2024-05-13T09:50:11-05:00 2023-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2022-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 ROBIN HAMRICK ASSOC VP OF BUSINESS & FINANCE 7044064282 2024-05-08 1 ROBIN HAMRICK 999009999 1 AMY DOSIK P00890743 7043771678 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z WILLIAM M DOWNS POST OFFICE BOX 997 BOILING SPRINGS NC 28017 102572528 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. 28 28 1433 39 3841 1341 9714371 11076188 87366733 86662876 6018628 -393636 35800 3841 103135532 97349269 34350831 30895449 0 0 35641099 35545271 0 0 1124895 28827860 32845516 98819790 99286236 4315742 -1936967 153582895 154233950 30653260 28240683 122929635 125993267 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 86484938 30895449 86662876 THE PRIMARY GOAL OF GARDNER-WEBB UNIVERSITY IS TO PROVIDE EDUCATION TO STUDENTS. THE UNIVERSITY OFFERS UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREES. THE UNIVERSITY ENROLLED 3,144 STUDENTS DURING 2022-2023 AND AWARDED APPROXIMATELY $31M IN SCHOLARSHIPS AND TUITION ASSISTANCE. 86484938 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 1 0 0 0 1 0 0 0 1 187 0 1 1433 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 28 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X ROBIN HAMRICK 7044063996 100 S MAIN STREET/WEBB HALL BOILING SPRINGS NC 28017 GARY H SMITH CHAIR 1.00 X X 0 0 0 LAMONT LITTLEJOHN VICE-CHAIR 1.00 X X 0 0 0 CHRIS WELCH SECRETARY 1.00 X X 0 0 0 LISA TUCKER TREASURER 1.00 X X 0 0 0 JENNIFER MARION MILLS TRUSTEE 1.00 X 0 0 0 RONALD BEANE TRUSTEE 1.00 X 0 0 0 TOM BELL TRUSTEE 1.00 X 0 0 0 RALPH BENTLEY TRUSTEE 1.00 X 0 0 0 DAVID BRINKLEY TRUSTEE 1.00 X 0 0 0 ED COOK TRUSTEE 1.00 X 0 0 0 VERHONDA CRAWFORD TRUSTEE 1.00 X 0 0 0 BILL ELLIS TRUSTEE 1.00 X 0 0 0 CHRIS GASH TRUSTEE 1.00 X 0 0 0 GEORGE GILLIAM TRUSTEE 1.00 X 0 0 0 KITTY HOYLE TRUSTEE 1.00 X 0 0 0 TERESA HAMRICK HUGGINS TRUSTEE 1.00 X 0 0 0 DELAINA ADAMS JONES TRUSTEE 1.00 X 0 0 0 ASHLEY LOWERY TRUSTEE 1.00 X 0 0 0 RANDY MARION TRUSTEE 1.00 X 0 0 0 TONY ROBBINS TRUSTEE 1.00 X 0 0 0 DAVID ROYSTER TRUSTEE 1.00 X 0 0 0 STEVE SIMPSON TRUSTEE 1.00 X 0 0 0 JESSE SPRINKLE TRUSTEE 1.00 X 0 0 0 JOHN TEETER TRUSTEE 1.00 X 0 0 0 JENSEN TURNER TRUSTEE 1.00 X 0 0 0 PHILIP TURNER TRUSTEE 1.00 X 0 0 0 TOM WATSON TRUSTEE 1.00 X 0 0 0 ARCHIE WOOD TRUSTEE 1.00 X 0 0 0 WILLIAM M DOWNS PRESIDENT 40.00 X 433746 0 33892 TIMOTHY SHUEY VP FOR FINANCE & ADMIN TO NOV '22 40.00 X 143186 0 26740 KAREN AUBREY D'AMBROGI PROVOST FROM MARCH 22 40.00 X 153038 0 7863 JAMES CRAFT HEAD BASKETBALL COACH 40.00 X 185208 0 31871 PRINCE BULL PROFESSOR/DEAN, SCHOOL OF EDUCATION 40.00 X 179564 0 7139 TRE LAMB HEAD FOOTBALL COACH 40.00 X 171044 0 27561 NATHANIEL EVANS VICE PRESIDENT FOR ADVANCEMENT 40.00 X 182043 0 21442 AMI STEELE PA PROGRAM DIRECTOR 40.00 X 158379 0 8471 1606208 0 164979 39 0 1 0 ARAMARK PO BOX 978839 DALLAS TX 75397 CAFETERIA SERVICES 3473091 SODEXO PO BOX 536922 ATLANTA GA 30353 CAFETERIA SERVICES 1491996 K12 TEACHERS ALLIANCE 20624 ABBEY WOODS COURT NORTH FRANKFORT IL 60423 RECRUITING SERVICES 1474045 EAB PO BOX 603519 CHARLOTTE NC 28260 CONSULTING SERVICES 527672 ATRIUM HEALTH CENTER FOR ADVANCE PRACTIC 400 GOLF ACRES DR BLDG J SUITE A CHARLOTTE NC 28260 MEDICAL SERVICES 357005 10 6288022 4788166 265418 11076188 TUITION AND FEES 900099 63485300 63485300 ROOM AND BOARD 900099 15751970 15751970 OTHER AUXILIARY SERVICES 900099 5692972 5692972 BOOKSTORE 900099 1446193 1446193 STUDENT LOAN INTEREST AND FEES 900099 286441 286441 86662876 1841619 1841619 12808 8967 3841 3841 3841 2577143 401894 4777883 436409 -2200740 -34515 -2235255 -2235255 97349269 86662876 3841 -393636 30895449 30895449 590353 590353 27388665 23281192 3488583 618890 1183188 1004563 151920 26705 4361563 3657795 606532 97236 2021502 1682081 294706 44715 35129 35129 506639 506639 249671 249671 469688 154327 315361 2404579 724310 1680269 1024211 779618 244593 964423 59851 904572 2484549 2434172 34793 15584 2600037 2504399 95638 1026132 527131 499001 970345 813764 78342 78239 4584901 4491938 64205 28758 873655 41536 832119 OTHER STUDENT SERVICES 14651557 13432812 1003977 214768 99286236 86484938 11676403 1124895 6530 6505 25260618 20077252 4445240 5189909 1405821 1895776 73188 66401 1138043 1268343 147959409 94838645 51434672 53120764 56875143 55130346 10316676 15269588 2230989 1910943 395975 298123 153582895 154233950 4272179 3113218 3762266 4191921 21010162 19557757 112698 107860 1495955 1269927 30653260 28240683 X 53481564 55223648 69448071 70769619 122929635 125993267 153582895 154233950 X -1936967 5041836 -41237 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29332 X X 0 0 1 X 67303055 1835465 4198647 2654472 70682695 75886981 1408802 -7027413 2965315 67303055 61459999 1769562 15048648 2391228 75886981 64618076 2732578 -5225813 664842 61459999 63924716 556459 3094304 2957403 64618076 0.09298 0.67807 0.22895 0 0 1302253 3900075 5202328 108985039 66698913 42286126 25420712 22801133 2619579 8351330 5338599 3012731 53120764 PARTNERSHIPS/HEDGE FUNDS 15269588 F 15269588 ANNUITIES PAYABLE 240442 CONSTRUCTION COSTS PAYABLE 109889 DUE TO OTHER AGENCIES 226577 REFUNDABLE FEDERAL GOVERNMENT ADVANCES 693019 1269927 X 71399979 5041836 5041836 66358143 249672 30741454 30991126 97349269 68336347 8967 8967 68327380 249672 30709184 30958856 99286236 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, 2023 AND 2022. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 30,709,184. RENTAL EXPENSES -8,967. ANNUITY PRESENT VALUE ADJUSTMENT 41,237. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 8,967. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 30,709,184. 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: DURING THE YEAR ENDED JUNE 30, 2023, THE UNIVERSITY RECEIVED $1,844,076 IN GRANT FUNDING FROM THE HIGHER EDUCATION EMERGENCY RELIEF FUND ("HEERF"). THE UNIVERSITY SUBSEQUENTLY DISBURSED $186,265 OF THE HEERF FUNDING DIRECTLY TO ENROLLED STUDENTS FOR EXPENSES RELATED TO THE DISRUPTION OF CAMPUS OPERATIONS DUE TO THE COVID-19 CRISIS DURING THE YEAR. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 8976136 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 1254358 0 0 0 0 0 0 10230494 0 10230494 1 0 1 1 0 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. PART III ACCOUNTING METHOD: 1 ACADEMIC SCHOLARSHIPS 1155 14705308 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS ATHLETIC SCHOLARSHIPS 407 8889038 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS OTHER SCHOLARSHIPS 1083 5359513 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS FUNDED STUDENT AID 580 1755327 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 1 1 X X X 0 0 0 0 0 0 0 0 0 WILLIAM M DOWNS PRESIDENT 433746 0 0 0 0 0 12200 0 21692 0 467638 0 0 0 JAMES CRAFT HEAD BASKETBALL COACH 184983 0 225 0 0 0 10532 0 21339 0 217079 0 0 0 NATHANIEL EVANS VICE PRESIDENT FOR ADVANCEMENT 162938 0 225 0 18880 0 8388 0 13054 0 203485 0 0 0 TRE LAMB HEAD FOOTBALL COACH 170819 0 225 0 0 0 8370 0 19191 0 198605 0 0 0 PRINCE BULL PROFESSOR/DEAN, SCHOOL OF EDUCATION 179339 0 225 0 0 0 7076 0 63 0 186703 0 0 0 TIMOTHY SHUEY VP FOR FINANCE & ADMIN TO NOV '22 143186 0 0 0 0 0 8716 0 18024 0 169926 0 0 0 AMI STEELE PA PROGRAM DIRECTOR 158154 0 225 0 0 0 8408 0 63 0 166850 0 0 0 KAREN AUBREY D'AMBROGI PROVOST FROM MARCH 22 152813 0 225 0 0 0 7800 0 63 0 160901 0 0 0 PART I, LINE 1A THE PRESIDENT HAS 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. A PUBLIC FINANCE AUTHORITY 560529972 74443DFJ5 2018-12-19 24757413 REFINANCE TWO BANK LOANS 0 0 0 A 5275000 24797108 2441500 485005 21870603 2016 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 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. 824007 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 2 5000 FMV X 3 8168 FMV X 1 170000 FMV X 1 45000 FMV X INFRARED THERMOMETER 1 18750 FMV X CEMETERY PLOTS 2 18500 FMV 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 RANDALL MARION AND JENNIFER MARION MILLS HAVE A FAMILY AND BUSINESS RELATIONSHIP. 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 -41,237. 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