2020-07-15T10:32:48-05:00 2019-06-30 363990892 Capin Crouse LLP 1255 Lakes Parkway Suite 130 Lawrenceville GA 30043 990 2018-07-01 570314390 Erskine College and Theological Seminary ERSK 8643798812 PO Box 338 Due West SC 29639 Christian Habeger VP Finance & Ops 8642294951 2020-07-15 1 Ted R Batson Jr P00721951 6785185301 139.146.132.42 2020-07-15 11:32:40 ED P FEBBA0B1DE72EE09ACCEEF0F6540888D17AFFF4F 4B92F8E8F1176B945547510BA5EBB2AD7FD94F3C 2018 2021-01-29 14:40:06Z Rob Gustafson PO Box 338 Due West SC 29639 36176794 0 X www.erskine.edu X 1837 SC Christian liberal arts college and graduate theological seminary. 19 19 409 35 0 0 1554141 1982682 27282189 27317273 3274358 -1074112 89580 43990 32200268 28269833 15085079 15464014 0 0 8502416 8808989 0 0 354957 9185813 10442412 32773308 34715415 -573040 -6445582 73377177 75442460 20447698 21946721 52929479 53495739 X Erskine College exists to glorify God as a Christian academic community where students are equipped to flourish as whole persons for lives of service through the pursuit of undergraduate liberal arts and graduate theological education. 0 0 29853570 15464014 27317273 Erskine College is a comprehensive, fully accredited, Christian college and theological seminary offering undergraduate, master's, and doctoral degrees to approximately 1,000 students. The college program offers 21 baccalaureate majors, and the seminary offers 4 master's degrees and a doctor of ministry degree. Scholarships are awarded to eligible students based on financial need and academic merit allowing students to be equipped to flourish as whole persons for lives of service through the pursuit of undergraduate liberal arts and graduate theological education in a Christ-centered environment.The Institution conducted auxiliary enterprises for the convenience of students, faculty, staff, and the at-large community. 29853570 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 1051 0 1 409 1 0 0 0 0 0 0 0 0 0 0 0 0 X 19 19 0 0 1 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X Christian Habeger 8643798812 PO Box 338 Due West SC 29639 Mrs JE Gazzaway Trustee - Chair 2.00 X X 0 0 0 The Rev CH Davis Trustee - Vice-Chair 2.00 X X 0 0 0 Mr AL Casterline Trustee - Secretary 2.00 X X 0 0 0 Dr JA Arnold Trustee 2.00 X 0 0 0 Mrs MT Rucker Trustee 2.00 X 0 0 0 Mrs CK Walker Trustee 2.00 X 0 0 0 The Rev BF Bult Trustee 2.00 X 0 0 0 Mrs CE Davis Trustee 2.00 X 0 0 0 Dr SL Gray Trustee 2.00 X 0 0 0 Dr GS Query Trustee 2.00 X 0 0 0 Dr JR Augustine Trustee 2.00 X 0 0 0 Mr CL Bethea Trustee 2.00 X 0 0 0 The Rev JA Hunt Trustee 2.00 X 0 0 0 Mr PW Malphrus Trustee 2.00 X 0 0 0 Dr AJ Broyles Trustee 2.00 X 0 0 0 Mr Marshall Davis III Trustee 2.00 X 0 0 0 The Rev Dr DP Smith Trustee 2.00 X 0 0 0 Mr RG McDonald Trustee 2.00 X 0 0 0 The Rev LA Shelnutt Trustee 2.00 X 0 0 0 Mrs AM Grooms Ex Officio Member (part year) 2.00 X 0 0 0 Dr Robert Gustafson President 45.00 X 150000 0 18081 Mr C M Habeger VP Fin/Ops, Treasurer 45.00 X 0 0 0 Dr J T Hellams Jr Provost of the College 45.00 X 0 0 57773 Dr RL Holmes Provost of the Seminary 45.00 X 71300 0 0 Mrs D S Hodge Assistant Secretary 40.00 X 40011 0 11223 261311 0 87077 1 0 1 0 Aramark Campus Services PO Box 978839 Dallas TX 75397 Dining Hall Services 2112513 Aramark Facilities Services PO Box 978839 Dallas TX 75397 Facilities/Grounds Maintenance 1932437 Maxima Specialty Group 525 Woodruff Rd Greenville SC 29607 Controller Services 138650 3 494330 172927 1315425 54324 1982682 Student Tuition & Fees 611710 21025500 21025500 Auxiliary Enterprises 611710 6007688 6007688 Bookstore 611710 223842 223842 60243 60243 27317273 1224163 1224163 52956 10066 42890 42890 42890 5594520 7892795 -2298275 -2298275 -2298275 5200 4100 1100 1100 28269833 27317273 0 -1030122 15464014 15464014 462530 462530 6932695 5509090 1213467 210138 58188 47161 7828 3199 769908 627019 105724 37165 585668 451924 117476 16268 47655 47655 67298 67298 599 599 121515 121515 122254 64349 56548 1357 509334 156772 291251 61311 133270 133270 391861 336265 55596 26364 26364 658925 579684 79241 1005115 793136 211979 334816 176232 154867 3717 Facility Management 2237237 1765404 471833 Food Service 1821356 1821356 Athletic Teams 798076 798076 Textbook Costs 203221 203221 1963516 1033503 908211 21802 34715415 29853570 4506888 354957 X 988416 987551 930238 1307319 184587 135695 1052785 898180 127709 53890 152925 128480 57758649 32036366 26874920 25722283 29263285 35335186 11909371 9151339 965005 794601 927936 927936 73377177 75442460 955752 2037970 648586 411252 9763909 12101239 3316840 1842394 5762611 5553866 20447698 21946721 X 15166656 11477052 37762823 42018687 52929479 53495739 73377177 75442460 X -6445582 6768741 243101 X X 0 1 X 1 1 1 X 2169163 2129239 3892137 1554141 1982682 11727362 2169163 2129239 3892137 1554141 1982682 11727362 368494 11358868 939834 894031 1011610 1527625 1277119 5650219 12065 13900 7360 6660 5200 45185 17422766 137036162 0.65200 0.61030 X Schedule A, Part II, Line 10, Explanation of Other Income: Fundraising Event Income - 2016 Amount: $ 7,360. 2017 Amount: $ 6,660. 2018 Amount: $ 5,200. Other Income - 2014 Amount: $ 12,065. 2015 Amount: $ 13,900. Schedule A, Part II: The organization is a school as described under 170(b)(1)(A)(ii) and is not required to complete a public support schedule. Schedule A, Part II is completed to verify the School can qualify under public charity status section 170(b)(1)(A)(vi) and, therefore, qualifies to use the first listed special rule for Schedule B reporting. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 599 0 0 0 599 0 X 8 0.00 8 0 0 1 0 0.00 0 927936 X X 0 39888474 236982 5399509 2081057 43443908 38616058 108381 3455690 2291655 39888474 35311874 839700 4239749 1775265 38616058 37882833 313334 -1014114 1870179 35311874 39841555 146952 561541 2667215 37882833 0.08540 0.91460 0 0 2698350 755548 3453898 43187322 22841501 20345821 10432515 9074484 1358031 684914 120381 564533 25722283 Cash Surrender Value of Life Insurance 27200 F US Government Securities 3154180 F Other Fixed Income Investments 3586446 F Alternative Investments 157990 C Pooled Income Funds 51099 F Master Limited Partnership 2174424 F 9151339 US Government Loan Funds - Refundable 828658 Annuities Payable 762760 Interest Rate Swap Liability 607309 Trust Liabilities 2732234 Asset Retirement Obligations 309312 Capital Lease 313593 5553866 19710312 6768741 257267 7026008 12684304 121515 15464014 15585529 28269833 19144052 14166 14166 19129886 121515 15464014 15585529 34715415 Part II, Line 9: Revenues/expenses from conservation easements are not separately reported on the Statement of Activities, and the easements are not separately presented on the Statement of Financial Position. Part III, Line 4: The College maintains an art center that displays works of art including paintings, music boxes, furniture, and other items to the public. The collection enriches the campus community and provides the art students (stuido artists and art history majors) with examples of various art mediums used in classroom instruction. The College displays the artwork free of charge to the public. Part V, Line 4: The College's endowment intends to provide scholarships to students, help fund department chairs, and fund other restricted program expenses. Part V, lines 2a-2c: In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 6/30/2019. To date, Schedule D has not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Schedule D, Part V, Lines 2a-2c: Line 2a - Without donor restrictions Line 2b - With donor restrictions Part XI, Line 2d - Other Adjustments: Unrealized Gain on Interest Rate Swap 30,114. Change in Value of Trusts and Annuities 212,987. Fundraising Event Expenses 4,100. Rental Expenses 10,066. Part XI, Line 4b - Other Adjustments: Scholarships and Other Aid 15,464,014. Part XII, Line 2d - Other Adjustments: Fundraising Event Expenses 4,100. Rental Expenses 10,066. Part XII, Line 4b - Other Adjustments: Scholarships and Other Aid 15,464,014. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The organization's racially nondiscriminatory policy is made available on the Internet homepage in full compliance with Rev. Proc. 2019-22. The policy is also made available through local print media outlets and college and seminary catalogs. Schedule E, Part I, Line 6 The College receives Federal and State funds to provide financial aid for students. 1 Scholarships 805 13166906 Athletic Scholarships 92 2297108 Part I, Line 2: The College monitors enrollment and the Financial Aid Office of the College keeps the requisite records in either an electronic or hard copy form. No cash changes hands and funds are directly tied to student accounts. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Dr Robert Gustafson President 150000 0 0 0 0 0 0 0 18133 0 168133 0 0 0 Part I, Line 1a Housing Allowance & Personal Services: As a condition of employment, and as a convenience to the University, the President is provided a home on University grounds. The University also provides grounds care and housekeeping for the home since the President hosts functions for the University at his home. The home is provided as a nontaxable benefit to the President. Pursuant to Internal Revenue Code Section 107, ministerial housing allowances are provided for qualifying ministerial employees. This is not included in taxable compensation. The Provost of the College met the qualifications for and received a ministerial housing allowance during the tax year. X 4 54324 Cost 0 0 0 0 Part I, Column (b): The number of contributions represent the number of contributions received, not the number of items donated. Form 990, Part VI, Section A, line 1 The governing body delegates broad authority to an Executive Committee consisting of the Board Officers and Board Committee Chairs. The Executive Committee has full power and authority to act and to transact any business for and on behalf of the College and in the place of the Board of Trustees during the interim between meetings of the Board of Trustees except the Executive Committee may not appoint or remove Corporate Officers, nor make a bulk sale, dissolve the corporation, alter Bylwas, or authorize degrees. Form 990, Part VI, Section A, line 4 The bylaws were amended to update the maximum number of voting members from seventeen to sixteen and to remove the President of the Alumni Association as a voting member. Form 990, Part VI, Section A, line 7a The College is an institution of the General Synod of the Associate Reformed Presbyterian Church (ARPC). The ARPC appoints the College's trustees and must approve all changes or amendments to the College's charter. Form 990, Part VI, Section A, line 7b See explanation for Part VI, Section A, Line 7a. Form 990, Part VI, Section B, line 11b Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of directors prior to filing with the IRS. Form 990, Part VI, Section B, line 12c The organization requires all officers and board members to complete conflict of interest forms on an annual basis. All other institution staff complete the forms ever other year. These forms are reviewed by management and a report is given to the Board of Trustees each year at the February meeting. If a conflict of interest were to arise, all material facts are disclosed to the Committe on Trustees; the proposed contract, transaction, or relationship is examined to determine if it is in the best interest of the college, and the decision is documented; and the individual who has an interest excuses him/herself from the discussion preceding the vote and the vote to approve the proposed contract or transaction. Form 990, Part VI, Section B, line 15a Line 15a - The President's compensation is reviewed on an annual basis as part of a performance review by the Executive Committee. Compensation is compared against information obtained from Form 990s of other institutions similar in size to Erskine. Process includes contemporaneous substantiation of the deliberation and decision. Line 15b - The President negotiates and sets the compensation for other officers. Compensation is compared against other institutions similar in size to Erskine. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy, and financial statements are available upon request. Form 990, Part X, Lines 27-29: In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 6/30/2019. The 2018 Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $11,477,052 Line 29 - Net assets with donor restrictions $42,018,687 Total net assets $53,495,739 Form 990, Part XI, line 9: Unrealized Gain on Interest Rate Swap 30,114. Change in Value of Split-Interest Agreements 212,987. Form 990, Part XII, Line 2c: The process for oversight of the audit and selection of an independent accountant has not changed from the prior year. General Synod of the Associate Reformed Presbyterian Church 1 Cleveland St Ste 110 Greenville SC 29601 576030380 Convention of churches SC 501(c)(3) Line 1 N/A 0 Charitable remainder unitrust (8) Trust SC Erskine College and Theological Seminary 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 General Synod of the Associate Reformed Presbyterian Church C 494330 Cash