2013-10-28T08:47:12-05:00 2013-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVENUE SUITE 1000 CHARLOTTE NC 28204 990 2012-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 MIKE W HARDIN 7044064282 2013-10-15 1 JANICE A RATICA P00358837 7043771678 2013-10-15 2012 2016-02-25 16:41:14Z A FRANK BONNER POST OFFICE BOX 997 BOILING SPRINGS NC 28017 87187702 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. 49 47 1592 42 134856 68031 6713345 4660178 57888464 61274508 1859788 3522225 8189865 8138221 74651462 77595132 20272735 20123476 0 0 33095005 36257557 16220 0 1263591 16100126 18760021 69484086 75141054 5167376 2454078 141807699 145371197 43671464 41526427 98136235 103844770 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 64859944 20123476 64051372 THE UNIVERSITY IS A FULLY ACCREDITED MEMBER OF THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS AND THE NC ASSOCIATION OF COLLEGES AND UNIVERSITIES. THE PRIMARY GOAL OF GWU IS TO PROVIDE EDUCATION. APPROXIMATELY 4,900 STUDENTS ARE SERVED. 64859944 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 1 0 0 1 0 0 0 0 1 0 0 0 1 201 0 1 1592 1 1 1 0 0 0 0 1 1 0 0 X 49 47 0 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 1.00 X 0 0 0 MR DENNIS R AXELSON 1.00 X 0 0 0 MR HOYT Q BAILEY 1.00 X 0 0 0 MR WES W BARKLEY 1.00 X 0 0 0 MR FRANKLIN V BEAM 1.00 X 0 0 0 MR W THOMAS BELL 1.00 X 0 0 0 DR RALPH L BENTLEY 1.00 X 0 0 0 MR DAVID C BRINKLEY 1.00 X 0 0 0 DR R ALTON CADENHEAD 1.00 X 0 0 0 MRS ADELAIDE A CRAVER 1.00 X 0 0 0 MR ROBERT CRIBB 1.00 X 0 0 0 MR GRADY S DUNCAN 1.00 X 0 0 0 MR WILLIAM M EUBANKS 1.00 X 0 0 0 MR FRED A FLOWERS 1.00 X 0 0 0 MR WILLIAM K GARY 1.00 X 0 0 0 MR GEORGE R GILLIAM 1.00 X 0 0 0 MR JOHN J GODBOLD JR 1.00 X 0 0 0 MR MAX J HAMRICK 1.00 X 0 0 0 MR RONALD W HAWKINS 1.00 X 0 0 0 DR C LORANCE HENDERSON 1.00 X 0 0 0 MR RYAN D HENDLEY 1.00 X 0 0 0 MR BILLY C HENRY JR 1.00 X 0 0 0 MRS TERESA H HUGGINS 1.00 X 0 0 0 MR MICHAEL W KASEY 1.00 X 0 0 0 MR HS KEETER JR 1.00 X 0 0 0 DR WILLIAM W LEATHERS III 1.00 X 0 0 0 MR RANDALL MARION 1.00 X 0 0 0 MRS BETTYE A MOORE 1.00 X 0 0 0 MR JAMES E ROBBINS 1.00 X 0 0 0 DR CAROLE ROBERTS-CARVAJAL 1.00 X 0 0 0 DR E HARVEY ROGERS JR 1.00 X 0 0 0 DR BOB D SHEPHERD 1.00 X 0 0 0 MR WADE R SHEPHERD 1.00 X 0 0 0 MR STEVE M SIMPSON 1.00 X 0 0 0 MR CARL M SPANGLER JR 1.00 X 0 0 0 MRS DOROTHY A SPANGLER 1.00 X 0 0 0 DR STANLEY W SPENCE 1.00 X 0 0 0 MR ANTHONY N STRANGE 1.00 X 0 0 0 MR J LINTON SUTTLE III 1.00 X 0 0 0 REVERAND TONY TENCH 1.00 X 0 0 0 MS LISA C TUCKER 1.00 X 0 0 0 DR PHILLIP E TURNER 1.00 X 0 0 0 DR THOMAS L WARREN 1.00 X 0 0 0 DR H GENE WASHBURN 1.00 X 0 0 0 MR MAURICE YORK 1.00 X 0 0 0 MR C NEAL ALEXANDER JR 1.00 X X 0 0 0 MR RONALD R BEANE 1.00 X X 0 0 0 MR THOMAS E PHILSON 1.00 X X 0 0 0 MR FRANK A STEWART 1.00 X X 0 0 0 DR A FRANK BONNER 40.00 X 317549 0 31720 MR MIKE HARDIN 40.00 X 141970 0 23437 DR BENJAMIN LESLIE 40.00 X 138220 0 23117 DR ALLEN DOUG EURY 40.00 X 172798 0 7247 DR DAVID SHELLMAN 40.00 X 159788 0 5471 MR RALPH W DIXON 40.00 X 143563 0 18288 DR ANTHONY NEGBENEBOR 40.00 X 132818 0 22981 MR MONTE WALKER 40.00 X 133625 0 22797 1340331 0 155058 21 0 1 0 RODGERS BUILDERS PO BOX 18446 CHARLOTTE NC 28218 CONSTRUCTION SERVICES 8523499 SODEXO PO BOX 536922 ATLANTA GA 30353 CAFETERIA SERVICES 3143021 K12 TEACHERS ALLIANCE 20624 ABBEY WOODS NORTH FRANKFORT IL 60423 RECRUITING SERVICES 1694856 MORRISON CONSTRUCTION PO BOX 1488 SHELBY NC 28150 CONSTRUCTION SERVICES 1532597 SISK GRADING 1199 US HIGHWAY 221-A FOREST CITY NC 28043 CONSTRUCTION SERVICES 814202 12 343206 4316972 245785 4660178 TUITION AND FEES 900099 61274508 61274508 61274508 2214799 2214799 2263262 955836 1307426 1307426 1307426 13862235 8636734 5225501 5225501 MISCELLANEOUS 532000 2912720 2777864 134856 2912720 77595132 64052372 134856 8747726 20123476 20123476 676013 676013 27894440 23696753 3469021 728666 1263928 1048321 183372 32235 4318574 3581888 626544 110142 2104602 1745588 305338 53676 241957 59008 182949 81673 81673 617406 408192 209214 1363829 966562 397267 592585 91701 500884 1675925 1608735 48747 18443 2244311 2126345 117966 418937 256647 162290 1016270 855445 91798 69027 2670685 2563613 77682 29390 825299 28187 797112 OTHER STUDENT SERVICES 7011144 5699483 1089649 222012 75141054 64859944 9017519 1263591 24005990 19600459 3534206 3046356 1541871 1645948 4266876 4150204 549722 798458 234196 343330 114686899 54751851 58454151 59935048 47082550 53668168 1602312 1614312 535825 568914 141807699 145371197 3827760 3998912 2819197 2747685 3789341 3964623 32368858 30275892 866308 539315 43671464 41526427 X 50964659 52793400 13462762 16465380 33708814 34585990 98136235 103844770 141807699 145371197 X 2454078 2648791 605666 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 49649199 903253 5760891 2163723 54149620 47733137 2458268 -124407 417799 49649199 40703021 555410 8101325 1626619 47733137 34871859 1035301 5619541 809364 40717337 38800703 1212495 -5047364 123975 34871859 0.14000 0.61000 0.25000 0 0 8837762 8837762 72772782 28357569 44415213 32836367 26394282 6442085 239988 239988 59935048 MONEY MARKET FUNDS & TIME DEPOSITS 70752 F MUTUAL FUNDS - FIXED INCOME 9378548 F MUTUAL FUNDS - EQUITIES 38658492 F EQUITY SECURITIES 1317717 F ALTERNATIVE INVESTMENT 4242659 F 53668168 ANNUITIES PAYABLE 88288 CONSTRUCTION COSTS PAYABLE 164530 DUE TO AGENCIES 286497 539315 X 69362847 2648791 -19517810 -16869019 86231866 -8636734 -8636734 77595132 63654312 8636734 8636734 55017578 20123476 20123476 75141054 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. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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 COLLEGE. THE COLLEGE 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, 2013 AND 2012. MANAGEMENT BELIEVES THE UNIVERSITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO JUNE 30, 2010. PART XI, LINE 2D - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME -20,123,476. OTHER NON-OPERATING CHARGES ON FINANCIALS NOT ON 990 605,666. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -8,636,734. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 8,636,734. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 20,123,476. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY STATEMENT IS INCLUDED IN COLLEGE BROCHURE USED IN RECRUITMENT PROCESS. EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE 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 1155 9281081 ATHLETIC SCHOLARSHIPS 402 6216005 OTHER SCHOLARSHIPS 779 3110070 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 DR A FRANK BONNER 317549 0 0 0 0 0 25120 0 6600 0 349269 0 0 0 MR MIKE HARDIN 141970 0 0 0 0 0 12000 0 11437 0 165407 0 0 0 DR BENJAMIN LESLIE 138220 0 0 0 0 0 11680 0 11437 0 161337 0 0 0 DR ALLEN DOUG EURY 172798 0 0 0 0 0 7200 0 47 0 180045 0 0 0 DR DAVID SHELLMAN 159788 0 0 0 0 0 5441 0 30 0 165259 0 0 0 MR RALPH W DIXON 143563 0 0 0 0 0 11680 0 6608 0 161851 0 0 0 DR ANTHONY NEGBENEBOR 132818 0 0 0 0 0 8496 0 14485 0 155799 0 0 0 MR MONTE WALKER 133625 0 0 0 0 0 11360 0 11437 0 156422 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 680178 THE UNIVERSITY PURCHASED INSURANCE THROUGH MAXWELL B. HAMRICK INSURANCE COMPANY. ALL TRANSACTIONS WERE AT FAIR MARKET VALUE AND NEGOTITATED AT ARM'S LENGTH 0 RANDY MARION CHEVROLET RANDY MARION IS ON THE BOARD 107227 VEHICLE SALES/SERVICE 0 X 13 233785 FMV X 1 12000 APPRAISAL 0 0 1 0 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: OTHER NON-OPERATING CHARGES 605,666. LOAN CANCELLATIONS AND LOSS PROVISION AUDIT COMMITTEE 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