2011-10-05T07:06:18-05:00 2011-06-30 CHERRY BEKAERT & HOLLAND LLP 1111 METROPOLITAN AVENUE SUITE 1000 CHARLOTTE NC 28204 990 2010-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 MIKE W HARDIN 7044064282 2011-09-29 1 JANICE A RATICA 7043771678 2011-09-29 2010 2016-03-07 17:11:31Z A FRANK BONNER POST OFFICE BOX 997 BOILING SPRINGS NC 28017 81040194 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. 45 43 1495 45 1652065 52364 10536520 8430675 46389097 53085701 5517162 3930513 7573549 8124068 70016328 73570957 17985586 19828365 0 0 27842090 29842252 32484 42865 830724 12747569 14479341 58607729 64192823 11408599 9378134 105409195 139747861 26301344 46483392 79107851 93264469 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 55383995 19828365 55742904 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 4,300 STUDENTS ARE SERVED. 55383995 1 1 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 207 0 1 1495 1 1 1 0 0 0 0 0 0 0 0 0 X 45 43 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 MR C NEAL ALEXANDER JR 1.00 X X 0 0 0 MR HOYT Q BAILEY 1.00 X 0 0 0 MR FRANKLIN V BEAM 1.00 X 0 0 0 MR RONALD R BEANE 1.00 X 0 0 0 MR W THOMAS BELL 1.00 X 0 0 0 DR JACK C BISHOP JR 1.00 X 0 0 0 MR ROBERT H BLALOCK JR 1.00 X 0 0 0 DR R ALTON CADENHEAD 1.00 X 0 0 0 MR GRADY S DUNCAN 1.00 X 0 0 0 MRS ADELAIDE A CRAVER 1.00 X 0 0 0 MR WILLIAM K GARY 1.00 X 0 0 0 MR JOHN J GODBOLD JR 1.00 X 0 0 0 MR WILLIAM M EUBANKS 1.00 X 0 0 0 MR MAX J HAMRICK 1.00 X X 0 0 0 MR RONALD W HAWKINS 1.00 X 0 0 0 MR GEORGE R GILLIAM 1.00 X 0 0 0 MR RYAN D HENDLEY 1.00 X 0 0 0 MR MICHAEL W KASEY 1.00 X 0 0 0 MR C LORANCE HENDERSON 1.00 X X 0 0 0 MS NANCY L KISTLER 1.00 X 0 0 0 DR WILLIAM W LEATHERS III 1.00 X 0 0 0 MRS BETTYE A MOORE 1.00 X 0 0 0 REVEREND MAURICE B MORROW III 1.00 X 0 0 0 MR FRANK NANNEY 1.00 X 0 0 0 MR MAILON D NICHOLS 1.00 X 0 0 0 MR JAMES E ROBBINS 1.00 X 0 0 0 MR JOHN E ROBERTS 1.00 X 0 0 0 MR THOMAS E PHILSON 1.00 X X 0 0 0 MR WADE R SHEPHERD 1.00 X 0 0 0 MRS DOROTHY A SPANGLER 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 MS LISA C TUCKER 1.00 X 0 0 0 DR THOMAS L WARREN 1.00 X 0 0 0 DR H GENE WASHBURN 1.00 X X 0 0 0 MR FRANK A STEWART 1.00 X 0 0 0 MRS MARILYN W WITHROW 1.00 X 0 0 0 MRS CANDACE J AREY 1.00 X 0 0 0 MR RALPH L BENTLEY 1.00 X 0 0 0 MR BILLY C HENRY 1.00 X 0 0 0 MR HS KEETER JR 1.00 X 0 0 0 MR RANDALL MARION 1.00 X 0 0 0 DR E HARVEY ROGERS 1.00 X 0 0 0 DR BOB D SHEPHERD 1.00 X 0 0 0 MR CARL M SPANGLER 1.00 X 0 0 0 DR A FRANK BONNER 40.00 X 305945 0 28939 MR BENJAMIN LESLIE 40.00 X 131970 0 22657 MR MIKE HARDIN 40.00 X 131970 0 22657 MR FRANK STEVE PATTON 40.00 X 189775 0 13127 MR RALPH W DIXON 40.00 X 139463 0 18008 MR ANTHONY NEGBENEBOR 40.00 X 127591 0 22674 MR RUSSELL VAN GRAHAM 40.00 X 120591 0 13913 MR ALLEN DOUG EURY 40.00 X 151262 0 5623 1298567 0 147598 11 0 1 0 SODEXO PO BOX 536922 ATLANTA GA 30353 CAFETERIA SERVICES 2637493 DAVID DRYE CONSTRUCTION LLC 175 DAVIDSON HWY CONCORD NC 28027 CONSTRUCTION SERVICES 479930 TRAVEL LYNX PO BOX 1822 SHELBY NC 28151 CHARTER BUS SERVICE 240285 CLARK COMMUNICATIONS 2 WESTSIDE DRIVE ASHEVILLE NC 28806 PRINTING SERVICES 201786 SISK GRADING INC 1199 US HWY 221A FOREST CITY NC 28043 GRADING SERVICES 183424 8 3036175 5394500 166483 8430675 TUITION AND FEES 900099 53085701 53085701 53085701 2278448 2278448 1391156 -260909 1652065 1652065 1652065 13197011 7730146 5466865 5466865 MISCELLANEOUS 532000 2657203 2657203 2657203 73570957 55742904 1652065 7745313 19828365 19828365 644138 644138 23421314 19910738 3092336 418240 1124691 930522 174623 19546 2980718 2466119 462796 51803 1671391 1382839 259505 29047 42865 42865 1359844 1303067 38386 18391 766290 638816 63771 63703 2012552 1928523 56811 27218 OTHER STUDENT SERVICES 4163554 4163554 OTHER INSTITUTIONAL SUP 2799284 2799284 OTHER INSTRUCTIONAL EXP 1979365 1979365 OTHER ACADEMIC SUPPORT 852087 852087 OTHER FUNDRAISING EXPEN 159911 159911 386454 386454 64192823 55383995 7978104 830724 3 17352412 39076331 4233080 4690522 1249203 1445730 4308713 3975460 573049 1028753 240135 187362 87115471 48090927 33975013 39024544 41154626 48154478 1658721 1600671 664243 564007 105409195 139747861 2748985 4025565 2927129 2887587 2864861 3519557 16880000 34141320 880369 1909363 26301344 46483392 X 34449484 42575529 12426507 17785924 32231860 32903016 79107851 93264469 105409195 139747861 X 9378134 4778484 X X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 40717337 514390 8164543 1648817 47747453 34871859 1035301 5619541 809364 40717337 38800703 1212495 -5047364 123975 34871859 0.13660 0.86340 0 0 7012209 7012209 57459064 32320846 25138218 19052879 15770081 3282798 3591319 3591319 39024544 MONEY MARKET FUNDS & TIME DEPOSITS 53325 F MUTUAL FUNDS 12344906 F EQUITY SECURITIES 21805419 F FIXED INCOME DEBT SECURITIES 13950828 F 48154478 ANNUITIES PAYABLE 72241 CONSTRUCTION COSTS PAYABLE 1574998 DUE TO AGENCIES 262124 1909363 73570957 64192823 9378134 4746037 32447 4778484 14156618 66251222 4746037 -19795918 -15049881 81301103 -7730146 -7730146 73570957 52094604 7730146 7730146 44364458 19828365 19828365 64192823 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 509 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: IN ACCORDANCE WITH GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, THE UNIVERSITY'S POLICY IS TO RECORD A LIABILITY FOR ANY TAX POSITION TAKEN THAT IS BENEFICIAL TO THE UNIVERSITY, INCLUDING ANY RELATED INTEREST AND PENALTIES, WHEN IT IS MORE LIKELY THAN NOT THE POSITION TAKEN BY MANAGEMENT WITH RESPECT TO A TRANSACTION OR CLASS OF TRANSACTIONS WILL BE OVERTURNED BY A TAXING AUTHORITY UPON EXAMINATION. MANAGEMENT BELIEVES THERE ARE NO SUCH POSITIONS AS OF JUNE 30, 2011 AND 2010 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN SWAP VALUATION 185,210. OTHER NON-OPERATING CHARGES -152,763. LOAN CANCELLATIONS AND LOSS PROVISION PART XII, LINE 2D - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME -19,828,365. CHANGE IN SWAP VALUATION 185,210. OTHER NON-OPERATING CHARGES ON FINANCIALS NOT ON 990 -152,763. PART XII, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -7,730,146. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 7,730,146. PART XIII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 19,828,365. 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. X X X X X 1 CORPORATE DEVELOPMINT 49 CALHOUN STREET STE C CHARLESTON SC 29401 FUNDRAISING CONSULTANTS 0 0 42865 0 42865 NC SC 1 ACADEMIC SCHOLARSHIPS 1137 6958541 ATHLETIC SCHOLARSHIPS 417 5866145 OTHER SCHOLARSHIPS 823 3091873 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 305945 0 0 0 0 0 22331 0 6608 0 334884 0 0 0 MR BENJAMIN LESLIE 131970 0 0 0 0 0 11220 0 11437 0 154627 0 0 0 MR MIKE HARDIN 131970 0 0 0 0 0 11220 0 11437 0 154627 0 0 0 MR FRANK STEVE PATTON 189775 0 0 0 0 0 6519 0 6608 0 202902 0 0 0 MR RALPH W DIXON 139463 0 0 0 0 0 11400 0 6608 0 157471 0 0 0 MR ANTHONY NEGBENEBOR 127591 0 0 0 0 0 8189 0 14485 0 150265 0 0 0 MR ALLEN DOUG EURY 151262 0 0 0 0 0 5576 0 47 0 156885 0 0 0 PART I, LINE 1A THREE KEY EMPLOYEES HAVE COUNTRY CLUB MEMBERSHIPS EXCLUSIVELY FOR BUSINESS PURPOSES, SUCH AS MEETINGS WITH FRIENDS OF THE UNIVERSITY AND DONORS. SUPPLEMENTAL INFORMATION PART III THE UNIVERSITY HAS AN EMPLOYEE (BENJAMIN LESLIE) WHO RECEIVED A HOUSING ALLOWANCE FOR PART OF THE 2010 CALENDAR YEAR. HE IS AN ORDAINED MINISTER. HIS WAGES ARE NOT SUBJECT TO FICA TAX, THEREFORE BOX 5 OF THE W-2 IS ZERO. IN ORDER TO BE CONSISTENT WITH REPORTING, THE UNIVERSITY DETERMINED WHAT BOX 5 OF THE W-2 WOULD HAVE BEEN IF HE DID NOT RECEIVE A HOUSING ALLOWANCE AND REPORTED THOSE WAGES. THE COMPENSATION OF FRANK STEVE PATTON INCLUDES A CONTRACT SETTLEMENT PAYMENT. KEETER FORD OWNER OF KEETER FORD, H.S. KEETER, JR. IS ON THE BOARD OF TRUSTEES 129500 THE UNIVERSITY PURCHASED 6 VEHICLES FROM KEETER FORD AND VARIOUS REPAIRS & MAINTENANCE WERE PERFORMED THROUGHOUT THE YEAR. ALL TRANSACTIONS WERE AT FAIR MARKET VALUE AND NEGOTIATED AT ARM'S LENGTH. 0 RANDY MARION CHEVROLET OWNER OF RANDY MARION CHEVROLET, RANDALL MARION IS ON THE BOARD OF TRUSTEES 120282 THE UNIVERSITY PURCHASED 6 VEHICLES FROM RANDY MARION CHEVROLET AND VARIOUS REPAIRS & MAINTENANCE WERE PERFORMED THROUGHOUT THE YEAR. ALL TRANSACTIONS WERE AT FAIR MARKET VALUE AND NEGOTIATED AT ARM'S LENGTH. 0 X 15 123287 FMV X SCIENCE EQUIPMENT 3 62950 APPRAISALS & RETAIL COST 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 5: NET UNREALIZED GAINS ON INVESTMENTS: 4,746,037. CHANGE IN SWAP VALUATION 185,210. OTHER NON-OPERATING CHARGES -152,763. LOAN CANCELLATIONS AND LOSS PROVISION TOTAL TO FORM 990, PART XI, LINE 5: 4,778,484. 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.