2025-05-12T09:03:34-05:00 2024-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 110 EAST COURT STREET SUITE 500 GREENVILLE SC 29601 990 2023-07-01 570314402 LIMESTONE UNIVERSITY LIME 8007957151 1115 COLLEGE DRIVE GAFFNEY SC 29340 JEREMY WHITAKER EXECUTIVE VP AND CFO 8007957151 2025-05-09 1 1 MELANIE MCPEAK P01346034 8642333981 2023 2025-03-06 01:10:19Z JEREMY WHITAKER 1115 COLLEGE DRIVE GAFFNEY SC 29340 48996285 0 X WWW.LIMESTONE.EDU X 1845 SC LIMESTONE UNIVERSITY IS A FOUR-YEAR, LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. ESTABLISHED IN 1845, LIMESTONE OFFERS MASTERS, BACHELOR AND ASSOCIATE DEGREES THROUGH TRADITIONAL AND NON-TRADITIONAL EDUCATIONAL OPPORTUNITIES. 30 30 793 30 0 0 3908804 2365408 39796895 39747482 1909764 4843321 64252 78607 45679715 47034818 14458709 14702169 0 0 19991807 19684305 55893 0 438353 23810711 18594424 58317120 52980898 -12637405 -5946080 73143263 61048330 40696776 36218414 32446487 24829916 X THE MISSION OF LIMESTONE UNIVERSITY IS TO EDUCATE STUDENTS FROM DIVERSE BACKGROUNDS IN THE LIBERAL ARTS AND SELECTED PROFESSIONAL DISCIPLINES. BY PROVIDING DEGREE PROGRAMS THROUGHOUT SOUTH CAROLINA AND BY WAY OF THE INTERNET, LIMESTONE UNIVERSITY OFFERS OPPORTUNITIES FOR PERSONAL AND PROFESSIONAL GROWTH TO INDIVIDUALS WHO MAY FIND ACCESS TO HIGHER EDUCATION DIFFICULT. 0 0 43733417 14702169 39747482 LIMESTONE UNIVERSITY PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,150 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES. 43733417 1 1 0 0 0 0 0 1 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 53 0 1 793 1 0 0 0 0 0 0 0 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X JEREMY WHITAKER 8644884539 1115 COLLEGE DRIVE GAFFNEY SC 29340 RANDALL RICHARDSON CHAIR 1.00 0.00 X X 0 0 0 LEE SOWELL VICE CHAIR 1.00 0.00 X X 0 0 0 HALEY WILLIAMS SECRETARY 1.00 0.00 X X 0 0 0 PAUL FLEMING TREASURER 1.00 0.00 X X 0 0 0 JULES ANDERSON BOARD MEMBER 0.25 0.00 X 0 0 0 JULIA BASS BOARD MEMBER 0.25 0.00 X 0 0 0 BRIAN BAUER BOARD MEMBER 0.25 0.00 X 0 0 0 REED BROWN BOARD MEMBER 0.25 0.00 X 0 0 0 CROSSIE COX BOARD MEMBER 0.25 0.00 X 0 0 0 MIKE DANIEL BOARD MEMBER 0.25 0.00 X 0 0 0 TONY FISHER BOARD MEMBER 0.25 0.00 X 0 0 0 GIGI HAMRICK BOARD MEMBER 0.25 0.00 X 0 0 0 SUSAN HINES BOARD MEMBER 0.25 0.00 X 0 0 0 BRIAN HONEYCUTT BOARD MEMBER 0.25 0.00 X 0 0 0 RICK JIRAN BOARD MEMBER 0.25 0.00 X 0 0 0 MICHELLE JOLLY BOARD MEMBER 0.25 0.00 X 0 0 0 JULIE LOWRY BOARD MEMBER 0.25 0.00 X 0 0 0 RAHUL MEHRA BOARD MEMBER 0.25 0.00 X 0 0 0 CHELSEA MCCOY BOARD MEMBER 0.25 0.00 X 0 0 0 ANA MOSS BOARD MEMBER 0.25 0.00 X 0 0 0 GENE MOORHEAD BOARD MEMBER 0.25 0.00 X 0 0 0 HARMONY NODA BOARD MEMBER 0.25 0.00 X 0 0 0 PHIL ORR BOARD MEMBER 0.25 0.00 X 0 0 0 JIM PREVOST BOARD MEMBER 0.25 0.00 X 0 0 0 DON PULLUM BOARD MEMBER 0.25 0.00 X 0 0 0 DAVID RIGGINS BOARD MEMBER 0.25 0.00 X 0 0 0 TIERNEY ROLLINS BOARD MEMBER 0.25 0.00 X 0 0 0 BRIAN RUSSELL BOARD MEMBER 0.25 0.00 X 0 0 0 TREY STILL BOARD MEMBER 0.25 0.00 X 0 0 0 JOE SULLIVAN BOARD MEMBER 0.25 0.00 X 0 0 0 MONICA BALOGA PRESIDENT (THRU 9/9/2023) 40.00 0.00 X 220164 0 5863 JEREMY WHITAKER INTERIM PRES & VP FINANCE 40.00 0.00 X 176682 0 5814 NATHAN COPELAND PRESIDENT (BEGAN 5/13/24) 40.00 0.00 X 0 0 0 MICHAEL FURREY HEAD FOOTBALL COACH 40.00 0.00 X 242056 0 0 DAVID SCOTT BELLAMY DEAN 40.00 0.00 X 180996 0 5852 AMBER WILLIAMS ASSOCIATE PROFESSOR 40.00 0.00 X 143615 0 5054 PAUL LEFRANCOIS DEAN 40.00 0.00 X 136862 0 4069 BRIAN AMELING INTERIM PROVOST 40.00 0.00 X 133630 0 3901 MICHAEL SCHARFF DEAN 40.00 0.00 X 125142 0 4156 ANDREW ENGLISH DIR. INSTITUTIONAL EFFECTIVENESS 40.00 0.00 X 124862 0 4098 1484009 0 38807 11 0 1 0 SODEXO PO BOX 360170 PITTSBURGH PA 152516170 DINING 2652074 CLARK HIGHER ED 2 WESTSIDE DR ASHEVILLE NC 28806 MARKETING 1048015 CROSS COUNTRY TOURS 2460 WHITESTONE GLENDALE RD SPARTANBURG SC 29302 TRANSPORTATION 354425 MMR CONSTRUCTORS INC P O BOX 919205 DALLAS TX 753919205 CAMERA INSTALLATION 337982 4 1020372 1345036 2365408 TUITION AND FEES 611310 34901409 34901409 AUXILIARY - BOOKSTORE 611310 3141117 3141117 AUXILIARY - OTHER 611310 1004864 1004864 AUXILIARY - ROOM AND BOARD 611310 686370 686370 SUMMER CAMPS 611310 13722 13722 39747482 690566 690566 93500 14893 78607 78607 78607 5581731 517598 1789882 156692 3791849 360906 4152755 4152755 47034818 39747482 0 4921928 14702169 14702169 837427 715555 91888 29984 15252420 12091227 3034932 126261 413280 325279 88001 2007909 1597757 410152 1173269 933607 239662 255607 255607 146235 146235 51571 51571 195725 195725 183378 145921 37457 1107960 777670 320643 9647 1276286 1276286 2343260 2070957 272303 1105922 880024 218063 7835 1265626 1265626 2732966 2404486 328480 883222 399411 483811 AUXILIARY EXPENSES 2398952 2398952 BAD DEBT 540977 476060 64917 BOOKSTORE EXPENSES 523113 523113 UNIFORMS 309861 246568 63293 3273763 2848936 160201 264626 52980898 43733417 8809128 438353 41360 41423 7773254 3503278 703709 761523 1909344 1655189 36488 35368 94513 2318 82868647 36679844 48272885 46188803 10579900 7545403 3731810 1315025 73143263 61048330 2029488 1751844 2326215 2281834 32948872 31241751 3392201 942985 40696776 36218414 X 1040644 4262787 31405843 20567129 32446487 24829916 73143263 61048330 -5946080 -1670491 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 12654099 605927 2290339 1706822 4684910 9158633 22481415 477003 2396847 3173192 9527974 12654099 31505216 556835 -1970719 1596042 6013875 22481415 25726429 380056 7566750 2168019 31505216 24796539 528800 1356009 954919 25726429 0.00000 1.00000 0.00000 0 0 178177 178177 66060440 26388546 39671894 2787555 2280590 506965 13842475 8010708 5831767 46188803 REFUNDABLE ADVANCES 62322 CAPITAL LEASES PAYABLE 205204 OPERATING LEASE PAYABLE 675459 942985 X 30625480 -1670491 14893 -1655598 32281078 51571 14702169 14753740 47034818 38242051 14893 14893 38227158 51571 14702169 14753740 52980898 PART III, LINE 4: THE UNIVERSITY'S COLLECTIONS ARE MADE UP OF LIBRARY BOOKS, ARTIFACTS OF HISTORICAL SIGNIFICANCE AND ART OBJECTS. IF PURCHASED, ITEMS ACCESSIONED INTO THE COLLECTION ARE CAPITALIZED AT COST, AND IF DONATED, THEY ARE CAPITALIZED AT THEIR APPRAISED VALUE OR FAIR VALUE AS OF THE DATES ON WHICH THE ITEMS ARE ACCEPTED BY THE UNIVERSITY. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 181 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. ENDOWMENT FUNDS ARE AVAILABLE FOR SCHOLARSHIPS, BUILDING MAINTENANCE AND OTHER OPERATIONAL NEEDS OF THE UNIVERSITY DEPENDING ON THE SPECIFIC FUND. 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: MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GAAP ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT THE UNIVERSITY CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2024 AND 2023. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE UNIVERSITY HAD NO SIGNIFICANT UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET AGAINST RENTAL INCOME 14,893. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS (FUNDED/UNFUNDED) 14,702,169. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET AGAINST RENTAL INCOME 14,893. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS (FUNDED/UNFUNDED) 14,702,169. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 LIMESTONE UNIVERSITY REAFFIRMS ITS COMPLIANCE WITH TITLE IX AND DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONALITY, ORIGIN, HANDICAP, OR SEX IN ADMISSIONS, EMPLOYMENT OR EDUCATIONAL PROGRAMS. LIMESTONE PUBLISHES ITS NONDISCRIMINATORY POLICY IN THE STUDENT CATALOG AND EMPLOYEE HANDBOOK. THIS INFORMATION IS ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY ACTS AS AN AGENT BETWEEN THE US DEPARTMENT OF EDUCATION, THE SOUTH CAROLINA DEPARTMENT OF REVENUE, AND LIMESTONE STUDENTS. THE COLLEGE RECEIVES FUNDS FROM THE GOVERNMENT AGENCIES AND APPLIES THE FUNDS DIRECTLY TO THE APPLICABLE STUDENT'S ACCOUNT. DURING THE YEAR, THE UNIVERSITY ALSO RECEIVED FUNDING FROM THE HIGHER EDUCATION EMERGENCY RELIEF FUND AND EMPLOYEE RETENTION CREDITS. 1 GRANTS AND SCHOLARSHIPS 1143 14702169 TUITION RATES TUITION ASSISTANCE PART I, LINE 2: FINANCIAL AID GUIDELINES ARE UTILIZED TO DETERMINE THE QUALIFICATIONS OF EACH RECIPIENT. THE GUIDELINES ARE PUBLISHED IN LIMESTONE UNIVERSITY'S ACADEMIC CATALOG AND COMPLY WITH ELIGIBILITY REQUIREMENTS PUBLISHED BY THE U.S. DEPARTMENT OF REVENUE. ANNUAL COMPLIANCE AUDITS ARE COMPLETED BY AN INDEPENDENT ACCOUNTING FIRM. AS FUNDS ARE RECEIVED, THEY ARE POSTED TO THE STUDENTS' ACCOUNTS. FOR CARES EMERGENCY GRANTS, AWARDS WERE BASED ON NEED AND NOT REQUIRED TO BE SPENT BY THE RECIPIENTS FOR A PARTICULAR PURPOSE THAT WOULD REQUIRED MONITORING AFTER THE GRANT FUNDS WERE AWARDED. X X 1 0 0 0 0 0 0 0 0 MICHAEL FURREY HEAD FOOTBALL COACH 241929 0 0 0 127 0 0 0 0 0 242056 0 0 0 MONICA BALOGA PRESIDENT (THRU 9/9/2023) 218505 0 0 0 1659 0 5863 0 0 0 226027 0 0 0 DAVID SCOTT BELLAMY DEAN 177784 0 0 0 3212 0 5852 0 0 0 186848 0 0 0 JEREMY WHITAKER INTERIM PRES & VP FINANCE 175513 0 0 0 1169 0 5814 0 0 0 182496 0 0 0 PART I, LINE 4A DURING 2024, MONICA BALOGA, PRESIDENT, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $25,672. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 AND 990-T WERE PRESENTED TO THE AUDIT COMMITTEE FOR REVIEW. A COPY OF THE RETURNS WERE MADE ACCESSIBLE TO BOARD MEMBERS. FOLLOWING PRESENTATION AND APPROVAL, THE RETURNS WERE SUBMITTED TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, A CONFLICT OF INTEREST QUESTIONNAIRE IS COMPLETED BY MEMBERS OF THE BOARD OF TRUSTEES AND REVIEWED FOR ANY NOTED CONFLICTS. TRUSTEES WHO HAVE NOTED A CONFLICT OF INTEREST RECUSE THEMSELVES FROM ALL DISCUSSION AND/OR VOTE PERTAINING TO THAT SPECIFIC MATTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL: THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S CONTRACT AND SETS THE COMPENSATION PACKAGE. AN ASSESSMENT OF THE PRESIDENT'S COMPENSATION PACKAGE IS MADE ANNUALLY BY THE PERSONNEL COMMITTEE. THE ASSESSMENT IS BASED UPON DATA COLLECTED FROM COLLEGES OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE DOCUMENTED IN THE COMMITTEE MINUTES. COMPENSATION PROCESS FOR TOP OFFICERS: THE FINANCE COMMITTEE DISCUSSES WITH MANAGEMENT EXECUTIVE-LEVEL MANAGEMENT HIRES. THE SETTING OF COMPENSATION AMOUNTS IS MADE BY MANAGEMENT AND IS BASED UPON COMPARABLE POSITIONS AT INSTITUTIONS OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE RECORDED IN THE COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.