2020-04-21T14:41:18-05:00 2019-05-31 363990892 Capin Crouse LLP 1255 Lakes Parkway Suite 130 Lawrenceville GA 30043 990 2018-06-01 590722789 Southeastern University Inc SOUT 8636675000 1000 Longfellow Boulevard Lakeland FL 33801 Jeffrey B Spear VP of Finance 8636675000 2020-04-21 1 Ted R Batson Jr P00721951 6785185301 139.146.132.42 2020-04-21 15:41:08 ED P B192CC0D102847318814F28D1D78F3A4F74CC717 1D2628329EF3037DF05D74977BD7F4341E4E9876 2018 2020-09-23 17:36:50Z Dr Kent Ingle 1000 Longfellow Boulevard Lakeland FL 33801 125683576 0 X www.seu.edu X 1935 FL To provide education in a Christ-centered, student-focused environment. 25 24 2012 23 0 0 2449323 2861432 105672579 117011069 -75472 327630 304432 95433 108350862 120295564 30718922 34705184 0 0 43339756 50641109 0 114481 1145463 40872559 41159441 114931237 126620215 -6580375 -6324651 115938670 112932845 83235761 88297285 32702909 24635560 Southeastern University's dedication to students' spiritual and intellectual growth provides a framework for Christ-centered living both in and outside the classroom. 0 0 100243119 34705184 100646914 Associated with the Assemblies of God denomination, Southeastern University enrolls over 9,900 students, both traditional and nontraditional, who represent a variety of denominations, personal interests, backgrounds, states and countries. Southeastern University offers more than 70 undergraduate degree programs and 20 graduate programs, including 5 doctoral degrees. Classes are offered in traditional, online, extension sites and evening formats. Graduates are encouraged to impact culture through a lifestyle of excellence and integrity. Southeastern University's dedication to students' spiritual and intellectual growth provides a framework for Christ-centered living both in and outside the classroom. Tuition and fees is the largest program of our growing student body. 8749067 16364155 Auxiliary enterprises is the second largest program as we continue to invest in our campus culture by offering campus housing and food service options tailored to meet the majority of our students needs. 108992186 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 1 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 8569 0 1 2012 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 25 24 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 FL X Mark Biddinger 8636675000 1000 Longfellow Boulevard Lakeland FL 33801 X Rev Terry Raburn Chair 3.00 X X 0 0 0 Rev Wayne Blackburn Vice Chair 3.00 X X 0 0 0 Dr Kent Ingle President 40.00 X X 301275 0 206216 Rev John Jordan Secretary 3.00 X X 0 0 0 Rev David Docusen Board Member 1.00 X 0 0 0 Rev Dino Rizzo Board Member 1.00 X 0 0 0 Rev Douglas Witherup Board Member 1.00 X 0 0 0 Rev Jeffery Portmann Board Member 1.00 X 0 0 0 Dr Jennifer Closshey Board Member 1.00 X 0 0 0 Rev Tommy Barnett Board Member 1.00 X 0 0 0 Mr John Wooton Board Member 1.00 X 0 0 0 Rev Judy Rachels Board Member 1.00 X 0 0 0 Rev Kenneth Draughon Board Member 1.00 X 0 0 0 Rev Victor Smith Board Member 1.00 X 0 0 0 Rev Luke Barnett Board Member 1.00 X 0 0 0 Rev Mark Batterson Board Member 1.00 X 0 0 0 Rev Mark Jakelsky Board Member 1.00 X 0 0 0 Rev Richardo Orsini Board Member 1.00 X 0 0 0 Mr Matt Potter Board Member 1.00 X 0 0 0 Mr Scott Williams Board Member 1.00 X 0 0 0 Rev Roger Archer Board Member 1.00 X 0 0 0 Rev Steven Mason Board Member 1.00 X 0 0 0 Rev Terry Roberts Board Member 1.00 X 0 0 0 Rev Abner Adorno Board Member 1.00 X 0 0 0 Mr Gow Fields Board Member 1.00 X 0 0 0 Rev Richard Wilkerson Sr Board Member (part year) 1.00 X 0 0 0 Dr Chris Owen Executive Vice President 40.00 X 226000 0 170045 Jeffrey B Spear VP for Finance/CFO 40.00 X 223010 0 37704 Dr William Hackett Provost 40.00 X 133709 0 141883 Mr Roy Rowland IV VP for Enrollment Management 40.00 X 202538 0 33353 Mr Justin Lathrop VP of Strategic Partnerships 40.00 X 199733 0 40823 Dr Andrew Permenter VP for Institutional Research 40.00 X 126244 0 85928 Bethany Thomas VP for Student Development 40.00 X 142100 0 29123 Mr Nick Wallsteadt VP for Unrestricted Education 40.00 X 106457 0 82664 Susan K Stanley Associate Professor of Education 40.00 X 137375 0 17882 Emile Hugo Hawkins Chair Dept. Entrepreneurial Leader 40.00 X 133894 0 61238 Amy Bratten Associate Provost 40.00 X 117500 0 26899 Steven Henderson Associate Professor Doctorate Edu. 40.00 X 110029 0 16018 John Royer Professor in School of Business 40.00 X 109624 0 15980 2269488 0 965756 20 0 1 0 Chartwells SOUTH Region 2924 Knights Lane E Bldg 5 Jacksonville FL 32216 Food Service 5671823 The Learning House 427 S 4th Street Suite 300 Louisville KY 40202 Online Courses Rev Share 4511269 Register Construction & Engineering Inc 3730 New Tampa Hwy Lakeland FL 33815 Construction 3310662 Follett Higher Education Group 3146 Solutions Center Chicago IL 606773001 Bookstore 821823 Mabe Production & Installation 924 Fairlane Drive Suite 2 Lakeland FL 338093157 Electricians 666464 35 96024 2765408 9931 2861432 Tuition and fees 611600 99039697 99039697 Auxiliary enterprises 611600 16364155 16364155 1607217 1607217 117011069 314809 314809 5000000 50236 5000000 37415 0 12821 12821 12821 129419 96024 350597 -221178 -221178 Commissions and rebate 611710 159545 159545 Debt recoveries 611710 157066 157066 316611 120295564 117011069 0 423063 34705184 34705184 2494627 681393 1813234 100500 16409 84091 38527302 32280922 5749446 496934 1806068 1516184 270420 19464 5778748 4551668 1170696 56384 1933864 1547091 367434 19339 546275 546275 103591 103591 114481 114481 4951519 2960492 1919095 71932 1385999 1372693 13306 3767165 2471198 1282456 13511 671758 100764 537406 33588 3533102 2615620 881319 36163 1997561 1591664 376509 29388 221951 176852 41834 3265 3009944 2887116 111570 11258 8302670 7963859 307757 31054 1013750 972381 37577 3792 Online curriculum admin 4456455 4456455 Food service 3295747 3295747 Study abroad/missions 1823477 1648314 127106 48057 Memberships & events 1267365 1180180 87185 811112 741444 69668 126620215 108992186 16482566 1145463 X 8047405 2100111 319731 420973 5235995 5120315 3716 1870 445988 638588 159962230 65785959 91656338 94176271 8521757 8896568 1145342 1022788 562398 555361 115938670 112932845 5424718 11667755 288903 526273 1994251 2454816 58200690 56597745 14763888 12747412 2563311 4303284 83235761 88297285 X 21900344 12888588 10802565 11746972 32702909 24635560 115938670 112932845 X -6324651 -30 -1742668 X X 0 1 X 1 1 1 X 2684691 2989064 3425534 2449323 2861432 14410044 2684691 2989064 3425534 2449323 2861432 14410044 1207959 13202085 182538 135997 162586 101200 314809 897130 1057252 663034 759990 1618590 446030 4544896 19852070 476965869 0.66500 0.64270 X Schedule A, Part II, Line 10, Explanation of Other Income: Fundraising event revenue - 2014 Amount: $ 230,605. 2018 Amount: $ 129,419. Misc revenue - 2014 Amount: $ 302,668. 2015 Amount: $ 241,540. 2016 Amount: $ 263,481. 2017 Amount: $ 1,314,158. Commission and rebates - 2014 Amount: $ 417,074. 2015 Amount: $ 348,267. 2016 Amount: $ 416,268. 2017 Amount: $ 185,799. 2018 Amount: $ 159,545. Debt recoveries - 2014 Amount: $ 106,905. 2015 Amount: $ 73,227. 2016 Amount: $ 80,241. 2017 Amount: $ 118,633. 2018 Amount: $ 157,066. Schedule A, Part II: The organization is a school as described under 170(b)(1)(A)(ii) and is not required to complete a public support schedule. Schedule A, Part II is completed to verify the School can qualify under public charity status section 170(b)(1)(A)(vi) and, therefore, qualifies to use the first listed special rule for Schedule B reporting. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8521757 394068 317311 135543 9097593 7640175 533939 488545 140902 8521757 9235798 373760 1258536 175076 3052843 7640175 8928110 219093 218246 129651 9235798 8143479 486090 367426 68885 8928110 1.00000 0 0 3387942 3387942 127815415 54783104 73032311 15227844 9022056 6205788 13531029 1980799 11550230 94176271 Refundable government student loans 1087898 Fair value of interest rate swap agreement 3130611 Deposits 84775 4303284 Part V, Line 4: Endowment funds are to be used by the University to fund student scholarships and future campus building projects. Part V, lines 2a-2c: In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 5/31/2019. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Schedule D, Part V, Lines 2a-2c: Line 2a - Without donor restrictions Line 2b - With donor restrictions 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 organization currently enrolls students of racial minority groups in meaningful numbers consistent with the publicity exception found in Rev. Proc. 75-50 section 4.03(2)(b). Schedule E, Part I, Line 6 Southeastern University receives federal and state financial aid and assistance, including Federal Pell grants, Federal Work-Study and Florida Resource Allocation grants. The University has never had its right to financial aid or assistance from a governmental agency revoked. Central America and the Caribbean 0 0 Program services Study abroad and missions 160368 East Asia and the Pacific 0 0 Program services Study abroad and missions 193084 Europe (Including Iceland & Greenland) 0 0 Program services Study abroad and missions 343091 Middle East and North Africa 0 0 Program services Study abroad and missions 330773 North America - Canada and Mexico 0 0 Program services Study abroad and missions 466682 South America 0 0 Program services Study abroad and missions 224715 South Asia 0 0 Program services Study abroad and missions 50723 Sub-Saharan Africa 0 0 Program services Study abroad and missions 54041 0 0 0 0 0 0 1823477 0 1823477 0 0 0 0 0 0 Part I, line 3: Expenditures are accounted for using the accrual method of accounting. X X X X X X X 1 Generis Consulting Service 6455 E John Crossing STE 275 John Creek GA 30097 Consulting Services 0 0 101235 -101235 Wealth Engine 4340 East West Highway STE 900 Bethesda MD 20814 Search Platform License & Consulting Services 0 0 8000 -8000 109235 -109235 FL Forum/Gala 225443 96024 129419 11307 21960 317330 225443 96024 129419 11307 21960 317330 350597 -221178 Schedule G, Part I, Line 2b, Column (v) The professional fundraising services were consulting in nature, no gross receipts were directly generated from the services provided. 1 Scholarships and tuition assistance 5079 34705184 Part I, Line 2: The University's scholarship committee is charged with the responsibility of advertising availability of specific scholarships, reviewing applications and awarding scholarships based on need, merit, or other specific requirements put in place by donors of the funds or the University's policies. The scholarships are applied directly to each student's account. X X X 0 1 X X X 0 0 0 0 0 0 0 1 0 Dr Kent Ingle President 273800 0 24599 0 2876 0 40368 0 165849 0 507492 0 0 0 Dr Chris Owen Executive Vice President 207394 0 16836 0 1770 0 18935 0 151110 0 396045 0 0 0 Jeffrey B Spear VP for Finance/CFO 220000 0 3010 0 0 0 15400 0 22304 0 260714 0 0 0 Dr William Hackett Provost 127300 0 6409 0 0 0 39050 0 102833 0 275592 0 0 0 Mr Roy Rowland IV VP for Enrollment Management 200000 0 904 0 1634 0 14000 0 19353 0 235891 0 0 0 Mr Justin Lathrop VP of Strategic Partnerships 190000 0 8408 0 1325 0 13300 0 27523 0 240556 0 0 0 Dr Andrew Permenter VP for Institutional Research 119001 0 7243 0 0 0 34353 0 51575 0 212172 0 0 0 Bethany Thomas VP for Student Development 140000 0 2100 0 0 0 9800 0 19323 0 171223 0 0 0 Mr Nick Wallsteadt VP for Unrestricted Education 103020 0 2005 0 1432 0 10500 0 72164 0 189121 0 0 0 Susan K Stanley Associate Professor of Education 137375 0 0 0 0 0 9616 0 8266 0 155257 0 0 0 Emile Hugo Hawkins Chair Dept. Entrepreneurial Leader 133894 0 0 0 0 0 12222 0 49017 0 195133 0 0 0 Part I, Line 1a Pursuant to Internal Revenue Code Section 107, ministerial housing allowances are provided for qualifying ministerial employees. This is not included in taxable compensation. The University paid a nontaxable housing allowance to Dr. Kent Ingle, President; Dr. Chris Owen, Executive Vice President; Dr. Andrew Permenter, VP for Institutional Research, Mr. Nick Wallsteadt, VP for Unrestricted Education and Dr. William Hackett, Provost. Taxable business club dues were paid for Dr. Kent Ingle, President. Nontaxable spousal travel benefits were paid for Dr. Kent Ingle, President. Part I, Line 1b The organization follows a written policy with regard to the housing allowance and health club dues. There is not a formal written agreement regarding spousal travel, but the requirements have been verbally discussed with those that use this benefit for bona-fide business purposes. Part I, Line 7 The organization paid discrectionay bonuses to their officers in 2018. A City of Lakeland 596000354 2013-11-26 10000000 Educational Facilities Revenue Refunding 12/2/2009 Bonds, Series 2013A 0 0 0 B City of Lakeland 596000354 2013-11-26 10000000 Educational Facilities Revenue Refunding 12/2/2009 Bonds, Series 2013B 0 0 0 C City of Lakeland 596000354 2013-11-26 10000000 Educational Facilities Revenue Refunding 12/2/2009 Bonds, Series 2013C 0 0 0 D City of Lakeland 596000354 2013-11-26 3360000 Educational Facilities Revenue Refunding 2/8/2010 Bonds, Series 2013D 0 0 0 A 10000000 10000000 2016 1 0 1 1 B 10000000 10000000 2016 1 0 1 1 C 10000000 10000000 2016 1 0 1 1 D 3360000 3360000 2016 1 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 1 0 1 1 0 0 0 0 1 B 0 0 1 0 1 1 0 0 0 0 1 C 0 0 1 0 1 1 0 0 0 0 1 D 0 0 1 0 1 1 0 0 0 0 1 A 1 B 1 C 1 D 1 A City of Lakeland 596000354 2015-07-13 33000000 Educational Facilities Revenue Bonds, Series 2015 0 0 0 A 33000000 310000 32690000 0 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 1 CenterState Bank of Florida 12.000000000000 0 0 0 0 1 A 1 Loree Rowland Family member of Mr. Roy Rowland IV, VP for Enrollment Managment 58425 Wages 0 Karissa Wallsteadt Family member of Mr. Nick Wallsteadt, VP for Unrestricted Education 42075 Wages 0 Form 990, Part VI, Section A, line 1 The Executive Committee shall consist of the Chair of the Board of Trustees, the Vice Chair of the Board of Trustees, the Secretary of the Board of Trustees, the President of Southeastern University, the Academic Affairs Committee Chair, the Finance and Audit Committee Chair, and up to three (3) trustees at large selected by the Board of Trustees. The at large members of the Executive Committee shall serve for one (1) year terms, and may be reelected with limits. The Chairs of the Board of Trustees shall serve as the Executive Committee Chair. The Executive Committee shall have delegated authority from the Board of Trustees to address routine business matters between regular board meetings and to assist the Chair of the Board of Trustees and the President in their joint responsibility to help the Board to function effectively and efficiently by suggesting board meeting agenda items and periodically assessing the quality of committee work. The Executive Committee shall have delegated authority to act for the Board of Trustees on all matters except for the following, which shall be reserved for the Board: election or removal of the President; election or removal of a member of the Board of Trustees or a Board officer; changes to the articles of incorporation or bylaws of the corporation; change of the University's mission; incurring of University indebtedness other than indebtedness in the ordinary course of business; sale of University assets or tangible property other than in the ordinary course of business; adoption of the annual budget; and conferral of degrees. Form 990, Part VI, Section A, line 2 Dr. William Hackett, Provost and Dr. Chris Owen, Executive Vice President have a family relationship. Form 990, Part VI, Section B, line 11b Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of trustees electronically for review. The board of trustees is given a date by which to respond prior to filing with the IRS. Form 990, Part VI, Section B, line 12c A conflict of interest exists when any board members and employees of Southeastern University has a relationship with, or engages in an activity with, any individual or organization which impairs or adversely influences his or her judgment with respect to policy promoting the best interest of Southeastern University or which impairs or adversely influences the performance of his or her duties to the University. A conflict of interest exists when a person benefits financially, either directly or indirectly, from his or her employment or appointment by the University except for compensation and financial benefits paid or granted by the University. All decisions of the board of trustees and administration of the University shall be made solely on the basis of a desire to promote the best interests of the University. In any case, where a conflict of interest exists, or may exist, or the appearance of a conflict of interest may exist, it shall be the duty of the person covered by the policy to disclose his or her interest, including any interest in the organization or entity which may benefit from the person's association with the University and including any such beneficial interest a member of the person's immediate family may have because of the person's association with the University. Persons who perceive the existence of a conflict of interest shall not endeavor to resolve the conflict or determine that the external benefits will not adversely affect the University; but shall make a full disclosure of the facts, circumstances, relationships and transaction as follows: 1. President shall report to the Board of Trustees. 2. Vice Presidents shall report to the President. 3. Other employees shall report to their respective Vice President. Persons covered by this policy are encouraged to avoid relationships and transactions which constitute a conflict of interest. When such situations cannot be avoided, the persons involved shall refrain from participating in consideration of the transaction affected by the conflict of interest, unless under special circumstances the University determines that their participation is imperative for the welfare of the University. If such a waiver is indicated, it shall be in writing and signed by the President and a copy of the waiver shall be provided to the Chairman of the Board of Trustees. Disclosure is also required concerning all relationships and business affiliations which reasonably could give rise to a conflict of interest involving the University. Such disclosure shall be continuously reported and kept current. The disclosures required under this policy statement shall be reported annually to the Finance & Audit Committee. The information disclosed shall be held in confidence except when, in the judgment of the Finance & Audit Committee, the best interests of the University would be served by disclosing the information to the board of trustees. Individuals who are deemed to be in a conflict of interest situation with respect to any matter before the administration or the Board shall refrain from participating in the consideration of the proposed transaction, unless specifically requested to provide information regarding the transaction in question. At the Board's discretion, the interested person may be required to leave the meeting during the discussion of, and vote on, the transaction or arrangement involving the possible conflict of interest. Such person shall not vote on or take any position for or against the proposed transaction. When deemed appropriate, a notation may be made in the minutes of the meeting that the person involved neither participated in the consideration of the proposed transaction nor voted on the matter. Form 990, Part VI, Section B, line 15 The administration of wages and salaries functions under the direction of the Board of Trustees and the President of the University. The wage and salary plan is administered by the office of human resources and reviewed annually by the Finance & Audit Committee before presentation to the Board of Trustees for final approval. In reviewing the wage structure, consideration is given to the prevailing rates for comparable work in the Lakeland area, the current cost of living, salary levels of related organizations, and the economic condition of the University. The determination of the President's compensation is the responsibility of the Executive Committee which makes a recommendation to the Board of Trustees for final approval. The process includes a performance review and the study of comparable compensation data from peer institutions. In addition to the compensation factors described above, the recommendation for any particular year shall take into account regional economic information and the financial condition of the University. The Executive Committee and the Board of Trustees maintains a detailed record of the meetings and discussions relative to executive compensation. Meanwhile, the President recommends the compensation of other officer and key employees to the Executive Committee which makes the final determination. Information described in the determination of the President's compensation is also used for that of officers and key employees. This process includes regular review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy and financial statements are available upon request. Form 990, Part VII, Section A, Line 1a Compensation reported in Part VII, column D and Schedule J, Part II, column B is the amount reported on the individual's W-2, box 1 or 5 (whichever amount is greater) per the IRS instructions. In the case of minister's compensation when box 5 of the W-2 is not applicable, box 1 compensation is used. Employee deferrals to qualified retirement plans are normally captured in box 5, not box 1 of Form W-2. For reporting purposes we have included the minister's retirement plan deferrals in Part VII, column F and Schedule J, Part II, column C. Form 990, Part X, Lines 27-29: In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 5/31/2019. The 2018 Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $12,888,588 Line 29 - Net assets with donor restrictions $11,746,972 Total net assets $24,635,560 Form 990, Part XI, line 9: Change in interest rate swap -1,742,668. Form 990, Part XII, Line 2c The organization's Board assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year. Southeastern University Foundation Inc 10000 Longfellow Blvd Lakeland FL 33801 463844101 Fundraising for Southeastern University FL 501(c)(3) Line 12b, II Southeastern University 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0