2023-05-16T07:55:56-05:00 2022-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 110 EAST COURT STREET SUITE 500 GREENVILLE SC 29601 990 2021-07-01 570314402 LIMESTONE UNIVERSITY LIME 8007957151 1115 COLLEGE DRIVE GAFFNEY SC 29340 JEREMY WHITAKER AVP OF FINANCE/ADMINISTRATION 8007957151 2023-05-15 1 JEREMY WHITAKER 999009999 AMANDA ADAMS P00748038 8642333981 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z DR DARRELL PARKER 1115 COLLEGE DRIVE GAFFNEY SC 29340 66435658 0 X WWW.LIMESTONE.EDU X 1845 SC LIMESTONE UNIVERSITY IS A FOUR-YEAR, LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. ESTABLISHED IN 1845, LIMESTONE OFFERS MASTERS, BACHELOR AND ASSOCIATE DEGREES THROUGH TRADITIONAL AND NON-TRADITIONAL EDUCATIONAL OPPORTUNITIES. 30 30 844 0 0 0 6085798 12714739 41172380 39410218 1595466 6337393 51989 54238 48905633 58516588 13863440 16928239 0 0 18532270 19561413 125547 131661 718995 19377079 23812294 51898336 60433607 -2992703 -1917019 91111811 85120359 35351922 37901596 55759889 47218763 X THE MISSION OF LIMESTONE UNIVERSITY IS TO EDUCATE STUDENTS FROM DIVERSE BACKGROUNDS IN THE LIBERAL ARTS AND SELECTED PROFESSIONAL DISCIPLINES. BY PROVIDING DEGREE PROGRAMS THROUGHOUT SOUTH CAROLINA AND BY WAY OF THE INTERNET, LIMESTONE UNIVERSITY OFFERS OPPORTUNITIES FOR PERSONAL AND PROFESSIONAL GROWTH TO INDIVIDUALS WHO MAY FIND ACCESS TO HIGHER EDUCATION DIFFICULT. 0 0 48891568 16928239 39410218 LIMESTONE UNIVERSITY PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,250 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES. 48891568 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 18 0 1 844 1 0 0 0 0 0 0 0 0 0 0 0 0 X 30 30 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X DAOSHA PACK 8644884528 1115 COLLEGE DRIVE GAFFNEY SC 29340 DAVID RIGGINS CHAIR 1.00 0.00 X X 0 0 0 TOMMY WINDSOR JR VICE CHAIR 1.00 0.00 X X 0 0 0 RANDALL RICHARDSON SECRETARY 1.00 0.00 X X 0 0 0 PAUL FLEMING TREASURER 1.00 0.00 X X 0 0 0 JULIUS ANDERSON JR DIRECTOR 0.25 0.00 X 0 0 0 STEPHEN BRYANT DIRECTOR 0.25 0.00 X 0 0 0 MICHAEL DANIEL DIRECTOR 0.25 0.00 X 0 0 0 DAVID DORMAN DIRECTOR 0.25 0.00 X 0 0 0 TONY FISHER DIRECTOR 0.25 0.00 X 0 0 0 FRANKLIN FOSTER DIRECTOR 0.25 0.00 X 0 0 0 VIRGINIA HAMRICK DIRECTOR 0.25 0.00 X 0 0 0 LYMAN HAMRICK DIRECTOR 0.25 0.00 X 0 0 0 MICHAEL HOENIG DIRECTOR 0.25 0.00 X 0 0 0 J BRIAN HONEYCUTT DIRECTOR 0.25 0.00 X 0 0 0 RICK JIRAN DIRECTOR 0.25 0.00 X 0 0 0 MICHELLE JOLLY DIRECTOR 0.25 0.00 X 0 0 0 JULIE LOWRY DIRECTOR 0.25 0.00 X 0 0 0 TOMMY MARTIN DIRECTOR 0.25 0.00 X 0 0 0 RAHUL MEHRA DIRECTOR 0.25 0.00 X 0 0 0 VERA MITCHELL DIRECTOR 0.25 0.00 X 0 0 0 HAROLD MOORE DIRECTOR 0.25 0.00 X 0 0 0 N EUGENE MOOREHEAD DIRECTOR 0.25 0.00 X 0 0 0 ANA MOSS DIRECTOR 0.25 0.00 X 0 0 0 HARMONY NODA DIRECTOR 0.25 0.00 X 0 0 0 PHIL ORR DIRECTOR 0.25 0.00 X 0 0 0 WILLIAM PULLUM DIRECTOR 0.25 0.00 X 0 0 0 TIERNEY ROLLINS DIRECTOR 0.25 0.00 X 0 0 0 JOSEPH SULLIVAN DIRECTOR 0.25 0.00 X 0 0 0 JONATHAN WALLER DIRECTOR 0.25 0.00 X 0 0 0 HALEY WILLIAMS DIRECTOR 0.25 0.00 X 0 0 0 DR DARRELL PARKER PRESIDENT 40.00 0.00 X 347600 0 28556 REGGIE BROWNING VP FINANCE AND ACCOUNTING 40.00 0.00 X 166850 0 13169 MONICA BALOGA PROVOST/PROFESSOR 40.00 0.00 X 176450 0 37960 AMBER WILLIAMS VP OF ACADEMIC AFFAIRS 40.00 0.00 X 126545 0 11331 MIKE CERINA VP ATHLETICS 40.00 0.00 X 111220 0 24201 928665 0 115217 5 0 1 0 SODEXO 1115 COLLEGE DRIVE GAFFNEY SC 29340 FOOD SERVICE 4973040 PATTERSON POPE INC 10321 S MEDALLION DR CINCINNATI OH 45241 STORAGE SOLUTIONS 561840 DRV FONTAINE LLC PO BOX 603832 CHARLOTTE NC 28260 CONSULTANTS 365734 CAMPUSWORKS INC 1767 LAKEWOOD RANCH BLVD 305 BRADENTON FL 34211 CONSULTANTS 330000 CROSS COUNTRY TOURS 2460 WHITESTONE GLENDALE RD SPARTANBURG SC 29302 TRANSPORTATION 321960 22 9300354 3414385 667861 12714739 TUITION AND FEES 611310 34321008 34321008 AUXILIARY - ROOM AND BOARD 611310 3390858 3390858 AUXILIARY - OTHER 611310 1005220 1005220 AUXILIARY - BOOKSTORE 611310 660737 660737 SUMMER CAMPS 611310 32395 32395 39410218 460499 460499 70723 16485 54238 54238 54238 13779479 7902585 5876894 5876894 5876894 58516588 39410218 0 6391631 16928239 16928239 752143 572733 110406 69004 15343008 12454627 2792642 95739 431147 348969 82178 1859861 1505368 354493 1175254 951247 224007 201722 201722 159477 159477 131661 131661 88541 88541 237931 237931 565355 80073 485282 256676 132807 115319 8550 1170461 1170461 5362888 4270289 1092599 1804649 1460678 331906 12065 515791 515791 2910662 2429532 481130 714649 290982 423667 AUXILIARY EXPENSES 2221550 2221550 BAD DEBT 960131 796909 163222 BOOKSTORE EXPENSES 532345 532345 ATHLETICS 118556 118556 5990910 3558733 2030201 401976 60433607 48891568 10823044 718995 37239 39149 5832538 1221663 1625070 4258828 1548733 1902447 33578 38809 232713 384822 86455410 33024841 52843361 53430569 28440234 23472221 518345 371851 91111811 85120359 2043618 3765493 3806000 938633 28947817 32316629 554487 880841 35351922 37901596 X 23635742 15065606 32124147 32153157 55759889 47218763 91111811 85120359 X -1917019 -6622326 -1781 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3298330 X X 0 31505216 556835 -1970719 1596042 6013875 22481415 25726429 380056 7566750 2168019 31505216 24796539 528800 1356009 954919 25726429 20519810 2710256 2335440 768967 24796539 19187979 197956 1700793 566918 20519810 0.00000 1.00000 0.00000 0 0 178177 178177 65621529 23928399 41693130 8138859 6451669 1687190 12516845 2644773 9872072 53430569 REFUNDABLE ADVANCES 62322 CAPITAL LEASES PAYABLE 814379 DEFERRED ANNUITY PAYABLE 4140 880841 X 37619751 -6622326 16485 -6605841 44225592 88541 14202455 14290996 58516588 46160877 18266 18266 46142611 88541 14202455 14290996 60433607 PART III, LINE 4: THE UNIVERSITY'S COLLECTIONS ARE MADE UP OF LIBRARY BOOKS, ARTIFACTS OF HISTORICAL SIGNIFICANCE AND ART OBJECTS. IF PURCHASED, ITEMS ACCESSIONED INTO THE COLLECTION ARE CAPITALIZED AT COST, AND IF DONATED, THEY ARE CAPITALIZED AT THEIR APPRAISED VALUE OR FAIR VALUE AS OF THE DATES ON WHICH THE ITEMS ARE ACCEPTED BY THE UNIVERSITY. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 181 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. ENDOWMENT FUNDS ARE AVAILABLE FOR SCHOLARSHIPS, BUILDING MAINTENANCE AND OTHER OPERATIONAL NEEDS OF THE UNIVERSITY DEPENDING ON THE SPECIFIC FUND. 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: MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GAAP ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT THE UNIVERSITY CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2022 AND 2021. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE UNIVERSITY HAD NO SIGNIFICANT UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2022 AND 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET AGAINST RENTAL INCOME 16,485. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS (FUNDED/UNFUNDED) 14,202,455. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET AGAINST RENTAL INCOME 16,485. ANNUITY EXPENSE 1,781. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS (FUNDED/UNFUNDED) 14,202,455. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 LIMESTONE UNIVERSITY REAFFIRMS ITS COMPLIANCE WITH TITLE IX AND DOES NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONALITY, ORIGIN, HANDICAP, OR SEX IN ADMISSIONS, EMPLOYMENT OR EDUCATIONAL PROGRAMS. LIMESTONE PUBLISHES ITS NONDISCRIMINATORY POLICY IN THE STUDENT CATALOG AND EMPLOYEE HANDBOOK. THIS INFORMATION IS ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY ACTS AS AN AGENT BETWEEN THE US DEPARTMENT OF EDUCATION, THE SOUTH CAROLINA DEPARTMENT OF REVENUE, AND LIMESTONE STUDENTS. THE COLLEGE RECEIVES FUNDS FROM THE GOVERNMENT AGENCIES AND APPLIES THE FUNDS DIRECTLY TO THE APPLICABLE STUDENT'S ACCOUNT. DURING THE YEAR, THE UNIVERSITY ALSO RECEIVED FUNDING FROM THE HIGHER EDUCATION EMERGENCY RELIEF FUND AND EMPLOYEE RETENTION CREDITS. X X X X X X X 1 DAVID MICHAEL ATCHLEY 1708C AUGUSTA ST GREENVILLE SC 29605 NETWORKING 0 0 56661 -56661 MERCHANT MCINTYRE & ASSOCIATES 1634 EYE STREET NW WASHINGTON DC 20006 GRANTWRITING 0 0 75000 -75000 131661 -131661 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY 1 GRANTS AND SCHOLARSHIPS 1133 14202455 TUITION RATES TUITION ASSISTANCE CARES EMERGENCY GRANTS 1572 2725784 PART I, LINE 2: FINANCIAL AID GUIDELINES ARE UTILIZED TO DETERMINE THE QUALIFICATIONS OF EACH RECIPIENT. THE GUIDELINES ARE PUBLISHED IN LIMESTONE UNIVERSITY'S ACADEMIC CATALOG AND COMPLY WITH ELIGIBILITY REQUIREMENTS PUBLISHED BY THE U.S. DEPARTMENT OF REVENUE. ANNUAL COMPLIANCE AUDITS ARE COMPLETED BY AN INDEPENDENT ACCOUNTING FIRM. AS FUNDS ARE RECEIVED, THEY ARE POSTED TO THE STUDENTS' ACCOUNTS. FOR CARES EMERGENCY GRANTS, AWARDS WERE BASED ON NEED AND NOT REQUIRED TO BE SPENT BY THE RECIPIENTS FOR A PARTICULAR PURPOSE THAT WOULD REQUIRED MONITORING AFTER THE GRANT FUNDS WERE AWARDED. X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 DR DARRELL PARKER PRESIDENT 319100 0 500 0 28000 0 11624 0 16932 0 376156 0 0 0 MONICA BALOGA PROVOST/PROFESSOR 175950 0 500 0 0 0 24563 0 13397 0 214410 0 0 0 REGGIE BROWNING VP FINANCE AND ACCOUNTING 165990 0 500 0 360 0 6620 0 6549 0 180019 0 0 0 PART I, LINE 1A THE UNIVERSITY PROVIDES HOUSING AND WEEKLY HOUSEKEEPING SERVICES TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL UNIVERSITY BUSINESS AND ACTIVITIES AT THE HOME. THESE BENEFITS ARE NONTAXABLE. PART I, LINE 7 THE BOARD DECIDED TO AWARD A ONE-TIME BONUS OF $500 TO ALL FULL TIME EMPLOYEES ON 12/31/21. X 1 4500 FMV X 11 663361 FMV 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS VIRGINIA AND LYMAN HAMRICK HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 AND 990-T WERE PRESENTED TO THE AUDIT COMMITTEE FOR REVIEW. A COPY OF THE RETURNS WERE MADE ACCESSIBLE TO BOARD MEMBERS. FOLLOWING PRESENTATION AND APPROVAL, THE RETURNS WERE SUBMITTED TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, A CONFLICT OF INTEREST QUESTIONNAIRE IS COMPLETED BY MEMBERS OF THE BOARD OF TRUSTEES AND REVIEWED FOR ANY NOTED CONFLICTS. TRUSTEES WHO HAVE NOTED A CONFLICT OF INTEREST RECUSE THEMSELVES FROM ALL DISCUSSION AND/OR VOTE PERTAINING TO THAT SPECIFIC MATTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL: THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S CONTRACT AND SETS THE COMPENSATION PACKAGE. AN ASSESSMENT OF THE PRESIDENT'S COMPENSATION PACKAGE IS MADE ANNUALLY BY THE PERSONNEL COMMITTEE. THE ASSESSMENT IS BASED UPON DATA COLLECTED FROM COLLEGES OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE DOCUMENTED IN THE COMMITTEE MINUTES. COMPENSATION PROCESS FOR TOP OFFICERS: THE FINANCE COMMITTEE DISCUSSES WITH MANAGEMENT EXECUTIVE-LEVEL MANAGEMENT HIRES. THE SETTING OF COMPENSATION AMOUNTS IS MADE BY MANAGEMENT AND IS BASED UPON COMPARABLE POSITIONS AT INSTITUTIONS OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE RECORDED IN THE COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF SPLIT-INTEREST AGREEMENTS -1,781.