2022-04-15T09:35:05-05:00 2021-05-31 561965804 THOMAS JUDY & TUCKER PA 4700 FALLS OF NEUSE ROAD RALEIGH NC 27609 990 2020-06-01 560547511 LOUISBURG COLLEGE LOUI 9194962521 501 NORTH MAIN STREET LOUISBURG NC 27549 DR GARY M BROWN PRESIDENT 9194962521 2022-04-15 1 DR GARY M BROWN 999009999 HALEY J MYERS CPA P01242713 9195717055 2022-04-11 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z DR GARY M BROWN 501 NORTH MAIN STREET LOUISBURG NC 27549 19182991 0 X WWW.LOUISBURG.EDU X 1928 NC TO PROVIDE EDUCATION OPPORTUNITIES TO STUDENTS UNDER A COLLEGE DEGREE PROGRAM. 21 21 273 21 0 0 2723628 4125866 13830452 13158375 574476 1816809 139201 81941 17267757 19182991 3396220 4286410 0 0 5689915 3700525 0 0 104230 8223465 8720964 17309600 16707899 -41843 2475092 47704853 50757463 23662225 23044512 24042628 27712951 X RELATED BY FAITH TO THE UNITED METHODIST CHURCH, LOUISBURG COLLEGE IS COMMITTED TO OFFERING A SUPPORTIVE COMMUNITY THAT NURTURES YOUNG MEN AND WOMEN INTELLECTUALLY, CULTURALLY, SOCIALLY, PHYSICALLY, AND SPIRITUALLY. AS A TWO-YEAR RESIDENTIAL INSTITUTION, WE PROVIDE A BRIDGE FOR STUDENTS TO MAKE A SUCCESSFUL TRANSITION FROM HIGH SCHOOL TO SENIOR COLLEGES AND UNIVERSITIES. 0 0 14054838 4286410 13236771 THE COLLEGE CONTINUES TO ENJOY A CONSISTENT INCREASE OF STUDENTS WITH HIGHER GPA AVERAGES, AND HIGHER SAT/ACT SCORES IN MATH, ALL AS A RESULT OF STRATEGIC RECRUITMENT EFFORTS.COURSE COMPLETION RATES FOR THE YEAR TOTALED 72%.CONFIRMATION OF LOUISBURG'S SUCCESS IN PREPARING STUDENTS FOR THE NEXT STEPS IN THEIR COLLEGIATE CAREERS IS EVIDENCED BY THE NUMBER THAT TRANSFER TO FOUR-YEAR INSTITUTIONS. OF THE GRADUATES OVER THE PAST FIVE YEARS, 73% OF THEM HAVE TRANSFERRED TO FOUR-YEAR INSTITUTIONS SUCH AS EAST CAROLINA UNIVERSITY, UNIVERSITY OF NORTH CAROLINA AT GREENSBORO, NORTH CAROLINA CENTRAL UNIVERISTY, AND UNIVERSITY OF NORTH CAROLINA AT CHARLOTTE, TO NAME JUST A FEW.ADDITIONAL INFORMATION ON STUDENT ACHIEVEMENT IS LOCATED AT HTTP://WWW.LOUISBURG.EDU/ACADEMICS/ACHIEVEMENT.HTML. 14054838 1 1 0 0 0 0 1 1 0 1 1 0 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 1 22 0 273 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 X ANNA FAATILIGA 9194973207 501 NORTH MAIN STREET LOUISBURG NC 27549 DR STEVEN BROOKS CHAIRMAN 2.00 1.00 X X 0 0 0 D TADLEY DEBERRY VICE CHAIRMAN 2.00 1.00 X X 0 0 0 LYNDA C LUMPKIN SECRETARY 1.00 1.00 X X 0 0 0 LUCY T ALLEN TRUSTEE 1.00 X 0 0 0 BILL BODDIE JR TRUSTEE 1.00 X 0 0 0 ANNE D BOWEN TRUSTEE 1.00 X 0 0 0 W BRITT COBB JR TRUSTEE 1.00 1.00 X 0 0 0 MARLA GUPTON COLEMAN TRUSTEE 1.00 X 0 0 0 WILLIAM R CROSS TRUSTEE 1.00 1.00 X 0 0 0 SIDNEY E DUNSTON TRUSTEE 1.00 X 0 0 0 EMILY HODGES TRUSTEE 1.00 1.00 X 0 0 0 LYNDA W HUDSON TRUSTEE 1.00 X 0 0 0 LINDA F JOHNSON TRUSTEE 1.00 X 0 0 0 CHARLES KNIGHT TRUSTEE 1.00 X 0 0 0 WILLIAM NORRIS TRUSTEE 1.00 1.00 X 0 0 0 RUSSELL ODOM TRUSTEE 1.00 X 0 0 0 DR BOBBIE RICHARDSON TRUSTEE 1.00 X 0 0 0 FRANKLIN T ROBERTS TRUSTEE 1.00 1.00 X 0 0 0 WILLIAM C SHELTON TRUSTEE 1.00 X 0 0 0 C BOYD STURGES TRUSTEE 1.00 1.00 X 0 0 0 WARD SYLVESTER TRUSTEE 1.00 X 0 0 0 DR GARY M BROWN PRESIDENT 40.00 5.00 X 212000 0 19466 ANNA FAATILIGA CFO 40.00 X 81667 0 11646 STEPHANIE TOLBERT VICE PRESIDENT OF ENROLLMENT 40.00 X 115000 0 13646 408667 0 44758 2 0 1 0 CHARTWELLS 501 N MAIN STREET LOUISBURG NC 27549 DINING SERVICES 1197088 NATIONAL MANAGEMENT RESOURCES CORP PO BOX 1224 LAGRANGE GA 30241 JANITORIAL SERVICES 379948 ALLRED MECHANICAL PO BOX 7663 ROCKY MOUNT NC 27804 HVAC SERVICES 145642 TRANSACT CAMPUS PO BOX 392770 PITTSBURGH PA 15250 CAMERA LICENSES 120668 4 2885792 1240074 22991 4125866 TUITION AND FEES 611310 8698106 8698106 AUXILIARY ENTERPRISES 611310 4460269 4460269 13158375 305585 305585 3545 0 3545 3545 3545 1511224 0 1511224 1511224 1511224 MISCELLANEOUS INCOME 900099 78396 78396 78396 19182991 13236771 0 1820354 4286410 4286410 459173 405590 45139 8444 2328367 2056650 228903 42814 153993 136022 15140 2831 449164 396746 44159 8259 309828 273672 30459 5697 109890 97066 12824 196836 196836 80639 80639 313667 207554 102942 3171 134428 133168 346 914 213278 198509 115 14654 554256 292132 262124 115942 110798 5101 43 731043 631621 99422 1257534 1086509 171025 324263 330 323933 REPAIRS & MAINTENANCE 2145786 1853959 274424 17403 AUXILIARY 1609127 1609086 41 BAD DEBT 520042 520042 PANDEMIC RESPONSE COSTS 165300 165300 248933 113716 135217 16707899 14054838 2548831 104230 1241282 225305 3531188 4477214 44937 0 303090 704190 399698 398274 114245 158020 48092186 20822777 28164781 27269409 13138835 15641825 766797 894211 0 989015 47704853 50757463 872232 1386608 1088721 679771 21416902 20692880 284370 285253 23662225 23044512 X 9309396 10542163 14733232 17170788 24042628 27712951 47704853 50757463 X 2475092 1063225 132006 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 1 92.00 0 0 0 1 1 1000.00 0 12200 14040 X X X 0 13765712 248665 2923436 558052 80639 16299122 13934844 618970 533778 1215774 106106 13765712 14219355 202360 152687 519102 120456 13934844 14164435 142228 699444 678102 108650 14219355 13646617 415220 668884 468966 97320 14164435 0.03200 0.71640 0.25160 1 0 47229 346844 394073 250000 36023974 12238527 24035447 9728084 7893390 1834694 1696055 690860 1005195 27269409 AGENCY FUNDS 133899 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 151354 285253 X 15396652 1063225 1098905 2162130 13234522 80639 5867830 5948469 19182991 14139814 1098905 1098905 13040909 80639 3586351 3666990 16707899 PART II, LINE 9: CONTRIBUTED PROPERTY AND EQUIPMENT IS RECORDED AT FAIR VALUE AT THE DATE OF DONATION. IF DONORS STIPULATE HOW LONG THE ASSETS MUST BE USED, THE CONTRIBUTIONS ARE RECORDED AS RESTRICTED SUPPORT. IN THE ABSENCE OF SUCH STIPULATIONS, CONTRIBUTIONS OF PROPERTY AND EQUIPMENT ARE RECORDED AS UNRESTRICTED SUPPORT. PART III, LINE 4: THE COLLEGE'S COLLECTIBLES CONSIST OF AN 1860 WEBER GRAND PIANO, PAINTINGS AND ARTWORK. THE COLLECTIBLES ARE AVAILABLE FOR EDUCATION, PUBLIC EXHIBITION AND PRESERVATION FOR FUTURE GENERATIONS. PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO PROVIDE ONGOING FINANCIAL SUPPORT FOR THE COLLEGE'S OPERATIONS OR SPECIFIC PROGRAMS OFFERED. EARNINGS FROM ENDOWMENT FUNDS ARE AVAILABLE FOR THE PURPOSE SPECIFIED IN THE DONOR'S ENDOWMENT AGREEMENT, PRIMARILY SCHOLARSHIP ALLOWANCES TO STUDENTS. PART X, LINE 2: THE COLLEGE HAS A TAX DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE STATING THAT IT QUALIFIES UNDER THE PROVISION OF THE APPLICABLE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT EVALUATED THE COLLEGE'S TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAS TAKEN NO UNCERTAIN TAX PROVISIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") ACCOUNTING STANDARDS CODIFICATION. THE COLLEGE BELIEVES IT DOES NOT HAVE ANY FILING REQUIREMENTS FOR THE FORM 990-T AND ACCORDINGLY HAS NOT FILED A FORM 990-T. PART XI, LINE 2D - OTHER ADJUSTMENTS: EMPLOYEE RETENTION TAX CREDIT WAGE REDUCTION 1,098,905. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,563,360. DEFICIENCY OF INVESTMENT RETURN 2,281,479. IN-KIND GIFTS 22,991. PART XII, LINE 2D - OTHER ADJUSTMENTS: EMPLOYEE RETENTION TAX CREDIT WAGE REDUCTION 1,098,905. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,563,360. IN-KIND GIFTS 22,991. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE RACIALLY NONDISCRIMINATORY POLICY IS PUBLISHED ON LOUISBURG COLLEGE'S WEBSITE. SCHEDULE E, PART I, LINE 6 VARIOUS FINANCIAL AID AWARDS ARE RECEIVED FROM FEDERAL AND STATE AGENCIES TO ASSIST THE SCHOOL AND STUDENTS IN EDUCATIONAL OPPORTUNITIES. 1 SCHOLARSHIPS & GRANTS 543 4286410 PART I, LINE 2: STUDENTS ARE REQUIRED TO COMPLETE A FAFSA. ELIGIBILITY FOR SCHOLARSHIPS IS DETERMINED BY THE APPLICABLE FEDERAL AND STATE GUIDELINES, BY THEIR ACADEMIC CREDENTIALS, AND FINANCIAL NEED. STUDENTS ARE APPROPRIATELY AWARDED SCHOLARSHIPS IN THE FINANCIAL AID OFFICE AND THE AWARDS ARE TRANSFERRED TO THE STUDENTS' ACCOUNTS IN THE BUSINESS OFFICE. ALL SCHOLARSHIP AND GRANT FUNDS ARE RECONCILED EACH SEMESTER AND REPORTED TO THE APPROPRIATE AUTHORITIES OR AGENCIES. FUNDS ARE ALSO AUDITED ANNUALLY. X 1 1 X X X 0 0 0 0 0 0 0 0 0 DR GARY M BROWN PRESIDENT 212000 0 0 0 0 0 12720 0 6746 0 231466 0 0 0 PART I, LINE 1A THE COLLEGE PROVIDES A HOUSE FOR ITS PRESIDENT AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE COLLEGE. ACCORDINGLY, SUCH LODGING IS NOT INCLUDED IN TAXABLE INCOME. EMILY HODGES TRUSTEE AND INSURANCE AGENT 407237 EMILY HODGES OWNS HODGES INSURANCE AGENCY, TO WHICH PREMIUMS ARE PAID FOR COMMERCIAL, STUDENT, ATHLETIC, AND LIABILITY INSURANCE POLICIES. 0 FORM 990, PART VI, SECTION B, LINE 11B THE TAX RETURN IS REVIEWED INTERNALLY THEN PRESENTED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES FOR APPROVAL. THE FINAL RETURN IS PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY ELECTRONICALLY PRIOR TO ITS SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS FORMED A STANDING AUDIT COMMITTEE THAT OVERSEES THE CONFLICT OF INTEREST POLICY. EACH BOARD MEMBER IS REMINDED ANNUALLY AT THE FALL BOARD MEETING THAT HE OR SHE IS TO DISCLOSE ANY INTERESTS THAT COULD GIVE RISE TO A CONFLICT. THE ORGANIZATION'S CFO WILL DISCLOSE TO THE AUDIT COMMITTEE ANY INDIVIDUAL BOARD MEMBERS WHO DO BUSINESS WITH THE INSTITUTION. FORM 990, PART VI, SECTION B, LINE 15 ALL KEY EMPLOYEES' SALARIES ARE COMPARED WITH DATA FROM SIMILAR PRIVATE COLLEGES BEFORE THE POSITION IS AUTHORIZED. LOUISBURG COLLEGE USES DATA PROVIDED BY THE NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES ORGANIZATION WHICH PROVIDES COMPARATIVE DATA BASED ON THE SIZE AND ENROLLMENT OF THE COLLEGE. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC IF REQUESTED. REQUESTERS MUST PRESENT THEMSELVES AT THE COLLEGE, STATE THE REASON FOR THE REQUEST, AND PAY FOR PHOTOCOPIES OF THE DOCUMENTS. THE DOCUMENTS ARE AVAILABLE FOR THE PERIOD SET FORTH IN IRC SECTION 6104(D). FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS 132,006. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE COLLEGE'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. KENAN HALL SARE LLC 501 NORTH MAIN STREET LOUISBURG NC 27549 462059052 OWN, ENCUMBER, AND SELL THE KENAN HALL DORMITORY NC 427485 5428974 LOUISBURG COLLEGE FOUNDATION 501 NORTH MAIN STREET LOUISBURG NC 27549 812734620 HOLD ASSETS TO BE USED AS COLLATERAL FOR USDA DEBT NC 296952 1742590