2026-06-08T11:04:27-05:00 2025-05-31 275360847 CROSSLIN PLLC 107 KENNER AVENUE NASHVILLE TN 37205 990 2024-06-01 620518288 FREED-HARDEMAN UNIVERSITY FREE 7319896000 158 E MAIN ST HENDERSON TN 38340 JASON BRASHIER CFO & VP FOR FINANCIAL SERVICES 7319896000 2026-06-08 1 1 RODNEY C BROWER P00168898 6153205500 2026-06-08 2024 2025-03-06 01:10:19Z JASON BRASHIER 158 E MAIN ST HENDERSON TN 38340 78740565 0 X WWW.FHU.EDU X 1869 TN FREED-HARDEMAN UNIVERSITY IS A PRIVATE SCHOOL ASSOCIATED WITH CHURCHES OF CHRIST WHICH EMPHASIZE PHYSICAL AND SPIRITUAL DEVELOPMENT OF ITS STUDENTS TO PREPARE THEM FOR LIVES OF SERVICE TO THEIR COMMUNITIES. 32 32 1040 225 397524 3355 17990641 22373789 48520540 48744959 2844653 7621817 -153899 -276899 69201935 78463666 17979527 17850510 0 0 21257962 19541110 0 0 0 19676694 22676029 58914183 60067649 10287752 18396017 209376285 236190303 36587751 46763596 172788534 189426707 FREED-HARDEMAN UNIVERSITY IS A PRIVATE SCHOOL ASSOCIATED WITH CHURCHES OF CHRIST WHICH EMPHASIZE PHYSICAL AND SPIRITUAL DEVELOPMENT OF ITS STUDENTS TO PREPARE THEM FOR LIVES OF SERVICE TO THEIR COMMUNITIES. 0 0 56183937 17850510 48347435 THE UNIVERSITY CONDUCTED CLASSES FOR APPROXIMATELY 2,100 STUDENTS AND GRADUATED APPROXIMATELY 450 DURING THE FISCAL YEAR. THE EXPENSES INCLUDED FACULTY SALARIES AND BENEFITS, AUXILIARY ENTERPRISES, STAFF, AND OPERATIONS AND MAINTENANCE TO SUPPORT THEM. 56183937 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 0 1 1 1 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 157 0 1040 1 1 1 0 0 0 0 1 0 0 0 0 0 X 32 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X MICHAEL TANKSLEY 7319896071 158 E MAIN ST HENDERSON TN 38340 STEVE BAGGETT TRUSTEE 1.00 X 0 0 0 KYLE BATTE TRUSTEE 1.00 X 0 0 0 KATHERINE L BENNETT TRUSTEE 1.00 X 0 0 0 LARRY W BLOOMINGBURG TRUSTEE 1.00 X 0 0 0 DAYLA CALENDINE TRUSTEE 1.00 X 0 0 0 TERRY CREWS TRUSTEE 1.00 X 0 0 0 JOHN DEBERRY JR TRUSTEE 1.00 X 0 0 0 JOHN DODD SECRETARY 1.00 X 0 0 0 JAY T DRYDEN TRUSTEE 1.00 X 0 0 0 STEVE ESTES VICE CHAIRMAN 1.00 X 0 0 0 THOMAS GUMM TRUSTEE 1.00 X 0 0 0 DR MATT GUY TRUSTEE 1.00 X 0 0 0 CHRIS A HALLMARK TRUSTEE 1.00 X 0 0 0 JEFF JENKINS TRUSTEE 1.00 X 0 0 0 LEE JOHNSON TRUSTEE 1.00 X 0 0 0 DR DALE E JONES TRUSTEE 1.00 X 0 0 0 SCOTT LATHAM CHAIRMAN 1.00 X 0 0 0 JOHN T LAW TRUSTEE 1.00 X 0 0 0 JAMES LEONARD TRUSTEE 1.00 X 0 0 0 GARY MASSEY JR TRUSTEE 1.00 X 0 0 0 DR BILL MORGAN TRUSTEE 1.00 X 0 0 0 MARK NEWBY TRUSTEE 1.00 X 0 0 0 DR LYNN PATTERSON TRUSTEE 1.00 X 0 0 0 BRETT L PHARR TRUSTEE 1.00 X 0 0 0 NATHAN B PRIDE TRUSTEE 1.00 X 0 0 0 JANA RUCKER TRUSTEE 1.00 X 0 0 0 MYNONNE TATE TRUSTEE 1.00 X 0 0 0 PEGGY TIDWELL TRUSTEE 1.00 X 0 0 0 TONY WILLIAMS TRUSTEE 1.00 X 0 0 0 TED H WILLIAMS IMMEDIATE PAST CHAIRMAN 1.00 X 0 0 0 GREGG A WOODALL TRUSTEE 1.00 X 0 0 0 CURT ZONDERVAN TRUSTEE 1.00 X 0 0 0 DAVID R SHANNON PRESIDENT 40.00 X 307458 0 20076 JASON BRASHIER VICE PRESIDENT FOR FINANCE 40.00 X 161090 0 20311 LEANN DAVIS VICE PRESIDENT FOR ACADEMICS 40.00 X 152838 0 20825 DAVID CLOUSE SENIOR VICE PRESIDENT 40.00 X 151816 0 15975 TOMMIE KIRK VP FOR STUDENT SERVICES 40.00 X 102160 0 4060 JERRY A SATTERFIELD CHIEF INVESTMENT OFFICER 40.00 X 143396 0 11104 STEPHEN MARVIN PROFESSOR 40.00 X 132159 0 19053 BRANDON LANCILOTI ASSOCIATE PROFESSOR 40.00 X 119532 0 19535 HIBBETT LEE PROFESSOR 40.00 X 111426 0 18838 SHAREN CYPRESS PROFESSOR 40.00 X 113177 0 9925 1495052 0 159702 10 0 1 0 E&T CONTRACTING 3615 US HWY 45 NORTH HENDERSON TN 38340 BUILDING CONTRACTOR 6367001 CREATIVE DINING SERVICES 1 ROYAL PARK DIVE SUITE 3 ZEELAND MI 49464 FOOD SERVICE PROVIDER 3799600 GARRETT PLUMBING & HEATING 30 MILLER AVE JACKSON TN 38305 BUILDING CONTRACTOR 2068238 TRIMARK USA LLC 2801 S VALLEY PKWY SUITE 200 LEWISVILLE TX 75067 BUILDING CONTRACTOR 1357754 BARGER CONSTRUCTION COMPANY 23134 HWY 22 N YUMA TN 38390 BUILDING CONTRACTOR 1051449 5 525243 535771 21312775 22373789 TUITION & FEES 611310 35327780 35327780 AUXILIARY ENTERPRISES 611310 11325540 10928016 397524 OTHER SOURCES 611310 2091639 2091639 48744959 2471816 2471816 5139429 10572 0 0 5139429 10572 5150001 5150001 0 525243 276899 -276899 -276899 78463666 48347435 397524 7344918 17850510 17850510 956609 956609 14914559 13483723 1430836 3669942 3339085 330857 4165721 3790168 375553 668148 555173 112975 3372896 3068819 304077 1227413 1116758 110655 1892079 1721502 170577 1358375 1235913 122462 3037671 2763815 273856 OPERATION & MAINTENANCE 4028474 3665294 363180 OTHER EXPENSES 2307816 2074796 233020 EVENTS 617436 561772 55664 60067649 56183937 3883712 0 12272850 6716594 9000 3000 1860212 1971379 135203 102641 93757 137694 848156 1080886 137034958 47391867 73733014 89643091 94262858 106566493 25155905 29394723 1005330 573802 209376285 236190303 1840325 2772598 1337689 1566661 23567058 30779970 2047997 1794182 7794682 9850185 36587751 46763596 X 66052220 91278497 106736314 98148210 172788534 189426707 209376285 236190303 X 18396017 727123 -2484967 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 85248118 7353099 5927847 2921529 128555 95478980 74994778 3966468 9974420 3490390 197158 85248118 75524714 2582992 431652 2855764 688816 74994778 79574146 4893948 -5482638 2596969 863773 75524714 61170262 4100591 16617574 2222933 -89438 391991 79574146 0.06562 0.38991 0.54447 0 0 2927714 2927714 120892581 39668286 81224295 10112543 6083959 4028584 3102120 1639622 1462498 89643091 ALTERNATIVE INVESTMENTS 12022731 F PRIVATE EQUITY FUND 5349141 F LAND AND OTHER INVESTMENTS 1155777 F CHARITABLE REMAINDER TRUSTS 10867074 F 29394723 STUDENT CLUB DEPOSITS & ADVANCE PAYMENTS 763389 LIABILITY UNDER UNITRUST AGREEMENTS 5774140 ANNUITIES PAYABLE 146687 LINES OF CREDIT 3165969 9850185 59717211 727123 585000 -20335477 -19023354 78740565 -276899 -276899 78463666 43079038 585000 585000 42494038 17573611 17573611 60067649 PART V, LINE 4: SUPPORT OF STUDENT SCHOLARSHIPS AND OPERATING BUDGET ARE THE INTENDED USE OF THE ENDOWMENT FUNDS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENT -431,525. ACTUARIAL ADJUSTMENT OF ANNUITIES 58,745. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -2,048,522. FINANCIAL AID -17,850,510. INSURANCE EXPENSE, NET OF RECOVERIES -63,665. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING ACTIVITES -276,899. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 17,850,510. FUNDRAISING EXPENSES -276,899. SCHEDULE D, PART XII THE UNIVERSITY HAS A BANK LOAN AGREEMENT WITH A VARIABLE INTEREST RATE BASED ON A FUNCTION OF LIBOR. THE UNIVERSITY ENTERED AN INTEREST RATE SWAP AGREEMENT TO HEDGE AGAINST THE RISK OF INTEREST RATE INCREASES. THE DERIVATIVE FINANCIAL INSTRUMENT IS NOT HELD FOR TRADING PURPOSES. THE FAIR VALUE OF THE DERIVATIVE FINANCIAL INSTRUMENT ON MAY 31, 20221 RESULTED IN AN ASSET OF $343,662. SCHEDULE D, PART XII RENTAL EXPENSES AGAINST GROSS RENTS IN 990-PART VIII, LINE 6B OF $11,845 PLUS COST OF GOODS SOLD AGAINST GROSS SALES IN 990-PART VIII, LINE 10B OF $127,928 EQUALS $139,773. 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 UNIVERSITY POLICY IS NOTED IN THE SCHOOL'S CATALOG, ON THE SCHOOL'S WEBSITE AND IN PRINTED BROCHURES. SCHEDULE E, PART I, LINE 6 THROUGH THE STUDENT FINANCIAL AID SYSTEM, THE SCHOOL RECEIVES MONEY TO DISBURSE TO STUDENTS UNDER THE FEDERAL WORK STUDY PROGRAM. IN ADDITION, THE UNIVERSITY APPLIED FOR AND WAS GRANTED THE HIGHER EDUCATION EMERGENCY RELIEF FUNDS (HEERF) AS AUTHORIZED BY SECTION 18004(A)(1) OF THE CARES ACT, PUB. L. NO. 116-136 DUE TO THE COVID-19 PANDEMIC. THE GRANT WAS AWARDED FOR $1,117,973 IN THIS FISCAL YEAR. 0 BELGIUM 1 1 PROGRAM SERVICES CLASSES TAUGHT TO STUDENTS 419664 1 1 0 0 1 1 419664 0 419664 CONSULTANT FOR EUROPEAN PROGRAM EUROPE 1 6000 BY USA CHECK 0 BOOK 0 0 0 0 0 0 X X X X X X X 0 DICKERSON BAKKER & ASSOCIATES LLC 1998 HENDERSONVILLE RD SUITE 23 ASHEVILLE NC 28803 NONPROFIT CONSULTING 0 0 72000 0 72000 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY BENEFIT DINNER 489765 489765 276443 SAC BENEFIT DINNER 35478 35478 456 525243 525243 276899 276899 -276899 1 STUDENT SCHOLARSHIPS 1362 16643454 0 BOOK X 1 0 X X X X 0 0 0 0 0 0 0 0 0 DAVID R SHANNON PRESIDENT 307458 0 0 0 0 0 0 0 0 0 307458 0 0 0 JASON BRASHIER VICE PRESIDENT FOR FINANCE 161090 0 0 0 0 0 0 0 0 0 161090 0 0 0 LEANN DAVIS VICE PRESIDENT FOR ACADEMICS 152838 0 0 0 0 0 0 0 0 0 152838 0 0 0 DAVID CLOUSE SENIOR VICE PRESIDENT 151816 0 0 0 0 0 0 0 0 0 151816 0 0 0 A INDUSTRIAL DEVELOPMENT BOARD 626000307 2016-03-17 7500000 PAYOFF 2005 BOND PLUS NEW CAPITAL EXPENSES 0 0 0 B HEALTH & EDUCATION FACILITY BOARD 521339251 2015-12-11 9850000 PAYOFF 2013 BOND 0 0 0 C FIRST HORIZON BANK 2023 620803242 2024-12-01 4000000 RENOVATIONS TO HALL ROLAND HALL DORMITORY 0 0 0 D FIRSTBANK 2024 840826848 2024-12-20 5000000 CONSTRUCTION OF THE JONES FAMILY DINING HALL 0 0 0 A 2453243 7500000 35384 2160196 2016 1 0 1 1 B 3835258 9850000 28715 2015 1 1 1 1 C 49575 4000000 0 0 0 1 D 5000000 0 0 0 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 D 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 0 D 0 0 0 0 0 0 0 0 A 0 B 0 X 1 3000 FAIR MARKET VALUE X TRAVEL EXPENSES 5 59796 FAIR MARKET VALUE X PRINTING 1 10000 FAIR MARKET VALUE X MEALS 2 3839 FAIR MARKET VALUE X PHOTOGRAPHY EQUIPMENT 1 1500 FAIR MARKET VALUE X NOTE CARDS 2 315 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN OUTSIDE PUBLIC ACCOUNTING FIRM. THE RETURN IS REVIEWED IN DETAIL BY THE VP FOR FINANCIAL AFFAIRS AND THE PRESIDENT OF THE COLLEGE. THE DRAFT IS EMAILED TO MEMBERS OF THE BOARD OF TRUSTEES FOR THEIR REVIEW AND APPROVAL PRIOR TO FILING THE RETURN WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C AN ELECTRONIC VERSION OF THE CONFLICT OF INTEREST POLICY IS MADE AVAILABLE TO ALL BOARD OF TRUSTEE MEMBERS. ALL MEMBERS SIGN A STATEMENT ACKNOWLEDGING THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S SALARY IS REVIEWED ANNUALLY BY THE COMPENSATION COMMITTEE, A SUBCOMMITTEE OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. EACH YEAR THE COMMITTEE REVIEWS AVAILABLE SALARY SURVEYS, FOR EXAMPLE THE SURVEY COMPILED BY THE COLLEGE & UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA-HR). THE COMMITTEE ALSO CONSIDERS THE PRESIDENT'S PERFORMANCE, ESPECIALLY IN REGARD TO METRICS ON THE INSTITUTION'S STRATEGIC PLAN. A PROPOSED CHANGE IN HIS COMPENSATION IS RECOMMENDED BY THE COMMITTEE FOR APPROVAL BY THE FULL BOARD OF TRUSTEES. THE PRESIDENT SETS THE COMPENSATION OF HIS DIRECT REPORTS AND COMPENSATION FOR EACH OF THE VICE-PRESIDENTS. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENT -431,525. ACTUARIAL ADJUSTMENT OF ANNUITIES 58,745. CHANGE IN FAIR VALUE OF SPLIT-INTEREST AGREEMENTS -2,048,522. INSURANCE EXPENSE, NET OF RECOVERIES -63,665. 1