2022-05-03T13:57:55-05:00 2021-12-31 560574444 CHERRY BEKAERT LLP 110 EAST COURT STREET SUITE 500 GREENVILLE SC 29601 990 2021-01-01 237242844 SHERMAN COLLEGE OF STRAIGHT CHIROPRACTIC SHER 8645788770 PO BOX 1452 SPARTANBURG SC 29304 KAREN G CANUP COO/CFO 8645788770 2022-05-02 1 KAREN CANUP 999009999 AMANDA ADAMS P00748038 8642333981 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z EDWIN CORDERO 1620 SWEETWATER WEST APOKA FL 32712 19333135 0 X WWW.SHERMAN.EDU X 1973 SC THE MISSION OF SHERMAN COLLEGE OF CHIROPRACTIC IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC FOCUSED ON THE ANALYSIS AND ADJUSTMENT OF VERTEBRAL SUBLUXATION. 8 8 260 0 0 0 2555978 1445469 14473363 14507570 554631 995578 0 0 17583972 16948617 482787 543076 0 0 9920249 9533242 0 0 464491 4333908 5215524 14736944 15291842 2847028 1656775 42621194 45133899 15581851 15419391 27039343 29714508 THE MISSION OF SHERMAN COLLEGE OF CHIROPRACTIC IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC FOCUSED ON THE ANALYSIS AND ADJUSTMENT OF VERTEBRAL SUBLUXATION. 0 0 11478251 543076 14507570 EDUCATIONAL SERVICES WERE PROVIDED TO APPROXIMATELY 516 FULL-TIME CHIROPRACTIC STUDENTS. EDUCATION SCHOLARSHIPS WERE AWARDED TO 419 STUDENTS. VISITS TO THE HEALTH CENTER TOTALED 27,912. 11478251 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 67 0 1 260 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 8 8 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 JUDY CAMPANALE DC CHAIR 2.00 X X 0 0 0 LINDA GIULIANO MBA VICE-CHAIR 2.00 X X 0 0 0 SHAWN H DILL DC SECRETARY 2.00 X X 0 0 0 FRANK J HAHN DC TRUSTEE 2.00 X 0 0 0 RICHELLE KNOWLES DC TRUSTEE 2.00 X 0 0 0 MATTHEW MCCOY DC MPH TRUSTEE 2.00 X 0 0 0 LISA LANZARA-BAZZANI DC TRUSTEE 2.00 X 0 0 0 JOSE SALGADO LEON DC TRUSTEE 2.00 X 0 0 0 KIM R STETZEL DC TRUSTEE 2.00 X 0 0 0 EDWIN CORDERO DC PRESIDENT 37.50 X 404004 0 24972 KAREN CANUP MBA CPA COO/CFO 37.50 X 252929 0 23422 ROBERT IRWIN DC PROVOST 37.50 X 210926 0 30643 JOE DONOFRIO DC VP ACADEMIC AFFAIRS 37.50 X 142323 0 25366 LASHANDA HUTTO-HARRIS MSW VP STUDENT AFFAIRS 37.50 X 105352 0 21353 NEIL COHEN DC SVP FOR PRESIDENTIAL AFFAIRS 37.50 X 232570 0 22970 CLAUDIA SEAY DC DIRECTOR OF STUDENT CLINIC, PROFESSOR 37.50 X 110871 0 16496 PENGJU LUO MD PHD DEAN OF BASIC SCIENCES 37.50 X 108251 0 15562 MATT HUDSON DC CHAIR OF CLINICAL CURRICULUM 37.50 X 101489 0 17743 1668715 0 198527 9 0 1 0 NATIONAL MANAGEMENT RESOURCES PO BOX 1224 LAGRANGE GA 30241 FACILITIES MANAGEMENT 432013 DATA NETWORK SOLUTIONS INC 629 LAKE TIDE DRIVE CHAPIN SC 29036 TECHNOLOGY 105081 AMERICAN SECURITY OF GREENVILLE PO BOX 486 GREENVILLE SC 29602 SECURITY 103560 3 584600 860869 1445469 TUITION & FEES 611430 14021499 14021499 EDUCATIONAL SEMINARS/EVENTS 611430 266226 266226 HEALTH CENTER 611710 151893 151893 BOOKSTORE 611710 51989 51989 15963 15963 14507570 430124 430124 2943596 6376 2375774 8744 567822 -2368 565454 565454 16948617 14507570 0 995578 543076 543076 1546631 459059 1087572 6057356 5212013 760239 85104 282702 239413 48810 -5521 1040615 873804 147140 19671 605938 499960 97484 8494 20990 20990 49685 49685 172587 172587 1030326 860305 109251 60770 27725 8033 19692 421889 122455 277135 22299 150529 67075 77779 5675 554023 457403 52170 44450 209493 71568 132898 5027 481220 380619 35867 64734 1044980 844399 79572 121009 18500 18500 SPECIAL PROGRAMS/EVENTS 557300 513839 15540 27921 PROGRAM SUPPLIES 170505 170505 FACULTY/STAFF DEV 115763 95290 17559 2914 190009 40935 147130 1944 15291842 11478251 3349100 464491 3324440 4086718 1307392 1343015 161527 317455 11118 8947 333062 284198 71323 73588 62354 68806 27219660 6530408 21449885 20689252 15860015 18221842 40078 40078 42621194 45133899 430595 558656 7273 39463 14595444 14371025 548539 450247 15581851 15419391 X 24293232 26687403 2746111 3027105 27039343 29714508 42621194 45133899 1656775 1018390 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1592947 35453 234258 219836 1642822 1623286 6683 222259 259281 1592947 1202280 67337 260011 -93658 1623286 1430651 4073 -80428 137750 14266 1202280 1313694 58779 155678 82544 14956 1430651 1.00000 0 0 181634 181634 24311961 4729385 19582576 2018759 1297899 720860 707306 503124 204182 20689252 REFUNDABLE GOVERNMENT LOANS 216680 CHARITABLE GIFT ANNUITIES PAYABLE 185924 CAPITAL LEASE OBLIGATIONS 47643 450247 X 17633233 1018390 1018390 16614843 29516 304258 333774 16948617 14958068 2368 2368 14955700 29516 306626 336142 15291842 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 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, 2021 AND 2020 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND EMPLOYEE DISCOUNTS NETTED WITH TUITION REVENUE 306,626. LOSS ON DISPOSAL OF FIXED ASSETS -2,368. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF FIXED ASSETS 2,368. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND EMPLOYEE DISCOUNTS NETTED WITH TUITION REVENUE 306,626. 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. LINE 6, EXPLANATION OF GOVERNMENT FINANCIAL AID, CONTINUED THE COLLEGE WAS ALSO AWARDED FUNDING FROM THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF) THROUGH THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (THE "CARES") ACT TO PROVIDE EMERGENCY FINANCIAL AID GRANTS TO STUDENTS FOR EXPENSES RELATED TO THE DISRUPTION OF CAMPUS OPERATIONS AND TO COVER EXPENSES ASSOCIATED WITH SIGNIFICANT CHANGES TO THE DELIVERY OF INSTRUCTION DUE TO THE CORONAVIRUS. 1 SCHOLARSHIPS AND AWARDS 111 43241 83354 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS CARES EMERGENCY GRANTS 397 236451 TUITION DISCOUNTS 86 180030 PUBLISHED TUITION AND FEE RATES DISCOUNTS OFFERED TO SPOUSES OR FAMILY MEMBERS OF CURRENT STUDENTS 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 DEAN OF STUDENTS AND THE STUDENT RECEIVING THE DISCOUNT IS 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. FOR CARES EMERGENCY GRANTS, AWARDS WERE BASED ON NEED AND NOT REQUIRED TO BE SPENT BY THE RECIPIENTS FOR A PARTICULAR PURPOSE THAT WOULD REQUIRE MONITORING AFTER THE GRANT FUNDS WERE AWARDED. X X X 1 0 0 0 0 0 0 1 0 EDWIN CORDERO DC PRESIDENT 373191 0 30000 0 813 0 11600 0 13372 0 428976 0 0 0 KAREN CANUP MBA CPA COO/CFO 223126 0 21881 0 7922 0 10050 0 13372 0 276351 0 0 0 NEIL COHEN DC SVP FOR PRESIDENTIAL AFFAIRS 218785 0 13785 0 0 0 9598 0 13372 0 255540 0 0 0 ROBERT IRWIN DC PROVOST 151240 0 9686 0 50000 0 17271 0 13372 0 241569 0 0 0 JOE DONOFRIO DC VP ACADEMIC AFFAIRS 133102 0 9221 0 0 0 11994 0 13372 0 167689 0 0 0 PART I, LINE 4A ROBERT IRWIN WAS PAID A SEVERANCE PAYMENT OF $50,000. 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, 2021, RECEIVED A BONUS IN 2021. 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 COMPLETED FORM 990 IS PROVIDED TO BOARD TRUSTEES ELECTRONICALLY PRIOR TO THEIR SCHEDULED MEETING. REPRESENTATIVES OF THE COLLEGE'S CPA FIRM PARTICIPATE IN THE BOARD MEETING TO ANSWER ANY QUESTIONS TRUSTEES MAY HAVE AND TO OFFER FEEDBACK PRIOR TO THE BOARD APPROVING 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 BI-ANNUAL ON-SITE BOARD OF TRUSTEE 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 THE ASSOCIATION OF CHIROPRACTIC COLLEGES, WHO SURVEYS THE COMPENSATION PACKAGES OF COLLEGE PRESIDENTS AND KEY EMPLOYEES ANNUALLY. 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 THE COLLEGE PUBLISHES ITS CORPORATE CHARTER, BYLAWS, CONFLICT OF INTEREST POLICY, BOARD OF TRUSTEE CODE OF CONDUCT AND MINUTES OF THE BOARD OF TRUSTEE MEETINGS ON ITS INTRANET. THE INTRANET IS AVAILABLE TO STUDENTS, EMPLOYEES, AND BOARD OF TRUSTEE MEMBERS. DETAILED FINANCIAL STATEMENTS ARE NOT PUBLISHED FOR PUBLIC REVIEW. SUMMARY OPERATING BUDGETS ARE PROVIDED ANNUALLY TO FACULTY, STAFF AND OFFICERS OF THE STUDENT GOVERNMENT. ADDITIONAL COPIES OF THE BUDGET SUMMARY ARE ALSO AVAILABLE IN THE BUSINESS OFFICE.