2014-05-05T10:16:34-05:00 2013-12-31 NORMAN JOHNSON & CO PA 191 N DANIEL MORGAN AVENUE SPARTANBURG SC 29306 990 2013-01-01 237242844 SHERMAN COLLEGE OF STRAIGHT CHIROPRACTIC SHER 8645788770 PO BOX 1452 SPARTANBURG SC 29304 KAREN CANUP VP OF BUSINESS AND FINANCE 8645788770 2014-05-01 true GARY J JOHNSON CPA P00021916 8645738623 2014-05-02 2013 2015-11-30 17:44:51Z KAREN CANUP PO BOX 1452 SPARTANBURG SC 29304 9567472 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 9 189 0 400706 510080 5642374 7222804 345898 -126373 -144411 -140547 6244567 7465964 321992 469223 0 4061171 4414155 0 159682 1542064 1801422 5925227 6684800 319340 781164 12242038 12523565 2217663 1625681 10024375 10897884 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 4959491 469223 EDUCATIONAL SERVICES FOR STRAIGHT CHIROPRACTIC STUDENTS. APPROXIMATELY 250 STUDENTS SERVED ON A FULL-TIME BASIS. PROVIDED EDUCATION SCHOLARSHIPS AND DISCOUNTS TO 88 STUDENTS. VISITS TO HEALTH CENTER TOTALED 19,910. 4959491 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 28 0 189 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 JOSEPH BORIO DC BOARD TRUSTE 5.00 X 0 0 0 EDWIN CORDERO DC PRESIDENT 40.00 X 200000 0 12855 ROBERT IRWIN VP ACADEMIC 40.00 X 93750 0 19858 KAREN CANUP VP BUSINESS 40.00 X 77735 0 1483 KELLY JONES ASHCRAFT VP ENROLLMEN 40.00 X 70949 0 15532 442434 49728 1 false true false 66020 444060 510080 TUITION & FEES 611430 6948046 6948046 SALES & SERVICES 611710 133407 133407 ORGANIZED ACTIVITIES/ED DEPT 611430 102435 102435 MISCELLANEOUS 611710 38916 38916 7222804 231905 231905 1403509 70187 1320703 511271 82806 -441084 -358278 -358278 128987 269534 -140547 -140547 7465964 7222804 -266920 469223 469223 442434 164699 277735 3118542 2536166 509669 72707 563967 473594 80031 10342 289212 218427 64757 6028 49409 49409 26838 26838 11000 11000 47925 47925 285278 250288 33554 1436 28039 26939 1100 68600 47181 14410 7009 128001 66326 61675 111183 82736 27655 792 123139 58233 64185 721 1772 1619 138 15 201261 183866 15635 1760 57000 52074 4428 498 SPECIAL PROGRAMS & EVENTS 206975 177474 3734 25767 OTHER 119752 119752 SUPPLIES 67055 53040 13074 941 CONTRIBUTIONS & DUES 58037 3233 54729 75 210158 94373 84194 31591 6684800 4959491 1565627 159682 1250030 1588340 704664 599885 72354 93824 34497 87270 884550 882858 98777 94809 72338 72626 6731190 3939378 3222224 2791812 5863388 6272326 29216 29815 10000 10000 12242038 12523565 278471 178549 5876 160622 1933316 1286510 2217663 1625681 X 8535581 9327129 578777 559080 910017 1011675 10024375 10897884 12242038 12523565 781164 70272 22073 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11000 11000 6930686 6941686 497084 124271 461428 445131 441616 497084 1845259 2767889 10000 10000 10000 11000 41000 115357 111283 110404 124271 461315 691973 1000716 53344 102632 13430 8804 1134458 885433 34539 101871 13014 8113 1000716 927230 2750 -25706 10747 8094 885433 837476 8175 96991 8299 7113 927230 682127 4550 165920 10369 4752 837476 0.89180 0.10820 false false 181634 181634 2880204 1377541 1502663 2563959 2122946 441013 1105393 438891 666502 2791812 REFUNDABLE GOVERNMENT LOANS 661686 CHARITABLE GIFT ANNUITIES PAYABLE 624824 1286510 X 7815194 70272 758104 828376 6986818 479146 479146 7465964 6941685 736032 736032 6205653 479147 479147 6684800 SCHEDULE D, PAGE 2, PART V, LINE 4 SHERMAN COLLEGE OF STRAIGHT CHIROPRACTIC, INC.'S ENDOWMENT CONSISTS OF TEN INDIVIDUAL FUNDS ESTABLISHED PRIMARILY FOR SCHOLARSHIP AND OPERATING PURPOSES. ITS ENDOWMENT CONSISTS OF DONOR-RESTRICTED AND BOARD-DESIGNATED ENDOWMENT FUNDS. AS REQUIRED BY UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE OBJECTIVE OF THE COLLEGE'S ENDOWMENT SPENDING POLICY IS TO PROVIDE A STEADY, GROWING INCOME STREAM TO SUPPORT COLLEGE PROGRAMS WHILE PROVIDING SUFFICIENT REINVESTMENT TO PROTECT THE ENDOWMENT FROM INFLATION. ENDOWMENT SPENDING IS LIMITED TO FIVE (5) PERCENT OF THE THREE-YEAR MOVING AVERAGE OF THE MARKET VALUE OF ALL ENDOWMENT FUNDS DETERMINED AS OF DECEMBER 31 OF EACH YEAR. 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, 2010, 2011, AND 2012 REMAIN SUBJECT TO EXAMINATION BY THE TAXING AUTHORITIES. SCHEDULE D, PAGE 4, PART XI, LINE 2D DIRECT EXPENSES 269,533 GAIN/LOSS ON DISPOSAL OF FIXED ASSETS 488,571 SCHEDULE D, PAGE 4, PART XI, LINE 4B SCHOLARSHIPS GRANTED TO STUDENTS 469,223 INVESTMENT FEES NETTED WITH INCOME 9,923 SCHEDULE D, PAGE 4, PART XII, LINE 2D DIRECT EXPENSES 269,533 GAIN/LOSS OF DISPOSAL OF FIXED ASSETS 488,571 BAD DEBT -22,072 SCHEDULE D, PAGE 4, PART XII, LINE 4B SCHOLARSHIPS GRANTED TO STUDENTS 469,223 INVESTMENT EXPENSES NETTED WITH INCOME 9,923 BOOK / TAX DEPRECIATION DIFFERENCE 1 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 6938 OUTSTANDING STUDENT 1 500 ACADEMIC ACHIEVEMENT 1 500 FAMILY DISCOUNT 4 20579 INTERNATIONAL SCHOLARSHIP 12 177739 ALUMNI SCHOLARSHIP 1 1500 LEGACY SCHOLARSHIP 6 6600 MARRIAGE DISCOUNT 16 86020 ROAR SCHOLARSHIP 25 42000 CITIZENSHIP SCHOLARSHIP 1 300 PRESIDENT SCHOLARSHIP 11 60890 LENFEST SCHOLARSHIP 1 9999 MISCELLANEOUS 6 45768 BJ PALMER 1 500 YORK HEALTH CENTER SCHOLA 1 200 FACULTY/STAFF DISCOUNT 1 9190 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 false false false false false false false true false EDWIN CORDERO DC PRESIDENT 150000 50000 13796 212855 SCHEDULE J, PAGE 1, PART I, LINE 7 ALL WERE AWARDED 3% BONUS BASED ON THE COLLEGE MEETING CERTAIN BENCHMARKS IN ADDITION, THE PRESIDENT RECEIVED A ONE TIME PERFORMANCE BONUS. 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 269,533 GAIN/LOSS ON DISPOSAL OF FIXED ASSETS 488,571 SCHOLARSHIPS GRANTED TO STUDENTS -469,223 INVESTMENT FEES NETTED WITH INCOME -9,923 DIRECT EXPENSES -269,533 GAIN/LOSS OF DISPOSAL OF FIXED ASSETS -488,571 BAD DEBT 22,072 SCHOLARSHIPS GRANTED TO STUDENTS 469,223 INVESTMENT EXPENSES NETTED WITH INCOME 9,923 BOOK / TAX DEPRECIATION DIFFERENCE 1