2020-09-30T15:03:36-07:00 2020-05-31 990 2019-06-01 620518288 FREED-HARDEMAN UNIVERSITY FREE 7319896000 158 E Main St Henderson TN 38340 Richard Taylor Jr Financial Analyst 7319896006 2020-09-30 12.204.194.160 2019 2021-01-29 14:40:06Z Freed-Hardeman University 158 E Main St Henderson TN 38340 76250414 0 X www.fhu.edu X 1869 TN Freed-Hardeman University is a private school associated with churches of Christ which emphasize physical and spiritual development of its students to prepare them for lives of service to their communities. 28 28 1095 0 83378 0 10422563 11472611 43407069 42990295 1747077 1228054 181080 83378 55757789 55774338 16583883 17163638 0 0 20239567 20761756 66000 66000 2118086 15018993 14990216 51908443 52981610 3849346 2792728 147262050 152512537 35343632 39711419 111918418 112801118 Freed-Hardeman University is a private school associated with churches of Christ which emphasizes the physical and spiritual development of its students so they can better serve their communities. 0 0 41557866 17163638 55774338 The university conducted classes for approximately 2,100 students and graduated approximately 450 during the fiscal year. The expenses included faculty salaries and benefits, auxiliary enterprises, staff, and operations and maintenance to support them. 0 0 0 41557866 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 1 1 1 1 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 76 0 1 1095 1 1 1 1 BE 0 0 0 1 1 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X Courtney W Insell Controller 7319896011 158 E Main St Henderson TN 38340 David R Shannon President 40 X 173814 0 13230 Jeffrey Loyd CFO and VP for Finance 40 X 128907 0 15023 Charles Vires Provost and VP for Academics 40 X 120140 0 15275 David Clouse VP for Advancement 40 X 119973 0 15167 Stephen Marvin Faculty 40 X 102308 0 14489 Ryan Hysmith Faculty 40 X 100267 0 13952 Edward Scott VP for Student Services 40 X 104814 0 3550 Jason Brashier Faculty 40 X 93293 0 14083 Richard McCaskill Executive Director, FHU Dickson Campus 40 X 93716 0 10367 LeAnn Davis Faculty 40 X 95250 0 8014 1132482 0 123150 7 0 1 0 Alliance Corp PO Box 1480 Glasgow KY 42142 Building Contractor 3103664 EAB PO Box 603519 Charlotte NC 28260 Student Search 427945 Bramblett Group 117 W Main St Henderson TN 38340 Public Relations Consulting 340863 E&T Contracting 3615 US Hwy 45 N Henderson TN 38340 Building Contractor 160926 Keppler Speakers 3030 Clarendon Blvd 7th floor Arlington VA 22201 Speaker Bureau 125000 7 0 0 1124566 0 1086418 9261627 4002193 11472611 Operating Revenue 611310 34641626 34641626 0 0 Auxiliary Enterprises 611310 8348669 8348669 0 0 0 0 0 0 42990295 488005 488005 0 0 0 0 0 0 0 0 0 0 123850 0 132490 0 -8640 0 -8640 0 -8640 0 20900897 0 20160848 0 740049 0 740049 740049 0 0 0 1124566 0 0 0 0 0 0 0 0 0 0 274756 182738 92018 0 92018 0 0 55774338 44218349 83378 0 0 0 17163638 17163638 0 0 0 0 1583323 1024503 403257 155563 0 0 0 0 15246870 11868905 2659314 718651 261177 205766 43766 11645 2556400 1540704 842607 173089 1113986 897789 161210 54987 0 0 0 0 41598 0 41598 0 71264 0 71264 0 0 0 0 0 66000 66000 334995 0 334995 0 639273 631023 8250 0 648418 215365 0 433053 1456961 968560 316821 171580 1166972 0 1166972 0 0 0 0 0 60338 60338 0 0 1021182 963588 10486 47108 0 0 0 0 110249 110249 0 0 1054364 1030680 11842 11842 0 0 0 0 2322532 2270362 26085 26085 123375 123375 0 0 Utilities 1883436 556684 1326752 0 Student Meals 1102849 1091803 11046 0 Operation & Maintenance 986878 0 986878 0 Bad Debt 256316 0 256316 0 1709216 834534 626199 248483 52981610 41557866 9305658 2118086 4649440 8010436 0 0 0 0 851323 858862 0 0 0 0 326584 503010 165988 161660 717900 694127 113890189 37365826 76997759 76524363 45871397 45939656 17575300 19729497 0 0 0 0 106359 90926 147262050 152512537 3430844 3391563 182248 465267 679462 742736 29016209 28339811 0 0 1150000 0 0 529454 0 3734911 884869 2507677 35343632 39711419 X 49519178 49287826 62399240 63513292 111918418 112801118 147262050 152512537 X 2792728 -226654 0 0 0 -1683374 X 0 1 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 58837446 4347985 815403 2122538 379736 328298 61170262 57859525 3518075 643892 1905613 667474 610959 58837446 51947466 5055336 3769868 1991312 327500 594333 57859525 46962098 3530832 4270512 1876795 400000 539181 51947466 50907826 2942107 -1160249 1844824 3199985 682777 46962098 0.052 0.429 0.519 0 0 0 3062601 3062601 0 96886295 28219221 68667074 0 4960400 2581861 2378539 0 7406913 5489956 1916957 0 1573980 1074788 499192 76524363 0 0 Alternative Investments - Level 2 7622258 F Alternative Investments - Level 3 6267750 F Private Equity Funds - Level 3 4158109 F Land and Other Investments 1681380 F 19729497 0 Liability under unitrust agreements 305419 Annuities payable 518884 Unrealized loss on interest rate swap agreement 1683374 2507677 54179538 -226654 0 0 -1683374 -1910028 56089566 0 -315228 -315228 55774338 53296838 0 0 0 315228 315228 52981610 0 0 0 52981610 Schedule D, Part V, Line 4 Support of student scholarships and operating budget are the intended use of the endowment funds. Schedule D, Part XI, Line 2d The university has a bank loan agreement with a variable interest rate based on a function of LIBOR. The university entered an interest rate swap agreement to hedge against the risk of interest rate increases. The derivative financial instrument is not held for trading purposes. The fair value of the derivative financial instrument on May 31, 2020 resulted in a liability of $1,683,374. Schedule D, Part XI, Line 4b Rental expenses against gross rents in 990-Part VIII, line 6b of $132,490 plus Cost of Goods Sold against Gross Sales in 990-Part VIII, line 10b of $182,738 equals $315,228. Schedule D, Part XII, Line 2d Rental expenses against gross rents in 990-Part VIII, line 6b of $132,490 plus Cost of Goods Sold against Gross Sales in 990-Part VIII, line 10b of $182,738 equals $315,228. 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 university policy is noted in the school's catalog, on the school's website and in printed brochures. Schedule E, Part I, Line 6 Through the student financial aid system, the school receives money to disburse to students under the Federal Work Study Program. It was $409,419 in this fiscal year. In addition, the university applied for and was granted the Higher Education Emergency Relief Funds (HEERF) as authorized by section 18004(a)(1) of the CARES Act, Pub. L. No. 116-136 due to the COVID-19 pandemic. The grant was awarded for $679,999 in this fiscal year. The financial support from the government totaled $1,086,418 for these two items. 1 East Asia and the Pacific 0 2 Program Services Classes are taught to students 21485 Europe (including Iceland and Greenland) 1 8 Program Services Classes are taught to students 382325 Middle East and North Africa 0 1 Program Services Classes are taught to students 228805 South America 0 2 Program Services Classes are taught to students 32603 1 13 665218 Consultant for European program Europe (including Iceland and Greenland) 1 12000 By USA check Book 0 0 0 0 0 0 Schedule F, Part I, Line 2 The school's Financial Aid Office plus the Financial Services Office follow detailed procedures which ensure all grants and other assistance awards follow required regulations. Awards granted to students studying abroad are handled through the same offices that award all other grants and awards. These offices are audited each year by an independent external CPA firm and reported thereon. There were "no findings" on the financial aid portion on the audit for the fiscal year being reported on. X X X X X X X 1 Thompson and Associates 112 Westwood Place Suite 250 Brentwood TN 370275327 Estate Planning Consulting 0 0 66000 -66000 0 66000 -66000 All States Benefit Dinner 1322807 0 1322807 0 0 0 0 0 198241 0 0 1322807 0 1322807 0 0 0 0 0 198241 198241 1124566 1 Student Scholarship 1498 17163638 0 Book Schedule I, Part I, Line 2 The school's Financial Aid Office plus the Financial Services Office follow detailed procedures which ensure the federal grant regulations are followed. These offices are audited each year by and independent external CPA firm and reported thereon to the federal government. There were "no findings" on the financial aid portion on this audit for the fiscal year being reported on. X 1 0 X X X X 0 0 0 0 0 0 0 0 0 David R Shannon President 197457 0 0 0 0 0 5297 0 7934 0 210688 0 208562 0 Charles Vires Provost and VP for Academics 147940 0 0 0 0 0 3667 0 11609 0 163216 0 164987 0 Jeffrey Loyd CFO and VP for Finance 137805 0 0 0 0 0 3773 0 11250 0 152828 0 0 0 Schedule J, Part I, Line 1a Administrative Housing Allowance A Industrial Development Board 626000307 2016-03-17 7500000 Payoff 2005 bond plus new capital expenses 0 0 0 B Health & Education Facility Board 521339251 2015-12-11 9850000 Payoff 2013 bond 0 0 0 A 5304420 0 7500000 0 0 0 35384 0 0 2160196 0 0 2016 1 0 1 1 B 9821285 0 9850000 0 0 0 28715 0 0 0 0 0 2015 1 0 1 1 A 0 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 0 B 0 X 9 3352983 STOCK EXCHANGE X ADVERTISING SPACE 13 473750 FMV BY DONOR X EQUIPMENT 3 111460 FMV BY DONOR X BOOKS 2 64000 FMV BY DONOR 1 0 1 0 Form 990, Part VI, Section B, Line 11b A copy of the 990 is sent to all members of the Audit Committee which is a subcommittee of the Fiscal Operations Committee of the Board of Trustees and made available to all members of the Board of Trustee upon request. Form 990, Part VI, Section B, Line 12c An electronic version of the conflict of interest policy is made available to all Board of Trustee members. All members sign a statement acknowledging the policy. Form 990, Part VI, Section B, Line 15 The president's salary is reviewed annually by the Compensation Committee, a subcommittee of the Executive Committee of the Board of Trustees. Each year the committee reviews available salary surveys, for example the survey compiled by the College & University Professional Association (CUPA-HR). The committee also considers the President's performance, especially in regard to metrics on the Institution's Strategic Plan. A proposed change in his compensation is recommended by the committee for approval by the full Board of Trustees. The president sets the compensation of his direct reports and compensation for each of the Vice-Presidents. Form 990, Part VI, Section C, Line 19 The university's governing documents, conflict of interest policy, and financial statements are made available to the public upon request. Form 990, Part XI, Line 9 The university has a bank loan agreement with a variable interest rate based on a function of LIBOR. The university entered an interest rate swap agreement to hedge against the risk of interest rate increases. The derivative financial instrument is not held for trading purposes. The fair value of the derivative financial instrument on May 31, 2020 resulted in a liability of $1,683,374.