2015-11-11T07:37:42-06:00 2015-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2014-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 MIKE W HARDIN VP ADMINISTRATION/FINANCE 7044064282 2015-11-09 1 KELLIANNE F BENSON P01345659 7043771678 2014 2016-04-25 22:37:26Z A FRANK BONNER POST OFFICE BOX 997 BOILING SPRINGS NC 28017 95364100 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. 47 46 1669 46 133665 72227 4178604 5958188 63446446 66572885 7487874 2201087 8438773 9045771 83551697 83777931 22006155 24745315 0 0 36710798 37242712 0 0 1078100 18746889 18907435 77463842 80895462 6087855 2882469 152585746 159462122 39472379 44845985 113113367 114616137 THE UNIVERSITY STATEMENT OF VALUES CONSIST OF CHRISTIAN HERITAGE, BAPTIST HERITAGE, ACADEMIC EXCELLENCE, LIBERAL ARTS, TEAMWORK, A STUDENT CENTERED FOCUS, COMMUNITY ENGAGEMENT AND DIVERSITY. 0 0 45336398 66572885 INSTRUCTIONAL COSTS: THE PRIMARY GOAL OF GWU IS TO PROVIDE EDUCATION TO STUDENTS. THE UNIVERSITY OFFERS UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREES. THE UNIVERSITY ENROLLED APPROXIMATELY 4,500 STUDENTS DURING 2014-2015. TUITION AND FEE REVENUE IS USED TO PROVIDE SALARIES FOR FACULTY AND STAFF TO PROVIDE TEACHING AND SUPPORT SERVICES TO STUDENTS. 24745315 24745315 2582815 THE UNIVERSITY AWARDED APPROXIMATELY $25M IN UNIVERSITY GRANTS DURING THE '14-15 YEAR. 70081713 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 1 1 0 0 0 0 1 0 0 0 1 184 0 1 1669 1 1 1 0 0 0 0 1 1 0 0 0 0 X 47 46 1 0 0 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 MR C NEAL ALEXANDER JR IMMEDIATE PAST CHAIR 1.00 X 0 0 0 MRS CANDACE J AREY TRUSTEE 1.00 X 0 0 0 MR HOYT Q BAILEY TRUSTEE 1.00 X 0 0 0 MR WES W BARKLEY CHAIR, INTERCOLLEGIATE ATHLETICS 1.00 X 0 0 0 MR FRANKLIN V BEAM CHAIR, DEVELOPMENT COMMITTEE 1.00 X 0 0 0 MR RONALD R BEANE TRUSTEE 1.00 X 0 0 0 MR W THOMAS BELL TRUSTEE 1.00 X 0 0 0 DR RALPH L BENTLEY TRUSTEE 1.00 X 0 0 0 MR DAVID C BRINKLEY TRUSTEE 1.00 X 0 0 0 DR R ALTON CADENHEAD CHAIR, DIVINITY SCHOOL 1.00 X 0 0 0 MR ROBERT CRIBB TRUSTEE 1.00 X 0 0 0 MR GRADY S DUNCAN TRUSTEE 1.00 X 0 0 0 MR WILLIAM K GARY TRUSTEE 1.00 X 0 0 0 MR GEORGE R GILLIAM TRUSTEE 1.00 X 0 0 0 MR RONALD W HAWKINS TRUSTEE 1.00 X 0 0 0 DR C LORANCE HENDERSON CHAIR, EDUCATIONAL AFFAIRS 1.00 X 0 0 0 MR RYAN D HENDLEY TRUSTEE 1.00 X 0 0 0 MR BILLY C HENRY JR TRUSTEE 1.00 X 0 0 0 MRS TERESA H HUGGINS TRUSTEE 1.00 X 0 0 0 MR J JACKSON HUNT TRUSTEE 1.00 X 0 0 0 MR HS KEETER JR TRUSTEE 1.00 X 0 0 0 DR WILLIAM W LEATHERS III TRUSTEE 1.00 X 0 0 0 MR SAM H MCMAHON JR TRUSTEE 1.00 X 0 0 0 MR THOMAS E PHILSON TRUSTEE 1.00 X 0 0 0 MR JAMES E ROBBINS TRUSTEE 1.00 X 0 0 0 DR CAROLE ROBERTS - CARVAJAL TRUSTEE 1.00 X 0 0 0 DR E HARVEY ROGERS JR TRUSTEE 1.00 X 0 0 0 MR DAVID W ROYSTER TRUSTEE 1.00 X 0 0 0 DR BOB D SHEPHERD TRUSTEE 1.00 X 0 0 0 MR STEVE M SIMPSON TRUSTEE 1.00 X 0 0 0 MR CARL M SPANGLER JR TRUSTEE 1.00 X 0 0 0 DR STANLEY W SPENCE CHAIR, ENROLLMENT MANAGEMENT 1.00 X 0 0 0 MR ANTHONY N STRANGE TRUSTEE 1.00 X 0 0 0 MR J LINTON SUTTLE III TRUSTEE 1.00 X 0 0 0 REV TONY TENCH CHAIR, STUDENT AFFAIRS 1.00 X 0 0 0 MS LISA C TUCKER TRUSTEE 1.00 X 0 0 0 DR PHILIP E TURNER TRUSTEE 1.00 X 0 0 0 DR THOMAS L WARREN TRUSTEE 1.00 X 0 0 0 DR H GENE WASHBURN TRUSTEE 1.00 X 0 0 0 MR DON L YELTON TRUSTEE 1.00 X 0 0 0 MR ROBERT W YELTON TRUSTEE 1.00 X 0 0 0 MR MAURICE YORK TRUSTEE 1.00 X 0 0 0 MR DENNIS R AXELSON CHAIR 1.00 X X 0 0 0 MR FRANK A STEWART BOARD VICE CHAIR 1.00 X X 0 0 0 MR MAX J HAMRICK BOARD SECRETARY 1.00 X X 0 0 0 MR RANDALL MARION BOARD TREASURER 1.00 X X 0 0 0 ARNOLD FRANK BONNER PRESIDENT 40.00 X 328390 0 34465 MIKE W HARDIN VP FOR ADMINISTRATION AND FINANCE 40.00 X 147625 0 40886 BENJAMIN C LESLIE PROVOST AND SENIOR VICE PRESIDENT 40.00 X 147470 0 27541 ALLEN DOUGLAS EURY PROF OF EDUCATION; ASSOCIATE DEAN, SCHOOL OF EDUCA 40.00 X 175710 0 7421 RALPH WILLIAM DIXON JR SENIOR VP FOR COMMUNITY RELATIONS 40.00 X 146626 0 20367 FELICE POLICASTRO ASSOCIATE PROFESSOR OF INTERNATIONAL BUSINESS; DIR 40.00 X 136002 0 35989 CHARLES BURCH VP FOR ATHLETICS 40.00 X 126866 0 27453 ANTHONY N NEGBENEBOR PROFESSOR OF ECONOMICS AND DOVER CHAIR, SCHOOL OF 40.00 X 134802 0 18354 MONTE WALKER FORMER HIGHEST COMPENSATED EMPLOYEE 0.00 X 124836 0 14065 1468327 0 226541 40 1 1 0 SODEXO PO BOX 536922 ATLANTA GA 30353 CAFETERIA SERVICES 3535552 K12 TEACHERS ALLIANCE 20624 ABBEY WOODS COURT NORTH FRANKFORT IL 60423 RECRUITING SERVICES 1378282 VISION POINT MARKETING 2443 LYNN ROAD SUITE 108 RALEIGH NC 27612 CONSULTING SERVICES 1264774 RODGERS BUILDERS PO BOX 18446 CHARLOTTE NC 28218 CONSTRUCTION SERVICES 566171 CLEVELAND ACOUSTICS & DRYWALL 731 SKINNER ROAD SHELBY NC 28152 CONSTRUCTION SERVICES 473233 10 1367576 4590612 105949 5958188 TUITION AND FEES 900099 66572885 66572885 66572885 2186177 -8 2186185 2538073 2523163 14910 14910 14910 15392289 9063006 6329283 6329283 MISCELLANEOUS 532000 2716488 2582815 133673 2716488 83777931 69155700 133665 8530378 24745315 24745315 713032 713032 29119190 24031636 4463707 623847 1406006 1164474 211303 30229 3913386 3241121 588127 84138 2091098 1731877 314263 44958 509219 324857 184362 154161 154161 729823 545461 184362 1846400 1470899 375501 599317 63717 535600 1799074 1730350 49860 18864 2231497 2064612 166885 529437 362724 166713 916204 755247 80602 80355 3263113 3138463 90435 34215 797581 25235 772346 OTHER STUDENT SERVICES 5531609 4685725 684390 161494 80895462 70081713 9735649 1078100 20124161 19932017 2738617 3187127 1138242 1202981 4007252 5322361 789810 757515 535623 861577 128692021 62335562 59555575 66356459 61528405 59875121 1597243 1460539 570818 506425 152585746 159462122 4060360 4336480 2739324 2573064 3535034 4042269 28103918 32613129 1033743 1281043 39472379 44845985 X 55297501 57555707 21951778 20200397 35864088 36860033 113113367 114616137 152585746 159462122 X 2882469 -1781211 401512 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 61542216 1023841 -69247 2601995 59894815 54149620 1237570 8697324 2542298 61542216 49649199 903253 5760891 2163723 54149620 47733137 2458268 -124407 417799 49649199 40703021 555410 8101325 1626619 47733137 0.12470 0.87530 0.00000 0 0 10709168 10709168 75125778 32351992 42773786 42857075 29983570 12873505 66356459 MONEY MARKET FUNDS & TIME DEPOSITS 518701 F MUTUAL FUNDS - FIXED INCOME 22578437 F MUTUAL FUNDS - EQUITIES 25397278 F EQUITY SECURITIES 7269633 F ALTERNATIVE INVESTMENT 4111072 F 59875121 ANNUITIES PAYABLE 44972 CONSTRUCTION COSTS PAYABLE 555478 DUE TO AGENCIES 680593 1281043 X 66715923 -1781211 -24343803 -26125014 92840937 -9063006 -9063006 83777931 65213153 9063006 9063006 56150147 24745315 24745315 80895462 PART III, LINE 4: THESE ASSETS 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 V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 541 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, 2015 AND 2014. PART XI, LINE 2D - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME -24,745,315. OTHER NON-OPERATING CHARGES ON FINANCIALS NOT ON 990 401,512. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -9,063,006. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 9,063,006. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 24,745,315. 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 COLLEGE BROCHURE USED IN RECRUITMENT PROCESS. 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. 1 ACADEMIC SCHOLARSHIPS 1347 12830336 ATHLETIC SCHOLARSHIPS 406 6605582 OTHER SCHOLARSHIPS 911 3635734 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: 1) ENROLLMENT STATUS 2) HOUSING STATUS 3) GPA 4) 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 328390 0 0 0 0 0 26000 0 8465 0 362855 0 0 0 MIKE W HARDIN VP FOR ADMINISTRATION AND FINANCE 147625 0 0 0 0 0 12420 0 28466 0 188511 0 0 0 BENJAMIN C LESLIE PROVOST AND SENIOR VICE PRESIDENT 147470 0 0 0 0 0 12420 0 15121 0 175011 0 0 0 ALLEN DOUGLAS EURY PROF OF EDUCATION; ASSOCIATE DEAN, S 175710 0 0 0 0 0 7380 0 41 0 183131 0 0 0 RALPH WILLIAM DIXON JR SENIOR VP FOR COMMUNITY RELATIONS 146626 0 0 0 0 0 11880 0 8487 0 166993 0 0 0 FELICE POLICASTRO ASSOCIATE PROFESSOR OF INTERNATIONAL 136002 0 0 0 0 0 7523 0 28466 0 171991 0 0 0 CHARLES BURCH VP FOR ATHLETICS 126866 0 0 0 0 0 10580 0 16873 0 154319 0 0 0 ANTHONY N NEGBENEBOR PROFESSOR OF ECONOMICS AND DOVER CHA 134802 0 0 0 0 0 7523 0 10831 0 153156 0 0 0 MONTE WALKER FORMER HIGHEST COMPENSATED EMPLOYEE 124836 0 0 0 0 0 5864 0 8201 0 138901 0 0 0 PART I, LINE 1A ONE EMPLOYEE HAS A COUNTRY CLUB MEMBERSHIP EXCLUSIVELY FOR BUSINESS PURPOSES, SUCH AS MEETINGS WITH FRIENDS OF THE UNIVERSITY AND DONORS. 26690 TUITION REMISSION BASED ON SAME CRITERIA AS OTHER EMPLOYEES TUITION REMISSION FOR INTERESTED PERSONS MAXWELL B HAMRICK INSURANCE PARTIAL OWNER OF MAXWELL B HAMRICK INSURANCE TERESA HUGGINS IS ON THE BOARD 772246 THE UNIVERSITY PURCHASED INSURANCE THROUGH MAXWELL B. HAMRICK INSURANCE COMPANY. ALL TRANSACTIONS WERE AT FAIR MARKET VALUE AND NEGOTITATED AT ARM'S LENGTH 0 X 7 96259 FMV X SOFTWARE 1 9690 FMV 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 DON YELTON AND ROBERT YELTON ARE BROTHERS. FORM 990, PART VI, SECTION B, LINE 11 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. FORM 990, PART XI, LINE 9: OTHER NON-OPERATING CHARGES 401,512. FORM 990, PART XI, LINE 2C THE AUDIT COMMITTEE SHALL ASSIST THE BOARD OF TRUSTEES IN FULFILLING THE OVERSIGHT RESPONSIBILITIES FOR THE FINANCIAL REPORTING PROCESS, THE SYSTEM OF INTERNAL CONTROL, THE AUDIT PROCESS, AND THE COMPANY'S PROCESS FOR MONITORING COMPLIANCE WITH LAWS AND REGULATIONS. THE AUDIT COMMITTEE ACCEPTS AUDITS ON BEHALF OF THE BOARD OF TRUSTEES AND PRESENTS AUDIT REPORTS TO THE FULL BOARD. CHARITABLE REMAINDER TRUST (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