2023-05-08T10:27:17-05:00 2022-06-30 540504608 BROWN EDWARDS & COMPANY LLP 105 ARBOR DRIVE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2021-07-01 540506457 FERRUM COLLEGE FERR 5403654231 P O BOX 1000 FERRUM VA 24088 BARBARA HATCHER VP FOR BUSINESS AND FINANCE 5403654231 2023-05-04 1 BARBARA HATCHER XXX-XX-XXXX MARK WOOLWINE P00647446 5404433606 2023-05-04 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z BARBARA HATCHER P O BOX 1000 FERRUM VA 24088 49248628 0 X WWW.FERRUM.EDU X 1914 VA FERRUM COLLEGE IS A PRIVATE LIBERAL ARTS INSTITUTION THAT PROVIDES BOTH UNDERGRADUATE AND GRADUATE DEGREES. WE ARE A DYNAMIC LEARNING COMMUNITY WHERE STUDENTS ENTER WITH PROMISE AND LEAVE WITH PURPOSE. THE MISSION IS SUPPORTED BY OUR VISION TO INSPIRE EVERYONE TO DO GOOD WORK, BUILD GOOD FUTURES, AND LIVE GOOD LIVES. THROUGH GENEROSITY OF SPIRIT, BEING A COMMUNITY THAT CONNECTS AND INSPIRES, PROVIDING OPPORTUNITY, REGARDLESS OF BACKGROUND, AND EXHIBITING RESILIENCE THROUGH INNOVATION AND RESOURCEFULNESS, WE STRENGTHEN OUR MISSION AND VISION. OUR ONE PRIORITY IS TO FULFILL THE PROMISE OF COLLEGE BY PROVIDING PATHWAYS TO MEANINGFUL WORK, MAKING EDUCATION ATTAINABLE, AND STAYING CONNECTED FOR A LIFETIME. 24 23 740 35 259755 0 7643828 9475080 43822207 40580266 804100 1702476 2825097 -2861553 55095232 48896269 20895551 18917486 0 0 15117212 15599129 0 0 601445 14711906 17038881 50724669 51555496 4370563 -2659227 138488654 126663415 31535326 28348191 106953328 98315224 X WE ARE A DYNAMIC LEARNING COMMUNITY WHERE STUDENTS ENTER WITH A PROMISE AND LEAVE WITH A PURPOSE. 0 0 26167664 18917486 30752460 INSTRUCTION - FERRUM MAINTAINS A TRADITION OF OFFERING A COMPREHENSIVE ACADEMIC PROGRAM IN ACCORD WITH A LIBERAL ARTS CORE. WE STRIVE TO PROVIDE EDUCATION AND TO MAXIMIZE STUDENTS' CHANCES FOR SUCCESS BY PROVIDING ONE-ON-ONE SUPPORT, INDIVIDUAL ATTENTION AND POSITIVE REINFORCEMENT. THE CURRICULUM INCLUDES OPPORTUNITIES FOR CAREER PREPARATION AS WELL AS PERSONAL DEVELOPMENT IN ORDER TO HELP EACH STUDENT FULFILL HIS OR HER PERSONAL EDUCATIONAL GOALS. FERRUM COLLEGE OFFERS 29 MAJORS AND 44 MINORS, AS WELL AS A STUDENT-FACULTY RATIO OF 13:1. THE COLLEGE STRIVES TO PROVIDE PRE-PROFESSIONAL LEARNING OPPORTUNITIES BY OFFERING A WIDE ARRAY OF INTERNSHIPS IN ITS MAJORS. FERRUM STUDENTS GET HANDS-ON LEARNING EXPERIENCE DURING AN EXPERIENTIAL TERM, A THREE-WEEK SUMMER TERM THAT FOCUSES ON UNIQUE LEARN-BY-DOING EXPERIENCES. THE COLLEGE ALSO OFFERS SEVERAL GRADUATE PROGRAMS. FERRUM COLLEGE PROVIDES ONE-ON-ONE SUPPORT THROUGH TUTORING, ACADEMIC ADVISING AND ACADEMIC COUNSELING THROUGH THE CARTER CENTER FOR ACADEMIC SUCCESS. THE COLLEGE ALSO OPERATES A FITNESS CENTER THAT PROVIDES OPPORTUNITIES FOR SUTDENTS TO PUT INTO PRACTICE WHAT THEY ARE LEARNING IN THE CLASSROOM. 1440758 ACADEMIC SUPPORT STANLEY LIBRARY CONSISTS OF THE 21ST CENTURY LEARNING AREA WHICH HOUSES OUR LEARNING ENGAGEMENT AND PRACTICE (LEAP) STUDIO FOR LIBRARY INSTRUCTION, OUR DIGITAL MEDIA CENTER, OUR DIGITAL AUDIO LAB, AND OUR "GREEN SCREEN" ROOM. THE LIBRARY ALSO HAS A SUFFICIENT PRINT COLLECTION, A LEARNING COMMONS STUDY AREA, FULL RANGE OF RESOURCE SHARING SERVICES, AND OTHER QUIET STUDY AREAS. THE MICHAEL CHRISTIAN '63 FOR FIRST-YEAR EXPERIENCE IS DESIGNED TO HELP STUDENTS ADJUST TO FERRUM COLLEGE AND OBTAIN THE NECESSARY SKILLS TO BECOME A SUCCESSFUL COLLEGE STUDENT. THE PROGRAM ENGAGES NEW STUDENTS TO CULTIVATE A BETTER UNDERSTANDING OF THE LEARNING PROCESS, AND TO TAKE ADVANTAGE OF THE CAMPUS RESOURCES AND COMMUNITY AVAILABLE TO THEM. THE STATE CENTER FOR BLUE RIDGE FOLKLORE, FERRUM COLLEGE'S BLUE RIDGE INSTITUTE AND MUSEUM (BRIM) HAS DOCUMENTED THE FOLKWAYS OF THE PEOPLE LIVING IN AND AROUND THE BLUE RIDGE MOUNTAINS. THE BRIM ADDS A UNIQUE ELEMENT TO FERRUM COLLEGE'S MODERN ACADEMIC PROGRAMS. THESE SERVICES ARE PROVIDED FREE OF CHARGE TO STUDENTS. THE BLUE RIDGE INSTITUTE FARM MUSEUM IS AVAILABLE TO THE GENERAL PUBLIC FOR A SMALL FEE. 7448185 STUDENT SERVICES - STUDENT LEADERSHIP AND ENGAGEMENT FACILITATES A DIVERSE CALENDAR OF EVENTS THAT ENHANCES AND COMPLIMENTS THE CURRICULUM AND CO-CURRICULUM; SUPPORTS CLUBS AND ORGANIZATIONS THAT NOT ONLY INVOLVE, BUT ENGAGES STUDENTS, AND PROMOTES SERVICE LEARNING. ATHLETICS - FERRUM COLLEGE CONSIDERS INTERCOLLEGIATE ATHLETICS TO BE AN INTEGRAL PART OF THE COLLEGE EXPERIENCE AND SEEKS TO PROVIDE POSITIVE AND ENRICHING PROGRAMS THAT COMPLEMENT AND REINFORCE THE EDUCATIONAL PURSUITS, ACADEMIC SUCCESS, AND ATHLETIC EXCELLENCE OF STUDENT ATHLETES. ADMISSIONS PROMOTES FERRUM COLLEGE THROUGH VARIOUS MARKETING PROGRAMS INCLUDING MAILINGS, ATTENDANCE AT VARIOUS HIGH SCHOOL COLLEGE FAIRS, AND PERSONAL TOURS OF THE CAMPUS IN ORDER TO ENROLL STUDENTS. FINANCIAL AID COMPLEMENTS THE ADMISSIONS PROCESS BY WORKING WITH FAMILIES TO SECURE FINANCIAL RESOURCES REQUIRED FOR ATTENDANCE. REGISTRAR ASSISTS AS WELL BY VERIFYING THE ACADEMIC CREDENTIALS OF POTENTIAL STUDENTS AND THEN FOLLOWS THE STUDENT THROUGH THEIR ACADEMIC PROGRESS TO GRADUATION. TRI-AREA COMMUNITY HEALTH CENTER (3RD PARTY PARTNER) AND FERRUM COLLEGE COUNSELING SERVICES PROVIDE HEALTH SERVICES TO OUR STUDENTS. 10517075 7290710 AUXILIARIES - THE TWO MAJOR AREAS OF AUXILIARIES ARE RESIDENCE LIFE AND DINING SERVICES. RESIDENCE LIFE INCLUDES RESIDENTIAL FACILITIES AND STAFF THAT SUPPORT THE ON CAMPUS STUDENT HOUSING EXPERIENCE. DINING SERVICES INCLUDES COST OF MEAL PLANS AND EQUIPMENT REPLACEMENT OR REPAIRS. OTHER AUXILIARY ITEMS INCLUDE THE CAMPUS SPIRIT STORE, SUMMER PROGRAMS, AND FACULTY/STAFF RENTAL HOUSING. 10517075 7290710 45573682 1 1 0 1 0 0 1 1 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 1 0 0 1 1 1 1 0 0 1 1259 0 1 740 1 1 1 0 0 0 1 1 1 1 0 0 0 0 X 24 23 0 0 1 0 0 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X THE ORGANIZATION 5403654231 215 FERRUM MOUNTAIN RD ROOM 108 FERRUM VA 24088 D SCOTT SHOWALTER CHAIR OF THE BOARD OF TRUS 1.00 X X 0 0 0 W JEFFREY BOOKER 1ST VICE CHAIR 0.80 X X 0 0 0 EVERETT FOXX TRUSTEE 0.50 X 0 0 0 SUZANNE M BOLTZ TRUSTEE 0.50 X 0 0 0 JOHN COUGILL TRUSTEE 0.80 X 0 0 0 JUDSON P MASON TRUSTEE 0.80 X 0 0 0 ANNITA P NELSON TRUSTEE 0.50 X 0 0 0 BAXTER F PHILLIPS JR TRUSTEE 0.80 X 0 0 0 NANCY WALSH TRUSTEE 0.50 X 0 0 0 CAROLYN L SMITH TRUSTEE 0.50 X 0 0 0 MARILYN H WEST TRUSTEE 0.50 X 0 0 0 CLAY WILEY TRUSTEE 0.50 X 0 0 0 BRUCE WHITEHURST TRUSTEE 0.50 X 0 0 0 GEORGE D YANCEY TRUSTEE 0.80 X 0 0 0 ANN KLOTZ TRUSTEE 0.50 X 0 0 0 DAVID ARRINGTON TRUSTEE 0.50 X 0 0 0 DENISE BATES TRUSTEE 0.50 X 0 0 0 JEFF DAVOUD TRUSTEE 0.50 X 0 0 0 TERESA WATSON TRUSTEE 0.50 X 0 0 0 SHARMA D LEWIS TRUSTEE 0.50 X 0 0 0 BERNICE COBBS 2ND VICE CHAIR 0.50 X X 0 0 0 SUZANNE SMITH TRUSTEE 0.50 X 0 0 0 JEFFREY H KNOTTS TRUSTEE 0.50 X 0 0 0 RONALD E SINGLETON SECRETARY 0.80 X X 0 0 0 DR DAVID JOHNS PRESIDENT 55.00 X 241935 0 9691 BARBARA HATCHER VP FOR BUSINESS AND FINANC 55.00 X 143586 0 7063 KEVIN REILLY VP FOR ACADEMIC AFFAIRS 55.00 X 108322 0 8601 WILSON PAINE VP FOR INSTITUTIONAL ADVAN 55.00 X 138204 0 7043 CHRISTOPHER CHANDLER DIRECTOR OF HUMAN RESOURCE 55.00 X 107001 0 8905 KIMBERLY BROWN DIRECTOR OF NURSING DIVISION & ASSOCIATE PROFESSOR 40.00 X 105026 0 5372 DR AIME SPOSATO FORMER PROVOST 55.00 X 147134 0 562 991208 0 47237 7 1 1 0 ALADDIN FOOD MGMT SERVICES LLC 16567 COLLECTIONS CENTER DR CHICAGO IL 60693 DINING SERVICES 2471559 ELLUCIAN INC 62578 COLLECTIONS CENTER DR CHICAGO IL 60693 TECHNOLOGY SOLUTIONS 547268 CLARKNIKDEL 72 4TH STREET NW WINTER HAVEN FL 33881 ADMISSIONS MARKETING AND TECHNOLOGY 305475 BLACK TIE BUS CHARTERS 3050 RIDGEWOOD ROAD WINSTON SALEM NC 27107 ATHLETIC TRANSPORTATION 220796 TK ELEVATOR PO BOX 3796 CAROL STREAM IL 601323796 ELEVATOR REPAIR AND SERVICES 126111 6 12335 7025257 2437488 530895 9475080 TUITION & FEES 611310 30753796 30753796 AUXILIARY REVENUE 611710 9647860 9425249 222611 OTHER 611710 178610 153086 25524 40580266 690174 690174 10955 10955 366722 806397 0 160817 366722 645580 1012302 645580 366722 79453 12335 29040 50413 50413 258636 162502 96134 84514 11620 CHANGE IN FUNDS HELD IN TRUST 901101 -3019055 -3019055 -3019055 48896269 38043170 259755 1118264 18917486 18917486 571422 157655 413767 12108733 10108092 1576492 424149 2059562 1124377 902786 32399 859412 715292 112688 31432 48987 48987 68178 68178 145790 145790 597216 377574 219642 34921 28184 6737 825125 625959 161350 37816 807813 121052 628962 57799 2944388 2936161 8227 577071 541812 29844 5415 14942 11888 3054 2045381 2045381 713429 257441 455988 COVID-19 RELATED EXPENS 3633473 3633473 FOOD SERVICE 2434422 2434422 PROGRAM 1017900 924877 84080 8943 OTHER 882072 498886 379694 3492 247773 113670 134103 51555496 45573682 5380369 601445 813504 416531 15082996 12883201 282521 301509 653439 368907 1088817 558099 406886 532588 488609 603610 99933919 47117610 53520136 52816309 48201717 43451999 2040665 1840353 15909364 12890309 138488654 126663415 3121643 1773207 760250 781501 7207222 6626423 18791039 18268835 961904 239944 693268 658281 31535326 28348191 X 43494676 43794112 63458652 54521112 106953328 98315224 138488654 126663415 -2659227 -5978877 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 1 100 0 0 1 300 0 1 4400 4800 0 PART II-B, LINE 1: PART II-B, LINE 1D: CONSERVATIVE ESTIMATE FOR STATIONARY AND POSTAGE FOR VARIOUS CORRESPONDENCE. PART II-B, LINE 1G: ESTIMATE FOR EMPLOYEE COMPENSATION, MEALS, LODGING, REGISTRATIONS, AND TRANSPORTATION EXPENSE ASSOCIATED WITH SPECIFIC MEETINGS OR EVENTS. PART II-B, LINE 1I: FERRUM COLLEGE IS A MEMBER OF THE COUNCIL OF INDEPENDENT COLLEGES OF VIRGINIA (CICV). WE ESTIMATE THAT $4,400 OF OUR ANNUAL DUES TO THE CICV ARE FOR LOBBYING ACTIVITIES. X X X X 1 172.00 1 1 75.00 5000 441295 924725 X X X X 0 66146540 742315 -5833094 1711251 923008 241490 58180012 52306519 1157995 15226382 1522556 840311 181489 66146540 53671188 373679 2110892 2646364 1031714 171162 52306519 52886524 1029766 3572838 2477659 1165868 174413 53671188 51075652 442531 4321125 1787773 990294 174717 52886524 0.10640 0.68890 0.20470 0 1 1 675003 675003 79015334 31458616 47556718 12734463 10644710 2089753 7509119 5014284 2494835 52816309 ENDOWMENT HELD IN TRUST BY OTHERS 12890309 12890309 ANNUITY OBLIGATIONS 103231 AMOUNTS HELD ON BEHALF OF OTHERS 177905 ASSET RETIREMENT OBLIGATIONS 478531 DEFERRED LOAN COST, NET OF AMORTIZATION -101386 658281 X 20277704 -5978877 -5978877 26256581 145790 22493898 22639688 48896269 28915808 0 28915808 145790 22493898 22639688 51555496 PART II, LINE 9: FERRUM COLLEGE DOES NOT REPORT ANY VALUE FOR THE CONSERVATION EASEMENTS IN ITS REVENUE OR EXPENSE, NOR DOES IT REPORT ANY VALUE FOR THE CONSERVATION EASEMENT ON THE BALANCE SHEET. CONSEQUENTLY, THERE ARE NO FOOTNOTES TO THE FINANCIAL STATEMENTS. PART III, LINE 4: A PORTION OF OUR FINE ARTS ARE LOCATED AT THE BLUE RIDGE INSTITUTE WHICH IS A MUSEUM OF ARTIFACTS EXHIBITING THE HISTORY AND CULTURE OF COMMUNITIES IN THE BLUE RIDGE MOUNTAINS. THIS COLLECTION PROVIDES EDUCATION FOR STUDENTS AND THE PUBLIC AND PRESERVES THE TRADITIONS OF THE AREA FOR FUTURE GENERATIONS. THE COLLEGE ALSO HAS AN ART COLLECTION THAT IS USED BY THE ART DEPARTMENT AS AN EDUCATIONAL TOOL AND IS ALSO DISPLAYED THROUGHOUT CAMPUS FOR PUBLIC APPRECIATION. THERE IS ALSO AN AMERICAN BRILLIANT CUT GLASS COLLECTION THAT IS SECURELY DISPLAYED FOR PUBLIC APPRECIATION. PART V, LINE 4: THE ENDOWMENT PROVIDES SUPPORT FOR SCHOLARSHIPS AND OTHER OPERATING EXPENSES INCLUDING FACULTY DEVELOPMENT, MAINTENANCE, DEBT SERVICE, AND PROGRAMMING, TO NAME A FEW. THE COLLEGE CONTINUES TO APPLY PRUDENCE WHEN SPENDING FROM THE ENDOWMENT WHILE PRESERVING SPENDING POWER IN THE FUTURE. THE OPERATIONAL ENDOWMENT DRAW FOR 2021 WAS 5% OF A THREE-YEAR AVERAGE VALUE ON FUNDS THAT WERE NOT "UNDERWATER". PART X, LINE 2: THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE FEDERAL FORM 990S OF THE COLLEGE FOR THE FISCAL YEARS 2021, 2020, AND 2019 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, GENERALLY FOR THREE YEARS AFTER THEY ARE FILED. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS & OTHER ASSISTANCE TO INDIVIDUALS IN US 18,917,486. COVID-19 RELATED EXPENSES 3,633,473. COST OF GOODS SOLD CAMPUS STORE AND FUNDRAISING EVENTS -191,542. LEGAL AND SEVERANCE PAYMENTS 17,608. PERKINS REASSIGNMENT 127,741. ANNUITIES -10,868. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS & OTHER ASSISTANCE TO INDIVIDUALS IN US 18,917,486. COVID-19 RELATED EXPENSE 3,633,473. COST OF GOODS SOLD CAMPUS STORE AND FUNDRAISING EXPENSES -191,542. LEGAL AND SEVERANCE PAYMENTS 17,608. PERKINS REASSIGNMENT 127,741. ANNUITIES -10,868. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 FERRUM COLLEGE PUBLICIZES ITS RACIALLY NON DISCRIMINATORY POLICY ON THE WEBSITE, AS WELL AS ADMISSIONS MATERIAL AND CORRESPONDENCE, THE FERRUM COLLEGE ANNUAL REPORT, AND THE BYLAWS OF FERRUM COLLEGE. STUDENT ENROLLMENT DATA FROM FALL 2022 IS EVIDENCE OF A WELL KNOWN NON-DISCRIMINATORY POLICY BASED ON CAUCASIAN POPULATION OF ONLY 41.2% OF TOTAL ENROLLMENT. SCHEDULE E, PART I, LINE 6 FERRUM COLLEGE RECEIVES STUDENT FINANCIAL AID FROM THE FEDERAL AND STATE GOVERNMENT AS WELL AS VARIOUS GRANTS AWARDED TO THE COLLEGE BASED ON GRANT PROPOSALS SUBMITTED FROM THE COLLEGE. GOLF TOURNAMENT 21282 12335 8947 4160 RAFFLE 23385 23385 4297 4 47121 47121 20583 91788 12335 79453 29040 29040 50413 1 SCHOLARSHIPS TO STUDENTS 899 18917486 FMV N/A PART I, LINE 2: GRANTS ARE MONITORED BY VARIOUS AREAS. FINANCIAL AID GRANTS ARE MONITORED BY THE FINANCIAL AID DIRECTOR TO ENSURE COMPLIANCE WITH ELIGIBILITY, SELECTION, AND DISTRIBUTION. DOCUMENTATION IS MAINTAINED AND AUDITED ANNUALLY. THE INSTITUTION AWARDS GRANTS TO STUDENTS BASED ON CRITERIA SET FORTH IN INDIVIDUAL SCHOLARSHIPS. THE CRITERIA IS EXPLAINED IN THE COLLEGE CATALOG. ANY "NEED BASED" GRANT IS BASED ON THE INFORMATION OBTAINED FROM THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). GRANTS THAT ARE NOT A PART OF A STUDENT'S FINANCIAL AID ARE AWARDED BASED ON CRITERIA ESTABLISHED FOR THE GRANT. PART III THE INSTITUTION AWARDS GRANTS TO STUDENTS BASED ON CRITERIA SET FORTH IN THE INDIVIDUAL SCHOLARSHIPS. THIS CRITERIA IS EXPLAINED IN THE COLLEGE CATALOG. ANY "NEED BASED" GRANT IS BASED ON THE INFORMATION OBTAINED FROM THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DR DAVID JOHNS PRESIDENT 200707 0 0 0 41228 0 0 0 9691 0 251626 0 0 0 BARBARA HATCHER VP FOR BUSINESS AND FINANC 143107 0 0 0 479 0 0 0 7063 0 150649 0 0 0 DR AIME SPOSATO FORMER PROVOST 89932 0 0 0 57202 0 0 0 562 0 147696 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - CONTRACTUALLY, THE COLLEGE WILL PAY THE TRAVEL EXPENSES OF THE PRESIDENT'S FAMILY INCURRED WHEN THEY ACCOMPANY HIM WHILE HE IS REPRESENTING THE COLLEGE OR ATTENDING PROFESSIONAL MEETINGS. THE MAXIMUM AMOUNT ALLOWABLE IS $10,000.00 PER FISCAL YEAR. THESE EXPENSES ARE CONSIDERED TAXABLE INCOME FOR THE PRESIDENT. THE AMOUNT REPORTED ON HIS W-2 FOR CALENDAR YEAR ENDING 2021 WAS $1,369. GROSS-UP PAYMENTS - THE PRESIDENT RECEIVED A STAFF DEPENDENT TUITION REDUCTION FOR HIS DEPENDENT, AND WAS CONSIDERED TAXABLE INCOME. THE AMOUNT REPORTED IN 2021 WAS $36,337. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE - THE PRESIDENT IS REQUIRED TO LIVE ON CAMPUS AND IS PROVIDED A HOUSE WHICH IS ALSO USED TO ENTERTAIN GUESTS AT THE COLLEGE AND TO HOLD VARIOUS COLLEGE FUNCTIONS. THE ESTIMATED AMOUNT OF PERSONAL USE WOULD BE $8,000.00. THIS IS NOT CONSIDERED TAXABLE INCOME. A INDUSTRIAL DEV AUTH OF PRINCE EDWARD COUNTY VA 541245781 NONEAVAIL 2016-10-06 9617646 REFINANCING OF 2008, 2010 AND 2011 BONDS 0 1 0 A 9617646 173225 9444421 2012 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 1 0 0 0 0 0 0 A 1 DAVID JOHNS OFFICER 25205 TUITION REMISSION SUPPORT THE EDUCATION OF EMPLOYEES' DEPENDENT BART SMITH FAMILY MEMBER OF BOARD MEMBER 85000 COMPENSATION 0 NICHOLAS JOHNS FAMILY MEMBER OF OFFICER 27350 COMPENSATION 0 X 7 86086 AVE HIGH/LOW (GIFT DATE) X 1 441295 APPRAISAL X TENT AND FRAME 1 965 DONOR VALUE X BUILDING MATERIALS 1 491 DONOR VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE CHANGED IN JUNE 2022 TO FURTHER DEFINE BOARD RESPONSIBILITIES. A SECTION WAS ADDED FOR THE COLLEGES NON-DISCRIMINATION POLICY. THE ARTICLES OF INCORPORATION WERE ADJUSTED WHERE NECESSARY TO BE CONSISTENT WITH CHANGES IN THE BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A FOUR EX-OFFICIO TRUSTEES SHALL SERVE WITH THE VOTE - THEY ARE 1) PRESIDENT OF FERRUM COLLEGE ALUMNI ASSOCIATION, 2) PRESIDING BISHOP OF THE VIRGINIA ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR DESIGNEE, 3) THE DISTRICT SUPERINTENDENT OF THE DANVILLE DISTRICT OF THE VIRGINIA ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR DESIGNEE, AND 4) THE PRESIDENT OF THE UNITED WOMEN IN FAITH OF THE VIRGINIA ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH OR DESIGNEE (EX-OFFICIO); THE REMAINDER OF THE VOTING TRUSTEES ARE ELECTED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES ACCEPTS RESPONSIBILITY FOR DETAILED REVIEW OF THE 990 AND AFTER THEIR REVIEW, THE 990 IS MADE AVAILABLE FOR THE FULL BOARD OF TRUSTEES FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C FERRUM COLLEGE HAS POLICIES FOR REGULARLY AND CONSISTENTLY MONITORING POTENTIAL CONFLICTS OF INTEREST FOR THE GOVERNING BOARD AND EMPLOYEES. IN BOTH CASES, AT A MINIMUM BOARD MEMBERS AND EMPLOYEES ARE REQUIRED TO COMPLETE CONFLICT OF INTEREST FORMS WHICH REQUIRE NOTICE OF POTENTIAL CONFLICT OF INTEREST IF IT SHOULD ARISE WITHIN THE ANNUAL REPORTING PERIOD. THIS NOTICE WOULD BE PROVIDED TO THE CHAIR OF THE BOARD IF FROM A TRUSTEE OR THE DIRECTOR OF HUMAN RESOURCES IF AN EMPLOYEE. THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE CONFLICT OF INTEREST POLICY AS IT RELATES TO THE BOARD OF TRUSTEES TO ENSURE THAT POTENTIAL CONFLICTS ARE ADEQUATELY RESOLVED AND DOCUMENTED. THEY ALSO REVIEW RELATED PARTY TRANSACTION OF BOARD MEMBERS. THE PRESIDENT HAS DELEGATED THE RESPONSIBILITY OF OVERSIGHT OF THE EMPLOYEE CONFLICT OF INTEREST POLICY TO THE DIRECTOR OF HUMAN RESOURCES AND THE VICE PRESIDENTS FOR THE FUNCTIONAL AREAS OF THE COLLEGE. IF A BOARD MEMBER IS DEEMED TO HAVE A CONFLICT OF INTEREST HE OR SHE SHALL BE DISQUALIFIED FROM VOTING ON ANY MATTER THAT PRESENTS A CONFLICT UNLESS SUCH DISQUALIFICATION HAS BEEN WAIVED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 IN ESTABLISHING COMPENSATION FOR THE PRESIDENT, THE EXECUTIVE COMMITTEE OF THE BOARD OBTAINS COMPARATIVE DATA FROM SIMILAR INSTITUTIONS, CONDUCTS AN ANNUAL REVIEW OF PERFORMANCE, AND MAY USE A FIRM SPECIALIZING IN COMPENSATION AND BENEFITS FOR EXECUTIVE OFFICERS. NOTES REGARDING COMPENSATION DISCUSSIONS ARE MADE BY THE CHAIR OF THE BOARD, A MEMBER OF THE EXECUTIVE COMMITTEE, AND PRESENTED VERBALLY DURING AN EXECUTIVE SESSION OF FULL BOARD IN WHICH THE FULL BOARD VOTES FOR/AGAINST THE RECOMMENDATION BY THE COMMITTEE. THIS PROCESS LAST OCCURRED IN DECEMBER 2021. THE PRESIDENT'S COUNCIL RECEIVES NORMAL BUDGETED INCREASES. HOWEVER, THERE WERE NO BUDGETED INCREASES IN FY 2021-2022. IF THE PRESIDENT DETERMINES THAT AN ADDITIONAL INCREASE IS DESERVED BASED ON ADDITIONAL RESPONSIBILITIES, EXCEPTIONAL PERFORMANCE, OR OTHER FACTORS, HE/SHE REVIEWS COMPARABLE SALARY DATA PREPARED BY YAFFE & COMPANY WHEN ESTABLISHING AN AMOUNT. HE/SHE REPORTS ANY CHANGES TO THE PRESIDENT'S COUNCIL COMPENSATION TO THE EXECUTIVE COMMITTEE AT THE NEXT EXECUTIBE COMMITTEE MEETING FOLLOWING THE COMPENSATION ADJUSTMENT. FORM 990, PART VI, SECTION C, LINE 19 NO SUCH DOCUMENTS WERE MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C: THERE WERE NO CHANGES TO THIS PROCESS. FORM 990, PART VIII, LINE IE GOVERNMENT GRANTS (CONTRIBUTIONS) INCLUDE THE COVID-19 STIMULUS FUNDING THAT IS COMPRISED OF STUDENT AID AND INSTITUTIONAL AID. THE COLLEGE IS ACCOUNTING FOR THESE FUNDS AS CONDITIONAL CONTRIBUTIONS, RECORDING REVENUE AS QUALIFYING EXPENSES ARE INCURRED. THE STUDENT AID PORTION TOTALED $2,592,627, AND WAS DIRECTLY PASSED-THROUGH TO STUDENTS. THE INSTITUTIONAL PORTION TOTALED $3,929,840. FORM 990, PART IX, LINE 24C THE COLLEGE RECEIVED HIGHER EDUCATION EMERGENCY RELIEF FUNDS (HEERF) OF $6,522,467, OF WHICH $3,633,457 OF EXPENSES WERE INCURRED FOR COVID-19 RELATED EXPENSES. $2,592,627 OF THOSE EXPENSES WERE FOR THE STUDENT AID PORTION OF THE GRANT, AND THE REMAINING $1,040,830 WERE FOR THE INSTITUTIONAL PORTION OF THE GRANT. ROBERTS-BECKHAM LLC PO BOX 1000 FERRUM VA 24088 540506457 REAL ESTATE DEVELOPMENT VA N/A BLUE RIDGE FOUNDATION INC PO BOX 1000 FERRUM VA 24088 541855679 CULTURAL HISTORICAL EDUCATION AND PRESERVATION VA 501(C)(3) 7 N/A 0 R-B LP PO BOX 1000 FERRUM VA 24088 205868861 REAL ESTATE DEVELOPMENT VA ROBERTS-BECKHAM LLC INVESTMENT INCOME 0 1 0.01000 RS MOORE TESTAMENTARY TRUST FBO FERRUM COLLEGE SUPPORT OF CHARITABLE PURPOSE OF FERRUM COLLEGE VA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 RS MOORE TESTAMENTARY TRUST FBO FERRUM COLLEGE S 659314 CASH