2025-05-15T10:05:25-05:00 2024-06-30 631133963 HAYNES DOWNARD LLP 3161 CAHABA HEIGHTS ROAD SUITE 203 BIRMINGHAM AL 35243 990 2023-07-01 560594591 CAROLINA UNIVERSITY CARO 3367258344 420 SOUTH BROAD STREET WINSTONSALEM NC 27101 DR HEATHER BURKARD INTERIM PRESIDENT 3367258344 2025-05-14 1 1 J MAX CAMPBELL JR P00743822 2052781000 2025-05-14 2023 2025-03-06 01:10:19Z DR HEATHER BURKARD 420 SOUTH BROAD STREET WINSTONSALEM NC 27101 16367164 0 X N/A X 1947 NC A CHRIST-CENTERED UNIVERSITY COMMITTED TO EXCEPTIONAL TEACHING, SCHOLARLY RESEARCH, CREATIVE INNOVATION, AND PROFESSIONAL COLLABORATION. 15 10 360 4 0 0 6000398 274258 13486873 15293629 52517 -291554 300693 496415 19840481 15772748 5058394 6214657 0 0 6749891 6996289 0 0 547018 6564236 6115502 18372521 19326448 1467960 -3553700 17634983 7439894 12851577 6210188 4783406 1229706 A CHRIST-CENTERED UNIVERSITY COMMITTED TO EXCEPTIONAL TEACHING, SCHOLARLY RESEARCH, CREATIVE INNOVATION, AND PROFESSIONAL COLLABORATION. 0 0 12988261 6214657 12225955 INSTRUCTION, ACADEMIC SUPPORT, AND STUDENT SERVICES ASSOCIATED WITH THE PROVISION OF ASSOCIATE, BACCALAUREATE, MASTER, AND DOCTORAL PROGRAMS IN RESIDENT AND ONLINE FORMATS. 3802471 3564089 AUXILIARY AND OTHER SERVICES IN REGARD TO THE UNIVERSITY'S PROVISION FOR HIGHER EDUCATION INCLUDING DORMITORIES, FOOD SERVICE, BOOKSTORE, SPORTING EVENTS, AND OTHER MISCELLANEOUS STUDENT SERVICE. 16790732 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 25 0 1 360 0 0 0 0 0 0 0 0 0 0 0 X 15 10 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 1 0 NC X DR HEATHER BURKARD 3367258344 420 SOUTH BROAD STREET WINSTONSALEM NC 27101 BURDETTE BRUCE TRUSTEE 1.00 X 0 0 0 CANTERBURY TIM TRUSTEE 1.00 X 0 0 0 CALLOWAY THOMAS TRUSTEE 1.00 X 0 0 0 KIMBROUGH BOBBY TRUSTEE 1.00 X 0 0 0 RAWLINGS HERB TRUSTEE 1.00 X 0 0 0 RIGNEY BENJAMIN TRUSTEE 1.00 X 0 0 0 WALKER MARK TRUSTEE 1.00 X 0 0 0 WILLIAMS GEORGE ABIE TREASURER 1.00 X X 0 0 0 REY ANA SILVA SECRETARY 1.00 X X 0 0 0 WILBURN SHAHN CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 BURKARD HEATHER PROVOST 40.00 X 105625 0 0 RONK CHRISTOPHER CHIEF FINANCIAL OFFICER 40.00 X 73642 0 0 ZUNIGA REGINA CHIEF OPERATING OFFICER 40.00 X 65185 0 0 WILLIAMS WILLIE VP STUDENT SERVICES 40.00 X 65248 0 0 PETITT CHARLES PRESIDENT/CEO 40.00 X 183615 0 0 493315 0 0 2 0 1 0 0 274258 274258 TUITION AND FEES 611710 12225955 12225955 SALES & SERVICES OF AUXILLARY 611710 3067674 3067674 15293629 168 168 165000 0 165000 165000 165000 302694 594416 -291722 -291722 -291722 OTHER REVENUE 611710 331415 331415 331415 15772748 15790044 0 -291554 6214657 6214657 493316 366962 107011 19343 5490689 4829396 390045 271248 91163 21075 70088 572488 125550 446938 348633 312654 21688 14291 439929 200409 214078 25442 128107 600 127507 52861 52861 208402 157909 50238 255 753057 320055 433002 294977 294977 137461 30589 106872 MEAL PLAN 1768687 1768687 REPAIRS AND MAINTENANCE 488689 488689 SUPPLIES 371516 291681 12689 67146 AL CAMPUS EXPENSES 341447 341447 1130369 972534 136049 21786 19326448 16790732 1988698 547018 420079 1044773 446710 6500000 65000 1380083 2086520 13347 0 196926 183251 220817 208191 10462127 7105832 3953716 3356295 18365 17504 31650 31650 4900000 0 17634983 7439894 2263490 1805458 384990 279586 48010 44390 4332650 1382622 5820877 2698132 1560 0 12851577 6210188 X 1518574 843706 3264832 386000 4783406 1229706 17634983 7439894 -3553700 0 X X 0 0 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2818970 168 2433138 386000 2897781 52517 131328 2818970 2897781 2897781 2841008 95148 38375 2897781 2822678 13300 44375 39345 2841008 0 0 1135373 1135373 5617158 4298921 1318237 3709596 2806911 902685 3356295 X 9558091 -6214657 -6214657 15772748 0 15772748 13111791 0 13111791 6214657 6214657 19326448 PART X, LINE 2: AS OF JUNE 30, 2024, THE UNIVERSITY HAS NO UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIP EXPENSES -6,214,657. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS AND SCHOLARSHIP EXPENSES 6,214,657. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 CAROLINA UNIVERSITY PUBLISHES THIS INFORMATION IN THE STUDENT HANDBOOK AS WELL AS ADVERTISING THROUGH LOCAL MEDIA. SCHEDULE E, PART I, LINE 6 FINANCIAL AID IS RECEIVED FROM THE DEPARTMENT OF EDUCATION FOR QUALIFYING STUDENTS. THE COLLEGE'S FEDERAL ASSISTANCE CONSISTS OF FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT, FEDERAL FAMILY EDUCATION LOANS, FEDERAL WORK STUDY, FEDERAL PELL GRANT PROGRAM AND FEDERAL ACADEMIC COMPETITIVENESS GRANT. 1 0 0 0 0 0 0 0 0 0 FINANCIAL AID AUSTRALIA 3 24637 TUITION DISCOUNT BOOK FINANCIAL AID CENTRAL AMERICA & CARIBBEAN 111 1521202 TUITION DISCOUNT BOOK FINANCIAL AID CENTRAL ASIA 1 1190 TUITION DISCOUNT BOOK FINANCIAL AID EAST AFRICA 2 2144 TUITION DISCOUNT BOOK FINANCIAL AID EAST ASIA & PACIFIC 2 2784 TUITION DISCOUNT BOOK FINANCIAL AID EUROPE 30 326155 TUITION DISCOUNT BOOK FINANCIAL AID NORTH AFRICA 1 6244 TUITION DISCOUNT BOOK FINANCIAL AID NORTH AMERICA 24 122885 TUITION DISCOUNT BOOK FINANCIAL AID SOUTH AMERICA 154 519565 TUITION DISCOUNT BOOK FINANCIAL AID SOUTH ASIA 40 223616 TUITION DISCOUNT BOOK FINANCIAL AID SOUTH AFRICA 4 20535 TUITION DISCOUNT BOOK FINANCIAL AID SUB-SAHARAN AFRICA 115 407648 TUITION DISCOUNT BOOK FINANCIAL AID WEST AFRICA 1 5994 TUITION DISCOUNT BOOK FINANCIAL AID WEST ASIA 5 34342 TUITION DISCOUNT BOOK 0 0 0 0 0 0 PART I, LINE 2: INTERNATIONAL STUDENTS. THESE STUDENTS ARE AWARDED VARIOUS NONCASH DISCOUNTS IN THE FORM OF TUITION SCHOLARSHIPS. THEY DO NOT RECEIVE REFUNDS FROM THEIR ACCOUNT, NOR DO THEY RECEIVE AWARDS THAT EXCEED THEIR CHARGES. THE MAJORITY OF THESE FALL INTO THE FOLLOWING CATEGORIES: PARTNERING PROGRAMS - THESE STUDENTS PAY A PORTION (ABOUT 1/3) OF THE COST. THEN RECEIVE DISCOUNTS/SCHOLARSHIPS FOR THE REST. ABOUT HALF OF THESE SCHOLARSHIPS ARE FUNDED BY PARTNERING ORGANIZATIONS OR DONORS, THE OTHER HALF ARE FUNDED FROM THE BUDGET. WE WORK CLOSELY WITH THE PARTNERING ORGANIZATIONS TO SELECT QUALIFYING STUDENTS. TEACH ALL NATIONS AND VISION SCHOLARS - THESE STUDENTS HAVE BEEN SELECTED AS OUTSTANDING INTERNATIONAL STUDENTS TO RECEIVE UP TO 100% TUITION DISCOUNTS/SCHOLARSHIPS. THESE STUDENTS TYPICALLY ONLY PAY THE FEES (SOME PAY A PORTION OF TUITION). THE MAJORITY OF THESE AWARDS ARE FUNDED BY RESTRICTED GIFTS. OUR ULTIMATE GOAL OVER THE NEXT 20 YEARS IS TO HAVE ONE SCHOLARSHIP RECIPIENT FROM EVERY COUNTRY IN THE WORLD. STANDARD INSTITUTIONAL AID - INTERNATIONAL STUDENTS WHO ENROLL THROUGH OUR TRADITIONAL PROGRAMS QUALIFY FOR MANY OF THE SAME AWARDS THAT OTHER STUDENTS RECEIVE. THESE ARE MOSTLY FUNDED FROM OUR BUDGET. MANY OF THESE STUDENTS COME TO THE U.S. ON A STUDENT VISA AND ATTEND CLASSES ON THE MAIN CAMPUS. 1 SCHOLARSHIPS 966 6214657 BOOK SCHEDULE I, PAGE 1, PART I, LINE 2 CAROLINA UNIVERSITY EVALUATES ELIGIBILITY BY RECEIVING WRITTEN REPRESENTATIONS AND FROM REVIEW OF A STUDENTS FILE. ITEMS TO BE CHECKED INCLUDE CU'S APPLICATION, HIGH SCHOOL DIPLOMA, DROP/ADD FORMS, AND WITHDRAWAL FORMS. ONCE A STUDENT HAS COMPLETED THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) APPLICATION, CU SUBMITS IT ELECTRONICALLY TO ED. ONCE IT IS PROCESSED THE STUDENT WILL RECEIVE A STUDENT AID REPORT AND THE SCHOOL WILL RECEIVE AN ISIR. THE ISIR IS KEPT IN THE STUDENTS FINANCIAL AID FILE. THE ISIR CONTAINS THE EFC AMOUNT, WHICH IS THE AMOUNT THE STUDENT IS EXPECTED TO PAY. THE COST OF ATTENDANCE IS FOUND ON WORKSHEETS GENERATED BY WEBER. THE EFC AND COA ARE BOTH USED TO CALCULATE FINANCIAL NEED. THE ISIR ALSO PROVIDES FINANCIAL AID HISTORY, MATCHES SOCIAL SECURITY DATA, SELECTIVE SERVICE DATA AND CHECKS CITIZENSHIP. FFEL - CHECKS FROM LOAN INSTITUTIONS ARE REQUESTED FROM STUDENTS THROUGH LOAN APPLICATIONS. LOAN APPLICATIONS ARE CERTIFIED BY CU AND SENT BY STUDENT FINANCIAL AID OFFICE. MONEY IS DEPOSITED INTO A SEPARATE BANK ACCOUNT USING ACH/EFT SYSTEM. ONCE CU RECEIVES THE DISBURSEMENT RECORD FROM THE LENDER, THE FINANCIAL AID OFFICE BATCHES THE LOANS AND SENDS THEM TO THE BUSINESS OFFICE. THE BUSINESS OFFICE VERIFIES FUNDS AND THEN CREDITS THE STUDENTS ACCOUNT. SOMETIMES CHECKS ARE SENT IN THE STUDENT'S AND CU'S NAME. THESE ARE DEPOSITED SEPARATELY INTO THE BANK ACCOUNT BY THE BUSINESS OFFICE. CHECKS ARE SIGNED BY THE STUDENT, AND CU POSTS CHECKS TO THE STUDENT'S ACCOUNT. LOANS COME IN TWO DISBURSEMENTS - GENERALLY ONE FOR FIRST SEMESTER AND ONE FOR SECOND. THE WHOLE DISBURSEMENT IS APPLIED TO THE STUDENTS ACCOUNT. COST OF ATTENDANCE IS ALWAYS GREATER THAN LOAN PROCEEDS AND ALL OTHER FINANCIAL ASSISTANCE. ANY EXCESS CAN BE WITHDRAWN BY THE STUDENT FOR LIVING EXPENSES. PELL, SEOG & FWS - CU IS GIVEN AN INITIAL AUTHORIZATION FOR FUNDS BY THE DEPARTMENT OF EDUCATION FOR WHICH IT CANNOT EXCEED. CU CALLS DOWN THE FUNDS THROUGH GAPS AND THE MONEY IS ELECTRONICALLY DEPOSITED INTO A SEPARATE FEDERAL FUNDS ACCOUNT AT LEXINGTON STATE BANK, THEN THEY ARE SWEPT INTO AN INVESTMENT ACCOUNT EACH NIGHT BY THE BANK. THE FUNDS ARE ONLY REQUESTED AFTER DISBURSEMENT TO STUDENTS ACCOUNT. PER FWS, FUNDS ARE PAID TO THE STUDENTS THROUGH CU PAYROLL AS EARNED 0 0 0 0 0 0 0 0 0 PETITT CHARLES PRESIDENT/CEO 88615 0 0 0 95000 0 0 0 0 0 183615 0 0 0 NANCYE ALLOWAY TRUSTEE CHARITABLE GIFT ANNUITIES X 113000 44390 0 1 1 CHRISTOPHER RONK CFO X 0 0 1 1 44390 FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE FINANCE COMMITTEE BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO COMPLETE A YEARLY SURVEY AND AGREE WITH THE POLICY THAT IS CURRENTLY IN PLACE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD MEETS IN EXECUTIVE SESSIONS TO CONSIDER SALARIES FOR TOP OFFICIALS. COMPENSATION IS DETERMINED BY BUDGET CONTRAINTS AS WELL AS INPUT FROM THE PRESIDENT AND BOARD MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PAGE 12, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS OF THE AUDIT FROM THE PRIOR YEAR.