2023-05-10T13:29:37-05:00 2022-12-31 882730877 CHERRY BEKAERT ADVISORY LLC 110 EAST COURT STREET SUITE 500 GREENVILLE SC 29601 990 2022-01-01 237242844 SHERMAN COLLEGE OF STRAIGHT CHIROPRACTIC SHER 8645788770 PO BOX 1452 SPARTANBURG SC 29304 KAREN G CANUP COO/CFO 8645788770 2023-05-09 1 KAREN CANUP 999009999 0 AMANDA ADAMS P00748038 8642333981 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z JACK BOURLA 1055 UPPER VALLEY ROAD BOILING SPRINGS SC 29316 18488020 0 X WWW.SHERMAN.EDU X 1973 SC THE MISSION OF SHERMAN COLLEGE OF CHIROPRACTIC IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC FOCUSED ON THE ANALYSIS AND ADJUSTMENT OF VERTEBRAL SUBLUXATION. 8 8 269 0 0 0 1445469 1596054 14507570 14075242 995578 833670 0 0 16948617 16504966 543076 298520 0 0 9533242 10093581 0 0 586830 5215524 5856928 15291842 16249029 1656775 255937 45133899 41427074 15419391 15046403 29714508 26380671 THE MISSION OF SHERMAN COLLEGE OF CHIROPRACTIC IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC FOCUSED ON THE ANALYSIS AND ADJUSTMENT OF VERTEBRAL SUBLUXATION. 0 0 11697751 298520 14075242 EDUCATIONAL SERVICES WERE PROVIDED TO APPROXIMATELY 493 FULL-TIME CHIROPRACTIC STUDENTS. EDUCATION SCHOLARSHIPS WERE AWARDED TO 220 STUDENTS. VISITS TO THE HEALTH CENTER TOTALED 31,042. 11697751 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 65 0 1 269 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DAVID BEDFORD 8645788770 2020 SPRINGFIELD ROAD BOILING SPRINGS SC 29316 SHAWN H DILL DC CHAIR 2.00 X X 0 0 0 MATTHEW MCCOY DC MPH VICE-CHAIR 2.00 X X 0 0 0 LISA LANZARA-BAZZANI DC SECRETARY 2.00 X X 0 0 0 FRANK J HAHN DC TRUSTEE 2.00 X 0 0 0 RICHELLE KNOWLES DC TRUSTEE 2.00 X 0 0 0 JUDY CAMPANALE DC TRUSTEE 2.00 X 0 0 0 LINDA GIULIANO MBA TRUSTEE 2.00 X 0 0 0 JOSE SALGADO LEON DC TRUSTEE 2.00 X 0 0 0 EDWIN CORDERO DC FORMER PRESIDENT & CEO 37.50 X 462668 0 27721 KAREN CANUP MBA CPA COO/CFO 37.50 X 265394 0 30836 JOE DONOFRIO DC VP ACADEMIC AFFAIRS 37.50 X 188542 0 30615 LASHANDA HUTTO-HARRIS MSW VP STUDENT AFFAIRS 37.50 X 111372 0 24474 NEIL COHEN DC SVP FOR COLLEGE RELATIONS 37.50 X 244088 0 25197 JACK BOURLA DC CURRENT PRESIDENT & CEO 37.50 X 25000 0 0 CLAUDIA SEAY DC DIR OF STUDENT CLINICS, PROFESSOR 37.50 X 117468 0 9729 PENGJU LUO MD PHD DEAN OF BASIC SCIENCES, PROFESSOR 37.50 X 114755 0 10089 SARAH A HOCK ASST PROFESSOR OF CLINICAL SCI 37.50 X 108506 0 16221 MATTHEW HUDSON DC CHAIR OF CLINICAL CURRICULUM, PROFESSOR 37.50 X 107384 0 15521 PATRICIA KUHTA DIR OF X-RAY DEPT, PROFESSOR 37.50 X 104838 0 9729 1850015 0 200132 13 0 1 0 NATIONAL MANAGEMENT RESOURCES PO BOX 1224 LAGRANGE GA 30241 FACILITIES MANAGEMENT 513477 HARPER CORPORATION 35 WEST COURT ST STE 400 GREENVILLE SC 29601 CONSTRUCTION 238206 WALDEN SECURITY PO BOX 88134 CHICAGO IL 60680 SECURITY 163343 MEDIACROSS INC 2001 S HANLEY RD STE 510 ST LOUIS MO 63144 MARKETING 130199 DIVERSIFIED SEARCH GROUP 2005 MARKET ST 33RD FLOOR PHILADELPHIA PA 19103 EXECUTIVE SEARCH 127719 5 84656 1511398 1596054 TUITION & FEES 611430 13567316 13567316 EDUCATIONAL SEMINARS/EVENTS 611430 263768 263768 HEALTH CENTER 611710 189511 189511 BOOKSTORE 611710 44630 44630 10017 10017 14075242 389752 389752 2426672 300 1983054 0 443618 300 443918 443918 16504966 14075242 0 833670 298520 298520 1435908 355004 1080904 6911624 5656385 1071708 183531 259881 241741 14256 3884 874562 776221 59489 38852 611606 501482 108870 1254 13507 13507 62279 62279 157332 157332 1454113 1063479 322662 67972 35693 9885 25808 309224 131736 152324 25164 234028 126321 100944 6763 456028 338734 88291 29003 285699 117589 153323 14787 471095 370965 38762 61368 1066698 853500 89184 124014 23000 23000 SPECIAL PROGRAMS/EVENTS 653163 544200 85826 23137 PROGRAM SUPPLIES 156759 156759 FACULTY/STAFF DEV 125566 97251 22727 5588 352744 34979 316252 1513 16249029 11697751 3964448 586830 4086718 469806 1343015 3337870 317455 55199 8947 2488 284198 67061 73588 69929 68806 71335 27578524 7484031 20689252 20094493 18221842 17218815 40078 40078 45133899 41427074 558656 500937 39463 49275 14371025 14139202 450247 356989 15419391 15046403 X 26687403 23912010 3027105 2468661 29714508 26380671 45133899 41427074 255937 -3589774 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2686305 74784 -460138 77731 2223220 2355605 36453 316947 22700 2686305 2070114 7683 301308 23500 2355605 1669878 67338 353550 20652 2070114 1823697 5577 -137742 21654 1669878 1.00000 0 0 181634 181634 24554608 5581852 18972756 2121740 1388718 733022 720542 513461 207081 20094493 REFUNDABLE GOVERNMENT LOANS 196384 CHARITABLE GIFT ANNUITIES PAYABLE 126351 CAPITAL LEASE OBLIGATIONS 34254 356989 X 12589329 -3589774 -3589774 16179103 27343 298520 325863 16504966 15923166 0 15923166 27343 298520 325863 16249029 PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF 3 INDIVIDUAL FUNDS ESTABLISHED PRIMARILY FOR SCHOLARSHIP AND OPERATING PURPOSES. 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: THE COLLEGE FOLLOWS THE PROVISIONS OF FASB GUIDANCE ON INCOME TAXES RELATED TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THIS GUIDANCE CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS BY PRESCRIBING A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE COLLEGE'S POLICY IS TO RECORD A LIABILITY FOR ANY TAX POSITION TAKEN THAT IS BENEFICIAL TO THE COLLEGE, INCLUDING ANY RELATED INTEREST AND PENALTIES, WHEN IT IS MORE LIKELY THAN NOT THE POSITION TAKEN BY MANAGEMENT WITH RESPECT TO A TRANSACTION OR CLASS OF TRANSACTIONS WILL BE OVERTURNED BY A TAXING AUTHORITY UPON EXAMINATION. MANAGEMENT BELIEVES THERE ARE NO SUCH POSITIONS AS OF DECEMBER 31, 2022 AND 2021 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND EMPLOYEE DISCOUNTS NETTED WITH TUITION REVENUE 298,520. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND EMPLOYEE DISCOUNTS NETTED WITH TUITION REVENUE 298,520. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 SCHEDULE E, PART I, LINE 3 THE NONDISCRIMINATION POLICIES ARE PUBLISHED IN VARIOUS PUBLICATIONS, HANDBOOKS, AND ON THE COLLEGE'S ADMISSIONS WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE PARTICIPATES IN VARIOUS FEDERAL STUDENT FINANCIAL ASSISTANCE PROGRAMS UNDER TITLE IV OF THE HIGHER EDUCATION ACT OF 1965 (AS AMENDED) IN ACCORDANCE WITH THE PROGRAM PARTICIPATION AGREEMENT ENTERED INTO WITH THE US DEPARTMENT OF EDUCATION. IN JULY 1995, THE COLLEGE'S PRIMARY REGIONAL ACCREDITATION AGENCY (SACS) REMOVED THE COLLEGE FROM MEMBERSHIP WITH THE COMMISSION ON COLLEGES OF THE ASSOCIATION FOR FAILURE TO COMPLY WITH CRITERIA SECTION 1.4 (CONDITION OF ELIGIBILITY THIRTEEN - FINANCIAL RESPONSIBILITY) AND SECTION 6.3.1 (FINANCIAL RESOURCES). THEREFORE, THE COLLEGE WAS NO LONGER CONSIDERED ELIGIBLE TO PARTICIPATE IN THE TITLE IV PROGRAMS BY THE DEPARTMENT OF EDUCATION. THE COLLEGE WAS ALLOWED TO REAPPLY FOR ELIGIBILITY EFFECTIVE APRIL 25, 1996, BASED ON ITS ACCREDITATION STATUS WITH THE COMMISSION ON ACCREDITATION OF THE COUNCIL ON CHIROPRACTIC EDUCATION (CCE). THE COLLEGE IS NOW DUALLY ACCREDITED BY BOTH SACS AND CCE. 1 SCHOLARSHIPS AND AWARDS 153 68244 86390 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS TUITION DISCOUNTS 67 143886 PUBLISHED TUITION AND FEE RATES DISCOUNTS OFFERED TO SPOUSES OR FAMILY MEMBERS OF CURRENT STUDENTS PART I, LINE 2: THE COLLEGE, THROUGH ITS FINANCIAL AID OFFICE, MAINTAINS RECORDS TO SUBSTANTIATE AMOUNTS, ELIGIBILITY, AND SELECTION CRITERIA USED FOR SCHOLARSHIPS. THE COLLEGE MONITORS THE ASSISTANCE BY REVIEWING GRADE TRANSCRIPTS AND ATTENDANCE RECORDS ON A QUARTERLY BASIS. FOR TUITION DISCOUNTS, IT IS THE STUDENT'S RESPONSIBILITY TO COMPLETE THE APPROPRIATE DOCUMENTATION PRIOR TO THE BEGINNING OF THE QUARTER FOR WHICH THE DISCOUNT IS REQUESTED. THE DEAN OF STUDENTS AND THE STUDENT RECEIVING THE DISCOUNT IS RESPONSIBLE FOR NOTIFYING THE FINANCIAL AID OFFICE ON A TIMELY BASIS OF ANY CHANGE IN THE STUDENT'S PERSONAL STATUS THAT WOULD HAVE BEARING ON THE STUDENT'S ENTITLEMENT TO THE DISCOUNT. X 1 1 X X X 0 0 0 0 0 0 0 1 0 EDWIN CORDERO DC FORMER PRESIDENT & CEO 431351 0 30000 0 1317 0 12200 0 15521 0 490389 0 0 0 KAREN CANUP MBA CPA COO/CFO 236335 0 22292 0 6767 0 15315 0 15521 0 296230 0 0 0 NEIL COHEN DC SVP FOR COLLEGE RELATIONS 231897 0 12191 0 0 0 9676 0 15521 0 269285 0 0 0 JOE DONOFRIO DC VP ACADEMIC AFFAIRS 177967 0 10575 0 0 0 15094 0 15521 0 219157 0 0 0 PART I, LINE 1A THE COLLEGE PROVIDED ON-CAMPUS HOUSING TO PRESIDENT BOURLA FOR THE COLLEGE'S CONVENIENCE. THE VALUE OF SUCH HOUSING WAS NOT TREATED AS A TAXABLE BENEFIT. PART I, LINE 7 THE PRESIDENT/CEO'S CONTRACT PROVIDES FOR A DISCRETIONARY BONUS COMPONENT AND IS DETERMINED BY THE BOARD. WITHIN BUDGET CONSTRAINTS APPROVED BY THE BOARD, THE PRESIDENT IS ALLOWED TO AWARD BONUSES TO OTHER EMPLOYEES. ALL REGULAR COLLEGE EMPLOYEES EMPLOYED ON NOVEMBER 15, 2022, RECEIVED A BONUS IN 2022. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SHALL CONSIST OF THE CHAIR, THE VICE CHAIR AND THE SECRETARY OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE SHALL HAVE FULL AUTHORITY TO ACT ON BEHALF OF THE BOARD OF TRUSTEES IN ANY INSTANCE WHEN A MEETING OF THE BOARD OF TRUSTEES CANNOT BE HELD IN A TIMELY MANNER. ANY SUCH ACTIONS NORMALLY REQUIRING A VOTE OF THE BOARD SHALL BE RATIFIED BY VOTE AT THE NEXT BOARD OF TRUSTEES MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 IS PROVIDED TO BOARD TRUSTEES ELECTRONICALLY PRIOR TO THEIR SCHEDULED MEETING. REPRESENTATIVES OF THE COLLEGE'S CPA FIRM PARTICIPATE IN THE BOARD MEETING TO ANSWER ANY QUESTIONS TRUSTEES MAY HAVE AND TO OFFER FEEDBACK PRIOR TO THE BOARD APPROVING THE FORM 990 FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY. AT EACH BI-ANNUAL ON-SITE BOARD OF TRUSTEE MEETING, EACH TRUSTEE SIGNS A CODE OF CONDUCT CERTIFICATION. AS A PART OF THIS DOCUMENT, EACH TRUSTEE ACKNOWLEDGES THE TRUSTEE CODE OF CONDUCT AND THE CONFLICT OF INTEREST POLICIES, CERTIFYING THERE ARE NO FINANCIAL INTERESTS OR AFFILIATIONS WITH ANY ORGANIZATION WHICH MAY HAVE INTERESTS THAT CONFLICT WITH OR APPEAR TO CONFLICT WITH, THE BEST INTERESTS OF SHERMAN COLLEGE. THE TRUSTEE ALSO AGREES TO REPORT PROMPTLY TO THE BOARD CHAIR ANY FUTURE SITUATION THAT MIGHT APPEAR TO INVOLVE A POTENTIAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE COLLEGE'S PRESIDENT, OFFICERS, AND KEY EMPLOYEES, IS REVIEWED AND SUBSTANTIATED BY COMPARABILITY DATA. THE COLLEGE UTILIZES DATA FROM VARIOUS SOURCES, INCLUDING THE ASSOCIATION OF CHIROPRACTIC COLLEGES, WHO SURVEYS THE COMPENSATION PACKAGES OF COLLEGE PRESIDENTS AND KEY EMPLOYEES ANNUALLY. THE PRESIDENT'S COMPENSATION PACKAGE IS APPROVED BY THE BOARD OF TRUSTEES. THE PRESIDENT APPROVES THE SALARIES OF THE EXECUTIVE TEAM ALTHOUGH SALARIES IN TOTAL ARE APPROVED INDIRECTLY BY THE BOARD OF TRUSTEES THROUGH THE BUDGET APPROVAL PROCESS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND BOARD MINUTES ARE MADE AVAILABLE UPON REQUEST THROUGH THE EXECUTIVE ASSISTANT TO THE BOARD OF TRUSTEES. FINANCIAL STATEMENTS ARE ALSO AVAILABLE UPON REQUEST THROUGH THE BUSINESS OFFICE. THE BUSINESS OFFICE UPDATES BUDGET REPORTS POSTED TO THE COLLEGE INTRANET ON A WEEKLY BASIS.