2021-05-13T18:59:48-05:00 2020-06-30 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2019-07-01 560657294 METHODIST UNIVERSITY INC METH 9106307000 5400 RAMSEY ST FAYETTEVILLE NC 28311 DAWN AUSBORN VP BUSINESS AFFAIRS 9106307000 2021-05-13 1 YONG ZHANG CPA P01249785 7033366400 2021-05-13 2019 2022-09-23 18:48:47Z STANLEY T WEARDEN 5400 RAMSEY ST FAYETTEVILLE NC 28311 90904665 0 X WWW.METHODIST.EDU X 1956 NC UNDERGRADUATE AND GRADUATE EDUCATION 35 34 1200 0 0 0 2688781 5966210 69465447 65913257 1125850 -317308 -24171 591530 73255907 72153689 23742742 25325090 0 0 31658978 31017515 0 0 383337 18361714 17265422 73763434 73608027 -507527 -1454338 113789466 118191841 38761293 43667673 75028173 74524168 THE PURPOSE OF METHODIST UNIVERSITY IS TO PROVIDE AN UNDERGRADUATE & GRADUATE EDUCATION FIRMLY GROUNDED IN THE LIBERAL ARTS TRADITION, THAT NURTURES MORAL VALUES & ETHICAL DECISION-MAKING; TO PROVIDE DISTINCTIVE PROFESSIONAL & GRADUATE PROGRAMS THAT COMPLEMENT THE 0 0 58190417 25325090 57189437 POST SECONDARY EDUCATION: METHODIST UNIVERSITY PROVIDES BOTH UNDERGRADUATE & GRADUATE EDUCATION, FOUNDED IN LIBERAL ARTS, TO APPROXIMATELY 2100 STUDENTS. THE UNIVERSITY'S PROGRAMS ARE CONCENTRATED IN ARTS & HUMANITIES, SCIENCE & HUMAN DEVELOPMENT, BUSINESS, & GRADUATE STUDIES, AND BOAST NATIONALLY RENOWNED PROGRAMS SUCH AS THE PHYSICIAN ASSISTANT PROGRAM. THE UNIVERSITY IS A FULLY-ACCREDITED MEMBER OF THE SOUTHERN ASSOCIATION OF COLLEGES & SCHOOLS COMMISSION ON COLLEGES. 7747408 8723820 AUXILIARY SERVICES: THE UNIVERSITY'S AUXILIARY ENTERPRISES, INCLUDING RESIDENCE HALLS, DINING FACILITIES, AND A BOOKSTORE, SERVE TO PROVIDE A SUPPORT SYSTEM TO THE STUDENTS. 65937825 1 1 0 1 0 0 0 1 1 1 1 0 0 0 1 1 0 1 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 1 0 0 1 170 0 1 1200 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 35 34 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X DAWN AUSBORN 9106307610 5400 RAMSEY ST FAYETTEVILLE NC 28311 MR JOHN MAC HEALY CHAIR OF THE BOARD 1.00 X X 0 0 0 DR RAKESH GUPTA VICE CHAIR OF THE BOARD 1.00 X X 0 0 0 MR TIMOTHY TIM S RICHARDSON SECRETARY OF THE BOARD 1.00 X X 0 0 0 DR WILLIAM DICKSON SCHAEFER TREASURER OF THE BOARD 1.00 X X 0 0 0 DR RICHARD R ALLEN SR TRUSTEE 1.00 X 0 0 0 MR D KEITH ALLISON TRUSTEE 1.00 X 0 0 0 MR PETER M BROOME TRUSTEE 1.00 X 0 0 0 THE HONORABLE JOHN W BROWN TRUSTEE 1.00 X 0 0 0 DR MARY LYNN BRYAN TRUSTEE 1.00 X 0 0 0 MR A HOWARD BULLARD JR TRUSTEE 1.00 X 0 0 0 MS MARGARET HIGHSMITH DICKSON TRUSTEE 1.00 X 0 0 0 MRS JENNIFER CLEVELAND ELAM TRUSTEE 1.00 X 0 0 0 DR LOLETA WOOD FOSTER TRUSTEE 1.00 X 0 0 0 MR ROBERT J GLASER TRUSTEE 1.00 X 0 0 0 MR LESLIE LES A GRIFFIN TRUSTEE 1.00 X 0 0 0 MRS BETTY UPCHURCH HASTY TRUSTEE 1.00 X 0 0 0 MR J DANIEL DANNY HIGHSMITH SR TRUSTEE 1.00 X 0 0 0 MR CHARLES B HOLMES TRUSTEE 1.00 X 0 0 0 MRS LINDA B HUFF TRUSTEE 1.00 X 0 0 0 MR EDWARD T TUNA KEIL TRUSTEE 1.00 X 0 0 0 MR EARL D LEAKE TRUSTEE 1.00 X 0 0 0 MR O RAY MANNING JR TRUSTEE 1.00 X 0 0 0 MR RON B MATTHEWS TRUSTEE 1.00 X 0 0 0 MR R WILLIFORD MCCAULEY TRUSTEE 1.00 X 0 0 0 MR GEORGE W MILLER JR TRUSTEE 1.00 X 0 0 0 MR ANDREW SHUCK TRUSTEE 1.00 X 0 0 0 MR ELTON STANLEY TRUSTEE 1.00 X 0 0 0 MR IRA M STEINGOLD ESQ TRUSTEE 1.00 X 0 0 0 MR JAMES J TOWNSEND TRUSTEE 1.00 X 0 0 0 MR LAWRENCE LARRY H WALSH TRUSTEE 1.00 X 0 0 0 MR W SCOTT WEATHINGTON TRUSTEE 1.00 X 0 0 0 MR WILLIAM BILL R WEST SR TRUSTEE 1.00 X 0 0 0 REV GILLIAM GIL P WISE TRUSTEE 1.00 X 0 0 0 DR HARVEY T WRIGHT II TRUSTEE 1.00 X 0 0 0 MR JOHN W JAY WYATT III TRUSTEE 1.00 X 0 0 0 STANLEY WEARDEN PRESIDENT 40.00 X 356174 0 49704 DAWN AUSBORN VP FOR BUS. AFFAIRS 40.00 X 139272 0 28500 WILLIAM WALKER VP FOR STUDENT AFFAIRS 40.00 X 95554 0 22432 RICK LOWE VP FOR ENROLLMENT SERVICES 40.00 X 109766 0 15865 DAVE EAVENSON VP ATHLETICS 40.00 X 81635 0 16527 SHEILA KINSEY VP FOR PLANNING & ADMIN 40.00 X 143769 0 40288 KELLI TAYLOR VP FOR RELIGIOUS LIFE 40.00 X 92869 0 28578 GREG SWANSON VP FOR ADVANCEMENT 40.00 X 99826 0 10611 BETH CARTER AVP FOR ACADEMIC AFFAIRS 40.00 X 100328 0 5975 DON LASSITER VP OF VPPE 40.00 X 91462 0 33657 LORI CORNWELL AVP AA & INTERIM PROVOST 40.00 X 162401 0 19527 TAT CHAN CHAIR COLLEGE OF BUS 40.00 X 121281 0 7890 MEREDITH GRONSKI DIRECTOR OTD PROGRAM 40.00 X 107684 0 18244 CHRISTINA PERRY DIRECTOR PA PROGRAM 40.00 X 109887 0 15685 KIMBERLY SCRUTON DEAN COLLEGE OF BUS 40.00 X 122474 0 15878 1934382 0 329361 15 0 1 0 ARAMARK EDUCATIONAL SERVICES LLC 5400 RAMSEY STREET FAYETTEVILLE NC 28311 FOOD SERVICE 2527593 M & E CONTRACTING INC 1032 71ST SCHOOL ROAD FAYETTEVILLE NC 28314 CONSTRUCTION 438782 BOB MCCLOSKEY AGENCY LLC PO BOX 511 MATAWN NJ 07747 INSURANCE 290326 BRADY TRANE SERVICES 1915 CHURCH STREET GREENSBORO NC 27405 HVAC 222722 HAIRE PLUMBING & MECHANICAL CO INC PO BOX 58147 FAYETTEVILLE NC 28305 PLUMBING 186851 8 13455 3586618 2366137 102817 5966210 TUITION AND FEES 611310 57189437 57189437 DORM REVENUES 611310 5460023 5460023 BOARD REVENUES 611310 3082897 3082897 OTHER AUXILIARY REVENUES 611310 180900 180900 65913257 752648 752648 17533996 118134 18477623 244463 -943627 -126329 -1069956 -1069956 4658 13455 28890 -24232 -24232 OTHER INCOME 900009 615762 615762 615762 72153689 65913257 0 274222 25325090 25325090 3734224 3045096 639215 49913 21356484 18793541 2452382 110561 1278007 1088173 169438 20396 2907902 2491800 373807 42295 1740898 1522329 190194 28375 129600 129600 75600 75600 41915 41915 100622 100622 734903 404098 322756 8049 153914 26589 125700 1625 342644 334611 -9180 17213 799474 284555 476366 38553 3732051 3590889 128027 13135 732886 683330 39736 9820 37216 31192 5153 871 30385 29476 790 119 3717538 3439604 270925 7009 501742 359982 132036 9724 FOOD SVC CONTRACT 1700594 1700594 EQUIP RENTAL AND REPAIR 1211415 894644 314028 2743 SUPPLIES 859055 732621 119985 6449 GOLF SHOP COST OF GOODS 9679 9679 2354189 1149932 1187770 16487 73608027 65937825 7286865 383337 25499 7162 6517778 12697208 1864143 1600974 1907857 1605246 8344 66015 16265 390437 910448 135229116 57183643 80468895 78045473 20895352 21152052 842079 1598158 690184 178898 492840 113789466 118191841 2012120 2536549 3111808 2968847 31705709 30086969 123374 273902 798030 1010252 7801406 38761293 43667673 X 56066316 55187549 18961857 19336619 75028173 74524168 113789466 118191841 X -1454338 1039063 -88730 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 41915 41915 0 PART II-B, LINE 1: THE UNIVERSITY PAID MEMBERSHIP DUES OF $41,975 TO NORTH CAROLINA INDEPENDENT COLLEGES & UNIVERSITIES (NCICU), A STATEWIDE ORGANIZATION COMPRISED OF INDEPENDENT COLLEGES ACCREDITED BY SOUTHERN ASSOCIATION OF COLLEGES & SCHOOLS, WHICH REPRESENTS HIGHER EDUCATION IN STATE & FEDERAL POLICY. 0 164614 X X 0 0 1 X 22191925 883570 889395 654266 453718 99646 22757260 22892894 758521 1289241 657559 1981347 109825 22191925 27694868 1694446 1658987 575817 7459252 120338 22892894 24095049 4237940 2137848 452000 2226085 97884 27694868 23767250 2230530 202315 384605 1632332 88109 24095049 0.25650 0.64700 0.09650 1 0 108500 1682504 1791004 101477004 36012517 65464487 7980 7980 0 18679844 15691349 2988495 13273284 5471797 7801487 78045473 DEFERRED GRANT 5192100 U.S GOVERNMENT ADVANCES FOR STUDENT LOANS 30064 INTEREST RATE SWAP LIABILITY 741456 STUDENT DEPOSITS 306917 COVID ROOM & BOARD CREDIT 1260256 OBLIGATIONS UNDER CAPITAL LEASE 270613 7801406 X 48630500 1039063 -24461630 -23422567 72053067 100622 100622 72153689 49134505 -24372900 -24372900 73507405 100622 100622 73608027 PART III, LINE 4: THE UNIVERSITY MAINTAINS A FEW HISTORICAL COLLECTIONS WITHIN ITS LIBRARY, INCLUDING DRAWINGS, LETTERS, MONOGRAPHS, BOOKS & RECORDS. PART IV, LINE 2B: BANK ACCOUNT FOR STUDENT CLUBS & OTHER AFFILIATED GROUPS. PART V, LINE 4: THE INDENDED USES OF THE UNIVERSITY'S ENDOWMENT FUNDS ARE TO PROVIDE SCHOLARSHIPS TO STUDENTS AND CASH RESERVES TO THE UNIVERSITY. PART X, LINE 2: THE UNIVERSITY IS A TAX-EXEMPT ENTITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). MANAGEMENT EVALUATED THE UNIVERSITY'S TAX POSITIONS AND CONCLUDED THAT THE UNIVERSITY HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISION OF THE INTERNAL TAXES TOPIC OF THE FASB ASC. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS EXPENSE REPORTED ON REVENUE -24,401,790. NET INCOME FROM MUDC 44,789. UNREALIZED LOSS ON INTEREST RATE SWAP AGREEMENT -133,519. FUNDRAISING EXPENSE REPORTED ON LINE 8B 28,890. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE REPORTED ON LINE 8B 28,890. SCHOLARSHIPS EXPENSE REPORTED ON REVENUE -24,401,790. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 METHODIST UNIVERSITY PUBLICIZES ITS RACIALLY NON-DISCRIMINATORY POLICY IN ITS ANNUAL ACADEMIC CATALOG, ON ITS WEBSITE, AND IN ALL ADVERTISEMENTS & SOLICITATIONS. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVES FEDERAL AND STATE AID FOR STUDENT FINANCIAL AID AWARDS, AND FUNDS FOR THE CONSTRUCTION OF FACILITIES AND PURCHASE OF EQUIPMENT FOR THE UNIVERSITY'S EDUCATIONAL PROGRAMS. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES PROGRAM SERVICES 27850 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES RECRUITING 161 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDY ABROAD 56975 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES HUMANITARIAN 18363 0 0 0 0 0 0 103349 0 103349 0 0 0 0 0 0 PART III ACCOUNTING METHOD: GOLF TOURNAMENT 9947 8300 1647 7478 4558 10151 GOLF TOURNAMENT 8166 5155 3011 2021 4682 18113 13455 4658 7478 6579 14833 28890 -24232 1 TUITION ASSISTANCE 1438 24401790 PART I, LINE 2: GRANTS TO RECIPIENTS IN THE U.S. INCLUDED TUITION ASSISTANCE APPLIED DIRECTLY TO STUDENTS' ACCOUNTS. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 STANLEY WEARDEN PRESIDENT 329595 0 0 0 26579 0 21379 0 28325 0 405878 0 0 0 DAWN AUSBORN VP FOR BUS. AFFAIRS 138786 0 0 0 486 0 9017 0 19483 0 167772 0 0 0 SHEILA KINSEY VP FOR PLANNING & ADMIN 142820 0 0 0 949 0 9892 0 30396 0 184057 0 0 0 LORI CORNWELL AVP AA & INTERIM PROVOST 162128 0 0 0 273 0 9851 0 9676 0 181928 0 0 0 PART I, LINE 1A THE UNIVERSITY MAINTAINS A RESIDENTIAL HOME ON CAMPUS WHERE THE PRESIDENT LIVES AS A CONDITION OF EMPLOYMENT. THE UNIVERSITY PROVIDES PERSONAL SERVICES OF LIGHT HOUSEKEEPING, PERFORMED BY THE UNIVERSITY'S JANITORIAL STAFF AT THE RESIDENCE OF THE PRESIDENT. A NC CAPITAL FACILITIES FINANCE AGENCY 561592154 65819GHL5 2012-08-29 17613130 FUND VARIOUS CAPITAL PROJECTS 0 0 0 B NC CAPITAL FACILITIES FINANCE AGENCY 561592154 NONEAVIAI 2014-10-23 22640000 REFUND SERIES 2005 BOND & FUND VARIOUS PROJECTS 0 0 0 A 17613130 1342500 9581476 349530 6339624 2013 1 0 1 1 B 22640000 17920000 220000 4500000 2016 1 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 1 0 0 0 0 0 0 B 0 0 1 0 1 1 BANK OF AMERICA 0 0 0 0 1 A 0 B 0 SYSTEL OFFICE AUTOMATION OWNED BY A TRUSTEE 149483 COPIER LEASE 0 X 7 98954 FMV X CAPITAL EQUIPMENT 2 3863 APPRAISAL 0 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) REFLECTS A COMBINATION OF THE NUMBER OF CONTRIBUTORS AND THE NUMBER OF ITEMS DONATED. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED JOINTLY BY MANAGEMENT & THE EXTERNAL AUDIOTRS. IT IS REVIEWED BY MANAGEMENT & THE AUDIT COMMITTEE WITH THE EXTERNAL AUDITORS DURING THE REVIEW OF HTE AUDITED FINANCIAL STATEMENTS. THE AUDIT COMMITTEE RELAYS THE RESULTS OF THE REVIEW TO THE FULL BOARD AT THE NEXT BOARD MEETING, AND A COPY OF FORM 990 IS MADE AVAILABLE TO THE FULL BOARD FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE UNIVERSITY ANNUALLY DISTRIUBTES ITS CONFLICT OF INTEREST POLICY & DISCLOSURE FORM TO ALL BOARD MEMBERS AND EMPLOYEES WITH BUDGET AUTHORITY, FOR REVIEW OF THE POLICY & COMPLETION OF THE QUESTIONNAIRE. A DESIGNATED COMMITTEE REVIEWS THE DISCLOSURE FORMS FOR POSSIBLE CONFLICTS OF INTEREST. ANY FINDINGS ARE SUBMITTED TO THE UNIVERSITY'S AUDIT COMMITTEE FOR REVIEW. THE UNIVERSITY GENERALLY PROHIBITS TRANSACTIONS WITH CONFLICT OF INTEREST PARTIES; HOWEVER, THE AUDIT COMMTTEE HAS THE AUTHORITY TO APPROVE CERTAIN TRANSACTIONS IN THE BEST INTEREST OF THE UNIVERSITY. FORM 990, PART VI, SECTION B, LINE 15A THE UNIVERSITY'S PRESIDENTIAL SALARY COMMITTEE EVALUATES THE PRESIDENT'S SALARY ON AN ANNUAL BASIS UTILIZING COMPARABILITY DATA, INCLUDING SALARY & BENEFITS HISTORY FROM BOTH WITHIN THE UNIVERSITY & OTHER PRIVATE COLLEGES & UNIVERSITIES IN NC. THE PRESIDENTIAL SALARY COMMITTEE RECOMMENDS A SALARY FOR THE PRESIDENT TO THE UNIVERSITY'S FULL BOARD OF TRUSTEES. THE BOARD HOLDS AN EXECUTIVE SESSION TO VOTE & APPROVE THE PRESIDENT'S SALARY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, & FINANCIAL STATEMENTS AVAILABLE ON THE UNIVERSITY'S WEBSITE. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON INTEREST RATE SWAP -133,519. NET INCOME FROM SUBSIDIARY 44,789. METHODIST UNIVERSITY DEVELOPMENT CORPORATION 5400 RAMSEY STREET FAYETTEVILLE NC 28311 561972859 REAL ESTATE DEVELOPMENT NC METHODIST UNIVERSITY C 276216 880557 1.00000 1 1 0 0 1 0 0 0 0 0 1 1 0 0 0 1 0 1 0 0 METHODIST UNIVERSITY DEVELOPMENT CORPORATION A 9041 FMV METHODIST UNIVERSITY DEVELOPMENT CORPORATION J 158011 FMV METHODIST UNIVERSITY DEVELOPMENT CORPORATION K 186000 FMV