2015-05-11T13:27:24-05:00 2014-12-31 570969493 NORMAN JOHNSON & CO PA 191 N DANIEL MORGAN AVENUE SPARTANBURG SC 29306 990 2014-01-01 237242844 SHERMAN COLLEGE OF STRAIGHT CHIROPRACTIC SHER 8645788770 PO BOX 1452 SPARTANBURG SC 29304 KAREN CANUP VP OF BUSINESS AND FINANCE 8645788770 2015-04-17 true GARY J JOHNSON CPA P00021916 8645738623 2015-04-17 2014 2016-02-25 16:41:14Z KAREN CANUP PO BOX 1452 SPARTANBURG SC 29304 15692793 false X HTTP://WWW.SHERMAN.EDU X 1973 SC EDUCATE, GRADUATE, AND SUPPORT COMPETENT, COMPASSIONATE, ETHICAL AND SUCCESSFUL DOCTORS OF CHIROPRACTIC WHO EXCEL AS PRIMARY HEALTH CARE PROVIDERS CENTERED ON VERTEBRAL SUBLUXATION. 9 9 207 0 510080 732514 7222804 9226841 -126373 542505 -140547 -15678 7465964 10486182 469223 533915 0 4414155 5250000 0 170270 1801422 2618565 6684800 8402480 781164 2083702 12523565 14517533 1625681 1585870 10897884 12931663 EDUCATE, GRADUATE, AND SUPPORT COMPETENT, COMPASSIONATE, ETHICAL AND SUCCESSFUL DOCTORS OF CHIROPRACTIC WHO EXCEL AS PRIMARY HEALTH CARE PROVIDERS CENTERED ON VERTEBRAL SUBLUXATION. false false 6141795 533915 EDUCATIONAL SERVICES FOR STRAIGHT CHIROPRACTIC STUDENTS. APPROXIMATELY 310 STUDENTS SERVED ON A FULL-TIME BASIS. PROVIDED EDUCATION SCHOLARSHIPS AND DISCOUNTS TO 118 STUDENTS. VISITS TO HEALTH CENTER TOTALED 21,846. 6141795 true true false true false false false false false true true false false false true true true false true false false false false false false false false false true true false false false false false false false false false false false false false false false false false true 40 0 207 true false false false false false false false false false false X 9 9 false false false false false false false true true false false true true true true true true true true false X DAVID BEDFORD 8645788770 2020 SPRINGFIELD ROAD BOILING SPRINGS SC 29316 KIM R STETZEL DC BOARD TRUSTE 5.00 X 0 0 0 PETER J KEVORKIAN DC CHAIRMAN 5.00 X X 0 0 0 SHANE J WALKER DC BOARD TRUSTE 5.00 X 0 0 0 EDWARD P MARRAM PHD BOARD TRUSTE 5.00 X 0 0 0 TODD A PICOU BS MBA SECRETARY 5.00 X X 0 0 0 DANIEL M KNOWLES III BA DC BOARD TRUSTE 5.00 X 0 0 0 CHRISTOPHER KENT DC BOARD TRUSTE 5.00 X 0 0 0 LIAM SCHUBEL DC VICE CHAIRMA 5.00 X X 0 0 0 TONY LAWHON ESQ BOARD TRUSTE 5.00 X 0 0 0 EDWIN CORDERO DC PRESIDENT 40.00 X 249000 0 21782 ROBERT IRWIN VP ACADEMIC 40.00 X 107676 0 23868 KAREN CANUP VP BUSINESS 40.00 X 98303 0 19225 JOE DONOFRIO ASSOC. VP FO 40.00 X 91775 0 7819 NEIL COHEN EXEC. VICE-P 40.00 X 82662 0 11437 629416 84131 2 false true false 78266 654248 732514 TUITION & FEES 611430 8838805 8838805 ORGANIZED ACTIVITIES/ED DEPT 611710 204672 204672 SALES & SERVICES 611430 157112 157112 MISCELLANEOUS 611710 26252 26252 9226841 176591 176591 5465326 24447 5123464 395 341862 24052 365914 365914 67074 82752 -15678 -15678 10486182 9226841 526827 533915 533915 629416 199451 429965 3581340 2902082 601705 77553 699800 559285 129855 10660 339444 258114 74811 6519 159208 159208 32990 32990 9975 9975 77698 77698 393162 361897 29848 1417 20100 19000 1100 90135 53472 27251 9412 138942 70231 68711 151468 110558 39831 1079 294796 106239 184017 4540 4282 3828 417 37 234500 222684 9483 2333 72329 64649 7049 631 SPECIAL PROGRAMS & EVENTS 295655 267437 6209 22009 EQUIP RENTAL & MAINTENANC 293415 261684 29196 2535 SUPPLIES 131650 84215 46288 1147 OTHER 88271 695 58350 29226 129989 62359 66458 1172 8402480 6141795 2090415 170270 1588340 2051924 599885 928807 93824 96142 87270 57805 882858 951811 94809 92189 72626 63841 6895416 4096624 2791812 2798792 6272326 7436144 29815 30078 10000 10000 12523565 14517533 178549 206543 42368 160622 116857 1286510 1220102 1625681 1585870 X 9327129 11202070 559080 515107 1011675 1214486 10897884 12931663 12523565 14517533 2083702 -13685 -36238 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9975 9975 7957547 7967522 548376 137094 445131 441616 497084 548376 1932207 2898311 10000 10000 11000 9975 40975 111283 110404 124271 137094 483052 724578 1134458 207566 86621 122783 12456 1293406 1000716 53344 102632 13430 8804 1134458 885433 34539 101871 13014 8113 1000716 927230 2750 -25706 10747 8094 885433 837476 8175 96991 8299 7113 927230 0.93900 0.06100 false false 181634 181634 2880204 1435145 1445059 2681833 2159997 521836 1151745 501482 650263 2798792 REFUNDABLE GOVERNMENT LOANS 647446 CHARITABLE GIFT ANNUITIES PAYABLE 572656 1220102 X 10001301 -13685 75882 62197 9939104 547078 547078 10486182 7967522 112120 112120 7855402 547078 547078 8402480 SCHEDULE D, PAGE 2, PART V, LINE 4 THE COLLEGE HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROTECT THE PRINCIPAL OF THE FUNDS AGAINST PERMANENT LOSS; GENERATE SUFFICIENT INVESTMENT RETURN TO PROVIDE SUSTAINABLE FUNDING FOR CURRENT OPERATING NEEDS; AND MAINTAIN THE PURCHASING POWER OF THE ASSETS OVER THE LONG-TERM. ENDOWMENT ASSETS CONSIST OF DONOR-RESTRICTED FUNDS THAT THE COLLEGE MUST HOLD IN PERPETUITY AND, ALSO, BOARD-DESIGNATED FUNDS IN 2007 BEFORE THE CHANGE IN THE LAW. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF TRUSTEES, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO MAXIMIZE LONG-TERM GROWTH OF INCOME AND PRINCIPAL WHILE ASSUMING A MODERATELY AGGRESSIVE LEVEL OF INVESTMENT RISK. THE COLLEGE MAY INVEST THE ENDOWMENT FUNDS IN CASH AND CASH EQUIVALENTS, U.S. GOVERNMENT AND AGENCY SECURITIES, CERTIFICATES OF DEPOSIT, BANKER'S ACCEPTANCE, CORPORATE BONDS, COMMERCIAL PAPER AND COMMON STOCKS. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE COLLEGE RELIES ON A TOTAL RETURN STRATEGY IN WHICH THE INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE COLLEGE TARGETS A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY SECURITIES TO ACHIEVE ITS LONG-TERM OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE OBJECTIVE OF THE COLLEGE'S ENDOWMENT SPENDING POLICY IS TO PROVIDE A STEADY, GROWING INCOME STREAM TO SUPPORT THE COLLEGE'S SCHOLARSHIP PROGRAMS WHILE PROVIDING SUFFICIENT REINVESTMENT TO PROTECT THE ENDOWMENT FROM INFLATION. ENDOWMENT SPENDING IS LIMITED TO THE PORTION OF NET APPRECIATION AND INVESTMENT INCOME ALLOCATED TO THE PERCENTAGE OF ENDOWMENT ASSETS HELD FOR SCHOLARSHIP PROGRAMS TO TOTAL ASSETS OF THE ENDOWMENTS. SCHEDULE D, PAGE 3, PART X THE COLLEGE BELIEVES THAT IT IS MORE LIKELY THAN NOT THAT ANY SIGNIFICANT TAX POSITIONS WOULD BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES AND IT HAS NOT BEEN SUBJECTED TO SUCH EXAMINATIONS. TAX YEARS ENDING DECEMBER 31, 2014, 2013, AND 2012 REMAIN SUBJECT TO EXAMINATION BY THE TAXING AUTHORITIES. SCHEDULE D, PAGE 4, PART XI, LINE 2D DIRECT EXPENSES 82,752 GAIN/LOSS ON DISPOSAL OF FIXED ASSETS -6,870 SCHEDULE D, PAGE 4, PART XI, LINE 4B SCHOLARSHIPS GRANTED TO STUDENTS 533,915 INVESTMENT FEES NETTED WITH INCOME 13,163 SCHEDULE D, PAGE 4, PART XII, LINE 2D DIRECT EXPENSES 82,752 GAIN/LOSS OF DISPOSAL OF FIXED ASSETS -6,870 BAD DEBT 36,238 SCHEDULE D, PAGE 4, PART XII, LINE 4B SCHOLARSHIPS GRANTED TO STUDENTS 533,915 INVESTMENT EXPENSES NETTED WITH INCOME 13,163 true true true true true true true false false false false false false false false true true true SCHEDULE E, LINE 3 THE NONDISCRIMINATION POLICIES ARE PUBLISHED IN VARIOUS PUBLICATIONS, HANDBOOKS AND ON THE COLLEGES' ADMISSIONS WEBSITE. SCHEDULE E, 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 (ED). IN AN AGREEMENT REACHED WITH ED, 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 CCE IS RECOGNIZED BY ED AS A RELIABLE AUTHORITY AS TO THE QUALITY OF EDUCATION OR TRAINING OFFERED BY AN INSTITUTION. THE COMMISSION EVALUATED THE COLLEGE AND DETERMINED, BASED ON ITS FINANCIAL CRITERIA, THAT THE COLLEGE MET ITS CRITERIA AND WAS FINANCIALLY STABLE FOR PURPOSES OF ACCREDITATION. THE COLLEGE SUCCESSFULLY REAPPLIED FOR TITLE IV ELIGIBILITY EFFECTIVE APRIL 25, 1996. THE COLLEGE HAS SUCCESSFULLY REAPPLIED FOR MEMBERSHIP WITH SACS. CURRENTLY, THE COLLEGE IS DUALLY ACCREDITED BY BOTH SACS (REGIONAL ACCREDITATION) AND CCE (PROGRAMMATIC ACCREDITATION). true REX KASLER 1 7356 OUTSTANDING STUDENT 1 500 ACADEMIC ACHIEVEMENT 1 500 FAMILY DISCOUNT 8 19801 INTERNATIONAL SCHOLARSHIP 13 187179 ALUMNI SCHOLARSHIP 2 3000 LEGACY SCHOLARSHIP 9 9900 MARRIAGE DISCOUNT 28 157154 ROAR SCHOLARSHIP 32 51500 CITIZENSHIP SCHOLARSHIP 1 500 PRESIDENT SCHOLARSHIP 6 60900 MISCELLANEOUS 14 34625 BJ PALMER 1 500 LYLE & EULA SHERMAN SCHOL 1 500 SCHEDULE I, PAGE 1, 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. X X X false false false false false false false false false EDWIN CORDERO DC PRESIDENT 249000 4627 18852 270782 FORM 990, PAGE 6, PART VI, LINE 11B THE COMPLETED FORM 990 IS PROVIDED TO THE FINANCE AND AUDIT COMMITTEE ELECTRONICALLY PRIOR TO ITS ANNUAL MEETING EACH MAY. PRIOR TO THE FULL BOARD MEETING, THE FINANCE AND AUDIT COMMITTEE REVIEWS THE FORM WITH THE VP FOR BUSINESS & FINANCE. THE CHAIRPERSON OF THE AUDIT & FINANCE COMMITTEE REPORTS AND MAKES ANY RECOMMENDATIONS PRIOR TO APPROVAL BY THE FULL BOARD. THE AUDITED FINANCIAL STATEMENTS ARE PRESENTED TO THE FULL BOARD DURING THE MEETING AND AT THAT TIME, ANY REMAINING QUESTIONS ARE RESOLVED BY THE AUDIT PARTNER OR THE VP FOR BUSINESS & FINANCE. FORM 990, PAGE 6, PART VI, 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, PAGE 6, PART VI, LINE 15A COMPENSATION FOR THE COLLEGES' PRESIDENT, OFFICERS AND KEY EMPLOYEES ARE 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. FORM 990, PAGE 6, PART VI, LINE 15B COMPENSATION FOR THE COLLEGES' PRESIDENT, OFFICERS AND KEY EMPLOYEES ARE 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. FORM 990, PAGE 6, PART VI, LINE 19 THE COLLEGE PUBLISHES ITS CORPORATE CHARTER, BY-LAWS, 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 THE FACULTY, STAFF & OFFICERS OF THE STUDENT GOVERNMENT. ADDITIONAL COPIES OF THE BUDGET SUMMARY ARE ALSO AVAILABLE IN THE BUSINESS OFFICE. FORM 990, PART XI, LINE 9 DIRECT EXPENSES 82,752 GAIN/LOSS ON DISPOSAL OF FIXED ASSETS -6,870 SCHOLARSHIPS GRANTED TO STUDENTS -533,915 INVESTMENT FEES NETTED WITH INCOME -13,163 DIRECT EXPENSES -82,752 GAIN/LOSS OF DISPOSAL OF FIXED ASSETS 6,870 BAD DEBT -36,238 SCHOLARSHIPS GRANTED TO STUDENTS 533,915 INVESTMENT EXPENSES NETTED WITH INCOME 13,163