2020-12-11T12:10:15-06:00 2020-05-31 621199757 LBMC PC PO BOX 1869 BRENTWOOD TN 370241869 990 2019-06-01 620485733 LIPSCOMB UNIVERSITY LIPS 6159661000 ONE UNIVERSITY PARK DRIVE NASHVILLE TN 372043951 JEFFREY BAUGHN SENIOR VP FOR FINANCE & TECHNOLOGY 6159661000 2020-12-09 1 JILL HUDSON P00061190 6153774600 2020-12-09 2019 2022-09-23 18:48:47Z LIPSCOMB UNIVERSITY JEFFREY BAUGHN ONE UNIVERSITY PARK DR NASHVILLE TN 37204 243067507 0 X WWW.LIPSCOMB.EDU X 1891 TN LIPSCOMB UNIVERSITY DELIVERS A COMPLETE EDUCATION CHARACTERIZED BY INTEGRATION OF CHRISTIAN FAITH AND PRACTICE WITH ACADEMIC EXCELLENCE. THIS COMPLETE EDUCATION, WHICH INCLUDES LIBERAL ARTS STUDIES AND PROFESSIONAL PREPARATION, DOES NOT SUGGEST A FINISHED EDUCATION. RATHER, IT REFLECTS LIPSCOMB'S COMMITMENT TO THE COMPREHENSIVE DEVELOPMENT OF EACH STUDENT - SPIRITUALLY, INTELLECTUALLY, SOCIALLY, AND PHYSICALLY - AS LIPSCOMB PREPARES ITS GRADUATES FOR A LIFE OF LEARNING, LEADING, AND SERVING. LIPSCOMB ALSO SEEKS TO MAKE A POSITIVE DIFFERENCE IN THE COMMUNITY. 25 24 2919 200 0 0 17040509 17299060 176697513 175762977 3382725 -1568085 2409972 2057694 199530719 193551646 42611041 45342081 0 0 80496938 84476611 0 0 4855370 79134898 75110566 202242877 204929258 -2712158 -11377612 486740013 475201837 294359166 290452537 192380847 184749300 X LIPSCOMB UNIVERSITY DELIVERS A COMPLETE EDUCATION CHARACTERIZED BY INTEGRATION OF CHRISTIAN FAITH AND PRACTICE WITH ACADEMIC EXCELLENCE. THIS COMPLETE EDUCATION, WHICH INCLUDES LIBERAL ARTS STUDIES AND PROFESSIONAL PREPARATION, DOES NOT SUGGEST A FINISHED EDUCATION. RATHER, IT REFLECTS LIPSCOMB'S COMMITMENT TO THE COMPREHENSIVE DEVELOPMENT OF EACH STUDENT - SPIRITUALLY, INTELLECTUALLY, SOCIALLY, AND PHYSICALLY - AS LIPSCOMB PREPARES ITS GRADUATES FOR A LIFE OF LEARNING, LEADING, AND SERVING. LIPSCOMB SEEKS TO BE ENGAGED IN THE COMMUNITY AND TO BE A GOOD NEIGHBOR AS IT CONTINUES TO GROW. 0 0 111369106 45342081 155875136 INSTRUCTIONAL EXPENSES:CLASSROOM AND ONLINE AND GLOBAL INSTRUCTION IN A COLLABORATIVE CHRISTIAN LIBERAL ARTS LEARNING ENVIRONMENT FROM PRE-KINDERGARTEN THROUGH THE DOCTORAL LEVEL. 28252833 STUDENT SERVICES:ENGAGING STUDENT LIFE IN A DYNAMIC AND DIVERSE COMMUNITY THAT GIVES STUDENTS THE OPPORTUNITY TO BE REAL WITH THEMSELVES AND EACH OTHER WHILE PROVIDING OPPORTUNITIES FOR SPIRITUAL FAITH DEVELOPMENT THROUGH SERVICE AND LEARNING. 16099222 19887841 AUXILIARY ENTERPRISES:PROVIDES STUDENTS WITH THE ENGAGING ON-CAMPUS LIPSCOMB EXPERIENCE. STUDENTS WHO LIVE ON CAMPUS TYPICALLY EXPERIENCE A STRONG SENSE OF POSITIVE COMMUNITY. 15432841 ACADEMIC SUPPORT:INCLUDES ACADEMIC COUNSELING & TESTING SERVICES, ACADEMIC PROGRAM DEVELOPMENT, UNIVERSITY DEANS, INSTRUCTIONAL TECHNOLOGY, LIBRARY SERVICES, AND OTHER AREAS DESIGNED TO ENHANCE A STUDENT'S LEARNING EXPERIENCE AND THE OVERALL QUALITY OF A STUDENT'S EDUCATION. 1914076 PUBLIC SERVICES:INCLUDES COMMUNITY OUTREACH ACTIVITIES, SPIRITUAL FORMATION ACTIVITIES, AND SUSTAINABILITY WHERE LIPSCOMB CAN POSITIVELY IMPACT COMMUNITIES AND THE ENVIRONMENT. RESEARCH:INCLUDES POTENTIAL DISCOVERIES OF NEW OUTCOMES WITH A GOAL OF ADVANCING PROGRESS BOTH INSTITUTIONALLY AND GLOBALLY. 17346917 173068078 1 1 0 1 0 0 0 0 0 1 1 1 0 1 1 1 1 0 1 1 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 7354 0 1 2919 1 0 1 UK 0 0 0 1 1 0 0 0 0 0 0 X 25 24 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 TN X JEFFREY BAUGHN SVP FOR FINANCE & TECHNOLOGY 6159667650 ONE UNIVERSITY PARK DRIVE NASHVILLE TN 37204 MICHAEL F ADAMS BOARD MEMBER 1.00 X 0 0 0 BUDDY BELL BOARD MEMBER 1.00 X 0 0 0 PATRICK SHAWN CHAFFIN BOARD MEMBER 1.00 X 0 0 0 GERALD COGGIN BOARD MEMBER 1.00 X 0 0 0 JERRY COVER BOARD MEMBER 1.00 X 0 0 0 RICHARD G COWART BOARD MEMBER 1.00 X 0 0 0 DIANE CREEL BOARD MEMBER 1.00 X 0 0 0 MORGAN W DAVIS BOARD MEMBER 1.00 X 0 0 0 SALLIE DEAN BOARD MEMBER 1.00 X 0 0 0 JAMES GRIFFITH BOARD MEMBER 1.00 X 0 0 0 BART HARPER BOARD MEMBER 1.00 X 0 0 0 PAULA HARRIS BOARD MEMBER 1.00 X 0 0 0 VAN HENLEY BOARD MEMBER 1.00 X 0 0 0 MARK LANIER BOARD MEMBER 1.00 X 0 0 0 JOHN LITTLE BOARD MEMBER 1.00 X 0 0 0 BILLY LONG BOARD MEMBER 1.00 X 0 0 0 JW PITTS JR BOARD MEMBER 1.00 X 0 0 0 KENNETH SHUMARD BOARD MEMBER 1.00 X 0 0 0 CICELY SIMPSON BOARD MEMBER 1.00 X 0 0 0 NEIKA B STEPHENS BOARD MEMBER 1.00 X 0 0 0 MITCH EDGEWORTH VICE CHAIR 1.00 X 0 0 0 MARTY KITTRELL TREASURER 1.00 X 0 0 0 VICKI SENSING SMITH SECRETARY 1.00 X 0 0 0 DAVID L SOLOMON CHAIR 1.00 X 0 0 0 RANDY R LOWRY III PRESIDENT 40.00 X 570348 0 120053 W CRAIG BLEDSOE PROVOST 40.00 X 202405 0 14477 WALT C LEAVER III VICE PRESIDENT 40.00 X 122431 0 24607 KEVIN EIDSON ASST. PROF. PHARM PRAC, DIRECTOR HEALTH & WELLNESS 40.00 X 99629 0 18271 PHILIP N HUTCHESON ASSISTANT VICE PRESIDENT 40.00 X 177468 0 30070 BRAD SHULTZ HEAD OF SCHOOL 40.00 X 0 0 0 MICHAEL WINEGEART ASSISTANT PROFESSOR 40.00 X 118921 0 23823 DAVID G WILSON UNIVERSITY ATTORNEY 40.00 X 165035 0 29604 SUSAN C GALBREATH PROFESSOR 40.00 X 169665 0 27750 MICHAEL C GREEN SR VICE PRESIDENT & CIO 40.00 X 188335 0 30143 JOHN R LOWRY VP DEVELOPMENT & EXTERNAL 40.00 X 187953 0 28980 MATT PADEN SR VP ENROLLMENT & CHIEF OF STAFF 40.00 X 187278 0 27743 WILLIAM TURNER DISTINGUISHED PROFESSOR 40.00 X 126012 0 23068 SCOTT SAGER VP OF CHURCH SERVICES 40.00 X 116970 0 24086 DAVE BRUNO VP OF MARKETING 40.00 X 128367 0 23202 BYRON LEWIS VP OF ENROLLMENT MANAGEMEN 40.00 X 125188 0 25008 CHRISTY HOOPER VP OF HUMAN RESOURCES 40.00 X 141275 0 28324 AL STRUGEON VP OF STUDENT LIFE 40.00 X 148617 0 28080 CHARLES R ELDRIDGE DEAN OF COLLEGE OF BUSINES 40.00 X 212994 0 14747 DANNY TAYLOR SR VP FINANCE AND ADMINISTRATION 40.00 X 213018 0 14241 CHARLES ACUFF COACH 40.00 X 225975 0 21886 THOMAS CAMPBELL DEAN OF COLLEGE OF PHARMAC 40.00 X 212766 0 29307 PARKER ELROD PROFESSOR 40.00 X 177479 0 5646 4018129 0 613116 127 0 1 0 SOLOMON BUILDERS INC 4539 TROUSDALE DR NASHVILLE TN 372044513 CONSTRUCTION 5793458 DF CHASE INC 3001 ARMORY DR STE 200 NASHVILLE TN 372043711 CONSTRUCTION 5461599 SODEXO INC AND AFFILIATES PO BOX 360170 PITTSBURGH PA 152516170 FOOD SERVICE 4650675 AMERICAN CONSTRUCTORS INC PO BOX 120129 NASHVILLE TN 372120129 CONSTRUCTION 3772732 US BANK PO BOX 86 MINNEAPOLIS MN 554860086 FINANCIAL SERVICES 3397196 115 19436 2180495 15099129 1344329 17299060 TUITION AND FEES 611710 151069294 151069294 AUXILIARY REVENUE 611710 19887841 19887841 MISCELLANEOUS INCOME 611710 4805842 4805842 175762977 1477873 1477873 2711868 690390 2021478 2021478 2021478 45670990 4942 48717345 4545 -3046355 397 -3045958 -3045958 139797 19436 103581 36216 36216 193551646 175762977 0 489609 183856 183856 45158225 45158225 3503186 3503186 67018927 58546132 5954054 2518741 2592206 2228546 239698 123962 6426103 5364818 1046110 15175 4936189 4139577 619735 176877 105391 5115 100276 326591 206146 120445 309078 309078 4939329 3140487 1636807 162035 2120407 1717098 228583 174726 6074111 4150678 1646365 277068 2672731 731244 1542094 399393 2321292 1871476 373012 76804 6383537 5315349 946158 122030 698883 623087 65761 10035 6503594 5306702 1196892 9916869 6599066 3317803 8024767 6497454 1220918 306395 PLANT OPERATIONS 12299750 11615106 177291 507353 FOOD SERVICE 3943062 3943062 MISCELLANEOUS 2627096 2525508 104088 -2500 SPECIAL PROJECTS 2191373 1342446 848927 3652705 1856900 1808529 -12724 204929258 173068078 27005810 4855370 10989688 6076453 33559599 21439713 32412489 29599966 15177558 14105669 1886396 1131245 390293552 128830814 223336384 261462738 428117 368362 86989391 84593181 81960391 56424510 486740013 475201837 24761964 22976926 2582024 11053960 9454673 206538062 205318274 1700000 1700000 50305180 48420640 294359166 290452537 X 80519429 71421765 111861418 113327535 192380847 184749300 486740013 475201837 X -11377612 4013927 -267862 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 28510 0 0 28510 0 SCHEDULE C, PART II-B LIPSCOMB UNIVERSITY EMPLOYS TWO INDIVIDUALS WHOSE POSITION INCLUDES MEETING AND CORRESPONDING WITH THE STATE REPRESENTATIVES TO ADVOCATE FOR INCREASED FUNDING FOR THE ORGANIZATION IN THE STATE BUDGET. THE EMPLOYEE ALSO MEETS AND CORRESPONDS WITH LOCAL GOVERNMENT OFFICIALS TO INFLUENCE AGENDAS THAT ARE IMPORTANT TO THE UNIVERSITY. X X X 82027830 1116854 1794871 2966158 2273052 79700345 85036837 3464849 -584504 2762404 3126948 82027830 79025131 3248324 6277943 2564561 950000 85036837 68759762 3765632 10082529 2332792 1250000 79025131 71442976 3711150 -2690186 2204178 1500000 68759762 0.14740 0.85260 0 0 21651476 299767702 114614940 206804238 37180666 14215874 22964792 31693708 31693708 261462738 INVESTMENTS - SHORT TERM/MUTUAL FUNDS 40753763 F INVESTMENTS - LIMITED PARTNERSHIP INTERESTS 21458554 F INVESTMENTS - COMMON TRUST FUNDS 22380864 F 84593181 LIFE INSURANCE POLICIES 2259948 CASH FROM BOND PROCEEDS RESTRICTED FOR CAPITAL PROJECTS 16322057 OPERATING LEASE RIGHT-OF-USE ASSETS 7235319 FINANCE LEASE RIGHT-OF-USE ASSETS 30607186 56424510 ACCRUED PENSION BENEFIT LIABILITY 1240009 ACCRUED POSTRETIREMENT BENEFIT OBLIGATION 6157792 FEDERAL STUDENT LOANS REFUNDABLE 1730308 REFUND LIABILITIES 1852016 OPERATING LEASE LIABILITIES 7318697 FINANCE LEASE LIABILITIES 30121818 48420640 X 151861149 4013927 1301608 5315535 146545614 309078 46696954 47006032 193551646 159492696 721131 721131 158771565 309078 45848615 46157693 204929258 PART V, LINE 4: THE ENDOWMENT FUNDS ARE USED TO PROVIDE FUNDS FOR PROFESSORSHIPS, CHAIRS AND SCHOLARSHIPS FOR STUDENTS AND GENERAL SUPPORT FOR OPERATIONS. PART X, LINE 2: THE UNIVERSITY IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF INTERNAL REVENUE CODE 501(C)(3) AND, ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS INCLUDED IN THE FINANCIAL STATEMENTS. THE UNIVERSITY RECOGNIZES THE TAX BENEFIT ASSOCIATED WITH A TAX POSITION TAKEN FOR TAX RETURN PURPOSES WHEN IT IS MORE LIKELY THAN NOT THE POSITION WILL BE SUSTAINED. THE UNIVERSITY DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. IT IS THE UNIVERSITY'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO INCOME TAX MATTERS IN INCOME TAX EXPENSE. AS OF MAY 31, 2020, THE UNIVERSITY HAD ACCRUED NO INTEREST OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS. THE UNIVERSITY IS GENERALLY SUBJECT TO U.S. FEDERAL AND TENNESSEE TAX EXAMINATION FOR THREE YEARS FROM THE DATE THE RETURN WAS FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXP INCLUDE IN EXP ON F/S AND RECLASSED TO INCOME FOR TAX RETURN 103,581. GAIN ON INTEREST RATE SWAP AGREEMENTS (UNREAL) UNREALIZED CHANGE IN CASH VALUE LIFE INS 96,213. ADJ OF ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE 484,264. ADJUSTMENTS OF ACTUARIAL LIABILITY FOR ANNUITIES LOSS ON FIXED ASSET DISPOSAL 45. PROGRAM EXPENSES NETTED WITH MISCELLANEOUS REVENUE ON F/S 617,456. FUNDRAISING EXPENSE ACCOUNTS NETTED WITH MISCELLANEOUS REVENUE ON F/S 49. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON F/S 45,158,225. F/S INVESTMENT RECLASS RENTAL EXP. NETTED W/ 990 REVENUE 690,390. CHANGE IN DEFINED BENEFIT RETIREMENT PLAN OBLIGATION 268,229. ADJUSTMENT OF RETIRMENT PLAN MINIMUM CONTRIBUTION 207,698. CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION 372,412. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXP INCLUDE IN EXP ON F/S AND RECLASSED TO INCOME FOR TAX RETURN 103,581. LOSS ON FIXED ASSET DISPOSAL 45. FUNDRAISING EXPENSE ACCOUNTS NETTED WITH MISCELLANEOUS REVENUE ON F/S 49. PROGRAM EXPENSES NETTED WITH MISCELLANEOUS REVENUE ON F/S 617,456. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE ON F/S 45,158,225. F/S INVESTMENT RECLASS RENTAL EXP. NETTED W/ 990 REVENUE 690,390. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 LIPSCOMB UNIVERSITY PUBLISHES ITS NOTICE OF NONDISCRIMINATORY POLICY" IN BROCHURES, STUDENT HANDBOOKS, CATALOGS, ON THEIR WEBSITE AS WELL AS THEIR JOB POSTING ADS. SCHEDULE E, PART I, LINE 6 GOVERNMENT GRANTS TOTALED $2,180,495 FOR PERIOD ENDING MAY 31, 2020. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 3 1 PROGRAM SERVICES GLOBAL INSTRUCTION 1265948 CENTRAL AMERICA AND THE CARIBBEAN 1 1 PROGRAM SERVICES GLOBAL INSTRUCTION 244431 4 2 0 0 4 2 1510379 0 1510379 0 0 0 0 0 0 PART III ACCOUNTING METHOD: ACADEMY ART EVENT 159233 19436 139797 103581 0 159233 19436 139797 103581 103581 36216 1 AMERICAN HEART ASSOCIATION 1818 PATTERSON STREET NASHVILLE TN 37203 135613797 501(C)3 5000 NASHVILLE HEART GALA 2020 BEST BUDDIES OF NASHVILLE 1585 MALLORY LANE BRENTWOOD TN 37027 521614576 501(C)3 6000 IMPACT/CAMPER DONATION NASHVILLE AREA CHAMBER OF COMMERCE 211 COMMERCE STREET SUITE 100 NASHVILLE TN 37201 620304530 501(C)6 10000 SCHEDULED INVESTMENT NASHVILLE PUBLIC EDUCATION FOUNDATION 1207 18TH AVENUE SOUTH STE 202 NASHVILLE TN 37212 481266314 501(C)3 5000 SILVER SPONSORSHIP FOR 2019 HALL OF FAME NASHVILLE REPERTORY THEATER INC 161 RAINS AVENUE NASHVILLE TN 37203 621811578 501(C)3 5000 NEW WORKS SPONSORSHIP 5 SCHOLARSHIPS 3309 45158225 FMV NONE PART I, LINE 2: LIPSCOMB UNIVERSITY HAS AN ANNUAL AUDIT OF ITS FINANCIAL STATEMENTS AND AN ANNUAL AUDIT OF ITS FINANCIAL AID AWARDING PROCESS (CALLED THE OMB CIRCULAR A-133 AUDIT). IN ADDITION, FINANCIAL AID COUNSELORS ATTEND CONFERENCES AND TRAINING SESSIONS ON FINANCIAL AID AWARDING POLICIES, PROCEDURES, AND CONTROLS. X X X X X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 RANDY R LOWRY III PRESIDENT 545348 0 0 0 25000 0 22630 0 97423 0 690401 0 0 0 W CRAIG BLEDSOE PROVOST 181347 0 0 0 21058 0 13715 0 762 0 216882 0 0 0 PHILIP N HUTCHESON ASSISTANT VICE PRESIDENT 165585 0 0 0 11883 0 11883 0 18187 0 207538 0 0 0 DAVID G WILSON UNIVERSITY ATTORNEY 145158 0 0 0 19877 0 11477 0 18127 0 194639 0 0 0 SUSAN C GALBREATH PROFESSOR 136265 0 0 0 33400 0 11781 0 15969 0 197415 0 0 0 MICHAEL C GREEN SR VICE PRESIDENT & CIO 154935 0 0 0 33400 0 12745 0 17398 0 218478 0 0 0 JOHN R LOWRY VP DEVELOPMENT & EXTERNAL 169083 0 0 0 18870 0 13209 0 15771 0 216933 0 0 0 MATT PADEN SR VP ENROLLMENT & CHIEF OF STAFF 170003 0 0 0 17275 0 11025 0 16718 0 215021 0 0 0 DAVE BRUNO VP OF MARKETING 113486 0 0 0 14881 0 7401 0 15801 0 151569 0 0 0 BYRON LEWIS VP OF ENROLLMENT MANAGEMEN 109951 0 0 0 15237 0 9237 0 15771 0 150196 0 0 0 CHRISTY HOOPER VP OF HUMAN RESOURCES 131160 0 0 0 10115 0 10115 0 18209 0 169599 0 0 0 AL STRUGEON VP OF STUDENT LIFE 134563 0 0 0 14054 0 0 0 28080 0 176697 0 0 0 CHARLES R ELDRIDGE DEAN OF COLLEGE OF BUSINES 196843 0 0 0 16151 0 14351 0 396 0 227741 0 0 0 DANNY TAYLOR SR VP FINANCE AND ADMINISTRATION 197832 0 0 0 15186 0 0 0 14241 0 227259 0 0 0 CHARLES ACUFF COACH 212442 0 0 0 13533 0 0 0 21886 0 247861 0 0 0 THOMAS CAMPBELL DEAN OF COLLEGE OF PHARMAC 197567 0 0 0 15199 0 15199 0 14108 0 242073 0 0 0 PARKER ELROD PROFESSOR 152162 0 0 0 25317 0 5250 0 396 0 183125 0 0 0 A LIPSCOMB UNIVERSITY 620485733 592041WB9 2016-02-24 62650000 SERIES 2016 A BONDS 0 0 0 B THE HEALTH AND EDUCATION BOARD OF THE METROPOLITAN GOVERNMENT OF NASHVILLE 626139016 2019-04-03 110000000 SERIES 2019 A BONDS 0 0 0 C THE HEALTH AND EDUCATION BOARD OF THE METROPOLITAN GOVERNMENT OF NASHVILLE 626139016 2019-04-03 20000000 SERIES 2019 B BONDS 0 0 0 A 2370000 849292 1 0 1 1 B 1075698 0 0 0 1 C 194562 0 0 0 0 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 C 0 0 0 1 0 0 0 0 1 A 1 B 0 C 0 RHONDA LOWRY PRESIDENT'S SPOUSE 66364 UNIVERSITY EMPLOYEE 0 JOHN LOWRY PRESIDENT'S SON 187953 UNIVERSITY EMPLOYEE 0 MELISSA LOWRY PRESIDENT'S DAUGHTER-IN-LAW 18964 UNIVERSITY EMPLOYEE 0 DAVID SOLOMON BOARD MEMBER 18750 RENTAL REAL PROPERTY 0 HARRIETTE SHIVERS EX-BOARD MEMBER 37500 RENTAL REAL PROPERTY 0 X 800 FAIR MARKET VALUE X 16 448048 FMV AT DATE OF SALE X WIND TUNNEL 1 750000 FAIR MARKET VALUE X STORAGE FACILITY 1 123000 FAIR MARKET VALUE X LOCKER ROOM FLOORING 3 9100 FAIR MARKET VALUE X ATHLETIC APPAREL & EQUIPMENT 8 8020 FAIR MARKET VALUE X CLASSROOM MATERIALS 1 5361 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 UNIVERSITY PRESIDENT RANDY LOWRY IS THE FATHER OF JOHN LOWRY VICE PRESIDENT FOR COMMUNITY & GOVERNMENT RELATIONS. FORM 990, PART VI, SECTION B, LINE 11B BOARD DELEGATES THIS RESPONSIBILITY TO THE AUDIT COMMITTEE OF THE BOARD. ONCE THE AUDIT COMMITTEE HAS APPROVED FORM 990, IT IS POSTED ON THE LIPSCOMB TRUSTEE WEBSITE PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C RELATED PARTY CONFIRMATIONS ARE REVIEWED AND FOLLOWED UP BY THE SENIOR VICE PRESIDENT FOR FINANCE AND ADMINISTRATION, AS WELL AS THE UNIVERSITY'S INDEPENDENT ACCOUNTING FIRM, LBMC, ON AN ANNUAL BASIS. ALSO, THE AUDIT COMMITTEE OF THE BOARD REVIEWS RELATED PARTY RELATIONSHIPS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD SETS THE PRESIDENT'S SALARY ANNUALLY BASED ON HIS CONTRACT. HIS INITIAL COMPENSATION WAS ESTABLISHED BASED ON A REVIEW OF MARKET DATA AND THE NEGOTIATION PROCESS. THIS SAME PROCESS OCCURS WITH OTHER OFFICERS AND KEY EMPLOYEES. SALARY POOL INCREASES ARE ALSO A COMPENENT OF ANNUAL COMPENSATION BASED ON APPROVED BUDGET FUNDING. FORM 990, PART VI, SECTION C, LINE 18 THE UNIVERSITY MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAP AGREEMENTS 0. UNREALIZED - CHANGE IN CASH VALUE OF LIFE INSURANCE 96,213. CHANGE IN POSTRETIREMENT BENEFIT OBLIGATION -372,412. ADJUSTMENTS OF ACTUARIAL LIABILITY FOR ANNUITIES PAYABLE 484,264. ADJUSTMENTS OF ACTUARIAL LIABILITY FOR ANNUITIES 0. CHANGE IN DEFINED BENEFIT RETIREMENT PLAN OBLIGATION -268,229. ADJUSTMENT FOR RETIREMENT PLAN MINIMUM CONTRIBUTION -207,698. ROUNDING FORM 990, PART XIII, LINE 2C THE PROCESS HAS NOT CHANGED SINCE PRIOR YEAR.