2021-05-17T17:40:37-05:00 2020-06-30 560574444 CHERRY BEKAERT LLP 110 EAST COURT STREET SUITE 500 GREENVILLE SC 29601 990 2019-07-01 570314402 LIMESTONE COLLEGE LIME 8007957151 1115 COLLEGE DRIVE GAFFNEY SC 29340 REGGIE BROWNING VP OF FINANCE & ADMINISTRATION 8007957151 2021-05-17 1 AMANDA ADAMS P00748038 8642333981 2019 2022-09-23 18:48:47Z DR DARRELL PARKER 1115 COLLEGE DRIVE GAFFNEY SC 29340 56187999 0 X WWW.LIMESTONE.EDU X 1845 SC LIMESTONE COLLEGE 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. 38 38 818 0 0 0 3916434 6750429 43966264 41926526 1315965 1205465 95567 77151 49294230 49959571 13914695 12743450 0 0 17257523 17762988 0 103812 487102 17203952 19870671 48376170 50480921 918060 -521350 71841088 74642458 19816707 22208642 52024381 52433816 X THE MISSION OF LIMESTONE COLLEGE 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 COLLEGE OFFERS OPPORTUNITIES FOR PERSONAL AND PROFESSIONAL GROWTH TO INDIVIDUALS WHO MAY FIND ACCESS TO HIGHER EDUCATION DIFFICULT. 0 0 40473140 12743450 41926526 LIMESTONE COLLEGE PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,250 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES. 40473140 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 26 0 1 818 1 0 0 0 0 0 0 0 0 0 0 0 0 X 38 38 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X REGGIE BROWNING 8644884574 1115 COLLEGE DRIVE GAFFNEY SC 29340 RANDY HINES CHAIR 1.00 X X 0 0 0 DAVID RIGGINS VICE CHAIR 1.00 X X 0 0 0 EUGENE MOORHEAD SECRETARY 1.00 X X 0 0 0 SAM BURNS TREASURER 1.00 X X 0 0 0 JULES ANDERSON BOARD MEMBER 0.25 X 0 0 0 ASHBY BLAKELY BOARD MEMBER 0.25 X 0 0 0 CAROLYN BORDERS BOARD MEMBER 0.25 X 0 0 0 STEVE BRYANT BOARD MEMBER 0.25 X 0 0 0 NANCY CARLISLE BOARD MEMBER 0.25 X 0 0 0 FRANCES CHILDERS BOARD MEMBER 0.25 X 0 0 0 BETTY CLARK BOARD MEMBER 0.25 X 0 0 0 CROSLAND COX BOARD MEMBER 0.25 X 0 0 0 MIKE DANIEL BOARD MEMBER 0.25 X 0 0 0 RICHARD DISNEY BOARD MEMBER 0.25 X 0 0 0 DAVID DORMAN BOARD MEMBER 0.25 X 0 0 0 SARA EDDINS BOARD MEMBER 0.25 X 0 0 0 PAUL FLEMING BOARD MEMBER 0.25 X 0 0 0 FRANKLIN FOSTER BOARD MEMBER 0.25 X 0 0 0 LYMAN HAMRICK BOARD MEMBER 0.25 X 0 0 0 WARDLAW HAMRICK BOARD MEMBER 0.25 X 0 0 0 MICHAEL HOENIG BOARD MEMBER 0.25 X 0 0 0 BRIAN HONEYCUTT BOARD MEMBER 0.25 X 0 0 0 CAMILLE HUNTER BOARD MEMBER 0.25 X 0 0 0 MICHELLE JOLLY BOARD MEMBER 0.25 X 0 0 0 JULIE LOWRY BOARD MEMBER 0.25 X 0 0 0 ROY MATHIS BOARD MEMBER 0.25 X 0 0 0 SIDNEY MITCHELL BOARD MEMBER 0.25 X 0 0 0 VERA MITCHELL BOARD MEMBER 0.25 X 0 0 0 HAROLD MOORE BOARD MEMBER 0.25 X 0 0 0 ANA MOSS BOARD MEMBER 0.25 X 0 0 0 CHARLIE PATTON BOARD MEMBER 0.25 X 0 0 0 GRADY RANDOLPH BOARD MEMBER 0.25 X 0 0 0 RANDALL RICHARDSON BOARD MEMBER 0.25 X 0 0 0 BARBARA SMITH BOARD MEMBER 0.25 X 0 0 0 JOE SULLIVAN BOARD MEMBER 0.25 X 0 0 0 JOHN TRAVERS BOARD MEMBER 0.25 X 0 0 0 TOMMY WINDSOR BOARD MEMBER 0.25 X 0 0 0 DON YAGER BOARD MEMBER 0.25 X 0 0 0 DR DARRELL PARKER PRESIDENT 40.00 X 266487 0 26431 REGGIE BROWNING VP FINANCE & ADMINISTRATION 40.00 X 93664 0 7570 KAREN GAINEY VP OF ACADEMIC AFFAIRS 40.00 X 130701 0 12998 MICHAEL SCHARFF PROFESSOR OF MANAGEMENT 40.00 X 106527 0 5725 AMBER WILLIAMS DIRECTOR OF NURSING PROGRAM 40.00 X 109859 0 12751 707238 0 65475 4 0 1 0 SODEXO 1115 COLLEGE DRIVE GAFFNEY SC 29340 FOOD SERVICE 4230562 CAMPUS WORKS 1767 LAKEWOOD RANCH BLVD 305 BRADENTON FL 34211 IT SERVICE CONTRACT 1184271 CLARK COMMUNICATIONS 2 WESTSIDE DRIVE ASHEVILLE NC 28806 PRINTING & PUBLICATIONS 694209 NEXSEN PRUET LLC PO BOX 2426 COLUMBIA SC 29202 LAW FIRM 448319 SOSAMON CONSTRUCTION PO BOX 26 510 OLD POST RD GAFFNEY SC 29342 CONSTRUCTION 144148 6 4472602 2277827 141074 6750429 TUITION AND FEES 611310 36579792 36579792 AUXILIARY - ROOM AND BOARD 611310 3695732 3695732 AUXILIARY - OTHER 611310 1016647 1016647 AUXILIARY - BOOKSTORE 611310 600245 600245 SUMMER CAMPS 900099 34110 34110 41926526 1303473 1303473 93559 16408 77151 77151 77151 6110505 3507 6212020 0 -101515 3507 -98008 -98008 49959571 41926526 0 1282616 12743450 12743450 394152 337359 49899 6894 13866453 11868442 1755464 242547 358071 306460 51611 2084541 1567630 516911 1059771 907021 152750 198493 198493 93975 93975 103812 103812 85900 85900 195072 195072 444240 198345 245895 1054852 655193 387250 12409 2233089 2233089 4309604 3205239 1104365 723459 323011 386464 13984 277498 277498 2073019 1734224 338795 540169 386413 153756 AUXILIARY EXPENSES 1769358 1769358 BAD DEBT 920684 764168 156516 ATHLETICS 884999 884999 BOOKSTORE EXPENSES 687167 687167 3379093 1939589 1332048 107456 50480921 40473140 9520679 487102 34463 37094 2834058 7653479 2977102 3129072 506336 533785 109796 272173 48116 155513 200343 67844585 28280186 37738158 39564399 26766410 23043825 447079 432345 71841088 74642458 1745473 1282497 791481 1171832 16390112 19031739 889641 722574 19816707 22208642 X 21749594 21996484 30274787 30437332 52024381 52433816 71841088 74642458 X -521350 932823 -2038 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3084180 X X 0 24796539 528800 1356009 954919 25726429 20519810 2710256 2335440 768967 24796539 19187979 197956 1700793 566918 20519810 17044517 74336 2437724 368598 19187979 16963805 71052 545851 536191 17044517 0.00000 1.00000 0 0 79477 79477 45446840 21218442 24228398 6703745 5510827 1192918 15614523 1550917 14063606 39564399 REFUNDABLE ADVANCES 62322 CAPITAL LEASES PAYABLE 655348 DEFERRED ANNUITY PAYABLE 4904 722574 X 38754703 932823 16408 949231 37805472 85900 12068199 12154099 49959571 38345268 18446 18446 38326822 85900 12068199 12154099 50480921 PART III, LINE 4: THE COLLEGE'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 COLLEGE. PART V, LINE 4: THE COLLEGE'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 COLLEGE 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 COLLEGE CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2020 AND 2019. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE COLLEGE HAD NO SIGNIFICANT UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2020 AND 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET AGAINST RENTAL INCOME 16,408. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS (FUNDED/UNFUNDED) 12,068,199. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET AGAINST RENTAL INCOME 16,408. ANNUITY EXPENSE 2,038. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS (FUNDED/UNFUNDED) 12,068,199. 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 COLLEGE 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 COLLEGE'S WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE 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. REVENUES FROM GOVERNMENT GRANTS FOR THE YEAR INCLUDE $675,251 OF HIGHER EDUCATION EMERGENCY RELIEF FUND ("HEERF") FUNDS RECEIVED BY THE COLLEGE FOR EMERGENCY AID FOR STUDENTS AND $675,251 TO COVER INSTITUTIONAL EXPENSES DUE TO THE COVID-19 PANDEMIC. REVENUES FROM GOVERNMENT GRANTS FOR THE YEAR INCLUDE $3,122,100 OF PAYCHECK PROTECTION PROGRAM FUNDING GRANTED BY THE SMALL BUSINESS ADMINISTRATION UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT. THE COLLEGE BELIEVES THAT IT HAS INCURRED SUFFICIENT QUALIFYING EXPENDITURES TO MEET THE REQUIREMENTS TO RECOGNIZE THIS FUNDING AS REVENUE. X X X X X X X 1 DAVID MICHAEL ATCHLEY 1708C AUGUSTA ST GREENVILLE SC 29605 NETWORKING 0 0 25062 -25062 MERCHANT MCINTYRE & ASSOCIATES 1634 EYE STREET NW WASHINGTON DC 20006 GRANTWRITING 0 0 78750 -78750 103812 -103812 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY 1 GRANTS AND SCHOLARSHIPS 973 581822 11486377 TUITION RATES TUITION ASSISTANCE CARES EMERGENCY GRANTS 916 675251 PART I, LINE 2: FINANCIAL AID GUIDELINES ARE UTILIZED TO DETERMINE THE QUALIFICATIONS OF EACH RECIPIENT. THE GUIDELINES ARE PUBLISHED IN LIMESTONE COLLEGE'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 1 X X X X 0 0 0 0 0 0 0 0 0 DR DARRELL PARKER PRESIDENT 266487 0 0 0 0 0 9808 0 16623 0 292918 0 0 0 PART I, LINE 1A THE COLLEGE PROVIDES HOUSING AND WEEKLY HOUSEKEEPING SERVICES TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL COLLEGE BUSINESS AND ACTIVITIES AT THE HOME. THESE BENEFITS ARE NONTAXABLE. X 6 129074 FMV X 1 12000 FMV 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS WARDLAW AND LYMAN HAMRICK HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 AND 990T 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. 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. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT-INTEREST AGREEMENTS -2,038.