2022-04-12T19:27:21-05:00 2021-05-31 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2020-06-01 560556753 LENOIR-RHYNE UNIVERSITY LENO 8283287100 PO BOX 7164 HICKORY NC 286037164 JEREMY SHREVE VP OF FINANCE & ADMINISTRATION 8283287100 2022-04-11 1 JEREMY SHREVE 999009999 YONG ZHANG CPA P01249785 7033366400 2022-04-11 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z FREDERICK K WHITT PO BOX 7164 HICKORY NC 286037164 122981468 0 X WWW.LR.EDU X 1905 NC LENOIR-RHYNE UNIVERSITY PROVIDES PROGRAMS OF UNDERGRADUATE, GRADUATE, AND CONTINUING STUDY COMMITTED TO THE LIBERAL ARTS AND SCIENCES. THE UNIVERSITY AWARDS BACHELORS AND MASTER DEGREES. 31 30 1106 30 9605 0 12559815 9770661 83956187 84955867 4871524 6636928 68601 40367 101456127 101403823 40933546 42927000 0 0 29651059 28220260 61799 62799 2554493 25166688 24276861 95813092 95486920 5643035 5916903 224343491 251750614 52806603 49054243 171536888 202696371 LENOIR-RHYNE UNIVERSITY PROVIDES PROGRAMS OF UNDERGRADUATE, GRADUATE, AND CONTINUING STUDY COMMITTED TO THE LIBERAL ARTS AND SCIENCES. THE UNIVERSITY AWARDS BACHELORS AND MASTER DEGREES. 0 0 58906021 41592829 65521755 PROVIDE EDUCATIONAL PROGRAMS AND CONFER UNDERGRADUATE DEGREES IN APPROXIMATELY SIXTY ACADEMIC PROGRAMS OF STUDY. THE UNVERSITY OFFERS 57 DIFFERENT PROGRAMS OF STUDY FOR UNDERGRADUATES AND 24 DIFFERENT PROGRAMS FOR GRADUATE DEGREES. 8056667 0 13858614 PROVIDE STUDENT LIFE PROGRAMS TO RESIDENTIAL AND COMMUTER STUDENTS AS PART OF THEIR ACADEMIC EXPERIENCES AT THE UNIVERSITY. 2302864 1334171 5575498 PROVIDE EDUCATIONAL PROGRAMS AND CONFER MASTERS LEVEL GRADUATE DEGREES IN COUNSELING, ATHLETIC TRAINING, BUSINESS, AND OCCUPATIONAL THERAPY. 69265552 1 1 0 0 0 0 0 0 1 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 3210 0 1 1106 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 31 30 1 1 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC SC X FRED K WHITT 8283287334 643 8TH AVENUE NE HICKORY NC 28601 X MADELINE S DASSOW CHAIR 1.00 X X 0 0 0 BOYD C WILSON VICE CHAIR 1.00 X X 0 0 0 KATHERINE ESCH SECRETARY 1.00 X X 0 0 0 JERALD LEONHARDT TREASURER 1.00 X X 0 0 0 JANIE PARKS PEAK ASSIST SECRETARY 1.00 X X 0 0 0 EDWARD BEARD JR AT LARGE 1.00 X 0 0 0 REV DR MARK BERNTHAL TRUSTEE 1.00 X 0 0 0 PERRELL D BESS TRUSTEE 1.00 X 0 0 0 STEVEN CARTER TRUSTEE 1.00 X 0 0 0 KI-HYUN CHUN TRUSTEE 1.00 X 0 0 0 REV RACHEL L CONNELLY TRUSTEE 1.00 X 0 0 0 MARVIN S EDWARDS TRUSTEE 1.00 X 0 0 0 REV DR SCOTT HOMESLEY TRUSTEE 1.00 X 0 0 0 MARGARET JACKSON TRUSTEE 1.00 X 0 0 0 DEWYONE KING TRUSTEE 1.00 X 0 0 0 LESLIE LAMBERT TRUSTEE 1.00 X 0 0 0 HANSEL R MCCRORIE AT LARGE 1.00 X 0 0 0 JOSEPH P MCGUIRE TRUSTEE 1.00 X 0 0 0 KATHERINE MCKENZIE TRUSTEE 1.00 X 0 0 0 STEPHEN MISENHEIMER TRUSTEE 1.00 X 0 0 0 GEORGE A MORETZ AT LARGE 1.00 X 0 0 0 JADE COBB MURRAY TRUSTEE 1.00 X 0 0 0 ISAIAH OGLESBY TRUSTEE 1.00 X 0 0 0 C CLIFF RITCHIE TRUSTEE 1.00 X 0 0 0 REV DR TIMOTHY M SMITH TRUSTEE 1.00 X 0 0 0 CHRISTY LOHR SAPP TRUSTEE 1.00 X 0 0 0 SYBIL B STEWART TRUSTEE 1.00 X 0 0 0 STEVE M THOMAS TRUSTEE 1.00 X 0 0 0 REV CHRISTOPHER WEBB TRUSTEE 1.00 X 0 0 0 RHODES WOOLLY TRUSTEE 1.00 X 0 0 0 DR FREDERICK K WHITT PRESIDENT 40.00 X X 353688 0 66014 GARY C JOHNSON PROVOST 40.00 X 190149 0 37003 DONNA DAVIDSON CONTROLLER 40.00 X 78801 0 23096 PETER J KENDALL VP FINANCE 40.00 X 125486 0 16817 NELSON A MURPHY VP FINANCE 40.00 X 108354 0 13650 JEREMY SHREVE VP FINANCE 40.00 X 0 0 0 RACHEL NICHOLS VP ENROLLMENT 40.00 X 144795 0 30998 CATHERINE NIEKRO VP ADVANCEMENT 40.00 X 169148 0 37285 KATHRYN FISHER DEAN OF STUDENTS 40.00 X 105339 0 27504 KIMBERLY PATE DIRECTOR ATHLETICS 40.00 X 117613 0 32367 ANDREW F WEISNER UNIVERSITY PASTOR 40.00 X 73926 0 21517 LUCY K ROYSTER ASST PROF PA STUDIES 40.00 X 128334 0 8391 MICHAEL R MCGEE DEAN HEALTH SCIENCES 40.00 X 115102 0 15457 WESLEY N REID PROF CLINICAL DIR PA 40.00 X 108107 0 32316 MICHAEL R JACOBS HEAD FOOTBALL COACH 40.00 X 127184 0 17198 KELLI M BARNETTE ASSOC VP ENROLLMENT 40.00 X 135098 0 16851 2081124 0 396464 23 0 1 0 ARAMARK CAMPUS SERVICES LR BOX 7476 HICKORY NC 28603 FOOD SERVICES 1234557 APT ACQUISTION & CONSTRUCTION 2680 ABUTMENT ROAD DALTON GA 30721 ASTRO TURF FOR ATHLETIC FIELDS 1005822 ARAMARK FACILITIES SERVICES 1255 CRESCENT GREEN DR STE 210 CARY NC 27518 MAINTENANCE & HOUSEKEEPING 954935 ELLUCIAN COMPANY LP 4 COPUNTRY VIEW ROAD MALVERN PA 19355 INFORMATION TECH CONSULTANTS 900839 THE BUDD GROUP INC 2325 S STRATFORD RD WINSTONSALEM NC 27103 MAINTENANCE & FACILITIES SERVICES 314273 21 2889313 6881348 275568 9770661 TUITION AND FEES 611710 74623104 74623104 AUXILIARY SERVICES 611710 9609707 9609707 OTHER FEES/ADMISSIONS 611710 723056 723056 84955867 6184456 -8086 6192542 116633 76266 40367 40367 40367 21549202 404649 21008702 492677 540500 -88028 452472 17691 434781 101403823 84955867 9605 6667690 42927000 42927000 1554947 780739 700348 73860 20483139 10284584 9225606 972949 1083264 543907 487902 51455 3549591 1782250 1598736 168605 1549319 777913 697813 73593 5945019 2984994 2677637 282388 280208 140692 126206 13310 149098 74862 67154 7082 62799 62799 229334 229334 2471473 1240927 1113151 117395 376931 189257 169770 17904 553600 277963 249341 26296 2021489 1014990 910479 96020 31249 15690 14075 1484 471050 236514 212161 22375 205285 103074 92460 9751 4877781 2449134 2196953 231694 673164 337996 303193 31975 UTILITIES 2129709 1107620 917305 104784 REPAIRS/SERVICE AGREEME 1686427 846755 759567 80105 MEMBERSHIPS & DUES 265652 133384 119650 12618 BAD DEBTS 197743 99287 89063 9393 1711649 916020 708971 86658 95486920 69265552 23666875 2554493 5485 4500 12122305 9056429 2456831 2999464 1424906 907376 518224 0 35619 42092 692514 1107127 166363516 70740585 95732269 95622931 63722556 80366901 42765526 55902727 4867256 5741067 224343491 251750614 4920221 6538726 1174961 1059168 24492307 22843194 266251 278210 13668192 12730519 8284671 5604426 52806603 49054243 X 52705653 58111522 118831235 144584849 171536888 202696371 224343491 251750614 X 5916903 23626432 1616148 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 112044028 1623632 29959817 2706211 2002972 508337 138409957 111208887 2736504 3271871 2648833 2020558 503843 112044028 109575171 4577290 1815770 2474804 1803535 481005 111208887 102668101 4196465 7425481 2481700 1780473 452703 109575171 94160563 3873039 9211047 2390140 1714679 471729 102668101 0.06360 0.64610 0.29030 0 0 367375 2566129 2933504 142203816 64456846 77746970 15430992 2130606 13300386 5795204 4153133 1642071 95622931 EQUITY FUNDS 8115263 F HEDGE FUNDS 15770396 F PRIVATE EQUITY 24073036 F ANNUITY CONTRACTS 1686652 F BOND FUNDS 4755586 F REAL ASSETS 1501794 F 55902727 INTEREST RATE SWAP 561426 PPP LOAN 5043000 5604426 X 83826119 23626432 24700 -41310852 -17659720 101485839 82278 -164294 -82016 101403823 52666636 24700 164294 188994 52477642 82278 42927000 43009278 95486920 PART IV, LINE 2B: LENOIR-RHYNE UNIVERSITY SERVES AS CUSTODIAN FOR FUNDS BELONGING TO VARIOUS STUDENT ORGANIZATIONS. GROUPS ARE ABLE TO ACCESS THE FUNDS ON REQUEST WITH APPROVAL OF ADVISOR. PART V, LINE 4: PROVIDE SCHOLARSHIPS, PROFESSORSHIPS, AND PROGRAM SUPPORT AS DESIGNATED BY DONORS. PART X, LINE 2: THE UNIVERSITY IS A TAX EXEMPT ENTITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). MANAGEMENT EVALUATED THE UNIVERSITY'S TAX POSITIONS AND CONCLUDED THAT THE UNIVERSITY HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE INCOME TAXES TOPIC OF THE FASB ASC. THE UNIVERSITY FILES A FORM 990-T IN ACCORDANCE WITH APPLICABLE U.S. FEDERAL REGULATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS EXPENSE -42,927,000. LOSS ON INTEREST RATE SWAP 786,113. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 830,035. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -76,266. LOSS ON DISPOSAL OF FIXED ASSETS -88,028. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 76,266. LOSS ON DISPOSAL OF FIXED ASSETS 88,028. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS EXPENSE 42,927,000. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE ORGANIZATION HAS NO ADVERTISING DIRECTLY TO STUDENTS. THE ORGANIZATION DISPLAYS THIS POLICY IN ITS CATALOGUE AND ON REGISTRATION MATERIALS. SCHEDULE E, PART I, LINE 6 LENOIR-RHYNE UNIVERSITY STUDENTS RECEIVE A VARIETY OF FEDERAL AND STATE GRANTS AND LOANS, INCLUDING BUT NOT LIMITED TO, DIRECT LOANS, PELL GRANTS, AND NORTH CAROLINA NEED-BASED SCHOLARSHIP PROGRAMS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 20718268 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 76227 0 0 0 0 0 0 20794495 0 20794495 1 0 1 1 1 0 PART I, LINE 3: THE ORGANIZATION USES GAAP TO REPORT FOREIGN INVESTMENTS. PART III ACCOUNTING METHOD: X X X X X 1 ACTIVE INTERNET TECHNOLOGIES 655 WINDING BROOK DR GLASTONBURY CT 06033 DONOR WEBSITE MAINTENANCE 0 0 52300 52300 PHOTO SHELTER 111 BRAODWAY 19TH FLOOR NEW YORK NY 10006 PHOTO & VIDEO MANAGEMENT 0 0 10499 10499 62799 62799 1 SCHOLARSHIPS AND FELLOWSHIPS TO UNDERGRADUATE STUDENTS 1609 38780911 0 SCHOLARSHIPS AND FELLOWSHIPS TO GRADUATE STUDENTS 199 2019428 0 GOVERNMENT ASSISTANCE DISBURSED TO STUDENTS - COVID-19 2308 2126661 PART I, LINE 2: GRANTS ARE AWARDED TO STUDENTS BASED UPON THE CRITERIA ESTABLISHED WITH EACH GRANT. FINANCIAL AID PERSONNEL MONITOR EACH GRANT ALONG WITH THE TOTAL AID RECEIVED BY EACH STUDENT TO ENSURE THAT INDIVIDUALS AS WELL AS COLLECTIVE AWARDS ARE WITHIN THE GUIDELINES ESTABLISHED BY STATE AND FEDERAL GOVERNMENTAL AGENCIES. X X X 0 1 0 0 0 0 0 0 0 DR FREDERICK K WHITT PRESIDENT 350640 0 0 0 3048 0 47100 0 18914 0 419702 0 0 0 GARY C JOHNSON PROVOST 189597 0 0 0 552 0 12000 0 25003 0 227152 0 0 0 RACHEL NICHOLS VP ENROLLMENT 144243 0 0 0 552 0 9270 0 21728 0 175793 0 0 0 CATHERINE NIEKRO VP ADVANCEMENT 168788 0 0 0 360 0 10860 0 26425 0 206433 0 0 0 KELLI M BARNETTE ASSOC VP ENROLLMENT 132396 0 0 0 2702 0 8100 0 8751 0 151949 0 0 0 PART I, LINE 4B PART II COLUMN C INCLUDES $30,000 CONTRIBUTION TO 457(F) NONQUALIFIED PLAN FOR FREDERICK K. WHITT. A LENOIR-RHYNE UNIVERSITY 560556753 NONEAVAIL 2014-10-01 13592000 REFUND PREVIOUS BOND ISSUE 0 0 0 B NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY 562592154 NONEAVAIL 2015-12-17 17000000 TO FINANCE BUILDINGS AND STRUCTURES 0 0 0 A 13592000 183622 13408378 2014 1 0 1 1 B 17000000 1817191 198354 14974659 173000 2015 1 0 1 1 A 0 0 0 0 1 0 0 B 0 0 0 0 1 0 0 A 1 1 1 SUN TRUST 10.000000000000 0 0 0 0 0 B 1 1 1 SUN TRUST 10.000000000000 0 0 0 0 0 A 1 B 1 X 23 271718 FAIR MARKET VALUE X CONSTRUCTION MATERIALS 2 3850 DONOR'S ESTIMATE 0 0 0 PART I, COLUMN (B): THE NUMBER IN COLUMN B REFLECTS THE NUMBER OF CONTRIBUTORS. PART I, LINE 33: MANAGEMENT RETAINS RECORDS OF EACH DONATION, INCLUDING THE DONOR NAME AND DESCRIPTION OF DONATION; HOWEVER, IT IS THE POLICY OF THE UNIVERSITY TO REFRAIN FROM RECORDING CONTRIBUTION REVENUE FOR MINIMAL DONATIONS. FORM 990, PART VI, SECTION A, LINE 2 HICKORY IS A RELATIVELY SMALL TOWN, AND MANY MEMBERS ON THE BOARD (OR A FAMILY MEMBER) OPERATE A BUSINESS IN TOWN THAT OTHERS MAY PATRONIZE IN THE NORMAL COURSE OF BUSINESS. FORM 990, PART VI, SECTION A, LINE 3 THE UNIVERSITY HAS FOUR SIGNIFICANT MANAGEMENT CONTRACTS WITH OUTSIDE SERVICE PROVIDERS. THESE INCLUDE MANAGEMENT (ARAMARK), DINING SERVICES (ARAMARK), BOOKSTORE OPERATIONS (VALIDIS), AND IT OPERATIONS (SUNGUARD HIGHER EDUCATION). IN ALL OF THESE INSTANCES THE UNIVERSITY HAS A DETAILED CONTRACT WITH THE VENDOR THAT CLEARLY DELINEATES THE AUTHORITY THESE ORGANIZATIONS AND THEIR EMPLOYEES HAVE TO PROVIDE MANAGEMENT AND OTHER SERVICES. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE BOARD OF TRUSTEES ARE ELECTED BY THE ORGANIZATION'S GOVERNING BODY WITH THE EXCEPTION OF THE BISHOP OF THE NC SYNOD. THE BISHOP OF THE NC SYNOD IS ELECTED BY THE DELEGATES TO THE SYNOD CONVENTION AND HE/SHE HOLDS AN EX-OFFICIO VOTING POSITION ON THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE BUSINESS OFFICE STAFF. THEN IT IS REVIEWED BY THE AUDIT COMMITTEE. THE 990 IS THEN PROVIDED DIGITALLY TO THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C THE CHAIR OF THE BOARD OF TRUSTEES AND THE PRESIDENT OF THE UNIVERSITY REQUEST THAT ALL TRUSTEES, OFFICERS, SENIOR MANAGERS AND DEPARTMENT MANAGERS REVIEW THE CONFLICT OF INTEREST POLICY AND COMPLETE THE DISCLOSURE FORM ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD CONDUCTS AN ANNUAL PERFORMANCE APPRAISAL OF THE PRESIDENT. THIS COMMITTEE THEN APPROVES CHANGES IN COMPENSATION AND/OR THE EMPLOYMENT CONTRACT OF THE PRESIDENT BASED ON A REVIEW OF HISTORICAL COMPENSATION DATA COMPILED REGARDING THE COMPENSATION OF THE PRESIDENTS OF SIMILAR ORGANIZATIONS IN NORTH CAROLINA AND THROUGHOUT THE UNITED STATES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART VII, SECTION A, COLUMN F THE ORGANIZATION, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN COLUMN F, PART VII AND IS NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS. FORM 990, PART XI, LINE 9: GAIN/LOSS ON INTEREST RATE SWAP 786,113. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 830,035. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE'S PROCESS OF OVERSIGHT AND SELECTION HAS NOT CHANGED SINCE PRIOR YEAR. REESE HOLDINGS LLC PO BOX 7164 HICKORY NC 28603 560556753 HOLDING OF CONTRIBUTED REAL ESTATE NC 0 0 LENOIR RHYNE UNIVERSITY INC