2023-04-18T08:44:22-05:00 2022-05-31 275360847 CROSSLIN PLLC 3803 BEDFORD AVENUE SUITE 103 NASHVILLE TN 37215 990 2021-06-01 620518288 FREED-HARDEMAN UNIVERSITY FREE 7319896000 158 E MAIN ST HENDERSON TN 38340 JASON BRASHIER CFO & VP FOR FINANCIAL SERVICES 7319896000 2023-04-18 1 JASON BRASHIER 999009999 RODNEY C BROWER P00168898 6153205500 2023-04-18 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z JASON BRASHIER 158 E MAIN ST HENDERSON TN 38340 84103427 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. 28 28 1037 225 205476 1550 15948311 19420831 44885693 51218911 -3032262 2411578 1117433 968001 58919175 74019321 17743732 18721444 0 0 19884401 20756506 66000 0 2191893 14703533 17844621 52397666 57322571 6521509 16696750 173757054 179769242 39410039 35160879 134347015 144608363 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 50223895 18721444 76296174 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. 50223895 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 1 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 1 0 1 103 0 1037 0 1 1 1 BE 0 0 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X COURTNEY W INSELL 7319896011 158 E MAIN ST HENDERSON TN 38340 STEVE BAGGETT 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 TRUSTEE 1.00 X 0 0 0 JAY T DRYDEN TRUSTEE 1.00 X 0 0 0 STEVE ESTES SECRETARY 1.00 X 0 0 0 THOMAS GUMM SECRETARY 1.00 X 0 0 0 JEFF JENKINS SECRETARY 1.00 X 0 0 0 DR DALE E JONES SECRETARY 1.00 X 0 0 0 SCOTT LATHAM VICE CHAIRMAN 1.00 X 0 0 0 JOHN T LAW IMMEDIATE PAST CHAIRMAN 1.00 X 0 0 0 JAMES LEONARD 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 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 ROBERT P SHACKELFORD III TRUSTEE 1.00 X 0 0 0 DANNY TALKINGTON TRUSTEE 1.00 X 0 0 0 MYNONNE TATE TRUSTEE 1.00 X 0 0 0 ROBERT C VEIL JR TRUSTEE 1.00 X 0 0 0 TED H WILLIAMS CHAIRMAN 1.00 X 0 0 0 GREGG A WOODALL CHAIRMAN 1.00 X 0 0 0 CURT ZONDERVAN CHAIRMAN 1.00 X 0 0 0 TONY WILLIAMS TRUSTEE 1.00 X 0 0 0 DAVID R SHANNON PRESIDENT 40.00 X 250934 0 17106 CHARLES VIRES PROVOST AND VP FOR ACADEMI 40.00 X 170738 0 17859 DAVID CLOUSE VP FOR ADVANCEMENT 40.00 X 143878 0 17141 JASON BRASHIER VICE PRESIDENT FOR FINANCIAL SERVICES & CFO 40.00 X 144123 0 16356 MATTHEW A VEGA ASSOCIATE PROFESSOR 40.00 X 116243 0 15815 LEE E HIBBETT PROFESSOR 40.00 X 111525 0 15212 LEANN DAVIS ASSOCIATE PROFESSOR 40.00 X 139897 0 16662 STEPHEN MARVIN PROFESSOR 40.00 X 125021 0 16080 JERRY A SATTERFIELD CHIEF INVESTMENT OFFICER 40.00 X 135378 0 9503 COURTNEY W INSELL ASSOCIATE VICE PRESIDENT OF FINANCE & CAPITAL PR 40.00 X 102574 0 15601 THOMAS W DE BERRY FACULTY 40.00 X 110982 0 0 1551293 0 157335 11 0 1 0 E&T CONTRACTING 3615 US HWY 45 N HENDERSON TN 38340 BUILDING CONTRACTOR 1837357 ATG RAM SPORTS 1602 GALEMORE STREET FESTUS MO 63028 TURF INSTALLATION 1221845 GARRETT PLUMBING AND HEATING CO INC 30 MILLER AVE JACKSON TN 38305 PLUMBING 483740 EAB PO BOX 603519 CHARLOTTE NC 28260 STUDENT SEARCH 475087 BLUSKY RESTORATION CONTRACTORS 1109 MYATT BOULEVARD MADISON TN 37115 CONTRACTOR 425000 6 953279 1176371 17291181 19420831 OPERATING REVENUE 611310 41233742 41233742 AUXILIARY ENTERPRISES 611310 9985169 9985169 51218911 290262 290262 131000 1436 129564 129564 129564 11792120 7526393 2144411 4265727 -2144411 2121316 2121316 953279 190754 762525 762525 297024 221112 75912 75912 74019321 53630489 205476 762525 18721444 18721444 709672 577489 92730 39453 14893277 12119271 1946041 827965 3983324 3002497 752622 228205 1170233 1000927 105350 63956 1029775 787815 166535 75425 460421 43031 417390 1599596 1206935 351258 41403 907514 907514 1008171 985525 11323 11323 2143215 2095071 24072 24072 OTHER EXPENSES 3932303 3387545 491495 53263 OPERATION & MAINTENANCE 3709461 3626137 41662 41662 DINING SERVICES 1478084 1468935 9149 TRAVEL & CONFERENCES 1093595 1004359 7032 82204 482486 196914 285572 57322571 50223895 4906783 2191893 9955624 14814308 2025122 1449110 370113 242613 181130 175998 1055421 1451311 106025458 39638214 63978238 66387244 72275658 70418012 17200748 18486984 6715000 6343662 173757054 179769242 3327922 3861094 201169 31875 950494 811197 29019536 27883230 456192 378952 3734911 0 1719815 2194531 39410039 35160879 X 48502412 57159893 85844603 87448470 134347015 144608363 173757054 179769242 X 16696750 -7582467 8 1147057 X 0 0 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 79574146 4600079 -5808555 2596969 -114373 863774 75019300 61170262 4100591 16617574 2222933 -89438 391991 79574146 58837446 4347985 815403 2122538 379736 328298 61170262 57859525 3518075 643892 1905613 667474 610959 58837446 51947466 5055336 3769868 1991312 327500 594333 57859525 0.04858 0.40467 0.54675 0 0 3077580 3077580 102947878 39638214 63309664 66387244 ALTERNATIVE INVESTMENT - LEVEL 2 7453541 F ALTERNATIVE INVESTMENT - LEVEL 3 2004000 F PRIVATE EQUITY FUND 6076879 F LAND AND OTHER INVESTMENTS 2952564 F 18486984 LIABILITY UNDER UNITRUST AGREEMENTS 230988 ANNUITIES PAYABLE 454752 OTHER PAYABLES 1508791 2194531 67806459 -7582467 1147057 -6435410 74241869 -222548 -222548 74019321 57545119 222548 222548 57322571 0 57322571 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: INTEREST RATE SWAP AGREEMENT PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD RENTAL EXPENSES PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RENTAL EXPENSES 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. IT WAS $409,419 IN THIS FISCAL YEAR. 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 $1,353,858 IN THIS FISCAL YEAR. THE FINANCIAL SUPPORT FROM THE GOVERNMENT TOTALED $1,763,277 FOR THESE TWO ITEMS. 1 BELGIUM 1 1 PROGRAM SERVICES CLASSES ARE TAUGHT TO STUDENTS 338763 1 1 0 0 1 1 338763 0 338763 CONSULTANT FOR EUROPEAN PROGRAM EUROPE 1 12000 BY USA CHECK BOOK 0 0 0 0 0 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART I, LINE 2 THE SCHOOL'S FINANCIAL AID OFFICE PLUS THE FINANCIAL SERVICES OFFICE FOLLOW DETAILED PROCEDURES WHICH ENSURE ALL GRANTS AND OTHER ASSISTANCE AWARDS FOLLOW REQUIRED REGULATIONS. AWARDS GRANTED TO STUDENTS STUDYING ABROAD ARE HANDLED THROUGH THE SAME OFFICES THAT AWARD ALL OTHER GRANTS AND AWARDS. THESE OFFICES ARE AUDITED EACH YEAR BY AN INDEPENDENT EXTERNAL CPA FIRM AND REPORTED THEREON. THERE WERE "NO FINDINGS" ON THE FINANCIAL AID PORTION ON THE AUDIT FOR THE FISCAL YEAR BEING REPORTED ON. X X X X X X X 0 THOMPSON AND ASSOCIATES 112 WESTWOOD PLACE SUITE 250 BRENTWOOD TN 370275327 ESTATE PLANNING CONSULTING 0 0 0 137500 DICKERSON BAKKER & ASSOCIATES LLC 1998 HENDERSONVILLE RD SUITE 23 ASHEVILLE NC 28803 NONPROFIT CONSULTING 0 0 0 163447 300947 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 889408 889408 169281 SAC BENEFIT DINNER 63871 63871 21473 953279 953279 190754 190754 762525 1 STUDENT SCHOLARSHIPS 1510 17441542 BOOK X 1 0 X X X X 0 0 0 0 0 0 0 0 0 DAVID R SHANNON PRESIDENT 250934 0 0 0 0 0 0 0 0 0 250934 0 0 0 CHARLES VIRES PROVOST AND VP FOR ACADEMI 170738 0 0 0 0 0 0 0 0 0 170738 0 0 0 SCHEDULE J, PART I, LINE 1A ADMINISTRATIVE HOUSING ALLOWANCE 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 A 1583715 7500000 35384 2160196 2016 1 0 1 1 B 2579991 9850000 28715 2015 1 1 0 1 A 0 0 0 0 0 0 0 B 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 A 0 B 0 X FAIR MARKET VALUE X 14 FAIR MARKET VALUE X 1 FAIR MARKET VALUE X ADVERTISING SPACE 12 0 FAIR MARKET BY DONOR X PROFESSIONAL SERVICES 3 0 FAIR MARKET BY DONOR X RENTAL 3 0 FAIR MARKET BY DONOR X EQUIPMENT 3 0 FAIR MARKET BY DONOR X SUPPLIES 3 0 FAIR MARKET BY DONOR X VEHICLES 1 0 FAIR MARKET BY DONOR X GIFT CARDS 1 0 FAIR MARKET BY DONOR 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: SWAP AGREEMENT 1,147,057. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 WEST KENTUCKY YOUTH CAMP R 250000 CASH