2025-05-12T11:51:51-05:00 2024-12-31 882730877 CHERRY BEKAERT ADVISORY LLC 110 EAST COURT STREET SUITE 500 GREENVILLE SC 29601 990 2024-01-01 237242844 SHERMAN COLLEGE OF STRAIGHT CHIROPRACTIC SHER 8645788770 PO BOX 1452 SPARTANBURG SC 29304 KAREN G CANUP COO/CFO 8645788770 2025-05-10 1 1 MELANIE MCPEAK P01346034 8642333981 2024 2025-03-06 01:10:19Z JACK BOURLA 1055 UPPER VALLEY ROAD BOILING SPRINGS SC 29316 30587044 0 X WWW.SHERMAN.EDU X 1973 SC OUR MISSION AT SHERMAN COLLEGE OF CHIROPRACTIC IS TO PROVIDE EXCEPTIONAL PREPARATION FOR THE LOCATION, ANALYSIS AND ADJUSTMENT OF VERTEBRAL SUBLUXATION. 11 11 254 11 0 0 533591 553206 14534223 15483490 1056749 2504013 0 10870 16124563 18551579 283654 308460 0 0 10438035 11614082 0 0 554925 5867489 6076356 16589178 17998898 -464615 552681 42745052 43307741 14831207 14604310 27913845 28703431 OUR MISSION AT SHERMAN COLLEGE OF CHIROPRACTIC IS TO PROVIDE EXCEPTIONAL PREPARATION FOR THE LOCATION, ANALYSIS AND ADJUSTMENT OF VERTEBRAL SUBLUXATION. 0 0 13940441 308460 15494360 EDUCATIONAL SERVICES WERE PROVIDED TO 467 FULL-TIME CHIROPRACTIC STUDENTS. EDUCATION SCHOLARSHIPS WERE AWARDED TO 206 STUDENTS. PATIENT VISITS TO THE CHIROPRACTIC CENTER TOTALED 30,715. 13940441 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 62 0 1 254 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 11 11 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 LISA LANZARA-BAZZANI DC CHAIR 2.00 0.00 X X 0 0 0 RICHELLE KNOWLES DC VICE-CHAIR 2.00 0.00 X X 0 0 0 STEVE TULLIUS DC SECRETARY 2.00 0.00 X X 0 0 0 JOSEPH CHAMPAGNE JD TRUSTEE 2.00 0.00 X 0 0 0 SHAWN H DILL DC TRUSTEE 2.00 0.00 X 0 0 0 ERIC FRANCO BA TRUSTEE 2.00 0.00 X 0 0 0 LINDA GIULIANO MBA TRUSTEE 2.00 0.00 X 0 0 0 FRANK J HAHN DC TRUSTEE 2.00 0.00 X 0 0 0 CHARLES HODGE JD TRUSTEE 2.00 0.00 X 0 0 0 JOSE SALGADO LEON DC TRUSTEE 2.00 0.00 X 0 0 0 MATTHEW MCCOY DC MPH TRUSTEE 2.00 0.00 X 0 0 0 JACK BOURLA DC PRESIDENT/CEO 37.50 0.00 X 332785 0 62324 KAREN CANUP PHD MBA CPA COO/CFO 37.50 0.00 X 306418 0 38124 JOE DONOFRIO DC VP ACADEMIC AFFAIRS 37.50 0.00 X 194557 0 35895 LASHANDA HUTTO-HARRIS MSW VP STUDENT AFFAIRS 37.50 0.00 X 125444 0 30112 SAMANTHA ATTAWAY DC CHAIR OF ANATOMY DEPT 37.50 0.00 X 133663 0 2687 CLAUDIA SEAY DC DIR. OF STUDENT CLINICS 37.50 0.00 X 130345 0 21243 PENGJU LUO DC DEAN OF BASIC SCIENCE 37.50 0.00 X 122527 0 20760 SARAH HOCK DC CHAIR OF PEDI AND PERI CARE 37.50 0.00 X 124618 0 28255 ALAN BREWSTER DC DIR. OF CNTR FOR SCHOLARLY ACTIVITY 37.50 0.00 X 121149 0 25456 1591506 0 264856 24 0 1 0 NATIONAL MANAGEMENT RESOURCES PO BOX 1224 LAGRANGE GA 30241 FACILITIES MANAGEMENT 578907 CLARK HIGHER ED 2 WESTSIDE DR ASHEVILLE NC 28806 ENROLLMENT MARKETING 117941 BLUEALLY TECHNOLOGY SOLUTIONS 9979 MUIRLANDS BOULEVARD IRVINE CA 92618 INFORMATION SERVICES 116901 AVI FOODSYSTEMS 2590 ELM ROAD NE WARREN OH 44483 FOOD SERVICES 106856 4 69388 483818 553206 TUITION & FEES 611430 14750865 14750865 EDUCATIONAL SEMINARS/EVENTS 611430 451887 451887 CHIROPRACTIC CENTER 611710 220127 220127 BOOKSTORE 611710 51625 51625 8986 8986 15483490 663649 663649 13875829 12029390 6075 1846439 -6075 1840364 1840364 REFUNDS & REBATES 900099 10870 10870 10870 18551579 15494360 0 2504013 308460 308460 1089659 386009 703650 8056594 6832356 1118757 105481 310866 268409 40442 2015 1522081 1247083 239268 35730 634882 517855 110060 6967 17643 17643 64674 64674 150591 150591 1735667 1302410 338419 94838 57660 18703 38957 336039 103536 175336 57167 222209 115369 97348 9492 424978 423943 1035 259025 202463 46206 10356 497847 363025 39851 94971 1014727 822108 90248 102371 23700 23700 SPECIAL PROGRAMS/EVENTS 798699 711852 58222 28625 PROGRAM SUPPLIES 169193 169193 FACULTY/STAFF DEV 114139 81343 26120 6676 189565 42624 146705 236 17998898 13940441 3503532 554925 1768969 1068460 1728273 1389624 9654 588 34078 17863 8660 5494 72198 86240 76510 132902 27807686 9452914 19175995 18354772 19830637 22211720 40078 40078 42745052 43307741 579642 627386 86507 104633 13899732 13652362 265326 219929 14831207 14604310 X 24982757 25317157 2931088 3386274 27913845 28703431 42745052 43307741 552681 236905 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2641761 42963 393630 24054 3054300 2223220 23795 418920 24174 2641761 2686305 74784 -460138 77731 2223220 2355605 36453 316947 22700 2686305 2070114 7683 301308 23500 2355605 0.51080 0.48920 0 0 181634 181634 21447750 5629628 15818122 2167539 1594045 573494 4010763 2229241 1781522 18354772 REFUNDABLE GOVERNMENT LOANS 152209 CHARITABLE GIFT ANNUITIES PAYABLE 61616 CAPITAL LEASE OBLIGATIONS 6104 219929 X 18486099 236905 -308460 -71555 18557654 -6075 -6075 18551579 17696513 6075 6075 17690438 308460 308460 17998898 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 FINANCIAL ACCOUNTING STANDARDS BOARD ("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, 2024 AND 2023 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS AND EMPLOYEE DISCOUNTS NETTED WITH TUITION REVENUE -308,460. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF EQUIPMENT -6,075. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF EQUIPMENT 6,075. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND EMPLOYEE DISCOUNTS NETTED WITH TUITION REVENUE 308,460. 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 136 62602 86426 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS TUITION DISCOUNTS 70 159432 PUBLISHED TUITION AND FEE RATES DISCOUNTS OFFERED TO SPOUSES OR FAMILY MEMBERS OF CURRENT STUDENTS OR EMPLOYEES 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 VICE PRESIDENT OF STUDENT AFFAIRS AND THE STUDENT RECEIVING THE DISCOUNT ARE 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 JACK BOURLA DC PRESIDENT/CEO 303665 0 25000 0 4120 0 6767 0 55557 0 395109 0 0 0 KAREN CANUP PHD MBA CPA COO/CFO 276157 0 25000 0 5261 0 18567 0 19557 0 344542 0 0 0 JOE DONOFRIO DC VP ACADEMIC AFFAIRS 188609 0 5948 0 0 0 16338 0 19557 0 230452 0 0 0 LASHANDA HUTTO-HARRIS MSW VP STUDENT AFFAIRS 121601 0 3843 0 0 0 10555 0 19557 0 155556 0 0 0 SARAH HOCK DC CHAIR OF PEDI AND PERI CARE 120763 0 3855 0 0 0 7941 0 20314 0 152873 0 0 0 CLAUDIA SEAY DC DIR. OF STUDENT CLINICS 126438 0 3907 0 0 0 10732 0 10511 0 151588 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, 2024, RECEIVED A BONUS IN 2024. 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 COLLEGE PROVIDES A DRAFT OF THE FORM 990 TO ALL TRUSTEES IN ADVANCE OF THEIR MEETING, WHICH IS ATTENDED BY REPRESENTATIVES OF THE COLLEGE'S CPA FIRM. THE CPAS PRESENT THEIR REPORT ON THE ANNUAL FINANCIAL STATEMENTS TO THE TRUSTEES, HIGHLIGHT KEY AREAS OF THE FORM 990, AND ANSWER ANY QUESTIONS THE TRUSTEES MAY HAVE BEFORE THE TRUSTEES APPROVE 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 SEMI-ANNUAL ON-SITE BOARD OF TRUSTEES 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 PUBLISHED SALARY SURVEYS. 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.