2019-10-25T13:53:10-05:00 2019-06-30 560574444 CHERRY BEKAERT LLP 1075 PEACHTREE STREET NE SUITE 2200 ATLANTA GA 30309 990 2018-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 MIKE W HARDIN VP ADMINISTRATION/FINANCE 7044064282 2019-10-23 1 AMANDA ADAMS P00748038 4042090954 66.168.122.91 2019-10-23 08:29:56 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 0B670C8C210F0245D71F1F8B052AA4E3CE9649D0 2018 2020-01-14 16:20:31Z A FRANK BONNER POST OFFICE BOX 997 BOILING SPRINGS NC 28017 97461769 0 X WWW.GARDNER-WEBB.EDU X 1905 NC GARDNER-WEBB UNIVERSITY, A PRIVATE, CHRISTIAN, BAPTIST-RELATED UNIVERSITY, PROVIDES OUTSTANDING UNDERGRADUATE AND GRADUATE EDUCATION THAT IS STRONGLY GROUNDED IN THE LIBERAL ARTS WHILE OFFERING OPPORTUNITIES TO PREPARE FOR VARIOUS PROFESSIONS. FOSTERING MEANINGFUL INTELLECTUAL THOUGHT, CRITICAL ANALYSIS, AND SPIRITUAL CHALLENGE WITHIN A DIVERSE COMMUNITY OF LEARNING, GARDNER-WEBB IS DEDICATED TO HIGHER EDUCATION THAT INTEGRATES SCHOLARSHIP WITH CHRISTIAN LIFE. BY EMBRACING FAITH AND INTELLECTUAL FREEDOM, BALANCING CONVICTION WITH COMPASSION, AND INSPIRING A LOVE OF LEARNING, SERVICE, AND LEADERSHIP, GARDNER-WEBB PREPARES ITS GRADUATES TO MAKE SIGNIFICANT CONTRIBUTIONS FOR GOD AND HUMANITY IN AN EVER-CHANGING GLOBAL COMMUNITY. 41 40 1569 0 16882 -32673 4524521 7858165 82117572 83767568 2085327 2022323 743373 16882 89470793 93664938 28552607 29038392 0 0 36579230 35023587 0 0 920134 25185393 28344270 90317230 92406249 -846437 1258689 153722632 157622923 34920409 35735673 118802223 121887250 THE UNIVERSITY STATEMENT OF VALUES CONSISTS OF CHRISTIAN HERITAGE, BAPTIST HERITAGE, ACADEMIC EXCELLENCE, LIBERAL ARTS, TEAMWORK, A STUDENT-CENTERED FOCUS, COMMUNITY ENGAGEMENT AND DIVERSITY. 0 0 80891303 29038392 83767568 THE PRIMARY GOAL OF GARDNER-WEBB UNIVERSITY IS TO PROVIDE EDUCATION TO STUDENTS. THE UNIVERSITY OFFERS UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREES. THE UNIVERSITY ENROLLED APPROXIMATELY 3,500 STUDENTS DURING 2018-2019 AND AWARDED APPROXIMATELY $29M IN SCHOLARSHIPS AND TUITION ASSISTANCE. 80891303 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 1 206 0 1 1569 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 41 40 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X MIKE W HARDIN 7044064282 100 S MAIN STREET/WEBB HALL BOILING SPRINGS NC 28017 MS JENNIFER MARION MILLS CHAIR (2019) 1.00 X X 0 0 0 MR FRANK STEWART CHAIR (2018) 1.00 X X 0 0 0 DR C LORANCE HENDERSON IMMEDIATE PAST CHAIR 1.00 X X 0 0 0 MR RONALD BEANE VICE CHAIR 1.00 X X 0 0 0 MRS CANDACE AREY BOARD SECRETARY 1.00 X X 0 0 0 MR DAVID ROYSTER III TREASURER (2019) 1.00 X X 0 0 0 MR MAX HAMRICK TREASURER (2018) 1.00 X X 0 0 0 MS SUSAN BRIGGS CHAIR, ADMINISTRATIVE AFFAIRS 1.00 X 0 0 0 MR CHRISTOPHER WELCH CHAIR, ATHLETICS 1.00 X 0 0 0 MR FRANKLIN BEAM CHAIR, AUDIT & COMPLIANCE 1.00 X 0 0 0 MR BOB SHEPHERD CHAIR, DIVINITY 1.00 X 0 0 0 MR GARY SMITH III CHAIR, EDUCATIONAL AFFAIRS 1.00 X 0 0 0 MR THOMAS WATSON JR CHAIR, ENROLLMENT MANAGEMENT 1.00 X 0 0 0 MR RANDALL MARION CHAIR, FINANCIAL AFFAIRS 1.00 X 0 0 0 MR JOHN TEETER CHAIR, MEMBERSHIP 1.00 X 0 0 0 MR TONY ROBBINS CHAIR, STUDENT DEVELOPMENT 1.00 X 0 0 0 MR RODNEY ALLISON CHAIR, DEVELOPMENT 1.00 X 0 0 0 MR W THOMAS BELL TRUSTEE 1.00 X 0 0 0 MR JOHN BELL TRUSTEE 1.00 X 0 0 0 MR RALPH BENTLEY TRUSTEE 1.00 X 0 0 0 MR RODERICK CLOUSE TRUSTEE 1.00 X 0 0 0 MR MARK COLLINS TRUSTEE 1.00 X 0 0 0 MR EDWARD COOK TRUSTEE 1.00 X 0 0 0 MR J WILLIAM ELLIS TRUSTEE 1.00 X 0 0 0 MR O MAX GARDNER III TRUSTEE 1.00 X 0 0 0 MR GEORGE GILLIAM TRUSTEE 1.00 X 0 0 0 MR J JACKSON HUNT TRUSTEE 1.00 X 0 0 0 MR DAVID KEIM TRUSTEE 1.00 X 0 0 0 MRS TERESA HUGGINS TRUSTEE 1.00 X 0 0 0 MR M LAMONT LITTLEJOHN JR TRUSTEE 1.00 X 0 0 0 MS ASHLEY LOWERY TRUSTEE 1.00 X 0 0 0 MR MAURICE MORROW III TRUSTEE 1.00 X 0 0 0 MR JAMES ROBBINS TRUSTEE 1.00 X 0 0 0 MS CAROLE ROBERTS TRUSTEE 1.00 X 0 0 0 MS DELAINA SMITH TRUSTEE 1.00 X 0 0 0 MR ANTHONY STRANGE TRUSTEE 1.00 X 0 0 0 MS LISA TUCKER TRUSTEE 1.00 X 0 0 0 MR DONALD TURNER TRUSTEE 1.00 X 0 0 0 MR PHILIP TURNER TRUSTEE 1.00 X 0 0 0 MR DON YELTON TRUSTEE 1.00 X 0 0 0 MR ROBERT YELTON TRUSTEE 1.00 X 0 0 0 MR MAURICE YORK TRUSTEE 1.00 X 0 0 0 ARNOLD FRANK BONNER PRESIDENT 40.00 X 357396 0 22721 MIKE HARDIN VP FOR ADMINISTRATION AND FINANCE 40.00 X 161353 0 77629 BENJAMIN LESLIE PROVOST AND SENIOR VICE PRESIDENT 40.00 X 160476 0 23548 HARRY FISH JR VP FOR ADVANCEMENT 40.00 X 150318 0 6041 STEPHEN LAWS PROFESSOR OF EDUCATION 40.00 X 149451 0 2513 SYDNEY BROWN PROFESSOR OF EDUCATION 40.00 X 146685 0 24636 NANCY WINKER PROFESSOR & DIRECTOR OF DIDACTIC EDU INPA 40.00 X 144926 0 13652 JENNIFER PUTNAM PROFESSOR OF EDUCATION 40.00 X 142332 0 11094 1412937 0 181834 32 0 1 0 SODEXO PO BOX 536922 ATLANTA GA 30353 CAFETERIA SERVICES 3558282 K12 TEACHERS ALLIANCE 20624 ABBEY WOODS COURT NORTH FRANKFORT IL 60423 RECRUITING SERVICES 1495104 NETEFFECT TECHNOLOGIES PO BOX 411121 CHARLOTTE NC 28241 CONSULTING SERVICES 719189 THE BUDD GROUP PO BOX 890856 CHARLOTTE NC 28289 JANITORIAL SERVICES 378201 EAB PO BOX 603519 CHARLOTTE NC 28260 CONSULTING SERVICES 253247 9 576013 7282152 23626 7858165 TUITION AND FEES 900099 64821932 64821932 ROOM AND BOARD 900099 12881438 12881438 OTHER AUXILIARY SERVICES 900099 3987034 3987034 BOOKSTORE 900099 1884528 1884528 STUDENT LOAN INTEREST AND FEES 900099 192636 192636 83767568 2166833 2166833 16882 0 16882 16882 16882 2913453 738868 3340580 456251 -427127 282617 -144510 -144510 93664938 83767568 16882 2022323 29038392 29038392 553458 553458 28030666 23857941 3653602 519123 729113 623885 91651 13577 3741231 3163620 508764 68847 1969119 1643532 289817 35770 126958 126958 114958 114958 287531 287531 409850 69800 340050 1610922 879562 731360 1084863 707268 377595 864644 69432 795212 1873952 1816602 39918 17432 1705395 1551617 153778 776298 423138 353160 1139392 963358 88282 87752 4387769 4300734 60111 26924 935027 40864 894163 OTHER STUDENT SERVICES 11633288 10348135 1134444 150709 BOOKSTORE COGS 1393423 1393423 92406249 80891303 10594812 920134 22505844 24154944 2190774 6566101 1421119 1517469 703021 613744 681492 997745 135669451 79804585 58653873 55864866 45105639 48405482 18985538 16527025 3050567 2526700 424765 448847 153722632 157622923 3685992 4301510 3499752 3563251 24909047 85976 81394 18524702 6365342 0 2758645 2880471 34920409 35735673 X 56296622 54737504 20892666 21144303 41612935 46005443 118802223 121887250 153722632 157622923 1258689 1826338 0 X 0 1 X 1 1 1 X 29332 X X 0 0 1 X 63924716 556459 3094304 2957403 64618076 62668442 879025 2908421 2531172 63924716 59555300 1072317 4556686 2515861 62668442 59894815 2254132 -17314 2576333 59555300 61542216 1023841 -69247 2601995 59894815 0.09810 0.62180 0.28010 0 0 1784734 11779621 13564355 93788223 54192208 39596015 28184730 25612377 2572353 132143 132143 55864866 PARTNERSHIPS/HEDGE FUNDS 16527025 F 16527025 ANNUITIES PAYABLE 275200 CONSTRUCTION COSTS PAYABLE 33451 DUE TO OTHER AGENCIES 529514 REFUNDABLE FEDERAL GOVERNMENT ADVANCES 2042306 2880471 X 66182757 1826338 -29038392 -27212054 93394811 286810 -16683 270127 93664938 63097730 16683 16683 63081047 286810 29038392 29325202 92406249 PART III, LINE 4: COLLECTIBLES ARE HELD FOR POSSIBLE FUTURE SALE, OF PART OR ALL OF THE COLLECTION, WITH THE PROCEEDS TO BE USED TO FUND EDUCATIONAL PROGRAMS OF THE UNIVERSITY. PART IV, LINE 2B: THE UNIVERSITY HOLDS FUNDS IN A CUSTODIAL CAPACITY FOR STUDENT ORGANIZATIONS AND CLUBS. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 550 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES AND INCLUDES PERMANENTLY RESTRICTED DONOR GIFTS AS PART OF IRREVOCABLE TRUST AND ANNUITY GIFTS. THE ENDOWMENTS ARE USED TO FUND STUDENT SCHOLARSHIPS, ACADEMIC PROGRAMS, AND ACADEMIC ENHANCEMENT ACTIVITIES SUCH AS TRAVEL. PART X, LINE 2: THE UNIVERSITY IS EXEMPT FROM FEDERAL AND STATE INCOME TAXATION UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). IN ACCORDANCE WITH IRC REGULATIONS, THE UNIVERSITY IS TAXED ON UNRELATED BUSINESS INCOME, WHICH CONSISTS OF EARNINGS FROM ACTIVITIES NOT RELATED TO THE EXEMPT PURPOSE OF THE UNIVERSITY. THE UNIVERSITY ACCOUNTS FOR TAX UNCERTAINTIES BASED ON A MORE LIKELY THAN NOT RECOGNITION THRESHOLD WHEREBY TAX BENEFITS ARE ONLY RECOGNIZED WHEN THE UNIVERSITY BELIEVES THAT THEY HAVE A GREATER THAN 50% LIKELIHOOD OF BEING SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE UNIVERSITY HAS EVALUATED ALL TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN INCOME TAX POSITIONS AS OF JUNE 30, 2019 AND 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME -29,038,392. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF PROPERTY -16,683. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 29,038,392. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY STATEMENT IS INCLUDED IN THE ACADEMIC CATALOG WHICH CAN BE FOUND ON THE GARDNER-WEBB UNIVERSITY WEBSITE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVED STUDENT FINANCIAL AID GRANTS FROM THE U.S. DEPARTMENT OF EDUCATION AND THE NC STATE EDUCATION ASSISTANCE AUTHORITY. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 4448847 0 0 0 0 0 0 4448847 0 4448847 0 0 1 1 0 0 PART I, LINE 3: THE AMOUNT REPORTED IN COLUMN (F) REPRESENTS THE FAIR MARKET VALUE OF THE ORGANIZATION'S FOREIGN INVESTMENTS AS OF THE END OF THE FISCAL YEAR. 1 ACADEMIC SCHOLARSHIPS 1238 14661525 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS ATHLETIC SCHOLARSHIPS 428 8144948 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS OTHER SCHOLARSHIPS 879 4325045 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS FUNDED STUDENT AID 107 1906874 PART I, LINE 2: GARDNER-WEBB UNIVERSITY PRACTICES A YEARLY REVIEW (AT THE END OF THE SPRING SEMESTER) TO MONITOR ALL STUDENTS AWARDED AN INSTITUTIONAL SCHOLARSHIP BASED ON THE FOLLOWING CRITERIA: ENROLLMENT STATUS, HOUSING STATUS, GPA AND MAINTAINING SATISFACTORY ACADEMIC PROGRESS IN ACCORDANCE WITH THE UNIVERSITY'S POLICY. X 1 1 X X X 0 0 0 0 0 0 0 0 0 ARNOLD FRANK BONNER PRESIDENT 357396 0 0 0 0 0 14020 0 8701 0 380117 0 0 0 MIKE HARDIN VP FOR ADMINISTRATION AND FINANCE 161353 0 0 0 0 0 6800 0 70829 0 238982 0 0 0 BENJAMIN LESLIE PROVOST AND SENIOR VICE PRESIDENT 160476 0 0 0 0 0 6760 0 16788 0 184024 0 0 0 HARRY FISH JR VP FOR ADVANCEMENT 150318 0 0 0 0 0 6000 0 41 0 156359 0 0 0 STEPHEN LAWS PROFESSOR OF EDUCATION 149451 0 0 0 0 0 2450 0 63 0 151964 0 0 0 SYDNEY BROWN PROFESSOR OF EDUCATION 146685 0 0 0 0 0 3600 0 21036 0 171321 0 0 0 NANCY WINKER PROFESSOR & DIRECTOR OF DIDACTIC EDU 144926 0 0 0 0 0 4920 0 8732 0 158578 0 0 0 JENNIFER PUTNAM PROFESSOR OF EDUCATION 142332 0 0 0 0 0 2362 0 8732 0 153426 0 0 0 PART I, LINE 1A TWO EMPLOYEES HAVE A COUNTRY CLUB MEMBERSHIP EXCLUSIVELY FOR BUSINESS PURPOSES, SUCH AS MEETINGS WITH FRIENDS OF THE UNIVERSITY. THEREFORE, THE VALUE OF THE MEMBERSHIP HAS NOT BEEN TREATED AS A TAXABLE BENEFIT. A PUBLIC FINANCE AUTHORITY 560529972 74443DFJ5 2018-12-19 24757413 REFINANCE TWO BANK LOANS 0 0 0 A 24767598 2451685 485005 21830909 2016 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 0 0 0 0 1 A 1 SCHEDULE K, PART II, LINE 3: TOTAL PROCEEDS OF ISSUE NOTE TOTAL PROCEEDS OF ISSUE IS HIGHER THAN THE ISSUE PRICE REPORTED IN PART I DUE TO INVESTMENT EARNINGS ON THE RESERVE FUND. MAXWELL B HAMRICK INSURANCETERESA HUGGINS MS. HUGGINS, IS A CO-OWNER OF THE INSURANCE COMPANY USED BY THE UNIVERSITY. 894000 MS. HUGGINS IS A UNIVERSITY TRUSTEE AND CO-OWNER OF HAMRICK INSURANCE. TRANSACTIONS BETWEEN THE UNIVERSITY AND HAMRICK INSURANCE ARE AT ARM'S LENGTH AND REPRESENT PAYMENTS FOR INSURANCE COVERAGE FOR THE UNIVERSITY. PAYMENTS ARE MADE FOR INSURANCE COVERAGE ONLY. 0 FORM 990, PART VI, SECTION A, LINE 2 DON YELTON AND ROBERT YELTON HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE UNIVERSITY AMENDED ITS BYLAWS TO ALLOW TRUSTEES TO SERVE TWO CONSECUTIVE FOUR YEAR TERMS; TO CLARIFY THE ROLE OF THE CHAIR AND VICE CHAIR; TO PROVIDE THAT TRUSTEES MUST RECEIVE WRITTEN NOTIFICATION OF A BOARD MEETING; TO SPECIFY HOW MEETINGS MAY BE CONDUCTED (CONFERENCE CALL, MAIL, EMAIL OR UNIVERSITY PORTAL); AND TO PROVIDE THAT THE BOARD IS TO REGULARLY EVALUATE THE PRESIDENT AND IT'S OWN EFFECTIVENESS. FORM 990, PART VI, SECTION B, LINE 11B GARDNER-WEBB UNIVERSITY'S BOARD OF TRUSTEES HAS DELEGATED RESPONSIBILITY OVER COMPLIANCE WITH LAWS AND REGULATIONS, INCLUDING FORM 990, TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. A DRAFT OF FORM 990 WILL BE PRESENTED TO AND REVIEWED BY THE AUDIT COMMITTEE. AFTER ACCEPTANCE BY THE AUDIT COMMITTEE, A COPY OF FORM 990 WILL BE DISTRIBUTED TO THE FULL BOARD AND THE AUDIT FIRM WILL BE GIVEN THE AUTHORITY TO COMPLETE THE FILING OF FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICABLE TIME. NO TRUSTEE SHALL VOTE ON ANY MATTER, UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING, IN WHICH SUCH TRUSTEE HAS A CONFLICT OF INTEREST. THE MINUTES OF SAID MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE HAVING A CONFLICT OF INTEREST ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THE BOARD OR COMMITTEE TO RESOLVE THE QUESTIONS BY MAJORITY VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL AND COMPENSATION COMMITTEE SHALL BE COMPRISED OF THE CHAIRMAN OF THE BOARD, THE VICE CHAIRMAN, THE IMMEDIATE PAST CHAIRMAN, THE CHAIRMAN OF THE FINANCIAL AFFAIRS COMMITTEE, AND ONE TRUSTEE APPOINTED BY THE CHAIRMAN OF THE BOARD. THE COMMITTEE RECOMMENDS TO THE BOARD THE PRESIDENT'S COMPENSATION, ADVISES THE PRESIDENT, APPROVES SENIOR STAFF COMPENSATION, AND SERVES AS A PERSONNEL COMMITTEE FOR THE NEEDS OF THE PRESIDENT. THE COMPENSATION COMMITTEE IS PROVIDED A COPY OF A SALARY COMPARISON BY NCICU SO THEY CAN COMPARE PRESIDENT'S AND KEY EMPLOYEES' SALARIES. ALL DELIBERATIONS AND DECISIONS ARE DOCUMENTED IN THE COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CHARITABLE REMAINDER TRUSTS (15) INVESTMENTS NC N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0