2021-11-10T08:11:21-06:00 2021-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2020-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 TIMOTHY SHUEY VP ADMINISTRATION/FINANCE 7044064282 2021-11-06 1 TIMOTHY SHUEY 999009999 AMANDA ADAMS P00748038 7043771678 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z WILLIAM M DOWNS POST OFFICE BOX 997 BOILING SPRINGS NC 28017 104104411 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. 37 37 1377 0 -4492 0 8528407 7471898 84575897 88212144 -1657533 5277327 11815 -4492 91458586 100956877 31995281 34405267 0 0 35710198 34593999 0 0 648309 26799828 26284637 94505307 95283903 -3046721 5672974 150371986 163499840 34704018 31984806 115667968 131515034 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 84070944 34405267 88212144 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 4,274 STUDENTS DURING 2020-2021 AND AWARDED APPROXIMATELY $32M IN SCHOLARSHIPS AND TUITION ASSISTANCE. 84070944 1 1 0 0 0 0 0 1 1 1 1 0 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 1 0 0 0 1 0 0 0 1 181 0 1 1377 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 37 37 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X TIMOTHY SHUEY 7044064282 100 S MAIN STREET/WEBB HALL BOILING SPRINGS NC 28017 MS JENNIFER MARION MILLS CHAIR 1.00 X X 0 0 0 MS SUSAN B BRIGGS VICE CHAIR, CHAIR AUDIT 1.00 X X 0 0 0 MR GARY SMITH III VICE CHAIR 1.00 X X 0 0 0 MR DAVID ROYSTER III TREASURER 1.00 X X 0 0 0 MR CHRISTOPHER WELCH SECRETARY 1.00 X X 0 0 0 MR RODNEY ALLISON TRUSTEE 1.00 X 0 0 0 MR RONALD BEANE IMMEDIATE PAST CHAIR 1.00 X X 0 0 0 MR JOHN BELL TRUSTEE 1.00 X 0 0 0 MR W THOMAS BELL TRUSTEE 1.00 X 0 0 0 MR RALPH BENTLEY TRUSTEE 1.00 X 0 0 0 DAVID BRINKLEY TRUSTEE 1.00 X 0 0 0 MR MARK COLLINS TRUSTEE 1.00 X 0 0 0 MR EDWARD COOK TRUSTEE 1.00 X 0 0 0 MS VERHONDA CRAWFORD TRUSTEE 1.00 X 0 0 0 MR J WILLIAM ELLIS TRUSTEE 1.00 X 0 0 0 MR O MAX GARDNER III TRUSTEE 1.00 X 0 0 0 MR CHRISTOPHER GASH TRUSTEE 1.00 X 0 0 0 MR GEORGE GILLIAM TRUSTEE 1.00 X 0 0 0 MS KATHERINE HOYLE TRUSTEE 1.00 X 0 0 0 MRS TERESA HUGGINS TRUSTEE 1.00 X 0 0 0 MS DELAINA JONES TRUSTEE 1.00 X 0 0 0 MR DAVID KEIM TRUSTEE 1.00 X 0 0 0 MR M LAMONT LITTLEJOHN JR CHAIR, DIVINITY 1.00 X 0 0 0 MS ASHLEY LOWERY CHAIR, DEVELOPMENT 1.00 X 0 0 0 MR RANDALL MARION CHAIR, FINANCIAL AFFAIRS 1.00 X 0 0 0 MR MAURICE MORROW III TRUSTEE 1.00 X 0 0 0 MR TONY ROBBINS CHAIR, STUDENT DEVELOPMENT 1.00 X 0 0 0 MS CAROLE ROBERTS TRUSTEE 1.00 X 0 0 0 MR STEVE SIMPSON TRUSTEE 1.00 X 0 0 0 MR W JESSE SPRINKLE IV TRUSTEE 1.00 X 0 0 0 MR JOHN TEETER CHAIR, TRUSTEE MEMBERSHIP 1.00 X 0 0 0 MS LISA TUCKER TRUSTEE 1.00 X 0 0 0 MR D JENSEN TURNER TRUSTEE 1.00 X 0 0 0 MR PHILIP TURNER TRUSTEE 1.00 X 0 0 0 MR THOMAS WATSON JR CHAIR, ENROLLMENT MGMT 1.00 X 0 0 0 MR ARCHIE WOOD TRUSTEE 1.00 X 0 0 0 MR MAURICE YORK TRUSTEE 1.00 X 0 0 0 MIKE W HARDIN SENIOR VP FOR ADMINISTRATION 40.00 X 162212 0 11733 BENJAMIN C LESLIE PROVOST & EVP 40.00 X 158679 0 22793 WILLIAM M DOWNS PRESIDENT 40.00 X 365112 0 34923 AMI STEELE PA PROGRAM DIRECTOR 40.00 X 154402 0 9063 ANTHONY NEGBENEBOR PROFESSOR 40.00 X 156488 0 15798 TRE LAMB HEAD FOOTBALL COACH 40.00 X 152845 0 31014 PRINCE BULL PROFESSOR/DEAN OF SCHOOL OF EDUC. 40.00 X 168365 0 7563 JAMES CRAFT HEAD MEN'S BASKETBALL COACH 40.00 X 193113 0 34097 ARNOLD F BONNER FORMER PRESIDENT 40.00 X 176796 0 0 1688012 0 166984 37 1 1 0 SODEXO PO BOX 536922 ATLANTA GA 30353 CAFETERIA SERVICES 2916936 K12 TEACHERS ALLIANCE 20624 ABBEY WOODS COURT NORTH FRANKFORT IL 60423 RECRUITING SERVICES 1367501 EAB PO BOX 603519 CHARLOTTE NC 28260 CONSULTING SERVICES 469924 THE BUDD GROUP PO BOX 890856 CHARLOTTE NC 28289 JANITORIAL SERVICES 333380 ELLUCIAN COMPANY 14083 COLLECTION CENTER DRIVE CHICAGO IL 60693 CONSULTING SERVICES 191825 6 3748765 3723133 55569 7471898 TUITION AND FEES 900099 69868506 69868506 ROOM AND BOARD 900099 12944687 12944687 OTHER AUXILIARY SERVICES 900099 3618055 3618055 BOOKSTORE 900099 1542369 1542369 STUDENT LOAN INTEREST AND FEES 900099 238527 238527 88212144 1267939 1267939 1826 6318 -4492 -4492 -4492 6800184 350420 2744006 397210 4056178 -46790 4009388 4009388 100956877 88212144 -4492 5277327 34405267 34405267 695167 695167 27373587 23286623 3779660 307304 1053906 900437 141586 11883 3479809 2915911 525418 38480 1991530 1655592 314090 21848 59732 59732 55234 55234 301307 301307 350292 56656 293636 2200300 713405 1486895 1035032 791865 243167 949050 87467 861583 2384261 2336968 32663 14630 843192 812060 31132 804309 425578 378731 1123016 943394 89911 89711 4304780 4219391 58974 26415 723084 41758 681326 OTHER STUDENT SERVICES 10051440 9378964 534438 138038 BOOKSTORE COGS 1099608 1099608 95283903 84070944 10564650 648309 22755599 23028617 6017840 5716253 1682673 1728761 583149 393853 952142 1067753 140343528 87294804 54047121 53048724 57641273 68248986 4192103 7839712 2094603 2042035 405483 385146 150371986 163499840 3867915 3883851 5130583 3974909 23678511 22377649 97360 112350 1929649 1636047 34704018 31984806 X 51266999 54200171 64400969 77314863 115667968 131515034 150371986 163499840 X 5672974 10195749 -21657 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29332 X X 0 0 1 X 61459999 1769562 15048648 2391228 75886981 64618076 2732578 -5225813 664842 61459999 63924716 556459 3094304 2957403 64618076 62668442 879025 2908421 2531172 63924716 59555300 1072317 4556686 2515861 62668442 0.09900 0.90100 0 0 1762864 3900075 5662939 105539855 60300820 45239035 29133726 26993984 2139742 7008 7008 53048724 ANNUITIES PAYABLE 256280 CONSTRUCTION COSTS PAYABLE 16988 DUE TO OTHER AGENCIES 119598 REFUNDABLE FEDERAL GOVERNMENT ADVANCES 1243181 1636047 X 78541820 10195749 10195749 68346071 301307 32309499 32610806 100956877 62694754 0 62694754 301307 32287842 32589149 95283903 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, 2021 AND 2020. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 32,287,842. ANNUITY PRESENT VALUE ADJUSTMENT 21,657. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 32,287,842. 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. GOVERNMENTAL GRANTS DURING THE YEAR ENDED JUNE 30, 2021, THE UNIVERSITY RECEIVED $1,591,810 IN GRANT FUNDING FROM THE HIGHER EDUCATION EMERGENCY RELIEF FUND ("HEERF") AND $1,251,601 IN GRANT FUNDING PASSED THROUGH THE STATE OF NORTH CAROLINA FOR COVID-19 RELIEF. THE UNIVERSITY SUBSEQUENTLY DISBURSED $2,117,425 OF THE HEERF FUNDING DIRECTLY TO ENROLLED STUDENTS FOR EXPENSES RELATED TO THE DISRUPTION OF CAMPUS OPERATIONS DUE TO THE COVID-19 CRISIS DURING THE YEAR. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 6370000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 1139167 0 0 0 0 0 0 7509167 0 7509167 1 0 1 1 0 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. PART III ACCOUNTING METHOD: 1 ACADEMIC SCHOLARSHIPS 1310 15801336 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS ATHLETIC SCHOLARSHIPS 453 8962327 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS OTHER SCHOLARSHIPS 1212 5930424 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS FUNDED STUDENT AID 104 1593755 EMERGENCY RELIEF FUNDS 2090 2117425 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 1 1 X X X 0 0 0 0 0 0 0 0 0 WILLIAM M DOWNS PRESIDENT 365112 0 0 0 0 0 13200 0 21723 0 400035 0 0 0 JAMES CRAFT HEAD MEN'S BASKETBALL COACH 193113 0 0 0 0 0 11333 0 22764 0 227210 0 0 0 TRE LAMB HEAD FOOTBALL COACH 152845 0 0 0 0 0 8250 0 22764 0 183859 0 0 0 BENJAMIN C LESLIE PROVOST & EVP 158679 0 0 0 0 0 10140 0 12653 0 181472 0 0 0 ARNOLD F BONNER FORMER PRESIDENT 176796 0 0 0 0 0 0 0 0 0 176796 0 0 0 PRINCE BULL PROFESSOR/DEAN OF SCHOOL OF EDUC. 168365 0 0 0 0 0 7500 0 63 0 175928 0 0 0 MIKE W HARDIN SENIOR VP FOR ADMINISTRATION 162212 0 0 0 0 0 7933 0 3800 0 173945 0 0 0 ANTHONY NEGBENEBOR PROFESSOR 156488 0 0 0 0 0 6901 0 8897 0 172286 0 0 0 AMI STEELE PA PROGRAM DIRECTOR 154402 0 0 0 0 0 9000 0 63 0 163465 0 0 0 PART I, LINE 1A THE PRESIDENT HAS 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. A PUBLIC FINANCE AUTHORITY 560529972 74443DFJ5 2018-12-19 24757413 REFINANCE TWO BANK LOANS 0 0 0 A 2485000 24797108 2441500 485005 21870603 2016 0 0 1 1 A 0 0 0 0 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. 726124 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 5 44491 FMV X SOFTWARE 1 11078 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 GARDNER-WEBB UNIVERSITY'S BOARD OF TRUSTEES HAS DELEGATED RESPONSIBILITY OVER COMPLIANCE WITH LAWS AND REGULATIONS, INCLUDING FORM 990, TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. A DRAFT OF THE FORM 990 WILL BE PRESENTED TO AND REVIEWED BY THE AUDIT COMMITTEE. AFTER ACCEPTANCE BY THE AUDIT COMMITTEE, A COPY OF FORM 990 WILL BE DISTRIBUTED TO THE FULL BOARD AND THE AUDIT FIRM WILL BE GIVEN THE AUTHORITY TO COMPLETE THE FILING OF FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICABLE TIME. NO TRUSTEE SHALL VOTE ON ANY MATTER, UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING, IN WHICH SUCH TRUSTEE HAS A CONFLICT OF INTEREST. THE MINUTES OF SAID MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE HAVING A CONFLICT OF INTEREST ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THE BOARD OR COMMITTEE TO RESOLVE THE QUESTIONS BY MAJORITY VOTE. 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 -21,657. 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