2020-07-30T09:43:20-05:00 2019-12-31 560574444 CHERRY BEKAERT LLP 110 EAST COURT STREET SUITE 500 GREENVILLE SC 29601 990 2019-01-01 237242844 SHERMAN COLLEGE OF STRAIGHT CHIROPRACTIC SHER 8645788770 PO BOX 1452 SPARTANBURG SC 29304 KAREN G CANUP COO/CFO 8645788770 2020-07-23 1 AMANDA ADAMS P00748038 8642333981 76.105.106.201 2020-07-23 11:21:12 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 18694F53AD11E15FFCEA276DE93F63B2E746D691 2019 2020-09-23 17:36:50Z EDWIN CORDERO 745 PEACHTREE ROAD CHESNEE SC 29323 19546049 0 X WWW.SHERMAN.EDU X 1973 SC THE MISSION OF SHERMAN COLLEGE OF CHIROPRACTIC IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC FOCUSED ON THE ANALYSIS AND ADJUSTMENT OF VERTEBRAL SUBLUXATION. 8 8 345 0 0 0 823178 833412 13528361 14556275 1182061 712620 0 0 15533600 16102307 420625 382377 0 0 8549998 9667786 153000 0 795560 4101823 5672995 13225446 15723158 2308154 379149 36403547 39718335 15919744 17000030 20483803 22718305 THE MISSION OF SHERMAN COLLEGE OF CHIROPRACTIC IS TO EDUCATE AND PREPARE STUDENTS TO BECOME DOCTORS OF CHIROPRACTIC FOCUSED ON THE ANALYSIS AND ADJUSTMENT OF VERTEBRAL SUBLUXATION. 0 0 11761642 382377 14556275 EDUCATIONAL SERVICES WERE PROVIDED TO APPROXIMATELY 421 FULL-TIME CHIROPRACTIC STUDENTS. EDUCATION SCHOLARSHIPS WERE PROVIDED TO 206 STUDENTS. VISITS TO THE HEALTH CENTER TOTALED 27,183. 11761642 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 81 0 1 345 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 8 8 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DAVID BEDFORD 8645788770 2020 SPRINGFIELD ROAD BOILING SPRINGS SC 29316 JUDY CAMPANALE DC CHAIR 2.00 X X 0 0 0 KIM R STETZEL DC VICE-CHAIR 2.00 X X 0 0 0 KARLOS BOGHOSIAN DC VICE-CHAIR JAN - MAY 2.00 X X 0 0 0 SHAWN H DILL DC SECRETARY 2.00 X X 0 0 0 STEVEN BONAFONTE ESQ BOARD TRUSTEE 2.00 X 0 0 0 JOSEPH BORIO DC BOARD TRUSTEE 2.00 X 0 0 0 LINDA GIULIANO MBA BOARD TRUSTEE 2.00 X 0 0 0 FRANK J HAHN DC BOARD TRUSTEE 2.00 X 0 0 0 PETER KEVORKIAN DC BOARD TRUSTEE 2.00 X 0 0 0 DANIEL KNOWLES DC BOARD TRUSTEE 2.00 X 0 0 0 RICHELLE KNOWLES DC BOARD TRUSTEE 2.00 X 0 0 0 MATTHEW MCCOY DC MPH BOARD TRUSTEE 2.00 X 0 0 0 SHANE WALKER DC BOARD TRUSTEE 2.00 X 0 0 0 EDWIN CORDERO DC PRESIDENT 37.50 X 389927 0 38253 KAREN CANUP CPA COO / CFO 37.50 X 232196 0 28669 ROBERT IRWIN DC PROVOST 37.50 X 153884 0 31879 JOE DONOFRIO DC VP ACADEMIC AFFAIRS 37.50 X 142112 0 31093 LASHANDA HUTTO-HARRIS MSW VP STUDENT AFFAIRS 37.50 X 94878 0 25001 OHMAR LAND DM VP INSTITUTIONAL ADVANCEMENT AND PUBLIC RELATIONS 37.50 X 141386 0 10709 NEIL COHEN DC SVP FOR PRESIDENTIAL AFFAIRS 37.50 X 228044 0 27701 CLAUDIA SEAY DIRECTOR OF STUDENT CLINICS, PROFESSOR OF CLINICAL 37.50 X 112054 0 16116 PENGJU LUO DEAN OF BASIC SCIENCES 37.50 X 104093 0 13905 1598574 0 223326 8 0 1 0 HARPER CORPORATION 35 WEST COURT STREET GREENVILLE SC 29601 CONSTRUCTION 4619516 CAMPUS MANAGEMENT CORPORATION 5201 CONGREE AVENUE BOCA RATON FL 33487 SYSTEM IMPLEMENTATION 416688 AMERICAN SECURITY OF GREENVILLE PO BOX 486 GREENVILLE SC 29602 SECURITY 149601 CITY WIDE MAINTENANCE 1200 WOODRUFF ROAD GREENVILLE SC 29607 JANITORIAL 148223 4 97175 736237 833412 TUITION & FEES 611430 13880555 13880555 EDUCATIONAL SEMINARS/EVENTS 611430 321497 321497 HEALTH CENTER 611710 258566 258566 BOOKSTORE 611710 73642 73642 22015 22015 14556275 415161 415161 3730622 10579 3433962 9780 296660 799 297459 297459 16102307 14556275 0 712620 382377 382377 1278863 359420 787130 132313 6720602 5963362 596989 160251 264942 218996 41259 4687 881848 756933 100701 24214 521531 414369 87090 20072 63933 63933 47120 47120 126209 126209 1135399 516111 507770 111518 52061 52061 300701 116577 151187 32937 124627 53656 66074 4897 803768 693535 48428 61805 468561 329657 109176 29728 315932 228011 24506 63415 863080 693438 74528 95114 20900 20900 SPECIAL PROGRAMS/EVENTS 631736 580918 11492 39326 SUPPLIES 303268 201855 97928 3485 FACULTY/STAFF DEV 192660 138302 47251 7107 223040 93225 125124 4691 15723158 11761642 3165956 795560 4074417 1155384 392800 1230664 495987 340101 7917 170907 524169 401774 105895 73002 40062 58721 26810962 4572539 18952942 22238423 11714663 14009281 94695 40078 36403547 39718335 1574005 413350 20396 12281 13394605 15712697 930738 861702 15919744 17000030 X 18255306 20141369 2228497 2576936 20483803 22718305 36403547 39718335 379149 1855353 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1202280 67337 260011 257281 1272347 1430651 4073 -80428 137750 14266 1202280 1313694 58779 155678 82544 14956 1430651 1223305 5765 96294 11670 1313694 1293406 9035 -5549 59155 14432 1223305 1.00000 0 0 181634 181634 24311961 3038116 21273845 1965179 1325425 639754 352188 208998 143190 22238423 REFUNDABLE GOVERNMENT LOANS 533084 CHARITABLE GIFT ANNUITIES PAYABLE 297028 CAPITAL LEASE OBLIGATIONS 31590 861702 X 17575283 1855353 1855353 15719930 382377 382377 16102307 15340781 0 15340781 382377 382377 15723158 PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF 12 INDIVIDUAL FUNDS ESTABLISHED PRIMARILY FOR SCHOLARSHIP AND OPERATING PURPOSES. PART X, LINE 2: THE COLLEGE FOLLOWS THE PROVISIONS OF FASB GUIDANCE ON INCOME TAXES RELATED TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THIS GUIDANCE CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS BY PRESCRIBING A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE COLLEGE'S POLICY IS TO RECORD A LIABILITY FOR ANY TAX POSITION TAKEN THAT IS BENEFICIAL TO THE COLLEGE, INCLUDING ANY RELATED INTEREST AND PENALTIES, WHEN IT IS MORE LIKELY THAN NOT THE POSITION TAKEN BY MANAGEMENT WITH RESPECT TO A TRANSACTION OR CLASS OF TRANSACTIONS WILL BE OVERTURNED BY A TAXING AUTHORITY UPON EXAMINATION. MANAGEMENT BELIEVES THERE ARE NO SUCH POSITIONS AS OF DECEMBER 31, 2019 AND 2018 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND EMPLOYEE DISCOUNTS NETTED WITH TUITION REVENUE 382,377. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND EMPLOYEE DISCOUNTS NETTED WITH TUITION REVENUE 382,377. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 SCHEDULE E, PART I, LINE 3 THE NONDISCRIMINATION POLICIES ARE PUBLISHED IN VARIOUS PUBLICATIONS, HANDBOOKS, AND ON THE COLLEGE'S ADMISSIONS WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE PARTICIPATES IN VARIOUS FEDERAL STUDENT FINANCIAL ASSISTANCE PROGRAMS UNDER TITLE IV OF THE HIGHER EDUCATION ACT OF 1965 (AS AMENDED) IN ACCORDANCE WITH THE PROGRAM PARTICIPATION AGREEMENT ENTERED INTO WITH THE US DEPARTMENT OF EDUCATION. IN JULY 1995, THE COLLEGE'S PRIMARY REGIONAL ACCREDITATION AGENCY (SACS) REMOVED THE COLLEGE FROM MEMBERSHIP WITH THE COMMISSION ON COLLEGES OF THE ASSOCIATION FOR FAILURE TO COMPLY WITH CRITERIA SECTION 1.4 (CONDITION OF ELIGIBILITY THIRTEEN - FINANCIAL RESPONSIBILITY) AND SECTION 6.3.1 (FINANCIAL RESOURCES). THEREFORE, THE COLLEGE WAS NO LONGER CONSIDERED ELIGIBLE TO PARTICIPATE IN THE TITLE IV PROGRAMS BY THE DEPARTMENT OF EDUCATION. THE COLLEGE WAS ALLOWED TO REAPPLY FOR ELIGIBILITY EFFECTIVE APRIL 25, 1996, BASED ON ITS ACCREDITATION STATUS WITH THE COMMISSION ON ACCREDITATION OF THE COUNCIL ON CHIROPRACTIC EDUCATION (CCE). THE COLLEGE IS NOW DUALLY ACCREDITED BY BOTH SACS AND CCE. 1 SCHOLARSHIPS AND AWARDS 86 46421 102810 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS TUITION DISCOUNTS 120 0 233146 PUBLISHED TUITION AND FEE RATES DISCOUNTS OFFERED TO SPOUSES OR FAMILY MEMBERS OF CURRENT STUDENTS PART I, LINE 2: THE COLLEGE, THROUGH ITS FINANCIAL AID OFFICE, MAINTAINS RECORDS TO SUBSTANTIATE AMOUNTS, ELIGIBILITY, AND SELECTION CRITERIA USED FOR SCHOLARSHIPS. THE COLLEGE MONITORS THE ASSISTANCE BY REVIEWING GRADE TRANSCRIPTS AND ATTENDANCE RECORDS ON A QUARTERLY BASIS. FOR TUITION DISCOUNTS, IT IS THE STUDENT'S RESPONSIBILITY TO COMPLETE THE APPROPRIATE DOCUMENTATION PRIOR TO THE BEGINNING OF THE QUARTER FOR WHICH THE DISCOUNT IS REQUESTED. THE DEAN OF STUDENTS AND THE STUDENT RECEIVING THE DISCOUNT IS RESPONSIBLE FOR NOTIFYING THE FINANCIAL AID OFFICE ON A TIMELY BASIS OF ANY CHANGE IN THE STUDENT'S PERSONAL STATUS THAT WOULD HAVE BEARING ON THE STUDENT'S ENTITLEMENT TO THE DISCOUNT. X X X 0 0 0 0 0 0 0 1 0 EDWIN CORDERO DC PRESIDENT 359927 0 30000 0 0 0 19000 0 19253 0 428180 0 0 0 KAREN CANUP CPA COO / CFO 215677 0 16519 0 0 0 9362 0 19307 0 260865 0 0 0 ROBERT IRWIN DC PROVOST 144383 0 9501 0 0 0 12763 0 19116 0 185763 0 0 0 JOE DONOFRIO DC VP ACADEMIC AFFAIRS 127908 0 14204 0 0 0 11948 0 19145 0 173205 0 0 0 OHMAR LAND DM VP INSTITUTIONAL ADVANCEMENT AND PUB 132313 0 9073 0 0 0 2463 0 8246 0 152095 0 0 0 NEIL COHEN DC SVP FOR PRESIDENTIAL AFFAIRS 211525 0 16519 0 0 0 8448 0 19253 0 255745 0 0 0 PART I, LINE 7 THE PRESIDENT/CEO'S CONTRACT PROVIDES FOR A DISCRETIONARY BONUS COMPONENT AND IS DETERMINED BY THE BOARD. WITHIN BUDGET CONSTRAINTS APPROVED BY THE BOARD, THE PRESIDENT IS ALLOWED TO AWARD BONUSES TO OTHER EMPLOYEES. ALL REGULAR COLLEGE EMPLOYEES EMPLOYED ON NOVEMBER 15, 2019, RECEIVED A BONUS IN 2019. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SHALL CONSIST OF THE CHAIR, THE VICE CHAIR AND THE SECRETARY OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE SHALL HAVE FULL AUTHORITY TO ACT ON BEHALF OF THE BOARD OF TRUSTEES IN ANY INSTANCE WHEN A MEETING OF THE BOARD OF TRUSTEES CANNOT BE HELD IN A TIMELY MANNER. ANY SUCH ACTIONS NORMALLY REQUIRING A VOTE OF THE BOARD SHALL BE RATIFIED BY VOTE AT THE NEXT BOARD OF TRUSTEES MEETING. FORM 990, PART VI, SECTION A, LINE 2 PETER KEVORKIAN, TRUSTEE AND LINDA GIULIANO, TRUSTEE HAVE A FAMILY RELATIONSHIP. DANIEL KNOWLES, TRUSTEE AND RICHELLE KNOWLES, TRUSTEE HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 IS PROVIDED TO THE FINANCE AND AUDIT COMMITTEE ELECTRONICALLY, PRIOR TO A SCHEDULED MEETING OF THE FULL BOARD. PRIOR TO THE FULL BOARD MEETING, THE FINANCE AND AUDIT COMMITTEE REVIEW THE FORM WITH THE CFO/COO. THE CHAIRPERSON OF THE FINANCE AND AUDIT COMMITTEE REPORTS AND MAKES ANY RECOMMENDATIONS PRIOR TO THE APPROVAL BY THE FULL BOARD. REPRESENTATIVES FROM THE COLLEGE'S CPA FIRM PARTICIPATE DURING THE BOARD MEETING TO APPROVE THE 990 BY PROVIDING FEEDBACK AND BEING AVAILABLE FOR QUESTIONS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY. AT EACH BI-ANNUAL ON-SITE BOARD OF TRUSTEE MEETING, EACH TRUSTEE SIGNS A CODE OF CONDUCT CERTIFICATION. AS A PART OF THIS DOCUMENT, EACH TRUSTEE ACKNOWLEDGES THE TRUSTEE CODE OF CONDUCT AND THE CONFLICT OF INTEREST POLICIES, CERTIFYING THERE ARE NO FINANCIAL INTERESTS OR AFFILIATIONS WITH ANY ORGANIZATION WHICH MAY HAVE INTERESTS THAT CONFLICT WITH OR APPEAR TO CONFLICT WITH, THE BEST INTERESTS OF SHERMAN COLLEGE. THE TRUSTEE ALSO AGREES TO REPORT PROMPTLY TO THE BOARD CHAIR ANY FUTURE SITUATION THAT MIGHT APPEAR TO INVOLVE A POTENTIAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE COLLEGE'S PRESIDENT, OFFICERS, AND KEY EMPLOYEES, IS REVIEWED AND SUBSTANTIATED BY COMPARABILITY DATA. THE COLLEGE UTILIZES DATA FROM VARIOUS SOURCES, INCLUDING THE ASSOCIATION OF CHIROPRACTIC COLLEGES, WHO SURVEYS THE COMPENSATION PACKAGES OF COLLEGE PRESIDENTS AND KEY EMPLOYEES ANNUALLY. THE PRESIDENT'S COMPENSATION PACKAGE IS APPROVED BY THE BOARD OF TRUSTEES. THE PRESIDENT APPROVES THE SALARIES OF THE EXECUTIVE TEAM ALTHOUGH SALARIES IN TOTAL ARE APPROVED INDIRECTLY BY THE BOARD OF TRUSTEES THROUGH THE BUDGET APPROVAL PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE PUBLISHES ITS CORPORATE CHARTER, BYLAWS, CONFLICT OF INTEREST POLICY, BOARD OF TRUSTEE CODE OF CONDUCT AND MINUTES OF THE BOARD OF TRUSTEE MEETINGS ON ITS INTRANET. THE INTRANET IS AVAILABLE TO STUDENTS, EMPLOYEES, AND BOARD OF TRUSTEE MEMBERS. DETAILED FINANCIAL STATEMENTS ARE NOT PUBLISHED FOR PUBLIC REVIEW. SUMMARY OPERATING BUDGETS ARE PROVIDED ANNUALLY TO FACULTY, STAFF AND OFFICERS OF THE STUDENT GOVERNMENT. ADDITIONAL COPIES OF THE BUDGET SUMMARY ARE ALSO AVAILABLE IN THE BUSINESS OFFICE.