets 2019: $7,024,088Liabilities 2019: $1,088,794Net Assets 2019: $5,935,2942019

Highlighted filing

2016

Assets$16,378,357
Liabilities$3,111,695
Net Assets$13,266,662
Open 2016 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0-$10MExpenses 2011: $16,490,1422011Expenses 2012: $21,974,0872012Expenses 2013: $21,924,9852013Revenue 2014: $15,376,226Expenses 2014: $20,386,248Net Income 2014: -$5,010,0222014Revenue 2015: $4,358,614Expenses 2015: $2,740,619Net Income 2015: $1,617,9952015Revenue 2016: -$104,610Expenses 2016: $2,206,535Net Income 2016: -$2,311,1452016Revenue 2017: -$3,672,092Expenses 2017: $1,834,706Net Income 2017: -$5,506,7982017Revenue 2018: -$158,244Expenses 2018: $640,930Net Income 2018: -$799,1742018Revenue 2019: -$32,551Expenses 2019: $1,016,628Net Income 2019: -$1,049,1792019

Highlighted filing

2016

Revenue-$104,610
Expenses$2,206,535
Net Income-$2,311,145
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 15, 2017
Return Version
2015v3.0
Gross Receipts
$72,326
Mission and Program Overview

Mission

Mid-continent university filed for chapter 11 bankruptcy on september 30, 2014 and is currently actively managing their own liquiation plan approved by and under the direction of thomas h. Fulton, chief judge, united states bankruptcy court, louisville, ky (502)627-5550. Mcu ceased instruction of students as of june 30, 2014 and is now managing its liquidation plan approved by the us bankruptcy court, western division of kentucky.

Mid-continent university (the university) was a co-educational institution accredited by the commission on universities of the southern association of universities and schools, with programs leading to either bachelor of arts, bachelor of ministry, bachelor of science, or masters of science degrees.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$10,848,206$9,413,470▼ $1,434,736
Land, Buildings, and Equipment, Net$6,932,731$6,359,115▼ $573,616
Intangible Assets$460,000$460,000→ $0
Investments Other Securities$3,644,101$456,451▼ $3,187,650
Inventories for Sale or Use$26,214$29,543▲ $3,329
Prepaid Expenses and Deferred Charges$43,719$17,303▼ $26,416
Cash and Non-Interest-Bearing Accounts$-286,407$-402,007▼ $115,600
Total Assets$21,713,046$16,378,357▼ $5,334,689
Other Assets Total$44,482$44,482→ $0
Liabilities
Tax Exempt Bond Liabilities$2,290,000$2,290,000→ $0
Other Liabilities$399,741$340,452▼ $59,289
Accounts Payable and Accrued Expenses$346,328$320,706▼ $25,622
Mortgage Notes Payable Secured by Investment Property$148,375$160,537▲ $12,162
Total Liabilities$3,184,444$3,111,695▼ $72,749
Net Assets / Fund Balance
Unrestricted Net Assets$14,117,178$12,042,888▼ $2,074,290
Temporarily Rstr Net Assets$1,116,929$846,281▼ $270,648
Permanently Rstr Net Assets$3,294,495$377,493▼ $2,917,002
Total Net Assets Fund Balance$18,528,602$13,266,662▼ $5,261,940
Total Liabilities and Net Assets / Fund Balance$21,713,046$16,378,357▼ $5,334,689

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,343,135$1,848,547$6,191,682
Equipment$503,724$2,438,290$2,942,014
Leasehold Improvements$863,999$1,428,695$2,292,694
Other Land Buildings$607,114$805,706$1,412,820
Land$41,143-$41,143

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$3,294,495-▼ $5,710-$377,493
2015$3,696,326-▲ $15,297$417,128$3,294,495
2014$3,643,869-▲ $52,457-$3,696,326
2013$3,246,646$168,392▲ $245,547$16,716$3,643,869
2012$3,193,370$84,330▼ $15,956$15,098$3,246,646
Compensation and Service Providers
Top Officer Pay20th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Walker Tim EVP for Finance & AdministrationFT$87,259$4,788$92,047

Board Members and Trustees

NameTitle
Butler TomChairman
Rose MikeVice Chairman
Anderson TomTrustee
Blair CharlesTrustee
Crowell CodyTrustee
Foster CharlesTrustee
Gill MarkTrustee
Henley MelvinTrustee
Hicklin JohnTrustee
Hicks EmmaTrustee
Hill BradTrustee
Kunath PaulTrustee
Langford TimTrustee
Noffsinger KyleTrustee
Penick ThurmanTrustee
Ramsey BillTrustee
Reeder RickTrustee
Rutherford SteveTrustee
Sellers BobbyTrustee
Zickefoose DannyTrustee
Ziobro RobTrustee
Casteel DanSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$8,928
Program Service Revenue
$0
Investment Income
$-135,306
Other Revenue
$21,768
All Other Contributions
$8,928
Change in Net Assets
$-2,311,145
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,246,228
Grants and Similar Amounts Paid$552,412
Salaries, Compensation, and Employee Benefits$407,895
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$552,412--$552,412
Depreciation Depletion-$384,187-$384,187
Other Salaries and Wages-$267,506-$267,506
Interest-$128,001-$128,001
Insurance-$78,224-$78,224
Current Officers, Directors, Trustees, and Key Employees-$69,325-$69,325
Other Employee Benefits-$44,807-$44,807
Occupancy-$42,698-$42,698
Office Expenses-$37,001-$37,001
Fees for Services Accounting-$30,161-$30,161
Payroll Taxes-$26,257-$26,257
Information Technology-$15,123-$15,123
Other Expenses$442,925$5,598-$5,598
All Other Expenses-$5,257-$5,257
Fees for Services Legal-$4,800-$4,800
Total Functional Expenses$995,337$1,211,198$0$2,206,535
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Other Funds$165,978
Accrued Interest$149,825
Liabilities A.l. Cloyd Unitrust$23,784
Deposits$865
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

“A draft of the form 990 is reviewed by the vice president of finance before it is filed.”

FORM 990, PART VI, LINE 12B:

“The university's trustees are required to annually disclose conflicts of interest, however, officers and key employees are not required to do so.”

Form 990, Part VI, Section B, Line 12C

“The organization consistently enforces the conflict of interest policy by requiring individuals to request permission from the board of trustees to transact business with the university, and requires full disclosure of these transactions. Employees are required to get written permission prior to accepting any outside employment.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents and conflict of interest policy available to the public upon request. The organization's prior financial statements are available to the public via the federal audit clearinghouse database through the internet. Current financial statements are available by request.”

Filing and Contact Details

Filer

Filer Name
Mid-continent University
EIN
61-0673582
Phone
2702478521
Address
99 EAST POWELL ROAD, MAYFIELD, KY 42066-9007

Signing Officer

Name
Tim Walker
Title
VP of Finance & Administration
Phone
2702478521
Signed
2017-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tim Walker
Formed
1949
Legal Domicile
Ky
Voting Board Members
22
Independent Board Members
22
Employees
13
Volunteers
25

Preparer

Firm
Dean Dorton Allen Ford Pllc
Address
106 W VINE STREET SUITE 600, LEXINGTON, KY 40507
Preparer
Leigh Mckee
Phone
8592552341
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Endowment interest terminated -2,911,292.”

Financial Statement Notes

PART V, LINE 4:

“Endowment funds are used for the purpose stipulated by the donor.”

Schedule D, Part V, Line 1F

“At a meeting on september 25, 2014 the kentucky baptist foundation board determined that mcu no longer met the purpose test in the endowment agreement governing this account and, therefore, mcu is no longer eligible to receive distributions from this account and the university's interest in the account has been termintated. The reduction in endowment funds due to this termination has been included on line 1f of the current year endowment schedule.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17VICE CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP FOR FINANCE & ADMINISTRATION
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IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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IRS990/IncludeFIN48FootnoteInd00
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IRS990/IndoorTanningServicesInd00
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IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt015123
IRS990/InformationTechnologyGrp/TotalAmt015123
IRS990/InsuranceGrp/ManagementAndGeneralAmt078224
IRS990/InsuranceGrp/TotalAmt078224
IRS990/IntangibleAssetsGrp/BOYAmt0460000
IRS990/IntangibleAssetsGrp/EOYAmt0460000
IRS990/InterestGrp/ManagementAndGeneralAmt0128001
IRS990/InterestGrp/TotalAmt0128001
IRS990/InventoriesForSaleOrUseGrp/BOYAmt026214
IRS990/InventoriesForSaleOrUseGrp/EOYAmt029543
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt041630
IRS990/InvestmentInJointVentureInd00
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IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt0456451
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt06359115
IRS990/LandBldgEquipCostOrOtherBssAmt012880353
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IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt081105
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IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0MID-CONTINENT UNIVERSITY FILED FOR CHAPTER 11 BANKRUPTCY ON SEPTEMBER 30, 2014 AND IS CURRENTLY ACTIVELY MANAGING THEIR OWN LIQUIATION PLAN APPROVED BY AND UNDER THE DIRECTION OF THOMAS H. FULTON, CHIEF JUDGE, UNITED STATES BANKRUPTCY COURT, LOUISVILLE, KY (502)627-5550. MCU CEASED INSTRUCTION OF STUDENTS AS OF JUNE 30, 2014 AND IS NOW MANAGING ITS LIQUIDATION PLAN APPROVED BY THE US BANKRUPTCY COURT, WESTERN DIVISION OF KENTUCKY.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0160537
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IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt037001
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt044482
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IRS990/OtherChangesInNetAssetsAmt0-2911292
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt044807
IRS990/OtherEmployeeBenefitsGrp/TotalAmt044807
IRS990/OtherExpensesGrp/Desc0TUITION & FEES
IRS990/OtherExpensesGrp/Desc1BAD DEBT
IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc3EQUIPMENT RENTAL & MAIN
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt060177
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt112076
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt25598
IRS990/OtherExpensesGrp/ProgramServicesAmt0442925
IRS990/OtherExpensesGrp/TotalAmt0442925
IRS990/OtherExpensesGrp/TotalAmt160177
IRS990/OtherExpensesGrp/TotalAmt212076
IRS990/OtherExpensesGrp/TotalAmt35598
IRS990/OtherLiabilitiesGrp/BOYAmt0399741
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
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IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
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IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt01848547
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06191682
IRS990ScheduleD/CYEndwmtFundGrp/AdministrativeExpensesAmt02911292
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt03294495
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt0377493
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt0-5710
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/BeginningYearBalanceAmt03696326
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt03294495
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt015297
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/OtherExpendituresAmt0417128
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/BeginningYearBalanceAmt03643869
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/EndYearBalanceAmt03696326
IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt052457
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/BeginningYearBalanceAmt03246646
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/ContributionsAmt0168392
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/EndYearBalanceAmt03643869
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0245547
IRS990ScheduleD/CYMinus3YrEndwmtFundGrp/OtherExpendituresAmt016716
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/BeginningYearBalanceAmt03193370
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/ContributionsAmt084330
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/EndYearBalanceAmt03246646
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0-15956
IRS990ScheduleD/CYMinus4YrEndwmtFundGrp/OtherExpendituresAmt015098

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$16,378,357
Liabilities
$3,111,695
Net assets
$13,266,662
Revenue
-$104,610
Expenses
$2,206,535
Net income
-$2,311,145
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2019Summary only. Only limited summary data is available for this year.$7.02$1.09$5.94$0.03$1.02$1.05
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.11$1.15$6.96$0.16$0.64$0.80
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.09$1.33$7.76$3.67$1.83$5.51
2016Detailed filing. Detailed filing data is available for this year.$16.4$3.11$13.3$0.10$2.21$2.31
2015Detailed filing. Detailed filing data is available for this year.$21.7$3.18$18.5$4.36$2.74$1.62
2014Detailed filing. Detailed filing data is available for this year.$24.9$8.01$16.9$15.4$20.4$5.01
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$30.6$8.76$21.9$21.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.3$8.35$20.9$22.0
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.1$8.31$19.8$16.5
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2016 filings • 501(c)3 • $10M-$25M nonprofits