2017-05-08T15:43:58-05:00 2016-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2015-07-01 570314402 LIMESTONE COLLEGE LIME 8007957151 1115 COLLEGE DRIVE GAFFNEY SC 29340 LAWRENCE W DAWSON VP FOR FINANCIAL AFFAIRS 8007957151 2017-05-02 1 JANICE A RATICA P00358837 7043771678 2015 2021-01-29 14:40:06Z DR WALT GRIFFIN 1115 COLLEGE DRIVE GAFFNEY SC 29340 59196777 0 X WWW.LIMESTONE.EDU X 1845 SC LIMESTONE COLLEGE IS A FOUR-YEAR, LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. ESTABLISHED IN 1845, LIMESTONE OFFERS MASTERS, BACHELOR AND ASSOCIATE DEGREES THROUGH TRADITIONAL AND NON-TRADITIONAL EDUCATIONAL OPPORTUNITIES. 40 40 1180 98 71855 20475 5276527 1064488 48921527 50797133 666663 879297 72111 81200 54936828 52822118 11040216 14132437 0 0 21227546 20207942 0 0 641440 20456837 17261043 52724599 51601422 2212229 1220696 54931432 55163002 13088852 12247646 41842580 42915356 X THE MISSION OF LIMESTONE COLLEGE IS TO EDUCATE STUDENTS FROM DIVERSE BACKGROUNDS IN THE LIBERAL ARTS AND SELECTED PROFESSIONAL DISCIPLINES. BY PROVIDING DEGREE PROGRAMS THROUGHOUT SOUTH CAROLINA AND BY WAY OF THE INTERNET, LIMESTONE COLLEGE OFFERS OPPORTUNITIES FOR PERSONAL AND PROFESSIONAL GROWTH TO INDIVIDUALS WHO MAY FIND ACCESS TO HIGHER EDUCATION DIFFICULT. 0 0 47548390 14132437 50725278 LIMESTONE COLLEGE PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,822 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES. 47548390 1 1 0 0 0 0 0 1 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 1 0 0 0 0 0 0 0 0 1 54 0 1180 1 1 1 0 0 0 0 1 1 0 0 0 0 X 40 40 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X MORNA BAILEY 8644884574 1115 COLLEGE DRIVE GAFFNEY SC 29340 BARBARA SMITH BOARD MEMBER 0.25 X 0 0 0 BETTY CLARK BOARD MEMBER 0.25 X 0 0 0 BILL SMITH BOARD MEMBER 0.25 X 0 0 0 BOB TURBYFILL BOARD MEMBER 0.25 X 0 0 0 BOBBY DOBSON BOARD MEMBER 0.25 X 0 0 0 CAROL CAGGIANO BOARD MEMBER 0.25 X 0 0 0 CAROLYN BORDERS BOARD MEMBER 0.25 X 0 0 0 CROSSIE COX BOARD MEMBER 0.25 X 0 0 0 DAVID RIGGINS BOARD MEMBER 1.00 X 0 0 0 DON YAGER BOARD MEMBER 0.25 X 0 0 0 DOUG WILSON BOARD MEMBER 0.25 X 0 0 0 DUANE HOOVER BOARD MEMBER 0.25 X 0 0 0 ELIJAH INABINETTE BOARD MEMBER 1.00 X 0 0 0 GAIL MOSS BOARD MEMBER 0.25 X 0 0 0 GENE MOORHEAD BOARD MEMBER 0.25 X 0 0 0 GRADY RANDOLPH BOARD MEMBER 0.25 X 0 0 0 JAMES KNOX BOARD MEMBER 0.25 X 0 0 0 JASON KAUP BOARD MEMBER 0.25 X 0 0 0 JIM BROWN BOARD MEMBER 1.00 X 0 0 0 JOE SULLIVAN BOARD MEMBER 1.00 X 0 0 0 JOHN EGGERS BOARD MEMBER 1.00 X 0 0 0 JOHN TRAVERS BOARD MEMBER 0.25 X 0 0 0 JON JENSEN BOARD MEMBER 1.00 X 0 0 0 KEP DISNEY BOARD MEMBER 0.25 X 0 0 0 LYMAN HAMRICK BOARD MEMBER 0.25 X 0 0 0 MICHAEL HOENIG BOARD MEMBER 0.25 X 0 0 0 PAT WILLIS BOARD MEMBER 0.25 X 0 0 0 RANDALL RICHARDSON BOARD MEMBER 1.00 X 0 0 0 RANDY HINES BOARD MEMBER 0.25 X 0 0 0 RICK JIRAN BOARD MEMBER 0.25 X 0 0 0 RICK PATTERSON BOARD MEMBER 1.00 X 0 0 0 ROY MATHIS BOARD MEMBER 0.25 X 0 0 0 SARA EDDINS BOARD MEMBER 0.25 X 0 0 0 TROY GAFFNEY BOARD MEMBER 0.25 X 0 0 0 VERA MITCHELL BOARD MEMBER 0.25 X 0 0 0 VIRGINIA SKINNER BOARD MEMBER 0.25 X 0 0 0 WILLIAM BROWN BOARD MEMBER 1.00 X 0 0 0 RICHARD BAINES CHAIRMAN 1.00 X X 0 0 0 HENRY JOLLY VICE CHAIR 1.00 X X 0 0 0 DAVID DORMAN SECRETARY 1.00 X X 0 0 0 TOMMY MARTIN TREASURER 1.00 X X 0 0 0 DR WALT GRIFFIN PRESIDENT 40.00 X 185595 0 49878 DAVID S RILLING VP FINANCIAL AFFAIRS (THRU DEC 2015) 40.00 X 96073 0 10030 WAYDE DAWSON INTERIM VP FINANCIAL AFFAIRS 40.00 X 73770 0 22656 DR KAREN GAINEY VP ACADEMIC AFFAIRS 40.00 X 128625 0 17291 CR HORTON VP INFORMATION & TECHNOLOGY 40.00 X 102239 0 10400 586302 0 110255 3 0 1 0 SODEXO 1115 COLLEGE DRIVE GAFFNEY SC 29340 FOOD SERVICE 1900189 CENGAGE LEARNING PO BOX 95999 CHICAGO IL 606945999 TEAM SUPPORT 441268 INFINITY MARKETING 874 S PLEASANTBURG DRIVE GREENVILLE SC 29607 MARKETING 381897 CRAIG GAULDEN DAVIS INC 19 WASHINGTON PARK GREENVILLE SC 296013111 ARCHITECTURAL SERVICES 322108 CLARK COMMUNICATIONS 2 WESTSIDE DRIVE ASHEVILLE NC 28806 PRINTING/PUBLICATION SERVICES 262873 13 1064488 65697 1064488 TUITION AND FEES 611310 44630929 44630929 AUXILIARY - ROOM AND BOARD 611310 3414791 3414791 AUXILIARY - BOOKSTORE 611310 2040385 2040385 EDUCATION 611310 636369 636369 SUMMER CAMPS 713940 71855 71855 2804 2804 50797133 572832 572832 114638 34766 79872 79872 79872 6642905 6334130 2310 308775 -2310 306465 306465 4781 3453 1328 1328 52822118 50725278 71855 960497 14132437 14132437 438002 362711 63474 11817 16217362 15326608 487562 403192 618482 582609 20462 15411 1667955 1571210 55184 41561 1266141 1192702 41890 31549 183780 174780 9000 48145 48145 69352 69352 709721 709721 1844248 1638655 177115 28478 2815396 2798986 16410 582509 553596 23097 5816 63118 58409 4709 282384 265887 16497 1892223 1843807 48416 384326 111450 272876 AUXILIARY EXPENSES 2307748 1934019 373729 CAPITAL EXPENDITURES 1645194 484733 1160114 347 BOOKSTORE EXPENSES 1439763 1439763 BAD DEBT EXPENSE 608789 608789 2384347 1757518 523560 103269 51601422 47548390 3411592 641440 31265 31669 7319686 11052712 3648520 2071042 803796 825203 5695 32003 272614 359061 142711 184565 47286666 21667511 26517265 25619155 16189880 14987592 54931432 55163002 1722135 1743613 1949400 1532291 9036136 8646254 381181 325488 13088852 12247646 X 17231065 18510873 13932992 13654045 10678523 10750438 41842580 42915356 54931432 55163002 1220696 -147920 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2671709 X X 0 16963805 71052 545851 536191 17044517 16075592 441323 947245 500355 16963805 14070840 57740 2394237 447225 16075592 13187751 68282 1248455 433648 14070840 13038957 65428 405604 322238 13187751 0.00000 0.63070 0.36930 1 0 79477 1839577 1919054 36589599 17371304 19218295 5840383 3027785 2812598 2937630 1268422 1669208 25619155 REFUNDABLE ADVANCES 325488 325488 X 40565788 -147920 22300 38219 -87401 40653189 69352 12099577 12168929 52822118 39493013 22300 2311 38219 62830 39430183 69352 12101887 12171239 51601422 PART III, LINE 4: THE COLLEGE'S COLLECTIONS ARE MADE UP OF LIBRARY BOOKS, ARTIFACTS OF HISTORICAL SIGNIFICANCE AND ART OBJECTS. IF PURCHASED, ITEMS ACCESSIONED INTO THE COLLECTION ARE CAPITALIZED AT COST, AND IF DONATED, THEY ARE CAPITALIZED AT THEIR APPRAISED VALUE OR FAIR VALUE AS OF THE DATES ON WHICH THE ITEMS ARE ACCEPTED BY THE COLLEGE. PART V, LINE 4: THE ENDOWMENT ACCOUNTS ARE USED TO PAY FUNDED SCHOLARSHIPS FOR LIMESTONE COLLEGE STUDENTS. PART X, LINE 2: MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GAAP ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT THE COLLEGE CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2016 AND 2015. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE COLLEGE HAD NO SIGNIFICANT UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2016 AND 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET AGAINST RENTAL INCOME 34,766. FUNDRAISING EVENT EXPENSES REPORTED NET AGAINST FUNDRAISING EVENT INCOME 3,453. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS (FUNDED/UNFUNDED) 12,101,887. LOSS ON DISPOSAL OF ASSETS -2,310. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET AGAINST RENTAL INCOME 34,766. FUNDRAISING EVENT EXPENSES REPORTED NET AGAINST FUNDRAISING EVENT INCOME 3,453. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS (FUNDED/UNFUNDED) 12,101,887. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 LIMESTONE COLLEGE REAFFIRMS ITS COMPLIANCE WITH TITLE IX AND DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONALITY, ORIGIN, HANDICAP, OR SEX IN ADMISSIONS, EMPLOYMENT OR EDUCATIONAL PROGRAMS. LIMESTONE PUBLISHES ITS NONDISCRIMINATORY POLICY IN THE STUDENT CATALOG AND EMPLOYEE HANDBOOK. SCHEDULE E, PART I, LINE 6 THE COLLEGE ACTS AS AN AGENT BETWEEN THE US DEPARTMENT OF EDUCATION, THE SOUTH CAROLINA DEPARTMENT OF REVENUE, AND LIMESTONE STUDENTS. THE COLLEGE RECEIVES FUNDS FROM THE GOVERNMENT AGENCIES AND APPLIES THE FUNDS DIRECTLY TO THE APPLICABLE STUDENT'S ACCOUNT. 1 0 0 GRANTS AND SCHOLARSHIPS 1171 230953 13901484 TUITION RATES TUITION ASSISTANCE PART I, LINE 2 - PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS FINANCIAL AID GUIDELINES ARE UTILIZED TO DETERMINE THE QUALIFICATIONS OF EACH RECIPIENT. THE GUIDELINES ARE PUBLISHED IN LIMESTONE COLLEGE'S ACADEMIC CATALOG AND COMPLY WITH ELIGIBILITY REQUIREMENTS PUBLISHED BY THE U.S. DEPARTMENT OF REVENUE. ANNUAL COMPLIANCE AUDITS ARE COMPLETED BY AN INDEPENDENT ACCOUNTING FIRM. AS FUNDS ARE RECEIVED, THEY ARE POSTED TO THE STUDENTS' ACCOUNTS. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DR WALT GRIFFIN PRESIDENT 185595 0 0 0 0 0 11136 0 38742 0 235473 0 0 0 PART I, LINE 1A THE COLLEGE PROVIDES HOUSING AND WEEKLY HOUSEKEEPING SERVICES TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL COLLEGE BUSINESS AND ACTIVITIES AT THE HOME. X 13 50502 FMV X EQUIPMENT, FURNITURE, SUPPLIES, ETC 18 15195 FMV 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 A COPY OF THE 990 AND 990T WERE PRESENTED TO THE AUDIT COMMITTEE FOR REVIEW. A COPY OF THE RETURNS WERE MADE ACCESSIBLE TO BOARD MEMBERS. FOLLOWING PRESENTATION AND APPROVAL, THE RETURNS WERE SUBMITTED TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, A CONFLICT OF INTEREST QUESTIONNAIRE IS COMPLETED BY MEMBERS OF THE BOARD OF TRUSTEES AND REVIEWED FOR ANY NOTED CONFLICTS. TRUSTEES WHO HAVE NOTED A CONFLICT OF INTEREST RECUSE THEMSELVES FROM ALL DISCUSSION AND/OR VOTE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S CONTRACT AND SETS THE COMPENSATION PACKAGE. AN ASSESSMENT OF THE PRESIDENT'S COMPENSATION PACKAGE IS MADE ANNUALLY BY THE PERSONNEL COMMITTEE. THE ASSESSMENT IS BASED UPON DATA COLLECTED FROM COLLEGES OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE DOCUMENTED IN THE COMMITTEE MINUTES. COMPENSATION PROCESS FOR TOP OFFICERS THE FINANCE COMMITTEE DISCUSSES WITH MANAGEMENT EXECUTIVE-LEVEL MANAGEMENT HIRES. THE SETTING OF COMPENSATION AMOUNTS IS MADE BY MANAGEMENT AND IS BASED UPON COMPARABLE POSITIONS AT INSTITUTIONS OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE RECORDED IN THE COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.