2024-05-13T15:59:53-05:00 2023-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 110 EAST COURT STREET SUITE 500 GREENVILLE SC 29601 990 2022-07-01 570314402 LIMESTONE UNIVERSITY LIME 8007957151 1115 COLLEGE DRIVE GAFFNEY SC 29340 JEREMY WHITAKER ACTING PRESIDENT 8007957151 2024-05-13 1 JEREMY WHITAKER 999009999 1 AMY DOSIK P00890743 8642333981 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JEREMY WHITAKER 1115 COLLEGE DRIVE GAFFNEY SC 29340 71422456 0 X WWW.LIMESTONE.EDU X 1845 SC LIMESTONE UNIVERSITY IS A FOUR-YEAR, LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. ESTABLISHED IN 1845, LIMESTONE OFFERS MASTERS, BACHELOR AND ASSOCIATE DEGREES THROUGH TRADITIONAL AND NON-TRADITIONAL EDUCATIONAL OPPORTUNITIES. 30 30 330 30 0 0 12714739 3908804 39410218 39796895 6337393 1909764 54238 64252 58516588 45679715 16928239 14458709 0 0 19561413 19991807 131661 55893 584408 23812294 23810711 60433607 58317120 -1917019 -12637405 85120359 73143263 37901596 40696776 47218763 32446487 X THE MISSION OF LIMESTONE UNIVERSITY IS TO EDUCATE STUDENTS FROM DIVERSE BACKGROUNDS IN THE LIBERAL ARTS AND SELECTED PROFESSIONAL DISCIPLINES. BY PROVIDING DEGREE PROGRAMS THROUGHOUT SOUTH CAROLINA AND BY WAY OF THE INTERNET, LIMESTONE UNIVERSITY OFFERS OPPORTUNITIES FOR PERSONAL AND PROFESSIONAL GROWTH TO INDIVIDUALS WHO MAY FIND ACCESS TO HIGHER EDUCATION DIFFICULT. 0 0 46302586 14458709 39796895 LIMESTONE UNIVERSITY PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,250 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES. 46302586 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 49 0 1 330 1 0 0 0 0 0 0 0 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X DAOSHA PACK 8644884528 1115 COLLEGE DRIVE GAFFNEY SC 29340 DAVID RIGGINS CHAIR 1.00 X X 0 0 0 TOMMY WINDSOR JR VICE CHAIR 1.00 X X 0 0 0 RANDALL RICHARDSON SECRETARY 1.00 X X 0 0 0 PAUL FLEMING TREASURER 1.00 X X 0 0 0 JULIUS ANDERSON JR DIRECTOR 0.25 X 0 0 0 STEPHEN BRYANT DIRECTOR 0.25 X 0 0 0 MICHAEL DANIEL DIRECTOR 0.25 X 0 0 0 DAVID DORMAN DIRECTOR 0.25 X 0 0 0 TONY FISHER DIRECTOR 0.25 X 0 0 0 FRANKLIN FOSTER DIRECTOR 0.25 X 0 0 0 VIRGINIA HAMRICK DIRECTOR 0.25 X 0 0 0 LYMAN HAMRICK DIRECTOR 0.25 X 0 0 0 MICHAEL HOENIG DIRECTOR 0.25 X 0 0 0 J BRIAN HONEYCUTT DIRECTOR 0.25 X 0 0 0 RICK JIRAN DIRECTOR 0.25 X 0 0 0 MICHELLE JOLLY DIRECTOR 0.25 X 0 0 0 JULIE LOWREY DIRECTOR 0.25 X 0 0 0 TOMMY MARTIN DIRECTOR 0.25 X 0 0 0 RAHUL MEHRA DIRECTOR 0.25 X 0 0 0 VERA MITCHELL DIRECTOR 0.25 X 0 0 0 HAROLD MOORE DIRECTOR 0.25 X 0 0 0 N EUGENE MOOREHEAD DIRECTOR 0.25 X 0 0 0 ANA MOSS DIRECTOR 0.25 X 0 0 0 HARMONY NODA DIRECTOR 0.25 X 0 0 0 PHIL ORR DIRECTOR 0.25 X 0 0 0 WILLIAM PULLUM DIRECTOR 0.25 X 0 0 0 TIERNEY ROLLINS DIRECTOR 0.25 X 0 0 0 JOSEPH SULLIVAN DIRECTOR 0.25 X 0 0 0 JOHNATHAN WALLER DIRECTOR 0.25 X 0 0 0 HALEY WILLIAMS DIRECTOR 0.25 X 0 0 0 MONICA BALOGA PROVOST 40.00 X 175100 0 22052 DARRELL PARKER PRESIDENT (TERM 1/26/23) 40.00 X 336667 0 32492 REGGIE BROWNING VP FINANCE & ADMIN (TERM 1/18/23) 40.00 X 165160 0 14027 HUGH ROACH DIRECTOR OF IT 40.00 X 120360 0 19888 PAUL LEFRANCOIS DEAN 40.00 X 109868 0 11599 AMBER WILLIAMS ASSOCIATE PROFESSOR 40.00 X 120360 0 12246 MICHAEL CERINO VP ATHLETICS 40.00 X 110175 0 16770 1137690 0 129074 7 0 1 0 SODEXO 1115 COLLEGE DR GAFFNEY SC 29340 CATERING 4237973 CROSS COUNTRY TOURS 2460 WHITESTONE GLENDALE RD SPARTANBURG SC 29302 TRANSPORTATION 402210 SOSSAMON CONSTRUCTION PO BOX 26 GAFFNEY SC 29342 CONSTRUCTION 302001 DOUGLAS HELMS 244 VALLEY VIEW LANE TRYON NC 28782 CONSULTING 151667 CHERRY BEKAERT PO BOX 25549 RICHMOND VA 23260 ACCOUNTING 103627 5 2129401 1779403 10334 3908804 TUITION AND FEES 611310 33835081 33835081 AUXILIARY - ROOM AND BOARD 611310 3352033 3352033 AUXILIARY - OTHER 611310 1885924 1885924 AUXILIARY - BOOKSTORE 611310 667285 667285 SUMMER CAMPS 611310 56572 56572 39796895 849435 849435 80737 16485 64252 64252 64252 26786585 22624560 3101696 4162025 -3101696 1060329 1060329 45679715 39796895 0 1974016 14458709 14458709 501826 416516 80292 5018 15849016 12369181 3310642 169193 453173 354066 99107 1999593 1561510 438083 1188199 929124 259075 197879 197879 127405 127405 55893 55893 71421 71421 237931 237931 486245 55558 430687 1125973 732442 380181 13350 1033039 1033039 4200230 3465502 734728 889182 694721 188237 6224 598944 598944 2716419 2268310 448109 974707 457763 516944 OTHER EXPENSES 6221783 3591054 2295999 334730 AUXILIARY EXPENSES 2969089 2969089 BAD DEBT 1290321 1070967 219354 BOOKSTORE EXPENSES 551587 551587 118556 118556 58317120 46302586 11430126 584408 39149 41360 1221663 7773254 4258828 703709 1902447 1909344 38809 36488 384822 94513 82899498 34626613 53430569 48272885 23472221 10579900 371851 3731810 85120359 73143263 3765493 2029488 938633 2326215 32316629 32948872 880841 3392201 37901596 40696776 X 15065606 1040644 32153157 31405843 47218763 32446487 85120359 73143263 X -12637405 -2139011 4140 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 22481415 477003 2396847 3173192 9527974 12654099 31505216 556835 -1970719 1596042 6013875 22481415 25726429 380056 7566750 2168019 31505216 24796539 528800 1356009 954919 25726429 20519810 2710256 2335440 768967 24796539 0.00000 1.00000 0.00000 0 0 178177 178177 66305030 25147483 41157547 2787555 2199206 588349 13628736 7279924 6348812 48272885 FUNDS HELD IN PERPETUAL TRUST BY OTHERS 427288 BROWN HALL RECEIVABLE 10337 RIGHT-TO-USE OPERATING LEASE ASSETS 3294185 3731810 REFUNDABLE ADVANCES 62322 CAPITAL LEASES PAYABLE 513129 OPERATING LEASE PAYABLE 2816750 3392201 X 30204812 -2139011 16485 -2122526 32327338 71421 13280956 13352377 45679715 44977088 16485 16485 44960603 71421 13285096 13356517 58317120 PART III, LINE 4: THE UNIVERSITY'S COLLECTIONS ARE MADE UP OF LIBRARY BOOKS, ARTIFACTS OF HISTORICAL SIGNIFICANCE AND ART OBJECTS. IF PURCHASED, ITEMS ACCESSIONED INTO THE COLLECTION ARE CAPITALIZED AT COST, AND IF DONATED, THEY ARE CAPITALIZED AT THEIR APPRAISED VALUE OR FAIR VALUE AS OF THE DATES ON WHICH THE ITEMS ARE ACCEPTED BY THE UNIVERSITY. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 181 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. ENDOWMENT FUNDS ARE AVAILABLE FOR SCHOLARSHIPS, BUILDING MAINTENANCE AND OTHER OPERATIONAL NEEDS OF THE UNIVERSITY DEPENDING ON THE SPECIFIC FUND. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. PART X, LINE 2: MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GAAP ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT THE UNIVERSITY CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2023 AND 2022. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE UNIVERSITY HAD NO SIGNIFICANT UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET AGAINST RENTAL INCOME 16,485. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS (FUNDED/UNFUNDED) 13,285,096. ANNUITY EXPENSE -4,140. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET AGAINST RENTAL INCOME 16,485. ANNUITY EXPENSE PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS (FUNDED/UNFUNDED) 13,285,096. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 LIMESTONE UNIVERSITY REAFFIRMS ITS COMPLIANCE WITH TITLE IX AND DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONALITY, ORIGIN, HANDICAP, OR SEX IN ADMISSIONS, EMPLOYMENT OR EDUCATIONAL PROGRAMS. LIMESTONE PUBLISHES ITS NONDISCRIMINATORY POLICY IN THE STUDENT CATALOG AND EMPLOYEE HANDBOOK. THIS INFORMATION IS ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY ACTS AS AN AGENT BETWEEN THE US DEPARTMENT OF EDUCATION, THE SOUTH CAROLINA DEPARTMENT OF REVENUE, AND LIMESTONE STUDENTS. THE COLLEGE RECEIVES FUNDS FROM THE GOVERNMENT AGENCIES AND APPLIES THE FUNDS DIRECTLY TO THE APPLICABLE STUDENT'S ACCOUNT. DURING THE YEAR, THE UNIVERSITY ALSO RECEIVED FUNDING FROM THE HIGHER EDUCATION EMERGENCY RELIEF FUND AND EMPLOYEE RETENTION CREDITS. X X X X X X X 1 DAVID MICHAEL ATCHLEY 1708C AUGUSTA ST GREENVILLE SC 29605 NETWORKING 0 0 10893 -10893 MERCHANT MCINTYRE & ASSOCIATES 1634 EYE STREET NW WASHINGTON DC 20006 GRANTWRITING 0 0 45000 -45000 55893 -55893 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 1 GRANTS AND SCHOLARSHIPS 1139 13285096 TUITION RATES TUITION ASSISTANCE HEERF GRANTS 1011 1173613 PART I, LINE 2: FINANCIAL AID GUIDELINES ARE UTILIZED TO DETERMINE THE QUALIFICATIONS OF EACH RECIPIENT. THE GUIDELINES ARE PUBLISHED IN LIMESTONE UNIVERSITY'S ACADEMIC CATALOG AND COMPLY WITH ELIGIBILITY REQUIREMENTS PUBLISHED BY THE U.S. DEPARTMENT OF REVENUE. ANNUAL COMPLIANCE AUDITS ARE COMPLETED BY AN INDEPENDENT ACCOUNTING FIRM. AS FUNDS ARE RECEIVED, THEY ARE POSTED TO THE STUDENTS' ACCOUNTS. FOR CARES EMERGENCY GRANTS, AWARDS WERE BASED ON NEED AND NOT REQUIRED TO BE SPENT BY THE RECIPIENTS FOR A PARTICULAR PURPOSE THAT WOULD REQUIRED MONITORING AFTER THE GRANT FUNDS WERE AWARDED. 1 X X X X 0 0 0 0 0 0 0 0 0 DARRELL PARKER PRESIDENT (TERM 1/26/23) 306667 0 0 0 30000 0 12691 0 19801 0 369159 0 0 0 MONICA BALOGA PROVOST 175100 0 0 0 0 0 7018 0 15034 0 197152 0 0 0 REGGIE BROWNING VP FINANCE & ADMIN (TERM 1/18/23) 164800 0 0 0 360 0 6620 0 7407 0 179187 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 AND 990-T WERE PRESENTED TO THE AUDIT COMMITTEE FOR REVIEW. A COPY OF THE RETURNS WERE MADE ACCESSIBLE TO BOARD MEMBERS. FOLLOWING PRESENTATION AND APPROVAL, THE RETURNS WERE SUBMITTED TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, A CONFLICT OF INTEREST QUESTIONNAIRE IS COMPLETED BY MEMBERS OF THE BOARD OF TRUSTEES AND REVIEWED FOR ANY NOTED CONFLICTS. TRUSTEES WHO HAVE NOTED A CONFLICT OF INTEREST RECUSE THEMSELVES FROM ALL DISCUSSION AND/OR VOTE PERTAINING TO THAT SPECIFIC MATTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL: THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S CONTRACT AND SETS THE COMPENSATION PACKAGE. AN ASSESSMENT OF THE PRESIDENT'S COMPENSATION PACKAGE IS MADE ANNUALLY BY THE PERSONNEL COMMITTEE. THE ASSESSMENT IS BASED UPON DATA COLLECTED FROM COLLEGES OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE DOCUMENTED IN THE COMMITTEE MINUTES. COMPENSATION PROCESS FOR TOP OFFICERS: THE FINANCE COMMITTEE DISCUSSES WITH MANAGEMENT EXECUTIVE-LEVEL MANAGEMENT HIRES. THE SETTING OF COMPENSATION AMOUNTS IS MADE BY MANAGEMENT AND IS BASED UPON COMPARABLE POSITIONS AT INSTITUTIONS OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE RECORDED IN THE COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT-INTEREST AGREEMENTS 4,140.