2026-05-14T12:05:23-05:00 2025-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2024-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 R THOMAS WELCH VP, BUSINESS & FINANCE 7044064282 2026-05-12 1 0 MELANIE MCPEAK P01346034 7043771678 2024 2025-03-06 01:10:19Z NATHANIEL EVANS POST OFFICE BOX 997 BOILING SPRINGS NC 28017 107877509 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. 16 16 1241 21 4989 2304 11582345 7262999 87256283 90972421 2719543 9191860 313286 287116 101871457 107714396 32337644 35604236 0 0 34882227 34667991 0 0 874743 32641283 33086387 99861154 103358614 2010303 4355782 166069640 167560889 32016943 30715070 134052697 136845819 THE UNIVERSITY STATEMENT OF VALUES CONSISTS OF CHRISTIAN HERITAGE, BAPTIST HERITAGE, ACADEMIC EXCELLENCE, LIBERAL ARTS, TEAMWORK, A STUDENT-CENTERED FOCUS, COMMUNITY ENGAGEMENT AND DIVERSITY. 0 0 91765849 35604236 91254548 THE PRIMARY GOAL OF GARDNER-WEBB UNIVERSITY IS TO PROVIDE EDUCATION TO STUDENTS. THE UNIVERSITY OFFERS UNDERGRADUATE, GRADUATE, AND DOCTORAL DEGREES. THE UNIVERSITY ENROLLED APPROXIMATELY 3,000 STUDENTS DURING 2024-2025 AND AWARDED APPROXIMATELY $32M IN SCHOLARSHIPS AND TUITION ASSISTANCE. 91765849 1 1 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 205 0 1 1241 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X R THOMAS WELCH 7044064282 100 S MAIN STREET/WEBB HALL BOILING SPRINGS NC 28017 GARY H SMITH CHAIR (THRU 12/2024) 1.00 0.00 X X 0 0 0 LAMONT LITTLEJOHN CHAIR (AS OF 1/2025) 1.00 0.00 X X 0 0 0 LISA TUCKER TREASURER (THRU 12/2024) 1.00 0.00 X X 0 0 0 TOM BELL SECRETARY (AS OF 1/2025) 1.00 0.00 X X 0 0 0 DAVID BRINKLEY VICE CHAIR (AS OF 1/2025) 1.00 0.00 X X 0 0 0 ED COOK TRUSTEE 1.00 0.00 X 0 0 0 VERHONDA CRAWFORD TRUSTEE 1.00 0.00 X 0 0 0 BILL ELLIS TRUSTEE 1.00 0.00 X 0 0 0 CHRIS GASH TRUSTEE 1.00 0.00 X 0 0 0 TERESA HAMRICK HUGGINS TRUSTEE (THRU 12/2024) 1.00 0.00 X 0 0 0 DELAINA ADAMS JONES TRUSTEE (THRU 12/2024) 1.00 0.00 X 0 0 0 JESSE SPRINKLE TREASURER (AS OF 1/2025) 1.00 0.00 X X 0 0 0 JOHN TEETER TRUSTEE (THRU 12/2024) 1.00 0.00 X 0 0 0 JENSEN TURNER TRUSTEE 1.00 0.00 X 0 0 0 PHILIP TURNER TRUSTEE 1.00 0.00 X 0 0 0 ARCHIE WOOD TRUSTEE 1.00 0.00 X 0 0 0 REV RAY HARDEE TRUSTEE (AS OF 1/2025) 1.00 0.00 X 0 0 0 DR ASHLEY LOWERY TRUSTEE (AS OF 1/2025) 1.00 0.00 X 0 0 0 CINDY PUTNAM-EVANS TRUSTEE (AS OF 1/2025) 1.00 0.00 X 0 0 0 REV JOHNNY SEARIGHT TRUSTEE (AS OF 1/2025) 1.00 0.00 X 0 0 0 LINDA SHELTON TRUSTEE (AS OF 1/2025) 1.00 0.00 X 0 0 0 WILLIAM M DOWNS PRESIDENT (THRU 2/2025) 40.00 0.00 X 492372 0 71956 KAREN AUBREY PROVOST 40.00 0.00 X 201570 0 12157 MICHAEL WHITEMAN VP FOR BUSINESS AND FINANCE 40.00 0.00 X 174562 0 37840 DEAN CLARK VP FOR ENROLLMENT 40.00 0.00 X 158227 0 19484 ANDREW GOODRICH VP FOR ATHLETICS 40.00 0.00 X 198264 0 28466 PRINCE HYCY BULL PROFESSOR 40.00 0.00 X 194276 0 9582 CHRISTOPHER REISERT FOOTBALL COACH 40.00 0.00 X 187242 0 35954 NATHANIEL EVANS VP, ADVANCEMENT/INTERIM PRESIDENT 40.00 0.00 X 161223 0 23341 1767736 0 238780 39 0 1 0 ARAMARK PO BOX 978839 DALLAS TX 75397 CAFETERIA SERVICES 6770601 K12 TEACHERS ALLIANCE 20624 ABBEY WOODS COURT NORTH FRANKFORT IL 60423 RECRUITING SERVICES 1418250 BARNES & NOBLE PO BOX 713660 PHILADELPHIA PA 19171 BOOKSTORE 1329845 PALMETTO ROOFING SPECIALTIES 146 WALNUT LN STE A TRAVELERS REST SC 29690 GENERAL CONTRACTOR 830316 EAB PO BOX 603519 CHARLOTTE NC 28260 CONSULTING SERVICES 441449 15 1313233 5949766 381344 7262999 TUITION AND FEES 611310 67634936 67634936 ROOM AND BOARD 611310 16737487 16737487 OTHER AUXILIARY SERVICES 611310 4942609 4942609 BOOKSTORE 611310 1466882 1466882 STUDENT LOAN INTEREST AND FEES 611310 190507 190507 90972421 1925657 1925657 21966 16977 4989 4989 4989 6848474 563865 0 146136 6848474 417729 7266203 7266203 REBATES 900099 282127 282127 282127 107714396 91254548 4989 9191860 35604236 35604236 720302 720302 26359010 22540020 3369419 449571 1070096 914983 136863 18250 4590376 3854432 659066 76878 1928207 1608387 287740 32080 16841 16841 125074 125074 305118 305118 245763 67361 178402 1686286 669174 1017112 912254 692397 219857 1232026 49738 1182288 2832994 2776129 39274 17591 2298066 2166330 131736 1169472 607070 562402 817149 685744 65758 65647 4916541 4817854 68159 30528 986589 52599 933990 OTHER STUDENT SERVICES 15542214 14659395 698621 184198 103358614 91765849 10718022 874743 6505 6505 13008456 13844115 6590159 6362623 2461070 1068644 7018 6379 1020197 981192 161998518 102302408 62207071 59696110 60615856 65328013 15764412 15219242 1895928 2217084 2492968 2830982 166069640 167560889 3466279 5014087 8991363 8590394 18028475 16422319 112618 115036 1418208 573234 32016943 30715070 X 56734497 55449743 77318200 81396076 134052697 136845819 166069640 167560889 X 4355782 -1536335 -26325 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 0 1 X 77189675 736216 6663507 3249504 81339894 70682695 1408722 7954776 2856518 77189675 67303055 1835465 4198647 2654472 70682695 75886981 1408802 -7027413 2965315 67303055 61459999 1769562 15048648 2391228 75886981 0.08810 0.61560 0.29630 0 0 1038203 3900075 4938278 124648993 72593624 52055369 30819197 28233033 2586164 1592050 1475751 116299 59696110 PARTNERSHIPS/HEDGE FUNDS 15219242 F 15219242 ANNUITIES PAYABLE 209666 CONSTRUCTION COSTS PAYABLE 9002 DUE TO OTHER AGENCIES 294484 FINANCIAL LEASE OBLIGATION 60082 573234 X 70283237 -1536335 -1536335 71819572 305118 35589706 35894824 107714396 67490115 16978 16978 67473137 305118 35580359 35885477 103358614 PART III, LINE 4: COLLECTIBLES 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 IV, LINE 2B: THE UNIVERSITY HOLDS FUNDS IN A CUSTODIAL CAPACITY FOR STUDENT ORGANIZATIONS AND CLUBS. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 550 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. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. 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, 2025 OR 2024. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 35,580,358. RENTAL EXPENSES 26,325. ANNUITY PRESENT VALUE ADJUSTMENT -15,705. PRIOR PERIOD ADJUSTMENTS -1,272. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 16,978. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 35,580,359. 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 NON-DISCRIMINATORY POLICY STATEMENT IS INCLUDED IN THE ACADEMIC CATALOG WHICH CAN BE FOUND ON THE GARDNER-WEBB UNIVERSITY WEBSITE. 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. OTHER GOVERNMENTAL GRANTS: THE UNIVERSITY CLAIMED $3,243,770 IN GRANT FUNDING FROM THE EMPLOYEE RETENTION CREDIT ("ERC") THROUGH THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT, WHICH IS INCLUDED IN GOVERNMENTAL GRANTS ON THE STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED JUNE 30, 2025 AND 2024. THE AMOUNT OF $5,588,371 WAS OUTSTANDING AND INCLUDED ON THE STATEMENTS OF FINANCIAL POSITION WITHIN GOVERNMENTAL RECEIVABLES AS OF JUNE 30, 2025 AND 2024. THE FUNDING WAS SUBSEQUENTLY RECEIVED ON JULY 21, 2025. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 8002988 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 1505509 0 0 0 0 0 0 9508497 0 9508497 1 0 1 1 1 0 PART I, LINE 3: THE AMOUNT REPORTED IN COLUMN (F) REPRESENTS THE FAIR MARKET VALUE OF THE ORGANIZATION'S FOREIGN INVESTMENTS AS OF THE END OF THE FISCAL YEAR. 1 ACADEMIC SCHOLARSHIPS 1251 16554865 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS ATHLETIC SCHOLARSHIPS 448 10132835 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS FUNDED STUDENT AID 118 2169865 OTHER SCHOLARSHIPS 1347 6746671 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS 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: ENROLLMENT STATUS, HOUSING STATUS, GPA AND MAINTAINING SATISFACTORY ACADEMIC PROGRESS IN ACCORDANCE WITH THE UNIVERSITY'S POLICY. HEERF EMERGENCY FINANCIAL AID GRANTS TO STUDENTS WERE DISTRIBUTED TO ALL ELIGIBLE ENROLLED UNDERGRADUATE STUDENTS TO ASSIST WITH EMERGENCY COSTS THAT MAY HAVE ARISEN DUE TO THE CORONAVIRUS. IN ORDER TO PRIORITIZE STUDENTS WITH EXCEPTIONAL NEED, AS DIRECTED BY THE DEPARTMENT OF EDUCATION, AN AWARDING MATRIX BASED ON PELL GRANT ELIGIBILITY WAS DEVELOPED. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 WILLIAM M DOWNS PRESIDENT (THRU 2/2025) 492372 0 0 0 0 0 20700 0 51256 0 564328 0 0 0 ANDREW GOODRICH VP FOR ATHLETICS 198264 0 0 0 0 0 12210 0 16256 0 226730 0 0 0 CHRISTOPHER REISERT FOOTBALL COACH 187242 0 0 0 0 0 10175 0 25779 0 223196 0 0 0 KAREN AUBREY PROVOST 201570 0 0 0 0 0 12094 0 63 0 213727 0 0 0 MICHAEL WHITEMAN VP FOR BUSINESS AND FINANCE 174562 0 0 0 0 0 11310 0 26530 0 212402 0 0 0 PRINCE HYCY BULL PROFESSOR 194276 0 0 0 0 0 9519 0 63 0 203858 0 0 0 NATHANIEL EVANS VP, ADVANCEMENT/INTERIM PRESIDENT 161223 0 0 0 0 0 9730 0 13611 0 184564 0 0 0 DEAN CLARK VP FOR ENROLLMENT 158227 0 0 0 0 0 9623 0 9861 0 177711 0 0 0 PART I, LINE 1A THE PRESIDENT AND VP & DIRECTOR OF ATHLETICS HAVE A COUNTRY CLUB MEMBERSHIP EXCLUSIVELY FOR BUSINESS PURPOSES, SUCH AS MEETINGS WITH FRIENDS OF THE UNIVERSITY. THEREFORE, THE VALUE OF THE MEMBERSHIP HAS NOT BEEN TREATED AS A TAXABLE BENEFIT. THE PRESIDENT IS GIVEN A HOUSING ALLOWANCE TOTALING $35,000 ANNUALLY. THE HOUSING IS GIVEN FOR THE CONVENIENCE OF THE UNIVERSITY, AND HAS THEREFORE NOT BEEN TREATED AS A TAXABLE BENEFIT. A PUBLIC FINANCE AUTHORITY 560529972 74443DFJ5 2018-12-19 24757413 REFINANCE TWO BANK LOANS 0 0 0 A 8360000 24797108 2441500 485005 21870603 2016 0 0 1 1 A 0 0 0 0 0 0 0 A 0 1 0 0 0 0 0 0 1 A 1 SCHEDULE K, PART II, LINE 3, TOTAL PROCEEDS OF ISSUE: THE TOTAL PROCEEDS OF ISSUE SHOWN IN PART II IS HIGHER THAN THE ISSUE PRICE REPORTED IN PART I DUE TO INVESTMENT EARNINGS ON THE RESERVE FUND. MAXWELL B HAMRICK INSURANCE MS. HUGGINS IS A CO-OWNER OF THE INSURANCE COMPANY USED BY THE UNIVERSITY. 975012 MS. HUGGINS IS A UNIVERSITY TRUSTEE AND CO-OWNER OF HAMRICK INSURANCE. TRANSACTIONS BETWEEN THE UNIVERSITY AND HAMRICK INSURANCE ARE AT ARM'S LENGTH AND REPRESENT PAYMENTS FOR INSURANCE COVERAGE FOR THE UNIVERSITY. PAYMENTS ARE MADE FOR INSURANCE COVERAGE ONLY. 0 X 9692 FMV PER ABE BOOKS X 12 371652 FMV 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE CONTROLLER, ASSOCIATE VICE-PRESIDENT AND VICE PRESIDENT OF FINANCE AND ADMINISTARTION REVIEW THE 990 BEFORE IT IS FILING. A DRAFT COPY OF THE 990 IS UPLOADED TO OUR BOARD PORTAL AND MEMBERS ARE NOTIFIED TO REVIEW THE 990 AND PROVIDE ANY COMMENTS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE EXECUTIVE ASSISTANT TO THE PRESIDENT ALONG WITH ASSISTANCE FROM GARDNER-WEBB'S LEGAL TEAM SENDS A QUESTIONNAIRE, REVIEWS RETURNED QUESTIONNAIRES FOR CONFLICTS, THEN FOLLOWS UP WITH THE APPROPRIATE PERSON ACCORDINGLY. 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: ANNUITY PRESENT VALUE ADJUSTMENT -26,325. CHARITABLE REMAINDER TRUSTS (19) 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