2022-04-18T09:49:23-05:00 2021-05-31 275360847 CROSSLIN PLLC 3803 BEDFORD AVENUE SUITE 103 NASHVILLE TN 37215 990 2020-06-01 620518288 FREED-HARDEMAN UNIVERSITY FREE 7319896000 158 E MAIN ST HENDERSON TN 38340 JASON BRASHIER CFO & VP FOR FINANCIAL SERVICES 7319896000 2022-04-18 1 JASON BRASHIER 999009999 STEVEN D WARREN P00921930 6153205500 2022-04-18 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z JASON BRASHIER 158 E MAIN ST HENDERSON TN 38340 77197689 0 X WWW.FHU.EDU X 1869 TN FREED-HARDEMAN UNIVERSITY IS A PRIVATE SCHOOL ASSOCIATED WITH CHURCHES OF CHRIST WHICH EMPHASIZE PHYSICAL AND SPIRITUAL DEVELOPMENT OF ITS STUDENTS TO PREPARE THEM FOR LIVES OF SERVICE TO THEIR COMMUNITIES. 28 28 1057 0 198974 0 11472611 15948311 42990295 44885693 1228054 -3032262 83378 1117433 55774338 58919175 17163638 17743732 0 0 20761756 19884401 66000 66000 2020604 14990216 14703533 52981610 52397666 2792728 6521509 152512537 173757054 39711419 39410039 112801118 134347015 FREED-HARDEMAN UNIVERSITY IS A PRIVATE SCHOOL ASSOCIATED WITH CHURCHES OF CHRIST WHICH EMPHASIZE PHYSICAL AND SPIRITUAL DEVELOPMENT OF ITS STUDENTS TO PREPARE THEM FOR LIVES OF SERVICE TO THEIR COMMUNITIES. 0 0 45541416 17743732 42030574 THE UNIVERSITY CONDUCTED CLASSES FOR APPROXIMATELY 2,100 STUDENTS AND GRADUATED APPROXIMATELY 450 DURING THE FISCAL YEAR. THE EXPENSES INCLUDED FACULTY SALARIES AND BENEFITS, AUXILIARY ENTERPRISES, STAFF, AND OPERATIONS AND MAINTENANCE TO SUPPORT THEM. 45541416 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 1 1 1 1 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 63 0 1 1057 1 1 1 1 BE 0 0 0 1 1 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X COURTNEY W INSELL 7319896011 158 E MAIN ST HENDERSON TN 38340 STEVE BAGGETT TRUSTEE 1.00 X 0 0 0 KATHERINE L BENNETT TRUSTEE 1.00 X 0 0 0 LARRY W BLOOMINGBURG TRUSTEE 1.00 X 0 0 0 DAYLA CALENDINE TRUSTEE 1.00 X 0 0 0 TERRY CREWS TRUSTEE 1.00 X 0 0 0 JOHN DEBERRY JR TRUSTEE 1.00 X 0 0 0 JOHN DODD TRUSTEE 1.00 X 0 0 0 JAY T DRYDEN TRUSTEE 1.00 X 0 0 0 STEVE ESTES SECRETARY 1.00 X 0 0 0 THOMAS GUMM TRUSTEE 1.00 X 0 0 0 JEFF JENKINS TRUSTEE 1.00 X 0 0 0 DR DALE E JONES TRUSTEE 1.00 X 0 0 0 SCOTT LATHAM VICE CHAIRMAN 1.00 X 0 0 0 JOHN T LAW TRUSTEE 1.00 X 0 0 0 JAMES LEONARD TRUSTEE 1.00 X 0 0 0 DR BILL MORGAN TRUSTEE 1.00 X 0 0 0 MARK NEWBY TRUSTEE 1.00 X 0 0 0 LYNN PATTERSON TRUSTEE 1.00 X 0 0 0 BRETT L PHARR TRUSTEE 1.00 X 0 0 0 NATHAN B PRIDE TRUSTEE 1.00 X 0 0 0 ROBERT P SHACKELFORD III TRUSTEE 1.00 X 0 0 0 DANNY TALKINGTON TRUSTEE 1.00 X 0 0 0 MYNONNE TATE TRUSTEE 1.00 X 0 0 0 ROBERT C VEIL JR TRUSTEE 1.00 X 0 0 0 TED H WILLIAMS CHAIRMAN 1.00 X 0 0 0 GREGG A WOODALL TRUSTEE 1.00 X 0 0 0 CURT ZONDERVAN TRUSTEE 1.00 X 0 0 0 DAVID R SHANNON PRESIDENT 40.00 X 182339 0 15652 JEFFREY LOYD CEO & VP FOR FINANCE 40.00 X 131931 0 17937 CHARLES VIRES PROVOST AND VP FOR ACADEMICS 40.00 X 124062 0 18297 DAVID CLOUSE VP FOR ADVANCEMENT 40.00 X 120956 0 17693 EDWARD SCOTT VP FOR STUDENT SERVICES 40.00 X 107759 0 4353 JASON BRASHIER FACULTY 40.00 X 124511 0 17173 LEANN DAVIS FACULTY 40.00 X 109966 0 14480 RYAN HYSMITH FACULTY 40.00 X 100608 0 16200 1002132 0 121785 8 0 1 0 E&T CONTRACTING 3615 US HWY 45 N HENDERSON TN 38340 BUILDING CONTRACTOR 1275996 EAB PO BOX 603519 CHARLOTTE NC 28260 STUDENT SEARCH 458471 BRAMBLETT GROUP 117 W MAIN ST HENDERSON TN 38340 PUBLIC RELATIONS CONSULTING 350000 INSULATING ROOFING SYSTEMS 4190 LISA DR TIPP CITY OH 45371 ROOFING CONTRACTOR 131772 KEPLER SPEAKERS 3030 CLARENDON BLVD 7TH FLOOR ARLINGTON VA 22201 SPEAKING BUREAU 120000 5 918459 1763277 13266575 2600346 15948311 OPERATING REVENUE 611310 35982290 35982290 AUXILIARY ENTERPRISES 611310 8903403 8903403 44885693 216886 216886 119280 11845 107435 107435 107435 14715301 11750794 6213655 2964507 -6213655 -3249148 -3249148 1092751 174292 918459 918459 219467 127928 91539 91539 58919175 41853431 198974 918459 17743732 17743732 1002131 815475 130944 55712 15113118 12298164 1974767 840187 330748 269218 43297 18233 2367972 1764987 466608 136377 1070432 915565 96365 58502 75202 75202 64789 64789 66000 66000 695103 689369 5734 516547 48277 468270 1255530 1255530 443431 401948 3269 38214 64944 64944 1042751 1019329 11711 11711 2119481 2071871 23805 23805 126651 126651 OPERATION & MAINTENANCE 3372178 3296430 37874 37874 SUPPLIES 1193457 823749 346492 23216 DINING SERVICES 1046838 1040358 6480 TEMPORARY RESTRICTED EX 828682 828682 1857949 1322667 292779 242503 52397666 45541416 4835646 2020604 8010436 9955624 858862 2025122 503010 370113 161660 181130 694127 1055421 101691020 37712782 76524363 63978238 45939656 72275658 19729497 17200748 90926 6715000 152512537 173757054 3391563 3327922 465267 201169 742736 950494 28339811 29019536 529454 456192 3734911 3734911 2507677 1719815 39711419 39410039 X 49287826 48502412 63513292 85844603 112801118 134347015 152512537 173757054 X 6521509 14144409 879979 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 61170262 4100591 16617574 2222933 -89438 391991 79574146 58837446 4347985 815403 2122538 379736 328298 61170262 57859525 3518075 643892 1905613 667474 610959 58837446 51947466 5055336 3769868 1991312 327500 594333 57859525 46962098 3530832 4270512 1876795 400000 539181 51947466 0.05160 0.35530 0.59310 0 0 3062601 3062601 84588864 28231573 56357291 5164356 2774580 2389776 7415307 5359309 2055998 1459892 1347320 112572 63978238 ALTERNATIVE INVESTMENT - LEVEL 2 8016358 F ALTERNATIVE INVESTMENT - LEVEL 3 1825450 F PRIVATE EQUITY FUND 4670715 F LAND AND OTHER INVESTMENTS 2688225 F 17200748 LIABILITY UNDER UNITRUST AGREEMENTS 298535 ANNUITIES PAYABLE 617885 INTEREST RATE SWAP 803395 1719815 74083336 14144409 879979 15024388 59058948 -139773 -139773 58919175 52537439 139773 139773 52397666 0 52397666 PART V, LINE 4: SUPPORT OF STUDENT SCHOLARSHIPS AND OPERATING BUDGET ARE THE INTENDED USE OF THE ENDOWMENT FUNDS. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST RATE SWAP AGREEMENT PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD RENTAL EXPENSES PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD RENTAL EXPENSES SCHEDULE D, PART XII THE UNIVERSITY HAS A BANK LOAN AGREEMENT WITH A VARIABLE INTEREST RATE BASED ON A FUNCTION OF LIBOR. THE UNIVERSITY ENTERED AN INTEREST RATE SWAP AGREEMENT TO HEDGE AGAINST THE RISK OF INTEREST RATE INCREASES. THE DERIVATIVE FINANCIAL INSTRUMENT IS NOT HELD FOR TRADING PURPOSES. THE FAIR VALUE OF THE DERIVATIVE FINANCIAL INSTRUMENT ON MAY 31, 2021 RESULTED IN AN ASSET OF $879,979. SCHEDULE D, PART XII RENTAL EXPENSES AGAINST GROSS RENTS IN 990-PART VIII, LINE 6B OF $11,845 PLUS COST OF GOODS SOLD AGAINST GROSS SALES IN 990-PART VIII, LINE 10B OF $127,928 EQUALS $139,773. 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 UNIVERSITY POLICY IS NOTED IN THE SCHOOL'S CATALOG, ON THE SCHOOL'S WEBSITE AND IN PRINTED BROCHURES. SCHEDULE E, PART I, LINE 6 THROUGH THE STUDENT FINANCIAL AID SYSTEM, THE SCHOOL RECEIVES MONEY TO DISBURSE TO STUDENTS UNDER THE FEDERAL WORK STUDY PROGRAM. IT WAS $409,419 IN THIS FISCAL YEAR. IN ADDITION, THE UNIVERSITY APPLIED FOR AND WAS GRANTED THE HIGHER EDUCATION EMERGENCY RELIEF FUNDS (HEERF) AS AUTHORIZED BY SECTION 18004(A)(1) OF THE CARES ACT, PUB. L. NO. 116-136 DUE TO THE COVID-19 PANDEMIC. THE GRANT WAS AWARDED FOR $1,353,858 IN THIS FISCAL YEAR. THE FINANCIAL SUPPORT FROM THE GOVERNMENT TOTALED $1,763,277 FOR THESE TWO ITEMS. 1 BELGIUM 1 1 PROGRAM SERVICES CLASSES ARE TAUGHT TO STUDENTS 20190 1 1 0 0 1 1 20190 0 20190 CONSULTANT FOR EUROPEAN PROGRAM EUROPE 1 12000 BY USA CHECK BOOK 0 0 0 0 0 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART I, LINE 2 THE SCHOOL'S FINANCIAL AID OFFICE PLUS THE FINANCIAL SERVICES OFFICE FOLLOW DETAILED PROCEDURES WHICH ENSURE ALL GRANTS AND OTHER ASSISTANCE AWARDS FOLLOW REQUIRED REGULATIONS. AWARDS GRANTED TO STUDENTS STUDYING ABROAD ARE HANDLED THROUGH THE SAME OFFICES THAT AWARD ALL OTHER GRANTS AND AWARDS. THESE OFFICES ARE AUDITED EACH YEAR BY AN INDEPENDENT EXTERNAL CPA FIRM AND REPORTED THEREON. THERE WERE "NO FINDINGS" ON THE FINANCIAL AID PORTION ON THE AUDIT FOR THE FISCAL YEAR BEING REPORTED ON. X X X X X X X 0 THOMPSON AND ASSOCIATES 112 WESTWOOD PLACE SUITE 250 BRENTWOOD TN 370275327 ESTATE PLANNING CONSULTING 0 0 0 66000 DICKERSON BAKKER & ASSOCIATES LLC 1998 HENDERSONVILLE RD SUITE 23 ASHEVILLE NC 28803 NONPROFIT CONSULTING 0 0 0 73922 139922 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 BENEFIT DINNER 1092751 1092751 174292 1092751 1092751 174292 174292 918459 1 STUDENT SCHOLARSHIPS 1549 17743729 BOOK SCHEDULE I, PART I, LINE 2 THE SCHOOL'S FINANCIAL AID OFFICE PLUS THE FINANCIAL SERVICES OFFICE FOLLOW DETAILED PROCEDURES WHICH ENSURE THE FEDERAL GRANT REGULATIONS ARE FOLLOWED. THESE OFFICES ARE AUDITED EACH YEAR BY AND INDEPENDENT EXTERNAL CPA FIRM AND REPORTED THEREON TO THE FEDERAL GOVERNMENT. THERE WERE "NO FINDINGS" ON THE FINANCIAL AID PORTION ON THIS AUDIT FOR THE FISCAL YEAR BEING REPORTED ON. X 1 0 X X X X 0 0 0 0 0 0 0 0 0 DAVID R SHANNON PRESIDENT 182339 0 0 0 0 0 18021 0 4970 0 205330 0 0 0 CHARLES VIRES PROVOST AND VP FOR ACADEMICS 124062 0 0 0 0 0 26000 0 0 0 150062 0 0 0 SCHEDULE J, PART I, LINE 1A ADMINISTRATIVE HOUSING ALLOWANCE A INDUSTRIAL DEVELOPMENT BOARD 626000307 2016-03-17 7500000 PAYOFF 2005 BOND PLUS NEW CAPITAL EXPENSES 0 0 0 B HEALTH & EDUCATION FACILITY BOARD 521339251 2015-12-11 9850000 PAYOFF 2013 BOND 0 0 0 A 5304420 7500000 35384 2160196 2016 1 0 1 1 B 9821285 9850000 28715 2015 1 1 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 X 2435 FAIR MARKET VALUE X 14 2085097 FAIR MARKET VALUE X 1 37179 FAIR MARKET VALUE X ADVERTISING SPACE 12 446000 FAIR MARKET BY DONOR X RENTAL 3 12528 FAIR MARKET BY DONOR X PROFESSIONAL SERVICES 3 8600 FAIR MARKET BY DONOR X VEHICLES 1 5000 FAIR MARKET BY DONOR X SUPPLIES 3 2297 FAIR MARKET BY DONOR X EQUIPMENT 3 1185 FAIR MARKET BY DONOR X GIFT CARDS 1 25 FAIR MARKET BY DONOR 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN OUTSIDE PUBLIC ACCOUNTING FIRM. THE RETURN IS REVIEWED IN DETAIL BY THE VP FOR FINANCIAL AFFAIRS AND THE PRESIDENT OF THE COLLEGE. THE DRAFT IS EMAILED TO MEMBERS OF THE BOARD OF TRUSTEES FOR THEIR REVIEW AND APPROVAL PRIOR TO FILING THE RETURN WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C AN ELECTRONIC VERSION OF THE CONFLICT OF INTEREST POLICY IS MADE AVAILABLE TO ALL BOARD OF TRUSTEE MEMBERS. ALL MEMBERS SIGN A STATEMENT ACKNOWLEDGING THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT'S SALARY IS REVIEWED ANNUALLY BY THE COMPENSATION COMMITTEE, A SUBCOMMITTEE OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. EACH YEAR THE COMMITTEE REVIEWS AVAILABLE SALARY SURVEYS, FOR EXAMPLE THE SURVEY COMPILED BY THE COLLEGE & UNIVERSITY PROFESSIONAL ASSOCIATION (CUPA-HR). THE COMMITTEE ALSO CONSIDERS THE PRESIDENT'S PERFORMANCE, ESPECIALLY IN REGARD TO METRICS ON THE INSTITUTION'S STRATEGIC PLAN. A PROPOSED CHANGE IN HIS COMPENSATION IS RECOMMENDED BY THE COMMITTEE FOR APPROVAL BY THE FULL BOARD OF TRUSTEES. THE PRESIDENT SETS THE COMPENSATION OF HIS DIRECT REPORTS AND COMPENSATION FOR EACH OF THE VICE-PRESIDENTS. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: SWAP AGREEMENT 879,979.