2014-10-30T10:01:59-05:00 2014-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2013-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 MIKE W HARDIN VP ADMINISTRATION/FINANCE 7044064282 2014-10-23 1 JANICE A RATICA P00358837 7043771678 2013 2015-11-30 17:44:51Z A FRANK BONNER POST OFFICE BOX 997 BOILING SPRINGS NC 28017 92040024 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. 48 47 1642 0 138922 65991 4660178 4178604 61274508 63446446 3522225 7487874 8138221 8438773 77595132 83551697 20123476 22006155 0 0 36257557 36710798 0 0 1190215 18760021 18746889 75141054 77463842 2454078 6087855 145371197 152585746 41526427 39472379 103844770 113113367 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 44555350 63446446 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 2013-2014. TUITION AND FEE REVENUE IS USED TO PROVIDE SALARIES FOR FACULTY AND STAFF TO PROVIDE TEACHING AND SUPPORT SERVICES TO STUDENTS. 22006155 22006155 2560210 THE UNIVERSITY AWARDED APPROXIMATELY $21M IN UNIVERSITY GRANTS DURING THE '13-14 YEAR. 66561505 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 0 0 0 1 1 0 0 0 0 1 0 0 0 1 171 0 1 1642 1 1 1 0 0 0 0 1 1 1 1 0 0 0 X 48 47 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 MRS CANDACE J AREY TRUSTEE 1.00 X 0 0 0 MR DENNIS R AXELSON CHAIR, DEVELOPMENT COMMITTEE TRUSTEE 1.00 X 0 0 0 MR HOYT Q BAILEY TRUSTEE 1.00 X 0 0 0 MR WES W BARKLEY TRUSTEE 1.00 X 0 0 0 MR FRANKLIN V BEAM CHAIR, INTERCOLLEGIATE ATHLETICS COMMITTEE 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 COMMITTEE 1.00 X 0 0 0 MRS ADELAIDE A CRAVER TRUSTEE 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 M EUBANKS TRUSTEE 1.00 X 0 0 0 MR FRED A FLOWERS UNIVERSITY ATTORNEY - NON-VOTING 1.00 X 0 0 0 MR WILLIAM K GARY CHAIR, ENROLLMENT MANAGEMENT COMMITTEE 1.00 X 0 0 0 MR GEORGE R GILLIAM CHAIR, STUDENT DEVELOPMENT COMMITTEE 1.00 X 0 0 0 MR JOHN J GODBOLD JR TREASURER, CHAIR, DEVELOPMENT COMMITTEE 1.00 X 0 0 0 MR MAX J HAMRICK CHAIR, FINANCIAL AFFAIRS COMMITTEE 1.00 X 0 0 0 MR RONALD W HAWKINS CHAIR, FINANCIAL AFFAIRS COMMITTEE 1.00 X 0 0 0 DR C LORANCE HENDERSON IMMEDIATE PAST CHAIR 1.00 X 0 0 0 MR RYAN D HENDLEY TRUSTEE 1.00 X 0 0 0 MR BILLY C HENRY JR CHAIR, AUDIT COMMITTEE 1.00 X 0 0 0 MRS TERESA H HUGGINS TRUSTEE 1.00 X 0 0 0 MR MICHAEL W KASEY TRUSTEE 1.00 X 0 0 0 MR HS KEETER JR TRUSTEE 1.00 X 0 0 0 DR WILLIAM W LEATHERS III CHAIR, DIVINITY SCHOOL COMMITTEE 1.00 X 0 0 0 MR RANDALL MARION TRUSTEE 1.00 X 0 0 0 MR SAM H MCMAHON JR TRUSTEE 1.00 X 0 0 0 MRS BETTYE A MOORE EX OFFICER ALUMNUS MEMBER 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 DR BOB D SHEPHERD TRUSTEE 1.00 X 0 0 0 MR WADE R 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 MRS DOROTHY A SPANGLER TRUSTEE 1.00 X 0 0 0 DR STANLEY W SPENCE CHAIR, ENROLLMENT MANAGEMENT COMMITTEE 1.00 X 0 0 0 MR J LINTON SUTTLE III CHAIR, MEMBERSHIP COMMITTEE 1.00 X 0 0 0 REV TONY TENCH TRUSTEE 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 CHAIR, MEMBERSHIP COMMITTEE 1.00 X 0 0 0 MR MAURICE YORK TRUSTEE 1.00 X 0 0 0 MR C NEAL ALEXANDER JR CHAIR 1.00 X X 0 0 0 MR FRANK A STEWART BOARD VICE CHAIR 1.00 X X 0 0 0 MR THOMAS E PHILSON TREASURER 1.00 X X 0 0 0 MR RONALD R BEANE SECRETARY/ CHAIR, EDUCATION 1.00 X X 0 0 0 ARNOLD FRANK BONNER PRESIDENT 40.00 X 326791 0 32608 MIKE W HARDIN VP FOR ADMINISTRATION AND FINANCE 40.00 X 147908 0 23865 BENJAMIN C LESLIE PROVOST AND SENIOR VICE PRESIDENT 40.00 X 148276 0 23865 ALLEN DOUGLAS EURY PROF OF EDUCATION; ASSOCIATE DEAN, SCHOOL OF EDUCA 40.00 X 177838 0 7435 SYDNEY BROWN ASSOCIATE PROFESSOR OF EDUCATION 40.00 X 157133 0 19093 RALPH WILLIAM DIXON JR SENIOR VP FOR COMMUNITY RELATIONS 40.00 X 146771 0 18496 FELICE POLICASTRO ASSOCIATE PROFESSOR OF INTERNATIONAL BUSINESS; DIR 40.00 X 140153 0 20042 MONTE WALKER VICE PRESIDENT FOR ADVANCEMENT 40.00 X 138568 0 23173 1383438 0 168577 35 0 1 0 SODEXO PO BOX 536922 ATLANTA GA 30353 CAFETERIA SERVICES 3490019 K12 TEACHERS ALLIANCE 20624 ABBEY WOODS COURT NORTH FRANKFORT IL 60423 RECRUITING SERVICES 2381440 MORRISON CONSTRUCTION PO BOX 1488 SHELBY NC 28150 CONSTRUCTION SERVICES 267163 VISION POINT MARKETING 2443 LYNN ROAD SUITE 108 RALEIGH NC 27612 CONSULTING SERVICES 216418 NOEL -LEVITZ 2350 OAKDALE BLVD CORALVILLE IA 52241 RECRUITING SERVICES 212856 9 345730 3832874 104051 4178604 TUITION AND FEES 900099 63446446 63446446 63446446 2446508 -66 2446574 5041366 0 5041366 5041366 5041366 14227902 8488327 5739575 5739575 MISCELLANEOUS 532000 2699198 2560210 138988 2699198 83551697 66006656 138922 13227515 22006155 22006155 703313 703313 28944291 23882394 4367147 694750 1348909 1113710 202801 32398 3676715 3035633 552774 88308 2037570 1682294 306337 48939 361595 152802 208793 123733 123733 809534 554006 255528 1374688 991595 383093 575890 70512 505378 1693646 1628949 46938 17759 1941537 1785439 156098 499341 331178 168163 975988 803794 86183 86011 3138920 3019014 86993 32913 876546 130306 746240 OTHER STUDENT SERVICES 6375471 5373724 812610 189137 77463842 66561505 9712122 1190215 19600459 20124161 3046356 2738617 1645948 1138242 4150204 4007252 798458 789810 343330 535623 118283965 58728390 59935048 59555575 53668168 61528405 1614312 1597243 568914 570818 145371197 152585746 3998912 4060360 2747685 2739324 3964623 3535034 30275892 28103918 539315 1033743 41526427 39472379 X 52793400 55297501 16465380 21951778 34585990 35864088 103844770 113113367 145371197 152585746 X 6087855 1620148 1560594 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 54149620 1237570 8697324 2542298 61542216 49649199 903253 5760891 2163723 54149620 47733137 2458268 -124407 417799 49649199 40703021 555410 8101325 1626619 47733137 34871859 1035301 5619541 809364 40717337 0.13000 0.87000 0.00000 0 0 9283596 9283596 75048564 30462299 44586265 33951805 28266091 5685714 59555575 MONEY MARKET FUNDS & TIME DEPOSITS 51567 F MUTUAL FUNDS - FIXED INCOME 14804319 F MUTUAL FUNDS - EQUITIES 34462107 F EQUITY SECURITIES 6435307 F ALTERNATIVE INVESTMENT 5775105 F 61528405 ANNUITIES PAYABLE 67664 CONSTRUCTION COSTS PAYABLE 364938 DUE TO AGENCIES 601141 1033743 X 73214611 1620148 -20445561 -18825413 92040024 -8488327 -8488327 83551697 63946014 8488327 8488327 55457687 22006155 22006155 77463842 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 535 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: 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, 2014 AND 2013. MANAGEMENT BELIEVES THE UNIVERSITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO JUNE 30, 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME -22,006,155. OTHER NON-OPERATING CHARGES ON FINANCIALS NOT ON 990 1,560,594. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -8,488,327. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 8,488,327. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 22,006,155. 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 1219 11134854 ATHLETIC SCHOLARSHIPS 395 6429866 OTHER SCHOLARSHIPS 733 2825180 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 326791 0 0 0 0 0 26000 0 6608 0 359399 0 0 0 MIKE W HARDIN VP FOR ADMINISTRATION AND FINANCE 147908 0 0 0 0 0 12420 0 11445 0 171773 0 0 0 BENJAMIN C LESLIE PROVOST AND SENIOR VICE PRESIDENT 148276 0 0 0 0 0 12420 0 11445 0 172141 0 0 0 ALLEN DOUGLAS EURY PROF OF EDUCATION; ASSOCIATE DEAN, S 177838 0 0 0 0 0 7380 0 55 0 185273 0 0 0 SYDNEY BROWN ASSOCIATE PROFESSOR OF EDUCATION 157133 0 0 0 0 0 4600 0 14493 0 176226 0 0 0 RALPH WILLIAM DIXON JR SENIOR VP FOR COMMUNITY RELATIONS 146771 0 0 0 0 0 11880 0 6616 0 165267 0 0 0 FELICE POLICASTRO ASSOCIATE PROFESSOR OF INTERNATIONAL 140153 0 0 0 0 0 8597 0 11445 0 160195 0 0 0 MONTE WALKER VICE PRESIDENT FOR ADVANCEMENT 138568 0 0 0 0 0 11728 0 11445 0 161741 0 0 0 PART I, LINE 1A ONE KEY EMPLOYEE HAS A COUNTRY CLUB MEMBERSHIP EXCLUSIVELY FOR BUSINESS PURPOSES, SUCH AS MEETINGS WITH FRIENDS OF THE UNIVERSITY AND DONORS. MAXWELL B HAMRICK INSURANCE PARTIAL OWNER OF MAXWELL B HAMRICK INSURANCE TERESA HUGGINS IS ON THE BOARD 746450 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 12 78600 FMV X SOFTWARE 1 13176 FMV X PIANO 1 12275 FMV 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 CARL M. SPANGLER JR. AND DOROTHY A. SPANGLER ARE SIBLINGS. 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 1,560,594. LOAN CANCELLATIONS AND LOSS PROVISION 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