2025-05-15T10:49:30-05:00 2024-06-30 540504608 BROWN EDWARDS & COMPANY LLP 105 ARBOR DRIVE 3RD FLOOR CHRISTIANSBURG VA 24073 990 2023-07-01 540506457 FERRUM COLLEGE FERR 5403654231 P O BOX 1000 FERRUM VA 24088 DR MIRTA M MARTIN PRESIDENT 5403654231 2025-05-15 1 1 MARK WOOLWINE P00647446 5404433606 2025-05-15 2023 2025-03-06 01:10:19Z DR MIRTA M MARTIN P O BOX 1000 FERRUM VA 24088 43271816 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. 17 17 694 18 327302 0 4785785 2831366 36923395 36863697 1069014 2488057 708114 967047 43486308 43150167 17927398 18894999 0 0 15106862 14389773 0 0 487120 15392510 14462304 48426770 47747076 -4940462 -4596909 126357545 124498875 28152478 25229066 98205067 99269809 X WE ARE A DYNAMIC LEARNING COMMUNITY WHERE STUDENTS ENTER WITH A PROMISE AND LEAVE WITH A PURPOSE. 0 0 25361745 18894999 27925718 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 32 MAJORS AND 41 MINORS, AS WELL AS A STUDENT-FACULTY RATIO OF 11:1. 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. 1988706 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. 6444541 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. 8378205 9509041 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. 8378205 9509041 42173197 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 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 1063 0 1 694 1 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 X 17 17 0 0 0 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 4.00 X X 0 0 0 W JEFFREY BOOKER 1ST VICE CHAIR 0.80 X X 0 0 0 EVERETT FOXX 2ND VICE CHAIR 0.50 X X 0 0 0 AMANDA COX SECRETARY 0.80 X X 0 0 0 JOHN COUGILL TRUSTEE 0.50 X 0 0 0 JUDSON P MASON TRUSTEE 0.50 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 DAVID ARRINGTON TRUSTEE 0.50 X 0 0 0 DENISE BATES TRUSTEE 0.50 X 0 0 0 RONALD E SINGLETON TRUSTEE 0.50 X 0 0 0 F ABE DYMOND TRUSTEE 0.50 X 0 0 0 BISHOP SUE HAUPERT-JOHNSON TRUSTEE 0.50 X 0 0 0 CARL CLINE TRUSTEE 0.50 X 0 0 0 GREG CRADDOCK TRUSTEE 0.50 X 0 0 0 GLYNN LOOPE TRUSTEE 0.50 X 0 0 0 DR MIRTA M MARTIN PRESIDENT 55.00 X 194146 0 6148 JOSEPH HAN FORMER VP FOR BUSINESS AND FINANCE 40.00 X 77646 0 3864 KEVIN REILLY PROVOST 55.00 X 153019 0 310 LOIS WILLIAMS VP ENROLLMENT AND MARKETING 40.00 X 134402 0 9891 LISA BOWLING VP FOR INSTITUTIONAL ADVANCEMENT 40.00 X 116457 0 9661 ANGIE DAHL VP OF STUDENT AFFAIRS 55.00 X 105238 0 10541 JASON POWELL ASST VP OF ACADEMIC AFFAIR 55.00 X 103040 0 11512 883948 0 51927 6 0 1 0 ALADDIN FOOD MGMT SERVICES LLC 16567 COLLECTIONS CENTER DR CHICAGO IL 60693 DINING SERVICES 2856786 BLUSKY RESTORATION CONTRACTORS LLC 9110 EAST NICHOLS AVENUE SUITE 180 CENTENNIAL CO 80112 RESTORATION CONTRACTOR 847092 ELLUCIAN INC 62578 COLLECTIONS CENTER DR CHICAGO IL 60693 TECHNOLOGY SOLUTIONS 525214 BOTTOM LINE CONCEPTS LLC 3323 NE 163RD STREET SUITE 302 NORTH MIAMI BEACH FL 33160 ERC CONSULTANT 500170 TRANE US INC P O BOX 406469 ATLANTA GA 303846469 HVAC 470228 8 16952 370512 2443902 116552 2831366 TUITION & FEES 611310 27925718 27925718 AUXILIARY REVENUE 611710 8808959 8469836 339123 OTHER 611710 129020 129020 36863697 2130377 2130377 11445 11445 344771 12909 0 0 344771 12909 357680 12909 344771 94912 16952 24765 70147 70147 152592 96884 55708 67529 -11821 CHANGE IN FUNDS HELD IN TRUST 900001 829747 829747 829747 43150167 37434759 327302 2556740 18894999 18894999 1724389 762832 799598 161959 10308624 9271931 925284 111409 1649837 1355271 279297 15269 706923 635122 65699 6102 34059 34059 73100 73100 117342 117342 409832 351563 58269 59790 17578 42212 572111 377451 151099 43561 1478285 99065 1265388 113832 3172132 3164198 7934 498760 471022 21467 6271 8021 6681 1340 2064373 2064373 1057422 197358 860064 FOOD SERVICE 2462304 2462304 PROGRAM 1004427 904621 87023 12783 OTHER 654504 413251 225334 15919 COVID-19 RELATED EXPENS 623277 623277 172565 100300 72250 15 47747076 42173197 5086759 487120 116958 118334 9899812 8379430 347927 475957 608758 1450206 4155957 527312 509660 504620 666982 957096 102467590 50447831 52478530 52019759 42659070 43348907 1434445 2408061 13479446 14309193 126357545 124498875 2930644 1109756 746109 918992 6024367 5400276 17729185 17171323 77795 85 644378 628634 28152478 25229066 X 43972713 42604248 54232354 56665561 98205067 99269809 126357545 124498875 -4596909 5661651 0 X X 0 0 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 1 100 0 0 1 1300 0 1 4500 5900 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 $4,500 OF OUR ANNUAL DUES TO THE CICV ARE FOR LOBBYING ACTIVITIES. X X X X 1 159.00 1 1 899725 X X X X 0 57626099 631822 8751815 4277032 2307938 174850 60249916 58180012 253801 6372624 4674391 2311635 194312 57626099 66146540 742315 -5833094 1711251 923008 241490 58180012 52306519 1157995 15226382 1522556 840311 181489 66146540 53671188 373679 2110892 2646364 1031714 171162 52306519 0.11000 0.70330 0.18670 0 1 1 675003 675003 80899568 34010446 46889122 12763437 10936226 1827211 8129582 5501159 2628423 52019759 ENDOWMENT HELD IN TRUST BY OTHERS 14309193 14309193 ANNUITY OBLIGATIONS 87917 AMOUNTS HELD ON BEHALF OF OTHERS 114246 ASSET RETIREMENT OBLIGATIONS 506324 DEFERRED LOAN COST, NET OF AMORTIZATION -79853 628634 X 29276424 5661651 5661651 23614773 117342 19418052 19535394 43150167 28211682 0 28211682 117342 19418052 19535394 47747076 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 2023-2024 WAS 10% 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 2023, 2022, AND 2021 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 18,894,999. COVID-19 RELATED EXPENSES 623,277. COST OF GOODS SOLD CAMPUS STORE AND FUNDRAISING EVENTS -121,649. NON-OPERATING EXPENSE INCLUDED ON STATEMENT OF ACTIVITIES 21,425. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS & OTHER ASSISTANCE TO INDIVIDUALS IN US 18,894,999. COVID-19 RELATED EXPENSE 623,277. COST OF GOODS SOLD CAMPUS STORE AND FUNDRAISING EXPENSES -121,649. NON-OPERATING EXPENSE INCLUDED ON STATEMENT OF ACTIVITIES 21,425. 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 2024 IS EVIDENCE OF A WELL KNOWN NON-DISCRIMINATORY POLICY BASED ON CAUCASIAN POPULATION OF 47.9% 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 20115 16952 3163 2798 RAFFLE 39182 39182 3168 12 52567 52567 18799 111864 16952 94912 24765 24765 70147 1 SCHOLARSHIPS TO STUDENTS 754 18894999 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 MIRTA M MARTIN PRESIDENT 192958 0 0 0 1188 0 0 0 6148 0 200294 0 0 0 KEVIN REILLY PROVOST 152958 0 0 0 61 0 0 0 310 0 153329 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 HER WHILE MAXIMUM AMOUNT ALLOWABLE IS $10,000.00 PER FISCAL YEAR. 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. THE PRESDIENT DID NOT RECEIVE ANY COMPANION PAY OR GROSS UP PAYMENTS IN FISCAL YEAR 2023-2024. 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 X 7 113434 AVE HIGH/LOW (GIFT DATE) X MISCELLANEOUS 2 3118 DONOR VALUE 0 1 0 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 THE 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 IN WHICH THE EXECUTIVE COMMITTEE VOTES FOR/AGAINST THE COMPENSATION PACKAGE. THIS PROCESS LAST OCCURRED IN JULY 2024. THE SENIOR LEADERSHIP TEAM RECEIVES NORMAL BUDGETED INCREASES. HOWEVER, THERE WERE NO BUDGETED INCREASES IN FY 2023-2024. IF THE PRESIDENT DETERMINES THAT AN ADDITIONAL INCREASE IS DESERVED BASED ON ADDITIONAL RESPONSIBILITIES, EXCEPTIONAL PERFORMANCE, OR OTHER FACTORS, SHE REVIEWS COMPARABLE SALARY DATA PREPARED BY YAFFEE & COMPANY WHEN ESTABLISHING AN AMOUNT. SHE REPORTS ANY CHANGES TO THE SENIOR LEADERSHIP TEAM'S COMPENSATION TO THE EXECUTIVE COMMITTEE AT THE NEXT EXECUTIVE 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 $0. THE INSTITUTIONAL PORTION TOTALED $623,277. FORM 990, PART IX, LINE 24C THE COLLEGE RECEIVED HIGHER EDUCATION EMERGENCY RELIEF FUNDS (HEERF) OF $623,277, OF WHICH $623,277 OF EXPENSES WERE INCURRED FOR COVID-19 RELATED EXPENSES. $0 OF THOSE EXPENSES WERE FOR THE STUDENT AID PORTION OF THE GRANT, AND THE REMAINING $623,277 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 711156 CASH