2025-05-15T07:55:23-05:00 2024-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2023-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 NATHANIEL EVANS INTERIM PRESIDENT 7044064282 2025-05-12 1 1 MELANIE MCPEAK P01346034 7043771678 2023 2025-03-06 01:10:19Z WILLIAM M DOWNS POST OFFICE BOX 997 BOILING SPRINGS NC 28017 103949113 0 X WWW.GARDNER-WEBB.EDU X 1905 NC GARDNER-WEBB UNIVERSITY, A PRIVATE, CHRISTIAN, BAPTIST-RELATED UNIVERSITY, PROVIDES OUTSTANDING UNDERGRADUATE AND GRADUATE EDUCATION THAT IS STRONGLY GROUNDED IN THE LIBERAL ARTS WHILE OFFERING OPPORTUNITIES TO PREPARE FOR VARIOUS PROFESSIONS. FOSTERING MEANINGFUL INTELLECTUAL THOUGHT, CRITICAL ANALYSIS, AND SPIRITUAL CHALLENGE WITHIN A DIVERSE COMMUNITY OF LEARNING, GARDNER-WEBB IS DEDICATED TO HIGHER EDUCATION THAT INTEGRATES SCHOLARSHIP WITH CHRISTIAN LIFE. BY EMBRACING FAITH AND INTELLECTUAL FREEDOM, BALANCING CONVICTION WITH COMPASSION, AND INSPIRING A LOVE OF LEARNING, SERVICE, AND LEADERSHIP, GARDNER-WEBB PREPARES ITS GRADUATES TO MAKE SIGNIFICANT CONTRIBUTIONS FOR GOD AND HUMANITY IN AN EVER-CHANGING GLOBAL COMMUNITY. 28 27 1435 39 4845 2270 11076188 11582345 86662876 87256283 -393636 2719543 3841 313286 97349269 101871457 30895449 32337644 0 0 35545271 34882227 0 0 858625 32845516 32641283 99286236 99861154 -1936967 2010303 154233950 166069640 28240683 32016943 125993267 134052697 THE UNIVERSITY STATEMENT OF VALUES CONSISTS OF CHRISTIAN HERITAGE, BAPTIST HERITAGE, ACADEMIC EXCELLENCE, LIBERAL ARTS, TEAMWORK, A STUDENT-CENTERED FOCUS, COMMUNITY ENGAGEMENT AND DIVERSITY. 0 0 87223314 32337644 87564724 THE PRIMARY GOAL OF GARDNER-WEBB UNIVERSITY IS TO PROVIDE EDUCATION TO STUDENTS. THE UNIVERSITY OFFERS UNDERGRADUATE, GRADUATE, AND DOCTORAL DEGREES. THE UNIVERSITY ENROLLED APPROXIMATELY 3,125 STUDENTS DURING 2023-2024 AND AWARDED APPROXIMATELY $32M IN SCHOLARSHIPS AND TUITION ASSISTANCE. 87223314 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 4928 0 1 1435 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 27 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X MIKE WHITEMAN 7044063996 100 S MAIN STREET/WEBB HALL BOILING SPRINGS NC 28017 GARY H SMITH CHAIR 1.00 0.00 X X 0 0 0 LAMONT LITTLEJOHN VICE CHAIR 1.00 0.00 X X 0 0 0 CHRIS WELCH SECRETARY 1.00 0.00 X X 0 0 0 LISA TUCKER TREASURER 1.00 0.00 X X 0 0 0 RONALD BEANE TRUSTEE 1.00 0.00 X 0 0 0 TOM BELL TRUSTEE 1.00 0.00 X 0 0 0 RALPH BENTLEY TRUSTEE 1.00 0.00 X 0 0 0 DAVID BRINKLEY TRUSTEE 1.00 0.00 X 0 0 0 ED COOK TRUSTEE 1.00 0.00 X 0 0 0 VERHONDA CRAWFORD TRUSTEE 1.00 0.00 X 0 0 0 BILL ELLIS TRUSTEE 1.00 0.00 X 0 0 0 CHRIS GASH TRUSTEE 1.00 0.00 X 0 0 0 GEORGE GILLIAM TRUSTEE 1.00 0.00 X 0 0 0 KITTY HOYLE TRUSTEE 1.00 0.00 X 0 0 0 TERESA HAMRICK HUGGINS TRUSTEE 1.00 0.00 X 0 0 0 DELAINA ADAMS JONES TRUSTEE 1.00 0.00 X 0 0 0 ASHLEY LOWERY TRUSTEE 1.00 0.00 X 0 0 0 RANDY MARION TRUSTEE 1.00 0.00 X 0 0 0 JENNIFER MARION MILLS TRUSTEE 1.00 0.00 X 0 0 0 TONY ROBBINS TRUSTEE 1.00 0.00 X 0 0 0 DAVID ROYSTER TRUSTEE 1.00 0.00 X 0 0 0 STEVE SIMPSON TRUSTEE 1.00 0.00 X 0 0 0 JESSE SPRINKLE TRUSTEE 1.00 0.00 X 0 0 0 JOHN TEETER TRUSTEE 1.00 0.00 X 0 0 0 JENSEN TURNER TRUSTEE 1.00 0.00 X 0 0 0 PHILIP TURNER TRUSTEE 1.00 0.00 X 0 0 0 TOM WATSON TRUSTEE 1.00 0.00 X 0 0 0 ARCHIE WOOD TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM M DOWNS PRESIDENT 40.00 0.00 X 511876 0 76945 KAREN AUBREY PROVOST 40.00 0.00 X 197435 0 11909 ANDREW GOODRICH VICE PRESIDENT AND DIRECTOR OF ATHLETICS 40.00 0.00 X 207981 0 25100 JAMES CRAFT HEAD BASKETBALL COACH 40.00 0.00 X 204362 0 33278 PRINCE HYCY IBIDUN BULL PROFESSOR / DEAN, SCHOOL OF EDUCATION 40.00 0.00 X 174550 0 9531 TRE LAMB HEAD FOOTBALL COACH 40.00 0.00 X 166061 0 26897 1462265 0 183660 37 0 1 0 ARAMARK PO BOX 978839 DALLAS TX 75397 CAFETERIA SERVICES 6510940 MORRISON CONTRUCTION COMPANY INC PO BOX 1488 SHELBY NC 28151 GENERAL CONTRACTOR 2739249 GREENE BUILDING CORPORATION 1503 NEW HOUSE ROAD SHELBY NC 28150 GENERAL CONTRACTOR 2430261 K12 TEACHERS ALLIANCE 20624 ABBEY WOODS COURT NORTH FRANKFORT IL 60423 RECRUITING SERVICES 1469081 EAB PO BOX 603519 CHARLOTTE NC 28260 CONSULTING SERVICES 541490 10 4289409 7292936 141761 11582345 TUITION AND FEES 611310 65184383 65184383 ROOM AND BOARD 611310 15380278 15380278 OTHER AUXILIARY SERVICES 611310 5069053 5069053 BOOKSTORE 611310 1335331 1335331 STUDENT LOAN INTEREST AND FEES 611310 287238 287238 87256283 2236139 2236139 16055 11210 4845 4845 4845 2284817 265033 1769594 296852 515223 -31819 483404 483404 REBATES 900099 308441 308441 308441 101871457 87564724 4845 2719543 32337644 32337644 568252 568252 27212336 22924412 3835296 452628 1158751 979391 160022 19338 3998865 3317437 615927 65501 1944023 1606606 305695 31722 5208 5208 125872 125872 250320 250320 393965 136095 257870 2388876 745571 1643305 1005463 700546 304917 1124471 59571 1064900 2670169 2616029 37392 16748 2383571 2310299 73272 1107430 608526 498904 895097 750806 72197 72094 4626330 4532527 64785 29018 976680 49183 927497 OTHER STUDENT SERVICES 12017661 10932642 930192 154827 PLANT OPERATIONS 2670170 2616029 37392 16749 99861154 87223314 11779215 858625 6505 6505 20077252 13008456 5189909 6590159 1895776 2461070 66401 7018 1268343 1020197 160535144 98328073 53120764 62207071 55130346 60615856 15269588 15764412 1910943 1895928 298123 2492968 154233950 166069640 3113218 3466279 4191921 8991363 19557757 18028475 107860 112618 1269927 1418208 28240683 32016943 X 55223648 56734497 70769619 77318200 125993267 134052697 154233950 166069640 X 2010303 6111376 -62249 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29263 X X 0 0 1 X 70682695 1408722 7954776 2856518 77189675 67303055 1835465 4198647 2654472 70682695 75886981 1408802 -7027413 2965315 67303055 61459999 1769562 15048648 2391228 75886981 64618076 2732578 -5225813 664842 61459999 0.08955 0.63916 0.27130 0 0 1084103 3900075 4984178 116339597 69569135 46770462 30047557 27300000 2747557 9163812 1458938 7704874 62207071 PARTNERSHIPS/HEDGE FUNDS 15764412 F 15764412 ANNUITIES PAYABLE 211322 CONSTRUCTION COSTS PAYABLE 603001 DUE TO OTHER AGENCIES 306237 REFUNDABLE FEDERAL GOVERNMENT ADVANCES 297648 1418208 X 75456492 6111376 6111376 69345116 250320 32276021 32526341 101871457 67397062 11210 11210 67385852 250320 32224982 32475302 99861154 PART III, LINE 4: COLLECTIBLES ARE HELD FOR POSSIBLE FUTURE SALE, OF PART OR ALL OF THE COLLECTION, WITH THE PROCEEDS TO BE USED TO FUND EDUCATIONAL PROGRAMS OF THE UNIVERSITY. PART IV, LINE 2B: THE UNIVERSITY HOLDS FUNDS IN A CUSTODIAL CAPACITY FOR STUDENT ORGANIZATIONS AND CLUBS. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 550 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES AND INCLUDES PERMANENTLY RESTRICTED DONOR GIFTS AS PART OF IRREVOCABLE TRUST AND ANNUITY GIFTS. THE ENDOWMENTS ARE USED TO FUND STUDENT SCHOLARSHIPS, ACADEMIC PROGRAMS, AND ACADEMIC ENHANCEMENT ACTIVITIES SUCH AS TRAVEL. 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 UNIVERSITY IS EXEMPT FROM FEDERAL AND STATE INCOME TAXATION UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). IN ACCORDANCE WITH IRC REGULATIONS, THE UNIVERSITY IS TAXED ON UNRELATED BUSINESS INCOME, WHICH CONSISTS OF EARNINGS FROM ACTIVITIES NOT RELATED TO THE EXEMPT PURPOSE OF THE UNIVERSITY. THE UNIVERSITY ACCOUNTS FOR TAX UNCERTAINTIES BASED ON A MORE LIKELY THAN NOT RECOGNITION THRESHOLD WHEREBY TAX BENEFITS ARE ONLY RECOGNIZED WHEN THE UNIVERSITY BELIEVES THAT THEY HAVE A GREATER THAN 50% LIKELIHOOD OF BEING SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE UNIVERSITY HAS EVALUATED ALL TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN INCOME TAX POSITIONS AS OF JUNE 30, 2024 OR 2023. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 32,224,982. RENTAL EXPENSES -11,210. ANNUITY PRESENT VALUE ADJUSTMENT 62,249. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 11,210. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 32,224,982. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NON-DISCRIMINATORY POLICY STATEMENT IS INCLUDED IN THE ACADEMIC CATALOG WHICH CAN BE FOUND ON THE GARDNER-WEBB UNIVERSITY WEBSITE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVED STUDENT FINANCIAL AID GRANTS FROM THE U.S. DEPARTMENT OF EDUCATION AND THE NC STATE EDUCATION ASSISTANCE AUTHORITY. OTHER GOVERNMENTAL GRANTS: DURING THE YEARS ENDED JUNE 30, 2024, THE UNIVERSITY RECOGNIZED INTO REVENUE $343,087 IN GRANT FUNDING FROM THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF). CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 7842256 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 1406925 0 0 0 0 0 0 9249181 0 9249181 1 0 1 1 1 0 PART I, LINE 3: THE AMOUNT REPORTED IN COLUMN (F) REPRESENTS THE FAIR MARKET VALUE OF THE ORGANIZATION'S FOREIGN INVESTMENTS AS OF THE END OF THE FISCAL YEAR. 1 ACADEMIC SCHOLARSHIPS 1191 15472822 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS ATHLETIC SCHOLARSHIPS 460 9027824 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS OTHER SCHOLARSHIPS 979 5893566 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS FUNDED STUDENT AID 614 1830770 PART I, LINE 2: GARDNER-WEBB UNIVERSITY PRACTICES A YEARLY REVIEW (AT THE END OF THE SPRING SEMESTER) TO MONITOR ALL STUDENTS AWARDED AN INSTITUTIONAL SCHOLARSHIP BASED ON THE FOLLOWING CRITERIA: ENROLLMENT STATUS, HOUSING STATUS, GPA AND MAINTAINING SATISFACTORY ACADEMIC PROGRESS IN ACCORDANCE WITH THE UNIVERSITY'S POLICY. HEERF EMERGENCY FINANCIAL AID GRANTS TO STUDENTS WERE DISTRIBUTED TO ALL ELIGIBLE ENROLLED UNDERGRADUATE STUDENTS TO ASSIST WITH EMERGENCY COSTS THAT MAY HAVE ARISEN DUE TO THE CORONAVIRUS. IN ORDER TO PRIORITIZE STUDENTS WITH EXCEPTIONAL NEED, AS DIRECTED BY THE DEPARTMENT OF EDUCATION, AN AWARDING MATRIX BASED ON PELL GRANT ELIGIBILITY WAS DEVELOPED. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 WILLIAM M DOWNS PRESIDENT 511876 0 0 0 0 0 23799 0 53146 0 588821 0 0 0 JAMES CRAFT HEAD BASKETBALL COACH 204362 0 0 0 0 0 11703 0 21575 0 237640 0 0 0 ANDREW GOODRICH VICE PRESIDENT AND DIRECTOR OF ATHLE 207981 0 0 0 0 0 12289 0 12811 0 233081 0 0 0 KAREN AUBREY PROVOST 197435 0 0 0 0 0 11846 0 63 0 209344 0 0 0 TRE LAMB HEAD FOOTBALL COACH 166061 0 0 0 0 0 9089 0 17808 0 192958 0 0 0 PRINCE HYCY IBIDUN BULL PROFESSOR / DEAN, SCHOOL OF EDUCATIO 174550 0 0 0 0 0 9468 0 63 0 184081 0 0 0 PART I, LINE 1A THE PRESIDENT AND VP & DIRECTOR OF ATHLETICS HAVE A COUNTRY CLUB MEMBERSHIP EXCLUSIVELY FOR BUSINESS PURPOSES, SUCH AS MEETINGS WITH FRIENDS OF THE UNIVERSITY. THEREFORE, THE VALUE OF THE MEMBERSHIP HAS NOT BEEN TREATED AS A TAXABLE BENEFIT. THE PRESIDENT IS GIVEN A HOUSING ALLOWANCE TOTALING $35,000 ANNUALLY. THE HOUSING IS GIVEN FOR THE CONVENIENCE OF THE UNIVERSITY, AND HAS THEREFORE NOT BEEN TREATED AS A TAXABLE BENEFIT. A PUBLIC FINANCE AUTHORITY 560529972 74443DFJ5 2018-12-19 24757413 REFINANCE TWO BANK LOANS 0 0 0 A 6780000 24797108 2441500 485005 21870603 2016 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 0 0 0 0 1 A 1 SCHEDULE K, PART II, LINE 3, TOTAL PROCEEDS OF ISSUE: THE TOTAL PROCEEDS OF ISSUE SHOWN IN PART II IS HIGHER THAN THE ISSUE PRICE REPORTED IN PART I DUE TO INVESTMENT EARNINGS ON THE RESERVE FUND. MAXWELL B HAMRICK INSURANCE MS. HUGGINS IS A CO-OWNER OF THE INSURANCE COMPANY USED BY THE UNIVERSITY. 944000 MS. HUGGINS IS A UNIVERSITY TRUSTEE AND CO-OWNER OF HAMRICK INSURANCE. TRANSACTIONS BETWEEN THE UNIVERSITY AND HAMRICK INSURANCE ARE AT ARM'S LENGTH AND REPRESENT PAYMENTS FOR INSURANCE COVERAGE FOR THE UNIVERSITY. PAYMENTS ARE MADE FOR INSURANCE COVERAGE ONLY. 0 X 8 141761 FMV 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 RANDALL MARION AND JENNIFER MARION MILLS HAVE A FAMILY AND BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE CONTROLLER, ASSOCIATE VICE-PRESIDENT AND VICE PRESIDENT OF FINANCE AND ADMINISTARTION REVIEW THE 990 BEFORE IT IS FILING. A DRAFT COPY OF THE 990 IS UPLOADED TO OUR BOARD PORTAL AND MEMBERS ARE NOTIFIED TO REVIEW THE 990 AND PROVIDE ANY COMMENTS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE EXECUTIVE ASSISTANT TO THE PRESIDENT ALONG WITH ASSISTANCE FROM GARDNER-WEBB'S LEGAL TEAM SENDS A QUESTIONNAIRE, REVIEWS RETURNED QUESTIONNAIRES FOR CONFLICTS, THEN FOLLOWS UP WITH THE APPROPRIATE PERSON ACCORDINGLY. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL AND COMPENSATION COMMITTEE SHALL BE COMPRISED OF THE CHAIRMAN OF THE BOARD, THE VICE CHAIRMAN, THE IMMEDIATE PAST CHAIRMAN, THE CHAIRMAN OF THE FINANCIAL AFFAIRS COMMITTEE, AND ONE TRUSTEE APPOINTED BY THE CHAIRMAN OF THE BOARD. THE COMMITTEE RECOMMENDS TO THE BOARD THE PRESIDENT'S COMPENSATION, ADVISES THE PRESIDENT, APPROVES SENIOR STAFF COMPENSATION, AND SERVES AS A PERSONNEL COMMITTEE FOR THE NEEDS OF THE PRESIDENT. THE COMPENSATION COMMITTEE IS PROVIDED A COPY OF A SALARY COMPARISON BY NCICU SO THEY CAN COMPARE PRESIDENT'S AND KEY EMPLOYEES' SALARIES. ALL DELIBERATIONS AND DECISIONS ARE DOCUMENTED IN THE COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: ANNUITY PRESENT VALUE ADJUSTMENT -62,249. CHARITABLE REMAINDER TRUSTS (19) INVESTMENTS NC N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0