2019-05-14T21:16:36-05:00 2018-06-30 363990892 Capin Crouse LLP 1255 Lakes Parkway STE 130 Lawrenceville GA 30043 990 2017-07-01 570314404 Newberry College NEWB 8032765010 2100 College Street Newberry SC 29108 Kathy Worster VP of Business Affairs/CFO 8032765010 2019-05-14 1 David C Moja P00747006 6785185301 139.146.132.42 2019-05-14 22:16:28 ED P 8F847890EACE80AE71EC04AAF644FAD590362A74 599ADDCDD269A0849EE185965D8FF8EF77264029 2017 2019-02-21 02:37:17Z Maurice Scherrens 2100 College Street Newberry SC 29108 45134317 0 X www.newberry.edu X 1856 SC Provide undergraduate education for approximately 1,000 students. 25 24 510 25 0 0 2769085 3081132 36992299 40868309 1291886 1174854 21720 13065 41074990 45137360 14648318 16332812 0 0 11345914 12448153 84627 45312 1008676 14782746 15622055 40861605 44448332 213385 689028 50681614 55367450 29430459 33532940 21251155 21834510 X Newberry College challenges and nurtures students for lifetimes of service and leadership through intellectual transformation, social development, a culture of physical well-being, and spiritual growth by providing a Christian education in the Lutheran tradition. 0 0 23542066 16332812 29539764 InstructionNewberry College has a rich tradition of providing personal attention, challenging academic programs, and a close-knit community that welcomes everyone. We combine our strong liberal arts foundation with specialized professional degree programs to prepare students such as you for successful futures. Newberry College prepares students in the Lutheran liberal arts tradition through our supportive academic community for lifelong intellectual and personal development, meaningful vocation, and engaged citizenship in the global society.Intellectual DevelopmentStudents will acquire, develop, and demonstrate:-knowledge of the arts, sciences, and humanities as ways of understanding the world and our place in it.-effective oral and written communication skills.-critical thinking and quantitative analytical skills necessary for interpreting information and solving problems in a 21st-century global society.-proficiency in information literacy.Personal DevelopmentStudents will acquire, develop, and demonstrate:-the ability to work with others as leaders or as members of a team to accomplish common goals in a diverse society.-an understanding of the heritage of the Christian faith and its contribution to humane problem solving in the evolving global community.-moral reasoning skills essential for making life choices that balance personal freedoms and societal responsibilities.-the knowledge, attitudes, and habits that contribute to a healthy lifestyle.Meaningful VocationStudents will acquire, develop, and demonstrate:-knowledge of the history, methods of inquiry, and current intellectual claims of a chosen specific discipline or interdisciplinary area of study.-knowledge and skills that foster life-long personal growth and professional development in their vocational pursuits.Engaged Citizenship in a Global SocietyStudents will acquire, develop, and demonstrate:-the values necessary for effective citizenship.-the skills and historical knowledge to think critically about complex national and global issues.-the qualities of personal and social responsibility necessary to sustain and deepen democracy.NOTEWORTHY:NEWBERRY LAUNCHES ONLINE RN-TO-BSN PROGRAMJuly 18, 2017Newberry College has expanded its nursing program to include an RN-to-BSN degree-completion program that can be completed entirely online.The new degree-completion program is designed for working RNs who have already earned an associate's degree or diploma in nursing and seek to enhance their credentials and position themselves for career advancement by earning a bachelor of science in nursing degree.NEWBERRY COLLEGE EARNS HIGH MARKS FOR VALUE, AFFORDABILITY ON USNWR BEST COLLEGES REPORTSeptember 12, 2017Newberry College once again made a strong showing on the 2018 U.S. News & World Report Best Colleges rankings released today by the national magazine's annual report on colleges. Newberry appeared on the following lists:Best Regional Liberal Arts Colleges in the South(#17)Best Value for Regional Colleges in the South (#7)Least Student Debt Load at Graduation for Regional Colleges in the South (#3)For many years, Newberry College has ranked in the Top 50 for Best Colleges in the South, but the private liberal arts college ascended into the Top 20 last year and has retained its place in the 2018 rankings as part of the region's upper echelon.NEWBERRY COLLEGE SHATTERS ALL STUDENT ENROLLMENT RECORDSSeptember 15, 2017Newberry College enrolled a record-high 459 new students for Fall 2017, marking another year of record-breaking enrollment for the incoming class. The new record represents an astounding 20 percent increase over Newberry's previous enrollment high water mark of 381 new students set in fall 2016. Overall, College enrollment increased 10 percent over last year to a headcount of 1,190 students, including 1,157 full-time students."One of the important reasons for the past several years of record-breaking enrollment growth stems from our determination to really examine the needs and interests of our learners and respond with a strong sense of urgency," said Newberry College President Dr. Maurice W. Scherrens. "By adding new career-focused academic programs and expanding our co-curricular programs, we continue to strengthen our reputation as an outstanding value proposition."NEWBERRY COLLEGE LAUNCHES ONLINE RESPIRATORY THERAPY PROGRAMOctober 24, 2017Newberry College has launched an online degree-completion program for students seeking to complete a Bachelor of Science degree in Respiratory Therapy.NEWBERRY COLLEGE LAUNCHES ONLINE PSYCHOLOGY PROGRAMOctober 27, 2017Newberry College has launched an online degree-completion program for students looking to complete a bachelor of arts degree in Psychology.NEWBERRY COLLEGE ADDS EXERCISE SCIENCE MAJORFebruary 9, 2018Exercise Science program offers anew option for students interested in sport or health professions.Newberry College has added a Bachelor of Science in Exercise Science major to its programs of study. The new major allows students to explore the science of physical activity and learn how health and healing can be affected by nutrition and exercise. 7143240 1422596 Student ServicesAt Newberry College, learning takes place both inside and outside the classroom. No matter where you are -- on-campus, in-town, or off-the-beaten path, you'll exchange ideas and build relationships with faculty, students, and community members alike. You'll discover the "classroom" extends far beyond ivy-covered walls to the greater Newberry community, region, and world. Live, learn, play, and get a whole life education at Newberry. The Office of Residence Life encourages community and individual growth through effective residential programming and community involvement. We strive to create an environment that you call home and a community that feels like a family. We believe this residential culture is imperative to our mission and an important part of your learning process. We support you by providing everything you need to be successful including academic assistance, career guidance, health care, development, community service involvement, and academic excellence. Greek organizations are governed by their respective councils; IFC, NPC, and NPHC.NOTEWORTHY:NEWBERRY COLLEGE HONORED FOR COMMITMENT TO DIVERSITY & INCLUSIONOctober 19, 2017Newberry College was recognized for its commitment to diversity and creating a campus culture of inclusivity at the 18th annual National Role Models Conference hosted by Minority Access Incorporated, Sept. 29 Oct. 1, 2017, in Washington, D.C."Minority Access is pleased to bestow this special honor on Newberry College in recognition of its current commitment to diversity," said Mason Monroe, director for Minority Access Incorporated, an organization whose mission is 'Improving diversity in education, employment and research.'" We congratulate you on your innovative diversity initiatives and your work to decrease disparity." 6031458 9905949 Auxiliary EnterprisesYour dining experience is more than great food. It is community experience centered on culinary expertise, fresh ingredients, healthy options and a shared sense of environmental and social responsibility. Our team is committed to creating the best possible dining experience. Join us to experience the comfort, convenience, outstanding food and inviting atmosphere designed especially for you. 972125 Academic SupportNOTEWORTHY:NEW REPORT SHOWS NEWBERRY GRADS HAVE LESS DEBT THAN OTHER SC FOUR-YEAR COLLEGES/UNIVERSITIESAugust 14, 2017When it comes to rankings, we don't usually celebrate a last-place finish on the list. One notable exception is LendEDU's Student Loan Debt Report, which reported that Newberry College students graduated with less loan debt than any other four-year college or university in South Carolina.According to the report, Newberry College graduates had an average student loan debt of $18,566, thelowest average debt per borrower among South Carolina's public or private four-year institutions,and well below the state's overall average debt per borrower of $29,490.NEWBERRY COLLEGE TAKES 1ST PLACE AT SPEECH AND THEATRE COMPETITIONMarch 1, 2018Students representing the Newberry College Department of Arts and Communications took home team and individual honors in the South Carolina Speech and Theatre Association College Festival held at South Carolina State University on Feb. 24. 48743 Public ServiceNOTEWORTHY:WITH A SOLAR ECLIPSE HEADED OUR WAY NEWBERRY REALLY IS THE CENTER OF THE UNIVERSEJuly 19, 2017Newberry, South Carolina is directly on the path to witness the natural event of a lifetime when a total solar eclipse crosses directly over Newberry on Monday, August 21, 2017. What's the big deal about this eclipse?A total solar eclipse is extremely rare. It happens when the sun, moon and Earth are perfectly aligned so that the moon blocks the sun's light on part of Earth's surface. It's been nearly 40 years since a total eclipse was seen in the U.S., and 117 years since a total eclipse was visible in Newberry.Newberry College's Setzler Field is one of four NASA-endorsed viewing sites where you can watch the eclipse on August 21...FOOTBALL TEAM COLLECTS DONATIONS FOR HURRICANE RELIEFSeptember 6, 2017The Newberry College football team will be collecting donations for the next three weeks to aid families affected by Hurricane Harvey.NEWBERRY COLLEGE PRESIDENT ELECTED TO SACSCOC EXECUTIVE COUNCILDecember 4, 2017The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) on Dec. 3, 2017, announced that Newberry College President Dr. Maurice W. Scherrens has been elected to the Executive Council of the SACSCOC Board of Trustees.SACSCOC oversees the accreditation of colleges within the southern region, which includes Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia.NEWBERRY COLLEGE TO HOST 34TH ANNUAL SOUTH CAROLINA SCIENCE OLYMPIAD COMPETITIONFebruary 7, 2018Middle and high schools from around the state of South Carolina are hard at work in preparation for the 34thannual South Carolina Science Olympiad (SCCO) competitions to be held on the Newberry College campus. The middle school competition (Division B) will be held on Saturday, Feb.. 17, and the high school competition (Division C) will be held on Saturday March17. Approximately 22 schools and 370 participants are expected on campus each day as membership in the statewide program has reached record membership. 1020868 37737632 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 0 1 1 0 0 0 1 1 0 0 0 0 1 0 1 1 1 0 0 0 0 1 0 0 0 1 1548 0 1 510 1 0 0 0 0 0 1 1 0 0 0 0 X 25 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 SC X Anissa Truesdale 8032765010 2100 College Street Newberry SC 29108 Mr Hugo A Hap Pearce II Board Chair 10.00 1.00 X X 0 0 0 Mr Eric Wells Board Vice Chair 5.00 X X 0 0 0 Mr Fred B Johnston Secretary 8.00 X X 0 0 0 Mr Robert Best Treasurer 5.00 X X 0 0 0 Mr Joel Carter Trustee 5.00 X 0 0 0 Dr Joe Blair Trey Castles Trustee 5.00 X 0 0 0 Mr James P Coggins Trustee 5.00 X 0 0 0 Ms Barbara L Davis Trustee 5.00 2.00 X 0 0 0 Mr Larry Dibiase Trustee 5.00 X 0 0 0 Mr Jon Hart Trustee 5.00 X 0 0 0 Mr Eddie Havird Trustee 5.00 X 0 0 0 Mr Robert James Trustee 5.00 X 0 0 0 Ms Barbara Hartley Carey Trustee 5.00 2.00 X 0 0 0 Mr Frank Snyder Trustee 5.00 1.00 X 0 0 0 Mr Kevin Steelman Trustee 5.00 X 0 0 0 Mr Wililam Steen Trustee 5.00 X 0 0 0 Mr Joe Trainor Trustee/Exe Comm at Large 5.00 X 0 0 0 Ms Misty West Trustee 5.00 X 0 0 0 Dr Mark Wilhelm Trustee 5.00 X 0 0 0 The Rev Herman R Yoos III Trustee 5.00 X 0 0 0 Mr Scott Berry Trustee 5.00 X 0 0 0 Ms Jean Haggard Trustee 5.00 1.00 X 0 0 0 Lenna Young Trustee 5.00 X 0 0 0 Jeanette Davis Trustee 5.00 X 0 0 0 Mary Grate- Pyos Trustee 5.00 X 0 0 0 Maurice Scherrens President 37.50 1.00 X 250000 0 42235 Kathy Worster VP Admin Affairs & CFO 37.50 X 138675 0 7249 Timothy Elston VPAA & Dean of College 37.50 X 122834 0 14784 James Scott Joyner VP Institutional Advanceme 37.50 2.00 X 128037 0 21891 639546 0 86159 4 0 1 0 Sodexo 2100 College Street Newberry SC 29108 Facilities Management 2278603 Aramark Services Inc PO Box 828441 Philadelphia PA 19182 Food Services 1541712 Net3 Technology 105 N Spring St Suite 100 Greenville SC 29601 Information Technology Services 455578 Allied Barton 161 Washington Street Suite 600 Conshohocken PA 19428 Security 141078 Palmetto Health 293 Greystone Blvd Columbia SC 29210 Athletic Training 125000 5 24111 186896 2870125 196844 3081132 Tuition and fees 611310 29539764 29539764 Auxiliary enterprises 611310 9905949 9905949 Student services 611310 1422596 1422596 40868309 366555 366555 90742 76603 14139 14139 14139 722405 -155205 69311 877610 -69311 808299 808299 5174 24111 6248 -1074 -1074 45137360 40868309 0 1187919 X 16332812 16332812 458792 458792 82529 82529 9715421 8084497 996111 634813 253542 218308 18116 17118 1209231 965833 167667 75731 728638 577986 105293 45359 26281 26281 86361 86361 45312 45312 152404 152404 4769623 3729448 985281 54894 50524 43392 7132 478942 361413 80447 37082 1575199 638864 932837 3498 3126526 2699882 408544 18100 578838 571241 4605 2992 48486 48059 427 1208626 1063841 137652 7133 1198832 1040931 150975 6926 538862 266574 272288 Athletic Expenses 534497 534497 Provision for Bad Debt 404324 404324 Dues and Organizational 242781 154219 64023 24539 Production of Events 166087 134490 9092 22505 434862 271345 157975 5542 44448332 37737632 5702024 1008676 X 2226801 2488129 12516 9009 1613519 864510 495811 470123 157391 549472 71574707 41719396 26029399 29855311 13219029 14620827 3714690 3414374 1227839 1137071 1984619 1958624 50681614 55367450 1493941 2152717 124739 137184 290498 171700 24980604 28742357 1892006 1573721 648671 755261 29430459 33532940 X 6568413 7760773 14682742 14073737 21251155 21834510 50681614 55367450 X 689028 -79678 -25995 X X 0 1 X 1 1 1 X 6816534 3529673 2648707 2769085 3081132 18845131 6816534 3529673 2648707 2769085 3081132 18845131 2206234 16638897 451361 567117 423524 632866 457297 2532165 19628 3571 4498 5174 32871 21410167 180187828 0.77710 0.81780 X Schedule A, Part II, Line 10, Explanation of Other Income: Fundraising event income - 2014 Amount: $ 19,628. 2015 Amount: $ 3,571. 2016 Amount: $ 4,498. 2017 Amount: $ 5,174. 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. 1495216 X X 0 13922087 1441795 1046950 975240 15435592 12786401 742014 1446603 1052931 13922087 14102044 358666 -613338 1060971 12786401 15126598 649786 450738 700894 1424184 14102044 15551406 290433 1083918 1799159 15126598 0.30500 0.69500 0 0 1766332 1766332 49601835 26290988 23310847 13240688 13017543 223145 6965852 2410865 4554987 29855311 Cash surrender value of life insurance 453911 F Alternative investments 287554 F Corporate bonds 2672909 F 3414374 U.S. government loan funds refundable 650017 Capital lease obligation 105244 755261 28629322 -79678 82851 3173 28626149 152404 16358807 16511211 45137360 28045967 82851 82851 27963116 152404 16332812 16485216 44448332 Part III, Line 4: The Newberry College Archives-in the process of transforming a part-time effort into a formal records repository, research library, and outreach effort benefitting internal and external stakeholders-documents the history of the college, appraising, collecting, organizing, describing, and preserving records and other items of permanent institutional value; provides research assistance to administrators, faculty, staff, students, alumni, and the public; and interprets the history of Newberry College to the college community and the public. Preserving and interpreting the college's 160-year record of preparing students in the Lutheran liberal arts tradition for intellectual and personal development, meaningful vocation, and engaged citizenship makes a significant contribution to the institution's mission and helps shape its identity. Newberry College's Special Collections represent approximately 3,500 rare and unique print items donated to the library since its inception. The items represent historic assets as well as materials preserved by the library because of their scarcity, value or fragile condition. Like the archives, Newberry College's Special Collections represent the activities undertaken by the College throughout its history. Part V, Line 4: The College's endowments consist of approximately 456 individual funds established for a variety of purposes as a result of donor contributions. Form 990, Schedule D, Part V, Lines 2a-2c: Newberry College has elected to early adopt the principles of FASB ASU No. 2016-14 (ASC 958) for audited financial statement purposes for the period ended June 30, 2018 and 2017. To date, 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, Schedule D, Part V, Lines 2a-2c: Line 2a - Without donor restrictions Line 2b - With donor restrictions The Accumulated activity is operating at a loss, thus the balance has been netted with the Original Gift on line 2b. Part XI, Line 2d - Other Adjustments: Rental Expenses 76,603. Fundraising Event Expenses 6,248. Part XI, Line 4b - Other Adjustments: Tuition Scholarships 16,332,812. Change in Value of Perpetual Trusts 25,995. Part XII, Line 2d - Other Adjustments: Rental Expenses 76,603. Fundraising Event Expenses 6,248. Part XII, Line 4b - Other Adjustments: Tuition Scholarships 16,332,812. 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 College's racially non-discrimination policy is posted on the College's website. Schedule E, Part I, Line 6 The College utilizes the Federal Supplemental Educational Opportunity Grant, Federal Direct Loans, Federal Pell Grants, Federal Work Study, Federal Perkins Loan, and TEACH Grants. The College has received the National Science Foundation Grant for Education and Human Resources. Lastly, the College has loans through the USDA: Community Facility Direct Loan, Community Facility Guaranteed Loan, and the Business and Industry Guaranteed Loan. Central America and the Caribbean 0 3 Program services Mission trip; May Term Course 40246 0 3 0 0 0 3 40246 0 40246 0 0 0 0 0 0 Part I, line 3: The organization tracked expenditures in accordance with accrual basis of accounting. X X X X X X X 1 Coleman Lew 326 W 10th Street Charlotte NC 28202 Consulting 0 0 17437 -17437 Jim Hale 2005 College Street Newberry SC 29108 Planned Giving 0 0 15375 -15375 Ballentine Consulting Partners PO Box 2585 Davidson NC 28036 Consulting 0 0 12500 -12500 45312 -45312 SC Golf Tournament 29285 24111 5174 1777 3034 362 1075 29285 24111 5174 1777 3034 362 1075 6248 -1074 Schedule G, Part I, Line 2b, column (iv): The professional fundraising services were consulting in nature. Therefore, no gross receipts were directly generated from the services provided. 1 Scholarships 1227 16332812 Part I, Line 2: Awarded grants and scholarships are directly credited against the student's tuition balance; no cash changes hands. The Financial Aid Office tracks the amounts awarded and periodically runs reports to check for changes in eligibility for all outside grants or scholarships. X X 1 1 X 0 0 0 0 0 0 0 0 0 Maurice Scherrens President 250000 0 0 0 0 0 12500 0 30603 0 293103 0 0 0 James Scott Joyner VP Institutional Advanceme 128037 0 0 0 0 0 6791 0 15862 0 150690 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. The VP and Dean of ESR also receives a nontaxable housing allowance. 7687 Academic Scholarship Education Barbara Joyner Family member of James Scott Joyner, VP Institutional Advancement 53696 Compensation and benefits 0 Sandra J Scherrens Family member of Maurice Scherrens, President 28833 Compensation 0 Oakland Mill Master Tenant LLC Entity more than 35% owned by Misty West, Trustee of organization 993600 Rental of facilities 0 Schedule L, Part IV, Business Transactions with Interested Persons: Oakland Mill Master Tenant is 100% owned by Misty West and family members. X 2 196844 Fair market value 0 0 1 0 Part I, Column (b): The number of contributions is the number of items contributed, not the number of items donated. Form 990, Part VI, Section A, line 1 The Executive Committee shall have six (6) members, all of whom shall be voting Trustees, except for the President who shall be ex officio without vote and not counted as part of a quorum for the purpose of transacting business. The Chair, Vice Chair, Secretary and Treasurer of the Board of Trustees shall be members. The purpose of the Executive Committee is twofold: 1) It shall serve at the pleasure of the Board as its agent, to address the business of the Board between Board meetings; and 2) It shall assist the Chair and the President in their joint responsibility to help the Board to function effectively and efficiently by suggesting Board meeting agenda items and periodically assessing the quality of Board Committees work. The Executive Committee shall have authority to act for the Board of Trustees on all matters except for the following which shall be reserved for the Board: presidential selection and termination; Trustee and Board officer selection; changes in institutional mission and purposes; changes to the Charter, Constitution or these Bylaws; incurring of corporate indebtedness; sale of College assets or tangible property; adoption of the annual budget; and conferral of degrees. These Bylaws or other Board policy may reserve other powers for the Board of Trustees. In addition to its authority to take action on emergency matters which cannot or should not be deferred to the Board's next scheduled meeting, the Executive Committee shall oversee the work of Board Committees, the College's planning process or progress on planning goals, the Board's responsibility to support the President and assess his or her performance, and review annually the President's compensation and conditions of employment. 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 annually complete and sign a conflict of interest questionnaire. The Chairman of the Board of Trustees, President, CFO, Vice Chairman of the Board of Trustees, and Treasury of the Board of Trustees is responsible for reviewing signed statements and ensuring that interested persons are in compliance with the conflict of interest policy. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship. Form 990, Part VI, Section B, line 15 The independent Board of Trustees determines the compensation for the President. The approval process is documented. The President sets the compensation for the other officers and informs the Board of the compensation. He is independent. Form 990, Part VI, Section C, line 19 The College's bylaws, constitution, and conflict of interest policy are made available to the public upon request. The financial statements are not made available to the public. Form 990, Part IX, line 11g Food services: Program service expenses 2,208,317. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,208,317. Security: Program service expenses 126,736. Management and general expenses 0. Fundraising expenses 0. Total expenses 126,736. Other services: Program service expenses 92,981. Management and general expenses 391,733. Fundraising expenses 54,894. Total expenses 539,608. Sports medicine contract: Program service expenses 150,627. Management and general expenses 0. Fundraising expenses 0. Total expenses 150,627. Student services: Program service expenses 0. Management and general expenses 593,548. Fundraising expenses 0. Total expenses 593,548. Public service: Program service expenses 48,743. Management and general expenses 0. Fundraising expenses 0. Total expenses 48,743. Facilities: Program service expenses 1,102,044. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,102,044. Form 990, Part X, Lines 27-29: Newberry College has elected to early adopt the principles of FASB ASU No. 2016-14 (ASC 958) for audited financial statement purposes for the period ended June 30, 2018 and 2017. To date, 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 $ 7,760,773 Line 29 - Net assets with donor restrictions 14,073,737 Total net assets $21,834,510 Form 990, Part XI, line 9: Change in value of perpetual trusts -25,995. Form 990, Part XII, Line 2c: The organization's Board assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year. Newberry College Foundation Inc 2100 College Street Newberry SC 29108 576026382 To support the mission of the College SC 501(c)(3) Line 12b, II Newberry College 0 Perpetual trusts (3) Trust SC Newberry College 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 Newberry College Foundation Inc K